UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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)
(Exact name of registrant as specified in charter)
33 S. Sixth Street, Suite 4600, Minneapolis, MN 55402
(Address of principal executive offices) (Zip code)
(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)
(Name and address of agent for service)
612-332-9141
Registrant's telephone number, including area code
Date of fiscal year end: September 30, 2016
Date of reporting period: March 31, 2016
Item 1. Reports to Stockholders.
Semi-Annual
Report March 31, 2016
Report March 31, 2016
The Leuthold Funds
Leuthold Core Investment Fund
Retail Class Shares LCORX
Institutional Class Shares LCRIX
Retail Class Shares LCORX
Institutional Class Shares LCRIX
Leuthold Global Fund
Retail Class Shares GLBLX
Institutional Class Shares GLBIX
Retail Class Shares GLBLX
Institutional Class Shares GLBIX
Leuthold Select Industries Fund LSLTX
Leuthold Global Industries Fund
Retail Class Shares LGINX
Institutional Class Shares LGIIX
Retail Class Shares LGINX
Institutional Class Shares LGIIX
Grizzly Short Fund GRZZX
Inside Front cover - BLANK
The Leuthold Funds |
1 | |
5 | |
8 | |
12 | |
16 | |
21 | |
Schedules of Investments and Securities Sold Short | |
29 | |
41 | |
50 | |
53 | |
58 | |
63 | |
77 | |
80 |
The Leuthold Funds |
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 investment advisory fees; distribution and/or service fees; and other Fund expenses. These examples are 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 Examples are based on an investment of $1,000 invested at the beginning of the period and held the entire period (October 1, 2015 – March 31, 2016).
Actual Expenses
The first line of the following tables 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 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 examples. The examples include, but are not limited to, investment advisory fees, shareholder servicing fees, fund accounting, custody, and transfer agent fees. However, the following examples do 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 Examples for Comparison Purposes
The second line of the following tables 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 each Fund’s 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 these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables 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 tables 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.
See Notes to the Financial Statements. | The Leuthold Funds - 2016 Semi-Annual Report | 1 |
The Leuthold Funds |
Expense Example Tables (Unaudited)
Leuthold Core Investment Fund - Retail Class - LCORX
Beginning Account Value October 1, 2015 | Ending Account Value March 31, 2016 | Expenses Paid During Period* October 1, 2015 - March 31, 2016 | ||||||||||
Actual** | $ 1,000.00 | $ 1,008.00 | $ 7.03 | |||||||||
Hypothetical (5% return before expenses)*** | 1,000.00 | 1,018.00 | 7.06 |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.40%, multiplied by the average account value over the period, multiplied by 183/366 to reflect the one-half year period. |
** | Excluding dividends and interest on securities sold short, your actual cost of investment in the Fund would be $5.87 and the Fund’s annualized expense ratio would be 1.17%. |
*** | Excluding dividends and interest on securities sold short, your hypothetical cost of investment in the Fund would be $5.91 and the Fund’s annualized expense ratio would be 1.17%. |
Leuthold Core Investment Fund - Institutional Class - LCRIX
Beginning Account Value October 1, 2015 | Ending Account Value March 31, 2016 | Expenses Paid During Period* October 1, 2015 - March 31, 2016 | ||||||||||
Actual** | $ 1,000.00 | $ 1,008.50 | $ 6.48 | |||||||||
Hypothetical (5% return before expenses)*** | 1,000.00 | 1,018.55 | 6.51 |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.29%, multiplied by the average account value over the period, multiplied by 183/366 to reflect the one-half year period. |
** | Excluding dividends and interest on securities sold short, your actual cost of investment in the Fund would be $5.32 and the Fund’s annualized expense ratio would be 1.06%. |
*** | Excluding dividends and interest on securities sold short, your hypothetical cost of investment in the Fund would be $5.35 and the Fund’s annualized expense ratio would be 1.06%. |
Leuthold Global Fund - Retail Class - GLBLX
Beginning Account Value October 1, 2015 | Ending Account Value March 31, 2016 | Expenses Paid During Period* October 1, 2015 - March 31, 2016 | ||||||||||
Actual** | $ 1,000.00 | $ 1,012.70 | $ 10.01 | |||||||||
Hypothetical (5% return before expenses)*** | 1,000.00 | 1,015.05 | 10.02 |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.99%, multiplied by the average account value over the period, multiplied by 183/366 to reflect the one-half year period. |
** | Excluding dividends and interest on securities sold short, your actual cost of investment in the Fund would be $8.20 and the Fund’s annualized expense ratio would be 1.63%. |
*** | Excluding dividends and interest on securities sold short, your hypothetical cost of investment in the Fund would be $8.22 and the Fund’s annualized expense ratio would be 1.63%. |
2 | The Leuthold Funds - 2016 Semi-Annual Report | See Notes to the Financial Statements. |
The Leuthold Funds |
Leuthold Global Fund - Institutional Class - GLBIX
Beginning Account Value October 1, 2015 | Ending Account Value March 31, 2016 | Expenses Paid During Period* October 1, 2015 - March 31, 2016 | ||||||||||
Actual** | $ | 1,000.00 | $ | 1,014.60 | $ | 8.61 | ||||||
Hypothetical (5% return before expenses)*** | 1,000.00 | 1,016.45 | 8.62 |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.71%, multiplied by the average account value over the period, multiplied by 183/366 to reflect the one-half year period. |
** | Excluding dividends and interest on securities sold short, your actual cost of investment in the Fund would be $6.80 and the Fund’s annualized expense ratio would be 1.35%. |
*** | Excluding dividends and interest on securities sold short, your hypothetical cost of investment in the Fund would be $6.81 and the Fund’s annualized expense ratio would be 1.35%. |
Leuthold Select Industries Fund - LSLTX
Beginning Account Value October 1, 2015 | Ending Account Value March 31, 2016 | Expenses Paid During Period* October 1, 2015 - March 31, 2016 | ||||||||||
Actual | $ | 1,000.00 | $ | 1,011.70 | $ | 7.54 | ||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,017.50 | 7.57 |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.50%, multiplied by the average account value over the period, multiplied by 183/366 to reflect the one-half year period. |
Leuthold Global Industries Fund - Retail Class - LGINX
Beginning Account Value October 1, 2015 | Ending Account Value March 31, 2016 | Expenses Paid During Period* October 1, 2015 - March 31, 2016 | ||||||||||
Actual | $ | 1,000.00 | $ | 1,019.40 | $ | 7.57 | ||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,017.50 | 7.57 |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.50%, multiplied by the average account value over the period, multiplied by 183/366 to reflect the one-half year period. |
See Notes to the Financial Statements. | The Leuthold Funds - 2016 Semi-Annual Report | 3 |
The Leuthold Funds |
Leuthold Global Industries Fund - Institutional Class - LGIIX
Beginning Account Value October 1, 2015 | Ending Account Value March 31, 2016 | Expenses Paid During Period* October 1, 2015 - March 31, 2016 | ||||||||||
Actual | $ | 1,000.00 | $ | 1,020.90 | $ | 6.32 | ||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,018.75 | 6.31 |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.25%, multiplied by the average account value over the period, multiplied by 183/366 to reflect the one-half year period. |
Grizzly Short Fund - GRZZX
Beginning Account Value October 1, 2015 | Ending Account Value March 31, 2016 | Expenses Paid During Period* October 1, 2015 - March 31, 2016 | ||||||||||
Actual** | $ | 1,000.00 | $ | 912.40 | $ | 13.72 | ||||||
Hypothetical (5% return before expenses)*** | 1,000.00 | 1,010.65 | 14.43 |
* | Expenses are equal to the Fund’s annualized expense ratio of 2.87%, multiplied by the average account value over the period, multiplied by 183/366 to reflect the one-half year period. |
** | Excluding dividends and interest on securities sold short, your actual cost of investment in the Fund would be $7.17 and the Fund’s annualized expense ratio would be 1.50%. |
*** | Excluding dividends and interest on securities sold short, your hypothetical cost of investment in the Fund would be $7.57 and the Fund’s annualized expense ratio would be 1.50% |
4 | The Leuthold Funds - 2016 Semi-Annual Report | See Notes to the Financial Statements. |
The Leuthold Funds |
(Unaudited) |
Leuthold Global Fund
Allocation of Portfolio Holdings
March 31, 2016
Allocation of Portfolio Holdings
March 31, 2016
^Amount is less than 0.05%. | ||
See Notes to the Financial Statements. | The Leuthold Funds - 2016 Semi-Annual Report | 5 |
The Leuthold Funds |
(Unaudited) |
Leuthold Select Industries Fund
Allocation of Portfolio Holdings
March 31, 2016*
Allocation of Portfolio Holdings
March 31, 2016*
Leuthold Global Industries Fund
Allocation of Portfolio Holdings
March 31, 2016*
Allocation of Portfolio Holdings
March 31, 2016*
* Excludes short-term investments less than 5% of net assets. | ||
6 | The Leuthold Funds - 2016 Semi-Annual Report | See Notes to the Financial Statements. |
The Leuthold Funds |
(Unaudited) |
Grizzly Short Fund
Allocation of Securities Sold Short
March 31, 2016
Allocation of Securities Sold Short
March 31, 2016
See Notes to the Financial Statements. | The Leuthold Funds - 2016 Semi-Annual Report | 7 |
Leuthold Core | Leuthold Global | Leuthold Select | ||||||||||
ASSETS: | ||||||||||||
Investments, at cost | $ | 826,757,213 | $ | 206,789,027 | $ | 11,316,686 | ||||||
Investments, at fair value | 923,825,980 | 217,020,854 | 13,955,426 | |||||||||
Cash | 4,091 | — | — | |||||||||
Foreign currency | ||||||||||||
(cost $26,991, $28,749, and $0, respectively) | 27,826 | 28,774 | — | |||||||||
Receivable for Fund shares sold | 1,863,800 | 1,015,306 | 12,000 | |||||||||
Receivable for investments sold | 7,353,385 | 1,142,638 | — | |||||||||
Collateral at broker for securities sold short | 124,607,950 | 39,338,596 | — | |||||||||
Tri-party collateral held at custodian | 25,000,001 | 8,500,000 | — | |||||||||
Interest receivable | 725,942 | 185,139 | 8 | |||||||||
Dividends receivable | 358,696 | 575,351 | 8,743 | |||||||||
Other assets | 36,334 | 27,857 | 10,149 | |||||||||
Total Assets | 1,083,804,005 | 267,834,515 | 13,986,326 | |||||||||
LIABILITIES: | ||||||||||||
Securities sold short, at fair value | ||||||||||||
(proceeds $125,741,041, $41,196,569, and $0, respectively) | 124,556,609 | 39,051,813 | — | |||||||||
Payable for investments purchased | 7,692,692 | 1,195,349 | — | |||||||||
Payable for Fund shares redeemed | 1,057,915 | 179,123 | 47,096 | |||||||||
Payable to Adviser | 711,982 | 211,132 | 9,563 | |||||||||
Payable to Custodian | 43,698 | 36,898 | 2,870 | |||||||||
Payable to Directors | 30,307 | 10,061 | 456 | |||||||||
Dividends payable on securities sold short | 101,766 | 16,831 | — | |||||||||
Distribution (Rule 12b-1) fees payable | 36,294 | 81,109 | 88 | |||||||||
Shareholder servicing fees payable | 94,952 | — | 2,142 | |||||||||
Accrued expenses and other liabilities | 452,435 | 186,874 | 25,647 | |||||||||
Total Liabilities | 134,778,650 | 40,969,190 | 87,862 | |||||||||
NET ASSETS | $ | 949,025,355 | $ | 226,865,325 | $ | 13,898,464 |
8 | The Leuthold Funds - 2016 Semi-Annual Report | See Notes to the Financial Statements. |
The Leuthold Funds |
Statements of Assets and Liabilities (continued) |
March 31, 2016 (Unaudited) |
Leuthold Core | Leuthold Global | Leuthold Select | ||||||||||
NET ASSETS CONSIST OF: | ||||||||||||
Capital stock | $ | 871,614,198 | $ | 209,869,902 | $ | 12,490,735 | ||||||
Accumulated net investment loss | (3,540,565 | ) | (2,366,110 | ) | (9,766 | ) | ||||||
Accumulated net realized gain (loss) | (17,308,406 | ) | 7,024,481 | (1,221,245 | ) | |||||||
Net unrealized appreciation on investments | 98,260,128 | 12,337,052 | 2,638,740 | |||||||||
Total Net Assets | $ | 949,025,355 | $ | 226,865,325 | $ | 13,898,464 | ||||||
Retail Class Shares | ||||||||||||
Net assets | $ | 568,353,237 | $ | 84,599,883 | $ | 13,898,464 | ||||||
Shares outstanding | ||||||||||||
(1,000,000,000 shares of $0.0001 par value authorized) | 31,776,426 | 8,633,956 | 654,967 | |||||||||
Net Asset Value, Redemption Price and Offering Price Per Share | $ | 17.89 | * | $ | 9.80 | * | $ | 21.22 | ||||
Institutional Class Shares | ||||||||||||
Net assets | $ | 380,672,118 | $ | 142,265,442 | n/a | |||||||
Shares outstanding | ||||||||||||
(1,000,000,000 shares of $0.0001 par value authorized) | 21,272,713 | 14,404,227 | n/a | |||||||||
Net Asset Value, Redemption Price and Offering Price Per Share | $ | 17.89 | * | $ | 9.88 | n/a |
* Redemption price may differ from NAV if redemption fee is applied.
See Notes to the Financial Statements. | The Leuthold Funds - 2016 Semi-Annual Report | 9 |
The Leuthold Funds |
Statements of Assets and Liabilities (continued) |
March 31, 2016 (Unaudited) |
Leuthold Global | Grizzly Short | |||||||
ASSETS: | ||||||||
Investments, at cost | $ | 14,162,387 | $ | 264,321,513 | ||||
Investments, at fair value | 15,197,679 | 264,321,513 | ||||||
Cash | 2,135 | 4,000,000 | ||||||
Foreign currency (cost $2,802 and $0, respectively) | 2,850 | — | ||||||
Receivable for Fund shares sold | 13,033 | 1,191,461 | ||||||
Receivable for investments sold | — | 19,286,771 | ||||||
Collateral at broker for securities sold short | — | 320,899,950 | ||||||
Tri-party collateral held at custodian | — | 63,000,001 | ||||||
Interest receivable | 7 | 51,693 | ||||||
Dividends receivable | 47,076 | — | ||||||
Other assets | 25,135 | 41,710 | ||||||
Total Assets | 15,287,915 | 672,793,099 | ||||||
LIABILITIES: | ||||||||
Securities sold short, at fair value | ||||||||
(proceeds $0 and $323,505,488, respectively) | — | 323,476,063 | ||||||
Payable for investments purchased | — | 19,844,598 | ||||||
Payable for Fund shares redeemed | — | 662,350 | ||||||
Payable to Adviser | 1,131 | 365,350 | ||||||
Payable to Custodian | 17,645 | 6,148 | ||||||
Payable to Directors | 611 | 5,533 | ||||||
Dividends payable on securities sold short | — | 372,333 | ||||||
Distribution (Rule 12b-1) fees payable | 5,304 | — | ||||||
Shareholder servicing fees payable | — | 68,776 | ||||||
Accrued expenses and other liabilities | 35,134 | 216,736 | ||||||
Total Liabilities | 59,825 | 345,017,887 | ||||||
NET ASSETS | $ | 15,228,090 | $ | 327,775,212 |
10 | The Leuthold Funds - 2016 Semi-Annual Report | See Notes to the Financial Statements. |
The Leuthold Funds |
Statements of Assets and Liabilities (continued) |
March 31, 2016 (Unaudited) |
Leuthold Global Industries Fund | Grizzly Short Fund | |||||||
NET ASSETS CONSIST OF: | ||||||||
Capital stock | $ | 14,067,268 | $ | 498,554,412 | ||||
Accumulated net investment income (loss) | 5,519 | (6,184,733 | ) | |||||
Accumulated net realized gain (loss) on investments | 122,191 | (164,623,379 | ) | |||||
Net unrealized appreciation on investments and securities sold short | 1,033,112 | 28,912 | ||||||
Total Net Assets | $ | 15,228,090 | $ | 327,775,212 | ||||
Retail Class Shares | ||||||||
Net assets | $ | 2,713,970 | $ | 327,775,212 | ||||
Shares outstanding | ||||||||
(1,000,000,000 shares of $0.0001 par value authorized) | 175,096 | 44,953,281 | ||||||
Net Asset Value, Redemption Price and Offering Price Per Share | $15.50 | * | $7.29 | |||||
Institutional Class Shares | ||||||||
Net assets | $ | 12,514,120 | n/a | |||||
Shares outstanding | ||||||||
(1,000,000,000 shares of $0.0001 par value authorized) | 803,416 | n/a | ||||||
Net Asset Value, Redemption Price and Offering Price Per Share | $15.58 | * | n/a |
* Redemption price may differ from NAV if redemption fee is applied.
See Notes to the Financial Statements. | The Leuthold Funds - 2016 Semi-Annual Report | 11 |
The Leuthold Funds |
For the Six Months Ended March 31, 2016 (Unaudited) |
Leuthold Core Investment Fund (Consolidated) | Leuthold Global Fund (Consolidated) | Leuthold Select Industries Fund | ||||||||||
INVESTMENT INCOME: | ||||||||||||
Dividend income (net of foreign taxes withheld of $24,856, $66,293 and $207, respectively) | $ | 4,688,855 | $ | 1,515,994 | $ | 118,916 | ||||||
Interest income | 945,367 | 306,779 | 52 | |||||||||
Total investment income | 5,634,222 | 1,822,773 | 118,968 | |||||||||
EXPENSES: | ||||||||||||
Investment advisory fees (Note 3) | 4,031,010 | 1,515,917 | 66,438 | |||||||||
Administration fees | 186,369 | 62,063 | 3,847 | |||||||||
Transfer agent fees | 167,321 | 112,820 | 3,269 | |||||||||
Legal fees | 24,084 | 10,540 | 185 | |||||||||
Audit fees | 39,745 | 28,240 | 12,524 | |||||||||
Fund accounting fees | 68,411 | 25,597 | 3,059 | |||||||||
Custody fees | 50,635 | 38,051 | 3,938 | |||||||||
Shareholder servicing fees- | ||||||||||||
Retail Class | 306,931 | — | 6,446 | |||||||||
Registration fees | 28,015 | 22,023 | 12,712 | |||||||||
Reports to shareholders | 56,001 | 16,556 | 1,223 | |||||||||
Directors’ fees | 54,262 | 17,158 | 814 | |||||||||
Distribution (Rule 12b-1) fees- | ||||||||||||
Retail Class (Note 4) | — | 121,540 | — | |||||||||
Other | 27,342 | 10,699 | 795 | |||||||||
Total expenses before dividends and interest on securities sold short | 5,040,126 | 1,981,204 | 115,250 | |||||||||
Dividends and interest on securities sold short | 1,059,200 | 498,856 | — | |||||||||
Reimbursement from Adviser (Note 3) | — | — | (15,749 | ) | ||||||||
Total expenses | 6,099,326 | 2,480,060 | 99,501 | |||||||||
NET INVESTMENT INCOME (LOSS) | $ | (465,104 | ) | $ | (657,287 | ) | $ | 19,467 |
12 | The Leuthold Funds - 2016 Semi-Annual Report | See Notes to the Financial Statements. |
The Leuthold Funds |
Statements of Operations (continued) |
For the Six Months Ended March 31, 2016 (Unaudited) |
Leuthold Core Investment Fund (Consolidated) | Leuthold Global Fund (Consolidated) | Leuthold Select Industries Fund | ||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, INVESTMENT COMPANIES, SECURITIES SOLD SHORT, AND FOREIGN CURRENCY AND FOREIGN CURRENCY TRANSLATION: | ||||||||||||
Net realized gain (loss) on: | ||||||||||||
Investments | $ | (325,762 | ) | $ | 9,130,340 | $ | (50,364 | ) | ||||
Investment companies | 488,030 | (177,954 | ) | — | ||||||||
Realized gain distributions received from investment companies | 148,136 | 59,386 | — | |||||||||
Securities sold short | 21,031,259 | 4,881,290 | — | |||||||||
Foreign currency and foreign currency translation | (705,317 | ) | (610,232 | ) | — | |||||||
Net unrealized appreciation (depreciation) during the period on: | ||||||||||||
Investments | 5,065,059 | (17,416,588 | ) | 121,193 | ||||||||
Investment companies | 2,448,212 | 903,899 | — | |||||||||
Securities sold short | (23,090,371 | ) | (5,591,159 | ) | — | |||||||
Foreign currency and foreign currency translation | 3,886,230 | 11,609,995 | — | |||||||||
Net realized and unrealized gain on investments, investment companies, securities sold short, and foreign currency and foreign currency translation | 8,945,476 | 2,788,977 | 70,829 | |||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 8,480,372 | $ | 2,131,690 | $ | 90,296 |
See Notes to the Financial Statements. | The Leuthold Funds - 2016 Semi-Annual Report | 13 |
The Leuthold Funds |
Statements of Operations (continued) |
For the Six Months Ended March 31, 2016 (Unaudited) |
Leuthold Global Industries Fund | Grizzly Short Fund | |||||||
INVESTMENT INCOME: | ||||||||
Dividend income (net of foreign taxes withheld of $7,653 and $0, respectively) | $ | 146,573 | $ | 502 | ||||
Interest income | 81 | 146,029 | ||||||
Total investment income | 146,654 | 146,531 | ||||||
EXPENSES: | ||||||||
Investment advisory fees (Note 3) | 84,518 | 1,831,691 | ||||||
Administration fees | 6,027 | 63,693 | ||||||
Transfer agent fees | 9,463 | 37,146 | ||||||
Legal fees | 10,519 | 2,081 | ||||||
Audit fees | 12,744 | 12,980 | ||||||
Fund accounting fees | 6,861 | 19,736 | ||||||
Custody fees | 22,318 | 8,175 | ||||||
Shareholder servicing fees- | ||||||||
Retail Class | — | 164,564 | ||||||
Registration fees | 17,525 | 23,274 | ||||||
Reports to shareholders | 658 | 9,402 | ||||||
Directors’ fees | 953 | 16,683 | ||||||
Distribution (Rule 12b-1) fees- | ||||||||
Retail Class (Note 4) | 5,139 | — | ||||||
Other | 282 | 5,616 | ||||||
Total expenses before dividends and interest on securities sold short | 177,007 | 2,195,041 | ||||||
Dividends and interest on securities sold short | — | 2,016,455 | ||||||
Reimbursement from Adviser (Note 3) | (66,220 | ) | — | |||||
Total expenses | 110,787 | 4,211,496 | ||||||
NET INVESTMENT INCOME (LOSS) | $ | 35,867 | $ | (4,064,965 | ) |
14 | The Leuthold Funds - 2016 Semi-Annual Report | See Notes to the Financial Statements. |
The Leuthold Funds |
Statements of Operations (continued) |
For the Six Months Ended March 31, 2016 (Unaudited) |
Leuthold Global Industries Fund | Grizzly Short Fund | |||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, INVESTMENT COMPANIES, SECURITIES SOLD SHORT, AND FOREIGN CURRENCY AND FOREIGN CURRENCY TRANSLATION: | ||||||||
Net realized gain (loss) on: | ||||||||
Investments | $ | 803,559 | $ | — | ||||
Securities sold short | — | (2,136,745 | ) | |||||
Foreign currency and foreign currency translation | (5,196 | ) | (34 | ) | ||||
Net unrealized appreciation (depreciation) during the period on: | ||||||||
Investments | (1,769,447 | ) | — | |||||
Securities sold short | — | (27,493,520 | ) | |||||
Foreign currency and foreign currency translation | 1,223,523 | (540 | ) | |||||
Net realized and unrealized gain (loss) on investments, investment companies, securities sold short, and foreign currency and foreign currency translation | 252,439 | (29,630,839 | ) | |||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 288,306 | $ | (33,695,804 | ) |
See Notes to the Financial Statements. | The Leuthold Funds - 2016 Semi-Annual Report | 15 |
Leuthold Core Investment Fund |
Six Months Ended March 31, 2016 | Year Ended September 30, 2015 | |||||||||
(Unaudited) | ||||||||||
OPERATIONS: | ||||||||||
Net investment loss | $ | (465,104 | ) | $ | (133,769 | ) | ||||
Net realized gain on investments, investment companies, securities sold short, and foreign currency and foreign currency translation | 20,636,346 | 23,660,377 | ||||||||
Net unrealized appreciation (depreciation) on investments, investment companies, securities sold short, and foreign currency and foreign currency translation | (11,690,870 | ) | 9,261,932 | |||||||
Net increase in net assets from operations | 8,480,372 | 32,788,540 | ||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||
From net investment income - Retail Class | — | (881,875 | ) | |||||||
From net investment income - Institutional Class | — | (611,265 | ) | |||||||
From net realized gain - Retail Class | (21,888,252 | ) | (32,333,003 | ) | ||||||
From net realized gain - Institutional Class | (11,929,481 | ) | (16,538,702 | ) | ||||||
Total distributions | (33,817,733 | ) | (50,364,845 | ) | ||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||
Proceeds from shares sold - Retail Class | 102,977,497 | 132,613,706 | ||||||||
Proceeds from shares sold - Institutional Class | 117,530,474 | 61,725,745 | ||||||||
Proceeds from shares issued to holders in reinvestment of dividends - Retail Class | 20,756,438 | 30,522,665 | ||||||||
Proceeds from shares issued to holders in reinvestment of dividends - Institutional Class | 9,925,183 | 15,360,559 | ||||||||
Cost of shares redeemed - Retail Class* | (102,547,228 | ) | (156,296,187 | ) | ||||||
Cost of shares redeemed - Institutional Class** | (32,554,594 | ) | (53,881,449 | ) | ||||||
Net increase in net assets from capital share transactions | 116,087,770 | 30,045,039 | ||||||||
TOTAL INCREASE IN NET ASSETS: | 90,750,409 | 12,468,734 | ||||||||
NET ASSETS | ||||||||||
Beginning of period | 858,274,946 | 845,806,212 | ||||||||
End of period (including accumulated net investment loss of $(3,540,565) and $(3,075,461), respectively) | $ | 949,025,355 | $ | 858,274,946 | ||||||
CHANGES IN SHARES OUTSTANDING: | ||||||||||
Shares sold - Retail Class | 5,759,560 | 7,109,827 | ||||||||
Shares sold - Institutional Class | 6,629,546 | 3,309,482 | ||||||||
Shares issued to holders in reinvestment of dividends - Retail Class | 1,170,696 | 1,674,734 | ||||||||
Shares issued to holders in reinvestment of dividends - Institutional Class | 559,796 | 842,574 | ||||||||
Shares redeemed - Retail Class | (5,779,319 | ) | (8,349,503 | ) | ||||||
Shares redeemed - Institutional Class | (1,846,579 | ) | (2,897,629 | ) | ||||||
Net increase in shares outstanding | 6,493,700 | 1,689,485 | ||||||||
*Net of redemption fees of (Retail Class): | $ | 263 | $ | 2,158 | ||||||
**Net of redemption fees of (Institutional Class): | $ | 387 | $ | 840 |
16 | The Leuthold Funds - 2016 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Global Fund |
Statements of Changes in Net Assets (Consolidated) |
Six Months Ended March 31, 2016 | Year Ended September 30, 2015 | |||||||||
(Unaudited) | ||||||||||
OPERATIONS: | ||||||||||
Net investment loss | $ | (657,287 | ) | $ | (533,152 | ) | ||||
Net realized gain on investments, investment companies, securities sold short, and foreign currency and foreign currency translation | 13,282,830 | 7,060,765 | ||||||||
Net unrealized depreciation on investments, investment companies, securities sold short, and foreign currency and foreign currency translation | (10,493,853 | ) | (10,109,509 | ) | ||||||
Net increase (decrease) in net assets from operations | 2,131,690 | (3,581,896 | ) | |||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||
From net investment income - Retail Class | — | (340,708 | ) | |||||||
From net investment income - Institutional Class | — | (672,591 | ) | |||||||
From net realized gain - Retail Class | (3,376,271 | ) | (12,379,966 | ) | ||||||
From net realized gain - Institutional Class | (7,894,959 | ) | (22,442,402 | ) | ||||||
Total distributions | (11,271,230 | ) | (35,835,667 | ) | ||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||
Proceeds from shares sold - Retail Class | 5,371,318 | 14,218,797 | ||||||||
Proceeds from shares sold - Institutional Class | 14,897,673 | 49,314,715 | ||||||||
Proceeds from shares issued to holders in reinvestment of dividends - Retail Class | 3,127,382 | 10,783,977 | ||||||||
Proceeds from shares issued to holders in reinvestment of dividends - Institutional Class | 6,958,005 | 19,485,582 | ||||||||
Cost of shares redeemed - Retail Class* | (16,663,400 | ) | (46,976,808 | ) | ||||||
Cost of shares redeemed - Institutional Class** | (91,210,242 | ) | (56,338,255 | ) | ||||||
Net decrease in net assets from capital share transactions | (77,519,264 | ) | (9,511,992 | ) | ||||||
TOTAL DECREASE IN NET ASSETS: | (86,658,804 | ) | (48,929,555 | ) | ||||||
NET ASSETS | ||||||||||
Beginning of period | 313,524,129 | 362,453,684 | ||||||||
End of period (including accumulated net investment loss of $(2,366,110) and $(1,708,823), respectively) | $ | 226,865,325 | $ | 313,524,129 | ||||||
CHANGES IN SHARES OUTSTANDING: | ||||||||||
Shares sold - Retail Class | 576,530 | 1,368,258 | ||||||||
Shares sold - Institutional Class | 1,514,414 | 4,719,674 | ||||||||
Shares issued to holders in reinvestment of dividends - Retail Class | 319,773 | 1,047,133 | ||||||||
Shares issued to holders in reinvestment of dividends - Institutional Class | 706,397 | 1,882,934 | ||||||||
Shares redeemed - Retail Class | (1,732,883 | ) | (4,530,705 | ) | ||||||
Shares redeemed - Institutional Class | (9,454,704 | ) | (5,395,983 | ) | ||||||
Net decrease in shares outstanding | (8,070,473 | ) | (908,689 | ) | ||||||
*Net of redemption fees of (Retail Class): | $ | — | $ | 5 | ||||||
**Net of redemption fees of (Institutional Class): | $ | 44 | $ | 61 |
See Notes to the Financial Statements. | The Leuthold Funds - 2016 Semi-Annual Report | 17 |
Leuthold Select Industries Fund |
Statements of Changes in Net Assets |
Six Months Ended March 31, 2016 | Year Ended September 30, 2015 | |||||||||
(Unaudited) | ||||||||||
OPERATIONS: | ||||||||||
Net investment income (loss) | $ | 19,467 | $ | (16,784 | ) | |||||
Net realized gain (loss) on investments | (50,364 | ) | 438,489 | |||||||
Net unrealized appreciation on investments | 121,193 | 67,947 | ||||||||
Net increase in net assets from operations | 90,296 | 489,652 | ||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||
From net investment income | (18,375 | ) | — | |||||||
From net realized gain | (168,405 | ) | — | |||||||
Total distributions | (186,780 | ) | — | |||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||
Proceeds from shares sold | 2,836,017 | 4,004,323 | ||||||||
Proceeds from shares issued to holders in reinvestment of dividends | 178,156 | — | ||||||||
Cost of shares redeemed | (1,643,370 | ) | (6,847,281 | ) | ||||||
Net increase (decrease) in net assets from capital share transactions | 1,370,803 | (2,842,958 | ) | |||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS: | 1,274,319 | (2,353,306 | ) | |||||||
NET ASSETS | ||||||||||
Beginning of period | 12,624,145 | 14,977,451 | ||||||||
End of period (including accumulated net investment loss of $(9,766), and $(10,858), respectively) | $ | 13,898,464 | $ | 12,624,145 | ||||||
CHANGES IN SHARES OUTSTANDING: | ||||||||||
Shares sold | 130,752 | 182,612 | ||||||||
Shares issued to holders in reinvestment of dividends | 8,170 | — | ||||||||
Shares redeemed | (77,537 | ) | (337,234 | ) | ||||||
Net increase (decrease) in shares outstanding | 61,385 | (154,622 | ) |
18 | The Leuthold Funds - 2016 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Global Industries Fund |
Statement of Changes in Net Assets |
Six Months Ended March 31, 2016 | Year Ended September 30, 2015 | |||||||||
(Unaudited) | ||||||||||
OPERATIONS: | ||||||||||
Net investment income | $ | 35,867 | $ | 100,793 | ||||||
Net realized gain on investments, investment companies, and foreign currency and foreign currency translation | 798,363 | 31,422 | ||||||||
Net unrealized depreciation on investments and foreign currency and foreign currency translation | (545,924 | ) | (1,023,179 | ) | ||||||
Net increase (decrease) in net assets from operations | 288,306 | (890,964 | ) | |||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||
From net investment income - Retail Class | (5,673 | ) | (17,120 | ) | ||||||
From net investment income - Institutional Class | (26,938 | ) | (102,799 | ) | ||||||
From net realized gain - Retail Class | (178,645 | ) | (104,608 | ) | ||||||
From net realized gain - Institutional Class | (459,259 | ) | (275,949 | ) | ||||||
Total distributions | (670,515 | ) | (500,476 | ) | ||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||
Proceeds from shares sold - Retail Class | 70,397 | 3,049,083 | ||||||||
Proceeds from shares sold - Institutional Class | 961,233 | 5,607,530 | ||||||||
Proceeds from shares issued to holders in reinvestment of dividends - Retail Class | 87,946 | 48,923 | ||||||||
Proceeds from shares issued to holders in reinvestment of dividends - Institutional Class | 469,874 | 335,791 | ||||||||
Cost of shares redeemed - Retail Class* | (2,237,677 | ) | (8,969,353 | ) | ||||||
Cost of shares redeemed - Institutional Class** | (3,030,112 | ) | (7,596,952 | ) | ||||||
Net decrease in net assets from capital share transactions | (3,678,339 | ) | (7,524,978 | ) | ||||||
TOTAL DECREASE IN NET ASSETS: | (4,060,548 | ) | (8,916,418 | ) | ||||||
NET ASSETS | ||||||||||
Beginning of period | 19,288,638 | 28,205,056 | ||||||||
End of period (including accumulated net investment income of $5,519 and $2,263, respectively) | $ | 15,228,090 | $ | 19,288,638 | ||||||
CHANGES IN SHARES OUTSTANDING: | ||||||||||
Shares sold - Retail Class | 4,623 | 181,239 | ||||||||
Shares sold - Institutional Class | 62,287 | 325,132 | ||||||||
Shares issued to holders in reinvestment of dividends - Retail Class | 5,467 | 2,922 | ||||||||
Shares issued to holders in reinvestment of dividends - Institutional Class | 29,103 | 19,862 | ||||||||
Shares redeemed - Retail Class | (153,342 | ) | (551,950 | ) | ||||||
Shares redeemed - Institutional Class | (189,898 | ) | (456,776 | ) | ||||||
Net decrease in shares outstanding | (241,760 | ) | (479,571 | ) | ||||||
*Net of redemption fees of (Retail Class): | $ | — | $ | 547 | ||||||
**Net of redemption fees of (Institutional Class): | $ | — | $ | 646 |
See Notes to the Financial Statements. | The Leuthold Funds - 2016 Semi-Annual Report | 19 |
Grizzly Short Fund |
Statements of Changes in Net Assets |
Six Months Ended March 31, 2016 | Year Ended September 30, 2015 | |||||||||
(Unaudited) | ||||||||||
OPERATIONS: | ||||||||||
Net investment loss | $ | (4,064,965 | ) | $ | (2,625,559 | ) | ||||
Net realized loss on securities sold short and foreign currency and foreign currency translation | (2,136,779 | ) | (2,548,779 | ) | ||||||
Net unrealized appreciation (depreciation) on short positions and foreign currency and foreign currency translation | (27,494,060 | ) | 23,766,071 | |||||||
Net increase (decrease) in net assets from operations | (33,695,804 | ) | 18,591,733 | |||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||
From net investment income | — | — | ||||||||
From net realized gain | — | — | ||||||||
Total distributions | — | — | ||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||
Proceeds from shares sold | 270,559,772 | 249,956,491 | ||||||||
Cost of shares redeemed | (174,931,940 | ) | (74,887,247 | ) | ||||||
Net increase in net assets from capital share transactions | 95,627,832 | 175,069,244 | ||||||||
TOTAL INCREASE IN NET ASSETS: | 61,932,028 | 193,660,977 | ||||||||
NET ASSETS | ||||||||||
Beginning of period | 265,843,184 | 72,182,207 | ||||||||
End of period (including accumulated net investment loss of $(6,184,733) and $(2,119,768), respectively) | $ | 327,775,212 | $ | 265,843,184 | ||||||
CHANGES IN SHARES OUTSTANDING: | ||||||||||
Shares sold | 34,166,936 | 33,837,165 | ||||||||
Shares redeemed | (22,503,714 | ) | (10,345,026 | ) | ||||||
Net increase in shares outstanding | 11,663,222 | 23,492,139 |
20 | The Leuthold Funds - 2016 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Core Investment Fund - Retail - LCORX |
Financial Highlights (Consolidated) |
Six Months Ended March 31, 2016 (Consolidated) | Year Ended September 30, 2015 (Consolidated) | Year Ended September 30, 2014 (Consolidated) | Year Ended September 30, 2013 (Consolidated) | Year Ended September 30, 2012 (Consolidated) | Year Ended September 30, 2011 (Consolidated) | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Per Share Data (1): | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 18.44 | $ | 18.85 | $ | 18.29 | $ | 16.78 | $ | 15.50 | $ | 15.99 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss) | (0.01 | )(2) | (0.01 | )(2) | 0.01 | (2) | 0.09 | (2) | 0.11 | (2) | 0.09 | (3) | ||||||||||||
Net realized and unrealized gain (loss) on investments and securities sold short | 0.15 | 0.76 | 2.02 | 1.78 | 1.62 | (0.51 | ) | |||||||||||||||||
Total from investment operations | 0.14 | 0.75 | 2.03 | 1.87 | 1.73 | (0.42 | ) | |||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
From net investment income | — | (0.03 | ) | (0.21 | ) | (0.23 | ) | (0.16 | ) | (0.02 | ) | |||||||||||||
From net realized gains | (0.69 | ) | (1.13 | ) | (1.26 | ) | (0.13 | ) | (0.29 | ) | (0.05 | ) | ||||||||||||
Redemption fees(4) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||
Total distributions | (0.69 | ) | (1.16 | ) | (1.47 | ) | (0.36 | ) | (0.45 | ) | (0.07 | ) | ||||||||||||
Net asset value, end of period | $ | 17.89 | $ | 18.44 | $ | 18.85 | $ | 18.29 | $ | 16.78 | $ | 15.50 | ||||||||||||
Total Return | 0.80 | % | 4.03 | % | 11.49 | % | 11.29 | % | 11.34 | % | (2.61 | %) | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period | $ | 568,353,237 | $ | 564,608,599 | $ | 569,237,299 | $ | 409,043,691 | $ | 527,760,001 | $ | 660,933,063 | ||||||||||||
Ratio of expenses to average net assets (5) | 1.40 | %(8) | 1.30 | % | 1.28 | % | 1.28 | % | 1.22 | % | 1.24 | % | ||||||||||||
Ratio of net investment income (loss) to average net assets (6) | (0.14 | %)(8) | (0.05 | %) | 0.04 | % | 0.49 | % | 0.69 | % | 0.54 | % | ||||||||||||
Portfolio turnover rate (7) | 40.78 | % | 78.96 | % | 80.65 | % | 105.28 | % | 149.17 | % | 83.15 | % |
(1) | For a share outstanding throughout the period. Rounded to the nearest cent. |
(2) | Net investment income per share is calculated based on average shares outstanding. |
(3) | Net investment income per share is calculated using ending balances prior to consideration of adjustments for permanent book and tax differences. |
(4) | Amount represents less than $0.005 per share. |
(5) | The ratio of expenses to average net assets includes dividends and interest on securities sold short. The expense ratios excluding dividends and interest on securities sold short were 1.17% for the six months ended March 31, 2016, 1.16% for the year ended September 30, 2015, 1.15% for the year ended September 30, 2014, 1.16% for the year ended September 30, 2013, 1.14% for the year ended September 30, 2012, and 1.14% for the year ended September 30, 2011. |
(6) | The net investment income (loss) ratios include dividends and interest on securities sold short. |
(7) | The portfolio turnover rate excludes transactions involving securities sold short as the Adviser does not intend to hold the securities sold short for more than one year. |
(8) | Annualized. |
See Notes to the Financial Statements. | The Leuthold Funds - 2016 Semi-Annual Report | 21 |
Leuthold Core Investment Fund - Institutional - LCRIX |
Financial Highlights (Consolidated) |
Six Months Ended March 31, 2016 (Consolidated) | Year Ended September 30, 2015 (Consolidated) | Year Ended September 30, 2014 (Consolidated) | Year Ended September 30, 2013 (Consolidated) | Year Ended September 30, 2012 (Consolidated) | Year Ended September 30, 2011 (Consolidated) | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Per Share Data(1): | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 18.43 | $ | 18.85 | $ | 18.28 | $ | 16.77 | $ | 15.50 | $ | 15.98 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss) | (0.00 | )(2)(4) | 0.01 | (2) | 0.03 | (2) | 0.11 | (2) | 0.12 | (2) | 0.11 | (3) | ||||||||||||
Net realized and unrealized gain (loss) on investments and securities sold short | 0.15 | 0.74 | 2.03 | 1.78 | 1.62 | (0.50 | ) | |||||||||||||||||
Total from investment operations | 0.15 | 0.75 | 2.06 | 1.89 | 1.74 | (0.39 | ) | |||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
From net investment income | — | (0.04 | ) | (0.23 | ) | (0.25 | ) | (0.18 | ) | (0.04 | ) | |||||||||||||
From net realized gains | (0.69 | ) | (1.13 | ) | (1.26 | ) | (0.13 | ) | (0.29 | ) | (0.05 | ) | ||||||||||||
Redemption fees | 0.00 | (4) | 0.00 | (4) | — | — | 0.00 | (4) | 0.00 | (4) | ||||||||||||||
Total distributions | (0.69 | ) | (1.17 | ) | (1.49 | ) | (0.38 | ) | (0.47 | ) | (0.09 | ) | ||||||||||||
Net asset value, end of period | $ | 17.89 | $ | 18.43 | $ | 18.85 | $ | 18.28 | $ | 16.77 | $ | 15.50 | ||||||||||||
Total Return | 0.85 | % | 4.03 | % | 11.66 | % | 11.42 | % | 11.40 | % | (2.49 | %) | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period | $ | 380,672,118 | $ | 293,666,347 | $ | 276,568,913 | $ | 196,501,094 | $ | 263,572,111 | $ | 347,517,502 | ||||||||||||
Ratio of expenses to average net assets(5) | 1.29 | %(8) | 1.20 | % | 1.18 | % | 1.17 | % | 1.11 | % | 1.13 | % | ||||||||||||
Ratio of net investment income (loss) to average net assets(6) | (0.04 | %)(8) | 0.05 | % | 0.14 | % | 0.60 | % | 0.80 | % | 0.66 | % | ||||||||||||
Portfolio turnover rate (7) | 40.78 | % | 78.96 | % | 80.65 | % | 105.28 | % | 149.17 | % | 83.15 | % |
(1) | For a share outstanding throughout the period. Rounded to the nearest cent. |
(2) | Net investment income per share is calculated based on average shares outstanding. |
(3) | Net investment income per share is calculated using ending balances prior to consideration of adjustments for permanent book and tax differences. |
(4) | Amount represents less than $0.005 per share. |
(5) | The ratio of expenses to average net assets includes dividends and interest on securities sold short. The expense ratios excluding dividends and interest on securities sold short were 1.06% for the six months ended March 31, 2016, 1.06% for the year ended September 30, 2015, 1.06% for the year ended September 30, 2014, 1.06% for the year ended September 30, 2013, 1.03% for the year ended September 30, 2012, and 1.03% for the year ended September 30, 2011. |
(6) | The net investment income (loss) ratios include dividends and interest on securities sold short. |
(7) | The portfolio turnover rate excludes transactions involving securities sold short as the Adviser does not intend to hold the securities sold short for more than one year. |
(8) | Annualized. |
22 | The Leuthold Funds - 2016 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Global Fund - Retail - GLBLX |
Financial Highlights (Consolidated) |
Six Months Ended March 31, 2016 (Consolidated) | Year Ended September 30, 2015 (Consolidated) | Year Ended September 30, 2014 (Consolidated) | Year Ended September 30, 2013 (Consolidated) | Year Ended September 30, 2012 (Consolidated) | Year Ended September 30, 2011 (Consolidated) | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Per Share Data(1): | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.03 | $ | 11.29 | $ | 11.65 | $ | 10.24 | $ | 9.52 | $ | 10.18 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss) | (0.03 | )(2) | (0.03 | )(2) | 0.03 | (2) | 0.07 | (2) | 0.05 | (3) | 0.08 | (3) | ||||||||||||
Net realized and unrealized gain (loss) on investments and securities sold short | 0.17 | (0.11 | ) | 0.83 | 1.44 | 0.89 | (0.17 | ) | ||||||||||||||||
Total from investment operations | 0.14 | (0.14 | ) | 0.86 | 1.51 | 0.94 | (0.09 | ) | ||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
From net investment income | .— | (0.03 | ) | (0.08 | ) | (0.08 | ) | (0.07 | ) | (0.05 | ) | |||||||||||||
From net realized gains | (0.37 | ) | (1.09 | ) | (1.14 | ) | (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 | (0.37 | ) | (1.12 | ) | (1.22 | ) | (0.10 | ) | (0.22 | ) | (0.57 | ) | ||||||||||||
Net asset value, end of period | $ | 9.80 | $ | 10.03 | $ | 11.29 | $ | 11.65 | $ | 10.24 | $ | 9.52 | ||||||||||||
Total Return | 1.27 | % | (1.41 | %) | 7.68 | % | 14.78 | % | 10.14 | % | (1.33 | %) | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period | $ | 84,599,883 | $ | 95,026,857 | $ | 130,838,148 | $ | 126,418,514 | $ | 120,450,807 | $ | 152,292,208 | ||||||||||||
Ratio of expenses to average net assets(5) | 1.99 | %(8) | 1.71 | % | 1.65 | % | 1.63 | % | 1.57 | % | 1.74 | % | ||||||||||||
Ratio of net investment income (loss) to average net assets(6) | (0.67 | %)(8) | (0.29 | %) | 0.25 | % | 0.61 | % | 0.60 | % | 0.83 | % | ||||||||||||
Portfolio turnover rate (7) | 43.82 | % | 78.37 | % | 71.63 | % | 101.03 | % | 127.41 | % | 123.51 | % |
(1) | For a share outstanding throughout the period. Rounded to the nearest cent. |
(2) | Net investment income per share is calculated based on average shares outstanding. |
(3) | Net investment income per share is calculated using ending balances prior to consideration of adjustments for permanent book and tax differences. |
(4) | Amount represents less than $0.005 per share. |
(5) | The ratio of expenses to average net assets includes dividends and interest on securities sold short. The expense ratios excluding dividends and interest on securities sold short were 1.63% for the six months ended March 31, 2016, 1.54% for the year ended September 30, 2015, 1.53% for the year ended September 30, 2014, 1.51% for the year ended September 30, 2013, 1.51% for the year ended September 30, 2012, and 1.55% for the year ended September 30, 2011. |
(6) | The net investment income (loss) ratios include dividends and interest on securities sold short. |
(7) | The portfolio turnover rate excludes transactions involving securities sold short as the Adviser does not intend to hold the securities sold short for more than one year. |
(8) | Annualized. |
See Notes to the Financial Statements. | The Leuthold Funds - 2016 Semi-Annual Report | 23 |
Leuthold Global Fund - Institutional - GLBIX |
Financial Highlights (Consolidated) |
Six Months | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Per Share Data(1): | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.10 | $ | 11.34 | $ | 11.69 | $ | 10.27 | $ | 9.54 | $ | 10.20 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss) | (0.02 | )(2) | (0.01 | )(2) | 0.05 | (2) | 0.09 | (2) | 0.09 | (3) | 0.10 | (3) | ||||||||||||
Net realized and unrealized gain (loss) on investments and securities sold short | 0.17 | (0.11 | ) | 0.84 | 1.45 | 0.88 | (0.17 | ) | ||||||||||||||||
Total from investment operations | 0.15 | (0.12 | ) | 0.89 | 1.54 | 0.97 | (0.07 | ) | ||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
From net investment income | — | (0.03 | ) | (0.10 | ) | (0.10 | ) | (0.09 | ) | (0.07 | ) | |||||||||||||
From net realized gains | (0.37 | ) | (1.09 | ) | (1.14 | ) | (0.02 | ) | (0.15 | ) | (0.52 | ) | ||||||||||||
Redemption fees | 0.00 | (4) | 0.00 | (4) | — | 0.00 | (4) | — | 0.00 | (4) | ||||||||||||||
Total distributions | (0.37 | ) | (1.12 | ) | (1.24 | ) | (0.12 | ) | (0.24 | ) | (0.59 | ) | ||||||||||||
Net asset value, end of period | $ | 9.88 | $ | 10.10 | $ | 11.34 | $ | 11.69 | $ | 10.27 | $ | 9.54 | ||||||||||||
Total Return | 1.46 | % | (1.30 | %) | 7.95 | % | 15.08 | % | 10.34 | % | (1.11 | %) | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period | $ | 142,265,442 | $ | 218,497,272 | $ | 231,615,536 | $ | 239,275,879 | $ | 266,390,852 | $ | 292,447,586 | ||||||||||||
Ratio of expenses to average net assets(5) | 1.71 | %(8) | 1.50 | % | 1.44 | % | 1.44 | % | 1.36 | % | 1.57 | % | ||||||||||||
Ratio of net investment income (loss) to average net assets(6) | (0.39 | %)(8) | (0.09 | %) | 0.45 | % | 0.80 | % | 0.81 | % | 1.01 | % | ||||||||||||
Portfolio turnover rate (7) | 43.82 | % | 78.37 | % | 71.63 | % | 101.03 | % | 127.41 | % | 123.51 | % |
(1) | For a share outstanding throughout the period. Rounded to the nearest cent. |
(2) | Net investment income per share is calculated based on average shares outstanding. |
(3) | Net investment income per share is calculated using ending balances prior to consideration of adjustments for permanent book and tax differences. |
(4) | Amount represents less than $0.005 per share. |
(5) | The ratio of expenses to average net assets includes dividends and interest on securities sold short. The expense ratios excluding dividends and interest on securities sold short were 1.35% for the six months ended March 31, 2016, 1.33% for the year ended September 30, 2015, 1.33% for the year ended September 30, 2014, 1.32% for the year ended September 30, 2013, 1.31% for the year ended September 30, 2012, and 1.38% for the year ended September 30, 2011. |
(6) | The net investment income (loss) ratios include dividends and interest on securities sold short. |
(7) | The portfolio turnover rate excludes transactions involving securities sold short as the Adviser does not intend to hold the securities sold short for more than one year. |
(8) | Annualized. |
24 | The Leuthold Funds - 2016 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Select Industries Fund - LSLTX |
Financial Highlights |
Six Months Ended March 31, 2016 | Year Ended 2015September 30, | Year Ended 2014September 30, | Year Ended 2013September 30, | Year Ended 2012September 30, | Year Ended 2011September 30, | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Per Share Data(1): | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 21.27 | $ | 20.02 | $ | 16.82 | $ | 13.26 | $ | 10.78 | $ | 11.80 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss) | 0.03 | (2) | (0.03 | )(3) | (0.07 | )(3) | 0.03 | (2) | 0.03 | (2) | (0.05 | )(3) | ||||||||||||
Net realized and unrealized gain (loss) on investments | 0.23 | 1.28 | 3.27 | 3.58 | 2.47 | (0.95 | ) | |||||||||||||||||
Total from investment operations | 0.26 | 1.25 | 3.20 | 3.61 | 2.50 | (1.00 | ) | |||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
From net investment income | (0.03 | ) | — | — | (0.05 | ) | (0.02 | ) | (0.02 | ) | ||||||||||||||
From net realized gains | (0.28 | ) | — | — | — | — | — | |||||||||||||||||
Total distributions | (0.31 | ) | — | — | (0.05 | ) | (0.02 | ) | (0.02 | ) | ||||||||||||||
Net asset value, end of period | $ | 21.22 | $ | 21.27 | $ | 20.02 | $ | 16.82 | $ | 13.26 | $ | 10.78 | ||||||||||||
Total Return | 1.17 | % | 6.24 | % | 19.02 | % | 27.26 | % | 23.34 | % | (8.60 | %) | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period | $ | 13,898,464 | $ | 12,624,145 | $ | 14,977,451 | $ | 9,805,531 | $ | 13,458,427 | $ | 16,278,535 | ||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||||||
Before expense reimbursement or recovery | 1.73 | %(4) | 1.73 | % | 1.68 | % | 1.80 | % | 1.71 | % | 1.40 | % | ||||||||||||
After expense reimbursement or recovery | 1.50 | %(4) | 1.50 | % | 1.58 | % | 1.60 | % | 1.60 | % | 1.40 | % | ||||||||||||
Ratio of net investment income (loss) to average net assets: | ||||||||||||||||||||||||
Before expense reimbursement or recovery | 0.06 | %(4) | (0.35 | %) | (0.44 | %) | 0.00 | % | 0.11 | % | (0.24 | %) | ||||||||||||
After expense reimbursement or recovery | 0.29 | %(4) | (0.12 | %) | (0.34 | %) | 0.20 | % | 0.22 | % | (0.24 | %) | ||||||||||||
Portfolio turnover rate | 37.72 | % | 77.42 | % | 66.79 | % | 136.34 | % | 139.61 | % | 109.26 | % |
(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 loss per share is calculated using ending balances prior to consideration of adjustments for permanent book and tax differences. |
(4) | Annualized. |
See Notes to the Financial Statements. | The Leuthold Funds - 2016 Semi-Annual Report | 25 |
Leuthold Global Industries Fund - Retail - LGINX |
Financial Highlights |
Six Months Ended March 31, 2016 | Year Ended 2015September 30, | Year Ended 2014September 30, | Year Ended 2013September 30, | Year Ended 2012September 30, | Year Ended 2011September 30, | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Per Share Data(1): | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 15.76 | $ | 16.54 | $ | 14.89 | $ | 11.44 | $ | 9.77 | $ | 11.01 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income | 0.02 | (2) | 0.04 | (2) | 0.08 | (2) | 0.10 | (2) | 0.01 | (3) | 0.06 | (3) | ||||||||||||
Net realized and unrealized gain (loss) on investments | 0.32 | (0.46 | ) | 1.68 | 3.43 | 1.68 | (1.16 | ) | ||||||||||||||||
Total from investment operations | 0.34 | (0.42 | ) | 1.76 | 3.53 | 1.69 | (1.10 | ) | ||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
From net investment income | (0.02 | ) | (0.05 | ) | (0.11 | ) | (0.08 | ) | (0.02 | ) | (0.06 | ) | ||||||||||||
From net realized gains | (0.58 | ) | (0.31 | ) | — | — | — | (0.08 | ) | |||||||||||||||
Redemption fees | — | 0.00 | (4) | 0.00 | (4) | 0.00 | (4) | — | 0.00 | (4) | ||||||||||||||
Total distributions | (0.60 | ) | (0.36 | ) | (0.11 | ) | (0.08 | ) | (0.02 | ) | (0.14 | ) | ||||||||||||
Net asset value, end of period | $ | 15.50 | $ | 15.76 | $ | 16.54 | $ | 14.89 | $ | 11.44 | $ | 9.77 | ||||||||||||
Total Return | 1.94 | % | (2.61 | %) | 11.78 | % | 30.98 | % | 17.33 | % | (10.23 | %) | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period | $ | 2,713,970 | $ | 5,015,722 | $ | 11,351,746 | $ | 4,797,409 | $ | 3,782,099 | $ | 5,377,373 | ||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||||||
Before expense reimbursement or recovery | 2.28 | %(5) | 2.04 | % | 2.06 | % | 2.70 | % | 2.52 | % | 1.96 | % | ||||||||||||
After expense reimbursement or recovery | 1.50 | %(5) | 1.50 | % | 1.72 | % | 1.96 | % | 2.00 | % | 2.04 | % | ||||||||||||
Ratio of net investment income (loss) to average net assets: | ||||||||||||||||||||||||
Before expense reimbursement or recovery | (0.55 | %)(5) | (0.29 | %) | 0.18 | % | 0.01 | % | (0.45 | %) | 0.60 | % | ||||||||||||
After expense reimbursement or recovery | 0.24 | %(5) | 0.24 | % | 0.52 | % | 0.75 | % | 0.07 | % | 0.52 | % | ||||||||||||
Portfolio turnover rate | 43.53 | % | 95.84 | % | 107.17 | % | 142.87 | % | 117.30 | % | 179.57 | % |
(1) | For a share outstanding throughout the period. Rounded to the nearest cent. |
(2) | Net investment income per share is calculated based on average shares outstanding. |
(3) | Net investment income per share is calculated using ending balances prior to consideration of adjustments for permanent book and tax differences. |
(4) | Amount represents less than $0.005 per share. |
(5) | Annualized. |
26 | The Leuthold Funds - 2016 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Global Industries Fund - Institutional - LGIIX |
Financial Highlights |
Six Months Ended March 31, 2016 | Year Ended September 30, 2015 | Year Ended September 30, 2014 | Year Ended September 30, 2013 | Year Ended September 30, 2012 | Year Ended September 30, 2011 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Per Share Data(1): | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 15.82 | $ | 16.63 | $ | 14.95 | $ | 11.48 | $ | 9.77 | $ | 11.01 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income | 0.04 | (2) | 0.08 | (2) | 0.13 | (2) | 0.13 | (2) | 0.06 | (3) | 0.09 | (3) | ||||||||||||
Net realized and unrealized gain (loss) on investments | 0.33 | (0.48 | ) | 1.69 | 3.45 | 1.67 | (1.15 | ) | ||||||||||||||||
Total from investment operations | 0.37 | (0.40 | ) | 1.82 | 3.58 | 1.73 | (1.06 | ) | ||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
From net investment income | (0.03 | ) | (0.10 | ) | (0.14 | ) | (0.11 | ) | (0.02 | ) | (0.10 | ) | ||||||||||||
From net realized gains | (0.58 | ) | (0.31 | ) | — | — | — | (0.08 | ) | |||||||||||||||
Redemption fees | — | 0.00 | (4) | — | 0.00 | (4) | — | — | ||||||||||||||||
Total distributions | (0.61 | ) | (0.41 | ) | (0.14 | ) | (0.11 | ) | (0.02 | ) | (0.18 | ) | ||||||||||||
Net asset value, end of period | $ | 15.58 | $ | 15.82 | $ | 16.63 | $ | 14.95 | $ | 11.48 | $ | 9.77 | ||||||||||||
Total Return | 2.09 | % | (2.44 | %) | 12.16 | % | 31.17 | % | 17.84 | % | (9.92 | %) | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period | $ | 12,514,120 | $ | 14,272,916 | $ | 16,853,310 | $ | 9,705,739 | $ | 4,152,513 | $ | 14,904,617 | ||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||||||
Before expense reimbursement or recovery | 2.03 | %(5) | 1.79 | % | 1.81 | % | 2.45 | % | 2.27 | % | 1.71 | % | ||||||||||||
After expense reimbursement or recovery | 1.25 | %(5) | 1.25 | % | 1.47 | % | 1.71 | % | 1.75 | % | 1.79 | % | ||||||||||||
Ratio of net investment income (loss) to average net assets: | ||||||||||||||||||||||||
Before expense reimbursement or recovery | (0.30 | %)(5) | (0.05 | %) | 0.43 | % | 0.26 | % | (0.20 | %) | 0.85 | % | ||||||||||||
After expense reimbursement or recovery | 0.49 | %(5) | 0.49 | % | 0.77 | % | 1.00 | % | 0.32 | % | 0.77 | % | ||||||||||||
Portfolio turnover rate | 43.53 | % | 95.84 | % | 107.17 | % | 142.87 | % | 117.30 | % | 179.57 | % |
(1) | For a share outstanding throughout the period. Rounded to the nearest cent. |
(2) | Net investment income per share is calculated based on average shares outstanding. |
(3) | Net investment income per share is calculated using ending balances prior to consideration of adjustments for permanent book and tax differences. |
(4) | Amount represents less than $0.005 per share. |
(5) | Annualized. |
See Notes to the Financial Statements. | The Leuthold Funds - 2016 Semi-Annual Report | 27 |
Grizzly Short Fund - GRZZX |
Financial Highlights |
Six Months Ended March 31, 2016 | Year Ended September 30, 2015 | Year Ended September 30, 2014 | Year Ended September 30, 2013 | Year Ended September 30, 2012 | Year Ended September 30, 2011 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Per Share Data(1): | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 7.99 | $ | 7.37 | $ | 8.58 | $ | 11.06 | $ | 16.14 | $ | 16.48 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment loss | (0.11 | )(2) | (0.20 | )(2) | (0.26 | )(3) | (0.34 | )(2) | (0.40 | )(2) | (0.43 | )(2) | ||||||||||||
Net realized and unrealized gain (loss) on investments and securities sold short | (0.59 | ) | 0.82 | (0.95 | ) | (2.14 | ) | (4.68 | ) | 0.09 | ||||||||||||||
Total from investment operations | (0.70 | ) | 0.62 | (1.21 | ) | (2.48 | ) | (5.08 | ) | (0.34 | ) | |||||||||||||
Less distributions: | ||||||||||||||||||||||||
From net investment income | — | — | — | — | — | — | ||||||||||||||||||
Redemption fees | — | — | — | — | — | — | ||||||||||||||||||
Total distributions | — | — | �� | — | — | — | — | |||||||||||||||||
Net asset value, end of period | $ | 7.29 | $ | 7.99 | $ | 7.37 | $ | 8.58 | $ | 11.06 | $ | 16.14 | ||||||||||||
Total Return | (8.76 | %) | 8.41 | % | (14.20 | %) | (22.33 | %) | (31.47 | %) | (2.06 | %) | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period | $ | 327,775,212 | $ | 265,843,184 | $ | 72,182,207 | $ | 94,914,802 | $ | 136,286,009 | $ | 263,488,083 | ||||||||||||
Ratio of expenses to average net assets(4) | 2.87 | %(7) | 2.81 | % | 3.35 | % | 3.43 | % | 3.09 | % | 3.01 | % | ||||||||||||
Ratio of net investment loss to average net assets(5) | (2.77 | %)(7) | (2.81 | %) | (3.35 | %) | (3.42 | %) | (3.09 | %) | (3.01 | %) | ||||||||||||
Portfolio turnover rate(6) | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % |
(1) | For a share outstanding throughout the period. Rounded to the nearest cent. |
(2) | Net Investment loss per share is calculated based on average shares outstanding. |
(3) | Net investment loss per share is calculated using ending balances prior to consideration of adjustments for permanent book and tax differences. |
(4) | The ratio of expenses to average net assets includes dividends and interest on securities sold short. The expense ratios excluding dividends and interest on securities sold short were 1.50% for the six months ended March 31, 2016, 1.55% for the year ended September 30, 2015, 1.57% for the year ended September 30, 2014, 1.54% for the year ended September 30, 2013, 1.52% for the year ended September 30, 2012, and 1.53% for the year ended September 30, 2011. |
(5) | The net investment loss ratios include dividends and interest on securities sold short. |
(6) | The portfolio turnover rate excludes transactions involving securities sold short as the Adviser does not intend to hold the securities sold short for more than one year. |
(7) | Annualized. |
28 | The Leuthold Funds - 2016 Semi-Annual Report | See Notes to the Financial Statements. |
Shares | Fair Value | |||||||
COMMON STOCKS - 53.00% | ||||||||
Aerospace & Defense - 2.54% | ||||||||
Boeing Co. | 27,294 | $ | 3,464,700 | |||||
Embraer SA - ADR | 3,882 | 102,329 | ||||||
L-3 Communications Holdings, Inc. | 23,250 | 2,755,125 | ||||||
Lockheed Martin Corp. | 25,272 | 5,597,748 | ||||||
Northrop Grumman Corp. | 34,033 | 6,735,131 | ||||||
Raytheon Co. | 36,728 | 4,503,955 | ||||||
Triumph Group, Inc. | 28,641 | 901,619 | ||||||
24,060,607 | ||||||||
Air Freight & Logistics - 0.01% | ||||||||
Hyundai Glovis Co., Ltd. (b) | 588 | 97,037 | ||||||
Airlines - 3.66% | ||||||||
Air China, Ltd. (b) | 220,000 | 156,127 | ||||||
Alaska Air Group, Inc. | 47,511 | 3,896,852 | ||||||
American Airlines Group, Inc. | 131,076 | 5,375,427 | ||||||
Asia Aviation PCL - NVDR | 862,000 | 141,859 | ||||||
China Southern Airlines Co., Ltd. - ADR | 4,140 | 129,334 | ||||||
Delta Air Lines, Inc. | 151,631 | 7,381,397 | ||||||
Grupo Aeromexico SAB de CV (a)(b) | 122,059 | 295,943 | ||||||
Hawaiian Holdings, Inc. (a) | 143,881 | 6,789,744 | ||||||
JetBlue Airways Corp. (a) | 147,587 | 3,117,038 | ||||||
Southwest Airlines Co. | 161,739 | 7,245,907 | ||||||
Turk Hava Yollari AO (a)(b) | 85,000 | 235,160 | ||||||
34,764,788 | ||||||||
Auto Components - 0.41% | ||||||||
Hota Industrial Manufacturing Co., Ltd. (b) | 50,000 | 217,276 | ||||||
Magna International, Inc. (b) | 76,489 | 3,285,968 | ||||||
Mando Corp. (b) | 626 | 85,688 | ||||||
Minth Group, Ltd. (b) | 80,000 | 186,249 | ||||||
Tupy SA (b) | 27,800 | 127,339 | ||||||
3,902,520 | ||||||||
Automobiles - 0.10% | ||||||||
Great Wall Motor Co., Ltd. (b) | 271,500 | 220,473 | ||||||
Tata Motors, Ltd. - ADR | 18,106 | 525,979 | ||||||
Tofas Turk Otomobil Fabrikasi AS (b) | 23,400 | 189,813 | ||||||
936,265 | ||||||||
Banks - 0.23% | ||||||||
Bank Negara Indonesia Persero Tbk PT (b) | 377,000 | 147,795 | ||||||
Bank of China, Ltd. (b) | 1,328,000 | 551,341 | ||||||
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT (b) | 1,870,000 | 136,295 | ||||||
China CITIC Bank Corp., Ltd. (a)(b) | 304,000 | 186,336 | ||||||
China Everbright Bank Co., Ltd. (b) | 387,000 | 188,131 | ||||||
China Merchants Bank Co., Ltd. (b) | 70,000 | 147,316 | ||||||
Chong Hing Bank, Ltd. (b) | 77,000 | 156,914 | ||||||
CTBC Financial Holding Co., Ltd. (b) | 271,280 | 143,254 | ||||||
ICICI Bank, Ltd. - ADR | 13,000 | 93,080 | ||||||
Kasikornbank PCL - NVDR | 24,300 | 119,323 | ||||||
Taiwan Business Bank (a)(b) | 607,318 | 160,990 | ||||||
Turkiye Sinai Kalkinma Bankasi AS (b) | 233,333 | 136,652 | ||||||
2,167,427 | ||||||||
Biotechnology - 1.70% | ||||||||
Amgen, Inc. | 38,076 | 5,708,735 | ||||||
Biogen, Inc. (a) | 10,109 | 2,631,575 | ||||||
Gilead Sciences, Inc. | 55,598 | 5,107,232 | ||||||
United Therapeutics Corp. (a) | 23,924 | 2,665,851 | ||||||
16,113,393 | ||||||||
Building Products - 0.31% | ||||||||
China Lesso Group Holdings, Ltd. (b) | 157,446 | 84,638 | ||||||
Owens Corning | 60,697 | 2,869,754 | ||||||
2,954,392 |
See Notes to the Financial Statements. | The Leuthold Funds - 2016 Semi-Annual Report | 29 |
Leuthold Core Investment Fund |
Consolidated Schedule of Investments (continued) |
March 31, 2016 (Unaudited) |
Shares | Fair Value | |||||||
COMMON STOCKS - 53.00% (continued) | ||||||||
Capital Markets - 0.02% | ||||||||
Haitong International Securitries Group, Ltd. (b) | 250,000 | $ | 144,610 | |||||
Yuanta Financial Holding Co., Ltd. (b) | 242,190 | 86,477 | ||||||
231,087 | ||||||||
Chemicals - 0.14% | ||||||||
AECI, Ltd. (b) | 5,503 | 33,919 | ||||||
China Lumena New Materials Corp. (a)(b)(e)(f) | 838,000 | 6,482 | ||||||
Grupa Azoty SA (a)(b) | 5,215 | 134,471 | ||||||
Gubre Fabrikalari TAS (b) | 93,200 | 200,762 | ||||||
Kukdo Chemical Co., Ltd. (b) | 1,780 | 105,947 | ||||||
PTT Global Chemical PCL - NVDR | 60,700 | 104,371 | ||||||
Scientex BHD (b) | 78,000 | 259,149 | ||||||
SKC Co., Ltd. (b) | 4,000 | 111,238 | ||||||
Soda Sanayii AS (b) | 206,520 | 372,948 | ||||||
1,329,287 | ||||||||
Commercial Services & Supplies - 0.01% | ||||||||
Valid Solucoes e Servicos de Seguranca de Pagamento e Identificacao SA (b) | 10,400 | 85,904 | ||||||
Construction & Engineering - 1.87% | ||||||||
Chicago Bridge & Iron Co. NV (b) | 88,283 | 3,230,275 | ||||||
Comfort Systems USA, Inc. | 122,652 | 3,896,654 | ||||||
Fluor Corp. | 102,098 | 5,482,663 | ||||||
Jacobs Engineering Group, Inc. (a) | 117,261 | 5,106,716 | ||||||
17,716,308 | ||||||||
Consumer Finance - 1.80% | ||||||||
Capital One Financial Corp. | 88,620 | 6,142,252 | ||||||
Discover Financial Services | 120,294 | 6,125,371 | ||||||
Navient Corp. | 226,772 | 2,714,461 | ||||||
PRA Group, Inc. (a) | 39,761 | 1,168,576 | ||||||
Santander Consumer USA Holdings, Inc. (a) | 91,652 | 961,429 | ||||||
17,112,089 | ||||||||
Containers & Packaging - 0.02% | ||||||||
Kian JOO CAN Factory BHD (a)(b) | 180,700 | 145,430 | ||||||
Distributors - 0.03% | ||||||||
Dogus Otomotiv Servis ve Ticaret AS (b) | 18,500 | 82,652 | ||||||
Xinhua Winshare Publishing and Media Co., Ltd. (b) | 190,000 | 164,797 | ||||||
247,449 | ||||||||
Diversified Consumer Services - 0.01% | ||||||||
Kroton Educacional SA (b) | 24,000 | 76,626 | ||||||
Diversified Financial Services - 2.93% | ||||||||
Fubon Financial Holding Co., Ltd. (b) | 170,000 | 216,528 | ||||||
Intercontinental Exchange, Inc. | 23,250 | 5,467,005 | ||||||
Markit, Ltd. (a)(b) | 98,518 | 3,482,611 | ||||||
McGraw Hill Financial, Inc. | 63,685 | 6,303,541 | ||||||
Metro Pacific Investments Corp. (b) | 1,469,400 | 187,531 | ||||||
Moody’s Corp. | 64,696 | 6,247,046 | ||||||
Nasdaq, Inc. | 88,278 | 5,859,894 | ||||||
27,764,156 | ||||||||
Diversified Telecommunication Services - 0.06% | ||||||||
China Communications Services Corp., Ltd. (b) | 358,000 | 163,470 | ||||||
China Telecom Corp., Ltd. - ADR | 2,782 | 146,083 | ||||||
Telekomunikasi Indonesia Persero Tbk PT - ADR | 5,492 | 279,268 | ||||||
588,821 |
30 | The Leuthold Funds - 2016 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Core Investment Fund |
Consolidated Schedule of Investments (continued) |
March 31, 2016 (Unaudited) |
Shares | Fair Value | |||||||
COMMON STOCKS - 53.00% (continued) | ||||||||
Electric Utilities - 0.06% | ||||||||
EDP - Energias do Brasil SA (b) | 43,000 | $ | 149,367 | |||||
Enea SA (b) | 44,000 | 140,308 | ||||||
Enersis Americas SA - ADR | 10,900 | 151,510 | ||||||
Tenaga Nasional Bhd (b) | 36,000 | 128,612 | ||||||
569,797 | ||||||||
Electrical Equipment - 0.01% | ||||||||
Jiangnan Group, Ltd. (b) | 426,000 | 75,269 | ||||||
Electronic Equipment, Instruments & Components - 2.36% | ||||||||
Arrow Electronics, Inc. (a) | 82,554 | 5,317,303 | ||||||
Avnet, Inc. | 106,478 | 4,716,975 | ||||||
Chin-Poon Industrial Co., Ltd. (b) | 151,000 | 272,481 | ||||||
DataTec, Ltd. (b) | 22,995 | 71,643 | ||||||
Flexium Interconnect, Inc. (b) | 30,203 | 77,853 | ||||||
Hon Hai Precision Industry Co., Ltd. (b) | 93,000 | 244,800 | ||||||
Ingram Micro, Inc. - Class A | 164,772 | 5,916,963 | ||||||
Jahwa Electronics Co., Ltd. (b) | 7,960 | 104,475 | ||||||
LG Innotek Co., Ltd. (b) | 2,161 | 149,872 | ||||||
Taiwan Union Technology Corp. (b) | 145,000 | 111,561 | ||||||
Tech Data Corp. (a) | 64,696 | 4,966,712 | ||||||
Technovator International, Ltd. (b) | 314,000 | 168,303 | ||||||
VST Holdings, Ltd. (b) | 1,018,000 | 234,855 | ||||||
Wasion Group Holdings, Ltd. (b) | 158,000 | 83,688 | ||||||
22,437,484 | ||||||||
Food & Staples Retailing - 2.65% | ||||||||
CVS Health Corp. | 90,304 | 9,367,234 | ||||||
Rite Aid Corp. (a) | 472,751 | 3,852,921 | ||||||
Shoprite Holdings, Ltd. (b) | 14,000 | 164,331 | ||||||
SUPERVALU, Inc. (a) | 264,117 | 1,521,314 | ||||||
United Natural Foods, Inc. (a) | 35,067 | 1,413,200 | ||||||
Walgreens Boots Alliance, Inc. | 105,131 | 8,856,235 | ||||||
25,175,235 | ||||||||
Food Products - 0.20% | ||||||||
Astral Foods, Ltd. (b) | 26,200 | 196,677 | ||||||
BRF SA - ADR | 7,017 | 99,782 | ||||||
CJ CheilJedang Corp. (b) | 310 | 94,298 | ||||||
Gruma Sab de CV (b) | 9,300 | 147,484 | ||||||
Indofood Sukses Makmur Tbk PT (b) | 251,000 | 136,748 | ||||||
Industrias Bachoco SAB de CV (b) | 24,000 | 102,670 | ||||||
JBS SA (b) | 24,900 | 75,760 | ||||||
Kernel Holding SA (b) | 20,200 | 288,518 | ||||||
Namchow Chemical Industrial Co., Ltd. (b) | 55,000 | 106,570 | ||||||
Sao Martinho SA (b) | 10,600 | 141,062 | ||||||
Thai Union Group PCL - NVDR | 256,800 | 152,539 | ||||||
Thai Vegetable Oil PCL - NVDR | 165,000 | 109,703 | ||||||
Uni-President Enterprises Corp. (b) | 66,560 | 116,883 | ||||||
WH Group, Ltd. (a)(b) | 167,000 | 120,776 | ||||||
1,889,470 | ||||||||
Gas Utilities - 0.01% | ||||||||
Gasco SA (b) | 12,885 | 100,608 | ||||||
Health Care Equipment & Supplies - 0.04% | ||||||||
Kossan Rubber Industries (b) | 144,100 | 223,454 | ||||||
St. Shine Optical Co., Ltd. (b) | 7,000 | 142,730 | ||||||
366,184 | ||||||||
Health Care Providers & Services - 5.34% | ||||||||
Aetna, Inc. | 47,511 | 5,337,861 | ||||||
Anthem, Inc. | 35,380 | 4,917,466 | ||||||
Banmedica SA (b) | 57,000 | 95,364 | ||||||
Cardinal Health, Inc. | 89,631 | 7,345,260 | ||||||
Centene Corp. (a) | 70,122 | 4,317,431 | ||||||
Cigna Corp. | 27,294 | 3,745,829 | ||||||
Henry Schein, Inc. (a) | 18,533 | 3,199,352 | ||||||
Humana, Inc. | 21,228 | 3,883,663 | ||||||
McKesson Corp. | 41,783 | 6,570,377 | ||||||
Mediclinic International PLC (b) | 22,874 | 293,719 |
See Notes to the Financial Statements. | The Leuthold Funds - 2016 Semi-Annual Report | 31 |
Leuthold Core Investment Fund |
Consolidated Schedule of Investments (continued) |
March 31, 2016 (Unaudited) |
Shares | Fair Value | |||||||
COMMON STOCKS - 53.00% (continued) | ||||||||
Health Care Providers & Services - 5.34% (continued) | ||||||||
Netcare, Ltd. (b) | 45,000 | $ | 109,960 | |||||
Owens & Minor, Inc. | 38,413 | 1,552,653 | ||||||
Patterson Cos., Inc. | 54,587 | 2,539,933 | ||||||
PharMerica Corp. (a) | 40,435 | 894,018 | ||||||
Qualicorp SA (b) | 44,500 | 184,403 | ||||||
Sinopharm Group Co., Ltd. (b) | 34,000 | 153,655 | ||||||
UnitedHealth Group, Inc. | 42,794 | 5,516,147 | ||||||
50,657,091 | ||||||||
Hotels, Restaurants & Leisure - 0.03% | ||||||||
China Travel International Investment Hong Kong, Ltd. (b) | 270,000 | 90,593 | ||||||
CVC Brasil Operadora e Agencia de Viagens SA (b) | 18,900 | 88,096 | ||||||
REXLot Holdings, Ltd. (b)(e)(f) | 1,406,000 | 79,749 | ||||||
258,438 | ||||||||
Household Durables - 0.10% | ||||||||
Haier Electronics Group Co., Ltd. (b) | 112,000 | 195,264 | ||||||
Lentex SA (b) | 58,688 | 142,661 | ||||||
MRV Engenharia e Participacoes SA (b) | 47,800 | 157,931 | ||||||
Steinhoff International Holdings NV (b) | 66,595 | 436,357 | ||||||
932,213 | ||||||||
Independent Power & Renewable Electricity Producers - 0.02% | ||||||||
China Power International Development, Ltd. (b) | 308,000 | 159,545 | ||||||
Independent Power Producers & Energy Traders - 0.01% | ||||||||
Huaneng Power International, Inc. - ADR | 3,600 | 128,016 | ||||||
Industrial Conglomerates - 0.03% | ||||||||
KAP Industrial Holdings, Ltd. (b) | 319,000 | 139,151 | ||||||
Turkiye Sise ve Cam Fabrikalari AS (b) | 140,303 | 182,339 | ||||||
Insurance - 7.71% | 321,490 | |||||||
Alleghany Corp. (a) | 4,043 | 2,006,137 | ||||||
Allstate Corp. | 92,663 | 6,242,706 | ||||||
Anadolu Anonim Turk Sigorta Sirketi (b) | 265,000 | 161,757 | ||||||
Aon PLC (b) | 33,359 | 3,484,348 | ||||||
Arthur J. Gallagher & Co. | 80,196 | 3,567,118 | ||||||
Aspen Insurance Holdings, Ltd. (b) | 50,544 | 2,410,949 | ||||||
Assured Guaranty, Ltd. (b) | 224,750 | 5,686,175 | ||||||
Axis Capital Holdings, Ltd. (b) | 45,826 | 2,541,510 | ||||||
Brown & Brown, Inc. | 99,653 | 3,567,577 | ||||||
Cathay Financial Holding Co., Ltd. (b) | 132,000 | 157,929 | ||||||
China Taiping Insurance Holdings Co., Ltd. (a)(b) | 42,000 | 92,503 | ||||||
Endurance Specialty Holdings, Ltd. (b) | 51,217 | 3,346,519 | ||||||
Everest Re Group, Ltd. (b) | 42,794 | 8,448,819 | ||||||
First American Financial Corp. | 53,239 | 2,028,938 | ||||||
Hanover Insurance Group, Inc. | 24,935 | 2,249,636 | ||||||
Hanwha Life Insurance Co., Ltd. (b) | 16,300 | 95,535 | ||||||
Korean Reinsurance Co. (b) | 9,700 | 118,399 | ||||||
Marsh & McLennan Companies, Inc. | 55,216 | 3,356,581 | ||||||
New China Life Insurance Co., Ltd. (b) | 56,600 | 200,051 | ||||||
PICC Property & Casualty Co., Ltd. (b) | 508,000 | 935,364 | ||||||
Ping An Insurance Group Co. of China, Ltd. (b) | 52,000 | 249,536 | ||||||
Porto Seguro SA (b) | 12,500 | 94,489 | ||||||
Progressive Corp. | 71,435 | 2,510,226 |
32 | The Leuthold Funds - 2016 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Core Investment Fund |
Consolidated Schedule of Investments (continued)
March 31, 2016 (Unaudited)
Shares | Fair Value | |||||||
COMMON STOCKS - 53.00% (continued) | ||||||||
Insurance - 7.71% (continued) | ||||||||
Reinsurance Group of America, Inc. | 56,609 | $ | 5,448,616 | |||||
Santam, Ltd. (b) | 8,596 | 136,686 | ||||||
Travelers Companies., Inc. | 61,326 | 7,157,357 | ||||||
Validus Holdings, Ltd. (b) | 74,467 | 3,514,098 | ||||||
Willis Towers Watson PLC (b) | 28,301 | 3,358,197 | ||||||
73,167,756 | ||||||||
Internet Software & Services - 0.10% | ||||||||
Alibaba Group Holding, Ltd. - ADR (a) | 3,718 | 293,834 | ||||||
Tencent Holdings, Ltd. (b) | 31,000 | 633,775 | ||||||
927,609 | ||||||||
IT Services - 6.18% | ||||||||
Accenture PLC - Class A (b) | 50,880 | 5,871,552 | ||||||
Amdocs, Ltd. | 43,804 | 2,646,638 | ||||||
CACI International, Inc. - Class A (a) | 19,544 | 2,085,345 | ||||||
CGI Group, Inc. - Class A (a)(b) | 41,783 | 1,996,392 | ||||||
Cognizant Technology Solutions Corp. - Class A (a) | 43,804 | 2,746,511 | ||||||
Computer Sciences Corp. | 57,957 | 1,993,141 | ||||||
Convergys Corp. | 79,859 | 2,217,684 | ||||||
CSRA, Inc. | 57,957 | 1,559,043 | ||||||
DST Systems, Inc. | 31,337 | 3,533,873 | ||||||
Fiserv, Inc. (a) | 53,239 | 5,461,257 | ||||||
Global Payments, Inc. | 58,631 | 3,828,604 | ||||||
International Business Machines Corp. | 38,076 | 5,766,610 | ||||||
MasterCard, Inc. - Class A | 58,631 | 5,540,630 | ||||||
Net 1 UEPS Technologies, Inc. (a)(b) | 6,317 | 58,116 | ||||||
NeuStar, Inc. - Class A (a) | 62,337 | 1,533,490 | ||||||
Nice Information & Telecommunication, Inc. (b) | 7,000 | 199,945 | ||||||
Science Applications International Corp. | 39,087 | 2,084,901 | ||||||
Teradata Corp. (a) | 42,457 | 1,114,072 | ||||||
TravelSky Technology, Ltd. (b) | 208,000 | 341,003 | ||||||
Visa, Inc. - Class A | 82,554 | 6,313,730 | ||||||
Western Union Co. | 89,631 | 1,728,982 | ||||||
58,621,519 | ||||||||
Machinery - 0.03% | ||||||||
Hy-Lok Corp. (b) | 6,750 | 161,897 | ||||||
United Tractors Tbk PT (b) | 112,100 | 129,307 | ||||||
291,204 | ||||||||
Media - 2.61% | ||||||||
Interpublic Group of Companies, Inc. | 296,522 | 6,805,180 | ||||||
Megacable Holdings SAB de CV (b) | 28,000 | 116,200 | ||||||
Morningstar, Inc. | 23,298 | 2,056,514 | ||||||
Multiplus SA (b) | 9,600 | 87,466 | ||||||
Omnicom Group, Inc. | 105,468 | 8,778,101 | ||||||
WPP PLC - ADR | 59,304 | 6,904,765 | ||||||
24,748,226 | ||||||||
Metals & Mining - 0.02% | ||||||||
Eregli Demir ve Celik Fabrikalari TAS (b) | 152,000 | 228,825 | ||||||
Multiline Retail - 2.37% | ||||||||
Big Lots, Inc. | 85,924 | 3,891,498 | ||||||
Burlington Stores, Inc. (a) | 19,880 | 1,118,051 | ||||||
Dollar General Corp. | 100,413 | 8,595,353 | ||||||
Target Corp. | 108,500 | 8,927,380 | ||||||
22,532,282 | ||||||||
Oil, Gas & Consumable Fuels - 0.09% | ||||||||
CNOOC, Ltd. - ADR | 1,398 | 163,650 | ||||||
Grupa Lotos SA (a)(b) | 21,000 | 156,636 | ||||||
Kunlun Energy Co., Ltd. (b) | 314,000 | 273,175 | ||||||
NewOcean Energy Holdings, Ltd. (b) | 266,000 | 95,733 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo SA (b) | 134,185 | 191,019 | ||||||
880,213 |
See Notes to the Financial Statements. | The Leuthold Funds - 2016 Semi-Annual Report | 33 |
Leuthold Core Investment Fund |
Consolidated Schedule of Investments (continued)
March 31, 2016 (Unaudited)
Shares | Fair Value | |||||||
COMMON STOCKS - 53.00% (continued) | ||||||||
Paper & Forest Products - 0.04% | ||||||||
Fibria Celulose SA - ADR | 25,433 | $ | 215,672 | |||||
Sappi, Ltd. (a)(b) | 40,934 | 181,087 | ||||||
396,759 | ||||||||
Personal Products - 0.06% | ||||||||
AMOREPACIFIC Group (b) | 4,750 | 608,383 | ||||||
Pharmaceuticals - 0.07% | ||||||||
China Traditional Chinese Medicine Co., Ltd. (a)(b) | 420,000 | 206,412 | ||||||
Dr. Reddy’s Laboratories, Ltd. - ADR | 5,406 | 244,297 | ||||||
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. (b) | 40,000 | 90,393 | ||||||
Sino Biopharmaceutical, Ltd. (b) | 156,000 | 117,039 | ||||||
658,141 | ||||||||
Professional Services - 0.39% | ||||||||
ManpowerGroup, Inc. | 45,826 | 3,731,153 | ||||||
Real Estate - 0.01% | ||||||||
Cosco Capital, Inc. (b) | 565,200 | 90,886 | ||||||
Real Estate Investment Trusts (REITs) - 0.02% | ||||||||
Prologis Property Mexico SA de CV (b) | 96,000 | 152,470 | ||||||
Real Estate Management & Development - 0.14% | ||||||||
China Jinmao Holdings Group, Ltd. (b) | 466,000 | 129,643 | ||||||
China Vanke Co., Ltd. (b) | 94,100 | 230,915 | ||||||
Filinvest Land, Inc. (b) | 2,700,000 | 103,794 | ||||||
KWG Property Holding, Ltd. (b) | 270,500 | 177,948 | ||||||
New World Development Co., Ltd. (b) | 164,000 | 156,526 | ||||||
Shimao Property Holdings, Ltd. (b) | 84,500 | 125,308 | ||||||
SP Setia Bhd Group (b) | 146,000 | 117,129 | ||||||
Sunway Bhd (b) | 205,900 | 165,712 | ||||||
Vista Land & Lifescapes, Inc. (b) | 1,600,000 | 162,019 | ||||||
1,368,994 | ||||||||
Road & Rail - 0.01% | ||||||||
JSL SA (b) | 51,476 | 123,262 | ||||||
Semiconductors & Semiconductor Equipment - 0.20% | ||||||||
Advanced Semiconductor Engineering, Inc. - ADR | 23,100 | 135,135 | ||||||
ChipMOS TECHNOLOGIES Bermuda, Ltd. (b) | 9,000 | 156,420 | ||||||
Samsung Electronics Co., Ltd. (b) | 853 | 978,909 | ||||||
SK Hynix, Inc. (b) | 5,100 | 125,550 | ||||||
Taiwan Semiconductor Co., Ltd. (b) | 151,000 | 200,353 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. - ADR | 8,557 | 224,194 | ||||||
Wonik IPS Co., Ltd. (a)(b)(e)(f) | 9,900 | 96,091 | ||||||
1,916,652 | ||||||||
Software - 1.34% | ||||||||
Activision Blizzard, Inc. | 185,326 | 6,271,432 | ||||||
Electronic Arts, Inc. (a) | 96,707 | 6,393,300 | ||||||
12,664,732 | ||||||||
Specialty Retail - 2.91% | ||||||||
Advance Auto Parts, Inc. | 12,467 | 1,998,959 | ||||||
Asbury Automotive Group, Inc. (a) | 45,489 | 2,722,062 | ||||||
AutoNation, Inc. (a) | 63,685 | 2,972,816 | ||||||
AutoZone, Inc. (a) | 4,717 | 3,757,987 | ||||||
Berjaya Auto Bhd (b) | 171,000 | 95,109 | ||||||
CarMax, Inc. (a) | 76,489 | 3,908,588 | ||||||
Group 1 Automotive, Inc. | 35,380 | 2,076,452 | ||||||
Lithia Motors, Inc. - Class A | 32,011 | 2,795,521 | ||||||
O’Reilly Automotive, Inc. (a) | 14,152 | 3,872,836 | ||||||
Penske Automotive Group, Inc. | 82,554 | 3,128,797 | ||||||
Super Group, Ltd. (a)(b) | 88,000 | 260,325 | ||||||
27,589,452 |
34 | The Leuthold Funds - 2016 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Core Investment Fund |
Consolidated Schedule of Investments (continued) |
March 31, 2016 (Unaudited) |
Shares | Fair Value | |||||||
COMMON STOCKS - 53.00% (continued) | ||||||||
Technology Hardware, Storage & Peripherals - 0.12% | ||||||||
Catcher Technology Co., Ltd. (b) | 25,000 | $ | 204,894 | |||||
Foxconn Technology Co., Ltd. (b) | 47,470 | 106,490 | ||||||
Pegatron Corp. (b) | 290,000 | 675,119 | ||||||
TCL Communication Technology Holdings, Ltd. (b) | 165,000 | 108,611 | ||||||
1,095,114 | ||||||||
Trading Companies & Distributors - 0.61% | ||||||||
AerCap Holdings NV (a)(b) | 75,461 | 2,924,869 | ||||||
United Rentals, Inc. (a) | 46,201 | 2,873,240 | ||||||
5,798,109 | ||||||||
Transportation Infrastructure - 0.06% | ||||||||
Shenzhen International Holdings, Ltd. (b) | 124,000 | 201,278 | ||||||
TAV Havalimanlari Holding AS (b) | 19,000 | 113,392 | ||||||
Tianjin Port Development Holdings, Ltd. (b) | 450,000 | 69,087 | ||||||
Wilson Sons, Ltd. - BDR | 24,800 | 219,676 | ||||||
603,433 | ||||||||
Water Utilities - 1.16% | ||||||||
American States Water Co. | 29,197 | 1,149,194 | ||||||
American Water Works Co., Inc. | 49,485 | 3,411,001 | ||||||
Aqua America, Inc. | 106,014 | 3,373,365 | ||||||
California Water Service Group | 54,758 | 1,463,134 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo - ADR | 245,227 | 1,618,498 | ||||||
11,015,192 | ||||||||
Wireless Telecommunication Services - 0.04% | ||||||||
China Mobile, Ltd. - ADR | 6,930 | 384,268 | ||||||
TOTAL COMMON STOCKS (Cost $408,341,475) | $ | 502,959,060 | ||||||
PREFERRED STOCKS - 0.04% | ||||||||
Banks - 0.01% | ||||||||
Itau Unibanco Holding SA - ADR | 10,775 | 92,557 | ||||||
Chemicals - 0.02% | ||||||||
Braskem SA - ADR | 12,267 | 158,367 | ||||||
Food & Staples Retailing - 0.01% | ||||||||
Cia Brasileira de Distribuicao Grupo Pao de Acucar - ADR | 7,141 | 99,332 | ||||||
TOTAL PREFERRED STOCKS (Cost $509,694) | $ | 350,256 | ||||||
INVESTMENT COMPANIES - 7.40% | ||||||||
Exchange Traded Funds - 7.40% | ||||||||
CurrencyShares Japanese Yen Trust (a) | 55,154 | $ | 4,744,347 | |||||
iShares CMBS ETF | 20,199 | 1,050,752 | ||||||
iShares International Treasury Bond ETF (a) | 48,500 | 4,713,715 | ||||||
iShares MBS ETF | 139,761 | 15,301,034 | ||||||
iShares MSCI India Small-Cap ETF | 15,020 | 459,312 | ||||||
PowerShares Build America Bond Portfolio | 108,822 | 3,285,336 | ||||||
SPDR Barclays International Treasury Bond ETF (a) | 539,187 | 30,054,283 | ||||||
SPDR Barclays Short-Term International Treasury Bond ETF | 52,283 | 1,636,981 | ||||||
Vanguard Mortgage-Backed Securities ETF | 79,679 | 4,260,436 | ||||||
Vanguard Total International Bond ETF | 87,300 | 4,761,342 | ||||||
TOTAL INVESTMENT COMPANIES (Cost $69,352,707) | $ | 70,267,538 |
See Notes to the Financial Statements. | The Leuthold Funds - 2016 Semi-Annual Report | 35 |
Leuthold Core Investment Fund |
Consolidated Schedule of Investments (continued) |
March 31, 2016 (Unaudited) |
Principal Amount | Fair Value | |||||||
CORPORATE BONDS - 3.11% | ||||||||
Banks - 0.98% | ||||||||
JP Morgan Chase & Co. 1.500%, 01/27/2025 | $ | 4,600,000 | $ | 5,318,990 | ||||
Wells Fargo & Co. 1.125%, 10/29/2021 | 3,430,000 | 3,993,122 | ||||||
9,312,112 | ||||||||
Capital Markets - 0.49% | ||||||||
Goldman Sachs Group, Inc. 6.150%, 04/01/2018 | 4,326,000 | 4,679,841 | ||||||
Diversified Telecommunication Services - 0.50% | ||||||||
AT&T, Inc. 3.400%, 05/15/2025 | 4,700,000 | 4,711,012 | ||||||
Health Care Providers & Services - 0.27% | ||||||||
Coventry Health Care, Inc. 5.950%, 03/15/2017 | 2,469,000 | 2,578,152 | ||||||
Internet Software & Services - 0.37% | ||||||||
Alibaba Group Holding, Ltd. 2.500%, 11/28/2019 (b) | 3,480,000 | 3,511,146 | ||||||
Software - 0.50% | ||||||||
Oracle Corp. 2.950%, 05/15/2025 | 4,620,000 | 4,732,631 | ||||||
TOTAL CORPORATE BONDS (Cost $28,517,962) | $ | 29,524,894 | ||||||
MUNICIPAL BONDS - 0.27% | ||||||||
State of California 5.700%, 11/01/2021 | $ | 2,180,000 | $ | 2,596,162 | ||||
TOTAL MUNICIPAL BONDS (Cost $2,528,332) | $ | 2,596,162 | ||||||
UNITED STATES TREASURY OBLIGATIONS - 4.40% | ||||||||
United States Treasury Notes - 4.40% | ||||||||
0.625%, 07/15/2016 | $ | 4,070,000 | $ | 4,073,179 | ||||
0.625%, 05/31/2017 | 20,400,000 | 20,388,046 | ||||||
2.125%, 05/15/2025 | 16,820,000 | 17,339,704 | ||||||
TOTAL UNITED STATES TREASURY OBLIGATIONS (Cost $41,268,202) | $ | 41,800,929 | ||||||
FOREIGN GOVERNMENT BONDS - 2.49% | ||||||||
Bank Nederlands Gemeenten NV 1.850%, 11/07/2016 (b) | ||||||||
JPY | 410,000,000 | $ | 3,686,794 | |||||
Development Bank of Japan 1.750%, 03/17/2017 (b) | ||||||||
JPY | 410,000,000 | 3,701,716 | ||||||
Government of France 0.500%, 05/25/2025 (b) | ||||||||
EUR | 4,570,000 | 5,279,101 | ||||||
Kingdom of Spain 2.150%, 10/31/2025 (b)(d) | ||||||||
EUR | 3,800,000 | 4,622,340 | ||||||
Republic of Italy 1.350%, 04/15/2022 (b) | ||||||||
EUR | 5,330,000 | 6,339,110 | ||||||
TOTAL FOREIGN GOVERNMENT BONDS (Cost $23,540,761) | $ | 23,629,061 |
36 | The Leuthold Funds - 2016 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Core Investment Fund |
Consolidated Schedule of Investments (continued) |
March 31, 2016 (Unaudited) |
Shares | Fair Value | |||||||
SHORT-TERM INVESTMENTS - 26.63% | ||||||||
Money Market Funds - 26.63% | ||||||||
Fidelity Institutional Money Market Funds - Government Portfolio, 0.010% (c)(g) | 252,698,080 | $ | 252,698,080 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $252,698,080) | $ | 252,698,080 | ||||||
Total Investments (Cost $826,757,213) - 97.34% | $ | 923,825,980 | ||||||
Other Assets in Excess of Liabilities - 2.66% | 25,199,375 | |||||||
TOTAL NET ASSETS - 100.00% | $ | 949,025,355 |
Percentages are stated as a percent of net assets.
ADR | American Depositary Receipt |
BDR | Brazillian Depositary Receipt |
EUR | Euro |
JPY | Japanese Yen |
NVDR | Non-Voting Depositary Receipt |
(a) | Non-income producing security. |
(b) | Foreign issued security. |
(c) | The rate quoted is the annualized seven-day yield as of March 31, 2016. |
(d) | Restricted security as defined in Rule 144(a) under the Securities Act of 1933. Resale to the public may require registration or may extend only to qualified institutional buyers. At March 31, 2016, the market value of these securities total $4,622,340, which represents 0.49% of total net assets. |
(e) | Illiquid security. The fair value of these securities total $182,322 which represents 0.02% of total net assets. |
(f) | These securities are 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) | 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.
See Notes to the Financial Statements. | The Leuthold Funds - 2016 Semi-Annual Report | 37 |
Leuthold Core Investment Fund |
Consolidated Schedule of Securities Sold Short - (a) |
March 31, 2016 (Unaudited) |
Shares | Fair Value | |||||||
COMMON STOCKS - 12.54% | ||||||||
Aerospace & Defense - 0.14% | ||||||||
TASER International, Inc. | 70,196 | $ | 1,377,947 | |||||
Automobiles - 0.11% | ||||||||
Tesla Motors, Inc. | 4,502 | 1,034,425 | ||||||
Beverages - 0.17% | ||||||||
Boston Beer Co., Inc. - Class A | 8,849 | 1,637,684 | ||||||
Biotechnology - 0.21% | ||||||||
Alnylam Pharmaceuticals, Inc. | 31,123 | 1,953,591 | ||||||
Building Products - 0.07% | ||||||||
Trex Co., Inc. | 13,874 | 664,981 | ||||||
Capital Markets - 0.10% | ||||||||
Financial Engines, Inc. | 18,449 | 579,852 | ||||||
Virtus Investment Partners, Inc. | 4,875 | 380,786 | ||||||
960,638 | ||||||||
Chemicals - 0.47% | ||||||||
Ashland, Inc. | 12,749 | 1,401,880 | ||||||
FMC Corp. | 43,947 | 1,774,141 | ||||||
Monsanto Co. | 14,549 | 1,276,529 | ||||||
4,452,550 | ||||||||
Commercial Services & Supplies - 0.09% | ||||||||
Clean Harbors, Inc. | 16,949 | 836,264 | ||||||
Communications Equipment - 0.50% | ||||||||
CommScope Holding Co., Inc. | 70,046 | 1,955,684 | ||||||
Palo Alto Networks, Inc. | 12,383 | 2,020,163 | ||||||
Viavi Solutions, Inc. | 106,269 | 729,005 | ||||||
4,704,852 | ||||||||
Computers & Peripherals - 0.14% | ||||||||
Diebold, Inc. | 45,222 | 1,307,368 | ||||||
Containers & Packaging - 0.21% | ||||||||
Berry Plastics Group, Inc. | 54,747 | 1,979,104 | ||||||
Diversified Consumer Services - 0.14% | ||||||||
Sotheby’s | 51,267 | 1,370,367 | ||||||
Diversified Telecommunication Services - 0.31% | ||||||||
Cogent Communications Holdings, Inc. | 20,924 | 816,664 | ||||||
Zayo Group Holdings, Inc. | 89,245 | 2,163,299 | ||||||
2,979,963 | ||||||||
Electronic Equipment, Instruments & Components - 0.08% | ||||||||
Cognex Corp. | 19,499 | 759,486 | ||||||
Energy Equipment & Services - 0.51% | ||||||||
Core Laboratories NV (b) | 10,799 | 1,213,915 | ||||||
RPC, Inc. | 49,422 | 700,804 | ||||||
Schlumberger, Ltd. (b) | 25,349 | 1,869,489 | ||||||
Weatherford International PLC (b) | 137,092 | 1,066,576 | ||||||
4,850,784 | ||||||||
Gas Utilities - 0.09% | ||||||||
Energen Corp. | 23,924 | 875,379 | ||||||
Health Care Equipment & Supplies - 0.84% | ||||||||
Baxter International, Inc. | 48,147 | 1,977,879 | ||||||
DexCom, Inc. | 32,098 | 2,179,775 | ||||||
Haemonetics Corp. | 19,124 | 668,957 | ||||||
IDEXX Laboratories, Inc. | 18,149 | 1,421,430 | ||||||
LivaNova PLC (b) | 12,449 | 671,997 | ||||||
Nevro Corp. | 18,449 | 1,037,941 | ||||||
7,957,979 | ||||||||
Health Care Technology - 0.13% | ||||||||
Veeva Systems, Inc. - Class A | 50,022 | 1,252,551 | ||||||
Hotels, Restaurants & Leisure - 0.77% | ||||||||
Chipotle Mexican Grill, Inc. | 3,750 | 1,766,137 | ||||||
Hyatt Hotels Corp. - Class A | 47,322 | 2,341,966 | ||||||
Melco Crown Entertainment, Ltd. - ADR | 92,995 | 1,535,347 | ||||||
Restaurant Brands International, Inc. (b) | 43,797 | 1,700,638 | ||||||
7,344,088 |
38 | The Leuthold Funds - 2016 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Core Investment Fund |
Consolidated Schedule of Securities Sold Short - (a) (continued) |
March 31, 2016 (Unaudited) |
Shares | Fair Value | |||||||
COMMON STOCKS - 12.54% (continued) | ||||||||
Household Products - 0.32% | ||||||||
Colgate-Palmolive Co. | 34,198 | $ | 2,416,089 | |||||
HRG Group, Inc. | 42,148 | 587,121 | ||||||
3,003,210 | ||||||||
Internet & Catalog Retail - 0.14% | ||||||||
Liberty TripAdvisor Holdings, Inc. - Class A | 31,525 | 698,594 | ||||||
Shutterfly, Inc. | 13,349 | 618,993 | ||||||
1,317,587 | ||||||||
Internet Software & Services - 0.37% | ||||||||
Cornerstone OnDemand, Inc. | 18,674 | 611,947 | ||||||
GrubHub, Inc. | 78,371 | 1,969,463 | ||||||
LinkedIn Corp. - Class A | 8,175 | 934,811 | ||||||
3,516,221 | ||||||||
Machinery - 0.62% | ||||||||
CLARCOR, Inc. | 15,974 | 923,138 | ||||||
Donaldson Co., Inc. | 53,247 | 1,699,112 | ||||||
Graco, Inc. | 15,524 | 1,303,395 | ||||||
Lincoln Electric Holdings, Inc. | 22,199 | 1,300,195 | ||||||
Proto Labs, Inc. | 8,625 | 664,901 | ||||||
5,890,741 | ||||||||
Media - 0.60% | ||||||||
IMAX Corp. (b) | 38,773 | 1,205,453 | ||||||
Liberty Global PLC - Class A (b) | 43,947 | 1,691,959 | ||||||
MDC Partners, Inc. - Class A | 25,049 | 591,156 | ||||||
News Corp. - Class A | 176,540 | 2,254,416 | ||||||
5,742,984 | ||||||||
Metals & Mining - 0.29% | ||||||||
Nucor Corp. | 44,247 | 2,092,883 | ||||||
Stillwater Mining Co. | 61,721 | 657,329 | ||||||
2,750,212 | ||||||||
Oil, Gas & Consumable Fuels - 1.31% | ||||||||
Anadarko Petroleum Corp. | 17,474 | 813,764 | ||||||
Apache Corp. | 42,373 | 2,068,226 | ||||||
Cameco Corp. (b) | 98,994 | 1,271,083 | ||||||
Carrizo Oil & Gas, Inc. | 45,897 | 1,419,135 | ||||||
Cheniere Energy, Inc. | 21,599 | 730,694 | ||||||
Concho Resources, Inc. | 11,474 | 1,159,333 | ||||||
Imperial Oil, Ltd. (b) | 23,924 | 799,062 | ||||||
InterOil Corp. (b) | 23,774 | 756,726 | ||||||
Pioneer Natural Resources Co. | 12,074 | 1,699,295 | ||||||
QEP Resources, Inc. | 120,218 | 1,696,276 | ||||||
12,413,594 | ||||||||
Paper & Forest Products - 0.15% | ||||||||
Louisiana-Pacific Corp. | 81,520 | 1,395,622 | ||||||
Pharmaceuticals - 0.44% | ||||||||
Bristol-Myers Squibb Co. | 35,248 | 2,251,642 | ||||||
Medicines Co. | 44,922 | 1,427,172 | ||||||
Nektar Therapeutics | 35,773 | 491,879 | ||||||
4,170,693 | ||||||||
Real Estate Investment Trusts (REITs) - 0.13% | ||||||||
FelCor Lodging Trust, Inc. | 77,996 | 633,328 | ||||||
Potlatch Corp. | 19,124 | 602,406 | ||||||
1,235,734 | ||||||||
Road & Rail - 0.08% | ||||||||
Heartland Express, Inc. | 39,223 | 727,587 | ||||||
Semiconductors & Semiconductor Equipment - 0.77% | ||||||||
Cavium, Inc. | 24,439 | 1,494,689 | ||||||
Cypress Semiconductor Corp. | 124,118 | 1,074,862 | ||||||
M/A-COM Technology Solutions Holdings, Inc. | 17,324 | 758,618 | ||||||
Microchip Technology, Inc. | 48,072 | 2,317,071 | ||||||
Qorvo, Inc. | 33,598 | 1,693,675 | ||||||
7,338,915 |
See Notes to the Financial Statements. | The Leuthold Funds - 2016 Semi-Annual Report | 39 |
Leuthold Core Investment Fund |
Consolidated Schedule of Securities Sold Short - (a) (continued) |
March 31, 2016 (Unaudited) |
Shares | Fair Value | |||||||
COMMON STOCKS - 12.54% (continued) | ||||||||
Software - 1.48% | ||||||||
CommVault Systems, Inc. | 24,749 | $ | 1,068,414 | |||||
FireEye, Inc. | 118,043 | 2,123,594 | ||||||
Infoblox, Inc. | 33,973 | 580,938 | ||||||
NetSuite, Inc. | 22,124 | 1,515,273 | ||||||
Proofpoint, Inc. | 38,248 | 2,056,978 | ||||||
Splunk, Inc. | 27,598 | 1,350,370 | ||||||
SS&C Technologies Holdings, Inc. | 31,798 | 2,016,629 | ||||||
Tableau Software, Inc. - Class A | 27,673 | 1,269,361 | ||||||
Workday, Inc. - Class A | 26,998 | 2,074,526 | ||||||
14,056,083 | ||||||||
Textiles, Apparel & Luxury Goods - 0.46% | ||||||||
Lululemon Athletica, Inc. (b) | 34,798 | 2,356,172 | ||||||
Under Armour, Inc. - Class A | 23,319 | 1,978,151 | ||||||
4,334,323 | ||||||||
Trading Companies & Distributors - 0.06% | ||||||||
NOW, Inc. | 33,748 | 598,015 | ||||||
Wireless Telecommunication Services - 0.24% | ||||||||
SBA Communications Corp. - Class A | 22,424 | 2,246,212 | ||||||
TOTAL COMMON STOCKS (Proceeds $120,202,949) | $ | 119,037,734 | ||||||
INVESTMENT COMPANIES - 0.58% | ||||||||
Exchange Traded Funds - 0.58% | ||||||||
SPDR S&P 500 ETF Trust | 26,848 | $ | 5,518,875 | |||||
TOTAL INVESTMENT COMPANIES (Proceeds $5,538,092) | $ | 5,518,875 | ||||||
TOTAL SECURITIES SOLD SHORT (Proceeds $125,741,041) - 13.12% | $ | 124,556,609 |
Percentages are stated as a percent of net assets. | |
ADR American Depositary Receipt | |
(a) | Non-income producing security. |
(b) | Foreign issued security. |
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.
40 | The Leuthold Funds - 2016 Semi-Annual Report | See Notes to the Financial Statements. |
Consolidated Schedule of Investments |
March 31, 2016 (Unaudited) |
Shares | Fair Value | |||||||
COMMON STOCKS - 56.89% | ||||||||
Airlines - 3.40% | ||||||||
Alaska Air Group, Inc. | 9,022 | $ | 739,985 | |||||
American Airlines Group, Inc. | 37,073 | 1,520,364 | ||||||
Copa Holdings SA - Class A (b) | 4,471 | 302,910 | ||||||
Delta Air Lines, Inc. | 49,552 | 2,412,191 | ||||||
International Consolidated Airlines Group SA (b) | 94,788 | 751,664 | ||||||
JetBlue Airways Corp. (a) | 55,693 | 1,176,236 | ||||||
United Continental Holdings, Inc. (a) | 13,370 | 800,328 | ||||||
7,703,678 | ||||||||
Auto Components - 3.06% | ||||||||
Brembo SpA (b) | 10,680 | 552,164 | ||||||
Calsonic Kansei Corp. (b) | 136,000 | 1,010,529 | ||||||
Goodyear Tire & Rubber Co. | 36,318 | 1,197,768 | ||||||
Lear Corp. | 12,850 | 1,428,534 | ||||||
Leoni AG (b) | 5,312 | 182,811 | ||||||
Magna International, Inc. (b) | 30,042 | 1,290,604 | ||||||
Plastic Omnium SA (b) | 24,556 | 843,367 | ||||||
Showa Corp. (b) | 50,100 | 437,051 | ||||||
6,942,828 | ||||||||
Automobiles - 3.55% | ||||||||
Daihatsu Motor Co., Ltd. (b) | 12,000 | 169,001 | ||||||
Ford Motor Co. | 60,603 | 818,140 | ||||||
Geely Automobile Holdings, Ltd. (b) | 555,000 | 275,269 | ||||||
General Motors Co. | 30,802 | 968,107 | ||||||
Great Wall Motor Co., Ltd. (b) | 569,000 | 462,060 | ||||||
Hyundai Motor Co. (b) | 3,067 | 409,311 | ||||||
Kia Motors Corp. (b) | 12,180 | 514,496 | ||||||
Mitsubishi Motor Corp. (b) | 84,700 | 632,279 | ||||||
Nissan Motor Co., Ltd. (b) | 62,500 | 577,828 | ||||||
Renault SA (b) | 7,792 | 774,351 | ||||||
Tata Motors, Ltd. - ADR | 29,974 | 870,745 | ||||||
Thor Industries, Inc. | 7,081 | 451,555 | ||||||
Toyota Motor Corp. - ADR (a) | 7,087 | 753,490 | ||||||
Volkswagen AG (b) | 2,641 | 383,671 | ||||||
8,060,303 | ||||||||
Building Products - 1.15% | ||||||||
Asahi Glass Co., Ltd. (b) | 173,000 | 946,627 | ||||||
Owens Corning | 21,743 | 1,028,009 | ||||||
Universal Forest Products, Inc. | 7,309 | 627,258 | ||||||
2,601,894 | ||||||||
Chemicals - 3.02% | ||||||||
Denki Co., Ltd. (b) | 254,000 | 1,044,279 | ||||||
Hyosung Corp. (b) | 6,369 | 801,593 | ||||||
Lotte Chemical Corp. (b) | 5,201 | 1,555,464 | ||||||
LyondellBasell Industries NV - Class A (b) | 21,656 | 1,853,321 | ||||||
Mitsui Chemicals, Inc. (b) | 186,000 | 619,127 | ||||||
Tosoh Corp. (b) | 235,000 | 986,901 | ||||||
6,860,685 | ||||||||
Electric Utilities - 4.34% | ||||||||
Chubu Electric Power Co., Inc. (b) | 53,200 | 742,424 | ||||||
CLP Holdings Ltd. (b) | 83,500 | 755,792 | ||||||
Edison International | 20,481 | 1,472,379 | ||||||
EDP - Energias do Brasil SA (b) | 140,000 | 486,310 | ||||||
Endesa SA (b) | 51,426 | 985,494 | ||||||
Energa SA (b) | 136,897 | 480,193 | ||||||
Enersis Americas SA - ADR | 37,661 | 523,488 | ||||||
Exelon Corp. | 44,450 | 1,593,977 | ||||||
Fortis, Inc. (b) | 26,746 | 838,367 | ||||||
Korea Electric Power Corp. - ADR | 43,225 | 1,113,044 | ||||||
Tenaga Nasional Bhd (b) | 237,300 | 847,771 | ||||||
9,839,239 | ||||||||
Food & Staples Retailing - 3.42% | ||||||||
Casey’s General Stores, Inc. | 5,733 | 649,663 | ||||||
E-MART Co., Inc. (b) | 3,717 | 570,798 | ||||||
ICA Gruppen AB (b) | 25,125 | 830,422 | ||||||
J. Sainsbury PLC (b) | 210,254 | 833,169 | ||||||
Shoprite Holdings, Ltd. (b) | 62,458 | 733,129 | ||||||
Sonae SGPS SA (b) | 500,900 | 602,910 |
See Notes to the Financial Statements. | The Leuthold Funds - 2016 Semi-Annual Report | 41 |
Leuthold Global Fund |
Consolidated Schedule of Investments (continued) |
March 31, 2016 (Unaudited) |
Shares | Fair Value | |||||||
COMMON STOCKS - 56.89% (continued) | ||||||||
Food & Staples Retailing - 3.42% (continued) | ||||||||
SUPERVALU, Inc. (a) | 104,577 | $ | 602,363 | |||||
United Natural Foods, Inc. (a) | 13,450 | 542,035 | ||||||
Wal-Mart Stores, Inc. | 23,598 | 1,616,227 | ||||||
X5 Retail Group NV - GDR (a) | 36,485 | 772,006 | ||||||
7,752,722 | ||||||||
Health Care Providers & Services - 0.34% | ||||||||
AMN Healthcare Services, Inc. (a) | 22,677 | 762,174 | ||||||
Household Durables - 3.33% | ||||||||
Barratt Developments PLC (b) | 123,370 | 990,412 | ||||||
Bellway PLC (b) | 21,322 | 802,050 | ||||||
Berkeley Group Holdings PLC (b) | 23,474 | 1,082,356 | ||||||
CalAtlantic Group, Inc. | 39,349 | 1,315,044 | ||||||
Lennar Corp. - Class A | 19,653 | 950,419 | ||||||
Meritage Homes Corp. (a) | 20,098 | 732,773 | ||||||
Redrow PLC (b) | 66,045 | 380,873 | ||||||
Sekisui House, Ltd. (b) | 52,600 | 887,445 | ||||||
Sumitomo Forestry Co., Ltd. (b) | 35,200 | 404,074 | ||||||
7,545,446 | ||||||||
Insurance - 8.69% | ||||||||
Allstate Corp. | 25,064 | 1,688,562 | ||||||
Argo Group International Holdings, Ltd. (b) | 8,825 | 506,467 | ||||||
Aspen Insurance Holdings, Ltd. (b) | 15,454 | 737,156 | ||||||
Assured Guaranty, Ltd. (b) | 38,439 | 972,507 | ||||||
Axis Capital Holdings, Ltd. (b) | 22,262 | 1,234,651 | ||||||
Endurance Specialty Holdings, Ltd. (b) | 15,744 | 1,028,713 | ||||||
Everest Re Group, Ltd. (b) | 10,129 | 1,999,768 | ||||||
Intact Financial Corp. (b) | 12,485 | 874,118 | ||||||
MS&AD Insurance Group Holdings, Inc. (b) | 44,500 | 1,240,271 | ||||||
Muenchener Rueckversicherungs AG (b) | 9,548 | 1,937,716 | ||||||
Reinsurance Group of America, Inc. | 11,378 | 1,095,132 | ||||||
SCOR SE (b) | 34,525 | 1,217,214 | ||||||
Swiss Re AG (b) | 21,149 | 1,952,892 | ||||||
Travelers Companies., Inc. | 15,522 | 1,811,573 | ||||||
Validus Holdings, Ltd. (b) | 30,165 | 1,423,486 | ||||||
19,720,226 | ||||||||
IT Services - 3.66% | ||||||||
Amadeus IT Holding SA - Class A (b) | 33,412 | 1,428,831 | ||||||
Convergys Corp. | 27,729 | 770,034 | ||||||
DST Systems, Inc. | 8,447 | 952,568 | ||||||
Fidelity National Information Services, Inc. | 20,704 | 1,310,770 | ||||||
MAXIMUS, Inc. | 13,234 | 696,638 | ||||||
Sabre Corp. | 36,368 | 1,051,763 | ||||||
Syntel, Inc. (a) | 14,520 | 724,984 | ||||||
Western Union Co. | 71,412 | 1,377,538 | ||||||
8,313,126 | ||||||||
Life Sciences Tools & Services - 3.05% | ||||||||
Gerresheimer AG (b) | 9,121 | 713,634 | ||||||
ICON PLC (a)(b) | 16,709 | 1,254,846 | ||||||
Lonza Group AG (b) | 6,938 | 1,172,809 | ||||||
PAREXEL International Corp. (a) | 17,519 | 1,098,967 | ||||||
PerkinElmer, Inc. | 13,716 | 678,393 | ||||||
Quintiles Transnational Holdings, Inc. (a) | 15,126 | 984,703 | ||||||
VWR Corp. (a) | 37,908 | 1,025,790 | ||||||
6,929,142 | ||||||||
Media - 2.86% | ||||||||
Asatsu-DK, Inc. (b) | 11,700 | 300,843 | ||||||
Hakuhodo DY Holdings, Inc. (b) | 42,100 | 476,646 | ||||||
Interpublic Group of Cos, Inc. | 47,882 | 1,098,892 | ||||||
Omnicom Group, Inc. | 20,178 | 1,679,415 | ||||||
Publicis Groupe SA (b) | 20,252 | 1,420,095 | ||||||
WPP PLC (b) | 65,420 | 1,522,680 | ||||||
6,498,571 |
42 | The Leuthold Funds - 2016 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Global Fund |
Consolidated Schedule of Investments (continued) |
March 31, 2016 (Unaudited) |
Shares | Fair Value | |||||||
COMMON STOCKS - 56.89% (continued) | ||||||||
Oil, Gas & Consumable Fuels - 3.34% | ||||||||
Alon USA Energy, Inc. | 59,082 | $ | 609,726 | |||||
Delek US Holdings, Inc. | 26,931 | 410,429 | ||||||
Marathon Petroleum Corp. | 34,568 | 1,285,238 | ||||||
Phillips 66 | 13,685 | 1,184,984 | ||||||
Tesoro Corp. | 14,520 | 1,248,865 | ||||||
Valero Energy Corp. | 29,751 | 1,908,229 | ||||||
Western Refining, Inc. | 31,965 | 929,862 | ||||||
7,577,333 | ||||||||
Paper & Forest Products - 0.19% | ||||||||
China Forestry Holdings Co., Ltd. (a)(b)(d)(e) | 2,484,000 | 48,032 | ||||||
Mercer International, Inc. (b) | 40,987 | 387,327 | ||||||
435,359 | ||||||||
Professional Services - 2.18% | ||||||||
Dun & Bradstreet Corp. | 3,828 | 394,590 | ||||||
Experian PLC (b) | 42,193 | 753,120 | ||||||
FTI Consulting, Inc. (a) | 9,567 | 339,724 | ||||||
Hays PLC (b) | 174,010 | 302,072 | ||||||
Korn/Ferry International | 11,972 | 338,688 | ||||||
ManpowerGroup, Inc. | 7,971 | 648,999 | ||||||
Randstad Holdings NV (b) | 11,459 | 633,818 | ||||||
Robert Half International, Inc. | 13,265 | 617,884 | ||||||
TechnoPro Holdings, Inc. (b) | 14,800 | 438,716 | ||||||
Teleperformance (b) | 5,566 | 488,881 | ||||||
4,956,492 | ||||||||
Real Estate Management & Development - 0.83% | ||||||||
Deutsche EuroShop AG (b) | 6,227 | 291,570 | ||||||
Deutsche Wohnen AG (b) | 27,092 | 840,790 | ||||||
Pruksa Real Estate PCL - NVDR | 336,400 | 257,694 | ||||||
Takara Leben Co., Ltd. (b) | 82,200 | 485,826 | ||||||
1,875,880 | ||||||||
Road & Rail - 3.56% | ||||||||
Avis Budget Group, Inc. (a) | 17,006 | 465,284 | ||||||
Canadian National Railway Co. (b) | 14,282 | 892,494 | ||||||
Central Japan Railway Co. (b) | 7,400 | 1,308,701 | ||||||
ComfortDelGro Corp., Ltd. (b) | 340,000 | 736,908 | ||||||
CSX Corp. | 37,493 | 965,445 | ||||||
Norfolk Southern Corp. | 8,763 | 729,520 | ||||||
Ryder System, Inc. | 10,290 | 666,586 | ||||||
Sankyu, Inc. (b) | 80,000 | 365,022 | ||||||
Seino Holdings Co., Ltd. (b) | 49,000 | 527,150 | ||||||
Swift Transportation Co. (a) | 43,733 | 814,746 | ||||||
Werner Enterprises, Inc. | 22,132 | 601,105 | ||||||
8,072,961 | ||||||||
Wireless Telecommunication Services - 2.92% | ||||||||
China Mobile, Ltd. - ADR | 21,891 | 1,213,856 | ||||||
Freenet AG (b) | 31,000 | 925,880 | ||||||
KDDI Corp. (b) | 76,700 | 2,046,416 | ||||||
Softbank Group Corp. (b) | 32,200 | 1,540,128 | ||||||
Vodafone Group PLC - ADR | 28,100 | 900,605 | ||||||
6,626,885 | ||||||||
TOTAL COMMON STOCKS (Cost $119,614,824) | $ | 129,074,944 | ||||||
PREFERRED STOCKS - 0.75% | ||||||||
Automobiles - 0.24% | ||||||||
Porsche Automobile Holding SE (b) | 10,476 | $ | 541,451 | |||||
Electric Utilities - 0.23% | ||||||||
Cia Energetica de Minas Gerais - ADR | 234,660 | 530,331 | ||||||
Food & Staples Retailing - 0.28% | ||||||||
Cia Brasileira de Distribuicao Grupo Pao de Acucar - ADR | 46,336 | 644,534 | ||||||
TOTAL PREFERRED STOCKS (Cost $1,812,664) | $ | 1,716,316 |
See Notes to the Financial Statements. | The Leuthold Funds - 2016 Semi-Annual Report | 43 |
Leuthold Global Fund |
Consolidated Schedule of Investments (continued) |
March 31, 2016 (Unaudited) |
Shares | Fair Value | |||||||
INVESTMENT COMPANIES - 8.80% | ||||||||
Exchange Traded Funds - 8.80% | ||||||||
CurrencyShares Japanese Yen Trust (a) | 14,529 | $ | 1,249,785 | |||||
iShares CMBS ETF | 13,500 | 702,270 | ||||||
iShares MBS ETF | 61,743 | 6,759,624 | ||||||
PowerShares Build America Bond Portfolio | 37,450 | 1,130,615 | ||||||
SPDR Barclays International Treasury Bond ETF (a) | 140,688 | 7,841,949 | ||||||
SPDR Barclays Short-Term International Treasury Bond ETF | 36,396 | 1,139,559 | ||||||
Vanguard Total International Bond ETF | 20,900 | 1,139,886 | ||||||
TOTAL INVESTMENT COMPANIES (Cost $19,614,987) | $ | 19,963,688 | ||||||
Principal Amount | Fair Value | |||||||
CORPORATE BONDS - 4.63% | ||||||||
Banks - 1.20% | ||||||||
JP Morgan Chase & Co. 1.500%, 01/27/2025 | $ | 920,000 | $ | 1,063,798 | ||||
Wells Fargo & Co. 1.125%, 10/29/2021 | 1,420,000 | 1,653,129 | ||||||
2,716,927 | ||||||||
Beverage - 0.44% | ||||||||
Coca-Cola Co. 0.750%, 03/09/2023 | 870,000 | 998,449 | ||||||
Diversified Telecommunication Services - 0.72% | ||||||||
AT&T, Inc. 3.400%, 05/15/2025 | 1,630,000 | 1,633,819 | ||||||
Internet & Catalog Retail - 0.48% | ||||||||
Expedia, Inc. 7.456%, 08/15/2018 | 970,000 | 1,085,215 | ||||||
Internet Software & Services - 0.91% | ||||||||
Alibaba Group Holding, Ltd. 2.500%, 11/28/2019 (b) | 2,040,000 | 2,058,258 | ||||||
Software - 0.88% | ||||||||
Oracle Corp. 2.950%, 05/15/2025 | 1,940,000 | 1,987,295 | ||||||
TOTAL CORPORATE BONDS (Cost $10,080,690) | $ | 10,479,963 | ||||||
MUNICIPAL BONDS - 0.45% | ||||||||
State of California 5.700%, 11/01/2021 | 850,000 | $ | 1,012,265 | |||||
TOTAL MUNICIPAL BONDS (Cost $985,817) | $ | 1,012,265 |
44 | The Leuthold Funds - 2016 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Global Fund |
Consolidated Schedule of Investments (continued) |
March 31, 2016 (Unaudited) |
Principal Amount | Fair Value | |||||||
UNITED STATES TREASURY OBLIGATIONS - 3.88% | ||||||||
United States Treasury Notes - 3.88% | ||||||||
0.625%, 05/31/2017 | $ | 5,130,000 | $ | 5,126,994 | ||||
2.125%, 05/15/2025 | 3,568,000 | 3,678,244 | ||||||
TOTAL UNITED STATES TREASURY OBLIGATIONS (Cost $8,663,407) | $ | 8,805,238 | ||||||
FOREIGN GOVERNMENT BONDS - 3.52% | ||||||||
Bank Nederlands Gemeenten 1.850%, 11/07/2016 (b) | ||||||||
JPY | 170,000,000 | $ | 1,528,671 | |||||
Development Bank of Japan 1.750%, 03/17/2017 (b) | ||||||||
JPY | 160,000,000 | 1,444,572 | ||||||
Government of France 0.500%, 05/25/2025 (b) | ||||||||
EUR | 2,060,000 | 2,379,638 | ||||||
Republic of Italy 1.350%, 04/15/2022 (b) | ||||||||
EUR | 2,220,000 | 2,640,305 | ||||||
TOTAL FOREIGN GOVERNMENT BONDS (Cost $8,041,384) | $ | 7,993,186 | ||||||
Shares | Fair Value | |||||||
SHORT-TERM INVESTMENTS - 16.74% | ||||||||
Money Market Funds - 16.74% | ||||||||
Fidelity Institutional Money Market Funds - Government Portfolio, 0.010% (c)(f) | 37,975,254 | $ | 37,975,254 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $37,975,254) | $ | 37,975,254 | ||||||
Total Investments (Cost $206,789,027) - 95.66% | $ | 217,020,854 | ||||||
Other Assets in Excess of Liabilities - 4.34% (f) | 9,844,471 | |||||||
TOTAL NET ASSETS - 100.00% | $ | 226,865,325 |
Percentages are stated as a percent of net assets.
ADR | American Depositary Receipt |
GDR | Global Depositary Receipt |
EUR | Euro |
JPY | Japanese Yen |
NVDR | Non-Voting Depositary Receipt |
(a) | Non-income producing security. |
(b) | Foreign issued security. |
(c) | The rate quoted is the annualized seven-day yield as of March 31, 2016. |
(d) | Illiquid security. The fair value of these securities total $48,032 which represents 0.02% 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, Inc. due to a lack of market activity and observable inputs. |
(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, 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 - 2016 Semi-Annual Report | 45 |
Leuthold Global Fund |
Consolidated Schedule of Investments (continued)
March 31, 2016 (Unaudited)
Fair Value | Percentage of Total Investments | |||||||
CURRENCY EXPOSURE March 31, 2016 | ||||||||
Brazilian Real | $ | 486,310 | 0.22% | |||||
British Pound | 7,418,395 | 3.42 | ||||||
Canadian Dollar | 2,604,980 | 1.20 | ||||||
Euro | 23,499,968 | 10.83 | ||||||
Hong Kong Dollar | 1,541,153 | 0.71 | ||||||
Japanese Yen | 20,160,527 | 9.29 | ||||||
Malaysian Ringgit | 847,771 | 0.39 | ||||||
Polish Zloty | 480,193 | 0.22 | ||||||
Singapore Dollar | 736,908 | 0.34 | ||||||
South African Rand | 733,129 | 0.34 | ||||||
South Korea Won | 3,851,662 | 1.78 | ||||||
Swedish Krona | 830,422 | 0.38 | ||||||
Swiss Franc | 3,125,701 | 1.44 | ||||||
Thai Baht | 257,694 | 0.12 | ||||||
US Dollar | 150,446,041 | 69.32 | ||||||
Total Investments | $ | 217,020,854 | 100.00% | |||||
Fair Value | Percentage of Total Investments | |||||||
PORTFOLIO DIVERSIFICATION March 31, 2016 | ||||||||
Bermuda | $ | 7,902,748 | 3.64% | |||||
Brazil | 1,661,175 | 0.76 | ||||||
Britain | 4,088,860 | 1.88 | ||||||
Canada | 4,282,910 | 1.98 | ||||||
Cayman Islands | 2,058,258 | 0.95 | ||||||
Chile | 523,488 | 0.24 | ||||||
China | 785,361 | 0.36 | ||||||
France | 7,123,546 | 3.29 | ||||||
Germany | 5,817,523 | 2.67 | ||||||
Hong Kong | 1,969,648 | 0.91 | ||||||
India | 870,745 | 0.40 | ||||||
Italy | 3,192,469 | 1.47 | ||||||
Japan | 19,385,346 | 8.92 | ||||||
Jersey | 2,275,800 | 1.05 | ||||||
Malaysia | 847,771 | 0.39 | ||||||
Netherlands | 2,162,489 | 0.99 | ||||||
Panama | 302,910 | 0.14 | ||||||
Poland | 480,193 | 0.22 | ||||||
Portugal | 602,910 | 0.28 | ||||||
Republic of Korea | 2,126,262 | 0.98 | ||||||
Singapore | 736,908 | 0.34 | ||||||
South Africa | 733,129 | 0.34 | ||||||
South Korea | 2,838,444 | 1.31 | ||||||
Spain | 2,414,325 | 1.12 | ||||||
Sweden | 830,422 | 0.38 | ||||||
Switzerland | 3,125,701 | 1.44 | ||||||
Thailand | 257,694 | 0.12 | ||||||
United Kingdom | 3,209,187 | 1.48 | ||||||
United States | 134,414,632 | 61.95 | ||||||
Total Investments | $ | 217,020,854 | 100.00% |
46 | The Leuthold Funds - 2016 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Global Fund |
Consolidated Schedule of Securities Sold Short - (a)
March 31, 2016 (Unaudited)
Shares | Fair Value | |||||||
COMMON STOCKS - 8.16% | ||||||||
Aerospace & Defense - 0.09% | ||||||||
TASER International, Inc. | 10,908 | $ | 214,124 | |||||
Automobiles - 0.08% | ||||||||
Tesla Motors, Inc. | 803 | 184,505 | ||||||
Beverages - 0.11% | ||||||||
Boston Beer Co., Inc. - Class A | 1,375 | 254,471 | ||||||
Biotechnology - 0.13% | ||||||||
Alnylam Pharmaceuticals, Inc. | 4,836 | 303,556 | ||||||
Building Products - 0.05% | ||||||||
Trex Co., Inc. | 2,156 | 103,337 | ||||||
Capital Markets - 0.07% | ||||||||
Financial Engines, Inc. | 2,867 | 90,110 | ||||||
Virtus Investment Partners, Inc. | 757 | 59,129 | ||||||
149,239 | ||||||||
Chemicals - 0.31% | ||||||||
Ashland, Inc. | 1,981 | 217,831 | ||||||
FMC Corp. | 6,829 | 275,687 | ||||||
Monsanto Co. | 2,261 | 198,380 | ||||||
691,898 | ||||||||
Commercial Services & Supplies - 0.06% | ||||||||
Clean Harbors, Inc. | 2,634 | 129,961 | ||||||
Communications Equipment - 0.32% | ||||||||
CommScope Holding Co., Inc. | 10,884 | 303,881 | ||||||
Palo Alto Networks, Inc. | 1,924 | 313,882 | ||||||
Viavi Solutions, Inc. | 16,513 | 113,279 | ||||||
731,042 | ||||||||
Computers & Perpherals - 0.09% | ||||||||
Diebold, Inc. | 7,027 | 203,151 | ||||||
Containers & Packaging - 0.14% | ||||||||
Berry Plastics Group, Inc. | 8,507 | 307,528 | ||||||
Diversified Consumer Services - 0.09% | ||||||||
Sotheby’s | 7,967 | 212,958 | ||||||
Diversified Telecommunication Services - 0.20% | ||||||||
Cogent Communications Holdings, Inc. | 3,251 | 126,887 | ||||||
Zayo Group Holdings, Inc. | 13,868 | 336,160 | ||||||
463,047 | ||||||||
Electronic Equipment, Instruments & Components - 0.05% | ||||||||
Cognex Corp. | 3,030 | 118,018 | ||||||
Energy Equipment & Services - 0.33% | ||||||||
Core Laboratories NV (b) | 1,678 | 188,624 | ||||||
RPC, Inc. | 7,680 | 108,902 | ||||||
Schlumberger, Ltd. (b) | 3,939 | 290,501 | ||||||
Weatherford International PLC (b) | 21,302 | 165,730 | ||||||
753,757 | ||||||||
Gas Utilities - 0.06% | ||||||||
Energen Corp. | 3,717 | 136,005 | ||||||
Health Care Equipment & Supplies - 0.55% | ||||||||
Baxter International, Inc. | 7,481 | 307,320 | ||||||
DexCom, Inc. | 4,988 | 338,735 | ||||||
Haemonetics Corp. | 2,972 | 103,961 | ||||||
IDEXX Laboratories, Inc. | 2,820 | 220,862 | ||||||
LivaNova PLC (b) | 1,934 | 104,397 | ||||||
Nevro Corp. | 2,867 | 161,297 | ||||||
1,236,572 | ||||||||
Health Care Technology - 0.09% | ||||||||
Veeva Systems, Inc. - Class A | 7,773 | 194,636 | ||||||
Hotels, Restaurants & Leisure - 0.50% | ||||||||
Chipotle Mexican Grill, Inc. | 583 | 274,576 | ||||||
Hyatt Hotels Corp. - Class A | 7,353 | 363,900 | ||||||
Melco Crown Entertainment, Ltd. - ADR | 14,450 | 238,569 | ||||||
Restaurant Brands International, Inc. (b) | 6,806 | 264,277 | ||||||
1,141,322 |
See Notes to the Financial Statements. | The Leuthold Funds - 2016 Semi-Annual Report | 47 |
Leuthold Global Fund |
Consolidated Schedule of Securities Sold Short - (a) (continued)
March 31, 2016 (Unaudited)
Shares | Fair Value | |||||||
COMMON STOCKS - 8.16% (continued) | ||||||||
Household Products - 0.21% | ||||||||
Colgate-Palmolive Co. | 5,314 | $ | 375,434 | |||||
HRG Group, Inc. | 6,549 | 91,228 | ||||||
466,662 | ||||||||
Internet & Catalog Retail - 0.09% | ||||||||
Liberty TripAdvisor Holdings, Inc. - Class A | 4,899 | 108,562 | ||||||
Shutterfly, Inc. | 2,074 | 96,171 | ||||||
204,733 | ||||||||
Internet Software & Services - 0.24% | ||||||||
Cornerstone OnDemand, Inc. | 2,902 | 95,099 | ||||||
GrubHub, Inc. | 12,178 | 306,033 | ||||||
LinkedIn Corp. - Class A | 1,270 | 145,224 | ||||||
546,356 | ||||||||
Machinery - 0.40% | ||||||||
CLARCOR, Inc. | 2,482 | 143,435 | ||||||
Donaldson Co., Inc. | 8,274 | 264,023 | ||||||
Graco, Inc. | 2,412 | 202,511 | ||||||
Lincoln Electric Holdings, Inc. | 3,449 | 202,008 | ||||||
Proto Labs, Inc. | 1,340 | 103,301 | ||||||
915,278 | ||||||||
Media - 0.39% | ||||||||
IMAX Corp. (b) | 6,025 | 187,317 | ||||||
Liberty Global PLC - Class A (b) | 6,829 | 262,917 | ||||||
MDC Partners, Inc. - Class A | 3,892 | 91,851 | ||||||
News Corp. - Class A | 27,432 | 350,307 | ||||||
892,392 | ||||||||
Metals & Mining - 0.19% | ||||||||
Nucor Corp. | 6,875 | 325,188 | ||||||
Stillwater Mining Co. | 9,591 | 102,144 | ||||||
427,332 | ||||||||
Oil, Gas & Consumable Fuels - 0.85% | ||||||||
Anadarko Petroleum Corp. | 2,715 | 126,438 | ||||||
Apache Corp. | 6,584 | 321,365 | ||||||
Cameco Corp. (b) | 15,382 | 197,505 | ||||||
Carrizo Oil & Gas, Inc. | 7,132 | 220,521 | ||||||
Cheniere Energy, Inc. | 3,356 | 113,534 | ||||||
Concho Resources, Inc. | 1,783 | 180,154 | ||||||
Imperial Oil, Ltd. (b) | 3,717 | 124,148 | ||||||
InterOil Corp. (b) | 3,694 | 117,580 | ||||||
Pioneer Natural Resources Co. | 1,876 | 264,028 | ||||||
QEP Resources, Inc. | 18,680 | 263,575 | ||||||
1,928,848 | ||||||||
Paper & Forest Products - 0.10% | ||||||||
Louisiana-Pacific Corp. | 12,667 | 216,859 | ||||||
Pharmaceuticals - 0.29% | ||||||||
Bristol-Myers Squibb Co. | 5,477 | 349,871 | ||||||
Medicines Co. | 6,980 | 221,755 | ||||||
Nektar Therapeutics | 5,559 | 76,436 | ||||||
648,062 | ||||||||
Real Estate Investment Trusts (REITs) - 0.08% | ||||||||
FelCor Lodging Trust, Inc. | 12,119 | 98,406 | ||||||
Potlatch Corp. | 2,972 | 93,618 | ||||||
192,024 | ||||||||
Road & Rail - 0.05% | ||||||||
Heartland Express, Inc. | 6,095 | 113,062 | ||||||
Semiconductors & Semiconductor Equipment - 0.50% | ||||||||
Cavium, Inc. | 3,797 | 232,224 | ||||||
Cypress Semiconductor Corp. | 19,286 | 167,017 | ||||||
M/A-COM Technology Solutions Holdings, Inc. | 2,692 | 117,883 | ||||||
Microchip Technology, Inc. | 7,470 | 360,054 | ||||||
Qorvo, Inc. | 5,221 | 263,191 | ||||||
1,140,369 |
48 | The Leuthold Funds - 2016 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Global Fund |
Consolidated Schedule of Securities Sold Short - (a) (continued)
March 31, 2016 (Unaudited)
Shares | Fair Value | |||||||
COMMON STOCKS - 8.16% (continued) | ||||||||
Software - 0.96% | ||||||||
CommVault Systems, Inc. | 3,846 | $ | 166,032 | |||||
FireEye, Inc. | 18,342 | 329,972 | ||||||
Infoblox, Inc. | 5,279 | 90,271 | ||||||
NetSuite, Inc. | 3,438 | 235,469 | ||||||
Proofpoint, Inc. | 5,943 | 319,614 | ||||||
Splunk, Inc. | 4,288 | 209,812 | ||||||
SS&C Technologies Holdings, Inc. | 4,941 | 313,358 | ||||||
Tableau Software, Inc. - Class A | 4,300 | 197,241 | ||||||
Workday, Inc. - Class A | 4,195 | 322,344 | ||||||
2,184,113 | �� | |||||||
Textiles, Apparel & Luxury Goods - 0.30% | ||||||||
Lululemon Athletica, Inc. (b) | 5,407 | 366,108 | ||||||
Under Armour, Inc. - Class A | 3,624 | 307,424 | ||||||
673,532 | ||||||||
Trading Companies & Distributors - 0.04% | ||||||||
NOW, Inc. | 5,244 | 92,924 | ||||||
Wireless Telecommunication Services - 0.15% | ||||||||
SBA Communications Corp. - Class A | 3,484 | 348,992 | ||||||
TOTAL COMMON STOCKS | ||||||||
(Proceeds $18,775,856) | $ | 18,520,665 | ||||||
INVESTMENT COMPANIES - 9.05% | ||||||||
Exchange Traded Funds - 9.05% | ||||||||
iShares MSCI EAFE ETF | 269,071 | $ | 15,372,026 | |||||
iShares MSCI Emerging Markets ETF | 125,592 | 4,301,526 | ||||||
SPDR S&P 500 ETF Trust | 4,172 | 857,596 | ||||||
TOTAL INVESTMENT COMPANIES (Proceeds $22,420,713) | $ | 20,531,148 | ||||||
TOTAL SECURITIES SOLD SHORT (Proceeds $41,196,569) - 17.21% | $ | 39,051,813 |
Percentages are stated as a percent of net assets.
ADR American Depositary Receipt
(a) Non-income producing security.
(b) Foreign issued security.
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.
See Notes to the Financial Statements. | The Leuthold Funds - 2016 Semi-Annual Report | 49 |
Schedule of Investments |
March 31, 2016 (Unaudited) |
Shares | Fair Value | |||||||
COMMON STOCKS - 100.04% | ||||||||
Aerospace & Defense - 5.05% | ||||||||
Boeing Co. | 798 | $ | 101,298 | |||||
L-3 Communications Holdings, Inc. | 673 | 79,751 | ||||||
Lockheed Martin Corp. | 748 | 165,682 | ||||||
Northrop Grumman Corp. | 990 | 195,921 | ||||||
Raytheon Co. | 1,080 | 132,440 | ||||||
Triumph Group, Inc. | 831 | 26,160 | ||||||
701,252 | ||||||||
Airlines - 7.16% | ||||||||
Alaska Air Group, Inc. | 1,417 | 116,222 | ||||||
American Airlines Group, Inc. | 3,795 | 155,633 | ||||||
Delta Air Lines, Inc. | 4,418 | 215,068 | ||||||
Hawaiian Holdings, Inc. (a) | 4,303 | 203,059 | ||||||
JetBlue Airways Corp. (a) | 4,416 | 93,266 | ||||||
Southwest Airlines Co. | 4,725 | 211,680 | ||||||
994,928 | ||||||||
Auto Components - 0.71% | ||||||||
Magna International, Inc. (b) | 2,293 | 98,507 | ||||||
Biotechnology - 3.32% | ||||||||
Amgen, Inc. | 1,077 | 161,475 | ||||||
Biogen, Inc. (a) | 300 | 78,096 | ||||||
Gilead Sciences, Inc. | 1,573 | 144,496 | ||||||
United Therapeutics Corp. (a) | 698 | 77,778 | ||||||
461,845 | ||||||||
Building Products - 0.57% | ||||||||
Owens Corning | 1,683 | 79,572 | ||||||
Construction & Engineering - 3.80% | ||||||||
Chicago Bridge & Iron Co. NV (b) | 2,620 | 95,866 | ||||||
Comfort Systems USA, Inc. | 3,643 | 115,738 | ||||||
Fluor Corp. | 3,049 | 163,731 | ||||||
Jacobs Engineering Group, Inc. (a) | 3,505 | 152,643 | ||||||
527,978 | ||||||||
Consumer Finance - 3.61% | ||||||||
Capital One Financial Corp. | 2,593 | 179,721 | ||||||
Discover Financial Services | 3,525 | 179,493 | ||||||
Navient Corp. | 6,635 | 79,421 | ||||||
PRA Group, Inc. (a) | 1,172 | 34,445 | ||||||
Santander Consumer USA Holdings, Inc. (a) | 2,678 | 28,092 | ||||||
501,172 | ||||||||
Diversified Financial Services - 5.76% | ||||||||
Intercontinental Exchange, Inc. | 678 | 159,425 | ||||||
Markit, Ltd. (a)(b) | 2,873 | 101,560 | ||||||
McGraw Hill Financial, Inc. | 1,864 | 184,499 | ||||||
Moody’s Corp. | 1,894 | 182,885 | ||||||
Nasdaq, Inc. | 2,595 | 172,256 | ||||||
800,625 | ||||||||
Electronic Equipment, Instruments & Components - 4.50% | ||||||||
Arrow Electronics, Inc. (a) | 2,474 | 159,350 | ||||||
Avnet, Inc. | 3,185 | 141,096 | ||||||
Ingram Micro, Inc. - Class A | 4,933 | 177,144 | ||||||
Tech Data Corp. (a) | 1,934 | 148,473 | ||||||
626,063 | ||||||||
Food & Staples Retailing - 5.21% | ||||||||
CVS Health Corp. | 2,630 | 272,810 | ||||||
Rite Aid Corp. (a) | 13,800 | 112,470 | ||||||
SUPERVALU, Inc. (a) | 7,193 | 41,431 | ||||||
United Natural Foods, Inc. (a) | 989 | 39,857 | ||||||
Walgreens Boots Alliance, Inc. | 3,066 | 258,280 | ||||||
724,848 | ||||||||
Health Care Providers & Services - 10.59% | ||||||||
Aetna, Inc. | 1,424 | 159,986 | ||||||
Anthem, Inc. | 1,059 | 147,190 | ||||||
Cardinal Health, Inc. | 2,649 | 217,086 | ||||||
Centene Corp. (a) | 2,066 | 127,223 |
50 | The Leuthold Funds - 2016 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Select Industries Fund |
Schedule of Investments (continued) |
March 31, 2016 (Unaudited) |
Shares | Fair Value | |||||||
COMMON STOCKS - 100.04% (continued) | ||||||||
Health Care Providers & Services - 10.59% (continued) | ||||||||
Cigna Corp. | 821 | $ | 112,674 | |||||
Henry Schein, Inc. (a) | 536 | 92,530 | ||||||
Humana, Inc. | 639 | 116,905 | ||||||
McKesson Corp. | 1,195 | 187,914 | ||||||
Owens & Minor, Inc. | 1,131 | 45,715 | ||||||
Patterson Cos., Inc. | 1,581 | 73,564 | ||||||
PharMerica Corp. (a) | 1,174 | 25,957 | ||||||
UnitedHealth Group, Inc. | 1,277 | 164,605 | ||||||
1,471,349 | ||||||||
Insurance - 14.85% | ||||||||
Alleghany Corp. (a) | 120 | 59,544 | ||||||
Allstate Corp. | 2,703 | 182,101 | ||||||
Aon PLC (b) | 969 | 101,212 | ||||||
Arthur J. Gallagher & Co. | 2,329 | 103,594 | ||||||
Aspen Insurance Holdings, Ltd. (b) | 1,488 | 70,978 | ||||||
Assured Guaranty, Ltd. (b) | 6,554 | 165,816 | ||||||
Axis Capital Holdings, Ltd. (b) | 1,346 | 74,649 | ||||||
Brown & Brown, Inc | 2,906 | 104,035 | ||||||
Endurance Specialty Holdings, Ltd. (b) | 1,508 | 98,533 | ||||||
Everest Re Group, Ltd. (b) | 1,251 | 246,985 | ||||||
First American Financial Corp. | 1,425 | 54,307 | ||||||
Hanover Insurance Group, Inc. | 739 | 66,673 | ||||||
Marsh & McLennan Companies, Inc. | 1,610 | 97,872 | ||||||
Progressive Corp. | 2,019 | 70,948 | ||||||
Reinsurance Group of America, Inc. | 1,645 | 158,331 | ||||||
Travelers Companies., Inc. | 1,778 | 207,510 | ||||||
Validus Holdings, Ltd. (b) | 2,168 | 102,308 | ||||||
Willis Towers Watson PLC (b) | 825 | 97,894 | ||||||
2,063,290 | ||||||||
IT Services - 12.21% | ||||||||
Accenture PLC - Class A (b) | 1,418 | 163,637 | ||||||
Amdocs, Ltd. | 1,288 | 77,821 | ||||||
CACI International, Inc. - Class A (a) | 566 | 60,392 | ||||||
CGI Group, Inc. - Class A (a)(b) | 1,206 | 57,623 | ||||||
Cognizant Technology Solutions Corp. - Class A (a) | 1,280 | 80,256 | ||||||
Computer Sciences Corp. | 1,687 | 58,016 | ||||||
Convergys Corp. | 2,344 | 65,093 | ||||||
CSRA, Inc. | 1,687 | 45,380 | ||||||
DST Systems, Inc. | 923 | 104,087 | ||||||
Fiserv, Inc. (a) | 1,563 | 160,333 | ||||||
Global Payments, Inc. | 1,728 | 112,838 | ||||||
International Business Machines Corp. | 1,131 | 171,290 | ||||||
MasterCard, Inc. - Class A | 1,712 | 161,784 | ||||||
NeuStar, Inc. - Class A (a) | 1,863 | 45,830 | ||||||
Science Applications International Corp. | 1,169 | 62,355 | ||||||
Teradata Corp. (a) | 1,275 | 33,456 | ||||||
Visa, Inc. - Class A | 2,427 | 185,617 | ||||||
Western Union Co. | 2,636 | 50,848 | ||||||
1,696,656 | ||||||||
Media - 5.23% | ||||||||
Interpublic Group of Cos, Inc. | 8,895 | 204,140 | ||||||
Morningstar, Inc. | 679 | 59,935 | ||||||
Omnicom Group, Inc. | 3,121 | 259,761 | ||||||
WPP PLC - ADR | 1,750 | 203,753 | ||||||
727,589 | ||||||||
Multiline Retail - 4.75% | ||||||||
Big Lots, Inc. | 2,494 | 112,953 | ||||||
Burlington Stores, Inc. (a) | 580 | 32,619 | ||||||
Dollar General Corp. | 2,948 | 252,349 | ||||||
Target Corp. | 3,195 | 262,885 | ||||||
660,806 |
See Notes to the Financial Statements. | The Leuthold Funds - 2016 Semi-Annual Report | 51 |
Leuthold Select Industries Fund |
Schedule of Investments (continued) |
March 31, 2016 (Unaudited) |
Shares | Fair Value | |||||||
COMMON STOCKS - 100.04% (continued) | ||||||||
Professional Services - 0.78% | ||||||||
ManpowerGroup, Inc. | 1,336 | $ | 108,777 | |||||
Software - 2.61% | ||||||||
Activision Blizzard, Inc. | 5,311 | 179,724 | ||||||
Electronic Arts, Inc. (a) | 2,772 | 183,257 | ||||||
362,981 | ||||||||
Specialty Retail - 5.84% | ||||||||
Advance Auto Parts, Inc. | 378 | 60,609 | ||||||
Asbury Automotive Group, Inc. (a) | 1,356 | 81,143 | ||||||
AutoNation, Inc. (a) | 1,871 | 87,338 | ||||||
AutoZone, Inc. (a) | 45 | 115,520 | ||||||
CarMax, Inc. (a) | 2,244 | 114,668 | ||||||
Group 1 Automotive, Inc. | 1,031 | 60,509 | ||||||
Lithia Motors, Inc. - Class A | 958 | 83,662 | ||||||
O’Reilly Automotive, Inc. (a) | 425 | 116,306 | ||||||
Penske Automotive Group, Inc. | 2,411 | 91,377 | ||||||
811,132 | ||||||||
Trading Companies & Distributors - 1.16% | ||||||||
AerCap Holdings NV (a)(b) | 2,092 | 81,086 | ||||||
United Rentals, Inc. (a) | 1,281 | 79,665 | ||||||
160,751 | ||||||||
Water Utilities - 2.33% | ||||||||
American States Water Co. | 851 | 33,495 | ||||||
American Water Works Co., Inc. | 1,462 | 100,776 | ||||||
Aqua America, Inc. | 3,133 | 99,692 | ||||||
California Water Service Group | 1,597 | 42,672 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo - ADR | 7,150 | 47,190 | ||||||
323,825 | ||||||||
TOTAL COMMON STOCKS (Cost $11,265,206) | $ | 13,903,946 | ||||||
SHORT-TERM INVESTMENTS - 0.37% | ||||||||
Money Market Funds - 0.37% | ||||||||
Fidelity Institutional Money Market Funds - Government Portfolio, 0.010% (c) | 51,480 | $ | 51,480 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $51,480) | $ | 51,480 | ||||||
Total Investments (Cost $11,316,686) - 100.41% | $ | 13,955,426 | ||||||
Liabilities in Excess of Other Assets - (0.41)% | (56,962 | ) | ||||||
TOTAL NET ASSETS - 100.00% | $ | 13,898,464 |
Percentages are stated as a percent of net assets.
ADR American Depositary Receipt
(a) Non-income producing security.
(b) Foreign issued security.
(c) The rate quoted is the annualized seven-day yield as of March 31, 2016.
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 - 2016 Semi-Annual Report | See Notes to the Financial Statements. |
Schedule of Investments |
March 31, 2016 (Unaudited) |
Shares | Fair Value | ||||||
COMMON STOCKS - 98.18% | |||||||
Airlines - 5.81% | |||||||
Alaska Air Group, Inc. | 1,042 | $ | 85,465 | ||||
American Airlines Group, Inc. | 4,239 | 173,841 | |||||
Copa Holdings SA - Class A (b) | 510 | 34,552 | |||||
Delta Air Lines, Inc. | 5,657 | 275,383 | |||||
International Consolidated Airlines Group SA (b) | 11,051 | 87,634 | |||||
JetBlue Airways Corp. (a) | 6,430 | 135,802 | |||||
United Continental Holdings, Inc. (a) | 1,540 | 92,184 | |||||
884,861 | |||||||
Auto Components - 5.26% | |||||||
Brembo SpA (b) | 1,246 | 64,419 | |||||
Calsonic Kansei Corp. (b) | 16,000 | 118,886 | |||||
Goodyear Tire & Rubber Co. | 4,209 | 138,813 | |||||
Lear Corp. | 1,466 | 162,975 | |||||
Leoni AG (b) | 620 | 21,337 | |||||
Magna International, Inc. (b) | 3,427 | 147,224 | |||||
Plastic Omnium SA (b) | 2,833 | 97,298 | |||||
Showa Corp. (b) | 5,800 | 50,597 | |||||
801,549 | |||||||
Automobiles - 6.19% | |||||||
Daihatsu Motor Co., Ltd. (b) | 2,000 | 28,167 | |||||
Ford Motor Co. | 6,913 | 93,325 | |||||
Geely Automobile Holdings, Ltd. (b) | 65,000 | 32,239 | |||||
General Motors Co. | 3,556 | 111,765 | |||||
Great Wall Motor Co., Ltd. (b) | 66,000 | 53,596 | |||||
Hyundai Motor Co. (b) | 362 | 48,311 | |||||
Kia Motors Corp. (b) | 1,442 | 60,911 | |||||
Mitsubishi Motor Corp. (b) | 9,900 | 73,903 | |||||
Nissan Motor Co., Ltd. (b) | 7,200 | 66,566 | |||||
Renault SA (b) | 910 | 90,434 | |||||
Tata Motors, Ltd. - ADR (a) | 3,461 | 100,542 | |||||
Thor Industries, Inc. | 808 | 51,526 | |||||
Toyota Motor Corp. - ADR (a) | 820 | 87,182 | |||||
Volkswagen AG (b) | 305 | 44,309 | |||||
942,776 | |||||||
Building Products - 1.98% | |||||||
Asahi Glass Co., Ltd. (b) | 20,000 | 109,436 | |||||
Owens Corning | 2,514 | 118,862 | |||||
Universal Forest Products, Inc. | 845 | 72,518 | |||||
300,816 | |||||||
Chemicals - 5.32% | |||||||
Denki Co., Ltd.(b) | 30,000 | 123,340 | |||||
Hyosung Corp. (b) | 763 | 96,030 | |||||
Lotte Chemical Corp. (b) | 623 | 186,321 | |||||
LyondellBasell Industries NV - Class A (b) | 2,500 | 213,950 | |||||
Mitsui Chemicals, Inc. (b) | 22,000 | 73,230 | |||||
Tosoh Corp. (b) | 28,000 | 117,588 | |||||
810,459 | |||||||
Electric Utilities - 7.39% | |||||||
Chubu Electric Power Co., Inc. (b) | 6,200 | 86,523 | |||||
CLP Holdings Ltd. (b) | 9,500 | 85,988 | |||||
Edison International | 2,339 | 168,151 | |||||
EDP - Energias do Brasil SA (b) | 15,700 | 54,536 | |||||
Endesa SA (b) | 5,943 | 113,888 | |||||
Energa SA (b) | 15,789 | 55,383 | |||||
Enersis Americas SA - ADR | 4,221 | 58,672 | |||||
Exelon Corp. | 5,078 | 182,097 | |||||
Fortis, Inc. (b) | 3,090 | 96,858 | |||||
Korea Electric Power Corp. - ADR | 4,969 | 127,952 | |||||
Tenaga Nasional Bhd (b) | 26,700 | 95,388 | |||||
1,125,436 | |||||||
Food & Staples Retailing - 5.85% | |||||||
Casey’s General Stores, Inc. | 654 | 74,111 | |||||
E-MART, Inc. (b) | 441 | 67,722 | |||||
ICA Gruppen AB (b) | 2,897 | 95,750 | |||||
J. Sainsbury PLC (b) | 24,217 | 95,964 | |||||
Shoprite Holdings, Ltd. (b) | 7,198 | 84,490 | |||||
Sonae SGPS SA (b) | 57,710 | 69,463 |
See Notes to the Financial Statements. | The Leuthold Funds - 2016 Semi-Annual Report | 53 |
Leuthold Global Industries Fund |
Schedule of Investments (continued) |
March 31, 2016 (Unaudited) |
Shares | Fair Value | ||||||
COMMON STOCKS - 98.18% (continued) | |||||||
Food & Staples Retailing - 5.85% (continued) | |||||||
SUPERVALU, Inc. (a) | 11,920 | $ | 68,659 | ||||
United Natural Foods, Inc. (a) | 1,533 | 61,780 | |||||
Wal-Mart Stores, Inc. | 2,689 | 184,170 | |||||
X5 Retail Group NV - GDR (a) | 4,212 | 89,124 | |||||
891,233 | |||||||
Health Care Providers & Services - 0.58% | |||||||
AMN Healthcare Services, Inc. (a) | 2,624 | 88,193 | |||||
Household Durables - 5.80% | |||||||
Barratt Developments PLC (b) | 14,495 | 116,366 | |||||
Bellway PLC (b) | 2,505 | 94,228 | |||||
Berkeley Group Holdings PLC (b) | 2,757 | 127,122 | |||||
CalAtlantic Group, Inc. | 4,570 | 152,729 | |||||
Lennar Corp. - Class A | 2,281 | 110,309 | |||||
Meritage Homes Corp. (a) | 2,335 | 85,134 | |||||
Redrow PLC (b) | 7,756 | 44,728 | |||||
Sekisui House, Ltd. (b) | 6,200 | 104,604 | |||||
Sumitomo Forestry Co., Ltd. (b) | 4,100 | 47,065 | |||||
882,285 | |||||||
Insurance - 15.01% | |||||||
Allstate Corp. | 2,894 | 194,969 | |||||
Argo Group International Holdings, Ltd. (b) | 1,025 | 58,825 | |||||
Aspen Insurance Holdings, Ltd. (b) | 1,857 | 88,579 | |||||
Assured Guaranty, Ltd. (b) | 4,494 | 113,698 | |||||
Axis Capital Holdings, Ltd. (b) | 2,599 | 144,140 | |||||
Endurance Specialty Holdings, Ltd. (b) | 1,814 | 118,527 | |||||
Everest Re Group, Ltd. (b) | 1,159 | 228,821 | |||||
Intact Financial Corp. (b) | 1,455 | 101,870 | |||||
MS&AD Insurance Group Holdings, Inc. (b) | 5,200 | 144,931 | |||||
Muenchener Rueckversicherungs AG (b) | 1,105 | 224,254 | |||||
Reinsurance Group of America, Inc. | 1,312 | 126,280 | |||||
SCOR SE (b) | 3,984 | 140,460 | |||||
Swiss Re AG (b) | 2,448 | 226,047 | |||||
Travelers Companies., Inc. | 1,793 | 209,261 | |||||
Validus Holdings, Ltd. (b) | 3,487 | 164,551 | |||||
2,285,213 | |||||||
IT Services - 6.32% | |||||||
Amadeus IT Holding SA - Class A (b) | 3,908 | 167,122 | |||||
Convergys Corp. | 3,206 | 89,031 | |||||
DST Systems, Inc. | 976 | 110,063 | |||||
Fidelity National Information Services, Inc. | 2,393 | 151,501 | |||||
MAXIMUS, Inc. | 1,530 | 80,539 | |||||
Sabre Corp. | 4,205 | 121,609 | |||||
Syntel, Inc. (a) | 1,679 | 83,832 | |||||
Western Union Co. | 8,256 | 159,258 | |||||
962,955 | |||||||
Life Sciences Tools & Services - 5.25% | |||||||
Gerresheimer AG (b) | 1,061 | 83,014 | |||||
ICON PLC (a)(b) | 1,923 | 144,417 | |||||
Lonza Group AG (b) | 807 | 136,416 | |||||
PAREXEL International Corp. (a) | 2,016 | 126,464 | |||||
PerkinElmer, Inc. | 1,579 | 78,097 | |||||
Quintiles Transnational Holdings, Inc. (a) | 1,741 | 113,339 | |||||
VWR Corp. (a) | 4,362 | 118,036 | |||||
799,783 | |||||||
Media - 4.96% | |||||||
Asatsu-DK, Inc. (b) | 1,400 | 35,998 | |||||
Hakuhodo DY Holdings, Inc. (b) | 4,900 | 55,477 | |||||
Interpublic Group of Cos, Inc. | 5,523 | 126,753 | |||||
Omnicom Group, Inc. | 2,327 | 193,676 | |||||
Publicis Groupe SA (b) | 2,363 | 165,696 | |||||
WPP PLC (b) | 7,633 | 177,662 | |||||
755,262 |
54 | The Leuthold Funds - 2016 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Global Industries Fund |
Schedule of Investments (continued) |
March 31, 2016 (Unaudited) |
Shares | Fair Value | ||||||
COMMON STOCKS - 98.18% (continued) | |||||||
Oil, Gas & Consumable Fuels - 5.73% | |||||||
Alon USA Energy, Inc. | 6,821 | $ | 70,393 | ||||
Delek US Holdings, Inc. | 3,109 | 47,381 | |||||
Marathon Petroleum Corp. | 3,991 | 148,385 | |||||
Phillips 66 | 1,552 | 134,388 | |||||
Tesoro Corp. | 1,674 | 143,981 | |||||
Valero Energy Corp. | 3,436 | 220,385 | |||||
Western Refining, Inc. | 3,691 | 107,371 | |||||
872,284 | |||||||
Paper & Forest Products - 0.31% | |||||||
China Forestry Holdings Co., Ltd. (a)(b)(d)(e) | 116,000 | 2,243 | |||||
Mercer International, Inc. (b) | 4,758 | 44,963 | |||||
47,206 | |||||||
Professional Services - 3.77% | |||||||
Dun & Bradstreet Corp. | 441 | 45,458 | |||||
Experian PLC (b) | 4,923 | 87,873 | |||||
FTI Consulting, Inc. (a) | 1,104 | 39,203 | |||||
Hays PLC (b) | 20,303 | 35,245 | |||||
Korn/Ferry International | 1,380 | 39,040 | |||||
ManpowerGroup, Inc. | 919 | 74,825 | |||||
Randstad Holdings NV (b) | 1,337 | 73,952 | |||||
Robert Half International, Inc. | 1,530 | 71,267 | |||||
TechnoPro Holdings, Inc. (b) | 1,700 | 50,393 | |||||
Teleperformance (b) | 650 | 57,092 | |||||
574,348 | |||||||
Real Estate Management & Development - 1.44% | |||||||
Deutsche EuroShop AG (b) | 724 | 33,900 | |||||
Deutsche Wohnen AG (b) | 3,185 | 98,845 | |||||
Pruksa Real Estate PCL - NVDR | 39,200 | 30,029 | |||||
Takara Leben Co., Ltd. (b) | 9,600 | 56,739 | |||||
219,513 | |||||||
Road & Rail - 6.16% | |||||||
Avis Budget Group, Inc. (a) | 1,966 | 53,790 | |||||
Canadian National Railway Co. (b) | 1,538 | 96,111 | |||||
Central Japan Railway Co. (b) | 900 | 159,166 | |||||
ComfortDelGro Corp., Ltd. (b) | 40,000 | 86,695 | |||||
CSX Corp. | 4,334 | 111,601 | |||||
Norfolk Southern Corp. | 1,008 | 83,916 | |||||
Ryder System, Inc. | 1,189 | 77,024 | |||||
Sankyu, Inc. (b) | 9,000 | 41,065 | |||||
Seino Holdings Co., Ltd. (b) | 6,000 | 64,549 | |||||
Swift Transportation Co. (a) | 5,056 | 94,193 | |||||
Werner Enterprises, Inc. | 2,546 | 69,149 | |||||
937,259 | |||||||
Wireless Telecommunication Services - 5.05% | |||||||
China Mobile, Ltd. - ADR | 2,523 | 139,901 | |||||
Freenet AG (b) | 3,621 | 108,149 | |||||
KDDI Corp. (b) | 8,900 | 237,459 | |||||
Softbank Group Corp. (b) | 3,800 | 181,754 | |||||
Vodafone Group PLC - ADR | 3,164 | 101,406 | |||||
768,669 | |||||||
TOTAL COMMON STOCKS (Cost $13,900,410) | $ | 14,950,100 | |||||
PREFERRED STOCKS - 1.29% | |||||||
Automobiles - 0.41% | |||||||
Porsche Automobile Holding SE (b) | 1,209 | $ | 62,487 | ||||
Electric Utilities - 0.40% | |||||||
Cia Energetica de Minas Gerais - ADR | 26,995 | 61,009 | |||||
Food & Staples Retailing - 0.48% | |||||||
Cia Brasileira de Distribuicao Grupo Pao de Acucar - ADR | 5,282 | 73,472 | |||||
TOTAL PREFERRED STOCKS (Cost $211,366) | $ | 196,968 |
See Notes to the Financial Statements. | The Leuthold Funds - 2016 Semi-Annual Report | 55 |
Leuthold Global Industries Fund |
Schedule of Investments (continued) |
March 31, 2016 (Unaudited) |
Shares | Fair Value | ||||||
SHORT-TERM INVESTMENTS - 0.33% | |||||||
Money Market Funds - 0.33% | |||||||
Fidelity Institutional Money Market Funds - Government Portfolio, 0.010% (c) | 50,611 | $ | 50,611 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $50,611) | $ | 50,611 | |||||
Total Investments | |||||||
(Cost $14,162,387) - 99.80% | $ | 15,197,679 | |||||
Other Assets in Excess of Liabilities - 0.20% | 30,411 | ||||||
TOTAL NET ASSETS - 100.00% | $ | 15,228,090 |
Percentages are stated as a percent of net assets.
ADR | American Depositary Receipt |
GDR | Global Depositary Receipt |
NVDR | Non-Voting Depositary Receipt |
(a) | Non-income producing security. |
(b) | Foreign issued security. |
(c) | The rate quoted is the annualized seven-day yield as of March 31, 2016. |
(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, Inc. 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 - 2016 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Global Industries Fund |
Schedule of Investments (continued) |
March 31, 2016 (Unaudited) |
Fair Value | Percentage of Total Investments | |||||||
CURRENCY EXPOSURE March 31, 2016 | ||||||||
Brazilian Real | $ | 54,536 | 0.36 | % | ||||
British Pound | 866,820 | 5.70 | ||||||
Canadian Dollar | 294,838 | 1.94 | ||||||
Euro | 1,716,118 | 11.29 | ||||||
Hong Kong Dollar | 174,066 | 1.15 | ||||||
Japanese Yen | 2,027,436 | 13.34 | ||||||
Malaysian Ringgit | 95,388 | 0.63 | ||||||
Polish Zloty | 55,383 | 0.36 | ||||||
Singapore Dollar | 86,695 | 0.57 | ||||||
South African Rand | 84,490 | 0.55 | ||||||
South Korea Won | 459,295 | 3.02 | ||||||
Swedish Krona | 95,750 | 0.63 | ||||||
Swiss Franc | 362,463 | 2.39 | ||||||
Thai Baht | 30,029 | 0.20 | ||||||
US Dollar | 8,794,372 | 57.87 | ||||||
Total Investments | $ | 15,197,679 | 100.00 | % |
Fair Value | Percentage of Total Investments | |||||||
PORTFOLIO DIVERSIFICATION March 31, 2016 | ||||||||
Bermuda | $ | 917,141 | 6.04 | % | ||||
Brazil | 189,017 | 1.25 | ||||||
Britain | 478,408 | 3.15 | ||||||
Canada | 487,026 | 3.21 | ||||||
Chile | 58,672 | 0.39 | ||||||
China | 88,078 | 0.57 | ||||||
France | 550,980 | 3.61 | ||||||
Germany | 676,295 | 4.45 | ||||||
Hong Kong | 225,889 | 1.48 | ||||||
India | 100,542 | 0.66 | ||||||
Italy | 64,419 | 0.43 | ||||||
Japan | 2,114,618 | 13.92 | ||||||
Jersey | 265,535 | 1.75 | ||||||
Malaysia | 95,388 | 0.63 | ||||||
Netherlands | 73,952 | 0.49 | ||||||
Panama | 34,552 | 0.23 | ||||||
Poland | 55,383 | 0.36 | ||||||
Portugal | 69,463 | 0.46 | ||||||
Republic of Korea | 254,043 | 1.67 | ||||||
Singapore | 86,695 | 0.57 | ||||||
South Africa | 84,490 | 0.55 | ||||||
South Korea | 333,204 | 2.19 | ||||||
Spain | 281,010 | 1.85 | ||||||
Sweden | 95,750 | 0.63 | ||||||
Switzerland | 362,463 | 2.39 | ||||||
Thailand | 30,029 | 0.20 | ||||||
United Kingdom | 368,702 | 2.43 | ||||||
United States | 6,755,935 | 44.44 | ||||||
Total Investments | $ | 15,197,679 | 100.00 | % |
See Notes to the Financial Statements. | The Leuthold Funds - 2016 Semi-Annual Report | 57 |
Schedule of Investments |
March 31, 2016 (Unaudited) |
Shares | Fair Value | |||||||
SHORT-TERM INVESTMENTS - 80.64% | ||||||||
Money Market Funds - 80.64% | ||||||||
Fidelity Institutional Money Market Funds - Government Portfolio, 0.010% (a)(b) | 264,321,513 | $ | 264,321,513 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $264,321,513) | $ | 264,321,513 | ||||||
Total Investments (Cost $264,321,513) - 80.64% | $ | 264,321,513 | ||||||
Other Assets in Excess of Liabilities - 19.36% (b) | 63,453,699 | |||||||
TOTAL NET ASSETS - 100.00% | $ | 327,775,212 |
Percentages are stated as a percent of net assets.
(a) The rate quoted is the annualized seven-day yield as of March 31, 2016.
(b) All or a portion of the assets have been committed as collateral for open securities sold short.
(a) The rate quoted is the annualized seven-day yield as of March 31, 2016.
(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 - 2016 Semi-Annual Report | See Notes to the Financial Statements. |
Grizzly Short Fund |
Schedule of Securities Sold Short - (a) |
March 31, 2016 (Unaudited) |
Shares | Fair Value | |||||||
COMMON STOCKS - 94.35% | ||||||||
Aerospace & Defense - 1.08% | ||||||||
TASER International, Inc. | 181,082 | $ | 3,554,640 | |||||
Automobiles - 1.37% | ||||||||
Tesla Motors, Inc. | 19,585 | 4,500,045 | ||||||
Beverages - 1.29% | ||||||||
Boston Beer Co., Inc. - Class A | 22,829 | 4,224,963 | ||||||
Biotechnology - 1.54% | ||||||||
Alnylam Pharmaceuticals, Inc. | 80,275 | 5,038,862 | ||||||
Building Products - 0.52% | ||||||||
Trex Co., Inc. | 35,791 | 1,715,463 | ||||||
Capital Markets - 0.76% | ||||||||
Financial Engines, Inc. | 47,592 | 1,495,817 | ||||||
Virtus Investment Partners, Inc. | 12,575 | 982,233 | ||||||
2,478,050 | ||||||||
Chemicals - 3.50% | ||||||||
Ashland, Inc. | 32,889 | 3,616,474 | ||||||
FMC Corp. | 113,370 | 4,576,747 | ||||||
Monsanto Co. | 37,532 | 3,293,058 | ||||||
11,486,279 | ||||||||
Commercial Services & Supplies - 0.66% | ||||||||
Clean Harbors, Inc. | 43,723 | 2,157,293 | ||||||
Communications Equipment - 3.73% | ||||||||
CommScope Holding Co., Inc. | 180,749 | 5,046,512 | ||||||
Palo Alto Networks, Inc. | 32,478 | 5,298,461 | ||||||
Viavi Solutions, Inc. | 274,138 | 1,880,587 | ||||||
12,225,560 | ||||||||
Computers & Peripherals - 1.03% | ||||||||
Diebold, Inc. | 116,739 | 3,374,924 | ||||||
Containers & Packaging - 1.56% | ||||||||
Berry Plastics Group, Inc. | 141,228 | 5,105,392 | ||||||
Diversified Consumer Services - 1.10% | ||||||||
Sotheby’s | 134,468 | 3,594,330 | ||||||
Diversified Telecommunication Services - 2.34% | ||||||||
Cogent Communications Holdings, Inc. | 53,976 | 2,106,684 | ||||||
Zayo Group Holdings, Inc. | 230,222 | 5,580,581 | ||||||
7,687,265 | ||||||||
Electronic Equipment, Instruments & Components - 0.60% | ||||||||
Cognex Corp. | 50,301 | 1,959,224 | ||||||
Energy Equipment & Services - 3.82% | ||||||||
Core Laboratories NV (b) | 27,859 | 3,131,630 | ||||||
RPC, Inc. | 127,493 | 1,807,851 | ||||||
Schlumberger, Ltd. (b) | 65,391 | 4,822,586 | ||||||
Weatherford International PLC (b) | 353,652 | 2,751,413 | ||||||
12,513,480 | ||||||||
Gas Utilities - 0.69% | ||||||||
Energen Corp. | 61,715 | 2,258,152 | ||||||
Health Care Equipment & Supplies - 6.26% | ||||||||
Baxter International, Inc. | 124,204 | 5,102,300 | ||||||
DexCom, Inc. | 82,802 | 5,623,084 | ||||||
Haemonetics Corp. | 49,333 | 1,725,668 | ||||||
IDEXX Laboratories, Inc. | 46,818 | 3,666,786 | ||||||
LivaNova PLC (b) | 32,115 | 1,733,568 | ||||||
Nevro Corp. | 47,592 | 2,677,526 | ||||||
20,528,932 | ||||||||
Health Care Technology - 0.99% | ||||||||
Veeva Systems, Inc. - Class A | 129,040 | 3,231,162 |
See Notes to the Financial Statements. | The Leuthold Funds - 2016 Semi-Annual Report | 59 |
Grizzly Short Fund |
Schedule of Securities Sold Short - (a) (continued) |
March 31, 2016 (Unaudited) |
Shares | Fair Value | |||||||
COMMON STOCKS - 94.35% (continued) | ||||||||
Hotels, Restaurants & Leisure - 5.78% | ||||||||
Chipotle Mexican Grill, Inc. | 9,673 | $ | 4,555,693 | |||||
Hyatt Hotels Corp. - Class A | 122,076 | 6,041,541 | ||||||
Melco Crown Entertainment, Ltd. - ADR | 239,895 | 3,960,666 | ||||||
Restaurant Brands International, Inc. (b) | 112,983 | 4,387,130 | ||||||
18,945,030 | ||||||||
Household Products - 2.36% | ||||||||
Colgate-Palmolive Co. | 88,219 | 6,232,672 | ||||||
HRG Group, Inc. | 108,727 | 1,514,567 | ||||||
7,747,239 | ||||||||
Internet & Catalog Retail - 1.05% | ||||||||
Liberty TripAdvisor Holdings, Inc. - Class A | 82,686 | 1,832,322 | ||||||
Shutterfly, Inc. | 34,437 | 1,596,843 | ||||||
3,429,165 | ||||||||
Internet Software & Services - 2.77% | ||||||||
Cornerstone OnDemand, Inc. | 48,172 | 1,578,596 | ||||||
GrubHub, Inc. | 202,170 | 5,080,532 | ||||||
LinkedIn Corp. - Class A | 21,088 | 2,411,413 | ||||||
9,070,541 | ||||||||
Machinery - 4.64% | ||||||||
CLARCOR, Inc. | 41,208 | 2,381,410 | ||||||
Donaldson Co., Inc. | 137,359 | 4,383,126 | ||||||
Graco, Inc. | 40,047 | 3,362,346 | ||||||
Lincoln Electric Holdings, Inc. | 57,265 | 3,354,011 | ||||||
Proto Labs, Inc. | 22,248 | 1,715,098 | ||||||
15,195,991 | ||||||||
Media - 4.52% | ||||||||
IMAX Corp. (b) | 100,021 | 3,109,653 | ||||||
Liberty Global PLC - Class A (b) | 113,370 | 4,364,745 | ||||||
MDC Partners, Inc. - Class A | 64,617 | 1,524,961 | ||||||
News Corp. - Class A | 455,414 | 5,815,637 | ||||||
14,814,996 | ||||||||
Metals & Mining - 2.16% | ||||||||
Nucor Corp. | 114,144 | 5,399,011 | ||||||
Stillwater Mining Co. | 159,221 | 1,695,704 | ||||||
7,094,715 | ||||||||
Oil, Gas & Consumable Fuels - 9.77% | ||||||||
Anadarko Petroleum Corp. | 45,077 | 2,099,236 | ||||||
Apache Corp. | 109,307 | 5,335,275 | ||||||
Cameco Corp. (b) | 255,372 | 3,278,976 | ||||||
Carrizo Oil & Gas, Inc. | 118,400 | 3,660,928 | ||||||
Cheniere Energy, Inc. | 55,718 | 1,884,940 | ||||||
Concho Resources, Inc. | 29,600 | 2,990,784 | ||||||
Imperial Oil Ltd. (b) | 61,715 | 2,061,281 | ||||||
InterOil Corp. (b) | 61,328 | 1,952,070 | ||||||
Pioneer Natural Resources Co. | 31,148 | 4,383,770 | ||||||
QEP Resources, Inc. | 310,122 | 4,375,821 | ||||||
32,023,081 | ||||||||
Paper & Forest Products - 1.10% | ||||||||
Louisiana-Pacific Corp. | 210,295 | 3,600,250 | ||||||
Pharmaceuticals - 3.28% | ||||||||
Bristol-Myers Squibb Co. | 90,928 | 5,808,481 | ||||||
Medicines Co. | 115,885 | 3,681,666 | ||||||
Nektar Therapeutics | 92,282 | 1,268,878 | ||||||
10,759,025 | ||||||||
Real Estate Investment Trusts (REITs) - 0.97% | ||||||||
FelCor Lodging Trust, Inc. | 201,202 | 1,633,760 | ||||||
Potlatch Corp. | 49,333 | 1,553,990 | ||||||
3,187,750 |
60 | The Leuthold Funds - 2016 Semi-Annual Report | See Notes to the Financial Statements. |
Grizzly Short Fund |
Schedule of Securities Sold Short - (a) (continued) |
March 31, 2016 (Unaudited) |
Shares | Fair Value | |||||||
COMMON STOCKS - 94.35% (continued) | ||||||||
Road & Rail - 0.57% | ||||||||
Heartland Express, Inc. | 101,182 | $ | 1,876,926 | |||||
Semiconductors & Semiconductor Equipment - 5.80% | ||||||||
Cavium, Inc. | 64,100 | 3,920,356 | ||||||
Cypress Semiconductor Corp. | 320,182 | 2,772,776 | ||||||
M/A-COM Technology Solutions Holdings, Inc. | 44,690 | 1,956,975 | ||||||
Microchip Technology, Inc. | 124,010 | 5,977,282 | ||||||
Qorvo, Inc. | 86,672 | 4,369,136 | ||||||
18,996,525 | ||||||||
Software - 11.06% | ||||||||
CommVault Systems, Inc. | 63,843 | 2,756,102 | ||||||
FireEye, Inc. | 304,512 | 5,478,171 | ||||||
Infoblox, Inc. | 87,639 | 1,498,627 | ||||||
NetSuite, Inc. | 57,072 | 3,908,861 | ||||||
Proofpoint, Inc. | 98,666 | 5,306,258 | ||||||
Splunk, Inc. | 71,195 | 3,483,571 | ||||||
SS&C Technologies Holdings, Inc. | 82,029 | 5,202,279 | ||||||
Tableau Software, Inc. - Class A | 71,388 | 3,274,568 | ||||||
Workday, Inc. - Class A | 69,647 | 5,351,675 | ||||||
36,260,112 | ||||||||
Textiles, Apparel & Luxury Goods - 3.44% | ||||||||
Lululemon Athletica, Inc. (b) | 89,767 | 6,078,124 | ||||||
Under Armour, Inc. - Class A | 61,162 | 5,188,372 | ||||||
11,266,496 | ||||||||
Trading Companies & Distributors - 0.47% | ||||||||
NOW, Inc. | 87,059 | 1,542,685 | ||||||
Wireless Telecommunication Services - 1.77% | ||||||||
SBA Communications Corp. - Class A | 57,846 | 5,794,434 | ||||||
TOTAL COMMON STOCKS (Proceeds $309,132,999) | $ | 309,238,977 | ||||||
INVESTMENT COMPANIES - 4.34% | ||||||||
Exchange Traded Funds - 4.34% | ||||||||
SPDR S&P 500 ETF Trust | 69,260 | $ | 14,237,086 | |||||
TOTAL INVESTMENT COMPANIES (Proceeds $14,372,489) | $ | 14,237,086 | ||||||
TOTAL SECURITIES SOLD SHORT (Proceeds $323,505,488) - 98.69% | $ | 323,476,063 |
Percentages are stated as a percent of net assets.
ADR American Depositary Receipt
ADR American Depositary Receipt
(a) | Non-income producing security. |
(b) | Foreign issued security. |
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.
See Notes to the Financial Statements. | The Leuthold Funds - 2016 Semi-Annual Report | 61 |
62 | The Leuthold Funds - 2016 Semi-Annual Report |
The Leuthold Funds |
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 (the “1940 Act”), as amended. Leuthold Weeden Capital Management is the investment adviser (the “Adviser”). The Company consists of five series (each a “Fund” and collectively 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 total return consistent with prudent investment risk over the long-term | 7/1/2008 | 4/30/2008 | ||||
Leuthold Select Industries Fund | Capital appreciation | 6/19/2000 | n/a | ||||
Leuthold Global Industries Fund | Seeks capital appreciation and dividend income | 5/17/2010 | 5/17/2010 | ||||
Grizzly Short Fund | Capital appreciation | 6/19/2000 | n/a |
All classes of shares in a Fund have identical voting, dividend, liquidation, and other rights, and the same terms and conditions, except that certain fees and expenses, including distribution and shareholder servicing fees, may differ among classes. Each class has exclusive voting rights on any matters relating to that class’s servicing or distribution arrangements. | |
The following is a summary of significant accounting policies consistently followed by the Funds. | |
a) Investment Valuation – Securities listed on a national securities exchange are valued at the last sale price on the day the valuation is made, and securities that are traded on the NASDAQ Global Market, NASDAQ Global Select Market or the NASDAQ Capital Market are valued at the NASDAQ Official Closing Price. Price information on listed stocks is taken from the exchange where the security is primarily traded. Securities, including securities sold short, which are listed on an exchange but which are not traded on the valuation date are generally 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 generally valued at the average of the current bid and asked prices. Debt securities are valued at bid prices provided by an independent pricing service that may use a matrix pricing method or other analytical pricing model. Other assets, including certain investments in open-end investment companies, and securities for which no quotations are readily available are valued at fair value as determined in good faith by the Board of Directors and the Funds’ Fair Value Pricing Committee. 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. |
The Leuthold Funds - 2016 Semi-Annual Report | 63 |
The Leuthold Funds |
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 “NYSE”). 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 NYSE. Foreign securities quoted in foreign currencies are translated into U.S. dollars at current exchange 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 NYSE. 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. Some of the factors which may be considered by the Board 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 mean between the closing bid and asked prices as obtained from a reputable pricing source. As of March 31, 2016, none of the Funds held physical metals.
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’ investments and securities sold short as of March 31, 2016:
64 | The Leuthold Funds - 2016 Semi-Annual Report |
The Leuthold Funds |
Leuthold Core Investment Fund | |||||||||||||||||||||
Investments at Fair Value | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Common Stocks | |||||||||||||||||||||
Aerospace & Defense | $ | 24,060,607 | $ | — | $ | — | $ | 24,060,607 | |||||||||||||
Air Freight & Logistics | — | 97,037 | — | 97,037 | |||||||||||||||||
Airlines | 34,231,642 | 533,146 | — | 34,764,788 | |||||||||||||||||
Auto Components | 3,599,556 | 302,964 | — | 3,902,520 | |||||||||||||||||
Automobiles | 525,979 | 410,286 | — | 936,265 | |||||||||||||||||
Banks | 93,080 | 2,074,347 | — | 2,167,427 | |||||||||||||||||
Biotechnology | 16,113,393 | – | — | 16,113,393 | |||||||||||||||||
Building Products | 2,869,754 | 84,638 | — | 2,954,392 | |||||||||||||||||
Capital Markets | — | 231,087 | — | 231,087 | |||||||||||||||||
Chemicals | 33,919 | 1,288,886 | 6,482 | 1,329,287 | |||||||||||||||||
Commercial Services & Supplies | 85,904 | — | — | 85,904 | |||||||||||||||||
Construction & Engineering | 17,716,308 | — | — | 17,716,308 | |||||||||||||||||
Consumer Finance | 17,112,089 | — | — | 17,112,089 | |||||||||||||||||
Containers & Packaging | — | 145,430 | — | 145,430 | |||||||||||||||||
Distributors | — | 247,449 | — | 247,449 | |||||||||||||||||
Diversified Consumer Services | 76,626 | – | — | 76,626 | |||||||||||||||||
Diversified Financial Services | 27,360,097 | 404,059 | — | 27,764,156 | |||||||||||||||||
Diversified Telecommunication Services | 425,351 | 163,470 | — | 588,821 | |||||||||||||||||
Electric Utilities | 300,877 | 268,920 | — | 569,797 | |||||||||||||||||
Electrical Equipment | — | 75,269 | — | 75,269 | |||||||||||||||||
Electronic Equipment, Instruments & Components | 20,917,953 | 1,519,531 | — | 22,437,484 | |||||||||||||||||
Food & Staples Retailing | 25,010,904 | 164,331 | — | 25,175,235 | |||||||||||||||||
Food Products | 566,758 | 1,322,712 | — | 1,889,470 | |||||||||||||||||
Gas Utilities | — | 100,608 | — | 100,608 | |||||||||||||||||
Health Care Equipment & Supplies | 223,454 | 142,730 | — | 366,184 | |||||||||||||||||
Health Care Providers & Services | 50,004,393 | 652,698 | — | 50,657,091 | |||||||||||||||||
Hotels, Restaurants & Leisure | 88,096 | 90,593 | 79,749 | 258,438 | |||||||||||||||||
Household Durables | 157,931 | 774,282 | — | 932,213 | |||||||||||||||||
Independent Power & Renewable Electricity Producers | — | 159,545 | — | 159,545 | |||||||||||||||||
Independent Power Producers & Energy Traders | 128,016 | — | — | 128,016 | |||||||||||||||||
Industrial Conglomerates | — | 321,490 | — | 321,490 | |||||||||||||||||
Insurance | 71,318,439 | 1,849,317 | — | 73,167,756 | |||||||||||||||||
Internet Software & Services | 293,834 | 633,775 | — | 927,609 | |||||||||||||||||
IT Services | 58,080,571 | 540,948 | — | 58,621,519 | |||||||||||||||||
Machinery | — | 291,204 | — | 291,204 | |||||||||||||||||
Media | 24,748,226 | — | — | 24,748,226 | |||||||||||||||||
Metals & Mining | — | 228,825 | — | 228,825 | |||||||||||||||||
Multiline Retail | 22,532,282 | — | — | 22,532,282 | |||||||||||||||||
Oil, Gas & Consumable Fuels | 163,650 | 716,563 | — | 880,213 | |||||||||||||||||
Paper & Forest Products | 215,672 | 181,087 | — | 396,759 | |||||||||||||||||
Personal Products | — | 608,383 | — | 608,383 | |||||||||||||||||
Pharmaceuticals | 244,297 | 413,844 | — | 658,141 | |||||||||||||||||
Professional Services | 3,731,153 | — | — | 3,731,153 | |||||||||||||||||
Real Estate | — | 90,886 | — | 90,886 | |||||||||||||||||
Real Estate Investment Trusts | 152,470 | — | — | 152,470 | |||||||||||||||||
Real Estate Management & Development | 282,841 | 1,086,153 | — | 1,368,994 | |||||||||||||||||
Road & Rail | 123,262 | — | — | 123,262 | |||||||||||||||||
Semiconductors & Semiconductor Equipment | 515,749 | 1,304,812 | 96,091 | 1,916,652 | |||||||||||||||||
Software | 12,664,732 | — | — | 12,664,732 | |||||||||||||||||
Specialty Retail | 27,329,127 | 260,325 | — | 27,589,452 |
The Leuthold Funds - 2016 Semi-Annual Report | 65 |
The Leuthold Funds |
Leuthold Core Investment Fund (continued) | |||||||||||||||||||||
Investments at Fair Value | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Common Stocks (continued) | |||||||||||||||||||||
Technology Hardware, Storage & Peripherals | $ | — | $ | 1,095,114 | $ | — | $ | 1,095,114 | |||||||||||||
Trading Companies & Distributors | 5,798,109 | — | — | 5,798,109 | |||||||||||||||||
Transportation Infrastructure | 219,676 | 383,757 | — | 603,433 | |||||||||||||||||
Water Utilities | 11,015,192 | — | — | 11,015,192 | |||||||||||||||||
Wireless Telecommunication Services | 384,268 | — | — | 384,268 | |||||||||||||||||
Total Common Stocks | 481,516,237 | 21,260,501 | 182,322 | 502,959,060 | |||||||||||||||||
Preferred Stocks | 350,256 | — | — | 350,256 | |||||||||||||||||
Exchange Traded Funds | 70,267,538 | — | — | 70,267,538 | |||||||||||||||||
Corporate Bonds | — | 29,524,894 | — | 29,524,894 | |||||||||||||||||
Municipal Bonds | — | 2,596,162 | — | 2,596,162 | |||||||||||||||||
United States Treasury Obligations | — | 41,800,929 | — | 41,800,929 | |||||||||||||||||
Foreign Government Bonds | — | 23,629,061 | — | 23,629,061 | |||||||||||||||||
Money Market Funds | 252,698,080 | — | — | 252,698,080 | |||||||||||||||||
Total Investments in Securities | $ | 804,832,111 | $ | 118,811,547 | $ | 182,322 | $ | 923,825,980 | |||||||||||||
Securities Sold Short at Fair Value | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Common Stocks | $ | 119,037,734 | $ | — | $ | — | $ | 119,037,734 | |||||||||||||
Exchange Traded Funds | 5,518,875 | — | — | 5,518,875 | |||||||||||||||||
Total Securities Sold Short | $ | 124,556,609 | $ | — | $ | — | $ | 124,556,609 |
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 for the period ended March 31, 2016:
Level 1* | Level 2* | Level 3 | |||||||||||||||
Transfers into: | $ | 854,301 | $ | 71,643 | $ | 96,091 | |||||||||||
Transfers out of: | (71,643 | ) | (950,392 | ) | — | ||||||||||||
Net transfers into and/or out of: | $ | 782,658 | $ | (878,749 | ) | $ | 96,091 |
* | The transfers were due to the adjustment of fair value of certain investments 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 investments for which significant unobservable inputs were used to determine fair value:
Investments in Securities at Fair Value | |||||||
Balance as of September 30, 2015 | $ | 86,312 | |||||
Accrued discounts/premiums | — | ||||||
Realized gain (loss) | — | ||||||
Change in net unrealized appreciation (depreciation) | (81 | ) | |||||
Purchases | — | ||||||
Sales | — | ||||||
Transfer into and/or out of Level 3 | 96,091 | ||||||
Balance as of March 31, 2016 | $ | 182,322 | |||||
Change in unrealized appreciation (depreciation) during the period for Level 3 investments held at March 31, 2016: | $ | (81 | ) |
66 | The Leuthold Funds - 2016 Semi-Annual Report |
The Leuthold Funds |
Significant unobservable valuation inputs for Level 3 investments as of March 31, 2016 are as follows:
Fair Value | Valuation Techniques | Unobservable Input | Input Value(s) | ||||||
Common Stock | $ 6,442 | Comparable discount | Discount | 0.06 HKD | |||||
Common Stock | 79,749 | Last traded price due to halt in trading | Price | 0.44 HKD | |||||
Common Stock | 96,091 | Last traded price due to halt in trading | Price | 11,100.00 KRW |
Leuthold Global Fund | |||||||||||||||||||||
Investments at Fair Value | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Common Stocks | |||||||||||||||||||||
Airlines | $ | 6,952,014 | $ | 751,664 | $ | — | $ | 7,703,678 | |||||||||||||
Auto Components | 3,916,906 | 3,025,922 | — | 6,942,828 | |||||||||||||||||
Automobiles | 3,862,037 | 4,198,266 | — | 8,060,303 | |||||||||||||||||
Building Products | 1,655,267 | 946,627 | — | 2,601,894 | |||||||||||||||||
Chemicals | 1,853,321 | 5,007,364 | — | 6,860,685 | |||||||||||||||||
Electric Utilities | 6,027,565 | 3,811,674 | — | 9,839,239 | |||||||||||||||||
Food & Staples Retailing | 3,410,288 | 4,342,434 | — | 7,752,722 | |||||||||||||||||
Health Care Providers & Services | 762,174 | — | — | 762,174 | |||||||||||||||||
Household Durables | 2,998,236 | 4,547,210 | — | 7,545,446 | |||||||||||||||||
Insurance | 13,372,133 | 6,348,093 | — | 19,720,226 | |||||||||||||||||
IT Services | 6,884,295 | 1,428,831 | — | 8,313,126 | |||||||||||||||||
Life Sciences Tools & Services | 5,042,699 | 1,886,443 | — | 6,929,142 | |||||||||||||||||
Media | 2,778,307 | 3,720,264 | — | 6,498,571 | |||||||||||||||||
Oil, Gas & Consumable Fuels | 7,577,333 | — | — | 7,577,333 | |||||||||||||||||
Paper & Forest Products | 387,327 | — | 48,032 | 435,359 | |||||||||||||||||
Professional Services | 2,339,885 | 2,616,607 | — | 4,956,492 | |||||||||||||||||
Real Estate Management & Development | — | 1,875,880 | — | 1,875,880 | |||||||||||||||||
Road & Rail | 5,135,180 | 2,937,781 | — | 8,072,961 | |||||||||||||||||
Wireless Telecommunication Services | 2,114,461 | 4,512,424 | — | 6,626,885 | |||||||||||||||||
Total Common Stocks | 77,069,428 | 51,957,484 | 48,032 | 129,074,944 | |||||||||||||||||
Preferred Stocks | |||||||||||||||||||||
Automobiles | — | 541,451 | — | 541,451 | |||||||||||||||||
Electric Utilities | 530,331 | — | — | 530,331 | |||||||||||||||||
Food & Staples Retailing | 644,534 | — | — | 644,534 | |||||||||||||||||
Total Preferred Stocks | 1,174,865 | 541,451 | — | 1,716,316 | |||||||||||||||||
Exchange Traded Funds | 19,963,688 | – | — | 19,963,688 | |||||||||||||||||
Corporate Bonds | — | 10,479,963 | — | 10,479,963 | |||||||||||||||||
Municipal Bonds | — | 1,012,265 | — | 1,012,265 | |||||||||||||||||
United States Treasury Obligations | — | 8,805,238 | — | 8,805,238 | |||||||||||||||||
Foreign Government Bonds | — | 7,993,186 | — | 7,993,186 | |||||||||||||||||
Money Market Funds | 37,975,254 | — | — | 37,975,254 | |||||||||||||||||
Total Investments in Securities | $ | 136,183,235 | $ | 80,789,587 | $ | 48,032 | $ | 217,020,854 | |||||||||||||
Securities Sold Short at Fair Value | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Common Stocks | $ | 18,520,665 | $ | — | $ | — | $ | 18,520,665 | |||||||||||||
Exchange Traded Funds | 20,531,148 | — | — | 20,531,148 | |||||||||||||||||
Total Securities Sold Short | $ | 39,051,813 | $ | — | $ | — | $ | 39,051,813 |
The Fund did not have transfers into or out of Level 1, Level 2, or Level 3 during the period. The basis for recognizing and valuing transfers is as of the end of the period in which transfers occur.
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The Leuthold Funds |
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 30, 2015 | $ | 48,077 | ||||
Accrued discounts/premiums | — | |||||
Realized gain (loss) | — | |||||
Change in unrealized appreciation (depreciation) | (45 | )* | ||||
Purchases | — | |||||
Sales | — | |||||
Transfers into and/or out of Level 3 | — | |||||
Balance as of March 31, 2016 | $ | 48,032 | (1) | |||
Change in unrealized appreciation (depreciation) during the period ended for Level 3 investments held at March 31, 2016: | $ | (45 | ) |
* Unrealized depreciation is due to a change in foreign currency exchange rate.
(1) The investment (China Forestry Holdings Co., Ltd.) 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 Board. Leuthold Weeden Capital Management (the “Adviser”) submits a report to the Board setting forth the inputs considered in determining the value. 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 | $ | 13,903,946 | $ | — | $ | — | $ | 13,903,946 | ||||||||
Money Market Funds | 51,480 | — | — | 51,480 | ||||||||||||
Total Investments in Securities | $ | 13,955,426 | $ | — | $ | — | $ | 13,955,426 |
The Fund did not invest in any Level 3 securities or have transfers into or out of Level 1 or Level 2 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 | ||||||||||||||||
Airlines | $ | 797,227 | $ | 87,634 | $ | $ | 884,861 | |||||||||
Auto Components | 449,012 | 352,537 | — | 801,549 | ||||||||||||
Automobiles | 444,340 | 498,436 | — | 942,776 | ||||||||||||
Building Products | 191,380 | 109,436 | — | 300,816 | ||||||||||||
Chemicals | 213,950 | 596,509 | — | 810,459 | ||||||||||||
Electric Utilities | 688,266 | 437,170 | — | 1,125,436 | ||||||||||||
Food & Staples Retailing | 388,720 | 502,513 | — | 891,233 | ||||||||||||
Health Care Providers & Services | 88,193 | — | — | 88,193 | ||||||||||||
Household Durables | 348,172 | 534,113 | — | 882,285 | ||||||||||||
Insurance | 1,549,521 | 735,692 | — | 2,285,213 | ||||||||||||
IT Services | 795,833 | 167,122 | — | 962,955 | ||||||||||||
Life Sciences Tools & Services | 580,353 | 219,430 | — | 799,783 |
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Leuthold Global Industries Fund (continued) | ||||||||||||||||
Investments at Fair Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (continued) | ||||||||||||||||
Media | $ | 320,429 | $ | 434,833 | $ | — | $ | 755,262 | ||||||||
Oil, Gas & Consumable Fuels | 872,284 | — | — | 872,284 | ||||||||||||
Paper & Forest Products | 44,963 | — | 2,243 | 47,206 | ||||||||||||
Professional Services | 269,793 | 304,555 | — | 574,348 | ||||||||||||
Real Estate Management & Development | — | 219,513 | — | 219,513 | ||||||||||||
Road & Rail | 585,784 | 351,475 | — | 937,259 | ||||||||||||
Wireless Telecommunication Services | 241,307 | 527,362 | — | 768,669 | ||||||||||||
Total Common Stocks | 8,869,527 | 6,078,330 | 2,243 | 14,950,100 | ||||||||||||
Preferred Stocks | ||||||||||||||||
Automobiles | — | 62,487 | — | 62,487 | ||||||||||||
Electric Utilities | 61,009 | — | — | 61,009 | ||||||||||||
Food & Staples Retailing | 73,472 | — | — | 73,472 | ||||||||||||
Total Preferred Stocks | 134,481 | 62,487 | — | 196,968 | ||||||||||||
Money Market Funds | 50,611 | — | — | 50,611 | ||||||||||||
Total Investments in Securities | $ | 9,054,619 | $ | 6,140,817 | $ | 2,243 | $ | 15,197,679 |
The Fund did not have transfers into or out of Level 1 or Level 2 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 investments for which significant unobservable inputs were used to determine fair value:
Investments in Securities at Fair Value | ||||
Balance as of September 30, 2015 | $ | 2,245 | ||
Accrued discounts/premiums | — | |||
Realized gain (loss) | — | |||
Change in unrealized appreciation (depreciation) | (2 | )* | ||
Purchases | — | |||
Sales | — | |||
Transfers into and/or out of Level 3 | — | |||
Balance as of March 31, 2016 | $ | 2,243 | (1) | |
Change in unrealized appreciation (depreciation) during | ||||
the period ended for Level 3 investments held at March 31, 2016: | $ | (2 | ) |
*Unrealized depreciation is due to a change in foreign currency exchange rate.
(1) The investment (China Forestry Holdings Co., Ltd.) 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 Board. Leuthold Weeden Capital Management (the “Adviser”) submits a report to the Board setting forth the inputs considered in determining the value. 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%.
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The Leuthold Funds |
Grizzly Short Fund | ||||||||||||||||
Investments at Fair Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Money Market Funds | $ | 264,321,513 | $ | — | $ | — | $ | 264,321,513 | ||||||||
Total Investments in Securities | $ | 264,321,513 | $ | — | $ | — | $ | 264,321,513 | ||||||||
Securities Sold Short at Fair Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 309,238,977 | $ | — | $ | — | $ | 309,238,977 | ||||||||
Exchange Traded Funds | 14,237,086 | — | — | 14,237,086 | ||||||||||||
Total Securities Sold Short | $ | 323,476,063 | $ | — | $ | — | $ | 323,476,063 |
The Fund did not invest in any Level 3 securities or have transfers into or out of Level 1 or Level 2 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 and Securities Sold Short.
c) Federal Income Taxes – Provision for federal income taxes or excise taxes has not been made since the Funds have elected to be taxed as “regulated investment companies” and intend to distribute substantially all taxable income to shareholders and otherwise comply with the provisions of the Internal Revenue Code applicable to regulated investment companies. Distributions from net realized gains for book purposes may include short-term capital gains, which are included as ordinary income to shareholders for tax purposes. The Funds also designate as distributions of long-term gains, to the extent necessary to fully distribute such capital gains, earnings and profits distributed to shareholders on the redemption of shares. The tax character of distributions paid during the fiscal years ended September 30, 2015 and 2014 was as follows:
Year Ended September 30, 2015 | ||||||||||||||||||||
Leuthold Core Investment Fund | Leuthold Global Fund | Leuthold Select Industries Fund | Leuthold Global Industries Fund | Grizzly Short Fund | ||||||||||||||||
Distributions paid from: | ||||||||||||||||||||
Ordinary Income | $ | 15,386,590 | $ | 6,958,022 | $ | — | $ | 119,919 | $ | — | ||||||||||
Long Term Capital Gain | 34,978,255 | 28,877,645 | — | 380,557 | — | |||||||||||||||
Return of Capital | — | — | — | — | ||||||||||||||||
Total Distribution Paid | $ | 50,364,845 | $ | 35,835,667 | $ | — | $ | 500,476 | $ | — |
Year Ended September 30, 2014 | ||||||||||||||||||||
Distributions paid from: | Leuthold Core Investment Fund | Leuthold Global Fund | Leuthold Select Industries Fund | Leuthold Global Industries Fund | Grizzly Short Fund | |||||||||||||||
Ordinary Income | $ | 24,526,872 | $ | 18,066,758 | $ | — | $ | 213,646 | $ | — | ||||||||||
Long Term Capital Gain | 41,105,770 | 20,259,943 | — | — | — | |||||||||||||||
Return of Capital | — | — | — | — | — | |||||||||||||||
Total Distribution Paid | $ | 65,632,642 | $ | 38,326,701 | $ | — | $ | 213,646 | $ | — |
70 | The Leuthold Funds - 2016 Semi-Annual Report |
The Leuthold Funds |
At September 30, 2015, the components of accumulated earnings (deficit) on a tax basis were as follows:
Leuthold Core Investment Fund | Leuthold Global Fund | Leuthold Select Industries Fund | Leuthold Global Industries Fund | Grizzly Short Fund | ||||||||||||||||
Undistributed Ordinary Income | $ | — | $ | — | $ | — | $ | 4,791 | $ | — | ||||||||||
Undistributed long-term gains | 17,426,145 | 5,376,639 | — | 635 | — | |||||||||||||||
Distributable earnings | 17,426,145 | 5,376,639 | — | 5,426 | — | |||||||||||||||
Capital loss carryover and late-year losses | (22,893,949 | ) | (1,695,886 | ) | (953,466 | ) | — | (163,232,620 | ) | |||||||||||
Other accumulated gains | 23,456,858 | 7,602,839 | — | — | 26,149,224 | |||||||||||||||
Unrealized appreciation | 84,759,464 | 14,851,371 | 2,457,679 | 1,537,605 | — | |||||||||||||||
Total accumulated earnings (deficit) | $ | 102,748,518 | $ | 26,134,963 | $ | 1,504,213 | $ | 1,543,031 | $ | (137,083,396 | ) |
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. Generally Accepted Accounting Principles (“U.S. GAAP”) requires that permanent differences between financial reporting and tax reporting be reclassified between various components of net assets. These differences are primarily due to net operating losses, and differences from REIT adjustments and foreign currency gain and loss.
Additionally, U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended September 30, 2015, the following table shows the reclassifications made:
Undistributed Net Investment Income/(Loss) | Accumulated Net Realized Gain/(Loss) | Capital Stock | ||||||||||
Leuthold Core Investment Fund | $ | (2,655,824 | ) | $ | 2,655,824 | $ | — | |||||
Leuthold Global Fund | (1,175,671 | ) | 1,415,232 | (239,561 | ) | |||||||
Leuthold Select Industries Fund | 44,738 | — | (44,738 | ) | ||||||||
Leuthold Global Industries Fund | (21,881 | ) | 21,881 | — | ||||||||
Grizzly Short Fund | 2,132,587 | (23,547 | ) | (2,109,040 | ) |
Under current law, the Funds may carry forward net capital losses indefinitely to use to offset capital gains realized in future years. Prior 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.
The Leuthold Funds - 2016 Semi-Annual Report | 71 |
The Leuthold Funds |
Leuthold Core Investment Fund | Leuthold Global Fund | Leuthold Select Industries Fund | Leuthold Global Industries Fund | Grizzly Short Fund | ||||||||||||||||||
Expires 09/30/17 | $ | (19,829,934 | )* | $ | — | $ | (431,254 | )* | $ | — | $ | — | ||||||||||
Expires 09/30/18 | — | — | (511,354 | ) | — | (18,663,090 | ) | |||||||||||||||
Expires 09/30/19 | — | — | — | — | (25,380,935 | ) | ||||||||||||||||
Unlimited Short-Term | — | — | — | — | (114,729,716 | ) |
*Capital loss carry forward transfered in from merger, subject to annual limitations. | |
The Leuthold Core Investment Fund, Leuthold Global Fund, Leuthold Select Industries Fund and Grizzly Short Fund intend to defer and treat $3,064,015, $1,695,886, $10,858, and $4,458,879, respectively, of qualified late-year losses incurred during the fiscal year ended September 30, 2015 as arising in the fiscal year ending September 30, 2016. | |
As of September 30, 2015, the Funds had no 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 ended March 31, 2016, the Funds did not incur any interest or penalties. | |
d) | Distributions to Shareholders – Dividends from net investment income, if any, are declared and paid quarterly. Distributions of net realized capital gains, if any, are declared and paid at least annually. |
e) | Use of Estimates – The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
f) | Basis for Consolidation for the Leuthold Core Investment Fund and Leuthold Global Fund –The Leuthold Core Investment Fund and Leuthold Global Fund may invest up to 25% of their total assets in their subsidiaries, 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 Fund’s 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. For the period ended March 31, 2016, no assets were held in the Subsidiaries. |
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The Leuthold Funds |
g) | Securities Sold Short – For financial statement purposes, an amount equal to the required amount of collateral to be segregated for securities sold short 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 securities sold short. 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 sold short. As collateral for their securities sold short, the Funds are required under the 1940 Act to maintain segregated assets consisting of cash, cash equivalents, or liquid securities. These segregated assets are valued consistent with Note 1a. The amount of segregated assets is required to be adjusted daily to reflect changes in the fair value of the securities sold short. The Leuthold Core Investment, Leuthold Global, and Grizzly Short Funds’ receivable from broker for securities sold short are with two major security dealers. |
h) | Other – Investment and shareholder transactions are recorded on the trade date. The Funds determine the gain or loss realized from the investment transactions by comparing the original cost of the security lot sold with the net sales proceeds. Dividend income is recognized on the ex-dividend date or as soon as information is available to the Funds, and interest income is recognized on an accrual basis. Discounts and premiums on bonds are amortized using the yield to maturity method over the life of the respective bond. For financial reporting purposes, the Funds isolate changes in the exchange rate of investment securities from the fluctuations arising from changes in the market prices of securities for realized gains and losses |
i) | Expenses – Expenses that directly relate to one of the Funds are charged directly to that Fund. Other operating expenses of the Funds, such as Directors fees and expenses, insurance expense, and legal fees are allocated between the 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 creditworthiness 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. |
The Leuthold Funds - 2016 Semi-Annual Report | 73 |
The Leuthold Funds |
2. | INVESTMENT TRANSACTIONS |
Purchases and sales of investment securities, other than short-term investments and securities sold short, for the period ended March 31, 2016 are summarized below. |
Leuthold Core Investment Fund | Leuthold Global Fund | Leuthold Select Industries Fund | Leuthold Global Industries Fund | ||||||||||||||
Purchases | $ | 304,889,855 | $ | 93,083,494 | $ | 6,506,256 | $ | 7,329,216 | |||||||||
Sales | 264,474,997 | 149,497,296 | 5,033,575 | 11,727,721 |
There were no purchases or sales of investment securities in the Grizzly Short Fund because this Fund invests only in securities sold short. | |
At September 30, 2015, gross unrealized appreciation (depreciation) of investments and cost of investments (excluding securities sold short) for tax purposes were as follows: |
Leuthold Core Investment Fund | Leuthold Global Fund | Leuthold Select Industries Fund | Leuthold Global Industries Fund | Grizzly Short Fund | |||||||||||||||||
Tax cost of investments | $ | 732,617,538 | $ | 281,948,187 | $ | 9,954,466 | $ | 17,866,381 | $ | 194,511,818 | |||||||||||
Gross unrealized appreciation | 137,968,854 | 38,025,791 | 3,027,295 | 3,158,982 | 2,844,055 | ||||||||||||||||
Gross unrealized depreciation | (53,209,390 | ) | (23,174,420 | ) | (569,616 | ) | (1,621,377 | ) | (2,844,055 | ) | |||||||||||
Net unrealized appreciation | $ | 84,759,464 | $ | 14,851,371 | $ | 2,457,679 | $ | 1,537,605 | — |
The differences between book and tax basis of unrealized appreciation (depreciation) are primarily attributable to the tax deferral of losses on wash sales. | |
The Leuthold Core Investment Fund owned 5% or more of the voting securities of the following companies during the six month period ended March 31, 2016. As a result, these companies are deemed to be affiliates of the Leuthold Core Investment Fund as defined by the 1940 Act. Transactions during the period in these securities of affiliated companies were as follows: | |
Leuthold Core Investment Fund |
Share Activity | |||||||||||||||||||||||||
Balance | Balance | Dividend | Fair Value at | ||||||||||||||||||||||
Security Name | 09/30/15 | Purchases | Sales | 03/31/16 | Income | 03/31/16 | |||||||||||||||||||
CurrencyShares Japanese Yen Trust(1) | 117,346 | 55,154 | 117,346 | 55,154 | $ | — | $ | 4,744,347 | |||||||||||||||||
$ | — | $ | 4,744,347 |
(1) | Issuer was not an affiliate as of March 31, 2016 due to sales during the period. |
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The Leuthold Funds |
3. | INVESTMENT ADVISORY AND OTHER AGREEMENTS |
Each of the Funds has entered into an Investment Advisory Agreement (“advisory agreement”) with the Adviser. Pursuant to its advisory agreement with the Funds, the 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 Core Investment Fund | Leuthold Global Fund | Leuthold Select Industries Fund | Leuthold Global Industries Fund | Grizzly Short Fund | |||||
0.90% | 1.10% | 1.00% | 1.00% | 1.25% |
The 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 securities sold short, 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 Core Investment Fund | Leuthold Global Fund | Leuthold Select Industries Fund | Leuthold Global Industries Fund Retail Class | Leuthold Global Industries Fund Institutional Class | Grizzly Short Fund | |||||
1.25% | 1.85% | 1.50% | 1.50% | 1.25% | 2.50% |
Any waiver or reimbursement is subject to later adjustments to allow the 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 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, 2016 are as follows: |
Leuthold Select Industries Fund | Leuthold Global Industries Fund | ||||||||||
Year of Expiration | Recoverable Amount | Year of Expiration | Recoverable Amount | ||||||||
9/30/2016 | $ | 22,934 | 9/30/2016 | $ | 71,564 | ||||||
9/30/2017 | 13,531 | 9/30/2017 | 89,378 | ||||||||
9/30/2018 | 31,187 | 9/30/2018 | 128,120 | ||||||||
9/30/2019 | 15,749 | 9/30/2019 | 66,220 |
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.
The Leuthold Funds - 2016 Semi-Annual Report | 75 |
The Leuthold Funds |
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 1940 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 Funds pursuant to a written agreement approved by the Board. 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 creditworthiness 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. |
76 | The Leuthold Funds - 2016 Semi-Annual Report |
The Leuthold Funds |
On November 9, 2015, the Board of Directors of Leuthold Funds, Inc. (the “Directors”) approved the continuation of the investment advisory agreements for the Leuthold Core Investment Fund, the Leuthold Global Fund, the Leuthold Select Industries Fund, the Leuthold Global Industries Fund, and the Grizzly Short Fund (collectively the “Funds,” or the “Fund”) with the investment adviser to the Funds, The Leuthold Group, LLC, doing business as Leuthold Weeden Capital Management (the “Adviser”). As part of the process of approving the continuation of the advisory agreements, the Directors reviewed the fiduciary duties of the Directors with respect to approving the advisory agreements and the relevant factors for the Directors to consider, and the members of the Board of Directors who are not deemed “interested persons” (as that term is defined by the Investment Company Act of 1940) of the Funds (the “Independent Directors”) met in executive session to discuss the approval of the advisory agreements.
In advance of the meetings, the Adviser sent detailed information to the Directors to assist them in their evaluation of the investment advisory agreements. This information included, but was not limited to, a memorandum from Fund counsel that summarized the legal standards applicable to the Directors’ consideration of the advisory agreements; detailed comparative information relating to the Funds’ management fees and other expenses of the Funds; information regarding fees paid and other payments; information on the Adviser’s profitability; information about brokerage commissions; detailed comparative information relating to the Funds’ performance; information about sales and redemptions of the Funds; information about the Funds’ compliance program; and other information the Directors believed was useful in evaluating the approval of advisory agreements.
All of the factors discussed by the Directors were considered as a whole, and were considered separately by the Independent Directors, meeting in executive session. The factors were viewed in their totality by the Directors, with no single factor being the principal or determinative factor in the Directors’ determination of whether to approve the continuation of the investment advisory agreements. The Directors recognized that the management and fee arrangements for the Funds are the result of years of review and discussion between the Independent Directors and the Adviser, that certain aspects of such arrangements may receive greater scrutiny in some years than in others, and that the Directors’ conclusions may be based, in part, on their consideration of these same arrangements and information received during the course of the year and in prior years.
Prior to approving the continuation of the investment advisory agreements, the Directors and the Independent Directors in executive session considered, among other items:
• | The nature, extent, and quality of the services to be provided by Leuthold Weeden Capital Management; |
• | The nature and quality of the investment advisory services provided by the Adviser. |
• | A comparison of the fees and expenses of the Funds to other similar funds. |
• | A comparison of the fee structures of other accounts managed by the Adviser. |
• | Whether economies of scale are recognized by the Funds. |
• | The costs and profitability of the Funds to the Adviser. |
• | The performance of the Funds. |
• | The other benefits to the Adviser from serving as investment adviser to the Funds (in addition to the advisory fee). |
The material considerations and determinations of the Board of Directors, including all of the Independent Directors, are as follows:
Nature and Quality of Investment Advisory Services
The Directors noted that the Adviser supervises the investment portfolios of the Funds, directing the day-to-day management of the Funds’ portfolios, including the purchase and sale of investment securities. They discussed with management the nature of the investment process employed by the portfolio managers of the Funds, which is highly research intensive. Management noted that in employing its strategy, the Adviser conducts quantitative research on target companies and industry groups, with a focus on quantitative measures of value combined with recognition of fundamental and technical trends. The Directors also discussed staffing at the Adviser,
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and concluded that the Adviser is well staffed to conduct the research needed to meet the investment objectives of the Funds.
The Directors also considered the background and experience of the Adviser’s senior management and expertise of, and the amount of attention given to the Funds by, investment personnel of the Adviser. In addition, the Directors considered the quality of the material service providers to the Funds, who provide administrative and distribution services on behalf of the Funds and are overseen by the Adviser, and the overall reputation and capabilities of the Adviser. Based on this review, the Directors believe that the Adviser provides high quality services to the Funds, and they noted that their overall confidence in the Adviser is high. The Directors also concluded that they were satisfied with the nature, extent, and quality of the investment advisory services provided to the Funds by the Adviser, and that the nature and extent of the services provided by the Adviser are appropriate to assure that each Fund’s operations are conducted in compliance with applicable laws, rules, and regulations.
Comparative Fees and Expenses
The Directors then discussed with management the variables, in addition to the management fees, such as administrative and transaction fees, that impact costs to the shareholders of the Funds. Management reviewed with the Directors the comparison of the Funds’ expense ratios to other similar funds. As part of the discussion with management, the Directors ensured that they understood and were comfortable with the criteria used by the Adviser to determine the mutual funds that make up the peer universes for purposes of the materials presented at the meeting.
The Directors compared the Funds’ proposed expense ratios to those of other comparable mutual funds, indicating that the peer groups used were in line with what the Adviser uses for their internal reporting and that the categories used to compare the Funds to their peer groups were appropriate. After review, the Directors concluded that the proposed expense ratios of the Funds were within the range of comparable mutual funds, and that the fees are reasonable.
Comparison of Fee Structures of Other Accounts
The Directors then inquired of management regarding the distinction between the services performed by the Adviser for separately managed accounts (“SMAs”) or private investment companies and those performed by the Adviser for the Funds. The Adviser noted that the management of the Funds involves more comprehensive and substantive duties than the management of SMAs or private investment companies. Specifically, the Adviser noted the following:
• | The Adviser provides tailored investment advisory services to the Funds in order to accommodate the cash flow volatility presented by the purchases and redemptions of shareholders. |
• | With regard to the Funds, the Adviser attempts to serve the needs of thousands of accounts, ranging from direct accounts holding a few thousand dollars to the large omnibus accounts of intermediaries who in turn service thousands of large and small accounts. |
• | The Adviser maintains a robust shareholder communication effort for the Funds to reach shareholders through direct contact, through intermediaries, or via the financial press. |
• | The Adviser coordinates with the Funds’ Chief Compliance Officer and other service providers to insure compliance with regulatory regimens imposed by Federal law and the Internal Revenue Code. |
The Directors concluded that the services performed by the Adviser for the Funds require a higher level of service and oversight than the services performed by the Adviser for SMAs or private investment companies. Based on this determination, the Directors believe that the differential in advisory fees between the Funds and the SMAs and private investment companies are reasonable, and concluded that the fee rates charged to the Funds in comparison to those charged to the Adviser’s other clients are reasonable.
Performance
The Directors reviewed the Adviser’s quality of investment management, management history, and ability to successfully market the Funds. They noted that while the Funds have had periods of underperformance, it is their expectation that the Adviser’s
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discipline will lead to more favorable results in the long-term and concluded that renewal of the existing advisory agreements was in the best interest of the Funds’ shareholders.
The Directors noted that at each quarterly meeting, the Directors review reports comparing the investment performance of the Funds to various indices. Based on the information provided at this meeting and the information and quarterly discussions regarding the Funds’ investment performance, the Directors believe that the Adviser manages the Funds in a manner that is materially consistent with their stated investment objective and style.
The Directors also 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 the performance of similar funds.
Costs and Profitability
The Directors considered the costs of services provided and the profits realized by the Adviser, by reviewing reports provided by the Funds’ administrator that compared the Funds’ investment advisory fees to those of other comparable mutual funds. They also considered the Funds’ overall expense ratios compared to peer group funds and the Adviser’s proactive efforts to keep the overall expenses of the Funds lower.
The Directors discussed in detail the profitability of the Adviser as it relates to the Funds, in meetings with management of the Adviser. They also discussed the impact of the intermediary service fees on the profitability of the Adviser. The Directors also considered the resources and revenues that the Adviser has put into managing and distributing the Funds, and concluded that the level of profitability realized by the Adviser from its provision of services to the Funds is reasonable, and that the overall expense ratios and investment advisory fees were fair and within the range of industry averages.
Economies of Scale
The Directors then discussed with management whether economies of scale are recognized by the Funds. They noted that as Fund assets grow, certain fixed costs are spread over the larger asset base, which may lead to some economies of scale. On the other hand, the Directors noted that many of the Funds’ expenses are subject to diseconomies of scale. For example, the intermediary service fees generally increase as the Funds’ assets grow. Given the size of the Funds and the Adviser’s efforts to keep overall expenses low, the Directors determined that economies of scale were not being recognized, and that the proposed fee schedules were reasonable.
Fall-Out Benefits
The Directors then considered other benefits to the Adviser from serving as adviser to the Funds (in addition to the advisory fee). The Directors noted that the Adviser derives ancillary benefits from its association with the Funds in the form of proprietary and third party research products and services received from broker dealers that execute portfolio trades for the Funds. Specifically, they discussed the manner in which portfolio transactions for the Funds would be conducted, including the use of soft dollars. Based on these discussions, the Directors concluded that the research and services obtained by the Adviser 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 Directors determined such products and services have been used for legitimate purposes relating to the Funds by providing assistance in the investment decision-making process. The Directors concluded that the other benefits realized by the Adviser from its relationship with the Funds were reasonable.
After reviewing the materials provided at the meeting, management’s presentation, as well as other information regularly provided at the Board’s quarterly meetings throughout the year regarding the quality of services provided by the Adviser, the performance of the Funds, expense information, regulatory compliance issues, trading information and related matters, and other factors deemed relevant by the Board, the Directors, including all of the Independent Directors, approved the continuation of the investment advisory agreements.
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ADDITIONAL DISCLOSURE REGARDING FUND DIRECTORS AND OFFICERS (UNAUDITED)
Name, Year of Birth, and Address | Position(s) Held with the Company | Term of Office and Length of Time Served | Principal Occupation(s) During Past Five Years | # of Portfolios in Fund Complex Overseen By Director | Other Directorships Held by Director | ||||||
Lawrence L. Horsch (1934) c/o Leuthold Weeden Capital Management 33 South Sixth Street Suite 4600 Minneapolis, MN 55402 | Chairman and Director | Indefinite Term, Director since 1995 | Chairman, Eagle Management & Financial Corp., a management consulting firm | 5 | None | ||||||
Paul M. Kelnberger (1943) c/o Leuthold Weeden Capital Management 33 South Sixth Street Suite 4600 Minneapolis, MN 55402 | Director and Chair of Audit Committee | Indefinite Term, Director since 1995 | Retired Partner of Johnson, West & Co., PLC (currently Boeckermann, Grafstrom & Mayer, LLC) Certified Public Accountants | 5 | None | ||||||
Addison L. Piper (1946) c/o Leuthold Weeden Capital Management 33 South Sixth Street Suite 4600 Minneapolis, MN 55402 | Director and Chair of Nominating Committee | Indefinite Term, Director since 2009 | Retired Chairman and Chief Executive Officer of Piper Jaffray Companies. | 5 | Piper Jaffray Companies | ||||||
Interested Directors | |||||||||||
John C. Mueller (1968) 33 South Sixth Street Suite 4600 Minneapolis, MN 55402 | Director President | Indefinite Term, Director since 2009 One year term, President since 2011 | Co-Chief Executive Officer of The Leuthold Group since 2005. Involved in Sales and Marketing for The Leuthold Group since 2001. | 5 | None |
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The Leuthold Funds |
Name, Year of Birth, and Address | Position(s) Held with the Company | Term of Office and Length of Time Served | Principal Occupation(s) During Past Five Years | # of Portfolios in Fund Complex Overseen By Director | Other Directorships Held by Director | ||||||
Holly J. Weiss (1968) 33 South Sixth Street Suite 4600 Minneapolis, MN 55402 | Secretary and Treasurer | One Year Term, Secretary and Treasurer since 2009 | Chief Financial Officer of the Adviser since 2011 and Controller of the Adviser from 2008 to 2011. Prior to joining the Adviser, she was Controller of Churchill Capital Mezzanine Finance from 2001-2008. | N/A | N/A | ||||||
Roger A. Peters (1960) 33 South Sixth Street Suite 4600 Minneapolis, MN 55402 | Vice President and Chief Compliance Officer and Anti-Money Laundering Officer | One Year Term, Chief Compliance Officer since 2006 and Vice President since 2007 and Anti-Money Laundering Officer since 2011 | Chief Compliance Officer of the Adviser since 2005. | N/A | N/A | ||||||
Glenn R. Larson (1965) 33 South Sixth Street Suite 4600 Minneapolis, MN 55402 | Assistant Secretary | One Year Term, Assistant Secretary since 2006 | Compliance Officer of the Adviser since 2005. | N/A | N/A |
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.
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Inside Back cover - BLANK
The Leuthold Funds | ||
Investment Adviser: | ||
Leuthold Weeden Capital Management, Minneapolis, Minnesota | ||
Administrator, Transfer Agent, Fund Accountant, 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 June 6, 2016
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 June 6, 2016
By (Signature and Title)* /s/ Holly Weiss
Holly Weiss, Treasurer
Date June 6, 2016
* Print the name and title of each signing officer under his or her signature.