Leuthold Funds NPORT-P Leuthold Core ETF (Jun 2022 report)

Leuthold Core ETF
Schedule of Investments
June 30, 2022 (Unaudited)
	Shares		Fair Value
INVESTMENT COMPANIES - 82.16%
Exchange Traded Fund - 82.16%
Direxion Daily S&P 500 Bear 1x Shares		81,219	$	1,383,972
Fidelity MSCI Consumer Staples Index ETF		24,060		1,041,076
Fidelity MSCI Energy Index ETF		79,507		1,542,436
Fidelity MSCI Financials Index ETF		13,074		583,493
Health Care Select Sector SPDR Fund		5,228		670,439
Invesco CurrencyShares British Pound Sterling Trust (a)		514		60,066
Invesco CurrencyShares Euro Currency Trust (a)		4,185		405,568
Invesco CurrencyShares Japanese Yen Trust (a)		2,612		180,163
iShares 1-3 Year Treasury Bond ETF		34,842		2,884,568
iShares 20+ Year Treasury Bond ETF		1,830		210,212
iShares Floating Rate Bond ETF		3,901		194,738
iShares Gold Trust (a)		14,539		498,833
iShares JP Morgan USD Emerging Markets Bond ETF		1,349		115,097
iShares MBS ETF		3,654		356,228
iShares MSCI Global Metals & Mining Producers ETF		9,416		335,398
iShares U.S. Broker-Dealers & Securities Exchanges ETF		10,980		921,991
iShares U.S. Healthcare Providers ETF		4,445		1,135,386
iShares U.S. Home Construction ETF		9,416		494,340
iShares U.S. Insurance ETF		4,564		378,675
iShares US Transportation ETF		1,564		332,976
SPDR Bloomberg International Corporate Bond ETF		9,428		264,550
SPDR Bloomberg International Treasury Bond ETF		35,109		813,124
SPDR Bloomberg Short Term High Yield Bond ETF		14,928		360,063
SPDR S&P Homebuilders ETF		3,943		215,722
SPDR S&P Metals & Mining ETF		5,718		248,161
SPDR S&P Regional Banking ETF		8,634		501,549
SPDR S&P Retail ETF		4,938		287,194
SPDR S&P Semiconductor ETF		2,088		316,791
Technology Select Sector SPDR Fund		21,230		2,698,758
VanEck J. P. Morgan EM Local Currency Bond ETF		10,033		245,608
Vanguard Short-Term Inflation-Protected Securities ETF		10,476		525,057
TOTAL INVESTMENT COMPANIES (Cost $20,516,122)			$	20,202,232
SHORT-TERM INVESTMENTS - 18.01%
Money Market Fund - 18.01%
Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 1.210% (b)		4,427,706	$	4,427,706
TOTAL SHORT-TERM INVESTMENTS (Cost $4,427,706)			$	4,427,706
Total Investments (Cost $24,943,828) - 100.17%			$	24,629,938
Liabilities in Excess of Other Assets - (0.17)%				(41,776	)
TOTAL NET ASSETS - 100.00%			$	24,588,162

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, 2022.
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 June 30, 2022 (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 June 30, 2022:

Investments at Fair Value	Level 1		Level 2		Level 3		Total
Exchange Traded Funds		20,202,232		–		–		20,202,232
Money Market Funds		4,427,706		–		–		4,427,706
Total Investments in Securities	$	24,629,938	$	–	$	–	$	24,629,938