Leuthold Funds NPORT-P Grizzly Short Fund (Jun 2021 report)

Grizzly Short Fund
Schedule of Investments
June 30, 2021 (Unaudited)
	Shares		Fair Value
SHORT-TERM INVESTMENTS - 81.95%
Money Market Funds - 81.95%
Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 0.010% (a)(b)		42,019,167		$	42,019,167
TOTAL SHORT-TERM INVESTMENTS (Cost $42,019,167)				$	42,019,167
Total Investments (Cost $42,019,167) - 81.95%				$	42,019,167
Other Assets in Excess of Liabilities - (b) - 18.05%					9,253,047
TOTAL NET ASSETS - 100.00%				$	51,272,214

Percentages are stated as a percent of net assets.
(a)	The rate quoted is the annualized seven-day effective yield as of June 30, 2021.
(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, 2021 (Unaudited)
	Shares		Fair Value
COMMON STOCKS - 67.98%
Aerospace & Defense - 4.82%
The Boeing Co.		3,868	$	926,618
HEICO Corp.		4,992		695,985
Kratos Defense & Security Solutions, Inc.		9,969		284,017
TransDigm Group, Inc.		874		565,731
				2,472,351
Airlines - 1.38%
Southwest Airlines Co.		13,352		708,858
Automobiles - 1.00%
Ferrari NV (b)		2,496		514,301
Banks - 0.53%
Community Bank System, Inc.		3,619		273,777
Biotechnology - 1.23%
Seagen, Inc.		3,993		630,415
Capital Markets - 4.28%
CME Group, Inc. - Class A		4,492		955,359
Hamilton Lane, Inc. - Class A		3,868		352,452
Intercontinental Exchange, Inc.		7,487		888,707
				2,196,518
Chemicals - 3.74%
Air Products and Chemicals, Inc.		1,734		498,837
Ecolab, Inc.		3,993		822,438
International Flavors & Fragrances, Inc.		3,993		596,554
				1,917,829
Commercial Services & Supplies - 1.33%
MSA Safety, Inc.		4,118		681,858
Containers & Packaging - 0.91%
Ball Corp.		5,740		465,055
Diversified Consumer Services - 1.05%
Bright Horizons Family Solutions, Inc.		1,747		257,001
Chegg, Inc.		3,369		279,998
				536,999
Diversified Telecommunication Services - 0.58%
Cogent Communications Holdings, Inc.		3,868		297,410
Electric Utilities - 1.53%
PG&E Corp.		76,994		783,029
Electrical Equipment - 0.55%
Sunrun, Inc.		5,069		282,749
Entertainment - 1.29%
Madison Square Garden Sports Corp. - Class A		2,371	$	409,164
Zynga, Inc.		23,710		252,037
				661,201
Food Products - 1.01%
Hormel Foods Corp.		10,819		516,607
Health Care Equipment & Supplies - 7.00%
Alcon, Inc. (b)		11,356		797,873
Axonics, Inc.		5,116		324,406
Becton Dickinson and Co.		1,997		485,650
Dexcom, Inc.		1,373		586,271
Insulet Corp.		3,120		856,471
Mesa Laboratories, Inc.		998		270,628
Nevro Corp.		1,622		268,911
				3,590,210
Hotels, Restaurants & Leisure - 7.95%
Aramark		15,099		562,438
Choice Hotels International, Inc.		2,113		251,151
Hilton Worldwide Holdings, Inc.		6,739		812,858
Las Vegas Sands Corp.		14,850		782,447
Planet Fitness, Inc. - Class A		7,238		544,660
Restaurant Brands International, Inc. (b)		12,853		828,247
Wingstop, Inc.		1,872		295,083
				4,076,884
Industrial Conglomerates - 1.03%
Roper Technologies, Inc.		1,124		528,505
Insurance - 1.13%
Marsh & McLennan Companies, Inc.		4,110		578,195
IT Services - 5.04%
Fidelity National Information Services, Inc.		5,990		848,603
Okta, Inc. - Class A		2,371		580,136
Shopify, Inc. - Class A (b)		499		729,029
Switch, Inc. - Class A		20,216		426,760
				2,584,528
Life Sciences Tools & Services - 0.48%
Adaptive Biotechnologies Corp.		5,990		244,751
Metals & Mining - 0.99%
Franco-Nevada Corp. (b)		3,495		507,020
Oil, Gas & Consumable Fuels - 2.37%
Cameco Corp. (b)		14,374		275,693
Cenovus Energy, Inc. (b)		36,563		350,273
Phillips 66		6,863		588,983
				1,214,949
Pharmaceuticals - 2.45%
AstraZeneca PLC - ADR		9,983		597,982
Elanco Animal Health, Inc.		18,968		658,000
				1,255,982
Professional Services - 2.12%
CoStar Group, Inc.		6,240	$	516,797
Equifax, Inc.		2,371		567,878
				1,084,675
Real Estate Investment Trusts (REITs) - 2.98%
Americold Realty Trust		6,739		255,071
Equinix, Inc.		783		628,436
Sun Communities, Inc.		3,744		641,722
				1,525,229
Software - 7.45%
Alteryx, Inc. - Class A		3,369		289,801
Atlassian Corp. PLC - Class A (b)		2,371		609,015
Coupa Software, Inc.		2,371		621,463
Datadog, Inc. - Class A		4,971		517,382
PROS Holdings, Inc.		9,359		426,489
RingCentral, Inc. - Class A		2,246		652,643
Splunk, Inc.		4,867		703,671
				3,820,464
Specialty Retail - 0.52%
Monro, Inc.		4,186		265,853
Textiles, Apparel & Luxury Goods - 1.24%
Lululemon Athletica, Inc. (b)		1,747		637,602
TOTAL COMMON STOCKS (Proceeds $32,931,166)			$	34,853,804
EXCHANGE TRADED FUNDS - 29.30%
Exchange Traded Funds - 29.30%
Energy Select Sector SPDR Fund		8,610	$	463,821
Financial Select Sector SPDR Fund		36,688		1,346,083
Invesco QQQ Trust Series 1		10,233		3,626,882
iShares Expanded Tech-Software Sector ETF		2,870		1,119,415
iShares Russell 1000 Growth ETF		8,735		2,371,378
iShares S&P 100 ETF		14,226		2,790,857
SPDR S&P 500 ETF Trust		3,744		1,602,656
Utilities Select Sector SPDR Fund		26,954		1,704,301
TOTAL INVESTMENT COMPANIES (Proceeds $13,139,153)			$	15,025,393
TOTAL SECURITIES SOLD SHORT
(Proceeds $46,070,319) - 97.28%			$	49,879,197
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, 2021 (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 net assets as of June 30, 2021:
Investments at Fair Value	Level 1		Level 2		Level 3		Total
Money Market Funds	$	42,019,167	$	–	$	–	$	42,019,167
Total Investments in Securities	$	42,019,167	$	–	$	–	$	42,019,167
Securities Sold Short at Fair Value	Level 1		Level 2		Level 3		Total
Common Stocks	$	34,853,804	$	–	$	–	$	34,853,804
Exchange Traded Funds		15,025,393		–		–		15,025,393
Total Securities Sold Short	$	49,879,197	$	–	$	–	$	49,879,197
The Fund did not invest in any Level 3 securities during the period.