UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-09094
Leuthold Funds, Inc.
(Exact name of registrant as specified in charter)
33 S. Sixth Street, Suite 4600, Minneapolis, MN 55402
(Address of principal executive offices) (Zip code)
John Mueller
Leuthold Weeden Capital Management
33 S. Sixth Street, Suite 4600, Minneapolis, MN 55402
(Name and address of agent for service)
612-332-9141
Registrant's telephone number, including area code
Date of fiscal year end: September 30, 2013
Date of reporting period: March 31, 2013
Item 1. Reports to Stockholders.
Semi-Annual Report
March 31, 2013
The Leuthold Funds
Leuthold Core Investment
Fund Leuthold Asset Allocation Fund
Leuthold Global Fund
Leuthold Select Industries Fund
Leuthold Global Industries Fund
Grizzly Short Fund
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The Leuthold Funds
Table of Contents
Expense Examples | 1 |
Allocation of Portfolio Holdings | 5 |
Components of Portfolio Holdings | 8 |
Statements of Assets and Liabilities | 10 |
Statements of Operations | 14 |
Statements of Changes in Net Assets | 18 |
Financial Highlights | 24 |
Schedule of Investments | |
Leuthold Core Investment Fund | 34 |
Leuthold Asset Allocation Fund | 43 |
Leuthold Global Fund | 50 |
Leuthold Select Industries Fund | 58 |
Leuthold Global Industries Fund | 61 |
Grizzly Short Fund | 67 |
Notes to the Financial Statements | 71 |
Investment Advisory Agreement Disclosure | 83 |
Directors and Officers | 84 |
The Leuthold Funds
Expense Example – March 31, 2013 (Unaudited)
As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including reinvested dividends, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held the entire period (October 1, 2012 – March 31, 2013).
Actual Expenses
The first line of the following table provides information about actual account values and actual expenses. Although the Funds charge no sales load (the Leuthold Core Investment Fund, Leuthold Asset Allocation Fund, Leuthold Global Fund, and Leuthold Global Industries Fund charge a 2% redemption fee for redemptions made within five business days after a purchase), you will be assessed fees for outgoing wire transfers, returned checks, or stop payment orders at prevailing rates charged by U.S. Bancorp Fund Services, LLC, the Funds’ transfer agent. If you request a redemption be made by wire transfer, currently a $15.00 fee is charged by the Funds’ transfer agent. To the extent that the Funds invest in shares of other investment companies as part of its investment strategy, you will indirectly bear your proportionate share of any fees and expenses charged by the underlying funds in which a Fund invests in addition to the expenses of the Fund. Actual expenses of the underlying funds are expected to vary by fund. These expenses are not included in the following example. The example includes, but is not limited to, management fees, shareholder servicing fees, fund accounting, custody, and transfer agent fees. However, the following example does not include portfolio trading commissions and related expenses, and extraordinary expenses as determined under generally accepted accounting principles. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of the following table provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
The Leuthold Funds - 2013 Semi-Annual Report 1
The Leuthold Funds
Expense Example Tables (Unaudited)
Leuthold Core Investment Fund - Retail Class | ||||||||||||
Beginning | Ending | Expenses Paid | ||||||||||
Account Value | Account Value | During Period* | ||||||||||
October 1, 2012 | March 31, 2013 | October 1, 2012 - March 31, 2013 | ||||||||||
Actual** | $ | 1,000.00 | $ | 1,074.80 | $ | 6.67 | ||||||
Hypothetical (5% return before expenses)*** | 1,000.00 | 1,018.47 | 6.49 |
* Expenses are equal to the Fund's annualized expense ratio of 1.29%, multiplied by the average account value over the period, multiplied by 182/365 to reflect the one-half year period. |
** Excluding dividends and interest on short positions, your actual cost of investment in the Fund would be $6.00 and the Fund's annualized expense ratio would be 1.16%. |
*** Excluding dividends and interest on short positions, your hypothetical cost of investment in the Fund would be $5.84 and the Fund's annualized expense ratio would be 1.16%. |
Leuthold Core Investment Fund - Institutional Class | ||||||||||||
Beginning | Ending | Expenses Paid | ||||||||||
Account Value | Account Value | During Period* | ||||||||||
October 1, 2012 | March 31, 2013 | October 1, 2012 - March 31, 2013 | ||||||||||
Actual** | $ | 1,000.00 | $ | 1,075.50 | $ | 6.11 | ||||||
Hypothetical (5% return before expenses)*** | 1,000.00 | 1,019.02 | 5.94 | |||||||||
* Expenses are equal to the Fund's annualized expense ratio of 1.18%, multiplied by the average account value over the period, multiplied by 182/365 to reflect the one-half year period. |
** Excluding dividends and interest on short positions, your actual cost of investment in the Fund would be $5.49 and the Fund's annualized expense ratio would be 1.06%. |
*** Excluding dividends and interest on short positions, your hypothetical cost of investment in the Fund would be $5.34 and the Fund's annualized expense ratio would be 1.06%. |
Leuthold Asset Allocation Fund - Retail Class | ||||||||||||
Beginning | Ending | Expenses Paid | ||||||||||
Account Value | Account Value | During Period* | ||||||||||
October 1, 2012 | March 31, 2013 | October 1, 2012 - March 31, 2013 | ||||||||||
Actual** | $ | 1,000.00 | $ | 1,052.70 | $ | 7.11 | ||||||
Hypothetical (5% return before expenses)*** | 1,000.00 | 1,017.97 | 6.99 | |||||||||
* Expenses are equal to the Fund's annualized expense ratio of 1.39%, multiplied by the average account value over the period, multiplied by 182/365 to reflect the one-half year period. |
** Excluding dividends and interest on short positions, your actual cost of investment in the Fund would be $7.01 and the Fund's annualized expense ratio would be 1.37%. |
*** Excluding dividends and interest on short positions, your hypothetical cost of investment in the Fund would be $6.89 and the Fund's annualized expense ratio would be 1.37%. |
Leuthold Asset Allocation Fund - Institutional Class | ||||||||||||
Beginning | Ending | Expenses Paid | ||||||||||
Account Value | Account Value | During Period* | ||||||||||
October 1, 2012 | March 31, 2013 | October 1, 2012 - March 31, 2013 | ||||||||||
Actual** | $ | 1,000.00 | $ | 1,053.90 | $ | 5.89 | ||||||
Hypothetical (5% return before expenses)*** | 1,000.00 | 1,019.17 | 5.79 | |||||||||
* Expenses are equal to the Fund's annualized expense ratio of 1.15%, multiplied by the average account value over the period, multiplied by 182/365 to reflect the one-half year period. |
** Excluding dividends and interest on short positions, your actual cost of investment in the Fund would be $5.84 and the Fund's annualized expense ratio would be 1.14%. |
*** Excluding dividends and interest on short positions, your hypothetical cost of investment in the Fund would be $5.74 and the Fund's annualized expense ratio would be 1.14%. |
2 The Leuthold Funds - 2013 Semi-Annual Report
The Leuthold Funds
Expense Example Tables (Unaudited)
Leuthold Global Fund - Retail Class | ||||||||||||
Beginning | Ending | Expenses Paid | ||||||||||
Account Value | Account Value | During Period* | ||||||||||
October 1, 2012 | March 31, 2013 | October 1, 2012 - March 31, 2013 | ||||||||||
Actual** | $ | 1,000.00 | $ | 1,099.80 | $ | 8.64 | ||||||
Hypothetical (5% return before expenses)*** | 1,000.00 | 1,016.67 | 8.30 | |||||||||
* Expenses are equal to the Fund's annualized expense ratio of 1.65%, multiplied by the average account value over the period, multiplied by 182/365 to reflect the one-half year period. |
** Excluding dividends and interest on short positions, your actual cost of investment in the Fund would be $8.01 and the Fund's annualized expense ratio would be 1.53%. |
*** Excluding dividends and interest on short positions, your hypothetical cost of investment in the Fund would be $7.69 and the Fund's annualized expense ratio would be 1.53%. |
Leuthold Global Fund - Institutional Class | ||||||||||||
Beginning | Ending | Expenses Paid | ||||||||||
Account Value | Account Value | During Period* | ||||||||||
October 1, 2012 | March 31, 2013 | October 1, 2012 - March 31, 2013 | ||||||||||
Actual** | $ | 1,000.00 | $ | 1,101.50 | $ | 7.54 | ||||||
Hypothetical (5% return before expenses)*** | 1,000.00 | 1,017.72 | 7.24 | |||||||||
* Expenses are equal to the Fund's annualized expense ratio of 1.44%, multiplied by the average account value over the period, multiplied by 182/365 to reflect the one-half year period. |
** Excluding dividends and interest on short positions, your actual cost of investment in the Fund would be $6.92 and the Fund's annualized expense ratio would be 1.32%. |
*** Excluding dividends and interest on short positions, your hypothetical cost of investment in the Fund would be $6.64 and the Fund's annualized expense ratio would be 1.32%. |
Leuthold Select Industries Fund | ||||||||||||
Beginning | Ending | Expenses Paid | ||||||||||
Account Value | Account Value | During Period* | ||||||||||
October 1, 2012 | March 31, 2013 | October 1, 2012 - March 31, 2013 | ||||||||||
Actual | $ | 1,000.00 | $ | 1,144.20 | $ | 8.55 | ||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,016.92 | 8.05 | |||||||||
* Expenses are equal to the Fund's annualized expense ratio of 1.60%, multiplied by the average account value over the period, multiplied by 182/365 to reflect the one-half year period.
Leuthold Global Industries Fund - Retail Class | ||||||||||||
Beginning | Ending | Expenses Paid | ||||||||||
Account Value | Account Value | During Period* | ||||||||||
October 1, 2012 | March 31, 2013 | October 1, 2012 - March 31, 2013 | ||||||||||
Actual | $ | 1,000.00 | $ | 1,184.80 | $ | 10.79 | ||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,015.03 | 9.95 | |||||||||
* Expenses are equal to the Fund's annualized expense ratio of 1.98%, multiplied by the average account value over the period, multiplied by 182/365 to reflect the one-half year period.
The Leuthold Funds - 2013 Semi-Annual Report 3
The Leuthold Funds
Expense Example Tables (Unaudited)
Leuthold Global Industries Fund - Institutional Class | ||||||||||||
Beginning | Ending | Expenses Paid | ||||||||||
Account Value | Account Value | During Period* | ||||||||||
October 1, 2012 | March 31, 2013 | October 1, 2012 - March 31, 2013 | ||||||||||
Actual | $ | 1,000.00 | $ | 1,184.60 | $ | 9.42 | ||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,016.27 | 8.70 | |||||||||
* Expenses are equal to the Fund's annualized expense ratio of 1.73%, multiplied by the average account value over the period, multiplied by 182/365 to reflect the one-half year period. |
Grizzly Short Fund | ||||||||||||
Beginning | Ending | Expenses Paid | ||||||||||
Account Value | Account Value | During Period* | ||||||||||
October 1, 2012 | March 31, 2013 | October 1, 2012 - March 31, 2013 | ||||||||||
Actual** | $ | 1,000.00 | $ | 860.80 | $ | 16.24 | ||||||
Hypothetical (5% return before expenses)*** | 1,000.00 | 1,007.45 | 17.52 | |||||||||
* Expenses are equal to the Fund's annualized expense ratio of 3.50%, multiplied by the average account value over the period, multiplied by 182/365 to reflect the one-half year period. |
** Excluding dividends and interest on short positions, your actual cost of investment in the Fund would be $7.24 and the Fund's annualized expense ratio would be 1.56%. |
*** Excluding dividends and interest on short positions, your hypothetical cost of investment in the Fund would be $7.81 and the Fund's annualized expense ratio would be 1.56%. |
4 The Leuthold Funds - 2013 Semi-Annual Report
The Leuthold Funds
(Unaudited)
Leuthold Core Investment Fund
Allocation of Portfolio Holdings
March 31, 2013*
Leuthold Asset Allocation Fund
Allocation of Portfolio Holdings
March 31, 2013*
*Excludes short-term investments
The Leuthold Funds - 2013 Semi-Annual Report 5
The Leuthold Funds
(Unaudited)
Leuthold Global Fund
Allocation of Portfolio Holdings
March 31, 2013*
Leuthold Select Industries Fund
Allocation of Portfolio Holdings
March 31, 2013*
*Excludes short-term investments
The Leuthold Funds
(Unaudited)
Leuthold Global Industries Fund
Allocation of Portfolio Holdings
March 31, 2013*
Grizzly Short Fund
Allocation of Portfolio Holdings
March 31, 2013
*Excludes short-term investments
The Leuthold Funds - 2013 Semi-Annual Report 7
The Leuthold Funds
Leuthold Core Investment Fund (Unaudited) | ||||
Components of Portfolio Holdings* | Fair Value | |||
U.S. Traded Equity Securities | $ | 420,966,568 | ||
Corporate Bonds | 42,998,238 | |||
Non-U.S. Traded Equity Securities | 36,241,576 | |||
Precious Metals | 25,934,129 | |||
Mortgage Backed Bond Funds | 24,465,789 | |||
Corporate Bond Funds | 17,245,548 | |||
Foreign Government Bond Funds | 16,269,620 | |||
Emerging Country Funds | 15,571,282 | |||
U.S. Treasury Obligations | 15,356,313 | |||
High Yield Bond Funds | 7,094,982 | |||
Foreign Currency Funds | 6,498,235 | |||
Foreign Government Bond | 3,220,000 | |||
Total: | $ | 631,862,280 |
Leuthold Asset Allocation Fund (Unaudited) | ||||
Components of Portfolio Holdings* | Fair Value | |||
U.S. Traded Equity Securities | $ | 204,532,187 | ||
Corporate Bonds | 32,683,259 | |||
Non-U.S. Traded Equity Securities | 27,589,475 | |||
U.S. Treasury Obligations | 19,033,355 | |||
Precious Metals | 16,766,621 | |||
Mortgage Backed Bond Funds | 13,532,266 | |||
Emerging Country Funds | 6,757,838 | |||
Corporate Bond Funds | 4,234,421 | |||
High Yield Bond Funds | 4,179,241 | |||
Foreign Government Bonds | 2,546,500 | |||
Foreign Equity Funds | 2,031,771 | |||
Foreign Government Bond Funds | 1,709,487 | |||
Futures Contracts | 60,404 | |||
Total: | $ | 335,656,825 |
Leuthold Global Fund (Unaudited) | ||||
Components of Portfolio Holdings* | Fair Value | |||
U.S. Traded Equity Securities | $ | 140,511,105 | ||
Non-U.S. Traded Equity Securities | 103,931,123 | |||
Corporate Bonds | 19,521,671 | |||
Foreign Government Bonds | 18,763,338 | |||
U.S. Treasury Obligations | 15,360,131 | |||
Precious Metals | 13,711,669 | |||
Foreign Government Bond Funds | 11,493,279 | |||
Mortgage Backed Bond Funds | 10,300,606 | |||
Emerging Country Funds | 5,991,703 | |||
Corporate Bond Funds | 3,575,341 | |||
Foreign Currency Funds | 3,485,675 | |||
High Yield Bond Funds | 3,204,424 | |||
Diversified Investment Funds | 956,860 | |||
Total: | $ | 350,806,925 |
Leuthold Select Industries Fund (Unaudited) | ||||
Components of Portfolio Holdings* | Fair Value | |||
Financials | $ | 2,985,214 | ||
Industrials | 2,980,717 | |||
Health Care | 2,724,994 | |||
Information Technology | 1,517,678 | |||
Consumer Discretionary | 1,057,682 | |||
Energy | 999,850 | |||
Consumer Staples | 933,556 | |||
Materials | 800,475 | |||
Telecommunication Services | 594,173 | |||
Total: | $ | 14,594,339 |
*Excludes short-term investments
8 The Leuthold Funds - 2013 Semi-Annual Report
The Leuthold Funds
Leuthold Global Industries Fund (Unaudited) | ||||
Components of Portfolio Holdings* | Fair Value | |||
Financials | $ | 2,453,971 | ||
Consumer Discretionary | 1,530,678 | |||
Industrials | 1,263,223 | |||
Materials | 919,797 | |||
Energy | 671,830 | |||
Consumer Staples | 603,473 | |||
Health Care | 520,055 | |||
Telecommunication Services | 479,796 | |||
Utilities | 61,223 | |||
Total: | $ | 8,504,046 |
Grizzly Short Fund (Unaudited) | �� | |||
Components of Portfolio Holdings | Fair Value | |||
Information Technology | $ | 15,179,224 | ||
Energy | 12,178,551 | |||
Financials | 11,119,381 | |||
Industrials | 8,466,907 | |||
Consumer Discretionary | 8,298,807 | |||
Short-Term Investments | 5,387,203 | |||
Health Care | 4,952,690 | |||
Materials | 4,263,169 | |||
Utilities | 2,008,124 | |||
Telecommunication Services | 916,378 | |||
Consumer Staples | 363,748 | |||
Total: | $ | 73,134,182 |
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 and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.
*Excludes short-term investments
The Leuthold Funds - 2013 Semi-Annual Report 9
The Leuthold Funds
Statements of Assets and Liabilities
March 31, 2013 (Unaudited)
Leuthold | Leuthold | |||||||||||
Core | Asset | Leuthold | ||||||||||
Investment | Allocation | Global | ||||||||||
Fund | Fund | Fund | ||||||||||
(Consolidated) | (Consolidated) | (Consolidated) | ||||||||||
ASSETS: | ||||||||||||
Investments, at cost | $ | 564,719,494 | $ | 302,010,834 | $ | 310,079,126 | ||||||
Investments, at fair value | $ | 659,337,814 | $ | 346,435,528 | $ | 356,239,243 | ||||||
Cash | 48,310 | 80,351 | 8,944 | |||||||||
Foreign currency (cost $8,124, $0, | ||||||||||||
and $0, respectively) | 8,041 | — | — | |||||||||
Receivable for Fund shares sold | 327,901 | 169,210 | 149,407 | |||||||||
Receivable for investments sold | 13,583,013 | 46,458 | 9,416,805 | |||||||||
Deposits at broker | 8,793,434 | 224 | 126,115 | |||||||||
Collateral at broker for futures contracts | — | 540,049 | — | |||||||||
Interest receivable | 706,498 | 521,688 | 597,739 | |||||||||
Dividends receivable | 727,740 | 579,950 | 701,332 | |||||||||
Receivable for variation margin | ||||||||||||
on futures contracts | — | 20,355 | — | |||||||||
Other assets | 58,128 | 40,872 | 43,085 | |||||||||
Total Assets | 683,590,879 | 348,434,685 | 367,282,670 | |||||||||
LIABILITIES: | ||||||||||||
Interest payable on securities sold short | — | — | — | |||||||||
Payable for investments purchased | 13,085,993 | — | 8,635,810 | |||||||||
Payable for Fund shares redeemed | 280,505 | 1,340,130 | 4,017,996 | |||||||||
Payable to Adviser | 508,170 | 274,880 | 332,834 | |||||||||
Payable to Custodian | 56,103 | 79,157 | 71,430 | |||||||||
Distribution (Rule 12b-1) fees payable | — | 256,481 | 57,231 | |||||||||
Dividends payable on securities sold short | — | — | — | |||||||||
Shareholder servicing fees payable | 93,518 | — | — | |||||||||
Accrued expenses and other liabilities | 419,116 | 403,323 | 237,808 | |||||||||
Total Liabilities | 14,443,405 | 2,353,971 | 13,353,109 | |||||||||
NET ASSETS | $ | 669,147,474 | $ | 346,080,714 | $ | 353,929,561 |
10 The Leuthold Funds - 2013 Semi-Annual Report | See Notes to the Financial Statements. |
The Leuthold Funds
Statements of Assets and Liabilities (continued)
March 31, 2013 (Unaudited)
Leuthold | Leuthold | |||||||||||
Core | Asset | Leuthold | ||||||||||
Investment | Allocation | Global | ||||||||||
Fund | Fund | Fund | ||||||||||
(Consolidated) | (Consolidated) | (Consolidated) | ||||||||||
NET ASSETS CONSIST OF: | ||||||||||||
Capital stock | $ | 551,617,226 | $ | 611,885,035 | $ | 291,725,674 | ||||||
Accumulated net investment income (loss) | (2,503,296 | ) | (3,487,566 | ) | (714,688 | ) | ||||||
Accumulated net realized gain (loss) on investments | 25,097,972 | (307,053,117 | ) | 16,604,699 | ||||||||
Net unrealized appreciation | ||||||||||||
(depreciation) on investments and short positions | 94,935,572 | 44,675,958 | 46,313,876 | |||||||||
Net unrealized appreciation | ||||||||||||
(depreciation) on futures contracts | — | 60,404 | — | |||||||||
Total Net Assets | $ | 669,147,474 | $ | 346,080,714 | $ | 353,929,561 | ||||||
Retail Class Shares | ||||||||||||
Net assets | $ | 461,019,313 | $ | 253,512,191 | $ | 117,526,926 | ||||||
Shares outstanding | ||||||||||||
(1,000,000,000 shares of $0.0001 | ||||||||||||
par value authorized) | 25,956,083 | 23,794,409 | 10,503,320 | |||||||||
Net Asset Value, Redemption Price | ||||||||||||
and Offering Price Per Share | $ | 17.76 | * | $ | 10.65 | * | $ | 11.19 | * | |||
Institutional Class Shares | ||||||||||||
Net assets | $ | 208,128,161 | $ | 92,568,523 | $ | 236,402,635 | ||||||
Shares outstanding | ||||||||||||
(1,000,000,000 shares of | ||||||||||||
$0.0001 par value authorized) | 11,723,930 | 8,655,245 | 21,069,296 | |||||||||
Net Asset Value, Redemption | ||||||||||||
Price and Offering Price Per Share | $ | 17.75 | * | $ | 10.70 | * | $ | 11.22 | * |
* Redemption price may differ from NAV if redemption fee is applied. |
See Notes to the Financial Statements. | The Leuthold Funds - 2013 Semi-Annual Report 11 |
The Leuthold Funds
Statements of Assets and Liabilities (continued)
March 31, 2013 (Unaudited)
Leuthold | Leuthold | |||||||||||
Select | Global | Grizzly | ||||||||||
Industries | Industries | Short | ||||||||||
Fund | Fund | Fund | ||||||||||
ASSETS: | ||||||||||||
Investments, at cost | $ | 12,642,870 | $ | 7,042,946 | $ | 5,387,203 | ||||||
Investments, at fair value | $ | 14,880,046 | $ | 8,511,424 | $ | 5,387,203 | ||||||
Cash | — | — | 1 | |||||||||
Foreign currency (cost $0, $1,442, and $0, respectively) | — | 1,444 | — | |||||||||
Receivable for Fund shares sold | — | 31,000 | 22,377 | |||||||||
Receivable for investments sold | 508,524 | 356,530 | 2,877,075 | |||||||||
Deposits at broker | — | — | — | |||||||||
Collateral at broker for securities sold short | — | — | 133,374,456 | |||||||||
Interest receivable | 5 | — | 42 | |||||||||
Dividends receivable | 13,902 | 18,594 | — | |||||||||
Receivable from Adviser | — | 1,831 | — | |||||||||
Receivable for variation margin | ||||||||||||
on futures contracts | — | — | — | |||||||||
Other assets | 9,224 | 26,767 | 21,687 | |||||||||
Total Assets | 15,411,701 | 8,947,590 | 141,682,841 | |||||||||
LIABILITIES: | ||||||||||||
Securities sold short, at fair value | ||||||||||||
(proceeds $0, $0, and $66,676,924, respectively) | — | — | 67,746,979 | |||||||||
Interest payable on securities sold short | — | — | 36,909 | |||||||||
Payable for investments purchased | 516,895 | 313,089 | 2,263,519 | |||||||||
Payable for Fund shares redeemed | 17,908 | — | 25,909 | |||||||||
Payable to Adviser | 10,214 | — | 89,648 | |||||||||
Payable to Custodian | 6,240 | 14,723 | 379 | |||||||||
Distribution (Rule 12b-1) fees payable | 89 | — | — | |||||||||
Dividends payable on securities sold short | — | — | 43,505 | |||||||||
Shareholder servicing fees payable | 2,160 | — | 16,120 | |||||||||
Accrued expenses and other liabilities | 23,019 | 35,890 | 140,453 | |||||||||
Total Liabilities | 576,525 | 363,702 | 70,363,421 | |||||||||
NET ASSETS | $ | 14,835,176 | $ | 8,583,888 | $ | 71,319,420 |
12 The Leuthold Funds - 2013 Semi-Annual Report | See Notes to the Financial Statements. |
The Leuthold Funds
Statements of Assets and Liabilities (continued)
March 31, 2013 (Unaudited)
Leuthold | Leuthold | |||||||||||
Select | Global | Grizzly | ||||||||||
Industries | Industries | Short | ||||||||||
Fund | Fund | Fund | ||||||||||
NET ASSETS CONSIST OF: | ||||||||||||
Capital stock | $ | 16,809,588 | $ | 8,718,178 | $ | 216,566,304 | ||||||
Accumulated net investment income (loss) | 1,997 | (10,467 | ) | (6,024,451 | ) | |||||||
Accumulated net realized gain (loss) on investments | (4,213,588 | ) | (1,591,982 | ) | (138,152,276 | ) | ||||||
Net unrealized appreciation (depreciation) | ||||||||||||
on investments and short positions | 2,237,179 | 1,468,159 | (1,070,157 | ) | ||||||||
Total Net Assets | $ | 14,835,176 | $ | 8,583,888 | $ | 71,319,420 | ||||||
Retail Class Shares | ||||||||||||
Net assets | $ | 14,835,176 | $ | 4,075,636 | $ | 71,319,420 | ||||||
Shares outstanding | ||||||||||||
(1,000,000,000 shares of | ||||||||||||
$0.0001 par value authorized) | 979,952 | 301,110 | 7,493,495 | |||||||||
Net Asset Value, Redemption | ||||||||||||
Price and Offering Price Per Share | $ | 15.14 | $ | 13.54 | * | $ | 9.52 | |||||
Institutional Class Shares | ||||||||||||
Net assets | n/a | $ | 4,508,252 | n/a | ||||||||
Shares outstanding | ||||||||||||
(1,000,000,000 shares of | ||||||||||||
$0.0001 par value authorized) | n/a | 331,877 | n/a | |||||||||
Net Asset Value, Redemption | ||||||||||||
Price and Offering Price Per Share | n/a | $ | 13.58 | * | n/a |
* Redemption price may differ from NAV if redemption fee is applied.
See Notes to the Financial Statements. | The Leuthold Funds - 2013 Semi-Annual Report 13 |
The Leuthold Funds
Statements of Operations
For the Six Months Ended March 31, 2013 (Unaudited)
Leuthold | Leuthold | |||||||||||
Core | Asset | Leuthold | ||||||||||
Investment | Allocation | Global | ||||||||||
Fund | Fund | Fund | ||||||||||
(Consolidated) | (Consolidated) | (Consolidated) | ||||||||||
INVESTMENT INCOME: | ||||||||||||
Dividend income (net of | ||||||||||||
foreign taxes withheld of | ||||||||||||
$69,181, $118,620, | ||||||||||||
and $79,884, respectively) | $ | 6,299,963 | $ | 5,785,201 | $ | 3,633,644 | ||||||
Interest income | 677,449 | 499,109 | 424,244 | |||||||||
Total investment income | 6,977,412 | 6,284,310 | 4,057,888 | |||||||||
EXPENSES: | ||||||||||||
Investment adviser fees (Note 3) | 3,218,316 | 2,172,609 | 2,021,325 | |||||||||
Administration fees | 131,568 | 88,660 | 70,518 | |||||||||
Transfer agent fees | 103,557 | 216,199 | 115,897 | |||||||||
Legal fees | 5,279 | 5,451 | 5,032 | |||||||||
Audit fees | 30,362 | 32,007 | 16,311 | |||||||||
Fund accounting fees | 51,549 | 36,827 | 30,231 | |||||||||
Custody fees | 74,662 | 94,676 | 83,737 | |||||||||
Shareholder servicing fees- | ||||||||||||
Retail Class | 246,811 | — | — | |||||||||
Registration fees | 23,783 | 21,501 | 13,765 | |||||||||
Report to shareholders | 64,039 | 21,105 | 28,960 | |||||||||
Directors' fees | 54,213 | 36,786 | 27,647 | |||||||||
Distribution (Rule 12b-1) fees- | ||||||||||||
Retail Class (Note 4) | — | 353,879 | 120,517 | |||||||||
Other | 22,454 | 18,605 | 10,834 | |||||||||
Total expenses before dividends and | ||||||||||||
interest on short positions | 4,026,593 | 3,098,305 | 2,544,774 | |||||||||
Dividends and interest on short positions | 456,556 | 41,920 | 221,320 | |||||||||
(Reimbursement) or recovery from | ||||||||||||
Adviser (Note 3) | — | — | — | |||||||||
Total expenses | 4,483,149 | 3,140,225 | 2,766,094 | |||||||||
NET INVESTMENT INCOME (LOSS) | $ | 2,494,263 | $ | 3,144,085 | $ | 1,291,794 |
14 The Leuthold Funds - 2013 Semi-Annual Report | See Notes to the Financial Statements. |
The Leuthold Funds
Statements of Operations (continued)
For the Six Months Ended March 31, 2013 (Unaudited)
Leuthold | Leuthold | |||||||||||
Core | Asset | Leuthold | ||||||||||
Investment | Allocation | Global | ||||||||||
Fund | Fund | Fund | ||||||||||
(Consolidated) | (Consolidated) | (Consolidated) | ||||||||||
REALIZED AND UNREALIZED | ||||||||||||
GAIN (LOSS) ON INVESTMENTS, | ||||||||||||
INVESTMENT COMPANIES, | ||||||||||||
SHORT POSITIONS, FOREIGN | ||||||||||||
CURRENCY AND FOREIGN CURRENCY | ||||||||||||
TRANSLATION, AND FUTURES CONTRACTS: | ||||||||||||
Net realized gain (loss) on: | ||||||||||||
Investments | $ | 35,016,552 | $ | 42,350,558 | $ | 19,684,742 | ||||||
Investment companies | 1,047,819 | 309,583 | — | |||||||||
Realized gain distributions received | ||||||||||||
from investment companies | 277,626 | 204,669 | 22,220 | |||||||||
Short positions | (3,221,625 | ) | (391,530 | ) | — | |||||||
Foreign currency and foreign currency translation | (10,107 | ) | (815 | ) | (97,917 | ) | ||||||
Net unrealized appreciation (depreciation) | ||||||||||||
during the period on: | ||||||||||||
Investments | 17,203,898 | (22,551,283 | ) | 15,703,019 | ||||||||
Investment companies | (3,306,785 | ) | (2,141,039 | ) | (1,306,676 | ) | ||||||
Short positions | 316,450 | 253,848 | (241,279 | ) | ||||||||
Foreign currency and foreign currency translation | 175 | (183 | ) | (16,553 | ) | |||||||
Futures contracts | — | 60,404 | — | |||||||||
Net realized and unrealized | ||||||||||||
gain (loss) on investments, | ||||||||||||
investment companies, short positions, | ||||||||||||
foreign currency and foreign currency | ||||||||||||
translation, and futures contracts | 47,324,003 | 18,094,212 | 33,747,556 | |||||||||
NET INCREASE (DECREASE) | ||||||||||||
IN NET ASSETS RESULTING | ||||||||||||
FROM OPERATIONS | $ | 49,818,266 | $ | 21,238,297 | $ | 35,039,350 |
See Notes to the Financial Statements. | The Leuthold Funds - 2013 Semi-Annual Report 15 |
The Leuthold Funds
Statements of Operations (continued)
For the Six Months Ended March 31, 2013 (Unaudited)
Leuthold | Leuthold | |||||||||||
Select | Global | Grizzly | ||||||||||
Industries | Industries | Short | ||||||||||
Fund | Fund | Fund | ||||||||||
INVESTMENT INCOME: | ||||||||||||
Dividend income (net of | ||||||||||||
foreign taxes withheld of | ||||||||||||
$1,444, $3,055, and $0, respectively) | $ | 116,377 | $ | 96,968 | $ | — | ||||||
Interest income | 10 | 2 | 255 | |||||||||
Total investment income | 116,387 | 96,970 | 255 | |||||||||
EXPENSES: | ||||||||||||
Investment adviser fees (Note 3) | 61,464 | 41,124 | 768,338 | |||||||||
Administration fees | 2,314 | 1,604 | 25,986 | |||||||||
Transfer agent fees | 4,057 | 9,430 | 35,831 | |||||||||
Legal fees | 78 | 3,254 | 1,252 | |||||||||
Audit fees | 10,853 | 10,339 | 17,675 | |||||||||
Fund accounting fees | 2,538 | 8,051 | 8,695 | |||||||||
Custody fees | 6,860 | 18,827 | 399 | |||||||||
Shareholder servicing fees- | ||||||||||||
Retail Class | 5,297 | — | 51,638 | |||||||||
Registration fees | 11,120 | 15,771 | 23,073 | |||||||||
Report to shareholders | 1,694 | 1,077 | 10,600 | |||||||||
Directors' fees | 921 | 632 | 9,452 | |||||||||
Distribution (Rule 12b-1) fees- | ||||||||||||
Retail Class (Note 4) | — | 4,938 | — | |||||||||
Other | 688 | 871 | 4,792 | |||||||||
Total expenses before dividends and | ||||||||||||
interest on short positions | 107,884 | 115,918 | 957,731 | |||||||||
Dividends and interest on short positions | — | — | 1,192,081 | |||||||||
(Reimbursement) or recovery from | ||||||||||||
Adviser (Note 3) | (9,541 | ) | (39,839 | ) | — | |||||||
Total expenses | 98,343 | 76,079 | 2,149,812 | |||||||||
NET INVESTMENT INCOME (LOSS) | $ | 18,044 | $ | 20,891 | $ | (2,149,557 | ) |
16 The Leuthold Funds - 2013 Semi-Annual Report | See Notes to the Financial Statements. |
The Leuthold Funds
Statements of Operations (continued)
For the Six Months Ended March 31, 2013 (Unaudited)
Leuthold | Leuthold | |||||||||||
Select | Global | Grizzly | ||||||||||
Industries | Industries | Short | ||||||||||
Fund | Fund | Fund | ||||||||||
REALIZED AND UNREALIZED | ||||||||||||
GAIN (LOSS) ON INVESTMENTS, | ||||||||||||
INVESTMENT COMPANIES, | ||||||||||||
SHORT POSITIONS, AND FOREIGN | ||||||||||||
CURRENCY AND FOREIGN CURRENCY | ||||||||||||
TRANSLATION: | ||||||||||||
Net realized gain (loss) on: | ||||||||||||
Investments | $ | 808,218 | $ | 627,380 | $ | — | ||||||
Investment companies | — | (5,141 | ) | — | ||||||||
Realized gain distributions received | ||||||||||||
from investment companies | — | — | — | |||||||||
Short positions | — | — | (15,387,630 | ) | ||||||||
Foreign currency and foreign currency translation | (23 | ) | (1,558 | ) | 847 | |||||||
Net unrealized appreciation (depreciation) | ||||||||||||
during the period on: | ||||||||||||
Investments | 747,660 | 794,362 | — | |||||||||
Investment companies | — | 1,051 | — | |||||||||
Short positions | — | — | (204,839 | ) | ||||||||
Foreign currency and foreign currency translation | 16 | 681 | ( 85 | ) | ||||||||
Net realized and unrealized | ||||||||||||
gain (loss) on investments, | ||||||||||||
investment companies, short positions, | ||||||||||||
and foreign currency and foreign currency | ||||||||||||
translation | 1,555,871 | 1,416,775 | (15,591,707 | ) | ||||||||
NET INCREASE (DECREASE) | ||||||||||||
IN NET ASSETS RESULTING | ||||||||||||
FROM OPERATIONS | $ | 1,573,915 | $ | 1,437,666 | $ | (17,741,264 | ) |
See Notes to the Financial Statements. | The Leuthold Funds - 2013 Semi-Annual Report 17 |
Leuthold Core Investment Fund
Statements of Changes in Net Assets (Consolidated)
Six Months Ended | Year Ended | |||||||
March 31, 2013 | September 30, 2012 | |||||||
(Unaudited) | ||||||||
OPERATIONS: | ||||||||
Net investment income | $ | 2,494,263 | $ | 6,377,508 | ||||
Net realized gain on investments, investment companies, | ||||||||
short positions, foreign currency, and foreign currency translation | 33,110,265 | 27,024,383 | ||||||
Net unrealized appreciation on investments, investment | ||||||||
companies, short positions, foreign currency, and | ||||||||
foreign currency translation | 14,213,738 | 67,828,050 | ||||||
Net increase in net assets from operations | 49,818,266 | 101,229,941 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
From net investment income - Retail Class | (7,208,174 | ) | (17,620,148 | ) | ||||
From net investment income - Institutional Class | (3,473,337 | ) | (10,266,042 | ) | ||||
From net realized gain - Retail Class | — | — | ||||||
From net realized gain - Institutional Class | — | — | ||||||
Total distributions | (10,681,511 | ) | (27,886,190 | ) | ||||
CAPITAL SHARE TRANSACTIONS: | ||||||||
Proceeds from shares sold - Retail Class | 23,327,114 | 70,403,726 | ||||||
Proceeds from shares sold - Institutional Class | 24,717,534 | 55,408,295 | ||||||
Proceeds from shares issued to holders in | ||||||||
reinvestment of dividends - Retail Class | 6,730,612 | 16,330,521 | ||||||
Proceeds from shares issued to holders in | ||||||||
reinvestment of dividends - Institutional Class | 3,356,675 | 9,619,985 | ||||||
Cost of shares redeemed - Retail Class* | (123,276,637 | ) | (267,568,264 | ) | ||||
Cost of shares redeemed - Institutional Class** | (96,176,691 | ) | (174,656,467 | ) | ||||
Net decrease in net assets from capital share transactions | (161,321,393 | ) | (290,462,204 | ) | ||||
TOTAL DECREASE IN NET ASSETS: | (122,184,638 | ) | (217,118,453 | ) | ||||
NET ASSETS | ||||||||
Beginning of period | 791,332,112 | 1,008,450,565 | ||||||
End of period (including accumulated net investment income (loss) | ||||||||
of $(2,503,296) and $5,683,952, respectively) | $ | 669,147,474 | $ | 791,332,112 | ||||
CHANGES IN SHARES OUTSTANDING: | ||||||||
Shares sold - Retail Class | 1,372,970 | 4,337,297 | ||||||
Shares sold - Institutional Class | 1,450,653 | 3,445,401 | ||||||
Shares issued to holders in reinvestment of dividends - Retail Class | 395,637 | 1,022,237 | ||||||
Shares issued to holders in reinvestment of dividends - Institutional Class | 197,624 | 601,871 | ||||||
Shares redeemed - Retail Class | (7,267,842 | ) | (16,535,899 | ) | ||||
Shares redeemed - Institutional Class | (5,640,982 | ) | (10,754,291 | ) | ||||
Net decrease in shares outstanding | (9,491,940 | ) | (17,883,384 | ) | ||||
* Net of redemption fees of (Retail Class): | $ | 24 | $ | 96 | ||||
** Net of redemption fees of (Institutional Class): | $ | — | $ | 139 |
18 The Leuthold Funds - 2013 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Asset Allocation Fund
Statements of Changes in Net Assets (Consolidated)
Six Months Ended | Year Ended | |||||||
March 31, 2013 | September 30, 2012 | |||||||
(Unaudited) | ||||||||
OPERATIONS: | ||||||||
Net investment income | $ | 3,144,085 | $ | 7,332,842 | ||||
Net realized gain on investments, investment companies, | ||||||||
short positions, foreign currency, and foreign currency translation | 42,472,465 | 76,414,090 | ||||||
Net unrealized appreciation (depreciation) on investments, | ||||||||
investment companies, short positions, foreign currency and | ||||||||
foreign currency translation, and futures contracts | (24,378,253 | ) | 11,788,570 | |||||
Net increase in net assets from operations | 21,238,297 | 95,535,502 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
From net investment income - Retail Class | (10,227,698 | ) | (17,167,035 | ) | ||||
From net investment income - Institutional Class | (4,650,825 | ) | (12,272,080 | ) | ||||
From net realized gain - Retail Class | — | — | ||||||
From net realized gain - Institutional Class | — | — | ||||||
Total distributions | (14,878,523 | ) | (29,439,115 | ) | ||||
CAPITAL SHARE TRANSACTIONS: | ||||||||
Proceeds from shares sold - Retail Class | 10,319,673 | 52,411,631 | ||||||
Proceeds from shares sold - Institutional Class | 17,298,491 | 48,368,810 | ||||||
Proceeds from shares issued to holders in reinvestment of | ||||||||
dividends - Retail Class | 8,705,324 | 15,107,383 | ||||||
Proceeds from shares issued to holders in reinvestment of | ||||||||
dividends - Institutional Class | 4,138,362 | 11,515,740 | ||||||
Cost of shares redeemed - Retail Class* | (129,256,475 | ) | (354,441,167 | ) | ||||
Cost of shares redeemed - Institutional Class** | (198,368,023 | ) | (205,267,079 | ) | ||||
Net decrease in net assets from capital share transactions | (287,162,648 | ) | (432,304,682 | ) | ||||
TOTAL DECREASE IN NET ASSETS: | (280,802,874 | ) | (366,208,295 | ) | ||||
NET ASSETS | ||||||||
Beginning of period | 626,883,588 | 993,091,883 | ||||||
End of period (including accumulated net investment | ||||||||
income (loss) of $(3,487,566) and $8,246,872, respectively) | $ | 346,080,714 | $ | 626,883,588 | ||||
CHANGES IN SHARES OUTSTANDING: | ||||||||
Shares sold - Retail Class | 979,318 | 5,112,849 | ||||||
Shares sold - Institutional Class | 1,646,556 | 4,731,096 | ||||||
Shares issued to holders in reinvestment of dividends - Retail Class | 835,872 | 1,492,344 | ||||||
Shares issued to holders in reinvestment of dividends - Institutional Class | 396,243 | 1,130,495 | ||||||
Shares redeemed - Retail Class | (12,272,462 | ) | (34,791,335 | ) | ||||
Shares redeemed - Institutional Class | (18,734,233 | ) | (20,076,664 | ) | ||||
Net decrease in shares outstanding | (27,148,706 | ) | (42,401,215 | ) | ||||
* Net of redemption fees of (Retail Class): | $ | 77 | $ | 803 | ||||
** Net of redemption fees of (Institutional Class): | $ | 590 | $ | — |
See Notes to the Financial Statements. | The Leuthold Funds - 2013 Semi-Annual Report 19 |
Leuthold Global Fund
Statements of Changes in Net Assets (Consolidated)
Six Months Ended | Year Ended | |||||||
March 31, 2013 | September 30, 2012 | |||||||
(Unaudited) | ||||||||
OPERATIONS: | ||||||||
Net investment income | $ | 1,291,794 | $ | 2,956,364 | ||||
Net realized gain on investments, investment companies, | ||||||||
foreign currency, and foreign currency translation | 19,609,045 | 4,017,436 | ||||||
Net unrealized appreciation on investments, investment | ||||||||
companies, short positions, foreign currency, and | ||||||||
foreign currency translation | 14,138,511 | 34,221,305 | ||||||
Net increase in net assets from operations | 35,039,350 | 41,195,105 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
From net investment income - Retail Class | (838,788 | ) | (1,693,659 | ) | ||||
From net investment income - Institutional Class | (2,000,857 | ) | (3,991,623 | ) | ||||
From net realized gain - Retail Class | — | (1,600,165 | ) | |||||
From net realized gain - Institutional Class | — | (2,986,860 | ) | |||||
Total distributions | (2,839,645 | ) | (10,272,307 | ) | ||||
CAPITAL SHARE TRANSACTIONS: | ||||||||
Proceeds from shares sold - Retail Class | 13,555,089 | 38,817,784 | ||||||
Proceeds from shares sold - Institutional Class | 18,012,228 | 42,023,979 | ||||||
Proceeds from shares issued to holders in reinvestment of | ||||||||
dividends - Retail Class | 714,771 | 2,512,501 | ||||||
Proceeds from shares issued to holders in reinvestment of | ||||||||
dividends - Institutional Class | 1,637,179 | 6,030,728 | ||||||
Cost of shares redeemed - Retail Class* | (27,545,484 | ) | (83,069,375 | ) | ||||
Cost of shares redeemed - Institutional Class** | (71,485,586 | ) | (95,136,550 | ) | ||||
Net decrease in net assets from capital share transactions | (65,111,803 | ) | (88,820,933 | ) | ||||
TOTAL DECREASE IN NET ASSETS: | (32,912,098 | ) | (57,898,135 | ) | ||||
NET ASSETS | ||||||||
Beginning of period | 386,841,659 | 444,739,794 | ||||||
End of period (including accumulated net investment | ||||||||
income (loss) of $(714,688) and $833,163, respectively) | $ | 353,929,561 | $ | 386,841,659 | ||||
CHANGES IN SHARES OUTSTANDING: | ||||||||
Shares sold - Retail Class | 1,285,839 | 3,945,983 | ||||||
Shares sold - Institutional Class | 1,683,583 | 4,228,765 | ||||||
Shares issued to holders in reinvestment of dividends - Retail Class | 68,728 | 261,893 | ||||||
Shares issued to holders in reinvestment of dividends - Institutional Class | 157,119 | 625,025 | ||||||
Shares redeemed - Retail Class | (2,608,727 | ) | (8,450,710 | ) | ||||
Shares redeemed - Institutional Class | (6,710,472 | ) | (9,571,699 | ) | ||||
Net decrease in shares outstanding | (6,123,930 | ) | (8,960,743 | ) | ||||
* Net of redemption fees of (Retail Class): | $ | 16 | $ | 2,558 | ||||
** Net of redemption fees of (Institutional Class): | $ | 80 | $ | — |
20 The Leuthold Funds - 2013 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Select Industries Fund
Statements of Changes in Net Assets
Six Months Ended | Year Ended | |||||||
March 31, 2013 | September 30, 2012 | |||||||
(Unaudited) | ||||||||
OPERATIONS: | ||||||||
Net investment income | $ | 18,044 | $ | 33,457 | ||||
Net realized gain on investments and foreign currency | ||||||||
and foreign currency translation | 808,195 | 118,045 | ||||||
Net unrealized appreciation on investments, foreign currency, | ||||||||
and foreign currency translation | 747,676 | 3,208,325 | ||||||
Net increase in net assets from operations | 1,573,915 | 3,359,827 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
From net investment income | (23,850 | ) | (25,862 | ) | ||||
From net realized gain | — | — | ||||||
Total distributions | (23,850 | ) | (25,862 | ) | ||||
CAPITAL SHARE TRANSACTIONS: | ||||||||
Proceeds from shares sold | 3,474,658 | 542,710 | ||||||
Proceeds from shares issued to holders in reinvestment of dividends | 22,982 | 21,471 | ||||||
Cost of shares redeemed | (3,670,956 | ) | (6,718,254 | ) | ||||
Net decrease in net assets from capital share transactions | (173,316 | ) | (6,154,073 | ) | ||||
TOTAL INCREASE (DECREASE) IN NET ASSETS: | 1,376,749 | (2,820,108 | ) | |||||
NET ASSETS | ||||||||
Beginning of period | 13,458,427 | 16,278,535 | ||||||
End of period (including accumulated net investment income | ||||||||
of $1,997 and $7,803, respectively) | $ | 14,835,176 | $ | 13,458,427 | ||||
CHANGES IN SHARES OUTSTANDING: | ||||||||
Shares sold | 231,819 | 43,940 | ||||||
Shares issued to holders in reinvestment of dividends | 1,741 | 1,675 | ||||||
Shares redeemed | (268,476 | ) | (541,444 | ) | ||||
Net decrease in shares outstanding | (34,916 | ) | (495,829 | ) |
See Notes to the Financial Statements. | The Leuthold Funds - 2013 Semi-Annual Report 21 |
Leuthold Global Industries Fund
Statement of Changes in Net Assets
Six Months Ended | Year Ended | |||||||
March 31, 2013 | September 30, 2012 | |||||||
(Unaudited) | ||||||||
OPERATIONS: | ||||||||
Net investment income | $ | 20,891 | $ | 24,687 | ||||
Net realized gain (loss) on investments, investment companies, | ||||||||
and foreign currency and foreign currency translation | 620,681 | (1,178,272 | ) | |||||
Net unrealized appreciation on investments, investment companies, | ||||||||
and foreign currency and foreign currency translation | 796,094 | 3,336,213 | ||||||
Net increase in net assets from operations | 1,437,666 | 2,182,628 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
From net investment income - Retail Class | (4,234 | ) | (11,008 | ) | ||||
From net investment income - Institutional Class | (10,037 | ) | (7,012 | ) | ||||
From net realized gain - Retail Class | — | — | ||||||
From net realized gain - Institutional Class | — | — | ||||||
Total distributions | (14,271 | ) | (18,020 | ) | ||||
CAPITAL SHARE TRANSACTIONS: | ||||||||
Proceeds from shares sold - Retail Class | 903,560 | 290,757 | ||||||
Proceeds from shares sold - Institutional Class | — | 333,333 | ||||||
Proceeds from shares issued to holders in reinvestment of | ||||||||
dividends - Retail Class | 910 | 1,464 | ||||||
Proceeds from shares issued to holders in reinvestment of | ||||||||
dividends - Institutional Class | 10,036 | 7,012 | ||||||
Cost of shares redeemed - Retail Class | (1,306,133 | ) | (2,743,118 | ) | ||||
Cost of shares redeemed - Institutional Class | (382,492 | ) | (12,401,434 | ) | ||||
Net decrease in net assets from capital share transactions | (774,119 | ) | (14,511,986 | ) | ||||
TOTAL INCREASE (DECREASE) IN NET ASSETS: | 649,276 | (12,347,378 | ) | |||||
NET ASSETS | ||||||||
Beginning of period | 7,934,612 | 20,281,990 | ||||||
End of period (including accumulated net investment | ||||||||
loss of $(10,467) and $(17,087), respectively) | $ | 8,583,888 | $ | 7,934,612 | ||||
CHANGES IN SHARES OUTSTANDING: | ||||||||
Shares sold - Retail Class | 74,425 | 27,418 | ||||||
Shares sold - Institutional Class | — | 30,553 | ||||||
Shares issued to holders in reinvestment of dividends - Retail Class | 69 | 141 | ||||||
Shares issued to holders in reinvestment of dividends - Institutional Class | 774 | 674 | ||||||
Shares redeemed - Retail Class | (104,008 | ) | (247,065 | ) | ||||
Shares redeemed - Institutional Class | (30,575 | ) | (1,194,744 | ) | ||||
Net decrease in shares outstanding | (59,315 | ) | (1,383,023 | ) |
22 The Leuthold Funds - 2013 Semi-Annual Report | See Notes to the Financial Statements. |
Grizzly Short Fund
Statements of Changes in Net Assets
Six Months Ended | Year Ended | |||||||
March 31, 2013 | September 30, 2012 | |||||||
(Unaudited) | ||||||||
OPERATIONS: | ||||||||
Net investment loss | $ | (2,149,557 | ) | $ | (6,144,122 | ) | ||
Net realized loss on short positions and foreign currency | ||||||||
and foreign currency translation | (15,386,783 | ) | (50,047,683 | ) | ||||
Net unrealized depreciation on short positions and foreign currency | ||||||||
and foreign currency translation | (204,924 | ) | (31,836,869 | ) | ||||
Net decrease in net assets from operations | (17,741,264 | ) | (88,028,674 | ) | ||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
From net investment income | — | — | ||||||
From net realized gain | — | — | ||||||
Total distributions | — | — | ||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||
Proceeds from shares sold | 41,745,824 | 293,170,610 | ||||||
Cost of shares redeemed | (88,971,149 | ) | (332,304,010 | ) | ||||
Net decrease in net assets from capital share transactions | (47,225,325 | ) | (39,133,400 | ) | ||||
TOTAL DECREASE IN NET ASSETS: | (64,966,589 | ) | (127,162,074 | ) | ||||
NET ASSETS | ||||||||
Beginning of period | 136,286,009 | 263,448,083 | ||||||
End of period (including accumulated net investment loss | ||||||||
of $(6,024,451) and $(3,874,894), respectively) | $ | 71,319,420 | $ | 136,286,009 | ||||
CHANGES IN SHARES OUTSTANDING: | ||||||||
Shares sold | 3,872,833 | 22,016,553 | ||||||
Shares issued to holders in reinvestment of dividends | — | — | ||||||
Shares redeemed | (8,703,138 | ) | (26,019,415 | ) | ||||
Net decrease in shares outstanding | (4,830,305 | ) | (4,002,862 | ) |
See Notes to the Financial Statements. | The Leuthold Funds - 2013 Semi-Annual Report 23 |
Leuthold Core Investment Fund - Retail
Financial Highlights
Six Months Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||||||
March 31, | September 30, | September 30, | September 30, | September 30, | Year Ended | |||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | September 30, | |||||||||||||||||||
(Consolidated) | (Consolidated) | (Consolidated) | (Consolidated) | (Consolidated) | 2008 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Per Share Data (1): | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 16.78 | $ | 15.50 | $ | 15.99 | $ | 15.79 | $ | 15.20 | $ | 21.18 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income | 0.06 | (3) | 0.11 | (3) | 0.09 | (2) | 0.14 | (3) | 0.28 | (3) | 0.26 | (2) | ||||||||||||
Net realized and unrealized gains (losses) | ||||||||||||||||||||||||
on investments and short positions | 1.18 | 1.62 | (0.51 | ) | 0.11 | 0.45 | (2.18 | ) | ||||||||||||||||
Total from investment operations | 1.24 | 1.73 | (0.42 | ) | 0.25 | 0.73 | (1.92 | ) | ||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
From net investment income | (0.26 | ) | (0.45 | ) | (0.07 | ) | — | (0.13 | ) | (0.31 | ) | |||||||||||||
From net realized gains | — | — | — | — | — | (3.75 | ) | |||||||||||||||||
Return of capital | — | — | — | (0.05 | ) | (0.01 | ) | — | ||||||||||||||||
Redemption fees(4) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||
Total distributions | (0.26 | ) | (0.45 | ) | (0.07 | ) | (0.05 | ) | (0.14 | ) | (4.06 | ) | ||||||||||||
Net asset value, end of period | $ | 17.76 | $ | 16.78 | $ | 15.50 | $ | 15.99 | $ | 15.79 | $ | 15.20 | ||||||||||||
Total Return | 7.48 | % | 11.34 | % | (2.61 | %) | 1.53 | % | 4.95 | % | (11.48 | %) | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period | $ | 461,019,313 | $ | 527,760,001 | $ | 660,993,063 | $ | 858,708,522 | $ | 944,341,607 | $ | 1,103,832,039 | ||||||||||||
Ratio of expenses to average net assets(5) | 1.29 | %(6) | 1.22 | % | 1.24 | % | 1.37 | % | 1.15 | % | 1.28 | % | ||||||||||||
Ratio of net investment income | ||||||||||||||||||||||||
to average net assets(7) | 0.66 | %(6) | 0.69 | % | 0.54 | % | 0.85 | % | 2.14 | % | 1.51 | % | ||||||||||||
Portfolio turnover rate (8) | 47.15 | % | 149.17 | % | 83.15 | % | 100.36 | % | 116.70 | % | 238.34 | % |
(1) | For a share outstanding throughout the period. Rounded to the nearest cent. |
(2) | Net investment income per share is calculated using ending balances prior to consideration of adjustments for permanent book and tax differences. |
(3) | Net investment income per share is calculated based on average shares outstanding. |
(4) | Amount represents less than $0.005 per share. |
(5) | The ratio of expenses to average net assets includes dividends and interest on short positions. The expense ratios excluding dividends and interest on short positions were 1.16% for the six months ended March 31, 2013, 1.14% for the year ended September 30, 2012, 1.14% for the year ended September 30, 2011, 1.12% for the year ended September 30, 2010, 1.14% for the year ended September 30, 2009, and 1.11% for the year ended September 30, 2008. |
(6) | Annualized. |
(7) | The net investment income ratios include dividends and interest on short positions. |
(8) | The portfolio turnover rate excludes purchases and sales of short positions as the Adviser does not intend to hold the short positions for more than one year. |
24 The Leuthold Funds - 2013 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Core Investment Fund - Institutional
Financial Highlights
Six Months Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||||||
March 31, | September 30, | September 30, | September 30, | September 30, | Year Ended | |||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | September 30, | |||||||||||||||||||
(Consolidated) | (Consolidated) | (Consolidated) | (Consolidated) | (Consolidated) | 2008 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Per Share Data (1): | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 16.77 | $ | 15.50 | $ | 15.98 | $ | 15.78 | $ | 15.19 | $ | 21.17 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income | 0.06 | (2) | 0.12 | (2) | 0.11 | (3) | 0.15 | (2) | 0.30 | (3) | 0.28 | (3) | ||||||||||||
Net realized and unrealized gains (losses) | ||||||||||||||||||||||||
on investments and short positions | 1.19 | 1.62 | (0.50 | ) | 0.11 | 0.45 | (2.19 | ) | ||||||||||||||||
Total from investment operations | 1.25 | 1.74 | (0.39 | ) | 0.26 | 0.75 | (1.91 | ) | ||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
From net investment income | (0.27 | ) | (0.47 | ) | (0.09 | ) | — | (0.15 | ) | (0.32 | ) | |||||||||||||
From net realized gains | — | — | — | — | — | (3.75 | ) | |||||||||||||||||
Return of capital | — | — | — | (0.06 | ) | (0.01 | ) | — | ||||||||||||||||
Redemption fees | — | 0.00 | (4) | 0.00 | (4) | 0.00 | (4) | 0.00 | (4) | — | ||||||||||||||
Total distributions | (0.27 | ) | (0.47 | ) | (0.09 | ) | (0.06 | ) | (0.16 | ) | (4.07 | ) | ||||||||||||
Net asset value, end of period | $ | 17.75 | $ | 16.77 | $ | 15.50 | $ | 15.98 | $ | 15.78 | $ | 15.19 | ||||||||||||
Total Return | 7.55 | % | 11.40 | % | (2.49 | %) | 1.64 | % | 5.14 | % | (11.46 | %) | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period | $ | 208,128,161 | $ | 263,572,111 | $ | 347,517,502 | $ | 451,654,832 | $ | 461,682,757 | $ | 317,733,525 | ||||||||||||
Ratio of expenses to average net assets(5) | 1.18 | %(6) | 1.11 | % | 1.13 | % | 1.27 | % | 1.03 | % | 1.18 | % | ||||||||||||
Ratio of net investment income | ||||||||||||||||||||||||
to average net assets(7) | 0.77 | %(6) | 0.80 | % | 0.66 | % | 0.95 | % | 2.25 | % | 1.61 | % | ||||||||||||
Portfolio turnover rate (8) | 47.15 | % | 149.17 | % | 83.15 | % | 100.36 | % | 116.70 | % | 238.34 | % |
(1) | For a share outstanding throughout the period. Rounded to the nearest cent. |
(2) | Net investment income per share is calculated based on average shares outstanding. |
(3) | Net investment income per share is calculated using ending balances prior to consideration of adjustments for permanent book and tax differences. |
(4) | Amount represents less than $0.005 per share. |
(5) | The ratio of expenses to average net assets includes dividends and interest on short positions. The expense ratios excluding dividends and interest on short positions were 1.06% for the six months ended March 31, 2013, 1.03% for the year ended September 30, 2012, 1.03% for the year ended September 30, 2011, 1.02% for the year ended September 30, 2010, 1.02% for the year ended September 30, 2009, and 1.01% for the year ended September 30, 2008. |
(6) | Annualized. |
(7) | The net investment income ratios include dividends and interest on short positions. |
(8) | The portfolio turnover rate excludes purchases and sales of short positions as the Adviser does not intend to hold the short positions for more than one year. |
See Notes to the Financial Statements. | The Leuthold Funds - 2013 Semi-Annual Report 25 |
Leuthold Asset Allocation Fund - Retail
Financial Highlights
Six Months Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||||||
March 31, | September 30, | September 30, | September 30, | September 30, | Year Ended | |||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | September 30, | |||||||||||||||||||
(Consolidated) | (Consolidated) | (Consolidated) | (Consolidated) | (Consolidated) | 2008 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Per Share Data (1): | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.50 | $ | 9.72 | $ | 9.91 | $ | 9.12 | $ | 9.45 | $ | 11.43 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income | 0.06 | (3) | 0.09 | (3) | 0.07 | (2) | 0.11 | (3) | 0.21 | (2) | 0.20 | (2) | ||||||||||||
Net realized and unrealized gains (losses) | ||||||||||||||||||||||||
on investments and short positions | 0.48 | 1.03 | (0.20 | ) | 0.74 | (0.35 | ) | (1.80 | ) | |||||||||||||||
Total from investment operations | 0.54 | 1.12 | (0.13 | ) | 0.85 | (0.14 | ) | (1.60 | ) | |||||||||||||||
Less distributions: | ||||||||||||||||||||||||
From net investment income | (0.39 | ) | (0.34 | ) | (0.06 | ) | (0.02 | ) | (0.19 | ) | (0.20 | ) | ||||||||||||
From net realized gains | — | — | — | — | — | (0.18 | ) | |||||||||||||||||
Return of capital | — | — | — | (0.04 | ) | — | — | |||||||||||||||||
Redemption fees(4) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||
Total distributions | (0.39 | ) | (0.34 | ) | (0.06 | ) | (0.06 | ) | (0.19 | ) | (0.38 | ) | ||||||||||||
Net asset value, end of period | $ | 10.65 | $ | 10.50 | $ | 9.72 | $ | 9.91 | $ | 9.12 | $ | 9.45 | ||||||||||||
Total Return | 5.27 | % | 11.73 | % | (1.34 | %) | 9.26 | % | (1.20 | %) | (14.45 | %) | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period | $ | 253,512,191 | $ | 359,697,107 | $ | 606,985,298 | $ | 843,525,684 | $ | 849,399,319 | $ | 1,205,840,473 | ||||||||||||
Ratio of expenses to average net assets(5) | 1.39 | %(6) | 1.42 | % | 1.42 | % | 1.57 | % | 1.34 | % | 1.34 | % | ||||||||||||
Ratio of net investment income | ||||||||||||||||||||||||
to average net assets(7) | 1.21 | %(6) | 0.84 | % | 0.72 | % | 1.17 | % | 2.60 | % | 1.99 | % | ||||||||||||
Portfolio turnover rate (8) | 57.58 | % | 133.11 | % | 105.62 | % | 100.64 | % | 147.01 | % | 197.96 | % |
(1) | For a share outstanding throughout the period. Rounded to the nearest cent. |
(2) | Net investment income per share is calculated using ending balances prior to consideration of adjustments for permanent book and tax differences. |
(3) | Net investment income per share is calculated based on average shares outstanding. |
(4) | Amount represents less than $0.005 per share. |
(5) | The ratio of expenses to average net assets includes dividends and interest on short positions. The expense ratios excluding dividends and interest on short positions were 1.37% for the six months ended March 31, 2013, 1.34% for the year ended September 30, 2012, 1.32% for the year ended September 30, 2011, 1.32% for the year ended September 30, 2010, 1.32% for the year ended September 30, 2009, and 1.23% for the year ended September 30, 2008. |
(6) | Annualized. |
(7) | The net investment income ratios include dividends and interest on short positions. |
(8) | The portfolio turnover rate excludes purchases and sales of short positions as the Adviser does not intend to hold the short positions for more than one year. |
26 The Leuthold Funds - 2013 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Asset Allocation Fund - Institutional
Financial Highlights
Six Months Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||||||
March 31, | September 30, | September 30, | September 30, | September 30, | Year Ended | |||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | September 30, | |||||||||||||||||||
(Consolidated) | (Consolidated) | (Consolidated) | (Consolidated) | (Consolidated) | 2008 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Per Share Data (1): | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.54 | $ | 9.76 | $ | 9.93 | $ | 9.13 | $ | 9.45 | $ | 11.44 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income | 0.08 | (3) | 0.10 | (3) | 0.10 | (2) | 0.13 | (3) | 0.23 | (2) | 0.21 | (2) | ||||||||||||
Net realized and unrealized gains (losses) | ||||||||||||||||||||||||
on investments and short positions | 0.49 | 1.05 | (0.19 | ) | 0.73 | (0.34 | ) | (1.81 | ) | |||||||||||||||
Total from investment operations | 0.57 | 1.15 | (0.09 | ) | 0.86 | (0.11 | ) | (1.60 | ) | |||||||||||||||
Less distributions: | ||||||||||||||||||||||||
From net investment income | (0.41 | ) | (0.37 | ) | (0.08 | ) | (0.02 | ) | (0.21 | ) | (0.21 | ) | ||||||||||||
From net realized gains | — | — | — | — | — | (0.18 | ) | |||||||||||||||||
Return of capital | — | — | — | (0.04 | ) | — | — | |||||||||||||||||
Redemption fees | 0.00 | (4) | — | 0.00 | (4) | — | 0.00 | (4) | 0.00 | (4) | ||||||||||||||
Total distributions | (0.41 | ) | (0.37 | ) | (0.08 | ) | (0.06 | ) | (0.21 | ) | (0.39 | ) | ||||||||||||
Net asset value, end of period | $ | 10.70 | $ | 10.54 | $ | 9.76 | $ | 9.93 | $ | 9.13 | $ | 9.45 | ||||||||||||
Total Return | 5.39 | % | 11.96 | % | (0.95 | %) | 9.41 | % | (0.85 | %) | (14.42 | %) | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period | $ | 92,568,523 | $ | 267,186,481 | $ | 386,106,585 | $ | 393,296,150 | $ | 349,672,451 | $ | 683,852,979 | ||||||||||||
Ratio of expenses to average net assets(5) | 1.15 | %(6) | 1.20 | % | 1.20 | % | 1.36 | % | 1.11 | % | 1.21 | % | ||||||||||||
Ratio of net investment income | ||||||||||||||||||||||||
to average net assets(7) | 1.45 | %(6) | 1.06 | % | 0.94 | % | 1.38 | % | 2.82 | % | 2.12 | % | ||||||||||||
Portfolio turnover rate (8) | 57.58 | % | 133.11 | % | 105.62 | % | 100.64 | % | 147.01 | % | 197.96 | % |
(1) | For a share outstanding throughout the period. Rounded to the nearest cent. |
(2) | Net investment income per share is calculated using ending balances prior to consideration of adjustments for permanent book and tax differences. |
(3) | Net investment income per share is calculated based on average shares outstanding. |
(4) | Amount represents less than $0.005 per share. |
(5) | The ratio of expenses to average net assets includes dividends and interest on short positions. The expense ratios excluding dividends and interest on short positions were 1.14% for the six months ended March 31, 2013, 1.12% for the year ended September 30, 2012, 1.10% for the year ended September 30, 2011, 1.11% for the year ended September 30, 2010, 1.10% for the year ended September 30, 2009, and 1.09% for the year ended September 30, 2008. |
(6) | Annualized. |
(7) | The net investment income ratios include dividends and interest on short positions. |
(8) | The portfolio turnover rate excludes purchases and sales of short positions as the Adviser does not intend to hold the short positions for more than one year. |
See Notes to the Financial Statements. | The Leuthold Funds - 2013 Semi-Annual Report 27 |
Leuthold Global Fund - Retail
Financial Highlights
Six Months Ended | Year Ended | Year Ended | Year Ended | Year Ended | Period from | |||||||||||||||||||
March 31, | September 30, | September 30, | September 30, | September 30, | July 1, 2008(1) | |||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | through | |||||||||||||||||||
(Consolidated) | (Consolidated) | (Consolidated) | (Consolidated) | (Consolidated) | September 30, 2008 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Per Share Data (2): | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.24 | $ | 9.52 | $ | 10.18 | $ | 9.07 | $ | 8.51 | $ | 10.00 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income | 0.03 | (3) | 0.05 | (4) | 0.08 | (4) | 0.07 | (3) | 0.09 | (4) | 0.03 | (4) | ||||||||||||
Net realized and unrealized gains (losses) | ||||||||||||||||||||||||
on investments and short positions | 1.00 | 0.89 | (0.17 | ) | 1.06 | 0.59 | (1.52 | ) | ||||||||||||||||
Total from investment operations | 1.03 | 0.94 | (0.09 | ) | 1.13 | 0.68 | (1.49 | ) | ||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
From net investment income | (0.08 | ) | (0.12 | ) | (0.07 | ) | (0.02 | ) | (0.12 | ) | — | |||||||||||||
From net realized gains | — | (0.10 | ) | (0.50 | ) | — | — | — | ||||||||||||||||
Redemption fees(5) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||
Total distributions | (0.08 | ) | (0.22 | ) | (0.57 | ) | (0.02 | ) | (0.12 | ) | — | |||||||||||||
Net asset value, end of period | $ | 11.19 | $ | 10.24 | $ | 9.52 | $ | 10.18 | $ | 9.07 | $ | 8.51 | ||||||||||||
Total Return | 9.98 | % | 10.14 | % | (1.33 | %) | 12.39 | % | 8.28 | % | (14.04 | %) | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period | $ | 117,526,926 | $ | 120,450,807 | $ | 152,292,208 | $ | 98,906,854 | $ | 58,120,794 | $ | 19,940,804 | ||||||||||||
Ratio of expenses to average net assets(6) | 1.65 | %(7) | 1.57 | % | 1.74 | % | 1.93 | % | 1.82 | % | 1.83 | %(7) | ||||||||||||
Ratio of net investment income | ||||||||||||||||||||||||
to average net assets(8) | 0.56 | %(7) | 0.60 | % | 0.83 | % | 0.78 | % | 1.56 | % | 2.01 | %(7) | ||||||||||||
Portfolio turnover rate (9) | 50.29 | % | 127.41 | % | 123.51 | % | 140.87 | % | 152.90 | % | 62.34 | % |
(1) | Commencement of share class operations. |
(2) | For a share outstanding throughout the period. Rounded to the nearest cent. |
(3) | Net investment income per share is calculated based on average shares outstanding. |
(4) | Net investment income per share is calculated using ending balances prior to consideration of adjustments for permanent book and tax differences. |
(5) | Amount represents less than $0.005 per share. |
(6) | The ratio of expenses to average net assets includes dividends and interest on short positions. The expense ratios excluding dividends and interest on short positions were 1.53% for the six months ended March 31, 2013, 1.51% for the year ended September 30, 2012, 1.55% for the year ended September 30, 2011, 1.65% for the year ended September 30, 2010, 1.77% for the year ended September 30, 2009, and 1.83% for the year ended September 30, 2008. |
(7) | Annualized. |
(8) | The net investment income ratios include dividends and interest on short positions. |
(9) | The portfolio turnover rate excludes purchases and sales of short positions as the Adviser does not intend to hold the short positions for more than one year. |
28 The Leuthold Funds - 2013 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Global Fund - Institutional
Financial Highlights
Six Months Ended | Year Ended | Year Ended | Year Ended | Year Ended | Period from | |||||||||||||||||||
March 31, | September 30, | September 30, | September 30, | September 30, | April 30, 2008(1) | |||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | through | |||||||||||||||||||
(Consolidated) | (Consolidated) | (Consolidated) | (Consolidated) | (Consolidated) | September 30, 2008 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Per Share Data (2): | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.27 | $ | 9.54 | $ | 10.20 | $ | 9.08 | $ | 8.51 | $ | 10.00 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income | 0.04 | (3) | 0.09 | (4) | 0.10 | (4) | 0.09 | (3) | 0.11 | (4) | 0.04 | (4) | ||||||||||||
Net realized and unrealized gains (losses) | ||||||||||||||||||||||||
on investments and short positions | 1.00 | 0.88 | (0.17 | ) | 1.06 | 0.59 | (1.53 | ) | ||||||||||||||||
Total from investment operations | 1.04 | 0.97 | (0.07 | ) | 1.15 | 0.70 | (1.49 | ) | ||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
From net investment income | (0.09 | ) | (0.14 | ) | (0.09 | ) | (0.03 | ) | (0.13 | ) | — | |||||||||||||
From net realized gains | — | (0.10 | ) | (0.50 | ) | — | — | — | ||||||||||||||||
Redemption fees | 0.00 | (5) | — | 0.00 | (5) | — | — | — | ||||||||||||||||
Total distributions | (0.09 | ) | (0.24 | ) | (0.59 | ) | (0.03 | ) | (0.13 | ) | — | |||||||||||||
Net asset value, end of period | $ | 11.22 | $ | 10.27 | $ | 9.54 | $ | 10.20 | $ | 9.08 | $ | 8.51 | ||||||||||||
Total Return | 10.15 | % | 10.34 | % | (1.11 | %) | 12.52 | % | 8.63 | % | (14.90 | %) | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period | $ | 236,402,635 | $ | 266,390,852 | $ | 292,447,586 | $ | 190,739,466 | $ | 121,650,446 | $ | 51,045,894 | ||||||||||||
Ratio of expenses to average net assets(6) | 1.44 | %(7) | 1.36 | % | 1.57 | % | 1.75 | % | 1.57 | % | 1.61 | %(7) | ||||||||||||
Ratio of net investment income | ||||||||||||||||||||||||
to average net assets(8) | 0.77 | %(7) | 0.81 | % | 1.01 | % | 0.97 | % | 1.80 | % | 2.20 | %(7) | ||||||||||||
Portfolio turnover rate (9) | 50.29 | % | 127.41 | % | 123.51 | % | 140.87 | % | 152.90 | % | 62.34 | % |
(1) | Commencement of share class operations. |
(2) | For a share outstanding throughout the period. Rounded to the nearest cent. |
(3) | Net investment income per share is calculated based on average shares outstanding. |
(4) | Net investment income per share is calculated using ending balances prior to consideration of adjustments for permanent book and tax differences. |
(5) | Amount represents less than $0.005 per share. |
(6) | The ratio of expenses to average net assets includes dividends and interest on short positions. The expense ratios excluding dividends and interest on short positions were 1.32% for the six months ended March 31, 2013, 1.31% for the year ended September 30, 2012, 1.38% for the year ended September 30, 2011, 1.47% for the year ended September 30, 2010, 1.53% for the year ended September 30, 2009, and 1.60% for the period ended September 30, 2008. |
(7) | Annualized. |
(8) | The net investment income ratios include dividends and interest on short positions. |
(9) | The portfolio turnover rate excludes purchases and sales of short positions as the Adviser does not intend to hold the short positions for more than one year. |
See Notes to the Financial Statements. | The Leuthold Funds - 2013 Semi-Annual Report 29 |
Leuthold Select Industries Fund
Financial Highlights
Six Months Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
March 31, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Per Share Data(1): | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 13.26 | $ | 10.78 | $ | 11.80 | $ | 12.82 | $ | 13.03 | $ | 21.94 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss) | 0.02 | (3) | 0.03 | (3) | (0.05 | )(2) | 0.03 | (3) | (0.04 | )(2) | (0.04 | )(2) | ||||||||||||
Net realized and unrealized gains (losses) | ||||||||||||||||||||||||
on investments and short positions | 1.89 | 2.47 | (0.95 | ) | (1.03 | ) | (0.17 | ) | (3.15 | ) | ||||||||||||||
Total from investment operations | 1.91 | 2.50 | (1.00 | ) | (1.00 | ) | (0.21 | ) | (3.19 | ) | ||||||||||||||
Less distributions: | ||||||||||||||||||||||||
From net investment income | (0.03 | ) | (0.02 | ) | (0.02 | ) | (0.02 | ) | — | (0.06 | ) | |||||||||||||
From net realized gains | — | — | — | — | — | (5.63 | ) | |||||||||||||||||
Return of capital | — | — | — | — | — | (0.03 | ) | |||||||||||||||||
Total distributions | (0.03 | ) | (0.02 | ) | (0.02 | ) | (0.02 | ) | — | (5.72 | ) | |||||||||||||
Net asset value, end of period | $ | 15.14 | $ | 13.26 | $ | 10.78 | $ | 11.80 | $ | 12.82 | $ | 13.03 | ||||||||||||
Total Return | 14.42 | % | 23.34 | % | (8.60 | %) | (7.76 | %) | (1.69 | %) | (18.90 | %) | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period | $ | 14,835,176 | $ | 13,458,427 | $ | 16,278,535 | $ | 39,088,487 | $ | 47,543,360 | $ | 42,632,379 | ||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||||||
Before expense reimbursement or recovery | 1.75 | %(4) | 1.71 | % | 1.40 | % | 1.30 | % | 1.38 | % | 1.30 | % | ||||||||||||
After expense reimbursement or recovery | 1.60 | %(4) | 1.60 | % | 1.40 | % | 1.30 | % | 1.38 | % | 1.30 | % | ||||||||||||
Ratio of net investment income (loss) | ||||||||||||||||||||||||
to average net assets: | ||||||||||||||||||||||||
Before expense reimbursement or recovery | 0.14 | %(4) | 0.11 | % | (0.24 | %) | 0.24 | % | (0.38 | %) | (0.11 | %) | ||||||||||||
After expense reimbursement or recovery | 0.29 | %(4) | 0.22 | % | (0.24 | %) | 0.24 | % | (0.38 | %) | (0.11 | %) | ||||||||||||
Portfolio turnover rate | 71.94 | % | 139.61 | % | 109.26 | % | 178.24 | % | 164.20 | % | 139.89 | % |
(1) | For a share outstanding throughout the period. Rounded to the nearest cent. |
(2) | Net investment loss per share is calculated using ending balances prior to consideration of adjustments for permanent book and tax differences. |
(3) | Net investment income per share is calculated based on average shares outstanding. |
(4) | Annualized. |
30 The Leuthold Funds - 2013 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Global Industries Fund - Retail
Financial Highlights
Period from | ||||||||||||||||
Six Months | Year Ended | Year Ended | May 17, 2010 (1) | |||||||||||||
Ended | September 30, | September 30, | through | |||||||||||||
March 31, 2013 | 2012 | 2011 | September 30, 2010 | |||||||||||||
(Unaudited) | ||||||||||||||||
Per Share Data (2): | ||||||||||||||||
Net asset value, beginning of period | $ | 11.44 | $ | 9.77 | $ | 11.01 | $ | 10.00 | ||||||||
Income (loss) from investment operations: | ||||||||||||||||
Net investment income | 0.02 | (3) | 0.01 | (4) | 0.06 | (4) | 0.00 | (5) | ||||||||
Net realized and unrealized gains (losses) | ||||||||||||||||
on investments | 2.09 | 1.68 | (1.16 | ) | 1.01 | |||||||||||
Total from investment operations | 2.11 | 1.69 | (1.10 | ) | 1.01 | |||||||||||
Less distributions: | ||||||||||||||||
From net investment income | (0.01 | ) | (0.02 | ) | (0.06 | ) | — | |||||||||
From net realized gains | — | — | (0.08 | ) | — | |||||||||||
Redemption fees | — | — | 0.00 | (5) | — | |||||||||||
Total distributions | (0.01 | ) | (0.02 | ) | (0.14 | ) | — | |||||||||
Net asset value, end of period | $ | 13.54 | $ | 11.44 | $ | 9.77 | $ | 11.01 | ||||||||
Total return | 18.48 | % | 17.33 | % | (10.23 | %) | 10.10 | % | ||||||||
Supplemental data and ratios: | ||||||||||||||||
Net assets, end of period | $ | 4,075,636 | $ | 3,782,099 | $ | 5,377,373 | $ | 5,850,019 | ||||||||
Ratio of expenses to average net assets: | ||||||||||||||||
Before expense reimbursement or recovery | 2.95 | % (6) | 2.52 | % | 1.96 | % | 4.42 | % (6) | ||||||||
After expense reimbursement or recovery | 1.98 | % (6) | 2.00 | % | 2.04 | % | 1.96 | % (6) | ||||||||
Ratio of net investment income to average net assets: | ||||||||||||||||
Before expense reimbursement or recovery | (0.59 | %)(6) | (0.45 | %) | 0.60 | % | (2.29 | %)(6) | ||||||||
After expense reimbursement or recovery | 0.38 | % (6) | 0.07 | % | 0.52 | % | 0.17 | % (6) | ||||||||
Portfolio turnover rate | 71.07 | % | 117.30 | % | 179.57 | % | 112.58 | % |
(1) | Commencement of share class operations. |
(2) | For a share outstanding throughout the period. Rounded to the nearest cent. |
(3) | Net investment income per share is calculated based on average shares outstanding. |
(4) | Net investment income per share is calculated using ending balances prior to consideration of adjustments for permanent book and tax differences. |
(5) | Amount represents less than $0.005 per share. |
(6) | Annualized. |
See Notes to the Financial Statements. | The Leuthold Funds - 2013 Semi-Annual Report 31 |
Leuthold Global Industries Fund - Institutional
Financial Highlights
Period from | ||||||||||||||||
Six Months | Year Ended | Year Ended | May 17, 2010 (1) | |||||||||||||
Ended | September 30, | September 30, | through | |||||||||||||
March 31, 2013 | 2012 | 2011 | September 30, 2010 | |||||||||||||
(Unaudited) | ||||||||||||||||
Per Share Data (2): | ||||||||||||||||
Net asset value, beginning of period | $ | 11.48 | $ | 9.77 | $ | 11.01 | $ | 10.00 | ||||||||
Income (loss) from investment operations: | ||||||||||||||||
Net investment income | 0.04 | (3) | 0.06 | (4) | 0.09 | (4) | 0.01 | (4) | ||||||||
Net realized and unrealized gains (losses) | ||||||||||||||||
on investments | 2.09 | 1.67 | (1.15 | ) | 1.00 | |||||||||||
Total from investment operations | 2.13 | 1.73 | (1.06 | ) | 1.01 | |||||||||||
Less distributions: | ||||||||||||||||
From net investment income | (0.03 | ) | (0.02 | ) | (0.10 | ) | — | |||||||||
From net realized gains | — | — | (0.08 | ) | — | |||||||||||
Total distributions | (0.03 | ) | (0.02 | ) | (0.18 | ) | — | |||||||||
Net asset value, end of period | $ | 13.58 | $ | 11.48 | $ | 9.77 | $ | 11.01 | ||||||||
Total return | 18.46 | % | 17.84 | % | (9.92 | %) | 10.10 | % | ||||||||
Supplemental data and ratios: | ||||||||||||||||
Net assets, end of period | $ | 4,508,252 | $ | 4,152,513 | $ | 14,904,617 | $ | 3,870,245 | ||||||||
Ratio of expenses to average net assets: | ||||||||||||||||
Before expense reimbursement or recovery | 2.70 | % (5) | 2.27 | % | 1.71 | % | 4.17 | % (5) | ||||||||
After expense reimbursement or recovery | 1.73 | % (5) | 1.75 | % | 1.79 | % | 1.71 | % (5) | ||||||||
Ratio of net investment income to average net assets: | ||||||||||||||||
Before expense reimbursement or recovery | (0.34 | %)(5) | (0.20 | %) | 0.85 | % | (2.04 | %)(5) | ||||||||
After expense reimbursement or recovery | 0.63 | % (5) | 0.32 | % | 0.77 | % | 0.42 | % (5) | ||||||||
Portfolio turnover rate | 71.07 | % | 117.30 | % | 179.57 | % | 112.58 | % |
(1) | Commencement of share class operations. |
(2) | For a share outstanding throughout the period. Rounded to the nearest cent. |
(3) | Net investment income per share is calculated based on average shares outstanding. |
(4) | Net investment income per share is calculated using ending balances prior to consideration of adjustments for permanent book and tax differences. |
(5) | Annualized. |
32 The Leuthold Funds - 2013 Semi-Annual Report | See Notes to the Financial Statements. |
Grizzly Short Fund
Financial Highlights
Six Months Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
March 31, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||
2013 | 2012 | 2011 | 2010(1) | 2009(1) | 2008(1) | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Per Share Data (2): | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 11.06 | $ | 16.14 | $ | 16.48 | $ | 19.00 | $ | 29.28 | $ | 19.52 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss) | (0.19 | )(3) | (0.40 | )(3) | (0.43 | )(3) | (0.48 | )(3) | (0.88 | )(4) | 0.48 | (4) | ||||||||||||
Net realized and unrealized gains (losses) | ||||||||||||||||||||||||
on investments and short positions | (1.35 | ) | (4.68 | ) | 0.09 | (2.04 | ) | (7.88 | ) | 9.76 | ||||||||||||||
Total from investment operations | (1.54 | ) | (5.08 | ) | (0.34 | ) | (2.52 | ) | (8.76 | ) | 10.24 | |||||||||||||
Less distributions: | ||||||||||||||||||||||||
From net investment income | — | — | — | — | (0.04 | ) | (0.48 | ) | ||||||||||||||||
From net realized gains | — | — | — | — | (0.76 | ) | — | |||||||||||||||||
Return of capital | — | — | — | — | (0.72 | ) | — | |||||||||||||||||
Total distributions | — | — | — | — | (1.52 | ) | (0.48 | ) | ||||||||||||||||
Net asset value, end of period | $ | 9.52 | $ | 11.06 | $ | 16.14 | $ | 16.48 | $ | 19.00 | $ | 29.28 | ||||||||||||
Total Return | (13.92 | %) | (31.47 | %) | (2.06 | %) | (13.26 | %) | (32.54 | %) | 53.43 | % | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period | $ | 71,319,420 | $ | 136,286,009 | $ | 263,488,083 | $ | 196,552,242 | $ | 86,244,258 | $ | 135,738,825 | ||||||||||||
Ratio of expenses to average net assets(5) | 3.50 | %(6) | 3.09 | % | 3.01 | % | 2.72 | % | 3.53 | % | 3.21 | % | ||||||||||||
Ratio of net investment income (loss) | ||||||||||||||||||||||||
to average net assets(7) | (3.50 | %)(6) | (3.09 | %) | (3.01 | %) | (2.71 | %) | (2.83 | %) | 2.01 | % | ||||||||||||
Portfolio turnover rate (8) | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % |
(1) | Per share data adjusted for 1:4 reverse split completed as of May 20, 2011. |
(2) | For a share outstanding throughout the period. Rounded to the nearest cent. |
(3) | Net investment loss per share is calculated based on average shares outstanding. |
(4) | Net investment income (loss) per share is calculated using ending balances prior to consideration of adjustments for permanent book and tax differences. |
(5) | The ratio of expenses to average net assets includes dividends and interest on short positions. The expense ratios excluding dividends and interest on short positions were 1.56%for the six months ended March 31, 2013, 1.52% for the year ended September 30, 2012, 1.53% for the year ended September 30, 2011, 1.49% for the year ended September 30, 2010, 1.47% for the year ended September 30, 2009, and 1.50% for the year ended September 30, 2008. |
(6) | Annualized. |
(7) | The net investment income (loss) ratios include dividends and interest on short positions. |
(8) | The portfolio turnover rate excludes purchases and sales of short positions as the Adviser does not intend to hold the short positions for more than one year. |
See Notes to the Financial Statements. | The Leuthold Funds - 2013 Semi-Annual Report 33 |
Leuthold Core Investment Fund
Consolidated Schedule of Investments
March 31, 2013 (Unaudited)
Shares | Fair Value | |||||||
COMMON STOCKS - 67.83% | ||||||||
Aerospace & Defense - 0.03% | ||||||||
Embraer SA - ADR | 5,225 | $ | 186,376 | |||||
Airlines - 4.91% | ||||||||
AirAsia BHD (b) | 356,100 | 329,183 | ||||||
Alaska Air Group, Inc. (a) | 93,410 | 5,974,503 | ||||||
Copa Holdings SA - Class A (b) | 35,264 | 4,217,927 | ||||||
Delta Air Lines, Inc. (a) | 336,762 | 5,559,941 | ||||||
Ryanair Holdings PLC - ADR | 141,865 | 5,927,120 | ||||||
Southwest Airlines Co. | 356,144 | 4,800,821 | ||||||
U.S. Airways Group, Inc. (a) | 354,798 | 6,020,922 | ||||||
32,830,417 | ||||||||
Auto Components - 0.07% | ||||||||
Halla Visteon Climate Control (b) | 9,110 | 231,917 | ||||||
Hyundai Mobis (b) | 792 | 222,334 | ||||||
454,251 | ||||||||
Automobiles - 0.17% | ||||||||
Dongfeng Motor Group Co., | ||||||||
Ltd. (b) | 126,000 | 177,613 | ||||||
Hyundai Motor Co. (b) | 1,486 | 300,387 | ||||||
Tata Motors, Ltd. - ADR | 16,866 | 411,699 | ||||||
Tofas Turk Otomobil Fabrikasi | ||||||||
AS (b) | 30,762 | 222,053 | ||||||
1,111,752 | ||||||||
Beverages - 0.06% | ||||||||
Tsingtao Brewery Co., Ltd. (b) | 60,000 | 382,842 | ||||||
Building Products - 0.03% | ||||||||
China Liansu Group Holdings, | ||||||||
Ltd. (b) | 319,000 | 181,564 | ||||||
Shares | Fair Value | |||||||
Chemicals - 3.23% | ||||||||
Aeci, Ltd. (b) | 8,038 | $ | 89,197 | |||||
Agrium, Inc. (b) | 41,725 | 4,068,188 | ||||||
CF Industries Holdings, Inc. | 19,651 | 3,740,961 | ||||||
China BlueChemical, Ltd. (b) | 310,000 | 192,754 | ||||||
China Lumena New Materials | ||||||||
Corp. (b) | 1,224,000 | 264,590 | ||||||
Gubre Fabrikalari TAS (a)(b) | 32,216 | 293,898 | ||||||
Monsanto Co. | 83,719 | 8,843,238 | ||||||
Mosaic Co. | 69,183 | 4,123,999 | ||||||
21,616,825 | ||||||||
Commercial Banks - 4.69% | ||||||||
Banco Bilbao Vizcaya Argentaria | ||||||||
SA - ADR | 137,289 | 1,204,025 | ||||||
Banco Santander SA - ADR | 228,277 | 1,554,566 | ||||||
Bangkok Bank PCL (b) | 119,400 | 908,567 | ||||||
Bank of China, Ltd. (b) | 1,939,000 | 902,143 | ||||||
Bank Pan Indonesia Tbk | ||||||||
PT (a)(b) | 3,768,000 | 315,279 | ||||||
Credicorp, Ltd. (b) | 27,727 | 4,604,068 | ||||||
DBS Group Holdings, Ltd. (b) | 62,000 | 802,455 | ||||||
HSBC Holdings PLC - ADR | 74,567 | 3,977,404 | ||||||
ICICI Bank Ltd. - ADR | 58,954 | 2,529,127 | ||||||
KB Financial Group, | ||||||||
Inc. - ADR | 72,413 | 2,392,525 | ||||||
Krung Thai Bank PCL (b) | 417,700 | 354,987 | ||||||
PacWest Bancorp | 42,263 | 1,230,276 | ||||||
Sberbank of Russia - ADR | 42,266 | 543,757 | ||||||
Security Bank Corp. (b) | 56,400 | 251,640 | ||||||
Sumitomo Mitsui Financial | ||||||||
Group, Inc. - ADR | 159,363 | 1,300,402 | ||||||
Umpqua Holdings Corp. | 74,298 | 985,191 | ||||||
Wells Fargo & Co. | 203,511 | 7,527,872 | ||||||
31,384,284 | ||||||||
34 The Leuthold Funds - 2013 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Core Investment Fund
Consolidated Schedule of Investments (continued)
March 31, 2013 (Unaudited)
Shares | Fair Value | |||||||
COMMON STOCKS - 67.83% (continued) | ||||||||
Commercial Services & Supplies - 0.03% | ||||||||
Valid Solucoes e Servicos de | ||||||||
Seguranca em Meios de Pagamento | ||||||||
e Identificacao SA (b) | 10,180 | $ | 195,313 | |||||
Computers & Peripherals - 0.27% | ||||||||
Lenovo Group, Ltd. (b) | 856,000 | 853,775 | ||||||
Lite-On Technology Corp. (b) | 226,000 | 367,622 | ||||||
Pegatron Corp. (a)(b) | 376,000 | 579,997 | ||||||
1,801,394 | ||||||||
Construction & Engineering - 0.02% | ||||||||
Tekfen Holding AS (b) | 31,450 | 134,944 | ||||||
Construction Materials - 0.10% | ||||||||
China Shanshui Cement Group, | ||||||||
Ltd. (b) | 335,000 | 193,313 | ||||||
Indocement Tunggal Prakarsa | ||||||||
Tbk PT (b) | 74,500 | 179,127 | ||||||
Semen Indonesia Persero | ||||||||
Tbk PT (b) | 181,000 | 330,627 | ||||||
703,067 | ||||||||
Consumer Finance - 4.33% | ||||||||
American Express Co. | 54,632 | 3,685,475 | ||||||
Capital One Financial Corp. | 114,826 | 6,309,688 | ||||||
Discover Financial Services | 194,476 | 8,720,304 | ||||||
Ezcorp, Inc. - Class A (a) | 69,990 | 1,490,787 | ||||||
First Cash Financial Services, | ||||||||
Inc. (a) | 34,457 | 2,010,221 | ||||||
Portfolio Recovery Associates, | ||||||||
Inc. (a) | 14,941 | 1,896,312 | ||||||
SLM Corp. | 238,365 | 4,881,715 | ||||||
28,994,502 | ||||||||
Shares | Fair Value | |||||||
Distributors - 0.12% | ||||||||
Dogus Otomotiv Servis ve Ticaret | ||||||||
AS (a)(b) | 45,813 | $ | 287,679 | |||||
Imperial Holdings, Ltd. (b) | 7,793 | 178,319 | ||||||
Jardine Cycle & Carriage, Ltd. (b) | 9,000 | 372,169 | ||||||
838,167 | ||||||||
Diversified Financial Services - 2.78% | ||||||||
CBOE Holdings, Inc. | 101,486 | 3,748,893 | ||||||
CME Group, Inc. | 61,376 | 3,767,873 | ||||||
Fubon Financial Holding | ||||||||
Co., Ltd. (b) | 221,000 | 317,169 | ||||||
Interactive Brokers Group, Inc. | 181,168 | 2,701,215 | ||||||
McGraw-Hill Cos, Inc. | 37,893 | 1,973,467 | ||||||
Moody's Corp. | 114,138 | 6,085,838 | ||||||
18,594,455 | ||||||||
Diversified Telecommunication Services - 0.20% | ||||||||
China Communication Services | ||||||||
Corp., Ltd. (b) | 366,000 | 236,966 | ||||||
China Telecom Corp., | ||||||||
Ltd. - ADR | 4,064 | 206,614 | ||||||
Hutchison Telecommunications | ||||||||
Hong Kong Holdings, Ltd. (b) | 210,000 | 104,010 | ||||||
Rostelecom OJSC - ADR | 14,713 | 352,410 | ||||||
Telekomunikasi Indonesia | ||||||||
Persero Tbk PT - ADR | 9,753 | 439,665 | ||||||
1,339,665 | ||||||||
Electric Utilities - 0.09% | ||||||||
PGE SA (b) | 56,418 | 290,289 | ||||||
Tauron Polska Energia SA (b) | 231,852 | 305,040 | ||||||
595,329 | ||||||||
See Notes to the Financial Statements. | The Leuthold Funds - 2013 Semi-Annual Report 35 |
Leuthold Core Investment Fund
Consolidated Schedule of Investments (continued)
March 31, 2013 (Unaudited)
Shares | Fair Value | |||||||
COMMON STOCKS - 67.83% (continued) | ||||||||
Electronic Equipment, Instruments & | ||||||||
Components - 0.17% | ||||||||
Delta Electronics Thailand PCL (b) | 335,900 | $ | 422,787 | |||||
Digital China Holdings, Ltd. (b) | 328,000 | 444,886 | ||||||
Hon Hai Precision Industry | ||||||||
Co., Ltd. (b) | 104,000 | 289,434 | ||||||
1,157,107 | ||||||||
Food & Staples Retailing - 3.76% | ||||||||
BIM Birlesik Magazalar AS (b) | 6,296 | 306,880 | ||||||
CVS Caremark Corp. | 208,270 | 11,452,768 | ||||||
Eurocash SA (b) | 22,520 | 367,497 | ||||||
Grupo Comercial Chedraui | ||||||||
SA de CV (b) | 32,000 | 108,269 | ||||||
Magnit OJSC (b) | 8,879 | 402,003 | ||||||
Walgreen Co. | 262,553 | 12,518,527 | ||||||
25,155,944 | ||||||||
Food Products - 0.29% | ||||||||
AVI, Ltd. (b) | 39,887 | 232,924 | ||||||
Biostime International | ||||||||
Holdings, Ltd. (b) | 47,000 | 245,476 | ||||||
Golden Agri-Resources, Ltd. (b) | 616,000 | 288,263 | ||||||
Lotte Samkang Co., Ltd. (a)(b) | 580 | 425,621 | ||||||
Thai Union Frozen Products | ||||||||
PCL (b) | 146,400 | 317,256 | ||||||
Tongaat Hulett, Ltd. (b) | 25,886 | 403,831 | ||||||
1,913,371 | ||||||||
Gas Utilities - 0.04% | ||||||||
Perusahaan Gas Negara | ||||||||
Persero Tbk PT (b) | 460,500 | 282,596 | ||||||
Health Care Equipment & Supplies - 0.07% | ||||||||
Biosensors International | ||||||||
Group, Ltd. (a)(b) | 288,000 | 303,955 | ||||||
Mindray Medical International, | ||||||||
Ltd. - ADR | 4,377 | 174,818 | ||||||
478,773 | ||||||||
Shares | Fair Value | |||||||
Health Care Providers & Services - 8.90% | ||||||||
Bangkok Dusit Medical | ||||||||
Services PCL (b) | 45,700 | $ | 255,835 | |||||
Community Health Systems, Inc. | 109,024 | 5,166,647 | ||||||
DaVita HealthCare | ||||||||
Partners, Inc. (a) | 29,881 | 3,543,588 | ||||||
Express Scripts Holding Co. (a) | 122,214 | 7,045,637 | ||||||
HCA Holdings, Inc. | 108,216 | 4,396,816 | ||||||
Health Management | ||||||||
Associates, Inc. - Class A (a) | 400,292 | 5,151,758 | ||||||
HealthSouth Corp. (a) | 78,066 | 2,058,601 | ||||||
Humana, Inc. | 41,456 | 2,865,024 | ||||||
KPJ Healthcare Bhd (b) | 75,900 | 145,386 | ||||||
Life Healthcare Group | ||||||||
Holdings, Ltd. (b) | 102,665 | 386,307 | ||||||
Magellan Health Services, Inc. (a) | 49,532 | 2,356,237 | ||||||
Omnicare, Inc. | 128,406 | 5,228,692 | ||||||
Quest Diagnostics, Inc. | 57,069 | 3,221,545 | ||||||
Shanghai Pharmaceuticals | ||||||||
Holding Co., Ltd. (a)(b) | 173,900 | 382,705 | ||||||
UnitedHealth Group, Inc. | 93,141 | 5,328,597 | ||||||
Universal Health Services, Inc. | ||||||||
- Class B | 71,336 | 4,556,230 | ||||||
VCA Antech, Inc. (a) | 81,027 | 1,903,324 | ||||||
WellCare Health Plans, Inc. (a) | 39,841 | 2,309,184 | ||||||
WellPoint, Inc. | 49,263 | 3,262,689 | ||||||
59,564,802 | ||||||||
Hotels Restaurants & Leisure - 0.04% | ||||||||
Genting Bhd (b) | 87,500 | 284,041 | ||||||
Household Durables - 0.12% | ||||||||
Even Construtora e | ||||||||
Incorporadora SA (b) | 69,500 | 332,582 | ||||||
Ez Tec Empreendimentos e | ||||||||
Participacoes SA (b) | 14,700 | 196,558 | ||||||
Haier Electronics Group Co., | ||||||||
Ltd. (a)(b) | 163,000 | 260,135 | ||||||
789,275 | ||||||||
36 The Leuthold Funds - 2013 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Core Investment Fund
Consolidated Schedule of Investments (continued)
March 31, 2013 (Unaudited)
Shares | Fair Value | |||||||
COMMON STOCKS - 67.83% (continued) | ||||||||
Independent Power Producers & | ||||||||
Energy Traders - 0.02% | ||||||||
First Gen Corp. (a)(b) | 181,000 | $ | 109,602 | |||||
Industrial Conglomerates - 0.05% | ||||||||
Bidvest Group, Ltd. (b) | 7,180 | 189,265 | ||||||
Sigdo Koppers SA (b) | 49,885 | 137,223 | ||||||
326,488 | ||||||||
Insurance - 0.29% | ||||||||
Brasil Insurance Participacoes e | ||||||||
Administracao SA (b) | 8,500 | 94,391 | ||||||
Hyundai Marine & Fire | ||||||||
Insurance Co., Ltd. (b) | 8,120 | 233,264 | ||||||
LIG Insurance Co., Ltd. (b) | 22,220 | 474,483 | ||||||
PICC Property & Casualty Co., | ||||||||
Ltd. (a)(b) | 668,000 | 861,081 | ||||||
Powszechny Zaklad Ubezpieczen | ||||||||
SA (b) | 2,338 | 290,148 | ||||||
1,953,367 | ||||||||
Internet Software & Services - 0.19% | ||||||||
Baidu, Inc. - ADR (a) | 4,029 | 353,343 | ||||||
NetEase, Inc. - ADR | 8,546 | 468,065 | ||||||
NHN Corp. (a)(b) | 1,865 | 450,866 | ||||||
1,272,274 | ||||||||
IT Services - 6.07% | ||||||||
Accenture PLC - Class A (b) | 26,919 | 2,045,036 | ||||||
Alliance Data Systems Corp. (a) | 12,114 | 1,961,135 | ||||||
Amdocs, Ltd. | 51,416 | 1,863,830 | ||||||
Cielo SA (b) | 18,200 | 535,620 | ||||||
Cognizant Technology Solutions | ||||||||
Corp. - Class A (a) | 25,304 | 1,938,539 | ||||||
Convergys Corp. | 94,756 | 1,613,695 | ||||||
DST Systems, Inc. | 26,112 | 1,861,002 | ||||||
Fiserv, Inc. (a) | 31,765 | 2,789,920 | ||||||
Gartner, Inc. (a) | 33,111 | 1,801,570 | ||||||
Global Payments, Inc. | 34,995 | 1,737,852 |
Shares | Fair Value | |||||||
IT Services - 6.07% (continued) | ||||||||
International Business | ||||||||
Machines Corp. | 25,035 | $ | 5,339,966 | |||||
Jack Henry & Associates, Inc. | 48,186 | 2,226,675 | ||||||
Mastercard, Inc. - Class A | 8,076 | 4,370,166 | ||||||
Sapient Corp. (a) | 166,900 | 2,034,511 | ||||||
Total System Services, Inc. | 62,722 | 1,554,251 | ||||||
Visa, Inc. - Class A | 30,150 | 5,120,676 | ||||||
Western Union Co. | 106,062 | 1,595,173 | ||||||
Wipro, Ltd. - ADR | 23,862 | 241,006 | ||||||
40,630,623 | ||||||||
Life Sciences Tools & Services - 0.03% | ||||||||
WuXi PharmaTech Cayman, | ||||||||
Inc. - ADR (a) | 10,579 | 181,747 | ||||||
Machinery - 1.87% | ||||||||
Caterpillar, Inc. | 41,725 | 3,628,823 | ||||||
Cummins, Inc. | 45,225 | 5,237,507 | ||||||
Deere & Co. | 42,533 | 3,656,988 | ||||||
12,523,318 | ||||||||
Media - 3.18% | ||||||||
Cheil Worldwide, Inc. (b) | 11,614 | 251,737 | ||||||
Cyfrowy Polsat SA (a)(b) | 68,085 | 355,371 | ||||||
Global Mediacom Tbk PT (b) | 1,009,500 | 242,191 | ||||||
Interpublic Group of Cos, Inc. | 596,534 | 7,772,838 | ||||||
Media Nusantara Citra | ||||||||
Tbk PT (b) | 808,000 | 235,565 | ||||||
Omnicom Group, Inc. | 147,788 | 8,704,713 | ||||||
WPP PLC - ADR | 46,301 | 3,709,636 | ||||||
21,272,051 | ||||||||
Metals & Mining - 0.12% | ||||||||
Grupo Mexico SAB de CV - | ||||||||
Class B (b) | 67,800 | 273,034 | ||||||
Jastrzebska Spolka | ||||||||
Weglowa SA (b) | 12,002 | 344,350 | ||||||
Jiangxi Copper Co., Ltd. (b) | 83,000 | 184,065 | ||||||
801,449 | ||||||||
See Notes to the Financial Statements. | The Leuthold Funds - 2013 Semi-Annual Report 37 |
Leuthold Core Investment Fund
Consolidated Schedule of Investments (continued)
March 31, 2013 (Unaudited)
Shares | Fair Value | |||||||
COMMON STOCKS - 67.83% (continued) | ||||||||
Oil, Gas & Consumable Fuels - 4.42% | ||||||||
China Petroleum & Chemical | ||||||||
Corp. - ADR | 6,557 | $ | 766,644 | |||||
CNOOC, Ltd. - ADR | 2,041 | 390,852 | ||||||
Cosan, Ltd. - Class A (b) | 11,234 | 219,063 | ||||||
CVR Energy, Inc. | 48,455 | 2,501,247 | ||||||
Delek US Holdings, Inc. | 78,605 | 3,101,753 | ||||||
Gazprom OAO - ADR (a) | 34,158 | 292,090 | ||||||
HollyFrontier Corp. | 72,144 | 3,711,809 | ||||||
Indo Tambangraya Megah | ||||||||
Tbk PT (b) | 57,000 | 208,905 | ||||||
Lukoil OAO - ADR | 8,509 | 548,296 | ||||||
Marathon Petroleum Corp. | 51,416 | 4,606,874 | ||||||
Phillips 66 | 57,338 | 4,011,940 | ||||||
PTT PCL (b) | 39,500 | 438,171 | ||||||
Sasol, Ltd. - ADR | 5,050 | 223,917 | ||||||
Tesoro Corp. | 62,184 | 3,640,873 | ||||||
Tupras Turkiye Petrol Rafinerileri | ||||||||
AS (b) | 8,144 | 244,951 | ||||||
Valero Energy Corp. | 66,222 | 3,012,439 | ||||||
Western Refining, Inc. | 47,378 | 1,677,655 | ||||||
29,597,479 | ||||||||
Personal Products - 0.05% | ||||||||
AMOREPACIFIC Group (b) | 882 | 321,437 | ||||||
Pharmaceuticals - 2.12% | ||||||||
Allergan, Inc. | 29,073 | 3,245,419 | ||||||
Aspen Pharmacare Holdings, | ||||||||
Ltd. (b) | 15,387 | 319,821 | ||||||
Dr Reddy's Laboratories, | ||||||||
Ltd. - ADR | 6,973 | 225,577 | ||||||
Kalbe Farma Tbk PT (b) | 1,838,500 | 234,793 | ||||||
Mylan, Inc. (a) | 139,173 | 4,027,667 | ||||||
Pfizer, Inc. | 191,935 | 5,539,244 | ||||||
Richter Gedeon Nyrt (b) | 1,072 | 150,079 | ||||||
Sino Biopharmaceutical (b) | 672,000 | 470,094 | ||||||
14,212,694 | ||||||||
Shares | Fair Value | |||||||
Real Estate Investment Trusts (REITs) - 4.89% | ||||||||
American Tower Corp. | 30,957 | $ | 2,381,212 | |||||
Apartment Investment & | ||||||||
Management Co. - Class A | 86,950 | 2,665,887 | ||||||
Ashford Hospitality Trust, Inc. | 79,412 | 981,532 | ||||||
Associated Estates Realty Corp. | 36,341 | 677,396 | ||||||
BioMed Realty Trust, Inc. | 74,298 | 1,604,837 | ||||||
Brandywine Realty Trust | 119,522 | 1,774,902 | ||||||
CBL & Associates Properties, Inc. | 109,293 | 2,579,315 | ||||||
Coresite Realty Corp. | 21,266 | 743,885 | ||||||
Corporate Office Properties Trust | 69,452 | 1,852,979 | ||||||
CubeSmart | 81,297 | 1,284,493 | ||||||
DuPont Fabros Technology, Inc. | 48,455 | 1,176,003 | ||||||
LaSalle Hotel Properties | 90,180 | 2,288,768 | ||||||
Lexington Realty Trust | 113,600 | 1,340,480 | ||||||
Liberty Property Trust | 40,648 | 1,615,758 | ||||||
Mack-Cali Realty Corp. | 66,491 | 1,902,307 | ||||||
Omega Healthcare Investors, Inc. | 99,333 | 3,015,750 | ||||||
Parkway Properties, Inc. | 36,072 | 669,136 | ||||||
Pennsylvania Real Estate | ||||||||
Investment Trust | 32,842 | 636,806 | ||||||
Ramco-Gershenson Properties | ||||||||
Trust | 60,838 | 1,022,078 | ||||||
RLJ Lodging Trust | 45,763 | 1,041,566 | ||||||
Sabra Health Care REIT, Inc. | 26,381 | 765,313 | ||||||
STAG Industrial, Inc. | 31,765 | 675,642 | ||||||
32,696,045 | ||||||||
Real Estate Management & Development - 0.58% | ||||||||
Alam Sutera Realty Tbk PT (b) | 2,376,000 | 262,556 | ||||||
Aliansce Shopping Centers | ||||||||
SA (b) | 37,900 | 445,816 | ||||||
BR Properties SA (b) | 30,700 | 341,525 | ||||||
Bumi Serpong Damai PT (b) | 3,895,500 | 703,726 | ||||||
Franshion Properties China, | ||||||||
Ltd. (b) | 682,000 | 223,606 | ||||||
K Wah International | ||||||||
Holdings, Ltd. (b) | 507,000 | 285,577 |
38 The Leuthold Funds - 2013 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Core Investment Fund
Consolidated Schedule of Investments (continued)
March 31, 2013 (Unaudited)
Shares | Fair Value | |||||||
COMMON STOCKS - 67.83% (continued) | ||||||||
Real Estate Management & | ||||||||
Development - 0.58% (continued) | ||||||||
Megaworld Corp. (b) | 2,367,000 | $ | 225,625 | |||||
Multiplan Empreendimentos | ||||||||
Imobiliarios SA (b) | 13,800 | 396,432 | ||||||
New World Development Co., | ||||||||
Ltd. (b) | 141,000 | 239,637 | ||||||
Shimao Property Holdings, | ||||||||
Ltd. (b) | 123,500 | 238,118 | ||||||
UOL Group, Ltd. (b) | 47,000 | 265,407 | ||||||
Wing Tai Holdings, Ltd. (b) | 175,000 | 269,120 | ||||||
3,897,145 | ||||||||
Road & Rail - 4.97% | ||||||||
Canadian National Railway Co. (b) | 41,456 | 4,158,037 | ||||||
Canadian Pacific Railway, Ltd. (b) | 41,725 | 5,443,861 | ||||||
ComfortDelGro Corp., Ltd. (b) | 205,000 | 316,330 | ||||||
CSX Corp. | 173,361 | 4,269,881 | ||||||
Genesee & Wyoming, Inc.- | ||||||||
Class A (a) | 25,304 | 2,356,055 | ||||||
Kansas City Southern | 32,572 | 3,612,235 | ||||||
Norfolk Southern Corp. | 77,259 | 5,955,124 | ||||||
Union Pacific Corp. | 50,339 | 7,168,777 | ||||||
33,280,300 | ||||||||
Semiconductors & Semiconductor | ||||||||
Equipment - 0.31% | ||||||||
Epistar Corp. (b) | 50,000 | 89,687 | ||||||
Formosa Sumco Technology | ||||||||
Corp. (a)(b) | 172,000 | 182,892 | ||||||
Samsung Electronics Co., Ltd. (b) | 713 | 971,841 | ||||||
Spreadtrum Communications, | ||||||||
Inc.- ADR | 24,488 | 502,249 | ||||||
Taiwan Semiconductor Manufacturing | ||||||||
Co., Ltd. - ADR | 12,500 | 214,875 | ||||||
Vanguard International | ||||||||
Semiconductor Corp. (b) | 156,000 | 144,765 | ||||||
2,106,309 | ||||||||
Shares | Fair Value | |||||||
Software - 0.10% | ||||||||
Asseco Poland SA (b) | 21,247 | $ | 274,471 | |||||
Totvs SA (b) | 18,100 | 371,898 | ||||||
646,369 | ||||||||
Specialty Retail - 1.05% | ||||||||
Pier 1 Imports, Inc. | 136,212 | 3,132,876 | ||||||
Williams-Sonoma, Inc. | 75,913 | 3,911,038 | ||||||
7,043,914 | ||||||||
Textiles, Apparel & Luxury Goods - 0.03% | ||||||||
Shenzhou International Group | ||||||||
Holdings, Ltd. (b) | 63,000 | 177,347 | ||||||
Thrifts & Mortgage Finance - 0.03% | ||||||||
Malaysia Building Society (b) | 204,500 | 179,304 | ||||||
Transportation Infrastructure - 0.08% | ||||||||
Airports of Thailand PCL (b) | 57,700 | 241,887 | ||||||
Arteris SA (b) | 27,820 | 310,862 | ||||||
552,749 | ||||||||
Water Utilities - 0.08% | ||||||||
Cia de Saneamento Basico do | ||||||||
Estado de Sao Paulo - ADR (a) | 8,028 | 383,176 | ||||||
Guangdong Investment, Ltd. (b) | 150,000 | 131,904 | ||||||
515,080 | ||||||||
Wireless Telecommunication Services - 2.78% | ||||||||
Advanced Info Service PCL (b) | 34,500 | 278,725 | ||||||
America Movil SAB de CV - | ||||||||
ADR | 187,820 | 3,936,707 | ||||||
China Mobile, Ltd. - ADR | 10,122 | 537,782 | ||||||
Crown Castle International | ||||||||
Corp. (a) | 50,878 | 3,543,144 | ||||||
ENTEL Chile SA (b) | 18,042 | 381,756 | ||||||
Mobile Telesystems OJSC - ADR | 26,736 | 554,505 | ||||||
MTN Group, Ltd. (b) | 14,431 | 253,585 |
See Notes to the Financial Statements. | The Leuthold Funds - 2013 Semi-Annual Report 39 |
Leuthold Core Investment Fund
Consolidated Schedule of Investments (continued)
March 31, 2013 (Unaudited)
Shares | Fair Value | |||||||
COMMON STOCKS - 67.83% (continued) | ||||||||
Wireless Telecommunication Services - 2.78% | ||||||||
(continued) | ||||||||
Rogers Communications, | ||||||||
Inc. - Class B (b) | 76,451 | $ | 3,903,588 | |||||
SK Telecom Co., Ltd. - ADR | 251,697 | 4,497,825 | ||||||
Tim Participacoes SA - ADR | 10,601 | 231,950 | ||||||
Turkcell Iletisim Hizmetleri | ||||||||
AS - ADR (a) | 31,182 | 518,868 | ||||||
18,638,435 | ||||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $371,684,572) | $ | 453,906,582 | ||||||
PREFERRED STOCKS - 0.49% | ||||||||
Commercial Banks - 0.39% | ||||||||
Bancolombia SA - ADR | 38,495 | $ | 2,434,809 | |||||
Itau Unibanco Holding | ||||||||
SA - ADR | 11,827 | 210,520 | ||||||
2,645,329 | ||||||||
Food & Staples Retailing - 0.07% | ||||||||
Cia Brasileira de Distribuicao | ||||||||
Grupo Pao de Acucar - ADR | 8,279 | 441,105 | ||||||
Metals & Mining - 0.03% | ||||||||
Vale SA (b) | 13,000 | 215,128 | ||||||
TOTAL PREFERRED STOCKS | ||||||||
(Cost $3,466,573) | $ | 3,301,562 | ||||||
Shares | Fair Value | |||||||
INVESTMENT COMPANIES - 13.02% | ||||||||
Exchange Traded Funds - 13.02% | ||||||||
CurrencyShares Japanese | ||||||||
Yen Trust | 62,453 | $ | 6,498,235 | |||||
iShares Barclays MBS | ||||||||
Bond Fund | 226,661 | 24,465,789 | ||||||
iShares Core MSCI Emerging | ||||||||
Markets ETF | 21,041 | 1,068,041 | ||||||
iShares Core Total US Bond | ||||||||
Market ETF | 42,263 | 4,679,782 | ||||||
iShares JPMorgan USD Emerging | ||||||||
Markets Bond Fund | 72,144 | 8,474,756 | ||||||
PIMCO 0-5 Year High Yield Corporate | ||||||||
Bond Index Exchange- | ||||||||
Traded Fund | 18,844 | 1,970,517 | ||||||
PowerShares Build America | ||||||||
Bond Portfolio | 212,663 | 6,441,562 | ||||||
PowerShares Emerging Markets | ||||||||
Sovereign Debt Portfolio | 202,434 | 6,028,485 | ||||||
PowerShares Senior Loan | ||||||||
Portfolio | 140,519 | 3,528,432 | ||||||
SPDR Barclays Capital | ||||||||
International Treasury | ||||||||
Bond ETF | 245,236 | 14,346,306 | ||||||
SPDR Barclays Capital Short | ||||||||
Term High Yield Bond ETF | 51,685 | 1,596,033 | ||||||
SPDR Barclays Short Term | ||||||||
International Treasury | ||||||||
Bond ETF | 54,377 | 1,923,314 | ||||||
Vanguard Total Bond Market | ||||||||
ETF | 73,221 | 6,124,204 | ||||||
TOTAL INVESTMENT COMPANIES | ||||||||
(Cost $87,738,529) | $ | 87,145,456 | ||||||
40 The Leuthold Funds - 2013 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Core Investment Fund
Consolidated Schedule of Investments (continued)
March 31, 2013 (Unaudited)
Troy Ounces | Fair Value | |||||||
PRECIOUS METALS - 3.88% | ||||||||
Gold Bullion (a) | 16,228 | $ | 25,934,129 | |||||
TOTAL PRECIOUS METALS | ||||||||
(Cost $14,545,188) | $ | 25,934,129 | ||||||
Principal | ||||||||
Amount | Fair Value | |||||||
CORPORATE BONDS - 6.43% | ||||||||
Biotechnology - 0.23% | ||||||||
Amgen, Inc. | ||||||||
4.100%, 06/15/2021 | $ | 1,417,000 | $ | 1,567,799 | ||||
Capital Markets - 0.41% | ||||||||
Goldman Sachs Group, Inc. | ||||||||
6.150%, 04/01/2018 | 2,339,000 | 2,756,200 | ||||||
Computers & Peripherals - 0.33% | ||||||||
Hewlett-Packard Co. | ||||||||
4.750%, 06/02/2014 | 2,118,000 | 2,212,276 | ||||||
Consumer Finance - 0.22% | ||||||||
Capital One Financial Corp. | ||||||||
7.375%, 05/23/2014 | 1,383,000 | 1,484,612 | ||||||
Diversified Financial Services - 0.37% | ||||||||
JPMorgan Chase & Co. | ||||||||
3.150%, 07/05/2016 | 2,302,000 | 2,440,776 | ||||||
Diversified Telecommunication Services - 0.56% | ||||||||
AT&T, Inc. | ||||||||
5.100%, 09/15/2014 | 2,181,000 | 2,319,326 | ||||||
Cellco Partnership / Verizon Wireless | ||||||||
Capital LLC | ||||||||
5.550%, 02/01/2014 | 1,336,000 | 1,388,577 | ||||||
3,707,903 | ||||||||
Principal | ||||||||
Amount | Fair Value | |||||||
Electric Utilities - 0.45% | ||||||||
Duke Energy Corp. | ||||||||
3.950%, 09/15/2014 | $ | 1,354,000 | $ | 1,416,445 | ||||
Oncor Electric Delivery Co., LLC | ||||||||
6.800%, 09/01/2018 | 1,268,000 | 1,578,278 | ||||||
2,994,723 | ||||||||
Health Care Providers & Services - 0.23% | ||||||||
Coventry Health Care, Inc. | ||||||||
5.950%, 03/15/2017 | 1,335,000 | 1,547,803 | ||||||
Industrial Conglomerates - 0.38% | ||||||||
General Electric Co. | ||||||||
5.250%, 12/06/2017 | 2,169,000 | 2,540,743 | ||||||
Internet & Catalog Retail - 0.36% | ||||||||
Expedia, Inc. | ||||||||
7.456%, 08/15/2018 | 2,026,000 | 2,420,954 | ||||||
Media - 0.36% | ||||||||
Time Warner Cable, Inc. | ||||||||
8.250%, 04/01/2019 | 1,868,000 | 2,431,619 | ||||||
Metals & Mining - 0.29% | ||||||||
Nabors Industries, Inc. | ||||||||
9.250%, 01/15/2019 | 1,500,000 | 1,929,273 | ||||||
Oil, Gas & Consumable Fuels - 0.98% | ||||||||
Anadarko Petroleum Corp. | ||||||||
5.950%, 09/15/2016 | 1,709,000 | 1,967,242 | ||||||
Enterprise Products Operating, LLC | ||||||||
5.600%, 10/15/2014 | 1,105,000 | 1,184,505 | ||||||
Petrobras International Finance Co. | ||||||||
6.125%, 10/06/2016 (b) | 1,714,000 | 1,916,252 | ||||||
Petrohawk Energy Corp. | ||||||||
7.250%, 08/15/2018 | 1,343,000 | 1,502,743 | ||||||
6,570,742 | ||||||||
See Notes to the Financial Statements. | The Leuthold Funds - 2013 Semi-Annual Report 41 |
Leuthold Core Investment Fund
Consolidated Schedule of Investments (continued)
March 31, 2013 (Unaudited)
Principal | ||||||||
Amount | Fair Value | |||||||
CORPORATE BONDS - 6.43% (continued) | ||||||||
Pharmaceuticals - 0.21% | ||||||||
Hospira, Inc. | ||||||||
6.050%, 03/30/2017 | $ | 1,231,000 | $ | 1,400,803 | ||||
Real Estate Investment Trusts (REITs) - 0.23% | ||||||||
Vornado Realty LP | ||||||||
4.250%, 04/01/2015 | 1,451,000 | 1,533,646 | ||||||
Semiconductors & Semiconductor | ||||||||
Equipment - 0.22% | ||||||||
KLA-Tencor Corp. | ||||||||
6.900%, 05/01/2018 | 1,244,000 | 1,491,315 | ||||||
Software - 0.22% | ||||||||
BMC Software, Inc. | ||||||||
7.250%, 06/01/2018 | 1,260,000 | 1,436,245 | ||||||
Tobacco - 0.10% | ||||||||
Altria Group, Inc. | ||||||||
9.700%, 11/10/2018 | 495,000 | 688,876 | ||||||
Wireless Telecommunication Services - 0.28% | ||||||||
Rogers Communications, Inc. | ||||||||
6.375%, 03/01/2014 (b) | 1,752,000 | 1,841,930 | ||||||
TOTAL CORPORATE BONDS | ||||||||
(Cost $41,261,248) | $ | 42,998,238 | ||||||
UNITED STATES TREASURY | ||||||||
OBLIGATIONS - 2.30% | ||||||||
United States Treasury Inflation | ||||||||
Indexed Bonds - 1.27% | ||||||||
1.250%, 07/15/2020 | $ | 3,590,128 | $ | 4,288,239 | ||||
0.125%, 01/15/2022 | 3,866,234 | 4,206,644 | ||||||
8,494,883 | ||||||||
Principal | ||||||||
Amount | Fair Value | |||||||
United States Treasury Notes - 1.03% | ||||||||
1.375%, 09/30/2018 | $ | 3,344,000 | $ | 3,433,870 | ||||
1.000%, 11/30/2019 | 3,463,000 | 3,427,560 | ||||||
6,861,430 | ||||||||
TOTAL UNITED STATES TREASURY | ||||||||
OBLIGATIONS | ||||||||
(Cost $15,312,057) | $ | 15,356,313 | ||||||
FOREIGN GOVERNMENT BONDS - 0.48% | ||||||||
Mexico Government International Bond | ||||||||
5.625%, 01/15/2017 (b) | $ | 2,800,000 | $ | 3,220,000 | ||||
TOTAL FOREIGN GOVERNMENT BONDS | ||||||||
(Cost $3,235,793) | $ | 3,220,000 | ||||||
Shares | Fair Value | |||||||
SHORT-TERM INVESTMENTS - 4.11% | ||||||||
Money Market Funds - 4.11% | ||||||||
Fidelity Institutional Money Market | ||||||||
Funds - Government Portfolio | ||||||||
0.01% (c) | 27,475,534 | $ | 27,475,534 | |||||
TOTAL SHORT-TERM INVESTMENTS | ||||||||
(Cost $27,475,534) | $ | 27,475,534 | ||||||
Total Investments | ||||||||
(Cost $564,719,494) - 98.54% | $ | 659,337,814 | ||||||
Other Assets in Excess of | ||||||||
Liabilities - 1.46% | 9,809,660 | |||||||
TOTAL NET ASSETS - 100.00% | $ | 669,147,474 | ||||||
Percentages are stated as a percent of net assets.
ADR American Depository Receipt
(a) Non-income producing security.
(b) Foreign issued security.
(c) The rate quoted is the annualized seven-day yield as of March 31, 2013.
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 and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.
42 The Leuthold Funds - 2013 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Asset Allocation Fund
Consolidated Schedule of Investments
March 31, 2013 (Unaudited)
Shares | Fair Value | |||||||
COMMON STOCKS - 66.88% | ||||||||
Aerospace & Defense - 0.99% | ||||||||
L-3 Communications Holdings, | ||||||||
Inc. | 12,899 | $ | 1,043,787 | |||||
Raytheon Co. | 17,201 | 1,011,247 | ||||||
Safran SA (b) | 31,143 | 1,389,953 | ||||||
3,444,987 | ||||||||
Air Freight & Logistics - 0.44% | ||||||||
FedEx Corp. | 15,385 | 1,510,807 | ||||||
Airlines - 1.00% | ||||||||
Delta Air Lines, Inc. (a) | 126,747 | 2,092,593 | ||||||
Southwest Airlines Co. | 102,063 | 1,375,809 | ||||||
3,468,402 | ||||||||
Auto Components - 0.48% | ||||||||
Magna International, Inc. (b) | 28,604 | 1,679,055 | ||||||
Automobiles - 0.64% | ||||||||
Dongfeng Motor Group Co., | ||||||||
Ltd. (b) | 396,000 | 558,211 | ||||||
Hyundai Motor Co. (b) | 2,998 | 606,031 | ||||||
Toyota Motor Corp. - ADR | 10,339 | 1,061,195 | ||||||
2,225,437 | ||||||||
Beverages - 0.67% | ||||||||
Anheuser-Busch InBev NV - ADR | 23,390 | 2,328,474 | ||||||
Biotechnology - 2.20% | ||||||||
Biogen Idec, Inc. (a) | 11,177 | 2,156,155 | ||||||
Celgene Corp. (a) | 25,077 | 2,906,675 | ||||||
Cubist Pharmaceuticals, Inc. (a) | 14,641 | 685,492 | ||||||
Gilead Sciences, Inc. (a) | 25,097 | 1,227,996 | ||||||
United Therapeutics Corp. (a) | 10,280 | 625,744 | ||||||
7,602,062 | ||||||||
Shares | Fair Value | |||||||
Capital Markets - 1.27% | ||||||||
Aberdeen Asset Management | ||||||||
PLC (b) | 158,974 | $ | 1,038,902 | |||||
Ameriprise Financial, Inc. | 17,790 | 1,310,234 | ||||||
Blackrock, Inc. | 4,146 | 1,065,024 | ||||||
Goldman Sachs Group, Inc. | 6,559 | 965,157 | ||||||
4,379,317 | ||||||||
Chemicals - 2.00% | ||||||||
Agrium, Inc. (b) | 14,435 | 1,407,412 | ||||||
CF Industries Holdings, Inc. | 4,817 | 917,012 | ||||||
Huntsman Corp. | 44,874 | 834,208 | ||||||
LyondellBasell Industries | ||||||||
NV - Class A (b) | 26,621 | 1,684,843 | ||||||
Monsanto Co. | 9,871 | 1,042,674 | ||||||
Valspar Corp. | 16,477 | 1,025,693 | ||||||
6,911,842 | ||||||||
Commercial Banks - 2.61% | ||||||||
Banco Santander SA - ADR | 173,531 | 1,181,746 | ||||||
Bank of China, Ltd. (b) | 1,361,000 | 633,221 | ||||||
Credicorp, Ltd. (b) | 6,808 | 1,130,468 | ||||||
DBS Group Holdings, Ltd. (b) | 47,000 | 608,313 | ||||||
M&T Bank Corp. | 14,244 | 1,469,411 | ||||||
Nordea Bank AB (b) | 157,978 | 1,792,215 | ||||||
PNC Financial Services | ||||||||
Group, Inc. | 14,731 | 979,612 | ||||||
Sberbank of Russia - ADR | 45,753 | 588,618 | ||||||
Turkiye Vakiflar Bankasi Tao (b) | 200,725 | 644,066 | ||||||
9,027,670 | ||||||||
Communications Equipment - 1.06% | ||||||||
Cisco Systems, Inc. | 52,583 | 1,099,511 | ||||||
QUALCOMM, Inc. | 38,475 | 2,575,901 | ||||||
3,675,412 | ||||||||
See Notes to the Financial Statements. | The Leuthold Funds - 2013 Semi-Annual Report 43 |
Leuthold Asset Allocation Fund
Consolidated Schedule of Investments (continued)
March 31, 2013 (Unaudited)
Shares | Fair Value | |||||||
COMMON STOCKS - 66.88% (continued) | ||||||||
Computers & Peripherals - 1.60% | ||||||||
Apple, Inc. | 7,132 | $ | 3,156,837 | |||||
EMC Corp. (a) | 62,637 | 1,496,398 | ||||||
SanDisk Corp. (a) | 15,970 | 878,350 | ||||||
5,531,585 | ||||||||
Construction Materials - 0.20% | ||||||||
Semen Indonesia Persero | ||||||||
Tbk PT (b) | 383,500 | 700,527 | ||||||
Consumer Finance - 0.65% | ||||||||
Discover Financial Services | 50,482 | 2,263,613 | ||||||
Distributors - 0.19% | ||||||||
Jardine Cycle & Carriage, Ltd. (b) | 16,000 | 661,633 | ||||||
Diversified Financial Services - 2.01% | ||||||||
Bank of America Corp. | 112,889 | 1,374,988 | ||||||
Citigroup, Inc. | 30,186 | 1,335,429 | ||||||
JPMorgan Chase & Co. | 65,723 | 3,119,213 | ||||||
Moody's Corp. | 20,950 | 1,117,054 | ||||||
6,946,684 | ||||||||
Diversified Telecommunication Services - 0.72% | ||||||||
CenturyLink, Inc. | 24,212 | 850,567 | ||||||
Verizon Communications, Inc. | 33,631 | 1,652,964 | ||||||
2,503,531 | ||||||||
Electric Utilities - 0.16% | ||||||||
Tauron Polska Energia SA (b) | 415,602 | 546,794 | ||||||
Electrical Equipment - 0.47% | ||||||||
Eaton Corp PLC (b) | 26,815 | 1,642,419 | ||||||
Electronic Equipment & Instruments - 0.29% | ||||||||
Hitachi (b) | 174,000 | 1,015,815 | ||||||
Energy Equipment & Services - 0.73% | ||||||||
Ensco PLC - Class A (b) | 17,046 | 1,022,760 | ||||||
National Oilwell Varco, Inc. | 21,126 | 1,494,665 | ||||||
2,517,425 | ||||||||
Shares | Fair Value | |||||||
Food & Staples Retailing - 1.76% | ||||||||
BIM Birlesik Magazalar AS (b) | 12,989 | $ | 633,111 | |||||
Costco Wholesale Corp. | 9,895 | 1,049,958 | ||||||
CVS Caremark Corp. | 40,397 | 2,221,431 | ||||||
Wal-Mart Stores, Inc. | 29,009 | 2,170,744 | ||||||
6,075,244 | ||||||||
Food Products - 0.96% | ||||||||
Bunge, Ltd. | 19,583 | 1,445,813 | ||||||
ConAgra Foods, Inc. | 35,475 | 1,270,360 | ||||||
Viscofan SA (b) | 11,624 | 609,495 | ||||||
3,325,668 | ||||||||
Health Care Equipment & Supplies - 0.24% | ||||||||
Zimmer Holdings, Inc. | 10,997 | 827,194 | ||||||
Health Care Providers & Services - 1.63% | ||||||||
Aetna, Inc. | 21,134 | 1,080,370 | ||||||
DaVita HealthCare Partners, | ||||||||
Inc. (a) | 9,859 | 1,169,179 | ||||||
HealthSouth Corp. (a) | 44,672 | 1,178,001 | ||||||
UnitedHealth Group, Inc. | 17,377 | 994,138 | ||||||
WellPoint, Inc. | 18,336 | 1,214,393 | ||||||
5,636,081 | ||||||||
Household Durables - 0.18% | ||||||||
Haier Electronics Group | ||||||||
Co., Ltd. (a)(b) | 399,000 | 636,773 | ||||||
Independent Power Producers & | ||||||||
Energy Traders - 0.30% | ||||||||
AES Corp. | 83,747 | 1,052,700 | ||||||
Industrial Conglomerates - 1.05% | ||||||||
Bidvest Group, Ltd. (b) | 23,264 | 613,239 | ||||||
General Electric Co. | 46,219 | 1,068,583 | ||||||
Siemens AG - ADR | 18,032 | 1,943,850 | ||||||
3,625,672 | ||||||||
44 The Leuthold Funds - 2013 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Asset Allocation Fund
Consolidated Schedule of Investments (continued)
March 31, 2013 (Unaudited)
Shares | Fair Value | |||||||
COMMON STOCKS - 66.88% (continued) | ||||||||
Insurance - 2.58% | ||||||||
Allianz SE (b) | 6,538 | $ | 891,278 | |||||
Aon PLC (b) | 19,898 | 1,223,727 | ||||||
Berkshire Hathaway, Inc. (a) | 20,054 | 2,089,627 | ||||||
Everest Re Group, Ltd. (b) | 9,669 | 1,255,616 | ||||||
PICC Property & Casualty | ||||||||
Co., Ltd. (a)(b) | 442,000 | 569,757 | ||||||
Prudential Financial, Inc. | 13,207 | 779,081 | ||||||
Sun Life Financial, Inc. (b) | 78,322 | 2,137,407 | ||||||
8,946,493 | ||||||||
Internet & Catalog Retail - 0.42% | ||||||||
Priceline.com, Inc. (a) | 2,093 | 1,439,837 | ||||||
Internet Software & Services - 1.59% | ||||||||
eBay, Inc. (a) | 18,074 | 979,972 | ||||||
Google, Inc. - Class A (a) | 3,624 | 2,877,565 | ||||||
Sohu.com, Inc. (a)(b) | 13,686 | 678,962 | ||||||
Yahoo!, Inc. (a) | 40,720 | 958,142 | ||||||
5,494,641 | ||||||||
IT Services - 2.74% | ||||||||
Accenture PLC - Class A (b) | 11,177 | 849,117 | ||||||
Amadeus IT Holding SA (b) | 23,956 | 649,402 | ||||||
Amdocs, Ltd. | 22,938 | 831,503 | ||||||
Cognizant Technology Solutions | ||||||||
Corp. - Class A (a) | 13,203 | 1,011,482 | ||||||
International Business | ||||||||
Machines Corp. | 9,559 | 2,038,935 | ||||||
Mastercard, Inc. - Class A | 3,800 | 2,056,294 | ||||||
Visa, Inc. - Class A | 12,022 | 2,041,816 | ||||||
9,478,549 | ||||||||
Life Sciences Tools & Services - 0.38% | ||||||||
Life Technologies Corp. (a) | 20,315 | 1,312,958 | ||||||
Shares | Fair Value | |||||||
Machinery - 0.70% | ||||||||
Oshkosh Corp. (a) | 21,414 | $ | 909,881 | |||||
Valmont Industries, Inc. | 9,715 | 1,527,878 | ||||||
2,437,759 | ||||||||
Media - 0.95% | ||||||||
Publicis Groupe SA (b) | 16,398 | 1,100,614 | ||||||
The Walt Disney Co. | 19,337 | 1,098,341 | ||||||
WPP PLC - ADR | 13,472 | 1,079,377 | ||||||
3,278,332 | ||||||||
Metals & Mining - 0.70% | ||||||||
BHP Billiton, Ltd. - ADR | 14,025 | 959,730 | ||||||
Fortescue Metals Group, Ltd. (b) | 136,960 | 567,018 | ||||||
Grupo Mexico SAB de CV | ||||||||
- Class B (b) | 222,300 | 895,215 | ||||||
2,421,963 | ||||||||
Multi-Utilities - 0.56% | ||||||||
Alliant Energy Corp. | 16,964 | 851,254 | ||||||
Ameren Corp. | 30,751 | 1,076,900 | ||||||
1,928,154 | ||||||||
Office Electronics - 0.31% | ||||||||
Canon, Inc. - ADR | 29,614 | 1,086,538 | ||||||
Oil, Gas & Consumable Fuels - 5.48% | ||||||||
Chevron Corp. | 36,811 | 4,373,883 | ||||||
CNOOC, Ltd. - ADR | 2,703 | 517,625 | ||||||
ConocoPhillips | 36,472 | 2,191,967 | ||||||
Cosan, Ltd. - Class A (b) | 56,144 | 1,094,808 | ||||||
Exxon Mobil Corp. | 21,321 | 1,921,235 | ||||||
HollyFrontier Corp. | 17,498 | 900,272 | ||||||
Phillips 66 | 18,324 | 1,282,130 | ||||||
PTT PCL (b) | 55,000 | 610,111 | ||||||
Royal Dutch Shell PLC - ADR | 25,697 | 1,674,417 | ||||||
Sasol, Ltd. - ADR | 13,690 | 607,015 | ||||||
Statoil ASA - ADR | 38,284 | 942,552 | ||||||
Total SA - ADR | 59,628 | 2,860,951 | ||||||
18,976,966 | ||||||||
See Notes to the Financial Statements. | The Leuthold Funds - 2013 Semi-Annual Report 45 |
Leuthold Asset Allocation Fund
Consolidated Schedule of Investments (continued)
March 31, 2013 (Unaudited)
Shares | Fair Value | |||||||
COMMON STOCKS - 66.88% (continued) | ||||||||
Pharmaceuticals - 4.51% | ||||||||
Allergan, Inc. | 14,579 | $ | 1,627,454 | |||||
Eli Lilly & Co. | 49,578 | 2,815,535 | ||||||
GlaxoSmithKline PLC - ADR | 21,192 | 994,117 | ||||||
Merck & Co., Inc. | 47,193 | 2,087,346 | ||||||
Novo Nordisk A/S - ADR | 11,782 | 1,902,793 | ||||||
Pfizer, Inc. | 85,115 | 2,456,419 | ||||||
Shire PLC - ADR | 15,479 | 1,414,162 | ||||||
Sino Biopharmaceutical (b) | 1,220,000 | 853,445 | ||||||
Teva Pharmaceutical | ||||||||
Industries, Ltd. - ADR | 36,383 | 1,443,677 | ||||||
15,594,948 | ||||||||
Real Estate Investment Trusts (REITs) - 10.52% | ||||||||
American Tower Corp. | 34,363 | 2,643,202 | ||||||
Apartment Investment & | ||||||||
Management Co. - Class A | 96,667 | 2,963,810 | ||||||
Ashford Hospitality Trust, Inc. | 87,674 | 1,083,651 | ||||||
Associated Estates Realty Corp. | 40,465 | 754,268 | ||||||
BioMed Realty Trust, Inc. | 82,857 | 1,789,711 | ||||||
Brandywine Realty Trust | 133,278 | 1,979,178 | ||||||
CBL & Associates Properties, | ||||||||
Inc. | 121,716 | 2,872,498 | ||||||
Coresite Realty Corp. | 23,765 | 831,300 | ||||||
Corporate Office Properties | ||||||||
Trust | 77,398 | 2,064,979 | ||||||
CubeSmart | 88,959 | 1,405,552 | ||||||
DuPont Fabros Technology, Inc. | 53,953 | 1,309,439 | ||||||
LaSalle Hotel Properties | 100,520 | 2,551,198 | ||||||
Lexington Realty Trust | 126,534 | 1,493,101 | ||||||
Liberty Property Trust | 45,282 | 1,799,959 | ||||||
Mack-Cali Realty Corp. | 73,865 | 2,113,278 | ||||||
Omega Healthcare Investors, | ||||||||
Inc. | 110,797 | 3,363,797 | ||||||
Parkway Properties, Inc. | 42,713 | 792,326 | ||||||
Pennsylvania Real Estate | ||||||||
Investment Trust | 36,611 | 709,887 |
Shares | Fair Value | |||||||
Real Estate Investment Trusts (REITs) - 10.52% | ||||||||
(continued) | ||||||||
Ramco-Gershenson | ||||||||
Properties Trust | 67,121 | $ | 1,127,633 | |||||
RLJ Lodging Trust | 51,063 | 1,162,194 | ||||||
Sabra Health Care REIT, Inc. | 29,225 | 847,817 | ||||||
STAG Industrial, Inc. | 35,327 | 751,405 | ||||||
36,410,183 | ||||||||
Real Estate Management & Development - 0.64% | ||||||||
Altisource Portfolio Solutions | ||||||||
SA (a)(b) | 10,600 | 739,350 | ||||||
BR Properties SA (b) | 48,800 | 542,880 | ||||||
Bumi Serpong Damai PT (b) | 5,189,500 | 937,488 | ||||||
2,219,718 | ||||||||
Road & Rail - 0.79% | ||||||||
Canadian Pacific Railway, | ||||||||
Ltd. (b) | 12,432 | 1,622,003 | ||||||
West Japan Railway Co. (b) | 22,900 | 1,101,728 | ||||||
2,723,731 | ||||||||
Semiconductors & Semiconductor | ||||||||
Equipment - 0.71% | ||||||||
Samsung Electronics Co., Ltd. (b) | 1,806 | 2,461,633 | ||||||
Software - 1.98% | ||||||||
Activision Blizzard, Inc. | 77,169 | 1,124,353 | ||||||
Microsoft Corp. | 92,492 | 2,646,196 | ||||||
Oracle Corp. | 56,780 | 1,836,265 | ||||||
Symantec Corp. (a) | 50,237 | 1,239,849 | ||||||
6,846,663 | ||||||||
Specialty Retail - 1.95% | ||||||||
Bed Bath & Beyond, Inc. (a) | 17,798 | 1,146,547 | ||||||
Foot Locker, Inc. | 41,558 | 1,422,946 | ||||||
The Home Depot, Inc. | 35,568 | 2,481,935 | ||||||
TJX Cos, Inc. | 35,989 | 1,682,486 | ||||||
6,733,914 | ||||||||
46 The Leuthold Funds - 2013 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Asset Allocation Fund
Consolidated Schedule of Investments (continued)
March 31, 2013 (Unaudited)
Shares | Fair Value | |||||||
COMMON STOCKS - 66.88% (continued) | ||||||||
Textiles, Apparel & Luxury Goods - 0.33% | ||||||||
LVMH Moet Hennessy Louis | ||||||||
Vuitton SA (b) | 6,653 | $ | 1,143,055 | |||||
Tobacco - 0.47% | ||||||||
Philip Morris International, Inc. | 17,568 | 1,628,729 | ||||||
Trading Companies & Distributors - 0.34% | ||||||||
Mitsubishi Corp. (b) | 62,200 | 1,171,466 | ||||||
Transportation Infrastructure - 0.24% | ||||||||
Airports of Thailand PCL (b) | 195,000 | 817,468 | ||||||
Water Utilities - 0.22% | ||||||||
Cia de Saneamento Basico do | ||||||||
Estado de Sao Paulo - ADR (a) | 16,056 | 766,353 | ||||||
Wireless Telecommunication Services - 1.27% | ||||||||
China Mobile, Ltd. - ADR | 19,111 | 1,015,367 | ||||||
Crown Castle International | ||||||||
Corp. (a) | 13,437 | 935,753 | ||||||
Turkcell Iletisim Hizmetleri | ||||||||
AS - ADR (a) | 38,573 | 641,855 | ||||||
Vodafone Group PLC - ADR | 62,953 | 1,788,495 | ||||||
4,381,470 | ||||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $195,879,587) | $ | 231,464,344 | ||||||
PREFERRED STOCKS - 0.19% | ||||||||
Commercial Banks - 0.19% | ||||||||
Itau Unibanco Holding | ||||||||
SA - ADR | 36,928 | $ | 657,318 | |||||
TOTAL PREFERRED STOCKS | ||||||||
(Cost $599,931) | $ | 657,318 | ||||||
Shares | Fair Value | |||||||
INVESTMENT COMPANIES - 9.37% | ||||||||
Exchange Traded Funds - 9.37% | ||||||||
iShares Barclays MBS | ||||||||
Bond Fund | 93,469 | $ | 10,089,044 | |||||
iShares JPMorgan USD Emerging | ||||||||
Markets Bond Fund | 17,456 | 2,050,556 | ||||||
PIMCO 0-5 Year High Yield | ||||||||
Corporate Bond Index | ||||||||
Exchange-Traded Fund | 10,081 | 1,054,170 | ||||||
PowerShares Build America | ||||||||
Bond Portfolio | 139,796 | 4,234,421 | ||||||
PowerShares Emerging Markets | ||||||||
Sovereign Debt Portfolio | 56,351 | 1,678,133 | ||||||
PowerShares Senior Loan | ||||||||
Portfolio | 82,972 | 2,083,427 | ||||||
SPDR Barclays Capital | ||||||||
International Treasury | ||||||||
Bond ETF | 29,222 | 1,709,487 | ||||||
SPDR Barclays Capital Short Term | ||||||||
High Yield Bond ETF | 33,732 | 1,041,644 | ||||||
Vanguard FTSE Emerging | ||||||||
Markets ETF | 70,626 | 3,029,149 | ||||||
Vanguard FTSE Europe ETF | 41,355 | 2,031,771 | ||||||
Vanguard Mortgage-Backed | ||||||||
Securities ETF | 66,038 | 3,443,222 | ||||||
TOTAL INVESTMENT COMPANIES | ||||||||
(Cost $32,496,864) | $ | 32,445,024 | ||||||
Troy Ounces | Fair Value | |||||||
PRECIOUS METALS - 4.85% | ||||||||
Gold Bullion (a) | 10,492 | $ | 16,766,621 | |||||
TOTAL PRECIOUS METALS | ||||||||
(Cost $9,400,412) | $ | 16,766,621 | ||||||
See Notes to the Financial Statements. | The Leuthold Funds - 2013 Semi-Annual Report 47 |
Leuthold Asset Allocation Fund
Consolidated Schedule of Investments (continued)
March 31, 2013 (Unaudited)
Principal | ||||||||
Amount | Fair Value | |||||||
CORPORATE BONDS - 9.44% | ||||||||
Capital Markets - 0.68% | ||||||||
Goldman Sachs Group, Inc. | ||||||||
6.150%, 04/01/2018 | $ | 1,987,000 | $ | 2,341,415 | ||||
Computers & Peripherals - 0.54% | ||||||||
Hewlett-Packard Co. | ||||||||
4.750%, 06/02/2014 | 1,800,000 | 1,880,122 | ||||||
Consumer Finance - 0.36% | ||||||||
Capital One Financial Corp. | ||||||||
7.375%, 05/23/2014 | 1,175,000 | 1,261,330 | ||||||
Diversified Financial Services - 0.60% | ||||||||
JPMorgan Chase & Co. | ||||||||
3.150%, 07/05/2016 | 1,956,000 | 2,073,917 | ||||||
Diversified Telecommunication Services - 0.91% | ||||||||
AT&T, Inc. | ||||||||
5.100%, 09/15/2014 | 1,853,000 | 1,970,523 | ||||||
Cellco Partnership / Verizon | ||||||||
Wireless Capital LLC | ||||||||
5.550%, 02/01/2014 | 1,135,000 | 1,179,667 | ||||||
3,150,190 | ||||||||
Electric Utilities - 0.74% | ||||||||
Duke Energy Corp. | ||||||||
3.950%, 09/15/2014 | 1,150,000 | 1,203,037 | ||||||
Oncor Electric Delivery Co., LLC | ||||||||
6.800%, 09/01/2018 | 1,078,000 | 1,341,786 | ||||||
2,544,823 | ||||||||
Health Care Providers & Services - 0.38% | ||||||||
Coventry Health Care, Inc. | ||||||||
5.950%, 03/15/2017 | 1,134,000 | 1,314,763 | ||||||
Industrial Conglomerates - 0.62% | ||||||||
General Electric Co. | ||||||||
5.250%, 12/06/2017 | 1,843,000 | 2,158,870 | ||||||
Principal | ||||||||
Amount | Fair Value | |||||||
Internet & Catalog Retail - 0.59% | ||||||||
Expedia, Inc. | ||||||||
7.456%, 08/15/2018 | $ | 1,700,000 | $ | 2,031,403 | ||||
Media - 0.60% | ||||||||
Time Warner Cable, Inc. | ||||||||
8.250%, 04/01/2019 | 1,587,000 | 2,065,834 | ||||||
Metals & Mining - 0.47% | ||||||||
Nabors Industries, Inc. | ||||||||
9.250%, 01/15/2019 | 1,275,000 | 1,639,882 | ||||||
Oil, Gas & Consumable Fuels - 1.61% | ||||||||
Anadarko Petroleum Corp. | ||||||||
5.950%, 09/15/2016 | 1,452,000 | 1,671,407 | ||||||
Enterprise Products Operating, LLC | ||||||||
5.600%, 10/15/2014 | 939,000 | 1,006,561 | ||||||
Petrobras International Finance Co. | ||||||||
6.125%, 10/06/2016 (b) | 1,456,000 | 1,627,808 | ||||||
Petrohawk Energy Corp. | ||||||||
7.250%, 08/15/2018 | 1,141,000 | 1,276,716 | ||||||
5,582,492 | ||||||||
Semiconductors & Semiconductor | ||||||||
Equipment - 0.37% | ||||||||
KLA-Tencor Corp. | ||||||||
6.900%, 05/01/2018 | 1,057,000 | 1,267,138 | ||||||
Software - 0.35% | ||||||||
BMC Software, Inc. | ||||||||
7.250%, 06/01/2018 | 1,071,000 | 1,220,808 | ||||||
Tobacco - 0.17% | ||||||||
Altria Group, Inc. | ||||||||
9.700%, 11/10/2018 | 421,000 | 585,893 | ||||||
Wireless Telecommunication Services - 0.45% | ||||||||
Rogers Communications, Inc. | ||||||||
6.375%, 03/01/2014 (b) | 1,488,000 | 1,564,379 | ||||||
TOTAL CORPORATE BONDS | ||||||||
(Cost $31,284,693) | $ | 32,683,259 | ||||||
48 The Leuthold Funds - 2013 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Asset Allocation Fund
Consolidated Schedule of Investments (continued)
Consolidated Schedule of Investments (continued)
March 31, 2013 (Unaudited)
Principal | ||||||||
Amount | Fair Value | |||||||
UNITED STATES TREASURY | ||||||||
OBLIGATIONS - 5.50% | ||||||||
United States Treasury Inflation | ||||||||
Indexed Bonds - 2.83% | ||||||||
1.250%, 07/15/2020 | $ | 2,111,840 | $ | 2,522,494 | ||||
0.625%, 07/15/2021 | 2,043,440 | 2,337,184 | ||||||
0.125%, 01/15/2022 | 2,034,860 | 2,214,023 | ||||||
0.125%, 07/15/2022 | 2,503,450 | 2,728,175 | ||||||
9,801,876 | ||||||||
United States Treasury Obligations - 2.67% | ||||||||
0.625%, 11/30/2017 | 3,700,000 | 3,687,572 | ||||||
1.375%, 09/30/2018 | 2,700,000 | 2,772,562 | ||||||
1.000%, 11/30/2019 | 2,800,000 | 2,771,345 | ||||||
9,231,479 | ||||||||
TOTAL UNITED STATES TREASURY | ||||||||
OBLIGATIONS | ||||||||
(Cost $18,957,690) | $ | 19,033,355 | ||||||
FOREIGN GOVERNMENT BONDS - 0.74% | ||||||||
Province of Manitoba Canada | ||||||||
1.300%, 04/03/2017 (b) | $ | 2,500,000 | $ | 2,546,500 | ||||
TOTAL FOREIGN GOVERNMENT BONDS | ||||||||
(Cost $2,552,550) | $ | 2,546,500 | ||||||
Shares | Fair Value | |||||||
SHORT-TERM INVESTMENTS - 3.13% | ||||||||
Money Market Funds - 3.13% | ||||||||
Fidelity Institutional Money Market | ||||||||
Funds - Government Portfolio | ||||||||
0.01% (c)(d) | 10,839,107 | $ | 10,839,107 | |||||
TOTAL SHORT-TERM INVESTMENTS | ||||||||
(Cost $10,839,107) | $ | 10,839,107 | ||||||
Total Investments | ||||||||
(Cost $302,010,834) - 100.10% | $ | 346,435,528 | ||||||
Liabilities in Excess of | ||||||||
Other Assets - (0.10)% | (354,814 | ) | ||||||
TOTAL NET ASSETS - 100.00% | $ | 346,080,714 |
Percentages are stated as a percent of net assets.
ADR American Depository Receipt
(a) Non-income producing security.
(b) Foreign issued security.
(c) The rate quoted is the annualized seven-day yield as of March 31, 2013.
(d) All or a portion of the assets have been committed as collateral for futures contracts.
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 and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.
See Notes to the Financial Statements. | The Leuthold Funds - 2013 Semi-Annual Report | 49 |
Leuthold Global Fund
Consolidated Schedule of Investments
March 31, 2013 (Unaudited)
Shares | Fair Value | |||||||
COMMON STOCKS - 68.23% | ||||||||
Airlines - 4.91% | ||||||||
Alaska Air Group, Inc. (a) | 25,813 | $ | 1,651,000 | |||||
China Eastern Airlines Corp., | ||||||||
Ltd. (a)(b) | 1,344,000 | 586,708 | ||||||
China Southern Airlines | ||||||||
Co., Ltd. (a)(b) | 950,000 | 543,767 | ||||||
Copa Holdings SA - Class A (b) | 12,061 | 1,442,616 | ||||||
Delta Air Lines, Inc. (a) | 95,734 | 1,580,568 | ||||||
easyJet PLC (b) | 106,903 | 1,758,948 | ||||||
JetBlue Airways Corp. (a) | 346,059 | 2,387,807 | ||||||
Ryanair Holdings PLC - ADR | 31,699 | 1,324,384 | ||||||
Southwest Airlines Co. | 104,053 | 1,402,634 | ||||||
U.S. Airways Group, Inc. (a) | 152,679 | 2,590,963 | ||||||
United Continental Holdings, | ||||||||
Inc. (a) | 43,528 | 1,393,331 | ||||||
Westjet Airlines, Ltd. (b) | 28,942 | 704,283 | ||||||
17,367,009 | ||||||||
Auto Components - 5.01% | ||||||||
Brembo SpA (b) | 45,811 | 736,764 | ||||||
Cie Generale des Etablissements | ||||||||
Michelin (b) | 25,049 | 2,098,629 | ||||||
Continental AG (a)(b) | 18,966 | 2,273,276 | ||||||
Cooper Tire & Rubber Co. | 47,572 | 1,220,698 | ||||||
Dana Holding Corp. | 68,751 | 1,225,830 | ||||||
GKN PLC (b) | 275,906 | 1,111,864 | ||||||
Leoni AG (b) | 25,072 | 974,411 | ||||||
Magna International, Inc. (b) | 32,162 | 1,887,909 | ||||||
Plastic Omnium SA (b) | 17,761 | 822,983 | ||||||
Showa Corp. (b) | 107,700 | 1,157,507 | ||||||
Sumitomo Rubber Industries, | ||||||||
Ltd. (b) | 76,500 | 1,284,310 | ||||||
Tianneng Power International, | ||||||||
Ltd. (b) | 812,000 | 544,354 | ||||||
TRW Automotive Holdings | ||||||||
Corp. (a) | 43,818 | 2,409,990 | ||||||
17,748,525 | ||||||||
Shares | Fair Value | |||||||
Automobiles - 3.55% | ||||||||
Daihatsu Motor Co. Ltd. (b) | 35,000 | $ | 728,318 | |||||
Dongfeng Motor Group Co., | ||||||||
Ltd. (b) | 418,000 | 589,223 | ||||||
Ford Motor Co. | 93,116 | 1,224,475 | ||||||
Geely Automobile Holdings, | ||||||||
Ltd. (b) | 1,215,000 | 592,630 | ||||||
General Motors Co. (a) | 44,745 | 1,244,806 | ||||||
Hyundai Motor Co. (b) | 6,616 | 1,337,391 | ||||||
Kia Motors Corp. (a)(b) | 26,300 | 1,334,408 | ||||||
Nissan Motor Co., Ltd. (b) | 134,400 | 1,303,738 | ||||||
Porsche Automobil Holding | ||||||||
SE (b) | 22,501 | 1,648,575 | ||||||
Tata Motors, Ltd. - ADR | 39,207 | 957,043 | ||||||
Thor Industries, Inc. | 14,587 | 536,656 | ||||||
Volkswagen AG (b) | 5,700 | 1,075,049 | ||||||
12,572,312 | ||||||||
Beverages - 0.02% | ||||||||
Crimson Wine Group, Ltd. (a) | 6,721 | 62,501 | ||||||
Capital Markets - 0.56% | ||||||||
KKR & Co. LP | 102,002 | 1,970,679 | ||||||
Chemicals - 4.96% | ||||||||
Agrium, Inc. (b) | 21,851 | 2,130,473 | ||||||
Alent PLC (b) | 105,918 | 607,701 | ||||||
CF Industries Holdings, Inc. | 14,737 | 2,805,483 | ||||||
Chr. Hansen Holding A/S (b) | 55,149 | 2,048,236 | ||||||
CVR Partners LP | 35,418 | 885,804 | ||||||
Dongyue Group (b) | 1,634,000 | 951,014 | ||||||
Gubre Fabrikalari TAS (a)(b) | 91,505 | 834,777 | ||||||
Innophos Holdings, Inc. | 17,564 | 958,292 | ||||||
Israel Chemicals, Ltd. (b) | 85,654 | 1,109,916 | ||||||
Mosaic Co. | 38,685 | 2,306,013 | ||||||
Rockwood Holdings, Inc. | 32,498 | 2,126,669 | ||||||
Yara International ASA (b) | 17,400 | 794,289 | ||||||
17,558,667 |
50 | The Leuthold Funds - 2013 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Global Fund
Consolidated Schedule of Investments (continued)
March 31, 2013 (Unaudited)
Shares | Fair Value | |||||||
COMMON STOCKS - 68.23% (continued) | ||||||||
Commercial Banks - 3.91% | ||||||||
Bank Negara Indonesia | ||||||||
Persero Tbk PT (b) | 3,226,500 | $ | 1,680,861 | |||||
BB&T Corp. | 34,028 | 1,068,139 | ||||||
Fifth Third Bancorp | 130,689 | 2,131,538 | ||||||
Huntington Bancshares, Inc. | 305,091 | 2,254,622 | ||||||
KeyCorp | 118,246 | 1,177,730 | ||||||
PNC Financial Services | ||||||||
Group, Inc. | 16,950 | 1,127,175 | ||||||
SunTrust Banks, Inc. | 59,866 | 1,724,739 | ||||||
Synovus Financial Corp. | 400,097 | 1,108,269 | ||||||
Webster Financial Corp. | 64,290 | 1,559,675 | ||||||
13,832,748 | ||||||||
Construction Materials - 1.02% | ||||||||
China Shanshui Cement | ||||||||
Group, Ltd. (b) | 1,495,000 | 862,696 | ||||||
Imerys SA (b) | 16,579 | 1,080,291 | ||||||
James Hardie Industries | ||||||||
PLC (b) | 157,638 | 1,653,654 | ||||||
3,596,641 | ||||||||
Consumer Finance - 0.36% | ||||||||
Provident Financial PLC (b) | 53,411 | 1,272,025 | ||||||
Containers & Packaging - 0.68% | ||||||||
Graphic Packaging Holding | ||||||||
Co. (a) | 137,733 | 1,031,620 | ||||||
Smurfit Kappa Group PLC (b) | 82,607 | 1,369,581 | ||||||
2,401,201 | ||||||||
Diversified Financial Services - 1.46% | ||||||||
Groupe Bruxelles Lambert | ||||||||
SA (b) | 19,012 | 1,456,283 | ||||||
Investor AB (b) | 64,278 | 1,859,343 | ||||||
Leucadia National Corp. | 67,302 | 1,846,094 | ||||||
5,161,720 | ||||||||
Shares | Fair Value | |||||||
Diversified Telecommunication Services - 2.41% | ||||||||
Asia Pacific Telecom Co., | ||||||||
Ltd. (a)(b) | 1,536,847 | $ | 730,327 | |||||
Jasmine International PCL (b) 16,622,300 | 3,730,831 | |||||||
Telekom Malaysia Bhd (b) | 495,900 | 863,201 | ||||||
Telekomunikasi Indonesia | ||||||||
Persero Tbk PT - ADR | 24,550 | 1,106,714 | ||||||
Time dotCom Bhd (b) | 436,800 | 555,020 | ||||||
Verizon Communications, Inc. | 31,815 | 1,563,707 | ||||||
8,549,800 | ||||||||
Food & Staples Retailing - 4.56% | ||||||||
Aeon Co., Ltd. (b) | 177,300 | 2,295,602 | ||||||
Arcs Co., Ltd. (a)(b) | 48,700 | 1,092,488 | ||||||
Casey's General Stores, Inc. | 38,894 | 2,267,520 | ||||||
Delhaize Group SA (b) | 50,480 | 2,755,688 | ||||||
Matsumotokiyoshi Holdings | ||||||||
Co., Ltd. (b) | 40,600 | 1,163,810 | ||||||
Migros Ticaret AS (a)(b) | 84,693 | 1,041,804 | ||||||
Safeway, Inc. | 110,610 | 2,914,574 | ||||||
Wal-Mart Stores, Inc. | 34,839 | 2,607,003 | ||||||
16,138,489 | ||||||||
Gas Utilities - 0.44% | ||||||||
Osaka Gas Co., Ltd. (b) | 359,000 | 1,569,933 | ||||||
Health Care Providers & Services - 3.92% | ||||||||
Bangkok Dusit Medical | ||||||||
Services PCL (b) | 329,000 | 1,841,787 | ||||||
Community Health Systems, Inc. | 40,690 | 1,928,299 | ||||||
HCA Holdings, Inc. | 46,320 | 1,881,982 | ||||||
KPJ Healthcare Bhd (b) | 479,700 | 918,860 | ||||||
Life Healthcare Group | ||||||||
Holdings, Ltd. (b) | 247,590 | 931,630 | ||||||
LifePoint Hospitals, Inc. (a) | 47,502 | 2,301,947 | ||||||
Ramsay Health Care, Ltd. (b) | 40,110 | 1,350,027 | ||||||
Select Medical Holdings Corp. | 94,842 | 853,578 | ||||||
Universal Health Services, Inc. - | ||||||||
Class B | 29,115 | 1,859,575 | ||||||
13,867,685 |
See Notes to the Financial Statements. | The Leuthold Funds - 2013 Semi-Annual Report | 51 |
Leuthold Global Fund
Consolidated Schedule of Investments (continued)
March 31, 2013 (Unaudited)
Shares | Fair Value | |||||||
Household Durables - 0.51% | ||||||||
Helen of Troy Corp., Ltd. (a)(b) | 30,128 | $ | 1,155,710 | |||||
TCL Multimedia Technology | ||||||||
Holdings, Ltd. (b) | 862,000 | 670,123 | ||||||
1,825,833 | ||||||||
Industrial Conglomerates - 0.66% | ||||||||
Alfa S.A.B. de CV - | ||||||||
Class A (b) | 497,800 | 1,214,731 | ||||||
Turkiye Sise ve Cam Fabrikalari | ||||||||
AS (b) | 671,981 | 1,141,123 | ||||||
2,355,854 | ||||||||
Insurance - 9.50% | ||||||||
Allianz SE (b) | 15,792 | 2,152,807 | ||||||
Allstate Corp. | 34,943 | 1,714,653 | ||||||
American International | ||||||||
Group, Inc. (a) | 57,605 | 2,236,226 | ||||||
Assurant, Inc. | 26,149 | 1,176,967 | ||||||
Catlin Group, Ltd. (b) | 126,170 | 1,001,346 | ||||||
Endurance Specialty | ||||||||
Holdings, Ltd. (b) | 25,674 | 1,227,474 | ||||||
Everest Re Group, Ltd. (b) | 17,796 | 2,310,989 | ||||||
Genworth Financial, Inc. - | ||||||||
Class A (a) | 176,314 | 1,763,140 | ||||||
Gjensidige Forsikring | ||||||||
ASA (b) | 69,237 | 1,145,702 | ||||||
Hannover Rueckversicherung | ||||||||
SE (b) | 31,282 | 2,462,860 | ||||||
Liberty Holdings, Ltd. (b) | 82,584 | 1,078,225 | ||||||
Montpelier Re Holdings, | ||||||||
Ltd. (b) | 43,519 | 1,133,670 | ||||||
Muenchener Rueckversicherungs | ||||||||
AG (b) | 13,185 | 2,471,236 | ||||||
PartnerRe, Ltd. (b) | 24,759 | 2,305,311 | ||||||
Platinum Underwriters | ||||||||
Holdings, Ltd. (b) | 20,421 | 1,139,696 | ||||||
Shares | Fair Value | |||||||
Insurance - 9.50% (continued) | ||||||||
Powszechny Zaklad Ubezpieczen | ||||||||
SA (b) | 8,608 | $ | 1,068,263 | |||||
SCOR SE (b) | 74,613 | 2,146,380 | ||||||
Swiss Re AG (b) | 29,857 | 2,431,615 | ||||||
Validus Holdings, Ltd. (b) | 56,226 | 2,101,166 | ||||||
Vienna Insurance Group AG Wiener | ||||||||
Versicherung Gruppe (b) | 11,250 | 546,028 | ||||||
33,613,754 | ||||||||
Media - 2.49% | ||||||||
CBS Corp. - Class B | 28,814 | 1,345,326 | ||||||
ITV PLC (b) | 691,677 | 1,363,801 | ||||||
Liberty Media Corp. (a) | 8,689 | 969,953 | ||||||
Metropole Television SA (b) | 70,581 | 1,098,002 | ||||||
ProSiebenSat.1 Media AG (b) | 36,136 | 1,293,472 | ||||||
Quebecor Inc. - Class B (b) | 27,343 | 1,158,750 | ||||||
Starz - Liberty Capital (a) | 8,689 | 192,461 | ||||||
TV Asahi Corp. (b) | 71,800 | 1,376,850 | ||||||
8,798,615 | ||||||||
Bangchak Petroleum PCL (b) | 661,600 | 815,598 | ||||||
Chevron Corp. | 13,451 | 1,598,248 | ||||||
Delek US Holdings, Inc. | 25,002 | 986,579 | ||||||
HollyFrontier Corp. | 43,320 | 2,228,814 | ||||||
Marathon Petroleum Corp. | 31,062 | 2,783,155 | ||||||
Parkland Fuel Corp. (b) | 33,970 | 571,824 | ||||||
Phillips 66 | 37,191 | 2,602,255 | ||||||
SK Innovation Co., Ltd. (b) | 8,029 | 1,182,235 | ||||||
Tesoro Corp. | 45,104 | 2,640,839 | ||||||
Valero Energy Corp. | 40,574 | 1,845,711 | ||||||
Western Refining, Inc. | 23,925 | 847,184 | ||||||
18,102,442 | ||||||||
Paper & Forest Products - 0.01% | ||||||||
China Forestry Holdings | ||||||||
Co., Ltd. (a)(b)(d)(e) | 2,484,000 | 48,000 |
52 | The Leuthold Funds - 2013 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Global Fund
Consolidated Schedule of Investments (continued)
March 31, 2013 (Unaudited)
Shares | Fair Value | |||||||
COMMON STOCKS - 68.23% (continued) | ||||||||
Real Estate Investment Trusts (REITs) - 5.00% | ||||||||
American Tower Corp. | 16,703 | $ | 1,284,795 | |||||
Apartment Investment & | ||||||||
Management Co. - Class A | 47,073 | 1,443,258 | ||||||
Ashford Hospitality Trust, Inc. | 42,758 | 528,489 | ||||||
Associated Estates Realty Corp. | 19,674 | 366,723 | ||||||
BioMed Realty Trust, Inc. | 40,223 | 868,817 | ||||||
Brandywine Realty Trust | 64,707 | 960,899 | ||||||
CBL & Associates Properties, | ||||||||
Inc. | 59,169 | 1,396,388 | ||||||
Coresite Realty Corp. | 11,513 | 402,725 | ||||||
Corporate Office Properties | ||||||||
Trust | 37,600 | 1,003,168 | ||||||
CubeSmart | 43,834 | 692,577 | ||||||
DuPont Fabros Technology, Inc. | 26,233 | 636,675 | ||||||
LaSalle Hotel Properties | 48,822 | 1,239,102 | ||||||
Lexington Realty Trust | 61,501 | 725,712 | ||||||
Liberty Property Trust | 22,006 | 874,739 | ||||||
Mack-Cali Realty Corp. | 35,997 | 1,029,874 | ||||||
Omega Healthcare Investors, Inc. | 53,777 | 1,632,670 | ||||||
Parkway Properties, Inc. | 19,384 | 359,573 | ||||||
Pennsylvania Real Estate | ||||||||
Investment Trust | 17,780 | 344,754 | ||||||
Ramco-Gershenson Properties | ||||||||
Trust | 32,728 | 549,831 | ||||||
RLJ Lodging Trust | 24,775 | 563,879 | ||||||
Sabra Health Care REIT, Inc. | 14,282 | 414,321 | ||||||
STAG Industrial, Inc. | 17,197 | 365,780 | ||||||
17,684,749 | ||||||||
Shares | Fair Value | |||||||
Real Estate Management & Development - 2.47% | ||||||||
Beijing Capital Land, | ||||||||
Ltd. (b) | 1,158,000 | S427,473 | ||||||
Brasil Brokers Participacoes | ||||||||
SA (b) | 172,600 | 618,396 | ||||||
Daikyo, Inc. (b) | 406,000 | 1,429,332 | ||||||
Greentown China Holding, | ||||||||
Ltd. (a)(b) | 643,000 | 1,213,996 | ||||||
K Wah International Holdings, | ||||||||
Ltd. (b) | 1,981,000 | 1,115,836 | ||||||
Keppel Land Ltd (b) | 162,000 | 516,695 | ||||||
KLCC Property Holdings | ||||||||
Bhd (b) | 258,400 | 556,524 | ||||||
KWG Property Holding, | ||||||||
Ltd. (b) | 1,129,500 | 709,684 | ||||||
Nomura Real Estate Holdings, | ||||||||
Inc. (b) | 29,000 | 650,863 | ||||||
Wheelock & Co., Ltd. (b) | 93,000 | 496,562 | ||||||
Yanlord Land Group, Ltd. (b) | 823,000 | 999,914 | ||||||
8,735,275 | ||||||||
Road & Rail - 4.07% | ||||||||
AMERCO | 7,380 | 1,280,725 | ||||||
Canadian National Railway | ||||||||
Co. (b) | 22,222 | 2,228,866 | ||||||
CSX Corp. | 98,619 | 2,428,986 | ||||||
DSV A/S (b) | 42,393 | 1,025,918 | ||||||
Norfolk Southern Corp. | 24,446 | 1,884,298 | ||||||
Ryder System, Inc. | 16,684 | 996,869 | ||||||
Stagecoach Group PLC (b) | 242,261 | 1,145,438 | ||||||
TransForce, Inc. (b) | 22,511 | 485,299 | ||||||
Union Pacific Corp. | 12,234 | 1,742,244 | ||||||
Werner Enterprises, Inc. | 48,869 | 1,179,698 | ||||||
14,398,341 |
See Notes to the Financial Statements. | The Leuthold Funds - 2013 Semi-Annual Report | 53 |
Leuthold Global Fund
Consolidated Schedule of Investments (continued)
March 31, 2013 (Unaudited)
Shares | Fair Value | |||||||
COMMON STOCKS - 68.23% (continued) | ||||||||
Freenet AG (b) | 53,075 | $ | 1,290,992 | |||||
MetroPCS Communications, | ||||||||
Inc. (a) | 89,095 | 971,136 | ||||||
2,262,128 | ||||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $201,546,557) | $ | 241,494,926 | ||||||
PREFERRED STOCKS - 0.83% | ||||||||
Containers & Packaging - 0.33% | ||||||||
Klabin SA (b) | 172,600 | $ | 1,180,419 | |||||
Diversified Telecommunication Services - 0.50% | ||||||||
Telefonica Brasil SA - ADR | 66,225 | 1,766,883 | ||||||
TOTAL PREFERRED STOCKS | ||||||||
(Cost $2,436,125) | $ | 2,947,302 | ||||||
INVESTMENT COMPANIES - 11.02% | ||||||||
Closed End Funds - 0.27% | ||||||||
Apollo Investment Corp. | 114,457 | $ | 956,860 | |||||
Exchange Traded Funds - 10.75% | ||||||||
CurrencyShares Japanese | ||||||||
Yen Trust | 33,500 | 3,485,675 | ||||||
iShares Barclays MBS Bond | ||||||||
Fund | 95,429 | 10,300,606 | ||||||
iShares JPMorgan USD Emerging | ||||||||
Markets Bond Fund | 30,287 | 3,557,814 | ||||||
PIMCO 0-5 Year High Yield | ||||||||
Corporate Bond Index Exchange- | ||||||||
Traded Fund | 13,815 | 1,444,634 | ||||||
PowerShares Build America | ||||||||
Bond Portfolio | 118,037 | 3,575,341 | ||||||
PowerShares Emerging Markets | ||||||||
Sovereign Debt Portfolio | 81,729 | 2,433,889 | ||||||
PowerShares Senior | ||||||||
Loan Portfolio | 35,124 | 881,964 | ||||||
Shares | Fair Value | |||||||
SPDR Barclays Capital International | ||||||||
Treasury Bond ETF | 167,082 | $ | 9,774,297 | |||||
SPDR Barclays Capital Short Term | ||||||||
High Yield Bond ETF | 28,427 | 877,826 | ||||||
SPDR Barclays Short Term | ||||||||
International Treasury | ||||||||
Bond ETF | 48,600 | 1,718,982 | ||||||
38,051,028 | ||||||||
TOTAL INVESTMENT COMPANIES | ||||||||
(Cost $38,778,112) | $ | 39,007,888 | ||||||
Troy Ounces | Fair Value | |||||||
PRECIOUS METALS - 3.87% | ||||||||
Gold Bullion (a) | 8,580 | $ | 13,711,669 | |||||
TOTAL PRECIOUS METALS | ||||||||
(Cost $9,557,595) | $ | 13,711,669 | ||||||
Principal | ||||||||
Amount | Fair Value | |||||||
CORPORATE BONDS - 5.52% | ||||||||
Biotechnology - 0.23% | ||||||||
Amgen, Inc. | ||||||||
4.100%, 06/15/2021 | $ | 731,000 | $ | 808,794 | ||||
Computers & Peripherals - 0.29% | ||||||||
Hewlett-Packard Co. | ||||||||
4.750%, 06/02/2014 | 1,000,000 | 1,044,512 | ||||||
Consumer Finance - 0.22% | ||||||||
Capital One Financial Corp. | ||||||||
7.375%, 05/23/2014 | 713,000 | 765,385 | ||||||
Diversified Financial Services - 0.33% | ||||||||
JPMorgan Chase & Co. | ||||||||
3.150%, 07/05/2016 | 1,120,000 | 1,187,519 |
54 | The Leuthold Funds - 2013 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Global Fund
Consolidated Schedule of Investments (continued)
March 31, 2013 (Unaudited)
Principal | ||||||||
Amount | Fair Value | |||||||
CORPORATE BONDS - 5.52% (continued) | ||||||||
Diversified Telecommunication Services - 0.49% | ||||||||
AT&T, Inc. | ||||||||
5.100%, 09/15/2014 | $ | 1,031,000 | $ | 1,096,389 | ||||
Cellco Partnership / | ||||||||
Verizon Wireless Capital LLC | ||||||||
5.550%, 02/01/2014 | 631,000 | 655,832 | ||||||
1,752,221 | ||||||||
Electric Utilities - 0.42% | ||||||||
Duke Energy Corp. | ||||||||
3.950%, 09/15/2014 | 640,000 | 669,516 | ||||||
Oncor Electric Delivery Co., LLC | ||||||||
6.800%, 09/01/2018 | 654,000 | 814,033 | ||||||
1,483,549 | ||||||||
Health Care Providers & Services - 0.23% | ||||||||
Coventry Health Care, Inc. | ||||||||
5.950%, 03/15/2017 | 689,000 | 798,829 | ||||||
Industrial Conglomerates - 0.34% | ||||||||
General Electric Co. | ||||||||
5.250%, 12/06/2017 | 1,025,000 | 1,200,674 | ||||||
Internet & Catalog Retail - 0.33% | ||||||||
Expedia, Inc. | ||||||||
7.456%, 08/15/2018 | 970,000 | 1,159,095 | ||||||
Media - 0.32% | ||||||||
Time Warner Cable, Inc. | ||||||||
8.250%, 04/01/2019 | 883,000 | 1,149,421 | ||||||
Metals & Mining - 0.26% | ||||||||
Nabors Industries, Inc. | ||||||||
9.250%, 01/15/2019 | 709,000 | 911,903 | ||||||
Principal | ||||||||
Amount | Fair Value | |||||||
Oil, Gas & Consumable Fuels - 0.90% | ||||||||
Anadarko Petroleum Corp. | ||||||||
5.950%, 09/15/2016 | $ | 808,000 | $ | 930,094 | ||||
Enterprise Products Operating, LLC | ||||||||
5.600%, 10/15/2014 | 523,000 | 560,630 | ||||||
Petrobras International Finance Co. | ||||||||
6.125%, 10/06/2016 (b) | 810,000 | 905,580 | ||||||
Petrohawk Energy Corp. | ||||||||
7.250%, 08/15/2018 | 692,000 | 774,310 | ||||||
3,170,614 | ||||||||
Pharmaceuticals - 0.19% | ||||||||
Hospira, Inc. | ||||||||
6.050%, 03/30/2017 | 581,000 | 661,143 | ||||||
Real Estate Investment Trusts (REITs) - 0.22% | ||||||||
Vornado Realty LP | ||||||||
4.250%, 04/01/2015 | 745,000 | 787,434 | ||||||
Semiconductors & Semiconductor | ||||||||
Equipment - 0.20% | ||||||||
KLA-Tencor Corp. | ||||||||
6.900%, 05/01/2018 | 588,000 | 704,898 | ||||||
Software - 0.21% | ||||||||
BMC Software, Inc. | ||||||||
7.250%, 06/01/2018 | 650,000 | 740,920 | ||||||
Tobacco - 0.09% | ||||||||
Altria Group, Inc. | ||||||||
9.700%, 11/10/2018 | 233,000 | 324,259 | ||||||
Wireless Telecommunication Services - 0.25% | ||||||||
Rogers Communications, Inc. | ||||||||
6.375%, 03/01/2014 (b) | 828,000 | 870,501 | ||||||
TOTAL CORPORATE BONDS | ||||||||
(Cost $18,856,943) | $ | 19,521,671 |
See Notes to the Financial Statements. | The Leuthold Funds - 2013 Semi-Annual Report | 55 |
Leuthold Global Fund
Consolidated Schedule of Investments (continued)
March 31, 2013 (Unaudited)
Principal | ||||||||
Amount | Fair Value | |||||||
UNITED STATES TREASURY | ||||||||
OBLIGATIONS - 4.34% | ||||||||
United States Treasury Inflation Indexed | ||||||||
Bonds - 1.22% | ||||||||
1.375%, 01/15/2020 | $ | 3,620,660 | $ | 4,312,829 | ||||
United States Treasury Notes - 3.12% | ||||||||
1.375%, 11/30/2015 | 10,750,000 | 11,047,302 | ||||||
TOTAL UNITED STATES TREASURY OBLIGATIONS | ||||||||
(Cost $15,192,058) | $ | 15,360,131 | ||||||
FOREIGN GOVERNMENT BONDS - 5.30% | ||||||||
Canadian Government | ||||||||
2.500%, 06/01/2015 (b) | ||||||||
CAD | $ | 3,250,000 | $ | 3,301,029 | ||||
Canadian Government Real Real Return TIPS | ||||||||
4.250%, 12/01/2021 (b) | ||||||||
CAD | 2,920,180 | 4,051,400 | ||||||
Mexico Government International Bond | ||||||||
5.625%, 01/15/2017 (b) | ||||||||
USD | 2,100,000 | 2,415,000 | ||||||
New Zealand Government | ||||||||
6.000%, 12/15/2017 (b) | ||||||||
NZD | 3,800,000 | 3,616,163 | ||||||
Norwegian Government | ||||||||
4.250%, 05/19/2017 (b) | ||||||||
NOK | 17,000,000 | 3,240,686 | ||||||
Province of Manitoba Canada | ||||||||
1.300%, 04/03/2017 (b) | ||||||||
USD | 2,100,000 | 2,139,060 | ||||||
TOTAL FOREIGN GOVERNMENT BONDS | ||||||||
(Cost $18,279,418) | $ | 18,763,338 | ||||||
Shares | Fair Value | |||||||
SHORT-TERM INVESTMENTS - 1.54% | ||||||||
Money Market Funds - 1.54% | ||||||||
Fidelity Institutional Money Market | ||||||||
Funds - Government Portfolio | ||||||||
0.01% (c) | 5,432,318 | $ | 5,432,318 | |||||
TOTAL SHORT-TERM INVESTMENTS | ||||||||
(Cost $5,432,318) | $ | 5,432,318 | ||||||
Total Investments | ||||||||
(Cost $310,079,126) - 100.65% | $ | 356,239,243 | ||||||
Liabilities in Excess of | (2,309,682 | ) | ||||||
Other Assets - (0.65)% | $ | 353,929,561 | ||||||
TOTAL NET ASSETS - 100.00% |
Percentages are stated as a percent of net assets.
ADR American Depository Receipt
CAD Canadian Dollar
NOK Norwegian Krone
NZD New Zealand Dollar
USD US Dollar
(a) Non-income producing security.
(b) Foreign issued security.
(c) The rate quoted is the annualized seven-day yield as of March 31, 2013.
(d) Illiquid Security. The fair value of these securities total $48,000 which represent 0.01% of total net assets.
(e) The security is currently being fair valued in accordance with procedures established by the Board of Directors of the Leuthold Funds due to a
halt in trading of the security on January 26, 2011.
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 and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.
56 | The Leuthold Funds - 2013 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Global Fund
Consolidated Schedule of Investments (continued)
March 31, 2013 (Unaudited)
Percentage | ||||||||
Fair | of Total | |||||||
Value | Investments | |||||||
CURRENCY EXPOSURE | ||||||||
March 31, 2013 | ||||||||
Australian Dollar | $ | 3,003,681 | 0.84 | % | ||||
Brazilian Real | 1,798,815 | 0.51 | ||||||
British Pound | 8,261,123 | 2.32 | ||||||
Canadian Dollar | 10,272,584 | 2.88 | ||||||
Danish Kroner | 3,074,155 | 0.86 | ||||||
Euro | 29,753,308 | 8.35 | ||||||
Hong Kong Dollar | 9,352,065 | 2.63 | ||||||
Indonesian Rupiah | 1,680,861 | 0.47 | ||||||
Israel Shekel | 1,109,916 | 0.31 | ||||||
Japanese Yen | 14,052,752 | 3.95 | ||||||
Malaysian Ringgit | 2,893,605 | 0.81 | ||||||
Mexican Peso | 1,214,731 | 0.34 | ||||||
New Taiwan Dollar | 730,327 | 0.21 | ||||||
New Turkish Lira | 3,017,703 | 0.85 | ||||||
New Zealand Dollar | 3,616,163 | 1.02 | ||||||
Norwegian Krone | 5,180,677 | 1.45 | ||||||
Polish Zloty | 1,068,263 | 0.30 | ||||||
Singapore Dollar | 1,516,610 | 0.43 | ||||||
South African Rand | 2,009,855 | 0.56 | ||||||
South Korea Won | 3,854,034 | 1.08 | ||||||
Swedish Krona | 1,859,343 | 0.52 | ||||||
Swiss Franc | 2,431,615 | 0.68 | ||||||
Thai Baht | 6,388,216 | 1.79 | ||||||
US Dollar | 224,387,172 | 62.99 | ||||||
342,527,574 | 96.15 | % | ||||||
Precious Metals | 13,711,669 | 3.85 | % | |||||
Total Investments | $ | 356,239,243 | 100.00 | % | ||||
Percentage | ||||||||
Fair | of Total | |||||||
Value | Investments | |||||||
PORTFOLIO DIVERSIFICATION | ||||||||
March 31, 2013 | ||||||||
Australia | $ | 1,350,027 | 0.38 | % | ||||
Austria | 546,028 | 0.15 | ||||||
Belgium | 4,211,971 | 1.18 | ||||||
Bermuda | 12,375,362 | 3.47 | ||||||
Brazil | 3,565,698 | 1.00 | ||||||
Britain | 7,259,777 | 2.04 | ||||||
Canada | 17,390,334 | 4.88 | ||||||
Cayman Islands | 905,580 | 0.25 | ||||||
China | 5,222,877 | 1.47 | ||||||
Denmark | 3,074,155 | 0.86 | ||||||
France | 7,246,285 | 2.03 | ||||||
Germany | 15,642,678 | 4.39 | ||||||
Hong Kong | 4,129,189 | 1.16 | ||||||
India | 957,043 | 0.27 | ||||||
Indonesia | 2,787,575 | 0.78 | ||||||
Ireland | 4,347,619 | 1.22 | ||||||
Israel | 1,109,916 | 0.31 | ||||||
Italy | 736,764 | 0.21 | ||||||
Japan | 14,052,752 | 3.95 | ||||||
Malaysia | 2,893,605 | 0.81 | ||||||
Mexico | 1,214,731 | 0.34 | ||||||
New Zealand | 3,616,163 | 1.02 | ||||||
Norway | 5,180,677 | 1.45 | ||||||
Panama | 1,442,616 | 0.41 | ||||||
Poland | 1,068,263 | 0.30 | ||||||
Singapore | 1,516,610 | 0.43 | ||||||
South Africa | 2,009,855 | 0.56 | ||||||
South Korea | 3,854,034 | 1.08 | ||||||
Sweden | 1,859,343 | 0.52 | ||||||
Switzerland | 2,431,615 | 0.68 | ||||||
Taiwan | 730,327 | 0.21 | ||||||
Thailand | 6,388,216 | 1.79 | ||||||
Turkey | 3,017,704 | 0.85 | ||||||
United States | 198,392,185 | 55.70 | ||||||
342,527,574 | 96.15 | % | ||||||
Precious Metals | 13,711,669 | 3.85 | % | |||||
Total Investments | $ | 356,239,243 | 100.00 | % |
See Notes to the Financial Statements. | The Leuthold Funds - 2013 Semi-Annual Report | 57 |
Leuthold Select Industries Fund
Schedule of Investments
March 31, 2013 (Unaudited)
Shares | Fair Value | |||||||
COMMON STOCKS - 97.69% | ||||||||
Airlines - 8.41% | ||||||||
Alaska Air Group, Inc. (a) | 3,566 | $ | 228,081 | |||||
Copa Holdings SA - Class A (b) | 1,358 | 162,430 | ||||||
Delta Air Lines, Inc. (a) | 12,943 | 213,689 | ||||||
Ryanair Holdings PLC - ADR | 5,443 | 227,409 | ||||||
Southwest Airlines Co. | 13,678 | 184,379 | ||||||
U.S. Airways Group, Inc. (a) | 13,640 | 231,471 | ||||||
1,247,459 | ||||||||
Chemicals - 5.40% | ||||||||
Agrium, Inc. (b) | 1,611 | 157,073 | ||||||
CF Industries Holdings, Inc. | 761 | 144,872 | ||||||
Monsanto Co. | 3,223 | 340,445 | ||||||
Mosaic Co. | 2,652 | 158,086 | ||||||
800,476 | ||||||||
Commercial Banks - 7.12% | ||||||||
Banco Bilbao Vizcaya Argentaria | ||||||||
SA - ADR | 4,923 | 43,175 | ||||||
Banco Santander SA - ADR | 8,692 | 59,192 | ||||||
Credicorp, Ltd. (b) | 1,053 | 174,851 | ||||||
HSBC Holdings PLC - ADR | 2,855 | 152,286 | ||||||
ICICI Bank Ltd. - ADR | 2,462 | 105,620 | ||||||
KB Financial Group, Inc. - ADR | 3,045 | 100,607 | ||||||
PacWest Bancorp | 1,599 | 46,547 | ||||||
Sumitomo Mitsui Financial | ||||||||
Group, Inc. - ADR | 6,014 | 49,074 | ||||||
Umpqua Holdings Corp. | 2,817 | 37,353 | ||||||
Wells Fargo & Co. | 7,766 | 287,264 | ||||||
1,055,969 | ||||||||
Consumer Finance - 7.52% | ||||||||
American Express Co. | 2,115 | 142,678 | ||||||
Capital One Financial Corp. | 4,397 | 241,615 | ||||||
Discover Financial Services | 7,475 | 335,179 | ||||||
Ezcorp, Inc. - Class A (a) | 2,627 | 55,955 | ||||||
First Cash Financial Services, | ||||||||
Inc. (a) | 1,307 | 76,250 | ||||||
Shares | Fair Value | |||||||
Consumer Finance - 7.52% (continued) | ||||||||
Portfolio Recovery Associates, | ||||||||
Inc. (a) | 592 | $ | 75,137 | |||||
SLM Corp. | 9,199 | 188,396 | ||||||
1,115,210 | ||||||||
Diversifed Financial Services - 4.80% | ||||||||
Interactive Brokers Group, Inc. | 7,118 | 106,129 | ||||||
McGraw-Hill Cos, Inc. | 1,501 | 78,172 | ||||||
Moody's Corp. | 4,428 | 236,101 | ||||||
CBOE Holdings, Inc. | 3,934 | 145,322 | ||||||
CME Group, Inc. | 2,385 | 146,415 | ||||||
712,139 | ||||||||
Food & Staples Retailing - 6.29% | ||||||||
CVS Caremark Corp. | 8,092 | 444,979 | ||||||
Walgreen Co. | 10,247 | 488,577 | ||||||
933,556 | ||||||||
Health Care Providers & Services - 15.10% | ||||||||
Community Health Systems, Inc. | 4,187 | 198,422 | ||||||
DaVita HealthCare Partners, | ||||||||
Inc. (a) | 1,142 | 135,430 | ||||||
Express Scripts Holding Co. (a) | 4,733 | 272,857 | ||||||
HCA Holdings, Inc. | 4,149 | 168,574 | ||||||
Health Management Associates, | ||||||||
Inc. - Class A (a) | 15,391 | 198,082 | ||||||
HealthSouth Corp. (a) | 3,058 | 80,639 | ||||||
Humana, Inc. | 1,548 | 106,982 | ||||||
Magellan Health Services, | ||||||||
Inc. (a) | 1,903 | 90,526 | ||||||
Omnicare, Inc. | 4,923 | 200,465 | ||||||
Quest Diagnostics, Inc. | 2,195 | 123,908 | ||||||
UnitedHealth Group, Inc. | 3,540 | 202,523 | ||||||
Universal Health Services, | ||||||||
Inc. - Class B | 2,741 | 175,068 | ||||||
VCA Antech, Inc. (a) | 3,172 | 74,510 | ||||||
WellCare Health Plans, Inc. (a) | 1,510 | 87,520 | ||||||
WellPoint, Inc. | 1,878 | 124,380 | ||||||
2,239,886 |
58 | The Leuthold Funds - 2013 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Select Industries Fund
Schedule of Investments (continued)
March 31, 2013 (Unaudited)
Shares | Fair Value | |||||||
COMMON STOCKS - 97.69% (continued) | ||||||||
IT Services - 10.23% | ||||||||
Accenture PLC - Class A (b) | 1,028 | $ | 78,097 | |||||
Alliance Data Systems Corp. (a) | 457 | 73,984 | ||||||
Amdocs, Ltd. | 1,967 | 71,304 | ||||||
Cognizant Technology Solutions | ||||||||
Corp. - Class A (a) | 977 | 74,848 | ||||||
Convergys Corp. | 3,578 | 60,933 | ||||||
DST Systems, Inc. | 977 | 69,631 | ||||||
Fiserv, Inc. (a) | 1,193 | 104,781 | ||||||
Gartner, Inc. (a) | 1,269 | 69,046 | ||||||
Global Payments, Inc | 1,320 | 65,551 | ||||||
International Business | ||||||||
Machines Corp. | 964 | 205,621 | ||||||
Jack Henry & Associates, Inc. | 1,814 | 83,825 | ||||||
Mastercard, Inc. - Class A | 317 | 171,538 | ||||||
Sapient Corp. (a) | 6,382 | 77,797 | ||||||
Total System Services, Inc. | 2,360 | 58,481 | ||||||
Visa, Inc. - Class A | 1,129 | 191,749 | ||||||
Western Union Co. | 4,022 | 60,491 | ||||||
1,517,677 | ||||||||
Machinery - 3.23% | ||||||||
Caterpillar, Inc. | 1,586 | 137,934 | ||||||
Cummins, Inc. | 1,738 | 201,278 | ||||||
Deere & Co. | 1,624 | 139,632 | ||||||
478,844 | ||||||||
Media - 5.30% | ||||||||
Interpublic Group of Cos, Inc. | 23,195 | 302,231 | ||||||
Omnicom Group, Inc. | 5,761 | 339,323 | ||||||
WPP PLC - ADR | 1,802 | 144,376 | ||||||
785,930 | ||||||||
Oil, Gas & Consumable Fuels - 6.74% | Shares | Fair Value |
CVR Energy, Inc. | 1,840 | $ | 94,981 | |||||
Delek US Holdings, Inc. | 2,969 | 117,157 | ||||||
HollyFrontier Corp. | 2,779 | 142,979 | ||||||
Marathon Petroleum Corp. | 1,941 | 173,914 | ||||||
Phillips 66 | 2,233 | 156,243 | ||||||
Tesoro Corp. | 2,347 | 137,417 | ||||||
Valero Energy Corp. | 2,512 | 114,271 | ||||||
Western Refining, Inc. | 1,776 | 62,888 | ||||||
999,850 | ||||||||
Pharmaceuticals - 3.27% | ||||||||
Allergan, Inc. | 1,104 | 123,240 | ||||||
Mylan, Inc. (a) | 5,329 | 154,221 | ||||||
Pfizer, Inc. | 7,195 | 207,648 | ||||||
485,109 | ||||||||
Road & Rail - 8.45% | ||||||||
Canadian National Railway | ||||||||
Co. (b) | 1,586 | 159,076 | ||||||
Canadian Pacific Railway, | ||||||||
Ltd. (b) | 1,624 | 211,883 | ||||||
CSX Corp. | 6,547 | 161,253 | ||||||
Genesee & Wyoming, Inc.- | ||||||||
ClassA (a) | 964 | 89,758 | ||||||
Kansas City Southern | 1,231 | 136,518 | ||||||
Norfolk Southern Corp. | 2,918 | 224,919 | ||||||
Union Pacific Corp. | 1,903 | 271,006 | ||||||
1,254,413 | ||||||||
Specialty Retail - 1.83% | ||||||||
Pier 1 Imports, Inc. | 5,279 | 121,417 | ||||||
Williams-Sonoma, Inc. | 2,918 | 150,335 | ||||||
271,752 |
See Notes to the Financial Statements. | The Leuthold Funds - 2013 Semi-Annual Report | 59 |
Leuthold Select Industries Fund
Schedule of Investments (continued)
March 31, 2013 (Unaudited)
Shares | Fair Value | |||||||
COMMON STOCKS - 97.69% (continued) | ||||||||
Wireless Telecommunication Services - 4.00% | ||||||||
America Movil SAB de | ||||||||
CV - ADR | 6,408 | $ | 134,312 | |||||
Crown Castle International | ||||||||
Corp. (a) | 1,954 | 136,076 | ||||||
Rogers Communications, Inc. (b) | 2,944 | 150,321 | ||||||
SK Telecom Co., Ltd. - ADR | 9,707 | 173,464 | ||||||
594,173 | ||||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $12,247,466) | $ | 14,492,443 | ||||||
PREFERRED STOCKS - 0.69% | ||||||||
Commercial Banks - 0.69% | ||||||||
Bancolombia SA - ADR | 1,611 | $ | 101,896 | |||||
TOTAL PREFERRED STOCKS | ||||||||
(Cost $109,697) | $ | 101,896 | ||||||
SHORT-TERM INVESTMENTS - 1.92% | ||||||||
Money Market Funds - 1.92% | ||||||||
Fidelity Institutional Money Market | ||||||||
Funds - Government Portfolio | ||||||||
0.01% (c) | 285,707 | $ | 285,707 | |||||
TOTAL SHORT-TERM INVESTMENTS | ||||||||
(Cost $285,707) | $ | 285,707 | ||||||
Shares | Fair Value | |||||||
Total Investments | ||||||||
(Cost $12,642,870) - 100.30% | $ | 14,880,046 | ||||||
Liabilities in Excess of | ||||||||
Other Assets - (0.30)% | (44,870 | ) | ||||||
TOTAL NET ASSETS - 100.00% | $ | 14,835,176 |
Percentages are stated as a percent of net assets.
ADR American Depository Receipt
(a) Non-income producing security.
(b) Foreign issued security.
(c) The rate quoted is the annualized seven-day yield as of March 31, 2013.
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 and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.
60 | The Leuthold Funds - 2013 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Global Industries Fund
Schedule of Investments
March 31, 2013 (Unaudited)
Shares | Fair Value | |||||||
COMMON STOCKS - 97.34% | ||||||||
Airlines - 7.51% | ||||||||
Alaska Air Group, Inc. (a) | 954 | $ | 61,018 | |||||
China Eastern Airlines Corp., | ||||||||
Ltd. (a)(b) | 50,000 | 21,827 | ||||||
China Southern Airlines Co., | ||||||||
Ltd. (a)(b) | 36,000 | 20,606 | ||||||
Copa Holdings SA - Class A (b) | 446 | 53,346 | ||||||
Delta Air Lines, Inc. (a) | 3,549 | 58,594 | ||||||
easyJet PLC (b) | 4,026 | 66,243 | ||||||
JetBlue Airways Corp. (a) | 12,795 | 88,285 | ||||||
Ryanair Holdings PLC - ADR | 1,172 | 48,966 | ||||||
Southwest Airlines Co. | 3,846 | 51,844 | ||||||
U.S. Airways Group, Inc. (a) | 5,645 | 95,796 | ||||||
United Continental Holdings, | ||||||||
Inc. (a) | 1,609 | 51,504 | ||||||
Westjet Airlines, Ltd. (b) | 1,090 | 26,524 | ||||||
644,553 | ||||||||
Auto Components - 7.71% | ||||||||
Brembo SpA (b) | 1,725 | 27,743 | ||||||
Cie Generale des Etablissements | ||||||||
Michelin (b) | 943 | 79,005 | ||||||
Continental AG (a)(b) | 714 | 85,581 | ||||||
Cooper Tire & Rubber Co. | 1,749 | 44,879 | ||||||
Dana Holding Corp. | 2,528 | 45,074 | ||||||
GKN PLC (b) | 10,390 | 41,870 | ||||||
Leoni AG (b) | 944 | 36,688 | ||||||
Magna International, Inc. (b) | 1,200 | 70,440 | ||||||
Plastic Omnium SA (b) | 669 | 30,999 | ||||||
Showa Corp. (b) | 4,100 | 44,065 | ||||||
Sumitomo Rubber Industries, | ||||||||
Ltd. (b) | 2,900 | 48,686 | ||||||
Tianneng Power International, | ||||||||
Ltd. (b) | 30,000 | 20,112 | ||||||
TRW Automotive Holdings | ||||||||
Corp. (a) | 1,578 | 86,790 | ||||||
661,932 | ||||||||
Shares | Fair Value | |||||||
Automobiles - 5.51% | ||||||||
Daihatsu Motor Co. Ltd. (b) | 1,000 | $ | 20,809 | |||||
Dongfeng Motor Group Co., | ||||||||
Ltd. (b) | 16,000 | 22,554 | ||||||
Ford Motor Co. | 3,447 | 45,328 | ||||||
Geely Automobile Holdings, | ||||||||
Ltd. (b) | 45,000 | 21,949 | ||||||
General Motors Co. (a) | 1,657 | 46,098 | ||||||
Hyundai Motor Co. (b) | 273 | 55,186 | ||||||
Kia Motors Corp. (a)(b) | 1,090 | 55,304 | ||||||
Nissan Motor Co., Ltd. (b) | 5,100 | 49,472 | ||||||
Porsche Automobil Holding | ||||||||
SE (b) | 821 | 60,152 | ||||||
Tata Motors, Ltd. - ADR | 1,452 | 35,443 | ||||||
Thor Industries, Inc. | 549 | 20,198 | ||||||
Volkswagen AG (b) | 215 | 40,550 | ||||||
473,043 | ||||||||
Beverages - 0.03% | ||||||||
Crimson Wine Group, Ltd. (a) | 253 | 2,357 | ||||||
Capital Markets - 0.86% | ||||||||
KKR & Co. LP | 3,841 | 74,208 | ||||||
Chemicals - 7.51% | ||||||||
Agrium, Inc. (b) | 802 | 78,195 | ||||||
Alent PLC (b) | 3,989 | 22,887 | ||||||
CF Industries Holdings, Inc. | 543 | 103,371 | ||||||
Chr. Hansen Holding A/S (b) | 2,077 | 77,140 | ||||||
CVR Partners LP | 1,259 | 31,488 | ||||||
Dongyue Group (b) | 62,000 | 36,085 | ||||||
Gubre Fabrikalari TAS (a)(b) | 3,253 | 29,676 | ||||||
Innophos Holdings, Inc. | 649 | 35,409 | ||||||
Israel Chemicals, Ltd. (b) | 3,077 | 39,872 | ||||||
Mosaic Co. | 1,419 | 84,587 | ||||||
Rockwood Holdings, Inc. | 1,201 | 78,593 | ||||||
Yara International ASA (b) | 600 | 27,389 | ||||||
644,692 |
See Notes to the Financial Statements. | The Leuthold Funds - 2013 Semi-Annual Report | 61 |
Leuthold Global Industries Fund
Schedule of Investments (continued)
March 31, 2013 (Unaudited)
Shares | Fair Value | |||||||
COMMON STOCKS - 97.34% (continued) | ||||||||
Commercial Banks - 6.06% | ||||||||
Bank Negara Indonesia Persero | ||||||||
Tbk PT (b) | 133,500 | $ | 69,547 | |||||
BB&T Corp. | 1,258 | 39,489 | ||||||
Fifth Third Bancorp | 4,921 | 80,262 | ||||||
Huntington Bancshares, Inc. | 11,489 | 84,904 | ||||||
KeyCorp | 4,372 | 43,545 | ||||||
PNC Financial Services | ||||||||
Group, Inc. | 627 | 41,694 | ||||||
SunTrust Banks, Inc. | 2,183 | 62,892 | ||||||
Synovus Financial Corp. | 14,390 | 39,860 | ||||||
Webster Financial Corp. | 2,376 | 57,642 | ||||||
519,835 | ||||||||
Construction Materials - 1.58% | ||||||||
China Shanshui Cement Group, | ||||||||
Ltd. (b) | 56,000 | 32,315 | ||||||
Imerys SA (b) | 624 | 40,660 | ||||||
James Hardie Industries PLC (b) | 5,936 | 62,270 | ||||||
135,245 | ||||||||
Consumer Finance - 0.56% | ||||||||
Provident Financial PLC (b) | 2,011 | 47,894 | ||||||
Containers & Packaging - 1.05% | ||||||||
Graphic Packaging Holding | ||||||||
Co. (a) | 5,187 | 38,850 | ||||||
Smurfit Kappa Group PLC (b) | 3,111 | 51,579 | ||||||
90,429 | ||||||||
Diversified Financial Services - 2.26% | ||||||||
Groupe Bruxelles Lambert SA (b) | 716 | 54,844 | ||||||
Investor AB (b) | 2,421 | 70,031 | ||||||
Leucadia National Corp. | 2,534 | 69,508 | ||||||
194,383 | ||||||||
Shares | Fair Value | |||||||
Diversified Telecommunication Services - 3.84% | ||||||||
Asia Pacific Telecom Co., | ||||||||
Ltd. (a)(b) | 67,000 | $ | 31,839 | |||||
Jasmine International PCL (b) | 626,000 | 140,504 | ||||||
Telekom Malaysia Bhd (b) | 20,600 | 35,858 | ||||||
Telekomunikasi Indonesia | ||||||||
Persero Tbk PT - ADR | 903 | 40,707 | ||||||
Time dotCom Bhd (b) | 18,200 | 23,126 | ||||||
Verizon Communications, Inc. | 1,172 | 57,604 | ||||||
329,638 | ||||||||
Food & Staples Retailing - 7.00% | ||||||||
Aeon Co., Ltd. (b) | 6,700 | 86,749 | ||||||
Arcs Co., Ltd. (b) | 1,800 | 40,379 | ||||||
Casey's General Stores, Inc. | 1,438 | 83,835 | ||||||
Delhaize Group SA (b) | 1,901 | 103,775 | ||||||
Matsumotokiyoshi Holdings | ||||||||
Co., Ltd. (b) | 1,500 | 42,998 | ||||||
Migros Ticaret AS (a)(b) | 3,189 | 39,228 | ||||||
Safeway, Inc. | 4,090 | 107,772 | ||||||
Wal-Mart Stores, Inc. | 1,288 | 96,381 | ||||||
601,117 | ||||||||
Gas Utilities - 0.71% | ||||||||
Osaka Gas Co., Ltd. (b) | 14,000 | 61,223 | ||||||
Health Care Providers & Services - 6.06% | ||||||||
Bangkok Dusit Medical | ||||||||
Services PCL (b) | 12,300 | 68,857 | ||||||
Community Health Systems, Inc. | 1,523 | 72,175 | ||||||
HCA Holdings, Inc. | 1,734 | 70,453 | ||||||
KPJ Healthcare Bhd (b) | 19,000 | 36,394 | ||||||
Life Healthcare Group | ||||||||
Holdings, Ltd. (b) | 9,324 | 35,084 | ||||||
LifePoint Hospitals, Inc. (a) | 1,756 | 85,096 | ||||||
Ramsay Health Care, Ltd. (b) | 1,510 | 50,824 | ||||||
Select Medical Holdings Corp. | 3,506 | 31,554 | ||||||
Universal Health Services, Inc. - | ||||||||
Class B | 1,090 | 69,618 | ||||||
520,055 | ||||||||
62 | The Leuthold Funds - 2013 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Global Industries Fund
Schedule of Investments (continued)
March 31, 2013 (Unaudited)
Shares | Fair Value | |||||||
COMMON STOCKS - 97.34% (continued) | ||||||||
Household Durables - 0.77% | ||||||||
Helen of Troy Corp., | ||||||||
Ltd. (a)(b) | 1,084 | $ | 41,582 | |||||
TCL Multimedia Technology | ||||||||
Holdings, Ltd. (b) | 32,000 | 24,877 | ||||||
66,459 | ||||||||
Industrial Conglomerates - 1.05% | ||||||||
Alfa S.A.B. de CV - Class A (b) | 19,500 | 47,584 | ||||||
Turkiye Sise ve Cam Fabrikalari | ||||||||
AS (b) | 25,305 | 42,972 | ||||||
90,556 | ||||||||
Insurance - 14.59% | ||||||||
Allianz SE (b) | 595 | 81,112 | ||||||
Allstate Corp. | 1,316 | 64,576 | ||||||
American International | ||||||||
Group, Inc. (a) | 2,122 | 82,376 | ||||||
Assurant, Inc. | 963 | 43,345 | ||||||
Catlin Group, Ltd. (b) | 4,751 | 37,706 | ||||||
Endurance Specialty | ||||||||
Holdings, Ltd. (b) | 949 | 45,372 | ||||||
Everest Re Group, Ltd. (b) | 658 | 85,448 | ||||||
Genworth Financial, Inc. - | ||||||||
Class A (a) | 6,494 | 64,940 | ||||||
Gjensidige Forsikring ASA (b) | 2,607 | 43,139 | ||||||
Hannover Rueckversicherung | ||||||||
SE (b) | 1,178 | 92,745 | ||||||
Liberty Holdings, Ltd. (b) | 3,110 | 40,604 | ||||||
Montpelier Re Holdings, Ltd. (b) | 1,565 | 40,768 | ||||||
Muenchener Rueckversicherungs | ||||||||
AG (b) | 497 | 93,152 | ||||||
PartnerRe, Ltd. (b) | 915 | 85,196 | ||||||
Platinum Underwriters | ||||||||
Holdings, Ltd. (b) | 735 | 41,020 | ||||||
Powszechny Zaklad Ubezpieczen | ||||||||
SA (b) | 324 | 40,209 | ||||||
Shares | Fair Value | |||||||
Insurance - 14.59% (continued) | ||||||||
SCOR SE (b) | 2,810 | $ | 80,835 | |||||
Swiss Re AG (b) | 1,124 | 91,541 | ||||||
Validus Holdings, Ltd. (b) | 2,078 | 77,655 | ||||||
Vienna Insurance Group AG | ||||||||
Wiener Versicherung Gruppe (b) | 424 | 20,579 | ||||||
1,252,318 | ||||||||
Media - 3.84% | ||||||||
CBS Corp. - Class B | 1,062 | 49,585 | ||||||
ITV PLC (b) | 26,047 | 51,358 | ||||||
Liberty Media Corp. (a) | 320 | 35,721 | ||||||
Metropole Television SA (b) | 2,658 | 41,348 | ||||||
ProSiebenSat.1 Media AG (b) | 1,361 | 48,716 | ||||||
Quebecor Inc. - Class B (b) | 1,030 | 43,650 | ||||||
Starz - Liberty Capital (a) | 320 | 7,088 | ||||||
TV Asahi Corp. (b) | 2,700 | 51,776 | ||||||
329,242 | ||||||||
Oil, Gas & Consumable Fuels - 7.83% | ||||||||
Bangchak Petroleum PCL (b) | 24,900 | 30,696 | ||||||
Chevron Corp. | 497 | 59,054 | ||||||
Delek US Holdings, Inc. | 922 | 36,382 | ||||||
HollyFrontier Corp. | 1,618 | 83,246 | ||||||
Marathon Petroleum Corp. | 1,149 | 102,950 | ||||||
Parkland Fuel Corp. (b) | 1,279 | 21,530 | ||||||
Phillips 66 | 1,361 | 95,229 | ||||||
SK Innovation Co., Ltd. (b) | 310 | 45,646 | ||||||
Tesoro Corp. | 1,668 | 97,661 | ||||||
Valero Energy Corp. | 1,497 | 68,099 | ||||||
Western Refining, Inc. | 885 | 31,338 | ||||||
671,831 | ||||||||
Paper & Forest Products - 0.03% | ||||||||
China Forestry Holdings Co., | ||||||||
Ltd. (a)(b)(d)(e) | 116,000 | 2,242 |
See Notes to the Financial Statements. | The Leuthold Funds - 2013 Semi-Annual Report | 63 |
Leuthold Global Industries Fund
Schedule of Investments (continued)
March 31, 2013 (Unaudited)
Shares | Fair Value | |||||||
COMMON STOCKS - 97.34% (continued) | ||||||||
Real Estate Management & Development - 3.84% | ||||||||
Beijing Capital Land, Ltd. (b) | 44,000 | $ | 16,243 | |||||
Brasil Brokers Participacoes | ||||||||
SA (b) | 7,100 | 25,438 | ||||||
Daikyo, Inc. (b) | 15,000 | 52,808 | ||||||
Greentown China Holding, | ||||||||
Ltd. (a)(b) | 24,000 | 45,312 | ||||||
K Wah International Holdings, | ||||||||
Ltd. (b) | 75,000 | 42,245 | ||||||
Keppel Land Ltd (b) | 6,000 | 19,137 | ||||||
KLCC Property Holdings | ||||||||
Bhd (b) | 10,700 | 23,045 | ||||||
KWG Property Holding, | ||||||||
Ltd. (b) | 42,500 | 26,703 | ||||||
Nomura Real Estate | ||||||||
Holdings, Inc. (b) | 1,100 | 24,688 | ||||||
Wheelock & Co., Ltd. (b) | 3,000 | 16,018 | ||||||
Yanlord Land Group, Ltd. (b) | 31,000 | 37,664 | ||||||
329,301 | ||||||||
Road & Rail - 6.15% | ||||||||
AMERCO | 265 | 45,988 | ||||||
Canadian National Railway | ||||||||
Co. (b) | 815 | 81,744 | ||||||
CSX Corp. | 3,617 | 89,087 | ||||||
DSV A/S (b) | 1,596 | 38,623 | ||||||
Norfolk Southern Corp. | 892 | 68,755 | ||||||
Ryder System, Inc. | 617 | 36,866 | ||||||
Stagecoach Group PLC (b) | 9,066 | 42,865 | ||||||
TransForce, Inc. (b) | 848 | 18,281 | ||||||
Union Pacific Corp. | 446 | 63,515 | ||||||
Werner Enterprises, Inc. | 1,756 | 42,390 | ||||||
528,114 | ||||||||
Shares | Fair Value | |||||||
Wireless Telecommunication Services - 0.99% | ||||||||
Freenet AG (b) | 1,999 | $ | 48,624 | |||||
MetroPCS Communications, | ||||||||
Inc. (a) | 3,355 | 36,568 | ||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $6,908,608) | $ | 8,355,859 | ||||||
PREFERRED STOCKS - 1.31% | ||||||||
Containers & Packaging - 0.55% | ||||||||
Klabin SA (b) | 6,900 | $ | 47,189 | |||||
Diversified Telecommunication Services - 0.76% | ||||||||
Telefonica Brasil SA - ADR | 2,435 | 64,966 | ||||||
TOTAL PREFERRED STOCKS | ||||||||
(Cost $91,980) | $ | 112,155 | ||||||
INVESTMENT COMPANIES - 0.42% | ||||||||
Closed End Funds - 0.42% | ||||||||
Apollo Investment Corp. | 4,310 | $ | 36,032 | |||||
TOTAL INVESTMENT COMPANIES | ||||||||
(Cost $34,980) | $ | 36,032 | ||||||
SHORT-TERM INVESTMENTS - 0.09% | ||||||||
Money Market Funds - 0.09% | ||||||||
Fidelity Institutional Money Market | ||||||||
Funds - Government Portfolio | ||||||||
0.01% (c) | 7,378 | $ | 7,378 | |||||
TOTAL SHORT-TERM INVESTMENTS | ||||||||
(Cost $7,378) | $ | 7,378 |
64 | The Leuthold Funds - 2013 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Global Industries Fund
Schedule of Investments (continued)
March 31, 2013 (Unaudited)
Shares | Fair Value | |||||
Total Investments | ||||||
(Cost $7,042,946) - 99.16% | $ | 8,511,424 | ||||
Other Assets in Excess of | ||||||
Liabilities - 0.84% | 72,464 | |||||
TOTAL NET ASSETS - 100.00% | $ | 8,583,888 |
Percentages are stated as a percent of net assets.
ADR American Depository Receipt (
(a) Non-income producing security.
(b) Foreign issued security.
(c) The rate quoted is the annualized seven-day yield as of March 31, 2013. (d) Illiquid Security. The fair value of these securities total $2,242 which represent 0.03% of total net assets.
(e) The security is currently being fair valued in accordance with procedures established by the Board of Directors of the Leuthold Funds due to a halt in trading of the security on January 26, 2011.
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 and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.
See Notes to the Financial Statements. | The Leuthold Funds - 2013 Semi-Annual Report | 65 |
Leuthold Global Industries Fund
Schedule of Investments (continued)
March 31, 2013 (Unaudited)
Percentage | ||||||||
Fair | of Total | |||||||
Value | Investments | |||||||
CURRENCY EXPOSURE | ||||||||
March 31, 2013 | ||||||||
Australian Dollar | $ | 113,094 | 1.33 | % | ||||
Brazilian Real | 72,627 | 0.85 | ||||||
British Pound | 310,822 | 3.65 | ||||||
Canadian Dollar | 109,984 | 1.29 | ||||||
Danish Kroner | 115,763 | 1.36 | ||||||
Euro | 1,118,687 | 13.14 | ||||||
Hong Kong Dollar | 349,088 | 4.10 | ||||||
Indonesian Rupiah | 69,547 | 0.82 | ||||||
Israel Shekel | 39,872 | 0.47 | ||||||
Japanese Yen | 523,653 | 6.15 | ||||||
Malaysian Ringgit | 118,423 | 1.39 | ||||||
Mexican Peso | 47,584 | 0.56 | ||||||
New Taiwan Dollar | 31,839 | 0.37 | ||||||
New Turkish Lira | 111,876 | 1.32 | ||||||
Norwegian Krone | 70,529 | 0.83 | ||||||
Polish Zloty | 40,209 | 0.47 | ||||||
Singapore Dollar | 56,801 | 0.67 | ||||||
South African Rand | 75,689 | 0.89 | ||||||
South Korea Won | 156,136 | 1.84 | ||||||
Swedish Krona | 70,031 | 0.82 | ||||||
Swiss Franc | 91,541 | 1.08 | ||||||
Thai Baht | 240,057 | 2.82 | ||||||
US Dollar | 4,577,572 | 53.78 | ||||||
Total Investments | $ | 8,511,424 | 100.00 | % | ||||
Percentage | ||||||||
Fair | of Total | |||||||
Value | Investments | |||||||
PORTFOLIO DIVERSIFICATION | ||||||||
March 31, 2013 | ||||||||
Australia | $ | 50,824 | 0.59 | % | ||||
Austria | 20,579 | 0.24 | ||||||
Belgium | 158,619 | 1.86 | ||||||
Bermuda | 454,747 | 5.33 | ||||||
Brazil | 137,593 | 1.62 | ||||||
Britain | 273,117 | 3.21 | ||||||
Canada | 340,364 | 4.00 | ||||||
China | 197,184 | 2.32 | ||||||
Denmark | 115,763 | 1.36 | ||||||
France | 272,847 | 3.21 | ||||||
Germany | 587,320 | 6.90 | ||||||
Hong Kong | 151,904 | 1.78 | ||||||
India | 35,443 | 0.42 | ||||||
Indonesia | 110,254 | 1.30 | ||||||
Ireland | 162,815 | 1.91 | ||||||
Israel | 39,872 | 0.47 | ||||||
Italy | 27,743 | 0.33 | ||||||
Japan | 523,653 | 6.15 | ||||||
Malaysia | 118,423 | 1.39 | ||||||
Mexico | 47,584 | 0.56 | ||||||
Norway | 70,529 | 0.83 | ||||||
Panama | 53,346 | 0.63 | ||||||
Poland | 40,209 | 0.47 | ||||||
Singapore | 56,801 | 0.67 | ||||||
South Africa | 75,689 | 0.89 | ||||||
South Korea | 156,136 | 1.84 | ||||||
Sweden | 70,031 | 0.82 | ||||||
Switzerland | 91,541 | 1.08 | ||||||
Taiwan | 31,839 | 0.37 | ||||||
Thailand | 240,057 | 2.82 | ||||||
Turkey | 111,876 | 1.31 | ||||||
United States | 3,686,722 | 43.32 | ||||||
Total Investments | $ | 8,511,424 | 100.00 | % |
66 | The Leuthold Funds - 2013 Semi-Annual Report | See Notes to the Financial Statements. |
Grizzly Short Fund
Schedule of Investments
March 31, 2013 (Unaudited)
Shares | Fair Value | ||||||||
SHORT-TERM INVESTMENTS - 7.55% | |||||||||
Money Market Funds - 7.55% | |||||||||
Fidelity Institutional Money Market Funds - | |||||||||
Government Portfolio | |||||||||
0.01% (a) | 5,387,203 | $ | 5,387,203 | ||||||
TOTAL SHORT-TERM INVESTMENTS | |||||||||
(Cost $5,387,203) | $ | 5,387,203 | |||||||
Total Investments | |||||||||
(Cost $5,387,203) - 7.55% | $ | 5,387,203 | |||||||
Other Assets in Excess of | |||||||||
Liabilities - 92.45% (b) | 65,932,217 | ||||||||
TOTAL NET ASSETS - 100.00% | $ | 71,319,420 |
Percentages are stated as a percent of net assets.
(a) The rate quoted is the annualized seven-day yield as of March 31, 2013.
(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 and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.
See Notes to the Financial Statements. | The Leuthold Funds - 2013 Semi-Annual Report | 67 |
Grizzly Short Fund
Schedule of Securities Sold Short - (a)
March 31, 2013 (Unaudited)
Shares | Fair Value | |||||||
COMMON STOCKS - 84.97% | ||||||||
Air Freight & Logistics - 1.79% | ||||||||
Expeditors International of | ||||||||
Washington, Inc. | 26,683 | $ | 952,850 | |||||
UTI Worldwide, Inc. | 22,191 | 321,326 | ||||||
1,274,176 | ||||||||
Biotechnology - 1.21% | ||||||||
Elan Corp. PLC - ADR | 73,242 | 864,256 | ||||||
Capital Markets - 2.53% | ||||||||
Lazard, Ltd. - Class A (b) | 21,918 | 748,062 | ||||||
TD Ameritrade Holding Corp. | 51,344 | 1,058,713 | ||||||
1,806,775 | ||||||||
Commercial Banks - 1.49% | ||||||||
First Horizon National Corp. | 99,194 | 1,059,392 | ||||||
Commercial Services & Supplies - 2.58% | ||||||||
Tyco International, Ltd. (b) | 35,430 | 1,133,760 | ||||||
Waste Connections, Inc. | 19,714 | 709,310 | ||||||
1,843,070 | ||||||||
Communications Equipment - 2.73% | ||||||||
Juniper Networks, Inc. | 52,481 | 972,998 | ||||||
Riverbed Technology, Inc. | 65,448 | 975,829 | ||||||
1,948,827 | ||||||||
Computers & Peripherals - 0.89% | ||||||||
Fusion-io, Inc. | 38,629 | 632,357 | ||||||
Diversified Consumer Services - 1.40% | ||||||||
Sotheby's | 26,683 | 998,211 | ||||||
Diversified Telecommunication Services - 1.28% | ||||||||
Level 3 Communications, Inc. | 45,164 | 916,377 | ||||||
Electric Utilities - 1.53% | ||||||||
ITC Holdings Corp. | 12,218 | 1,090,579 | ||||||
Shares | Fair Value | |||||||
Electrical Equipment - 0.79% | ||||||||
GrafTech International, Ltd. | 73,583 | $ | 565,117 | |||||
Electronic Equipment, Instruments & | ||||||||
Components - 1.14% | ||||||||
Universal Display Corp. | 27,738 | 815,220 | ||||||
Energy Equipment & Services - 2.59% | ||||||||
Lufkin Industries, Inc. | 13,171 | 874,423 | ||||||
Weatherford International, | ||||||||
Ltd. (b) | 79,981 | 970,969 | ||||||
1,845,392 | ||||||||
Gas Utilities - 1.29% | ||||||||
New Jersey Resource Corp. | 9,155 | 410,602 | ||||||
Piedmont Natural Gas Co., Inc. | 15,418 | 506,944 | ||||||
917,546 | ||||||||
Health Care Equipment & Supplies - 1.63% | ||||||||
Align Technology, Inc. | 34,647 | 1,161,021 | ||||||
Health Care Technology - 4.10% | ||||||||
Allscripts Healthcare Solutions, | ||||||||
Inc. | 81,547 | 1,108,224 | ||||||
Athenahealth, Inc. | 10,653 | 1,033,767 | ||||||
HMS Holdings Corp. | 28,929 | 785,422 | ||||||
2,927,413 | ||||||||
Hotels, Restaurants & Leisure - 3.20% | ||||||||
BJ's Restaurants, Inc. | 10,346 | 344,315 | ||||||
Chipotle Mexican Grill, Inc. | 3,812 | 1,242,216 | ||||||
Hyatt Hotels Corp. - Class A | 16,098 | 695,917 | ||||||
2,282,448 | ||||||||
Internet & Catalog Retail - 2.70% | ||||||||
HomeAway, Inc. | 23,656 | 768,820 | ||||||
Shutterfly, Inc. | 26,207 | 1,157,563 | ||||||
1,926,383 |
68 | The Leuthold Funds - 2013 Semi-Annual Report | See Notes to the Financial Statements. |
Grizzly Short Fund
Schedule of Securities Sold Short - (a) (continued)
March 31, 2013 (Unaudited)
Shares | Fair Value | |||||||
COMMON STOCKS - 84.97% (continued) | ||||||||
Internet Software & Services - 2.13% | ||||||||
ExactTarget, Inc. | 18,038 | $ | 419,744 | |||||
Facebook, Inc. - Class A | 42,905 | 1,097,510 | ||||||
1,517,254 | ||||||||
Machinery - 4.48% | ||||||||
Chart Industries, Inc. | 12,559 | 1,004,845 | ||||||
Colfax Corp. | 24,981 | 1,162,616 | ||||||
SPX Corp. | 13,060 | 1,031,218 | ||||||
3,198,679 | ||||||||
Media - 0.58% | ||||||||
Live Nation Entertainment, Inc. | 33,456 | 413,851 | ||||||
Metals & Mining - 5.98% | ||||||||
Carpenter Technology Corp. | 15,145 | 746,497 | ||||||
Compass Minerals International, | ||||||||
Inc. | 9,632 | 759,965 | ||||||
PAN American Silver Corp. (b) | 46,185 | 756,510 | ||||||
Turquoise Hill Resources, | ||||||||
Ltd. (b) | 49,861 | 317,116 | ||||||
United States Steel Corp. | 43,632 | 850,824 | ||||||
Walter Energy, Inc. | 29,202 | 832,257 | ||||||
4,263,169 | ||||||||
Multiline Retail - 2.66% | ||||||||
JC Penney Co., Inc. | 57,552 | 869,611 | ||||||
Sears Holdings Corp. | 20,523 | 1,025,534 | ||||||
1,895,145 | ||||||||
Oil, Gas & Consumable Fuels - 14.49% | ||||||||
Cameco Corp. (b) | 50,405 | 1,047,416 | ||||||
CONSOL Energy, Inc. | 35,838 | 1,205,949 | ||||||
Crosstex Energy LP | 42,611 | 784,042 | ||||||
EXCO Resources, Inc. | 154,176 | 1,099,275 | ||||||
Forest Oil Corp. | 83,248 | 437,884 | ||||||
Laredo Petroleum Holdings, | ||||||||
Inc. | 18,277 | 334,286 | ||||||
Shares | Fair Value | |||||||
Oil, Gas & Consumable Fuels - 14.49% | ||||||||
(continued) | ||||||||
MarkWest Energy Partners LP | 18,855 | $ | 1,145,441 | |||||
Pengrowth Energy Corp. (b) | 60,547 | 308,790 | ||||||
Range Resources Corp. | 13,580 | 1,100,523 | ||||||
SM Energy Co. | 20,489 | 1,213,359 | ||||||
Ultra Petroleum Corp. | 31,482 | 632,788 | ||||||
WPX Energy, Inc. | 63,883 | 1,023,406 | ||||||
10,333,159 | ||||||||
Professional Services - 0.49% | ||||||||
Advisory Board Co. | 6,603 | 346,790 | ||||||
Real Estate Investment Trusts (REITs) - 1.55% | ||||||||
ProLogis, Inc. | 27,623 | 1,104,367 | ||||||
Semiconductors & Semiconductor | ||||||||
Equipment - 7.80% | ||||||||
Altera Corp. | 25,117 | 890,900 | ||||||
Atmel Corp. | 146,621 | 1,020,482 | ||||||
Cavium, Inc. | 28,010 | 1,087,068 | ||||||
Cypress Semiconductor Corp. | 101,933 | 1,124,321 | ||||||
Freescale Semiconductor, Ltd. | 39,718 | 591,401 | ||||||
Micron Technology, Inc. | 85,327 | 851,564 | ||||||
5,565,736 | ||||||||
Software - 6.59% | ||||||||
Electronic Arts, Inc. | 60,581 | 1,072,284 | ||||||
Informatica Corp. | 34,001 | 1,172,014 | ||||||
Jive Software, Inc. | 44,509 | 676,537 | ||||||
MicroStrategy, Inc. | 8,100 | 818,748 | ||||||
Take-Two Interactive Software, | ||||||||
Inc. | 59,458 | 960,247 | ||||||
4,699,830 | ||||||||
Specialty Retail - 1.10% | ||||||||
Five Below, Inc. | 20,659 | 782,769 | ||||||
Tobacco - 0.51% | ||||||||
Vector Group, Ltd. | 22,565 | 363,748 |
See Notes to the Financial Statements. | The Leuthold Funds - 2013 Semi-Annual Report | 69 |
Grizzly Short Fund
Schedule of Securities Sold Short - (a) (continued)
March 31, 2013 (Unaudited)
Shares | Fair Value | |||||||
COMMON STOCKS - 84.97% (continued) | ||||||||
Trading Companies & Distributors - 1.74% | ||||||||
Fastenal Co. | 24,130 | $ | 1,239,075 | |||||
TOTAL COMMON STOCKS | ||||||||
(Proceeds $60,034,678) | $ | 60,598,132 | ||||||
INVESTMENT COMPANIES - 10.02% | ||||||||
Exchange Traded Funds - 10.02% | ||||||||
SPDR Dow Jones Industrial Average | ||||||||
ETF Trust | 49,160 | $ | 7,148,847 | |||||
TOTAL INVESTMENT COMPANIES | ||||||||
(Proceeds $6,642,246) | $ | 7,148,847 | ||||||
TOTAL SECURITIES SOLD SHORT | ||||||||
(Proceeds $66,676,924) - 94.99% | $ | 67,746,979 |
Percentages are stated as a percent of net assets.
ADR American Depository Receipt
(a) All securities sold short are non-income producing.
(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 and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.
70 | The Leuthold Funds - 2013 Semi-Annual Report | See Notes to the Financial Statements. |
The Leuthold Funds
Notes to the Financial Statements (Unaudited)
1. | ORGANIZATIONAND SIGNIFICANT ACCOUNTING POLICIES |
Leuthold Funds, Inc. (the“Company”) was incorporated on August 30, 1995, as a Maryland Corporation and is registered with the Securities and Exchange Commission as an open-end management investment company under the Investment Company Act of 1940, as amended. The Company consists of six series (the“Funds”):
Inception – | Inception – | ||
Retail | Institutional | ||
Fund | Investment Objective | Share Class | Share Class |
Leuthold Core Investment Fund | Seeks total return consistent with prudent | ||
investment risk over the long-term | 11/20/1995 | 1/31/2006 | |
Leuthold Asset Allocation Fund | Seeks total return consistent with prudent | ||
investment risk over the long-term | 5/24/2006 | 1/31/2007 | |
Leuthold Global Fund | Seeks long-term capital appreciation and | ||
dividend income | 7/1/2008 | 4/30/2008 | |
Leuthold Select Industries Fund | Capital appreciation | 6/19/2000 | n/a |
Leuthold Global Industries Fund | Seeks long-term capital appreciation and | ||
dividend income | 5/17/2010 | 5/17/2010 | |
Grizzly Short Fund | Capital appreciation | 6/19/2000 | n/a |
All classes of shares in a Fund have identical voting, dividend, liquidation, and other rights, and the same terms and conditions, except that certain fees and expenses, including distribution and shareholder servicing fees, may differ among classes. Each class has exclusive voting rights on any matters relating to that class’s servicing or distribution arrangements.
The following is a summary of significant accounting policies consistently followed by the Funds.
a) | Investment Valuation – Securities listed on a national securities exchange are valued at the last sale price on the day the valuation is made, and securities that are traded on the NASDAQ Global Market, NASDAQ Global Select Market or the NASDAQ Capital Market are valued at the NASDAQ Official Closing Price. Price information on listed stocks is taken from the exchange where the security is primarily traded. Securities, including securities sold short, which are listed on an exchange but which are not traded on the valuation date are valued at the mean between the bid and the asked prices. Unlisted securities for which market quotations are readily available are valued at the latest quoted bid price or, if unavailable, at prices provided by an independent pricing service. Securities sold short which are not listed on an exchange but for which market quotations are readily available are valued at the average of the current bid and asked prices. Debt securities are valued at bid prices provided by an independent pricing service that may use a matrix pricing method or other analytical pricing model. Other assets, including certain investments in open-end investment companies, and securities for which no quotations are readily available are valued at fair value as determined in good faith by the Board of Directors and the Funds’ Fair Value Pricing Committee. Short-term instruments (those with remaining maturities of 60 days or less) are valued at amortized cost, which approximates market value. Exchange traded options are valued at the last reported sale |
The Leuthold Funds - 2013 Semi-Annual Report | 71 |
The Leuthold Funds
price on an exchange on which the option is traded. If no sales are reported on a particular day, the mean between the highest bid and lowest asked quotations at the close of the exchanges is used. Non-exchange traded options also will be valued at the mean between the last bid and asked quotations. For options where market quotations are not readily available, fair value shall be determined.
The Funds may invest in foreign securities. Trading in foreign securities may be completed at times that vary from the closing of the New York Stock Exchange. The Board has approved the use of their independent pricing provider’s proprietary fair value pricing model to assist in determining current valuation for foreign securities traded in markets that close prior to the New York Stock Exchange. Foreign securities quoted in foreign currencies are translated into U.S. dollars at current rates. Occasionally, events that affect these values and exchange rates may occur between the times at which they are determined and the closing of the New York Stock Exchange. If these events materially affect the value of portfolio securities, then these securities may be valued as determined in good faith by the Funds’ Board of Directors. Some of the factors which may be considered by the Board of Directors and the Funds’ Fair Value Pricing Committee in determining fair value are fundamental analytical data relating to the investment, the nature and duration of any restrictions on disposition, trading in similar securities of the same issuer or comparable companies, information from broker dealers, and an evaluation of the forces that influence the market in which the securities are purchased and sold. The use of fair value pricing by a Fund may cause the net asset value of its shares to differ significantly from the net asset value that would be calculated without regard to such considerations.
Physical metals are valued at prices provided by an independent pricing service. The Leuthold Core Investment Fund, the Leuthold Asset Allocation Fund, the Leuthold Global Fund, and the Leuthold Global Industries Fund may invest in metals such as aluminum, copper, zinc, lead, nickel, tin, silver, palladium, and other industrial and precious metals. Metals not traded on an exchange are valued at the mid-point between the closing bid and asked prices as obtained from a commonly used reputable pricing source.
b) | Fair Valuation Measurements – 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 Funds’ own assumptions in determining the fair value of investments).
72 | The Leuthold Funds - 2013 Semi-Annual Report |
The Leuthold Funds
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 Funds’ net assets as of March 31, 2013:
Leuthold Core Investment Fund |
Investments at Fair Value | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Common Stocks | $ | 423,603,614 | $ | 30,302,968 | $ | –– | $ | 453,906,582 | |||||||||
Preferred Stocks | 3,301,562 | –– | –– | 3,301,562 | |||||||||||||
Exchange Traded Funds | 87,145,456 | –– | –– | 87,145,456 | |||||||||||||
Precious Metals | –– | 25,934,129 | –– | 25,934,129 | |||||||||||||
Corporate Bonds | –– | 42,998,238 | –– | 42,998,238 | |||||||||||||
United States Treasury Obligations | –– | 15,356,313 | –– | 15,356,313 | |||||||||||||
Foreign Government Bonds | –– | 3,220,000 | –– | 3,220,000 | |||||||||||||
Money Market Funds | 27,475,534 | –– | –– | 27,475,534 | |||||||||||||
Total Investments in Securities | $ | 541,526,166 | $ | 117,811,648 | $ | –– | $ | 659,337,814 |
The basis for recognizing and valuing transfers is as of the end of the period in which transfers occur. The following is a summary of transfers between Level 1 and Level 2 for the six months ended March 31, 2013:
Transfers into Level 1 | $ | 741,678 | ||
Transfers out of Level 1 | (321,437 | ) | ||
Net Transfers in and/or out of Level 1 | $ | 420,241 | ||
Transfers out of Level 2 | $ | (741,678 | ) | |
Transfers into Level 2 | 321,437 | |||
Net Transfers in and/or out of Level 2 | $ | (420,241 | ) |
The transfers were due to the adjustment of fair value of certain securities due to developments that occurred between the time of the close of the foreign markets on which they trade and the close of regular session trading on the NYSE. The Fund did not invest in any Level 3 securities.
Leuthold Asset Allocation Fund | |||||||||||||||||
Investments at Fair Value | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Common Stocks | $ | 205,922,461 | $ | 25,541,883 | $ | –– | $ | 231,464,344 | |||||||||
Preferred Stocks | 657,318 | –– | –– | 657,318 | |||||||||||||
Exchange Traded Funds | 32,445,024 | –– | –– | 32,445,024 | |||||||||||||
Precious Metals | –– | 16,766,621 | –– | 16,766,621 | |||||||||||||
Corporate Bonds | –– | 32,683,259 | –– | 32,683,259 | |||||||||||||
United States Treasury Obligations | –– | 19,033,355 | –– | 19,033,355 | |||||||||||||
Foreign Government Bonds | –– | 2,546,500 | –– | 2,546,500 | |||||||||||||
Money Market Funds | 10,839,107 | –– | –– | 10,839,107 | |||||||||||||
Total Investments in Securities | $ | 249,863,910 | $ | 96,571,618 | $ | –– | $ | 346,435,528 |
Futures Contracts at Fair Value | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Long Futures Contracts | $ | 60,404 | $ | –– | $ | –– | $ | 60,404 | |||||||||
Total Futures Contracts | $ | 60,404 | $ | –– | $ | –– | $ | 60,404 |
The fund did not invest in any Level 3 securities or have transfers into or out of Level 1 or Level 2 securities during the period. The basis for recognizing and valuing transfers is as of the end of the period in which transfers occur.
The Leuthold Funds - 2013 Semi-Annual Report | 73 |
The Leuthold Funds
Leuthold Global Fund |
Investments at Fair Value | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Common Stocks | $ | 146,630,363 | $ | 94,816,563 | $ | 48,000 | $ | 241,494,926 | |||||||||
Preferred Stocks | 2,947,302 | –– | –– | 2,947,302 | |||||||||||||
Closed End Funds | 956,860 | –– | –– | 956,860 | |||||||||||||
Exchange Traded Funds | 38,051,028 | –– | –– | 38,051,028 | |||||||||||||
Precious Metals | –– | 13,711,669 | –– | 13,711,669 | |||||||||||||
Corporate Bonds | –– | 19,521,671 | –– | 19,521,671 | |||||||||||||
United States Treasury Obligations | –– | 15,360,131 | –– | 15,360,131 | |||||||||||||
Foreign Government Bonds | –– | 18,763,338 | –– | 18,763,338 | |||||||||||||
Money Market Funds | 5,432,318 | –– | –– | 5,432,318 | |||||||||||||
Total Investments in Securities | $ | 194,017,871 | $ | 162,173,372 | $ | 48,000 | $ | 356,239,243 |
The basis for recognizing and valuing transfers is as of the end of the period in which transfers occur. There were transfers from Level 2 to Level 1 of common stocks in the amount of $1,794,831 during the six month period ended March 31, 2013. The transfers were due to the adjustment of fair value of certain securities due to developments that occurred between the time of the close of the foreign markets on which they trade and the close of regular session trading on the NYSE.
The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:
Investments | ||||
in Securities | ||||
Fair Value | ||||
Balance as of September 30, 2012 | $ | 48,052 | ||
Accrued discounts/premiums | –– | |||
Realized gain (loss) | –– | |||
Change in unrealized appreciation (depreciation) | (52 | ) | ||
Purchases | –– | |||
Sales | –– | |||
Transfer in and/or out of Level 3 | –– | |||
Balance as of March 31, 2013 | $ | 48,000 | ||
Change in unrealized appreciation (depreciation) for Level 3 | ||||
investments held during the six months ended March 31, 2013: | $ | (52 | ) |
The security is classified as a Level 3 security due to a halt in trading of the security on January 26, 2011. The security is valued at fair value as determined in good faith by the Directors. The Adviser submits a report to the Directors setting forth the factors considered in determining the price. The significant unobservable input used in the fair valuation of the security is a discount of 95% from the last traded price of HKD 2.95. Significant changes in the discount rate may result in a change in fair value measurement. During the entire period the discount rate was 95%.
Leuthold Select Industries Fund | |||||||||||||||||
Investments at Fair Value | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Common Stocks | $ | 14,492,443 | $ | –– | $ | –– | $ | 14,492,443 | |||||||||
Preferred Stocks | 101,896 | –– | –– | 101,896 | |||||||||||||
Money Market Funds | 285,707 | –– | –– | 285,707 | |||||||||||||
Total Investments in Securities | $ | 14,880,046 | $ | –– | $ | –– | $ | 14,880,046 |
The fund did not invest in any Level 3 securities or have transfers into or out of Level 1 or Level 2 securities during the period. The basis for recognizing and valuing transfers is as of the end of the period in which transfers occur.
74 | The Leuthold Funds - 2013 Semi-Annual Report |
The Leuthold Funds
Leuthold Global Industries Fund | |||||||||||||||||
Investments at Fair Value | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Common Stocks | $ | 4,777,871 | $ | 3,575,746 | $ | 2,242 | $ | 8,355,859 | |||||||||
Preferred Stocks | 112,155 | –– | –– | 112,155 | |||||||||||||
Closed End Funds | 36,032 | –– | –– | 36,032 | |||||||||||||
Money Market Funds | 7,378 | –– | –– | 7,378 | |||||||||||||
Total Investments in Securities | $ | 4,933,436 | $ | 3,575,746 | $ | 2,242 | $ | 8,511,424 |
The basis for recognizing and valuing transfers is as of the end of the period in which transfers occur. There were transfers from Level 2 to Level 1 of common stocks in the amount of $70,942 during the six month period ended March 31, 2013. The transfers were due to the adjustment of fair value of certain securities due to developments that occurred between the time of the close of the foreign markets on which they trade and the close of regular session trading on the NYSE.
The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:
Investments | ||||
in Securities | ||||
Fair Value | ||||
Balance as of September 30, 2012 | $ | 2,244 | ||
Accrued discounts/premiums | –– | |||
Realized gain (loss) | –– | |||
Change in unrealized appreciation (depreciation) | (2 | ) | ||
Purchases | –– | |||
Sales | –– | |||
Transfer in and/or out of Level 3 | –– | |||
Balance as of March 31, 2013 | $ | 2,242 | ||
Change in unrealized appreciation (depreciation) during | ||||
the period ended for Level 3 investments held at March 31, 2013: | $ | (2 | ) |
The security is classified as a Level 3 security due to a halt in trading of the security on January 26, 2011. The security is valued at fair value as determined in good faith by the Directors. The Adviser submits a report to the Directors setting forth the factors considered in determining the price. The significant unobservable input used in the fair valuation of the security is a discount of 95% from the last traded price of HKD 2.95. Significant changes in the discount rate may result in a change in fair value measurement. During the entire period the discount rate was 95%.
Grizzly Short Fund | |||||||||||||||||
Investments at Fair Value | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Money Market Funds | $ | 5,387,203 | $ | –– | $ | –– | $ | 5,387,203 | |||||||||
Total Investments in Securities | $ | 5,387,203 | $ | –– | $ | –– | $ | 5,387,203 | |||||||||
Securities Sold Short at Fair Value | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Common Stocks - Short | $ | 60,598,132 | $ | –– | $ | –– | $ | 60,598,132 | |||||||||
Exchange Traded Funds - Short | 7,148,847 | –– | –– | 7,148,847 | |||||||||||||
Total Securities Sold Short | $ | 67,746,979 | $ | –– | $ | –– | $ | 67,746,979 |
The fund did not invest in any Level 3 securities or have transfers into or out of Level 1 or Level 2 securities during the period. The basis for recognizing and valuing transfers is as of the end of the period in which transfers occur.
The Leuthold Funds - 2013 Semi-Annual Report | 75 |
The Leuthold Funds
For further information regarding security characteristics, see the Schedules of Investments.
c) | Federal Income Taxes – Provision for federal income taxes or excise taxes has not been made since the Funds have elected to be taxed as“regulated investment companies” and intend to distribute substantially all taxable income to shareholders and otherwise comply with the provisions of the Internal Revenue Code applicable to regulated investment companies. Distributions from net realized gains for book purposes may include short-term capital gains which are included as ordinary income to shareholders for tax purposes. The Funds also designate as distributions of long-term gains, to the extent necessary to fully distribute such capital gains, earnings and profits distributed to shareholders on the redemption of shares. The tax character of distributions paid during the fiscal years ended September 30, 2012 and 2011 was as follows: |
Year Ended September 30, 2012 | ||||||||||||||||||||||||
Leuthold Core Investment Fund | Leuthold Asset Allocation Fund | Leuthold Global Fund | Leuthold Select Industries Fund | Leuthold Global Industries Fund | Grizzly Short Fund | |||||||||||||||||||
Distributions paid from: | ||||||||||||||||||||||||
Ordinary Income | $ | 27,886,190 | $ | 29,439,115 | $ | 5,685,282 | $ | 25,862 | $ | 18,020 | $ | –– | ||||||||||||
Long Term Capital Gain | –– | –– | 4,587,025 | –– | –– | –– | ||||||||||||||||||
Return of Capital | –– | –– | –– | –– | –– | –– | ||||||||||||||||||
Total Distribution Paid | $ | 27,886,190 | $ | 29,439,115 | $ | 10,272,307 | $ | 25,862 | $ | 18,020 | $ | –– |
Year Ended September 30, 2011 | ||||||||||||||||||||||||
Leuthold Core Investment Fund | Leuthold Asset Allocation Fund | Leuthold Global Fund | Leuthold Select Industries Fund | Leuthold Global Industries Fund | Grizzly Short | |||||||||||||||||||
Distributions paid from: | ||||||||||||||||||||||||
Ordinary Income | $ | 5,131,946 | $ | 7,502,082 | $ | 11,346,023 | $ | 45,146 | $ | 236,013 | $ | –– | ||||||||||||
Long Term Capital Gain | –– | –– | 6,950,662 | –– | –– | –– | ||||||||||||||||||
Return of Capital | –– | –– | –– | –– | –– | –– | ||||||||||||||||||
Total Distributions Paid | $ | 5,131,946 | $ | 7,502,082 | $ | 18,296,685 | $ | 45,146 | $ | 236,013 | $ | –– |
At September 30, 2012, the components of accumulated earnings (deficit) on a tax basis were as follows:
Leuthold Core Investment Fund | Leuthold Asset Allocation Fund | Leuthold Global Fund | Leuthold Select Industries Fund | Leuthold Global Industries Fund | Grizzly Short |
Undistributed ordinary income | $ | 5,683,952 | $ | 8,246,872 | $ | 1,237,305 | $ | 7,803 | $ | –– | $ | –– | ||||||||||||
Undistributed long-term gains | –– | –– | –– | –– | –– | –– | ||||||||||||||||||
Distributable earnings | 5,683,952 | 8,246,872 | 1,237,305 | 7,803 | –– | –– | ||||||||||||||||||
Capital loss carryover and | ||||||||||||||||||||||||
post-October losses | (7,742,724 | ) | (347,663,871 | ) | (2,601,550 | ) | (5,015,081 | ) | (2,188,086 | ) | (124,071,973 | ) | ||||||||||||
Other accumulated gains (losses) | (316,450 | ) | (411,362 | ) | 241,279 | –– | –– | (3,433,630 | ) | |||||||||||||||
Unrealized appreciation (depreciation) | 80,768,715 | 67,664,266 | 31,127,148 | 1,482,801 | 630,401 | (17 | ) | |||||||||||||||||
Total accumulated gain (loss) | $ | 78,393,493 | $ | (272,164,095 | ) | $ | 30,004,182 | $ | (3,524,477 | ) | $ | (1,557,685 | ) | $ | (127,505,620 | ) |
76 | The Leuthold Funds - 2013 Semi-Annual Report |
The Leuthold Funds
Net investment income and realized gains and losses for federal income tax purposes may differ from that reported on the financial statements because of permanent book-to-tax differences. U.S. GAAP requires that permanent differences between financial reporting and tax reporting be reclassified between various components of net assets. These differences are primarily due to net operating losses, and differences from REIT adjustments and foreign currency gain and loss.
Additionally, U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended September 30, 2012, the following table shows the reclassifications made:
Undistributed Net Investment Income/(Loss) | Accumulated Net Realized Gain/(Loss) | Paid In Capital | ||||||||||
Leuthold Core Investment Fund | $ | 10,200,552 | $ | (10,200,545 | ) | $ | (7 | ) | ||||
Leuthold Asset Allocation Fund | 14,826,464 | (14,825,702 | ) | (762 | ) | |||||||
Leuthold Global Fund | 1,710,837 | (1,710,839 | ) | 2 | ||||||||
Leuthold Select Industries Fund | 208 | (208 | ) | –– | ||||||||
Leuthold Global Industries Fund | 2,809 | 6,450 | (9,259 | ) | ||||||||
Grizzly Short Fund | 2,269,228 | (195,319 | ) | (2,073,909 | ) |
Under current law, the Funds may carry forward net capital losses indefinitely to use to offset capital gains realized in future years. Previous law limited the carry forward of capital losses to the eight tax years following the year the capital loss was realized. If a Fund has capital losses that are subject to current law and also has capital losses subject to prior law, the losses realized under current law will be utilized to offset capital gains before any of the losses governed by prior law can be used. As a result of these ordering rules, capital losses realized under previous law may be more likely to expire unused. Capital losses realized under current law will carry forward retaining their classification as long-term or short-term losses, whereas under prior law all capital losses were carried forward as short-term capital losses.
Leuthold | Leuthold | Leuthold | Leuthold | |||||||||||||||||||||
Core | Asset | Leuthold | Select | Global | Grizzly | |||||||||||||||||||
Investment | Allocation | Global | Industries | Industries | Short | |||||||||||||||||||
Fund | Fund | Fund | Fund | Fund | Fund | |||||||||||||||||||
Expires 09/30/17 | $ | –– | $ | –– | $ | –– | $ | (1,078,129 | )* | $ | –– | $ | –– | |||||||||||
Expires 09/30/18 | –– | (334,348,407 | ) | –– | (3,118,819 | ) | –– | (18,663,090 | ) | |||||||||||||||
Expires 09/30/19 | –– | –– | –– | –– | (17,340 | ) | (25,380,935 | ) | ||||||||||||||||
Unlimited Short-Term | –– | –– | –– | –– | (514,900 | ) | (21,657,328 | ) |
*Capital loss carryforward transferred in from merger, subject to annual limitations.
The Leuthold Funds - 2013 Semi-Annual Report | 77 |
The Leuthold Funds
The Leuthold Core Investment Fund, Leuthold Asset Allocation Fund, Leuthold Global Fund, Leuthold Select Industries Fund, Leuthold Global Industries Fund, and Grizzly Short Fund intend to defer and treat $7,742,724, $13,315,464, $2,601,550, $818,133, $1,655,846, and $58,370,620, respectively, of post-October losses incurred during the fiscal year ended September 30, 2012 as arising in the fiscal year ending September 30, 2013.
As of September 30, 2012, the Funds did not have any tax positions that did not meet the“more likely-than-not” threshold of being sustained by the applicable tax authority. Generally, tax authorities can examine all the tax returns filed for the last three years.
The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the period, the Funds did not incur any interest or penalties.
d) | Distributions to Shareholders – Dividends from net investment income, if any, are declared and paid quarterly. Distributions of net realized capital gains, if any, are declared and paid at least annually. |
e) | Use of Estimates – The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
f) | Basis for Consolidation for the Leuthold Core Investment Fund, Leuthold Asset Allocation Fund, and Leuthold Global Fund –The Leuthold Core Investment Fund, Leuthold Asset Allocation Fund, and Leuthold Global Fund may invest up to 25% of their total assets in their Subsidiary, Leuthold Core, Ltd., Leuthold Asset Allocation, Ltd., and Leuthold Global, Ltd. (the “Subsidiaries”), respectively. The Subsidiaries, which are organized under the laws of the Cayman Islands, are wholly owned and controlled by the Leuthold Core Investment Fund, Leuthold Asset Allocation Fund, and Leuthold Global Fund, respectively, and are therefore consolidated in the respective Funds’ financial statements herein. All intercompany balances, revenues, and expenses have been eliminated in consolidation. The Subsidiaries act as investment vehicles in order to enter into certain investments for the Leuthold Core Investment Fund, Leuthold Asset Allocation Fund, and Leuthold Global Fund consistent with the investment objectives and policies specified in the Prospectus and Statement of Additional Information. |
g) | Short Positions – For financial statement purposes, an amount equal to the required amount of collateral to be segregated for short positions is included in the Statements of Assets and Liabilities as an asset. The amount of the securities sold short, shown as a liability, is subsequently marked-to-market to reflect the current value of the short position. Subsequent fluctuations in the market prices of securities sold short may require purchasing the securities at prices which could differ from the amount reflected in the Statements of Assets and Liabilities. The Funds are liable for any dividends or interest payable on securities while those securities are in a short position. As collateral for their short positions, the Funds are required under the Investment Company Act of 1940 to maintain segregated assets consisting of cash, cash equivalents, or liquid securities. These segregated assets are valued consistent with Note 1a above. The amount of segregated assets is required to be adjusted daily to reflect changes in the market value of the securities sold short. Grizzly Short Fund’s receivable from broker for securities sold short is with two major security dealers. |
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The Leuthold Funds
h) | Other – Investment and shareholder transactions are recorded on the trade date. The Funds determine the gain or loss realized from the investment transactions by comparing the original cost of the security lot sold with the net sales proceeds. Dividend income is recognized on the ex-dividend date or as soon as information is available to the Funds, and interest income is recognized on an accrual basis. Discounts and premiums on bonds are amortized using the yield to maturity method over the life of the respective bond. For financial reporting purposes, the Funds isolate changes in the exchange rate of investment securities from the fluctuations arising from changes in the market prices of securities for realized gains and losses. |
i) | Expenses – Expenses that directly relate to one of the Funds are charged directly to that Fund. Other operating expenses of the Funds, such as Directors fees and expenses, insurance expense, and legal fees are allocated between the six Funds based on the relative net asset value of the individual Funds. |
j) | Counterparty risk – Counterparty risk may arise as the result of the failure of a counterparty to a securities contract to comply with the terms of the contract. Potential counterparty risk is measured by the credit worthiness of the counterparty and additional risk may arise from unanticipated events affecting the value of the underlying security. |
k) | Derivatives –The Asset Allocation Fund invests in futures contracts for speculative purposes to gain exposure to equity markets. The Fund has adopted authoritative valuation procedures for futures contracts and they are stated at their fair value using the primary exchange’s closing (settlement) price. Gains or losses are realized when contracts are liquidated. Any change in net unrealized gain or loss is reported in the statement of operations. |
The following table presents the fair value of open futures contracts, held long or sold short by the Leuthold Asset Allocation Fund, at March 31, 2013:
Net Unrealized | |||||||||||||||||||
Fair Value - Long Positions | Fair Value - Short Positions | Gain (Loss) on | |||||||||||||||||
Futures Contracts | Assets | Liabilities | Assets | Liabilities | Open Positions | ||||||||||||||
Stock Index | $ | 60,404 | $ | –– | $ | –– | $ | –– | $ | 60,404 | |||||||||
Total Futures Contracts | $ | 60,404 | $ | –– | $ | –– | $ | –– | $ | 60,404 |
The average monthly notional amount of futures contracts held by the Leuthold Asset Allocation fund during the six month period ended March 31, 2013 were as follows:
Futures Contracts | $ | 5,330,911 |
The following table presents the trading results of derivative trading and information related to the volume of the Leuthold Asset Allocation Fund for the six month period ended March 31, 2013:
Futures Contracts | Realized Gain (Loss) | Change in Unrealized Gain (Loss) | Number of Contracts Closed | |||||||||
Stock Index | $ | –– | $ | 60,404 | $ | –– | ||||||
Total Futures Contracts | $ | –– | $ | 60,404 | $ | –– |
The Leuthold Funds - 2013 Semi-Annual Report | 79 |
The Leuthold Funds
1) | Subsequent Events –The Funds have evaluated subsequent events through the date of issuance of the Funds’ financial statements. At a special meeting of shareholders on May 13, 2013, shareholders re-elected the four Directors to the Board of Directors of the Funds. Shareholders of record for the Funds at the close of business on March 25, 2013 were entitled to vote. As of the record date, the Funds had 111,288,659 shares outstanding, of which 92,752,994 total shares voted. |
Proposal | In Favor | % | Abstain | % |
Election of Lawrence L. Horsch | 90,298,872 | 97.35% | 2,454,122 | 2.65% |
Election of Paul M. Kelnberger | 90,420,221 | 97.48% | 2,332,773 | 2.52% |
Election of Addison L. Piper | 89,356,744 | 96.34% | 3,396,250 | 3.66% |
Election of John C. Mueller | 90,419,745 | 97.48% | 2,333,249 | 2.52% |
Management determined there were no other events that impacted the Funds’ financial statements.
2. | INVESTMENT TRANSACTIONS |
Purchases and sales of investment securities, other than short-term investments and short sales, for the six months ended March 31, 2013 are summarized below.
Leuthold | Leuthold | Leuthold | Leuthold | |||||||||||||||||
Core | Asset | Leuthold | Select | Global | ||||||||||||||||
Investment | Allocation | Global | Industries | Industries | ||||||||||||||||
Fund | Fund | Fund | Fund | Fund | ||||||||||||||||
Purchases | $ | 314,924,499 | $ | 266,784,744 | $ | 175,880,974 | $ | 8,946,979 | $ | 5,781,519 | ||||||||||
Sales | 476,339,835 | 547,013,574 | 222,927,486 | 9,428,637 | 6,580,894 |
At September 30, 2012, gross unrealized appreciation and depreciation of investments and cost of investments (excluding short positions) for tax purposes were as follows
Leuthold | Leuthold | Leuthold | Leuthold | |||||||||||||||||||||
Core | Asset | Leuthold | Select | Global | Grizzly | |||||||||||||||||||
Investment | Allocation | Global | Industries | Industries | Short | |||||||||||||||||||
Fund | Fund | Fund | Fund | Fund | Fund | |||||||||||||||||||
Tax cost of investments | $ | 676,675,471 | $ | 533,111,593 | $ | 344,557,464 | $ | 12,028,854 | $ | 7,315,517 | $ | 5,461,654 | ||||||||||||
Gross unrealized appreciation | $ | 88,701,134 | $ | 77,809,165 | $ | 36,516,834 | $ | 1,694,384 | $ | 821,555 | $ | 5,436,680 | ||||||||||||
Gross unrealized depreciation | (7,932,419 | ) | (10,144,899 | ) | (5,389,686 | ) | (211,583 | ) | (191,154 | ) | (5,436,697 | ) | ||||||||||||
Net unrealized appreciation | ||||||||||||||||||||||||
(depreciation) | $ | 80,768,715 | $ | 67,664,266 | $ | 31,127,148 | $ | 1,482,801 | $ | 630,401 | $ | (17 | ) |
The differences between book and tax basis of unrealized appreciation (depreciation) are primarily attributable to the tax deferral of losses on wash sales
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The Leuthold Funds
3. | INVESTMENT ADVISORY AND OTHER AGREEMENTS |
The Funds have entered into an Investment Advisory Agreement (“advisory agreement”) with Leuthold Weeden Capital Management (“Investment Adviser”). Pursuant to its advisory agreement with the Funds, the Investment Adviser is entitled to receive a fee, calculated daily as applied to each Fund’s daily net assets and payable monthly, at annual rates of:
Leuthold | Leuthold | Leuthold | Leuthold | ||||||||||||||
Core | Asset | Leuthold | Select | Global | Grizzly | ||||||||||||
Investment | Allocation | Global | Industries | Industries | Short | ||||||||||||
Fund | Fund | Fund | Fund | Fund | Fund | ||||||||||||
0.90% | 0.90% | 1.10% | 1.00% | 1.00% | 1.25% |
The Investment Adviser has agreed to waive its advisory fee and/or reimburse the Funds’ other expenses, including organization expenses, to the extent necessary to ensure that the Funds’ total operating expenses (exclusive of interest, taxes, brokerage commissions, dividends and interest on short positions, and other costs incurred in connection with the purchase or sale of portfolio securities, and extraordinary items) do not exceed the following rates, based on each Fund’s average daily net assets:
Leuthold | Leuthold | Leuthold | Leuthold | ||||||||||||||
Core | Asset | Leuthold | Select | Global | Grizzly | ||||||||||||
Investment | Allocation | Global | Industries | Industries | Short | ||||||||||||
Fund | Fund | Fund | Fund | Fund | Fund | ||||||||||||
1.25% | 1.50% | 1.85% | 1.60% | 1.85% | 2.50% |
Any waiver or reimbursement is subject to later adjustments to allow the Investment Adviser to recoup amounts previously waived or reimbursed to the extent actual fees and expenses for a fiscal period are less than each Fund’s expense limitation, provided, however, that the Investment Adviser shall only be entitled to recoup such amounts for a period of three years from the date such amount was waived or reimbursed. Amounts subject to future recoupment as of March 31, 2013 are as follows:
Leuthold Select Industries Fund | Leuthold Global Industries Fund | ||
Year of Expiration | Recoverable Amount | Year of Expiration | Recoverable Amount |
9/30/2015 | $ 16,951 | 9/30/2013 | $ 31,506 |
9/30/2016 | 9,541 | 9/30/2015 | 58,737 |
9/30/2016 | 39,839 |
U.S. Bancorp Fund Services, LLC serves as transfer agent, administrator, and accounting services agent for the Funds. U.S. Bank, N.A. serves as custodian for the Funds. For the six months ended March 31, 2013, the Leuthold Core Investment Fund, Leuthold Asset Allocation Fund, Leuthold Global Fund, Leuthold Select Industries Fund, Leuthold Global Industries Fund, and Grizzly Short Fund paid Weeden & Co., L.P., an affiliate of the Adviser, $11,737, $5,150, $5,369, $254, $127, and $7,395, respectively, for brokerage commissions.
The Leuthold Funds - 2013 Semi-Annual Report | 81 |
The Leuthold Funds
4. | DISTRIBUTION PLAN |
Each of the Leuthold Asset Allocation Fund – Retail Class, Leuthold Global Fund – Retail Class, and Leuthold Global Industries Fund – Retail Class has adopted a distribution plan pursuant to Rule 12b-1 under the Investment Company Act, whereby Rafferty Capital Markets, LLC serves as distributor. This plan allows each Fund to use up to 0.25% of its average daily net assets to pay sales, distribution, and other fees for the sale of its shares and for services provided to investors. Each Fund may pay all or a portion of this fee to any securities dealer, financial institution, or any other person who renders personal service to the Funds’ shareholders, assists in the maintenance of the Funds’ shareholder accounts, or who renders assistance in distributing or promoting the sale of shares of the Fund pursuant to a written agreement approved by the Board of Directors. To the extent such fee is not paid to such persons, each of the Funds may use the fee for its expenses of distribution of its shares, including, but not limited to, payment by the Fund of the cost of preparing, printing, and distributing Prospectuses and Statements of Additional Information to prospective investors and of implementing and operating the Plan.
5. | INDEMNIFICATIONS |
The Funds enter into contracts that contain a variety of indemnifications. The Funds’ maximum exposure under these arrangements is unknown. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.
6. | ILLIQUID SECURITIES |
Each Fund may invest up to 15% of net assets in securities for which there is no readily available market (“illiquid securities”). The 15% limitation includes securities whose disposition would be subject to legal restrictions (“restricted securities”). Illiquid and restricted securities often have a market value lower than the market price of unrestricted securities of the same issuer and are not readily marketable without some time delay. This could result in a Fund being unable to realize a favorable price upon disposition of such securities and in some cases might make disposition of such securities at the time desired by the Fund impossible.
7. | LENDING PORTFOLIO SECURITIES |
The Funds may lend portfolio securities constituting up to 30% of total assets to unaffiliated broker dealers, banks, or other recognized institutional borrowers of securities, provided that the borrower at all times maintains cash, U.S. government securities or equivalent collateral or provides an irrevocable letter of credit in favor of the Fund equal in value to at least 100% of the value of the securities loaned. The Funds did not lend any portfolio securities during the reporting period, and will not enter into any securities lending arrangements in the future without the prior approval of the Board of Directors.
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The Leuthold Funds
INVESTMENT ADVISORY AGREEMENT DISCLOSURE
On November 12, 2012, the Board of Directors of Leuthold Funds, Inc. approved the investment advisory agreements for the Leuthold Core Investment Fund, Leuthold Asset Allocation Fund, Leuthold Global Fund, Leuthold Select Industries Fund, Leuthold Global Industries Fund, and Grizzly Short Fund with Leuthold Weeden Capital Management. Prior to approving the agreements, the Board considered:
• The nature, extent, and quality of the services to be provided by Leuthold Weeden Capital Management;
• The investment strategies and performance history of Leuthold Weeden Capital Management;
• The cost of the services to be provided and profits to be realized by Leuthold Weeden Capital Management, from its relationship with the Funds;
•The extent to which economies of scale would be realized as the Funds grew and whether fee levels reflect any such economies of scale;
• The proposed expense ratios of the Funds; and
• The manner in which portfolio transactions for the Funds would be conducted, including the use of soft dollars.
In considering the nature, extent, and quality of the services provided by Leuthold Weeden Capital Management, the Board considered the Adviser’s quality of investment management provided to the existing Funds, the Adviser’s management history, and the Adviser’s ability to attract investors for the Funds. The Board concluded that the approval of the investment advisory agreements was in the best interest of the Funds’ shareholders.
The Board considered the presentation from the Adviser on the investment strategies for the Funds and reviewed the investment performance of the existing Funds compared with those of the existing Funds’ peer groups and relevant benchmarks. The Board concluded that the performance of the existing Funds was satisfactory in comparison to performance of similar funds.
The Board considered the proposed cost of services to be provided by the Adviser, including reports provided by the Funds’ administrator comparing the Funds’ proposed investment advisory fees to those of other comparable mutual funds. The Board concluded that the investment advisory fees were within the range of the industry averages.
The Board considered the extent to which economies of scale would be realized as the Funds grow, including a consideration of breakpoints in the investment advisory agreement fee schedule. The Board concluded that the existing fees schedules were acceptable.
The Board compared the Funds’ proposed expense ratios to those of other comparable mutual funds. After review, the Board concluded that the proposed expense ratios of the Funds were within the range of comparable mutual funds.
The Board discussed the manner in which portfolio transactions for the Funds would be conducted, including the use of soft dollars. Based on these discussions, the Board concluded that the research and services obtained by Leuthold Weeden Capital Management would be beneficial to the Funds and that Leuthold Weeden Capital Management would execute the Funds’ portfolio transactions in a manner designed to obtain best execution for the Funds.
The Leuthold Funds - 2013 Semi-Annual Report | 83 |
The Leuthold Funds
ADDITIONAL DISCLOSURE REGARDING FUND DIRECTORS AND OFFICERS (UNAUDITED)
Independent Directors | ||||||||||
# of | ||||||||||
Portfolios in | Other | |||||||||
Position(s) | Term of Office | Fund Complex | Directorships | |||||||
Name, Year of Birth, | Held with | and Length of | Principal Occupation(s) | Overseen By | Held by | |||||
and Address | the Company | Time Served | During Past Five Years | Director | Director | |||||
Lawrence L. Horsch (1934) | Chairman | Indefinite, | Chairman, Eagle Management & | 6 | None | |||||
c/o Leuthold Weeden | and Director | Director since | Financial Corp., a management | |||||||
Capital Management | 1995 | consulting firm | ||||||||
33 South Sixth Street | ||||||||||
Suite 4600 | ||||||||||
Minneapolis, MN 55402 | ||||||||||
Paul M. Kelnberger (1943) | Director and | Indefinite, | Consultant to Johnson, | 6 | None | |||||
c/o Leuthold Weeden | Chair of | Director since | West & Co., PLC | |||||||
Capital Management | Audit | 1995 | ||||||||
33 South Sixth Street | Committee | |||||||||
Suite 4600 | ||||||||||
Minneapolis, MN 55402 | ||||||||||
Addison L. Piper (1946) | Director and | Indefinite, | Retired Chairman and Chief | 6 | Piper Jaffray | |||||
c/o Leuthold Weeden | Chair of | Director since | Executive Officer of Piper Jaffray | Companies | ||||||
Capital Management | Nominating | 2009 | Companies. | |||||||
33 South Sixth Street | Committee | |||||||||
Suite 4600 | ||||||||||
Minneapolis, MN 55402 | ||||||||||
Interested Directors (and Officers) | ||||||||||
John C. Mueller (1968) | Director | Indefinite, | Co-Chief Executive Officer | 6 | None | |||||
33 South Sixth Street | Director since 2009 | of The Leuthold Group since 2005. | ||||||||
Suite 4600 | Involved in Sales and Marketing for | |||||||||
Minneapolis, MN 55402 | President | One year term, | The Leuthold Group since 2001. | |||||||
President since 2011 | ||||||||||
Holly J. Weiss (1968) | Secretary and | One year term, | Chief Financial Officer of the | N/A | N/A | |||||
33 South Sixth Street | Treasurer | Secretary and | Adviser since 2011. Controller | |||||||
Suite 4600 | Treasurer | of the Adviser from 2008 to 2011. | ||||||||
Minneapolis, MN 55402 | since 2009 | Prior to joining the Adviser, she was | ||||||||
Controller of Churchill Capital | ||||||||||
Mezzanine Finance from 2001-2008. |
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# of | ||||||||||
Portfolios in | Other | |||||||||
Position(s) | Term of Office | Fund Complex | Directorships | |||||||
Name, Year of Birth, | Held with | and Length of | Principal Occupation(s) | Overseen By | Held by | |||||
and Address | the Company | Time Served | During Past Five Years | Director | Director | |||||
Roger A. Peters (1960) | Vice President | One year term, | Chief Compliance Officer of | N/A | N/A | |||||
33 South Sixth Street | and | Chief Compliance | the Adviser since 2005. | |||||||
Suite 4600 | Chief Compliance | Officer since 2006 | ||||||||
Minneapolis, MN 55402 | Officer | and Vice President | ||||||||
and | since 2007 | |||||||||
Anti-Money | and | |||||||||
Laundering | Anti-Money | |||||||||
Officer | Laundering Officer | |||||||||
since 2011 | ||||||||||
Glenn R. Larson (1965) | Assistant Secretary | One year term, | Compliance Officer of the Adviser | N/A | N/A | |||||
33 South Sixth Street | Assistant Secretary | since 2005. | ||||||||
Suite 4600 | since 2006 | |||||||||
Minneapolis, MN 55402 |
The Statement of Additional Information includes additional information about the Funds’ Directors and is available free of charge upon request by calling the Funds toll free at (800) 273-6886.
Information regarding the method the Funds use to vote proxies relating to portfolio securities is available without charge upon request by calling toll-free at (800) 273-6886 or by accessing the Funds’ website at www.leutholdfunds.com. Information regarding how the Funds voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 is available without charge upon request by calling toll-free at (800) 273-6886 or on the SEC’s website at www.sec.gov.
The Leuthold Funds - 2013 Semi-Annual Report | 85 |
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The Leuthold Funds
Investment Adviser: |
Leuthold Weeden Capital Management, |
Minnesota |
Administrator, Transfer Agent, |
Dividend Paying Agent, |
Shareholder Servicing Agent: |
U.S. Bancorp Fund Services, LLC, |
Wisconsin |
Custodian: |
U.S. Bank, N.A., Wisconsin |
Counsel: |
Foley & Lardner, LLP, Wisconsin |
Independent Registered |
Public Accounting Firm: |
Ernst &Young LLP, Minnesota |
The Funds are required to file their complete schedules of portfolio holdings with the SEC for their first and third fiscal quarters on Form N-Q. Once filed, the Fund’s Form N-Q is available without charge, upon request on the SEC’s website (http://www.sec.gov) and may be available by calling 1-800-273-6886. You can also obtain copies of Form N-Q by (i) visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330); (ii) sending your request and a duplicating fee to the SEC’s Public Reference Room, Washington, DC 20549-0102; or (iii) sending your request electronically to publicinfosec.gov.
This report is authorized for distribution only when preceded or accompanied by a current prospectus.
Item 2. Code of Ethics.
Not applicable for semi-annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).
Item 6. Investments.
Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 10. Submission of Matters to a Vote of Security Holders.
Not Applicable.
Item 11. Controls and Procedures.
(a) | The Registrant’s President and Treasurer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider. |
(b) | There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting. |
Item 12. Exhibits.
(a) | (1) Any code of ethics or amendment thereto, that is subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Incorporated by reference to previous Form N-CSR filing, filed December 8, 2008. |
(2) A separate certification for each principal executive and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.
(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies.
(b) | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Leuthold Funds, Inc. ��
By (Signature and Title)* /s/ John Mueller
John Mueller, President
Date 6/5/13
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* /s/ John Mueller
John Mueller, President
Date 6/5/13
By (Signature and Title)* /s/ Holly Weiss
Holly Weiss, Treasurer
Date 6/4/13
* Print the name and title of each signing officer under his or her signature.