N-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-9094

Leuthold Funds, Inc.

(Exact name of registrant as specified in charter)

33 S. Sixth Street, Suite 4600, Minneapolis, MN 55402

(Address of principal executive offices) (Zip code)

Steven C. Leuthold

Leuthold Weeden Capital Management, LLC

33 S. Sixth Street, Suite 4600, Minneapolis, MN 55402

(Name and address of agent for service)

612-332-9141

Registrant's telephone number, including area code

Date of fiscal year end: September 30

Date of reporting period:  December 31, 2009

Item 1. Schedule of Investments.

Leuthold Core Investment Fund
Consolidated Schedule of Investments
December 31, 2009 (Unaudited)
			Shares		Fair Value
COMMON STOCKS - 55.96%
Administrative and Support Services - 0.25%
Lender Processing Services, Inc.			89,543	$	3,640,818
Apparel Manufacturing - 0.44%
Li Ning Co. Ltd. (c)			1,723,000		6,555,640
Broadcasting (except Internet) - 0.11%
BEC World (c)			2,242,200		1,654,413
Chemical Manufacturing - 0.64%
Acorda Therapeutics, Inc. (a)			117,969		2,975,178
China BlueChemical  (c)			4,268,000		2,614,724
Medivation, Inc. (a)			103,045		3,879,644
					9,469,546
Computer and Electronic Product Manufacturing - 4.45%
Garmin Ltd. (c)			296,345		9,097,791
Harman International Industries, Inc.			270,761		9,552,448
Hewlett-Packard Co.			267,918		13,800,456
Panasonic Corp. - ADR			467,248		6,705,009
Sanyo Electric Co. Ltd. (a)(c)			2,291,000		4,206,378
Sharp Corp. (c)			373,000		4,673,764
Sony Corp. - ADR			365,278		10,593,062
Tyco International Ltd. (c)			194,010		6,922,277
					65,551,185
Credit Intermediation and Related Activities - 5.19%
Banco Santander Central Hispano SA - ADR			500,304		8,224,998
Bank of Montreal (c)			129,340		6,865,367
Barclays PLC - ADR			608,324		10,706,503
Canadian Imperial Bank of Commerce (c)			206,802		13,363,545
Citigroup, Inc.			1,533,601		5,076,219
HSBC Holdings PLC - ADR			125,787		7,181,180
ICICI Bank Ltd. - ADR			92,386		3,483,876
JPMorgan Chase & Co.			185,482		7,729,035
KB Financial Group, Inc. - ADR (a)			112,284		5,709,641
Royal Bank of Canada (c)			125,352		6,712,600
Shinhan Financial Group Co. Ltd. - ADR			19,479		1,446,900
					76,499,864
Data Processing, Hosting and Related Services - 0.41%
Google, Inc. - Class A (a)			9,739		6,037,985
Electrical Equipment, Appliance, and Component Manufacturing - 0.67%
BYD Co. (a)(c)			1,126,000		9,940,762
Electronics and Appliance Stores - 2.19%
Best Buy, Inc.			681,521		26,892,819
Hhgregg, Inc. (a)			112,284		2,473,616
RadioShack Corp.			145,686		2,840,877
					32,207,312
Food Manufacturing - 0.84%
Chaoda Modern Agriculture (c)			4,097,000		4,385,831
China Green Holdings (c)			1,824,000		1,733,804
Golden Agriculture Resources (a)(c)			13,451,000		4,883,091
Lotte Confectionery Co. Ltd. (c)			1,253		1,386,992
					12,389,718
Funds, Trusts, and Other Financial Vehicles - 2.18%
Nationwide Health Properties, Inc.			459,324		16,159,018
Omega Healthcare Investors, Inc.			818,742		15,924,532
					32,083,550
General Merchandise Stores - 0.27%
Golden Eagle Retail (c)			1,433,000		2,927,583
New World Department Store China (c)			1,068,000		979,374
					3,906,957
Heavy and Civil Engineering Construction - 0.25%
China Communications Construction - Class H (c)			3,096,000		2,966,863
Semen Gresik (c)			893,000		717,632
					3,684,495
Insurance Carriers and Related Activities - 4.85%
Aetna, Inc.			344,669		10,926,007
China Life Insurance (c)			1,055,000		5,218,259
CIGNA Corp.			463,349		16,342,319
Coventry Health Care, Inc. (a)			749,034		18,194,036
Humana, Inc. (a)			267,057		11,721,132
Magellan Health Services, Inc. (a)			88,467		3,603,261
WellCare Health Plans, Inc. (a)			148,528		5,459,889
					71,464,903
Machinery Manufacturing - 0.80%
UTD Tractors (c)			2,664,000		4,395,104
Weichai Power Co. (c)			917,000		7,415,572
					11,810,676
Mining (except Oil and Gas) - 0.81%
Anhui Conch Cement Co. Ltd. (c)			608,000		3,913,019
Banpu Public Co. (c)			462,500		7,990,402
					11,903,421
Miscellaneous Manufacturing - 1.47%
3M Co.			76,751		6,345,005
Mindray Medical International Ltd. - ADR			103,360		3,505,971
Quality Systems, Inc.			151,370		9,504,523
Shandong Weigao GP (c)			704,000		2,351,691
					21,707,190
Other Information Services - 0.35%
Baidu, Inc. - ADR (a)			12,618		5,188,900
Paper Manufacturing - 3.95%
Domtar Corp. (a)			162,030		8,978,082
Fibria Celulose SA - ADR (a)			755,434		17,254,113
International Paper Co.			743,349		19,906,886
MeadWestvaco Corp.			279,289		7,996,044
Neenah Paper, Inc.			69,645		971,548
Schweitzer-Mauduit International, Inc.			43,350		3,049,672
					58,156,345
Plastics and Rubber Products Manufacturing - 0.23%
Carlisle Cos, Inc.			100,203		3,432,955
Professional, Scientific, and Technical Services - 6.81%
Accenture PLC			196,272		8,145,288
Alliance Data Systems Corp. (a)			109,441		7,068,794
Broadridge Financial Solutions, Inc.			323,350		7,294,776
CACI International, Inc. - Class A (a)			88,832		4,339,443
China Shipping Development Co. Ltd. (c)			2,406,000		3,618,279
Cognizant Technology Solutions Corp. (a)			257,258		11,653,787
Convergys Corp. (a)			184,771		1,986,288
Fidelity National Information Services, Inc.			447,006		10,477,821
Genpact Limited (a)(c)			113,705		1,694,205
Hewitt Associates, Inc. (a)			185,482		7,838,469
Infosys Technologies Ltd. - ADR			68,223		3,770,685
Mantech International Corp. - Class A (a)			28,426		1,372,407
MAXIMUS, Inc.			29,848		1,492,400
Ness Technologies, Inc. (a)			3,822		18,728
Patni Computer Systems - ADR			38,958		796,691
Rightnow Technologies, Inc. (a)			54,010		938,154
SAIC, Inc. (a)			197,563		3,741,843
Sapient Corp. (a)			414,314		3,426,377
SRA International, Inc. - Class A (a)			321,928		6,148,825
TeleTech Holdings, Inc. (a)			115,127		2,305,994
Total System Services, Inc.			473,298		8,173,856
Unisys Corp. (a)			105,880		4,082,733
					100,385,843
Publishing Industries (except Internet) - 5.71%
BMC Software, Inc. (a)			281,421		11,284,982
CA, Inc.			293,502		6,592,055
Check Point Software Technologies (a)(c)			226,700		7,680,596
Micros Systems, Inc. (a)			341,827		10,606,892
Microsoft Corp.			463,349		14,127,511
Novell, Inc. (a)			1,506,596		6,252,373
Red Hat, Inc. (a)			525,887		16,249,908
Sybase, Inc. (a)			260,812		11,319,241
					84,113,558
Rail Transportation - 0.45%
Guangshen Railway (c)			3,464,000		1,416,267
Jasa Marga (c)			7,266,000		1,399,836
Zhejiang Expressway Co. Ltd. (c)			4,140,000		3,839,167
					6,655,270
Real Estate - 2.24%
New World Development Co. (c)			367,000		755,452
Senior Housing Properties Trust			660,761		14,450,843
Ventas, Inc.			408,559		17,870,371
					33,076,666
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 1.58%
Credit Suisse Group - ADR			140,710		6,917,304
Deutsche Bank AG (c)			230,253		16,327,240
					23,244,544
Telecommunications - 3.61%
Atlantic Tele-Network, Inc.			11,128		612,151
China Communications Services (c)			5,618,000		2,767,916
China Unicom (c)			2,657,000		3,522,836
China Unicom Hong Kong Ltd. - ADR			804,465		10,546,536
Chunghwa Telecom Co. Ltd. - ADR			247,309		4,592,528
Globe Telecom, Inc. (c)			34,830		689,367
KT Corp. - ADR			144,381		2,428,488
Telecom Corp of New Zealand Ltd. - ADR			55,156		495,853
Telecom Italia SpA - ADR			60,406		932,065
Telefonica SA - ADR			97,360		8,131,507
Telefonos de Mexico SA de CV - ADR			397,258		6,586,538
Telekomunikasi Indonesia Tbk PT - ADR			66,802		2,668,740
Vimpel-Communications - ADR (a)			496,750		9,234,583
					53,209,108
Transportation Equipment Manufacturing - 2.27%
Koninklijke Philips Electronics NV - ADR			232,385		6,841,415
McDermott International, Inc. (a)(c)			233,096		5,596,635
Siemens AG - ADR			88,832		8,145,894
Textron, Inc.			680,811		12,806,055
					33,389,999
Utilities - 2.94%
AES Corp. (a)			1,240,810		16,515,181
Empresa Nacional de Elctricidad SA - ADR			24,162		1,214,624
Guangdong Investment Ltd. (c)			6,492,000		3,793,015
Huaneng Power International, Inc. - ADR			39,797		891,453
NRG Energy, Inc. (a)			584,161		13,792,041
Ormat Technologies, Inc.			189,035		7,153,084
					43,359,398
TOTAL COMMON STOCKS (Cost $699,268,233)					824,721,021
PREFERRED STOCKS - 0.84%
Credit Intermediation and Related Activities - 0.29%
Itau Unibanco Holding SA - ADR			187,614		4,285,104
Telecommunications - 0.55%
Brasil Telecom SA - ADR			23,811		693,614
Tele Norte Leste Participacoes SA - ADR			341,827		7,321,934
					8,015,548
TOTAL PREFERRED STOCKS (Cost $9,764,992)					12,300,652
INVESTMENT COMPANIES - 18.66%
Exchange Traded Funds - 8.47%
iShares China 25 Fund			1,048,476		44,319,080
iShares iBoxx High Yield Corporate Bond Fund			64,607		5,675,079
iShares MSCI Brazil Index Fund			82,418		6,149,207
iShares MSCI Malaysia Index Fund			339,034		3,600,541
iShares MSCI Taiwan Index Fund			177,182		2,298,051
iShares MSCI South Africa Fund			40,815		2,284,416
iShares MSCI South Korea Index Fund			142,797		6,802,849
iShares S&P Latin America 40 Index Fund			218,009		10,423,010
iShares MSCI Emerging Markets Index Fund			152,785		6,340,577
Market Vectors Russia ETF (d)			461,466		14,388,510
SPDR Barclays Capital High Yield Bond ETF			142,222		5,531,014
SPDR S&P Emerging Middle East & Africa ETF			20,150		1,257,138
Vanguard Emerging Markets ETF			385,450		15,803,450
					124,872,922
Mutual Funds - 10.19%
Central Europe & Russia Fund			44,817		1,478,513
Fidelity China Region Fund			520,917		14,523,528
Fidelity High Income Fund			4,668,891		39,452,127
ING Russia Fund - Class A (d)			217,947		6,986,830
Matthews China Fund			614,882		15,713,518
Matthews India Fund			378,754		6,180,096
Matthews Korea Fund (d)			844,606		3,656,361
T Rowe Price High Yield Fund			4,538,805		29,139,125
US Global Investors Funds: Eastern European Fund (a)(d)			1,335,643		12,261,202
Vanguard High-Yield Corporate Fund			3,801,021		20,791,586
					150,182,886
TOTAL INVESTMENT COMPANIES (Cost $214,016,057)					275,055,808
EXCHANGE TRADED NOTES - 0.47%
iPath MSCI India Index ETN (a)(c)			108,624		6,958,453
TOTAL EXCHANGE TRADED NOTES (Cost $6,890,685)					6,958,453
			Troy Ounces		Fair Value
PRECIOUS METALS - 2.39%
Gold Bullion (a)(e)			25,028	$	27,419,926
Silver (a)(e)			458,000		7,781,420
TOTAL PRECIOUS METALS (Cost $28,159,908)					35,201,346
			Principal
			Amount		Fair Value
FOREIGN GOVERNMENT BONDS - 5.72%
Republic of Brazil
12.500%, 01/05/2022 (c)		BRL	129,944,000	$	84,340,448
TOTAL FOREIGN GOVERNMENT BONDS (Cost $74,252,135)					84,340,448
			Shares		Fair Value
SHORT-TERM INVESTMENTS - 10.58%
Money Market Funds - 10.58%
Fidelity Institutional Money Market Fund - Government Portfolio
0.030% (b)(f)			155,836,052	$	155,836,052
TOTAL SHORT-TERM INVESTMENTS (Cost $155,836,052)					155,836,052
Total Investments  (Cost $1,188,188,062) - 94.62%					1,394,413,780
Other Assets in Excess of Liabilities - 5.38%					79,333,523
TOTAL NET ASSETS - 100.00%				$	1,473,747,303
Percentages are stated as a percent of net assets.
BRL	Brazilian Real
ADR	American Depository Receipt
(a)	Non-income producing security.
(b)	Variable rate security.  The rate shown is the rate in effect at December 31, 2009.
(c)	Foreign issued security.
(d)	A portion of this security is considered illiquid.  The market value of these securities total $37,292,903, which represents 2.53% of total
	net assets. If a Fund purchases more than 1% of any class of security of a registered open-end investment company, such investment will
	be considered an illiquid investment.
(e)	The Leuthold Core Investment Fund may invest up to 25% of total assets in its Subsidiary, Leuthold Core Investment, Ltd.
	(the "Subsidiary"). The Subsidiary, which is organized under the laws of the Cayman Islands, is wholly-owned and controlled by the
	Leuthold Core Investment Fund and is therefore consolidated in the Fund's schedule of investments herein. The Subsidiary was formed on
	November 26, 2008 and has been consolidated since its formation.  All intercompany balances, revenues, and expenses have been eliminated
	in consolidation. The Fund invests in the Subsidiary in order to gain exposure to the investment returns of the commodities markets,
	including investments in metals, within the limitations of the federal tax law requirements applicable to regulated investment companies.
(f)	All or a portion of these securities constitutes proceeds from securities sold short.

Leuthold Core Investment Fund
Consolidated Schedule of Securities Sold Short
December 31, 2009 (Unaudited)
			Principal
			Amount		Fair Value
United States Treasury Obligations - 4.81%
United States Treasury Strip Principal
4.797%, 05/15/2039		$	27,000,000	$	6,707,880
United States Treasury Bond
4.250%, 05/15/2039		$	68,400,000		64,167,750
TOTAL SECURITIES SOLD SHORT  (Proceeds $74,915,010) - 4.81%				$	70,875,630
Percentages are stated as a percent of net assets.
The cost basis of investments for federal income tax purposes at December 31, 2009, was as follows*:
	Leuthold Core Investment Fund
	Cost of investments				$   1,194,784,296
	Gross unrealized appreciation				216,721,008
	Gross unrealized depreciation				(17,091,524)
	Net unrealized appreciation				$      199,629,484
*Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding at the Fund's previous
fiscal year end. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements
section in the Fund’s most recent semi-annual or annual report.

Summary of Fair Value Exposure at December 31, 2009

Various inputs are used in determining the value of the Fund's investments.  These inputs are summarized in the three broad levels listed below:

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, 2009:

Investment at Fair Value	Level 1	Level 2	Level 3	Total
Common Stocks	$       824,721,021	$                          -	$                         -	$      824,721,021
Preferred Stocks	12,300,652	-	-	12,300,652
Exchange Traded Funds	124,872,922	-	-	124,872,922
Mutual Funds	1,478,513	148,704,373	-	150,182,886
Exchange Traded Notes	6,958,453	-	-	6,958,453
Precious Metals	-	35,201,346	-	35,201,346
Foreign Government Bonds	-	84,340,448	-	84,340,448
Money Market Funds	155,836,052	-	-	155,836,052
Total Investments in Securities	$    1,161,368,959	$       233,044,821	$                         -	$   1,394,413,780
Securities Sold Short at Fair Value	Level 1	Level 2	Level 3	Total
Unites States Treasury Obligations	$                         -	$         70,875,630	$                         -	$        70,875,630
Total Securities Sold Short	$                         -	$         70,875,630	$                         -	$        70,875,630

Leuthold Asset Allocation Fund
Consolidated Schedule of Investments
December 31, 2009 (Unaudited)
			Shares		Fair Value
COMMON STOCKS - 56.29%
Administrative and Support Services - 0.44%
Lender Processing Services, Inc.			137,674	$	5,597,825
Ambulatory Health Care Services - 0.53%
Mednax, Inc. (a)			112,106		6,738,692
Apparel Manufacturing - 0.87%
Li Ning Co. Ltd. (c)			1,501,000		5,710,978
Warnaco Group, Inc. (a)			127,840		5,393,570
					11,104,548
Beverage and Tobacco Product Manufacturing - 1.86%
Altria Group, Inc.			222,080		4,359,430
Lorillard, Inc.			111,178		8,919,811
Philip Morris International, Inc.			128,824		6,208,029
Reynolds American, Inc.			83,397		4,417,539
					23,904,809
Broadcasting (except Internet) - 0.11%
BEC World (c)			1,953,100		1,441,100
Chemical Manufacturing - 5.94%
AstraZeneca PLC - ADR			123,907		5,816,195
Bare Escentuals, Inc. (a)			394,339		4,822,766
Bristol-Myers Squibb Co.			470,847		11,888,887
China BlueChemical (c)			3,718,000		2,277,775
Lilly Eli & Co.			121,700		4,345,907
Lubrizol Corp.			73,783		5,382,470
Merck & Co., Inc. (a)			344,449		12,586,166
Mosaic Co.			30,020		1,793,095
NBTY, Inc. (a)			130,791		5,694,640
Novartis AG - ADR			80,471		4,380,037
RPM International, Inc.			132,647		2,696,713
Sanofi-Aventis SA - ADR			193,386		7,594,268
Warner Chilcott PLC (a)(c)			240,930		6,859,277
					76,138,196
Clothing and Clothing Accessories Stores - 2.32%
Aeropostale (a)			134,724		4,587,352
Collective Brands, Inc. (a)			306,366		6,975,954
Dillards, Inc.			103,489		1,909,372
Jos A Bank Clothiers, Inc. (a)			34,174		1,441,801
Limited Brands, Inc.			159,009		3,059,333
Nordstrom, Inc.			177,690		6,677,590
Ross Stores, Inc.			118,007		5,040,079
					29,691,481
Computer and Electronic Product Manufacturing - 4.30%
Cisco Systems, Inc. (a)			318,253		7,618,977
Garmin Ltd. (c)			181,927		5,585,159
Hewlett-Packard Co.			184,666		9,512,145
Intel Corp.			299,468		6,109,147
Motorola, Inc.			638,597		4,955,513
Texas Instruments, Inc.			297,378		7,749,671
Tyco International Ltd. (c)			190,283		6,789,297
Western Digital Corp. (a)			154,392		6,816,407
					55,136,316
Credit Intermediation and Related Activities - 3.30%
Banco Santander Central Hispano SA - ADR			327,468		5,383,574
Bank of Montreal (c)			133,326		7,076,944
Barclays PLC - ADR			363,865		6,404,024
BB&T Corp.			59,370		1,506,217
Canadian Imperial Bank of Commerce (c)			85,174		5,503,944
JPMorgan Chase & Co.			49,563		2,065,290
PNC Financial Services Group,  Inc.			110,047		5,809,381
U.S. Bancorp			131,393		2,957,656
Western Union Co.			298,950		5,635,208
					42,342,238
Electrical Equipment, Appliance, and Component Manufacturing - 0.92%
BYD Co. (a)(c)			981,000		8,660,646
Whirlpool Corp.			39,347		3,173,729
					11,834,375
Electronics and Appliance Stores - 0.40%
Best Buy, Inc.			128,824		5,083,395
Fabricated Metal Product Manufacturing - 0.12%
Watts Water Technologies, Inc. - Class A			48,858		1,510,689
Food Manufacturing - 1.32%
Chaoda Modern Agriculture (c)			3,569,000		3,820,608
China Green Holdings (c)			1,590,000		1,511,376
Conagra Foods, Inc.			264,531		6,097,439
Golden Agriculture Resources (a)(c)			11,716,000		4,253,237
Lotte Confect (c)			1,077		1,192,171
					16,874,831
Food Services and Drinking Places - 0.23%
Cracker Barrel Old Country Store, Inc.			78,250		2,972,717
Funds, Trusts, and Other Financial Vehicles - 2.96%
Health Care REIT, Inc.			36,081		1,599,110
Nationwide Health Properties, Inc.			566,112		19,915,820
Omega Healthcare Investors, Inc.			698,288		13,581,702
Transatlantic Holdings, Inc.			54,237		2,826,290
					37,922,922
General Merchandise Stores - 0.47%
Golden Eagle Retail (c)			1,248,000		2,549,632
Macy's, Inc.			156,214		2,618,147
New World Department Store China (c)			930,000		852,826
					6,020,605
Heavy and Civil Engineering Construction - 1.11%
Chicago Bridge & Iron Co. NV (c)			316,651		6,402,683
China Communications Construction - Class H (c)			2,697,000		2,584,506
KBR, Inc.			241,913		4,596,347
Semen Gresik (c)			778,000		625,216
					14,208,752
Hospitals - 0.43%
Universal Health Services, Inc. - Class B			180,943		5,518,762
Insurance Carriers and Related Activities - 1.34%
China Life Insurance (c)			919,000		4,545,574
CIGNA Corp.			170,126		6,000,344
Humana, Inc. (a)			151,442		6,646,789
					17,192,707
Leather and Allied Product Manufacturing - 0.47%
Deckers Outdoor Corp. (a)			59,523		6,054,680
Machinery Manufacturing - 4.65%
Bucyrus International, Inc.			343,227		19,347,706
Caterpillar, Inc.			115,586		6,587,246
Dresser-Rand Group, Inc. (a)			175,043		5,533,109
Flowserve Corp.			56,053		5,298,690
Joy Global, Inc.			242,172		12,493,654
UTD Tractors (c)			2,320,500		3,828,393
Weichai Power Co. (c)			799,000		6,461,333
					59,550,131
Merchant Wholesalers, Nondurable Goods - 1.08%
AmerisourceBergen Corp.			271,415		7,075,789
Herbalife Ltd. (c)			167,176		6,782,330
					13,858,119
Mining (except Oil and Gas) - 2.71%
Anhui Conch Cement (c)			530,000		3,411,020
Banpu Public Co. (c)			402,900		6,960,720
BHP Billiton Ltd. - ADR			68,270		5,228,116
Freeport-McMoran Copper & Gold, Inc. (a)			73,678		5,915,607
Massey Energy Corp.			145,449		6,110,312
Teck Resources Ltd. (a)(c)			204,130		7,138,426
					34,764,201
Miscellaneous Manufacturing - 1.65%
3M Co.			23,201		1,918,027
Coach, Inc.			158,325		5,783,612
Mindray Medical International Ltd. - ADR			90,034		3,053,953
NewMarket Corp.			72,771		8,351,928
Shandong Weigao GP (c)			612,000		2,044,367
					21,151,887
Oil and Gas Extraction - 2.22%
Anadarko Petroleum Corp.			43,136		2,692,549
Devon Energy Corp.			45,330		3,331,755
Occidental Petroleum Corp.			104,064		8,465,606
Petroleo Brasileiro SA - ADR			228,167		10,879,003
XTO Energy, Inc.			65,527		3,048,971
					28,417,884
Other Information Services - 0.35%
Baidu, Inc. - ADR (a)			10,991		4,519,829
Paper Manufacturing - 0.85%
Packaging Corp. of America			201,799		4,643,395
Temple Inland, Inc.			298,950		6,310,834
					10,954,229
Primary Metal Manufacturing - 0.91%
Allegheny Technologies, Inc.			131,314		5,878,928
Companhia Siderurgica Nacional Sponsored - ADR			180,094		5,750,401
					11,629,329
Professional, Scientific, and Technical Services - 3.11%
China Shipping Development Co. Ltd. (c)			2,096,000		3,152,083
Cognizant Technology Solutions Corp. (a)			140,624		6,370,267
Computer Sciences Corp. (a)			271,094		15,596,038
Infosys Technologies Ltd. - ADR			118,007		6,522,247
Satyam Computer Services Ltd. - ADR (a)			868,332		4,003,011
Wright Express Corp. (a)			130,791		4,167,001
					39,810,647
Publishing Industries (except Internet) - 1.68%
BMC Software, Inc. (a)			152,425		6,112,242
Check Point Software Technologies (a)(c)			198,644		6,730,059
Microsoft Corp.			115,560		3,523,424
Perfect World - ADR (a)			131,774		5,197,167
					21,562,892
Rail Transportation - 0.45%
Guangshen Railway (c)			3,018,000		1,233,918
Jasa Marga (c)			6,329,000		1,219,318
Zhejiang Expressway Co. Ltd. (c)			3,606,000		3,343,970
					5,797,206
Real Estate - 3.13%
HCP, Inc.			188,115		5,745,032
New World Development Co. (c)			320,000		658,705
Senior Housing Properties Trust			566,013		12,378,704
Ventas, Inc.			487,251		21,312,359
					40,094,800
Support Activities for Agriculture and Forestry - 0.19%
Fresh Del Monte Produce, Inc. (a)(c)			109,156		2,412,348
Support Activities for Mining - 0.81%
Atwood Oceanics, Inc. (a)			117,493		4,212,124
Rowan Companies, Inc. (a)			149,420		3,382,869
Transocean Ltd. (a)(c)			33,416		2,766,845
					10,361,838
Telecommunications - 1.64%
America Movil SAB de CV - ADR			115,056		5,405,331
China Communication Services (c)			4,894,000		2,411,211
China Unicom (c)			2,314,000		3,068,063
China Unicom Hong Kong Ltd. - ADR			198,905		2,607,644
Globe Telecom, Inc. (c)			37,220		736,671
Vimpel-Communications - ADR			366,562		6,814,388
					21,043,308
Utilities - 0.84%
Cleco Corp.			66,755		1,824,414
Cia Siderurgica Nacional SA - ADR			72,771		2,846,801
Enersis SA - ADR			62,992		1,439,997
Guangdong Investment Ltd. (c)			5,654,000		3,303,405
TECO Energy, Inc.			80,367		1,303,553
					10,718,170
Wholesale Electronic Markets and Agents and Brokers - 0.58%
Tech Data Corp. (a)			158,325		7,387,444
TOTAL COMMON STOCKS (Cost $583,324,646)				$	721,323,902
PREFERRED STOCKS - 0.89%
Credit Intermediation and Related Activities - 0.63%
Itau Unibanco Holding SA - ADR			351,774	$	8,034,518
Telecommunications - 0.26%
Tele Norte Leste Participacoes SA - ADR			155,639		3,333,788
TOTAL PREFERRED STOCKS (Cost $9,322,036)				$	11,368,306
INVESTMENT COMPANIES - 18.84%
Exchange Traded Funds - 7.65%
iShares China 25 Fund			865,993	$	36,605,524
iShares MSCI Brazil Index Fund			70,825		5,284,253
iShares MSCI Malaysia Index Fund			351,318		3,730,997
iShares MSCI Taiwan Index Fund			183,501		2,380,008
iShares MSCI Singapore Index Fund			334,919		3,844,870
iShares MSCI South Africa Index Fund			39,784		2,226,711
iShares MSCI South Korea Index Fund			180,364		8,592,541
iShares S&P Latin America 40 Index Fund			184,274		8,810,140
iShares MSCI Emerging Markets Index Fund			298,382		12,382,853
Market Vectors Russia ETF (d)			400,683		12,493,296
SPDR S&P Emerging Middle East & Africa ETF (d)			27,450		1,712,578
					98,063,771
Mutual Funds - 11.19%
Central Europe & Russia Fund			37,882		1,249,727
Fidelity China Region Fund			492,168		13,721,973
Fidelity High Income Fund			4,998,217		42,234,935
ING Russia Fund - Class A (a)(d)			213,492		6,844,008
Matthews China Fund			606,999		15,512,072
Matthews India Fund			338,696		5,526,476
T Rowe Price High Yield Fund			4,463,201		28,653,749
US Global Investors Funds: Eastern European Fund (a)(d)			1,239,125		11,375,166
Vanguard High-Yield Corporate Fund			3,325,493		18,190,447
					143,308,553
TOTAL INVESTMENT COMPANIES (Cost $196,888,835)				$	241,372,324
EXCHANGE TRADED NOTES - 0.46%
iPath MSCI India Index ETN (a)(c)			91,816	$	5,881,733
TOTAL EXCHANGE TRADED NOTES (Cost $5,774,337)				$	5,881,733
PRECIOUS METALS - 2.74%			Troy Ounces		Fair Value
Gold Bullion (a)(e)			24,994	$	27,382,677
Silver (a)(e)			457,000		7,764,430
TOTAL PRECIOUS METALS (Cost $28,043,904)				$	35,147,107
			Principal
			Amount		Fair Value
FOREIGN GOVERNMENT BONDS - 6.96%
Republic of Brazil
12.500%, 01/05/2022 (c)		BRL	137,452,000	$	89,213,532
TOTAL FOREIGN GOVERNMENT BONDS (Cost $75,081,264)				$	89,213,532
			Shares		Fair Value
SHORT-TERM INVESTMENTS - 8.02%
Money Market Funds - 8.02%
Fidelity Institutional Money Market Fund - Government Portfolio
0.030% (b)(f)			102,799,401	$	102,799,401
TOTAL SHORT-TERM INVESTMENTS (Cost $102,799,401)				$	102,799,401
Total Investments (Cost $1,001,234,423) - 94.20%				$	1,207,106,305
Other Assets in Excess of Liabilities - 5.80%					74,331,090
TOTAL NET ASSETS - 100.00%				$	1,281,437,395
Percentages are stated as a percent of net assets.
BRL	Brazilian Real
ADR	American Depository Receipt
(a)	Non-income producing security.
(b)	Variable rate security.  The rate shown is the rate in effect at December 31, 2009.
(c)	Foreign issued security.
(d)	A portion of this security is considered illiquid.  The market value of these securities total $32,425,048, which represents 2.53% of total
	net assets. If a Fund purchases more than 1% of any class of security of a registered open-end investment company, such investment will
	be considered an illiquid investment.
(e)	The Leuthold Asset Allocation Fund may invest up to 25% of total assets in its Subsidiary, Leuthold Asset Allocation, Ltd.
	(the "Subsidiary"). The Subsidiary, which is organized under the laws of the Cayman Islands, is wholly-owned and controlled by the
	Leuthold Asset Allocation Fund and is therefore consolidated in the Fund's schedule of investments herein. The Subsidiary was formed on
	November 26, 2008 and has been consolidated since its formation.  All intercompany balances, revenues, and expenses have been eliminated
	in consolidation. The Fund invests in the Subsidiary in order to gain exposure to the investment returns of the commodities markets,
	including investments in metals, within the limitations of the federal tax law requirements applicable to regulated investment companies.
(f)	All or a portion of these securities constitutes proceeds from securities sold short.

Leuthold Asset Allocation Fund
Consolidated Schedule of Securities Sold Short
December 31, 2009 (Unaudited)
			Principal
United States Treasury Obligations - 4.82%			Amount		Fair Value
United States Treasury Strip Principal
4.797%, 05/15/2039		$	23,600,000	$	5,863,184
United States Treasury Bond
4.250%, 05/15/2039			59,600,000		55,912,250
TOTAL SECURITIES SOLD SHORT  (Proceeds $65,296,818)				$	61,775,434
Percentages are stated as a percent of net assets.
The cost basis of investments for federal income tax purposes at December 31, 2009, was as follows*:
	Leuthold Asset Allocation Fund
	Cost of investments				$      1,011,376,453
	Gross unrealized appreciation				214,756,116
	Gross unrealized depreciation				(19,026,264)
	Net unrealized appreciation				$         195,729,852
*Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding at the Fund's previous
fiscal year end. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements
section in the Fund’s most recent semi-annual or annual report.

Summary of Fair Value Exposure at December 31, 2009

Various inputs are used in determining the value of the Fund's investments.  These inputs are summarized in the three broad levels listed below:

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, 2009:

Investment at Fair Value	Level 1	Level 2	Level 3	Total
Common Stocks	$         721,323,902	$                          -	$                         -	$         721,323,902
Preferred Stocks	11,368,306	-	-	11,368,306
Exchange Traded Funds	98,063,771	-	-	98,063,771
Mutual Funds	1,249,727	142,058,826	-	143,308,553
Exchange Traded Notes	5,881,733	-	-	5,881,733
Precious Metals	-	35,147,107	-	35,147,107
Foreign Government Bonds	-	89,213,532	-	89,213,532
Money Market Funds	102,799,401	-	-	102,799,401
Total Investments in Securities	$         940,686,840	$       266,419,465	$                         -	$      1,207,106,305
Securities Sold Short at Fair Value	Level 1	Level 2	Level 3	Total
Unites States Treasury Obligations	$                           -	$         61,775,434	$                         -	$           61,775,434
Total Securities Sold Short	$                           -	$         61,775,434	$                         -	$           61,775,434

Leuthold Global Fund
Consolidated Schedule of Investments
December 31, 2009 (Unaudited)
			Shares		Fair Value
COMMON STOCKS - 64.38%
Ambulatory Health Care Services - 0.63%
Psychiatric Solutions, Inc. (a)			63,883	$	1,350,487
Broadcasting (except Internet) - 1.34%
TV Azteca (b)			2,654,700		1,440,786
Viacom, Inc (a)			48,419		1,439,497
					2,880,283
Computer and Electronic Product Manufacturing - 5.16%
Compal Electronics, Inc. (b)			673,350		933,659
Hewlett Packard Co.			30,414		1,566,625
Innolux Display Co. (b)			515,000		764,006
International Business Machines Corp.			10,504		1,374,974
Lexmark International, Inc. - Class A (a)			72,638		1,887,135
Micro-Star International Co. Ltd.			1,081,448		713,414
Mitac International (b)			1,300,000		672,659
Qlogic Corp. (a)			93,003		1,754,967
Wincor Nixdorf AG (b)			21,107		1,441,789
					11,109,228
Credit Intermediation and Related Activities - 5.19%
Banca Monte dei Paschi di Siena SpA (b)			375,437		660,918
Banco do Brasil SA (b)			88,100		1,502,912
Bank Mandiri Tbk PT (b)			2,774,000		1,387,738
Barclays PLC - ADR			64,996		1,143,930
DBS Group Holdings Ltd. (b)			82,000		898,886
Industrial Bank of Korea (a)(b)			59,010		709,453
Krung Thai Bank (b)			5,452,500		1,610,892
National Australia Bank Ltd. (b)			52,848		1,300,693
RHB Capital BHD (b)			440,600		682,003
Shinhan Financial Group Co. Ltd. - ADR			9,218		684,713
TT Hellenic Postbank SA (a)(b)			92,864		588,412
					11,170,550
Data Processing, Hosting and Related Services - 1.39%
IAC/InterActiveCorp. (a)			69,346		1,420,206
NHN Corp. (a)(b)			9,502		1,566,701
					2,986,907
Electrical Equipment, Appliance, and Component Manufacturing - 0.34%
Reunert Ltd. (b)			94,239		742,547
Forestry and Logging - 0.69%
Sino-Forest Corp. (a)(b)			80,000		1,482,431
Hospitals - 1.01%
Community Health Systems, Inc. (a)			61,065		2,173,914
Insurance Carriers and Related Activities - 8.82%
Aetna, Inc.			41,881		1,327,628
Amerigroup Corp. (a)			68,218		1,839,157
Carefusion Corp. (a)			15,568		389,356
Endurance Specialty Holdings Ltd. (b)			37,820		1,408,038
Hannover Rueckversicherung AG (a)(b)			30,884		1,448,192
Humana, Inc. (a)			39,694		1,742,170
Montpelier Re Holdings Ltd. (b)			81,651		1,414,195
Partnerre Ltd. (b)			18,482		1,379,866
Platinum Underwriters Holdings Ltd. (b)			38,923		1,490,362
Transatlantic Holdings, Inc.			26,036		1,356,736
UnitedHealth Group, Inc.			58,729		1,790,060
Validus Holdings Ltd. (b)			54,548		1,469,523
Wellpoint, Inc. (a)			32,996		1,923,337
					18,978,620
Machinery Manufacturing - 0.58%
General Electric Co.			81,899		1,239,132
Merchant Wholesalers, Nondurable Goods - 1.12%
Cardinal Health, Inc.			31,136		1,003,825
International Paper Co.			52,518		1,406,432
					2,410,257
Miscellaneous Manufacturing - 3.53%
CJ Corp. (b)			29,192		1,571,814
Discount Investment Corp. (b)			27,000		636,636
Hutchison Whampoa Ltd. (b)			190,000		1,308,587
Jardine Strategic Holdings Ltd. (a)(d)			37,000		651,200
Keppel Corp. (b)			240,000		1,405,986
MMC Corp. (b)			1,928,500		1,368,649
NWS Holdings Ltd. (b)			359,000		662,123
					7,604,995
Motion Picture and Sound Recording Industries - 0.78%
The Walt Disney Co.			51,883		1,673,227
Nonstore Retailers - 5.06%
Askul Corp. (b)			71,300		1,293,788
Dena Co. Ltd. (b)			430		2,539,325
Ebay, Inc. (a)			59,536		1,401,478
Mercadolibre, Inc. (a)			41,057		2,129,626
N Brown Group PLC (b)			338,637		1,356,473
Wotif.com Holdings Ltd. (b)			346,437		2,162,742
					10,883,432
Oil and Gas Extraction - 3.09%
Fred Olsen Energy ASA (b)			37,750		1,447,459
Linn Energy LLC			57,745		1,609,931
Petroleum Geo-Services ASA (a)(b)			143,200		1,644,755
Subsea 7, Inc. (a)(b)			117,800		1,955,263
					6,657,408
Paper Manufacturing - 0.67%
Meadwestvaco Corp.			50,456		1,444,555
Plastics and Rubber Products Manufacturing - 0.63%
Carlisle Cos, Inc.			39,519		1,353,921
Professional, Scientific, and Technical Services - 4.39%
Accenture PLC (b)			41,222		1,710,713
Broadridge Financial Solutions, Inc.			69,411		1,565,912
McDermott International, Inc. (a)(b)			65,239		1,566,388
Patni Computer Systems Ltd. - ADR			37,741		771,803
Wipro Ltd. - ADR			171,747		3,824,806
					9,439,622
Publishing Industries (except Internet) - 2.11%
Akamai Technologies, Inc. (a)			74,247		1,880,676
Daiichikosho Co. Ltd. (b)			101,600		1,146,525
M6-Metropole Television (b)			59,002		1,519,942
					4,547,143
Rental and Leasing Services - 0.77%
Netflix, Inc. (a)			29,868		1,646,921
Support Activities for Mining - 3.36%
AMEC PLC (b)			112,519		1,439,382
John Wood Group PLC (b)			277,084		1,382,019
Rowan Companies, Inc. (a)			64,100		1,451,224
Superior Energy Services, Inc. (a)			61,369		1,490,653
Tidewater, Inc.			30,489		1,461,947
					7,225,225
Telecommunications - 8.65%
Advanced Information Services (b)			429,557		1,114,478
America Movil SAB de CV - ADR			29,376		1,380,085
Cellcom Israel Ltd. (b)			22,190		711,411
Comcast Corp.			94,638		1,595,597
Dish Network Corp. (a)			83,980		1,744,265
Far EasTone Telecommunications Co. Ltd. (b)			750,000		894,560
Globe Telecom, Inc. (b)			55,700		1,102,433
LG Telecom Ltd. (b)			153,320		1,117,831
Modern Times Group AB (b)			31,720		1,577,876
MTN Group Ltd. (b)			39,322		628,193
Naspers Ltd. (b)			37,007		1,504,350
Philippine Long Distance Telephone Co. - ADR			19,936		1,129,773
Sohu Com, Inc. (a)			21,030		1,204,598
Total System Services, Inc.			86,654		1,496,515
Turkcell Iletisim Hizmet AS - ADR			79,994		1,399,095
					18,601,060
Transit and Ground Passenger Transportation - 0.81%
Autostrada Torino-Milano SpA (b)			53,892		797,290
Obrascon Huarte Lain Brasil SA (b)			48,661		950,301
					1,747,591
Utilities - 2.21%
CEZ AS (b)			19,565		919,902
CPFL Energia SA - ADR			12,982		802,028
EDP - Energias de Portugal SA (b)			331,182		1,475,570
Enersis SA - ADR			67,825		1,550,480
					4,747,980
Wood Product Manufacturing - 2.05%
Holmen AB (b)			57,902		1,481,004
Semapa-Sociedade de Investimento e Gestao (b)			132,702		1,476,221
Svenska Cellulosa AB (b)			109,318		1,458,409
					4,415,634
TOTAL COMMON STOCKS (Cost $121,219,478)				$	138,513,070
PREFERRED STOCKS - 2.09%
Utilities - 2.09%
Centrais Eletricas Brasileiras SA (b)			77,700		1,415,649
Cia Paranaense de Energia - ADR			143,218		3,072,026
					4,487,675
TOTAL PREFERRED STOCKS (Cost $2,831,937)				$	4,487,675
INVESTMENT COMPANIES - 11.16%
Exchange Traded Funds - 3.50%
iShares iBoxx High Yield Corporate Bond Fund			20,466		1,797,733
iShares S&P National Municipal Bond Fund			18,600		1,911,150
PowerShares Emerging Markets Sovereign Debt Portfolio			72,500		1,850,925
SSPDR Barclays Capital High Yield Bond ETF			50,492		1,963,634
					7,523,442
Mutual Funds - 7.66%
Aberdeen Asia-Pacific Income Fund, Inc. (b)			491,472		3,056,956
Advent Claymore Convertible Securities and Income Fund			127,396		1,983,556
Advent Claymore Global Convertible Securities & Income Fund			226,478		1,850,325
Fidelity High Income Fund			372,705		3,149,360
ING Clarion Global Real Estate Income Fund			293,000		1,866,410
T Rowe Price High Yield Fund			492,895		3,164,385
Vanguard High-Yield Corporate Fund			256,883		1,405,151
					16,476,143
TOTAL INVESTMENT COMPANIES (Cost $20,759,842)				$	23,999,585
PRECIOUS METALS - 1.92%			Troy Ounces		Fair Value
Gold Bullion (a)(d)			3,778	$	4,139,063
TOTAL PRECIOUS METALS (Cost $3,512,588)				$	4,139,063
			Principal
			Amount		Fair Value
FOREIGN GOVERNMENT BONDS - 4.19%
Commonwealth of Australia
5.750%, 06/15/2011 (b)		AUD	2,951,000	$	2,700,029
Republic of Brazil
12.500%, 01/05/2022 (b)		BRL	5,951,000		3,862,510
United Kingdom
4.750%, 06/07/2010 (b)		GBP	1,493,000		2,455,087
TOTAL FOREIGN GOVERNMENT BONDS (Cost $9,414,706)				$	9,017,626
			Shares		Fair Value
SHORT-TERM INVESTMENTS - 16.15%
Money Market Funds - 16.15%
Dreyfus Government Cash Management Fund
0.010% (c)			11,969,373	$	11,969,373
Fidelity Institutional Money Market Fund - Government Portfolio
0.030% (c)			22,778,841		22,778,841
					34,748,214
TOTAL SHORT-TERM INVESTMENTS (Cost $34,748,214)				$	34,748,214
Total Investments  (Cost $192,486,765) - 99.89%				$	214,905,233
Other Assets in Excess of Liabilities - 0.11%					239,264
TOTAL NET ASSETS - 100.00%				$	215,144,497
Percentages are stated as a percent of net assets.
AUD	Australian Dollar
BRL	Brazilian Real
GBP	British Pound
ADR	American Depository Receipt
(a)	Non-income producing security.
(b)	Foreign issued security.
(c)	Variable rate security. The rate shown is the rate in effect at December 31, 2009.
(d)	The Leuthold Global Fund may invest up to 25% of total assets in its Subsidiary, Leuthold Global, Ltd.
	(the "Subsidiary"). The Subsidiary, which is organized under the laws of the Cayman Islands, is wholly-owned and controlled by the
	Leuthold Global Fund and is therefore consolidated in the Fund's schedule of investments herein. The Subsidiary was formed on
	November 26, 2008 and has been consolidated since its formation.  All intercompany balances, revenues, and expenses have been eliminated
	in consolidation. The Fund invests in the Subsidiary in order to gain exposure to the investment returns of the commodities markets,
	including investments in metals, within the limitations of the federal tax law requirements applicable to regulated investment companies.

Leuthold Global Fund
Consolidated Schedule of Securities Sold Short
December 31, 2009 (Unaudited)
COMMON STOCKS - 0.76%		Shares		Fair Value
Air Transportation - 0.02%
Air France-KLM (a)(b)		1,154	$	18,197
SAS AB (a)(b)		29,057		16,367
				34,564
Chemical Manufacturing - 0.04%
Amylin Pharmaceuticals, Inc. (a)		789		11,196
Basilea Pharmaceutica (a)(b)		111		6,916
Genmab A/S (a)(b)		343		5,418
Intercell AG (a)(b)		243		9,026
Myriad Genetics, Inc. (a)		392		10,231
United Therapeutics Corp. (a)		230		12,109
Vertex Pharmaceuticals, Inc. (a)		290		12,427
Zeltia SA (a)(b)		1,671		9,223
				76,546
Computer and Electronic Product Manufacturing - 0.06%
Advantest Corp. - ADR		649		16,919
Advantest Corp. (b)		900		23,240
ASML Holding NV - ADR		618		21,068
Formfactor, Inc. (a)		759		16,516
Qualcomm, Inc.		447		20,678
Softbank Corp. (b)		900		20,970
Sumco Corporation (b)		800		14,001
				133,392
Credit Intermediation and Related Activities - 0.20%
The Bank of Yokohama Ltd. (b)		6,000		27,186
Capitol Federal Financial		686		21,582
City National Corp.		730		33,288
Hancock Holding Co.		598		26,186
Hudson City Bancorp, Inc.		2,104		28,888
The Joyo Bank Ltd. (b)		6,000		23,965
Kintetsu Corp. (b)		6,000		19,842
New York Community Bancorp, Inc.		1,767		25,639
Northwest Bancshares, Inc.		3,498		39,597
Old National Bancorp		1,681		20,895
Park National Corp.		351		20,667
People's United Financial, Inc.		1,202		20,073
TFS Financial Corp.		2,316		28,116
Tokyu Corp. (b)		6,000		23,836
Valley National Bancorp		1,646		23,258
Washington Federal, Inc.		1,367		26,438
Westamerica Bancorporation		434		24,031
				433,487
Educational Services - 0.03%
Capella Education Company (a)		271		20,406
DeVry, Inc.		339		19,231
Strayer Ed, Inc.		88		18,699
				58,336
Insurance Carriers and Related Activities - 0.07%
Alleghany Corp. (a)		69		19,044
Erie Indemnity Co.		542		21,149
Fidelity National Financial, Inc. - Class A		1,161		15,627
Intact Financial Corp. (a)(b)		571		20,283
Markel Corp. (a)		54		18,360
Mitsui Sumitomo Insurance Group Holdings Inc. (b)		700		17,775
Tokio Marine Holdings, Inc. (b)		600		16,299
Ulvac, Inc. (b)		700		16,873
Zenith National Insurance Corp.		574		17,082
				162,492
Machinery Manufacturing - 0.05%
Applied Materials, Inc.		1,352		18,847
Crown Castle International Corp. (a)		552		21,550
KLA-Tencor Corp.		508		18,369
Lam Research Corp. (a)		535		20,977
Varian Semiconductor Equipment Associates, Inc. (a)		552		19,806
				99,549
Miscellaneous Store Retailers - 0.01%
Sotheby's		1,176		26,436
Oil and Gas Extraction - 0.05%
Caltex Australia Ltd. (b)		2,046		17,092
Hunting PLC (b)		2,222		20,906
Neste Oil OYJ (b)		1,087		19,354
Petroplus Holdings AG (b)		880		16,189
Saras SpA (b)		5,941		18,630
Showa Shell Sekiyu KK (b)		1,900		15,423
				107,594
Personal and Laundry Services - 0.01%
Coinstar, Inc. (a)		582		16,168
Petroleum and Coal Products Manufacturing - 0.01%
Frontier Oil Corp.		1,288		15,508
Professional, Scientific, and Technical Services - 0.04%
Abraxis Bioscience, Inc. (a)		283		11,476
Benesse Holdings, Inc. (b)		400		16,707
Brink's Home Security Holdings, Inc. (a)		601		19,617
Celgene Corp. (a)		187		10,412
Ciena Corp. (a)		1,645		17,832
				76,044
Rail Transportation - 0.06%
DSV A/S (a)(b)		2,132		38,608
Nankai Electric Rail (b)		6,000		23,708
Genesee & Wyoming, Inc. (a)		1,048		34,207
Go-ahead Group (b)		1,280		27,580
				124,103
Telecommunications - 0.06%
American Tower Corp. (a)		499		21,562
Blue Coat Systems, Inc. (a)		795		22,689
Freenet AG (a)(b)		1,409		18,967
Juniper Networks, Inc. (a)		786		20,963
Nokia Corp. - ADR		1,527		19,622
SBA Communications Corp. (a)		652		22,272
				126,075
Truck Transportation - 0.04%
JB Hunt Transport Services, Inc.		836		26,978
Knight Transportation, Inc.		1,503		28,993
Landstar System, Inc.		698		27,061
				83,032
Wood Product Manufacturing - 0.01%
Portucel Empresa Produtora de Pasta e Papel SA (b)		10,886		30,883
TOTAL COMMON STOCKS (Proceeds $1,544,768)			$	1,623,826
INVESTMENT COMPANIES - 0.04%
Exchange Traded Funds - 0.04%
iShares MSCI EAFE Index Fund		1,600		88,480
TOTAL INVESTMENT COMPANIES (Proceeds $84,117)			$	88,480
		Principal
		Amount		Fair Value
United States Treasury Obligations - 4.97%
United States Treasury Bond
4.250%, 05/15/2039	$	11,400,000		10,694,625
TOTAL UNITED STATES TREASURY OBLIGATIONS (Proceeds $11,262,834)			$	10,694,625
Total Securities Sold Short  (Proceeds $12,891,719) - 5.77%			$	12,406,931

Percentages are stated as a percent of net assets.
ADR	American Depository Receipt
(a)	Non-income producing security.
(b)	Foreign issued security.

The cost basis of investments for federal income tax purposes at December 31, 2009 was as follows*:
	Leuthold Global Fund
	Cost of investments	$ 192,511,307
	Gross unrealized appreciation	24,817,957
	Gross unrealized depreciation	(2,424,031)
	Net unrealized appreciation	$   22,393,926
*Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding at the Fund’s previous
fiscal year end.  For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section
in the Fund’s most recent semi-annual or annual report.

Summary of Fair Value Exposure at December 31, 2009
Various inputs are used in determining the value of the Fund's investments.  These inputs are summarized in the three broad levels listed below:
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, 2009:
Investments at Fair Value	Level 1	Level 2	Level 3	Total
Common Stocks	$        138,513,070	$                           -	$                   -	$        138,513,070
Preferred Stocks	4,487,675	-	-	4,487,675
Exchange Traded Funds	7,523,442	-	-	7,523,442
Mutual Funds	16,476,143	-	-	16,476,143
Precious Metals	-	4,139,063	-	4,139,063
Foreign Government Bonds	-	9,017,626	-	9,017,626
Money Market Funds	34,748,214	-	-	34,748,214
Total Investments in Securities	$        201,748,544	$          13,156,689	$                   -	$        214,905,233
Securities Sold Short at Fair Value	Level 1	Level 2	Level 3	Total
Common Stock - Short	$            1,623,826	$                           -	$                   -	$            1,623,826
Exchange Traded Funds - Short	88,480	-	-	88,480
United States Treasury Obligations - Short	-	10,694,625	-	10,694,625
Total Securities Sold Short	$            1,712,306	$          10,694,625	$                   -	$          12,406,931

Leuthold Select Industries Fund
Schedule of Investments
December 31, 2009 (Unaudited)
	Shares		Fair Value
COMMON STOCKS - 97.91%
Administrative and Support Services - 0.75%
Lender Processing Services, Inc.	7,154		290,882
Mantech International Corp. - Class A (a)	2,271	$	109,644
			400,526
Chemical Manufacturing - 1.02%
Acorda Therapeutics, Inc. (a)	9,426		237,724
Medivation, Inc. (a)	8,233		309,972
			547,696
Computer and Electronic Product Manufacturing - 10.64%
Garmin Ltd. (b)	23,678		726,914
Harman International Industries, Inc.	21,634		763,248
Hewlett-Packard Co.	21,406		1,102,623
Koninklijke Philips Electronics NV - ADR	18,567		546,612
Panasonic Corp. - ADR	37,669		540,550
Sanyo Electric Co., Ltd.  (a)(b)	162,000		297,439
Sharp Corp. (b)	26,000		325,785
Sony Corp. - ADR	29,185		846,365
Tyco International Ltd. (b)	15,501		553,076
			5,702,612
Credit Intermediation and Related Activities - 13.97%
Banco Santander SA - ADR	39,974		657,173
Bank of Montreal (b)	10,334		548,529
Barclays PLC - ADR	48,605		855,448
Canadian Imperial Bank of Commerce (b)	16,523		1,067,716
Citigroup, Inc.	122,533		405,584
Credit Suisse Group AG - ADR	11,243		552,706
Hewitt Associates, Inc. (a)	14,820		626,293
Hhgregg, Inc. - ADR (a)	8,971		197,631
HSBC Holdings PLC - ADR	10,050		573,755
ICICI Bank Ltd. - ADR	7,382		278,375
JPMorgan Chase & Co.	14,820		617,549
KB Financial Group Inc. - ADR (a)	8,971		456,175
Royal Bank of Canada (b)	10,109		541,337
Shinhan Financial Group Co., Ltd. - ADR	1,533		113,871
			7,492,142
Electronics and Appliance Stores - 4.43%
Best Buy, Inc.	54,453		2,148,715
Radioshack Corp.	11,583		225,869
			2,374,584
Fabricated Metal Product Manufacturing - 2.57%
Fibria Celulose SA - ADR (a)	60,419		1,379,970
Funds, Trusts, and Other Financial Vehicles - 0.81%
WellCare Health Plans, Inc. (a)	11,867		436,231
Hospitals - 0.53%
Magellan Health Services, Inc. (a)	7,041		286,780
Insurance Carriers and Related Activities - 6.10%
Aetna, Inc.	27,539		872,986
Coventry Health Care, Inc. (a)	59,847		1,453,684
Humana, Inc. (a)	21,482		942,845
			3,269,515
Management of companies and Enterprises - 2.46%
AES Corp. (a)	99,140		1,319,554
Miscellaneous Manufacturing - 0.95%
3M Co.	6,132		506,932
Other Information Services - 03.34%
Google, Inc. - Class A (a)	795		492,884
Red Hat, Inc. (a)	42,018		1,298,356
			1,791,240
Paper Manufacturing - 6.09%
Domtar Corp. (a)	12,946		717,338
International Paper Co.	59,393		1,590,545
MeadWestvaco Corp.	22,315		638,878
Neenah Paper, Inc.	5,565		77,632
Schweitzer-Mauduit International, Inc.	3,464		243,692
			3,268,085
Plastics and Rubber Products Manufacturing - 0.51%
Carlisle Cos, Inc.	8,006		274,286
Professional, Scientific, and Technical Services - 14.82%
Accenture PLC (b)	15,883		659,145
Alliance Data Systems Corp. (a)	8,744		564,775
Broadridge Financial Solutions, Inc.	25,835		582,838
CACI International, Inc. - ADR (a)	7,098		346,737
Cognizant Technology Solutions Corp. - Class A (a)	20,555		931,141
Convergys Corp. (a)	14,763		158,702
Genpact Ltd. (a)(b)	9,085		135,367
Infosys Technologies Ltd. - ADR	5,451		301,277
MAXIMUS, Inc.	2,385		119,250
McDermott International, Inc. (a)(b)	18,624		447,162
Patni Computer Systems Ltd. - ADR	3,066		62,700
Quality Systems, Inc.	12,094		759,382
SAIC, Inc. (a)	15,785		298,968
Sapient Corp. (a)	33,103		273,762
Siemens AG - ADR	7,098		650,887
SRA International, Inc. (a)	25,722		491,290
Teletech Holdings, Inc. (a)	9,199		184,256
Total System Services, Inc.	37,816		653,082
Unisys Corp. (a)	8,416		324,521
			7,945,242
Publishing Industries (except Internet) - 12.69%
BMC Software, Inc. (a)	22,485		901,649
CA, Inc.	23,451		526,709
Check Point Software Technologies (a)(b)	18,113		613,668
CIGNA Corp.	37,021		1,305,731
MICROS Systems, Inc. - ADR (a)	27,312		847,491
Microsoft Corp.	37,021		1,128,770
Novell, Inc. (a)	120,376		499,560
RightNow Technologies, Inc. (a)	4,315		74,952
Sybase, Inc. (a)	20,839		904,413
			6,802,943
Securities, Commodity Contracts, and Other Financial Investments and Related Activites - 2.43%
Deutsche Bank AG (b)	18,397		1,304,531
Telecommunications - 8.64%
Atlantic Tele Network, Inc.	908		49,949
China Unicom Hong Kong Ltd. - ADR	64,276		842,659
Chunghwa Telecom Co. Ltd. - ADR	19,760		366,943
Empresa Nacional de Electricidad SA - ADR	1,931		97,071
Fidelity National Information Services, Inc.	35,716		837,183
KT Corp. - ADR	11,640		195,785
Telecom Corp of New Zealand Ltd. - ADR	4,429		39,817
Telecom Italia SpA - ADR	4,826		74,465
Telefonica SA - ADR	7,779		649,702
Telefonos de Mexico SAB de CV - ADR	31,741		526,266
Telekomunikasi Indonesia Tbk PT - ADR	5,337		213,213
Vimpel-Communications - ADR	39,690		737,837
			4,630,890
Transportation Equipment Manufacturing - 1.91%
Textron, Inc.	54,396		1,023,189
Utilities - 3.25%
Huaneng Power International, Inc. - ADR	3,180		71,232
NRG Energy, Inc. (a)	46,674		1,101,973
Ormat Technologies, Inc.	15,104		571,535
			1,744,740
TOTAL COMMON STOCKS (Cost $47,113,096)		$	52,501,688
PREFERRED STOCKS - 1.84%
Credit Intermediation and Related Activities - 0.64%
Itau Unibanco Holding SA - ADR	14,990		342,372
Telecommunications - 1.20%
Brasil Telecom SA - ADR	1,931		56,250
Tele Norte Leste Participacoes SA - ADR	27,312		585,023
			641,273
TOTAL PREFERRED STOCKS (Cost $803,884)		$	983,645
SHORT-TERM INVESTMENTS - 1.24%
Money Market Funds - 1.24%
Fidelity Institutional Money Market Fund - Government Portfolio
0.030%, (c)	667,053		667,053
TOTAL SHORT-TERM INVESTMENTS (Cost $667,053)		$	667,053
Total Investments (Cost $48,584,033) - 100.99%		$	54,152,386
Liabilities in Excess of Other Assets - (0.99)%			(530,147)
TOTAL NET ASSETS - 100.00%		$	53,622,239

Percentages are stated as a percent of net assets.
ADR	American Depository Receipt
(a)	Non-income producing security.
(b)	Foreign issued security.
(c)	Variable rate security. The rate shown is the rate in effect at December 31, 2009.

The cost basis of investments for federal income tax purposes at December 31, 2009 was as follows*:
	Leuthold Select Industries Fund
	Cost of investments	$   48,893,764
	Gross unrealized appreciation	6,311,200
	Gross unrealized depreciation	(1,052,578)
	Net unrealized depreciation	$     5,258,622
*Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding at the Fund’s previous
fiscal year end.  For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section
in the Fund’s most recent semi-annual or annual report.

Summary of Fair Value Exposure at December 31, 2009
Various inputs are used in determining the value of the Fund's investments.  These inputs are summarized in the three broad levels listed below:
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, 2009:
Investments at Fair Value	Level 1	Level 2	Level 3	Total
Common Stocks	$          52,501,688	$                           -	$                   -	$          52,501,688
Preferred Stocks	983,645	-	-	983,645
Money Market Funds	667,053	-	-	667,053
Total Investments in Securities	$          54,152,386	$                           -	$                   -	$          54,152,386

Leuthold Undervalued & Unloved Fund
Schedule of Investments
December 31, 2009 (Unaudited)
	Shares		Fair Value
COMMON STOCKS - 94.66%
Beverage and Tobacco Product Manufacturing - 3.84%
Altria Group, Inc.	8,155	$	160,083
Lorillard, Inc.	1,410		113,124
Reynolds American, Inc.	3,062		162,194
			435,401
Chemical Manufacturing - 10.62%
Bristol-Myers Squibb Co.	8,840		223,210
Lilly Eli & Co.	4,469		159,588
Lubrizol Corp.	2,709		197,622
Merck & Co. Inc (a)	6,881		251,432
Mosaic Co.	1,102		65,822
Novartis AG - ADR	2,955		160,841
RPM International, Inc.	4,871		99,027
Sanofi-Aventis SA - ADR	1,179		46,299
			1,203,841
Clothing and Clothing Accessories Stores - 6.50%
Collective Brands, Inc. (a)	11,250		256,163
Dillards, Inc.	3,800		70,110
JOS A Bank Clothiers, Inc. (a)	1,255		52,948
Limited Brands, Inc.	5,839		112,342
Nordstrom, Inc.	6,525		245,210
			736,773
Computer and Electronic Product Manufacturing - 13.85%
Cisco Systems, Inc. (a)	11,686		279,763
Hewlett Packard Co.	6,781		349,289
Intel Corp.	10,996		224,319
Motorola, Inc.	23,449		181,964
Texas Instruments, Inc	10,920		284,575
Tyco International Ltd (c)	6,987		249,296
			1,569,206
Credit Intermediation and Related Activities - 8.81%
Bank of Montreal (c)	4,896		259,880
Barclays PLC - ADR	4,442		78,179
BB&T Corp.	2,393		60,711
Canadian Imperial Bank of Commerce (c)	3,128		202,131
JPMorgan Chase & Co.	1,820		75,839
PNC Financial Services Group,  Inc.	4,041		213,324
U.S. Bancorp	4,825		108,611
			998,675
Electrical Equipment, Appliance, and Component Manufacturing - 1.03%
Whirlpool Corp.	1,445		116,554
Fabricated Metal Product Manufacturing - 0.49%
Watts Water Technologies, Inc. - Class A	1,794		55,471
Food Services and Drinking Places - 0.96%
Cracker Barrel Old Country Store, Inc.	2,873		109,145
Funds, Trusts, and Other Financial Vehicles - 2.50%
Health Care REIT, Inc.	1,325		58,724
Nationwide Health Properties, Inc.	6,386		224,659
			283,383
General Merchandise Stores - 0.85%
Macy's, Inc.	5,736		96,135
Machinery Manufacturing - 7.22%
Bucyrus International, Inc.	6,392		360,317
Caterpillar, Inc.	4,244		241,866
Joy Global, Inc.	4,198		216,575
			818,758
Mining (except Oil and Gas) - 7.90%
BHP Billiton Ltd. - ADR	2,507		191,986
Freeport-McMoran Copper & Gold, Inc. (a)	2,705		217,185
Massey Energy Corp.	5,341		224,375
Teck Resources Ltd (a) (c)	7,496		262,135
			895,681
Miscellaneous Manufacturing - 0.62%
3M Co.	852		70,435
Oil and Gas Extraction - 9.21%
Anadarko Petroleum Corp.	1,584		98,873
Devon Energy Corp.	1,665		122,378
Occidental Petroleum Corp.	3,821		310,838
Petroleo Brasileiro SA - ADR	8,378		399,463
XTO Energy, Inc.	2,406		111,951
			1,043,503
Paper Manufacturing - 0.57%
Packaging Corp. of America	2,788		64,152
Primary Metal Manufacturing - 3.77%
Allegheny Technologies, Inc.	4,822		215,881
Cia Siderurgica Nacional SA - ADR	6,613		211,153
			427,034
Professional, Scientific, and Technical Services - 3.07%
Computer Sciences Corp. (a)	6,055		348,344
Publishing Industries (except Internet) - 1.14%
Microsoft Corp.	4,243		129,369
Real Estate - 3.82%
HCP, Inc.	6,908		210,970
Ventas, Inc.	5,071		221,806
			432,776
Support Activities for Mining - 3.36%
Atwood Oceanics, Inc. (a)	4,314		154,657
Rowan Companies, Inc. (a)	5,487		124,226
Transocean Ltd. (a) (c)	1,227		101,595
			380,478
Telecommunications - 3.05%
China Unicom Hong Kong Ltd. - ADR	7,304		95,756
Vimpel-Communications - ADR	13,460		250,221
			345,977
Utilities - 1.48%
Cleco Corp.	2,451		66,986
Enersis SA - ADR	2,313		52,875
TECO Energy, Inc.	2,951		47,865
			167,726
TOTAL COMMON STOCKS (Cost $8,345,263)			10,728,817
PREFERRED STOCKS - 3.68%
Credit Intermediation and Related Activities - 2.60%
Itau Unibanco Holding SA - ADR	12,917		295,024
Telecommunications - 1.08%
Tele Norte Leste Participacoes SA - ADR	5,715		122,416
TOTAL PREFERRED STOCKS (Cost $341,572)			417,440
SHORT-TERM INVESTMENTS - 1.43%
Money Market Funds - 1.43%
Fidelity Institutional Money Market Fund - Government Portfolio
0.030% (b)	162,086		162,086
TOTAL SHORT-TERM INVESTMENTS (Cost $162,086)			162,086
Total Investments (Cost $8,848,921) - 99.77%			11,308,343
Other Assets in Excess of Liabilities - 0.23%			26,115
TOTAL NET ASSETS - 100.00%		$	11,334,458

Percentages are stated as a percent of net assets.
ADR	American Depository Receipt
(a)	Non-income producing security.
(b)	Variable rate security.  The rate shown is the rate in effect at December 31, 2009.
(c)	Foreign issued security.

The cost basis of investments for federal income tax purposes at December 31, 2009, was as follows*:
	Leuthold Undervalued & Unloved Fund
	Cost of investments	$              9,153,414
	Gross unrealized appreciation	2,289,669
	Gross unrealized depreciation	(134,740)
	Net unrealized appreciation	$              2,154,929
*Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding at the Fund's previous
fiscal year end. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements
section in the Fund’s most recent semi-annual or annual report.

Summary of Fair Value Exposure at December 31, 2009
Various inputs are used in determining the value of the Fund's investments.  These inputs are summarized in the three broad levels listed below:
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, 2009:
Investment at Fair Value	Level 1	Level 2	Level 3	Total
Common Stocks	$            10,728,817	$                             -	$                             -	$          10,728,817
Preferred Stocks	417,440			417,440
Money Market Funds	162,086	-	-	162,086
Total Investments in Securities	$            11,308,343	$                             -	$                             -	$          11,308,343

Leuthold Select Equities Fund
Schedule of Investments
December 31, 2009 (Unaudited)
	Shares		Fair Value
COMMON STOCKS - 99.38%
Administrative and Support Services - 1.94%
Lender Processing Services, Inc.	4,778	$	194,274
Ambulatory Health Care Services - 2.39%
Mednax, Inc. (a)	3,985		239,538
Apparel Manufacturing - 1.87%
Warnaco Group, Inc. (a)	4,441		187,366
Beverage and Tobacco Product Manufacturing - 4.22%
Lorillard, Inc.	2,606		209,080
Philip Morris Internatioanl, Inc.	4,444		214,156
			423,236
Chemical Manufacturing - 14.46%
AstraZeneca PLC - ADR	4,293		201,513
Bare Escentuals, Inc. (a)	13,778		168,505
Bristol-Myers Squibb Co.	8,126		205,182
Merck & Co., Inc. (a)	5,512		201,409
NBTY, Inc. (a)	4,543		197,802
Sanofi Aventis SA - ADR	5,980		234,835
Warner Chilcott PLC (a)(c)	8,405		239,290
			1,448,536
Clothing and Clothing Accessories Stores - 3.35%
Aeropostale, Inc. (a)	4,753		161,839
Ross Stores, Inc.	4,056		173,232
			335,071
Computer and Electronic Product Manufacturing - 4.37%
Garmin Ltd. (c)	6,344		194,761
Western Digital Corp. (a)	5,497		242,692
			437,453
Credit Intermediation and Related Activities - 5.30%
Banco Santander SA - ADR	11,422		187,778
Barclays PLC - ADR	8,688		152,909
Western Union Co.	10,119		190,743
			531,430
Electronics and Appliance Stores - 1.75%
Best Buy Co., Inc.	4,444		175,360
Food Manufacturing - 2.14%
ConAgra Foods, Inc.	9,311		214,619
Funds, Trusts, and Other Financial Vehicles - 1.02%
Transatlantic Holdings, Inc.	1,967		102,500
Heavy and Civil Engineering Construction - 3.86%
Chicago Bridge & Iron Co. NV (c)	10,910		220,600
KBR, Inc.	8,731		165,889
			386,489
Hospitals - 1.96%
Universal Health Services, Inc. - Class B	6,436		196,298
Insurance Carriers and Related Activities - 4.42%
Cigna Corp.	5,886		207,599
Humana, Inc. (a)	5,365		235,470
			443,069
Leather and Allied Product Manufacturing - 2.13%
Deckers Outdoor Corp. (a)	2,095		213,103
Machinery Manufacturing - 9.33%
Bucyrus International, Inc.	5,858		330,215
Dresser-Rand Group, Inc. (a)	6,131		193,801
Flowserve Corp.	1,936		183,010
Joy Global, Inc.	4,413		227,667
			934,693
Merchant Wholesalers, Nondurable Goods - 4.81%
AmerisourceBergen Corp.	9,505		247,795
Herbalife Ltd. (c)	5,775		234,292
			482,087
Miscellaneous Manufacturing - 5.05%
Coach, Inc.	5,660		206,760
NewMarket Corp.	2,606		299,090
			505,850
Paper Manufacturing - 3.18%
Packaging Corp. of America	4,351		100,117
Temple-Inland, Inc.	10,368		218,868
			318,985
Professional, Scientific, and Technical Services - 9.41%
Cognizant Technology Solutions Corp. (a)	4,902		222,061
Computer Sciences Corp. (a)	3,679		211,653
Infosys Technologies Ltd. - ADR	4,120		227,712
Satyam Computer Services Ltd. - ADR (a)	29,899		137,834
Wright Express Corp. (a)	4,517		143,912
			943,172
Publishing Industries (except Internet) - 6.17%
BMC Software, Inc. (a)	5,365		215,137
Check Point Software Technologies (a)(c)	6,899		233,738
Perfect World - ADR (a)	4,296		169,434
			618,309
Support Activities for Agriculture and Forestry - 0.83%
Fresh Del Monte Produce, Inc. (a)(c)	3,780		83,538
Telecommunications - 1.87%
America Movil SAB De CV - ADR	3,995		187,685
Utilities - 0.98%
Cia de Saneamento Basico do Estado de Sao Paulo - ADR	2,507		98,074
Wholesale Electronic Markets and Agents and Brokers - 2.57%
Tech Data Corp. (a)	5,518		257,470
TOTAL COMMON STOCKS (Cost $8,832,723)			9,958,205
SHORT-TERM INVESTMENTS - 1.06%
Money Market Funds - 1.06%
Fidelity Institutional Money Market Fund - Government Portfolio
0.030% (b)	106,076		106,076
TOTAL SHORT-TERM INVESTMENTS (Cost $106,076)			106,076
Total Investments (Cost $8,938,799) - 100.44%			10,064,281
Liabilities in Excess of Other Assets - (0.44)%			(44,584)
TOTAL NET ASSETS - 100.00%		$	10,019,697

Percentages are stated as a percent of net assets.
ADR	American Depository Receipt
(a)	Non-income producing security.
(b)	Variable rate security.  The rate shown is the rate in effect at December 31, 2009.
(c)	Foreign issued security.

The cost basis of investments for federal income tax purposes at December 31, 2009, was as follows*:
	Leuthold Select Equities Fund
	Cost of investments	$         8,939,012
	Gross unrealized appreciation	1,360,416
	Gross unrealized depreciation	(235,147)
	Net unrealized appreciation	$         1,125,269
*Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding at the Fund's previous
fiscal year end. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements
section in the Fund’s most recent semi-annual or annual report.

Summary of Fair Value Exposure at December 31, 2009
Various inputs are used in determining the value of the Fund's investments.  These inputs are summarized in the three broad levels listed below:
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, 2009:
Investments at Fair Value	Level 1	Level 2	Level 3	Total
Common Stocks	$         9,958,205	$                        -	$                        -	9,958,205
Money Market Funds	106,076	-	-	106,076
Total Investments in Securities	$       10,064,281	$                        -	$                        -	$       10,064,281

Leuthold Global Clean Technology Fund
Schedule of Investments
December 31, 2009 (Unaudited)
	Shares		Fair Value
COMMON STOCKS - 98.35%
Administration of Environmental Quality Program - 0.61%
Befesa Medio Ambiente SA (a)(c)	5,046	$	107,131
Administrative and Support Services - 3.27%
BWT AG (c)	6,928		192,574
EnerNoc, Inc. (a)	12,389		376,502
			569,076
Chemical Manufacturing - 7.78%
ADA-ES, Inc. (a)	110,694		675,233
Calgon Carbon Corp. (a)	5,654		78,591
LSB Industries, Inc. (a)	42,736		602,578
			1,356,402
Computer and Electronic Product Manufacturing - 12.72%
Cree, Inc. (a)	7,770		437,995
Echelon Corp. (a)	40,826		471,948
Epistar Corp. (c)	74,000		277,630
Hexcel Corp. (a)	15,272		198,230
Manz Automation AG (a)(c)	2,799		266,831
Rubicon Technology, Inc. (a)	27,847		565,573
			2,218,207
Electrical Equipment, Appliance, and Component Manufacturing - 27.80%
American Superconductor Corporation (a)	2,279		93,211
Areva (c)	520		260,160
BYD Co. (a)(c)	52,000		459,076
China High Speed Transmission (c)	59,000		144,277
Exide Technologies (a)	88,859		631,788
First Solar, Inc. (a)	4,699		636,245
Gamesa Corp Tecnologica SA (c)	14,095		238,126
Maxwell Technologies, Inc. (a)	31,433		560,765
Nordex AG (a)(c)	11,396		171,209
SMA Solar Tech AG (c)	4,427		591,794
Suzlon Energy Ltd. GDR	56,950		421,430
Vestas Wind System (a)(c)	9,071		553,957
WaterFurnace Renewable Energy, Inc. (a)(c)	3,385		84,022
			4,846,060
Fabricated Metal Product Manufacturing - 0.28%
The Shaw Group, Inc. (a)	1,698		48,817
Heavy and Civil Engineering Construction - 0.72%
Broadwind Energy, Inc. (a)	15,491		125,322
Machinery Manufacturing - 10.49%
Aixtron (c)	17,197		579,339
ESCO Technologies, Inc. (a)	14,089		505,091
Hansen Transmission (a)(c)	66,268		116,669
Kurita Water Industries Ltd. (c)	4,300		133,892
Meyer Burger Technology (a)(c)	1,933		493,317
			1,828,308
Mining (except Oil and Gas) - 3.64%
Cameco Corp. (a)(c)	8,094		262,590
Energy Resources of Australia Ltd. (c)	8,395		180,149
Fersa Energias Ren (c)	60,324		191,547
			634,286
Plastics and Rubber Products Manufacturing - 1.50%
Metabolix, Inc. (a)	23,539		260,577
Professional, Scientific, and Technical Services - 3.95%
Abengoa SA (c)	19,325		626,095
Toshiba Plant Systems & Services Corp. (c)	5,000		62,919
			689,014
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 2.06%
Trading Emissions PLC (c)	239,050		359,085
Support Activities for Mining - 3.20%
Layne Christensen Co. (a)	19,451		558,438
Transportation Equipment Manufacturing - 1.54%
Westport Innovations, Inc. (a)(c)	23,000		268,958
Utilities - 14.33%
Acciona SA (c)	2,186		285,483
Energiekontor AG (c)	10,761		48,131
Headwaters, Inc. (a)	92,602		603,765
Iberdrola Renovables (c)	116,059		552,369
Insituform Technologies, Inc. (a)	4,643		105,489
Ormat Technologies, Inc.	12,698		480,492
Plutonic Power Corp. (a)(c)	26,603		81,398
Suez Environnement (c)	4,658		107,674
Theolia (a)(c)	22,784		95,046
Veolia Environnement - ADR	4,236		139,280
			2,499,127
Waste Management and Remediation Services - 4.46%
Clean Harbors, Inc. (a)	8,682		517,534
EnergySolutions, Inc.	30,568		259,522
			777,056
TOTAL COMMON STOCKS (Cost $15,696,544)			17,145,864
SHORT-TERM INVESTMENTS - 4.95%
Money Market Funds - 4.95%
Fidelity Institutional Money Market Fund - Government Portfolio
0.030% (b)	862,668		862,668
TOTAL SHORT-TERM INVESTMENTS (Cost $862,668)			862,668
Total Investments (Cost $16,559,212) - 103.30%			18,008,532
Liabilities in Excess of Other Assets - (3.30)%			(574,750)
TOTAL NET ASSETS - 100.00%		$	17,433,782

Percentages are stated as a percent of net assets.
GDR	Global Depository Receipt
ADR	American Depository Receipt
(a)	Non-income producing security.
(b)	Variable rate security.  The rate shown is the rate in effect at December 31, 2009.
(c)	Foreign issued security.

The cost basis of investments for federal income tax purposes at December 31, 2009, was as follows*:
	Leuthold Global Clean Technology Fund
	Cost of investments	$      16,560,336
	Gross unrealized appreciation	1,981,517
	Gross unrealized depreciation	(533,321)
	Net unrealized appreciation	$        1,448,196
*Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding at the Fund's previous
fiscal year end. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements
section in the Fund’s most recent semi-annual or annual report.

Summary of Fair Value Exposure at December 31, 2009
Various inputs are used in determining the value of the Fund's investments.  These inputs are summarized in the three broad levels listed below:
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, 2009:
Investment at Fair Value	Level 1	Level 2	Level 3	Total
Common Stocks	$      17,145,864	$                      -	$                      -	$      17,145,864
Money Market Funds	862,668	-	-	862,668
Total Investments in Securities	$      18,008,532	$                      -	$                      -	$      18,008,532

Leuthold Hedged Equity Fund
Schedule of Investments
December 31, 2009 (Unaudited)
	Shares		Fair Value
COMMON STOCKS - 51.10%
Administrative and Support Services - 0.39%
Lender Processing Services, Inc. (b)	412	$	16,752
Mantech International Corp. (a)(b)	131		6,325
			23,077
Chemical Manufacturing - 0.53%
Acorda Therapeutics, Inc. (a)(b)	543		13,694
Medivation, Inc. (a)(b)	475		17,884
			31,578
Computer and Electronic Product Manufacturing - 5.24%
Garmin Ltd. (b)(d)	1,365		41,906
Harman International Industries, Inc. (b)	1,247		43,994
Hewlett Packard Co. (b)	1,234		63,563
Koninklijke Philips Electronics NV - ADR (b)	1,070		31,501
Panasonic Corp. - ADR (b)	2,210		31,713
Sanyo Electric Co., Ltd. - ADR (a)(b)	1,905		17,496
Sony Corp. - ADR (b)	1,682		48,778
Tyco International Ltd. (b)(d)	893		31,862
			310,813
Credit Intermediation and Related Activities - 7.29%
Banco Santander Sa - ADR (b)	2,304		37,878
Bank of Montreal Que (b)(d)	596		31,636
Barclays PLC - ADR (b)	2,801		49,298
Canadian Imperial Bank of Commerce (b)(d)	952		61,518
Citigroup, Inc. (b)	7,062		23,375
Credit Suisse Group - ADR (b)	648		31,856
Hewitt Associates, Inc. (a)(b)	854		36,090
Hhgregg, Inc. (a)(b)	517		11,390
HSBC Holdings PLC - ADR (b)	579		33,055
ICICI Bank Ltd. - ADR (b)	425		16,027
JPMorgan Chase & Co. (b)	854		35,586
KB Financial Group Inc. - ADR (a)(b)	517		26,289
Royal Bank of Canada (b)(d)	593		31,755
Shinhan Financial Group Co., Ltd. - ADR (b)	88		6,537
			432,290
Electronics and Appliance Stores - 2.31%
Best Buy, Inc. (b)	3,138		123,826
Radioshack Corp. (b)	668		13,026
			136,852
Fabricated Metal Product Manufacturing - 1.34%
Fibria Celulose SA - ADR (a)(b)	3,486		79,620
Funds, Trusts, and Other Financial Vehicles - 0.42%
WellCare Health Plans, Inc. (a)(b)	684		25,144
Hospitals - 0.28%
Magellan Health Services, Inc. (a)(b)	406		16,537
Insurance Carriers and Related Activities - 3.53%
Aetna, Inc. (b)	1,587		50,308
Coventry Health Care, Inc. (a)(b)	3,449		83,776
Humana, Inc. (a)(b)	1,261		55,345
Sharp Corp. - ADR (a)(b)	1,587		19,894
			209,323
Internet Software & Services - 1.26%
Red Hat, Inc. (a)(b)	2,422		74,840
Management of companies and Enterprises - 1.28%
AES Corp. (a)(b)	5,714		76,053
Miscellaneous Manufacturing - 0.49%
3M Co. (b)	353		29,183
Other Information Services - 0.48%
Google, Inc. - Class A (a)(b)	46		28,519
Paper Manufacturing - 3.18%
Domtar Corp. (a)(b)	746		41,336
International Paper Co. (b)	3,423		91,668
Meadwestvaco Corp. (b)	1,286		36,818
Neenah Paper, Inc. (b)	321		4,478
Schweitzer-Mauduit International, Inc. (b)	200		14,070
			188,370
Plastics and Rubber Products Manufacturing - 0.27%
Carlisle Cos, Inc. (b)	461		15,794
Professional, Scientific, and Technical Services - 7.74%
Accenture PLC (b)(d)	932		38,678
Alliance Data Systems Corp. (a)(b)	504		32,553
Broadridge Financial Solutions, Inc. (b)	1,489		33,592
CACI International, Inc. (a)(b)	409		19,980
Cognizant Technology Solutions Corp. - Class A (a)(b)	1,185		53,680
Convergys Corp. (a)(b)	851		9,148
Genpact Limited (a)(b)(d)	524		7,808
Infosys Technologies Ltd. - ADR (b)	314		17,355
Maximus, Inc. (b)	137		6,850
McDermott International, Inc. (a)(b)(d)	1,073		25,763
Patni Computer Systems Ltd. - ADR (b)	177		3,620
Quality Systems, Inc. (b)	697		43,765
SAIC Inc. (a)(b)	910		17,235
Sapient Corp. (a)(b)	1,908		15,779
Siemens AG - ADR (b)	409		37,505
SRA International, Inc. (a)(b)	1,483		28,325
Teletech Holdings, Inc. (a)(b)	530		10,616
Total System Services, Inc. (b)	2,180		37,648
Unisys Corp. (a)(b)	494		19,049
			458,949
Publishing Industries (except Internet) - 6.61%
BMC Software, Inc. (a)(b)	1,296		51,969
CA, Inc. (b)	1,352		30,366
Check Point Software Technologies (a)(b)(d)	1,044		35,371
Cigna Corp. (b)	2,134		75,266
Micros Systems, Inc. (a)(b)	1,574		48,841
Microsoft Corp. (b)	2,134		65,066
Novell, Inc. (a)(b)	6,938		28,793
Rightnow Technologies, Inc. (a)(b)	249		4,325
Sybase, Inc. (a)(b)	1,201		52,123
			392,120
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 1.27%
Deutsche Bank AG(b)(d)	1,060		75,164
Telecommunications - 4.50%
Atlantic Tele Network, Inc.	52		2,860
China Unicom Hong Kong Ltd. - ADR	3,705		48,573
Chunghwa Telecom Co. Ltd. - ADR	1,139		21,151
Empresa Nacional de Electricidad SA/Chile - ADR	111		5,580
Fidelity National Information Services, Inc.	2,059		48,263
KT Corp. - ADR	671		11,286
Telecom Corp. of New Zealand Ltd. - ADR	255		2,292
Telecom Italia SpA - ADR	278		4,290
Telefonica SA - ADR	448		37,417
Telefonos de Mexico SAB de CV - ADR	1,829		30,325
Telekomunikasi Indonesia Tbk PT - ADR	308		12,305
Vimpel-Communications - ADR	2,288		42,534
			266,876
Transportation Equipment Manufacturing - 0.99%
Textron, Inc.	3,135	$	58,969
Utilities - 1.70%
Huaneng Power International, Inc. - ADR	183		4,099
NRG Energy, Inc. (a)	2,690		63,511
Ormat Technologies, Inc.	871		32,959
			100,569
TOTAL COMMON STOCKS (Cost $2,943,443)		$	3,030,640
PREFERRED STOCKS - 0.95%
Credit Intermediation and Related Activities - 0.33%
Itau Unibanco Holding SA - ADR	865		19,757
Publishing Industries (except Internet) - 0.57%
Tele Norte Leste Participacoes SA - ADR	1,574		33,715
Telecommunications - 0.05%
Brasil Telecom SA - ADR	111		3,233
TOTAL PREFERRED STOCKS (Cost $53,161)		$	56,705
SHORT-TERM INVESTMENTS - 1.86%
Money Market Funds - 1.86%
Fidelity Institutional Money Market Fund - Government Portfolio
0.030% (b)(c)	110,287	$	110,287
TOTAL SHORT-TERM INVESTMENTS (Cost $110,287)		$	110,287
Total Investments  (Cost $3,106,891) - 53.91%		$	3,197,632
Other Assets in Excess of Liabilities - 46.09%			2,733,361
TOTAL NET ASSETS - 100.00%		$	5,930,993

Percentages are stated as a percent of net assets.
ADR	American Depository Receipt
(a)	Non-income producing security.
(b)	All or a portion of these securities constitutes proceeds from securities sold short.
(c)	Variable rate security. The rate shown is the rate in effect at December 31, 2009.
(d)	Foreign issued security.

Leuthold Hedged Equity Fund
Schedule of Securities Sold Short
December 31, 2009 (Unaudited)
COMMON STOCKS - 44.36%
Air Transportation - 1.72%
Continental Airlines, Inc. (a)	2,853	$	51,126
Delta Air Lines, Inc. (a)	4,440		50,527
			101,653
Broadcasting (except Internet) - 0.66%
Liberty Global, Inc. (a)	1,783		39,065
Chemical Manufacturing - 2.34%
Intrepid Potash, Inc. (a)(b)	1,729		50,435
United Therapeutics Corp. (a)	797		41,962
Vertex Pharmaceuticals, Inc. (a)(c)	1,087		46,578
			138,975
Computer and Electronic Product Manufacturing - 6.00%
Cypress Semiconductor Corp. (a)	4,268		45,070
Formfactor, Inc. (a)	1,776		38,646
Hologic, Inc. (a)	2,854		41,383
Intersil Corp.	2,670		40,958
National Instruments Corp.	1,658		48,828
National Semiconductor Corp.	2,932		45,035
Teradyne, Inc. (a)	4,881		52,373
Tivo, Inc. (a)	4,298		43,754
			356,047
Construction of Buildings - 2.11%
Lennar Corp. - Class A	3,189		40,724
Pulte Homes, Inc.	3,963		39,630
Toll Brothers, Inc. (a)	2,387		44,899
			125,253
Credit Intermediation and Related Activities - 3.79%
Bank of New York Mellon Corp.	1,636		45,759
First Horizon National Corp. (a)	3,410		45,699
Peoples United Financial, Inc.	2,851		47,612
TFS Financial Corp.	3,990		48,438
Zions Bancorporation	2,895		37,143
			224,651
Forestry and Logging - 0.83%
Weyerhaeuser Co.	1,145		49,395
Insurance Carriers and Related Activities - 0.82%
Markel Corp. (a)	143		48,620
Machinery Manufacturing - 4.07%
Brunswick Corp.	4,335		55,098
Kennametal, Inc.	1,853		48,030
KLA-Tencor Corp.	1,301		47,044
Martin Marietta Materials, Inc.	473		42,291
Novellus Systems, Inc. (a)	2,102		49,061
			241,524
Management of companies and Enterprises - 1.62%
Associated Banc Corp.	4,066		44,767
City National Corp.	1,130		51,528
			96,295
Mining (except Oil and Gas) - 2.95%
Agnico Eagle Mines Ltd. (b)	720		38,880
Alpha Natural Resources, Inc. (a)	1,165		50,538
Potash Corp. of Saskatchewan	404		43,834
Vulcan Materials Co.	787		41,451
			174,703
Miscellaneous Manufacturing - 1.28%
Boston Scientific Corp. (a)	4,777		42,993
Nuvasive, Inc. (a)	1,036		33,131
			76,124
Motion Picture and Sound Recording Industries - 0.73%
Time Warner, Inc.	1,478		43,069
Nonmetallic Mineral Product Manufacturing - 0.82%
Eagle Materials, Inc.	1,873		48,792
Oil and Gas Extraction - 1.58%
Plains Exploration & Production Co. (a)	1,809		50,037
Suncor Energy, Inc. (b)	1,239		43,749
			93,786
Performing Arts, Spectator Sports, and Related Industries - 0.74%
Penn National Gaming, Inc. (a)	1,611		43,787
Primary Metal Manufacturing - 0.75%
Gerdau Ameristeel Corp. (b)	5,354		44,171
Professional, Scientific, and Technical Services - 1.35%
Cadence Design System, Inc. (a)	6,067		36,341
Itron, Inc. (a)	646		43,650
			79,991
Publishing Industries (except Internet) - 1.60%
Electronic Arts, Inc. (a)	2,399		42,582
Symantec Corp. (a)	2,923		52,293
			94,875
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.87%
The Charles Schwab Corp.	2,730		51,379
Telecommunications - 0.69%
Leap Wireless International, Inc. (a)	2,339		41,049
Transportation Equipment Manufacturing - 3.14%
Honda Motor Ltd - ADR	1,436		48,680
Navistar International Corp. (a)	1,303		50,361
Paccar, Inc.	1,114		40,405
Toyota Motor Corp. - ADR	556		46,793
			186,239
Truck Transportation - 0.84%
Con-way, Inc.	1,431		49,956
Utilities - 1.63%
EQT Corp.	1,080		47,434
Korea Electric Power - ADR (a)	3,388		49,262
			96,696
Warehousing and Storage - 0.74%
Iron Mountain, Inc. (a)	1,921		43,722
Waste Management and Redemption Services - 0.69%
Covanta Holding Corp. (a)	2,272		41,100
TOTAL COMMON STOCKS (Proceeds $2,557,592)		$	2,630,917
INVESTMENT COMPANIES - 2.42%
Exchange Traded Funds - 2.42%
SPDR Trust Series 1	1,289		143,646
TOTAL INVESTMENT COMPANIES (Proceeds $142,244)		$	143,646
Total Securities Sold Short  (Proceeds $2,699,836) - 46.78%		$	2,774,563

Percentages are stated as a percent of net assets.
ADR	American Depository Receipt
(a)	Non-income producing security.
(b)	Foreign issued security.

The cost basis of investments for federal income tax purposes at December 31, 2009 was as follows*:
	Leuthold Hedged Equity Fund
	Cost of investments	$     3,131,306
	Gross unrealized appreciation	147,014
	Gross unrealized depreciation	(80,688)
	Net unrealized appreciation	$          66,326
*Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding at the Fund’s previous
fiscal year end.  For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section
in the Fund’s most recent semi-annual or annual report.

Summary of Fair Value Exposure at December 31, 2009
Various inputs are used in determining the value of the Fund's investments.  These inputs are summarized in the three broad levels listed below:
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, 2009:
Investments at Fair Value	Level 1	Level 2	Level 3	Total
Common Stocks	$            3,030,640	$                           -	$                   -	$            3,030,640
Preferred Stocks	56,705	-	-	56,705
Money Market Funds	110,287	-	-	110,287
Total Investments in Securities	$            3,197,632	$                           -	$                   -	$            3,197,632
Securities Sold Short at Fair Value	Level 1	Level 2	Level 3	Total
Common Stocks - Short	$            2,630,917	$                           -	$                   -	$            2,630,917
Exchange Traded Funds - Short	143,646	-	-	143,646
Total Securities Sold Short	$            2,774,563	$                           -	$                   -	$            2,774,563

Grizzly Short Fund
Schedule of Investments
December 31, 2009 (Unaudited)
		Principal
		Amount		Fair Value
SHORT-TERM INVESTMENTS - 24.81%
United States Treasury Obligations - 19.30%
United States Treasury Bills
0.004%, 01/07/2010 (a)	$	10,000,000	$	9,999,900
0.021%, 02/11/2010 (a)		10,000,000		9,999,431
				19,999,331
		Shares		Fair Value
Money Market Funds - 5.51%
Fidelity Institutional Money Market Fund - Government Portfolio
0.030% (a)(b)		5,712,537	$	5,712,537
TOTAL SHORT-TERM INVESTMENTS (Cost $25,711,868)			$	25,711,868
Total Investments  (Cost $25,711,868) - 24.81%			$	25,711,868
Other Assets in Excess of Liabilities - 75.19%				77,938,898
TOTAL NET ASSETS - 100.00%			$	103,650,766

Percentages are stated as a percent of net assets.
(a)	All or a portion of these securities constitutes proceeds from securities sold short.
(b)	Variable rate security. The rate shown is the rate in effect at December 31, 2009.

Grizzly Short Fund
Schedule of Securities Sold Short
December 31, 2009 (Unaudited)
	Shares		Fair Value
COMMON STOCKS - 90.67%
Air Transportation - 3.50%
Continental Airlines, Inc. (a)	101,860	$	1,825,331
Delta Air Lines, Inc. (a)	158,526		1,804,026
			3,629,357
Broadcasting (except Internet) - 1.35%
Liberty Global, Inc. (a)	63,654		1,394,659
Chemical Manufacturing - 4.81%
Intrepid Potash, Inc. (a)(b)	61,742		1,801,014
United Therapeutics Corp. (a)	28,934		1,523,375
Vertex Pharmaceuticals, Inc. (a)(c)	38,797		1,662,452
			4,986,841
Computer and Electronic Product Manufacturing - 12.26%
Cypress Semiconductor Corp. (a)	152,373		1,609,059
Formfactor, Inc. (a)	63,410		1,379,802
Hologic, Inc. (a)	101,895		1,477,478
Intersil Corp.	95,324		1,462,270
National Instruments Corp.	59,204		1,743,558
National Semiconductor Corp.	104,676		1,607,823
Teradyne, Inc. (a)	174,239		1,869,585
Tivo, Inc. (a)	153,450		1,562,121
			12,711,696
Construction of Buildings - 4.34%
Lennar Corp. - Class A	115,824		1,479,073
Pulte Homes, Inc.	141,491		1,414,910
Toll Brothers, Inc. (a)	85,208		1,602,762
			4,496,745
Credit Intermediation and Related Activities - 7.74%
Bank of New York Mellon Corp.	58,404		1,633,560
First Horizon National Corp. (a)	121,643		1,630,016
People's United Financial, Inc.	101,790		1,699,893
TFS Financial Corp.	142,430		1,729,100
Zions Bancorporation	103,355		1,326,045
			8,018,614
Forestry and Logging - 1.70%
Weyerhaeuser Co.	40,883		1,763,693
Insurance Carriers and Related Activities - 1.68%
Markel Corp. (a)	5,110		1,737,400
Machinery Manufacturing - 8.32%
Brunswick Corp.	154,771		1,967,139
Kennametal, Inc.	66,157		1,714,789
KLA-Tencor Corp.	46,445		1,679,451
Martin Marietta Materials, Inc.	16,896		1,510,671
Novellus Systems, Inc. (a)	75,056		1,751,807
			8,623,857
Management of Companies and Enterprises - 3.32%
Associated Banc Corp.	145,176		1,598,388
City National Corp.	40,327		1,838,911
			3,437,299
Miscellaneous Manufacturing - 2.62%
Boston Scientific Corp. (a)	170,554		1,534,986
Nuvasive, Inc. (a)	36,989	$	1,182,908
			2,717,894
Mining (except Oil and Gas) - 6.02%
Agnico Eagle Mines Ltd. (b)	25,691		1,387,314
Alpha Natural Resources, Inc. (a)	41,578		1,803,654
Potash Corp. of Saskatchewan	14,427		1,565,329
Vulcan Materials Co.	28,090		1,479,500
			6,235,797
Motion Picture and Sound Recording Industries - 1.48%
Time Warner, Inc.	52,772		1,537,776
Nonmetallic Mineral Product Manufacturing - 1.68%
Eagle Materials, Inc.	66,852		1,741,495
Oil and Gas Extraction - 3.23%
Plains Exploration & Production Co. (a)	64,592		1,786,615
Suncor Energy, Inc. (b)	44,220		1,561,408
			3,348,023
Performing Arts, Spectator Sports, and Related Industries - 1.51%
Penn National Gaming, Inc. (a)	57,500		1,562,850
Primary Metal Manufacturing - 1.52%
Gerdau Ameristeel Corp. (b)	191,135		1,576,864
Professional, Scientific, and Technical Services - 2.75%
Cadence Design System, Inc. (a)	216,582		1,297,326
Itron, Inc. (a)	23,049		1,557,421
			2,854,747
Publishing Industries (except Internet) - 3.27%
Electronic Arts, Inc. (a)	85,660		1,520,465
Symantec Corp. (a)	104,363		1,867,054
			3,387,519
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 1.77%
The Charles Schwab Corp.	97,479		1,834,555
Telecommunications - 1.41%
Leap Wireless International, Inc. (a)	83,504		1,465,495
Transportation Equipment Manufacturing - 6.41%
Honda Motor Ltd. - ADR	51,278		1,738,324
Navistar International Corp. (a)	46,515		1,797,805
Paccar, Inc.	39,771		1,442,494
Toyota Motor Corp. - ADR	19,850		1,670,576
			6,649,199
Truck Transportation - 1.72%
Con-way, Inc.	51,104		1,784,041
Utilities - 3.33%
EQT Corp.	38,554		1,693,292
Korea Electric Power Corp. - ADR (a)	120,945		1,758,540
			3,451,832
Warehousing and Storage - 1.51%
Iron Mountain, Inc. (a)	68,590		1,561,108
Waste Management and Redemption Services - 1.42%
Covanta Holding Corp. (a)	81,105		1,467,190
TOTAL COMMON STOCKS (Proceeds $91,519,811)		$	93,976,546
INVESTMENT COMPANIES - 5.01%
Exchange Traded Funds - 5.01%
SPDR Trust Series 1	46,624	$	5,195,778
TOTAL INVESTMENT COMPANIES (Proceeds $5,054,885)		$	5,195,778
Total Securities Sold Short  (Proceeds $96,574,696) - 95.68%		$	99,172,324

Percentages are stated as a percent of net assets.
ADR	American Depository Receipt
(a)	Non-income producing security.
(b)	Foreign issued security.

The cost basis of investments for federal income tax purposes at December 31, 2009 was as follows*:
	Grizzly Short Fund
	Cost of investments	$   25,711,868
	Gross unrealized appreciation	-
	Gross unrealized depreciation	-
	Net unrealized depreciation	$                      -
*Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding at the Fund’s previous
fiscal year end.  For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section
in the Fund’s most recent semi-annual or annual report.

Summary of Fair Value Exposure at December 31, 2009
Various inputs are used in determining the value of the Fund's investments.  These inputs are summarized in the three broad levels listed below:
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, 2009:
Investments at Fair Value	Level 1	Level 2	Level 3	Total
United States Treasury Bills	$                           -	$           19,999,331	$                   -	$          19,999,331
Money Market Funds	5,712,537	-	-	5,712,537
Total Investments in Securities	$            5,712,537	$           19,999,331	$                   -	$          25,711,868
Securities Sold Short at Fair Value	Level 1	Level 2	Level 3	Total
Common Stocks - Short	$          93,976,546	$                            -	$                   -	$          93,976,546
Exchange Traded Funds - Short	5,195,778	-	-	5,195,778
Total Securities Sold Short	$          99,172,324	$                            -	$                   -	$          99,172,324

Item 2. Controls and Procedures.

(a)   The Registrant’s President and Treasurer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) (17 CFR 270.30a-3(c)) are effective as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(d)).

(b)   There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) (17 CFR 270.30a-3(d)) that occurred during the Registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 3. Exhibits.

Separate certifications for each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)).  Filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)  Leuthold Funds, Inc.                                                                                                                                                         

By (Signature and Title) /s/ Steven C. Leuthold                        

                                                 Steven C. Leuthold, President

Date   2/25/10                                                                                   

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)* /s/ Steven C. Leuthold                      

                                                 Steven C. Leuthold, President

Date   2/25/10                                                                                   

By (Signature and Title)* /s/ Holly J. Weiss                              

                                                   Holly J. Weiss, Treasurer

Date   2/25/10                                                                                   

* Print the name and title of each signing officer under his or her signature.

EX-99.CERT

CERTIFICATION

I, Steven C. Leuthold, certify that:

1.   I have reviewed this report on Form N-Q of Leuthold Funds, Inc.;

2.   Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.   Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4.   The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940)for the registrant and have:

(a)   Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)   Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)   Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation;  

(d)   Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.   The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)   All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b)   Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: 2/25/10	/s/ Steven C. Leuthold
	Steven C. Leuthold President

CERTIFICATION

I, Holly J. Weiss, certify that:

1.   I have reviewed this report on Form N-Q of Leuthold Funds, Inc.;

2.   Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.   Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4.   The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940)for the registrant and have:

(a)   Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)   Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)   Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation;

(d)   Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.   The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)   All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b)   Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: 2/25/10	/s/ Holly J. Weiss
	Holly J. Weiss Treasurer