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. |