Leuthold Funds NPORT-P Leuthold Core Investment Fund (Jun 2020 report)

Leuthold Core Investment Fund
Schedule of Investments
June 30, 2020 (Unaudited)
	Shares		Fair Value
COMMON STOCKS - 57.08%
Banks - 0.47%
Huntington Bancshares, Inc.		132,040	$	1,192,981
Regions Financial Corp.		113,682		1,264,144
				2,457,125
Biotechnology - 4.67%
AbbVie, Inc.		35,662		3,501,295
Alexion Pharmaceuticals, Inc. (a)		29,897		3,355,639
Amgen, Inc.		20,646		4,869,566
Biogen, Inc. (a)		10,725		2,869,474
Gilead Sciences, Inc.		60,464		4,652,100
Regeneron Pharmaceuticals, Inc. (a)		8,714		5,434,486
				24,682,560
Capital Markets - 7.50%
The Carlyle Group, Inc.		71,458		1,993,678
Evercore, Inc. - Class A		36,158		2,130,429
FactSet Research Systems, Inc.		5,765		1,893,630
The Goldman Sachs Group, Inc.		17,751		3,507,953
Intercontinental  Exchange, Inc.		27,350		2,505,260
KKR & Co., Inc. - Class A		99,746		3,080,156
Moody's Corp.		11,932		3,278,078
Morgan Stanley		62,609		3,024,015
MSCI, Inc.		7,374		2,461,589
Nasdaq, Inc.		17,965		2,146,279
Raymond James Financial, Inc.		34,610		2,382,206
S&P Global, Inc.		10,189		3,357,072
State Street Corp.		42,636		2,709,518
Stifel Financial Corp.		44,628		2,116,706
UBS Group AG (b)		268,815		3,102,125
				39,688,694
Chemicals - 0.00% (h)
China Lumena New Materials Corp. (a)(b)(d)(e)		20,950		6,487
Communications Equipment - 0.68%
Cisco Systems, Inc.		77,625		3,620,430
Distributors - 0.32%
LKQ Corp. (a)		65,382		1,713,008
Diversified Telecommunication Services - 0.78%
Verizon Communications, Inc.		74,809		4,124,220
Electronic Equipment, Instruments & Components - 2.40%
Arrow Electronics, Inc. (a)		47,996		3,296,845
CDW Corp.		23,730		2,756,951
Insight Enterprises, Inc. (a)		38,128		1,875,898
SYNNEX Corp.		39,933		4,782,776
				12,712,470
Entertainment - 3.00%
Activision Blizzard, Inc.		82,585		6,268,201
Electronic Arts, Inc. (a)		45,851		6,054,625
Take-Two Interactive Software, Inc. (a)		25,607		3,573,969
				15,896,795
Food & Staples Retailing - 1.52%
Costco Wholesale Corp.		13,698		4,153,370
Walmart, Inc.		32,446		3,886,382
				8,039,752
Health Care Equipment & Supplies - 0.35%
Medtronic PLC (b)		20,206	$	1,852,890
Health Care Providers & Services - 7.46%
Anthem, Inc.		9,117		2,397,589
Centene Corp. (a)		77,491		4,924,553
Cigna Corp.		12,468		2,339,620
CVS Health Corp.		37,137		2,412,791
Encompass Health Corp.		48,934		3,030,482
Fresenius Medical Care AG & Co. KGaA - ADR (a)		44,778		1,937,992
HCA Healthcare, Inc.		41,427		4,020,905
Humana, Inc.		12,736		4,938,384
Laboratory Corp. of America Holdings (a)		10,591		1,759,271
Premier, Inc. - Class A (a)		41,561		1,424,711
Quest Diagnostics, Inc.		16,222		1,848,659
UnitedHealth Group, Inc.		22,523		6,643,159
Universal Health Services, Inc. - Class B		19,038		1,768,440
				39,446,556
Household Durables - 3.11%
D.R. Horton, Inc.		71,592		3,969,776
KB Home		52,822		1,620,579
Lennar Corp. - Class A		42,901		2,643,560
Meritage Homes Corp. (a)		30,701		2,336,960
PulteGroup, Inc.		109,131		3,713,728
Toll Brothers, Inc.		65,961		2,149,669
				16,434,272
Interactive Media & Services - 2.23%
Alphabet, Inc. - Class A (a)		5,631		7,985,040
Facebook, Inc. - Class A (a)		16,892		3,835,666
				11,820,706
IT Services - 3.19%
Akamai Technologies, Inc. (a)		19,717		2,111,494
Mastercard, Inc. - Class A		25,875		7,651,237
Visa, Inc. - Class A		36,734		7,095,907
				16,858,638
Life Sciences Tools & Services - 0.29%
Medpace Holdings, Inc. (a)		16,230		1,509,715
Media - 0.54%
Comcast Corp. - Class A		73,737		2,874,268
Metals & Mining - 1.80%
Agnico Eagle Mines, Ltd. (b)		17,912		1,147,443
B2Gold Corp. (b)		202,848		1,154,205
Barrick Gold Corp. (b)		92,313		2,486,912
Kinross Gold Corp. (a)(b)		152,829		1,103,425
Newmont Corp.		39,256		2,423,666
Yamana Gold, Inc. (b)		223,210		1,218,727
				9,534,378
Multiline Retail - 3.94%
Dollar General Corp.		42,097		8,019,900
Dollar Tree, Inc. (a)		37,405		3,466,695
Target Corp.		78,161		9,373,849
				20,860,444
Professional Services - 1.44%
ASGN, Inc. (a)		43,170		2,878,576
Insperity, Inc.		32,846		2,126,121
Robert Half International, Inc.		49,873		2,634,791
				7,639,488
Semiconductors & Semiconductor Equipment - 5.99%
Applied Materials, Inc.		82,853	$	5,008,464
Intel Corp.		55,236		3,304,770
KLA Corp.		16,892		3,285,156
Lam Research Corp.		29,897		9,670,484
MKS Instruments, Inc.		31,372		3,552,565
SolarEdge Technologies, Inc. (a)(b)		49,471		6,865,585
				31,687,024
Software - 2.90%
Adobe, Inc. (a)		9,519		4,143,716
Microsoft Corp.		55,102		11,213,808
				15,357,524
Technology Hardware, Storage & Peripherals - 0.82%
Apple, Inc.		11,932		4,352,794
Trading Companies & Distributors - 1.34%
BMC Stock Holdings, Inc. (a)		43,170		1,085,294
GMS, Inc. (a)		40,354		992,305
HD Supply Holdings, Inc. (a)		49,037		1,699,132
Triton International, Ltd. (b)		33,249		1,005,450
United Rentals, Inc. (a)		15,418		2,297,898
				7,080,079
Wireless Telecommunication Services - 0.34%
T-Mobile US, Inc. (a)		17,303		1,802,107
TOTAL COMMON STOCKS (Cost $218,246,662)			$	302,052,424
INVESTMENT COMPANIES - 17.35%
Exchange Traded Funds - 17.35%
Invesco CurrencyShares Japanese Yen Trust (a)(g)		194,533	$	17,062,489
iShares Core MSCI Emerging Markets ETF		251,644		11,978,254
iShares Gold Trust (a)		375,117		6,373,238
iShares iBoxx $ Investment Grade Corporate Bond ETF		39,315		5,287,867
iShares Intermediate-Term Corporate Bond ETF		100,004		6,038,242
iShares International Treasury Bond ETF		218,724		11,133,052
iShares MBS ETF		121,040		13,399,128
SPDR Gold Shares (a)		122,537		20,509,018
TOTAL INVESTMENT COMPANIES (Cost $81,023,622)			$	91,781,288
	Principal Amount		Fair Value
CORPORATE BONDS - 3.26%
Banks - 1.02%
JPMorgan Chase & Co.
1.500%, 01/27/2025	$	4,600,000	$	5,417,951
Food Products - 0.52%
Kraft Heinz Foods Co.
3.950%, 07/15/2025		2,598,000		2,756,561
Software - 0.96%
Oracle Corp.
2.950%, 05/15/2025		4,620,000		5,048,076
Technology Hardware, Storage & Peripherals - 0.76%
Apple, Inc.
1.000%, 11/10/2022		3,500,000		4,036,396
TOTAL CORPORATE BONDS (Cost $16,531,338)			$	17,258,984
UNITED STATES TREASURY OBLIGATIONS - 2.95%
United States Treasury Notes - 2.95%
2.500%, 12/31/2020	$	15,448,000	$	15,624,204
TOTAL UNITED STATES TREASURY OBLIGATIONS (Cost $15,493,342)			$	15,624,204
FOREIGN GOVERNMENT BONDS - 2.78%
Canadian Government Bond
2.250%, 06/01/2025 (b)	CAD 5,400,000		$	4,342,473
French Republic Government Bond OAT
1.250%, 05/25/2034 (b)	EUR 7,930,000			10,356,184
TOTAL FOREIGN GOVERNMENT BONDS (Cost $13,621,981)			$	14,698,657
	Shares		Fair Value
RIGHTS - 0.00% (h)
Wireless Telecommunication Services - 0.00% (h)
T-Mobile US, Inc. (a)		17,303	$	2,907
TOTAL RIGHTS (Cost $2,903)			$	2,907
SHORT-TERM INVESTMENTS - 13.02%
Money Market Funds - 13.02%
Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 0.060% (c)(f)		68,893,353	$	68,893,353
TOTAL SHORT-TERM INVESTMENTS (Cost $68,893,353)			$	68,893,353
Total Investments (Cost $413,813,201) - 96.44%			$	510,311,817
Other Assets in Excess of Liabilities - 3.56%				18,841,071
TOTAL NET ASSETS - 100.00%			$	529,152,888

Percentages are stated as a percent of net assets.
ADR	American Depositary Receipt
CAD	Canadian Dollar
EUR	Euro
(a)	Non-income producing security.
(b)	Foreign issued security.
(c)	The rate quoted is the annualized seven-day effective yield as of June 30, 2020.
(d)	Illiquid security.  The fair value of this security totals $6,487 which represents an amount that rounds to 0.00% 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 usinig significant unobservable inputs.
(f)	All or a portion of the assets have been committed as collateral for open securites sold short.
(g)	Affiliated security.  At June 30, 2020, the market value of this security totals $17,062,489, which represents 3.22% of total net assets.
(h)	Rounds to less than 0.005%.
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 Core Investment Fund
Schedule of Securities Sold Short - (a)
June 30, 2020 (Unaudited)
	Shares		Fair Value
COMMON STOCKS - 6.83%
Aerospace & Defense - 0.24%
The Boeing Co.		2,739	$	502,059
Cubic Corp.		4,288		205,953
TransDigm Group, Inc.		1,292		571,128
				1,279,140
Air Freight & Logistics - 0.14%
FedEx Corp.		5,166		724,377
Beverages - 0.15%
Keurig Dr Pepper, Inc.		21,110		599,524
Primo Water Corp.		15,755		216,631
				816,155
Biotechnology - 0.14%
Exact Sciences Corp.		8,285		720,298
Building Products - 0.13%
Lennox International, Inc.		2,887		672,642
Capital Markets - 0.06%
Moelis & Co. - Class A		10,776		335,780
Chemicals - 0.50%
Ashland Global Holdings, Inc.		10,221		706,271
DuPont de Nemours, Inc.		13,054		693,559
Livent Corp.		56,938		350,738
The Mosaic Co.		39,551		494,783
Sociedad Quimica y Minera de Chile SA - ADR		15,720		409,821
				2,655,172
Commercial Services & Supplies - 0.07%
US Ecology, Inc.		10,221		346,288
Communications Equipment - 0.03%
ViaSat, Inc.		4,736		181,720
Consumer Finance - 0.12%
American Express Co.		6,552		623,750
Electrical Equipment - 0.11%
Sunrun, Inc.		30,274		597,003
Electronic Equipment, Instruments & Components - 0.12%
Corning, Inc.		23,915		619,399
Energy Equipment & Services - 0.05%
Dril-Quip, Inc.		9,832		292,895
Entertainment - 0.19%
Cinemark Holdings, Inc.		35,084		405,220
Live Nation Entertainment, Inc.		12,995		576,069
				981,289
Food Products - 0.25%
Bunge, Ltd.		15,889	$	653,514
Cal-Maine Foods, Inc.		6,666		296,504
The Simply Good Foods Co.		19,998		371,563
				1,321,581
Gas Utilities - 0.04%
New Jersey Resources Corp.		6,193		202,201
Health Care Equipment & Supplies - 0.80%
ABIOMED, Inc.		2,347		566,941
Align Technology, Inc.		2,417		663,322
Becton Dickinson and Co.		2,889		691,251
Boston Scientific Corp.		16,052		563,586
Glaukos Corp.		6,588		253,111
Intuitive Surgical, Inc.		1,111		633,081
Mesa Laboratories, Inc.		1,055		228,724
Shockwave Medical, Inc.		7,255		343,669
Silk Road Medical, Inc.		6,625		277,521
				4,221,206
Hotels, Restaurants & Leisure - 0.60%
Caesars Entertainment Corp.		46,802		567,708
Churchill Downs, Inc.		5,110		680,397
Norwegian Cruise Line Holdings, Ltd.		40,111		659,024
Red Rock Resorts, Inc. - Class A		30,408		331,751
Shake Shack, Inc. - Class A		6,999		370,807
Vail Resorts, Inc.		2,982		543,171
				3,152,858
Insurance - 0.04%
Erie Indemnity Co. - Class A		1,179		226,250
Interactive Media & Services - 0.14%
Snap, Inc. - Class A		31,859		748,368
Internet & Direct Marketing Retail - 0.12%
Expedia Group, Inc. - Class A		7,447		612,143
IT Services - 0.34%
Broadridge Financial Solutions, Inc.		4,566		576,184
Global Payments, Inc.		3,172		538,035
Square, Inc. - Class A		6,610		693,653
				1,807,872
Machinery - 0.22%
Chart Industries, Inc.		7,721		374,391
Hillenbrand, Inc.		10,888		294,738
Ingersoll Rand, Inc.		17,056		479,615
				1,148,744
Multiline Retail - 0.10%
Kohl's Corp.		26,732		555,224
Multi-Utilities - 0.12%
Ameren Corp.		8,777		617,550
Oil, Gas & Consumable Fuels - 0.22%
Concho Resources, Inc.		7,666	$	394,799
Occidental Petroleum Corp.		35,386		647,564
PDC Energy, Inc.		11,743		146,083
				1,188,446
Personal Products - 0.11%
The Estee Lauder Companies, Inc. - Class A		3,096		584,153
Pharmaceuticals - 0.09%
Elanco Animal Health, Inc.		21,442		459,931
Real Estate Investment Trusts (REITs) - 0.10%
STAG Industrial, Inc. - Class A		18,867		553,180
Real Estate Management & Development - 0.09%
The Howard Hughes Corp.		9,532		495,187
Road & Rail - 0.12%
Lyft, Inc. - Class A		19,348		638,678
Software - 0.60%
8x8, Inc.		11,887		190,192
Elastic NV		7,089		653,677
Q2 Holdings, Inc.		8,777		752,979
Workday, Inc. - Class A		3,372		631,778
Yext, Inc.		18,331		304,478
Zscaler, Inc.		5,727		627,106
				3,160,210
Specialty Retail - 0.35%
Five Below, Inc.		6,388		682,941
L Brands, Inc.		40,455		605,611
Ross Stores, Inc.		6,475		551,929
				1,840,481
Textiles, Apparel & Luxury Goods - 0.33%
Canada Goose Holdings, Inc. (b)		18,998		440,184
Gildan Activewear, Inc. (b)		11,463		177,562
Lululemon Athletica, Inc. (b)		1,955		609,980
VF Corp.		8,777		534,870
				1,762,596
TOTAL COMMON STOCKS (Proceeds $36,124,040)			$	36,142,767
INVESTMENT COMPANIES - 4.64%
Exchange Traded Funds - 4.64%
iShares Core S&P 500 ETF		9,216	$	2,854,103
SPDR S&P 500 ETF Trust		70,333		21,687,884
TOTAL INVESTMENT COMPANIES (Cost $23,276,354)			$	24,541,987
TOTAL SECURITIES SOLD SHORT
(Proceeds $59,400,394) - 11.47%			$	60,684,754

Percentages are stated as a percent of net assets.
ADR	American Depositary Receipt
(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 Core Investment Fund

Summary of Fair Value Exposure at June 30, 2020 (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 June 30, 2020:

Investments at Fair Value	Level 1		Level 2		Level 3		Total
Common Stocks
Banks	$	2,457,125	$	–	$	–	$	2,457,125
Biotechnology		24,682,560		-		-		24,682,560
Capital Markets		39,688,694		-		-		39,688,694
Chemicals		-		-		6,487		6,487
Communications Equipment		3,620,430		-		-		3,620,430
Distributors		1,713,008		-		-		1,713,008
Diversified Telecommunication Services		4,124,220		-		-		4,124,220
Electronic Equipment, Instruments & Components		12,712,470		-		-		12,712,470
Entertainment		15,896,795		-		-		15,896,795
Food & Staples Retailing		8,039,752		-		-		8,039,752
Health Care Equipment & Supplies		1,852,890		-		-		1,852,890
Health Care Providers & Services		39,446,556		-		-		39,446,556
Household Durables		16,434,272		-		-		16,434,272
Interactive Media & Services		11,820,706		-		-		11,820,706
IT Services		16,858,638		-		-		16,858,638
Life Sciences Tools & Services		1,509,715		-		-		1,509,715
Media		2,874,268		-		-		2,874,268
Metals & Mining		9,534,378		-		-		9,534,378
Multiline Retail		20,860,444		-		-		20,860,444
Professional Services		7,639,488		-		-		7,639,488
Semiconductors & Semiconductor Equipment		31,687,024		-		-		31,687,024
Software		15,357,524		-		-		15,357,524
Technology Hardware, Storage & Peripherals		4,352,794		-		-		4,352,794
Trading Companies & Distributors		7,080,079		-		-		7,080,079
Wireless Telecommunication Services		1,802,107		-		-		1,802,107
Total Common Stocks		302,045,937		-		6,487		302,052,424
Exchange Traded Funds		91,781,288		-		-		91,781,288
Corporate Bonds		-		17,258,984		-		17,258,984
United States Treasury Obligations		-		15,624,204		-		15,624,204
Foreign Government Bonds		-		14,698,657		-		14,698,657
Rights		2,907		-		-		2,907
Money Market Funds		68,893,353		-		-		68,893,353
Total Investments in Securities	$	462,723,485	$	47,581,845	$	6,487	$	510,311,817
Securities Sold Short at Fair Value	Level 1		Level 2		Level 3		Total
Common Stocks	$	36,142,767	$	–	$	–	$	36,142,767
Exchange Traded Funds		24,541,987		-		-		24,541,987
Total Securities Sold Short	$	60,684,754	$	–	$	–	$	60,684,754
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	$	6,415
Accrued discounts/premiums		–
Realized gain (loss)		–
Change in unrealized appreciation		72	*
Purchases		–
Sales		–
Transfer into and/or out of Level 3		–
Balance as of June 30, 2020	$	6,487	(1)
Change in unrealized appreciation during the period for Level 3 investments held at June 30, 2020:	$	72
* Unrealized appreciation is due to a change in foreign currency exchange rate.
(1) The security (China Lumena New Materials Corp.) is classified as a Level 3 security due to a halt in trading of the security on March 25, 2014. 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 Hong Kong Dollar 1.25. 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%. The security underwent a 1:40 reverse split on February 18, 2020, resulting in a fair value price of Hong Kong Dollar 2.40.