| Leuthold Select Industries Fund | ||||||||
| Schedule of Investments | ||||||||
| as of June 30, 2024 (Unaudited) | ||||||||
| COMMON STOCKS - 99.9% | Shares | Value | ||||||
| Banks - 4.8% | ||||||||
| Bank of America Corp. | 4,362 | $ | 173,477 | |||||
| Canadian Imperial Bank of Commerce | 2,666 | 126,742 | ||||||
| JPMorgan Chase & Co. | 871 | 176,168 | ||||||
| M&T Bank Corp. | 566 | 85,670 | ||||||
| Old National Bancorp/IN | 4,752 | 81,687 | ||||||
| Wells Fargo & Co. | 2,757 | 163,738 | ||||||
807,482 | ||||||||
| Capital Markets - 2.8% | ||||||||
| Goldman Sachs Group, Inc. | 396 | 179,119 | ||||||
| Morgan Stanley | 1,792 | 174,164 | ||||||
| Nomura Holdings, Inc. - ADR | 21,823 | 126,137 | ||||||
479,420 | ||||||||
| Communications Equipment - 0.9% | ||||||||
| Cisco Systems, Inc. | 3,078 | 146,236 | ||||||
| Construction Materials - 4.1% | ||||||||
| Cemex SAB de CV - ADR | 16,381 | 104,675 | ||||||
| CRH PLC | 2,777 | 208,219 | ||||||
| Eagle Materials, Inc. | 607 | 131,998 | ||||||
| Martin Marietta Materials, Inc. | 255 | 138,159 | ||||||
Summit Materials, Inc. - Class A(a) | 3,214 | 117,665 | ||||||
700,716 | ||||||||
| Distributors - 0.6% | ||||||||
| LKQ Corp. | 2,561 | 106,512 | ||||||
| Diversified Telecommunication Services - 0.6% | ||||||||
| AT&T, Inc. | 5,689 | 108,717 | ||||||
| Electrical Equipment - 0.3% | ||||||||
NEXTracker, Inc. - Class A(a) | 1,166 | 54,662 | ||||||
| Electronic Equipment, Instruments & Components - 3.6% | ||||||||
Flex, Ltd.(a) | 6,698 | 197,524 | ||||||
| Jabil, Inc. | 2,028 | 220,626 | ||||||
| TE Connectivity Ltd. | 1,313 | 197,515 | ||||||
615,665 | ||||||||
| Entertainment - 1.9% | ||||||||
Netflix, Inc.(a) | 489 | 330,016 | ||||||
| Financial Services - 4.4% | ||||||||
Berkshire Hathaway, Inc. - Class B(a) | 412 | 167,602 | ||||||
| Mastercard, Inc. - Class A | 511 | 225,433 | ||||||
NMI Holdings, Inc. - Class A(a) | 2,631 | 89,559 | ||||||
| Radian Group, Inc. | 2,759 | 85,805 | ||||||
| Visa, Inc. - Class A | 679 | 178,217 | ||||||
746,616 | ||||||||
| Health Care Providers & Services - 11.7% | ||||||||
| Cardinal Health, Inc. | 2,064 | 202,932 | ||||||
| Cencora, Inc. | 1,010 | 227,553 | ||||||
Centene Corp.(a) | 1,890 | 125,307 | ||||||
| Elevance Health, Inc. | 380 | 205,907 | ||||||
| Encompass Health Corp. | 1,016 | 87,163 | ||||||
| HCA Healthcare, Inc. | 529 | 169,957 | ||||||
| Humana, Inc. | 222 | 82,950 | ||||||
| McKesson Corp. | 525 | 306,621 | ||||||
| Select Medical Holdings Corp. | 2,545 | 89,228 | ||||||
Tenet Healthcare Corp.(a) | 976 | 129,837 | ||||||
| UnitedHealth Group, Inc. | 492 | 250,556 | ||||||
| Universal Health Services, Inc. - Class B | 611 | 112,992 | ||||||
1,991,003 | ||||||||
| Household Durables - 8.6% | ||||||||
| D.R. Horton, Inc. | 2,128 | 299,899 | ||||||
| KB Home | 1,581 | 110,955 | ||||||
| Lennar Corp. - Class A | 1,273 | 190,784 | ||||||
| Meritage Homes Corp. | 908 | 146,960 | ||||||
| PulteGroup, Inc. | 3,223 | 354,852 | ||||||
Taylor Morrison Home Corp.(a) | 2,429 | 134,664 | ||||||
| Toll Brothers, Inc. | 1,956 | 225,292 | ||||||
1,463,406 | ||||||||
| Insurance - 5.9% | ||||||||
| Assurant, Inc. | 569 | 94,596 | ||||||
| Chubb Ltd. | 332 | 84,686 | ||||||
| Everest Group Ltd. | 482 | 183,652 | ||||||
| Hartford Financial Services Group, Inc. | 856 | 86,062 | ||||||
Markel Group, Inc.(a) | 57 | 89,813 | ||||||
| Reinsurance Group of America, Inc. | 1,295 | 265,825 | ||||||
| RenaissanceRe Holdings, Ltd. | 912 | 203,841 | ||||||
1,008,475 | ||||||||
| Interactive Media & Services - 9.3% | ||||||||
| Alphabet, Inc. - Class A | 2,781 | 506,559 | ||||||
Cargurus, Inc.(a) | 4,495 | 117,769 | ||||||
IAC, Inc.(a) | 1,819 | 85,220 | ||||||
Match Group, Inc.(a) | 3,759 | 114,199 | ||||||
| Meta Platforms, Inc. - Class A | 1,188 | 599,013 | ||||||
| Shutterstock, Inc. | 2,016 | 78,019 | ||||||
Yelp, Inc.(a) | 1,970 | 72,792 | ||||||
1,573,571 | ||||||||
| Machinery - 3.7% | ||||||||
| AGCO Corp. | 407 | 39,837 | ||||||
| Allison Transmission Holdings, Inc. | 1,235 | 93,736 | ||||||
| Caterpillar, Inc. | 398 | 132,574 | ||||||
| Cummins, Inc. | 217 | 60,094 | ||||||
| Deere & Co. | 269 | 100,506 | ||||||
| PACCAR, Inc. | 1,250 | 128,675 | ||||||
| Terex Corp. | 1,259 | 69,044 | ||||||
624,466 | ||||||||
| Media - 0.9% | ||||||||
| Comcast Corp. - Class A | 3,972 | 155,543 | ||||||
| Oil, Gas & Consumable Fuels - 2.8% | ||||||||
| Exxon Mobil Corp. | 2,142 | 246,587 | ||||||
| Shell PLC - ADR | 3,078 | 222,170 | ||||||
468,757 | ||||||||
| Semiconductors & Semiconductor Equipment - 7.9% | ||||||||
| Applied Materials, Inc. | 1,995 | 470,800 | ||||||
| KLA Corp. | 372 | 306,718 | ||||||
| Lam Research Corp. | 527 | 561,176 | ||||||
1,338,694 | ||||||||
| Software - 11.2% | ||||||||
Adobe, Inc.(a) | 292 | 162,218 | ||||||
Check Point Software Technologies, Ltd.(a) | 1,004 | 165,660 | ||||||
| Dolby Laboratories, Inc. - Class A | 1,188 | 94,125 | ||||||
Fortinet, Inc.(a) | 2,090 | 125,964 | ||||||
| Microsoft Corp. | 1,902 | 850,099 | ||||||
| Oracle Corp. | 2,282 | 322,219 | ||||||
| Progress Software Corp. | 1,109 | 60,174 | ||||||
Qualys, Inc.(a) | 793 | 113,082 | ||||||
1,893,541 | ||||||||
| Specialty Retail - 4.0% | ||||||||
| American Eagle Outfitters, Inc. | 4,331 | 86,447 | ||||||
| Caleres, Inc. | 2,053 | 68,981 | ||||||
| Gap, Inc. | 4,088 | 97,662 | ||||||
| Ross Stores, Inc. | 1,049 | 152,441 | ||||||
| TJX Cos., Inc. | 1,711 | 188,381 | ||||||
Urban Outfitters, Inc.(a) | 1,939 | 79,596 | ||||||
673,508 | ||||||||
| Technology Hardware, Storage & Peripherals - 3.4% | ||||||||
| Apple, Inc. | 2,709 | 570,569 | ||||||
| Trading Companies & Distributors - 5.2% | ||||||||
| AerCap Holdings NV | 1,963 | 182,952 | ||||||
| Boise Cascade Co. | 666 | 79,401 | ||||||
GMS, Inc.(a) | 947 | 76,338 | ||||||
| MSC Industrial Direct Co., Inc. - Class A | 508 | 40,289 | ||||||
| Rush Enterprises, Inc. - Class A | 1,728 | 72,351 | ||||||
| United Rentals, Inc. | 463 | 299,436 | ||||||
| WESCO International, Inc. | 870 | 137,912 | ||||||
888,679 | ||||||||
| Wireless Telecommunication Services - 1.3% | ||||||||
| T-Mobile US, Inc. | 1,240 | 218,463 | ||||||
TOTAL COMMON STOCKS (Cost $10,869,736) | 16,964,717 | |||||||
| SHORT-TERM INVESTMENTS - 0.4% | ||||||||
| Money Market Funds - 0.4% | ||||||||
Fidelity Government Portfolio - Class Institutional, 5.21%(b) | 67,741 | 67,741 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $67,741) | 67,741 | |||||||
TOTAL INVESTMENTS - 100.3% (Cost $10,937,477) | $ | 17,032,458 | ||||||
| Liabilities in Excess of Other Assets - (0.3)% | (45,191 | ) | ||||||
| TOTAL NET ASSETS - 100.0% | $ | 16,987,267 | ||||||
| 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. ("MSCI") and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | ||||||||
| ADR - American Depositary Receipt |
| NV - Naamloze Vennootschap |
| PLC - Public Limited Company |
| 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 June 30, 2024. |
Summary of Fair Value Exposure at June 30, 2024 (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 June 30, 2024:
Leuthold Select Industries Fund
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments: | ||||||||||||||||
| Common Stocks | $ | 16,964,717 | $ | – | $ | – | $ | 16,964,717 | ||||||||
| Money Market Funds | 67,741 | – | – | 67,741 | ||||||||||||
| Total Investments | $ | 17,032,458 | $ | – | $ | – | $ | 17,032,458 | ||||||||
| Refer to the Schedule of Investments for additional information. | ||||||||||||||||