Leuthold Funds NPORT-P Leuthold Core ETF (Dec 2021 report)

Leuthold Core ETF
Schedule of Investments
December 31, 2021 (Unaudited)
	Shares		Fair Value
INVESTMENT COMPANIES - 91.96%
Exchange Traded Funds - 91.96%
Communication Services Select Sector SPDR Fund		6,620	$	514,242
Consumer Discretionary Select Sector SPDR Fund		3,870		791,183
Direxion Daily S&P 500 Bear 1x Shares		51,315		720,976
Fidelity MSCI Energy Index ETF		54,957		834,247
Fidelity MSCI Financials Index ETF		15,891		888,625
Fidelity MSCI Information Technology Index ETF		2,317		313,722
Invesco CurrencyShares British Pound Sterling Trust (a)		331		43,059
Invesco CurrencyShares Euro Currency Trust (a)		2,648		280,052
Invesco CurrencyShares Japanese Yen Trust (a)		1,655		134,866
iShares 1-3 Year Treasury Bond ETF		22,015		1,883,163
iShares 7-10 Year Treasury Bond ETF		1,180		135,700
iShares Floating Rate Bond ETF		3,737		189,578
iShares Gold Trust (a)		20,194		702,953
iShares MBS ETF		2,094		224,958
iShares TIPS Bond ETF		1,190		153,748
iShares U.S. Broker-Dealers & Securities Exchanges ETF		7,448		820,770
iShares U.S. Healthcare Providers ETF		3,144		912,640
iShares U.S. Home Construction ETF		6,455		535,249
SPDR Bloomberg International Corporate Bond ETF		5,958		206,087
SPDR Bloomberg International Treasury Bond ETF		22,181		627,057
SPDR Bloomberg Short Term High Yield Bond ETF		9,435		256,160
SPDR S&P Homebuilders ETF		2,648		227,145
SPDR S&P Metals & Mining ETF		5,462		244,588
SPDR S&P Regional Banking ETF		8,442		598,116
SPDR S&P Retail ETF		4,634		418,404
SPDR S&P Semiconductor ETF		1,324		321,931
Technology Select Sector SPDR Fund		14,732		2,561,452
VanEck J. P. Morgan EM Local Currency Bond ETF		2,151		61,519
Vanguard Short-Term Inflation-Protected Securities ETF		6,660		342,324
TOTAL INVESTMENT COMPANIES (Cost $13,381,191)			$	15,944,514
SHORT-TERM INVESTMENTS - 8.31%
Money Market Funds - 8.31%
Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 0.010% (b)		1,439,965	$	1,439,965
TOTAL SHORT-TERM INVESTMENTS (Cost $1,439,965)			$	1,439,965
Total Investments (Cost $14,821,156) - 100.27%			$	17,384,479
Liabilities in Excess of Other Assets - (0.27)%				(46,967	)
TOTAL NET ASSETS - 100.00%			$	17,337,512
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, 2021.
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, 2021 (Unaudited)
The Funds have 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 net assets as of December 31, 2021:
Investments at Fair Value	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	15,944,514	$	–	$	–	$	15,944,514
Money Market Funds		1,439,965		–		–		1,439,965
Total Investments in Securities	$	17,384,479	$	–	$	–	$	17,384,479
The Fund did not invest in any Level 3 securities during the period.