Leuthold Funds NPORT-P Leuthold Select Industries Fund (Dec 2024 report)

Leuthold Select Industries Fund
Schedule of Investments
December 31, 2024 (Unaudited)
COMMON STOCKS - 99.8%	Shares		Value
Banks - 10.3%
Bank of America Corp.		3,586	$	157,605
Barclays PLC - ADR		6,723		89,349
Cadence Bank		1,768		60,908
Canadian Imperial Bank of Commerce		1,808		114,320
Citigroup, Inc.		1,863		131,136
Citizens Financial Group, Inc.		2,082		91,108
Columbia Banking System, Inc.		2,501		67,552
Huntington Bancshares, Inc./OH		5,903		96,042
JPMorgan Chase & Co.		710		170,194
M&T Bank Corp.		557		104,721
Old National Bancorp/IN		3,223		69,955
Sumitomo Mitsui Financial Group, Inc. - ADR		6,316		91,519
				1,244,409
Capital Markets - 5.3%
Deutsche Bank AG		5,308		90,501
Goldman Sachs Group, Inc.		374		214,160
Morgan Stanley		1,452		182,546
Raymond James Financial, Inc.		549		85,276
Virtu Financial, Inc. - Class A		1,719		61,334
				633,817
Communications Equipment - 4.0%
Arista Networks, Inc. (a)		1,006		111,193
Cisco Systems, Inc.		1,868		110,585
F5, Inc. (a)		281		70,663
Harmonic, Inc. (a)		3,622		47,919
Nokia OYJ - ADR		16,132		71,465
Telefonaktiebolaget LM Ericsson - ADR		8,864		71,444
				483,269
Distributors - 0.5%
LKQ Corp.		1,736		63,798
Diversified Consumer Services - 1.8%
Adtalem Global Education, Inc. (a)		728		66,139
H&R Block, Inc.		1,574		83,170
Stride, Inc. (a)		619		64,333
				213,642
Diversified Telecommunication Services - 1.5%
AT&T, Inc.		5,405		123,072
Verizon Communications, Inc.		1,503		60,105
				183,177
Electronic Equipment, Instruments & Components - 4.1%
Flex, Ltd. (a)		4,542		174,367
Jabil, Inc.		1,375		197,863
TE Connectivity PLC		890		127,243
				499,473
Entertainment - 3.5%
Netflix, Inc. (a)		331		295,027
Walt Disney Co.		1,192		132,729
				427,756
Financial Services - 6.0%
Berkshire Hathaway, Inc. - Class B (a)		280		126,918
Block, Inc. (a)		709		60,258
Fidelity National Information Services, Inc.		740		59,770
Global Payments, Inc.		554		62,081
Mastercard, Inc. - Class A		347		182,720
PayPal Holdings, Inc. (a)		1,051		89,703
Visa, Inc. - Class A		460		145,378
				726,828
Health Care Providers & Services - 7.5%
Cardinal Health, Inc.		1,400		165,578
Cencora, Inc.		685		153,906
Concentra Group Holdings Parent, Inc.		1,392		27,534
Encompass Health Corp.		688		63,537
HCA Healthcare, Inc.		359		107,754
McKesson Corp.		356		202,888
Select Medical Holdings Corp.		1,725		32,516
Tenet Healthcare Corp. (a)		662		83,564
Universal Health Services, Inc. - Class B		414		74,280
				911,557
Household Durables - 8.2%
D.R. Horton, Inc.		1,443		201,760
KB Home		1,072		70,452
Lennar Corp. - Class A		863		117,687
Meritage Homes Corp.		616		94,753
PulteGroup, Inc.		2,186		238,055
Taylor Morrison Home Corp. (a)		1,647		100,813
Toll Brothers, Inc.		1,327		167,136
				990,656
Insurance - 9.1%
Allstate Corp.		438		84,442
Arch Capital Group, Ltd.		757		69,909
Assurant, Inc.		386		82,303
Chubb Ltd.		403		111,349
Everest Group Ltd.		327		118,524
Hartford Financial Services Group, Inc.		744		81,394
Markel Group, Inc. (a)		39		67,323
Reinsurance Group of America, Inc.		878		187,567
RenaissanceRe Holdings, Ltd.		619		154,013
Travelers Cos., Inc.		364		87,684
White Mountains Insurance Group Ltd.		27		52,517
				1,097,025
Interactive Media & Services - 7.8%
Alphabet, Inc. - Class A		1,548		293,036
Cargurus, Inc. (a)		3,048		111,374
IAC, Inc. (a)		1,234		53,235
Match Group, Inc. (a)		2,549		83,378
Meta Platforms, Inc. - Class A		680		398,147
				939,170
Machinery - 3.1%
Allison Transmission Holdings, Inc.		838		90,555
Caterpillar, Inc.		270		97,945
Cummins, Inc.		147		51,244
PACCAR, Inc.		848		88,209
Terex Corp.		854		39,472
				367,425
Metals & Mining - 4.0%
Agnico Eagle Mines, Ltd.		1,075		84,076
Eldorado Gold Corp. (a)		3,930		58,439
Equinox Gold Corp. (a)		11,603		58,247
IAMGOLD Corp. (a)		18,268		94,263
Kinross Gold Corp.		13,657		126,600
Pan American Silver Corp.		2,836		57,344
				478,969
Passenger Airlines - 1.6%
Copa Holdings SA - Class A		601		52,816
Delta Air Lines, Inc.		2,398		145,079
				197,895
Professional Services - 2.0%
CACI International, Inc. - Class A (a)		140		56,568
KBR, Inc.		876		50,747
Leidos Holdings, Inc.		549		79,089
Science Applications International Corp.		517		57,790
				244,194
Software - 8.9%
Check Point Software Technologies, Ltd. (a)		681		127,143
Fortinet, Inc. (a)		1,417		133,878
Microsoft Corp.		1,154		486,411
Oracle Corp.		1,548		257,959
Qualys, Inc. (a)		538		75,438
				1,080,829
Specialty Retail - 3.9%
Abercrombie & Fitch Co. - Class A (a)		573		85,646
Gap, Inc.		2,770		65,455
Ross Stores, Inc.		710		107,402
TJX Cos., Inc.		1,159		140,019
Urban Outfitters, Inc. (a)		1,314		72,112
				470,634
Trading Companies & Distributors - 5.2%
AerCap Holdings NV		1,331		127,377
Boise Cascade Co.		452		53,725
GMS, Inc. (a)		642		54,461
Rush Enterprises, Inc. - Class A		1,172		64,214
United Rentals, Inc.		314		221,194
WESCO International, Inc.		590		106,766
				627,737
Wireless Telecommunication Services - 1.5%
T-Mobile US, Inc.		841		185,634
TOTAL COMMON STOCKS (Cost $8,449,543)				12,067,894
SHORT-TERM INVESTMENTS - 0.7%
Money Market Funds - 0.7%
Fidelity Government Portfolio - Class Institutional, 4.38% (b)		90,312		90,312
TOTAL SHORT-TERM INVESTMENTS (Cost $90,312)				90,312
TOTAL INVESTMENTS - 100.5% (Cost $8,539,855)				12,158,206
Liabilities in Excess of Other Assets - (0.5)%				(64,282	)
TOTAL NET ASSETS - 100.0%			$	12,093,924
two				–	%
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

AG - Aktiengesellschaft

NV - Naamloze Vennootschap

OYJ - Julkinen Asakeyhtio

PLC - Public Limited Company

SA - Sociedad Anónima

(a)	Non-income producing security.
(b)	The rate shown represents the 7-day annualized effective yield as of December 31, 2024.

Summary of Fair Value Disclosure as of December 31, 2024 (Unaudited)

Leuthold Select Industries Fund has adopted authoritative fair value accounting standards which establish an authoritative 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, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund’s securities as of December 31, 2024:

	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks	$	12,067,894	$	–	$	–	$	12,067,894
Money Market Funds		90,312		–		–		90,312
Total Investments	$	12,158,206	$	–	$	–	$	12,158,206
Refer to the Schedule of Investments for further disaggregation of investment categories.