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

Leuthold Core Investment Fund
Schedule of Investments
December 31, 2020 (Unaudited)
	Shares		Fair Value
COMMON STOCKS - 62.92%
Air Freight & Logistics - 1.00%
Air Transport Services Group, Inc. (a)		57,263	$	1,794,623
Atlas Air Worldwide Holdings, Inc. (a)		36,145		1,971,348
Hub Group, Inc. - Class A (a)		32,084		1,828,788
				5,594,759
Biotechnology - 3.54%
AbbVie, Inc.		34,114		3,655,315
Alexion Pharmaceuticals, Inc. (a)		28,429		4,441,747
Amgen, Inc.		19,494		4,482,061
Biogen, Inc. (a)		6,985		1,710,347
Gilead Sciences, Inc.		29,233		1,703,115
Regeneron Pharmaceuticals, Inc. (a)		8,122		3,923,819
				19,916,404
Building Products - 2.11%
Builders FirstSource, Inc. (a)		69,447		2,834,132
Carrier Global Corp.		77,570		2,925,940
Masco Corp.		26,804		1,472,344
Masonite International Corp. (a)		12,590		1,238,101
Owens Corning		22,743		1,723,010
UFP Industries, Inc.		30,053		1,669,444
				11,862,971
Capital Markets - 5.30%
Credit Suisse Group AG - ADR		210,709		2,697,075
Evercore, Inc. - Class A		34,927		3,829,396
The Goldman Sachs Group, Inc.		24,362		6,424,503
Morgan Stanley		87,286		5,981,710
Raymond James Financial, Inc.		33,302		3,186,002
Stifel Financial Corp.		64,574		3,258,379
UBS Group AG (b)		313,749		4,433,273
				29,810,338
Chemicals - 0.00% (h)
China Lumena New Materials Corp. (a)(b)(d)(e)		20,950		6,486
Construction & Engineering - 0.76%
Comfort Systems USA, Inc.		33,035		1,739,623
MasTec, Inc. (a)		36,957		2,519,728
				4,259,351
Containers & Packaging - 4.20%
Amcor PLC (b)		291,379		3,429,531
Berry Global Group, Inc. (a)		30,963		1,739,811
Graphic Packaging Holding Co.		211,866		3,589,010
International Paper Co.		68,413		3,401,494
O-I Glass, Inc.		109,662		1,304,978
Sealed Air Corp.		74,119		3,393,909
Sonoco Products Co.		57,766		3,422,636
Westrock Co.		76,925		3,348,545
				23,629,914
Distributors - 0.50%
LKQ Corp. (a)		79,737		2,809,932
Diversified Telecommunication Services - 0.74%
Verizon Communications, Inc.		71,072		4,175,480
Electronic Equipment, Instruments & Components - 1.39%
Arrow Electronics, Inc. (a)		18,922	$	1,841,111
Insight Enterprises, Inc. (a)		36,957		2,812,058
SYNNEX Corp.		38,582		3,142,118
				7,795,287
Food & Staples Retailing - 1.66%
Costco Wholesale Corp.		12,996		4,896,633
Walmart, Inc.		30,865		4,449,190
				9,345,823
Health Care Providers & Services - 8.23%
Anthem, Inc.		8,529		2,738,577
Centene Corp. (a)		73,914		4,437,057
Cigna Corp.		11,778		2,451,944
CVS Health Corp.		35,333		2,413,244
Encompass Health Corp.		46,704		3,861,954
Fresenius Medical Care AG & Co. KGaA - ADR		42,643		1,772,243
HCA Healthcare, Inc.		39,394		6,478,737
Humana, Inc.		12,184		4,998,730
Laboratory Corp. of America Holdings (a)		10,153		2,066,643
McKesson Corp.		10,113		1,758,853
Premier, Inc.		39,394		1,382,729
Quest Diagnostics, Inc.		15,433		1,839,151
UnitedHealth Group, Inc.		21,525		7,548,387
Universal Health Services, Inc. - Class B		18,276		2,512,950
				46,261,199
Household Durables - 4.94%
D.R. Horton, Inc.		68,229		4,702,343
KB Home		50,359		1,688,034
La-Z-Boy, Inc.		49,547		1,973,952
Lennar Corp. - Class A		40,612		3,095,853
Meritage Homes Corp. (a)		29,241		2,421,740
Mohawk Industries, Inc. (a)		17,057		2,404,184
PulteGroup, Inc.		104,374		4,500,607
Sony Corp. - ADR		19,494		1,970,843
Toll Brothers, Inc.		62,949		2,736,393
Whirlpool Corp.		12,590		2,272,369
				27,766,318
Interactive Media & Services - 2.43%
Alphabet, Inc. - Class A (a)		5,280		9,253,939
Facebook, Inc. - Class A (a)		16,245		4,437,484
				13,691,423
IT Services - 2.56%
Concentrix Corp. (a)		38,582		3,808,043
Mastercard, Inc. - Class A		16,461		5,875,589
Visa, Inc. - Class A		21,517		4,706,414
				14,390,046
Media - 0.65%
Comcast Corp. - Class A		70,259		3,681,571
Multiline Retail - 4.54%
Dollar General Corp.		40,206		8,455,322
Dollar Tree, Inc. (a)		35,739		3,861,242
Target Corp.		74,727		13,191,557
				25,508,121
Professional Services - 2.72%
ASGN, Inc. (a)		41,018		3,426,233
Insperity, Inc.		31,678		2,579,223
Korn Ferry		42,766		1,860,321
ManpowerGroup, Inc.		28,984		2,613,777
Robert Half International, Inc.		47,923		2,994,229
TriNet Group, Inc. (a)		22,441		1,808,745
				15,282,528
Semiconductors & Semiconductor Equipment - 6.42%
Applied Materials, Inc.		79,194	$	6,834,442
KLA Corp.		16,245		4,205,993
Lam Research Corp.		22,628		10,686,525
MKS Instruments, Inc.		30,053		4,521,474
SolarEdge Technologies, Inc. (a)(b)		30,899		9,860,489
				36,108,923
Software - 2.87%
Adobe, Inc. (a)		8,935		4,468,572
Microsoft Corp.		52,390		11,652,584
				16,121,156
Specialty Retail - 2.44%
AutoNation, Inc. (a)		27,616		1,927,320
Best Buy Co., Inc.		19,900		1,985,821
The Home Depot, Inc.		8,935		2,373,315
The Michaels Companies, Inc. (a)		145,798		1,896,832
Penske Automotive Group, Inc.		33,302		1,977,806
Rent-A-Center Inc.		43,861		1,679,438
Williams-Sonoma, Inc.		18,682		1,902,575
				13,743,107
Technology Hardware, Storage & Peripherals - 1.07%
Apple, Inc.		45,486		6,035,537
Thrifts & Mortgage Finance - 0.65%
Flagstar Bancorp, Inc.		45,887		1,870,354
PennyMac Financial Services, Inc.		27,048		1,774,890
				3,645,244
Trading Companies & Distributors - 1.80%
BMC Stock Holdings, Inc. (a)		41,018		2,201,846
MSC Industrial Direct Co., Inc. - Class A		15,694		1,324,417
Triton International, Ltd. (b)		31,678		1,536,700
United Rentals, Inc. (a)		14,620		3,390,524
WESCO International, Inc. (a)		21,233		1,666,790
				10,120,277
Wireless Telecommunication Services - 0.40%
T-Mobile US, Inc. (a)		16,651		2,245,387
TOTAL COMMON STOCKS (Cost $223,641,447)			$	353,807,582
INVESTMENT COMPANIES - 18.77%
Exchange Traded Funds - 18.77%
Invesco CurrencyShares Japanese Yen Trust (a)(g)		145,298	$	13,288,955
iShares 5-10 Year Investment Grade Corporate Bond ETF		100,004		6,179,247
iShares Core MSCI Emerging Markets ETF		238,801		14,815,214
iShares Floating Rate Bond ETF		160,950		8,163,384
iShares Gold Trust (a)		361,856		6,560,450
iShares International Treasury Bond ETF		218,724		12,152,306
iShares MBS ETF		121,040		13,330,135
SPDR Bloomberg Barclays Short-Term High Yield Bond ETF		377,283		10,167,777
SPDR Gold Shares (a)		116,964		20,861,699
TOTAL INVESTMENT COMPANIES (Cost $88,375,713)			$	105,519,167
	Principal Amount		Fair Value
CORPORATE BONDS - 3.25%
Banks - 1.06%
JPMorgan Chase & Co.
1.500%, 01/27/2025	$	4,600,000	$	5,973,026
Food Products - 0.51%
Kraft Heinz Foods Co.
3.950%, 07/15/2025		2,598,000		2,861,100
Software - 0.90%
Oracle Corp.
2.950%, 05/15/2025		4,620,000		5,073,965
Technology Hardware, Storage & Peripherals - 0.78%
Apple, Inc.
1.000%, 11/10/2022		3,500,000		4,380,308
TOTAL CORPORATE BONDS (Cost $16,510,235)			$	18,288,399
UNITED STATES TREASURY OBLIGATIONS - 0.95%
United States Treasury Notes - 0.95%
0.625%, 08/15/2030	$	5,490,000	$	5,352,750
TOTAL UNITED STATES TREASURY OBLIGATIONS (Cost $5,467,697)			$	5,352,750
FOREIGN GOVERNMENT BONDS - 3.28%
Canadian Government Bond
2.250%, 06/01/2025 (b)	CAD 8,100,000		$	6,883,632
French Republic Government Bond OAT
1.250%, 05/25/2034 (b)	EUR 7,930,000			11,537,187
TOTAL FOREIGN GOVERNMENT BONDS (Cost $15,812,440)			$	18,420,819
	Shares		Fair Value
SHORT-TERM INVESTMENTS - 9.10%
Money Market Funds - 9.10%
Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 0.010% (c)(f)		51,197,991	$	51,197,991
TOTAL SHORT-TERM INVESTMENTS (Cost $51,197,991)			$	51,197,991
Total Investments (Cost $401,005,523) - 98.27%			$	552,586,708
Other Assets in Excess of Liabilities - 1.73%				9,739,042
TOTAL NET ASSETS - 100.00%			$	562,325,750
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 this security totals $6,486 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 December 31, 2020, the market value of this security totals $13,288,955, which represents 2.36% 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)
December 31, 2020 (Unaudited)
	Shares		Fair Value
COMMON STOCKS - 2.25%
Aerospace & Defense - 0.20%
Axon Enterprise, Inc.		1,569	$	192,250
The Boeing Co.		1,432		306,534
Cubic Corp.		2,217		137,543
HEICO Corp.		1,353		179,137
TransDigm Group, Inc.		477		295,191
				1,110,655
Airlines - 0.05%
Southwest Airlines Co.		6,514		303,618
Banks - 0.02%
Pacific Premier Bancorp, Inc.		3,717		116,454
Capital Markets - 0.01%
Hamilton Lane, Inc. - Class A		1,068		83,357
Chemicals - 0.12%
Albemarle Corp.		1,958		288,844
Nutrien Ltd. (b)		5,412		260,642
Tronox Holdings PLC (b)		7,877		115,162
				664,648
Commercial Services & Supplies - 0.05%
MSA Safety, Inc.		1,140		170,305
US Ecology, Inc.		2,421		87,955
				258,260
Communications Equipment - 0.01%
ViaSat, Inc.		2,455		80,156
Construction & Engineering - 0.05%
WillScot Mobile Mini Holdings Corp.		11,083		256,793
Electric Utilities - 0.05%
Edison International		4,536		284,951
Entertainment - 0.08%
Cinemark Holdings, Inc.		6,650		115,776
Live Nation Entertainment, Inc.		3,035		223,012
Madison Square Garden Sports Corp. - Class A		648		119,297
				458,085
Food & Staples Retailing - 0.04%
Sysco Corp.		3,367		250,033
Food Products - 0.03%
Beyond Meat, Inc.		1,330		166,250
Health Care Equipment & Supplies - 0.30%
Alcon, Inc. (b)		4,297		283,516
Becton Dickinson and Co.		1,125		281,497
Boston Scientific Corp.		6,241		224,364
The Cooper Companies, Inc.		818		297,196
Insulet Corp.		1,125		287,584
Mesa Laboratories, Inc.		546		156,505
Penumbra, Inc.		784		137,200
				1,667,862
Hotels, Restaurants & Leisure - 0.44%
Aramark		6,241	$	240,154
Choice Hotels International, Inc.		1,773		189,232
Churchill Downs, Inc.		1,057		205,893
Hilton Worldwide Holdings, Inc.		2,447		272,253
Marriott Vacations Worldwide Corp.		1,773		243,291
MGM Resorts International		5,754		181,309
Norwegian Cruise Line Holdings, Ltd.		6,907		175,645
Planet Fitness, Inc. - Class A		3,035		235,607
Restaurant Brands International, Inc. (b)		4,740		289,662
Shake Shack, Inc. - Class A		1,535		130,137
Starbucks Corp.		2,899		310,135
				2,473,318
Industrial Conglomerates - 0.05%
Roper Technologies, Inc.		604		260,378
Internet & Direct Marketing Retail - 0.01%
The RealReal, Inc.		4,042		78,981
IT Services - 0.02%
Switch, Inc. - Class A		5,523		90,411
Oil, Gas & Consumable Fuels - 0.08%
Hess Corp.		4,463		235,602
Occidental Petroleum Corp.		12,013		207,945
				443,547
Personal Products - 0.06%
The Estee Lauder Companies, Inc. - Class A		1,194		317,831
Pharmaceuticals - 0.04%
Elanco Animal Health, Inc.		8,048		246,832
Professional Services - 0.05%
CoStar Group, Inc.		293		270,814
Real Estate Management & Development - 0.02%
The Howard Hughes Corp.		1,535		121,158
Road & Rail - 0.04%
Lyft, Inc. - Class A		4,581		225,065
Semiconductors & Semiconductor Equipment - 0.06%
Microchip Technology, Inc.		2,285		315,581
Software - 0.14%
Medallia, Inc.		6,377		211,844
Nutanix, Inc. - Class A		7,434		236,921
PROS Holdings, Inc.		2,558		129,870
Q2 Holdings, Inc.		1,739		220,036
				798,671
Specialty Retail - 0.05%
Burlington Stores, Inc.		1,194		312,291
Technology Hardware, Storage & Peripherals - 0.05%
Western Digital Corp.		4,638		256,899
Textiles, Apparel & Luxury Goods - 0.11%
Canada Goose Holdings, Inc. (b)		3,785	$	112,679
Under Armour, Inc. - Class A		13,675		234,800
VF Corp.		3,342		285,440
				632,919
Transportation Infrastructure - 0.02%
Macquarie Infrastructure Corp.		3,308		124,215
TOTAL COMMON STOCKS (Proceeds $10,748,615)			$	12,670,033
INVESTMENT COMPANIES - 6.64%
Exchange Traded Funds - 6.64%
Energy Select Sector SPDR Fund		5,603	$	212,354
Financial Select Sector SPDR Fund		14,153		417,230
Invesco QQQ Trust Series 1		2,865		898,865
iShares Expanded Tech-Software Sector ETF		1,193		422,441
iShares Russell 1000 Growth ETF		1,545		372,561
iShares S&P 100 ETF		5,218		895,618
SPDR S&P 500 ETF Trust		89,950		33,630,506
Utilities Select Sector SPDR Fund		7,346		460,594
TOTAL INVESTMENT COMPANIES (Proceeds $30,890,085)			$	37,310,169
TOTAL SECURITIES SOLD SHORT
(Proceeds $41,638,700) - 8.89%			$	49,980,202
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 Core Investment 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
Air Freight & Logistics	$	5,594,759	$	–		$	–	$	5,594,759
Biotechnology		19,916,404		-			-		19,916,404
Building Products		11,862,971		-			-		11,862,971
Capital Markets		29,810,338		-			-		29,810,338
Chemicals		-		-			6,486		6,486
Construction & Engineering		4,259,351		-			-		4,259,351
Containers & Packaging		23,629,914		-			-		23,629,914
Distributors		2,809,932		-			-		2,809,932
Diversified Telecommunication Services		4,175,480		-			-		4,175,480
Electronic Equipment, Instruments & Components		7,795,287		-			-		7,795,287
Food & Staples Retailing		9,345,823		-			-		9,345,823
Health Care Providers & Services		46,261,199		-			-		46,261,199
Household Durables		27,766,318		-			-		27,766,318
Interactive Media & Services		13,691,423		-			-		13,691,423
IT Services		14,390,046		-			-		14,390,046
Media		3,681,571		-			-		3,681,571
Multiline Retail		25,508,121		-			-		25,508,121
Professional Services		15,282,528		-			-		15,282,528
Semiconductors & Semiconductor Equipment		36,108,923		-			-		36,108,923
Software		16,121,156		-			-		16,121,156
Specialty Retail		13,743,107		-			-		13,743,107
Technology Hardware, Storage & Peripherals		6,035,537		-			-		6,035,537
Thrifts & Mortgage Finance		3,645,244		-			-		3,645,244
Trading Companies & Distributors		10,120,277		-			-		10,120,277
Wireless Telecommunication Services		2,245,387		-			-		2,245,387
Total Common Stocks		353,801,096		-			6,486		353,807,582
Exchange Traded Funds		105,519,167		-			-		105,519,167
Corporate Bonds		-		18,288,399			-		18,288,399
United States Treasury Obligations		-		5,352,750			-		5,352,750
Foreign Government Bonds		-		18,420,819			-		18,420,819
Money Market Funds		51,197,991		-			-		51,197,991
Total Investments in Securities	$	510,518,254	$	42,061,968		$	6,486	$	552,586,708
Securities Sold Short at Fair Value	Level 1		Level 2			Level 3		Total
Common Stocks	$	12,670,033	$	-		$	-	$	12,670,033
Exchange Traded Funds		37,310,169		-			-		37,310,169
Total Securities Sold Short	$	49,980,202	$	-		$	-	$	49,980,202
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			$	6,488
Accrued discounts/premiums				–
Realized gain (loss)				–
Change in unrealized depreciation				(2	) *
Purchases				–
Sales				–
Transfer into and/or out of Level 3				–
Balance as of December 31, 2020			$	6,486	(1)
Change in unrealized depreciation during the period for Level 3 investments held at December 31, 2020:			$	(2	)
* Unrealized depreciation 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.