Leuthold Funds NPORT-P Leuthold Select Industries Fund (Dec 2022 report)

Leuthold Select Industries Fund
Schedule of Investments
December 31, 2022 (Unaudited)
	Shares		Fair Value
COMMON STOCKS - 99.14%
Air Freight & Logistics - 3.89%
Atlas Air Worldwide Holdings, Inc. (a)		1,163	$	117,230
CH Robinson Worldwide, Inc.		1,007		92,201
Expeditors International of Washington, Inc.		919		95,503
Hub Group, Inc. - Class A (a)		1,032		82,034
United Parcel Service, Inc. - Class B		697		121,166
				508,134
Beverages - 3.00%
Anheuser-Busch InBev-SPN - ADR		1,109		66,584
Diageo PLC - ADR		363		64,683
Keurig Dr Pepper, Inc.		1,810		64,545
MGP Ingredients, Inc.		472		50,211
Molson Coors Beverage Co. - Class B		1,022		52,654
PepsiCo, Inc.		517		93,401
				392,078
Biotechnology - 2.51%
AbbVie, Inc.		1,373		221,891
Regeneron Pharmaceuticals, Inc. (a)		148		106,780
				328,671
Commercial Services & Supplies - 3.01%
ABM Industries, Inc.		1,500		66,630
Clean Harbors, Inc. (a)		569		64,934
Republic Services, Inc.		1,010		130,280
Waste Management, Inc.		836		131,152
				392,996
Distributors - 1.06%
LKQ Corp.		2,601		138,919
Electronic Equipment, Instruments & Components - 1.22%
Corning, Inc.		2,408		76,912
Jabil, Inc.		1,205		82,181
				159,093
Food & Staples Retailing - 5.24%
Albertsons Cos, Inc.		2,299		47,681
BJ's Wholesale Club Holdings, Inc. (a)		2,809		185,843
Costco Wholesale Corp.		505		230,533
The Kroger Co.		1,871		83,409
Walmart, Inc.		969		137,395
				684,861
Food Products - 0.72%
Archer-Daniels-Midland Co.		1,020		94,707
Health Care Equipment & Supplies - 1.20%
Abbott Laboratories		1,433		157,329
Health Care Providers & Services - 10.50%
AmerisourceBergen Corp.		435		72,084
Cardinal Health, Inc.		897		68,952
Centene Corp. (a)		2,318		190,099
CVS Health Corp.		1,214		113,133
Elevance Health, Inc.		501		256,998
Humana, Inc.		478		244,827
McKesson Corp.		176		66,021
UnitedHealth Group, Inc.		681		361,053
				1,373,167
Household Durables - 6.40%
D.R. Horton, Inc.		2,162		192,721
KB Home		1,606		51,151
Lennar Corp. - Class A		1,293		117,017
MDC Holdings, Inc.		2,147		67,845
Meritage Homes Corp. (a)		923		85,101
PulteGroup, Inc.		3,274		149,065
Taylor Morrison Home Corp. (a)		2,467		74,873
Toll Brothers, Inc.		1,987		99,191
				836,964
Insurance - 7.02%
Arch Capital Group, Ltd. (a)(b)		2,037		127,883
Axis Capital Holdings, Ltd. (b)		1,087		58,883
Chubb, Ltd. (b)		969		213,761
Reinsurance Group of America, Inc.		800		113,672
The Allstate Corp.		765		103,734
The Travelers Cos, Inc.		1,134		212,614
W.R. Berkley Corp.		1,209		87,737
				918,284
IT Services - 2.47%
Mastercard, Inc. - Class A		519		180,472
Visa, Inc. - Class A		689		143,147
				323,619
Life Sciences Tools & Services - 2.52%
Danaher Corp.		634		168,276
Thermo Fisher Scientific, Inc.		293		161,352
				329,628
Machinery - 3.22%
AGCO Corp.		414		57,418
Allison Transmission Holdings, Inc.		1,254		52,166
Caterpillar, Inc.		405		97,022
Deere & Co.		216		92,612
PACCAR, Inc.		675		66,805
Terex Corp.		1,279		54,639
				420,662
Metals & Mining - 5.21%
Rio Tinto PLC - LN Shares - ADR		2,694		191,813
Southern Copper Corp. (b)		2,767		167,099
Steel Dynamics, Inc.		1,084		105,907
Teck Resources, Ltd. - Class B (b)		3,214		121,553
United States Steel Corp.		3,777		94,614
				680,986
Multiline Retail - 2.67%
Target Corp.		2,341		348,903
Oil, Gas & Consumable Fuels - 12.10%
APA Corp.		3,227		150,636
BP PLC - ADR		4,890		170,808
California Resources Corp.		1,696		73,793
Chord Energy Corp.		617		84,412
EOG Resources, Inc.		1,282		166,045
Equinor ASA - ADR		4,261		152,586
Exxon Mobil Corp.		2,176		240,013
Imperial Oil, Ltd.		2,183		106,399
Marathon Oil Corp.		5,289		143,173
Shell PLC - ADR		3,126		178,026
Suncor Energy, Inc. (b)		3,119		98,966
Woodside Energy Group, Ltd. - ADR		731		17,697
				1,582,554
Paper & Forest Products - 1.54%
Louisiana-Pacific Corp.		1,962		116,150
West Fraser Timber Co Ltd. (b)		1,183		85,519
				201,669
Pharmaceuticals - 3.70%
Johnson & Johnson		1,180		208,447
Merck & Co., Inc.		2,480		275,156
				483,603
Semiconductors & Semiconductor Equipment - 7.64%
Applied Materials, Inc.		2,468		240,334
KLA Corp.		509		191,908
Lam Research Corp.		725		304,717
MKS Instruments, Inc.		938		79,477
SolarEdge Technologies, Inc. (a)(b)		643		182,143
				998,579
Software - 3.87%
Adobe, Inc. (a)		297		99,949
Microsoft Corp.		1,696		406,735
				506,684
Specialty Retail - 2.89%
AutoNation, Inc. (a)		907		97,321
Penske Automotive Group, Inc.		1,064		122,285
The Home Depot, Inc.		286		90,336
Williams-Sonoma, Inc.		593		68,148
				378,090
Technology Hardware, Storage & Peripherals - 2.73%
Apple, Inc.		2,752		357,567
Trading Companies & Distributors - 2.81%
MSC Industrial Direct Co., Inc. - Class A		516		42,157
Triton International, Ltd. (b)		1,016		69,880
United Rentals, Inc. (a)		471		167,403
WESCO International, Inc. (a)		698		87,390
				366,830
TOTAL COMMON STOCKS (Cost $9,505,094)				12,964,577
SHORT-TERM INVESTMENTS - 0.98%
Money Market Funds - 0.98%
Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 4.06% (c)		127,426		127,426
TOTAL SHORT-TERM INVESTMENTS (Cost $127,426)				127,426
Total Investments (Cost $9,632,520) - 100.12%				13,092,003
Liabilities in Excess of Other Assets - (0.12)%				(15,447	)
TOTAL NET ASSETS - 100.00%			$	13,076,556
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, 2022.
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, 2022 (Unaudited)     

The Funds have 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 December 31, 2022:

Investments at Fair Value	Level 1			Level 2		Level 3		Total
Common Stocks	$	12,964,577		$	–	$	–	$	12,964,577
Short-Term Investments		127,426			–		–		127,426
			��
Total Investments in Securities	$	13,092,003		$	–	$	–	$	13,092,003
The Fund did not invest in any Level 3 securities during the period.