SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Exact name of registrant as specified in charter)
(Address of principal executive offices) (Zip code)
(Name and address of agent for service)
March 31, 2019
Leuthold Core Investment Fund Retail Class Shares LCORX Institutional Class Shares LCRIX Leuthold Global Fund 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 Grizzly Short Fund GRZZX |
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19 | |
Schedules of Investments and Securities Sold Short | |
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72 |
See Notes to the Financial Statements. | Leuthold Funds - 2019 Semi-Annual Report | 1 |
Beginning Account Value October 1, 2018 | Ending Account Value March 31, 2019 | Expenses Paid During Period* October 1, 2018 - March 31, 2019 | ||||||||||
Actual** | $ | 1,000.00 | $ | 976.80 | $ | 6.65 | ||||||
Hypothetical (5% return before expenses)*** | 1,000.00 | 1,018.20 | 6.79 |
Beginning Account Value October 1, 2018 | Ending Account Value March 31, 2019 | Expenses Paid During Period* October 1, 2018 - March 31, 2019 | ||||||||||
Actual** | $ | 1,000.00 | $ | 977.00 | $ | 6.16 | ||||||
Hypothetical (5% return before expenses)*** | 1,000.00 | 1,018.70 | 6.29 |
Beginning Account Value October 1, 2018 | Ending Account Value March 31, 2019 | Expenses Paid During Period* October 1, 2018 - March 31, 2019 | ||||||||||
Actual** | $ | 1,000.00 | $ | 954.10 | $ | 9.16 | ||||||
Hypothetical (5% return before expenses)*** | 1,000.00 | 1,015.56 | 9.45 |
Beginning Account Value October 1, 2018 | Ending Account Value March 31, 2019 | Expenses Paid During Period* October 1, 2018 - March 31, 2019 | ||||||||||
Actual** | $ | 1,000.00 | $ | 955.50 | $ | 8.00 | ||||||
Hypothetical (5% return before expenses)*** | 1,000.00 | 1,016.75 | 8.25 |
2 | Leuthold Funds - 2019 Semi-Annual Report | See Notes to the Financial Statements. |
Beginning Account Value October 1, 2018 | Ending Account Value March 31, 2019 | Expenses Paid During Period* October 1, 2018 - March 31, 2019 | ||||||||||
Actual | $ | 1,000.00 | $ | 945.00 | $ | 7.27 | ||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,017.45 | 7.54 |
Beginning Account Value October 1, 2018 | Ending Account Value March 31, 2019 | Expenses Paid During Period* October 1, 2018 - March 31, 2019 | ||||||||||
Actual | $ | 1,000.00 | $ | 913.40 | $ | 7.16 | ||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,017.45 | 7.54 |
Beginning Account Value October 1, 2018 | Ending Account Value March 31, 2019 | Expenses Paid During Period* October 1, 2018 - March 31, 2019 | ||||||||||
Actual | $ | 1,000.00 | $ | 914.70 | $ | 5.97 | ||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,018.70 | 6.29 |
Beginning Account Value October 1, 2018 | Ending Account Value March 31, 2019 | Expenses Paid During Period* October 1, 2018 - March 31, 2019 | ||||||||||
Actual** | $ | 1,000.00 | $ | 944.50 | $ | 13.23 | ||||||
Hypothetical (5% return before expenses)*** | 1,000.00 | 1,011.32 | 13.69 |
See Notes to the Financial Statements. | Leuthold Funds - 2019 Semi-Annual Report | 3 |
4 | Leuthold Funds - 2019 Semi-Annual Report | See Notes to the Financial Statements. |
See Notes to the Financial Statements. | Leuthold Funds - 2019 Semi-Annual Report | 5 |
Leuthold Funds
Statements of Assets and Liabilities
March 31, 2019 (Unaudited)
Leuthold Core Investment Fund | Leuthold Global Fund | Leuthold Select Industries Fund | ||||||||||
ASSETS: | ||||||||||||
Investments, at cost | ||||||||||||
Unaffiliated Securities | $ | 708,279,488 | * | $ | 77,525,513 | * | $ | 10,253,011 | ||||
Affiliated Securities | 20,482,592 | — | — | |||||||||
Total Investments, at cost | 728,762,080 | 77,525,513 | 10,253,011 | |||||||||
Investments, at fair value | ||||||||||||
Unaffiliated Securities | 774,770,194 | 77,925,772 | 12,309,383 | |||||||||
Affiliated Securities | 20,615,940 | — | — | |||||||||
Total Investments, at fair value | 795,386,134 | 77,925,772 | 12,309,383 | |||||||||
Foreign currency (cost $0, $13,335, and $0 respectively) | — | 13,239 | — | |||||||||
Receivable for Fund shares sold | 444,285 | 54,650 | 368 | |||||||||
Collateral at broker for securities sold short | 50,969,723 | 5,408,416 | — | |||||||||
Tri-party collateral held at custodian | 9,000,001 | 800,001 | — | |||||||||
Interest receivable | 880,529 | 96,006 | 217 | |||||||||
Dividends receivable | 247,776 | 217,466 | 7,408 | |||||||||
Securities lending income receivable | 16,544 | 4,664 | — | |||||||||
Other assets | 184,107 | 37,432 | 13,837 | |||||||||
Total Assets | 857,129,099 | 84,557,646 | 12,331,213 | |||||||||
LIABILITIES: | ||||||||||||
Securities sold short, at fair value (proceeds $49,272,128, $5,077,593, and $0 respectively) | 49,311,127 | 4,854,127 | — | |||||||||
Collateral received for securities loaned | 105,428,945 | 12,827,954 | — | |||||||||
Payable for Fund shares redeemed | 986,424 | 10,614 | — | |||||||||
Payable to Adviser | 538,006 | 53,227 | 8,065 | |||||||||
Payable to Custodian | 19,053 | 9,209 | 1,698 | |||||||||
Payable to Directors | 40,803 | 4,707 | 805 | |||||||||
Dividends payable on securities sold short | 41,180 | 2,311 | — | |||||||||
Distribution (Rule 12b-1) fees payable | 7,361 | 19,535 | 88 | |||||||||
Shareholder servicing fees payable | 56,428 | — | 1,682 | |||||||||
Accrued expenses and other liabilities | 318,763 | 71,588 | 26,824 | |||||||||
Total Liabilities | 156,748,090 | 17,853,272 | 39,162 | |||||||||
NET ASSETS | $ | 700,381,009 | $ | 66,704,374 | $ | 12,292,051 | ||||||
* Includes loaned securities with market value of: | $ | 103,535,380 | $ | 12,580,175 | $ | — |
6 | Leuthold Funds - 2019 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Funds
Statements of Assets and Liabilities (continued)
March 31, 2019 (Unaudited)
Leuthold Core Investment Fund | Leuthold Global Fund | Leuthold Select Industries Fund | ||||||||||
NET ASSETS CONSIST OF: | ||||||||||||
Capital stock | $ | 610,536,515 | $ | 67,312,711 | $ | 9,983,277 | ||||||
Total distributable earnings | 89,844,494 | (608,337 | ) | 2,308,774 | ||||||||
Total Net Assets | $ | 700,381,009 | $ | 66,704,374 | $ | 12,292,051 | ||||||
Retail Class Shares | ||||||||||||
Net assets | $ | 340,176,403 | $ | 10,186,404 | $ | 12,292,051 | ||||||
Shares outstanding (1,000,000,000 shares of $0.0001 par value authorized) | 18,735,090 | 1,266,025 | 518,927 | |||||||||
Net Asset Value, Redemption Price, and Offering Price Per Share | $ | 18.16 | ** | $ | 8.05 | ** | $ | 23.69 | ||||
Institutional Class Shares | ||||||||||||
Net assets | $ | 360,204,606 | $ | 56,517,970 | n/a | |||||||
Shares outstanding (1,000,000,000 shares of $0.0001 par value authorized) | 19,804,460 | 6,921,295 | n/a | |||||||||
Net Asset Value, Redemption Price, and Offering Price Per Share | $ | 18.19 | ** | $ | 8.17 | ** | n/a |
** | Redemption price may differ from NAV if redemption fee is applied. |
See Notes to the Financial Statements. | Leuthold Funds - 2019 Semi-Annual Report | 7 |
Leuthold Funds
Statements of Assets and Liabilities (continued)
March 31, 2019 (Unaudited)
Leuthold Global Industries Fund | Grizzly Short Fund | |||||||
ASSETS: | ||||||||
Investments, at cost | $ | 7,172,613 | $ | 77,907,947 | ||||
Investments, at fair value | 7,324,968 | 77,907,947 | ||||||
Receivable for Fund shares sold | 3,217 | 388,696 | ||||||
Collateral at broker for securities sold short | — | 96,985,438 | ||||||
Tri-party collateral held at custodian | — | 14,000,001 | ||||||
Interest receivable | 93 | 149,367 | ||||||
Dividends receivable | 27,881 | — | ||||||
Receivable from Advisor | 9,186 | — | ||||||
Other assets | 28,030 | 169,298 | ||||||
Total Assets | 7,393,375 | 189,600,747 | ||||||
LIABILITIES: | ||||||||
Securities sold short, at fair value (proceeds $0 and $94,102,174, respectively) | — | 94,401,658 | ||||||
Payable for Fund shares redeemed | — | 132,952 | ||||||
Payable to Adviser | — | 98,504 | ||||||
Payable to Custodian | 10,515 | 2,113 | ||||||
Payable to Directors | 415 | 6,826 | ||||||
Dividends payable on securities sold short | — | 62,394 | ||||||
Distribution (Rule 12b-1) fees payable | 858 | — | ||||||
Shareholder servicing fees payable | — | 17,254 | ||||||
Accrued expenses and other liablities | 26,730 | 64,173 | ||||||
Total Liabilities | 38,518 | 94,785,874 | ||||||
NET ASSETS | $ | 7,354,857 | $ | 94,814,873 |
8 | Leuthold Funds - 2019 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Funds
Statements of Assets and Liabilities (continued)
March 31, 2019 (Unaudited)
Leuthold Global Industries Fund | Grizzly Short Fund | |||||||
NET ASSETS CONSIST OF: | ||||||||
Capital stock | $ | 7,414,750 | $ | 346,992,419 | ||||
Total distributable earnings | (59,893 | ) | (252,177,546 | ) | ||||
Total Net Assets | $ | 7,354,857 | $ | 94,814,873 | ||||
Retail Class Shares | ||||||||
Net assets | $ | 1,192,486 | $ | 94,814,873 | ||||
Shares outstanding (1,000,000,000 shares of $0.0001 par value authorized) | 88,294 | 5,685,227 | ||||||
Net Asset Value, Redemption Price, and Offering Price Per Share | $ | 13.51 | * | $ | 16.68 | |||
Institutional Class Shares | ||||||||
Net assets | $ | 6,162,371 | n/a | |||||
Shares outstanding (1,000,000,000 shares of $0.0001 par value authorized) | 453,150 | n/a | ||||||
Net Asset Value, Redemption Price, and Offering Price Per Share | $ | 13.60 | * | n/a |
* | Redemption price may differ from NAV if redemption fee is applied. |
See Notes to the Financial Statements. | Leuthold Funds - 2019 Semi-Annual Report | 9 |
Leuthold Funds
For the Six Months Ended March 31, 2019 (Unaudited)
Leuthold Core Investment Fund | Leuthold Global Fund | Leuthold Select Industries Fund | ||||||||||
INVESTMENT INCOME: | ||||||||||||
Dividend income (net of foreign taxes withheld of $6,726, $23,322, and $233 respectively) | $ | 2,981,786 | $ | 415,320 | $ | 92,257 | ||||||
Interest income | 3,394,312 | 325,828 | 1,669 | |||||||||
Income from securities lending, net | 166,309 | 28,702 | — | |||||||||
Total investment income | 6,542,407 | 769,850 | 93,926 | |||||||||
EXPENSES: | ||||||||||||
Investment advisory fees (Note 3) | 3,327,222 | 337,552 | 69,933 | |||||||||
Administration fees | 188,527 | 27,419 | 11,581 | |||||||||
Transfer agent fees (Note 5) | 206,066 | 34,844 | 4,942 | |||||||||
Legal fees | 7,914 | 2,259 | 221 | |||||||||
Audit fees | 46,328 | 33,412 | 15,107 | |||||||||
Fund accounting fees | 71,845 | 11,955 | 3,108 | |||||||||
Custody fees | 28,387 | 29,079 | 2,249 | |||||||||
Shareholder servicing fees - Retail Class (Note 5) | 178,292 | — | 6,947 | |||||||||
Registration fees | 26,273 | 18,225 | 8,284 | |||||||||
Report to shareholders | 48,462 | 4,259 | 1,277 | |||||||||
Directors’ fees | 74,481 | 8,183 | 1,414 | |||||||||
Distribution (Rule 12b-1) fees - Retail Class (Note 4) | — | 14,325 | — | |||||||||
Other | 27,151 | 3,554 | 1,004 | |||||||||
Total expenses before dividends and interest on securities sold short and reimbursement from Adviser | 4,230,948 | 525,066 | 126,067 | |||||||||
Dividends and interest on securities sold short | 564,507 | 103,090 | — | |||||||||
Reimbursement from Adviser (Note 3) | — | — | (21,168 | ) | ||||||||
Total expenses | 4,795,455 | 628,156 | 104,899 | |||||||||
NET INVESTMENT INCOME (LOSS) | $ | 1,746,952 | $ | 141,694 | $ | (10,973 | ) |
10 | Leuthold Funds - 2019 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Funds
Statements of Operations (continued)
For the Six Months Ended March 31, 2019 (Unaudited)
Leuthold Core Investment Fund | Leuthold Global Fund | 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: | ||||||||||||
Unaffiliated investments | $ | 17,058,994 | $ | (1,437,314 | ) | $ | 489,359 | |||||
Affiliated investments | (208,066 | ) | — | — | ||||||||
Investment companies | (2,272,179 | ) | (207,497 | ) | — | |||||||
Realized gain distributions received from investment companies | — | — | — | |||||||||
Securities sold short | 8,524,901 | 703,430 | — | |||||||||
Foreign currency and foreign currency translation | 136,280 | 27,711 | (5 | ) | ||||||||
Net unrealized appreciation (depreciation) during the period on: | ||||||||||||
Unaffiliated investments | (44,541,070 | ) | (3,424,497 | ) | (1,706,971 | ) | ||||||
Affiliated investments | 703,219 | — | — | |||||||||
Investment companies | 1,112,978 | 104,507 | — | |||||||||
Securities sold short | (1,975,657 | ) | (44,350 | ) | — | |||||||
Foreign currency and foreign currency translation | (1,106,489 | ) | (160,453 | ) | (2 | ) | ||||||
Net realized and unrealized gain (loss) on investments, investment companies, securities sold short, and foreign currency and foreign currency translation | (22,567,089 | ) | (4,438,463 | ) | (1,217,619 | ) | ||||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (20,820,137 | ) | $ | (4,296,769 | ) | $ | (1,228,592 | ) |
See Notes to the Financial Statements. | Leuthold Funds - 2019 Semi-Annual Report | 11 |
Leuthold Funds
Statements of Operations (continued)
For the Six Months Ended March 31, 2019 (Unaudited)
Leuthold Global Industries Fund | Grizzly Short Fund | |||||||
INVESTMENT INCOME: | ||||||||
Dividend income (net of foreign taxes withheld of $4,278 and $0, respectively) | $ | 71,023 | $ | 6,415 | ||||
Interest income | 665 | 1,948,429 | ||||||
Total investment income | 71,688 | 1,954,844 | ||||||
EXPENSES: | ||||||||
Investment advisory fees (Note 3) | 38,988 | 665,789 | ||||||
Administration fees | 10,913 | 32,666 | ||||||
Transfer agent fees (Note 5) | 8,370 | 33,144 | ||||||
Legal fees | 1,616 | 2,786 | ||||||
Audit fees | 15,184 | 15,184 | ||||||
Fund accounting fees | 3,461 | 10,999 | ||||||
Custody fees | 18,810 | 3,973 | ||||||
Shareholder servicing fees - Retail Class (Note 5) | — | 48,806 | ||||||
Registration fees | 21,463 | 18,307 | ||||||
Report to shareholders | 429 | 6,384 | ||||||
Directors’ fees | 726 | 12,391 | ||||||
Distribution (Rule 12b-1) fees - Retail Class (Note 4) | 1,698 | — | ||||||
Other | 1,129 | 4,916 | ||||||
Total expenses before dividends and interest on securities sold short and reimbursement from Adviser | 122,787 | 855,345 | ||||||
Dividends and interest on securities sold short | — | 597,688 | ||||||
Reimbursement from Adviser (Note 3) | (72,351 | ) | — | |||||
Total expenses | 50,436 | 1,453,033 | ||||||
NET INVESTMENT INCOME | $ | 21,252 | $ | 501,811 |
12 | Leuthold Funds - 2019 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Funds
Statements of Operations (continued)
For the Six Months Ended March 31, 2019 (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 | $ | (215,515 | ) | $ | — | |||
Investment companies | (5,012 | ) | — | |||||
Securities sold short | — | (2,187,458 | ) | |||||
Foreign currency and foreign currency translation | (1,603 | ) | — | |||||
Net unrealized appreciation (depreciation) during the period on: | ||||||||
Investments | (711,649 | ) | — | |||||
Investment companies | (423 | ) | — | |||||
Securities sold short | — | (3,581,748 | ) | |||||
Foreign currency and foreign currency translation | 12,871 | — | ||||||
Net realized and unrealized gain (loss) on investments, investment companies, securities sold short, and foreign currency and foreign currency translation | (921,331 | ) | (5,769,206 | ) | ||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (900,079 | ) | $ | (5,267,395 | ) |
See Notes to the Financial Statements. | Leuthold Funds - 2019 Semi-Annual Report | 13 |
Leuthold Core Investment Fund
Statements of Changes in Net Assets
Six Months Ended March 31, 2019 | Year Ended September 30, 2018 (Consolidated) | |||||||
(Unaudited) | ||||||||
OPERATIONS: | ||||||||
Net investment income | $ | 1,746,952 | $ | 2,708,840 | ||||
Net realized gain on investments, investment companies, securities sold short, and foreign currency and foreign currency translation | 23,239,930 | 84,625,374 | ||||||
Net unrealized depreciation on investments, investment companies, securities sold short, and foreign currency and foreign currency translation | (45,807,019 | ) | (59,527,356 | ) | ||||
Net increase (decrease) in net assets from operations | (20,820,137 | ) | 27,806,858 | |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Distributions - Retail Class | (35,495,081 | ) | (15,722,617 | ) | ||||
Distributions - Institutional Class | (38,354,300 | ) | (13,500,115 | ) | ||||
Total distributions | (73,849,381 | ) | (29,222,732 | ) | ||||
CAPITAL SHARE TRANSACTIONS: | ||||||||
Proceeds from shares sold - Retail Class | 12,623,232 | 49,574,688 | ||||||
Proceeds from shares sold - Institutional Class | 81,258,265 | 99,394,031 | ||||||
Proceeds from shares issued to holders in reinvestment of dividends - Retail Class | 33,316,025 | 14,973,202 | ||||||
Proceeds from shares issued to holders in reinvestment of dividends - Institutional Class | 34,566,226 | 11,741,082 | ||||||
Cost of shares redeemed - Retail Class* | (63,290,392 | ) | (125,626,684 | ) | ||||
Cost of shares redeemed - Institutional Class** | (140,682,065 | ) | (61,432,479 | ) | ||||
Net decrease in net assets from capital share transactions | (42,208,709 | ) | (11,376,160 | ) | ||||
TOTAL DECREASE IN NET ASSETS: | (136,878,227 | ) | (12,792,034 | ) | ||||
NET ASSETS | ||||||||
Beginning of period | 837,259,236 | 850,051,270 | ||||||
End of period | $ | 700,381,009 | $ | 837,259,236 | ||||
CHANGES IN SHARES OUTSTANDING: | ||||||||
Shares sold - Retail Class | 687,808 | 2,391,128 | ||||||
Shares sold - Institutional Class | 4,495,946 | 4,806,861 | ||||||
Shares issued to holders in reinvestment of dividends - Retail Class | 1,839,695 | 734,892 | ||||||
Shares issued to holders in reinvestment of dividends - Institutional Class | 1,905,580 | 575,096 | ||||||
Shares redeemed - Retail Class | (3,456,421 | ) | (6,082,213 | ) | ||||
Shares redeemed - Institutional Class | (7,749,422 | ) | (2,972,534 | ) | ||||
Net decrease in shares outstanding | (2,276,814 | ) | (546,770 | ) | ||||
*Net of redemption fees of (Retail Class): | $ | 130 | $ | 299 | ||||
**Net of redemption fees of (Institutional Class): | $ | 109 | $ | 262 |
14 | Leuthold Funds - 2019 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Global Fund
Statements of Changes in Net Assets
Six Months Ended March 31, 2019 | Year Ended September 30, 2018 (Consolidated) | |||||||
(Unaudited) | ||||||||
OPERATIONS: | ||||||||
Net investment income | $ | 141,694 | $ | 456,785 | ||||
Net realized gain (loss) on investments, investment companies, securities sold short, and foreign currency and foreign currency translation | (913,670 | ) | 7,014,480 | |||||
Net unrealized depreciation on investments, investment companies, securities sold short, and foreign currency and foreign currency translation | (3,524,793 | ) | (7,628,313 | ) | ||||
Net decrease in net assets from operations | (4,296,769 | ) | (157,048 | ) | ||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Distributions - Retail Class | (885,010 | ) | (2,138,468 | ) | ||||
Distributions - Institutional Class | (4,613,472 | ) | (6,753,470 | ) | ||||
Total distributions | (5,498,482 | ) | (8,891,938 | ) | ||||
CAPITAL SHARE TRANSACTIONS: | ||||||||
Proceeds from shares sold - Retail Class | 2,044,963 | 2,028,207 | ||||||
Proceeds from shares sold - Institutional Class | 19,237,638 | 15,052,597 | ||||||
Proceeds from shares issued to holders in reinvestment of dividends - Retail Class | 848,483 | 2,063,968 | ||||||
Proceeds from shares issued to holders in reinvestment of dividends - Institutional Class | 4,335,168 | 6,015,022 | ||||||
Cost of shares redeemed - Retail Class* | (9,479,575 | ) | (7,608,038 | ) | ||||
Cost of shares redeemed - Institutional Class** | (23,238,210 | ) | (28,405,896 | ) | ||||
Net decrease in net assets from capital share transactions | (6,251,533 | ) | (10,854,140 | ) | ||||
TOTAL DECREASE IN NET ASSETS: | (16,046,784 | ) | (19,903,126 | ) | ||||
NET ASSETS | ||||||||
Beginning of period | 82,751,158 | 102,654,284 | ||||||
End of period | $ | 66,704,374 | $ | 82,751,158 | ||||
CHANGES IN SHARES OUTSTANDING: | ||||||||
Shares sold - Retail Class | 260,546 | 211,107 | ||||||
Shares sold - Institutional Class | 2,326,005 | 1,553,258 | ||||||
Shares issued to holders in reinvestment of dividends - Retail Class | 105,664 | 219,621 | ||||||
Shares issued to holders in reinvestment of dividends - Institutional Class | 532,659 | 632,740 | ||||||
Shares redeemed - Retail Class | (1,114,808 | ) | (807,863 | ) | ||||
Shares redeemed - Institutional Class | (2,910,382 | ) | (2,952,591 | ) | ||||
Net decrease in shares outstanding | (800,316 | ) | (1,143,728 | ) | ||||
*Net of redemption fees of (Retail Class): | $ | — | $ | 205 | ||||
**Net of redemption fees of (Institutional Class): | $ | 259 | $ | 2 |
See Notes to the Financial Statements. | Leuthold Funds - 2019 Semi-Annual Report | 15 |
Leuthold Select Industries Fund
Statements of Changes in Net Assets
Six Months Ended March 31, 2019 | Year Ended September 30, 2018 | |||||||
(Unaudited) | ||||||||
OPERATIONS: | ||||||||
Net investment loss | $ | (10,973 | ) | $ | (3,769 | ) | ||
Net realized gain on investments and foreign currency and foreign currency translation | 489,354 | 1,713,403 | ||||||
Net unrealized depreciation on investments and foreign currency and foreign currency translation | (1,706,973 | ) | (242,614 | ) | ||||
Net increase (decrease) in net assets from operations | (1,228,592 | ) | 1,467,020 | |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Distributions | (1,295,440 | ) | (741,441 | ) | ||||
Total distributions | (1,295,440 | ) | (741,441 | ) | ||||
CAPITAL SHARE TRANSACTIONS: | ||||||||
Proceeds from shares sold | 132,932 | 11,024,392 | ||||||
Proceeds from shares issued to holders in reinvestment of dividends | 1,242,103 | 712,871 | ||||||
Cost of shares redeemed | (4,670,884 | ) | (9,396,776 | ) | ||||
Net increase (decrease) in net assets from capital share transactions | (3,295,849 | ) | 2,340,487 | |||||
TOTAL INCREASE (DECREASE) IN NET ASSETS: | (5,819,881 | ) | 3,066,066 | |||||
NET ASSETS | ||||||||
Beginning of period | 18,111,932 | 15,045,866 | ||||||
End of period | $ | 12,292,051 | $ | 18,111,932 | ||||
CHANGES IN SHARES OUTSTANDING: | ||||||||
Shares sold | 5,466 | 412,330 | ||||||
Shares issued to holders in reinvestment of dividends | 52,833 | 27,474 | ||||||
Shares redeemed | (202,503 | ) | (348,325 | ) | ||||
Net increase (decrease) in shares outstanding | (144,204 | ) | 91,479 |
16 | Leuthold Funds - 2019 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Global Industries Fund
Statement of Changes in Net Assets
Six Months Ended March 31, 2019 | Year Ended September 30, 2018 | |||||||
(Unaudited) | ||||||||
OPERATIONS: | ||||||||
Net investment income | $ | 21,252 | $ | 96,180 | ||||
Net realized gain (loss) on investments, investment companies, and foreign currency and foreign currency translation | (222,130 | ) | 1,023,906 | |||||
Net unrealized depreciation on investments, investment companies, and foreign currency and foreign currency translation | (699,201 | ) | (976,355 | ) | ||||
Net increase (decrease) in net assets from operations | (900,079 | ) | 143,731 | |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Distributions - Retail Class | (191,134 | ) | (158,928 | ) | ||||
Distributions - Institutional Class | (826,740 | ) | (727,913 | ) | ||||
Total distributions | (1,017,874 | ) | (886,841 | ) | ||||
CAPITAL SHARE TRANSACTIONS: | ||||||||
Proceeds from shares sold - Retail Class | 7,590 | 199,182 | ||||||
Proceeds from shares sold - Institutional Class | 61,016 | 2,578,836 | ||||||
Proceeds from shares issued to holders in reinvestment of dividends - Retail Class | 186,955 | 155,751 | ||||||
Proceeds from shares issued to holders in reinvestment of dividends - Institutional Class | 809,140 | 706,923 | ||||||
Cost of shares redeemed - Retail Class* | (434,857 | ) | (375,877 | ) | ||||
Cost of shares redeemed - Institutional Class | (1,796,791 | ) | (3,015,381 | ) | ||||
Net increase (decrease) in net assets from capital share transactions | (1,166,947 | ) | 249,434 | |||||
TOTAL DECREASE IN NET ASSETS: | (3,084,900 | ) | (493,676 | ) | ||||
NET ASSETS | ||||||||
Beginning of period | 10,439,757 | 10,933,433 | ||||||
End of period | $ | 7,354,857 | $ | 10,439,757 | ||||
CHANGES IN SHARES OUTSTANDING: | ||||||||
Shares sold - Retail Class | 558 | 11,384 | ||||||
Shares sold - Institutional Class | 4,697 | 143,418 | ||||||
Shares issued to holders in reinvestment of dividends - Retail Class | 13,912 | 8,884 | ||||||
Shares issued to holders in reinvestment of dividends - Institutional Class | 59,888 | 40,111 | ||||||
Shares redeemed - Retail Class | (32,656 | ) | (21,491 | ) | ||||
Shares redeemed - Institutional Class | (119,079 | ) | (168,743 | ) | ||||
Net increase (decrease) in shares outstanding | (72,680 | ) | 13,563 | |||||
*Net of redemption fees of (Retail Class): | $ | — | $ | 3 |
See Notes to the Financial Statements. | Leuthold Funds - 2019 Semi-Annual Report | 17 |
Grizzly Short Fund
Statements of Changes in Net Assets
Six Months Ended March 31, 2019 | Year Ended September 30, 2018 | |||||||
(Unaudited) | ||||||||
OPERATIONS: | ||||||||
Net investment gain (loss) | $ | 501,811 | $ | (894,109 | ) | |||
Net realized loss on securities sold short | (2,187,458 | ) | (35,514,168 | ) | ||||
Net unrealized appreciation (depreciation) on securities sold short | (3,581,748 | ) | 2,114,602 | |||||
Net decrease in net assets from operations | (5,267,395 | ) | (34,293,675 | ) | ||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Distributions | — | — | ||||||
Total distributions | — | — | ||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||
Proceeds from shares sold | 62,329,184 | 136,445,760 | ||||||
Cost of shares redeemed | (61,195,673 | ) | (208,901,601 | ) | ||||
Net increase (decrease) in net assets from capital share transactions | 1,133,511 | (72,455,841 | ) | |||||
TOTAL DECREASE IN NET ASSETS: | (4,133,884 | ) | (106,749,516 | ) | ||||
NET ASSETS | ||||||||
Beginning of period | 98,948,757 | 205,698,273 | ||||||
End of period | $ | 94,814,873 | $ | 98,948,757 | ||||
CHANGES IN SHARES OUTSTANDING: | ||||||||
Shares sold | 3,293,053 | 24,912,796 | ||||||
Shares redeemed | (3,214,052 | ) | (57,577,260 | ) | ||||
Net increase (decrease) in shares outstanding | 79,001 | (32,664,464 | ) |
18 | Leuthold Funds - 2019 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Core Investment Fund - Retail - LCORX
Financial Highlights
Six Months Ended March 31, 2019 | Year Ended September 30, 2018 (Consolidated) | Year Ended September 30, 2017 (Consolidated) | Year Ended September 30, 2016 (Consolidated) | Year Ended September 30, 2015 (Consolidated) | Year Ended September 30, 2014 (Consolidated) | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Per Share Data (1): | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 20.50 | $ | 20.54 | $ | 18.06 | $ | 18.44 | $ | 18.85 | $ | 18.29 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(2) | 0.04 | 0.05 | 0.04 | (0.01 | ) | (0.01 | ) | 0.01 | ||||||||||||||||
Net realized and unrealized gain (loss) on investments and securities sold short | (0.52 | ) | 0.61 | 2.53 | 0.32 | 0.76 | 2.02 | |||||||||||||||||
Total from investment operations | (0.48 | ) | 0.66 | 2.57 | 0.31 | 0.75 | 2.03 | |||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
From net investment income | (0.03 | ) | (0.05 | ) | (0.01 | ) | — | (0.03 | ) | (0.21 | ) | |||||||||||||
From net realized gain | (1.83 | ) | (0.65 | ) | (0.08 | ) | (0.69 | ) | (1.13 | ) | (1.26 | ) | ||||||||||||
Redemption fees(3) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||
Total distributions | (1.86 | ) | (0.70 | ) | (0.09 | ) | (0.69 | ) | (1.16 | ) | (1.47 | ) | ||||||||||||
Net asset value, end of period | $ | 18.16 | $ | 20.50 | $ | 20.54 | $ | 18.06 | $ | 18.44 | $ | 18.85 | ||||||||||||
Total Return | (2.32 | )% | 3.23 | % | 14.31 | % | 1.76 | % | 4.03 | % | 11.49 | % | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period | $ | 340,176,403 | $ | 403,095,456 | $ | 464,660,913 | $ | 524,731,192 | $ | 564,608,599 | $ | 569,237,299 | ||||||||||||
Ratio of expenses to average net assets (4) | 1.35 | %(7) | 1.38 | % | 1.21 | % | 1.29 | % | 1.30 | % | 1.28 | % | ||||||||||||
Ratio of net investment income (loss) to average net assets (5) | 0.42 | %(7) | 0.26 | % | 0.20 | % | (0.08 | )% | (0.05 | )% | 0.04 | % | ||||||||||||
Portfolio turnover rate (6) | 26.51 | % | 79.00 | % | 52.36 | % | 109.32 | % | 78.96 | % | 80.65 | % |
(1) | For a share outstanding throughout the period. Rounded to the nearest cent. |
(2) | Net investment income (loss) per share is calculated based on average shares outstanding. |
(3) | Amount represents less than $0.005 per share. |
(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 1.20% for the period ended March 31, 2019, 1.19% for the year ended September 30, 2018, 1.19% for the year ended September 30, 2017, 1.17% for the year ended September 30, 2016, 1.16% for the year ended September 30, 2015, and 1.15% for the year ended September 30, 2014. |
(5) | The net investment income ratios include dividends and interest on securities sold short. |
(6) | The portfolio turnover rate excludes purchases and sales of securities sold short. |
(7) | Annualized. |
See Notes to the Financial Statements. | Leuthold Funds - 2019 Semi-Annual Report | 19 |
Leuthold Core Investment Fund - Institutional - LCRIX
Financial Highlights
Six Months Ended March 31, 2019 | Year Ended September 30, 2018 (Consolidated) | Year Ended September 30, 2017 (Consolidated) | Year Ended September 30, 2016 (Consolidated) | Year Ended September 30, 2015 (Consolidated) | Year Ended September 30, 2014 (Consolidated) | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Per Share Data(1): | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 20.53 | $ | 20.56 | $ | 18.08 | $ | 18.43 | $ | 18.85 | $ | 18.28 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income(2) | 0.05 | 0.08 | 0.06 | 0.01 | 0.01 | 0.03 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments and securities sold short | (0.53 | ) | 0.60 | 2.53 | 0.33 | 0.74 | 2.03 | |||||||||||||||||
Total from investment operations | (0.48 | ) | 0.68 | 2.59 | 0.34 | 0.75 | 2.06 | |||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
From net investment income | (0.03 | ) | (0.06 | ) | (0.03 | ) | — | (0.04 | ) | (0.23 | ) | |||||||||||||
From net realized gain | (1.83 | ) | (0.65 | ) | (0.08 | ) | (0.69 | ) | (1.13 | ) | (1.26 | ) | ||||||||||||
Redemption fees | 0.00 | (3) | 0.00 | (3) | 0.00 | (3) | 0.00 | (3) | 0.00 | (3) | — | |||||||||||||
Total distributions | (1.86 | ) | (0.71 | ) | (0.11 | ) | (0.69 | ) | (1.17 | ) | (1.49 | ) | ||||||||||||
Net asset value, end of period | $ | 18.19 | $ | 20.53 | $ | 20.56 | $ | 18.08 | $ | 18.43 | $ | 18.85 | ||||||||||||
Total Return | (2.03 | )% | 3.35 | % | 14.43 | % | 1.93 | % | 4.03 | % | 11.66 | % | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period | $ | 360,204,606 | $ | 434,163,780 | $ | 385,390,357 | $ | 378,962,827 | $ | 293,666,347 | $ | 276,568,913 | ||||||||||||
Ratio of expenses to average net assets(4) | 1.25 | %(7) | 1.27 | % | 1.10 | % | 1.17 | % | 1.20 | % | 1.18 | % | ||||||||||||
Ratio of net investment income to average net assets(5) | 0.52 | %(7) | 0.37 | % | 0.30 | % | 0.04 | % | 0.05 | % | 0.14 | % | ||||||||||||
Portfolio turnover rate (6) | 26.51 | % | 79.00 | % | 52.36 | % | 109.32 | % | 78.96 | % | 80.65 | % |
(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) | Amount represents less than $0.005 per share. |
(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 1.10% for the period ended March 31, 2019, 1.08% for the year ended September 30, 2018, 1.08% for the year ended September 30, 2017, 1.05% for the year ended September 30, 2016, 1.06% for the year ended September 30, 2015, and 1.06% for the year ended September 30, 2014. |
(5) | The net investment income ratios include dividends and interest on securities sold short. |
(6) | The portfolio turnover rate excludes purchases and sales of securities sold short. |
(7) | Annualized. |
20 | Leuthold Funds - 2019 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Global Fund - Retail - GLBLX
Financial Highlights
Six Months Ended March 31, 2019 | Year Ended September 30, 2018 (Consolidated) | Year Ended September 30, 2017 (Consolidated) | Year Ended September 30, 2016 (Consolidated) | Year Ended September 30, 2015 (Consolidated) | Year Ended September 30, 2014 (Consolidated) | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Per Share Data(1): | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 9.11 | $ | 10.05 | $ | 9.86 | $ | 10.03 | $ | 11.29 | $ | 11.65 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(2) | 0.01 | 0.03 | 0.04 | (0.01 | ) | (0.03 | ) | 0.03 | ||||||||||||||||
Net realized and unrealized gain (loss) on investments and securities sold short | (0.43 | ) | (0.07 | ) | 1.02 | 0.21 | (0.11 | ) | 0.83 | |||||||||||||||
Total from investment operations | (0.42 | ) | (0.04 | ) | 1.06 | 0.20 | (0.14 | ) | 0.86 | |||||||||||||||
Less distributions: | ||||||||||||||||||||||||
From net investment income | — | (0.02 | ) | — | — | (0.03 | ) | (0.08 | ) | |||||||||||||||
From net realized gain | (0.64 | ) | (0.88 | ) | (0.87 | ) | (0.37 | ) | (1.09 | ) | (1.14 | ) | ||||||||||||
Redemption fees | — | 0.00 | (3) | 0.00 | (3) | 0.00 | (3) | 0.00 | (3) | 0.00 | (3) | |||||||||||||
Total distributions | (0.64 | ) | (0.90 | ) | (0.87 | ) | (0.37 | ) | (1.12 | ) | (1.22 | ) | ||||||||||||
Net asset value, end of period | $ | 8.05 | $ | 9.11 | $ | 10.05 | $ | 9.86 | $ | 10.03 | $ | 11.29 | ||||||||||||
Total Return | (4.59 | )% | (0.67 | )% | 12.02 | % | 1.89 | % | (1.41 | )% | 7.68 | % | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period | $ | 10,186,404 | $ | 18,362,218 | $ | 24,040,140 | $ | 78,743,516 | $ | 95,026,857 | $ | 130,838,148 | ||||||||||||
Ratio of expenses to average net assets(4) | 1.88 | %(7) | 1.75 | % | 1.56 | % | 1.82 | % | 1.71 | % | 1.65 | % | ||||||||||||
Ratio of net investment income (loss) to average net assets(5) | 0.18 | %(7) | 0.28 | % | 0.38 | % | (0.15 | )% | (0.29 | )% | 0.25 | % | ||||||||||||
Portfolio turnover rate (6) | 40.42 | % | 79.09 | % | 63.13 | % | 102.93 | % | 78.37 | % | 71.63 | % |
(1) | For a share outstanding throughout the period. Rounded to the nearest cent. |
(2) | Net investment income (loss) per share is calculated based on average shares outstanding. |
(3) | Amount represents less than $0.005 per share. |
(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 1.60% for the period ended March 31, 2019, 1.54% for the year ended September 30, 2018, 1.56% for the year ended September 30, 2017, 1.61% for the year ended September 30, 2016, 1.54% for the year ended September 30, 2015, and 1.53% for the year ended September 30, 2014. |
(5) | The net investment income ratios include dividends and interest on securities sold short. |
(6) | The portfolio turnover rate excludes purchases and sales of securities sold short. |
(7) | Annualized. |
See Notes to the Financial Statements. | Leuthold Funds - 2019 Semi-Annual Report | 21 |
Leuthold Global Fund - Institutional - GLBIX
Financial Highlights
Six Months Ended March 31, 2019 | Year Ended September 30, 2018 (Consolidated) | Year Ended September 30, 2017 (Consolidated) | Year Ended September 30, 2016 (Consolidated) | Year Ended September 30, 2015 (Consolidated) | Year Ended September 30, 2014 (Consolidated) | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Per Share Data(1): | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 9.23 | $ | 10.16 | $ | 9.95 | $ | 10.10 | $ | 11.34 | $ | 11.69 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(2) | 0.02 | 0.05 | 0.06 | 0.01 | (0.01 | ) | 0.05 | |||||||||||||||||
Net realized and unrealized gain (loss) on investments and securities sold short | (0.43 | ) | (0.07 | ) | 1.03 | 0.21 | (0.11 | ) | 0.84 | |||||||||||||||
Total from investment operations | (0.41 | ) | (0.02 | ) | 1.09 | 0.22 | (0.12 | ) | 0.89 | |||||||||||||||
Less distributions: | ||||||||||||||||||||||||
From net investment income | (0.01 | ) | (0.03 | ) | (0.01 | ) | — | (0.03 | ) | (0.10 | ) | |||||||||||||
From net realized gain | (0.64 | ) | (0.88 | ) | (0.87 | ) | (0.37 | ) | (1.09 | ) | (1.14 | ) | ||||||||||||
Redemption fees | 0.00 | (3) | 0.00 | (3) | 0.00 | (3) | 0.00 | (3) | 0.00 | (3) | — | |||||||||||||
Total distributions | (0.65 | ) | (0.91 | ) | (0.88 | ) | (0.37 | ) | (1.12 | ) | (1.24 | ) | ||||||||||||
Net asset value, end of period | $ | 8.17 | $ | 9.23 | $ | 10.16 | $ | 9.95 | $ | 10.10 | $ | 11.34 | ||||||||||||
Total Return | (4.45 | )% | (0.43 | )% | 12.28 | % | 2.18 | % | (1.30 | )% | 7.95 | % | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period | $ | 56,517,970 | $ | 64,388,940 | $ | 78,614,144 | $ | 103,921,200 | $ | 218,497,272 | $ | 231,615,536 | ||||||||||||
Ratio of expenses to average net assets(4) | 1.64 | %(7) | 1.50 | % | 1.36 | % | 1.57 | % | 1.50 | % | 1.44 | % | ||||||||||||
Ratio of net investment income (loss) to average net assets(5) | 0.42 | %(7) | 0.53 | % | 0.58 | % | 0.10 | % | (0.09 | )% | 0.45 | % | ||||||||||||
Portfolio turnover rate (6) | 40.42 | % | 79.09 | % | 63.13 | % | 102.93 | % | 78.37 | % | 71.63 | % |
(1) | For a share outstanding throughout the period. Rounded to the nearest cent. |
(2) | Net investment income (loss) per share is calculated based on average shares outstanding. |
(3) | Amount represents less than $0.005 per share. |
(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 1.36% for the period ended March 31, 2019, 1.29% for the year ended September 30, 2018, 1.36% for the year ended September 30, 2017, 1.36% for the year ended September 30, 2016, 1.33% for the year ended September 30, 2015, and 1.33% for the year ended September 30, 2014. |
(5) | The net investment income ratios include dividends and interest on securities sold short. |
(6) | The portfolio turnover rate excludes purchases and sales of securities sold short. |
(7) | Annualized. |
22 | Leuthold Funds - 2019 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Select Industries Fund - LSLTX
Financial Highlights
Six Months Ended March 31, 2019 | Year Ended September 30, 2018 | Year Ended September 30, 2017 | Year Ended September 30, 2016 | Year Ended September 30, 2015 | Year Ended September 30, 2014 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Per Share Data(1): | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 27.31 | $ | 26.32 | $ | 21.41 | $ | 21.27 | $ | 20.02 | $ | 16.82 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)(2) | (0.02 | ) | (0.01 | ) | (0.02 | ) | 0.00 | (3) | (0.03 | ) | (0.07 | ) | ||||||||||||
Net realized and unrealized gain (loss) on investments | (1.50 | ) | 2.28 | 4.93 | 0.45 | 1.28 | 3.27 | |||||||||||||||||
Total from investment operations | (1.52 | ) | 2.27 | 4.91 | 0.45 | 1.25 | 3.20 | |||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
From net investment income | — | (0.01 | ) | — | (0.03 | ) | — | — | ||||||||||||||||
From net realized gain | (2.10 | ) | (1.27 | ) | — | (0.28 | ) | — | — | |||||||||||||||
Total distributions | (2.10 | ) | (1.28 | ) | — | (0.31 | ) | — | — | |||||||||||||||
Net asset value, end of period | $ | 23.69 | $ | 27.31 | $ | 26.32 | $ | 21.41 | $ | 21.27 | $ | 20.02 | ||||||||||||
Total Return | (5.50 | )% | 8.89 | % | 22.93 | % | 2.09 | % | 6.24 | % | 19.02 | % | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period | $ | 12,292,051 | $ | 18,111,932 | $ | 15,045,866 | $ | 12,630,891 | $ | 12,624,145 | $ | 14,977,451 | ||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||||||
Before expense reimbursement or recovery | 1.80 | %(4) | 1.65 | % | 1.80 | % | 1.72 | % | 1.73 | % | 1.68 | % | ||||||||||||
After expense reimbursement or recovery | 1.50 | %(4) | 1.50 | % | 1.50 | % | 1.50 | % | 1.50 | % | 1.58 | % | ||||||||||||
Ratio of net investment income (loss) to average net assets: | ||||||||||||||||||||||||
Before expense reimbursement or recovery | (0.46 | )%(4) | (0.17 | )% | (0.39 | )% | (0.20 | )% | (0.35 | )% | (0.44 | )% | ||||||||||||
After expense reimbursement or recovery | (0.16 | )%(4) | (0.02 | )% | (0.09 | )% | 0.02 | % | (0.12 | )% | (0.34 | )% | ||||||||||||
Portfolio turnover rate | 29.44 | % | 104.00 | % | 62.72 | % | 118.26 | % | 77.42 | % | 66.79 | % |
(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) | Amount represents less than $0.005 per share. |
(4) | Annualized. |
See Notes to the Financial Statements. | Leuthold Funds - 2019 Semi-Annual Report | 23 |
Leuthold Global Industries Fund - Retail - LGINX
Financial Highlights
Six Months Ended March 31, 2019 | Year Ended September 30, 2018 | Year Ended September 30, 2017 | Year Ended September 30, 2016 | Year Ended September 30, 2015 | Year Ended September 30, 2014 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Per Share Data(1): | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 16.90 | $ | 18.13 | $ | 15.64 | $ | 15.76 | $ | 16.54 | $ | 14.89 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (2) | 0.02 | 0.12 | 0.12 | 0.12 | 0.04 | 0.08 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (1.52 | ) | 0.09 | 3.01 | 0.41 | (0.46 | ) | 1.68 | ||||||||||||||||
Total from investment operations | (1.50 | ) | 0.21 | 3.13 | 0.53 | (0.42 | ) | 1.76 | ||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
From net investment income | (0.13 | ) | (0.17 | ) | (0.07 | ) | (0.07 | ) | (0.05 | ) | (0.11 | ) | ||||||||||||
From net realized gain | (1.76 | ) | (1.27 | ) | (0.57 | ) | (0.58 | ) | (0.31 | ) | — | |||||||||||||
Redemption fees | — | 0.00 | (3) | — | — | 0.00 | (3) | 0.00 | (3) | |||||||||||||||
Total distributions | (1.89 | ) | (1.44 | ) | (0.64 | ) | (0.65 | ) | (0.36 | ) | (0.11 | ) | ||||||||||||
Net asset value, end of period | $ | 13.51 | $ | 16.90 | �� | $ | 18.13 | $ | 15.64 | $ | 15.76 | $ | 16.54 | |||||||||||
Total Return | (8.66 | )% | 0.95 | % | 20.90 | % | 3.24 | % | (2.61 | )% | 11.78 | % | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period | $ | 1,192,486 | $ | 1,798,973 | $ | 1,952,884 | $ | 1,833,241 | $ | 5,015,722 | $ | 11,351,746 | ||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||||||
Before expense reimbursement or recovery | 3.36 | %(4) | 2.60 | % | 2.66 | % | 2.35 | % | 2.04 | % | 2.06 | % | ||||||||||||
After expense reimbursement or recovery | 1.50 | %(4) | 1.50 | % | 1.50 | % | 1.50 | % | 1.50 | % | 1.72 | % | ||||||||||||
Ratio of net investment income (loss) to average net assets: | ||||||||||||||||||||||||
Before expense reimbursement or recovery | (1.52 | )%(4) | (0.43 | )% | (0.43 | )% | (0.10 | )% | (0.29 | )% | 0.18 | % | ||||||||||||
After expense reimbursement or recovery | 0.34 | %(4) | 0.67 | % | 0.73 | % | 0.75 | % | 0.24 | % | 0.52 | % | ||||||||||||
Portfolio turnover rate | 44.01 | % | 101.26 | % | 87.41 | % | 110.53 | % | 95.84 | % | 107.17 | % |
(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) | Amount represents less than $0.005 per share. |
(4) | Annualized. |
24 | Leuthold Funds - 2019 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Global Industries Fund - Institutional - LGIIX
Financial Highlights
Six Months Ended March 31, 2019 | Year Ended September 30, 2018 | Year Ended September 30, 2017 | Year Ended September 30, 2016 | Year Ended September 30, 2015 | Year Ended September 30, 2014 | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Per Share Data(1): | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 17.02 | $ | 18.22 | $ | 15.70 | $ | 15.82 | $ | 16.63 | $ | 14.95 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (2) | 0.04 | 0.16 | 0.16 | 0.15 | 0.08 | 0.13 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | (1.53 | ) | 0.09 | 3.03 | 0.43 | (0.48 | ) | 1.69 | ||||||||||||||||
Total from investment operations | (1.49 | ) | 0.25 | 3.19 | 0.58 | (0.40 | ) | 1.82 | ||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
From net investment income | (0.17 | ) | (0.18 | ) | (0.10 | ) | (0.12 | ) | (0.10 | ) | (0.14 | ) | ||||||||||||
From net realized gain | (1.76 | ) | (1.27 | ) | (0.57 | ) | (0.58 | ) | (0.31 | ) | — | |||||||||||||
Redemption fees | — | — | — | — | 0.00 | (3) | — | |||||||||||||||||
Total distributions | (1.93 | ) | (1.45 | ) | (0.67 | ) | (0.70 | ) | (0.41 | ) | (0.14 | ) | ||||||||||||
Net asset value, end of period | $ | 13.60 | $ | 17.02 | $ | 18.22 | $ | 15.70 | $ | 15.82 | $ | 16.63 | ||||||||||||
Total Return | (8.53 | )% | 1.17 | % | 21.25 | % | 3.47 | % | (2.44 | )% | 12.16 | % | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period | $ | 6,162,371 | $ | 8,640,784 | $ | 8,980,549 | $ | 9,802,258 | $ | 14,272,916 | $ | 16,853,310 | ||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||||||
Before expense reimbursement or recovery | 3.11 | %(4) | 2.35 | % | 2.41 | % | 2.10 | % | 1.79 | % | 1.81 | % | ||||||||||||
After expense reimbursement or recovery | 1.25 | %(4) | 1.25 | % | 1.25 | % | 1.25 | % | 1.25 | % | 1.47 | % | ||||||||||||
Ratio of net investment income (loss) to average net assets: | ||||||||||||||||||||||||
Before expense reimbursement or recovery | (1.27 | )% (4) | (0.18 | )% | (0.18 | )% | 0.15 | % | (0.05 | )% | 0.43 | % | ||||||||||||
After expense reimbursement or recovery | 0.59 | %(4) | 0.92 | % | 0.98 | % | 1.00 | % | 0.49 | % | 0.77 | % | ||||||||||||
Portfolio turnover rate | 44.01 | % | 101.26 | % | 87.41 | % | 110.53 | % | 95.84 | % | 107.17 | % |
(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) | Amount represents less than $0.005 per share. |
(4) | Annualized. |
See Notes to the Financial Statements. | Leuthold Funds - 2019 Semi-Annual Report | 25 |
Grizzly Short Fund - GRZZX
Financial Highlights
Six Months Ended March 31, 2019 | Year Ended September 30, 2018 | Year Ended September 30, 2017(1) | Year Ended September 30, 2016(1) | Year Ended September 30, 2015(1) | Year Ended September 30, 2014(1) | |||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Per Share Data(2): | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 17.65 | $ | 21.48 | $ | 24.68 | $ | 31.96 | $ | 29.48 | $ | 34.32 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss) | 0.09 | (3) | (0.03 | )(3) | (0.40 | )(3) | (0.72 | )(3) | (0.80 | )(3) | (1.04 | )(4) | ||||||||||||
Net realized and unrealized gain (loss) on investments and securities sold short | (1.06 | ) | (3.80 | ) | (2.80 | ) | (6.56 | ) | 3.28 | (3.80 | ) | |||||||||||||
Total from investment operations | (0.97 | ) | (3.83 | ) | (3.20 | ) | (7.28 | ) | 2.48 | (4.84 | ) | |||||||||||||
Less distributions: | ||||||||||||||||||||||||
From net investment income | — | — | — | — | — | — | ||||||||||||||||||
From net realized gain | — | — | — | — | — | — | ||||||||||||||||||
Total distributions | — | — | — | — | — | — | ||||||||||||||||||
Net asset value, end of period | $ | 16.68 | $ | 17.65 | $ | 21.48 | $ | 24.68 | $ | 31.96 | $ | 29.48 | ||||||||||||
Total Return | (5.55 | )% | (17.83 | )% | (12.97 | )% | (22.78 | )% | 8.41 | % | (14.20 | )% | ||||||||||||
Supplemental data and ratios: | ||||||||||||||||||||||||
Net assets, end of period | $ | 94,814,873 | $ | 98,948,757 | $ | 205,698,273 | $ | 178,211,844 | $ | 265,843,184 | $ | 72,182,207 | ||||||||||||
Ratio of expenses to average net assets(5) | 2.73 | %(8) | 2.64 | % | 2.63 | % | 2.65 | % | 2.81 | % | 3.35 | % | ||||||||||||
Ratio of net investment income (loss) to average net assets(6) | 0.94 | %(8) | (0.54 | )% | (1.78 | )% | (2.50 | )% | (2.81 | )% | (3.35 | )% | ||||||||||||
Portfolio turnover rate(7) | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % |
(1) | Per share data adjusted for 1:4 reverse split completed as of May 18, 2018. |
(2) | For a share outstanding throughout the period. Rounded to the nearest cent. |
(3) | Net investment income (loss) per share is calculated based on average shares outstanding. |
(4) | Net investment loss per share is calculated using ending balances prior to consideration of adjustments for permanent book and tax differences. |
(5) | The ratio of expenses to average net assets includes dividends and interest on securites sold short. The expense ratios excluding dividends and interest on securities sold short were 1.61% for the period ended March 31, 2019, 1.53% for the year ended September 30, 2018, 1.54% for the year ended September 30, 2017, 1.52% for the year ended September 30, 2016, 1.55% for the year ended September 30, 2015, and 1.57% for the year ended September 30, 2014. |
(6) | The net investment income ratios include dividends and interest on securities sold short. |
(7) | The portfolio turnover rate excludes purchases and sales of securities sold short. |
(8) | Annualized. |
26 | Leuthold Funds - 2019 Semi-Annual Report | See Notes to the Financial Statements. |
Schedule of Investments
Shares | Fair Value | |||||||
COMMON STOCKS - 54.08% | ||||||||
Airlines - 0.81% | ||||||||
Delta Air Lines, Inc. (f) | 56,269 | $ | 2,906,294 | |||||
United Continental Holdings, Inc. (a) | 35,089 | 2,799,400 | ||||||
5,705,694 | ||||||||
Biotechnology - 2.65% | ||||||||
AbbVie, Inc. | 40,087 | 3,230,611 | ||||||
Amgen, Inc. | 17,938 | 3,407,861 | ||||||
Biogen, Inc. (a) | 10,617 | 2,509,647 | ||||||
Celgene Corp. (a) | 25,077 | 2,365,764 | ||||||
Gilead Sciences, Inc. | 50,886 | 3,308,099 | ||||||
Regeneron Pharmaceuticals, Inc. (a)(f) | 9,152 | 3,757,994 | ||||||
18,579,976 | ||||||||
Chemicals - 0.00% (i) | ||||||||
China Lumena New Materials Corp. (a)(b)(d)(e) | 838,000 | 6,405 | ||||||
Commercial Services & Supplies - 2.27% | ||||||||
Republic Services, Inc. (f) | 66,628 | 5,355,559 | ||||||
Stericycle, Inc. (a)(f) | 46,127 | 2,510,231 | ||||||
Tetra Tech, Inc. | 41,002 | 2,443,309 | ||||||
Waste Management, Inc. | 53,998 | 5,610,932 | ||||||
15,920,031 | ||||||||
Consumer Finance - 1.88% | ||||||||
Ally Financial, Inc. (f) | 106,166 | 2,918,503 | ||||||
Capital One Financial Corp. | 32,582 | 2,661,624 | ||||||
OneMain Holdings, Inc. | 45,944 | 1,458,722 | ||||||
Santander Consumer USA Holdings, Inc. (f) | 97,746 | 2,065,373 | ||||||
Synchrony Financial | 72,486 | 2,312,303 | ||||||
World Acceptance Corp. (a)(f) | 15,193 | 1,779,556 | ||||||
13,196,081 |
Shares | Fair Value | |||||||
Entertainment - 1.18% | ||||||||
Viacom, Inc. - Class B | 116,233 | $ | 3,262,660 | |||||
The Walt Disney Co. | 45,029 | 4,999,570 | ||||||
8,262,230 | ||||||||
Food & Staples Retailing - 2.16% | ||||||||
Costco Wholesale Corp. | 32,582 | 7,889,405 | ||||||
Walmart, Inc. | 73,950 | 7,212,344 | ||||||
15,101,749 | ||||||||
Health Care Providers & Services - 9.41% | ||||||||
Acadia Healthcare Co., Inc. (a)(f) | 104,519 | 3,063,452 | ||||||
Anthem, Inc. | 26,175 | 7,511,701 | ||||||
Centene Corp. (a) | 105,800 | 5,617,980 | ||||||
Cigna Corp. | 25,857 | 4,158,323 | ||||||
CVS Health Corp. | 78,709 | 4,244,776 | ||||||
Encompass Health Corp. | 66,811 | 3,901,762 | ||||||
HCA Healthcare, Inc. | 56,839 | 7,410,669 | ||||||
Humana, Inc. | 17,389 | 4,625,474 | ||||||
Laboratory Corp. of America Holdings (a) | 23,064 | 3,528,331 | ||||||
Quest Diagnostics, Inc. | 38,256 | 3,439,979 | ||||||
Select Medical Holdings Corp. (a) | 142,775 | 2,011,700 | ||||||
Tenet Healthcare Corp. (a) | 66,445 | 1,916,274 | ||||||
UnitedHealth Group, Inc. | 30,752 | 7,603,740 | ||||||
Universal Health Services, Inc. - Class B | 51,436 | 6,880,594 | ||||||
65,914,755 | ||||||||
Hotels, Restaurants & Leisure - 2.62% | ||||||||
BJ's Restaurants, Inc. | 29,836 | 1,410,646 | ||||||
Brinker International, Inc. (f) | 36,975 | 1,640,950 | ||||||
The Cheesecake Factory, Inc. (f) | 37,341 | 1,826,722 | ||||||
Cracker Barrel Old Country Store, Inc. (f) | 10,983 | 1,774,963 | ||||||
Darden Restaurants, Inc. | 25,443 | 3,090,561 | ||||||
Dave & Buster's Entertainment, Inc. (f) | 31,850 | 1,588,360 |
See Notes to the Financial Statements. | Leuthold Funds - 2019 Semi-Annual Report | 27 |
Schedule of Investments (continued)
Shares | Fair Value | |||||||
COMMON STOCKS - 54.08% (continued) | ||||||||
Hotels, Restaurants & Leisure - 2.62% (continued) | ||||||||
Dine Brands Global, Inc. (f) | 20,684 | $ | 1,888,242 | |||||
The Wendy's Co. (f) | 107,264 | 1,918,953 | ||||||
Yum! Brands, Inc. | 31,850 | 3,178,949 | ||||||
18,318,346 | ||||||||
Household Durables - 2.32% | ||||||||
D.R. Horton, Inc. | 97,746 | 4,044,729 | ||||||
Lennar Corp. - Class A | 58,574 | 2,875,398 | ||||||
Meritage Homes Corp. (a)(f) | 41,917 | 1,874,109 | ||||||
PulteGroup, Inc. | 148,998 | 4,165,984 | ||||||
Toll Brothers, Inc. | 90,058 | 3,260,100 | ||||||
16,220,320 | ||||||||
Interactive Media & Services - 2.50% | ||||||||
Alphabet, Inc. - Class A (a) | 7,709 | 9,072,645 | ||||||
Facebook, Inc. - Class A (a) | 23,131 | 3,855,706 | ||||||
IAC/InterActiveCorp (a) | 12,771 | 2,683,315 | ||||||
YY, Inc. - Class A - ADR (a) | 23,008 | 1,932,902 | ||||||
17,544,568 | ||||||||
IT Services - 4.95% | ||||||||
Alliance Data Systems Corp. (f) | 13,545 | 2,370,104 | ||||||
Fiserv, Inc. (a)(f) | 64,432 | 5,688,057 | ||||||
FleetCor Technologies, Inc. (a) | 14,644 | 3,611,064 | ||||||
Genpact, Ltd. | 51,436 | 1,809,519 | ||||||
MasterCard, Inc. - Class A | 35,328 | 8,317,978 | ||||||
MAXIMUS, Inc. | 44,114 | 3,131,212 | ||||||
Visa, Inc. - Class A (f) | 50,154 | 7,833,553 | ||||||
The Western Union Co. (f) | 102,322 | 1,889,887 | ||||||
34,651,374 | ||||||||
Media - 1.49% | ||||||||
AMC Networks, Inc. - Class A (a)(f) | 33,314 | 1,890,903 | ||||||
Comcast Corp. - Class A | 100,675 | 4,024,986 | ||||||
Discovery, Inc. - Class A (a)(f) | 65,896 | 1,780,510 | ||||||
Nexstar Media Group, Inc. - Class A (f) | 25,443 | 2,757,258 | ||||||
10,453,657 |
Shares | Fair Value | |||||||
Multiline Retail - 2.97% | ||||||||
Dollar General Corp. | 57,476 | $ | 6,856,887 | |||||
Dollar Tree, Inc. (a) | 51,070 | 5,364,393 | ||||||
Target Corp. (f) | 106,715 | 8,564,946 | ||||||
20,786,226 | ||||||||
Professional Services - 2.73% | ||||||||
ASGN, Inc. (a)(f) | 58,940 | 3,742,101 | ||||||
Insperity, Inc. | 44,846 | 5,545,656 | ||||||
Robert Half International, Inc. (f) | 68,093 | 4,436,940 | ||||||
TriNet Group, Inc. (a) | 62,601 | 3,739,784 | ||||||
TrueBlue, Inc. (a) | 69,374 | 1,640,001 | ||||||
19,104,482 | ||||||||
Road & Rail - 4.04% | ||||||||
Canadian National Railway Co. (b) | 33,131 | 2,964,562 | ||||||
Canadian Pacific Railway, Ltd. (b) | 19,220 | 3,959,897 | ||||||
CSX Corp. (f) | 55,280 | 4,136,049 | ||||||
Genesee & Wyoming, Inc. - Class A (a) | 35,328 | 3,078,482 | ||||||
Kansas City Southern | 32,582 | 3,778,860 | ||||||
Norfolk Southern Corp. | 23,247 | 4,344,632 | ||||||
Union Pacific Corp. (f) | 24,528 | 4,101,082 | ||||||
Werner Enterprises, Inc. (f) | 57,476 | 1,962,805 | ||||||
28,326,369 | ||||||||
Semiconductors & Semiconductor Equipment - 3.21% | ||||||||
Applied Materials, Inc. | 113,122 | 4,486,419 | ||||||
KLA-Tencor Corp. | 23,064 | 2,754,072 | ||||||
Kulicke & Soffa Industries, Inc. (b) | 62,601 | 1,384,108 | ||||||
Lam Research Corp. | 40,819 | 7,307,009 | ||||||
MKS Instruments, Inc. (f) | 42,832 | 3,985,518 | ||||||
SolarEdge Technologies, Inc. (a)(b)(f) | 67,544 | 2,545,058 | ||||||
22,462,184 |
28 | Leuthold Funds - 2019 Semi-Annual Report | See Notes to the Financial Statements. |
Schedule of Investments (continued)
Shares | Fair Value | |||||||
COMMON STOCKS - 54.08% (continued) | ||||||||
Software - 3.72% | ||||||||
Check Point Software Technologies, Ltd. (a)(b) | 38,869 | $ | 4,916,540 | |||||
Fortinet, Inc. (a) | 43,577 | 3,659,160 | ||||||
Microsoft Corp. | 75,505 | 8,905,060 | ||||||
Oracle Corp. | 90,669 | 4,869,832 | ||||||
VMware, Inc. - Class A (f) | 20,461 | 3,693,415 | ||||||
26,044,007 | ||||||||
Specialty Retail - 3.17% | ||||||||
Aaron's, Inc. (f) | 73,218 | 3,851,267 | ||||||
AutoZone, Inc. (a) | 3,478 | 3,561,889 | ||||||
Group 1 Automotive, Inc. | 28,006 | 1,811,988 | ||||||
The Home Depot, Inc. | 15,193 | 2,915,385 | ||||||
Lowe's Companies, Inc. | 50,154 | 5,490,358 | ||||||
Penske Automotive Group, Inc. | 47,409 | 2,116,812 | ||||||
Williams-Sonoma, Inc. (f) | 43,287 | 2,435,760 | ||||||
22,183,459 | ||||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $313,776,829) | $ | 378,781,913 | ||||||
INVESTMENT COMPANIES - 12.08% | ||||||||
Exchange Traded Funds - 12.08% | ||||||||
Invesco CurrencyShares Euro Currency Trust (a)(f) | 34,111 | $ | 3,650,559 | |||||
Invesco CurrencyShares Japanese Yen Trust (a)(f)(h) | 239,414 | 20,615,940 | ||||||
iShares Floating Rate Bond ETF (f) | 120,161 | 6,117,396 | ||||||
iShares International Treasury Bond ETF (f) | 347,250 | 17,029,140 | ||||||
iShares JP Morgan USD Emerging Markets Bond ETF | 52,626 | 5,792,018 | ||||||
iShares MBS ETF (f) | 101,832 | 10,830,851 | ||||||
SPDR Gold Shares (a)(f) | 168,792 | 20,594,312 | ||||||
TOTAL INVESTMENT COMPANIES | ||||||||
(Cost $84,608,182) | $ | 84,630,216 |
Principal Amount | Fair Value | |||||||
CORPORATE BONDS - 2.62% | ||||||||
Banks - 0.78% | ||||||||
JPMorgan Chase & Co. | ||||||||
1.500%, 01/27/2025 | $ | 4,600,000 | $ | 5,441,133 | ||||
Food Products - 0.60% | ||||||||
Kraft Heinz Foods Co. | ||||||||
3.950%, 07/15/2025 | 4,150,000 | 4,182,139 | ||||||
Software - 0.66% | ||||||||
Oracle Corp. | ||||||||
2.950%, 05/15/2025 | 4,620,000 | 4,614,015 | ||||||
Technology Hardware, Storage & Peripherals - 0.58% | ||||||||
Apple, Inc. | ||||||||
1.000%, 11/10/2022 | 3,500,000 | 4,079,805 | ||||||
TOTAL CORPORATE BONDS | ||||||||
(Cost $18,163,007) | $ | 18,317,092 | ||||||
UNITED STATES TREASURY OBLIGATIONS - 5.23% | ||||||||
United States Treasury Inflation | ||||||||
Index Bond - 1.38% | ||||||||
0.125%, 07/15/2022 | $ | 9,730,816 | $ | 9,678,533 | ||||
United States Treasury Notes - 3.85% | ||||||||
2.500%, 12/31/2020 | 4,260,000 | 4,272,813 | ||||||
2.500%, 01/31/2025 | 13,980,000 | 14,141,097 | ||||||
3.500%, 02/15/2039 | 7,540,000 | 8,543,468 | ||||||
26,957,378 | ||||||||
TOTAL UNITED STATES TREASURY OBLIGATIONS (Cost $35,672,586) | $ | 36,635,911 |
See Notes to the Financial Statements. | Leuthold Funds - 2019 Semi-Annual Report | 29 |
Schedule of Investments (continued)
Principal Amount | Fair Value | |||||||
FOREIGN GOVERNMENT BONDS - 4.09% | ||||||||
Argentine Republic Government International Bond | ||||||||
6.250%, 04/22/2019 (b) | $ | 4,300,000 | $ | 4,302,150 | ||||
Canadian Government Bond | ||||||||
2.250%, 06/01/2025 (b) | CAD | 5,400,000 | 4,203,825 | |||||
French Republic Government Bond OAT | ||||||||
1.250%, 05/25/2034 (b) | EUR | 10,480,000 | 12,655,588 | |||||
Government of the United Kingdom | ||||||||
2.250%, 09/07/2023 (b) | GBP | 3,750,000 | 5,214,008 | |||||
Korea International Bond | ||||||||
7.125%, 04/16/2019 (b) | $ | 2,250,000 | 2,254,208 | |||||
TOTAL FOREIGN GOVERNMENT BONDS | ||||||||
(Cost $28,150,253) | $ | 28,629,779 |
Shares | Fair Value | |||||||
SHORT-TERM INVESTMENTS - 20.41% | ||||||||
Money Market Funds - 20.41% | ||||||||
Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 2.300% (c)(g) | 142,962,278 | $ | 142,962,278 | |||||
TOTAL SHORT-TERM INVESTMENTS | ||||||||
(Cost $142,962,278) | $ | 142,962,278 | ||||||
INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL - 15.05% | ||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 2.610% (c) | 105,428,945 | $ | 105,428,945 | |||||
TOTAL INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL | ||||||||
(Cost $105,428,945) | $ | 105,428,945 |
Fair Value | ||||
Total Investments | ||||
(Cost $728,762,080) - 113.56% | $ | 795,386,134 | ||
Liabilities in Excess of Other Assets - (13.56)% | (95,005,125 | ) | ||
TOTAL NET ASSETS - 100.00% | $ | 700,381,009 |
(a) | Non-income producing security. |
(b) | Foreign issued security. |
(c) | The rate quoted is the annualized seven-day yield as of March 31, 2019. |
(d) | Illiquid security. The fair value of these securities total $6,405 which represents an amount that rounds to 0.00% of total net assets. |
(e) | This security is currently being fair valued in accordance with procedures established by the Board of Directors of Leuthold Funds, Inc. and is deemed a Level 3 security as it is valued usinig significant unobservable inputs. |
(f) | This security or a portion of this security was out on loan as of March 31, 2019. Total loaned securities had a value of $103,535,380 or 14.78% of net assets. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous. See Note 8. |
(g) | All or a portion of the assets have been committed as collateral for open securites sold short. |
(h) | Affiliated security. At March 31, 2019, the market value of this security totals $20,615,940, which represents 2.94% of total net assets. |
(I) | Rounds to less than 0.005%. |
30 | Leuthold Funds - 2019 Semi-Annual Report | See Notes to the Financial Statements. |
Schedule of Investments Sold Short - (a)
Shares | Fair Value | |||||||
COMMON STOCKS - 6.81% | ||||||||
Aerospace & Defense - 0.14% | ||||||||
Embraer SA - ADR | 12,158 | $ | 231,124 | |||||
L3 Technologies, Inc. | 3,793 | 782,761 | ||||||
1,013,885 | ||||||||
Beverages - 0.50% | ||||||||
Anheuser-Busch InBev SA/NV - ADR | 7,950 | 667,561 | ||||||
Brown-Forman Corp. - Class B | 18,601 | 981,761 | ||||||
Keurig Dr Pepper, Inc. | 27,642 | 773,147 | ||||||
MGP Ingredients, Inc. | 3,325 | 256,524 | ||||||
Monster Beverage Corp. | 15,224 | 830,926 | ||||||
3,509,919 | ||||||||
Capital Markets - 0.15% | ||||||||
SEI Investments Co. | 14,756 | 771,001 | ||||||
WisdomTree Investments, Inc. | 34,708 | 245,038 | ||||||
1,016,039 | ||||||||
Chemicals - 0.18% | ||||||||
GCP Applied Technologies, Inc. | 8,570 | 253,672 | ||||||
The Scotts Miracle-Gro Co. | 9,716 | 763,483 | ||||||
Sensient Technologies Corp. | 3,728 | 252,721 | ||||||
1,269,876 | ||||||||
Commercial Services & Supplies - 0.21% | ||||||||
Copart, Inc. | 12,626 | 765,010 | ||||||
Healthcare Services Group, Inc. | 14,081 | 464,532 | ||||||
Ritchie Bros Auctioneers, Inc. (b) | 7,066 | 240,244 | ||||||
1,469,786 | ||||||||
Construction & Engineering - 0.04% | ||||||||
Granite Construction, Inc. | 5,767 | 248,846 | ||||||
Construction Materials - 0.06% | ||||||||
Summit Materials, Inc. - Class A | 27,642 | 438,679 |
Shares | Fair Value | |||||||
Diversified Consumer Services - 0.23% | ||||||||
New Oriental Education & Technology Group, Inc. - ADR | 9,508 | $ | 856,576 | |||||
ServiceMaster Global Holdings, Inc. | 16,066 | 750,282 | ||||||
1,606,858 | ||||||||
Electronic Equipment, Instruments & Components - 0.22% | ||||||||
Cognex Corp. | 14,860 | 755,780 | ||||||
IPG Photonics Corp. | 5,352 | 812,326 | ||||||
1,568,106 | ||||||||
Energy Equipment & Services - 0.47% | ||||||||
Baker Hughes, a GE Co. - Class A | 31,383 | 869,937 | ||||||
Core Laboratories NV (b) | 11,898 | 820,129 | ||||||
Halliburton Co. | 17,926 | 525,232 | ||||||
National Oilwell Varco, Inc. | 17,562 | 467,852 | ||||||
Schlumberger, Ltd. | 14,185 | 618,040 | ||||||
3,301,190 | ||||||||
Entertainment - 0.35% | ||||||||
Activision Blizzard, Inc. | 18,133 | 825,595 | ||||||
Electronic Arts, Inc. | 7,158 | 727,468 | ||||||
Netflix, Inc. | 2,494 | 889,261 | ||||||
2,442,324 | ||||||||
Food Products - 0.04% | ||||||||
BRF SA - ADR | 51,854 | 301,790 | ||||||
Health Care Equipment & Supplies - 0.47% | ||||||||
Align Technology, Inc. | 3,429 | 974,968 | ||||||
Becton Dickinson and Co. | 2,962 | 739,700 | ||||||
Insulet Corp. | 8,417 | 800,372 | ||||||
Intuitive Surgical, Inc. | 1,351 | 770,854 | ||||||
3,285,894 | ||||||||
Health Care Technology - 0.10% | ||||||||
Teladoc Health, Inc. | 12,782 | 710,679 |
See Notes to the Financial Statements. | Leuthold Funds - 2019 Semi-Annual Report | 31 |
Schedule of Investments Sold Short - (a) (continued)
Shares | Fair Value | |||||||
COMMON STOCKS - 6.81% (continued) | ||||||||
Hotels, Restaurants & Leisure - 0.46% | ||||||||
Boyd Gaming Corp. | 30,967 | $ | 847,257 | |||||
Melco Resorts & Entertainment, Ltd. - ADR | 39,852 | 900,257 | ||||||
MGM Resorts International | 27,278 | 699,953 | ||||||
Vail Resorts, Inc. | 3,530 | 767,069 | ||||||
3,214,536 | ||||||||
Household Products - 0.04% | ||||||||
Spectrum Brands Holdings, Inc. | 4,520 | 247,606 | ||||||
Industrial Conglomerates - 0.11% | ||||||||
General Electric Co. | 77,262 | 771,847 | ||||||
Insurance - 0.30% | ||||||||
American International Group, Inc. | 15,172 | 653,306 | ||||||
Fidelity National Financial, Inc. | 20,333 | 743,171 | ||||||
RenaissanceRe Holdings, Ltd. (b) | 5,077 | 728,550 | ||||||
2,125,027 | ||||||||
Interactive Media & Services - 0.08% | ||||||||
Snap, Inc. - Class A | 52,790 | 581,746 | ||||||
Internet & Direct Marketing Retail - 0.29% | ||||||||
Alibaba Group Holding, Ltd. - ADR | 4,001 | 729,983 | ||||||
GrubHub, Inc. | 11,847 | 823,011 | ||||||
Shutterfly, Inc. | 12,088 | 491,256 | ||||||
2,044,250 | ||||||||
Machinery - 0.38% | ||||||||
Fortive Corp. | 9,404 | 788,901 | ||||||
IDEX Corp. | 6,027 | 914,537 | ||||||
Xylem, Inc. | 11,795 | 932,277 | ||||||
2,635,715 | ||||||||
Multi-Utilities - 0.11% | ||||||||
Sempra Energy | 6,183 | 778,192 |
Shares | Fair Value | |||||||
Oil, Gas & Consumable Fuels - 0.26% | ||||||||
Concho Resources, Inc. | 6,703 | $ | 743,765 | |||||
Diamondback Energy, Inc. | 8,157 | 828,180 | ||||||
Jagged Peak Energy, Inc. | �� | 24,109 | 252,421 | |||||
1,824,366 | ||||||||
Pharmaceuticals - 0.08% | ||||||||
Nektar Therapeutics | 16,003 | 537,701 | ||||||
Professional Services - 0.22% | ||||||||
CoStar Group, Inc. | 1,603 | 747,671 | ||||||
TransUnion | 11,422 | 763,447 | ||||||
1,511,118 | ||||||||
Real Estate Investment Trusts (REITs) - 0.11% | ||||||||
Equinix, Inc. | 1,767 | 800,734 | ||||||
Real Estate Management & Development - 0.09% | ||||||||
The Howard Hughes Corp. | 5,560 | 611,600 | ||||||
Semiconductors & Semiconductor Equipment - 0.30% | ||||||||
Ambarella, Inc. | 14,444 | 623,981 | ||||||
Marvell Technology Group, Ltd. | 38,397 | 763,716 | ||||||
Microchip Technology, Inc. | 8,625 | 715,530 | ||||||
2,103,227 | ||||||||
Software - 0.49% | ||||||||
2U, Inc. | 10,288 | 728,905 | ||||||
Blackbaud, Inc. | 7,950 | 633,853 | ||||||
Cloudera, Inc. | 32,318 | 353,559 | ||||||
Instructure, Inc. | 8,313 | 391,708 | ||||||
Pegasystems, Inc. | 9,353 | 607,945 | ||||||
Proofpoint, Inc. | 6,183 | 750,802 | ||||||
3,466,772 | ||||||||
Technology Hardware, Storage & Peripherals - 0.13% | ||||||||
Pure Storage, Inc. | 40,372 | 879,706 |
32 | Leuthold Funds - 2019 Semi-Annual Report | See Notes to the Financial Statements. |
Schedule of Investments Sold Short - (a) (continued)
Shares | Fair Value | |||||||
COMMON STOCKS - 6.81% (continued) | ||||||||
Thrifts & Mortgage Finance - 0.12% | ||||||||
LendingTree, Inc. | 2,442 | $ | 858,509 | |||||
Trading Companies & Distributors - 0.08% | ||||||||
SiteOne Landscape Supply, Inc. | 9,612 | 549,326 | ||||||
TOTAL COMMON STOCKS | ||||||||
(Proceeds $47,732,297) | $ | 47,725,849 | ||||||
INVESTMENT COMPANIES - 0.23% | ||||||||
Exchange Traded Funds - 0.23% | ||||||||
SPDR S&P 500 ETF Trust | 5,612 | $ | 1,585,278 | |||||
TOTAL INVESTMENT COMPANIES | ||||||||
(Proceeds $1,539,831) | $ | 1,585,278 | ||||||
TOTAL SECURITIES SOLD SHORT | ||||||||
(Proceeds $49,272,128) - 7.04% | $ | 49,311,127 |
(a) | Non-income producing security. |
(b) | Foreign issued security. |
See Notes to the Financial Statements. | Leuthold Funds - 2019 Semi-Annual Report | 33 |
Schedule of Investments
Shares | Fair Value | |||||||
COMMON STOCKS - 55.47% | ||||||||
Airlines - 1.56% | ||||||||
Hawaiian Holdings, Inc. (f) | 7,463 | $ | 195,904 | |||||
International Consolidated Airlines Group SA (b) | 46,366 | 308,520 | ||||||
SkyWest, Inc. (f) | 4,646 | 252,231 | ||||||
United Continental Holdings, Inc. (a) | 3,557 | 283,777 | ||||||
1,040,432 | ||||||||
Banks - 0.60% | ||||||||
Nedbank Group, Ltd. (b) | 8,854 | 154,737 | ||||||
Taishin Financial Holding Co., Ltd. (b) | 291,000 | 132,765 | ||||||
Turkiye Halk Bankasi AS (b) | 98,282 | 112,968 | ||||||
400,470 | ||||||||
Communications Equipment - 3.03% | ||||||||
Arcadyan Technology Corp. (b) | 104,000 | 315,486 | ||||||
Ciena Corp. (a) | 12,937 | 483,067 | ||||||
Cisco Systems, Inc. (f) | 8,841 | 477,326 | ||||||
CommScope Holding Co., Inc. (a) | 10,768 | 233,989 | ||||||
Lumentum Holdings, Inc. (a)(f) | 7,295 | 412,459 | ||||||
Taihan Fiberoptics Co., Ltd. (a)(b) | 27,717 | 98,047 | ||||||
2,020,374 | ||||||||
Consumer Finance - 2.11% | ||||||||
Ally Financial, Inc. (f) | 12,372 | 340,106 | ||||||
Encore Capital Group, Inc. (a)(f) | 5,560 | 151,399 | ||||||
Hitachi Capital Corp. (b) | 7,200 | 167,211 | ||||||
Krungthai Card PCL - NVDR | 187,700 | 208,926 | ||||||
Nelnet, Inc. - Class A | 3,663 | 201,721 | ||||||
Santander Consumer USA Holdings, Inc. (f) | 16,066 | 339,475 | ||||||
1,408,838 |
Shares | Fair Value | |||||||
Diversified Telecommunication Services - 0.66% | ||||||||
China Telecom Corp., Ltd. - ADR | 2,739 | $ | 153,411 | |||||
Telekomunikasi Indonesia Persero Tbk PT - ADR | 5,750 | 157,895 | ||||||
Telkom SA SOC, Ltd. (b) | 24,815 | 126,029 | ||||||
437,335 | ||||||||
Electric Utilities - 0.18% | ||||||||
EDP - Energias do Brasil SA (b) | 28,400 | 123,382 | ||||||
Entertainment - 0.94% | ||||||||
Viacom, Inc. - Class B | 9,345 | 262,314 | ||||||
The Walt Disney Co. | 3,261 | 362,069 | ||||||
624,383 | ||||||||
Health Care Providers & Services - 6.08% | ||||||||
Alfresa Holdings Corp. (b) | 15,800 | 450,249 | ||||||
AmerisourceBergen Corp. | 3,665 | 291,441 | ||||||
Anthem, Inc. | 2,319 | 665,507 | ||||||
Centene Corp. (a) | 8,999 | 477,847 | ||||||
Cigna Corp. | 3,777 | 607,417 | ||||||
CVS Health Corp. | 5,977 | 322,340 | ||||||
Laboratory Corp. of America Holdings (a)(f) | 2,034 | 311,161 | ||||||
Medipal Holdings Corp. (b) | 17,300 | 411,633 | ||||||
UnitedHealth Group, Inc. | 2,104 | 520,235 | ||||||
4,057,830 | ||||||||
Household Durables - 2.65% | ||||||||
Barratt Developments PLC (b) | 35,180 | 274,804 | ||||||
Haseko Corp. (b) | 23,800 | 299,970 | ||||||
Lennar Corp. - Class A (f) | 6,975 | 342,403 | ||||||
Meritage Homes Corp. (a)(f) | 6,601 | 295,131 | ||||||
Redrow PLC (b) | 37,372 | 292,840 | ||||||
TRI Pointe Group, Inc. (a)(f) | 20,758 | 262,381 | ||||||
1,767,529 |
34 | Leuthold Funds - 2019 Semi-Annual Report | See Notes to the Financial Statements. |
Schedule of Investments (continued)
Shares | Fair Value | |||||||
COMMON STOCKS - 55.47% (continued) | ||||||||
Insurance - 2.68% | ||||||||
Dai-ichi Life Holdings, Inc. (b) | 16,400 | $ | 228,310 | |||||
Legal & General Group PLC (b) | 87,839 | 315,223 | ||||||
Lincoln National Corp. | 2,792 | 163,890 | ||||||
Medibank Pvt, Ltd. (b) | 104,799 | 205,707 | ||||||
Old Mutual, Ltd. (b) | 70,945 | 104,366 | ||||||
Ping An Insurance Group Co. of China, Ltd. - H Shares (b) | 48,000 | 540,394 | ||||||
Prudential Financial, Inc. | 2,509 | 230,527 | ||||||
1,788,417 | ||||||||
Interactive Media & Services - 2.54% | ||||||||
Alphabet, Inc. - Class A (a) | 526 | 619,044 | ||||||
Auto Trader Group PLC (b) | 28,087 | 191,032 | ||||||
Baidu, Inc. - Class A - ADR (a) | 1,567 | 258,320 | ||||||
Facebook, Inc. - Class A (a) | 1,145 | 190,860 | ||||||
IAC/InterActiveCorp (a) | 1,211 | 254,443 | ||||||
Yandex NV - Class A (a)(b) | 5,253 | 180,388 | ||||||
1,694,087 | ||||||||
IT Services - 6.25% | ||||||||
Accenture PLC - Class A (b)(f) | 2,485 | 437,410 | ||||||
Bechtle AG (b) | 2,276 | 211,166 | ||||||
CACI International, Inc. - Class A (a) | 1,651 | 300,515 | ||||||
Computershare, Ltd. (b) | 15,016 | 182,538 | ||||||
CSG Systems International, Inc. | 4,861 | 205,620 | ||||||
DXC Technology Co. | 4,720 | 303,543 | ||||||
First Data Corp. - Class A (a)(f) | 11,804 | 310,091 | ||||||
FleetCor Technologies, Inc. (a)(f) | 1,416 | 349,172 | ||||||
Genpact, Ltd. | 10,306 | 362,565 | ||||||
ManTech International Corp. - Class A | 3,513 | 189,772 | ||||||
MAXIMUS, Inc. | 3,261 | 231,466 | ||||||
NET One Systems Co., Ltd. (b) | 18,000 | 455,186 |
Shares | Fair Value | |||||||
IT Services - 6.25% (continued) | ||||||||
NS Solutions Corp. (b) | 7,800 | $ | 210,926 | |||||
TIS, Inc. (b) | 4,200 | 199,292 | ||||||
Wipro, Ltd. - ADR | 54,577 | 217,217 | ||||||
4,166,479 | ||||||||
Life Sciences Tools & Services - 3.57% | ||||||||
Bio-Rad Laboratories, Inc. - Class A (a) | 961 | 293,758 | ||||||
Cambrex Corp. (a)(f) | 5,976 | 232,168 | ||||||
Eurofins Scientific SE (b) | 620 | 256,843 | ||||||
Gerresheimer AG (b) | 3,945 | 296,952 | ||||||
IQVIA Holdings, Inc. (a)(f) | 3,141 | 451,833 | ||||||
Medpace Holdings, Inc. (a) | 4,903 | 289,130 | ||||||
Siegfried Holding AG (b) | 737 | 264,711 | ||||||
Syneos Health, Inc. (a)(f) | 5,691 | 294,566 | ||||||
2,379,961 | ||||||||
Media - 2.89% | ||||||||
Comcast Corp. - Class A | 9,899 | 395,762 | ||||||
Fuji Media Holdings, Inc. (b) | 12,500 | 172,671 | ||||||
Naspers, Ltd. (b) | 1,641 | 382,421 | ||||||
Nexstar Media Group, Inc. - Class A (f) | 3,398 | 368,241 | ||||||
Quebecor Inc. - Class B (b) | 7,870 | 192,929 | ||||||
TEGNA, Inc. | 15,587 | 219,777 | ||||||
Telenet Group Holding NV (b) | 4,112 | 197,747 | ||||||
1,929,548 | ||||||||
Metals & Mining - 1.32% | ||||||||
BlueScope Steel, Ltd. (b) | 38,133 | 378,490 | ||||||
Evraz PLC (b) | 26,156 | 211,617 | ||||||
Reliance Steel & Aluminum Co. | 2,001 | 180,610 | ||||||
United States Steel Corp. | 5,552 | 108,208 | ||||||
878,925 |
See Notes to the Financial Statements. | Leuthold Funds - 2019 Semi-Annual Report | 35 |
Schedule of Investments (continued)
Shares | Fair Value | |||||||
COMMON STOCKS - 55.47% (continued) | ||||||||
Oil, Gas & Consumable Fuels - 7.29% | ||||||||
Adaro Energy Tbk PT (b) | 1,443,500 | $ | 136,700 | |||||
Cenovus Energy, Inc. (b) | 22,679 | 196,854 | ||||||
Ecopetrol SA - ADR (f) | 11,800 | 252,992 | ||||||
Enagas SA (b) | 6,760 | 196,801 | ||||||
Energy Transfer LP | 18,672 | 286,989 | ||||||
Eni SpA - ADR | 6,603 | 232,690 | ||||||
Enterprise Products Partners LP | 10,241 | 298,013 | ||||||
Equinor ASA - ADR (f) | 10,164 | 223,303 | ||||||
Exxon Mobil Corp. | 4,082 | 329,826 | ||||||
Galp Energia SGPS SA (b) | 10,860 | 174,018 | ||||||
Keyera Corp. (b) | 8,815 | 207,850 | ||||||
Magellan Midstream Partners LP | 3,281 | 198,927 | ||||||
MOL Hungarian Oil & Gas PLC - A Series (b) | 18,685 | 214,272 | ||||||
Peabody Energy Corp. | 7,084 | 200,690 | ||||||
Phillips 66 Partners LP | 3,830 | 200,500 | ||||||
Plains All American Pipeline LP | 11,399 | 279,389 | ||||||
PTT PCL - NVDR | 139,400 | 210,864 | ||||||
Repsol SA (b) | 13,146 | 224,907 | ||||||
TransCanada Corp. (b) | 6,539 | 293,863 | ||||||
Whitehaven Coal, Ltd. (b) | 86,273 | 248,898 | ||||||
Yanzhou Coal Mining Co., Ltd. - H Shares (b) | 262,000 | 257,820 | ||||||
4,866,166 | ||||||||
Paper & Forest Products - 0.07% | ||||||||
China Forestry Holdings Co., Ltd. (a)(b)(d)(e) | 2,484,000 | 47,465 | ||||||
Road & Rail - 2.86% | ||||||||
Canadian National Railway Co. (b) | 3,358 | 300,474 | ||||||
Canadian Pacific Railway, Ltd. (b)(f) | 1,414 | 291,326 | ||||||
Central Japan Railway Co. (b) | 1,200 | 278,936 | ||||||
CSX Corp. (f) | 3,949 | 295,464 | ||||||
Hitachi Transport System, Ltd. (b) | 6,400 | 190,169 |
Shares | Fair Value | |||||||
Road & Rail - 2.86% (continued) | ||||||||
Knight-Swift Transportation Holdings, Inc. (f) | 5,566 | $ | 181,897 | |||||
Ryder System, Inc. | 2,990 | 185,350 | ||||||
TFI International, Inc. (b) | 6,332 | 187,020 | ||||||
1,910,636 | ||||||||
Semiconductors & Semiconductor | ||||||||
Equipment - 4.41% | ||||||||
Applied Materials, Inc. | 6,329 | 251,008 | ||||||
DB HiTek Co., Ltd. (b) | 15,235 | 168,158 | ||||||
Intel Corp. | 7,242 | 388,895 | ||||||
Lam Research Corp. | 1,834 | 328,304 | ||||||
Micron Technology, Inc. (a) | 13,150 | 543,490 | ||||||
ON Semiconductor Corp. (a)(f) | 16,008 | 329,285 | ||||||
SCREEN Holdings Co., Ltd. (b) | 3,100 | 125,403 | ||||||
Sino-American Silicon Products, Inc. (a)(b) | 80,000 | 175,706 | ||||||
STMicroelectronics NV - NYRS | 14,244 | 211,523 | ||||||
SUMCO Corp. (b) | 19,300 | 215,893 | ||||||
UniTest, Inc. (b) | 14,835 | 203,938 | ||||||
2,941,603 | ||||||||
Thrifts & Mortgage Finance - 0.21% | ||||||||
Sangsangin Co., Ltd. (a)(b) | 8,228 | 137,130 | ||||||
Wireless Telecommunication Services - 3.57% | ||||||||
China Mobile, Ltd. - ADR | 5,938 | 302,779 | ||||||
KDDI Corp. (b) | 19,100 | 411,362 | ||||||
Rogers Communications, Inc. - Class B (b) | 6,430 | 345,811 | ||||||
SoftBank Group Corp. (b) | 8,100 | 789,561 | ||||||
Telephone & Data Systems, Inc. | 8,054 | 247,500 | ||||||
T-Mobile US, Inc. (a) | 4,121 | 284,761 | ||||||
2,381,774 | ||||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $36,812,296) | $ | 37,002,764 |
36 | Leuthold Funds - 2019 Semi-Annual Report | See Notes to the Financial Statements. |
Schedule of Investments (continued)
Shares | Fair Value | |||||||
PREFERRED STOCKS - 0.21% | ||||||||
Diversified Telecommunication Services - 0.21% | ||||||||
Telefonica Brasil SA - ADR | 11,737 | $ | 141,666 | |||||
TOTAL PREFERRED STOCKS | ||||||||
(Cost $151,917) | $ | 141,666 | ||||||
INVESTMENT COMPANIES - 11.69% | ||||||||
Exchange Traded Funds - 11.69% | ||||||||
Invesco CurrencyShares Euro Currency Trust (a)(f) | 5,297 | $ | 566,885 | |||||
Invesco CurrencyShares Japanese Yen Trust (a)(f) | 21,570 | 1,857,393 | ||||||
iShares Floating Rate Bond ETF (f) | 13,602 | 692,478 | ||||||
iShares International Treasury Bond ETF (f) | 27,995 | 1,372,875 | ||||||
iShares JP Morgan USD Emerging Markets Bond ETF | 3,940 | 433,636 | ||||||
iShares MBS ETF (f) | 7,455 | 792,914 | ||||||
SPDR Gold Shares (a)(f) | 17,038 | 2,078,806 | ||||||
TOTAL INVESTMENT COMPANIES | ||||||||
(Cost $7,785,377) | $ | 7,794,987 |
Principal Amount | Fair Value | |||||||
CORPORATE BONDS - 1.71% | ||||||||
Banks - 0.83% | ||||||||
JPMorgan Chase & Co. | ||||||||
1.500%, 01/27/2025 | $ | 470,000 | $ | 555,942 | ||||
Diversified Telecommunication Services - 0.88% | ||||||||
AT&T, Inc. | ||||||||
3.400%, 05/15/2025 | 590,000 | 583,814 | ||||||
TOTAL CORPORATE BONDS | ||||||||
(Cost $1,099,898) | $ | 1,139,756 | ||||||
UNITED STATES TREASURY OBLIGATIONS - 5.06% | ||||||||
United States Treasury Inflation Indexed Bond - 1.62% | ||||||||
0.125%, 07/15/2022 | $ | 1,089,107 | $ | 1,083,255 | ||||
United States Treasury Notes - 3.44% | ||||||||
2.500%, 01/31/2025 | 1,289,000 | 1,303,854 | ||||||
3.500%, 02/15/2039 | 873,000 | 989,184 | ||||||
2,293,038 | ||||||||
TOTAL UNITED STATES TREASURY OBLIGATIONS (Cost $3,273,523) | $ | 3,376,293 | ||||||
FOREIGN GOVERNMENT BONDS - 5.85% | ||||||||
Argentine Republic Government International Bond | ||||||||
6.250%, 04/22/2019 (b) | $ | 725,000 | $ | 725,363 | ||||
Canadian Government Bond | ||||||||
2.250%, 06/01/2025 (b) | CAD | 610,000 | 474,877 | |||||
French Republic Government Bond OAT | ||||||||
1.250%, 05/25/2034 (b) | EUR | 1,180,000 | 1,424,961 | |||||
Government of the United Kingdom | ||||||||
2.250%, 09/07/2023 (b) | GBP | 630,000 | 875,953 | |||||
Korea International Bond | ||||||||
7.125%, 04/16/2019 (b) | $ | 400,000 | 400,748 | |||||
TOTAL FOREIGN GOVERNMENT BONDS | ||||||||
(Cost $3,834,098) | $ | 3,901,902 |
See Notes to the Financial Statements. | Leuthold Funds - 2019 Semi-Annual Report | 37 |
Schedule of Investments (continued)
Shares | Fair Value | |||||||
SHORT-TERM INVESTMENTS - 17.60% | ||||||||
Money Market Funds - 17.60% | ||||||||
Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 2.300% (c)(g) | 11,740,450 | $ | 11,740,450 | |||||
TOTAL SHORT-TERM INVESTMENTS | ||||||||
(Cost $11,740,450) | $ | 11,740,450 | ||||||
INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL - 19.23% | ||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 2.610% (c) | 12,827,954 | $ | 12,827,954 | |||||
TOTAL INVESTMENTS PURCHASED AS SECURITIES LENDING COLLATERAL (Cost $12,827,954) | $ | 12,827,954 | ||||||
Total Investments | ||||||||
(Cost $77,525,513) - 116.82% | $ | 77,925,772 | ||||||
Liabilities in Excess of Other Assets - (16.82)% | (11,221,398 | ) | ||||||
TOTAL NET ASSETS - 100.00% | $ | 66,704,374 |
(a) | Non-income producing security. |
(b) | Foreign issued security. |
(c) | The rate quoted is the annualized seven-day yield as of March 31, 2019. |
(d) | Illiquid security. The fair value of these securities total $47,465 which represents 0.07% of total net assets. |
(e) | This security is currently being fair valued in accordance with procedures established by the Board of Directors of Leuthold Funds, Inc. and is deemed a Level 3 security as it is valued using significant unobservable inputs. |
(f) | This security or a portion of this security was out on loan as of March 31, 2019. Total loaned securities had a value of $12,580,175 or 18.86% of net assets. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous. See Note 8. |
(g) | All or a portion of the assets have been committed as collateral for open securities sold short. |
38 | Leuthold Funds - 2019 Semi-Annual Report | See Notes to the Financial Statements. |
Schedule of Investments (continued)
Fair Value | Percentage of Total Investments | |||||||
CURRENCY EXPOSURE | ||||||||
Australian Dollar | $ | 1,015,633 | 1.30 | % | ||||
Brazilian Real | 123,382 | 0.16 | ||||||
British Pound | 2,574,355 | 3.30 | ||||||
Canadian Dollar | 1,408,487 | 1.81 | ||||||
Euro | 3,539,337 | 4.54 | ||||||
Hong Kong Dollar | 845,679 | 1.09 | ||||||
Hungarian Forint | 214,272 | 0.28 | ||||||
Indonesian Rupiah | 136,700 | 0.18 | ||||||
Japanese Yen | 4,606,772 | 5.91 | ||||||
New Taiwan Dollar | 623,957 | 0.80 | ||||||
South African Rand | 663,187 | 0.85 | ||||||
South Korea Won | 607,273 | 0.78 | ||||||
Swiss Franc | 264,710 | 0.34 | ||||||
Thai Baht | 419,790 | 0.54 | ||||||
Turkish Lira | 112,968 | 0.14 | ||||||
US Dollar | 60,769,270 | 77.98 | ||||||
Total Investments | $ | 77,925,772 | 100.00 | % |
Fair Value | Percentage of Total Investments | |||||||
PORTFOLIO DIVERSIFICATION | ||||||||
Argentina | $ | 725,363 | 0.93 | % | ||||
Australia | 1,015,633 | 1.30 | ||||||
Belgium | 197,747 | 0.25 | ||||||
Brazil | 265,048 | 0.34 | ||||||
Canada | 2,491,004 | 3.20 | ||||||
China | 1,257,410 | 1.61 | ||||||
Colombia | 252,992 | 0.33 | ||||||
France | 1,424,961 | 1.83 | ||||||
Germany | 508,118 | 0.65 | ||||||
Hong Kong | 302,779 | 0.39 | ||||||
Hungary | 214,272 | 0.28 | ||||||
India | 217,217 | 0.28 | ||||||
Indonesia | 294,595 | 0.38 | ||||||
Ireland | 437,410 | 0.56 | ||||||
Italy | 232,690 | 0.30 | ||||||
Japan | 4,606,772 | 5.91 | ||||||
Luxembourg | 256,843 | 0.33 | ||||||
Norway | 223,303 | 0.29 | ||||||
Portugal | 174,018 | 0.22 | ||||||
Russia | 392,005 | 0.50 | ||||||
South Africa | 767,553 | 0.99 | ||||||
South Korea | 1,008,021 | 1.29 | ||||||
Spain | 421,708 | 0.54 | ||||||
Switzerland | 476,233 | 0.61 | ||||||
Taiwan | 623,957 | 0.80 | ||||||
Thailand | 419,790 | 0.54 | ||||||
Turkey | 112,968 | 0.14 | ||||||
United Kingdom | 2,258,372 | 2.90 | ||||||
United States | 56,346,990 | 72.31 | ||||||
Total Investments | $ | 77,925,772 | 100.00 | % |
See Notes to the Financial Statements. | Leuthold Funds - 2019 Semi-Annual Report | 39 |
Schedule of Investments Sold Short - (a)
Shares | Fair Value | |||||||
COMMON STOCKS - 3.53% | ||||||||
Aerospace & Defense - 0.07% | ||||||||
Embraer SA - ADR | 600 | $ | 11,406 | |||||
L3 Technologies, Inc. | 187 | 38,591 | ||||||
49,997 | ||||||||
Beverages - 0.26% | ||||||||
Anheuser-Busch InBev SA/NV - ADR | 392 | 32,916 | ||||||
Brown-Forman Corp. - Class B | 918 | 48,452 | ||||||
Keurig Dr Pepper, Inc. | 1,364 | 38,151 | ||||||
MGP Ingredients, Inc. | 164 | 12,653 | ||||||
Monster Beverage Corp. | 751 | 40,989 | ||||||
173,161 | ||||||||
Capital Markets - 0.08% | ||||||||
SEI Investments Co. | 728 | 38,038 | ||||||
WisdomTree Investments, Inc. | 1,713 | 12,094 | ||||||
50,132 | ||||||||
Chemicals - 0.09% | ||||||||
GCP Applied Technologies, Inc. | 422 | 12,491 | ||||||
The Scotts Miracle-Gro Co. | 479 | 37,640 | ||||||
Sensient Technologies Corp. | 184 | 12,473 | ||||||
62,604 | ||||||||
Commercial Services & Supplies - 0.11% | ||||||||
Copart, Inc. | 623 | 37,748 | ||||||
Healthcare Services Group, Inc. | 695 | 22,928 | ||||||
Ritchie Bros Auctioneers, Inc. (b) | 349 | 11,866 | ||||||
72,542 | ||||||||
Construction & Engineering - 0.02% | ||||||||
Granite Construction, Inc. | 285 | 12,298 | ||||||
Construction Materials - 0.03% | ||||||||
Summit Materials, Inc. - Class A | 1,364 | 21,647 |
Shares | Fair Value | |||||||
Diversified Consumer Services - 0.12% | ||||||||
New Oriental Education & Technology Group, Inc. - ADR | 469 | $ | 42,252 | |||||
ServiceMaster Global Holdings, Inc. | 792 | 36,987 | ||||||
79,239 | ||||||||
Electronic Equipment, Instruments & Components - 0.12% | ||||||||
Cognex Corp. | 733 | 37,280 | ||||||
IPG Photonics Corp. | 264 | 40,070 | ||||||
77,350 | ||||||||
Energy Equipment & Services - 0.24% | ||||||||
Baker Hughes, a GE Co. - Class A | 1,549 | 42,938 | ||||||
Core Laboratories NV (b) | 587 | 40,462 | ||||||
Halliburton Co. | 885 | 25,930 | ||||||
National Oilwell Varco, Inc. | 867 | 23,097 | ||||||
Schlumberger, Ltd. | 700 | 30,499 | ||||||
162,926 | ||||||||
Entertainment - 0.18% | ||||||||
Activision Blizzard, Inc. | 895 | 40,749 | ||||||
Electronic Arts, Inc. | 353 | 35,876 | ||||||
Netflix, Inc. | 123 | 43,857 | ||||||
120,482 | ||||||||
Food Products - 0.02% | ||||||||
BRF SA - ADR | 2,559 | 14,893 | ||||||
Health Care Equipment & Supplies - 0.24% | ||||||||
Align Technology, Inc. | 169 | 48,052 | ||||||
Becton Dickinson and Co. | 146 | 36,460 | ||||||
Insulet Corp. | 415 | 39,462 | ||||||
Intuitive Surgical, Inc. | 67 | 38,229 | ||||||
162,203 | ||||||||
Health Care Technology - 0.05% | ||||||||
Teladoc Health, Inc. | 631 | 35,084 |
40 | Leuthold Funds - 2019 Semi-Annual Report | See Notes to the Financial Statements. |
Schedule of Investments Sold Short - (a) (continued)
Shares | Fair Value | |||||||
COMMON STOCKS - 3.53% (continued) | ||||||||
Hotels, Restaurants & Leisure - 0.24% | ||||||||
Boyd Gaming Corp. | 1,528 | $ | 41,806 | |||||
Melco Resorts & Entertainment, Ltd. - ADR | 1,967 | 44,435 | ||||||
MGM Resorts International | 1,346 | 34,538 | ||||||
Vail Resorts, Inc. | 174 | 37,810 | ||||||
158,589 | ||||||||
Household Products - 0.02% | ||||||||
Spectrum Brands Holdings, Inc. | 223 | 12,216 | ||||||
Industrial Conglomerates - 0.06% | ||||||||
General Electric Co. | 3,813 | 38,092 | ||||||
Insurance - 0.16% | ||||||||
American International Group, Inc. | 749 | 32,252 | ||||||
Fidelity National Financial, Inc. | 1,002 | 36,623 | ||||||
RenaissanceRe Holdings, Ltd. (b) | 250 | 35,875 | ||||||
104,750 | ||||||||
Interactive Media & Services - 0.04% | ||||||||
Snap, Inc. - Class A | 2,605 | 28,707 | ||||||
Internet & Direct Marketing Retail - 0.15% | ||||||||
Alibaba Group Holding, Ltd. - ADR | 197 | 35,943 | ||||||
GrubHub, Inc. | 585 | 40,640 | ||||||
Shutterfly, Inc. | 596 | 24,221 | ||||||
100,804 | ||||||||
Machinery - 0.19% | ||||||||
Fortive Corp. | 464 | 38,925 | ||||||
IDEX Corp. | 297 | 45,067 | ||||||
Xylem, Inc. | 582 | 46,001 | ||||||
129,993 | ||||||||
Multi-Utilities - 0.06% | ||||||||
Sempra Energy | 305 | 38,387 |
Shares | Fair Value | |||||||
Oil, Gas & Consumable Fuels - 0.14% | ||||||||
Concho Resources, Inc. | 331 | $ | 36,728 | |||||
Diamondback Energy, Inc. | 403 | 40,917 | ||||||
Jagged Peak Energy, Inc. | 1,190 | 12,459 | ||||||
90,104 | ||||||||
Pharmaceuticals - 0.04% | ||||||||
Nektar Therapeutics | 790 | 26,544 | ||||||
Professional Services - 0.11% | ||||||||
CoStar Group, Inc. | 79 | 36,847 | ||||||
TransUnion | 563 | 37,631 | ||||||
74,478 | ||||||||
Real Estate Investment Trusts (REITs) - 0.06% | ||||||||
Equinix, Inc. | 87 | 39,425 | ||||||
Real Estate Management & Development - 0.05% | ||||||||
The Howard Hughes Corp. | 274 | 30,140 | ||||||
Semiconductors & Semiconductor Equipment - 0.16% | ||||||||
Ambarella, Inc. | 713 | 30,802 | ||||||
Marvell Technology Group, Ltd. | 1,895 | 37,691 | ||||||
Microchip Technology, Inc. | 426 | 35,341 | ||||||
103,834 | ||||||||
Software - 0.26% | ||||||||
2U, Inc. | 508 | 35,992 | ||||||
Blackbaud, Inc. | 392 | 31,254 | ||||||
Cloudera, Inc. | 1,595 | 17,450 | ||||||
Instructure, Inc. | 410 | 19,319 | ||||||
Pegasystems, Inc. | 462 | 30,030 | ||||||
Proofpoint, Inc. | 305 | 37,036 | ||||||
171,081 |
See Notes to the Financial Statements. | Leuthold Funds - 2019 Semi-Annual Report | 41 |
Schedule of Investments Sold Short - (a) (continued)
Shares | Fair Value | |||||||
COMMON STOCKS - 3.53% (continued) | ||||||||
Technology Hardware, Storage & Peripherals - 0.06% | ||||||||
Pure Storage, Inc. | 1,992 | $ | 43,406 | |||||
Thrifts & Mortgage Finance - 0.06% | ||||||||
LendingTree, Inc. | 121 | 42,539 | ||||||
Trading Companies & Distributors - 0.04% | ||||||||
SiteOne Landscape Supply, Inc. | 474 | 27,089 | ||||||
TOTAL COMMON STOCKS | ||||||||
(Proceeds $2,350,200) | $ | 2,354,736 | ||||||
INVESTMENT COMPANIES - 3.75% | ||||||||
Exchange Traded Funds - 3.75% | ||||||||
iShares MSCI ACWI ETF | 15,486 | $ | 1,117,315 | |||||
iShares MSCI EAFE ETF | 15,973 | 1,036,008 | ||||||
iShares MSCI Emerging Markets ETF | 6,240 | 267,821 | ||||||
SPDR S&P 500 ETF Trust | 277 | 78,247 | ||||||
TOTAL INVESTMENT COMPANIES | ||||||||
(Proceeds $2,727,393) | $ | 2,499,391 | ||||||
TOTAL SECURITIES SOLD SHORT | ||||||||
(Proceeds $5,077,593) - 7.28% | $ | 4,854,127 |
(a) | Non-income producing security. |
(b) | Foreign issued security. |
42 | Leuthold Funds - 2019 Semi-Annual Report | See Notes to the Financial Statements. |
March 31, 2019 (Unaudited)
Shares | Fair Value | |||||||
COMMON STOCKS - 99.10% | ||||||||
Airlines - 1.52% | ||||||||
Delta Air Lines, Inc. | 1,844 | $ | 95,242 | |||||
United Continental Holdings, Inc. (a) | 1,150 | 91,747 | ||||||
186,989 | ||||||||
Biotechnology - 4.95% | ||||||||
AbbVie, Inc. | 1,313 | 105,815 | ||||||
Amgen, Inc. | 587 | 111,518 | ||||||
Biogen, Inc. (a) | 349 | 82,497 | ||||||
Celgene Corp. (a) | 816 | 76,981 | ||||||
Gilead Sciences, Inc. | 1,651 | 107,332 | ||||||
Regeneron Pharmaceuticals, Inc. (a) | 302 | 124,007 | ||||||
608,150 | ||||||||
Commercial Services & Supplies - 4.23% | ||||||||
Republic Services, Inc. | 2,164 | 173,943 | ||||||
Stericycle, Inc. (a) | 1,543 | 83,970 | ||||||
Tetra Tech, Inc. | 1,353 | 80,625 | ||||||
Waste Management, Inc. | 1,752 | 182,050 | ||||||
520,588 | ||||||||
Consumer Finance - 3.47% | ||||||||
Ally Financial, Inc. | 3,454 | 94,950 | ||||||
Capital One Financial Corp. | 1,066 | 87,082 | ||||||
OneMain Holdings, Inc. | 1,488 | 47,244 | ||||||
Santander Consumer USA Holdings, Inc. | 3,117 | 65,862 | ||||||
Synchrony Financial | 2,333 | 74,423 | ||||||
World Acceptance Corp. (a) | 488 | 57,159 | ||||||
426,720 | ||||||||
Entertainment - 2.21% | ||||||||
Viacom, Inc. - Class B | 3,801 | 106,694 | ||||||
The Walt Disney Co. | 1,489 | 165,324 | ||||||
272,018 |
Shares | Fair Value | |||||||
Food & Staples Retailing - 4.02% | ||||||||
Costco Wholesale Corp. | 1,064 | $ | 257,637 | |||||
Walmart, Inc. | 2,422 | 236,218 | ||||||
493,855 | ||||||||
Health Care Providers & Services - 17.09% | ||||||||
Acadia Healthcare Co., Inc. (a) | 3,336 | 97,778 | ||||||
Anthem, Inc. | 830 | 238,193 | ||||||
Centene Corp. (a) | 3,346 | 177,673 | ||||||
Cigna Corp. | 802 | 128,978 | ||||||
CVS Health Corp. | 2,503 | 134,987 | ||||||
Encompass Health Corp. | 2,142 | 125,093 | ||||||
HCA Healthcare, Inc. | 1,807 | 235,597 | ||||||
Humana, Inc. | 549 | 146,034 | ||||||
Laboratory Corp. of America Holdings (a) | 745 | 113,970 | ||||||
Quest Diagnostics, Inc. | 1,235 | 111,051 | ||||||
Select Medical Holdings Corp. (a) | 4,539 | 63,954 | ||||||
Tenet Healthcare Corp. (a) | 2,124 | 61,256 | ||||||
UnitedHealth Group, Inc. | 983 | 243,057 | ||||||
Universal Health Services, Inc. - Class B | 1,673 | 223,797 | ||||||
2,101,418 | ||||||||
Hotels, Restaurants & Leisure - 4.87% | ||||||||
BJ’s Restaurants, Inc. | 980 | 46,335 | ||||||
Brinker International, Inc. | 1,211 | 53,744 | ||||||
The Cheesecake Factory, Inc. | 1,225 | 59,927 | ||||||
Cracker Barrel Old Country Store, Inc. | 361 | 58,341 | ||||||
Darden Restaurants, Inc. | 825 | 100,213 | ||||||
Dave & Buster’s Entertainment, Inc. | 1,044 | 52,064 | ||||||
Dine Brands Global, Inc. | 678 | 61,895 | ||||||
The Wendy’s Co. | 3,517 | 62,919 | ||||||
Yum! Brands, Inc. | 1,031 | 102,904 | ||||||
598,342 |
See Notes to the Financial Statements. | Leuthold Funds - 2019 Semi-Annual Report | 43 |
March 31, 2019 (Unaudited)
Shares | Fair Value | |||||||
COMMON STOCKS - 99.10% (continued) | ||||||||
Household Durables - 4.20% | ||||||||
D.R. Horton, Inc. | 3,120 | $ | 129,105 | |||||
Lennar Corp. - Class A | 1,866 | 91,602 | ||||||
Meritage Homes Corp. (a) | 1,331 | 59,509 | ||||||
PulteGroup, Inc. | 4,724 | 132,083 | ||||||
Toll Brothers, Inc. | 2,868 | 103,822 | ||||||
516,121 | ||||||||
Interactive Media & Services - 4.64% | ||||||||
Alphabet, Inc. - Class A (a) | 251 | 295,399 | ||||||
Facebook, Inc. - Class A (a) | 749 | 124,851 | ||||||
IAC/InterActiveCorp (a) | 419 | 88,036 | ||||||
YY, Inc. - Class A - ADR (a) | 745 | 62,588 | ||||||
570,874 | ||||||||
IT Services - 9.01% | ||||||||
Alliance Data Systems Corp. | 444 | 77,691 | ||||||
Fiserv, Inc. (a) | 2,044 | 180,444 | ||||||
FleetCor Technologies, Inc. (a) | 478 | 117,870 | ||||||
Genpact, Ltd. | 1,672 | 58,821 | ||||||
MasterCard, Inc. - Class A | 1,120 | 263,704 | ||||||
MAXIMUS, Inc. | 1,438 | 102,069 | ||||||
Visa, Inc. - Class A | 1,587 | 247,874 | ||||||
The Western Union Co. | 3,236 | 59,769 | ||||||
1,108,242 | ||||||||
Media - 2.80% | ||||||||
AMC Networks, Inc. - Class A (a) | 1,084 | 61,528 | ||||||
Comcast Corp. - Class A | 3,336 | 133,373 | ||||||
Discovery, Inc. - Class A (a) | 2,186 | 59,066 | ||||||
Nexstar Media Group, Inc.- Class A | 830 | 89,947 | ||||||
343,914 | ||||||||
Multiline Retail - 5.36% | ||||||||
Dollar General Corp. | 1,820 | 217,126 | ||||||
Dollar Tree, Inc. (a) | 1,621 | 170,270 | ||||||
Target Corp. | 3,379 | 271,198 | ||||||
658,594 |
Shares | Fair Value | |||||||
Professional Services - 4.97% | ||||||||
ASGN, Inc. (a) | 1,857 | $ | 117,901 | |||||
Insperity, Inc. | 1,455 | 179,925 | ||||||
Robert Half International, Inc. | 2,173 | 141,593 | ||||||
TriNet Group, Inc. (a) | 1,993 | 119,062 | ||||||
TrueBlue, Inc. (a) | 2,211 | 52,268 | ||||||
610,749 | ||||||||
Road & Rail - 7.43% | ||||||||
Canadian National Railway Co. (b) | 1,061 | 94,938 | ||||||
Canadian Pacific Railway, Ltd. (b) | 617 | 127,121 | ||||||
CSX Corp. | 1,775 | 132,805 | ||||||
Genesee & Wyoming, Inc. - Class A (a) | 1,133 | 98,730 | ||||||
Kansas City Southern | 1,053 | 122,127 | ||||||
Norfolk Southern Corp. | 749 | 139,981 | ||||||
Union Pacific Corp. | 797 | 133,258 | ||||||
Werner Enterprises, Inc. | 1,872 | 63,929 | ||||||
912,889 | ||||||||
Semiconductors & Semiconductor Equipment - 5.78% | ||||||||
Applied Materials, Inc. | 3,562 | 141,269 | ||||||
KLA-Tencor Corp. | 734 | 87,647 | ||||||
Kulicke & Soffa Industries, Inc. (b) | 1,989 | 43,977 | ||||||
Lam Research Corp. | 1,295 | 231,818 | ||||||
MKS Instruments, Inc. | 1,353 | 125,896 | ||||||
SolarEdge Technologies, Inc. (a)(b) | 2,107 | 79,392 | ||||||
709,999 | ||||||||
Software - 6.84% | ||||||||
Check Point Software Technologies, Ltd. (a)(b) | 1,260 | 159,377 | ||||||
Fortinet, Inc. (a) | 1,411 | 118,482 | ||||||
Microsoft Corp. | 2,432 | 286,830 | ||||||
Oracle Corp. | 2,917 | 156,672 | ||||||
VMware, Inc. - Class A | 662 | 119,498 | ||||||
840,859 |
44 | Leuthold Funds - 2019 Semi-Annual Report | See Notes to the Financial Statements. |
March 31, 2019 (Unaudited)
Shares | Fair Value | |||||||
COMMON STOCKS - 99.10% (continued) | ||||||||
Specialty Retail - 5.71% | ||||||||
Aaron’s, Inc. | 2,323 | $ | 122,190 | |||||
AutoZone, Inc. (a) | 110 | 112,653 | ||||||
Group 1 Automotive, Inc. | 895 | 57,906 | ||||||
The Home Depot, Inc. | 476 | 91,340 | ||||||
Lowe’s Companies, Inc. | 1,597 | 174,824 | ||||||
Penske Automotive Group, Inc. | 1,505 | 67,198 | ||||||
Williams-Sonoma, Inc. | 1,345 | 75,683 | ||||||
701,794 | ||||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $10,125,743) | $ | 12,182,115 | ||||||
SHORT-TERM INVESTMENTS - 1.04% | ||||||||
Money Market Funds - 1.04% | ||||||||
Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 2.300% (c) | 127,268 | $ | 127,268 | |||||
TOTAL SHORT-TERM | ||||||||
INVESTMENTS (Cost $127,268) | $ | 127,268 | ||||||
Total Investments | ||||||||
(Cost $10,253,011) - 100.14% | $ | 12,309,383 | ||||||
Liabilities in Excess of Other Assets - (0.14)% | (17,332 | ) | ||||||
TOTAL NET ASSETS - 100.00% | $ | 12,292,051 |
(a) | Non-income producing security. |
(b) | Foreign issued security. |
(c) | The rate quoted is the annualized seven-day yield as of March 31, 2019. |
See Notes to the Financial Statements. | Leuthold Funds - 2019 Semi-Annual Report | 45 |
Shares | Fair Value | |||||||
COMMON STOCKS - 97.22% | ||||||||
Airlines - 2.74% | ||||||||
Hawaiian Holdings, Inc. | 1,446 | $ | 37,957 | |||||
International Consolidated Airlines Group SA (b) | 8,986 | 59,793 | ||||||
SkyWest, Inc. | 901 | 48,915 | ||||||
United Continental Holdings, Inc. (a) | 684 | 54,570 | ||||||
201,235 | ||||||||
Banks - 1.04% | ||||||||
Nedbank Group, Ltd. (b) | 1,672 | 29,221 | ||||||
Taishin Financial Holding Co., Ltd. (b) | 56,000 | 25,549 | ||||||
Turkiye Halk Bankasi AS (b) | 18,738 | 21,538 | ||||||
76,308 | ||||||||
Communications Equipment - 5.32% | ||||||||
Arcadyan Technology Corp. (b) | 20,000 | 60,670 | ||||||
Ciena Corp. (a) | 2,520 | 94,097 | ||||||
Cisco Systems, Inc. | 1,704 | 91,999 | ||||||
CommScope Holding Co., Inc. (a) | 2,097 | 45,568 | ||||||
Lumentum Holdings, Inc. (a) | 1,416 | 80,061 | ||||||
Taihan Fiberoptics Co., Ltd. (a)(b) | 5,398 | 19,095 | ||||||
391,490 | ||||||||
Consumer Finance - 3.73% | ||||||||
Ally Financial, Inc. | 2,408 | 66,196 | ||||||
Encore Capital Group, Inc. (a) | 1,082 | 29,463 | ||||||
Hitachi Capital Corp. (b) | 1,400 | 32,513 | ||||||
Krungthai Card PCL - NVDR | 36,500 | 40,628 | ||||||
Nelnet, Inc. - Class A | 713 | 39,265 | ||||||
Santander Consumer USA Holdings, Inc. | 3,127 | 66,073 | ||||||
274,138 |
Shares | Fair Value | |||||||
Diversified Telecommunication Services - 1.13% | ||||||||
China Telecom Corp., Ltd. - ADR | 517 | $ | 28,957 | |||||
Telekomunikasi Indonesia Persero Tbk PT - ADR | 1,086 | 29,822 | ||||||
Telkom SA SOC, Ltd. (b) | 4,731 | 24,027 | ||||||
82,806 | ||||||||
Electric Utilities - 0.32% | ||||||||
EDP - Energias do Brasil SA (b) | 5,400 | 23,460 | ||||||
Entertainment - 1.65% | ||||||||
Viacom, Inc. - Class B | 1,816 | 50,975 | ||||||
The Walt Disney Co. | 633 | 70,282 | ||||||
121,257 | ||||||||
Health Care Providers & Services - 10.73% | ||||||||
Alfresa Holdings Corp. (b) | 3,100 | 88,340 | ||||||
AmerisourceBergen Corp. | 713 | 56,698 | ||||||
Anthem, Inc. | 448 | 128,567 | ||||||
Centene Corp. (a) | 1,740 | 92,394 | ||||||
Cigna Corp. | 734 | 118,042 | ||||||
CVS Health Corp. | 1,162 | 62,667 | ||||||
Laboratory Corp. of America Holdings (a) | 395 | 60,427 | ||||||
Medipal Holdings Corp. (b) | 3,400 | 80,899 | ||||||
UnitedHealth Group, Inc. | 408 | 100,882 | ||||||
788,916 | ||||||||
Household Durables - 4.66% | ||||||||
Barratt Developments PLC (b) | 6,835 | 53,391 | ||||||
Haseko Corp. (b) | 4,600 | 57,977 | ||||||
Lennar Corp. - Class A | 1,355 | 66,517 | ||||||
Meritage Homes Corp. (a) | 1,282 | 57,318 | ||||||
Redrow PLC (b) | 7,261 | 56,896 | ||||||
TRI Pointe Group, Inc. (a) | 4,033 | 50,977 | ||||||
343,076 |
46 | Leuthold Funds - 2019 Semi-Annual Report | See Notes to the Financial Statements. |
March 31, 2019 (Unaudited)
Shares | Fair Value | |||||||
COMMON STOCKS - 97.22% (continued) | ||||||||
Insurance - 4.76% | ||||||||
Dai-ichi Life Holdings, Inc. (b) | 3,200 | $ | 44,548 | |||||
Legal & General Group PLC (b) | 17,133 | 61,484 | ||||||
Lincoln National Corp. | 541 | 31,757 | ||||||
Medibank Pvt, Ltd. (b) | 20,487 | 40,213 | ||||||
Old Mutual, Ltd. (b) | 13,852 | 20,378 | ||||||
Ping An Insurance Group Co. of China, Ltd. - H Shares (b) | 9,500 | 106,953 | ||||||
Prudential Financial, Inc. | 490 | 45,021 | ||||||
350,354 | ||||||||
Interactive Media & Services - 4.46% | ||||||||
Alphabet, Inc. - Class A (a) | 102 | 120,043 | ||||||
Auto Trader Group PLC (b) | 5,431 | 36,939 | ||||||
Baidu, Inc. - Class A - ADR (a) | 303 | 49,950 | ||||||
Facebook, Inc. - Class A (a) | 221 | 36,838 | ||||||
IAC/InterActiveCorp (a) | 234 | 49,166 | ||||||
Yandex NV - Class A (a)(b) | 1,016 | 34,889 | ||||||
327,825 | ||||||||
IT Services - 10.99% | ||||||||
Accenture PLC - Class A (b) | 483 | 85,018 | ||||||
Bechtle AG (b) | 442 | 41,009 | ||||||
CACI International, Inc.- Class A (a) | 320 | 58,246 | ||||||
Computershare, Ltd. (b) | 2,921 | 35,509 | ||||||
CSG Systems International, Inc. | 946 | 40,016 | ||||||
DXC Technology Co. | 917 | 58,972 | ||||||
First Data Corp. - Class A (a) | 2,294 | 60,263 | ||||||
FleetCor Technologies, Inc. (a) | 275 | 67,812 | ||||||
Genpact, Ltd. | 2,005 | 70,536 | ||||||
ManTech International Corp. - Class A | 682 | 36,842 | ||||||
MAXIMUS, Inc. | 632 | 44,859 | ||||||
NET One Systems Co., Ltd. (b) | 3,500 | 88,508 | ||||||
NS Solutions Corp. (b) | 1,500 | 40,563 | ||||||
TIS, Inc. (b) | 800 | 37,960 | ||||||
Wipro, Ltd. - ADR | 10,601 | 42,192 | ||||||
808,305 |
Shares | Fair Value | |||||||
Life Sciences Tools & Services - 6.28% | ||||||||
Bio-Rad Laboratories, Inc. - Class A (a) | 187 | $ | 57,162 | |||||
Cambrex Corp. (a) | 1,160 | 45,066 | ||||||
Eurofins Scientific SE (b) | 120 | 49,712 | ||||||
Gerresheimer AG (b) | 766 | 57,659 | ||||||
IQVIA Holdings, Inc. (a) | 610 | 87,748 | ||||||
Medpace Holdings, Inc. (a) | 952 | 56,139 | ||||||
Siegfried Holding AG (b) | 143 | 51,362 | ||||||
Syneos Health, Inc. (a) | 1,105 | 57,195 | ||||||
462,043 | ||||||||
Media - 5.09% | ||||||||
Comcast Corp. - Class A | 1,923 | 76,881 | ||||||
Fuji Media Holdings, Inc. (b) | 2,400 | 33,153 | ||||||
Naspers, Ltd. (b) | 319 | 74,340 | ||||||
Nexstar Media Group, Inc.- Class A | 661 | 71,633 | ||||||
Quebecor Inc. - Class B (b) | 1,529 | 37,483 | ||||||
TEGNA, Inc. | 3,028 | 42,695 | ||||||
Telenet Group Holding NV (b) | 799 | 38,424 | ||||||
374,609 | ||||||||
Metals & Mining - 2.34% | ||||||||
BlueScope Steel, Ltd. (b) | 7,503 | 74,471 | ||||||
Evraz PLC (b) | 5,076 | 41,068 | ||||||
Reliance Steel & Aluminum Co. | 393 | 35,472 | ||||||
United States Steel Corp. | 1,081 | 21,069 | ||||||
172,080 | ||||||||
Oil, Gas & Consumable Fuels - 12.69% | ||||||||
Adaro Energy Tbk PT (b) | 281,200 | 26,630 | ||||||
Cenovus Energy, Inc. (b) | 4,392 | 38,123 | ||||||
Ecopetrol SA - ADR | 2,285 | 48,990 | ||||||
Enagas SA (b) | 1,265 | 36,827 | ||||||
Energy Transfer LP | 3,543 | 54,456 | ||||||
Eni SpA - ADR | 1,279 | 45,072 | ||||||
Enterprise Products Partners LP | 1,943 | 56,541 | ||||||
Equinor ASA - ADR | 1,968 | 43,237 | ||||||
Exxon Mobil Corp. | 791 | 63,913 |
See Notes to the Financial Statements. | Leuthold Funds - 2019 Semi-Annual Report | 47 |
March 31, 2019 (Unaudited)
Shares | Fair Value | |||||||
COMMON STOCKS - 97.22% (continued) | ||||||||
Oil, Gas & Consumable Fuels - 12.69% (continued) | ||||||||
Galp Energia SGPS SA (b) | 2,103 | $ | 33,698 | |||||
Keyera Corp. (b) | 1,649 | 38,882 | ||||||
Magellan Midstream Partners LP | 614 | 37,227 | ||||||
MOL Hungarian Oil & Gas PLC - A Series (b) | 3,619 | 41,501 | ||||||
Peabody Energy Corp. | 1,375 | 38,954 | ||||||
Phillips 66 Partners LP | 717 | 37,535 | ||||||
Plains All American Pipeline LP | 2,192 | 53,726 | ||||||
PTT PCL - NVDR | 27,000 | 40,842 | ||||||
Repsol SA (b) | 2,546 | 43,558 | ||||||
TransCanada Corp. (b) | 1,241 | 55,770 | ||||||
Whitehaven Coal, Ltd. (b) | 16,807 | 48,488 | ||||||
Yanzhou Coal Mining Co., Ltd. - H Shares (b) | 50,000 | 49,202 | ||||||
933,172 | ||||||||
Paper & Forest Products - 0.03% | ||||||||
China Forestry Holdings Co., Ltd. (a)(b)(d)(e) | 116,000 | 2,217 | ||||||
Road & Rail - 4.83% | ||||||||
Canadian National Railway Co. (b) | 637 | 56,999 | ||||||
Canadian Pacific Railway, Ltd. (b) | 272 | 56,040 | ||||||
Central Japan Railway Co. (b) | 200 | 46,489 | ||||||
CSX Corp. | 749 | 56,040 | ||||||
Hitachi Transport System, Ltd. (b) | 1,200 | 35,657 | ||||||
Knight-Swift Transportation Holdings, Inc. | 1,042 | 34,053 | ||||||
Ryder System, Inc. | 560 | 34,714 | ||||||
TFI International, Inc. (b) | 1,185 | 35,000 | ||||||
354,992 |
Shares | Fair Value | |||||||
Semiconductors & Semiconductor Equipment - 7.75% | ||||||||
Applied Materials, Inc. | 1,228 | $ | 48,702 | |||||
DB HiTek Co., Ltd. (b) | 2,961 | 32,682 | ||||||
Intel Corp. | 1,409 | 75,663 | ||||||
Lam Research Corp. | 356 | 63,728 | ||||||
Micron Technology, Inc. (a) | 2,562 | 105,887 | ||||||
ON Semiconductor Corp. (a) | 3,111 | 63,993 | ||||||
SCREEN Holdings Co., Ltd. (b) | 600 | 24,272 | ||||||
Sino-American Silicon Products, Inc. (a)(b) | 15,000 | 32,945 | ||||||
STMicroelectronics NV - NYRS | 2,768 | 41,105 | ||||||
SUMCO Corp. (b) | 3,700 | 41,389 | ||||||
UniTest, Inc. (b) | 2,888 | 39,702 | ||||||
570,068 | ||||||||
Thrifts & Mortgage Finance - 0.36% | ||||||||
Sangsangin Co., Ltd. (a)(b) | 1,602 | 26,699 | ||||||
Wireless Telecommunication Services - 6.32% | ||||||||
China Mobile, Ltd. - ADR | 1,153 | 58,791 | ||||||
KDDI Corp. (b) | 3,700 | 79,688 | ||||||
Rogers Communications, Inc. - Class B (b) | 1,252 | 67,334 | ||||||
SoftBank Group Corp. (b) | 1,600 | 155,963 | ||||||
Telephone & Data Systems, Inc. | 1,563 | 48,031 | ||||||
T-Mobile US, Inc. (a) | 800 | 55,280 | ||||||
465,087 | ||||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $7,000,897) | $ | 7,150,137 | ||||||
PREFERRED STOCKS - 0.36% | ||||||||
Diversified Telecommunication Services - 0.36% | ||||||||
Telefonica Brasil SA - ADR | 2,217 | $ | 26,759 | |||||
TOTAL PREFERRED STOCKS | ||||||||
(Cost $28,695) | $ | 26,759 |
48 | Leuthold Funds - 2019 Semi-Annual Report | See Notes to the Financial Statements. |
March 31, 2019 (Unaudited)
Shares | Fair Value | |||||||
INVESTMENT COMPANIES - 1.26% | ||||||||
Exchange Traded Funds - 1.26% | ||||||||
iShares Core MSCI EAFE ETF | 605 | $ | 36,766 | |||||
iShares Core MSCI Emerging Markets ETF | 175 | 9,049 | ||||||
SPDR S&P 500 ETF Trust | 167 | 47,174 | ||||||
TOTAL INVESTMENT COMPANIES | ||||||||
(Cost $87,938) | $ | 92,989 | ||||||
SHORT-TERM INVESTMENTS - 0.75% | ||||||||
Money Market Funds - 0.75% | ||||||||
Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 2.300% (c) | 55,083 | $ | 55,083 | |||||
TOTAL SHORT-TERM INVESTMENTS | ||||||||
(Cost $55,083) | $ | 55,083 | ||||||
Total Investments | ||||||||
(Cost $7,172,613) - 99.59% | $ | 7,324,968 | ||||||
Other Assets in Excess of Liabilities - 0.41% | 29,889 | |||||||
TOTAL NET ASSETS - 100.00% | $ | 7,354,857 |
(a) | Non-income producing security. |
(b) | Foreign issued security. |
(c) | The rate quoted is the annualized seven-day yield as of March 31, 2019. (d) Illiquid security. The fair value of these securities total $2,217 which represents 0.03% of total net assets. |
(e) | The security is currently being fair valued in accordance with procedures established by the Board of Directors of Leuthold Funds, Inc. and is deemed a Level 3 security as it is valued using significant unobservable inputs. |
See Notes to the Financial Statements. | Leuthold Funds - 2019 Semi-Annual Report | 49 |
March 31, 2019 (Unaudited)
Fair Value | Percentage of Total Investments | |||||||
CURRENCY EXPOSURE | ||||||||
Australian Dollar | $ | 198,681 | 2.71 | % | ||||
Brazilian Real | 23,460 | 0.32 | ||||||
British Pound | 329,947 | 4.51 | ||||||
Canadian Dollar | 178,698 | 2.44 | ||||||
Euro | 300,887 | 4.11 | ||||||
Hong Kong Dollar | 158,372 | 2.16 | ||||||
Hungarian Forint | 41,501 | 0.57 | ||||||
Indonesian Rupiah | 26,630 | 0.36 | ||||||
Japanese Yen | 887,919 | 12.12 | ||||||
New Taiwan Dollar | 119,165 | 1.63 | ||||||
South African Rand | 127,589 | 1.74 | ||||||
South Korea Won | 118,178 | 1.61 | ||||||
Swiss Franc | 51,362 | 0.70 | ||||||
Thai Baht | 81,469 | 1.11 | ||||||
Turkish Lira | 21,538 | 0.30 | ||||||
US Dollar | 4,659,572 | 63.61 | ||||||
Total Investments | $ | 7,324,968 | 100.00 | % |
Fair Value | Percentage of Total Investments | |||||||
PORTFOLIO DIVERSIFICATION | ||||||||
Australia | $ | 198,681 | 2.71 | % | ||||
Belgium | 38,424 | 0.52 | ||||||
Brazil | 50,219 | 0.69 | ||||||
Canada | 385,630 | 5.26 | ||||||
China | 237,279 | 3.24 | ||||||
Colombia | 48,990 | 0.67 | ||||||
Germany | 98,669 | 1.35 | ||||||
Hong Kong | 58,791 | 0.80 | ||||||
Hungary | 41,501 | 0.57 | ||||||
India | 42,192 | 0.58 | ||||||
Indonesia | 56,451 | 0.77 | ||||||
Ireland | 85,018 | 1.15 | ||||||
Italy | 45,072 | 0.62 | ||||||
Japan | 887,919 | 12.12 | ||||||
Luxembourg | 49,712 | 0.68 | ||||||
Norway | 43,237 | 0.59 | ||||||
Portugal | 33,698 | 0.46 | ||||||
Russia | 75,957 | 1.04 | ||||||
South Africa | 147,966 | 2.02 | ||||||
South Korea | 118,178 | 1.61 | ||||||
Spain | 80,385 | 1.10 | ||||||
Switzerland | 92,467 | 1.26 | ||||||
Taiwan | 119,165 | 1.63 | ||||||
Thailand | 81,469 | 1.11 | ||||||
Turkey | 21,538 | 0.30 | ||||||
United Kingdom | 268,502 | 3.67 | ||||||
United States | 3,917,858 | 53.48 | ||||||
Total Investments | $ | 7,324,968 | 100.00 | % |
50 | Leuthold Funds - 2019 Semi-Annual Report | See Notes to the Financial Statements. |
Shares | Fair Value | |||||||
SHORT-TERM INVESTMENTS - 82.17% | ||||||||
Money Market Funds - 82.17% | ||||||||
Fidelity Institutional Money Market Funds - Government Portfolio, Class I, 2.300% (a)(b) | 77,907,947 | $ | 77,907,947 | |||||
TOTAL SHORT-TERM INVESTMENTS | ||||||||
(Cost $ 77,907,947) | $ | 77,907,947 | ||||||
Total Investments | ||||||||
(Cost $ 77,907,947) - 82.89% | $ | 77,907,947 | ||||||
Other Assets in Excess of Liabilities - 17.11% (b) | 16,906,926 | |||||||
TOTAL NET ASSETS - 100.00% | $ | 94,814,873 |
(a) | The rate quoted is the annualized seven-day yield as of March 31, 2019. |
(b) | All or a portion of the assets have been committed as collateral for open securities sold short. |
See Notes to the Financial Statements. | Leuthold Funds - 2019 Semi-Annual Report | 51 |
March 31, 2019 (Unaudited)
Shares | Fair Value | |||||||
COMMON STOCKS - 96.36% | ||||||||
Aerospace & Defense - 2.05% | ||||||||
Embraer SA - ADR | 23,301 | $ | 442,952 | |||||
L3 Technologies, Inc. | 7,269 | 1,500,104 | ||||||
1,943,056 | ||||||||
Beverages - 7.09% | ||||||||
Anheuser-Busch InBev SA/NV - ADR | 15,235 | 1,279,283 | ||||||
Brown-Forman Corp. - Class B | 35,648 | 1,881,501 | ||||||
Keurig Dr Pepper, Inc. | 52,974 | 1,481,683 | ||||||
MGP Ingredients, Inc. | 6,373 | 491,677 | ||||||
Monster Beverage Corp. | 29,176 | 1,592,426 | ||||||
6,726,570 | ||||||||
Capital Markets - 2.05% | ||||||||
SEI Investments Co. | 28,279 | 1,477,578 | ||||||
WisdomTree Investments, Inc. | 66,516 | 469,603 | ||||||
1,947,181 | ||||||||
Chemicals - 2.57% | ||||||||
GCP Applied Technologies, Inc. | 16,447 | 486,831 | ||||||
The Scotts Miracle-Gro Co. | 18,621 | 1,463,238 | ||||||
Sensient Technologies Corp. | 7,169 | 485,987 | ||||||
2,436,056 | ||||||||
Commercial Services & Supplies - 2.97% | ||||||||
Copart, Inc. | 24,197 | 1,466,096 | ||||||
Healthcare Services Group, Inc. | 26,985 | 890,235 | ||||||
Ritchie Bros Auctioneers, Inc. (b) | 13,542 | 460,428 | ||||||
2,816,759 | ||||||||
Construction & Engineering - 0.50% | ||||||||
Granite Construction, Inc. | 11,053 | 476,937 | ||||||
Construction Materials - 0.89% | ||||||||
Summit Materials, Inc. - Class A | 52,974 | 840,697 |
Shares | Fair Value | |||||||
Diversified Consumer Services - 3.25% | ||||||||
New Oriental Education & Technology Group, Inc. - ADR | 18,222 | $ | 1,641,620 | |||||
ServiceMaster Global Holdings, Inc. | 30,827 | 1,439,621 | ||||||
3,081,241 | ||||||||
Electronic Equipment, Instruments & Components - 3.17% | ||||||||
Cognex Corp. | 28,479 | 1,448,442 | ||||||
IPG Photonics Corp. | 10,256 | 1,556,656 | ||||||
3,005,098 | ||||||||
Energy Equipment & Services - 6.67% | ||||||||
Baker Hughes, a GE Co. - Class A | 60,144 | 1,667,192 | ||||||
Core Laboratories NV (b) | 22,803 | 1,571,811 | ||||||
Halliburton Co. | 34,354 | 1,006,572 | ||||||
National Oilwell Varco, Inc. | 33,657 | 896,622 | ||||||
Schlumberger, Ltd. | 27,184 | 1,184,407 | ||||||
6,326,604 | ||||||||
Entertainment - 4.86% | ||||||||
Activision Blizzard, Inc. | 34,752 | 1,582,259 | ||||||
Electronic Arts, Inc. | 12,959 | 1,317,023 | ||||||
Netflix, Inc. | 4,780 | 1,704,357 | ||||||
4,603,639 | ||||||||
Food Products - 0.61% | ||||||||
BRF SA - ADR | 99,376 | 578,368 | ||||||
Health Care Equipment & Supplies - 6.64% | ||||||||
Align Technology, Inc. | 6,572 | 1,868,617 | ||||||
Becton Dickinson and Co. | 5,676 | 1,417,467 | ||||||
Insulet Corp. | 16,131 | 1,533,897 | ||||||
Intuitive Surgical, Inc. | 2,589 | 1,477,232 | ||||||
6,297,213 | ||||||||
Health Care Technology - 1.44% | ||||||||
Teladoc Health, Inc. | 24,496 | 1,361,978 |
52 | Leuthold Funds - 2019 Semi-Annual Report | See Notes to the Financial Statements. |
Shares | Fair Value | |||||||
COMMON STOCKS - 96.36% (continued) | ||||||||
Hotels, Restaurants & Leisure - 6.50% | ||||||||
Boyd Gaming Corp. | 59,347 | $ | 1,623,734 | |||||
Melco Resorts & Entertainment, Ltd. - ADR | 76,374 | 1,725,288 | ||||||
MGM Resorts International | 52,277 | 1,341,428 | ||||||
Vail Resorts, Inc. | 6,773 | 1,471,773 | ||||||
6,162,223 | ||||||||
Household Products - 0.50% | ||||||||
Spectrum Brands Holdings, Inc. | 8,663 | 474,559 | ||||||
Industrial Conglomerates - 1.56% | ||||||||
General Electric Co. | 148,069 | 1,479,209 | ||||||
Insurance - 4.30% | ||||||||
American International Group, Inc. | 29,076 | 1,252,013 | ||||||
Fidelity National Financial, Inc. | 39,021 | 1,426,217 | ||||||
RenaissanceRe Holdings, Ltd. (b) | 9,758 | 1,400,273 | ||||||
4,078,503 | ||||||||
Interactive Media & Services - 1.18% | ||||||||
Snap, Inc. - Class A | 101,169 | 1,114,882 | ||||||
Internet & Direct Marketing Retail - 4.13% | ||||||||
Alibaba Group Holding, Ltd. - ADR | 7,667 | 1,398,844 | ||||||
GrubHub, Inc. | 22,703 | 1,577,177 | ||||||
Shutterfly, Inc. | 23,201 | 942,889 | ||||||
3,918,910 | ||||||||
Machinery - 5.33% | ||||||||
Fortive Corp. | 18,023 | 1,511,949 | ||||||
IDEX Corp. | 11,551 | 1,752,749 | ||||||
Xylem, Inc. | 22,604 | 1,786,620 | ||||||
5,051,318 | ||||||||
Multi-Utilities - 1.57% | ||||||||
Sempra Energy | 11,849 | 1,491,315 |
Shares | Fair Value | |||||||
Oil, Gas & Consumable Fuels - 3.69% | ||||||||
Concho Resources, Inc. | 12,845 | $ | 1,425,281 | |||||
Diamondback Energy, Inc. | 15,633 | 1,587,219 | ||||||
Jagged Peak Energy, Inc. | 46,203 | 483,745 | ||||||
3,496,245 | ||||||||
Pharmaceuticals - 1.09% | ||||||||
Nektar Therapeutics | 30,669 | 1,030,479 | ||||||
Professional Services - 3.06% | ||||||||
CoStar Group, Inc. | 3,076 | 1,434,708 | ||||||
TransUnion | 21,919 | 1,465,066 | ||||||
2,899,774 | ||||||||
Real Estate Investment Trusts (REITs) - 1.62% | ||||||||
Equinix, Inc. | 3,386 | 1,534,400 | ||||||
Real Estate Management & Development - 1.24% | ||||||||
The Howard Hughes Corp. | 10,655 | 1,172,050 | ||||||
Semiconductors & Semiconductor Equipment - 4.25% | ||||||||
Ambarella, Inc. | 27,682 | 1,195,862 | ||||||
Marvell Technology Group, Ltd. | 73,586 | 1,463,626 | ||||||
Microchip Technology, Inc. | 16,530 | 1,371,329 | ||||||
4,030,817 | ||||||||
Software - 6.96% | ||||||||
2U, Inc. | 19,716 | 1,396,879 | ||||||
Blackbaud, Inc. | 15,235 | 1,214,686 | ||||||
Cloudera, Inc. | 61,936 | 677,580 | ||||||
Instructure, Inc. | 15,085 | 710,805 | ||||||
Pegasystems, Inc. | 17,924 | 1,165,060 | ||||||
Proofpoint, Inc. | 11,849 | 1,438,824 | ||||||
6,603,834 | ||||||||
Technology Hardware, Storage & Peripherals - 1.78% | ||||||||
Pure Storage, Inc. | 77,370 | 1,685,892 |
See Notes to the Financial Statements. | Leuthold Funds - 2019 Semi-Annual Report | 53 |
March 31, 2019 (Unaudited)
Shares | Fair Value | |||||||
COMMON STOCKS - 96.36% (continued) | ||||||||
Thrifts & Mortgage Finance - 1.73% | ||||||||
LendingTree, Inc. | 4,680 | $ | 1,645,301 | |||||
Trading Companies & Distributors - 1.11% | ||||||||
SiteOne Landscape Supply, Inc. | 18,421 | 1,052,760 | ||||||
TOTAL COMMON STOCKS | ||||||||
(Proceeds $91,147,449) | $ | 91,363,868 | ||||||
INVESTMENT COMPANIES - 3.20% | ||||||||
Exchange Traded Funds - 3.20% | ||||||||
SPDR S&P 500 ETF Trust | 10,754 | $ | 3,037,790 | |||||
TOTAL INVESTMENT COMPANIES | ||||||||
(Proceeds $2,954,725) | $ | 3,037,790 | ||||||
TOTAL SECURITIES SOLD SHORT | ||||||||
(Proceeds $94,102,174) - 99.56% | $ | 94,401,658 |
54 | Leuthold Funds - 2019 Semi-Annual Report | See Notes to the Financial Statements. |
Leuthold Funds
Notes to the Financial Statements (Unaudited)
1. | ORGANIZATIONAND SIGNIFICANTACCOUNTING POLICIES |
Leuthold Funds, Inc. (the “Company”) was incorporated on August 30, 1995, as a Maryland Corporation and is registered with the Securities and Exchange Commission as an open-end management investment company under the Investment Company Act of 1940, as amended. In addition, the Funds are considered investment companies under, and follow the accounting and reporting guidance in, Accounting Standards Codification Topic 946 – Investment Companies. The Leuthold Group, LLC, doing business as Leuthold Weeden Capital Management, is the investment adviser (the “Adviser”). The Company consists of five series (each series 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 fess and expenses, including distribution and shareholder servicing fees, may differ among classes. Each class has exclusive voting rights on any matters relating to that class’s servicing or distribution arrangements.
The following is a summary of significant accounting policies consistently followed by the Funds.
a) | Investment Valuation – Securities listed on a national securities exchange (other than The NASDAQ OMX Group, Inc., referred to as “NASDAQ”) are valued at the last sale price on the day the valuation is made. Securities that are traded on NASDAQ under one of its three listing tiers, NASDAQ Global Market, NASDAQ Global Select Market, and 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. Exchange-traded options are valued at the last reported sale price priced on the primary exchange on which the option is traded. If no sales are reported on a particular day, the mean between the highest bid and lowest asked quotations at the close of the exchanges is used. Non-exchange traded options are 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. Shares of open-end investment companies (other than shares of an |
Leuthold Funds - 2019 Semi-Annual Report | 55 |
Leuthold Funds
exchange-traded fund traded on domestic securities exchanges or on NASDAQ) are valued at one of the following prices as determined by the Adviser: (a) the net asset value announced by such open-end investment company following the close of business on the business day a Fund’s net asset value is to be calculated; (b) the net asset value announced by such open-end investment company following the close of business on the business day immediately preceding the day a Fund’s net asset value is to be calculated; or (c) a value determined by the Adviser by adding to, or subtracting from, the net asset value announced by such open-end investment company following the close of business on the business day immediately preceding the day a Fund’s net asset value is to be calculated, an amount equal to the Adviser’s estimate of the effect of changes in the market prices for the types of securities held by such investment company. Other assets, including securities for which no quotations are readily available, are valued at fair value as determined in good faith by the Board of Directors (“Directors”) pursuant to the Funds’ “Pricing and Valuation Guidelines.”
The Funds may invest in foreign securities. Foreign securities may be priced at the closing price reported on the foreign exchange on which they are principally traded. Trading in foreign securities may be completed at times that vary from the closing of the New York Stock Exchange (“NYSE”). The Directors have 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 Directors. Some of the factors which may be considered by the Directors and the Funds’ Fair Value Pricing Committee in determining fair value are fundamental analytical data relating to the investment, the nature and duration of any restrictions on disposition, trading in similar securities of the same issuer or comparable companies, information from broker-dealers, and an evaluation of the forces that influence the market in which the securities are purchased and sold. The use of fair value pricing by a Fund may cause the net asset value of its shares to differ significantly from the net asset value that would be calculated without regard to such considerations.
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.
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The following is a summary of the inputs used to value the Funds’ investments and securities sold short as of March 31, 2019:
Leuthold Core Investment Fund | ||||||||||||||||
Investments at Fair Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | ||||||||||||||||
Airlines | $ | 5,705,694 | $ | — | $ | — | $ | 5,705,694 | ||||||||
Biotechnology | 18,579,976 | — | — | 18,579,976 | ||||||||||||
Chemicals | — | — | 6,405 | 6,405 | ||||||||||||
Commercial Services & Supplies | 15,920,031 | — | — | 15,920,031 | ||||||||||||
Consumer Finance | 13,196,081 | — | — | 13,196,081 | ||||||||||||
Entertainment | 8,262,230 | — | — | 8,262,230 | ||||||||||||
Food & Staples Retailing | 15,101,749 | — | — | 15,101,749 | ||||||||||||
Health Care Providers & Services | 65,914,755 | — | — | 65,914,755 | ||||||||||||
Hotels, Restaurants & Leisure | 18,318,346 | — | — | 18,318,346 | ||||||||||||
Household Durables | 16,220,320 | — | — | 16,220,320 | ||||||||||||
Interactive Media & Services | 17,544,568 | — | — | 17,544,568 | ||||||||||||
IT Services | 34,651,374 | — | — | 34,651,374 | ||||||||||||
Media | 10,453,657 | — | — | 10,453,657 | ||||||||||||
Multiline Retail | 20,786,226 | — | — | 20,786,226 | ||||||||||||
Professional Services | 19,104,482 | — | — | 19,104,482 | ||||||||||||
Road & Rail | 28,326,369 | — | — | 28,326,369 | ||||||||||||
Semiconductors & Semiconductor Equipment | 22,462,184 | — | — | 22,462,184 | ||||||||||||
Software | 26,044,007 | — | — | 26,044,007 | ||||||||||||
Specialty Retail | 22,183,459 | — | — | 22,183,459 | ||||||||||||
Total Common Stocks | 378,775,508 | — | 6,405 | 378,781,913 | ||||||||||||
Exchange Traded Funds | 84,630,216 | — | — | 84,630,216 | ||||||||||||
Corporate Bonds | — | 18,317,092 | — | 18,317,092 | ||||||||||||
United States Treasury Obligations | — | 36,635,911 | — | 36,635,911 | ||||||||||||
Foreign Government Bonds | — | 28,629,779 | — | 28,629,779 | ||||||||||||
Money Market Funds | 142,962,278 | — | — | 142,962,278 | ||||||||||||
Investments Purchased as Securities Lending Collateral* | — | — | — | 105,428,945 | ||||||||||||
Total Investments in Securities | $ | 606,368,002 | $ | 83,582,782 | $ | 6,405 | $ | 795,386,134 |
* Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Schedule of Investments.
Securities Sold Short at Fair Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 47,725,849 | $ | — | $ | — | $ | 47,725,849 | ||||||||
Exchange Traded Funds | 1,585,278 | — | — | 1,585,278 | ||||||||||||
Total Securities Sold Short | $ | 49,311,127 | $ | — | $ | — | $ | 49,311,127 |
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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, 2018 | $ | 6,423 | ||
Accrued discounts/premiums | — | |||
Realized gain (loss) | — | |||
Change in net unrealized depreciation | (18 | )* | ||
Purchases | — | |||
Sales | — | |||
Transfer into and/or out of Level 3 | — | |||
Balance as of March 31, 2019 | $ | 6,405 | (1) | |
Change in net unrealized depreciation during the period for Level 3 investments held at March 31, 2019: | $ | (18 | ) |
* Unrealized depreciation is due to a change in foreign currency exchange rate.
(1) | The security (China Lumena New Materials Corp.) is classified as a Level 3 security due to a halt in trading of the security on March 25, 2014. The security is valued at fair value as determined in good faith by the Directors. The Adviser submits a report to the Directors setting forth the factors considered in determining the price. The significant unobservable input used in the fair valuation of this security is a discount of 95% from the last traded price of HKD 1.25. 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 Global Fund | ||||||||||||||||
Investments at Fair Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | ||||||||||||||||
Airlines | $ | 731,912 | $ | 308,520 | $ | — | $ | 1,040,432 | ||||||||
Banks | — | 400,470 | — | 400,470 | ||||||||||||
Communications Equipment | 1,606,841 | 413,533 | — | 2,020,374 | ||||||||||||
Consumer Finance | 1,032,701 | 376,137 | — | 1,408,838 | ||||||||||||
Diversified Telecommunication Services | 311,306 | 126,029 | — | 437,335 | ||||||||||||
Electric Utilities | 123,382 | — | — | 123,382 | ||||||||||||
Entertainment | 624,383 | — | — | 624,383 | ||||||||||||
Health Care Providers & Services | 3,195,948 | 861,882 | — | 4,057,830 | ||||||||||||
Household Durables | 899,915 | 867,614 | — | 1,767,529 | ||||||||||||
Insurance | 394,417 | 1,394,000 | — | 1,788,417 | ||||||||||||
Interactive Media & Services | 1,503,055 | 191,032 | — | 1,694,087 | ||||||||||||
IT Services | 2,907,371 | 1,259,108 | — | 4,166,479 | ||||||||||||
Life Sciences Tools & Services | 1,561,455 | 818,506 | — | 2,379,961 | ||||||||||||
Media | 1,176,709 | 752,839 | — | 1,929,548 | ||||||||||||
Metals & Mining | 288,818 | 590,107 | — | 878,925 | ||||||||||||
Oil, Gas & Consumable Fuels | 3,201,886 | 1,664,280 | — | 4,866,166 | ||||||||||||
Paper & Forest Products | — | — | 47,465 | 47,465 | ||||||||||||
Road & Rail | 1,441,531 | 469,105 | — | 1,910,636 | ||||||||||||
Semiconductors & Semiconductor Equipment | 2,052,505 | 889,098 | — | 2,941,603 | ||||||||||||
Thrifts & Mortgage Finance | — | 137,130 | — | 137,130 | ||||||||||||
Wireless Telecommunication Services | 1,180,851 | 1,200,923 | — | 2,381,774 | ||||||||||||
Total Common Stocks | 24,234,986 | 12,720,313 | 47,465 | 37,002,764 |
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Leuthold Global Fund (continued) | ||||||||||||||||
Investments at Fair Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Preferred Stocks | $ | 141,666 | $ | — | $ | — | $ | 141,666 | ||||||||
Exchange Traded Funds | 7,794,987 | — | — | 7,794,987 | ||||||||||||
Corporate Bonds | — | 1,139,756 | — | 1,139,756 | ||||||||||||
United States Treasury Obligations | — | 3,376,293 | — | 3,376,293 | ||||||||||||
Foreign Government Bonds | — | 3,901,902 | — | 3,901,902 | ||||||||||||
Money Market Funds | 11,740,450 | — | — | 11,740,450 | ||||||||||||
Investments Purchased as Securities Lending Collateral* | — | — | — | 12,827,954 | ||||||||||||
Total Investments in Securities | $ | 43,912,089 | $ | 21,138,264 | $ | 47,465 | $ | 77,925,772 |
* Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Schedule of Investments.
Securities Sold Short at Fair Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 2,354,736 | $ | — | $ | — | $ | 2,354,736 | ||||||||
Exchange Traded Funds | 2,499,391 | — | — | 2,499,391 | ||||||||||||
Total Securities Sold Short | $ | 4,854,127 | $ | — | $ | — | $ | 4,854,127 |
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, 2018 | $ | 47,596 | ||
Accrued discounts/premiums | — | |||
Realized gain (loss) | — | |||
Change in net unrealized depreciation | (131 | )* | ||
Purchases | — | |||
Sales | — | |||
Transfers into and/or out of Level 3 | — | |||
Balance as of March 31, 2019 | $ | 47,465 | (1) | |
Change in net unrealized depreciation during the period for Level 3 investments held at March 31, 2019: | $ | (131 | ) |
* Unrealized depreciation is due to a change in foreign currency exchange rate.
(1) | The security (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 Directors. The Adviser submits a report to the Directors setting forth the factors considered in determining the price. The significant unobservable input used in the fair valuation of this security is a discount of 95% from the last traded price of HKD 2.95. Significant changes in the discount rate may result in a change in fair value measurement. For the duration of the period the discount was 95%. |
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Leuthold Funds
Leuthold Select Industries Fund | ||||||||||||||||
Investments at Fair Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 12,182,115 | $ | — | $ | — | $ | 12,182,115 | ||||||||
Money Market Funds | 127,268 | — | — | 127,268 | ||||||||||||
Total Investments in Securities | $ | 12,309,383 | $ | — | $ | — | $ | 12,309,383 |
The Fund did not invest in any Level 3 securities during the period.
Leuthold Global Industries Fund | ||||||||||||||||
Investments at Fair Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | ||||||||||||||||
Airlines | $ | 141,442 | $ | 59,793 | $ | — | $ | 201,235 | ||||||||
Banks | — | 76,308 | — | 76,308 | ||||||||||||
Communications Equipment | 311,725 | 79,765 | — | 391,490 | ||||||||||||
Consumer Finance | 200,997 | 73,141 | — | 274,138 | ||||||||||||
Diversified Telecommunication Services | 58,779 | 24,027 | — | 82,806 | ||||||||||||
Electric Utilities | 23,460 | — | — | 23,460 | ||||||||||||
Entertainment | 121,257 | — | — | 121,257 | ||||||||||||
Health Care Providers & Services | 619,677 | 169,239 | — | 788,916 | ||||||||||||
Household Durables | 174,812 | 168,264 | — | 343,076 | ||||||||||||
Insurance | 76,778 | 273,576 | — | 350,354 | ||||||||||||
Interactive Media & Services | 290,886 | 36,939 | — | 327,825 | ||||||||||||
IT Services | 564,756 | 243,549 | — | 808,305 | ||||||||||||
Life Sciences Tools & Services | 303,310 | 158,733 | — | 462,043 | ||||||||||||
Media | 228,692 | 145,917 | — | 374,609 | ||||||||||||
Metals & Mining | 56,541 | 115,539 | — | 172,080 | ||||||||||||
Oil, Gas & Consumable Fuels | 612,426 | 320,746 | — | 933,172 | ||||||||||||
Paper & Forest Products | — | — | 2,217 | 2,217 | ||||||||||||
Road & Rail | 272,846 | 82,146 | — | 354,992 | ||||||||||||
Semiconductors & Semiconductor Equipment | 399,078 | 170,990 | — | 570,068 | ||||||||||||
Thrifts & Mortgage Finance | — | 26,699 | — | 26,699 | ||||||||||||
Wireless Telecommunication Services | 229,436 | 235,651 | — | 465,087 | ||||||||||||
Total Common Stocks | 4,686,898 | 2,461,022 | 2,217 | 7,150,137 | ||||||||||||
Preferred Stock | 26,759 | — | — | 26,759 | ||||||||||||
Exchange Traded Funds | 92,989 | — | — | 92,989 | ||||||||||||
Money Market Funds | 55,083 | — | — | 55,083 | ||||||||||||
Total Investments in Securities | $ | 4,861,729 | $ | 2,461,022 | $ | 2,217 | $ | 7,324,968 |
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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, 2018 | $ | 2,223 | ||
Accrued discounts/premiums | — | |||
Realized gain (loss) | — | |||
Change in net unrealized depreciation | (6 | )* | ||
Purchases | — | |||
Sales | — | |||
Transfers into and/or out of Level 3 | — | |||
Balance as of March 31, 2019 | $ | 2,217 | (1) | |
Change in net unrealized depreciation during the period for Level 3 investments held at March 31, 2019: | $ | (6 | ) |
* Unrealized depreciation is due to a change in foreign currency exchange rate.
(1) | The security (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 Directors. The Adviser submits a report to the Directors setting forth the factors considered in determining the price. The significant unobservable input used in the fair valuation of this security is a discount of 95% from the last traded price of HKD 2.95. Significant changes in the discount rate may result in a change in fair value measurement. For the duration of the period the discount was 95%. |
Grizzly Short Fund | ||||||||||||||||
Investments at Fair Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Money Market Funds | $ | 77,907,947 | $ | — | $ | — | $ | 77,907,947 | ||||||||
Total Investments in Securities | $ | 77,907,947 | $ | — | $ | — | $ | 77,907,947 | ||||||||
Securities Sold Short at Fair Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 91,363,868 | $ | — | $ | — | $ | 91,363,868 | ||||||||
Exchange Traded Funds | 3,037,790 | $ | — | $ | — | 3,037,790 | ||||||||||
Total Securities Sold Short | $ | 94,401,658 | $ | — | $ | — | $ | 94,401,658 |
The Fund did not invest in any Level 3 securities during the period.
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. |
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Leuthold Funds
The tax character of distributions paid during the fiscal years ended September 30, 2018 and 2017 was as follows:
Year Ended September 30, 2018 | ||||||||||||||||||||
Leuthold Core Investment Fund | Leuthold Global Fund | Leuthold Select Industries Fund | Leuthold Global Industries Fund | Grizzly Short Fund | ||||||||||||||||
Distributions paid from: | ||||||||||||||||||||
Ordinary Income | $ | 2,274,796 | $ | 3,573,894 | $ | 5,625 | $ | 436,345 | $ | — | ||||||||||
Long-Term Capital Gain* | 26,947,936 | 5,318,043 | 735,816 | 450,496 | — | |||||||||||||||
Return of Capital | — | — | — | — | — | |||||||||||||||
Total Distribution Paid | $ | 29,222,732 | $ | 8,891,937 | $ | 741,441 | $ | 886,841 | $ | — | ||||||||||
Year Ended September 30, 2017 | ||||||||||||||||||||
Leuthold Core Investment Fund | Leuthold Global Fund | Leuthold Select Industries Fund | Leuthold Global Industries Fund | Grizzly Short Fund | ||||||||||||||||
Distributions paid from: | ||||||||||||||||||||
Ordinary Income | $ | 854,085 | $ | 395,482 | $ | — | $ | 154,354 | $ | — | ||||||||||
Long-Term Capital Gain* | 3,823,839 | 11,393,102 | — | 309,089 | — | |||||||||||||||
Return of Capital | — | — | — | — | — | |||||||||||||||
Total Distribution Paid | $ | 4,677,924 | $ | 11,788,584 | $ | — | $ | 463,443 | $ | — |
*The funds designate these distributions as long-term capital gain dividends per IRC Sec. 852(b)(3)(C) in the 20-percent group (which may be taxed at a 20-percent rate, a 15-percent rate or 0-percent rate, depending on the shareholder’s taxable income).
At September 30, 2018, 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 | $ | — | $ | — | $ | — | $ | 115,848 | $ | — | ||||||||||
Undistributed long-term gains | 72,649,053 | 5,448,398 | 1,138,366 | 902,020 | — | |||||||||||||||
Distributable earnings | 72,649,053 | 5,448,398 | 1,138,366 | 1,017,868 | — | |||||||||||||||
Capital loss carryover and late-year losses | (332,659 | ) | (346,147 | ) | (24,117 | ) | — | (249,962,530 | ) | |||||||||||
Other accumulated gains (losses) | (4,392 | ) | (15,423 | ) | 2 | (1,754 | ) | — | ||||||||||||
Unrealized appreciation | 112,202,010 | 4,100,086 | 3,718,554 | 841,946 | 3,052,379 | |||||||||||||||
Total accumulated earnings (deficit) | $ | 184,514,012 | $ | 9,186,914 | $ | 4,832,805 | $ | 1,858,060 | $ | (246,910,151 | ) |
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
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differences are primarily due to partnership adjustments, securities sold short, earnings and profits distributed to shareholders on the redemption of shares, net operating losses, and expiration of capital losses.
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, 2018, the following table shows the reclassifications made:
Distributable Earnings | Paid in Capital | |||||||
Leuthold Core Investment Fund | $ | (12,787,623 | ) | $ | 12,787,623 | |||
Leuthold Global Fund | (1,432,487 | ) | 1,432,487 | |||||
Leuthold Select Industries Fund | (407,076 | ) | 407,076 | |||||
Leuthold Global Industries Fund | (76,463 | ) | 76,463 | |||||
Grizzly Short Fund | 21,375,478 | (21,375,478 | ) |
Under current law, the Funds may carry forward net capital losses indefinitely to use to offset capital gains realized in future years. Previous law limited the carry forward of capital losses to the eight tax years following the year the capital loss was realized. If a Fund has capital losses that are subject to current law and also has capital losses subject to prior law, the losses realized under current law will be utilized to offset capital gains before any of the losses governed by prior law can be used. As a result of these ordering rules, capital losses realized under previous law may be more likely to expire unused. Capital losses realized under current law will carry forward retaining their classification as long-term or short-term losses, whereas under prior law all capital losses were carried forward as short-term capital losses.
Leuthold Core Investment Fund | Leuthold Global Fund | Leuthold Select Industries Fund | Leuthold Global Industries Fund | Grizzly Short Fund | ||||||||||||||||
Expires 09/30/19 | $ | — | $ | — | $ | — | $ | — | $ | (25,380,935 | ) | |||||||||
Unlimited Short-Term | — | — | — | — | (224,310,627 | ) |
The Leuthold Core Investment Fund, Leuthold Global Fund, Leuthold Select Industries Fund, and Grizzly Short Fund intend to defer and treat $332,659, $346,147, $24,117, and $270,968, respectively, of qualified late-year losses incurred during the fiscal year ended September 30, 2018 as arising on the first day of the fiscal year ending September 30, 2019.
As of March 31, 2019, 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, 2019, 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. |
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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 Funds’ financial statements herein. All intercompany balances, revenues, and expenses have been eliminated in consolidation. The Subsidiaries act as investment vehicles in order to enter into certain investments for the Leuthold Core Investment Fund and Leuthold Global Fund consistent with the investment objectives and policies specified in the Prospectus and Statement of Additional Information. The Subsidiaries were liquidated in May 2018. |
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 Fund, Leuthold Global Fund, and Grizzly Short Fund’s collateral at broker for securities sold short is with one major security dealer. |
With regard to the cash collateral that is posted with counterparties, the Funds will establish a collateral account for each respective counterparty with its custodian (the “Account”) and will enter into a tri-party agreement with the custodian and the respective counterparty regarding the transfer of assets to and from the Account.
The Adviser will review each Account on a daily basis to ensure that the Account does not maintain a material amount of cash collateral in excess of what is required by the applicable counterparty (the amount of collateral required by such counterparty is subject to change and generally not known until the next business day, which necessitates the maintenance of a minimum amount of excess cash collateral). In the event that the excess cash collateral in an Account is equal to or in excess of the greater of the following: $250,000 or 1% of the total assets of the applicable Fund calculated at each month end; then the applicable Fund, pursuant to the tri-party agreement, will instruct the custodian to sweep such excess cash collateral into the Fund’s interest bearing account with the custodian. The amount of collateral held related to this tri-party agreement is included in the Statement of Assets and Liabilities as an asset.
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. The Funds utilize an identified lot approach to transactions. 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. |
64 | Leuthold Funds - 2019 Semi-Annual Report |
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) | Recently Issued Accounting Pronouncements – In March 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. The amendments in ASU No. 2017-08 shorten the amortization period for certain callable debt securities, held at a premium, to be amortized to the earliest call date. ASU No. 2017-08 does not require an accounting change for securities held at a discount; which continues to be amortized to maturity. ASU No. 2017-08 is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2018. Management is currently evaluating the impact, if any, of applying this provision. |
l) | Subsequent Events – The Funds have evaluated subsequent events through the date of issuance of the Funds’ financial statements. This evaluation did not result in any subsequent events that necessitated recognition or disclosure. |
2. | INVESTMENT TRANSACTIONS |
Leuthold Core Investment Fund | Leuthold Global Fund | Leuthold Select Industries Fund | Leuthold Global Industries Fund | |||||||||||||
Purchases | $ | 154,715,260 | $ | 24,254,256 | $ | 4,191,657 | $ | 3,505,710 | ||||||||
Sales | 254,786,483 | 33,553,606 | 8,517,101 | 5,500,112 |
Leuthold Funds - 2019 Semi-Annual Report | 65 |
Leuthold Core Investment Fund | Leuthold Global Fund | Leuthold Select Industries Fund | Leuthold Global Industries Fund | Grizzly Short Fund | ||||||||||||||||
Tax cost of investments | $ | 691,063,099 | $ | 76,534,095 | $ | 14,428,918 | $ | 9,605,888 | $ | (16,161,360 | ) | |||||||||
Unrealized appreciation | 124,122,936 | 6,552,951 | 3,983,171 | 1,087,857 | 6,697,484 | |||||||||||||||
Unrealized depreciation | (11,920,926 | ) | (2,452,865 | ) | (264,617 | ) | (245,911 | ) | (3,645,105 | ) | ||||||||||
Net unrealized appreciation | $ | 112,202,010 | $ | 4,100,086 | $ | 3,718,554 | $ | 841,946 | $ | 3,052,379 |
Leuthold Core Investment Fund | ||||||||||||||||||||||||||||||||
Security Name | Share Balance 03/31/19 | Fair Value at 09/30/18 | Purchases | Sales | Realized Gain (loss) | Change in Unrealized Appreciation | Fair Value at 03/31/19 | Dividend Income | ||||||||||||||||||||||||
Invesco CurrencyShares | ||||||||||||||||||||||||||||||||
Japanese Yen Trust | 239,414 | $ | 24,151,976 | $ | –– | $ | (4,031,189 | ) | $ | (208,066 | ) | $ | 703,219 | $ | 20,615,940 | $ | –– |
3. | INVESTMENT ADVISORY AND OTHER AGREEMENTS |
Leuthold Core Investment Fund | Leuthold Global Fund | Leuthold Select Industries Fund | Leuthold Global Industries Fund | Grizzly Short Fund | ||||
0.90% | 0.90% | 1.00% | 1.00% | 1.25% |
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% |
66 | Leuthold Funds - 2019 Semi-Annual Report |
Leuthold Select Industries Fund | Leuthold Global Industries Fund | |||||||||
Year of Expiration | Recoverable Amount | Year of Expiration | Recoverable Amount | |||||||
9/30/2019 | $ | 14,073 | 9/30/2019 | $ | 60,838 | |||||
9/30/2020 | 40,903 | 9/30/2020 | 122,114 | |||||||
9/30/2021 | 28,151 | 9/30/2021 | 121,088 | |||||||
3/31/2022 | 21,168 | 3/31/2022 | 72,351 |
4. | DISTRIBUTION PLAN |
5. | SUB-TRANSFER AGENT & SHAREHOLDER SERVICING FEE PLANS |
6. | INDEMNIFICATIONS |
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7. | ILLIQUID SECURITIES |
8. | LENDING PORTFOLIO SECURITIES |
Market Value of Securities on Loan | Payable on Collateral Received | |||||||
Leuthold Core Investment Fund | $ | 103,535,380 | $ | 105,428,945 | ||||
Leuthold Global Fund | 12,580,175 | 12,827,954 |
68 | Leuthold Funds - 2019 Semi-Annual Report |
• | 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). |
Leuthold Funds - 2019 Semi-Annual Report | 69 |
70 | Leuthold Funds - 2019 Semi-Annual Report |
Leuthold Funds - 2019 Semi-Annual Report | 71 |
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 150 South Fifth Street Suite 1700 Minneapolis, MN 55402 | Chairman and Director | Indefinite, Director since 1995 | Chairman, Eagle Management & Financial Corp., a management consulting firm | 5 | None | |||||
Paul M. Kelnberger (1943) c/o Leuthold Weeden Capital Management 150 South Fifth Street Suite 1700 Minneapolis, MN 55402 | Director and Chair of Audit Committee | Indefinite, 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 150 South Fifth Street Suite 1700 Minneapolis, MN 55402 | Director and Chair of Nominating Committee | Indefinite, Director since 2009 | Retired Chairman and Chief Executive Officer of Piper Jaffray Companies and PREDEX. | 5 | Piper Jaffray Companies and PREDEX |
72 | Leuthold Funds - 2019 Semi-Annual Report |
Name, Year of Birth, and Address | Position(s) Held with the Company | Term of Office and Length of Time Served | Principal Occupation During Past Five Years | # of Portfolios in Fund Complex Overseen By Director | Other Directorships Held by Director | |||||
John C. Mueller (1968) 150 South Fifth Street Suite 1700 Minneapolis, MN 55402 | Director President | Indefinite, 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 | |||||
Holly J. Weiss (1968) 150 South Fifth Street Suite 1700 Minneapolis, MN 55402 | Secretary and Treasurer | One Year Term, Secretary and Treasurer since 2009 | Chief Financial Officer of the Adviser since 2011. Controller of the Adviser from 2008 to 2011. | N/A | N/A | |||||
Roger A. Peters (1960) 150 South Fifth Street Suite 1700 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) 150 South Fifth Street Suite 1700 Minneapolis, MN 55402 | Assistant Secretary | One Year Term, Assistant Secretary since 2006 | Compliance Officer of the Adviser since 2005. | N/A | N/A |
Leuthold Funds - 2019 Semi-Annual Report | 73 |
Leuthold Funds Investment Adviser: The Leuthold Group, LLC, doing business as 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. |
(a) | The Registrant’s President/Principal Executive Officer and Treasurer/Principal Financial Officer 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. |
(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. |
(b) | Certifications pursuant to Section 906 of the Sarbanes‑Oxley Act of 2002. Furnished herewith. |