Leuthold Core Investment Fund
Schedule of Investments
June 30, 2026 (Unaudited)

COMMON STOCKS - 69.4%

Shares  

Value  
Air Freight & Logistics - 3.4%

CH Robinson Worldwide, Inc.

            16,198

    $        3,050,731
Expeditors International of Washington, Inc.

            17,222

             2,806,842
FedEx Corp.

            18,618

             5,829,854
GXO Logistics, Inc. (a)

            32,395

             1,642,427
United Parcel Service, Inc. - Class B

            52,503

             5,644,072




             18,973,926






Automobile Components - 3.2%

Autoliv, Inc.

            26,996

             3,136,125
Garrett Motion, Inc.

            172,681

             6,256,233
Lear Corp.

            23,272

             3,119,844
Magna International, Inc.

            71,307

             4,682,018
Versigent PLC (a)

            14,118

             593,097




             17,787,317






Banks - 5.7%

Bank of America Corp.

            84,712

             4,826,890
Barclays PLC - ADR

            158,811

             4,265,663
Canadian Imperial Bank of Commerce

            42,728

             4,913,720
Citigroup, Inc.

            43,938

             6,149,562
JPMorgan Chase & Co.

            16,849

             5,515,183
PNC Financial Services Group, Inc.

            12,567

             3,094,247
US Bancorp

            49,524

             2,991,250




             31,756,515






Biotechnology - 3.9%

Amgen, Inc.

            11,078

             4,011,566
Biogen, Inc. (a)

            17,035

             3,680,582
Gilead Sciences, Inc.

            28,579

             3,610,671
Regeneron Pharmaceuticals, Inc.

            4,841

             3,018,557
United Therapeutics Corp. (a)

            5,492

             2,975,730
Vertex Pharmaceuticals, Inc. (a)

            8,471

             4,207,800




             21,504,906






Chemicals - 0.0% (b)

China Lumena New Materials Corp. (a)(c)

            20,950

             0






Communications Equipment - 4.2%

Cisco Systems, Inc.

            77,264

             9,075,429
Digi International, Inc. (a)

            26,344

             1,974,483
F5, Inc. (a)

            9,961

             4,143,378
NetScout Systems, Inc. (a)

            87,597

             3,814,849
Telefonaktiebolaget LM Ericsson - ADR

            412,946

             4,604,348




             23,612,487






Construction & Engineering - 3.2%

Dycom Industries, Inc. (a)

            8,099

             4,094,773
EMCOR Group, Inc.

            4,654

             3,862,262
Granite Construction, Inc.

            23,645

             3,737,802
Primoris Services Corp.

            25,320

             2,509,718
Valmont Industries, Inc.

            6,051

             3,495,058






             17,699,613






Construction Materials - 0.5%

CRH PLC

            22,900

             2,450,300






Diversified Consumer Services - 2.1%

Covista, Inc. (a)

            24,389

             3,040,333
Laureate Education, Inc. (a)

            106,401

             3,864,484
Perdoceo Education Corp.

            54,737

             1,751,584
Universal Technical Institute, Inc. (a)

            73,913

             3,161,259




             11,817,660






Electronic Equipment, Instruments & Components - 6.4%

Benchmark Electronics, Inc.

            23,831

             2,351,405
CTS Corp.

            21,504

             1,401,846
Flex, Ltd. (a)

            67,172

             10,886,566
Jabil, Inc.

            23,022

             8,874,520
Plexus Corp. (a)

            13,498

             4,058,444
Sanmina Corp. (a)

            19,642

             4,970,997
TE Connectivity PLC

            15,335

             3,091,689




             35,635,467






Energy Equipment & Services - 3.0%

Baker Hughes Co.

            47,290

             2,624,595
Halliburton Co.

            63,580

             2,158,541
NOV, Inc.

            92,624

             1,718,175
Oceaneering International, Inc. (a)

            71,307

             2,889,360
SLB Ltd.

            68,886

             3,202,510
Tenaris SA - ADR

            44,031

             2,443,280
Weatherford International PLC

            17,594

             1,433,911




             16,470,372






Financial Services - 1.4%

Mastercard, Inc. - Class A

            8,099

             4,159,647
Visa, Inc. - Class A

            10,891

             3,736,593




             7,896,240






Ground Transportation - 0.3%

Fedex Freight Holding Co., Inc. (a)

            9,309

             1,405,659






Health Care Providers & Services - 6.4%

Cardinal Health, Inc.

            33,047

             7,850,645
Cencora, Inc.

            16,011

             4,530,793
CVS Health Corp.

            22,155

             2,291,935
Elevance Health, Inc.

            9,291

             3,593,108
Encompass Health Corp.

            16,198

             1,637,294
HCA Healthcare, Inc.

            12,181

             4,749,250
HealthEquity, Inc. (a)

            22,076

             1,993,904
McKesson Corp.

            8,285

             6,260,146
Tenet Healthcare Corp. (a)

            15,732

             2,943,143




             35,850,218






Insurance - 3.9%

Allstate Corp.

            10,333

             2,458,634
Assurant, Inc.

            9,123

             2,449,799
Hanover Insurance Group, Inc.

            7,354

             1,574,639
Hartford Insurance Group, Inc.

            17,594

             2,331,557


Markel Group, Inc. (a)

            931

             1,818,252
Mercury General Corp.

            18,424

             1,964,367
Reinsurance Group of America, Inc.

            10,905

             2,318,948
RenaissanceRe Holdings, Ltd.

            9,281

             2,941,149
Travelers Cos., Inc.

            8,657

             2,857,849
White Mountains Insurance Group Ltd.

            559

             1,159,025




             21,874,219






Interactive Media & Services - 3.8%

Alphabet, Inc. - Class A

            36,677

             13,107,259
Cargurus, Inc. (a)

            71,958

             2,453,048
Meta Platforms, Inc. - Class A

            10,333

             5,820,476




             21,380,783






Metals & Mining - 4.5%

Agnico Eagle Mines, Ltd.

            15,546

             2,411,651
Alcoa Corp.

            29,230

             1,524,052
Eldorado Gold Corp.

            92,810

             2,885,463
Equinox Gold Corp.

            139,914

             1,359,964
Hudbay Minerals, Inc.

            73,355

             1,731,912
IAMGOLD Corp. (a)

            320,135

             5,070,938
Kinross Gold Corp.

            247,991

             5,857,547
Pan American Silver Corp.

            31,650

             1,417,604
Rio Tinto PLC - ADR

            26,996

             2,562,730




             24,821,861






Oil, Gas & Consumable Fuels - 3.3%

Antero Resources Corp. (a)

            50,548

             1,776,257
APA Corp.

            50,507

             1,645,013
Comstock Resources, Inc. (a)

            113,538

             1,693,987
Devon Energy Corp.

            109,589

             4,528,217
EQT Corp.

            44,710

             2,377,231
HF Sinclair Corp.

            39,030

             2,718,439
Ovintiv, Inc.

            34,426

             1,812,529
PBF Energy, Inc. - Class A

            43,703

             1,989,361




             18,541,034






Pharmaceuticals - 2.9%

Bristol-Myers Squibb Co.

            52,875

             3,046,658
GSK PLC - ADR

            52,503

             2,752,207
Johnson & Johnson

            16,849

             4,279,141
Merck & Co., Inc.

            25,879

             3,325,451
Pfizer, Inc.

            109,240

             2,630,499




             16,033,956






Professional Services - 0.3%

Paycom Software, Inc.

            13,238

             1,663,752






Semiconductors & Semiconductor Equipment - 4.0%

Advanced Micro Devices, Inc. (a)

            9,027

             5,243,874
Cirrus Logic, Inc. (a)

            11,597

             1,722,502
Lam Research Corp.

            10,612

             4,598,498
NVIDIA Corp.

            40,719

             8,147,465
NXP Semiconductors NV

            9,289

             2,610,488




             22,322,827






Software - 1.8%



Microsoft Corp.

            27,182

             10,139,430






Technology Hardware, Storage & Peripherals - 1.2%

Dell Technologies, Inc. - Class C

            15,732

             6,787,729
TOTAL COMMON STOCKS (Cost $242,866,581)

             386,426,271






EXCHANGE TRADED FUNDS - 8.7%

Shares  

Value  
iShares China CNY Bond UCITS ETF

            980,000

             5,517,711
iShares Core Japan Government Bond ETF

            266,600

             3,306,625
iShares International Treasury Bond ETF

            138,907

             5,699,354
iShares TIPS Bond ETF

            35,809

             3,918,579
Kensington Credit Opportunities ETF

            55,839

             1,375,873
State Street SPDR Bloomberg International Treasury Bond ETF

            257,853

             5,590,253
State Street SPDR FTSE International Government Inflation-Protected Bond ETF

            54,568

             2,149,434
State Street SPDR Portfolio Intermediate Term Corporate Bond ETF

            328,151

             10,979,932
Vanguard Mortgage-Backed Securities ETF

            114,893

             5,378,141
Vanguard Short-Term Inflation-Protected Securities ETF

            96,688

             4,856,638
TOTAL EXCHANGE TRADED FUNDS (Cost $48,124,916)

             48,772,540






FOREIGN GOVERNMENT DEBT OBLIGATIONS - 2.0%
Par  

Value  
French Republic Government Bond OAT, 3.00%, 05/25/2033 (d)
EUR
             4,780,000

             5,380,231
United Kingdom Gilt, 4.25%, 07/31/2034
GBP
             4,450,000

             5,751,661
TOTAL FOREIGN GOVERNMENT DEBT OBLIGATIONS (Cost $10,668,902)

             11,131,892






U.S. TREASURY SECURITIES - 1.8%
Par  

Value  
United States Treasury Note/Bond, 3.88%, 08/15/2033

             10,300,000

             10,028,820
TOTAL U.S. TREASURY SECURITIES (Cost $10,017,022)

             10,028,820






SHORT-TERM INVESTMENTS
U.S. TREASURY BILLS - 2.7%
Par  

Value  
3.60%, 07/30/2026 (e)

             15,000,000

             14,956,863
TOTAL U.S. TREASURY BILLS (Cost $14,956,863)

             14,956,863






TOTAL INVESTMENTS (f) - 84.6% (Cost $326,634,284)

             471,316,386
Money Market Deposit Account - 14.7% (f)(g)

             81,932,739
Other Assets in Excess of Liabilities - 0.7%
0.00705
            3,929,912
TOTAL NET ASSETS - 100.0%




    $        557,179,037


Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.




ADR - American Depositary Receipt
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)

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

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.
(d)

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 $5,380,231 or 1.0% of the Fund’s net assets.
(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 $553,249,125.
(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 Core Investment Fund
Schedule of Securities Sold Short
June 30, 2026 (Unaudited)

COMMON STOCKS - (8.1)%

Shares

Value
Aerospace & Defense - (0.4)%

Boeing Co.

(2,327)

    $        (503,726)
HEICO Corp.

(1,185)

             (422,085)
Loar Holdings, Inc.

(4,504)

             (363,067)
TransDigm Group, Inc.

(571)

             (760,595)




             (2,049,473)





Banks - (0.1)%

Beacon Financial Corp.

(11,619)

             (353,798)
Glacier Bancorp, Inc.

(7,089)

             (365,651)




             (719,449)





Beverages - (0.1)%

Primo Brands Corp.

(13,792)

             (337,076)





Building Products - (0.4)%

AAON, Inc.

(2,512)

             (318,672)
Carrier Global Corp.

(10,942)

             (802,596)
CSW Industrials, Inc.

(1,358)

             (377,931)
Lennox International, Inc.

(1,349)

             (772,910)




             (2,272,109)





Capital Markets - (1.3)%

Ares Management Corp. - Class A

(3,651)

             (406,393)
Blackrock, Inc.

(644)

             (619,245)
Blackstone, Inc.

(5,318)

             (625,769)
Blue Owl Capital, Inc. - Class A

(18,678)

             (163,432)
CME Group, Inc. - Class A

(2,312)

             (510,559)
Cohen & Steers, Inc.

(5,287)

             (402,552)
FactSet Research Systems, Inc.

(907)

             (208,682)
Hamilton Lane, Inc. - Class A

(2,389)

             (188,325)
Houlihan Lokey, Inc.

(1,883)

             (252,567)
KKR & Co., Inc.

(6,012)

             (551,781)
Lazard, Inc.

(7,556)

             (316,899)
MarketAxess Holdings, Inc.

(2,138)

             (242,642)
Moelis & Co. - Class A

(5,306)

             (347,118)
Moody's Corp.

(1,513)

             (685,268)
MSCI, Inc.

(1,026)

             (574,601)


Perella Weinberg Partners

(16,108)

             (257,084)
PJT Partners, Inc. - Class A

(2,203)

             (332,521)
Tradeweb Markets, Inc. - Class A

(3,276)

             (326,486)




             (7,011,924)





Chemicals - (0.2)%

International Flavors & Fragrances, Inc.

(8,571)

             (678,995)
Stepan Co.

(4,349)

             (242,326)
Westlake Corp.

(6,252)

             (456,396)




             (1,377,717)





Commercial Services & Supplies - (0.4)%

Casella Waste Systems, Inc. - Class A

(3,134)

             (303,904)
Cintas Corp.

(3,203)

             (544,766)
RB Global, Inc.

(6,796)

             (791,394)
Rollins, Inc.

(14,009)

             (584,736)




             (2,224,800)





Consumer Staples Distribution & Retail - (0.1)%

Performance Food Group Co.

(3,394)

             (379,415)





Containers & Packaging - (0.2)%

Packaging Corp. of America

(3,013)

             (717,937)
Smurfit Westrock PLC

(13,576)

             (628,026)




             (1,345,963)





Electric Utilities - (0.1)%

Xcel Energy, Inc.

(8,717)

             (699,975)





Electronic Equipment, Instruments & Components - (0.1)%

Mirion Technologies, Inc.

(19,666)

             (352,612)
Novanta, Inc.

(2,663)

             (432,045)




             (784,657)





Entertainment - (0.3)%

Live Nation Entertainment, Inc.

(4,613)

             (844,687)
Take-Two Interactive Software, Inc.

(3,831)

             (957,673)




             (1,802,360)





Financial Services - (0.5)%

Affirm Holdings, Inc.

(10,389)

             (847,223)
Apollo Global Management, Inc.

(5,157)

             (610,125)
Corpay, Inc.

(2,146)

             (715,197)
Toast, Inc. - Class A

(21,233)

             (590,702)
Walker & Dunlop, Inc.

(3,589)

             (196,318)




             (2,959,565)





Food Products - (0.1)%

Mondelez International, Inc. - Class A

(11,721)

             (677,943)





Ground Transportation - (0.1)%

Marten Transport Ltd.

(22,132)

             (383,990)





Health Care Equipment & Supplies - (0.4)%

Abbott Laboratories

(7,754)

             (703,598)
Baxter International, Inc.

(10,616)

             (226,333)


Intuitive Surgical, Inc.

(1,339)

             (532,493)
Stryker Corp.

(1,908)

             (600,715)




             (2,063,139)





Hotels, Restaurants & Leisure - (0.6)%

Caesars Entertainment, Inc.

(11,014)

             (332,403)
Chipotle Mexican Grill, Inc.

(15,074)

             (512,516)
DoorDash, Inc. - Class A

(3,072)

             (566,876)
First Watch Restaurant Group, Inc.

(18,995)

             (244,846)
Shake Shack, Inc. - Class A

(3,786)

             (212,092)
Starbucks Corp.

(7,464)

             (762,746)
Texas Roadhouse, Inc.

(4,341)

             (838,811)




             (3,470,290)





Insurance - (0.5)%

Aon PLC - Class A

(1,852)

             (614,290)
Arthur J. Gallagher & Co.

(2,323)

             (533,291)
Brown & Brown, Inc.

(7,436)

             (477,019)
Erie Indemnity Co. - Class A

(1,821)

             (436,585)
Marsh & McLennan Cos., Inc.

(3,859)

             (643,179)
Ryan Specialty Holdings, Inc.

(7,135)

             (269,418)




             (2,973,782)





IT Services - (0.3)%

Cloudflare, Inc. - Class A

(3,631)

             (890,612)
Snowflake, Inc. - Class A

(2,824)

             (718,708)




             (1,609,320)





Life Sciences Tools & Services - (0.3)%

Bio-Techne Corp.

(4,596)

             (324,707)
Repligen Corp.

(2,690)

             (367,024)
Waters Corp.

(2,050)

             (768,832)




             (1,460,563)





Machinery - (0.2)%

Hillman Solutions Corp.

(36,523)

             (308,254)
Stanley Black & Decker, Inc.

(7,710)

             (725,665)




             (1,033,919)





Oil, Gas & Consumable Fuels - (0.1)%

Williams Cos., Inc.

(9,350)

             (695,079)





Professional Services - (0.1)%

TIC Solutions, Inc.

(37,130)

             (300,382)





Software - (0.5)%

Braze, Inc. - Class A

(11,203)

             (242,993)
Crowdstrike Holdings, Inc. - Class A

(845)

             (644,853)
Datadog, Inc. - Class A

(2,980)

             (775,873)
Palo Alto Networks, Inc.

(2,180)

             (743,424)
Samsara, Inc. - Class A

(10,211)

             (331,143)




             (2,738,286)





Specialty Retail - (0.1)%

Carvana Co.

(7,660)

             (504,181)
Floor & Decor Holdings, Inc. - Class A

(3,195)

             (189,655)




             (693,836)







Textiles, Apparel & Luxury Goods - (0.3)%

Amer Sports, Inc.

(18,756)

             (634,703)
NIKE, Inc. - Class B

(9,270)

             (380,534)
On Holding AG - Class A

(15,579)

             (551,808)




             (1,567,045)





Tobacco - (0.1)%

Turning Point Brands, Inc.

(3,871)

             (328,300)





Trading Companies & Distributors - (0.2)%

Herc Holdings, Inc.

(2,641)

             (378,561)
Watsco, Inc.

(1,686)

             (702,607)




             (1,081,168)
TOTAL COMMON STOCKS (Proceeds $47,787,633)

             (45,041,525)





EXCHANGE TRADED FUNDS - (6.7)%

Shares

Value
Invesco Nasdaq 100 ETF

(42,692)

             (12,934,395)
iShares Expanded Tech-Software Sector ETF

(16,502)

             (1,495,081)
iShares S&P 500 Growth ETF

(30,421)

             (4,183,800)
State Street Consumer Discretionary Select Sector SPDR ETF

(22,941)

             (2,690,520)
State Street Consumer Staples Select Sector SPDR ETF

(16,511)

             (1,371,569)
State Street Real Estate Select Sector SPDR ETF

(22,958)

             (1,010,841)
State Street SPDR Portfolio S&P 500 ETF

(39,977)

             (3,513,179)
State Street SPDR S&P 500 ETF Trust

(13,435)

             (10,032,855)
TOTAL EXCHANGE TRADED FUNDS (Proceeds $35,986,918)

             (37,232,240)





TOTAL SECURITIES SOLD SHORT - (14.8)% (Proceeds $83,774,551)



    $        (82,273,765)





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


























Summary of Fair Value Disclosure as of June 30, 2026 (Unaudited)
 
Leuthold Core Investment 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
    $        386,426,271

    $        –

    $        0

    $        386,426,271
  Exchange Traded Funds
            39,948,204

            8,824,336

            –

            48,772,540
  Foreign Government Debt Obligations
            –

            11,131,892

            –

            11,131,892
  U.S. Treasury Securities
            –

            10,028,820

            –

            10,028,820
  U.S. Treasury Bills
            –

            14,956,863

            –

            14,956,863
Total Investments
    $        426,374,475

    $        44,941,911

    $        0

    $        471,316,386








Liabilities:







Investments:







  Common Stocks
    $        (45,041,525)

    $        –

    $        –

    $        (45,041,525)
  Exchange Traded Funds
            (37,232,240)

            –

            –

            (37,232,240)
Total Investments
    $        (82,273,765)

    $        –

    $        –

    $        (82,273,765)





 

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