Leuthold Funds NPORT-P Leuthold Global Fund (Dec 2023 report)

Leuthold Global Fund
Schedule of Investments
as of December 31, 2023 (Unaudited)
COMMON STOCKS - 67.6%		Shares		Value
Automobiles - 3.1%
Bayerische Motoren Werke AG			1,024	$	113,942
General Motors Co.			3,456		124,140
Hyundai Motor Co.			500		78,653
Mazda Motor Corp.			8,800		94,064
Mercedes-Benz Group AG			1,501		103,566
Nissan Motor Co. Ltd.			20,500		80,153
Stellantis NV			7,020		164,482
					759,000
Banks - 3.2%
ABN AMRO Bank NV(a)			7,209		108,412
ANZ Group Holdings Ltd.			4,624		81,697
Banco Santander SA - ADR			28,192		116,716
Bank of Nova Scotia/The			1,389		67,630
Barclays PLC - ADR			9,930		78,248
Citigroup, Inc.			1,523		78,342
Commerzbank AG			8,634		102,622
Mizuho Financial Group, Inc. - ADR			33,568		115,474
Virgin Money UK PLC			21,993		45,950
					795,091
Construction Materials - 3.8%
Asia Cement Corp.			54,000		72,925
Buzzi SpA			3,164		96,232
CRH PLC			2,370		163,909
CSR Ltd.			17,268		77,692
Eagle Materials, Inc.			462		93,712
Heidelberg Materials AG			1,230		109,947
Holcim AG			1,807		141,924
Summit Materials, Inc. - Class A(b)			2,413		92,804
Wienerberger AG			2,624		87,428
					936,573
Consumer Staples Distribution & Retail - 3.4%
Andersons, Inc.			1,846		106,219
George Weston Ltd.			941		116,822
Ingles Markets, Inc. - Class A			867		74,883
J Sainsbury PLC			35,867		138,282
Koninklijke Ahold Delhaize NV			3,472		99,894
Marks & Spencer Group PLC			38,248		132,552
SPAR Group Ltd.(b)			10,400		67,031
Tsuruha Holdings, Inc.			1,200		109,851
					845,534
Distributors - 0.3%
LKQ Corp.			1,832		87,551
Electronic Equipment, Instruments & Components - 0.2%
Taiwan Surface Mounting Technology Corp.			18,000		56,209
Food Products - 2.8%
Archer-Daniels-Midland Co.			2,461		177,734
Bunge Global SA			1,418		143,147
Fresh Del Monte Produce, Inc.			3,061		80,351
Ingredion, Inc.			1,182		128,282
Wilmar International, Ltd.			60,400		163,163
					692,677
Health Care Providers & Services - 4.7%
Centene Corp.(b)			3,506		260,180
Elevance Health, Inc.			542		255,586
Humana, Inc.			494		226,158
Molina Healthcare, Inc.(b)			477		172,345
UnitedHealth Group, Inc.			490		257,970
					1,172,239
Household Durables - 6.3%
Barratt Developments PLC			10,184		72,953
Haseko Corp.			6,900		89,486
KB Home			3,108		194,126
Lennar Corp. - Class A			2,019		300,912
Meritage Homes Corp.			1,911		332,895
Redrow PLC			10,303		80,699
Toll Brothers, Inc.			2,725		280,103
Tri Pointe Homes, Inc.(b)			6,009		212,719
					1,563,893
Insurance - 6.0%
Axis Capital Holdings Ltd.			1,886		104,428
DB Insurance Co. Ltd.			1,556		100,771
Everest Group Ltd.			771		272,610
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen			906		375,822
Old Republic International Corp.			4,829		141,973
Sompo Holdings, Inc.			3,400		166,356
Swiss Re AG			2,755		310,022
					1,471,982
IT Services - 4.4%
Alten SA			721		107,420
Amdocs, Ltd.			1,301		114,345
Cognizant Technology Solutions Corp. - Class A			2,648		200,003
Computacenter PLC			3,073		109,209
Fujitsu Ltd.			1,500		225,740
NEC Corp.			2,000		118,172
Wipro, Ltd. - ADR			36,334		202,380
					1,077,269
Machinery - 0.7%
Daimler Truck Holding AG			4,328		162,577
Metals & Mining - 2.5%
ArcelorMittal SA			3,689		104,731
BlueScope Steel, Ltd.			5,933		94,587
Commercial Metals Co.			1,803		90,222
Ryerson Holding Corp.			1,994		69,152
Ternium SA - ADR			2,866		121,718
United States Steel Corp.			2,674		130,090
					610,500
Oil, Gas & Consumable Fuels - 8.0%
APA Corp.			4,465		160,204
Canadian Natural Resources Ltd.			4,945		323,996
Chord Energy Corp.			1,062		176,536
Eni SpA - ADR			4,014		136,516
EOG Resources, Inc.			2,352		284,474
Exxon Mobil Corp.			1,851		185,063
Inpex Corp.			13,000		173,962
Petroleo Brasileiro SA - ADR			8,177		130,587
PTT Exploration & Production PCL - NVDR			26,800		116,741
Shell PLC - ADR			2,097		137,983
Suncor Energy, Inc.			4,349		139,342
Woodside Energy Group Ltd. - ADR			966		20,373
					1,985,777
Paper & Forest Products - 0.0%(c)
China Forestry Holdings Co. Ltd.(b)(d)			2,484,000		-
Semiconductors & Semiconductor Equipment - 8.7%
Amkor Technology, Inc.			4,467		148,617
Applied Materials, Inc.			1,832		296,912
ASM International NV			721		375,262
Diodes, Inc.(b)			1,356		109,185
Intel Corp.			2,679		134,620
Lam Research Corp.			531		415,910
Marvell Technology, Inc.			2,776		167,421
Sino-American Silicon Products, Inc.			24,000		152,973
SK Hynix, Inc.			1,313		143,298
Skyworks Solutions, Inc.			976		109,722
SUMCO Corp.			5,600		83,771
					2,137,691
Software - 6.0%
A10 Networks, Inc.			5,266		69,353
Check Point Software Technologies, Ltd.(b)			1,949		297,788
Dolby Laboratories, Inc. - Class A			1,517		130,735
Dropbox, Inc. - Class A(b)			6,243		184,044
Fuji Soft, Inc.			2,100		87,833
InterDigital, Inc.			1,252		135,892
Justsystems Corp.			2,500		57,903
Progress Software Corp.			1,976		107,297
PTC, Inc.(b)			1,657		289,909
TeamViewer SE(a)(b)			7,105		110,358
					1,471,112
Trading Companies & Distributors - 3.5%
Boise Cascade Co.			827		106,981
GMS, Inc.(b)			1,325		109,220
ITOCHU Corp.			3,100		126,294
Mitsui & Co. Ltd.			3,900		146,109
Rush Enterprises, Inc. - Class A			1,970		99,091
Travis Perkins PLC(b)			3,953		41,661
WESCO International, Inc.			1,310		227,782
					857,138
TOTAL COMMON STOCKS (Cost $13,145,271)					16,682,813
U.S. TREASURY OBLIGATIONS - 3.4%		Par
United States Treasury Note/Bond
2.63%, 04/15/2025			350,000		341,482
3.88%, 08/15/2033			510,000		510,399
TOTAL U.S. TREASURY OBLIGATIONS (Cost $838,362)					851,881
CORPORATE BONDS - 2.1%
Banks - 2.1%
JPMorgan Chase & Co., 1.50%, 01/27/2025	EUR		470,000		506,193
TOTAL CORPORATE BONDS (Cost $512,724)					506,193
FOREIGN GOVERNMENT NOTE/BOND - 2.0%
French Republic Government Bond OAT, 3.00%, 05/25/2033	EUR		420,000		482,305
TOTAL FOREIGN GOVERNMENT NOTE/BOND (Cost $439,982)					482,305
PREFERRED STOCKS - 0.6%		Shares
Automobiles - 0.3%
Volkswagen AG			589		72,598
Metals & Mining - 0.3%
Gerdau SA - ADR			15,359		74,491
TOTAL PREFERRED STOCKS (Cost $157,064)					147,089
EXCHANGE TRADED FUNDS - 7.7%
iShares 0-5 Year High Yield Corporate Bond ETF			4,178		176,395
iShares 0-5 Year TIPS Bond ETF			2,535		249,926
iShares 5-10 Year Investment Grade Corporate Bond ETF			5,503		286,156
iShares Core Japan Government Bond ETF			23,600		413,592
iShares International Treasury Bond ETF(b)			7,614		314,687
iShares MBS ETF			2,949		277,442
VanEck J. P. Morgan EM Local Currency Bond ETF			7,755		196,589
TOTAL EXCHANGE TRADED FUNDS (Cost $1,823,731)					1,914,787
SHORT-TERM INVESTMENTS - 16.1%
Money Market Funds - 13.3%
Fidelity Institutional Money Market Funds - Government Portfolio - Class Institutional, 5.25%(e)(f)			3,275,200		3,275,200
U.S. Treasury Bills - 2.8%		Par
5.39%, 01/11/2024(f)(g)			700,000		698,966
TOTAL SHORT-TERM INVESTMENTS (Cost $3,974,166)					3,974,166
TOTAL INVESTMENTS - 99.5% (Cost $20,891,300)				$	24,559,234
Other Assets in Excess of Liabilities - 0.5%					128,173
TOTAL NET ASSETS - 100.0%				$	24,687,407
Percentages are stated as a percent of net assets.
Par amount is in USD unless otherwise indicated.
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. Bank Global Fund Services.

ADR - American Depositary Receipt

EUR - Euro

NVDR - Non-Voting Depositary Receipt

PLC - Public Limited Company

SA - Sociedad Anónima

(a)	Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of December 31, 2023, the value of these securities total $218,770 or 0.9% of the Fund’s net assets.
(b)	Non-income producing security.
(c)	Represents less than 0.05% of net assets.
(d)	Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of December 31, 2023.
(e)	The rate shown represents the 7-day effective yield as of December 31, 2023.
(f)	All or a portion of the assets have been committed as collateral for open securities sold short.
(g)	The rate shown is the effective yield.

Leuthold Global Fund
Schedule of Currency Exposure
as of December 31, 2023 (Unaudited)
Currency		Value	Percentage of Total Investments
Australian Dollar	$	253,975	1.0	%
British Pound		621,307	2.5
Canadian Dollar		116,822	0.5
Euro		3,179,059	12.9
Hong Kong Dollar		-	-
Japanese Yen		1,973,289	8.0
Singapore Dollar		163,163	0.7
South African Rand		67,031	0.3
South Korean Won		322,722	1.3
Swiss Franc		451,946	1.8
Taiwan New Dollar		282,106	1.2
Thai Baht		116,741	0.5
US Dollar		17,011,073	69.3
Total Investments	$	24,559,234	100.0	%
Leuthold Global Fund
Schedule of Portfolio Diversification
as of December 31, 2023 (Unaudited)
Country		Value	Percentage of Total Investments
Australia	$	274,348	1.1	%
Austria		87,428	0.4
Bermuda		377,038	1.5
Brazil		205,078	0.8
Canada		647,790	2.6
China		-	-
France		589,724	2.4
Germany		1,151,430	4.7
India		202,380	0.8
Ireland		163,909	0.7
Israel		297,788	1.2
Italy		232,748	1.0
Japan		2,088,763	8.5
Luxembourg		226,450	0.9
Netherlands		748,051	3.1
Singapore		163,163	0.7
South Africa		67,031	0.3
South Korea		322,722	1.3
Spain		116,715	0.5
Switzerland		451,946	1.8
Taiwan		282,106	1.1
Thailand		116,741	0.5
United Kingdom		837,538	3.4
United States		14,908,347	60.7
Total Investments	$	24,559,234	100.0	%

Leuthold Global Fund
Schedule of Securities Sold Short(a)
as of December 31, 2023(Unaudited)
COMMON STOCKS - (5.0)%	Shares			Value
Aerospace & Defense - (0.2)%
HEICO Corp.		(48	)	$	(8,586	)
L3Harris Technologies, Inc.		(87	)		(18,324	)
RTX Corp.		(202	)		(16,996	)
Spirit AeroSystems Holdings, Inc. - Class A		(257	)		(8,167	)
					(52,073	)
Automobile Components – (0.0)%(b)
Dorman Products, Inc.		(114	)		(9,509	)
Automobiles - (0.1)%
Tesla, Inc.		(83	)		(20,624	)
Banks - (0.2)%
Commerce Bancshares, Inc./MO		(189	)		(10,095	)
First Financial Bankshares, Inc.		(333	)		(10,090	)
Independent Bank Group, Inc.		(196	)		(9,972	)
Seacoast Banking Corp. of Florida		(435	)		(12,380	)
					(42,537	)
Beverages - (0.1)%
Brown-Forman Corp. - Class B		(339	)		(19,357	)
Biotechnology - (0.1)%
Moderna, Inc.		(153	)		(15,216	)
Broadline Retail - (0.1)%
Coupang, Inc.		(1,138	)		(18,424	)
Capital Markets - (0.4)%
Blackstone, Inc.		(153	)		(20,031	)
Charles Schwab Corp.		(323	)		(22,222	)
Cohen & Steers, Inc.		(159	)		(12,041	)
Houlihan Lokey, Inc.		(68	)		(8,154	)
MarketAxess Holdings, Inc.		(46	)		(13,471	)
PJT Partners, Inc. - Class A		(103	)		(10,493	)
					(86,412	)
Chemicals - (0.3)%
Albemarle Corp.		(148	)		(21,383	)
Corteva, Inc.		(292	)		(13,992	)
International Flavors & Fragrances, Inc.		(131	)		(10,607	)
Sensient Technologies Corp.		(142	)		(9,372	)
Stepan Co.		(94	)		(8,888	)
Tronox Holdings PLC		(665	)		(9,416	)
					(73,658	)
Commercial Services & Supplies - (0.2)%
Casella Waste Systems, Inc. - Class A		(110	)		(9,400	)
Rollins, Inc.		(400	)		(17,468	)
Stericycle, Inc.		(198	)		(9,813	)
					(36,681	)
Communications Equipment - (0.1)%
Harmonic, Inc.		(897	)		(11,697	)
Ubiquiti, Inc.		(67	)		(9,350	)
ViaSat, Inc.		(326	)		(9,112	)
					(30,159	)
Consumer Staples Distribution & Retail – (0.0)%(b)
Chefs' Warehouse, Inc.		(339	)		(9,977	)
Containers & Packaging - (0.1)%
Ball Corp.		(374	)		(21,513	)
Sealed Air Corp.		(177	)		(6,464	)
					(27,977	)
Diversified Consumer Services – (0.0)%(b)
Service Corp. International/US		(139	)		(9,515	)
Electrical Equipment – (0.1)%
Ballard Power Systems, Inc.		(1,597	)		(5,909	)
Shoals Technologies Group, Inc. - Class A		(644	)		(10,008	)
					(15,917	)
Electronic Equipment, Instruments & Components - (0.1)%
Cognex Corp.		(245	)		(10,226	)
Corning, Inc.		(727	)		(22,137	)
					(32,363	)
Energy Equipment & Services – (0.0)%(b)
Patterson-UTI Energy, Inc.		(743	)		(8,024	)
Entertainment - (0.2)%
ROBLOX Corp. - Class A		(424	)		(19,385	)
Walt Disney Co.		(205	)		(18,510	)
					(37,895	)
Financial Services – (0.0)%(b)
Jack Henry & Associates, Inc.		(53	)		(8,661	)
Food Products - (0.2)%
Hormel Foods Corp.		(406	)		(13,037	)
J & J Snack Foods Corp.		(67	)		(11,198	)
Tyson Foods, Inc. - Class A		(209	)		(11,234	)
Utz Brands, Inc.		(650	)		(10,556	)
					(46,025	)
Health Care Equipment & Supplies - (0.4)%
Becton Dickinson and Co.		(77	)		(18,775	)
Dexcom, Inc.		(132	)		(16,380	)
Globus Medical, Inc. - Class A		(189	)		(10,072	)
Masimo Corp.		(96	)		(11,252	)
PROCEPT BioRobotics Corp.		(277	)		(11,609	)
ResMed, Inc.		(107	)		(18,406	)
STAAR Surgical Co.		(283	)		(8,832	)
Tandem Diabetes Care, Inc.		(484	)		(14,317	)
					(109,643	)
Health Care Providers & Services – (0.0)%(b)
Guardant Health, Inc.		(235	)		(6,357	)
Hotels, Restaurants & Leisure - (0.2)%
Churchill Downs, Inc.		(75	)		(10,120	)
Planet Fitness, Inc. - Class A		(138	)		(10,074	)
Restaurant Brands International, Inc.		(291	)		(22,736	)
					(42,930	)
Household Durables – (0.0)%(b)
Sonos, Inc.		(623	)		(10,678	)
Household Products - (0.1)%
Clorox Co.		(126	)		(17,966	)
Independent Power and Renewable Electricity Producers - (0.1)%
AES Corp.		(564	)		(10,857	)
Ormat Technologies, Inc.		(98	)		(7,427	)
					(18,284	)
IT Services - (0.1)%
Globant SA		(50	)		(11,899	)
Life Sciences Tools & Services - (0.2)%
10X Genomics, Inc. - Class A		(144	)		(8,058	)
Bio-Techne Corp.		(109	)		(8,411	)
Repligen Corp.		(58	)		(10,428	)
Waters Corp.		(60	)		(19,754	)
					(46,651	)
Machinery - (0.2)%
Kornit Digital Ltd.		(306	)		(5,863	)
RBC Bearings, Inc.		(37	)		(10,541	)
Toro Co.		(83	)		(7,967	)
Xylem, Inc./NY		(185	)		(21,157	)
					(45,528	)
Metals & Mining - (0.2)%
Alcoa Corp.		(197	)		(6,698	)
Compass Minerals International, Inc.		(259	)		(6,558	)
MP Materials Corp.		(387	)		(7,682	)
Teck Resources Ltd. - Class B		(387	)		(16,359	)
					(37,297	)
Oil, Gas & Consumable Fuels - (0.2)%
New Fortress Energy, Inc.		(299	)		(11,281	)
Occidental Petroleum Corp.		(271	)		(16,181	)
Talos Energy, Inc.		(567	)		(8,068	)
Texas Pacific Land Corp.		(10	)		(15,725	)
					(51,255	)
Paper & Forest Products – (0.0)%(b)
Louisiana-Pacific Corp.		(148	)		(10,483	)
Passenger Airlines - (0.1)%
Alaska Air Group, Inc.		(219	)		(8,556	)
Southwest Airlines Co.		(520	)		(15,018	)
					(23,574	)
Personal Care Products – (0.0)%(b)
Estee Lauder Cos., Inc. - Class A		(75	)		(10,969	)
Professional Services - (0.3)%
Booz Allen Hamilton Holding Corp.		(164	)		(20,977	)
Dun & Bradstreet Holdings, Inc.		(774	)		(9,056	)
Equifax, Inc.		(74	)		(18,299	)
Exponent, Inc.		(99	)		(8,716	)
FTI Consulting, Inc.		(45	)		(8,962	)
Paylocity Holdings Corp.		(36	)		(5,935	)
					(71,945	)
Semiconductors & Semiconductor Equipment - (0.2)%
Impinj, Inc.		(174	)		(15,665	)
Power Integrations, Inc.		(120	)		(9,853	)
Texas Instruments, Inc.		(117	)		(19,944	)
					(45,462	)
Specialty Retail - (0.1)%
Five Below, Inc.		(53	)		(11,297	)
Tractor Supply Co.		(95	)		(20,428	)
					(31,725	)
Water Utilities - (0.1)%
American Water Works Co., Inc.		(138	)		(18,215	)
California Water Service Group		(190	)		(9,855	)
					(28,070	)
TOTAL COMMON STOCKS (Proceeds $(1,169,752))					(1,221,720	)
EXCHANGE TRADED FUNDS - (9.1)%
Consumer Staples Select Sector SPDR Fund		(703	)		(50,637	)
Invesco Nasdaq 100 ETF		(402	)		(67,753	)
iShares Expanded Tech-Software Sector ETF		(55	)		(22,310	)
iShares MSCI ACWI ETF		(9,783	)		(995,616	)
iShares MSCI EAFE ETF		(9,997	)		(753,274	)
iShares MSCI Emerging Markets ETF		(4,048	)		(162,770	)
iShares U.S. Medical Devices ETF		(619	)		(33,408	)
Materials Select Sector SPDR Fund		(465	)		(39,776	)
Real Estate Select Sector SPDR Fund		(1,236	)		(49,514	)
SPDR S&P 500 ETF Trust		(54	)		(25,667	)
Utilities Select Sector SPDR Fund		(813	)		(51,487	)
TOTAL EXCHANGE TRADED FUNDS (Proceeds $(2,174,794))					(2,252,212	)
REAL ESTATE INVESTMENT TRUSTS – (0.0)%(b)
Rexford Industrial Realty, Inc.		(172	)		(9,649	)
TOTAL REAL ESTATE INVESTMENT TRUSTS (Proceeds $(8,855))					(9,649	)
TOTAL SECURITIES SOLD SHORT- (14.1)% (Proceeds $(3,353,401))					(3,483,581	)

Percentages are stated as a percent of net assets.
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. Bank Global Fund Services.
PLC - Public Limited Company
SA - Sociedad Anónima
(a)	Non-income producing security.
(b)	Represents less than 0.05% of net assets.

Summary of Fair Value Exposure at December 31, 2023 (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 net assets as of December 31, 2023:

Leuthold Global Fund
	Level 1			Level 2		Level 3			Total
Investments:
Common Stocks
Automobiles	$	124,140		$	634,860	$	–		$	759,000
Banks		456,410			338,681		–			795,091
Construction Materials		350,425			586,148		–			936,573
Consumer Staples Distribution & Retail		364,954			480,580		–			845,534
Distributors		87,551			–		–			87,551
Electronic Equipment, Instruments & Components		–			56,209		–			56,209
Food Products		529,514			163,163		–			692,677
Health Care Providers & Services		1,172,239			–		–			1,172,239
Household Durables		1,320,755			243,138		–			1,563,893
Insurance		519,011			952,971		–			1,471,982
IT Services		516,728			560,541		–			1,077,269
Machinery		–			162,577		–			162,577
Metals & Mining		515,913			94,587		–			610,500
Oil, Gas & Consumable Fuels		1,695,074			290,703		–			1,985,777
Paper & Forest Products		–			–		0	(a)		0
Semiconductors & Semiconductor Equipment		1,382,388			755,304		–			2,137,691
Software		1,215,017			256,094		–			1,471,112
Trading Companies & Distributors		543,074			314,064		–			857,138
Common Stocks - Total		10,793,193			5,889,620		0			16,682,813
U.S. Treasury Obligations		–			851,881		–			851,881
Corporate Bonds		–			506,193		–			506,193
Foreign Government Note/Bond		–			482,305		–			482,305
Preferred Stocks
Automobiles		–			72,598		–			72,598
Metals & Mining		74,491			–		–			74,491
Preferred Stocks - Total		74,491			72,598		–			147,089
Exchange Traded Funds		1,501,195			413,592		–			1,914,787
Money Market Funds		3,275,200			–		–			3,275,200
U.S. Treasury Bills		–			698,966		–			698,966
Total Investments	$	15,644,079		$	8,915,155	$	0		$	24,559,234
Investments Sold Short:
	Level 1			Level 2		Level 3			Total
Common Stocks	$	(1,221,720	)	$	–	$	–		$	(1,221,720	)
Exchange Traded Funds		(2,252,212	)		–		–			(2,252,212	)
Real Estate Investment Trusts		(9,649	)		–		–			(9,649	)
Total Investments Sold Short	$	(3,483,581	)	$	–	$	–		$	(3,483,581	)
Refer to the Schedule of Investments and Schedule of Securities Sold Short for industry classifications.
(a)   Management has determined transfers into/out of level 3 and the value of level 3 investments at year end to be immaterial to the Fund.