# EDGAR Filing Document

**Accession Number:** 0001511699
**File Stem:** 0001133228-25-013147
**Filing Date:** 2025-12
**Character Count:** 248244
**Document Hash:** 0d01249e61983ec0f9ffe589b572d3a1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-013147.hdr.sgml**: 20251203

**ACCESSION NUMBER**: 0001133228-25-013147

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 49

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251203

**DATE AS OF CHANGE**: 20251203

**EFFECTIVENESS DATE**: 20251203

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22525
- **FILM NUMBER:** 251546360

**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'? 2025-07-31196108_LeutholdCoreETF_TF_TSRAnnual

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>9/30/2025</u>**

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

(a) ---

| | | |
|:---|:---|:---|
| ![image](img171407_202410040805403.jpg) | **Leuthold Core ETF**  | ![image](img171406_202410040804164.jpg) |
| ![image](img171407_202410040805403.jpg) | LCR (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img171406_202410040804164.jpg) |
| ![image](img171407_202410040805403.jpg) | Annual Shareholder Report \| September 30, 2025  | ![image](img171406_202410040804164.jpg) |

---

This annual shareholder report contains important information about the Leuthold Core ETF for the period of October 1, 2024, to September 30, 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 PAST YEAR?** (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 | $69 | 0.66% |

---

**POSITIONING**

The Fund invests in stocks, bonds, alternatives, and cash. Exposure is adjusted based on a quantitative analysis of stock market health. Third-party ETFs, rather than individual securities, are employed to achieve the desired investment allocations.

During the last twelve months ending September 30, 2025, Leuthold Core ETF had an average net equity exposure of 55%. The low point was 47% between March and April, as our indicators deteriorated to a cautious reading in advance of a significant equity correction during that period.

&nbsp;&nbsp;&nbsp;&nbsp;• Long-stock average allocation = 57.20% • Fixed income average allocation = 26.75%

• Equity hedge average = 4.87% • Cash equivalents average = 11.17%

• Net equity average exposure = 52.33%

**LAST TWELVE MONTHS' PERFORMANCE VS. BENCHMARK**

The Fund trailed the S&P 500 Index and performed nearly in line with the blended benchmark (50% S&P 500/50% Bloomberg Global Aggregate bond index).

&nbsp;&nbsp;&nbsp;&nbsp;• Outside of a short-lived but deep correction between March and April, the S&P 500 posted an impressive +17.60% total return, largely fueled by a handful of mega-cap tech titans, which now account for almost 40% of the index weight. Two portfolio dynamics caused most of Core ETF's lagging performance. The biggest headwind by far was a much smaller allocation to equities. Secondary deficiencies were an underweight to Info Tech stocks, and the equity hedge, which was employed to minimize risk and volatility.

• Compared to the 50/50 benchmark, in addition to the loss from the equity hedge position, the Fund's slight underperformance was due to holding half as much fixed income, leaning toward value oriented equity segments, and more equal weightings across portfolio exposures.

**LAST TWELVE MONTHS' KEY PERFORMANCE DYNAMICS**

Since early April, the S&P 500's sharp upswing has driven many valuation standards to heights near or above historical extremes. Consumer confidence is escalating, while measures of economic vitality are weakening. These red flags have pigeon-holed our disciplines in a "neutral" position toward equity

exposure.

&nbsp;&nbsp;&nbsp;&nbsp;• Overweight positions in ETFs with broad exposure to Financials, Materials, and Communication Services outpaced the S&P 500's related allocations. Info Tech holdings were as beneficial as the former three sectors, but the Fund's lighter weight was only half as additive as the index's IT gain.

• An ETF exclusively invested in gold mining stocks was the best industry allocation.

• The equity hedge performed as designed, offsetting losses during the early-2025 correction. Remarkably, as the stock market surged between April and the fiscal year-end, this defensive allocation detracted only minimally.

• ETFs focused on homebuilders and home construction stocks were the most notable detractors over the last twelve months; a loss from a basket of health care providers was also a drag.

Leuthold Core ETF PAGE 1 TSR-AR-56167R606

------

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

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

• Fixed-income positions were generally additive across the board, but given their small size, they had little effect on return.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5467img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(01/03/2020)** |
| **Leuthold Core ETF NAV**  | 9.25 | 8.43 | 8.48 |
| **S&P 500 TR**  | 17.60 | 16.47 | 15.25 |
| **Bloomberg Global Aggregate**  | 2.40 | -1.56 | -0.46 |
| **50% S&P 500 / 50% Bloomberg Global Aggregate**  | 9.98 | 7.31 | 7.41 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $71191500 |
| **Number of Holdings** | 27 |
| **Net Advisory Fee** | $254370 |
| **Portfolio Turnover** | 85% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Exchange Traded Funds  | 91.2% |
|  Cash & Other  | 8.8% |

---

---

| | |
|:---|:---|
| **Industry** | **(%)** |
|  Cash & Other  | 100.0% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Cash & Other  | 100.0% |

---

\* 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.

Leuthold Core ETF PAGE 2 TSR-AR-56167R606

------

**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 866-306-8117, 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 3 TSR-AR-56167R606

------

---

| | | |
|:---|:---|:---|
| ![image](img171407_202410040805403.jpg) | **Leuthold Core Investment Fund**  | ![image](img171406_202410040804164.jpg) |
| ![image](img171407_202410040805403.jpg) | Institutional \| LCRIX  | ![image](img171406_202410040804164.jpg) |
| ![image](img171407_202410040805403.jpg) | Annual Shareholder Report \| September 30, 2025  | ![image](img171406_202410040804164.jpg) |

---

This annual shareholder report contains important information about the Leuthold Core Investment Fund for the period of October 1, 2024, to September 30, 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 PAST YEAR?** (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 | $133 | 1.26% |

---

**POSITIONING**

The Fund invests in stocks, bonds, alternatives, and cash. Exposure is adjusted based on a quantitative analysis of stock market health.

During the last twelve months ending September 30, 2025, Leuthold Core Investment Fund had an average net equity exposure of 55%. The low point was 47% between March and April, as our indicators deteriorated to a cautious reading in advance of a significant equity correction during that period.

&nbsp;&nbsp;&nbsp;&nbsp;• Long-stock average allocation = 67.95% • Equity hedge average = 13.37%

• Net equity average exposure = 54.58% • Fixed income average allocation = 14.77%

• Cash equivalents average = 3.91%

**LAST TWELVE MONTHS' PERFORMANCE VS. BENCHMARK**

The Fund trailed the S&P 500 Index and performed a touch better than the blended benchmark (50% S&P 500/50% Bloomberg Global Aggregate bond index).

&nbsp;&nbsp;&nbsp;&nbsp;• Outside of a short-lived but deep correction between March and April, the S&P 500 posted an impressive +17.60% total return, largely fueled by a handful of mega-cap tech titans, which now account for almost 40% of the index weight. Compared with the S&P 500, the Core Fund faced several headwinds, but its substantially smaller equity allocation was the primary driver of underperformance: Even though the Fund's stocks matched performance of the S&P 500, only about one-half of that gain passes through to overall return, because the allocation is only 55% of Fund assets. Other unfavorable dynamics were an underweight in the Info Tech equity sector, and the equity hedge, which was employed to minimize risk and volatility.

• Even with much fewer fixed-income assets and a loss in the equity hedge position, the Fund outperformed the 50/50 benchmark. This was entirely due to the Fund's stock performance, which rivaled the S&P 500's gain. The playing field is much more level with this benchmark, as the return from equities accounts for only 50% of total return, in line with the Core Fund.

**LAST TWELVE MONTHS' KEY PERFORMANCE DYNAMICS**

Since early April, the S&P 500's sharp upswing has driven many valuations standards to heights near or above historical extremes. Consumer confidence is escalating, while measures of economic vitality are weakening. These red flags have pigeon-holed our disciplines in a "neutral" position toward equity

exposure.

&nbsp;&nbsp;&nbsp;&nbsp;• Heavier allocations to stocks from Financials, Materials, and Communication Services sectors outpaced the S&P 500's related positions. Info Tech exposure was as beneficial as the former three, but due to the Fund's big underweight, it was only half as additive as the index's IT gain.

• The top-performing equity groups were Gold, Electronic Manufacturing Services, and Diversified Banks. All three were sizeable allocations in contrast to the S&P 500, which had little to no exposure, making their supersized gains particularly advantageous for the Core Fund.

• The equity hedge performed as designed, offsetting losses during the early-2025 correction. Remarkably, as the stock

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

------

market surged between April and fiscal year-end, this defensive allocation was not a hefty drag on return.

• Consumer Discretionary and Industrials allocations were net detractors. The prominent losers were stocks associated with concentrations in Homebuilders, Passenger Airlines, and Apparel Retail.

• Fixed-income positions were generally additive across the board, but given their small weight, they had little effect on return. With 20/20 hindsight, the Fund may have benefited from a heavier allocation.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $100,000 chart reflects a hypothetical $100,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $100,000)

![image](ts5469img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Institutional (without sales charge)**  | 10.96 | 9.54 | 7.48 |
| **S&P 500 TR**  | 17.60 | 16.47 | 15.30 |
| **Bloomberg Global Aggregate**  | 2.40 | -1.56 | 1.15 |
| **50% S&P 500 / 50% Bloomberg Global Aggregate**  | 9.98 | 7.31 | 8.26 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $566765251 |
| **Number of Holdings** | 224 |
| **Net Advisory Fee** | $4806807 |
| **Portfolio Turnover** | 64% |

---

Leuthold Core Investment Fund PAGE 2 TSR-AR-56167R887

------

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Common Stocks  | 62.7% |
|  Exchange Traded Funds  | 4.2% |
|  U.S. Treasury Bills  | 2.6% |
|  Foreign Government Debt Obligations  | 2.0% |
|  U.S. Treasury Securities  | 1.8% |
|  Real Estate Investment Trusts  | 0.0% |
|  Cash & Other  | 26.7% |

---

---

| | |
|:---|:---|
| **Industry** | **(%)** |
|  Software  | 6.2% |
|  Health Care Providers & Services  | 6.0% |
|  Metals & Mining  | 5.4% |
|  Banks  | 5.0% |
|  Electronic Equipment, Instruments & Components  | 4.9% |
|  Interactive Media & Services  | 4.8% |
|  Diversified Consumer Services  | 3.7% |
|  Household Durables  | 3.4% |
|  Capital Markets  | 3.2% |
|  Cash & Other  | 57.4% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Information Technology  | 14.5% |
|  Financials  | 11.9% |
|  Consumer Discretionary  | 11.9% |
|  Communication Services  | 9.4% |
|  Health Care  | 8.2% |
|  Materials  | 4.6% |
|  Industrials  | 3.3% |
|  Foreign Government  | 2.0% |
|  U.S. Government  | 1.8% |
|  Cash & Other  | 32.4% |

---

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

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

**HOUSEHOLDING**

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

Leuthold Core Investment Fund PAGE 3 TSR-AR-56167R887

------

---

| | | |
|:---|:---|:---|
| ![image](img171407_202410040805403.jpg) | **Leuthold Core Investment Fund**  | ![image](img171406_202410040804164.jpg) |
| ![image](img171407_202410040805403.jpg) | Retail \| LCORX  | ![image](img171406_202410040804164.jpg) |
| ![image](img171407_202410040805403.jpg) | Annual Shareholder Report \| September 30, 2025  | ![image](img171406_202410040804164.jpg) |

---

This annual shareholder report contains important information about the Leuthold Core Investment Fund for the period of October 1, 2024, to September 30, 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 PAST YEAR?** (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 | $142 | 1.35% |

---

**POSITIONING**

The Fund invests in stocks, bonds, alternatives, and cash. Exposure is adjusted based on a quantitative analysis of stock market health.

During the last twelve months ending September 30, 2025, Leuthold Core Investment Fund had an average net equity exposure of 55%. The low point was 47% between March and April, as our indicators deteriorated to a cautious reading in advance of a significant equity correction during that period.

&nbsp;&nbsp;&nbsp;&nbsp;• Long-stock average allocation = 67.95% • Equity hedge average = 13.37%

• Net equity average exposure = 54.58% • Fixed income average allocation = 14.77%

• Cash equivalents average = 3.91%

**LAST TWELVE MONTHS' PERFORMANCE VS. BENCHMARK**

The Fund trailed the S&P 500 Index and performed a touch better than the blended benchmark (50% S&P 500/50% Bloomberg Global Aggregate bond index).

&nbsp;&nbsp;&nbsp;&nbsp;• Outside of a short-lived but deep correction between March and April, the S&P 500 posted an impressive +17.60% total return, largely fueled by a handful of mega-cap tech titans, which now account for almost 40% of the index weight. Compared with the S&P 500, the Core Fund faced several headwinds, but its substantially smaller equity allocation was the primary driver of underperformance: Even though the Fund's stocks matched performance of the S&P 500, only about one-half of that gain passes through to overall return, because the allocation is only 55% of Fund assets. Other unfavorable dynamics were an underweight in the Info Tech equity sector, and the equity hedge, which was employed to minimize risk and volatility.

• Even with much fewer fixed-income assets and a loss in the equity hedge position, the Fund outperformed the 50/50 benchmark. This was entirely due to the Fund's stock performance, which rivaled the S&P 500's gain. The playing field is much more level with this benchmark, as the return from equities accounts for only 50% of total return, in line with the Core Fund.

**LAST TWELVE MONTHS' KEY PERFORMANCE DYNAMICS**

Since early April, the S&P 500's sharp upswing has driven many valuations standards to heights near or above historical extremes. Consumer confidence is escalating, while measures of economic vitality are weakening. These red flags have pigeon-holed our disciplines in a "neutral" position toward equity

exposure.

&nbsp;&nbsp;&nbsp;&nbsp;• Heavier allocations to stocks from Financials, Materials, and Communication Services sectors outpaced the S&P 500's related positions. Info Tech exposure was as beneficial as the former three, but due to the Fund's big underweight, it was only half as additive as the index's IT gain.

• The top-performing equity groups were Gold, Electronic Manufacturing Services, and Diversified Banks. All three were sizeable allocations in contrast to the S&P 500, which had little to no exposure, making their supersized gains particularly advantageous for the Core Fund.

• The equity hedge performed as designed, offsetting losses during the early-2025 correction. Remarkably, as the stock

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

------

market surged between April and fiscal year-end, this defensive allocation was not a hefty drag on return.

• Consumer Discretionary and Industrials allocations were net detractors. The prominent losers were stocks associated with concentrations in Homebuilders, Passenger Airlines, and Apparel Retail.

• Fixed-income positions were generally additive across the board, but given their small weight, they had little effect on return. With 20/20 hindsight, the Fund may have benefited from a heavier allocation.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5468img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Retail (without sales charge)**  | 10.83 | 9.43 | 7.37 |
| **S&P 500 TR**  | 17.60 | 16.47 | 15.30 |
| **Bloomberg Global Aggregate**  | 2.40 | -1.56 | 1.15 |
| **50% S&P 500 / 50% Bloomberg Global Aggregate**  | 9.98 | 7.31 | 8.26 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $566765251 |
| **Number of Holdings** | 224 |
| **Net Advisory Fee** | $4806807 |
| **Portfolio Turnover** | 64% |

---

Leuthold Core Investment Fund PAGE 2 TSR-AR-56167R804

------

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Common Stocks  | 62.7% |
|  Exchange Traded Funds  | 4.2% |
|  U.S. Treasury Bills  | 2.6% |
|  Foreign Government Debt Obligations  | 2.0% |
|  U.S. Treasury Securities  | 1.8% |
|  Real Estate Investment Trusts  | 0.0% |
|  Cash & Other  | 26.7% |

---

---

| | |
|:---|:---|
| **Industry** | **(%)** |
|  Software  | 6.2% |
|  Health Care Providers & Services  | 6.0% |
|  Metals & Mining  | 5.4% |
|  Banks  | 5.0% |
|  Electronic Equipment, Instruments & Components  | 4.9% |
|  Interactive Media & Services  | 4.8% |
|  Diversified Consumer Services  | 3.7% |
|  Household Durables  | 3.4% |
|  Capital Markets  | 3.2% |
|  Cash & Other  | 57.4% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Information Technology  | 14.5% |
|  Financials  | 11.9% |
|  Consumer Discretionary  | 11.9% |
|  Communication Services  | 9.4% |
|  Health Care  | 8.2% |
|  Materials  | 4.6% |
|  Industrials  | 3.3% |
|  Foreign Government  | 2.0% |
|  U.S. Government  | 1.8% |
|  Cash & Other  | 32.4% |

---

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

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

**HOUSEHOLDING**

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

Leuthold Core Investment Fund PAGE 3 TSR-AR-56167R804

------

---

| | | |
|:---|:---|:---|
| ![image](img171407_202410040805403.jpg) | **Leuthold Global Fund**  | ![image](img171406_202410040804164.jpg) |
| ![image](img171407_202410040805403.jpg) | Institutional \| GLBIX  | ![image](img171406_202410040804164.jpg) |
| ![image](img171407_202410040805403.jpg) | Annual Shareholder Report \| September 30, 2025  | ![image](img171406_202410040804164.jpg) |

---

This annual shareholder report contains important information about the Leuthold Global Fund for the period of October 1, 2024, to September 30, 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 PAST YEAR?** (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 | $205 | 1.96% |

---

**POSITIONING**

The Fund invests in stocks, bonds, alternatives, and cash traded on global exchanges; it adjusts exposure based on the adviser's quantitative analysis of the attractiveness of global stock markets.

During the last twelve months ending September 30, 2025, Leuthold Global Fund had an average net equity exposure of 54%. The low point was 46% between March and May, as our indicators deteriorated to a cautious reading in advance of a significant equity correction during that period.

&nbsp;&nbsp;&nbsp;&nbsp;• Long Equities average allocation = 67.53% • Developed Market (non-U.S.) Equity average = 47.25%

• Hedged Equity average = 13.31% • U.S. Equity average allocation = 41.75%

• Net Equity average exposure = 54.22% • Emerging Market average equity exposure = 11.00%

• Fixed Income average allocation = 14.95% • Cash Equivalents = 4.21%

**LAST TWELVE MONTHS' PERFORMANCE VS. BENCHMARK**

The Fund trailed both the MSCI ACWI and the blended benchmark (50% MSCI ACWI/50% Bloomberg Global Aggregate bond index). Although the Fund underperformed the indexes, the return disparity with the 50/50 benchmark was relatively minor; given the asset mix composition, that is the more suitable comparison.

&nbsp;&nbsp;&nbsp;&nbsp;• With about 63% of the MSCI ACWI's "global" composition invested in U.S. equities, the index performed in lock step with the S&P 500, propelled by mega-cap growth. Despite a substantial underweight to the equity segment and conspicuously less exposure to domestic stocks (42%), on an absolute basis, the Fund's global equities outperformed the benchmark. The Fund's strong gains in its stock allocation accounted for just 54% of portfolio assets, on average; therefore, relative to the fully invested benchmark, the Fund's lower equity exposure was the primary cause of fiscal year underperformance. To a lesser extent, the equity hedge also detracted from return.

• Although the Fund's 54% average net equity exposure beat the 50% equity allocation in the blended benchmark, the relative lack of fixed income (15%) versus the 50% position in the comparator was the key detractor to the small performance gap. In a generally good year for fixed income securities, none of the Fund's holdings materially contributed to return.

**LAST TWELVE MONTHS' KEY PERFORMANCE DYNAMICS**

The sharp upswing across global stock markets has driven many valuation standards to heights near or above historical extremes. Consumer confidence is escalating, while measures of economic vitality are weakening. These red flags have pigeon-holed our disciplines in a "neutral" position toward equity

exposure.

&nbsp;&nbsp;&nbsp;&nbsp;• A huge overweight in Financials stocks was the Fund's major driver of gains among equity exposure. The biggest contributors were Developed Diversified Banks, Investment Banking, P&C Insurance, and Reinsurance. These positions performed well enough to more than offset the benchmark's advantage from its sizable concentration in the surging Info Tech stocks.

• Consumer Discretionary groups combined for the second-best results in the Fund's equity exposure and nicely outdid the ACWI's related sector position. Communication Services and Industrials holdings were similarly additive to return,

Leuthold Global Fund PAGE 1 TSR-AR-56167R861

------

performing on par with the benchmark's allocations. Groups driving these gains included Auto Components, Retailers, Telecommunications, Consumer Services, Transportation Infrastructure, and Airlines.

• The equity hedge performed as designed, offsetting losses during the early-2025 correction and minimizing volatility overall. Impressively, as the stock market maintained strong momentum from the prior year, the overall loss from this defensive allocation did not meaningfully detract from return.

• Fixed-income holdings were generally additive across the board, but given their small weight, they had little effect on return. In retrospect, the Fund may have benefited from a heavier allocation.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $100,000 chart reflects a hypothetical $100,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $100,000)

![image](ts5470img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Institutional (without sales charge)**  | 9.05 | 7.50 | 4.97 |
| **MSCI ACWI Net Total Return Index (USD)**  | 17.27 | 13.54 | 11.91 |
| **Bloomberg Global Aggregate**  | 2.40 | -1.56 | 1.15 |
| **50% MSCI ACWI / 50% BBG Global Agg**  | 9.73 | 5.90 | 6.61 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $19351935 |
| **Number of Holdings** | 257 |
| **Net Advisory Fee** | $106989 |
| **Portfolio Turnover** | 64% |

---

Leuthold Global Fund PAGE 2 TSR-AR-56167R861

------

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Common Stocks  | 68.2% |
|  U.S. Treasury Securities  | 2.6% |
|  U.S. Treasury Bills  | 2.6% |
|  Foreign Government Debt Obligations  | 2.1% |
|  Real Estate Investment Trusts - Common  | -0.1% |
|  Exchange Traded Funds  | -0.5% |
|  Cash & Other  | 25.1% |

---

---

| | |
|:---|:---|
| **Industry** | **(%)** |
|  Insurance  | 9.9% |
|  Banks  | 9.3% |
|  Capital Markets  | 6.5% |
|  Wireless Telecommunication Services  | 5.7% |
|  Automobile Components  | 4.2% |
|  Diversified Consumer Services  | 4.1% |
|  Passenger Airlines  | 4.0% |
|  Broadline Retail  | 3.6% |
|  Transportation Infrastructure  | 3.5% |
|  Cash & Other  | 49.2% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Financials  | 25.6% |
|  Consumer Discretionary  | 12.2% |
|  Industrials  | 9.2% |
|  Information Technology  | 8.3% |
|  Communication Services  | 8.0% |
|  Energy  | 3.1% |
|  Utilities  | 2.8% |
|  Public Administration  | 2.6% |
|  Government  | 2.1% |
|  Cash & Other  | 26.1% |

---

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

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

**HOUSEHOLDING**

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

Leuthold Global Fund PAGE 3 TSR-AR-56167R861

------

---

| | | |
|:---|:---|:---|
| ![image](img171407_202410040805403.jpg) | **Leuthold Global Fund**  | ![image](img171406_202410040804164.jpg) |
| ![image](img171407_202410040805403.jpg) | Retail \| GLBLX  | ![image](img171406_202410040804164.jpg) |
| ![image](img171407_202410040805403.jpg) | Annual Shareholder Report \| September 30, 2025  | ![image](img171406_202410040804164.jpg) |

---

This annual shareholder report contains important information about the Leuthold Global Fund for the period of October 1, 2024, to September 30, 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 PAST YEAR?** (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 | $231 | 2.21% |

---

**POSITIONING**

The Fund invests in stocks, bonds, alternatives, and cash traded on global exchanges; it adjusts exposure based on the adviser's quantitative analysis of the attractiveness of global stock markets.

During the last twelve months ending September 30, 2025, Leuthold Global Fund had an average net equity exposure of 54%. The low point was 46% between March and May, as our indicators deteriorated to a cautious reading in advance of a significant equity correction during that period.

&nbsp;&nbsp;&nbsp;&nbsp;• Long Equities average allocation = 67.53% • Developed Market (non-U.S.) Equity average = 47.25%

• Hedged Equity average = 13.31% • U.S. Equity average allocation = 41.75%

• Net Equity average exposure = 54.22% • Emerging Market average equity exposure = 11.00%

• Fixed Income average allocation = 14.95% • Cash Equivalents = 4.21%

**LAST TWELVE MONTHS' PERFORMANCE VS. BENCHMARK**

The Fund trailed both the MSCI ACWI and the blended benchmark (50% MSCI ACWI/50% Bloomberg Global Aggregate bond index). Although the Fund underperformed the indexes, the return disparity with the 50/50 benchmark was relatively minor; given the asset mix composition, that is the more suitable comparison.

&nbsp;&nbsp;&nbsp;&nbsp;• With about 63% of the MSCI ACWI's "global" composition invested in U.S. equities, the index performed in lock step with the S&P 500, propelled by mega-cap growth. Despite a substantial underweight to the equity segment and conspicuously less exposure to domestic stocks (42%), on an absolute basis, the Fund's global equities outperformed the benchmark. The Fund's strong gains in its stock allocation accounted for just 54% of portfolio assets, on average; therefore, relative to the fully invested benchmark, the Fund's lower equity exposure was the primary cause of fiscal year underperformance. To a lesser extent, the equity hedge also detracted from return.

• Although the Fund's 54% average net equity exposure beat the 50% equity allocation in the blended benchmark, the relative lack of fixed income (15%) versus the 50% position in the comparator was the key detractor to the small performance gap. In a generally good year for fixed income securities, none of the Fund's holdings materially contributed to return.

**LAST TWELVE MONTHS' KEY PERFORMANCE DYNAMICS**

The sharp upswing across global stock markets has driven many valuation standards to heights near or above historical extremes. Consumer confidence is escalating, while measures of economic vitality are weakening. These red flags have pigeon-holed our disciplines in a "neutral" position toward equity

exposure.

&nbsp;&nbsp;&nbsp;&nbsp;• A huge overweight in Financials stocks was the Fund's major driver of gains among equity exposure. The biggest contributors were Developed Diversified Banks, Investment Banking, P&C Insurance, and Reinsurance. These positions performed well enough to more than offset the benchmark's advantage from its sizable concentration in the surging Info Tech stocks.

• Consumer Discretionary groups combined for the second-best results in the Fund's equity exposure and nicely outdid the ACWI's related sector position. Communication Services and Industrials holdings were similarly additive to return,

Leuthold Global Fund PAGE 1 TSR-AR-56167R879

------

performing on par with the benchmark's allocations. Groups driving these gains included Auto Components, Retailers, Telecommunications, Consumer Services, Transportation Infrastructure, and Airlines.

• The equity hedge performed as designed, offsetting losses during the early-2025 correction and minimizing volatility overall. Impressively, as the stock market maintained strong momentum from the prior year, the overall loss from this defensive allocation did not meaningfully detract from return.

• Fixed-income holdings were generally additive across the board, but given their small weight, they had little effect on return. In retrospect, the Fund may have benefited from a heavier allocation.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5471img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Retail (without sales charge)**  | 8.64 | 7.34 | 4.76 |
| **MSCI ACWI Net Total Return Index (USD)**  | 17.27 | 13.54 | 11.91 |
| **Bloomberg Global Aggregate**  | 2.40 | -1.56 | 1.15 |
| **50% MSCI ACWI / 50% BBG Global Agg**  | 9.73 | 5.90 | 6.61 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $19351935 |
| **Number of Holdings** | 257 |
| **Net Advisory Fee** | $106989 |
| **Portfolio Turnover** | 64% |

---

Leuthold Global Fund PAGE 2 TSR-AR-56167R879

------

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Common Stocks  | 68.2% |
|  U.S. Treasury Securities  | 2.6% |
|  U.S. Treasury Bills  | 2.6% |
|  Foreign Government Debt Obligations  | 2.1% |
|  Real Estate Investment Trusts - Common  | -0.1% |
|  Exchange Traded Funds  | -0.5% |
|  Cash & Other  | 25.1% |

---

---

| | |
|:---|:---|
| **Industry** | **(%)** |
|  Insurance  | 9.9% |
|  Banks  | 9.3% |
|  Capital Markets  | 6.5% |
|  Wireless Telecommunication Services  | 5.7% |
|  Automobile Components  | 4.2% |
|  Diversified Consumer Services  | 4.1% |
|  Passenger Airlines  | 4.0% |
|  Broadline Retail  | 3.6% |
|  Transportation Infrastructure  | 3.5% |
|  Cash & Other  | 49.2% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Financials  | 25.6% |
|  Consumer Discretionary  | 12.2% |
|  Industrials  | 9.2% |
|  Information Technology  | 8.3% |
|  Communication Services  | 8.0% |
|  Energy  | 3.1% |
|  Utilities  | 2.8% |
|  Public Administration  | 2.6% |
|  Government  | 2.1% |
|  Cash & Other  | 26.1% |

---

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

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

**HOUSEHOLDING**

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

Leuthold Global Fund PAGE 3 TSR-AR-56167R879

------

---

| | | |
|:---|:---|:---|
| ![image](img171407_202410040805403.jpg) | **Leuthold Grizzly Short Fund**  | ![image](img171406_202410040804164.jpg) |
| ![image](img171407_202410040805403.jpg) | Retail \| GRZZX  | ![image](img171406_202410040804164.jpg) |
| ![image](img171407_202410040805403.jpg) | Annual Shareholder Report \| September 30, 2025  | ![image](img171406_202410040804164.jpg) |

---

This annual shareholder report contains important information about the Leuthold Grizzly Short Fund for the period of October 1, 2024, to September 30, 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 PAST YEAR?** (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 | $292 | 3.00% |

---

**POSITIONING**

The Fund targets 100% exposure to stocks sold short as a means to profit from segments of the equity market that appear vulnerable to price declines. This is an unleveraged, actively managed portfolio.

Over the last year, the largest portfolio exposures were stocks from the Industrials, Financials, Consumer Discretionary, and Info Tech sectors. Relative to the S&P 500, the Fund had much larger weights in both Industrials and Materials, and notably smaller equity exposure to Info Tech, Communications, and Health Care.

**LAST TWELVE MONTHS' PERFORMANCE VS. BENCHMARK**

Leuthold Grizzly Short Fund performance was substantially better than the inverse S&P 500 Index.

&nbsp;&nbsp;&nbsp;&nbsp;• The S&P 500's cash cow—huge concentration to a handful of mega-cap Technology names—was detrimental to the benchmark's inverse performance, but a key relative advantage for the Grizzly Fund, which had comparatively minimal Info Tech exposure.

• The Fund further profited from absolute gains in Consumer Staples and Materials stock holdings.

**LAST TWELVE MONTHS' KEY PERFORMANCE DYNAMICS**

The Grizzly Short Fund outperformed the benchmark in 10 of the last 12 months. The best three-month period was from July through September, during which the Fund outperformed the inverse S&P 500 by over 6%.

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund's weight in Technology stocks was one-fourth that of the index's exposure and the most striking positive influence on relative return. The Grizzly Fund's IT equities outperformed, suffering just one-third of the loss faced by the benchmark's holdings.

• The two subsets that provided absolute gains were Consumer Staples and Materials stocks. Both far exceeded the inverse results of the S&P 500. Specific equity groups contributing to the upside from these positions were Personal Care Products, Distillers & Vintners, Household Products, Specialty & Commodity Chemicals, and Paper Packaging.

• Despite one-half the exposure to Health Care stocks, the Fund's allocation to the sub-industry of Life Sciences Tools & Services provided strong results, nearly rivaling the index's more expansive holdings.

• On the whole, versus the index, portfolio holdings from the Energy sector were a net detractor to return.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

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

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5472img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Retail (without sales charge)**  | -5.12 | -10.33 | -14.94 |
| **S&P 500 TR**  | 17.60 | 16.47 | 15.30 |
| **S&P MidCap 400 Total Return Index**  | 6.13 | 13.61 | 10.82 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $34794220 |
| **Number of Holdings** | 110 |
| **Net Advisory Fee** | $529203 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** **\*** |
|  U.S. Treasury Bills  | 17.2% |
|  Real Estate Investment Trusts  | -1.5% |
|  Exchange Traded Funds  | -23.5% |
|  Common Stocks  | -69.0% |
|  Cash & Other  | 176.8% |

---

---

| | |
|:---|:---|
| **Industry** | **(%)** **\*\*** |
|  Capital Markets  | 6.8% |
|  Chemcials  | 5.7% |
|  Insurance  | 5.3% |
|  Professional Services  | 4.2% |
|  Hotels, Restaurants, & Leisure  | 3.9% |
|  Machinery  | 3.6% |
|  Ground Transportation  | 3.4% |
|  Software  | 3.3% |
|  Oil, Gas, & Consumable Fuels  | 3.2% |
|  Cash & Other  | 60.6% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** **\*\*** |
|  Industrials  | 19.1% |
|  Financials  | 14.9% |
|  Materials  | 7.4% |
|  Consumer Discretionary  | 6.9% |
|  Information Technology  | 5.6% |
|  Consumer Staples  | 5.4% |
|  Health Care  | 4.5% |
|  Energy  | 3.2% |
|  Utilities  | 2.0% |
|  Cash & Other  | 31.0% |

---

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

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

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

Leuthold Grizzly Short Fund PAGE 2 TSR-AR-56167R838

------

**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 3 TSR-AR-56167R838

------

---

| | | |
|:---|:---|:---|
| ![image](img171407_202410040805403.jpg) | **Leuthold Select Industries ETF**  | ![image](img171406_202410040804164.jpg) |
| ![image](img171407_202410040805403.jpg) | LST (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img171406_202410040804164.jpg) |
| ![image](img171407_202410040805403.jpg) | Annual Shareholder Report \| September 30, 2025  | ![image](img171406_202410040804164.jpg) |

---

This annual shareholder report contains important information about the Leuthold Select Industries ETF for the period of October 1, 2024, to September 30, 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 PAST YEAR?** (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** |
| Leuthold Select Industries ETF | $90 | 0.83% |

---

**POSITIONING**

The Fund targets 100% exposure to equity securities; its eligible stock universe includes companies of all sizes and industries. The selection process is quantitative and disciplined.

The largest sector allocation was Financials, which was nearly twice the weight of the S&P 500's position; Materials exposure was nearly three times that of the index, and Communication Services was one-and-a-half times the benchmark weight.

Information Technology was the Fund's second-largest allocation, but a conspicuous underweight relative to the S&P 500's outsized concentration.

Select Industries' lack of exposure to Energy, Real Estate, and Consumer Staples stocks was value-added, as those sectors were relative laggards.

**LAST TWELVE MONTHS' PERFORMANCE VS. BENCHMARK**

The Fund marginally trailed the S&P 500 Index and substantially outperformed the S&P Midcap 400.

&nbsp;&nbsp;&nbsp;&nbsp;• A larger allocation to stocks from the Informaon Technology sector would have undoubtedly closed the slight performance gap between Select Industries and the S&P 500. Nonetheless, the lower IT weight was a constructive characteristic in early 2025, helping reduce volatility and minimize losses

when the stock market dropped nearly 20%.

&nbsp;&nbsp;&nbsp;&nbsp;• Outperformance versus the S&P Midcap 400 was due to the Fund's disciplined process to identify and invest in a limited number of industry groups with the most appealing attributes for stock market leadership. The Fund's actively managed composition explicitly excludes equity groups with

discouraging performance trends in the given environment—an advantage over passive funds, which cannot selectively omit underperforming or poorly positioned equities.

**LAST TWELVE MONTHS' KEY PERFORMANCE DYNAMICS**

During the first three months of the fiscal year (October-December 2024), the Select Industries ETF largely underperformed both the S&P 500 and the S&P Midcap 400. In early 2025, as the stock market took a dive, Select Industries' concentrated equity themes considerably outperformed the benchmark losses, and continued to outpace through fiscal year-end.

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

------

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

&nbsp;&nbsp;&nbsp;&nbsp;• Heavier allocations to stocks in Financials, Materials, and Communication Services stocks bested the S&P 500's related positions. Info Tech exposure was as beneficial as the former three, but due to the Fund's relative underweight, it was only half as additive as the index's IT gain.

• Although the Fund's Health Care exposure was somewhat lighter relative to the S&P 500, its specific concentrations performed far better.

• The leading equity themes behind Select Industries' upside were spread across a range of sectors and were notably larger portfolio weights than in the S&P 500: Gold, Electronic Manufacturing Services, Diversified Banks, Health Care Distributors, Movies & Entertainment, Investment Banks, Education

Services, and Construction & Engineering.

• Consumer Discretionary and Industrials equities were net detractors. The prominent losers were stocks associated with concentrations in Homebuilders, Passenger Airlines, and Apparel Retail.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5473img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Leuthold Select Industries ETF NAV**  | 16.02 | 15.81 | 12.20 |
| **S&P 500 TR**  | 17.60 | 16.47 | 15.30 |
| **S&P MidCap 400 Total Return Index**  | 6.13 | 13.61 | 10.82 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $44107193 |
| **Number of Holdings** | 102 |
| **Net Advisory Fee** | $0 |
| **Portfolio Turnover** | 129% |

---

Leuthold Select Industries ETF PAGE 2 TSR-AR-56167R705

------

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)\*

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Common Stocks  | 97.6% |
|  Cash & Other  | 2.4% |

---

---

| | |
|:---|:---|
| **Industry** | **(%)** |
|  Health Care Providers & Services  | 8.6% |
|  Software  | 8.5% |
|  Banks  | 7.6% |
|  Electronic Equipment, Instruments & Components  | 7.2% |
|  Capital Markets  | 6.6% |
|  Interactive Media & Services  | 6.0% |
|  Automobile Components  | 5.8% |
|  Diversified Consumer Services  | 5.6% |
|  Communications Equipment  | 5.6% |
|  Cash & Other  | 38.5% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Information Technology  | 22.2% |
|  Financials  | 20.9% |
|  Consumer Discretionary  | 15.2% |
|  Communication Services  | 12.6% |
|  Health Care  | 12.6% |
|  Industrials  | 8.8% |
|  Materials  | 5.3% |
|  Cash & Other  | 2.4% |

---

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

**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 3 TSR-AR-56167R705

------

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

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

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

*A copy of the registrant's Code of Ethics is filed herewith.*

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

The registrant's board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Leonard M. Rush is the "audit committee financial expert" and is considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

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

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no "Other Services" provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

---

| | | |
|:---|:---|:---|
| | FYE 09/30/2025 | FYE 09/30/2024 |
| (a) Audit Fees | $113500 | $115000 |
| (b) Audit-Related Fees | $0 | $0 |
| (c) Tax Fees | $22000 | $18500 |
| (d) All Other Fees | $0 | $0 |

---

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by **Cohen & Company** applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
| | FYE 09/30/2025 | FYE 09/30/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

(f) Not applicable

(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.

 

---

| | | |
|:---|:---|:---|
| Non-Audit Related Fees | FYE 09/30/2025 | FYE 09/30/2024 |
| Registrant | $0 | $0 |
| Registrant's Investment Adviser | $0 | $0 |

---

(h) The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

(i) Not applicable

(j) Not applicable

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

Not applicable.

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

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

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

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

(a) ![](leuthold_logo.jpg)

**The Leuthold Funds** 

**Leuthold Core ETF** 

**Leuthold Core Investment Fund** 

**Leuthold Global Fund** 

**Leuthold Grizzly Short Fund** 

**Leuthold Select Industries ETF** 

Annual Financial Statements and Additional Information

September 30, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedule of Investments](#soi1)<br>|  |
| &nbsp;&nbsp;&nbsp; [Leuthold Core ETF](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp; [Leuthold Core Investment Fund](#soi2) | [2](#soi2) |
| &nbsp;&nbsp;&nbsp; [Leuthold Global Fund](#soi3) | [7](#soi3) |
| &nbsp;&nbsp;&nbsp; [Leuthold Grizzly Short Fund](#soi4) | [13](#soi4) |
| &nbsp;&nbsp;&nbsp; [Leuthold Select Industries ETF](#soi5) | [16](#soi5) |
| [Statements of Assets and Liabilities](#sal) | [18](#sal) |
| [Statements of Operations](#sop) | [19](#sop) |
| [Statements of Changes in Net Assets](#scna) | [20](#scna) |
| [Financial Highlights](#fihi) | [23](#fihi) |
| [Notes to the Financial Statements](#notes) | [30](#notes) |
| [Report of Independent Registered Public Accounting Firm](#report) | [41](#report) |
| [Additional Information](#add) | [42](#add) |

---

------

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

**LEUTHOLD CORE ETF** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **EXCHANGE TRADED FUNDS - 91.2%** <br>|  |  |
|  Communication Services Select Sector SPDR Fund | 60517 | $7163397  |
| Direxion Daily S&P 500 Bear 1x Shares | 278286 | 2674328  |
| Financial Select Sector SPDR Fund | 140081 | 7546164  |
| Health Care Select Sector SPDR Fund | 16709 | 2325392  |
| Industrial Select Sector SPDR Fund | 6041 | 931703  |
| &nbsp;&nbsp;&nbsp; Invesco CurrencyShares Euro <br>Currency Trust | 8481 | 919086  |
| &nbsp;&nbsp;&nbsp; Invesco CurrencyShares Japanese <br>Yen Trust<sup>(a)</sup> | 5277 | 328282  |
| Invesco KBW Bank ETF | 8234 | 643981  |
| Invesco Leisure & Entertainment ETF | 7013 | 424848  |
|  Invesco S&P 500 Equal Weight Consumer Discretionary ETF | 63441 | 3660546  |
| iShares 1-3 Year Treasury Bond ETF | 134365 | 11146920  |
|  iShares 5-10 Year Investment Grade Corporate Bond ETF | 20528 | 1110360  |
| iShares 7-10 Year Treasury Bond ETF | 11858 | 1143823  |
| iShares Biotechnology ETF | 11963 | 1727098  |
| &nbsp;&nbsp;&nbsp; iShares Expanded Tech-Software <br>Sector ETF<sup>(a)</sup> | 18624 | 2141946  |
| iShares International Treasury Bond ETF | 15358 | 654251  |
| iShares MBS ETF | 10568 | 1005545  |
| iShares U.S. Healthcare Providers ETF | 25816 | 1275052  |
| iShares U.S. Insurance ETF | 6544 | 877100  |
| iShares U.S. Telecommunications ETF | 37573 | 1212105  |
|  SPDR Bloomberg International Corporate Bond ETF | 22041 | 711704  |
|  SPDR Bloomberg International Treasury Bond ETF | 75247 | 1730681  |
| SPDR S&P Capital Markets ETF | 3947 | 603299  |
| Technology Select Sector SPDR Fund | 30836 | 8691435  |
| US Global Jets ETF<sup>(a)</sup> | 47817 | 1178689  |
| VanEck Gold Miners ETF/USA | 30157 | 2303995  |
|  Vanguard Short-Term Inflation-Protected Securities ETF | 14857 | 752210  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $54,974,359)** |  | 64883940  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 91.2%** <br>**(Cost $54,974,359)** |  | $64883940  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 8.9%<sup>(b)</sup> |  | 6358331  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.1)% |  | (50771)  |
| **TOTAL NET ASSETS - 100.0%** |  | $71191500 |

---

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 September 30, 2025 was 3.95%. 

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

1<br>

------

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

**LEUTHOLD CORE INVESTMENT FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 70.0%** <br>|  |  |
| **Automobile Components - 2.8%**  |  |  |
| Aptiv PLC<sup>(a)</sup> | 36059 | $3109007  |
| Autoliv, Inc. | 22919 | 2830496  |
| Garrett Motion, Inc. | 140931 | 1919480  |
| Goodyear Tire & Rubber Co.<sup>(a)</sup> | 215883 | 1614805  |
| Lear Corp. | 17691 | 1779892  |
| Magna International, Inc. | 61963 | 2935807  |
| Visteon Corp. | 15021 | 1800417  |
|  |  | 15989904  |
| **Banks - 5.2%**<br>|  |  |
| Bank of America Corp. | 98103 | 5061134  |
| Barclays PLC - ADR | 183917 | 3801564  |
|  Canadian Imperial Bank of Commerce | 49468 | 3951998  |
| Citigroup, Inc. | 50926 | 5168989  |
| JPMorgan Chase & Co.  | 19371 | 6110195  |
|  PNC Financial Services Group, Inc. | 14476 | 2908663  |
| US Bancorp | 57175 | 2763268  |
|  |  | 29765811  |
| **Biotechnology - 2.6%**<br>|  |  |
| Amgen, Inc. | 10281 | 2901298  |
| Biogen, Inc.<sup>(a)</sup> | 14247 | 1995720  |
| Gilead Sciences, Inc. | 25775 | 2861025  |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, <br>Inc. | 3495 | 1965134  |
| United Therapeutics Corp.<sup>(a)</sup> | 4572 | 1916628  |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 7765 | 3041084  |
|  |  | 14680889  |
| **Capital Markets - 3.9%**<br>|  |  |
| Deutsche Bank AG | 145176 | 5140682  |
| Goldman Sachs Group, Inc. | 10206 | 8127548  |
| Morgan Stanley | 39679 | 6307374  |
| &nbsp;&nbsp;&nbsp; Raymond James Financial, <br>Inc. | 14997 | 2588482  |
|  |  | 22164086  |
| **Chemicals - 0.0%<sup>(b)</sup>** <br>|  |  |
|  China Lumena New Materials Corp.<sup>(a)(c)</sup> | 20950 | 0  |
| **Communications Equipment - 3.0%** |  |  |
| Cisco Systems, Inc. | 77340 | 5291603  |
| Digi International, Inc.<sup>(a)</sup> | 30618 | 1116332  |
| F5, Inc.<sup>(a)</sup> | 11542 | 3730259  |
| NETGEAR, Inc.<sup>(a)</sup> | 58276 | 1887559  |
| NetScout Systems, Inc.<sup>(a)</sup> | 64031 | 1653921  |
|  Telefonaktiebolaget LM Ericsson - ADR | 378070 | 3126639  |
|  |  | 16806313  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Construction & Engineering - 1.5%** |  |  |
| AECOM | 15105 | $1970749  |
| Dycom Industries, Inc.<sup>(a)</sup> | 9477 | 2765010  |
| Primoris Services Corp. | 29113 | 3998088  |
|  |  | 8733847  |
| **Diversified Consumer Services - 3.7%** |  |  |
| ADT, Inc. | 192770 | 1679027  |
| Adtalem Global Education, Inc.<sup>(a)</sup> | 28327 | 4375105  |
| Frontdoor, Inc.<sup>(a)</sup> | 37179 | 2501775  |
| Laureate Education, Inc.<sup>(a)</sup> | 123202 | 3885791  |
| Perdoceo Education Corp. | 62793 | 2364784  |
| Stride, Inc.<sup>(a)</sup> | 23224 | 3458983  |
|  Universal Technical Institute, Inc.<sup>(a)</sup> | 85710 | 2789860  |
|  |  | 21055325  |
|  **Diversified Telecommunication Services - 1.0%**<br>|  |  |
| AT&T, Inc. | 147780 | 4173307  |
| &nbsp;&nbsp;&nbsp; Verizon Communications, <br>Inc. | 41137 | 1807971  |
|  |  | 5981278  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 4.9%** |  |  |
| Benchmark Electronics, Inc. | 27632 | 1065214  |
| CTS Corp. | 24757 | 988794  |
| Flex, Ltd.<sup>(a)</sup> | 124243 | 7202367  |
| Jabil, Inc. | 37596 | 8164723  |
| Plexus Corp.<sup>(a)</sup> | 15698 | 2271344  |
| Sanmina Corp.<sup>(a)</sup> | 22662 | 2608623  |
| TE Connectivity PLC | 24370 | 5349946  |
|  |  | 27651011  |
| **Entertainment - 2.6%**<br>|  |  |
| Netflix, Inc.<sup>(a)</sup> | 9060 | 10862215  |
| Walt Disney Co. | 32597 | 3732357  |
|  |  | 14594572  |
| **Financial Services - 1.7%**<br>|  |  |
| Mastercard, Inc. - Class A | 9477 | 5390612  |
| Visa, Inc. - Class A | 12601 | 4301730  |
|  |  | 9692342  |
| **Ground Transportation - 0.7%**<br>|  |  |
| Uber Technologies, Inc.<sup>(a)</sup> | 38451 | 3767045  |
|  **Health Care Providers & Services - 6.0%**<br>|  |  |
| Cardinal Health, Inc. | 38325 | 6015492  |
| Cencora, Inc. | 18746 | 5858687  |
| CVS Health Corp. | 25717 | 1938804  |
| Encompass Health Corp. | 18850 | 2394327  |
| HCA Healthcare, Inc. | 9789 | 4172072  |

---

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

2<br>

------

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

**LEUTHOLD CORE INVESTMENT FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Health Care Providers & Services - (Continued)** | **Health Care Providers & Services - (Continued)** | **Health Care Providers & Services - (Continued)** |
| McKesson Corp. | 9685 | $7482050  |
| Tenet Healthcare Corp.<sup>(a)</sup> | 18121 | 3679288  |
|  Universal Health Services, Inc. - Class B | 11352 | 2320803  |
|  |  | 33861523  |
| **Hotels, Restaurants & Leisure - 2.4%** |  |  |
| Carnival Corp.<sup>(a)</sup> | 69880 | 2020231  |
| Expedia Group, Inc. | 10206 | 2181532  |
| Life Time Group Holdings, Inc.<sup>(a)</sup> | 62070 | 1713132  |
|  Norwegian Cruise Line Holdings, Ltd.<sup>(a)</sup> | 67173 | 1654471  |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises, <br>Ltd. | 6769 | 2190313  |
| Travel + Leisure Co. | 33222 | 1976377  |
| United Parks & Resorts, Inc.<sup>(a)</sup> | 33951 | 1755267  |
|  |  | 13491323  |
| **Household Durables - 3.4%**<br>|  |  |
| D.R. Horton, Inc. | 39470 | 6688981  |
| PulteGroup, Inc. | 59778 | 7898467  |
| Toll Brothers, Inc. | 36242 | 5006470  |
|  |  | 19593918  |
| **Insurance - 2.7%**<br>|  |  |
| Allstate Corp. | 11977 | 2570863  |
| Assurant, Inc. | 10518 | 2278199  |
| &nbsp;&nbsp;&nbsp; Hanover Insurance Group, <br>Inc. | 8644 | 1570010  |
| &nbsp;&nbsp;&nbsp; Hartford Insurance Group, <br>Inc. | 20308 | 2708884  |
| Markel Group, Inc.<sup>(a)</sup> | 1041 | 1989726  |
| Travelers Cos., Inc. | 9998 | 2791641  |
|  White Mountains Insurance Group Ltd. | 729 | 1218538  |
|  |  | 15127861  |
| **Interactive Media & Services - 4.8%** | **Interactive Media & Services - 4.8%** |  |
| Alphabet, Inc. - Class A | 42386 | 10304037  |
| Cargurus, Inc.<sup>(a)</sup> | 83315 | 3101818  |
| Meta Platforms, Inc. - Class A | 18538 | 13613936  |
|  |  | 27019791  |
| **IT Services - 0.6%**<br>|  |  |
| VeriSign, Inc. | 12393 | 3464711  |
| **Metals & Mining - 5.4%**<br>|  |  |
| Agnico Eagle Mines, Ltd. | 29368 | 4950270  |
| Eldorado Gold Corp.<sup>(a)</sup> | 107476 | 3104982  |
| Equinox Gold Corp.<sup>(a)</sup> | 317325 | 3560386  |
| IAMGOLD Corp.<sup>(a)</sup> | 513948 | 6645348  |
| Kinross Gold Corp. | 379395 | 9427966  |
| Pan American Silver Corp. | 77587 | 3004944  |
|  |  | 30693896  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Professional Services - 1.8%**<br>|  |  |
| Concentrix Corp. | 34888 | $1610081  |
| &nbsp;&nbsp;&nbsp; CSG Systems International, <br>Inc. | 26348 | 1696284  |
| Maximus, Inc. | 23328 | 2131479  |
|  SS&C Technologies Holdings, Inc. | 29368 | 2606704  |
| WNS Holdings Ltd.<sup>(a)</sup> | 25203 | 1922233  |
|  |  | 9966781  |
| **Software - 6.6%**<br>|  |  |
|  Check Point Software Technologies, Ltd.<sup>(a)</sup> | 18642 | 3857216  |
| Fortinet, Inc.<sup>(a)</sup> | 38741 | 3257343  |
| Microsoft Corp. | 31555 | 16343912  |
| Oracle Corp. | 42282 | 11891390  |
| Qualys, Inc.<sup>(a)</sup> | 14684 | 1943134  |
|  |  | 37292995  |
| **Specialty Retail - 0.3%**<br>|  |  |
| Asbury Automotive Group, Inc.<sup>(a)</sup> | 7124 | 1741462  |
|  **Trading Companies & Distributors - 1.4%**<br>|  |  |
| United Rentals, Inc. | 8644 | 8252081  |
|  **Wireless Telecommunication Services - 1.0%**<br>|  |  |
| T-Mobile US, Inc. | 23016 | 5509570  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $230,426,164)** |  | 396898335  |
| **EXCHANGE TRADED FUNDS - 8.6%** | **EXCHANGE TRADED FUNDS - 8.6%** |  |
|  Invesco CurrencyShares Japanese Yen Trust<sup>(a)</sup> | 58500 | 3639285  |
|  iShares International Treasury Bond ETF | 138907 | 5917438  |
|  SPDR Bloomberg International Corporate Bond ETF | 97222 | 3139298  |
|  SPDR Bloomberg International Treasury Bond ETF | 411919 | 9474137  |
|  SPDR Portfolio Intermediate Term Corporate Bond ETF | 412770 | 13988775  |
|  Vanguard Mortgage-Backed Securities ETF | 162131 | 7613672  |
|  Vanguard Short-Term Inflation-Protected Securities ETF | 96688 | 4895314  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $46,709,196)** |  | 48667919 |

---

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

3<br>

------

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

**LEUTHOLD CORE INVESTMENT FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
|  **FOREIGN GOVERNMENT DEBT OBLIGATIONS - 2.0%**<br>|  |  |  |
|  French Republic Government Bond OAT, 3.00%, 05/25/2033<sup>(d)</sup> | EUR | 4780000 | $5539749  |
| &nbsp;&nbsp;&nbsp; United Kingdom Gilt, <br>4.25%, 07/31/2034 | GBP | 4450000 | 5818193  |
| &nbsp;&nbsp;&nbsp; **TOTAL FOREIGN GOVERNMENT** <br>**DEBT OBLIGATIONS** <br>**(Cost $10,670,324)** |  |  | 11357942  |
| **U.S. TREASURY SECURITIES - 1.8%** | **U.S. TREASURY SECURITIES - 1.8%** | **U.S. TREASURY SECURITIES - 1.8%** |  |
| &nbsp;&nbsp;&nbsp; United States Treasury Note/<br>Bond, 3.88%, 08/15/2033 |  | $10300000 | 10217117  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $9,991,859)** |  |  | 10217117  |
|  |  | **Shares** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON - 0.1%** |  |  |  |
| **Specialized REITs - 0.1%**<br>|  |  |  |
| Millrose Properties, Inc. |  | 11768 | 395523  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON** <br>**(Cost $252,953)** |  |  | 395523 |
|  |  | **Par** |  |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **U.S. TREASURY BILLS - 2.6%** | **U.S. TREASURY BILLS - 2.6%** | **U.S. TREASURY BILLS - 2.6%** | **U.S. TREASURY BILLS - 2.6%** |
| 4.25%, 10/28/2025<sup>(e)</sup> |  | $15000000 | 14952749  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $14,952,749)** |  |  | 14952749  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS<sup>(f)</sup> - 85.1%**<br>**(Cost $313,003,245)** |  |  | $482489585  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 14.2%<sup>(f)(g)</sup> |  |  | 80255959  |
|  Other Assets in Excess of Liabilities - 0.7% |  |  | 4019707  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS - 100.0%** |  |  | $566765251 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

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

ADR - American Depositary Receipt

PLC - Public Limited Company

REIT - Real Estate Investment Trust

EUR - Euro

GBP - British Pound

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

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

<sup>(c)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of September 30, 2025.

<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 September 30, 2025, the value of these securities total $5,539,749 or 1.0% of the Fund's net assets.

<sup>(e)</sup> The rate shown is the annualized yield as of September 30, 2025.

<sup>(f)</sup> All or a portion of security has been pledged as collateral for securities sold short. The fair value of assets committed as collateral as of September 30, 2025 is $562,745,544.

<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 September 30, 2025 was 3.95%.

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** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (7.3)%** <br>|  |  |
| **Aerospace & Defense - (0.3)%** <br>|  |  |
| Hexcel Corp. | (4768) | $(298954)  |
| Loar Holdings, Inc. | (3733) | (298640)  |
|  Spirit AeroSystems Holdings, Inc. - Class A | (9877) | (381252)  |
| TransDigm Group, Inc. | (474) | (624741)  |
|  |  | (1603587)  |
| **Banks - (0.2)%**<br>|  |  |
| Glacier Bancorp, Inc. | (5875) | (285936)  |
| Live Oak Bancshares, Inc. | (7694) | (270983)  |
| Triumph Financial, Inc. | (7177) | (359137)  |
|  |  | (916056)  |
| **Beverages - (0.2)%**<br>|  |  |
| Brown-Forman Corp. - Class B | (13008) | (352257)  |
| PepsiCo, Inc. | (3758) | (527773)  |
| Primo Brands Corp. | (11432) | (252647)  |
|  |  | (1132677)  |
| **Building Products - (0.2)%**<br>|  |  |
| AAON, Inc. | (4852) | (453371)  |
| CSW Industrials, Inc. | (1126) | (273337)  |
| Trex Co., Inc. | (4257) | (219959)  |
|  |  | (946667)  |
| **Capital Markets - (0.7)%**<br>|  |  |
| Ares Management Corp. - Class A | (3028) | (484147)  |
| Blue Owl Capital, Inc. - Class A | (15491) | (262263)  |
| Cohen & Steers, Inc. | (4371) | (286781)  |
| FactSet Research Systems, Inc. | (752) | (215441)  |
| Hamilton Lane, Inc. - Class A | (1981) | (267019)  |
| MarketAxess Holdings, Inc. | (1773) | (308945)  |
| Moelis & Co. - Class A | (4398) | (313665)  |
| Moody's Corp. | (1255) | (597982)  |
| MSCI, Inc. | (1299) | (737066)  |
| Perella Weinberg Partners | (13339) | (284388)  |
| StepStone Group, Inc. - Class A | (4482) | (292719)  |
|  |  | (4050416)  |
| **Chemicals - (0.6)%**<br>|  |  |
| Air Products and Chemicals, Inc. | (1932) | (526895)  |
| Albemarle Corp. | (5668) | (459562)  |
| Chemours Co. | (16670) | (264053)  |
| International Flavors & Fragrances, Inc. | (7109) | (437488)  |
| Linde PLC | (1277) | (606575)  |
| Sherwin-Williams Co. | (1563) | (541204)  |
| Stepan Co. | (3607) | (172054)  |
| Westlake Corp. | (5185) | (399556)  |
|  |  | (3407387)  |
| **Commercial Services & Supplies - (0.2)%** | **Commercial Services & Supplies - (0.2)%** | **Commercial Services & Supplies - (0.2)%** |
| Casella Waste Systems, Inc. - Class A | (2599) | (246593)  |
| Cintas Corp. | (2653) | (544555)  |
| Rollins, Inc. | (9858) | (579059)  |
|  |  | (1370207)  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Construction Materials - (0.1)%**<br>|  |  |
| Knife River Corp. | (3619) | $(278193)  |
| **Containers & Packaging - (0.1)%**<br>|  |  |
| Smurfit WestRock PLC | (11260) | (479338)  |
| Sonoco Products Co. | (6625) | (285471)  |
|  |  | (764809)  |
| **Financial Services - (0.1)%**<br>|  |  |
|  Fidelity National Information Services, Inc. | (7991) | (526926)  |
| Walker & Dunlop, Inc. | (2977) | (248937)  |
|  |  | (775863)  |
| **Food Products - (0.1)%**<br>|  |  |
| Hershey Co. | (3061) | (572560)  |
| **Ground Transportation - (0.4)%**<br>|  |  |
|  Knight-Swift Transportation Holdings, Inc. | (5905) | (233306)  |
| Marten Transport Ltd. | (18356) | (195675)  |
| Old Dominion Freight Line, Inc. | (3137) | (441627)  |
| Saia, Inc. | (669) | (200272)  |
| Werner Enterprises, Inc. | (12416) | (326789)  |
| XPO, Inc. | (4918) | (635750)  |
|  |  | (2033419)  |
| &nbsp;&nbsp;&nbsp; **Health Care Equipment &** <br>**Supplies - (0.0)%<sup>(a)</sup>**<br>|  |  |
| Baxter International, Inc. | (8805) | (200490)  |
| **Hotels, Restaurants & Leisure - (0.4)%**<br>|  |  |
| Caesars Entertainment, Inc. | (9135) | (246873)  |
| Chipotle Mexican Grill, Inc. | (12506) | (490110)  |
| First Watch Restaurant Group, Inc. | (15754) | (246393)  |
| Restaurant Brands International, Inc. | (9154) | (587138)  |
| Starbucks Corp. | (6186) | (523336)  |
| Vail Resorts, Inc. | (1434) | (214483)  |
|  |  | (2308333)  |
| **Household Products - (0.2)%**<br>|  |  |
| Church & Dwight Co., Inc. | (5848) | (512460)  |
| Clorox Co. | (4830) | (595539)  |
|  |  | (1107999)  |
| **Insurance - (0.6)%**<br>|  |  |
| Aon PLC - Class A | (1535) | (547350)  |
| Arthur J. Gallagher & Co. | (1925) | (596250)  |
| Brown & Brown, Inc. | (6163) | (578028)  |
| Erie Indemnity Co. - Class A | (1511) | (480740)  |
| Marsh & McLennan Cos., Inc. | (3200) | (644896)  |
| Ryan Specialty Holdings, Inc. | (5918) | (333538)  |
|  |  | (3180802)  |
| **IT Services - (0.1)%**<br>|  |  |
| MongoDB, Inc. | (1847) | (573272) |

---

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

5<br>

------

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

**LEUTHOLD CORE INVESTMENT FUND** 

**SCHEDULE OF SECURITIES SOLD SHORT** 

**September 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Life Sciences Tools & Services - (0.3)%**<br>|  |  |
| Bio-Techne Corp. | (3812) | $(212062)  |
| Bruker Corp. | (5067) | (164627)  |
| Danaher Corp. | (3055) | (605684)  |
| Mettler-Toledo International, Inc. | (486) | (596618)  |
| Repligen Corp. | (2231) | (298218)  |
|  |  | (1877209)  |
| **Machinery - (0.4)%**<br>|  |  |
| Hillman Solutions Corp. | (30296) | (278117)  |
| IDEX Corp. | (2823) | (459471)  |
| Ingersoll Rand, Inc. | (7185) | (593625)  |
| Standex International Corp. | (1533) | (324843)  |
| Stanley Black & Decker, Inc. | (6395) | (475340)  |
|  |  | (2131396)  |
| **Multi-Utilities - (0.1)%**<br>|  |  |
| Dominion Energy, Inc. | (10322) | (631397)  |
| **Oil, Gas & Consumable Fuels - (0.3)%**<br>|  |  |
| Expand Energy Corp. | (5455) | (579539)  |
| Occidental Petroleum Corp. | (12930) | (610943)  |
| Phillips 66 | (5099) | (693566)  |
|  |  | (1884048)  |
| **Personal Care Products - (0.1)%**<br>|  |  |
| Kenvue, Inc. | (27538) | (446942)  |
| **Pharmaceuticals - (0.1)%**<br>|  |  |
| Eli Lilly & Co. | (802) | (611926)  |
| **Professional Services - (0.4)%**<br>|  |  |
| CBIZ, Inc. | (4349) | (230323)  |
| Dayforce, Inc. | (4993) | (343968)  |
| Equifax, Inc. | (2087) | (535378)  |
| Exponent, Inc. | (3778) | (262495)  |
| Jacobs Solutions, Inc. | (3842) | (575762)  |
| Paychex, Inc. | (4389) | (556350)  |
|  |  | (2504276)  |
|  **Semiconductors & Semiconductor Equipment - (0.1)%**<br>|  |  |
| ARM Holdings PLC - ADR | (4436) | (627650)  |
| Power Integrations, Inc. | (4603) | (185086)  |
|  |  | (812736)  |
| **Software - (0.4)%**<br>|  |  |
| Braze, Inc. - Class A | (9283) | (264009)  |
| &nbsp;&nbsp;&nbsp; CCC Intelligent Solutions Holdings, <br>Inc. | (29601) | (269665)  |
| Klaviyo, Inc. - Class A | (9013) | (249570)  |
| Palo Alto Networks, Inc. | (2941) | (598846)  |
| Samsara, Inc. - Class A | (8463) | (315247)  |
| Varonis Systems, Inc. | (4826) | (277350)  |
|  |  | (1974687)  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Specialty Retail - (0.1)%**<br>|  |  |
| Burlington Stores, Inc. | (2108) | $(536486)  |
| &nbsp;&nbsp;&nbsp; Floor & Decor Holdings, <br>Inc. - Class A | (2650) | (195305)  |
|  |  | (731791)  |
| **Textiles, Apparel & Luxury Goods - (0.2)%** | **Textiles, Apparel & Luxury Goods - (0.2)%** | **Textiles, Apparel & Luxury Goods - (0.2)%** |
| NIKE, Inc. - Class B | (7689) | (536154)  |
| On Holding AG - Class A | (12907) | (546611)  |
|  |  | (1082765)  |
| **Trading Companies & Distributors - (0.2)%** | **Trading Companies & Distributors - (0.2)%** | **Trading Companies & Distributors - (0.2)%** |
| SiteOne Landscape Supply, Inc. | (2125) | (273700)  |
| Watsco, Inc. | (1399) | (565616)  |
|  |  | (839316)  |
| **Water Utilities - (0.1)%**<br>|  |  |
| American Water Works Co., Inc. | (4144) | (576803)  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Proceeds $45,085,683)** |  | (41328029)  |
| **EXCHANGE TRADED FUNDS - (4.4)%** | **EXCHANGE TRADED FUNDS - (4.4)%** | **EXCHANGE TRADED FUNDS - (4.4)%** |
| Energy Select Sector SPDR Fund | (16141) | (1442037)  |
| Invesco QQQ Trust Series 1 | (22867) | (13728661)  |
| iShares S&P 500 Growth ETF | (23591) | (2847905)  |
| iShares U.S. Transportation ETF | (19870) | (1424878)  |
| Real Estate Select Sector SPDR Fund | (19041) | (802197)  |
| SPDR Portfolio S&P 500 ETF | (45208) | (3541595)  |
| VanEck Semiconductor ETF | (3057) | (997682)  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Proceeds $23,897,954)** |  | (24784955)  |
|  **REAL ESTATE INVESTMENT TRUSTS - COMMON - (0.1)%**<br>|  |  |
| **Industrial REITs - (0.0)%<sup>(a)</sup>** <br>|  |  |
| Rexford Industrial Realty, Inc. | (6584) | (270668)  |
| **Specialized REITs - (0.1)%**<br>|  |  |
| Iron Mountain, Inc. | (6193) | (631315)  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON** <br>**(Proceeds $928,310)** |  | (901983)  |
| &nbsp;&nbsp;&nbsp; **TOTAL SECURITIES SOLD** <br>**SHORT - (11.8)%**<br>**(Proceeds $69,911,947)** |  | $(67014967) |

---

Percentages are stated as a percent of net assets.

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

ADR - American Depositary Receipt

PLC - Public Limited Company

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

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

6<br>

------

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

**LEUTHOLD GLOBAL FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 72.1%** <br>|  |  |
| **Automobile Components - 4.2%** <br>|  |  |
| Aumovio SE<sup>(a)</sup> | 513 | $21152  |
| Autoliv, Inc.  | 764 | 94354  |
| Continental AG | 1027 | 67943  |
| Hyundai Mobis Co. Ltd. | 449 | 95527  |
| Lear Corp. | 696 | 70025  |
| Magna International, Inc. | 2640 | 125083  |
| Minth Group, Ltd. | 26000 | 112585  |
| Sumitomo Electric Industries Ltd. | 5400 | 153652  |
| Toyoda Gosei Co. Ltd. | 3300 | 81955  |
|  |  | 822276  |
| **Automobiles - 0.7%**<br>|  |  |
| General Motors Co. | 2215 | 135048  |
| **Banks - 9.4%**<br>|  |  |
| ABN AMRO Bank NV<sup>(b)</sup> | 4623 | 148304  |
| ANZ Group Holdings Ltd.  | 2966 | 65129  |
| Banco Santander SA - ADR | 18089 | 189573  |
| Bank of Nova Scotia | 891 | 57603  |
| Barclays PLC - ADR | 6372 | 131709  |
|  Canadian Imperial Bank of Commerce | 1202 | 96028  |
| Citigroup, Inc. | 977 | 99165  |
| Comerica, Inc. | 1151 | 78866  |
| Commerzbank AG | 5537 | 209643  |
| Danske Bank AS | 2020 | 86283  |
| M&T Bank Corp. | 388 | 76677  |
|  Mizuho Financial Group, Inc. - ADR | 21538 | 144305  |
|  Nishi-Nippon Financial Holdings, Inc. | 5000 | 84573  |
| Old National Bancorp/IN | 3260 | 71557  |
| &nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB - <br>Class A | 7302 | 95274  |
| UniCredit SpA | 1560 | 118709  |
| United Overseas Bank Ltd. | 2600 | 69824  |
|  |  | 1823222  |
| **Broadline Retail - 3.6%**<br>|  |  |
| Dillard's, Inc. - Class A | 178 | 109377  |
| eBay, Inc. | 1935 | 175988  |
| JD.com, Inc. - Class A | 7416 | 129932  |
| Naspers Ltd.<sup>(a)</sup> | 522 | 189680  |
| Takashimaya Co. Ltd. | 8800 | 100648  |
|  |  | 705625  |
| **Capital Markets - 6.9%**<br>|  |  |
| Daiwa Securities Group, Inc. | 9200 | 74760  |
| Deutsche Bank AG | 5498 | 194684  |
| Goldman Sachs Group, Inc. | 294 | 234127  |
|  Interactive Brokers Group, Inc. - Class A | 1864 | 128262  |
| Investec PLC | 7175 | 53736  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Macquarie Group Ltd. | 747 | $108427  |
| Morgan Stanley | 1162 | 184711  |
| Raymond James Financial, Inc. | 713 | 123064  |
| SBI Holdings, Inc.  | 2100 | 91429  |
| UBS Group AG | 3235 | 132635  |
|  |  | 1325835  |
| **Communications Equipment - 3.0%** |  |  |
| Arcadyan Technology Corp.  | 9000 | 65043  |
|  BYD Electronic International Co. Ltd. | 13000 | 68915  |
| Cisco Systems, Inc. | 1496 | 102356  |
| Digi International, Inc.<sup>(a)</sup> | 1514 | 55201  |
| F5, Inc.<sup>(a)</sup> | 254 | 82090  |
| NetScout Systems, Inc.<sup>(a)</sup> | 2932 | 75734  |
| Viavi Solutions, Inc.<sup>(a)</sup> | 5573 | 70721  |
| ZTE Corp. - Class H | 13800 | 62892  |
|  |  | 582952  |
| **Diversified Consumer Services - 4.1%** |  |  |
| ADT, Inc. | 12410 | 108091  |
| Adtalem Global Education, Inc.<sup>(a)</sup> | 883 | 136379  |
| Frontdoor, Inc.<sup>(a)</sup> | 1595 | 107328  |
| Graham Holdings Co. - Class B | 96 | 113022  |
| H&R Block, Inc. | 1764 | 89206  |
| Laureate Education, Inc.<sup>(a)</sup> | 4280 | 134991  |
| Perdoceo Education Corp. | 2737 | 103075  |
|  |  | 792092  |
| **Gas Utilities - 2.9%**<br>|  |  |
| Italgas SpA | 7907 | 72838  |
| Korea Gas Corp. | 2104 | 58728  |
| Kunlun Energy Co. Ltd. | 70000 | 62522  |
| MDU Resources Group, Inc. | 4059 | 72291  |
| Naturgy Energy Group SA | 2705 | 84070  |
| New Jersey Resources Corp. | 1387 | 66784  |
| Toho Gas Co. Ltd. | 1900 | 58491  |
| UGI Corp. | 2419 | 80456  |
|  |  | 556180  |
| **Health Care Providers & Services - 0.0%<sup>(c)</sup>**  | **Health Care Providers & Services - 0.0%<sup>(c)</sup>**  | **Health Care Providers & Services - 0.0%<sup>(c)</sup>**  |
|  Concentra Group Holdings Parent, Inc. | 0<sup>(d)</sup> | 0  |
| **Insurance - 10.2%**<br>|  |  |
| Axis Capital Holdings Ltd. | 1210 | 115918  |
| Chubb Ltd. | 215 | 60684  |
| DB Insurance Co. Ltd. | 977 | 96555  |
| Everest Group Ltd. | 494 | 173013  |
| Fairfax Financial Holdings Ltd.  | 77 | 134713  |
| Hartford Insurance Group, Inc. | 693 | 92439  |
| Loews Corp. | 1050 | 105409  |
| Markel Group, Inc.<sup>(a)</sup> | 38 | 72632  |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 581 | 370954  |
| Old Republic International Corp.  | 3098 | 131572  |

---

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

7<br>

------

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

**LEUTHOLD GLOBAL FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Insurance - (Continued)**  | **Insurance - (Continued)**  | **Insurance - (Continued)**  |
| QBE Insurance Group Ltd. | 7025 | $95598  |
| Sompo Holdings, Inc.  | 6600 | 204043  |
| Swiss Re AG | 1766 | 327994  |
|  |  | 1981524  |
| **Interactive Media & Services - 2.3%** |  |  |
| Baidu, Inc. - Class A<sup>(a)</sup> | 6300 | 104167  |
| CAR Group Ltd.  | 2529 | 61507  |
| Cargurus, Inc.<sup>(a)</sup> | 1879 | 69955  |
| LY Corp. | 20100 | 64521  |
| Match Group, Inc. | 1515 | 53510  |
| Scout24 SE<sup>(b)</sup> | 763 | 95725  |
|  |  | 449385  |
| **Marine Transportation - 2.7%**<br>|  |  |
| AP Moller - Maersk AS - Class B | 42 | 82563  |
| Global Ship Lease, Inc. - Class A | 1964 | 60295  |
| Matson, Inc.  | 473 | 46633  |
| Nippon Yusen KK | 2200 | 75075  |
| Orient Overseas International Ltd. | 4500 | 72945  |
| Wallenius Wilhelmsen ASA | 7304 | 65011  |
| Yang Ming Marine Transport Corp. | 38000 | 66280  |
|  ZIM Integrated Shipping Services Ltd. | 3358 | 45501  |
|  |  | 514303  |
| **Oil, Gas & Consumable Fuels - 3.3%** |  |  |
| Cenovus Energy, Inc. | 4641 | 78851  |
| Chevron Corp. | 667 | 103578  |
| Ecopetrol SA - ADR | 6745 | 62121  |
| Equinor ASA - ADR | 2516 | 61340  |
| Galp Energia SGPS SA | 3536 | 67007  |
| PTT PCL - NVDR - NVDR | 67500 | 69263  |
| Suncor Energy, Inc. | 2516 | 105194  |
| TotalEnergies SE - ADR | 1559 | 93057  |
|  |  | 640411  |
| **Paper & Forest Products - 0.0%<sup>(c)</sup>** <br>|  |  |
|  China Forestry Holdings Co. Ltd.<sup>(a)(e)</sup> | 2484000 | 0  |
| **Passenger Airlines - 4.0%**<br>|  |  |
| ANA Holdings, Inc.  | 4100 | 79210  |
| Cathay Pacific Airways Ltd.  | 66000 | 88775  |
| Copa Holdings SA - Class A | 794 | 94343  |
| Delta Air Lines, Inc. | 2355 | 133646  |
| Eva Airways Corp. | 59000 | 73997  |
|  International Consolidated Airlines Group SA | 35385 | 184297  |
| Singapore Airlines Ltd. | 24000 | 121330  |
|  |  | 775598  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  **Semiconductors & Semiconductor Equipment - 3.4%**<br>|  |  |
| Amkor Technology, Inc. | 2804 | $79634  |
| Applied Materials, Inc. | 616 | 126120  |
| ASML Holding NV | 134 | 129724  |
| MKS, Inc. | 661 | 81812  |
| Photronics, Inc.<sup>(a)</sup> | 2781 | 63824  |
| SCREEN Holdings Co. Ltd. | 900 | 81551  |
| Tokyo Electron Ltd. | 500 | 88633  |
|  |  | 651298  |
| **Software - 2.2%**<br>|  |  |
| Clear Secure, Inc. - Class A | 3860 | 128847  |
| InterDigital, Inc. | 544 | 187805  |
| Synopsys, Inc.<sup>(a)</sup> | 231 | 113973  |
|  |  | 430625  |
| **Transportation Infrastructure - 3.5%** |  |  |
| Aena SME SA<sup>(b)</sup> | 7290 | 199304  |
|  Fraport AG Frankfurt Airport Services Worldwide<sup>(a)</sup> | 1773 | 153439  |
|  Grupo Aeroportuario del Sureste SAB de CV - ADR | 293 | 94736  |
|  International Container Terminal Services, Inc. | 18190 | 147519  |
|  Shenzhen International Holdings Ltd. | 80000 | 80267  |
|  |  | 675265  |
|  **Wireless Telecommunication Services - 5.7%**<br>|  |  |
|  Far EasTone Telecommunications Co. Ltd. | 32000 | 92940  |
| Freenet AG | 3105 | 99341  |
| KDDI Corp.  | 7200 | 114829  |
| MTN Group Ltd.  | 14126 | 118871  |
| SK Telecom Co. Ltd. - ADR | 4138 | 89381  |
| Tele2 AB - Class B | 8158 | 139164  |
| TIM SA/Brazil - ADR | 5495 | 122649  |
| T-Mobile US, Inc. | 745 | 178338  |
| Vodafone Group PLC - ADR | 12279 | 142436  |
|  |  | 1097949  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $11,165,120)** |  | 13959588  |
| **EXCHANGE TRADED FUNDS - 8.4%** | **EXCHANGE TRADED FUNDS - 8.4%** |  |
|  Invesco CurrencyShares Japanese Yen Trust<sup>(a)</sup> | 2308 | 143581  |
|  iShares 5-10 Year Investment Grade Corporate Bond ETF | 3779 | 204406  |
|  iShares International Treasury Bond ETF | 4508 | 192041  |
|  SPDR Bloomberg International Corporate Bond ETF | 4949 | 159803  |

---

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

8<br>

------

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

**LEUTHOLD GLOBAL FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value**  |
| **EXCHANGE TRADED FUNDS - (Continued)** | **EXCHANGE TRADED FUNDS - (Continued)** | **EXCHANGE TRADED FUNDS - (Continued)** | **EXCHANGE TRADED FUNDS - (Continued)** |
|  SPDR Bloomberg International Treasury Bond ETF |  | 11276 | $259348  |
|  SPDR Portfolio Intermediate Term Corporate Bond ETF |  | 7455 | 252650  |
|  Vanguard Mortgage-Backed Securities ETF |  | 5466 | 256683  |
|  Vanguard Short-Term Inflation-Protected Securities ETF |  | 2953 | 149511  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $1,559,078)** |  |  | 1618023  |
|  |  | **Par** |  |
| **U.S. TREASURY SECURITIES - 2.6%** | **U.S. TREASURY SECURITIES - 2.6%** | **U.S. TREASURY SECURITIES - 2.6%** |  |
|  United States Treasury Note/Bond, 3.88%, 08/15/2033 |  | $510000 | 505896  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $494,743)** |  |  | 505896  |
|  **FOREIGN GOVERNMENT DEBT OBLIGATIONS - 2.1%**<br>|  |  |  |
|  French Republic Government Bond OAT, 3.00%, 05/25/2033<sup>(b)</sup> | EUR | 145000 | 168047  |
|  United Kingdom Gilt, 4.25%, 07/31/2034 | GBP | 185000 | 241880  |
| &nbsp;&nbsp;&nbsp; **TOTAL FOREIGN GOVERNMENT** <br>**DEBT OBLIGATIONS** <br>**(Cost $387,323)** |  |  | 409927  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |  |
| **U.S. TREASURY BILLS - 2.6%**<br>|  |  |  |
| 4.25%, 10/28/2025<sup>(f)</sup> |  | 500000 | 498425  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $498,425)** |  |  | 498425  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS<sup>(g)</sup> - 87.8%**<br>**(Cost $14,104,689)** |  |  | $16991859  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 11.6%<sup>(g)(h)</sup> |  |  | 2237325  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.6% |  |  | 122751  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $19351935 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

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

ADR - American Depositary Receipt

NVDR - Non-Voting Depositary Receipt

PCL - Public Company Limited

PLC - Public Limited Company

EUR - Euro

GBP - British Pound

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

<sup>(b)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of September 30, 2025, the value of these securities total $611,380 or 3.2% of the Fund's net assets.

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

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

<sup>(e)</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 September 30, 2025.

<sup>(f)</sup> The rate shown is the annualized yield as of September 30, 2025.

<sup>(g)</sup> All or a portion of security has been pledged as collateral for securities sold short. The fair value of assets committed as collateral as of September 30, 2025 is $19,229,184.

<sup>(h)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of September 30, 2025 was 3.95%. 

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

9<br>

------

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

**LEUTHOLD GLOBAL FUND** 

**SCHEDULE OF SECURITIES SOLD SHORT** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **EXCHANGE TRADED FUNDS - (8.9)%**  |  |  |
| Energy Select Sector SPDR Fund | (292) | $(26087)  |
| Invesco QQQ Trust Series 1 | (735) | (441272)  |
| iShares MSCI EAFE ETF | (5229) | (488232)  |
| iShares MSCI Emerging Markets ETF | (2150) | (114810)  |
| iShares S&P 500 Growth ETF | (428) | (51668)  |
| iShares U.S. Transportation ETF | (360) | (25815)  |
| Real Estate Select Sector SPDR Fund | (345) | (14535)  |
| SPDR Portfolio S&P 500 ETF | (820) | (64239)  |
| VanEck Semiconductor ETF | (55) | (17950)  |
| Vanguard Total World Stock ETF | (3537) | (487399)  |
|  **TOTAL EXCHANGE TRADED FUNDS (Proceeds $1,697,922)** |  | (1732007)  |
| **COMMON STOCKS - (3.9)%**<br>|  |  |
| **Aerospace & Defense - (0.1)%**<br>|  |  |
| Hexcel Corp. | (86) | (5392)  |
| Loar Holdings, Inc. | (68) | (5440)  |
| &nbsp;&nbsp;&nbsp; Spirit AeroSystems Holdings, Inc. - <br>Class A | (179) | (6910)  |
| TransDigm Group, Inc. | (9) | (11862)  |
|  |  | (29604)  |
| **Banks - (0.1)%**<br>|  |  |
| Glacier Bancorp, Inc. | (107) | (5208)  |
| Live Oak Bancshares, Inc. | (140) | (4931)  |
| Triumph Financial, Inc. | (130) | (6505)  |
|  |  | (16644)  |
| **Beverages - (0.1)%**<br>|  |  |
| Brown-Forman Corp. - Class B | (236) | (6391)  |
| PepsiCo, Inc. | (68) | (9550)  |
| Primo Brands Corp. | (207) | (4574)  |
|  |  | (20515)  |
| **Building Products - (0.1)%**<br>|  |  |
| AAON, Inc. | (88) | (8223)  |
| CSW Industrials, Inc. | (20) | (4855)  |
| Trex Co., Inc. | (77) | (3978)  |
|  |  | (17056)  |
| **Capital Markets - (0.4)%**<br>|  |  |
| Ares Management Corp. - Class A | (55) | (8794)  |
| Blue Owl Capital, Inc. - Class A | (281) | (4757)  |
| Cohen & Steers, Inc. | (79) | (5183)  |
| FactSet Research Systems, Inc. | (14) | (4011)  |
| Hamilton Lane, Inc. - Class A | (36) | (4853)  |
| MarketAxess Holdings, Inc. | (32) | (5576)  |
| Moelis & Co. - Class A | (80) | (5706)  |
| Moody's Corp. | (23) | (10959)  |
| MSCI, Inc. | (24) | (13618)  |
| Perella Weinberg Partners | (242) | (5159)  |
| StepStone Group, Inc. - Class A | (81) | (5290)  |
|  |  | (73906)  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Chemicals - (0.3)%**<br>|  |  |
| Air Products and Chemicals, Inc. | (35) | $(9545)  |
| Albemarle Corp. | (103) | (8351)  |
| Chemours Co. | (302) | (4784)  |
| International Flavors & Fragrances, Inc. | (129) | (7939)  |
| Linde PLC | (23) | (10925)  |
| Sherwin-Williams Co. | (28) | (9695)  |
| Stepan Co. | (65) | (3100)  |
| Westlake Corp. | (94) | (7244)  |
|  |  | (61583)  |
| **Commercial Services & Supplies - (0.1)%** | **Commercial Services & Supplies - (0.1)%** |  |
| Casella Waste Systems, Inc. - Class A | (47) | (4459)  |
| Cintas Corp. | (48) | (9853)  |
| Rollins, Inc. | (179) | (10514)  |
|  |  | (24826)  |
| **Construction Materials - (0.0)%<sup>(a)</sup>** <br>|  |  |
| Knife River Corp. | (66) | (5073)  |
| **Containers & Packaging - (0.1)%**<br>|  |  |
| Smurfit WestRock PLC | (204) | (8684)  |
| Sonoco Products Co. | (120) | (5171)  |
|  |  | (13855)  |
| **Financial Services - (0.1)%**<br>|  |  |
|  Fidelity National Information Services, Inc. | (145) | (9561)  |
| Walker & Dunlop, Inc. | (54) | (4516)  |
|  |  | (14077)  |
| **Food Products - (0.1)%**<br>|  |  |
| Hershey Co. | (56) | (10475)  |
| **Ground Transportation - (0.2)%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Knight-Swift Transportation Holdings, <br>Inc. | (107) | (4228)  |
| Marten Transport Ltd. | (333) | (3550)  |
| Old Dominion Freight Line, Inc. | (57) | (8024)  |
| Saia, Inc. | (12) | (3592)  |
| Werner Enterprises, Inc. | (225) | (5922)  |
| XPO, Inc. | (89) | (11505)  |
|  |  | (36821)  |
| **Health Care Equipment & Supplies - (0.0)%<sup>(a)</sup>**  | **Health Care Equipment & Supplies - (0.0)%<sup>(a)</sup>**  | **Health Care Equipment & Supplies - (0.0)%<sup>(a)</sup>**  |
| Baxter International, Inc. | (160) | (3643)  |
| **Hotels, Restaurants & Leisure - (0.2)%**<br>|  |  |
| Caesars Entertainment, Inc. | (166) | (4486)  |
| Chipotle Mexican Grill, Inc. | (227) | (8896)  |
| First Watch Restaurant Group, Inc. | (286) | (4473)  |
| Restaurant Brands International, Inc. | (166) | (10648)  |
| Starbucks Corp. | (112) | (9475)  |
| Vail Resorts, Inc. | (26) | (3889)  |
|  |  | (41867)  |

---

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** 

**September 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Household Products - (0.1)%**<br>|  |  |
| Church & Dwight Co., Inc. | (106) | $(9289)  |
| Clorox Co. | (88) | (10850)  |
|  |  | (20139)  |
| **Insurance - (0.3)%**<br>|  |  |
| Aon PLC - Class A | (28) | (9984)  |
| Arthur J. Gallagher & Co. | (35) | (10841)  |
| Brown & Brown, Inc. | (112) | (10504)  |
| Erie Indemnity Co. - Class A | (27) | (8590)  |
| Marsh & McLennan Cos., Inc. | (58) | (11689)  |
| Ryan Specialty Holdings, Inc. | (107) | (6031)  |
|  |  | (57639)  |
| **IT Services - (0.0)%<sup>(a)</sup>** <br>|  |  |
| MongoDB, Inc. | (33) | (10242)  |
| **Life Sciences Tools & Services - (0.2)%**<br>|  |  |
| Bio-Techne Corp. | (69) | (3838)  |
| Bruker Corp. | (92) | (2989)  |
| Danaher Corp. | (55) | (10904)  |
| Mettler-Toledo International, Inc. | (9) | (11049)  |
| Repligen Corp. | (40) | (5347)  |
|  |  | (34127)  |
| **Machinery - (0.2)%**<br>|  |  |
| Hillman Solutions Corp. | (549) | (5040)  |
| IDEX Corp. | (51) | (8301)  |
| Ingersoll Rand, Inc. | (130) | (10741)  |
| Standex International Corp. | (28) | (5933)  |
| Stanley Black & Decker, Inc. | (116) | (8622)  |
|  |  | (38637)  |
| **Multi-Utilities - (0.1)%**<br>|  |  |
| Dominion Energy, Inc. | (187) | (11439)  |
| **Oil, Gas & Consumable Fuels - (0.2)%**<br>|  |  |
| Expand Energy Corp. | (99) | (10518)  |
| Occidental Petroleum Corp. | (234) | (11056)  |
| Phillips 66 | (92) | (12514)  |
|  |  | (34088)  |
| **Personal Care Products - (0.0)%<sup>(a)</sup>** <br>|  |  |
| Kenvue, Inc. | (499) | (8099)  |
| **Pharmaceuticals - (0.1)%**<br>|  |  |
| Eli Lilly & Co. | (15) | (11445)  |
| **Professional Services - (0.2)%**<br>|  |  |
| CBIZ, Inc. | (79) | (4184)  |
| Dayforce, Inc. | (91) | (6269)  |
| Equifax, Inc. | (38) | (9748)  |
| Exponent, Inc. | (68) | (4725)  |
| Jacobs Solutions, Inc. | (70) | (10490)  |
| Paychex, Inc. | (80) | (10141)  |
|  |  | (45557)  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  **Semiconductors & Semiconductor Equipment - (0.1)%**<br>|  |  |
| ARM Holdings PLC - ADR | (80) | $(11319)  |
| Power Integrations, Inc. | (83) | (3338)  |
|  |  | (14657)  |
| **Software - (0.2)%**<br>|  |  |
| Braze, Inc. - Class A | (168) | (4778)  |
| CCC Intelligent Solutions Holdings, Inc. | (537) | (4892)  |
| Klaviyo, Inc. - Class A | (163) | (4514)  |
| Palo Alto Networks, Inc. | (53) | (10792)  |
| Samsara, Inc. - Class A | (153) | (5699)  |
| Varonis Systems, Inc. | (88) | (5057)  |
|  |  | (35732)  |
| **Specialty Retail - (0.1)%**<br>|  |  |
| Burlington Stores, Inc. | (38) | (9671)  |
| Floor & Decor Holdings, Inc. - Class A | (48) | (3538)  |
|  |  | (13209)  |
| **Textiles, Apparel & Luxury Goods - (0.1)%** | **Textiles, Apparel & Luxury Goods - (0.1)%** | **Textiles, Apparel & Luxury Goods - (0.1)%** |
| NIKE, Inc. - Class B | (139) | (9692)  |
| On Holding AG - Class A | (234) | (9910)  |
|  |  | (19602)  |
| **Trading Companies & Distributors - (0.1)%** | **Trading Companies & Distributors - (0.1)%** | **Trading Companies & Distributors - (0.1)%** |
| SiteOne Landscape Supply, Inc. | (39) | (5023)  |
| Watsco, Inc. | (25) | (10108)  |
|  |  | (15131)  |
| **Water Utilities - (0.0)%<sup>(a)</sup>** <br>|  |  |
| American Water Works Co., Inc. | (75) | (10439)  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Proceeds $816,494)** |  | (750127)  |
|  **REAL ESTATE INVESTMENT TRUSTS - COMMON - (0.1)%**<br>|  |  |
| **Industrial REITs - (0.0)%<sup>(a)</sup>** <br>|  |  |
| Rexford Industrial Realty, Inc. | (119) | (4892)  |
| **Specialized REITs - (0.1)%**<br>|  |  |
| Iron Mountain, Inc. | (112) | (11417)  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Proceeds $16,693)** |  | (16309)  |
| &nbsp;&nbsp;&nbsp; **TOTAL SECURITIES SOLD SHORT - (12.9)%**<br>**(Proceeds $2,531,109)** |  | $(2498443) |

---

Percentages are stated as a percent of net assets.

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

ADR - American Depositary Receipt

PLC - Public Limited Company

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

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

11<br>

------

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

**LEUTHOLD GLOBAL FUND** 

**Schedule of Investments** 

**September 30, 2025 (Continued)** 

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

**Allocation of Portfolio Holdings by Country as of September 30, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| United States | $4828765 | 25.2%  |
| Japan | 1497675 | 7.6  |
| Germany | 1212881 | 6.2  |
| United Kingdom | 739314 | 3.8  |
| Canada | 586824 | 2.9  |
| Switzerland | 511403 | 2.6  |
| Spain | 472947 | 2.4  |
| Taiwan | 410845 | 2.2  |
| China | 365906 | 1.9  |
| South Africa | 362287 | 1.9  |
| South Korea | 340191 | 1.8  |
| Australia | 330661 | 1.7  |
| Sweden | 328792 | 1.7  |
| Hong Kong | 304509 | 1.6  |
| Bermuda | 288931 | 1.5  |
| Netherlands | 278028 | 1.5  |
| France | 261104 | 1.4  |
| Italy | 191547 | 1.0  |
| Singapore | 191154 | 1.0  |
| Denmark | 168846 | 0.8  |
| Philippines | 147519 | 0.8  |
| Norway | 126351 | 0.6  |
| Brazil | 122649 | 0.6  |
| Mexico | 94736 | 0.5  |
| Panama | 94343 | 0.5  |
| Thailand | 69263 | 0.4  |
| Portugal | 67007 | 0.4  |
| Colombia | 62121 | 0.3  |
| Israel | 45501 | 0.2  |
| Ireland | (8684) | (0.1)  |
| Other Assets in Excess of Liabilities | 4858519 | 25.1  |
|  | **$19351935** | 100.0% |

---

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

12<br>

------

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

**LEUTHOLD GRIZZLY SHORT FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY BILLS - 17.2%** <br>|  |  |
| 4.25%, 10/28/2025<sup>(a)</sup> | $6000000 | $5981099  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $5,981,099)** |  | 5981099  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS<sup>(b)</sup> - 17.2%** <br>**(Cost $5,981,099)** |  | $5981099  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 77.1%<sup>(b)(c)</sup> |  | 26812840  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 5.7% |  | 2000281  |
| **TOTAL NET ASSETS - 100.0%** |  | $34794220 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

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

<sup>(a)</sup> The rate shown is the annualized yield as of September 30, 2025.

<sup>(b)</sup> All or a portion of security has been pledged as collateral for securities sold short. The fair value of assets committed as collateral as of September 30, 2025 is $32,793,939.

<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 September 30, 2025 was 3.95%. 

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

13<br>

------

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

**LEUTHOLD GRIZZLY SHORT FUND** 

**SCHEDULE OF SECURITIES SOLD SHORT** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (69.0)%** <br>|  |  |
| **Aerospace & Defense - (2.7)%** <br>|  |  |
| Hexcel Corp. | (2768) | $(173554)  |
| Loar Holdings, Inc. | (2168) | (173440)  |
|  Spirit AeroSystems Holdings, Inc. - Class A | (5733) | (221294)  |
| TransDigm Group, Inc. | (275) | (362455)  |
|  |  | (930743)  |
| **Banks - (1.5)%** <br>|  |  |
| Glacier Bancorp, Inc. | (3413) | (166111)  |
| Live Oak Bancshares, Inc. | (4470) | (157433)  |
| Triumph Financial, Inc. | (4165) | (208417)  |
|  |  | (531961)  |
| **Beverages - (1.9)%** <br>|  |  |
| Brown-Forman Corp. - Class B | (7551) | (204481)  |
| PepsiCo, Inc. | (2181) | (306300)  |
| Primo Brands Corp. | (6640) | (146744)  |
|  |  | (657525)  |
| **Building Products - (1.6)%** <br>|  |  |
| AAON, Inc. | (2817) | (263220)  |
| CSW Industrials, Inc. | (654) | (158759)  |
| Trex Co., Inc. | (2471) | (127677)  |
|  |  | (549656)  |
| **Capital Markets - (6.8)%** <br>|  |  |
| Ares Management Corp. - Class A | (1758) | (281087)  |
| Blue Owl Capital, Inc. - Class A | (8992) | (152235)  |
| Cohen & Steers, Inc. | (2545) | (166977)  |
| FactSet Research Systems, Inc. | (437) | (125196)  |
| Hamilton Lane, Inc. - Class A | (1150) | (155008)  |
| MarketAxess Holdings, Inc. | (1029) | (179303)  |
| Moelis & Co. - Class A | (2555) | (182223)  |
| Moody's Corp. | (728) | (346877)  |
| MSCI, Inc. | (754) | (427827)  |
| Perella Weinberg Partners | (7755) | (165337)  |
| StepStone Group, Inc. - Class A | (2677) | (174835)  |
|  |  | (2356905)  |
| **Chemicals - (5.7)%** <br>|  |  |
| Air Products and Chemicals, Inc. | (1122) | (305992)  |
| Albemarle Corp. | (3290) | (266753)  |
| Chemours Co. | (9685) | (153410)  |
| International Flavors & Fragrances, Inc. | (4126) | (253914)  |
| Linde PLC | (741) | (351975)  |
| Sherwin-Williams Co. | (907) | (314058)  |
| Stepan Co. | (2094) | (99884)  |
| Westlake Corp. | (3010) | (231951)  |
|  |  | (1977937)  |
| **Commercial Services & Supplies - (2.3)%**  |  |  |
| Casella Waste Systems, Inc. - Class A | (1509) | (143174)  |
| Cintas Corp. | (1542) | (316511)  |
| Rollins, Inc. | (5888) | (345861)  |
|  |  | (805546)  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Construction Materials - (0.5)%** <br>|  |  |
| Knife River Corp. | (2101) | $(161504)  |
| **Containers & Packaging - (1.3)%** <br>|  |  |
| Smurfit WestRock PLC | (6536) | (278238)  |
| Sonoco Products Co. | (3861) | (166370)  |
|  |  | (444608)  |
| **Financial Services - (1.3)%** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Fidelity National Information <br>Services, Inc. | (4643) | (306160)  |
| Walker & Dunlop, Inc. | (1728) | (144495)  |
|  |  | (450655)  |
| **Food Products - (0.9)%** <br>|  |  |
| Hershey Co. | (1778) | (332575)  |
| **Ground Transportation - (3.4)%** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Knight-Swift Transportation <br>Holdings, Inc. | (3428) | (135440)  |
| Marten Transport Ltd. | (10655) | (113582)  |
| Old Dominion Freight Line, Inc. | (1821) | (256361)  |
| Saia, Inc. | (388) | (116152)  |
| Werner Enterprises, Inc. | (7207) | (189688)  |
| XPO, Inc. | (2856) | (369195)  |
|  |  | (1180418)  |
| **Health Care Equipment & Supplies - (0.3)%**  | **Health Care Equipment & Supplies - (0.3)%**  |  |
| Baxter International, Inc. | (5111) | (116377)  |
| **Hotels, Restaurants & Leisure - (3.8)%** <br>|  |  |
| Caesars Entertainment, Inc. | (5302) | (143286)  |
| Chipotle Mexican Grill, Inc. | (7257) | (284402)  |
| First Watch Restaurant Group, Inc. | (9145) | (143028)  |
| Restaurant Brands International, Inc. | (5314) | (340840)  |
| Starbucks Corp. | (3593) | (303968)  |
| Vail Resorts, Inc. | (832) | (124442)  |
|  |  | (1339966)  |
| **Household Products - (1.8)%** <br>|  |  |
| Church & Dwight Co., Inc. | (3391) | (297153)  |
| Clorox Co. | (2804) | (345733)  |
|  |  | (642886)  |
| **Insurance - (5.3)%** <br>|  |  |
| Aon PLC - Class A | (892) | (318069)  |
| Arthur J. Gallagher & Co. | (1118) | (346289)  |
| Brown & Brown, Inc. | (3580) | (335768)  |
| Erie Indemnity Co. - Class A | (877) | (279026)  |
| Marsh & McLennan Cos., Inc. | (1858) | (374443)  |
| Ryan Specialty Holdings, Inc. | (3435) | (193597)  |
|  |  | (1847192)  |
| **IT Services - (1.0)%** <br>|  |  |
| MongoDB, Inc. | (1072) | (332727)  |
| **Life Sciences Tools & Services - (3.1)%** <br>|  |  |
| Bio-Techne Corp. | (2213) | (123109)  |
| Bruker Corp. | (2941) | (95553)  |

---

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

14<br>

------

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

**LEUTHOLD GRIZZLY SHORT FUND** 

**SCHEDULE OF SECURITIES SOLD SHORT** 

**September 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Life Sciences Tools & Services - (Continued)** | **Life Sciences Tools & Services - (Continued)** | **Life Sciences Tools & Services - (Continued)** |
| Danaher Corp. | (1774) | $(351713)  |
| Mettler-Toledo International, Inc. | (282) | (346186)  |
| Repligen Corp. | (1295) | (173103)  |
|  |  | (1089664)  |
| **Machinery - (3.6)%** <br>|  |  |
| Hillman Solutions Corp. | (17583) | (161412)  |
| IDEX Corp. | (1639) | (266764)  |
| Ingersoll Rand, Inc. | (4171) | (344608)  |
| Standex International Corp. | (890) | (188591)  |
| Stanley Black & Decker, Inc. | (3712) | (275913)  |
|  |  | (1237288)  |
| **Multi-Utilities - (1.0)%** <br>|  |  |
| Dominion Energy, Inc. | (5992) | (366531)  |
| **Oil, Gas & Consumable Fuels - (3.2)%** <br>|  |  |
| Expand Energy Corp. | (3258) | (346130)  |
| Occidental Petroleum Corp. | (7508) | (354753)  |
| Phillips 66 | (2960) | (402619)  |
|  |  | (1103502)  |
| **Personal Care Products - (0.7)%** <br>|  |  |
| Kenvue, Inc. | (15993) | (259566)  |
| **Pharmaceuticals - (1.0)%** <br>|  |  |
| Eli Lilly & Co. | (464) | (354032)  |
| **Professional Services - (4.2)%** <br>|  |  |
| CBIZ, Inc. | (2529) | (133936)  |
| Dayforce, Inc. | (2898) | (199643)  |
| Equifax, Inc. | (1211) | (310658)  |
| Exponent, Inc. | (2198) | (152717)  |
| Jacobs Solutions, Inc. | (2233) | (334638)  |
| Paychex, Inc. | (2553) | (323618)  |
|  |  | (1455210)  |
|  **Semiconductors & Semiconductor Equipment - (1.4)%** <br>|  |  |
| ARM Holdings PLC - ADR | (2575) | (364337)  |
| Power Integrations, Inc. | (2672) | (107441)  |
|  |  | (471778)  |
| **Software - (3.3)%** <br>|  |  |
| Braze, Inc. - Class A | (5393) | (153377)  |
| CCC Intelligent Solutions Holdings, Inc. | (17199) | (156683)  |
| Klaviyo, Inc. - Class A | (5236) | (144985)  |
| Palo Alto Networks, Inc. | (1709) | (347986)  |
| Samsara, Inc. - Class A | (4916) | (183121)  |
| Varonis Systems, Inc. | (2804) | (161146)  |
|  |  | (1147298)  |
| **Specialty Retail - (1.2)%** <br>|  |  |
| Burlington Stores, Inc. | (1224) | (311508)  |
| Floor & Decor Holdings, Inc. - Class A | (1538) | (113351)  |
|  |  | (424859)  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Textiles, Apparel & Luxury Goods - (1.8)%**  |  |  |
| NIKE, Inc. - Class B | (4463) | $(311205)  |
| On Holding AG - Class A | (7500) | (317625)  |
|  |  | (628830)  |
| **Trading Companies & Distributors - (1.4)%**  |  |  |
| SiteOne Landscape Supply, Inc. | (1234) | (158939)  |
| Watsco, Inc. | (812) | (328292)  |
|  |  | (487231)  |
| **Water Utilities - (1.0)%** <br>|  |  |
| American Water Works Co., Inc. | (2408) | (335169)  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Proceeds $26,363,892)** |  | (24020139)  |
| **EXCHANGE TRADED FUNDS - (23.5)%**  |  |  |
| Energy Select Sector SPDR Fund | (9384) | (838367)  |
| Invesco QQQ Trust Series 1 | (2889) | (1734469)  |
| iShares S&P 500 Growth ETF | (13721) | (1656399)  |
| iShares U.S. Transportation ETF | (11534) | (827103)  |
| Real Estate Select Sector SPDR Fund | (11053) | (465663)  |
| SPDR Portfolio S&P 500 ETF | (26295) | (2059950)  |
| VanEck Semiconductor ETF | (1772) | (578310)  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Proceeds $7,849,022)** |  | (8160261)  |
| &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON - (1.5)%** <br>|  |  |
| **Industrial REITs - (0.4)%** <br>|  |  |
| Rexford Industrial Realty, Inc. | (3822) | (157122)  |
| **Specialized REITs - (1.1)%** <br>|  |  |
| Iron Mountain, Inc. | (3597) | (366678)  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Proceeds $546,842)** |  | (523800)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SECURITIES SOLD SHORT - (94.0)%** <br>**(Proceeds $34,759,756)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SECURITIES SOLD SHORT - (94.0)%** <br>**(Proceeds $34,759,756)** | $(32704200) |

---

Percentages are stated as a percent of net assets.

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

ADR - American Depositary Receipt

PLC - Public Limited Company

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

15<br>

------

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

**LEUTHOLD SELECT INDUSTRIES ETF** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.6%** <br>|  |  |
| **Automobile Components - 5.8%** <br>|  |  |
| Aptiv PLC<sup>(a)</sup> | 5382 | $464036  |
| Autoliv, Inc. | 3454 | 426569  |
| Garrett Motion, Inc. | 23712 | 322957  |
| Goodyear Tire & Rubber Co.<sup>(a)</sup> | 38110 | 285063  |
| Lear Corp. | 3088 | 310684  |
| Magna International, Inc. | 9379 | 444377  |
| Visteon Corp. | 2598 | 311396  |
|  |  | 2565082  |
| **Banks - 7.6%** <br>|  |  |
| Bank of America Corp. | 10916 | 563156  |
| Barclays PLC - ADR | 20470 | 423115  |
| Canadian Imperial Bank of Commerce | 5505 | 439794  |
| Citigroup, Inc. | 5671 | 575607  |
| JPMorgan Chase & Co. | 2159 | 681013  |
| PNC Financial Services Group, Inc. | 1683 | 338165  |
| US Bancorp | 6665 | 322120  |
|  |  | 3342970  |
| **Biotechnology - 4.0%** <br>|  |  |
| Amgen, Inc. | 1157 | 326505  |
| Biogen, Inc.<sup>(a)</sup> | 1586 | 222167  |
| Gilead Sciences, Inc. | 2899 | 321789  |
| Regeneron Pharmaceuticals, Inc. | 584 | 328365  |
| United Therapeutics Corp.<sup>(a)</sup> | 508 | 212959  |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 873 | 341902  |
|  |  | 1753687  |
| **Capital Markets - 6.6%** <br>|  |  |
| Deutsche Bank AG | 16160 | 572226  |
| Goldman Sachs Group, Inc. | 1136 | 904653  |
| Lazard, Inc. | 3938 | 207848  |
| Morgan Stanley | 4418 | 702285  |
| Raymond James Financial, Inc. | 1670 | 288242  |
| StoneX Group, Inc.<sup>(a)</sup> | 2297 | 231813  |
|  |  | 2907067  |
| **Communications Equipment - 5.6%** <br>|  |  |
| Cisco Systems, Inc. | 10346 | 707873  |
| Digi International, Inc.<sup>(a)</sup> | 3413 | 124438  |
| F5, Inc.<sup>(a)</sup> | 1619 | 523245  |
| NETGEAR, Inc.<sup>(a)</sup> | 10468 | 339058  |
| NetScout Systems, Inc.<sup>(a)</sup> | 11564 | 298698  |
| Telefonaktiebolaget LM Ericsson - ADR | 55288 | 457232  |
|  |  | 2450544  |
| **Construction & Engineering - 3.9%** <br>|  |  |
| AECOM | 2565 | 334656  |
| Dycom Industries, Inc.<sup>(a)</sup> | 1345 | 392417  |
| Granite Construction, Inc. | 1884 | 206581  |
| Primoris Services Corp. | 3750 | 514987  |
| Valmont Industries, Inc. | 746 | 289247  |
|  |  | 1737888  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Consumer Finance - 0.5%** <br>|  |  |
| Bread Financial Holdings, Inc. | 3621 | $201943  |
| **Diversified Consumer Services - 5.6%** <br>|  |  |
| Adtalem Global Education, Inc.<sup>(a)</sup> | 3152 | 486826  |
| Graham Holdings Co. - Class B | 190 | 223689  |
| Laureate Education, Inc.<sup>(a)</sup> | 13718 | 432666  |
| Pearson PLC - ADR | 18195 | 257641  |
| Perdoceo Education Corp. | 10468 | 394225  |
| Stride, Inc.<sup>(a)</sup> | 2584 | 384861  |
| Universal Technical Institute, Inc.<sup>(a)</sup> | 9536 | 310397  |
|  |  | 2490305  |
| &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services - 1.5%**  | &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services - 1.5%**  |  |
| AT&T, Inc. | 16455 | 464690  |
| Verizon Communications, Inc. | 4576 | 201115  |
|  |  | 665805  |
|  **Electronic Equipment, Instruments & Components - 7.2%** <br>|  |  |
| Benchmark Electronics, Inc. | 4171 | 160792  |
| CTS Corp. | 3736 | 149216  |
| Flex, Ltd.<sup>(a)</sup> | 13828 | 801609  |
| Jabil, Inc. | 4185 | 908857  |
| Plexus Corp.<sup>(a)</sup> | 1777 | 257114  |
| Sanmina Corp.<sup>(a)</sup> | 2564 | 295142  |
| TE Connectivity PLC | 2710 | 594926  |
|  |  | 3167656  |
| **Entertainment - 3.7%** <br>|  |  |
| Netflix, Inc.<sup>(a)</sup> | 1008 | 1208511  |
| Walt Disney Co. | 3627 | 415292  |
|  |  | 1623803 |
| **Financial Services - 2.4%** <br>|  |  |
| Mastercard, Inc. - Class A | 1054 | 599526  |
| Visa, Inc. - Class A | 1400 | 477932  |
|  |  | 1077458  |
| **Ground Transportation - 1.0%** <br>|  |  |
| Uber Technologies, Inc.<sup>(a)</sup> | 4330 | 424210  |
| **Health Care Providers & Services - 8.6%** <br>|  |  |
| Cardinal Health, Inc. | 4262 | 668963  |
| Cencora, Inc. | 2085 | 651625  |
| CVS Health Corp. | 2940 | 221647  |
| Encompass Health Corp. | 2095 | 266107  |
| HCA Healthcare, Inc. | 1090 | 464558  |
| McKesson Corp. | 1082 | 835888  |
| Tenet Healthcare Corp.<sup>(a)</sup> | 2014 | 408923  |
| Universal Health Services, Inc. - Class B | 1260 | 257594  |
|  |  | 3775305  |
| **Hotels, Restaurants & Leisure - 3.4%** <br>|  |  |
| Carnival Corp.<sup>(a)</sup> | 7779 | 224891  |
| Expedia Group, Inc. - Class A | 1131 | 241751  |
| Life Time Group Holdings, Inc.<sup>(a)</sup> | 6903 | 190523  |

---

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

16<br>

------

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

**LEUTHOLD SELECT INDUSTRIES ETF** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Hotels, Restaurants & Leisure - (Continued)** | **Hotels, Restaurants & Leisure - (Continued)** | **Hotels, Restaurants & Leisure - (Continued)** |
| Norwegian Cruise Line Holdings, Ltd.<sup>(a)</sup> | 7479 | $184208  |
| Royal Caribbean Cruises, Ltd. | 750 | 242685  |
| Travel + Leisure Co. | 3694 | 219756  |
| United Parks & Resorts, Inc.<sup>(a)</sup> | 3778 | 195323  |
|  |  | 1499137  |
| **Insurance - 3.8%** <br>|  |  |
| Allstate Corp. | 1335 | 286558  |
| Assurant, Inc. | 1174 | 254288  |
| Hanover Insurance Group, Inc. | 957 | 173820  |
| Hartford Insurance Group, Inc. | 2265 | 302128  |
| Markel Group, Inc.<sup>(a)</sup> | 116 | 221718  |
| Travelers Cos., Inc. | 1109 | 309655  |
| White Mountains Insurance Group Ltd. | 80 | 133722  |
|  |  | 1681889  |
| **Interactive Media & Services - 6.0%** <br>|  |  |
| Alphabet, Inc. - Class A | 4712 | 1145487  |
| Meta Platforms, Inc. - Class A | 2067 | 1517964  |
|  |  | 2663451  |
| **IT Services - 0.9%** <br>|  |  |
| VeriSign, Inc. | 1377 | 384968  |
| **Metals & Mining - 5.3%** <br>|  |  |
| Agnico Eagle Mines, Ltd. | 2130 | 359033  |
| Eldorado Gold Corp.<sup>(a)</sup> | 9970 | 288033  |
| Equinox Gold Corp.<sup>(a)</sup> | 21011 | 235743  |
| IAMGOLD Corp.<sup>(a)</sup> | 39618 | 512261  |
| Kinross Gold Corp. | 31141 | 773854  |
| Pan American Silver Corp. | 4678 | 181179  |
|  |  | 2350103  |
| **Professional Services - 3.9%** <br>|  |  |
| Concentrix Corp. | 6096 | 281330  |
| CSG Systems International, Inc. | 4738 | 305032  |
| Maximus, Inc. | 4149 | 379094  |
| SS&C Technologies Holdings, Inc. | 4669 | 414421  |
| WNS Holdings Ltd.<sup>(a)</sup> | 4439 | 338563  |
|  |  | 1718440  |
| **Software - 8.5%** <br>|  |  |
| Check Point Software Technologies, Ltd.<sup>(a)</sup> | 2071 | 428511  |
| Fortinet, Inc.<sup>(a)</sup> | 4315 | 362805  |
| Microsoft Corp. | 3512 | 1819040  |
| Oracle Corp. | 3308 | 930342  |
| Qualys, Inc.<sup>(a)</sup> | 1636 | 216492  |
|  |  | 3757190  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Specialty Retail - 0.4%** <br>|  |  |
| Asbury Automotive Group, Inc.<sup>(a)</sup> | 814 | $198982  |
| &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services - 1.4%**  | &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services - 1.4%**  |  |
| T-Mobile US, Inc. | 2558 | 612334  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $35,762,176)** |  | 43050217  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 97.6%** <br>**(Cost $35,762,176)** |  | $43050217  |
| Money Market Deposit Account - 2.4%<sup>(b)</sup> |  | 1068085  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.0)%<sup>(c)</sup> |  | (11109)  |
| **TOTAL NET ASSETS - 100.0%** |  | $44107193 |

---

Percentages are stated as a percent of net assets.

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

ADR - American Depositary Receipt

PLC - Public Limited Company

AG - Aktiengesellschaft

<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 September 30, 2025 was 3.95%.

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

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

17<br>

------

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

**The Leuthold Funds** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**September 30, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Leuthold** <br>**Core ETF** | **Leuthold Core** <br>**Investment Fund** | **Leuthold Global** <br>**Fund** | **Leuthold Grizzly** <br>**Short Fund** | **Leuthold Select** <br>**Industries ETF**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $64883940 | &nbsp;&nbsp; $482489585 | &nbsp;&nbsp;&nbsp; $16991859 | &nbsp;&nbsp; $5981099 | &nbsp;&nbsp; $43050217  |
| Cash – money market deposit account | 6358331 | &nbsp;&nbsp; 80255959 | &nbsp;&nbsp;&nbsp; 2237325 | &nbsp;&nbsp; 26812840 | &nbsp;&nbsp; 1068085  |
| Deposit at broker for securities sold short |  | &nbsp;&nbsp; 68772464 | &nbsp;&nbsp;&nbsp; 2577175 | &nbsp;&nbsp; 33387407 | &nbsp;&nbsp; — |
| Interest receivable | 20899 | &nbsp;&nbsp; 625880 | &nbsp;&nbsp;&nbsp; 22362 | &nbsp;&nbsp; 207093 | &nbsp;&nbsp; 2577  |
| Tri-party collateral for securities sold short |  | &nbsp;&nbsp; 488000 | &nbsp;&nbsp;&nbsp; 16000 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; —  |
| Receivable for investments sold |  | &nbsp;&nbsp; 1450264 | &nbsp;&nbsp;&nbsp; 26303 | &nbsp;&nbsp; 866197 | &nbsp;&nbsp; —  |
| Receivable for fund shares sold |  | &nbsp;&nbsp; 695105 | &nbsp;&nbsp;&nbsp; 54708 | &nbsp;&nbsp; 143456 | &nbsp;&nbsp; —  |
| Dividends receivable |  | &nbsp;&nbsp; 247844 | &nbsp;&nbsp;&nbsp; 32709 | &nbsp;&nbsp; — | &nbsp;&nbsp; 32695  |
| Dividend tax reclaims receivable |  | &nbsp;&nbsp; 33016 | &nbsp;&nbsp;&nbsp; 23088 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2461  |
| Foreign currency, at value |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1718 | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| Receivable from Adviser |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3106 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2801  |
| Prepaid expenses and other assets | 3119 | &nbsp;&nbsp; 34190 | &nbsp;&nbsp;&nbsp; 12859 | &nbsp;&nbsp; 13486 | &nbsp;&nbsp; 1569  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 71266289 | &nbsp;&nbsp; 635092307 | &nbsp;&nbsp;&nbsp; 21999212 | &nbsp;&nbsp; 67636578 | &nbsp;&nbsp; 44160405  |
| **LIABILITIES:** <br>|  |  |  |  |  |
| Securities sold short, at value |  | &nbsp;&nbsp; 67014967 | &nbsp;&nbsp;&nbsp; 2498443 | &nbsp;&nbsp; 32704200 | &nbsp;&nbsp; — |
| Payable for audit fees | 23502 | &nbsp;&nbsp; 29750 | &nbsp;&nbsp;&nbsp; 29751 | &nbsp;&nbsp; 25999 | &nbsp;&nbsp; 25502  |
|  Payable for fund administration and accounting fees | 23449 | &nbsp;&nbsp; 59522 | &nbsp;&nbsp;&nbsp; 11207 | &nbsp;&nbsp; 9335 | &nbsp;&nbsp; 12147  |
| Payable to adviser | 9653 | &nbsp;&nbsp; 410350 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 36457 | &nbsp;&nbsp; —  |
| Payable to directors | 4964 | &nbsp;&nbsp; 5115 | &nbsp;&nbsp;&nbsp; 4924 | &nbsp;&nbsp; 4926 | &nbsp;&nbsp; 5092  |
| Payable for printing and mailing | 3874 | &nbsp;&nbsp; 8540 | &nbsp;&nbsp;&nbsp; 3628 | &nbsp;&nbsp; 5253 | &nbsp;&nbsp; 3191  |
| Payable for transfer agent fees and expenses | 1896 | &nbsp;&nbsp; 92940 | &nbsp;&nbsp;&nbsp; 7657 | &nbsp;&nbsp; 7393 | &nbsp;&nbsp; 13  |
| Payable for compliance fees | 1001 | &nbsp;&nbsp; 7611 | &nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp; 602 | &nbsp;&nbsp; 299  |
| Payable for custody fees | 875 | &nbsp;&nbsp; 8494 | &nbsp;&nbsp;&nbsp; 3751 | &nbsp;&nbsp; 852 | &nbsp;&nbsp; 2301  |
| Dividends payable |  | &nbsp;&nbsp; 47298 | &nbsp;&nbsp;&nbsp; 1080 | &nbsp;&nbsp; 21592 | &nbsp;&nbsp; —  |
|  Payable for distribution and shareholder servicing fees |  | &nbsp;&nbsp; 22518 | &nbsp;&nbsp;&nbsp; 1161 | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| Payable for capital shares redeemed |  | &nbsp;&nbsp; 614820 | &nbsp;&nbsp;&nbsp; 81614 | &nbsp;&nbsp; 24707 | &nbsp;&nbsp; —  |
| Payable for expenses and other liabilities | 5575 | &nbsp;&nbsp; 5131 | &nbsp;&nbsp;&nbsp; 3776 | &nbsp;&nbsp; 1042 | &nbsp;&nbsp; 4667  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 74789 | &nbsp;&nbsp; 68327056 | &nbsp;&nbsp;&nbsp; 2647277 | &nbsp;&nbsp; 32842358 | &nbsp;&nbsp; 53212  |
| **NET ASSETS** | $71191500 | &nbsp;&nbsp; $566765251 | &nbsp;&nbsp;&nbsp; $19351935 | &nbsp;&nbsp; $34794220 | &nbsp;&nbsp; $44107193  |
| **Net Assets Consists of:** <br>|  |  |  |  |  |
| Paid-in capital | $61927607 | &nbsp;&nbsp; $358134801 | &nbsp;&nbsp;&nbsp; $15125518 | &nbsp;&nbsp; $421045508 | &nbsp;&nbsp; $36658343  |
| Total distributable earnings/(accumulated losses) | 9263893 | &nbsp;&nbsp; 208630450 | &nbsp;&nbsp;&nbsp; 4226417 | &nbsp;&nbsp; (386251288) | &nbsp;&nbsp; 7448850  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $71191500 | &nbsp;&nbsp; $566765251 | &nbsp;&nbsp;&nbsp; $19351935 | &nbsp;&nbsp; $34794220 | &nbsp;&nbsp; $44107193  |
| Net assets | $71191500 | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $44107193  |
| Shares issued and outstanding<sup>(a)</sup> | 1875000 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1106875  |
| Net asset value per share | $37.97 | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $39.85  |
| **Institutional** <br>|  |  |  |  |  |
| Net assets | $— | &nbsp;&nbsp; $321961961 | &nbsp;&nbsp;&nbsp; $16749988 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $—  |
| Shares issued and outstanding<sup>(a)</sup> |  | &nbsp;&nbsp; 13323182 | &nbsp;&nbsp;&nbsp; 1658973 | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| Net asset value per share | $— | &nbsp;&nbsp; $24.17 | &nbsp;&nbsp;&nbsp; $10.10 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $—  |
| **Retail** <br>|  |  |  |  |  |
| Net assets | $— | &nbsp;&nbsp; $244803290 | &nbsp;&nbsp;&nbsp; $2601947 | &nbsp;&nbsp; $34794220 | &nbsp;&nbsp; $—  |
| Shares issued and outstanding<sup>(a)</sup> |  | &nbsp;&nbsp; 10167765 | &nbsp;&nbsp;&nbsp; 263331 | &nbsp;&nbsp; 1706058 | &nbsp;&nbsp; —  |
| Net asset value per share | $— | &nbsp;&nbsp; $24.08 | &nbsp;&nbsp;&nbsp; $9.88 | &nbsp;&nbsp; $20.39 | &nbsp;&nbsp; $—  |
| **Cost:** <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $54974359 | &nbsp;&nbsp; $313003245 | &nbsp;&nbsp;&nbsp; $14104689 | &nbsp;&nbsp; $5981099 | &nbsp;&nbsp; $35762176  |
| &nbsp;&nbsp;&nbsp; Foreign currency, at cost | $— | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1711 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $—  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities sold short proceeds | $— | &nbsp;&nbsp; $69911947 | &nbsp;&nbsp;&nbsp; $2531109 | &nbsp;&nbsp; $34759756 | &nbsp;&nbsp; $— |

---

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

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

18<br>

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

**The Leuthold Funds** 

**Statements of Operations** 

**For the Year Ended September 30, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Leuthold** <br>**Core ETF** | **Leuthold Core** <br>**Investment Fund** | **Leuthold Global** <br>**Fund** | **Leuthold Grizzly** <br>**Short Fund** | **Leuthold Select** <br>**Industries ETF**  |
| **INVESTMENT INCOME:** <br>|  |  |  |  |  |
| Dividend income | $1481974 | &nbsp;&nbsp;&nbsp; $7857511 | &nbsp;&nbsp;&nbsp; $478869 | &nbsp;&nbsp;&nbsp; $606380 | &nbsp;&nbsp;&nbsp; $278188  |
| Less: Dividend withholding taxes |  | &nbsp;&nbsp;&nbsp; (89149) | &nbsp;&nbsp;&nbsp; (30900) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5568)  |
| Less: Issuance fees |  | &nbsp;&nbsp;&nbsp; (14368) | &nbsp;&nbsp;&nbsp; (2756) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(789)  |
| Interest income | 207837 | &nbsp;&nbsp;&nbsp; 3735855 | &nbsp;&nbsp;&nbsp; 144850 | &nbsp;&nbsp;&nbsp; 1202448 | &nbsp;&nbsp;&nbsp; 8441  |
| Broker interest income |  | &nbsp;&nbsp;&nbsp; 3035788 | &nbsp;&nbsp;&nbsp; 110382 | &nbsp;&nbsp;&nbsp; 1683698 | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 1689811 | &nbsp;&nbsp;&nbsp; 14525637 | &nbsp;&nbsp;&nbsp; 700445 | &nbsp;&nbsp;&nbsp; 3492526 | &nbsp;&nbsp;&nbsp; 280272  |
| **EXPENSES:** <br>|  |  |  |  |  |
| Investment advisory fee (see Note 6) | 377660 | &nbsp;&nbsp;&nbsp; 4806807 | &nbsp;&nbsp;&nbsp; 172298 | &nbsp;&nbsp;&nbsp; 529203 | &nbsp;&nbsp;&nbsp; 118138  |
| Dividends expenses |  | &nbsp;&nbsp;&nbsp; 796580 | &nbsp;&nbsp;&nbsp; 38909 | &nbsp;&nbsp;&nbsp; 514405 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Fund administration and accounting fees <br>(see Note 6) | 97371 | &nbsp;&nbsp;&nbsp; 324630 | &nbsp;&nbsp;&nbsp; 47038 | &nbsp;&nbsp;&nbsp; 41665 | &nbsp;&nbsp;&nbsp; 44014  |
| Transfer agent fees (see Note 6) | 51090 | &nbsp;&nbsp;&nbsp; 448249 | &nbsp;&nbsp;&nbsp; 41277 | &nbsp;&nbsp;&nbsp; 37430 | &nbsp;&nbsp;&nbsp; 20061  |
| Audit fees | 23597 | &nbsp;&nbsp;&nbsp; 31537 | &nbsp;&nbsp;&nbsp; 31377 | &nbsp;&nbsp;&nbsp; 26126 | &nbsp;&nbsp;&nbsp; 27097  |
| Trustees' fees | 22852 | &nbsp;&nbsp;&nbsp; 38984 | &nbsp;&nbsp;&nbsp; 20671 | &nbsp;&nbsp;&nbsp; 21270 | &nbsp;&nbsp;&nbsp; 20622  |
| Reports to shareholders | 11222 | &nbsp;&nbsp;&nbsp; 50585 | &nbsp;&nbsp;&nbsp; 8239 | &nbsp;&nbsp;&nbsp; 12355 | &nbsp;&nbsp;&nbsp; 6119  |
| Legal fees | 10725 | &nbsp;&nbsp;&nbsp; 13993 | &nbsp;&nbsp;&nbsp; 11560 | &nbsp;&nbsp;&nbsp; 8520 | &nbsp;&nbsp;&nbsp; 9911  |
| Other extraordinary expenses (See Note 11)  | 9717  | &nbsp;&nbsp;&nbsp; 31315  | &nbsp;&nbsp;&nbsp; 736  | &nbsp;&nbsp;&nbsp; 1701  | &nbsp;&nbsp;&nbsp; 1297 |
| Custodian fees (see Note 6) | 9501 | &nbsp;&nbsp;&nbsp; 52606 | &nbsp;&nbsp;&nbsp; 19976 | &nbsp;&nbsp;&nbsp; 5040 | &nbsp;&nbsp;&nbsp; 17441  |
| Compliance fees | 3136 | &nbsp;&nbsp;&nbsp; 22738 | &nbsp;&nbsp;&nbsp; 829 | &nbsp;&nbsp;&nbsp; 1814 | &nbsp;&nbsp;&nbsp; 782  |
| Shareholder service costs – Retail (See Note 8) |  | &nbsp;&nbsp;&nbsp; 226439 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 30805 | &nbsp;&nbsp;&nbsp; 3575  |
| Distribution expenses – Retail (See Note 7) |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7465 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| Federal and state registration fees |  | &nbsp;&nbsp;&nbsp; 52156 | &nbsp;&nbsp;&nbsp; 37962 | &nbsp;&nbsp;&nbsp; 29641 | &nbsp;&nbsp;&nbsp; 20151  |
| Other | 7093 | &nbsp;&nbsp;&nbsp; 35475 | &nbsp;&nbsp;&nbsp; 9897 | &nbsp;&nbsp;&nbsp; 9131 | &nbsp;&nbsp;&nbsp; 7101  |
| &nbsp;&nbsp;&nbsp; Total expenses | 623964 | &nbsp;&nbsp;&nbsp; 6932094 | &nbsp;&nbsp;&nbsp; 448234 | &nbsp;&nbsp;&nbsp; 1269106 | &nbsp;&nbsp;&nbsp; 296309  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser <br>(see Note 6) | (123290) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (65309) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (133375)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 500674 | &nbsp;&nbsp;&nbsp; 6932094 | &nbsp;&nbsp;&nbsp; 382925 | &nbsp;&nbsp;&nbsp; 1269106 | &nbsp;&nbsp;&nbsp; 162934  |
| **Net investment income** | 1189137 | &nbsp;&nbsp;&nbsp; 7593543 | &nbsp;&nbsp;&nbsp; 317520 | &nbsp;&nbsp;&nbsp; 2223420 | &nbsp;&nbsp;&nbsp; 117338  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 6886697 | &nbsp;&nbsp;&nbsp; 57581075 | &nbsp;&nbsp;&nbsp; 2179303 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2815833  |
| &nbsp;&nbsp;&nbsp; Securities sold short |  | &nbsp;&nbsp;&nbsp; (13874026) | &nbsp;&nbsp;&nbsp; (475264) | &nbsp;&nbsp;&nbsp; (7041405) | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Distributions received from other investment companies | 103 | &nbsp;&nbsp;&nbsp; 649 | &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation |  | &nbsp;&nbsp;&nbsp; (1986) | &nbsp;&nbsp;&nbsp; (1241) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| Net realized gain (loss) | 6886800 | &nbsp;&nbsp;&nbsp; 43705712 | &nbsp;&nbsp;&nbsp; 1702823 | &nbsp;&nbsp;&nbsp; (7041405) | &nbsp;&nbsp;&nbsp; 2815833  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (1824746) | &nbsp;&nbsp;&nbsp; (447441) | &nbsp;&nbsp;&nbsp; (481935) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1173454  |
| &nbsp;&nbsp;&nbsp; Securities sold short |  | &nbsp;&nbsp;&nbsp; 3430726 | &nbsp;&nbsp;&nbsp; 58186 | &nbsp;&nbsp;&nbsp; 2545913 | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Forward currency contracts |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation |  | &nbsp;&nbsp;&nbsp; (20212) | &nbsp;&nbsp;&nbsp; 4196 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
|  Net change in unrealized appreciation (depreciation) | (1824746) | &nbsp;&nbsp;&nbsp; 3450938 | &nbsp;&nbsp;&nbsp; (419553) | &nbsp;&nbsp;&nbsp; 2545913 | &nbsp;&nbsp;&nbsp; 1173458  |
| **Net realized and unrealized gain (loss)** | 5062054 | &nbsp;&nbsp;&nbsp; 47156650 | &nbsp;&nbsp;&nbsp; 1283270 | &nbsp;&nbsp;&nbsp; (4495492) | &nbsp;&nbsp;&nbsp; 3989291  |
| &nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN** <br>**NET ASSETS RESULTING FROM OPERATIONS** | $6251191 | &nbsp;&nbsp;&nbsp; $54750193 | &nbsp;&nbsp;&nbsp; $1600790 | &nbsp;&nbsp;&nbsp; $(2272072) | &nbsp;&nbsp;&nbsp; $4106629 |

---

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

19<br>

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

**Leuthold Core ETF & Core Investment Fund** 

**Statements of Changes in Net Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Leuthold Core ETF** | **Leuthold Core ETF** | **Leuthold Core Investment Fund**  | **Leuthold Core Investment Fund**  |
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $1189137 | $1484807 | $7593543 | $8215550  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 6886800 | 3903423 | 43705712 | 30418880  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (1824746) | 8113496 | 3450938 | 58022742  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 6251191 | 13501726 | 54750193 | 96657172  |
| **DISTRIBUTIONS TO SHAREHOLDERS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (1502155) | (1180984) |  | —  |
| &nbsp;&nbsp;&nbsp; From earnings - Institutional |  |  | (20348078) | (15846557)  |
| &nbsp;&nbsp;&nbsp; From earnings - Retail |  |  | (15427273) | (13825863)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (1502155) | (1180984) | (35775351) | (29672420)  |
| **CAPITAL TRANSACTIONS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 20107313 | 27062742 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (42129392) | (17577455) |  | —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional |  |  | 41428032 | 70591907  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Institutional |  |  | 19409922 | 14480922  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional |  |  | (64572675) | (58883906)  |
| &nbsp;&nbsp;&nbsp; Redemption fees - Institutional |  |  | 1056 | 588  |
| &nbsp;&nbsp;&nbsp; Shares sold - Retail |  |  | 21731768 | 28273716  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Retail |  |  | 15020459 | 13270549  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Retail |  |  | (56870662) | (55116468)  |
| &nbsp;&nbsp;&nbsp; Redemption fees - Retail |  |  | 833 | 495  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (22022079) | 9485287 | (23851267) | 12617803  |
| **Net increase (decrease) in net assets** | (17273043) | 21806029 | (4876425) | 79602555  |
| **NET ASSETS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 88464543 | 66658514 | 571641676 | 492039121  |
| &nbsp;&nbsp;&nbsp; End of the year | $71191500 | $88464543 | $566765251 | $571641676  |
| **SHARES TRANSACTIONS** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 575000 | 825000 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (1200000) | (525000) |  | —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional |  |  | 1820789 | 3316345  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Institutional |  |  | 871534 | 693873  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional |  |  | (2903811) | (2711090)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Retail |  |  | 992367 | 1301754  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Retail |  |  | 677954 | 640724  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Retail |  |  | (2572130) | (2565750)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (625000) | 300000 | (1113297) | 675856 |

---

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

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

**Leuthold Global Fund & Grizzly Short Fund** 

**Statements of Changes in Net Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Leuthold Global Fund** | **Leuthold Global Fund** | **Leuthold Grizzly Short Fund**  | **Leuthold Grizzly Short Fund**  |
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $317520 | $366004 | $2223420 | $5370665  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1702823 | 1209190 | (7041405) | (7992921)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (419553) | 1350316 | 2545913 | (8497592)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 1600790 | 2925510 | (2272072) | (11119848)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Institutional | (1218357) | (494163) |  | —  |
| &nbsp;&nbsp;&nbsp; From earnings - Retail | (247655) | (88516) | (3570368) | (5495575)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (1466012) | (582679) | (3570368) | (5495575)  |
| **CAPITAL TRANSACTIONS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional | 339717 | 586158 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Institutional | 1058257 | 441331 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional | (2276343) | (6025305) |  | —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Retail | 175338 | 128730 | 23726552 | 39205170  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Retail | 233549 | 83467 | 3327317 | 4759773  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Retail | (1204225) | (966653) | (40348846) | (83748152)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (1673707) | (5752272) | (13294977) | (39783209)  |
| **Net increase (decrease) in net assets**  | (1538929) | (3409441) | (19137417) | (56398632)  |
| **NET ASSETS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 20890864 | 24300305 | 53931637 | 110330269  |
| &nbsp;&nbsp;&nbsp; End of the year | $19351935 | $20890864 | $34794220 | $53931637  |
| **SHARES TRANSACTIONS** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional | 36007 | 61545 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Institutional | 115255 | 47201 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional | (236020) | (629799) |  | —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Retail | 18877 | 14095 | 4202417 | 5828582  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Retail | 25953 | 9092 | 621548 | 751499  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Retail | (130860) | (105496) | (7082781) | (12283327)  |
| &nbsp;&nbsp;&nbsp; Reverse Stock Split (see Note 10) |  |  | (5252193) | —  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (170788) | (603362) | (7511009) | (5703246) |

---

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

21<br>

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

**Leuthold Select Industries ETF** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Leuthold Select Industries ETF**  | **Leuthold Select Industries ETF**  |
|  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **2025** | **2024** |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $117338 | $(43160)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 2815833 | 2005222  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 1173458 | 2323281  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 4106629 | 4285343  |
| **DISTRIBUTIONS TO SHAREHOLDERS:** <br>|  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (2060438) | (601973)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (2060438) | (601973)  |
| **CAPITAL TRANSACTIONS:** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 36060301 | 5855587  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 2028539 | 592596  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (10799940) | (8970764)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 27288900 | (2522581)  |
| **Net increase (decrease) in net assets** | 29335091 | 1160789  |
| **NET ASSETS:** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 14772102 | 13611313  |
| &nbsp;&nbsp;&nbsp; End of the year | $44107193 | $14772102  |
| **SHARES TRANSACTIONS** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 982564 | 165556  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 57564 | 18256  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (298880) | (241533)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 741248 | (57721) |

---

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

22<br>

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

**Leuthold Core ETF** 

**Financial Highlights** 

---

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

---

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

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

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

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

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

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

23<br>

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

**Leuthold Core Investment Fund** 

**Financial Highlights** 

**Institutional Class** 

---

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

---

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

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

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

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

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

24<br>

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

**Leuthold Core Investment Fund** 

**Financial Highlights** 

**Retail** 

---

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

---

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

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

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

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

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

25<br>

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

**Leuthold Global Fund** 

**Financial Highlights** 

**Institutional** 

---

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

---

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

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

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

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

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

26<br>

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

**Leuthold Global Fund** 

**Financial Highlights** 

**Retail** 

---

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

---

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

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

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

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

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

27<br>

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

**Leuthold Grizzly Short Fund** 

**Financial Highlights** 

**Retail** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA<sup>(a)</sup>** <br>|  |  |  |  |  |
| Net asset value, beginning of year | $23.40 | $29.56 | $37.00 | $28.60 | $43.28  |
| **INVESTMENT OPERATIONS:** <br>|  |  |  |  |  |
| Net investment income (loss)<sup>(b)</sup> | 1.16 | 1.92 | 1.56 | (0.40) | (0.92)  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | (2.33) | (6.00) | (7.80) | 8.80 | (13.76)  |
| **Total from investment operations** | (1.17) | (4.08) | (6.24) | 8.40 | (14.68)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (1.84) | (2.08) | (1.20) |  | —<sup>(d)</sup>  |
| **Total distributions** | (1.84) | (2.08) | (1.20) |  | —  |
| **Net asset value, end of year** | $20.39 | $23.40 | $29.56 | $37.00 | $28.60  |
| TOTAL RETURN | -5.12% | -14.14% | -16.77% | 29.37% | -33.92%  |
| **SUPPLEMENTAL DATA AND RATIOS:** <br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $34794 | $53932 | $110330 | $197384 | $60697  |
| Ratio of expenses to average net assets | 3.00% | 2.91% | 2.71% | 2.68% | 2.93%  |
|  Ratio of dividends, interest, borrowing expense, and other extraordinary expenses on securities sold short to average net assets | 1.22% | 1.25% | 1.08% | 1.07% | 1.25%  |
|  Ratio of operational expenses to average net asses excluding dividends, interest, borrowing expense, and other extraordinary expenses on securities sold short | 1.78% | 1.66% | 1.63% | 1.61% | 1.68%  |
|  Ratio of net investment income (loss) to average net assets | 5.25% | 7.11% | 4.99% | (1.22)% | (2.93)%  |
| Portfolio turnover rate | 0% | 0% | 0% | 0% | 0% |

---

<sup>(a)</sup> During the year ended September 30, 2025, the Fund effected the following reverse split: September 23, 2025, 1 for 4. All historical per share information has been retroactively adjusted to reflect this reverse split.

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

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

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

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

28<br>

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

**Leuthold Select Industries ETF** 

**Financial Highlights** 

---

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

---

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

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

<sup>(c)</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 1.51% and 0.82% for the year ended September 30, 2025, and 1.78% and 1.50% for the year ended September 30, 2024. 

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

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

29<br>

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

**The Leuthold Funds** 

**Notes to the Financial Statements** 

**September 30, 2025** 

&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 |

---

The Leuthold Core ETF is a fund of funds, and therefore invests in other funds instead of individual securities. The Leuthold Core ETF invests primarily in a combination of U.S. and international equity and bond funds.

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 11 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 10,000 shares, called "Creation Units." Creation Units are issued and redeemed principally in-kind for securities included in a specified universe, with cash included to balance to the Creation Unit total. Once created, shares generally trade in the secondary market at market prices that change throughout the day in amounts less than a Creation Unit. Except when aggregated in Creation Units, shares are not redeemable securities of the Funds. Shares of the Funds may only be purchased or redeemed by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participation Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

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

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

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

**Federal Income Taxes – The Funds intend to comply with the requirements of subchapter M of the Internal Revenue Code of 1986, as amended, necessary to qualify as regulated investment companies and distribute substantially all net taxable investment income and net realized gains to shareholders in a manner which results in no tax cost to the Funds. Therefore, no federal income tax provision is required. As of and during the year ended** 

30<br>

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

**The Leuthold Funds** 

**Notes to the Financial Statements** 

**September 30, 2025(Continued)** 

September 30, 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 Statement of Operations. As of and during the year ended September 30, 2025, the Fund did not have liabilities for any unrecognized tax benefits. The Fund is not subject to examination by U.S. tax authorities for tax years prior to the year ended September 30, 2022.

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

Core Investment Fund, Global Fund, and Grizzly Short Fund will make distributions of net investment income, if any, quarterly. Core ETF and Select Industries ETF will make distributions of net investment income, if any, annually. Each Fund make distributions of net realized capital gains, if any, annually. The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, GAAP requires that they be reclassified in the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations or net asset values per share of the Funds. For the year ended September 30, 2025, the Core ETF decreased distributable earnings by 7,470,307 and increased paid-in capital by 7,470,307. These adjustments were due to redemptions in-kind. The Core Investment Fund decreased distributable earnings by 8,251,376 and increased paid-in capital by 8,251,376. These adjustments were due to the use of equalization. The Global Fund decreased distributable earnings by 204,307 and increased paid-in capital by 204,307. These adjustments were due to the use of equalization. The Select Industries ETF decreased distributable earnings by 2,104,351 and increased paid-incapital by 2,104,351. These adjustments were due to redemptions in-kind and the use of equalization. The Grizzly Short Fund had no such adjustments.

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

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

**Allocation of Income, Expenses and Gains/Losses – Income, expenses (other than those deemed attributable to a specific share class), and gains and losses of the Funds are allocated daily to each class of shares based upon the ratio** 

31<br>

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

**The Leuthold Funds** 

**Notes to the Financial Statements** 

**September 30, 2025(Continued)** 

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 could result in unlimited loss. As collateral for their securities sold short, the Funds are required under the 1940 Act to maintain segregated assets consisting of cash, cash equivalents, or liquid securities. These segregated assets are valued consistent with Note 3. The amount of segregated assets is required to be adjusted daily to reflect changes in the fair value of the securities sold short. The Leuthold Core Investment Fund, Leuthold Global Fund, and Leuthold Grizzly Short Fund's collateral at broker for securities sold short is with one major international security dealer.** 

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

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

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

**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.

32<br>

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

**The Leuthold Funds** 

**Notes to the Financial Statements** 

**September 30, 2025(Continued)** 

Level 3 –

Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

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

**Common Stock – Securities that are primarily traded on a national securities exchange are valued at the last sale price on the exchange on which they are primarily traded on the day of valuation or, if there has been no sale on such day, at the mean between the bid and ask prices. Securities traded primarily on the Nasdaq Global Market System for which market quotations are readily available are valued using the Nasdaq Official Closing Price ("NOCP"). If the 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 Funds and their Valuation Designee (as defined below) in calculating the Funds' NAV. Pursuant to Rule 2a-5 under the 1940 Act, the Funds 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.

33<br>

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

**The Leuthold Funds** 

**Notes to the Financial Statements** 

**September 30, 2025(Continued)** 

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 September 30, 2025:

**Leuthold Core Investment Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $396898335 | $— | $0<sup>(a)(b)</sup> | $396898335  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | 48667919 |  |  | 48667919  |
| &nbsp;&nbsp;&nbsp; Foreign Government Debt Obligations |  | 11357942 |  | 11357942  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities |  | 10217117 |  | 10217117  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts - Common | 395523 |  |  | 395523  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 14952749 |  | 14952749  |
| **Total Investments** | $445961777 | $36527808 | $0<sup>(a)(b)</sup> | $482489585  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $(41328029) | $— | $— | $(41328029)  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | (24784955) |  |  | (24784955)  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts | (901983) |  |  | (901983)  |
| **Total Investments** | $(67014967) | $— | $— | $(67014967) |

---

<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 | $7505402 | $6454186 | $0<sup>(a)(b)</sup> | $13959588  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | 1618023 |  |  | 1618023  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities |  | 505896 |  | 505896  |
| &nbsp;&nbsp;&nbsp; Foreign Government Debt Obligations |  | 409927 |  | 409927  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 498425 |  | 498425  |
| **Total Investments** | $9123425 | $7868434 | $0<sup>(a)(b)</sup> | $16991859  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | $(1732007) | $— | $— | $(1732007)  |
| &nbsp;&nbsp;&nbsp; Common Stocks | (750127) |  |  | (750127)  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts - Common | (16309) |  |  | (16309)  |
| **Total Investments** | $(2498443) | $— | $— | $(2498443) |

---

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

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

34<br>

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

**The Leuthold Funds** 

**Notes to the Financial Statements** 

**September 30, 2025(Continued)** 

**Leuthold Select Industries ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $43050217 | $— | $— | $43050217  |
| **Total Investments** | $43050217 | $— | $— | $43050217 |

---

**Leuthold Grizzly Short Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills | $— | $5981099 | $— | $5981099  |
| **Total Investments** | $— | $5981099 | $— | $5981099  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $(24020139) | $— | $— | $(24020139)  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | (8160261) |  |  | (8160261)  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts - Common | (523800) |  |  | (523800)  |
| **Total Investments** | $(32704200) | $— | $— | $(32704200) |

---

**Leuthold Core ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | $64883940 | $— | $— | $64883940  |
| **Total Investments** | $64883940 | $— | $— | $64883940 |

---

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Leuthold 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 | $243480246 | $11741118 | $36014576 | $(28678565) | $55624382  |
| Unrealized Appreciation | 175255538 | 4131952 | 7559967 | 2892594 | 11267941  |
| Unrealized Depreciation | (2961166) | (1379654) | (524326) | (937130) | (2008383)  |
| Net Appreciation | $172294372 | $2752298 | $7035641 | $1955464 | $9259558 |

---

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

35<br>

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

**The Leuthold Funds** 

**Notes to the Financial Statements** 

**September 30, 2025(Continued)** 

At September 30, 2025, the Funds' most recent fiscal year end, the components of accumulated earnings (accumulated losses) 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 | $128107 | $107857 | $95101 | $203720 | $722085  |
|  Undistributed long-term gains | 36207415 | 1365430 | 318108 |  | —  |
| Distributable earnings | 36335522 | 1473287 | 413209 | 203720 | 722085  |
|  Capital loss carryover and late-year losses |  |  |  | (388410472) | (717750)  |
|  Other accumulated gains (losses) | 556 | 832 |  |  | —  |
|  Unrealized appreciation (depreciation) | 172294372 | 2752298 | 7035641 | 1955464 | 9259558  |
|  Total accumulated earnings (accumulated losses) | $208630450 | $4226417 | $7448850 | $(386251288) | $9263893 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Leuthold 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 | $— | $— | $— | $(388410472) | $(592671)  |
| Unlimited Long-Term |  |  |  |  | (125079) |

---

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

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

**Year Ended September 30, 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\*  | $8600106  | $339274  | $274998  | $3570368  | $1502155  |
| &nbsp;&nbsp;&nbsp; Long Term Capital Gain\*\*  | 27175245  | 1126738  | 1785440  | —  | —  |
| **Total Distributions Paid**  | $35775351  | $1466012  | $2060438  | $3570368  | $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).

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

**The Leuthold Funds** 

**Notes to the Financial Statements** 

**September 30, 2025(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 year ended September 30, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Leuthold Core** <br>**Investment Fund**  | **Leuthold** <br>**Global Fund**  | **Leuthold Select** <br>**Industries ETF**  | **Leuthold** <br>**Core ETF**  |
| Purchases  | $282734756 | $10137939 | $15510137 | $38887825  |
| Sales | 354569956 | 13124772 | 20212245 | 38109774 |

---

Purchases and sales of U.S. Government securities for the year ended September 30, 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 year ended September 30, 2025, in-kind transactions associated with creations and redemptions were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases**  | **Sales**  |
| Leuthold Select Industries ETF  | $34800595  | $5686304  |
| Leuthold Core ETF  | 17864911  | 38453957 |

---

During the year ended September 30, 2025, net capital gains resulting from in-kind redemptions were as follows:

---

| | |
|:---|:---|
| Leuthold Select Industries ETF  | $1677755  |
| Leuthold Core ETF  | 8029832 |

---

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

&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 12B-1 fees, shareholder service fees, 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.

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

**The Leuthold Funds** 

**Notes to the Financial Statements** 

**September 30, 2025(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 September 30, 2025 are as follows:

**Leuthold Global Fund** 

---

| | |
|:---|:---|
| **Month of** <br>**Expiration** | **Recoverable** <br>**Amount**  |
| 9/30/2027 | $1816  |
| 9/30/2028 | 65309 |

---

**Leuthold Select Industries ETF** 

---

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

---

**Leuthold Core ETF** 

---

| | |
|:---|:---|
| **Month of** <br>**Expiration** | **Recoverable** <br>**Amount**  |
| 9/30/2026 | $48986  |
| 9/30/2027 | 45007  |
| 9/30/2028 | 123290 |

---

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.

Effective January 17, 2025, 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 January 17, 2025 through September 30, 2025 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Core ETF** | **Core** <br>**Investment** <br>**Fund** | **Global** <br>**Fund** | **Grizzly** <br>**Short** <br>**Fund** | **Select** <br>**Industries** <br>**ETF** |
| Expense | Expense | Expense | Expense | Expense | Expense |
| Fund Administration & Accounting  | $76184  | $203267  | $36286  | $28247  | $36150  |
| Transfer Agency  | 39406  | 274597  | 31347  | 23955  | 15362  |
| Custody  | 4723  | 36248  | 16573  | 3600  | 13840  |
| Chief Compliance Officer  | 3136  | 22738  | 829  | 1814  | 782 |

---

&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

38<br>

------

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

**The Leuthold Funds** 

**Notes to the Financial Statements** 

**September 30, 2025(Continued)** 

investors. The Fund may pay all or a portion of this fee to any securities dealer, financial institution, or any other person who renders personal service to the Fund's shareholders, assists in the maintenance of the Fund's shareholder accounts, or who renders assistance in distributing or promoting the sale of shares of the Fund pursuant to a written agreement approved by the Trustees. To the extent such fee is not paid to such persons, the Fund may use the fee for its expenses of distribution of its shares, including, but not limited to, payment by the Fund of the cost of preparing, printing, and distributing Prospectuses and Statements of Additional Information to prospective investors and of implementing and operating the plan.

&nbsp;&nbsp;&nbsp;&nbsp;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. **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 September 30, 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; 40.85% | Record  |
| Global Fund |  |  | Record |
| Select Industries ETF |  |  | Record |
| Grizzly Short Fund | Charles Schwab | &nbsp;&nbsp;&nbsp; 29.42% | Record  |
| Core ETF |  |  | Record |

---

&nbsp;&nbsp;&nbsp;&nbsp;10. **Reverse Stock Split** 

During the current fiscal period, shares of Leuthold Grizzly Short Fund were adjusted to reflect a reverse stock split. The effect of this reverse stock split was to reduce the number of shares outstanding in the Fund while maintaining the Fund's and each shareholder's aggregate net asset value. All historical per share information has been retroactively adjusted to reflect this reverse stock split. Set forth below are details regarding the reverse stock split effected on September 25, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Date** | **Rate** | **Net Asset** <br>**Value Before** <br>**Split** | **Net Asset** <br>**Value After** <br>**Split** | **Shares** <br>**Outstanding** <br>**Before Split** | **Shares** <br>**Outstanding** <br>**After Split**  |
| Leuthold Grizzly Short Fund | 9/25/2025 | 1 for 4 | &nbsp;&nbsp;&nbsp;&nbsp; $5.14 | &nbsp;&nbsp; $20.56 | 7002924 | 1750731 |

---

&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 as other extraordinary expenses.

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

39<br>

------

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

**The Leuthold Funds** 

**Notes to the Financial Statements** 

**September 30, 2025(Continued)** 

as of the date of the reorganization. Immediately prior to the reorganization, the net assets, fair value of investments, and net unrealized appreciation, net realized gain/loss and net income/loss 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 | &nbsp;&nbsp; $11548505 | $41071922 | $81019050  |
| Fair Value of Investments | $450872766 | $15585450 | &nbsp;&nbsp; $11257338 | $(11459876) | $81029302  |
|  Net Unrealized Appreciation (Depreciation) | $119598257 | $1078756 | &nbsp;&nbsp; $3744481 | $(1100883) | $8396352  |
| Net realized gain/loss  | $43548693  | $1494771  | &nbsp;&nbsp; $2529298  | $(2789820)  | $3303351  |
| Net Income  | $2013805  | $(356634)  | &nbsp;&nbsp; $(46938)  | $836907  | $(27750) |

---

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

40<br>

------

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

**The Leuthold Funds** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Shareholders of Leuthold Funds and

Board of Trustees of Managed Portfolio Series

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statements of assets and liabilities, including the schedules of investments and securities sold short, of Leuthold Core ETF, Leuthold Core Investment Fund, Leuthold Global Fund, Leuthold Grizzly Short Fund, and Leuthold Select Industries ETF ("Leuthold Funds" or the "Funds"), each a series of Managed Portfolio Series, as of September 30, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2025, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The Funds' financial highlights for the year ended September 30, 2021, were audited by other auditors whose report dated November 23, 2021, expressed an unqualified opinion on those financial highlights.

<u>Basis for Opi</u><u>nion</u>

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2022.

![](efp-19239_meckstroth.jpg)

COHEN & COMPANY, LTD.

Milwaukee, Wisconsin

November 26, 2025

41<br>

------

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

**The Leuthold Funds** 

**Additional Information (Unaudited)** 

**Availability of Fund Portfolio Information** 

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

**Availability of Proxy Voting Information** 

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

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

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

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

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

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.

42<br>

------

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

**The Leuthold Funds** 

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

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

See the Statement of Operations.

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

Not applicable.

43<br>

------

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

**INVESTMENT ADVISER** 

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

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

**Minneapolis, MN 55403** 

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

**Cohen & Company, Ltd.** 

**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 Funds' Statement of Additional Information contains additional information about the Funds' 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>**

Not applicable.

**<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.* Filed herewith.](lacs-efp19239_ex99code.htm)

&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.](lacs-efp19239_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.](lacs-efp19239_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>December 3, 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>December 3, 2025</u>

---

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

---

Date <u>December 3, 2025</u>

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

## Ex-99.Codeeth

**EX.99.CODE ETH**

**MANAGED PORTFOLIO SERIES**

**Code of Ethics for Principal Officers**

**April 6, 2011**

This Code of Ethics is designed to comply with Section 406 of the Sarbanes-Oxley Act of 2002 and the rules promulgated by the Securities and Exchange Commission (the "SEC") thereunder. This Code of Ethics is in addition to, not in replacement of, the Managed Portfolio Series (the "Trust") Code of Ethics for access persons (the "Investment Company Code of Ethics"), adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940, as amended (the "Investment Company Act"). The persons covered by this Code of Ethics may also be subject to the Investment Company Code of Ethics.

The Trust requires its Principal Executive Officer, Principal Financial Officer, or other Trust officers performing similar functions (the "Principal Officers"), to maintain the highest ethical and legal standards while performing their duties and responsibilities to the Trust and each of its series (each a "Fund," collectively the "Funds"), with particular emphasis on those duties that relate to the preparation and reporting of the financial information of the Funds. The principles and responsibilities set forth below shall govern the professional conduct of the Principal Officers.

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **HONEST AND ETHICAL CONDUCT** 

The Principal Officers shall act with honesty and integrity, avoiding actual or apparent conflicts of interest in personal and professional relationships, and shall report any material transaction or relationship that reasonably could be expected to give rise to a conflict between their interests and those of a Fund to the Audit Committee, the full Board of Trustees of the Trust (the "Board"), and, in addition, to any other appropriate person or entity that may reasonably be expected address any conflict of interest in timely and expeditious manner.

No Principal Officer shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use
 his or her personal influence or personal relationships improperly to influence investment
 decisions or financial reporting by a Fund whereby the Principal Officer would benefit personally
 to the detriment of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cause
 a Fund to take action, or fail to take action, for the individual personal benefit of the
 Principal Officer rather than the benefit of the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• retaliate
 against any other Principal Officer or any employee of the Trust or its service providers
 for reports of potential violations by the Trust, its service providers or the Principal
 Officer that are made in good faith.

The Principal Officers shall act in good faith, responsibly, with due care, competence and diligence, without knowingly misrepresenting material facts about the Trust to others, whether within or outside the Trust, including the Trust's Board and auditors, and governmental regulators and self-regulatory organizations or allowing their independent judgment to be subordinated or compromised.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **FINANCIAL RECORDS AND REPORTING** 

The Principal Officers should familiarize themselves with the public disclosure requirements applicable to the Trust.

The Principal Officers shall, to the extent appropriate within their areas of responsibility, promote full, fair, accurate, timely and understandable disclosure in the reports and/or other documents to be filed with or submitted to the SEC or other applicable body by a Fund, or that is otherwise publicly disclosed or communicated.

Managed Portfolio Series

Code of Ethics for Principal Officers

The Principal Officers shall respect the confidentiality of information acquired in the course of their work and shall not disclose such information except when authorized or legally obligated to disclose. The Principal Officers will not use confidential information acquired in the course of their duties as Principal Officers for the benefit of any party other than the Trust and the Funds.

The Principal Officers shall share knowledge and maintain skills important and relevant to the Trust's needs; shall proactively promote the ethical behavior of the Trust's employees.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **COMPLIANCE WITH LAWS, RULES AND REGULATIONS** 

The Principal Officers shall promote compliance with applicable rules and regulations of federal, state, and local governments, and other appropriate private and public regulatory agencies and shall work with the Trust's Chief Compliance Officer and the Board to promptly address detected deviations from applicable federal, state or local laws, regulations or rules.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **COMPLIANCE WITH THIS CODE OF ETHICS** 

The Principal Officers shall promptly report any violations of this Code of Ethics to the Audit Committee as well as the full Board of Trustees of the Trust and shall be held accountable for strict adherence to this Code of Ethics. A proven failure to uphold the standards stated herein shall be grounds for such sanctions as shall be reasonably imposed by the Board of Trustees of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **AMENDMENT AND WAIVER** 

This Code of Ethics may only be amended or modified by approval of the Board of Trustees. Any substantive amendment that is not technical or administrative in nature or any material waiver, implicit or otherwise, of any provision of this Code of Ethics, shall be communicated publicly in accordance with Item 2 of Form N-CSR under the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **ACKNOWLEDGEMENT** 

The Principal Officers shall, in the form attached hereto as <u>Appendix 1</u>, acknowledge that they have received, read and understand this Code of Ethics upon adoption of this Code of Ethics or when initially hired or appointed, whichever occurs later. The Principal Officers shall annually, in the form attached hereto as <u>Appendix 2</u>, acknowledge receipt of and compliance with this Code of Ethics.

Managed Portfolio Series

Code of Ethics for Principal Officers

**APPENDIX 1**

ACKNOWLEDGMENT OF RECEIPT OF THE

CODE OF ETHICS FOR PRINCIPAL OFFICERS

I acknowledge that I have received, read and understand the Code of Ethics for Principal Officers and represent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. In
 accordance with the Code of Ethics for Principal Officers, I will report all violations of
 the Code of Ethics for Principal Officers to the Audit Committee as well as the full Board
 of Trustees of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. I
 do not currently know of any violations of the Code of Ethics for Principal Officers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. I
 will comply with the Code of Ethics for Principal Officers in all other respects.

---

| |
|:---|
| By: |
| Name: |
| Title: |

---

Trust or Fund Organization:  

Date:

Managed Portfolio Series

Code of Ethics for Principal Officers

Appendix 1, Page 1

**APPENDIX 2**

ANNUAL CERTIFICATION OF COMPLIANCE WITH

THE CODE OF ETHICS FOR PRINCIPAL OFFICERS

I certify that during the past year:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reported all violations of the Code of Ethics for Principal Officers of which I was
aware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. I have complied with the Code of Ethics for Principal Officers in all other respects; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. I
 have read and understand the Code of Ethics for Principal Officers and recognize that I am
 subject thereto.

---

| |
|:---|
| By: |
| Name: |
| Title: |

---

Trust or Fund Organization:  

Date:

Managed Portfolio Series

Code of Ethics for Principal Officers

Appendix 2, Page 1

## 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: | December 3, 2025 | /s/ Brian R. Wiedmeyer |
|  |  | Brian R. Wiedmeyer |
|  |  | Principal Executive Officer |

---

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

I, Benjamin J. Eirich, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | December 3, 2025 | /s/ Benjamin J. Eirich |
|  |  | Benjamin J. Eirich |
|  |  | Principal Financial Officer |

---

## Exhibit 99.906

**EX.99.906CERT**

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

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of Managed Portfolio Series, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of Managed Portfolio Series for the period ended September 30, 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 | Benjamin J. Eirich |
| Principal Executive Officer | Principal Financial Officer |

---

Date: <u>December 3, 2025</u> Date: <u>December 3, 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.