NPORT-EX 2 grizzly.htm LEUTHOLD GRIZZLY SHORT FUND - 06/30/23 PART F

Leuthold Grizzly Short Fund
            
Schedule of Investments
            
June 30, 2023 (Unaudited)
            
             
   
Shares
    
Fair Value
  
SHORT-TERM INVESTMENTS - 59.76%
            
Money Market Funds - 59.76%
            
Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 4.985% (a)(b)
    
68,526,652
    
$
68,526,652
  
                 
TOTAL SHORT-TERM INVESTMENTS (Cost $68,526,652)
          
$
68,526,652
  
   
Principal Amount
          
UNITED STATES TREASURY OBLIGATIONS - 17.17%
                
United States Treasury Bill
                
5.243%, 10/17/2023 (c)(d)
  
$
20,000,000
    
$
19,693,115
  
                 
TOTAL UNITED STATES TREASURY OBLIGATIONS (Cost $19,690,400)
          
$
19,693,115
  
                 
Total Investments (Cost $88,217,052) - 76.93%
          
$
88,219,767
  
Other Assets in Excess of Liabilities - 23.07%
            
26,449,548
  
TOTAL NET ASSETS - 100.00%
          
$
114,669,315
  

Percentages are stated as a percent of net assets.
      
 
        
(a) 
The rate quoted is the annualized seven-day effective yield as of June 30, 2023.
      
(b) 
All or a portion of the assets have been committed as collateral for open securities sold short.
    
(c) 
Rate represents the annualized effective yield to maturity from the purchase price.
    
(d) 
Zero coupon 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 Grizzly Short Fund
            
Schedule of Securities Sold Short - (a)
            
June 30, 2023 (Unaudited)
            
   
Shares
    
Fair Value
  
COMMON STOCKS - 78.48%
            
Aerospace & Defense - 2.28%
            
Kratos Defense & Security Solutions, Inc.
    
50,219
    
$
720,140
  
L3Harris Technologies, Inc.
    
5,954
      
1,165,615
  
Leonardo DRS, Inc.
    
42,164
      
731,124
  
             
2,616,879
  
Air Freight & Logistics - 0.76%
                
GXO Logistics, Inc.
    
13,808
      
867,419
  
                 
Automobile Components - 1.57%
                
Dorman Products, Inc.
    
7,818
      
616,293
  
Gentherm, Inc.
    
10,271
      
580,414
  
The Goodyear Tire & Rubber Co.
    
43,973
      
601,551
  
             
1,798,258
  
Automobiles - 1.31%
                
Tesla, Inc.
    
5,724
      
1,498,371
  
                 
Banks - 1.76%
                
First Financial Bankshares, Inc.
    
22,931
      
653,304
  
Home BancShares Inc/AR
    
31,032
      
707,530
  
Seacoast Banking Corp of Florida
    
29,964
      
662,204
  
             
2,023,038
  
Beverages - 1.14%
                
Constellation Brands, Inc. - Class 1
    
5,328
      
1,311,381
  
                 
Broadline Retail - 2.48%
                
Amazon.com, Inc.
    
11,333
      
1,477,370
  
Coupang, Inc. - Class A
    
78,283
      
1,362,124
  
             
2,839,494
  
Building Products - 1.23%
                
Trex Co., Inc.
    
11,942
      
782,918
  
Zurn Elkay Water Solutions Corp.
    
23,361
      
628,177
  
             
1,411,095
  
Capital Markets - 7.84%
                
Blackstone, Inc.
    
14,629
      
1,360,058
  
Blue Owl Capital, Inc. - Class A
    
52,088
      
606,825
  
Brookfield Corp. - Class A (b)
    
47,343
      
1,593,092
  
Cohen & Steers, Inc.
    
10,966
      
635,919
  
Intercontinental Exchange, Inc.
    
14,554
      
1,645,766
  
KKR & Co., Inc.
    
22,512
      
1,260,672
  
PJT Partners, Inc. - Class A
    
8,974
      
624,950
  
The Charles Schwab Corp.
    
22,293
      
1,263,567
  
             
8,990,849
  
Chemicals - 4.39%
                
Albemarle Corp.
    
5,873
      
1,310,208
  
Avient Corp.
    
15,079
      
616,731
  
Diversey Holdings, Ltd.
    
86,809
      
728,327
  
Ecolab, Inc.
    
5,621
      
1,049,384
  
International Flavors & Fragrances, Inc.
    
8,991
      
715,594
  
Stepan Co.
    
6,453
      
616,649
  
             
5,036,893
  
Commercial Services & Supplies - 0.55%
                
Driven Brands Holdings, Inc.
    
23,425
      
633,881
  
                 
Consumer Staples Distribution - 1.06%
                
Sysco Corp.
    
16,387
      
1,215,915
  
                 
Containers & Packaging - 1.89%
                
Ball Corp.
    
25,738
      
1,498,209
  
Crown Holdings, Inc.
    
7,647
      
664,295
  
             
2,162,504
  
Diversified Consumer Services - 0.99%
                
Coursera, Inc.
    
30,837
      
401,498
  
Mister Car Wash, Inc.
    
76,107
      
734,432
  
             
1,135,930
  
Electrical Equipment - 0.94%
                
Ballard Power Systems, Inc. (b)
    
109,900
      
479,164
  
Vicor Corp.
    
11,186
      
604,044
  
             
1,083,208
  
Electronic Equipment, Instruments & Components - 1.70%
                
Coherent Corp.
    
11,310
      
576,584
  
Zebra Technologies Corp.
    
4,645
      
1,374,130
  
             
1,950,714
  
Energy Equipment & Services - 0.54%
                
Helmerich & Payne, Inc.
    
17,333
      
614,455
  
                 
Entertainment - 1.35%
                
Take-Two Interactive Software, Inc.
    
10,489
      
1,543,561
  
                 
Financial Services - 0.53%
                
Jack Henry & Associates, Inc.
    
3,648
      
610,420
  
                 
Food Products - 1.78%
                
J & J Snack Foods Corp.
    
4,610
      
730,040
  
McCormick & Co., Inc.
    
15,002
      
1,308,624
  
             
2,038,664
  
Health Care Equipment & Supplies - 3.13%
                
Neogen Corp.
    
27,840
      
605,520
  
ResMed, Inc.
    
7,360
      
1,608,160
  
STERIS PLC - ADR
    
6,103
      
1,373,053
  
             
3,586,733
  
Health Care Providers & Services - 1.25%
                
Guardant Health, Inc.
    
16,200
      
579,960
  
R1 RCM, Inc.
    
46,350
      
855,158
  
             
1,435,118
  
Health Care Technology - 1.01%
                
Veeva Systems, Inc. - Class A
    
5,856
      
1,157,907
  
                 
Hotels, Restaurants & Leisure - 1.46%
                
Caesars Entertainment, Inc.
    
16,449
      
838,405
  
Norwegian Cruise Line Holdings, Ltd.
    
38,628
      
840,932
  
             
1,679,337
  
Household Durables - 1.17%
                
Newell Brands, Inc.
    
73,202
      
636,857
  
Sonos, Inc.
    
42,876
      
700,165
  
             
1,337,022
  
Household Products - 0.57%
                
WD-40 Co.
    
3,473
      
655,181
  
                 
Insurance - 1.54%
                
Cincinnati Financial Corp.
    
12,243
      
1,191,489
  
Palomar Holdings, Inc.
    
9,993
      
579,993
  
             
1,771,482
  
IT Services - 0.53%
                
Globant SA
    
3,400
      
611,048
  
                 
Leisure Products - 1.69%
                
Hasbro, Inc.
    
10,696
      
692,780
  
Mattel, Inc.
    
33,678
      
658,068
  
Topgolf Callaway Brands Corp.
    
29,384
      
583,272
  
             
1,934,120
  
Life Sciences Tools & Services - 1.06%
                
Bio-Techne Corp.
    
7,481
      
610,674
  
Illumina, Inc.
    
3,198
      
599,593
  
             
1,210,267
  
Machinery - 1.20%
                
Kornit Digital, Ltd. (b)
    
20,976
      
616,065
  
Stanley Black & Decker, Inc.
    
8,107
      
759,707
  
             
1,375,772
  
Metals & Mining - 1.49%
                
Alcoa Corp.
    
13,544
      
459,548
  
Compass Minerals International, Inc.
    
17,792
      
604,928
  
Royal Gold, Inc.
    
5,649
      
648,392
  
             
1,712,868
  
Multi-Utilities - 2.03%
                
CMS Energy Corp.
    
20,012
      
1,175,705
  
Dominion Energy, Inc.
    
22,253
      
1,152,483
  
             
2,328,188
  
Oil, Gas & Consumable Fuels - 2.33%
                
Cameco Corp. (b)
    
28,115
      
880,843
  
Cenovus Energy, Inc. (b)
    
72,720
      
1,234,786
  
New Fortress Energy, Inc.
    
20,609
      
551,909
  
             
2,667,538
  
Passenger Airlines - 2.53%
                
Alaska Air Group, Inc.
    
15,054
      
800,572
  
Allegiant Travel Co.
    
6,413
      
809,834
  
Southwest Airlines Co.
    
35,763
      
1,294,978
  
             
2,905,384
  
Personal Care Products - 0.88%
                
The Estee Lauder Companies, Inc. - Class A
    
5,133
      
1,008,019
  
                 
Professional Services - 4.45%
                
Broadridge Financial Solutions, Inc.
    
8,331
      
1,379,863
  
Dun & Bradstreet Holdings, Inc.
    
53,391
      
617,734
  
Equifax, Inc.
    
5,104
      
1,200,971
  
Planet Labs PBC - Class A
    
141,162
      
454,542
  
TransUnion
    
18,464
      
1,446,285
  
             
5,099,395
  
Real Estate Investment Trusts (REITs) - 2.68%
                
Rayonier, Inc.
    
19,297
      
605,926
  
Rexford Industrial Realty, Inc.
    
10,047
      
524,654
  
Safehold, Inc.
    
19,107
      
453,409
  
Welltower, Inc.
    
18,349
      
1,484,251
  
             
3,068,240
  
Real Estate Management & Development - 0.70%
                
DigitalBridge Group, Inc. - Class A
    
54,502
      
801,724
  
                 
Semiconductors & Semiconductor Equipment - 2.85%
                
Advanced Micro Devices, Inc.
    
10,082
      
1,148,441
  
Entegris, Inc.
    
7,722
      
855,752
  
Monolithic Power Systems, Inc.
    
2,334
      
1,260,897
  
             
3,265,090
  
Software - 4.62%
                
Atlassian Corp. - Class A
    
7,337
      
1,231,222
  
Crowdstrike Holdings, Inc. - Class A
    
10,375
      
1,523,776
  
Datadog, Inc. - Class A
    
7,808
      
768,151
  
Guidewire  Software,  Inc.
    
5,334
      
405,811
  
Zscaler, Inc.
    
9,330
      
1,364,979
  
             
5,293,939
  
                 
Specialty Retail - 1.04%
                
Boot Barn Holdings, Inc.
    
7,386
      
625,520
  
National Vision Holdings, Inc.
    
23,448
      
569,552
  
             
1,195,072
  
Technology Hardware, Storage & Peripherals - 0.53%
                
Western Digital Corp.
    
16,156
      
612,797
  
                 
Textiles, Apparel & Luxury Goods - 0.51%
                
Wolverine World Wide, Inc.
    
40,034
      
588,099
  
                 
Water Utilities - 1.14%
                
American Water Works Co., Inc.
    
9,129
      
1,303,165
  
                 
TOTAL COMMON STOCKS (Proceeds $89,181,568)
          
$
89,986,434
  
                 
INVESTMENT COMPANIES - 22.19%
                
Exchange Traded Funds - 22.19%
                
Consumer Staples Select Sector SPDR Fund
    
62,781
    
$
4,656,467
  
Financial Select Sector SPDR Fund
    
113,075
      
3,811,758
  
Invesco QQQ Trust Series 1
    
13,791
      
5,094,671
  
iShares Expanded Tech-Software Sector ETF
    
6,694
      
2,315,522
  
Real Estate Select Sector SPDR Fund
    
100,025
      
3,769,942
  
SPDR S&P 500 ETF Trust
    
4,828
      
2,140,156
  
Utilities Select Sector SPDR Fund
    
55,961
      
3,662,088
  
                 
TOTAL INVESTMENT COMPANIES (Proceeds $25,071,954)
          
$
25,450,604
  
                 
TOTAL SECURITIES SOLD SHORT
                
(Proceeds $114,253,521) - 100.67%
          
$
115,437,038
  

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


Leuthold Grizzly Short Fund
              
               
Summary of Fair Value Exposure at June 30, 2023 (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 June 30, 2023:
        

Investments at Fair Value
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Money Market Funds
  
$
68,526,652
    
$
–
    
$
–
    
$
68,526,652
  
US Treasury Bill
    
–
      
19,693,115
      
–
    
$
19,693,115
  
Total Investments in Securities
  
$
68,526,652
    
$
19,693,115
    
$
–
    
$
88,219,767
  
                                 
Securities Sold Short at Fair Value
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
  
$
89,986,434
    
$
–
    
$
–
    
$
89,986,434
  
Exchange Traded Funds
    
25,450,604
      
–
      
–
      
25,450,604
  
Total Securities Sold Short
  
$
115,437,038
    
$
–
    
$
–
    
$
115,437,038