Leuthold Funds NPORT-P Leuthold Select Industries Fund (Jun 2021 report)

Leuthold Select Industries Fund
Schedule of Investments
June 30, 2021 (Unaudited)
	Shares		Fair Value
COMMON STOCKS - 99.17%
Air Freight & Logistics - 1.99%
Air Transport Services Group, Inc. (a)		1,523	$	35,379
Atlas Air Worldwide Holdings, Inc. (a)		961		65,454
FedEx Corp.		238		71,003
Hub Group, Inc. - Class A (a)		852		56,215
				228,051
Capital Markets - 8.82%
Evercore, Inc. - Class A		925		130,212
The Goldman Sachs Group, Inc.		653		247,833
Jefferies Financial Group, Inc.		1,841		62,962
Morgan Stanley		2,355		215,930
Raymond James Financial, Inc.		877		113,922
Stifel Financial Corp.		1,712		111,041
UBS Group AG (b)		8,392		128,733
				1,010,633
Construction & Engineering - 1.53%
Comfort Systems USA, Inc.		895		70,517
MasTec, Inc. (a)		988		104,827
				175,344
Consumer Finance - 3.30%
Ally Financial, Inc.		1,743		86,871
Capital One Financial Corp.		872		134,890
OneMain Holdings, Inc.		1,383		82,855
Santander Consumer USA Holdings, Inc.		2,018		73,294
				377,910
Containers & Packaging - 6.51%
Amcor PLC (b)		7,750		88,815
Berry Global Group, Inc. (a)		841		54,850
Graphic Packaging Holding Co.		5,797		105,158
International Paper Co.		1,839		112,749
O-I Glass, Inc. (a)		2,977		48,614
Sealed Air Corp.		2,047		121,285
Sonoco Products Co.		1,565		104,698
Westrock Co.		2,076		110,485
				746,654
Distributors - 0.92%
LKQ Corp. (a)		2,148		105,725
Diversified Telecommunication Services - 0.94%
Verizon Communications, Inc.		1,928		108,026
Electronic Equipment, Instruments & Components - 2.45%
Arrow Electronics, Inc. (a)		514		58,509
Insight Enterprises, Inc. (a)		959		95,909
SYNNEX Corp.		1,035		126,022
				280,440
Health Care Providers & Services - 11.71%
Anthem, Inc.		219	$	83,614
Centene Corp. (a)		1,915		139,661
Cigna Corp.		325		77,048
CVS Health Corp.		968		80,770
Encompass Health Corp.		1,226		95,665
Fresenius Medical Care AG & Co. KGaA - ADR		1,166		48,471
HCA Healthcare, Inc.		1,035		213,976
Humana, Inc.		314		139,014
Laboratory Corp. of America Holdings (a)		274		75,583
Premier, Inc.		1,088		37,851
Quest Diagnostics, Inc.		423		55,823
UnitedHealth Group, Inc.		563		225,448
Universal Health Services, Inc. - Class B		478		69,993
				1,342,917
Household Durables - 7.82%
D.R. Horton, Inc.		1,785		161,310
KB Home		1,326		53,995
La-Z-Boy, Inc.		1,315		48,708
Lennar Corp. - Class A		1,068		106,106
Meritage Homes Corp. (a)		762		71,689
Mohawk Industries, Inc. (a)		459		88,215
PulteGroup, Inc.		2,704		147,557
Sony Group Corp. - ADR		523		50,846
Toll Brothers, Inc.		1,641		94,866
Whirlpool Corp.		338		73,691
				896,983
Insurance - 5.76%
Aflac, Inc.		2,048		109,896
American Equity Investment Life Holding Co.		2,726		88,104
Athene Holding, Ltd. (a)(b)		1,627		109,822
CNO Financial Group, Inc.		3,027		71,498
Manulife Financial Corp. (b)		5,051		99,505
MetLife, Inc.		1,723		103,122
Unum Group (a)		2,761		78,412
				660,359
Interactive Media & Services - 4.40%
Alphabet, Inc. - Class A (a)		145		354,060
Facebook, Inc. - Class A (a)		431		149,863
				503,923
IT Services - 3.98%
Concentrix Corp. (a)		1,035		166,428
Mastercard, Inc. - Class A		429		156,624
Visa, Inc. - Class A		569		133,043
				456,095
Media - 0.95%
Comcast Corp. - Class A		1,910		108,908
Metals & Mining - 0.55%
ArcelorMittal SA - NYRS		2,049		63,642
Multiline Retail - 6.85%
Dollar General Corp.		1,042		225,479
Dollar Tree, Inc. (a)		928		92,336
Target Corp.		1,934		467,525
				785,340
Paper & Forest Products - 0.62%
Louisiana-Pacific Corp.		1,180		71,142
Professional Services - 4.44%
ASGN, Inc. (a)		1,063	$	103,037
Insperity, Inc.		833		75,278
Korn Ferry		1,161		84,230
ManpowerGroup, Inc.		770		91,561
Robert Half International, Inc.		1,244		110,679
TriNet Group, Inc. (a)		609		44,140
				508,925
Semiconductors & Semiconductor Equipment - 10.21%		��
Applied Materials, Inc.		2,039		290,353
KLA Corp.		420		136,168
Lam Research Corp.		598		389,119
MKS Instruments, Inc.		775		137,911
SolarEdge Technologies, Inc. (a)(b)		783		216,398
				1,169,949
Software - 4.56%
Adobe, Inc. (a)		245		143,482
Microsoft Corp.		1,401		379,531
				523,013
Specialty Retail - 4.09%
AutoNation, Inc. (a)		749		71,013
Best Buy Co., Inc.		538		61,859
Group 1 Automotive, Inc.		347		53,587
The Home Depot, Inc.		237		75,577
Penske Automotive Group, Inc.		879		66,356
Rent-A-Center Inc.		1,165		61,827
Williams-Sonoma, Inc.		490		78,228
				468,447
Technology Hardware, Storage & Peripherals - 3.04%
Apple, Inc.		1,226		167,913
Dell Technologies, Inc. - Class C (a)		608		60,599
HP, Inc.		1,980		59,776
Logitech International SA (b)		495		59,856
				348,144
Thrifts & Mortgage Finance - 0.85%
Flagstar Bancorp, Inc.		1,243		52,541
PennyMac Financial Services, Inc.		733		45,241
				97,782
Trading Companies & Distributors - 2.32%
MSC Industrial Direct Co., Inc. - Class A		426		38,225
Triton International, Ltd. (b)		839		43,913
United Rentals, Inc. (a)		389		124,095
WESCO International, Inc. (a)		576		59,224
				265,457
Wireless Telecommunication Services - 0.56%
T-Mobile US, Inc. (a)		442		64,015
TOTAL COMMON STOCKS (Cost $6,523,233)			$	11,367,824
SHORT-TERM INVESTMENTS - 1.06%
Money Market Funds - 1.06%
Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 0.010% (c)		121,925	$	121,925
TOTAL SHORT-TERM INVESTMENTS (Cost $121,925)		121,925	$	121,925
Total Investments (Cost $6,645,158) - 100.23%			$	11,489,749
Liabilities in Excess of Other Assets - (0.23)%				(26,149	)
TOTAL NET ASSETS - 100.00%			$	11,463,600

Percentages are stated as a percent of net assets.
ADR	American Depositary Receipt
NYRS	New York Registry Shares
(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.
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 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 net assets as of June 30, 2021:
Investments at Fair Value	Level 1		Level 2		Level 3		Total
Common Stocks	$	11,367,824	$	–	$	–	$	11,367,824
Money Market Funds		121,925		–		–		121,925
Total Investments in Securities	$	11,489,749	$	–	$	–	$	11,489,749
The Fund did not invest in any Level 3 securities during the period.