Leuthold Funds NPORT-P Leuthold Global Fund (Dec 2021 report)

Leuthold Global Fund
Schedule of Investments
December 31, 2021 (Unaudited)
	Shares		Fair Value
COMMON STOCKS - 66.77%
Air Freight & Logistics - 3.20%
Atlas Air Worldwide Holdings, Inc. (a)		1,446	$	136,097
Cia de Distribucion Integral Logista Holdings SA (b)		5,107		101,913
Deutsche Post AG (b)		3,040		195,535
FedEx Corp.		761		196,825
Kintetsu World Express, Inc. (b)		3,400		88,229
PostNL NV (b)		23,517		102,256
Royal Mail PLC (b)		14,559		99,819
				920,674
Banks - 5.96%
Ameris Bancorp		1,784		88,629
Associated Banc-Corp.		4,347		98,199
Banco Santander SA - ADR		31,366		103,194
Bank Tabungan Negara Persero Tbk PT (a)(b)		597,800		72,453
Cadence Bank		2,658		79,182
Citigroup, Inc.		2,100		126,819
Citizens Financial Group, Inc.		3,319		156,823
FNB Corp.		7,810		94,735
Investors Bancorp, Inc.		6,845		103,702
Lloyds Banking Group PLC - ADR		35,990		91,775
Mebuki Financial Group, Inc. (b)		39,200		80,687
Mizuho Financial Group, Inc. - ADR		42,544		108,487
The PNC Financial Services Group, Inc.		1,050		210,546
Simmons First National Corp.		2,764		81,759
Societe Generale SA (b)		3,355		115,307
Valley National Bancorp		7,367		101,296
				1,713,593
Capital Markets - 5.46%
Evercore, Inc. - Class A		933		126,748
The Goldman Sachs Group, Inc.		900		344,295
Haitong Securities Co., Ltd. - H Shares (b)		72,000		63,832
LPL Financial Holdings, Inc.		1,214		194,349
Meritz Securities Co., Ltd. (b)		15,272		66,123
Morgan Stanley		4,410		432,886
Raymond James Financial, Inc.		1,777		178,411
Stifel Financial Corp.		2,289		161,191
				1,567,835
Commercial Banks - 0.85%
Barclays PLC - ADR		10,681		110,548
Wells Fargo & Co.		2,809		134,776
				245,324
Communications Equipment - 3.87%
Ciena Corp. (a)		1,998		153,786
Cisco Systems, Inc.		4,132		261,845
Juniper Networks, Inc.		3,672		131,127
Lumentum Holdings, Inc. (a)		1,250		132,213
NETGEAR, Inc. (a)		2,429		70,951
Spirent Communications PLC (b)		30,406		114,719
Telefonaktiebolaget LM Ericsson - Class B - ADR		12,520		136,092
Wistron NeWeb Corp. (b)		39,000		109,869
				1,110,602
Consumer Finance - 2.71%
Ally Financial, Inc.		2,587	$	123,167
Capital One Financial Corp.		1,435		208,204
Credit Corp Group, Ltd. (b)		3,221		78,518
Discover Financial Services		1,411		163,055
OneMain Holdings, Inc.		1,601		80,114
Synchrony Financial		2,729		126,598
				779,656
Distributors - 0.44%
LKQ Corp.		2,089		125,403
Household Durables - 7.82%
Barratt Developments PLC (b)		11,611		117,903
Electrolux AB - Class B (b)		3,279		79,416
Forbo Holding AG (b)		27		55,312
Haier Smart Home Co., Ltd. - H Class (b)		30,000		126,880
Haseko Corp. (b)		7,900		97,994
KB Home		3,544		158,523
La-Z-Boy, Inc.		1,107		40,195
Lennar Corp. - Class A		2,302		267,400
LG Electronics, Inc. (b)		863		99,919
Meritage Homes Corp. (a)		2,178		265,847
Mohawk Industries, Inc. (a)		524		95,462
Redrow PLC (b)		11,746		112,101
Sony Group Corp. - ADR		1,543		195,035
TCL Electronics Holdings, Ltd. (b)		52,000		27,043
Toll Brothers, Inc.		3,107		224,916
Tri Pointe Homes, Inc. (a)		6,851		191,075
Whirlpool Corp.		393		92,221
				2,247,242
Interactive Media & Services - 2.62%
Alphabet, Inc. - Class A (a)		176		509,879
Meta Platforms, Inc. - Class A (a)		718		241,499
				751,378
IT Services - 2.51%
Accenture PLC - Class A (b)		820		339,931
NS Solutions Corp. (b)		2,600		80,172
TIS, Inc. (b)		4,200		124,892
Wipro, Ltd. - ADR		18,012		175,797
				720,792
Life Sciences Tools & Services - 3.65%
Charles River Laboratories International, Inc. (a)		502		189,144
Eurofins Scientific SE (a)(b)		1,133		140,369
Gerresheimer AG (b)		762		73,265
ICON PLC (a)(b)		319		98,794
Medpace Holdings, Inc. (a)		807		175,635
Siegfried Holding AG (b)		116		112,841
Syneos Health, Inc. (a)		1,403		144,060
Waters Corp. (a)		306		114,016
				1,048,124
Machinery - 0.77%
Indutrade AB (b)		7,268		221,900
Marine - 2.44%
AP Moller - Maersk A/S - Class B (b)		69		246,283
Evergreen Marine Corp Taiwan, Ltd. (b)		51,000		261,269
Matson, Inc.		1,121		100,923
Star Bulk Carriers Corp. (b)		4,134		93,718
				702,193
Metals & Mining - 4.13%
Anglo American PLC (b)		3,870	$	159,181
BHP Group, Ltd. - ADR		3,050		184,068
Boliden AB (b)		2,296		88,533
Fortescue Metals Group, Ltd. (b)		7,920		111,329
Grupo Mexico SAB de CV (b)		37,200		162,168
Korea Zinc Co., Ltd. (a)(b)		193		83,042
Rio Tinto PLC - ADR		2,647		177,190
Sumitomo Metal Mining Co., Ltd. (b)		2,100		79,537
Ternium SA - ADR		3,267		142,180
				1,187,228
Oil, Gas & Consumable Fuels - 5.46%
Aker BP ASA (b)		3,893		119,704
Antero Midstream Corp.		13,301		128,754
APA Corp.		5,091		136,897
Canadian Natural Resources, Ltd. (b)		5,638		238,206
Enbridge, Inc. (b)		2,426		94,808
EOG Resources, Inc.		2,682		238,242
Inpex Corp. (b)		14,800		128,695
Lundin Energy AB (b)		3,349		119,836
PTT Exploration & Production PCL - NVDR		30,600		107,878
Tourmaline Oil Corp. (b)		3,684		118,941
Whiting Petroleum Corp. (a)		2,097		135,634
				1,567,595
Paper & Forest Products - 0.17%
China Forestry Holdings Co., Ltd. (a)(b)(d)(e)		2,484,000		47,784
Professional Services - 0.80%
CACI International, Inc. (a)		545		146,719
ManTech International Corp. - Class A		1,159		84,526
				231,245
Semiconductors & Semiconductor Equipment - 9.83%
Amkor Technology, Inc.		5,093		126,255
Applied Materials, Inc.		2,089		328,725
ASM International NV (b)		822		362,845
Diodes, Inc. (a)		1,546		169,766
Globalwafers Co., Ltd. (b)		6,000		192,217
Intel Corp.		3,054		157,281
Lam Research Corp.		605		435,086
Marvell Technology, Inc.		3,165		276,906
Sino-American Silicon Products, Inc. (b)		26,000		221,441
SK Hynix, Inc. (b)		1,466		161,015
Skyworks Solutions, Inc.		1,112		172,516
SUMCO Corp. (b)		6,400		130,322
Taiwan Surface Mounting Technology Corp. (b)		20,000		89,068
				2,823,443
Specialty Retail - 0.52%
Penske Automotive Group, Inc.		1,404		150,537
Technology Hardware, Storage & Peripherals - 0.90%
HP, Inc.		4,180		157,461
Logitech International SA (b)		1,223		100,873
				258,334
Trading Companies & Distributors - 2.13%
Air Lease Corp.		1,740		76,960
ITOCHU Corp. (b)		3,500		107,079
Mitsui & Co., Ltd. (b)		4,400		104,271
Triton International, Ltd. (b)		2,134		128,531
WESCO International, Inc. (a)		1,494		196,595
				613,436
Wireless Telecommunication Services - 0.53%
America Movil SAB de CV - ADR		7,233		152,689
TOTAL COMMON STOCKS (Cost $13,853,030)			$	19,187,007
INVESTMENT COMPANIES - 15.60%
Exchange Traded Funds - 15.60%
Invesco CurrencyShares Japanese Yen Trust (a)		8,531	$	695,191
iShares Gold Trust (a)		7,889		274,616
iShares Floating Rate Bond ETF		5,786		293,524
iShares International Treasury Bond ETF		8,318		418,312
iShares MBS ETF		3,791		407,267
iShares TIPS Bond ETF		3,624		468,221
SPDR Bloomberg Short-Term High Yield Bond ETF		14,802		401,874
SPDR Gold Shares (a)		5,058		864,716
VanEck China Bond ETF		4,697		115,922
Vanguard Short-Term Inflation-Protected Securities ETF		10,577		543,658
TOTAL INVESTMENT COMPANIES (Cost $4,242,599)			$	4,483,301
	Principal Amount		Fair Value
CORPORATE BONDS - 1.95%
Banks - 1.95%
JPMorgan Chase & Co.
1.500%, 01/27/2025	$	470,000	$	558,968
TOTAL CORPORATE BONDS (Cost $516,339)			$	558,968
FOREIGN GOVERNMENT BONDS - 2.96%
French Republic Government Bond OAT
1.250%, 05/25/2034 (b)	EUR 474,000		$	597,725
United Kingdom Gilt
4.750%, 12/07/2030 (b)	GBP 140,000			251,900
TOTAL FOREIGN GOVERNMENT BONDS (Cost $817,728)			$	849,625
UNITED STATES TREASURY OBLIGATIONS - 0.57%
United States Treasury Notes - 0.57%
0.625%, 08/15/2030	$	175,000	$	163,379
TOTAL UNITED STATES TREASURY OBLIGATIONS (Cost $164,129)			$	163,379
	Shares		Fair Value
SHORT-TERM INVESTMENTS - 9.39%
Money Market Funds - 9.39%
Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 0.010% (c)(f)		2,697,379	$	2,697,379
TOTAL SHORT-TERM INVESTMENTS (Cost $2,697,379)			$	2,697,379
Total Investments (Cost $22,291,204) - 97.24%			$	27,939,659
Other Assets in Excess of Liabilities - 2.76%				794,067
TOTAL NET ASSETS - 100.00%			$	28,733,726

Percentages are stated as a percent of net assets.
ADR	American Depositary Receipt
EUR	Euro
GBP	British Pound
NVDR	Non Voting Depositary Receipt
(a)	Non-income producing security.
(b)	Foreign issued security.
(c)	The rate quoted is the annualized seven-day effective yield as of December 31, 2021.
(d)	Illiquid security.  The fair value of these securities total $47,784 which represents 0.17% 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)	All or a portion of the assets have been committed as collateral for open securities sold short.
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P").  GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

			Percentage
	Fair		of Total
	Value		Investments
CURRENCY EXPOSURE
Australian Dollar	$	189,847		0.68	%
British Pound		855,623		3.06
Canadian Dollar		118,941		0.42
Danish Krone		246,283		0.88
Euro		2,541,707		9.10
Hong Kong Dollar		265,539		0.95
Indonesian Rupiah		72,453		0.26
Japanese Yen		1,021,878		3.66
Mexican Peso		162,168		0.58
Norwegian Krone		119,704		0.43
South Korean Won		410,099		1.47
Swedish Krona		287,785		1.03
Swiss Franc		168,153		0.60
Taiwan New Dollar		873,864		3.13
Thai Baht		107,878		0.39
US Dollar		20,497,737		73.36
Total Investments	$	27,939,659		100.00	%
			Percentage
	Fair		of Total
	Value		Investments
PORTFOLIO DIVERSIFICATION
Australia	$	373,915		1.34	%
Bermuda		128,531		0.46
Canada		451,955		1.62
China		238,496		0.85
Denmark		246,283		0.88
France		713,032		2.55
Germany		268,800		0.96
Greece		93,718		0.34
Hong Kong		27,043		0.10
India		175,797		0.63
Indonesia		72,453		0.26
Ireland		438,725		1.57
Japan		1,325,400		4.74
Luxembourg		282,549		1.01
Mexico		314,857		1.13
Netherlands		465,101		1.66
Norway		119,704		0.43
South Korea		410,099		1.47
Spain		205,107		0.73
Sweden		645,777		2.31
Switzerland		269,026		0.96
Taiwan		873,864		3.13
Thailand		107,878		0.39
United Kingdom		1,235,136		4.42
United States		18,456,413		66.06
Total Investments	$	27,939,659		100.00	%

Leuthold Global Fund
Schedule of Securities Sold Short - (a)
December 31, 2021 (Unaudited)
	Shares		Fair Value
COMMON STOCKS - 2.07%
Aerospace & Defense - 0.07%
The Boeing Co.		38	$	7,650
HEICO Corp.		30		4,326
TransDigm Group, Inc.		13		8,272
				20,248
Airlines - 0.01%
United Airlines Holdings, Inc.		96		4,203
Auto Components - 0.01%
Visteon Corp.		30		3,334
Automobiles - 0.03%
Ferrari NV (b)		38		9,835
Banks - 0.01%
Independent Bank Corp.		51		4,158
Beverages - 0.04%
The Boston Beer Co., Inc. - Class A		8		4,041
Brown-Forman Corp. - Class B		107		7,796
				11,837
Biotechnology - 0.02%
Seagen, Inc.		40		6,184
Building Products - 0.02%
Trex Co., Inc.		36		4,861
Capital Markets - 0.08%
CME Group, Inc. - Class A		40		9,138
Credit Suisse Group AG - ADR		770		7,423
MarketAxess Holdings, Inc.		17		6,992
				23,553
Chemicals - 0.14%
Air Products and Chemicals, Inc.		27		8,215
Ashland Global Holdings, Inc.		37		3,983
Ecolab, Inc.		38		8,914
International Flavors & Fragrances, Inc.		61		9,190
RPM International, Inc.		43		4,343
The Scotts Miracle-Gro Co.		27		4,347
				38,992
Commercial Services & Supplies - 0.10%
Cintas Corp.		21		9,306
MillerKnoll, Inc.		95		3,723
MSA Safety, Inc.		25		3,774
Ritchie Bros Auctioneers, Inc. (b)		65		3,979
Rollins, Inc.		217		7,424
				28,206
Consumer Finance - 0.01%
Green Dot Corp.		88	$	3,189
Containers & Packaging - 0.03%
Ball Corp.		88		8,472
Diversified Consumer Services - 0.01%
Bright Horizons Family Solutions, Inc.		27		3,399
Electric Utilities - 0.04%
PG&E Corp.		844		10,246
Electrical Equipment - 0.02%
Plug Power, Inc.		131		3,698
Sunrun, Inc.		78		2,676
				6,374
Energy Equipment & Services - 0.03%
Baker Hughes, a GE Co. - Class A		342		8,228
Entertainment - 0.06%
Spotify Technology SA (b)		32		7,489
Take-Two Interactive Software, Inc.		48		8,531
				16,020
Food & Staples Retailing - 0.03%
Sysco Corp.		105		8,248
Food Products - 0.05%
Freshpet, Inc.		30		2,858
Hormel Foods Corp.		166		8,102
TreeHouse Foods, Inc.		101		4,094
				15,054
Health Care Equipment & Supplies - 0.07%
Insulet Corp.		30		7,982
Outset Medical, Inc.		89		4,102
STERIS PLC - ADR		32		7,789
				19,873
Health Care Providers & Services - 0.01%
Guardant Health, Inc.		30		3,001
Health Care Technology - 0.04%
Teladoc Health, Inc.		53		4,866
Veeva Systems, Inc. - Class A		25		6,387
				11,253
Hotels, Restaurants & Leisure - 0.15%
Aramark		114		4,201
DraftKings, Inc. - Class A		161		4,423
Hyatt Hotels Corp. - Class A		53		5,083
Las Vegas Sands Corp.		227		8,544
Planet Fitness, Inc. - Class A		50		4,529
Royal Caribbean Cruises, Ltd.		105		8,074
Wingstop, Inc.		29		5,011
Wynn Resorts, Ltd.		38		3,232
				43,097
Household Products - 0.06%
The Clorox Co.		46	$	8,021
Kimberly-Clark Corp.		59		8,432
				16,453
Independent Power and Renewable Electricity Producers - 0.02%
Ormat Technologies, Inc.		59		4,679
Industrial Conglomerates - 0.03%
Roper Technologies, Inc.		17		8,362
Insurance - 0.03%
Erie Indemnity Co. - Class A		21		4,046
Goosehead Insurance, Inc. - Class A		29		3,772
				7,818
Interactive Media & Services - 0.05%
Match Group, Inc.		53		7,009
ZoomInfo Technologies, Inc.		115		7,383
				14,392
Internet & Direct Marketing Retail - 0.04%
Amazon.com, Inc.		2		6,669
Farfetch, Ltd. - Class A (b)		85		2,841
Fiverr International, Ltd. (b)		27		3,070
				12,580
IT Services - 0.15%
BigCommerce Holdings, Inc.		69		2,441
Block, Inc. - Class A		29		4,684
MongoDB, Inc.		15		7,940
Okta, Inc. - Class A		36		8,070
Repay Holdings Corp.		179		3,270
Snowflake, Inc.		27		9,146
Twilio, Inc. - Class A		31		8,164
				43,715
Leisure Products - 0.01%
YETI Holdings, Inc.		41		3,396
Life Sciences Tools & Services - 0.03%
Illumina, Inc.		22		8,370
Machinery - 0.03%
Illinois Tool Works, Inc.		34		8,391
Metals & Mining - 0.03%
Franco-Nevada Corp. (b)		53		7,329
Oil, Gas & Consumable Fuels - 0.01%
New Fortress Energy, Inc.		128		3,090
Pharmaceuticals - 0.04%
AstraZeneca PLC - ADR		152		8,854
Viatris, Inc.		269		3,640
				12,494
Professional Services - 0.04%
Clarivate PLC (b)		175		4,116
CoStar Group, Inc.		95		7,508
				11,624
Real Estate Investment Trusts (REITs) - 0.15%
Alexandria Real Estate Equities, Inc.		39	$	8,696
Americold Realty Trust		103		3,377
Digital Realty Trust, Inc.		50		8,844
Equinix, Inc.		11		9,304
Equity Commonwealth		147		3,807
Realty Income Corp.		112		8,018
				42,046
Road & Rail - 0.02%
Uber Technologies, Inc.		166		6,960
Semiconductors & Semiconductor Equipment - 0.02%
Wolfspeed, Inc.		46		5,141
Software - 0.20%
Alteryx, Inc. - Class A		51		3,085
Appfolio, Inc. - Class A		34		4,116
Coupa Software, Inc.		15		2,371
Guidewire  Software,  Inc.		36		4,087
nCino, Inc.		63		3,456
Pegasystems, Inc.		36		4,025
Q2 Holdings, Inc.		52		4,131
RingCentral, Inc. - Class A		34		6,370
Splunk, Inc.		50		5,786
The Trade Desk, Inc. - Class A		78		7,148
Unity Software, Inc.		38		5,434
Zoom Video Communications, Inc. - Class A		43		7,908
				57,917
Textiles, Apparel & Luxury Goods - 0.03%
VF Corp.		110		8,054
TOTAL COMMON STOCKS (Proceeds $601,240)			$	594,676
INVESTMENT COMPANIES - 9.09%
Exchange Traded Funds - 9.09%
Consumer Discretionary Select Sector SPDR Fund		123	$	25,146
Consumer Staples Select Sector SPDR Fund		166		12,800
Industrial Select Sector SPDR Fund		219		23,173
Invesco QQQ Trust Series 1		65		25,860
iShares Expanded Tech-Software Sector ETF		44		17,497
iShares MSCI ACWI ETF		11,782		1,246,300
iShares MSCI EAFE ETF		12,070		949,667
iShares MSCI Emerging Markets ETF		4,862		237,509
iShares S&P 100 ETF		147		32,212
SPDR S&P 500 ETF Trust		28		13,299
Utilities Select Sector SPDR Fund		412		29,491
TOTAL INVESTMENT COMPANIES (Proceeds $2,325,379)			$	2,612,954
TOTAL SECURITIES SOLD SHORT
(Proceeds $2,926,619) - 11.16%			$	3,207,630

Percentages are stated as a percent of net assets.

ADR	American Depositary Receipt
(a)	Non-income producing security.
(b)	Foreign issued security.
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

Leuthold Global Fund

Summary of Fair Value Exposure at December 31, 2021 (Unaudited)

The Fund has adopted fair valuation accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period. These inputs are summarized in the following three levels:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 - Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund's investments and securities sold short as of December 31, 2021:

Investments at Fair Value	Level 1		Level 2			Level 3		Total
Common Stocks
Air Freight & Logistics	$	332,922	$	587,752		$	-	$	920,674
Banks		1,445,146		268,447			-		1,713,593
Capital Markets		1,276,689		291,146			-		1,567,835
Commercial Banks		245,324		-			-		245,324
Communications Equipment		886,014		224,588			-		1,110,602
Consumer Finance		701,138		78,518			-		779,656
Distributors		125,403		-			-		125,403
Household Durables		1,530,674		716,568			-		2,247,242
Interactive Media & Services		751,378		-			-		751,378
IT Services		515,728		205,064			-		720,792
Life Sciences Tools & Services		721,649		326,475			-		1,048,124
Machinery		-		221,900			-		221,900
Marine		194,641		507,552			-		702,193
Metals & Mining		665,606		521,622			-		1,187,228
Oil, Gas & Consumable Fuels		1,091,482		476,113			-		1,567,595
Paper & Forest Products		-		-			47,784		47,784
Professional Services		231,245		-			-		231,245
Semiconductors & Semiconductor Equipment		1,666,535		1,156,908			-		2,823,443
Specialty Retail		150,537		-			-		150,537
Technology Hardware, Storage & Peripherals		258,334		-			-		258,334
Trading Companies & Distributors		402,086		211,350			-		613,436
Wireless Telecommunication Services		152,689		-			-		152,689
Total Common Stocks		13,345,220		5,794,003			47,784		19,187,007
Exchange Traded Funds		4,483,301		-			-		4,483,301
Corporate Bonds		-		558,968			-		558,968
Foreign Government Bonds		-		849,625			-		849,625
United States Treasury Obligations		-		163,379			-		163,379
Money Market Funds		2,697,379		-			-		2,697,379
Total Investments in Securities	$	20,525,900	$	7,365,975		$	47,784	$	27,939,659
Securities Sold Short at Fair Value	Level 1		Level 2			Level 3		Total
Common Stocks	$	594,676	$	-		$	-	$	594,676
Exchange Traded Funds		2,612,954		-			-		2,612,954
Total Securities Sold Short	$	3,207,630	$	-		$	-	$	3,207,630
				Investments in Securities at Fair Value
Balance as of September 30, 2021			$	47,863
Accrued discounts/premiums				-
Realized gain (loss)				-
Change in unrealized depreciation				(79)	*
Purchases				-
Sales				-
Transfer into and/or out of Level 3				-
Balance as of December 31, 2021			$	47,784	(1)
Change in unrealized depreciation during the period for Level 3 investments held at December 31, 2021:			$	(79)
* 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 in Hong Kong Dollar 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%.