# EDGAR Filing Document

**Accession Number:** 0001511699
**File Stem:** 0001133228-26-008828
**Filing Date:** 2026-6
**Character Count:** 215206
**Document Hash:** f9af59a95779092923661ce249f83048
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-008828.hdr.sgml**: 20260604

**ACCESSION NUMBER**: 0001133228-26-008828

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 25

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260604

**DATE AS OF CHANGE**: 20260604

**EFFECTIVENESS DATE**: 20260604

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Managed Portfolio Series
- **CENTRAL INDEX KEY:** 0001511699

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22525
- **FILM NUMBER:** 261063745

**BUSINESS ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 414-287-3700

**MAIL ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

## Series and Classes Contracts Data

### Leuthold Core Investment Fund (Series ID: S000083370)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000246971 | Retail Class        | LCORX           |
| C000246972 | Institutional Class | LCRIX           |

### Leuthold Grizzly Short Fund (Series ID: S000083371)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000246973 | Leuthold Grizzly Short Fund | GRZZX           |

### Leuthold Global Fund (Series ID: S000083372)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000246974 | Institutional Class | GLBIX           |
| C000246975 | Retail Class        | GLBLX           |

### Leuthold Core ETF (Series ID: S000083373)

| Class ID   | Class Name        | Ticker Symbol   |
|:---|:---|:---|
| C000246976 | Leuthold Core ETF | LCR             |

### Leuthold Select Industries ETF (Series ID: S000083374)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000246977 | Leuthold Select Industries ETF | LST             |

?xml version='1.0' encoding='ASCII'? 2026-02-24196108_LeutholdCoreETF_TF_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **<u>811-22525</u>**

**<u>Managed Portfolio Series</u>**

(Exact name of registrant as specified in charter)

**615 East Michigan Street**

**<u>Milwaukee, WI 53202</u>**

(Address of principal executive offices) (Zip code)

**Brian Wiedmeyer, President**

**Managed Portfolio Series**

**c/o U.S. Bank Global Fund Services**

**777 East Wisconsin Ave., 6<sup>th</sup> Floor**

**<u>Milwaukee, WI 53202</u>**

(Name and address of agent for service)

(414) 516-1712

Registrant's telephone number, including area code

Date of fiscal year end: **<u>09/30/2026</u>**

Date of reporting period: **<u>03/31/2026</u>**

**<u>Item 1. Reports to Stockholders.</u>**

(a) ---

| | | |
|:---|:---|:---|
| ![image](img171407_202410040805403.jpg) | **Leuthold Core ETF**  | ![image](img171406_202410040804164.jpg) |
| ![image](img171407_202410040805403.jpg) | LCR \| (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img171406_202410040804164.jpg) |
| ![image](img171407_202410040805403.jpg) | Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img171406_202410040804164.jpg) |

---

This semi-annual shareholder report contains important information about the Leuthold Core ETF for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://funds.leutholdgroup.com. You can also request this information by contacting us at 866-306-8117.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Leuthold Core ETF | $33 | 0.66% |

---

\* Annualized

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $67987615 |
| **Number of Holdings** | 31 |
| **Portfolio Turnover** | 18% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Exchange Traded Funds  | 84.0% |
|  Cash & Other  | 16.0% |

---

---

| | |
|:---|:---|
| **Top Industries** | **(%)** |
|  Semiconductors  | 4.4% |
|  Gold  | 3.0% |
|  Software Infrastructure  | 1.9% |
|  Banks Diversified  | 1.9% |
|  Drug Manufacturers  | 1.6% |
|  Health Care Plans  | 1.5% |
|  Consumer Electronics  | 1.3% |
|  Credit Services  | 1.2% |
|  Internet Content & Information  | 1.1% |
|  Capital Markets  | 1.0% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Technology  | 11.2% |
|  Health Care  | 9.2% |
|  Financials  | 9.2% |
|  Consumer Discretionary  | 5.0% |
|  Materials  | 4.5% |
|  Industrials  | 4.2% |
|  Communication Services  | 3.6% |
|  Energy  | 2.8% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://funds.leutholdgroup.com.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Leuthold Weeden Capital Management documents not be householded, please contact Leuthold Weeden Capital Management at 800-273-6886, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Leuthold Weeden Capital Management or your financial intermediary.

Leuthold Core ETF PAGE 1 TSR-SAR-56167R606

------

---

| | | |
|:---|:---|:---|
| ![image](img171407_202410040805403.jpg) | **Leuthold Core Investment Fund**  | ![image](img171406_202410040804164.jpg) |
| ![image](img171407_202410040805403.jpg) | Institutional \| LCRIX  | ![image](img171406_202410040804164.jpg) |
| ![image](img171407_202410040805403.jpg) | Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img171406_202410040804164.jpg) |

---

This semi-annual shareholder report contains important information about the Leuthold Core Investment Fund for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://funds.leutholdgroup.com. You can also request this information by contacting us at 800-273-6886.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Institutional | $63 | 1.25% |

---

\* Annualized

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $533153383 |
| **Number of Holdings** | 228 |
| **Portfolio Turnover** | 27% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Common Stocks  | 55.4% |
|  U.S. Treasury Bills  | 2.8% |
|  Foreign Government Debt Obligations  | 2.1% |
|  U.S. Treasury Securities  | 1.9% |
|  Exchange Traded Funds  | 1.1% |
|  Real Estate Investment Trusts  | -0.3% |
|  Cash & Other  | 37.0% |

---

---

| | |
|:---|:---|
| **Top Industries** | **(%)** |
|  Health Care Providers & Services  | 5.8% |
|  Metals & Mining  | 5.6% |
|  Electronic Equipment, Instruments & Components  | 5.1% |
|  Banks  | 4.7% |
|  Biotechnology  | 4.1% |
|  Air Freight & Logistics  | 3.8% |
|  Interactive Media & Services  | 3.6% |
|  Automobile Components  | 3.3% |
|  Communications Equipment  | 3.3% |
|  Energy Equipment & Services  | 3.3% |

---

---

| | |
|:---|:---|
| **Top Equity Sectors** | **(%)** |
|  Health Care  | 14.6% |
|  Information Technology  | 14.5% |
|  Financials  | 16.3% |
|  Industrials  | 11.1% |
|  Consumer Discretionary  | 8.0% |
|  Materials  | 7.6% |
|  Communication Services  | 4.4% |
|  Energy  | 3.9% |
|  Consumer Staples  | 0.4% |
|  Real Estate  | 0.3% |

---

\* Percentages are stated as a percent of net assets and netted with short positions.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://funds.leutholdgroup.com.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Leuthold Weeden Capital Management documents not be householded, please contact Leuthold Weeden Capital Management at 800-273-6886, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Leuthold Weeden Capital Management or your financial intermediary.

Leuthold Core Investment Fund PAGE 1 TSR-SAR-56167R887

------

---

| | | |
|:---|:---|:---|
| ![image](img171407_202410040805403.jpg) | **Leuthold Core Investment Fund**  | ![image](img171406_202410040804164.jpg) |
| ![image](img171407_202410040805403.jpg) | Retail \| LCORX  | ![image](img171406_202410040804164.jpg) |
| ![image](img171407_202410040805403.jpg) | Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img171406_202410040804164.jpg) |

---

This semi-annual shareholder report contains important information about the Leuthold Core Investment Fund for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://funds.leutholdgroup.com. You can also request this information by contacting us at 800-273-6886.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Retail | $68 | 1.35% |

---

\* Annualized

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $533153383 |
| **Number of Holdings** | 228 |
| **Portfolio Turnover** | 27% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Common Stocks  | 55.4% |
|  U.S. Treasury Bills  | 2.8% |
|  Foreign Government Debt Obligations  | 2.1% |
|  U.S. Treasury Securities  | 1.9% |
|  Exchange Traded Funds  | 1.1% |
|  Real Estate Investment Trusts  | -0.3% |
|  Cash & Other  | 37.0% |

---

---

| | |
|:---|:---|
| **Top Industries** | **(%)** |
|  Health Care Providers & Services  | 5.8% |
|  Metals & Mining  | 5.6% |
|  Electronic Equipment, Instruments & Components  | 5.1% |
|  Banks  | 4.7% |
|  Biotechnology  | 4.1% |
|  Air Freight & Logistics  | 3.8% |
|  Interactive Media & Services  | 3.6% |
|  Automobile Components  | 3.3% |
|  Communications Equipment  | 3.3% |
|  Energy Equipment & Services  | 3.3% |

---

---

| | |
|:---|:---|
| **Top Equity Sectors** | **(%)** |
|  Health Care  | 14.6% |
|  Information Technology  | 14.5% |
|  Financials  | 16.3% |
|  Industrials  | 11.1% |
|  Consumer Discretionary  | 8.0% |
|  Materials  | 7.6% |
|  Communication Services  | 4.4% |
|  Energy  | 3.9% |
|  Consumer Staples  | 0.4% |
|  Real Estate  | 0.3% |

---

\* Percentages are stated as a percent of net assets and netted with short positions.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://funds.leutholdgroup.com.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Leuthold Weeden Capital Management documents not be householded, please contact Leuthold Weeden Capital Management at 800-273-6886, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Leuthold Weeden Capital Management or your financial intermediary.

Leuthold Core Investment Fund PAGE 1 TSR-SAR-56167R804

------

---

| | | |
|:---|:---|:---|
| ![image](img171407_202410040805403.jpg) | **Leuthold Global Fund**  | ![image](img171406_202410040804164.jpg) |
| ![image](img171407_202410040805403.jpg) | Institutional \| GLBIX  | ![image](img171406_202410040804164.jpg) |
| ![image](img171407_202410040805403.jpg) | Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img171406_202410040804164.jpg) |

---

This semi-annual shareholder report contains important information about the Leuthold Global Fund for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://funds.leutholdgroup.com. You can also request this information by contacting us at 800-273-6886.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Institutional | $112 | 2.15% |

---

\* Annualized

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $21902956 |
| **Number of Holdings** | 264 |
| **Portfolio Turnover** | 23% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Common Stocks  | 58.6% |
|  U.S. Treasury Securities  | 2.3% |
|  U.S. Treasury Bills  | 2.3% |
|  Foreign Government Debt Obligations  | 1.8% |
|  Real Estate Investment Trusts  | -0.1% |
|  Exchange Traded Funds  | -6.8% |
|  Cash & Other  | 41.9% |

---

---

| | |
|:---|:---|
| **Top Industries** | **(%)** |
|  Banks  | 7.9% |
|  Semiconductors & Semiconductor Equipment  | 6.0% |
|  Wireless Telecommunication Services  | 5.2% |
|  Oil, Gas & Consumable Fuels  | 5.0% |
|  Capital Markets  | 4.6% |
|  Insurance  | 4.6% |
|  Automobile Components  | 4.2% |
|  Energy Equipment & Services  | 3.9% |
|  Air Freight & Logistics  | 3.2% |
|  Passenger Airlines  | 3.1% |

---

---

| | |
|:---|:---|
| **Top Equity Sectors** | **(%)** |
|  Financials  | 22.3% |
|  Information Technology  | 12.1% |
|  Energy  | 10.5% |
|  Industrials  | 12.0% |
|  Communication Services  | 7.9% |
|  Consumer Discretionary  | 6.5% |
|  Health Care  | 3.6% |
|  Utilities  | 2.8% |
|  Materials  | 0.6% |
|  Consumer Staples  | 0.2% |

---

\* Percentages are stated as a percent of net assets and netted with short positions.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://funds.leutholdgroup.com.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Leuthold Weeden Capital Management documents not be householded, please contact Leuthold Weeden Capital Management at 800-273-6886, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Leuthold Weeden Capital Management or your financial intermediary.

Leuthold Global Fund PAGE 1 TSR-SAR-56167R861

------

---

| | | |
|:---|:---|:---|
| ![image](img171407_202410040805403.jpg) | **Leuthold Global Fund**  | ![image](img171406_202410040804164.jpg) |
| ![image](img171407_202410040805403.jpg) | Retail \| GLBLX  | ![image](img171406_202410040804164.jpg) |
| ![image](img171407_202410040805403.jpg) | Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img171406_202410040804164.jpg) |

---

This semi-annual shareholder report contains important information about the Leuthold Global Fund for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://funds.leutholdgroup.com. You can also request this information by contacting us at 800-273-6886.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Retail | $124 | 2.40% |

---

\* Annualized

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $21902956 |
| **Number of Holdings** | 264 |
| **Portfolio Turnover** | 23% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Common Stocks  | 58.6% |
|  U.S. Treasury Securities  | 2.3% |
|  U.S. Treasury Bills  | 2.3% |
|  Foreign Government Debt Obligations  | 1.8% |
|  Real Estate Investment Trusts  | -0.1% |
|  Exchange Traded Funds  | -6.8% |
|  Cash & Other  | 41.9% |

---

---

| | |
|:---|:---|
| **Top Industries** | **(%)** |
|  Banks  | 7.9% |
|  Semiconductors & Semiconductor Equipment  | 6.0% |
|  Wireless Telecommunication Services  | 5.2% |
|  Oil, Gas & Consumable Fuels  | 5.0% |
|  Capital Markets  | 4.6% |
|  Insurance  | 4.6% |
|  Automobile Components  | 4.2% |
|  Energy Equipment & Services  | 3.9% |
|  Air Freight & Logistics  | 3.2% |
|  Passenger Airlines  | 3.1% |

---

---

| | |
|:---|:---|
| **Top Equity Sectors** | **(%)** |
|  Financials  | 22.3% |
|  Information Technology  | 12.1% |
|  Energy  | 10.5% |
|  Industrials  | 12.0% |
|  Communication Services  | 7.9% |
|  Consumer Discretionary  | 6.5% |
|  Health Care  | 3.6% |
|  Utilities  | 2.8% |
|  Materials  | 0.6% |
|  Consumer Staples  | 0.2% |

---

\* Percentages are stated as a percent of net assets and netted with short positions.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://funds.leutholdgroup.com.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Leuthold Weeden Capital Management documents not be householded, please contact Leuthold Weeden Capital Management at 800-273-6886, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Leuthold Weeden Capital Management or your financial intermediary.

Leuthold Global Fund PAGE 1 TSR-SAR-56167R879

------

---

| | | |
|:---|:---|:---|
| ![image](img171407_202410040805403.jpg) | **Leuthold Grizzly Short Fund**  | ![image](img171406_202410040804164.jpg) |
| ![image](img171407_202410040805403.jpg) | Retail \| GRZZX  | ![image](img171406_202410040804164.jpg) |
| ![image](img171407_202410040805403.jpg) | Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img171406_202410040804164.jpg) |

---

This semi-annual shareholder report contains important information about the Leuthold Grizzly Short Fund for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://funds.leutholdgroup.com. You can also request this information by contacting us at 800-273-6886.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Retail | $156 | 3.04% |

---

\* Annualized

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $35323272 |
| **Number of Holdings** | 111 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)\*

---

| | |
|:---|:---|
| **Security Type** | **(%)** **\*** |
|  U.S. Treasury Bills  | 14.1% |
|  Real Estate Investment Trusts  | -2.0% |
|  Exchange Traded Funds  | -30.7% |
|  Common Stocks  | -62.0% |
|  Cash & Other  | 180.6% |

---

---

| | |
|:---|:---|
| **Top Industries** | **(%)** **\*\*** |
|  Capital Markets  | 8.2% |
|  Hotels, Restaurants & Leisure  | 6.1% |
|  Chemicals  | 4.8% |
|  Insurance  | 3.9% |
|  Software  | 3.6% |
|  Machinery  | 2.9% |
|  Commercial Services & Supplies  | 2.8% |
|  Ground Transportation  | 2.8% |
|  Entertainment  | 2.8% |
|  Financial Services  | 2.3% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** **\*\*** |
|  Financials  | 16.4% |
|  Industrials  | 13.5% |
|  Consumer Discretionary  | 9.2% |
|  Information Technology  | 7.4% |
|  Materials  | 6.0% |
|  Communication Services  | 2.8% |
|  Consumer Staples  | 2.6% |
|  Health Care  | 2.6% |
|  Real Estate  | 1.9% |
|  Energy  | 1.6% |

---

\* Percentages are stated as a percent of net assets and netted with short positions.

\*\* Percentages are stated as a percent of net assets, based on absolute values of holdings.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://funds.leutholdgroup.com.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Leuthold Weeden Capital Management documents not be householded, please contact Leuthold Weeden Capital Management at 800-273-6886, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Leuthold Weeden Capital Management or your financial intermediary.

Leuthold Grizzly Short Fund PAGE 1 TSR-SAR-56167R838

------

---

| | | |
|:---|:---|:---|
| ![image](img171407_202410040805403.jpg) | **Leuthold Select Industries ETF**  | ![image](img171406_202410040804164.jpg) |
| ![image](img171407_202410040805403.jpg) | LST \| (Principal U.S. Listing Exchange: (NYSE Arca, Inc.) | ![image](img171406_202410040804164.jpg) |
| ![image](img171407_202410040805403.jpg) | Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img171406_202410040804164.jpg) |

---

This semi-annual shareholder report contains important information about the Leuthold Select Industries ETF for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://funds.leutholdgroup.com. You can also request this information by contacting us at 866-306-8117.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Leuthold Select Industries ETF | $33 | 0.65% |

---

\* Annualized

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $131631970 |
| **Number of Holdings** | 108 |
| **Portfolio Turnover** | 26% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Common Stocks  | 98.9% |
|  Cash & Other  | 1.1% |

---

---

| | |
|:---|:---|
| **Top Industries** | **(%)** |
|  Health Care Providers & Services  | 8.9% |
|  Banks  | 7.7% |
|  Metals & Mining  | 6.9% |
|  Electronic Equipment, Instruments & Components  | 6.9% |
|  Biotechnology  | 6.5% |
|  Communications Equipment  | 5.9% |
|  Air Freight & Logistics  | 5.6% |
|  Capital Markets  | 5.4% |
|  Construction & Engineering  | 5.1% |
|  Energy Equipment & Services  | 5.0% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Information Technology  | 20.3% |
|  Health Care  | 19.9% |
|  Financials  | 16.7% |
|  Industrials  | 13.9% |
|  Consumer Discretionary  | 10.4% |
|  Materials  | 7.6% |
|  Energy  | 6.3% |
|  Communication Services  | 3.8% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://funds.leutholdgroup.com.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Leuthold Weeden Capital Management documents not be householded, please contact Leuthold Weeden Capital Management at 800-273-6886, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Leuthold Weeden Capital Management or your financial intermediary.

Leuthold Select Industries ETF PAGE 1 TSR-SAR-56167R705

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

Not applicable for semi-annual reports.

**<u>Item 3. Audit Committee Financial Expert.</u>**

Not applicable for semi-annual reports.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

Not applicable for semi-annual reports.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable.

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included within the financial statements filed under Item 7 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) ![](leuthold_logo.jpg)

**The Leuthold Funds** 

**Leuthold Core ETF** 

**Leuthold Core Investment Fund** 

**Leuthold Global Fund** 

**Leuthold Grizzly Short Fund** 

**Leuthold Select Industries ETF** 

Semi-Annual Financial Statements and Additional Information

March 31, 2026 (Unaudited)

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedule of Investments](#mailoiuy)<br>|  |
| &nbsp;&nbsp;&nbsp; [Leuthold Core ETF](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp; [Leuthold Core Investment Fund](#soi2) | [2](#soi2) |
| &nbsp;&nbsp;&nbsp; [Leuthold Global Fund](#soi3) | [7](#soi3) |
| &nbsp;&nbsp;&nbsp; [Leuthold Grizzly Short Fund](#soi4) | [13](#soi4) |
| &nbsp;&nbsp;&nbsp; [Leuthold Select Industries ETF](#soi5) | [16](#soi5) |
| [Statements of Assets and Liabilities](#sal) | [18](#sal) |
| [Statements of Operations](#sop) | [19](#sop) |
| [Statements of Changes in Net Assets](#scna) | [20](#scna) |
| [Financial Highlights](#fihi) | [23](#fihi) |
| [Notes to the Financial Statements](#notes) | [30](#notes) |
| [Additional Information](#add) | [40](#add) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**LEUTHOLD CORE ETF** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **EXCHANGE TRADED FUNDS - 84.0%**<br>|  |  |
| Direxion Daily S&P 500 Bear 1x Shares | 353796 | $3520270  |
| Invesco Building & Construction ETF | 10768 | 1050668  |
|  Invesco CurrencyShares Euro Currency Trust | 8137 | 868137  |
|  Invesco CurrencyShares Japanese Yen Trust<sup>(a)</sup> | 5060 | 292873  |
| Invesco KBW Bank ETF | 6656 | 526623  |
|  Invesco S&P 500 Equal Weight Consumer Discretionary ETF | 51280 | 2744941  |
| iShares 1-3 Year Treasury Bond ETF | 128925 | 10645337  |
|  iShares 5-10 Year Investment Grade Corporate Bond ETF | 19692 | 1048008  |
| iShares 7-10 Year Treasury Bond ETF | 11377 | 1085821  |
| iShares Biotechnology ETF | 12088 | 2041059  |
| iShares International Treasury Bond ETF | 14736 | 605060  |
| iShares MBS ETF | 10149 | 963648  |
|  iShares MSCI Global Metals & Mining Producers ETF | 14164 | 801541  |
| iShares U.S. Healthcare Providers ETF | 29209 | 1222397  |
| iShares U.S. Insurance ETF | 5294 | 679167  |
| iShares U.S. Transportation ETF | 14013 | 1045370  |
| Leuthold Select Industries ETF<sup>(b)</sup> | 33700 | 1363165  |
|  SPDR Bloomberg International Corporate Bond ETF | 21142 | 657093  |
|  SPDR Bloomberg International Treasury Bond ETF | 72200 | 1584790  |
|  State Street Communication Services Select Sector SPDR ETF | 21865 | 2423954  |
|  State Street Energy Select Sector SPDR ETF | 5514 | 337788  |
|  State Street Financial Select Sector SPDR ETF | 92714 | 4577290  |
|  State Street Health Care Select Sector SPDR ETF | 15704 | 2302363  |
|  State Street Industrial Select Sector SPDR ETF | 4882 | 789566  |
|  State Street SPDR S&P Capital Markets ETF | 3190 | 438944  |
| State Street SPDR S&P Retail ETF | 7990 | 642955  |
|  State Street Technology Select Sector SPDR ETF | 57262 | 7610120  |
| VanEck Gold Miners ETF | 24368 | 2236251  |
| VanEck Oil Services ETF | 3905 | 1578440  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| VanEck Pharmaceutical ETF | 6821 | $708566  |
|  Vanguard Short-Term Inflation-Protected Securities ETF | 14263 | 712437  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $50,848,929)** |  | 57104642  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 84.0%** <br>**(Cost $50,848,929)** |  | $57104642  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 16.1%<sup>(c)</sup> |  | 10956451  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.1)% |  | (73478)  |
| **TOTAL NET ASSETS - 100.0%** |  | $67987615 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Affiliated security as defined by the Investment Company Act of 1940.

<sup>(c)</sup> 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 March 31, 2026 was 3.45%. 

The accompanying notes are an integral part of these financial statements.

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Leuthold Core Investment Fund** 

**Schedule of Investments** 

**March 31, 2026 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 64.3%**<br>|  |  |
| **Air Freight & Logistics - 3.8%**<br>|  |  |
| CH Robinson Worldwide, Inc. | 16198 | $2690002  |
|  Expeditors International of Washington, Inc. | 17222 | 2466707  |
| FedEx Corp. | 18618 | 6631359  |
| GXO Logistics, Inc.<sup>(a)</sup> | 32395 | 1679681  |
|  Hub Group, Inc. - Class A - Class A | 39191 | 1412444  |
|  United Parcel Service, Inc. - Class B | 52503 | 5165245  |
|  |  | 20045438  |
| **Automobile Components - 3.3%**<br>|  |  |
| Aptiv PLC<sup>(a)</sup> | 42356 | 2941200  |
| Autoliv, Inc. | 26996 | 2838899  |
| Garrett Motion, Inc. | 172681 | 3137614  |
| Lear Corp. | 23272 | 2817774  |
| Magna International, Inc. | 71307 | 3979644  |
| Visteon Corp. | 21224 | 1933719  |
|  |  | 17648850  |
| **Banks - 5.0%**<br>|  |  |
| Bank of America Corp. | 84712 | 4129710  |
| Barclays PLC - ADR | 158811 | 3360441  |
|  Canadian Imperial Bank of Commerce | 42728 | 4048478  |
| Citigroup, Inc. | 43938 | 4983008  |
| JPMorgan Chase & Co. | 16849 | 4956302  |
|  PNC Financial Services Group, Inc. | 12567 | 2615067  |
| US Bancorp | 49524 | 2575743  |
|  |  | 26668749  |
| **Biotechnology - 4.1%**<br>|  |  |
| Amgen, Inc. | 11078 | 3897794  |
| Biogen, Inc.<sup>(a)</sup> | 17035 | 3123027  |
| Gilead Sciences, Inc. | 28579 | 3983055  |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, <br>Inc. | 4841 | 3740350  |
| United Therapeutics Corp.<sup>(a)</sup> | 5492 | 3256646  |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 8471 | 3782641  |
|  |  | 21783513  |
| **Capital Markets - 3.5%**<br>|  |  |
| Deutsche Bank AG | 125299 | 3731404  |
| Goldman Sachs Group, Inc. | 8937 | 7560613  |
| Morgan Stanley | 34257 | 5637675  |
| StoneX Group, Inc.<sup>(a)</sup> | 23552 | 1899428  |
|  |  | 18829120  |
| **Chemicals - 0.0%<sup>(b)</sup>**<br>|  |  |
|  China Lumena New Materials Corp.<sup>(a)(c)</sup> | 20950 | 0  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Communications Equipment - 3.3%**<br>|  |  |
| Cisco Systems, Inc. | 77264 | $5994914  |
| Digi International, Inc.<sup>(a)</sup> | 26344 | 1269781  |
| F5, Inc.<sup>(a)</sup> | 9961 | 2882016  |
| NetScout Systems, Inc.<sup>(a)</sup> | 87597 | 2784709  |
| &nbsp;&nbsp;&nbsp; Telefonaktiebolaget LM <br>Ericsson - ADR | 412946 | 4653901  |
|  |  | 17585321  |
| **Construction & Engineering - 3.0%**<br>|  |  |
| AECOM | 13126 | 1113347  |
| Dycom Industries, Inc.<sup>(a)</sup> | 8099 | 2744103  |
| EMCOR Group, Inc. | 4654 | 3436095  |
| Granite Construction, Inc. | 23645 | 2834563  |
| Primoris Services Corp. | 25320 | 3621773  |
| Valmont Industries, Inc. | 6051 | 2417798  |
|  |  | 16167679  |
| **Construction Materials - 0.5%**<br>|  |  |
| CRH PLC | 22900 | 2407248  |
| **Diversified Consumer Services - 2.1%**<br>|  |  |
|  Adtalem Global Education, Inc.<sup>(a)</sup> | 24389 | 2810832  |
| Laureate Education, Inc.<sup>(a)</sup> | 106401 | 3707011  |
| Perdoceo Education Corp. | 54737 | 2036764  |
|  Universal Technical Institute, Inc.<sup>(a)</sup> | 73913 | 2668259  |
|  |  | 11222866  |
| &nbsp;&nbsp;&nbsp; **Electronic Equipment,** <br>**Instruments & Components - 5.2%**<br>|  |  |
| Benchmark Electronics, Inc. | 23831 | 1335966  |
| CTS Corp. | 21504 | 1027031  |
| Flex, Ltd.<sup>(a)</sup> | 107239 | 7019865  |
| Jabil, Inc. | 32581 | 8654491  |
| Plexus Corp.<sup>(a)</sup> | 13498 | 2733885  |
| Sanmina Corp.<sup>(a)</sup> | 19642 | 2546389  |
| TE Connectivity PLC | 21038 | 4397362  |
|  |  | 27714989  |
| **Energy Equipment & Services - 3.3%**<br>|  |  |
| Baker Hughes Co. | 47290 | 2887054  |
| Halliburton Co. | 63580 | 2478984  |
| NOV, Inc. | 92624 | 1742257  |
|  Oceaneering International, Inc.<sup>(a)</sup> | 71307 | 2529259  |
| SLB Ltd. | 68886 | 3540052  |
| Tenaris SA - ADR | 44031 | 2561724  |
| Weatherford International PLC | 17594 | 1664041  |
|  |  | 17403371  |
| **Financial Services - 1.4%**<br>|  |  |
| Mastercard, Inc. - Class A | 8099 | 4046746  |
| Visa, Inc. - Class A | 10891 | 3291696  |
|  |  | 7338442  |

---

The accompanying notes are an integral part of these financial statements.

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Leuthold Core Investment Fund** 

**Schedule of Investments** 

**March 31, 2026 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
|  **Health Care Providers & Services - 5.8%**<br>|  |  |
| Cardinal Health, Inc. | 33047 | $6983162  |
| Cencora, Inc. | 16011 | 5029695  |
| CVS Health Corp. | 22155 | 1591172  |
| Encompass Health Corp. | 16198 | 1566832  |
| HCA Healthcare, Inc. | 8471 | 4008816  |
| McKesson Corp. | 8285 | 7169508  |
| Tenet Healthcare Corp.<sup>(a)</sup> | 15732 | 2968786  |
|  Universal Health Services, Inc. - Class B | 9774 | 1749253  |
|  |  | 31067224  |
| **Insurance - 2.5%**<br>|  |  |
| Allstate Corp. | 10333 | 2142444  |
| Assurant, Inc. | 9123 | 1987081  |
| Hanover Insurance Group, Inc. | 7354 | 1274816  |
| Hartford Insurance Group, Inc. | 17594 | 2379236  |
| Markel Group, Inc.<sup>(a)</sup> | 931 | 1781999  |
| Travelers Cos., Inc. | 8657 | 2525074  |
|  White Mountains Insurance Group Ltd. | 559 | 1228101  |
|  |  | 13318751  |
| **Interactive Media & Services - 3.6%**<br>|  |  |
| Alphabet, Inc. - Class A | 36677 | 10546838  |
| Cargurus, Inc.<sup>(a)</sup> | 71958 | 2450170  |
| Meta Platforms, Inc. - Class A | 10333 | 5911819  |
|  |  | 18908827  |
| **Metals & Mining - 5.6%**<br>|  |  |
| Agnico Eagle Mines, Ltd. | 15546 | 3155527  |
| Alcoa Corp. | 29230 | 1938826  |
| Eldorado Gold Corp. | 92810 | 3186167  |
| Equinox Gold Corp. | 139914 | 2023156  |
| Hudbay Minerals, Inc. | 73355 | 1533120  |
| IAMGOLD Corp.<sup>(a)</sup> | 320135 | 6024941  |
| Kinross Gold Corp. | 247991 | 7568685  |
| Pan American Silver Corp. | 31650 | 1729040  |
| Rio Tinto PLC - ADR | 26996 | 2518457  |
|  |  | 29677919  |
| **Passenger Airlines - 0.3%**<br>|  |  |
| Delta Air Lines, Inc. | 25879 | 1720436  |
| **Pharmaceuticals - 2.9%**<br>|  |  |
| Bristol-Myers Squibb Co. | 52875 | 3206869  |
| GSK PLC - ADR | 52503 | 2897641  |
| Johnson & Johnson | 16849 | 4118569  |
| Merck & Co., Inc. | 25879 | 3112985  |
| Sanofi SA - ADR | 49244 | 2372576  |
|  |  | 15708640  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Professional Services - 1.0%**<br>|  |  |
|  Broadridge Financial Solutions, Inc. | 10426 | $1694016  |
| Concentrix Corp. | 30161 | 825205  |
| Maximus, Inc. | 20107 | 1288859  |
|  SS&C Technologies Holdings, Inc. | 25320 | 1710872  |
|  |  | 5518952  |
|  **Semiconductors & Semiconductor Equipment - 1.2%**<br>|  |  |
| Lam Research Corp. | 10612 | 2267360  |
| NVIDIA Corp. | 24296 | 4237222  |
|  |  | 6504582  |
| **Software - 1.9%**<br>|  |  |
| Microsoft Corp. | 27182 | 10061961  |
| **Specialty Retail - 0.5%**<br>|  |  |
| Gap, Inc. | 63022 | 1525133  |
| Urban Outfitters, Inc.<sup>(a)</sup> | 20852 | 1320974  |
|  |  | 2846107  |
|  **Technology Hardware, Storage & Peripherals - 0.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Dell Technologies, Inc. - <br>Class C | 15732 | 2582093  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $229,900,284)** |  | 342731078  |
| **EXCHANGE TRADED FUNDS - 9.1%**<br>|  |  |
|  Invesco CurrencyShares Japanese Yen Trust<sup>(a)</sup> | 58500 | 3385980  |
|  iShares International Treasury Bond ETF | 138907 | 5703521  |
|  Kensington Credit Opportunities ETF | 55839 | 1378045  |
|  SPDR Bloomberg International Corporate Bond ETF | 97222 | 3021660  |
|  SPDR Bloomberg International Treasury Bond ETF | 411919 | 9041622  |
|  State Street SPDR Portfolio Intermediate Term Corporate Bond ETF | 412770 | 13844306  |
|  Vanguard Mortgage-Backed Securities ETF | 162131 | 7612050  |
|  Vanguard Short-Term Inflation-Protected Securities ETF | 96688 | 4829566  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $48,113,062)** |  | 48816750 |

---

The accompanying notes are an integral part of these financial statements.

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Leuthold Core Investment Fund** 

**Schedule of Investments** 

**March 31, 2026 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
|  **FOREIGN GOVERNMENT DEBT OBLIGATIONS - 2.1%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; French Republic Government Bond OAT, <br>3.00%, 05/25/2033<sup>(d)</sup> | EUR | 4780000 | $5373439  |
| &nbsp;&nbsp;&nbsp; United Kingdom Gilt, <br>4.25%, 07/31/2034  | GBP | 4450000 | 5667325  |
| &nbsp;&nbsp;&nbsp; **TOTAL FOREIGN GOVERNMENT DEBT OBLIGATIONS** <br>**(Cost $10,669,385)** |  |  | 11040764  |
| **U.S. TREASURY SECURITIES - 1.9%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; United States Treasury Note/<br>Bond, 3.88%, 08/15/2033 |  | $10300000 | 10116129  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $10,008,478)** |  |  | 10116129  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |  |
| **U.S. TREASURY BILLS - 2.8%**<br>|  |  |  |
| 3.59%, 04/30/2026<sup>(e)</sup> |  | 15000000 | 14956983  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $14,956,983)** |  |  | 14956983  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS<sup>(f)</sup>- 80.2%** <br>**(Cost $313,648,192)** |  |  | $427661704  |
|  Money Market Deposit Account - 17.5%<sup>(f)(g)</sup> |  |  | 93511070  |
|  Other Assets in Excess of Liabilities - 2.3% |  |  | 11980609  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $533153383 |

---

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

PLC - Public Limited Company

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Represents less than 0.05% of net assets.

<sup>(c)</sup> 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 March 31, 2026.

<sup>(d)</sup> 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 March 31, 2026, the value of these securities total $5,373,439 or 1.0% of the Fund's net assets.

<sup>(e)</sup> The rate shown is the annualized yield as of March 31, 2026.

<sup>(f)</sup> 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 March 31, 2026 was $521,172,774.

<sup>(g)</sup> 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 March 31, 2026 was 3.45%. 

The accompanying notes are an integral part of these financial statements.

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Leuthold Core Investment Fund** 

**Schedule of Securities Sold Short** 

**March 31, 2026 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (8.9)%**<br>|  |  |
| **Aerospace & Defense - (0.3)%**<br>|  |  |
| Boeing Co. | (2327) | $(463143)  |
| Loar Holdings, Inc. | (4504) | (258034)  |
| StandardAero, Inc. | (12766) | (329746)  |
| TransDigm Group, Inc. | (571) | (661766)  |
|  |  | (1712689)  |
| **Banks - (0.3)%**<br>|  |  |
| Beacon Financial Corp. | (11619) | (348570)  |
| Eastern Bankshares, Inc. | (16255) | (317948)  |
| Glacier Bancorp, Inc. | (7089) | (316666)  |
| Triumph Financial, Inc. | (8652) | (516178)  |
|  |  | (1499362)  |
| **Beverages - (0.0)%<sup>(a)</sup>**<br>|  |  |
| Primo Brands Corp. | (13792) | (259703)  |
| **Building Products - (0.3)%**<br>|  |  |
| AAON, Inc. | (5850) | (484087)  |
| CSW Industrials, Inc. | (1358) | (353868)  |
| Lennox International, Inc. | (1349) | (626111)  |
|  |  | (1464066)  |
| **Capital Markets - (1.2)%**<br>|  |  |
| Ares Management Corp. - Class A | (3651) | (398324)  |
| Blackstone, Inc. | (5318) | (611517)  |
| Blue Owl Capital, Inc. - Class A | (18678) | (170530)  |
| CME Group, Inc. - Class A | (2312) | (682849)  |
| Cohen & Steers, Inc. | (5287) | (330702)  |
| FactSet Research Systems, Inc. | (907) | (196810)  |
| Hamilton Lane, Inc. - Class A | (2389) | (237467)  |
| Houlihan Lokey, Inc. | (1883) | (270437)  |
| KKR & Co., Inc. | (6012) | (556110)  |
| MarketAxess Holdings, Inc. | (2138) | (352727)  |
| Moelis & Co. - Class A | (5306) | (302442)  |
| Moody's Corp. | (1513) | (660046)  |
| MSCI, Inc. | (1567) | (844629)  |
| Perella Weinberg Partners | (16108) | (292521)  |
| Tradeweb Markets, Inc. - Class A | (3276) | (385454)  |
|  |  | (6292565)  |
| **Chemicals - (0.7)%**<br>|  |  |
| Air Products and Chemicals, Inc. | (2331) | (677132)  |
| Chemours Co. | (20118) | (443200)  |
| Dow, Inc. | (24359) | (1014552)  |
| International Flavors & Fragrances, Inc. | (8571) | (621826)  |
| Stepan Co. | (4349) | (217363)  |
| Westlake Corp. | (6252) | (730359)  |
|  |  | (3704432)  |
| **Commercial Services & Supplies - (0.4)%**<br>|  |  |
| Casella Waste Systems, Inc. - Class A | (3134) | (248651)  |
| Cintas Corp. | (3203) | (541755)  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| RB Global, Inc. | (6796) | $(651397)  |
| Rollins, Inc. | (14009) | (748221)  |
|  |  | (2190024)  |
| **Construction Materials - (0.1)%**<br>|  |  |
| Knife River Corp. | (4365) | (356402)  |
| **Containers & Packaging - (0.1)%**<br>|  |  |
| Smurfit WestRock PLC | (13576) | (541004)  |
|  **Electronic Equipment, Instruments & Components - (0.1)%**<br>|  |  |
| Mirion Technologies, Inc. | (19666) | (365591)  |
| Novanta, Inc. | (2663) | (314527)  |
|  |  | (680118)  |
| **Energy Equipment & Services - (0.1)%**<br>|  |  |
| Select Water Solutions, Inc. | (30684) | (469465)  |
| **Entertainment - (0.4)%**<br>|  |  |
| Live Nation Entertainment, Inc. | (4613) | (703529)  |
| Take-Two Interactive Software, Inc. | (3831) | (756622)  |
| TKO Group Holdings, Inc. | (3301) | (665647)  |
|  |  | (2125798)  |
| **Financial Services - (0.3)%**<br>|  |  |
| Corpay, Inc. | (2146) | (624464)  |
|  Fidelity National Information Services, Inc. | (9644) | (452400)  |
| Toast, Inc. - Class A | (21233) | (562887)  |
| Walker & Dunlop, Inc. | (3589) | (159280)  |
|  |  | (1799031)  |
| **Food Products - (0.2)%**<br>|  |  |
| Mondelez International, Inc. - Class A | (11721) | (675599)  |
| Tyson Foods, Inc. - Class A | (6892) | (441570)  |
|  |  | (1117169)  |
| **Ground Transportation - (0.4)%**<br>|  |  |
|  Knight-Swift Transportation Holdings, Inc. | (7120) | (409970)  |
| Marten Transport Ltd. | (22132) | (290593)  |
| Old Dominion Freight Line, Inc. | (3782) | (739003)  |
| Saia, Inc. | (807) | (283483)  |
| Werner Enterprises, Inc. | (14969) | (440238)  |
|  |  | (2163287)  |
| **Health Care Equipment & Supplies - (0.3)%**<br>|  |  |
| Baxter International, Inc. | (10616) | (178349)  |
| Intuitive Surgical, Inc. | (1339) | (617265)  |
| Stryker Corp. | (1908) | (626950)  |
|  |  | (1422564)  |
| **Hotels, Restaurants & Leisure - (0.9)%**<br>|  |  |
| Aramark | (9532) | (386427)  |
| Caesars Entertainment, Inc. | (11014) | (291100)  |
| Chipotle Mexican Grill, Inc. | (15074) | (482519)  |
| DoorDash, Inc. - Class A | (3072) | (461261)  |

---

The accompanying notes are an integral part of these financial statements.

5<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Leuthold Core Investment Fund** 

**Schedule of Securities Sold Short** 

**March 31, 2026 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Hotels, Restaurants & Leisure - (Continued)**  | **Hotels, Restaurants & Leisure - (Continued)**  | **Hotels, Restaurants & Leisure - (Continued)**  |
| First Watch Restaurant Group, Inc. | (18995) | $(199068)  |
| Global Business Travel Group | (43975) | (245380)  |
| Shake Shack, Inc. - Class A | (3786) | (334947)  |
| Starbucks Corp. | (7464) | (668700)  |
| Texas Roadhouse, Inc. | (4341) | (716873)  |
| Vail Resorts, Inc. | (1729) | (221865)  |
| Yum! Brands, Inc. | (4537) | (705413)  |
|  |  | (4713553)  |
| **Household Products - (0.1)%**<br>|  |  |
| Clorox Co. | (5823) | (603437)  |
| **Insurance - (0.6)%**<br>|  |  |
| Aon PLC - Class A | (1852) | (597789)  |
| Arthur J. Gallagher & Co. | (2323) | (503115)  |
| Brown & Brown, Inc. | (7436) | (484902)  |
| Erie Indemnity Co. - Class A | (1821) | (457635)  |
| Marsh & McLennan Cos., Inc. | (3859) | (669343)  |
| Ryan Specialty Holdings, Inc. | (7135) | (240735)  |
|  |  | (2953519)  |
| **IT Services - (0.3)%**<br>|  |  |
| Cloudflare, Inc. - Class A | (3631) | (749221)  |
| Snowflake, Inc. - Class A | (4482) | (675975)  |
|  |  | (1425196)  |
| **Life Sciences Tools & Services - (0.1)%**<br>|  |  |
| Bio-Techne Corp. | (4596) | (240187)  |
| Repligen Corp. | (2690) | (316936)  |
|  |  | (557123)  |
| **Machinery - (0.4)%**<br>|  |  |
| Hillman Solutions Corp. | (36523) | (303871)  |
| IDEX Corp. | (3404) | (645228)  |
| Ingersoll Rand, Inc. | (8664) | (694160)  |
| Stanley Black & Decker, Inc. | (7710) | (547873)  |
|  |  | (2191132)  |
| **Oil, Gas & Consumable Fuels - (0.1)%**<br>|  |  |
| ONEOK, Inc. | (8530) | (771027)  |
|  **Semiconductors & Semiconductor Equipment - (0.2)%**<br>|  |  |
| ARM Holdings PLC - ADR | (5349) | (809197)  |
| **Software - (0.5)%**<br>|  |  |
| Braze, Inc. - Class A | (11203) | (264503)  |
| Cellebrite DI Ltd. | (20299) | (279720)  |
| Crowdstrike Holdings, Inc. - Class A | (1432) | (559067)  |
| Datadog, Inc. - Class A | (4446) | (524850)  |
| Klaviyo, Inc. - Class A | (10875) | (211627)  |
| Palo Alto Networks, Inc. | (3550) | (569136)  |
| Samsara, Inc. - Class A | (10211) | (323587)  |
|  |  | (2732490)  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Specialty Retail - (0.2)%**<br>|  |  |
| Carvana Co. | (1532) | $(481630)  |
| Dick's Sporting Goods, Inc. | (3350) | (664272)  |
| Floor & Decor Holdings, Inc. - Class A | (3195) | (162306)  |
|  |  | (1308208)  |
| **Textiles, Apparel & Luxury Goods - (0.2)%**<br>|  |  |
| NIKE, Inc. - Class B | (9270) | (489641)  |
| On Holding AG - Class A | (15579) | (529998)  |
|  |  | (1019639)  |
| **Trading Companies & Distributors - (0.1)%**<br>|  |  |
| Watsco, Inc. | (1686) | (613350)  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Proceeds $54,129,484)** |  | (47495550)  |
| **EXCHANGE TRADED FUNDS - (8.0)%**<br>|  |  |
| Invesco Nasdaq 100 ETF | (54683) | (12993774)  |
| &nbsp;&nbsp;&nbsp; iShares Expanded Tech-Software <br>Sector ETF | (16502) | (1320985)  |
| iShares Russell 2000 ETF | (4345) | (1077560)  |
| iShares S&P 500 Growth ETF | (40486) | (4579372)  |
|  State Street Consumer Discretionary Select Sector SPDR ETF | (41092) | (4478206)  |
|  State Street Consumer Staples Select Sector SPDR ETF | (16511) | (1353572)  |
| &nbsp;&nbsp;&nbsp; State Street Real Estate Select Sector <br>SPDR ETF | (22958) | (937375)  |
|  State Street SPDR Portfolio S&P 500 ETF | (69153) | (5292971)  |
| State Street SPDR S&P 500 ETF Trust | (16209) | (10541361)  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Proceeds $44,697,133)** |  | (42575176)  |
| **REAL ESTATE INVESTMENT TRUSTS - (0.3)%**<br>|  |  |
| **Specialized REITs - (0.3)%**<br>|  |  |
| Digital Realty Trust, Inc. | (4037) | (727507)  |
| Iron Mountain, Inc. | (7471) | (763088)  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>**(Proceeds $1,451,548)** |  | (1490595)  |
| &nbsp;&nbsp;&nbsp; **TOTAL SECURITIES SOLD SHORT - (17.2)%** <br>**(Proceeds $100,278,165)** |  | $(91561321) |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

ADR - American Depositary Receipt

PLC - Public Limited Company

<sup>(a)</sup> Represents less than 0.05% of net assets. 

The accompanying notes are an integral part of these financial statements.

6<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LEUTHOLD GLOBAL FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 63.6%** | **COMMON STOCKS - 63.6%** | **COMMON STOCKS - 63.6%** |
| **Air Freight & Logistics - 3.2%**<br>|  |  |
| Deutsche Post AG | 2400 | $126497  |
| FedEx Corp. | 579 | 206228  |
| Hyundai Glovis Co. Ltd. | 536 | 76128  |
| JD Logistics, Inc.<sup>(a)(b)</sup> | 43200 | 76261  |
|  United Parcel Service, Inc. - Class B | 1620 | 159376  |
| Yamato Holdings Co. Ltd. | 4700 | 52413  |
|  |  | 696903  |
| **Automobile Components - 4.2%**<br>|  |  |
| Aumovio SE<sup>(a)</sup> | 475 | 18602  |
| Autoliv, Inc. | 705 | 74138  |
| Continental AG | 950 | 66317  |
| Hyundai Mobis Co. Ltd. | 415 | 107078  |
| Lear Corp. | 639 | 77370  |
| Magna International, Inc. | 2358 | 131600  |
| Minth Group, Ltd. | 22900 | 95666  |
| Sumitomo Electric Industries Ltd. | 5000 | 284100  |
| Toyoda Gosei Co. Ltd. | 2900 | 76017  |
|  |  | 930888  |
| **Automobiles - 0.7%**<br>|  |  |
| General Motors Co. | 1982 | 147659  |
| **Banks - 8.1%**<br>|  |  |
| ABN AMRO Bank NV | 4137 | 131147  |
| ANZ Group Holdings Ltd. | 2654 | 66735  |
| Banco Santander SA - ADR | 16188 | 182601  |
| Bank of Nova Scotia | 797 | 55240  |
| Barclays PLC - ADR | 5702 | 120654  |
|  Canadian Imperial Bank of Commerce | 1076 | 101951  |
| Citigroup, Inc. | 874 | 99120  |
| Commerzbank AG | 4955 | 180756  |
| Danske Bank AS | 1808 | 89103  |
| Fifth Third Bancorp | 1923 | 89342  |
| M&T Bank Corp. | 347 | 71732  |
|  Mizuho Financial Group, Inc. - ADR | 19275 | 153043  |
|  Nishi-Nippon Financial Holdings, Inc. | 4500 | 108555  |
| Old National Bancorp | 2917 | 64466  |
|  Svenska Handelsbanken AB - Class A | 6535 | 86156  |
| UniCredit SpA | 1396 | 100155  |
| United Overseas Bank Ltd. | 2400 | 68702  |
|  |  | 1769458  |
| **Capital Markets - 5.3%**<br>|  |  |
| Daiwa Securities Group, Inc. | 8200 | 77698  |
| Deutsche Bank AG | 4920 | 146518  |
| Goldman Sachs Group, Inc. | 263 | 222495  |
|  Interactive Brokers Group, Inc. - Class A | 1668 | 111873  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Investec PLC | 6421 | $49490  |
| Macquarie Group Ltd. | 668 | 94894  |
| Morgan Stanley | 1040 | 171153  |
| Raymond James Financial, Inc. | 638 | 92376  |
| SBI Holdings, Inc. | 3800 | 70362  |
| UBS Group AG | 2895 | 113108  |
|  |  | 1149967  |
| **Communications Equipment - 2.8%** |  |  |
| Arcadyan Technology Corp. | 8000 | 38791  |
|  BYD Electronic International Co. Ltd. | 12000 | 43165  |
| Cisco Systems, Inc. | 1390 | 107850  |
| Digi International, Inc.<sup>(a)</sup> | 1416 | 68251  |
| F5, Inc.<sup>(a)</sup> | 235 | 67993  |
| NetScout Systems, Inc.<sup>(a)</sup> | 2723 | 86564  |
| Viavi Solutions, Inc.<sup>(a)</sup> | 5164 | 171858  |
| ZTE Corp. - Class H | 13000 | 36741  |
|  |  | 621213  |
|  **Electronic Equipment, Instruments & Components - 1.1%**<br>|  |  |
| Belden, Inc. | 470 | 53970  |
| Flex, Ltd.<sup>(a)</sup> | 870 | 56950  |
| Hon Hai Precision Industry Co. Ltd. | 10000 | 61128  |
| TD SYNNEX Corp. | 371 | 62591  |
|  |  | 234639  |
| **Energy Equipment & Services - 3.9%** |  |  |
| Baker Hughes Co. | 2901 | 177106  |
|  China Oilfield Services Ltd. - Class H | 74000 | 84789  |
| DOF Group ASA | 7315 | 105353  |
| Enerflex Ltd. | 4094 | 85641  |
| Innovex International, Inc.<sup>(a)</sup> | 3027 | 73829  |
| NOV, Inc. | 6300 | 118503  |
| Oceaneering International, Inc.<sup>(a)</sup> | 2721 | 96514  |
| Weatherford International PLC | 1278 | 120873  |
|  |  | 862608  |
| **Gas Utilities - 2.5%**<br>|  |  |
| Italgas SpA | 7134 | 83104  |
| Korea Gas Corp. | 1928 | 45320  |
| Kunlun Energy Co. Ltd. | 64000 | 58480  |
| MDU Resources Group, Inc. | 3746 | 77617  |
| Naturgy Energy Group SA | 2501 | 75082  |
| New Jersey Resources Corp. | 1251 | 68705  |
| Toho Gas Co. Ltd. | 7000 | 55702  |
| UGI Corp. | 2241 | 81617  |
|  |  | 545627  |
| **Health Care Providers & Services - 2.9%** |  |  |
|  Concentra Group Holdings Parent, Inc.<sup>(c)</sup> | 0<sup>(d)</sup> | 0  |
| HCA Healthcare, Inc. | 389 | 184090  |
| National HealthCare Corp. | 740 | 118178  |
| Select Medical Holdings Corp. | 7335 | 119487  |

---

The accompanying notes are an integral part of these financial statements.

7<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LEUTHOLD GLOBAL FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Health Care Providers & Services - (Continued)** | **Health Care Providers & Services - (Continued)** | **Health Care Providers & Services - (Continued)** |
| Tenet Healthcare Corp.<sup>(a)</sup> | 641 | $120963  |
|  Universal Health Services, Inc. - Class B | 543 | 97181  |
|  |  | 639899  |
| **Insurance - 4.9%**<br>|  |  |
| Axis Capital Holdings Ltd. | 1083 | 109827  |
| Chubb Ltd. | 192 | 62578  |
| DB Insurance Co. Ltd. | 874 | 98031  |
| Fairfax Financial Holdings Ltd. | 69 | 117570  |
| Hartford Insurance Group, Inc. | 620 | 83843  |
| Loews Corp. | 939 | 100229  |
| Markel Group, Inc.<sup>(a)</sup> | 34 | 65078  |
| Old Republic International Corp. | 2773 | 110643  |
| QBE Insurance Group Ltd. | 6287 | 92776  |
| Sompo Holdings, Inc. | 5900 | 229677  |
|  |  | 1070252  |
| **Interactive Media & Services - 1.4%** |  |  |
| Baidu, Inc. - Class A<sup>(a)</sup> | 5800 | 81074  |
| CAR Group Ltd. | 2263 | 36125  |
| Cargurus, Inc.<sup>(a)</sup> | 1682 | 57272  |
| LY Corp. | 18000 | 43400  |
| Match Group, Inc. | 1356 | 41643  |
| Scout24 SE<sup>(b)</sup> | 682 | 52622  |
|  |  | 312136  |
| **Oil, Gas & Consumable Fuels - 5.1%** |  |  |
| Cenovus Energy, Inc. | 4237 | 112408  |
| Chevron Corp. | 603 | 124761  |
| Ecopetrol SA - ADR | 6157 | 92293  |
| Equinor ASA - ADR | 2296 | 96891  |
| Exxon Mobil Corp. | 1589 | 269590  |
| Galp Energia SGPS SA | 3228 | 77400  |
| PTT PCL - NVDR | 61600 | 65373  |
| Suncor Energy, Inc. | 2274 | 150334  |
| TotalEnergies SE | 1409 | 128191  |
|  |  | 1117241  |
| **Paper & Forest Products - 0.0%<sup>(e)</sup>**<br>|  |  |
| &nbsp;&nbsp;&nbsp; China Forestry Holdings Co. <br>Ltd.<sup>(a)</sup> | 2484000 | 0  |
| **Passenger Airlines - 3.1%**<br>|  |  |
| ANA Holdings, Inc. | 3700 | 66264  |
| Cathay Pacific Airways Ltd. | 59000 | 85191  |
| Copa Holdings SA - Class A | 710 | 80663  |
| Delta Air Lines, Inc. | 2107 | 140073  |
| Eva Airways Corp. | 53000 | 57105  |
|  International Consolidated Airlines Group SA | 31667 | 149025  |
| Singapore Airlines Ltd. | 21500 | 110869  |
|  |  | 689190  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  **Semiconductors & Semiconductor Equipment - 6.1%**<br>|  |  |
| ACM Research, Inc. - Class A<sup>(a)</sup> | 1962 | $77205  |
| Amkor Technology, Inc. | 2605 | 117303  |
| Applied Materials, Inc. | 572 | 195504  |
| ASML Holding NV | 125 | 165104  |
| Cirrus Logic, Inc.<sup>(a)</sup> | 425 | 61464  |
| Marvell Technology, Inc. | 830 | 82211  |
| Micron Technology, Inc. | 179 | 60473  |
| MKS, Inc. | 614 | 141103  |
| Photronics, Inc.<sup>(a)</sup> | 2577 | 104137  |
| SCREEN Holdings Co. Ltd. | 1700 | 101280  |
| SK Hynix, Inc. | 136 | 77162  |
| Skyworks Solutions, Inc. | 934 | 50016  |
| Tokyo Electron Ltd. | 400 | 99380  |
|  |  | 1332342  |
| **Transportation Infrastructure - 3.1%** |  |  |
| Aena SME SA<sup>(b)</sup> | 6525 | 193046  |
|  Fraport AG Frankfurt Airport Services Worldwide<sup>(a)</sup> | 1587 | 138254  |
|  Grupo Aeroportuario del Sureste SAB de CV - ADR | 263 | 88402  |
|  International Container Terminal Services, Inc. | 16280 | 184572  |
|  Shenzhen International Holdings Ltd. | 71500 | 65208  |
|  |  | 669482  |
| **Wireless Telecommunication Services - 5.2%** |  |  |
| &nbsp;&nbsp;&nbsp; America Movil SAB de <br>CV - ADR | 5289 | 134764  |
|  Far EasTone Telecommunications Co. Ltd. | 29000 | 83763  |
| Freenet AG | 2778 | 85538  |
| KDDI Corp. | 6400 | 108971  |
| MTN Group Ltd. | 12697 | 148259  |
| Tele2 AB - Class B | 7301 | 151112  |
| TIM SA/Brazil - ADR | 4909 | 130039  |
| T-Mobile US, Inc. | 667 | 140090  |
| Vodafone Group PLC - ADR | 10988 | 165040  |
|  |  | 1147576  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $10,847,326)** |  | 13937080  |
| **EXCHANGE TRADED FUNDS - 6.0%** |  |  |
|  Invesco CurrencyShares Japanese Yen Trust<sup>(a)</sup> | 1372 | 79411  |
|  iShares 5-10 Year Investment Grade Corporate Bond ETF | 3779 | 201118  |
|  iShares International Treasury Bond ETF | 2232 | 91646  |
|  Kensington Credit Opportunities ETF | 2184 | 53899  |
|  SPDR Bloomberg International Corporate Bond ETF | 4949 | 153815  |

---

The accompanying notes are an integral part of these financial statements.

8<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LEUTHOLD GLOBAL FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value**  |
| **EXCHANGE TRADED FUNDS - (Continued)**  | **EXCHANGE TRADED FUNDS - (Continued)**  | **EXCHANGE TRADED FUNDS - (Continued)**  | **EXCHANGE TRADED FUNDS - (Continued)**  |
|  SPDR Bloomberg International Treasury Bond ETF |  | 11276 | $247508  |
|  State Street SPDR Portfolio Intermediate Term Corporate Bond ETF |  | 7455 | 250041  |
| &nbsp;&nbsp;&nbsp; Vanguard Mortgage-Backed Securities <br>ETF |  | 2975 | 139676  |
|  Vanguard Short-Term Inflation-Protected Securities ETF |  | 1801 | 89960  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $1,285,753)** |  |  | 1307074 |
|  |  | **Par** |  |
| **U.S. TREASURY SECURITIES - 2.3%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; United States Treasury Note/Bond, <br>3.88%, 08/15/2033 |  | $510000 | 500896  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $495,565)** |  |  | 500896  |
|  **FOREIGN GOVERNMENT DEBT OBLIGATIONS - 1.8%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; French Republic Government Bond <br>OAT, 3.00%, 05/25/2033<sup>(b)</sup>  | EUR | 145000 | 163002  |
| &nbsp;&nbsp;&nbsp; United Kingdom Gilt, <br>4.25%, 07/31/2034  | GBP | 185000 | 235608  |
| &nbsp;&nbsp;&nbsp; **TOTAL FOREIGN GOVERNMENT DEBT OBLIGATIONS** <br>**(Cost $387,284)** |  |  | 398610  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |  |
| **U.S. TREASURY BILLS - 2.3%**<br>|  |  |  |
| 3.59%, 04/30/2026<sup>(f)</sup> |  | 500000 | 498566  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $498,566)** |  |  | 498566  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS<sup>(g)</sup>- 76.0%** <br>**(Cost $13,514,494)** |  |  | $16642226  |
|  Money Market Deposit Account - 19.4%<sup>(g)(h)</sup> |  |  | 4244437  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 4.6% |  |  | 1016293  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $21902956 |

---

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

NVDR - Non-Voting Depositary Receipt

PCL - Public Company Limited

PLC - Public Limited Company

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 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 March 31, 2026, the value of these securities total $484,931 or 2.2% of the Fund's net assets.

<sup>(c)</sup> 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 March 31, 2026.

<sup>(d)</sup> Rounds to zero.

<sup>(e)</sup> Represents less than 0.05% of net assets.

<sup>(f)</sup> The rate shown is the annualized yield as of March 31, 2026.

<sup>(g)</sup> All or a portion of the security has been pledged as collateral for securities sold short. The fair value of these assets committed as collateral as of March 31, 2026 is $20,886,663.

<sup>(h)</sup> 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 March 31, 2026 was 3.45%.

The accompanying notes are an integral part of these financial statements.

9<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LEUTHOLD GLOBAL FUND** 

**SCHEDULE OF SECURITIES SOLD SHORT** 

**March 31, 2026 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **EXCHANGE TRADED FUNDS - (12.8)%** | **EXCHANGE TRADED FUNDS - (12.8)%** | **EXCHANGE TRADED FUNDS - (12.8)%** |
| Invesco Nasdaq 100 ETF | (1818) | $(431993)  |
|  iShares Expanded Tech-Software Sector ETF | (379) | (30339)  |
| iShares MSCI EAFE ETF | (6969) | (676899)  |
| iShares MSCI Emerging Markets ETF | (2861) | (162476)  |
| iShares Russell 2000 ETF | (98) | (24304)  |
| iShares S&P 500 Growth ETF | (931) | (105306)  |
|  State Street Consumer Discretionary Select Sector SPDR ETF | (947) | (103204)  |
|  State Street Consumer Staples Select Sector SPDR ETF | (380) | (31152)  |
|  State Street Real Estate Select Sector SPDR ETF | (528) | (21558)  |
| &nbsp;&nbsp;&nbsp; State Street SPDR Portfolio S&P 500 <br>ETF | (1590) | (121699)  |
| State Street SPDR S&P 500 ETF Trust | (673) | (437679)  |
| Vanguard Total World Stock ETF | (4725) | (653562)  |
|  **TOTAL EXCHANGE TRADED FUNDS (Proceeds $2,815,460)** |  | (2800171)  |
| **COMMON STOCKS - (5.0)%**<br>|  |  |
| **Aerospace & Defense - (0.2)%**<br>|  |  |
| Boeing Co. | (53) | (10549)  |
| Loar Holdings, Inc. | (103) | (5901)  |
| StandardAero, Inc. | (294) | (7594)  |
| TransDigm Group, Inc. | (13) | (15066)  |
|  |  | (39110)  |
| **Banks - (0.2)%**<br>|  |  |
| Beacon Financial Corp. | (267) | (8010)  |
| Eastern Bankshares, Inc. | (374) | (7316)  |
| Glacier Bancorp, Inc. | (163) | (7281)  |
| Triumph Financial, Inc. | (199) | (11872)  |
|  |  | (34479)  |
| **Beverages - (0.0)%<sup>(a)</sup>**<br>|  |  |
| Primo Brands Corp. | (317) | (5969)  |
| **Building Products - (0.2)%**<br>|  |  |
| AAON, Inc. | (134) | (11089)  |
| CSW Industrials, Inc. | (31) | (8078)  |
| Lennox International, Inc. | (31) | (14388)  |
|  |  | (33555)  |
| **Capital Markets - (0.7)%**<br>|  |  |
| Ares Management Corp. - Class A | (84) | (9164)  |
| Blackstone, Inc. | (122) | (14029)  |
| Blue Owl Capital, Inc. - Class A | (429) | (3917)  |
| CME Group, Inc. - Class A | (53) | (15654)  |
| Cohen & Steers, Inc. | (121) | (7568)  |
| FactSet Research Systems, Inc. | (21) | (4557)  |
| Hamilton Lane, Inc. - Class A - Class A | (55) | (5467)  |
| Houlihan Lokey, Inc. | (43) | (6176)  |
| KKR & Co., Inc. | (138) | (12765)  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| MarketAxess Holdings, Inc. | (49) | &nbsp;&nbsp; (8084)  |
| Moelis & Co. - Class A - Class A | (122) | &nbsp;&nbsp; (6954)  |
| Moody's Corp. | (35) | &nbsp;&nbsp; (15269)  |
| MSCI, Inc. | (36) | &nbsp;&nbsp; (19404)  |
| Perella Weinberg Partners | (370) | &nbsp;&nbsp; (6719)  |
| Tradeweb Markets, Inc. - Class A | (75) | &nbsp;&nbsp; (8824)  |
|  |  | &nbsp;&nbsp; (144551)  |
| **Chemicals - (0.4)%**<br>|  |  |
| Air Products and Chemicals, Inc. | (54) | &nbsp;&nbsp; (15687)  |
| Chemours Co. | (462) | &nbsp;&nbsp; (10178)  |
| Dow, Inc. | (560) | &nbsp;&nbsp; (23324)  |
| International Flavors & Fragrances, Inc. | (197) | &nbsp;&nbsp; (14292)  |
| Stepan Co. | (100) | &nbsp;&nbsp; (4998)  |
| Westlake Corp. | (144) | &nbsp;&nbsp; (16822)  |
|  |  | &nbsp;&nbsp; (85301)  |
| **Commercial Services & Supplies - (0.2)%**<br>|  |  |
| Casella Waste Systems, Inc. - Class A | (72) | &nbsp;&nbsp; (5712)  |
| Cintas Corp. | (74) | &nbsp;&nbsp; (12516)  |
| RB Global, Inc. | (156) | &nbsp;&nbsp; (14953)  |
| Rollins, Inc. | (322) | &nbsp;&nbsp; (17198)  |
|  |  | &nbsp;&nbsp; (50379)  |
| **Construction Materials - (0.0)%<sup>(a)</sup>**<br>|  |  |
| Knife River Corp. | (100) | &nbsp;&nbsp; (8165)  |
| **Containers & Packaging - (0.1)%**<br>|  |  |
| Smurfit WestRock PLC | (312) | &nbsp;&nbsp; (12433)  |
|  **Electronic Equipment, Instruments & Components - (0.1)%**<br>|  |  |
| Mirion Technologies, Inc. | (453) | &nbsp;&nbsp; (8421)  |
| Novanta, Inc. | (61) | &nbsp;&nbsp; (7205)  |
|  |  | &nbsp;&nbsp; (15626)  |
| **Energy Equipment & Services - (0.0)%<sup>(a)</sup>**<br>|  |  |
| Select Water Solutions, Inc. | (706) | &nbsp;&nbsp; (10802)  |
| **Entertainment - (0.2)%**<br>|  |  |
| Live Nation Entertainment, Inc. | (106) | &nbsp;&nbsp; (16166)  |
| Take-Two Interactive Software, Inc. | (88) | &nbsp;&nbsp; (17380)  |
| TKO Group Holdings, Inc. | (76) | &nbsp;&nbsp; (15326)  |
|  |  | &nbsp;&nbsp; (48872)  |
| **Financial Services - (0.2)%**<br>|  |  |
| Corpay, Inc. | (49) | &nbsp;&nbsp; (14259)  |
| Fidelity National Information Services, Inc. | (222) | &nbsp;&nbsp; (10414)  |
| Toast, Inc. - Class A | (488) | &nbsp;&nbsp; (12937)  |
| Walker & Dunlop, Inc. | (82) | &nbsp;&nbsp; (3639)  |
|  |  | &nbsp;&nbsp; (41249)  |
| **Food Products - (0.1)%**<br>|  |  |
| Mondelez International, Inc. - Class A | (270) | &nbsp;&nbsp; (15563)  |
| Tyson Foods, Inc. - Class A | (158) | &nbsp;&nbsp; (10123)  |
|  |  | &nbsp;&nbsp; (25686)  |

---

The accompanying notes are an integral part of these financial statements.

10<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LEUTHOLD GLOBAL FUND** 

**SCHEDULE OF SECURITIES SOLD SHORT** 

**March 31, 2026 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Ground Transportation - (0.2)%**<br>|  |  |
| Knight-Swift Transportation Holdings, Inc. | (164) | &nbsp;&nbsp; (9443)  |
| Marten Transport Ltd. | (509) | &nbsp;&nbsp; (6683)  |
| Old Dominion Freight Line, Inc. | (87) | &nbsp;&nbsp; (17000)  |
| Saia, Inc. | (19) | &nbsp;&nbsp; (6674)  |
| Werner Enterprises, Inc. | (344) | &nbsp;&nbsp; (10117)  |
|  |  | &nbsp;&nbsp; (49917)  |
| **Health Care Equipment & Supplies - (0.1)%** | **Health Care Equipment & Supplies - (0.1)%** |  |
| Baxter International, Inc. | (244) | &nbsp;&nbsp; (4099)  |
| Intuitive Surgical, Inc. | (31) | &nbsp;&nbsp; (14291)  |
| Stryker Corp. | (44) | &nbsp;&nbsp; (14458)  |
|  |  | &nbsp;&nbsp; (32848)  |
| **Hotels, Restaurants & Leisure - (0.5)%**<br>|  |  |
| Aramark | (219) | &nbsp;&nbsp; (8878)  |
| Caesars Entertainment, Inc. | (253) | &nbsp;&nbsp; (6687)  |
| Chipotle Mexican Grill, Inc. | (346) | &nbsp;&nbsp; (11075)  |
| DoorDash, Inc. - Class A | (71) | &nbsp;&nbsp; (10661)  |
| First Watch Restaurant Group, Inc. | (436) | &nbsp;&nbsp; (4569)  |
| Global Business Travel Group I | (1011) | &nbsp;&nbsp; (5641)  |
| Shake Shack, Inc. - Class A - Class A | (87) | &nbsp;&nbsp; (7697)  |
| Starbucks Corp. | (172) | &nbsp;&nbsp; (15410)  |
| Texas Roadhouse, Inc. | (100) | &nbsp;&nbsp; (16514)  |
| Vail Resorts, Inc. | (40) | &nbsp;&nbsp; (5133)  |
| Yum! Brands, Inc. | (104) | &nbsp;&nbsp; (16170)  |
|  |  | &nbsp;&nbsp; (108435)  |
| **Household Products - (0.1)%**<br>|  |  |
| Clorox Co. | (134) | &nbsp;&nbsp; (13886)  |
| **Insurance - (0.3)%**<br>|  |  |
| Aon PLC - Class A | (43) | &nbsp;&nbsp; (13880)  |
| Arthur J. Gallagher & Co. | (53) | &nbsp;&nbsp; (11479)  |
| Brown & Brown, Inc. | (171) | &nbsp;&nbsp; (11151)  |
| Erie Indemnity Co. - Class A - Class A | (42) | &nbsp;&nbsp; (10555)  |
| Marsh & McLennan Cos., Inc. | (89) | &nbsp;&nbsp; (15437)  |
| Ryan Specialty Holdings, Inc. | (164) | &nbsp;&nbsp; (5533)  |
|  |  | &nbsp;&nbsp; (68035)  |
| **IT Services - (0.1)%**<br>|  |  |
| Cloudflare, Inc. - Class A | (84) | &nbsp;&nbsp; (17333)  |
| Snowflake, Inc. - Class A | (103) | &nbsp;&nbsp; (15534)  |
|  |  | &nbsp;&nbsp; (32867)  |
| **Life Sciences Tools & Services - (0.1)%**<br>|  |  |
| Bio-Techne Corp. | (106) | &nbsp;&nbsp; (5539)  |
| Repligen Corp. | (62) | &nbsp;&nbsp; (7305)  |
|  |  | &nbsp;&nbsp; (12844)  |
| **Machinery - (0.2)%**<br>|  |  |
| Hillman Solutions Corp. | (839) | &nbsp;&nbsp; (6980)  |
| IDEX Corp. | (78) | &nbsp;&nbsp; (14785)  |
| Ingersoll Rand, Inc. | (199) | &nbsp;&nbsp; (15944)  |
| Stanley Black & Decker, Inc. | (177) | &nbsp;&nbsp; (12578)  |
|  |  | &nbsp;&nbsp; (50287)  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Oil, Gas & Consumable Fuels - (0.1)%**<br>|  |  |
| ONEOK, Inc. | (196) | (17716)  |
|  **Semiconductors & Semiconductor Equipment - (0.1)%**<br>|  |  |
| ARM Holdings PLC - ADR | (123) | (18607)  |
| **Software - (0.3)%**<br>|  |  |
| Braze, Inc. - Class A | (257) | (6068)  |
| Cellebrite DI Ltd. | (467) | (6435)  |
| Crowdstrike Holdings, Inc. - Class A | (33) | (12884)  |
| Datadog, Inc. - Class A | (102) | (12041)  |
| Klaviyo, Inc. - Class A | (250) | (4865)  |
| Palo Alto Networks, Inc. | (82) | (13146)  |
| Samsara, Inc. - Class A | (235) | (7447)  |
|  |  | (62886)  |
| **Specialty Retail - (0.1)%**<br>|  |  |
| Carvana Co. | (35) | (11003)  |
| Dick's Sporting Goods, Inc. | (77) | (15268)  |
| Floor & Decor Holdings, Inc. - Class A | (73) | (3709)  |
|  |  | (29980)  |
| **Textiles, Apparel & Luxury Goods - (0.1)%** | **Textiles, Apparel & Luxury Goods - (0.1)%** |  |
| NIKE, Inc. - Class B | (213) | (11251)  |
| On Holding AG - Class A | (358) | (12179)  |
|  |  | (23430)  |
| **Trading Companies & Distributors - (0.1)%** | **Trading Companies & Distributors - (0.1)%** |  |
| Watsco, Inc. | (39) | (14188)  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Proceeds $1,230,022)** |  | (1092103)  |
| **REAL ESTATE INVESTMENT TRUSTS - (0.1)%** | **REAL ESTATE INVESTMENT TRUSTS - (0.1)%** |  |
| **Specialized REITs - (0.1)%**<br>|  |  |
| Digital Realty Trust, Inc. | (93) | (16760)  |
| Iron Mountain, Inc. | (172) | (17568)  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>**(Proceeds $33,500)** |  | (34328)  |
| &nbsp;&nbsp;&nbsp; **TOTAL SECURITIES SOLD SHORT - (17.9)%** <br>**(Proceeds $4,078,982)** |  | $(3926602) |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

ADR - American Depositary Receipt

PLC - Public Limited Company

<sup>(a)</sup> Represents less than 0.05% of net assets. 

The accompanying notes are an integral part of these financial statements.

11<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LEUTHOLD GLOBAL FUND** 

**Schedule of Investments** 

**March 31, 2026 (Unaudited)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**ALLOCATION OF PORTFOLIO HOLDINGS BY COUNTRY AS OF MARCH 31, 2026** 

**(% of Net Assets)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| United States | $4109986 | 18.8%  |
| Japan | 1526862 | 7.0  |
| Germany | 815104 | 3.7  |
| Canada | 754744 | 3.5  |
| United Kingdom | 637840 | 2.8  |
| Spain | 450729 | 2.0  |
| South Korea | 403719 | 1.8  |
| Taiwan | 336453 | 1.5  |
| China | 322030 | 1.5  |
| Sweden | 311406 | 1.4  |
| Netherlands | 296251 | 1.4  |
| France | 291193 | 1.3  |
| Australia | 290530 | 1.4  |
| Mexico | 223166 | 1.0  |
| Hong Kong | 208879 | 1.0  |
| Norway | 202244 | 0.9  |
| South Africa | 197749 | 0.9  |
| Philippines | 184572 | 0.9  |
| Italy | 183259 | 0.9  |
| Singapore | 179571 | 0.8  |
| Switzerland | 163507 | 0.7  |
| Brazil | 130039 | 0.6  |
| Bermuda | 109827 | 0.5  |
| Colombia | 92293 | 0.4  |
| Denmark | 89103 | 0.4  |
| Panama | 80663 | 0.4  |
| Portugal | 77400 | 0.4  |
| Thailand | 65373 | 0.3  |
| Israel | (6435) | 0.0<sup>(a)</sup>  |
| Ireland | (12433) | (0.1)  |
| Other Assets in Excess of Liabilities | 9187332 | 41.9  |
|  | **$21902956** | 100.0% |

---

<sup>(a)</sup> Represents less than 0.05% of net assets. 

The accompanying notes are an integral part of these financial statements.

12<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LEUTHOLD GRIZZLY SHORT FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY BILLS - 14.1%**<br>|  |  |
| 3.59%, 04/30/2026<sup>(a)</sup> | $5000000 | $4985661  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $4,985,661)** |  | 4985661  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS<sup>(b)</sup> - 14.1%** <br>**(Cost $4,985,661)** |  | $4985661  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 75.3%<sup>(b)(c)</sup> |  | 26605517  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 10.6% |  | 3732094  |
| **TOTAL NET ASSETS - 100.0%** |  | $35323272 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

<sup>(a)</sup> The rate shown is the annualized yield as of March 31, 2026.

<sup>(b)</sup> 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 March 31, 2026 was $31,591,178.

<sup>(c)</sup> 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 March 31, 2026 was 3.45%. 

The accompanying notes are an integral part of these financial statements.

13<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LEUTHOLD GRIZZLY SHORT FUND** 

**SCHEDULE OF SECURITIES SOLD SHORT** 

**March 31, 2026 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (62.0)%** | **COMMON STOCKS - (62.0)%** | **COMMON STOCKS - (62.0)%** |
| **Aerospace & Defense - (2.2)%**<br>|  |  |
| Boeing Co. | (1074) | $(213758)  |
| Loar Holdings, Inc. | (2078) | (119049)  |
| StandardAero, Inc. | (5889) | (152113)  |
| TransDigm Group, Inc. | (263) | (304806)  |
|  |  | (789726)  |
| **Banks - (2.0)%**<br>|  |  |
| Beacon Financial Corp. | (5354) | (160620)  |
| Eastern Bankshares, Inc. | (7478) | (146270)  |
| Glacier Bancorp, Inc. | (3270) | (146071)  |
| Triumph Financial, Inc. | (3991) | (238103)  |
|  |  | (691064)  |
| **Beverages - (0.3)%**<br>|  |  |
| Primo Brands Corp. | (6363) | (119815)  |
| **Building Products - (1.9)%**<br>|  |  |
| AAON, Inc. | (2699) | (223342)  |
| CSW Industrials, Inc. | (627) | (163384)  |
| Lennox International, Inc. | (619) | (287296)  |
|  |  | (674022)  |
| **Capital Markets - (8.2)%**<br>|  |  |
| Ares Management Corp. - Class A | (1684) | (183724)  |
| Blackstone, Inc. | (2453) | (282071)  |
| Blue Owl Capital, Inc. - Class A | (8617) | (78673)  |
| CME Group, Inc. - Class A | (1064) | (314252)  |
| Cohen & Steers, Inc. | (2439) | (152560)  |
| FactSet Research Systems, Inc. | (418) | (90702)  |
| Hamilton Lane, Inc. - Class A | (1102) | (109539)  |
| Houlihan Lokey, Inc. | (869) | (124806)  |
| KKR & Co., Inc. | (2774) | (256595)  |
| MarketAxess Holdings, Inc. | (986) | (162670)  |
| Moelis & Co. - Class A | (2448) | (139536)  |
| Moody's Corp. | (698) | (304503)  |
| MSCI, Inc. | (723) | (389704)  |
| Perella Weinberg Partners | (7431) | (134947)  |
| Tradeweb Markets, Inc. - Class A | (1511) | (177784)  |
|  |  | (2902066)  |
| **Chemicals - (4.8)%**<br>|  |  |
| Air Products and Chemicals, Inc. | (1075) | (312277)  |
| Chemours Co. | (9281) | (204460)  |
| Dow, Inc. | (11237) | (468021)  |
| International Flavors & Fragrances, Inc. | (3954) | (286863)  |
| Stepan Co. | (2006) | (100260)  |
| Westlake Corp. | (2884) | (336909)  |
|  |  | (1708790)  |
| **Commercial Services & Supplies - (2.8)%** | **Commercial Services & Supplies - (2.8)%** |  |
| Casella Waste Systems, Inc. - Class A | (1446) | (114725)  |
| Cintas Corp. | (1478) | (249989)  |
| RB Global, Inc. | (3135) | (300490)  |
| Rollins, Inc. | (6415) | (342625)  |
|  |  | (1007829)  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Construction Materials - (0.5)%**<br>|  |  |
| Knife River Corp. | (2014) | $(164443)  |
| **Containers & Packaging - (0.7)%**<br>|  |  |
| Smurfit WestRock PLC | (6263) | (249581)  |
|  **Electronic Equipment, Instruments & Components - (0.9)%**<br>|  |  |
| Mirion Technologies, Inc. | (9004) | (167384)  |
| Novanta, Inc. | (1222) | (144331)  |
|  |  | (311715)  |
| **Energy Equipment & Services - (0.6)%**<br>|  |  |
| Select Water Solutions, Inc. | (14155) | (216572)  |
| **Entertainment - (2.8)%**<br>|  |  |
| Live Nation Entertainment, Inc. | (2116) | (322711)  |
| Take-Two Interactive Software, Inc. | (1754) | (346415)  |
| TKO Group Holdings, Inc. | (1515) | (305500)  |
|  |  | (974626)  |
| **Financial Services - (2.3)%**<br>|  |  |
| Corpay, Inc. | (990) | (288080)  |
|  Fidelity National Information Services, Inc. | (4449) | (208703)  |
| Toast, Inc. - Class A | (9795) | (259665)  |
| Walker & Dunlop, Inc. | (1656) | (73493)  |
|  |  | (829941)  |
| **Food Products - (1.5)%**<br>|  |  |
| Mondelez International, Inc. - Class A | (5392) | (310795)  |
| Tyson Foods, Inc. - Class A | (3180) | (203742)  |
|  |  | (514537)  |
| **Ground Transportation - (2.8)%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Knight-Swift Transportation Holdings, <br>Inc. | (3285) | (189150)  |
| Marten Transport Ltd. | (10210) | (134057)  |
| Old Dominion Freight Line, Inc. | (1745) | (340973)  |
| Saia, Inc. | (372) | (130676)  |
| Werner Enterprises, Inc. | (6906) | (203106)  |
|  |  | (997962)  |
| **Health Care Equipment & Supplies - (1.9)%** | **Health Care Equipment & Supplies - (1.9)%** |  |
| Baxter International, Inc. | (4898) | (82286)  |
| Intuitive Surgical, Inc. | (618) | (284892)  |
| Stryker Corp. | (876) | (287845)  |
|  |  | (655023)  |
| **Hotels, Restaurants & Leisure - (6.1)%**<br>|  |  |
| Aramark | (4397) | (178254)  |
| Caesars Entertainment, Inc. | (5081) | (134291)  |
| Chipotle Mexican Grill, Inc. | (6954) | (222598)  |
| DoorDash, Inc. - Class A | (1417) | (212763)  |
| First Watch Restaurant Group, Inc. | (8763) | (91836)  |
| Global Business Travel Group | (20287) | (113202)  |
| Shake Shack, Inc. - Class A | (1746) | (154469)  |
| Starbucks Corp. | (3443) | (308458)  |
| Texas Roadhouse, Inc. | (2003) | (330775)  |

---

The accompanying notes are an integral part of these financial statements.

14<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LEUTHOLD GRIZZLY SHORT FUND** 

**SCHEDULE OF SECURITIES SOLD SHORT** 

**March 31, 2026 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Hotels, Restaurants & Leisure - (Continued)**  | **Hotels, Restaurants & Leisure - (Continued)**  | **Hotels, Restaurants & Leisure - (Continued)**  |
| Vail Resorts, Inc. | (798) | $(102399)  |
| Yum! Brands, Inc. | (2081) | (323554)  |
|  |  | (2172599)  |
| **Household Products - (0.8)%**<br>|  |  |
| Clorox Co. | (2686) | (278350)  |
| **Insurance - (3.9)%**<br>|  |  |
| Aon PLC - Class A | (855) | (275977)  |
| Arthur J. Gallagher & Co. | (1072) | (232174)  |
| Brown & Brown, Inc. | (3431) | (223736)  |
| Erie Indemnity Co. - Class A | (840) | (211100)  |
| Marsh & McLennan Cos., Inc. | (1780) | (308741)  |
| Ryan Specialty Holdings, Inc. | (3292) | (111072)  |
|  |  | (1362800)  |
| **IT Services - (1.9)%**<br>|  |  |
| Cloudflare, Inc. - Class A | (1670) | (344588)  |
| Snowflake, Inc. - Class A | (2064) | (311292)  |
|  |  | (655880)  |
| **Life Sciences Tools & Services - (0.7)%**<br>|  |  |
| Bio-Techne Corp. | (2120) | (110791)  |
| Repligen Corp. | (1241) | (146215)  |
|  |  | (257006)  |
| **Machinery - (2.9)%**<br>|  |  |
| Hillman Solutions Corp. | (16849) | (140184)  |
| IDEX Corp. | (1570) | (297593)  |
| Ingersoll Rand, Inc. | (3997) | (320240)  |
| Stanley Black & Decker, Inc. | (3557) | (252760)  |
|  |  | (1010777)  |
| **Oil, Gas & Consumable Fuels - (1.0)%**<br>|  |  |
| ONEOK, Inc. | (3934) | (355594)  |
|  **Semiconductors & Semiconductor Equipment - (1.1)%**<br>|  |  |
| ARM Holdings PLC - ADR | (2468) | (373359)  |
| **Software - (3.6)%**<br>|  |  |
| Braze, Inc. - Class A | (5168) | (122016)  |
| Cellebrite DI Ltd. | (9364) | (129036)  |
| Crowdstrike Holdings, Inc. - Class A | (660) | (257671)  |
| Datadog, Inc. - Class A | (2051) | (242120)  |
| Klaviyo, Inc. - Class A | (5017) | (97631)  |
| Palo Alto Networks, Inc. | (1638) | (262604)  |
| Samsara, Inc. - Class A | (4711) | (149292)  |
|  |  | (1260370)  |
| **Specialty Retail - (1.7)%**<br>|  |  |
| Carvana Co. | (707) | (222267)  |
| Dick's Sporting Goods, Inc. | (1544) | (306160)  |
| Floor & Decor Holdings, Inc. - Class A | (1474) | (74879)  |
|  |  | (603306)  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Textiles, Apparel & Luxury Goods - (1.3)%** | **Textiles, Apparel & Luxury Goods - (1.3)%** |  |
| NIKE, Inc. - Class B | (4276) | $(225858)  |
| On Holding AG - Class A | (7187) | (244502)  |
|  |  | (470360)  |
| **Trading Companies & Distributors - (0.8)%** | **Trading Companies & Distributors - (0.8)%** |  |
| Watsco, Inc. | (778) | (283029)  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Proceeds $25,166,256)** |  | (21891142)  |
| **EXCHANGE TRADED FUNDS - (30.7)%** | **EXCHANGE TRADED FUNDS - (30.7)%** |  |
| Invesco Nasdaq 100 ETF | (9087) | (2159253)  |
|  iShares Expanded Tech-Software Sector ETF | (7613) | (609421)  |
| iShares Russell 2000 ETF | (2005) | (497240)  |
| iShares S&P 500 Growth ETF | (18677) | (2112555)  |
|  State Street Consumer Discretionary Select Sector SPDR ETF | (18742) | (2042503)  |
|  State Street Consumer Staples Select Sector SPDR ETF | (7620) | (624688)  |
|  State Street Real Estate Select Sector SPDR ETF | (10591) | (432430)  |
| &nbsp;&nbsp;&nbsp; State Street SPDR Portfolio S&P 500 <br>ETF | (31079) | (2378787)  |
|  **TOTAL EXCHANGE TRADED FUNDS (Proceeds $11,382,233)** |  | (10856877)  |
|  **REAL ESTATE INVESTMENT TRUSTS - (2.0)%**<br>|  |  |
| **Specialized REITs - (2.0)%**<br>|  |  |
| Digital Realty Trust, Inc. | (1860) | (335191)  |
| Iron Mountain, Inc. | (3447) | (352076)  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT** <br>**TRUSTS** <br>**(Proceeds $667,683)** |  | (687267)  |
|  **TOTAL SECURITIES SOLD SHORT - (94.7)% (Proceeds $37,216,172)** |  | $(33435286) |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

ADR - American Depositary Receipt

PLC - Public Limited Company

The accompanying notes are an integral part of these financial statements.

15<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LEUTHOLD SELECT INDUSTRIES ETF** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.9%** | **COMMON STOCKS - 98.9%** | **COMMON STOCKS - 98.9%** |
| **Air Freight & Logistics - 5.6%**<br>|  |  |
| CH Robinson Worldwide, Inc. | 5871 | $974997  |
| Expeditors International of Washington, Inc. | 6283 | 899914  |
| FedEx Corp. | 6826 | 2431285  |
| GXO Logistics, Inc.<sup>(a)</sup> | 11856 | 614733  |
| Hub Group, Inc. - Class A | 14348 | 517102  |
| United Parcel Service, Inc. - Class B | 19436 | 1912114  |
|  |  | 7350145  |
| **Automobile Components - 5.1%**<br>|  |  |
| Aptiv PLC<sup>(a)</sup> | 15788 | 1096319  |
| Autoliv, Inc. | 10162 | 1068636  |
| Garrett Motion, Inc. | 69722 | 1266849  |
| Lear Corp. | 9022 | 1092384  |
| Magna International, Inc. | 27525 | 1536170  |
| Visteon Corp. | 7586 | 691160  |
|  |  | 6751518  |
| **Banks - 7.7%**<br>|  |  |
| Bank of America Corp. | 32072 | 1563510  |
| Barclays PLC - ADR | 60202 | 1273874  |
| Canadian Imperial Bank of Commerce | 16169 | 1532013  |
| Citigroup, Inc. | 16679 | 1891565  |
| JPMorgan Chase & Co. | 6287 | 1849384  |
| PNC Financial Services Group, Inc. | 4951 | 1030254  |
| US Bancorp | 19565 | 1017576  |
|  |  | 10158176  |
| **Biotechnology - 6.5%**<br>|  |  |
| Amgen, Inc. | 4213 | 1482344  |
| Biogen, Inc.<sup>(a)</sup> | 6405 | 1174229  |
| Gilead Sciences, Inc. | 11220 | 1563731  |
| Regeneron Pharmaceuticals, Inc. | 2123 | 1640315  |
| United Therapeutics Corp.<sup>(a)</sup> | 2093 | 1241107  |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 3149 | 1406154  |
|  |  | 8507880  |
| **Capital Markets - 5.4%**<br>|  |  |
| Deutsche Bank AG | 47464 | 1413478  |
| Goldman Sachs Group, Inc. | 3223 | 2726626  |
| Morgan Stanley | 12932 | 2128219  |
| StoneX Group, Inc.<sup>(a)</sup> | 10025 | 808476  |
|  |  | 7076799  |
| **Communications Equipment - 5.9%**<br>|  |  |
| Cisco Systems, Inc. | 30384 | 2357495  |
| Digi International, Inc.<sup>(a)</sup> | 10035 | 483687  |
| F5, Inc.<sup>(a)</sup> | 4715 | 1364191  |
| NETGEAR, Inc.<sup>(a)</sup> | 30764 | 671886  |
| NetScout Systems, Inc.<sup>(a)</sup> | 34010 | 1081178  |
| Telefonaktiebolaget LM Ericsson - ADR | 162616 | 1832682  |
|  |  | 7791119  |
| **Construction & Engineering - 5.1%**<br>|  |  |
| AECOM | 7467 | 633351  |
| Dycom Industries, Inc.<sup>(a)</sup> | 3925 | 1329868  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| EMCOR Group, Inc. | 1839 | $1357752  |
| Granite Construction, Inc. | 8493 | 1018141  |
| Primoris Services Corp. | 10974 | 1569721  |
| Valmont Industries, Inc. | 2122 | 847888  |
|  |  | 6756721  |
| **Construction Materials - 0.7%**<br>|  |  |
| CRH PLC | 8737 | 918433  |
| **Diversified Consumer Services - 4.5%**<br>|  |  |
| Adtalem Global Education, Inc.<sup>(a)</sup> | 9258 | 1066985  |
| Graham Holdings Co. - Class B | 534 | 564577  |
| Laureate Education, Inc.<sup>(a)</sup> | 40292 | 1403773  |
| Pearson PLC - ADR | 53455 | 701864  |
| Perdoceo Education Corp. | 30764 | 1144728  |
| Universal Technical Institute, Inc.<sup>(a)</sup> | 28026 | 1011739  |
|  |  | 5893666  |
|  **Electronic Equipment, Instruments & Components - 6.9%**<br>|  |  |
| Benchmark Electronics, Inc. | 12255 | 687015  |
| CTS Corp. | 10960 | 523450  |
| Flex, Ltd.<sup>(a)</sup> | 29823 | 1952214  |
| Jabil, Inc. | 8314 | 2208448  |
| Plexus Corp.<sup>(a)</sup> | 5217 | 1056651  |
| Sanmina Corp.<sup>(a)</sup> | 7466 | 967892  |
| TE Connectivity PLC | 7956 | 1662963  |
|  |  | 9058633  |
| **Energy Equipment & Services - 5.0%**<br>|  |  |
| Archrock, Inc. | 23991 | 834887  |
| Baker Hughes Co. | 19979 | 1219718  |
| NOV, Inc. | 36349 | 683725  |
| Oceaneering International, Inc.<sup>(a)</sup> | 26989 | 957300  |
| SLB Ltd. | 26361 | 1354692  |
| Tenaris SA - ADR | 15036 | 874794  |
| Weatherford International PLC | 7607 | 719470  |
|  |  | 6644586  |
| **Health Care Providers & Services - 8.9%**<br>|  |  |
| Cardinal Health, Inc. | 12518 | 2645179  |
| Cencora, Inc. | 6127 | 1924736  |
| CVS Health Corp. | 8616 | 618801  |
| Encompass Health Corp. | 6137 | 593632  |
| HCA Healthcare, Inc. | 3154 | 1492599  |
| McKesson Corp. | 3146 | 2722422  |
| Tenet Healthcare Corp.<sup>(a)</sup> | 5884 | 1110370  |
| Universal Health Services, Inc. - Class B | 3668 | 656462  |
|  |  | 11764201  |
| **Insurance - 3.6%**<br>|  |  |
| Allstate Corp. | 3915 | 811736  |
| Assurant, Inc. | 3410 | 742732  |
| Hanover Insurance Group, Inc. | 2763 | 478966  |
| Hartford Insurance Group, Inc. | 6651 | 899415  |
| Markel Group, Inc.<sup>(a)</sup> | 288 | 551252  |

---

The accompanying notes are an integral part of these financial statements.

16<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LEUTHOLD SELECT INDUSTRIES ETF** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** <br>|  |  |
| **Insurance - (Continued)** <br>|  |  |
| Travelers Cos., Inc. | 3259 | $950585  |
| White Mountains Insurance Group Ltd. | 166 | 364696  |
|  |  | 4799382  |
| **Interactive Media & Services - 3.8%**<br>|  |  |
| Alphabet, Inc. - Class A | 9387 | 2699326  |
| Meta Platforms, Inc. - Class A | 3919 | 2242177  |
|  |  | 4941503  |
| **IT Services - 1.0%**<br>|  |  |
| International Business Machines Corp. | 5439 | 1318359  |
| **Metals & Mining - 6.9%**<br>|  |  |
| Agnico Eagle Mines, Ltd. | 6258 | 1270249  |
| Eldorado Gold Corp. | 29320 | 1006556  |
| Equinox Gold Corp. | 61775 | 893266  |
| Hudbay Minerals, Inc. | 26583 | 555585  |
| IAMGOLD Corp.<sup>(a)</sup> | 82600 | 1554532  |
| Kinross Gold Corp. | 71482 | 2181631  |
| Pan American Silver Corp. | 13708 | 748868  |
| Rio Tinto PLC - ADR | 9908 | 924317  |
|  |  | 9135004  |
| **Oil, Gas & Consumable Fuels - 1.3%**<br>|  |  |
| Devon Energy Corp. | 12991 | 653707  |
| Shell PLC - ADR | 10647 | 990171  |
|  |  | 1643878  |
| **Passenger Airlines - 0.8%**<br>|  |  |
| Delta Air Lines, Inc. | 14888 | 989754  |
| **Pharmaceuticals - 4.5%**<br>|  |  |
| Bristol-Myers Squibb Co. | 20212 | 1225858  |
| GSK PLC - ADR | 20081 | 1108270  |
| Johnson & Johnson | 6292 | 1538016  |
| Merck & Co., Inc. | 9813 | 1180406  |
| Sanofi SA - ADR | 18777 | 904676  |
|  |  | 5957226  |
| **Professional Services - 2.4%**<br>|  |  |
| Broadridge Financial Solutions, Inc. | 5983 | 972118  |
| Concentrix Corp. | 17878 | 489142  |
| Maximus, Inc. | 12147 | 778623  |
| SS&C Technologies Holdings, Inc. | 13699 | 925641  |
|  |  | 3165524  |
|  **Semiconductors & Semiconductor Equipment - 3.7%**<br>|  |  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 6961 | 1416076  |
| Broadcom, Inc. | 4104 | 1270229  |
| Lam Research Corp. | 4092 | 874297  |
| NVIDIA Corp. | 7428 | 1295443  |
|  |  | 4856045  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Software - 1.7%**<br>|  |  |
| Microsoft Corp. | 6038 | $2235086  |
| **Specialty Retail - 0.8%**<br>|  |  |
| Gap, Inc. | 22979 | 556092  |
| Urban Outfitters, Inc.<sup>(a)</sup> | 7587 | 480636  |
|  |  | 1036728  |
|  **Technology Hardware, Storage & Peripherals - 1.1%**<br>|  |  |
| Dell Technologies, Inc. - Class C | 9055 | 1486197  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $125,526,077)** |  | 130236563  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.9%** <br>**(Cost $125,526,077)** |  | $130236563  |
| Money Market Deposit Account - 1.0%<sup>(b)</sup> |  | 1364991  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.1% |  | 30416  |
| **TOTAL NET ASSETS - 100.0%** |  | $131631970 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

PLC - Public Limited Company

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 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 March 31, 2026 was 3.45%. 

The accompanying notes are an integral part of these financial statements.

17<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**The Leuthold Funds** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**March 31, 2026 (Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Leuthold** <br>**Core ETF** | **Leuthold Core** <br>**Investment Fund** | **Leuthold Global** <br>**Fund** | **Leuthold Grizzly** <br>**Short Fund** | **Leuthold Select** <br>**Industries ETF**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments in unaffiliated securities, at value | $55741477 | &nbsp;&nbsp; $427661704 | &nbsp;&nbsp;&nbsp; $16642226 | &nbsp;&nbsp; $4985661 | &nbsp;&nbsp; $130236563  |
| Investments in affiliated securities, at value | 1363165 | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| Cash – Money market deposit account | 10956451 | &nbsp;&nbsp; 93511070 | &nbsp;&nbsp;&nbsp; 4244437 | &nbsp;&nbsp; 26605517 | &nbsp;&nbsp; 1364991  |
| Interest receivable | 21541 | &nbsp;&nbsp; 471735 | &nbsp;&nbsp;&nbsp; 20863 | &nbsp;&nbsp; 82997 | &nbsp;&nbsp; 3773  |
| Cash |  | &nbsp;&nbsp; 1370 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 165 | &nbsp;&nbsp; 457  |
| Tri-party collateral for securities sold short |  | &nbsp;&nbsp; 488000 | &nbsp;&nbsp;&nbsp; 16000 | &nbsp;&nbsp; 163000 | &nbsp;&nbsp; —  |
| Receivable for investments sold |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 474088 | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| Receivable for fund shares sold |  | &nbsp;&nbsp; 95261 | &nbsp;&nbsp;&nbsp; 955 | &nbsp;&nbsp; 402160 | &nbsp;&nbsp; —  |
| Dividends receivable |  | &nbsp;&nbsp; 330316 | &nbsp;&nbsp;&nbsp; 52627 | &nbsp;&nbsp; — | &nbsp;&nbsp; 127575  |
| Dividend tax reclaims receivable |  | &nbsp;&nbsp; 32504 | &nbsp;&nbsp;&nbsp; 25549 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4889  |
| Foreign currency, at value |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12750 | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| Deposit at broker for securities sold short |  | &nbsp;&nbsp; 105907939 | &nbsp;&nbsp;&nbsp; 4479415 | &nbsp;&nbsp; 38016559 | &nbsp;&nbsp; —  |
| Prepaid expenses and other assets | 17995 | &nbsp;&nbsp; 271143 | &nbsp;&nbsp;&nbsp; 33977 | &nbsp;&nbsp; 103450 | &nbsp;&nbsp; 22496  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 68100629 | &nbsp;&nbsp; 628771042 | &nbsp;&nbsp;&nbsp; 26002887 | &nbsp;&nbsp; 70359509 | &nbsp;&nbsp; 131760744  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Securities sold short, at value |  | &nbsp;&nbsp; 91561321 | &nbsp;&nbsp;&nbsp; 3926602 | &nbsp;&nbsp; 33435286 | &nbsp;&nbsp; —  |
|  Payable for fund administration and accounting fees | 45640 | &nbsp;&nbsp; 117999 | &nbsp;&nbsp;&nbsp; 20229 | &nbsp;&nbsp; 19419 | &nbsp;&nbsp; 28144  |
| Payable to Adviser | 22189 | &nbsp;&nbsp; 413993 | &nbsp;&nbsp;&nbsp; 22194 | &nbsp;&nbsp; 35456 | &nbsp;&nbsp; 55057  |
| Payable to trustees | 15910 | &nbsp;&nbsp; 16012 | &nbsp;&nbsp;&nbsp; 15842 | &nbsp;&nbsp; 15844 | &nbsp;&nbsp; 15909  |
| Payable for audit fees | 11410 | &nbsp;&nbsp; 14268 | &nbsp;&nbsp;&nbsp; 14600 | &nbsp;&nbsp; 13376 | &nbsp;&nbsp; 12104  |
| Payable for legal fees | 8647 | &nbsp;&nbsp; 10758 | &nbsp;&nbsp;&nbsp; 7601 | &nbsp;&nbsp; 6316 | &nbsp;&nbsp; 8236  |
| Payable for printing and mailing | 6593 | &nbsp;&nbsp; 17695 | &nbsp;&nbsp;&nbsp; 5195 | &nbsp;&nbsp; 6233 | &nbsp;&nbsp; 4751  |
| Payable for compliance fees | 2051 | &nbsp;&nbsp; 15327 | &nbsp;&nbsp;&nbsp; 559 | &nbsp;&nbsp; 1187 | &nbsp;&nbsp; 848 |
| Payable for custodian fees | 574 | &nbsp;&nbsp; 13340 | &nbsp;&nbsp;&nbsp; 5425 | &nbsp;&nbsp; 1279 | &nbsp;&nbsp; 3725  |
| Payable for transfer agent fees |  | &nbsp;&nbsp; 114703 | &nbsp;&nbsp;&nbsp; 8238 | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| Dividends payable |  | &nbsp;&nbsp; 61527 | &nbsp;&nbsp;&nbsp; 1955 | &nbsp;&nbsp; 14929 | &nbsp;&nbsp; —  |
| Payable for investments purchased |  | &nbsp;&nbsp; 2980554 | &nbsp;&nbsp;&nbsp; 68582 | &nbsp;&nbsp; 1403019 | &nbsp;&nbsp; —  |
|  Payable for distribution and shareholder servicing fees |  | &nbsp;&nbsp; 11259 | &nbsp;&nbsp;&nbsp; 896 | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| Payable for capital shares redeemed |  | &nbsp;&nbsp; 267745 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 83893 | &nbsp;&nbsp; —  |
| Payable for expenses and other liabilities |  | &nbsp;&nbsp; 1158 | &nbsp;&nbsp;&nbsp; 2013 | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 113014 | &nbsp;&nbsp; 95617659 | &nbsp;&nbsp;&nbsp; 4099931 | &nbsp;&nbsp; 35036237 | &nbsp;&nbsp; 128774  |
| **NET ASSETS** | $67987615 | &nbsp;&nbsp; $533153383 | &nbsp;&nbsp;&nbsp; $21902956 | &nbsp;&nbsp; $35323272 | &nbsp;&nbsp; $131631970  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $60027774 | &nbsp;&nbsp; $358794459 | &nbsp;&nbsp;&nbsp; $17865218 | &nbsp;&nbsp; $420393617 | &nbsp;&nbsp; $126947781  |
| Total distributable earnings/(accumulated losses) | 7959841 | &nbsp;&nbsp; 174358924 | &nbsp;&nbsp;&nbsp; 4037738 | &nbsp;&nbsp; (385070345) | &nbsp;&nbsp; 4684189  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $67987615 | &nbsp;&nbsp; $533153383 | &nbsp;&nbsp;&nbsp; $21902956 | &nbsp;&nbsp; $35323272 | &nbsp;&nbsp; $131631970  |
| Net assets | $67987615 | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $131631970  |
| Shares issued and outstanding<sup>(a)</sup> | 1825000 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3256875  |
| Net asset value per share | $37.25 | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $40.42  |
| **Institutional**<br>|  |  |  |  |  |
| Net assets | $— | &nbsp;&nbsp; $304694733 | &nbsp;&nbsp;&nbsp; $17686978 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $—  |
| Shares issued and outstanding<sup>(a)</sup> |  | &nbsp;&nbsp; 13438839 | &nbsp;&nbsp;&nbsp; 1780962 | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| Net asset value per share | $— | &nbsp;&nbsp; $22.67 | &nbsp;&nbsp;&nbsp; $9.93 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $—  |
| **Retail**<br>|  |  |  |  |  |
| Net assets | $— | &nbsp;&nbsp; $228458650 | &nbsp;&nbsp;&nbsp; $4215978 | &nbsp;&nbsp; $35323272 | &nbsp;&nbsp; $—  |
| Shares issued and outstanding<sup>(a)</sup> |  | &nbsp;&nbsp; 10118291 | &nbsp;&nbsp;&nbsp; 433811 | &nbsp;&nbsp; 1667710 | &nbsp;&nbsp; —  |
| Net asset value per share | $— | &nbsp;&nbsp; $22.58 | &nbsp;&nbsp;&nbsp; $9.72 | &nbsp;&nbsp; $21.18 | &nbsp;&nbsp; $—  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at cost | $49432005 | &nbsp;&nbsp; $313648192 | &nbsp;&nbsp;&nbsp; $13514494 | &nbsp;&nbsp; $4985661 | &nbsp;&nbsp; $125526077  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities, at cost | $1416924 | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp; Foreign currency, at cost | $— | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $12804 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $—  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities sold short proceeds | $— | &nbsp;&nbsp; $100278165 | &nbsp;&nbsp;&nbsp; $4078982 | &nbsp;&nbsp; $37216172 | &nbsp;&nbsp; $— |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

18<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**The Leuthold Funds** 

**Statements of Operations** 

**For the Period Ended March 31, 2026 (Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Leuthold** <br>**Core ETF** | **Leuthold Core** <br>**Investment Fund** | **Leuthold Global** <br>**Fund** | **Leuthold Grizzly** <br>**Short Fund** | **Leuthold Select** <br>**Industries ETF**  |
| **INVESTMENT INCOME:** <br>|  |  |  |  |  |
| Dividend income | $599416 | &nbsp;&nbsp;&nbsp; $3152703 | &nbsp;&nbsp;&nbsp; $210776 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; $547399  |
| Less: dividend withholding taxes |  | &nbsp;&nbsp;&nbsp; (31084) | &nbsp;&nbsp;&nbsp; (17455) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (7742)  |
| Less: issuance fees |  | &nbsp;&nbsp;&nbsp; (13738) | &nbsp;&nbsp;&nbsp; (1177) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (2080)  |
| Interest income | 100822 | &nbsp;&nbsp;&nbsp; 2065878 | &nbsp;&nbsp;&nbsp; 84948 | &nbsp;&nbsp;&nbsp;&nbsp; 602040 | &nbsp;&nbsp; 14255  |
| Broker interest income |  | &nbsp;&nbsp;&nbsp; 1440003 | &nbsp;&nbsp;&nbsp; 53061 | &nbsp;&nbsp;&nbsp;&nbsp; 568788 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 700238 | &nbsp;&nbsp;&nbsp; 6613762 | &nbsp;&nbsp;&nbsp; 330153 | &nbsp;&nbsp;&nbsp;&nbsp; 1170828 | &nbsp;&nbsp; 551832  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee (See Note 6) | 174871 | &nbsp;&nbsp;&nbsp; 2485944 | &nbsp;&nbsp;&nbsp; 92890 | &nbsp;&nbsp;&nbsp;&nbsp; 209316 | &nbsp;&nbsp; 200023  |
|  Fund administration and accounting fees (See Note 6) | 43724 | &nbsp;&nbsp;&nbsp; 119520 | &nbsp;&nbsp;&nbsp; 24619 | &nbsp;&nbsp;&nbsp;&nbsp; 18822 | &nbsp;&nbsp; 29299  |
| Audit fees | 11408 | &nbsp;&nbsp;&nbsp; 14268 | &nbsp;&nbsp;&nbsp; 14599 | &nbsp;&nbsp;&nbsp;&nbsp; 13377 | &nbsp;&nbsp; 12102  |
| Trustees' fees | 10946 | &nbsp;&nbsp;&nbsp; 10897 | &nbsp;&nbsp;&nbsp; 10919 | &nbsp;&nbsp;&nbsp;&nbsp; 10918 | &nbsp;&nbsp; 10817  |
| Transfer agent fees (See Note 6) | 9488 | &nbsp;&nbsp;&nbsp; 209202 | &nbsp;&nbsp;&nbsp; 17062 | &nbsp;&nbsp;&nbsp;&nbsp; 14075 | &nbsp;&nbsp; 8775  |
| Legal fees | 4420 | &nbsp;&nbsp;&nbsp; 6496 | &nbsp;&nbsp;&nbsp; 4878 | &nbsp;&nbsp;&nbsp;&nbsp; 4724 | &nbsp;&nbsp; 4103  |
| Reports to shareholders | 4368 | &nbsp;&nbsp;&nbsp; 25115 | &nbsp;&nbsp;&nbsp; 3182 | &nbsp;&nbsp;&nbsp;&nbsp; 4497 | &nbsp;&nbsp; 2969  |
| Custodian fees (See Note 6) | 3126 | &nbsp;&nbsp;&nbsp; 26463 | &nbsp;&nbsp;&nbsp; 9682 | &nbsp;&nbsp;&nbsp;&nbsp; 2576 | &nbsp;&nbsp; 11321  |
| Compliance fees (See Note 6) | 2014 | &nbsp;&nbsp;&nbsp; 15281 | &nbsp;&nbsp;&nbsp; 546 | &nbsp;&nbsp;&nbsp;&nbsp; 1088 | &nbsp;&nbsp; 993  |
| Shareholder service costs – Retail (See Note 8) |  | &nbsp;&nbsp;&nbsp; 121131 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20932 | &nbsp;&nbsp; —  |
| Distribution expenses – Retail (See Note 7) |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4397 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| Dividends expenses |  | &nbsp;&nbsp;&nbsp; 492248 | &nbsp;&nbsp;&nbsp; 26576 | &nbsp;&nbsp;&nbsp;&nbsp; 192479 | &nbsp;&nbsp; —  |
| Federal and state registration fees |  | &nbsp;&nbsp;&nbsp; 25921 | &nbsp;&nbsp;&nbsp; 17248 | &nbsp;&nbsp;&nbsp;&nbsp; 12187 | &nbsp;&nbsp; —  |
| Other expenses and fees | 9908 | &nbsp;&nbsp;&nbsp; 7759 | &nbsp;&nbsp;&nbsp; 7727 | &nbsp;&nbsp;&nbsp;&nbsp; 4260 | &nbsp;&nbsp; 7100  |
| &nbsp;&nbsp;&nbsp; Total expenses | 274273 | &nbsp;&nbsp;&nbsp; 3560245 | &nbsp;&nbsp;&nbsp; 234025 | &nbsp;&nbsp;&nbsp;&nbsp; 509251 | &nbsp;&nbsp; 287502  |
| &nbsp;&nbsp;&nbsp; Income tax expense (See Note 4) | 3623 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser (See Note 6) | (46941) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (7993) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (27123)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 230955 | &nbsp;&nbsp;&nbsp; 3560245 | &nbsp;&nbsp;&nbsp; 226032 | &nbsp;&nbsp;&nbsp;&nbsp; 509251 | &nbsp;&nbsp; 260379  |
| **Net investment income** | 469283 | &nbsp;&nbsp;&nbsp; 3053517 | &nbsp;&nbsp;&nbsp; 104121 | &nbsp;&nbsp;&nbsp;&nbsp; 661577 | &nbsp;&nbsp; 291453  |
| **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities | 2832768 | &nbsp;&nbsp;&nbsp; 53753021 | &nbsp;&nbsp;&nbsp; 1183692 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 212458  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities | (848) | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Securities sold short |  | &nbsp;&nbsp;&nbsp; (2662216) | &nbsp;&nbsp;&nbsp; (69083) | &nbsp;&nbsp;&nbsp;&nbsp; (506892) | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation |  | &nbsp;&nbsp;&nbsp; 2417 | &nbsp;&nbsp;&nbsp; (1656) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| Net realized gain (loss) | 2831920 | &nbsp;&nbsp;&nbsp; 51093222 | &nbsp;&nbsp;&nbsp; 1112953 | &nbsp;&nbsp;&nbsp;&nbsp; (506892) | &nbsp;&nbsp; 212458  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities | (3600109) | &nbsp;&nbsp;&nbsp; (55472828) | &nbsp;&nbsp;&nbsp; 240562 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (2577555)  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities | (53759)  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Securities sold short |  | &nbsp;&nbsp;&nbsp; 5819864 | &nbsp;&nbsp;&nbsp; 119714 | &nbsp;&nbsp;&nbsp;&nbsp; 1725330 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation |  | &nbsp;&nbsp;&nbsp; (2459) | &nbsp;&nbsp;&nbsp; (874) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; —  |
|  Net change in unrealized appreciation (depreciation) | (3653868) | &nbsp;&nbsp;&nbsp; (49655423) | &nbsp;&nbsp;&nbsp; 359402 | &nbsp;&nbsp;&nbsp;&nbsp; 1725330 | &nbsp;&nbsp; (2577555)  |
| **Net realized and unrealized gain (loss)** | (821948) | &nbsp;&nbsp;&nbsp; 1437799 | &nbsp;&nbsp;&nbsp; 1472355 | &nbsp;&nbsp;&nbsp;&nbsp; 1218438 | &nbsp;&nbsp; (2365097)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(352665) | &nbsp;&nbsp;&nbsp; $4491316 | &nbsp;&nbsp;&nbsp; $1576476 | &nbsp;&nbsp;&nbsp;&nbsp; $1880015 | &nbsp;&nbsp; $(2073644) |

---

The accompanying notes are an integral part of these financial statements.

19<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Leuthold Core ETF & Core Investment Fund** 

**Statements of Changes in Net Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Leuthold Core ETF** | **Leuthold Core ETF** | **Leuthold Core Investment Fund**  | **Leuthold Core Investment Fund**  |
|  | **Period Ended** <br>**March 31, 2026** <br>(Unaudited) | **Year Ended** <br>**September 30,** <br>**2025** | **Period Ended** <br>**March 31, 2026** <br>(Unaudited) | **Year Ended** <br>**September 30,** <br>**2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $469283 | $1189137 | $3053517 | $7593543  |
| &nbsp;&nbsp;&nbsp; Net realized gain | 2831920 | 6886800 | 51093222 | 43705712  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (3653868) | (1824746) | (49655423) | 3450938  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (352665) | 6251191 | 4491316 | 54750193  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (951387) | (1502155) |  | —  |
| &nbsp;&nbsp;&nbsp; From earnings - Institutional |  |  | (22323163) | (20348078)  |
| &nbsp;&nbsp;&nbsp; From earnings - Retail |  |  | (16439679) | (15427273)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (951387) | (1502155) | (38762842) | (35775351)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 7549135 | 20107313 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (9448968) | (42129392) |  | —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional |  |  | 21448510 | 41428032  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Institutional |  |  | 21471586 | 19409922  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional |  |  | (40504673) | (64572675)  |
| &nbsp;&nbsp;&nbsp; Redemption fees - Institutional |  |  | 4561 | 1056  |
| &nbsp;&nbsp;&nbsp; Shares sold - Retail |  |  | 12425976 | 21731768  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Retail |  |  | 16035282 | 15020459  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Retail |  |  | (30224980) | (56870662)  |
| &nbsp;&nbsp;&nbsp; Redemption fees - Retail |  |  | 3396 | 833  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (1899833) | (22022079) | 659658 | (23851267)  |
| **Net decrease in net assets** | (3203885) | (17273043) | (33611868) | (4876425)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 71191500 | 88464543 | 566765251 | 571641676  |
| &nbsp;&nbsp;&nbsp; End of the period | $67987615 | $71191500 | $533153383 | $566765251  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 200000 | 575000 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (250000) | (1200000) |  | —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional |  |  | 919557 | 1820789  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Institutional |  |  | 958722 | 871534  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional |  |  | (1762622) | (2903811)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Retail |  |  | 536248 | 992367  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Retail |  |  | 718890 | 677954  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Retail |  |  | (1304612) | (2572130)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (50000) | (625000) | 66183 | (1113297) |

---

The accompanying notes are an integral part of these financial statements.

20<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LEUTHOLD GLOBAL FUND & GRIZZLY SHORT FUND** 

**Statements of Changes in Net Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Leuthold Global Fund** | **Leuthold Global Fund** | **Leuthold Grizzly Short Fund**  | **Leuthold Grizzly Short Fund**  |
|  | **Period Ended** <br>**March 31, 2026** <br>(Unaudited) | **Year Ended** <br>**September 30,** <br>**2025** | **Period Ended** <br>**March 31, 2026** <br>(Unaudited) | **Year Ended** <br>**September 30,** <br>**2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $104121 | $317520 | $661577 | $2223420  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1112953 | 1702823 | (506892) | (7041405)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 359402 | (419553) | 1725330 | 2545913  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 1576476 | 1600790 | 1880015 | (2272072)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Institutional | (1537214) | (1218357) |  | —  |
| &nbsp;&nbsp;&nbsp; From earnings - Retail | (227941) | (247655) | (699072) | (3570368)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (1765155) | (1466012) | (699072) | (3570368)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional | 700927 | 339717 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Institutional | 1326196 | 1058257 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional | (841319) | (2276343) |  | —  |
| &nbsp;&nbsp;&nbsp; Redemption fees - Institutional | 25 |  |  | —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Retail | 1586136 | 175338 | 12310294 | 23726552  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Retail | 218458 | 233549 | 657701 | 3327317  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Retail | (250729) | (1204225) | (13619886) | (40348846)  |
| &nbsp;&nbsp;&nbsp; Redemption fees - Retail | 6 |  |  | —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 2739700 | (1673707) | (651891) | (13294977)  |
| **Net increase (decrease) in net assets**  | 2551021 | (1538929) | 529052 | (19137417)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 19351935 | 20890864 | 34794220 | 53931637  |
| &nbsp;&nbsp;&nbsp; End of the period | $21902956 | $19351935 | $35323272 | $34794220  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional | 68082 | 36007 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Institutional | 140356 | 115255 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional | (86449) | (236020) |  | —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Retail | 173059 | 18877 | 595041 | 4202417  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Retail | 23648 | 25953 | 31721 | 621548  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Retail | (26227) | (130860) | (665110) | (12334974)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 292469 | (170788) | (38348) | (7511009) |

---

The accompanying notes are an integral part of these financial statements.

21<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LEUTHOLD SELECT INDUSTRIES ETF** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Leuthold Select Industries ETF**  | **Leuthold Select Industries ETF**  |
|  | **Period Ended** <br>**March 31, 2026** <br>(Unaudited) | **Year Ended** <br>**September 30,** <br>**2025**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $291453 | $117338  |
| &nbsp;&nbsp;&nbsp; Net realized gain | 212458 | 2815833  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (2577555) | 1173458  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (2073644) | 4106629  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (691017) | (2060438)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (691017) | (2060438)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 95346433 | 36060301  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions |  | 2028539  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (5056995) | (10799940)  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from capital transactions** | 90289438 | 27288900  |
| **Net increase in net assets** | 87524777 | 29335091  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 44107193 | 14772102  |
| &nbsp;&nbsp;&nbsp; End of the period | $131631970 | $44107193  |
| **SHARES TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 2275000 | 982564  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions |  | 57564  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (125000) | (298880)  |
| &nbsp;&nbsp;&nbsp; **Total increase in shares outstanding** | 2150000 | 741248 |

---

The accompanying notes are an integral part of these financial statements.

22<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Leuthold Core ETF** 

**Financial Highlights** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**March 31, 2026** <br>(Unaudited) | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **Period Ended** <br>**March 31, 2026** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $37.97 | $35.39 | $30.30 | $27.49 | $30.06 | $26.63  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | 0.56 | 0.61 | 0.51 | 0.26 | 0.06  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.46) | 2.66 | 4.99 | 2.52 | (2.76) | 3.55  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp; (0.20) | 3.22 | 5.60 | 3.03 | (2.50) | 3.61  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.52) | (0.64) | (0.51) | (0.22) | (0.07) | (0.18)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.52) | (0.64) | (0.51) | (0.22) | (0.07) | (0.18)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $37.25 | $37.97 | $35.39 | $30.30 | $27.49 | $30.06  |
| Total return<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; -0.55% | 9.25% | 18.67% | 11.03% | -8.34% | 13.59%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $67988 | $71192 | $88465 | $66659 | $35741 | $15030  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/ recoupment<sup>(d)(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | 0.83%<sup>(f)</sup> | 0.71%<sup>(f)</sup> | 0.73% | 0.98% | 1.43%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursement/<br>recoupment<sup>(d)(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.66% | 0.66%<sup>(f)</sup> | 0.66%<sup>(f)</sup> | 0.65% | 0.65% | 0.65%  |
| &nbsp;&nbsp;&nbsp; Ratio of tax expenses to average <br>net assets<sup>(d)(e)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; 0.01% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00%  |
|  Ratio of operational expenses to average net assets excluding tax expense<sup>(d)(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.65% | 0.66% | 0.66% | 0.65% | 0.65% | 0.65%  |
|  Ratio of net investment income (loss) to average net assets<sup>(d)(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.34% | 1.57% | 1.79% | 1.63% | 0.55% | (0.59)%  |
| Portfolio turnover rate<sup>(c)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 18% | 57% | 40% | 50% | 31% | 71% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Annualized for periods less than one year.

<sup>(e)</sup> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

<sup>(f)</sup> The ratio of expenses to average net assets includes other extraordinary expenses. The expense ratios excluding other extraordinary expenses before and after expense reimbursement and recovery were 0.81% and 0.65% for the year ended September 30, 2025, and 0.70% and 0.65% for the year ended September 30, 2024.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

23<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LEUTHOLD CORE INVESTMENT FUND** 

**FINANCIAL HIGHLIGHTS** 

**INSTITUTIONAL** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**March 31, 2026** <br>(Unaudited) | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **Period Ended** <br>**March 31, 2026** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $24.17 | $23.29 | $20.61 | $20.12 | $22.98 | $19.74  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | 0.33 | 0.34 | 0.34 | 0.09 | (0.05)  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | 2.07 | 3.56 | 1.79 | (1.80) | 3.32  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | 2.40 | 3.90 | 2.13 | (1.71) | 3.27  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.11) | (0.39) | (0.31) | (0.20) |  | —  |
| Net realized gains | &nbsp;&nbsp;&nbsp; (1.55) | (1.13) | (0.91) | (1.44) | (1.15) | (0.03)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (1.66) | (1.52) | (1.22) | (1.64) | (1.15) | (0.03)  |
| Redemption fee per share | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $22.67 | $24.17 | $23.29 | $20.61 | $20.12 | $22.98  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 0.78% | 10.96% | 19.71% | 10.83% | -8.08% | 16.56%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $304695 | $321962 | $315274 | $252201 | $258752 | $305516  |
| Ratio of expenses to average net assets<sup>(e)(f)</sup> | &nbsp;&nbsp;&nbsp; 1.25% | 1.26% | 1.31% | 1.29% | 1.26% | 1.26%  |
|  Ratio of dividends, interest, and borrowing expense on securities sold short to average net assets<sup>(e)(f)</sup> | &nbsp;&nbsp;&nbsp; 0.18% | 0.15% | 0.18% | 0.16% | 0.16% | 0.13%  |
|  Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short<sup>(e)(f)</sup> | &nbsp;&nbsp;&nbsp; 1.07% | 1.11% | 1.13% | 1.13% | 1.10% | 1.13%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)(f)</sup> | &nbsp;&nbsp;&nbsp; 1.15% | 1.46% | 1.55% | 1.63% | 0.42% | (0.21)%  |
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 27% | 64% | 40% | 68% | 65% | 41% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(c)</sup> Amount represents less than $0.005 per share.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

The accompanying notes are an integral part of these financial statements.

24<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LEUTHOLD CORE INVESTMENT FUND** 

**FINANCIAL HIGHLIGHTS** 

**RETAIL** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**March 31, 2026** <br>(Unaudited) | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **Period Ended** <br>**March 31, 2026** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $24.08 | $23.16 | $20.51 | $20.03 | $22.91 | $19.70  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | 0.30 | 0.32 | 0.31 | 0.07 | 0.07  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | 2.07 | 3.54 | 1.79 | (1.80) | 3.17  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | 2.37 | 3.86 | 2.10 | (1.73) | 3.24  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.10) | (0.32) | (0.30) | (0.18) |  | —  |
| Net realized gains | &nbsp;&nbsp;&nbsp; (1.55) | (1.13) | (0.91) | (1.44) | (1.15) | (0.03)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (1.65) | (1.45) | (1.21) | (1.62) | (1.15) | (0.03)  |
| Redemption fee per share | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $22.58 | $24.08 | $23.16 | $20.51 | $20.03 | $22.91  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 0.75% | 10.83% | 19.62% | 10.75% | -8.19% | 16.44%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $228459 | $244803 | $256368 | $239838 | $247766 | $286984  |
| Ratio of expenses to average net assets<sup>(e)(f)</sup> | &nbsp;&nbsp;&nbsp; 1.35% | 1.35% | 1.40% | 1.39% | 1.34% | 1.36%  |
|  Ratio of dividends, interest, and borrowing expense on securities sold short to average net assets<sup>(e)(f)</sup> | &nbsp;&nbsp;&nbsp; 0.18% | 0.15% | 0.18% | 0.16% | 0.18% | 0.13%  |
|  Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short<sup>(e)(f)</sup> | &nbsp;&nbsp;&nbsp; 1.17% | 1.20% | 1.22% | 1.23% | 1.16% | 1.23%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)(f)</sup> | &nbsp;&nbsp;&nbsp; 1.05% | 1.37% | 1.46% | 1.53% | 0.33% | (0.31)%  |
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 27% | 64% | 40% | 68% | 65% | 41% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(c)</sup> Amount represents less than $0.005 per share.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

The accompanying notes are an integral part of these financial statements.

25<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LEUTHOLD GLOBAL FUND** 

**FINANCIAL HIGHLIGHTS** 

**INSTITUTIONAL** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**March 31, 2026** <br>(Unaudited) | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **Period Ended** <br>**March 31, 2026** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $10.10 | $10.01 | $9.04 | $8.67 | $9.86 | $8.38  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | 0.16 | 0.16 | 0.19 | 0.12 | (0.04)  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | 0.67 | 1.04 | 0.61 | (1.07) | 1.54  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | 0.83 | 1.20 | 0.80 | (0.95) | 1.50  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.20) | (0.17) | (0.23) | (0.10) | (0.05) | (0.02)  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; (0.71) | (0.57) |  | (0.33) | (0.19) | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.91) | (0.74) | (0.23) | (0.43) | (0.24) | (0.02)  |
| Redemption fee per share | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(c)</sup> |  |  |  |  | 0.00<sup>(c)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $9.93 | $10.10 | $10.01 | $9.04 | $8.67 | $9.86  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 8.13% | 9.05% | 13.40% | 9.26% | -9.90% | 17.96%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $17687 | $16750 | $17462 | $20464 | $20143 | $22939  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/ recoupment<sup>(e)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.23% | 2.31% | 2.06% | 1.91% | 1.87% | 1.90%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/ recoupment<sup>(e)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.15% | 1.96% | 2.05% | 1.91% | 1.87% | 1.95%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(e)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.26% | 0.20% | 0.26% | 0.25% | 0.30% | 0.29%  |
|  Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short<sup>(e)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.89% | 1.76% | 1.79% | 1.66% | 1.57% | 1.66%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.05% | 1.70% | 1.65% | 1.57% | 1.28% | (0.45)%  |
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 23% | 64% | 56% | 67% | 54% | 49% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(c)</sup> Amount represents less than $0.005 per share.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

The accompanying notes are an integral part of these financial statements.

26<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LEUTHOLD GLOBAL FUND** 

**FINANCIAL HIGHLIGHTS** 

**RETAIL** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**March 31, 2026** <br>(Unaudited) | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **Period Ended** <br>**March 31, 2026** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $9.88 | $9.82 | $8.89 | $8.55 | $9.72 | $8.24  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | 0.13 | 0.13 | 0.16 | 0.11 | (0.05)  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | 0.64 | 1.03 | 0.60 | (1.05) | 1.53  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | 0.77 | 1.16 | 0.76 | (0.94) | 1.48  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.17) | (0.14) | (0.23) | (0.09) | (0.04) | —  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; (0.71) | (0.57) |  | (0.33) | (0.19) | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.88) | (0.71) | (0.23) | (0.42) | (0.23) | —  |
| Redemption fee per share | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(c)</sup> |  | 0.00<sup>(c)</sup> |  |  | —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $9.72 | $9.88 | $9.82 | $8.89 | $8.55 | $9.72  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 8.05% | 8.64% | 13.24% | 8.96% | -9.92% | 18.01%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $4216 | $2602 | $3429 | $3837 | $4608 | $5691  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(e)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.45% | 2.54% | 2.31% | 2.16% | 1.96% | 1.97%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(e)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.40% | 2.21% | 2.30% | 2.16% | 1.96% | 2.01%  |
|  Ratio of dividends, interest, and borrowing expense on securities sold short to average net assets<sup>(e)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.25% | 0.20% | 0.26% | 0.25% | 0.31% | 0.23%  |
|  Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short<sup>(e)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.16% | 2.01% | 2.04% | 1.91% | 1.65% | 1.78%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.82% | 1.44% | 1.42% | 1.84% | 1.14% | (0.48)%  |
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 23% | 64% | 56% | 67% | 54% | 49% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(c)</sup> Amount represents less than $0.005 per share.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

The accompanying notes are an integral part of these financial statements.

27<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LEUTHOLD GRIZZLY SHORT FUND** 

**FINANCIAL HIGHLIGHTS** 

**RETAIL** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**March 31, 2026** <br>(Unaudited) | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **Period Ended** <br>**March 31, 2026** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA<sup>(a)</sup>**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $20.39 | $23.40 | $29.56 | $37.00 | $28.60 | $43.28  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income (loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | 1.16 | 1.92 | 1.56 | (0.40) | (0.92)  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | (2.33) | (6.00) | (7.80) | 8.80 | (13.76)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | (1.17) | (4.08) | (6.24) | (8.40) | (14.68)  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.44) | (1.84) | (2.08) | (1.20) |  | —<sup>(d)</sup>  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.44) | (1.84) | (2.08) | (1.20) |  | 0.00  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $21.18 | $20.39 | $23.40 | $29.56 | $37.00 | $28.60  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6.06% | -5.12% | -14.14% | -16.77% | 29.37% | -33.92%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $35323 | $34794 | $53932 | $110330 | $197384 | $60697  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3.04% | 3.00% | 2.91% | 2.71% | 2.68% | 2.93%  |
|  Ratio of dividends, interest, and borrowing expense on securities sold short to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.15% | 1.22% | 1.25% | 1.08% | 1.07% | 1.25%  |
|  Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.89% | 1.78% | 1.66% | 1.63% | 1.61% | 1.68%  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3.95% | 5.25% | 7.11% | 4.99% | (1.22)% | (2.93)%  |
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0% | 0% | 0% | 0% | 0% | 0% |

---

<sup>(a)</sup> During the year ended September 30, 2025, the Fund effected the following reverse split: 1 for 4. All historical per share information has been retroactively adjusted to reflect this reverse split.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Amount represents less than $0.005 per share.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements.

28<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LEUTHOLD SELECT INDUSTRIES ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**March 31, 2026** <br>(Unaudited) | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **Period Ended** <br>**March 31, 2026** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $39.85 | $40.40 | $32.15 | $26.69 | $33.85 | $27.06  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | 0.22 | (0.09) | 0.10 | 0.09 | (0.10)  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | 5.45 | 9.63 | 5.80 | (5.09) | 8.85  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | 5.67 | 9.54 | 5.90 | (5.00) | 8.75  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.15) |  |  | (0.44) | (0.08) | —  |
| Net realized gains | &nbsp;&nbsp;&nbsp; (0.39) | (6.22) | (1.29) |  | (2.08) | (1.96)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.54) | (6.22) | (1.29) | (0.44) | (2.16) | (1.96)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $40.42 | $39.85 | $40.40 | $32.15 | $26.69 | $33.85  |
| Total return<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 2.85% | 16.02% | 30.67% | 22.23% | -16.21% | 34.14%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $131632 | $44107 | $14772 | $13611 | $11965 | $14741  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursement/<br>recoupment<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 0.72% | 1.51%<sup>(e)</sup> | 1.79%<sup>(e)</sup> | 1.87% | 1.86% | 2.03%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursement/<br>recoupment<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 0.65% | 0.83%<sup>(e)</sup> | 1.51%<sup>(e)</sup> | 1.50% | 1.50% | 1.50%  |
|  Ratio of net investment income (loss) to average net assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 0.73% | 0.60% | (0.54)% | (0.04)% | (0.07)% | (0.84)%  |
| Portfolio turnover rate<sup>(c)(f)</sup> | &nbsp;&nbsp;&nbsp; 26% | 78% | 53% | 104% | 106% | 63% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Annualized for periods less than one year.

<sup>(e)</sup> The ratio of expenses to average net assets includes other extraordinary expenses. The expense ratios excluding other extraordinary expenses before and after expense reimbursement and recover were 1.51% and 0.82% for the year ended September 30, 2025 and 1.78% and 1.50% for the year ended September 30, 2024.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

29<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**The Leuthold Funds** 

**Notes to the Financial Statements** 

**March 31, 2026 (Unaudited)** 

&nbsp;&nbsp;&nbsp;&nbsp;1. **Organization** 

Managed Portfolio Series (the "Trust") was organized as a Delaware statutory trust on January 27, 2011. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Leuthold Funds consists of five series (each series a "Fund" and collectively the "Funds"), of which is each is diversified:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Investment Objective** | **Inception –** <br>**Retail** <br>**Share Class** | **Inception –** <br>**Institutional** <br>**Share Class**  |
| Leuthold Core ETF | Capital appreciation and income | 1/6/2020 | n/a  |
| Leuthold Core Investment Fund | Capital appreciation and income | 11/20/1995 | 1/31/2006  |
| Leuthold Global Fund | Capital appreciation and income | 7/1/2008 | 4/30/2008  |
| Leuthold Grizzly Short Fund | Capital appreciation | 6/19/2000 | n/a  |
| Leuthold Select Industries ETF | Capital appreciation | 6/19/2000 | n/a |

---

The Funds are considered investment companies under and follow the accounting and reporting guidance in Accounting Standards Codification Topic 946 – Investment Companies. The Leuthold Group, LLC, doing business as Leuthold Weeden Capital Management, is the investment adviser to the Funds (the "Adviser"). All classes of shares in a Fund have identical voting, dividend, liquidation, and other rights, and the same terms and conditions, except that certain fees and expenses, including distribution and shareholder servicing fees, may differ among classes. Each class has exclusive voting rights on any matters relating to that class's servicing or distribution arrangements.

Shares of the Leuthold Core ETF and Leuthold Select Industries ETF are listed and traded on NYSE Arca, Inc. Market prices for the shares may be different from their net asset value ("NAV"). The Funds issue and redeem shares on a continuous basis at NAV only in blocks of 10,000 shares, called "Creation Units." Creation Units are issued and redeemed principally in-kind for securities included in a specified universe, with cash included to balance to the Creation Unit total. Once created, shares generally trade in the secondary market at market prices that change throughout the day in amounts less than a Creation Unit. Except when aggregated in Creation Units, shares are not redeemable securities of the Funds. Shares of the Funds may only be purchased or redeemed by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participation Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

&nbsp;&nbsp;&nbsp;&nbsp;2. **Significant Accounting Policies** 

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP").

**Securities Valuation – All investments in securities are recorded at their estimated fair value, as described in Note 3.**

**Federal Income Taxes – The Funds intend to comply with the requirements of subchapter M of the Internal Revenue Code of 1986, as amended, necessary to qualify as regulated investment companies and distribute substantially all net taxable investment income and net realized gains to shareholders in a manner which results in no tax cost to the Funds. Therefore, no federal income tax provision is required. As of and during the period ended March 31, 2026, the Funds did not have any tax positions that did not meet the "more-likely-than-not" threshold of being sustained by the applicable tax authority. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expense in the Statement of Operations. As of and during the period ended March 31, 2026, the Funds did not have liabilities for any unrecognized tax benefits. The Fund is not subject to examination by U.S. tax authorities for tax years prior to the year ended September 30, 2022.** 

30<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**The Leuthold Funds** 

**Notes to the Financial Statements** 

**March 31, 2026 (Unaudited)(Continued)** 

Update 2023-09, *Income Taxes (Topic 740) Improvements to Income Tax Disclosures* ("ASU 2023-09"). Adoption of the new standard by the Funds impacted financial statement disclosures only and did not affect the Funds' financial position or results of operations. A disaggregation of income taxes paid by jurisdiction is presented when significant income taxes are paid. Income taxes paid by the Funds for the year were determined to not be significant.

**Securities Transactions, Income and Distributions *–* Securities transactions are accounted for on the date the securities are purchased or sold (trade date). Realized gains and losses are reported on a specific identified cost basis. Interest income is recognized on an accrual basis, including amortization of premiums and accretion of discounts. Dividend income and distributions are recorded on the ex-dividend date. Withholding taxes on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable country's tax rules and regulations. Distributions received from the Funds' investments generally are comprised of ordinary income and return of capital. The Funds allocate distributions between investment income and return of capital based on estimates made at the time such distributions are received. Such estimates are based on information provided by each portfolio company and other industry sources. These estimates may subsequently be revised based on actual allocations received from the portfolio companies after their tax reporting periods are concluded, as the actual character of these distributions is not known until after the fiscal year end of the Funds. Discounts and premiums on securities purchased are amortized over the expected life of the respective securities using the constant yield method.** 

Core Investment Fund, Global Fund, and Grizzly Short Fund will make distributions of net investment income, if any, quarterly. Core ETF and Select Industries ETF will make distributions of net investment income, if any, annually. Each Fund make distributions of net realized capital gains, if any, annually. The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, GAAP requires that they be reclassified in the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations or net asset values per share of the Funds.

**Foreign Currency – Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments and translations of foreign currency. The Funds report net realized foreign exchange gains or losses that arise from sales of foreign currencies and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds' books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.** 

**Use of Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.** 

**Allocation of Income, Expenses and Gains/Losses – Income, expenses (other than those deemed attributable to a specific share class), and gains and losses of the Funds are allocated daily to each class of shares based upon the ratio of net assets represented by each class as a percentage of the net assets of each Fund. Expenses deemed directly attributable to a class of shares are recorded by the specific class. Most Fund expenses are allocated by class based on relative net assets. Trust expenses associated with a specific fund in the Trust are charged to that fund. Common Trust expenses are typically allocated evenly between the funds of the Trust, or by other equitable means.** 

**Securities Sold Short – For financial statement purposes, an amount equal to the required amount of collateral to be segregated for securities sold short is included in the Statements of Assets and Liabilities as an asset. The amount of the securities sold short, shown as a liability, is subsequently marked-to-market to reflect the current value of the** 

31<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**The Leuthold Funds** 

**Notes to the Financial Statements** 

**March 31, 2026 (Unaudited)(Continued)** 

securities sold short. Subsequent fluctuations in the market prices of securities sold short may require purchasing the securities at prices which could differ from the amount reflected in the Statements of Assets and Liabilities. The Funds are liable for any dividends or interest payable on securities sold short. The Funds will suffer a loss if they sell a security short and the value of the security rises rather than falls; additionally, the Funds may be subject to expenses such as costs of borrowing and margin account maintenance. Since there is no maximum attainable price for a stock, short selling could result in unlimited loss. As collateral for their securities sold short, the Funds are required under the 1940 Act to maintain segregated assets consisting of cash, cash equivalents, or liquid securities. These segregated assets are valued consistent with Note 3. The amount of segregated assets is required to be adjusted daily to reflect changes in the fair value of the securities sold short. The Leuthold Core Investment Fund, Leuthold Global Fund, and Leuthold Grizzly Short Fund's collateral at broker for securities sold short is with one major international security dealer.

With regard to the cash collateral that is posted with counterparties, the Funds have established a collateral account for each respective counterparty with its custodian (the "Account") and have entered into a tri-party agreement with the custodian and the respective counterparty regarding the transfer of assets to and from the Account.

The Adviser reviews each Account on a daily basis to ensure that the Account does not maintain a material amount of cash collateral in excess of what is required by the applicable counterparty (the amount of collateral required by such counterparty is subject to change and generally not known until the next business day, which necessitates the maintenance of a minimum amount of excess cash collateral). In the event that the excess cash collateral in an Account is equal to or in excess of the greater of the following: $250,000 or 3% of the total assets of the applicable Fund calculated at each month end; then the applicable Fund, pursuant to the tri-party agreement, will instruct the custodian to sweep such excess cash collateral into the Fund's interest bearing account with the custodian. The amount of collateral held related to this tri-party agreement is included in the Statements of Assets and Liabilities as an asset.

Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures with respect to the financial statements and disclosures and determined there is no material impact for the Fund. The Fund operates as a single segment entity. The Fund's income, expenses, assets, and performance are regularly monitored and assessed by the Chief Compliance Officer at the Advisor, who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.

3. Securities Valuation

The Funds have adopted fair value accounting standards, which establish an authoritative 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:

Level 1 –

Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have 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 Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

Following is a description of the valuation techniques applied to each Fund's major categories of assets and liabilities measured at fair value on a recurring basis. Each Fund's investments are carried at fair value.

**Common Stock – Securities that are primarily traded on a national securities exchange are valued at the last sale price on the exchange on which they are primarily traded on the day of valuation or, if there has been no sale on such day, at the mean between the bid and ask prices. Securities traded primarily on the Nasdaq Global Market System for which market quotations are readily available are valued using the Nasdaq Official Closing Price ("NOCP"). If the** 

32<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**The Leuthold Funds** 

**Notes to the Financial Statements** 

**March 31, 2026 (Unaudited)(Continued)** 

NOCP is not available, such securities are valued at the last sale price on the day of valuation, or if there has been no sale on such day, at the mean between the bid and ask prices. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy.

In the case of foreign securities, the occurrence of events after the close of foreign markets, but prior to the time the Funds' NAV is calculated will result in an adjustment to the trading prices of foreign securities when foreign markets open on the following business day. The Funds will value foreign securities at fair value, taking into account such events in calculating the NAV. In such cases, use of fair valuation can reduce an investor's ability to seek to profit by estimating the Funds' NAV in advance of the time the NAV is calculated. Foreign securities, and those listed on a U.S. exchange, have an adjustment applied to their trade price and therefore are automatically deemed to be in Level 2 of the fair value hierarchy.

**Exchange-Traded Funds – Exchange-traded funds ("ETFs") are valued at the last reported sale price on the exchange on which the security is principally traded. If, on a particular day, an ETF does not trade, then the mean between the most recent quoted bid and asked prices will be used. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy.** 

**Fixed Income Securities – Fixed income securities, including asset-backed, corporate, mortgage-backed, municipal bonds, and U.S. government & agency securities, are valued at fair value on the basis of valuations furnished by an independent pricing service which utilizes both dealer-supplied valuations and formula-based techniques. The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer. Fixed income securities are categorized in Level 2 of the fair value hierarchy.** 

**Short-Term Investments – U.S. government securities are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. These securities are valued principally using dealer quotations. U.S. government securities are categorized in Level 2 of the fair value hierarchy depending on the inputs used and market activity levels for specific securities.** 

The Board of Trustees (the "Board") has adopted a pricing and valuation policy for use by the Fund and its Valuation Designee (as defined below) in calculating the Fund's NAV. Pursuant to Rule 2a-5 under the 1940 Act, the Fund has designated the Adviser as its "Valuation Designee" to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee is authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed the prices obtained from brokers and dealers or independent pricing services are unreliable.

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 securities as of March 31, 2026:

**Leuthold Core ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | $57104642 | $— | $— | $57104642  |
| **Total Investments** | $57104642 | $— | $— | $57104642 |

---

33<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**The Leuthold Funds** 

**Notes to the Financial Statements** 

**March 31, 2026 (Unaudited)(Continued)** 

**Leuthold Core Investment Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $342731078 | $— | $0<sup>(a)(b)</sup> | $342731078  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | 48816750 |  |  | 48816750  |
| &nbsp;&nbsp;&nbsp; Foreign Government Debt Obligations |  | 11040764 |  | 11040764  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities |  | 10116129 |  | 10116129  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 14956983 |  | 14956983  |
| **Total Investments** | $391547828 | $36113876 | $0<sup>(a)(b)</sup> | $427661704  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $(47495550) | $— | $— | $(47495550)  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | (42575176) |  |  | (42575176)  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts | (1490595) |  |  | (1490595)  |
| **Total Investments** | $(91561321) | $— | $— | $(91561321) |

---

<sup>(a)</sup> Amount is less than $0.50.

<sup>(b)</sup> Management has determined transfers into/out of level 3 and the value of level 3 investments at year end to be immaterial to the Fund.

**Leuthold Global Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $8530489 | $5406591 | $0<sup>(a)(b)</sup> | $13937080  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | 1307074 |  |  | 1307074  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities |  | 500896 |  | 500896  |
| &nbsp;&nbsp;&nbsp; Foreign Government Debt Obligations |  | 398610 |  | 398610  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 498566 |  | 498566  |
| **Total Investments** | $9837563 | $6804663 | $0<sup>(a)(b)</sup> | $16642226  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | $(2800171) | $— | $— | $(2800171)  |
| &nbsp;&nbsp;&nbsp; Common Stocks | (1092103) |  |  | (1092103)  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts - Common | (34328) |  |  | (34328)  |
| **Total Investments** | $(3926602) | $— | $— | $(3926602) |

---

<sup>(a)</sup> Amount is less than $0.50.

<sup>(b)</sup> Management has determined transfers into/out of level 3 and the value of level 3 investments at year end to be immaterial to the Fund.

34<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**The Leuthold Funds** 

**Notes to the Financial Statements** 

**March 31, 2026 (Unaudited)(Continued)** 

**Leuthold Grizzly Short Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills | $— | $4985661 | $— | $4985661  |
| **Total Investments** | $— | $4985661 | $— | $4985661  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $(21891142) | $— | $— | $(21891142)  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | (10856877) |  |  | (10856877)  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts - Common | (687267) |  |  | (687267)  |
| **Total Investments** | $(33435286) | $— | $— | $(33435286) |

---

**Leuthold Select Industries ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $130236563 | $— | $— | $130236563  |
| **Total Investments** | $130236563 | $— | $— | $130236563 |

---

Refer to each Fund's Schedule of Investments and/or Schedule of Securities Sold Short for further industry classification.

&nbsp;&nbsp;&nbsp;&nbsp;4. **Federal Tax Information** 

As of September 30, 2025, the Funds' most recent fiscal year end, the cost basis of investments for federal income tax purposes and the components of securities' appreciation for federal income tax purposes were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Leuthold** <br>**Core ETF** | **Leuthold Core** <br>**Investment Fund** | **Leuthold Global**<br>**Fund** | **Leuthold Grizzly** <br>**Short Fund** | **Leuthold Select**<br>**Industries ETF**  |
| Federal Income Tax Cost | $55624382 | $243480246 | $11741118 | $(28678565) | $36014576  |
| Unrealized Appreciation | 11267941 | 175255538 | 4131952 | 2892594 | 7559967  |
| Unrealized Depreciation | (2008383) | (2961166) | (1379654) | (937130) | (524326)  |
| Net Appreciation | $9259558 | $172294372 | $2752298 | $1955464 | $7035641 |

---

The differences between book and tax basis of unrealized appreciation (depreciation) are primarily attributable to the tax deferral of losses on wash sales and passive foreign investment company transactions.

35<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**The Leuthold Funds** 

**Notes to the Financial Statements** 

**March 31, 2026 (Unaudited)(Continued)** 

At September 30, 2025, the Funds' most recent fiscal year end, the components of accumulated earnings (deficit) for federal income tax purposes were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Leuthold** <br>**Core ETF** | **Leuthold Core** <br>**Investment Fund** | **Leuthold Global**<br>**Fund** | **Leuthold Grizzly** <br>**Short Fund** | **Leuthold Select**<br>**Industries ETF**  |
| Undistributed Ordinary Income | $722085 | $128107 | &nbsp;&nbsp; $107857 | $203720 | $95101  |
| Undistributed long-term gains |  | 36207415 | &nbsp;&nbsp; 1365430 |  | 318108  |
| Distributable earnings | 722085 | 36335522 | &nbsp;&nbsp; 1473287 | 203720 | 413209  |
| &nbsp;&nbsp;&nbsp; Capital loss carryover and <br>late-year losses | (717750) |  | &nbsp;&nbsp; — | (388410472) | —  |
| Other accumulated gains (losses) |  | 556 | &nbsp;&nbsp; 832 |  | —  |
|  Unrealized appreciation (depreciation)  | 9259558 | 172294372 | &nbsp;&nbsp; 2752298 | 1955464 | 7035641  |
|  Total accumulated earnings (deficit) | $9263893 | $208630450 | &nbsp;&nbsp; $4226417 | $(386251288) | $7448850 |

---

Under current law, the Funds may carry forward net capital losses indefinitely to use to offset capital gains realized in future years. Capital losses realized will carry forward retaining their classification as long-term or short-term losses. As of September 30, 2025, these amounts were:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Leuthold** <br>**Core ETF** | **Leuthold Core** <br>**Investment Fund** | **Leuthold Global**<br>**Fund** | **Leuthold Grizzly** <br>**Short Fund** | **Leuthold Select**<br>**Industries ETF** |
| Unlimited Short-Term | $(592671) | $— | $— | $(388410472) | $—  |
| Unlimited Long-Term | (125079) |  |  |  |  |

---

The Funds did not have any late-year losses incurred during the fiscal year ended September 30, 2025, as arising on the first day of the fiscal year ending September 30, 2025. The Funds also did not have any post-October losses. No Funds utilized capital loss carryforwards during the year ended September 30, 2025.

The tax character of distributions paid during the period ended March 31, 2026, and the year ended September 30, 2025:

**Period Ended March 31, 2026** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Leuthold Core**<br>**ETF** | **Leuthold Core**<br>**Investment Fund** | **Leuthold Global**<br>**Fund** | **Leuthold Grizzly** <br>**Short Fund** | **Leuthold Select**<br>**Industries ETF**  |
| **Distributions Paid from:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Ordinary Income\* | &nbsp;&nbsp; $951387 | $2555267 | &nbsp;&nbsp; $399714 | &nbsp;&nbsp;&nbsp; $699072 | &nbsp;&nbsp;&nbsp; $196277  |
| &nbsp;&nbsp;&nbsp; Long Term Capital Gain\*\* | &nbsp;&nbsp; — | 36207575 | &nbsp;&nbsp; 1365441 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 494740  |
| **Total Distributions Paid** | &nbsp;&nbsp; $951387 | $38762842 | &nbsp;&nbsp; $1765155 | &nbsp;&nbsp;&nbsp; $699072 | &nbsp;&nbsp;&nbsp; $691017 |

---

**Year Ended September 30, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Leuthold Core**<br>**ETF** | **Leuthold Core**<br>**Investment Fund** | **Leuthold Global**<br>**Fund** | **Leuthold Grizzly** <br>**Short Fund** | **Leuthold Select**<br>**Industries ETF** |
| **Distributions Paid from:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Ordinary Income\* | $1502155  | $8600106 | &nbsp;&nbsp; $339274 | &nbsp;&nbsp; $3570368 | $274998  |
| &nbsp;&nbsp;&nbsp; Long Term Capital Gain\*\* |  | 27175245  | &nbsp;&nbsp; 1126738 | &nbsp;&nbsp; — | 1785440  |
| **Total Distributions Paid** | $1502155  | $35775351  | &nbsp;&nbsp; $1466012 | &nbsp;&nbsp; $3570368 | $2060438 |

---

\* For federal income tax purposes, distributions of short-term capital gains are treated as ordinary income distributions.

\*\* The Funds designate as long-term capital gain distributions, pursuant to Internal Revenue Code Section 852(b)(3)(c).

36<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**The Leuthold Funds** 

**Notes to the Financial Statements** 

**March 31, 2026 (Unaudited)(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;5. **Investment Transactions** 

Purchases and sales of investment securities, other than short-term investments, U.S. Government securities, and securities sold short, for the period ended March 31, 2026 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Leuthold Core** <br>**ETF** | **Leuthold Core** <br>**Investment Fund** | **Leuthold Global** <br>**Fund** | **Leuthold Select** <br>**Industries ETF**  |
| Purchases  | $20092396 | $123209133 | &nbsp;&nbsp; $3944408 | $116262189  |
| Sales | 27049746 | 176330494 | &nbsp;&nbsp; 5717830 | 26709888 |

---

Purchases and sales of U.S. Government securities for the period ended March 31, 2026 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Leuthold Core** <br>**ETF** | **Leuthold Core** <br>**Investment Fund** | **Leuthold Global** <br>**Fund** | **Leuthold Select** <br>**Industries ETF**  |
| Purchases  | $— | $— | &nbsp;&nbsp; $— | $—  |
| Sales |  |  | &nbsp;&nbsp; — |  |

---

During the period ended March 31, 2026, in-kind transactions associated with creations and redemptions were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales**  |
| Leuthold Core ETF | $7019522 | $8685597  |
| Leuthold Select Industries ETF | 93891671 | 4978524 |

---

During the period ended March 31, 2026, net capital gains resulting from in-kind redemptions were as follows:

---

| | |
|:---|:---|
| Leuthold Core ETF | $2217370  |
| Leuthold Select Industries ETF | 1547321 |

---

There were no purchases or sales of investment securities in the Leuthold Grizzly Short Fund because this Fund invests only in securities sold short.

&nbsp;&nbsp;&nbsp;&nbsp;6. **Investment Advisory and Other Transactions with Affiliates** 

Each of the Funds has entered into an Investment Advisory Agreement ("advisory agreement") with the Adviser. Pursuant to its advisory agreement with the Funds, the Adviser is entitled to receive a fee, calculated daily as applied to each Fund's average daily net assets and payable monthly, at annual rates of:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Leuthold Core** <br>**ETF** | **Leuthold Core** <br>**Investment Fund** | **Leuthold Global** <br>**Fund** | **Leuthold Grizzly** <br>**Short Fund** | **Leuthold Select** <br>**Industries ETF**  |
| 0.50% | 0.90% | 0.90% | 1.25% | 0.50% |

---

The Adviser has agreed to waive its advisory fee and/or reimburse the Funds' other expenses, to the extent necessary to ensure that the Funds' total operating expenses (exclusive of interest, taxes, brokerage commissions, dividends, interest on securities sold short, acquired fund fees and expenses, and extraordinary items) do not exceed the following rates, based on each Fund's average daily net assets:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Leuthold Core** <br>**ETF** | **Leuthold Core** <br>**Investment Fund** | **Leuthold Global** <br>**Fund** | **Leuthold Grizzly** <br>**Short Fund** | **Leuthold Select** <br>**Industries ETF**  |
| 0.65% | 1.25% | 1.85% | 2.50% | 0.65% |

---

Any waiver or reimbursement is subject to later adjustments to allow the Adviser to recoup amounts previously waived or reimbursed to the extent actual fees and expenses for a fiscal period are less than each Fund's expense limitation, provided, however, that the recoupment period for the Adviser is limited to thirty-six months from the time the expenses were waived or incurred and is limited to the lesser of (1) the expense cap in effect at the time of the waiver, and (2) the expense cap in effect at the time of recapture.

37<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**The Leuthold Funds** 

**Notes to the Financial Statements** 

**March 31, 2026 (Unaudited)(Continued)** 

Amounts subject to future recoupment as of March 31, 2026 are as follows:

**Leuthold Core ETF** 

---

| | |
|:---|:---|
| **Month of** <br>**Expiration** | **Recoverable** <br>**Amount**  |
| 9/30/2026 | $26310  |
| 9/30/2027 | 45007  |
| 9/30/2028 | 122390  |
| 3/31/2029 | 46941 |

---

**Leuthold Global Fund** 

---

| | |
|:---|:---|
| **Month of** <br>**Expiration** | **Recoverable** <br>**Amount**  |
| 9/30/2027 | &nbsp;&nbsp; $1816  |
| 9/30/2028 | &nbsp;&nbsp; 65309  |
| 3/31/2029 | &nbsp;&nbsp; 7993 |

---

**Leuthold Select Industries ETF** 

---

| | |
|:---|:---|
| **Month of** <br>**Expiration** | **Recoverable** <br>**Amount**  |
| 9/30/2026 | $52137  |
| 9/30/2027 | 48594  |
| 9/30/2028 | 133375  |
| 3/31/2029 | 27123 |

---

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services" or the "Administrator") acts as the Funds' Administrator, Transfer Agent and fund accountant. U.S. Bank, N.A. (the "Custodian") serves as the custodian to the Funds. The Custodian is an affiliate of the Administrator. The Administrator performs various administrative and accounting services for the Funds. The Administrator prepares various federal and state regulatory filings, reports and returns for the Funds; prepares reports and materials to be supplied to the Trustees; monitors the activities of the Funds' custodian; coordinates the payment of the Funds' expenses and reviews the Funds' expense accruals. Fees paid by the Funds for administration and accounting, transfer agency, custody, and compliance services for the period ended March 31, 2026 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Core ETF** | **Core**<br>**Investment** <br>**Fund** | **Global** <br>**Fund** | **Grizzly**<br>**Short** <br>**Fund** | **Select**<br>**Industries**<br>**ETF**  |
| Expense<br>|  |  |  |  |  |
| Fund Administration & Accounting | $43724 | $119520 | $24619 | $18822 | $29299  |
| Transfer Agency | 9488 | 209202 | 17062 | 14075 | 8775  |
| Custody | 3126 | 26463 | 9682 | 2576 | 11321  |
| Chief Compliance Officer | 2014 | 15281 | 546 | 1088 | 993 |

---

38<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**The Leuthold Funds** 

**Notes to the Financial Statements** 

**March 31, 2026 (Unaudited)(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;7. **Affiliated Company Transactions** 

The Leuthold Core ETF had the following investments in affiliates during the period ended March 31, 2026.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment Security**  | **9/30/25** <br>**Share** <br>**Balance**  | **Gross** <br>**Additions**  | **Purchases** <br>**In-Kind**  | **Gross** <br>**Reductions**  | **Redemptions** <br>**In-Kind**  | **Realized** <br>**Gain** <br>(Loss)  | **Distributions** <br>**Received**  | **3/31/26** <br>**Share** <br>**Balance**  | **3/31/26** <br>**Value**  | **Net Change** <br>**in Unrealized** <br>**Appreciation/** <br>**Depreciation**  |
|  Leuthold Select Industries ETF | &nbsp;&nbsp;&nbsp; —  | $1436304  | $19593  | $(18532)  | &nbsp;&nbsp; $(18532)  | $(848)  | &nbsp;&nbsp; $—  | 33700  | $1363165  | &nbsp;&nbsp; $(53759) |

---

&nbsp;&nbsp;&nbsp;&nbsp;8. **Distribution Plan** 

The Leuthold Global Fund – Retail Class has adopted a distribution plan pursuant to Rule 12b-1 under the 1940 Act, whereby Quasar Distributors, LLC, which serves as distributor. This plan allows the Fund to use up to 0.25% of its average daily net assets to pay sales, distribution, and other fees for the sale of its shares and for services provided to investors. The Fund may pay all or a portion of this fee to any securities dealer, financial institution, or any other person who renders personal service to the Fund's shareholders, assists in the maintenance of the Fund's shareholder accounts, or who renders assistance in distributing or promoting the sale of shares of the Fund pursuant to a written agreement approved by the Trustees. To the extent such fee is not paid to such persons, the Fund may use the fee for its expenses of distribution of its shares, including, but not limited to, payment by the Fund of the cost of preparing, printing, and distributing Prospectuses and Statements of Additional Information to prospective investors and of implementing and operating the plan.

&nbsp;&nbsp;&nbsp;&nbsp;9. **Sub-Transfer Agent and Shareholder Servicing Fee Plans** 

The Funds are permitted to pay sub-transfer agent fees for various platform agreement not to exceed 0.15% of the Funds' average daily net assets. In addition, the Retail Class shares of the Leuthold Core Investment Fund and Leuthold Grizzly Short Fund have adopted a Shareholder Service Fee Plan not to exceed 0.15% of these Funds' Retail Class shares average daily net assets. These fees are used to finance certain activities related to servicing and maintaining shareholder accounts. Sub-transfer agent and shareholder servicing fees incurred by the Funds are disclosed in the Statements of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;10. **Control Ownership** 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the Investment Company Act of 1940. As of March 31, 2026, each Fund's percentage of control ownership positions greater than 25% are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Shareholder** | **Percent of** <br>**Shares Held** | **Type of** <br>**Ownership**  |
| Core Investment Fund | Charles Schwab | &nbsp;&nbsp;&nbsp; 39.47% | Record  |
| Global Fund | Charles Schwab | &nbsp;&nbsp;&nbsp; 28.09% | Record  |
| Grizzly Short Fund | Charles Schwab | &nbsp;&nbsp;&nbsp; 31.17% | Record |

---

39<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**The Leuthold Funds** 

**Additional Information (Unaudited)** 

**Availability of Fund Portfolio Information** 

The Funds file complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Part F of Form N-PORT. The Funds' Part F of Form N-PORT is available on the SEC's website at www.sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-732-0330. The Funds' Part F of Form N-PORT may also be obtained by calling toll-free 1-800-273-6886.

**Availability of Proxy Voting Information** 

A description of the Funds' Proxy Voting Policies and Procedures is available without charge, upon request, by calling 1-800-273-6886. Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, is available (1) without charge, upon request, by calling 1-800-273-6886, or (2) on the SEC's website at www.sec.gov.

**ADDITIONAL REQUIRED DISCLOSURE FROM FORM N-CSR** 

**Changes in and Disagreements with Accountants for Open-End Investment Companies.** 

There were no changes in or disagreements with accountants during the period covered by this report.

**Proxy Disclosure for Open-End Investment Companies.** 

There were no matters submitted to a vote of shareholders during the period covered by this report.

**Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.** 

See the Statement of Operations.

**Statement Regarding Basis for Approval of Investment Advisory Contract.** 

**APPROVAL OF INVESTMENT ADVISORY AGREEMENT – The Leuthold Group, LLC** 

**(d/b/a Leuthold Weeden Capital Management)** 

At the regular meeting of the Board of Trustees of Managed Portfolio Series ("Trust") on February 17-18, 2026, the Trust's Board of Trustees ("Board"), including all of the trustees ("Trustees") who are not "interested persons" of the Trust, as that term is defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended ("Independent Trustees"), considered and approved the continuation of the Investment Advisory Agreement ("Investment Advisory Agreement") between the Trust and The Leuthold Group, LLC (d/b/a Leuthold Weeden Capital Management) ("Leuthold" or the "Adviser") regarding the Leuthold Core Investment Fund, Leuthold Global Fund, Leuthold Grizzly Short Fund, Leuthold Core ETF, and Leuthold Select Industries ETF (each a "Fund" or collectively, the "Funds") for another annual term.

Prior to the meeting and at a meeting held on January 6, 2026, the Trustees received and considered information from Leuthold and the Trust's administrator designed to provide the Trustees with the information necessary to evaluate the continuance of the Investment Advisory Agreement ("Support Materials"). Before voting to approve the continuance of the Investment Advisory Agreement, the Trustees reviewed the Support Materials with Trust management and with counsel to the Independent Trustees and received a memorandum and advice from such counsel discussing the legal standards for the Trustees' consideration of the renewal of the Investment Advisory Agreement. This information, together with the information provided to the Board throughout the course of the year, formed the primary (but not exclusive) basis for the Board's determinations.

In determining whether to continue the Investment Advisory Agreement, the Trustees considered all factors they believed relevant including the following with respect to each Fund: (1) the nature, extent, and quality of the services provided by Leuthold with respect to the Fund; (2) the Fund's historical performance as managed by Leuthold; (3) the costs of the services provided by Leuthold and the profits realized by Leuthold from services rendered to the Fund; (4) comparative fee and expense data for the Fund and other investment companies with similar investment objectives; (5) the extent to which economies of scale may be realized as the Fund grows, and whether the advisory fee for the Fund reflects such economies of scale for the Fund's benefit; and (6) other benefits to Leuthold resulting from its relationship with the Fund. In their deliberations, the Trustees weighed to varying degrees the importance of the information

40<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**The Leuthold Funds** 

**Additional Information (Unaudited)(Continued)** 

provided to them and did not identify any particular information that was all-important or controlling. The Board considered the information and made its determinations for each Fund separately and independently of the other Fund.

Based upon the information provided to the Board throughout the course of the year, including a presentation to the Board by representatives from Leuthold, and the Support Materials, the Board concluded that the overall arrangements between the Trust and Leuthold as set forth in the Investment Advisory Agreement, as the agreement relates to each Fund, continue to be fair and reasonable in light of the services that Leuthold performs, the investment advisory fees that each Fund pays Leuthold for such services, and such other matters as the Trustees considered relevant in the exercise of their reasonable business judgment. The material factors and conclusions that formed the basis of the Trustees' determination to approve the continuation of the Investment Advisory Agreement, as it relates to each Fund, are summarized below.

**Nature, Extent and Quality of Services Provided. The Trustees considered the scope of services that Leuthold provides under the Investment Advisory Agreement with respect to each Fund, noting that such services include, but are not limited to, the following: (1) investing the Fund's assets consistent with the Fund's investment objective and investment policies; (2) determining the portfolio securities to be purchased, sold, or otherwise disposed of, and the timing of such transactions; (3) voting proxies, if any, with respect to the Fund's portfolio securities; (4) maintaining the required books and records for transactions that Leuthold effected on behalf of the Fund; (5) selecting broker-dealers to execute orders on behalf of the Fund; and (6) monitoring and maintaining the Fund's compliance with policies and procedures of the Trust and with applicable securities laws. The Trustees reviewed Leuthold's financial statements, assets under management and capitalization. In that regard, the Trustees concluded that Leuthold had sufficient resources to support the management of the Funds. The Trustees considered the experience of each Fund's portfolio managers, one of whom has managed each Fund since its inception date. The Trustees concluded that they were satisfied with the nature, extent and quality of services that Leuthold provides to each Fund under the Investment Advisory Agreement.** 

**Fund Historical Performance and the Overall Performance of Leuthold. In assessing the quality of the portfolio management delivered by Leuthold, the Trustees reviewed the short-term and longer-term performance of each Fund on both an absolute basis and in comparison to an appropriate securities benchmark index, the Fund's Morningstar category ("Category") as well as a smaller sub-set of peer funds ("Cohort"), and each Fund's respective composite of separate accounts that Leuthold manages utilizing similar investment strategies. When reviewing each Fund's performance against its Category and Cohort, the Trustees took into account that the investment objective and strategies of the Fund, as well as the Fund's level of risk tolerance, may differ significantly from funds in its Category and Cohort.** 

&nbsp;&nbsp;&nbsp;&nbsp;• **Leuthold Core Investment Fund.** The Trustees considered that the Fund had outperformed its Category and Cohort averages, as well as its benchmark
 index, for the one-, three-, five-, and ten-year periods ended September 30, 2025, but had underperformed an additional index for
 all periods presented ended September 30, 2025. The Trustees noted the Fund had achieved positive total returns over all periods
 presented as of September 30, 2025. The Trustees then observed that the Fund's performance was generally consistent with the
 performance of a composite of similar accounts managed by Leuthold over all time periods presented.

&nbsp;&nbsp;&nbsp;&nbsp;• **Leuthold Global Fund.** The Trustees considered that the Fund had outperformed its Cohort average for the one-, three-, and five-year periods, but
 underperformed for the ten-year period, all ended September 30, 2025. The Trustees also considered that the Fund had underperformed
 its Category average for the all periods presented ended September 30, 2025. The Trustees also considered that the Fund's Institutional
 Class had underperformed its benchmark index for all periods presented ended September 30, 2025, but had outperformed an additional
 index for all periods presented ended September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• **Leuthold Grizzly Short Fund.** The Trustees considered that the Fund had underperformed its Cohort average for all periods presented ended September 30,
 2025. The Trustees also considered that the Fund had underperformed its benchmark index for all periods presented ended September 30,
 2025. The Trustees observed that all of the Fund's Cohort funds, and the benchmark index, included long equity exposures,
 whereas the Fund included only short positions.

41<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**The Leuthold Funds** 

**Additional Information (Unaudited)(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;• **Leuthold Core ETF.** The Trustees considered that the Fund had outperformed its Cohort average for all periods presented ended September 30,
 2025, and had outperformed the Category average for the one-, three-, and five-year periods ended September 30, 2025. The Trustees
 also considered that the Fund had outperformed its benchmark index for all periods considered ended September 30, 2025, but had underperformed
 an additional index for all periods considered ended September 30, 2025. The Trustees then observed that the Fund's performance
 was generally consistent with the performance of a composite of similar accounts managed by Leuthold over all time periods presented.

&nbsp;&nbsp;&nbsp;&nbsp;• **Leuthold Select Industries ETF.** The Trustees considered that the Fund had outperformed its Cohort and Category averages for all periods considered
 ended September 30, 2025. The Trustees also considered that the Fund had underperformed its benchmark for all periods considered
 ended September 30, 2025, but had outperformed two additional indexes for all periods presented. The Trustees then observed that
 the Fund's performance was generally consistent with the performance of a composite of similar accounts managed by Leuthold over
 all time periods presented.

**Cost of Advisory Services and Profitability. The Trustees considered the annual advisory fee that each Fund pays to Leuthold under the Investment Advisory Agreement, as well as Leuthold's profitability from services that Leuthold rendered to each Fund under the Investment Advisory Agreement during the 12-month period ended September 30, 2025. The Trustees also noted favorably that Leuthold had agreed to continue the expense limitation agreement under which Leuthold contractually agreed to reduce its advisory fees and, if necessary, reimburse each Fund for operating expenses, as specified in the Funds' prospectus, and noted that Leuthold had waived a portion of its advisory fee for the Leuthold Global Fund, Leuthold Core ETF, and Leuthold Select Industries ETF during its most recent fiscal year. The Trustees also considered the management fees Leuthold charges to separately managed accounts with investment strategies similar to those of the Fund. They observed that Leuthold charges management fees that range above and below the management fee charged to each Fund, depending on assets under management. The Trustees considered the reasonableness of Leuthold's profits from its service relationship with each Fund.** 

**Comparative Fee and Expense Data. The Trustees considered a comparative analysis of the contractual expenses borne by the Fund and those of funds in the same Category and Cohort as of September 30, 2025. The Board noted:** 

&nbsp;&nbsp;&nbsp;&nbsp;• **Leuthold Core Investment Fund.** The Fund's management fee was higher than the Category average but lower than the Cohort average. The Fund's
 total expenses (before and after waivers and expense reimbursements) were lower than both the Category and Cohort averages. While recognizing
 that it is difficult to compare advisory fees because the scope of advisory services provided may vary from one investment adviser to
 another, the Trustees concluded that Leuthold's advisory fee with respect to the Fund continues to be reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;• **Leuthold Global Fund.** The Fund's management fee was higher than the Cohort and Category averages, and its total expenses (before and after
 waivers and expense reimbursements) were higher than both the Cohort and Category averages. While recognizing that it is difficult to
 compare advisory fees because the scope of advisory services provided may vary from one investment adviser to another, the Trustees concluded
 that Leuthold's advisory fee with respect to the Fund continues to be reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;• **Leuthold Grizzly Short Fund.** The Fund's management fee was higher than the Cohort average. Its total expenses (before and after waivers and
 expense reimbursements) were higher than the Cohort averages. While recognizing that it is difficult to compare advisory fees because
 the scope of advisory services provided may vary from one investment adviser to another, the Trustees concluded that Leuthold's
 advisory fee with respect to the Fund continues to be reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;• **Leuthold Core ETF.** While the Fund's management fee, as well as its total expenses (before and after waivers and expense reimbursements) 
 was lower than both the Category and Cohort average. While recognizing that it is difficult to compare advisory fees because the scope
 of advisory services provided may vary from one investment adviser to another, the Trustees concluded that Leuthold's advisory fee
 with respect to the Fund continues to be reasonable.

42<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**The Leuthold Funds** 

**Additional Information (Unaudited)(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;• **Leuthold Select Industries ETF.** While the Fund's management fee was lower than the Category and Cohort averages, its total expenses (before
 and after waivers and expense reimbursements) were higher than both the Cohort and Category averages. While recognizing that it is difficult
 to compare advisory fees because the scope of advisory services provided may vary from one investment adviser to another, the Trustees
 concluded that Leuthold's advisory fee with respect to the Fund continues to be reasonable.

**Economies of Scale. The Trustees then considered whether the Funds may benefit from any economies of scale, noting that the investment advisory fees for the Funds in the Investment Advisory Agreement do not contain breakpoints. The Trustees additionally took into account that Leuthold continues to believe that breakpoints are not presently appropriate for the Funds because of concerns about potential capacity constraints associated with each strategy. The Trustees also considered that Leuthold has agreed to consider breakpoints in the future should circumstances change.** 

**Other Benefits. The Trustees considered the direct and indirect benefits that could be realized by Leuthold from its relationship with the Funds. The Trustees considered that Leuthold does not utilize soft dollar arrangements with respect to portfolio transactions, and that Leuthold does not use affiliated brokers to execute the Funds' portfolio transactions. While the Trustees noted that each Fund utilizes Rule 12b-1 fees to pay for shareholder and distribution services related to Investor Class shareholders of the Fund, the Trustees also observed that Leuthold was incurring its own distribution expenses on behalf of the Funds. The Trustees considered that Leuthold may receive some form of reputational benefit from services rendered to the Funds, but that such benefits are immaterial and cannot otherwise be quantified. The Trustees concluded that Leuthold does not receive additional material benefits from its relationship with the Funds.** 

43<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INVESTMENT ADVISER** 

**Leuthold Group, LLC (d/b/a Leuthold Weeden Capital Management)** 

**100 North 6th Street, Suite 600A** 

**Minneapolis, MN 55403** 

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

**Cohen & Company, Ltd.** 

**875 East Wisconsin Avenue, Suite 210** 

**Milwaukee, WI 53202** 

**TRANSFER AGENT, FUND ACCOUNTANT AND FUND ADMINISTRATOR** 

**U.S. Bancorp Fund Services, LLC** 

**777 East Wisconsin Avenue** 

**Milwaukee, WI 53202** 

**DISTRIBUTOR** 

**Quasar Distributors, LLC** 

**3 Canal Plaza, Suite 100** 

**Portland, ME 04101** 

**CUSTODIAN** 

**U.S. Bank, N.A.** 

**1555 North Rivercenter Drive** 

**Milwaukee, WI 53212** 

**FUND COUNSEL** 

**Morgan, Lewis, & Bockius LLP** 

**1111 Pennsylvania Avenue NW** 

**Washington, DC 20004** 

**800-273-6886** 

This report must be accompanied or preceded by a prospectus.

The Fund's Statement of Additional Information contains additional information about the Fund's trustees and is available without charge upon request by calling 1-800-273-6886.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7 of this Form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

There were no changes in or disagreements with accountants during the period covered by this report.

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

There were no matters submitted to a vote of shareholders during the period covered by this report.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

See Item 7(a).

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

See Item 7(a).

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

 

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Principal Executive Officer and Principal Financial Officer have reviewed the Registrant's disclosure controls
 and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of a date within 90 days
 of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange
 Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring
 that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known
 to them by others within the Registrant and by the Registrant's service provider.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act)
 that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the
 Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable.

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* (1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* 1) Not applicable for semi-annual reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* Filed herewith.](lf-efp24870_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Not applicable to open-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Not applicable to open-end investment companies.

 

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](lf-efp24870_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant) Managed Portfolio Series

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Brian R. Wiedmeyer |
|  | Brian R. Wiedmeyer, Principal Executive Officer |

---

Date <u>6/4/2026</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Brian R. Wiedmeyer |
|  | Brian R. Wiedmeyer, Principal Executive Officer |

---

Date <u>6/4/2026</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Benjamin J. Eirich |
|  | Benjamin J. Eirich, Principal Financial Officer |

---

Date <u>6/4/2026</u>

*\* Print the name and title of each signing officer under his or her signature.*

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Brian R. Wiedmeyer, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Managed Portfolio Series;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 6/4/2026 | /s/ Brian R. Wiedmeyer |
|  |  | Brian R. Wiedmeyer |
|  |  | Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Benjamin J. Eirich, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Managed Portfolio Series;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 6/4/2026 | /s/ Benjamin J. Eirich |
|  |  | Benjamin J. Eirich |
|  |  | Principal Financial Officer |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of Managed Portfolio Series, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of Managed Portfolio Series for the period ended March 31, 2026 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Managed Portfolio Series for the stated period.

---

| | |
|:---|:---|
| /s/ Brian R. Wiedmeyer | /s/ Benjamin J. Eirich |
| Brian R. Wiedmeyer | Benjamin J. Eirich |
| Principal Executive Officer | Principal Financial Officer |

---

Date: <u>6/4/2026</u> Date: <u>6/4/2026</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Managed Portfolio Series for purposes of Section 18 of the Securities Exchange Act of 1934.