Leuthold Funds NPORT-P Leuthold Core Investment Fund (Jun 2022 report)

Leuthold Core Investment Fund
Schedule of Investments
June 30, 2022 (Unaudited)
	Shares		Fair Value
COMMON STOCKS - 59.64%
Air Freight & Logistics - 2.51%
Atlas Air Worldwide Holdings, Inc. (a)		30,049	$	1,854,324
CH Robinson Worldwide, Inc.		25,951		2,630,653
Expeditors International of Washington, Inc.		23,782		2,317,794
FedEx Corp.		19,443		4,407,922
Hub Group, Inc. - Class A (a)		26,594		1,886,578
				13,097,271
Biotechnology - 0.43%
Regeneron Pharmaceuticals, Inc. (a)		3,776		2,232,107
Capital Markets - 3.40%
Evercore, Inc. - Class A		20,475		1,916,665
Morgan Stanley		51,872		3,945,384
Raymond James Financial, Inc.		27,753		2,481,396
Stifel Financial Corp.		39,359		2,204,891
The Goldman Sachs Group, Inc.		15,220		4,520,644
UBS Group AG (b)		164,295		2,664,865
				17,733,845
Chemicals - 0.0% (h)
China Lumena New Materials Corp. (a)(b)(d)(e)		20,950		–
Consumer Finance - 1.32%
Ally Financial, Inc.		53,670		1,798,482
Capital One Financial Corp.		14,429		1,503,357
Discover Financial Services		20,729		1,960,549
OneMain Holdings, Inc.		43,306		1,618,778
				6,881,166
Distributors - 0.64%
LKQ Corp.		67,730		3,324,866
Food & Staples Retailing - 3.05%
Albertsons Cos, Inc.		81,871		2,187,593
BJ's Wholesale Club Holdings, Inc. (a)		71,828		4,476,321
Costco Wholesale Corp.		13,016		6,238,309
Walmart, Inc.		24,747		3,008,740
				15,910,963
Food Products - 0.38%
Bunge, Ltd. - ADR		21,854		1,981,939
Health Care Equipment & Supplies - 1.34%
Abbott Laboratories		36,127		3,925,199
Medtronic PLC (b)		34,387		3,086,233
				7,011,432
Health Care Providers & Services - 5.13%
Centene Corp. (a)		61,624		5,214,006
Elevance Health, Inc.		13,177		6,358,957
Humana, Inc.		12,775		5,979,594
UnitedHealth Group, Inc.		17,917		9,202,709
				26,755,266
Household Durables - 2.86%
D.R. Horton, Inc.		56,884	$	3,765,152
KB Home		41,940		1,193,612
Lennar Corp. - Class A		33,745		2,381,385
Meritage Homes Corp. (a)		24,425		1,770,812
PulteGroup, Inc.		86,933		3,445,155
Toll Brothers, Inc.		52,545		2,343,507
				14,899,623
Insurance - 4.95%
American Financial Group, Inc.		14,944		2,074,377
Arch Capital Group, Ltd. (a)(b)		52,144		2,372,031
Axis Capital Holdings, Ltd. (b)		27,285		1,557,701
Chubb, Ltd. (b)		13,016		2,558,685
Cincinnati Financial Corp.		23,139		2,753,078
Everest Re Group, Ltd. (b)		9,240		2,589,787
Markel Corp. (a)		1,527		1,974,793
Old Republic International Corp.		83,317		1,862,968
Reinsurance Group of America, Inc.		20,294		2,380,283
The Allstate Corp.		19,443		2,464,011
The Travelers Cos, Inc.		19,148		3,238,501
				25,826,215
IT Services - 1.53%
Mastercard, Inc. - Class A		13,819		4,359,618
Visa, Inc. - Class A (b)		18,399		3,622,579
				7,982,197
Life Sciences Tools & Services - 1.56%
Danaher Corp.		16,256		4,121,221
Thermo Fisher Scientific, Inc.		7,385		4,012,123
				8,133,344
Metals & Mining - 2.87%
ArcelorMittal SA - NYRS		63,794		1,441,744
BHP Group, Ltd. - ADR		51,903		2,915,911
Commercial Metals Co.		39,690		1,313,739
Freeport-McMoRan, Inc.		50,852		1,487,930
Materion Corp.		21,211		1,563,887
Rio Tinto PLC - LN Shares - ADR		45,234		2,759,274
Teck Resources, Ltd. - Class B (b)		69,659		2,129,476
Ternium SA (b)		38,083		1,374,415
				14,986,376
Multiline Retail - 1.69%
Target Corp.		62,267		8,793,969
Oil, Gas & Consumable Fuels - 6.79%
APA Corp.		82,434		2,876,947
BP PLC - ADR		127,507		3,614,823
California Resources Corp.		43,948		1,691,998
EOG Resources, Inc.		32,861		3,629,169
Equinor ASA - ADR		109,670		3,812,129
Exxon Mobil Corp.		55,518		4,754,561
Imperial Oil, Ltd. (b)		56,643		2,668,452
Marathon Oil Corp.		135,220		3,039,746
Shell PLC - ADR		80,987		4,234,810
Suncor Energy, Inc. (b)		80,666		2,828,957
Whiting Petroleum Corp.		27,719		1,885,723
Woodside Energy Group, Ltd. - ADR		18,757		404,401
				35,441,716
Paper & Forest Products - 0.95%
Louisiana-Pacific Corp.		50,376		2,640,206
West Fraser Timber Co Ltd. (b)		30,451		2,336,506
				4,976,712
Pharmaceuticals - 1.92%
Merck & Co., Inc.		52,867	$	4,819,884
Pfizer, Inc.		99,376		5,210,284
				10,030,168
Professional Services - 2.71%
ASGN, Inc. (a)		34,146		3,081,677
Insperity, Inc.		26,353		2,630,820
Korn Ferry		35,914		2,083,730
ManpowerGroup, Inc.		24,425		1,866,314
Robert Half International, Inc.		40,012		2,996,499
TriNet Group, Inc. (a)		19,042		1,478,040
				14,137,080
Semiconductors & Semiconductor Equipment - 4.96%
Applied Materials, Inc.		65,963		6,001,314
KLA Corp.		13,659		4,358,314
Lam Research Corp.		19,283		8,217,450
MKS Instruments, Inc.		25,068		2,572,729
SolarEdge Technologies, Inc. (a)(b)		17,274		4,727,548
				25,877,355
Software - 2.67%
Adobe, Inc. (a)		7,392		2,705,915
Microsoft Corp.		43,707		11,225,269
				13,931,184
Specialty Retail - 2.43%
Asbury Automotive Group, Inc. (a)		9,481		1,605,512
AutoNation, Inc. (a)		22,898		2,559,080
Group 1 Automotive, Inc.		11,007		1,868,989
Penske Automotive Group, Inc.		27,719		2,901,902
The Home Depot, Inc.		7,392		2,027,404
Williams-Sonoma, Inc.		15,587		1,729,378
				12,692,265
Technology Hardware, Storage & Peripherals - 2.16%
Apple, Inc.		59,625		8,151,930
Dell Technologies, Inc. - Class C		19,042		879,931
Hewlett Packard Enterprise Co.		167,508		2,221,156
				11,253,017
Trading Companies & Distributors - 1.39%
MSC Industrial Direct Co., Inc. - Class A		13,177		989,725
Triton International, Ltd. (b)		26,353		1,387,485
United Rentals, Inc. (a)		12,132		2,946,984
WESCO International, Inc. (a)		17,917		1,918,911
				7,243,105
TOTAL COMMON STOCKS (Cost $232,441,525)			$	311,133,181
INVESTMENT COMPANIES - 12.03%
Exchange Traded Funds - 12.03%
Invesco CurrencyShares Japanese Yen Trust (a)(g)		123,391	$	8,510,894
iShares Floating Rate Bond ETF		88,193		4,402,595
iShares Gold Trust (a)		163,742		5,617,988
iShares International Treasury Bond ETF		226,925		9,278,963
iShares JP Morgan USD Emerging Markets Bond ETF		23,857		2,035,479
iShares MBS ETF		57,037		5,560,537
SPDR Bloomberg Short Term High Yield Bond ETF		260,218		6,276,458
SPDR Gold Shares (a)		32,218		5,427,445
VanEck J. P. Morgan EM Local Currency Bond ETF		87,405		2,139,675
Vanguard Short-Term Inflation-Protected Securities ETF		269,817		13,523,228
TOTAL INVESTMENT COMPANIES (Cost $66,327,394)			$	62,773,262
	Principal Amount		Fair Value
CORPORATE BONDS - 1.61%
Banks - 0.91%
JPMorgan Chase & Co.
1.500%, 01/27/2025	$	4,600,000	$	4,724,747
Technology Hardware, Storage & Peripherals - 0.70%
Apple, Inc.
1.000%, 11/10/2022		3,500,000		3,677,245
TOTAL CORPORATE BONDS (Cost $9,288,697)			$	8,401,992
FOREIGN GOVERNMENT BONDS - 1.99%
Foreign Government Bonds - 1.99%
French Republic Government Bond OAT
1.250%, 05/25/2034 (b)	EUR 7,930,000		$	7,561,090
United Kingdom Gilt
4.750%, 12/07/2030 (b)	GBP 1,910,000			2,798,997
TOTAL FOREIGN GOVERNMENT BONDS (Cost $12,829,131)			$	10,360,087
UNITED STATES TREASURY OBLIGATIONS - 1.83%
United States Treasury Notes - 1.83%
United States Treasury Note
2.625%, 04/15/2025	$	4,660,000	$	4,614,128
United States Treasury Note
2.000%, 11/15/2041		6,200,000		4,952,250
TOTAL UNITED STATES TREASURY OBLIGATIONS (Cost $10,674,943)			$	9,566,378
	Shares		Fair Value
SHORT-TERM INVESTMENTS - 15.36%
Money Market Funds - 15.36%
Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 1.210% (c)(f)		80,115,156	$	80,115,156
TOTAL SHORT-TERM INVESTMENTS (Cost $80,115,156)			$	80,115,156
Total Investments (Cost $411,676,846) - 92.46%			$	482,350,056
Other Assets in Excess of Liabilities - (f) - 7.54%				39,307,868
TOTAL NET ASSETS - 100.00%			$	521,657,924

Percentages are stated as a percent of net assets.
ADR	American Depositary Receipt
EUR	Euro
GBP	British Pound
NYRS	New York Registry Shares
(a)	Non-income producing security.
(b)	Foreign issued security.
(c)	The rate quoted is the annualized seven-day effective yield as of June 30, 2022.
(d)	Illiquid security.  The fair value of this security totals $0 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)	All or a portion of the assets have been committed as collateral for open securites sold short.
(g)	Affiliated security.  At June 30, 2022, the market value of this security totals $8,510,894, which represents 1.63% of total net assets.
(h)	Rounds to less than 0.005%.
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 Core Investment Fund
Schedule of Securities Sold Short - (a)
June 30, 2022 (Unaudited)
	Shares		Fair Value
COMMON STOCKS - 13.18%
Aerospace & Defense - 0.27%
AeroVironment, Inc.		4,970	$	408,534
Mercury Systems, Inc.		7,729		497,207
The Boeing Co.		3,823		522,680
				1,428,421
Airlines - 0.26%
American Airlines Group, Inc.		30,675		388,959
Delta Air Lines, Inc.		21,375		619,234
United Airlines Holdings, Inc.		9,713		344,034
				1,352,227
Auto Components - 0.38%
Aptiv PLC - ADR		10,856		966,944
Fox Factory Holding Corp.		6,701		539,699
Lear Corp.		3,951		497,391
				2,004,034
Banks - 0.08%
Glacier Bancorp, Inc.		8,908		422,417
Beverages - 0.30%
Celsius Holdings, Inc.		7,285		475,419
Monster Beverage Corp.		9,084		842,087
The Boston Beer Co., Inc. - Class A		790		239,346
				1,556,852
Building Products - 0.10%
AAON, Inc.		9,324		510,582
Capital Markets - 0.56%
Credit Suisse Group AG - ADR		77,669		440,383
MarketAxess Holdings, Inc.		1,729		442,641
Moody's Corp.		2,900		788,713
PJT Partners, Inc. - Class A		7,171		503,978
S&P Global, Inc.		2,157		727,039
				2,902,754
Chemicals - 0.73%
Air Products and Chemicals, Inc.		3,894		936,429
Diversey Holdings, Ltd. - ADR		59,237		390,964
Ecolab, Inc.		3,847		591,515
International Flavors & Fragrances, Inc.		6,153		732,945
RPM International, Inc.		4,377		344,558
The Sherwin-Williams Co.		3,666		820,854
				3,817,265
Commercial Services & Supplies - 0.35%
MillerKnoll, Inc.		9,623		252,796
MSA Safety, Inc.		2,499		302,554
Rollins, Inc.		21,917		765,342
UniFirst Corp/MA		3,092		532,380
				1,853,072
Consumer Finance - 0.08%
FirstCash Holdings, Inc.		6,118		425,262
Containers & Packaging - 0.27%
AptarGroup, Inc.		3,572		368,666
Ball Corp.		8,845		608,271
Graphic Packaging Holding Co.		20,734		425,047
				1,401,984
Diversified Consumer Services - 0.24%
ADT, Inc.		80,700	$	496,305
Coursera, Inc.		21,104		299,255
Laureate Education, Inc.		37,500		433,875
				1,229,435
Electric Utilities - 0.14%
PG&E Corp.		73,064		729,179
Electrical Equipment - 0.48%
Generac Holdings, Inc.		2,805		590,677
Rockwell Automation, Inc.		3,654		728,279
Shoals Technologies Group, Inc.		28,639		471,971
Vertiv Holdings Co.		33,383		274,408
Vicor Corp.		7,827		428,371
				2,493,706
Energy Equipment & Services - 0.07%
Noble Corp. - ADR		15,381		389,908
Entertainment - 0.42%
Madison Square Garden Entertainment Corp. - Class A		6,428		338,241
Roku, Inc. - Class A		5,855		480,930
Spotify Technology SA (b)		9,843		923,568
Take-Two Interactive Software, Inc.		3,607		441,966
				2,184,705
Food & Staples Retailing - 0.10%
Performance Food Group Co.		11,708		538,334
Food Products - 0.15%
Hormel Foods Corp.		16,727		792,191
Health Care Equipment & Supplies - 1.33%
Becton Dickinson and Co.		3,997		985,380
Boston Scientific Corp.		21,709		809,095
Dexcom, Inc.		9,084		677,031
IDEXX Laboratories, Inc.		2,869		1,006,244
Insulet Corp.		3,077		670,601
Novocure, Ltd. (b)		5,733		398,444
ResMed, Inc.		5,030		1,054,439
STERIS PLC - ADR		3,273		674,729
Stryker Corp.		3,367		669,797
				6,945,760
Health Care Providers & Services - 0.12%
agilon health, Inc.		29,075		634,707
Health Care Technology - 0.35%
Schrodinger Inc.		19,974		527,513
Veeva Systems, Inc. - Class A		6,495		1,286,270
				1,813,783
Hotels, Restaurants & Leisure - 0.69%
Carnival Corp. - ADR		38,255		330,906
Las Vegas Sands Corp.		22,880		768,539
Penn National Gaming, Inc.		17,832		542,449
Restaurant Brands International, Inc. (b)		14,271		715,691
Vail Resorts, Inc.		2,220		484,071
Wingstop, Inc.		7,170		536,101
Wynn Resorts, Ltd.		3,847		219,202
				3,596,959
Household Products - 0.44%
Colgate-Palmolive Co.		13,343	$	1,069,308
The Clorox Co.		5,929		835,870
WD-40 Co.		1,933		389,229
				2,294,407
Industrial Conglomerates - 0.12%
General Electric Co.		9,497		604,674
Insurance - 0.08%
Erie Indemnity Co. - Class A		2,110		405,521
Interactive Media & Services - 0.07%
Match Group, Inc.		5,383		375,141
Internet & Direct Marketing Retail - 0.26%
Amazon.com, Inc.		7,747		822,809
DoorDash, Inc. - Class A		8,082		518,622
				1,341,431
IT Services - 0.48%
Block, Inc. - Class A		6,994		429,851
Cloudflare, Inc. - Class A		6,495		284,156
Okta, Inc. - Class A		3,654		330,322
Shift4 Payments, Inc. - Class A		7,324		242,132
Snowflake, Inc.		6,989		971,890
Twilio, Inc. - Class A		3,139		263,080
				2,521,431
Leisure Products - 0.10%
Polaris, Inc.		5,363		532,439
Life Sciences Tools & Services - 0.08%
Illumina, Inc.		2,189		403,564
Machinery - 0.50%
Chart Industries, Inc.		3,041		509,003
Hillman Solutions Corp.		39,736		343,319
Illinois Tool Works, Inc.		4,892		891,567
RBC Bearings, Inc.		2,456		454,237
Xylem, Inc.		5,269		411,930
				2,610,056
Metals & Mining - 0.13%
Franco-Nevada Corp. (b)		5,234		688,690
Multiline Retail - 0.11%
Ollie's Bargain Outlet Holdings, Inc.		9,816		576,690
Multi-Utilities - 0.08%
Algonquin Power & Utilities Corp. (b)		32,133		431,546
Oil, Gas & Consumable Fuels - 0.20%
HF Sinclair Corp.		11,175		504,663
Northern Oil and Gas, Inc.		20,575		519,725
				1,024,388
Professional Services - 0.54%
Clarivate PLC (b)		17,689		245,170
CoStar Group, Inc.		9,611		580,600
Equifax, Inc.		5,343		976,593
TransUnion		12,636		1,010,754
				2,813,117
Real Estate Investment Trusts (REITs) - 0.79%
Agree Realty Corp.		6,350	$	458,025
American Tower Corp.		4,117		1,052,264
Americold Realty Trust, Inc.		10,381		311,845
Equinix, Inc.		1,155		758,858
Realty Income Corp.		15,367		1,048,952
Safehold, Inc.		13,072		462,357
				4,092,301
Road & Rail - 0.07%
Uber Technologies, Inc.		16,715		341,989
Software - 1.66%
Altair Engineering, Inc. - Class A		10,396		545,790
Alteryx, Inc. - Class A		5,190		251,300
Appfolio, Inc. - Class A		3,430		310,895
Autodesk, Inc.		3,784		650,697
Bentley Systems, Inc. - Class B		3,831		127,572
Blackline, Inc.		7,988		532,001
CCC Intelligent Solutions Holdings, Inc.		54,652		502,798
Datadog, Inc. - Class A		5,344		508,963
E2open Parent Holdings, Inc.		59,045		459,370
Five9, Inc.		5,312		484,136
Guidewire  Software,  Inc.		3,650		259,113
nCino, Inc.		13,402		414,390
Paycom Software, Inc.		3,482		975,378
Procore Technologies, Inc.		12,468		565,923
Q2 Holdings, Inc.		5,206		200,795
Salesforce, Inc.		5,996		989,580
Splunk, Inc.		4,998		442,123
Workday, Inc. - Class A		3,304		461,172
				8,681,996
TOTAL COMMON STOCKS (Proceeds $82,988,967)			$	68,762,918
INVESTMENT COMPANIES - 6.08%
Exchange Traded Funds - 6.08%
Communication Services Select Sector SPDR Fund		52,298	$	2,838,213
Consumer Discretionary Select Sector SPDR Fund		23,807		3,272,986
Industrial Select Sector SPDR Fund		42,542		3,715,618
Invesco QQQ Trust Series 1		19,927		5,585,140
iShares Expanded Tech-Software Sector ETF		14,821		3,995,890
iShares S&P 100 ETF		12,220		2,107,583
SPDR S&P 500 ETF Trust		20,626		7,781,159
Utilities Select Sector SPDR Fund		34,278		2,403,916
TOTAL INVESTMENT COMPANIES (Proceeds $36,462,843)			$	31,700,505
TOTAL SECURITIES SOLD SHORT
(Proceeds $119,451,810) - 19.26%			$	100,463,423

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 Core Investment Fund

Summary of Fair Value Exposure at June 30, 2022

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 June 30, 2022:

Investments at Fair Value	Level 1		Level 2			Level 3			Total
Common Stocks
Air Freight & Logistics	$	13,097,271	$	–		$	–		$	13,097,271
Biotechnology		2,232,107		-			-			2,232,107
Capital Markets		17,733,845		-			-			17,733,845
Chemicals		-		-			0	(1)		-
Consumer Finance		6,881,166		-			-			6,881,166
Distributors		3,324,866		-			-			3,324,866
Food & Staples Retailing		15,910,963		-			-			15,910,963
Food Products		1,981,939		-			-			1,981,939
Health Care Equipment & Supplies		7,011,432		-			-			7,011,432
Health Care Providers & Services		26,755,266		-			-			26,755,266
Household Durables		14,899,623		-			-			14,899,623
Insurance		25,826,215		-			-			25,826,215
IT Services		7,982,197		-			-			7,982,197
Life Sciences Tools & Services		8,133,344		-			-			8,133,344
Metals & Mining		14,986,376		-			-			14,986,376
Multiline Retail		8,793,969		-			-			8,793,969
Oil, Gas & Consumable Fuels		35,441,716		-			-			35,441,716
Paper & Forest Products		4,976,712		-			-			4,976,712
Pharmaceuticals		10,030,168		-			-			10,030,168
Professional Services		14,137,080		-			-			14,137,080
Semiconductors & Semiconductor Equipment		25,877,355		-			-			25,877,355
Software		13,931,184		-			-			13,931,184
Specialty Retail		12,692,265		-			-			12,692,265
Technology Hardware, Storage & Peripherals		11,253,017		-			-			11,253,017
Trading Companies & Distributors		7,243,105		-			-			7,243,105
Total Common Stocks		311,133,181		-			-			311,133,181
Exchange Traded Funds		62,773,262.00		-			-			62,773,262
Corporate Bonds		-		8,401,992			-			8,401,992
United States Treasury Obligations		-		9,566,378			-			9,566,378
Foreign Government Bonds		-		10,360,087			-			10,360,087
Money Market Funds		-		80,115,156			-			80,115,156
Total Investments in Securities	$	373,906,443	$	108,443,613		$	–		$	482,350,056
Securities Sold Short at Fair Value	Level 1		Level 2			Level 3			Total
Common Stocks	$	68,762,918	$	–		$	–		$	68,762,918
Exchange Traded Funds		31,700,505		–			–			31,700,505
Total Securities Sold Short	$	100,463,423	$	–		$	–		$	100,463,423
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 March 31, 2022			$	6,419
Accrued discounts/premiums				–
Realized gain (loss)				–
Change in unrealized depreciation				(6,419	)
Purchases				–
Sales				–
Transfer into and/or out of Level 3				–
Balance as of June 30, 2022			$	–	(1)
Change in unrealized depreciation during the period for Level 3 investments held at June 30, 2022:			$	(6,419	)
(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 Hong Kong Dollar 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%. The security underwent a 1:40 reverse split on February 18, 2020, resulting in a fair value price of Hong Kong Dollar 2.40.