Leuthold Funds NPORT-P Leuthold Global Fund (Dec 2019 report)

Leuthold Global Fund
Schedule of Investments
December 31, 2019 (Unaudited)
	Shares		Fair Value
COMMON STOCKS - 62.16%
Banks - 4.41%
Banco do Brasil SA (b)		8,000	$	105,588
Bank Mandiri Persero Tbk PT (b)		200,000		110,513
China CITIC Bank Corp., Ltd. - H Shares (b)		154,000		92,339
Citizens Financial Group, Inc.		3,469		140,876
CTBC Financial Holding Co., Ltd. (b)		134,000		100,251
First Horizon National Corp.		6,751		111,797
Grupo Financiero Banorte SAB de CV (b)		17,000		94,911
Hilltop Holdings, Inc.		4,626		115,326
Nedbank Group, Ltd. (b)		4,984		76,314
Regions Financial Corp.		8,002		137,314
RHB Bank Bhd (b)		64,400		90,999
Sterling Bancorp		5,357		112,926
Taishin Financial Holding Co., Ltd. (b)		169,573		82,072
Thanachart Capital PCL - NVDR		47,600		84,929
Turkiye Halk Bankasi AS (b)		56,057		55,671
Valley National Bancorp (f)		9,276		106,210
				1,618,036
Building Products - 2.73%
American Woodmark Corp. (a)		1,241		129,697
Assa Abloy AB - Class B (b)		5,710		133,474
Builders FirstSource, Inc. (a)		5,385		136,833
Kingspan Group PLC (b)		2,546		155,501
Masco Corp. (f)		3,625		173,964
Owens Corning		2,207		143,720
Universal Forest Products, Inc.		2,702		128,885
				1,002,074
Capital Markets - 4.42%
Evercore, Inc. - Class A		1,598		119,467
The Goldman Sachs Group, Inc.		1,542		354,552
Haitong Securities Co., Ltd. - H Shares (b)		123,200		145,541
LPL Financial Holdings, Inc.		2,079		191,788
Meritz Securities Co., Ltd. (b)		26,157		85,506
Morgan Stanley		7,553		386,109
Raymond James Financial, Inc. (f)		2,029		181,514
Stifel Financial Corp.		2,614		158,539
				1,623,016
Construction Materials - 3.67%
Asia Cement Corp. (b)		75,000		120,052
Buzzi Unicem SpA (b)		4,500		113,432
China National Building Material Co., Ltd. - H Shares (b)		118,000		131,644
CRH PLC - ADR		4,787		193,060
HeidelbergCement AG (b)		2,238		162,625
LafargeHolcim, Ltd. (b)		3,308		183,519
Martin Marietta Materials, Inc. (f)		610		170,580
Taiheiyo Cement Corp. (b)		3,800		111,542
Vulcan Materials Co.		1,120		161,269
				1,347,723
Consumer Finance - 3.50%
Ally Financial, Inc.		6,994		213,737
Capital One Financial Corp.		3,118		320,873
Encore Capital Group, Inc. (a)		3,143		111,137
Krungthai Card PCL - NVDR		106,100		139,730
Santander Consumer USA Holdings, Inc. (f)		9,082		212,246
Synchrony Financial		7,996		287,936
				1,285,659
Entertainment - 3.09%
Activision Blizzard, Inc.		4,268		253,604
Electronic Arts, Inc. (a)		2,223		238,995
Konami Holdings Corp. (b)		3,600		147,933
NetEase, Inc. - ADR (f)		826		253,285
Nintendo Co., Ltd. (b)		600		239,976
				1,133,793
Food & Staples Retailing - 4.22%
Alimentation Couche-Tard, Inc. - Class B (b)		6,994		221,957
Koninklijke Ahold Delhaize NV (b)		8,639		216,601
The Kroger Co.		6,262		181,535
Seven & i Holdings Co., Ltd. (b)		5,600		205,271
US Foods Holding Corp. (a)		3,906		163,622
Walgreens Boots Alliance, Inc.		4,004		236,076
Walmart, Inc.		2,728		324,196
				1,549,258
Health Care Providers & Services - 3.30%
CVS Health Corp.		2,690		199,840
Fresenius SE & Co. KGaA (b)		3,132		176,249
Henry Schein, Inc. (a)(f)		1,908		127,302
Laboratory Corp. of America Holdings (a)		988		167,140
McKesson Corp.		1,122		155,195
Medipal Holdings Corp. (b)		4,700		103,731
Quest Diagnostics, Inc.		1,610		171,932
Sonic Healthcare, Ltd. (b)		5,400		108,880
				1,210,269
Household Durables - 3.86%
Barratt Developments PLC (b)		19,887		196,911
Haseko Corp. (b)		13,500		181,222
Lennar Corp. - Class A		3,943		219,980
Meritage Homes Corp. (a)		3,731		228,001
Redrow PLC (b)		20,119		198,582
Toll Brothers, Inc.		5,321		210,233
TRI Pointe Group, Inc. (a)		11,734		182,816
				1,417,745
Insurance - 3.80%
Dai-ichi Life Holdings, Inc. (b)		9,300		153,267
Legal & General Group PLC (b)		49,654		199,464
Lincoln National Corp.		1,578		93,118
Medibank Pvt, Ltd. (b)		59,241		131,291
MetLife, Inc.		6,090		310,407
Old Mutual, Ltd. (b)		40,104		55,972
Ping An Insurance Group Co. of China, Ltd. - H Shares (b)		27,000		319,504
Prudential Financial, Inc.		1,418		132,923
				1,395,946
Interactive Media & Services - 2.81%
Alphabet, Inc. - Class A (a)(f)		301		403,156
Auto Trader Group PLC (b)		16,105		127,184
Facebook, Inc. - Class A (a)		1,206		247,532
Twitter, Inc. (a)		3,782		121,213
Yandex NV - Class A (a)(b)		3,012		130,992
				1,030,077
IT Services - 7.41%
Accenture PLC - Class A (b)(f)		1,405		295,851
Bechtle AG (b)		1,286		179,565
CACI International, Inc. (a)		933		233,241
Computershare, Ltd. (b)		8,489		100,084
CSG Systems International, Inc. (f)		2,748		142,291
DXC Technology Co. (f)		2,668		100,290
Fiserv, Inc. (a)(f)		2,021		233,688
FleetCor Technologies, Inc. (a)		801		230,464
Genpact, Ltd.		5,826		245,682
ManTech International Corp. - Class A		1,986		158,642
MAXIMUS, Inc.		1,843		137,101
NET One Systems Co., Ltd. (b)		10,200		260,428
NS Solutions Corp. (b)		4,400		144,579
TIS, Inc. (b)		2,400		141,871
Wipro, Ltd. - ADR		30,851		115,691
				2,719,468
Paper & Forest Products - 0.13%
China Forestry Holdings Co., Ltd. (a)(b)(d)(e)		2,484,000		47,816
Pharmaceuticals - 4.23%
Bristol-Myers Squibb Co. (f)		4,003		256,953
GlaxoSmithKline PLC - ADR (f)		6,250		293,687
Merck & Co., Inc.		2,631		239,289
Novartis AG - ADR		3,130		296,380
Novo Nordisk - Class B - ADR (f)		4,044		234,067
Pfizer, Inc.		5,919		231,906
				1,552,282
Semiconductors & Semiconductor Equipment - 6.85%
Applied Materials, Inc.		3,578		218,401
ASM International NV (b)		1,408		158,925
Diodes, Inc. (a)(f)		2,649		149,324
Globalwafers Co., Ltd. (b)		10,000		128,064
Intel Corp. (f)		5,231		313,075
Lam Research Corp.		1,036		302,926
MKS Instruments, Inc.		1,245		136,963
ON Semiconductor Corp. (a)		4,986		121,559
SCREEN Holdings Co., Ltd. (b)		1,700		115,938
Sino-American Silicon Products, Inc. (b)		45,000		149,465
SK Hynix, Inc. (b)		2,511		204,239
Skyworks Solutions, Inc.		1,905		230,276
SUMCO Corp. (b)		10,900		180,600
UniTest, Inc. (b)		8,386		103,811
				2,513,566
Thrifts & Mortgage Finance - 0.31%
Radian Group, Inc.		4,553		114,553
Trading Companies & Distributors - 3.42%
Air Lease Corp.		2,912		138,378
Ferguson PLC (b)		1,819		165,543
GMS, Inc. (a)		4,178		113,140
HD Supply Holdings, Inc. (a)		3,336		134,174
Indutrade AB (b)		4,056		145,040
ITOCHU Corp. (b)		5,900		136,742
Mitsui & Co., Ltd. (b)		7,400		131,539
Triton International, Ltd. (b)(f)		3,573		143,635
WESCO International, Inc. (a)		2,501		148,534
				1,256,725
TOTAL COMMON STOCKS (Cost $21,161,324)			$	22,818,006
INVESTMENT COMPANIES - 15.05%
Exchange Traded Funds - 15.05%
Invesco CurrencyShares Euro Currency Trust (a)(f)		5,297	$	563,071
Invesco CurrencyShares Japanese Yen Trust (a)(f)		14,260		1,246,752
iShares Intermediate-Term Corporate Bond ETF		15,683		909,300
iShares JP Morgan USD Emerging Markets Bond ETF (f)		7,295		835,715
iShares MBS ETF		7,241		782,463
SPDR Gold Shares (a)		8,303		1,186,499
TOTAL INVESTMENT COMPANIES (Cost $5,287,848)			$	5,523,800
	Principal Amount		Fair Value
CORPORATE BONDS - 1.53%
Banks - 1.53%
JPMorgan Chase & Co.
1.500%, 01/27/2025	$	470,000	$	560,631
TOTAL CORPORATE BONDS (Cost $520,179)			$	560,631
UNITED STATES TREASURY OBLIGATIONS - 3.57%
United States Treasury Notes - 3.57%
2.500%, 12/31/2020 (f)	$	1,300,000	$	1,310,867
TOTAL UNITED STATES TREASURY OBLIGATIONS (Cost $1,310,088)			$	1,310,867
FOREIGN GOVERNMENT BONDS - 4.24%
Canadian Government Bond
2.250%, 06/01/2025 (b)	CAD 610,000		$	483,289
French Republic Government Bond OAT
1.250%, 05/25/2034 (b)	EUR 474,000			595,544
Government of the United Kingdom
2.250%, 09/07/2023 (b)	GBP 340,000			477,749
TOTAL FOREIGN GOVERNMENT BONDS (Cost $1,487,832)			$	1,556,582
	Shares		Fair Value
SHORT-TERM INVESTMENTS - 11.19%
Money Market Funds - 11.19%
Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 1.490% (c)(g)		4,109,265	$	4,109,265
TOTAL SHORT-TERM INVESTMENTS (Cost $4,109,265)			$	4,109,265
INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL - 20.39%
Mount Vernon Liquid Assets Portfolio, LLC, 1.780% (c)		7,482,751	$	7,482,751
TOTAL INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL (Cost $7,482,751)			$	7,482,751
Total Investments (Cost $41,359,287) - 118.13%			$	43,361,902
Liabilities in Excess of Other Assets - (18.13)%				(6,656,276	)
TOTAL NET ASSETS - 100.00%			$	36,705,626

 

Percentages are stated as a percent of net assets.

ADR	American Depositary Receipt
CAD	Canadian Dollar
EUR	Euro
GBP	British Pound
NVDR	Non-Voting Depositary Receipt
(a)	Non-income producing security.
(b)	Foreign issued security.
(c)	The rate quoted is the annualized seven-day effective yield as of December 31, 2019.
(d)	Illiquid security.  The fair value of these securities total $47,816 which represents 0.13% of total net assets.
(e)	This security is currently being fair valued in accordance with procedures established by the Board of Directors of Leuthold Funds, Inc. and is deemed a Level 3 security as it is valued using significant unobservable inputs.
(f)	This security or a portion of this security was out on loan as of December 31, 2019. Total loaned securities had a value of $7,318,147 or 19.94% of net assets. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous.
(g)	All or a portion of the assets have been committed as collateral for open securities sold short.
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P").  GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

			Percentage
	Fair		of Total
	Value		Investments
CURRENCY EXPOSURE
Australian Dollar	$	340,255		0.78	%
Brazilian Real		105,588		0.24
British Pound		1,421,405		3.28
Canadian Dollar		705,246		1.63
Euro		2,319,073		5.35
Hong Kong Dollar		736,844		1.70
Indonesian Rupiah		110,513		0.25
Japanese Yen		2,254,639		5.20
Malaysian Ringgit		90,999		0.21
Mexican Peso		94,911		0.22
South African Rand		76,314		0.18
South Korean Won		393,556		0.91
Swedish Krona		278,514		0.64
Swiss Franc		183,519		0.42
Taiwan New Dollar		579,904		1.34
Thai Baht		224,659		0.52
Turkish Lira		55,671		0.13
US Dollar		33,390,292		77.00
Total Investments	$	43,361,902		100.00	%
			Percentage
	Fair		of Total
	Value		Investments
PORTFOLIO DIVERSIFICATION
Australia	$	340,255		0.78	%
Bermuda		143,635		0.33
Brazil		105,588		0.24
United Kingdom		1,659,120		3.83
Canada		705,246		1.63
China		990,129		2.28
Mexico		94,911		0.22
Malaysia		90,999		0.21
Denmark		234,067		0.54
France		595,544		1.37
Germany		518,439		1.20
India		115,691		0.27
Indonesia		110,513		0.25
Ireland		644,412		1.49
Italy		113,432		0.26
Japan		2,254,639		5.20
Netherlands		375,526		0.87
Russia		130,992		0.30
South Africa		132,286		0.30
South Korea		393,556		0.91
Sweden		278,514		0.64
Switzerland		479,899		1.11
Taiwan		579,904		1.34
Thailand		224,659		0.52
Turkey		55,671		0.13
United States		31,994,275		73.78
Total Investments	$	43,361,902		100.00	%

Leuthold Global Fund
Schedule of Securities Sold Short - (a)
December 31, 2019 (Unaudited)
	Shares		Fair Value
COMMON STOCKS - 4.46%
Aerospace & Defense - 0.16%
AeroVironment, Inc.		143	$	8,829
Axon Enterprise, Inc.		336		24,622
The Boeing Co.		78		25,409
				58,860
Air Freight & Logistics - 0.08%
FedEx Corp.		181		27,369
Auto Components - 0.05%
Dorman Products, Inc.		120		9,086
Veoneer, Inc. (b)		542		8,466
				17,552
Banks - 0.16%
Commerce Bancshares, Inc.		383		26,038
First Republic Bank		280		32,886
				58,924
Beverages - 0.03%
National Beverage Corp.		214		10,918
Capital Markets - 0.08%
The Charles Schwab Corp.		504		23,970
Virtu Financial, Inc. - Class A		384		6,140
				30,110
Chemicals - 0.27%
Ashland Global Holdings, Inc.		370		28,316
DuPont de Nemours, Inc.		455		29,211
The Mosaic Co.		1,401		30,318
Quaker Chemical Corp.		60		9,871
				97,716
Commercial Services & Supplies - 0.07%
Rollins, Inc.		731		24,240
Electronic Equipment, Instruments & Components - 0.14%
II-VI, Inc.		743		25,017
IPG Photonics Corp.		189		27,390
				52,407
Energy Equipment & Services - 0.21%
Core Laboratories NV (b)		475		17,893
Halliburton Co.		716		17,521
National Oilwell Varco, Inc.		702		17,585
Schlumberger, Ltd.		567		22,793
				75,792
Entertainment - 0.21%
Netflix, Inc.		75		24,268
The Walt Disney Co.		180		26,033
World Wrestling Entertainment, Inc. - Class A		407		26,402
				76,703
Food Products - 0.03%
Cal-Maine Foods, Inc.		245		10,474
Gas Utilities - 0.15%
New Jersey Resources Corp.		228		10,162
Northwest Natural Holding Co.		131		9,659
South Jersey Industries, Inc.		299		9,861
UGI Corp.		546		24,657
				54,339
Health Care Equipment & Supplies - 0.29%
ABIOMED, Inc.		110		18,765
Avanos Medical, Inc.		280		9,436
ICU Medical, Inc.		150		28,068
Intuitive Surgical, Inc.		54		31,922
iRhythm Technologies, Inc.		241		16,410
				104,601
Health Care Technology - 0.02%
Tabula Rasa HealthCare, Inc.		172		8,373
Hotels, Restaurants & Leisure - 0.23%
The Cheesecake Factory, Inc.		611		23,743
Eldorado Resorts, Inc.		490		29,224
Marriott International, Inc.		196		29,680
				82,647
Household Durables - 0.06%
iRobot Corp.		436		22,075
Industrial Conglomerates - 0.07%
General Electric Co.		2,328		25,980
Interactive Media & Services - 0.09%
Zillow Group, Inc. - Class C		677		31,101
Internet & Direct Marketing Retail - 0.21%
Amazon.com, Inc.		15		27,717
Grubhub, Inc.		473		23,007
Wayfair, Inc. - Class A		280		25,304
				76,028
IT Services - 0.14%
GoDaddy, Inc. - Class A		394		26,760
Twilio, Inc. - Class A		259		25,455
				52,215
Life Sciences Tools & Services - 0.08%
Illumina, Inc.		93		30,852
Machinery - 0.30%
Actuant Corp.		469		12,208
Proto Labs, Inc.		102		10,358
The Toro Co.		370		29,478
Westinghouse Air Brake Technologies Corp.		411		31,976
Xylem, Inc.		349		27,498
				111,518
Media - 0.03%
Scholastic Corp.		272		10,458
Metals & Mining - 0.14%
Alcoa Corp.		1,229		26,436
Freeport-McMoRan, Inc.		1,933		25,361
				51,797
Multiline Retail - 0.07%
Ollie's Bargain Outlet Holdings, Inc.		407		26,581
Oil, Gas & Consumable Fuels - 0.13%
Concho Resources, Inc.		268		23,469
Noble Energy, Inc.		1,007		25,014
				48,483
Pharmaceuticals - 0.08%
Elanco Animal Health, Inc.		1,042		30,687
Real Estate Investment Trusts (REITs) - 0.02%
JBG SMITH Properties		222		8,856
Software - 0.50%
Autodesk, Inc.		153		28,069
Dropbox, Inc. - Class A		1,295		23,194
New Relic, Inc.		322		21,159
PTC, Inc.		344		25,762
salesforce.com, Inc.		197		32,040
Splunk, Inc.		177		26,509
Zscaler, Inc.		543		25,250
				181,983
Specialty Retail - 0.03%
National Vision Holdings, Inc.		363		11,772
Technology Hardware, Storage & Peripherals - 0.02%
3D Systems Corp.		1,042		9,118
Textiles, Apparel & Luxury Goods - 0.22%
Canada Goose Holdings, Inc. (b)		662		23,991
Capri Holdings, Ltd. (b)		731		27,888
VF Corp.		305		30,396
				82,275
Trading Companies & Distributors - 0.09%
Univar Solutions, Inc.		1,356		32,869
TOTAL COMMON STOCKS (Proceeds $1,654,216)			$	1,635,673
INVESTMENT COMPANIES - 4.99%
Exchange Traded Funds - 4.99%
iShares MSCI ACWI ETF		10,885	$	862,636
iShares MSCI EAFE ETF		11,094		770,367
iShares MSCI Emerging Markets ETF		4,447		199,537
TOTAL INVESTMENT COMPANIES (Proceeds $1,804,161)			$	1,832,540
TOTAL SECURITIES SOLD SHORT
(Proceeds $3,458,377) - 9.45%			$	3,468,213

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.
(b)	Foreign issued security.
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P").  GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

Leuthold Global Fund

Summary of Fair Value Exposure at December 31, 2019 (Unaudited)

The Fund has adopted fair valuation accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value.  These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period.  These inputs are summarized in the following three levels:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 - Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

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 investments and securities sold short as of December 31, 2019:

Investments at Fair Value	Level 1		Level 2			Level 3		Total
Common Stocks
Banks	$	910,359	$	707,677		$	-	$	1,618,036
Building Products		868,600		133,474			-		1,002,074
Capital Markets		1,391,969		231,047			-		1,623,016
Construction Materials		524,909		822,814			-		1,347,723
Consumer Finance		1,145,929		139,730			-		1,285,659
Entertainment		745,884		387,909			-		1,133,793
Food & Staples Retailing		1,127,386		421,872			-		1,549,258
Health Care Providers & Services		821,409		388,860			-		1,210,269
Household Durables		841,030		576,715			-		1,417,745
Insurance		536,448		859,498			-		1,395,946
Interactive Media & Services		902,893		127,184			-		1,030,077
IT Services		1,892,941		826,527			-		2,719,468
Paper & Forest Products		-		-			47,816		47,816
Pharmaceuticals		1,552,282		-			-		1,552,282
Semiconductors & Semiconductor Equipment		1,472,524		1,041,042			-		2,513,566
Thrifts & Mortgage Finance		114,553		-			-		114,553
Trading Companies & Distributors		677,861		578,864			-		1,256,725
Total Common Stocks		15,526,977		7,243,213			47,816		22,818,006
Exchange Traded Funds		5,523,800		-			-		5,523,800
Corporate Bonds		-		560,631			-		560,631
United States Treasury Obligations		-		1,310,867			-		1,310,867
Foreign Government Bonds		-		1,556,582			-		1,556,582
Money Market Funds		4,109,265		-			-		4,109,265
Investments Purchased as Securities Lending Collateral*		-		-			-		7,482,751
Total Investments in Securities	$	25,160,042	$	10,671,293		$	47,816	$	43,361,902
* Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Schedule of Investments.
Securities Sold Short at Fair Value	Level 1		Level 2			Level 3		Total
Common Stocks	$	1,635,673	$	-		$	-	$	1,635,673
Exchange Traded Funds		1,832,540		-			-		1,832,540
Total Securities Sold Short	$	3,468,213	$	-		$	-	$	3,468,213
The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:
				Investments in Securities at Fair Value
Balance as of September 30, 2019			$	47,539
Accrued discounts/premiums				-
Realized gain (loss)				-
Change in unrealized appreciation				277	*
Purchases				-
Sales				-
Transfer into and/or out of Level 3				-
Balance as of December 31, 2019			$	47,816	(1)
Change in unrealized appreciation during the period for Level 3 investments held at December 31, 2019:			$	277
* Unrealized appreciation is due to a change in foreign currency exchange rate.
(1) The security (China Forestry Holdings Co., Ltd.) is classified as a Level 3 security due to a halt in trading of the security on January 26, 2011. The security is valued at fair value as determined in good faith by the Directors. The Adviser submits a report to the Directors setting forth the factors considered in determining the price. The significant unobservable input used in the fair valuation of this security is a discount of 95% from the last traded price of HKD 2.95. Significant changes in the discount rate may result in a change in fair value measurement. For the duration of the period the discount was 95%.