# EDGAR Filing Document

**Accession Number:** 0001000351
**File Stem:** 0001145549-23-008519
**Filing Date:** 2023-2
**Character Count:** 44312
**Document Hash:** 6d7f72a8183b63dcede22ecb80e87812
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-008519.hdr.sgml**: 20230223

**ACCESSION NUMBER**: 0001145549-23-008519

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230223

**DATE AS OF CHANGE**: 20230223

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LEUTHOLD FUNDS INC
- **CENTRAL INDEX KEY:** 0001000351
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09094
- **FILM NUMBER:** 23657746

**BUSINESS ADDRESS:**
- **STREET 1:** 150 S. FIFTH STREET, SUITE 1700
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55402
- **BUSINESS PHONE:** 6123329141

**MAIL ADDRESS:**
- **STREET 1:** 150 S. FIFTH STREET, SUITE 1700
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55402

## Series and Classes Contracts Data

### LEUTHOLD SELECT INDUSTRIES FUND (Series ID: S000000848)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000002463 | No Load      | LSLTX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Leuthold Select Industries Fund** | | |
| **Schedule of Investments** | | |
| **December 31, 2022 (Unaudited)** | | |
|  |<br><br>**Shares** |<br><br>**Fair Value** |
| **COMMON STOCKS - 99.14%** | | |
| **Air Freight & Logistics - 3.89%** | | |
| Atlas Air Worldwide Holdings, Inc. (a) | 1163 | $117230 |
| CH Robinson Worldwide, Inc. | 1007 | 92201 |
| Expeditors International of Washington, Inc. | 919 | 95503 |
| Hub Group, Inc. - Class A (a) | 1032 | 82034 |
| United Parcel Service, Inc. - Class B | 697 | 121166 |
|  |  | 508134 |
| **Beverages - 3.00%** |  |  |
| Anheuser-Busch InBev-SPN - ADR | 1109 | 66584 |
| Diageo PLC - ADR | 363 | 64683 |
| Keurig Dr Pepper, Inc. | 1810 | 64545 |
| MGP Ingredients, Inc. | 472 | 50211 |
| Molson Coors Beverage Co. - Class B | 1022 | 52654 |
| PepsiCo, Inc. | 517 | 93401 |
|  |  | 392078 |
| **Biotechnology - 2.51%** |  |  |
| AbbVie, Inc. | 1373 | 221891 |
| Regeneron Pharmaceuticals, Inc. (a) | 148 | 106780 |
|  |  | 328671 |
| **Commercial Services & Supplies - 3.01%** |  |  |
| ABM Industries, Inc. | 1500 | 66630 |
| Clean Harbors, Inc. (a) | 569 | 64934 |
| Republic Services, Inc. | 1010 | 130280 |
| Waste Management, Inc. | 836 | 131152 |
|  |  | 392996 |
| **Distributors - 1.06%** |  |  |
| LKQ Corp. | 2601 | 138919 |
| **Electronic Equipment, Instruments & Components - 1.22%** |  |  |
| Corning, Inc. | 2408 | 76912 |
| Jabil, Inc. | 1205 | 82181 |
|  |  | 159093 |
| **Food & Staples Retailing - 5.24%** |  |  |
| Albertsons Cos, Inc. | 2299 | 47681 |
| BJ's Wholesale Club Holdings, Inc. (a) | 2809 | 185843 |
| Costco Wholesale Corp. | 505 | 230533 |
| The Kroger Co. | 1871 | 83409 |
| Walmart, Inc. | 969 | 137395 |
|  |  | 684861 |
| **Food Products - 0.72%** |  |  |
| Archer-Daniels-Midland Co. | 1020 | 94707 |
| **Health Care Equipment & Supplies - 1.20%** |  |  |
| Abbott Laboratories | 1433 | 157329 |
| **Health Care Providers & Services - 10.50%** |  |  |
| AmerisourceBergen Corp. | 435 | 72084 |
| Cardinal Health, Inc. | 897 | 68952 |
| Centene Corp. (a) | 2318 | 190099 |
| CVS Health Corp. | 1214 | 113133 |
| Elevance Health, Inc. | 501 | 256998 |
| Humana, Inc. | 478 | 244827 |
| McKesson Corp. | 176 | 66021 |
| UnitedHealth Group, Inc. | 681 | 361053 |
|  |  | 1373167 |
| **Household Durables - 6.40%** |  |  |
| D.R. Horton, Inc. | 2162 | 192721 |
| KB Home | 1606 | 51151 |
| Lennar Corp. - Class A | 1293 | 117017 |
| MDC Holdings, Inc. | 2147 | 67845 |
| Meritage Homes Corp. (a) | 923 | 85101 |
| PulteGroup, Inc. | 3274 | 149065 |
| Taylor Morrison Home Corp. (a) | 2467 | 74873 |
| Toll Brothers, Inc. | 1987 | 99191 |
|  |  | 836964 |
| **Insurance - 7.02%** |  |  |
| Arch Capital Group, Ltd. (a)(b) | 2037 | 127883 |
| Axis Capital Holdings, Ltd. (b) | 1087 | 58883 |
| Chubb, Ltd. (b) | 969 | 213761 |
| Reinsurance Group of America, Inc. | 800 | 113672 |
| The Allstate Corp. | 765 | 103734 |
| The Travelers Cos, Inc. | 1134 | 212614 |
| W.R. Berkley Corp. | 1209 | 87737 |
|  |  | 918284 |
| **IT Services - 2.47%** |  |  |
| Mastercard, Inc. - Class A | 519 | 180472 |
| Visa, Inc. - Class A | 689 | 143147 |
|  |  | 323619 |
| **Life Sciences Tools & Services - 2.52%** |  |  |
| Danaher Corp. | 634 | 168276 |
| Thermo Fisher Scientific, Inc. | 293 | 161352 |
|  |  | 329628 |
| **Machinery - 3.22%** |  |  |
| AGCO Corp. | 414 | 57418 |
| Allison Transmission Holdings, Inc. | 1254 | 52166 |
| Caterpillar, Inc. | 405 | 97022 |
| Deere & Co. | 216 | 92612 |
| PACCAR, Inc. | 675 | 66805 |
| Terex Corp. | 1279 | 54639 |
|  |  | 420662 |
| **Metals & Mining - 5.21%** |  |  |
| Rio Tinto PLC - LN Shares - ADR | 2694 | 191813 |
| Southern Copper Corp. (b) | 2767 | 167099 |
| Steel Dynamics, Inc. | 1084 | 105907 |
| Teck Resources, Ltd. - Class B (b) | 3214 | 121553 |
| United States Steel Corp. | 3777 | 94614 |
|  |  | 680986 |
| **Multiline Retail - 2.67%** |  |  |
| Target Corp. | 2341 | 348903 |
| **Oil, Gas & Consumable Fuels - 12.10%** |  |  |
| APA Corp. | 3227 | 150636 |
| BP PLC - ADR | 4890 | 170808 |
| California Resources Corp. | 1696 | 73793 |
| Chord Energy Corp. | 617 | 84412 |
| EOG Resources, Inc. | 1282 | 166045 |
| Equinor ASA - ADR | 4261 | 152586 |
| Exxon Mobil Corp. | 2176 | 240013 |
| Imperial Oil, Ltd. | 2183 | 106399 |
| Marathon Oil Corp. | 5289 | 143173 |
| Shell PLC - ADR | 3126 | 178026 |
| Suncor Energy, Inc. (b) | 3119 | 98966 |
| Woodside Energy Group, Ltd. - ADR | 731 | 17697 |
|  |  | 1582554 |
| **Paper & Forest Products - 1.54%** |  |  |
| Louisiana-Pacific Corp. | 1962 | 116150 |
| West Fraser Timber Co Ltd. (b) | 1183 | 85519 |
|  |  | 201669 |
| **Pharmaceuticals - 3.70%** |  |  |
| Johnson & Johnson | 1180 | 208447 |
| Merck & Co., Inc. | 2480 | 275156 |
|  |  | 483603 |
| **Semiconductors & Semiconductor Equipment - 7.64%** |  |  |
| Applied Materials, Inc. | 2468 | 240334 |
| KLA Corp. | 509 | 191908 |
| Lam Research Corp. | 725 | 304717 |
| MKS Instruments, Inc. | 938 | 79477 |
| SolarEdge Technologies, Inc. (a)(b) | 643 | 182143 |
|  |  | 998579 |
| **Software - 3.87%** |  |  |
| Adobe, Inc. (a) | 297 | 99949 |
| Microsoft Corp. | 1696 | 406735 |
|  |  | 506684 |
| **Specialty Retail - 2.89%** |  |  |
| AutoNation, Inc. (a) | 907 | 97321 |
| Penske Automotive Group, Inc. | 1064 | 122285 |
| The Home Depot, Inc. | 286 | 90336 |
| Williams-Sonoma, Inc. | 593 | 68148 |
|  |  | 378090 |
| **Technology Hardware, Storage & Peripherals - 2.73%** |  |  |
| Apple, Inc. | 2752 | 357567 |
| **Trading Companies & Distributors - 2.81%** |  |  |
| MSC Industrial Direct Co., Inc. - Class A | 516 | 42157 |
| Triton International, Ltd. (b) | 1016 | 69880 |
| United Rentals, Inc. (a) | 471 | 167403 |
| WESCO International, Inc. (a) | 698 | 87390 |
|  |  | 366830 |
| TOTAL COMMON STOCKS (Cost $9,505,094) |  | 12964577 |
| **SHORT-TERM INVESTMENTS - 0.98%** |  |  |
| **Money Market Funds - 0.98%** |  |  |
| Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 4.06% (c) | 127426 | 127426 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $127,426) |  | 127426 |
| **Total Investments (Cost $9,632,520) - 100.12%** |  | 13092003 |
| **Liabilities in Excess of Other Assets - (0.12)%** |  | (15447) |
| **TOTAL NET ASSETS - 100.00%** |  | $13076556 |
| 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<sup>®</sup>) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC. | The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial services LLC ("S&P"). GICS<sup>®</sup> 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**<br>

---

| |
|:---|
| **Summary of Fair Value Exposure at December 31, 2022 (Unaudited)**<br> &nbsp;&nbsp;&nbsp;&nbsp; |
| 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 | $12964577 | $– | $– | $12964577 |
| Short-Term Investments | 127426 | – | – | 127426 |
| Total Investments in Securities | $13092003 | $– | $– | $13092003 |
| The Fund did not invest in any Level 3 securities during the period. |  |  |  |  |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Leuthold Funds Inc

- **b. Investment Company Act file number:** 811-09094

- **c. CIK number of Registrant:** 0001000351

- **d. LEI of Registrant:** 5493003DRVWH4DTZGC15

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 150 S. Fifth Street

  - **City:** Minneapolis

  - **State:** MN

  - **Foreign country:** US

  - **Zip / Postal Code:** 55402

  - **Telephone number:** 612-332-9141

**Item A.2. Information about the Series.**

- **a. Name of Series:** Leuthold Select Industries Fund

- **b. EDGAR series identifier (if any):** S000000848

- **c. LEI of Series:** 549300Q4O2KEW530L319

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $13137774.09

**Total Liabilities:** $44003.35

**Net Assets:** $13093770.74

**Cash Not Reported:** $254.48

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000002463 | 10.98%               | 6.79%                | -4.72%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-24385.82               | $1311588.28                                |
| Month 2  | $124435.20               | $766565.58                                 |
| Month 3  | $249112.11               | $-915107.21                                |

### Schedule of Portfolio Investments

| Name                           | Title                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ABM Industries Inc             | ABM Industries Inc                         | CUSIP: 000957100<br>LEI: QF02R89VEIOROM77J447 | Long             | EC               | CORP              | US        |      1500 | NS      | $66630.00     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| AGCO Corp                      | AGCO Corp                                  | CUSIP: 001084102<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | EC               | CORP              | US        |       414 | NS      | $57417.66     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories            | Abbott Laboratories                        | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |      1433 | NS      | $157329.07    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                     | AbbVie Inc                                 | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      1373 | NS      | $221890.53    | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                      | Adobe Inc                                  | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |       297 | NS      | $99949.41     | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Albertsons Cos Inc             | Albertsons Cos Inc                         | CUSIP: 013091103<br>LEI: 549300YKWOC0AOR16R51 | Long             | EC               | CORP              | US        |      2299 | NS      | $47681.26     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                 | Merck & Co Inc                             | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |      2480 | NS      | $275156.00    | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Meritage Homes Corp            | Meritage Homes Corp                        | CUSIP: 59001A102<br>LEI: 52990044W9UMFJO2FB97 | Long             | EC               | CORP              | US        |       923 | NS      | $85100.60     | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp                             | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      1696 | NS      | $406734.72    | 3.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Molson Coors Beverage Co       | Molson Coors Beverage Co                   | CUSIP: 60871R209<br>LEI: 54930073LBBH6ZCBE225 | Long             | EC               | CORP              | US        |      1022 | NS      | $52653.44     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Chord Energy Corp              | Chord Energy Corp                          | CUSIP: 674215207<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | EC               | CORP              | US        |       617 | NS      | $84411.77     | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| PACCAR Inc                     | PACCAR Inc                                 | CUSIP: 693718108<br>LEI: KDTEY8BWE486IKZ3CC07 | Long             | EC               | CORP              | US        |       675 | NS      | $66804.75     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Penske Automotive Group Inc    | Penske Automotive Group Inc                | CUSIP: 70959W103<br>LEI: 549300W7UTQ0M4C7LB15 | Long             | EC               | CORP              | US        |      1064 | NS      | $122285.52    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo Inc                    | PepsiCo Inc                                | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |       517 | NS      | $93401.22     | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| PulteGroup Inc                 | PulteGroup Inc                             | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3274 | NS      | $149065.22    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Regeneron Pharmaceuticals Inc  | Regeneron Pharmaceuticals Inc              | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |       148 | NS      | $106780.52    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Reinsurance Group of America I | Reinsurance Group of America Inc           | CUSIP: 759351604<br>LEI: LORM1GNEU1DKEW527V90 | Long             | EC               | CORP              | US        |       800 | NS      | $113672.00    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Allison Transmission Holdings  | Allison Transmission Holdings Inc          | CUSIP: 01973R101<br>LEI: 529900RP7DJ882LI9T83 | Long             | EC               | CORP              | US        |      1254 | NS      | $52166.40     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Allstate Corp/The              | Allstate Corp/The                          | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |       765 | NS      | $103734.00    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| AmerisourceBergen Corp         | AmerisourceBergen Corp                     | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |       435 | NS      | $72083.85     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Anheuser-Busch InBev SA/NV     | Anheuser-Busch InBev SA/NV                 | CUSIP: 03524A108<br>LEI: 5493008H3828EMEXB082 | Long             | EC               | CORP              | BE        |      1109 | NS      | $66584.36     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc            | Elevance Health Inc                        | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |       501 | NS      | $256997.97    | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| APA Corp                       | APA Corp                                   | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               | CORP              | US        |      3227 | NS      | $150636.36    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                      | Apple Inc                                  | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |      2752 | NS      | $357567.36    | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc          | Applied Materials Inc                      | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |      2468 | NS      | $240333.84    | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Archer-Daniels-Midland Co      | Archer-Daniels-Midland Co                  | CUSIP: 039483102<br>LEI: 549300LO13MQ9HYSTR83 | Long             | EC               | CORP              | US        |      1020 | NS      | $94707.00     | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlas Air Worldwide Holdings I | Atlas Air Worldwide Holdings Inc           | CUSIP: 049164205<br>LEI: 549300R0A2TUVCYZB465 | Long             | EC               | CORP              | US        |      1163 | NS      | $117230.40    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoNation Inc                 | AutoNation Inc                             | CUSIP: 05329W102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       907 | NS      | $97321.10     | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| BJ's Wholesale Club Holdings I | BJ's Wholesale Club Holdings Inc           | CUSIP: 05550J101<br>LEI: 549300UCIWH1C93V0J03 | Long             | EC               | CORP              | US        |      2809 | NS      | $185843.44    | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| BP PLC                         | BP PLC                                     | CUSIP: 055622104<br>LEI: 213800LH1BZH3DI6G760 | Long             | EC               | CORP              | GB        |      4890 | NS      | $170807.70    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| W R Berkley Corp               | W R Berkley Corp                           | CUSIP: 084423102<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EC               | CORP              | US        |      1209 | NS      | $87737.13     | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| CH Robinson Worldwide Inc      | CH Robinson Worldwide Inc                  | CUSIP: 12541W209<br>LEI: 529900WNWN5L0OVDHA79 | Long             | EC               | CORP              | US        |      1007 | NS      | $92200.92     | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                | CVS Health Corp                            | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |      1214 | NS      | $113132.66    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| California Resources Corp      | California Resources Corp                  | CUSIP: 13057Q305<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | EC               | CORP              | US        |      1696 | NS      | $73792.96     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health Inc            | Cardinal Health Inc                        | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |       897 | NS      | $68952.39     | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar Inc                | Caterpillar Inc                            | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |       405 | NS      | $97021.80     | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Centene Corp                   | Centene Corp                               | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |      2318 | NS      | $190099.18    | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Clean Harbors Inc              | Clean Harbors Inc                          | CUSIP: 184496107<br>LEI: 5493000SJVZVZJKHJF48 | Long             | EC               | CORP              | US        |       569 | NS      | $64934.28     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Corning Inc                    | Corning Inc                                | CUSIP: 219350105<br>LEI: 549300X2937PB0CJ7I56 | Long             | EC               | CORP              | US        |      2408 | NS      | $76911.52     | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corp          | Costco Wholesale Corp                      | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |       505 | NS      | $230532.50    | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| DR Horton Inc                  | DR Horton Inc                              | CUSIP: 23331A109<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | EC               | CORP              | US        |      2162 | NS      | $192720.68    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corp                   | Danaher Corp                               | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |       634 | NS      | $168276.28    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Deere & Co                     | Deere & Co                                 | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |       216 | NS      | $92612.16     | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Diageo PLC                     | Diageo PLC                                 | CUSIP: 25243Q205<br>LEI: 213800ZVIELEA55JMJ32 | Long             | EC               | CORP              | GB        |       363 | NS      | $64682.97     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc              | EOG Resources Inc                          | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |      1282 | NS      | $166044.64    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinor ASA                    | Equinor ASA                                | CUSIP: 29446M102<br>LEI: OW6OFBNCKXC4US5C7523 | Long             | EC               | CORP              | NO        |      4261 | NS      | $152586.41    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Expeditors International of Wa | Expeditors International of Washington Inc | CUSIP: 302130109<br>LEI: 984500B055A804AB6E40 | Long             | EC               | CORP              | US        |       919 | NS      | $95502.48     | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp               | Exxon Mobil Corp                           | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |      2176 | NS      | $240012.80    | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio  | Fidelity Government Portfolio              | CUSIP: 316175108<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    127426 | NS      | $127425.95    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The             | Home Depot Inc/The                         | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |       286 | NS      | $90335.96     | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Hub Group Inc                  | Hub Group Inc                              | CUSIP: 443320106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1032 | NS      | $82033.68     | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Humana Inc                     | Humana Inc                                 | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |       478 | NS      | $244826.82    | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Imperial Oil Ltd               | Imperial Oil Ltd                           | CUSIP: 453038408<br>LEI: 549300JZNB745JT5WY51 | Long             | EC               | CORP              | CA        |      2183 | NS      | $106399.42    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Jabil Inc                      | Jabil Inc                                  | CUSIP: 466313103<br>LEI: 5493000CGCQY2OQU7669 | Long             | EC               | CORP              | US        |      1205 | NS      | $82181.00     | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson              | Johnson & Johnson                          | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      1180 | NS      | $208447.00    | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corp                       | KLA Corp                                   | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |       509 | NS      | $191908.27    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| KB Home                        | KB Home                                    | CUSIP: 48666K109<br>LEI: 549300LGUCWQURMWLG09 | Long             | EC               | CORP              | US        |      1606 | NS      | $51151.10     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Keurig Dr Pepper Inc           | Keurig Dr Pepper Inc                       | CUSIP: 49271V100<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | EC               | CORP              | US        |      1810 | NS      | $64544.60     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Kroger Co/The                  | Kroger Co/The                              | CUSIP: 501044101<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | EC               | CORP              | US        |      1871 | NS      | $83409.18     | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| LKQ Corp                       | LKQ Corp                                   | CUSIP: 501889208<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | EC               | CORP              | US        |      2601 | NS      | $138919.41    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corp              | Lam Research Corp                          | CUSIP: 512807108<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |       725 | NS      | $304717.50    | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennar Corp                    | Lennar Corp                                | CUSIP: 526057104<br>LEI: 529900G61XVRLX5TJX09 | Long             | EC               | CORP              | US        |      1293 | NS      | $117016.50    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Louisiana-Pacific Corp         | Louisiana-Pacific Corp                     | CUSIP: 546347105<br>LEI: 549300C7E2UAO5BVRR75 | Long             | EC               | CORP              | US        |      1962 | NS      | $116150.40    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| MDC Holdings Inc               | MDC Holdings Inc                           | CUSIP: 552676108<br>LEI: 5299005FV4VNV75R8R35 | Long             | EC               | CORP              | US        |      2147 | NS      | $67845.20     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| MGP Ingredients Inc            | MGP Ingredients Inc                        | CUSIP: 55303J106<br>LEI: 2549006OMHFVZ4MS8538 | Long             | EC               | CORP              | US        |       472 | NS      | $50211.36     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| MKS Instruments Inc            | MKS Instruments Inc                        | CUSIP: 55306N104<br>LEI: 549300KEQATBHAGVF505 | Long             | EC               | CORP              | US        |       938 | NS      | $79476.74     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| MSC Industrial Direct Co Inc   | MSC Industrial Direct Co Inc               | CUSIP: 553530106<br>LEI: 0XVKH0LN6YGOWO2EGO17 | Long             | EC               | CORP              | US        |       516 | NS      | $42157.20     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Oil Corp              | Marathon Oil Corp                          | CUSIP: 565849106<br>LEI: 1FRVQX2CRLGC1XLP5727 | Long             | EC               | CORP              | US        |      5289 | NS      | $143173.23    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                 | Mastercard Inc                             | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |       519 | NS      | $180471.87    | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corp                  | McKesson Corp                              | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |       176 | NS      | $66021.12     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic Services Inc          | Republic Services Inc                      | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |      1010 | NS      | $130279.90    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Rio Tinto PLC                  | Rio Tinto PLC                              | CUSIP: 767204100<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |      2694 | NS      | $191812.80    | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                      | Shell PLC                                  | CUSIP: 780259305<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |      3126 | NS      | $178025.70    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| SolarEdge Technologies Inc     | SolarEdge Technologies Inc                 | CUSIP: 83417M104<br>LEI: 5493000K6Y58XXPDF853 | Long             | EC               | CORP              | IL        |       643 | NS      | $182142.61    | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Copper Corp           | Southern Copper Corp                       | CUSIP: 84265V105<br>LEI: 2549007U6NAP46Q9TU15 | Long             | EC               | CORP              | MX        |      2767 | NS      | $167099.13    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Steel Dynamics Inc             | Steel Dynamics Inc                         | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |      1084 | NS      | $105906.80    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Suncor Energy Inc              | Suncor Energy Inc                          | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |      3119 | NS      | $98965.87     | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Target Corp                    | Target Corp                                | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |      2341 | NS      | $348902.64    | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Taylor Morrison Home Corp      | Taylor Morrison Home Corp                  | CUSIP: 87724P106<br>LEI: 5299009UDLLGLKOOJE30 | Long             | EC               | CORP              | US        |      2467 | NS      | $74873.45     | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Teck Resources Ltd             | Teck Resources Ltd                         | CUSIP: 878742204<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | EC               | CORP              | CA        |      3214 | NS      | $121553.48    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Terex Corp                     | Terex Corp                                 | CUSIP: 880779103<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | EC               | CORP              | US        |      1279 | NS      | $54638.88     | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc   | Thermo Fisher Scientific Inc               | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |       293 | NS      | $161352.17    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Toll Brothers Inc              | Toll Brothers Inc                          | CUSIP: 889478103<br>LEI: 529900JB6IS9MSZGVR44 | Long             | EC               | CORP              | US        |      1987 | NS      | $99191.04     | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Travelers Cos Inc/The          | Travelers Cos Inc/The                      | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |      1134 | NS      | $212613.66    | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| United Parcel Service Inc      | United Parcel Service Inc                  | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |       697 | NS      | $121166.48    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| United Rentals Inc             | United Rentals Inc                         | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |       471 | NS      | $167402.82    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Steel Corp       | United States Steel Corp                   | CUSIP: 912909108<br>LEI: JNLUVFYJT1OZSIQ24U47 | Long             | EC               | CORP              | US        |      3777 | NS      | $94613.85     | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc         | UnitedHealth Group Inc                     | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |       681 | NS      | $361052.58    | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                       | Visa Inc                                   | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |       689 | NS      | $143146.64    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                    | Walmart Inc                                | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |       969 | NS      | $137394.51    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Management Inc           | Waste Management Inc                       | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Long             | EC               | CORP              | US        |       836 | NS      | $131151.68    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| WESCO International Inc        | WESCO International Inc                    | CUSIP: 95082P105<br>LEI: 529900TXOGREY3WNJ434 | Long             | EC               | CORP              | US        |       698 | NS      | $87389.60     | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| West Fraser Timber Co Ltd      | West Fraser Timber Co Ltd                  | CUSIP: 952845105<br>LEI: 5493005WD1ZK6WBVR988 | Long             | EC               | CORP              | CA        |      1183 | NS      | $85519.07     | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams-Sonoma Inc            | Williams-Sonoma Inc                        | CUSIP: 969904101<br>LEI: 549300IARG6YWVTZ1I92 | Long             | EC               | CORP              | US        |       593 | NS      | $68147.56     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Woodside Energy Group Ltd      | Woodside Energy Group Ltd                  | CUSIP: 980228308<br>LEI: 2549005ZC5RXAOO7FH41 | Long             | EC               | CORP              | AU        |       731 | NS      | $17697.51     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Arch Capital Group Ltd         | Arch Capital Group Ltd                     | CUSIP: N/A<br>LEI: 549300AYR4P8AFKDCE43       | Long             | EC               | CORP              | BM        |      2037 | NS      | $127882.86    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Axis Capital Holdings Ltd      | Axis Capital Holdings Ltd                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BM        |      1087 | NS      | $58882.79     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Triton International Ltd       | Triton International Ltd                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BM        |      1016 | NS      | $69880.48     | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd                      | Chubb Ltd                                  | CUSIP: N/A<br>LEI: E0JAN6VLUDI1HITHT809       | Long             | EC               | CORP              | CH        |       969 | NS      | $213761.40    | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-22

**Name of Applicant:** Leuthold Funds Inc

**Signature:** /s/ Roger Peters

**Name of Signer:** Roger Peters

**Title:** Chief Compliance Officer