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 | ||||||||