Leuthold Funds NPORT-P Leuthold Global Fund (Dec 2022 report)

Leuthold Global Fund
Schedule of Investments
December 31, 2022 (Unaudited)
	Shares		Fair Value
COMMON STOCKS - 61.71%
Air Freight & Logistics - 2.23%
Atlas Air Worldwide Holdings, Inc. (a)		1,351	$	136,181
Cia de Distribucion Integral Logista Holdings SA (b)		4,756		119,929
Deutsche Post AG (b)		2,875		107,601
FedEx Corp.		712		123,318
International Distributions Services PLC (b)		13,556		34,749
PostNL NV (b)		21,898		39,930
				561,708
Banks - 2.59%
ABN AMRO Bank NV (b)		7,619		105,507
ANZ Group Holdings, Ltd. (b)		4,889		78,756
Banco Santander SA - ADR		29,808		87,934
Citigroup, Inc.		1,609		72,775
Commerzbank AG (b)		9,125		85,315
Mizuho Financial Group, Inc. - ADR		35,493		100,800
The Bank of Nova Scotia (b)		1,467		71,854
Virgin Money UK PLC (b)		23,254		51,139
				654,080
Beverages - 3.39%
Coca-Cola Europacific Partners PLC (b)		2,199		121,649
Keurig Dr Pepper, Inc.		4,299		153,302
Kirin Holdings Co., Ltd. (b)		6,100		92,973
MGP Ingredients, Inc.		557		59,254
Molson Coors Beverage Co  - Class B		1,830		94,281
Pernod Ricard SA (b)		803		157,968
Thai Beverage PCL (b)		191,000		97,658
Tsingtao Brewery Co., Ltd. (b)		8,000		78,777
				855,862
Capital Markets - 3.73%
Evercore, Inc. - Class A		872		95,118
LPL Financial Holdings, Inc.		735		158,885
Morgan Stanley		2,717		230,999
Raymond James Financial, Inc.		841		89,861
Stifel Financial Corp.		2,138		124,795
The Goldman Sachs Group, Inc.		698		239,679
				939,337
Chemicals - 1.08%
Nutrien Ltd. (a)(b)		1,830		133,645
The Mosaic Co.		3,152		138,278
				271,923
Commerical Banks - 0.32%
Barclays PLC - ADR		10,495		81,861
Distributors - 0.41%
LKQ Corp.		1,951		104,203
Food Products - 1.12%
Archer-Daniels-Midland Co.		1,346		124,976
Bunge, Ltd.		1,568		156,439
				281,415
Health Care Providers & Services - 3.26%
Centene Corp. (a)		2,005		164,430
Elevance Health, Inc.		449		230,323
Humana, Inc.		478		244,827
UnitedHealth Group, Inc.		344		182,382
				821,962
Household Durables - 3.75%
Barratt Developments PLC (b)		10,848		51,814
Haseko Corp. (b)		7,300		81,536
KB Home		3,310		105,423
Lennar Corp. - Class A		2,150		194,575
Meritage Homes Corp. (a)		2,035		187,627
Redrow PLC (b)		10,974		60,137
Toll Brothers, Inc.		2,902		144,868
Tri Pointe Homes, Inc. (a)		6,400		118,976
				944,956
Insurance - 6.64%
Axis Capital Holdings, Ltd. (b)		1,996		108,123
Cincinnati Financial Corp.		1,476		151,128
DB Insurance Co., Ltd. (b)		1,703		88,275
Everest Re Group, Ltd. (b)		809		267,997
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (b)		960		310,531
Old Republic International Corp.		5,124		123,745
Sompo Holdings, Inc. (b)		3,700		163,699
Swiss Re AG (b)		2,898		270,967
The Allstate Corp.		1,393		188,891
				1,673,356
Marine - 1.56%
AP Moller - Maersk A/S - Class B (b)		65		145,509
Evergreen Marine Corp Taiwan, Ltd. (b)		20,400		107,819
Matson, Inc.		1,045		65,323
Star Bulk Carriers Corp. (b)		3,852		74,074
				392,725
Metals & Mining - 4.94%
Anglo American PLC (b)		3,615		141,564
ArcelorMittal SA - NYRS (b)		3,909		102,494
BHP Group, Ltd. - ADR		2,849		176,780
Boliden AB (b)		2,145		80,571
Commercial Metals Co.		1,911		92,301
Fortescue Metals Group, Ltd. (b)		7,391		103,305
Grupo Mexico SAB de CV (b)		34,800		122,688
Korea Zinc Co., Ltd. (b)		193		86,493
Rio Tinto PLC - AU Shares - ADR		2,473		176,078
Sumitomo Metal Mining Co., Ltd. (b)		2,000		70,278
Ternium SA - ADR		3,051		93,239
				1,245,791
Oil, Gas & Consumable Fuels - 10.36%
Aker BP ASA (b)		6,591		204,862
Antero Midstream Corp.		12,421		134,023
APA Corp.		4,741		221,310
Canadian Natural Resources, Ltd. (b)		5,250		291,532
Chord Energy Corp.		1,127		154,185
Enbridge, Inc. (b)		2,262		88,444
Eni SpA - ADR		4,259		122,063
EOG Resources, Inc.		2,498		323,541
Exxon Mobil Corp.		1,961		216,298
Inpex Corp. (b)		13,800		148,287
Petroleo Brasileiro SA - ADR		8,665		92,282
PTT Exploration & Production PCL - NVDR (b)		28,500		145,140
Shell PLC - ADR		2,223		126,600
Suncor Energy, Inc. (b)		4,616		146,466
Tourmaline Oil Corp. (b)		3,431		173,121
Woodside Energy Group, Ltd. - ADR		1,029		24,912
				2,613,066
Paper & Forest Products - 0.32%
China Forestry Holdings Co., Ltd. (a)(b)(d)(e)		2,484,000		–
Louisiana-Pacific Corp.		1,371		81,163
				81,163
Pharmaceuticals - 4.48%
Bayer AG (b)		1,449		74,580
Bristol-Myers Squibb Co.		1,910		137,425
GSK PLC - ADR		2,331		81,911
Johnson & Johnson		861		152,096
Merck & Co., Inc.		1,732		192,165
Novartis AG - ADR		1,785		161,935
Pfizer, Inc.		3,066		157,102
Sino Biopharmaceutical, Ltd. (b)		120,000		69,878
Takeda Pharmaceutical Co., Ltd. - ADR		6,558		102,305
				1,129,397
Semiconductors & Semiconductor Equipment - 5.82%
Amkor Technology, Inc.		4,758		114,097
Applied Materials, Inc.		1,951		189,988
ASM International NV (b)		768		194,868
Diodes, Inc. (a)		1,445		110,022
Intel Corp.		2,853		75,405
Lam Research Corp.		565		237,469
Marvell Technology, Inc.		2,957		109,527
Sino-American Silicon Products, Inc. (b)		26,000		117,648
SK Hynix, Inc. (b)		1,466		87,468
Skyworks Solutions, Inc.		1,039		94,684
SUMCO Corp. (b)		5,900		78,167
Taiwan Surface Mounting Technology Corp. (b)		20,000		57,606
				1,466,949
Tobacco - 2.63%
Altria Group, Inc.		3,676		168,030
British American Tobacco PLC - ADR		4,105		164,118
Imperial Brands PLC (b)		6,534		162,770
Japan Tobacco, Inc. (b)		4,100		82,657
KT&G Corp. (b)		1,168		84,420
				661,995
Trading Companies & Distributors - 2.70%
ITOCHU Corp. (b)		3,300		103,530
Mitsui & Co., Ltd. (b)		4,100		119,416
Travis Perkins PLC (a)(b)		4,194		44,839
Triton International, Ltd. (b)		1,994		137,147
Univar Solutions, Inc. (a)		3,149		100,138
WESCO International, Inc. (a)		1,396		174,779
				679,849
Wireless Telecommunication Services - 0.38%
Vodafone Group PLC - ADR		9,364		94,764
TOTAL COMMON STOCKS (Cost $14,176,573)				15,556,362
INVESTMENT COMPANIES - 10.60%
Exchange Traded Funds - 10.60%
Invesco CurrencyShares Japanese Yen Trust (a)		1,878		133,526
iShares 0-5 Year TIPS Bond ETF		3,833		371,648
iShares Core Japan Government Bond ETF (b)		7,100		133,679
iShares Gold Trust (a)		7,550		261,154
iShares International Treasury Bond ETF		8,195		320,834
SPDR Bloomberg International Treasury Bond ETF		11,325		254,020
SPDR Bloomberg Short Term High Yield Bond ETF		7,250		175,740
SPDR Gold Shares (a)		1,486		252,085
VanEck J. P. Morgan EM Local Currency Bond ETF		15,165		367,448
Vanguard Mortgage-Backed Securities ETF		8,830		401,942
TOTAL INVESTMENT COMPANIES (Cost $2,642,351)				2,672,076
	Principal Amount		Fair Value
CORPORATE BONDS - 1.93%
Banks - 1.93%
JPMorgan Chase & Co.
1.500%, 01/27/2025	EUR 470,000			486,521
TOTAL CORPORATE BONDS (Cost $514,565)				486,521
FOREIGN GOVERNMENT BONDS - 1.40%
Foreign Government Bonds - 1.40%
French Republic Government Bond OAT
1.250%, 05/25/2036 (b)	EUR 420,000			352,288
TOTAL FOREIGN GOVERNMENT BONDS (Cost $388,383)				352,288
UNITED STATES TREASURY OBLIGATIONS - 2.32%
United States Treasury Notes
2.625%, 04/15/2025		220,000		211,887
2.875%, 05/15/2032		155,000		143,351
3.250%, 05/15/2042		260,000		229,491
TOTAL UNITED STATES TREASURY OBLIGATIONS (Cost $633,326)				584,729
	Shares		Fair Value
SHORT-TERM INVESTMENTS - 16.91%
Money Market Funds - 16.91%
Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 4.06% (c)(f)		4,263,495		4,263,495
TOTAL SHORT-TERM INVESTMENTS (Cost $4,263,495)				4,263,495
Total Investments (Cost $22,618,693) - 94.87%				23,915,471
Other Assets in Excess of Liabilities - (f) - 5.13%				1,293,407
TOTAL NET ASSETS - 100.00%			$	25,208,878

Percentages are stated as a percent of net assets.
ADR	American Depositary Receipt
EUR	Euro
NVDR	Non Voting Depositary Receipt
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 December 31, 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 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	$	182,062		0.76	%
British Pound		547,011		2.29
Canadian Dollar		173,121		0.72
Danish Kroner		145,509		0.61
Euro		2,035,037		8.51
Hong Kong Dollar		148,655		0.62
Japanese Yen		1,074,222		4.49
Mexican Peso		122,688		0.51
New Taiwan Dollar		283,072		1.18
Norwegian Krone		204,862		0.86
Singapore Dollar		97,658		0.41
South Korea Won		346,656		1.45
Swedish Krona		80,571		0.34
Swiss Franc		270,967		1.13
Thai Baht		145,140		0.61
US Dollar		18,058,240		75.51
Total Investments	$	23,915,471		100.00	%
			Percentage
	Fair		of Total
	Value		Investments
PORTFOLIO DIVERSIFICATION
Australia	$	383,753		1.60	%
Bermuda		513,267		2.14
Brazil		92,282		0.39
Britain		554,780		2.33
Canada		905,062		3.78
China		78,777		0.33
Denmark		145,509		0.61
France		510,256		2.13
Germany		578,027		2.42
Hong Kong		69,878		0.29
Italy		122,063		0.51
Japan		1,277,327		5.35
Luxembourg		195,733		0.82
Marshall Islands		74,074		0.31
Mexico		122,688		0.51
Netherlands		340,305		1.42
Norway		204,862		0.86
Republic of Korea		259,188		1.08
South Korea		87,468		0.37
Spain		207,863		0.87
Sweden		80,571		0.34
Switzerland		432,902		1.81
Taiwan		283,073		1.18
Thailand		242,798		1.02
United Kingdom		839,213		3.50
United States		15,313,752		64.03
Total Investments	$	23,915,471		100.00	%

 

Leuthold Global Fund
Schedule of Investments Sold Short - (a)
December 31, 2022 (Unaudited)
	Shares		Fair Value
COMMON STOCKS - 6.73%
Aerospace & Defense - 0.25%
Axon Enterprise, Inc.		129	$	21,405
The Boeing Co.		91		17,335
TransDigm Group, Inc.		37		23,297
				62,037
Airlines - 0.07%
Delta Air Lines, Inc.		510		16,759
Auto Components - 0.20%
Aptiv PLC (b)		259		24,120
Fox Factory Holding Corp.		160		14,597
Gentherm, Inc.		168		10,969
				49,686
Building Products - 0.19%
AAON, Inc.		223		16,796
Allegion PLC (b)		113		11,894
The AZEK Co., Inc. - Class A		570		11,583
Zurn Elkay Water Solutions Corp.		382		8,079
				48,352
Capital Markets - 0.67%
Blackstone, Inc.		242		17,954
Brookfield Asset Management, Ltd. (b)		125		3,584
Brookfield Corp. - Class A (b)		501		15,761
Credit Suisse Group AG - ADR		1,853		5,633
Focus Financial Partners, Inc. - Class A		337		12,560
Houlihan Lokey, Inc. - Class A		118		10,285
Intercontinental Exchange, Inc.		238		24,416
KKR & Co., Inc.		418		19,404
MarketAxess Holdings, Inc.		41		11,434
Moody's Corp.		69		19,225
S&P Global, Inc.		51		17,082
Tradeweb Markets, Inc. - Class A		186		12,077
				169,415
Chemicals - 0.32%
Axalta Coating Systems, Ltd.		499		12,710
Balchem Corp.		106		12,944
Diversey Holdings, Ltd.		1,418		6,041
Ecolab, Inc.		92		13,391
International Flavors & Fragrances, Inc.		147		15,411
The Sherwin-Williams Co.		87		20,648
				81,145
Construction & Engineering - 0.09%
API Group Corp.		621		11,681
MasTec, Inc.		132		11,264
				22,945
Containers & Packaging - 0.12%
AptarGroup, Inc.		85		9,348
Ball Corp.		420		21,479
				30,827
Diversified Consumer Services - 0.02%
Coursera, Inc.		504		5,962
Diversified Financial Services - 0.11%
Apollo Global Management, Inc.		436		27,812
Electric Utilities - 0.19%
Edison International		366		23,285
Exelon Corp.		569		24,598
				47,883
Electrical Equipment - 0.25%
Ballard Power Systems, Inc. (b)		1,795		8,598
Rockwell Automation, Inc.		87		22,409
Shoals Technologies Group, Inc.		399		9,843
Vertiv Holdings Co.		797		10,887
Vicor Corp.		187		10,051
				61,788
Electronic Equipment, Instruments & Components - 0.05%
Coherent Corp.		354		12,425
Energy Equipment & Services - 0.22%
Baker Hughes, a GE Co. - Class A		896		26,459
Expro Group Holdings NV		891		16,154
Noble Corp PLC		366		13,802
				56,415
Entertainment - 0.12%
Madison Square Garden Entertainment Corp. - Class A		251		11,288
Spotify Technology SA (b)		234		18,474
				29,762
Food Products - 0.05%
J & J Snack Foods Corp.		75		11,228
Health Care Equipment & Supplies - 0.97%
Alcon, Inc. (b)		363		24,884
Align Technology, Inc.		119		25,097
Cooper Companies, Inc.		74		24,470
Dexcom, Inc.		217		24,573
ICU Medical, Inc.		82		12,913
IDEXX Laboratories, Inc.		69		28,149
Insulet Corp.		73		21,490
Intuitive Surgical, Inc.		85		22,555
Penumbra, Inc.		75		16,685
ResMed, Inc.		120		24,976
Stryker Corp.		80		19,559
				245,351
Health Care Technology - 0.09%
Veeva Systems, Inc. - Class A		145		23,400
Hotels, Restaurants & Leisure - 0.26%
Caesars Entertainment, Inc.		269		11,190
Carnival Corp. -		1,105		8,906
DraftKings, Inc. - Class A		1,027		11,698
Light & Wonder, Inc.		182		10,665
Papa John's International, Inc.		170		13,993
Wynn Resorts, Ltd.		92		7,587
				64,039
Household Durables - 0.13%
Sonos, Inc.		700		11,830
Sony Group Corp. - ADR		282		21,511
				33,341
Household Products - 0.17%
Kimberly-Clark Corp.		174		23,620
The Clorox Co.		141		19,787
				43,407
Interactive Media & Services - 0.02%
Match Group, Inc.		128		5,311
Internet & Direct Marketing Retail - 0.15%
Amazon.com, Inc.		185		15,540
DoorDash, Inc. - Class A		193		9,422
Global-e Online, Ltd. (b)		603		12,446
				37,408
IT Services - 0.11%
Block, Inc. - Class A		167		10,494
Cloudflare, Inc. - Class A		155		7,008
MongoDB, Inc.		57		11,220
				28,722
Life Sciences Tools & Services - 0.09%
Illumina, Inc.		52		10,514
Pacific Biosciences of California, Inc.		1,409		11,526
				22,040
Machinery - 0.13%
Evoqua Water Technologies Corp.		288		11,405
Hillman Solutions Corp.		948		6,835
Xylem, Inc.		126		13,932
				32,172
Metals & Mining - 0.17%
Agnico Eagle Mines, Ltd. (b)		479		24,903
Franco-Nevada Corp. (b)		125		17,060
				41,963
Personal Products - 0.13%
Coty, Inc.		1,512		12,943
The Estee Lauder Companies, Inc. - Class A		84		20,841
				33,784
Professional Services - 0.22%
Clarivate PLC (b)		422		3,519
Equifax, Inc.		127		24,684
Planet Labs PBC - Class A		2,305		10,027
TransUnion		302		17,138
				55,368
Real Estate Investment Trusts (REITs) - 0.20%
Alexandria Real Estate Equities, Inc.		164		23,890
Equinix, Inc.		28		18,341
Safehold, Inc.		312		8,929
				51,160
Semiconductors & Semiconductor Equipment - 0.25%
Advanced Micro Devices, Inc.		312		20,208
Monolithic Power Systems, Inc.		63		22,277
NVIDIA Corp.		147		21,483
				63,968
Software - 0.25%
Bentley Systems, Inc. - Class B		91		3,364
Datadog, Inc. - Class A		128		9,408
E2open Parent Holdings, Inc.		1,407		8,259
Guidewire  Software,  Inc.		87		5,443
nCino, Inc.		321		8,487
Procore Technologies, Inc.		302		14,248
Workday, Inc. - Class A		79		13,219
				62,428
Specialty Retail - 0.17%
Burlington Stores, Inc.		78		15,815
Five Below, Inc.		93		16,449
Floor & Decor Holdings, Inc.		164		11,419
				43,683
Textiles, Apparel & Luxury Goods - 0.10%
NIKE, Inc. - Class A		222		25,976
Water Utilities - 0.20%
American States Water Co.		152		14,068
American Water Works Co., Inc.		149		22,711
Essential Utilities, Inc.		258		12,314
				49,093
TOTAL COMMON STOCKS (Proceeds $1,862,675)				1,697,055
INVESTMENT COMPANIES - 10.17%
Exchange Traded Funds - 10.17%
Communication Services Select Sector SPDR Fund		1,722		82,639
Consumer Discretionary Select Sector SPDR Fund		609		78,659
Invesco QQQ Trust Series 1		359		95,595
iShares Expanded Tech-Software Sector ETF		362		92,618
iShares MSCI ACWI ETF		11,782		1,000,056
iShares MSCI EAFE ETF		12,070		792,275
iShares MSCI Emerging Markets ETF		4,862		184,270
Materials Select Sector SPDR Fund		977		75,893
SPDR S&P 500 ETF Trust		238		91,018
Utilities Select Sector SPDR Fund		1,013		71,416
TOTAL INVESTMENT COMPANIES (Proceeds $2,855,822)				2,564,439
TOTAL SECURITIES SOLD SHORT
(Proceeds $4,718,497) - 16.90%			$	4,261,494

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, 2022 (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, 2022:

Investments at Fair Value	Level 1		Level 2			Level 3			Total
Common Stocks
Air Freight & Logistics	$	259,499	$	302,209		$	-		$	561,708
Banks		412,119		241,961			-			654,080
Beverages		428,486		427,376			-			855,862
Capital Markets		939,337		-			-			939,337
Chemicals		271,923		-			-			271,923
Commercial Banks		81,861		-			-			81,861
Distributors		104,203		-			-			104,203
Food Products		281,415		-			-			281,415
Health Care Providers & Services		821,962		-			-			821,962
Household Durables		751,469		193,487			-			944,956
Insurance		839,884		833,472			-			1,673,356
Marine		139,397		253,328			-			392,725
Metals & Mining		763,580		482,211			-			1,245,791
Oil, Gas & Consumable Fuels		2,114,777		498,289			-			2,613,066
Paper & Forest Products		81,163		-			0	(1)		81,163
Pharmaceuticals		984,939		144,458			-			1,129,397
Semiconductors & Semiconductor Equipment		931,192		535,757			-			1,466,949
Tobacco		332,148		329,847			-			661,995
Trading Companies & Distributors		456,903		222,946			-			679,849
Wireless Telecommunication Services		94,764		-			-			94,764
Total Common Stocks		11,091,021		4,465,341			-			15,556,362
Exchange Traded Funds		2,672,076		-			-			2,672,076
Corporate Bonds		-		486,521			-			486,521
Foreign Government Bonds		-		352,288			-			352,288
United States Treasury Obligations		-		584,729			-			584,729
Money Market Funds		4,263,495		-			-			4,263,495
Total Investments in Securities	$	18,026,592	$	5,888,879		$	-		$	23,915,471
Securities Sold Short at Fair Value	Level 1		Level 2			Level 3			Total
Common Stocks	$	1,697,055	$	-		$	-		$	1,697,055
Exchange Traded Funds		2,564,439		-			-			2,564,439
Total Securities Sold Short	$	4,261,494	$	-		$	-		$	4,261,494
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, 2022			$	47,467
Accrued discounts/premiums				-
Realized gain (loss)				-
Change in unrealized depreciation				(47,467	) *
Purchases				-
Sales				-
Transfer into and/or out of Level 3				-
Balance as of December 31, 2022			$	-	(1)
Change in unrealized depreciation during the period for Level 3 investments held at December 31, 2022:			$	(47,467	)
* 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 Fair Value Pricing Committee of the Adviser.  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 2.95.  As part of the mutual fund audit process, it came to the Adviser’s attention that the security delisted in 2017.  The price was set to zero November 4, 2022 to reflect the delisting from the Hong Kong Stock Exchange.