LEUTHOLD GROUP, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FDX	FedEx Corp.	37,713	$10,894	1.2%	$261.56	0.0%	COM	31428X106
UPS	United Parcel Service Inc. Cl	106,348	$10,549	1.1%	$92.75	0.0%	COM	911312106
UNH	UnitedHealth Group Inc.	28,134	$9,287	1.0%	$337.21	0.0%	COM	91324P102
ELV	Elevance Health Inc.	22,531	$7,898	0.9%	$336.70	0.0%	COM	036752103
JNJ	Johnson & Johnson	31,963	$6,615	0.7%	$197.01	0.0%	COM	478160104
CRH	CRH public limited company	43,668	$5,450	0.6%	$119.13	0.0%	COM	G25508105
BMY	Bristol-Myers Squibb Co.	101,025	$5,449	0.6%	$47.53	0.0%	COM	110122108
EME	Emcor Group Inc	8,869	$5,426	0.6%	$647.50	0.0%	COM	29084Q100
MRK	Merck & Co. Inc.	49,296	$5,189	0.6%	$93.24	0.0%	COM	58933Y105
SLB	SLB Limited	131,906	$5,063	0.5%	$36.06	0.0%	COM	806857108
CHRW	C.H. Robinson Worldwide	30,656	$4,928	0.5%	$147.32	0.0%	COM	12541W209
GSK	GSK plc Sponsored ADR	100,358	$4,922	0.5%	$49.04	—	COM	37733W204
EXPD	Expeditors International of Wa	32,545	$4,850	0.5%	$135.64	0.0%	COM	302130109
HUM	Humana Inc.	18,186	$4,658	0.5%	$261.32	0.0%	COM	444859102
SNY	Sanofi SA Sponsored ADR	93,850	$4,548	0.5%	$48.46	—	COM	80105N105
RIO	Rio Tinto PLC ADS	50,899	$4,073	0.4%	$80.03	—	COM	767204100
OII	Oceaneering International, Inc	147,639	$3,548	0.4%	$24.15	0.0%	COM	675232102
MOH	Molina Healthcare Inc.	20,027	$3,475	0.4%	$164.37	0.0%	COM	60855R100
GXO	GXO Logistics Inc	61,244	$3,224	0.3%	$52.55	0.0%	COM	36262G101
HUBG	Hub Group Inc (Cl A)	74,238	$3,163	0.3%	$38.02	0.0%	COM	443320106
GAP	Gap Inc.	119,070	$3,048	0.3%	$24.07	0.0%	COM	364760108
URBN	Urban Outfitters Inc	39,422	$2,967	0.3%	$70.74	0.0%	COM	917047102
SH	ProShares Trust Short S&P500	77,821	$2,804	0.3%	$36.03	—	COM	74349Y753
HBM	HudBay Minerals Inc.	138,738	$2,754	0.3%	$16.91	0.0%	COM	443628102
AA	Alcoa Inc.	49,245	$2,617	0.3%	$40.88	0.0%	COM	013872106
IYT	iShares US Transportation ETF	18,029	$1,343	0.1%	$74.51	—	COM	464287192
PICK	iShares MSCI Global Metals & M	18,241	$936	0.1%	$51.34	—	COM	46434G848
PPH	VanEck Vectors Pharmaceutical	8,779	$906	0.1%	$103.17	—	COM	92189F692
PKB	Invesco Building & Constructio	9,580	$887	0.1%	$92.59	—	COM	46137V779
XRT	SPDR S&P Retail ETF	10,286	$877	0.1%	$85.29	—	COM	78464A714
XOM	Exxon Mobil Corp.	6,774	$815	0.1%	$115.49	0.0%	COM	30231G102
OIH	VanEck Oil Services ETF	2,310	$658	0.1%	$284.77	—	COM	92189H607
BKR	Baker Hughes Company Class A	12,366	$563	0.1%	$47.34	0.0%	COM	05722G100
AMX	America Movil S.A.B. de C.V. A	22,545	$466	0.1%	$20.67	—	COM	02390A101
SEM	Select Medical Holdings Corpor	31,264	$464	0.1%	$14.10	0.0%	COM	81619Q105
NHC	National HealthCare Corporatio	3,155	$433	0.0%	$129.17	0.0%	COM	635906100
WFRD	Weatherford International plc	5,446	$426	0.0%	$72.59	0.0%	COM	G48833118
NOV	NOV Inc.	26,851	$420	0.0%	$14.83	0.0%	COM	62955J103
ACMR	ACM Research, Inc. Class A	8,362	$330	0.0%	$37.26	0.0%	COM	00108J109
INVX	Innovex International, Inc.	12,902	$282	0.0%	$20.87	0.0%	COM	457651107
MBSD	FlexShares Disciplined Duratio	13,302	$276	0.0%	$20.77	—	COM	33939L779
XLB	Materials Select Sector SPDR F	5,018	$228	0.0%	$45.35	—	COM	81369Y100
MATX	Matson, Inc.	1,799	$222	0.0%	$107.05	0.0%	COM	57686G105

Increased Positions (49)

SPDN Direxion Daily S&P500 Bear 1X 2.4%

Value ($000) $22,071 (+32.1%) Shares 2,340,534 (+34.6%) Est. Cost $14.31 Unrealized —

GVA Granite Construction Inc. 0.6%

Value ($000) $5,216 (+1679.8%) Shares 45,223 (+1591.8%) Est. Cost $107.17 Unrealized +0.3%

VMI Valmont Industries Inc. 0.5%

Value ($000) $4,626 (+1024.5%) Shares 11,498 (+983.7%) Est. Cost $399.63 Unrealized +1.8%

REGN Regeneron Pharmaceuticals Inc. 0.8%

Value ($000) $7,286 (+114.4%) Shares 9,439 (+56.2%) Est. Cost $605.42 Unrealized +12.1%

RWM ProShares Short Russell2000 1.4%

Value ($000) $13,386 (+32.4%) Shares 817,685 (+35.8%) Est. Cost $22.59 Unrealized —

CSCO Cisco Systems Inc. 1.3%

Value ($000) $11,930 (+28.1%) Shares 154,877 (+13.8%) Est. Cost $59.85 Unrealized +23.3%

SNEX StoneX Group Inc. 0.3%

Value ($000) $2,900 (+780.4%) Shares 30,487 (+834.0%) Est. Cost $94.43 Unrealized -0.1%

GTX Garrett Motion Inc 0.6%

Value ($000) $5,808 (+74.4%) Shares 333,232 (+36.3%) Est. Cost $13.53 Unrealized +17.7%

BIIB Biogen Inc. 0.6%

Value ($000) $5,735 (+74.1%) Shares 32,589 (+38.6%) Est. Cost $143.02 Unrealized +14.2%

VRTX Vertex Pharmaceuticals Inc. 0.8%

Value ($000) $7,438 (+47.9%) Shares 16,407 (+27.8%) Est. Cost $420.77 Unrealized +2.4%

LAZ Lazard Ltd. 0.3%

Value ($000) $2,684 (+809.0%) Shares 55,271 (+888.0%) Est. Cost $50.31 Unrealized -0.8%

ERIC Telefonaktiebolaget LM Ericsso 0.8%

Value ($000) $7,671 (+44.4%) Shares 794,958 (+23.7%) Est. Cost $8.48 Unrealized —

MGA Magna International Inc. 0.8%

Value ($000) $7,844 (+42.4%) Shares 147,172 (+26.6%) Est. Cost $44.27 Unrealized +10.4%

AMGN Amgen Inc. 0.8%

Value ($000) $7,005 (+46.0%) Shares 21,402 (+25.8%) Est. Cost $292.62 Unrealized +8.0%

GT Goodyear Tire & Rubber Co. 0.5%

Value ($000) $4,906 (+73.9%) Shares 560,093 (+48.5%) Est. Cost $8.90 Unrealized -11.5%

LEA Lear Corp. 0.6%

Value ($000) $5,445 (+61.2%) Shares 47,513 (+41.5%) Est. Cost $102.75 Unrealized +3.4%

UTHR United Therapeutics Corp. 0.6%

Value ($000) $5,200 (+64.4%) Shares 10,672 (+41.4%) Est. Cost $374.21 Unrealized +24.4%

GILD Gilead Sciences Inc. 0.7%

Value ($000) $6,758 (+42.8%) Shares 55,058 (+29.1%) Est. Cost $114.22 Unrealized +5.8%

NTCT NetScout Systems, Inc. 0.5%

Value ($000) $4,870 (+52.3%) Shares 179,984 (+45.3%) Est. Cost $24.71 Unrealized +9.4%

HCA HCA Healthcare Inc 0.9%

Value ($000) $8,369 (+21.6%) Shares 17,927 (+11.0%) Est. Cost $295.07 Unrealized +57.2%

IHF iShares U.S. Healthcare Provid 0.3%

Value ($000) $2,768 (+101.6%) Shares 57,746 (+107.6%) Est. Cost $64.89 Unrealized —

ALV Autoliv Inc. 0.7%

Value ($000) $6,479 (+24.2%) Shares 54,579 (+29.2%) Est. Cost $117.97 Unrealized +1.2%

IBB iShares NASDAQ Biotechnology I 0.3%

Value ($000) $3,070 (+64.8%) Shares 18,188 (+41.0%) Est. Cost $151.46 Unrealized —

ACM AECOM 0.3%

Value ($000) $2,541 (-25.9%) Shares 26,652 (+1.5%) Est. Cost $120.10 Unrealized -2.4%

APTV Aptiv PLC 0.7%

Value ($000) $6,164 (+15.9%) Shares 81,014 (+31.3%) Est. Cost $76.59 Unrealized +4.8%

XLV Health Care Select Sector SPDR 0.4%

Value ($000) $3,638 (+28.8%) Shares 23,503 (+15.8%) Est. Cost $142.57 Unrealized —

UHS Universal Health Services Inc. 0.5%

Value ($000) $4,594 (+20.2%) Shares 21,072 (+12.7%) Est. Cost $171.65 Unrealized +28.7%

VC Visteon Corp 0.4%

Value ($000) $3,852 (+22.7%) Shares 40,502 (+54.7%) Est. Cost $113.18 Unrealized -6.6%

CSGS CSG Systems International Inc. 0.4%

Value ($000) $3,574 (+20.6%) Shares 46,602 (+1.3%) Est. Cost $58.86 Unrealized +24.9%

NTGR Netgear Inc 0.4%

Value ($000) $3,911 (+18.2%) Shares 159,432 (+56.1%) Est. Cost $27.84 Unrealized +3.3%

PRIM Primoris Services Corporation 0.7%

Value ($000) $6,143 (-8.6%) Shares 49,487 (+1.1%) Est. Cost $104.93 Unrealized +24.4%

MKL Markel Group Inc. 0.4%

Value ($000) $4,063 (+13.9%) Shares 1,890 (+1.2%) Est. Cost $1491.48 Unrealized +35.8%

THC Tenet Healthcare Corporation 0.7%

Value ($000) $6,515 (+7.4%) Shares 32,784 (+9.7%) Est. Cost $92.21 Unrealized +119.2%

XLK Technology Select Sector SPDR 1.2%

Value ($000) $10,774 (+3.2%) Shares 74,835 (+102.0%) Est. Cost $141.42 Unrealized —

CNXC Concentrix Corporation 0.3%

Value ($000) $2,556 (-8.8%) Shares 61,463 (+1.2%) Est. Cost $46.73 Unrealized -14.2%

MMS Maximus Inc. 0.4%

Value ($000) $3,559 (-4.3%) Shares 41,228 (+1.3%) Est. Cost $71.90 Unrealized +18.9%

BFH Bread Financial Holdings, Inc. 0.0%

Value ($000) $446 (+55.3%) Shares 6,020 (+17.0%) Est. Cost $62.02 Unrealized +5.9%

CTS CTS Corp 0.2%

Value ($000) $1,833 (+8.5%) Shares 42,763 (+1.1%) Est. Cost $40.34 Unrealized +3.9%

AMAT Applied Materials Inc. 0.1%

Value ($000) $627 (+26.9%) Shares 2,438 (+1.1%) Est. Cost $181.43 Unrealized +32.0%

AMKR Amkor Technology Inc. 0.0%

Value ($000) $438 (+40.6%) Shares 11,104 (+1.1%) Est. Cost $24.09 Unrealized +47.5%

VIAV Viavi Solutions Inc. 0.0%

Value ($000) $392 (+41.9%) Shares 22,009 (+1.1%) Est. Cost $11.05 Unrealized +46.1%

PLAB Photronics Inc. 0.0%

Value ($000) $352 (+40.9%) Shares 10,985 (+1.1%) Est. Cost $21.43 Unrealized +20.4%

MKSI MKS Instruments Inc. 0.0%

Value ($000) $418 (+30.6%) Shares 2,618 (+1.1%) Est. Cost $106.77 Unrealized +38.8%

ACWI iShares MSCI ACWI ETF 0.0%

Value ($000) $338 (+28.3%) Shares 2,388 (+25.4%) Est. Cost $131.97 Unrealized —

ASML ASML Holding N.V. 0.1%

Value ($000) $569 (+11.8%) Shares 532 (+1.1%) Est. Cost $969.24 Unrealized —

PSO Pearson Plc Sp Adr 0.0%

Value ($000) $424 (+16.3%) Shares 30,229 (+17.3%) Est. Cost $14.14 Unrealized —

UGI UGI Corp. 0.0%

Value ($000) $358 (+13.7%) Shares 9,553 (+1.0%) Est. Cost $32.02 Unrealized +10.6%

LST Leuthold Select Industries ET 0.1%

Value ($000) $932 (+2.1%) Shares 23,222 (+1.4%) Est. Cost $35.40 Unrealized —

QLTA iShares Aaa-A Rated Corporate 0.0%

Value ($000) $293 (+0.6%) Shares 6,087 (+1.4%) Est. Cost $47.74 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPDN	Direxion Daily S&P500 Bear 1X	2,340,534 (+34.6%)	$22,071 (+32.1%)	2.4%	$14.31	—	COM	25460E869
GVA	Granite Construction Inc.	45,223 (+1591.8%)	$5,216 (+1679.8%)	0.6%	$107.17	+0.3%	COM	387328107
VMI	Valmont Industries Inc.	11,498 (+983.7%)	$4,626 (+1024.5%)	0.5%	$399.63	+1.8%	COM	920253101
REGN	Regeneron Pharmaceuticals Inc.	9,439 (+56.2%)	$7,286 (+114.4%)	0.8%	$605.42	+12.1%	COM	75886F107
RWM	ProShares Short Russell2000	817,685 (+35.8%)	$13,386 (+32.4%)	1.4%	$22.59	—	COM	74348A210
CSCO	Cisco Systems Inc.	154,877 (+13.8%)	$11,930 (+28.1%)	1.3%	$59.85	+23.3%	COM	17275R102
SNEX	StoneX Group Inc.	30,487 (+834.0%)	$2,900 (+780.4%)	0.3%	$94.43	-0.1%	COM	861896108
GTX	Garrett Motion Inc	333,232 (+36.3%)	$5,808 (+74.4%)	0.6%	$13.53	+17.7%	COM	366505105
BIIB	Biogen Inc.	32,589 (+38.6%)	$5,735 (+74.1%)	0.6%	$143.02	+14.2%	COM	09062X103
VRTX	Vertex Pharmaceuticals Inc.	16,407 (+27.8%)	$7,438 (+47.9%)	0.8%	$420.77	+2.4%	COM	92532F100
LAZ	Lazard Ltd.	55,271 (+888.0%)	$2,684 (+809.0%)	0.3%	$50.31	-0.8%	COM	52110M109
ERIC	Telefonaktiebolaget LM Ericsso	794,958 (+23.7%)	$7,671 (+44.4%)	0.8%	$8.48	—	COM	294821608
MGA	Magna International Inc.	147,172 (+26.6%)	$7,844 (+42.4%)	0.8%	$44.27	+10.4%	COM	559222401
AMGN	Amgen Inc.	21,402 (+25.8%)	$7,005 (+46.0%)	0.8%	$292.62	+8.0%	COM	031162100
GT	Goodyear Tire & Rubber Co.	560,093 (+48.5%)	$4,906 (+73.9%)	0.5%	$8.90	-11.5%	COM	382550101
LEA	Lear Corp.	47,513 (+41.5%)	$5,445 (+61.2%)	0.6%	$102.75	+3.4%	COM	521865204
UTHR	United Therapeutics Corp.	10,672 (+41.4%)	$5,200 (+64.4%)	0.6%	$374.21	+24.4%	COM	91307C102
GILD	Gilead Sciences Inc.	55,058 (+29.1%)	$6,758 (+42.8%)	0.7%	$114.22	+5.8%	COM	375558103
NTCT	NetScout Systems, Inc.	179,984 (+45.3%)	$4,870 (+52.3%)	0.5%	$24.71	+9.4%	COM	64115T104
HCA	HCA Healthcare Inc	17,927 (+11.0%)	$8,369 (+21.6%)	0.9%	$295.07	+57.2%	COM	40412C101
IHF	iShares U.S. Healthcare Provid	57,746 (+107.6%)	$2,768 (+101.6%)	0.3%	$64.89	—	COM	464288828
ALV	Autoliv Inc.	54,579 (+29.2%)	$6,479 (+24.2%)	0.7%	$117.97	+1.2%	COM	052800109
IBB	iShares NASDAQ Biotechnology I	18,188 (+41.0%)	$3,070 (+64.8%)	0.3%	$151.46	—	COM	464287556
ACM	AECOM	26,652 (+1.5%)	$2,541 (-25.9%)	0.3%	$120.10	-2.4%	COM	00766T100
APTV	Aptiv PLC	81,014 (+31.3%)	$6,164 (+15.9%)	0.7%	$76.59	+4.8%	COM	G3265R107
XLV	Health Care Select Sector SPDR	23,503 (+15.8%)	$3,638 (+28.8%)	0.4%	$142.57	—	COM	81369Y209
UHS	Universal Health Services Inc.	21,072 (+12.7%)	$4,594 (+20.2%)	0.5%	$171.65	+28.7%	COM	913903100
VC	Visteon Corp	40,502 (+54.7%)	$3,852 (+22.7%)	0.4%	$113.18	-6.6%	COM	92839U206
CSGS	CSG Systems International Inc.	46,602 (+1.3%)	$3,574 (+20.6%)	0.4%	$58.86	+24.9%	COM	126349109
NTGR	Netgear Inc	159,432 (+56.1%)	$3,911 (+18.2%)	0.4%	$27.84	+3.3%	COM	64111Q104
PRIM	Primoris Services Corporation	49,487 (+1.1%)	$6,143 (-8.6%)	0.7%	$104.93	+24.4%	COM	74164F103
MKL	Markel Group Inc.	1,890 (+1.2%)	$4,063 (+13.9%)	0.4%	$1491.48	+35.8%	COM	570535104
THC	Tenet Healthcare Corporation	32,784 (+9.7%)	$6,515 (+7.4%)	0.7%	$92.21	+119.2%	COM	88033G407
XLK	Technology Select Sector SPDR	74,835 (+102.0%)	$10,774 (+3.2%)	1.2%	$141.42	—	COM	81369Y803
CNXC	Concentrix Corporation	61,463 (+1.2%)	$2,556 (-8.8%)	0.3%	$46.73	-14.2%	COM	20602D101
MMS	Maximus Inc.	41,228 (+1.3%)	$3,559 (-4.3%)	0.4%	$71.90	+18.9%	COM	577933104
BFH	Bread Financial Holdings, Inc.	6,020 (+17.0%)	$446 (+55.3%)	0.0%	$62.02	+5.9%	COM	018581108
CTS	CTS Corp	42,763 (+1.1%)	$1,833 (+8.5%)	0.2%	$40.34	+3.9%	COM	126501105
AMAT	Applied Materials Inc.	2,438 (+1.1%)	$627 (+26.9%)	0.1%	$181.43	+32.0%	COM	038222105
AMKR	Amkor Technology Inc.	11,104 (+1.1%)	$438 (+40.6%)	0.0%	$24.09	+47.5%	COM	031652100
VIAV	Viavi Solutions Inc.	22,009 (+1.1%)	$392 (+41.9%)	0.0%	$11.05	+46.1%	COM	925550105
PLAB	Photronics Inc.	10,985 (+1.1%)	$352 (+40.9%)	0.0%	$21.43	+20.4%	COM	719405102
MKSI	MKS Instruments Inc.	2,618 (+1.1%)	$418 (+30.6%)	0.0%	$106.77	+38.8%	COM	55306N104
ACWI	iShares MSCI ACWI ETF	2,388 (+25.4%)	$338 (+28.3%)	0.0%	$131.97	—	COM	464288257
ASML	ASML Holding N.V.	532 (+1.1%)	$569 (+11.8%)	0.1%	$969.24	—	COM	N07059210
PSO	Pearson Plc Sp Adr	30,229 (+17.3%)	$424 (+16.3%)	0.0%	$14.14	—	COM	705015105
UGI	UGI Corp.	9,553 (+1.0%)	$358 (+13.7%)	0.0%	$32.02	+10.6%	COM	902681105
LST	Leuthold Select Industries ET	23,222 (+1.4%)	$932 (+2.1%)	0.1%	$35.40	—	COM	56167R705
QLTA	iShares Aaa-A Rated Corporate	6,087 (+1.4%)	$293 (+0.6%)	0.0%	$47.74	—	COM	46429B291

Exited Positions (41)

ORCL Oracle Corp. 2.1%

Value ($000) $19,056 Shares 67,756 Est. Cost $84.79 Unrealized +180.8%

NFLX Netflix Inc. 1.9%

Value ($000) $17,921 Shares 14,948 Est. Cost $36.11 Unrealized +198.6%

URI United Rentals Inc. 1.3%

Value ($000) $12,282 Shares 12,865 Est. Cost $140.67 Unrealized +516.4%

PHM PulteGroup Inc. 1.3%

Value ($000) $11,777 Shares 89,134 Est. Cost $21.17 Unrealized +478.3%

DHI D.R. Horton Inc. 1.1%

Value ($000) $9,973 Shares 58,848 Est. Cost $30.39 Unrealized +400.1%

TOL Toll Brothers Inc. 0.8%

Value ($000) $7,467 Shares 54,057 Est. Cost $37.57 Unrealized +261.4%

T AT&T Inc. 0.7%

Value ($000) $6,882 Shares 243,714 Est. Cost $17.23 Unrealized +46.8%

CHKP Check Point Software Technolog 0.7%

Value ($000) $6,357 Shares 30,725 Est. Cost $129.74 Unrealized +49.0%

DIS Walt Disney Co. 0.7%

Value ($000) $6,155 Shares 53,754 Est. Cost $91.47 Unrealized +19.7%

VRSN VeriSign Inc. 0.6%

Value ($000) $5,711 Shares 20,427 Est. Cost $227.04 Unrealized +10.5%

LRN Stride, Inc. 0.6%

Value ($000) $5,703 Shares 38,293 Est. Cost $103.80 Unrealized -12.5%

FTNT Fortinet Inc. 0.6%

Value ($000) $5,373 Shares 63,901 Est. Cost $57.95 Unrealized +43.1%

FTDR Frontdoor, Inc. 0.4%

Value ($000) $4,145 Shares 61,594 Est. Cost $50.24 Unrealized +17.1%

RCL Royal Caribbean Cruises Ltd 0.4%

Value ($000) $3,608 Shares 11,149 Est. Cost $236.57 Unrealized +19.0%

EXPE Expedia Group, Inc. 0.4%

Value ($000) $3,591 Shares 16,800 Est. Cost $181.47 Unrealized +36.0%

— WNS (Holdings) Limited Sponsor 0.4%

Value ($000) $3,349 Shares 43,904 Est. Cost $62.28 Unrealized —

CCL Carnival Corp. 0.4%

Value ($000) $3,331 Shares 115,230 Est. Cost $24.00 Unrealized +16.2%

TNL Travel Leisure Co. 0.4%

Value ($000) $3,258 Shares 54,772 Est. Cost $50.81 Unrealized +28.2%

QLYS Qualys, Inc. 0.3%

Value ($000) $3,207 Shares 24,234 Est. Cost $117.81 Unrealized +16.8%

VZ Verizon Communications Inc. 0.3%

Value ($000) $2,981 Shares 67,821 Est. Cost $38.53 Unrealized +5.1%

ADT ADT, Inc. 0.3%

Value ($000) $2,919 Shares 335,077 Est. Cost $7.95 Unrealized +4.0%

PRKS United Parks & Resorts, Inc. 0.3%

Value ($000) $2,894 Shares 55,977 Est. Cost $51.61 Unrealized -19.5%

ABG Asbury Automotive Group Inc. 0.3%

Value ($000) $2,885 Shares 11,800 Est. Cost $229.08 Unrealized +3.2%

LTH Life Time Group Holdings, Inc. 0.3%

Value ($000) $2,824 Shares 102,322 Est. Cost $29.34 Unrealized -11.3%

NCLH Norwegian Cruise Line Holdings 0.3%

Value ($000) $2,728 Shares 110,778 Est. Cost $24.09 Unrealized -12.3%

IGV iShares Expanded Tech-Software 0.2%

Value ($000) $2,308 Shares 20,069 Est. Cost $89.52 Unrealized —

IYZ iShares U.S. Telecommunication 0.1%

Value ($000) $1,306 Shares 40,487 Est. Cost $26.15 Unrealized —

JETS U.S. Global Jets ETF 0.1%

Value ($000) $1,270 Shares 51,516 Est. Cost $24.53 Unrealized —

IDCC InterDigital Inc. 0.1%

Value ($000) $715 Shares 2,071 Est. Cost $174.85 Unrealized +102.2%

EBAY eBay Inc. 0.1%

Value ($000) $670 Shares 7,371 Est. Cost $52.55 Unrealized +64.3%

EG Everest Group Ltd. 0.1%

Value ($000) $659 Shares 1,883 Est. Cost $344.58 Unrealized -4.2%

MRP Millrose Properties Inc 0.1%

Value ($000) $590 Shares 17,555 Est. Cost $26.51 Unrealized —

YOU Clear Secure, Inc. Class A 0.1%

Value ($000) $491 Shares 14,703 Est. Cost $29.28 Unrealized +16.0%

PEJ Invesco Leisure and Entertainm 0.0%

Value ($000) $458 Shares 7,562 Est. Cost $56.90 Unrealized —

SNPS Synopsys Inc 0.0%

Value ($000) $434 Shares 880 Est. Cost $522.72 Unrealized -15.0%

DDS Dillard's Inc. Cl A 0.0%

Value ($000) $417 Shares 679 Est. Cost $344.56 Unrealized +76.8%

XLY Consumer Discretionary Select 0.0%

Value ($000) $375 Shares 1,564 Est. Cost $239.64 Unrealized —

SKM SK Telecom Co. Ltd. ADS 0.0%

Value ($000) $342 Shares 15,827 Est. Cost $23.35 Unrealized —

HRB H&R Block, Inc. 0.0%

Value ($000) $340 Shares 6,718 Est. Cost $56.67 Unrealized -18.1%

JAAA Janus Detroit Street Trust Jan 0.0%

Value ($000) $206 Shares 4,057 Est. Cost $50.71 Unrealized —

MTCH Match Group, Inc. 0.0%

Value ($000) $204 Shares 5,770 Est. Cost $35.47 Unrealized -7.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ORCL	Oracle Corp.	67,756	$19,056	2.1%	$84.79	+180.8%	—	68389X105
NFLX	Netflix Inc.	14,948	$17,921	1.9%	$36.11	+198.6%	—	64110L106
URI	United Rentals Inc.	12,865	$12,282	1.3%	$140.67	+516.4%	—	911363109
PHM	PulteGroup Inc.	89,134	$11,777	1.3%	$21.17	+478.3%	—	745867101
DHI	D.R. Horton Inc.	58,848	$9,973	1.1%	$30.39	+400.1%	—	23331A109
TOL	Toll Brothers Inc.	54,057	$7,467	0.8%	$37.57	+261.4%	—	889478103
T	AT&T Inc.	243,714	$6,882	0.7%	$17.23	+46.8%	—	00206R102
CHKP	Check Point Software Technolog	30,725	$6,357	0.7%	$129.74	+49.0%	—	M22465104
DIS	Walt Disney Co.	53,754	$6,155	0.7%	$91.47	+19.7%	—	254687106
VRSN	VeriSign Inc.	20,427	$5,711	0.6%	$227.04	+10.5%	—	92343E102
LRN	Stride, Inc.	38,293	$5,703	0.6%	$103.80	-12.5%	—	86333M108
FTNT	Fortinet Inc.	63,901	$5,373	0.6%	$57.95	+43.1%	—	34959E109
FTDR	Frontdoor, Inc.	61,594	$4,145	0.4%	$50.24	+17.1%	—	35905A109
RCL	Royal Caribbean Cruises Ltd	11,149	$3,608	0.4%	$236.57	+19.0%	—	V7780T103
EXPE	Expedia Group, Inc.	16,800	$3,591	0.4%	$181.47	+36.0%	—	30212P303
—	WNS (Holdings) Limited Sponsor	43,904	$3,349	0.4%	$62.28	—	—	G98196101
CCL	Carnival Corp.	115,230	$3,331	0.4%	$24.00	+16.2%	—	143658300
TNL	Travel Leisure Co.	54,772	$3,258	0.4%	$50.81	+28.2%	—	894164102
QLYS	Qualys, Inc.	24,234	$3,207	0.3%	$117.81	+16.8%	—	74758T303
VZ	Verizon Communications Inc.	67,821	$2,981	0.3%	$38.53	+5.1%	—	92343V104
ADT	ADT, Inc.	335,077	$2,919	0.3%	$7.95	+4.0%	—	00090Q103
PRKS	United Parks & Resorts, Inc.	55,977	$2,894	0.3%	$51.61	-19.5%	—	81282V100
ABG	Asbury Automotive Group Inc.	11,800	$2,885	0.3%	$229.08	+3.2%	—	043436104
LTH	Life Time Group Holdings, Inc.	102,322	$2,824	0.3%	$29.34	-11.3%	—	53190C102
NCLH	Norwegian Cruise Line Holdings	110,778	$2,728	0.3%	$24.09	-12.3%	—	G66721104
IGV	iShares Expanded Tech-Software	20,069	$2,308	0.2%	$89.52	—	—	464287515
IYZ	iShares U.S. Telecommunication	40,487	$1,306	0.1%	$26.15	—	—	464287713
JETS	U.S. Global Jets ETF	51,516	$1,270	0.1%	$24.53	—	—	26922A842
IDCC	InterDigital Inc.	2,071	$715	0.1%	$174.85	+102.2%	—	45867G101
EBAY	eBay Inc.	7,371	$670	0.1%	$52.55	+64.3%	—	278642103
EG	Everest Group Ltd.	1,883	$659	0.1%	$344.58	-4.2%	—	G3223R108
MRP	Millrose Properties Inc	17,555	$590	0.1%	$26.51	—	—	601137102
YOU	Clear Secure, Inc. Class A	14,703	$491	0.1%	$29.28	+16.0%	—	18467V109
PEJ	Invesco Leisure and Entertainm	7,562	$458	0.0%	$56.90	—	—	46137V720
SNPS	Synopsys Inc	880	$434	0.0%	$522.72	-15.0%	—	871607107
DDS	Dillard's Inc. Cl A	679	$417	0.0%	$344.56	+76.8%	—	254067101
XLY	Consumer Discretionary Select	1,564	$375	0.0%	$239.64	—	—	81369Y407
SKM	SK Telecom Co. Ltd. ADS	15,827	$342	0.0%	$23.35	—	—	78440P306
HRB	H&R Block, Inc.	6,718	$340	0.0%	$56.67	-18.1%	—	093671105
JAAA	Janus Detroit Street Trust Jan	4,057	$206	0.0%	$50.71	—	—	47103U845
MTCH	Match Group, Inc.	5,770	$204	0.0%	$35.47	-7.4%	—	57667L107

Decreased Positions (44)

META Meta Platforms Inc. Class A 1.4%

Value ($000) $13,182 (-41.3%) Shares 19,970 (-34.7%) Est. Cost $188.56 Unrealized +253.9%

TMUS T-Mobile US Inc 0.1%

Value ($000) $622 (-93.6%) Shares 3,065 (-92.5%) Est. Cost $141.77 Unrealized +49.1%

XLC Communication Services Select 0.4%

Value ($000) $4,129 (-51.7%) Shares 35,077 (-51.4%) Est. Cost $68.02 Unrealized —

GOOGL Alphabet Inc. Cl A 2.3%

Value ($000) $21,157 (+24.6%) Shares 67,594 (-3.2%) Est. Cost $107.67 Unrealized +165.2%

ATGE Adtalem Global Education Inc. 0.5%

Value ($000) $4,844 (-37.4%) Shares 46,811 (-6.5%) Est. Cost $89.82 Unrealized +27.5%

AEM Agnico-Eagle Mines Ltd. 0.6%

Value ($000) $5,099 (-35.4%) Shares 30,075 (-35.8%) Est. Cost $81.14 Unrealized +106.9%

MSFT Microsoft Corp. 2.6%

Value ($000) $24,513 (-9.1%) Shares 50,686 (-2.6%) Est. Cost $131.51 Unrealized +280.7%

EQX Equinox Gold Corp. 0.4%

Value ($000) $3,863 (-31.5%) Shares 275,129 (-45.3%) Est. Cost $5.59 Unrealized +125.8%

KGC Kinross Gold Corporation 1.4%

Value ($000) $13,412 (-11.5%) Shares 476,291 (-21.9%) Est. Cost $9.51 Unrealized +173.3%

PAAS Pan American Silver Corp. 0.3%

Value ($000) $3,218 (-32.1%) Shares 62,115 (-49.2%) Est. Cost $22.37 Unrealized +87.1%

PRDO Perdoceo Education Corporation 0.4%

Value ($000) $3,249 (-27.7%) Shares 110,773 (-7.2%) Est. Cost $31.15 Unrealized +1.1%

IVV iShares S&P 500 Fund 1.0%

Value ($000) $8,954 (-6.4%) Shares 13,073 (-8.6%) Est. Cost $393.10 Unrealized —

IEFA iShares Core MSCI EAFE ETF 0.6%

Value ($000) $5,984 (-8.5%) Shares 66,890 (-10.7%) Est. Cost $61.41 Unrealized —

AGG iShares Core Total U.S. Bond M 0.5%

Value ($000) $4,270 (-10.8%) Shares 42,755 (-10.5%) Est. Cost $101.43 Unrealized —

IAG Iamgold Corporation 1.1%

Value ($000) $10,121 (-4.9%) Shares 613,738 (-25.4%) Est. Cost $4.87 Unrealized +189.0%

SHY iShares 1-3 Year Treasury Bond 1.4%

Value ($000) $12,834 (-3.6%) Shares 154,959 (-3.4%) Est. Cost $82.55 Unrealized —

VTIP Vanguard Short-Term Inflation- 1.1%

Value ($000) $10,358 (-4.3%) Shares 209,416 (-2.0%) Est. Cost $50.38 Unrealized —

PSQ ProShares Short QQQ 0.4%

Value ($000) $3,409 (-11.5%) Shares 112,873 (-9.1%) Est. Cost $36.46 Unrealized —

FXY Invesco CurrencyShares Japanes 0.6%

Value ($000) $5,405 (-7.1%) Shares 92,126 (-1.4%) Est. Cost $64.06 Unrealized —

GHC Graham Holdings Co. 0.0%

Value ($000) $344 (-54.2%) Shares 313 (-50.9%) Est. Cost $943.37 Unrealized +13.1%

IGOV iShares International Treasury 1.1%

Value ($000) $10,362 (-3.5%) Shares 248,737 (-1.3%) Est. Cost $43.72 Unrealized —

VONV Vanguard Russell 1000 Value ET 0.5%

Value ($000) $4,175 (-8.1%) Shares 45,234 (-11.0%) Est. Cost $64.32 Unrealized —

WTM White Mountains Insurance Grou 0.3%

Value ($000) $2,321 (+15.1%) Shares 1,117 (-7.4%) Est. Cost $1745.04 Unrealized +12.1%

IGIB iShares 5-10yr Investment Grad 0.9%

Value ($000) $8,014 (-3.0%) Shares 148,747 (-2.7%) Est. Cost $50.09 Unrealized —

MBB iShares MBS ETF 0.8%

Value ($000) $7,805 (-2.9%) Shares 81,963 (-3.0%) Est. Cost $95.43 Unrealized —

GDX VanEck Gold Miners ETF 0.3%

Value ($000) $2,686 (+8.2%) Shares 31,317 (-3.6%) Est. Cost $36.78 Unrealized —

RSPD Invesco S&P 500 Equal Weight C 0.4%

Value ($000) $3,763 (-4.7%) Shares 65,981 (-3.5%) Est. Cost $55.02 Unrealized —

BCI Aberdeen Standard Bloomberg Al 0.1%

Value ($000) $641 (-18.6%) Shares 32,841 (-10.2%) Est. Cost $26.49 Unrealized —

XLF Financial Select Sector SPDR F 1.0%

Value ($000) $9,192 (-1.5%) Shares 167,820 (-3.1%) Est. Cost $40.40 Unrealized —

VMBS Vanguard Mortgage-Backed Secur 0.8%

Value ($000) $7,773 (-1.2%) Shares 165,106 (-1.5%) Est. Cost $46.96 Unrealized —

CARG CarGurus, Inc. Class A 0.5%

Value ($000) $4,969 (+1.6%) Shares 129,570 (-1.4%) Est. Cost $20.23 Unrealized +78.1%

VGSH Vanguard Short-Term Treasury E 0.1%

Value ($000) $655 (-10.3%) Shares 11,151 (-10.2%) Est. Cost $58.80 Unrealized —

SAN Banco Santander S.A. ADR 0.1%

Value ($000) $796 (+10.3%) Shares 67,873 (-1.5%) Est. Cost $2.95 Unrealized —

VCSH Vanguard Short-Term Corporate 0.1%

Value ($000) $818 (-8.3%) Shares 10,259 (-8.0%) Est. Cost $77.90 Unrealized —

EMXC iShares MSCI Emerging Markets 0.2%

Value ($000) $2,162 (-3.1%) Shares 29,743 (-10.0%) Est. Cost $50.03 Unrealized —

FXE Invesco CurrencyShares Euro Tr 0.5%

Value ($000) $4,465 (-1.2%) Shares 41,165 (-1.3%) Est. Cost $109.45 Unrealized —

LAUR Laureate Education Inc 0.7%

Value ($000) $6,870 (-0.8%) Shares 204,037 (-7.0%) Est. Cost $19.54 Unrealized +58.0%

KCE SPDR S&P Capital Markets ETF 0.1%

Value ($000) $612 (-5.7%) Shares 4,080 (-3.8%) Est. Cost $137.87 Unrealized —

XLI Industrial Select Sector SPDR 0.1%

Value ($000) $975 (-3.0%) Shares 6,286 (-3.5%) Est. Cost $102.78 Unrealized —

— TotalEnergies SE Sponsored ADR 0.0%

Value ($000) $387 (+8.2%) Shares 5,908 (-1.2%) Est. Cost $61.39 Unrealized —

KBWB Invesco KBW Bank ETF 0.1%

Value ($000) $721 (+3.9%) Shares 8,554 (-3.6%) Est. Cost $65.52 Unrealized —

IAK iShares U.S. Insurance ETF 0.1%

Value ($000) $925 (-2.0%) Shares 6,796 (-3.5%) Est. Cost $129.19 Unrealized —

USMV iShares Edge MSCI Min Vol USA 0.0%

Value ($000) $220 (-2.9%) Shares 2,338 (-1.9%) Est. Cost $93.87 Unrealized —

IJR iShares S&P Small Cap 600 Inde 0.0%

Value ($000) $211 (-0.6%) Shares 1,754 (-1.7%) Est. Cost $109.29 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
META	Meta Platforms Inc. Class A	19,970 (-34.7%)	$13,182 (-41.3%)	1.4%	$188.56	+253.9%	COM	30303M102
TMUS	T-Mobile US Inc	3,065 (-92.5%)	$622 (-93.6%)	0.1%	$141.77	+49.1%	COM	872590104
XLC	Communication Services Select	35,077 (-51.4%)	$4,129 (-51.7%)	0.4%	$68.02	—	COM	81369Y852
GOOGL	Alphabet Inc. Cl A	67,594 (-3.2%)	$21,157 (+24.6%)	2.3%	$107.67	+165.2%	COM	02079K305
ATGE	Adtalem Global Education Inc.	46,811 (-6.5%)	$4,844 (-37.4%)	0.5%	$89.82	+27.5%	COM	00737L103
AEM	Agnico-Eagle Mines Ltd.	30,075 (-35.8%)	$5,099 (-35.4%)	0.6%	$81.14	+106.9%	COM	008474108
MSFT	Microsoft Corp.	50,686 (-2.6%)	$24,513 (-9.1%)	2.6%	$131.51	+280.7%	COM	594918104
EQX	Equinox Gold Corp.	275,129 (-45.3%)	$3,863 (-31.5%)	0.4%	$5.59	+125.8%	COM	29446Y502
KGC	Kinross Gold Corporation	476,291 (-21.9%)	$13,412 (-11.5%)	1.4%	$9.51	+173.3%	COM	496902404
PAAS	Pan American Silver Corp.	62,115 (-49.2%)	$3,218 (-32.1%)	0.3%	$22.37	+87.1%	COM	697900108
PRDO	Perdoceo Education Corporation	110,773 (-7.2%)	$3,249 (-27.7%)	0.4%	$31.15	+1.1%	COM	71363P106
IVV	iShares S&P 500 Fund	13,073 (-8.6%)	$8,954 (-6.4%)	1.0%	$393.10	—	COM	464287200
IEFA	iShares Core MSCI EAFE ETF	66,890 (-10.7%)	$5,984 (-8.5%)	0.6%	$61.41	—	COM	46432F842
AGG	iShares Core Total U.S. Bond M	42,755 (-10.5%)	$4,270 (-10.8%)	0.5%	$101.43	—	COM	464287226
IAG	Iamgold Corporation	613,738 (-25.4%)	$10,121 (-4.9%)	1.1%	$4.87	+189.0%	COM	450913108
SHY	iShares 1-3 Year Treasury Bond	154,959 (-3.4%)	$12,834 (-3.6%)	1.4%	$82.55	—	COM	464287457
VTIP	Vanguard Short-Term Inflation-	209,416 (-2.0%)	$10,358 (-4.3%)	1.1%	$50.38	—	COM	922020805
PSQ	ProShares Short QQQ	112,873 (-9.1%)	$3,409 (-11.5%)	0.4%	$36.46	—	COM	74349Y837
FXY	Invesco CurrencyShares Japanes	92,126 (-1.4%)	$5,405 (-7.1%)	0.6%	$64.06	—	COM	46138W107
GHC	Graham Holdings Co.	313 (-50.9%)	$344 (-54.2%)	0.0%	$943.37	+13.1%	COM	384637104
IGOV	iShares International Treasury	248,737 (-1.3%)	$10,362 (-3.5%)	1.1%	$43.72	—	COM	464288117
VONV	Vanguard Russell 1000 Value ET	45,234 (-11.0%)	$4,175 (-8.1%)	0.5%	$64.32	—	COM	92206C714
WTM	White Mountains Insurance Grou	1,117 (-7.4%)	$2,321 (+15.1%)	0.3%	$1745.04	+12.1%	COM	G9618E107
IGIB	iShares 5-10yr Investment Grad	148,747 (-2.7%)	$8,014 (-3.0%)	0.9%	$50.09	—	COM	464288638
MBB	iShares MBS ETF	81,963 (-3.0%)	$7,805 (-2.9%)	0.8%	$95.43	—	COM	464288588
GDX	VanEck Gold Miners ETF	31,317 (-3.6%)	$2,686 (+8.2%)	0.3%	$36.78	—	COM	92189F106
RSPD	Invesco S&P 500 Equal Weight C	65,981 (-3.5%)	$3,763 (-4.7%)	0.4%	$55.02	—	COM	46137V381
BCI	Aberdeen Standard Bloomberg Al	32,841 (-10.2%)	$641 (-18.6%)	0.1%	$26.49	—	COM	003261104
XLF	Financial Select Sector SPDR F	167,820 (-3.1%)	$9,192 (-1.5%)	1.0%	$40.40	—	COM	81369Y605
VMBS	Vanguard Mortgage-Backed Secur	165,106 (-1.5%)	$7,773 (-1.2%)	0.8%	$46.96	—	COM	92206C771
CARG	CarGurus, Inc. Class A	129,570 (-1.4%)	$4,969 (+1.6%)	0.5%	$20.23	+78.1%	COM	141788109
VGSH	Vanguard Short-Term Treasury E	11,151 (-10.2%)	$655 (-10.3%)	0.1%	$58.80	—	COM	92206C102
SAN	Banco Santander S.A. ADR	67,873 (-1.5%)	$796 (+10.3%)	0.1%	$2.95	—	COM	05964H105
VCSH	Vanguard Short-Term Corporate	10,259 (-8.0%)	$818 (-8.3%)	0.1%	$77.90	—	COM	92206C409
EMXC	iShares MSCI Emerging Markets	29,743 (-10.0%)	$2,162 (-3.1%)	0.2%	$50.03	—	COM	46434G764
FXE	Invesco CurrencyShares Euro Tr	41,165 (-1.3%)	$4,465 (-1.2%)	0.5%	$109.45	—	COM	46138K103
LAUR	Laureate Education Inc	204,037 (-7.0%)	$6,870 (-0.8%)	0.7%	$19.54	+58.0%	COM	518613203
KCE	SPDR S&P Capital Markets ETF	4,080 (-3.8%)	$612 (-5.7%)	0.1%	$137.87	—	COM	78464A771
XLI	Industrial Select Sector SPDR	6,286 (-3.5%)	$975 (-3.0%)	0.1%	$102.78	—	COM	81369Y704
—	TotalEnergies SE Sponsored ADR	5,908 (-1.2%)	$387 (+8.2%)	0.0%	$61.39	—	COM	89151E109
KBWB	Invesco KBW Bank ETF	8,554 (-3.6%)	$721 (+3.9%)	0.1%	$65.52	—	COM	46138E628
IAK	iShares U.S. Insurance ETF	6,796 (-3.5%)	$925 (-2.0%)	0.1%	$129.19	—	COM	464288786
USMV	iShares Edge MSCI Min Vol USA	2,338 (-1.9%)	$220 (-2.9%)	0.0%	$93.87	—	COM	46429B697
IJR	iShares S&P Small Cap 600 Inde	1,754 (-1.7%)	$211 (-0.6%)	0.0%	$109.29	—	COM	464287804

Unchanged Positions (71)

CAH Cardinal Health Inc. 1.4%

Value ($000) $13,030 Shares 63,407 Est. Cost $74.67 Unrealized +151.4%

GS Goldman Sachs Group Inc. 1.7%

Value ($000) $15,895 Shares 18,083 Est. Cost $450.20 Unrealized +80.7%

BCS Barclays PLC ADR 0.9%

Value ($000) $8,364 Shares 328,653 Est. Cost $13.12 Unrealized —

FFIV F5 Networks Inc. 0.6%

Value ($000) $5,287 Shares 20,711 Est. Cost $256.85 Unrealized +4.7%

SANM Sanmina Corporation 0.6%

Value ($000) $5,652 Shares 37,660 Est. Cost $83.64 Unrealized +76.5%

MS Morgan Stanley 1.3%

Value ($000) $12,432 Shares 70,029 Est. Cost $93.32 Unrealized +78.4%

C Citigroup Inc. 1.1%

Value ($000) $9,725 Shares 83,338 Est. Cost $65.29 Unrealized +58.7%

EGO Eldorado Gold Corp. 0.7%

Value ($000) $6,270 Shares 174,541 Est. Cost $16.64 Unrealized +79.9%

UBER Uber Technologies, Inc. 0.6%

Value ($000) $5,215 Shares 63,823 Est. Cost $82.70 Unrealized +8.9%

CM Canadian Imperial Bank of Comm 0.8%

Value ($000) $7,831 Shares 86,430 Est. Cost $46.75 Unrealized +83.5%

UTI Universal Technical Institute 0.4%

Value ($000) $3,704 Shares 141,748 Est. Cost $27.05 Unrealized +4.7%

DB Deutsche Bank AG 1.1%

Value ($000) $10,072 Shares 261,209 Est. Cost $17.19 Unrealized +109.9%

COR Cencora Inc. 1.1%

Value ($000) $10,434 Shares 30,893 Est. Cost $162.42 Unrealized +109.7%

MCK McKesson Corp. 1.4%

Value ($000) $13,131 Shares 16,008 Est. Cost $389.17 Unrealized +109.6%

DY Dycom Industries Inc 0.6%

Value ($000) $5,453 Shares 16,139 Est. Cost $199.56 Unrealized +58.0%

JBL Jabil Inc. 1.5%

Value ($000) $14,209 Shares 62,315 Est. Cost $76.28 Unrealized +179.6%

EHC Encompass Health Corporation 0.4%

Value ($000) $3,308 Shares 31,168 Est. Cost $84.14 Unrealized +37.5%

BAC Bank of America Corp. 1.0%

Value ($000) $8,926 Shares 162,286 Est. Cost $37.49 Unrealized +40.5%

FLEX Flex Ltd. 1.3%

Value ($000) $12,418 Shares 205,534 Est. Cost $18.51 Unrealized +233.6%

BWX SPDR Bloomberg Barclays Intern 2.0%

Value ($000) $18,765 Shares 832,892 Est. Cost $23.72 Unrealized —

USB U.S. Bancorp 0.5%

Value ($000) $5,085 Shares 95,305 Est. Cost $40.96 Unrealized +19.0%

AIZ Assurant Inc. 0.5%

Value ($000) $4,192 Shares 17,403 Est. Cost $170.46 Unrealized +30.7%

DGII Digi International Inc. 0.3%

Value ($000) $2,456 Shares 56,738 Est. Cost $31.33 Unrealized +27.8%

TEL TE Connectivity Ltd. 1.0%

Value ($000) $9,181 Shares 40,355 Est. Cost $148.62 Unrealized +55.6%

RJF Raymond James Financial Inc 0.5%

Value ($000) $4,422 Shares 27,534 Est. Cost $146.33 Unrealized +10.0%

JPM JPMorgan Chase & Co. 1.1%

Value ($000) $10,372 Shares 32,188 Est. Cost $194.84 Unrealized +58.9%

V Visa Inc. 0.8%

Value ($000) $7,318 Shares 20,867 Est. Cost $77.42 Unrealized +339.6%

PNC PNC Financial Services Group I 0.5%

Value ($000) $5,045 Shares 24,169 Est. Cost $167.01 Unrealized +15.4%

BHE Benchmark Electronics Inc. 0.2%

Value ($000) $2,036 Shares 47,626 Est. Cost $36.25 Unrealized +19.0%

TRV Travelers Companies, Inc. 0.5%

Value ($000) $4,813 Shares 16,592 Est. Cost $217.04 Unrealized +29.3%

HIG Hartford Insurance Group Inc. 0.5%

Value ($000) $5,003 Shares 36,303 Est. Cost $93.26 Unrealized +41.1%

CVS CVS Health Corp. 0.4%

Value ($000) $3,393 Shares 42,758 Est. Cost $64.31 Unrealized +22.3%

GM General Motors Co. 0.1%

Value ($000) $687 Shares 8,448 Est. Cost $33.63 Unrealized +109.3%

DAL Delta Air Lines Inc. 0.1%

Value ($000) $623 Shares 8,982 Est. Cost $58.33 Unrealized +7.1%

ALL Allstate Corp. 0.4%

Value ($000) $4,129 Shares 19,838 Est. Cost $173.77 Unrealized +17.4%

ZIM ZIM Integrated Shipping Servic 0.0%

Value ($000) $271 Shares 12,777 Est. Cost $15.75 Unrealized +6.5%

IBND SPDR Barclays International Co 0.9%

Value ($000) $8,197 Shares 255,293 Est. Cost $31.51 Unrealized —

CMA Comerica Inc. 0.0%

Value ($000) $382 Shares 4,392 Est. Cost $47.58 Unrealized +68.1%

VOD Vodafone Group PLC ADS 0.1%

Value ($000) $619 Shares 46,837 Est. Cost $10.02 Unrealized —

IEF iShares 7-10 Year Treasury Bon 0.8%

Value ($000) $7,417 Shares 77,137 Est. Cost $96.01 Unrealized —

UBS UBS Group AG (new) 0.1%

Value ($000) $572 Shares 12,341 Est. Cost $29.62 Unrealized +36.4%

PLXS Plexus Corp. 0.4%

Value ($000) $3,823 Shares 26,004 Est. Cost $128.43 Unrealized +14.2%

TIMB TIM S.A. Sponsored ADR 0.0%

Value ($000) $407 Shares 20,924 Est. Cost $20.11 Unrealized —

AXS Axis Capital Holdings Ltd 0.1%

Value ($000) $494 Shares 4,616 Est. Cost $52.16 Unrealized +90.5%

MFG Mizuho Financial Group Inc. AD 0.1%

Value ($000) $601 Shares 82,158 Est. Cost $2.84 Unrealized —

WFC Wells Fargo & Co. 0.0%

Value ($000) $404 Shares 4,334 Est. Cost $66.67 Unrealized +29.9%

ORI Old Republic International Cor 0.1%

Value ($000) $539 Shares 11,819 Est. Cost $19.28 Unrealized +111.8%

SPIB SPDR Intermediate Term Corpora 1.5%

Value ($000) $14,208 Shares 420,225 Est. Cost $33.18 Unrealized —

GSL Global Ship Lease, Inc. Class 0.0%

Value ($000) $262 Shares 7,473 Est. Cost $29.79 Unrealized +9.0%

IBKR Interactive Brokers Group Inc. 0.0%

Value ($000) $457 Shares 7,110 Est. Cost $42.84 Unrealized +56.1%

BNS Bank of Nova Scotia 0.0%

Value ($000) $250 Shares 3,399 Est. Cost $58.93 Unrealized +15.3%

MDU MDU Resources Group, Inc. 0.0%

Value ($000) $312 Shares 15,966 Est. Cost $16.73 Unrealized +17.0%

SU Suncor Energy Inc. 0.0%

Value ($000) $430 Shares 9,692 Est. Cost $35.88 Unrealized +17.8%

MA Mastercard Inc. Cl A 1.0%

Value ($000) $8,917 Shares 15,619 Est. Cost $90.23 Unrealized +519.5%

SSNC SS&C Technologies Holdings, In 0.5%

Value ($000) $4,447 Shares 50,865 Est. Cost $82.90 Unrealized +2.9%

CB Chubb Limited 0.0%

Value ($000) $256 Shares 820 Est. Cost $254.20 Unrealized +15.0%

EC Ecopetrol SA Sponsored ADR 0.0%

Value ($000) $263 Shares 26,244 Est. Cost $8.85 Unrealized —

L Loews Corp. 0.0%

Value ($000) $422 Shares 4,003 Est. Cost $73.53 Unrealized +40.4%

FNDF Schwab Fundamental Internation 0.0%

Value ($000) $261 Shares 5,781 Est. Cost $40.31 Unrealized —

NJR New Jersey Resources Corp. 0.0%

Value ($000) $246 Shares 5,333 Est. Cost $45.64 Unrealized +0.4%

THG Hanover Insurance Group Inc. 0.3%

Value ($000) $2,594 Shares 14,193 Est. Cost $159.11 Unrealized +12.6%

MTB M&T Bank Corp. 0.0%

Value ($000) $298 Shares 1,480 Est. Cost $137.94 Unrealized +37.8%

CPA Copa Holdings S.A. Cl A 0.0%

Value ($000) $365 Shares 3,027 Est. Cost $88.34 Unrealized +37.3%

CVX Chevron Corp. 0.0%

Value ($000) $392 Shares 2,569 Est. Cost $137.00 Unrealized +10.5%

EQNR Equinor ASA Sponsored ADR 0.0%

Value ($000) $231 Shares 9,788 Est. Cost $25.14 Unrealized —

QUAL iShares Edge MSCI USA Quality 0.0%

Value ($000) $246 Shares 1,239 Est. Cost $183.10 Unrealized —

ONB Old National Bancorp 0.0%

Value ($000) $277 Shares 12,434 Est. Cost $16.55 Unrealized +30.3%

DGRO iShares Core Dividend Growth E 0.0%

Value ($000) $229 Shares 3,295 Est. Cost $68.08 Unrealized —

TLH iShares 10-20 Year Treasury Bo 0.0%

Value ($000) $208 Shares 2,048 Est. Cost $102.99 Unrealized —

CVE Cenovus Energy Inc. 0.0%

Value ($000) $306 Shares 18,060 Est. Cost $12.88 Unrealized +34.8%

ASR Grupo Aeroportuario del Surest 0.0%

Value ($000) $362 Shares 1,119 Est. Cost $282.76 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CAH	Cardinal Health Inc.	63,407	$13,030	1.4%	$74.67	+151.4%	COM	14149Y108
GS	Goldman Sachs Group Inc.	18,083	$15,895	1.7%	$450.20	+80.7%	COM	38141G104
BCS	Barclays PLC ADR	328,653	$8,364	0.9%	$13.12	—	COM	06738E204
FFIV	F5 Networks Inc.	20,711	$5,287	0.6%	$256.85	+4.7%	COM	315616102
SANM	Sanmina Corporation	37,660	$5,652	0.6%	$83.64	+76.5%	COM	801056102
MS	Morgan Stanley	70,029	$12,432	1.3%	$93.32	+78.4%	COM	617446448
C	Citigroup Inc.	83,338	$9,725	1.1%	$65.29	+58.7%	COM	172967424
EGO	Eldorado Gold Corp.	174,541	$6,270	0.7%	$16.64	+79.9%	COM	284902509
UBER	Uber Technologies, Inc.	63,823	$5,215	0.6%	$82.70	+8.9%	COM	90353T100
CM	Canadian Imperial Bank of Comm	86,430	$7,831	0.8%	$46.75	+83.5%	COM	136069101
UTI	Universal Technical Institute	141,748	$3,704	0.4%	$27.05	+4.7%	COM	913915104
DB	Deutsche Bank AG	261,209	$10,072	1.1%	$17.19	+109.9%	COM	D18190898
COR	Cencora Inc.	30,893	$10,434	1.1%	$162.42	+109.7%	COM	03073E105
MCK	McKesson Corp.	16,008	$13,131	1.4%	$389.17	+109.6%	COM	58155Q103
DY	Dycom Industries Inc	16,139	$5,453	0.6%	$199.56	+58.0%	COM	267475101
JBL	Jabil Inc.	62,315	$14,209	1.5%	$76.28	+179.6%	COM	466313103
EHC	Encompass Health Corporation	31,168	$3,308	0.4%	$84.14	+37.5%	COM	29261A100
BAC	Bank of America Corp.	162,286	$8,926	1.0%	$37.49	+40.5%	COM	060505104
FLEX	Flex Ltd.	205,534	$12,418	1.3%	$18.51	+233.6%	COM	Y2573F102
BWX	SPDR Bloomberg Barclays Intern	832,892	$18,765	2.0%	$23.72	—	COM	78464A516
USB	U.S. Bancorp	95,305	$5,085	0.5%	$40.96	+19.0%	COM	902973304
AIZ	Assurant Inc.	17,403	$4,192	0.5%	$170.46	+30.7%	COM	04621X108
DGII	Digi International Inc.	56,738	$2,456	0.3%	$31.33	+27.8%	COM	253798102
TEL	TE Connectivity Ltd.	40,355	$9,181	1.0%	$148.62	+55.6%	COM	G87052109
RJF	Raymond James Financial Inc	27,534	$4,422	0.5%	$146.33	+10.0%	COM	754730109
JPM	JPMorgan Chase & Co.	32,188	$10,372	1.1%	$194.84	+58.9%	COM	46625H100
V	Visa Inc.	20,867	$7,318	0.8%	$77.42	+339.6%	COM	92826C839
PNC	PNC Financial Services Group I	24,169	$5,045	0.5%	$167.01	+15.4%	COM	693475105
BHE	Benchmark Electronics Inc.	47,626	$2,036	0.2%	$36.25	+19.0%	COM	08160H101
TRV	Travelers Companies, Inc.	16,592	$4,813	0.5%	$217.04	+29.3%	COM	89417E109
HIG	Hartford Insurance Group Inc.	36,303	$5,003	0.5%	$93.26	+41.1%	COM	416515104
CVS	CVS Health Corp.	42,758	$3,393	0.4%	$64.31	+22.3%	COM	126650100
GM	General Motors Co.	8,448	$687	0.1%	$33.63	+109.3%	COM	37045V100
DAL	Delta Air Lines Inc.	8,982	$623	0.1%	$58.33	+7.1%	COM	247361702
ALL	Allstate Corp.	19,838	$4,129	0.4%	$173.77	+17.4%	COM	020002101
ZIM	ZIM Integrated Shipping Servic	12,777	$271	0.0%	$15.75	+6.5%	COM	M9T951109
IBND	SPDR Barclays International Co	255,293	$8,197	0.9%	$31.51	—	COM	78464A151
CMA	Comerica Inc.	4,392	$382	0.0%	$47.58	+68.1%	COM	200340107
VOD	Vodafone Group PLC ADS	46,837	$619	0.1%	$10.02	—	COM	92857W308
IEF	iShares 7-10 Year Treasury Bon	77,137	$7,417	0.8%	$96.01	—	COM	464287440
UBS	UBS Group AG (new)	12,341	$572	0.1%	$29.62	+36.4%	COM	H42097107
PLXS	Plexus Corp.	26,004	$3,823	0.4%	$128.43	+14.2%	COM	729132100
TIMB	TIM S.A. Sponsored ADR	20,924	$407	0.0%	$20.11	—	COM	88706T108
AXS	Axis Capital Holdings Ltd	4,616	$494	0.1%	$52.16	+90.5%	COM	G0692U109
MFG	Mizuho Financial Group Inc. AD	82,158	$601	0.1%	$2.84	—	COM	60687Y109
WFC	Wells Fargo & Co.	4,334	$404	0.0%	$66.67	+29.9%	COM	949746101
ORI	Old Republic International Cor	11,819	$539	0.1%	$19.28	+111.8%	COM	680223104
SPIB	SPDR Intermediate Term Corpora	420,225	$14,208	1.5%	$33.18	—	COM	78464A375
GSL	Global Ship Lease, Inc. Class	7,473	$262	0.0%	$29.79	+9.0%	COM	Y27183600
IBKR	Interactive Brokers Group Inc.	7,110	$457	0.0%	$42.84	+56.1%	COM	45841N107
BNS	Bank of Nova Scotia	3,399	$250	0.0%	$58.93	+15.3%	COM	064149107
MDU	MDU Resources Group, Inc.	15,966	$312	0.0%	$16.73	+17.0%	COM	552690109
SU	Suncor Energy Inc.	9,692	$430	0.0%	$35.88	+17.8%	COM	867224107
MA	Mastercard Inc. Cl A	15,619	$8,917	1.0%	$90.23	+519.5%	COM	57636Q104
SSNC	SS&C Technologies Holdings, In	50,865	$4,447	0.5%	$82.90	+2.9%	COM	78467J100
CB	Chubb Limited	820	$256	0.0%	$254.20	+15.0%	COM	H1467J104
EC	Ecopetrol SA Sponsored ADR	26,244	$263	0.0%	$8.85	—	COM	279158109
L	Loews Corp.	4,003	$422	0.0%	$73.53	+40.4%	COM	540424108
FNDF	Schwab Fundamental Internation	5,781	$261	0.0%	$40.31	—	COM	808524755
NJR	New Jersey Resources Corp.	5,333	$246	0.0%	$45.64	+0.4%	COM	646025106
THG	Hanover Insurance Group Inc.	14,193	$2,594	0.3%	$159.11	+12.6%	COM	410867105
MTB	M&T Bank Corp.	1,480	$298	0.0%	$137.94	+37.8%	COM	55261F104
CPA	Copa Holdings S.A. Cl A	3,027	$365	0.0%	$88.34	+37.3%	COM	P31076105
CVX	Chevron Corp.	2,569	$392	0.0%	$137.00	+10.5%	COM	166764100
EQNR	Equinor ASA Sponsored ADR	9,788	$231	0.0%	$25.14	—	COM	29446M102
QUAL	iShares Edge MSCI USA Quality	1,239	$246	0.0%	$183.10	—	COM	46432F339
ONB	Old National Bancorp	12,434	$277	0.0%	$16.55	+30.3%	COM	680033107
DGRO	iShares Core Dividend Growth E	3,295	$229	0.0%	$68.08	—	COM	46434V621
TLH	iShares 10-20 Year Treasury Bo	2,048	$208	0.0%	$102.99	—	COM	464288653
CVE	Cenovus Energy Inc.	18,060	$306	0.0%	$12.88	+34.8%	COM	15135U109
ASR	Grupo Aeroportuario del Surest	1,119	$362	0.0%	$282.76	—	COM	40051E202