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

Leuthold Core ETF
Schedule of Investments
December 31, 2020 (Unaudited)
	Shares		Fair Value
INVESTMENT COMPANIES - 96.62%
Exchange Traded Funds - 96.62%
Communication Services Select Sector SPDR Fund		16,035	$	1,082,042
Consumer Discretionary Select Sector SPDR Fund		5,166		830,589
Direxion Shares ETF Trust-Direxion Daily S&P 500 Bear 1x Shares		61,266		1,128,519
Fidelity MSCI Consumer Staples Index ETF		18,960		771,293
Health Care Select Sector SPDR Fund		3,217		364,936
Invesco CurrencyShares British Pound Sterling Trust (a)		342		45,185
Invesco CurrencyShares Euro Currency Trust (a)		2,145		246,117
Invesco CurrencyShares Japanese Yen Trust (a)		1,316		120,361
iShares 5-10 Year Investment Grade Corporate Bond ETF		3,314		204,772
iShares 7-10 Year Treasury Bond ETF		1,072		128,586
iShares Core MSCI Emerging Markets ETF		5,361		332,596
iShares Floating Rate Bond ETF		3,558		180,462
iShares Gold Trust (a)		33,484		607,065
iShares iBoxx $ Investment Grade Corporate Bond ETF		829		114,510
iShares MBS ETF		2,388		262,990
iShares Nasdaq Biotechnology ETF		3,217		487,343
iShares U.S. Broker-Dealers & Securities Exchanges ETF		7,701		612,538
iShares U.S. Healthcare Providers ETF		3,168		743,466
iShares U.S. Home Construction ETF		6,482		361,696
SPDR Bloomberg Barclays International Corporate Bond ETF		4,923		186,582
SPDR Bloomberg Barclays International Treasury Bond ETF		18,277		570,791
SPDR Bloomberg Barclays Short-Term High Yield Bond ETF		7,408		199,646
SPDR S&P Homebuilders ETF		2,729		157,300
SPDR S&P Regional Banking ETF		4,728		245,620
SPDR S&P Retail ETF		1,998		128,511
SPDR S&P Semiconductor ETF		1,365		233,115
Technology Select Sector SPDR Fund		14,817		1,926,507
TOTAL INVESTMENT COMPANIES (Cost $10,879,973)			$	12,273,138
SHORT-TERM INVESTMENTS - 3.68%
Money Market Funds - 3.68%
Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 0.010% (b)		467,669	$	467,669
TOTAL SHORT-TERM INVESTMENTS (Cost $467,669)			$	467,669
Total Investments (Cost $11,347,642) - 100.30%			$	12,740,807
Liabilities in Excess of Other Assets - (0.30)%				(38,617	)
TOTAL NET ASSETS - 100.00%			$	12,702,190
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 December 31, 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

Summary of Fair Value Exposure at December 31, 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 December 31, 2020:

Investments at Fair Value	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	12,273,138	$	–	$	–	$	12,273,138
Money Market Funds		467,669		–		–		467,669
Total Investments in Securities	$	12,740,807	$	–	$	–	$	12,740,807
The Fund did not invest in any Level 3 securities during the period.