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, 2014
Date of reporting period: March 31, 2014
Item 1. Reports to Stockholders.
Semi-Annual Report
March 31, 2014
The Leuthold Funds
Leuthold Core Investment Fund
Leuthold Global Fund
Leuthold Select Industries Fund
Leuthold Global Industries Fund
Grizzly Short Fund
The Leuthold Funds
Table of Contents
Expense Examples | 1 |
Allocation of Portfolio Holdings | 4 |
Components of Portfolio Holdings | 7 |
Statements of Assets and Liabilities | 8 |
Statements of Operations | 12 |
Statements of Changes in Net Assets | 16 |
Financial Highlights | 21 |
Schedule of Investments | |
Leuthold Core Investment Fund | 29 |
Leuthold Global Fund | 40 |
Leuthold Select Industries Fund | 50 |
Leuthold Global Industries Fund | 53 |
Grizzly Short Fund | 58 |
Notes to the Financial Statements | 63 |
Investment Advisory Agreement Disclosure | 79 |
Directors and Officers | 80 |
The Leuthold Funds
Expense Example - March 31, 2014 (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, 2013 – March 31, 2014).
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 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 - 2014 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, 2013 | March 31, 2014 | October 1, 2013 - March 31, 2014 | ||||||||||
Actual** | $ | 1,000.00 | $ | 1,111.20 | $ | 6.62 | ||||||
Hypothetical (5% return before expenses)*** | 1,000.00 | 1,018.66 | 6.33 |
* | Expenses are equal to the Fund's annualized expense ratio of 1.26%, 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 $6.03 and the Fund's annualized expense ratio would be 1.15%. |
*** | Excluding dividends and interest on short positions, your hypothetical cost of investment in the Fund would be $5.77 and the Fund's annualized expense ratio would be 1.15% |
Leuthold Core Investment Fund - Institutional Class
Beginning | Ending | Expenses Paid | ||||||||||
Account Value | Account Value | During Period* | ||||||||||
October 1, 2013 | March 31, 2014 | October 1, 2013 - March 31, 2014 | ||||||||||
Actual** | $ | 1,000.00 | $ | 1,111.70 | $ | 6.11 | ||||||
Hypothetical (5% return before expenses)*** | 1,000.00 | 1,019.14 | 5.84 |
* | Expenses are equal to the Fund's annualized expense ratio of 1.16%, 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 $5.53 and the Fund's annualized expense ratio would be 1.05%. |
*** | Excluding dividends and interest on short positions, your hypothetical cost of investment in the Fund would be $5.29 and the Fund's annualized expense ratio would be 1.05% |
Leuthold Global Fund - Retail Class
Beginning | Ending | Expenses Paid | ||||||||||
Account Value | Account Value | During Period* | ||||||||||
October 1, 2013 | March 31, 2014 | October 1, 2013 - March 31, 2014 | ||||||||||
Actual** | $ | 1,000.00 | $ | 1,084.20 | $ | 8.49 | ||||||
Hypothetical (5% return before expenses)*** | 1,000.00 | 1,016.79 | 8.21 |
* | Expenses are equal to the Fund's annualized expense ratio of 1.63%, 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 $8.06 and the Fund's annualized expense ratio would be 1.55%. |
*** | Excluding dividends and interest on short positions, your hypothetical cost of investment in the Fund would be $7.80 and the Fund's annualized expense ratio would be 1.55% |
Leuthold Global Fund - Institutional Class
Beginning | Ending | Expenses Paid | ||||||||||
Account Value | Account Value | During Period* | ||||||||||
October 1, 2013 | March 31, 2014 | October 1, 2013 - March 31, 2014 | ||||||||||
Actual** | $ | 1,000.00 | $ | 1,085.80 | $ | 7.35 | ||||||
Hypothetical (5% return before expenses)*** | 1,000.00 | 1,017.88 | 7.11 |
* | Expenses are equal to the Fund's annualized expense ratio of 1.41%, 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 1.33%. |
*** | Excluding dividends and interest on short positions, your hypothetical cost of investment in the Fund would be $6.70 and the Fund's annualized expense ratio would be 1.33% |
2 The Leuthold Funds - 2014 Semi-Annual Report |
The Leuthold Funds
Expense Example Tables (Unaudited)
Leuthold Select Industries Fund
Beginning | Ending | Expenses Paid | ||||||||||
Account Value | Account Value | During Period* | ||||||||||
October 1, 2013 | March 31, 2014 | October 1, 2013 - March 31, 2014 | ||||||||||
Actual | $ | 1,000.00 | $ | 1,183.10 | $ | 8.71 | ||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,016.95 | 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, 2013 | March 31, 2014 | October 1, 2013 - March 31, 2014 | ||||||||||
Actual | $ | 1,000.00 | $ | 1,128.20 | $ | 9.40 | ||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,016.09 | 8.91 |
* | Expenses are equal to the Fund's annualized expense ratio of 1.77%, multiplied by the average account value over the period, multiplied by 182/365 to reflect the one-half year period. |
Leuthold Global Industries Fund - Institutional Class
Beginning | Ending | Expenses Paid | ||||||||||
Account Value | Account Value | During Period* | ||||||||||
October 1, 2013 | March 31, 2014 | October 1, 2013 - March 31, 2014 | ||||||||||
Actual | $ | 1,000.00 | $ | 1,130.40 | $ | 8.09 | ||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,017.34 | 7.66 |
* | Expenses are equal to the Fund's annualized expense ratio of 1.52%, 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, 2013 | March 31, 2014 | October 1, 2013 - March 31, 2014 | ||||||||||
Actual** | $ | 1,000.00 | $ | 892.90 | $ | 16.84 | ||||||
Hypothetical (5% return before expenses)*** | 1,000.00 | 1,007.14 | 17.86 |
* | Expenses are equal to the Fund's annualized expense ratio of 3.57%, 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 $7.49 and the Fund's annualized expense ratio would be 1.59%. |
*** | Excluding dividends and interest on short positions, your hypothetical cost of investment in the Fund would be $7.98 and the Fund's annualized expense ratio would be 1.59% |
The Leuthold Funds - 2014 Semi-Annual Report 3 |
The Leuthold Funds
(Unaudited)
Leuthold Core Investment Fund
Allocation of Portfolio Holdings
March 31, 2014
Leuthold Global Fund
Allocation of Portfolio Holdings
March 31, 2014
4 The Leuthold Funds - 2014 Semi-Annual Report |
The Leuthold Funds
(Unaudited)
Leuthold Select Industries Fund
Allocation of Portfolio Holdings
March 31, 2014*
Leuthold Global Industries Fund
Allocation of Portfolio Holdings
March 31, 2014*
* Excludes short-term investments less than 5% of net assets.
The Leuthold Funds - 2014 Semi-Annual Report 5 |
The Leuthold Funds
(Unaudited)
Grizzly Short Fund
Allocation of Portfolio Holdings
March 31, 2014
6 The Leuthold Funds - 2014 Semi-Annual Report |
The Leuthold Funds
Leuthold Core Investment Fund (Unaudited) | ||||
Components of Portfolio Holdings | Fair Value | |||
U.S. Traded Equity Securities | $ | 515,725,682 | ||
Non-U.S. Traded Equity Securities | 75,717,987 | |||
Foreign Government Bonds | 57,049,653 | |||
Short-Term Investments | 47,122,805 | |||
U.S. Traded Equity Securities - Short | 34,345,754 | |||
Mortgage Backed Bond Funds | 27,748,752 | |||
U.S. Treasury Obligations | 24,866,706 | |||
Foreign Government Bond Funds | 24,245,564 | |||
Corporate Bonds | 20,669,732 | |||
Foreign Currency Funds | 11,896,222 | |||
Corporate Bond Funds | 10,683,861 | |||
High Yield Bond Funds | 5,491,189 | |||
Non-U.S. Traded Equity Securities - Short | 3,725,720 | |||
Index Funds - Short | 2,735,647 | |||
Total: | $ | 862,025,274 |
Leuthold Global Fund (Unaudited) |
Components of Portfolio Holdings | Fair Value | |||
Non-U.S. Traded Equity Securities | $ | 122,913,958 | ||
U.S. Traded Equity Securities | 112,403,659 | |||
Foreign Government Bonds | 25,668,091 | |||
Short-Term Investments | 17,464,020 | |||
Corporate Bond Funds | 10,688,311 | |||
Mortgage Backed Bond Funds | 10,438,479 | |||
U.S. Treasury Obligations | 6,592,410 | |||
Foreign Government Bond Funds | 6,436,243 | |||
Corporate Bonds | 6,369,433 | |||
U.S. Traded Equity Securities - Short | 5,727,380 |
Non-U.S. Traded Equity Securities - Short | 4,929,689 | |||
Foreign Currency Funds | 4,796,263 | |||
High Yield Bond Funds | 3,122,731 | |||
Emerging Country Funds - Short | 1,193,094 | |||
Index Funds - Short | 392,784 | |||
Foreign Equity Funds - Short | 329,670 | |||
Total: | $ | 339,466,215 |
Leuthold Select Industries Fund (Unaudited) | ||||
Components of Portfolio Holdings | Fair Value | |||
Information Technology | $ | 4,679,277 | ||
Industrials | 2,225,388 | |||
Health Care | 2,197,825 | |||
Consumer Discretionary | 2,049,239 | |||
Financials | 1,766,569 | |||
Consumer Staples | 949,663 | |||
Materials | 631,391 | |||
Total: | 14,499,352 |
Leuthold Global Industries Fund (Unaudited) | ||||
Components of Portfolio Holdings | Fair Value | |||
Consumer Discretionary | $ | 6,609,646 | ||
Information Technology | 6,406,438 | |||
Financials | 4,199,293 | |||
Health Care | 3,363,688 | |||
Industrials | 2,188,399 | |||
Telecommunication Services | 1,199,946 | |||
Materials | 1,157,029 | |||
Utilities | 1,156,539 | |||
Total: | 26,280,978 |
Grizzly Short Fund (Unaudited) | ||||
Components of Portfolio Holdings | Fair Value | |||
Energy - Short | $ | 11,822,158 | ||
Information Technology - Short | 9,006,754 | |||
Consumer Discretionary - Short | 8,469,440 | |||
Industrials - Short | 7,821,403 | |||
Short-Term Investments | 7,719,734 | |||
Financials - Short | 6,949,612 | |||
Materials - Short | 4,842,601 | |||
Index Funds - Short | 4,197,739 | |||
Utilities - Short | 4,167,064 | |||
Telecommunication Services - Short | 1,737,900 | |||
Health Care - Short | 1,576,163 | |||
Consumer Staples - Short | 579,054 | |||
Total: | $ | 68,889,622 |
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 less than 5% of net assets. |
The Leuthold Funds - 2014 Semi-Annual Report 7 |
The Leuthold Funds
Statements of Assets and Liabilities
March 31, 2014 (Unaudited)
Leuthold Core Investment Fund | Leuthold Global Fund | Leuthold Select Industries Fund | ||||||||||
ASSETS: | ||||||||||||
Investments, at cost | ||||||||||||
Unaffiliated securities | $ | 668,828,792 | $ | 278,696,936 | $ | 11,585,531 | ||||||
Affiliated securities | 12,167,556 | — | — | |||||||||
680,996,348 | 278,696,936 | 11,585,531 |
Investments, at fair value | ||||||||||||
Unaffiliated securities | 809,321,931 | 326,893,598 | 14,834,111 | |||||||||
Affiliated securities | 11,896,222 | — | — | |||||||||
Foreign currency | ||||||||||||
(cost $556,647, $144,951, and $0, respectively) | 559,086 | 143,643 | — | |||||||||
Receivable for Fund shares sold | 470,249 | 929,143 | 47 | |||||||||
Receivable for investments sold | 37,858,950 | — | 864,094 | |||||||||
Collateral at broker for securities sold short | 71,331,583 | 25,203,541 | — | |||||||||
Interest receivable | 1,227,714 | 451,448 | 2 | |||||||||
Dividends receivable | 356,315 | 558,085 | 6,680 | |||||||||
Other assets | 69,371 | 50,315 | 10,428 | |||||||||
Total Assets | 933,091,421 | 354,229,773 | 15,715,362 |
LIABILITIES: | ||||||||||||
Securities sold short, at fair value | ||||||||||||
(proceeds $40,816,332, $12,009,896, and $0, respectively) | 40,807,121 | 12,572,617 | — | |||||||||
Payable for investments purchased | 37,477,939 | — | 914,101 | |||||||||
Payable for Fund shares redeemed | 8,198,022 | 132,744 | 14,063 | |||||||||
Payable to Adviser | 644,311 | 314,681 | 17,335 | |||||||||
Payable to Custodian | 434,270 | 50,138 | — | |||||||||
Dividends payable on securities sold short | 42,676 | 31,715 | — | |||||||||
Distribution (Rule 12b-1) fees payable | 36,294 | 42,229 | 88 | |||||||||
Shareholder servicing fees payable | 64,266 | — | 803 | |||||||||
Accrued expenses and other liabilities | 364,376 | 177,278 | 18,236 | |||||||||
Total Liabilities | 88,069,275 | 13,321,402 | 964,626 | |||||||||
NET ASSETS | $ | 845,022,146 | $ | 340,908,371 | $ | 14,750,736 |
8 The Leuthold Funds - 2014 Semi-Annual Report |
The Leuthold Funds
Statements of Assets and Liabilities (continued)
March 31, 2014 (Unaudited)
Leuthold Core Investment Fund | Leuthold Global Fund | Leuthold Select Industries Fund | ||||||||||
NET ASSETS CONSIST OF: | ||||||||||||
Capital stock | $ | 679,885,560 | $ | 271,204,937 | $ | 13,888,425 | ||||||
Accumulated net investment loss | (5,294,622 | ) | (2,248,299 | ) | (29,494 | ) | ||||||
Accumulated net realized gain (loss) on investments | ||||||||||||
and short positions | 30,185,300 | 24,312,321 | (2,356,775 | ) | ||||||||
Net unrealized appreciation on investments | 140,245,908 | 47,639,412 | 3,248,580 | |||||||||
Total Net Assets | $ | 845,022,146 | $ | 340,908,371 | $ | 14,750,736 |
Retail Class Shares | ||||||||||||
Net assets | $ | 590,815,807 | $ | 127,290,828 | $ | 14,750,736 | ||||||
Shares outstanding (1,000,000,000 shares of $0.0001 par value authorized) | 31,433,015 | 11,155,243 | 741,148 | |||||||||
Net Asset Value, Redemption Price and Offering Price Per Share | $ | 18.80 | * | $ | 11.41 | * | $ | 19.90 | ||||
Institutional Class Shares Net assets | $ | 254,206,339 | $ | 213,617,543 | n/a | |||||||
Shares outstanding (1,000,000,000 shares of $0.0001 par value authorized) | 13,530,780 | 18,647,172 | n/a | |||||||||
Net Asset Value, Redemption Price and Offering Price Per Share | $ | 18.79 | * | $ | 11.46 | * | $ | n/a |
* Redemption price may differ from NAV if redemption fee is applied.
See Notes to the Financial Statements. | The Leuthold Funds - 2014 Semi-Annual Report 9 |
The Leuthold Funds
Statements of Assets and Liabilities (continued)
March 31, 2014 (Unaudited)
Leuthold Global Industries Fund | Grizzly Short Fund | |||||||
ASSETS: | ||||||||
Investments, at cost | ||||||||
Unaffiliated securities | $ | 22,812,247 | $ | 7,719,734 | ||||
Affiliated securities | — | — | ||||||
22,812,247 | 7,719,734 |
Investments, at fair value | ||||||||
Unaffiliated securities | 26,498,402 | 7,719,734 | ||||||
Foreign currency (cost $8,751 and $0, respectively) | 8,737 | — | ||||||
Receivable for Fund shares sold | 7,126 | 152,231 | ||||||
Collateral at broker for securities sold short | — | 118,084,088 | ||||||
Interest receivable | 1 | 62 | ||||||
Dividends receivable | 54,199 | — | ||||||
Receivable from Advisor | — | — | ||||||
Other assets | 29,508 | 30,085 | ||||||
Total Assets | 26,597,973 | 125,986,200 |
LIABILITIES: | ||||||||
Securities sold short, at fair value | ||||||||
(proceeds $0 and $61,465,015, respectively) | — | 61,169,888 | ||||||
Payable for Fund shares redeemed | 12,665 | 46,075 | ||||||
Payable to Adviser | 9,510 | 68,349 | ||||||
Payable to Custodian | 14,418 | 23,763 | ||||||
Dividends payable on securities sold short | — | 64,784 | ||||||
Distribution (Rule 12b-1) fees payable | 826 | — | ||||||
Shareholder servicing fees payable | — | 10,356 | ||||||
Accrued expenses and other liabilities | 27,911 | 58,737 | ||||||
Total Liabilities | 65,330 | 61,441,952 | ||||||
NET ASSETS | $ | 26,532,643 | $ | 64,544,248 |
10 The Leuthold Funds - 2014 Semi-Annual Report | See Notes to the Financial Statements. |
The Leuthold Funds
Statements of Assets and Liabilities (continued)
March 31, 2014 (Unaudited)
Leuthold Global Industries Fund | Grizzly Short Fund | ||||||
NET ASSETS CONSIST OF: | |||||||
Capital stock | $ | 23,143,257 | $ | 222,042,497 | |||
Accumulated net investment loss | (92,788 | ) | (3,261,532 | ) | |||
Accumulated net realized loss on investments | (203,916 | ) | (154,531,844 | ) | |||
Net unrealized appreciation on investments | |||||||
and short positions | 3,686,090 | 295,127 | |||||
Total Net Assets | $ | 26,532,643 | $ | 64,544,248 |
Retail Class Shares | |||||||
Net assets | $ | 7,742,233 | $ | 65,544,248 | |||
Shares outstanding (1,000,000,000 shares of $0.0001 par value authorized) | 462,087 | 8,411,465 | |||||
Net Asset Value, Redemption Price and Offering Price Per Share | $ | 16.75 | * | $ | 7.67 | ||
Institutional Class Shares Net assets | $ | 18,790,410 | n/a | ||||
Shares outstanding (1,000,000,000 shares of $0.0001 par value authorized) | 1,115,830 | n/a | |||||
Net Asset Value, Redemption Price and Offering Price Per Share | $ | 16.84 | * | $ | n/a |
* Redemption price may differ from NAV if redemption fee is applied.
See Notes to the Financial Statements. | The Leuthold Funds - 2014 Semi-Annual Report 11 |
The Leuthold Funds
Statements of Operations
For the Six Months Ended March 31, 2014 (Unaudited)
Leuthold Core Investment Fund | Leuthold Global Fund | Leuthold Select Industries Fund |
INVESTMENT INCOME: | ||||||||||||
Dividend income | ||||||||||||
(net of foreign taxes withheld of $37,448, | ||||||||||||
$89,488, and $0, respectively) | $ | 3,816,825 | $ | 1,784,278 | $ | 67,985 | ||||||
Interest income | 925,564 | 453,484 | 13 | |||||||||
Total investment income | 4,742,389 | 2,237,762 | 67,998 |
EXPENSES: | ||||||||||||
Investment advisor fees (Note 3) | 3,528,528 | 1,952,735 | 60,933 | |||||||||
Administration fees | 188,974 | 74,794 | 2,079 | |||||||||
Transfer agent fees | 80,415 | 126,994 | 3,459 | |||||||||
Legal fees | 13,251 | 10,186 | 205 | |||||||||
Audit fees | 31,332 | 41,105 | 8,736 | |||||||||
Fund accounting fees | 62,569 | 34,632 | 2,560 | |||||||||
Custody fees | 83,350 | 44,000 | 3,602 | |||||||||
Shareholder servicing fees- Retail Class | 268,715 | — | 4,590 | |||||||||
Registration fees | 21,416 | 24,007 | 9,280 | |||||||||
Report to shareholders | 12,250 | 14,440 | 1,164 | |||||||||
Directors' fees | 53,523 | 25,795 | 728 | |||||||||
Distribution (Rule 12b-1) fees- Retail Class (Note 4) | — | 137,405 | — | |||||||||
Other | 31,610 | 14,621 | 695 | |||||||||
Total expenses before dividends and interest on short positions | 4,375,933 | 2,500,714 | 98,031 | |||||||||
Dividends and interest on short positions (Reimbursement) or recovery | 437,924 | 146,083 | — | |||||||||
from Adviser (Note 3) | — | — | (539 | ) | ||||||||
Total expenses NET INVESTMENT LOSS | 4,813,857 | 2,646,797 | 97,492 | |||||||||
$ | (71,468 | ) | $ | (409,035 | ) | $ | (29,494 | ) |
12 The Leuthold Funds - 2014 Semi-Annual Report | See Notes to the Financial Statements. |
The Leuthold Funds
Statements of Operations (continued)
For the Six Months Ended March 31, 2014 (Unaudited)
Leuthold Core Investment Fund | Leuthold Global Fund | Leuthold Select Industries Fund |
REALIZED AND UNREALIZED | ||||||||||||
GAIN (LOSS) ON INVESTMENTS, | ||||||||||||
INVESTMENT COMPANIES, | ||||||||||||
SHORT POSITIONS, AND FOREIGN | ||||||||||||
CURRENCY AND FOREIGN CURRENCY | ||||||||||||
TRANSLATION: | ||||||||||||
Net realized gain (loss) on: | ||||||||||||
Affiliated securities | $ | (748,477 | ) | $ | — | $ | — | |||||
Unaffiliated securities | 41,817,143 | 27,400,279 | 636,430 | |||||||||
Investment companies | (693,851 | ) | (501,071 | ) | — | |||||||
Realized gain distributions received from investment companies | 8,387 | 6,495 | — | |||||||||
Short positions | (4,616,064 | ) | (1,377,878 | ) | — | |||||||
Foreign currency and foreign currency translation | 57,906 | 314,818 | (15 | ) | ||||||||
Net unrealized appreciation (depreciation) | ||||||||||||
during the period on: Affiliated Issuers | (75,887 | ) | 128,768 | — | ||||||||
Unaffiliated Issuers | 67,922,190 | 28,507,492 | 1,328,698 | |||||||||
Investment companies | 747,001 | 194,013 | — | |||||||||
Short positions | (296,596 | ) | (562,721 | ) | — | |||||||
Foreign currency and foreign currency translation | (9,494,363 | ) | (24,056,550 | ) | — | |||||||
Net realized and unrealized gain (loss) on investments, investment companies, short positions, and foreign currency and foreign currency translation | $ | 94,627,389 | $ | 30,053,645 | $ | 1,965,113 | ||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 94,555,921 | $ | 29,644,610 | $ | 1,935,619 |
See Notes to the Financial Statements. | The Leuthold Funds - 2014 Semi-Annual Report 13 |
The Leuthold Funds
Statements of Operations (continued)
For the Six Months Ended March 31, 2014 (Unaudited)
Leuthold Global Industries Fund | Grizzly Short Fund | ||||||
INVESTMENT INCOME: | ||||||||
Dividend income | ||||||||
(net of foreign taxes withheld of $8,706 | ||||||||
and $0, respectively) | $ | 141,235 | $ | — | ||||
Interest income | 23 | 274 | ||||||
Total investment income | 141,258 | 274 |
EXPENSES: | ||||||||
Investment advisor fees (Note 3) | 117,374 | 422,257 | ||||||
Administration Fees | 4,156 | 15,490 | ||||||
Transfer agent fees | 14,039 | 21,764 | ||||||
Legal fees | 3,490 | 1,611 | ||||||
Audit fees | 9,765 | 470 | ||||||
Fund accounting fees | 8,120 | 6,164 | ||||||
Custody fees | 47,270 | 200 | ||||||
Shareholder servicing fees - Retail Class | — | 32,626 | ||||||
Registration fees | 13,994 | 18,909 | ||||||
Report to shareholders | 2,009 | 7,772 | ||||||
Directors' fees | 1,364 | 5,054 | ||||||
Distribution (Rule 12b-1) fees - Retail Class (Note 4) | 9,112 | — | ||||||
Other | 1,184 | 3,492 | ||||||
Total expenses before dividends and interest on short positions | 231,877 | 535,809 | ||||||
Dividends and interest on short positions | — | 669,510 | ||||||
(Reimbursement) or recovery from Adviser (Note 3) | (44,079 | ) | — | |||||
Total expenses | 187,798 | 1,205,319 | ||||||
NET INVESTMENT LOSS | $ | (46,540 | ) | $ | (1,205,045 | ) |
14 The Leuthold Funds - 2014 Semi-Annual Report | See Notes to the Financial Statements. |
The Leuthold Funds
Statements of Operations (continued)
For the Six Months Ended March 31, 2014 (Unaudited)
Leuthold Global Industries Fund | Grizzly Short Fund | ||||||
REALIZED AND UNREALIZED | ||||||||
GAIN (LOSS) ON INVESTMENTS | ||||||||
SHORT POSITIONS, AND FOREIGN | ||||||||
CURRENCY AND FOREIGN CURRENCY | ||||||||
TRANSLATION: | ||||||||
Net realized gain (loss) on: | ||||||||
Unaffiliated securities | $ | 778,921 | $ | — | ||||
Short positions | — | (5,181,729 | ) | |||||
Foreign currency and foreign currency translation | (917 | ) | 9 | |||||
Net unrealized appreciation (depreciation) | ||||||||
during the period on: | ||||||||
Unaffiliated Issuers | 4,465,844 | — | ||||||
Short positions | — | (1,350,952 | ) | |||||
Foreign currency and foreign currency translation | (2,588,627 | ) | 8 | |||||
Net realized and unrealized gain (loss) | ||||||||
on investments, short positions, and foreign currency | ||||||||
and foreign currency translation | 2,655,221 | (6,532,664 | ) | |||||
NET INCREASE (DECREASE) | ||||||||
IN NET ASSETS RESULTING | ||||||||
FROM OPERATIONS | $ | 2,608,681 | $ | (7,737,709 | ) |
See Notes to the Financial Statements. | The Leuthold Funds - 2014 Semi-Annual Report 15 |
Leuthold Core Investment Fund
Statements of Changes in Net Assets (Consolidated)
Six Months Ended March 31, 2014 | Year Ended September 30, 2013 | ||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (71,468 | ) | $ | 3,544,463 | |||
Net realized gain on investments, investment companies, short positions, and foreign currency and foreign currency translation | 35,825,044 | 67,006,642 | ||||||
Net unrealized appreciation on investments, investment companies, short positions, and foreign currency and foreign currency translation | 58,802,345 | 721,729 | ||||||
Net increase in net assets from operations | 94,555,921 | 71,272,834 |
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
From net investment income - Retail Class | (13,015,040 | ) | (6,240,190 | ) | ||||
From net investment income - Institutional Class | (5,668,605 | ) | (3,087,211 | ) | ||||
From net realized gain - Retail Class | (32,435,578 | ) | (3,272,588 | ) | ||||
From net realized gain - Institutional Class | (13,814,132 | ) | (1,577,499 | ) | ||||
Total distributions | (64,933,355 | ) | (14,177,488 | ) |
CAPITAL SHARE TRANSACTIONS: | ||||||||
Proceeds from shares sold - Retail Class | 207,312,530 | 49,789,000 | ||||||
Proceeds from shares sold - Institutional Class | 75,006,110 | 30,970,032 | ||||||
Proceeds from shares issued to holders in reinvestment of dividends - Retail Class | 41,667,410 | 8,877,918 | ||||||
Proceeds from shares issued to holders in reinvestment of dividends - Institutional Class | 19,097,425 | 4,522,253 | ||||||
Cost of shares redeemed - Retail Class* | (106,572,357 | ) | (215,964,484 | ) | ||||
Cost of shares redeemed - Institutional Class** | (26,666,323 | ) | (121,077,392 | ) | ||||
Net increase (decrease) in net assets from capital share transactions | 209,854,795 | (242,882,673 | ) |
TOTAL INCREASE (DECREASE) IN NET ASSETS: | 239,477,361 | (185,787,327 | ) | |||||
NET ASSETS | ||||||||
Beginning of period | 605,544,785 | 791,332,112 | ||||||
End of period (including accumulated net investment income (loss) of $(5,294,622) and $13,460,491, respectively | $ | 845,022,146 | $ | 605,544,785 |
CHANGES IN SHARES OUTSTANDING: | �� | |||||||
Shares sold - Retail Class | 12,561,093 | 2,850,613 | ||||||
Shares sold - Institutional Class | 3,187,943 | 1,802,270 | ||||||
Shares issued to holders in reinvestment of dividends - Retail Class | 2,272,128 | 519,467 | ||||||
Shares issued to holders in reinvestment of dividends - Institutional Class | 1,041,296 | 264,692 | ||||||
Shares redeemed - Retail Class | (5,759,809 | ) | (12,465,795 | ) | ||||
Shares redeemed - Institutional Class | (1,445,472 | (7,036,584 | ) | |||||
Net increase (decrease) in shares outstanding | 11,857,179 | (14,065,377 | ) | |||||
* Net of redemption fees of (Retail Class): | $ | 344 | $ | 565 | ||||
** Net of redemption fees of (Institutional Class): | $ | — | $ | — |
16 The Leuthold Funds - 2014 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Global Fund
Statements of Changes in Net Assets (Consolidated)
Six Months Ended March 31, 2014 | Year Ended September 30, 2013 | ||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (409,035 | ) | $ | 2,654,175 | |||
Net realized gain on investments, investment companies, short positions, and foreign currency and foreign currency translation | 25,842,643 | 36,654,801 | ||||||
Net unrealized appreciation on investments, investment companies, short positions, and foreign currency and foreign currency translation | 4,211,002 | 11,253,045 | ||||||
Net increase in net assets from operations | 29,644,610 | 50,562,021 |
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
From net investment income - Retail Class | (868,120 | ) | (894,989 | ) | ||||
From net investment income - Institutional Class | (1,855,842 | ) | (2,194,670 | ) | ||||
From net realized gain - Retail Class | (11,698,344 | ) | (221,460 | ) | ||||
From net realized gain - Institutional Class | (22,325,346 | ) | (448,609 | ) | ||||
Total distributions | (36,747,652 | ) | (3,759,728 | ) |
CAPITAL SHARE TRANSACTIONS: | ||||||||
Proceeds from shares sold - Retail Class | 13,482,320 | 29,869,334 | ||||||
Proceeds from shares sold - Institutional Class | 37,600,591 | 35,454,813 | ||||||
Proceeds from shares issued to holders in reinvestment of dividends - Retail Class | 10,738,333 | 948,383 | ||||||
Proceeds from shares issued to holders in reinvestment of dividends - Institutional Class | 21,400,859 | 2,196,722 | ||||||
Cost of shares redeemed - Retail Class* | (21,022,179 | (40,216,497 | ) | |||||
Cost of shares redeemed - Institutional Class** | (79,882,904 | (96,202,314 | ) | |||||
Net increase (decrease) in net assets from capital share transactions | (17,682,980 | (67,949,559 | ) |
TOTAL DECREASE IN NET ASSETS: | (24,786,022 | ) | (21,147,266 | ) | ||||
NET ASSETS | ||||||||
Beginning of period | 365,694,393 | 386,841,659 | ||||||
End of period (including accumulated net investment income (loss) of $(2,248,299) and $884,698, respectively | $ | 340,908,371 | $ | 365,694,393 |
CHANGES IN SHARES OUTSTANDING: | ||||||||
Shares sold - Retail Class | 1,195,040 | 2,733,961 | ||||||
Shares sold - Institutional Class | 3,342,077 | 3,227,726 | ||||||
Shares issued to holders in reinvestment of dividends - Retail Class | 972,325 | 90,141 | ||||||
Shares issued to holders in reinvestment of dividends - Institutional Class | 1,929,188 | 208,265 | ||||||
Shares redeemed - Retail Class | (1,862,041 | (3,731,663 | ) | |||||
Shares redeemed - Institutional Class | (7,093,182 | (8,905,968 | ) | |||||
Net decrease in shares outstanding | (1,516,593 | (6,377,538 | ) | |||||
* Net of redemption fees of (Retail Class): | $ | — | $ | 17 | ||||
** Net of redemption fees of (Institutional Class): | $ | — | $ | 545 |
See Notes to the Financial Statements. | The Leuthold Funds - 2014 Semi-Annual Report 17 |
Leuthold Select Industries Fund
Statements of Changes in Net Assets
Six Months Ended March 31, 2014 | Year Ended September 30, 2013 | ||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (29,494 | ) | $ | 22,859 | |||
Net realized gain on investments, and foreign currency and foreign currency translation | 636,415 | 2,028,574 | ||||||
Net unrealized appreciation on investments, and foreign currency and foreign currency translation | 1,328,698 | 430,379 | ||||||
Net increase in net assets from operations | 1,935,619 | 2,481,812 |
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
From net investment income | — | (33,785 | ) | |||||
From net realized gain | — | — | ||||||
Total distributions | — | (33,785 |
CAPITAL SHARE TRANSACTIONS: | ||||||||
Proceeds from shares sold | 4,366,276 | 4,327,938 | ||||||
Proceeds from shares issued to holders in reinvestment of dividends | — | 32,398 | ||||||
Cost of shares redeemed | (1,356,690 | ) | (10,461,259 | ) | ||||
Net increase (decrease) in net assets from capital share transactions | 3,009,586 | (6,100,923 | ) |
TOTAL INCREASE (DECREASE) IN NET ASSETS: | 4,945,205 | (3,652,896 | ) | |||||
NET ASSETS | ||||||||
Beginning of period | 9,805,531 | 13,458,427 | ||||||
End of period (including accumulated net investment income (loss) of $(29,494) and $0, respectively) | $ | 14,750,736 | $ | 9,805,531 |
CHANGES IN SHARES OUTSTANDING: | ||||||||
Shares sold | 231,595 | 284,592 | ||||||
Shares issued to holders in reinvestment of dividends | — | 2,354 | ||||||
Shares redeemed | (73,337 | ) | (718,924 | ) | ||||
Net increase (decrease) in shares outstanding | 158,258 | (431,978 |
18 The Leuthold Funds - 2014 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Global Industries Fund
Statements of Changes in Net Assets (Consolidated)
Six Months Ended March 31, 2014 | Year Ended September 30, 2013 | ||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (46,540 | ) | $ | 86,470 | |||
Net realized gain on investments, and foreign currency and foreign currency translation | 778,004 | 1,261,818 | ||||||
Net unrealized appreciation on investments, and foreign currency and foreign currency translation | 1,877,217 | 1,136,808 | ||||||
Net increase in net assets from operations | 2,608,681 | 2,485,096 |
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
From net investment income - Retail Class | (14,539 | ) | (25,886 | ) | ||||
From net investment income - Institutional Class | (66,929 | ) | (43,352 | ) | ||||
From net realized gain - Retail Class | — | — | ||||||
From net realized gain - Institutional Class | — | — | ||||||
Total distributions | (77,468 | ) | (69,238 | ) |
CAPITAL SHARE TRANSACTIONS: | ||||||||
Proceeds from shares sold - Retail Class | 11,059,213 | 1,493,503 | ||||||
Proceeds from shares sold - Institutional Class | 8,895,010 | 6,982,171 | ||||||
Proceeds from shares issued to holders in reinvestment of dividends - Retail Class | 4,605 | 6,185 | ||||||
Proceeds from shares issued to holders in reinvestment of dividends - Institutional Class | 47,259 | 26,996 | ||||||
Cost of shares redeemed - Retail Class* | (8,875,392 | ) | (1,594,609 | ) | ||||
Cost of shares redeemed - Institutional Class** | (1,632,413 | ) | (2,761,568 | ) | ||||
Net increase (decrease) in net assets from capital share transactions | 9,498,282 | 4,152,678 |
TOTAL INCREASE IN NET ASSETS: | 12,029,495 | 6,568,536 | ||||||
NET ASSETS | ||||||||
Beginning of period | 14,503,148 | 7,934,612 | ||||||
End of period (including accumulated net investment income (loss) of $(92,788) and $31,220 respectively | $ | 26,532,643 | $ | 14,503,148 |
CHANGES IN SHARES OUTSTANDING: | ||||||||
Shares sold - Retail Class | 707,018 | 115,457 | ||||||
Shares sold - Institutional Class | 564,298 | 486,301 | ||||||
Shares issued to holders in reinvestment of dividends - Retail Class | 289 | 464 | ||||||
Shares issued to holders in reinvestment of dividends - Institutional Class | 2,954 | 2,039 | ||||||
Shares redeemed - Retail Class | (567,505 | ) | (124,261 | ) | ||||
Shares redeemed - Institutional Class | (100,578 | ) | (200,862 | ) | ||||
Net increase in shares outstanding | 606,476 | 279,138 | ||||||
* Net of redemption fees of (Retail Class): | $ | 517 | $ | 38 | ||||
** Net of redemption fees of (Institutional Class): | $ | — | $ | 346 |
See Notes to the Financial Statements. | The Leuthold Funds - 2014 Semi-Annual Report 19 |
Grizzly Short Fund
Statements of Changes in Net Assets
Six Months Ended March 31, 2014 | Year Ended September 30, 2013 | ||||||
OPERATIONS: | ||||||||
Net investment loss | $ | (1,205,045 | ) | $ | (3,527,731 | ) | ||
Net realized gain on short positions and foreign currency and foreign currency translation | (5,181,720 | ) | (26,479,080 | ) | ||||
Net unrealized appreciation (depreciation) on short positions and foreign currency and foreign currency translation | (1,350,944 | ) | 2,511,304 | |||||
Net decrease in net assets from operations | (7,737,709 | ) | (27,495,507 | ) |
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
From net investment income | — | — | ||||||
From net realized gain | — | — | ||||||
Total distributions | — | — |
CAPITAL SHARE TRANSACTIONS: | ||||||||
Proceeds from shares sold | 33,210,604 | 134,718,165 | ||||||
Cost of shares redeemed | (55,843,449 | ) | (148,593,865 | ) | ||||
Net decrease in net assets from capital share transactions | (22,632,845 | ) | (13,875,700 | ) |
TOTAL DECREASE IN NET ASSETS: | (30,370,554 | ) | (41,371,207 | ) | ||||
NET ASSETS | ||||||||
Beginning of period | 94,914,802 | 136,286,009 | ||||||
End of period (including accumulated net investment loss of $(3,261,532) and $(2,056,487), respectively | $ | 64,544,248 | $ | 94,914,802 |
CHANGES IN SHARES OUTSTANDING: | ||||||||
Shares sold | 4,085,026 | 14,065,201 | ||||||
Shares issued to holders in reinvestment of dividends | — | — | ||||||
Shares redeemed | (6,731,586 | ) | (15,330,976 | ) | ||||
Net decrease in shares outstanding | (2,646,560 | ) | (1,265,775 | ) |
20 The Leuthold Funds - 2014 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Core Investment Fund - Retail
Financial Highlights
Six Months Ended March 31, 2014 (Unaudited) | Year Ended September 30, 2013 (Consolidated) | Year Ended September 30, 2012 (Consolidated) | Year Ended September 30, 2011 (Consolidated) | Year Ended September 30, 2010 (Consolidated) | Year Ended September 30, 2009 (Consolidated) | |||||||||||||||||||
Per Share Data (1): | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 18.29 | $ | 16.78 | $ | 15.50 | $ | 15.99 | $ | 15.79 | $ | 15.20 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss) | (0.00 | )(3) | 0.09 | (2) | 0.11 | (2) | 0.09 | (3) | 0.14 | (2) | 0.28 | (2) | ||||||||||||
Net realized and unrealized gains (losses) on investments and short positions | 1.97 | 1.78 | 1.62 | (0.51 | ) | 0.11 | 0.45 | |||||||||||||||||
Total from investment operations | 1.97 | 1.87 | 1.73 | (0.42 | ) | 0.25 | 0.73 | |||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
From net investment income | (0.41 | ) | (0.23 | ) | (0.16 | ) | (0.02 | ) | — | (0.13 | ) | |||||||||||||
From net realized gains | (1.05 | ) | (0.13 | ) | (0.29 | ) | (0.05 | ) | — | — | ||||||||||||||
Return of capital | — | — | — | — | (0.05 | ) | (0.01 | ) | ||||||||||||||||
Redemption fees(4) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||
Total distributions | (1.46 | ) | (0.36 | ) | (0.45 | ) | (0.07 | ) | (0.05 | ) | (0.14 | ) | ||||||||||||
Net asset value, end of period | $ | 18.80 | $ | 18.29 | $ | 16.78 | $ | 15.50 | $ | 15.99 | $ | 15.79 | ||||||||||||
Total Return | 11.12 | % | 11.29 | % | 11.34 | % | (2.61 | %) | 1.53 | % | 4.95 | % | ||||||||||||
Supplemental data and ratios: Net assets, end of period | $ | 590,815,807 | $ | 409,043,691 | $ | 527,760,001 | $ | 660,993,063 | $ | 858,708,522 | $ | 944,341,607 | ||||||||||||
Ratio of expenses to average net assets(5) | 1.26 | %(6) | 1.28 | % | 1.22 | % | 1.24 | % | 1.37 | % | 1.15 | % | ||||||||||||
Ratio of net investment income (loss) | ||||||||||||||||||||||||
to average net assets(7) | (0.05 | %)(6) | 0.49 | % | 0.69 | % | 0.54 | % | 0.85 | % | 2.14 | % | ||||||||||||
Portfolio turnover rate(8) | 67.00 | % | 105.28 | % | 149.17 | % | 83.15 | % | 100.36 | % | 116.70 | % |
(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 (loss) 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 1.15% for the six months ended March 31, 2014, 1.16% for the year ended September 30, 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, and 1.14% for the year ended September 30, 2009. |
(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 - 2014 Semi-Annual Report 21 |
Leuthold Core Investment Fund - Institutional
Financial Highlights
Six Months Ended March 31, 2014 | Year Ended September 30, 2013 (Consolidated) | Year Ended September 30, 2012 (Consolidated) | Year Ended September 30, 2011 (Consolidated) | Year Ended September 30, 2010 (Consolidated) | Year Ended September 30, 2009 (Consolidated) | |||||||||||||||||||
Per Share Data (1): | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 18.28 | $ | 16.77 | $ | 15.50 | $ | 15.98 | $ | 15.78 | $ | 15.19 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss) | 0.00 | (3) | 0.11 | (2) | 0.12 | (2) | 0.11 | (3) | 0.15 | (2) | 0.30 | (3) | ||||||||||||
Net realized and unrealized gains (losses) on investments and short positions | 1.98 | 1.78 | 1.62 | (0.50 | ) | 0.11 | 0.45 | |||||||||||||||||
Total from investment operations | 1.98 | 1.89 | 1.74 | (0.39 | ) | 0.26 | 0.75 | |||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
From net investment income | (0.42 | ) | (0.25 | ) | (0.18 | ) | (0.04 | ) | — | (0.15 | ) | |||||||||||||
From net realized gains | (1.05 | ) | (0.13 | ) | (0.29 | ) | (0.05 | ) | — | — | ||||||||||||||
Return of capital | — | — | — | — | (0.06 | ) | (0.01 | ) | ||||||||||||||||
Redemption fees | 0.00 | — | 0.00 | (4) | 0.00 | (4) | 0.00 | (4) | 0.00 | (4) | ||||||||||||||
Total distributions | (1.47 | ) | (0.38 | ) | (0.47 | ) | (0.09 | ) | (0.06 | ) | (0.16 | ) | ||||||||||||
Net asset value, end of period | $ | 18.79 | $ | 18.28 | $ | 16.77 | $ | 15.50 | $ | 15.98 | $ | 15.78 | ||||||||||||
Total Return | 11.17 | % | 11.42 | % | 11.40 | % | (2.49 | )% | 1.64 | % | 5.14 | % | ||||||||||||
Supplemental data and ratios: Net assets, end of period | $ | 254,206,339 | $ | 196,501,094 | $ | 263,572,111 | $ | 347,571,502 | $ | 451,654,832 | $ | 461,682,757 | ||||||||||||
Ratio of expenses to average net assets(5) | 1.16 | %(6) | 1.17 | % | 1.11 | % | 1.13 | % | 1.27 | % | 1.03 | % | ||||||||||||
Ratio of net investment income (loss) | ||||||||||||||||||||||||
to average net assets(7) | (0.05 | %)(6) | 0.60 | % | 0.80 | % | 0.66 | % | 0.95 | % | 2.25 | % | ||||||||||||
Portfolio turnover rate(8) | 67.00 | % | 105.28 | % | 149.17 | % | 83.15 | % | 100.36 | % | 116.70 | % |
(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 (loss) 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 1.05% for the six months ended March 31, 2014, 1.06% for the year ended September 30, 2013, 1.14% 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, and 1.02% for the year ended September 30, 2009. |
(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. |
22 The Leuthold Funds - 2014 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Global Fund - Retail
Financial Highlights
Six Months Ended March 31, 2014 | Year Ended September 30, 2013 (Consolidated) | Year Ended September 30, 2012 (Consolidated) | Year Ended September 30, 2011 (Consolidated) | Year Ended September 30, 2010 (Consolidated) | Year Ended September 30, 2009 (Consolidated) | |||||||||||||||||||
Per Share Data (1): | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 11.65 | $ | 10.24 | $ | 9.52 | $ | 10.18 | $ | 9.07 | $ | 8.51 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss) | (0.02 | )(3) | 0.07 | (2) | 0.05 | (3) | 0.08 | (3) | 0.07 | (2) | 0.09 | (3) | ||||||||||||
Net realized and unrealized gains (losses) on investments and short positions | 0.96 | 1.44 | 0.89 | (0.17 | ) | 1.06 | 0.59 | |||||||||||||||||
Total from investment operations | 0.94 | 1.51 | 0.94 | (0.09 | ) | 1.13 | 0.68 | |||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
From net investment income | (0.08 | ) | (0.08 | ) | (0.07 | ) | (0.05 | ) | (0.02 | ) | (0.12 | ) | ||||||||||||
From net realized gains | (1.10 | ) | (0.02 | ) | (0.15 | ) | (0.52 | ) | — | — | ||||||||||||||
Redemption fees | — | 0.00 | (4) | 0.00 | (4) | 0.00 | (4) | 0.00 | (4) | 0.00 | (4) | |||||||||||||
Total distributions | (1.18 | ) | (0.10 | ) | (0.22 | ) | (0.57 | ) | (0.02 | ) | (0.12 | ) | ||||||||||||
Net asset value, end of period | $ | 11.41 | $ | 11.65 | $ | 10.24 | $ | 9.52 | $ | 10.18 | $ | 9.07 | ||||||||||||
Total Return | 8.42 | % | 14.78 | % | 10.14 | % | (1.33 | )% | 12.39 | % | 8.28 | % | ||||||||||||
Supplemental data and ratios: Net assets, end of period | $ | 127,290,828 | $ | 126,418,514 | $ | 120,450,807 | $ | 152,292,208 | $ | 98,906,854 | $ | 58,120,794 | ||||||||||||
Ratio of expenses to average net assets(5) | 1.63 | %(6) | 1.63 | % | 1.57 | % | 1.74 | % | 1.93 | % | 1.82 | % | ||||||||||||
Ratio of net investment income (loss) | ||||||||||||||||||||||||
to average net assets(7) | (0.37 | )%(6) | 0.61 | % | 0.60 | % | 0.83 | % | 0.78 | % | 1.56 | % | ||||||||||||
Portfolio turnover rate(8) | 69.00 | % | 101.03 | % | 127.41 | % | 123.51 | % | 140.87 | % | 152.90 | % |
(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 (loss) 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 1.55% for the six months ended March 31, 2014, 1.51% for the year ended September 30, 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, and 1.77% for the year ended September 30, 2009. |
(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 - 2014 Semi-Annual Report 23 |
Leuthold Global Fund - Institutional
Financial Highlights
Six Months Ended March 31, 2014 (Unaudited) | Year Ended September 30, 2013 (Consolidated) | Year Ended September 30, 2012 (Consolidated) | Year Ended September 30, 2011 (Consolidated) | Year Ended September 30, 2010 (Consolidated) | Year Ended September 30, 2009 (Consolidated) | |||||||||||||||||||
Per Share Data (1): | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 11.69 | $ | 10.27 | $ | 9.54 | $ | 10.20 | $ | 9.08 | $ | 8.51 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss) | (0.01 | )(3) | 0.09 | (2) | 0.09 | (3) | 0.10 | (3) | 0.09 | (2) | 0.11 | (3) | ||||||||||||
Net realized and unrealized gains (losses) on investments and short positions | 0.97 | 1.45 | 0.88 | (0.17 | ) | 1.06 | 0.59 | |||||||||||||||||
Total from investment operations | 0.96 | 1.54 | 0.97 | (0.07 | ) | 1.15 | 0.70 | |||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
From net investment income | (0.09 | ) | (0.10 | ) | (0.09 | ) | (0.07 | ) | (0.03 | ) | (0.13 | ) | ||||||||||||
From net realized gains | (1.10 | ) | (0.02 | ) | (0.15 | ) | (0.52 | ) | — | — | ||||||||||||||
Redemption fees | — | 0.00 | (4) | — | 0.00 | (4) | — | — | ||||||||||||||||
Total distributions | (1.19 | ) | (0.12 | ) | (0.24 | ) | (0.59 | ) | (0.03 | ) | (0.13 | ) | ||||||||||||
Net asset value, end of period | $ | 11.46 | $ | 11.69 | $ | 10.27 | $ | 9.54 | $ | 10.20 | $ | 9.08 | ||||||||||||
Total Return | 8.58 | % | 15.08 | % | 10.34 | % | (1.11 | )% | 12.52 | % | 8.63 | % | ||||||||||||
Supplemental data and ratios: Net assets, end of period | $ | 213,617,543 | $ | 239,275,879 | $ | 266,390,852 | $ | 292,447,586 | $ | 190,739,466 | $ | 121,650,446 | ||||||||||||
Ratio of expenses to average net assets(5) | 1.41 | %(6) | 1.44 | % | 1.36 | % | 1.57 | % | 1.75 | % | 1.57 | % | ||||||||||||
Ratio of net investment income (loss) | ||||||||||||||||||||||||
to average net assets(7) | (0.15 | )%(6) | 0.80 | % | 0.81 | % | 1.01 | % | 0.97 | % | 1.80 | % | ||||||||||||
Portfolio turnover rate(8) | 69.00 | % | 101.03 | % | 127.41 | % | 123.51 | % | 140.87 | % | 152.90 | % |
(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 (loss) 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 1.33% for the six months ended March 31, 2014, 1.32% for the year ended September 30, 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, and 1.53% for the year ended September 30, 2009. |
(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 - 2014 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Select Industries Fund
Financial Highlights
Six Months Ended March 31, 2014 (Unaudited) | Year Ended September 30, 2013 | Year Ended September 30, 2012 | Year Ended September 30, 2011 | Year Ended September 30, 2010 | Year Ended September 30, 2009 | |||||||||||||||||||
Per Share Data (1): | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 16.82 | $ | 13.26 | $ | 10.78 | $ | 11.80 | $ | 12.82 | $ | 13.03 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss) | (0.04 | )(2) | 0.03 | (3) | 0.03 | (3) | (0.05 | )(2) | 0.03 | (3) | (0.04 | )(2) | ||||||||||||
Net realized and unrealized gains (losses) on investments and short positions | 3.12 | 3.58 | 2.47 | (0.95 | ) | (1.03 | ) | (0.17 | ) | |||||||||||||||
Total from investment operations | 3.08 | 3.61 | 2.50 | (1.00 | ) | (1.00 | ) | (0.21 | ) | |||||||||||||||
Less distributions: | ||||||||||||||||||||||||
From net investment income | — | (0.05 | ) | (0.02 | ) | (0.02 | ) | (0.02 | ) | — | ||||||||||||||
Total distributions | — | (0.05 | ) | (0.02 | ) | (0.02 | ) | (0.02 | ) | — | ||||||||||||||
Net asset value, end of period | $ | 19.90 | $ | 16.82 | $ | 13.26 | $ | 10.78 | $ | 11.80 | $ | 12.82 | ||||||||||||
Total Return | 18.31 | % | 27.26 | % | 23.34 | % | (8.60 | )% | (7.76 | )% | (1.69 | )% | ||||||||||||
Supplemental data and ratios: Net assets, end of period | $ | 14,750,736 | $ | 9,805,531 | $ | 13,458,427 | $ | 16,278,535 | $ | 39,088,487 | $ | 47,543,360 | ||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||||||
Before expense reimbursement or recovery | 1.61 | %(4) | 1.80 | % | 1.71 | % | 1.40 | % | 1.30 | % | 1.38 | % | ||||||||||||
After expense reimbursement or recovery | 1.60 | %(4) | 1.60 | % | 1.60 | % | 1.40 | % | 1.30 | % | 1.38 | % | ||||||||||||
Ratio of net investment income (loss) | ||||||||||||||||||||||||
to average net assets: | ||||||||||||||||||||||||
Before expense reimbursement or recovery | (0.49 | )%(4) | 0.00 | % | 0.11 | % | (0.24 | )% | 0.24 | % | (0.38 | )% | ||||||||||||
After expense reimbursement or recovery | (0.48 | )%(4) | 0.20 | % | 0.22 | % | (0.24 | )% | 0.24 | % | (0.38 | )% | ||||||||||||
Portfolio turnover rate | 67.00 | % | 136.34 | % | 139.61 | % | 109.26 | % | 178.24 | % | 164.20 | % |
(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 iscalculated based on average shares outstanding. |
(4) | Annualized. |
See Notes to the Financial Statements. | The Leuthold Funds - 2014 Semi-Annual Report 25 |
Leuthold Global Industries Fund - Retail
Financial Highlights
Six Months Ended March 31, 2014 (Unaudited) | Year Ended September 30, 2013 | Year Ended September 30, 2012 | Year Ended September 30, 2011 | Period from May 17, 2010(1) through September 30, 2010 | ||||||||||||||||
Per Share Data (2): | ||||||||||||||||||||
Net asset value, beginning of period | $ | 14.89 | $ | 11.44 | $ | 9.77 | $ | 11.01 | $ | 10.00 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) | (0.04 | )(4) | 0.10 | (3) | 0.01 | (4) | (0.06 | )(4) | 0.00 | (4)(5) | ||||||||||
Net realized and unrealized gains (losses) on investments and short positions | 1.95 | 3.43 | 1.68 | (1.16 | ) | 1.01 | ||||||||||||||
Total from investment operations | 1.91 | 3.53 | 1.69 | (1.10 | ) | 1.01 | ||||||||||||||
Less distributions: | ||||||||||||||||||||
From net investment income | (0.05 | ) | (0.08 | ) | (0.02 | ) | (0.06 | ) | — | |||||||||||
From net realized gains | — | — | — | (0.08 | ) | — | ||||||||||||||
Redemption fees | 0.00 | (5) | 0.00 | (5) | — | 0.00 | (5) | — | ||||||||||||
Total distributions | (0.05 | ) | (0.08 | ) | (0.02 | ) | (0.14 | ) | — | |||||||||||
Net asset value, end of period | $ | 16.75 | $ | 14.89 | $ | 11.44 | $ | 9.77 | $ | 11.01 | ||||||||||
Total Return | 12.82 | % | 30.98 | % | 17.33 | % | (10.23 | %) | 10.10 | % | ||||||||||
Supplemental data and ratios: Net assets, end of period | $ | 7,742,233 | $ | 4,797,409 | $ | 3,782,099 | $ | 5,377,373 | $ | 5,850,019 | ||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||
Before expense reimbursement or recovery | 2.15 | %(6) | 2.70 | % | 2.52 | % | 1.96 | % | 4.42 | %(6) | ||||||||||
After expense reimbursement or recovery | 1.77 | %(6) | 1.96 | % | 2.00 | % | 2.04 | % | 1.96 | %(6) | ||||||||||
Ratio of net investment income (loss) | ||||||||||||||||||||
to average net assets: | ||||||||||||||||||||
Before expense reimbursement or recovery | (0.94 | )%(6) | 0.01 | % | (0.45 | )% | 0.60 | % | (2.29 | )%(6) | ||||||||||
After expense reimbursement or recovery | (0.56 | )%(6) | 0.75 | % | 0.07 | % | 0.52 | % | 0.17 | %(6) | ||||||||||
Portfolio turnover rate | 116.00 | % | 142.87 | % | 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 (loss) 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. |
26 The Leuthold Funds - 2014 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Global Industries Fund - Institutional
Financial Highlights
Six Months Ended March 31, 2014 (Unaudited) | Year Ended September 30, 2013 | Year Ended September 30, 2012 | Year Ended September 30, 2011 | Period from May 17, 2010(1) through September 30, 2010 | ||||||||||||||||
Per Share Data (2): | ||||||||||||||||||||
Net asset value, beginning of period | $ | 14.95 | $ | 11.48 | $ | 9.77 | $ | 11.01 | $ | 10.00 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) | (0.03 | )(4) | 0.13 | (3) | 0.06 | (4) | 0.09 | (4) | 0.01 | (4) | ||||||||||
Net realized and unrealized gains (losses) on investments and short positions | 1.98 | 3.45 | 1.67 | (1.15 | ) | 1.00 | ||||||||||||||
Total from investment operations | 1.95 | 3.58 | 1.73 | (1.06 | ) | 1.01 | ||||||||||||||
Less distributions: | ||||||||||||||||||||
From net investment income | (0.06 | ) | (0.11 | ) | (0.02 | ) | (0.10 | ) | — | |||||||||||
From net realized gains | — | — | — | (0.08 | ) | — | ||||||||||||||
Redemption fees | — | 0.00 | (5) | — | — | — | ||||||||||||||
Total distributions | (0.06 | ) | (0.11 | ) | (0.02 | ) | (0.18 | ) | — | |||||||||||
Net asset value, end of period | $ | 16.84 | $ | 14.95 | $ | 11.48 | $ | 9.77 | $ | 11.01 | ||||||||||
Total Return | 13.04 | % | 31.17 | % | 17.84 | % | (9.92 | %) | 10.10 | % | ||||||||||
Supplemental data and ratios: Net assets, end of period | $ | 18,790,410 | $ | 9,705,739 | $ | 4,152,513 | $ | 14,904,617 | $ | 3,870,245 | ||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||
Before expense reimbursement or recovery | 1.90 | %(6) | 2.45 | % | 2.27 | % | 1.71 | % | 4.17 | %(6) | ||||||||||
After expense reimbursement or recovery | 1.52 | %(6) | 1.71 | % | 1.75 | % | 1.79 | % | 1.71 | %(6) | ||||||||||
Ratio of net investment income (loss) | ||||||||||||||||||||
to average net assets: | ||||||||||||||||||||
Before expense reimbursement or recovery | (0.69 | )%(6) | 0.26 | % | (0.20 | )% | 0.85 | % | (2.04 | )%(6) | ||||||||||
After expense reimbursement or recovery | (0.31 | )%(6) | 1.00 | % | 0.32 | % | 0.77 | % | 0.42 | %(6) | ||||||||||
Portfolio turnover rate | 116.00 | % | 142.87 | % | 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 (loss) 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 - 2014 Semi-Annual Report 27 |
Grizzly Short Fund
Financial Highlights
Six Months Ended March 31, 2014 (Unaudited) | Year Ended September 30, 2013 | Year Ended September 30, 2012 | Year Ended September 30, 2011 | Year Ended September 30, 2010(1) | Year Ended September 30, 2009(1) | |||||||||||||||||||
Per Share Data (2): | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 8.58 | $ | 11.06 | $ | 16.14 | $ | 16.48 | $ | 19.00 | $ | 29.28 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss) | (0.14 | )(4) | (0.34 | )(3) | (0.40 | )(3) | (0.43 | )(3) | (0.48 | )(3) | (0.88 | )(4) | ||||||||||||
Net realized and unrealized gains (losses) on investments and short positions | (0.77 | ) | (2.14 | ) | (4.68 | ) | 0.09 | (2.04 | ) | (7.88 | ) | |||||||||||||
Total from investment operations | (0.91 | ) | (2.48 | ) | (5.08 | ) | (0.34 | ) | (2.52 | ) | (8.76 | ) | ||||||||||||
Less distributions: | ||||||||||||||||||||||||
From net investment income | — | — | — | — | — | (0.04 | ) | |||||||||||||||||
From net realized gains | — | — | — | — | — | (0.76 | ) | |||||||||||||||||
Return of capital | — | — | — | — | — | (0.72 | ) | |||||||||||||||||
Total distributions | — | — | — | — | — | (0.14 | ) | |||||||||||||||||
Net asset value, end of period | $ | 7.67 | $ | 8.58 | $ | 11.06 | $ | 16.14 | $ | 16.48 | $ | 19.00 | ||||||||||||
Total Return | (10.71 | )% | (22.33 | )% | (31.47 | )% | (2.06 | )% | (13.26 | )% | (32.54 | )% | ||||||||||||
Supplemental data and ratios: Net assets, end of period | $ | 64,544,248 | $ | 94,914,802 | $ | 136,286,009 | $ | 263,488,083 | $ | 196,552,242 | $ | 86,244,258 | ||||||||||||
Ratio of expenses to average net assets(5) | 3.57 | %(6) | 3.43 | % | 3.09 | % | 3.01 | % | 2.72 | % | 3.53 | % | ||||||||||||
Ratio of net investment loss | ||||||||||||||||||||||||
to average net assets(7) | (3.57 | )%(6) | (3.42 | )% | (3.09 | )% | (3.01 | )% | (2.71 | )% | (2.83 | )% | ||||||||||||
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 income per share is calculated based on average shares outstanding. |
(4) | Net investment 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 1.59% for the six months ended March 31, 2014, 1.54% for the year ended September 30, 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, and 1.47% for the year ended September 30, 2009. |
(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. |
28 The Leuthold Funds - 2014 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Core Investment Fund
Schedule of Investments
March 31, 2014 (Unaudited)
Shares | Fair Value |
COMMON STOCKS - 69.92% | ||||||||
Aerospace & Defense - 4.25% | ||||||||
AAR Corp. | 69,292 | $ | 1,798,127 | |||||
Alliant Techsystems, Inc. | 26,947 | 3,830,516 | ||||||
Boeing Co. | 34,350 | 4,310,582 | ||||||
Exelis, Inc. | 177,376 | 3,371,918 | ||||||
L-3 Communications Holdings, | ||||||||
Inc. | 29,316 | 3,463,685 | ||||||
Lockheed Martin Corp. | 32,277 | 5,268,898 | ||||||
Moog, Inc. - Class A (a) | 26,059 | 1,707,125 | ||||||
Northrop Grumman Corp. | 42,641 | 5,261,047 | ||||||
Raytheon Co. | 46,491 | 4,592,846 | ||||||
Triumph Group, Inc. | 35,830 | 2,313,901 | ||||||
35,918,645 |
Air Freight & Logistics - 0.03% | ||||||||
Hyundai Glovis Co., Ltd.(b) | 963 | 218,989 | ||||||
Airlines - 5.96% | ||||||||
Air China, Ltd. (b) | 220,000 | 130,271 | ||||||
Alaska Air Group, Inc. | 79,064 | 7,377,462 | ||||||
American Airlines Group, | ||||||||
Inc. (a) | 278,056 | 10,176,850 | ||||||
China Southern Airlines Co., | ||||||||
Ltd. (b) | 870,000 | 283,410 | ||||||
Copa Holdings SA - Class A (b) | 39,088 | 5,675,187 | ||||||
Delta Air Lines, Inc. | 231,566 | 8,023,762 | ||||||
Hawaiian Holdings, Inc. (a) | 378,754 | 5,287,406 | ||||||
JetBlue Airways Corp. (a) | 468,494 | 4,071,213 | ||||||
Southwest Airlines Co. | 394,135 | 9,305,527 | ||||||
50,331,088 |
Auto Components - 0.22% | ||||||||
APM Automotive Holdings | ||||||||
Bhd (b) | 36,100 | 68,320 | ||||||
Autometal SA (b) | 29,500 | 209,321 | ||||||
Halla Visteon Climate Control | ||||||||
Corp. (b) | 6,240 | 285,842 |
Hyundai Mobis (b) | 1,237 | 367,016 | ||||||
Kenda Rubber Industrial Co., | ||||||||
Ltd. (b) | 80,000 | 191,300 | ||||||
Pyeong Hwa Automative Co., | ||||||||
Ltd. (b) | 7,139 | 148,069 | ||||||
Sungwoo Hitech Co., Ltd. (b) | 17,591 | 280,502 | ||||||
Xinyi Glass Holdings, Ltd. (b) | 362,000 | 295,308 | ||||||
1,845,678 |
Automobiles- 0.01% | ||||||||
Hyundai Motor Co. (b) | 1,017 | 240,471 | ||||||
Tata Motors, Ltd. - ADR | 18,106 | 641,133 | ||||||
881,604 |
Banks - 0.19% | ||||||||
Bank of China, Ltd. (b) | 1,328,000 | 589,995 | ||||||
China CITIC Bank Corp., | ||||||||
Ltd. (b) | 304,000 | 175,597 | ||||||
DBS Group Holdings, Ltd. (b) | 43,000 | 554,014 | ||||||
Sberbank of Russia - ADR | 28,936 | 281,744 | ||||||
1,601,350 |
Building Products - 0.02% | ||||||||
China Lesso Group Holdings, Ltd.(b) | 327,446 | 181,899 | ||||||
Chemicals - 2.97% | ||||||||
Aeci, Ltd. (b) | 5,503 | 66,383 | ||||||
Axiall Corp. | 63,192 | 2,838,585 | ||||||
Cabot Corp. | 73,224 | 4,324,609 | ||||||
China BlueChemical, Ltd. (b) | 212,000 | 109,357 | ||||||
China General Plastics Corp. (b) | 290,000 | 150,656 | ||||||
China Lumena New Materials | ||||||||
Corp. (b)(f) | 838,000 | 135,048 | ||||||
Grand Pacific Petrochemical (b) | 443,000 | 269,677 | ||||||
Kukdo Chemical Co., Ltd. (b) | 1,780 | 82,644 | ||||||
LyondellBasell Industries NV - | ||||||||
Class A | 78,297 | 6,963,735 |
See Notes to the Financial Statements. | The Leuthold Funds - 2014 Semi-Annual Report 29 |
Leuthold Core Investment Fund
Schedule of Investments (continued)
March 31, 2014 (Unaudited)
Shares | Fair Value |
COMMON STOCKS - 69.92% (continued) | ||||||||
Chemicals - 2.97% (continued) | ||||||||
Methanex Corp. (b) | 63,406 | $ | 4,054,180 | |||||
Soda Sanayii AS (b) | 143,000 | 195,756 | ||||||
Soulbrain Co., Ltd. (b) | 4,200 | 151,621 | ||||||
Westlake Chemical Corp. | 87,426 | 5,785,853 | ||||||
25,128,104 | ||||||||
Communications Equipment - 0.02% | ||||||||
Trigiant Goup, Ltd (b) | 568,000 | 158,251 | ||||||
Consturction & Engineering - 0.05% | ||||||||
China Shanshui Cemnet Group, | ||||||||
Ltd. (b) | ||||||||
Wilson Bayly Holmes-Ovcon, | 142,000 | 224,293 | ||||||
Ltd. (b) | ||||||||
16,647 | 218,020 | |||||||
442,313 |
Construction Materials - 0.01% | ||||||||
China Shanshui Cement Group, | ||||||||
Ltd. (b) | 230,000 | 97,216 | ||||||
Consumer Finance - 3.30% | ||||||||
Capital One Financial Corp. | 114,894 | 8,865,221 | ||||||
Discover Financial Services | 156,055 | 9,080,840 | ||||||
Portfolio Recovery Associates, | ||||||||
Inc. (a) | 51,525 | 2,981,237 | ||||||
SLM Corp. | 285,459 | 6,988,036 | ||||||
27,915,334 | ||||||||
Containers & Packaging - 0.04% | ||||||||
CPMC Holdings, Ltd. (B) | 141,000 | 112,141 | ||||||
Kian JOO CAN Factory Bhd (b) | 180,700 | 182,319 | ||||||
294,460 | ||||||||
Distributors - 0.02% | ||||||||
Xinhua Winshare Publishing and | ||||||||
Media Co., Ltd. (b) | 315,000 | 179,737 | ||||||
Diversified Consumer Services - 3.41% | ||||||||
Apollo Education Group, Inc. (a) | 275,054 | 9,417,849 | ||||||
Capella Education Co. | 51,525 | 3,253,804 | ||||||
DeVry Education Group, Inc. | 169,299 | 7,176,585 | ||||||
ITT Educational Services, | ||||||||
Inc. (a) | 93,165 | 2,671,972 | ||||||
New Oriental Education & | ||||||||
Technology Group, Inc. - ADR | 123,883 | 3,635,966 | ||||||
Strayer Education, Inc. (a) | 57,151 | 2,653,521 | ||||||
28,809,697 | ||||||||
Diversified Financial Services - 0.03% | ||||||||
Fubon Financial Holding Co., | ||||||||
Ltd. (b) | 170,000 | 231,132 | ||||||
Diversified Telecommunication Services - 0.04% | ||||||||
China Communications Services | ||||||||
Corp., Ltd. (b) | 250,000 | 115,835 | ||||||
China Telecom Corp., Ltd. - ADR | 2,782 | 128,167 | ||||||
Telekomunikasi Indonesia | ||||||||
Persero Tbk PT - ADR | 2,745 | 108,070 | ||||||
352,072 |
Electric Utilities - 0.08% | ||||||||
Light SA (b) | 23,000 | 188,947 | ||||||
PGE SA (b) | 38,625 | 241,322 | ||||||
Tauron Polska Energia SA (b) | 158,729 | 275,202 | ||||||
705,471 |
Electrical Equipment - 0.01% | ||||||||
Boer Power Holdings, Ltd. (b) | 81,000 | 109,233 | ||||||
Electronic Equipment, Instruments | ||||||||
& Components - 5.11% | ||||||||
Arrow Electronics, Inc. (a) | 102,161 | 6,064,277 | ||||||
Avnet, Inc. | 119,040 | 5,538,931 | ||||||
Benchmark Electronics, Inc. (a) | 107,491 | 2,434,671 | ||||||
Chin-poon Industrial Co., | ||||||||
Ltd. (b) | 151,000 | 275,385 | ||||||
Delta Electronics Thailand | ||||||||
PCL - NVDR | 230,000 | 419,449 |
30 The Leuthold Funds - 2014 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Core Investment Fund
Schedule of Investments (continued)
March 31, 2014 (Unaudited)
Shares | Fair Value |
COMMON STOCKS - 69.92% (continued) | ||||||||
Electronic Equipment, Instruments | ||||||||
& Components - 5.11% (continued) | ||||||||
Flextronics International, | ||||||||
Ltd. (a)(b) | 422,267 | $ | 3,901,747 | |||||
Ingram Micro, Inc. (a) | 156,351 | 4,621,736 | ||||||
Insight Enterprises, Inc. (a) | 116,671 | 2,929,609 | ||||||
IsuPetasys Co., Ltd. (b) | 32,000 | 159,747 | ||||||
Jabil Circuit, Inc. | 203,138 | 3,656,484 | ||||||
Jahwa Electronics Co., Ltd. (b) | 7,960 | 134,963 | ||||||
Sanmina Corp. (a) | 143,914 | 2,511,299 | ||||||
SYNNEX Corp. (a) | 61,001 | 3,697,271 | ||||||
Taiwan Union Technology | ||||||||
Corp. (b) | 145,000 | 134,186 | ||||||
TE Connectivity, Ltd. (b) | 111,637 | 6,721,664 | ||||||
43,201,419 |
Food & Staples Retailing - 4.44% | ||||||||
CVS Caremark Corp. | 234,823 | 17,578,850 | ||||||
Magnit OJSC - GDR | 6,078 | 332,812 | ||||||
Walgreen Co. | 297,304 | 19,630,983 | ||||||
37,542,645 |
Food Products - 0.06% | ||||||||
Biostime International Holdings, | ||||||||
Ltd. (b) | 32,000 | 219,869 | ||||||
Lotte Food Co., Ltd. (b) | 397 | 295,086 | ||||||
Tereos Internacional SA (b) | 34,900 | 25,994 | ||||||
540,949 | ||||||||
Health Care Equipment & Supplies - 0.03% | ||||||||
i-SENS, Inc. (a)(b) | ||||||||
Kossan Rubber Industries (b) | 1,829 | 91,450 | ||||||
144,100 | 188,129 | |||||||
279,579 |
Health Care Providers & Services - 10.16% | ||||||||
Aetna, Inc. | 79,656 | 5,971,810 | ||||||
AmerisourceBergen Corp. | 120,817 | 7,924,387 | ||||||
Cardinal Health, Inc. | 137,696 | 9,635,966 |
CIGNA Corp. | 46,195 | 3,867,907 | ||||||
Henry Schein, Inc. (a) | 66,035 | 7,882,598 | ||||||
Humana, Inc. | 46,195 | 5,207,100 | ||||||
Magellan Health Services, | ||||||||
Inc. (a) | 54,486 | 3,233,744 | ||||||
McKesson Corp. | 81,433 | 14,378,625 | ||||||
Mediclinic International, | ||||||||
Ltd. (b) | 26,500 | 188,148 | ||||||
Patterson Companies, Inc. | 59,816 | 2,497,916 | ||||||
PharMerica Corp. (a) | 111,045 | 3,107,039 | ||||||
Qualicorp SA (a)(b) | 18,500 | 186,060 | ||||||
Shanghai Pharmaceuticals | ||||||||
Holding Co., Ltd. (b) | 173,200 | 394,222 | ||||||
UnitedHealth Group, Inc. | 104,530 | 8,570,415 | ||||||
WellCare Health Plans, Inc. (a) | 43,826 | 2,783,828 | ||||||
WellPoint, Inc. | 100,385 | 9,993,327 | ||||||
85,823,092 | ||||||||
Hotels, Restaurants & Leisure - 0.04% | ||||||||
REXLot Holdings, Ltd. (b) | 1,406,000 | 163,518 | ||||||
SJM Holdings, Ltd. (b) | 59,000 | 166,217 | ||||||
329,735 |
Household Durables - 0.22% | ||||||||
Even Construtora e Incorporadora | ||||||||
SA (b) | 81,000 | 268,453 | ||||||
Ez Tec Empreendimentos e | ||||||||
Participacoes SA (B) | 11 ,400 | 140,628 | ||||||
Haier Electronics Group Co., | ||||||||
Ltd. (b) | 112,000 | 303,994 | ||||||
Lentex SA (b) | 55,135 | 147,698 | ||||||
Man Wah Holdings, Ltd. (b) | 115,200 | 194,920 | ||||||
Skyworth Digital Holdings, | ||||||||
Ltd. (b) | 352,000 | 193,826 | ||||||
Steinhoff International | ||||||||
Holdings, Ltd. (b) | 116,895 | 565,365 | ||||||
1,814,884 |
See Notes to the Financial Statements. | The Leuthold Funds - 2014 Semi-Annual Report 31 |
Leuthold Core Investment Fund
Schedule of Investments (continued)
March 31, 2014 (Unaudited)
Shares | Fair Value |
COMMON STOCKS - 69.92% (continued) | ||||||||
Insurance - 4.85% |
American Financial Group, Inc. | 88,836 | $ | 5,126,726 | |||||
American International | ||||||||
Group, Inc. | 146,579 | 7,330,416 | ||||||
Assurant, Inc. | 133,254 | 8,656,180 | ||||||
Genworth Financial, Inc. - | ||||||||
Class A (a) | 622,443 | 11,035,914 | ||||||
Hartford Financial Services | ||||||||
Group, Inc. | 217,352 | 7,666,005 | ||||||
PICC Property & Casualty | ||||||||
Co., Ltd. (b) | 508,000 | 697,261 | ||||||
Porto Seguro SA (b) | 12,500 | 173,424 | ||||||
Shin Kong Financial Holding | ||||||||
Co., Ltd. (b) | 1,010,000 | 319,678 | ||||||
41,005,604 | ||||||||
Internet Sofware & Services - 0.12% | ||||||||
SouFun Holdings, Ltd. - ADR | ||||||||
Tencent Holdings, Ltd. (b) | 2,673 | 182,887 | ||||||
12,400 | 865,522 | |||||||
1,048,409 |
IT Services - 7.23% | ||||||||
Accenture PLC - Class A (b) | 42,641 | 3,399,340 | ||||||
Amdocs, Ltd. | 57,447 | 2,668,988 | ||||||
Cognizant Technology | ||||||||
Solutions Corp. - Class A (a) | 56,854 | 2,877,381 | ||||||
Comp SA (a)(b) | 4,800 | 97,595 | ||||||
Computer Sciences Corp. | 73,734 | 4,484,502 | ||||||
Convergys Corp. | 98,904 | 2,166,987 | ||||||
CoreLogic, Inc. (a) | 147,171 | 4,421,017 | ||||||
DST Systems, Inc. | 40,865 | 3,873,593 | ||||||
Fiserv, Inc. (a) | 69,884 | 3,961,724 | ||||||
Gartner, Inc. (a) | 37,015 | 2,570,322 | ||||||
Global Payments, Inc. | 38,792 | 2,758,499 | ||||||
International Business | ||||||||
Machines Corp. | 27,835 | 5,357,959 | ||||||
Jack Henry & Associates, Inc. | 53,302 | 2,972,119 |
Korea Info & Comm (a)(b) | 29,000 | 176,232 | ||||||
Mastercard, Inc. - Class A | 74,930 | 5,597,271 | ||||||
Nice Information & | ||||||||
Telecommunication, Inc. (b) | 12,600 | 186,298 | ||||||
Sapient Corp. (a) | 186,555 | 3,182,628 | ||||||
Total System Services, Inc. | 69,588 | 2,116,171 | ||||||
Travelsky Technology, Ltd. (b) | 208,000 | 184,723 | ||||||
Visa, Inc. - Class A | 28,137 | 6,073,653 | ||||||
Western Union Co. | 119,040 | 1,947,494 | ||||||
61,074,496 | ||||||||
Machinery - 0.04% | ||||||||
Hy Lok Corp. (b) | 6,750 | 195,387 | ||||||
Kaulin Manufacturing Co., | ||||||||
Ltd. (b) | 110,000 | 113,815 | ||||||
309,202 | ||||||||
Media - 0.02% | ||||||||
Cyfrowy Polsat SA (a)(b) | 26,500 | 187,136 | ||||||
Metals & Mining - 0.05% | ||||||||
Eregli Demir Celik Fabrikalari | ||||||||
TAS (b) | 152,000 | 196,062 | ||||||
Kumba Iron Ore, Ltd. (b) | 6,684 | 239,509 | ||||||
435,571 |
Oil, Gas & Consumable Fuels - 0.28% | ||||||||
China Petroleum & Chemical | ||||||||
Corp. -ADR | 6,799 | 608,510 | ||||||
CNOOC, Ltd. - ADR | 1,398 | 212,230 | ||||||
Lukoil OAO - ADR | 7,318 | 407,014 | ||||||
Polskie Gornictwo Naftowe i | ||||||||
Gazownictwo SA (b) | 134,185 | 197,100 | ||||||
PTT Exploration & Production | ||||||||
PCL - NVDR | 30,300 | 146,697 | ||||||
PTT PCL - NVDR | 18,800 | 173,285 | ||||||
Rosneft OAO - GDR | 40,827 | 272,246 | ||||||
Sasol, Ltd. - ADR | 6,545 | 365,735 | ||||||
2,382,817 |
32 The Leuthold Funds - 2014 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Core Investment Fund
Schedule of Investments (continued)
March 31, 2014 (Unaudited)
Shares | Fair Value |
COMMON STOCKS - 69.92% (continued) | ||||||||
Paper & Forest Products - 0.09% |
Duratex SA (b) | 46,500 | $ | 237,726 | |||||
Fibria Celulose SA - ADR (a) | 25,433 | 281,289 | ||||||
Mondi, Ltd. (b) | 14,125 | 247,369 | ||||||
766,384 | ||||||||
Personal Products - 0.05% | ||||||||
AMOREPACIFIC Group (b) | 865 | 416,465 |
Pharmaceuticals - 0.14% | ||||||||
Aspen Pharmacare Holdings, Ltd. (b) | 17,302 | 461,752 | ||||||
Baiyunshan Pharmaceutical Holdings Co., Ltd. (b) | 54,000 | 183,662 | ||||||
Dr. Reddy's Laboratories, Ltd. - | ||||||||
ADR | 9,378 | 411,694 | ||||||
Richter Gedeon Nyrt (b) | 8,266 | 144,188 | ||||||
1,201,296 | ||||||||
Real Estate Management & Development - 0.26% | ||||||||
Alam Sutera Realty Tbk PT (b) | 1,831,500 | 97,129 | ||||||
Bumi Serpong Dumai PT (b) | 1,959,300 | 284,903 | ||||||
China South City Holdings, | ||||||||
Ltd. (b) | 564,000 | 257,480 | ||||||
CIFI Holdings Group Co., | ||||||||
Ltd. (b) | 770,000 | 151,185 | ||||||
Franshion Properties China, | ||||||||
Ltd. (b) | 466,000 | 155,867 | ||||||
New World Development Co., | ||||||||
Ltd. (b) | 374,00 | 233,327 | ||||||
New World Development Co., | ||||||||
Ltd. (b) | 97,000 | 97,851 | ||||||
Shimao Property Holdings, Ltd. (b) | 84,500 | 186,020 | ||||||
Sunway Bhd (b) | 205,900 | 191,583 | ||||||
UOL Group, Ltd. (b) | 32,000 | 159,583 | ||||||
Vista Land & Lifescapes, | ||||||||
Inc. (a)(b) | 1,600,000 | 188,287 | ||||||
Wing Tai Holdings, Ltd. (b) | 120,000 | 175,018 | ||||||
2,178,233 | ||||||||
Road & Rail - 0.02% | ||||||||
PKP Cargo SA (a)(B) | 6,000 | 179,575 | ||||||
Semiconductors & Semiconductor | ||||||||
Equipment - 0.26% | ||||||||
Lumens Co., Ltd. (a)(b) | 14,700 | 184,637 | ||||||
MediaTek, Inc. (b) | 15,000 | 222,025 | ||||||
Samsung Electronics Co. | 853 | 1,078,340 |
Sk Hynix, Inc. (a)(b) | 5,100 | 173,047 | ||||||
Taiwan Semiconductor Co., | ||||||||
Ltd. (b) | 151,000 | 182,260 | ||||||
Taiwan Semiconductor | ||||||||
Manufacturing Co., Ltd. - ADR | 8,557 | 171,311 | ||||||
Vanguard International | ||||||||
Semiconductor Corp. (b) | 120,000 | 179,418 | ||||||
2,191,038 |
Sofware - 3.97% | ||||||||
Asseco Poland SA (b) | 14,546 | 225,738 | ||||||
AVG Technologies N V (a)(b) | 238,672 | 5,002,565 | ||||||
CA, Inc. | 159,016 | 4,924,725 | ||||||
Check Point Software Technologies, | ||||||||
Ltd. (a)(b) | 82,025 | 5,547,351 | ||||||
MICROS Systems, Inc. (a) | 69,292 | 3,667,626 | ||||||
Microsoft Corp. | 179,152 | 7,343,440 | ||||||
Oracle Corp. | 167,604 | 6,856,680 | ||||||
33,568,125 |
Specialty Retail - 5.92% | ||||||||
Advance Auto Parts, Inc. | 47,415 | 5,997,997 | ||||||
AsburyAutomotive Group, Inc. (a) | 114,302 | 6,322,044 | ||||||
AutoNation, Inc. (a) | 81,137 | 4,318,923 | ||||||
AutoZone, Inc. (a) | 10,364 | 5,566,504 | ||||||
CarMax, Inc. (a) | 98,904 | 4,628,707 | ||||||
Group 1 Automotive, Inc. | 44,418 | 2,916,486 | ||||||
Lithia Motors, Inc. - Class A | 102,161 | 6,789,620 | ||||||
O'Reilly Automotive, Inc. (a) | 60,112 | 8,920,020 | ||||||
Penske Automotive Group, Inc. | 106,603 | 4,558,344 | ||||||
50,018,645 |
See Notes to the Financial Statements. | The Leuthold Funds - 2014 Semi-Annual Report 33 |
Leuthold Core Investment Fund
Schedule of Investments (continued)
March 31, 2014 (Unaudited)
Shares | Fair Value |
COMMON STOCKS - 69.92% (continued) | ||||||||
Technology Hardware, Storage & | ||||||||
Peripherals - 5.51% |
Apple, Inc. | 10,332 | $ | 5,545,598 | |||||
Catcher Technology Co., Ltd. (b) | 25,000 | 181,522 | ||||||
EMC Corp. | 189,517 | 5,194,661 | ||||||
Hewlett-Packard Co. | 174,033 | 5,631,708 | ||||||
Lenovo Group, Ltd. (b) | 832,000 | 920,292 | ||||||
Lexmark International, Inc. - | ||||||||
Class A | 153,982 | 7,127,827 | ||||||
Pegatron Corp. (b) | 290,000 | 432,634 | ||||||
QLogic Corp. (a) | 217,648 | 2,775,012 | ||||||
SanDisk Corp. | 77,583 | 6,298,964 | ||||||
Seagate Technology PLC (b) | 104,234 | 5,853,781 | ||||||
Western Digital Corp. | 71,957 | 6,607,092 | ||||||
46,569,091 | ||||||||
Textiles, Apparel & Luxury Goods - 0.03% | ||||||||
Shenzhou International Group | ||||||||
Holdings, Ltd. (b) | 73,000 | 232,077 | ||||||
Trading Companies & Distributors - 0.02% | ||||||||
Barloworld, Ltd. (b) | 17,400 | 182,225 | ||||||
Transportation Infrastructure - 0.02% | ||||||||
Arteris SA (b) | 21,442 | 171,895 | ||||||
Water Utilities - 0.04% | ||||||||
Cia de Saneamento Basico do | ||||||||
Estado de Sao Paulo - ADR | 35,690 | 330,489 | ||||||
Wireless Telecommunication Services - 0.18% |
China Mobile, Ltd. - ADR | 6,930 | 315,939 | ||||||
Mobile Telesystems OJSC - ADR | 18,304 | 320,137 | ||||||
MTN Group, Ltd. (b) | 9,880 | 202,213 | ||||||
SK Telecom Co., Ltd. - ADR | 8,361 | 188,708 | ||||||
Tim Participacoes SA - ADR | 12,073 | 313,415 | ||||||
Turkcell Iletisim Hizmetleri | ||||||||
AS - ADR (a) | 10,258 | 141,253 | ||||||
1,481,665 | ||||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $452,237,765) | $ | 590,865,014 | ||||||
PREFERRED STOCKS - 0.07% | ||||||||
Banks - 0.02% | ||||||||
Itau Unibanco Holding SA - ADR | 8,906 | $ | 132,343 | |||||
Chemicals - 0.02% | ||||||||
Braskem SA - ADR (a) | 12,267 | 191,610 | ||||||
Food & Staples Retailing - 0.03% | ||||||||
Cia Brasilerira de Distribuicao | ||||||||
Grupo Pao de Acucar - ADR | 5,668 | 248,032 | ||||||
TOTAL PREFERRED STOCKS | ||||||||
(Cost $549,293) | $ | 571,985 | ||||||
INVESTMENT COMPANIES - 9.47% | ||||||||
Exchange Traded Funds - 9.47% | ||||||||
CurrencyShares Japanese | ||||||||
Yen Trust (d) | 125,846 | $ | 11,896,222 | |||||
iShares CMBS ETF | 20,199 | 1,032,573 | ||||||
iShares iBoxx $ Investment Grade | ||||||||
Corporate Bond ETF | 18,500 | 2,163,945 | ||||||
ishares MBS ETF | 212,916 | 22,596,775 | ||||||
PIMCO 0-5 Year High Yield | ||||||||
Corporate Bond Index Exchange - | ||||||||
Traded Fund | 7,765 | 827,827 | ||||||
PowerShares Build America Bond | ||||||||
Portfolio | 225,551 | 6,486,847 | ||||||
PowerShares International | ||||||||
Corporate Bond Portfolio | 33,368 | 1,000,372 | ||||||
PowerShares Senior Loan | ||||||||
Portfolio | 187,963 | 4,663,362 | ||||||
SPDR Barclays International | ||||||||
Coporate Bond ETF | 27,664 | 1,032,697 | ||||||
SPDR Barclays International | ||||||||
Treasury Bond ETF | 376,597 | 22,362,330 |
34 The Leuthold Funds - 2014 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Core Investment Fund
Schedule of Investments (continued)
March 31, 2014 (Unaudited)
Shares | Fair Value |
INVESTMENT COMPANIES - 9.47% (continued) | ||||||||
Exchange Traded Funds - 9.47% (continued) | ||||||||
SPDR Barclays Short-Term | ||||||||
International Treasury | ||||||||
Bond ETF | 52,283 | $ | 1,883,234 | |||||
Vanguard Mortgage-Backed | ||||||||
Securities ETF | 79,679 | 4,119,404 | ||||||
TOTAL INVESTMENT COMPANIES | ||||||||
(Cost $80,664,056) | $ | 80,065,588 | ||||||
Principal Amount | Fair Value | |||||||
CORPORATE BONDS - 2.45% | ||||||||
Biotechnology - 0.18% | ||||||||
Amgen, Inc. | ||||||||
4.100%, 06/15/2021 | $ | 1,417,000 | $ | 1,499,124 | ||||
Capital Markets - 0.59% | ||||||||
Goldman Sachs Group, Inc. | ||||||||
6.150%, 04/01/2018 | 4,326,000 | 4,945,448 | ||||||
Electric Utilities - 0.16% | ||||||||
Duke Energy Corp. | ||||||||
3.950%, 09/15/2014 | 1,354,000 | 1,375,611 | ||||||
Health Care Providers & Services - 0.33% | ||||||||
Coventry Health Care, Inc. | ||||||||
5.950%, 03/15/2017 | 2,469,000 | 2,781,141 | ||||||
Industrial Conglomerates - 0.54% | ||||||||
General Electric Co. | ||||||||
5.950%, 03/15/2017 | 4,012,000 | 4,546,535 | ||||||
Oil, Gas & Consumable Fuels - 0.56% | ||||||||
Enterprise Products Operating, LLC | ||||||||
5.600%, 10/15/2014 | 2,044,000 | 2,098,779 | ||||||
Petrohawk Energy Corp. | ||||||||
7.250%, 08/15/2018 | 2,484,000 | 2,635,524 | ||||||
4,734,303 | ||||||||
Tobacco - 0.09% | ||||||||
Altria Group, Inc. | ||||||||
9.700%, 11/10/2018 | 600,000 | $ | 787,570 | |||||
TOTAL CORPORATE BONDS | ||||||||
(Cost $19,748,628) | $ | 20,669,732 | ||||||
UNITED STATES TREASURY | ||||||||
OBLIGATIONS - 2.94% |
United States Treasury Notes - 2.94% | ||||||||
1.375%, 09/30/2018 | $ | 6,044,000 | $ | 5,989,701 | ||||
1.375%, 11/30/2018 | 5,455,000 | 5,393,631 | ||||||
1.000%, 11/30/2019 | 6,263,000 | 5,935,658 | ||||||
2.125%, 08/31/2020 | 7,569,000 | 7,547,716 | ||||||
TOTAL UNITED STATES TREASURY | ||||||||
OBLIGATIONS | ||||||||
(Cost $25,557,576) | $ | 24,886,706 | ||||||
FOREIGN GOVERNMENT BONDS - 6.75% | ||||||||
Bank Nederlandse Gemeenten | ||||||||
1.850%, 11/07/2016 (b) | ||||||||
JPY | 410,000,000 | $ | 4,156,867 | |||||
Development Bank of Japan | ||||||||
1.750%, 03/17/2017 (b) | ||||||||
JPY | 410,000,000 | 4,159,521 | ||||||
Federal Republic of Germany | ||||||||
3.500%, 07/04/2019 (b) | ||||||||
EUR | 7,820,000 | 12,363,652 | ||||||
Government of France | ||||||||
3.500%, 04/25/2020 (b) | ||||||||
EUR | 2,600,000 | 4,070,853 | ||||||
Government of United Kingdom | ||||||||
3.750%, 09/07/2020 (b) | ||||||||
GBP | 2,950,000 | 5,375,715 |
See Notes to the Financial Statements. | The Leuthold Funds - 2014 Semi-Annual Report 35 |
Leuthold Core Investment Fund
Schedule of Investments (continued)
March 31, 2014 (Unaudited)
Principal Amount | Fair Value |
FOREIGN GOVERNMENT BONDS - 6.75% (continued) | ||||||||
Kingdom of Spain |
3.750%, 10/31/2018 (b) | ||||||||
EUR | $ | 2,210,000 | $ | 3,315,533 | ||||
4.000%, 04/30/2020 (b) | ||||||||
EUR | 4,110,000 | 6,240,845 | ||||||
Province of Manitoba Canada | ||||||||
1.750%, 05/30/2019 (b) | ||||||||
USD | 3,800,000 | 3,738,649 | ||||||
Province of Ontario Canada | ||||||||
4.500%, 03/01/2019 (b) | ||||||||
USD | 4,900,000 | 5,331,205 | ||||||
Republic of Italy | ||||||||
3.500%, 04/25/2020 (b) | ||||||||
EUR | 2,190,000 | 3,390,184 | ||||||
4.250%, 09/01/2019 | ||||||||
EUR | 3,200,000 | 4,906,629 | ||||||
TOTAL FOREIGN GOVERNMENT BONDS | ||||||||
(Cost $55,107,368) | $ | 57,049,653 | ||||||
Shares | Fair Value | |||||||
RIGHTS - 5.58% | ||||||||
Real Estate Managemnet Development - 0.00% | ||||||||
New World Development | ||||||||
(a)(e)(f)(g) | 32,333 | $ | 6,670 | |||||
TOTAL RIGHTS (Cost $8,857) | $ | 6,670 | ||||||
SHORT-TERM INVESTMENTS - 5.58% | ||||||||
Money Market Funds - 5.58% | ||||||||
Fidelity Institutional Money Market | ||||||||
Funds - Government Portfolio, | ||||||||
0.01% (c)(h) | 47,122,805 | $ | 47,122,805 | |||||
TOTAL SHORT-TERM INVESTMENTS | ||||||||
(Cost $47,122,805) | $ | 47,122,805 | ||||||
Total Investments | ||||||||
(Cost $680,996,348) - 97.18% | $ | 821,218,153 | ||||||
Other Assets in Excess of | ||||||||
Liabilities - 2.82% | 28,803,993 | |||||||
TOTAL NET ASSETS - 100.00% | $ | 845,022,146 |
Percentages are stated as a percent of net assets.
ADR | American Depository Receipt |
EUR | Euro |
GBP | British Pound |
GDR | Global Depository Receipt |
JPY | Japanese Yen |
NVDR | Non-Voting Depository Receipt |
USD | U.S. Dollar |
(a) | Non-income producing security. |
(b) | Foreign issued security. |
(c) | The rate quoted is the annualized seven-day yield as of March 31, 2014. |
(d) | Affiliated security (See Note 2). |
(e) | Restricted security. |
(f) | The security is currently being fair valued in accordance with procedures established by the Board of Directors of Leuthold Funds, Inc. due to a lack of market activity and observable inputs. |
(g) | Illiquid security. |
(h) | 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. |
36 The Leuthold Funds - 2014 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Core Investment Fund
Schedule of Investments Sold Short (continued)
March 31, 2014 (Unaudited)
Shares | Fair Value |
COMMON STOCKS - 4.51% | ||||||||
Aerospace & Defense - 0.05% | ||||||||
DigitalGlobe, Inc. | 15,695 | $ | 455,312 | |||||
Air Freight & Logistics - 0.09% | ||||||||
UTi Worldwide, Inc. | 13,817 | 146,322 | ||||||
XPO Logistics, Inc. | 20,486 | 602,493 | ||||||
748,815 | ||||||||
Airlines - 0.05% | ||||||||
Latam Airlines Group SA - ADR | 28,590 | 430,279 | ||||||
Banks - 0.08% | ||||||||
First Horizon National Corp. | 52,143 | 643,445 | ||||||
Building Products - 0.08% | ||||||||
USG Corp. | 19,688 | 644,191 | ||||||
Chemicals - 0.10% | ||||||||
Intrepid Potash, Inc. | 13,696 | 211,740 | ||||||
Potash Corp. of Saskatchewan, | ||||||||
Inc. (b) | 18,420 | 667,173 | ||||||
878,913 | ||||||||
Commercial Services & Supplies - 0.16% | ||||||||
Covanta Holding Corp. | 37,672 | 679,980 | ||||||
Iron Mountakn, Inc. | 23,895 | 658,785 | ||||||
1,338,765 | ||||||||
Communications Equipmment - 0.05% | ||||||||
Infinera Corp. | ||||||||
Ruckus Wireless, Inc. | 21,150 | 210,202 | ||||||
15,390 | 187,142 | |||||||
397,344 | ||||||||
Construction & Engineering - 0.03% | ||||||||
Granite Construction, Inc. | 6,829 | 272,682 | ||||||
Construction Materials - 0.16% | ||||||||
Martin Marietta Materials, Inc. | 5,135 | 659,077 | ||||||
Texas Industries, Inc. | 7,691 | 689,268 | ||||||
1,348,345 | ||||||||
Diversified Consumer Services - 0.80% | ||||||||
H&R Block, Inc. | 21,478 | 648,421 | ||||||
Diversified Telecommunication SErvices - 0.13% | ||||||||
CenturyLink, Inc. | 20,844 | 684,517 | ||||||
TW Telecom, Inc. | 14,380 | 449,519 | ||||||
1,134,036 | ||||||||
Electric Utilities - 0.08% | ||||||||
Southern Co. | 16,432 | 722,022 | ||||||
Electrical Equipment - 0.05% | ||||||||
General Cable Corp. | 15,366 | 393,523 | ||||||
Energy Equipment & Services - 0.14% | ||||||||
Basic Energy Services, Inc. | 27,386 | 750,650 | ||||||
Key Energy Services, Inc. | 51,712 | 477,819 | ||||||
1,228,469 | ||||||||
Food Products - 0.05% | ||||||||
Dean Foods Co. | 25,015 | 386,732 | ||||||
Gas Utilities - 0.08% | ||||||||
Piedmont Natural Gas Co., Inc. | 11,614 | 411,020 | ||||||
WGL Holdings, Inc. | 5,820 | 233,149 | ||||||
644,169 | ||||||||
Health Care Providers & Services - 0.07% | ||||||||
Tenet Healthcare Corp. | 14,626 | 626,139 | ||||||
Health Care Technology - 0.05% | ||||||||
HMS Holdings Corp. | 22,211 | 423,119 | ||||||
Hotels, Restaurants & Leisure - 0.12% | ||||||||
SeaWorld Entertainment, Inc. | 7,334 | 221,707 | ||||||
Six Flags Entertainment Corp. | 15,441 | 619,956 | ||||||
Vail Resorts, Inc. | 2,931 | 204,291 | ||||||
1,045,954 |
See Notes to the Financial Statements. | The Leuthold Funds - 2014 Semi-Annual Report 37 |
Leuthold Core Investment Fund
Schedule of Investments Sold Short (continued)
March 31, 2014 (Unaudited)
Shares | Fair Value | |||||||
COMMON STOCKS - 4.51% (continued) | ||||||||
Independent Power and Renewable | ||||||||
Electricity Producers - 0.17% | ||||||||
Calpine Corp. | 36,238 | $ | 757,737 | |||||
NRG Energy, Inc. | 21,394 | 680,329 | ||||||
1,438,066 | ||||||||
Internet & Catalog Retail - 0.07% | ||||||||
Shutterfly, Inc. | ||||||||
13,540 | 577,887 | |||||||
Internet Software & Services - 0.36% | ||||||||
Cvent, Inc. | 11,032 | 398,807 | ||||||
Equinix, Inc. | 3,964 | 732,706 | ||||||
Marketo, Inc. | 17,704 | 578,390 | ||||||
Rackspace Hosting, Inc. | 18,691 | 613,438 | ||||||
Trulia, Inc. | 21,520 | 714,464, | ||||||
3,037,805 | ||||||||
Machinery - 0.03% | ||||||||
Briggs & Stratton Corp. | ||||||||
10,067 | 223,991 | |||||||
Media - 0.23% | ||||||||
Lamar Advertising Co. - Class A | 12,982 | 661,952 | ||||||
Liberty Global PLC - Class A (b) | 8,252 | 343,283 | ||||||
Liberty Global PLC - Class C (b) | 8,252 | 335,939 | ||||||
Thomson Reuters Corp. | 17,294 | 591,455 | ||||||
1,932,629 | ||||||||
Metals & Mining - 0.12% | ||||||||
Allegheny Technologies, Inc. | 20,356 | 767,014 | ||||||
Coeur Mining, Inc. | 29,945 | 278,189 | ||||||
1,045,203 | ||||||||
Oil, Gas & Consumable Fuels - 0.79% | ||||||||
Alpha Natural Resources, Inc. | 96,053 | 408,225 | ||||||
Comstock Resources, IN.c | 30,701 | 701,518 | ||||||
CONSOL Energy, Inc. | 17,586 | 702,561 | ||||||
Encana Corp. (b) | 36,626 | 783,064 | ||||||
Kinder Morgan, Inc. | 20,482 | 665,460 | ||||||
MarkWest Energy Partners, LP | 9,403 | 614,204 | ||||||
PDC Energy, Inc. | 11,172 | 695,569 | ||||||
Tailsman Energy, Inc. (b) | 58,766 | 586,485 | ||||||
Teekay Corp. (b) | 10,304 | 579,497 | ||||||
Tesoro Logistics LP | 3,548 | 213,625 | ||||||
Williams Companies, Inc. | 17,118 | 694,648 | ||||||
6,644,856 | ||||||||
Professional Services - 0.05% | ||||||||
Advisory Board Co. | ||||||||
6,810 | 437,542 | |||||||
Real Estate Investment Trusts (REITs) - 0.47% | ||||||||
American Tower Corp. | 8,312 | 680,503 | ||||||
AvalonBay Communities, Inc. | 5,678 | 745,635 | ||||||
Crown Castle International Corp. | 8,803 | 649,485 | ||||||
Digital Realty Trust, Inc. | 11,283 | 598,902 | ||||||
Realty Income Corp. | 15,014 | 613,472 | ||||||
Regency Centers Corp. | 13,275 | 677,822 | ||||||
3,965,819 | ||||||||
Semiconductors & Semiconductor | ||||||||
Equipment - 0.12% | ||||||||
PMC - Sierra, Inc. | 28,276 | 215,180 | ||||||
Tessera Technologies, Inc. | 11,134 | 263,097 | ||||||
Veeco Instruments, Inc. | 12,626 | 529,408 | ||||||
1,007,685 | ||||||||
Software - 0.13% | ||||||||
Gigamon, Inc. | 28,276 | 198,204 | ||||||
Jive Software, Inc. | 11,134 | 256,552 | ||||||
Qlik Technologies, Inc. | 12,626 | 609,336 | ||||||
1,064,092 | ||||||||
Speciality Retail - 0.17% | ||||||||
Abercrombie & Fitch Co. - | ||||||||
Class A | 18,179 | 699,891 | ||||||
Five Below, Inc. | 17,614 | 748,243 | ||||||
1,448,134 |
38 The Leuthold Funds - 2014 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Global Fund
Schedule of Investments
March 31, 2014 (Unaudited)
Shares | Fair Value | |||||||
COMMON STOCKS - 4.51% (continued) | ||||||||
Technology Hardware, Storage & | ||||||||
Peripherals - 0.07% | ||||||||
Fusion-io, Inc. | 56,010 | $ | 589,225 | |||||
Transportation Infrastructure - 0.03% | ||||||||
Macquarie Infrastructure Co., LLC | 4,328 | 247,865 | ||||||
TOTAL COMMON STOCKS | ||||||||
(Proceeds $38,150,557) | $ | 38,071,474 | ||||||
INVESTMENT COMPANIES - 0.32% | ||||||||
Exchange Traded Funds - 0.32% | ||||||||
SPDR S&P 500 ETF Trust | 14,626 | $ | 2,735,647 | |||||
TOTAL INVESTMENT COMPANIES | ||||||||
(Proceeds $2,665,775) | $ | 2,735,647 | ||||||
TOTAL SECURITIES SOLD SHORT | ||||||||
(Proceeds $40,816,332) - 4.83% | $ | 40,807,121 |
Percentages are stated as a percent of net assets.
ADR | American Depository Receipt |
(a) | Non-income producing security. |
(b) | Foreign issued security. |
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC(“S&P”). GICS is a service mark of MSCI 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 - 2014 Semi-Annual Report 39 |
Leuthold Global Fund
Schedule of Investments
March 31, 2014 (Unaudited)
Shares | Fair Value | |||||||
COMMON STOCKS - 67.80% | ||||||||
Aerospace & Defense - 1.12% | ||||||||
Alliant Techsystems, Inc. | 12,700 | $ | 1,805,305 | |||||
L-3 Communications Holdings, | ||||||||
Inc. | 17,157 | 2,027,100 | ||||||
3,832,405 |
Airlines - 4.13% | ||||||||
Alaska Air Group, Inc. | 21,197 | 1,977,892 | ||||||
American Airlines Group, Inc. (a) | 125,445 | 4,591,287 | ||||||
Copa Holdings SA - Class A (b) | 7,936 | 1,152,228 | ||||||
Delta Air Lines, Inc. | 112,558 | 3,900,134 | ||||||
JetBlue Airways Corp. (a) | 284,326 | 2,470,793 | ||||||
14,092,334 |
Auto Components - 7.49% | ||||||||
Brembo SpA (b) | 36,940 | 1,398,349 | ||||||
Cie Generale des Etablissements | ||||||||
Michelin (b) | 20,199 | 2,525,189 | ||||||
Continental AG (b) | 15,291 | 3,667,068 | ||||||
Dana Holding Corp. | 56,180 | 1,307,309 | ||||||
GKN PLC (b) | 222,244 | 1,448,083 | ||||||
Lear Corp. | 22,810 | 1,909,653 | ||||||
Leoni AG (b) | 20,199 | 1,477,187 | ||||||
Magna International, Inc. (b) | 26,663 | 2,567,914 | ||||||
Pirelli & Co. (b) | 89,955 | 1,415,061 | ||||||
Plastic Omnium SA (b) | 42,966 | 1,593,131 | ||||||
Showa Corp. (b) | 87,300 | 958,212 | ||||||
Sumitomo Rubber Industries, | ||||||||
Ltd. (b) | 62,000 | 788,631 | ||||||
Tianneng Power International, | ||||||||
Ltd. (b) | 646,000 | 218,558 | ||||||
TRW Automotive Holdings | ||||||||
Corp. (a) | 35,072 | 2,862,577 | ||||||
Visteon Corp. (a) | 15,967 | 1,412,121 | ||||||
25,549,043 |
Automobiles - 3.31% | ||||||||
Daihatsu Motor Co., Ltd. (b) | 26,000 | 459,094 | ||||||
Dongfeng Motor Group Co., | ||||||||
Ltd. (b) | 332,000 | 470,918 | ||||||
Ford Motor Co. | 107,575 | 1,678,170 | ||||||
Geely Automobile Holdings, | ||||||||
Ltd. (b) | 960,000 | 378,486 | ||||||
General Motors Co. (a) | 51,186 | 1,761,822 | ||||||
Hyundai Motor Co. (b) | 5,362 | 1,267,852 | ||||||
Kia Motors Corp. (b) | 21,310 | 1,190,846 | ||||||
Nissan Motor Co., Ltd. (b) | 109,200 | 973,335 | ||||||
Tata Motors, Ltd. - ADR | 32,250 | 1,141,972 | ||||||
Thor Industries, Inc. | 12,569 | 767,463 | ||||||
Volkswagen AG (b) | 4,620 | 1,172,114 | ||||||
11,262,072 | ||||||||
Banks - 1.02% | ||||||||
Fifth Third Bancorp | 109,693 | 2,517,454 | ||||||
Popular, Inc. (a)(b) | 30,637 | 949,441 | ||||||
3,466,895 |
Electric Utilities - 2.30% | ||||||||
CEZ AS (b) | 84,064 | 2,412,686 | ||||||
Energias do Brasil (b) | 251,600 | 1,129,927 | ||||||
Light SA (b) | 140,000 | 1,150,110 | ||||||
Manila Electric Co. (b) | 117,180 | 742,516 | ||||||
PGE SA (b) | 186,409 | 1,164,653 | ||||||
Tauron Polska Energia SA (b) | 709,123 | 1,229,467 | ||||||
7,829,359 |
Electronic Equipment, Instruments & | ||||||||
Components - 5.93% | ||||||||
Arrow Electronics, Inc. (a) | 29,089 | 1,726,723 | ||||||
Avnet, Inc. | 34,215 | 1,592,024 | ||||||
Benchmark Electronics, Inc. (a) | 48,791 | 1,105,116 | ||||||
Celestica, Inc. (a)(b) | 119,718 | 1,310,912 | ||||||
Daeduck GDS Co., Ltd. (b) | 39,300 | 610,849 | ||||||
Delta Electronics Thailand | ||||||||
PCL - NVDR | 441,900 | 805,890 |
40 The Leuthold Funds - 2014 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Global Fund
Schedule of Investments (continued)
March 31, 2014 (Unaudited)
Shares | Fair Value |
COMMON STOCKS - 67.80% (continued) | ||||||||
Electronic Equipment, Instruments & | ||||||||
Components - 5.93% (continued) |
FUJIFILM Holdings Corp. (b) | 88,200 | $ | 2,367,459 | |||||
Hexagon AB - Class B (b) | 49,315 | 1,676,641 | ||||||
Hon Hai Precision Industry | ||||||||
Co., Ltd. (b) | 663,000 | 1,882,753 | ||||||
Jabil Circuit, Inc. | 60,000 | 1,080,000 | ||||||
Oki Electric Industry Co., Ltd. (b) | 493,000 | 1,052,391 | ||||||
Plexus Corp. (a) | 28,214 | 1,130,535 | ||||||
Sanmina Corp. (a) | 70,022 | 1,221,884 | ||||||
SYNNEX Corp. (a) | 22,525 | 1,365,240 | ||||||
Tech Data Corp. (a) | 21,372 | 1,302,837 | ||||||
20,231,254 |
Health Care Providers & Services - 8.91% | ||||||||
Aetna, Inc. | 26,839 | 2,012,120 | ||||||
Alfresa Holdings Corp. (b) | 22,700 | 1,480,263 | ||||||
Centene Corp. (a) | 21,153 | 1,316,774 | ||||||
DaVita HealthCare Partners, | ||||||||
Inc. (a) | 17,849 | 1,228,904 | ||||||
Express Scripts Holding Co. (a) | 34,325 | 2,577,464 | ||||||
Health Net, Inc. (a) | 41,328 | 1,405,565 | ||||||
Henry Schein, Inc. (a) | 16,707 | 1,994,315 | ||||||
Humana, Inc. | 18,255 | 2,057,704 | ||||||
Laboratory Corp. of America | ||||||||
Holdings (a) | 19,133 | 1,879,052 | ||||||
Magellan Health Services, Inc. (a) | 20,736 | 1,230,682 | ||||||
Medipal Holdings Corp. (b) | 88,000 | 1,347,515 | ||||||
MEDNAX, Inc. (a) | 26,531 | 1,644,392 | ||||||
Owens & Minor, Inc. | 23,908 | 837,497 | ||||||
Primary Health Care, Ltd. (b) | 195,251 | 854,818 | ||||||
Quest Diagnostics, Inc. | 32,448 | 1,879,388 | ||||||
Suzuken Co., Ltd. (b) | 34,800 | 1,346,190 | ||||||
UnitedHealth Group, Inc. | 25,137 | 2,060,983 | ||||||
WellCare Health Plans, Inc. (a) | 18,156 | 1,153,269 | ||||||
WellPoint, Inc. | 20,626 | 2,053,318 | ||||||
30,360,213 | ||||||||
Hotels, Restaurants & Leisure- 0.35% | ||||||||
SJM Holdings, Ltd. (b) | 428,000 | 1,205,777 | ||||||
Household Durables - 1.24% | ||||||||
Helen of Troy, Ltd. (a)(b) | 24,907 | 1,724,311 | ||||||
Whirlpool Corp. | 16,645 | 2,487,762 | ||||||
4,212,073 |
Insurance - 10.03% | ||||||||
Ageas (b) | 41,752 | 1,861,704 | ||||||
Allianz SE (b) | 12,733 | 2,152,128 | ||||||
American International | ||||||||
Group, Inc. | 47,146 | 2,357,771 | ||||||
Assurant, Inc. | 21,405 | 1,390,469 | ||||||
Baloise Holding AG (b) | 16,086 | 2,024,921 | ||||||
Everest Re Group, Ltd. (b) | 14,621 | 2,237,744 | ||||||
Genworth Financial, Inc. - | ||||||||
Class A (a) | 144,304 | 2,558,510 | ||||||
Gjensidige Forsikring ASA (b) | 55,838 | 1,133,731 | ||||||
Kemper Corp. | 23,482 | 919,790 | ||||||
Liberty Holdings, Ltd. (b) | 66,816 | 788,268 | ||||||
Muenchener Rueckversicherungs | ||||||||
AG (b) | 10,672 | 2,332,028 | ||||||
PartnerRe, Ltd. (b) | 20,340 | 2,105,190 | ||||||
Porto Seguro SA (b) | 73,300 | 1,016,961 | ||||||
Powszechny Zaklad Ubezpieczen | ||||||||
SA (b) | 10,549 | 1,499,033 | ||||||
SCOR SE (b) | 60,414 | 2,116,033 | ||||||
Swiss Re AG (b) | 24,173 | 2,243,597 | ||||||
Talanx AG (b) | 28,434 | 1,022,820 | ||||||
Topdanmark A/S (a)(b) | 36,233 | 1,054,248 | ||||||
Unipol Gruppo Finanziario | ||||||||
SpA (b) | 214,437 | 1,678,905 | ||||||
Unum Group | 48,178 | 1,701,165 | ||||||
34,195,016 | ||||||||
IT Services - 0.52% | ||||||||
Xerox Corp. | 155,928 | 1,761,986 |
See Notes to the Financial Statements. | The Leuthold Funds - 2014 Semi-Annual Report 41 |
Leuthold Global Fund
Schedule of Investments (continued)
March 31, 2014 (Unaudited)
Shares | Fair Value |
COMMON STOCKS - 67.80% (continued) | ||||||||
Media - 4.43% | ||||||||
CyberAgent, Inc. (b) | 24,500 | $ | 937,862 | |||||
DIRECTV (a) | 16,970 | 1,296,847 | ||||||
Hakuhodo DY Holdings, Inc. (b) | 115,300 | 803,023 | ||||||
Havas SA (b) | 77,784 | 581,837 | ||||||
Interpublic Group of Cos, Inc. | 174,897 | 2,997,734 | ||||||
Omnicom Group, Inc. | 40,286 | 2,924,764 | ||||||
Publicis Groupe SA (b) | 27,456 | 2,478,771 | ||||||
REA Group, Ltd. (b) | 14,715 | 666,788 | ||||||
WPP PLC - ADR | 23,326 | 2,404,444 | ||||||
15,092,070 | ||||||||
Metals & Mining - 0.40% | ||||||||
Kobe Steel, Ltd. (b) | 1,026,000 | 1,361,554 | ||||||
Paper & Forest Products - 2.65% | ||||||||
Boise Cascade Co. (a) | 37,200 | 1,065,408 | ||||||
Canfor Corp. (a)(B) | 42,442 | 1,002,023 | ||||||
China Forestry Holdings Co., | ||||||||
Ltd. (a)(b)(d)(e) | 2,484,000 | 48,037 | ||||||
International Paper Co. | 49,276 | 2,260,783 | ||||||
Louisiana-Pacific Corp. (a) | 70,132 | 1,183127 | ||||||
Nippon Paper Industries Co., | ||||||||
Ltd. (b) | 51,500 | 970,961 | ||||||
Norbord, Inc. (b) | 28,539 | 752,004 | ||||||
Resolute Forest Products, | ||||||||
Inc. (a)(b) | 34,325 | 689,589 | ||||||
West Fraser Timber Co., | ||||||||
Ltd. (b) | 23,009 | 1,051,067 | ||||||
9,022,999 | ||||||||
Road & Rail - 0.56% | ||||||||
Union Pacific Corp. | 10,110 | 1,897,243 | ||||||
Semiconductors & Semiconductor | ||||||||
Equipment - 4.84% | ||||||||
A-DATA Technology Co., Ltd. (b) | 279,000 | 710,154 | ||||||
Advanced Semiconductor | ||||||||
Engineering, Inc. - ADR | 197,059 | 1,093,677 | ||||||
ChipMOS Technologies Bermuda, |
Ltd. (b) | 33,251 | 733,517 | ||||||
Cirrus Logic, Inc. (a) | 39,451 | 783,891 | ||||||
CSR PLC (b) | 68,754 | 832,733 | ||||||
First Solar, Inc. (a) | 20,648 | 1,441,024 | ||||||
Iljin Display Co., Ltd. (b) | 35,110 | 527,390 | ||||||
Intel Corp. | 82,448 | 2,127,983 | ||||||
Magnachip Semiconductor | ||||||||
Corp. (a)(b) | 36,191 | 504,503 | ||||||
NVIDIA Corp. | 100,341 | 1,797,107 | ||||||
Radiant Opto-Electronics | ||||||||
Corp. (b) | 126,050 | 510,408 | ||||||
Realtek Semiconductor Corp (b) | 203,320 | 614,059 | ||||||
Samsung Electronics Co., Ltd. (b) | 1,458 | 1,843,165 | ||||||
Shindengen Electric | ||||||||
Manufacturing Co., Ltd. (b) | 114,000 | 502,467 | ||||||
Sigurd Microelectronics | ||||||||
Corp. (b) | 515,000 | 501,464 | ||||||
Silicon Works Co., Ltd. (b) | 32,078 | 693,991 | ||||||
Skyworks Solutions, Inc. (a) | 34,095 | 1,279,244 | ||||||
16,496,777 |
Technology Hardware, Storage & | ||||||||
Peripherals - 5.41% | ||||||||
Apple, Inc. | 4,237 | 2,274,167 | ||||||
Asustek Computer, Inc. (b) | 148,000 | 1,466,511 | ||||||
Hewlett-Packard Co. | 53,546 | 1,732,749 | ||||||
Lenovo Group, Ltd. (b) | 1,188,000 | 1,314,072 | ||||||
Lexmark International, Inc. - | ||||||||
Class A | 30,747 | 1,423,279 | ||||||
Pegatron Corp. (b) | 952,000 | 1,420,233 | ||||||
Ricoh Co., Ltd. (b) | 202,000 | 2,341,746 |
42 The Leuthold Funds - 2014 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Global Fund
Schedule of Investments (continued)
March 31, 2014 (Unaudited)
Shares | Fair Value |
COMMON STOCKS - 67.80% (continued) | ||||||||
Technology Hardware, Storage & | ||||||||
Peripherals - 5.41% (continued) |
SanDisk Corp. | 32,382 | $ | 2,629,095 | |||||
Seiko Epson Corp. (b) | 59,400 | 1,856,057 | ||||||
Western Digital Corp. | 21,822 | 2,003,696 | ||||||
18,461,605 |
Wireless Telecommunication Services - 3.16% | ||||||||
China Mobile, Ltd. - ADR | 38,266 | 1,744,547 | ||||||
Drillisch AG (b) | 34,268 | 1,244,647 | ||||||
Freenet AG (b) | 42,931 | 1,502,614 | ||||||
M1, Ltd. (b) | 201,000 | 555,381 | ||||||
NTT DOCOMO, Inc. - ADR | 160,769 | 2,535,327 | ||||||
Tele2 AB - Class B (b) | 155,525 | 1,930,931 | ||||||
T-Mobile U.S., Inc. (a) | 38,244 | 1,263,199 | ||||||
10,776,646 | ||||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $185,562,341) | $ | 2,31,107,321 | ||||||
PREFERRED STOCKS - 1.23% | ||||||||
Automobiles - 0.55% | ||||||||
Porsche Automobile Holding | ||||||||
SE (b) | 18,330 | $ | 1,884,469 | |||||
Electric Utilities - 0.68% | ||||||||
Cia Energetica de Minas Gerais - | ||||||||
ADR | 169,581 | 1,153,151 | ||||||
Companhia Parananese de Energia - | ||||||||
ADR | 89,449 | 1,172,676 | ||||||
2,325,827 | ||||||||
TOTAL PREFERRED STOCKS | ||||||||
(Cost $3,193,389) | $ | 4,210,296 | ||||||
INVESTMENT COMPANIES - 10.41% | ||||||||
Exchange Traded Funds - 10.41% | ||||||||
CurrencyShares Japanese | ||||||||
Yen Trust | 50,738 | $ | 4,796,263 | |||||
iShares CMBS ETF | 13,500 | 690,120 | ||||||
iShares Floating Rate Bond ETF | 19,700 | 998,987 | ||||||
iShares iBoxx $ Investment Grade | ||||||||
Corporate Bond ETF | 50,000 | 5,848,500 | ||||||
iShares Imtermediate Credit | ||||||||
Bond ETF | 9,148 | 997,681 | ||||||
iShares MBS ETF | 91,853 | 9,748,359 | ||||||
PIMCO -05 Year High Yield | ||||||||
Corporate Bond Index Exchange - | ||||||||
Traded Fund | 13,381 | 1,426,549 | ||||||
PowerShares Build AMerica | ||||||||
Bond Portfolio | 56,300 | 1,619,188 | ||||||
PowerShares International | ||||||||
Corporate Bond Portfolio | 36,500 | 1,094,270 | ||||||
PowerShares Senior Loan | ||||||||
Portfolio | 34,020 | 844,036 | ||||||
SPDR Barclays International | ||||||||
Corporate Bond ETF | 30,200 | 1,127,366 | ||||||
SPDR Barclays International | ||||||||
Treasury Bond ETF | 43,943 | 2,609,335 | ||||||
SPDR Barclays Short-Term High | ||||||||
Yield Bond ETF | 27,533 | 852,146 | ||||||
SPDR Barclays Short-Term | ||||||||
International Treasury Bond | ||||||||
ETF | 78,546 | 2,829,227 | ||||||
TOTAL INVESTMENT COMPANIES | ||||||||
(Cost $35,382,747) | $ | 35,482,027 |
See Notes to the Financial Statements. | The Leuthold Funds - 2014 Semi-Annual Report 43 |
Leuthold Global Fund
Schedule of Investments (continued)
March 31, 2014 (Unaudited)
Principal Amount | Fair Value | ||||||
CORPORATE BONDS - 1.87% | |||||||
Banks - 0.35% | |||||||
JP Morgan Chase & Co. | |||||||
3.150%, 07/05/2016 | 1,120,000 | $ | 1,172,023 | ||||
Biotechnology - 0.23% | |||||||
Amgen, Inc. | 731,000 | 773,366 | |||||
4.100% 06/15/2021 | |||||||
Electric Utilities - 0.19% | |||||||
Duke Energy Corp. | |||||||
3.950%, 09/15/2014 | 640,000 | 650,215 | |||||
Industrial Conglomerates - 0.34% | |||||||
General Electric Co. | |||||||
5.250%, 12/06/2017 | 1,025,000 | 1,161,565 | |||||
Internet & Catalog Retail - 0.33% | |||||||
Expedia, Inc. | |||||||
7.456%, 08/15/2018 | 970,000 | 1,140,206 | |||||
Oil, Gas & Consumable Fuels - 0.37% | |||||||
Enterprise Products Operating, LLC | |||||||
5.600%, 10/15/2014 | 523,000 | 537,016 | |||||
Petrohawk Energy Corp. | |||||||
7.250%, 08/15/2018 | 692,000 | 734,212 | |||||
1,271,228 | |||||||
Tobacco - 0.06% | |||||||
Altria Group, Inc. | |||||||
9.700%, 11/10/2018 | 153,000 | 200,830 | |||||
TOTAL CORPORATE BONDS | |||||||
(Cost $6,071,580) | $ | 6,369,433 | |||||
UNITED STATES TREASURY | |||||||
OBLIGATIONS - 1.93% | |||||||
United States Treasury Note - 1.93% | |||||||
2.125%, 08/31/2020 | 6,611,000 | $ | 6,592,410 | ||||
TOTAL UNITED STATES TREASURY | |||||||
OBLIGATIONS | |||||||
(Cost $6,607,903) | $ | 6,592,410 | |||||
FOREIGN GOVERNMENT BONDS - 7.53% | |||||||
Bank Nederlands Gemeenten | |||||||
1.850%, 11/07/2016 (b) | 170,000,000 | $ | 1,723,579 | ||||
JPY | |||||||
Development Bank of Japan | |||||||
1.750%, 03/17/2017 (b) | |||||||
JPY | 160,000,000 | 1,623,228 | |||||
Federal Republic of Germany | |||||||
4.250%, 07/04/2018 | |||||||
EUR | 1,630,000 | 2,606,866 | |||||
3.500%, 07/04/2019 | |||||||
EUR | 1,630,000 | 2,577,078 | |||||
5,183,944 | |||||||
Kingdom of Spain | |||||||
3.750%, 10/31/2018 (b) | |||||||
EUR | 1,350,000 | 2,025,325 | |||||
4.300%, 10/31/2019 (b) | |||||||
EUR | 1,290,000 | 1,990,528 | |||||
4.000%, 04/30/2020 (b) | |||||||
EUR | 1,600,000 | 2,429,526 | |||||
6,445,379 | |||||||
Government of France | |||||||
3.750%, 04/25/2021 (b) | |||||||
EUR | 870,000 | 1,387,036 | |||||
Government of United Kingdom | |||||||
3.750%, 09/07/2020 | |||||||
GBP | 1,570,000 | 2,860,974 |
44 The Leuthold Funds - 2014 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Global Fund
Schedule of Investments (continued)
March 31, 2014 (Unaudited)
Principal Amount | Fair Value | ||||||
FOREIGN GOVERNMENT BONDS - 7.53% (continued) | |||||||
Province of Manitoba Canada | |||||||
1.300%, 04/03/2017 (b) | |||||||
USD | 2,100,000 | $ | 2,113,673 | ||||
Republic of Italy | |||||||
4.500%, 08/01/2018 (b) | |||||||
EUR | 1,550,000 | 2,382,960 | |||||
4.250%, 09/01/2019 (b) | |||||||
EUR | 1,270,000 | 1,947,318 | |||||
4,330,278 | |||||||
TOTAL FOREIGN GOVERNMENT BONDS | |||||||
(Cost $24,414,956) | $ | 25,668,091 | |||||
SHORT-TERM INVESTMENTS - 5.12% | |||||||
Money Market Funds - 5.12% | |||||||
Fidelity Institutional Money Market | |||||||
Funds - Government Portfolio, | |||||||
0.01% (c) | 17,464,020 | $ | 17,464,020 | ||||
TOTAL SHORT-TERM INVESTMENTS | |||||||
(Cost $17,464,020) | $ | 17,464,020 | |||||
Total Investments | |||||||
(Cost $278,696,936) - 95.89% | $ | 326,893,598 | |||||
Other Assets in Excess of | |||||||
Liabilities - 4.11%, (f) | 14,014,773 | ||||||
TOTAL NET ASSETS - 100.00% | $ | 340,908,371 |
Percentages are stated as a percent of net assets.
ADR | American Depository Receipt |
EUR | Euro |
GBP | British Pound |
GDR | Global Depository Receipt |
JPY | Japanese Yen |
NVDR | Non-Voting Depository Receipt |
USD | U.S. Dollar |
(a) | Non-income producing security. |
(b) | Foreign issued security. |
(c) | The rate quoted is the annualized seven-day yield as of March 31, 2014. |
(d) | Illiquid Security. The fair value of these securities total $48,037 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 Leuthold Funds due to a halt in trading of the security on January 26, 2011. |
(f) | 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 - 2014 Semi-Annual Report 45 |
Leuthold Global Fund
Schedule of Investments (continued)
March 31, 2014 (Unaudited)
Fair Value | Percentage of Total Investments |
CURRENCY EXPOSURE | ||||||||
March 31,2014 | ||||||||
Australian Dollar | $ | 1,521,606 | 0.46 | % | ||||
Brazilian Real | 3,296,998 | 1.01 | ||||||
British Pound | 5,141,789 | 1.57 | ||||||
Canadian Dollar | 2,805,094 | 0.86 | ||||||
Czech Koruna | 2,412,686 | 0.74 | ||||||
Danish Kroner | 1,054,248 | 0.32 | ||||||
Euro | 49,450,691 | 15.13 | ||||||
Hong Kong Dollar | 3,635,848 | 1.11 | ||||||
Japanese Yen | 22,893,568 | 7.00 | ||||||
New Taiwan Dollar | 7,105,582 | 2.17 | ||||||
Norwegian Krone | 1,133,731 | 0.35 | ||||||
Philippine Peso | 742,516 | 0.23 | ||||||
Polish Zloty | 3,893,153 | 1.19 | ||||||
Singapore Dollar | 555,381 | 0.17 | ||||||
South African Rand | 788,268 | 0.24 | ||||||
South Korea Won | 6,134,092 | 1.88 | ||||||
Swedish Krona | 3,607,572 | 1.10 | ||||||
Swiss Franc | 4,268,518 | 1.31 | ||||||
Thai Baht | 805,890 | 0.25 | ||||||
US Dollar | 205,646,367 | 62.91 | ||||||
Total Investments | $ | 326,893,598 | 100.00 | % |
Fair Value | Percentage of Total Investments |
PORTFOLIO DIVERSIFICATION | ||||||||
March 31, 2014 | ||||||||
Australia | $ | 1,521,606 | 0.46 | % | ||||
Belgium | 1,861,704 | 0.57 | ||||||
Bermuda | 6,800,762 | 2.09 | ||||||
Brazil | 5,622,825 | 1.71 | ||||||
Britain | 4,685,260 | 1.43 | ||||||
Canada | 9,487,182 | 2.91 | ||||||
China | 1,833,027 | 0.55 | ||||||
Czech Republic | 2,412,686 | 0.74 | ||||||
Denmark | 1,054,248 | 0.32 | ||||||
France | 10,681,997 | 3.27 | ||||||
Germany | 21,639,019 | 6.62 | ||||||
Hong Kong | 3,547,368 | 1.09 | ||||||
India | 1,141,972 | 0.35 | ||||||
Italy | 8,822,594 | 2.69 | ||||||
Japan | 23,705,315 | 7.26 | ||||||
Netherlands | 1,723,579 | 0.53 | ||||||
Norway | 1,133,731 | 0.35 | ||||||
Panama | 1,152,228 | 0.35 | ||||||
Philippines | 742,516 | 0.23 | ||||||
Poland | 3,893,153 | 1.19 | ||||||
Puerto Rico | 949,441 | 0.29 | ||||||
Republic of Korea | 693,991 | 0.21 | ||||||
Singapore | 555,381 | 0.17 | ||||||
South Africa | 788,268 | 0.24 | ||||||
South Korea | 5,944,605 | 1.81 | ||||||
Spain | 6,445,379 | 1.97 | ||||||
Sweden | 3,607,572 | 1.10 | ||||||
Switzerland | 4,268,518 | 1.31 | ||||||
Taiwan | 8,199,259 | 2.52 | ||||||
Thailand | 805,890 | 0.25 | ||||||
United Kingdom | 2,860,974 | 0.87 | ||||||
United States | 178,311,548 | 54.55 | ||||||
Total Investments | $ | 326,893,598 | 100.00 | % |
46 The Leuthold Funds - 2014 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Global Fund
Schedule of Investments Sold Short
March 31, 2014 (Unaudited)
Shares | Fair Value |
COMMON STOCKS - 3.09% (a) | ||||||||
Beverages - 0.16% | ||||||||
C&C Group PLC (b) | 21,000 | $ | 137,016 | |||||
Coca-Cola Amatil, Ltd. (b) | 13,000 | 133,219 | ||||||
Monster Beverage Corp. | 1,879 | 130,497 | ||||||
Suntory Beverage & Food, Ltd. (b) | 4,000 | 137,813 | ||||||
538,545 | ||||||||
Capital Markets - 0.15% | ||||||||
Charles Schwab Corp. | 5,266 | 143,920 | ||||||
ICAP PLC (b) | 19,000 | 119,746 | ||||||
kabu.com Securities Co., Ltd. (b) | 24,000 | 113,829 | ||||||
UBSAG (b) | 7,123 | 147,588 | ||||||
525,083 | ||||||||
Chemicals - 0.04% | ||||||||
WR Grace & Co. | 1,425 | 141,317 | ||||||
Commercial Services & Supplies - 0.04% | ||||||||
Iron Mountain, Inc. | 4,506 | 124,230 | ||||||
Construction & Engineering - 0.12% | ||||||||
China State Construction International | ||||||||
Holdings, Ltd. (b) | 74,000 | 125,607 | ||||||
SNC-Lavalin Group, Inc. (b) | 2,923 | 127,814 | ||||||
Toyo Engineering Corp. (b) | 34,000 | 155,856 | ||||||
409,275 | ||||||||
Construction Materials - 0.05% | ||||||||
Anhui Conch Cement Co,. Ltd. (b) | 41,000 | 176,354 | ||||||
Consumer Finance - 0.03% | ||||||||
AEON Financial Services Co., | ||||||||
Ltd. (b) | 5,200 | 117,321 | ||||||
Diversified Financial Services - 0.11% | ||||||||
CME Group, Inc. | 1,767 | 130,776 | ||||||
Intercontinental Exchange | ||||||||
Group, Inc. | 628 | 124,237 | ||||||
Japan Exchange Group, Inc. (b) | 5,500 | 134,441 | ||||||
389,454 | ||||||||
Diversified Telecommunication Services - 0.04% | ||||||||
TW Telecom, Inc. | 4,614 | 144,234 | ||||||
Electric Utilities - 0.04% | ||||||||
ITC Holdings Corp. | 3,867 | 144,432 | ||||||
Energy Equipment & Services - 0.04% | ||||||||
FMC Technologies, Inc. | 2,864 | 149,759 | ||||||
Food & Staples Retailing - 0.04% | ||||||||
Booker Group PLC (b) | 48,000 | 132,220 | ||||||
Food Products - 0.29% | ||||||||
B&G Foods, Inc. | 4,006 | 120,620 | ||||||
China Mengniu Dairy Co., | ||||||||
Ltd. (b) | 29,000 | 145,542 | ||||||
Darling International, Inc. | 6,500 | 130,130 | ||||||
Grupo Bimbo SAB de CV (b) | 43,300 | 116,778 | ||||||
Post Holdings, Inc. | 2,783 | 153,399 | ||||||
Tingyi Cayman Islands Holding | ||||||||
Corp. (b) | 54,000 | 155,123 | ||||||
Yakult Honsha Co., Ltd. (b) | 3,000 | 150,593 | ||||||
972,185 | ||||||||
Gas Utilities - 0.09% | ||||||||
One Gas, Inc. | 662 | 23,786 | ||||||
Questar Corp. | 5,727 | 136,188 | ||||||
South Jersey Industries, Inc. | 2,363 | 132,541 | ||||||
292,515 | ||||||||
Health Care Equipment & Supplies - 0.15% | ||||||||
ABIOMED, Inc. | 4,883 | 127,153 | ||||||
Endologix, Inc. | 7,802 | 100,412 | ||||||
HeartWare International, Inc. | 1,432 | 134,293 | ||||||
Tornier NV (b) | 6,873 | 145,845 | ||||||
507,703 | ||||||||
Health Care Providers & Services - 0.06% | ||||||||
Emeritus Corp. | 189,709 |
See Notes to the Financial Statements. | The Leuthold Funds - 2014 Semi-Annual Report 47 |
Leuthold Global Fund
Schedule of Investments Sold Short
March 31, 2014 (Unaudited)
Shares | Fair Value |
COMMON STOCKS - 3.09% (a) (continued) | ||||||||
Household Durables - 0.04% |
KB Home | 8,079 | $ | 137,262 | ||||
Independent Power and Renewable | |||||||
Electricity Producers - 0.08% | |||||||
APR Energy PLC (b) | 8,900 | 119,517 | |||||
Calpine Corp. | 6,730 | 140,724 | |||||
260,241 | |||||||
Industrial Conglomerates - 0.05% | |||||||
Beijing Enterprise Holdings, | |||||||
Ltd. (b) | 17,500 | 156,981 | |||||
Leisure Products - 0.04% | |||||||
Shimano, Inc. (b) | 1,400 | 140,821 | |||||
Machinery - 0.05% | |||||||
MAN SE (b) | 1,339 | 170,683 | |||||
Media - 0.03% | |||||||
Loral Space & Communications, Inc. | 1,664 | 117,695 | |||||
Multiline Retail - 0.05% | |||||||
Harvey Norman Holdings, Ltd. (b) | |||||||
53,239 | 163,265 |
Oil, Gas & Consumable Fuels - 0.50% | |||||||
Buru Energy, Ltd. (b) | 60,641 | 71,895 | |||||
Cameco Corp. (b) | 7,589 | 173,788 | |||||
MEG Energy Corp. (b) | 4,485 | 151,569 | |||||
ONEOK, Inc. | 2,650 | 157,012 | |||||
Oil Search, Ltd (b) | 18,000 | 141,289 | |||||
Pembina Pipeline Corp. (b) | 4,285 | 162,718 | |||||
Range Resources Corp. | 1,875 | 155,569 | |||||
Trilogy Energy Corp. (b) | 6,277 | 153,930 | |||||
Western Gas Equity Partners LP | 3,913 | 192,167 | |||||
Western Gas Partners LP | 2,130 | 140,985 | |||||
Williams Companies, Inc. | 4,876 | 197,868 | |||||
1,698,790 | |||||||
Personal Products - 0.04% | |||||||
Hengan International Group Co., | |||||||
Ltd. (b) | 13,800 | 143,266 | |||||
Professional Services - 0.17% | 2,138 | 137,366 | |||||
Advisory Board Co. | 4,629 | 141,978 | |||||
Bureau Veritas SA (b) | 1,380 | 167,670 | |||||
IHS, Inc. - Class A | 2,502 | 140,387 | |||||
587,401 | |||||||
Real Estate Investment Trusts (REITs) - 0.04% | |||||||
Altisource Residential Corp. | 4,213 | 132,962 | |||||
Real Estate Management & Development - 0.13% | |||||||
Kennedy-Wilson Holdings, Inc. | 8,530 | 192,010 | |||||
Mitsubishi Estate Co., Ltd. (b) | 5,000 | 118,729 | |||||
The St. Joe Co. | 7,165 | 137,926 | |||||
448,665 | |||||||
Specialty Retail - 0.12% | |||||||
Fast Retailing Co., Ltd. (b) | 400 | 144,676 | |||||
Restoration Hardware Holdings, | |||||||
Inc. | 2,033 | 149,608 | |||||
Ulta Salon Cosmetics & | |||||||
Fragrance, Inc. | 1,274 | 124,190 | |||||
418,474 | |||||||
Textiles, Apparel & Luxury Goods - 0.04% | |||||||
Lululemon Athletica, Inc. (a) | 2,287 | 120,273 | |||||
Thrifts & Mortgage Finance - 0.13% | |||||||
Bofi Holding, Inc. | 1,676 | 143,717 | |||||
Essent Group, Ltd. (b) | 5,528 | 124,159 | |||||
TFS Financial Corp. | 13,049 | 162,199 | |||||
430,075 |
48 The Leuthold Funds - 2014 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Global Fund
Schedule of Investments Sold Short
March 31, 2014 (Unaudited)
Shares | Fair Value |
COMMON STOCKS - 3.09% (continued) | |||||||
Tobacco - 0.17% | |||||||
Altria Group, Inc. | 4,691 | $ | 175,584 | ||||
Imperial Tobacco Group PLC (b) | 4,395 | 177,722 | |||||
Vector Group, Ltd. | 10,333 | 222,573 | |||||
575,879 | |||||||
TOTAL COMMON STOCKS | |||||||
(Proceeds $10,214,055) | $ | 10,657,069 | |||||
INVESTMENT COMPANIES - 0.56% | |||||||
Exchange Traded Funds - 0.56% | |||||||
iShares MSCI EAFE ETF | 4,908 | $ | 329,670 | ||||
iShares MSCI Emerging | |||||||
Markets ETF | 19,433 | 796,559 | |||||
iShares MSCI South Korea | |||||||
Capped ETF | 3,051 | 187,637 | |||||
iShares MSCI Taiwan ETF | 14,527 | 208,898 | |||||
SPDR S&P 500 ETF Trust | 2,100 | 392,784 | |||||
TOTAL INVESTMENT COMPANIES | |||||||
(Proceeds $1,795,841) | $ | 1,915,548 | |||||
TOTAL SECURITIES SOLD SHORT | |||||||
(Proceeds $12,009,896) | $ | 12,572,617 |
Percentages are stated as a percent of net assets.
(a) | Non-income producing security. |
(b) | Foreign issued security. |
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC(“S&P”). GICS is a service mark of MSCI 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 - 2014 Semi-Annual Report 49 |
Leuthold Select Industries Fund |
Schedule of Investments |
March 31, 2014 (Unaudited) |
Shares | Fair Value | |||||||
COMMON STOCKS - 98.29% | ||||||||
Aerospace & Defense - 6.37% | ||||||||
AAR Corp. | 1,813 | $ | 47,047 | |||||
Alliant Techsystems, Inc. | 704 | 100,074 | ||||||
Boeing Co. | 902 | 113,192 | ||||||
Exelis, Inc. | 4,640 | 88,206 | ||||||
L-3 Communications Holdings, Inc. | 761 | 89,912 | ||||||
Lockheed Martin Corp. | 845 | 137,938 | ||||||
Moog, Inc. - Class A (a) | 676 | 44,285 | ||||||
Northrop Grumman Corp. | 1,118 | 137,939 | ||||||
Raytheon Co. | 1,221 | 120,622 | ||||||
Triumph Group, Inc. | 939 | 60,641 | ||||||
939,856 | ||||||||
Airlines - 8.71% | ||||||||
Alaska Air Group, Inc. | 2,038 | 190,166 | ||||||
American Airlines Group, Inc. (a) | 7,072 | 258,835 | ||||||
Copa Holdings SA - Class A (b) | 1,005 | 145,916 | ||||||
Delta Air Lines, Inc. | 5,936 | 205,683 | ||||||
Hawaii Holdings, Inc. (a) | 9,951 | 138,916 | ||||||
JetBlue Airways Corp. (a) | 12,309 | 106,965 | ||||||
Southwest Airlines Co. | 10,125 | 239,051 |
1,285,532 | ||||||||
Chemicals - 4.28% | ||||||||
Axiall Corp. | 1,656 | 74,388 | ||||||
Cabot Corp. | 1,938 | 114,458 | ||||||
LyondellBasell Industries | ||||||||
NV - Class A | 2,064 | 183,572 | ||||||
Methanex Corp. (b) | 1,679 | 107,355 | ||||||
Westlake Chemical Corp. | 2,291 | 151,619 | ||||||
631,392 |
Consumer Finance - 4.87% | ||||||||
Capital One Financial Corp. | 2,930 | 226,079 | ||||||
Discover Financial Services | 3,982 | 231,712 | ||||||
Portfolio Recovery Associates, Inc. (a) | 1,324 | 76,607 | ||||||
SLM Corp. | 7,495 | 183,478 | ||||||
717,876 |
Diversified Consumer Services - 5.14% | ||||||||
Apollo Education Group, Inc. (a) | 7,268 | 248,856 | ||||||
Capella Education Co. | 1,324 | 83,610 | ||||||
DeVry Education Group, Inc. | 4,428 | 187,703 | ||||||
ITT Educational Services, Inc. (a) | 2,651 | 76,031 | ||||||
New Oriental Education & | ||||||||
Technology Group, Inc. - ADR | 3,188 | 93,568 | ||||||
Strayer Education, Inc. (a) | 1,484 | 68,902 | ||||||
758,670 |
Electronic Equipment, Instruments & Components - 7.43% | ||||||||
Arrow Electronics, Inc. (a) | 2,649 | 157,245 | ||||||
Avnet, Inc. | 3,081 | 143,359 | ||||||
Benchmark Electronics, Inc. (a) | 2,771 | 62,763 | ||||||
Flextronics International, Ltd. (a)(b) | 11,017 | 101,797 | ||||||
Ingram Micro, Inc. (a) | 4,067 | 120,221 | ||||||
Insight Enterprises, Inc. (a) | 3,071 | 77,113 | ||||||
Jabil Circuit, Inc. | 5,325 | 95,850 | ||||||
Sanmina Corp. (a) | 3,710 | 64,739 | ||||||
SYNNEX Corp. (a | 1,587 | 96,188 | ||||||
TE Connectivity, Ltd. (b) | 2,940 | 177,017 | ||||||
1,096,292 | ||||||||
Food & Staples Retailing - 6.44% | ||||||||
CVS Caremark Corp. | 5,992 | 448,561 | ||||||
Walgreen Co. | 7,589 | 501,102 | ||||||
949,663 |
50 The Leuthold Funds - 2014 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Select Industries Fund |
Schedule of Investments (continued) |
March 31, 2014 (Unaudited) |
Shares | Fair Value | |||||||
COMMON STOCKS - 98.29% (continued) | ||||||||
Health Care Providers & Services - 14.90% |
Aetna, Inc. | 2,094 | $ | 156,987 | |||||
AmerisourceBergen Corp. | 3,156 | 207,002 | ||||||
Cardinal Health, Inc. | 3,597 | 251,718 | ||||||
CIGNA Corp. | 1,193 | 99,890 | ||||||
Henry Schein, Inc. (a) | 1,719 | 205,197 | ||||||
Humana, Inc. | 1,146 | 129,177 | ||||||
Magellan Health Services, Inc. (a) | 1,409 | 83,624 | ||||||
McKesson Corp. | 2,123 | 374,858 | ||||||
Patterson Companies, Inc. | 1,540 | 64,311 | ||||||
PharMerica Corp. (a) | 2,902 | 81,198 | ||||||
UnitedHealth Group, Inc. | 2,620 | 214,814 | ||||||
WellCare Health Plans, Inc. (a) | 1,118 | 71,015 | ||||||
WellPoint, Inc. | 2,592 | 258,034 | ||||||
2,197,825 |
Insurance - 7.11% | ||||||||
American Financial Group, Inc. | 2,348 | 135,503 | ||||||
American International Group, Inc. | 3,841 | 192,088 | ||||||
Assurant, Inc. | 3,494 | 226,970 | ||||||
Genworth Financial, Inc. - Class A (a) | 16,511 | 292,740 | ||||||
Hartford Financial Services Group, Inc. | 5,710 | 201,392 | ||||||
1,048,693 | ||||||||
IT Services - 10.49% |
Accenture PLC - Class A (b) | 1,089 | 86,815 | ||||||
Amdocs, Ltd. | 1,456 | 67,646 | ||||||
Cognizant Technology Solutions Corp. - Class A (a) | 1,446 | 73,182 | ||||||
Computer Sciences Corp. | 1,907 | 115,984 | ||||||
Convergys Corp. | 2,649 | 58,039 | ||||||
Corelogic, Inc. (a) | 3,841 | 115,384 | ||||||
DST Systems, Inc. | 1,043 | 98,866 | ||||||
Fiserv, Inc. (a) | 1,766 | 100,114 |
Gartner, Inc. (a) | 939 | 65,204 | ||||||
Global Payments, Inc. | 977 | 69,474 | ||||||
International Business Machines Corp. | 714 | 137,438 | ||||||
Jack Henry & Associates, Inc. | 1,343 | 74,886 | ||||||
Mastercard, Inc. - Class A | 1,994 | 148,952 | ||||||
Sapient Corp. (a) | 4,724 | 80,591 | ||||||
Total System Services, Inc. | 1,747 | 53,126 | ||||||
Visa, Inc. - Class A | 710 | 153,261 | ||||||
Western Union Co. | 2,977 | 48,704 | ||||||
1,547,666 |
Software - 5.91% | ||||||||
AVG Technologies NV (a)(b) | 6,208 | 130,120 | ||||||
CA, Inc. | 4,161 | 128,866 | ||||||
Check Point Software Technologies, Ltd. (a)(b) | 2,151 | 145,472 | ||||||
MICROS Systems, Inc. (a) | 1,803 | 95,433 | ||||||
Microsoft Corp. | 4,696 | 192,489 | ||||||
Oracle Corp. | 4,386 | 179,431 | ||||||
871,811 |
Specialty Retail - 8.75% | ||||||||
Advance Auto Parts, Inc. | 1,265 | 160,023 | ||||||
Asbury Automotive Group, Inc. (a) | 2,949 | 163,109 | ||||||
AutoNation, Inc. (a) | 2,113 | 112,475 | ||||||
AutoZone, Inc. (a) | 263 | 141,257 | ||||||
CarMax, Inc. (a) | 2,536 | 118,685 | ||||||
Group 1 Automotive, Inc. | 1,165 | 76,494 | ||||||
Lithia Motors, Inc. - Class A | 2,611 | 173,527 | ||||||
O'Reilly Automotive, Inc. (a) | 1,540 | 228,521 | ||||||
Penske Automotive Group, Inc. | 2,724 | 116,478 | ||||||
1,290,569 |
See Notes to the Financial Statements | The Leuthold Funds - 2014 Semi-Annual Report 51 |
Leuthold Select Industries Fund |
Schedule of Investments (continued) |
March 31, 2014 (Unaudited) |
Shares | Fair Value | |||||||
COMMON STOCKS - 98.29% (continued) | ||||||||
Technology Hardware, Storage & Peripherals - 7.89% |
Apple, Inc. | 271 | $ | 145,456 | |||||
EMC Corp. | 4,837 | 132,582 | ||||||
Hewlett-Packard Co. | 4,561 | 147,594 | ||||||
Lexmark International, Inc. - Class A | 4,001 | 185,206 | ||||||
QLogic Corp. (a) | 5,720 | 72,930 | ||||||
SanDisk Corp. | 1,982 | 160,919 | ||||||
Seagate Technology PLC (b) | 2,667 | 149,779 | ||||||
Western Digital Corp. | 1,841 | 169,041 | ||||||
1,163,507 | ||||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $11,250,772) | $ | 14,499,352 | ||||||
SHORT-TERM INVESTMENTS - 2.27% | ||||||||
Money Market Funds - 2.27% | ||||||||
Fidelity Institutional Money Market Funds - | ||||||||
Government Portfolio, 0.01% (c) | 334,759 | $ | 334,759 | |||||
TOTAL SHORT-TERM INVESTMENTS | $ | 334,759 | ||||||
(Cost $334,759) | ||||||||
Total Investments | $ | 14,834,111 | ||||||
(Cost $11,585,531) - 100.56% | ||||||||
Liabilities in Excess of | ||||||||
Other Assets - (0.56)% | (83,375 | ) | ||||||
TOTAL NET ASSETS - 100.00% | $ | 14,750,736 |
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, 2014.
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.
52 The Leuthold Funds - 2014 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Global Industries Fund |
Schedule of Investments |
March 31, 2014 (Unaudited) |
Shares | Fair Value | |||||||
COMMON STOCKS - 97.25% | ||||||||
Aerospace & Defense - 1.60% | ||||||||
Alliant Techsystems, Inc. | 1,402 | $ | 199,294 | |||||
L-3 Communications Holdings, Inc. | 1,895 | 223,894 | ||||||
423,188 | ||||||||
Airlines - 5.86% |
Alaska Air Group, Inc. | 2,341 | 218,439 | ||||||
American Airlines Group, Inc. (a) | 13,850 | 506,910 | ||||||
Copa Holdings SA - Class A (b) | 875 | 127,041 | ||||||
Delta Air Lines, Inc. | 12,427 | 430,596 | ||||||
JetBlue Airways Corp. (a) | 31,392 | 272,796 | ||||||
1,555,782 |
Auto Components - 10.75% | ||||||||
Brembo SpA (b) | 4,137 | 156,604 | ||||||
Cie Generale des Etablissements Michelin (b) | 2,262 | 282,785 | ||||||
Continental AG (b) | 1,713 | 410,809 | ||||||
Dana Holding Corp. | 6,203 | 144,344 | ||||||
GKN PLC (b) | 24,891 | 162,183 | ||||||
Lear Corp. | 2,519 | 210,891 | ||||||
Leoni AG (b) | 2,262 | 165,424 | ||||||
Magna International, Inc. (b) | 2,944 | 283,537 | ||||||
Pirelli & Co. (b) | 10,247 | 161,193 | ||||||
Plastic Omnium SA (b) | 4,812 | 178,424 | ||||||
Showa Corp. (b) | 9,800 | 107,566 | ||||||
Sumitomo Rubber Industries, Ltd. (b) | 6,900 | 87,767 | ||||||
Tianneng Power International, Ltd. (b) | 72,000 | 24,359 |
TRW Automotive Holdings Corp. (a) | 3,872 | 316,033 | ||||||
Visteon Corp. (a) | 1,819 | 160,872 | ||||||
2,852,791 |
Automobiles - 4.77% |
Daihatsu Motor Co., Ltd. (b) | 3,000 | 52,972 | ||||||
Dongfeng Motor Group Co., Ltd. (b) | 38,000 | 53,900 | ||||||
Ford Motor Co. | 11,877 | 185,281 | ||||||
Geely Automobile Holdings, Ltd. (b) | 110,000 | 43,368 | ||||||
General Motors Co. (a) | 5,651 | 194,508 | ||||||
Hyundai Motor Co. (b) | 597 | 141,162 | ||||||
Kia Motors Corp. (b) | 2,582 | 144,287 | ||||||
Nissan Motor Co., Ltd. (b) | 12,200 | 108,743 | ||||||
Tata Motors, Ltd. - ADR | 3,561 | 126,095 | ||||||
Thor Industries, Inc. | 1,388 | 84,751 | ||||||
Volkswagen AG (b) | 517 | 131,165 | ||||||
1,266,232 | ||||||||
Banks - 1.44% | ||||||||
Fifth Third Bancorp | 12,111 | 277,948 | ||||||
Popular, Inc. (a)(b) | 3,382 | 104,808 | ||||||
382,756 | ||||||||
Electric Utilities - 3.6% |
CEZ AS (b) | 9,482 | 272,139 | ||||||
Energias do Brasil (b) | 29,200 | 131,136 | ||||||
Light SA (b) | 16,300 | 133,906 | ||||||
Manila Electric Co. (b) | 13,090 | 82,945 | ||||||
PGE SA (b) | 21,026 | 131,367 | ||||||
Tauron Polska Energia SA (b) | 79,985 | 138,677 | ||||||
890,170 |
Electronic Equipment, Instruments & Components - 8.59% | ||||||||
Arrow Electronics, Inc. (a) | 3,211 | 190,605 | ||||||
Avnet, Inc. | 3,777 | 175,744 | ||||||
Benchmark Electronics, Inc. (a) | 5,497 | 124,507 | ||||||
Celestica, Inc. (a)(b) | 13,488 | 147,694 | ||||||
Daeduck GDS Co., Ltd. (b) | 4,760 | 73,986 |
See Notes to the Financial Statements | The Leuthold Funds - 2014 Semi-Annual Report 53 |
Leuthold Global Industries Fund |
Schedule of Investments (continued) |
March 31, 2014 (Unaudited) |
Shares | Fair Value | |||||||
COMMON STOCKS - 97.25% (continued) | ||||||||
Electronic Equipment, Instruments & Components - 8.59% (continued) | ||||||||
Delta Electronics Thailand PCL - NVDR (b) | 49,500 | $ | 90,273 | |||||
FUJIFILM Holdings Corp. (b) | 9,900 | 265,735 | ||||||
Hexagon AB - Class B (b) | 5,523 | 187,774 | ||||||
Hon Hai Precision Industry Co., Ltd. (b) | 79,900 | 226,896 | ||||||
Jabil Circuit, Inc. | 6,625 | 119,250 | ||||||
Oki Electric Industry Co., Ltd. (b) | 56,000 | 119,541 | ||||||
Plexus Corp. (a) | 3,179 | 127,382 | ||||||
Sanmina Corp. (a) | 7,731 | 134,906 | ||||||
SYNNEX Corp. (a) | 2,487 | 150,737 | ||||||
Tech Data Corp. (a) | 2,359 | 143,805 | ||||||
2,278,835 |
Health Care Providers & Services - 12.68% | ||||||||
Aetna, Inc. | 2,962 | 222,061 | ||||||
Alfresa Holdings Corp. (b) | 2,500 | 163,025 | ||||||
Centene Corp. (a) | 2,334 | 145,291 | ||||||
DaVita HealthCare Partners, Inc. (a) | 1,969 | 135,566 | ||||||
Express Scripts Holding Co. (a) | 3,790 | 284,591 | ||||||
Health Net, Inc. (a) | 4,637 | 157,704 | ||||||
Henry Schein, Inc. (a) | 1,844 | 220,118 | ||||||
Humana, Inc. | 2,014 | 227,018 | ||||||
Laboratory Corp. of America Holdings (a) | 2,111 | 207,321 | ||||||
Magellan Health Services, Inc. (a) | 2,288 | 135,793 | ||||||
Medipal Holdings Corp. (b) | 10,000 | 153,127 | ||||||
MEDNAX, Inc. (a) | 2,973 | 184,267 | ||||||
Owens & Minor, Inc. | 2,640 | 92,479 | ||||||
Primary Health Care, Ltd. (b) | 21,868 | 95,739 | ||||||
Quest Diagnostics, Inc. | 3,581 | 207,412 | ||||||
Suzuken Co., Ltd. (b) | 3,900 | 150,866 | ||||||
UnitedHealth Group, Inc. | 2,774 | 227,440 | ||||||
WellCare Health Plans, Inc. (a) | 2,004 | 127,294 | ||||||
WellPoint, Inc. | 2,276 | 226,576 | ||||||
3,363,688 |
Hotels, Restaurants & Leisure - 0.51% | ||||||||
SJM Holdings, Ltd. (b) | 48,000 | 135,227 | ||||||
Household Durables - 1.78% | 2,749 | 190,313 | ||||||
Helen of Troy, Ltd. (a)(b) | 1,879 | 280,836 | ||||||
Whirlpool Corp. | 471,149 |
Insurance - 14.38% | ||||||||
Ageas (b) | 4,676 | 208,501 | ||||||
Allianz SE (b) | 1,426 | 241,022 | ||||||
American International Group, Inc. | 5,205 | 260,302 | ||||||
Assurant, Inc. | 2,363 | 153,501 | ||||||
Baloise Holding AG (b) | 1,802 | 226,838 | ||||||
Everest Re Group, Ltd. (b) | 1,614 | 247,023 | ||||||
Genworth Financial, Inc. - Class A (a) | 15,932 | 282,474 | ||||||
Gjensidige Forsikring ASA (b) | 6,254 | 126,981 | ||||||
Kemper Corp. | 2,691 | 105,406 | ||||||
Liberty Holdings, Ltd. (b) | 7,483 | 88,281 | ||||||
Muenchener Rueckversicherungs AG (b) | 1,195 | 261,129 | ||||||
PartnerRe, Ltd. (b) | 2,246 | 232,461 | ||||||
Porto Seguro SA (b) | 8,500 | 117,929 | ||||||
Powszechny Zaklad Ubezpieczen SA (b) | 1,182 | 167,964 | ||||||
SCOR SE (b) | 6,766 | 236,983 | ||||||
Swiss Re AG (b) | 2,707 | 251,248 | ||||||
Talanx AG (b) | 3,185 | 114,570 | ||||||
Topdanmark A/S (a)(b) | 4,058 | 118,073 | ||||||
Unipol Gruppo Finanziario SpA (b) | 24,017 | 188,038 | ||||||
Unum Group | 5,319 | 187,814 | ||||||
3,816,538 |
54 The Leuthold Funds - 2014 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Global Industries Fund |
Schedule of Investments (continued) |
March 31, 2014 (Unaudited) |
Shares | Fair Value | |||||||
COMMON STOCKS - 97.25% (continued) | ||||||||
IT Services - 0.73% | ||||||||
Xerox Corp. | 49,500 | $ | 90,273 | |||||
Media - 6.31% | ||||||||
CyberAgent, Inc. (b) | 2,700 | 103,356 | ||||||
DIRECTV (a) | 1,874 | 143,211 | ||||||
Hakuhodo DY Holdings, Inc. (b) | 12,900 | 89,844 | ||||||
Havas SA (b) | 8,712 | 65,167 | ||||||
Interpublic Group of Cos, Inc. | 19,309 | 330,956 | ||||||
Omnicom Group, Inc. | 4,448 | 322,925 | ||||||
Publicis Groupe SA (b) | 3,075 | 277,616 | ||||||
REA Group, Ltd. (b) | 1,648 | 74,677 | ||||||
WPP PLC - ADR | 2,575 | 265,431 | ||||||
1,673,183 | ||||||||
Metals & Mining - 0.58% | ||||||||
Kobe Steel, Ltd. (b) | 116,000 | 153,938 | ||||||
Paper & Forest Products - 3.78% |
Boise Cascade Co. (a) | 4,196 | 120,174 | ||||||
Canfor Corp. (a)(b) | 4,753 | 112,215 | ||||||
China Forestry Holdings Co., Ltd. (a)(b)(d)(e) | 116,000 | 2,243 | ||||||
International Paper Co. | 5,440 | 249,587 | ||||||
Louisiana-Pacific Corp. (a) | 7,743 | 130,624 | ||||||
Nippon Paper Industries Co., Ltd. (b) | 5,800 | 109,351 | ||||||
Norbord, Inc. (b) | 3,196 | 84,215 | ||||||
Resolute Forest Products, Inc. (a)(b) | 3,790 | 76,141 | ||||||
West Fraser Timber Co., Ltd. (b) | 2,595 | 118,541 | ||||||
1,003,091 | ||||||||
Rail & Road - 0.79% | ||||||||
Union Pacific Corp. | 1,116 | 209,428 | ||||||
Semiconductors & Semiconductor Equipment - 7.01% | ||||||||
A-DATA Technology Co., Ltd. (b) | 34,000 | 86,542 | ||||||
Advanced Semiconductor Engineering, Inc. - ADR | 21,757 | 120,751 | ||||||
ChipMOS Technologies Bermuda, Ltd. (b) | 3,715 | 81,953 | ||||||
Cirrus Logic, Inc. (a) | 4,355 | 86,534 | ||||||
CSR PLC (b) | 7,700 | 93,261 | ||||||
First Solar, Inc. (a) | 2,280 | 159,121 | ||||||
Iljin Display Co., Ltd. (b) | 4,250 | 63,840 | ||||||
Intel Corp. | 9,103 | 234,949 | ||||||
Magnachip Semiconductor Corp. (a)(b) | 3,995 | 55,690 | ||||||
NVIDIA Corp. | 11,078 | 198,407 | ||||||
Radiant Opto-Electronics Corp. (b) | 15,210 | 61,589 | ||||||
Realtek Semiconductor Corp. (b) | 24,100 | 72,786 | ||||||
Samsung Electronics Co., Ltd. (b) | 164 | 207,324 | ||||||
Shindengen Electric Manufacturing Co., Ltd. (b) | 13,000 | 57,299 |
Sigurd Microelectronics Corp. (b) | 62,000 | 60,370 | ||||||
Silicon Works Co., Ltd. (b) | 3,603 | 77,949 | ||||||
Skyworks Solutions, Inc. (a) | 3,764 | 141,225 | ||||||
1,859,590 |
See Notes to the Financial Statements | The Leuthold Funds - 2014 Semi-Annual Report 55 |
Leuthold Global Industries Fund |
Schedule of Investments (continued) |
March 31, 2014 (Unaudited) |
Shares | Fair Value | |||||||
COMMON STOCKS - 97.25% (continued) | ||||||||
Technology Hardware, Storage & Peripherals - 7.81% |
Apple, Inc. | 468 | $ | 251,194 | |||||
Asustek Computer, Inc. (b) | 18,000 | 178,360 | ||||||
Hewlett-Packard Co. | 5,912 | 191,312 | ||||||
Lenovo Group, Ltd. (b) | 134,000 | 148,220 | ||||||
Lexmark International, Inc. - Class A | 3,395 | 157,155 | ||||||
Pegatron Corp. (b) | 115,000 | 171,562 | ||||||
Ricoh Co., Ltd. (b) | 22,000 | 255,042 | ||||||
SanDisk Corp. | 3,573 | 290,092 | ||||||
Seiko Epson Corp. (b) | 6,700 | 209,353 | ||||||
Western Digital Corp. | 2,409 | 221,194 | ||||||
2,073,484 |
Wireless Telecommunication Services - 4.52% | ||||||||
China Mobile, Ltd. - ADR | 4,225 | 192,618 | ||||||
Drillisch AG (b) | 3,865 | 140,380 | ||||||
Freenet AG (b) | 4,808 | 168,283 | ||||||
M1, Ltd. (b) | 22,000 | 60,788 | ||||||
NTT DOCOMO, Inc. - ADR | 17,892 | 282,157 | ||||||
Tele2 AB - Class B (b) | 17,419 | 216,267 | ||||||
T-Mobile U.S., Inc. (a) | 4,222 | 139,453 | ||||||
1,199,946 | ||||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $22,212,555) | $ | 25,803,545 | ||||||
PREFERRED STOCKS - 1.80% | ||||||||
Automobiles - 0.80% | ||||||||
Porsche Automobile Holding SE (b) | 2,053 | $ | 211,065 | |||||
Electric Utilities - 1.00% | ||||||||
Cia Energetica de Minas Gerais -ADR | 19,422 | $ | 132,069 | |||||
Companhia Paranaense de Energia -ADR | 10,244 | 134,299 | ||||||
266,368 | ||||||||
TOTAL PREFERRED STOCKS | ||||||||
(Cost $382,268) | $ | 477,433 | ||||||
SHORT-TERM INVESTMENTS - 0.82% | ||||||||
Money Market Funds - 0.82% | ||||||||
Fidelity Institutional Money Market Funds - | ||||||||
Government Portfolio, 0.01% (c) | 217,424 | $ | 217,424 | |||||
TOTAL SHORT-TERM INVESTMENTS | ||||||||
(Cost $217,424) | $ | 217,424 | ||||||
Total Investments | ||||||||
(Cost $22,812,247) - 99.87% | $ | 26,498,402 | ||||||
Other Assets in Excess of | ||||||||
Liabilities - 0.13% | 34,241 | |||||||
TOTAL NET ASSETS - 100.00% | $ | 26,532,643 |
Percentages are stated as a percent of net assets.
ADR American Depository Receipt
NVDR Non-Voting 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, 2014.
(d) Illiquid Security. The fair value of these securities total $2,243 which represents
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, Inc. and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.
56 The Leuthold Funds - 2014 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Global Industries Fund |
Schedule of Investments (continued) |
March 31, 2014 (Unaudited) |
Fair Value | Percentage of Total Investments | |||||||
CURRENCY EXPOSURE | ||||||||
March 31, 2014 | ||||||||
Australian Dollar | $ | 170,416 | 0.64 | % | ||||
Brazilian Real | 382,970 | 1.45 | ||||||
British Pound | 255,444 | 0.96 | ||||||
Canadian Dollar | 314,971 | 1.19 | ||||||
Czech Koruna | 272,139 | 1.03 | ||||||
Danish Kroner | 118,073 | 0.45 | ||||||
Euro | 3,599,159 | 13.58 | ||||||
Hong Kong Dollar | 407,319 | 1.54 | ||||||
Japanese Yen | 2,187,524 | 8.26 | ||||||
New Taiwan Dollar | 858,105 | 3.24 | ||||||
Norwegian Krone | 126,981 | 0.48 | ||||||
Philippine Peso | 82,945 | 0.31 | ||||||
Polish Zloty | 438,008 | 1.65 | ||||||
Singapore Dollar | 60,788 | 0.23 | ||||||
South African Rand | 88,281 | 0.33 | ||||||
South Korea Won | 708,548 | 2.67 | ||||||
Swedish Krona | 404,041 | 1.53 | ||||||
Swiss Franc | 478,085 | 1.80 | ||||||
Thai Baht | 90,273 | 0.34 | ||||||
US Dollar | 15,454,332 | 58.32 | ||||||
Total Investments | $ | 26,498,402 | 100.00 | % |
Fair Value | Percentage of Total Investments | |||||||
PORTFOLIO DIVERSIFICATION | ||||||||
March 31, 2014 | ||||||||
Australia | $ | 170,416 | 0.64 | % | ||||
Belgium | 208,501 | 0.79 | ||||||
Bermuda | 751,750 | 2.84 | ||||||
Brazil | 649,339 | 2.45 | ||||||
Britain | 520,875 | 1.96 | ||||||
Canada | 822,343 | 3.11 | ||||||
China | 204,363 | 0.77 | ||||||
Czech Republic | 272,139 | 1.03 | ||||||
Denmark | 118,073 | 0.45 | ||||||
France | 1,040,975 | 3.92 | ||||||
Germany | 1,843,847 | 6.95 | ||||||
Hong Kong | 395,572 | 1.49 | ||||||
India | 126,095 | 0.48 | ||||||
Italy | 505,835 | 1.91 | ||||||
Japan | 2,469,682 | 9.32 | ||||||
Norway | 126,981 | 0.48 | ||||||
Panama | 127,041 | 0.48 | ||||||
Philippines | 82,945 | 0.31 | ||||||
Poland | 438,008 | 1.65 | ||||||
Puerto Rico | 104,808 | 0.39 | ||||||
Republic of Korea | 77,949 | 0.29 | ||||||
Singapore | 60,788 | 0.23 | ||||||
South Africa | 88,281 | 0.33 | ||||||
South Korea | 686,289 | 2.59 | ||||||
Sweden | 404,041 | 1.53 | ||||||
Switzerland | 478,085 | 1.80 | ||||||
Taiwan | 978,856 | 3.70 | ||||||
Thailand | 90,273 | 0.34 | ||||||
United States | 12,654,252 | 47.77 | ||||||
Total Investments | $ | 26,498,402 | 100.00 | % |
See Notes to the Financial Statements | The Leuthold Funds - 2014 Semi-Annual Report 57 |
Grizzly Short Fund |
Schedule of Investments |
March 31, 2014 (Unaudited) |
Shares | Fair Value | |||||||
SHORT-TERM INVESTMENTS - 11.96% | ||||||||
Money Market Funds - 11.96% | ||||||||
Fidelity Institutional Money | ||||||||
Market Funds - Government |
Portfolio, 0.01% (a) | 7,719,734 | $ | 7,719,734 | |||||
TOTAL SHORT-TERM INVESTMENTS | ||||||||
(Cost $7,719,734) | $ | 7,719,734 | ||||||
Total Investments | ||||||||
(Cost $7,719,734) - 11.96% | $ | 7,719,734 | ||||||
Other Assets in Excess of | ||||||||
Liabilities - 88.04% (b) | $ | 56,824,514 | ||||||
TOTAL NET ASSETS - 100.00% | $ | 64,544,248 | ||||||
Percentages are stated as a percent of net assets.
(a) The rate quoted is the annualized seven-day yield as of March 31, 2014.
(b) All or a portion of the assets have been committed as collateral for open securities
sold short.
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.
58 The Leuthold Funds - 2014 Semi-Annual Report | See Notes to the Financial Statements. |
Grizzly Short Fund |
Schedule of Securities Sold Short - (a) |
March 31, 2014 (Unaudited) |
Shares | Fair Value | |||||||
COMMON STOCKS - 88.27% | ||||||||
Aerospace & Defense - 1.07% | 23,777 | $ | 689,771 | |||||
DigitalGlobe, Inc. | ||||||||
Air Freight & Logistics - 1.71% | ||||||||
UTi Worldwide, Inc. | 21,591 | 228,649 | ||||||
XPO Logistics, Inc. | 29,843 | 877,682 | ||||||
1,106,331 | ||||||||
Airlines - 1.01% | ||||||||
Latam Airlines Group SA - ADR | 43,220 | 650,461 | ||||||
Banks - 1.47% | ||||||||
First Horizon National Corp. | 76,886 | 948,773 | ||||||
Building Products - 1.50% | ||||||||
USG Corp. | 29,617 | 969,068 | ||||||
Chemicals - 2.01% | ||||||||
Intrepid Potash, Inc. | 19,951 | 308,443 | ||||||
Potash Corp. of Saskatchewan, Inc. (b) | 27,341 | 990,291 | ||||||
1,298,734 | ||||||||
Commercial Services & Supplies - 3.15% | ||||||||
Covanta Holding Corp. | 58,481 | 1,055,582 | ||||||
Iron Mountain, Inc. | 35,464 | 977,743 | ||||||
2,033,325 | ||||||||
Communications Equipment - 0.91% | ||||||||
Infinera Corp. | 34,365 | 312,034 | ||||||
Ruckus Wireless, Inc. | 22,681 | 275,801 | ||||||
587,835 | ||||||||
Construction & Engineering - 0.66% | ||||||||
Granite Construction, Inc. | 10,701 | 427,291 | ||||||
Construction Materials - 3.06% | ||||||||
Martin Marietta Materials, Inc. | 7,571 | 971,738 | ||||||
Texas Industries, Inc. | 11,204 | 1,004,102 | ||||||
1,975,840 |
Diversified Consumer Services - 1.47% | ||||||||
H&R Block, Inc. | 31,380 | 947,362 | ||||||
Diversified Telecommunication Services - 2.69% |
CenturyLink, Inc. | 32,368 | 1,062,965 | ||||||
TW Telecom, Inc. | 21,591 | 674,935 | ||||||
1,737,900 | ||||||||
Electric Utilities - 1.68% | ||||||||
Southern Co. | 24,643 | 1,082,813 | ||||||
Electrical Equipment - 0.91% | ||||||||
General Cable Corp. | 23,023 | 589,619 | ||||||
Energy Equipment & Services - 2.77% | ||||||||
Basic Energy Services, Inc. | 39,892 | 1,093,440 | ||||||
Key Energy Services, Inc. | 75,475 | 697,389 | ||||||
1,790,829 | ||||||||
Food Products - 0.90% | ||||||||
Dean Foods Co. | 37,455 | 579,054 | ||||||
Gas Utilities - 1.46% | ||||||||
Piedmont Natural Gas Co., Inc. | 17,069 | 604,072 | ||||||
WGL Holdings, Inc. | 8,478 | 339,629 | ||||||
943,701 | ||||||||
Health Care Providers & Services - 1.49% | ||||||||
Tenet Healthcare Corp. | 22,420 | 959,800 | ||||||
Health Care Technology - 0.96% | ||||||||
HMS Holdings Corp. | 32,355 | 616,363 | ||||||
Hotels, Restaurants & Leisure - 2.44% | ||||||||
SeaWorld Entertainment, Inc. | 11,493 | 347,433 | ||||||
Six Flags Entertainment Corp. | 22,766 | 914,055 | ||||||
Vail Resorts, Inc. | 4,484 | 312,535 | ||||||
1,574,023 |
See Notes to the Financial Statements | The Leuthold Funds - 2014 Semi-Annual Report 59 |
Grizzly Short Fund |
Schedule of Securities Sold Short - (a) (continued) |
March 31, 2014 (Unaudited) |
Shares | Fair Value | |||||||
COMMON STOCKS - 88.27% (continued) | ||||||||
Independent Power and Renewable Electricity Producers - 3.32% | ||||||||
Calpine Corp. | 54,072 | $ | 1,130,646 | |||||
NRG Energy, Inc. | 31,758 | 1,009,904 | ||||||
2,140,550 | ||||||||
Internet & Catalog Retail - 1.31% | ||||||||
Shutterfly, Inc. | 19,783 | 844,338 | ||||||
Internet Software & Services - 6.90% |
Cvent, Inc. | 16,074 | 581,075 | ||||||
Equinix, Inc. | 5,916 | 1,093,514 | ||||||
Marketo, Inc. | 25,790 | 842,559 | ||||||
Rackspace Hosting, Inc. | 27,281 | 895,362 | ||||||
Trulia, Inc. | 31,426 | 1,043,343 | ||||||
4,455,853 | ||||||||
Machinery - 0.53% | ||||||||
Briggs & Stratton Corp. | 15,261 | 339,557 | ||||||
Media - 4.55% | ||||||||
Lamar Advertising Co. - Class A | 20,348 | 1,037,545 | ||||||
Liberty Global PLC - Class A (b) | 12,268 | 510,349 | ||||||
Liberty Global PLC - Class C (b) | 12,268 | 499,430 | ||||||
Thomson Reuters Corp. | 26,075 | 891,765 | ||||||
2,939,089 | ||||||||
Metals & Mining - 2.43% | ||||||||
Allegheny Technologies, Inc. | 30,559 | 1,151,463 | ||||||
Coeur Mining, Inc. | 44,840 | 416,564 | ||||||
1,568,027 | ||||||||
Oil, Gas & Consumable Fuels - 15.54% |
Alpha Natural Resources, Inc. | 150,460 | 639,455 | ||||||
Comstock Resources, Inc. | 45,572 | 1,041,320 | ||||||
CONSOL Energy, Inc. | 27,583 | 1,101,941 | ||||||
Encana Corp. (b) | 54,939 | 1,174,596 | ||||||
Kinder Morgan, Inc. | 30,522 | 991,660 |
MarkWest Energy Partners LP | 14,168 | 925,454 | ||||||
PDC Energy, Inc. | 16,529 | 1,029,095 | ||||||
Talisman Energy, Inc. (b) | 90,058 | 898,779 | ||||||
Teekay Corp. (b) | 15,449 | 868,852 | ||||||
Tesoro Logistics LP | 5,169 | 311,225 | ||||||
Williams Companies, Inc. | 25,849 | 1,048,952 | ||||||
�� | 10,031,329 | |||||||
Professional Services - 1.00% | ||||||||
Advisory Board Co. | 10,036 | 644,813 | ||||||
Real Estate Investment Trusts (REITs) - 9.30% |
American Tower Corp. | 13,000 | 1,064,310 | ||||||
AvalonBay Communities, Inc. | 8,516 | 1,118,321 | ||||||
Crown Castle International Corp. | 13,829 | 1,020,304 | ||||||
Digital Realty Trust, Inc. | 16,806 | 892,063 | ||||||
Realty Income Corp. | 21,828 | 891,892 | ||||||
Regency Centers Corp. | 19,858 | 1,013,949 | ||||||
6,000,839 | ||||||||
Semiconductors & Semiconductor Equipment - 2.35% |
PMC - Sierra, Inc. | 41,164 | 313,258 | ||||||
Tessera Technologies, Inc. | 16,956 | 400,670 | ||||||
Veeco Instruments, Inc. | 19,067 | 799,480 | ||||||
1,513,408 | ||||||||
Software - 2.44% |
Gigamon, Inc. | 9,680 | 294,175 | ||||||
Jive Software, Inc. | 47,704 | 382,109 | ||||||
Qlik Technologies, Inc. | 33,906 | 901,561 | ||||||
1,577,845 | ||||||||
Specialty Retail - 3.35% | ||||||||
Abercrombie & Fitch Co. - Class A | 27,469 | 1,057,557 | ||||||
Five Below, Inc. | 26,061 | 1,107,701 | ||||||
2,164,628 |
60 The Leuthold Funds - 2014 Semi-Annual Report | See Notes to the Financial Statements. |
Grizzly Short Fund |
Schedule of Securities Sold Short - (a) (continued) |
March 31, 2014 (Unaudited) |
Shares | Fair Value | |||||||
COMMON STOCKS - 88.27% (continued) | ||||||||
Technology Hardware, Storage & Peripherals - 1.35% | ||||||||
Fusion-io, Inc. | 82,872 | $ | 871,813 | |||||
Transportation Infrastructure - 0.58% | ||||||||
Macquarie Infrastructure Co., LLC | 6,481 | 371,167 | ||||||
TOTAL COMMON STOCKS | ||||||||
(Proceeds $57,436,060) | $ | 56,972,149 | ||||||
INVESTMENT COMPANIES - 6.50% | ||||||||
Exchange Traded Funds - 6.50% | ||||||||
SPDR S&P 500 ETF Trust | 22,443 | $ | 4,197,739 | |||||
TOTAL INVESTMENT COMPANIES | ||||||||
(Proceeds $4,028,955) | $ | 4,197,739 | ||||||
TOTAL SECURITIES SOLD SHORT | ||||||||
(Proceeds $61,465,015) - 94.77% | $ | 61,169,888 |
Percentages are stated as a percent of net assets.
ADR American Depository Receipt
(a) Non-income producing security.
(b) Foreign issued security.
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.
See Notes to the Financial Statements | The Leuthold Funds - 2014 Semi-Annual Report 61 |
62 The Leuthold Funds - 2014 Semi-Annual Report |
The Leuthold Funds |
Notes to the Financial Statements (Unaudited) |
1. | ORGANIZATION AND 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 five series (the“Funds”): |
Fund | Investment Objective | Inception - Retail Share Class | Inception - Institutional 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 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 fess 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. |
As of the close of business on November 7, 2013, pursuant to an Agreement and Plan of Reorganization previously approved by the Funds’ Board of Directors, all of the assets, subject to the liabilities, of the Leuthold Asset Allocation Fund, were transferred to the Leuthold Core Investment Fund in exchange for a corresponding class of shares of the Leuthold Core Investment Fund of equal value. The purpose of the transaction was to combine two funds with comparable investment objectives and strategies. The exchange ratio for shareholders of the Retail Class and Institutional Class was 0.58 and 0.59, respectively. The net asset value of the Leuthold Core Investment Fund – Retail Class and Lethold Core Investment Fund – Institutional Class shares on the close of business November 7, 2013, after the reorganization, was $18.85 and $18.84, respectively, and a total of 9,682,755 shares of Leuthold Core Investment Fund – Retail Class and 2,641,170 of Leuthold Core Investment Fund – Institutional Class were issued to shareholders of the Leuthold Asset Allocation Fund in the exchange. The exchange was a tax-free event to Leuthold Asset Allocation Fund shareholders. For financial reporting purposes, assets received and shares issued by the Leuthold Core Investment Fund were recorded at fair value; however the cost basis of investments received from Leuthold Asset Allocation Fund was carried forward to align ongoing reporting of the Leuthold Core Investment Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. |
The components of net assets immediately before the acquisition were as follows: |
The Leuthold Funds - 2014 Semi-Annual Report 63 |
The Leuthold Funds |
Capital Stock | Acculmulated net investment income/(loss) | Acculmulated net realized gain/(loss) on investments | Net Unrealized Appreciation | Net Assets | ||||||||||||||||
Leuthold Core Investment Fund | $ | 672,720,072 | $ | (4,092,312 | ) | $ | 67,821,018 | $ | 103,607,195 | $ | 840,055,973 | |||||||||
Leuthold Asset Allocation Fund | 489,133,392 | (6,898,358 | ) | (263,538,929 | )* | 13,583,460 | 232,279,565 | |||||||||||||
Total | $ | 1,161,853,464 | $ | (10,990,670 | ) | $ | (195,717,911 | ) | $ | 117,190,655 | $ | 1,072,335,538 |
* | Due to rules under section 381 and 382 of the internal revenue code, the combined fund will only be able to utilize $33,065,353 of these losses and the losses will be limited to $8,451,578 each year ($7,710,618 in the first short year) over the next eight years. The combined fund may not utilize the remaining $230,473,576. |
Assuming the acquisition of Leuthold Asset Allocation Fund had been completed on October 1, 2013, the combined funds’ pro forma results in the Statement of Operations during the period ended March 31, 2014 were as follows: |
Net investment income (loss) | $ | (2,635,388 | )* | ||
Net realized and unrealized gain (loss) on investment | $ | 126,638,129 | ** | ||
Net increase (decrease) in net assets resulting from operations | $ | 124,002,741 |
* $(71,468) as reported in the Leuthold Core Investment Fund Statement of Operations, plus $(2,563,920) Leuthold Asset Allocation Fund pre-merger. |
** $94,627,389 as reported in the Leuthold Core Investment Fund Statement of Operations plus $32,010,740 Leuthold Asset Allocation Fund pre-merger. |
Because the combined funds have been managed as a single integrated fund since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Leuthold Asset Allocation Fund that have been included in the Leuthold Core Investment Fund’s Statement of Operations since November 7, 2013. |
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 |
64 The Leuthold Funds - 2014 Semi-Annual Report |
The Leuthold Funds |
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 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 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). |
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, 2014: |
The Leuthold Funds - 2014 Semi-Annual Report 65 |
The Leuthold Funds |
Leuthold Core Investment Fund
Investments at Fair Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Common Stocks | ||||||||||||||||||
Aerospace & Defense | $ | 35,918,645 | $ | –– | $ | –– | $ | 35,918,645 | ||||||||||
Air Freight & Logistics | –– | 218,989 | –– | 218,989 | ||||||||||||||
Airlines | 49,917,407 | 413,681 | –– | 50,331,088 | ||||||||||||||
Auto Components | 277,641 | 1,568,037 | –– | 1,845,678 | ||||||||||||||
Automobiles | 641,133 | 240,471 | –– | 881,604 | ||||||||||||||
Banks | –– | 1,601,350 | –– | 1,601,350 | ||||||||||||||
Building Products | –– | 181,899 | –– | 181,899 | ||||||||||||||
Chemicals | 24,033,345 | 959,711 | 135,048 | 25,128,104 | ||||||||||||||
Communications Equipments | –– | 158,251 | –– | 158,251 | ||||||||||||||
Construction & Engineering | –– | 442,313 | –– | 442,313 | ||||||||||||||
Construction Materials | –– | 97,216 | –– | 97,216 | ||||||||||||||
Consumer Finance | 27,915,334 | –– | –– | 27,915,334 | ||||||||||||||
Containers & Packaging | –– | 294,460 | –– | 294,460 | ||||||||||||||
Distributors | –– | 179,737 | –– | 179,737 | ||||||||||||||
Diversified Consumer Services | 28,809,697 | –– | –– | 28,809,697 | ||||||||||||||
Diversified Financial Services | –– | 231,132 | –– | 231,132 | ||||||||||||||
Diversified Telecommunication Services | 236,237 | 115,835 | –– | 352,072 | ||||||||||||||
Electric Utilities | 188,947 | 516,524 | –– | 705,471 | ||||||||||||||
Electrical Equipment | –– | 109,233 | –– | 109,233 | ||||||||||||||
Electronic Equipment, Instruments | ||||||||||||||||||
& Components | 42,077,689 | 1,123,730 | –– | 43,201,419 | ||||||||||||||
Food & Staples Retailing | 37,209,833 | 332,812 | –– | 37,542,645 | ||||||||||||||
Food Products | 25,994 | 514,955 | –– | 540,949 | ||||||||||||||
Health Care Equipment & Supplies | –– | 279,579 | –– | 279,579 | ||||||||||||||
Health Care Providers & Services | 85,240,722 | 582,370 | –– | 85,823,092 | ||||||||||||||
Hotels, Restaurants & Leisure | –– | 329,735 | –– | 329,735 | ||||||||||||||
Household Durables | 409,081 | 1,405,803 | –– | 1,814,884 | ||||||||||||||
Insurance | 39,988,665 | 1,016,939 | –– | 41,005,604 | ||||||||||||||
Internet Software & Services | 182,887 | 865,522 | –– | 1,048,409 |
IT Services | 60,429,648 | 644,848 | –– | 61,074,496 | ||||||||||||
Machinery | –– | 309,202 | –– | 309,202 | ||||||||||||
Media | –– | 187,136 | –– | 187,136 | ||||||||||||
Metals & Mining | –– | 435,571 | –– | 435,571 | ||||||||||||
Oil, Gas & Consumable Fuels | 1,186,475 | 1,196,342 | –– | 2,382,817 | ||||||||||||
Paper & Forest Products | 519,015 | 247,369 | –– | 766,384 | ||||||||||||
Personal Products | –– | 416,465 | –– | 416,465 | ||||||||||||
Pharmaceuticals | 411,694 | 789,602 | –– | 1,201,296 | ||||||||||||
Real Estate Management & Development | –– | 2,178,233 | –– | 2,178,233 | ||||||||||||
Road & Rail | 179,575 | –– | –– | 179,575 | ||||||||||||
Semiconductors & Semiconductor | ||||||||||||||||
Equipment | 171,311 | 2,019,727 | –– | 2,191,038 | ||||||||||||
Software | 33,342,387 | 225,738 | –– | 33,568,125 | ||||||||||||
Specialty Retail | 50,018,645 | –– | –– | 50,018,645 | ||||||||||||
Technology Hardware, Storage | ||||||||||||||||
& Peripherals | 45,034,643 | 1,534,448 | –– | 46,569,091 | ||||||||||||
Textiles, Apparel & Luxury Goods | –– | 232,077 | –– | 232,077 | ||||||||||||
Trading Companies & Distributors | –– | 182,225 | –– | 182,225 | ||||||||||||
Transportation Infrastructure | 171,895 | –– | –– | 171,895 | ||||||||||||
Water Utilities | 330,489 | –– | –– | 330,489 | ||||||||||||
Wireless Telecommunication Services | 1,279,452 | 202,213 | –– | 1,481,665 | ||||||||||||
Total Common Stocks | $ | 566,148,486 | $ | 24,581,480 | $ | 135,048 | $ | 590,865,014 |
66 The Leuthold Funds - 2014 Semi-Annual Report |
The Leuthold Funds |
Leuthold Core Investment Fund (continued)
Investments at Fair Value | Level 1 | Level 2 | Level 3 | Total |
Preferred Stocks | $ | 571,985 | $ | –– | $ | –– | $ | 571,985 | ||||||||
Exchange Traded Funds | 80,065,588 | –– | –– | 80,065,588 | ||||||||||||
Corporate Bonds | –– | 20,669,732 | –– | 20,669,732 | ||||||||||||
United States Treasury Obligations | –– | 24,866,706 | –– | 24,866,706 | ||||||||||||
Foreign Government Bonds | –– | 57,049,653 | –– | 57,049,653 | ||||||||||||
Rights | –– | –– | 6,670 | 6,670 | ||||||||||||
Money Market Funds | 47,122,805 | –– | –– | 47,122,805 | ||||||||||||
Total Investments in Securities | $ | 693,908,864 | $ | 127,167,571 | $ | 141,718 | $ | 821,218,153 |
Securities Sold Short at Fair Value | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | $ | 38,071,474 | $ | –– | $ | –– | $ | 38,071,474 | ||||||||
Exchange Traded Funds | 2,735,647 | –– | –– | 2,735,647 | ||||||||||||
Total Securities Sold Short | $ | 40,807,121 | $ | –– | $ | –– | $ | 40,807,121 |
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, Level 2, and Level 3 for the three-month period ended March 31, 2014: |
Transfers into Level 1 | $ | 66,383 | ||
Transfers out of Level 1 | (218,020 | ) | ||
Net transfers into and/or out of Level 1 | $ | (151,637 | ) |
Transfers into Level 2 | $ | 218,020 | ||
Transfers out of Level 2 | (201,431 | ) | ||
Net transfers into and/or out of Level 2 | $ | 16,589 |
Transfers into Level 3 | $ | 135,048 | ||
Transfers out of Level 3 | –– | |||
Net transfers into and/or out of Level 3 | $ | 135,048 |
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 at Fair Value | ||||||||
Balance as of September 20, 2013 | $ | –– | ||||||
Accrued discounts/premiums | –– | |||||||
Realized gain (loss) | –– | |||||||
Change in unrealized appreciation (depreciation) | (2,187 | ) | ||||||
Purchases | –– | |||||||
Sales | –– | |||||||
Corporate actions | 8,857 | (1) | ||||||
Transfer into and/or out of Level 3 | 135,048 | (2) | ||||||
Balance as of March 31, 2014 | $ | 141,718 | ||||||
Change in unrealized appreciation (depreciation) during | ||||||||
the period ended for Level 3 investments held at March 31, 2014: | $ | (16,862 | ) |
(1) This security (rights) is classified as a Level 3 security due to a lack of market activity and observable inputs. The security was acquired as a result of a corporate action. |
(2) This security (China Lumena New Materials Corp) is classified as a Level 3 security due to a halt in trading on March 25, 2014 and the secutiy being priced at the last traced price of 1.25 HKD. |
The Leuthold Funds - 2014 Semi-Annual Report 67 |
The Leuthold Funds |
Leuthold Global Fund
Investments at Fair Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Common Stocks |
Aerospace & Defense | $ | 3,832,405 | $ | –– | $ | –– | $ | 3,832,405 | ||||||||
Airlines | 14,092,334 | –– | –– | 14,092,334 | ||||||||||||
Auto Components | 10,059,574 | 15,489,469 | –– | 25,549,043 | ||||||||||||
Automobiles | 5,349,427 | 5,912,645 | –– | 11,262,072 | ||||||||||||
Banks | 3,466,895 | –– | –– | 3,466,895 | ||||||||||||
Electric Utilities | 2,280,037 | 5,549,322 | –– | 7,829,359 | ||||||||||||
Electronic Equipment, Instruments | ||||||||||||||||
& Components | 11,835,271 | 8,395,983 | –– | 20,231,254 |
Health Care Providers & Services | 25,331,427 | 5,028,786 | –– | 30,360,213 | ||||||||||||
Hotels, Resteraunts & Leisure | –– | 1,205,777 | –– | 1,205,777 | ||||||||||||
Household Durables | 4,212,073 | –– | –– | 4,212,073 | ||||||||||||
Insurance | 14,287,600 | 19,907,416 | –– | 34,195,016 | ||||||||||||
IT Services | 1,761,986 | –– | –– | 1,761,986 | ||||||||||||
Media | 9,623,789 | 5,468,281 | –– | 15,092,070 | ||||||||||||
Metals & Mining | –– | 1,361,554 | –– | 1,361,554 | ||||||||||||
Paper & Forest Products | 8,004,001 | 970,961 | 48,037 | 9,022,999 | ||||||||||||
Road & Rail | 1,897,243 | –– | –– | 1,897,243 | ||||||||||||
Semiconductors & Semiconductor | ||||||||||||||||
Equipment | 9,760,946 | 6,735,831 | –– | 16,496,777 |
Technology Hardware, Storage | ||||||||||||||||
& Peripherals | 10,062,986 | 8,398,619 | –– | 18,461,605 | ||||||||||||
Wireless Telecommunication Services | 5,543,073 | 5,233,573 | –– | 10,776,646 | ||||||||||||
Total Common Stock | 141,401,067 | 89,658,217 | 48,307 | 231,107,321 |
Preferred Stocks | ||||||||||||||||
Automobiles | –– | 1,884,469 | –– | 1,884,469 | ||||||||||||
Electric Utilities | 2,325,827 | –– | –– | 2,325,827 | ||||||||||||
Total Preferred Stock | 2,325,827 | 1,884,469 | –– | 4,210,296 | ||||||||||||
Exchange Traded Funds | 35,482,027 | –– | –– | 35,482,027 | ||||||||||||
Corporate Bonds | –– | 6,369,433 | –– | 6,369,433 | ||||||||||||
United States Treasury Obligations | –– | 6,592,410 | –– | 6,592,410 | ||||||||||||
Foreign Government Bonds | –– | 25,668,091 | –– | 25,668,091 | ||||||||||||
Money Market Funds | 17,464,020 | –– | –– | 17,464,020 | ||||||||||||
Total Investments in Securities | $ | 196,672,941 | $ | 130,172,620 | $ | 48,037 | $ | 326,893,598 |
Securities Sold Short at Fair Value | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | $ | $ | $ | –– | $ |
Beverages | $ | 130,497 | $ | 408,048 | $ | –– | $ | 538,545 | ||||||||
Capital Markets | 291,508 | 233,575 | –– | 525,083 | ||||||||||||
Chemicals | 141,317 | –– | –– | 141,317 | ||||||||||||
Commercial Services & Supplies | 124,230 | –– | –– | 124,230 | ||||||||||||
Construction & Engineering | 127,814 | 281,461 | –– | 409,275 | ||||||||||||
Construction Materials | –– | 176,354 | –– | 176,354 | ||||||||||||
Consumer Finance | –– | 117,321 | –– | 117,321 | ||||||||||||
Diversified Financial Services | 255,013 | 134,441 | –– | 389,454 | ||||||||||||
Diversified Telecommunication Services | 144,234 | –– | –– | 144,234 |
68 The Leuthold Funds - 2014 Semi-Annual Report |
The Leuthold Funds |
Leuthold Global Fund (continued)
Securities Sold Short at Fair Value | Level 1 | Level 2 | Level 3 | Total |
Electric Utilities | $ | 144,432 | $ | –– | $ | –– | $ | 144,432 | ||||||||
Energy Equipment & Services | 149,759 | –– | –– | 149,759 | ||||||||||||
Food & Staples Retailing | –– | 132,220 | –– | 132,220 | ||||||||||||
Food Products | 520,927 | 451,258 | –– | 972,185 | ||||||||||||
Gas Utilities | 292,515 | –– | –– | 292,515 | ||||||||||||
Health Care Equipment & Supplies | 507,703 | –– | –– | 507,703 | ||||||||||||
Health Care Providers & Services | 189,709 | –– | –– | 189,709 | ||||||||||||
Household Durables | 137,262 | –– | –– | 137,262 | ||||||||||||
Independent Power Producers & | ||||||||||||||||
Energy Traders | 260,241 | –– | –– | 260,241 | ||||||||||||
Industrial Conglomerates | –– | 156,981 | –– | 156,981 | ||||||||||||
Leisure Products | –– | 140,821 | –– | 140,821 | ||||||||||||
Machinery | –– | 170,683 | –– | 170,683 | ||||||||||||
Media | 117,695 | –– | –– | 117,695 | ||||||||||||
Multiline Retail | –– | 163,265 | –– | 163,265 | ||||||||||||
Oil, Gas & Consumable Fuels | 1,485,606 | 213,184 | –– | 1,698,790 | ||||||||||||
Personal Products | –– | 143,266 | –– | 143,266 | ||||||||||||
Professional Services | 445,423 | 141,978 | –– | 587,401 | ||||||||||||
Real Estate Investment Trusts (REITs) | 132,962 | –– | –– | 132,962 | ||||||||||||
Real Estate Management & Development | 329,936 | 118,729 | –– | 448,665 | ||||||||||||
Specialty Retail | 273,798 | 144,676 | –– | 418,474 | ||||||||||||
Textiles, Apparel & Luxury Goods | 120,273 | –– | –– | 120,273 | ||||||||||||
Thrifts & Mortgage Finance | 430,075 | –– | –– | 430,075 | ||||||||||||
Tobacco | 398,157 | 177,722 | –– | 575,879 |
Total Common Stocks | 7,151,086 | 3,505,983 | –– | 10,657,069 | ||||||||||||
Exchange Traded Funds | 1,915,548 | –– | –– | 1,915,548 | ||||||||||||
Total Securities Sold Short | $ | 9,066,634 | $ | 3,505,983 | $ | –– | $ | 12,572,617 |
The Fund did not 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 following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value: |
Investments in Securities at Fair Value | ||||||||
Balance as of September 20, 2013 | $ | 48,041 | ||||||
Accrued discounts/premiums | –– | |||||||
Realized gain (loss) | –– | |||||||
Change in unrealized appreciation (depreciation) | (4 | ) | ||||||
Purchases | –– | |||||||
Sales | –– | |||||||
Transfer into and/or out of Level 3 | –– | |||||||
Balance as of March 31, 2014 | $ | 48,037 | ||||||
Change in unrealized appreciation (depreciation) during | ||||||||
the period ended for Level 3 investments held at March 31, 2014: | $ | (4 | ) |
The Leuthold Funds - 2014 Semi-Annual Report 69 |
The Leuthold Funds |
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 this 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. For the duration of the period the discount was 95%. |
Leuthold Select Industries Fund
Investments at Fair Value | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | $ | 14,499,352 | $ | –– | $ | –– | $ | 14,499,352 | ||||||||
Money Market Funds | 334,759 | –– | –– | 334,759 | ||||||||||||
Total Investments in Securities | $ | 14,834,111 | $ | –– | $ | –– | $ | 14,834,111 |
The Fund did not 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. |
Leuthold Global Industries Fund
Investments at Fair Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Common Stocks |
Aerospace & Defense | $ | 423,188 | $ | –– | $ | –– | $ | 423,188 | ||||||||
Airlines | 1,555,782 | –– | –– | 1,555,782 | ||||||||||||
Auto Components | 1,115,677 | 1,737,114 | –– | 2,852,791 | ||||||||||||
Automobiles | 590,635 | 675,597 | –– | 1,266,232 | ||||||||||||
Banks | 382,756 | –– | –– | 382,756 | ||||||||||||
Electic Utilities | 265,042 | 625,128 | –– | 890,170 | ||||||||||||
Electronic Equipment, Instruments | ||||||||||||||||
& Components | 1,314,630 | 964,205 | –– | 2,278,835 | ||||||||||||
Health Care Providers & Services | 2,800,931 | 562,757 | –– | 3,363,688 | ||||||||||||
Hotels, Resteraunts & Leisure | –– | 135,227 | –– | 135,227 | ||||||||||||
Household Durables | 471,149 | –– | –– | 471,149 | ||||||||||||
Insurance | 1,586,910 | 2,229,628 | –– | 3,816,538 | ||||||||||||
IT Services | 194,529 | –– | –– | 194,529 | ||||||||||||
Media | 1,062,523 | 610,660 | –– | 1,673,183 | ||||||||||||
Metals & Mining | –– | 153,938 | –– | 153,938 | ||||||||||||
Paper & Forest Products | 891,497 | 109,351 | 2,243 | 1,003,091 | ||||||||||||
Road & Rail | 209,428 | –– | –– | 209,428 | ||||||||||||
Semiconductors & Semiconductor | ||||||||||||||||
Equipment | 1,078,630 | 780,960 | –– | 1,859,590 |
Technology Hardware, Storage & | ||||||||||||||||
Peripherals | 1,110,947 | 962,537 | –– | 2,073,484 | ||||||||||||
Wireless Telecommunication Services | 614,228 | 585,718 | –– | 1,199,946 | ||||||||||||
Total Common Stocks | 15,668,482 | 10,132,820 | 2,243 | 25,803,545 |
Preferred Stocks | ||||||||||||||||
Automobiles | –– | 211,065 | –– | 211,065 | ||||||||||||
Electic Utilities | 266,368 | –– | –– | 266,368 | ||||||||||||
Total Preferred Stocks | 266,368 | 211,065 | –– | 477,433 | ||||||||||||
Money Market Funds | 217,424 | –– | –– | 217,424 | ||||||||||||
Total Investments in Securities | $ | 16,152,274 | $ | 10,343,885 | $ | 2,243 | $ | 26,498,402 |
70 The Leuthold Funds - 2014 Semi-Annual Report |
The Leuthold Funds |
The Fund did not 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 following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value: |
Investments in Securities at Fair Value | ||||||||
Balance as of September 20, 2013 | $ | 2,243 | ||||||
Accrued discounts/premiums | –– | |||||||
Realized gain (loss) | –– | |||||||
Change in unrealized appreciation (depreciation) | –– | |||||||
Purchases | –– | |||||||
Sales | –– | |||||||
Transfer into and/or out of Level 3 | –– | |||||||
Balance as of March 31, 2014 | $ | 2,243 | ||||||
Change in unrealized appreciation (depreciation) during | ||||||||
the period ended for Level 3 investments held at March 31, 2014: | $ | –– |
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 | $ | 7,719,734 | –– | –– | $ | 7,719,734 | ||||||||||
Total Investments in Securities | $ | 7,719,734 | $ | –– | $ | –– | $ | 7,719,734 |
Securities Sold Short at Fair Value | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | $ | 56,972,149 | $ | –– | $ | –– | $ | 56,972,149 | ||||||||
Exchange Traded Funds | 4,197,739 | –– | –– | 4,197,739 | ||||||||||||
Total Securities Sold Short | $ | 61,169,888 | $ | –– | $ | –– | $ | 61,169,888 |
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. |
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 |
The Leuthold Funds - 2014 Semi-Annual Report 71 |
The Leuthold Funds |
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, 2013 and 2012 was as follows: |
Year Ended September 30, 2013
Leuthold | Leuthold | Leuthold | ||||||||||||||||||
Core | Leuthold | Select | Global | Grizzly | ||||||||||||||||
Investment | Global | Industries | Industries | Short | ||||||||||||||||
Fund | Fund | Fund | Fund | Fund | ||||||||||||||||
Distributions paid from: Ordinary Income | $ | 14,177,488 | $ | 3,759,728 | $ | 33,785 | $ | 69,238 | –– | |||||||||||
Long Term Capital Gain | –– | –– | –– | –– | –– | |||||||||||||||
Return of Capital | –– | –– | –– | –– | –– | |||||||||||||||
Total Distribution Paid | $ | 14,177,488 | $ | 3,759,728 | $ | 33,785 | $ | 69,238 | $ | –– |
Year Ended September 30, 2012
Leuthold | Leuthold | Leuthold | ||||||||||||||||||
Core | Leuthold | Select | Global | Grizzly | ||||||||||||||||
Investment | Global | Industries | Industries | Short | ||||||||||||||||
Fund | Fund | Fund | Fund | Fund | ||||||||||||||||
Distributions paid from: Ordinary Income | $ | 27,886,190 | $ | 5,685,282 | $ | 25,862 | $ | 18,020 | –– | |||||||||||
Long Term Capital Gain | –– | 4,587,025 | –– | –– | –– | |||||||||||||||
Return of Capital | –– | –– | –– | –– | –– | |||||||||||||||
Total Distribution Paid | $ | 27,886,190 | $ | 10,272,307 | $ | 25,862 | $ | 18,020 | $ | –– |
At September 30, 2013, the components of accumulated earnings (deficit) on a tax basis were as follows:
Leuthold | Leuthold | Leuthold | ||||||||||||||||||
Core | Leuthold | Select | Global | Grizzly | ||||||||||||||||
Investment | Global | Industries | Industries | Short | ||||||||||||||||
Fund | Fund | Fund | Fund | Fund | ||||||||||||||||
Undistributed Ordinary Income | $ | 18,302,077 | $ | 14,830,754 | $ | –– | $ | 77,468 | $ | –– | ||||||||||
Undistributed long-term gains | 36,495,986 | 20,207,828 | –– | –– | –– | |||||||||||||||
Distributable earnings | 54,798,063 | 35,038,582 | –– | 77,468 | –– | |||||||||||||||
Capital loss carryover and post-October losses | –– | –– | (2,975,423 | ) | (970,292 | ) | (149,741,576 | ) |
Other accumulated | ||||||||||||||||||||
gains (losses) | (70,155 | ) | (888,311 | ) | –– | –– | (18,957 | ) | ||||||||||||
Unrealized appreciation | ||||||||||||||||||||
(depreciation) | 80,786,112 | 42,656,205 | 1,902,115 | 1,750,997 | (7 | ) | ||||||||||||||
Total accumulated gain (loss) | $ | 135,514,020 | $ | 76,806,476 | $ | (1,073,308 | ) | $ | 858,173 | $ | (149,760,540 | ) |
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. |
72 The Leuthold Funds - 2014 Semi-Annual Report |
The Leuthold Funds |
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, 2013, the following table shows the reclassifications made: |
Undistributed Net Investment Income/(Loss) | Accumulated Net Realized Gain/(Loss) | Paid In Capital | ||||||||||
Leuthold Core Investment Fund | $ | 13,559,477 | $ | (13,534,296 | ) | $ | (25,181 | ) | ||||
Leuthold Global Fund | 487,019 | (487,018 | ) | (1 | ) | |||||||
Leuthold Select Industries Fund | 3,123 | 19 | (3,142 | ) | ||||||||
Leuthold Global Industries Fund | 31,075 | (31,075 | ) | –– | ||||||||
Grizzly Short Fund | 5,346,138 | (105,551 | ) | (5,240,587 | ) |
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 | ||||||||||||||||||
Core | Leuthold | Select | Global | Grizzly | ||||||||||||||||
Investment | Global | Industries | Industries | Short | ||||||||||||||||
Fund | Fund | Fund | Fund | Fund |
Expires 09/30/17 | $ | –– | $ | –– | $ | (862,502 | )* | $ | –– | $ | –– | |||||||||
Expires 09/30/18 | –– | –– | (2,112,919 | ) | –– | (18,663,090 | ) | |||||||||||||
Expires 09/30/19 | –– | –– | –– | (17,340 | ) | (25,380,935 | ) | |||||||||||||
Unlimited Short-Term | –– | –– | –– | (952,952 | ) | (78,603,486 | ) |
*Capital loss carryforward transferred in from merger, subject to annual limitations.
The Grizzly Short Fund intends to defer and treat $27,094,065 of post-October losses incurred during the fiscal year ended September 30, 2013 as arising in the fiscal year ending September 30, 2014.
As of September 30, 2013, 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. |
The Leuthold Funds - 2014 Semi-Annual Report 73 |
The Leuthold Funds |
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 and Leuthold Global Fund –The Leuthold Core Investment Fund and Leuthold Global Fund may invest up to 25% of their total assets in their Subsidiary, Leuthold Core, 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 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 and Leuthold Global Fund consistent with the investment objectives and policies specified in the Prospectus and Statement of Additional Information. Currently, no assets are held in Leuthold Core, Ltd. or Leuthold Global, Ltd. |
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. |
In January, 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2013-01 Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. This update gives additional clarification to the FASB ASU No. 2011-11 Disclosures about Offsetting Assets and Liabilities. The amendments in this ASU require an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The ASU is effective for annual reporting periods beginning on or after January 1, 2013 and interim periods within those annual periods. The guidance requires retrospective application for all comparative periods presented. Management has evaluated ASU 2013-01 and has determined that this will have no impact on the financial statement disclosures. |
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. |
74 The Leuthold Funds - 2014 Semi-Annual Report |
The Leuthold Funds |
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 five 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) | Subsequent Events –The Funds have evaluated subsequent events through the date of issuance of the Funds’ financial statements. This evaluation did not result in any subsequent events that necessitated recognition or disclosure. |
2. | INVESTMENT TRANSACTIONS |
Purchases and sales of investment securities, other than short-term investments and short sales, for the six month period ended March 31, 2014 are summarized below. |
Leuthold | Leuthold | Leuthold | ||||||||||||||||
Core | Leuthold | Select | Global | |||||||||||||||
Investment | Global | Industries | Industries | |||||||||||||||
Fund | Fund | Fund | Fund | |||||||||||||||
Purchases | $ | 612,008,930 | $ | 219,622,514 | $ | 11,148,724 | $ | 36,645,695 | ||||||||||
Sales | 469,520,436 | 277,107,641 | 8,062,318 | 26,338,677 |
At September 30, 2013, gross unrealized appreciation and depreciation of investments and cost of investments (excluding short positions) for tax purposes were as follows:
Leuthold | ||||||||||||||||||||
Core | Leuthold | Select | Global | Grizzly | ||||||||||||||||
Investment | Global | Industries | Industries | Short | ||||||||||||||||
Fund | Fund | Fund | Fund | Fund | ||||||||||||||||
Tax cost of investments | $ | 488,832,420 | $ | 308,363,948 | $ | 8,164,550 | $ | 12,658,177 | $ | 3,076,329 | ||||||||||
Gross unrealized appreciation | 87,218,429 | 49,416,345 | 1,950,472 | 2,050,952 | 3,185,257 | |||||||||||||||
Gross unrealized depreciation | (6,432,317 | ) | (6,760,140 | ) | (48,357 | ) | (299,955 | ) | (3,185,264 | ) | ||||||||||
Net unrealized appreciation (depreciation) | $ | 80,786,112 | $ | 42,656,205 | $ | 1,902,115 | $ | 1,750,997 | (7 | ) |
The differences between book and tax basis of unrealized appreciation (depreciation) are primarily attributable to the tax deferral of losses on wash sales.
The Core Investment Fund and the Global Fund owned 5% or more of the voting securities of the following companies during the six month period ended March 31, 2014. As a result, these companies are deemed to be affiliates of the Core Investment Fund and the Global Fund as defined by the 1940 Act. Transactions during the period in these securities of affiliated companies were as follows:
The Leuthold Funds - 2014 Semi-Annual Report 75 |
The Leuthold Funds |
Leuthold Core Investment Fund
Share Activity | |||||||||||||||||||||||||
Balance | Balance | Dividend | Fair Value at | ||||||||||||||||||||||
Security Name | 09/30/13 | Purchases | Sales | 03/31/14 | Income | 03/31/14 | |||||||||||||||||||
CurrencyShares Japanese Yen Trust | 160,155 | 87,000 | 121,309 | 125,846 | $ | –– | $ | 11,896,222 |
Leuthold Global Fund
Share Activity | |||||||||||||||||||||||||
Balance | Balance | Dividend | Fair Value at | ||||||||||||||||||||||
Security Name | 09/30/12 | Purchases | Sales | 09/30/13 | Income | 09/30/13 | |||||||||||||||||||
CurrencyShares Japanese Yen Trust(1) | 95,068 | 19,300 | 63,630 | 50,738 | $ | –– | $ | 4,976,263 |
(1) Issuer was not an affiliate as of March 31, 2014 due to sales during the year.
3. | INVESTMENT ADVISORY AND OTHER AGREEMENTS |
The Funds have entered into an Investment Advisory Agreement (“advisory agreement”) with the 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 | ||||||
Core | Leuthold | Select | Global | Grizzly | ||||
Investment | Global | Industries | Industries | Short | ||||
Fund | Fund | Fund | Fund | Fund | ||||
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 | ||||||
Core | Leuthold | Select | Global | Grizzly | ||||
Investment | Global | Industries | Industries | Short | ||||
Fund | Fund | Fund | Fund | Fund | ||||
1.25% | 1.85% | 1.60% | 1.60% | 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, 2014 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 | 9/30/2015 | $ 58,737 | |||
9/30/2016 | 22,934 | 9/30/2016 | 71,564 | |||
9/30/2017 | 539 | 9/30/2017 | 44,079 |
76 The Leuthold Funds - 2014 Semi-Annual Report |
The Leuthold Funds |
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 month period ended March 31, 2014, the Leuthold Core Investment Fund, Leuthold Global Fund, Leuthold Select Industries Fund, Leuthold Global Industries, and Grizzly Short Fund paid Weeden & Co., L.P., an affiliate of the Adviser, $111,748, $17,570, $2,211, $1,244, and $0, respectively, for brokerage commissions. |
4. | DISTRIBUTION PLAN |
The 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. |
The Leuthold Funds - 2014 Semi-Annual Report 77 |
78 The Leuthold Funds - 2014 Semi-Annual Report |
The Leuthold Funds |
INVESTMENT ADVISORY AGREEMENT DISCLOSURE
On November 11, 2013, the Board of Directors of Leuthold Funds, Inc. approved the investment advisory agreements for the Leuthold Core Investment 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 - 2014 Semi-Annual Report 79 |
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 & | 5 | 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, | 5 | 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 | 5 | Piper Jaffray | |||||
c/o Leuthold Weeden | Chair of | Director since | Executive Officer of Piper Jaffray | Companies | ||||||
Capital Management | Nominating | 2009 | Companies. | and Renaissance | ||||||
33 South Sixth Street | Committee | Learning, Inc. | ||||||||
Suite 4600 | ||||||||||
Minneapolis, MN 55402 | ||||||||||
Interested Directors (and Officers) | ||||||||||
John C. Mueller (1968) | Director | Indefinite, | Co-Chief Executive Officer | 5 | 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. |
80 The Leuthold Funds - 2014 Semi-Annual Report |
The Leuthold Funds |
# 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 - 2014 Semi-Annual Report 81 |
The Leuthold Funds | ||
Investment Adviser: | ||
Leuthold Weeden Capital Management, Minneapolis, Minnesota | ||
Administrator, Transfer Agent, Dividend Paying Agent, Shareholder Servicing Agent: | ||
U.S. Bancorp Fund Services, LLC, Milwaukee, Wisconsin | ||
Custodian: | ||
U.S. Bank, N.A., Milwaukee, Wisconsin | ||
Counsel: | ||
Foley & Lardner, LLP, Milwaukee, Wisconsin | ||
Independent Registered Public Accounting Firm: | ||
Ernst & Young LLP, Minneapolis, 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 6/5/14
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 6/5/14
By (Signature and Title)* /s/ Holly Weiss
Holly Weiss, Treasurer
Date 6/5/14
* Print the name and title of each signing officer under his or her signature.