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

Leuthold Global Fund
Schedule of Investments
December 31, 2020 (Unaudited)
	Shares		Fair Value
COMMON STOCKS - 64.86%
Banks - 1.55%
Associated Banc-Corp.		4,933	$	84,108
FNB Corp.		8,862		84,189
People's United Financial, Inc.		5,988		77,425
The PNC Financial Services Group, Inc.		607		90,443
Simmons First National Corp.		3,136		67,706
				403,871
Capital Markets - 4.83%
Evercore, Inc. - Class A		1,059		116,109
The Goldman Sachs Group, Inc.		1,021		269,248
Haitong Securities Co., Ltd. - H Shares (b)		81,600		72,923
LPL Financial Holdings, Inc.		1,378		143,615
Meritz Securities Co., Ltd. (b)		17,330		58,592
Morgan Stanley		5,004		342,924
Raymond James Financial, Inc.		1,344		128,581
Stifel Financial Corp.		2,598		131,095
				1,263,087
Communications Equipment - 0.64%
Ciena Corp. (a)		1,382		73,039
Juniper Networks, Inc.		4,166		93,776
				166,815
Construction Materials - 3.24%
Asia Cement Corp. (b)		50,000		77,008
Buzzi Unicem SpA (a)(b)		2,981		71,164
China National Building Material Co., Ltd. - H Shares (b)		78,000		93,888
China Resources Cement Holdings, Ltd. (b)		56,000		62,549
CRH PLC - ADR		3,171		135,021
HeidelbergCement AG (b)		1,483		110,417
LafargeHolcim, Ltd. (b)		2,191		120,259
Martin Marietta Materials, Inc.		404		114,724
Taiheiyo Cement Corp. (b)		2,500		62,623
				847,653
Containers & Packaging - 3.32%
Berry Global Group, Inc. (a)		2,936		164,974
Cheng Loong Corp. (b)		56,000		67,841
DS Smith PLC (b)		25,242		129,030
O-I Glass, Inc.		6,613		78,695
Rengo Co., Ltd. (b)		7,800		65,378
Sealed Air Corp.		3,560		163,013
Silgan Holdings, Inc.		1,816		67,337
Sonoco Products Co.		2,216		131,298
				867,566
Distributors - 0.32%
LKQ Corp. (a)		2,370		83,519
Entertainment - 4.74%
Activision Blizzard, Inc.		2,828		262,580
Electronic Arts, Inc.		1,473		211,523
Konami Holdings Corp. (b)		2,400		135,039
NetEase, Inc. - ADR		2,735		261,931
Nexon Co., Ltd. (b)		3,600		111,078
Nintendo Co., Ltd. (b)		400		256,776
				1,238,927
Food & Staples Retailing - 3.77%
Alimentation Couche-Tard, Inc. - Class B (b)		4,633	$	157,891
Koninklijke Ahold Delhaize NV (b)		5,724		161,481
The Kroger Co.		4,149		131,772
Seven & i Holdings Co., Ltd. (b)		3,700		131,019
Wal-Mart de Mexico SAB de CV (b)		51,000		143,265
Walmart, Inc.		1,808		260,623
				986,051
Health Care Providers & Services - 6.41%
Anthem, Inc.		787		252,698
Centene Corp. (a)		2,148		128,944
Cigna Corp.		484		100,759
CVS Health Corp.		1,790		122,257
Fresenius SE & Co KGaA (b)		2,077		96,044
Henry Schein, Inc. (a)		1,293		86,450
Humana, Inc.		532		218,264
Laboratory Corp. of America Holdings (a)		655		133,325
McKesson Corp.		744		129,396
Medipal Holdings Corp. (b)		3,100		58,296
Molina Healthcare, Inc. (a)		626		133,138
Quest Diagnostics, Inc.		1,067		127,154
Sonic Healthcare, Ltd. (b)		3,645		90,312
				1,677,037
Household Durables - 4.88%
Barratt Developments PLC (b)		13,175		120,447
Haier Smart Home Co., Ltd. - H Class (a)(b)		34,000		123,238
Haseko Corp. (b)		8,900		102,152
KB Home		4,021		134,784
Lennar Corp. - Class A		2,612		199,113
Meritage Homes Corp. (a)		2,472		204,731
Redrow PLC (b)		13,329		103,975
Toll Brothers, Inc.		3,525		153,232
TRI Pointe Group, Inc. (a)		7,774		134,101
				1,275,773
Insurance - 2.99%
American Equity Investment Life Holding Co.		3,419		94,570
CNO Financial Group, Inc.		4,420		98,257
Legal & General Group PLC (b)		32,896		119,887
Medibank Pvt, Ltd. (b)		39,248		90,904
MetLife, Inc.		4,034		189,396
Phoenix Group Holdings PLC (b)		9,312		89,237
Unum Group		4,281		98,206
				780,457
Interactive Media & Services - 3.58%
Alphabet, Inc. - Class A (a)		199		348,775
Auto Trader Group PLC (b)		10,670		86,851
Facebook, Inc. - Class A (a)		815		222,625
Twitter, Inc. (a)		2,563		138,787
Yandex NV - Class A (a)(b)		1,996		138,882
				935,920
IT Services - 4.26%
Accenture PLC - Class A (b)		931		243,187
Atos SE (b)		1,255		114,601
Bechtle AG (b)		852		187,090
CACI International, Inc. (a)		618		154,086
ManTech International Corp. - Class A		1,316		117,045
NS Solutions Corp. (b)		2,900		85,421
TIS, Inc. (b)		4,700		96,348
Wipro, Ltd. - ADR		20,439		115,480
				1,113,258
Life Sciences Tools & Services - 3.34%
Charles River Laboratories International, Inc. (a)		570	$	142,420
Eurofins Scientific SE (b)		1,285		108,384
Gerresheimer AG (b)		864		93,172
Medpace Holdings, Inc. (a)		916		127,507
PRA Health Sciences, Inc. (a)		877		110,011
Siegfried Holding AG (b)		131		96,414
Syneos Health, Inc. (a)		1,592		108,463
Waters Corp. (a)		348		86,102
				872,473
Metals & Mining - 4.39%
Anglo American PLC (b)		4,391		145,001
BHP Group, Ltd. - ADR		3,461		226,142
Boliden AB (b)		2,605		92,419
Grupo Mexico SAB de CV (b)		42,300		179,386
KAZ Minerals PLC (b)		10,061		90,302
Korea Zinc Co., Ltd. (b)		219		81,100
Rio Tinto PLC - ADR		3,004		225,961
Sumitomo Metal Mining Co., Ltd. (b)		2,400		106,754
				1,147,065
Paper & Forest Products - 0.18%
China Forestry Holdings Co., Ltd. (a)(b)(d)(e)		2,484,000		48,062
Semiconductors & Semiconductor Equipment - 9.30%
Amkor Technology, Inc.		5,779		87,147
Applied Materials, Inc.		2,370		204,531
ASM International NV (b)		933		203,599
Diodes, Inc. (a)		1,755		123,727
Globalwafers Co., Ltd. (b)		7,000		176,833
Intel Corp.		3,466		172,676
Lam Research Corp.		687		324,449
Marvell Technology Group, Ltd.		3,592		170,764
Sino-American Silicon Products, Inc. (b)		30,000		189,969
SK Hynix, Inc. (b)		1,663		181,647
Skyworks Solutions, Inc.		1,262		192,935
SUMCO Corp. (b)		7,200		158,100
Taiwan Surface Mounting Technology Corp. (b)		23,000		106,056
UniTest, Inc. (b)		5,556		139,420
				2,431,853
Specialty Retail - 0.36%
Penske Automotive Group, Inc.		1,593		94,608
Trading Companies & Distributors - 2.76%
Air Lease Corp.		1,974		87,685
Indutrade AB (b)		8,247		176,538
ITOCHU Corp. (b)		4,000		115,041
Mitsui & Co., Ltd. (b)		5,000		91,671
Triton International, Ltd. (b)		2,422		117,491
WESCO International, Inc. (a)		1,695		133,058
				721,484
TOTAL COMMON STOCKS (Cost $13,674,721)				16,955,479
INVESTMENT COMPANIES - 17.07%
Exchange Traded Funds - 17.07%
Invesco CurrencyShares Japanese Yen Trust (a)		8,531		780,245
iShares 5-10 Year Investment Grade Corporate Bond ETF		13,461		831,755
iShares Floating Rate Bond ETF		5,022		254,716
iShares Gold Trust (a)		16,511		299,344
iShares International Treasury Bond ETF		3,376		187,571
iShares MBS ETF		6,215		684,458
SPDR Bloomberg Barclays Short-Term High Yield Bond ETF		17,557		473,161
SPDR Gold Shares (a)		5,337		951,907
TOTAL INVESTMENT COMPANIES (Cost $3,937,884)				4,463,157
	Principal Amount		Fair Value
CORPORATE BONDS - 3.45%
Banks - 2.33%
JPMorgan Chase & Co.
1.500%, 01/27/2025	$	470,000	$	610,288
TOTAL CORPORATE BONDS (Cost $518,302)			$	610,288
UNITED STATES TREASURY OBLIGATIONS - 1.12%
United States Treasury Notes - 1.12%
0.625%, 08/15/2030	$	300,000	$	292,500
TOTAL UNITED STATES TREASURY OBLIGATIONS (Cost $298,781)			$	292,500
FOREIGN GOVERNMENT BONDS - 4.62%
Canadian Government Bond
2.250%, 06/01/2025 (b)	CAD 610,000		$	518,397
French Republic Government Bond OAT
1.250%, 05/25/2034 (b)	EUR 474,000			689,612
TOTAL FOREIGN GOVERNMENT BONDS (Cost $1,042,217)			$	1,208,009
	Shares		Fair Value
SHORT-TERM INVESTMENTS - 6.47%
Money Market Funds - 6.47%
Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 0.010% (c)(f)		1,690,504	$	1,690,504
TOTAL SHORT-TERM INVESTMENTS (Cost $1,690,504)			$	1,690,504
Total Investments (Cost $21,162,410) - 96.47%			$	25,219,937
Other Assets in Excess of Liabilities - (f) - 3.53%				923,106
TOTAL NET ASSETS - 100.00%			$	26,143,043
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 December 31, 2020.
(d)	Illiquid security. The fair value of these securities total $48,062 which represents 0.18% 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	$	181,216		0.72	%
British Pound		884,730		3.51
Canadian Dollar		676,288		2.68
Euro		2,445,852		9.70
Hong Kong Dollar		400,660		1.59
Japanese Yen		1,575,696		6.25
Mexican Peso		322,651		1.28
South Korean Won		460,759		1.83
Swedish Krona		268,957		1.06
Swiss Franc		216,673		0.86
Taiwan New Dollar		617,707		2.45
US Dollar		17,168,748		68.07
Total Investments	$	25,219,937		100.00	%
			Percentage
	Fair		of Total
	Value		Investments
PORTFOLIO DIVERSIFICATION
Australia	$	407,358		1.61	%
Bermuda		117,491		0.46
United Kingdom		1,110,691		4.40
Canada		676,288		2.68
China		600,042		2.38
Mexico		322,651		1.28
France		804,213		3.19
Germany		486,723		1.93
Hong Kong		62,549		0.25
India		115,480		0.46
Ireland		378,208		1.50
Italy		71,164		0.28
Japan		1,575,696		6.25
Luxembourg		108,384		0.43
Netherlands		365,080		1.45
Russia		138,882		0.55
South Korea		460,759		1.83
Sweden		268,957		1.06
Switzerland		216,673		0.86
Taiwan		617,707		2.45
United States		16,314,941		64.70
Total Investments	$	25,219,937		100.00	%

Leuthold Global Fund
Schedule of Securities Sold Short - (a)
December 31, 2020 (Unaudited)
	Shares		Fair Value
COMMON STOCKS - 0.80%
Aerospace & Defense - 0.07%
Axon Enterprise, Inc.		26	$	3,186
The Boeing Co.		24		5,137
Cubic Corp.		36		2,233
HEICO Corp.		22		2,913
TransDigm Group, Inc.		8		4,951
				18,420
Airlines - 0.02%
Southwest Airlines Co.		107		4,987
Banks - 0.01%
Pacific Premier Bancorp, Inc.		61		1,911
Capital Markets - 0.00% (c)
Hamilton Lane, Inc. - Class A		18		1,405
Chemicals - 0.04%
Albemarle Corp.		32		4,721
Nutrien Ltd. (b)		89		4,286
Tronox Holdings PLC (b)		129		1,886
				10,893
Commercial Services & Supplies - 0.02%
MSA Safety, Inc.		19		2,839
US Ecology, Inc.		40		1,453
				4,292
Communications Equipment - 0.00% (c)
ViaSat, Inc.		40		1,306
Construction & Engineering - 0.02%
WillScot Mobile Mini Holdings Corp.		182		4,217
Electric Utilities - 0.02%
Edison International		75		4,711
Entertainment - 0.03%
Cinemark Holdings, Inc.		109		1,898
Live Nation Entertainment, Inc.		50		3,674
Madison Square Garden Sports Corp. - Class A		11		2,025
				7,597
Food & Staples Retailing - 0.02%
Sysco Corp.		55		4,084
Food Products - 0.01%
Beyond Meat, Inc.		22		2,750
Health Care Equipment & Supplies - 0.10%
Alcon, Inc. (b)		71	$	4,685
Becton Dickinson and Co.		19		4,754
Boston Scientific Corp.		103		3,703
The Cooper Companies, Inc.		13		4,723
Insulet Corp.		18		4,601
Mesa Laboratories, Inc.		9		2,580
Penumbra, Inc.		13		2,275
				27,321
Hotels, Restaurants & Leisure - 0.15%
Aramark		103		3,963
Choice Hotels International, Inc.		29		3,095
Churchill Downs, Inc.		17		3,311
Hilton Worldwide Holdings, Inc.		40		4,450
Marriott Vacations Worldwide Corp.		29		3,979
MGM Resorts International		95		2,994
Norwegian Cruise Line Holdings, Ltd.		114		2,899
Planet Fitness, Inc. - Class A		50		3,882
Restaurant Brands International, Inc. (b)		78		4,767
Shake Shack, Inc. - Class A		25		2,120
Starbucks Corp.		48		5,135
				40,595
Industrial Conglomerates - 0.02%
Roper Technologies, Inc.		10		4,311
Internet & Direct Marketing Retail - 0.00% (c)
The RealReal, Inc.		67		1,309
IT Services - 0.01%
Switch, Inc. - Class A		91		1,490
Oil, Gas & Consumable Fuels - 0.03%
Hess Corp.		73		3,854
Occidental Petroleum Corp.		198		3,427
				7,281
Personal Products - 0.02%
The Estee Lauder Companies, Inc. - Class A		20		5,324
Pharmaceuticals - 0.01%
Elanco Animal Health, Inc.		132		4,048
Professional Services - 0.02%
CoStar Group, Inc.		5		4,621
Real Estate Management & Development - 0.01%
The Howard Hughes Corp.		25		1,973
Road & Rail - 0.01%
Lyft, Inc. - Class A		75		3,685
Semiconductors & Semiconductor Equipment - 0.02%
Microchip Technology, Inc.		37		5,110
Software - 0.05%
Medallia, Inc.		105	$	3,488
Nutanix, Inc. - Class A		122		3,888
PROS Holdings, Inc.		42		2,132
Q2 Holdings, Inc.		29		3,670
				13,178
Specialty Retail - 0.02%
Burlington Stores, Inc.		20		5,231
Technology Hardware, Storage & Peripherals - 0.02%
Western Digital Corp.		76		4,210
Textiles, Apparel & Luxury Goods - 0.04%
Canada Goose Holdings, Inc. (b)		62		1,846
Under Armour, Inc. - Class A		225		3,863
VF Corp.		55		4,698
				10,407
Transportation Infrastructure - 0.01%
Macquarie Infrastructure Corp.		54		2,028
TOTAL COMMON STOCKS (Proceeds $177,032)			$	208,695
INVESTMENT COMPANIES - 7.30%
Exchange Traded Funds - 7.30%
Energy Select Sector SPDR Fund		92	$	3,487
Financial Select Sector SPDR Fund		233		6,869
Invesco QQQ Trust Series 1		47		14,746
iShares Expanded Tech-Software Sector ETF		20		7,082
iShares MSCI ACWI ETF		9,906		898,672
iShares MSCI EAFE ETF		10,120		738,355
iShares MSCI Emerging Markets ETF		4,069		210,245
iShares Russell 1000 Growth ETF		25		6,028
iShares S&P 100 ETF		86		14,761
Utilities Select Sector SPDR Fund		121		7,587
TOTAL INVESTMENT COMPANIES (Proceeds $1,747,783)			$	1,907,832
TOTAL SECURITIES SOLD SHORT
(Proceeds $1,924,815) - 8.10%			$	2,116,527
Percentages are stated as a percent of net assets.

(a)	Non-income producing security.
(b)	Foreign issued security.
(c)	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 Global Fund

Summary of Fair Value Exposure at December 31, 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 December 31, 2020:

Investments at Fair Value	Level 1		Level 2			Level 3		Total
Common Stocks
Banks	$	403,871	$	-		$	-	$	403,871
Capital Markets		1,131,572		131,515			-		1,263,087
Communications Equipment		166,815		-			-		166,815
Construction Materials		249,745		597,908			-		847,653
Containers & Packaging		605,317		262,249			-		867,566
Distributors		83,519		-			-		83,519
Entertainment		736,034		502,893			-		1,238,927
Food & Staples Retailing		693,551		292,500			-		986,051
Health Care Providers & Services		1,432,385		244,652			-		1,677,037
Household Durables		949,199		326,574			-		1,275,773
Insurance		480,429		300,028			-		780,457
Interactive Media & Services		849,069		86,851			-		935,920
IT Services		629,798		483,460			-		1,113,258
Life Sciences Tools & Services		574,503		297,970			-		872,473
Metals & Mining		631,489		515,576			-		1,147,065
Paper & Forest Products		-		-			48,062		48,062
Semiconductors & Semiconductor Equipment		1,276,229		1,155,624			-		2,431,853
Specialty Retail		94,608		-			-		94,608
Trading Companies & Distributors		338,234		383,250			-		721,484
Total Common Stocks		11,326,367		5,581,050			48,062		16,955,479
Exchange Traded Funds		4,463,157		-			-		4,463,157
Corporate Bonds		-		610,288			-		610,288
United States Treasury Obligations		-		292,500			-		292,500
Foreign Government Bonds		-		1,208,009			-		1,208,009
Money Market Funds		1,690,504		-			-		1,690,504
Total Investments in Securities	$	17,480,028	$	7,691,847		$	48,062	$	25,219,937
Securities Sold Short at Fair Value	Level 1		Level 2			Level 3		Total
Common Stocks	$	208,695	$	-		$	-	$	208,695
Exchange Traded Funds		1,907,832		-			-		1,907,832
Total Securities Sold Short	$	2,116,527	$	-		$	-	$	2,116,527
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, 2020			$	48,077
Accrued discounts/premiums				-
Realized gain (loss)				-
Change in unrealized depreciation				(15	)*
Purchases				-
Sales				-
Transfer into and/or out of Level 3				-
Balance as of December 31, 2020			$	48,062	(1)
Change in unrealized depreciation during the period for Level 3 investments held at December 31, 2020:			$	(15	)

* Unrealized depreciation 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%.