E
XHIBIT
A
LEUTHOLD FUNDS, INC.
PLAN OF ACQUISITION AND LIQUIDATION
This Plan of Acquisition
and Liquidation (this “
Plan
”) has been adopted by the Board of Directors of Leuthold Funds, Inc., a Maryland
corporation (the “
Corporation
”), as of this 17th day of October , 2013, to provide for the reorganization of the
Leuthold Asset Allocation Fund (the “
Acquired Portfolio
”) into the Leuthold Core Investment Fund (the “
Acquiring
Portfolio
”). The Acquired Portfolio and the Acquiring Portfolio (each a “
Portfolio
”, and, together,
the “
Portfolios
”) are each separate series of the Corporation, an open-end management investment company registered
with the Securities and Exchange Commission (the “
SEC
”) under the Investment Company Act of 1940, as amended
(the “
1940 Act
”). The Corporation’s Board of Directors (the “
Board
”) has determined
that it is in the best interest of the stockholders of the Acquiring Portfolio and the Acquired Portfolio (“
Stockholders
”)
that the Acquired Portfolio transfer all of the assets attributable to the shares of common stock held by its Stockholders in exchange
for shares of common stock of equal net asset value of the Acquiring Portfolio (“
Acquisition Shares
”), to be
distributed to the Acquired Portfolio’s Stockholders, and that the Corporation redeem the outstanding shares (the “
Acquired
Portfolio Shares
”) of the Acquired Portfolio, all as provided for below (the “
Acquisition
”). In this
Plan, any references to a Portfolio taking action shall mean and include all necessary actions of the Corporation on behalf of
a Portfolio, unless the context of this Plan or the 1940 Act requires otherwise. The Corporation intends that the Acquisition qualify
as a “reorganization” within the meaning of Section 368(a) of the United States Internal Revenue Code of 1986, as amended
(the “
Code
”), and any successor provisions, and that with respect to the Acquisition, the Acquiring Portfolio
and the Acquired Portfolio will each be a “party to a reorganization” within the meaning of Section 368(b) of the Code.
1.
Definitions
. In addition to the terms elsewhere defined herein, each of the following
terms shall have the meaning indicated for that term as follows:
“1933 Act”
shall mean the Securities Act of 1933, as amended.
“Assets”
shall mean all assets of any kind and all interests, rights, privileges and powers of or attributable to the Acquired Portfolio
or its shares, as appropriate, whether or not determinable at the Effective Time (as defined herein) and wherever located, including,
without limitation, all cash, cash equivalents, securities, claims (whether absolute or contingent, known or unknown, accrued or
unaccrued or conditional or unmatured), contract rights and receivables (including dividend and interest receivables) owned by
the Acquired Portfolio or attributable to its shares and any deferred or prepaid expense, as of the Closing Date, other than unamortized
organizational expenses, shown as an asset on the Acquired Portfolio’s books.
“Closing Date”
shall mean such date as the officers of the Corporation shall designate.
“Effective Time”
shall mean 5:00 p.m., Eastern Time, on the Closing Date, or such other time as the officers of the Corporation shall designate.
“Financial Statements”
shall mean the audited financial statements of the relevant Portfolio for its most recently completed fiscal year and, if applicable,
the unaudited financial statements of that Portfolio for its most recently completed semi-annual period.
“Liabilities”
shall mean all liabilities, expenses and obligations of any kind whatsoever of the Acquired Portfolio, whether known or unknown,
accrued or unaccrued, absolute or contingent or conditional or unmatured, as of the Closing Date.
“N-14 Registration
Statement” shall mean the Registration Statement of the Acquiring Portfolio on Form N-14 under the 1940 Act that will register
the Acquisition Shares to be issued in the Acquisition.
“Valuation Time”
shall mean the close of regular session trading on the New York Stock Exchange (“
NYSE
”) on the Closing Date,
when for purposes of this Plan, the Corporation determines the net asset value per Acquisition Share of the Acquiring Portfolio
and the net value of the assets of the Acquired Portfolio.
“NAV”
shall mean a Portfolio’s net asset value, which is calculated by valuing and totaling assets and then subtracting liabilities
and then dividing the balance by the number of shares that are outstanding.
2.
Regulatory Filings
. The Acquiring Portfolio shall promptly prepare and file the N-14
Registration Statement with the SEC, and the Acquiring Portfolio and the Acquired Portfolio also shall make any other required
or appropriate filings with respect to the actions contemplated hereby.
3.
Transfer of the Acquired Portfolio’s Assets
. The Acquiring Portfolio and the
Acquired Portfolio shall take the following steps with respect to the Acquisition, as applicable:
(a) On or prior to
the Closing Date, the Acquired Portfolio shall pay or provide for the payment of all of the Liabilities, expenses, costs and charges
of or attributable to the Acquired Portfolio that are known to the Acquired Portfolio and that are due and payable prior to or
as of the Closing Date.
(b) Prior to
the Effective Time, except to the extent prohibited by Rule 19b-1 under the 1940 Act, the Acquired Portfolio will declare to the
Acquired Portfolio’s Stockholders of record a dividend or dividends which, together with all previous such dividends, shall
have the effect of distributing (a) all the excess of (1) the Acquired Portfolio’s investment income excludable from gross
income under Section 103(a) of the Code over (2) the Acquired Portfolio’s deductions disallowed under Sections 265 and 171(a)(2)
of the Code, (b) all of the Acquired Portfolio’s investment company taxable income (as defined in Code Section 852), (computed
in each case without regard to any deduction for dividends paid), and (c) all of the Acquired Portfolio’s net realized capital
gain (as defined in Code Section 1222), if any (after reduction for any capital loss carryover), for the taxable year ending on
September 30, 2013 and for the short taxable year beginning on October 1, 2013, and ending on the Closing Date. Such dividends
will be declared and paid to ensure continued qualification of the Acquired Portfolio as a “regulated investment company”
for tax purposes and to eliminate fund-level tax.
(c) At the Effective
Time, the Acquired Portfolio shall assign, transfer, deliver and convey the Assets to the Acquiring Portfolio, subject to the Liabilities,
and the Acquiring Portfolio shall then accept the Assets and assume the Liabilities such that at and after the Effective Time (1)
the Assets shall become and be assets of the Acquiring Portfolio, and (2) the Liabilities shall attach to the Acquiring Portfolio,
and shall be enforceable against the Acquiring Portfolio to the same extent as if initially incurred by the Acquiring Portfolio.
The Corporation shall redeem the outstanding shares of the Acquired Portfolio by issuance of shares of the Acquiring Portfolio
as described more fully below.
(d) Within a reasonable
time prior to the Closing Date, the Acquired Portfolio shall provide, if requested, a list of the Assets to the Acquiring Portfolio.
The Acquired Portfolio may sell any asset on such list prior to the Effective Time. After the Acquired Portfolio provides such
list, the Acquired Portfolio will not acquire any additional securities or permit to exist any encumbrances, rights, restrictions
or claims not reflected on such list, without the approval of the Acquiring Portfolio. Within a reasonable time after receipt of
the list and prior to the Closing Date, the Acquiring Portfolio will advise the Acquired Portfolio in writing of any investments
shown on the list that the Acquiring Portfolio has determined to be inconsistent with its investment objective, policies and restrictions.
The Acquired Portfolio will dispose of any such securities prior to the Closing Date to the extent practicable and consistent with
applicable legal requirements, including the Acquired Portfolio’s investment objectives, policies and restrictions. In addition,
if the Acquiring Portfolio determines that, as a result of the Acquisition, the Acquiring Portfolio would own an aggregate amount
of an investment that would exceed a percentage limitation applicable to the Acquiring Portfolio, the Acquiring Portfolio will
advise the Acquired Portfolio in writing of any such limitation and the Acquired Portfolio shall dispose of a sufficient amount
of such investment as may be necessary to avoid the limitation as of the Effective Time, to the extent practicable and consistent
with applicable legal requirements, including the Acquired Portfolio’s investment objectives, policies and restrictions.
(e) The Acquired Portfolio
shall assign, transfer, deliver and convey the Assets to the Acquiring Portfolio at the Effective Time on the following basis:
(1) The value of the Assets less the Liabilities of the Acquired Portfolio attributable to shares of common stock held by its Stockholders,
determined as of the Valuation Time, shall be divided by the then NAV of Acquisition Shares of common stock, as applicable, and,
in exchange for the transfer of the Assets, the Acquiring Portfolio shall simultaneously issue and deliver to the Acquired Portfolio
the number of Acquisition Shares of common stock (including fractional shares) so determined, rounded to the second decimal place
or such other decimal place as the officers of the Corporation shall designate; (2) The NAV of Acquisition Shares of common stock
to be delivered to the Acquired Portfolio shall be determined as of the Valuation Time in accordance with the Acquiring Portfolio’s
then applicable valuation procedures, and the net value of the Assets to be conveyed to the Acquiring Portfolio shall be determined
as of the Valuation Time in accordance with the then applicable valuation procedures of the Acquired Portfolio; and (3) the portfolio
securities of the Acquired Portfolio shall be made available by the Acquired Portfolio to U.S. Bank National Association, as custodian
for the Acquiring Portfolio (the “
Custodian
”), for examination no later than five business days preceding the
Valuation Time. On the Closing Date, such portfolio securities and all the Acquired Portfolio’s cash shall be delivered by
the Acquired Portfolio to the Custodian for the account of the Acquiring Portfolio, such portfolio securities to be duly endorsed
in proper form for transfer in such manner and condition as to constitute good delivery thereof in accordance with the custom of
brokers or, in the case of portfolio securities held in the U.S. Treasury Department’s book-entry system or by The Depository
Trust Company, Participants Trust Company or other third party depositories, by transfer to the account of the Custodian in accordance
with Rule 17f-4, Rule 17f-5 or Rule 17f-7, as the case may be, under the 1940 Act and accompanied by all necessary federal and
state stock transfer stamps or a check for the appropriate purchase price thereof. The cash delivered shall be in the form of currency
or certified or official bank checks, payable to the order of the Custodian, or shall be wired to an account pursuant to instructions
provided by the Acquiring Portfolio.
(f) Promptly after
the Closing Date, the Acquired Portfolio will deliver to the Acquiring Portfolio a Statement of Assets and Liabilities of the Acquired
Portfolio as of the Closing Date.
4.
Termination of the Acquired Portfolio, Registration of Acquisition Shares and Access to
Records
. The Acquired Portfolio and the Acquiring Portfolio also shall take the following steps, as applicable:
(a) At or as soon
as reasonably practical after the Effective Time, the Acquired Portfolio shall terminate by transferring pro rata to its Stockholders
of record Acquisition Shares received by the Acquired Portfolio pursuant to Section 3(e)(1) of this Plan. The Acquiring Portfolio
shall establish accounts on its share records and note on such accounts the names of the former Acquired Portfolio Stockholders
and the types and amounts of the Acquisition Shares that former Acquired Portfolio Stockholders are due based on their respective
holdings of the Acquired Portfolio Shares as of the close of business on the Closing Date. Fractional Acquisition Shares shall
be carried to the second decimal place. The Acquiring Portfolio shall not issue certificates representing the Acquisition Shares
in connection with such exchange. All issued and outstanding Acquired Portfolio Shares will be simultaneously redeemed and cancelled
on the books of the Acquired Portfolio. Ownership of the Acquisition Shares will be shown on the books of the Acquiring Portfolio’s
transfer agent. Following distribution by the Acquired Portfolio to its Stockholders of all Acquisition Shares delivered to the
Acquired Portfolio, the Acquired Portfolio shall wind up its affairs and shall take all steps as are necessary and proper to terminate
as soon as is reasonably possible after the Effective Time.
(b) At and after the
Closing Date, the Acquired Portfolio shall provide the Acquiring Portfolio and its transfer agent with immediate access to: (1)
all records containing the names, addresses and taxpayer identification numbers of all of the Acquired Portfolio’s Stockholders
and the number and percentage ownership of the outstanding shares of the Acquired Portfolio owned by Stockholders as of the Effective
Time, and (2) all original documentation (including all applicable Internal Revenue Service forms, certificates, certifications
and correspondence) relating to the Acquired Portfolio Stockholders’ taxpayer identification numbers and their liability
for or exemption from back-up withholding. The Acquired Portfolio shall preserve and maintain, or shall direct its service providers
to preserve and maintain, records with respect to the Acquired Portfolio as required by Section 31 of, and Rules 31a-1 and 31a-2
under, the 1940 Act.
5.
Conditions to Consummation of the Acquisition
. The consummation of the Acquisition
shall be subject to the following conditions precedent:
(a) There shall have
been no material adverse change in the financial condition, results of operations, business, properties or assets of the Acquiring
Portfolio or the Acquired Portfolio since the date of the most recent Financial Statements. Negative investment performance shall
not be considered a material adverse change.
(b) The Corporation
shall have received an opinion of Foley & Lardner LLP, substantially to the effect that for federal income tax purposes: (1)
The Acquisition will constitute a “reorganization” within the meaning of Section 368(a) of the Code and that the Acquiring
Portfolio and the Acquired Portfolio will each be “a party to a reorganization” within the meaning of Section 368(b)
of the Code; (2) A Stockholder of the Acquired Portfolio will recognize no gain or loss on the exchange of the Stockholder’s
shares of the Acquired Portfolio solely for Acquisition Shares; (3) Neither the Acquired Portfolio nor the Acquiring Portfolio
will recognize any gain or loss upon the transfer of all of the Assets to the Acquiring Portfolio in exchange for Acquisition Shares
and the assumption by the Acquiring Portfolio of the Liabilities pursuant to this Plan or upon the distribution of Acquisition
Shares to Stockholders of the Acquired Portfolio in exchange for their respective shares of the Acquired Portfolio; (4) The holding
period and tax basis of the Assets acquired by the Acquiring Portfolio will be the same as the holding period and tax basis that
the Acquired Portfolio had in such Assets immediately prior to the Acquisition; (5) The aggregate tax basis of Acquisition Shares
received in connection with the Acquisition by each Stockholder of the Acquired Portfolio (including any fractional share to which
the Stockholder may be entitled) will be the same as the aggregate tax basis of the shares of the Acquired Portfolio surrendered
in exchange therefor, and increased by any gain recognized on the exchange; (6) The holding period of Acquisition Shares received
in connection with the Acquisition by each Stockholder of the Acquired Portfolio (including any fractional share to which the stockholder
may be entitled) will include the holding period of the shares of the Acquired Portfolio surrendered in exchange therefor, provided
that such Acquired Portfolio Shares constitute capital assets in the hands of the Stockholder as of the Closing Date; and (7) The
Acquiring Portfolio will succeed to the capital loss carryovers of the Acquired Portfolio but the use of the Acquiring Portfolio’s
existing capital loss carryovers (as well as the carryovers of the Acquired Portfolio) may be subject to limitation under Section
383 of the Code after the Acquisition. The opinion will be based on certain factual certifications made by officers of the Portfolios
and will also be based on customary assumptions and subject to certain qualifications. The opinion is not a guarantee that the
tax consequences of the Acquisition will be as described above. Notwithstanding this subparagraph (b), Foley & Lardner LLP
will express no view with respect to the effect of the Acquisition on any transferred asset as to which any unrealized gain or
loss is required to be recognized at the end of a taxable year (or on the termination or transfer thereof) under federal income
tax principles. Each Portfolio shall provide additional factual representations to Foley & Lardner LLP with respect to the
Portfolios that are reasonably necessary to enable Foley & Lardner LLP to deliver the tax opinion. Notwithstanding anything
in this Plan to the contrary, neither Portfolio may waive in any material respect the conditions set forth under this subparagraph
(b).
(c) The N-14 Registration
Statement shall have become effective under the 1933 Act as to the Acquisition Shares, and the SEC shall not have instituted and,
to the knowledge of the Acquiring Portfolio, is not contemplating instituting any stop order suspending the effectiveness of the
N-14 Registration Statement.
(d) No action, suit
or other proceeding shall be threatened or pending before any court or governmental agency in which it is sought to restrain or
prohibit, or obtain damages or other relief in connection with the Acquisition.
(e) The SEC shall
not have issued any unfavorable advisory report under Section 25(b) of the 1940 Act nor instituted any proceeding seeking to enjoin
consummation of the Acquisition under Section 25(c) of the 1940 Act.
6.
Closing
.
(a) The Closing shall
be held at the offices of the Corporation, 33 South Sixth Street, Suite 4600, Minneapolis, Minnesota 55402, or at such other place
as the officers of the Corporation may designate.
(b) In the event that
at the Valuation Time (i) the NYSE shall be closed to trading or trading thereon shall be restricted, or (ii) trading or the reporting
of trading on said Exchange or elsewhere shall be disrupted so that accurate appraisal of the value of the net assets of the Acquired
Portfolio or the Acquiring Portfolio is impracticable, the Closing Date shall be postponed until the first business day after the
day when trading shall have been fully resumed and reporting shall have been restored; provided that if trading shall not be fully
resumed and reporting restored within three business days of the Valuation Time, this Plan may be terminated by the Board.
(c) The Acquiring
Portfolio will provide to the Acquired Portfolio evidence satisfactory to the Acquired Portfolio that Acquisition Shares issuable
pursuant to the Acquisition have been credited to the Acquired Portfolio’s account on the books of the Acquiring Portfolio.
After the Closing Date, the Acquiring Portfolio will provide to the Acquired Portfolio evidence satisfactory to the Acquired Portfolio
that such shares have been credited pro rata to open accounts in the names of the Acquired Portfolio Stockholders.
(d) At the Closing,
each party shall deliver to the other such bills of sale, instruments of assumption of liabilities, checks, assignments, stock
certificates, receipts or other documents as such other party or its counsel may reasonably request in connection with the transfer
of assets, assumption of liabilities and liquidation contemplated by this Plan.
7.
Termination of Plan.
A majority of the Board may terminate this Plan before the applicable
Effective Time if: (i) any of the conditions precedent set forth herein are not satisfied; or (ii) the Board determines that the
consummation of the Acquisition is not in the best interests of either Portfolio or its Stockholders.
8.
Termination of the Acquired Portfolio
. If the Acquisition is consummated, the Acquired
Portfolio shall terminate its registration under the 1940 Act and the 1933 Act and will terminate.
9.
Expenses.
The Acquisition expenses shall be borne by Leuthold Weeden Capital Management.
E
XHIBIT B
LEUTHOLD ASSET ALLOCATION FUND
PERFORMACNE
The bar chart and table that follow provide some indication of the
risks of investing in the Fund by showing changes in its performance from year
to year and how its average annual returns over various periods compare to a
broad measure of market performance. Please remember that the Funds past
performance (before and after taxes) is not necessarily an indication of its
future performance. It may perform better or worse in the future.
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Leuthold Asset Allocation Fund
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Total Return of the Retail Shares
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(per calendar year)
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Note: During the five year period
shown on the bar chart, the Funds highest total return for a quarter was
15.42% (quarter ended June 30, 2009) and the lowest return for a quarter was
-18.72% (quarter ended December 31, 2008).
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The year-to-date return of the Asset Allocation Fund - Retail Class and Asset Allocation Fund - Institutional Class
through August 31, 2013 is 4.80% and 4.95%, respectively.
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Average Annual Total Returns
(for the periods ended December 31, 2012 )
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Past
Year
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Past
5 Years
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Since
Retail
Inception
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Since
Institutional
Inception
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Leuthold Asset Allocation Fund
(Retail LAALX)
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|
|
|
|
|
|
|
|
|
Return Before
Taxes
|
|
8.04
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%
|
0.27
|
%
|
2.61
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%
|
n/a
|
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Return After Taxes
on Distributions
|
|
7.18
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%
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-0.12
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%
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2.15
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%
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n/a
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Return After Taxes
on Distributions
and Sale of
Fund Shares
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5.67
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%
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0.11
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%
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2.06
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%
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n/a
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Leuthold Asset Allocation Fund
(Institutional LAAIX)
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Return Before
Taxes
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8.26
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%
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0.52
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%
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n/a
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2.17
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%
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S&P 500 Index
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16.00
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%
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1.66
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%
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4.13
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%
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2.07
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%
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Lipper Flexible
Portfolio Fund
Index
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13.34
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%
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2.72
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%
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5.01
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%
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3.68
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%
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Leuthold Asset
Allocation Melded
Index
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10.83
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%
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3.31
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%
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5.20
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%
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3.85
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%
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The inception date for Retail
Shares is May 24, 2006. The inception date for Institutional Shares is
January 31, 2007.
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The after-tax returns are
calculated using the historical highest individual marginal income tax rates
and do not reflect the impact of state and local taxes. Actual after-tax
returns depend on an investors tax situation and may differ from those
shown, and the after-tax returns shown are not relevant to investors who hold
their Fund shares through tax-deferred arrangements such as 401(k) plans or
individual retirement accounts. The Funds return after taxes on
distributions and sale of Fund shares may be higher than its return before
taxes and after taxes on distributions because it may include a tax benefit
resulting from the capital losses that would have been incurred.
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The Leuthold Asset Allocation
Melded Index is a custom index comprised of the returns of the S&P 500
Index (weighted 35%), the MSCIACWI Ex-US Index (weighted 15%), the Barclays
Aggregate Index (weighted 40%), the MSCI REIT Index (weighted 5%) and the
DJ/UBS Commodities Index (weighted 5%).
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B-1
E
XHIBIT C
LEUTHOLD CORE INVESTMENT FUND
PERFORMANCE
The bar chart and table that follow provide some indication of the
risks of investing in the Fund by showing changes in its performance from year
to year and how its average annual returns over various periods compare to a
broad measure of market performance. Please remember that the Funds past
performance (before and after taxes) is not necessarily an indication of its
future performance. It may perform better or worse in the future.
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Leuthold Core Investment Fund
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Total Return of the Retail Shares
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(per calendar year)
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Note: During the ten year period
shown on the bar chart, the Funds highest total return for a quarter was
16.63% (quarter ended June 30, 2003) and the lowest total return for a
quarter was -14.71% (quarter ended December 31, 2008).
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The year-to-date return of the Core Investment Fund - Retail Class and Core Investment Fund - Institutional Class
through August 31, 2013 is 7.20% and 7.28%, respectively.
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Average Annual Total Returns
(for the periods ended December 31, 2012 )
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Past
Year
|
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Past
5 Years
|
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Past
10 Years
|
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Since
Institutional
Inception
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|
|
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Leuthold Core Investment Fund
(Retail LCORX)
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Return Before Taxes
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8.32
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%
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-0.36
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%
|
9.12
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%
|
n/a
|
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Return After Taxes on Distributions
|
|
7.88
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%
|
-0.62
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%
|
8.22
|
%
|
n/a
|
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Return After Taxes on Distributions and Sale of
Fund Shares
|
|
5.68
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%
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-0.40
|
%
|
7.78
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%
|
n/a
|
|
|
|
|
|
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|
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Leuthold Core Investment Fund
(Institutional LCRIX)
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|
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|
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Return Before Taxes
|
|
8.44
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%
|
-0,26
|
%
|
n/a
|
|
3.65
|
%
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S&P 500 Index
|
|
16.00
|
%
|
1.66
|
%
|
7.10
|
%
|
3.78
|
%
|
Lipper Flexible Portfolio Fund Index
|
|
13.34
|
%
|
2.72
|
%
|
7.31
|
%
|
4.64
|
%
|
|
|
|
|
The inception date for
Institutional Shares is January 31, 2006.
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|
The after-tax returns are calculated
using the historical highest individual marginal income tax rates and do not
reflect the impact of state and local taxes. Actual after-tax returns depend
on an investors tax situation and may differ from those shown, and the
after-tax returns shown are not relevant to investors who hold their Fund
shares through tax-deferred arrangements such as 401(k) plans or individual
retirement accounts. The Funds return after taxes on distributions and sale
of Fund shares may be higher than its return before taxes and after taxes on
distributions because it may include a tax benefit resulting from the capital
losses that would have been incurred.
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C-1
E
XHIBIT D
FINANCIAL HIGHLIGHTS
The
following tables are intended to help you understand the financial performance
of the Leuthold Asset Allocation Fund and the Leuthold Core Investment Fund for
the periods presented. Certain information reflects financial results for a
single Fund share. The Total Return figures show how much your investment
would have increased or decreased during the period, assuming you had
reinvested all dividends and distributions. This information (except for
information for the six months ended March 31, 2013) has been derived from
financial statements audited by the Funds independent registered public
accounting firm. The report of independent registered public accounting firm
and the Funds financial statements are included in the Annual Report, which is
available upon request. The Funds unaudited financial statements for the six
months ended March 31, 2013 are included in the Funds semi-annual report,
which is available upon request. All unaudited interim financial statements
reflect all adjustments which are, in the opinion of the Funds management,
necessary to a fair statement of the results for the interim periods presented.
In addition, all such adjustments are of a normal recurring nature.
D-1
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Leuthold Core Investment Fund
-
Retail
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Financial Highlights
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Six
Months Ended
March 31, 2013
(Consolidated)
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Year
Ended
September 30, 2012
(Consolidated)
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Year
Ended
September 30, 2011
(Consolidated)
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Year
Ended
September 30, 2010
(Consolidated)
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Year
Ended
September 30, 2009
(Consolidated)
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Year
Ended
September 30, 2008
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(Unaudited)
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Per
Share Data :
(1)
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value,
beginning of period
|
|
$
|
16.78
|
|
|
$
|
15.50
|
|
|
$
|
15.99
|
|
|
$
|
15.79
|
|
|
$
|
15.20
|
|
|
$
|
21.18
|
|
|
Income (loss)
from investment operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment
income
|
|
|
0.06
|
(3)
|
|
|
0.11
|
(3)
|
|
|
0.09
|
(2)
|
|
|
0.14
|
(3)
|
|
|
0.28
|
(3)
|
|
|
0.26
|
(2)
|
Net realized and
unrealized gains (losses) on investments and short positions
|
|
|
1.18
|
|
|
|
1.62
|
|
|
|
(0.51
|
)
|
|
|
0.11
|
|
|
|
0.45
|
|
|
|
(2.18
|
)
|
Total from
investment operations
|
|
|
1.24
|
|
|
|
1.73
|
|
|
|
(0.42
|
)
|
|
|
0.25
|
|
|
|
0.73
|
|
|
|
(1.92
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less
distributions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net
investment income
|
|
|
(0.26
|
)
|
|
|
(0.45
|
)
|
|
|
(0.07
|
)
|
|
|
|
|
|
|
(0.13
|
)
|
|
|
(0.31
|
)
|
From net realized
gains
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3.75
|
)
|
From return of
capital
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.05
|
)
|
|
|
(0.01
|
)
|
|
|
|
|
Redemption fees
(4)
|
|
|
0.00
|
|
|
|
0.00
|
|
|
|
0.00
|
|
|
|
0.00
|
|
|
|
0.00
|
|
|
|
0.00
|
|
Total
distributions
|
|
|
(0.26
|
)
|
|
|
(0.45
|
)
|
|
|
(0.07
|
)
|
|
|
(0.05
|
)
|
|
|
(0.14
|
)
|
|
|
(4.06
|
)
|
Net asset value,
end of period
|
|
$
|
17.76
|
|
|
$
|
16.78
|
|
|
$
|
15.50
|
|
|
$
|
15.99
|
|
|
$
|
15.79
|
|
|
$
|
15.20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Return
|
|
|
7.48
|
%
|
|
|
11.34
|
%
|
|
|
(2.61
|
%)
|
|
|
1.53
|
%
|
|
|
4.95
|
%
|
|
|
(11.48
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental data
and ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end
of period
|
|
$
|
461,019,313
|
|
|
$
|
527,760,001
|
|
|
$
|
660,993,063
|
|
|
$
|
858,708,522
|
|
|
$
|
944,341,607
|
|
|
$
|
1,103,832,039
|
|
Ratio of expenses
to average net assets
(5)
|
|
|
1.29
|
%
(6)
|
|
|
1.22
|
%
|
|
|
1.24
|
%
|
|
|
1.37
|
%
|
|
|
1.15
|
%
|
|
|
1.28
|
%
|
Ratio of net
investment income to average net assets
(7)
|
|
|
0.66
|
%
(6)
|
|
|
0.69
|
%
|
|
|
0.54
|
%
|
|
|
0.85
|
%
|
|
|
2.14
|
%
|
|
|
1.51
|
%
|
Portfolio
turnover rate
(8)
|
|
|
47.15
|
%
|
|
|
149.17
|
%
|
|
|
83.15
|
%
|
|
|
100.36
|
%
|
|
|
116.70
|
%
|
|
|
238.34
|
%
|
|
|
(1)
|
For a share outstanding throughout the period.
Rounded to the nearest cent.
|
(2)
|
Net investment income per share is calculated using
ending balances prior to consideration of adjustments for permanent book and
tax differences.
|
(3)
|
Net investment income per share is calculated based
on average shares outstanding.
|
(4)
|
Amount represents less than $0.005 per share.
|
(5)
|
The ratio of expenses to average net assets includes
dividends and interest on short positions. The expense ratios excluding
dividends and interest on short positions were 1.16% for the six months ended
March 31, 2013, 1.14% for the year ended September 30, 2012, 1.14% for the
year ended September 30, 2011, 1.12% for the year ended September 30, 2010,
1.14% for the year ended September 30, 2009 and 1.11% for the year ended
September 30, 2008
|
(6)
|
Annualized.
|
(7)
|
The net investment income ratios include dividends
and interest on short positions.
|
(8)
|
The portfolio turnover rate excludes purchases and
sales of short positions as the Adviser does not intend to hold the short
positions for more than one year.
|
D-2
|
Leuthold Core Investment Fund
-
Institutional
|
Financial Highlights
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six
Months Ended
March 31, 2013
(Consolidated)
|
|
|
Year
Ended
September 30, 2012
(Consolidated)
|
|
|
Year
Ended
September 30, 2011
(Consolidated)
|
|
|
Year
Ended
September 30, 2010
(Consolidated)
|
|
|
Year
Ended
September 30, 2009
(Consolidated)
|
|
|
Year
Ended
September 30, 2008
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per
Share Data :
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value,
beginning of period
|
|
$
|
16.77
|
|
|
$
|
15.50
|
|
|
$
|
15.98
|
|
|
$
|
15.78
|
|
|
$
|
15.19
|
|
|
$
|
21.17
|
|
Income (loss)
from investment operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment
income
|
|
|
0.06
|
(2)
|
|
|
0.12
|
(2)
|
|
|
0.11
|
(3)
|
|
|
0.15
|
(2)
|
|
|
0.30
|
(3)
|
|
|
0.28
|
(3)
|
Net realized and
unrealized gains (losses) on investments and short positions
|
|
|
1.19
|
|
|
|
1.62
|
|
|
|
(0.50
|
)
|
|
|
0.11
|
|
|
|
0.45
|
|
|
|
(2.19
|
)
|
Total from
investment operations
|
|
|
1.25
|
|
|
|
1.74
|
|
|
|
(0.39
|
)
|
|
|
0.26
|
|
|
|
0.75
|
|
|
|
(1.91
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less
distributions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net
investment income
|
|
|
(0.27
|
)
|
|
|
(0.47
|
)
|
|
|
(0.09
|
)
|
|
|
|
|
|
|
(0.15
|
)
|
|
|
(0.32
|
)
|
From net realized
gains
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3.75
|
)
|
From return of
capital
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.06
|
)
|
|
|
(0.01
|
)
|
|
|
|
|
Redemption fees
|
|
|
-
|
|
|
|
0.00
|
(4)
|
|
|
0.00
|
(4)
|
|
|
0.00
|
(4)
|
|
|
0.00
|
(4)
|
|
|
-
|
|
Total
distributions
|
|
|
(0.27
|
)
|
|
|
(0.47
|
)
|
|
|
(0.09
|
)
|
|
|
(0.06
|
)
|
|
|
(0.16
|
)
|
|
|
(4.07
|
)
|
Net asset value,
end of period
|
|
$
|
17.75
|
|
|
$
|
16.77
|
|
|
$
|
15.50
|
|
|
$
|
15.98
|
|
|
$
|
15.78
|
|
|
$
|
15.19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Return
|
|
|
7.55
|
%
|
|
|
11.40
|
%
|
|
|
(2.49
|
%)
|
|
|
1.64
|
%
|
|
|
5.14
|
%
|
|
|
(11.46
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental data
and ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end
of period
|
|
$
|
208,128,161
|
|
|
$
|
263,572,111
|
|
|
$
|
347,517,502
|
|
|
$
|
451,654,832
|
|
|
$
|
461,682,757
|
|
|
$
|
317,733,525
|
|
Ratio of expenses
to average net assets
(5)
|
|
|
1.18
|
%
(6)
|
|
|
1.11
|
%
|
|
|
1.13
|
%
|
|
|
1.27
|
%
|
|
|
1.03
|
%
|
|
|
1.18
|
%
|
Ratio of net
investment income to average net assets
(7)
|
|
|
0.77
|
%
(6)
|
|
|
0.80
|
%
|
|
|
0.66
|
%
|
|
|
0.95
|
%
|
|
|
2.25
|
%
|
|
|
1.61
|
%
|
Portfolio
turnover rate
(8)
|
|
|
47.15
|
%
|
|
|
149.17
|
%
|
|
|
83.15
|
%
|
|
|
100.36
|
%
|
|
|
116.70
|
%
|
|
|
238.34
|
%
|
|
|
(1)
|
For a share outstanding throughout the period.
Rounded to the nearest cent.
|
(2)
|
Net investment income per share is calculated based
on average shares outstanding.
|
(3)
|
Net investment income per share is calculated using
ending balances prior to consideration of adjustments for permanent book and
tax differences.
|
(4)
|
Amount represents less than $0.005 per share.
|
(5)
|
The ratio of expenses to average net assets includes
dividends and interest on short positions. The expense ratios excluding
dividends and interest on short positions were 1.06% for the six months ended
March 31, 2013, 1.03% for the year ended September 30, 2012, 1.03% for the
year ended September 30, 2011, 1.02% for the year ended September 30, 2010,
1.02% for the year ended September 30, 2009 and 1.01% for the year ended
September 30, 2008.
|
(6)
|
Annualized.
|
(7)
|
The net investment income ratios include dividends
and interest on short positions.
|
(8)
|
The portfolio turnover rate excludes purchases and
sales of short positions as the Adviser does not intend to hold the short
positions for more than one year.
|
D-3
|
Leuthold Asset Allocation Fund
-
Retail
|
Financial Highlights
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
March 31, 2013
(Consolidated)
|
|
Year Ended
September 30, 2012
(Consolidated)
|
|
Year Ended
September 30, 2011
(Consolidated)
|
|
Year Ended
September 30, 2010
(Consolidated)
|
|
Year Ended
September 30, 2009
(Consolidated)
|
|
Year Ended
September 30, 2008
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Per Share Data :
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
|
$
|
10.50
|
|
|
$
|
9.72
|
|
|
$
|
9.91
|
|
|
$
|
9.12
|
|
|
$
|
9.45
|
|
|
$
|
11.43
|
|
Income (loss) from investment operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
0.06
|
(3)
|
|
|
0.09
|
(3)
|
|
|
0.07
|
(2)
|
|
|
0.11
|
(3)
|
|
|
0.21
|
(2)
|
|
|
0.20
|
(2)
|
Net realized and
unrealized gains (losses) on investments and short positions
|
|
|
0.48
|
|
|
|
1.03
|
|
|
|
(0.20
|
)
|
|
|
0.74
|
|
|
|
(0.35
|
)
|
|
|
(1.80
|
)
|
Total from investment
operations
|
|
|
0.54
|
|
|
|
1.12
|
|
|
|
(0.13
|
)
|
|
|
0.85
|
|
|
|
(0.14
|
)
|
|
|
(1.60
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less distributions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment
income
|
|
|
(0.39
|
)
|
|
|
(0.34
|
)
|
|
|
(0.06
|
)
|
|
|
(0.02
|
)
|
|
|
(0.19
|
)
|
|
|
(0.20
|
)
|
From net realized gains
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.18
|
)
|
From return of capital
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.04
|
)
|
|
|
|
|
|
|
|
|
Redemption fees
(4)
|
|
|
0.00
|
|
|
|
0.00
|
|
|
|
0.00
|
|
|
|
0.00
|
|
|
|
0.00
|
|
|
|
0.00
|
|
Total distributions
|
|
|
(0.39
|
)
|
|
|
(0.34
|
)
|
|
|
(0.06
|
)
|
|
|
(0.06
|
)
|
|
|
(0.19
|
)
|
|
|
(0.38
|
)
|
Net asset value, end of period
|
|
$
|
10.65
|
|
|
$
|
10.50
|
|
|
$
|
9.72
|
|
|
$
|
9.91
|
|
|
$
|
9.12
|
|
|
$
|
9.45
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Return
|
|
|
5.27
|
%
|
|
|
11.73
|
%
|
|
|
(1.34
|
%)
|
|
|
9.26
|
%
|
|
|
(1.20
|
%)
|
|
|
(14.45
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental data and ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period
|
|
$
|
253,512,191
|
|
|
$
|
359,697,107
|
|
|
$
|
606,985,298
|
|
|
$
|
843,525,684
|
|
|
$
|
849,399,319
|
|
|
$
|
1,205,840,473
|
|
Ratio of expenses to average net assets
(5)
|
|
|
1.39
|
%
(6)
|
|
|
1.42
|
%
|
|
|
1.42
|
%
|
|
|
1.57
|
%
|
|
|
1.34
|
%
|
|
|
1.34
|
%
|
Ratio of net investment income to average net assets
(7)
|
|
|
1.21
|
%
(6)
|
|
|
0.84
|
%
|
|
|
0.72
|
%
|
|
|
1.17
|
%
|
|
|
2.60
|
%
|
|
|
1.99
|
%
|
Portfolio turnover rate
(8)
|
|
|
57.58
|
%
|
|
|
133.11
|
%
|
|
|
105.62
|
%
|
|
|
100.64
|
%
|
|
|
147.01
|
%
|
|
|
197.96
|
%
|
|
|
(1)
|
For a share outstanding throughout the period.
Rounded to the nearest cent.
|
(2)
|
Net investment income per share is calculated using
ending balances prior to consideration of adjustments for permanent book and
tax differences.
|
(3)
|
Net investment income per share is calculated based
on average shares outstanding.
|
(4)
|
Amount represents less than $0.005 per share.
|
(5)
|
The ratio of expenses to average net assets includes
dividends and interest on short positions. The expense ratios excluding
dividends and interest on short positions were 1.37% for the six months ended
March 31, 2013, 1.34% for the year ended September 30, 2012, 1.32% for the
year ended September 30, 2011, 1.32% for the year ended September 30, 2010,
1.32% for the year ended September 30, 2009 and 1.23% for the year ended
September 30, 2008.
|
(6)
|
Annualized.
|
(7)
|
The net investment income ratios include dividends
and interest on short positions.
|
(8)
|
The portfolio turnover rate excludes
purchases and sales of short positions as the Adviser does not intend to hold
the short positions for more than one year.
|
D-4
|
Leuthold Asset Allocation Fund
-
Institutional
|
Financial Highlights
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six
Months Ended
March 31, 2013
(Consolidated)
|
|
|
Year
Ended
September 30, 2012
(Consolidated)
|
|
|
Year
Ended
September 30, 2011
(Consolidated)
|
|
|
Year
Ended
September 30, 2010
(Consolidated)
|
|
|
Year
Ended
September 30, 2009
(Consolidated)
|
|
|
Year
Ended
September 30, 2008
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per
Share Data :
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value,
beginning of period
|
|
$
|
10.54
|
|
|
$
|
9.76
|
|
|
$
|
9.93
|
|
|
$
|
9.13
|
|
|
$
|
9.45
|
|
|
$
|
11.44
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss)
from investment operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment
income
|
|
|
0.08
|
(3)
|
|
|
0.10
|
(3)
|
|
|
0.10
|
(2)
|
|
|
0.13
|
(3)
|
|
|
0.23
|
(2)
|
|
|
0.21
|
(2)
|
|
Net realized and
unrealized gains (losses) on investments and short positions
|
|
|
0.49
|
|
|
|
1.05
|
|
|
|
(0.19
|
)
|
|
|
0.73
|
|
|
|
(0.34
|
)
|
|
|
(1.81
|
)
|
|
Total from
investment operations
|
|
|
0.57
|
|
|
|
1.15
|
|
|
|
(0.09
|
)
|
|
|
0.86
|
|
|
|
(0.11
|
)
|
|
|
(1.60
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less
distributions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net
investment income
|
|
|
(0.41
|
)
|
|
|
(0.37
|
)
|
|
|
(0.08
|
)
|
|
|
(0.02
|
)
|
|
|
(0.21
|
)
|
|
|
(0.21
|
)
|
|
From net realized
gains
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.18
|
)
|
|
From return of
capital
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.04
|
)
|
|
|
|
|
|
|
|
|
|
Redemption fees
|
|
|
0.00
|
(4)
|
|
|
-
|
|
|
|
0.00
|
(4)
|
|
|
-
|
|
|
|
0.00
|
(4)
|
|
|
0.00
|
(4)
|
|
Total
distributions
|
|
|
(0.41
|
)
|
|
|
(0.37
|
)
|
|
|
(0.08
|
)
|
|
|
(0.06
|
)
|
|
|
(0.21
|
)
|
|
|
(0.39
|
)
|
|
Net asset value,
end of period
|
|
$
|
10.70
|
|
|
$
|
10.54
|
|
|
$
|
9.76
|
|
|
$
|
9.93
|
|
|
$
|
9.13
|
|
|
$
|
9.45
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Return
|
|
|
5.39
|
%
|
|
|
11.96
|
%
|
|
|
(0.95
|
%)
|
|
|
9.41
|
%
|
|
|
(0.85
|
%)
|
|
|
(14.42
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental data
and ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end
of period
|
|
$
|
92,568,523
|
|
|
$
|
267,186,481
|
|
|
$
|
386,106,585
|
|
|
$
|
393,296,150
|
|
|
$
|
349,672,451
|
|
|
$
|
683,852,979
|
|
|
Ratio of expenses
to average net assets
(5)
|
|
|
1.15
|
%
(6)
|
|
|
1.20
|
%
|
|
|
1.20
|
%
|
|
|
1.36
|
%
|
|
|
1.11
|
%
|
|
|
1.21
|
%
|
|
Ratio of net
investment income to average net assets
(7)
|
|
|
1.45
|
%
(6)
|
|
|
1.06
|
%
|
|
|
0.94
|
%
|
|
|
1.38
|
%
|
|
|
2.82
|
%
|
|
|
2.12
|
%
|
|
Portfolio
turnover rate
(8)
|
|
|
57.58
|
%
|
|
|
133.11
|
%
|
|
|
105.62
|
%
|
|
|
100.64
|
%
|
|
|
147.01
|
%
|
|
|
197.96
|
%
|
|
|
|
(1)
|
For a share outstanding throughout the period.
Rounded to the nearest cent.
|
(2)
|
Net investment income per share is calculated using
ending balances prior to consideration of adjustments for permanent book and
tax differences.
|
(3)
|
Net investment income per share is calculated based
on average shares outstanding.
|
(4)
|
Amount represents less than $0.005 per share.
|
(5)
|
The ratio of expenses to average net assets includes
dividends and interest on short positions. The expense ratios excluding
dividends and interest on short positions were 1.14% for the six months ended
March 31, 2013, 1.12% for the year ended September 30, 2012, 1.10% for the
year ended September 30, 2011, 1.11% for the year ended September 30, 2010,
1.10% for the year ended September 30, 2009 and 1.09% for the year ended
September 30, 2008.
|
(6)
|
Annualized.
|
(7)
|
The net investment income ratios include dividends
and interest on short positions.
|
(8)
|
The portfolio turnover rate excludes purchases and
sales of short positions as the Adviser does not intend to hold the short
positions for more than one year.
|
D-5
Preliminary and Subject to Change, Dated October 16, 2013
STATEMENT OF ADDITIONAL INFORMATION
October 17 , 2013
Acquisition of the Assets and Assumption of
the Liabilities of
Leuthold Asset Allocation Fund
By, and in Exchange for Shares of,
Leuthold Core Investment Fund
This
Statement of Additional Information is not a prospectus and should be read in
conjunction with the Prospectus dated October 17 , 2013 relating to the acquisition of the assets and
liabilities of the Leuthold Asset Allocation Fund (the
Asset Allocation
Fund
), a series of Leuthold Funds, Inc. (the
Company
), by the
Leuthold Core Investment Fund (the
Core Investment Fund
), another
series of the Company. The acquisition will be effected pursuant to that
certain Plan of Acquisition and Liquidation dated as of October 17 , 2013
(the
Plan
). The Plan provides for (1) the transfer of all the assets
of the Asset Allocation Fund to the Core Investment Fund, (2) the assumption by
the Core Investment Fund of all the liabilities of the Asset Allocation Fund, (3)
the issuance to shareholders of the Asset Allocation Fund of shares of the Core
Investment Fund, equal in aggregate net asset value (
NAV
) to the NAV
of their former shares of the Asset Allocation Fund in redemption of their
shares of the Asset Allocation Fund, and (4) the termination of the Asset
Allocation Fund.
Copies
of the Prospectus, which has been filed with the Securities and Exchange
Commission (
SEC
), may be obtained, without charge, by writing to
Leuthold Funds, Inc., 33 South Sixth Street, Suite 4600, Minneapolis, Minnesota
55402, Attention: Corporate Secretary, or by calling 1-800-273-6886.
B-1
TABLE OF CONTENTS
B-2
ADDITIONAL INFORMATION ABOUT THE FUNDS
The following
documents have been filed with the SEC and are incorporated by reference into
this Statement of Additional Information, which means that they are legally
considered to be a part of this Statement of Additional Information:
|
|
|
|
|
The current
Statement of Additional Information of the Leuthold Funds (filed January 31,
2013, Accession Number 0000897101-13-000130).
|
|
|
|
|
|
The current
Annual Report of the Leuthold Funds, for the fiscal year ended September 30,
2012 (filed December 5, 2012, Accession Number 0000894189-12-006744).
|
|
|
|
|
|
The current
Semi-Annual Report of the Leuthold Funds, for the fiscal period ended March
31, 2013 (filed June 7, 2013, Accession Number 0000894189-13-003351).
|
B-3
PRO
FORMA FINANCIAL INFORMATION
Introductory Note to Unaudited Pro Forma
Financial Statements
The following
unaudited pro forma information gives effect to the proposed transfer of the
assets and liabilities of the Asset Allocation Fund to the Core Investment
Fund, accounted for as if the acquisition had occurred as of and for the fiscal
period ended March 31, 2013. Under generally accepted accounting principles,
the Core Investment Fund will be the surviving entity for accounting purposes
with its historical cost of investment securities and results of operations
being carried forward.
The pro forma
financial information should be read in conjunction with the historical
financial statements and notes thereto of the Asset Allocation Fund and the
Core Investment Fund incorporated by reference into this Statement of
Additional Information.
The pro forma
financial information has been adjusted to reflect the advisory fee arrangement
for the surviving entity. Certain other operating costs have also been adjusted
to reflect anticipated expenses of the combined entity. Other costs which may
change as a result of the proposed acquisition are currently undeterminable.
B-4
Leuthold Core Investment Fund
Pro Forma
Consolidated Schedule of Investments
March 31, 2013
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leuthold
Asset
Allocation Fund
|
|
Leuthold
Core
Investment Fund
|
|
Leuthold
Core Investment Fund
Pro Forma Combined
|
|
|
|
|
Shares
|
|
Fair
Value
|
|
Shares
|
|
Fair
Value
|
|
Shares
|
|
Fair
Value
|
COMMON STOCKS
|
|
67.51
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace & Defense
|
|
0.36
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Embraer SA - ADR
|
|
|
|
-
|
|
$
|
-
|
|
|
5,225
|
|
$
|
186,376
|
|
|
5,225
|
|
$
|
186,376
|
|
L-3 Communications Holdings, Inc.
|
|
|
|
12,899
|
|
|
1,043,787
|
|
|
-
|
|
|
-
|
|
|
12,899
|
|
|
1,043,787
|
|
Raytheon Co.
|
|
|
|
17,201
|
|
|
1,011,247
|
|
|
-
|
|
|
-
|
|
|
17,201
|
|
|
1,011,247
|
|
Safran SA (b)
|
|
|
|
31,143
|
|
|
1,389,953
|
|
|
-
|
|
|
-
|
|
|
31,143
|
|
|
1,389,953
|
|
|
|
|
|
|
|
|
3,444,987
|
|
|
|
|
|
186,376
|
|
|
|
|
|
3,631,363
|
|
Air Freight & Logistics
|
|
0.15
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FedEx Corp.
|
|
|
|
15,385
|
|
|
1,510,807
|
|
|
-
|
|
|
-
|
|
|
15,385
|
|
|
1,510,807
|
|
Airlines
|
|
3.57
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AirAsia BHD (b)
|
|
|
|
-
|
|
|
-
|
|
|
356,100
|
|
|
329,183
|
|
|
356,100
|
|
|
329,183
|
|
Alaska Air Group, Inc. (a)
|
|
|
|
-
|
|
|
-
|
|
|
93,410
|
|
|
5,974,503
|
|
|
93,410
|
|
|
5,974,503
|
|
Copa Holdings SA - Class A (b)
|
|
|
|
-
|
|
|
-
|
|
|
35,264
|
|
|
4,217,927
|
|
|
35,264
|
|
|
4,217,927
|
|
Delta Air Lines, Inc. (a)
|
|
|
|
126,747
|
|
|
2,092,593
|
|
|
336,762
|
|
|
5,559,941
|
|
|
463,509
|
|
|
7,652,534
|
|
Ryanair Holdings PLC - ADR
|
|
|
|
-
|
|
|
-
|
|
|
141,865
|
|
|
5,927,120
|
|
|
141,865
|
|
|
5,927,120
|
|
Southwest Airlines Co.
|
|
|
|
102,063
|
|
|
1,375,809
|
|
|
356,144
|
|
|
4,800,821
|
|
|
458,207
|
|
|
6,176,630
|
|
U.S. Airways Group, Inc. (a)
|
|
|
|
-
|
|
|
-
|
|
|
354,798
|
|
|
6,020,922
|
|
|
354,798
|
|
|
6,020,922
|
|
|
|
|
|
|
|
|
3,468,402
|
|
|
|
|
|
32,830,417
|
|
|
|
|
|
36,298,819
|
|
Auto Components
|
|
0.21
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Halla Visteon Climate Control (b)
|
|
|
|
-
|
|
|
-
|
|
|
9,110
|
|
|
231,917
|
|
|
9,110
|
|
|
231,917
|
|
Hyundai Mobis (b)
|
|
|
|
-
|
|
|
-
|
|
|
792
|
|
|
222,334
|
|
|
792
|
|
|
222,334
|
|
Magna International, Inc. (b)
|
|
|
|
28,604
|
|
|
1,679,055
|
|
|
-
|
|
|
-
|
|
|
28,604
|
|
|
1,679,055
|
|
|
|
|
|
|
|
|
1,679,055
|
|
|
|
|
|
454,251
|
|
|
|
|
|
2,133,306
|
|
Automobiles
|
|
0.33
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dongfeng Motor Group Co., Ltd. (b)
|
|
|
|
396,000
|
|
|
558,211
|
|
|
126,000
|
|
|
177,613
|
|
|
522,000
|
|
|
735,824
|
|
Hyundai Motor Co. (b)
|
|
|
|
2,998
|
|
|
606,031
|
|
|
1,486
|
|
|
300,387
|
|
|
4,484
|
|
|
906,418
|
|
Tata Motors, Ltd. - ADR
|
|
|
|
-
|
|
|
-
|
|
|
16,866
|
|
|
411,699
|
|
|
16,866
|
|
|
411,699
|
|
Tofas Turk Otomobil Fabrikasi AS (b)
|
|
|
|
-
|
|
|
-
|
|
|
30,762
|
|
|
222,053
|
|
|
30,762
|
|
|
222,053
|
|
Toyota Motor Corp. - ADR
|
|
|
|
10,339
|
|
|
1,061,195
|
|
|
-
|
|
|
-
|
|
|
10,339
|
|
|
1,061,195
|
|
|
|
|
|
|
|
|
2,225,437
|
|
|
|
|
|
1,111,752
|
|
|
|
|
|
3,337,189
|
|
Beverages
|
|
0.27
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Anheuser-Busch InBev NV - ADR
|
|
|
|
23,390
|
|
|
2,328,474
|
|
|
-
|
|
|
-
|
|
|
23,390
|
|
|
2,328,474
|
|
Tsingtao Brewery Co., Ltd. (b)
|
|
|
|
-
|
|
|
-
|
|
|
60,000
|
|
|
382,842
|
|
|
60,000
|
|
|
382,842
|
|
|
|
|
|
|
|
|
2,328,474
|
|
|
|
|
|
382,842
|
|
|
|
|
|
2,711,316
|
|
Biotechnology
|
|
0.75
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Biogen Idec, Inc. (a)
|
|
|
|
11,177
|
|
|
2,156,155
|
|
|
-
|
|
|
-
|
|
|
11,177
|
|
|
2,156,155
|
|
Celgene Corp. (a)
|
|
|
|
25,077
|
|
|
2,906,675
|
|
|
-
|
|
|
-
|
|
|
25,077
|
|
|
2,906,675
|
|
Cubist Pharmaceuticals, Inc. (a)
|
|
|
|
14,641
|
|
|
685,492
|
|
|
-
|
|
|
-
|
|
|
14,641
|
|
|
685,492
|
|
Gilead Sciences, Inc. (a)
|
|
|
|
25,097
|
|
|
1,227,996
|
|
|
-
|
|
|
-
|
|
|
25,097
|
|
|
1,227,996
|
|
United Therapeutics Corp. (a)
|
|
|
|
10,280
|
|
|
625,744
|
|
|
-
|
|
|
-
|
|
|
10,280
|
|
|
625,744
|
|
|
|
|
|
|
|
|
7,602,062
|
|
|
|
|
|
-
|
|
|
|
|
|
7,602,062
|
|
Building Products
|
|
0.02
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
China Liansu Group Holdings, Ltd. (b)
|
|
|
|
-
|
|
|
-
|
|
|
319,000
|
|
|
181,564
|
|
|
319,000
|
|
|
181,564
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Markets
|
|
0.43
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aberdeen Asset Management PLC (b)
|
|
|
|
158,974
|
|
|
1,038,902
|
|
|
-
|
|
|
-
|
|
|
158,974
|
|
|
1,038,902
|
|
Ameriprise Financial, Inc.
|
|
|
|
17,790
|
|
|
1,310,234
|
|
|
-
|
|
|
-
|
|
|
17,790
|
|
|
1,310,234
|
|
Blackrock, Inc.
|
|
|
|
4,146
|
|
|
1,065,024
|
|
|
-
|
|
|
-
|
|
|
4,146
|
|
|
1,065,024
|
|
Goldman Sachs Group, Inc.
|
|
|
|
6,559
|
|
|
965,157
|
|
|
-
|
|
|
-
|
|
|
6,559
|
|
|
965,157
|
|
|
|
|
|
|
|
|
4,379,317
|
|
|
|
|
|
-
|
|
|
|
|
|
4,379,317
|
|
Chemicals
|
|
2.81
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aeci, Ltd. (b)
|
|
|
|
-
|
|
|
-
|
|
|
8,038
|
|
|
89,197
|
|
|
8,038
|
|
|
89,197
|
|
Agrium, Inc. (b)
|
|
|
|
14,435
|
|
|
1,407,412
|
|
|
41,725
|
|
|
4,068,188
|
|
|
56,160
|
|
|
5,475,600
|
|
CF Industries Holdings, Inc.
|
|
|
|
4,817
|
|
|
917,012
|
|
|
19,651
|
|
|
3,740,961
|
|
|
24,468
|
|
|
4,657,973
|
|
China BlueChemical, Ltd. (b)
|
|
|
|
-
|
|
|
-
|
|
|
310,000
|
|
|
192,754
|
|
|
310,000
|
|
|
192,754
|
|
China Lumena New Materials Corp. (b)
|
|
|
|
-
|
|
|
-
|
|
|
1,224,000
|
|
|
264,590
|
|
|
1,224,000
|
|
|
264,590
|
|
Gubre Fabrikalari TAS (a)(b)
|
|
|
|
-
|
|
|
-
|
|
|
32,216
|
|
|
293,898
|
|
|
32,216
|
|
|
293,898
|
|
Huntsman Corp.
|
|
|
|
44,874
|
|
|
834,208
|
|
|
-
|
|
|
-
|
|
|
44,874
|
|
|
834,208
|
|
LyondellBasell Industries NV - Class A (b)
|
|
|
|
26,621
|
|
|
1,684,843
|
|
|
-
|
|
|
-
|
|
|
26,621
|
|
|
1,684,843
|
|
Monsanto Co.
|
|
|
|
9,871
|
|
|
1,042,674
|
|
|
83,719
|
|
|
8,843,238
|
|
|
93,590
|
|
|
9,885,912
|
|
Mosaic Co.
|
|
|
|
-
|
|
|
-
|
|
|
69,183
|
|
|
4,123,999
|
|
|
69,183
|
|
|
4,123,999
|
|
Valspar Corp.
|
|
|
|
16,477
|
|
|
1,025,693
|
|
|
-
|
|
|
-
|
|
|
16,477
|
|
|
1,025,693
|
|
|
|
|
|
|
|
|
6,911,842
|
|
|
|
|
|
21,616,825
|
|
|
|
|
|
28,528,667
|
|
Commercial Banks
|
|
3.98
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banco Bilbao Vizcaya Argentaria SA - ADR
|
|
|
|
-
|
|
|
-
|
|
|
137,289
|
|
|
1,204,025
|
|
|
137,289
|
|
|
1,204,025
|
|
Banco Santander SA - ADR
|
|
|
|
173,531
|
|
|
1,181,746
|
|
|
228,277
|
|
|
1,554,566
|
|
|
401,808
|
|
|
2,736,312
|
|
Bangkok Bank PCL (b)
|
|
|
|
-
|
|
|
-
|
|
|
119,400
|
|
|
908,567
|
|
|
119,400
|
|
|
908,567
|
|
Bank of China, Ltd. (b)
|
|
|
|
1,361,000
|
|
|
633,221
|
|
|
1,939,000
|
|
|
902,143
|
|
|
3,300,000
|
|
|
1,535,364
|
|
Bank Pan Indonesia Tbk PT (a)(b)
|
|
|
|
-
|
|
|
-
|
|
|
3,768,000
|
|
|
315,279
|
|
|
3,768,000
|
|
|
315,279
|
|
Credicorp, Ltd. (b)
|
|
|
|
6,808
|
|
|
1,130,468
|
|
|
27,727
|
|
|
4,604,068
|
|
|
34,535
|
|
|
5,734,536
|
|
DBS Group Holdings, Ltd. (b)
|
|
|
|
47,000
|
|
|
608,313
|
|
|
62,000
|
|
|
802,455
|
|
|
109,000
|
|
|
1,410,768
|
|
HSBC Holdings PLC - ADR
|
|
|
|
-
|
|
|
-
|
|
|
74,567
|
|
|
3,977,404
|
|
|
74,567
|
|
|
3,977,404
|
|
ICICI Bank Ltd. - ADR
|
|
|
|
-
|
|
|
-
|
|
|
58,954
|
|
|
2,529,127
|
|
|
58,954
|
|
|
2,529,127
|
|
KB Financial Group, Inc. - ADR
|
|
|
|
-
|
|
|
-
|
|
|
72,413
|
|
|
2,392,525
|
|
|
72,413
|
|
|
2,392,525
|
|
Krung Thai Bank PCL (b)
|
|
|
|
-
|
|
|
-
|
|
|
417,700
|
|
|
354,987
|
|
|
417,700
|
|
|
354,987
|
|
M&T Bank Corp.
|
|
|
|
14,244
|
|
|
1,469,411
|
|
|
-
|
|
|
-
|
|
|
14,244
|
|
|
1,469,411
|
|
Nordea Bank AB (b)
|
|
|
|
157,978
|
|
|
1,792,215
|
|
|
-
|
|
|
-
|
|
|
157,978
|
|
|
1,792,215
|
|
PacWest Bancorp
|
|
|
|
-
|
|
|
-
|
|
|
42,263
|
|
|
1,230,276
|
|
|
42,263
|
|
|
1,230,276
|
|
PNC Financial Services Group, Inc.
|
|
|
|
14,731
|
|
|
979,612
|
|
|
-
|
|
|
-
|
|
|
14,731
|
|
|
979,612
|
|
Sberbank of Russia - ADR (a)
|
|
|
|
45,753
|
|
|
588,618
|
|
|
42,266
|
|
|
543,757
|
|
|
88,019
|
|
|
1,132,375
|
|
Security Bank Corp. (b)
|
|
|
|
-
|
|
|
-
|
|
|
56,400
|
|
|
251,640
|
|
|
56,400
|
|
|
251,640
|
|
Sumitomo Mitsui Financial Group, Inc. - ADR
|
|
|
|
-
|
|
|
-
|
|
|
159,363
|
|
|
1,300,402
|
|
|
159,363
|
|
|
1,300,402
|
|
Turkiye Vakiflar Bankasi Tao (b)
|
|
|
|
200,725
|
|
|
644,066
|
|
|
-
|
|
|
-
|
|
|
200,725
|
|
|
644,066
|
|
Umpqua Holdings Corp.
|
|
|
|
-
|
|
|
-
|
|
|
74,298
|
|
|
985,191
|
|
|
74,298
|
|
|
985,191
|
|
Wells Fargo & Co.
|
|
|
|
-
|
|
|
-
|
|
|
203,511
|
|
|
7,527,872
|
|
|
203,511
|
|
|
7,527,872
|
|
|
|
|
|
|
|
|
9,027,670
|
|
|
|
|
|
31,384,284
|
|
|
|
|
|
40,411,954
|
|
B-5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leuthold
Asset
Allocation Fund
|
|
Leuthold
Core
Investment Fund
|
|
Leuthold
Core Investment Fund
Pro Forma Combined
|
|
|
|
|
Shares
|
|
Fair
Value
|
|
Shares
|
|
Fair
Value
|
|
Shares
|
|
Fair
Value
|
Commercial Services & Supplies
|
|
0.02
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Valid Solucoes e Servicos de Seguranca em Meios de
Pagamento e Identificacao SA (b)
|
|
|
|
-
|
|
|
-
|
|
|
10,180
|
|
|
195,313
|
|
|
10,180
|
|
|
195,313
|
|
Communications Equipment
|
|
0.36
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cisco Systems, Inc.
|
|
|
|
52,583
|
|
|
1,099,511
|
|
|
-
|
|
|
-
|
|
|
52,583
|
|
|
1,099,511
|
|
QUALCOMM, Inc.
|
|
|
|
38,475
|
|
|
2,575,901
|
|
|
-
|
|
|
-
|
|
|
38,475
|
|
|
2,575,901
|
|
|
|
|
|
|
|
|
3,675,412
|
|
|
|
|
|
-
|
|
|
|
|
|
3,675,412
|
|
Computers & Peripherals
|
|
0.72
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Apple, Inc.
|
|
|
|
7,132
|
|
|
3,156,837
|
|
|
-
|
|
|
-
|
|
|
7,132
|
|
|
3,156,837
|
|
EMC Corp. (a)
|
|
|
|
62,637
|
|
|
1,496,398
|
|
|
-
|
|
|
-
|
|
|
62,637
|
|
|
1,496,398
|
|
Lenovo Group, Ltd. (b)
|
|
|
|
-
|
|
|
-
|
|
|
856,000
|
|
|
853,775
|
|
|
856,000
|
|
|
853,775
|
|
Lite-On Technology Corp. (b)
|
|
|
|
-
|
|
|
-
|
|
|
226,000
|
|
|
367,622
|
|
|
226,000
|
|
|
367,622
|
|
Pegatron Corp. (a)(b)
|
|
|
|
-
|
|
|
-
|
|
|
376,000
|
|
|
579,997
|
|
|
376,000
|
|
|
579,997
|
|
SanDisk Corp. (a)
|
|
|
|
15,970
|
|
|
878,350
|
|
|
-
|
|
|
-
|
|
|
15,970
|
|
|
878,350
|
|
|
|
|
|
|
|
|
5,531,585
|
|
|
|
|
|
1,801,394
|
|
|
|
|
|
7,332,979
|
|
Construction & Engineering
|
|
0.01
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tekfen Holding AS (b)
|
|
|
|
-
|
|
|
-
|
|
|
31,450
|
|
|
134,944
|
|
|
31,450
|
|
|
134,944
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction Materials
|
|
0.14
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
China Shanshui Cement Group, Ltd. (b)
|
|
|
|
-
|
|
|
-
|
|
|
335,000
|
|
|
193,313
|
|
|
335,000
|
|
|
193,313
|
|
Indocement Tunggal Prakarsa Tbk PT (b)
|
|
|
|
-
|
|
|
-
|
|
|
74,500
|
|
|
179,127
|
|
|
74,500
|
|
|
179,127
|
|
Semen Indonesia Persero Tbk PT (b)
|
|
|
|
383,500
|
|
|
700,527
|
|
|
181,000
|
|
|
330,627
|
|
|
564,500
|
|
|
1,031,154
|
|
|
|
|
|
|
|
|
700,527
|
|
|
|
|
|
703,067
|
|
|
|
|
|
1,403,594
|
|
Consumer Finance
|
|
3.08
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Express Co.
|
|
|
|
-
|
|
|
-
|
|
|
54,632
|
|
|
3,685,475
|
|
|
54,632
|
|
|
3,685,475
|
|
Capital One Financial Corp.
|
|
|
|
-
|
|
|
-
|
|
|
114,826
|
|
|
6,309,688
|
|
|
114,826
|
|
|
6,309,688
|
|
Discover Financial Services
|
|
|
|
50,482
|
|
|
2,263,613
|
|
|
194,476
|
|
|
8,720,304
|
|
|
244,958
|
|
|
10,983,917
|
|
Ezcorp, Inc. - Class A (a)
|
|
|
|
-
|
|
|
-
|
|
|
69,990
|
|
|
1,490,787
|
|
|
69,990
|
|
|
1,490,787
|
|
First Cash Financial Services, Inc. (a)
|
|
|
|
-
|
|
|
-
|
|
|
34,457
|
|
|
2,010,221
|
|
|
34,457
|
|
|
2,010,221
|
|
Portfolio Recovery Associates, Inc. (a)
|
|
|
|
-
|
|
|
-
|
|
|
14,941
|
|
|
1,896,312
|
|
|
14,941
|
|
|
1,896,312
|
|
SLM Corp.
|
|
|
|
-
|
|
|
-
|
|
|
238,365
|
|
|
4,881,715
|
|
|
238,365
|
|
|
4,881,715
|
|
|
|
|
|
|
|
|
2,263,613
|
|
|
|
|
|
28,994,502
|
|
|
|
|
|
31,258,115
|
|
Distributors
|
|
0.15
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dogus Otomotiv Servis ve Ticaret AS (a)(b)
|
|
|
|
-
|
|
|
-
|
|
|
45,813
|
|
|
287,679
|
|
|
45,813
|
|
|
287,679
|
|
Imperial Holdings, Ltd. (b)
|
|
|
|
-
|
|
|
-
|
|
|
7,793
|
|
|
178,319
|
|
|
7,793
|
|
|
178,319
|
|
Jardine Cycle & Carriage, Ltd. (b)
|
|
|
|
16,000
|
|
|
661,633
|
|
|
9,000
|
|
|
372,169
|
|
|
25,000
|
|
|
1,033,802
|
|
|
|
|
|
|
|
|
661,633
|
|
|
|
|
|
838,167
|
|
|
|
|
|
1,499,800
|
|
Diversified Financial Services
|
|
2.51
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank of America Corp.
|
|
|
|
112,889
|
|
|
1,374,988
|
|
|
-
|
|
|
-
|
|
|
112,889
|
|
|
1,374,988
|
|
CBOE Holdings, Inc.
|
|
|
|
-
|
|
|
-
|
|
|
101,486
|
|
|
3,748,893
|
|
|
101,486
|
|
|
3,748,893
|
|
Citigroup, Inc.
|
|
|
|
30,186
|
|
|
1,335,429
|
|
|
-
|
|
|
-
|
|
|
30,186
|
|
|
1,335,429
|
|
CME Group, Inc.
|
|
|
|
-
|
|
|
-
|
|
|
61,376
|
|
|
3,767,873
|
|
|
61,376
|
|
|
3,767,873
|
|
Fubon Financial Holding Co., Ltd. (b)
|
|
|
|
-
|
|
|
-
|
|
|
221,000
|
|
|
317,169
|
|
|
221,000
|
|
|
317,169
|
|
Interactive Brokers Group, Inc.
|
|
|
|
-
|
|
|
-
|
|
|
181,168
|
|
|
2,701,215
|
|
|
181,168
|
|
|
2,701,215
|
|
JPMorgan Chase & Co.
|
|
|
|
65,723
|
|
|
3,119,213
|
|
|
-
|
|
|
-
|
|
|
65,723
|
|
|
3,119,213
|
|
McGraw-Hill Cos, Inc.
|
|
|
|
-
|
|
|
-
|
|
|
37,893
|
|
|
1,973,467
|
|
|
37,893
|
|
|
1,973,467
|
|
Moodys Corp.
|
|
|
|
20,950
|
|
|
1,117,054
|
|
|
114,138
|
|
|
6,085,838
|
|
|
135,088
|
|
|
7,202,892
|
|
|
|
|
|
|
|
|
6,946,684
|
|
|
|
|
|
18,594,455
|
|
|
|
|
|
25,541,139
|
|
Diversified Telecommunication
|
|
0.38
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CenturyLink, Inc.
|
|
|
|
24,212
|
|
|
850,567
|
|
|
-
|
|
|
-
|
|
|
24,212
|
|
|
850,567
|
|
China Communication Services Corp., Ltd. (b)
|
|
|
|
-
|
|
|
-
|
|
|
366,000
|
|
|
236,966
|
|
|
366,000
|
|
|
236,966
|
|
China Telecom Corp., Ltd. - ADR
|
|
|
|
-
|
|
|
-
|
|
|
4,064
|
|
|
206,614
|
|
|
4,064
|
|
|
206,614
|
|
Hutchison Telecommunications Hong Kong Holdings, Ltd.
(b)
|
|
|
|
-
|
|
|
-
|
|
|
210,000
|
|
|
104,010
|
|
|
210,000
|
|
|
104,010
|
|
Rostelecom OJSC - ADR
|
|
|
|
-
|
|
|
-
|
|
|
14,713
|
|
|
352,410
|
|
|
14,713
|
|
|
352,410
|
|
Telekomunikasi Indonesia Persero Tbk PT - ADR
|
|
|
|
-
|
|
|
-
|
|
|
9,753
|
|
|
439,665
|
|
|
9,753
|
|
|
439,665
|
|
Verizon Communications, Inc.
|
|
|
|
33,631
|
|
|
1,652,964
|
|
|
-
|
|
|
-
|
|
|
33,631
|
|
|
1,652,964
|
|
|
|
|
|
|
|
|
2,503,531
|
|
|
|
|
|
1,339,665
|
|
|
|
|
|
3,843,196
|
|
Electric Utilities
|
|
0.11
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PGE SA (b)
|
|
|
|
-
|
|
|
-
|
|
|
56,418
|
|
|
290,289
|
|
|
56,418
|
|
|
290,289
|
|
Tauron Polska Energia SA (b)
|
|
|
|
415,602
|
|
|
546,794
|
|
|
231,852
|
|
|
305,040
|
|
|
647,454
|
|
|
851,834
|
|
|
|
|
|
|
|
|
546,794
|
|
|
|
|
|
595,329
|
|
|
|
|
|
1,142,123
|
|
Electrical Equipment
|
|
0.16
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eaton Corp PLC (b)
|
|
|
|
26,815
|
|
|
1,642,419
|
|
|
-
|
|
|
-
|
|
|
26,815
|
|
|
1,642,419
|
|
Electronic Equipment, Instruments
& Components
|
|
0.21
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Delta Electronics Thailand PCL (b)
|
|
|
|
-
|
|
|
-
|
|
|
335,900
|
|
|
422,787
|
|
|
335,900
|
|
|
422,787
|
|
Digital China Holdings, Ltd. (b)
|
|
|
|
-
|
|
|
-
|
|
|
328,000
|
|
|
444,886
|
|
|
328,000
|
|
|
444,886
|
|
Hitachi (b)
|
|
|
|
174,000
|
|
|
1,015,815
|
|
|
-
|
|
|
-
|
|
|
174,000
|
|
|
1,015,815
|
|
Hon Hai Precision Industry Co., Ltd. (b)
|
|
|
|
-
|
|
|
-
|
|
|
104,000
|
|
|
289,434
|
|
|
104,000
|
|
|
289,434
|
|
|
|
|
|
|
|
|
1,015,815
|
|
|
|
|
|
1,157,107
|
|
|
|
|
|
2,172,922
|
|
Energy Equipment & Services
|
|
0.25
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ensco PLC (b)
|
|
|
|
17,046
|
|
|
1,022,760
|
|
|
-
|
|
|
-
|
|
|
17,046
|
|
|
1,022,760
|
|
National Oilwell Varco, Inc.
|
|
|
|
21,126
|
|
|
1,494,665
|
|
|
-
|
|
|
-
|
|
|
21,126
|
|
|
1,494,665
|
|
|
|
|
|
|
|
|
2,517,425
|
|
|
|
|
|
-
|
|
|
|
|
|
2,517,425
|
|
Food & Staples Retailing
|
|
3.08
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BIM Birlesik Magazalar AS (b)
|
|
|
|
12,989
|
|
|
633,111
|
|
|
6,296
|
|
|
306,880
|
|
|
19,285
|
|
|
939,991
|
|
Costco Wholesale Corp.
|
|
|
|
9,895
|
|
|
1,049,958
|
|
|
-
|
|
|
-
|
|
|
9,895
|
|
|
1,049,958
|
|
CVS Caremark Corp.
|
|
|
|
40,397
|
|
|
2,221,431
|
|
|
208,270
|
|
|
11,452,768
|
|
|
248,667
|
|
|
13,674,199
|
|
Eurocash SA (b)
|
|
|
|
-
|
|
|
-
|
|
|
22,520
|
|
|
367,497
|
|
|
22,520
|
|
|
367,497
|
|
Grupo Comercial Chedraui SA de CV (b)
|
|
|
|
-
|
|
|
-
|
|
|
32,000
|
|
|
108,269
|
|
|
32,000
|
|
|
108,269
|
|
Magnit OJSC (b)
|
|
|
|
-
|
|
|
-
|
|
|
8,879
|
|
|
402,003
|
|
|
8,879
|
|
|
402,003
|
|
Walgreen Co.
|
|
|
|
-
|
|
|
-
|
|
|
262,553
|
|
|
12,518,527
|
|
|
262,553
|
|
|
12,518,527
|
|
Wal-Mart Stores, Inc.
|
|
|
|
29,009
|
|
|
2,170,744
|
|
|
-
|
|
|
-
|
|
|
29,009
|
|
|
2,170,744
|
|
|
|
|
|
|
|
|
6,075,244
|
|
|
|
|
|
25,155,944
|
|
|
|
|
|
31,231,188
|
|
Food Products
|
|
0.52
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVI, Ltd. (b)
|
|
|
|
-
|
|
|
-
|
|
|
39,887
|
|
|
232,924
|
|
|
39,887
|
|
|
232,924
|
|
Biostime International Holdings, Ltd. (b)
|
|
|
|
-
|
|
|
-
|
|
|
47,000
|
|
|
245,476
|
|
|
47,000
|
|
|
245,476
|
|
Bunge, Ltd.
|
|
|
|
19,583
|
|
|
1,445,813
|
|
|
-
|
|
|
-
|
|
|
19,583
|
|
|
1,445,813
|
|
ConAgra Foods, Inc.
|
|
|
|
35,475
|
|
|
1,270,360
|
|
|
-
|
|
|
-
|
|
|
35,475
|
|
|
1,270,360
|
|
Golden Agri-Resources, Ltd. (b)
|
|
|
|
-
|
|
|
-
|
|
|
616,000
|
|
|
288,263
|
|
|
616,000
|
|
|
288,263
|
|
Lotte Samkang Co., Ltd. (a)(b)
|
|
|
|
-
|
|
|
-
|
|
|
580
|
|
|
425,621
|
|
|
580
|
|
|
425,621
|
|
Thai Union Frozen Products PCL (b)
|
|
|
|
-
|
|
|
-
|
|
|
146,400
|
|
|
317,256
|
|
|
146,400
|
|
|
317,256
|
|
Tongaat Hulett, Ltd. (b)
|
|
|
|
-
|
|
|
-
|
|
|
25,886
|
|
|
403,831
|
|
|
25,886
|
|
|
403,831
|
|
Viscofan SA (b)
|
|
|
|
11,624
|
|
|
609,495
|
|
|
-
|
|
|
-
|
|
|
11,624
|
|
|
609,495
|
|
|
|
|
|
|
|
|
3,325,668
|
|
|
|
|
|
1,913,371
|
|
|
|
|
|
5,239,039
|
|
B-6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leuthold
Asset
Allocation Fund
|
|
Leuthold
Core
Investment Fund
|
|
Leuthold
Core Investment Fund
Pro Forma Combined
|
|
|
|
|
Shares
|
|
Fair
Value
|
|
Shares
|
|
Fair
Value
|
|
Shares
|
|
Fair
Value
|
Gas Utilities
|
|
0.03
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Perusahaan Gas Negara Persero Tbk PT (b)
|
|
|
|
-
|
|
|
-
|
|
|
460,500
|
|
|
282,596
|
|
|
460,500
|
|
|
282,596
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Health Care Equipment & Supplies
|
|
6.55
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Biosensors International Group, Ltd. (a)(b)
|
|
|
|
-
|
|
|
-
|
|
|
288,000
|
|
|
303,955
|
|
|
288,000
|
|
|
303,955
|
|
Mindray Medical International, Ltd. - ADR
|
|
|
|
-
|
|
|
-
|
|
|
4,377
|
|
|
174,818
|
|
|
4,377
|
|
|
174,818
|
|
Zimmer Holdings, Inc.
|
|
|
|
10,997
|
|
|
827,194
|
|
|
-
|
|
|
-
|
|
|
10,997
|
|
|
827,194
|
|
Aetna, Inc.
|
|
|
|
21,134
|
|
|
1,080,370
|
|
|
-
|
|
|
-
|
|
|
21,134
|
|
|
1,080,370
|
|
Bangkok Dusit Medical Services PCL
(b)
|
|
|
|
-
|
|
|
-
|
|
|
45,700
|
|
|
255,835
|
|
|
45,700
|
|
|
255,835
|
|
Community Health Systems, Inc.
|
|
|
|
-
|
|
|
-
|
|
|
109,024
|
|
|
5,166,647
|
|
|
109,024
|
|
|
5,166,647
|
|
DaVita HealthCare Partners, Inc. (a)
|
|
|
|
9,859
|
|
|
1,169,179
|
|
|
29,881
|
|
|
3,543,588
|
|
|
39,740
|
|
|
4,712,767
|
|
Express Scripts Holding Co. (a)
|
|
|
|
-
|
|
|
-
|
|
|
122,214
|
|
|
7,045,637
|
|
|
122,214
|
|
|
7,045,637
|
|
HCA Holdings, Inc.
|
|
|
|
-
|
|
|
-
|
|
|
108,216
|
|
|
4,396,816
|
|
|
108,216
|
|
|
4,396,816
|
|
Health Management Associates, Inc. - Class A (a)
|
|
|
|
-
|
|
|
-
|
|
|
400,292
|
|
|
5,151,758
|
|
|
400,292
|
|
|
5,151,758
|
|
HealthSouth Corp. (a)
|
|
|
|
44,672
|
|
|
1,178,001
|
|
|
78,066
|
|
|
2,058,601
|
|
|
122,738
|
|
|
3,236,602
|
|
Humana, Inc.
|
|
|
|
-
|
|
|
-
|
|
|
41,456
|
|
|
2,865,024
|
|
|
41,456
|
|
|
2,865,024
|
|
KPJ Healthcare Bhd (b)
|
|
|
|
-
|
|
|
-
|
|
|
75,900
|
|
|
145,386
|
|
|
75,900
|
|
|
145,386
|
|
Life Healthcare Group Holdings, Ltd. (b)
|
|
|
|
-
|
|
|
-
|
|
|
102,665
|
|
|
386,307
|
|
|
102,665
|
|
|
386,307
|
|
Magellan Health Services, Inc. (a)
|
|
|
|
-
|
|
|
-
|
|
|
49,532
|
|
|
2,356,237
|
|
|
49,532
|
|
|
2,356,237
|
|
Omnicare, Inc.
|
|
|
|
-
|
|
|
-
|
|
|
128,406
|
|
|
5,228,692
|
|
|
128,406
|
|
|
5,228,692
|
|
Quest Diagnostics, Inc.
|
|
|
|
-
|
|
|
-
|
|
|
57,069
|
|
|
3,221,545
|
|
|
57,069
|
|
|
3,221,545
|
|
Shanghai Pharmaceuticals Holding Co., Ltd. (a)(b)
|
|
|
|
-
|
|
|
-
|
|
|
173,900
|
|
|
382,705
|
|
|
173,900
|
|
|
382,705
|
|
UnitedHealth Group, Inc.
|
|
|
|
17,377
|
|
|
994,138
|
|
|
93,141
|
|
|
5,328,597
|
|
|
110,518
|
|
|
6,322,735
|
|
Universal Health Services, Inc. - Class B
|
|
|
|
-
|
|
|
-
|
|
|
71,336
|
|
|
4,556,230
|
|
|
71,336
|
|
|
4,556,230
|
|
VCA Antech, Inc. (a)
|
|
|
|
-
|
|
|
-
|
|
|
81,027
|
|
|
1,903,324
|
|
|
81,027
|
|
|
1,903,324
|
|
WellCare Health Plans, Inc. (a)
|
|
|
|
-
|
|
|
-
|
|
|
39,841
|
|
|
2,309,184
|
|
|
39,841
|
|
|
2,309,184
|
|
WellPoint, Inc.
|
|
|
|
18,336
|
|
|
1,214,393
|
|
|
49,263
|
|
|
3,262,689
|
|
|
67,599
|
|
|
4,477,082
|
|
|
|
|
|
|
|
|
6,463,275
|
|
|
|
|
|
60,043,575
|
|
|
|
|
|
66,506,850
|
|
Hotels Restaurants & Leisure
|
|
0.03
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Genting Bhd (b)
|
|
|
|
-
|
|
|
-
|
|
|
87,500
|
|
|
284,041
|
|
|
87,500
|
|
|
284,041
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Household Durables
|
|
0.14
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Even Construtora e Incorporadora SA (b)
|
|
|
|
-
|
|
|
-
|
|
|
69,500
|
|
|
332,582
|
|
|
69,500
|
|
|
332,582
|
|
Ez Tec Empreendimentos e Participacoes SA (b)
|
|
|
|
-
|
|
|
-
|
|
|
14,700
|
|
|
196,558
|
|
|
14,700
|
|
|
196,558
|
|
Haier Electronics Group Co., Ltd. (a)(b)
|
|
|
|
399,000
|
|
|
636,773
|
|
|
163,000
|
|
|
260,135
|
|
|
562,000
|
|
|
896,908
|
|
|
|
|
|
|
|
|
636,773
|
|
|
|
|
|
789,275
|
|
|
|
|
|
1,426,048
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Independent Power Producers &
|
|
0.11
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AES Corp.
|
|
|
|
83,747
|
|
|
1,052,700
|
|
|
-
|
|
|
-
|
|
|
83,747
|
|
|
1,052,700
|
|
First Gen Corp. (a)(b)
|
|
|
|
-
|
|
|
-
|
|
|
181,000
|
|
|
109,602
|
|
|
181,000
|
|
|
109,602
|
|
|
|
|
|
|
|
|
1,052,700
|
|
|
|
|
|
109,602
|
|
|
|
|
|
1,162,302
|
|
Industrial Conglomerates
|
|
0.39
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bidvest Group, Ltd. (b)
|
|
|
|
23,264
|
|
|
613,239
|
|
|
7,180
|
|
|
189,265
|
|
|
30,444
|
|
|
802,504
|
|
General Electric Co.
|
|
|
|
46,219
|
|
|
1,068,583
|
|
|
-
|
|
|
-
|
|
|
46,219
|
|
|
1,068,583
|
|
Siemens AG - ADR
|
|
|
|
18,032
|
|
|
1,943,850
|
|
|
-
|
|
|
-
|
|
|
18,032
|
|
|
1,943,850
|
|
Sigdo Koppers SA (b)
|
|
|
|
-
|
|
|
-
|
|
|
49,885
|
|
|
137,223
|
|
|
49,885
|
|
|
137,223
|
|
|
|
|
|
|
|
|
3,625,672
|
|
|
|
|
|
326,488
|
|
|
|
|
|
3,952,160
|
|
Insurance
|
|
1.07
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allianz SE (b)
|
|
|
|
6,538
|
|
|
891,278
|
|
|
-
|
|
|
-
|
|
|
6,538
|
|
|
891,278
|
|
Aon PLC (b)
|
|
|
|
19,898
|
|
|
1,223,727
|
|
|
-
|
|
|
-
|
|
|
19,898
|
|
|
1,223,727
|
|
Berkshire Hathaway, Inc. (a)
|
|
|
|
20,054
|
|
|
2,089,627
|
|
|
-
|
|
|
-
|
|
|
20,054
|
|
|
2,089,627
|
|
Brasil Insurance Participacoes e Administracao SA (b)
|
|
|
|
-
|
|
|
-
|
|
|
8,500
|
|
|
94,391
|
|
|
8,500
|
|
|
94,391
|
|
Everest Re Group, Ltd. (b)
|
|
|
|
9,669
|
|
|
1,255,616
|
|
|
-
|
|
|
-
|
|
|
9,669
|
|
|
1,255,616
|
|
Hyundai Marine & Fire Insurance Co., Ltd. (b)
|
|
|
|
-
|
|
|
-
|
|
|
8,120
|
|
|
233,264
|
|
|
8,120
|
|
|
233,264
|
|
LIG Insurance Co., Ltd. (b)
|
|
|
|
-
|
|
|
-
|
|
|
22,220
|
|
|
474,483
|
|
|
22,220
|
|
|
474,483
|
|
PICC Property & Casualty Co., Ltd. (a)(b)
|
|
|
|
442,000
|
|
|
569,757
|
|
|
668,000
|
|
|
861,081
|
|
|
1,110,000
|
|
|
1,430,838
|
|
Powszechny Zaklad Ubezpieczen SA (b)
|
|
|
|
-
|
|
|
-
|
|
|
2,338
|
|
|
290,148
|
|
|
2,338
|
|
|
290,148
|
|
Prudential Financial, Inc.
|
|
|
|
13,207
|
|
|
779,081
|
|
|
-
|
|
|
-
|
|
|
13,207
|
|
|
779,081
|
|
Sun Life Financial, Inc. (b)
|
|
|
|
78,322
|
|
|
2,137,407
|
|
|
-
|
|
|
-
|
|
|
78,322
|
|
|
2,137,407
|
|
|
|
|
|
|
|
|
8,946,493
|
|
|
|
|
|
1,953,367
|
|
|
|
|
|
10,899,860
|
|
Internet & Catalog Retail
|
|
0.14
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
priceline.com, Inc. (a)
|
|
|
|
2,093
|
|
|
1,439,837
|
|
|
-
|
|
|
-
|
|
|
2,093
|
|
|
1,439,837
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Internet Software & Services
|
|
0.67
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Baidu, Inc. - ADR (a)
|
|
|
|
-
|
|
|
-
|
|
|
4,029
|
|
|
353,343
|
|
|
4,029
|
|
|
353,343
|
|
eBay, Inc. (a)
|
|
|
|
18,074
|
|
|
979,972
|
|
|
-
|
|
|
-
|
|
|
18,074
|
|
|
979,972
|
|
Google, Inc. - Class A (a)
|
|
|
|
3,624
|
|
|
2,877,565
|
|
|
-
|
|
|
-
|
|
|
3,624
|
|
|
2,877,565
|
|
NetEase, Inc. - ADR
|
|
|
|
-
|
|
|
-
|
|
|
8,546
|
|
|
468,065
|
|
|
8,546
|
|
|
468,065
|
|
NHN Corp. (a)(b)
|
|
|
|
-
|
|
|
-
|
|
|
1,865
|
|
|
450,866
|
|
|
1,865
|
|
|
450,866
|
|
Sohu.com, Inc. (a)(b)
|
|
|
|
13,686
|
|
|
678,962
|
|
|
-
|
|
|
-
|
|
|
13,686
|
|
|
678,962
|
|
Yahoo!, Inc. (a)
|
|
|
|
40,720
|
|
|
958,142
|
|
|
-
|
|
|
-
|
|
|
40,720
|
|
|
958,142
|
|
|
|
|
|
|
|
|
5,494,641
|
|
|
|
|
|
1,272,274
|
|
|
|
|
|
6,766,915
|
|
IT Services
|
|
4.93
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accenture PLC - Class A (b)
|
|
|
|
11,177
|
|
|
849,117
|
|
|
26,919
|
|
|
2,045,036
|
|
|
38,096
|
|
|
2,894,153
|
|
Alliance Data Systems Corp.
|
|
|
|
-
|
|
|
-
|
|
|
12,114
|
|
|
1,961,135
|
|
|
12,114
|
|
|
1,961,135
|
|
Amadeus IT Holding SA (b)
|
|
|
|
23,956
|
|
|
649,402
|
|
|
-
|
|
|
-
|
|
|
23,956
|
|
|
649,402
|
|
Amdocs, Ltd.
|
|
|
|
22,938
|
|
|
831,503
|
|
|
51,416
|
|
|
1,863,830
|
|
|
74,354
|
|
|
2,695,333
|
|
Cielo SA (b)
|
|
|
|
-
|
|
|
-
|
|
|
18,200
|
|
|
535,620
|
|
|
18,200
|
|
|
535,620
|
|
Cognizant Technology Solutions Corp. - Class A (a)
|
|
|
|
13,203
|
|
|
1,011,482
|
|
|
25,304
|
|
|
1,938,539
|
|
|
38,507
|
|
|
2,950,021
|
|
Convergys Corp.
|
|
|
|
-
|
|
|
-
|
|
|
94,756
|
|
|
1,613,695
|
|
|
94,756
|
|
|
1,613,695
|
|
DST Systems, Inc.
|
|
|
|
-
|
|
|
-
|
|
|
26,112
|
|
|
1,861,002
|
|
|
26,112
|
|
|
1,861,002
|
|
Fiserv, Inc. (a)
|
|
|
|
-
|
|
|
-
|
|
|
31,765
|
|
|
2,789,920
|
|
|
31,765
|
|
|
2,789,920
|
|
Gartner, Inc. (a)
|
|
|
|
-
|
|
|
-
|
|
|
33,111
|
|
|
1,801,570
|
|
|
33,111
|
|
|
1,801,570
|
|
Global Payments, Inc.
|
|
|
|
-
|
|
|
-
|
|
|
34,995
|
|
|
1,737,852
|
|
|
34,995
|
|
|
1,737,852
|
|
International Business Machines Corp.
|
|
|
|
9,559
|
|
|
2,038,935
|
|
|
25,035
|
|
|
5,339,966
|
|
|
34,594
|
|
|
7,378,901
|
|
Jack Henry & Associates, Inc.
|
|
|
|
-
|
|
|
-
|
|
|
48,186
|
|
|
2,226,675
|
|
|
48,186
|
|
|
2,226,675
|
|
Mastercard, Inc. - Class A
|
|
|
|
3,800
|
|
|
2,056,294
|
|
|
8,076
|
|
|
4,370,166
|
|
|
11,876
|
|
|
6,426,460
|
|
Sapient Corp. (a)
|
|
|
|
-
|
|
|
-
|
|
|
166,900
|
|
|
2,034,511
|
|
|
166,900
|
|
|
2,034,511
|
|
Total System Services, Inc.
|
|
|
|
-
|
|
|
-
|
|
|
62,722
|
|
|
1,554,251
|
|
|
62,722
|
|
|
1,554,251
|
|
Visa, Inc. - Class A
|
|
|
|
12,022
|
|
|
2,041,816
|
|
|
30,150
|
|
|
5,120,676
|
|
|
42,172
|
|
|
7,162,492
|
|
Western Union Co.
|
|
|
|
-
|
|
|
-
|
|
|
106,062
|
|
|
1,595,173
|
|
|
106,062
|
|
|
1,595,173
|
|
Wipro, Ltd. - ADR
|
|
|
|
-
|
|
|
-
|
|
|
23,862
|
|
|
241,006
|
|
|
23,862
|
|
|
241,006
|
|
|
|
|
|
|
|
|
9,478,549
|
|
|
|
|
|
40,630,623
|
|
|
|
|
|
50,109,172
|
|
B-7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leuthold
Asset
Allocation Fund
|
|
Leuthold
Core
Investment Fund
|
|
Leuthold
Core Investment Fund
Pro Forma Combined
|
|
|
|
|
Shares
|
|
Fair
Value
|
|
Shares
|
|
Fair
Value
|
|
Shares
|
|
Fair
Value
|
Life
Sciences Tools & Services
|
|
0.15
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Life Technologies
Corp. (a)
|
|
|
|
20,315
|
|
|
1,312,958
|
|
|
-
|
|
|
-
|
|
|
20,315
|
|
|
1,312,958
|
|
WuXi PharmaTech
Cayman, Inc. - ADR (a)
|
|
|
|
-
|
|
|
-
|
|
|
10,579
|
|
|
181,747
|
|
|
10,579
|
|
|
181,747
|
|
|
|
|
|
|
|
|
1,312,958
|
|
|
|
|
|
181,747
|
|
|
|
|
|
1,494,705
|
|
Machinery
|
|
1.47
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Caterpillar, Inc.
|
|
|
|
-
|
|
|
-
|
|
|
41,725
|
|
|
3,628,823
|
|
|
41,725
|
|
|
3,628,823
|
|
Cummins, Inc.
|
|
|
|
-
|
|
|
-
|
|
|
45,225
|
|
|
5,237,507
|
|
|
45,225
|
|
|
5,237,507
|
|
Deere & Co.
|
|
|
|
-
|
|
|
-
|
|
|
42,533
|
|
|
3,656,988
|
|
|
42,533
|
|
|
3,656,988
|
|
Oshkosh Corp. (a)
|
|
|
|
21,414
|
|
|
909,881
|
|
|
-
|
|
|
-
|
|
|
21,414
|
|
|
909,881
|
|
Valmont
Industries, Inc.
|
|
|
|
9,715
|
|
|
1,527,878
|
|
|
-
|
|
|
-
|
|
|
9,715
|
|
|
1,527,878
|
|
|
|
|
|
|
|
|
2,437,759
|
|
|
|
|
|
12,523,318
|
|
|
|
|
|
14,961,077
|
|
Media
|
|
2.42
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cheil Worldwide,
Inc. (b)
|
|
|
|
-
|
|
|
-
|
|
|
11,614
|
|
|
251,737
|
|
|
11,614
|
|
|
251,737
|
|
Cyfrowy Polsat SA
(a)(b)
|
|
|
|
-
|
|
|
-
|
|
|
68,085
|
|
|
355,371
|
|
|
68,085
|
|
|
355,371
|
|
Global Mediacom
Tbk PT (b)
|
|
|
|
-
|
|
|
-
|
|
|
1,009,500
|
|
|
242,191
|
|
|
1,009,500
|
|
|
242,191
|
|
Interpublic Group
of Cos, Inc.
|
|
|
|
-
|
|
|
-
|
|
|
596,534
|
|
|
7,772,838
|
|
|
596,534
|
|
|
7,772,838
|
|
Media Nusantara
Citra Tbk PT (b)
|
|
|
|
-
|
|
|
-
|
|
|
808,000
|
|
|
235,565
|
|
|
808,000
|
|
|
235,565
|
|
Omnicom Group,
Inc.
|
|
|
|
-
|
|
|
-
|
|
|
147,788
|
|
|
8,704,713
|
|
|
147,788
|
|
|
8,704,713
|
|
Publicis Groupe SA
(b)
|
|
|
|
16,398
|
|
|
1,100,614
|
|
|
-
|
|
|
-
|
|
|
16,398
|
|
|
1,100,614
|
|
The Walt Disney
Co.
|
|
|
|
19,337
|
|
|
1,098,341
|
|
|
-
|
|
|
-
|
|
|
19,337
|
|
|
1,098,341
|
|
WPP PLC - ADR
|
|
|
|
13,472
|
|
|
1,079,377
|
|
|
46,301
|
|
|
3,709,636
|
|
|
59,773
|
|
|
4,789,013
|
|
|
|
|
|
|
|
|
3,278,332
|
|
|
|
|
|
21,272,051
|
|
|
|
|
|
24,550,383
|
|
Metals
& Mining
|
|
0.32
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BHP Billiton,
Ltd. - ADR
|
|
|
|
14,025
|
|
|
959,730
|
|
|
-
|
|
|
-
|
|
|
14,025
|
|
|
959,730
|
|
Fortescue Metals
Group, Ltd. (b)
|
|
|
|
136,960
|
|
|
567,018
|
|
|
-
|
|
|
-
|
|
|
136,960
|
|
|
567,018
|
|
Grupo Mexico SAB
de CV - Class B (b)
|
|
|
|
222,300
|
|
|
895,215
|
|
|
67,800
|
|
|
273,034
|
|
|
290,100
|
|
|
1,168,249
|
|
Jastrzebska
Spolka Weglowa SA (b)
|
|
|
|
-
|
|
|
-
|
|
|
12,002
|
|
|
344,350
|
|
|
12,002
|
|
|
344,350
|
|
Jiangxi Copper
Co., Ltd. (b)
|
|
|
|
-
|
|
|
-
|
|
|
83,000
|
|
|
184,065
|
|
|
83,000
|
|
|
184,065
|
|
|
|
|
|
|
|
|
2,421,963
|
|
|
|
|
|
801,449
|
|
|
|
|
|
3,223,412
|
|
Multi-Utilities
|
|
0.19
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alliant Energy
Corp.
|
|
|
|
16,964
|
|
|
851,254
|
|
|
-
|
|
|
-
|
|
|
16,964
|
|
|
851,254
|
|
Ameren Corp.
|
|
|
|
30,751
|
|
|
1,076,900
|
|
|
-
|
|
|
-
|
|
|
30,751
|
|
|
1,076,900
|
|
|
|
|
|
|
|
|
1,928,154
|
|
|
|
|
|
-
|
|
|
|
|
|
1,928,154
|
|
Office
Electronics
|
|
0.11
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Canon, Inc. - ADR
|
|
|
|
29,614
|
|
|
1,086,538
|
|
|
-
|
|
|
-
|
|
|
29,614
|
|
|
1,086,538
|
|
Oil,
Gas & Consumable Fuels
|
|
4.78
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chevron Corp.
|
|
|
|
36,811
|
|
|
4,373,883
|
|
|
-
|
|
|
-
|
|
|
36,811
|
|
|
4,373,883
|
|
China Petroleum
& Chemical Corp. - ADR
|
|
|
|
-
|
|
|
-
|
|
|
6,557
|
|
|
766,644
|
|
|
6,557
|
|
|
766,644
|
|
CNOOC, Ltd. - ADR
|
|
|
|
2,703
|
|
|
517,625
|
|
|
2,041
|
|
|
390,852
|
|
|
4,744
|
|
|
908,477
|
|
ConocoPhillips
|
|
|
|
36,472
|
|
|
2,191,967
|
|
|
-
|
|
|
-
|
|
|
36,472
|
|
|
2,191,967
|
|
Cosan, Ltd. -
Class A (b)
|
|
|
|
56,144
|
|
|
1,094,808
|
|
|
11,234
|
|
|
219,063
|
|
|
67,378
|
|
|
1,313,871
|
|
CVR Energy, Inc.
|
|
|
|
-
|
|
|
-
|
|
|
48,455
|
|
|
2,501,247
|
|
|
48,455
|
|
|
2,501,247
|
|
Delek US
Holdings, Inc.
|
|
|
|
-
|
|
|
-
|
|
|
78,605
|
|
|
3,101,753
|
|
|
78,605
|
|
|
3,101,753
|
|
Exxon Mobil Corp.
|
|
|
|
21,321
|
|
|
1,921,235
|
|
|
-
|
|
|
-
|
|
|
21,321
|
|
|
1,921,235
|
|
Gazprom OAO - ADR
(a)
|
|
|
|
-
|
|
|
-
|
|
|
34,158
|
|
|
292,090
|
|
|
34,158
|
|
|
292,090
|
|
HollyFrontier
Corp.
|
|
|
|
17,498
|
|
|
900,272
|
|
|
72,144
|
|
|
3,711,809
|
|
|
89,642
|
|
|
4,612,081
|
|
Indo Tambangraya
Megah Tbk PT (b)
|
|
|
|
-
|
|
|
-
|
|
|
57,000
|
|
|
208,905
|
|
|
57,000
|
|
|
208,905
|
|
Lukoil OAO - ADR
|
|
|
|
-
|
|
|
-
|
|
|
8,509
|
|
|
548,296
|
|
|
8,509
|
|
|
548,296
|
|
Marathon
Petroleum Corp.
|
|
|
|
-
|
|
|
-
|
|
|
51,416
|
|
|
4,606,874
|
|
|
51,416
|
|
|
4,606,874
|
|
Phillips 66
|
|
|
|
18,324
|
|
|
1,282,130
|
|
|
57,338
|
|
|
4,011,940
|
|
|
75,662
|
|
|
5,294,070
|
|
PTT PCL (b)
|
|
|
|
55,000
|
|
|
610,111
|
|
|
39,500
|
|
|
438,171
|
|
|
94,500
|
|
|
1,048,282
|
|
Royal Dutch Shell
PLC - ADR
|
|
|
|
25,697
|
|
|
1,674,417
|
|
|
-
|
|
|
-
|
|
|
25,697
|
|
|
1,674,417
|
|
Sasol, Ltd. - ADR
|
|
|
|
13,690
|
|
|
607,015
|
|
|
5,050
|
|
|
223,917
|
|
|
18,740
|
|
|
830,932
|
|
Statoil ASA - ADR
|
|
|
|
38,284
|
|
|
942,552
|
|
|
-
|
|
|
-
|
|
|
38,284
|
|
|
942,552
|
|
Tesoro Corp.
|
|
|
|
-
|
|
|
-
|
|
|
62,184
|
|
|
3,640,873
|
|
|
62,184
|
|
|
3,640,873
|
|
Total SA - ADR
|
|
|
|
59,628
|
|
|
2,860,951
|
|
|
-
|
|
|
-
|
|
|
59,628
|
|
|
2,860,951
|
|
Tupras Turkiye
Petrol Rafinerileri AS (b)
|
|
|
|
-
|
|
|
-
|
|
|
8,144
|
|
|
244,951
|
|
|
8,144
|
|
|
244,951
|
|
Valero Energy
Corp.
|
|
|
|
-
|
|
|
-
|
|
|
66,222
|
|
|
3,012,439
|
|
|
66,222
|
|
|
3,012,439
|
|
Western Refining,
Inc.
|
|
|
|
-
|
|
|
-
|
|
|
47,378
|
|
|
1,677,655
|
|
|
47,378
|
|
|
1,677,655
|
|
|
|
|
|
|
|
|
18,976,966
|
|
|
|
|
|
29,597,479
|
|
|
|
|
|
48,574,445
|
|
Personal
Products
|
|
0.03
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMOREPACIFIC
Group (b)
|
|
|
|
-
|
|
|
-
|
|
|
882
|
|
|
321,437
|
|
|
882
|
|
|
321,437
|
|
Pharmaceuticals
|
|
2.94
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allergan, Inc.
|
|
|
|
14,579
|
|
|
1,627,454
|
|
|
29,073
|
|
|
3,245,419
|
|
|
43,652
|
|
|
4,872,873
|
|
Aspen Pharmacare
Holdings, Ltd. (b)
|
|
|
|
-
|
|
|
-
|
|
|
15,387
|
|
|
319,821
|
|
|
15,387
|
|
|
319,821
|
|
Dr Reddys
Laboratories, Ltd. - ADR
|
|
|
|
-
|
|
|
-
|
|
|
6,973
|
|
|
225,577
|
|
|
6,973
|
|
|
225,577
|
|
Eli Lilly &
Co.
|
|
|
|
49,578
|
|
|
2,815,535
|
|
|
-
|
|
|
-
|
|
|
49,578
|
|
|
2,815,535
|
|
GlaxoSmithKline
PLC - ADR
|
|
|
|
21,192
|
|
|
994,117
|
|
|
-
|
|
|
-
|
|
|
21,192
|
|
|
994,117
|
|
Kalbe Farma Tbk
PT (b)
|
|
|
|
-
|
|
|
-
|
|
|
1,838,500
|
|
|
234,793
|
|
|
1,838,500
|
|
|
234,793
|
|
Merck & Co.,
Inc.
|
|
|
|
47,193
|
|
|
2,087,346
|
|
|
-
|
|
|
-
|
|
|
47,193
|
|
|
2,087,346
|
|
Mylan, Inc. (a)
|
|
|
|
-
|
|
|
-
|
|
|
139,173
|
|
|
4,027,667
|
|
|
139,173
|
|
|
4,027,667
|
|
Novo Nordisk A/S
- ADR
|
|
|
|
11,782
|
|
|
1,902,793
|
|
|
-
|
|
|
-
|
|
|
11,782
|
|
|
1,902,793
|
|
Pfizer, Inc.
|
|
|
|
85,115
|
|
|
2,456,419
|
|
|
191,935
|
|
|
5,539,244
|
|
|
277,050
|
|
|
7,995,663
|
|
Richter Gedeon
Nyrt (b)
|
|
|
|
-
|
|
|
-
|
|
|
1,072
|
|
|
150,079
|
|
|
1,072
|
|
|
150,079
|
|
Shire PLC - ADR
|
|
|
|
15,479
|
|
|
1,414,162
|
|
|
-
|
|
|
-
|
|
|
15,479
|
|
|
1,414,162
|
|
Sino
Biopharmaceutical (b)
|
|
|
|
1,220,000
|
|
|
853,445
|
|
|
672,000
|
|
|
470,094
|
|
|
1,892,000
|
|
|
1,323,539
|
|
Teva
Pharmaceutical Industries, Ltd. - ADR
|
|
|
|
36,383
|
|
|
1,443,677
|
|
|
-
|
|
|
-
|
|
|
36,383
|
|
|
1,443,677
|
|
|
|
|
|
|
|
|
15,594,948
|
|
|
|
|
|
14,212,694
|
|
|
|
|
|
29,807,642
|
|
Real
Estate Investment Trusts
|
|
6.81
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Tower
Corp.
|
|
|
|
34,363
|
|
|
2,643,202
|
|
|
30,957
|
|
|
2,381,212
|
|
|
65,320
|
|
|
5,024,414
|
|
Apartment
Investment & Management Co. - Class A
|
|
|
|
-
|
|
|
-
|
|
|
86,950
|
|
|
2,665,887
|
|
|
86,950
|
|
|
2,665,887
|
|
Apartment
Investment & Management Co. - Class A
|
|
|
|
96,667
|
|
|
2,963,810
|
|
|
-
|
|
|
-
|
|
|
96,667
|
|
|
2,963,810
|
|
Ashford
Hospitality Trust, Inc.
|
|
|
|
87,674
|
|
|
1,083,651
|
|
|
79,412
|
|
|
981,532
|
|
|
167,086
|
|
|
2,065,183
|
|
Associated
Estates Realty Corp.
|
|
|
|
40,465
|
|
|
754,268
|
|
|
36,341
|
|
|
677,396
|
|
|
76,806
|
|
|
1,431,664
|
|
BioMed Realty
Trust, Inc.
|
|
|
|
82,857
|
|
|
1,789,711
|
|
|
74,298
|
|
|
1,604,837
|
|
|
157,155
|
|
|
3,394,548
|
|
Brandywine Realty
Trust
|
|
|
|
-
|
|
|
-
|
|
|
119,522
|
|
|
1,774,902
|
|
|
119,522
|
|
|
1,774,902
|
|
Brandywine Realty
Trust
|
|
|
|
133,278
|
|
|
1,979,178
|
|
|
-
|
|
|
-
|
|
|
133,278
|
|
|
1,979,178
|
|
CBL &
Associates Properties, Inc.
|
|
|
|
121,716
|
|
|
2,872,498
|
|
|
109,293
|
|
|
2,579,315
|
|
|
231,009
|
|
|
5,451,813
|
|
Coresite Realty
Corp.
|
|
|
|
23,765
|
|
|
831,300
|
|
|
21,266
|
|
|
743,885
|
|
|
45,031
|
|
|
1,575,185
|
|
Corporate Office
Properties Trust
|
|
|
|
77,398
|
|
|
2,064,979
|
|
|
69,452
|
|
|
1,852,979
|
|
|
146,850
|
|
|
3,917,958
|
|
CubeSmart
|
|
|
|
88,959
|
|
|
1,405,552
|
|
|
81,297
|
|
|
1,284,493
|
|
|
170,256
|
|
|
2,690,045
|
|
DuPont Fabros
Technology, Inc.
|
|
|
|
53,953
|
|
|
1,309,439
|
|
|
48,455
|
|
|
1,176,003
|
|
|
102,408
|
|
|
2,485,442
|
|
LaSalle Hotel
Properties
|
|
|
|
100,520
|
|
|
2,551,198
|
|
|
90,180
|
|
|
2,288,768
|
|
|
190,700
|
|
|
4,839,966
|
|
Lexington Realty
Trust
|
|
|
|
126,534
|
|
|
1,493,101
|
|
|
113,600
|
|
|
1,340,480
|
|
|
240,134
|
|
|
2,833,581
|
|
B-8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leuthold
Asset
Allocation Fund
|
|
Leuthold
Core
Investment Fund
|
|
Leuthold
Core Investment Fund
Pro Forma Combined
|
|
|
|
|
Shares
|
|
Fair
Value
|
|
Shares
|
|
Fair
Value
|
|
Shares
|
|
Fair
Value
|
Liberty Property
Trust
|
|
|
|
45,282
|
|
|
1,799,959
|
|
|
40,648
|
|
|
1,615,758
|
|
|
85,930
|
|
|
3,415,717
|
|
Mack-Cali Realty
Corp.
|
|
|
|
73,865
|
|
|
2,113,278
|
|
|
66,491
|
|
|
1,902,307
|
|
|
140,356
|
|
|
4,015,585
|
|
Omega Healthcare
Investors, Inc.
|
|
|
|
110,797
|
|
|
3,363,797
|
|
|
99,333
|
|
|
3,015,750
|
|
|
210,130
|
|
|
6,379,547
|
|
Parkway
Properties, Inc.
|
|
|
|
42,713
|
|
|
792,326
|
|
|
36,072
|
|
|
669,136
|
|
|
78,785
|
|
|
1,461,462
|
|
Pennsylvania Real
Estate Investment Trust
|
|
|
|
36,611
|
|
|
709,887
|
|
|
32,842
|
|
|
636,806
|
|
|
69,453
|
|
|
1,346,693
|
|
Ramco-Gershenson
Properties Trust
|
|
|
|
67,121
|
|
|
1,127,633
|
|
|
60,838
|
|
|
1,022,078
|
|
|
127,959
|
|
|
2,149,711
|
|
RLJ Lodging Trust
|
|
|
|
51,063
|
|
|
1,162,194
|
|
|
45,763
|
|
|
1,041,566
|
|
|
96,826
|
|
|
2,203,760
|
|
Sabra Health Care
REIT, Inc.
|
|
|
|
29,225
|
|
|
847,817
|
|
|
26,381
|
|
|
765,313
|
|
|
55,606
|
|
|
1,613,130
|
|
STAG Industrial,
Inc.
|
|
|
|
35,327
|
|
|
751,405
|
|
|
31,765
|
|
|
675,642
|
|
|
67,092
|
|
|
1,427,047
|
|
|
|
|
|
|
|
|
36,410,183
|
|
|
|
|
|
32,696,045
|
|
|
|
|
|
69,106,228
|
|
Real
Estate Management & Development
|
|
0.60
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alam Sutera
Realty Tbk PT (b)
|
|
|
|
-
|
|
|
-
|
|
|
2,376,000
|
|
|
262,556
|
|
|
2,376,000
|
|
|
262,556
|
|
Aliansce Shopping
Centers SA (b)
|
|
|
|
-
|
|
|
-
|
|
|
37,900
|
|
|
445,816
|
|
|
37,900
|
|
|
445,816
|
|
Altisource
Portfolio Solutions SA (a)(b)
|
|
|
|
10,600
|
|
|
739,350
|
|
|
-
|
|
|
-
|
|
|
10,600
|
|
|
739,350
|
|
BR Properties SA
(b)
|
|
|
|
48,800
|
|
|
542,880
|
|
|
30,700
|
|
|
341,525
|
|
|
79,500
|
|
|
884,405
|
|
Bumi Serpong
Damai PT (b)
|
|
|
|
-
|
|
|
-
|
|
|
3,895,500
|
|
|
703,726
|
|
|
3,895,500
|
|
|
703,726
|
|
Bumi Serpong
Damai PT (b)
|
|
|
|
5,189,500
|
|
|
937,488
|
|
|
-
|
|
|
-
|
|
|
5,189,500
|
|
|
937,488
|
|
Franshion
Properties China, Ltd. (b)
|
|
|
|
-
|
|
|
-
|
|
|
682,000
|
|
|
223,606
|
|
|
682,000
|
|
|
223,606
|
|
K Wah
International Holdings, Ltd. (b)
|
|
|
|
-
|
|
|
-
|
|
|
507,000
|
|
|
285,577
|
|
|
507,000
|
|
|
285,577
|
|
Megaworld Corp.
(b)
|
|
|
|
-
|
|
|
-
|
|
|
2,367,000
|
|
|
225,625
|
|
|
2,367,000
|
|
|
225,625
|
|
Multiplan
Empreendimentos Imobiliarios SA (b)
|
|
|
|
-
|
|
|
-
|
|
|
13,800
|
|
|
396,432
|
|
|
13,800
|
|
|
396,432
|
|
New World
Development Co., Ltd. (b)
|
|
|
|
-
|
|
|
-
|
|
|
141,000
|
|
|
239,637
|
|
|
141,000
|
|
|
239,637
|
|
Shimao Property
Holdings, Ltd. (b)
|
|
|
|
-
|
|
|
-
|
|
|
123,500
|
|
|
238,118
|
|
|
123,500
|
|
|
238,118
|
|
UOL Group, Ltd.
(b)
|
|
|
|
-
|
|
|
-
|
|
|
47,000
|
|
|
265,407
|
|
|
47,000
|
|
|
265,407
|
|
Wing Tai
Holdings, Ltd. (b)
|
|
|
|
-
|
|
|
-
|
|
|
175,000
|
|
|
269,120
|
|
|
175,000
|
|
|
269,120
|
|
|
|
|
|
|
|
|
2,219,718
|
|
|
|
|
|
3,897,145
|
|
|
|
|
|
6,116,863
|
|
Road
& Rail
|
|
3.55
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Canadian National
Railway Co. (b)
|
|
|
|
-
|
|
|
-
|
|
|
41,456
|
|
|
4,158,037
|
|
|
41,456
|
|
|
4,158,037
|
|
Canadian Pacific
Railway, Ltd. (b)
|
|
|
|
12,432
|
|
|
1,622,003
|
|
|
41,725
|
|
|
5,443,861
|
|
|
54,157
|
|
|
7,065,864
|
|
ComfortDelGro
Corp., Ltd. (b)
|
|
|
|
-
|
|
|
-
|
|
|
205,000
|
|
|
316,330
|
|
|
205,000
|
|
|
316,330
|
|
CSX Corp.
|
|
|
|
-
|
|
|
-
|
|
|
173,361
|
|
|
4,269,881
|
|
|
173,361
|
|
|
4,269,881
|
|
Genesee &
Wyoming, Inc. (a)
|
|
|
|
-
|
|
|
-
|
|
|
25,304
|
|
|
2,356,055
|
|
|
25,304
|
|
|
2,356,055
|
|
Kansas City
Southern
|
|
|
|
-
|
|
|
-
|
|
|
32,572
|
|
|
3,612,235
|
|
|
32,572
|
|
|
3,612,235
|
|
Norfolk Southern
Corp.
|
|
|
|
-
|
|
|
-
|
|
|
77,259
|
|
|
5,955,124
|
|
|
77,259
|
|
|
5,955,124
|
|
Union Pacific
Corp.
|
|
|
|
-
|
|
|
-
|
|
|
50,339
|
|
|
7,168,777
|
|
|
50,339
|
|
|
7,168,777
|
|
West Japan
Railway Co. (b)
|
|
|
|
22,900
|
|
|
1,101,728
|
|
|
-
|
|
|
-
|
|
|
22,900
|
|
|
1,101,728
|
|
|
|
|
|
|
|
|
2,723,731
|
|
|
|
|
|
33,280,300
|
|
|
|
|
|
36,004,031
|
|
Semiconductors
& Semiconductor
|
|
0.45
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Epistar Corp. (b)
|
|
|
|
-
|
|
|
-
|
|
|
50,000
|
|
|
89,687
|
|
|
50,000
|
|
|
89,687
|
|
Formosa Sumco
Technology Corp. (a)(b)
|
|
|
|
-
|
|
|
-
|
|
|
172,000
|
|
|
182,892
|
|
|
172,000
|
|
|
182,892
|
|
Samsung
Electronics Co., Ltd. (b)
|
|
|
|
1,806
|
|
|
2,461,633
|
|
|
713
|
|
|
971,841
|
|
|
2,519
|
|
|
3,433,474
|
|
Spreadtrum
Communications, Inc. - ADR
|
|
|
|
-
|
|
|
-
|
|
|
24,488
|
|
|
502,249
|
|
|
24,488
|
|
|
502,249
|
|
Taiwan
Semiconductor Manufacturing Co., Ltd. - ADR
|
|
|
|
-
|
|
|
-
|
|
|
12,500
|
|
|
214,875
|
|
|
12,500
|
|
|
214,875
|
|
Vanguard
International Semiconductor Corp. (b)
|
|
|
|
-
|
|
|
-
|
|
|
156,000
|
|
|
144,765
|
|
|
156,000
|
|
|
144,765
|
|
|
|
|
|
|
|
|
2,461,633
|
|
|
|
|
|
2,106,309
|
|
|
|
|
|
4,567,942
|
|
Software
|
|
0.74
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Activision
Blizzard, Inc.
|
|
|
|
77,169
|
|
|
1,124,353
|
|
|
-
|
|
|
-
|
|
|
77,169
|
|
|
1,124,353
|
|
Asseco Poland SA
(b)
|
|
|
|
-
|
|
|
-
|
|
|
21,247
|
|
|
274,471
|
|
|
21,247
|
|
|
274,471
|
|
Microsoft Corp.
|
|
|
|
92,492
|
|
|
2,646,196
|
|
|
-
|
|
|
-
|
|
|
92,492
|
|
|
2,646,196
|
|
Oracle Corp.
|
|
|
|
56,780
|
|
|
1,836,265
|
|
|
-
|
|
|
-
|
|
|
56,780
|
|
|
1,836,265
|
|
Symantec Corp.
(a)
|
|
|
|
50,237
|
|
|
1,239,849
|
|
|
-
|
|
|
-
|
|
|
50,237
|
|
|
1,239,849
|
|
Totvs SA (b)
|
|
|
|
-
|
|
|
-
|
|
|
18,100
|
|
|
371,898
|
|
|
18,100
|
|
|
371,898
|
|
|
|
|
|
|
|
|
6,846,663
|
|
|
|
|
|
646,369
|
|
|
|
|
|
7,493,032
|
|
Specialty
Retail
|
|
1.36
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bed Bath &
Beyond, Inc. (a)
|
|
|
|
17,798
|
|
|
1,146,547
|
|
|
-
|
|
|
-
|
|
|
17,798
|
|
|
1,146,547
|
|
Foot Locker, Inc.
|
|
|
|
41,558
|
|
|
1,422,946
|
|
|
-
|
|
|
-
|
|
|
41,558
|
|
|
1,422,946
|
|
Pier 1 Imports,
Inc.
|
|
|
|
-
|
|
|
-
|
|
|
136,212
|
|
|
3,132,876
|
|
|
136,212
|
|
|
3,132,876
|
|
The Home Depot,
Inc.
|
|
|
|
35,568
|
|
|
2,481,935
|
|
|
-
|
|
|
-
|
|
|
35,568
|
|
|
2,481,935
|
|
TJX Cos, Inc.
|
|
|
|
35,989
|
|
|
1,682,486
|
|
|
-
|
|
|
-
|
|
|
35,989
|
|
|
1,682,486
|
|
Williams-Sonoma,
Inc.
|
|
|
|
-
|
|
|
-
|
|
|
75,913
|
|
|
3,911,038
|
|
|
75,913
|
|
|
3,911,038
|
|
|
|
|
|
|
|
|
6,733,914
|
|
|
|
|
|
7,043,914
|
|
|
|
|
|
13,777,828
|
|
Textiles,
Apparel & Luxury Goo
|
|
0.13
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LVMH Moet
Hennessy Louis Vuitton SA (b)
|
|
|
|
6,653
|
|
|
1,143,055
|
|
|
-
|
|
|
-
|
|
|
6,653
|
|
|
1,143,055
|
|
Shenzhou
International Group Holdings, Ltd. (b)
|
|
|
|
-
|
|
|
-
|
|
|
63,000
|
|
|
177,347
|
|
|
63,000
|
|
|
177,347
|
|
|
|
|
|
|
|
|
1,143,055
|
|
|
|
|
|
177,347
|
|
|
|
|
|
1,320,402
|
|
Thrifts
& Mortgage Finance
|
|
0.02
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Malaysia Building
Society (b)
|
|
|
|
-
|
|
|
-
|
|
|
204,500
|
|
|
179,304
|
|
|
204,500
|
|
|
179,304
|
|
Tobacco
|
|
0.16
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Philip Morris
International, Inc.
|
|
|
|
17,568
|
|
|
1,628,729
|
|
|
-
|
|
|
-
|
|
|
17,568
|
|
|
1,628,729
|
|
Trading
Companies & Distributo
|
|
0.11
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mitsubishi Corp.
(b)
|
|
|
|
62,200
|
|
|
1,171,466
|
|
|
-
|
|
|
-
|
|
|
62,200
|
|
|
1,171,466
|
|
Transportation
Infrastructure
|
|
0.13
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Airports of
Thailand PCL (b)
|
|
|
|
195,000
|
|
|
817,468
|
|
|
57,700
|
|
|
241,887
|
|
|
252,700
|
|
|
1,059,355
|
|
Arteris SA (b)
|
|
|
|
-
|
|
|
-
|
|
|
27,820
|
|
|
310,862
|
|
|
27,820
|
|
|
310,862
|
|
|
|
|
|
|
|
|
817,468
|
|
|
|
|
|
552,749
|
|
|
|
|
|
1,370,217
|
|
Water
Utilities
|
|
0.13
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cia de Saneamento
Basico do Estado de Sao Paulo - ADR (a)
|
|
|
|
16,056
|
|
|
766,353
|
|
|
8,028
|
|
|
383,176
|
|
|
24,084
|
|
|
1,149,529
|
|
Guangdong
Investment, Ltd. (b)
|
|
|
|
-
|
|
|
-
|
|
|
150,000
|
|
|
131,904
|
|
|
150,000
|
|
|
131,904
|
|
|
|
|
|
|
|
|
766,353
|
|
|
|
|
|
515,080
|
|
|
|
|
|
1,281,433
|
|
Wireless
Telecommunication Ser
|
|
2.27
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advanced Info
Service PCL (b)
|
|
|
|
-
|
|
|
-
|
|
|
34,500
|
|
|
278,725
|
|
|
34,500
|
|
|
278,725
|
|
America Movil SAB
de CV - ADR
|
|
|
|
-
|
|
|
-
|
|
|
187,820
|
|
|
3,936,707
|
|
|
187,820
|
|
|
3,936,707
|
|
China Mobile,
Ltd. - ADR
|
|
|
|
19,111
|
|
|
1,015,367
|
|
|
10,122
|
|
|
537,782
|
|
|
29,233
|
|
|
1,553,149
|
|
Crown Castle
International Corp. (a)
|
|
|
|
13,437
|
|
|
935,753
|
|
|
50,878
|
|
|
3,543,144
|
|
|
64,315
|
|
|
4,478,897
|
|
ENTEL Chile SA
(b)
|
|
|
|
-
|
|
|
-
|
|
|
18,042
|
|
|
381,756
|
|
|
18,042
|
|
|
381,756
|
|
Mobile
Telesystems OJSC - ADR
|
|
|
|
-
|
|
|
-
|
|
|
26,736
|
|
|
554,505
|
|
|
26,736
|
|
|
554,505
|
|
MTN Group, Ltd.
(b)
|
|
|
|
-
|
|
|
-
|
|
|
14,431
|
|
|
253,585
|
|
|
14,431
|
|
|
253,585
|
|
Rogers
Communications, Inc. - Class B (b)
|
|
|
|
-
|
|
|
-
|
|
|
76,451
|
|
|
3,903,588
|
|
|
76,451
|
|
|
3,903,588
|
|
SK Telecom Co.,
Ltd. - ADR
|
|
|
|
-
|
|
|
-
|
|
|
251,697
|
|
|
4,497,825
|
|
|
251,697
|
|
|
4,497,825
|
|
Tim Participacoes
SA - ADR
|
|
|
|
-
|
|
|
-
|
|
|
10,601
|
|
|
231,950
|
|
|
10,601
|
|
|
231,950
|
|
Turkcell Iletisim
Hizmetleri AS - ADR (a)
|
|
|
|
38,573
|
|
|
641,855
|
|
|
31,182
|
|
|
518,868
|
|
|
69,755
|
|
|
1,160,723
|
|
Vodafone Group
PLC - ADR
|
|
|
|
62,953
|
|
|
1,788,495
|
|
|
-
|
|
|
-
|
|
|
62,953
|
|
|
1,788,495
|
|
|
|
|
|
|
|
|
4,381,470
|
|
|
|
|
|
18,638,435
|
|
|
|
|
|
23,019,905
|
|
TOTAL COMMON
STOCKS
|
|
|
|
|
|
$
|
231,464,344
|
|
|
|
|
$
|
453,906,582
|
|
|
|
|
$
|
685,370,926
|
|
B-9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leuthold
Asset
Allocation Fund
|
|
Leuthold
Core
Investment Fund
|
|
Leuthold
Core Investment Fund
Pro Forma Combined
|
|
|
|
|
Shares
|
|
Fair
Value
|
|
Shares
|
|
Fair
Value
|
|
Shares
|
|
Fair
Value
|
PREFERRED
STOCKS
|
|
0.39
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
Banks
|
|
0.33
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bancolombia SA -
ADR
|
|
|
|
-
|
|
$
|
-
|
|
|
38,495
|
|
$
|
2,434,809
|
|
|
38,495
|
|
$
|
2,434,809
|
|
Itau Unibanco
Holding SA - ADR
|
|
|
|
36,928
|
|
|
657,318
|
|
|
11,827
|
|
|
210,520
|
|
|
48,755
|
|
|
867,838
|
|
|
|
|
|
|
|
|
657,318
|
|
|
|
|
|
2,645,329
|
|
|
|
|
|
3,302,647
|
|
Food
& Staples Retailing
|
|
0.04
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cia Brasileira de
Distribuicao Grupo Pao de Acucar - ADR
|
|
|
|
-
|
|
|
-
|
|
|
8,279
|
|
|
441,105
|
|
|
8,279
|
|
|
441,105
|
|
Metals
& Mining
|
|
0.02
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vale SA (b)
|
|
|
|
-
|
|
|
-
|
|
|
13,000
|
|
|
215,128
|
|
|
13,000
|
|
|
215,128
|
|
TOTAL PREFERRED
STOCKS
|
|
|
|
|
|
$
|
657,318
|
|
|
|
|
$
|
3,301,562
|
|
|
|
|
$
|
3,958,880
|
|
INVESTMENT
COMPANIES
|
|
11.78
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange
Traded Funds
|
|
11.78
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CurrencyShares
Japanese Yen Trust
|
|
|
|
-
|
|
$
|
-
|
|
|
62,453
|
|
$
|
6,498,235
|
|
|
62,453
|
|
$
|
6,498,235
|
|
iShares Barclays
MBS Bond Fund
|
|
|
|
93,469
|
|
|
10,089,044
|
|
|
226,661
|
|
|
24,465,789
|
|
|
320,130
|
|
|
34,554,833
|
|
iShares Core MSCI
Emerging Markets ETF
|
|
|
|
-
|
|
|
-
|
|
|
21,041
|
|
|
1,068,041
|
|
|
21,041
|
|
|
1,068,041
|
|
iShares Core
Total US Bond Market ETF
|
|
|
|
-
|
|
|
-
|
|
|
42,263
|
|
|
4,679,782
|
|
|
42,263
|
|
|
4,679,782
|
|
iShares JPMorgan
USD Emerging Markets Bond Fund
|
|
|
|
17,456
|
|
|
2,050,556
|
|
|
72,144
|
|
|
8,474,756
|
|
|
89,600
|
|
|
10,525,312
|
|
PIMCO 0-5 Year
High Yield Corporate Bond Index Exchange-Traded Fund
|
|
|
|
10,081
|
|
|
1,054,170
|
|
|
18,844
|
|
|
1,970,517
|
|
|
28,925
|
|
|
3,024,687
|
|
PowerShares Build
America Bond Portfolio
|
|
|
|
139,796
|
|
|
4,234,421
|
|
|
212,663
|
|
|
6,441,562
|
|
|
352,459
|
|
|
10,675,983
|
|
PowerShares
Emerging Markets Sovereign Debt Portfolio
|
|
|
|
56,351
|
|
|
1,678,133
|
|
|
202,434
|
|
|
6,028,485
|
|
|
258,785
|
|
|
7,706,618
|
|
PowerShares
Senior Loan Portfolio
|
|
|
|
82,972
|
|
|
2,083,427
|
|
|
140,519
|
|
|
3,528,432
|
|
|
223,491
|
|
|
5,611,859
|
|
SPDR Barclays
International Treasury Bond ETF
|
|
|
|
29,222
|
|
|
1,709,487
|
|
|
245,236
|
|
|
14,346,306
|
|
|
274,458
|
|
|
16,055,793
|
|
SPDR Barclays
Short Term High Yield Bond ETF
|
|
|
|
33,732
|
|
|
1,041,644
|
|
|
51,685
|
|
|
1,596,033
|
|
|
85,417
|
|
|
2,637,677
|
|
SPDR Barclays
Short Term International Treasury Bond ETF
|
|
|
|
-
|
|
|
-
|
|
|
54,377
|
|
|
1,923,314
|
|
|
54,377
|
|
|
1,923,314
|
|
Vanguard FTSE
Emerging Markets ETF
|
|
|
|
70,626
|
|
|
3,029,149
|
|
|
-
|
|
|
-
|
|
|
70,626
|
|
|
3,029,149
|
|
Vanguard FTSE
Europe ETF
|
|
|
|
41,355
|
|
|
2,031,771
|
|
|
-
|
|
|
-
|
|
|
41,355
|
|
|
2,031,771
|
|
Vanguard
Mortgage-Backed Securities ETF
|
|
|
|
66,038
|
|
|
3,443,222
|
|
|
-
|
|
|
-
|
|
|
66,038
|
|
|
3,443,222
|
|
Vanguard Total
Bond Market ETF
|
|
|
|
-
|
|
|
-
|
|
|
73,221
|
|
|
6,124,204
|
|
|
73,221
|
|
|
6,124,204
|
|
TOTAL INVESTMENT
COMPANIES
|
|
|
|
|
|
$
|
32,445,024
|
|
|
|
|
$
|
87,145,456
|
|
|
|
|
$
|
119,590,480
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Troy
Ounces
|
|
|
|
|
Troy
Ounces
|
|
|
|
|
Troy
Ounces
|
|
|
|
PRECIOUS
METALS
|
|
4.21
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gold Bullion (a)
|
|
|
|
10,492
|
|
|
$
|
16,766,621
|
|
|
16,228
|
|
|
$
|
25,934,129
|
|
|
26,720
|
|
|
$
|
42,700,750
|
|
TOTAL PRECIOUS
METALS
|
|
|
|
|
|
|
$
|
16,766,621
|
|
|
|
|
|
$
|
25,934,129
|
|
|
|
|
|
$
|
42,700,750
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
|
|
|
|
Principal
Amount
|
|
|
|
|
|
Principal
Amount
|
|
|
|
|
CORPORATE
BONDS
|
|
7.45
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Biotechnology
|
|
0.15
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amgen, Inc.,
4.100%, 06/15/2021
|
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
1,417,000
|
|
|
$
|
1,567,799
|
|
|
$
|
1,417,000
|
|
|
$
|
1,567,799
|
|
Capital
Markets
|
|
0.50
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goldman Sachs
Group, Inc., 6.150%, 04/01/2018
|
|
|
|
|
1,987,000
|
|
|
|
2,341,415
|
|
|
|
2,339,000
|
|
|
|
2,756,200
|
|
|
|
4,326,000
|
|
|
|
5,097,615
|
|
Computers
& Peripherals
|
|
0.40
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hewlett-Packard
Co., 4.750%, 06/02/2014
|
|
|
|
|
1,800,000
|
|
|
|
1,880,122
|
|
|
|
2,118,000
|
|
|
|
2,212,276
|
|
|
|
3,918,000
|
|
|
|
4,092,398
|
|
Consumer
Finance
|
|
0.27
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital One
Financial Corp., 7.375%, 05/23/2014
|
|
|
|
|
1,175,000
|
|
|
|
1,261,330
|
|
|
|
1,383,000
|
|
|
|
1,484,612
|
|
|
|
2,558,000
|
|
|
|
2,745,942
|
|
Diversified
Financial Services
|
|
0.44
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JPMorgan Chase
& Co., 3.150%, 07/05/2016
|
|
|
|
|
1,956,000
|
|
|
|
2,073,917
|
|
|
|
2,302,000
|
|
|
|
2,440,776
|
|
|
|
4,258,000
|
|
|
|
4,514,693
|
|
Diversified
Telecommunication
|
|
0.68
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AT&T, Inc.,
5.100%, 09/15/2014
|
|
|
|
|
1,853,000
|
|
|
|
1,970,523
|
|
|
|
2,181,000
|
|
|
|
2,319,326
|
|
|
|
4,034,000
|
|
|
|
4,289,849
|
|
Cellco
Partnership / Verizon Wireless Capital LLC, 5.550%, 02/01/2014
|
|
|
|
|
1,135,000
|
|
|
|
1,179,667
|
|
|
|
1,336,000
|
|
|
|
1,388,577
|
|
|
|
2,471,000
|
|
|
|
2,568,244
|
|
|
|
|
|
|
|
|
|
|
3,150,190
|
|
|
|
|
|
|
|
3,707,903
|
|
|
|
|
|
|
|
6,858,093
|
|
Electric
Utilities
|
|
0.55
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Duke Energy
Corp., 3.950%, 09/15/2014
|
|
|
|
|
1,150,000
|
|
|
|
1,203,037
|
|
|
|
1,354,000
|
|
|
|
1,416,445
|
|
|
|
2,504,000
|
|
|
|
2,619,482
|
|
Oncor Electric
Delivery Co., LLC, 6.800%, 09/01/2018
|
|
|
|
|
1,078,000
|
|
|
|
1,341,786
|
|
|
|
1,268,000
|
|
|
|
1,578,278
|
|
|
|
2,346,000
|
|
|
|
2,920,064
|
|
|
|
|
|
|
|
|
|
|
2,544,823
|
|
|
|
|
|
|
|
2,994,723
|
|
|
|
|
|
|
|
5,539,546
|
|
Health
Care Providers & Services
|
|
0.28
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Coventry Health
Care, Inc., 5.950%, 03/15/2017
|
|
|
|
|
1,134,000
|
|
|
|
1,314,763
|
|
|
|
1,335,000
|
|
|
|
1,547,803
|
|
|
|
2,469,000
|
|
|
|
2,862,566
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrial
Conglomerates
|
|
0.46
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General Electric
Co., 5.250%, 12/06/2017
|
|
|
|
|
1,843,000
|
|
|
|
2,158,870
|
|
|
|
2,169,000
|
|
|
|
2,540,743
|
|
|
|
4,012,000
|
|
|
|
4,699,613
|
|
Internet
& Catalog Retail
|
|
0.44
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expedia, Inc.,
7.456%, 08/15/2018
|
|
|
|
|
1,700,000
|
|
|
|
2,031,403
|
|
|
|
2,026,000
|
|
|
|
2,420,954
|
|
|
|
3,726,000
|
|
|
|
4,452,357
|
|
Media
|
|
0.44
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Warner
Cable, Inc., 8.250%, 04/01/2019
|
|
|
|
|
1,587,000
|
|
|
|
2,065,834
|
|
|
|
1,868,000
|
|
|
|
2,431,619
|
|
|
|
3,455,000
|
|
|
|
4,497,453
|
|
Metals
& Mining
|
|
0.35
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nabors
Industries, Inc., 9.250%, 01/15/2019
|
|
|
|
|
1,275,000
|
|
|
|
1,639,882
|
|
|
|
1,500,000
|
|
|
|
1,929,273
|
|
|
|
2,775,000
|
|
|
|
3,569,155
|
|
Oil,
Gas & Consumable Fuels
|
|
1.20
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Anadarko
Petroleum Corp., 5.950%, 09/15/2016
|
|
|
|
|
1,452,000
|
|
|
|
1,671,407
|
|
|
|
1,709,000
|
|
|
|
1,967,242
|
|
|
|
3,161,000
|
|
|
|
3,638,649
|
|
Enterprise
Products Operating, LLC, 5.600%, 10/15/2014
|
|
|
|
|
939,000
|
|
|
|
1,006,561
|
|
|
|
1,105,000
|
|
|
|
1,184,505
|
|
|
|
2,044,000
|
|
|
|
2,191,066
|
|
Petrobras
International Finance Co., 6.125%, 10/06/2016 (b)
|
|
|
|
|
1,456,000
|
|
|
|
1,627,808
|
|
|
|
1,714,000
|
|
|
|
1,916,252
|
|
|
|
3,170,000
|
|
|
|
3,544,060
|
|
Petrohawk Energy
Corp., 7.250%, 08/15/2018
|
|
|
|
|
1,141,000
|
|
|
|
1,276,716
|
|
|
|
1,343,000
|
|
|
|
1,502,743
|
|
|
|
2,484,000
|
|
|
|
2,779,459
|
|
|
|
|
|
|
|
|
|
|
5,582,492
|
|
|
|
|
|
|
|
6,570,742
|
|
|
|
|
|
|
|
12,153,234
|
|
Pharmaceuticals
|
|
0.14
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospira, Inc.,
6.050%, 03/30/2017
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,231,000
|
|
|
|
1,400,803
|
|
|
|
1,231,000
|
|
|
|
1,400,803
|
|
Real
Estate Investment Trusts
|
|
0.15
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vornado Realty
LP, 4.250%, 04/01/2015
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,451,000
|
|
|
|
1,533,646
|
|
|
|
1,451,000
|
|
|
|
1,533,646
|
|
Semiconductors
& Semiconductor
|
|
0.27
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KLA-Tencor Corp.,
6.900%, 05/01/2018
|
|
|
|
|
1,057,000
|
|
|
|
1,267,138
|
|
|
|
1,244,000
|
|
|
|
1,491,315
|
|
|
|
2,301,000
|
|
|
|
2,758,453
|
|
Software
|
|
0.26
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BMC Software,
Inc., 7.250%, 06/01/2018
|
|
|
|
|
1,071,000
|
|
|
|
1,220,808
|
|
|
|
1,260,000
|
|
|
|
1,436,245
|
|
|
|
2,331,000
|
|
|
|
2,657,053
|
|
Tobacco
|
|
0.13
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Altria Group,
Inc., 9.700%, 11/10/2018
|
|
|
|
|
421,000
|
|
|
|
585,893
|
|
|
|
495,000
|
|
|
|
688,876
|
|
|
|
916,000
|
|
|
|
1,274,769
|
|
B-10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
|
|
|
|
Principal
Amount
|
|
|
|
|
|
Principal
Amount
|
|
|
|
|
Wireless
Telecommunication Services
|
|
0.34
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rogers
Communications, Inc., 6.375%, 03/01/2014 (b)
|
|
|
|
|
1,488,000
|
|
|
1,564,379
|
|
|
|
1,752,000
|
|
|
1,841,930
|
|
|
|
3,240,000
|
|
|
3,406,309
|
|
TOTAL CORPORATE
BONDS
|
|
|
|
|
|
|
$
|
32,683,259
|
|
|
|
|
|
$
|
42,998,238
|
|
|
|
|
|
$
|
75,681,497
|
|
UNITED
STATES TREASURY OBLIGATIONS
|
|
3.39
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United
States Treasury Inflation Indexed Bonds
|
|
1.80
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.125%,
01/15/2022
|
|
|
|
$
|
2,034,860
|
|
$
|
2,214,023
|
|
|
$
|
3,866,234
|
|
$
|
4,206,644
|
|
|
$
|
5,901,094
|
|
$
|
6,420,667
|
|
0.125%,
07/15/2022
|
|
|
|
|
2,503,450
|
|
|
2,728,175
|
|
|
|
-
|
|
|
-
|
|
|
|
2,503,450
|
|
|
2,728,175
|
|
0.625%,
07/15/2021
|
|
|
|
|
2,043,440
|
|
|
2,337,184
|
|
|
|
-
|
|
|
-
|
|
|
|
2,043,440
|
|
|
2,337,184
|
|
1.250%,
07/15/2020
|
|
|
|
|
2,111,840
|
|
|
2,522,494
|
|
|
|
3,590,128
|
|
|
4,288,239
|
|
|
|
5,701,968
|
|
|
6,810,733
|
|
|
|
|
|
|
|
|
|
9,801,876
|
|
|
|
|
|
|
8,494,883
|
|
|
|
|
|
|
18,296,759
|
|
United
States Treasury Notes
|
|
1.59
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.625%,
11/30/2017
|
|
|
|
|
3,700,000
|
|
|
3,687,572
|
|
|
|
-
|
|
|
-
|
|
|
|
3,700,000
|
|
|
3,687,572
|
|
1.000%,
11/30/2019
|
|
|
|
|
2,800,000
|
|
|
2,771,345
|
|
|
|
3,463,000
|
|
|
3,427,560
|
|
|
|
6,263,000
|
|
|
6,198,905
|
|
1.375%, 09/30/2018
|
|
|
|
|
2,700,000
|
|
|
2,772,562
|
|
|
|
3,344,000
|
|
|
3,433,870
|
|
|
|
6,044,000
|
|
|
6,206,432
|
|
|
|
|
|
|
|
|
|
9,231,479
|
|
|
|
|
|
|
6,861,430
|
|
|
|
|
|
|
16,092,909
|
|
TOTAL UNITED
STATES TREASURY OBLIGATIONS
|
|
|
|
|
|
|
$
|
19,033,355
|
|
|
|
|
|
$
|
15,356,313
|
|
|
|
|
|
$
|
34,389,668
|
|
FOREIGN
GOVERNMENT BONDS
|
|
0.57
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mexico Government
International Bond, 5.625%, 01/15/2017 (b)
|
|
|
|
$
|
-
|
|
$
|
-
|
|
|
$
|
2,800,000
|
|
$
|
3,220,000
|
|
|
$
|
2,800,000
|
|
$
|
3,220,000
|
|
Province of
Manitoba Canada, 1.300%, 04/03/2017 (b)
|
|
|
|
|
2,500,000
|
|
|
2,546,500
|
|
|
|
-
|
|
|
-
|
|
|
|
2,500,000
|
|
|
2,546,500
|
|
TOTAL FOREIGN
GOVERNMENT BONDS
|
|
|
|
|
|
|
$
|
2,546,500
|
|
|
|
|
|
$
|
3,220,000
|
|
|
|
|
|
$
|
5,766,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHORT-TERM
INVESTMENTS
|
|
3.77
|
%
|
Shares
|
|
|
|
|
|
Shares
|
|
|
|
|
|
Shares
|
|
|
|
|
Money
Market Funds
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fidelity
Institutional Money Market Funds - Government Portfolio, 0.01% (c)(d)
|
|
|
|
|
10,839,107
|
|
|
$
|
10,839,107
|
|
|
|
27,475,534
|
|
|
$
|
27,475,534
|
|
|
|
38,314,641
|
|
|
$
|
38,314,641
|
|
TOTAL SHORT-TERM
INVESTMENTS
|
|
|
|
|
|
|
|
$
|
10,839,107
|
|
|
|
|
|
|
$
|
27,475,534
|
|
|
|
|
|
|
$
|
38,314,641
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Investments (e)
|
|
99.07
|
%
|
|
|
|
|
$
|
346,435,528
|
|
|
|
|
|
|
$
|
659,337,814
|
|
|
|
|
|
|
$
|
1,005,773,342
|
|
Total
Investments At Cost
|
|
|
|
|
|
|
|
|
302,010,834
|
|
|
|
|
|
|
|
564,719,494
|
|
|
|
|
|
|
|
866,730,328
|
|
Other
Assets in Excess of Liabilities
|
|
0.93
|
%
|
|
|
|
|
|
(354,814
|
)
|
|
|
|
|
|
|
9,809,660
|
|
|
|
|
|
|
|
9,454,846
|
|
TOTAL
NET ASSETS - 100.00%
|
|
100.00
|
%
|
|
|
|
|
$
|
346,080,714
|
|
|
|
|
|
|
$
|
669,147,474
|
|
|
|
|
|
|
$
|
1,015,228,188
|
|
|
|
Percentages are stated as a percent of net assets.
|
ADR
|
American Depository Receipt
|
(a)
|
Non-income producing security.
|
(b)
|
Foreign issued security.
|
(c)
|
The rate quoted is the annualized seven-day yield as
of March 31, 2013.
|
(d)
|
All or a portion of the assets have been committed
as collateral for futures contracts.
|
(e)
|
All of the investments of the Leuthold Asset
Allocation Fund are eligible investments of the Leuthold Core Investment
Fund.
|
The
Global Industry Classification Standard (GICS
®) was developed
by and/or is the exclusive property
of MSCI,
Inc. and Standard & Poor Financial Services LLC (S&P). GICS is a
service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp
Fund Services, LLC.
The acompanying notes are an integral part of these
consolidated financial statements.
B-11
Leuthold
Core Investment Fund
Pro Forma
Consolidated Schedule of Futures Contracts
March 31, 2013
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leuthold
Asset Allocation Fund
|
|
Leuthold
Core Investment Fund
|
|
Leuthold
Core Investment Fund
Pro Forma Combined
|
|
|
Contracts
|
|
Expiration
Date
|
|
Notional
Amount
|
|
|
Unrealized
Appreciation/
(Depreciation)
|
|
|
Contracts
|
|
Expiration
Date
|
|
Notional
Amount
|
|
|
Unrealized
Appreciation/
(Depreciation)
|
|
|
Contracts
|
|
Expiration
Date
|
|
Notional
Amount
|
|
|
Unrealized
Appreciation/
(Depreciation)
|
LONG FUTURES CONTRACTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
E-Mini S&P
500
|
|
45
|
|
Sept 2013
|
|
$
|
3,554,446
|
|
|
$
|
60,404
|
|
|
0
|
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
45
|
|
Sept 2013
|
|
$
|
3,554,446
|
|
|
$
|
60,404
|
|
Total Long Futures Contracts
|
|
|
|
|
|
$
|
3,554,446
|
|
|
$
|
60,404
|
|
|
|
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
|
|
|
|
$
|
3,554,446
|
|
|
$
|
60,404
|
|
The acompanying notes are an integral part of these
consolidated financial statements.
B-12
Leuthold
Core Investment Fund
Pro Forma
Statements of Assets and Liabilities
March 31, 2013
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leuthold
Asset
Allocation Fund
(Consolidated)
|
|
Leuthold
Core
Investment Fund
(Consolidated)
|
|
Pro
Forma
Adjustments
|
|
Leuthold Core
Investment Fund
Pro Forma
Combined
|
|
ASSETS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments, at cost
|
|
$
|
302,010,834
|
|
|
$
|
564,719,494
|
|
|
$
|
-
|
|
|
$
|
866,730,328
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments, at
fair value
|
|
$
|
346,435,528
|
|
|
$
|
659,337,814
|
|
|
$
|
-
|
|
|
$
|
1,005,773,342
|
|
|
Cash
|
|
|
80,351
|
|
|
|
48,310
|
|
|
|
-
|
|
|
|
128,661
|
|
|
Foreign currency
|
|
|
-
|
|
|
|
8,041
|
|
|
|
-
|
|
|
|
8,041
|
|
|
Receivable for
Fund shares sold
|
|
|
169,210
|
|
|
|
327,901
|
|
|
|
-
|
|
|
|
497,111
|
|
|
Receivable for
investments sold
|
|
|
46,458
|
|
|
|
13,583,013
|
|
|
|
-
|
|
|
|
13,629,471
|
|
|
Deposits at
broker
|
|
|
224
|
|
|
|
8,793,434
|
|
|
|
-
|
|
|
|
8,793,658
|
|
|
Collateral at
broker for futures contracts
|
|
|
540,049
|
|
|
|
-
|
|
|
|
-
|
|
|
|
540,049
|
|
|
Interest
receivable
|
|
|
521,688
|
|
|
|
706,498
|
|
|
|
-
|
|
|
|
1,228,186
|
|
|
Dividends
receivable
|
|
|
579,950
|
|
|
|
727,740
|
|
|
|
-
|
|
|
|
1,307,690
|
|
|
Receivable for
variation margin on futures contracts
|
|
|
20,355
|
|
|
|
-
|
|
|
|
-
|
|
|
|
20,355
|
|
|
Other assets
|
|
|
40,872
|
|
|
|
58,128
|
|
|
|
-
|
|
|
|
99,000
|
|
|
Total Assets
|
|
|
348,434,685
|
|
|
|
683,590,879
|
|
|
|
-
|
|
|
|
1,032,025,564
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest payable
on securities sold short
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Payable for
investments purchased
|
|
|
-
|
|
|
|
13,085,993
|
|
|
|
-
|
|
|
|
13,085,993
|
|
|
Payable for Fund
shares redeemed
|
|
|
1,340,130
|
|
|
|
280,505
|
|
|
|
-
|
|
|
|
1,620,635
|
|
|
Payable to
Adviser
|
|
|
274,880
|
|
|
|
508,170
|
|
|
|
-
|
|
|
|
783,050
|
|
|
Payable to
Custodian
|
|
|
79,157
|
|
|
|
56,103
|
|
|
|
-
|
|
|
|
135,260
|
|
|
Distribution
(Rule 12b-1) fees payable
|
|
|
256,481
|
|
|
|
-
|
|
|
|
-
|
|
|
|
256,481
|
|
|
Shareholder
servicing fees payable
|
|
|
-
|
|
|
|
93,518
|
|
|
|
-
|
|
|
|
93,518
|
|
|
Accrued expenses
and other liabilities
|
|
|
403,323
|
|
|
|
419,116
|
|
|
|
-
|
|
|
|
822,439
|
|
|
Total
Liabilities
|
|
|
2,353,971
|
|
|
|
14,443,405
|
|
|
|
-
|
|
|
|
16,797,376
|
|
|
NET ASSETS
|
|
$
|
346,080,714
|
|
|
$
|
669,147,474
|
|
|
$
|
-
|
|
|
$
|
1,015,228,188
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS
CONSIST OF:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital stock
|
|
$
|
611,885,035
|
|
|
$
|
551,617,226
|
|
|
|
-
|
|
|
$
|
1,163,502,261
|
|
|
Accumulated net
investment income (loss)
|
|
|
(3,487,566
|
)
|
|
|
(2,503,296
|
)
|
|
|
-
|
|
|
|
(5,990,862
|
)
|
|
Accumulated net
realized gain (loss)
|
|
|
(307,053,117
|
)
|
|
|
25,097,972
|
|
|
|
-
|
|
|
|
(281,955,145
|
)
|
|
Net unrealized
appreciation (depreciation) on investments
|
|
|
44,675,958
|
|
|
|
94,935,572
|
|
|
|
-
|
|
|
|
139,611,530
|
|
|
Net unrealized
appreciation (depreciation) on futures contracts
|
|
|
60,404
|
|
|
|
-
|
|
|
|
-
|
|
|
|
60,404
|
|
|
Total Net Assets
|
|
$
|
346,080,714
|
|
|
$
|
669,147,474
|
|
|
$
|
-
|
|
|
$
|
1,015,228,188
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Class
Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets
|
|
$
|
253,512,191
|
|
|
$
|
461,019,313
|
|
|
|
|
|
|
$
|
714,531,504
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
outstanding (1,000,000,000 shares of $0.0001 par value authorized)
|
|
|
23,794,409
|
|
|
|
25,956,083
|
|
|
|
14,274,335
|
|
(a)
|
|
40,230,418
|
|
|
Net Asset Value,
Redemption Price and Offering Price Per Share
|
|
$
|
10.65
|
|
*
|
$
|
17.76
|
|
*
|
|
|
|
|
$
|
17.76
|
|
*
|
Institutional
Class Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets
|
|
|
92,568,523
|
|
|
|
208,128,161
|
|
|
|
|
|
|
$
|
300,696,684
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
outstanding (1,000,000,000 shares of $0.0001 par value authorized)
|
|
|
8,655,245
|
|
|
|
11,723,930
|
|
|
|
5,215,128
|
|
(a)
|
|
16,939,058
|
|
|
Net Asset Value,
Redemption Price and Offering Price Per Share
|
|
$
|
10.70
|
|
*
|
$
|
17.75
|
|
*
|
|
|
|
|
$
|
17.75
|
|
*
|
* Redemption price may differ from NAV if redemption
fee is applied.
(a) Adjustment reflects shares issued in conversion.
The acompanying notes are an integral part of these
consolidated financial statements.
B-13
Leuthold
Core Investment Fund
Pro Forma
Statements of Operations
For the Six Months Ended
March 31, 2013
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leuthold
Asset
Allocation Fund
(Consolidated)
|
|
Leuthold
Core
Investment Fund
(Consolidated)
|
|
Pro
Forma
Adjustments
|
|
Leuthold
Core
Investment Fund
Pro Forma
Combined
|
INVESTMENT
INCOME:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend income
(a)
|
|
$
|
5,785,201
|
|
|
$
|
6,299,963
|
|
|
$
|
-
|
|
|
$
|
12,085,164
|
|
Interest income
|
|
|
499,109
|
|
|
|
677,449
|
|
|
|
-
|
|
|
|
1,176,558
|
|
Total investment
income
|
|
|
6,284,310
|
|
|
|
6,977,412
|
|
|
|
-
|
|
|
|
13,261,722
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
advisor fees (Note 3)
|
|
|
2,172,609
|
|
|
|
3,218,316
|
|
|
|
-
|
|
|
|
5,390,925
|
|
Administration
fees
|
|
|
88,660
|
|
|
|
131,568
|
|
|
|
-
|
|
|
|
220,228
|
|
Transfer agent
fees
|
|
|
216,199
|
|
|
|
103,557
|
|
|
|
-
|
|
|
|
319,756
|
|
Legal fees
|
|
|
5,451
|
|
|
|
5,279
|
|
|
|
-
|
|
|
|
10,730
|
|
Audit fees
|
|
|
32,007
|
|
|
|
30,362
|
|
|
|
(32,007
|
)
|
(b)
|
|
30,362
|
|
Fund accounting
fees
|
|
|
36,827
|
|
|
|
51,549
|
|
|
|
|
|
|
|
88,376
|
|
Custody fees
|
|
|
94,676
|
|
|
|
74,662
|
|
|
|
|
|
|
|
169,338
|
|
Shareholder
servicing fees - Retail Class
|
|
|
-
|
|
|
|
246,811
|
|
|
|
189,823
|
|
(c)
|
|
436,634
|
|
Registration
fees
|
|
|
21,501
|
|
|
|
23,783
|
|
|
|
(21,501
|
)
|
(b)
|
|
23,783
|
|
Report to
shareholders
|
|
|
21,105
|
|
|
|
64,039
|
|
|
|
|
|
|
|
85,144
|
|
Directors fees
|
|
|
36,786
|
|
|
|
54,213
|
|
|
|
|
|
|
|
90,999
|
|
Distribution
(Rule 12b-1) fees - Retail Class (Note 4)
|
|
|
353,879
|
|
|
|
-
|
|
|
|
(353,879
|
)
|
(d)
|
|
-
|
|
Other
|
|
|
18,605
|
|
|
|
22,454
|
|
|
|
|
|
|
|
41,059
|
|
Total expenses
before dividends and interest on short positions
|
|
|
3,098,305
|
|
|
|
4,026,593
|
|
|
|
(217,564
|
)
|
|
|
6,907,334
|
|
Dividends and
interest on short positions
|
|
|
41,920
|
|
|
|
456,556
|
|
|
|
|
|
|
|
498,476
|
|
(Reimbursement)
or recovery from Adviser (Note 3)
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
-
|
|
Total expenses
|
|
|
3,140,225
|
|
|
|
4,483,149
|
|
|
|
(217,564
|
)
|
|
|
7,405,810
|
|
NET INVESTMENT
INCOME (LOSS)
|
|
$
|
3,144,085
|
|
|
$
|
2,494,263
|
|
|
$
|
217,564
|
|
|
$
|
5,855,912
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REALIZED AND
UNREALIZED GAIN (LOSS) ON INVESTMENTS, INVESTMENT COMPANIES, SHORT POSITIONS,
FOREIGN CURRENCY AND FOREIGN CURRENCY TRANSLATION AND FUTURES CONTRACTS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized
gain (loss) on:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
$
|
42,350,558
|
|
|
$
|
35,016,552
|
|
|
$
|
-
|
|
|
$
|
77,367,110
|
|
Investment
companies
|
|
|
309,583
|
|
|
|
1,047,819
|
|
|
|
-
|
|
|
|
1,357,402
|
|
Realized gain
distributions received from investment companies
|
|
|
204,669
|
|
|
|
277,626
|
|
|
|
-
|
|
|
|
482,295
|
|
Short positions
|
|
|
(391,530
|
)
|
|
|
(3,221,625
|
)
|
|
|
-
|
|
|
|
(3,613,155
|
)
|
Foreign currency
and foreign currency translation
|
|
|
(815
|
)
|
|
|
(10,107
|
)
|
|
|
-
|
|
|
|
(10,922
|
)
|
Net unrealized
appreciation (depreciation) during the period on:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
|
(22,551,283
|
)
|
|
|
17,203,898
|
|
|
|
-
|
|
|
|
(5,347,385
|
)
|
Investment
companies
|
|
|
(2,141,039
|
)
|
|
|
(3,306,785
|
)
|
|
|
-
|
|
|
|
(5,447,824
|
)
|
Short positions
|
|
|
253,848
|
|
|
|
316,450
|
|
|
|
-
|
|
|
|
570,298
|
|
Foreign currency
and foreign currency translation
|
|
|
(183
|
)
|
|
|
175
|
|
|
|
-
|
|
|
|
(8
|
)
|
Futures
contracts
|
|
|
60,404
|
|
|
|
-
|
|
|
|
-
|
|
|
|
60,404
|
|
Net realized and
unrealized gain (loss) on investments, investment companies, short positions, foreign currency
and foreign currency translation and futures contracts
|
|
|
18,094,212
|
|
|
|
47,324,003
|
|
|
|
-
|
|
|
|
65,418,215
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCREASE
(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
|
|
$
|
21,238,297
|
|
|
$
|
49,818,266
|
|
|
$
|
217,564
|
|
|
$
|
71,274,127
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Net of
foreign taxes withheld of:
|
|
$
|
118,620
|
|
|
$
|
69,181
|
|
|
$
|
-
|
|
|
$
|
187,801
|
|
(b) The adjustments to audit and registration fees
reflect the elimination of duplicate costs or economies of scale.
(c) The adjustments to shareholder servicing fees
reflects the increase in total assets.
(d) The surviving Fund will have no distribution (Rule
12b-1) fees.
B-14
Leuthold Core Investment Fund
Pro Forma
Annual Fund Operating Expenses
For the Year Ended September 30, 2012 (Unaudited)
Retail Class
|
|
|
|
|
|
|
Leuthold Asset
Allocation Fund
|
|
Leuthold Core
Investment Fund
|
|
Leuthold Core
Investment Fund
Pro Forma
Combined
|
Investment advisory fees
|
0.90%
|
|
0.90%
|
|
0.90%
|
Distribution (Rule 12b-1) fees
|
0.22%
|
|
0.00%
|
|
0.00%
|
Shareholder servicing fees
|
0.00%
|
|
0.11%
|
|
0.11%
|
Dividends and interest on short positions
|
0.08%
|
|
0.08%
|
|
0.08%
|
Other expenses
|
0.22%
|
|
0.13%
|
|
0.13%
|
Acquired Fund Fees and Expenses
(1)
|
0.04%
|
|
0.04%
|
|
0.04%
|
Total Fund Operating Expenses
|
1.46%
|
|
1.26%
|
|
1.26%
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional Class
|
|
|
|
|
|
|
Leuthold Asset
Allocation Fund
|
|
Leuthold Core
Investment Fund
|
|
Leuthold Core
Investment Fund
Pro Forma
Combined
|
Investment advisory fees
|
0.90%
|
|
0.90%
|
|
0.90%
|
Distribution (Rule 12b-1) fees
|
0.00%
|
|
0.00%
|
|
0.00%
|
Shareholder servicing fees
|
0.00%
|
|
0.00%
|
|
0.00%
|
Dividends and interest on short positions
|
0.08%
|
|
0.08%
|
|
0.08%
|
Other expenses
|
0.29%
|
|
0.16%
|
|
0.16%
|
Acquired Fund Fees and Expenses
(1)
|
0.04%
|
|
0.04%
|
|
0.04%
|
Total Fund Operating Expenses
|
1.31%
|
|
1.18%
|
|
1.18%
|
|
|
|
|
|
|
Expense Limit (Total Fund)
(2)
|
1.50%
|
|
1.25%
|
|
1.25%
|
|
(1)
|
The Funds indirectly bear a pro rata share of the fees and expenses of each underlying Fund in which they invest. Since Acquired
Fund Fees and Expenses are not directly borne by a Fund, they are not reflected in the Fund’s financial statements, with
the result that the information presented in the Fund’s expense table may differ from that presented in the financial highlights.
|
|
(2)
|
The Fund’s investment adviser has agreed to waive its advisory fee to the extent necessary to insure the net expenses
(excluding Acquired Fund Fees and Expenses) does not exceed 1.50% and 1.25% of average daily net assets for the Leuthold Asset
Allocation Fund and Leuthold Core Investment Fund, respectively. The investment adviser may recover waived fees in subsequent years.
|
B-15
Leuthold Core Investment
Fund
Notes to Pro Forma Combining Financial Statements
March 31, 2013 (Unaudited)
1.
Description of the Funds and Basis
of Combination
The Leuthold Asset Allocation Fund (the “Target
Fund”) and the Leuthold Core Investment Fund (the “Acquiring Fund”) are each separate series of Leuthold Funds,
Inc. (the “Company”). The Company was incorporated on August 30, 1995, as a Maryland Corporation and is registered
with the Securities and Exchange Commission as an open-end management investment company under the Investment Company Act of 1940,
as amended. The investment objective of the Target Fund is total return. The Target Fund’s Retail Class and Institutional
Class commenced operations on May 24, 2006 and January 31, 2007, respectively. The investment objective of the Acquiring Fund is
also total return. The Acquiring Fund’s Retail Class and Institutional Class commenced operations on November 20, 1995 and
January 31, 2006, respectively.
The pro forma combined Statement of Assets
and Liabilities, Statement of Operations, and Schedule of Investments reflect the accounts of the Target Fund and the Acquiring
Fund as if the proposed reorganization occurred as of and for the six months ended March 31, 2013. These statements have been derived
from books and records utilized in calculating daily net asset value at March 31, 2013. The Acquiring Fund will be the accounting
survivor of the reorganization.
The accompanying pro forma financial statements
should be read in conjunction with the financial statements of Target Fund and Acquiring Fund included in the semi-annual report
dated March 31, 2013.
The reorganization involves the transfer
of all of the assets and stated liabilities of the Target Fund to the Acquiring Fund in exchange for shares of common stock
of the Acquiring Fund, and the pro rata distribution of such shares of the Acquiring Fund to the shareholders of the Target
Fund, as provided in the Plan of Acquisition and Liquidation. The reorganization is intended to qualify as a tax-free reorganization so
that shareholders of the Target Fund will not recognize any gain or loss through the exchange of shares in the
reorganization.
2.
Significant Accounting Policies
The preparation of financial statements in
conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ
from those estimates. The following is a summary of significant accounting policies consistently followed by each Fund in the preparation
of its financial statements.
Investment Valuation – Securities listed
on a national securities exchange are valued at the last sale price on the day the valuation is made, and securities that are traded
on the NASDAQ Global Market, NASDAQ Global Select Market or the NASDAQ Capital Market are valued at the NASDAQ Official Closing
Price. Price information on listed stocks is taken from the exchange where the security is primarily traded. Securities, including
securities sold short, which are listed on an exchange but which are not traded on the valuation date are valued at the mean between
the bid and the asked prices. Unlisted securities for which market quotations are readily available are valued at the latest quoted
bid price or, if unavailable, at prices provided by an independent pricing service. Securities sold short which are not listed
on an exchange but for which market quotations are readily available are valued at the average of the current bid and asked prices.
Debt securities are valued at bid prices provided by an independent pricing service that may use a matrix pricing method or other
analytical pricing model. Other assets, including certain investments in open-end investment companies, and securities for which
no quotations are readily available are valued at fair value as determined in good faith by the Board of Directors and the Funds’
Fair Value Pricing Committee. Short-term instruments (those with remaining maturities of 60 days or less) are valued at amortized
cost, which approximates market value. Exchange traded options are valued at the last reported sale price on an exchange on which
the option is traded. If no sales are reported on a particular day, the mean between the highest bid and lowest asked quotations
at the close of the exchanges is used. Non-exchange traded options also will be valued at the mean between the last bid and asked
quotations. For options where market quotations are not readily available, fair value shall be determined.
The Funds may invest in foreign securities.
Trading in foreign securities may be completed at times that vary from the closing of the New York Stock Exchange. The Board has
approved the use of their independent pricing provider’s proprietary fair value pricing model to assist in determining current
valuation for foreign securities traded in markets that close prior to the New York Stock Exchange. Foreign securities quoted in
foreign currencies are translated into U.S. dollars at current rates. Occasionally, events that affect these values and exchange
rates may occur between the times at which they are determined and the closing of the New York Stock Exchange. If these events
materially affect the value of portfolio securities, then these securities may be valued as determined in good faith by the Funds’
Board of Directors. Some of the factors which may be considered by the Board of Directors and the Funds’ Fair Value Pricing
Committee in determining fair value are fundamental analytical data relating to the investment, the nature and duration of any
restrictions on disposition, trading in similar securities of the same issuer or comparable companies, information from broker
dealers, and an evaluation of the forces that influence the market in which the securities are purchased and sold. The use of fair
value pricing by a Fund may cause the net asset value of its shares to differ significantly from the net asset value that would
be calculated without regard to such considerations.
Physical metals are valued at prices provided
by an independent pricing service. The Target Fund and the Acquiring Fund may invest in metals such as aluminum, copper, zinc,
lead, nickel, tin, silver, palladium and other industrial and precious metals. Metals not traded on an exchange are valued at the
mid-point between the closing bid and asked prices as obtained from a commonly used reputable pricing source.
Fair Valuation Measurements – The Funds
have 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 Funds’ 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 Funds’ net assets as of March 31, 2013:
Target Fund
|
Investments at Fair Value
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
Common Stocks
|
|
$
|
205,922,461
|
|
|
$
|
25,541,883
|
|
|
$
|
—
|
|
|
$
|
231,464,344
|
|
Preferred Stocks
|
|
|
657,318
|
|
|
|
—
|
|
|
|
—
|
|
|
|
657,318
|
|
Exchange Traded Funds
|
|
|
32,445,024
|
|
|
|
—
|
|
|
|
—
|
|
|
|
32,445,024
|
|
Precious Metals
|
|
|
—
|
|
|
|
16,766,621
|
|
|
|
—
|
|
|
|
16,766,621
|
|
Corporate Bonds
|
|
|
—
|
|
|
|
32,683,259
|
|
|
|
—
|
|
|
|
32,683,259
|
|
United States Treasury Obligations
|
|
|
—
|
|
|
|
19,033,355
|
|
|
|
—
|
|
|
|
19,033,355
|
|
Foreign Government Bonds
|
|
|
—
|
|
|
|
2,546,500
|
|
|
|
—
|
|
|
|
2,546,500
|
|
Money Market Funds
|
|
|
10,839,107
|
|
|
|
—
|
|
|
|
—
|
|
|
|
10,839,107
|
|
Total Investments in Securities
|
|
$
|
249,863,910
|
|
|
$
|
96,571,618
|
|
|
$
|
—
|
|
|
$
|
346,435,528
|
|
Futures Contracts at Fair Value
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
Long Futures Contracts
|
|
$
|
60,404
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
60,404
|
|
Total Futures Contracts
|
|
$
|
60,404
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
60,404
|
|
The fund did not invest in any Level 3 securities or have transfers
into or out of Level 1 or Level 2 securities during the period. The basis for recognizing and valuing transfers is as of the end
of the period in which transfers occur.
Acquiring Fund
|
Investments at Fair Value
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
Common Stocks
|
|
$
|
423,603,614
|
|
|
$
|
30,302,968
|
|
|
$
|
—
|
|
|
$
|
453,906,582
|
|
Preferred Stocks
|
|
|
3,301,562
|
|
|
|
—
|
|
|
|
—
|
|
|
|
3,301,562
|
|
Exchange Traded Funds
|
|
|
87,145,456
|
|
|
|
—
|
|
|
|
—
|
|
|
|
87,145,456
|
|
Precious Metals
|
|
|
—
|
|
|
|
25,934,129
|
|
|
|
—
|
|
|
|
25,934,129
|
|
Corporate Bonds
|
|
|
—
|
|
|
|
42,998,238
|
|
|
|
—
|
|
|
|
42,998,238
|
|
United States Treasury Obligations
|
|
|
—
|
|
|
|
15,356,313
|
|
|
|
—
|
|
|
|
15,356,313
|
|
Foreign Government Bonds
|
|
|
—
|
|
|
|
3,220,000
|
|
|
|
—
|
|
|
|
3,220,000
|
|
Money Market Funds
|
|
|
27,475,534
|
|
|
|
—
|
|
|
|
—
|
|
|
|
27,475,534
|
|
Total Investments in Securities
|
|
$
|
541,526,166
|
|
|
$
|
117,811,648
|
|
|
$
|
—
|
|
|
$
|
659,337,814
|
|
The basis for recognizing and valuing transfers is as of the end
of the period in which transfers occur. There were transfers from Level 2 to Level 1 of common stocks in the amount of $741,678
and transfers from Level 1 to Level 2 of common stocks in the amount of $321,437 during the six month period ended March 31, 2013.
The transfers were due to the adjustment of fair value of certain securities due to developments that occurred between the time
of the close of the foreign markets on which they trade and the close of regular session trading on the NYSE. The Fund did not
invest in any Level 3 securities.
The following table presents the fair value of open futures contracts,
held long or sold short by the Target Fund, at March 31, 2013:
|
|
Fair Value - Long Positions
|
|
|
Fair Value - Short Positions
|
|
|
Net Unrealized Gain/(Loss) on
|
|
Futures Contracts
|
|
Assets
|
|
|
Liabilities
|
|
|
Assets
|
|
|
Liabilities
|
|
|
Open Positions
|
|
Stock Index
|
|
$
|
60,404
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
60,404
|
|
Total Futures Contracts
|
|
$
|
60,404
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
60,404
|
|
The average monthly notional amount of futures contracts held by
the Target Fund during the six month period ended March 31, 2013 were as follows:
Long Positions
|
|
|
Futures Contracts
|
|
$ 5,330,911
|
The following table presents the trading results of derivative trading
and information related to the volume of the Target Fund for the six months period ended March 31, 2013:
Futures Contracts
|
|
Realized Gain/(Loss)
|
|
|
Change in Unrealized Gain/(Loss)
|
|
|
Number of Contracts Closed
|
|
Stock Index
|
|
$
|
—
|
|
|
$
|
60,404
|
|
|
|
—
|
|
Total Futures Contracts
|
|
$
|
—
|
|
|
$
|
60,404
|
|
|
|
—
|
|
3.
Fees
The Funds have entered into an Investment Advisory Agreement (“advisory
agreement”) with Leuthold Weeden Capital Management (“Adviser”). Pursuant to its advisory agreement with the
Funds, the Adviser is entitled to receive a fee, calculated daily and payable monthly, at annual rates of 0.90% for the Target
and 0.90% for the Acquiring Fund, as applied to each Fund’s daily net assets.
The Adviser has contractually agreed to waive its advisory fee and/or
reimburse the Funds’ other expenses, including organization expenses, to the extent necessary to ensure that the Funds’
total operating expenses (exclusive of interest, taxes, brokerage commissions, dividends and interest on short positions, acquired
fund fees and expenses, and other costs incurred in connection with the purchase or sale of portfolio securities, and extraordinary
items) do not exceed the following rates, based on each Fund’s average daily net assets:
Target Fund – 1.50%
Acquiring Fund – 1.25%
Target Fund has adopted a distribution plan pursuant to Rule 12b-1
under the Investment Company Act, whereby Rafferty Capital Markets, LLC serves as distributor. This plan allows the Fund to use
up to 0.25% of its average daily net assets to pay sales, distribution, and other fees for the sale of its shares and for services
provided to investors. The Target Fund may pay all or a portion of this fee to any securities dealer, financial institution, or
any other person who renders personal service to the Target Fund’s shareholders, assists in the maintenance of the Target
Fund’s shareholder accounts, or who renders assistance in distributing or promoting the sale of shares of the Target Fund
pursuant to a written agreement approved by the Board of Directors. To the extent such fee is not paid to such persons, the Target
Fund may use the fee for its expenses of distribution of its shares, including, but not limited to, payment by the Target Fund
of the cost of preparing, printing, and distributing Prospectuses and Statements of Additional Information to prospective investors
and of implementing and operating the Plan.
The Acquiring Fund has not adopted a distribution
plan pursuant to Rule 12b-1 under the Investment Company Act. The Acquiring Fund has adopted a service plan pursuant to which
it may pay fees of up to 0.25% of its average daily net assets to broker-dealers, financial institutions or other service
providers that provide services to investors in the Fund.
4.
Capital Shares
The combined pro forma net asset values per share assume that the
issuance of Acquiring Fund shares to the Target Fund shareholders would have occurred at March 31, 2013 in connection with the
proposed reorganization. The pro forma number of shares outstanding, by class, for the combined fund consists of the following
at March 31, 2013:
Class of Shares
|
|
Shares of Acquiring Fund Outstanding Pre-Combination
|
|
Additional Shares Assumed Issued in Reorganization
|
|
Total Outstanding Shares Post-Combination
|
Retail Shares
|
|
25,956,083
|
|
14,274,335
|
|
40,230,418
|
Institutional Shares
|
|
11,723,930
|
|
5,215,128
|
|
16,939,058
|
5.
Federal Taxes
Federal Income Taxes: Provision for federal income taxes or excise
taxes has not been made since the Funds have elected to be taxed as “regulated investment companies” and intend to
distribute substantially all taxable income to shareholders and otherwise comply with the provisions of the Internal Revenue Code
applicable to regulated investment companies. Distributions from net realized gains for book purposes may include short-term capital
gains which are included as ordinary income to shareholders for tax purposes. The Funds also designate as distributions of long-term
gains, to the extent necessary to fully distribute such capital gains, earnings and profits distributed to shareholders on the
redemption of shares.
|
|
|
LEUTHOLD
FUNDS, INC.
|
Part
C. Other Information
|
October 16
, 2013
|
Pursuant
to the authority of the Maryland General Corporation Law, particularly Section
2-418 thereof, Registrants Board of Directors has adopted the following bylaw
which is in full force and effect and has not been modified or cancelled:
Article VII
GENERAL PROVISIONS
|
|
Section 7.
|
Indemnification.
|
A. The
Corporation shall indemnify all of its corporate representatives against
expenses, including attorneys fees, judgments, fines and amounts paid in
settlement actually and reasonably incurred by them in connection with the
defense of any action, suit or proceeding, or threat or claim of such action,
suit or proceeding, whether civil, criminal, administrative, or legislative, no
matter by whom brought, or in any appeal in which they or any of them are made
parties or a party by reason of being or having been a corporate representative,
if the corporate representative acted in good faith and in a manner reasonably
believed to be in or not opposed to the best interests of the corporation and
with respect to any criminal proceeding, if he had no reasonable cause to
believe his conduct was unlawful provided that the corporation shall not
indemnify corporate representatives in relation to matters as to which any such
corporate representative shall be adjudged in such action, suit or proceeding
to be liable for gross negligence, willful misfeasance, bad faith, reckless
disregard of the duties and obligations involved in the conduct of his office,
or when indemnification is otherwise not permitted by the Maryland General
Corporation Law.
B. In
the absence of an adjudication which expressly absolves the corporate
representative, or in the event of a settlement, each corporate representative
shall be indemnified hereunder only if there has been a reasonable
determination based on a review of the facts that indemnification of the
corporate representative is proper because he has met the applicable standard
of conduct set forth in paragraph A. Such determination shall be made: (i) by
the board of directors, by a majority vote of a quorum which consists of
directors who were not parties to the action, suit or proceeding, or if such a
quorum cannot be obtained, then by a majority vote of a committee of the board
consisting solely of two or more directors, not, at the time, parties to the
action, suit or proceeding and who were duly designated to act in the matter by
the full board in which the designated directors who are parties to the action,
suit or proceeding may participate; or (ii) by special legal counsel selected
by the board of directors or a committee of the board by vote as set forth in
(i) of this paragraph, or, if the requisite quorum of the full board cannot be
obtained therefor and the committee cannot be established, by a majority vote
of the full board in which directors who are parties to the action, suit or
proceeding may participate.
C-1
C. The
termination of any action, suit or proceeding by judgment, order, settlement,
conviction, or upon a plea of nolo contendere or its equivalent, shall create a
rebuttable presumption that the person was guilty of willful misfeasance, bad
faith, gross negligence or reckless disregard to the duties and obligations
involved in the conduct of his or her office, and, with respect to any criminal
action or proceeding, had reasonable cause to believe that his or her conduct
was unlawful.
D. Expenses,
including attorneys fees, incurred in the preparation of and/or presentation
of the defense of a civil or criminal action, suit or proceeding may be paid by
the corporation in advance of the final disposition of such action, suit or
proceeding as authorized in the manner provided in Section 2-418(F) of the
Maryland General Corporation Law upon receipt of: (i) an undertaking by or on
behalf of the corporate representative to repay such amount unless it shall
ultimately be determined that he or she is entitled to be indemnified by the
corporation as authorized in this bylaw; and (ii) a written affirmation by the
corporate representative of the corporate representatives good faith belief
that the standard of conduct necessary for indemnification by the corporation
has been met.
E. The
indemnification provided by this bylaw shall not be deemed exclusive of any
other rights to which those indemnified may be entitled under these bylaws, any
agreement, vote of stockholders or disinterested directors or otherwise, both
as to action in his or her official capacity and as to action in another
capacity while holding such office, and shall continue as to a person who has
ceased to be a director, officer, employee or agent and shall inure to the
benefit of the heirs, executors and administrators of such a person subject to
the limitations imposed from time to time by the Investment Company Act of
1940, as amended.
F. This
corporation shall have power to purchase and maintain insurance on behalf of
any corporate representative against any liability asserted against him or her
and incurred by him or her in such capacity or arising out of his or her status
as such, whether or not the corporation would have the power to indemnify him
or her against such liability under this bylaw provided that no insurance may
be purchased or maintained to protect any corporate representative against
liability for gross negligence, willful misfeasance, bad faith or reckless
disregard of the duties and obligations involved in the conduct of his or her
office.
G. Corporate
Representative means an individual who is or was a director, officer, agent or
employee of the corporation or who serves or served another corporation,
partnership, joint venture, trust or other enterprise in one of these
capacities at the request of the corporation and who, by reason of his or her
position, is, was, or is threatened to be made, a party to a proceeding
described herein.
Insofar
as indemnification for and with respect to liabilities arising under the
Securities Act of 1933 may be permitted to directors, officers and controlling
persons of Registrant pursuant to the foregoing provisions or otherwise,
Registrant has been advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as expressed in the
Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by Registrant
of expenses incurred or paid by a director, officer or controlling person or
Registrant in the successful defense of any action, suit or proceeding) is asserted
by such director, officer or controlling person in connection with the
securities being registered, Registrant will, unless in the opinion of its
counsel the matter has been settled by controlling precedent, submit to a court
of appropriate jurisdiction the question of whether such indemnification is
against public policy as expressed in the Act and will be governed by the final
adjudication of such issue.
C-2
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ITEM 16.
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EXHIBITS.
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1.
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(a)
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Registrants Articles of Incorporation.
(1)
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(b)
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Articles Supplementary.
(2)
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(c)
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Articles Supplementary.
(2)
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(d)
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Articles Supplementary.
(5)
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(e)
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Articles Supplementary.
(6)
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(f)
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Articles Supplementary.
(7)
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(g)
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Articles Supplementary.
(8)
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(h)
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Articles Supplementary.
(1)
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(i)
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Articles Supplementary.
(10)
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(j)
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Articles Supplementary.
(11)
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(k)
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Articles Supplementary.
(12)
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2.
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Registrants Bylaws.
(1)
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3.
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None.
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4.
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Plan of Acquisition and Liquidation is incorporated
by reference to Exhibit A to the Prospectus filed herewith as Part A to this
registration statement on Form N-14.
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5.
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None.
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6.
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(a)
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Investment Advisory Agreement (Leuthold Core
Investment Fund).
(1)
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(b)
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Investment Advisory Agreement (Leuthold Asset
Allocation Fund).
(6)
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(c)
|
Investment Advisory Agreement (Leuthold Global
Fund).
(13)
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(d)
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Investment Advisory Agreement (Leuthold Select
Industries Fund).
(4)
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(e)
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Investment Advisory Agreement (Grizzly Short Fund).
(2)
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(f)
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Investment Advisory Agreement (Leuthold Global
Industries Fund).
(12)
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7.
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None.
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8.
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None.
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9.
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Custody Agreement with U.S. Bank National
Association.
(4)
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10.
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(a) Service and Distribution Plan for Leuthold Asset
Allocation Fund.
(6)
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C-3
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(b)
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Service and Distribution Plan for Leuthold Global
Fund.
(9)
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(c)
|
Service and Distribution Plan for Leuthold Global
Industries Fund.
(12)
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(d)
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Amended and Restated Rule 18f-3 Multi-Class Plan.
(12)
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11.
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Opinion of Foley & Lardner LLP regarding
legality of issuance of shares (14) .
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12.
|
Form of Opinion of Foley & Lardner LLP regarding tax
matters (filed herewith ).
|
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13.
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(a)
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Fund Administration Servicing Agreement with U.S.
Bancorp Fund Services, LLC.
(4)
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(b)
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Transfer Agent Servicing Agreement with U.S. Bancorp
Fund Services, LLC.
(4)
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(c)
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Fund Accounting Servicing Agreement with U.S.
Bancorp Fund Services, LLC.
(4)
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(d)
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Service Plan for Leuthold Select Industries Fund and
Grizzly Short Fund.
(2)
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(e)
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Service Plan for Leuthold Core Investment Fund.
(3)
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14.
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Consent of Ernst & Young LLP, Independent
Registered Public Accounting Firm (filed herewith ).
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15.
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None.
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16.
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None.
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17.
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Not Applicable.
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(1)
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Previously filed as an exhibit to Post-Effective
Amendment No. 3 to the Registration Statement and incorporated by reference
thereto. Post-Effective Amendment No. 3 was filed on January 26 , 1998 and
its accession number is 0000897069-98-000011.
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(2)
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Previously filed as an exhibit to Post-Effective
Amendment No. 6 to the Registration Statement and incorporated by reference
thereto. Post-Effective Amendment No. 6 was filed on March 31, 2000 and its
accession number is 0000897069-00-000206.
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(3)
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Previously filed as an exhibit to Post-Effective
Amendment No. 9 to the Registration Statement and incorporated by reference
thereto. Post-Effective Amendment No. 9 was filed on January 31, 2002 and its
accession number is 0000897069-02-000061.
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(4)
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Previously filed as an exhibit to Post-Effective
Amendment No. 12 to the Registration Statement and incorporated by reference
thereto. Post-Effective Amendment No. 12 was filed on February 19, 2004 and
its accession number is 0000897069-04-000430.
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(5)
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Previously filed as an exhibit to Post-Effective
Amendment No. 16 to the Registration Statement and incorporated by reference
thereto. Post-Effective Amendment No. 16 was filed on January 30, 2006 and
its accession number is 0000897069-06-000222.
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C-4
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(6)
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Previously filed as an exhibit to Post-Effective
Amendment No. 18 to the Registration Statement and incorporated by reference
thereto. Post-Effective Amendment No. 18 was filed on May 19, 2006 and its
accession number is 0000897069-06-001366.
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(7)
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Previously filed as an exhibit to Post-Effective
Amendment No. 20 to the Registration Statement and incorporated by reference
thereto. Post-Effective Amendment No. 20 was filed on November 13, 2006 and
its accession number is 0000897069-06-002390.
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(8)
|
Previously filed as an exhibit to Post-Effective
Amendment No. 22 to the Registration Statement and incorporated by reference
thereto. Post-Effective Amendment No. 22 was filed on January 30, 2007 and
its accession number is 0000897069-07-000221.
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(9)
|
Previously filed as an exhibit to Post-Effective
Amendment No. 24 to the Registration Statement and incorporated by reference
thereto. Post-Effective Amendment No. 24 was filed on November 16, 2007 and
its accession number is 0000897069-07-002059.
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(10)
|
Previously filed as an exhibit to Post-Effective
Amendment No. 25 to the Registration Statement and incorporated by reference
thereto. Post-Effective Amendment No. 25 was filed on January 31, 2008 and
its accession number is 0000897069-08-000193.
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(11)
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Previously filed as an exhibit to Post-Effective
Amendment No. 28 to the Registration Statement and incorporated by reference
thereto. Post-Effective Amendment No. 28 was filed on November 30, 2009 and
its accession number is 0000897101-09-002462.
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(12)
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Previously filed as an exhibit to Post-Effective
Amendment No. 31 to the Registration Statement and incorporated by reference
thereto. Post-Effective Amendment No. 31 was filed on May 13, 2010 and its
accession number is 0000897101-10-001026.
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(13)
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Previously filed as an exhibit to Post-Effective
Amendment No. 34 to the Registration Statement and incorporated by reference
thereto. Post-Effective Amendment No. 31 was filed on January 31, 2012 and
its accession number is 0000897101-12-000129.
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(14)
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Previously filed as an exhibit to the Registration Statement on Form N-14 and incorporated by reference thereto. The
Registration Statement on Form N-14 was filed on September 16, 2013 and its accession number is 0000897101-13-001340.
|
(1)
The undersigned Registrant agrees that prior to any public reoffering of the
securities registered through the use of a prospectus which is a part of this
Registration Statement by any person or party who is deemed to be an
underwriter within the meaning of Rule 145(c) of the Securities Act, the
reoffering prospectus will contain the information called for by the applicable
registration form for reofferings by persons who may be deemed underwriters, in
addition to the information called for by the other items of the applicable
form.
(2) The
undersigned Registrant agrees that every prospectus that is filed under
paragraph (1) above will be filed as part of an amendment to the Registration
Statement and will not be used until the amendment is effective, and that, in
determining any liability under the 1933 Act, each post-effective amendment
shall be deemed to be a new registration statement for the securities offered
therein, and the offering of the securities at that time shall be deemed to be
the initial bona fide offering of them.
(3) The
undersigned Registrant hereby undertakes to file, by post-effective amendment, the final opinion of Foley & Lardner LLP supporting
the tax consequences of the proposed reorganizations as soon as practicable after the closing of the reorganization.
C-5
SIGNATURES
As
required by the Securities Act of 1933, this amended registration statement has been signed
on behalf of the Registrant, in the City of Minneapolis and State of Minnesota,
on the 15th day of October , 2013.
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LEUTHOLD FUNDS, INC.
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(Registrant)
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By:
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/s/ John C. Mueller
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John C. Mueller, President
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As
required by the Securities Act of 1933, this amended registration statement has been
signed by the following persons in the capacities and on the dates indicated.
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Name
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Title
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Date
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/s/ John C. Mueller
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President (Principal Executive
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October 15 , 2013
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John C. Mueller
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Officer) and a Director
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/s/ Holly J. Weiss
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Secretary and Treasurer
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October 15 , 2013
|
Holly J. Weiss
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(Principal Financial and
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Accounting Officer)
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Director
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October ____ , 2013
|
Lawrence L. Horsch
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/s/ Paul M. Kelnberger
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Director
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October 15 , 2013
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Paul M. Kelnberger
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/s/ Addison L. Piper
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Director
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October 15 , 2013
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Addison L. Piper
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Signature Page
EXHIBIT
INDEX
|
|
|
|
|
|
Exhibit No.
|
|
|
|
Exhibit
|
|
|
|
|
|
|
1.
|
(a)
|
Registrants Articles of Incorporation.
*
|
|
|
|
|
|
|
(b)
|
Articles Supplementary.
*
|
|
|
|
|
|
|
(c)
|
Articles Supplementary.
*
|
|
|
|
|
|
|
(d)
|
Articles Supplementary.
*
|
|
|
|
|
|
|
(e)
|
Articles Supplementary.
*
|
|
|
|
|
|
|
(f)
|
Articles Supplementary.
*
|
|
|
|
|
|
|
(g)
|
Articles Supplementary.
*
|
|
|
|
|
|
|
(h)
|
Articles Supplementary.
*
|
|
|
|
|
|
|
(i)
|
Articles Supplementary.
*
|
|
|
|
|
|
|
(j)
|
Articles Supplementary.
*
|
|
|
|
|
|
|
(k)
|
Articles Supplementary.
*
|
|
|
|
|
|
2.
|
Registrants Bylaws.
*
|
|
|
|
|
|
3.
|
None.
|
|
|
|
|
|
4.
|
Plan of Acquisition and Liquidation is incorporated
by reference to Exhibit A to the Prospectus filed herewith as Part A to this
registration statement on Form N-14.
|
|
|
|
|
|
5.
|
None.
|
|
|
|
|
|
6.
|
(a)
|
Investment Advisory Agreement (Leuthold Core
Investment Fund).
*
|
|
|
|
|
|
|
(b)
|
Investment Advisory Agreement (Leuthold Asset
Allocation Fund).
*
|
|
|
|
|
|
|
(c)
|
Investment Advisory Agreement (Leuthold Global
Fund).
*
|
|
|
|
|
|
|
(d)
|
Investment Advisory Agreement (Leuthold Select
Industries Fund).
*
|
|
|
|
|
|
|
(e)
|
Investment Advisory Agreement (Grizzly Short Fund).
*
|
|
|
|
|
|
|
(f)
|
Investment Advisory Agreement (Leuthold Global
Industries Fund).
*
|
|
|
|
|
|
7.
|
None.
|
|
|
|
|
|
8.
|
None.
|
|
|
|
|
|
9.
|
Custody Agreement with U.S. Bank National
Association.
*
|
|
|
|
|
|
10.
|
(a)
|
Service and Distribution Plan for Leuthold Asset
Allocation Fund.
*
|
|
|
|
|
|
|
(a)
|
Service and Distribution Plan for Leuthold Global Fund.
*
|
|
|
|
|
|
|
(b)
|
Service and Distribution Plan for Leuthold Global
Industries Fund.
*
|
|
|
|
|
|
|
(c)
|
Amended and Restated Rule 18f-3 Multi-Class Plan.
*
|
|
|
|
|
|
11.
|
Opinion of Foley & Lardner LLP regarding
legality of issuance of shares * .
|
Exhibit Index
|
|
|
|
|
|
Exhibit No.
|
|
|
|
Exhibit
|
|
|
|
|
|
|
12.
|
Form of Opinion of Foley & Lardner LLP regarding tax
matters (filed herewith ).
|
|
|
|
|
|
13.
|
(a)
|
Fund Administration Servicing Agreement with U.S.
Bancorp Fund Services, LLC.
*
|
|
|
|
|
|
|
(b)
|
Transfer Agent Servicing Agreement with U.S. Bancorp
Fund Services, LLC.
*
|
|
|
|
|
|
|
(c)
|
Fund Accounting Servicing Agreement with U.S.
Bancorp Fund Services, LLC.
*
|
|
|
|
|
|
|
(d)
|
Service Plan for Leuthold Select Industries Fund and
Grizzly Short Fund.
*
|
|
|
|
|
|
|
(e)
|
Service Plan for Leuthold Core Investment Fund.
*
|
|
|
|
|
|
14.
|
Consent of Ernst & Young LLP, Independent
Registered Public Accounting Firm (filed herewith ).
|
|
|
|
|
|
15.
|
None.
|
|
|
|
|
|
16.
|
None.
|
|
|
|
|
|
17.
|
Not Applicable.
|
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