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. | |||||||