Leuthold Funds NPORT-P Leuthold Core ETF (Jun 2020 report)

Leuthold Core ETF
Schedule of Investments
June 30, 2020 (Unaudited)
	Shares		Fair Value
INVESTMENT COMPANIES - 81.83%
Exchange Traded Funds - 81.83%
Communication Services Select Sector SPDR Fund		10,132	$	547,533
Consumer Discretionary Select Sector SPDR Fund		2,844		363,207
Financial Select Sector SPDR Fund		17,627		407,889
Health Care Select Sector SPDR Fund		1,772		177,324
Invesco CurrencyShares British Pound Sterling Trust (a)		180		21,596
Invesco CurrencyShares Euro Currency Trust (a)		1,180		125,068
Invesco CurrencyShares Japanese Yen Trust (a)		1,180		103,498
iShares Core MSCI Emerging Markets ETF		3,000		142,800
iShares Gold Trust (a)		18,597		315,963
iShares iBoxx $ Investment Grade Corporate Bond ETF		943		126,834
iShares Intermediate-Term Corporate Bond ETF		2,365		142,799
iShares MBS ETF		1,331		147,342
iShares MSCI Global Gold Miners ETF		2,114		63,843
iShares Nasdaq Biotechnology ETF		1,772		242,215
iShares U.S. Healthcare Providers ETF		1,342		259,019
iShares U.S. Home Construction ETF		3,572		157,704
SPDR Bloomberg Barclays 1-3 Month T-Bill ETF		1,440		131,803
SPDR Bloomberg Barclays International Corporate Bond ETF		1,815		61,020
SPDR Bloomberg Barclays International Treasury Bond ETF		10,095		291,846
SPDR S&P Retail ETF		1,101		47,211
SPDR S&P Semiconductor ETF		1,394		155,975
Technology Select Sector SPDR Fund		9,862		1,030,480
VanEck Vectors Pharmaceutical ETF		1,655		103,047
TOTAL INVESTMENT COMPANIES (Cost $5,020,110)			$	5,166,016
SHORT-TERM INVESTMENTS - 16.86%
Money Market Funds - 16.86%
Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 0.060% (b)		1,064,547	$	1,064,547
TOTAL SHORT-TERM INVESTMENTS (Cost $1,064,547)			$	1,064,547
Total Investments (Cost $6,084,657) - 98.69%			$	6,230,563
Other Assets in Excess of Liabilities - 1.31%				82,912
TOTAL NET ASSETS - 100.00%			$	6,313,475
Percentages are stated as a percent of net assets.
(a)    Non-income producing security.
(b)    The rate quoted is the annualized seven-day effective yield as of June 30, 2020.
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property  of MSCI, Inc. and Standard & Poor's Financial services LLC ("S&P").  GICS® is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

Leuthold Core ETF

Schedule of Futures Contracts

June 30, 2020 (Unaudited)

The Leuthold Core ETF had the following futures contracts outstanding with Macquarie Capital.

	Number of		Notional		Appreciation		Notional
Short Futures Contracts Outstanding	Contracts		Amount		(Depreciation)		Value
Micro E-Mini S&P 500 Index Futures (6/20)		43	$	649,871	$	(14,513)	$	664,393

Leuthold Core ETF

Summary of Fair Value Exposure at June 30, 2020 (Unaudited)

The Fund has adopted fair valuation accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value.  These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period.  These inputs are summarized in the following three levels:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 - Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund's investments as of June 30, 2020:

Investments at Fair Value	Level 1			Level 2		Level 3		Total
Exchange Traded Funds	$	5,166,016		$	–	$	–	$	5,166,016
Money Market Funds		1,064,547			-		-		1,064,547
Total Investments in Securities	$	6,230,563		$	–	$	–	$	6,230,563
Other Financial Instruments (a)	Level 1			Level 2		Level 3		Total
Short Index Futures	$	(14,513	)	$	–	$	–	$	(14,513	)
Total Other Financial Instruments (a)	$	(14,513	)	$	–	$	–	$	(14,513	)
The Fund did not invest in any Level 3 securities during the period.
(a) Other Financial Instruments are derivative instruments not reflected in the Schedule of Investments, such as futures contracts, which are presented at the unrealized appreciation/(depreciation) on the investment.