Leuthold Funds NPORT-P Leuthold Global Fund (Jun 2020 report)

Leuthold Global Fund
Schedule of Investments
June 30, 2020 (Unaudited)
	Shares		Fair Value
COMMON STOCKS - 59.59%
Banks - 1.36%
Comerica, Inc.		1,961	$	74,714
First Financial Bancorp		4,654		64,644
M&T Bank Corp.		720		74,859
The PNC Financial Services Group, Inc.		725		76,277
Synovus Financial Corp.		2,947		60,502
				350,996
Biotechnology - 0.21%
Biogen, Inc. (a)		207		55,383
Capital Markets - 3.94%
Evercore, Inc. - Class A		1,202		70,822
The Goldman Sachs Group, Inc.		1,159		229,042
Haitong Securities Co., Ltd. - H Shares (b)		92,800		75,395
LPL Financial Holdings, Inc.		1,563		122,539
Meritz Securities Co., Ltd. (b)		19,664		50,008
Morgan Stanley		5,678		274,247
Raymond James Financial, Inc.		1,525		104,966
Stifel Financial Corp.		1,965		93,200
				1,020,219
Communications Equipment - 0.33%
Ciena Corp. (a)		1,562		84,598
Construction Materials - 3.14%
Asia Cement Corp. (a)(b)		57,000		84,537
Buzzi Unicem SpA (b)		3,386		73,163
China National Building Material Co., Ltd. - H Shares (b)		90,000		96,534
China Resources Cement Holdings, Ltd. (b)		62,000		76,466
CRH PLC - ADR		3,598		123,447
HeidelbergCement AG (b)		1,684		90,147
LafargeHolcim, Ltd. (b)		2,489		109,655
Martin Marietta Materials, Inc.		459		94,816
Taiheiyo Cement Corp. (b)		2,800		65,056
				813,821
Consumer Finance - 2.25%
AEON Financial Service Co., Ltd. (b)		6,800		74,582
Cembra Money Bank AG (b)		789		77,127
Discover Financial Services		1,424		71,328
Hitachi Capital Corp. (b)		3,500		77,478
Krungthai Card PCL - NVDR		79,900		78,126
Santander Consumer USA Holdings, Inc.		6,835		125,832
Srisawad Corp PCL - NVDR		46,100		77,456
				581,929
Entertainment - 4.22%
Activision Blizzard, Inc.		3,212		243,791
Electronic Arts, Inc. (a)		1,673		220,920
Konami Holdings Corp. (b)		2,700		90,096
NetEase, Inc. - ADR		622		267,074
Nexon Co., Ltd. (b)		4,100		92,481
Nintendo Co., Ltd. (b)		400		178,828
				1,093,190
Food & Staples Retailing - 4.44%
Alimentation Couche-Tard, Inc. - Class B (b)		5,257	$	164,843
Koninklijke Ahold Delhaize NV (b)		6,495		177,014
The Kroger Co.		4,707		159,332
Seven & i Holdings Co., Ltd. (b)		4,200		137,397
Walgreens Boots Alliance, Inc.		3,010		127,594
Wal-Mart de Mexico SAB de CV (b)		57,300		137,039
Walmart, Inc.		2,051		245,669
				1,148,888
Health Care Providers & Services - 6.70%
Anthem, Inc.		891		234,315
Centene Corp. (a)		2,432		154,554
Cigna Corp.		548		102,832
CVS Health Corp.		2,031		131,954
Fresenius SE & Co KGaA (a)(b)		2,357		117,149
Henry Schein, Inc. (a)		1,467		85,658
Humana, Inc.		603		233,813
Laboratory Corp. of America Holdings (a)		743		123,420
McKesson Corp.		844		129,486
Medipal Holdings Corp. (b)		3,600		69,482
Molina Healthcare, Inc. (a)		709		126,188
Quest Diagnostics, Inc.		1,211		138,006
Sonic Healthcare, Ltd. (b)		4,144		87,508
				1,734,365
Household Durables - 4.24%
Barratt Developments PLC (b)		14,971		92,014
Haseko Corp. (b)		10,100		127,525
KB Home		4,552		139,655
Lennar Corp. - Class A		2,968		182,888
Meritage Homes Corp. (a)		2,808		213,745
Redrow PLC (b)		15,146		80,775
Toll Brothers, Inc.		4,000		130,360
TRI Pointe Group, Inc. (a)		8,832		129,742
				1,096,704
Insurance - 2.04%
Legal & General Group PLC (b)		37,380		101,907
Medibank Pvt, Ltd. (b)		44,598		92,463
MetLife, Inc.		4,583		167,371
Old Mutual, Ltd. (b)		30,191		20,823
Ping An Insurance Group Co. of China, Ltd. - H Shares (b)		14,500		144,550
				527,114
Interactive Media & Services - 3.13%
Alphabet, Inc. - Class A (a)		226		320,479
Auto Trader Group PLC (b)		12,124		78,936
Facebook, Inc. - Class A (a)		925		210,040
Twitter, Inc. (a)		2,908		86,629
Yandex NV - Class A (a)(b)		2,267		113,396
				809,480
IT Services - 4.07%
Accenture PLC - Class A (b)		1,057		226,959
Atos SE (b)		1,405		120,454
Bechtle AG (b)		969		171,746
CACI International, Inc. (a)		702		152,250
ManTech International Corp. - Class A		1,495		102,393
NS Solutions Corp. (b)		3,300		90,274
TIS, Inc. (b)		5,300		112,215
Wipro, Ltd. - ADR		23,221		76,861
				1,053,152
Life Sciences Tools & Services - 2.82%
Charles River Laboratories International, Inc. (a)		646	$	112,630
Eurofins Scientific SE (b)		145		91,456
Gerresheimer AG (b)		978		90,382
Medpace Holdings, Inc. (a)		1,037		96,462
PRA Health Sciences, Inc. (a)		993		96,609
Siegfried Holding AG (a)(b)		149		67,806
Syneos Health, Inc. (a)		1,802		104,966
Waters Corp. (a)		393		70,897
				731,208
Paper & Forest Products - 0.19%
China Forestry Holdings Co., Ltd. (a)(b)(d)(e)€                                                                       €		2,484,000		48,074
Pharmaceuticals - 4.14%
Bristol-Myers Squibb Co.		3,013		177,164
GlaxoSmithKline PLC - ADR		4,704		191,876
Merck & Co., Inc.		1,979		153,036
Novartis AG - ADR		2,355		205,686
Novo Nordisk A/S - Class B - ADR		3,043		199,256
Pfizer, Inc.		4,454		145,646
				1,072,664
Semiconductors & Semiconductor Equipment - 7.59%
Applied Materials, Inc.		2,692		162,731
ASM International NV (b)		1,061		163,337
Diodes, Inc. (a)		1,996		101,197
Globalwafers Co., Ltd. (b)		8,000		110,185
Intel Corp.		3,941		235,790
Lam Research Corp.		780		252,299
Marvell Technology Group, Ltd.		4,066		142,554
SCREEN Holdings Co., Ltd. (b)		1,300		61,076
Sino-American Silicon Products, Inc. (b)		34,000		110,260
SK Hynix, Inc. (b)		1,892		135,086
Skyworks Solutions, Inc.		1,436		183,607
SUMCO Corp. (b)		8,200		126,068
Taiwan Surface Mounting Technology Corp. (a)(b)		26,000		115,608
UniTest, Inc. (b)		6,313		64,941
				1,964,739
Software - 2.45%
Fuji Soft, Inc. (b)		1,800		71,443
Netcompany Group A/S (a)(b)		1,226		80,577
Nuance Communications, Inc. (a)		3,517		88,997
Open Text Corp. (b)		2,206		93,711
SAP SE - ADR		989		138,460
SS&C Technologies Holdings, Inc.		1,283		72,464
Trend Micro Inc. (b)		1,600		89,415
				635,067
Trading Companies & Distributors - 2.33%
Air Lease Corp.		2,239		65,580
GMS, Inc. (a)		3,213		79,008
Indutrade AB (b)		3,119		123,706
ITOCHU Corp. (b)		4,600		99,534
Mitsui & Co., Ltd. (b)		5,700		84,455
Triton International, Ltd. (b)		2,748		83,099
WESCO International, Inc. (a)		1,923		67,516
				602,898
TOTAL COMMON STOCKS (Cost $15,215,363)			$	15,424,489
INVESTMENT COMPANIES - 15.94%
Exchange Traded Funds - 15.94%
Invesco CurrencyShares Japanese Yen Trust (a)		11,391	$	999,105
iShares Gold Trust (a)		18,323		311,308
iShares iBoxx $ Investment Grade Corporate Bond ETF		1,979		266,176
iShares Intermediate-Term Corporate Bond ETF		13,461		812,775
iShares MBS ETF		6,215		688,000
SPDR Gold Shares (a)		6,271		1,049,577
TOTAL INVESTMENT COMPANIES (Cost $3,688,508)			$	4,126,941
	Principal Amount		Fair Value
CORPORATE BONDS - 2.14%
Banks - 2.14%
JPMorgan Chase & Co.
1.500%, 01/27/2025	$	470,000	$	553,573
TOTAL CORPORATE BONDS (Cost $519,278)			$	553,573
UNITED STATES TREASURY OBLIGATIONS - 3.38%
United States Treasury Notes - 3.38%
2.500%, 12/31/2020	$	866,000	$	875,878
TOTAL UNITED STATES TREASURY OBLIGATIONS (Cost $869,365)			$	875,878
FOREIGN GOVERNMENT BONDS - 4.29%
Canadian Government Bond
2.250%, 06/01/2025 (b)	CAD 610,000		$	490,539
French Republic Government Bond OAT
1.250%, 05/25/2034 (b)	EUR 474,000			619,020
TOTAL FOREIGN GOVERNMENT BONDS (Cost $1,042,359)			$	1,109,559
	Shares		Fair Value
SHORT-TERM INVESTMENTS - 10.86%
Money Market Funds - 10.86%
Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 0.060% (c)(f)		2,810,764	$	2,810,764
TOTAL SHORT-TERM INVESTMENTS (Cost $2,810,764)			$	2,810,764
Total Investments (Cost $24,145,637) - 96.20%			$	24,901,204
Other Assets in Excess of Liabilities - (f) 3.80%				984,518
TOTAL NET ASSETS - 100.00%			$	25,885,722

Percentages are stated as a percent of net assets.
ADR	American Depositary Receipt
CAD	Canadian Dollar
EUR	Euro
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 June 30, 2020.
(d)	Illiquid security.  The fair value of these securities total $48,074 which represents 0.19% 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)	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	$	179,971		0.72	%
British Pound		374,455		1.50
Canadian Dollar		655,382		2.63
Danish Krone		80,577		0.32
Euro		2,267,441		9.11
Hong Kong Dollar		441,019		1.77
Japanese Yen		1,647,405		6.62
Mexican Peso		137,039		0.55
South Korean Won		250,035		1.00
Swedish Krona		123,706		0.50
Swiss Franc		254,588		1.02
Taiwan New Dollar		420,590		1.69
Thai Baht		155,582		0.63
US Dollar		17,913,414		71.94
Total Investments	$	24,901,204		100.00	%
			Percentage
	Fair		of Total
	Value		Investments
PORTFOLIO DIVERSIFICATION
Australia	$	179,971		0.72	%
Bermuda		83,099		0.33
Canada		749,093		3.01
China		631,627		2.54
Denmark		279,833		1.12
France		739,474		2.97
Germany		607,884		2.44
Hong Kong		76,466		0.31
India		76,861		0.31
Ireland		350,406		1.41
Italy		73,163		0.29
Japan		1,647,405		6.62
Luxembourg		91,456		0.37
Mexico		137,039		0.55
Netherlands		340,351		1.37
Russia		113,396		0.46
South Africa		20,823		0.08
South Korea		250,035		1.00
Sweden		123,706		0.50
Switzerland		460,274		1.85
Taiwan		420,590		1.69
Thailand		155,582		0.63
United Kingdom		545,508		2.19
United States		16,747,162		67.24
Total Investments	$	24,901,204		100.00	%

Leuthold Global Fund
Schedule of Securities Sold Short - (a)
June 30, 2020 (Unaudited)
	Shares		Fair Value
COMMON STOCKS - 3.84%
Aerospace & Defense - 0.14%
The Boeing Co.		76	$	13,931
Cubic Corp.		118		5,667
TransDigm Group, Inc.		36		15,914
				35,512
Air Freight & Logistics - 0.08%
FedEx Corp.		142		19,911
Beverages - 0.09%
Keurig Dr Pepper, Inc.		580		16,472
Primo Water Corp.		433		5,954
				22,426
Biotechnology - 0.08%
Exact Sciences Corp.		228		19,822
Building Products - 0.07%
Lennox International, Inc.		79		18,406
Capital Markets - 0.04%
Moelis & Co. - Class A		295		9,192
Chemicals - 0.28%
Ashland Global Holdings, Inc.		280		19,348
DuPont de Nemours, Inc.		358		19,020
Livent Corp.		1,560		9,610
The Mosaic Co.		1,084		13,561
Sociedad Quimica y Minera de Chile SA - ADR		431		11,236
				72,775
Commercial Services & Supplies - 0.04%
US Ecology, Inc.		280		9,486
Communications Equipment - 0.02%
ViaSat, Inc.		130		4,988
Consumer Finance - 0.07%
American Express Co.		180		17,136
Electrical Equipment - 0.06%
Sunrun, Inc.		829		16,348
Electronic Equipment, Instruments & Components - 0.07%
Corning, Inc.		657		17,016
Energy Equipment & Services - 0.03%
Dril-Quip, Inc.		269		8,014
Entertainment - 0.10%
Cinemark Holdings, Inc.		964	$	11,134
Live Nation Entertainment, Inc.		357		15,826
				26,960
Food Products - 0.14%
Bunge, Ltd.		437		17,974
Cal-Maine Foods, Inc.		183		8,140
The Simply Good Foods Co.		548		10,182
				36,296
Gas Utilities - 0.02%
New Jersey Resources Corp.		170		5,551
Health Care Equipment & Supplies - 0.45%
ABIOMED, Inc.		65		15,701
Align Technology, Inc.		66		18,113
Becton Dickinson and Co.		79		18,902
Boston Scientific Corp.		441		15,484
Glaukos Corp.		181		6,954
Intuitive Surgical, Inc.		30		17,095
Mesa Laboratories, Inc.		29		6,287
Shockwave Medical, Inc.		199		9,427
Silk Road Medical, Inc.		182		7,624
				115,587
Hotels, Restaurants & Leisure - 0.33%
Caesars Entertainment Corp.		1,286		15,599
Churchill Downs, Inc.		140		18,641
Norwegian Cruise Line Holdings, Ltd.		1,103		18,122
Red Rock Resorts, Inc. - Class A		836		9,121
Shake Shack, Inc. - Class A		192		10,172
Vail Resorts, Inc.		82		14,937
				86,592
Insurance - 0.02%
Erie Indemnity Co. - Class A		32		6,141
Interactive Media & Services - 0.08%
Snap, Inc. - Class A		876		20,577
Internet & Direct Marketing Retail - 0.06%
Expedia Group, Inc. - Class A		205		16,851
IT Services - 0.19%
Broadridge Financial Solutions, Inc.		126		15,900
Global Payments, Inc.		87		14,757
Square, Inc. - Class A		182		19,099
				49,756
Machinery - 0.12%
Chart Industries, Inc.		212		10,280
Hillenbrand, Inc.		298		8,067
Ingersoll Rand, Inc.		469		13,188
				31,535
Multiline Retail - 0.06%
Kohl's Corp.		735		15,266
Multi-Utilities - 0.06%
Ameren Corp.		240	$	16,886
Oil, Gas & Consumable Fuels - 0.13%
Concho Resources, Inc.		210		10,815
Occidental Petroleum Corp.		973		17,806
PDC Energy, Inc.		323		4,018
				32,639
Personal Products - 0.06%
The Estee Lauder Companies, Inc. - Class A		85		16,038
Pharmaceuticals - 0.05%
Elanco Animal Health, Inc.		587		12,591
Real Estate Investment Trusts (REITs) - 0.06%
STAG Industrial, Inc. - Class A		519		15,217
Real Estate Management & Development - 0.05%
The Howard Hughes Corp.		262		13,611
Road & Rail - 0.07%
Lyft, Inc. - Class A		532		17,561
Software - 0.34%
8x8, Inc.		326		5,216
Elastic NV		195		17,981
Q2 Holdings, Inc.		241		20,675
Workday, Inc. - Class A		93		17,425
Yext, Inc.		502		8,338
Zscaler, Inc.		157		17,192
				86,827
Specialty Retail - 0.19%
Five Below, Inc.		175		18,709
L Brands, Inc.		1,112		16,647
Ross Stores, Inc.		178		15,173
				50,529
Textiles, Apparel & Luxury Goods - 0.19%
Canada Goose Holdings, Inc. (b)		520		12,048
Gildan Activewear, Inc. (b)		315		4,879
Lululemon Athletica, Inc. (b)		54		16,849
VF Corp.		240		14,626
				48,402
TOTAL COMMON STOCKS (Proceeds $990,140)			$	992,445
INVESTMENT COMPANIES - 8.79%
Exchange Traded Funds - 8.79%
iShares Core S&P 500 ETF		253	$	78,352
iShares MSCI ACWI ETF		14,442		1,064,664
iShares MSCI EAFE ETF		14,738		897,102
iShares MSCI Emerging Markets ETF		5,892		235,621
TOTAL INVESTMENT COMPANIES (Proceeds $2,388,934)			$	2,275,739
TOTAL SECURITIES SOLD SHORT
(Proceeds $3,379,074) - 12.63%			$	3,268,184
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 Global 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	$	350,996	$	-		$	-	$	350,996
Biotechnology		55,383		-			-		55,383
Capital Markets		894,816		125,403			-		1,020,219
Communications Equipment		84,598		-			-		84,598
Construction Materials		218,263		595,558			-		813,821
Consumer Finance		197,160		384,769			-		581,929
Entertainment		731,785		361,405			-		1,093,190
Food & Staples Retailing		834,477		314,411			-		1,148,888
Health Care Providers & Services		1,460,226		274,139			-		1,734,365
Household Durables		796,390		300,314			-		1,096,704
Insurance		167,371		359,743			-		527,114
Interactive Media & Services		730,544		78,936			-		809,480
IT Services		558,463		494,689			-		1,053,152
Life Sciences Tools & Services		481,564		249,644			-		731,208
Paper & Forest Products		-		-			48,074		48,074
Pharmaceuticals		1,072,664		-			-		1,072,664
Semiconductors & Semiconductor Equipment		1,078,178		886,561			-		1,964,739
Software		393,632		241,435			-		635,067
Trading Companies & Distributors		295,203		307,695			-		602,898
Total Common Stocks		10,401,713		4,974,702			48,074		15,424,489
Exchange Traded Funds		4,126,941		-			-		4,126,941
Corporate Bonds		-		553,573			-		553,573
United States Treasury Obligations		-		875,878			-		875,878
Foreign Government Bonds		-		1,109,559			-		1,109,559
Money Market Funds		2,810,764		-			-		2,810,764
Total Investments in Securities	$	17,339,418	$	7,513,712		$	48,074	$	24,901,204
Securities Sold Short at Fair Value	Level 1		Level 2			Level 3		Total
Common Stocks	$	992,445	$	-		$	-	$	992,445
Exchange Traded Funds		2,275,739		-			-		2,275,739
Total Securities Sold Short	$	3,268,184	$	-		$	-	$	3,268,184
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				535	*
Purchases				-
Sales				-
Transfer into and/or out of Level 3				-
Balance as of June 30, 2020			$	48,074	(1)
Change in unrealized appreciation during the period for Level 3 investments held at June 30, 2020:			$	535
* 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 Hong Kong Dollar 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%.