Leuthold Asset Allocation Fund

Performance Note: Performance data quoted represents past performance. Past performance is no guarantee of future results. Investment returns and principal will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance data quoted. For performance data current to the most recent month-end, please call Leuthold Funds’ Shareholder Services, toll-free: 1-800-273-6886.

• S&P 500 Index is a capitalization-weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy based on the changing aggregate market value of these 500 stocks.
• The S&P 500 is an index only and cannot be invested in directly. Fund performance return figures are historical and reflect the change in share price, reinvested distributions, change in net asset value, and capital gains distributions, if any.

Expense Ratio Dislosure:
positions and acquired fund fees, the net operating expenses were 1.32% and 1.09%, respectively, for LAALX and LAAIX. Gross operating expenses including dividends on short positions and acquired fund fees were 1.52% and 1.29%, respectively.
Please refer to the Prospectus for a more detailed explanation of the expense ratios.

Investment Objective
Leuthold Asset Allocation Fund seeks capital appreciation and income (or “total return”) in amounts attainable by assuming only prudent investment risk over the long term.

Investment Strategy
The Leuthold Asset Allocation Fund is a “flexible” fund, meaning that investments are allocated among equities, bonds, money market instruments and alternative investments. A number of factors are considered in making these allocations, including economic conditions and monetary factors, inflation and interest rate levels and trends, investor confidence and technical stock market measures. When appropriate, as disciplines dictate, the Leuthold Asset Allocation Fund may also hedge its market exposure. We adjust the proportion of each asset class to reflect our view of the potential opportunity and value offered within that sector, as well as the potential risk. Although there are no guarantees, it is our belief that successful investing demands skill, both in making money and attempting to preserve any gains.

The investment guidelines of the Leuthold Asset Allocation Fund follow a 30%-70% Equity Exposure and 30%-70% Fixed Income Exposure. Under extreme market conditions, there may be a departure from these basic guidelines. The Leuthold Asset Allocation Fund will utilize the investment strategy of the Leuthold Select Equities Strategy for its domestic equity exposure, as well as other quantitative investment strategies, including but not limited to, the "Undervalued and Unloved" value screen in varying proportions depending on market conditions.

Share Classes
The Leuthold Asset Allocation Fund offers both a Retail Share Class and an Institutional Share Class.

Risks of Investing
As disclosed in the prospectus, the risks of investing in the Leuthold Asset Allocation Fund include, but are not limited to, interest rate risk, market risk, short sale risk, high portfolio turnover risk, currency risk, foreign securities risk, emerging markets risk, and foreign securities risk. Please read the prospectus carefully before you invest (1-800-273-6886).