# EDGAR Filing Document

**Accession Number:** 0001511699
**File Stem:** 0000894189-25-005880
**Filing Date:** 2025-8
**Character Count:** 106152
**Document Hash:** 6140783ba9b107160421306eaed771e2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-005880.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0000894189-25-005880

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**PERIOD START**: 20250930

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22525
- **FILM NUMBER:** 251256649

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

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

## Series and Classes Contracts Data

### Leuthold Core Investment Fund (Series ID: S000083370)

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

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **Leuthold Core Investment Fund** | **Leuthold Core Investment Fund** | **Leuthold Core Investment Fund** | **Leuthold Core Investment Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 67.8%** |  | **Shares** | **Value**  |
| **Banks - 5.0%** | **Banks - 5.0%** | **Banks - 5.0%** | |
| Bank of America Corp. |  | 98103 | $4642234 |
| Barclays PLC - ADR |  | 183917 | 3419017 |
| Canadian Imperial Bank of Commerce |  | 49468 | 3503818 |
| Citigroup, Inc. |  | 50926 | 4334821 |
| JPMorgan Chase & Co. |  | 19371 | 5615847 |
| The PNC Financial Services Group, Inc. |  | 14476 | 2698616 |
| US Bancorp |  | 57175 | 2587169 |
|  |  |  | 26801522 |
| **Capital Markets - 4.0%** | **Capital Markets - 4.0%** | **Capital Markets - 4.0%** |  |
| Deutsche Bank AG |  | 145176 | 4250753 |
| Goldman Sachs Group, Inc. |  | 10206 | 7223296 |
| Morgan Stanley |  | 39679 | 5589184 |
| Raymond James Financial, Inc. |  | 14997 | 2300090 |
| Virtu Financial, Inc. - Class A |  | 46969 | 2103742 |
|  |  |  | 21467065 |
| **Chemicals - 0.0%<sup>(a)</sup>** | **Chemicals - 0.0%<sup>(a)</sup>** | **Chemicals - 0.0%<sup>(a)</sup>** |  |
| China Lumena New Materials Corp. <sup>(b)(c)</sup> |  | 20950 | 0 |
| **Communications Equipment - 3.1%** | **Communications Equipment - 3.1%** | **Communications Equipment - 3.1%** |  |
| Cisco Systems, Inc. |  | 77340 | 5365849 |
| Digi International, Inc. <sup>(c)</sup> |  | 30618 | 1067343 |
| F5, Inc. <sup>(c)</sup> |  | 11542 | 3397041 |
| Nokia Oyj - ADR |  | 657198 | 3404286 |
| Telefonaktiebolaget LM Ericsson - ADR |  | 378070 | 3206034 |
|  |  |  | 16440553 |
| **Construction & Engineering - 0.4%** | **Construction & Engineering - 0.4%** | **Construction & Engineering - 0.4%** |  |
| Dycom Industries, Inc. <sup>(c)</sup> |  | 9477 | 2316084 |
| **Diversified Consumer Services - 3.5%** | **Diversified Consumer Services - 3.5%** | **Diversified Consumer Services - 3.5%** |  |
| ADT, Inc. |  | 192770 | 1632762 |
| Adtalem Global Education, Inc. <sup>(c)</sup> |  | 28327 | 3604044 |
| Frontdoor, Inc. <sup>(c)</sup> |  | 37179 | 2191330 |
| Laureate Education, Inc. <sup>(c)</sup> |  | 123202 | 2880463 |
| Strategic Education, Inc. |  | 24161 | 2056826 |
| Stride, Inc. <sup>(c)</sup> |  | 23224 | 3371893 |
| Universal Technical Institute, Inc. <sup>(c)</sup> |  | 85710 | 2904712 |
|  |  |  | 18642030 |
| **Diversified Telecommunication Services - 1.1%** | **Diversified Telecommunication Services - 1.1%** | **Diversified Telecommunication Services - 1.1%** |  |
| AT&T, Inc. |  | 147780 | 4276753 |
| Verizon Communications, Inc. |  | 41137 | 1779998 |
|  |  |  | 6056751 |
| **Electronic Equipment, Instruments & Components - 4.7%** | **Electronic Equipment, Instruments & Components - 4.7%** | **Electronic Equipment, Instruments & Components - 4.7%** |  |
| Benchmark Electronics, Inc. |  | 27632 | 1072951 |
| CTS Corp. |  | 24757 | 1054896 |
| Flex, Ltd. <sup>(c)</sup> |  | 124243 | 6202210 |
| Jabil, Inc. |  | 37596 | 8199688 |
| Plexus Corp. <sup>(c)</sup> |  | 15698 | 2124096 |
| Sanmina Corp. <sup>(c)</sup> |  | 22662 | 2217023 |
| TE Connectivity PLC |  | 24370 | 4110488 |
|  |  |  | 24981352 |
| **Entertainment - 3.0%** | **Entertainment - 3.0%** | **Entertainment - 3.0%** |  |
| Netflix, Inc. <sup>(c)</sup> |  | 9060 | 12132518 |
| Walt Disney Co. |  | 32597 | 4042354 |
|  |  |  | 16174872 |
| **Financial Services - 2.2%** | **Financial Services - 2.2%** | **Financial Services - 2.2%** |  |
| Mastercard, Inc. - Class A |  | 9477 | 5325506 |
| PayPal Holdings, Inc. <sup>(c)</sup> |  | 28744 | 2136254 |
| Visa, Inc. - Class A |  | 12601 | 4473985 |
|  |  |  | 11935745 |
| **Gas Utilities - 1.8%** | **Gas Utilities - 1.8%** | **Gas Utilities - 1.8%** |  |
| MDU Resources Group, Inc. |  | 112371 | 1873225 |
| New Jersey Resources Corp. |  | 38741 | 1736372 |
| ONE Gas, Inc. |  | 25619 | 1840981 |
| Spire, Inc. |  | 24994 | 1824312 |
| UGI Corp. |  | 57591 | 2097464 |
|  |  |  | 9372354 |
| **Health Care Providers & Services - 6.4%** | **Health Care Providers & Services - 6.4%** | **Health Care Providers & Services - 6.4%** |  |
| Cardinal Health, Inc. |  | 38325 | 6438600 |
| Cencora, Inc. |  | 18746 | 5620988 |
| Cigna Group |  | 5526 | 1826785 |
| CVS Health Corp. |  | 25717 | 1773959 |
| Encompass Health Corp. |  | 18850 | 2311575 |
| HCA Healthcare, Inc. |  | 9789 | 3750166 |
| McKesson Corp. |  | 9685 | 7096974 |
| Tenet Healthcare Corp. <sup>(c)</sup> |  | 18121 | 3189296 |
| Universal Health Services, Inc. - Class B |  | 11352 | 2056415 |
|  |  |  | 34064758 |
| **Hotels, Restaurants & Leisure - 2.3%** | **Hotels, Restaurants & Leisure - 2.3%** | **Hotels, Restaurants & Leisure - 2.3%** |  |
| Carnival Corp. <sup>(c)</sup> |  | 69880 | 1965026 |
| Hyatt Hotels Corp. - Class A |  | 11352 | 1585307 |
| Life Time Group Holdings, Inc. <sup>(c)</sup> |  | 62070 | 1882583 |
| Norwegian Cruise Line Holdings, Ltd. <sup>(c)</sup> |  | 67173 | 1362268 |
| Royal Caribbean Cruises, Ltd. |  | 6769 | 2119645 |
| SeaWorld Entertainment, Inc. <sup>(c)</sup> |  | 33951 | 1600790 |
| Travel + Leisure Co. |  | 33222 | 1714587 |
|  |  |  | 12230206 |
| **Household Durables - 2.9%** | **Household Durables - 2.9%** | **Household Durables - 2.9%** |  |
| D.R. Horton, Inc. |  | 39470 | 5088472 |
| PulteGroup, Inc. |  | 59778 | 6304188 |
| Toll Brothers, Inc. |  | 36242 | 4136300 |
|  |  |  | 15528960 |
| **Insurance - 3.3%** | **Insurance - 3.3%** | **Insurance - 3.3%** |  |
| Allstate Corp. |  | 11977 | 2411090 |
| Arch Capital Group, Ltd. |  | 20725 | 1887011 |
| Assurant, Inc. |  | 10518 | 2077200 |
| Hanover Insurance Group, Inc. |  | 8644 | 1468356 |
| Hartford Insurance Group, Inc. |  | 20308 | 2576476 |
| Kemper Corp. |  | 20620 | 1330815 |
| Markel Group, Inc. <sup>(c)</sup> |  | 1041 | 2079252 |
| Travelers Cos., Inc. |  | 9998 | 2674865 |
| White Mountains Insurance Group Ltd. |  | 729 | 1309080 |
|  |  |  | 17814145 |
| **Interactive Media & Services - 4.5%** | **Interactive Media & Services - 4.5%** | **Interactive Media & Services - 4.5%** |  |
| Alphabet, Inc. - Class A |  | 42386 | 7469685 |
| Cargurus, Inc. <sup>(c)</sup> |  | 83315 | 2788553 |
| Meta Platforms, Inc. - Class A |  | 18538 | 13682712 |
|  |  |  | 23940950 |
| **Internet & Direct Marketing Retail - 0.3%** | **Internet & Direct Marketing Retail - 0.3%** | **Internet & Direct Marketing Retail - 0.3%** |  |
| Expedia Group, Inc. |  | 10206 | 1721548 |
| **IT Services - 3.6%** | **IT Services - 3.6%** | **IT Services - 3.6%** |  |
| Akamai Technologies, Inc. <sup>(c)</sup> |  | 27494 | 2192921 |
| CSG Systems International, Inc. |  | 26348 | 1720788 |
| DigitalOcean Holdings, Inc. <sup>(c)</sup> |  | 46136 | 1317644 |
| GoDaddy, Inc. - Class A <sup>(c)</sup> |  | 13747 | 2475285 |
| MAXIMUS, Inc. |  | 23328 | 1637626 |
| Okta, Inc. <sup>(c)</sup> |  | 19891 | 1988503 |
| Twilio, Inc. - Class A <sup>(c)</sup> |  | 23016 | 2862270 |
| VeriSign, Inc. |  | 12393 | 3579098 |
| Wix.com, Ltd. <sup>(c)</sup> |  | 7498 | 1188133 |
|  |  |  | 18962268 |
| **Media - 0.8%** | **Media - 0.8%** | **Media - 0.8%** |  |
| Charter Communications, Inc. - Class A <sup>(c)</sup> |  | 4478 | 1830651 |
| Comcast Corp. - Class A |  | 66652 | 2378810 |
|  |  |  | 4209461 |
| **Metals & Mining - 3.6%** | **Metals & Mining - 3.6%** | **Metals & Mining - 3.6%** |  |
| Agnico Eagle Mines, Ltd. |  | 29368 | 3492736 |
| Eldorado Gold Corp. <sup>(c)</sup> |  | 107476 | 2186062 |
| Equinox Gold Corp. <sup>(c)</sup> |  | 317325 | 1824618 |
| IAMGOLD Corp. <sup>(c)</sup> |  | 513948 | 3777518 |
| Kinross Gold Corp. |  | 379395 | 5929944 |
| Pan American Silver Corp. |  | 77587 | 2203471 |
|  |  |  | 19414349 |
| **Professional Services - 0.6%** | **Professional Services - 0.6%** | **Professional Services - 0.6%** |  |
| Concentrix Corp. |  | 34888 | 1844005 |
| WNS Holdings Ltd. <sup>(c)</sup> |  | 25203 | 1593838 |
|  |  |  | 3437843 |
| **Real Estate - 0.1%** | **Real Estate - 0.1%** | **Real Estate - 0.1%** |  |
| Millrose Properties, Inc. |  | 11768 | 335506 |
| **Road & Rail - 0.7%** | **Road & Rail - 0.7%** | **Road & Rail - 0.7%** |  |
| Uber Technologies, Inc. <sup>(c)</sup> |  | 38451 | 3587478 |
| **Software - 7.1%** | **Software - 7.1%** | **Software - 7.1%** |  |
| Check Point Software Technologies, Ltd. <sup>(c)</sup> |  | 18642 | 4124542 |
| Fortinet, Inc. <sup>(c)</sup> |  | 38741 | 4095699 |
| Microsoft Corp. |  | 31555 | 15695773 |
| Oracle Corp. |  | 42282 | 9244114 |
| Qualys, Inc. <sup>(c)</sup> |  | 14684 | 2097903 |
| SS&C Technologies Holdings, Inc. |  | 29368 | 2431670 |
|  |  |  | 37689701 |
| **Specialty Retail - 0.6%** | **Specialty Retail - 0.6%** | **Specialty Retail - 0.6%** |  |
| Asbury Automotive Group, Inc. <sup>(c)</sup> |  | 7124 | 1699359 |
| Lithia Motors, Inc. - Class A |  | 5165 | 1744840 |
|  |  |  | 3444199 |
| **Trading Companies & Distributors - 1.2%** | **Trading Companies & Distributors - 1.2%** | **Trading Companies & Distributors - 1.2%** |  |
| United Rentals, Inc. |  | 8644 | 6512390 |
| **Wireless Telecommunication Services - 1.0%** | **Wireless Telecommunication Services - 1.0%** | **Wireless Telecommunication Services - 1.0%** |  |
| T-Mobile US, Inc. |  | 23016 | 5483792 |
| **TOTAL COMMON STOCKS** (Cost $236,668,284) | **TOTAL COMMON STOCKS** (Cost $236,668,284) | **TOTAL COMMON STOCKS** (Cost $236,668,284) | 362565882 |
| **EXCHANGE TRADED FUNDS - 8.9%** |  | **Shares** | **Value** |
| Invesco CurrencyShares Japanese Yen Trust <sup>(c)</sup> |  | 75659 | 4837636 |
| iShares International Treasury Bond ETF |  | 176215 | 7594867 |
| Simplify MBS ETF |  | 96074 | 4812347 |
| SPDR Barclays International Corporate Bond ETF |  | 97222 | 3168465 |
| SPDR Bloomberg International Treasury Bond ETF |  | 411919 | 9675977 |
| SPDR Portfolio Intermediate Term Corporate Bond ETF |  | 381074 | 12796465 |
| Vanguard Short-Term Inflation-Protected Securities ETF |  | 96688 | 4860506 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $45,646,020) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $45,646,020) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $45,646,020) | 47746263 |
| **FOREIGN GOVERNMENT DEBT OBLIGATIONS - 2.2%** | **FOREIGN GOVERNMENT DEBT OBLIGATIONS - 2.2%** | **Par** | **Value** |
|  French Republic Government Bond OAT, 3.00%, 05/25/2033 <sup>(d)</sup> | EUR | 4780000 | 5625786 |
|  United Kingdom Gilt, 4.25%, 07/31/2034 | GBP | 4450000 | 6026118 |
| **TOTAL FOREIGN GOVERNMENT DEBT OBLIGATIONS** (Cost $10,670,796) | **TOTAL FOREIGN GOVERNMENT DEBT OBLIGATIONS** (Cost $10,670,796) | **TOTAL FOREIGN GOVERNMENT DEBT OBLIGATIONS** (Cost $10,670,796) | 11651904 |
| **U.S. TREASURY SECURITIES - 1.9%** | **U.S. TREASURY SECURITIES - 1.9%** | **Par** | **Value** |
|  United States Treasury Note/Bond, 3.88%, 08/15/2033 |  | 10300000 | 10144293 |
| **TOTAL U.S. TREASURY SECURITIES** (Cost $9,983,554) | **TOTAL U.S. TREASURY SECURITIES** (Cost $9,983,554) | **TOTAL U.S. TREASURY SECURITIES** (Cost $9,983,554) | 10144293 |
| **SHORT-TERM INVESTMENTS - 3.2%** | **SHORT-TERM INVESTMENTS - 3.2%** |  | **Value**  |
| **U.S. Treasury Bills - 3.2%** |  |  **<u>Par</u>** |  |
| 4.21%, 07/22/2025 <sup>(e)</sup> |  | 17000000 | 16958647 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $16,958,647) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $16,958,647) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $16,958,647) | 16958647 |
| **TOTAL INVESTMENTS - 84.0% (**Cost $319,927,301**)** | **TOTAL INVESTMENTS - 84.0% (**Cost $319,927,301**)** | **TOTAL INVESTMENTS - 84.0% (**Cost $319,927,301**)** | 449066989 |
| Money Market Deposit Account - 14.9% <sup>(f)</sup> | Money Market Deposit Account - 14.9% <sup>(f)</sup> | Money Market Deposit Account - 14.9% <sup>(f)</sup> | 79946306 |
| Other Assets in Excess of Liabilities - 1.1% | Other Assets in Excess of Liabilities - 1.1% | Other Assets in Excess of Liabilities - 1.1% | 5817672 |
| **TOTAL NET ASSETS - 100.0%** |  |  | $534830967 |
| two | two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |
| Par amount is in USD unless otherwise indicated. | Par amount is in USD unless otherwise indicated. | Par amount is in USD unless otherwise indicated. |  |
| The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |

---

---

| |
|:---|
| ADR - American Depositary Receipt<br> AG – Aktiengesellschaft<br> OYJ – Julkinen Asakeyhtio |
| PLC - Public Limited Company |
| EUR - Euro |
| GBP - British Pound |

---

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

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

(c) Non-income producing security.

(d) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified
 institutional investors. As of June 30, 2025, the value of these securities total $5,625,786 or 1.1% of the Fund's net assets.

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

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

---

| | | |
|:---|:---|:---|
| **Leuthold Core Investment Fund** | **Leuthold Core Investment Fund** | **Leuthold Core Investment Fund** |
| **Schedule of Securities Sold Short** | **Schedule of Securities Sold Short** | **Schedule of Securities Sold Short** |
| **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** |
| **COMMON STOCKS** - **(7.2)%** | **Shares** | **Value** |
| **Aerospace & Defense - (0.4)%** | **Aerospace & Defense - (0.4)%** | |
| AAR Corp. | (5019) | $(345257) |
| Boeing Co. | (3921) | (821567) |
| Spirit AeroSystems Holdings, Inc. - Class A | (9877) | (376808) |
| TransDigm Group, Inc. | (474) | (720783) |
|  |  | (2264415) |
| **Automobiles - (0.1)%** | **Automobiles - (0.1)%** |  |
| Tesla, Inc. | (2342) | (743960) |
| **Banks - (0.1)%** | **Banks - (0.1)%** |  |
| Triumph Financial, Inc. | (7177) | (395524) |
| **Beverages - (0.2)%** | **Beverages - (0.2)%** |  |
| Brown-Forman Corp. - Class B | (13008) | (350045) |
| PepsiCo, Inc. | (3758) | (496207) |
|  |  | (846252) |
| **Building Products - (0.1)%** | **Building Products - (0.1)%** |  |
| AAON, Inc. | (4852) | (357835) |
| Trex Co., Inc. | (4257) | (231496) |
|  |  | (589331) |
| **Capital Markets - (0.9)%** | **Capital Markets - (0.9)%** |  |
| Ares Management Corp. - Class A | (3028) | (524450) |
| Blackstone, Inc. | (4873) | (728903) |
| Blue Owl Capital, Inc. - Class A | (15491) | (297582) |
| Cohen & Steers, Inc. | (4371) | (329355) |
| FactSet Research Systems, Inc. | (752) | (336354) |
| Hamilton Lane, Inc. - Class A | (1981) | (281540) |
| MarketAxess Holdings, Inc. | (1773) | (395982) |
| Moody's Corp. | (1255) | (629495) |
| MSCI, Inc. | (1299) | (749185) |
| TPG, Inc. | (8357) | (438325) |
|  |  | (4711171) |
| **Chemicals - (0.4)%** | **Chemicals - (0.4)%** |  |
| Albemarle Corp. | (5668) | (355213) |
| International Flavors & Fragrances, Inc. | (7109) | (522867) |
| Linde PLC | (1277) | (599143) |
| Stepan Co. | (3607) | (196870) |
| Westlake Corp. | (5185) | (393697) |
|  |  | (2067790) |
| **Commercial Services & Supplies - (0.1)%** | **Commercial Services & Supplies - (0.1)%** |  |
| Casella Waste Systems, Inc. - Class A | (2599) | (299872) |
| VSE Corp. | (2655) | (347752) |
|  |  | (647624) |
| **Construction Materials - (0.1)%** | **Construction Materials - (0.1)%** |  |
| Vulcan Materials Co. | (2652) | (691695) |
| **Containers & Packaging - (0.1)%** | **Containers & Packaging - (0.1)%** |  |
| Smurfit WestRock PLC | (11260) | (485869) |
| Sonoco Products Co. | (6625) | (288585) |
|  |  | (774454) |
| **Electric Utilities - (0.1)%** | **Electric Utilities - (0.1)%** |  |
| Eversource Energy | (4964) | (315810) |
| **Electrical Equipment - (0.3)%** | **Electrical Equipment - (0.3)%** |  |
| Eaton Corp PLC | (1785) | (637227) |
| Rockwell Automation, Inc. | (2336) | (775949) |
|  |  | (1413176) |
| **Financial Services - (0.0)%<sup>(a)</sup>** | **Financial Services - (0.0)%<sup>(a)</sup>** |  |
| Walker & Dunlop, Inc. | (2977) | (209819) |
| **Ground Transportation - (0.3)%** | **Ground Transportation - (0.3)%** |  |
| Knight-Swift Transportation Holdings, Inc. | (5905) | (261178) |
| Marten Transport Ltd. | (18356) | (238445) |
| Old Dominion Freight Line, Inc. | (3137) | (509135) |
| Saia, Inc. | (669) | (183299) |
| Werner Enterprises, Inc. | (12416) | (339702) |
|  |  | (1531759) |
| **Health Care Equipment & Supplies - (0.3)%** | **Health Care Equipment & Supplies - (0.3)%** |  |
| Baxter International, Inc. | (8805) | (266615) |
| Edwards Lifesciences Corp. | (8796) | (687935) |
| Stryker Corp. | (1750) | (692353) |
|  |  | (1646903) |
| **Hotels, Restaurants & Leisure - (0.6)%** | **Hotels, Restaurants & Leisure - (0.6)%** |  |
| Caesars Entertainment, Inc. | (9135) | (259343) |
| Chipotle Mexican Grill, Inc. | (12506) | (702212) |
| DraftKings, Inc. - Class A | (17456) | (748688) |
| First Watch Restaurant Group, Inc. | (15754) | (252694) |
| Red Rock Resorts, Inc. - Class A | (5915) | (307757) |
| Restaurant Brands International, Inc. | (9154) | (606819) |
| Vail Resorts, Inc. | (1434) | (225324) |
|  |  | (3102837) |
| **Household Durables - (0.1)%** | **Household Durables - (0.1)%** |  |
| Installed Building Products, Inc. | (1922) | (346575) |
| **Household Products - (0.1)%** | **Household Products - (0.1)%** |  |
| Clorox Co. | (4830) | (579938) |
| **Independent Power and Renewable Electricity Producers - (0.1)%** | **Independent Power and Renewable Electricity Producers - (0.1)%** |  |
| Ormat Technologies, Inc. | (3758) | (314770) |
| **Insurance - (0.3)%** | **Insurance - (0.3)%** |  |
| Erie Indemnity Co. - Class A | (1511) | (523999) |
| Marsh & McLennan Companies, Inc. | (3200) | (699648) |
| Ryan Specialty Holdings, Inc. | (5918) | (402365) |
|  |  | (1626012) |
| **IT Services - (0.1)%** | **IT Services - (0.1)%** |  |
| MongoDB, Inc. | (1847) | (387852) |
| **Life Sciences Tools & Services - (0.1)%** | **Life Sciences Tools & Services - (0.1)%** |  |
| Bio-Techne Corp. | (3812) | (196127) |
| Bruker Corp. | (5067) | (208761) |
| Repligen Corp. | (2231) | (277492) |
|  |  | (682380) |
| **Machinery - (0.4)%** | **Machinery - (0.4)%** |  |
| IDEX Corp. | (2823) | (495634) |
| Ingersoll Rand, Inc. | (7185) | (597649) |
| Stanley Black & Decker, Inc. | (6395) | (433261) |
| Xylem, Inc./NY | (4753) | (614848) |
|  |  | (2141392) |
| **Metals & Mining - (0.1)%** | **Metals & Mining - (0.1)%** |  |
| Worthington Industries, Inc. | (7967) | (507020) |
| **Multi-Utilities - (0.1)%** | **Multi-Utilities - (0.1)%** |  |
| Dominion Energy, Inc. | (10322) | (583399) |
| **Oil, Gas & Consumable Fuels - (0.1)%** | **Oil, Gas & Consumable Fuels - (0.1)%** |  |
| Phillips 66 | (5099) | (608311) |
| **Pharmaceuticals - (0.1)%** | **Pharmaceuticals - (0.1)%** |  |
| Eli Lilly & Co. | (802) | (625183) |
| **Professional Services - (0.3)%** | **Professional Services - (0.3)%** |  |
| CBIZ, Inc. | (4349) | (311867) |
| Dayforce, Inc. | (4993) | (276562) |
| Equifax, Inc. | (2087) | (541305) |
| Exponent, Inc. | (3778) | (282255) |
|  |  | (1411989) |
| **Real Estate - (0.2)%** | **Real Estate - (0.2)%** |  |
| Invitation Homes, Inc. | (18756) | (615197) |
| Rexford Industrial Realty, Inc. | (6584) | (234193) |
|  |  | (849390) |
| **Real Estate Management & Development - (0.1)%** | **Real Estate Management & Development - (0.1)%** |  |
| CoStar Group, Inc. | (7781) | (625592) |
| **Semiconductors & Semiconductor Equipment - (0.4)%** | **Semiconductors & Semiconductor Equipment - (0.4)%** |  |
| Advanced Micro Devices, Inc. | (4113) | (583635) |
| Analog Devices, Inc. | (2638) | (627897) |
| ARM Holdings PLC - ADR | (4436) | (717478) |
| Power Integrations, Inc. | (4603) | (257308) |
|  |  | (2186318) |
| **Software - (0.2)%** | **Software - (0.2)%** |  |
| Datadog, Inc. - Class A | (6328) | (850040) |
| Varonis Systems, Inc. | (9109) | (462282) |
|  |  | (1312322) |
| **Specialty Retail - (0.3)%** | **Specialty Retail - (0.3)%** |  |
| Boot Barn Holdings, Inc. | (1870) | (284240) |
| Floor & Decor Holdings, Inc. - Class A | (2650) | (201294) |
| Pool Corp. | (1763) | (513879) |
| Tractor Supply Co. | (12601) | (664955) |
|  |  | (1664368) |
| **Trading Companies & Distributors - (0.0)%<sup>(a)</sup>** | **Trading Companies & Distributors - (0.0)%<sup>(a)</sup>** |  |
| SiteOne Landscape Supply, Inc. | (2125) | (256997) |
| **TOTAL COMMON STOCKS** (Proceeds $39,163,941) | **TOTAL COMMON STOCKS** (Proceeds $39,163,941) | (38662328) |
| **EXCHANGE TRADED FUNDS - (5.5)%** | **Shares** | **Value** |
| Invesco QQQ Trust Series 1 | (24770) | (13664123) |
| iShares S&P 500 Growth ETF | (35341) | (3891044) |
| iShares Semiconductor ETF | (11260) | (2687762) |
| iShares U.S. Transportation ETF | (19870) | (1361890) |
| Real Estate Select Sector SPDR Fund | (19041) | (788678) |
| SPDR S&P 500 ETF Trust | (8239) | (5090466) |
| SPDR S&P Retail ETF | (20168) | (1554146) |
| **TOTAL EXCHANGE TRADED FUNDS** (Proceeds $27,288,586) | **TOTAL EXCHANGE TRADED FUNDS** (Proceeds $27,288,586) | (29038109) |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON** - **(0.1)%** | **Shares** | **Value** |
| **Specialized REITs - (0.1)%** | **Specialized REITs - (0.1)%** |  |
| Iron Mountain, Inc. | (6193) | (635216) |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Proceeds $602,728) | **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Proceeds $602,728) | (635216) |
| **TOTAL SECURITIES SOLD SHORT - (12.8)%** (Proceeds $67,055,255) |  | $(68335653) |
| Percentages are stated as a percent of net assets. |  |  |
| The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |
| ADR - American Depositary Receipt | ADR - American Depositary Receipt | ADR - American Depositary Receipt |
| PLC - Public Limited Company | PLC - Public Limited Company | PLC - Public Limited Company |

---

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

------

#### <br>

#### Summary of Fair Value Disclosure as of June 30, 2025 (Unaudited)
Leuthold Core Investment Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** | | | | |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $362565882 | – | 0<br> <sup>(a)(b)</sup>  | $362565882 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | 47746263 | – | – | 47746263 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Foreign Government Debt Obligations | – | 11651904 | – | 11651904 |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Securities | – | 10144293 | – | 10144293 |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills | – | 16958647 | – | 16958647 |
| Total Investments | $410312145 | 38754844 | 0<br> <sup>(a)(b)</sup>  | $449066989 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $(38662328) | – | – | $(38662328) |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | (29038109) | – | – | (29038109) |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts - Common | (635216) | – | – | (635216) |
| Total Investments | $(68335653) | – | – | $(68335653) |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Amount is less than $0.50.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Management has determined transfers into/out of level 3 and the value of level 3 investments at period end to be immaterial to the Fund. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Amount is less than $0.50.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Management has determined transfers into/out of level 3 and the value of level 3 investments at period end to be immaterial to the Fund. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Amount is less than $0.50.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Management has determined transfers into/out of level 3 and the value of level 3 investments at period end to be immaterial to the Fund. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Amount is less than $0.50.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Management has determined transfers into/out of level 3 and the value of level 3 investments at period end to be immaterial to the Fund. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Amount is less than $0.50.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Management has determined transfers into/out of level 3 and the value of level 3 investments at period end to be immaterial to the Fund. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Managed Portfolio Series

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

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

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

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

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

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

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

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

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

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

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

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $604562706.16

**Total Liabilities:** $69601361.55

**Net Assets:** $534961344.61

**Cash Not Reported:** $73508530.46

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000246971 | 1.04%                | 3.29%                | 3.46%                |
| Class ID C000246972 | 1.04%                | 3.27%                | 3.47%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1833186.56             | $6088947.14                                |
| Month 2  | $-1263017.16             | $17062116.02                               |
| Month 3  | $-1284304.82             | $18609189.32                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AT&T Inc                       | AT&T Inc                                               | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |    147780 | NS      | $4276753.20   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Cencora Inc                    | Cencora Inc                                            | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |     18746 | NS      | $5620988.10   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ARM Holdings PLC               | ARM Holdings PLC                                       | CUSIP: 042068205<br>LEI: 2138001E66EELTE7Y904 | Short            | EC               | CORP              | GB        |     -4436 | NS      | $-717478.64   | -0.13%            |  |  |  | No            |                  1 | On Loan: No      |
| 22662X100                      | Asbury Automotive Group Inc                            | CUSIP: 043436104<br>LEI: 549300JH4DTA7U42GL91 | Long             | EC               | CORP              | US        |      7124 | NS      | $1699358.96   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Assurant Inc                   | Assurant Inc                                           | CUSIP: 04621X108<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | EC               | CORP              | US        |     10518 | NS      | $2077199.82   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp           | Bank of America Corp                                   | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     98103 | NS      | $4642233.96   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays PLC                   | Barclays PLC                                           | CUSIP: 06738E204<br>LEI: 213800LBQA1Y9L22JB70 | Long             | EC               | CORP              | GB        |    183917 | NS      | $3419017.03   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Baxter International Inc       | Baxter International Inc                               | CUSIP: 071813109<br>LEI: J5OIVXX3P24RJRW5CK77 | Short            | EC               | CORP              | US        |     -8805 | NS      | $-266615.40   | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Benchmark Electronics Inc      | Benchmark Electronics Inc                              | CUSIP: 08160H101<br>LEI: 549300W18RHYZOZKOP53 | Long             | EC               | CORP              | US        |     27632 | NS      | $1072950.56   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Bio-Techne Corp                | Bio-Techne Corp                                        | CUSIP: 09073M104<br>LEI: 54930073RLKQ51TILZ35 | Short            | EC               | CORP              | US        |     -3812 | NS      | $-196127.40   | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Inc                 | Blackstone Inc                                         | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Short            | EC               | CORP              | US        |     -4873 | NS      | $-728903.34   | -0.14%            |  |  |  | No            |                  1 | On Loan: No      |
| Blue Owl Capital Inc           | Blue Owl Capital Inc                                   | CUSIP: 09581B103<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -15491 | NS      | $-297582.11   | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Boeing Co/The                  | Boeing Co/The                                          | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Short            | EC               | CORP              | US        |     -3921 | NS      | $-821567.13   | -0.15%            |  |  |  | No            |                  1 | On Loan: No      |
| Boot Barn Holdings Inc         | Boot Barn Holdings Inc                                 | CUSIP: 099406100<br>LEI: 529900QE1BFMYA3N4E71 | Short            | EC               | CORP              | US        |     -1870 | NS      | $-284240.00   | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Brown-Forman Corp              | Brown-Forman Corp                                      | CUSIP: 115637209<br>LEI: 549300873K3LXF7ARU34 | Short            | EC               | CORP              | US        |    -13008 | NS      | $-350045.28   | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| 832696AK4                      | Bruker Corp                                            | CUSIP: 116794108<br>LEI: LEBZ6VLQ6I8XB1NHVY15 | Short            | EC               | CORP              | US        |     -5067 | NS      | $-208760.40   | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| CBIZ Inc                       | CBIZ Inc                                               | CUSIP: 124805102<br>LEI: 529900D5X8CFM8O1N813 | Short            | EC               | CORP              | US        |     -4349 | NS      | $-311866.79   | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Caesars Entertainment Inc      | Caesars Entertainment Inc                              | CUSIP: 12769G100<br>LEI: 549300FA4CTCW903Y781 | Short            | EC               | CORP              | US        |     -9135 | NS      | $-259342.65   | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health Inc            | Cardinal Health Inc                                    | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |     38325 | NS      | $6438600.00   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Cargurus Inc                   | Cargurus Inc                                           | CUSIP: 141788109<br>LEI: 54930027BKQN6B7X7G78 | Long             | EC               | CORP              | US        |     83315 | NS      | $2788553.05   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Carnival Corp                  | Carnival Corp                                          | CUSIP: 143658300<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | EC               | CORP              | US        |     69880 | NS      | $1965025.60   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Casella Waste Systems Inc      | Casella Waste Systems Inc                              | CUSIP: 147448104<br>LEI: 8EU0XUFVJ48U37IIDH51 | Short            | EC               | CORP              | US        |     -2599 | NS      | $-299872.62   | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Charter Communications Inc     | Charter Communications Inc                             | CUSIP: 16119P108<br>LEI: 0J0XRGZE3PBRFEZ7MV65 | Long             | EC               | CORP              | US        |      4478 | NS      | $1830651.18   | 0.34%             |  |  |  | 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        |     -8239 | NS      | $-5090466.15  | -0.95%            |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Bloomberg International C | SPDR Bloomberg International Corporate Bond ETF        | CUSIP: 78464A151<br>LEI: 549300V3SXQ5D61UEN24 | Long             | EC               | RF                | US        |     97222 | NS      | $3168464.98   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Portfolio Intermediate Te | SPDR Portfolio Intermediate Term Corporate Bond ETF    | CUSIP: 78464A375<br>LEI: 549300V0LZHF2UQ4WK69 | Long             | EC               | RF                | US        |    381074 | NS      | $12796464.92  | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Bloomberg International T | SPDR Bloomberg International Treasury Bond ETF         | CUSIP: 78464A516<br>LEI: 549300XTV2KNHC0UDP69 | Long             | EC               | RF                | US        |    411919 | NS      | $9675977.31   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Red Rock Resorts Inc           | Red Rock Resorts Inc                                   | CUSIP: 75700L108<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -5915 | NS      | $-307757.45   | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Repligen Corp                  | Repligen Corp                                          | CUSIP: 759916109<br>LEI: 54930006QJ0T5AUO1E71 | Short            | EC               | CORP              | US        |     -2231 | NS      | $-277491.78   | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Restaurant Brands Internationa | Restaurant Brands International Inc                    | CUSIP: 76131D103<br>LEI: 5299009RXTX9DN9AKJ98 | Short            | EC               | CORP              | CA        |     -9154 | NS      | $-606818.66   | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| Rexford Industrial Realty Inc  | Rexford Industrial Realty Inc                          | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Short            | EC               | CORP              | US        |     -6584 | NS      | $-234192.88   | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Rockwell Automation Inc        | Rockwell Automation Inc                                | CUSIP: 773903109<br>LEI: VH3R4HHBHH12O0EXZJ88 | Short            | EC               | CORP              | US        |     -2336 | NS      | $-775949.12   | -0.15%            |  |  |  | No            |                  1 | On Loan: No      |
| Royal Caribbean Cruises Ltd    | Royal Caribbean Cruises Ltd                            | CUSIP: N/A<br>LEI: K2NEH8QNVW44JIWK7Z55       | Long             | EC               | CORP              | US        |      6769 | NS      | $2119644.66   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Edwards Lifesciences Corp      | Edwards Lifesciences Corp                              | CUSIP: 28176E108<br>LEI: YA13X31F3V31L8TMPR58 | Short            | EC               | CORP              | US        |     -8796 | NS      | $-687935.16   | -0.13%            |  |  |  | No            |                  1 | On Loan: No      |
| Eldorado Gold Corp             | Eldorado Gold Corp                                     | CUSIP: 284902509<br>LEI: 5493004PWQ01YDD1IH62 | Long             | EC               | CORP              | CA        |    107476 | NS      | $2186061.84   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Encompass Health Corp          | Encompass Health Corp                                  | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |     18850 | NS      | $2311575.50   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Equifax Inc                    | Equifax Inc                                            | CUSIP: 294429105<br>LEI: 5493004MCF8JDC86VS77 | Short            | EC               | CORP              | US        |     -2087 | NS      | $-541305.19   | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Equinox Gold Corp              | Equinox Gold Corp                                      | CUSIP: 29446Y502<br>LEI: 5493005IN4V1SNP9PN75 | Long             | EC               | CORP              | CA        |    317325 | NS      | $1824618.75   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Ericsson                       | Telefonaktiebolaget LM Ericsson                        | CUSIP: 294821608<br>LEI: 549300W9JLPW15XIFM52 | Long             | EC               | CORP              | SE        |    378070 | NS      | $3206033.60   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Erie Indemnity Co              | Erie Indemnity Co                                      | CUSIP: 29530P102<br>LEI: 549300WA5KP94KRUFZ80 | Short            | EC               | CORP              | US        |     -1511 | NS      | $-523999.69   | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Eversource Energy              | Eversource Energy                                      | CUSIP: 30040W108<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Short            | EC               | CORP              | US        |     -4964 | NS      | $-315809.68   | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Expedia Group Inc              | Expedia Group Inc                                      | CUSIP: 30212P303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10206 | NS      | $1721548.08   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Exponent Inc                   | Exponent Inc                                           | CUSIP: 30214U102<br>LEI: 529900NY3F5Q2NWPUZ42 | Short            | EC               | CORP              | US        |     -3778 | NS      | $-282254.38   | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| FactSet Research Systems Inc   | FactSet Research Systems Inc                           | CUSIP: 303075105<br>LEI: 549300ZSJE7NBK6K9P30 | Short            | EC               | CORP              | US        |      -752 | NS      | $-336354.56   | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| F5 Inc                         | F5 Inc                                                 | CUSIP: 315616102<br>LEI: 54930015FPK9KT966303 | Long             | EC               | CORP              | US        |     11542 | NS      | $3397041.44   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| First Watch Restaurant Group I | First Watch Restaurant Group Inc                       | CUSIP: 33748L101<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -15754 | NS      | $-252694.16   | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Floor & Decor Holdings Inc     | Floor & Decor Holdings Inc                             | CUSIP: 339750101<br>LEI: 549300M5FR3N688XGQ36 | Short            | EC               | CORP              | US        |     -2650 | NS      | $-201294.00   | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Fortinet Inc                   | Fortinet Inc                                           | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |     38741 | NS      | $4095698.52   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                 | Eli Lilly & Co                                         | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Short            | EC               | CORP              | US        |      -802 | NS      | $-625183.06   | -0.12%            |  |  |  | No            |                  1 | On Loan: No      |
| FRANCE (GOVT OF)               | French Republic Government Bond OAT                    | CUSIP: ZL9844081<br>LEI: 969500KCGF3SUYJHPV70 | Long             | DBT              | NUSS              | FR        |   4780000 | PA      | $5625786.30   | 1.05%             | 2033-05-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Flex Ltd                       | Flex Ltd                                               | CUSIP: N/A<br>LEI: 549300EAQH74YHD07T53       | Long             | EC               | CORP              | US        |    124243 | NS      | $6202210.56   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| 31846V567                      | HCA Healthcare Inc                                     | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |      9789 | NS      | $3750165.90   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Hartford Insurance Group Inc/T | Hartford Insurance Group Inc/The                       | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |     20308 | NS      | $2576475.96   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyatt Hotels Corp              | Hyatt Hotels Corp                                      | CUSIP: 448579102<br>LEI: T27JQIMTYSH41TCD5186 | Long             | EC               | CORP              | US        |     11352 | NS      | $1585306.80   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| IAMGOLD Corp                   | IAMGOLD Corp                                           | CUSIP: 450913108<br>LEI: 254900E7II30XAB9LA72 | Long             | EC               | CORP              | CA        |    513948 | NS      | $3777517.80   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Dominion Freight Line Inc  | Old Dominion Freight Line Inc                          | CUSIP: 679580100<br>LEI: 5299009TWK32WE417T96 | Short            | EC               | CORP              | US        |     -3137 | NS      | $-509135.10   | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| ONE Gas Inc                    | ONE Gas Inc                                            | CUSIP: 68235P108<br>LEI: 549300HXDWI0LATTX840 | Long             | EC               | CORP              | US        |     25619 | NS      | $1840981.34   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp                    | Oracle Corp                                            | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |     42282 | NS      | $9244113.66   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Ormat Technologies Inc         | Ormat Technologies Inc                                 | CUSIP: 686688102<br>LEI: 5493000TSHHWY24VHM09 | Short            | EC               | CORP              | US        |     -3758 | NS      | $-314770.08   | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| United Parks & Resorts Inc     | United Parks & Resorts Inc                             | CUSIP: 81282V100<br>LEI: 529900G0H4NV3IIK3269 | Long             | EC               | CORP              | US        |     33951 | NS      | $1600789.65   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| US BANK MMDA - USBGFS 9        | US BANK MMDA - USBGFS 9                                | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |  80378251 | NS      | $80378251.10  | 15.03%            | 2037-09-01      | Variable      | 4.54%                 | No            |                  1 | On Loan: No      |
| UGI Corp                       | UGI Corp                                               | CUSIP: 902681105<br>LEI: DX6GCWD4Q1JO9CRE5I40 | Long             | EC               | CORP              | US        |     57591 | NS      | $2097464.22   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| US Bancorp                     | US Bancorp                                             | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |     57175 | NS      | $2587168.75   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| United Rentals Inc             | United Rentals Inc                                     | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |      8644 | NS      | $6512389.60   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                       | CUSIP: 91282CHT1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10300000 | PA      | $10144292.94  | 1.90%             | 2033-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Universal Health Services Inc  | Universal Health Services Inc                          | CUSIP: 913903100<br>LEI: 549300YGMGQDO0NMJD09 | Long             | EC               | CORP              | US        |     11352 | NS      | $2056414.80   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Technical Institute  | Universal Technical Institute Inc                      | CUSIP: 913915104<br>LEI: 2549003YOJGAZ0PVFV48 | Long             | EC               | CORP              | US        |     85710 | NS      | $2904711.90   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| VSE Corp                       | VSE Corp                                               | CUSIP: 918284100<br>LEI: 549300QWJYQDH4U5XI15 | Short            | EC               | CORP              | US        |     -2655 | NS      | $-347751.90   | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Vail Resorts Inc               | Vail Resorts Inc                                       | CUSIP: 91879Q109<br>LEI: 529900PSZHRNU9HKH870 | Short            | EC               | CORP              | US        |     -1434 | NS      | $-225324.42   | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Short-Term Inflation- | Vanguard Short-Term Inflation-Protected Securities ETF | CUSIP: 922020805<br>LEI: N/A                  | Long             | EC               | RF                | US        |     96688 | NS      | $4860505.76   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Varonis Systems Inc            | Varonis Systems Inc                                    | CUSIP: 922280102<br>LEI: 549300SHIVNRRH7STS26 | Short            | EC               | CORP              | US        |     -9109 | NS      | $-462281.75   | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| VeriSign Inc                   | VeriSign Inc                                           | CUSIP: 92343E102<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | EC               | CORP              | US        |     12393 | NS      | $3579098.40   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc     | Verizon Communications Inc                             | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |     41137 | NS      | $1779997.99   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Virtu Financial Inc            | Virtu Financial Inc                                    | CUSIP: 928254101<br>LEI: 5493001OPW2K42CH3884 | Long             | EC               | CORP              | US        |     46969 | NS      | $2103741.51   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                       | Visa Inc                                               | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     12601 | NS      | $4473985.05   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED KINGDOM GILT            | United Kingdom Gilt                                    | CUSIP: YX3339711<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |   4450000 | PA      | $6026118.02   | 1.13%             | 2034-07-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| 49338L103                      | Walt Disney Co/The                                     | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |     32597 | NS      | $4042353.97   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc          | Uber Technologies Inc                                  | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |     38451 | NS      | $3587478.30   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| 159864107                      | Vulcan Materials Co                                    | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Short            | EC               | CORP              | US        |     -2652 | NS      | $-691694.64   | -0.13%            |  |  |  | No            |                  1 | On Loan: No      |
| Walker & Dunlop Inc            | Walker & Dunlop Inc                                    | CUSIP: 93148P102<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -2977 | NS      | $-209818.96   | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Werner Enterprises Inc         | Werner Enterprises Inc                                 | CUSIP: 950755108<br>LEI: 549300P6XRGOCHHJST37 | Short            | EC               | CORP              | US        |    -12416 | NS      | $-339701.76   | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Westlake Corp                  | Westlake Corp                                          | CUSIP: 960413102<br>LEI: GOXNEVUM0LL78B1OS344 | Short            | EC               | CORP              | US        |     -5185 | NS      | $-393697.05   | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Worthington Enterprises Inc    | Worthington Enterprises Inc                            | CUSIP: 981811102<br>LEI: 1WRCIANKYOIK6KYE5E82 | Short            | EC               | CORP              | US        |     -7967 | NS      | $-507019.88   | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| Xylem Inc/NY                   | Xylem Inc/NY                                           | CUSIP: 98419M100<br>LEI: 549300DF5MV96DRYLQ48 | Short            | EC               | CORP              | US        |     -4753 | NS      | $-614848.08   | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| White Mountains Insurance Grou | White Mountains Insurance Group Ltd                    | CUSIP: N/A<br>LEI: 549300N3FL068JERBG02       | Long             | EC               | CORP              | US        |       729 | NS      | $1309079.88   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| WNS Holdings Ltd               | WNS Holdings Ltd                                       | CUSIP: N/A<br>LEI: 529900RM7QHUD3W9DM42       | Long             | EC               | CORP              | IN        |     25203 | NS      | $1593837.72   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Wix.com Ltd                    | Wix.com Ltd                                            | CUSIP: N/A<br>LEI: 5493008P6N29Q1AG9464       | Long             | EC               | CORP              | IL        |      7498 | NS      | $1188133.08   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                   | Alphabet Inc                                           | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     42386 | NS      | $7469684.78   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices Inc             | Analog Devices Inc                                     | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Short            | EC               | CORP              | US        |     -2638 | NS      | $-627896.76   | -0.12%            |  |  |  | No            |                  1 | On Loan: No      |
| Ares Management Corp           | Ares Management Corp                                   | CUSIP: 03990B101<br>LEI: 529900JUV61FH7B8VW38 | Short            | EC               | CORP              | US        |     -3028 | NS      | $-524449.60   | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Cigna Group/The                | Cigna Group/The                                        | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |      5526 | NS      | $1826785.08   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| CIBC                           | Canadian Imperial Bank of Commerce                     | CUSIP: 136069101<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | EC               | CORP              | CA        |     49468 | NS      | $3503818.44   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Chipotle Mexican Grill Inc     | Chipotle Mexican Grill Inc                             | CUSIP: 169656105<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -12506 | NS      | $-702211.90   | -0.13%            |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems Inc              | Cisco Systems Inc                                      | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     77340 | NS      | $5365849.20   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                  | Citigroup Inc                                          | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     50926 | NS      | $4334821.12   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Clorox Co/The                  | Clorox Co/The                                          | CUSIP: 189054109<br>LEI: 54930044KVSC06Z79I06 | Short            | EC               | CORP              | US        |     -4830 | NS      | $-579938.10   | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| Cohen & Steers Inc             | Cohen & Steers Inc                                     | CUSIP: 19247A100<br>LEI: 549300XXIA338A0X2K65 | Short            | EC               | CORP              | US        |     -4371 | NS      | $-329354.85   | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                   | Comcast Corp                                           | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |     66652 | NS      | $2378809.88   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC Financial Services Group I | PNC Financial Services Group Inc/The                   | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |     14476 | NS      | $2698615.92   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Pool Corp                      | Pool Corp                                              | CUSIP: 73278L105<br>LEI: 5493005VZK1KMN6CO617 | Short            | EC               | CORP              | US        |     -1763 | NS      | $-513879.24   | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Power Integrations Inc         | Power Integrations Inc                                 | CUSIP: 739276103<br>LEI: 54930085LGXSCIHD5W31 | Short            | EC               | CORP              | US        |     -4603 | NS      | $-257307.70   | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| PulteGroup Inc                 | PulteGroup Inc                                         | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     59778 | NS      | $6304187.88   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Qualys Inc                     | Qualys Inc                                             | CUSIP: 74758T303<br>LEI: 549300EMBXYOW9W1XA17 | Long             | EC               | CORP              | US        |     14684 | NS      | $2097903.08   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Raymond James Financial Inc    | Raymond James Financial Inc                            | CUSIP: 754730109<br>LEI: RGUZHJ05YTITL6D76949 | Long             | EC               | CORP              | US        |     14997 | NS      | $2300089.89   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Real Estate Select Sector SPDR | Real Estate Select Sector SPDR Fund                    | CUSIP: 81369Y860<br>LEI: 549300SPMSTD3BRHL041 | Short            | EC               | RF                | US        |    -19041 | NS      | $-788678.22   | -0.15%            |  |  |  | No            |                  1 | On Loan: No      |
| Arch Capital Group Ltd         | Arch Capital Group Ltd                                 | CUSIP: N/A<br>LEI: 549300AYR4P8AFKDCE43       | Long             | EC               | CORP              | BM        |     20725 | NS      | $1887011.25   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Check Point Software Technolog | Check Point Software Technologies Ltd                  | CUSIP: N/A<br>LEI: 2549003ZVBH73EPNS513       | Long             | EC               | CORP              | IL        |     18642 | NS      | $4124542.50   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| CSG Systems International Inc  | CSG Systems International Inc                          | CUSIP: 126349109<br>LEI: 549300D7FJZUOHHXUA81 | Long             | EC               | CORP              | US        |     26348 | NS      | $1720787.88   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| CTS Corp                       | CTS Corp                                               | CUSIP: 126501105<br>LEI: 549300YV1HQLBVHOI649 | Long             | EC               | CORP              | US        |     24757 | NS      | $1054895.77   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                | CVS Health Corp                                        | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |     25717 | NS      | $1773958.66   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Dayforce Inc                   | Dayforce Inc                                           | CUSIP: 15677J108<br>LEI: 549300T64GVCHFJ8L449 | Short            | EC               | CORP              | US        |     -4993 | NS      | $-276562.27   | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Concentrix Corp                | Concentrix Corp                                        | CUSIP: 20602D101<br>LEI: 5493000EAJN1KMPVA737 | Long             | EC               | CORP              | US        |     34888 | NS      | $1844005.24   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| CoStar Group Inc               | CoStar Group Inc                                       | CUSIP: 22160N109<br>LEI: 984500Q1D53D08E2E698 | Short            | EC               | CORP              | US        |     -7781 | NS      | $-625592.40   | -0.12%            |  |  |  | No            |                  1 | On Loan: No      |
| Datadog Inc                    | Datadog Inc                                            | CUSIP: 23804L103<br>LEI: 549300F6JNO0KRPO1K63 | Short            | EC               | CORP              | US        |     -6328 | NS      | $-850040.24   | -0.16%            |  |  |  | No            |                  1 | On Loan: No      |
| Digi International Inc         | Digi International Inc                                 | CUSIP: 253798102<br>LEI: 529900KG656HGROI4N27 | Long             | EC               | CORP              | US        |     30618 | NS      | $1067343.48   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| DigitalOcean Holdings Inc      | DigitalOcean Holdings Inc                              | CUSIP: 25402D102<br>LEI: 549300EPISPY3RE3DL21 | Long             | EC               | CORP              | US        |     46136 | NS      | $1317644.16   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominion Energy Inc            | Dominion Energy Inc                                    | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Short            | EC               | CORP              | US        |    -10322 | NS      | $-583399.44   | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| Frontdoor Inc                  | Frontdoor Inc                                          | CUSIP: 35905A109<br>LEI: 5493008RB0JZJI3QGZ06 | Long             | EC               | CORP              | US        |     37179 | NS      | $2191330.26   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| GoDaddy Inc                    | GoDaddy Inc                                            | CUSIP: 380237107<br>LEI: 549300J8H1TB0I2CB447 | Long             | EC               | CORP              | US        |     13747 | NS      | $2475284.82   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Bank AG               | Deutsche Bank AG                                       | CUSIP: N/A<br>LEI: 7LTWFZYICNSX8D621K86       | Long             | EC               | CORP              | DE        |    145176 | NS      | $4250753.28   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| AAON Inc                       | AAON Inc                                               | CUSIP: 000360206<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -4852 | NS      | $-357835.00   | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| AAR Corp                       | AAR Corp                                               | CUSIP: 000361105<br>LEI: MP76T5YQX3YK5VVAQ802 | Short            | EC               | CORP              | US        |     -5019 | NS      | $-345257.01   | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| ADT Inc                        | ADT Inc                                                | CUSIP: 00090Q103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    192770 | NS      | $1632761.90   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Adtalem Global Education Inc   | Adtalem Global Education Inc                           | CUSIP: 00737L103<br>LEI: 549300Z467EZLMODV621 | Long             | EC               | CORP              | US        |     28327 | NS      | $3604044.21   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices Inc     | Advanced Micro Devices Inc                             | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Short            | EC               | CORP              | US        |     -4113 | NS      | $-583634.70   | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| Agnico Eagle Mines Ltd         | Agnico Eagle Mines Ltd                                 | CUSIP: 008474108<br>LEI: 254900BFJ2DOHPMEXN45 | Long             | EC               | CORP              | CA        |     29368 | NS      | $3492736.24   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Akamai Technologies Inc        | Akamai Technologies Inc                                | CUSIP: 00971T101<br>LEI: OC1LZNN2LF5WTJ5RIL89 | Long             | EC               | CORP              | US        |     27494 | NS      | $2192921.44   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Albemarle Corp                 | Albemarle Corp                                         | CUSIP: 012653101<br>LEI: HDBLS2Q6GV1LSKQPBS54 | Short            | EC               | CORP              | US        |     -5668 | NS      | $-355213.56   | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Allstate Corp/The              | Allstate Corp/The                                      | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |     11977 | NS      | $2411089.87   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryan Specialty Holdings Inc    | Ryan Specialty Holdings Inc                            | CUSIP: 78351F107<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -5918 | NS      | $-402364.82   | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| SPDR S&P Retail ETF            | SPDR S&P Retail ETF                                    | CUSIP: 78464A714<br>LEI: 549300HHG63HQV071458 | Short            | EC               | RF                | US        |    -20168 | NS      | $-1554146.08  | -0.29%            |  |  |  | No            |                  1 | On Loan: No      |
| SS&C Technologies Holdings Inc | SS&C Technologies Holdings Inc                         | CUSIP: 78467J100<br>LEI: 529900POY8H7NPPNKK71 | Long             | EC               | CORP              | US        |     29368 | NS      | $2431670.40   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Saia Inc                       | Saia Inc                                               | CUSIP: 78709Y105<br>LEI: 549300WNPG4N9GBOYB29 | Short            | EC               | CORP              | US        |      -669 | NS      | $-183299.31   | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Sanmina Corp                   | Sanmina Corp                                           | CUSIP: 801056102<br>LEI: X5K24XLM8QYRXF00EB42 | Long             | EC               | CORP              | US        |     22662 | NS      | $2217023.46   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Simplify MBS ETF               | Simplify MBS ETF                                       | CUSIP: 82889N525<br>LEI: 529900BTWVWYXPUFO805 | Long             | EC               | RF                | US        |     96074 | NS      | $4812346.66   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| SiteOne Landscape Supply Inc   | SiteOne Landscape Supply Inc                           | CUSIP: 82982L103<br>LEI: 5299008LX7SBD4HIAU03 | Short            | EC               | CORP              | US        |     -2125 | NS      | $-256997.50   | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Sonoco Products Co             | Sonoco Products Co                                     | CUSIP: 835495102<br>LEI: GKOMIK4RDJGHEF0VNP11 | Short            | EC               | CORP              | US        |     -6625 | NS      | $-288585.00   | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Spirit AeroSystems Holdings In | Spirit AeroSystems Holdings Inc                        | CUSIP: 848574109<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -9877 | NS      | $-376807.55   | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Spire Inc                      | Spire Inc                                              | CUSIP: 84857L101<br>LEI: 549300NXSY15DRY2R511 | Long             | EC               | CORP              | US        |     24994 | NS      | $1824312.06   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Stanley Black & Decker Inc     | Stanley Black & Decker Inc                             | CUSIP: 854502101<br>LEI: 549300DJ09SMTO561131 | Short            | EC               | CORP              | US        |     -6395 | NS      | $-433261.25   | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Stepan Co                      | Stepan Co                                              | CUSIP: 858586100<br>LEI: IZU1EW9GB3WC7CYCSR17 | Short            | EC               | CORP              | US        |     -3607 | NS      | $-196870.06   | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Strategic Education Inc        | Strategic Education Inc                                | CUSIP: 86272C103<br>LEI: 2549002UYIM8Q5EC8H36 | Long             | EC               | CORP              | US        |     24161 | NS      | $2056825.93   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Stride Inc                     | Stride Inc                                             | CUSIP: 86333M108<br>LEI: 254900BRWS3AFONWU277 | Long             | EC               | CORP              | US        |     23224 | NS      | $3371892.56   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Stryker Corp                   | Stryker Corp                                           | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Short            | EC               | CORP              | US        |     -1750 | NS      | $-692352.50   | -0.13%            |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US Inc                | T-Mobile US Inc                                        | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |     23016 | NS      | $5483792.16   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| TPG Inc                        | TPG Inc                                                | CUSIP: 872657101<br>LEI: 549300NLO4R8MX77XJ02 | Short            | EC               | CORP              | US        |     -8357 | NS      | $-438324.65   | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Tenet Healthcare Corp          | Tenet Healthcare Corp                                  | CUSIP: 88033G407<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | EC               | CORP              | US        |     18121 | NS      | $3189296.00   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                      | Tesla Inc                                              | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Short            | EC               | CORP              | US        |     -2342 | NS      | $-743959.72   | -0.14%            |  |  |  | No            |                  1 | On Loan: No      |
| Toll Brothers Inc              | Toll Brothers Inc                                      | CUSIP: 889478103<br>LEI: 529900JB6IS9MSZGVR44 | Long             | EC               | CORP              | US        |     36242 | NS      | $4136299.46   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Tractor Supply Co              | Tractor Supply Co                                      | CUSIP: 892356106<br>LEI: 549300OJ9VZHZRO6I137 | Short            | EC               | CORP              | US        |    -12601 | NS      | $-664954.77   | -0.12%            |  |  |  | No            |                  1 | On Loan: No      |
| TransDigm Group Inc            | TransDigm Group Inc                                    | CUSIP: 893641100<br>LEI: N/A                  | Short            | EC               | CORP              | US        |      -474 | NS      | $-720783.36   | -0.13%            |  |  |  | No            |                  1 | On Loan: No      |
| Travel + Leisure Co            | Travel + Leisure Co                                    | CUSIP: 894164102<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | EC               | CORP              | US        |     33222 | NS      | $1714587.42   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Travelers Cos Inc/The          | Travelers Cos Inc/The                                  | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |      9998 | NS      | $2674864.92   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                            | CUSIP: 912797QB6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  17000000 | PA      | $16958647.49  | 3.17%             | 2025-07-22      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Smurfit WestRock PLC           | Smurfit WestRock PLC                                   | CUSIP: N/A<br>LEI: 635400EGSEOPDW2EXS14       | Short            | EC               | CORP              | IE        |    -11260 | NS      | $-485869.00   | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| TE Connectivity PLC            | TE Connectivity PLC                                    | CUSIP: N/A<br>LEI: 6367003TB6K484NFHE54       | Long             | EC               | CORP              | IE        |     24370 | NS      | $4110487.90   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc             | Meta Platforms Inc                                     | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     18538 | NS      | $13682712.42  | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group Inc/The    | Goldman Sachs Group Inc/The                            | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |     10206 | NS      | $7223296.50   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Hamilton Lane Inc              | Hamilton Lane Inc                                      | CUSIP: 407497106<br>LEI: 5493006OKN3V1NORM833 | Short            | EC               | CORP              | US        |     -1981 | NS      | $-281539.72   | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Hanover Insurance Group Inc/Th | Hanover Insurance Group Inc/The                        | CUSIP: 410867105<br>LEI: JJYR6MFKFF6CF8DBZ078 | Long             | EC               | CORP              | US        |      8644 | NS      | $1468356.28   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEX Corp                      | IDEX Corp                                              | CUSIP: 45167R104<br>LEI: 549300U5Y5EL6PHYLF13 | Short            | EC               | CORP              | US        |     -2823 | NS      | $-495634.11   | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| Ingersoll Rand Inc             | Ingersoll Rand Inc                                     | CUSIP: 45687V106<br>LEI: 5299004C02FMZCUOIR50 | Short            | EC               | CORP              | US        |     -7185 | NS      | $-597648.30   | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| Installed Building Products In | Installed Building Products Inc                        | CUSIP: 45780R101<br>LEI: 549300I95Y9P9YM5FI86 | Short            | EC               | CORP              | US        |     -1922 | NS      | $-346575.04   | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| IFF                            | International Flavors & Fragrances Inc                 | CUSIP: 459506101<br>LEI: BZLRL03D3GPGMOGFO832 | Short            | EC               | CORP              | US        |     -7109 | NS      | $-522866.95   | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Invesco QQQ Trust Series 1     | Invesco QQQ Trust Series 1                             | CUSIP: 46090E103<br>LEI: 549300VY6FEJBCIMET58 | Short            | EC               | RF                | US        |    -24770 | NS      | $-13664122.80 | -2.55%            |  |  |  | No            |                  1 | On Loan: No      |
| Invesco CurrencyShares Japanes | Invesco CurrencyShares Japanese Yen Trust              | CUSIP: 46138W107<br>LEI: 5493003KFLKC801EII42 | Long             | EC               | RF                | US        |     75659 | NS      | $4837636.46   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Invitation Homes Inc           | Invitation Homes Inc                                   | CUSIP: 46187W107<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -18756 | NS      | $-615196.80   | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| Iron Mountain Inc              | Iron Mountain Inc                                      | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Short            | EC               | CORP              | US        |     -6193 | NS      | $-635216.01   | -0.12%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares U.S. Transportation ET | iShares U.S. Transportation ETF                        | CUSIP: 464287192<br>LEI: 54930060GGS23N7A3X92 | Short            | EC               | RF                | US        |    -19870 | NS      | $-1361889.80  | -0.25%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares S&P 500 Growth ETF     | iShares S&P 500 Growth ETF                             | CUSIP: 464287309<br>LEI: 549300RYFG0B8O3DPR13 | Short            | EC               | RF                | US        |    -35341 | NS      | $-3891044.10  | -0.73%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares Semiconductor ETF      | iShares Semiconductor ETF                              | CUSIP: 464287523<br>LEI: 5493004SPI3IF1GDIR85 | Short            | EC               | RF                | US        |    -11260 | NS      | $-2687762.00  | -0.50%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares International Treasury | iShares International Treasury Bond ETF                | CUSIP: 464288117<br>LEI: 549300B2GPMXZXJU1462 | Long             | EC               | RF                | US        |    176215 | NS      | $7594866.50   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co            | JPMorgan Chase & Co                                    | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     19371 | NS      | $5615846.61   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Jabil Inc                      | Jabil Inc                                              | CUSIP: 466313103<br>LEI: 5493000CGCQY2OQU7669 | Long             | EC               | CORP              | US        |     37596 | NS      | $8199687.60   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Kemper Corp                    | Kemper Corp                                            | CUSIP: 488401100<br>LEI: 549300FNI1JKTRY2PV09 | Long             | EC               | CORP              | US        |     20620 | NS      | $1330814.80   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinross Gold Corp              | Kinross Gold Corp                                      | CUSIP: 496902404<br>LEI: 549300UEBMAQDN0K0R06 | Long             | EC               | CORP              | CA        |    379395 | NS      | $5929943.85   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Knight-Swift Transportation Ho | Knight-Swift Transportation Holdings Inc               | CUSIP: 499049104<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -5905 | NS      | $-261178.15   | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Laureate Education Inc         | Laureate Education Inc                                 | CUSIP: 518613203<br>LEI: 5JL7TMOH5TY3IUYSUP91 | Long             | EC               | CORP              | US        |    123202 | NS      | $2880462.76   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Life Time Group Holdings Inc   | Life Time Group Holdings Inc                           | CUSIP: 53190C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     62070 | NS      | $1882583.10   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Lithia Motors Inc              | Lithia Motors Inc                                      | CUSIP: 536797103<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | EC               | CORP              | US        |      5165 | NS      | $1744840.30   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| MDU Resources Group Inc        | MDU Resources Group Inc                                | CUSIP: 552690109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    112371 | NS      | $1873224.57   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI Inc                       | MSCI Inc                                               | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Short            | EC               | CORP              | US        |     -1299 | NS      | $-749185.26   | -0.14%            |  |  |  | No            |                  1 | On Loan: No      |
| Markel Group Inc               | Markel Group Inc                                       | CUSIP: 570535104<br>LEI: 549300SCNO12JLWIK605 | Long             | EC               | CORP              | US        |      1041 | NS      | $2079251.76   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| MarketAxess Holdings Inc       | MarketAxess Holdings Inc                               | CUSIP: 57060D108<br>LEI: 5493002U1CA1XJOVID83 | Short            | EC               | CORP              | US        |     -1773 | NS      | $-395981.82   | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & McLennan Cos Inc       | Marsh & McLennan Cos Inc                               | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Short            | EC               | CORP              | US        |     -3200 | NS      | $-699648.00   | -0.13%            |  |  |  | No            |                  1 | On Loan: No      |
| Marten Transport Ltd           | Marten Transport Ltd                                   | CUSIP: 573075108<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -18356 | NS      | $-238444.44   | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                 | Mastercard Inc                                         | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      9477 | NS      | $5325505.38   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Maximus Inc                    | Maximus Inc                                            | CUSIP: 577933104<br>LEI: 549300DQCDS8HJ7QF202 | Long             | EC               | CORP              | US        |     23328 | NS      | $1637625.60   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corp                  | McKesson Corp                                          | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |      9685 | NS      | $7096974.30   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| 744320BJ0                      | Microsoft Corp                                         | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     31555 | NS      | $15695772.55  | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Millrose Properties Inc        | Millrose Properties Inc                                | CUSIP: 601137102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11768 | NS      | $335505.68    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| MongoDB Inc                    | MongoDB Inc                                            | CUSIP: 60937P106<br>LEI: 549300TPTG69WKWE1Z37 | Short            | EC               | CORP              | US        |     -1847 | NS      | $-387851.53   | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Moody's Corp                   | Moody's Corp                                           | CUSIP: 615369105<br>LEI: 549300GCEDD8YCF5WU84 | Short            | EC               | CORP              | US        |     -1255 | NS      | $-629495.45   | -0.12%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                 | Morgan Stanley                                         | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |     39679 | NS      | $5589183.94   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix Inc                    | Netflix Inc                                            | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |      9060 | NS      | $12132517.80  | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| New Jersey Resources Corp      | New Jersey Resources Corp                              | CUSIP: 646025106<br>LEI: 549300QKBSQBIX4DQ583 | Long             | EC               | CORP              | US        |     38741 | NS      | $1736371.62   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Nokia Oyj                      | Nokia Oyj                                              | CUSIP: 654902204<br>LEI: 549300A0JPRWG1KI7U06 | Long             | EC               | CORP              | FI        |    657198 | NS      | $3404285.64   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Okta Inc                       | Okta Inc                                               | CUSIP: 679295105<br>LEI: 549300N8J06I8MRHU620 | Long             | EC               | CORP              | US        |     19891 | NS      | $1988503.27   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Pan American Silver Corp       | Pan American Silver Corp                               | CUSIP: 697900108<br>LEI: 549300MKTF5851TYIB83 | Long             | EC               | CORP              | CA        |     77587 | NS      | $2203470.80   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| PayPal Holdings Inc            | PayPal Holdings Inc                                    | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |     28744 | NS      | $2136254.08   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo Inc                    | PepsiCo Inc                                            | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Short            | EC               | CORP              | US        |     -3758 | NS      | $-496206.32   | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| 478160104                      | Phillips 66                                            | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Short            | EC               | CORP              | US        |     -5099 | NS      | $-608310.70   | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| Plexus Corp                    | Plexus Corp                                            | CUSIP: 729132100<br>LEI: 549300W7HCBI5YT25I79 | Long             | EC               | CORP              | US        |     15698 | NS      | $2124096.38   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Trex Co Inc                    | Trex Co Inc                                            | CUSIP: 89531P105<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -4257 | NS      | $-231495.66   | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Triumph Financial Inc          | Triumph Financial Inc                                  | CUSIP: 89679E300<br>LEI: 5493003RNRMEVYDZ1Q52 | Short            | EC               | CORP              | US        |     -7177 | NS      | $-395524.47   | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Twilio Inc                     | Twilio Inc                                             | CUSIP: 90138F102<br>LEI: 5493004W8TRGD63APX93 | Long             | EC               | CORP              | US        |     23016 | NS      | $2862269.76   | 0.54%             |  |  |  | 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      |
| Linde PLC                      | Linde PLC                                              | CUSIP: N/A<br>LEI: 5299003QR1WT0EF88V51       | Short            | EC               | CORP              | US        |     -1277 | NS      | $-599142.86   | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| Norwegian Cruise Line Holdings | Norwegian Cruise Line Holdings Ltd                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     67173 | NS      | $1362268.44   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| DR Horton Inc                  | DR Horton Inc                                          | CUSIP: 23331A109<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | EC               | CORP              | US        |     39470 | NS      | $5088472.40   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| DraftKings Inc                 | DraftKings Inc                                         | CUSIP: 26142V105<br>LEI: 2549006G33IUL6IVOD83 | Short            | EC               | CORP              | US        |    -17456 | NS      | $-748687.84   | -0.14%            |  |  |  | No            |                  1 | On Loan: No      |
| Dycom Industries Inc           | Dycom Industries Inc                                   | CUSIP: 267475101<br>LEI: 549300F56EKTHQI3WT60 | Long             | EC               | CORP              | US        |      9477 | NS      | $2316084.03   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Corp PLC                 | Eaton Corp PLC                                         | CUSIP: N/A<br>LEI: 549300VDIGTMXUNT7H71       | Short            | EC               | CORP              | IE        |     -1785 | NS      | $-637227.15   | -0.12%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** Managed Portfolio Series

**Signature:** /s/ Benjamin Eirich

**Name of Signer:** Managed Portfolio Series

**Title:** Treasurer