Leuthold Funds NPORT-P Leuthold Select Industries Fund (Dec 2020 report)

Leuthold Select Industries Fund
Schedule of Investments
December 31, 2020 (Unaudited)
	Shares		Fair Value
COMMON STOCKS - 99.11%
Air Freight & Logistics - 1.57%
Air Transport Services Group, Inc. (a)		1,532	$	48,013
Atlas Air Worldwide Holdings, Inc. (a)		966		52,686
Hub Group, Inc. - Class A (a)		857		48,849
				149,548
Biotechnology - 5.67%
AbbVie, Inc.		913		97,828
Alexion Pharmaceuticals, Inc. (a)		761		118,899
Amgen, Inc.		532		122,318
Biogen, Inc. (a)		190		46,523
Gilead Sciences, Inc.		796		46,375
Regeneron Pharmaceuticals, Inc. (a)		221		106,767
				538,710
Building Products - 3.33%
Builders FirstSource, Inc. (a)		1,829		74,641
Carrier Global Corp.		2,087		78,722
Masco Corp.		726		39,879
Masonite International Corp. (a)		327		32,157
Owens Corning		616		46,668
UFP Industries, Inc.		794		44,107
				316,174
Capital Markets - 8.42%
Credit Suisse Group AG - ADR		5,630		72,064
Evercore, Inc. - Class A		931		102,075
The Goldman Sachs Group, Inc.		657		173,257
Morgan Stanley		2,369		162,348
Raymond James Financial, Inc.		882		84,381
Stifel Financial Corp.		1,722		86,892
UBS Group AG (b)		8,442		119,285
				800,302
Construction & Engineering - 1.20%
Comfort Systems USA, Inc.		881		46,393
MasTec, Inc. (a)		993		67,703
				114,096
Containers & Packaging - 6.58%
Amcor PLC (b)		7,539		88,734
Berry Global Group, Inc. (a)		846		47,537
Graphic Packaging Holding Co.		5,651		95,728
International Paper Co.		1,789		88,949
O-I Glass, Inc.		2,995		35,640
Sealed Air Corp.		1,972		90,298
Sonoco Products Co.		1,509		89,408
Westrock Co.		2,043		88,932
				625,226
Distributors - 0.80%
LKQ Corp. (a)		2,158		76,048
Diversified Telecommunication Services - 1.20%
Verizon Communications, Inc.		1,940		113,975
Electronic Equipment, Instruments & Components - 2.19%
Arrow Electronics, Inc. (a)		517		50,304
Insight Enterprises, Inc. (a)		965		73,427
SYNNEX Corp.		1,041		84,779
				208,510
Food & Staples Retailing - 2.65%
Costco Wholesale Corp.		350	$	131,873
Walmart, Inc.		831		119,789
				251,662
Health Care Providers & Services - 12.93%
Anthem, Inc.		220		70,640
Centene Corp. (a)		1,927		115,678
Cigna Corp.		327		68,075
CVS Health Corp.		974		66,524
Encompass Health Corp.		1,233		101,957
Fresenius Medical Care AG & Co. KGaA - ADR		1,173		48,750
HCA Healthcare, Inc.		1,042		171,367
Humana, Inc.		316		129,645
Laboratory Corp. of America Holdings (a)		276		56,180
McKesson Corp.		264		45,915
Premier, Inc.		1,095		38,434
Quest Diagnostics, Inc.		425		50,647
UnitedHealth Group, Inc.		566		198,485
Universal Health Services, Inc. - Class B		480		66,000
				1,228,297
Household Durables - 7.74%
D.R. Horton, Inc.		1,796		123,780
KB Home		1,334		44,716
La-Z-Boy, Inc.		1,323		52,708
Lennar Corp. - Class A		1,074		81,871
Meritage Homes Corp. (a)		767		63,523
Mohawk Industries, Inc. (a)		462		65,119
PulteGroup, Inc.		2,720		117,286
Sony Corp. - ADR		526		53,179
Toll Brothers, Inc.		1,651		71,769
Whirlpool Corp.		340		61,367
				735,318
Interactive Media & Services - 3.94%
Alphabet, Inc. - Class A (a)		146		255,886
Facebook, Inc. - Class A (a)		434		118,551
				374,437
IT Services - 3.98%
Concentrix Corp. (a)		1,041		102,747
Mastercard, Inc. - Class A		425		151,699
Visa, Inc. - Class A		567		124,020
				378,466
Media - 1.06%
Comcast Corp. - Class A		1,921		100,660
Multiline Retail - 7.00%
Dollar General Corp.		1,048		220,395
Dollar Tree, Inc. (a)		933		100,801
Target Corp.		1,946		343,527
				664,723
Professional Services - 4.27%
ASGN, Inc. (a)		1,069		89,294
Insperity, Inc.		838		68,230
Korn Ferry		1,168		50,808
ManpowerGroup, Inc.		775		69,889
Robert Half International, Inc.		1,251		78,162
TriNet Group, Inc. (a)		613		49,408
				405,791
Semiconductors & Semiconductor Equipment - 9.88%
Applied Materials, Inc.		2,051		177,001
KLA Corp.		423		109,519
Lam Research Corp.		603		284,779
MKS Instruments, Inc.		779		117,201
SolarEdge Technologies, Inc. (a)(b)		784		250,190
				938,690
Software - 4.60%
Adobe, Inc. (a)		247	$	123,529
Microsoft Corp.		1,409		313,390
				436,919
Specialty Retail - 3.87%
AutoNation, Inc. (a)		753		52,552
Best Buy Co., Inc.		542		54,086
The Home Depot, Inc.		238		63,217
The Michaels Companies, Inc. (a)		3,896		50,687
Penske Automotive Group, Inc.		884		52,501
Rent-A-Center Inc.		1,172		44,876
Williams-Sonoma, Inc.		493		50,207
				368,126
Technology Hardware, Storage & Peripherals - 1.72%
Apple, Inc.		1,233		163,607
Thrifts & Mortgage Finance - 1.01%
Flagstar Bancorp, Inc.		1,224		49,890
PennyMac Financial Services, Inc.		707		46,394
				96,284
Trading Companies & Distributors - 2.87%
BMC Stock Holdings, Inc. (a)		1,096		58,833
MSC Industrial Direct Co., Inc. - Class A		429		36,203
Triton International, Ltd. (b)		844		40,943
United Rentals, Inc. (a)		391		90,677
WESCO International, Inc. (a)		580		45,530
				272,186
Wireless Telecommunication Services - 0.63%
T-Mobile US, Inc. (a)		445		60,008
TOTAL COMMON STOCKS (Cost $5,936,775)			$	9,417,763
SHORT-TERM INVESTMENTS - 1.12%
Money Market Funds - 1.12%
Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 0.010% (c)		106,460	$	106,460
TOTAL SHORT-TERM INVESTMENTS (Cost $106,460)			$	106,460
Total Investments (Cost $6,043,235) - 100.23%			$	9,524,223
Liabilities in Excess of Other Assets - (0.23)%				(21,685	)
TOTAL NET ASSETS - 100.00%			$	9,502,538
Percentages are stated as a percent of net assets.

ADR	American 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, 2020.
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 Select Industries 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 as of December 31, 2020:

Investments at Fair Value	Level 1		Level 2		Level 3		Total
Common Stocks	$	9,417,763	$	–	$	–	$	9,417,763
Money Market Funds		106,460		–		–		106,460
Total Investments in Securities	$	9,524,223	$	–	$	–	$	9,524,223
The Fund did not invest in any Level 3 securities during the period.