All performance presented reflects past performance. Past performance is no guarantee of future results. Investment returns and principal will fluctuate so that investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. For performance data current to the most recent month end, call Leuthold Shareholders Services, toll-free, 1-800-273-6886.

Dividend Income Distributions: Leuthold Funds will distribute quarterly income dividends to shareholders of record as of June 23, 2009. The distribution's x-date and payable date will be June 24, 2009. Dividend income distributions are as follows: Leuthold Core Investment Fund - Retail Class $0.0090/share; Leuthold Core Investment Fund - Institutional Class $0.0151/share; Leuthold Asset Allocation Fund - Retail Class $0.0326/share; Leuthold Asset Allocation - Institutional Class $0.0374/share; Leuthold Undervalued & Unloved Fund $0.0010/share; Leuthold Global Fund - Retail Class $0.0356/share and Leuthold Global Fund - Institutional Class $0.0397. The Leuthold Grizzly Short Fund, Leuthold Select Industries Fund and Leuthold Select Equities Fund will not distribute any income distributions. Note: The income dividend distributions will have a negative effect on the NAV of the corresponding Funds.

Investors should consider the investment objectives, risks, charges and expenses of the investment company carefully before investing. The Prospectus contains this and other information about the Funds. For current Prospectus, call toll-free, 1-800-273-6886, or download from our web site: www.LeutholdFunds.com. Please read the Prospectus carefully before you invest.

For the periods ended 03/31/09: Most recent quarter, one-year, three-year, five-year, ten-year, and since inception annualized total returns, respectively, for each Fund were:
Leuthold Core Investment (Retail): -5.37%, -29.86%, -4.07%, +2.31%, +6.70%, +8.06% (11/20/95);
Leuthold Core Investment (Inst.): -5.27%,-29.76%, -3.99%, N/A, N/A, -3.54% (01/31/06);
Leuthold Select Industries Fund, -6.24%, -31.87%, -7.89%, +2.88%, N/A, +4.10% (6/19/00);
Grizzly Short Fund, -1.16%, +43.09%, +18.39%, +6.45%, N/A, +5.63% (6/19/00);
Leuthold Asset Allocation Fund (Retail): -8.25%, -35.60%, N/A, N/A, N/A, -9.96% (5/24/06);
Leuthold Asset Allocation Fund (Inst.): -8.20%, -35.50%, N/A, N/A, N/A, -15.07% (01/31/07)
Leuthold Select Equities Fund: -10.08%, -46.88%, N/A, N/A, N/A, -17.53% (5/24/06);
Leuth. Undervalued & Unloved Fund: -14.14%, -40.88%, N/A, N/A, N/A, -22.35% (11/14/06);
Leuthold Global Fund (Retail): -7.88%, N/A, N/A, N/A, N/A, -31.03% (07/01/08);
Leuthold Global Fund (Inst.): -7.96%, N/A, N/A, N/A, N/A, -31.66% (05/01/08).

Annual Fund Operating Expenses, as noted in the Funds' Prospectus, dated January 31, 2009:

(1) The Advisor recovered waived fees that were waived in previous years for LSEQX & UGLYX. (2) Total Fund Operating Expenses excluding dividends and interest on short positions, and Acquired Fund Fees and Expenses.

For a detailed explanation of these expense ratios, click here to review the Funds' Prospectus.

All performance presented reflects past performance. Past performance is no guarantee of future results. Investment returns and principal will fluctuate so that investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. For performance data current to the most recent month end, call Leuthold Shareholders Services, toll-free, 1-800-273-6886.

Inception dates noted in parentheses. As disclosed in the prospectus, the Grizzly Short Fund has additional risks associated with short selling, including market risk, short sale risk, rising stock market risk, high portfolio turnover risk, and overvaluation investment approach risk.
Please read the prospectus carefully before you invest (1-800-273-6886).

DOFU: 01-31-2009