Leuthold Funds NPORT-P Grizzly Short Fund (Jun 2020 report)

Grizzly Short Fund
Schedule of Investments
June 30, 2020 (Unaudited)
	Shares		Fair Value
SHORT-TERM INVESTMENTS - 73.35%
Money Market Funds - 73.35%
Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 0.060% (a)(b)		101,221,003	$	101,221,003
TOTAL SHORT-TERM INVESTMENTS (Cost $101,221,003)			$	101,221,003
Total Investments (Cost $101,221,003) - 73.35%			$	101,221,003
Other Assets in Excess of Liabilities - (b) 26.65%				36,777,425
TOTAL NET ASSETS - 100.00%			$	137,998,428

Percentages are stated as a percent of net assets.

(a)	The rate quoted is the annualized seven-day effective yield as of June 30, 2020.
(b)	All or a portion of the assets have been committed as collateral for open securities 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.

Grizzly Short Fund
Schedule of Securities Sold Short - (a)
June 30, 2020 (Unaudited)
	Shares		Fair Value
COMMON STOCKS - 90.27%
Aerospace & Defense - 3.20%
The Boeing Co.		9,593	$	1,758,397
Cubic Corp.		14,632		702,775
TransDigm Group, Inc.		4,413		1,950,767
				4,411,939
Air Freight & Logistics - 1.81%
FedEx Corp.		17,844		2,502,086
Beverages - 2.04%
Keurig Dr Pepper, Inc.		72,910		2,070,644
Primo Water Corp.		54,299		746,611
				2,817,255
Biotechnology - 1.80%
Exact Sciences Corp.		28,588		2,485,441
Building Products - 1.68%
Lennox International, Inc.		9,977		2,324,541
Capital Markets - 0.84%
Moelis & Co. - Class A		37,223		1,159,869
Chemicals - 6.65%
Ashland Global Holdings, Inc.		35,304		2,439,506
DuPont de Nemours, Inc.		45,089		2,395,579
Livent Corp.		196,665		1,211,456
The Mosaic Co.		136,610		1,708,991
Sociedad Quimica y Minera de Chile SA - ADR		54,299		1,415,575
				9,171,107
Commercial Services & Supplies - 0.87%
US Ecology, Inc.		35,304		1,196,100
Communications Equipment - 0.45%
ViaSat, Inc.		16,309		625,776
Consumer Finance - 1.54%
American Express Co.		22,348		2,127,530
Electrical Equipment - 1.49%
Sunrun, Inc.		104,120		2,053,246
Electronic Equipment, Instruments & Components - 1.53%
Corning, Inc.		81,613		2,113,777
Energy Equipment & Services - 0.73%
Dril-Quip, Inc.		33,961	$	1,011,698
Entertainment - 2.44%
Cinemark Holdings, Inc.		119,721		1,382,778
Live Nation Entertainment, Inc.		44,897		1,990,284
				3,373,062
Food Products - 3.31%
Bunge, Ltd.		55,066		2,264,865
Cal-Maine Foods, Inc.		23,024		1,024,107
The Simply Good Foods Co.		69,073		1,283,376
				4,572,348
Gas Utilities - 0.50%
New Jersey Resources Corp.		21,114		689,372
Health Care Equipment & Supplies - 10.58%
ABIOMED, Inc.		8,058		1,946,491
Align Technology, Inc.		8,442		2,316,822
Becton Dickinson and Co.		9,977		2,387,197
Boston Scientific Corp.		55,450		1,946,850
Glaukos Corp.		22,832		877,205
Intuitive Surgical, Inc.		3,837		2,186,438
Mesa Laboratories, Inc.		3,646		790,453
Shockwave Medical, Inc.		25,135		1,190,645
Silk Road Medical, Inc.		22,832		956,432
				14,598,533
Hotels, Restaurants & Leisure - 7.84%
Caesars Entertainment Corp.		158,086		1,917,583
Churchill Downs, Inc.		17,652		2,350,364
Norwegian Cruise Line Holdings, Ltd.		136,177		2,237,388
Red Rock Resorts, Inc. - Class A		105,336		1,149,216
Shake Shack, Inc. - Class A		24,175		1,280,791
Vail Resorts, Inc.		10,361		1,887,256
				10,822,598
Insurance - 0.56%
Erie Indemnity Co. - Class A		4,029		773,165
Interactive Media & Services - 1.88%
Snap, Inc. - Class A		110,324		2,591,511
Internet & Direct Marketing Retail - 1.53%
Expedia Group, Inc. - Class A		25,710		2,113,362
IT Services - 4.52%
Broadridge Financial Solutions, Inc.		15,733		1,985,347
Global Payments, Inc.		10,937		1,855,134
Square, Inc. - Class A		22,832		2,395,990
				6,236,471
Machinery - 2.88%
Chart Industries, Inc.		26,670	$	1,293,228
Hillenbrand, Inc.		37,606		1,017,994
Ingersoll Rand, Inc.		58,904		1,656,381
				3,967,603
Multiline Retail - 1.37%
Kohl's Corp.		91,130		1,892,770
Multi-Utilities - 1.55%
Ameren Corp.		30,315		2,132,963
Oil, Gas & Consumable Fuels - 2.95%
Concho Resources, Inc.		26,478		1,363,617
Occidental Petroleum Corp.		120,754		2,209,798
PDC Energy, Inc.		40,484		503,621
				4,077,036
Personal Products - 1.47%
The Estee Lauder Companies, Inc. - Class A		10,745		2,027,367
Pharmaceuticals - 1.15%
Elanco Animal Health, Inc.		74,061		1,588,608
Real Estate Investment Trusts (REITs) - 1.39%
STAG Industrial, Inc. - Class A		65,235		1,912,690
Real Estate Management & Development - 1.24%
The Howard Hughes Corp.		32,810		1,704,480
Road & Rail - 1.60%
Lyft, Inc. - Class A		66,770		2,204,078
Software - 7.92%
8x8, Inc.		41,060		656,960
Elastic NV		24,559		2,264,585
Q2 Holdings, Inc.		30,315		2,600,724
Workday, Inc. - Class A		11,704		2,192,862
Yext, Inc.		63,317		1,051,695
Zscaler, Inc.		19,762		2,163,939
				10,930,765
Specialty Retail - 4.57%
Five Below, Inc.		22,065		2,358,969
L Brands, Inc.		137,868		2,063,884
Ross Stores, Inc.		22,075		1,881,673
				6,304,526
Textiles, Apparel & Luxury Goods - 4.39%
Canada Goose Holdings, Inc. (b)		65,619		1,520,392
Gildan Activewear, Inc. (b)		39,525		612,242
Lululemon Athletica, Inc. (b)		6,670		2,081,107
VF Corp.		30,315		1,847,396
				6,061,137
TOTAL COMMON STOCKS (Proceeds $121,220,217)			$	124,574,810
INVESTMENT COMPANIES - 7.27%
Exchange Traded Funds - 7.27%
iShares Core S&P 500 ETF		32,363	$	10,022,498
TOTAL INVESTMENT COMPANIES (Proceeds $9,764,940)			$	10,022,498
TOTAL SECURITIES SOLD SHORT
(Proceeds $130,985,157) - 97.54%			$	134,597,308

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.

Grizzly Short Fund

Summary of Fair Value Exposure at June 30, 2020 (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, 2020:

Investments at Fair Value	Level 1		Level 2		Level 3		Total
Money Market Funds	$	101,221,003	$	–	$	–	$	101,221,003
Total Investments in Securities	$	101,221,003	$	–	$	–	$	101,221,003
Securities Sold Short at Fair Value	Level 1		Level 2		Level 3		Total
Common Stocks	$	124,574,810	$	–	$	–	$	124,574,810
Exchange Traded Funds		10,022,498		-		-		10,022,498
Total Securities Sold Short	$	134,597,308	$	–	$	–	$	134,597,308
The Fund did not invest in any Level 3 securities during the period.