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. |