Leuthold Global Clean Technology 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.

• Ardour CompositeSM is a pure-play equity index designed to serve as a benchmark for companies which are principally engaged in the field of alternative energy technologies, including renewable energy, alternative fuels and related enabling technologies. The Ardour CompositeSM 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.
• The Ardour Composite SM 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:
The annual expense ratio for each share class is capped at 1.85%. Per Prospectus dated 1/31/11, annual gross operating expenses for LGCTX and LGCIX, prior to recovery of waived Adviser fees, were 1.75% and 1.52%, respectively. The Adviser may recover reimbursements in subsequent years; however this recovery period is limited to three fiscal years, beginning on the date of first recovery.
Please refer to the Prospectus for a more detailed explanation of the expense ratios.

The Leuthold Global Clean Technology Fund seeks capital appreciation and long-term growth through allocating its investments, primarily in common stocks from around the world that will benefit from the expected growth in spending and investment in energy efficient and “clean” technologies, innovations and solutions.

Investment Objective

The Leuthold Global Clean Technology Fund seeks capital appreciation and long-term growth through allocating its investments, primarily in common stocks from around the world that will benefit from the expected growth in spending and investment in energy efficient and “clean” technologies, innovations and solutions.

Investment Strategy

The Leuthold Global Clean Technology Fund will generally invest in four clean technology groups including: “Alternative Energy,” Resource Conservation,” “Clean Water,” and “Clean Environment.” Securities are selected based on their expectations for long-term capital appreciation. The Fund may invest in companies of all sizes and industries as well as in “growth” stocks and “value” stocks.

The Fund selects equity securities on a company-by-company basis primarily through the use of fundamental analysis. The Fund attempts to identify companies for possible investment by analyzing their valuations and growth prospects based on an understanding of their leadership potential, proprietary and technological advantages, financial condition, sales and earnings growth potential, and economic, political and regulatory environment.

The Fund will normally invest at least 40% of its asset in securities from international markets. The Fund anticipates that it will hold securities positions in which it invests for a year or longer.

Share Classes

The Leuthold Global Clean Technology 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 Global Clean Technology Fund include, but are not limited to, market risk, small/medium capitalization risk, manager risk, sector and industry risk, currency risk, foreign securities risk, and emerging markets risk. Please read the prospectus carefully before you invest (1-800-273-6886).

For additional mutual fund strategy specifics, please contact us at 888-200-0409, or email info@leutholdfunds.com.