NPORT-EX 2 select.htm LEUTHOLD SELECT INDUSTRIES FUND - 12/31/22 PART F

Leuthold Select Industries Fund
            
Schedule of Investments
            
December 31, 2022 (Unaudited)
            
   
Shares
    
Fair Value
  
COMMON STOCKS - 99.14%
            
Air Freight & Logistics - 3.89%
            
Atlas Air Worldwide Holdings, Inc. (a)
    
1,163
    
$
117,230
  
CH Robinson Worldwide, Inc.
    
1,007
      
92,201
  
Expeditors International of Washington, Inc.
    
919
      
95,503
  
Hub Group, Inc. - Class A (a)
    
1,032
      
82,034
  
United Parcel Service, Inc. - Class B
    
697
      
121,166
  
             
508,134
  
Beverages - 3.00%
                
Anheuser-Busch InBev-SPN - ADR
    
1,109
      
66,584
  
Diageo PLC - ADR
    
363
      
64,683
  
Keurig Dr Pepper, Inc.
    
1,810
      
64,545
  
MGP Ingredients, Inc.
    
472
      
50,211
  
Molson Coors Beverage Co. - Class B
    
1,022
      
52,654
  
PepsiCo, Inc.
    
517
      
93,401
  
             
392,078
  
Biotechnology - 2.51%
                
AbbVie, Inc.
    
1,373
      
221,891
  
Regeneron Pharmaceuticals, Inc. (a)
    
148
      
106,780
  
             
328,671
  
Commercial Services & Supplies - 3.01%
                
ABM Industries, Inc.
    
1,500
      
66,630
  
Clean Harbors, Inc. (a)
    
569
      
64,934
  
Republic Services, Inc.
    
1,010
      
130,280
  
Waste Management, Inc.
    
836
      
131,152
  
             
392,996
  
Distributors - 1.06%
                
LKQ Corp.
    
2,601
      
138,919
  
                 
Electronic Equipment, Instruments & Components - 1.22%
                
Corning, Inc.
    
2,408
      
76,912
  
Jabil, Inc.
    
1,205
      
82,181
  
             
159,093
  
Food & Staples Retailing - 5.24%
                
Albertsons Cos, Inc.
    
2,299
      
47,681
  
BJ's Wholesale Club Holdings, Inc. (a)
    
2,809
      
185,843
  
Costco Wholesale Corp.
    
505
      
230,533
  
The Kroger Co.
    
1,871
      
83,409
  
Walmart, Inc.
    
969
      
137,395
  
             
684,861
  
Food Products - 0.72%
                
Archer-Daniels-Midland Co.
    
1,020
      
94,707
  
                 
Health Care Equipment & Supplies - 1.20%
                
Abbott Laboratories
    
1,433
      
157,329
  
                 
Health Care Providers & Services - 10.50%
                
AmerisourceBergen Corp.
    
435
      
72,084
  
Cardinal Health, Inc.
    
897
      
68,952
  
Centene Corp. (a)
    
2,318
      
190,099
  
CVS Health Corp.
    
1,214
      
113,133
  
Elevance Health, Inc.
    
501
      
256,998
  
Humana, Inc.
    
478
      
244,827
  
McKesson Corp.
    
176
      
66,021
  
UnitedHealth Group, Inc.
    
681
      
361,053
  
             
1,373,167
  
Household Durables - 6.40%
                
D.R. Horton, Inc.
    
2,162
      
192,721
  
KB Home
    
1,606
      
51,151
  
Lennar Corp. - Class A
    
1,293
      
117,017
  
MDC Holdings, Inc.
    
2,147
      
67,845
  
Meritage Homes Corp. (a)
    
923
      
85,101
  
PulteGroup, Inc.
    
3,274
      
149,065
  
Taylor Morrison Home Corp. (a)
    
2,467
      
74,873
  
Toll Brothers, Inc.
    
1,987
      
99,191
  
             
836,964
  
Insurance - 7.02%
                
Arch Capital Group, Ltd. (a)(b)
    
2,037
      
127,883
  
Axis Capital Holdings, Ltd. (b)
    
1,087
      
58,883
  
Chubb, Ltd. (b)
    
969
      
213,761
  
Reinsurance Group of America, Inc.
    
800
      
113,672
  
The Allstate Corp.
    
765
      
103,734
  
The Travelers Cos, Inc.
    
1,134
      
212,614
  
W.R. Berkley Corp.
    
1,209
      
87,737
  
             
918,284
  
IT Services - 2.47%
                
Mastercard, Inc. - Class A
    
519
      
180,472
  
Visa, Inc. - Class A
    
689
      
143,147
  
             
323,619
  
Life Sciences Tools & Services - 2.52%
                
Danaher Corp.
    
634
      
168,276
  
Thermo Fisher Scientific, Inc.
    
293
      
161,352
  
             
329,628
  
Machinery - 3.22%
                
AGCO Corp.
    
414
      
57,418
  
Allison Transmission Holdings, Inc.
    
1,254
      
52,166
  
Caterpillar, Inc.
    
405
      
97,022
  
Deere & Co.
    
216
      
92,612
  
PACCAR, Inc.
    
675
      
66,805
  
Terex Corp.
    
1,279
      
54,639
  
             
420,662
  
Metals & Mining - 5.21%
                
Rio Tinto PLC - LN Shares - ADR
    
2,694
      
191,813
  
Southern Copper Corp. (b)
    
2,767
      
167,099
  
Steel Dynamics, Inc.
    
1,084
      
105,907
  
Teck Resources, Ltd. - Class B (b)
    
3,214
      
121,553
  
United States Steel Corp.
    
3,777
      
94,614
  
             
680,986
  
Multiline Retail - 2.67%
                
Target Corp.
    
2,341
      
348,903
  
                 
Oil, Gas & Consumable Fuels - 12.10%
                
APA Corp.
    
3,227
      
150,636
  
BP PLC - ADR
    
4,890
      
170,808
  
California Resources Corp.
    
1,696
      
73,793
  
Chord Energy Corp.
    
617
      
84,412
  
EOG Resources, Inc.
    
1,282
      
166,045
  
Equinor ASA - ADR
    
4,261
      
152,586
  
Exxon Mobil Corp.
    
2,176
      
240,013
  
Imperial Oil, Ltd.
    
2,183
      
106,399
  
Marathon Oil Corp.
    
5,289
      
143,173
  
Shell PLC - ADR
    
3,126
      
178,026
  
Suncor Energy, Inc. (b)
    
3,119
      
98,966
  
Woodside Energy Group, Ltd. - ADR
    
731
      
17,697
  
             
1,582,554
  
Paper & Forest Products - 1.54%
                
Louisiana-Pacific Corp.
    
1,962
      
116,150
  
West Fraser Timber Co Ltd. (b)
    
1,183
      
85,519
  
             
201,669
  
Pharmaceuticals - 3.70%
                
Johnson & Johnson
    
1,180
      
208,447
  
Merck & Co., Inc.
    
2,480
      
275,156
  
             
483,603
  
Semiconductors & Semiconductor Equipment - 7.64%
                
Applied Materials, Inc.
    
2,468
      
240,334
  
KLA Corp.
    
509
      
191,908
  
Lam Research Corp.
    
725
      
304,717
  
MKS Instruments, Inc.
    
938
      
79,477
  
SolarEdge Technologies, Inc. (a)(b)
    
643
      
182,143
  
             
998,579
  
Software - 3.87%
                
Adobe, Inc. (a)
    
297
      
99,949
  
Microsoft Corp.
    
1,696
      
406,735
  
             
506,684
  
Specialty Retail - 2.89%
                
AutoNation, Inc. (a)
    
907
      
97,321
  
Penske Automotive Group, Inc.
    
1,064
      
122,285
  
The Home Depot, Inc.
    
286
      
90,336
  
Williams-Sonoma, Inc.
    
593
      
68,148
  
             
378,090
  
Technology Hardware, Storage & Peripherals - 2.73%
                
Apple, Inc.
    
2,752
      
357,567
  
                 
Trading Companies & Distributors - 2.81%
                
MSC Industrial Direct Co., Inc. - Class A
    
516
      
42,157
  
Triton International, Ltd. (b)
    
1,016
      
69,880
  
United Rentals, Inc. (a)
    
471
      
167,403
  
WESCO International, Inc. (a)
    
698
      
87,390
  
             
366,830
  
TOTAL COMMON STOCKS (Cost $9,505,094)
            
12,964,577
  
                 
SHORT-TERM INVESTMENTS - 0.98%
                
Money Market Funds - 0.98%
                
Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 4.06% (c)
    
127,426
      
127,426
  
TOTAL SHORT-TERM INVESTMENTS (Cost $127,426)
            
127,426
  
                 
Total Investments (Cost $9,632,520) - 100.12%
            
13,092,003
  
Liabilities in Excess of Other Assets - (0.12)%
            
(15,447
)
TOTAL NET ASSETS - 100.00%
          
$
13,076,556
  
                 
Percentages are stated as a percent of net assets.
                

ADR
American Depositary Receipt
      
(a)
Non-income producing security.
      
(b)
Foreign issued security.
      
(c)
The rate quoted is the annualized seven-day effective yield as of December 31, 2022.
    
         
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property  of MSCI, Inc. and Standard & Poor's Financial services LLC ("S&P").  GICS® is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.


Leuthold Select Industries Fund
              

Summary of Fair Value Exposure at December 31, 2022 (Unaudited)
     
The Funds have adopted fair valuation accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value.  These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period.  These inputs are summarized in the following three levels:
               
Level 1 - Quoted prices in active markets for identical securities.
            
Level 2 - Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 - Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).
               
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
               
The following is a summary of the inputs used to value the Fund's net assets as of December 31, 2022:
    

Investments at Fair Value
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
  
$
12,964,577
    
$
–
    
$
–
    
$
12,964,577
  
Short-Term Investments
    
127,426
      
–
      
–
      
127,426
  
                                 
Total Investments in Securities
  
$
13,092,003
    
$
–
    
$
–
    
$
13,092,003
  
 
                                
The Fund did not invest in any Level 3 securities during the period.