# EDGAR Filing Document

**Accession Number:** 0001000351
**File Stem:** 0001145549-23-008524
**Filing Date:** 2023-2
**Character Count:** 18292
**Document Hash:** 69a8ca0674c1d244a4fba524229b266b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-008524.hdr.sgml**: 20230223

**ACCESSION NUMBER**: 0001145549-23-008524

**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:** 23657754

**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 Core ETF (Series ID: S000066699)

| Class ID   | Class Name        | Ticker Symbol   |
|:---|:---|:---|
| C000214945 | Leuthold Core ETF |  |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Leuthold Core ETF** | | |
| **Schedule of Investments** | | |
| **December 31, 2022 (Unaudited)** | | |
|  |<br><br>**Shares** |<br><br>**Fair Value** |
| **INVESTMENT COMPANIES - 81.12%** | | |
| **Exchange Traded Fund - 81.12%** | | |
| Direxion Daily S&P 500 Bear 1x Shares | 190802 | $3150141 |
| Fidelity MSCI Consumer Staples Index ETF | 70041 | 3138537 |
| Fidelity MSCI Energy Index ETF | 187179 | 4462347 |
| Fidelity MSCI Financials Index ETF | 30190 | 1447309 |
| Health Care Select Sector SPDR Fund | 22945 | 3117078 |
| Industrial Select Sector SPDR Fund | 6038 | 592992 |
| Invesco CurrencyShares Euro Currency Trust | 9661 | 954507 |
| Invesco CurrencyShares Japanese Yen Trust (a) | 6038 | 429302 |
| iShares 1-3 Year Treasury Bond ETF | 82117 | 6665436 |
| iShares 7-10 Year Treasury Bond ETF | 4830 | 462617 |
| iShares 20+ Year Treasury Bond ETF | 4830 | 480875 |
| iShares Gold Trust (a) | 33813 | 1169592 |
| iShares JP Morgan USD Emerging Markets Bond ETF | 3623 | 306470 |
| iShares MBS ETF | 8453 | 784016 |
| iShares MSCI Global Metals & Mining Producers ETF | 21737 | 891217 |
| iShares U.S. Healthcare Providers ETF | 10868 | 2909255 |
| iShares U.S. Home Construction ETF | 21737 | 1317371 |
| iShares U.S. Insurance ETF | 21737 | 1986762 |
| iShares U.S. Transportation ETF | 3623 | 773692 |
| SPDR Bloomberg International Corporate Bond ETF | 21737 | 602550 |
| SPDR Bloomberg International Treasury Bond ETF | 85740 | 1923148 |
| SPDR Bloomberg Short Term High Yield Bond ETF | 16907 | 409826 |
| SPDR S&P Homebuilders ETF | 9661 | 582752 |
| SPDR S&P Metals & Mining ETF | 13284 | 661676 |
| SPDR S&P Retail ETF | 12076 | 729994 |
| SPDR S&P Semiconductor ETF | 4830 | 807721 |
| Technology Select Sector SPDR Fund | 49512 | 6161272 |
| VanEck JP Morgan EM Local Currency Bond ETF | 41059 | 994860 |
| Vanguard Short-Term Inflation-Protected Securities ETF | 18114 | 846105 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $47,801,273) |  | 48759420 |
| **SHORT-TERM INVESTMENTS - 18.91%** |  |  |
| **Money Market Fund - 18.91%** |  |  |
| Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 4.06%<sup>(b)</sup> | 11365835 | 11365835 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $11,365,835) |  | 11365835 |
| **Total Investments (Cost $59,167,108) - 100.03%** |  | 60125255 |
| **Liabilities in Excess of Other Assets - (0.03)%** |  | (16255) |
| **TOTAL NET ASSETS - 100.00%** |  | $60109000 |
| Percentages are stated as a percent of net assets. |  |  |

---

---

| | |
|:---|:---|
| (a) <br>| Non-income producing security. |
| (b) <br>| 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. |

---

------

---

| |
|:---|
| **Leuthold Core ETF** |
| **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** |
| Exchange Traded Funds | $48759420 | $– | $– | $48759420 |
| Money Market Funds | 11365835 | – | – | 11365835 |
| Total Investments in Securities | $60125255 | $– | $– | $60125255 |
| 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 Core ETF

- **b. EDGAR series identifier (if any):** S000066699

- **c. LEI of Series:** 549300TJCQCU5YLMMI80

**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:** $60168615.13

**Total Liabilities:** $59615.97

**Net Assets:** $60108999.16

**Cash Not Reported:** $4980.46

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000214945 | 4.77%                | 3.52%                | -2.13%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $68083.83                | $2018229.41                                |
| Month 2  | $-24244.23               | $1960408.65                                |
| Month 3  | $-25770.35               | $-1500119.88                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Direxion Daily S&P 500 Bear 1x | Direxion Daily S&P 500 Bear 1x Shares                  | CUSIP: 25460E869<br>LEI: 549300T7XOX6HMMC6T83 | Long             | EC               | RF                | US        |    190802 | NS      | $3150141.02   | 5.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity MSCI Consumer Staples | Fidelity MSCI Consumer Staples Index ETF               | CUSIP: 316092303<br>LEI: 549300O7ZJHT2R8ULP64 | Long             | EC               | RF                | US        |     70041 | NS      | $3138537.21   | 5.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity MSCI Energy Index ETF | Fidelity MSCI Energy Index ETF                         | CUSIP: 316092402<br>LEI: N/A                  | Long             | EC               | RF                | US        |    187179 | NS      | $4462347.36   | 7.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity MSCI Financials Index | Fidelity MSCI Financials Index ETF                     | CUSIP: 316092501<br>LEI: 549300SRWT16HXDPN049 | Long             | EC               | RF                | US        |     30190 | NS      | $1447308.60   | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio  | Fidelity Government Portfolio                          | CUSIP: 316175108<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  11360855 | NS      | $11360854.71  | 18.90%            |  |  |  | No            |                  1 | On Loan: No      |
| Invesco CurrencyShares Euro Cu | Invesco CurrencyShares Euro Currency Trust             | CUSIP: 46138K103<br>LEI: N/A                  | Long             | EC               | RF                | US        |      9661 | NS      | $954506.80    | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco CurrencyShares Japanes | Invesco CurrencyShares Japanese Yen Trust              | CUSIP: 46138W107<br>LEI: 5493003KFLKC801EII42 | Long             | EC               | RF                | US        |      6038 | NS      | $429301.80    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Gold Trust             | iShares Gold Trust                                     | CUSIP: 464285204<br>LEI: 5493006UOY7GXQW0IP42 | Long             | EC               | RF                | US        |     33813 | NS      | $1169591.67   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares US Transportation ETF  | iShares US Transportation ETF                          | CUSIP: 464287192<br>LEI: 54930060GGS23N7A3X92 | Long             | EC               | RF                | US        |      3623 | NS      | $773691.65    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares 20+ Year Treasury Bond | iShares 20+ Year Treasury Bond ETF                     | CUSIP: 464287432<br>LEI: 549300WWURKS1JGBZU59 | Long             | EC               | RF                | US        |      4830 | NS      | $480874.80    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares 7-10 Year Treasury Bon | iShares 7-10 Year Treasury Bond ETF                    | CUSIP: 464287440<br>LEI: 549300XS1PPZG92M8L16 | Long             | EC               | RF                | US        |      4830 | NS      | $462617.40    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares 1-3 Year Treasury Bond | iShares 1-3 Year Treasury Bond ETF                     | CUSIP: 464287457<br>LEI: 549300W0WX9TL4G6HM56 | Long             | EC               | RF                | US        |     82117 | NS      | $6665436.89   | 11.09%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares JP Morgan USD Emerging | iShares JP Morgan USD Emerging Markets Bond ETF        | CUSIP: 464288281<br>LEI: 54930070R8WH6MNUJG74 | Long             | EC               | RF                | US        |      3623 | NS      | $306469.57    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MBS ETF                | iShares MBS ETF                                        | CUSIP: 464288588<br>LEI: 549300M0TH0IE2E6RP07 | Long             | EC               | RF                | US        |      8453 | NS      | $784015.75    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares U.S. Home Construction | iShares U.S. Home Construction ETF                     | CUSIP: 464288752<br>LEI: 549300E4UYBNT92O5488 | Long             | EC               | RF                | US        |     21737 | NS      | $1317370.89   | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares U.S. Insurance ETF     | iShares U.S. Insurance ETF                             | CUSIP: 464288786<br>LEI: 549300DCQ1HNSMVDSM98 | Long             | EC               | RF                | US        |     21737 | NS      | $1986761.80   | 3.31%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares U.S. Healthcare Provid | iShares U.S. Healthcare Providers ETF                  | CUSIP: 464288828<br>LEI: N/A                  | Long             | EC               | RF                | US        |     10868 | NS      | $2909254.92   | 4.84%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI Global Metals & M | iShares MSCI Global Metals & Mining Producers ETF      | CUSIP: 46434G848<br>LEI: 549300P22YCPXTDJWG70 | Long             | EC               | RF                | US        |     21737 | NS      | $891217.00    | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Bloomberg International C | SPDR Bloomberg International Corporate Bond ETF        | CUSIP: 78464A151<br>LEI: 549300V3SXQ5D61UEN24 | Long             | EC               | RF                | US        |     21737 | NS      | $602549.64    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Bloomberg International T | SPDR Bloomberg International Treasury Bond ETF         | CUSIP: 78464A516<br>LEI: 549300XTV2KNHC0UDP69 | Long             | EC               | RF                | US        |     85740 | NS      | $1923148.20   | 3.20%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR S&P Retail ETF            | SPDR S&P Retail ETF                                    | CUSIP: 78464A714<br>LEI: 549300HHG63HQV071458 | Long             | EC               | RF                | US        |     12076 | NS      | $729994.20    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR S&P Metals & Mining ETF   | SPDR S&P Metals & Mining ETF                           | CUSIP: 78464A755<br>LEI: 5493008LMBT3IECLIE27 | Long             | EC               | RF                | US        |     13284 | NS      | $661676.04    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR S&P Semiconductor ETF     | SPDR S&P Semiconductor ETF                             | CUSIP: 78464A862<br>LEI: 549300BYZ3JA8JJMEJ82 | Long             | EC               | RF                | US        |      4830 | NS      | $807720.90    | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR S&P Homebuilders ETF      | SPDR S&P Homebuilders ETF                              | CUSIP: 78464A888<br>LEI: 549300MSE80LL1UJS132 | Long             | EC               | RF                | US        |      9661 | NS      | $582751.52    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Bloomberg Short Term High | SPDR Bloomberg Short Term High Yield Bond ETF          | CUSIP: 78468R408<br>LEI: 549300YI2V5ELVW58659 | Long             | EC               | RF                | US        |     16907 | NS      | $409825.68    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Health Care Select Sector SPDR | Health Care Select Sector SPDR Fund                    | CUSIP: 81369Y209<br>LEI: 549300EJNY3KKJHPOY44 | Long             | EC               | RF                | US        |     22945 | NS      | $3117078.25   | 5.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Industrial Select Sector SPDR  | Industrial Select Sector SPDR Fund                     | CUSIP: 81369Y704<br>LEI: 549300HQI51T8KP6U325 | Long             | EC               | RF                | US        |      6038 | NS      | $592991.98    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Technology Select Sector SPDR  | Technology Select Sector SPDR Fund                     | CUSIP: 81369Y803<br>LEI: 549300BR5T0JNM2MW070 | Long             | EC               | RF                | US        |     49512 | NS      | $6161273.28   | 10.25%            |  |  |  | No            |                  1 | On Loan: No      |
| VanEck J. P. Morgan EM Local C | VanEck J. P. Morgan EM Local Currency Bond ETF         | CUSIP: 92189H300<br>LEI: 549300CNWPR88MZBEA63 | Long             | EC               | RF                | US        |     41059 | NS      | $994859.57    | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Short-Term Inflation- | Vanguard Short-Term Inflation-Protected Securities ETF | CUSIP: 922020805<br>LEI: N/A                  | Long             | EC               | RF                | US        |     18114 | NS      | $846104.94    | 1.41%             |  |  |  | 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