Leuthold Funds NPORT-P Leuthold Core Investment Fund (Jun 2023 report)

Leuthold Core Investment Fund
Schedule of Investments
June 30, 2023 (Unaudited)
	Shares		Fair Value
COMMON STOCKS - 65.03%
Biotechnology - 0.46%
Regeneron Pharmaceuticals, Inc. (a)		3,309	$	2,377,649
Chemicals - 0.00%
China Lumena New Materials Corp. (a)(b)(d)(e)		20,950		–
Communications Equipment - 0.70%
Cisco Systems, Inc.		69,849		3,613,987
Construction Materials - 2.78%
Cemex SAB de CV - Class B - ADR (a)(b)		374,101		2,648,635
CRH PLC - ADR		63,723		3,551,283
Eagle Materials, Inc.		13,871		2,585,832
Martin Marietta Materials, Inc.		5,844		2,698,116
Summit Materials, Inc. - Class A (a)		73,370		2,777,055
				14,260,921
Distributors - 0.67%
LKQ Corp.		59,358		3,458,791
Diversified Telecommunication Services - 0.58%
Verizon Communications, Inc.		79,496		2,956,456
Electronic Equipment, Instruments & Components - 3.35%
Corning, Inc.		53,866		1,887,465
Flex, Ltd. - ADR (a)		153,640		4,246,609
Jabil, Inc.		46,472		5,015,723
Sanmina Corp. (a)		30,348		1,829,074
TE Connectivity, Ltd. - ADR		30,137		4,224,002
				17,202,873
Entertainment - 0.95%
Netflix, Inc. (a)		11,055		4,869,617
Financial Services - 1.68%
Mastercard, Inc. - Class A		12,111		4,763,256
Visa, Inc. - Class A		16,124		3,829,128
				8,592,384
Ground Transportation - 2.17%
ArcBest Corp.		13,026		1,286,969
JB Hunt Transport Services, Inc.		12,181		2,205,126
Knight-Swift Transportation Holdings, Inc.		33,235		1,846,537
Ryder System, Inc.		14,364		1,217,924
Schneider National, Inc. - Class A		45,909		1,318,506
TFI International, Inc. - ADR (b)		18,448		2,102,334
Werner Enterprises, Inc.		26,545		1,172,758
				11,150,154
Health Care Providers & Services - 5.82%
AmerisourceBergen Corp.		18,659		3,590,551
Cardinal Health, Inc.		37,741		3,569,166
Centene Corp. (a)		30,348		2,046,973
Elevance Health, Inc.		6,830		3,034,501
Humana, Inc.		11,196		5,006,067
McKesson Corp.		7,886		3,369,767
Patterson Cos, Inc.		51,119		1,700,218
UnitedHealth Group, Inc.		15,702		7,547,009
				29,864,252
Hotels, Restaurants & Leisure - 0.57%
Brinker International, Inc. (a)		38,445		1,407,087
Texas Roadhouse, Inc.		13,519		1,517,913
				2,925,000
Household Durables - 5.70%
D.R. Horton, Inc.		49,852		6,066,490
KB Home		36,755		1,900,601
Lennar Corp. - Class A		29,573		3,705,793
MDC Holdings, Inc.		48,303		2,259,131
Meritage Homes Corp.		21,405		3,045,289
PulteGroup, Inc.		76,186		5,918,129
Taylor Morrison Home Corp. (a)		55,485		2,706,003
Toll Brothers, Inc.		46,050		3,641,174
				29,242,610
Insurance - 0.49%
Reinsurance Group of America, Inc.		17,955		2,490,179
Interactive Media & Services - 2.65%
Alphabet, Inc. - Class A (a)		48,796		5,840,881
Meta Platforms, Inc. - Class A (a)		27,038		7,759,366
				13,600,247
IT Services - 3.18%
Akamai Technologies, Inc. (a)		37,319		3,353,859
GoDaddy, Inc. - Class A (a)		41,966		3,152,906
Okta, Inc. - Class A (a)		46,050		3,193,567
VeriSign, Inc. (a)		18,378		4,152,877
Wix.com, Ltd. - ADR (a)(b)		31,052		2,429,508
				16,282,717
Machinery - 2.54%
AGCO Corp.		9,435		1,239,948
Allison Transmission Holdings, Inc.		28,658		1,618,031
Caterpillar, Inc.		9,083		2,234,872
CNH Industrial NV - Class A (b)		75,623		1,088,971
Cummins, Inc.		4,858		1,190,987
Deere & Co.		4,858		1,968,413
PACCAR, Inc.		22,884		1,914,247
Terex Corp.		29,221		1,748,292
				13,003,761
Media - 2.38%
Charter Communications, Inc. - Class A (a)		7,886		2,897,080
Omnicom Group, Inc.		33,798		3,215,880
Perion Network, Ltd. - ADR (a)(b)		49,852		1,528,961
The Interpublic Group of Cos, Inc.		60,907		2,349,792
WPP PLC - ADR (b)		42,459		2,219,756
				12,211,469
Metals & Mining - 1.36%
ArcelorMittal SA - NYRS (b)		82,030		2,242,700
Steel Dynamics, Inc.		24,151		2,630,769
United States Steel Corp.		84,213		2,106,167
				6,979,636
Oil, Gas & Consumable Fuels - 1.85%
Exxon Mobil Corp.		48,655		5,218,249
Shell PLC - ADR (b)		70,976		4,285,531
				9,503,780
Pharmaceuticals - 1.66%
Merck & Co., Inc.		56,260		6,491,841
Pfizer, Inc.		54,710		2,006,763
				8,498,604
Semiconductors & Semiconductor Equipment - 6.14%
Applied Materials, Inc.		57,809		8,355,713
KLA Corp.		11,970		5,805,689
Lam Research Corp.		16,899		10,863,691
MKS Instruments, Inc.		21,969		2,374,849
SolarEdge Technologies, Inc. (a)(b)		15,139		4,073,148
				31,473,090
Software - 7.18%
Adobe, Inc. (a)		6,478		3,167,677
Check Point Software Technologies, Ltd. - ADR (a)(b)		22,814		2,865,895
Dolby Laboratories, Inc. - Class A		27,179		2,274,339
Fortinet, Inc. (a)		47,528		3,592,641
Microsoft Corp.		43,726		14,890,452
Oracle Corp.		52,176		6,213,640
Progress Software Corp.		25,630		1,489,103
Qualys, Inc. (a)		18,166		2,346,502
				36,840,249
Specialty Retail - 5.04%
Academy Sports & Outdoors, Inc.		39,008		2,108,382
AutoNation, Inc. (a)		20,068		3,303,394
Bath & Body Works, Inc.		49,570		1,858,875
Best Buy Co., Inc.		32,390		2,654,361
Dick's Sporting Goods, Inc.		17,462		2,308,302
Penske Automotive Group, Inc.		24,292		4,047,776
Signet Jewelers, Ltd. - ADR		28,728		1,874,789
The Home Depot, Inc.		6,478		2,012,326
The ODP Corp. (a)		30,770		1,440,651
Ulta Beauty, Inc. (a)		5,422		2,551,566
Williams-Sonoma, Inc.		13,660		1,709,412
				25,869,834
Technology Hardware, Storage & Peripherals - 2.35%
Apple, Inc.		62,033		12,032,541
Trading Companies & Distributors - 2.78%
AerCap Holdings NV - ADR (a)(b)		34,361		2,182,611
GMS, Inc. (a)		21,617		1,495,896
MSC Industrial Direct Co., Inc. - Class A		11,548		1,100,293
Triton International, Ltd. - ADR (b)		23,095		1,922,890
United Rentals, Inc.		10,632		4,735,174
WESCO International, Inc.		15,702		2,811,600
				14,248,464
TOTAL COMMON STOCKS (Cost $215,552,961)			$	333,549,265
INVESTMENT COMPANIES - 10.72%
Exchange Traded Funds -10.72%
Invesco CurrencyShares Japanese Yen Trust (a)		109,782	$	7,085,330
iShares 0-5 Year TIPS Bond ETF		52,362		5,110,531
iShares Gold Trust (a)		143,501		5,222,001
iShares International Treasury Bond ETF		136,637		5,409,459
SPDR Bloomberg International Treasury Bond ETF		533,095		12,021,292
SPDR Bloomberg Short Term High Yield Bond ETF		130,715		3,228,661
SPDR Gold Shares (a)		28,235		5,033,453
VanEck J. P. Morgan EM Local Currency Bond ETF		160,715		4,107,876
Vanguard Mortgage-Backed Securities ETF		168,738		7,760,261
TOTAL INVESTMENT COMPANIES (Cost $53,873,343)			$	54,978,864
	Principal Amount		Fair Value
CORPORATE BONDS - 0.94%
Banks - 0.94%
JPMorgan Chase & Co.
1.500%, 01/27/2025	$	4,600,000	$	4,826,321
TOTAL CORPORATE BONDS (Cost $5,173,344)			$	4,826,321
FOREIGN GOVERNMENT BONDS - 1.46%
Foreign Government Bonds - 1.46%
French Republic Government Bond OAT
1.250%, 05/25/2036 (b)	EUR 8,480,000		$	7,469,917
TOTAL FOREIGN GOVERNMENT BONDS (Cost $7,870,783)			$	7,469,917
UNITED STATES TREASURY OBLIGATIONS - 5.88%
United States Treasury Notes - 2.58%
2.625%, 04/15/2025	$	5,980,000	$	5,734,727
2.875%, 05/15/2032		3,070,000		2,845,026
3.250%, 05/15/2042		5,190,000		4,623,763
				13,203,516
United States Treasury Bills - 3.30%
5.243%, 10/17/2023 (f)(g)		9,000,000		8,861,902
4.880%, 11/2/2023 (f)(g)		8,215,000		8,069,955
				16,931,857
TOTAL UNITED STATES TREASURY OBLIGATIONS (Cost $31,108,642)			$	30,135,373
	Shares		Fair Value
SHORT-TERM INVESTMENTS - 11.86%
Money Market Funds - 11.86%
Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 4.985% (c)(h)		60,841,196	$	60,841,196
TOTAL SHORT-TERM INVESTMENTS (Cost $60,841,196)			$	60,841,196
Total Investments (Cost $374,420,269) - 95.89%			$	491,800,936
Other Assets in Excess of Liabilities - 4.11%				21,054,302
TOTAL NET ASSETS - 100.00%			$	512,855,238

Percentages are stated as a percent of net assets.
ADR	American Depositary Receipt
EUR	Euro
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, 2023.
(d)	Illiquid security. The fair value of this security totals $0 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 using significant unobservable inputs.
(f)	Rate represents the annualized effective yield to maturity from the purchase price.
(g)	Zero coupon security.
(h)	All or a portion of the assets have been committed as collateral for open securites 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.

Leuthold Core Investment Fund
Schedule of Securities Sold Short - (a)
June 30, 2023 (Unaudited)
	Shares		Fair Value
COMMON STOCKS - 9.38%
Aerospace & Defense - 0.27%
Kratos Defense & Security Solutions, Inc.		26,831	$	384,757
L3Harris Technologies, Inc.		3,181		622,744
Leonardo DRS, Inc.		22,527		390,618
				1,398,119
Air Freight & Logistics - 0.09%
GXO Logistics, Inc.		7,377		463,423
Automobile Components - 0.19%
Dorman Products, Inc.		4,190		330,297
Gentherm, Inc.		5,488		310,127
The Goodyear Tire & Rubber Co.		23,494		321,398
				961,822
Automobiles - 0.16%
Tesla, Inc.		3,058		800,493
Banks - 0.21%
First Financial Bankshares, Inc.		12,251		349,031
Home BancShares Inc/AR		16,580		378,024
Seacoast Banking Corp of Florida		16,009		353,799
				1,080,854
Beverages - 0.14%
Constellation Brands, Inc. - Class 1		2,847		700,732
Broadline Retail - 0.30%
Amazon.com, Inc.		6,055		789,330
Coupang, Inc. - Class A		41,825		727,755
				1,517,085
Building Products - 0.15%
Trex Co., Inc.		6,380		418,273
Zurn Elkay Water Solutions Corp.		12,481		335,614
				753,887
Capital Markets - 0.94%
Blackstone, Inc.		7,816		726,654
Blue Owl Capital, Inc. - Class A		27,763		323,439
Brookfield Corp. - Class A (b)		25,294		851,143
Cohen & Steers, Inc.		5,859		339,763
Intercontinental Exchange, Inc.		7,776		879,310
KKR & Co., Inc.		12,027		673,512
PJT Partners, Inc. - Class A		4,794		333,854
The Charles Schwab Corp.		11,883		673,529
				4,801,204
Chemicals - 0.52%
Albemarle Corp.		3,138		700,057
Avient Corp.		8,037		328,713
Diversey Holdings, Ltd. - ADR		46,380		389,128
Ecolab, Inc.		3,003		560,630
International Flavors & Fragrances, Inc.		4,804		382,350
Stepan Co.		3,457		330,351
				2,691,229
Commercial Services & Supplies - 0.07%
Driven Brands Holdings, Inc.		12,515		338,656
Consumer Staples Distribution - 0.13%
Sysco Corp.		8,782		651,624
Containers & Packaging - 0.23%
Ball Corp.		13,751		800,445
Crown Holdings, Inc.		4,086		354,951
				1,155,396
Diversified Consumer Services - 0.12%
Coursera, Inc.		16,475		214,505
Mister Car Wash, Inc.		40,662		392,388
				606,893
Electrical Equipment - 0.11%
Ballard Power Systems, Inc. - ADR		58,717		256,006
Vicor Corp.		5,963		322,002
				578,008
Electronic Equipment, Instruments & Components - 0.20%
Coherent Corp.		6,043		308,072
Zebra Technologies Corp.		2,482		734,250
				1,042,322
Energy Equipment & Services - 0.06%
Helmerich & Payne, Inc.		9,288		329,260
Entertainment - 0.16%
Take-Two Interactive Software, Inc.		5,604		824,685
Financial Services - 0.06%
Jack Henry & Associates, Inc.		1,954		326,963
Food Products - 0.21%
J & J Snack Foods Corp.		2,463		390,041
McCormick & Co., Inc.		8,015		699,148
				1,089,189
Health Care Equipment & Supplies - 0.37%
Neogen Corp.		14,840		322,770
ResMed, Inc.		3,932		859,142
STERIS PLC - ADR		3,261		733,660
				1,915,572
Health Care Providers & Services - 0.15%
Guardant Health, Inc.		8,635		309,133
R1 RCM, Inc.		24,764		456,896
				766,029
Health Care Technology - 0.12%
Veeva Systems, Inc. - Class A		3,129		618,697
Hotels, Restaurants & Leisure - 0.17%
Caesars Entertainment, Inc.		8,788		447,925
Norwegian Cruise Line Holdings, Ltd.		20,638		449,289
				897,214
Household Durables - 0.14%
Newell Brands, Inc.		39,110		340,257
Sonos, Inc.		22,908		374,088
				714,345
Household Products - 0.07%
WD-40 Co.		1,856		350,134
Insurance - 0.19%
Cincinnati Financial Corp.		6,561		638,517
Palomar Holdings, Inc.		5,356		310,862
				949,379
IT Services - 0.06%
Globant SA - ADR		1,822		327,450
Leisure Products - 0.20%
Hasbro, Inc.		5,715		370,161
Mattel, Inc.		17,951		350,762
Topgolf Callaway Brands Corp.		15,699		311,625
				1,032,548
Life Sciences Tools & Services - 0.13%
Bio-Techne Corp.		3,997		326,275
Illumina, Inc.		1,709		320,420
				646,695
Machinery - 0.14%
Kornit Digital, Ltd.		11,242		330,178
Stanley Black & Decker, Inc.		4,331		405,858
				736,036
Metals & Mining - 0.18%
Alcoa Corp.		7,236		245,517
Compass Minerals International, Inc.		9,506		323,204
Royal Gold, Inc.		3,018		346,406
				915,127
Multi-Utilities - 0.24%
CMS Energy Corp.		10,666		626,628
Dominion Energy, Inc.		11,889		615,731
				1,242,359
Oil, Gas & Consumable Fuels - 0.28%
Cameco Corp. - ADR		15,021		470,608
Cenovus Energy, Inc. - ADR		38,981		661,898
New Fortress Energy, Inc.		10,985		294,178
				1,426,684
Passenger Airlines - 0.30%
Alaska Air Group, Inc.		8,043		427,727
Allegiant Travel Co.		3,426		432,635
Southwest Airlines Co.		19,107		691,864
				1,552,226
Personal Care Products - 0.11%
The Estee Lauder Companies, Inc. - Class A		2,742		538,474
Professional Services - 0.53%
Broadridge Financial Solutions, Inc.		4,451		737,219
Dun & Bradstreet Holdings, Inc.		28,460		329,282
Equifax, Inc.		2,727		641,663
Planet Labs PBC - Class A		75,419		242,849
TransUnion		9,865		772,726
				2,723,739
Real Estate Investment Trusts (REITs) - 0.32%
Rayonier, Inc.		10,310		323,734
Rexford Industrial Realty, Inc.		5,368		280,317
Safehold, Inc.		10,208		242,236
Welltower, Inc.		9,804		793,046
				1,639,333
Real Estate Management & Development - 0.08%
DigitalBridge Group, Inc. - Class A		29,119		428,340
Semiconductors & Semiconductor Equipment - 0.34%
Advanced Micro Devices, Inc.		5,386		613,519
Entegris, Inc.		4,126		457,244
Monolithic Power Systems, Inc.		1,252		676,368
				1,747,131
Software - 0.55%
Atlassian Corp. - Class A		3,920		657,815
Crowdstrike Holdings, Inc. - Class A		5,543		814,100
Datadog, Inc. - Class A		4,172		410,441
Guidewire  Software,  Inc.		2,850		216,828
Zscaler, Inc.		4,985		729,306
				2,828,490
Specialty Retail - 0.13%
Boot Barn Holdings, Inc.		3,957		335,118
National Vision Holdings, Inc.		12,527		304,281
				639,399
Technology Hardware, Storage & Peripherals - 0.06%
Western Digital Corp.		8,632		327,412
Textiles, Apparel & Luxury Goods - 0.06%
Wolverine World Wide, Inc.		21,389		314,204
Water Utilities - 0.14%
American Water Works Co., Inc.		4,877		696,192
TOTAL COMMON STOCKS (Proceeds $46,917,653)			$	48,085,053
INVESTMENT COMPANIES - 2.65%
Exchange Traded Funds - 2.65%
Consumer Staples Select Sector SPDR Fund		33,543	$	2,487,884
Financial Select Sector SPDR Fund		60,413		2,036,522
Invesco QQQ Trust Series 1		7,368		2,721,887
iShares Expanded Tech-Software Sector ETF		3,577		1,237,320
Real Estate Select Sector SPDR Fund		53,441		2,014,191
SPDR S&P 500 ETF Trust		2,580		1,143,663
Utilities Select Sector SPDR Fund		29,898		1,956,525
TOTAL INVESTMENT COMPANIES (Proceeds $13,288,777)			$	13,597,992
TOTAL SECURITIES SOLD SHORT
(Proceeds $60,206,430) - 12.03%			$	61,683,045

Percentages are stated as a percent of net assets.
ADR	American Depositary Receipt
(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 June 30, 2023 (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, 2023:

Investments at Fair Value	Level 1		Level 2		Level 3			Total
Common Stocks	$	333,549,265	$	–	$	0	(1)	$	333,549,265
Exchange Traded Funds		54,978,864		–		–			54,978,864
Corporate Bonds		–		4,826,321		–			4,826,321
Foreign Government Bonds		–		7,469,917		–			7,469,917
United States Treasury Obligations		–		30,135,373		–			30,135,373
Short-Term Investments		60,841,196		–		–			60,841,196
Total Investments in Securities	$	449,369,325	$	42,431,611	$	0		$	491,800,936
Securities Sold Short at Fair Value	Level 1		Level 2		Level 3			Total
Common Stocks	$	48,085,053	$	–	$	–		$	48,085,053
Exchange Traded Funds		13,597,992		–		–			13,597,992
Total Securities Sold Short	$	61,683,045	$	–	$	–		$	61,683,045
(1) Management has determined transfers into/out of level 3 and the value of level 3 investments at period end to be immaterial to the Fund.