|
Leuthold Core Investment Fund
|
||||||||
|
Schedule of Investments
|
||||||||
|
June 30, 2023 (Unaudited)
|
||||||||
|
Shares
|
Fair Value
|
|||||||
|
COMMON STOCKS - 65.03%
|
||||||||
|
Biotechnology - 0.46%
|
||||||||
|
Regeneron Pharmaceuticals, Inc. (a)
|
3,309
|
$
|
2,377,649
|
|||||
|
Chemicals - 0.00%
|
||||||||
|
China Lumena New Materials Corp. (a)(b)(d)(e)
|
20,950
|
–
|
||||||
|
Communications Equipment - 0.70%
|
||||||||
|
Cisco Systems, Inc.
|
69,849
|
3,613,987
|
||||||
|
Construction Materials - 2.78%
|
||||||||
|
Cemex SAB de CV - Class B - ADR (a)(b)
|
374,101
|
2,648,635
|
||||||
|
CRH PLC - ADR
|
63,723
|
3,551,283
|
||||||
|
Eagle Materials, Inc.
|
13,871
|
2,585,832
|
||||||
|
Martin Marietta Materials, Inc.
|
5,844
|
2,698,116
|
||||||
|
Summit Materials, Inc. - Class A (a)
|
73,370
|
2,777,055
|
||||||
|
14,260,921
|
||||||||
|
Distributors - 0.67%
|
||||||||
|
LKQ Corp.
|
59,358
|
3,458,791
|
||||||
|
Diversified Telecommunication Services - 0.58%
|
||||||||
|
Verizon Communications, Inc.
|
79,496
|
2,956,456
|
||||||
|
Electronic Equipment, Instruments & Components - 3.35%
|
||||||||
|
Corning, Inc.
|
53,866
|
1,887,465
|
||||||
|
Flex, Ltd. - ADR (a)
|
153,640
|
4,246,609
|
||||||
|
Jabil, Inc.
|
46,472
|
5,015,723
|
||||||
|
Sanmina Corp. (a)
|
30,348
|
1,829,074
|
||||||
|
TE Connectivity, Ltd. - ADR
|
30,137
|
4,224,002
|
||||||
|
17,202,873
|
||||||||
|
Entertainment - 0.95%
|
||||||||
|
Netflix, Inc. (a)
|
11,055
|
4,869,617
|
||||||
|
Financial Services - 1.68%
|
||||||||
|
Mastercard, Inc. - Class A
|
12,111
|
4,763,256
|
||||||
|
Visa, Inc. - Class A
|
16,124
|
3,829,128
|
||||||
|
8,592,384
|
||||||||
|
Ground Transportation - 2.17%
|
||||||||
|
ArcBest Corp.
|
13,026
|
1,286,969
|
||||||
|
JB Hunt Transport Services, Inc.
|
12,181
|
2,205,126
|
||||||
|
Knight-Swift Transportation Holdings, Inc.
|
33,235
|
1,846,537
|
||||||
|
Ryder System, Inc.
|
14,364
|
1,217,924
|
||||||
|
Schneider National, Inc. - Class A
|
45,909
|
1,318,506
|
||||||
|
TFI International, Inc. - ADR (b)
|
18,448
|
2,102,334
|
||||||
|
Werner Enterprises, Inc.
|
26,545
|
1,172,758
|
||||||
|
11,150,154
|
||||||||
|
Health Care Providers & Services - 5.82%
|
||||||||
|
AmerisourceBergen Corp.
|
18,659
|
3,590,551
|
||||||
|
Cardinal Health, Inc.
|
37,741
|
3,569,166
|
||||||
|
Centene Corp. (a)
|
30,348
|
2,046,973
|
||||||
|
Elevance Health, Inc.
|
6,830
|
3,034,501
|
||||||
|
Humana, Inc.
|
11,196
|
5,006,067
|
||||||
|
McKesson Corp.
|
7,886
|
3,369,767
|
||||||
|
Patterson Cos, Inc.
|
51,119
|
1,700,218
|
||||||
|
UnitedHealth Group, Inc.
|
15,702
|
7,547,009
|
||||||
|
29,864,252
|
||||||||
|
Hotels, Restaurants & Leisure - 0.57%
|
||||||||
|
Brinker International, Inc. (a)
|
38,445
|
1,407,087
|
||||||
|
Texas Roadhouse, Inc.
|
13,519
|
1,517,913
|
||||||
|
2,925,000
|
||||||||
|
Household Durables - 5.70%
|
||||||||
|
D.R. Horton, Inc.
|
49,852
|
6,066,490
|
||||||
|
KB Home
|
36,755
|
1,900,601
|
||||||
|
Lennar Corp. - Class A
|
29,573
|
3,705,793
|
||||||
|
MDC Holdings, Inc.
|
48,303
|
2,259,131
|
||||||
|
Meritage Homes Corp.
|
21,405
|
3,045,289
|
||||||
|
PulteGroup, Inc.
|
76,186
|
5,918,129
|
||||||
|
Taylor Morrison Home Corp. (a)
|
55,485
|
2,706,003
|
||||||
|
Toll Brothers, Inc.
|
46,050
|
3,641,174
|
||||||
|
29,242,610
|
||||||||
|
Insurance - 0.49%
|
||||||||
|
Reinsurance Group of America, Inc.
|
17,955
|
2,490,179
|
||||||
|
Interactive Media & Services - 2.65%
|
||||||||
|
Alphabet, Inc. - Class A (a)
|
48,796
|
5,840,881
|
||||||
|
Meta Platforms, Inc. - Class A (a)
|
27,038
|
7,759,366
|
||||||
|
13,600,247
|
||||||||
|
IT Services - 3.18%
|
||||||||
|
Akamai Technologies, Inc. (a)
|
37,319
|
3,353,859
|
||||||
|
GoDaddy, Inc. - Class A (a)
|
41,966
|
3,152,906
|
||||||
|
Okta, Inc. - Class A (a)
|
46,050
|
3,193,567
|
||||||
|
VeriSign, Inc. (a)
|
18,378
|
4,152,877
|
||||||
|
Wix.com, Ltd. - ADR (a)(b)
|
31,052
|
2,429,508
|
||||||
|
16,282,717
|
||||||||
|
Machinery - 2.54%
|
||||||||
|
AGCO Corp.
|
9,435
|
1,239,948
|
||||||
|
Allison Transmission Holdings, Inc.
|
28,658
|
1,618,031
|
||||||
|
Caterpillar, Inc.
|
9,083
|
2,234,872
|
||||||
|
CNH Industrial NV - Class A (b)
|
75,623
|
1,088,971
|
||||||
|
Cummins, Inc.
|
4,858
|
1,190,987
|
||||||
|
Deere & Co.
|
4,858
|
1,968,413
|
||||||
|
PACCAR, Inc.
|
22,884
|
1,914,247
|
||||||
|
Terex Corp.
|
29,221
|
1,748,292
|
||||||
|
13,003,761
|
||||||||
|
Media - 2.38%
|
||||||||
|
Charter Communications, Inc. - Class A (a)
|
7,886
|
2,897,080
|
||||||
|
Omnicom Group, Inc.
|
33,798
|
3,215,880
|
||||||
|
Perion Network, Ltd. - ADR (a)(b)
|
49,852
|
1,528,961
|
||||||
|
The Interpublic Group of Cos, Inc.
|
60,907
|
2,349,792
|
||||||
|
WPP PLC - ADR (b)
|
42,459
|
2,219,756
|
||||||
|
12,211,469
|
||||||||
|
Metals & Mining - 1.36%
|
||||||||
|
ArcelorMittal SA - NYRS (b)
|
82,030
|
2,242,700
|
||||||
|
Steel Dynamics, Inc.
|
24,151
|
2,630,769
|
||||||
|
United States Steel Corp.
|
84,213
|
2,106,167
|
||||||
|
6,979,636
|
||||||||
|
Oil, Gas & Consumable Fuels - 1.85%
|
||||||||
|
Exxon Mobil Corp.
|
48,655
|
5,218,249
|
||||||
|
Shell PLC - ADR (b)
|
70,976
|
4,285,531
|
||||||
|
9,503,780
|
||||||||
|
Pharmaceuticals - 1.66%
|
||||||||
|
Merck & Co., Inc.
|
56,260
|
6,491,841
|
||||||
|
Pfizer, Inc.
|
54,710
|
2,006,763
|
||||||
|
8,498,604
|
||||||||
|
Semiconductors & Semiconductor Equipment - 6.14%
|
||||||||
|
Applied Materials, Inc.
|
57,809
|
8,355,713
|
||||||
|
KLA Corp.
|
11,970
|
5,805,689
|
||||||
|
Lam Research Corp.
|
16,899
|
10,863,691
|
||||||
|
MKS Instruments, Inc.
|
21,969
|
2,374,849
|
||||||
|
SolarEdge Technologies, Inc. (a)(b)
|
15,139
|
4,073,148
|
||||||
|
31,473,090
|
||||||||
|
Software - 7.18%
|
||||||||
|
Adobe, Inc. (a)
|
6,478
|
3,167,677
|
||||||
|
Check Point Software Technologies, Ltd. - ADR (a)(b)
|
22,814
|
2,865,895
|
||||||
|
Dolby Laboratories, Inc. - Class A
|
27,179
|
2,274,339
|
||||||
|
Fortinet, Inc. (a)
|
47,528
|
3,592,641
|
||||||
|
Microsoft Corp.
|
43,726
|
14,890,452
|
||||||
|
Oracle Corp.
|
52,176
|
6,213,640
|
||||||
|
Progress Software Corp.
|
25,630
|
1,489,103
|
||||||
|
Qualys, Inc. (a)
|
18,166
|
2,346,502
|
||||||
|
36,840,249
|
||||||||
|
Specialty Retail - 5.04%
|
||||||||
|
Academy Sports & Outdoors, Inc.
|
39,008
|
2,108,382
|
||||||
|
AutoNation, Inc. (a)
|
20,068
|
3,303,394
|
||||||
|
Bath & Body Works, Inc.
|
49,570
|
1,858,875
|
||||||
|
Best Buy Co., Inc.
|
32,390
|
2,654,361
|
||||||
|
Dick's Sporting Goods, Inc.
|
17,462
|
2,308,302
|
||||||
|
Penske Automotive Group, Inc.
|
24,292
|
4,047,776
|
||||||
|
Signet Jewelers, Ltd. - ADR
|
28,728
|
1,874,789
|
||||||
|
The Home Depot, Inc.
|
6,478
|
2,012,326
|
||||||
|
The ODP Corp. (a)
|
30,770
|
1,440,651
|
||||||
|
Ulta Beauty, Inc. (a)
|
5,422
|
2,551,566
|
||||||
|
Williams-Sonoma, Inc.
|
13,660
|
1,709,412
|
||||||
|
25,869,834
|
||||||||
|
Technology Hardware, Storage & Peripherals - 2.35%
|
||||||||
|
Apple, Inc.
|
62,033
|
12,032,541
|
||||||
|
Trading Companies & Distributors - 2.78%
|
||||||||
|
AerCap Holdings NV - ADR (a)(b)
|
34,361
|
2,182,611
|
||||||
|
GMS, Inc. (a)
|
21,617
|
1,495,896
|
||||||
|
MSC Industrial Direct Co., Inc. - Class A
|
11,548
|
1,100,293
|
||||||
|
Triton International, Ltd. - ADR (b)
|
23,095
|
1,922,890
|
||||||
|
United Rentals, Inc.
|
10,632
|
4,735,174
|
||||||
|
WESCO International, Inc.
|
15,702
|
2,811,600
|
||||||
|
14,248,464
|
||||||||
|
TOTAL COMMON STOCKS (Cost $215,552,961)
|
$
|
333,549,265
|
||||||
|
INVESTMENT COMPANIES - 10.72%
|
||||||||
|
Exchange Traded Funds -10.72%
|
||||||||
|
Invesco CurrencyShares Japanese Yen Trust (a)
|
109,782
|
$
|
7,085,330
|
|||||
|
iShares 0-5 Year TIPS Bond ETF
|
52,362
|
5,110,531
|
||||||
|
iShares Gold Trust (a)
|
143,501
|
5,222,001
|
||||||
|
iShares International Treasury Bond ETF
|
136,637
|
5,409,459
|
||||||
|
SPDR Bloomberg International Treasury Bond ETF
|
533,095
|
12,021,292
|
||||||
|
SPDR Bloomberg Short Term High Yield Bond ETF
|
130,715
|
3,228,661
|
||||||
|
SPDR Gold Shares (a)
|
28,235
|
5,033,453
|
||||||
|
VanEck J. P. Morgan EM Local Currency Bond ETF
|
160,715
|
4,107,876
|
||||||
|
Vanguard Mortgage-Backed Securities ETF
|
168,738
|
7,760,261
|
||||||
|
TOTAL INVESTMENT COMPANIES (Cost $53,873,343)
|
$
|
54,978,864
|
||||||
|
Principal Amount
|
Fair Value
|
|||||||
|
CORPORATE BONDS - 0.94%
|
||||||||
|
Banks - 0.94%
|
||||||||
|
JPMorgan Chase & Co.
|
||||||||
|
1.500%, 01/27/2025
|
$
|
4,600,000
|
$
|
4,826,321
|
||||
|
TOTAL CORPORATE BONDS (Cost $5,173,344)
|
$
|
4,826,321
|
||||||
|
FOREIGN GOVERNMENT BONDS - 1.46%
|
||||||||
|
Foreign Government Bonds - 1.46%
|
||||||||
|
French Republic Government Bond OAT
|
||||||||
|
1.250%, 05/25/2036 (b)
|
EUR 8,480,000
|
$
|
7,469,917
|
|||||
|
TOTAL FOREIGN GOVERNMENT BONDS (Cost $7,870,783)
|
$
|
7,469,917
|
||||||
|
UNITED STATES TREASURY OBLIGATIONS - 5.88%
|
||||||||
|
United States Treasury Notes - 2.58%
|
||||||||
|
2.625%, 04/15/2025
|
$
|
5,980,000
|
$
|
5,734,727
|
||||
|
2.875%, 05/15/2032
|
3,070,000
|
2,845,026
|
||||||
|
3.250%, 05/15/2042
|
5,190,000
|
4,623,763
|
||||||
|
13,203,516
|
||||||||
|
United States Treasury Bills - 3.30%
|
||||||||
|
5.243%, 10/17/2023 (f)(g)
|
9,000,000
|
8,861,902
|
||||||
|
4.880%, 11/2/2023 (f)(g)
|
8,215,000
|
8,069,955
|
||||||
|
16,931,857
|
||||||||
|
TOTAL UNITED STATES TREASURY OBLIGATIONS (Cost $31,108,642)
|
$
|
30,135,373
|
||||||
|
Shares
|
Fair Value
|
|||||||
|
SHORT-TERM INVESTMENTS - 11.86%
|
||||||||
|
Money Market Funds - 11.86%
|
||||||||
|
Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 4.985% (c)(h)
|
60,841,196
|
$
|
60,841,196
|
|||||
|
TOTAL SHORT-TERM INVESTMENTS (Cost $60,841,196)
|
$
|
60,841,196
|
||||||
|
Total Investments (Cost $374,420,269) - 95.89%
|
$
|
491,800,936
|
||||||
|
Other Assets in Excess of Liabilities - 4.11%
|
21,054,302
|
|||||||
|
TOTAL NET ASSETS - 100.00%
|
$
|
512,855,238
|
||||||
|
Percentages are stated as a percent of net assets.
|
|||||||||
|
|
|||||||||
|
ADR
|
American Depositary Receipt
|
||||||||
|
EUR
|
Euro
|
||||||||
|
NYRS
|
New York Registry Shares
|
||||||||
|
(a)
|
Non-income producing security.
|
||||||||
|
(b)
|
Foreign issued security.
|
||||||||
|
(c)
|
The rate quoted is the annualized seven-day effective yield as of June 30, 2023.
|
||||||||
|
(d)
|
Illiquid security. The fair value of this security totals $0 which represents an amount that rounds to 0.00% of total net assets.
|
||||||||
|
(e)
|
This security is currently being fair valued in accordance with procedures established by the Board of Directors of Leuthold Funds,
Inc. and is deemed a Level 3 security as it is valued using significant unobservable inputs.
|
||||||||
|
(f)
|
Rate represents the annualized effective yield to maturity from the purchase price.
|
||||||||
|
(g)
|
Zero coupon security.
|
||||||||
|
(h)
|
All or a portion of the assets have been committed as collateral for open securites sold short.
|
||||||||
|
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 Core Investment Fund
|
||||||||
|
Schedule of Securities Sold Short - (a)
|
||||||||
|
June 30, 2023 (Unaudited)
|
||||||||
|
Shares
|
Fair Value
|
|||||||
|
COMMON STOCKS - 9.38%
|
||||||||
|
Aerospace & Defense - 0.27%
|
||||||||
|
Kratos Defense & Security Solutions, Inc.
|
26,831
|
$
|
384,757
|
|||||
|
L3Harris Technologies, Inc.
|
3,181
|
622,744
|
||||||
|
Leonardo DRS, Inc.
|
22,527
|
390,618
|
||||||
|
1,398,119
|
||||||||
|
Air Freight & Logistics - 0.09%
|
||||||||
|
GXO Logistics, Inc.
|
7,377
|
463,423
|
||||||
|
Automobile Components - 0.19%
|
||||||||
|
Dorman Products, Inc.
|
4,190
|
330,297
|
||||||
|
Gentherm, Inc.
|
5,488
|
310,127
|
||||||
|
The Goodyear Tire & Rubber Co.
|
23,494
|
321,398
|
||||||
|
961,822
|
||||||||
|
Automobiles - 0.16%
|
||||||||
|
Tesla, Inc.
|
3,058
|
800,493
|
||||||
|
Banks - 0.21%
|
||||||||
|
First Financial Bankshares, Inc.
|
12,251
|
349,031
|
||||||
|
Home BancShares Inc/AR
|
16,580
|
378,024
|
||||||
|
Seacoast Banking Corp of Florida
|
16,009
|
353,799
|
||||||
|
1,080,854
|
||||||||
|
Beverages - 0.14%
|
||||||||
|
Constellation Brands, Inc. - Class 1
|
2,847
|
700,732
|
||||||
|
Broadline Retail - 0.30%
|
||||||||
|
Amazon.com, Inc.
|
6,055
|
789,330
|
||||||
|
Coupang, Inc. - Class A
|
41,825
|
727,755
|
||||||
|
1,517,085
|
||||||||
|
Building Products - 0.15%
|
||||||||
|
Trex Co., Inc.
|
6,380
|
418,273
|
||||||
|
Zurn Elkay Water Solutions Corp.
|
12,481
|
335,614
|
||||||
|
753,887
|
||||||||
|
Capital Markets - 0.94%
|
||||||||
|
Blackstone, Inc.
|
7,816
|
726,654
|
||||||
|
Blue Owl Capital, Inc. - Class A
|
27,763
|
323,439
|
||||||
|
Brookfield Corp. - Class A (b)
|
25,294
|
851,143
|
||||||
|
Cohen & Steers, Inc.
|
5,859
|
339,763
|
||||||
|
Intercontinental Exchange, Inc.
|
7,776
|
879,310
|
||||||
|
KKR & Co., Inc.
|
12,027
|
673,512
|
||||||
|
PJT Partners, Inc. - Class A
|
4,794
|
333,854
|
||||||
|
The Charles Schwab Corp.
|
11,883
|
673,529
|
||||||
|
4,801,204
|
||||||||
|
Chemicals - 0.52%
|
||||||||
|
Albemarle Corp.
|
3,138
|
700,057
|
||||||
|
Avient Corp.
|
8,037
|
328,713
|
||||||
|
Diversey Holdings, Ltd. - ADR
|
46,380
|
389,128
|
||||||
|
Ecolab, Inc.
|
3,003
|
560,630
|
||||||
|
International Flavors & Fragrances, Inc.
|
4,804
|
382,350
|
||||||
|
Stepan Co.
|
3,457
|
330,351
|
||||||
|
2,691,229
|
||||||||
|
Commercial Services & Supplies - 0.07%
|
||||||||
|
Driven Brands Holdings, Inc.
|
12,515
|
338,656
|
||||||
|
Consumer Staples Distribution - 0.13%
|
||||||||
|
Sysco Corp.
|
8,782
|
651,624
|
||||||
|
Containers & Packaging - 0.23%
|
||||||||
|
Ball Corp.
|
13,751
|
800,445
|
||||||
|
Crown Holdings, Inc.
|
4,086
|
354,951
|
||||||
|
1,155,396
|
||||||||
|
Diversified Consumer Services - 0.12%
|
||||||||
|
Coursera, Inc.
|
16,475
|
214,505
|
||||||
|
Mister Car Wash, Inc.
|
40,662
|
392,388
|
||||||
|
606,893
|
||||||||
|
Electrical Equipment - 0.11%
|
||||||||
|
Ballard Power Systems, Inc. - ADR
|
58,717
|
256,006
|
||||||
|
Vicor Corp.
|
5,963
|
322,002
|
||||||
|
578,008
|
||||||||
|
Electronic Equipment, Instruments & Components - 0.20%
|
||||||||
|
Coherent Corp.
|
6,043
|
308,072
|
||||||
|
Zebra Technologies Corp.
|
2,482
|
734,250
|
||||||
|
1,042,322
|
||||||||
|
Energy Equipment & Services - 0.06%
|
||||||||
|
Helmerich & Payne, Inc.
|
9,288
|
329,260
|
||||||
|
Entertainment - 0.16%
|
||||||||
|
Take-Two Interactive Software, Inc.
|
5,604
|
824,685
|
||||||
|
Financial Services - 0.06%
|
||||||||
|
Jack Henry & Associates, Inc.
|
1,954
|
326,963
|
||||||
|
Food Products - 0.21%
|
||||||||
|
J & J Snack Foods Corp.
|
2,463
|
390,041
|
||||||
|
McCormick & Co., Inc.
|
8,015
|
699,148
|
||||||
|
1,089,189
|
||||||||
|
Health Care Equipment & Supplies - 0.37%
|
||||||||
|
Neogen Corp.
|
14,840
|
322,770
|
||||||
|
ResMed, Inc.
|
3,932
|
859,142
|
||||||
|
STERIS PLC - ADR
|
3,261
|
733,660
|
||||||
|
1,915,572
|
||||||||
|
Health Care Providers & Services - 0.15%
|
||||||||
|
Guardant Health, Inc.
|
8,635
|
309,133
|
||||||
|
R1 RCM, Inc.
|
24,764
|
456,896
|
||||||
|
766,029
|
||||||||
|
Health Care Technology - 0.12%
|
||||||||
|
Veeva Systems, Inc. - Class A
|
3,129
|
618,697
|
||||||
|
Hotels, Restaurants & Leisure - 0.17%
|
||||||||
|
Caesars Entertainment, Inc.
|
8,788
|
447,925
|
||||||
|
Norwegian Cruise Line Holdings, Ltd.
|
20,638
|
449,289
|
||||||
|
897,214
|
||||||||
|
Household Durables - 0.14%
|
||||||||
|
Newell Brands, Inc.
|
39,110
|
340,257
|
||||||
|
Sonos, Inc.
|
22,908
|
374,088
|
||||||
|
714,345
|
||||||||
|
Household Products - 0.07%
|
||||||||
|
WD-40 Co.
|
1,856
|
350,134
|
||||||
|
Insurance - 0.19%
|
||||||||
|
Cincinnati Financial Corp.
|
6,561
|
638,517
|
||||||
|
Palomar Holdings, Inc.
|
5,356
|
310,862
|
||||||
|
949,379
|
||||||||
|
IT Services - 0.06%
|
||||||||
|
Globant SA - ADR
|
1,822
|
327,450
|
||||||
|
Leisure Products - 0.20%
|
||||||||
|
Hasbro, Inc.
|
5,715
|
370,161
|
||||||
|
Mattel, Inc.
|
17,951
|
350,762
|
||||||
|
Topgolf Callaway Brands Corp.
|
15,699
|
311,625
|
||||||
|
1,032,548
|
||||||||
|
Life Sciences Tools & Services - 0.13%
|
||||||||
|
Bio-Techne Corp.
|
3,997
|
326,275
|
||||||
|
Illumina, Inc.
|
1,709
|
320,420
|
||||||
|
646,695
|
||||||||
|
Machinery - 0.14%
|
||||||||
|
Kornit Digital, Ltd.
|
11,242
|
330,178
|
||||||
|
Stanley Black & Decker, Inc.
|
4,331
|
405,858
|
||||||
|
736,036
|
||||||||
|
Metals & Mining - 0.18%
|
||||||||
|
Alcoa Corp.
|
7,236
|
245,517
|
||||||
|
Compass Minerals International, Inc.
|
9,506
|
323,204
|
||||||
|
Royal Gold, Inc.
|
3,018
|
346,406
|
||||||
|
915,127
|
||||||||
|
Multi-Utilities - 0.24%
|
||||||||
|
CMS Energy Corp.
|
10,666
|
626,628
|
||||||
|
Dominion Energy, Inc.
|
11,889
|
615,731
|
||||||
|
1,242,359
|
||||||||
|
Oil, Gas & Consumable Fuels - 0.28%
|
||||||||
|
Cameco Corp. - ADR
|
15,021
|
470,608
|
||||||
|
Cenovus Energy, Inc. - ADR
|
38,981
|
661,898
|
||||||
|
New Fortress Energy, Inc.
|
10,985
|
294,178
|
||||||
|
1,426,684
|
||||||||
|
Passenger Airlines - 0.30%
|
||||||||
|
Alaska Air Group, Inc.
|
8,043
|
427,727
|
||||||
|
Allegiant Travel Co.
|
3,426
|
432,635
|
||||||
|
Southwest Airlines Co.
|
19,107
|
691,864
|
||||||
|
1,552,226
|
||||||||
|
Personal Care Products - 0.11%
|
||||||||
|
The Estee Lauder Companies, Inc. - Class A
|
2,742
|
538,474
|
||||||
|
Professional Services - 0.53%
|
||||||||
|
Broadridge Financial Solutions, Inc.
|
4,451
|
737,219
|
||||||
|
Dun & Bradstreet Holdings, Inc.
|
28,460
|
329,282
|
||||||
|
Equifax, Inc.
|
2,727
|
641,663
|
||||||
|
Planet Labs PBC - Class A
|
75,419
|
242,849
|
||||||
|
TransUnion
|
9,865
|
772,726
|
||||||
|
2,723,739
|
||||||||
|
Real Estate Investment Trusts (REITs) - 0.32%
|
||||||||
|
Rayonier, Inc.
|
10,310
|
323,734
|
||||||
|
Rexford Industrial Realty, Inc.
|
5,368
|
280,317
|
||||||
|
Safehold, Inc.
|
10,208
|
242,236
|
||||||
|
Welltower, Inc.
|
9,804
|
793,046
|
||||||
|
1,639,333
|
||||||||
|
Real Estate Management & Development - 0.08%
|
||||||||
|
DigitalBridge Group, Inc. - Class A
|
29,119
|
428,340
|
||||||
|
Semiconductors & Semiconductor Equipment - 0.34%
|
||||||||
|
Advanced Micro Devices, Inc.
|
5,386
|
613,519
|
||||||
|
Entegris, Inc.
|
4,126
|
457,244
|
||||||
|
Monolithic Power Systems, Inc.
|
1,252
|
676,368
|
||||||
|
1,747,131
|
||||||||
|
Software - 0.55%
|
||||||||
|
Atlassian Corp. - Class A
|
3,920
|
657,815
|
||||||
|
Crowdstrike Holdings, Inc. - Class A
|
5,543
|
814,100
|
||||||
|
Datadog, Inc. - Class A
|
4,172
|
410,441
|
||||||
|
Guidewire Software, Inc.
|
2,850
|
216,828
|
||||||
|
Zscaler, Inc.
|
4,985
|
729,306
|
||||||
|
2,828,490
|
||||||||
|
Specialty Retail - 0.13%
|
||||||||
|
Boot Barn Holdings, Inc.
|
3,957
|
335,118
|
||||||
|
National Vision Holdings, Inc.
|
12,527
|
304,281
|
||||||
|
639,399
|
||||||||
|
Technology Hardware, Storage & Peripherals - 0.06%
|
||||||||
|
Western Digital Corp.
|
8,632
|
327,412
|
||||||
|
Textiles, Apparel & Luxury Goods - 0.06%
|
||||||||
|
Wolverine World Wide, Inc.
|
21,389
|
314,204
|
||||||
|
Water Utilities - 0.14%
|
||||||||
|
American Water Works Co., Inc.
|
4,877
|
696,192
|
||||||
|
TOTAL COMMON STOCKS (Proceeds $46,917,653)
|
$
|
48,085,053
|
||||||
|
INVESTMENT COMPANIES - 2.65%
|
||||||||
|
Exchange Traded Funds - 2.65%
|
||||||||
|
Consumer Staples Select Sector SPDR Fund
|
33,543
|
$
|
2,487,884
|
|||||
|
Financial Select Sector SPDR Fund
|
60,413
|
2,036,522
|
||||||
|
Invesco QQQ Trust Series 1
|
7,368
|
2,721,887
|
||||||
|
iShares Expanded Tech-Software Sector ETF
|
3,577
|
1,237,320
|
||||||
|
Real Estate Select Sector SPDR Fund
|
53,441
|
2,014,191
|
||||||
|
SPDR S&P 500 ETF Trust
|
2,580
|
1,143,663
|
||||||
|
Utilities Select Sector SPDR Fund
|
29,898
|
1,956,525
|
||||||
|
TOTAL INVESTMENT COMPANIES (Proceeds $13,288,777)
|
$
|
13,597,992
|
||||||
|
TOTAL SECURITIES SOLD SHORT
|
||||||||
|
(Proceeds $60,206,430) - 12.03%
|
$
|
61,683,045
|
||||||
|
Percentages are stated as a percent of net assets.
|
|||||||||
|
|
|||||||||
|
ADR
|
American Depositary Receipt
|
||||||||
|
(a)
|
Non-income producing security.
|
||||||||
|
(b)
|
Foreign issued security.
|
||||||||
|
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 Core Investment Fund
|
|||||||
|
Summary of Fair Value Exposure at June 30, 2023 (Unaudited)
|
|||||||
|
The Fund has adopted fair valuation accounting standards which establish a definition of fair value and set out a hierarchy for
measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs
during the period. These inputs are summarized in the following three levels:
|
|||||||
|
Level 1 - Quoted prices in active markets for identical securities.
|
|||||||
|
Level 2 - Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds,
credit risk, etc.).
|
|||||||
|
Level 3 - Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).
|
|||||||
|
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those
securities.
|
|||||||
|
The following is a summary of the inputs used to value the Fund's investments and securities sold short as of June 30, 2023:
|
|||||||
|
Investments at Fair Value
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
|
Common Stocks
|
$
|
333,549,265
|
$
|
–
|
$
|
0
|
(1) |
$
|
333,549,265
|
|||||||
|
Exchange Traded Funds
|
54,978,864
|
–
|
–
|
54,978,864
|
||||||||||||
|
Corporate Bonds
|
–
|
4,826,321
|
–
|
4,826,321
|
||||||||||||
|
Foreign Government Bonds
|
–
|
7,469,917
|
–
|
7,469,917
|
||||||||||||
|
United States Treasury Obligations
|
–
|
30,135,373
|
–
|
30,135,373
|
||||||||||||
|
Short-Term Investments
|
60,841,196
|
–
|
–
|
60,841,196
|
||||||||||||
|
Total Investments in Securities
|
$
|
449,369,325
|
$
|
42,431,611
|
$
|
0
|
$
|
491,800,936
|
||||||||
|
Securities Sold Short at Fair Value
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
|
Common Stocks
|
$
|
48,085,053
|
$
|
–
|
$
|
–
|
$
|
48,085,053
|
||||||||
|
Exchange Traded Funds
|
13,597,992
|
–
|
–
|
13,597,992
|
||||||||||||
|
Total Securities Sold Short
|
$
|
61,683,045
|
$
|
–
|
$
|
–
|
$
|
61,683,045
|
||||||||
|
|
||||||||||||||||
|
(1) Management has determined transfers into/out of level 3 and the value of level 3 investments at period end to be
immaterial to the Fund.
|
||||||||||||||||