Leuthold Funds NPORT-P Leuthold Global Fund (Jun 2021 report)

Leuthold Global Fund
Schedule of Investments
June 30, 2021 (Unaudited)
	Shares		Fair Value
COMMON STOCKS - 63.17%
Air Freight & Logistics - 0.83%
Atlas Air Worldwide Holdings, Inc. (a)		1,491	$	101,552
FedEx Corp.		472		140,812
				242,364
Banks - 3.97%
Ameris Bancorp		1,840		93,159
Associated Banc-Corp.		4,482		91,791
BancorpSouth Bank		2,740		77,624
Bank Tabungan Negara Persero Tbk PT (a)(b)		616,400		58,377
Citizens Financial Group, Inc.		3,419		156,830
FNB Corp.		8,052		99,281
Investors Bancorp, Inc.		7,057		100,633
Mebuki Financial Group, Inc. (b)		40,400		85,425
The PNC Financial Services Group, Inc.		1,082		206,402
Simmons First National Corp.		2,849		83,590
Valley National Bancorp		7,595		102,001
				1,155,113
Capital Markets - 5.21%
Evercore, Inc. - Class A		962		135,421
The Goldman Sachs Group, Inc.		928		352,204
Haitong Securities Co., Ltd. - H Shares (b)		74,000		64,799
LPL Financial Holdings, Inc.		1,251		168,860
Meritz Securities Co., Ltd. (b)		15,746		66,233
Morgan Stanley		4,547		416,914
Raymond James Financial, Inc.		1,221		158,608
Stifel Financial Corp.		2,360		153,070
				1,516,109
Communications Equipment - 3.53%
Ciena Corp. (a)		2,060		117,193
Cisco Systems, Inc.		4,260		225,780
Juniper Networks, Inc.		3,785		103,520
Lumentum Holdings, Inc. (a)		1,288		105,655
NETGEAR, Inc. (a)		2,505		95,991
Spirent Communications PLC (b)		31,351		106,873
Telefonaktiebolaget LM Ericsson - Class B - ADR (a)		12,908		162,383
Wistron NeWeb Corp. (a)(b)		40,000		109,078
				1,026,473
Construction Materials - 2.91%
Asia Cement Corp. (b)		45,000		81,879
Buzzi Unicem SpA (b)		2,709		71,968
China National Building Material Co., Ltd. - H Shares (b)		72,000		84,545
China Resources Cement Holdings, Ltd. (b)		50,000		47,507
CRH PLC - ADR		2,881		146,470
HeidelbergCement AG (b)		1,348		115,735
Holcim, Ltd. (b)		1,991		119,675
Martin Marietta Materials, Inc.		367		129,114
Taiheiyo Cement Corp. (b)		2,300		50,558
				847,451
Consumer Finance - 0.34%
Capital One Financial Corp.		633		97,919
Containers & Packaging - 3.25%
Berry Global Group, Inc. (a)		2,667	$	173,942
Cheng Loong Corp. (b)		51,000		88,788
DS Smith PLC (b)		22,936		132,791
O-I Glass, Inc. (a)		6,008		98,111
Rengo Co., Ltd. (b)		7,100		59,176
Sealed Air Corp.		3,235		191,674
Silgan Holdings, Inc.		1,650		68,475
Sonoco Products Co.		2,013		134,670
				947,627
Distributors - 0.36%
LKQ Corp. (a)		2,153		105,971
Health Care Providers & Services - 2.66%
Anthem, Inc.		715		272,987
Centene Corp. (a)		1,952		142,359
Humana, Inc.		484		214,277
Molina Healthcare, Inc. (a)		569		143,991
				773,614
Household Durables - 7.09%
Barratt Developments PLC (b)		11,972		115,274
Electrolux AB - Class B (b)		3,380		93,666
Forbo Holding AG (b)		28		53,006
Haier Smart Home Co., Ltd. - H Class (a)(b)		30,800		107,418
Haseko Corp. (b)		8,100		111,044
KB Home		3,653		148,750
La-Z-Boy, Inc.		1,141		42,263
Lennar Corp. - Class A		2,373		235,757
LG Electronics, Inc. (b)		889		128,713
Meritage Homes Corp. (a)		2,246		211,304
Mohawk Industries, Inc. (a)		540		103,783
Redrow PLC (b)		12,111		102,735
Sony Group Corp. - ADR		1,591		154,677
TCL Electronics Holdings, Ltd. (b)		54,000		32,202
Toll Brothers, Inc.		3,203		185,165
Tri Pointe Homes, Inc. (a)		7,063		151,360
Whirlpool Corp.		405		88,298
				2,065,415
Insurance - 2.73%
American Equity Investment Life Holding Co.		3,106		100,386
CNO Financial Group, Inc.		4,016		94,858
Legal & General Group PLC (b)		29,891		106,639
Medibank Pvt, Ltd. (b)		35,662		84,548
MetLife, Inc.		3,666		219,410
Phoenix Group Holdings PLC (b)		8,461		79,204
Unum Group (a)		3,890		110,476
				795,521
Interactive Media & Services - 2.40%
Alphabet, Inc. - Class A (a)		181		441,964
Facebook, Inc. - Class A (a)		741		257,653
				699,617
IT Services - 2.27%
Accenture PLC - Class A (b)		846		249,392
Atos SE (b)		1,140		69,417
NS Solutions Corp. (b)		2,700		86,890
TIS, Inc. (b)		4,300		109,742
Wipro, Ltd. - ADR		18,571		145,039
				660,480
Life Sciences Tools & Services - 3.58%
Charles River Laboratories International, Inc. (a)		518	$	191,619
Eurofins Scientific SE (b)		1,168		133,594
Gerresheimer AG (b)		786		86,937
Medpace Holdings, Inc. (a)		832		146,956
PRA Health Sciences, Inc. (a)		797		131,672
Siegfried Holding AG (b)		119		111,676
Syneos Health, Inc. (a)		1,446		129,402
Waters Corp. (a)		316		109,213
				1,041,069
Machinery - 0.66%
Indutrade AB (b)		7,494		191,850
Marine - 2.21%
AP Moller - Maersk A/S - Class B (b)		59		169,855
Evergreen Marine Corp. Taiwan, Ltd. (a)(b)		67,000		473,252
				643,107
Metals & Mining - 4.54%
Anglo American PLC (b)		3,990		158,779
BHP Group, Ltd. - LN Shares - ADR		3,145		229,050
Boliden AB (b)		2,367		91,081
Fortescue Metals Group, Ltd. (b)		8,157		142,494
Grupo Mexico SAB de CV (b)		38,400		181,000
Korea Zinc Co., Ltd. (b)		199		76,311
Rio Tinto PLC - AU Shares - ADR		2,730		229,020
Sumitomo Metal Mining Co., Ltd. (b)		2,200		85,560
Ternium SA - ADR		3,367		129,495
				1,322,790
Oil, Gas & Consumable Fuels - 0.84%
Antero Midstream Corp.		13,708		142,426
Enbridge, Inc. (b)		2,493		99,820
Thungela Resources, Ltd. (a)(b)		399		1,098
				243,344
Paper & Forest Products - 0.16%
China Forestry Holdings Co., Ltd. (a)(b)(d)(e)		2,484,000		47,989
Professional Services - 0.85%
CACI International, Inc. (a)		562		143,377
ManTech International Corp. - Class A		1,196		103,502
				246,879
Semiconductors & Semiconductor Equipment - 9.52%
Amkor Technology, Inc.		5,251		124,291
Applied Materials, Inc.		2,153		306,587
ASM International NV (b)		847		279,363
Diodes, Inc. (a)		1,594		127,153
Globalwafers Co., Ltd. (b)		7,000		230,792
Intel Corp.		3,149		176,785
Lam Research Corp.		624		406,037
Marvell Technology, Inc.		3,263		190,331
Sino-American Silicon Products, Inc. (b)		27,000		187,053
SK Hynix, Inc. (b)		1,511		170,545
Skyworks Solutions, Inc.		1,147		219,937
SUMCO Corp. (b)		6,500		159,225
Taiwan Surface Mounting Technology Corp. (b)		21,000		91,128
UniTest, Inc. (a)(b)		5,048		101,454
				2,770,681
Specialty Retail - 0.38%
Penske Automotive Group, Inc.		1,448		109,310
Technology Hardware, Storage & Peripherals - 0.97%
HP, Inc.		4,310		130,119
Logitech International SA (b)		1,262		152,601
				282,720
Trading Companies & Distributors - 1.91%
Air Lease Corp.		1,793	$	74,840
ITOCHU Corp. (b)		3,700		106,762
Mitsui & Co., Ltd. (b)		4,500		101,366
Triton International, Ltd. (b)		2,200		115,148
WESCO International, Inc. (a)		1,540		158,343
				556,459
TOTAL COMMON STOCKS (Cost $13,364,594)			$	18,389,872
INVESTMENT COMPANIES - 16.62%
Exchange Traded Funds - 16.62%
Invesco CurrencyShares Japanese Yen Trust (a)		8,531	$	722,832
iShares Floating Rate Bond ETF		8,936		454,128
iShares Gold Trust (a)		8,255		278,276
iShares International Treasury Bond ETF		8,318		434,615
iShares MBS ETF		2,503		270,900
iShares TIPS Bond ETF		3,624		463,908
SPDR Bloomberg Barclays Short-Term High Yield Bond ETF		14,802		408,239
SPDR Gold Shares (a)		5,337		883,967
VanEck Vectors ChinaAMC China		4,697		113,151
Vanguard Short-Term Inflation-Protected Securities ETF		15,401		807,166
TOTAL INVESTMENT COMPANIES (Cost $4,562,936)			$	4,837,182
	Principal Amount		Fair Value
CORPORATE BONDS - 2.02%
Banks - 2.02%
JPMorgan Chase & Co.
1.500%, 01/27/2025	$	470,000	$	587,468
TOTAL CORPORATE BONDS (Cost $517,311)			$	587,468
UNITED STATES TREASURY OBLIGATIONS - 0.52%
United States Treasury Bond
1.125%, 05/15/2040	$	175,000	$	151,225
TOTAL UNITED STATES TREASURY OBLIGATIONS (Cost $145,524)			$	151,225
FOREIGN GOVERNMENT BONDS - 3.07%
French Republic Government Bond OAT
1.250%, 05/25/2034 (b)	EUR 474,000		$	629,422
United Kingdom Gilt
4.750%, 12/07/2030 (b)	GBP 140,000			264,717
TOTAL FOREIGN GOVERNMENT BONDS (Cost $821,420)			$	894,139
	Shares		Fair Value
SHORT-TERM INVESTMENTS - 12.82%
Money Market Funds - 12.82%
Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 0.010% (c)(f)		3,731,234	$	3,731,234
TOTAL SHORT-TERM INVESTMENTS (Cost $3,731,234)			$	3,731,234
Total Investments (Cost $23,143,019) - 98.22%			$	28,591,120
Other Assets in Excess of Liabilities - 1.78%				517,504
TOTAL NET ASSETS - 100.00%			$	29,108,624

Percentages are stated as a percent of net assets.
ADR	American Depositary Receipt
GBP	British Pound
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, 2021.
(d)	Illiquid security.  The fair value of these securities total $47,989 which represents 0.16% 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.

	Fair		of Total
	Value		Investments
CURRENCY EXPOSURE
Australian Dollar	$	227,043		0.79	%
British Pound		1,068,110		3.74
Danish Kroner		169,856		0.59
Euro		1,973,904		6.90
Hong Kong Dollar		384,460		1.35
Indonesian Rupiah		58,376		0.21
Japanese Yen		955,747		3.34
Mexican Peso		181,000		0.63
New Taiwan Dollar		1,261,970		4.41
South Korea Won		543,257		1.90
Swedish Krona		376,598		1.32
Swiss Franc		284,356		1.00
US Dollar		21,106,443		73.82
Total Investments	$	28,591,120		100.00	%
			Percentage
	Fair		of Total
	Value		Investments
PORTFOLIO DIVERSIFICATION
Australia	$	456,092		1.59	%
Bermuda		115,148		0.40
Britain		450,933		1.57
Canada		99,820		0.35
Cayman Islands		79,709		0.28
China		304,751		1.07
Denmark		169,856		0.59
France		698,839		2.44
Germany		202,672		0.71
India		145,039		0.51
Indonesia		58,376		0.21
Ireland		395,862		1.38
Italy		71,968		0.25
Japan		1,110,425		3.90
Luxembourg		263,089		0.92
Mexico		181,000		0.63
Netherlands		279,363		0.98
Republic of Korea		142,544		0.50
South Africa		1,098		0.00
South Korea		400,712		1.40
Sweden		538,980		1.89
Switzerland		436,958		1.52
Taiwan		187,053		0.65
Taiwan, Province of China		1,074,917		3.77
United Kingdom		845,099		2.97
United States		19,880,817		69.52
Total Investments	$	28,591,120		100.00	%

Leuthold Global Fund
Schedule of Securities Sold Short - (a)
June 30, 2021 (Unaudited)
	Shares		Fair Value
COMMON STOCKS - 0.55%
Aerospace & Defense - 0.04%
The Boeing Co.		18	$	4,312
HEICO Corp.		22		3,067
Kratos Defense & Security Solutions, Inc.		46		1,311
TransDigm Group, Inc.		4		2,589
				11,279
Airlines - 0.01%
Southwest Airlines Co.		60		3,185
Automobiles - 0.01%
Ferrari NV (b)		12		2,473
Banks - 0.00% (c)
Community Bank System, Inc.		16		1,210
Biotechnology - 0.01%
Seagen, Inc.		18		2,842
Capital Markets - 0.03%
CME Group, Inc. - Class A		20		4,254
Hamilton Lane, Inc. - Class A		18		1,640
Intercontinental Exchange, Inc.		34		4,036
				9,930
Chemicals - 0.03%
Air Products and Chemicals, Inc.		8		2,301
Ecolab, Inc.		18		3,708
International Flavors & Fragrances, Inc.		18		2,689
				8,698
Commercial Services & Supplies - 0.01%
MSA Safety, Inc.		19		3,146
Containers & Packaging - 0.01%
Ball Corp.		26		2,106
Diversified Consumer Services - 0.01%
Bright Horizons Family Solutions, Inc.		8		1,177
Chegg, Inc.		15		1,247
				2,424
Diversified Telecommunication Services - 0.00% (c)
Cogent Communications Holdings, Inc.		17		1,307
Electric Utilities - 0.01%
PG&E Corp.		346		3,519
Electrical Equipment - 0.01%
Sunrun, Inc.		23		1,283
Entertainment - 0.01%
Madison Square Garden Sports Corp. - Class A		11	$	1,898
Zynga, Inc.		108		1,148
				3,046
Food Products - 0.01%
Hormel Foods Corp.		49		2,340
Health Care Equipment & Supplies - 0.06%
Alcon, Inc. (b)		51		3,583
Axonics, Inc.		23		1,458
Becton Dickinson and Co.		9		2,189
Dexcom, Inc.		6		2,562
Insulet Corp.		14		3,843
Mesa Laboratories, Inc.		4		1,085
Nevro Corp.		7		1,161
				15,881
Hotels, Restaurants & Leisure - 0.06%
Aramark		68		2,533
Choice Hotels International, Inc.		10		1,189
Hilton Worldwide Holdings, Inc.		30		3,619
Las Vegas Sands Corp.		67		3,530
Planet Fitness, Inc. - Class A		33		2,483
Restaurant Brands International, Inc. (b)		58		3,737
Wingstop, Inc.		9		1,419
				18,510
Industrial Conglomerates - 0.01%
Roper Technologies, Inc.		5		2,351
Insurance - 0.01%
Marsh & McLennan Companies, Inc.		19		2,673
IT Services - 0.04%
Fidelity National Information Services, Inc.		27		3,825
Okta, Inc. - Class A		11		2,692
Shopify, Inc. - Class A (b)		2		2,922
Switch, Inc. - Class A		91		1,921
				11,360
Life Sciences Tools & Services - 0.00% (c)
Adaptive Biotechnologies Corp.		27		1,103
Metals & Mining - 0.01%
Franco-Nevada Corp. (b)		16		2,321
Oil, Gas & Consumable Fuels - 0.02%
Cameco Corp. (b)		65		1,247
Cenovus Energy, Inc. (b)		166		1,590
Phillips 66		31		2,660
				5,497
Pharmaceuticals - 0.02%
AstraZeneca PLC - ADR		45		2,696
Elanco Animal Health, Inc.		86		2,983
				5,679
Professional Services - 0.02%
CoStar Group, Inc.		30	$	2,484
Equifax, Inc.		11		2,635
				5,119
Real Estate Investment Trusts (REITs) - 0.03%
Americold Realty Trust		30		1,135
Equinix, Inc.		4		3,210
Sun Communities, Inc.		17		2,914
				7,259
Software - 0.06%
Alteryx, Inc. - Class A		15		1,290
Atlassian Corp. PLC - Class A (b)		11		2,825
Coupa Software, Inc.		11		2,883
Datadog, Inc. - Class A		23		2,394
PROS Holdings, Inc.		42		1,914
RingCentral, Inc. - Class A		10		2,906
Splunk, Inc.		22		3,181
				17,393
Specialty Retail - 0.00% (c)
Monro, Inc.		19		1,207
Textiles, Apparel & Luxury Goods - 0.01%
Lululemon Athletica, Inc. (b)		8		2,920
TOTAL COMMON STOCKS (Proceeds $144,572)			$	158,061
INVESTMENT COMPANIES - 8.52%
Exchange Traded Funds - 8.52%
Energy Select Sector SPDR Fund		37	$	1,993
Financial Select Sector SPDR Fund		166		6,090
Invesco QQQ Trust Series 1		46		16,304
iShares Expanded Tech-Software Sector ETF		13		5,070
iShares MSCI ACWI ETF		11,782		1,192,221
iShares MSCI EAFE ETF		12,070		952,082
iShares MSCI Emerging Markets ETF		4,862		268,139
iShares Russell 1000 Growth ETF		39		10,588
iShares S&P 100 ETF		65		12,752
SPDR S&P 500 ETF Trust		19		8,133
Utilities Select Sector SPDR Fund		121		7,651
TOTAL INVESTMENT COMPANIES (Proceeds $2,216,681)			$	2,481,023
TOTAL SECURITIES SOLD SHORT
(Proceeds $2,361,253) - 9.07%			$	2,639,084

Percentages are stated as a percent of net assets.
ADR	American Depositary Receipt
(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 June 30, 2021 (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, 2021:
Investments at Fair Value	Level 1		Level 2				Level 3		Total
Common Stocks
Air Freight & Logistics	$	242,364	$	-			$	-	$	242,364
Banks		1,011,311		143,802				-		1,155,113
Capital Markets		1,385,077		131,032				-		1,516,109
Communications Equipment		810,522		215,951				-		1,026,473
Construction Materials		275,584		571,867				-		847,451
Consumer Finance		97,919		-				-		97,919
Containers & Packaging		666,872		280,755				-		947,627
Distributors		105,971		-				-		105,971
Health Care Providers & Services		773,614		-				-		773,614
Household Durables		1,321,357		744,058				-		2,065,415
Insurance		525,130		270,391				-		795,521
Interactive Media & Services		699,617		-				-		699,617
IT Services		394,431		266,049				-		660,480
Life Sciences Tools & Services		708,862		332,207				-		1,041,069
Machinery		-		191,850				-		191,850
Marine		-		643,107				-		643,107
Metals & Mining		768,565		554,225				-		1,322,790
Oil, Gas & Consumable Fuels		243,344		-				-		243,344
Paper & Forest Products		-		-				47,989		47,989
Professional Services		246,879		-				-		246,879
Semiconductors & Semiconductor Equipment		1,551,121		1,219,560				-		2,770,681
Specialty Retail		109,310		-				-		109,310
Technology Hardware, Storage & Peripherals		282,720		-				-		282,720
Trading Companies & Distributors		348,331		208,128				-		556,459
Total Common Stocks		12,568,901		5,772,982				47,989		18,389,872
Exchange Traded Funds		4,837,182		-				-		4,837,182
Corporate Bonds		-		587,468				-		587,468
United States Treasury Obligations		-		151,225						151,225
Foreign Government Bonds		-		894,139				-		894,139
Money Market Funds		3,731,234		-				-		3,731,234
Total Investments in Securities	$	21,137,317	$	7,405,814			$	47,989	$	28,591,120
Securities Sold Short at Fair Value	Level 1		Level 2				Level 3		Total
Common Stocks	$	158,061	$	-			$	-	$	158,061
Exchange Traded Funds		2,481,023		-				-		2,481,023
Total Securities Sold Short	$	2,639,084	$	-			$	-	$	2,639,084
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				(88	)	*
Purchases				-
Sales				-
Transfer into and/or out of Level 3				-
Balance as of June 30, 2021			$	47,989		(1)
Change in unrealized depreciation during the period for Level 3 investments held at June 30, 2021:			$	(88	)
* 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%.