# EDGAR Filing Document

**Accession Number:** 0001185072
**File Stem:** 0001140361-25-041412
**Filing Date:** 2025-11
**Character Count:** 20766
**Document Hash:** af342ab6b8ea255f35bd8cbcccb42bce
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-25-041412.hdr.sgml**: 20251110

**ACCESSION NUMBER**: 0001140361-25-041412

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251110

**DATE AS OF CHANGE**: 20251110

**EFFECTIVENESS DATE**: 20251110

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Mount Lucas Management LP
- **CENTRAL INDEX KEY:** 0001185072

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-11021
- **FILM NUMBER:** 251467243

**BUSINESS ADDRESS:**
- **STREET 1:** 405 SOUTH STATE STREET
- **CITY:** NEWTOWN
- **STATE:** PA
- **ZIP:** 18940
- **BUSINESS PHONE:** 267-759-3500

**MAIL ADDRESS:**
- **STREET 1:** 405 SOUTH STATE STREET
- **CITY:** NEWTOWN
- **STATE:** PA
- **ZIP:** 18940

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MT LUCAS MANAGEMENT LP
- **DATE OF NAME CHANGE:** 20111130

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MT LUCAS MANAGEMENT CORP
- **DATE OF NAME CHANGE:** 20020903

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 09-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Mount Lucas Management LP<br>**Address:** 405 South State Street<br>Newtown, PA 18940

**Form 13F File Number:** 028-11021

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Timothy J. Rudderow<br>**Title:** Chief Investment Officer<br>**Phone:** 267-759-3500

**Signature, Place, and Date of Signing:**

/s/ Timothy J. Rudderow  Newtown, PA  11-10-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 163

**Form 13F Information Table Value Total:** $243471483

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ABBOTT LABORATORIES | Common Stock | 002824100 |  | 1415210 | 10566 | SH |  | SOLE |  | 10566 | 0 | 0 |
| ARCH CAPITAL GROUP LTD | Common Stock | G0450A105 |  | 710688 | 7833 | SH |  | SOLE |  | 7833 | 0 | 0 |
| AUTOMATIC DATA PROCESSING | Common Stock | G0450A105 |  | 1442553 | 4915 | SH |  | SOLE |  | 4915 | 0 | 0 |
| AGNICO EAGLE MINES LTD | Common Stock | 008474108 |  | 1649191 | 9784 | SH |  | SOLE |  | 9784 | 0 | 0 |
| AGNC INVESTMENT CORP | Common Stock | 00123Q104 |  | 4474030 | 457000 | SH |  | SOLE |  | 457000 | 0 | 0 |
| ALLSTATE CORP | Common Stock | 020002101 |  | 1334264 | 6216 | SH |  | SOLE |  | 6216 | 0 | 0 |
| ARISTA NETWORKS INC | Common Stock | 040413205 |  | 280346 | 1924 | SH |  | SOLE |  | 1924 | 0 | 0 |
| APPLOVIN CORP-CLASS A | Common Stock | 03831W108 |  | 993741 | 1383 | SH |  | SOLE |  | 1383 | 0 | 0 |
| ARES MANAGEMENT CORP - A | Common Stock | 03990B101 |  | 405001 | 2533 | SH |  | SOLE |  | 2533 | 0 | 0 |
| BROADCOM INC | Common Stock | 11135F101 |  | 345416 | 1047 | SH |  | SOLE |  | 1047 | 0 | 0 |
| AXON ENTERPRISE INC | Common Stock | 05464C101 |  | 282750 | 394 | SH |  | SOLE |  | 394 | 0 | 0 |
| BARRICK MINING CORP | Common Stock | 06849F108 |  | 810959 | 24747 | SH |  | SOLE |  | 24747 | 0 | 0 |
| JPMORGAN BETABUILDERS JAPAN | ETP | 46641Q217 |  | 3771884 | 56874 | SH |  | SOLE |  | 56874 | 0 | 0 |
| BANK OF NEW YORK MELLON CORP | Common Stock | 064058100 |  | 2036680 | 18692 | SH |  | SOLE |  | 18692 | 0 | 0 |
| INVESCO SENIOR LOAN ETF | ETP | 46138G508 |  | 2866029 | 136934 | SH |  | SOLE |  | 136934 | 0 | 0 |
| BLEND LABS INC-A | Common Stock | 09352U108 |  | 730000 | 200000 | SH |  | SOLE |  | 200000 | 0 | 0 |
| CARDINAL HEALTH INC | Common Stock | 14149Y108 |  | 1348129 | 8589 | SH |  | SOLE |  | 8589 | 0 | 0 |
| CHUBB LTD | Common Stock | H1467J104 |  | 749092 | 2654 | SH |  | SOLE |  | 2654 | 0 | 0 |
| CARNIVAL CORP | Common Stock | 143658300 |  | 1684875 | 58280 | SH |  | SOLE |  | 58280 | 0 | 0 |
| CF INDUSTRIES HOLDINGS INC | Common Stock | 125269100 |  | 616867 | 6877 | SH |  | SOLE |  | 6877 | 0 | 0 |
| CHARTER COMMUNICATIONS INC-A | Common Stock | 16119P108 |  | 488586 | 1776 | SH |  | SOLE |  | 1776 | 0 | 0 |
| CINCINNATI FINANCIAL CORP | Common Stock | 172062101 |  | 804887 | 5091 | SH |  | SOLE |  | 5091 | 0 | 0 |
| CME GROUP INC | Common Stock | 12572Q105 |  | 1385534 | 5128 | SH |  | SOLE |  | 5128 | 0 | 0 |
| COMTECH TELECOMMUNICATIONS | Common Stock | 205826209 |  | 277092 | 107400 | SH |  | SOLE |  | 107400 | 0 | 0 |
| CAPITAL ONE FINANCIAL CORP | Common Stock | 14040H105 |  | 1305666 | 6142 | SH |  | SOLE |  | 6142 | 0 | 0 |
| COINBASE GLOBAL INC -CLASS A | Common Stock | 19260Q107 |  | 566308 | 1678 | SH |  | SOLE |  | 1678 | 0 | 0 |
| CENCORA INC | Common Stock | 03073E105 |  | 2054885 | 6575 | SH |  | SOLE |  | 6575 | 0 | 0 |
| CISCO SYSTEMS INC | Common Stock | 17275R102 |  | 1452078 | 21223 | SH |  | SOLE |  | 21223 | 0 | 0 |
| CARVANA CO | Common Stock | 146869102 |  | 684691 | 1815 | SH |  | SOLE |  | 1815 | 0 | 0 |
| CVS HEALTH CORP | Common Stock | 126650100 |  | 785564 | 10420 | SH |  | SOLE |  | 10420 | 0 | 0 |
| SS SPDR BB CONV SEC ETF | ETP | 78464A359 |  | 2994102 | 33084 | SH |  | SOLE |  | 33084 | 0 | 0 |
| DELTA AIR LINES INC | Common Stock | 247361702 |  | 1523681 | 26849 | SH |  | SOLE |  | 26849 | 0 | 0 |
| DUOLINGO | Common Stock | 26603R106 |  | 401978 | 1249 | SH |  | SOLE |  | 1249 | 0 | 0 |
| DAVITA INC | Common Stock | 23918K108 |  | 385987 | 2905 | SH |  | SOLE |  | 2905 | 0 | 0 |
| SPDR S INTER DVD ETF | ETP | 78463X772 |  | 2715677 | 63599 | SH |  | SOLE |  | 63599 | 0 | 0 |
| ISHARES MSCI CHILE ETF | ETP | 464286640 |  | 924001 | 28034 | SH |  | SOLE |  | 28034 | 0 | 0 |
| ISHARES JP MORGAN USD EMERGI | ETP | 464288281 |  | 2758130 | 28975 | SH |  | SOLE |  | 28975 | 0 | 0 |
| EMCOR GROUP INC | Common Stock | 29084Q100 |  | 612516 | 943 | SH |  | SOLE |  | 943 | 0 | 0 |
| ISHARES J.P. MORGAN EM HIGH | ETP | 464286285 |  | 2732895 | 68856 | SH |  | SOLE |  | 68856 | 0 | 0 |
| ISHARES MSCI POLAND ETF | ETP | 46429B606 |  | 934315 | 29016 | SH |  | SOLE |  | 29016 | 0 | 0 |
| ISHARES MSCI PERU AND GLOBAL | ETP | 464289842 |  | 1051404 | 17096 | SH |  | SOLE |  | 17096 | 0 | 0 |
| EQUITABLE HOLDINGS INC | Common Stock | 29452E101 |  | 507292 | 9990 | SH |  | SOLE |  | 9990 | 0 | 0 |
| ISHARES MSCI AUSTRALIA ETF | ETP | 464286103 |  | 3668247 | 135861 | SH |  | SOLE |  | 135861 | 0 | 0 |
| ISHARES MSCI SWEDEN ETF | ETP | 464286756 |  | 831853 | 17624 | SH |  | SOLE |  | 17624 | 0 | 0 |
| ISHARES MSCI GERMANY ETF | ETP | 464286806 |  | 812310 | 19522 | SH |  | SOLE |  | 19522 | 0 | 0 |
| ISHARES MSCI ITALY ETF | ETP | 46434G830 |  | 831979 | 16015 | SH |  | SOLE |  | 16015 | 0 | 0 |
| ISHARES MSCI SWITZERLAND ETF | ETP | 464286749 |  | 816226 | 14776 | SH |  | SOLE |  | 14776 | 0 | 0 |
| ISHARES MSCI MALAYSIA ETF | ETP | 46434G814 |  | 958625 | 36984 | SH |  | SOLE |  | 36984 | 0 | 0 |
| ISHARES MSCI NETHERLANDS ETF | ETP | 464286814 |  | 894862 | 15426 | SH |  | SOLE |  | 15426 | 0 | 0 |
| ISHARES MSCI AUSTRIA ETF | ETP | 464286202 |  | 822382 | 26537 | SH |  | SOLE |  | 26537 | 0 | 0 |
| ISHARES MSCI SPAIN ETF | ETP | 464286764 |  | 848232 | 17136 | SH |  | SOLE |  | 17136 | 0 | 0 |
| MAN FUND PLC-MAN SYS EUR-ISA | ETP | 464286707 |  | 843324 | 19197 | SH |  | SOLE |  | 19197 | 0 | 0 |
| ISHARES MSCI TAIWAN ETF | ETP | 46434G772 |  | 994826 | 15637 | SH |  | SOLE |  | 15637 | 0 | 0 |
| ISHARES MSCI UNITED KINGDOM | ETP | 46435G334 |  | 827648 | 19720 | SH |  | SOLE |  | 19720 | 0 | 0 |
| ISHARES MSCI MEXICO ETF | ETP | 464286822 |  | 1012919 | 14850 | SH |  | SOLE |  | 14850 | 0 | 0 |
| ISHARES MSCI SOUTH KOREA ETF | ETP | 464286772 |  | 1019833 | 12732 | SH |  | SOLE |  | 12732 | 0 | 0 |
| ISHARES MSCI BRAZIL ETF | ETP | 464286400 |  | 1598081 | 51551 | SH |  | SOLE |  | 51551 | 0 | 0 |
| ISHARES MSCI BRAZIL SMALL-CA | ETP | 464289131 |  | 701950 | 50500 | SH |  | SOLE |  | 50500 | 0 | 0 |
| EXELIXIS INC | Common Stock | 30161Q104 |  | 521123 | 12618 | SH |  | SOLE |  | 12618 | 0 | 0 |
| ISHARES MSCI SOUTH AFRICA ET | ETP | 464286780 |  | 1022331 | 15949 | SH |  | SOLE |  | 15949 | 0 | 0 |
| ISHARES FALLEN ANGELS ETF | ETP | 46435G474 |  | 1941739 | 69897 | SH |  | SOLE |  | 69897 | 0 | 0 |
| COMFORT SYSTEMS USA INC | Common Stock | 199908104 |  | 811152 | 983 | SH |  | SOLE |  | 983 | 0 | 0 |
| SS SPDR BB IG FLOAT RT ETF | ETP | 78468R200 |  | 795540 | 25779 | SH |  | SOLE |  | 25779 | 0 | 0 |
| FREDDIE MAC | Common Stock | 313400301 |  | 1186969 | 100847 | SH |  | SOLE |  | 100847 | 0 | 0 |
| FOX CORP - CLASS A | Common Stock | 35137L105 |  | 2746767 | 43558 | SH |  | SOLE |  | 43558 | 0 | 0 |
| FTAI AVIATION LTD | Common Stock | G3730V105 |  | 1334880 | 8000 | SH |  | SOLE |  | 8000 | 0 | 0 |
| TECHNIPFMC PLC | Common Stock | G87110105 |  | 1146654 | 29066 | SH |  | SOLE |  | 29066 | 0 | 0 |
| ISHARES CHINA LARGE-CAP ETF | ETP | 464287184 |  | 972467 | 23638 | SH |  | SOLE |  | 23638 | 0 | 0 |
| ISHARES US HIGH YIELD C | ETP | 464286178 |  | 1914469 | 41136 | SH |  | SOLE |  | 41136 | 0 | 0 |
| GLOBE LIFE INC | Common Stock | 37959E102 |  | 815787 | 5706 | SH |  | SOLE |  | 5706 | 0 | 0 |
| GENERAL MOTORS CO | Common Stock | 37045V100 |  | 1720939 | 28226 | SH |  | SOLE |  | 28226 | 0 | 0 |
| GLOBUS MEDICAL INC - A | Common Stock | 379577208 |  | 456728 | 7975 | SH |  | SOLE |  | 7975 | 0 | 0 |
| GLOBAL X MSCI GREECE ETF | ETP | 37954Y319 |  | 938888 | 14579 | SH |  | SOLE |  | 14579 | 0 | 0 |
| GRAVITY CO LTD-SPONSORED ADR | Common Stock | 38911N206 |  | 256000 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| HUNTINGTON BANCSHARES INC | Common Stock | 446150104 |  | 754267 | 43675 | SH |  | SOLE |  | 43675 | 0 | 0 |
| HCA HEALTHCARE INC | Common Stock | 40412C101 |  | 775258 | 1819 | SH |  | SOLE |  | 1819 | 0 | 0 |
| HARTFORD INSURANCE GROUP INC | Common Stock | 416515104 |  | 882642 | 6617 | SH |  | SOLE |  | 6617 | 0 | 0 |
| HOULIHAN LOKEY INC | Common Stock | 441593100 |  | 1166423 | 5681 | SH |  | SOLE |  | 5681 | 0 | 0 |
| ROBINHOOD MARKETS INC - A | Common Stock | 770700102 |  | 1566389 | 10940 | SH |  | SOLE |  | 10940 | 0 | 0 |
| HEWLETT PACKARD ENTERPRISE | Common Stock | 42824C109 |  | 822342 | 33483 | SH |  | SOLE |  | 33483 | 0 | 0 |
| FLEXSHARES HIGH YIELD VALUE | ETP | 33939L662 |  | 1920167 | 46606 | SH |  | SOLE |  | 46606 | 0 | 0 |
| INTERACTIVE BROKERS GRO-CL A | Common Stock | 45841N107 |  | 692641 | 10066 | SH |  | SOLE |  | 10066 | 0 | 0 |
| INTERCONTINENTAL EXCHANGE IN | Common Stock | 45866F104 |  | 1324084 | 7859 | SH |  | SOLE |  | 7859 | 0 | 0 |
| ISHARES 7-10 YEAR TREASURY B | ETP | 464287440 |  | 2756055 | 28572 | SH |  | SOLE |  | 28572 | 0 | 0 |
| ISHARES 3-7 YEAR TREASURY BO | ETP | 464288661 |  | 2743113 | 22953 | SH |  | SOLE |  | 22953 | 0 | 0 |
| ISHARES 1-5Y INV GRADE CORP | ETP | 464288646 |  | 795132 | 14994 | SH |  | SOLE |  | 14994 | 0 | 0 |
| SAMSARA INC-CL A | Common Stock | 79589L106 |  | 250879 | 6735 | SH |  | SOLE |  | 6735 | 0 | 0 |
| INVESCO LTD | Common Stock | G491BT108 |  | 1073798 | 46809 | SH |  | SOLE |  | 46809 | 0 | 0 |
| SS SPDR BB HIGH YIELD BOND | ETP | 78468R622 |  | 1919330 | 19587 | SH |  | SOLE |  | 19587 | 0 | 0 |
| KINROSS GOLD CORP | Common Stock | 496902404 |  | 1262430 | 50802 | SH |  | SOLE |  | 50802 | 0 | 0 |
| KINDER MORGAN INC | Common Stock | 49456B101 |  | 1461249 | 51616 | SH |  | SOLE |  | 51616 | 0 | 0 |
| LOEWS CORP | Common Stock | 540424108 |  | 854419 | 8511 | SH |  | SOLE |  | 8511 | 0 | 0 |
| LITHIA MOTORS INC | Common Stock | 536797103 |  | 502124 | 1589 | SH |  | SOLE |  | 1589 | 0 | 0 |
| ISHARES IBOXX INVESTMENT GRA | ETP | 464287242 |  | 806263 | 7233 | SH |  | SOLE |  | 7233 | 0 | 0 |
| METLIFE INC | Common Stock | 59156R108 |  | 2009663 | 24398 | SH |  | SOLE |  | 24398 | 0 | 0 |
| MOTOROLA SOLUTIONS INC | Common Stock | 620076307 |  | 1409368 | 3082 | SH |  | SOLE |  | 3082 | 0 | 0 |
| M  T BANK CORP | Common Stock | 55261F104 |  | 737913 | 3734 | SH |  | SOLE |  | 3734 | 0 | 0 |
| ISHARES NATIONAL MUNI BOND E | ETP | 464288414 |  | 730095 | 6856 | SH |  | SOLE |  | 6856 | 0 | 0 |
| NORWEGIAN CRUISE LINE HOLDIN | Common Stock | G66721104 |  | 693926 | 28174 | SH |  | SOLE |  | 28174 | 0 | 0 |
| NASDAQ INC | Common Stock | 631103108 |  | 1440585 | 16287 | SH |  | SOLE |  | 16287 | 0 | 0 |
| NEWMONT CORP | Common Stock | 651639106 |  | 2146533 | 25460 | SH |  | SOLE |  | 25460 | 0 | 0 |
| CLOUDFLARE INC - CLASS A | Common Stock | 18915M107 |  | 733898 | 3420 | SH |  | SOLE |  | 3420 | 0 | 0 |
| ANNALY CAPITAL MANAGEMENT IN | Common Stock | 035710839 |  | 4385570 | 217000 | SH |  | SOLE |  | 217000 | 0 | 0 |
| INOTIV INC | Common Stock | 45783Q100 |  | 208075 | 143500 | SH |  | SOLE |  | 143500 | 0 | 0 |
| SERVICENOW INC | Common Stock | 81762P102 |  | 195099 | 212 | SH |  | SOLE |  | 212 | 0 | 0 |
| NORTHERN TRUST CORP | Common Stock | 665859104 |  | 1593529 | 11839 | SH |  | SOLE |  | 11839 | 0 | 0 |
| NU HOLDINGS LTD/CAYMAN ISL-A | Common Stock | G6683N103 |  | 800500 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| NVIDIA CORP | Common Stock | 67066G104 |  | 295729 | 1585 | SH |  | SOLE |  | 1585 | 0 | 0 |
| INVESCO S 500 BUYWRITE ETF | ETP | 46137V399 |  | 2750556 | 124347 | SH |  | SOLE |  | 124347 | 0 | 0 |
| ISHARES PREFERRED  INCOME S | ETP | 464288687 |  | 2878622 | 91038 | SH |  | SOLE |  | 91038 | 0 | 0 |
| PERFORMANCE FOOD GROUP CO | Common Stock | 71377A103 |  | 626321 | 6020 | SH |  | SOLE |  | 6020 | 0 | 0 |
| PROGRESSIVE CORP | Common Stock | 743315103 |  | 2328492 | 9429 | SH |  | SOLE |  | 9429 | 0 | 0 |
| PACKAGING CORP OF AMERICA | Common Stock | 695156109 |  | 1387560 | 6367 | SH |  | SOLE |  | 6367 | 0 | 0 |
| PALANTIR TECHNOLOGIES INC-A | Common Stock | 69608A108 |  | 917755 | 5031 | SH |  | SOLE |  | 5031 | 0 | 0 |
| PILGRIM'S PRIDE CORP | Common Stock | 72147K108 |  | 470357 | 11551 | SH |  | SOLE |  | 11551 | 0 | 0 |
| PRUDENTIAL FINANCIAL INC | Common Stock | 744320102 |  | 646819 | 6235 | SH |  | SOLE |  | 6235 | 0 | 0 |
| QUANTA SERVICES INC | Common Stock | 74762E102 |  | 575215 | 1388 | SH |  | SOLE |  | 1388 | 0 | 0 |
| INVESCO QQQ TRUST SERIES 1 | ETP | 46090E103 |  | 28725903 | 47847 | SH |  | SOLE |  | 47847 | 0 | 0 |
| INVESCO NASDAQ 100 ETF | ETP | 46138G649 |  | 2253982 | 9121 | SH |  | SOLE |  | 9121 | 0 | 0 |
| QUANTERIX CORP | Common Stock | 74766Q101 |  | 325800 | 60000 | SH |  | SOLE |  | 60000 | 0 | 0 |
| ROBLOX CORP -CLASS A | Common Stock | 771049103 |  | 864365 | 6240 | SH |  | SOLE |  | 6240 | 0 | 0 |
| ROYAL CARIBBEAN CRUISES LTD | Common Stock | V7780T103 |  | 640688 | 1980 | SH |  | SOLE |  | 1980 | 0 | 0 |
| ISHARES MORTGAGE REAL ESTATE | ETP | 46435G342 |  | 2791025 | 127038 | SH |  | SOLE |  | 127038 | 0 | 0 |
| REGIONS FINANCIAL CORP | Common Stock | 7591EP100 |  | 823403 | 31225 | SH |  | SOLE |  | 31225 | 0 | 0 |
| SIMPLIFY BOND BULL ETF | ETP | 82889N376 |  | 497572 | 11650 | SH |  | SOLE |  | 11650 | 0 | 0 |
| ROCKET COS INC-CLASS A | Common Stock | 77311W101 |  | 658920 | 34000 | SH |  | SOLE |  | 34000 | 0 | 0 |
| REPUBLIC SERVICES INC | Common Stock | 760759100 |  | 1296103 | 5648 | SH |  | SOLE |  | 5648 | 0 | 0 |
| ROYAL BANK OF CANADA | Common Stock | 780087102 |  | 558490 | 3791 | SH |  | SOLE |  | 3791 | 0 | 0 |
| SCHWAB U.S. TIPS ETF | ETP | 808524870 |  | 795025 | 29500 | SH |  | SOLE |  | 29500 | 0 | 0 |
| SPROUTS FARMERS MARKET INC | Common Stock | 85208M102 |  | 704480 | 6475 | SH |  | SOLE |  | 6475 | 0 | 0 |
| ISHARES 1-3 YEAR TREASURY BO | ETP | 464287457 |  | 2746640 | 33108 | SH |  | SOLE |  | 33108 | 0 | 0 |
| ISHARES 0-5 YR HY CORP BOND | ETP | 46434V407 |  | 1914466 | 44214 | SH |  | SOLE |  | 44214 | 0 | 0 |
| SYNCHRONY FINANCIAL | Common Stock | 87165B103 |  | 772171 | 10868 | SH |  | SOLE |  | 10868 | 0 | 0 |
| AT INC | Common Stock | 00206R102 |  | 2142315 | 75861 | SH |  | SOLE |  | 75861 | 0 | 0 |
| TENET HEALTHCARE CORP | Common Stock | 88033G407 |  | 699270 | 3444 | SH |  | SOLE |  | 3444 | 0 | 0 |
| ISHARES MSCI THAILAND ETF | ETP | 464286624 |  | 946127 | 16066 | SH |  | SOLE |  | 16066 | 0 | 0 |
| ALPHA TEKNOVA INC | Common Stock | 02080L102 |  | 433300 | 70000 | SH |  | SOLE |  | 70000 | 0 | 0 |
| ONCOLOGY INSTITUTE INC/THE | Common Stock | 68236X100 |  | 560145 | 160500 | SH |  | SOLE |  | 160500 | 0 | 0 |
| TRAVELERS COS INC/THE | Common Stock | 89417E109 |  | 833751 | 2986 | SH |  | SOLE |  | 2986 | 0 | 0 |
| ISHARES MSCI TURKEY ETF | ETP | 464286715 |  | 212397 | 6205 | SH |  | SOLE |  | 6205 | 0 | 0 |
| UNITED AIRLINES HOLDINGS INC | Common Stock | 910047109 |  | 1963003 | 20342 | SH |  | SOLE |  | 20342 | 0 | 0 |
| UNIVERSAL HEALTH SERVICES-B | Common Stock | 913903100 |  | 820418 | 4013 | SH |  | SOLE |  | 4013 | 0 | 0 |
| US BANCORP | Common Stock | 902973304 |  | 774392 | 16023 | SH |  | SOLE |  | 16023 | 0 | 0 |
| US FOODS HOLDING CORP | Common Stock | 912008109 |  | 526456 | 6871 | SH |  | SOLE |  | 6871 | 0 | 0 |
| UWM HOLDINGS CORP | Common Stock | 91823B109 |  | 986580 | 162000 | SH |  | SOLE |  | 162000 | 0 | 0 |
| VERSABANK | Common Stock | 92512J106 |  | 366300 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| VANGUARD REAL ESTATE ETF | ETP | 922908553 |  | 1423867 | 15575 | SH |  | SOLE |  | 15575 | 0 | 0 |
| VANGUARD GLBL EX-US REAL EST | ETP | 922042676 |  | 1444326 | 30254 | SH |  | SOLE |  | 30254 | 0 | 0 |
| VERISIGN INC | Common Stock | 92343E102 |  | 1397570 | 4999 | SH |  | SOLE |  | 4999 | 0 | 0 |
| VANGUARD HIGH DVD YIELD ETF | ETP | 921946406 |  | 2764452 | 19613 | SH |  | SOLE |  | 19613 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | Common Stock | 92343V104 |  | 734800 | 16719 | SH |  | SOLE |  | 16719 | 0 | 0 |
| WABTEC CORP | Common Stock | 929740108 |  | 1492900 | 7447 | SH |  | SOLE |  | 7447 | 0 | 0 |
| WELLTOWER INC | Common Stock | 95040Q104 |  | 2027589 | 11382 | SH |  | SOLE |  | 11382 | 0 | 0 |
| SPDR FTSE INTERNATIONAL GOVE | ETP | 78464A490 |  | 806001 | 20556 | SH |  | SOLE |  | 20556 | 0 | 0 |
| WILLIAMS COS INC | Common Stock | 969457100 |  | 1620936 | 25587 | SH |  | SOLE |  | 25587 | 0 | 0 |
| WALMART INC | Common Stock | 931142103 |  | 1616496 | 15685 | SH |  | SOLE |  | 15685 | 0 | 0 |
| WR BERKLEY CORP | Common Stock | 084423102 |  | 949782 | 12396 | SH |  | SOLE |  | 12396 | 0 | 0 |
| WW INTERNATIONAL INC-NEW | Common Stock | 98262P200 |  | 1094400 | 40000 | SH |  | SOLE |  | 40000 | 0 | 0 |
| UTILITIES SELECT SECTOR SPDR | ETP | 81369Y886 |  | 697506 | 7998 | SH |  | SOLE |  | 7998 | 0 | 0 |
| ZSCALER INC | Common Stock | 98980G102 |  | 258607 | 863 | SH |  | SOLE |  | 863 | 0 | 0 |
| ISHARES MSCI BRAZIL ETF | ETP | 464286400 |  | 9920000 | 320000 | SH | Call | SOLE |  | 320000 | 0 | 0 |
| INTEL CORP | Common Stock | 458140100 |  | 6122875 | 182500 | SH | Call | SOLE |  | 182500 | 0 | 0 |
| ROCKET COS INC-CLASS A | Common Stock | 77311W101 |  | 5814000 | 300000 | SH | Call | SOLE |  | 300000 | 0 | 0 |

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