Leuthold Funds NPORT-P Leuthold Global Fund (Dec 2024 report)

Leuthold Global Fund
Schedule of Investments
December 31, 2024 (Unaudited)
COMMON STOCKS - 69.8%		Shares		Value
Automobiles - 0.7%
General Motors Co.			2,497	$	133,015
Banks - 7.5%
ABN AMRO Bank NV (a)			5,208		80,368
ANZ Group Holdings Ltd.			3,341		58,868
Banco Santander SA - ADR			20,366		92,869
Bank of Nova Scotia			1,003		53,881
Barclays PLC - ADR			7,174		95,342
Canadian Imperial Bank of Commerce			1,358		85,866
Citigroup, Inc.			1,100		77,429
Comerica, Inc.			1,300		80,405
Commerzbank AG			6,237		102,427
Danske Bank AS			2,282		64,701
M&T Bank Corp.			438		82,348
Mizuho Financial Group, Inc. - ADR			24,250		118,583
Nishi-Nippon Financial Holdings, Inc.			5,600		71,554
Old National Bancorp/IN			3,678		79,831
Svenska Handelsbanken AB - Class A			8,247		85,151
UniCredit SpA			1,761		70,525
United Overseas Bank Ltd.			3,000		79,668
					1,379,816
Broadline Retail - 4.2%
Dillard's, Inc. - Class A			202		87,211
eBay, Inc.			2,192		135,794
JD.com, Inc. - ADR			4,201		145,649
Naspers Ltd.			601		133,096
Nordstrom, Inc.			3,935		95,030
PDD Holdings, Inc. - ADR (b)			1,018		98,736
Takashimaya Co. Ltd.			10,000		79,520
					775,036
Capital Markets - 6.0%
Daiwa Securities Group, Inc.			10,400		68,627
Deutsche Bank AG			6,210		105,880
Goldman Sachs Group, Inc.			332		190,110
Interactive Brokers Group, Inc. - Class A			526		92,928
Investec PLC			8,262		56,163
Macquarie Group Ltd.			844		115,428
Morgan Stanley			1,312		164,945
Raymond James Financial, Inc.			806		125,196
SBI Holdings, Inc.			2,400		60,279
UBS Group AG			3,654		110,789
					1,090,345
Financial Services - 4.9%
Block, Inc. (b)			1,120		95,189
Euronet Worldwide, Inc. (b)			622		63,966
Fidelity National Information Services, Inc.			1,273		102,820
Fiserv, Inc. (b)			769		157,968
Global Payments, Inc.			923		103,431
Payoneer Global, Inc. (b)			6,446		64,718
PayPal Holdings, Inc. (b)			1,728		147,485
Visa, Inc. - Class A			493		155,808
					891,385
Health Care Providers & Services - 4.8%
Bangkok Dusit Medical Services PCL - NVDR			134,700		96,683
Concentra Group Holdings Parent, Inc.			2,689		53,189
HCA Healthcare, Inc.			588		176,488
IHH Healthcare Bhd			81,300		132,727
National HealthCare Corp.			813		87,446
Select Medical Holdings Corp.			3,332		62,808
Tenet Healthcare Corp. (b)			1,032		130,269
Universal Health Services, Inc. - Class B			739		132,592
					872,202
Household Durables - 3.4%
KB Home			1,767		116,127
Lennar Corp. - Class A			1,006		137,188
Meritage Homes Corp.			767		117,980
Toll Brothers, Inc.			1,116		140,560
Tri Pointe Homes, Inc. (b)			3,267		118,462
					630,317
Insurance - 10.6%
Arch Capital Group, Ltd.			644		59,473
Axis Capital Holdings Ltd.			1,362		120,701
Chubb Ltd.			243		67,141
DB Insurance Co. Ltd.			1,125		78,165
Everest Group Ltd.			557		201,890
Fairfax Financial Holdings Ltd.			89		123,830
Hartford Financial Services Group, Inc.			783		85,660
Loews Corp.			1,185		100,358
Markel Group, Inc. (b)			43		74,228
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen			655		330,489
Old Republic International Corp.			3,488		126,231
QBE Insurance Group Ltd.			7,928		94,152
Sompo Holdings, Inc.			7,400		191,736
Swiss Re AG			1,990		288,221
					1,942,275
Interactive Media & Services - 3.0%
Baidu, Inc. - ADR (b)			930		78,408
CAR Group Ltd.			2,854		63,513
Cargurus, Inc. (b)			2,121		77,501
LY Corp.			22,700		60,021
Match Group, Inc. (b)			1,710		55,934
Scout24 SE (a)			861		75,974
SEEK Ltd.			3,680		51,211
Shutterstock, Inc.			989		30,016
Yelp, Inc. (b)			1,385		53,600
					546,178
Oil, Gas & Consumable Fuels - 4.3%
APA Corp.			3,226		74,488
Canadian Natural Resources Ltd.			7,144		220,535
Chord Energy Corp.			767		89,678
EOG Resources, Inc.			1,699		208,263
Inpex Corp.			9,400		118,266
PTT Exploration & Production PCL - NVDR			19,400		68,191
					779,421
Paper & Forest Products - 0.0%(c)
China Forestry Holdings Co. Ltd. (b)(d)			2,484,000		0
Passenger Airlines - 4.3%
ANA Holdings, Inc.			4,600		83,488
Cathay Pacific Airways Ltd.			73,000		89,556
Copa Holdings SA - Class A			881		77,422
Delta Air Lines, Inc.			2,667		161,354
Eva Airways Corp.			65,000		87,835
International Consolidated Airlines Group SA			40,040		150,838
Singapore Airlines Ltd.			27,200		128,233
					778,726
Software - 7.0%
ACI Worldwide, Inc. (b)			2,110		109,530
Check Point Software Technologies, Ltd. (b)			705		131,623
Clear Secure, Inc. - Class A			4,372		116,470
DocuSign, Inc. (b)			1,543		138,777
Dropbox, Inc. - Class A (b)			4,613		138,575
InterDigital, Inc.			616		119,332
Opera Ltd. - ADR			4,100		77,654
Salesforce, Inc.			600		200,598
Synopsys, Inc. (b)			259		125,708
Zoom Communications, Inc. (b)			1,565		127,720
					1,285,987
Transportation Infrastructure - 4.5%
Aena SME SA (a)			825		168,381
Aeroports de Paris SA			1,029		119,144
Bangkok Expressway & Metro PCL - NVDR			455,500		94,627
Fraport AG Frankfurt Airport Services Worldwide (b)			2,006		122,022
Grupo Aeroportuario del Sureste SAB de CV - ADR			332		85,533
International Container Terminal Services, Inc.			20,950		139,450
Shenzhen International Holdings Ltd.			93,000		86,641
					815,798
Wireless Telecommunication Services - 4.6%
Freenet AG			3,512		100,258
KDDI Corp.			4,000		127,403
Millicom International Cellular SA			3,888		95,304
SoftBank Corp.			97,600		123,204
Tele2 AB - Class B			9,227		91,112
T-Mobile US, Inc.			843		186,075
Vodafone Group PLC - ADR			13,888		117,909
					841,265
TOTAL COMMON STOCKS (Cost $11,937,342)					12,761,766
EXCHANGE TRADED FUNDS - 9.1%
iShares 5-10 Year Investment Grade Corporate Bond ETF			7,357		378,959
iShares Core Japan Government Bond ETF			23,600		349,924
iShares MBS ETF			2,174		199,312
Janus Henderson AAA CLO ETF			3,853		195,386
Simplify MBS ETF			3,912		194,387
SPDR Portfolio Intermediate Term Corporate Bond ETF			7,455		244,226
VanEck J. P. Morgan EM Local Currency Bond ETF			4,439		102,585
TOTAL EXCHANGE TRADED FUNDS (Cost $1,695,459)					1,664,779
CORPORATE BONDS - 2.7%		Par
Banks - 2.7%
JPMorgan Chase & Co., 1.50%, 01/27/2025	EUR		470,000		486,272
TOTAL CORPORATE BONDS (Cost $510,861)					486,272
U.S. TREASURY SECURITIES - 2.7%
United States Treasury Note/Bond, 3.88%, 08/15/2033			510,000		485,436
TOTAL U.S. TREASURY SECURITIES (Cost $493,531)					485,436
FOREIGN GOVERNMENT DEBT OBLIGATIONS - 2.0%
French Republic Government Bond OAT, 3.00%, 05/25/2033 (a)	EUR		145,000		149,404
United Kingdom Gilt, 4.25%, 07/31/2034	GBP		185,000		225,856
TOTAL FOREIGN GOVERNMENT DEBT OBLIGATIONS (Cost $387,374)					375,260
SHORT-TERM INVESTMENTS - 12.8%
Money Market Funds - 10.1%		Shares
Fidelity Government Portfolio - Class Institutional, 4.38% (e)			1,837,860		1,837,860
U.S. Treasury Bills - 2.7%		Par
4.52%, 01/16/2025 (f)(g)			500,000		499,069
TOTAL SHORT-TERM INVESTMENTS (Cost $2,336,929)					2,336,929
TOTAL INVESTMENTS - 99.1% (Cost $17,361,496)					18,110,442
Other Assets in Excess of Liabilities - 0.9%					171,560
TOTAL NET ASSETS - 100.0%				$	18,282,002
two					–	%
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. ("MSCI") and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

AB - Aktiebolag

ADR - American Depositary Receipt

AG - Aktiengesellschaft

AS - Aksjeselskap

NV - Naamloze Vennootschap

NVDR - Non-Voting Depositary Receipt

PCL - Public Company Limited

PLC - Public Limited Company

REIT - Real Estate Investment Trust

SA - Sociedad Anónima

SAB de CV - Sociedad Anónima Bursátil de Capital Variable

SE - Societas Europeae

SpA - Societa per Azioni

EUR - Euro

GBP - British Pound

(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, 2024, the value of these securities total $474,127 or 2.6% 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, 2024.
(e)	The rate shown represents the 7-day annualized effective yield as of December 31, 2024.
(f)	The rate shown is the annualized effective yield as of December 31, 2024.
(g)	All or a portion of security has been pledged as collateral for open securities sold short.

Leuthold Global Fund
Schedule of Securities Sold Short
December 31, 2024 (Unaudited)
EXCHANGE TRADED FUNDS - (8.9)%	Shares			Value
Invesco QQQ Trust Series 1		(1,423	)	$	(727,480	)
iShares Expanded Tech-Software Sector ETF		(142	)		(14,217	)
iShares MSCI EAFE ETF		(3,595	)		(271,818	)
iShares MSCI Emerging Markets ETF		(1,472	)		(61,559	)
iShares S&P 500 Growth ETF		(464	)		(47,110	)
iShares Semiconductor ETF		(78	)		(16,808	)
iShares U.S. Transportation ETF		(267	)		(18,041	)
iShares U.S. Utilities ETF		(281	)		(27,035	)
Real Estate Select Sector SPDR Fund		(256	)		(10,412	)
Vanguard S&P 500 ETF		(33	)		(17,781	)
Vanguard Total World Stock ETF		(3,496	)		(410,710	)
TOTAL EXCHANGE TRADED FUNDS (Proceeds $1,681,116)					(1,622,971	)
COMMON STOCKS - (3.2)%
Aerospace & Defense - (0.2)%
Boeing Co.		(53	)		(9,381	)
Cadre Holdings, Inc.		(123	)		(3,973	)
Kratos Defense & Security Solutions, Inc.		(175	)		(4,616	)
Spirit AeroSystems Holdings, Inc. - Class A		(133	)		(4,533	)
TransDigm Group, Inc.		(6	)		(7,604	)
					(30,107	)
Air Freight & Logistics - (0.0)%(a)
United Parcel Service, Inc. - Class B		(62	)		(7,818	)
Automobile Components - (0.0)%(a)
Adient PLC		(212	)		(3,653	)
Dana, Inc.		(345	)		(3,988	)
					(7,641	)
Beverages - (0.2)%
Brown-Forman Corp. - Class B		(175	)		(6,647	)
Constellation Brands, Inc. - Class A		(34	)		(7,514	)
Monster Beverage Corp.		(172	)		(9,040	)
PepsiCo, Inc.		(51	)		(7,755	)
					(30,956	)
Biotechnology - (0.0)%(a)
Vertex Pharmaceuticals, Inc.		(17	)		(6,846	)
Building Products - (0.0)%(a)
Trex Co., Inc.		(57	)		(3,935	)
Capital Markets - (0.2)%
Ares Management Corp. - Class A		(62	)		(10,976	)
FactSet Research Systems, Inc.		(10	)		(4,802	)
MarketAxess Holdings, Inc.		(24	)		(5,425	)
MSCI, Inc.		(17	)		(10,200	)
Nasdaq, Inc.		(93	)		(7,190	)
					(38,593	)
Chemicals - (0.2)%
Air Products and Chemicals, Inc.		(24	)		(6,961	)
Albemarle Corp.		(76	)		(6,542	)
Chemours Co.		(176	)		(2,974	)
Stepan Co.		(48	)		(3,106	)
Westlake Corp.		(70	)		(8,025	)
					(27,608	)
Commercial Services & Supplies - (0.0)%(a)
Casella Waste Systems, Inc. - Class A		(35	)		(3,703	)
Containers & Packaging - (0.0)%(a)
Smurfit WestRock PLC		(144	)		(7,756	)
Electrical Equipment - (0.1)%
Rockwell Automation, Inc.		(31	)		(8,859	)
Electronic Equipment, Instruments & Components - (0.0)%(a)
Cognex Corp.		(126	)		(4,518	)
Novanta, Inc.		(23	)		(3,514	)
					(8,032	)
Energy Equipment & Services - (0.0)%(a)
Valaris Ltd.		(66	)		(2,920	)
Entertainment - (0.1)%
ROBLOX Corp. - Class A		(146	)		(8,448	)
Take-Two Interactive Software, Inc.		(53	)		(9,756	)
Warner Music Group Corp. - Class A		(134	)		(4,154	)
					(22,358	)
Financial Services - (0.1)%
Flywire Corp.		(194	)		(4,000	)
Remitly Global, Inc.		(242	)		(5,462	)
					(9,462	)
Ground Transportation - (0.2)%
JB Hunt Transport Services, Inc.		(42	)		(7,168	)
Knight-Swift Transportation Holdings, Inc.		(79	)		(4,190	)
Marten Transport Ltd.		(247	)		(3,856	)
Old Dominion Freight Line, Inc.		(42	)		(7,409	)
Saia, Inc.		(9	)		(4,101	)
Schneider National, Inc. - Class B		(158	)		(4,626	)
					(31,350	)
Health Care Equipment & Supplies - (0.1)%
Inspire Medical Systems, Inc.		(20	)		(3,708	)
Intuitive Surgical, Inc.		(15	)		(7,829	)
iRhythm Technologies, Inc.		(47	)		(4,238	)
QuidelOrtho Corp.		(93	)		(4,143	)
					(19,918	)
Health Care Providers & Services - (0.0)%(a)
Guardant Health, Inc.		(134	)		(4,094	)
Hotels, Restaurants & Leisure - (0.2)%
DraftKings, Inc. - Class A		(235	)		(8,742	)
First Watch Restaurant Group, Inc.		(212	)		(3,945	)
Red Rock Resorts, Inc. - Class A		(80	)		(3,699	)
Restaurant Brands International, Inc.		(123	)		(8,017	)
Starbucks Corp.		(94	)		(8,578	)
Vail Resorts, Inc.		(19	)		(3,562	)
					(36,543	)
Household Products - (0.1)%
Clorox Co.		(65	)		(10,557	)
Independent Power and Renewable Electricity Producers - (0.0)%(a)
Ormat Technologies, Inc.		(50	)		(3,386	)
Insurance - (0.1)%
Aon PLC - Class A		(26	)		(9,338	)
Arthur J. Gallagher & Co.		(35	)		(9,935	)
Ryan Specialty Holdings, Inc.		(80	)		(5,133	)
					(24,406	)
IT Services - (0.0)%(a)
MongoDB, Inc.		(25	)		(5,820	)
Life Sciences Tools & Services - (0.1)%
Bruker Corp.		(68	)		(3,986	)
Danaher Corp.		(33	)		(7,575	)
Repligen Corp.		(30	)		(4,319	)
West Pharmaceutical Services, Inc.		(27	)		(8,844	)
					(24,724	)
Machinery - (0.1)%
Hillenbrand, Inc.		(89	)		(2,740	)
IDEX Corp.		(38	)		(7,953	)
Xylem, Inc./NY		(64	)		(7,425	)
					(18,118	)
Metals & Mining - (0.1)%
Franco-Nevada Corp.		(77	)		(9,054	)
Oil, Gas & Consumable Fuels - (0.3)%
California Resources Corp.		(90	)		(4,670	)
Chevron Corp.		(55	)		(7,966	)
EQT Corp.		(207	)		(9,545	)
Expand Energy Corp.		(84	)		(8,362	)
Hess Corp.		(68	)		(9,045	)
Range Resources Corp.		(131	)		(4,714	)
Talos Energy, Inc.		(292	)		(2,835	)
					(47,137	)
Passenger Airlines - (0.1)%
Southwest Airlines Co.		(268	)		(9,010	)
Personal Care Products - (0.1)%
elf Beauty, Inc.		(27	)		(3,390	)
Interparfums, Inc.		(33	)		(4,340	)
Kenvue, Inc.		(437	)		(9,330	)
					(17,060	)
Professional Services - (0.1)%
Dayforce, Inc.		(67	)		(4,867	)
Equifax, Inc.		(28	)		(7,136	)
					(12,003	)
Real Estate Management & Development - (0.1)%
CoStar Group, Inc.		(105	)		(7,517	)
Howard Hughes Holdings, Inc.		(55	)		(4,230	)
					(11,747	)
Semiconductors & Semiconductor Equipment - (0.2)%
Ambarella, Inc.		(74	)		(5,383	)
ARM Holdings PLC - ADR		(60	)		(7,402	)
ASML Holding NV		(11	)		(7,624	)
Power Integrations, Inc.		(62	)		(3,825	)
Silicon Laboratories, Inc.		(31	)		(3,851	)
Texas Instruments, Inc.		(40	)		(7,500	)
					(35,585	)
Software - (0.2)%
Cadence Design Systems, Inc.		(34	)		(10,216	)
Confluent, Inc. - Class A		(159	)		(4,446	)
Crowdstrike Holdings, Inc. - Class A		(20	)		(6,843	)
Zscaler, Inc.		(40	)		(7,216	)
					(28,721	)
Specialty Retail - (0.0)%(a)
CarMax, Inc.		(50	)		(4,088	)
Floor & Decor Holdings, Inc. - Class A		(36	)		(3,589	)
					(7,677	)
Textiles, Apparel & Luxury Goods - (0.0)%(a)
Birkenstock Holding PLC		(70	)		(3,966	)
Trading Companies & Distributors - (0.0)%(a)
Fastenal Co.		(98	)		(7,047	)
TOTAL COMMON STOCKS (Proceeds $588,914)					(584,517	)
REAL ESTATE INVESTMENT TRUSTS - (0.1)%
Industrial REITs - (0.0)%(a)
Rexford Industrial Realty, Inc.		(88	)		(3,402	)
Residential REITs - (0.1)%
Invitation Homes, Inc.		(252	)		(8,057	)
Specialized REITs - (0.0)%(a)
Digital Realty Trust, Inc.		(42	)		(7,448	)
TOTAL REAL ESTATE INVESTMENT TRUSTS (Proceeds $20,379)					(18,907	)
TOTAL SECURITIES SOLD SHORT - (12.2)% (Proceeds $2,290,409)				$	(2,226,395	)
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. ("MSCI") and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

(a) Represents less than 0.05% of net assets.

Summary of Fair Value Disclosure as of December 31, 2024 (Unaudited)

Leuthold Global Fund has adopted authoritative fair value accounting standards which establish an authoritative 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, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund’s securities as of December 31, 2024:

	Level 1			Level 2		Level 3			Total
Assets:
Investments:
Common Stocks	$	8,828,182		$	3,933,584	$	0	(a)(b)	$	12,761,766
Exchange Traded Funds		1,664,779			–		–			1,664,779
Corporate Bonds		–			486,272		–			486,272
U.S. Treasury Securities		–			485,436		–			485,436
Foreign Government Debt Obligations		–			375,260		–			375,260
Money Market Funds		1,837,860			–		–			1,837,860
U.S. Treasury Bills		–			499,069		–			499,069
Total Investments	$	12,330,821		$	5,779,621	$	0	(a)(b)	$	18,110,442
Liabilities:
Investments:
Exchange Traded Funds	$	(1,622,971	)	$	–	$	–		$	(1,622,971	)
Common Stocks		(584,517	)		–		–			(584,517	)
Real Estate Investment Trusts		(18,907	)		–		–			(18,907	)
Total Investments	$	(2,226,395	)	$	–	$	–		$	(2,226,395	)
Refer to the Schedule of Investments for further disaggregation of investment categories.
Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year’s annual report.

(a)	Amount is less than $0.50.
(b)	Management has determined transfers into/out of level 3 and the value of level 3 investments at period end to be immaterial to the Fund.

Allocation of Portfolio Holdings by Country as of December 31, 2024
(% of Net Assets)
Japan	$	1,452,605	7.9%
Germany		837,050	4.7
United Kingdom		578,577	3.1
Canada		467,041	2.6
Switzerland		466,151	2.6
Australia		383,172	2.1
Bermuda		382,064	2.1
France		268,548	1.4
Spain		261,250	1.4
Thailand		259,501	1.4
China		224,057	1.2
Singapore		207,901	1.1
South Africa		189,259	1.0
Sweden		176,263	1.0
Hong Kong		176,197	1.0
Philippines		139,450	0.8
Malaysia		132,727	0.7
Israel		131,623	0.7
Luxembourg		95,304	0.5
Ireland		90,980	0.5
Taiwan		87,835	0.5
Mexico		85,533	0.5
South Korea		78,165	0.4
Norway		77,654	0.4
Panama		77,422	0.4
Netherlands		72,744	0.3
Italy		70,525	0.4
Denmark		64,701	0.4
United States		8,349,748	45.8
Other Assets in Excess of Liabilities		2,397,955	13.1
	$	18,282,002	100.0%

Allocation of Portfolio Holdings by Currency as of December 31, 2024
(% of Net Assets)
US Dollar	$	9,965,545	54.5%
Euro		1,805,263	9.9
Japanese Yen		1,334,021	7.3
British Pound		432,857	2.4
Australian Dollar		383,171	2.1
Swiss Franc		288,221	1.6
Swedish Krona		271,566	1.4
Thai Baht		259,501	1.4
Singapore Dollar		207,901	1.1
Hong Kong Dollar		176,197	1.0
Philippine Peso		139,450	0.8
South African Rand		133,096	0.7
Malaysian Ringgit		132,727	0.7
Canadian Dollar		123,830	0.7
Taiwan New Dollar		87,835	0.5
South Korean Won		78,165	0.4
Danish Krone		64,701	0.4
Other Assets in Excess of Liabilities		2,397,955	13.1
	$	18,282,002	100.0%