Leuthold Global Fund
Schedule of Investments
June 30, 2026 (Unaudited)
COMMON STOCKS - 69.6%									Shares						Value
Air Freight & Logistics - 2.7%
Deutsche Post AG									2,400						$        145,911
FedEx Corp.									579						181,302
Hyundai Glovis Co. Ltd.									536						64,251
JD Logistics, Inc. (a)(b)									43,200						65,019
United Parcel Service, Inc. - Class B									1,620						174,150
															630,633
Automobile Components - 4.7%
Aumovio SE (a)									475						19,608
Autoliv, Inc.									705						81,900
Continental AG									950						78,608
Hyundai Mobis Co. Ltd.									415						136,673
Lear Corp.									639						85,664
Magna International, Inc.									2,358						154,826
Minth Group, Ltd.									22,900						77,597
Sumitomo Electric Industries Ltd.									20,000						371,143
Toyoda Gosei Co. Ltd.									2,900						91,964
															1,097,983
Automobiles - 0.6%
General Motors Co.									1,982						152,773
Banks - 9.0%
ABN AMRO Bank NV									4,137						175,954
ANZ Group Holdings Ltd.									2,654						64,769
Banco Santander SA - ADR									16,188						223,394
Bank of Nova Scotia									797						69,211
Barclays PLC - ADR									5,702						153,156
Canadian Imperial Bank of Commerce									1,076						123,740
Citigroup, Inc.									874						122,325
Commerzbank AG									4,955						211,056
Danske Bank AS									1,808						96,913
Fifth Third Bancorp									1,923						108,400
M&T Bank Corp.									347						82,589
Mizuho Financial Group, Inc. - ADR									19,275						184,655
Nishi-Nippon Financial Holdings, Inc.									4,500						115,705
Old National Bancorp/IN									2,917						75,550
Svenska Handelsbanken AB - Class A									6,535						96,165
UniCredit SpA									1,396						125,107
United Overseas Bank Ltd.									2,400						73,908
															2,102,597
Capital Markets - 5.7%
Daiwa Securities Group, Inc.									8,200						81,326
Deutsche Bank AG									4,920						166,099
Goldman Sachs Group, Inc.									263						265,990
Interactive Brokers Group, Inc. - Class A									1,668						145,183
Investec PLC									6,421						51,099
Macquarie Group Ltd.									668						116,128
Morgan Stanley									1,040						217,402
Raymond James Financial, Inc.									638						96,995
SBI Holdings, Inc.									3,800						62,315

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UBS Group AG									2,895						143,476
															1,346,013
Communications Equipment - 3.5%
Arcadyan Technology Corp.									8,000						48,494
BYD Electronic International Co. Ltd.									12,000						32,250
Cisco Systems, Inc.									1,390						163,269
Digi International, Inc. (a)									1,416						106,129
F5, Inc. (a)									235						97,750
NetScout Systems, Inc. (a)									2,723						118,587
Viavi Solutions, Inc. (a)									5,164						246,581
															813,060
Electronic Equipment, Instruments & Components - 1.6%
Belden, Inc.									470						56,358
Flex, Ltd. (a)									870						141,001
Hon Hai Precision Industry Co. Ltd.									10,000						79,797
TD SYNNEX Corp.									371						99,183
															376,339
Energy Equipment & Services - 3.5%
Baker Hughes Co.									2,901						161,006
China Oilfield Services Ltd. - Class H									74,000						58,826
DOF Group ASA									7,315						83,982
Enerflex Ltd.									4,094						100,542
Innovex International, Inc. (a)									3,027						75,070
NOV, Inc.									6,300						116,865
Oceaneering International, Inc. (a)									2,721						110,255
Weatherford International PLC									1,278						104,157
															810,703
Gas Utilities - 2.3%
Italgas SpA									7,134						82,613
Korea Gas Corp.									1,928						39,831
Kunlun Energy Co. Ltd.									64,000						52,481
MDU Resources Group, Inc.									3,746						79,453
Naturgy Energy Group SA									2,501						78,391
New Jersey Resources Corp.									1,251						70,106
Toho Gas Co. Ltd.									7,000						52,480
UGI Corp.									2,241						77,404
															532,759
Ground Transportation - 0.2%
Fedex Freight Holding Co., Inc. (a)									289						43,639
Health Care Providers & Services - 2.7%
Concentra Group Holdings Parent, Inc.									0						0
HCA Healthcare, Inc.									389						151,667
National HealthCare Corp.									740						156,406
Select Medical Holdings Corp.									7,335						121,101
Tenet Healthcare Corp. (a)									641						119,918
Universal Health Services, Inc. - Class B									543						80,739
															629,831
Insurance - 4.6%
Axis Capital Holdings Ltd.									1,083						116,358
Chubb Ltd.									192						65,422

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DB Insurance Co. Ltd.									874						76,153
Fairfax Financial Holdings Ltd.									69						113,491
Hartford Insurance Group, Inc.									620						82,163
Loews Corp.									939						106,304
Markel Group, Inc. (a)									34						66,402
Old Republic International Corp.									2,773						113,471
QBE Insurance Group Ltd.									6,287						109,363
Sompo Holdings, Inc.									5,900						224,143
															1,073,270
Interactive Media & Services - 1.4%
Baidu, Inc. - Class A (a)									5,800						82,801
CAR Group Ltd.									2,263						40,397
Cargurus, Inc. (a)									1,682						57,339
LY Corp.									18,000						47,908
Match Group, Inc.									1,356						51,596
Scout24 SE (b)									682						56,439
															336,480
Oil, Gas & Consumable Fuels - 4.0%
Cenovus Energy, Inc.									4,237						105,120
Chevron Corp.									603						99,953
Ecopetrol SA - ADR									6,157						87,676
Equinor ASA - ADR									2,296						72,094
Exxon Mobil Corp.									1,589						217,248
Galp Energia SGPS SA									3,228						68,414
PTT PCL - NVDR									61,600						65,899
Suncor Energy, Inc.									2,274						122,068
TotalEnergies SE									1,409						109,564
															948,036
Paper & Forest Products - 0.0% (c)
China Forestry Holdings Co. Ltd. (a)(d)									2,484,000						0
Passenger Airlines - 3.7%
ANA Holdings, Inc.									3,700						67,736
Cathay Pacific Airways Ltd.									59,000						97,971
Copa Holdings SA - Class A									710						110,455
Delta Air Lines, Inc.									2,107						197,342
Eva Airways Corp.									53,000						75,160
International Consolidated Airlines Group SA									31,667						200,428
Singapore Airlines Ltd.									21,500						127,857
															876,949
Semiconductors & Semiconductor Equipment - 11.8%
ACM Research, Inc. - Class A (a)									1,962						248,958
Amkor Technology, Inc.									2,605						224,629
Applied Materials, Inc.									572						413,556
ASML Holding NV									125						248,680
Cirrus Logic, Inc. (a)									425						63,125
Marvell Technology, Inc.									830						247,249
Micron Technology, Inc.									179						206,618
MKS, Inc.									614						273,107
Photronics, Inc. (a)									2,577						83,830
QUALCOMM, Inc.									450						83,155
SCREEN Holdings Co. Ltd.									1,700						190,701
SK hynix, Inc.									136						239,983
Skyworks Solutions, Inc.									934						63,325

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Tokyo Electron Ltd.									400						193,942
															2,780,858
Transportation Infrastructure - 3.0%
Aena SME SA (b)									6,525						198,833
Fraport AG Frankfurt Airport Services Worldwide									1,587						132,453
Grupo Aeroportuario del Sureste SAB de CV - ADR									263						80,662
International Container Terminal Services, Inc.									16,280						236,894
Shenzhen International Holdings Ltd.									71,500						48,574
															697,416
Wireless Telecommunication Services - 4.6%
America Movil SAB de CV - ADR									5,289						137,461
Far EasTone Telecommunications Co. Ltd.									29,000						95,640
Freenet AG									2,778						71,606
KDDI Corp.									6,400						107,505
MTN Group Ltd.									12,697						176,834
Tele2 AB - Class B									7,301						127,052
TIM SA/Brazil - ADR									4,909						105,151
T-Mobile US, Inc.									667						111,876
Vodafone Group PLC - ADR									10,988						145,316
															1,078,441
TOTAL COMMON STOCKS (Cost $10,821,494)															16,327,780
EXCHANGE TRADED FUNDS - 6.6%									Shares						Value
iShares 1-3 Year International Treasury Bond ETF									1,495						110,996
iShares China CNY Bond UCITS ETF									43,000						242,103
iShares Core Japan Government Bond ETF									6,160						76,402
iShares International Treasury Bond ETF									2,232						91,579
iShares TIPS Bond ETF									839						91,812
Kensington Credit Opportunities ETF									2,184						53,814
State Street SPDR Bloomberg International Treasury Bond ETF									4,966						107,663
State Street SPDR FTSE International Government Inflation-Protected Bond ETF									2,807						110,568
State Street SPDR Portfolio Intermediate Term Corporate Bond ETF									9,517						318,439
Vanguard Mortgage-Backed Securities ETF									2,975						139,260
Vanguard Short-Term Inflation-Protected Securities ETF									4,102						206,043
TOTAL EXCHANGE TRADED FUNDS (Cost $1,542,776)															1,548,679
U.S. TREASURY SECURITIES - 2.1%									Par						Value
United States Treasury Note/Bond, 3.88%, 08/15/2033									510,000						496,573
TOTAL U.S. TREASURY SECURITIES (Cost $495,989)															496,573
FOREIGN GOVERNMENT DEBT OBLIGATIONS - 1.7%									Par						Value
French Republic Government Bond OAT, 3.00%, 05/25/2033 (b)						EUR			145,000						163,208
United Kingdom Gilt, 4.25%, 07/31/2034						GBP			185,000						239,114
TOTAL FOREIGN GOVERNMENT DEBT OBLIGATIONS (Cost $387,264)															402,322
SHORT-TERM INVESTMENTS
U.S. TREASURY BILLS - 2.1%									Par						Value
3.60%, 07/30/2026 (e)									500,000						498,562
TOTAL U.S. TREASURY BILLS (Cost $498,562)															498,562
TOTAL INVESTMENTS (f) - 82.1% (Cost $13,746,085)															19,273,916
Money Market Deposit Account - 16.4% (f)(g)															3,843,161
Other Assets in Excess of Liabilities - 1.5%												0.01532			359,724
TOTAL NET ASSETS - 100.0%															$        23,476,801

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Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt
NVDR - Non-Voting Depositary Receipt
PCL - Public Company Limited
EUR - Euro
GBP - British Pound
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)						Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of June 30, 2026, the value of these securities total $483,499 or 2.1% of the Fund’s net assets.
(c)						Represents less than 0.05% of net assets.
(d)						Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of June 30, 2026.
(e)						The rate shown is the annualized yield as of June 30, 2026.
(f)						All or a portion of the security has been pledged as collateral for securities sold short. The fair value of assets committed as collateral as of June 30, 2026, was $23,117,077.
(g)						The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of June 30, 2026 was 3.45%.

Leuthold Global Fund
Schedule of Securities Sold Short
June 30, 2026 (Unaudited)
EXCHANGE TRADED FUNDS - (10.2)%						Shares						Value
Invesco Nasdaq 100 ETF						(1,507)						$        (456,576)
iShares Expanded Tech-Software Sector ETF						(379)						(34,337)
iShares MSCI EAFE ETF						(4,935)						(512,648)
iShares MSCI Emerging Markets ETF						(2,035)						(139,214)
iShares S&P 500 Growth ETF						(700)						(96,271)
State Street Consumer Discretionary Select Sector SPDR ETF						(529)						(62,041)
State Street Consumer Staples Select Sector SPDR ETF						(380)						(31,567)
State Street Real Estate Select Sector SPDR ETF						(528)						(23,248)
State Street SPDR Portfolio S&P 500 ETF						(918)						(80,674)
State Street SPDR S&P 500 ETF Trust						(565)						(421,925)
Vanguard Total World Stock ETF						(3,355)						(526,567)
TOTAL EXCHANGE TRADED FUNDS (Proceeds $2,210,765)												(2,385,068)
COMMON STOCKS - (4.4)%						Shares						Value
Aerospace & Defense - (0.2)%
Boeing Co.						(53)						(11,473)
HEICO Corp.						(27)						(9,617)
Loar Holdings, Inc.						(103)						(8,303)
TransDigm Group, Inc.						(13)						(17,316)
												(46,709)
Banks - (0.1)%
Beacon Financial Corp.						(267)						(8,130)
Glacier Bancorp, Inc.						(163)						(8,408)

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												(16,538)
Beverages - (0.0)% (a)
Primo Brands Corp.						(317)						(7,748)
Building Products - (0.2)%
AAON, Inc.						(58)						(7,358)
Carrier Global Corp.						(252)						(18,484)
CSW Industrials, Inc.						(31)						(8,627)
Lennox International, Inc.						(31)						(17,762)
												(52,231)
Capital Markets - (0.7)%
Ares Management Corp. - Class A						(84)						(9,350)
Blackrock, Inc.						(15)						(14,423)
Blackstone, Inc.						(122)						(14,356)
Blue Owl Capital, Inc. - Class A						(429)						(3,754)
CME Group, Inc. - Class A						(53)						(11,704)
Cohen & Steers, Inc.						(121)						(9,213)
FactSet Research Systems, Inc.						(21)						(4,832)
Hamilton Lane, Inc. - Class A						(55)						(4,336)
Houlihan Lokey, Inc.						(43)						(5,768)
KKR & Co., Inc.						(138)						(12,666)
Lazard, Inc.						(174)						(7,297)
MarketAxess Holdings, Inc.						(49)						(5,561)
Moelis & Co. - Class A						(122)						(7,981)
Moody's Corp.						(35)						(15,852)
MSCI, Inc.						(24)						(13,441)
Perella Weinberg Partners						(370)						(5,905)
PJT Partners, Inc. - Class A						(51)						(7,698)
Tradeweb Markets, Inc. - Class A						(75)						(7,474)
												(161,611)
Chemicals - (0.1)%
International Flavors & Fragrances, Inc.						(197)						(15,606)
Stepan Co.						(100)						(5,572)
Westlake Corp.						(144)						(10,512)
												(31,690)
Commercial Services & Supplies - (0.2)%
Casella Waste Systems, Inc. - Class A						(72)						(6,982)
Cintas Corp.						(74)						(12,586)
RB Global, Inc.						(156)						(18,166)
Rollins, Inc.						(322)						(13,440)
												(51,174)
Consumer Staples Distribution & Retail - (0.0)% (a)
Performance Food Group Co.						(78)						(8,720)
Containers & Packaging - (0.1)%
Packaging Corp. of America						(69)						(16,442)
Smurfit Westrock PLC						(312)						(14,433)
												(30,875)
Electric Utilities - (0.1)%
Xcel Energy, Inc.						(201)						(16,140)

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Electronic Equipment, Instruments & Components - (0.1)%
Mirion Technologies, Inc.						(453)						(8,122)
Novanta, Inc.						(61)						(9,897)
												(18,019)
Entertainment - (0.2)%
Live Nation Entertainment, Inc.						(106)						(19,410)
Take-Two Interactive Software, Inc.						(88)						(21,998)
												(41,408)
Financial Services - (0.3)%
Affirm Holdings, Inc.						(239)						(19,491)
Apollo Global Management, Inc.						(119)						(14,079)
Corpay, Inc.						(49)						(16,330)
Toast, Inc. - Class A						(488)						(13,576)
Walker & Dunlop, Inc.						(82)						(4,485)
												(67,961)
Food Products - (0.1)%
Mondelez International, Inc. - Class A						(270)						(15,617)
Ground Transportation - (0.0)% (a)
Marten Transport Ltd.						(509)						(8,831)
Health Care Equipment & Supplies - (0.2)%
Abbott Laboratories						(178)						(16,152)
Baxter International, Inc.						(244)						(5,202)
Intuitive Surgical, Inc.						(31)						(12,328)
Stryker Corp.						(44)						(13,853)
												(47,535)
Hotels, Restaurants & Leisure - (0.3)%
Caesars Entertainment, Inc.						(253)						(7,635)
Chipotle Mexican Grill, Inc.						(346)						(11,764)
DoorDash, Inc. - Class A						(71)						(13,102)
First Watch Restaurant Group, Inc.						(436)						(5,620)
Shake Shack, Inc. - Class A						(87)						(4,874)
Starbucks Corp.						(172)						(17,577)
Texas Roadhouse, Inc.						(100)						(19,323)
												(79,895)
Insurance - (0.3)%
Aon PLC - Class A						(43)						(14,263)
Arthur J. Gallagher & Co.						(53)						(12,167)
Brown & Brown, Inc.						(171)						(10,970)
Erie Indemnity Co. - Class A						(42)						(10,069)
Marsh & McLennan Cos., Inc.						(89)						(14,833)
Ryan Specialty Holdings, Inc.						(164)						(6,193)
												(68,495)
IT Services - (0.2)%
Cloudflare, Inc. - Class A						(84)						(20,604)
Snowflake, Inc. - Class A						(65)						(16,542)
												(37,146)
Life Sciences Tools & Services - (0.1)%
Bio-Techne Corp.						(106)						(7,489)

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Repligen Corp.						(62)						(8,459)
Waters Corp.						(47)						(17,627)
												(33,575)
Machinery - (0.1)%
Hillman Solutions Corp.						(839)						(7,081)
Stanley Black & Decker, Inc.						(177)						(16,659)
												(23,740)
Oil, Gas & Consumable Fuels - (0.1)%
Williams Cos., Inc.						(215)						(15,983)
Professional Services - (0.0)% (a)
TIC Solutions, Inc.						(855)						(6,917)
Software - (0.3)%
Braze, Inc. - Class A						(257)						(5,574)
Crowdstrike Holdings, Inc. - Class A						(19)						(14,500)
Datadog, Inc. - Class A						(69)						(17,965)
Palo Alto Networks, Inc.						(50)						(17,051)
Samsara, Inc. - Class A						(235)						(7,621)
												(62,711)
Specialty Retail - (0.1)%
Carvana Co.						(175)						(11,519)
Floor & Decor Holdings, Inc. - Class A						(73)						(4,333)
												(15,852)
Textiles, Apparel & Luxury Goods - (0.2)%
Amer Sports, Inc.						(431)						(14,585)
NIKE, Inc. - Class B						(213)						(8,744)
On Holding AG - Class A						(358)						(12,680)
												(36,009)
Tobacco - (0.0)% (a)
Turning Point Brands, Inc.						(89)						(7,548)
Trading Companies & Distributors - (0.1)%
Herc Holdings, Inc.						(61)						(8,744)
Watsco, Inc.						(39)						(16,252)
												(24,996)
TOTAL COMMON STOCKS (Proceeds $1,089,174)												(1,035,674)
TOTAL SECURITIES SOLD SHORT - (14.6)% (Proceeds $3,299,939)												$        (3,420,742)
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.
PLC - Public Limited Company

(a)						Represents less than 0.05% of net assets.

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Summary of Fair Value Disclosure as of June 30, 2026 (Unaudited)

 

Leuthold Global Fund has adopted fair value 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, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund’s securities as of June 30, 2026:

			Level 1						Level 2						Level 3						Total
Assets:
Investments:
Common Stocks			$        10,319,343						$        6,008,437						$        0						$        16,327,780
Exchange Traded Funds			1,230,174						318,505						–						1,548,679
U.S. Treasury Securities			–						496,573						–						496,573
Foreign Government Debt Obligations			–						402,322						–						402,322
U.S. Treasury Bills			–						498,562						–						498,562
Total Investments			$        11,549,517						$        7,724,399						$        0						$        19,273,916
Liabilities:
Investments:
Exchange Traded Funds			$        (2,385,068)						$        –						$        –						$        (2,385,068)
Common Stocks			(1,035,674)						–						–						(1,035,674)
Total Investments			$        (3,420,742)						$        –						$        –						$        (3,420,742)

						Refer to the Schedule of Investments for further disaggregation of investment categories.

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Allocation of Portfolio Holdings by Country as of June 30, 2026
(% of Net Assets)
Japan			$        1,867,925						8.1%
Germany			881,780						3.7
Canada			788,998						3.3
United Kingdom			723,751						3.1
South Korea			556,891						2.4
Spain			500,618						2.2
Netherlands			424,634						1.8
Taiwan			376,688						1.5
Australia			330,657						1.5
Sweden			305,117						1.2
France			272,772						1.2
China			238,896						1.1
Philippines			236,894						1.0
South Africa			227,933						1.0
Ireland			227,670						1.0
Mexico			218,123						0.9
Italy			207,720						0.9
Singapore			201,765						0.8
Hong Kong			199,026						0.8
Switzerland			196,218						0.8
Norway			156,076						0.7
Bermuda			116,358						0.5
Panama			110,455						0.5
Brazil			105,151						0.4
Denmark			96,913						0.4
Colombia			87,676						0.4
Portugal			68,414						0.3
Thailand			65,899						0.3
Finland			(14,585)						(0.1)
United States			6,076,741						25.8
Other Assets in Excess of Liabilities			7,623,627						32.5
			$        23,476,801						100.0%