# EDGAR Filing Document

**Accession Number:** 0001511699
**File Stem:** 0001133228-25-006101
**Filing Date:** 2025-6
**Character Count:** 229432
**Document Hash:** 1ec924dd8c05371cc2ca1945265077d2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-006101.hdr.sgml**: 20250605

**ACCESSION NUMBER**: 0001133228-25-006101

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 26

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250605

**DATE AS OF CHANGE**: 20250605

**EFFECTIVENESS DATE**: 20250605

**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:** 251026937

**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'? 2025-04-10411370_LeutholdCoreInvestmentFund_Retail_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>9/30/2025</u>**

Date of reporting period: **<u>3/31/2025</u>**

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

(a) ---

| | | |
|:---|:---|:---|
| ![image](i202410040805403.jpg) | **Leuthold Core Investment Fund**  | ![image](i202410040804164.jpg) |
| ![image](i202410040805403.jpg) | Retail \| LCORX  | ![image](i202410040804164.jpg) |
| ![image](i202410040805403.jpg) | Semi-Annual Shareholder Report \| March 31, 2025  | ![image](i202410040804164.jpg) |

---

This semi-annual shareholder report contains important information about the Leuthold Core Investment Fund for the period of October 1, 2024, to March 31, 2025. 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 | $69 | 1.40% |

---

\* Annualized

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $504638053 |
| **Number of Holdings** | 235 |
| **Portfolio Turnover** | 42% |

---

Visit https://funds.leutholdgroup.com for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Common Stocks  | 55.4% |
|  U.S. Treasury Bills  | 3.4% |
|  Foreign Government Debt Obligations  | 2.1% |
|  U.S. Treasury Securities  | 2.0% |
|  Exchange Traded Funds  | 0.9% |
|  Cash & Other  | 36.2% |

---

---

| | |
|:---|:---|
| **Industry** | **(%)** |
|  Banks  | 6.8% |
|  Health Care Providers & Services  | 5.7% |
|  Software  | 5.5% |
|  Interactive Media & Services  | 5.0% |
|  IT Services  | 4.0% |
|  Metals & Mining  | 3.5% |
|  Insurance  | 3.1% |
|  Financial Services  | 3.1% |
|  Other Industries  | 44.2% |
|  Cash  | 19.1% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Financials  | 15.9% |
|  Information Technology  | 12.0% |
|  Communication Services  | 10.4% |
|  Consumer Discretionary  | 7.2% |
|  Health Care  | 6.2% |
|  Materials  | 2.6% |
|  Government  | 2.1% |
|  Public Administration  | 2.0% |
|  Utilities  | 1.6% |
|  Cash & Other  | 40.0% |

---

\* Percentages are stated as a percent of net assets.

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](i202410040805403.jpg) | **Leuthold Core Investment Fund**  | ![image](i202410040804164.jpg) |
| ![image](i202410040805403.jpg) | Institutional \| LCRIX  | ![image](i202410040804164.jpg) |
| ![image](i202410040805403.jpg) | Semi-Annual Shareholder Report \| March 31, 2025  | ![image](i202410040804164.jpg) |

---

This semi-annual shareholder report contains important information about the Leuthold Core Investment Fund for the period of October 1, 2024, to March 31, 2025. 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 | $64 | 1.31% |

---

\* Annualized

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $504638053 |
| **Number of Holdings** | 235 |
| **Portfolio Turnover** | 42% |

---

Visit https://funds.leutholdgroup.com for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Common Stocks  | 55.4% |
|  U.S. Treasury Bills  | 3.4% |
|  Foreign Government Debt Obligations  | 2.1% |
|  U.S. Treasury Securities  | 2.0% |
|  Exchange Traded Funds  | 0.9% |
|  Cash & Other  | 36.2% |

---

---

| | |
|:---|:---|
| **Industry** | **(%)** |
|  Banks  | 6.8% |
|  Health Care Providers & Services  | 5.7% |
|  Software  | 5.5% |
|  Interactive Media & Services  | 5.0% |
|  IT Services  | 4.0% |
|  Metals & Mining  | 3.5% |
|  Insurance  | 3.1% |
|  Financial Services  | 3.1% |
|  Other Industries  | 44.2% |
|  Cash  | 19.1% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Financials  | 15.9% |
|  Information Technology  | 12.0% |
|  Communication Services  | 10.4% |
|  Consumer Discretionary  | 7.2% |
|  Health Care  | 6.2% |
|  Materials  | 2.6% |
|  Government  | 2.1% |
|  Public Administration  | 2.0% |
|  Utilities  | 1.6% |
|  Cash & Other  | 40.0% |

---

\* Percentages are stated as a percent of net assets.

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](i202410040805403.jpg) | **Leuthold Global Fund**  | ![image](i202410040804164.jpg) |
| ![image](i202410040805403.jpg) | Retail \| GLBLX  | ![image](i202410040804164.jpg) |
| ![image](i202410040805403.jpg) | Semi-Annual Shareholder Report \| March 31, 2025  | ![image](i202410040804164.jpg) |

---

This semi-annual shareholder report contains important information about the Leuthold Global Fund for the period of October 1, 2024, to March 31, 2025. 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 | $106 | 2.14% |

---

\* Annualized

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $18631875 |
| **Number of Holdings** | 244 |
| **Portfolio Turnover** | 32% |

---

Visit https://funds.leutholdgroup.com for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Common Stocks  | 58.2% |
|  U.S. Treasury Bills  | 2.7% |
|  U.S. Treasury Securities  | 2.7% |
|  Foreign Government Debt Obligations  | 2.1% |
|  Real Estate Investment Trusts  | -0.1% |
|  Exchange Traded Funds  | -3.9% |
|  Cash & Other  | 38.3% |

---

---

| | |
|:---|:---|
| **Industry** | **(%)** |
|  Insurance  | 10.1% |
|  Banks  | 7.4% |
|  Software  | 5.6% |
|  Capital Markets  | 4.9% |
|  Wireless Telecommunication Services  | 4.8% |
|  Health Care Providers & Services  | 4.2% |
|  Broadline Retail  | 4.0% |
|  Financial Services  | 3.9% |
|  Other Industries  | 33.6% |
|  Cash  | 21.5% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Financials  | 26.3% |
|  Information Technology  | 8.3% |
|  Consumer Discretionary  | 7.7% |
|  Communication Services  | 7.2% |
|  Industrials  | 6.0% |
|  Health Care  | 4.0% |
|  Public Administration  | 2.7% |
|  Government  | 2.1% |
|  Cash & Other  | 35.7% |

---

\* Percentages are stated as a percent of net assets.

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](i202410040805403.jpg) | **Leuthold Global Fund**  | ![image](i202410040804164.jpg) |
| ![image](i202410040805403.jpg) | Institutional \| GLBIX  | ![image](i202410040804164.jpg) |
| ![image](i202410040805403.jpg) | Semi-Annual Shareholder Report \| March 31, 2025  | ![image](i202410040804164.jpg) |

---

This semi-annual shareholder report contains important information about the Leuthold Global Fund for the period of October 1, 2024, to March 31, 2025. 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 | $93 | 1.88% |

---

\* Annualized

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $18631875 |
| **Number of Holdings** | 244 |
| **Portfolio Turnover** | 32% |

---

Visit https://funds.leutholdgroup.com for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Common Stocks  | 58.2% |
|  U.S. Treasury Bills  | 2.7% |
|  U.S. Treasury Securities  | 2.7% |
|  Foreign Government Debt Obligations  | 2.1% |
|  Real Estate Investment Trusts  | -0.1% |
|  Exchange Traded Funds  | -3.9% |
|  Cash & Other  | 38.3% |

---

---

| | |
|:---|:---|
| **Industry** | **(%)** |
|  Insurance  | 10.1% |
|  Banks  | 7.4% |
|  Software  | 5.6% |
|  Capital Markets  | 4.9% |
|  Wireless Telecommunication Services  | 4.8% |
|  Health Care Providers & Services  | 4.2% |
|  Broadline Retail  | 4.0% |
|  Financial Services  | 3.9% |
|  Other Industries  | 33.6% |
|  Cash  | 21.5% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Financials  | 26.3% |
|  Information Technology  | 8.3% |
|  Consumer Discretionary  | 7.7% |
|  Communication Services  | 7.2% |
|  Industrials  | 6.0% |
|  Health Care  | 4.0% |
|  Public Administration  | 2.7% |
|  Government  | 2.1% |
|  Cash & Other  | 35.7% |

---

\* Percentages are stated as a percent of net assets.

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](i202410040805403.jpg) | **Leuthold Select Industries ETF**  | ![image](i202410040804164.jpg) |
| ![image](i202410040805403.jpg) | LST \| (Principal U.S. Listing Exchange: (NYSE Arca, Inc.) | ![image](i202410040804164.jpg) |
| ![image](i202410040805403.jpg) | Semi-Annual Shareholder Report \| March 31, 2025  | ![image](i202410040804164.jpg) |

---

This semi-annual shareholder report contains important information about the Leuthold Select Industries ETF for the period of October 1, 2024, to March 31, 2025. 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 | $56 | 1.16% |

---

\* Annualized

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $16442424 |
| **Number of Holdings** | 112 |
| **Portfolio Turnover** | 49% |

---

Visit https://funds.leutholdgroup.com for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Common Stocks  | 98.8% |
|  Cash & Other  | 1.2% |

---

---

| | |
|:---|:---|
| **Industry** | **(%)** |
|  Banks  | 10.5% |
|  Software  | 9.3% |
|  Health Care Providers & Services  | 8.8% |
|  Interactive Media & Services  | 7.7% |
|  IT Services  | 6.3% |
|  Insurance  | 5.6% |
|  Capital Markets  | 5.4% |
|  Metals & Mining  | 5.3% |
|  Other Industries  | 39.9% |
|  Cash  | 1.2% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Financials  | 26.4% |
|  Information Technology  | 20.3% |
|  Communication Services  | 16.3% |
|  Consumer Discretionary  | 12.2% |
|  Health Care  | 10.0% |
|  Industrials  | 5.3% |
|  Materials  | 5.3% |
|  Utilities  | 3.0% |
|  Real Estate  | 0.1% |
|  Cash & Other  | 1.1% |

---

\* Percentages are stated as a percent of net assets.

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

------

**HOW HAS THE FUND CHANGED?**

Effective January 17, 2025, the Fund experienced the following changes:

1) The Fund's Adviser contractually agreed to waive its investment advisory fee and reimburse the Fund's other expenses to the extent necessary to ensure that the Fund's operating expenses (excluding acquired fund fees and expenses, brokerage commissions, leverage, interest, taxes, and extraordinary expense) do not exceed 0.65% of its average daily net assets. Prior to January 17, 2025, this rate was 1.50% of average daily net assets.

2) The Fund entered into an investment advisory agreement with the Fund's Adviser whereby the Adviser in entitled to receive a fee of 0.50% of its average daily net assets for managing the Fund's investments. Prior to January 17, 2025, this rate was 1.00% of average daily net assets.

3) The Fund converted from a mutual fund to an exchange-traded fund (ETF) that is listed and traded on NYSE Arca, Inc..

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 2 TSR-SAR-56167R705

------

---

| | | |
|:---|:---|:---|
| ![image](i202410040805403.jpg) | **Leuthold Grizzly Short Fund**  | ![image](i202410040804164.jpg) |
| ![image](i202410040805403.jpg) | Retail \| GRZZX  | ![image](i202410040804164.jpg) |
| ![image](i202410040805403.jpg) | Semi-Annual Shareholder Report \| March 31, 2025  | ![image](i202410040804164.jpg) |

---

This semi-annual shareholder report contains important information about the Leuthold Grizzly Short Fund for the period of October 1, 2024, to March 31, 2025. 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 | $147 | 2.89% |

---

\* Annualized

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $44217258 |
| **Number of Holdings** | 111 |
| **Portfolio Turnover** | 0% |

---

Visit https://funds.leutholdgroup.com for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Bills  | 15.8% |
|  Real Estate Investment Trusts  | -1.4% |
|  Exchange Traded Funds  | -23.9% |
|  Common Stocks  | -69.7% |
|  Cash & Other  | 179.2% |

---

---

| | |
|:---|:---|
| **Industry** | **(%)** **\*\*** |
|  Machinery  | 5.5% |
|  Chemicals  | 4.7% |
|  Aerospace & Defense  | 4.6% |
|  Hotels, Restaurants, & Leisure  | 4.5% |
|  Insurance  | 4.3% |
|  Semiconductors/Equipment  | 4.2% |
|  Capital Markets  | 4.0% |
|  Software  | 3.6% |
|  Other Industries  | 34.3% |
|  Cash  | 93.7% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** **\*\*** |
|  Industrials  | 21.1% |
|  Financials  | 9.6% |
|  Information Technology  | 9.2% |
|  Materials  | 6.9% |
|  Consumer Staples  | 6.2% |
|  Consumer Discretionary  | 6.0% |
|  Energy  | 3.7% |
|  Healthcare  | 2.9% |
|  Real Estate  | 2.4% |
|  Cash  | 93.7% |

---

\* Percentages are stated as a percent of net assets.

\*\* 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-56167R507

------

---

| | | |
|:---|:---|:---|
| ![image](i202410040805403.jpg) | **Leuthold Core ETF**  | ![image](i202410040804164.jpg) |
| ![image](i202410040805403.jpg) | LCR \| (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](i202410040804164.jpg) |
| ![image](i202410040805403.jpg) | Semi-Annual Shareholder Report \| March 31, 2025  | ![image](i202410040804164.jpg) |

---

This semi-annual shareholder report contains important information about the Leuthold Core ETF for the period of October 1, 2024, to March 31, 2025. 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 | 0.67% |

---

\* Annualized

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $71986021 |
| **Number of Holdings** | 30 |
| **Portfolio Turnover** | 37% |

---

Visit https://funds.leutholdgroup.com for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)\*

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Exchange Traded Funds  | 85.4% |
|  Cash & Other  | 14.6% |

---

---

| | |
|:---|:---|
| **Industry** | **(%)** |
|  Software - Infrastructure  | 3.1% |
|  Internet Content & Information  | 3.0% |
|  Entertainment  | 2.9% |
|  Telecommunication Services  | 2.8% |
|  Software - Applications  | 2.5% |
|  Banks - Diversified  | 2.4% |
|  Gold  | 2.4% |
|  Credit Services  | 2.2% |
|  Other Industries  | 64.1% |
|  Cash  | 14.6% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Financials  | 14.6% |
|  Communication Services  | 10.7% |
|  Information Technology  | 10.6% |
|  Health Care  | 5.0% |
|  Consumer Discretionary  | 3.2% |
|  Materials  | 2.5% |
|  Industrials  | 2.5% |
|  Utilities  | 1.6% |
|  Cash & Other  | 49.3% |

---

\* Percentages are stated as a percent of net assets.

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

------

&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 Investment Fund** 

**Leuthold Global Fund** 

**Leuthold Select Industries ETF** 

**Leuthold Grizzly Short Fund** 

**Leuthold Core ETF** 

Semi-Annual Financial Statements and Additional Information

March 31, 2025 (Unaudited)

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| Schedule of Investments<br>|  |
| &nbsp;&nbsp;&nbsp; [Leuthold Core Investment Fund](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp; [Leuthold Global Fund](#soi2) | [6](#soi2) |
| &nbsp;&nbsp;&nbsp; [Leuthold Select Industries ETF](#soi3) | [14](#soi3) |
| &nbsp;&nbsp;&nbsp; [Leuthold Grizzly Short Fund](#soi4) | [16](#soi4) |
| &nbsp;&nbsp;&nbsp; [Leuthold Core ETF](#soi5) | [19](#soi5) |
| [Statements of Assets and Liabilities](#sal) | [20](#sal) |
| [Statements of Operations](#sop) | [22](#sop) |
| [Statements of Changes in Net Assets](#scna) | [24](#scna) |
| [Financial Highlights](#fihi) | [29](#fihi) |
| [Notes to the Financial Statements](#notes) | [36](#notes) |
| [Additional Information](#add) | [48](#add) |
| [Approval of Investment Advisory Agreement – The Leuthold Group, LLC](#app) | [49](#app) |

---

------

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

**Leuthold Core Investment Fund** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 64.3%**<br>|  |  |
| **Banks - 6.8%**<br>|  |  |
| Bank of America Corp. | 99466 | $4150716  |
| Barclays PLC - ADR | 186513 | 2864840  |
| Cadence Bank | 49047 | 1489067  |
|  Canadian Imperial Bank of Commerce | 50163 | 2824177  |
| Citigroup, Inc. | 51669 | 3667982  |
| Citizens Financial Group, Inc. | 57745 | 2365813  |
| &nbsp;&nbsp;&nbsp; Columbia Banking System, <br>Inc. | 69384 | 1730437  |
| Fifth Third Bancorp | 45052 | 1766038  |
|  First Citizens BancShares, Inc. - Class A | 904 | 1676125  |
| &nbsp;&nbsp;&nbsp; Huntington Bancshares, <br>Inc./OH | 163748 | 2457857  |
| JPMorgan Chase & Co. | 19682 | 4827995  |
| M&T Bank Corp. | 15439 | 2759721  |
| Old National Bancorp/IN | 89395 | 1894280  |
|  |  | 34475048  |
| **Capital Markets - 3.5%**<br>|  |  |
| Deutsche Bank AG | 147255 | 3509087  |
| Goldman Sachs Group, Inc. | 10364 | 5661749  |
| Morgan Stanley | 40268 | 4698067  |
| Raymond James Financial, Inc. | 15227 | 2115183  |
| Virtu Financial, Inc. - Class A | 47682 | 1817638  |
|  |  | 17801724  |
| **Chemicals - 0.0%<sup>(a)</sup>**<br>|  |  |
|  China Lumena New Materials Corp.<sup>(b)(c)</sup> | 20950 | 0  |
| **Communications Equipment - 2.1%**<br>|  |  |
| Cisco Systems, Inc. | 52785 | 3257362  |
| Digi International, Inc.<sup>(c)</sup> | 31100 | 865513  |
| F5, Inc.<sup>(c)</sup> | 8034 | 2139213  |
| Nokia Oyj - ADR | 461128 | 2430145  |
| &nbsp;&nbsp;&nbsp; Telefonaktiebolaget LM <br>Ericsson - ADR | 253356 | 1966043  |
|  |  | 10658276  |
| **Diversified Consumer Services - 2.5%**<br>|  |  |
|  Adtalem Global Education, Inc.<sup>(c)</sup> | 28726 | 2890985  |
| Laureate Education, Inc.<sup>(c)</sup> | 125004 | 2556332  |
| Strategic Education, Inc. | 24475 | 2054921  |
| Stride, Inc.<sup>(c)</sup> | 23553 | 2979454  |
|  Universal Technical Institute, Inc.<sup>(c)</sup> | 86897 | 2231515  |
|  |  | 12713207  |
| **Diversified Telecommunication Services - 1.2%**<br>|  |  |
| AT&T, Inc. | 149939 | 4240275  |
| Verizon Communications, Inc. | 41703 | 1891648  |
|  |  | 6131923  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  **Electronic Equipment, Instruments & Components - 2.6%**<br>|  |  |
| Flex, Ltd.<sup>(c)</sup> | 125996 | $4167947  |
| Jabil, Inc. | 38142 | 5189982  |
| TE Connectivity PLC | 24696 | 3490039  |
|  |  | 12847968  |
| **Entertainment - 2.4%**<br>|  |  |
| Netflix, Inc.<sup>(c)</sup> | 9195 | 8574613  |
| Walt Disney Co. | 33067 | 3263713  |
|  |  | 11838326  |
| **Financial Services - 3.2%**<br>|  |  |
| Block, Inc.<sup>(c)</sup> | 19665 | 1068400  |
| Global Payments, Inc. | 15360 | 1504051  |
| Mastercard, Inc. - Class A | 9620 | 5272914  |
| PayPal Holdings, Inc.<sup>(c)</sup> | 29143 | 1901581  |
| Visa, Inc. - Class A | 12764 | 4473271  |
| Voya Financial, Inc. | 28035 | 1899652  |
|  |  | 16119869  |
| **Gas Utilities - 1.9%**<br>|  |  |
| MDU Resources Group, Inc. | 113950 | 1926894  |
| New Jersey Resources Corp. | 39247 | 1925458  |
| ONE Gas, Inc. | 26000 | 1965340  |
| Spire, Inc. | 25326 | 1981760  |
| UGI Corp. | 58438 | 1932545  |
|  |  | 9731997  |
|  **Health Care Providers & Services - 5.7%**<br>|  |  |
| Cardinal Health, Inc. | 38833 | 5350022  |
| Cencora, Inc. | 19000 | 5283710  |
|  Concentra Group Holdings Parent, Inc. | 38603 | 837685  |
| Encompass Health Corp. | 19098 | 1934246  |
| HCA Healthcare, Inc. | 9947 | 3437186  |
| McKesson Corp. | 9868 | 6641065  |
| Select Medical Holdings Corp. | 47842 | 798961  |
| Tenet Healthcare Corp.<sup>(c)</sup> | 18363 | 2469824  |
|  Universal Health Services, Inc. - Class B | 11489 | 2158783  |
|  |  | 28911482  |
| **Hotels, Restaurants & Leisure - 2.1%**<br>|  |  |
| Carnival Corp.<sup>(c)</sup> | 70890 | 1384482  |
| Hyatt Hotels Corp. - Class A | 11560 | 1416100  |
|  Life Time Group Holdings, Inc.<sup>(c)</sup> | 62909 | 1899852  |
|  Norwegian Cruise Line Holdings, Ltd.<sup>(c)</sup> | 68162 | 1292351  |
| Royal Caribbean Cruises, Ltd. | 6847 | 1406648  |
| &nbsp;&nbsp;&nbsp; SeaWorld Entertainment, <br>Inc.<sup>(c)</sup> | 34431 | 1565233  |
| Travel + Leisure Co. | 33669 | 1558538  |
|  |  | 10523204  |

---

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, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Household Durables - 3.0%**<br>|  |  |
| D.R. Horton, Inc. | 40038 | $5090031  |
| PulteGroup, Inc. | 60633 | 6233072  |
| Toll Brothers, Inc. | 36805 | 3886240  |
|  |  | 15209343  |
| **Insurance - 3.6%**<br>|  |  |
| Allstate Corp. | 12162 | 2518385  |
| Arch Capital Group, Ltd. | 20993 | 2019107  |
| Assurant, Inc. | 10709 | 2246213  |
| Hanover Insurance Group, Inc. | 8734 | 1519279  |
| Hartford Insurance Group, Inc. | 20639 | 2553664  |
| Kemper Corp. | 20905 | 1397499  |
| Markel Group, Inc.<sup>(c)</sup> | 1072 | 2004222  |
| Travelers Cos., Inc. | 10107 | 2672897  |
|  White Mountains Insurance Group Ltd. | 744 | 1432803  |
|  |  | 18364069  |
| **Interactive Media & Services - 5.0%**<br>|  |  |
| Alphabet, Inc. - Class A | 42943 | 6640706  |
| Cargurus, Inc.<sup>(c)</sup> | 84558 | 2463175  |
| IAC, Inc.<sup>(c)</sup> | 34227 | 1572388  |
| Match Group, Inc. | 70722 | 2206526  |
| Meta Platforms, Inc. - Class A | 18850 | 10864386  |
| Pinterest, Inc. - Class A<sup>(c)</sup> | 46584 | 1444104  |
|  |  | 25191285  |
|  **Internet & Direct Marketing Retail - 0.4%**<br>|  |  |
| Expedia Group, Inc. | 10311 | 1733279  |
| **IT Services - 4.1%**<br>|  |  |
| Akamai Technologies, Inc.<sup>(c)</sup> | 27849 | 2241845  |
| &nbsp;&nbsp;&nbsp; CSG Systems International, <br>Inc. | 26667 | 1612553  |
| DigitalOcean Holdings, Inc.<sup>(c)</sup> | 46770 | 1561650  |
| Genpact, Ltd. | 48428 | 2439803  |
| GoDaddy, Inc. - Class A<sup>(c)</sup> | 13942 | 2511512  |
| MAXIMUS, Inc. | 23698 | 1615967  |
| Okta, Inc.<sup>(c)</sup> | 20196 | 2125023  |
| Twilio, Inc. - Class A<sup>(c)</sup> | 23296 | 2280911  |
| VeriSign, Inc.<sup>(c)</sup> | 12552 | 3186576  |
| Wix.com, Ltd.<sup>(c)</sup> | 7618 | 1244629  |
|  |  | 20820469  |
| **Media - 0.8%**<br>|  |  |
|  Charter Communications, Inc. - Class A<sup>(c)</sup> | 4580 | 1687867  |
| Comcast Corp. - Class A | 67631 | 2495584  |
|  |  | 4183451  |
| **Metals & Mining - 3.5%**<br>|  |  |
| Agnico Eagle Mines, Ltd. | 29825 | 3233328  |
| Eldorado Gold Corp.<sup>(c)</sup> | 109015 | 1833633  |
| Equinox Gold Corp.<sup>(c)</sup> | 321881 | 2214541  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| IAMGOLD Corp.<sup>(c)</sup> | 521291 | $3258069  |
| Kinross Gold Corp. | 384843 | 4852870  |
| Pan American Silver Corp. | 78676 | 2032201  |
|  |  | 17424642  |
| **Pharmaceuticals - 0.8%**<br>|  |  |
| Jazz Pharmaceuticals PLC<sup>(c)</sup> | 11665 | 1448210  |
| Merck & Co., Inc. | 25678 | 2304857  |
|  |  | 3753067  |
| **Professional Services - 0.7%**<br>|  |  |
| Concentrix Corp. | 35413 | 1970379  |
| WNS Holdings Ltd.<sup>(c)</sup> | 25581 | 1572976  |
|  |  | 3543355  |
| **Real Estate - 0.1%**<br>|  |  |
| Millrose Properties, Inc.<sup>(c)</sup> | 11967 | 317245  |
| **Software - 6.0%**<br>|  |  |
|  Check Point Software Technologies, Ltd.<sup>(c)</sup> | 18885 | 4304269  |
| Fortinet, Inc.<sup>(c)</sup> | 39321 | 3785040  |
| Microsoft Corp. | 32004 | 12013982  |
| Oracle Corp. | 42935 | 6002742  |
| Qualys, Inc.<sup>(c)</sup> | 14926 | 1879631  |
|  SS&C Technologies Holdings, Inc. | 29728 | 2483180  |
|  |  | 30468844  |
|  **Trading Companies & Distributors - 1.1%**<br>|  |  |
| United Rentals, Inc. | 8716 | 5462317  |
|  **Wireless Telecommunication Services - 1.2%**<br>|  |  |
| T-Mobile US, Inc. | 23323 | 6220477  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $244,269,313)** |  | 324444867  |
| **EXCHANGE TRADED FUNDS - 9.1%**<br>|  |  |
|  Invesco CurrencyShares Japanese Yen Trust<sup>(c)</sup> | 52225 | 3211838  |
|  iShares Core Japan Government Bond ETF | 215000 | 3232382  |
|  iShares International Treasury Bond ETF | 176215 | 6946395  |
|  Janus Henderson AAA CLO ETF | 100018 | 5071913  |
| Simplify MBS ETF | 96074 | 4817150  |
|  SPDR Bloomberg International Treasury Bond ETF | 411919 | 9004549  |
|  SPDR Portfolio Intermediate Term Corporate Bond ETF | 319792 | 10629886  |
|  VanEck J. P. Morgan EM Local Currency Bond ETF | 118190 | 2820014  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $45,829,235)** |  | 45734127 |

---

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, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
|  **FOREIGN GOVERNMENT DEBT OBLIGATIONS - 2.1%**<br>|  |  |  |
|  French Republic Government Bond OAT, 3.00%, 05/25/2033<sup>(d)</sup> | EUR | 4780000 | $5092532  |
|  United Kingdom Gilt, 4.25%, 07/31/2034 | GBP | 4450000 | 5586959  |
| &nbsp;&nbsp;&nbsp; **TOTAL FOREIGN GOVERNMENT DEBT OBLIGATIONS** <br>**(Cost $10,671,256)** |  |  | 10679491  |
| **U.S. TREASURY SECURITIES - 2.0%**<br>|  |  |  |
|  United States Treasury Note/Bond, 3.88%, 08/15/2033 |  | $10300000 | 10071066  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $9,975,356)** |  |  | 10071066  |
| **SHORT-TERM INVESTMENTS - 3.4%**<br>|  |  |  |
| **U.S. Treasury Bills - 3.4%**<br>|  |  |  |
| 4.21%, 04/17/2025<sup>(e)(f)</sup> |  | 17000000 | 16968493  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $16,968,493)** |  |  | 16968493  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 80.9%** <br>**(Cost $327,713,653)** |  |  | $407898044  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 17.5%<sup>(g)</sup> |  |  | 88518240  |
|  Other Assets in Excess of Liabilities - 1.6% |  |  | 8221769  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS - 100.0%** |  |  | $504638053 |

---

Percentages are stated as a percent of net assets.

Par amount is in USD unless otherwise indicated.

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

OYJ - Julkinen Asakeyhtio

PLC - Public Limited Company

REIT - Real Estate Investment Trust

EUR - Euro

GBP - British Pound

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

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

<sup>(b)</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, 2025.

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

<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, 2025, the value of these securities total $5,092,532 or 1.0% of the Fund's net assets.

<sup>(e)</sup> The rate shown is the annualized effective yield as of March 31, 2025.

<sup>(f)</sup> All or a portion of security has been pledged as collateral for open securities sold short.

<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, 2025 was 4.20%.

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

3<br>

------

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

**Leuthold Core Investment Fund** 

**Schedule of Securities Sold Short** 

**March 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (8.7)%**<br>|  |  |
| **Aerospace & Defense - (0.6)%**<br>|  |  |
| AAR Corp. | (5019) | $(281014)  |
| Boeing Co. | (3921) | (668727)  |
| Cadre Holdings, Inc. | (9186) | (271997)  |
| HEICO Corp. | (2583) | (690152)  |
|  Spirit AeroSystems Holdings, Inc. - Class A | (9877) | (340361)  |
| TransDigm Group, Inc. | (474) | (655679)  |
|  |  | (2907930)  |
| **Automobile Components - (0.0)%<sup>(a)</sup>**<br>|  |  |
| Adient PLC | (15811) | (203329)  |
| **Beverages - (0.4)%**<br>|  |  |
| Brown-Forman Corp. - Class B | (13008) | (441492)  |
| Coca-Cola Co. | (9631) | (689772)  |
| Constellation Brands, Inc. - Class A | (2545) | (467058)  |
| PepsiCo, Inc. | (3758) | (563475)  |
|  |  | (2161797)  |
| **Building Products - (0.0)%<sup>(a)</sup>**<br>|  |  |
| Trex Co., Inc. | (4257) | (247332)  |
| **Capital Markets - (0.5)%**<br>|  |  |
| Ares Management Corp. - Class A | (3028) | (443935)  |
| Blue Owl Capital, Inc. - Class A | (15491) | (310440)  |
| FactSet Research Systems, Inc. | (752) | (341889)  |
| Hamilton Lane, Inc. - Class A | (1981) | (294515)  |
| MarketAxess Holdings, Inc. | (1773) | (383589)  |
| MSCI, Inc. | (1299) | (734584)  |
|  |  | (2508952)  |
| **Chemicals - (0.6)%**<br>|  |  |
| Albemarle Corp. | (5668) | (408209)  |
| Balchem Corp. | (1799) | (298634)  |
| Chemours Co. | (13123) | (177554)  |
| International Flavors & Fragrances, Inc. | (7109) | (551730)  |
| Linde PLC | (1277) | (594622)  |
| Stepan Co. | (3607) | (198529)  |
| Tronox Holdings PLC | (28985) | (204055)  |
| Westlake Corp. | (5185) | (518656)  |
|  |  | (2951989)  |
| **Commercial Services & Supplies - (0.2)%**<br>|  |  |
| Casella Waste Systems, Inc. - Class A | (2599) | (289814)  |
| Rollins, Inc. | (12767) | (689801)  |
|  |  | (979615)  |
| **Consumer Finance - (0.1)%**<br>|  |  |
| Credit Acceptance Corp. | (570) | (294319)  |
| **Containers & Packaging - (0.3)%**<br>|  |  |
| Ball Corp. | (11862) | (617654)  |
| Smurfit WestRock PLC | (11260) | (507376)  |
| Sonoco Products Co. | (6625) | (312965)  |
|  |  | (1437995)  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Electric Utilities - (0.1)%**<br>|  |  |
| Eversource Energy | (4964) | $(308314)  |
| **Electrical Equipment - (0.1)%**<br>|  |  |
| Rockwell Automation, Inc. | (2336) | (603576)  |
|  **Electronic Equipment, Instruments & Components - (0.1)%**<br>|  |  |
| Cognex Corp. | (9400) | (280402)  |
| Novanta, Inc. | (1744) | (223005)  |
|  |  | (503407)  |
| **Energy Equipment & Services - (0.0)%<sup>(a)</sup>**<br>|  |  |
| Valaris Ltd. | (4894) | (192138)  |
| **Entertainment - (0.2)%**<br>|  |  |
| Take-Two Interactive Software, Inc. | (3911) | (810555)  |
| **Financial Services - (0.1)%**<br>|  |  |
| PennyMac Financial Services, Inc. | (2877) | (288016)  |
| Walker & Dunlop, Inc. | (2977) | (254117)  |
|  |  | (542133)  |
| **Ground Transportation - (0.4)%**<br>|  |  |
| JB Hunt Transport Services, Inc. | (3121) | (461752)  |
|  Knight-Swift Transportation Holdings, Inc. | (5905) | (256808)  |
| Marten Transport Ltd. | (18356) | (251844)  |
| Old Dominion Freight Line, Inc. | (3137) | (519017)  |
| RXO, Inc. | (11711) | (223680)  |
| Saia, Inc. | (669) | (233769)  |
|  |  | (1946870)  |
| **Health Care Equipment & Supplies - (0.2)%**<br>|  |  |
| Baxter International, Inc. | (8805) | (301395)  |
| IDEXX Laboratories, Inc. | (1411) | (592549)  |
| Inspire Medical Systems, Inc. | (1520) | (242106)  |
|  |  | (1136050)  |
| **Hotels, Restaurants & Leisure - (0.6)%**<br>|  |  |
| Caesars Entertainment, Inc. | (9135) | (228375)  |
| DraftKings, Inc. - Class A | (17456) | (579714)  |
| First Watch Restaurant Group, Inc. | (15754) | (262304)  |
| Red Rock Resorts, Inc. - Class A | (5915) | (256533)  |
| Restaurant Brands International, Inc. | (9154) | (610023)  |
| Starbucks Corp. | (6977) | (684374)  |
| Vail Resorts, Inc. | (1434) | (229469)  |
|  |  | (2850792)  |
| **Household Products - (0.1)%**<br>|  |  |
| Clorox Co. | (4830) | (711217)  |
|  **Independent Power and Renewable Electricity Producers - (0.1)%**<br>|  |  |
| Ormat Technologies, Inc. | (3758) | (265954)  |
| **Insurance - (0.5)%**<br>|  |  |
| Aon PLC - Class A | (1936) | (772638)  |
| Arthur J. Gallagher & Co. | (2599) | (897279)  |

---

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, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Insurance - (Continued)** | **Insurance - (Continued)** | **Insurance - (Continued)** |
| Erie Indemnity Co. - Class A | (1511) | $(633184)  |
| Ryan Specialty Holdings, Inc. | (5918) | (437163)  |
|  |  | (2740264)  |
| **IT Services - (0.1)%**<br>|  |  |
| MongoDB, Inc. | (1847) | (323964)  |
| **Life Sciences Tools & Services - (0.1)%**<br>|  |  |
| Bio-Techne Corp. | (3812) | (223498)  |
| Bruker Corp. | (5067) | (211497)  |
| Repligen Corp. | (2231) | (283872)  |
|  |  | (718867)  |
| **Machinery - (0.7)%**<br>|  |  |
| AGCO Corp. | (2836) | (262529)  |
| Graco, Inc. | (7403) | (618225)  |
| Hillenbrand, Inc. | (6632) | (160096)  |
| IDEX Corp. | (2823) | (510878)  |
| Ingersoll Rand, Inc. | (7185) | (575016)  |
| JBT Marel Corp. | (2266) | (276905)  |
| Stanley Black & Decker, Inc. | (6395) | (491648)  |
| Xylem, Inc./NY | (4753) | (567793)  |
|  |  | (3463090)  |
| **Multi-Utilities - (0.1)%**<br>|  |  |
| Dominion Energy, Inc. | (10322) | (578755)  |
| **Oil, Gas & Consumable Fuels - (0.4)%**<br>|  |  |
| EQT Corp. | (15382) | (821860)  |
| Expand Energy Corp. | (6235) | (694080)  |
| Phillips 66 | (5099) | (629625)  |
|  |  | (2145565)  |
| **Passenger Airlines - (0.1)%**<br>|  |  |
| Southwest Airlines Co. | (19937) | (669484)  |
| **Personal Care Products - (0.2)%**<br>|  |  |
| Interparfums, Inc. | (2449) | (278868)  |
| Kenvue, Inc. | (32548) | (780501)  |
|  |  | (1059369)  |
| **Professional Services - (0.3)%**<br>|  |  |
| Dayforce, Inc. | (4993) | (291242)  |
| Equifax, Inc. | (2087) | (508310)  |
| Exponent, Inc. | (3778) | (306244)  |
| Verisk Analytics, Inc. | (1984) | (590478)  |
|  |  | (1696274)  |
|  **Real Estate Management & Development - (0.1)%**<br>|  |  |
| CoStar Group, Inc. | (7781) | (616489)  |
|  **Semiconductors & Semiconductor Equipment - (0.5)%**<br>|  |  |
| Advanced Micro Devices, Inc. | (6449) | (662570)  |
| ARM Holdings PLC - ADR | (4436) | (473720)  |
| ASML Holding NV | (784) | (519502)  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Power Integrations, Inc. | (4603) | $(232452)  |
| Silicon Laboratories, Inc. | (2295) | (258348)  |
| Texas Instruments, Inc. | (2986) | (536584)  |
|  |  | (2683176)  |
| **Software - (0.5)%**<br>|  |  |
| Cadence Design Systems, Inc. | (2497) | (635062)  |
| Confluent, Inc. - Class A | (11810) | (276826)  |
| Crowdstrike Holdings, Inc. - Class A | (1508) | (531691)  |
| Monday.com Ltd. | (1139) | (276959)  |
| Zscaler, Inc. | (2954) | (586133)  |
|  |  | (2306671)  |
| **Specialty Retail - (0.2)%**<br>|  |  |
| Floor & Decor Holdings, Inc. - Class A | (2650) | (213246)  |
| Pool Corp. | (1763) | (561251)  |
|  |  | (774497)  |
| **Trading Companies & Distributors - (0.2)%**<br>|  |  |
| Fastenal Co. | (7253) | (562470)  |
| SiteOne Landscape Supply, Inc. | (2125) | (258060)  |
|  |  | (820530)  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Proceeds $46,673,167)** |  | (44161259)  |
| **EXCHANGE TRADED FUNDS - (8.2)%**<br>|  |  |
| Invesco QQQ Trust Series 1 | (58662) | (27507785)  |
| iShares S&P 500 Growth ETF | (55277) | (5131364)  |
| iShares Semiconductor ETF | (11260) | (2118794)  |
| iShares U.S. Transportation ETF | (19870) | (1272276)  |
| Real Estate Select Sector SPDR Fund | (19041) | (796866)  |
| SPDR S&P 500 ETF Trust | (5670) | (3171742)  |
| Vanguard S&P 500 ETF | (2465) | (1266788)  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Proceeds $44,644,911)** |  | (41265615)  |
| **REAL ESTATE INVESTMENT TRUSTS - (0.2)%** | **REAL ESTATE INVESTMENT TRUSTS - (0.2)%** |  |
| **Industrial REITs - (0.1)%**<br>|  |  |
| Rexford Industrial Realty, Inc. | (6584) | (257763)  |
| **Residential REITs - (0.1)%**<br>|  |  |
| Invitation Homes, Inc. | (18756) | (653647)  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>**(Proceeds $934,852)** |  | (911410)  |
| &nbsp;&nbsp;&nbsp; **TOTAL SECURITIES SOLD SHORT - (17.1)%** <br>**(Proceeds $92,252,930)** |  | $(86338284) |

---

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> Represents less than 0.05% of net assets.

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

5<br>

------

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

**LEUTHOLD GLOBAL FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 62.5%**<br>|  |  |
| **Automobiles - 0.6%**<br>|  |  |
| General Motors Co. | &nbsp;&nbsp;&nbsp;&nbsp; 2215 | $104171  |
| **Banks - 7.4%**<br>|  |  |
| ABN AMRO Bank NV<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4623 | 97413  |
| ANZ Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 2966 | 54305  |
| Banco Santander SA - ADR | &nbsp;&nbsp;&nbsp;&nbsp; 18089 | 121196  |
| Bank of Nova Scotia | &nbsp;&nbsp;&nbsp;&nbsp; 891 | 42260  |
| Barclays PLC - ADR | &nbsp;&nbsp;&nbsp;&nbsp; 6372 | 97874  |
|  Canadian Imperial Bank of Commerce | &nbsp;&nbsp;&nbsp;&nbsp; 1202 | 67673  |
| Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 977 | 69357  |
| Comerica, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1151 | 67978  |
| Commerzbank AG | &nbsp;&nbsp;&nbsp;&nbsp; 5537 | 126715  |
| Danske Bank AS | &nbsp;&nbsp;&nbsp;&nbsp; 2020 | 66118  |
| M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 388 | 69355  |
|  Mizuho Financial Group, Inc. - ADR | &nbsp;&nbsp;&nbsp;&nbsp; 21538 | 118674  |
|  Nishi-Nippon Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | 70664  |
| Old National Bancorp/IN | &nbsp;&nbsp;&nbsp;&nbsp; 3260 | 69079  |
|  Svenska Handelsbanken AB - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 7302 | 82524  |
| UniCredit SpA | &nbsp;&nbsp;&nbsp;&nbsp; 1560 | 87566  |
| United Overseas Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 2600 | 73363  |
|  |  | 1382114  |
| **Broadline Retail - 4.0%**<br>|  |  |
| Dillard's, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 178 | 63747  |
| eBay, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1935 | 131058  |
| JD.com, Inc. - ADR | &nbsp;&nbsp;&nbsp;&nbsp; 3708 | 152473  |
| Naspers Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 522 | 129451  |
| Nordstrom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3474 | 84939  |
| PDD Holdings, Inc. - ADR<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 899 | 106397  |
| Takashimaya Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 8800 | 71582  |
|  |  | 739647  |
| **Capital Markets - 5.1%**<br>|  |  |
| Daiwa Securities Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 9200 | 61946  |
| Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp; 5498 | 131017  |
| Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 294 | 160609  |
|  Interactive Brokers Group, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 466 | 77165  |
| Investec PLC | &nbsp;&nbsp;&nbsp;&nbsp; 7175 | 44414  |
| Macquarie Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 747 | 92962  |
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp; 1162 | 135571  |
| Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 713 | 99043  |
| SBI Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2100 | 56706  |
| UBS Group AG | &nbsp;&nbsp;&nbsp;&nbsp; 3235 | 99088  |
|  |  | 958521  |
| **Diversified Consumer Services - 3.5%**<br>|  |  |
| ADT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 12410 | 101017  |
| Adtalem Global Education, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 883 | 88865  |
| Frontdoor, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1595 | 61280  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Graham Holdings Co. - Class B | &nbsp;&nbsp;&nbsp;&nbsp; 96 | $92243  |
| H&R Block, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1764 | 96861  |
| Laureate Education, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4280 | 87526  |
| Perdoceo Education Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 2737 | 68918  |
| Strategic Education, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 715 | 60031  |
|  |  | 656741  |
| **Financial Services - 3.9%**<br>|  |  |
| Block, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1001 | 54384  |
| Euronet Worldwide, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 556 | 59408  |
|  Fidelity National Information Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1138 | 84986  |
| Fiserv, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 696 | 153698  |
| Global Payments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 825 | 80784  |
| Payoneer Global, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5761 | 42113  |
| PayPal Holdings, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1563 | 101986  |
| Visa, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 446 | 156305  |
|  |  | 733664  |
| **Health Care Providers & Services - 4.2%**<br>|  |  |
|  Bangkok Dusit Medical Services PCL - NVDR | &nbsp;&nbsp;&nbsp;&nbsp; 119200 | 76659  |
|  Concentra Group Holdings Parent, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2377 | 51581  |
| HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 520 | 179686  |
| IHH Healthcare Bhd | &nbsp;&nbsp;&nbsp;&nbsp; 70600 | 110096  |
| National HealthCare Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 719 | 66723  |
| Select Medical Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 2946 | 49198  |
| Tenet Healthcare Corp.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 912 | 122664  |
|  Universal Health Services, Inc. - Class B | &nbsp;&nbsp;&nbsp;&nbsp; 653 | 122699  |
|  |  | 779306  |
| **Insurance - 10.4%**<br>|  |  |
| Arch Capital Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 569 | 54726  |
| Axis Capital Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 1210 | 121290  |
| Chubb Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 215 | 64928  |
| DB Insurance Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 977 | 59018  |
| Everest Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 494 | 179485  |
| Fairfax Financial Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 77 | 111287  |
| Hartford Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 693 | 85745  |
| Loews Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1050 | 96506  |
| Markel Group, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 38 | 71045  |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | &nbsp;&nbsp;&nbsp;&nbsp; 581 | 367031  |
| Old Republic International Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 3098 | 121504  |
| QBE Insurance Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 7025 | 97066  |
| Sompo Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 6600 | 200978  |
| Swiss Re AG | &nbsp;&nbsp;&nbsp;&nbsp; 1766 | 300536  |
|  |  | 1931145  |
| **Interactive Media & Services - 2.5%**<br>|  |  |
| Baidu, Inc. - ADR<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 825 | 75925  |
| CAR Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 2529 | 50405  |
| Cargurus, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1879 | 54735 |
| LY Corp.  | &nbsp;&nbsp;&nbsp;&nbsp; 20100  | 68062  |

---

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, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Interactive Media & Services - (Continued)** | **Interactive Media & Services - (Continued)** | **Interactive Media & Services - (Continued)** |
| Match Group, Inc. | 1515 | $47268  |
| Scout24 SE<sup>(a)</sup> | 763 | 79903  |
| SEEK Ltd. | 3261 | 44090  |
| Yelp, Inc.<sup>(b)</sup> | 1228 | 45473  |
|  |  | 465861  |
| **IT Services - 3.0%**<br>|  |  |
| Akamai Technologies, Inc.<sup>(b)</sup> | 953 | 76716  |
| DigitalOcean Holdings, Inc.<sup>(b)</sup> | 1596 | 53290  |
| GoDaddy, Inc. - Class A<sup>(b)</sup> | 436 | 78541  |
| Shopify, Inc. - Class A<sup>(b)</sup> | 1120 | 106938  |
| Twilio, Inc. - Class A<sup>(b)</sup> | 787 | 77055  |
| VeriSign, Inc.<sup>(b)</sup> | 433 | 109926  |
| Wix.com, Ltd.<sup>(b)</sup> | 383 | 62575  |
|  |  | 565041  |
| **Paper & Forest Products - 0.0%<sup>(c)</sup>**<br>|  |  |
|  China Forestry Holdings Co. Ltd.<sup>(b)(d)</sup> | 2484000 | 0  |
| **Passenger Airlines - 3.5%**<br>|  |  |
| ANA Holdings, Inc. | 4100 | 75681  |
| Cathay Pacific Airways Ltd. | 66000 | 88130  |
| Copa Holdings SA - Class A | 794 | 73413  |
| Delta Air Lines, Inc. | 2355 | 102678  |
| Eva Airways Corp. | 59000 | 72594  |
|  International Consolidated Airlines Group SA | 35385 | 119735  |
| Singapore Airlines Ltd. | 24000 | 120899  |
|  |  | 653130  |
| **Software - 5.8%**<br>|  |  |
| ACI Worldwide, Inc.<sup>(b)</sup> | 1870 | 102308  |
|  Check Point Software Technologies, Ltd.<sup>(b)</sup> | 630 | 143590  |
| Clear Secure, Inc. - Class A | 3860 | 100013  |
| DocuSign, Inc.<sup>(b)</sup> | 1362 | 110867  |
| Dropbox, Inc. - Class A<sup>(b)</sup> | 4073 | 108790  |
| InterDigital, Inc. | 544 | 112472  |
| Opera Ltd. - ADR | 3627 | 57814  |
| Salesforce, Inc. | 529 | 141962  |
| Synopsys, Inc.<sup>(b)</sup> | 231 | 99064  |
| Zoom Communications, Inc.<sup>(b)</sup> | 1399 | 103204  |
|  |  | 1080084  |
| **Transportation Infrastructure - 3.8%**<br>|  |  |
| Aena SME SA<sup>(a)</sup> | 729 | 171027  |
| Aeroports de Paris SA | 910 | 92641  |
|  Bangkok Expressway & Metro PCL - NVDR | 402700 | 64337  |
|  Fraport AG Frankfurt Airport Services Worldwide<sup>(b)</sup> | 1773 | 111265  |
|  Grupo Aeroportuario del Sureste SAB de CV - ADR | 293 | 80229  |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value**  |
|  International Container Terminal Services, Inc. |  | 18190 | $113038  |
|  Shenzhen International Holdings Ltd. |  | 80000 | 80915  |
|  |  |  | 713452  |
|  **Wireless Telecommunication Services - 4.8%**<br>|  |  |  |
| Freenet AG |  | 3105 | 118360  |
| KDDI Corp. |  | 7200 | 113729  |
|  Millicom International Cellular SA<sup>(d)</sup> |  | 3759 | 112405  |
| SoftBank Corp. |  | 86500 | 120665  |
| Tele2 AB - Class B |  | 8158 | 109914  |
| T-Mobile US, Inc. |  | 745 | 198699  |
| Vodafone Group PLC - ADR |  | 12279 | 115054  |
|  |  |  | 888826  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $11,369,156)** |  |  | 11651703  |
| **EXCHANGE TRADED FUNDS - 8.5%** | **EXCHANGE TRADED FUNDS - 8.5%** | **EXCHANGE TRADED FUNDS - 8.5%** | **EXCHANGE TRADED FUNDS - 8.5%** |
|  iShares 5-10 Year Investment Grade Corporate Bond ETF |  | 3779 | 198473  |
|  iShares Core Japan Government Bond ETF |  | 23600 | 354810  |
| Janus Henderson AAA CLO ETF |  | 3853 | 195386  |
| Simplify MBS ETF |  | 3912 | 196148  |
|  SPDR Bloomberg International Treasury Bond ETF |  | 12929 | 282628  |
|  SPDR Portfolio Intermediate Term Corporate Bond ETF |  | 7455 | 247804  |
|  VanEck J. P. Morgan EM Local Currency Bond ETF |  | 4439 | 105914  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $1,602,658)** |  |  | 1581163  |
|  |  | **Par** |  |
| **U.S. TREASURY SECURITIES - 2.7%** | **U.S. TREASURY SECURITIES - 2.7%** | **U.S. TREASURY SECURITIES - 2.7%** | **U.S. TREASURY SECURITIES - 2.7%** |
|  United States Treasury Note/Bond, 3.88%, 08/15/2033 |  | $510000 | 498665  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $493,925)** |  |  | 498665  |
| **FOREIGN GOVERNMENT DEBT OBLIGATIONS - 2.1%** | **FOREIGN GOVERNMENT DEBT OBLIGATIONS - 2.1%** | **FOREIGN GOVERNMENT DEBT OBLIGATIONS - 2.1%** | **FOREIGN GOVERNMENT DEBT OBLIGATIONS - 2.1%** |
|  French Republic Government Bond OAT, 3.00%, 05/25/2033<sup>(a)</sup>  | EUR | 145000 | 154481  |
|  United Kingdom Gilt, 4.25%, 07/31/2034  | GBP | 185000 | 232267  |
| &nbsp;&nbsp;&nbsp; **TOTAL FOREIGN GOVERNMENT DEBT OBLIGATIONS** <br>**(Cost $387,362)** |  |  | 386748 |

---

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, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **SHORT-TERM INVESTMENTS - 2.7%** | **SHORT-TERM INVESTMENTS - 2.7%** | **SHORT-TERM INVESTMENTS - 2.7%** |
| **U.S. Treasury Bills - 2.7%** | **U.S. Treasury Bills - 2.7%** | **U.S. Treasury Bills - 2.7%** |
| 4.21%, 04/17/2025<sup>(e)(g)</sup> | $500000 | $499073  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $499,073)** |  | 499073  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 78.5%**<br>**(Cost $14,352,174)** |  | $14617352  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 19.7%<sup>(f)</sup> |  | 3677022  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.8%<sup>(g)</sup> |  | 337501  |
| **TOTAL NET ASSETS - 100.0%** |  | $18631875 |

---

Percentages are stated as a percent of net assets.

Par amount is in USD unless otherwise indicated.

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

NVDR - Non-Voting Depositary Receipt

PCL - Public Company Limited

PLC - Public Limited Company

REIT - Real Estate Investment Trust

EUR - Euro

GBP - British Pound

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

<sup>(a)</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, 2025, the value of these securities total $502,824 or 2.7% of the Fund's net assets.

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

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

<sup>(d)</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 $112,405 or 0.6% of net assets as of March 31, 2025.

<sup>(e)</sup> The rate shown is the annualized effective yield as of March 31, 2025.

<sup>(f)</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, 2025 was 4.20%.

<sup>(g)</sup> All or a portion of security has been pledged as collateral for open securities sold short.

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, 2025 (Unaudited)(Continued)** 

**Allocation of Portfolio Holdings by Country as of March 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Japan | $1313497 | 7.0%  |
| Germany | 934291 | 5.0  |
| United Kingdom | 542419 | 2.9  |
| Switzerland | 464552 | 2.4  |
| Bermuda | 355501 | 1.9  |
| Australia | 338828 | 1.8  |
| Canada | 317096 | 1.7  |
| Spain | 292223 | 1.5  |
| France | 247122 | 1.3  |
| China | 228398 | 1.2  |
| Israel | 201059 | 1.1  |
| Singapore | 194262 | 1.0  |
| Sweden | 192438 | 1.0  |
| South Africa | 173865 | 1.0  |
| Hong Kong | 169045 | 0.9  |
| Thailand | 140996 | 0.8  |
| Philippines | 113038 | 0.6  |
| Luxembourg | 112405 | 0.6  |
| Malaysia | 110096 | 0.6  |
| Ireland | 97205 | 0.6  |
| Netherlands | 88136 | 0.5  |
| Italy | 87566 | 0.4  |
| Mexico | 80229 | 0.4  |
| Panama | 73413 | 0.4  |
| Taiwan | 72594 | 0.4  |
| Denmark | 66118 | 0.3  |
| South Korea | 59018 | 0.3  |
| Norway | 57814 | 0.3  |
| United States | 4358040 | 23.7  |
| Other Assets in Excess of Liabilities | 7150611 | 38.4  |
|  | $18631875 | 100.0% |

---

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

9<br>

------

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

**LEUTHOLD GLOBAL FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

**Allocation of Portfolio Holdings by Currency as of March 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| US Dollar | $6373513 | 34.2%  |
| Euro | 1406403 | 7.6  |
| Japanese Yen | 1194822 | 6.4  |
| Great Britain Pound | 396415 | 2.1  |
| Australian Dollar | 338828 | 1.8  |
| Swedish Krona | 304843 | 1.6  |
| Swiss Franc | 300536 | 1.6  |
| Singapore Dollar | 194263 | 1.0  |
| Hong Kong Dollar | 169045 | 0.9  |
| Thai Baht | 140995 | 0.8  |
| South African Rand | 129451 | 0.7  |
| Philippine Peso | 113037 | 0.6  |
| Canadian Dollar | 111287 | 0.6  |
| Malaysian Ringgit | 110096 | 0.6  |
| Taiwan New Dollar | 72594 | 0.4  |
| Danish Krone | 66118 | 0.4  |
| South Korean Won | 59018 | 0.3  |
| Other Assets in Excess of Liabilities | 7150611 | 38.4  |
|  | $18631875 | 100.0% |

---

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, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **EXCHANGE TRADED FUNDS - (12.4)%** | **EXCHANGE TRADED FUNDS - (12.4)%** | **EXCHANGE TRADED FUNDS - (12.4)%** |
| Invesco QQQ Trust Series 1 | (2075) | $(973009)  |
| iShares MSCI EAFE ETF | (5151) | (420991)  |
| iShares MSCI Emerging Markets ETF | (2150) | (93955)  |
| iShares S&P 500 Growth ETF | (1002) | (93016)  |
| iShares Semiconductor ETF | (204) | (38387)  |
| iShares U.S. Transportation ETF | (360) | (23051)  |
| Real Estate Select Sector SPDR Fund | (345) | (14438)  |
| SPDR S&P 500 ETF Trust | (103) | (57617)  |
| Vanguard S&P 500 ETF | (45) | (23126)  |
| Vanguard Total World Stock ETF | (5012) | (581141)  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Proceeds $2,455,505)** |  | (2318731)  |
| **COMMON STOCKS - (4.3)%**<br>|  |  |
| **Aerospace & Defense - (0.3)%**<br>|  |  |
| AAR Corp. | (91) | (5095)  |
| Boeing Co. | (71) | (12109)  |
| Cadre Holdings, Inc. | (167) | (4945)  |
| HEICO Corp. | (47) | (12558)  |
|  Spirit AeroSystems Holdings, Inc. - Class A | (179) | (6168)  |
| TransDigm Group, Inc. | (9) | (12450)  |
|  |  | (53325)  |
| **Automobile Components - (0.0)%<sup>(a)</sup>**<br>|  |  |
| Adient PLC | (287) | (3691)  |
| **Beverages - (0.2)%**<br>|  |  |
| Brown-Forman Corp. - Class B | (236) | (8010)  |
| Coca-Cola Co. | (175) | (12533)  |
| Constellation Brands, Inc. - Class A | (46) | (8442)  |
| PepsiCo, Inc. | (68) | (10196)  |
|  |  | (39181)  |
| **Building Products - (0.0)%<sup>(a)</sup>**<br>|  |  |
| Trex Co., Inc. | (77) | (4474)  |
| **Capital Markets - (0.2)%**<br>|  |  |
| Ares Management Corp. - Class A | (55) | (8064)  |
| Blue Owl Capital, Inc. - Class A | (281) | (5631)  |
| FactSet Research Systems, Inc. | (14) | (6365)  |
| Hamilton Lane, Inc. - Class A | (36) | (5352)  |
| MarketAxess Holdings, Inc. | (32) | (6923)  |
| MSCI, Inc. | (24) | (13572)  |
|  |  | (45907)  |
| **Chemicals - (0.3)%**<br>|  |  |
| Albemarle Corp. | (103) | (7418)  |
| Balchem Corp. | (33) | (5478)  |
| Chemours Co. | (238) | (3220)  |
| International Flavors & Fragrances, Inc. | (129) | (10012)  |
| Linde PLC | (23) | (10710)  |
| Stepan Co. | (65) | (3577)  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Tronox Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;(525) | $(3696)  |
| Westlake Corp. | &nbsp;&nbsp;&nbsp;&nbsp;(94) | (9403)  |
|  |  | (53514)  |
| **Commercial Services & Supplies - (0.1)%**<br>|  |  |
| Casella Waste Systems, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp;(47) | (5241)  |
| Rollins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(231) | (12481)  |
|  |  | (17722)  |
| **Consumer Finance - (0.0)%<sup>(a)</sup>**<br>|  |  |
| Credit Acceptance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;(10) | (5164)  |
| **Containers & Packaging - (0.1)%**<br>|  |  |
| Ball Corp. | &nbsp;&nbsp;&nbsp;&nbsp;(215) | (11195)  |
| Smurfit WestRock PLC | &nbsp;&nbsp;&nbsp;&nbsp;(204) | (9192)  |
| Sonoco Products Co. | &nbsp;&nbsp;&nbsp;&nbsp;(120) | (5669)  |
|  |  | (26056)  |
| **Distributors - (0.1)%**<br>|  |  |
| Pool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;(32) | (10187)  |
| **Electric Utilities - (0.0)%<sup>(a)</sup>**<br>|  |  |
| Eversource Energy | &nbsp;&nbsp;&nbsp;&nbsp;(90) | (5590)  |
| **Electrical Equipment - (0.1)%**<br>|  |  |
| Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(42) | (10852)  |
|  **Electronic Equipment, Instruments & Components - (0.0)%<sup>(a)</sup>**<br>|  |  |
| Cognex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;(170) | (5071)  |
| Novanta, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(32) | (4092)  |
|  |  | (9163)  |
| **Energy Equipment & Services - (0.0)%<sup>(a)</sup>**<br>|  |  |
| Valaris Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;(89) | (3494)  |
| **Entertainment - (0.1)%**<br>|  |  |
| Take-Two Interactive Software, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(71) | (14715)  |
| **Financial Services - (0.0)%<sup>(a)</sup>**<br>|  |  |
| PennyMac Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(52) | (5206)  |
| Walker & Dunlop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(54) | (4609)  |
|  |  | (9815)  |
| **Ground Transportation - (0.2)%**<br>|  |  |
| JB Hunt Transport Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(57) | (8433)  |
| Knight-Swift Transportation Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(107) | (4653)  |
| Marten Transport Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;(333) | (4569)  |
| Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(57) | (9431)  |
| RXO, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(212) | (4049)  |
| Saia, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(12) | (4193)  |
|  |  | (35328)  |
| **Health Care Equipment & Supplies - (0.1)%**<br>|  |  |
| Baxter International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(160) | (5477)  |
| IDEXX Laboratories, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(26) | (10918)  |
| Inspire Medical Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(28) | (4460)  |
|  |  | (20855)  |

---

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

11<br>

------

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

**LEUTHOLD GLOBAL FUND** 

**SCHEDULE OF SECURITIES SOLD SHORT** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Hotels, Restaurants & Leisure - (0.3)%**<br>|  |  |
| Caesars Entertainment, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(166) | $(4150)  |
| DraftKings, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp;(316) | (10494)  |
| First Watch Restaurant Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(286) | (4762)  |
| Red Rock Resorts, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp;(107) | (4641)  |
| Restaurant Brands International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(166) | (11062)  |
| Starbucks Corp. | &nbsp;&nbsp;&nbsp;&nbsp;(126) | (12359)  |
| Vail Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(26) | (4161)  |
|  |  | (51629)  |
| **Household Products - (0.1)%**<br>|  |  |
| Clorox Co. | &nbsp;&nbsp;&nbsp;&nbsp;(88) | (12958)  |
|  **Independent Power and Renewable Electricity Producers - (0.0)%<sup>(a)</sup>**<br>|  |  |
| Ormat Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(68) | (4812)  |
| **Insurance - (0.3)%**<br>|  |  |
| Aon PLC - Class A | &nbsp;&nbsp;&nbsp;&nbsp;(35) | (13968)  |
| Arthur J. Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;(47) | (16226)  |
| Erie Indemnity Co. - Class A | &nbsp;&nbsp;&nbsp;&nbsp;(27) | (11315)  |
| Ryan Specialty Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(107) | (7904)  |
|  |  | (49413)  |
| **IT Services - (0.0)%<sup>(a)</sup>**<br>|  |  |
| MongoDB, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(33) | (5788)  |
| **Life Sciences Tools & Services - (0.1)%**<br>|  |  |
| Bio-Techne Corp. | &nbsp;&nbsp;&nbsp;&nbsp;(69) | (4045)  |
| Bruker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;(92) | (3840)  |
| Repligen Corp. | &nbsp;&nbsp;&nbsp;&nbsp;(40) | (5090)  |
|  |  | (12975)  |
| **Machinery - (0.3)%**<br>|  |  |
| AGCO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;(51) | (4721)  |
| Graco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(134) | (11190)  |
| Hillenbrand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(120) | (2897)  |
| IDEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;(51) | (9229)  |
| Ingersoll Rand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(130) | (10404)  |
| JBT Marel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;(41) | (5010)  |
| Stanley Black & Decker, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(116) | (8918)  |
| Xylem, Inc./NY | &nbsp;&nbsp;&nbsp;&nbsp;(86) | (10274)  |
|  |  | (62643)  |
| **Multi-Utilities - (0.1)%**<br>|  |  |
| Dominion Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(187) | (10485)  |
| **Oil, Gas & Consumable Fuels - (0.2)%**<br>|  |  |
| EQT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;(279) | (14907)  |
| Expand Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;(113) | (12579)  |
| Phillips 66 | &nbsp;&nbsp;&nbsp;&nbsp;(92) | (11360)  |
|  |  | (38846)  |
| **Passenger Airlines - (0.1)%**<br>|  |  |
| Southwest Airlines Co. | &nbsp;&nbsp;&nbsp;&nbsp;(361) | (12122)  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Personal Care Products - (0.1)%**<br>|  |  |
| Interparfums, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(44) | $(5011)  |
| Kenvue, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(590) | (14148)  |
|  |  | (19159)  |
| **Professional Services - (0.2)%**<br>|  |  |
| Dayforce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(91) | (5308)  |
| Equifax, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(38) | (9255)  |
| Exponent, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(68) | (5512)  |
| Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(36) | (10715)  |
|  |  | (30790)  |
|  **Real Estate Management & Development - (0.1)%**<br>|  |  |
| CoStar Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(141) | (11172)  |
|  **Semiconductors & Semiconductor Equipment - (0.3)%**<br>|  |  |
| Advanced Micro Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(117) | (12021)  |
| ARM Holdings PLC - ADR | &nbsp;&nbsp;&nbsp;&nbsp;(80) | (8543)  |
| ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;(14) | (9277)  |
| Power Integrations, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(83) | (4191)  |
| Silicon Laboratories, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(42) | (4728)  |
| Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(54) | (9704)  |
|  |  | (48464)  |
| **Software - (0.2)%**<br>|  |  |
| Cadence Design Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(45) | (11445)  |
| Confluent, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp;(214) | (5016)  |
| Crowdstrike Holdings, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp;(27) | (9520)  |
| Monday.com Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;(21) | (5106)  |
| Zscaler, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(54) | (10715)  |
|  |  | (41802)  |
| **Specialty Retail - (0.0)%<sup>(a)</sup>**<br>|  |  |
| Floor & Decor Holdings, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp;(48) | (3863)  |
| **Trading Companies & Distributors - (0.1)%**<br>|  |  |
| Fastenal Co. | &nbsp;&nbsp;&nbsp;&nbsp;(131) | (10159)  |
| SiteOne Landscape Supply, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(39) | (4736)  |
|  |  | (14895)  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Proceeds $844,742)** |  | (800849)  |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - (0.1)%** | **REAL ESTATE INVESTMENT TRUSTS - COMMON - (0.1)%** | **REAL ESTATE INVESTMENT TRUSTS - COMMON - (0.1)%** |
| **Industrial REITs - (0.0)%<sup>(a)</sup>**<br>|  |  |
| Rexford Industrial Realty, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(119) | (4659)  |
| **Residential REITs - (0.1)%**<br>|  |  |
| Invitation Homes, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(340) | (11849)  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Proceeds $16,892)** |  | (16508)  |
|  **TOTAL SECURITIES SOLD SHORT - (16.8)% (Proceeds $3,317,139)** |  | $(3136088) |

---

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

12<br>

------

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

**LEUTHOLD GLOBAL FUND** 

**SCHEDULE OF SECURITIES SOLD SHORT** 

**March 31, 2025 (Unaudited)(Continued)** 

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> Represents less than 0.05% of net assets.

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

13<br>

------

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

**LEUTHOLD SELECT INDUSTRIES ETF** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.8%**<br>|  |  |
| **Banks - 10.5%**<br>|  |  |
| Bank of America Corp. | 4976 | $207648  |
| Barclays PLC - ADR | 9331 | 143324  |
| Cadence Bank | 2454 | 74503  |
| Canadian Imperial Bank of Commerce | 2510 | 141313  |
| Citigroup, Inc. | 2585 | 183509  |
| Citizens Financial Group, Inc. | 2889 | 118362  |
| Columbia Banking System, Inc. | 3471 | 86567  |
| Fifth Third Bancorp | 2254 | 88357  |
| First Citizens BancShares, Inc. - Class A | 46 | 85290  |
| Huntington Bancshares, Inc. | 8192 | 122962  |
| JPMorgan Chase & Co. | 985 | 241621  |
| M&T Bank Corp. | 772 | 137995  |
| Old National Bancorp | 4472 | 94762  |
|  |  | 1726213  |
| **Capital Markets - 5.4%**<br>|  |  |
| Deutsche Bank AG | 7367 | 175556  |
| Goldman Sachs Group, Inc. | 518 | 282978  |
| Morgan Stanley | 2015 | 235090  |
| Raymond James Financial, Inc. | 762 | 105849  |
| Virtu Financial, Inc. - Class A | 2385 | 90916  |
|  |  | 890389  |
| **Communications Equipment - 3.2%**<br>|  |  |
| Cisco Systems, Inc. | 2641 | 162976  |
| Digi International, Inc.<sup>(a)</sup> | 1556 | 43303  |
| F5, Inc.<sup>(a)</sup> | 402 | 107041  |
| Nokia Oyj - ADR | 23069 | 121574  |
| Telefonaktiebolaget LM Ericsson - ADR | 12675 | 98358  |
|  |  | 533252  |
| **Diversified Consumer Services - 3.9%**<br>|  |  |
| Adtalem Global Education, Inc.<sup>(a)</sup> | 1437 | 144620  |
| Laureate Education, Inc.<sup>(a)</sup> | 6254 | 127894  |
| Strategic Education, Inc. | 1224 | 102767  |
| Stride, Inc.<sup>(a)</sup> | 1178 | 149017  |
| Universal Technical Institute, Inc.<sup>(a)</sup> | 4347 | 111631  |
|  |  | 635929  |
| **Diversified Telecommunication Services - 1.9%**<br>|  |  |
| AT&T, Inc. | 7501 | 212128  |
| Verizon Communications, Inc. | 2086 | 94621  |
|  |  | 306749  |
|  **Electronic Equipment, Instruments & Components - 3.9%**<br>|  |  |
| Flex, Ltd.<sup>(a)</sup> | 6303 | 208503  |
| Jabil, Inc. | 1908 | 259622  |
| TE Connectivity PLC | 1235 | 174530  |
|  |  | 642655  |
| **Entertainment - 3.6%**<br>|  |  |
| Netflix, Inc.<sup>(a)</sup> | 460 | 428964  |
| Walt Disney Co. | 1654 | 163249  |
|  |  | 592213  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Financial Services - 4.9%**<br>|  |  |
| Block, Inc.<sup>(a)</sup> | 984 | $53461  |
| Global Payments, Inc. | 768 | 75203  |
| Mastercard, Inc. - Class A | 481 | 263646  |
| PayPal Holdings, Inc.<sup>(a)</sup> | 1458 | 95134  |
| Visa, Inc. - Class A | 639 | 223944  |
| Voya Financial, Inc. | 1403 | 95067  |
|  |  | 806455  |
| **Gas Utilities - 3.0%**<br>|  |  |
| MDU Resources Group, Inc. | 5819 | 98399  |
| New Jersey Resources Corp. | 2004 | 98316  |
| ONE Gas, Inc. | 1328 | 100384  |
| Spire, Inc. | 1293 | 101177  |
| UGI Corp. | 2984 | 98681  |
|  |  | 496957  |
| **Health Care Providers & Services - 8.8%**<br>|  |  |
| Cardinal Health, Inc. | 1943 | 267687  |
| Cencora, Inc. | 951 | 264464  |
| Concentra Group Holdings Parent, Inc. | 1931 | 41903  |
| Encompass Health Corp. | 955 | 96722  |
| HCA Healthcare, Inc. | 498 | 172084  |
| McKesson Corp. | 494 | 332457  |
| Select Medical Holdings Corp. | 2393 | 39963  |
| Tenet Healthcare Corp.<sup>(a)</sup> | 919 | 123605  |
| Universal Health Services, Inc. - Class B | 575 | 108043  |
|  |  | 1446928  |
| **Hotels, Restaurants & Leisure - 3.2%**<br>|  |  |
| Carnival Corp.<sup>(a)</sup> | 3546 | 69253  |
| Hyatt Hotels Corp. - Class A | 578 | 70805  |
| Life Time Group Holdings, Inc.<sup>(a)</sup> | 3147 | 95040  |
| Norwegian Cruise Line Holdings, Ltd.<sup>(a)</sup> | 3410 | 64654  |
| Royal Caribbean Cruises, Ltd. | 343 | 70466  |
| Travel + Leisure Co. | 1684 | 77952  |
| United Parks & Resorts, Inc.<sup>(a)</sup> | 1722 | 78282  |
|  |  | 526452  |
| **Household Durables - 4.6%**<br>|  |  |
| D.R. Horton, Inc. | 2003 | 254641  |
| PulteGroup, Inc. | 3033 | 311793  |
| Toll Brothers, Inc. | 1841 | 194391  |
|  |  | 760825  |
| **Insurance - 5.6%**<br>|  |  |
| Allstate Corp. | 608 | 125899  |
| Arch Capital Group, Ltd. | 1050 | 100989  |
| Assurant, Inc. | 536 | 112426  |
| Hanover Insurance Group, Inc. | 437 | 76016  |
| Hartford Insurance Group, Inc. | 1033 | 127813  |
| Kemper Corp. | 1046 | 69925  |
| Markel Group, Inc.<sup>(a)</sup> | 53 | 99089  |
| Travelers Cos., Inc. | 506 | 133817  |
| White Mountains Insurance Group Ltd. | 37 | 71255  |
|  |  | 917229  |

---

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

14<br>

------

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

**LEUTHOLD SELECT INDUSTRIES ETF** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Interactive Media & Services - 7.7%**<br>|  |  |
| Alphabet, Inc. - Class A | 2148 | $332167  |
| Cargurus, Inc.<sup>(a)</sup> | 4230 | 123220  |
| IAC, Inc.<sup>(a)</sup> | 1712 | 78649  |
| Match Group, Inc. | 3538 | 110386  |
| Meta Platforms, Inc. - Class A | 943 | 543507  |
| Pinterest, Inc. - Class A<sup>(a)</sup> | 2330 | 72230  |
|  |  | 1260159  |
| **Internet & Direct Marketing Retail - 0.5%**<br>|  |  |
| Expedia Group, Inc. - Class A | 516 | 86740  |
| **IT Services - 6.3%**<br>|  |  |
| Akamai Technologies, Inc.<sup>(a)</sup> | 1393 | 112136  |
| CSG Systems International, Inc. | 1348 | 81513  |
| DigitalOcean Holdings, Inc.<sup>(a)</sup> | 2340 | 78133  |
| Genpact, Ltd. | 2447 | 123280  |
| GoDaddy, Inc. - Class A<sup>(a)</sup> | 698 | 125738  |
| MAXIMUS, Inc. | 1198 | 81692  |
| Okta, Inc.<sup>(a)</sup> | 1010 | 106272  |
| Twilio, Inc. - Class A<sup>(a)</sup> | 1165 | 114065  |
| VeriSign, Inc.<sup>(a)</sup> | 628 | 159430  |
| Wix.com, Ltd.<sup>(a)</sup> | 381 | 62248  |
|  |  | 1044507  |
| **Media - 1.3%**<br>|  |  |
| Charter Communications, Inc. - Class A<sup>(a)</sup> | 231 | 85131  |
| Comcast Corp. - Class A | 3418 | 126124  |
|  |  | 211255  |
| **Metals & Mining - 5.3%**<br>|  |  |
| Agnico Eagle Mines, Ltd. | 1492 | 161748  |
| Eldorado Gold Corp.<sup>(a)</sup> | 5454 | 91736  |
| Equinox Gold Corp.<sup>(a)</sup> | 16103 | 110788  |
| IAMGOLD Corp.<sup>(a)</sup> | 26079 | 162994  |
| Kinross Gold Corp. | 19253 | 242780  |
| Pan American Silver Corp. | 3936 | 101667  |
|  |  | 871713  |
| **Pharmaceuticals - 1.1%**<br>|  |  |
| Jazz Pharmaceuticals PLC<sup>(a)</sup> | 589 | 73124  |
| Merck & Co., Inc. | 1298 | 116509  |
|  |  | 189633  |
| **Professional Services - 1.1%**<br>|  |  |
| Concentrix Corp. | 1790 | 99596  |
| WNS Holdings Ltd.<sup>(a)</sup> | 1293 | 79506  |
|  |  | 179102  |
| **Real Estate - 0.1%**<br>|  |  |
| Millrose Properties, Inc.<sup>(a)</sup> | 513 | 13600  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Software - 9.3%**<br>|  |  |
| Check Point Software Technologies, Ltd.<sup>(a)</sup> | 945 | $215384  |
| Fortinet, Inc.<sup>(a)</sup> | 1967 | 189344  |
| Microsoft Corp. | 1601 | 600999  |
| Oracle Corp. | 2148 | 300312  |
| Qualys, Inc.<sup>(a)</sup> | 747 | 94070  |
| SS&C Technologies Holdings, Inc. | 1502 | 125462  |
|  |  | 1525571  |
| **Trading Companies & Distributors - 1.7%**<br>|  |  |
| United Rentals, Inc. | 436 | 273241  |
| **Wireless Telecommunication Services - 1.9%**<br>|  |  |
| T-Mobile US, Inc. | 1167 | 311250  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $13,974,217)** |  | 16249017  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.8%**<br>**(Cost $13,974,217)** |  | $16249017  |
| Money Market Deposit Account - 1.2%<sup>(b)</sup> |  | 192710  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.0%<sup>(c)</sup> |  | 697  |
| **TOTAL NET ASSETS - 100.0%** |  | $16442424 |

---

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

AG - Aktiengesellschaft

OYJ - Julkinen Asakeyhtio

PLC - Public Limited Company

<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, 2025 was 4.20%.

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

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

15<br>

------

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

**LEUTHOLD GRIZZLY SHORT FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **SHORT-TERM INVESTMENTS - 15.8%** | **SHORT-TERM INVESTMENTS - 15.8%** | **SHORT-TERM INVESTMENTS - 15.8%** |
| U.S. Treasury Bills - 15.8%<br>|  |  |
| 4.21%, 04/17/2025<sup>(a)(b)</sup> | $7000000 | $6987026  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $6,987,026)** |  | 6987026  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 15.8%**<br>**(Cost $6,987,026)** |  | $6987026  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 77.9%<sup>(c)</sup> |  | 34433451  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 6.3% |  | 2796781  |
| **TOTAL NET ASSETS - 100.0%** |  | $44217258 |

---

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 effective yield as of March 31, 2025.

<sup>(b)</sup> All or a portion of security has been pledged as collateral for open securities sold short.

<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, 2025 was 4.20%. 

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

16<br>

------

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

**LEUTHOLD GRIZZLY SHORT FUND** 

**SCHEDULE OF SECURITIES SOLD SHORT** 

**March 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (71.1)%**<br>|  |  |
| **Aerospace & Defense - (4.6)%**<br>|  |  |
| AAR Corp. | (3500) | $(195965)  |
| Boeing Co. | (2734) | (466284)  |
| Cadre Holdings, Inc. | (6406) | (189681)  |
| HEICO Corp. | (1810) | (483614)  |
|  Spirit AeroSystems Holdings, Inc. - Class A | (6888) | (237360)  |
| TransDigm Group, Inc. | (330) | (456486)  |
|  |  | (2029390)  |
| **Automobile Components - (0.3)%**<br>|  |  |
| Adient PLC | (11026) | (141794)  |
| **Beverages - (3.4)%**<br>|  |  |
| Brown-Forman Corp. - Class B | (9071) | (307870)  |
| Coca-Cola Co. | (6716) | (481000)  |
| Constellation Brands, Inc. - Class A | (1774) | (325564)  |
| PepsiCo, Inc. | (2620) | (392843)  |
|  |  | (1507277)  |
| **Building Products - (0.4)%**<br>|  |  |
| Trex Co., Inc. | (2969) | (172499)  |
| **Capital Markets - (4.0)%**<br>|  |  |
| Ares Management Corp. - Class A | (2111) | (309494)  |
| Blue Owl Capital, Inc. - Class A | (10799) | (216412)  |
| FactSet Research Systems, Inc. | (525) | (238686)  |
| Hamilton Lane, Inc. - Class A | (1387) | (206205)  |
| MarketAxess Holdings, Inc. | (1237) | (267625)  |
| MSCI, Inc. | (906) | (512343)  |
|  |  | (1750765)  |
| **Chemicals - (4.7)%**<br>|  |  |
| Albemarle Corp. | (3953) | (284695)  |
| Balchem Corp. | (1253) | (207998)  |
| Chemours Co. | (9151) | (123813)  |
| International Flavors & Fragrances, Inc. | (4957) | (384713)  |
| Linde PLC | (895) | (416748)  |
| Stepan Co. | (2515) | (138426)  |
| Tronox Holdings PLC | (20430) | (143827)  |
| Westlake Corp. | (3616) | (361708)  |
|  |  | (2061928)  |
| **Commercial Services & Supplies - (1.5)%**<br>|  |  |
| Casella Waste Systems, Inc. - Class A | (1812) | (202056)  |
| Rollins, Inc. | (8904) | (481083)  |
|  |  | (683139)  |
| **Consumer Finance - (0.5)%**<br>|  |  |
| Credit Acceptance Corp. | (402) | (207573)  |
| **Containers & Packaging - (2.3)%**<br>|  |  |
| Ball Corp. | (8277) | (430983)  |
| Smurfit WestRock PLC | (7887) | (355388)  |
| Sonoco Products Co. | (4640) | (219194)  |
|  |  | (1005565)  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Distributors - (0.9)%**<br>|  |  |
| Pool Corp. | (1228) | $(390934)  |
| **Electric Utilities - (0.5)%**<br>|  |  |
| Eversource Energy | (3461) | (214963)  |
| **Electrical Equipment - (0.9)%**<br>|  |  |
| Rockwell Automation, Inc. | (1629) | (420901)  |
|  **Electronic Equipment, Instruments & Components - (0.8)%**<br>|  |  |
| Cognex Corp. | (6555) | (195536)  |
| Novanta, Inc. | (1216) | (155490)  |
|  |  | (351026)  |
| **Energy Equipment & Services - (0.3)%**<br>|  |  |
| Valaris Ltd. | (3413) | (133994)  |
| **Entertainment - (1.3)%**<br>|  |  |
| Take-Two Interactive Software, Inc. | (2728) | (565378)  |
| **Financial Services - (0.9)%**<br>|  |  |
| PennyMac Financial Services, Inc. | (2028) | (203023)  |
| Walker & Dunlop, Inc. | (2079) | (177463)  |
|  |  | (380486)  |
| **Ground Transportation - (3.1)%**<br>|  |  |
| JB Hunt Transport Services, Inc. | (2176) | (321939)  |
|  Knight-Swift Transportation Holdings, Inc. | (4118) | (179092)  |
| Marten Transport Ltd. | (12801) | (175630)  |
| Old Dominion Freight Line, Inc. | (2187) | (361839)  |
| RXO, Inc. | (8254) | (157652)  |
| Saia, Inc. | (466) | (162834)  |
|  |  | (1358986)  |
| **Health Care Equipment & Supplies - (1.8)%**<br>|  |  |
| Baxter International, Inc. | (6138) | (210103)  |
| IDEXX Laboratories, Inc. | (984) | (413231)  |
| Inspire Medical Systems, Inc. | (1060) | (168837)  |
|  |  | (792171)  |
| **Hotels, Restaurants & Leisure - (4.5)%**<br>|  |  |
| Caesars Entertainment, Inc. | (6370) | (159250)  |
| DraftKings, Inc. - Class A | (12173) | (404265)  |
| First Watch Restaurant Group, Inc. | (10986) | (182917)  |
| Red Rock Resorts, Inc. - Class A | (4125) | (178901)  |
| Restaurant Brands International, Inc. | (6384) | (425430)  |
| Starbucks Corp. | (4866) | (477306)  |
| Vail Resorts, Inc. | (1000) | (160020)  |
|  |  | (1988089)  |
| **Household Products - (1.1)%**<br>|  |  |
| Clorox Co. | (3368) | (495938)  |
|  **Independent Power and Renewable Electricity Producers - (0.4)%**<br>|  |  |
| Ormat Technologies, Inc. | (2620) | (185417)  |

---

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

17<br>

------

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

**LEUTHOLD GRIZZLY SHORT FUND** 

**SCHEDULE OF SECURITIES SOLD SHORT** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**<br>|  |  |
| **Insurance - (4.3)%**<br>|  |  |
| Aon PLC - Class A | (1350) | $(538772)  |
| Arthur J. Gallagher & Co. | (1812) | (625575)  |
| Erie Indemnity Co. - Class A | (1058) | (443355)  |
| Ryan Specialty Holdings, Inc. | (4127) | (304861)  |
|  |  | (1912563)  |
| **IT Services - (0.5)%**<br>|  |  |
| MongoDB, Inc. | (1288) | (225915)  |
| **Life Sciences Tools & Services - (1.1)%**<br>|  |  |
| Bio-Techne Corp. | (2664) | (156190)  |
| Bruker Corp. | (3533) | (147467)  |
| Repligen Corp. | (1556) | (197986)  |
|  |  | (501643)  |
| **Machinery - (5.5)%**<br>|  |  |
| AGCO Corp. | (1999) | (185047)  |
| Graco, Inc. | (5160) | (430912)  |
| Hillenbrand, Inc. | (4625) | (111648)  |
| IDEX Corp. | (1969) | (356330)  |
| Ingersoll Rand, Inc. | (5033) | (402791)  |
| JBT Marel Corp. | (1597) | (195153)  |
| Stanley Black & Decker, Inc. | (4468) | (343500)  |
| Xylem, Inc. | (3315) | (396010)  |
|  |  | (2421391)  |
| **Multi-Utilities - (0.9)%**<br>|  |  |
| Dominion Energy, Inc. | (7231) | (405442)  |
| **Oil, Gas & Consumable Fuels - (3.4)%**<br>|  |  |
| EQT Corp. | (10727) | (573144)  |
| Expand Energy Corp. | (4348) | (484019)  |
| Phillips 66 | (3554) | (438848)  |
|  |  | (1496011)  |
| **Passenger Airlines - (1.0)%**<br>|  |  |
| Southwest Airlines Co. | (13903) | (466863)  |
| **Personal Care Products - (1.7)%**<br>|  |  |
| Interparfums, Inc. | (1707) | (194376)  |
| Kenvue, Inc. | (22697) | (544274)  |
|  |  | (738650)  |
| **Professional Services - (2.7)%**<br>|  |  |
| Dayforce, Inc. | (3482) | (203105)  |
| Equifax, Inc. | (1455) | (354380)  |
| Exponent, Inc. | (2641) | (214079)  |
| Verisk Analytics, Inc. | (1390) | (413692)  |
|  |  | (1185256)  |
| **Real Estate - (1.4)%**<br>|  |  |
| Invitation Homes, Inc. | (13080) | (455838)  |
| Rexford Industrial Realty, Inc. | (4591) | (179738)  |
|  |  | (635576)  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  **Real Estate Management & Development - (1.0)%**<br>|  |  |
| CoStar Group, Inc. | (5426) | $(429902)  |
|  **Semiconductors & Semiconductor Equipment - (4.2)%**<br>|  |  |
| Advanced Micro Devices, Inc. | (4541) | (466542)  |
| ARM Holdings PLC - ADR | (3094) | (330408)  |
| ASML Holding NV | (547) | (362459)  |
| Power Integrations, Inc. | (3210) | (162105)  |
| Silicon Laboratories, Inc. | (1600) | (180112)  |
| Texas Instruments, Inc. | (2082) | (374136)  |
|  |  | (1875762)  |
| **Software - (3.6)%**<br>|  |  |
| Cadence Design Systems, Inc. | (1741) | (442788)  |
| Confluent, Inc. - Class A | (8236) | (193052)  |
| Crowdstrike Holdings, Inc. - Class A | (1051) | (370562)  |
| Monday.com Ltd. | (795) | (193312)  |
| Zscaler, Inc. | (2060) | (408745)  |
|  |  | (1608459)  |
| **Specialty Retail - (0.3)%**<br>|  |  |
| Floor & Decor Holdings, Inc. - Class A | (1848) | (148709)  |
| **Trading Companies & Distributors - (1.3)%**<br>|  |  |
| Fastenal Co. | (5058) | (392248)  |
| SiteOne Landscape Supply, Inc. | (1498) | (181917)  |
|  |  | (574165)  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Proceeds $33,444,331)** |  | (31464520)  |
| **EXCHANGE TRADED FUNDS - (23.9)%** | **EXCHANGE TRADED FUNDS - (23.9)%** | **EXCHANGE TRADED FUNDS - (23.9)%** |
| Invesco QQQ Trust Series 1 | (2002) | (938778)  |
| iShares S&P 500 Growth ETF | (38852) | (3606631)  |
| iShares Semiconductor ETF | (7847) | (1476570)  |
| iShares U.S. Transportation ETF | (13856) | (887200)  |
| Real Estate Select Sector SPDR Fund | (13278) | (555684)  |
| SPDR S&P 500 ETF Trust | (3947) | (2207913)  |
| Vanguard S&P 500 ETF | (1719) | (883411)  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Proceeds $10,825,673)** |  | (10556187)  |
| &nbsp;&nbsp;&nbsp; **TOTAL SECURITIES SOLD SHORT - (95.0)%** <br>**(Proceeds $44,270,004)** |  | $(42020707) |

---

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 Depository Receipt

NV - Naamloze Venootschap

PLC - Public Limited Company

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

18<br>

------

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

**LEUTHOLD CORE ETF** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **EXCHANGE TRADED FUNDS - 85.4%** | **EXCHANGE TRADED FUNDS - 85.4%** | **EXCHANGE TRADED FUNDS - 85.4%** |
|  Communication Services Select Sector SPDR Fund | 68783 | $6634120  |
| Direxion Daily S&P 500 Bear 1x Shares | 311676 | 3612325  |
| Financial Select Sector SPDR Fund | 157513 | 7845723  |
| Health Care Select Sector SPDR Fund | 12762 | 1863380  |
| Industrial Select Sector SPDR Fund | 6131 | 803590  |
|  Invesco CurrencyShares Euro Currency Trust | 9498 | 948850  |
|  Invesco CurrencyShares Japanese Yen Trust<sup>(a)</sup> | 10690 | 657435  |
| Invesco KBW Bank ETF | 8341 | 523565  |
|  Invesco S&P 500 Equal Weight Consumer Discretionary ETF | 21587 | 1077191  |
| iShares 1-3 Year Treasury Bond ETF | 150484 | 12449541  |
|  iShares 5-10 Year Investment Grade Corporate Bond ETF | 22985 | 1207172  |
| iShares 7-10 Year Treasury Bond ETF | 13280 | 1266514  |
|  iShares Expanded Tech-Software Sector ETF<sup>(a)</sup> | 18893 | 1681288  |
| iShares MBS ETF | 7719 | 723888  |
| iShares U.S. Healthcare Providers ETF | 26180 | 1382304  |
| iShares U.S. Home Construction ETF | 12848 | 1223258  |
| iShares U.S. Insurance ETF | 6631 | 913818  |
| iShares U.S. Telecommunications ETF | 38113 | 1043915  |
| Janus Henderson AAA CLO ETF | 14662 | 743510  |
| Simplify MBS ETF | 5768 | 289207  |
|  SPDR Bloomberg International Corporate Bond ETF | 24678 | 727754  |
|  SPDR Bloomberg International Treasury Bond ETF | 84274 | 1842230  |
| SPDR S&P Capital Markets ETF | 4006 | 505437  |
| SPDR S&P Regional Banking ETF | 12348 | 701984  |
| Technology Select Sector SPDR Fund | 28943 | 5976151  |
| US Global Jets ETF<sup>(a)</sup> | 48492 | 1007179  |
| Utilities Select Sector SPDR Fund | 14230 | 1122035  |
| VanEck Gold Miners ETF/USA | 39426 | 1812413  |
|  VanEck J. P. Morgan EM Local Currency Bond ETF | 19946 | 475912  |
| VanEck Pharmaceutical ETF | 4006 | 365067  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $56,612,668)** |  | 61426756  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 85.4%** <br>**(Cost $56,612,668)** |  | $61426756  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 14.6%<sup>(b)</sup> |  | 10533836  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.0%<sup>(c)</sup> |  | 25429  |
| **TOTAL NET ASSETS - 100.0%** |  | $71986021 |

---

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> 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, 2025 was 4.20%.

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

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

19<br>

------

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

**The Leuthold Funds** 

**Statements of Assets and Liabilities** 

**March 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Leuthold**<br>**Core Investment** <br>**Fund** | **Leuthold** <br>**Global** <br>**Fund** |
| **ASSETS:**<br>|  |  |
| Investments, at cost | $327713653 | $14352174  |
| Investments, at fair value | 407898044 | 14617352  |
| Cash & Cash Equivalents | 88518240 | 3676984  |
| Receivable for Fund shares sold | 125164 | 243  |
| Collateral at broker for securities sold short | 93942884 | 3378853  |
| Tri-party collateral held at custodian | 553000 | 16000  |
| Dividends and interest receivable | 750212 | 86515  |
| Other assets | 327811 | 43340  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 592115355 | 21819287  |
| **LIABILITIES:**<br>|  |  |
|  Securities sold short, at fair value (proceeds $92,252,930, and $3,317,139, respectively) | 86338284 | 3136088  |
| Payable for capital shares redeemed | 275019 | 1165  |
| Payable to investment adviser | 390407 | 12406  |
| Payable to fund administration & accounting fees | 101365 | 11594  |
| Payable to transfer agent fees & expenses | 127751 | 3562  |
| Payable for custody fees | 17565 | 5708  |
| Dividends payable on securities sold short | 79049 | 2149  |
| Accrued distribution and/or shareholder service fees | 21103 | 628  |
| Payable for audit fees | 24678 | 9968  |
| Accrued expenses and other liabilities | 102081 | 4144  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 87477302 | 3187412  |
| **NET ASSETS** | $504638053 | $18631875  |
| **NET ASSETS CONSIST OF:** <br>|  |  |
| Paid-in Capital | $357891120 | $16137935  |
| Total distributable earnings | 146746933 | 2493940  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $504638053 | $18631875  |
| **Retail Class Shares**<br>|  |  |
| Net Assets | $222178976 | $2934958  |
| Shares issued and outstanding<sup>(1)</sup> | 10542380 | 328280  |
| Net asset value, offering price, and redemption price per share | $21.07 | $8.94  |
| **Institutional Class Shares**<br>|  |  |
| Net Assets | 282459077 | 15696917  |
| Shares issued and outstanding<sup>(1)</sup> | 13343458 | 1720429  |
| Net asset value, offering price, and redemption price per share | $21.17 | $9.12 |

---

<sup>(1)</sup> Unlimited shared authorized without par value.

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

20<br>

------

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

**The Leuthold Funds** 

**Statements of Assets and Liabilities** 

**March 31, 2025 (Unaudited) (Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Leuthold** <br>**Select** <br>**Industries ETF** | **Leuthold** <br>**Grizzly Short** <br>**Fund** | **Leuthold** <br>**Core ETF**  |
| **ASSETS:**<br>|  |  |  |
| Investments, at cost | $13974217 | $6987026 | $56612668  |
| Investments, at fair value | 16249017 | 6987026 | 61426756  |
| Cash & Cash Equivalent | 192710 | 34433451 | 10573372  |
| Receivable for Fund shares sold |  | 331366 | —  |
| Collateral at broker for securities sold short |  | 44131214 | —  |
| Tri-party collateral held at custodian |  | 228000 | —  |
| Dividends and interest receivable | 12173 | 127807 | 55381  |
| Due from Adviser | 1090 |  | —  |
| Prepaid expenses and other assets | 15381 | 147034 | 8986  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 16470371 | 86385898 | 72064495  |
| **LIABILITIES:**<br>|  |  |  |
|  Securities sold short, at fair value (proceeds $0, $44,270,004, and $0, respectively) |  | 42020707 | —  |
| Payable for capital shares redeemed |  | 13716 | —  |
| Payable to investment adviser |  | 45992 | 24830  |
| Payable to fund administration & accounting fees | 7845 | 16846 | 13056  |
| Payable to transfer agent fees & expenses | 5311 | 16977 | 13094  |
| Payable for custody fees | 4571 | 1648 | 3824  |
| Dividends payable on securities sold short |  | 28178 | —  |
| Accrued distribution and/or shareholder service fees |  | 1668 | —  |
| Payable for audit fees | 7176 | 11568 | 8676  |
| Accrued expenses and other liabilities | 3044 | 11340 | 14994  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 27947 | 42168640 | 78474  |
| **NET ASSETS** | $16442424 | $44217258 | $71986021  |
| **NET ASSETS CONSIST OF:**<br>|  |  |  |
| Paid-in Capital | $12188085 | $426223097 | $62334437  |
| Total distributable earnings (accumulated loss) | 4254339 | (382005839) | 9651584  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $16442424 | $44217258 | $71986021  |
| **Retail Class Shares**<br>|  |  |  |
| Net assets | $16442424 | $44217258 | $71986021  |
| Shares issued and outstanding<sup>(1)</sup> | 506875 | 7732793 | 2100000  |
| Net Asset Value, Redemption Price, and Offering Price Per Share | $32.44 | $5.72 | $34.28 |

---

<sup>(1)</sup> Unlimited shared authorized without par value.

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

21<br>

------

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

**The Leuthold Funds** 

**Statements of Operations** 

**For the Six-Months Ended March 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Leuthold Core** <br>**Investment Fund** | **Leuthold Global** <br>**Fund**  |
| **INVESTMENT INCOME:**<br>|  |  |
| Dividend income (net of foreign taxes withheld of $34,705 and $11,581, respectively) | $3873540 | $224071  |
| Interest income | 3713825 | 100848  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 7587365 | 324919  |
| **EXPENSES:**<br>|  |  |
| Investment advisory fees (See Note 6) | 2433099 | 86022  |
| Fund administration & accounting fees (See Note 6) | 172700 | 19548  |
| Transfer agent fees & expenses (See Note 6) | 289137 | 17836  |
| Legal fees | 16129 | 2366  |
| Audit fees | 26465 | 11594  |
| Custody fees (See Note 6) | 27321 | 7167  |
| Federal & state registration fees | 23248 | 17189  |
| Postage & printing fees | 37671 | 2584  |
| Insurance fees | 29978 | 1183  |
| Trustee fees | 79348 | 2799  |
| Distribution and/or shareholder service fees (See Notes 7 and 8)<br>|  |  |
| Retail Class | 115138 | 3910  |
| Other expenses | 767 | 6274  |
| &nbsp;&nbsp;&nbsp; Total expenses before dividends and interest on securities sold short and reimbursement from Adviser | 3251001 | 178472  |
| &nbsp;&nbsp;&nbsp; Dividends on securities sold short | 363568 | 17435  |
| &nbsp;&nbsp;&nbsp; Other extraordinary expenses | 31315 | 736  |
| &nbsp;&nbsp;&nbsp; Less: reimbursement/waiver from adviser (See Note 6) |  | (12536)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 3645884 | 184107  |
| **Net Investment Income** | 3941481 | 140812  |
|  **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, INVESTMENT COMPANIES, SECURITIES SOLD SHORT AND FOREIGN CURRENCY AND FOREIGN CURRENCY TRANSLATION:**<br>|  |  |
| Net realized gain (loss) on:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments | $64459229 | $2545577  |
| &nbsp;&nbsp;&nbsp; Investment companies | 746298 | 18213  |
| &nbsp;&nbsp;&nbsp; Securities sold short | (5232984) | (145753)  |
| &nbsp;&nbsp;&nbsp; Foreign currency and foreign currency translation | (1472) | (540)  |
| Net unrealized appreciation/depreciation during the period on:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments | (86139322) | (2865652)  |
| &nbsp;&nbsp;&nbsp; Investment companies | (2886172) | (67544)  |
| &nbsp;&nbsp;&nbsp; Securities sold short | 6448392 | 206572  |
| &nbsp;&nbsp;&nbsp; Foreign currency and foreign currency translation | (255165) | (167683)  |
|  **Net realized and unrealized gain (loss) on investments, investment companies, securities sold short, and foreign currency and foreign currency translation** | (22861196) | (476810)  |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $(18919715) | $(335998) |

---

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

22<br>

------

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

**The Leuthold Funds** 

**Statements of Operations** 

**For the Six-Months Ended March 31, 2025 (Unaudited) (Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Leuthold Select** <br>**Industries ETF** | **Leuthold Grizzly** <br>**Short Fund** | **Leuthold Core** <br>**ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |  |
|  Dividend income (net of foreign taxes withheld of $1,364, $0 and $0, respectively) | $105502 | &nbsp;&nbsp; $606380 | $687025  |
| Interest income | 943 | &nbsp;&nbsp; 1316072 | 218661  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 106445 | &nbsp;&nbsp; 1922452 | 905686  |
| **EXPENSES:**<br>|  |  |  |
| Investment advisory fees (See Note 6) | 55153 | &nbsp;&nbsp; 287264 | 204466  |
| Fund administration & accounting fees (See Note 6) | 12898 | &nbsp;&nbsp; 23387 | 22074  |
| Transfer agent fees & expenses (See Note 6) | 8503 | &nbsp;&nbsp; 27663 | 21509  |
| Legal fees | 486 | &nbsp;&nbsp; 1245 | 2500  |
| Audit fees | 8771 | &nbsp;&nbsp; 11695 | 8771  |
| Custody fees (See Note 6) | 6845 | &nbsp;&nbsp; 2455 | 6807  |
| Federal & state registration fees | 12554 | &nbsp;&nbsp; 15361 | —  |
| Postage & printing fees | 2876 | &nbsp;&nbsp; 8660 | 4722  |
| Insurance fees | 584 | &nbsp;&nbsp; 3838 | 4460  |
| Trustee fees | 1878 | &nbsp;&nbsp; 7074 | 12299  |
| Distribution and/or shareholder service fees (See Note 8)<br>|  |  |  |
| Retail Class | 3575 | &nbsp;&nbsp; 14981 | —  |
| Other expenses | 489 | &nbsp;&nbsp; 500 | 5111  |
| &nbsp;&nbsp;&nbsp; Total expenses before dividends and interest on securities sold short and reimbursement from Adviser | 114612 | &nbsp;&nbsp; 404123 | 292719  |
| &nbsp;&nbsp;&nbsp; Dividends on securities sold short |  | &nbsp;&nbsp; 257497 | —  |
| &nbsp;&nbsp;&nbsp; Other extraordinary expenses | 1297 | &nbsp;&nbsp; 1701 | 9717  |
| &nbsp;&nbsp;&nbsp; Less: reimbursement/waiver from adviser (See Note 6) | (34856) | &nbsp;&nbsp; — | (26913)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 81053 | &nbsp;&nbsp; 663321 | 275523  |
| **Net Investment Income** | 25392 | &nbsp;&nbsp; 1259131 | 630163  |
|  **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, INVESTMENT COMPANIES, SECURITIES SOLD SHORT, FOREIGN CURRENCY AND FOREIGN CURRENCY TRANSLATION**<br>|  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | $2622157 | &nbsp;&nbsp; $— | $—  |
| &nbsp;&nbsp;&nbsp; Investment companies |  | &nbsp;&nbsp; — | 5458650  |
| &nbsp;&nbsp;&nbsp; Securities sold short |  | &nbsp;&nbsp; (3103572) | —  |
| Net unrealized appreciation/depreciation during the period on:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (3839783) | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Investment companies |  | &nbsp;&nbsp; — | (6920238)  |
| &nbsp;&nbsp;&nbsp; Securities sold short |  | &nbsp;&nbsp; 2739655 | —  |
|  **Net realized and unrealized gain (loss) on investments, investment companies, securities sold short, foreign currency and foreign currency translation** | (1217626) | &nbsp;&nbsp; (363917) | (1461588)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(1192234) | &nbsp;&nbsp; $895214 | $(831425) |

---

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

23<br>

------

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

**Leuthold Core Investment Fund** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six-Months Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year Ended** <br>**September 30, 2024**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $3941481 | &nbsp;&nbsp; $8215550  |
| &nbsp;&nbsp;&nbsp; Net realized gain on investments, investment companies, securities sold short, and foreign currency and foreign currency translation | 59971071 | &nbsp;&nbsp; 30418880  |
| &nbsp;&nbsp;&nbsp; Net unrealized appreciation/depreciation on investments, investment companies, securities sold short, and foreign currency and foreign currency translation | (82832267) | &nbsp;&nbsp; 58022742  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (18919715) | &nbsp;&nbsp; 96657172  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Distributions - Retail Class | (15148009) | &nbsp;&nbsp; (13825863)  |
| &nbsp;&nbsp;&nbsp; Distributions - Institutional Class | (17092327) | &nbsp;&nbsp; (15846557)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (32240336) | &nbsp;&nbsp; (29672420)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; **Retail Class:**<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | 9656019 | &nbsp;&nbsp; 28273716  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from reinvestments of distributions | 13650460 | &nbsp;&nbsp; 13270549  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments for shares redeemed | (34999853) | &nbsp;&nbsp; (55116468)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemption Fees | 694 | &nbsp;&nbsp; 495  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Decrease in net assets resulting from Retail Class transactions** | (11692680) | &nbsp;&nbsp; (13571708)  |
| **Institutional Class:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 18245385 | &nbsp;&nbsp; 70591907  |
| &nbsp;&nbsp;&nbsp; Proceeds from reinvestments of distributions | 17374728 | &nbsp;&nbsp; 14480922  |
| &nbsp;&nbsp;&nbsp; Payments for shares redeemed | (39771885) | &nbsp;&nbsp; (58883906)  |
| &nbsp;&nbsp;&nbsp; Redemption Fees | 880 | &nbsp;&nbsp; 588  |
| &nbsp;&nbsp;&nbsp; Increase (Decrease) in net assets resulting from Institutional Class transactions | (4150892) | &nbsp;&nbsp; 26189511  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital share transactions** | (15843572) | &nbsp;&nbsp; 12617803  |
| **Total increase (decrease) in net assets:** | (67003623) | &nbsp;&nbsp; 79602555  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 571641676 | &nbsp;&nbsp; 492039121  |
| &nbsp;&nbsp;&nbsp; End of period | $504638053 | &nbsp;&nbsp; $571641676 |

---

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

24<br>

------

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

**Leuthold Global Fund** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six-Months Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year Ended** <br>**September 30, 2024**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp; $140812 | &nbsp;&nbsp;&nbsp; $366004  |
| &nbsp;&nbsp;&nbsp; Net realized gain on investments, investment companies, securities sold short, and foreign currency and foreign currency translation | &nbsp;&nbsp; 2417497 | &nbsp;&nbsp;&nbsp; 1209190  |
| &nbsp;&nbsp;&nbsp; Net unrealized appreciation/depreciation on investments, investment companies, securities sold short, and foreign currency and foreign currency translation | &nbsp;&nbsp; (2894307) | &nbsp;&nbsp;&nbsp; 1350316  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp; (335998) | &nbsp;&nbsp;&nbsp; 2925510  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Distributions - Retail Class | &nbsp;&nbsp; (247654) | &nbsp;&nbsp;&nbsp; (88516)  |
| &nbsp;&nbsp;&nbsp; Distributions - Institutional Class | &nbsp;&nbsp; (1218356) | &nbsp;&nbsp;&nbsp; (494163)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | &nbsp;&nbsp; (1466010) | &nbsp;&nbsp;&nbsp; (582679)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; **Retail Class:**<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | &nbsp;&nbsp; 60660 | &nbsp;&nbsp;&nbsp; 128730  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from reinvestments of distributions | &nbsp;&nbsp; 233549 | &nbsp;&nbsp;&nbsp; 83467  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments for shares redeemed | &nbsp;&nbsp; (475431) | &nbsp;&nbsp;&nbsp; (966653)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemption Fees | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Decrease in net assets resulting from Retail Class transactions** | &nbsp;&nbsp; (181222) | &nbsp;&nbsp;&nbsp; (754456)  |
| **Institutional Class:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | &nbsp;&nbsp; 224464 | &nbsp;&nbsp;&nbsp; 586158  |
| &nbsp;&nbsp;&nbsp; Proceeds from reinvestments of distributions | &nbsp;&nbsp; 1058257 | &nbsp;&nbsp;&nbsp; 441331  |
| &nbsp;&nbsp;&nbsp; Payments for shares redeemed | &nbsp;&nbsp; (1558480) | &nbsp;&nbsp;&nbsp; (6025306)  |
| &nbsp;&nbsp;&nbsp; Redemption Fees | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1  |
| &nbsp;&nbsp;&nbsp; Decrease in net assets resulting from Institutional Class transactions | &nbsp;&nbsp; (275759) | &nbsp;&nbsp;&nbsp; (4997816)  |
| &nbsp;&nbsp;&nbsp; Net decrease in net assets resulting from capital share transactions | &nbsp;&nbsp; (456981) | &nbsp;&nbsp;&nbsp; (5752272)  |
| &nbsp;&nbsp;&nbsp; **Total decrease in net assets:** | &nbsp;&nbsp; (2258989) | &nbsp;&nbsp;&nbsp; (3409441)  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | &nbsp;&nbsp; 20890864 | &nbsp;&nbsp;&nbsp; 24300305  |
| &nbsp;&nbsp;&nbsp; End of period | &nbsp;&nbsp; $18631875 | &nbsp;&nbsp;&nbsp; $20890864 |

---

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

25<br>

------

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

**Leuthold Select Industries ETF** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six-Months Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year Ended** <br>**September 30, 2024**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp; $25392 | &nbsp;&nbsp;&nbsp; $(43160)  |
| &nbsp;&nbsp;&nbsp; Net realized gain on investments | &nbsp;&nbsp; 2622157 | &nbsp;&nbsp;&nbsp; 2005222  |
| &nbsp;&nbsp;&nbsp; Net unrealized appreciation/depreciation on investments | &nbsp;&nbsp; (3839783) | &nbsp;&nbsp;&nbsp; 2323281  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp; (1192234) | &nbsp;&nbsp;&nbsp; 4285343  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Distributions - Retail Class | &nbsp;&nbsp; (2060437) | &nbsp;&nbsp;&nbsp; (601973)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | &nbsp;&nbsp; (2060437) | &nbsp;&nbsp;&nbsp; (601973)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | &nbsp;&nbsp; 8262799 | &nbsp;&nbsp;&nbsp; 5855587  |
| &nbsp;&nbsp;&nbsp; Proceeds from reinvesments of distributions | &nbsp;&nbsp; 2028539 | &nbsp;&nbsp;&nbsp; 592596  |
| &nbsp;&nbsp;&nbsp; Payments for shares redeemed | &nbsp;&nbsp; (5368345) | &nbsp;&nbsp;&nbsp; (8970764)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from capital share transactions | &nbsp;&nbsp; 4922993 | &nbsp;&nbsp;&nbsp; (2522581)  |
| &nbsp;&nbsp;&nbsp; **TOTAL INCREASE IN NET ASSETS:** | &nbsp;&nbsp; 1670322 | &nbsp;&nbsp;&nbsp; 1160789  |
| **NET ASSETS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | &nbsp;&nbsp; 14772102 | &nbsp;&nbsp;&nbsp; 13611313  |
| &nbsp;&nbsp;&nbsp; End of period | &nbsp;&nbsp; $16442424 | &nbsp;&nbsp;&nbsp; $14772102 |

---

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

26<br>

------

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

**Leuthold Grizzly Short Fund** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six-Months Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year Ended** <br>**September 30, 2024**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp; $1259131 | &nbsp;&nbsp; $5370665  |
| &nbsp;&nbsp;&nbsp; Net realized loss on securities sold short and foreign currency and foreign currency translation | &nbsp;&nbsp; (3103572) | &nbsp;&nbsp; (7992921)  |
| &nbsp;&nbsp;&nbsp; Net unrealized appreciation/depreciation on securities sold short and foreign currency and foreign currency translation | &nbsp;&nbsp; 2739655 | &nbsp;&nbsp; (8497592)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp; 895214 | &nbsp;&nbsp; (11119848)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Distributions - Retail | &nbsp;&nbsp; (2492204) | &nbsp;&nbsp; (5495575)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | &nbsp;&nbsp; (2492204) | &nbsp;&nbsp; (5495575)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | &nbsp;&nbsp; 11974345 | &nbsp;&nbsp; 39205170  |
| &nbsp;&nbsp;&nbsp; Proceeds from reinvesments of distributions | &nbsp;&nbsp; 2320049 | &nbsp;&nbsp; 4759773  |
| &nbsp;&nbsp;&nbsp; Payments for shares redeemed | &nbsp;&nbsp; (22411783) | &nbsp;&nbsp; (83748152)  |
| &nbsp;&nbsp;&nbsp; Net decrease in net assets from capital share transactions | &nbsp;&nbsp; (8117389) | &nbsp;&nbsp; (39783209)  |
| &nbsp;&nbsp;&nbsp; **TOTAL DECREASE IN NET ASSETS:** | &nbsp;&nbsp; (9714379) | &nbsp;&nbsp; (56398632)  |
| **NET ASSETS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | &nbsp;&nbsp; 53931637 | &nbsp;&nbsp; 110330269  |
| &nbsp;&nbsp;&nbsp; End of period | &nbsp;&nbsp; $44217258 | &nbsp;&nbsp; $53931637 |

---

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

27<br>

------

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

**Leuthold Core ETF** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Six-Months Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year Ended** <br>**September 30, 2024**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp; $630163 | &nbsp;&nbsp; $1484807  |
| &nbsp;&nbsp;&nbsp; Net realized gain on investments | &nbsp;&nbsp; 5458650 | &nbsp;&nbsp; 3903423  |
| &nbsp;&nbsp;&nbsp; Net unrealized appreciation/depreciation on investments | &nbsp;&nbsp; (6920238) | &nbsp;&nbsp; 8113496  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp; (831425) | &nbsp;&nbsp; 13501726  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Distributions - Retail | &nbsp;&nbsp; (1502155) | &nbsp;&nbsp; (1180984)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | &nbsp;&nbsp; (1502155) | &nbsp;&nbsp; (1180984)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | &nbsp;&nbsp; 20146849 | &nbsp;&nbsp; 27062742  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; (34291791) | &nbsp;&nbsp; (17577455)  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from capital share transactions | &nbsp;&nbsp; (14144942) | &nbsp;&nbsp; 9485287  |
| &nbsp;&nbsp;&nbsp; **TOTAL INCREASE (DECREASE) IN NET ASSETS:** | &nbsp;&nbsp; (16478522) | &nbsp;&nbsp; 21806029  |
| **NET ASSETS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | &nbsp;&nbsp; 88464543 | &nbsp;&nbsp; 66658514  |
| &nbsp;&nbsp;&nbsp; End of period | &nbsp;&nbsp; $71986021 | &nbsp;&nbsp; $88464543 |

---

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

28<br>

------

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

**Leuthold Core Investment Fund** 

**Financial Highlights** 

**Retail Class** 

**For a Fund outstanding throughout the periods.** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six-Months Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **Six-Months Ended** <br>**March 31, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $23.16 | $20.51 | $20.03 | $22.91 | $19.70 | $18.77  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income (loss)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | 0.32 | 0.31 | 0.07 | 0.07 | 0.00<sup>(2)</sup>  |
|  Net realized and unrealized gains (losses) on investments and securities sold short | &nbsp;&nbsp;&nbsp;&nbsp; (0.94) | 3.54 | 1.79 | (1.80) | 3.17 | 1.24  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp; (0.79) | 3.86 | 2.10 | (1.73) | 3.24 | 1.24  |
| **Less distributions:**<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.18) | (0.30) | (0.18) |  |  | (0.04)  |
| From net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; (1.12) | (0.91) | (1.44) | (1.15) | (0.03) | (0.27)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (1.30) | (1.21) | (1.62) | (1.15) | (0.03) | (0.31)  |
| Redemption fees<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $21.07 | $23.16 | $20.51 | $20.03 | $22.91 | $19.70  |
| Total return<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; -3.60% | 19.62% | 10.75% | -8.19% | 16.44% | 6.72%  |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp; $222179 | $256368 | $239838 | $247766 | $286984 | $276018  |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net <br>assets<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.40%<sup>(7)</sup> | 1.40% | 1.39% | 1.34% | 1.36% | 1.34%  |
|  Ratio of net investment income (loss) to average net assets<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.40%<sup>(7)</sup> | 1.46% | 1.53% | 0.33% | (0.31)% | 0.00%  |
| Portfolio turnover rate<sup>(3)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;42.30% | 39.54% | 68.00% | 64.62% | 41.42% | 60.08% |

---

<sup>(1)</sup> Per share amounts calculated using the average shares method.

<sup>(2)</sup> Amount represents less than $0.005 per share.

<sup>(3)</sup> Not annualized for periods less than one year.

<sup>(4)</sup> The ratio of expenses to average net assets includes dividends and interest on securities sold short and other extraordinary expenses. The expense ratios excluding dividends and interest on securities sold short and other extraordinary expenses were 1.26% for the six-months ended March 31, 2025, 1.22% for the year ended September 30, 2024, 1.23% for the year ended September 30, 2023, 1.16% for the year ended September 30, 2022, 1.23% for the year ended September 30, 2021, and 1.20% for the year ended September 30, 2020.

<sup>(5)</sup> The net investment income ratios include dividends and interest on securities sold short and/or other extraordinary expenses.

<sup>(6)</sup> The portfolio turnover rate excludes purchases and sales of securities sold short.

<sup>(7)</sup> Annualized.

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

29<br>

------

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

**Leuthold Core Investment Fund** 

**Financial Highlights** 

**Institutional Class** 

**For a Fund outstanding throughout the periods.** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six-Months Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **Six-Months Ended** <br>**March 31, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $23.29 | $20.61 | $20.12 | $22.98 | $19.74 | $18.81  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income (loss)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | 0.34 | 0.34 | 0.09 | (0.05) | 0.02  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) on investments and securities sold <br>short | &nbsp;&nbsp;&nbsp;&nbsp; (2.06) | 3.56 | 1.79 | (1.80) | 3.32 | 1.23  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp; (1.89) | 3.90 | 2.13 | (1.71) | 3.27 | 1.25  |
| **Less distributions:**<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.23) | (0.31) | (0.20) |  |  | (0.05)  |
| From net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; — | (0.91) | (1.44) | (1.15) | (0.03) | (0.27)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.23) | (1.22) | (1.64) | (1.15) | (0.03) | (0.32)  |
| Redemption fees<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $21.17 | $23.29 | $20.61 | $20.12 | $22.98 | $19.74  |
| Total Return<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; -3.50% | 19.71% | 10.83% | -8.08% | 16.56% | 6.76%  |
| **Supplemental data and ratios:** | **Supplemental data and ratios:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp; $282459 | $315274 | $252201 | $258752 | $305516 | $268934  |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net <br>assets<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.31%<sup>(7)</sup> | 1.31% | 1.29% | 1.26% | 1.26% | 1.25%  |
|  Ratio of net investment income (loss) to average net assets<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.50%<sup>(7)</sup> | 1.55% | 1.63% | 0.42% | (0.21)% | 0.10%  |
| Portfolio turnover rate<sup>(3)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 42.30% | 39.54% | 68.00% | 64.62% | 41.42% | 60.08% |

---

<sup>(1)</sup> Per share amounts calculated using the average shares method.

<sup>(2)</sup> Amount represents less than $0.005 per share.

<sup>(3)</sup> Not annualized for periods less than one year.

<sup>(4)</sup> The ratio of expenses to average net assets includes dividends and interest on securities sold short and other extraordinary expenses. The expense ratios excluding dividends and interest on securities sold short and other extraordinary expenses 1.16% for the six-months ended March 31, 2025, were 1.13% for the year ended September 30, 2024, were 1.13% for the year ended September 30, 2023, 1.10% for the year ended September 30, 2022, 1.13% for the year ended September 30, 2021, and 1.11% for the year ended September 30, 2020.

<sup>(5)</sup> The net investment income ratios include dividends and interest on securities sold short and/or other extraordinary expenses.

<sup>(6)</sup> The portfolio turnover rate excludes purchases and sales of securities sold short.

<sup>(7)</sup> Annualized.

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

30<br>

------

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

**Leuthold Global Fund** 

**Financial Highlights** 

**Retail Class** 

**For a Fund share outstanding throughout the periods.** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six-Months Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **Six-Months Ended** <br>**March 31, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9.82 | $8.89 | $8.55 | $9.72 | $8.24 | $8.09  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income (loss)<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | 0.13 | 0.16 | 0.11 | (0.05) | 0.00<sup>(2)</sup>  |
|  Net realized and unrealized gains (losses) on investments and securities sold short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.23) | 1.03 | 0.60 | (1.05) | 1.53 | 0.21  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.17) | 1.16 | 0.76 | (0.94) | 1.48 | 0.21  |
| **Less distributions:**<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.14) | (0.23) | (0.09) | (0.04) | (0.00)<sup>(2)</sup> | (0.06)  |
| From net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.57) |  | (0.33) | (0.19) |  | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.71) | (0.23) | (0.42) | (0.23) |  | (0.06)  |
| Redemption fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | —<sup>(</sup><sup>2</sup><sup>)</sup> |  |  |  | —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8.94 | $9.82 | $8.89 | $8.55 | $9.72 | $8.24  |
| Total return<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -1.69% | 13.24% | 8.96% | -9.92% | 18.01% | 2.56%  |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2935 | $3429 | $3837 | $4608 | $5691 | $4690  |
| Ratio of expenses to average net assets<sup>(4)</sup><br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/waiver | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27%<sup>(7)</sup> | 2.31% | 2.16% | 1.96% | 1.97% | 1.94%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/waiver | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14%<sup>(7)</sup> | 2.30% | 2.16% | 1.96% | 2.01% | 1.91%  |
|  Ratio of net investment income (loss) to average net assets<sup>(5)</sup><br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/waiver | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26%<sup>(7)</sup> | 1.42% | 1.84% | 1.14% | (0.48)% | 0.01%  |
| Portfolio turnover rate<sup>(3)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.70% | 55.57% | 67.20% | 54.13% | 49.39% | 55.31% |

---

<sup>(1)</sup> Per share amounts calculated using the average shares method. 

<sup>(2)</sup> Amount represents less than $0.005 per share. 

<sup>(3)</sup> Not annualized for periods less than one year.

<sup>(4)</sup> The ratio of expenses to average net assets includes dividends and interest on securities sold short and other extraordinary expenses. The expense ratios excluding dividends and interest on securities sold short and other extraordinary expenses before and after expense reimbursement and recorvery were 2.08% and 1.95% for the six-months ended March 31, 2025, 2.05% and 2.04% for the year ended September 30, 2024, 1.91% and 1.91% for the year ended September 30, 2023, 1.65% and 1.65% for the year ended September 30, 2022, 1.73% and 1.78% for the year ended September 30, 2021, and 1.74% and 1.69% for the year ended September 30, 2020, respectively. 

<sup>(5)</sup> The net investment income ratios include dividends and interest on securities sold short and/or other extraordinary expenses.

<sup>(6)</sup> The portfolio turnover rate excludes purchases and sales of securities sold short.

<sup>(7)</sup> Annualized.

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

31<br>

------

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

**Leuthold Global Fund** 

**Financial Highlights** 

**Institutional Class** 

**For a Fund share outstanding throughout the periods.** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six-Months Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **Six-Months Ended** <br>**March 31, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.01 | $9.04 | $8.67 | $9.86 | $8.38 | $8.21  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income (loss)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | 0.16 | 0.19 | 0.12 | (0.04) | 0.02  |
|  Net realized and unrealized gains (losses) on investments and securities sold short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.23) | 1.04 | 0.61 | (1.07) | 1.54 | 0.21  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.16) | 1.20 | 0.80 | (0.95) | 1.50 | 0.23  |
| **Less distributions:**<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.16) | (0.23) | (0.10) | (0.05) | (0.02) | (0.06)  |
| From net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.57) |  | (0.33) | (0.19) |  | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.73) | (0.23) | (0.43) | (0.24) | (0.02) | (0.06)  |
| Redemption fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  |  |  | 0.00<sup>(2)</sup> | 0.00<sup>(2)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9.12 | $10.01 | $9.04 | $8.67 | $9.86 | $8.38  |
| Total return<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -1.53% | 13.40% | 9.26% | -9.90% | 17.96% | 2.79%  |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $15697 | $17462 | $20464 | $20143 | $22939 | $21097  |
| Ratio of expenses to average net assets<sup>(4)</sup> | Ratio of expenses to average net assets<sup>(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/waiver | &nbsp;&nbsp;&nbsp;&nbsp;2.02%<sup>(7)</sup> | 2.06% | 1.91% | 1.87% | 1.90% | 1.73%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/waiver | &nbsp;&nbsp;&nbsp;&nbsp;1.88%<sup>(7)</sup> | 2.05% | 1.91% | 1.87% | 1.95% | 1.69%  |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to <br>average net assets<sup>(5)</sup> | &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to <br>average net assets<sup>(5)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/waiver | &nbsp;&nbsp;&nbsp;&nbsp;1.52%<sup>(7)</sup> | 1.65% | 2.12% | 1.28% | (0.45)% | 0.21%  |
| Portfolio turnover rate<sup>(3)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;31.70% | 55.57% | 67.20% | 54.13% | 49.39% | 55.31% |

---

<sup>(1)</sup> Per share amounts calculated using the average shares method.

<sup>(2)</sup> Amount represents less than $0.005 per share.

<sup>(3)</sup> Not annualized for periods less than one year.

<sup>(4)</sup> The ratio of expenses to average net assets includes dividends and interest on securities sold short and other extraordinary expenses. The expense ratios excluding dividends and interest on securities sold short and other extraordinary expenses before and after expense reimbursement and recovery were 1.83% and 1.69% for the six-months ended March 31, 2025, 1.80% and 1.79% for the year ended September 30, 2024, 1.66% and 1.66% for the year ended September 30, 2023, 1.57% and 1.57% for the year ended September 30, 2022, 1.66% and 1.71% for the year ended September 30, 2021, and 1.53% and 1.49% for the year ended September 30, 2020, respectively.

<sup>(5)</sup> The net investment income ratios include dividends and interest on securities sold short and/or other extraordinary expenses.

<sup>(6)</sup> The portfolio turnover rate excludes purchases and sales of securities sold short.

<sup>(7)</sup> Annualized.

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

32<br>

------

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

**Leuthold Select Industries ETF** 

**Financial Highlights** 

**Retail Class** 

**For a Fund share outstanding throughout the periods.** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six-Months Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **Six-Months Ended** <br>**March 31, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $40.40 | $32.15 | $26.69 | $33.85 | $27.06 | $25.02  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income (loss)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | (0.09) | 0.10 | 0.09 | (0.10) | (0.04)  |
|  Net realized and unrealized gains (losses) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.55) | 9.63 | 5.80 | (5.09) | 8.85 | 2.81  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.49) | 9.54 | 5.90 | (5.00) | 8.75 | 2.77  |
| **Less distributions:**<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | (0.44) | (0.08) |  | —  |
| From net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.47) | (1.29) |  | (2.08) | (1.96) | (0.73)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.47) | (1.29) | (0.44) | (2.16) | (1.96) | (0.73)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $32.44 | $40.40 | $32.15 | $26.69 | $33.85 | $27.06  |
| Total Return<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -5.54% | 30.67% | 22.23% | -16.21% | 34.14% | 11.28%  |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16442 | $14772 | $13611 | $11965 | $14741 | $8677  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/waiver<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.66%<sup>(3)(6)</sup> | 1.79%<sup>(3)</sup> | 1.87% | 1.86% | 2.03% | 2.75%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/waiver<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.16%<sup>(3)(6)</sup> | 1.51%<sup>(3)</sup> | 1.50% | 1.50% | 1.50% | 1.50%  |
|  Ratio of net investment income (loss) to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/waiver<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.36%<sup>(5)</sup> | (0.26%)<sup>(5)</sup> | 0.33% | 0.29% | (0.31)% | (0.16)%  |
| Portfolio turnover rate<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48.86% | 52.52% | 103.61% | 105.72% | 62.93% | 73.99% |

---

<sup>(1)</sup> Per share amounts calculated using the average shares method.

<sup>(2)</sup> Not annualized for periods less than one year.

<sup>(3)</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 1.64% and 1.14% for the six-months ended March 31, 2025, and 1.78% and 1.50% for the year ended September 30, 2024.

<sup>(4)</sup> Annualized for periods less than one year.

<sup>(5)</sup> The net investment income ratios include other extraordinary expenses.

<sup>(6)</sup> Prior to January 17, 2025, the annual expense limitation was 1.50% of the average daily net assets. Thereafter it was 0.65%. 

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

33<br>

------

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

**Leuthold Grizzly Short Fund** 

**Financial Highlights** 

**Retail Class** 

**For a Fund share outstanding throughout the periods.** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six-Months Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **Six-Months Ended** <br>**March 31, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5.85 | $7.39 | $9.25 | $7.15 | $10.82 | $16.15  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income (loss)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | 0.48 | 0.39 | (0.10) | (0.23) | (0.31)  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) on investments and securities sold <br>short | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | (1.50) | (1.95) | 2.20 | (3.44) | (5.01)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | (1.02) | (1.56) | 2.10 | (3.67) | (5.32)  |
| **Less distributions:**<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.31) | (0.52) | (0.30) |  |  | (0.01)  |
| From net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  |  |  |  | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.31) | (0.52) | (0.30) |  |  | (0.01)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5.72 | $5.85 | $7.39 | $9.25 | $7.15 | $10.82  |
| Total Return<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.44% | -14.14% | -16.77% | 29.37% | -33.92% | -32.96%  |
| **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  |  |  |  |  |  |
| Net assets, end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $44217 | $53932 | $110330 | $197384 | $60697 | $123140  |
|  Ratio of expenses to average net assets<sup>(3)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.89% | 2.91% | 2.71% | 2.68% | 2.93% | 2.84%  |
|  Ratio of net investment income (loss) to average net assets<sup>(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.48% | 7.11% | 4.99% | (1.22)% | (2.93)% | (2.23)%  |
| Portfolio turnover rate<sup>(2)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |

---

<sup>(1)</sup> Per share amounts calculated using the average shares method.

<sup>(2)</sup> Not annualized for periods less than one year.

<sup>(3)</sup> The ratio of expenses to average net assets includes dividends and interest on securites sold short and/or other extraordinary expenses. The expense ratios excluding dividends and interest on securities sold short and other extraordinary expenses were 1.76% for the six months ended March 31, 2025, were 1.66% for the year ended September 30, 2024, were 1.63% for the year ended September 30, 2023, 1.61% for the year ended September 30, 2022, 1.68% for the year ended September 30, 2021, and 1.24% for the year ended September 30, 2020.

<sup>(4)</sup> Annualized for periods less than one year.

<sup>(5)</sup> The net investment income ratios include dividends and interest on securities sold short and/or other extraordinary expenses.

<sup>(6)</sup> The portfolio turnover rate excludes purchases and sales of securities sold short.

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

34<br>

------

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

**Leuthold Core ETF** 

**Financial Highlights** 

**Retail Class** 

**For a Fund share outstanding throughout the periods.** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six-Months Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Period Ended** <br>**September 30,** <br>**2020<sup>(1)</sup>**  |
|  | **Six-Months Ended** <br>**March 31, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **Period Ended** <br>**September 30,** <br>**2020<sup>(1)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $35.39 | $30.30 | $27.49 | $30.06 | $26.63 | &nbsp;&nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | 0.61 | 0.51 | 0.26 | 0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.08  |
|  Net realized and unrealized gain (loss) on investments and securities sold short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.74) | 4.99 | 2.52 | (2.76) | 3.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.55  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.47) | 5.60 | 3.03 | (2.50) | 3.61 | &nbsp;&nbsp;&nbsp;&nbsp;1.63  |
| **Less distributions:**<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.64) | (0.51) | (0.22) | (0.07) | (0.18) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| From net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.64) | (0.51) | (0.22) | (0.07) | (0.18) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $34.28 | $35.39 | $30.30 | $27.49 | $30.06 | &nbsp;&nbsp;&nbsp;&nbsp; $26.63  |
| Total Return<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -1.37% | 18.67% | 11.03% | -8.34% | 13.59% | &nbsp;&nbsp;&nbsp;&nbsp;6.52%  |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $71986 | $88465 | $66659 | $35741 | $15030 | &nbsp;&nbsp;&nbsp;&nbsp; $11317  |
| Ratio of expenses to average net assets: | Ratio of expenses to average net assets: | Ratio of expenses to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/waiver | &nbsp;&nbsp;&nbsp;&nbsp;0.74%<sup>(4)(6)</sup> | 0.71%<sup>(4)</sup> | 0.73% | 0.98% | 1.43% | &nbsp;&nbsp;&nbsp;&nbsp;3.31%<sup>(6)</sup>  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/waiver | &nbsp;&nbsp;&nbsp;&nbsp;0.67%<sup>(4)(6)</sup> | 0.66%<sup>(4)</sup> | 0.65% | 0.65% | 0.65% | &nbsp;&nbsp;&nbsp;&nbsp;0.65%<sup>(6)</sup>  |
|  Ratio of net investment income to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/waiver | &nbsp;&nbsp;&nbsp;&nbsp;1.54%<sup>(5)(6)</sup> | 1.84%<sup>(5)</sup> | 1.71% | 0.88% | 0.19% | &nbsp;&nbsp;&nbsp;&nbsp;0.43%<sup>(6)</sup>  |
| Portfolio turnover rate<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36.91% | 39.78% | 50.36% | 31.03% | 70.83% | &nbsp;&nbsp;&nbsp;&nbsp;47.53% |

---

<sup>(1)</sup> Fund commenced operations on January 6, 2020.Information presented is for the period January 6, 2020 through September 30, 2020.

<sup>(2)</sup> Not annualized for periods less than one year.

<sup>(3)</sup> Per share amounts calculated using the average shares method.

<sup>(4)</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 0.72% and 0.65% for the six-months ended March 31, 2025, and 0.70% and 0.65% for the year ended September 30, 2024.

<sup>(5)</sup> The net investment income ratios include other extraordinary expenses.

<sup>(6)</sup> Annualized.

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

35<br>

------

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

**The Leuthold Funds** 

**Notes to the Financial Statements (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 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 Select Industries ETF | Capital appreciation | 6/19/2000 | n/a  |
| Leuthold Grizzly Short Fund | Capital appreciation | 6/19/2000 | n/a  |
| Leuthold Core ETF | Capital appreciation and income | 1/6/2020 | n/a |

---

On January 17, 2025, each series of Leuthold Funds, Inc. (the "Acquired Funds"), reorganized into the Funds, each a series of the Trust. See Note 10 for further details.

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 Select Industries ETF and Leuthold Core 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 25,000 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 meet the requirements of subchapter M of the Internal Revenue Code applicable to regulated investment companies and to 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 or excise tax provision is required. As of March 31, 2025, 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 Statements of Operations. During the year period March 31, 2025, the Funds did not incur any interest or penalties. The Funds are subject to examination by U.S. taxing authorities for the tax years ended September 30, 2021 through 2024.** 

36<br>

------

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

**The Leuthold Funds** 

**Notes to the Financial Statements (Unaudited)(Continued)** 

**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, annual. 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, currency gains or losses realized between the trade and settlement dates on securities transactions, 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 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** 

37<br>

------

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

**The Leuthold Funds** 

**Notes to the Financial Statements (Unaudited)(Continued)** 

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.

**New Accounting Pronouncements – In November 2023, the FASB issued ASU 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* ("ASU 2023-07"). This change is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker ("CODM"), clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure requirements. The amendments are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, and early adoption is permitted. Management has evaluated the impact of adoption this guidance with respect to the financial statements and disclosures and determined there is no impact for the Funds.** 

**Cash and Cash Equivalents – Cash and cash equivalents include short-term, liquid investments with an original maturity of three months or less and may include money market fund accounts. These balances may exceed FDIC insured limits.** 

&nbsp;&nbsp;&nbsp;&nbsp;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.

38<br>

------

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

**The Leuthold Funds** 

**Notes to the Financial Statements (Unaudited)(Continued)** 

**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 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, 2025:

**Leuthold Core Investment Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $324444867 | $— | $0<sup>(a)(b)</sup> | $324444867  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | 45734127 |  |  | 45734127  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities |  | 10071066 |  | 10071066  |
| &nbsp;&nbsp;&nbsp; Foreign Government Debt Obligations |  | 10679491 |  | 10679491  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 16968493 |  | 16968493  |
| **Total Investments** | $366946612 | $40951432 | $0<sup>(a)(b)</sup> | $407898044  |

---

39<br>

------

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

**The Leuthold Funds** 

**Notes to the Financial Statements (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $(44161259) | $— | $— | $(44161259)  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | (41265615) |  |  | (41265615)  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts | (911410) |  |  | (911410)  |
| **Total Investments** | $(86338284) | $— | $— | $(86338284) |

---

<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 | $7551307 | $3987991 | $112405 | $11651703  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | 1581163 |  |  | 1581163  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities |  | 498665 |  | 498665  |
| &nbsp;&nbsp;&nbsp; Foreign Government Debt Obligations |  | 386748 |  | 386748  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 499073 |  | 499073  |
| **Total Investments** | $9132470 | $5372477 | $112405 | $14617352  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | $(2318731) | $— | $— | $(2318731)  |
| &nbsp;&nbsp;&nbsp; Common Stocks | (800849) |  |  | (800849)  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts - Common | (16508) |  |  | (16508)  |
| **Total Investments** | $(3136088) | $— | $— | $(3136088) |

---

**Leuthold Select Industries ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $16249017 | $— | $— | $16249017  |
| **Total Investments** | $16249017 | $— | $— | $16249017 |

---

**Leuthold Grizzly Short Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills | $— | $6987026 | $— | $6987026  |
| **Total Investments** | $— | $6987026 | $— | $6987026  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $(31464520) | $— | $— | $(31464520)  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | (10556187) |  |  | (10556187)  |
| **Total Investments** | $(42020707) | $— | $— | $(42020707) |

---

40<br>

------

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

**The Leuthold Funds** 

**Notes to the Financial Statements (Unaudited)(Continued)** 

**Leuthold Core ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | $61426756 | $— | $— | $61426756  |
| **Total Investments** | $61426756 | $— | $— | $61426756 |

---

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

The following is a reconciliation of Level 3 assets in the Leuthold Global Fund for which significant unobservable inputs were used to determine fair value:

---

| | |
|:---|:---|
|  | **Investments** <br>**in Securities**  |
| Balance as of October 1, 2024 | $—  |
| &nbsp;&nbsp;&nbsp; Accrued discounts/premiums | —  |
| &nbsp;&nbsp;&nbsp; Realized gain (loss) | —  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation/depreciation | (181)  |
| &nbsp;&nbsp;&nbsp; Net purchases (sales) | —  |
| &nbsp;&nbsp;&nbsp; Transfers into and/or out of Level 3 | 112586  |
| Balance as of March 31, 2025 | $112405  |
|  Change in unrealized appreciation/depreciation during the period for Level 3 investments held as of March 31, 2025 | $(181) |

---

The Level 3 investments as of March 31, 2025, represented 0.6% of the Fund's net assets.

The following provides information regarding the valuation techniques, unobservable inputs used, and other information related to the fair value of Level 3 investments as of March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Security** <br>**Type** | **Fair Value as of** <br>**March 31, 2025** | **Valuation** <br>**Technique** | **Unobservable** <br>**Input\*** | **Range** | **Weighted** <br>**Average**  |
| &nbsp;&nbsp;&nbsp; Millicom International <br>Cellular SA | Common Stock | &nbsp;&nbsp;&nbsp; $112405 | Last Trade | Recoverable Rate | 100.0% | &nbsp;&nbsp;&nbsp; 100% |

---

\* Significant increases and decreases in the unobservable inputs used to determine fair value of Level 3 assets could result in significantly higher or lower fair value measurements. An increase to the unobervable input would result in a increase to the fair value. A decrease to the unobervable input would have the opposite effect. 

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

As of September 30, 2024, 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 Core** <br>**Investment Fund** | **Leuthold Global** <br>**Fund** | **Leuthold Select** <br>**Industries ETF** | **Leuthold Grizzly** <br>**Short Fund** | **Leuthold** <br>**Core ETF**  |
| Federal Income Tax Cost | $323587866 | $14469903 | $8703891 | $(558118) | $77378193  |
| Unrealized Appreciation | 173293471 | 4632904 | 6152942 | 2608430 | 13149786  |
| Unrealized Depreciation | (4280628) | (1395892) | (50882) | (3197557) | (2172468)  |
| Net Appreciation | $169012843 | $3237012 | $6012060 | $(589127) | $10977318 |

---

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.

41<br>

------

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

**The Leuthold Funds** 

**Notes to the Financial Statements (Unaudited)(Continued)** 

At September 30, 2024, the Funds' most recent fiscal year end, the components of accumulated earnings (deficit) for federal income tax purposes were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Leuthold Core** <br>**Investment Fund** | **Leuthold Global** <br>**Fund** | **Leuthold Select** <br>**Industries ETF** | **Leuthold Grizzly** <br>**Short Fund** | **Leuthold** <br>**Core ETF**  |
|  Undistributed Ordinary Income | $1718944 | $— | $252761 | $1544008 | $1052334  |
|  Undistributed long-term gains | 27175197 | 1058934 | 1152189 |  | —  |
| Distributable earnings | 28894141 | 1058934 | 1404950 | 1544008 | 1052334  |
|  Capital loss carryover and late-year losses |  |  |  | (381363729) | (44488)  |
|  Other accumulated gains (losses) |  |  |  |  | —  |
|  Unrealized appreciation (depreciation) | 169012843 | 3237012 | 6102060 | (589127) | 10977318  |
|  Total accumulated earnings (deficit) | $197906984 | $4295946 | $7507010 | $(380408848) | $11985164 |

---

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, 2024, these amounts were:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Leuthold Core** <br>**Investment Fund** | **Leuthold Global** <br>**Fund** | **Leuthold Select** <br>**Industries ETF** | **Leuthold Grizzly** <br>**Short Fund** | **Leuthold** <br>**Core ETF**  |
| Unlimited Short-Term | $— | $— | $— | $(381363729) | $(44488)  |
| Unlimited Long-Term |  |  |  |  |  |

---

The Funds did not have any late-year losses incurred during the fiscal year ended September 30, 2024, as arising on the first day of the fiscal year ending September 30, 2025. The Funds also did not have any post-October losses. Leuthold Global Fund and Leuthold Core ETF utilized $35,356 and $689,960 in capital loss carry forwards during the year ended September 30, 2024.

The tax character of distributions paid during the period ended March 31, 2025, and the year ended September 30, 2024:

**Period Ended March 31, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Leuthold Core** <br>**Investment Fund** | **Leuthold Global** <br>**Fund** | **Leuthold Select** <br>**Industries ETF** | **Leuthold Grizzly** <br>**Short Fund** | **Leuthold** <br>**Core ETF**  |
| **Distributions paid from:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Ordinary Income\* | $5065091 | $339273 | $274997 | $2492204 | $1502155  |
| &nbsp;&nbsp;&nbsp; Long Term Capital Gain\*\* | 27175245 | 1126737 | 1785440 |  |  |
| **Total Distributions Paid** | $32240336 | $1466010 | $2060437 | $2492204 | $1502155 |

---

**Year Ended September 30, 2024** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Leuthold Core** <br>**Investment Fund** | **Leuthold Global** <br>**Fund** | **Leuthold Select** <br>**Industries ETF** | **Leuthold Grizzly** <br>**Short Fund** | **Leuthold** <br>**Core ETF**  |
| **Distributions paid from:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Ordinary Income\* | $7722596 | $577036 | $165254 | $5495575 | $1180984  |
| &nbsp;&nbsp;&nbsp; Long Term Capital Gain\*\* | 21949824  | 5643 | 436719 |  |  |
| **Total Distributions Paid** | $29672420  | $582679 | $601973 | $5495575 | $1180984 |

---

\* 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).

42<br>

------

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

**The Leuthold Funds** 

**Notes to the Financial Statements (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, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Leuthold Core** <br>**Investment Fund** | **Leuthold** <br>**Global Fund** | **Leuthold Select** <br>**Industries ETF** | **Leuthold** <br>**Core ETF**  |
| Purchases | $192602941 | $5127859 | $14772406 | $44050626  |
| Sales | 259411901 | 8281306 | 11963125 | 60834704 |

---

Purchases and sales of U.S. Government securities for the period ended March 31, 2025 were as follows:

---

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

---

During the period ended March 31, 2025, in-kind transactions associated with creations and redemptions were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales**  |
| Leuthold Select Industries ETF | $7794853 | $1498725  |
| Leuthold Core ETF | 17864911 | 31610880 |

---

During the period ended March 31, 2025, net capital gains resulting from in-kind redemptions were as follows:

---

| | |
|:---|:---|
| Leuthold Select Industries ETF | $558764  |
| Leuthold Core ETF | 7021041 |

---

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

---

Prior to January 17, 2025, the Select Industries ETF advisory fee was 1.00% of average daily net assets.

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

43<br>

------

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

**The Leuthold Funds** 

**Notes to the Financial Statements (Unaudited)(Continued)** 

Prior to January 17, 2025, the Select Industries ETF operating expense were limited to 1.50% of average daily net assets.

Amounts subject to future recoupment as of March 31, 2025 are as follows:

**Leuthold Global Fund** 

---

| | |
|:---|:---|
| **Month of** <br>**Expiration** | **Recoverable** <br>**Amount**  |
| 9/30/2027 | &nbsp;&nbsp; $1816  |
| 3/31/2028 | &nbsp;&nbsp; 12536 |

---

**Leuthold Select Industries ETF** 

---

| | |
|:---|:---|
| **Month of** <br>**Expiration** | **Recoverable** <br>**Amount**  |
| 9/30/2025 | &nbsp;&nbsp; $28429  |
| 9/30/2026 | &nbsp;&nbsp; 52137  |
| 9/30/2027 | &nbsp;&nbsp; 48594  |
| 3/31/2028 | &nbsp;&nbsp; 34856 |

---

**Leuthold Core ETF** 

---

| | |
|:---|:---|
| **Month of** <br>**Expiration** | **Recoverable** <br>**Amount**  |
| 9/30/2025 | &nbsp;&nbsp; $33585  |
| 9/30/2026 | &nbsp;&nbsp; 48986  |
| 9/30/2027 | &nbsp;&nbsp; 45007  |
| 3/31/2028 | &nbsp;&nbsp; 26913 |

---

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. The officers of the Trust including the Chief Compliance Officer are employees of the Administrator. As compensation for its services, the Administrator is entitled to a monthly fee at an annual rate based on the average daily net assets of the Funds, subject to annual minimums. Fees paid by the Funds for administration and accounting, transfer agency, custody and compliance services for the period ended March 31, 2025, are disclosed in the Statements of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;7. **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.

44<br>

------

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

**The Leuthold Funds** 

**Notes to the Financial Statements (Unaudited)(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;8. **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. Prior to January 17, 2025, Leuthold Select Industries ETF had a Shareholder Service Fee of up to 0.15% of average daily net assets.

&nbsp;&nbsp;&nbsp;&nbsp;9. **Capital Share Transactions** 

Transactions in shares of the Funds were as follows:

**Leuthold Core Investment Fund**

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**March 31, 2025** | **Year Ended** <br>**September 30, 2024**  |
| **Retail Class**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 442960 | &nbsp;&nbsp;&nbsp;&nbsp; 1301754  |
| &nbsp;&nbsp;&nbsp; Shares issue in reinvestment of distributions | 618198 | &nbsp;&nbsp;&nbsp;&nbsp; 640724  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (1588352) | &nbsp;&nbsp;&nbsp;&nbsp; (2565750)  |
| **Net Decrease** | (572194) | &nbsp;&nbsp;&nbsp;&nbsp; (623272)  |
| **Institutional Class**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 820372 | &nbsp;&nbsp;&nbsp;&nbsp; 3316345  |
| &nbsp;&nbsp;&nbsp; Shares issue in reinvestment of distributions | 783078 | &nbsp;&nbsp;&nbsp;&nbsp; 693873  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (1794662) | &nbsp;&nbsp;&nbsp;&nbsp; (2711090)  |
| **Net Increase (Decrease)** | (191212) | &nbsp;&nbsp;&nbsp;&nbsp; 1299128  |
| **Net Increase (Decrease) in Capital Shares** | (718406) | &nbsp;&nbsp;&nbsp;&nbsp; 675856 |

---

**Leuthold Global Fund**

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**March 31, 2025** | **Year Ended** <br>**September 30, 2024**  |
| **Retail Class**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 6554 | &nbsp;&nbsp;&nbsp; 14095  |
| &nbsp;&nbsp;&nbsp; Shares issue in reinvestment of distributions | 25953 | &nbsp;&nbsp;&nbsp; 9092  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (53588) | &nbsp;&nbsp;&nbsp; (105496)  |
| **Net Decrease** | (21081) | &nbsp;&nbsp;&nbsp; (82309)  |
| **Institutional Class**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 24071 | &nbsp;&nbsp;&nbsp; 61545  |
| &nbsp;&nbsp;&nbsp; Shares issue in reinvestment of distributions | 115255 | &nbsp;&nbsp;&nbsp; 47201  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (162628) | &nbsp;&nbsp;&nbsp; (629799)  |
| **Net Decrease** | (23302) | &nbsp;&nbsp;&nbsp; (521053)  |
| **Net Decrease in Capital Shares** | (44383) | &nbsp;&nbsp;&nbsp; (603362) |

---

45<br>

------

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

**The Leuthold Funds** 

**Notes to the Financial Statements (Unaudited)(Continued)** 

**Leuthold Select Industries ETF**

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**March 31, 2025** | **Year Ended** <br>**September 30, 2024**  |
| **Retail Class**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 232564 | &nbsp;&nbsp;&nbsp; 165556  |
| &nbsp;&nbsp;&nbsp; Shares issue in reinvestment of distributions | 57563 | &nbsp;&nbsp;&nbsp; 18256  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (148880) | &nbsp;&nbsp;&nbsp; (241533)  |
| **Net Increase (Decrease) in Capital Shares** | 141247 | &nbsp;&nbsp;&nbsp; (57721) |

---

**Leuthold Grizzly Fund**

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**March 31, 2025** | **Year Ended** <br>**September 30, 2024**  |
| **Retail Class**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 2118898 | &nbsp;&nbsp;&nbsp; 5828582  |
| &nbsp;&nbsp;&nbsp; Shares issue in reinvestment of distributions | 427987 | &nbsp;&nbsp;&nbsp; 751499  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (4031159) | &nbsp;&nbsp;&nbsp; (12283327)  |
| **Net Decrease in Capital Shares** | (1484274) | &nbsp;&nbsp;&nbsp; (5703246) |

---

**Leuthold Core ETF**

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**March 31, 2025** | **Year Ended** <br>**September 30, 2024**  |
| **Retail Class**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 575000 | &nbsp;&nbsp;&nbsp; 825000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (975000) | &nbsp;&nbsp;&nbsp; (525000)  |
| **Net Increase (Decrease) in Capital Shares** | (400000) | &nbsp;&nbsp;&nbsp; 300000 |

---

&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, 2025, 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; 41.67% | Record  |
| Grizzly Short Fund | Charles Schwab | &nbsp;&nbsp;&nbsp; 27.18% | Record |

---

&nbsp;&nbsp;&nbsp;&nbsp;11. **Reorganization of the Funds** 

On January 17, 2025, as the result of a tax-free reorganization, each Fund as a series of Leuthold Funds, Inc. (the "Predecessor Funds"), were reorganized into the Trust by transferring all the Predecessor Funds' assets and liabilities to the applicable Fund in the Trust. The Predecessor Funds were deemed to be the accounting survivors for financial reporting purposes. The Funds paid a portion of the fees associated with the reorganization and are presented on the Statement of Operations for each Fund.

46<br>

------

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

**The Leuthold Funds** 

**Notes to the Financial Statements (Unaudited)(Continued)** 

As a tax-free reorganization, any unrealized appreciation or depreciation on the securities on the date of the reorganization was treated as a non-taxable event, thus the cost basis of the securities held reflect the historical cost basis as of the date of the reorganization. Immediately prior to the reorganization, the net assets, fair value of investments, and net unrealized appreciation of the Funds were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Leuthold Core** <br>**Investment Fund** | **Leuthold Global** <br>**Fund** | **Leuthold Select** <br>**Industries Fund\*** | **Leuthold Grizzly** <br>**Short Fund** | **Leuthold** <br>**Core ETF**  |
| Net Assets | $537187304 | $18500950 | $11548505 | $41071922 | $81019050  |
| Fair Value of Investments | $450872766 | $15585450 | $11257338 | $(11459876) | $81029302  |
|  Net Unrealized Appreciation (Depreciation) | $119598257 | $1078756 | $3744481 | $(1100883) | $8396352 |

---

\* Additionally, the Leuthold Select Industries Fund converted from a mutual fund to an ETF concurrently with the reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;12. **Report of the Fund's Special Shareholder Meeting** 

Special Meetings of Shareholders of the Acquired Funds took place on December 12, 2024, and January 8, 2025, to approve a proposed Agreement of and Plan of Reorganization for the Acquired Funds, whereby the Funds, each a series of the Trust (the "Acquiring Funds"), would acquire all the assets and liabilities of the Acquired Funds, in exchange for shares of the Acquiring Funds which would be distributed pro rata by the Acquired Fund to its shareholders, in complete liquidation and termination of the Acquired Funds (the "Reorganization").

All Acquired Funds' shareholders of record at the close of business on October 10, 2024, were entitled to vote.

For Leuthold Core Investment Fund, as of the record date, the Fund had 24,372,595 shares outstanding. Of the 12,807,489 shares of the Fund present in person or by proxy at the meeting on January 8, 2025: 11,221,341, or 87.6% voted in favor of the Reorganization (representing 46.0% of total outstanding shares), 347,022, or 2.7%, voted against the Reorganization, and 1,239,127, or 9.7% withheld from voting for the Reorganization.

For Leuthold Global Fund, as of the record date, the Fund had 2,097,352 shares outstanding. Of the 1,183,684 shares of the Fund present in person or by proxy at the meeting on January 8, 2025: 1,139,963, or 96.3% voted in favor of the Reorganization (representing 54.4% of total outstanding shares), 25,707, or 2.2%, voted against the Reorganization, and 18,013, or 1.5% withheld from voting for the Reorganization.

For Leuthold Select Industries Fund, as of the record date, the Fund had 337,166 shares outstanding. Of the 173,904 shares of the Fund present in person or by proxy at the meeting on December 12, 2024: 157,139, or 90.4% voted in favor of the Reorganization (representing 46.6% of total outstanding shares), 6,119, or 3.5%, voted against the Reorganization, and 10,646, or 6.1% withheld from voting for the Reorganization.

For Leuthold Grizzly Short Fund, as of the record date, the Fund had 9,216,714 shares outstanding. Of the 4,739,258 shares of the Fund present in person or by proxy at the meeting on December 12, 2024: 3,514,366, or 74.2% voted in favor of the Reorganization (representing 38.1% of total outstanding shares), 380,421, or 8.0%, voted against the Reorganization, and 844,471, or 17.8% withheld from voting for the Reorganization.

For Leuthold Core ETF, as of the record date, the Fund had 2,600,000 shares outstanding. Of the 1,322,290 shares of the Fund present in person or by proxy at the meeting on December 12, 2024: 1,185,553, or 89.7% voted in favor of the Reorganization (representing 45.6% of total outstanding shares), 433, or 0.0%, voted against the Reorganization, and 136,305, or 10.3% withheld from voting for the Reorganization.

Accordingly, the Reorganization was approved for each Fund.

47<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 <u>www.sec.gov</u> 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 <u>www.sec.gov</u>.

**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.** 

See Note 12 in the Notes to Financial Statements.

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

See the Statement of Operations.

48<br>

------

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

**The Leuthold Funds** 

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

At the regular meeting of the Board of Trustees of Managed Portfolio Series ("Trust") on August 20-21, 2024, the Trust's Board of Trustees ("Board"), including all of the 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 an investment advisory agreement between the Trust, on behalf of the Leuthold Core Investment Fund, Leuthold Global Fund, Leuthold Select Industries ETF, Leuthold Grizzly Short Fund and Leuthold Core ETF (each a "Fund" and, together, the "Funds"), and The Leuthold Group, LLC (d/b/a Leuthold Weeden Capital Management) ("Leuthold" or the "Adviser") (the "Leuthold Advisory Agreement"), for an initial two-year term.

Prior to the meeting and at the meeting, the Trustees received and considered information from the Adviser and the Trust's administrator designed to provide the Trustees with the information necessary to evaluate the approval of the Leuthold Advisory Agreement ("Support Materials"). The Independent Trustees then reviewed the Support Materials with regard to Leuthold and the Funds. They discussed initial SEC filings for the Funds. They reviewed and considered the Leuthold's responses to the due diligence questionnaires regarding each Fund's investment strategy, services that Leuthold proposed to provide to the Funds, proposed Fund management fees and the profitability that Leuthold expects to realize from its management of each Fund, any additional benefits that Leuthold expects to realize from its management of the Funds, and other matters that the Trustees deemed relevant. They also reviewed analyses which were prepared by the administrator of each Fund's proposed and projected expenses relative to other funds in the same Morningstar category. Before voting to approve the Leuthold Advisory Agreement, the Trustees reviewed the Support Materials with Trust management and with counsel to the Independent Trustees and received a memorandum from such counsel discussing the legal standards for the Trustees' consideration of the approval of the Leuthold 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 approve the Leuthold Advisory Agreement, the Trustees considered all factors they believed relevant, including the following with respect to the Acquiring Funds: (1) the nature, extent, and quality of the services to be provided by Leuthold with respect to the Acquiring Funds; (2) the Target Funds' historical performance and, where applicable, the performance of other investment accounts managed by Leuthold; (3) the cost of the services to be provided and the profits to be realized by Leuthold, and the revenue received, from services rendered to the Target Funds; (4) comparative fee and expense data for the Acquiring Fund and other investment companies with similar investment objectives; (5) the extent to which economies of scale may be realized as the Acquiring Funds grow, and whether the proposed advisory fee for each Acquiring Fund reflects such economies of scale for the Acquiring Fund's benefit; and (6) other benefits to Leuthold resulting from services rendered to the Acquiring Funds. In their deliberations, the Trustees did not identify any particular information that was all-important or controlling.

Nature, Extent and Quality of Services Provided. The Trustees considered the scope of services that Leuthold will provide under the Leuthold Advisory Agreement with respect to each Acquiring Fund, noting that such services include but are not limited to the following: (1) investing the Acquiring Fund's assets consistent with its investment objectives and investment policies; (2) determining the portfolio securities to be purchased, sold, or otherwise disposed of and the timing of such transactions; (3) voting all proxies with respect to the Acquiring Fund's portfolio securities; (4) maintaining the required books and records for transactions effected by Leuthold on behalf of the Acquiring Fund; (5) selecting broker-dealers to execute orders on behalf of the Acquiring Fund; and (6) monitoring and maintaining the Acquiring Fund's compliance with policies and procedures of the Trust and with applicable securities laws. The Trustees noted that Leuthold is well capitalized and also considered Leuthold's assets under management. The Trustees considered the experience of the proposed portfolio managers in having managed the Target Funds with substantially similar strategies as the Acquiring Funds. The Trustees concluded that they were satisfied with the nature, extent, and quality of services that Leuthold proposes to provide to the Acquiring Funds under the Leuthold Advisory Agreement.

Fund Historical Performance and the Overall Performance of Leuthold. In assessing the quality of the portfolio management delivered by Leuthold, the Trustees considered the short-term and long-term performance of each Target Fund on both an absolute basis and in comparison to an appropriate benchmark index, each Fund's Morningstar category ("Category") as well as a smaller sub-set of peer funds ("Cohort"), and, where applicable, a Target Fund's composite of separate accounts that Leuthold manages utilizing a similar investment strategy. When comparing each

49<br>

------

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

**The Leuthold Funds** 

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

Target Fund's performance against its respective Category and Cohort, the Trustees took into account that the investment objective and strategies of each Target Fund, as well as the Target Fund's level of risk tolerance, may differ significantly from the funds in the Category and Cohort.

&nbsp;&nbsp;&nbsp;&nbsp;• **Leuthold Core Investment Fund**. The Trustees noted that while the Fund had underperformed both the Category and Cohort averages for the year-to-date
 period ended March 31, 2023, it had outperformed both the Category and Cohort averages for the one-year, three-year, five-year and
 ten-year periods ended March 31, 2023. The Trustees also considered that the Fund had underperformed its primary benchmark index
 for each of the periods ended December 31, 2023. The Trustees noted that the Fund's performance had generally been consistent
 with the performance of the composite of accounts managed by Leuthold with similar strategies to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;• **Leuthold Global Fund**. The Trustees noted that the Fund had outperformed the Category averages for the one-year, three-year and ten-year periods
 ended March 31, 2023, and the Cohort average for the one-year period ended March 31, 2023, but had underperformed the Category
 and Cohort averages for all other periods presented. The Trustees also considered that the Fund had underperformed its primary benchmark
 index for each of the periods ended December 31, 2023. The Trustees noted that Leuthold does not manage other accounts with similar
 strategies to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;• **Leuthold Select Industries Fund**. The Trustees noted that the Fund had outperformed the Category and Cohort averages for all periods presented,
 except that the Fund had underperformed the Cohort average for the year-to-date period ended March 31, 2023. The Trustees also considered
 that the Fund had outperformed its primary benchmark index for the three-year and since inception periods ended December 31, 2023,
 but had underperformed this index for all other periods presented. The Trustees noted that the Fund's performance had generally
 been consistent with the performance of the composite of accounts managed by Leuthold with similar strategies to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;• **Leuthold Grizzly Short Fund**. The Trustees noted that the Fund had underperformed the Cohort averages for all periods presented. The Trustees also
 noted that due to the wide variety of fund types in the Fund's Category, performance information of the Category was not considered
 relevant to evaluate the Fund. The Trustees also considered that the Fund had underperformed its primary benchmark index for each of the
 periods ended December 31, 2023. The Trustees noted that the Fund's performance had generally been consistent with the performance
 of the composite of accounts managed by Leuthold with similar strategies to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;• **Leuthold Core ETF**. The Trustees noted that the Fund had outperformed the Category averages for one-year and three-year periods ended March 31,
 2023, and the Cohort average for the one-year period ended March 31, 2023, but had underperformed the Category and Cohort averages
 for all other periods presented. The Trustees also considered that the Fund had underperformed its primary benchmark index for each of
 the periods ended December 31, 2023. The Trustees noted that the Fund's performance had generally been consistent with the
 performance of the composite of accounts managed by Leuthold with similar strategies to the Fund.

Cost of Advisory Services and Profitability. The Trustees considered the proposed management fee that each Acquiring Fund will pay to Leuthold under the Leuthold Advisory Agreement. They also considered Leuthold's profitability analysis for services that Leuthold rendered to the Target Funds during 2022 calendar year, noting in particular that the Leuthold Select Industries ETF will have a lower management fee and expense cap but that otherwise the other Acquired Funds would have the same fees as the corresponding Target Funds. In that regard, the Trustees noted that Leuthold had agreed to waive a portion of its management fees or reimburse expenses, as necessary, during the first two years of each Acquiring Fund's operations under the proposed operating expenses limitation agreement.

50<br>

------

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

**The Leuthold Funds** 

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

Comparative Fee and Expense Data. The Trustees considered a comparative analysis of the contractual expenses to be borne by each Acquiring Fund and those of funds within the same Category and Cohort. The Trustees noted:

&nbsp;&nbsp;&nbsp;&nbsp;• **Leuthold Core Investment Fund**. The Fund's advisory fee was below the Cohort average, but above the Category average, and its total expenses
 were above the Cohort average, but below the Category average.

&nbsp;&nbsp;&nbsp;&nbsp;• **Leuthold Global Fund**. The Fund's advisory fee and total expenses were each above the Category and Cohort averages. The Trustees also took
 into account that the Fund's net assets were significantly below the average net assets of the funds in the Cohort.

&nbsp;&nbsp;&nbsp;&nbsp;• **Leuthold Select Industries ETF**. The Trustee's noted that the Fund's advisory fee and total expenses were each below the Category and
 Cohort averages, taking into account the fee reductions associated with the Fund's conversion to an ETF.

&nbsp;&nbsp;&nbsp;&nbsp;• **Leuthold Grizzly Short Fund**. The Trustees noted that the Fund's advisory fee and total expenses were each above the Cohort averages. The Trustees
 also took into account that the Fund's net assets were moderately lower than the average net assets of the funds in the Cohort.
 The Trustees also noted that due to the wide variety of fund types in the Fund's Category, expense information of the Category was
 not considered relevant to evaluate the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;• **Leuthold Core ETF**. The Trustee's noted that the Fund's advisory fee and total expenses were each below the Category and Cohort averages.

Economies of Scale. The Trustees considered whether the Acquiring Funds would benefit from any economies of scale, noting that the proposed investment advisory fee for each Acquiring Fund does not contain breakpoints. The Trustees also considered that Leuthold had agreed to consider breakpoints in the future in response to asset growth. The Trustees concluded that it is not necessary to consider the implementation of fee breakpoints at this time, but committed to revisit this issue in the future as circumstances change and asset levels increase.

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

51<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.** 

**342 North Water Street, Suite 830** 

**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** 

**Stradley Ronon Stevens & Young, LLP** 

**2005 Market Street, Suite 2600** 

**Philadelphia, PA 19103-7096** 

**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>**

See Item 7(a).

**<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.* 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.](lsacfs-efp15879_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.](lsacfs-efp15879_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.

(Registrant) Managed
 Portfolio Series

---

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

---

Date <u>June 5, 2025</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>June 5, 2025</u>

---

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

---

Date <u>June 5, 2025</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: | June 5, 2025 | /s/ Brian R. Wiedmeyer |
|  |  | <br> Brian R. Wiedmeyer<br> 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: | June 5, 2025 | /s/ Benjamin J. Eirich |
|  |  | <br> Benjamin J. Eirich<br> 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, 2025 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<br> Principal Executive Officer | Benjamin J. Eirich<br> Principal Financial Officer |

---

Date: <u>June 5, 2025</u> Date: <u>June 5, 2025</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.