(LEUTHOLD CORE INVESTMENT FUND LOGO)
Semi-Annual Report
March 31, 2000
STATEMENT OF ASSETS AND LIABILITIES
MARCH 31, 2000
(UNAUDITED)
ASSETS:
Investments, at value
(cost $53,573,498) $60,788,026
Receivable from broker for
proceeds on securities sold short 11,579,779
Deposit at brokers for short sales 12,530,512
Receivable for investments sold 1,372,777
Receivable for shares sold 27,479
Cash --
Interest receivable 278,622
Dividends receivable 141,169
Organizational expenses, net of
accumulated amortization 5,448
Expense reimbursement by Advisor --
Other assets 56,159
-----------
Total Assets 86,779,971
-----------
LIABILITIES:
Securities sold short, at market value
(proceeds $11,578,349) 11,906,406
Payable for investments purchased 980,361
Payable to custodian 1,024,049
Payable for shares redeemed 63,835
Payable to Advisor 57,751
Accrued expenses and other liabilities 39,299
-----------
Total Liabilities 14,071,701
-----------
NET ASSETS $72,708,270
-----------
-----------
NET ASSETS CONSIST OF:
Capital stock $65,210,460
Accumulated undistributed
net investment income 17,333
Accumulated undistributed
net realized gains on
investments 593,470
Net unrealized appreciation
(depreciation) on:
Investments 7,214,528
Short Positions (328,057)
Foreign Currency 536
-----------
NET ASSETS $72,708,270
-----------
-----------
Shares outstanding (250,000,000
shares of $.0001 par value authorized) 6,089,134
Net Asset Value, Redemption Price
and Offering Price Per Share $11.94
------
------
STATEMENT OF OPERATIONS
OCTOBER 1, 1999 THROUGH MARCH 31, 2000
(UNAUDITED)
INVESTMENT INCOME:
Dividend Income (net of
foreign taxes withheld of $165) $ 626,414
Interest income 1,249,910
----------
Total investment income 1,876,324
----------
EXPENSES:
Investment advisory fee 285,312
Administration fee 24,379
Shareholder servicing and
accounting costs 32,737
Custody fees 3,426
Federal and state registration 20,989
Professional fees 21,642
Amortization of organizational expenses 4,313
Reports to shareholders 6,787
Directors' fees and expenses 3,843
Other 5,299
----------
Total expenses before reimbursement
and dividends on short positions 408,727
Less: Reimbursement from Advisor (12,461)
----------
Net expenses before dividends
on short positions 396,266
Dividends on short positions 52,245
----------
Total expenses 448,511
----------
NET INVESTMENT INCOME 1,427,813
----------
REALIZED AND
UNREALIZED GAINS
ON INVESTMENTS:
Net realized gain (loss) on:
Investments 3,022,550
Short positions (2,414,948)
Change in unrealized
appreciation/depreciation on:
Investments 5,499,569
Short positions (972,988)
Foreign Currency 624
----------
Net realized and unrealized
gains on investments 5,134,807
----------
NET INCREASE IN
NET ASSETS RESULTING
FROM OPERATIONS $6,562,620
----------
----------
See notes to the financial statements.
STATEMENT OF CHANGES IN NET ASSETS
OCTOBER 1, 1999 YEAR
THROUGH ENDED
MARCH 31, 2000 SEPTEMBER 30, 1999
-------------- ------------------
(UNAUDITED)
OPERATIONS:
Net investment income $ 1,427,813 $ 2,153,113
Net realized gains on investments 607,602 1,786,934
Change in unrealized appreciation/
depreciation on:
Investments 5,499,569 (1,302,135)
Short positions (972,988) 644,931
Foreign currency 624 129
----------- -----------
Net increase in net assets from operations 6,562,620 3,282,972
----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (1,441,154) (2,088,204)
From net realized gains (733,046) (4,599,364)
----------- -----------
Total distributions (2,174,200) (6,687,568)
----------- -----------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold 14,537,412 18,506,997
Proceeds from shares issued to holders in
reinvestment of dividends 2,018,834 6,008,486
Cost of shares redeemed (6,656,928) (8,957,373)
----------- -----------
Net increase in net assets
from capital share transactions 9,899,318 15,558,110
----------- -----------
TOTAL INCREASE (DECREASE) IN NET ASSETS: 14,287,738 12,153,514
NET ASSETS
Beginning of period 58,420,532 46,267,018
----------- -----------
End of period (including undistributed
net investment income of $17,333 and
$30,674, respectively) $72,708,270 $58,420,532
----------- -----------
----------- -----------
See notes to the financial statements.
FINANCIAL HIGHLIGHTS
<TABLE>
OCTOBER 1, 1999 YEAR ENDED YEAR ENDED YEAR ENDED NOVEMBER 20, 1995(1)<F1>
THROUGH SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30, THROUGH
MARCH 31, 2000 1999 1998 1997 SEPTEMBER 30, 1996
-------------- ------------- ------------- ------------- ------------------
(UNAUDITED)
<S> <C> <C> <C> <C> <C>
PER SHARE DATA:
Net asset value, beginning of period $11.12 $11.97 $11.17 $10.18 $10.00
------ ------ ------ ------ ------
Income from investment operations:
Net investment income 0.25 0.45(4)<F4> 0.40(4)<F4> 0.44(4)<F4> 0.38(4)<F4>
Net realized and unrealized
gains on investment 0.96 0.28 1.16 1.32 0.16
------ ------ ------ ------ ------
Total from investment operations 1.21 0.73 1.56 1.76 0.54
------ ------ ------ ------ ------
Less distributions:
From net investment income (0.25) (0.44) (0.40) (0.46) (0.36)
In excess of net investment income -- -- -- (0.05) --
From net realized gains (0.14) (1.14) (0.36) (0.26) --
------ ------ ------ ------ ------
Total distributions (0.39) (1.58) (0.76) (0.77) (0.36)
------ ------ ------ ------ ------
Net asset value, end of period $11.94 $11.12 $11.97 $11.17 $10.18
------ ------ ------ ------ ------
------ ------ ------ ------ ------
Total return 11.08%(2)<F2> 6.59% 14.45% 17.96% 5.43%(2)<F2>
Supplemental data and ratios:
Net assets, end of period $72,708,270 $58,420,532 $46,267,018 $30,560,181 $31,740,501
Ratio of expenses to
average net assets:
Before expense reimbursement 1.29%(3)(5) 1.32%(5)<F5> 1.41% 1.47% 1.55%(3)<F3>
<F3><F5>
After expense reimbursement 1.25%(3)(5) 1.25%(5)<F5> 1.25% 1.25% 1.25%(3)<F3>
<F3><F5>
Ratio of net investment income
to average net assets:
Before expense reimbursement 4.46%(3)<F3> 3.93% 3.50% 4.05% 4.14%(3)<F3>
After expense reimbursement 4.50%(3)(6) 4.00%(6)<F6> 3.66% 4.27% 4.44%(3)<F3>
<F3><F6>
Portfolio turnover rate 80.57%(7)<F7> 159.02% 73.43% 35.62% 103.30%
</TABLE>
(1)<F1> Commencement of operations.
(2)<F2> Not annualized.
(3)<F3> Annualized.
(4)<F4> Net investment income per share is calculated using ending balances
prior to consideration of adjustments for permanent book and tax
differences.
(5)<F5> The operating expense ratios exclude dividends on short positions.
The before expense reimbursement and after expense reimbursement
ratios including dividends on short positions were 1.45% and 1.41%,
respectively, for the six months ended March 31, 2000 and 1.42% and
1.35%, respectively, for the year ended September 30, 1999.
(6)<F6> The net investment income ratio includes dividends on short positions.
The ratio excluding dividends on short positions was 4.66% for the six
months ended March 31, 2000 and 4.10% for the year ended September 30,
1999.
(7)<F7> The portfolio turnover rate excluding short positions was 33.40%.
See notes to the financial statements.
SCHEDULE OF INVESTMENTS
MARCH 31, 2000
(UNAUDITED)
NUMBER MARKET
OF SHARES VALUE
--------- -----
COMMON STOCKS - 34.1%+<F10>
CONSUMER ELECTRONICS - 3.3%+<F10>
9,400 GemstarInternational
Group*<F8> $ 808,400
6,600 Harman International
Industries, Inc. 396,000
2,820 Koninklijke Philips
Electronics NV 483,101
2,600 Sony Corporation ADR 728,325
-----------
2,415,826
-----------
EDUCATION - 1.7%+
16,100 Apollo Group, Inc.*<F8> 453,819
9,800 Career Education
Corporation*<F8> 343,000
28,400 Education Management
Corporation*<F8> 410,025
-----------
1,206,844
-----------
ENERGY...DRILLING - 3.5%+<F10>
1,700 Atwood Oceanics, Inc. *<F8> 112,731
17,100 Global Marine, Inc. *<F8> 433,912
22,300 Marine Drilling
Companies, Inc. *<F8> 611,856
6,300 Noble Drilling Corporation *<F8> 261,056
17,700 Patterson Energy, Inc. *<F8> 561,975
25,100 Pride International, Inc. *<F8> 572,594
-----------
2,554,124
-----------
ENERGY...EQUIPMENT
& SERVICES - 2.2%+<F10>
7,900 Baker Hughes, Inc. 238,975
6,800 Cooper Cameron Corporation*<F8> 454,750
4,700 McDermott International, Inc. 43,181
4,300 Tidewater, Inc. 136,794
20,800 Varco International, Inc. 262,600
7,200 Weatherford
International, Inc. *<F8> 424,350
-----------
1,560,650
-----------
HEALTH CARE...
BIOTECHNOLOGY - 3.5%+<F10>
2,600 Biogen, Inc. *<F8> 181,675
4,200 Cephalon, Inc. *<F8> 157,500
6,800 COR Therapeutics, Inc. *<F8> 448,269
5,500 Genzyme Corporation*<F8> 275,687
2,900 Human Genome Sciences, Inc.*<F8> 240,881
10,800 The Liposome Company, Inc. *<F8> 188,663
4,600 Protein Design Labs, Inc. *<F8> 365,700
12,900 Regeneron Pharmaceutical, Inc. *<F8> 381,356
24,300 SICOR, Inc. * 252,113
-----------
2,491,844
-----------
HEALTH CARE...
FACILITIES - 2.1%+<F10>
18,800 Health Management
Associates, Inc. Class A*<F8> 267,900
18,600 Province Healthcare Company*<F8> 532,425
10,700 Tenet Healthcare Corporation*<F8> 246,100
10,100 Universal Health Services, Inc.*<F8> 494,900
-----------
1,541,325
-----------
HEALTH CARE...
SUPPLIES - 3.0%+<F10>
22,400 Abbott Laboratories 788,200
9,300 Haemonetics Corporation *<F8> 209,250
37,800 IVAX Corporation 1,030,050
5,300 Sybron International
Corporation *<F8> 153,700
-----------
2,181,200
-----------
REAL ESTATE INVESTMENT
TRUSTS - 7.9%+<F10>
14,800 Apartment Investment &
Management Company
Class A 565,175
16,500 CBL & Associates
Properties, Inc. 337,219
17,400 CarrAmerica Realty
Corporation 367,575
14,000 Colonial Properties Trust 332,500
31,300 Correctional Properties Trust 359,950
27,100 Crescent Real Estate
Equities Company 474,250
11,592 Duke-Weeks Realty
Corporation 221,697
13,709 Equity Residential
Properties Trust 550,930
23,000 Golf Trust of America, Inc. 379,500
47,500 Innkeepers USA Trust 385,937
69,200 Meditrust Companies*<F8> 125,425
11,200 Pacific Gulf Properties, Inc. 219,800
9,700 Post Properties, Inc. 391,031
6,000 Prentiss Properties Trust 133,875
9,600 Prison Realty Trust, Inc. 27,600
15,900 ProLogis Trust 306,075
8,500 Sovran Self Storage, Inc. 172,125
53,300 Winston Hotels, Inc. 413,075
-----------
5,763,739
-----------
TECHNOLOGY...
NETWORKING - 3.0%+<F10>
9,400 3Com Corporation *<F8> 522,875
13,900 Concentric Network
Corporation *<F8> 764,500
11,000 Network Appliance, Inc.*<F8> 910,250
-----------
2,197,625
-----------
TECHNOLOGY...
SERVICES - 1.9%+<F10>
4,500 Ciber, Inc.*<F8> 92,250
6,800 iGate Capital Corporation*<F8> 306,850
5,100 Safeguard Scientifics, Inc.*<F8> 358,594
10,200 Scientific-Atlanta, Inc. 647,063
-----------
1,404,757
-----------
TECHNOLOGY...WIRELESS
EQUIPMENT - 2.0%+<F10>
4,650 ANADIGICS, Inc. *<F8> 306,900
3,100 Ericcson Telefonaktiebolaget
ADR 290,819
2,500 Nortel Networks Corporation 315,000
3,600 QUALCOMM Inc.*<F8> 537,525
-----------
1,450,244
-----------
Total Common Stocks
(Cost $18,316,521) 24,768,178
-----------
INVESTMENT
COMPANIES - 12.6%+<F10>
EMERGING COUNTRY
FUNDS - 5.2%+<F10>
13,100 Asia Pacific Fund 136,731
16,600 Asia Tigers Fund 172,225
23,300 Brazil Fund 403,381
13,399 China Fund 141,527
26,400 Fidelity Adviser Emerging
Asia Fund 503,976
27,900 First Philippine Fund *<F8> 136,013
44,800 Greater China Fund 380,800
12,800 Korea Fund *<F8> 191,200
29,600 Mexico Fund 519,850
41,900 Morgan Stanley Asia-
Pacific Fund 455,663
9,300 Scudder New Asia Fund 169,725
28,500 Templeton China World Fund 226,219
24,900 WEBS-Malaysia 172,744
20,100 WEBS-Singapore 148,238
-----------
3,758,292
-----------
BOND FUNDS - 7.4%+<F10>
204,368 Federated High Yield Fund 1,587,938
265,684 Invesco High Yield Fund 1,620,670
183,463 Offitbank High Yield Fund 1,608,971
56,108 Strong High Yield Bond Fund 583,522
-----------
5,401,101
-----------
Total Investment Companies
(Cost $8,290,352) 9,159,393
-----------
PRINCIPAL
AMOUNT
---------
FIXED INCOME
SECURITIES - 29.9%+<F10>
FOREIGN BONDS - 16.3%+<F10>
$5,325,000 New South Wales Treasury
Corp., 8.00%, 3/01/2008 3,454,979
6,496,000 New Zealand Government
Bond, 7.00%, 7/15/2009 3,232,764
7,825,000 Province of Ontario, 5.70%,
12/01/2008 5,171,571
-----------
11,859,314
-----------
U.S. TREASURY BONDS - 13.6%+<F10>
9,730,000 6.250%, due 08/15/2023 9,869,869
-----------
Total Fixed Income
Securities
(Cost $21,835,353) 21,729,183
-----------
SHORT-TERM
INVESTMENTS - 7.0%+<F10>
VARIABLE DEMAND NOTES - 7.0%+<F10>
531,650 American Family, 5.770%, #<F9> 531,650
2,967,770 Firstar Bank, 5.883%, #<F9> 2,967,770
768,503 Warner Lambert, 5.771%, #<F9> 768,503
566,595 Wisconsin Corp. Center
Credit Union, 5.803%, #<F9> 566,595
296,754 Wisconsin Electric, 5.770%, #<F9> 296,754
-----------
5,131,272
-----------
Total Short-Term
Investments
(Cost $5,131,272) 5,131,272
-----------
TOTAL INVESTMENTS - 83.6%+<F10>
(COST $53,573,498) $60,788,026
-----------
-----------
*<F8> Non-income producing security.
#<F9> Variable rate security. The rates listed are as of 3/31/00.
+<F10> Calculated as a percentage of net assets.
ADR American Depository Receipts.
WEBS World Equity Benchmark Shares
See notes to the financial statements.
SCHEDULE OF SECURITIES SOLD SHORT
MARCH 31, 2000
(UNAUDITED)
NUMBER MARKET
OF SHARES VALUE
--------- ------
COMMON STOCK
7,600 AFLAC INCORPORATED $ 346,275
2,300 Alteon Websystems, Inc. 188,600
4,600 America Online, Inc. 309,350
1,800 American Eagle
Outfitters, Inc. 68,287
5,500 AnswerThink Consulting
Group, Inc. 134,406
3,300 Ask Jeeves, Inc. 201,712
3,900 Avery Dennison Corporation 238,144
15,300 Barnes & Noble, Inc. 351,900
12,200 Blyth Industries, Inc. 333,212
9,900 Boise Cascade Corporation 344,025
2,400 CDW Computer Centers, Inc. 202,650
1,400 Carnival Corporation 34,737
2,400 Catalina Marketing
Corporation 243,000
7,200 Continental Airlines Class B 294,300
12,500 EARTHLink, Inc. 242,969
7,400 Fiserv, Inc. 275,188
8,700 Global Telesystems
Group, Inc. 178,350
3,100 ITT Industries, Inc. 96,294
8,100 Infinity Broadcasting
Corporation 262,238
8,300 Insight Enterprises, Inc. 302,431
7,500 International Speedway
Corporation Class A 337,031
5,600 The Interpublic Group of
Companies, Inc. 264,600
6,800 Iron Mountain Inc. 231,625
9,500 Keebler Foods Company 272,531
8,200 Legato Systems, Inc. 365,925
5,500 The Limited, Inc. 231,688
4,000 Lowe's Companies, Inc. 233,500
6,400 MCI WorldCom, Inc. 290,000
10,900 MGM Grand, Inc. 261,600
5,600 MarchFirst, Inc. 199,850
5,300 Marshall & Ilsley Corporation 306,075
5,600 The McGraw-Hill
Companies, Inc. 254,800
7,400 Navistar International
Corporation 296,925
5,200 New York Times Class A 223,275
3,200 NextCard, Inc. 48,950
10,400 NorthPoint Communications
Group, Inc. 239,850
11,100 NOVA Corporation 323,288
2,400 OmnicomGroup 224,700
29,600 Park Place Entertainment
Corporation 342,250
10,300 Premier Parks Inc. 216,300
6,100 The Quaker Oats Company 369,813
5,200 Solectron Corporation 208,325
10,500 Staples, Inc. 210,000
21,200 Storage Technology
Corporation 337,875
4,700 Stryker Corporation 327,825
3,000 Teligent, Inc. Class A 200,437
5,800 Viant Corporation 194,300
4,900 Zebra Technologies
Corporation 245,000
-----------
Total Common
Stocks Sold Short 11,906,406
-----------
TOTAL SECURITIES
SOLD SHORT
(PROCEEDS $11,578,349) $11,906,406
-----------
-----------
See notes to the financial statements.
NOTES TO THE FINANCIAL STATEMENTS
(UNAUDITED)
1. ORGANIZATION AND SIGNIFICANT
ACCOUNTING POLICIES
Leuthold Funds, Inc. (the "Company") was incorporated on August 30, 1995,
as a Maryland Corporation and is registered as an open-end management
investment company under the Investment Company Act of 1940. The Company
currently consists of one series, Leuthold Core Investment Fund, formerly
known as Leuthold Asset Allocation Fund, (the "Fund"). The investment
objective of the Fund is to seek total return consistent with prudent
investment risk over the long term. The Fund commenced operations on
November 20, 1995.
The costs incurred in connection with the organization, initial registration
and public offering of shares, aggregating $43,019, have been paid by the
Fund. These costs are being amortized over the period of benefit, but not to
exceed sixty months from the Fund's commencement of operations.
The following is a summary of significant accounting policies consistently
followed by the Fund.
a) Investment Valuation - Common stocks that are listed on a securities
exchange are valued at the last quoted sales price on the day the
valuation is made. Price information on listed stocks is taken from the
exchange where the security is primarily traded. Options and securities
which are listed on an exchange but which are not traded on the
valuation date are valued at the most recent bid prices. Unlisted
securities for which market quotations are readily available are valued
at the latest quoted bid price. Debt securities are valued at the latest
bid prices furnished by independent pricing services. Other assets and
securities for which no quotations are readily available are valued at
fair value as determined in good faith by the Directors. Short-term
instruments (those with remaining maturities of 60 days or less) are
valued at amortized cost, which approximates market.
b) Federal Income Taxes - It is the Fund's policy to meet the requirements
of the Internal Revenue Code applicable to regulated investment
companies and the Fund intends to distribute investment company net
taxable income and net capital gains to shareholders. Therefore, no
federal income tax provision is required.
c) Distributions to Shareholders - Dividends from net investment income are
declared and paid quarterly. Distributions of net realized capital
gains, if any, will be declared at least annually.
d) Use of Estimates - The preparation of financial statements in conformity
with generally accepted accounting principles 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.
e) Purchased Option Accounting - Option contracts purchased are included in
the Statement of Assets and Liabilities as an asset and are valued at
the last bid price reported on the date of valuation. When option
contracts expire or are closed, realized gains or losses are recognized
without regard to any unrealized gains or losses on the underlying
securities. Option contracts may be held by the Fund for trading and
hedging purposes.
f) Short Positions - For financial statement purposes, an amount equal to
the settlement amount is included in the Statement of Assets and
Liabilities as an asset and an equivalent liability. The amount of the
liability is subsequently marked-to-market to reflect the current value
of the short position. Subsequent fluctuations in the market prices of
securities sold, but not yet purchased, may require purchasing the
securities at prices which differ from the market value reflected on the
Statement of Assets and Liabilities. The Fund is liable for any
dividends payable on securities while those securities are in a short
position. As collateral for its short positions, the Fund is required
under the Investment Company Act of 1940 to maintain segregated assets
consisting of cash, cash equivalents or liquid securities. These
segregated assets are required to be adjusted daily to reflect changes
in the market value of the securities sold short.
The Fund's receivable from broker for proceeds on securities sold short
is with one major security dealer. The Fund does not require this
broker to maintain collateral in support of the receivable from broker
for securities sold short.
g) Other - Investment and shareholder transactions are recorded on the
trade date. The Fund determines the gain or loss realized from the
investment transactions by comparing the original costs of the security
lot sold with the net sales proceeds. Dividend income is recognized on
the ex-dividend date or as soon as information is available to the Fund,
and interest income is recognized on an accrual basis. Discounts and
premiums on bonds are amortized over the life of the respective bond.
Generally accepted accounting principles require that permanent
financial reporting and tax differences be reclassified to capital
stock.
2. CAPITAL SHARE TRANSACTIONS
Transactions in shares of the Fund were as follows:
YEAR
OCT. 1, 1999 - ENDED
MAR. 31, 2000 SEPT. 30, 1999
--------------- ---------------
Shares sold 1,239,941 1,629,144
Shares issued to
holders in
reinvestment
of dividends 175,385 547,186
Shares redeemed (581,124) (787,354)
--------- ---------
Net increase 834,202 1,388,976
--------- ---------
--------- ---------
3. INVESTMENT TRANSACTIONS
Purchases and sales of investments, other than short-term investments,
options and short positions, for the six months ended March 31, 2000 were as
follows:
PURCHASES SALES
------------------------- -------------------------
U.S. U.S.
GOVERNMENT OTHER GOVERNMENT OTHER
---------- ----- ---------- -----
$4,284,450 $17,986,583 $695,406 $15,136,511
At March 31, 2000, gross unrealized appreciation and depreciation of
investments for tax purposes were as follows:
Appreciation $9,602,536
(Depreciation) (2,448,269)
----------
Net appreciation on
investments $7,154,267
----------
----------
At March 31, 2000, the cost of investments for federal income tax purposes
was $53,633,759.
At the close of business on January 19, 1996, the unit holders of the Piper
Trust Common Leuthold Flexible Fund transferred their assets to the Fund. As
a result of the tax-free transfer, the Fund acquired $860,971 of unrealized
appreciation for tax purposes. Since inception, the Fund has realized
$843,494 of the appreciation.
4. INVESTMENT ADVISORY AND OTHER AGREEMENTS
The Fund has entered into an Investment Advisory Agreement with Leuthold &
Anderson, Inc. Pursuant to its advisory agreement with the Fund, the
Investment Adviser is entitled to receive a fee, calculated daily and
payable monthly, at the annual rate of 0.90% as applied to the Fund's daily
net assets.
The Investment Adviser has voluntarily agreed to reimburse the Fund to the
extent necessary to ensure that total operating expenses (exclusive of
interest, taxes, brokerage commissions and other costs incurred in
connection with the purchase or sale of portfolio securities, and
extraordinary items) do not exceed the annual rate of 1.25% of the net
assets of the Fund, computed on a daily basis.
Firstar Mutual Fund Services, LLC serves as transfer agent, administrator
and accounting services agent for the Fund. Firstar Bank Milwaukee, NA
serves as custodian for the Fund.
For the period ended March 31, 2000, the Fund paid Weeden & Co., L.P., an
affiliate of the Adviser $108,425 of brokerage commissions.
(LEUTHOLD CORE INVESTMENT FUND LOGO)
INVESTMENT ADVISER:
Leuthold & Anderson, Inc., Minnesota
ADMINISTRATOR, TRANSFER AGENT,
DIVIDEND PAYING AGENT,
SHAREHOLDER SERVICING AGENT:
Firstar Mutual Fund Services, LLC,
Wisconsin
CUSTODIAN:
Firstar Bank, N.A.
COUNSEL:
Foley & Lardner, Wisconsin
AUDITORS:
Arthur Andersen LLP, Wisconsin
This report is authorized for distribution only when preceded or accompanied by
a current prospectus.
