| Leuthold Core ETF | ||||||||
| Schedule of Investments | ||||||||
| as of June 30, 2024 (Unaudited) | ||||||||
| EXCHANGE TRADED FUNDS - 86.8% | Shares | Value | ||||||
| Communication Services Select Sector SPDR Fund | 109,007 | $ | 9,337,540 | |||||
| Direxion Daily S&P 500 Bear 1x Shares | 279,604 | 3,290,939 | ||||||
| Energy Select Sector SPDR Fund | 5,577 | 508,343 | ||||||
| Fidelity MSCI Energy Index ETF | 69,901 | 1,753,816 | ||||||
| Financial Select Sector SPDR Fund | 222,277 | 9,137,807 | ||||||
| Health Care Select Sector SPDR Fund | 14,413 | 2,100,695 | ||||||
| Industrial Select Sector SPDR Fund | 25,710 | 3,133,278 | ||||||
| Invesco CurrencyShares Euro Currency Trust | 11,903 | 1,177,921 | ||||||
Invesco CurrencyShares Japanese Yen Trust(a) | 13,396 | 770,605 | ||||||
| Invesco S&P 500 Equal Weight Consumer Discretionary ETF | 26,770 | 1,286,031 | ||||||
| iShares 1-3 Year Treasury Bond ETF | 101,129 | 8,257,183 | ||||||
| iShares 5-10 Year Investment Grade Corporate Bond ETF | 48,476 | 2,484,880 | ||||||
| iShares 7-10 Year Treasury Bond ETF | 16,642 | 1,558,523 | ||||||
| iShares MBS ETF | 9,674 | 888,170 | ||||||
| iShares U.S. Healthcare Providers ETF | 52,047 | 2,728,304 | ||||||
| iShares U.S. Home Construction ETF | 40,166 | 4,059,176 | ||||||
| Simplify MBS ETF | 15,360 | 773,529 | ||||||
| SPDR Bloomberg International Corporate Bond ETF | 40,166 | 1,153,367 | ||||||
| SPDR Bloomberg International Treasury Bond ETF | 105,609 | 2,263,201 | ||||||
| SPDR Bloomberg Short Term High Yield Bond ETF | 34,366 | 858,119 | ||||||
| SPDR S&P Homebuilders ETF | 11,903 | 1,203,155 | ||||||
| SPDR S&P Retail ETF | 27,182 | 2,038,106 | ||||||
| Technology Select Sector SPDR Fund | 61,764 | 13,972,870 | ||||||
| VanEck J. P. Morgan EM Local Currency Bond ETF | 24,996 | 594,405 | ||||||
TOTAL EXCHANGE TRADED FUNDS (Cost $65,477,215) | 75,329,963 | |||||||
| SHORT-TERM INVESTMENTS - 13.2% | ||||||||
| Money Market Funds - 13.2% | ||||||||
Fidelity Government Portfolio - Class Institutional, 5.21%(b) | 11,433,451 | 11,433,451 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $11,433,451) | 11,433,451 | |||||||
TOTAL INVESTMENTS - 100.0% (Cost $76,910,666) | $ | 86,763,414 | ||||||
Other Assets in Excess of Liabilities - 0.0%(c) | 13,194 | |||||||
| TOTAL NET ASSETS - 100.0% | $ | 86,776,608 | ||||||
| Percentages are stated as a percent of net assets. | ||||||||
The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | ||||||||
| (a) | Non-income producing security. |
| (b) | The rate shown represents the 7-day effective yield as of June 30, 2024. |
| (c) | Represents less than 0.05% of net assets. |
Summary of Fair Value Exposure at June 30, 2024 (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 net assets as of June 30, 2024:
Leuthold Core ETF
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments: | ||||||||||||||||
| Exchange Traded Funds | $ | 75,329,963 | $ | – | $ | – | $ | 75,329,963 | ||||||||
| Money Market Funds | 11,433,451 | – | – | 11,433,451 | ||||||||||||
| Total Investments | $ | 86,763,414 | $ | – | $ | – | $ | 86,763,414 | ||||||||
| Refer to the Schedule of Investments for additional information. | ||||||||||||||||