Leuthold Select Industries Fund | ||||||||
Schedule of Investments | ||||||||
as of December 31, 2023 (Unaudited) | ||||||||
COMMON STOCKS - 98.4% | Shares | Value | ||||||
Commercial Services & Supplies - 1.3% | ||||||||
Brady Corp. - Class A | 1,778 | $ | 104,351 | |||||
Brink's Co. | 1,255 | 110,377 | ||||||
214,728 | ||||||||
Communications Equipment - 1.0% | ||||||||
Cisco Systems, Inc. | 3,305 | 166,969 | ||||||
Construction Materials - 4.4% | ||||||||
Cemex SAB de CV - ADR(a) | 17,585 | 136,284 | ||||||
CRH PLC | 2,981 | 206,166 | ||||||
Eagle Materials, Inc. | 652 | 132,252 | ||||||
Martin Marietta Materials, Inc. | 273 | 136,202 | ||||||
Summit Materials, Inc. - Class A(a) | 3,450 | 132,687 | ||||||
743,591 | ||||||||
Distributors - 0.8% | ||||||||
LKQ Corp. | 2,749 | 131,375 | ||||||
Electronic Equipment, Instruments & Components - 4.1% | ||||||||
Flex, Ltd.(a) | 7,190 | 219,008 | ||||||
Jabil, Inc. | 2,177 | 277,350 | ||||||
TE Connectivity Ltd. | 1,409 | 197,965 | ||||||
694,323 | ||||||||
Energy Equipment & Services - 4.2% | ||||||||
Baker Hughes Co. | 4,231 | 144,615 | ||||||
Halliburton Co. | 3,654 | 132,092 | ||||||
Liberty Energy, Inc. | 3,376 | 61,241 | ||||||
NOV, Inc. | 4,436 | 89,962 | ||||||
Schlumberger NV | 3,038 | 158,097 | ||||||
Tenaris SA - ADR | 3,806 | 132,297 | ||||||
718,304 | ||||||||
Entertainment - 1.5% | ||||||||
Netflix, Inc.(a) | 525 | 255,612 | ||||||
Financial Services - 2.5% | ||||||||
Mastercard, Inc. - Class A | 549 | 234,154 | ||||||
Visa, Inc. - Class A | 728 | 189,535 | ||||||
423,689 | ||||||||
Health Care Providers & Services - 11.1% | ||||||||
AmerisourceBergen Corp. | 1,084 | 222,632 | ||||||
Cardinal Health, Inc. | 2,216 | 223,373 | ||||||
Centene Corp.(a) | 2,028 | 150,498 | ||||||
Elevance Health, Inc. | 407 | 191,925 | ||||||
HCA Healthcare, Inc. | 568 | 153,746 | ||||||
Humana, Inc. | 505 | 231,194 | ||||||
McKesson Corp. | 563 | 260,658 | ||||||
Tenet Healthcare Corp.(a) | 1,048 | 79,197 | ||||||
UnitedHealth Group, Inc. | 720 | 379,059 | ||||||
1,892,282 | ||||||||
Household Durables - 9.7% | ||||||||
D.R. Horton, Inc. | 2,285 | 347,274 | ||||||
KB Home | 1,697 | 105,995 | ||||||
Lennar Corp. - Class A | 1,366 | 203,589 | ||||||
MDC Holdings, Inc. | 2,270 | 125,418 | ||||||
Meritage Homes Corp. | 975 | 169,845 | ||||||
PulteGroup, Inc. | 3,460 | 357,140 | ||||||
Taylor Morrison Home Corp.(a) | 2,608 | 139,137 | ||||||
Toll Brothers, Inc. | 2,100 | 215,859 | ||||||
1,664,257 | ||||||||
Insurance - 3.5% | ||||||||
Everest Group Ltd. | 518 | 183,154 | ||||||
Reinsurance Group of America, Inc. | 1,390 | 224,874 | ||||||
RenaissanceRe Holdings, Ltd. | 979 | 191,884 | ||||||
599,912 | ||||||||
Interactive Media & Services - 9.1% | ||||||||
Alphabet, Inc. - Class A(a) | 2,986 | 417,114 | ||||||
Cargurus, Inc.(a) | 4,825 | 116,572 | ||||||
IAC, Inc.(a) | 1,953 | 102,298 | ||||||
Match Group, Inc.(a) | 4,036 | 147,314 | ||||||
Meta Platforms, Inc. - Class A(a) | 1,276 | 451,654 | ||||||
Shutterstock, Inc. | 2,164 | 104,478 | ||||||
TripAdvisor, Inc.(a) | 5,042 | 108,554 | ||||||
Yelp, Inc.(a) | 2,115 | 100,124 | ||||||
1,548,108 | ||||||||
IT Services - 4.7% | ||||||||
Akamai Technologies, Inc.(a) | 1,775 | 210,071 | ||||||
GoDaddy, Inc. - Class A(a) | 1,971 | 209,241 | ||||||
Okta, Inc.(a) | 2,179 | 197,265 | ||||||
Wix.com, Ltd.(a) | 1,469 | 180,716 | ||||||
797,293 | ||||||||
Machinery - 3.7% | ||||||||
AGCO Corp. | 437 | 53,056 | ||||||
Allison Transmission Holdings, Inc. | 1,326 | 77,107 | ||||||
Caterpillar, Inc. | 428 | 126,547 | ||||||
Cummins, Inc. | 233 | 55,820 | ||||||
Deere & Co. | 289 | 115,562 | ||||||
PACCAR, Inc. | 1,342 | 131,046 | ||||||
Terex Corp. | 1,352 | 77,686 | ||||||
636,824 | ||||||||
Media - 1.9% | ||||||||
Charter Communications, Inc. - Class A(a) | 369 | 143,423 | ||||||
Comcast Corp. - Class A | 4,264 | 186,976 | ||||||
330,399 | ||||||||
Metals & Mining - 2.6% | ||||||||
Nucor Corp. | 647 | 112,604 | ||||||
Steel Dynamics, Inc. | 1,145 | 135,225 | ||||||
United States Steel Corp. | 3,992 | 194,210 | ||||||
442,039 | ||||||||
Oil, Gas & Consumable Fuels - 2.6% | ||||||||
Exxon Mobil Corp. | 2,300 | 229,954 | ||||||
Shell PLC - ADR | 3,304 | 217,403 | ||||||
447,357 | ||||||||
Semiconductors & Semiconductor Equipment - 8.4% | ||||||||
Applied Materials, Inc. | 2,609 | 422,841 | ||||||
KLA Corp. | 538 | 312,739 | ||||||
Lam Research Corp. | 766 | 599,977 | ||||||
MKS Instruments, Inc. | 991 | 101,944 | ||||||
1,437,501 | ||||||||
Software - 10.8% | ||||||||
Adobe, Inc.(a) | 314 | 187,332 | ||||||
Check Point Software Technologies, Ltd.(a) | 1,078 | 164,708 | ||||||
Dolby Laboratories, Inc. - Class A | 1,276 | 109,966 | ||||||
Fortinet, Inc.(a) | 2,244 | 131,341 | ||||||
Microsoft Corp. | 2,042 | 767,874 | ||||||
Oracle Corp. | 2,450 | 258,304 | ||||||
Progress Software Corp. | 1,190 | 64,617 | ||||||
Qualys, Inc.(a) | 852 | 167,231 | ||||||
1,851,373 | ||||||||
Technology Hardware, Storage & Peripherals - 3.3% | ||||||||
Apple, Inc. | 2,908 | 559,877 | ||||||
Trading Companies & Distributors - 6.0% | ||||||||
AerCap Holdings NV(a) | 2,107 | 156,592 | ||||||
Boise Cascade Co. | 715 | 92,492 | ||||||
GMS, Inc.(a) | 1,016 | 83,749 | ||||||
MSC Industrial Direct Co., Inc. - Class A | 545 | 55,187 | ||||||
Rush Enterprises, Inc. - Class A | 1,855 | 93,307 | ||||||
Textainer Group Holdings Ltd. | 1,981 | 97,465 | ||||||
United Rentals, Inc. | 497 | 284,989 | ||||||
WESCO International, Inc. | 934 | 162,404 | ||||||
1,026,185 | ||||||||
Wireless Telecommunication Services - 1.2% | ||||||||
T-Mobile US, Inc. | 1,331 | 213,399 | ||||||
TOTAL COMMON STOCKS (Cost $11,388,552) | 16,795,397 | |||||||
SHORT-TERM INVESTMENTS - 1.8% | ||||||||
Money Market Funds - 1.8% | ||||||||
Fidelity Institutional Money Market Funds - Government Portfolio - Class Institutional, 5.25%(b) | 311,411 | 311,411 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $311,411) | 311,411 | |||||||
TOTAL INVESTMENTS - 100.2% (Cost $11,699,963) | $ | 17,106,808 | ||||||
Liabilities in Excess of Other Assets - (0.2)% | (28,343 | ) | ||||||
TOTAL NET ASSETS - 100.0% | $ | 17,078,465 | ||||||
Percentages are stated as a percent of net assets. | ||||||||
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. Bank Global Fund Services. |
ADR - American Depositary Receipt |
PLC - Public Limited Company |
SA - Sociedad Anónima |
SAB de CV - Sociedad Anónima Bursátil de Capital Variable |
(a) | Non-income producing security. |
(b) | The rate shown represents the 7-day effective yield as of December 31, 2023. |
Summary of Fair Value Exposure at December 31, 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 net assets as of December 31, 2023:
Leuthold Select Industries Fund | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments: | ||||||||||||||||
Common Stocks | $ | 16,795,397 | $ | – | $ | – | $ | 16,795,397 | ||||||||
Money Market Funds | 311,411 | – | – | 311,411 | ||||||||||||
Total Investments | $ | 17,106,808 | $ | – | $ | – | $ | 17,106,808 | ||||||||
Refer to the Schedule of Investments for industry classifications. | ||||||||||||||||