485BPOS

Securities Act Registration No. 033-96634

Investment Company Act Reg. No. 811-09094

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933	☒
Pre-Effective Amendment No.	☐
Post-Effective Amendment No. 47	☒
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940	☒

Amendment No. 48 ☒

(Check appropriate box or boxes.)

LEUTHOLD FUNDS, INC.

(Exact Name of Registrant as Specified in Charter)

33 South Sixth Street, Suite 4600
Minneapolis, Minnesota	55402
(Address of Principal Executive Offices)	(ZIP Code)

(612) 332-9141 (Registrant’s Telephone Number, including Area Code)
	Copy to:
John C. Mueller
The Leuthold Group, LLC d/b/a Leuthold Weeden Capital Management	Peter D. Fetzer
33 South Sixth Street	Foley & Lardner LLP
Suite 4600	777 East Wisconsin Avenue
Minneapolis, Minnesota 55402	Milwaukee, Wisconsin 53202
(Name and Address of Agent for Service)

Approximate Date of Proposed Public Offering: As soon as practicable after the Registration Statement becomes effective.

It is proposed that this filing become effective (check appropriate box):

☒ immediately upon filing pursuant to paragraph (b)

☐ on (date) pursuant to paragraph (b)

☐ 60 days after filing pursuant to paragraph (a)(1)

☐ on (date) pursuant to paragraph (a)(1)

☐ 75 days after filing pursuant to paragraph (a)(2)

☐ on (date) pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:

☐ This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

EXPLANATORY NOTE

This Post-Effective Amendment (“PEA”) No. 47 to the Registration Statement of Leuthold Funds, Inc. (the “Company”) on Form N-1A hereby incorporates Parts A, B and C from the Company’s PEA No. 46 on Form N-1A filed January 26, 2018, which became effective on January 31, 2018. This PEA No. 47 is filed for the sole purpose of submitting the XBRL Interactive Data File exhibits for the risk/return summaries provided in PEA No. 46. The exhibits filed herewith do not constitute the complete publicly filed disclosure for the Leuthold Funds, and should be used in conjunction with the complete prospectus for the Leuthold Funds.

S-1 

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Amended Registration Statement under Rule 485(b) under the Securities Act of 1933 and has duly caused this Amended Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Minneapolis and State of Minnesota on the 16th day of February, 2018.

LEUTHOLD FUNDS, INC.
(Registrant)
By:	/s/ John C. Mueller, President
	John C. Mueller, President

Pursuant to the requirements of the Securities Act of 1933, this Amended Registration Statement has been signed below by the following persons in the capacities and on the date(s) indicated.

Name	Title	Date
/s/ John C. Mueller	President (Principal Executive Officer) and a Director	February 16, 2018
John C. Mueller
/s/ Holly J. Weiss	Secretary and Treasurer (Principal Financial and Accounting Officer)	February 16, 2018
Holly J. Weiss
/s/ Lawrence L. Horsch	Director	February 16, 2018
Lawrence L. Horsch
/s/ Paul M. Kelnberger	Director	February 16, 2018
Paul M. Kelnberger
/s/ Addison L. Piper	Director	February 16, 2018
Addison L. Piper

Singature Page

EXHIBIT INDEX

Exhibit List for Interactive Data File Submissions.

Exhibit	Exhibit No.
Instance Document	EX-101.INS
Schema Document	EX-101.SCH
Calculation Linkbase Document	EX-101.CAL
Definition Linkbase Document	EX-101.DEF
Label Linkbase Document	EX-101.LAB
Presentation Linkbase Document	EX-101.PRE

XML

Document and Entity Information	Total
Risk/Return:
Document Type	485BPOS
Document Period End Date	Jan. 31, 2018
Registrant Name	LEUTHOLD FUNDS INC
Central Index Key	0001000351
Amendment Flag	false
Document Creation Date	Jan. 26, 2018
Document Effective Date	Jan. 31, 2018
Prospectus Date	Jan. 31, 2018
Leuthold Core Investment Fund | Leuthold Core Investment Fund-Retail Class
Risk/Return:
Trading Symbol	LCORX
Leuthold Core Investment Fund | Leuthold Core Investment Fund-Institutional Class
Risk/Return:
Trading Symbol	LCRIX
Leuthold Global Fund | Leuthold Global Fund (Retail)
Risk/Return:
Trading Symbol	GLBLX
Leuthold Global Fund | Leuthold Global Fund (Institutional)
Risk/Return:
Trading Symbol	GLBIX
Leuthold Select Industries Fund | No Load
Risk/Return:
Trading Symbol	LSLTX
Leuthold Global Industries Fund | Retail Class
Risk/Return:
Trading Symbol	LGINX
Leuthold Global Industries Fund | Institutional Class
Risk/Return:
Trading Symbol	LGIIX
Grizzly Short Fund | No Load
Risk/Return:
Trading Symbol	GRZZX

XML

Leuthold Core Investment Fund

Leuthold Core Investment Fund

Investment Objective

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

Fund Fees and Expenses

The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees - Leuthold Core Investment Fund	Leuthold Core Investment Fund-Retail Class	Leuthold Core Investment Fund-Institutional Class
Maximum Sales Charge (Load) Imposed on Purchases	none	none
Maximum Deferred Sales Charge (Load)	none	none
Maximum Deferred Sales Charge (Load) Imposed on Reinvested Dividends and Distributions	none	none
Redemption Fee (as a percentage of amount redeemed within 5 business days of purchase)	2.00%	2.00%
Exchange Fee (as a percentage of amount exchanged within 5 business days of purchase)	2.00%	2.00%

Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses - Leuthold Core Investment Fund		Leuthold Core Investment Fund-Retail Class	Leuthold Core Investment Fund-Institutional Class
Management Fees		0.90%	0.90%
Distribution (12b-1) Fees		none	none
Other Expenses		0.37%	0.26%
Service Fees		0.11%	none
Dividends on Short Positions		0.02%	0.02%
All Remaining Other Expenses		0.18%	0.18%
Acquired Fund Fees and Expenses	[1]	0.06%	0.06%
Total Annual Fund Operating Expenses		1.27%	1.16%

Example

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of these periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.

Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example - Leuthold Core Investment Fund - USD ($)	One Year	Three Years	Five Years	Ten Years
Leuthold Core Investment Fund-Retail Class	129	403	697	1,534
Leuthold Core Investment Fund-Institutional Class	118	368	638	1,409

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 52.36% of the average value of its portfolio.

Principal Investment Strategies of the Fund

The Fund is a “flexible” fund, meaning that it allocates its investments among:

➣ Common stocks and other equity securities (including common stocks, preferred stocks, convertible preferred stocks, warrants, options, and American Depository Receipts, and may engage in short sales of equity securities);

➣ Bonds and other debt securities (including U.S. and some developed and emerging foreign government-related securities (including those issued by sovereign and local governments and their sponsored entities), U.S. and some foreign corporate securities, and securitized debts, both above and below investment grade);

➣ Real estate investment trusts;

➣ Commodities (including both physical commodities and commodity-based exchange-traded funds); and

➣ Money market instruments;

in proportions which reflect the judgment of Leuthold Weeden Capital Management (referred to as the Adviser) of the potential returns and risks of each asset class. The Adviser considers a number of factors when making these allocations, including economic conditions and monetary factors, inflation and interest rate levels and trends, investor confidence, and technical stock market measures.

The Fund expects that normally:

➣ 30% to 70% of its net assets will be invested in common stocks and other equity securities;

➣ 30% to 70% of its net assets will be invested in bonds and other debt securities (other than money market instruments), except during prolonged periods of low interest rates; and

➣ up to 20% of its assets will be invested in money market instruments.

The Fund’s investments in common stocks and other equity securities may consist of:

➣ Large, mid, or small capitalization common stocks;

➣ Growth stocks, value stocks, or cyclical stocks;

➣ Aggressive stocks or defensive stocks;

➣ Stocks in any industry or sector;

➣ Equity mutual funds and exchange-traded funds;

➣ Stocks in emerging and less developed markets;

➣ Common stocks of foreign issuers; and

➣ Options.

In investing in equity securities and debt securities, the Fund uses a disciplined, unemotional, quantitative investment approach that is based on the belief investors can achieve superior investment performance through group selection (Select Industries Strategy).

Pursuant to the Select Industries Strategy, the Adviser believes that as shifts among industry groups in the equity market have become more dramatic, group selection has become as important as individual stock selection in determining investment performance. The Adviser considers a group to be a collection of stocks whose investment performance tends to be similarly influenced by a variety of factors. The Adviser currently monitors about 110 groups. The major types of groups the Adviser monitors as part of the Select Industries Strategy are Industry Specific Groups comprised of narrower themes. Examples include “Airlines,” “Health Care Facilities” or “Semiconductors”.

The Adviser continuously updates its investment discipline and adjusts the Fund’s portfolio as necessary to keep the Fund invested in stocks in those groups which the Adviser believes are the most attractive. Such adjustments usually results in high portfolio turnover.

The Fund may invest in U.S. and some foreign (developed and emerging) government-related securities, including those issued by sovereign and local governments and their sponsored entities, U.S. and some foreign corporate securities, and securitized debts. The Funds may invest in both above and below investment grade securities or mutual funds and exchange-traded funds that invest in these securities.

The Fund may engage in short sales of index-related and other equity securities to reduce its equity exposure or to profit from an anticipated decline in the price of the security sold short.

The Fund’s investments are allocated among common stocks, corporate bonds, government bonds, real estate investment trusts, commodities (including both physical commodities and commodity-based exchange-traded funds), and cash equivalents. Portfolio weightings in these asset classes are driven by models that (1) determine the relative appeal of each asset class in relation to the others, and (2) the return potential of each asset class on an absolute, or stand-alone, basis.

Principal Risks of Investing in the Fund

Investors in the Fund may lose money. The principal risks of investing in the Fund, including the risks to which the Fund’s portfolio as a whole is subject and the circumstances reasonably likely to affect adversely the Fund’s performance, are summarized below.

➣ Market Risk: The prices of the securities, particularly the common stocks, in which the Fund invests may decline for a number of reasons. The price declines of common stocks, in particular, may be steep, sudden, and/or prolonged.

➣ Interest Rate Risk: In general, the value of bonds and other debt securities falls when interest rates rise. Longer term obligations are usually more sensitive to interest rate changes than shorter term obligations. While bonds and other debt securities normally fluctuate less in price than common stocks, there have been extended periods of increases in interest rates that have caused significant declines in bond prices.

➣ Credit Risk: The issuers of the bonds and other debt securities held by the Fund or by the mutual funds in which the Fund invests may not be able to make interest or principal payments. Even if these issuers are able to make interest or principal payments, they may suffer adverse changes in financial condition that would lower the credit quality of the security, leading to greater volatility in the price of the security.

➣ Foreign and Emerging Markets Securities Risk: The securities of foreign issuers may be less liquid and more volatile than securities of comparable U.S. issuers. The costs associated with securities transactions are often higher in foreign countries than the U.S. The U.S. dollar value of foreign securities traded in foreign currencies (and any dividends and interest earned) held by the Fund or by mutual funds in which the Fund invests may be affected unfavorably by changes in foreign currency exchange rates. An increase in the U.S. dollar relative to these other currencies will adversely affect the Fund. Additionally, investments in foreign securities, even those publicly traded in the United States, may involve risks which are in addition to those inherent in domestic investments. Foreign companies may be subject to significantly higher levels of taxation than U.S. companies, including potentially confiscatory levels of taxation, thereby reducing the earnings potential of such foreign companies. Substantial withholding taxes may apply to distributions from foreign companies. Foreign companies may not be subject to the same regulatory requirements of U.S. companies, and as a consequence, there may be less publicly available information about such companies. Also, foreign companies may not be subject to uniform accounting, auditing, and financial reporting standards and requirements comparable to those applicable to U.S. companies. Foreign governments and foreign economies often are less stable than the U.S. government and the U.S. economy. The risks associated with international investing will be greater in emerging markets than in more developed foreign markets because, among other things, emerging markets may have less stable political and economic environments.

➣ Short Sales Risk: The Fund will suffer a loss if it sells a security short and the value of the security rises rather than falls. It is possible that the Fund’s long positions will decline in value at the same time that the value of its short positions increase, thereby increasing potential losses to the Fund. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as “covering” the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund. The Fund’s investment performance will also suffer if it is required to close out a short position earlier than it had intended. In addition, the Fund may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as costs of borrowing and margin account maintenance costs associated with the Fund’s open short positions. These expenses may negatively impact the performance of the Fund. Short positions introduce more risk to the Fund than long positions (purchases) because the maximum sustainable loss on a security purchased (held long) is limited to the amount paid for the security plus the transaction costs, whereas there is no maximum attainable price of the shorted security. Therefore, in theory, securities sold short have unlimited risk.

➣ High Portfolio Turnover Risk: The Fund’s annual portfolio turnover rate generally exceeds 100%. (Generally speaking, a turnover rate of 100% occurs when the Fund replaces securities valued at 100% of its average net assets within a one year period.) High portfolio turnover (100% or more) will result in the Fund incurring more transaction costs such as brokerage commissions or mark-ups or mark-downs. Payment of those transaction costs reduces total return. High portfolio turnover could result in the payment by the Fund’s stockholders of increased taxes on realized gains. Distributions to the Fund’s stockholders, to the extent they are short-term capital gains, will be taxed at ordinary income rates for federal income tax purposes, rather than at lower capital gains rates.

➣ Asset Allocation Risk: The Fund’s performance will also be affected by the Adviser’s ability to anticipate correctly the relative potential returns and risks of the asset classes in which the Fund invests. For example, the Fund’s relative investment performance would suffer if only a small portion of its assets were allocated to stocks during a significant stock market advance, and its absolute investment performance would suffer if a major portion of its assets were allocated to stocks during a market decline. Finally, since the Fund intends to assume only prudent investment risk, there will be periods in which the Fund underperforms mutual funds that are willing to assume greater risk.

➣ Quantitative Investment Approach Risk: The Fund utilizes a quantitative investment approach. While the Adviser continuously reviews and refines, if necessary, its investment approach, there may be market conditions where the quantitative investment approach performs poorly.

➣ Liquidity Risk: Liquidity risk is the risk, due to certain investments trading in lower volumes or to market and economic conditions, that the Fund may be unable to find a buyer for its investments when it seeks to sell them or to receive the price it expects based on the Fund’s valuation of the investments. Events that may lead to increased redemptions, such as market disruptions, may also negatively impact the liquidity of the Fund’s investments when it needs to dispose of them. If the Fund is forced to sell its investments at an unfavorable time and/or under adverse conditions in order to meet redemption requests, such sales could negatively affect the Fund. Liquidity issues may also make it difficult to value the Fund’s investments.

As a result, the Fund is a suitable investment only for those investors who have medium to long-term investment goals. Prospective investors who are uncomfortable with an investment that may decrease in value should not invest in the Fund. The Adviser does not intend the Fund to be a fixed, balanced investment program. Rather, the Fund is intended to be a flexible core investment suitable for long-term investors. Long-term investors may wish to supplement an investment in the Fund with other investments to satisfy their short-term financial needs and to diversify their exposure to various markets and asset classes

Performance Information

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 with those of an index that reflects a broad measure of market performance, as well as additional indices that reflect the performance of investments similar to those of the Fund. The bar chart shows the performance of the Fund’s Retail Class shares, and performance of the Fund’s Institutional Class shares will differ from those shown to the extent that the classes of shares do not have the same expenses or inception date. Please remember that the Fund’s past performance (before and after taxes) is not necessarily an indication of its future performance. It may perform better or worse in the future. Updated performance information is available on the Fund’s website, www.leutholdfunds.com.

Leuthold Core Investment Fund Total Return of the Retail Shares (per calendar year)

Note: During the ten year period shown on the bar chart, the Fund’s highest total return for a quarter was 16.10% (quarter ended September 30, 2009) and the lowest total return for a quarter was -14.71% (quarter ended December 31, 2008).

Average Annual Total Returns (for the periods ended December 31, 2017)

Average Annual Returns - Leuthold Core Investment Fund

Label

Average Annual Returns, 1 Year

Average Annual Returns, 5 Years

Average Annual Returns, 10 Years

Average Annual Returns, Inception Date

Leuthold Core Investment Fund-Retail Class

Retail Shares Return Before Taxes

15.76%

9.16%

4.29%

Leuthold Core Investment Fund-Retail Class | After Taxes on Distributions

Return After Taxes on Distributions

14.90%

7.83%

3.52%

Leuthold Core Investment Fund-Retail Class | After Taxes on Distributions and Sale of Fund Shares

Return After Taxes on Distributions and Sale of Fund Shares

9.63%

6.91%

3.21%

Leuthold Core Investment Fund-Institutional Class

Institutional Shares Return Before Taxes

15.88%

9.27%

4.40%

Jan. 31, 2006

S&P 500 Index

S&P 500 Index

21.83%

15.79%

8.50%

Jan. 31, 2006

Lipper Flexible Portfolio Funds Index

Lipper Flexible Portfolio Funds Index

15.47%

7.77%

5.21%

Jan. 31, 2006

Morningstar Tactical Allocation Index

Morningstar Tactical Allocation Index

12.63%

5.36%

3.78%

Jan. 31, 2006

Bloomberg Barclays Global Aggregate Index

Bloomberg Barclays Global Aggregate Index

7.40%

0.79%

3.09%

Jan. 31, 2006

The inception date for Institutional Shares is January 31, 2006.

We use the Lipper Flexible Portfolio Funds Index, the Morningstar Tactical Allocation Index, and Bloomberg Barclays Global Aggregate Index because those indices compare the Fund’s performance with the returns of indices reflecting the performance of investments similar to those of the Fund.

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 investor’s 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 Fund’s return after taxes on distributions and sale of Fund shares may be higher than the other return figures for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares.

One of the Fund’s additional indices has changed. Previously, the Fund used the Barclays U.S. Aggregate Index, but now the Fund uses the Bloomberg Barclays Global Aggregate Index, because the new index better reflects both the underlying holdings of the Fund and the investible stock universe for the Fund. The average annual total returns of the Barclays U.S. Aggregate Index for the one-year, five-year and ten-year periods ended December 31, 2017 were 3.54%,2.10%and 4.01%,respectively.

[1] Acquired Fund Fees and Expenses are not directly borne by the Fund, and they are not reflected in the Fund’s financial statements, with the result that the information presented in the expense table may differ from that presented in the financial highlights.

XML

Label

Element

Value

Leuthold Core Investment Fund

Risk/Return:

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Risk/Return [Heading]

rr_RiskReturnHeading

Leuthold Core Investment Fund

Objective [Heading]

rr_ObjectiveHeading

Investment Objective

Objective, Primary [Text Block]

rr_ObjectivePrimaryTextBlock

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

Expense [Heading]

rr_ExpenseHeading

Fund Fees and Expenses

Expense Narrative [Text Block]

rr_ExpenseNarrativeTextBlock

The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees Caption [Text]

rr_ShareholderFeesCaption

Shareholder Fees (fees paid directly from your investment)

Operating Expenses Caption [Text]

rr_OperatingExpensesCaption

Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment)

Portfolio Turnover [Heading]

rr_PortfolioTurnoverHeading

Portfolio Turnover

Portfolio Turnover [Text Block]

rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 52.36% of the average value of its portfolio.

Portfolio Turnover, Rate

rr_PortfolioTurnoverRate

52.36%

Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text]

rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees

Acquired Fund Fees and Expenses are not directly borne by the Fund, and they are not reflected in the Fund’s financial statements, with the result that the information presented in the expense table may differ from that presented in the financial highlights.

Expense Example [Heading]

rr_ExpenseExampleHeading

Example

Expense Example Narrative [Text Block]

rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of these periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.

Expense Example by, Year, Caption [Text]

rr_ExpenseExampleByYearCaption

Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Strategy [Heading]

rr_StrategyHeading

Principal Investment Strategies of the Fund

Strategy Narrative [Text Block]

rr_StrategyNarrativeTextBlock

The Fund is a “flexible” fund, meaning that it allocates its investments among:

➣ Common stocks and other equity securities (including common stocks, preferred stocks, convertible preferred stocks, warrants, options, and American Depository Receipts, and may engage in short sales of equity securities);

➣ Bonds and other debt securities (including U.S. and some developed and emerging foreign government-related securities (including those issued by sovereign and local governments and their sponsored entities), U.S. and some foreign corporate securities, and securitized debts, both above and below investment grade);

➣ Real estate investment trusts;

➣ Commodities (including both physical commodities and commodity-based exchange-traded funds); and

➣ Money market instruments;

in proportions which reflect the judgment of Leuthold Weeden Capital Management (referred to as the Adviser) of the potential returns and risks of each asset class. The Adviser considers a number of factors when making these allocations, including economic conditions and monetary factors, inflation and interest rate levels and trends, investor confidence, and technical stock market measures.

The Fund expects that normally:

➣ 30% to 70% of its net assets will be invested in common stocks and other equity securities;

➣ 30% to 70% of its net assets will be invested in bonds and other debt securities (other than money market instruments), except during prolonged periods of low interest rates; and

➣ up to 20% of its assets will be invested in money market instruments.

The Fund’s investments in common stocks and other equity securities may consist of:

➣ Large, mid, or small capitalization common stocks;

➣ Growth stocks, value stocks, or cyclical stocks;

➣ Aggressive stocks or defensive stocks;

➣ Stocks in any industry or sector;

➣ Equity mutual funds and exchange-traded funds;

➣ Stocks in emerging and less developed markets;

➣ Common stocks of foreign issuers; and

➣ Options.

In investing in equity securities and debt securities, the Fund uses a disciplined, unemotional, quantitative investment approach that is based on the belief investors can achieve superior investment performance through group selection (Select Industries Strategy).

Pursuant to the Select Industries Strategy, the Adviser believes that as shifts among industry groups in the equity market have become more dramatic, group selection has become as important as individual stock selection in determining investment performance. The Adviser considers a group to be a collection of stocks whose investment performance tends to be similarly influenced by a variety of factors. The Adviser currently monitors about 110 groups. The major types of groups the Adviser monitors as part of the Select Industries Strategy are Industry Specific Groups comprised of narrower themes. Examples include “Airlines,” “Health Care Facilities” or “Semiconductors”.

The Adviser continuously updates its investment discipline and adjusts the Fund’s portfolio as necessary to keep the Fund invested in stocks in those groups which the Adviser believes are the most attractive. Such adjustments usually results in high portfolio turnover.

The Fund may invest in U.S. and some foreign (developed and emerging) government-related securities, including those issued by sovereign and local governments and their sponsored entities, U.S. and some foreign corporate securities, and securitized debts. The Funds may invest in both above and below investment grade securities or mutual funds and exchange-traded funds that invest in these securities.

The Fund may engage in short sales of index-related and other equity securities to reduce its equity exposure or to profit from an anticipated decline in the price of the security sold short.

The Fund’s investments are allocated among common stocks, corporate bonds, government bonds, real estate investment trusts, commodities (including both physical commodities and commodity-based exchange-traded funds), and cash equivalents. Portfolio weightings in these asset classes are driven by models that (1) determine the relative appeal of each asset class in relation to the others, and (2) the return potential of each asset class on an absolute, or stand-alone, basis.

Risk [Heading]

rr_RiskHeading

Principal Risks of Investing in the Fund

Risk Narrative [Text Block]

rr_RiskNarrativeTextBlock

Investors in the Fund may lose money. The principal risks of investing in the Fund, including the risks to which the Fund’s portfolio as a whole is subject and the circumstances reasonably likely to affect adversely the Fund’s performance, are summarized below.

➣ Market Risk: The prices of the securities, particularly the common stocks, in which the Fund invests may decline for a number of reasons. The price declines of common stocks, in particular, may be steep, sudden, and/or prolonged.

➣ Interest Rate Risk: In general, the value of bonds and other debt securities falls when interest rates rise. Longer term obligations are usually more sensitive to interest rate changes than shorter term obligations. While bonds and other debt securities normally fluctuate less in price than common stocks, there have been extended periods of increases in interest rates that have caused significant declines in bond prices.

➣ Credit Risk: The issuers of the bonds and other debt securities held by the Fund or by the mutual funds in which the Fund invests may not be able to make interest or principal payments. Even if these issuers are able to make interest or principal payments, they may suffer adverse changes in financial condition that would lower the credit quality of the security, leading to greater volatility in the price of the security.

➣ Foreign and Emerging Markets Securities Risk: The securities of foreign issuers may be less liquid and more volatile than securities of comparable U.S. issuers. The costs associated with securities transactions are often higher in foreign countries than the U.S. The U.S. dollar value of foreign securities traded in foreign currencies (and any dividends and interest earned) held by the Fund or by mutual funds in which the Fund invests may be affected unfavorably by changes in foreign currency exchange rates. An increase in the U.S. dollar relative to these other currencies will adversely affect the Fund. Additionally, investments in foreign securities, even those publicly traded in the United States, may involve risks which are in addition to those inherent in domestic investments. Foreign companies may be subject to significantly higher levels of taxation than U.S. companies, including potentially confiscatory levels of taxation, thereby reducing the earnings potential of such foreign companies. Substantial withholding taxes may apply to distributions from foreign companies. Foreign companies may not be subject to the same regulatory requirements of U.S. companies, and as a consequence, there may be less publicly available information about such companies. Also, foreign companies may not be subject to uniform accounting, auditing, and financial reporting standards and requirements comparable to those applicable to U.S. companies. Foreign governments and foreign economies often are less stable than the U.S. government and the U.S. economy. The risks associated with international investing will be greater in emerging markets than in more developed foreign markets because, among other things, emerging markets may have less stable political and economic environments.

➣ Short Sales Risk: The Fund will suffer a loss if it sells a security short and the value of the security rises rather than falls. It is possible that the Fund’s long positions will decline in value at the same time that the value of its short positions increase, thereby increasing potential losses to the Fund. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as “covering” the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund. The Fund’s investment performance will also suffer if it is required to close out a short position earlier than it had intended. In addition, the Fund may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as costs of borrowing and margin account maintenance costs associated with the Fund’s open short positions. These expenses may negatively impact the performance of the Fund. Short positions introduce more risk to the Fund than long positions (purchases) because the maximum sustainable loss on a security purchased (held long) is limited to the amount paid for the security plus the transaction costs, whereas there is no maximum attainable price of the shorted security. Therefore, in theory, securities sold short have unlimited risk.

➣ High Portfolio Turnover Risk: The Fund’s annual portfolio turnover rate generally exceeds 100%. (Generally speaking, a turnover rate of 100% occurs when the Fund replaces securities valued at 100% of its average net assets within a one year period.) High portfolio turnover (100% or more) will result in the Fund incurring more transaction costs such as brokerage commissions or mark-ups or mark-downs. Payment of those transaction costs reduces total return. High portfolio turnover could result in the payment by the Fund’s stockholders of increased taxes on realized gains. Distributions to the Fund’s stockholders, to the extent they are short-term capital gains, will be taxed at ordinary income rates for federal income tax purposes, rather than at lower capital gains rates.

➣ Asset Allocation Risk: The Fund’s performance will also be affected by the Adviser’s ability to anticipate correctly the relative potential returns and risks of the asset classes in which the Fund invests. For example, the Fund’s relative investment performance would suffer if only a small portion of its assets were allocated to stocks during a significant stock market advance, and its absolute investment performance would suffer if a major portion of its assets were allocated to stocks during a market decline. Finally, since the Fund intends to assume only prudent investment risk, there will be periods in which the Fund underperforms mutual funds that are willing to assume greater risk.

➣ Quantitative Investment Approach Risk: The Fund utilizes a quantitative investment approach. While the Adviser continuously reviews and refines, if necessary, its investment approach, there may be market conditions where the quantitative investment approach performs poorly.

➣ Liquidity Risk: Liquidity risk is the risk, due to certain investments trading in lower volumes or to market and economic conditions, that the Fund may be unable to find a buyer for its investments when it seeks to sell them or to receive the price it expects based on the Fund’s valuation of the investments. Events that may lead to increased redemptions, such as market disruptions, may also negatively impact the liquidity of the Fund’s investments when it needs to dispose of them. If the Fund is forced to sell its investments at an unfavorable time and/or under adverse conditions in order to meet redemption requests, such sales could negatively affect the Fund. Liquidity issues may also make it difficult to value the Fund’s investments.

As a result, the Fund is a suitable investment only for those investors who have medium to long-term investment goals. Prospective investors who are uncomfortable with an investment that may decrease in value should not invest in the Fund. The Adviser does not intend the Fund to be a fixed, balanced investment program. Rather, the Fund is intended to be a flexible core investment suitable for long-term investors. Long-term investors may wish to supplement an investment in the Fund with other investments to satisfy their short-term financial needs and to diversify their exposure to various markets and asset classes

Risk Lose Money [Text]

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Investors in the Fund may lose money.

Bar Chart and Performance Table [Heading]

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Performance Information

Performance Narrative [Text Block]

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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 with those of an index that reflects a broad measure of market performance, as well as additional indices that reflect the performance of investments similar to those of the Fund. The bar chart shows the performance of the Fund’s Retail Class shares, and performance of the Fund’s Institutional Class shares will differ from those shown to the extent that the classes of shares do not have the same expenses or inception date. Please remember that the Fund’s past performance (before and after taxes) is not necessarily an indication of its future performance. It may perform better or worse in the future. Updated performance information is available on the Fund’s website, www.leutholdfunds.com.

Performance Information Illustrates Variability of Returns [Text]

rr_PerformanceInformationIllustratesVariabilityOfReturns

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 with those of an index that reflects a broad measure of market performance, as well as additional indices that reflect the performance of investments similar to those of the Fund.

Performance Additional Market Index [Text]

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We use the Lipper Flexible Portfolio Funds Index, the Morningstar Tactical Allocation Index, and Bloomberg Barclays Global Aggregate Index because those indices compare the Fund’s performance with the returns of indices reflecting the performance of investments similar to those of the Fund.

Performance Availability Website Address [Text]

rr_PerformanceAvailabilityWebSiteAddress

www.leutholdfunds.com

Performance Past Does Not Indicate Future [Text]

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Please remember that the Fund’s past performance (before and after taxes) is not necessarily an indication of its future performance. It may perform better or worse in the future.

Bar Chart [Heading]

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Leuthold Core Investment Fund Total Return of the Retail Shares (per calendar year)

Bar Chart Closing [Text Block]

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Note: During the ten year period shown on the bar chart, the Fund’s highest total return for a quarter was 16.10% (quarter ended September 30, 2009) and the lowest total return for a quarter was -14.71% (quarter ended December 31, 2008).

Highest Quarterly Return, Label

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highest total return

Highest Quarterly Return, Date

rr_BarChartHighestQuarterlyReturnDate

Sep. 30, 2009

Highest Quarterly Return

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16.10%

Lowest Quarterly Return, Label

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lowest total return

Lowest Quarterly Return, Date

rr_BarChartLowestQuarterlyReturnDate

Dec. 31, 2008

Lowest Quarterly Return

rr_BarChartLowestQuarterlyReturn

(14.71%)

Performance Table Uses Highest Federal Rate

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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.

Performance Table Not Relevant to Tax Deferred

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Actual after-tax returns depend on an investor’s 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.

Performance Table Explanation after Tax Higher

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The Fund’s return after taxes on distributions and sale of Fund shares may be higher than the other return figures for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares.

Performance Table Closing [Text Block]

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The inception date for Institutional Shares is January 31, 2006.

We use the Lipper Flexible Portfolio Funds Index, the Morningstar Tactical Allocation Index, and Bloomberg Barclays Global Aggregate Index because those indices compare the Fund’s performance with the returns of indices reflecting the performance of investments similar to those of the Fund.

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 investor’s 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 Fund’s return after taxes on distributions and sale of Fund shares may be higher than the other return figures for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares.

One of the Fund’s additional indices has changed. Previously, the Fund used the Barclays U.S. Aggregate Index, but now the Fund uses the Bloomberg Barclays Global Aggregate Index, because the new index better reflects both the underlying holdings of the Fund and the investible stock universe for the Fund. The average annual total returns of the Barclays U.S. Aggregate Index for the one-year, five-year and ten-year periods ended December 31, 2017 were 3.54%,2.10%and 4.01%,respectively.

Caption

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Average Annual Total Returns (for the periods ended December 31, 2017)

Leuthold Core Investment Fund | S&P 500 Index

Risk/Return:

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Label

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S&P 500 Index

Average Annual Returns, 1 Year

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21.83%

Average Annual Returns, 5 Years

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15.79%

Average Annual Returns, 10 Years

rr_AverageAnnualReturnYear10

8.50%

Average Annual Returns, Inception Date

rr_AverageAnnualReturnInceptionDate

Jan. 31, 2006

Leuthold Core Investment Fund | Lipper Flexible Portfolio Funds Index

Risk/Return:

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Label

rr_AverageAnnualReturnLabel

Lipper Flexible Portfolio Funds Index

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

15.47%

Average Annual Returns, 5 Years

rr_AverageAnnualReturnYear05

7.77%

Average Annual Returns, 10 Years

rr_AverageAnnualReturnYear10

5.21%

Average Annual Returns, Inception Date

rr_AverageAnnualReturnInceptionDate

Jan. 31, 2006

Leuthold Core Investment Fund | Morningstar Tactical Allocation Index

Risk/Return:

rr_RiskReturnAbstract

Label

rr_AverageAnnualReturnLabel

Morningstar Tactical Allocation Index

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

12.63%

Average Annual Returns, 5 Years

rr_AverageAnnualReturnYear05

5.36%

Average Annual Returns, 10 Years

rr_AverageAnnualReturnYear10

3.78%

Average Annual Returns, Inception Date

rr_AverageAnnualReturnInceptionDate

Jan. 31, 2006

Leuthold Core Investment Fund | Bloomberg Barclays Global Aggregate Index

Risk/Return:

rr_RiskReturnAbstract

Label

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Bloomberg Barclays Global Aggregate Index

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

7.40%

Average Annual Returns, 5 Years

rr_AverageAnnualReturnYear05

0.79%

Average Annual Returns, 10 Years

rr_AverageAnnualReturnYear10

3.09%

Average Annual Returns, Inception Date

rr_AverageAnnualReturnInceptionDate

Jan. 31, 2006

Leuthold Core Investment Fund | Leuthold Core Investment Fund-Retail Class

Risk/Return:

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Maximum Sales Charge (Load) Imposed on Purchases

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none

Maximum Deferred Sales Charge (Load)

rr_MaximumDeferredSalesChargeOverOther

none

Maximum Deferred Sales Charge (Load) Imposed on Reinvested Dividends and Distributions

rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther

none

Redemption Fee (as a percentage of amount redeemed within 5 business days of purchase)

rr_RedemptionFeeOverRedemption

2.00%

Exchange Fee (as a percentage of amount exchanged within 5 business days of purchase)

rr_ExchangeFeeOverRedemption

2.00%

Management Fees

rr_ManagementFeesOverAssets

0.90%

Distribution (12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

none

Service Fees

rr_Component1OtherExpensesOverAssets

0.11%

Dividends on Short Positions

rr_Component2OtherExpensesOverAssets

0.02%

All Remaining Other Expenses

rr_Component3OtherExpensesOverAssets

0.18%

Other Expenses

rr_OtherExpensesOverAssets

0.37%

Acquired Fund Fees and Expenses

rr_AcquiredFundFeesAndExpensesOverAssets

0.06%

^[1]

Total Annual Fund Operating Expenses

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1.27%

Expense Example, with Redemption, 1 Year

rr_ExpenseExampleYear01

$ 129

Expense Example, with Redemption, 3 Years

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403

Expense Example, with Redemption, 5 Years

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697

Expense Example, with Redemption, 10 Years

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$ 1,534

Annual Return 2008

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(27.44%)

Annual Return 2009

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27.49%

Annual Return 2010

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3.53%

Annual Return 2011

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(5.34%)

Annual Return 2012

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8.32%

Annual Return 2013

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19.18%

Annual Return 2014

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8.58%

Annual Return 2015

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(0.96%)

Annual Return 2016

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4.51%

Annual Return 2017

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15.76%

Label

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Retail Shares Return Before Taxes

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

15.76%

Average Annual Returns, 5 Years

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9.16%

Average Annual Returns, 10 Years

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4.29%

Leuthold Core Investment Fund | Leuthold Core Investment Fund-Retail Class | After Taxes on Distributions

Risk/Return:

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Label

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Return After Taxes on Distributions

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

14.90%

Average Annual Returns, 5 Years

rr_AverageAnnualReturnYear05

7.83%

Average Annual Returns, 10 Years

rr_AverageAnnualReturnYear10

3.52%

Leuthold Core Investment Fund | Leuthold Core Investment Fund-Retail Class | After Taxes on Distributions and Sale of Fund Shares

Risk/Return:

rr_RiskReturnAbstract

Label

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Return After Taxes on Distributions and Sale of Fund Shares

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

9.63%

Average Annual Returns, 5 Years

rr_AverageAnnualReturnYear05

6.91%

Average Annual Returns, 10 Years

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3.21%

Leuthold Core Investment Fund | Leuthold Core Investment Fund-Institutional Class

Risk/Return:

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Maximum Sales Charge (Load) Imposed on Purchases

rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice

none

Maximum Deferred Sales Charge (Load)

rr_MaximumDeferredSalesChargeOverOther

none

Maximum Deferred Sales Charge (Load) Imposed on Reinvested Dividends and Distributions

rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther

none

Redemption Fee (as a percentage of amount redeemed within 5 business days of purchase)

rr_RedemptionFeeOverRedemption

2.00%

Exchange Fee (as a percentage of amount exchanged within 5 business days of purchase)

rr_ExchangeFeeOverRedemption

2.00%

Management Fees

rr_ManagementFeesOverAssets

0.90%

Distribution (12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

none

Service Fees

rr_Component1OtherExpensesOverAssets

none

Dividends on Short Positions

rr_Component2OtherExpensesOverAssets

0.02%

All Remaining Other Expenses

rr_Component3OtherExpensesOverAssets

0.18%

Other Expenses

rr_OtherExpensesOverAssets

0.26%

Acquired Fund Fees and Expenses

rr_AcquiredFundFeesAndExpensesOverAssets

0.06%

^[1]

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

1.16%

Expense Example, with Redemption, 1 Year

rr_ExpenseExampleYear01

$ 118

Expense Example, with Redemption, 3 Years

rr_ExpenseExampleYear03

368

Expense Example, with Redemption, 5 Years

rr_ExpenseExampleYear05

638

Expense Example, with Redemption, 10 Years

rr_ExpenseExampleYear10

$ 1,409

Label

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Institutional Shares Return Before Taxes

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

15.88%

Average Annual Returns, 5 Years

rr_AverageAnnualReturnYear05

9.27%

Average Annual Returns, 10 Years

rr_AverageAnnualReturnYear10

4.40%

Average Annual Returns, Inception Date

rr_AverageAnnualReturnInceptionDate

Jan. 31, 2006

[1] Acquired Fund Fees and Expenses are not directly borne by the Fund, and they are not reflected in the Fund’s financial statements, with the result that the information presented in the expense table may differ from that presented in the financial highlights.

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Leuthold Global Fund

Leuthold Global Fund

Investment Objective

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

Fund Fees and Expenses

The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees - Leuthold Global Fund	Leuthold Global Fund (Retail)	Leuthold Global Fund (Institutional)
Maximum Sales Charge (Load) Imposed on Purchases	none	none
Maximum Deferred Sales Charge (Load)	none	none
Maximum Deferred Sales Charge (Load) Imposed on Reinvested Dividends and Distributions	none	none
Redemption Fee (as a percentage of amount redeemed within 5 business days of purchase)	2.00%	2.00%
Exchange Fee (as a percentage of amount exchanged within 5 business days of purchase)	2.00%	2.00%

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses - Leuthold Global Fund		Leuthold Global Fund (Retail)	Leuthold Global Fund (Institutional)
Management Fees		0.90%	0.90%
Distribution (12b-1) Fees		0.20%	none
Other Expenses		0.52%	0.52%
All Remaining Other Expenses		0.46%	0.46%
Acquired Fund Fees and Expenses	[1]	0.06%	0.06%
Total Annual Fund Operating Expenses		1.62%	1.42%

Example

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of these periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. 

Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example - Leuthold Global Fund - USD ($)	One Year	Three Years	Five Years	Ten Years
Leuthold Global Fund (Retail)	165	511	881	1,922
Leuthold Global Fund (Institutional)	145	449	776	1,702

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 63.13 % of the average value of its portfolio.

Principal Investment Strategies of the Fund

Leuthold Global Fund is a “flexible” fund, meaning that it allocates its investments among:

➣ Common stocks and other equity securities (including common stocks, preferred stocks, convertible preferred stocks, warrants, options, and American Depository Receipts, and may engage in short sales of equity securities);

➣ Bonds and other debt securities (including global developed and emerging government-related securities (including those issued by sovereign and local governments and their sponsored entities), global corporate securities, and securitized debts both above and below investment grade); and

➣ Money market instruments from around the world;

in proportions which reflect the judgment of Leuthold Weeden Capital Management (referred to as the Adviser) of the potential returns and risks of each asset class.

The Adviser considers a number of factors when making these allocations, including economic conditions and monetary factors, inflation and interest rate levels and trends, investor confidence, and technical stock market measures. Normally, the Fund will invest at least 40% of its assets in securities from international markets, unless market conditions are not deemed favorable by the Adviser, in which case the Fund may invest less than 40% of its assets in securities from international markets (but in any event not less than 30%). While at least 40% of the Fund’s assets will be invested in securities from international markets, the Fund’s investments will be allocated among the following categories, with portions of each being made up of domestic and international securities:

➣ 30% to 70% of its net assets will be invested in common stocks and other equity securities;

➣ 30% to 70% of its net assets will be invested in bonds and other debt securities (other than money market instruments), except during prolonged periods of low interest rates; and

➣ up to 20% of its assets will be invested in money market instruments.

The Fund’s investments in common stocks and other equity securities may consist of the following from around the world:

➣ Large, mid, or small capitalization common stocks;

➣ Growth stocks, value stocks, or cyclical stocks;

➣ Aggressive stocks or defensive stocks;

➣ Stocks in any industry or sector;

➣ Equity mutual funds and exchange-traded funds; and

➣ Options.

In investing in equity securities and debt securities, the Fund utilizes a disciplined, unemotional, quantitative investment approach that is based on the belief investors can achieve superior investment performance through group selection (Global Group Strategy). The Fund will invest in domestic and foreign companies of all sizes and industries as well as in “growth” stocks and “value” stocks.

The Adviser currently monitors about 90 global groups. The major types of groups the Adviser monitors are Industry Specific Groups comprised of narrower themes. Examples include “Airlines,” “Health Care Facilities” or “Semiconductors”.

The Adviser continuously updates its investment discipline and adjusts the Fund’s portfolio as necessary to keep the Fund invested in stocks in those groups which the Adviser believes are the most attractive. Such adjustments may result in high portfolio turnover.

The Fund may invest in global (developed and emerging) government related securities, including those issued by sovereign and local governments and their sponsored entities, global corporate securities, and securitized debts. The Fund may invest in both above and below investment grade securities or mutual funds and exchange-traded funds that invest in these securities.

The Fund may engage in short sales of index-related and other equity securities to reduce its equity exposure or to profit from an anticipated decline in the price of the security sold short.

Principal Risks of Investing in the Fund

Investors in the Fund may lose money. The principal risks of investing in the Fund, including the risks to which the Fund’s portfolio as a whole is subject and the circumstances reasonably likely to affect adversely the Fund’s performance, are summarized below.

➣ Market Risk: The prices of the securities, particularly the common stocks, in which the Fund invests may decline for a number of reasons. The price declines of common stocks, in particular, may be steep, sudden, and/or prolonged.

➣ Interest Rate Risk: In general, the value of bonds and other debt securities falls when interest rates rise. Longer term obligations are usually more sensitive to interest rate changes than shorter term obligations. While bonds and other debt securities normally fluctuate less in price than common stocks, there have been extended periods of increases in interest rates that have caused significant declines in bond prices.

➣ Credit Risk: The issuers of the bonds and other debt securities held by the Fund or by the mutual funds in which the Fund invests may not be able to make interest or principal payments. Even if these issuers are able to make interest or principal payments, they may suffer adverse changes in financial condition that would lower the credit quality of the security, leading to greater volatility in the price of the security.

➣ Foreign Securities Risk: The securities of foreign issuers may be less liquid and more volatile than securities of comparable U.S. issuers. The costs associated with securities transactions are often higher in foreign countries than the U.S. The U.S. dollar value of foreign securities traded in foreign currencies (and any dividends and interest earned) held by the Fund or by mutual funds in which the Fund invests may be affected unfavorably by changes in foreign currency exchange rates. An increase in the U.S. dollar relative to these other currencies will adversely affect the Fund. Additionally, investments in foreign securities, even those publicly traded in the United States, may involve risks which are in addition to those inherent in domestic investments. Foreign companies may be subject to significantly higher levels of taxation than U.S. companies, including potentially confiscatory levels of taxation, thereby reducing the earnings potential of such foreign companies. Substantial withholding taxes may apply to distributions from foreign companies. Foreign companies may not be subject to the same regulatory requirements of U.S. companies, and as a consequence, there may be less publicly available information about such companies. Also, foreign companies may not be subject to uniform accounting, auditing, and financial reporting standards and requirements comparable to those applicable to U.S. companies. Foreign governments and foreign economies often are less stable than the U.S. government and the U.S. economy.

➣ Short Sales Risk: The Fund will suffer a loss if it sells a security short and the value of the security rises rather than falls. It is possible that the Fund’s long positions will decline in value at the same time that the value of its short positions increase, thereby increasing potential losses to the Fund. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as”covering” the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund.

The Fund’s investment performance will also suffer if it is required to close out a short position earlier than it had intended. In addition, the Fund may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as costs of borrowing and margin account maintenance costs associated with the Fund’s open short positions. These expenses may negatively impact the performance of the Fund. Short positions introduce more risk to the Fund than long positions (purchases) because the maximum sustainable loss on a security purchased (held long) is limited to the amount paid for the security plus the transaction costs, whereas there is no maximum attainable price of the shorted security. Therefore, in theory, securities sold short have unlimited risk.

➣ High Portfolio Turnover Risk: The Fund’s annual portfolio turnover rate may exceed 100%. (Generally speaking, a turnover rate of 100% occurs when the Fund replaces securities valued at 100% of its average net assets within a one year period.) High portfolio turnover (100% or more) will result in the Fund incurring more transaction costs such as brokerage commissions or mark-ups or mark-downs. Payment of those transaction costs reduces total return. High portfolio turnover could result in the payment by the Fund’s stockholders of increased taxes on realized gains. Distributions to the Fund’s stockholders, to the extent they are short-term capital gains, will be taxed at ordinary income rates for federal income tax purposes, rather than at lower capital gains rates.

➣ Asset Allocation Risk: The Fund’s performance will also be affected by the Adviser’s ability to anticipate correctly the relative potential returns and risks of the asset classes in which the Fund invests. For example, the Fund’s relative investment performance would suffer if only a small portion of its assets were allocated to stocks during a significant stock market advance, and its absolute investment performance would suffer if a major portion of its assets were allocated to stocks during a market decline. Finally, since the Fund intends to assume only prudent investment risk, there will be periods in which the Fund underperforms mutual funds that are willing to assume greater risk.

➣ Quantitative Investment Approach Risk: The Fund utilizes a quantitative investment approach. While the Adviser continuously reviews and refines, if necessary, its investment approach, there may be market conditions where the quantitative investment approach performs poorly.

➣ Liquidity Risk: Liquidity risk is the risk, due to certain investments trading in lower volumes or to market and economic conditions, that the Fund may be unable to find a buyer for its investments when it seeks to sell them or to receive the price it expects based on the Fund’s valuation of the investments. Events that may lead to increased redemptions, such as market disruptions, may also negatively impact the liquidity of the Fund’s investments when it needs to dispose of them. If the Fund is forced to sell its investments at an unfavorable time and/or under adverse conditions in order to meet redemption requests, such sales could negatively affect the Fund. Liquidity issues may also make it difficult to value the Fund’s investments.

As a result, the Fund is a suitable investment only for those investors who have medium to long-term investment goals. Prospective investors who are uncomfortable with an investment that may decrease in value should not invest in the Fund. The Adviser does not intend the Fund to be a fixed, balanced investment program. Rather, the Fund is intended to be a flexible core investment suitable for long-term investors. Long-term investors may wish to supplement an investment in the Fund with other investments to satisfy their short-term financial needs and to diversify their exposure to various markets and asset classes.

Performance Information

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 with those of an index that reflects a broad measure of market performance, as well as additional indices that reflect the performance of investments similar to those of the Fund. The bar chart shows the performance of the Fund’s Retail Class shares, and performance of the Fund’s Institutional Class shares will differ from those shown to the extent that the classes of shares do not have the same expenses or inception date. Please remember that the Fund’s past performance (before and after taxes) is not necessarily an indication of its future performance. It may perform better or worse in the future. Updated performance information is available on the Fund’s website, www.leutholdfunds.com.

Leuthold Global Fund Total Return of the Retail Shares (per calendar year)

Note: During the nine year period shown on the bar chart, the Fund’s highest total return for a quarter was 16.61% (quarter ended June 30, 2009) and the lowest return for a quarter was -13.11% (quarter ended September 30, 2011).

Average Annual Total Returns (for the periods ended December 31, 2017)

Average Annual Returns - Leuthold Global Fund

Label

Average Annual Returns, 1 Year

Average Annual Returns, 5 Years

Average Annual Returns, Since Inception

Average Annual Returns, Inception Date

Leuthold Global Fund (Retail)

Retail Shares Return Before Taxes

16.53%

7.06%

5.36%

Jul. 01, 2008

Leuthold Global Fund (Retail) | After Taxes on Distributions

Return After Taxes on Distributions

13.68%

4.69%

3.93%

Leuthold Global Fund (Retail) | After Taxes on Distributions and Sale of Fund Shares

Return After Taxes on Distributions and Sale of Shares

10.83%

5.07%

4.02%

Leuthold Global Fund (Institutional)

Institutional Shares Return Before Taxes

16.72%

7.29%

5.37%

Apr. 30, 2008

S&P 500 Index Retail Class Comparison

S&P 500 Index Retail Class Comparison

21.83%

15.79%

10.38%

Jul. 01, 2008

MSCI All Country World Index Retail Class Comparison

MSCI All Country World Index Retail Class Comparison

24.62%

11.40%

6.82%

Jul. 01, 2008

Barclays Global Aggregate Index Retail Class Comparison

BloombergBarclays Global Aggregate Index Retail Class Comparison

7.40%

0.79%

2.90%

Jul. 01, 2008

S&P 500 Index Institutional Class Comparison

S&P500Index Institutional Class Comparison

21.83%

15.79%

9.38%

Apr. 30, 2008

MSCI All Country World Index Institutional Class Comparison

MSCI All Country World Index Institutional Class Comparison

24.62%

11.40%

5.85%

Apr. 30, 2008

Barclays Global Aggregate Index Institutional Class Comparison

Bloomberg Barclays Global Aggregate Index Institutional Class Comparison

7.40%

0.79%

2.72%

Apr. 30, 2008

The inception date for Retail Shares is July 1, 2008. The inception date for Institutional Shares is April 30, 2008.

We use the MSCI All Country World Index and Bloomberg Barclays Global Aggregate Index because those indices compare the Fund’s performance with the returns of indices reflecting the performance of investments similar to those of the Fund.

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 investor’s 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 Fund’s return after taxes on distributions and sale of Fund shares may be higher than the other return figures for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares.

[1] Acquired Fund Fees and Expenses are not directly borne by the Fund, and they are not reflected in the Fund’s financial statements, with the result that the information presented in the expense table may differ from that presented in the financial highlights.

XML

Label

Element

Value

Leuthold Global Fund

Risk/Return:

rr_RiskReturnAbstract

Risk/Return [Heading]

rr_RiskReturnHeading

Leuthold Global Fund

Objective [Heading]

rr_ObjectiveHeading

Investment Objective

Objective, Primary [Text Block]

rr_ObjectivePrimaryTextBlock

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

Expense [Heading]

rr_ExpenseHeading

Fund Fees and Expenses

Expense Narrative [Text Block]

rr_ExpenseNarrativeTextBlock

The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees Caption [Text]

rr_ShareholderFeesCaption

Shareholder Fees (fees paid directly from your investment)

Operating Expenses Caption [Text]

rr_OperatingExpensesCaption

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Portfolio Turnover [Heading]

rr_PortfolioTurnoverHeading

Portfolio Turnover

Portfolio Turnover [Text Block]

rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 63.13 % of the average value of its portfolio.

Portfolio Turnover, Rate

rr_PortfolioTurnoverRate

63.13%

Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text]

rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees

Acquired Fund Fees and Expenses are not directly borne by the Fund, and they are not reflected in the Fund’s financial statements, with the result that the information presented in the expense table may differ from that presented in the financial highlights.

Expense Example [Heading]

rr_ExpenseExampleHeading

Example

Expense Example Narrative [Text Block]

rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of these periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. 

Expense Example by, Year, Caption [Text]

rr_ExpenseExampleByYearCaption

Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Strategy [Heading]

rr_StrategyHeading

Principal Investment Strategies of the Fund

Strategy Narrative [Text Block]

rr_StrategyNarrativeTextBlock

Leuthold Global Fund is a “flexible” fund, meaning that it allocates its investments among:

➣ Common stocks and other equity securities (including common stocks, preferred stocks, convertible preferred stocks, warrants, options, and American Depository Receipts, and may engage in short sales of equity securities);

➣ Bonds and other debt securities (including global developed and emerging government-related securities (including those issued by sovereign and local governments and their sponsored entities), global corporate securities, and securitized debts both above and below investment grade); and

➣ Money market instruments from around the world;

in proportions which reflect the judgment of Leuthold Weeden Capital Management (referred to as the Adviser) of the potential returns and risks of each asset class.

The Adviser considers a number of factors when making these allocations, including economic conditions and monetary factors, inflation and interest rate levels and trends, investor confidence, and technical stock market measures. Normally, the Fund will invest at least 40% of its assets in securities from international markets, unless market conditions are not deemed favorable by the Adviser, in which case the Fund may invest less than 40% of its assets in securities from international markets (but in any event not less than 30%). While at least 40% of the Fund’s assets will be invested in securities from international markets, the Fund’s investments will be allocated among the following categories, with portions of each being made up of domestic and international securities:

➣ 30% to 70% of its net assets will be invested in common stocks and other equity securities;

➣ 30% to 70% of its net assets will be invested in bonds and other debt securities (other than money market instruments), except during prolonged periods of low interest rates; and

➣ up to 20% of its assets will be invested in money market instruments.

The Fund’s investments in common stocks and other equity securities may consist of the following from around the world:

➣ Large, mid, or small capitalization common stocks;

➣ Growth stocks, value stocks, or cyclical stocks;

➣ Aggressive stocks or defensive stocks;

➣ Stocks in any industry or sector;

➣ Equity mutual funds and exchange-traded funds; and

➣ Options.

In investing in equity securities and debt securities, the Fund utilizes a disciplined, unemotional, quantitative investment approach that is based on the belief investors can achieve superior investment performance through group selection (Global Group Strategy). The Fund will invest in domestic and foreign companies of all sizes and industries as well as in “growth” stocks and “value” stocks.

The Adviser currently monitors about 90 global groups. The major types of groups the Adviser monitors are Industry Specific Groups comprised of narrower themes. Examples include “Airlines,” “Health Care Facilities” or “Semiconductors”.

The Adviser continuously updates its investment discipline and adjusts the Fund’s portfolio as necessary to keep the Fund invested in stocks in those groups which the Adviser believes are the most attractive. Such adjustments may result in high portfolio turnover.

The Fund may invest in global (developed and emerging) government related securities, including those issued by sovereign and local governments and their sponsored entities, global corporate securities, and securitized debts. The Fund may invest in both above and below investment grade securities or mutual funds and exchange-traded funds that invest in these securities.

The Fund may engage in short sales of index-related and other equity securities to reduce its equity exposure or to profit from an anticipated decline in the price of the security sold short.

Risk [Heading]

rr_RiskHeading

Principal Risks of Investing in the Fund

Risk Narrative [Text Block]

rr_RiskNarrativeTextBlock

Investors in the Fund may lose money. The principal risks of investing in the Fund, including the risks to which the Fund’s portfolio as a whole is subject and the circumstances reasonably likely to affect adversely the Fund’s performance, are summarized below.

➣ Market Risk: The prices of the securities, particularly the common stocks, in which the Fund invests may decline for a number of reasons. The price declines of common stocks, in particular, may be steep, sudden, and/or prolonged.

➣ Interest Rate Risk: In general, the value of bonds and other debt securities falls when interest rates rise. Longer term obligations are usually more sensitive to interest rate changes than shorter term obligations. While bonds and other debt securities normally fluctuate less in price than common stocks, there have been extended periods of increases in interest rates that have caused significant declines in bond prices.

➣ Credit Risk: The issuers of the bonds and other debt securities held by the Fund or by the mutual funds in which the Fund invests may not be able to make interest or principal payments. Even if these issuers are able to make interest or principal payments, they may suffer adverse changes in financial condition that would lower the credit quality of the security, leading to greater volatility in the price of the security.

➣ Foreign Securities Risk: The securities of foreign issuers may be less liquid and more volatile than securities of comparable U.S. issuers. The costs associated with securities transactions are often higher in foreign countries than the U.S. The U.S. dollar value of foreign securities traded in foreign currencies (and any dividends and interest earned) held by the Fund or by mutual funds in which the Fund invests may be affected unfavorably by changes in foreign currency exchange rates. An increase in the U.S. dollar relative to these other currencies will adversely affect the Fund. Additionally, investments in foreign securities, even those publicly traded in the United States, may involve risks which are in addition to those inherent in domestic investments. Foreign companies may be subject to significantly higher levels of taxation than U.S. companies, including potentially confiscatory levels of taxation, thereby reducing the earnings potential of such foreign companies. Substantial withholding taxes may apply to distributions from foreign companies. Foreign companies may not be subject to the same regulatory requirements of U.S. companies, and as a consequence, there may be less publicly available information about such companies. Also, foreign companies may not be subject to uniform accounting, auditing, and financial reporting standards and requirements comparable to those applicable to U.S. companies. Foreign governments and foreign economies often are less stable than the U.S. government and the U.S. economy.

➣ Short Sales Risk: The Fund will suffer a loss if it sells a security short and the value of the security rises rather than falls. It is possible that the Fund’s long positions will decline in value at the same time that the value of its short positions increase, thereby increasing potential losses to the Fund. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as”covering” the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund.

The Fund’s investment performance will also suffer if it is required to close out a short position earlier than it had intended. In addition, the Fund may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as costs of borrowing and margin account maintenance costs associated with the Fund’s open short positions. These expenses may negatively impact the performance of the Fund. Short positions introduce more risk to the Fund than long positions (purchases) because the maximum sustainable loss on a security purchased (held long) is limited to the amount paid for the security plus the transaction costs, whereas there is no maximum attainable price of the shorted security. Therefore, in theory, securities sold short have unlimited risk.

➣ High Portfolio Turnover Risk: The Fund’s annual portfolio turnover rate may exceed 100%. (Generally speaking, a turnover rate of 100% occurs when the Fund replaces securities valued at 100% of its average net assets within a one year period.) High portfolio turnover (100% or more) will result in the Fund incurring more transaction costs such as brokerage commissions or mark-ups or mark-downs. Payment of those transaction costs reduces total return. High portfolio turnover could result in the payment by the Fund’s stockholders of increased taxes on realized gains. Distributions to the Fund’s stockholders, to the extent they are short-term capital gains, will be taxed at ordinary income rates for federal income tax purposes, rather than at lower capital gains rates.

➣ Asset Allocation Risk: The Fund’s performance will also be affected by the Adviser’s ability to anticipate correctly the relative potential returns and risks of the asset classes in which the Fund invests. For example, the Fund’s relative investment performance would suffer if only a small portion of its assets were allocated to stocks during a significant stock market advance, and its absolute investment performance would suffer if a major portion of its assets were allocated to stocks during a market decline. Finally, since the Fund intends to assume only prudent investment risk, there will be periods in which the Fund underperforms mutual funds that are willing to assume greater risk.

➣ Quantitative Investment Approach Risk: The Fund utilizes a quantitative investment approach. While the Adviser continuously reviews and refines, if necessary, its investment approach, there may be market conditions where the quantitative investment approach performs poorly.

➣ Liquidity Risk: Liquidity risk is the risk, due to certain investments trading in lower volumes or to market and economic conditions, that the Fund may be unable to find a buyer for its investments when it seeks to sell them or to receive the price it expects based on the Fund’s valuation of the investments. Events that may lead to increased redemptions, such as market disruptions, may also negatively impact the liquidity of the Fund’s investments when it needs to dispose of them. If the Fund is forced to sell its investments at an unfavorable time and/or under adverse conditions in order to meet redemption requests, such sales could negatively affect the Fund. Liquidity issues may also make it difficult to value the Fund’s investments.

As a result, the Fund is a suitable investment only for those investors who have medium to long-term investment goals. Prospective investors who are uncomfortable with an investment that may decrease in value should not invest in the Fund. The Adviser does not intend the Fund to be a fixed, balanced investment program. Rather, the Fund is intended to be a flexible core investment suitable for long-term investors. Long-term investors may wish to supplement an investment in the Fund with other investments to satisfy their short-term financial needs and to diversify their exposure to various markets and asset classes.

Risk Lose Money [Text]

rr_RiskLoseMoney

Investors in the Fund may lose money.

Bar Chart and Performance Table [Heading]

rr_BarChartAndPerformanceTableHeading

Performance Information

Performance Narrative [Text Block]

rr_PerformanceNarrativeTextBlock

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 with those of an index that reflects a broad measure of market performance, as well as additional indices that reflect the performance of investments similar to those of the Fund. The bar chart shows the performance of the Fund’s Retail Class shares, and performance of the Fund’s Institutional Class shares will differ from those shown to the extent that the classes of shares do not have the same expenses or inception date. Please remember that the Fund’s past performance (before and after taxes) is not necessarily an indication of its future performance. It may perform better or worse in the future. Updated performance information is available on the Fund’s website, www.leutholdfunds.com.

Performance Information Illustrates Variability of Returns [Text]

rr_PerformanceInformationIllustratesVariabilityOfReturns

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 with those of an index that reflects a broad measure of market performance, as well as additional indices that reflect the performance of investments similar to those of the Fund.

Performance Additional Market Index [Text]

rr_PerformanceAdditionalMarketIndex

We use the MSCI All Country World Index and Bloomberg Barclays Global Aggregate Index because those indices compare the Fund’s performance with the returns of indices reflecting the performance of investments similar to those of the Fund.

Performance Availability Website Address [Text]

rr_PerformanceAvailabilityWebSiteAddress

www.leutholdfunds.com

Performance Past Does Not Indicate Future [Text]

rr_PerformancePastDoesNotIndicateFuture

Please remember that the Fund’s past performance (before and after taxes) is not necessarily an indication of its future performance. It may perform better or worse in the future.

Bar Chart [Heading]

rr_BarChartHeading

Leuthold Global Fund Total Return of the Retail Shares (per calendar year)

Bar Chart Closing [Text Block]

rr_BarChartClosingTextBlock

Note: During the nine year period shown on the bar chart, the Fund’s highest total return for a quarter was 16.61% (quarter ended June 30, 2009) and the lowest return for a quarter was -13.11% (quarter ended September 30, 2011).

Highest Quarterly Return, Label

rr_HighestQuarterlyReturnLabel

highest total return

Highest Quarterly Return, Date

rr_BarChartHighestQuarterlyReturnDate

Jun. 30, 2009

Highest Quarterly Return

rr_BarChartHighestQuarterlyReturn

16.61%

Lowest Quarterly Return, Label

rr_LowestQuarterlyReturnLabel

lowest return

Lowest Quarterly Return, Date

rr_BarChartLowestQuarterlyReturnDate

Sep. 30, 2011

Lowest Quarterly Return

rr_BarChartLowestQuarterlyReturn

(13.11%)

Performance Table Uses Highest Federal Rate

rr_PerformanceTableUsesHighestFederalRate

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.

Performance Table Not Relevant to Tax Deferred

rr_PerformanceTableNotRelevantToTaxDeferred

Actual after-tax returns depend on an investor’s 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.

Performance Table Explanation after Tax Higher

rr_PerformanceTableExplanationAfterTaxHigher

The Fund’s return after taxes on distributions and sale of Fund shares may be higher than the other return figures for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares.

Performance Table Closing [Text Block]

rr_PerformanceTableClosingTextBlock

The inception date for Retail Shares is July 1, 2008. The inception date for Institutional Shares is April 30, 2008.

We use the MSCI All Country World Index and Bloomberg Barclays Global Aggregate Index because those indices compare the Fund’s performance with the returns of indices reflecting the performance of investments similar to those of the Fund.

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 investor’s 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 Fund’s return after taxes on distributions and sale of Fund shares may be higher than the other return figures for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares.

Caption

rr_AverageAnnualReturnCaption

Average Annual Total Returns (for the periods ended December 31, 2017)

Leuthold Global Fund | S&P 500 Index Retail Class Comparison

Risk/Return:

rr_RiskReturnAbstract

Label

rr_AverageAnnualReturnLabel

S&P 500 Index Retail Class Comparison

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

21.83%

Average Annual Returns, 5 Years

rr_AverageAnnualReturnYear05

15.79%

Average Annual Returns, Since Inception

rr_AverageAnnualReturnSinceInception

10.38%

Average Annual Returns, Inception Date

rr_AverageAnnualReturnInceptionDate

Jul. 01, 2008

Leuthold Global Fund | MSCI All Country World Index Retail Class Comparison

Risk/Return:

rr_RiskReturnAbstract

Label

rr_AverageAnnualReturnLabel

MSCI All Country World Index Retail Class Comparison

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

24.62%

Average Annual Returns, 5 Years

rr_AverageAnnualReturnYear05

11.40%

Average Annual Returns, Since Inception

rr_AverageAnnualReturnSinceInception

6.82%

Average Annual Returns, Inception Date

rr_AverageAnnualReturnInceptionDate

Jul. 01, 2008

Leuthold Global Fund | Barclays Global Aggregate Index Retail Class Comparison

Risk/Return:

rr_RiskReturnAbstract

Label

rr_AverageAnnualReturnLabel

BloombergBarclays Global Aggregate Index Retail Class Comparison

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

7.40%

Average Annual Returns, 5 Years

rr_AverageAnnualReturnYear05

0.79%

Average Annual Returns, Since Inception

rr_AverageAnnualReturnSinceInception

2.90%

Average Annual Returns, Inception Date

rr_AverageAnnualReturnInceptionDate

Jul. 01, 2008

Leuthold Global Fund | S&P 500 Index Institutional Class Comparison

Risk/Return:

rr_RiskReturnAbstract

Label

rr_AverageAnnualReturnLabel

S&P500Index Institutional Class Comparison

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

21.83%

Average Annual Returns, 5 Years

rr_AverageAnnualReturnYear05

15.79%

Average Annual Returns, Since Inception

rr_AverageAnnualReturnSinceInception

9.38%

Average Annual Returns, Inception Date

rr_AverageAnnualReturnInceptionDate

Apr. 30, 2008

Leuthold Global Fund | MSCI All Country World Index Institutional Class Comparison

Risk/Return:

rr_RiskReturnAbstract

Label

rr_AverageAnnualReturnLabel

MSCI All Country World Index Institutional Class Comparison

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

24.62%

Average Annual Returns, 5 Years

rr_AverageAnnualReturnYear05

11.40%

Average Annual Returns, Since Inception

rr_AverageAnnualReturnSinceInception

5.85%

Average Annual Returns, Inception Date

rr_AverageAnnualReturnInceptionDate

Apr. 30, 2008

Leuthold Global Fund | Barclays Global Aggregate Index Institutional Class Comparison

Risk/Return:

rr_RiskReturnAbstract

Label

rr_AverageAnnualReturnLabel

Bloomberg Barclays Global Aggregate Index Institutional Class Comparison

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

7.40%

Average Annual Returns, 5 Years

rr_AverageAnnualReturnYear05

0.79%

Average Annual Returns, Since Inception

rr_AverageAnnualReturnSinceInception

2.72%

Average Annual Returns, Inception Date

rr_AverageAnnualReturnInceptionDate

Apr. 30, 2008

Leuthold Global Fund | Leuthold Global Fund (Retail)

Risk/Return:

rr_RiskReturnAbstract

Maximum Sales Charge (Load) Imposed on Purchases

rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice

none

Maximum Deferred Sales Charge (Load)

rr_MaximumDeferredSalesChargeOverOther

none

Maximum Deferred Sales Charge (Load) Imposed on Reinvested Dividends and Distributions

rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther

none

Redemption Fee (as a percentage of amount redeemed within 5 business days of purchase)

rr_RedemptionFeeOverRedemption

2.00%

Exchange Fee (as a percentage of amount exchanged within 5 business days of purchase)

rr_ExchangeFeeOverRedemption

2.00%

Management Fees

rr_ManagementFeesOverAssets

0.90%

Distribution (12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

0.20%

All Remaining Other Expenses

rr_Component3OtherExpensesOverAssets

0.46%

Other Expenses

rr_OtherExpensesOverAssets

0.52%

Acquired Fund Fees and Expenses

rr_AcquiredFundFeesAndExpensesOverAssets

0.06%

^[1]

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

1.62%

Expense Example, with Redemption, 1 Year

rr_ExpenseExampleYear01

$ 165

Expense Example, with Redemption, 3 Years

rr_ExpenseExampleYear03

511

Expense Example, with Redemption, 5 Years

rr_ExpenseExampleYear05

881

Expense Example, with Redemption, 10 Years

rr_ExpenseExampleYear10

$ 1,922

Annual Return 2009

rr_AnnualReturn2009

31.72%

Annual Return 2010

rr_AnnualReturn2010

15.38%

Annual Return 2011

rr_AnnualReturn2011

(7.44%)

Annual Return 2012

rr_AnnualReturn2012

10.87%

Annual Return 2013

rr_AnnualReturn2013

17.53%

Annual Return 2014

rr_AnnualReturn2014

3.15%

Annual Return 2015

rr_AnnualReturn2015

(1.82%)

Annual Return 2016

rr_AnnualReturn2016

1.42%

Annual Return 2017

rr_AnnualReturn2017

16.53%

Label

rr_AverageAnnualReturnLabel

Retail Shares Return Before Taxes

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

16.53%

Average Annual Returns, 5 Years

rr_AverageAnnualReturnYear05

7.06%

Average Annual Returns, Since Inception

rr_AverageAnnualReturnSinceInception

5.36%

Average Annual Returns, Inception Date

rr_AverageAnnualReturnInceptionDate

Jul. 01, 2008

Leuthold Global Fund | Leuthold Global Fund (Retail) | After Taxes on Distributions

Risk/Return:

rr_RiskReturnAbstract

Label

rr_AverageAnnualReturnLabel

Return After Taxes on Distributions

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

13.68%

Average Annual Returns, 5 Years

rr_AverageAnnualReturnYear05

4.69%

Average Annual Returns, Since Inception

rr_AverageAnnualReturnSinceInception

3.93%

Leuthold Global Fund | Leuthold Global Fund (Retail) | After Taxes on Distributions and Sale of Fund Shares

Risk/Return:

rr_RiskReturnAbstract

Label

rr_AverageAnnualReturnLabel

Return After Taxes on Distributions and Sale of Shares

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

10.83%

Average Annual Returns, 5 Years

rr_AverageAnnualReturnYear05

5.07%

Average Annual Returns, Since Inception

rr_AverageAnnualReturnSinceInception

4.02%

Leuthold Global Fund | Leuthold Global Fund (Institutional)

Risk/Return:

rr_RiskReturnAbstract

Maximum Sales Charge (Load) Imposed on Purchases

rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice

none

Maximum Deferred Sales Charge (Load)

rr_MaximumDeferredSalesChargeOverOther

none

Maximum Deferred Sales Charge (Load) Imposed on Reinvested Dividends and Distributions

rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther

none

Redemption Fee (as a percentage of amount redeemed within 5 business days of purchase)

rr_RedemptionFeeOverRedemption

2.00%

Exchange Fee (as a percentage of amount exchanged within 5 business days of purchase)

rr_ExchangeFeeOverRedemption

2.00%

Management Fees

rr_ManagementFeesOverAssets

0.90%

Distribution (12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

none

All Remaining Other Expenses

rr_Component3OtherExpensesOverAssets

0.46%

Other Expenses

rr_OtherExpensesOverAssets

0.52%

Acquired Fund Fees and Expenses

rr_AcquiredFundFeesAndExpensesOverAssets

0.06%

^[1]

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

1.42%

Expense Example, with Redemption, 1 Year

rr_ExpenseExampleYear01

$ 145

Expense Example, with Redemption, 3 Years

rr_ExpenseExampleYear03

449

Expense Example, with Redemption, 5 Years

rr_ExpenseExampleYear05

776

Expense Example, with Redemption, 10 Years

rr_ExpenseExampleYear10

$ 1,702

Label

rr_AverageAnnualReturnLabel

Institutional Shares Return Before Taxes

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

16.72%

Average Annual Returns, 5 Years

rr_AverageAnnualReturnYear05

7.29%

Average Annual Returns, Since Inception

rr_AverageAnnualReturnSinceInception

5.37%

Average Annual Returns, Inception Date

rr_AverageAnnualReturnInceptionDate

Apr. 30, 2008

[1] Acquired Fund Fees and Expenses are not directly borne by the Fund, and they are not reflected in the Fund’s financial statements, with the result that the information presented in the expense table may differ from that presented in the financial highlights.

XML

Leuthold Select Industries Fund

Leuthold Select Industries Fund

Investment Objective

Leuthold Select Industries Fund (LSLTX) seeks capital appreciation.

Fund Fees and Expenses

The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees	Leuthold Select Industries Fund No Load
Maximum Sales Charge (Load) Imposed on Purchases	none
Maximum Deferred Sales Charge (Load)	none
Maximum Deferred Sales Charge (Load) Imposed on Reinvested Dividends and Distributions	none
Redemption Fee	none
Exchange Fee	none

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses	Leuthold Select Industries Fund No Load
Management Fees	1.00%
Distribution (12b-1) Fees	none
Other Expenses	0.80%
Service Fees	0.09%
All Remaining Other Expenses	0.71%
Total Annual Fund Operating Expenses	1.80%
Expense Reimbursement	0.30%	[1]
After Expense Reimbursement	1.50%

Example

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of these periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.

Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example	One Year	Three Years	Five Years	Ten Years
Leuthold Select Industries Fund | No Load | USD ($)	153	537	947	2,091

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 62.72% of the average value of its portfolio.

Principal Investment Strategies of the Fund

The Fund seeks capital appreciation by investing substantially all of its assets in equity securities traded in the U.S. securities markets (including common stocks, preferred stocks, convertible preferred stocks, warrants, options, and American Depository Receipts). The Fund invests in companies of all sizes and industries as well as in “growth” stocks and “value” stocks. In investing in equity securities, the Fund uses a disciplined, unemotional, quantitative investment approach that is based on the belief investors can achieve superior investment performance through group selection (Select Industries Strategy).

Pursuant to the Select Industries Strategy, Leuthold Weeden Capital Management (referred to as the Adviser) believes that as shifts among industry groups in the equity market have become more dramatic, group selection has become as important as individual stock selection in determining investment performance. The Adviser considers a group to be a collection of stocks whose investment performance tends to be similarly influenced by a variety of factors. The Adviser currently monitors about 110 groups. The major types of groups the Adviser monitors are Industry Specific Groups comprised of narrower themes. Examples include “Airlines,” “Health Care Facilities” or “Semiconductors”.

The Adviser continuously updates its investment discipline and adjusts the Fund’s portfolio as necessary to keep the Fund invested in stocks in those groups which the Adviser believes are the most attractive. Such adjustments usually results in high portfolio turnover.

Principal Risks of Investing in the Fund

Investors in the Fund may lose money. The principal risks of investing in the Fund, including the risks to which the Fund’s portfolio as a whole is subject and the circumstances reasonably likely to affect adversely the Fund’s performance, are summarized below.

➣ Market Risk: The prices of the securities, particularly the common stocks, in which the Fund invests may decline for a number of reasons. The price declines of common stocks, in particular, may be steep, sudden, and/or prolonged.

➣ Foreign Securities Risk: The securities of foreign issuers may be less liquid and more volatile than securities of comparable U.S. issuers. The costs associated with securities transactions are often higher in foreign countries than the U.S. The U.S. dollar value of foreign securities traded in foreign currencies (and any dividends and interest earned) held by the Fund or by mutual funds in which the Fund invests may be affected unfavorably by changes in foreign currency exchange rates. An increase in the U.S. dollar relative to these other currencies will adversely affect the Fund. Additionally, investments in foreign securities, even those publicly traded in the United States, may involve risks which are in addition to those inherent in domestic investments. Foreign companies may be subject to significantly higher levels of taxation than U.S. companies, including potentially confiscatory levels of taxation, thereby reducing the earnings potential of such foreign companies. Substantial withholding taxes may apply to distributions from foreign companies. Foreign companies may not be subject to the same regulatory requirements of U.S. companies, and as a consequence, there may be less publicly available information about such companies. Also, foreign companies may not be subject to uniform accounting, auditing, and financial reporting standards and requirements comparable to those applicable to U.S. companies. Foreign governments and foreign economies often are less stable than the U.S. government and the U.S. economy.

➣ High Portfolio Turnover Risk: The Fund’s annual portfolio turnover rate generally exceeds 100%. (Generally speaking, a turnover rate of 100% occurs when the Fund replaces securities valued at 100% of its average net assets within a one year period.) High portfolio turnover (100% or more) will result in the Fund incurring more transaction costs such as brokerage commissions or mark-ups or mark-downs. Payment of those transaction costs reduces total return. High portfolio turnover could result in the payment by the Fund’s stockholders of increased taxes on realized gains. Distributions to the Fund’s stockholders, to the extent they are short- term capital gains, will be taxed at ordinary income rates for federal income tax purposes, rather than at lower capital gains rates.

➣ Quantitative Investment Approach Risk: The Fund utilizes a quantitative investment approach. While the Adviser continuously reviews and refines, if necessary, its investment approach, there may be market conditions where the quantitative investment approach performs poorly.

➣ Liquidity Risk: Liquidity risk is the risk, due to certain investments trading in lower volumes or to market and economic conditions, that the Fund may be unable to find a buyer for its investments when it seeks to sell them or to receive the price it expects based on the Fund’s valuation of the investments. Events that may lead to increased redemptions, such as market disruptions, may also negatively impact the liquidity of the Fund’s investments when it needs to dispose of them. If the Fund is forced to sell its investments at an unfavorable time and/or under adverse conditions in order to meet redemption requests, such sales could negatively affect the Fund. Liquidity issues may also make it difficult to value the Fund’s investments.

As a result, the Fund is a suitable investment only for those investors who have long-term investment goals. Prospective investors who are uncomfortable with an investment that may decrease in value should not invest in the Fund.

Performance Information

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 the performance with those of an index that reflects a broad measure of market performance, as well as additional indices that reflect the performance of investments similar to those of the Fund. Please remember that the Fund’s past performance (before and after taxes) is not necessarily an indication of its future performance. It may perform better or worse in the future.

Leuthold Select Industries Fund Total Return (per calendar year)

Note: During the ten year period shown on the bar chart, the Fund’s highest total return for a quarter was 18.92% (quarter ended September 30, 2009) and the lowest total return for a quarter was-23.51% (quarter ended September 30, 2011).

Average Annual Total Returns (for the periods ended December 31, 2017)

Average Annual Returns - Leuthold Select Industries Fund

Label

Average Annual Returns, 1 Year

Average Annual Returns, 5 Years

Average Annual Returns, 10 Years

No Load

Return before taxes

21.84%

16.02%

5.54%

No Load | After Taxes on Distributions

Return after taxes on distributions

20.48%

15.68%

5.38%

No Load | After Taxes on Distributions and Sale of Fund Shares

Return after taxes on distributions and sale of Fund shares

13.46%

12.95%

4.43%

S&P 500 Index

S&P 500 Index

21.83%

15.79%

8.50%

Russell 2000 Index

Russell 2000 Index

14.65%

14.12%

8.71%

Lipper Multi-Cap Core Funds Index

Lipper Multi-Cap Core Funds Index

20.54%

14.24%

7.69%

We use the Russell 2000 Index and Lipper Multi-Cap Core Funds Index because those indices compare the Fund’s performance with the returns of indices reflecting the performance of investments similar to those of the Fund.

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 investor’s 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.

[1] The Fund’s investment adviser has contractually agreed in the investment advisory agreement to waive its advisory fee to the extent necessary to insure that Net Expenses (excluding dividends on short positions and Acquired Fund Fees and Expenses) do not exceed 1.50% of the average daily net assets of the Fund. The investment advisory agreement may be terminated by the Fund or the Fund’s investment adviser for any reason upon sixty days’ prior written notice, but is expected to continue indefinitely. In any of the following three fiscal years, the Fund’s investment adviser may recover waived fees, but in no event may the Fund’s expenses exceed the expense limitation above.

XML

Label

Element

Value

Leuthold Select Industries Fund

Risk/Return:

rr_RiskReturnAbstract

Risk/Return [Heading]

rr_RiskReturnHeading

Leuthold Select Industries Fund

Objective [Heading]

rr_ObjectiveHeading

Investment Objective

Objective, Primary [Text Block]

rr_ObjectivePrimaryTextBlock

Leuthold Select Industries Fund (LSLTX) seeks capital appreciation.

Expense [Heading]

rr_ExpenseHeading

Fund Fees and Expenses

Expense Narrative [Text Block]

rr_ExpenseNarrativeTextBlock

The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees Caption [Text]

rr_ShareholderFeesCaption

Shareholder Fees (fees paid directly from your investment)

Operating Expenses Caption [Text]

rr_OperatingExpensesCaption

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Portfolio Turnover [Heading]

rr_PortfolioTurnoverHeading

Portfolio Turnover

Portfolio Turnover [Text Block]

rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 62.72% of the average value of its portfolio.

Portfolio Turnover, Rate

rr_PortfolioTurnoverRate

62.72%

Expense Example [Heading]

rr_ExpenseExampleHeading

Example

Expense Example Narrative [Text Block]

rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of these periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.

Expense Example by, Year, Caption [Text]

rr_ExpenseExampleByYearCaption

Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Strategy [Heading]

rr_StrategyHeading

Principal Investment Strategies of the Fund

Strategy Narrative [Text Block]

rr_StrategyNarrativeTextBlock

The Fund seeks capital appreciation by investing substantially all of its assets in equity securities traded in the U.S. securities markets (including common stocks, preferred stocks, convertible preferred stocks, warrants, options, and American Depository Receipts). The Fund invests in companies of all sizes and industries as well as in “growth” stocks and “value” stocks. In investing in equity securities, the Fund uses a disciplined, unemotional, quantitative investment approach that is based on the belief investors can achieve superior investment performance through group selection (Select Industries Strategy).

Pursuant to the Select Industries Strategy, Leuthold Weeden Capital Management (referred to as the Adviser) believes that as shifts among industry groups in the equity market have become more dramatic, group selection has become as important as individual stock selection in determining investment performance. The Adviser considers a group to be a collection of stocks whose investment performance tends to be similarly influenced by a variety of factors. The Adviser currently monitors about 110 groups. The major types of groups the Adviser monitors are Industry Specific Groups comprised of narrower themes. Examples include “Airlines,” “Health Care Facilities” or “Semiconductors”.

The Adviser continuously updates its investment discipline and adjusts the Fund’s portfolio as necessary to keep the Fund invested in stocks in those groups which the Adviser believes are the most attractive. Such adjustments usually results in high portfolio turnover.

Risk [Heading]

rr_RiskHeading

Principal Risks of Investing in the Fund

Risk Narrative [Text Block]

rr_RiskNarrativeTextBlock

Investors in the Fund may lose money. The principal risks of investing in the Fund, including the risks to which the Fund’s portfolio as a whole is subject and the circumstances reasonably likely to affect adversely the Fund’s performance, are summarized below.

➣ Market Risk: The prices of the securities, particularly the common stocks, in which the Fund invests may decline for a number of reasons. The price declines of common stocks, in particular, may be steep, sudden, and/or prolonged.

➣ Foreign Securities Risk: The securities of foreign issuers may be less liquid and more volatile than securities of comparable U.S. issuers. The costs associated with securities transactions are often higher in foreign countries than the U.S. The U.S. dollar value of foreign securities traded in foreign currencies (and any dividends and interest earned) held by the Fund or by mutual funds in which the Fund invests may be affected unfavorably by changes in foreign currency exchange rates. An increase in the U.S. dollar relative to these other currencies will adversely affect the Fund. Additionally, investments in foreign securities, even those publicly traded in the United States, may involve risks which are in addition to those inherent in domestic investments. Foreign companies may be subject to significantly higher levels of taxation than U.S. companies, including potentially confiscatory levels of taxation, thereby reducing the earnings potential of such foreign companies. Substantial withholding taxes may apply to distributions from foreign companies. Foreign companies may not be subject to the same regulatory requirements of U.S. companies, and as a consequence, there may be less publicly available information about such companies. Also, foreign companies may not be subject to uniform accounting, auditing, and financial reporting standards and requirements comparable to those applicable to U.S. companies. Foreign governments and foreign economies often are less stable than the U.S. government and the U.S. economy.

➣ High Portfolio Turnover Risk: The Fund’s annual portfolio turnover rate generally exceeds 100%. (Generally speaking, a turnover rate of 100% occurs when the Fund replaces securities valued at 100% of its average net assets within a one year period.) High portfolio turnover (100% or more) will result in the Fund incurring more transaction costs such as brokerage commissions or mark-ups or mark-downs. Payment of those transaction costs reduces total return. High portfolio turnover could result in the payment by the Fund’s stockholders of increased taxes on realized gains. Distributions to the Fund’s stockholders, to the extent they are short- term capital gains, will be taxed at ordinary income rates for federal income tax purposes, rather than at lower capital gains rates.

➣ Quantitative Investment Approach Risk: The Fund utilizes a quantitative investment approach. While the Adviser continuously reviews and refines, if necessary, its investment approach, there may be market conditions where the quantitative investment approach performs poorly.

➣ Liquidity Risk: Liquidity risk is the risk, due to certain investments trading in lower volumes or to market and economic conditions, that the Fund may be unable to find a buyer for its investments when it seeks to sell them or to receive the price it expects based on the Fund’s valuation of the investments. Events that may lead to increased redemptions, such as market disruptions, may also negatively impact the liquidity of the Fund’s investments when it needs to dispose of them. If the Fund is forced to sell its investments at an unfavorable time and/or under adverse conditions in order to meet redemption requests, such sales could negatively affect the Fund. Liquidity issues may also make it difficult to value the Fund’s investments.

As a result, the Fund is a suitable investment only for those investors who have long-term investment goals. Prospective investors who are uncomfortable with an investment that may decrease in value should not invest in the Fund.

Risk Lose Money [Text]

rr_RiskLoseMoney

Investors in the Fund may lose money.

Bar Chart and Performance Table [Heading]

rr_BarChartAndPerformanceTableHeading

Performance Information

Performance Narrative [Text Block]

rr_PerformanceNarrativeTextBlock

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 the performance with those of an index that reflects a broad measure of market performance, as well as additional indices that reflect the performance of investments similar to those of the Fund. Please remember that the Fund’s past performance (before and after taxes) is not necessarily an indication of its future performance. It may perform better or worse in the future.

Performance Information Illustrates Variability of Returns [Text]

rr_PerformanceInformationIllustratesVariabilityOfReturns

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 the performance with those of an index that reflects a broad measure of market performance, as well as additional indices that reflect the performance of investments similar to those of the Fund.

Performance Additional Market Index [Text]

rr_PerformanceAdditionalMarketIndex

We use the Russell 2000 Index and Lipper Multi-Cap Core Funds Index because those indices compare the Fund’s performance with the returns of indices reflecting the performance of investments similar to those of the Fund.

Performance Past Does Not Indicate Future [Text]

rr_PerformancePastDoesNotIndicateFuture

Please remember that the Fund’s past performance (before and after taxes) is not necessarily an indication of its future performance. It may perform better or worse in the future.

Bar Chart [Heading]

rr_BarChartHeading

Leuthold Select Industries Fund Total Return (per calendar year)

Bar Chart Closing [Text Block]

rr_BarChartClosingTextBlock

Note: During the ten year period shown on the bar chart, the Fund’s highest total return for a quarter was 18.92% (quarter ended September 30, 2009) and the lowest total return for a quarter was-23.51% (quarter ended September 30, 2011).

Highest Quarterly Return, Label

rr_HighestQuarterlyReturnLabel

highest total return

Highest Quarterly Return, Date

rr_BarChartHighestQuarterlyReturnDate

Sep. 30, 2009

Highest Quarterly Return

rr_BarChartHighestQuarterlyReturn

18.92%

Lowest Quarterly Return, Label

rr_LowestQuarterlyReturnLabel

lowest total return

Lowest Quarterly Return, Date

rr_BarChartLowestQuarterlyReturnDate

Sep. 30, 2011

Lowest Quarterly Return

rr_BarChartLowestQuarterlyReturn

(23.51%)

Performance Table Uses Highest Federal Rate

rr_PerformanceTableUsesHighestFederalRate

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.

Performance Table Not Relevant to Tax Deferred

rr_PerformanceTableNotRelevantToTaxDeferred

Actual after-tax returns depend on an investor’s 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.

Performance Table Closing [Text Block]

rr_PerformanceTableClosingTextBlock

We use the Russell 2000 Index and Lipper Multi-Cap Core Funds Index because those indices compare the Fund’s performance with the returns of indices reflecting the performance of investments similar to those of the Fund.

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 investor’s 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.

Caption

rr_AverageAnnualReturnCaption

Average Annual Total Returns (for the periods ended December 31, 2017)

Leuthold Select Industries Fund | S&P 500 Index

Risk/Return:

rr_RiskReturnAbstract

Label

rr_AverageAnnualReturnLabel

S&P 500 Index

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

21.83%

Average Annual Returns, 5 Years

rr_AverageAnnualReturnYear05

15.79%

Average Annual Returns, 10 Years

rr_AverageAnnualReturnYear10

8.50%

Leuthold Select Industries Fund | Russell 2000 Index

Risk/Return:

rr_RiskReturnAbstract

Label

rr_AverageAnnualReturnLabel

Russell 2000 Index

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

14.65%

Average Annual Returns, 5 Years

rr_AverageAnnualReturnYear05

14.12%

Average Annual Returns, 10 Years

rr_AverageAnnualReturnYear10

8.71%

Leuthold Select Industries Fund | Lipper Multi-Cap Core Funds Index

Risk/Return:

rr_RiskReturnAbstract

Label

rr_AverageAnnualReturnLabel

Lipper Multi-Cap Core Funds Index

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

20.54%

Average Annual Returns, 5 Years

rr_AverageAnnualReturnYear05

14.24%

Average Annual Returns, 10 Years

rr_AverageAnnualReturnYear10

7.69%

Leuthold Select Industries Fund | No Load

Risk/Return:

rr_RiskReturnAbstract

Maximum Sales Charge (Load) Imposed on Purchases

rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice

none

Maximum Deferred Sales Charge (Load)

rr_MaximumDeferredSalesChargeOverOther

none

Maximum Deferred Sales Charge (Load) Imposed on Reinvested Dividends and Distributions

rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther

none

Redemption Fee (as a percentage of amount redeemed within 5 business days of purchase)

rr_RedemptionFeeOverRedemption

none

Exchange Fee (as a percentage of amount exchanged within 5 business days of purchase)

rr_ExchangeFeeOverRedemption

none

Management Fees

rr_ManagementFeesOverAssets

1.00%

Distribution (12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

none

Service Fees

rr_Component1OtherExpensesOverAssets

0.09%

All Remaining Other Expenses

rr_Component3OtherExpensesOverAssets

0.71%

Other Expenses

rr_OtherExpensesOverAssets

0.80%

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

1.80%

Fee Waiver or Reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(0.30%)

^[1]

After Expense Reimbursement

rr_NetExpensesOverAssets

1.50%

Expense Example, with Redemption, 1 Year

rr_ExpenseExampleYear01

$ 153

Expense Example, with Redemption, 3 Years

rr_ExpenseExampleYear03

537

Expense Example, with Redemption, 5 Years

rr_ExpenseExampleYear05

947

Expense Example, with Redemption, 10 Years

rr_ExpenseExampleYear10

$ 2,091

Annual Return 2008

rr_AnnualReturn2008

(34.67%)

Annual Return 2009

rr_AnnualReturn2009

18.62%

Annual Return 2010

rr_AnnualReturn2010

0.59%

Annual Return 2011

rr_AnnualReturn2011

(6.50%)

Annual Return 2012

rr_AnnualReturn2012

11.92%

Annual Return 2013

rr_AnnualReturn2013

41.93%

Annual Return 2014

rr_AnnualReturn2014

16.27%

Annual Return 2015

rr_AnnualReturn2015

(0.73%)

Annual Return 2016

rr_AnnualReturn2016

5.33%

Annual Return 2017

rr_AnnualReturn2017

21.84%

Label

rr_AverageAnnualReturnLabel

Return before taxes

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

21.84%

Average Annual Returns, 5 Years

rr_AverageAnnualReturnYear05

16.02%

Average Annual Returns, 10 Years

rr_AverageAnnualReturnYear10

5.54%

Leuthold Select Industries Fund | No Load | After Taxes on Distributions

Risk/Return:

rr_RiskReturnAbstract

Label

rr_AverageAnnualReturnLabel

Return after taxes on distributions

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

20.48%

Average Annual Returns, 5 Years

rr_AverageAnnualReturnYear05

15.68%

Average Annual Returns, 10 Years

rr_AverageAnnualReturnYear10

5.38%

Leuthold Select Industries Fund | No Load | After Taxes on Distributions and Sale of Fund Shares

Risk/Return:

rr_RiskReturnAbstract

Label

rr_AverageAnnualReturnLabel

Return after taxes on distributions and sale of Fund shares

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

13.46%

Average Annual Returns, 5 Years

rr_AverageAnnualReturnYear05

12.95%

Average Annual Returns, 10 Years

rr_AverageAnnualReturnYear10

4.43%

[1] The Fund’s investment adviser has contractually agreed in the investment advisory agreement to waive its advisory fee to the extent necessary to insure that Net Expenses (excluding dividends on short positions and Acquired Fund Fees and Expenses) do not exceed 1.50% of the average daily net assets of the Fund. The investment advisory agreement may be terminated by the Fund or the Fund’s investment adviser for any reason upon sixty days’ prior written notice, but is expected to continue indefinitely. In any of the following three fiscal years, the Fund’s investment adviser may recover waived fees, but in no event may the Fund’s expenses exceed the expense limitation above.

XML

Leuthold Global Industries Fund

Leuthold Global Industries Fund

Investment Objective

Leuthold Global Industries Fund seeks capital appreciation and dividend income.

Fund Fees and Expenses

The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees - Leuthold Global Industries Fund	Retail Class	Institutional Class
Maximum Sales Charge (Load) Imposed on Purchases	none	none
Maximum Deferred Sales Charge (Load)	none	none
Maximum Deferred Sales Charge (Load) Imposed on Reinvested Dividends and Distributions	none	none
Redemption Fee (as a percentage of amount redeemed within 5 business days of purchase)	2.00%	2.00%
Exchange Fee (as a percentage of amount exchanged within 5 business days of purchase)	2.00%	2.00%

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses - Leuthold Global Industries Fund		Retail Class	Institutional Class
Management Fees		1.00%	1.00%
Distribution (12b-1) Fees		0.25%	none
Other Expenses		1.41%	1.41%
All Remaining Other Expenses		1.40%	1.40%
Acquired Fund Fees and Expenses	[1]	0.01%	0.01%
Total Annual Fund Operating Expenses		2.67%	2.42%
Expense Reimbursement	[2]	1.17%	1.17%
Total Annual Fund Operating Expenses after Expense Reimbursement		1.51%	1.26%

Example

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of these periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.

Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example - Leuthold Global Industries Fund - USD ($)	One Year	Three Years	Five Years	Ten Years
Retail Class	154	719	1,131	2,917
Institutional Class	128	643	1,186	2,668

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 87.41%.

Principal Investment Strategies of the Fund

Normally, the Fund will invest at least 40% of its assets in securities from non-U.S. securities markets (the Fund refers to these markets as “international markets”), unless market conditions are not deemed favorable by the Fund’s investment adviser (Adviser), in which case the Fund may invest less than 40% of its assets in securities from international markets (but in any event not less than 30%). The Fund differs from the Leuthold Global Fund because the Leuthold Global Fund is a “flexible” fund that allocates its investments among equity securities, fixed-income securities, and money market instruments, while the Fund invests in equity securities.

The Fund’s investments in common stocks and other equity securities (which include preferred stocks, convertible preferred stocks, warrants, options, and American Depository Receipts) may consist of the following from around the world:

➣ Large, mid, or small capitalization common stocks;

➣ Growth stocks, value stocks, or cyclical stocks;

➣ Aggressive stocks or defensive stocks;

➣ Stocks in any industry or sector;

➣ Equity mutual funds and exchange-traded funds; and

➣ Put and call options on any securities in which the Fund may invest.

In investing in common stocks and other equity securities, the Fund utilizes a disciplined, unemotional, quantitative investment approach that is based on the belief investors can achieve superior investment performance through group selection (Global Group Strategy).

The Adviser currently monitors about 90 global groups. The major types of groups the Adviser monitors are Industry Specific Groups comprised of narrower themes. Examples include “Airlines,” “Health Care Facilities” or “Semiconductors”.

In selecting among equity securities within the global groups, the Fund looks for companies that are financially sound with good prospects for the future. It will invest in domestic and foreign companies of all sizes and industries as well as in”growth” stocks and “value” stocks. The Fund sells companies that no longer meet its investment criteria, or if better investment opportunities are available. In addition,

the Adviser continuously updates its investment discipline and adjusts the Fund’s portfolio as necessary to keep the Fund invested in stocks in those groups which the Adviser believes are the most attractive. As a result, the Fund may engage in active and frequent trading, and the portfolio turnover of the Fund may be high.

Principal Risks of Investing in the Fund

Investors in the Fund may lose money. The principal risks of investing in the Fund, including the risks to which the Fund’s portfolio as a whole is subject and the circumstances reasonably likely to affect adversely the Fund’s performance, are summarized below.

➣ Market Risk: The prices of the securities, particularly the common stocks, in which the Fund invests may decline for a number of reasons. The price declines of common stocks, in particular, may be steep, sudden, and/or prolonged.

➣ Foreign Securities Risk: The securities of foreign issuers may be less liquid and more volatile than securities of comparable U.S. issuers. The costs associated with securities transactions are often higher in foreign countries than the U.S. The U.S. dollar value of foreign securities traded in foreign currencies (and any dividends and interest earned) held by the Fund or by mutual funds in which the Fund invests may be affected unfavorably by changes in foreign currency exchange rates. An increase in the U.S. dollar relative to these other currencies will adversely affect the Fund. Additionally, investments in foreign securities, even those publicly traded in the United States, may involve risks which are in addition to those inherent in domestic investments. Foreign companies may be subject to significantly higher levels of taxation than U.S. companies, including potentially confiscatory levels of taxation, thereby reducing the earnings potential of such foreign companies. Substantial withholding taxes may apply to distributions from foreign companies. Foreign companies may not be subject to the same regulatory requirements of U.S. companies, and as a consequence, there may be less publicly available information about such companies. Also, foreign companies may not be subject to uniform accounting, auditing, and financial reporting standards and requirements comparable to those applicable to U.S. companies. Foreign governments and foreign economies often are less stable than the U.S. government and the U.S. economy.

➣ High Portfolio Turnover Risk: The Fund’s annual portfolio turnover rate may exceed 100%. (Generally speaking, a turnover rate of 100% occurs when the Fund replaces securities valued at 100% of its average net assets within a one year period.) High portfolio turnover (100% or more) will result in the Fund incurring more transaction costs such as brokerage commissions or mark-ups or mark-downs. Payment of those transaction costs reduces total return. High portfolio turnover could result in the payment by the Fund’s stockholders of increased taxes on realized gains. Distributions to the Fund’s stockholders, to the extent they are short-term capital gains, will be taxed at ordinary income rates for federal income tax purposes, rather than at lower capital gains rates.

➣ Quantitative Investment Approach Risk: The Fund utilizes a quantitative investment approach. While the Adviser continuously reviews and refines, if necessary, its investment approach, there may be market conditions where the quantitative investment approach performs poorly.

➣ Liquidity Risk: Liquidity risk is the risk, due to certain investments trading in lower volumes or to market and economic conditions, that the Fund may be unable to find a buyer for its investments when it seeks to sell them or to receive the price it expects based on the Fund’s valuation of the investments. Events that may lead to increased redemptions, such as market disruptions, may also negatively impact the liquidity of the Fund’s investments when it needs to dispose of them. If the Fund is forced to sell its investments at an unfavorable time and/or under adverse conditions in order to meet redemption requests, such sales could negatively affect the Fund. Liquidity issues may also make it difficult to value the Fund’s investments.

As a result, the Fund is a suitable investment only for those investors who have long-term investment goals. Prospective investors who are uncomfortable with an investment that may decrease in value should not invest in the Fund.

Performance Information

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 with those of an index that reflects a broad measure of market performance, as well as additional indices that reflect the performance of investments similar to those of the Fund. The bar chart shows the performance of the Fund’s Retail Class shares, and performance of the Fund’s Institutional Class shares will differ from those shown to the extent that the classes of shares do not have the same expenses or inception date. Please remember that the Fund’s past performance (before and after taxes) is not necessarily an indication of its future performance. It may perform better or worse in the future. Updated performance information is available on the Fund’s website, www.leutholdfunds.com.

Leuthold Global Industries Fund Total Return of the Retail Shares (per calendar year)

Note: During the seven year period shown on the bar chart, the Fund’s highest total return for a quarter was 19.67% (quarter ended September 30, 2010) and the lowest total return for a quarter was -23.34% (quarter ended September 30, 2011).

Average Annual Total Returns (for the periods ended December 31, 2017)

Average Annual Returns - Leuthold Global Industries Fund

Label

Average Annual Returns, 1 Year

Average Annual Returns, 5 Years

Average Annual Returns, Since Inception

Average Annual Returns, Inception Date

Retail Class

Retail Shares Return Before Taxes

24.66%

12.24%

10.82%

May 17, 2010

Retail Class | After Taxes on Distributions

Return After Taxes on Distributions

21.86%

11.24%

10.17%

Retail Class | After Taxes on Distributions and Sale of Fund Shares

Return After Taxes on Distributions and Sale of Shares

15.26%

9.69%

8.79%

Institutional Class

Institutional Shares Return Before Taxes

25.02%

12.52%

11.11%

May 17, 2010

S&P 500 Index

S&P 500 Index

21.83%

15.79%

14.25%

May 17, 2010

MSCI All Country World Index

MSCI All Country World Index

24.62%

11.40%

10.82%

May 17, 2010

Lipper Global Multi-Cap Value Index

Lipper Global Multi-Cap Value Index

19.37%

10.18%

9.83%

May 17, 2010

The inception date for Retail Shares and Institutional shares is May 17, 2010.

We use the MSCI All Country World Index and Lipper Global Multi-Cap Value Index because those indices compare the Fund’s performance with the returns of indices reflecting the performance of investments similar to those of the Fund.

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 investor’s 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 Fund’s return after taxes on distributions and sale of Fund shares may be higher than the other return figures for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares.

[1] Acquired Fund Fees and Expenses are not directly borne by the Fund, and they are not reflected in the Fund’s financial statements, with the result that the information presented in the expense table may differ from that presented in the financial highlights.

[2] The Fund’s investment adviser has contractually agreed in the investment advisory agreement to waive its advisory fees to the extent necessary to insure that Net Expenses (excluding dividends on short positions and Acquired Fund Fees andExpenses) do not exceed 1.50% and 1.25% of the average daily net assets of the Fund for the Retail and Institutional Shares, respectively. The investment advisory agreement may be terminated by the Fund or the Fund’s investment adviser for any reason upon sixty days’ prior written notice, but is expected to continue indefinitely. In any of the following three fiscal years, the Fund’s investment adviser may recover waived fees, but in no event may the Fund’s expenses exceed the expense limitations above.

XML

Label

Element

Value

Leuthold Global Industries Fund

Risk/Return:

rr_RiskReturnAbstract

Risk/Return [Heading]

rr_RiskReturnHeading

Leuthold Global Industries Fund

Objective [Heading]

rr_ObjectiveHeading

Investment Objective

Objective, Primary [Text Block]

rr_ObjectivePrimaryTextBlock

Leuthold Global Industries Fund seeks capital appreciation and dividend income.

Expense [Heading]

rr_ExpenseHeading

Fund Fees and Expenses

Expense Narrative [Text Block]

rr_ExpenseNarrativeTextBlock

The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees Caption [Text]

rr_ShareholderFeesCaption

Shareholder Fees (fees paid directly from your investment)

Operating Expenses Caption [Text]

rr_OperatingExpensesCaption

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Portfolio Turnover [Heading]

rr_PortfolioTurnoverHeading

Portfolio Turnover

Portfolio Turnover [Text Block]

rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 87.41%.

Portfolio Turnover, Rate

rr_PortfolioTurnoverRate

87.41%

Expense Example [Heading]

rr_ExpenseExampleHeading

Example

Expense Example Narrative [Text Block]

rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of these periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.

Expense Example by, Year, Caption [Text]

rr_ExpenseExampleByYearCaption

Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Strategy [Heading]

rr_StrategyHeading

Principal Investment Strategies of the Fund

Strategy Narrative [Text Block]

rr_StrategyNarrativeTextBlock

Normally, the Fund will invest at least 40% of its assets in securities from non-U.S. securities markets (the Fund refers to these markets as “international markets”), unless market conditions are not deemed favorable by the Fund’s investment adviser (Adviser), in which case the Fund may invest less than 40% of its assets in securities from international markets (but in any event not less than 30%). The Fund differs from the Leuthold Global Fund because the Leuthold Global Fund is a “flexible” fund that allocates its investments among equity securities, fixed-income securities, and money market instruments, while the Fund invests in equity securities.

The Fund’s investments in common stocks and other equity securities (which include preferred stocks, convertible preferred stocks, warrants, options, and American Depository Receipts) may consist of the following from around the world:

➣ Large, mid, or small capitalization common stocks;

➣ Growth stocks, value stocks, or cyclical stocks;

➣ Aggressive stocks or defensive stocks;

➣ Stocks in any industry or sector;

➣ Equity mutual funds and exchange-traded funds; and

➣ Put and call options on any securities in which the Fund may invest.

In investing in common stocks and other equity securities, the Fund utilizes a disciplined, unemotional, quantitative investment approach that is based on the belief investors can achieve superior investment performance through group selection (Global Group Strategy).

The Adviser currently monitors about 90 global groups. The major types of groups the Adviser monitors are Industry Specific Groups comprised of narrower themes. Examples include “Airlines,” “Health Care Facilities” or “Semiconductors”.

In selecting among equity securities within the global groups, the Fund looks for companies that are financially sound with good prospects for the future. It will invest in domestic and foreign companies of all sizes and industries as well as in”growth” stocks and “value” stocks. The Fund sells companies that no longer meet its investment criteria, or if better investment opportunities are available. In addition,

the Adviser continuously updates its investment discipline and adjusts the Fund’s portfolio as necessary to keep the Fund invested in stocks in those groups which the Adviser believes are the most attractive. As a result, the Fund may engage in active and frequent trading, and the portfolio turnover of the Fund may be high.

Risk [Heading]

rr_RiskHeading

Principal Risks of Investing in the Fund

Risk Narrative [Text Block]

rr_RiskNarrativeTextBlock

Investors in the Fund may lose money. The principal risks of investing in the Fund, including the risks to which the Fund’s portfolio as a whole is subject and the circumstances reasonably likely to affect adversely the Fund’s performance, are summarized below.

➣ Market Risk: The prices of the securities, particularly the common stocks, in which the Fund invests may decline for a number of reasons. The price declines of common stocks, in particular, may be steep, sudden, and/or prolonged.

➣ Foreign Securities Risk: The securities of foreign issuers may be less liquid and more volatile than securities of comparable U.S. issuers. The costs associated with securities transactions are often higher in foreign countries than the U.S. The U.S. dollar value of foreign securities traded in foreign currencies (and any dividends and interest earned) held by the Fund or by mutual funds in which the Fund invests may be affected unfavorably by changes in foreign currency exchange rates. An increase in the U.S. dollar relative to these other currencies will adversely affect the Fund. Additionally, investments in foreign securities, even those publicly traded in the United States, may involve risks which are in addition to those inherent in domestic investments. Foreign companies may be subject to significantly higher levels of taxation than U.S. companies, including potentially confiscatory levels of taxation, thereby reducing the earnings potential of such foreign companies. Substantial withholding taxes may apply to distributions from foreign companies. Foreign companies may not be subject to the same regulatory requirements of U.S. companies, and as a consequence, there may be less publicly available information about such companies. Also, foreign companies may not be subject to uniform accounting, auditing, and financial reporting standards and requirements comparable to those applicable to U.S. companies. Foreign governments and foreign economies often are less stable than the U.S. government and the U.S. economy.

➣ High Portfolio Turnover Risk: The Fund’s annual portfolio turnover rate may exceed 100%. (Generally speaking, a turnover rate of 100% occurs when the Fund replaces securities valued at 100% of its average net assets within a one year period.) High portfolio turnover (100% or more) will result in the Fund incurring more transaction costs such as brokerage commissions or mark-ups or mark-downs. Payment of those transaction costs reduces total return. High portfolio turnover could result in the payment by the Fund’s stockholders of increased taxes on realized gains. Distributions to the Fund’s stockholders, to the extent they are short-term capital gains, will be taxed at ordinary income rates for federal income tax purposes, rather than at lower capital gains rates.

➣ Quantitative Investment Approach Risk: The Fund utilizes a quantitative investment approach. While the Adviser continuously reviews and refines, if necessary, its investment approach, there may be market conditions where the quantitative investment approach performs poorly.

➣ Liquidity Risk: Liquidity risk is the risk, due to certain investments trading in lower volumes or to market and economic conditions, that the Fund may be unable to find a buyer for its investments when it seeks to sell them or to receive the price it expects based on the Fund’s valuation of the investments. Events that may lead to increased redemptions, such as market disruptions, may also negatively impact the liquidity of the Fund’s investments when it needs to dispose of them. If the Fund is forced to sell its investments at an unfavorable time and/or under adverse conditions in order to meet redemption requests, such sales could negatively affect the Fund. Liquidity issues may also make it difficult to value the Fund’s investments.

As a result, the Fund is a suitable investment only for those investors who have long-term investment goals. Prospective investors who are uncomfortable with an investment that may decrease in value should not invest in the Fund.

Risk Lose Money [Text]

rr_RiskLoseMoney

Investors in the Fund may lose money.

Bar Chart and Performance Table [Heading]

rr_BarChartAndPerformanceTableHeading

Performance Information

Performance Narrative [Text Block]

rr_PerformanceNarrativeTextBlock

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 with those of an index that reflects a broad measure of market performance, as well as additional indices that reflect the performance of investments similar to those of the Fund. The bar chart shows the performance of the Fund’s Retail Class shares, and performance of the Fund’s Institutional Class shares will differ from those shown to the extent that the classes of shares do not have the same expenses or inception date. Please remember that the Fund’s past performance (before and after taxes) is not necessarily an indication of its future performance. It may perform better or worse in the future. Updated performance information is available on the Fund’s website, www.leutholdfunds.com.

Performance Information Illustrates Variability of Returns [Text]

rr_PerformanceInformationIllustratesVariabilityOfReturns

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 with those of an index that reflects a broad measure of market performance, as well as additional indices that reflect the performance of investments similar to those of the Fund.

Performance Additional Market Index [Text]

rr_PerformanceAdditionalMarketIndex

We use the MSCI All Country World Index and Lipper Global Multi-Cap Value Index because those indices compare the Fund’s performance with the returns of indices reflecting the performance of investments similar to those of the Fund.

Performance Availability Website Address [Text]

rr_PerformanceAvailabilityWebSiteAddress

www.leutholdfunds.com

Performance Past Does Not Indicate Future [Text]

rr_PerformancePastDoesNotIndicateFuture

Please remember that the Fund’s past performance (before and after taxes) is not necessarily an indication of its future performance. It may perform better or worse in the future.

Bar Chart [Heading]

rr_BarChartHeading

Leuthold Global Industries Fund Total Return of the Retail Shares (per calendar year)

Bar Chart Closing [Text Block]

rr_BarChartClosingTextBlock

Note: During the seven year period shown on the bar chart, the Fund’s highest total return for a quarter was 19.67% (quarter ended September 30, 2010) and the lowest total return for a quarter was -23.34% (quarter ended September 30, 2011).

Highest Quarterly Return, Label

rr_HighestQuarterlyReturnLabel

highest total return

Highest Quarterly Return, Date

rr_BarChartHighestQuarterlyReturnDate

Sep. 30, 2010

Highest Quarterly Return

rr_BarChartHighestQuarterlyReturn

19.67%

Lowest Quarterly Return, Label

rr_LowestQuarterlyReturnLabel

lowest total return

Lowest Quarterly Return, Date

rr_BarChartLowestQuarterlyReturnDate

Sep. 30, 2011

Lowest Quarterly Return

rr_BarChartLowestQuarterlyReturn

(23.34%)

Performance Table Uses Highest Federal Rate

rr_PerformanceTableUsesHighestFederalRate

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.

Performance Table Not Relevant to Tax Deferred

rr_PerformanceTableNotRelevantToTaxDeferred

Actual after-tax returns depend on an investor’s 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.

Performance Table Explanation after Tax Higher

rr_PerformanceTableExplanationAfterTaxHigher

The Fund’s return after taxes on distributions and sale of Fund shares may be higher than the other return figures for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares.

Performance Table Closing [Text Block]

rr_PerformanceTableClosingTextBlock

The inception date for Retail Shares and Institutional shares is May 17, 2010.

We use the MSCI All Country World Index and Lipper Global Multi-Cap Value Index because those indices compare the Fund’s performance with the returns of indices reflecting the performance of investments similar to those of the Fund.

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 investor’s 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 Fund’s return after taxes on distributions and sale of Fund shares may be higher than the other return figures for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares.

Caption

rr_AverageAnnualReturnCaption

Average Annual Total Returns (for the periods ended December 31, 2017)

Leuthold Global Industries Fund | S&P 500 Index

Risk/Return:

rr_RiskReturnAbstract

Label

rr_AverageAnnualReturnLabel

S&P 500 Index

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

21.83%

Average Annual Returns, 5 Years

rr_AverageAnnualReturnYear05

15.79%

Average Annual Returns, Since Inception

rr_AverageAnnualReturnSinceInception

14.25%

Average Annual Returns, Inception Date

rr_AverageAnnualReturnInceptionDate

May 17, 2010

Leuthold Global Industries Fund | MSCI All Country World Index

Risk/Return:

rr_RiskReturnAbstract

Label

rr_AverageAnnualReturnLabel

MSCI All Country World Index

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

24.62%

Average Annual Returns, 5 Years

rr_AverageAnnualReturnYear05

11.40%

Average Annual Returns, Since Inception

rr_AverageAnnualReturnSinceInception

10.82%

Average Annual Returns, Inception Date

rr_AverageAnnualReturnInceptionDate

May 17, 2010

Leuthold Global Industries Fund | Lipper Global Multi-Cap Value Index

Risk/Return:

rr_RiskReturnAbstract

Label

rr_AverageAnnualReturnLabel

Lipper Global Multi-Cap Value Index

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

19.37%

Average Annual Returns, 5 Years

rr_AverageAnnualReturnYear05

10.18%

Average Annual Returns, Since Inception

rr_AverageAnnualReturnSinceInception

9.83%

Average Annual Returns, Inception Date

rr_AverageAnnualReturnInceptionDate

May 17, 2010

Leuthold Global Industries Fund | Retail Class

Risk/Return:

rr_RiskReturnAbstract

Maximum Sales Charge (Load) Imposed on Purchases

rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice

none

Maximum Deferred Sales Charge (Load)

rr_MaximumDeferredSalesChargeOverOther

none

Maximum Deferred Sales Charge (Load) Imposed on Reinvested Dividends and Distributions

rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther

none

Redemption Fee (as a percentage of amount redeemed within 5 business days of purchase)

rr_RedemptionFeeOverRedemption

2.00%

Exchange Fee (as a percentage of amount exchanged within 5 business days of purchase)

rr_ExchangeFeeOverRedemption

2.00%

Management Fees

rr_ManagementFeesOverAssets

1.00%

Distribution (12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

0.25%

All Remaining Other Expenses

rr_Component3OtherExpensesOverAssets

1.40%

Other Expenses

rr_OtherExpensesOverAssets

1.41%

Acquired Fund Fees and Expenses

rr_AcquiredFundFeesAndExpensesOverAssets

0.01%

^[1]

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

2.67%

Fee Waiver or Reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(1.17%)

^[2]

After Expense Reimbursement

rr_NetExpensesOverAssets

1.51%

Expense Example, with Redemption, 1 Year

rr_ExpenseExampleYear01

$ 154

Expense Example, with Redemption, 3 Years

rr_ExpenseExampleYear03

719

Expense Example, with Redemption, 5 Years

rr_ExpenseExampleYear05

1,131

Expense Example, with Redemption, 10 Years

rr_ExpenseExampleYear10

$ 2,917

Annual Return 2011

rr_AnnualReturn2011

(14.15%)

Annual Return 2012

rr_AnnualReturn2012

16.55%

Annual Return 2013

rr_AnnualReturn2013

33.80%

Annual Return 2014

rr_AnnualReturn2014

6.47%

Annual Return 2015

rr_AnnualReturn2015

(2.03%)

Annual Return 2016

rr_AnnualReturn2016

2.36%

Annual Return 2017

rr_AnnualReturn2017

24.66%

Label

rr_AverageAnnualReturnLabel

Retail Shares Return Before Taxes

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

24.66%

Average Annual Returns, 5 Years

rr_AverageAnnualReturnYear05

12.24%

Average Annual Returns, Since Inception

rr_AverageAnnualReturnSinceInception

10.82%

Average Annual Returns, Inception Date

rr_AverageAnnualReturnInceptionDate

May 17, 2010

Leuthold Global Industries Fund | Retail Class | After Taxes on Distributions

Risk/Return:

rr_RiskReturnAbstract

Label

rr_AverageAnnualReturnLabel

Return After Taxes on Distributions

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

21.86%

Average Annual Returns, 5 Years

rr_AverageAnnualReturnYear05

11.24%

Average Annual Returns, Since Inception

rr_AverageAnnualReturnSinceInception

10.17%

Leuthold Global Industries Fund | Retail Class | After Taxes on Distributions and Sale of Fund Shares

Risk/Return:

rr_RiskReturnAbstract

Label

rr_AverageAnnualReturnLabel

Return After Taxes on Distributions and Sale of Shares

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

15.26%

Average Annual Returns, 5 Years

rr_AverageAnnualReturnYear05

9.69%

Average Annual Returns, Since Inception

rr_AverageAnnualReturnSinceInception

8.79%

Leuthold Global Industries Fund | Institutional Class

Risk/Return:

rr_RiskReturnAbstract

Maximum Sales Charge (Load) Imposed on Purchases

rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice

none

Maximum Deferred Sales Charge (Load)

rr_MaximumDeferredSalesChargeOverOther

none

Maximum Deferred Sales Charge (Load) Imposed on Reinvested Dividends and Distributions

rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther

none

Redemption Fee (as a percentage of amount redeemed within 5 business days of purchase)

rr_RedemptionFeeOverRedemption

2.00%

Exchange Fee (as a percentage of amount exchanged within 5 business days of purchase)

rr_ExchangeFeeOverRedemption

2.00%

Management Fees

rr_ManagementFeesOverAssets

1.00%

Distribution (12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

none

All Remaining Other Expenses

rr_Component3OtherExpensesOverAssets

1.40%

Other Expenses

rr_OtherExpensesOverAssets

1.41%

Acquired Fund Fees and Expenses

rr_AcquiredFundFeesAndExpensesOverAssets

0.01%

^[1]

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

2.42%

Fee Waiver or Reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(1.17%)

^[2]

After Expense Reimbursement

rr_NetExpensesOverAssets

1.26%

Expense Example, with Redemption, 1 Year

rr_ExpenseExampleYear01

$ 128

Expense Example, with Redemption, 3 Years

rr_ExpenseExampleYear03

643

Expense Example, with Redemption, 5 Years

rr_ExpenseExampleYear05

1,186

Expense Example, with Redemption, 10 Years

rr_ExpenseExampleYear10

$ 2,668

Label

rr_AverageAnnualReturnLabel

Institutional Shares Return Before Taxes

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

25.02%

Average Annual Returns, 5 Years

rr_AverageAnnualReturnYear05

12.52%

Average Annual Returns, Since Inception

rr_AverageAnnualReturnSinceInception

11.11%

Average Annual Returns, Inception Date

rr_AverageAnnualReturnInceptionDate

May 17, 2010

[1] Acquired Fund Fees and Expenses are not directly borne by the Fund, and they are not reflected in the Fund’s financial statements, with the result that the information presented in the expense table may differ from that presented in the financial highlights.

[2] The Fund’s investment adviser has contractually agreed in the investment advisory agreement to waive its advisory fees to the extent necessary to insure that Net Expenses (excluding dividends on short positions and Acquired Fund Fees andExpenses) do not exceed 1.50% and 1.25% of the average daily net assets of the Fund for the Retail and Institutional Shares, respectively. The investment advisory agreement may be terminated by the Fund or the Fund’s investment adviser for any reason upon sixty days’ prior written notice, but is expected to continue indefinitely. In any of the following three fiscal years, the Fund’s investment adviser may recover waived fees, but in no event may the Fund’s expenses exceed the expense limitations above.

XML

Grizzly Short Fund

Grizzly Short Fund

Investment Objective

Grizzly Short Fund (GRZZX) seeks capital appreciation.

Fund Fees and Expenses

The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees	Grizzly Short Fund No Load
Maximum Sales Charge (Load) Imposed on Purchases	none
Maximum Deferred Sales Charge (Load)	none
Maximum Deferred Sales Charge (Load) Imposed on Reinvested Dividends and Distributions	none
Redemption Fee	none
Exchange Fee	none

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses	Grizzly Short Fund No Load
Management Fees	1.25%
Distribution (12b-1) Fees	none
Other Expenses	1.53%
Service Fees	0.10%
Dividends on Short Positions	1.09%
All Remaining Other Expenses	0.19%
Acquired Fund Fees and Expenses	0.15%	[1]
Total Annual Fund Operating Expenses	2.78%

Example

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of these periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating

expenses remain the same.

Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example	One Year	Three Years	Five Years	Ten Years
Grizzly Short Fund | No Load | USD ($)	281	862	1,469	3,109

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 0.00% of the average value of its portfolio.

Principal Investment Strategies of the Fund

Grizzly Short Fund sells stocks short. Short selling involves the sale of borrowed securities. When the Fund sells a stock short, it incurs an obligation to replace the stock borrowed at whatever its price may be at the time it purchases the stock for delivery to the securities lender. The Fund will realize a gain if at that time the price of the stock is less than the price of the stock when it was sold short, and will realize a loss if at that time the price of the stock is greater than the price of the stock when it was sold short. The aggregate amount of its outstanding short positions typically will be approximately equal to, or slightly less than, its net assets. When the Fund’s outstanding short positions equal its net assets, it is “100% short.” The Fund utilizes a disciplined, unemotional, quantitative investment approach.

The Fund believes that in all market conditions there will exist some companies whose stocks are overvalued by the market and that capital appreciation can be realized by selling short those stocks. However, the best overall results typically will be achieved in declining stock markets. In rising stock markets the risk of loss is likely.

The Fund generally will have outstanding approximately 60 to 100 stocks that it has sold short. The Fund may increase the number of stocks it sells short if market conditions warrant an increase. In determining which stocks to sell short, Leuthold Weeden Capital Management (referred to as the Adviser) calculates a quantitative index for each security that it follows that is designed to identify those securities that are most likely to decline in price or underperform the market (the “Vulnerability Index”). In calculating a Vulnerability Index, the Adviser considers twelve or more components. Some of the components include fundamental factors such as earnings growth or dividends, while other components consider market factors such as institutional trading activity or insider buying or selling. From time to time the Fund may sell short index-related securities. The Fund will do so to rapidly increase its short position.

The Fund also follows a disciplined approach in determining when to cover its short positions. The factors the Adviser considers in determining when to cover short positions include:

➣ Price movements of the stocks sold short;

➣ Changes in the Vulnerability Index;

➣ Daily trading volume of the stock; and

➣ News and articles concerning the stock appearing in financial services and publications.

Principal Risks of Investing in the Fund

Investors in the Fund may lose money. The principal risks of investing in the Fund, including the risks to which the Fund’s portfolio as a whole is subject and the circumstances reasonably likely to affect adversely the Fund’s performance, are summarized below.

➣ Market Risk: The prices of the securities, particularly the common stocks, in which the Fund invests may decline for a number of reasons. The price declines of common stocks, in particular, may be steep, sudden, and/or prolonged. As the Fund’s principal investment strategy is to sell stocks short, it may be difficult for the Fund to achieve its goal in rising stock markets.

➣ Short Sales Risk: The Fund will suffer a loss if it sells a security short and the value of the security rises rather than falls. It is possible that the Fund’s long positions will decline in value at the same time that the value of its short positions increase, thereby increasing potential losses to the Fund. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as “covering” the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund. The Fund’s investment performance will also suffer if it is required to close out a short position earlier than it had intended. In addition, the Fund may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as costs of borrowing and margin account maintenance costs associated with the Fund’s open short positions. These expenses may negatively impact the performance of the Fund. Short positions introduce more risk to the Fund than long positions (purchases) because the maximum sustainable loss on a security purchased (held long) is limited to the amount paid for the security plus the transaction costs, whereas there is no maximum attainable price of the shorted security. Therefore, in theory, securities sold short have unlimited risk.

➣ Rising Stock Market Risk: The Fund typically will be approximately “100% short.” Accordingly, in rising stock markets its risk of loss will be greater than in declining stock markets. Over time stock markets have risen more often than they have declined.

➣ Smaller and Medium Capitalization Companies Risk: The securities of smaller capitalization companies are generally riskier than larger capitalization companies since they don’t have the financial resources or the well established businesses of the larger companies. Generally, the share prices of stocks of smaller capitalization companies are more volatile than those of larger capitalization companies. The returns of stocks of smaller capitalization companies may vary, sometimes significantly, from the returns of the overall market. Smaller capitalization companies tend to perform poorly during times of economic stress. Finally, relative to large company stocks, the stocks of smaller capitalization companies may be thinly traded, and purchases and sales may result in higher transaction costs. The securities of medium capitalization companies generally trade in lower volumes than those of large capitalization companies and tend to be more volatile because mid- cap companies tend to be more susceptible to adverse business or economic events than larger more established companies.

➣ High Portfolio Turnover Risk: The Fund’s annual portfolio turnover rate may exceed 100%. (Generally speaking, a turnover rate of 100% occurs when the Fund replaces securities valued at 100% of its average net assets within a one year period.) High portfolio turnover (100% or more) will result in the Fund incurring more transaction costs such as brokerage commissions or mark-ups or mark-downs. Payment of those transaction costs reduces total return. High portfolio turnover could result in the payment by the Fund’s stockholders of increased taxes on realized gains. Distributions to the Fund’s stockholders, to the extent they are short-term capital gains, will be taxed at ordinary income rates for federal income tax purposes, rather than at lower capital gains rates. Industry practice is to calculate the turnover ratio only on the Fund’s long portfolio. If short positions were also included in this calculation, the Fund’s turnover ratio would likely be higher.

➣ Quantitative Investment Approach Risk: The Fund utilizes a quantitative investment approach. While the Adviser continuously reviews and refines, if necessary, its investment approach, there may be market conditions where the quantitative investment approach performs poorly.

➣ Liquidity Risk: Liquidity risk is the risk, due to certain investments trading in lower volumes or to market and economic conditions, that the Fund may be unable to find a buyer for its investments when it seeks to sell them or to receive the price it expects based on the Fund’s valuation of the investments. Events that may lead to increased redemptions, such as market disruptions, may also negatively impact the liquidity of the Fund’s investments when it needs to dispose of them. If the Fund is forced to sell its investments at an unfavorable time and/or under adverse conditions in order to meet redemption requests, such sales could negatively affect the Fund. Liquidity issues may also make it difficult to value the Fund’s investments.

Investors who wish to hedge some or all of their stock portfolios might find that investment goal consistent with an investment in the Fund.

However, because movements in the prices of the stocks the Fund has sold short are unlikely to correlate perfectly with the stocks in an investor’s portfolio, such an investor could incur both a loss on the investor’s stock portfolio and the investor’s investment in the Fund.

Performance Information

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 with those of an index that reflects a broad measure of market performance, as well as additional indices that reflect the performance of investments similar to those of the Fund. Please remember that the Fund’s past performance (before and after taxes) is not necessarily an indication of its future performance. It may perform better or worse in the future.

Grizzly Short Fund Total Return (per calendar year)

Note: During the ten year period shown on the bar chart, the Fund’s highest total return for a quarter was 23.30% (quarter ended September 30,2011) and the lowest total return for a quarter was -26.55% (quarter ended June 30, 2009).

Average Annual Total Returns (for the periods ended December 31, 2017)

Average Annual Returns - Grizzly Short Fund

Label

Average Annual Returns, 1 Year

Average Annual Returns, 5 Years

Average Annual Returns, 10 Years

No Load

Return before taxes

(19.84%)

(14.20%)

(12.82%)

No Load | After Taxes on Distributions

Return after taxes on distributions

(19.84%)

(14.20%)

(12.97%)

No Load | After Taxes on Distributions and Sale of Fund Shares

Return after taxes on distributions and sale of Fund shares

(11.23%)

(9.94%)

(7.86%)

S&P 500

S&P 500

21.83%

15.79%

8.50%

S&P Midcap 400

S&P Midcap 400

16.24%

15.01%

9.97%

Lipper Dedicated Short Bias Funds Index

Lipper Dedicated Short Bias Funds Index

(26.69%)

(22.84%)

(18.12%)

We use the S&P Midcap 400 and Lipper Dedicated Short Bias Funds Index because those indices compare the Fund’s performance with the returns of indices reflecting the performance of investments similar to those of the Fund.

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 investor’s 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 Fund’s return after taxes on distributions and sale of Fund shares may be higher than the other return figures for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares.

[1] Acquired Fund Fees and Expenses are not directly borne by the Fund, and they are not reflected in the Fund’s financial statements, with the result that the information presented in the expense table may differ from that presented in the financial highlights.

XML

Label

Element

Value

Grizzly Short Fund

Risk/Return:

rr_RiskReturnAbstract

Risk/Return [Heading]

rr_RiskReturnHeading

Grizzly Short Fund

Objective [Heading]

rr_ObjectiveHeading

Investment Objective

Objective, Primary [Text Block]

rr_ObjectivePrimaryTextBlock

Grizzly Short Fund (GRZZX) seeks capital appreciation.

Expense [Heading]

rr_ExpenseHeading

Fund Fees and Expenses

Expense Narrative [Text Block]

rr_ExpenseNarrativeTextBlock

The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees Caption [Text]

rr_ShareholderFeesCaption

Shareholder Fees (fees paid directly from your investment)

Operating Expenses Caption [Text]

rr_OperatingExpensesCaption

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Portfolio Turnover [Heading]

rr_PortfolioTurnoverHeading

Portfolio Turnover

Portfolio Turnover [Text Block]

rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 0.00% of the average value of its portfolio.

Portfolio Turnover, Rate

rr_PortfolioTurnoverRate

none

Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text]

rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees

Acquired Fund Fees and Expenses are not directly borne by the Fund, and they are not reflected in the Fund’s financial statements, with the result that the information presented in the expense table may differ from that presented in the financial highlights.

Expense Example [Heading]

rr_ExpenseExampleHeading

Example

Expense Example Narrative [Text Block]

rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of these periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating

expenses remain the same.

Expense Example by, Year, Caption [Text]

rr_ExpenseExampleByYearCaption

Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Strategy [Heading]

rr_StrategyHeading

Principal Investment Strategies of the Fund

Strategy Narrative [Text Block]

rr_StrategyNarrativeTextBlock

Grizzly Short Fund sells stocks short. Short selling involves the sale of borrowed securities. When the Fund sells a stock short, it incurs an obligation to replace the stock borrowed at whatever its price may be at the time it purchases the stock for delivery to the securities lender. The Fund will realize a gain if at that time the price of the stock is less than the price of the stock when it was sold short, and will realize a loss if at that time the price of the stock is greater than the price of the stock when it was sold short. The aggregate amount of its outstanding short positions typically will be approximately equal to, or slightly less than, its net assets. When the Fund’s outstanding short positions equal its net assets, it is “100% short.” The Fund utilizes a disciplined, unemotional, quantitative investment approach.

The Fund believes that in all market conditions there will exist some companies whose stocks are overvalued by the market and that capital appreciation can be realized by selling short those stocks. However, the best overall results typically will be achieved in declining stock markets. In rising stock markets the risk of loss is likely.

The Fund generally will have outstanding approximately 60 to 100 stocks that it has sold short. The Fund may increase the number of stocks it sells short if market conditions warrant an increase. In determining which stocks to sell short, Leuthold Weeden Capital Management (referred to as the Adviser) calculates a quantitative index for each security that it follows that is designed to identify those securities that are most likely to decline in price or underperform the market (the “Vulnerability Index”). In calculating a Vulnerability Index, the Adviser considers twelve or more components. Some of the components include fundamental factors such as earnings growth or dividends, while other components consider market factors such as institutional trading activity or insider buying or selling. From time to time the Fund may sell short index-related securities. The Fund will do so to rapidly increase its short position.

The Fund also follows a disciplined approach in determining when to cover its short positions. The factors the Adviser considers in determining when to cover short positions include:

➣ Price movements of the stocks sold short;

➣ Changes in the Vulnerability Index;

➣ Daily trading volume of the stock; and

➣ News and articles concerning the stock appearing in financial services and publications.

Risk [Heading]

rr_RiskHeading

Principal Risks of Investing in the Fund

Risk Narrative [Text Block]

rr_RiskNarrativeTextBlock

Investors in the Fund may lose money. The principal risks of investing in the Fund, including the risks to which the Fund’s portfolio as a whole is subject and the circumstances reasonably likely to affect adversely the Fund’s performance, are summarized below.

➣ Market Risk: The prices of the securities, particularly the common stocks, in which the Fund invests may decline for a number of reasons. The price declines of common stocks, in particular, may be steep, sudden, and/or prolonged. As the Fund’s principal investment strategy is to sell stocks short, it may be difficult for the Fund to achieve its goal in rising stock markets.

➣ Short Sales Risk: The Fund will suffer a loss if it sells a security short and the value of the security rises rather than falls. It is possible that the Fund’s long positions will decline in value at the same time that the value of its short positions increase, thereby increasing potential losses to the Fund. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as “covering” the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund. The Fund’s investment performance will also suffer if it is required to close out a short position earlier than it had intended. In addition, the Fund may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as costs of borrowing and margin account maintenance costs associated with the Fund’s open short positions. These expenses may negatively impact the performance of the Fund. Short positions introduce more risk to the Fund than long positions (purchases) because the maximum sustainable loss on a security purchased (held long) is limited to the amount paid for the security plus the transaction costs, whereas there is no maximum attainable price of the shorted security. Therefore, in theory, securities sold short have unlimited risk.

➣ Rising Stock Market Risk: The Fund typically will be approximately “100% short.” Accordingly, in rising stock markets its risk of loss will be greater than in declining stock markets. Over time stock markets have risen more often than they have declined.

➣ Smaller and Medium Capitalization Companies Risk: The securities of smaller capitalization companies are generally riskier than larger capitalization companies since they don’t have the financial resources or the well established businesses of the larger companies. Generally, the share prices of stocks of smaller capitalization companies are more volatile than those of larger capitalization companies. The returns of stocks of smaller capitalization companies may vary, sometimes significantly, from the returns of the overall market. Smaller capitalization companies tend to perform poorly during times of economic stress. Finally, relative to large company stocks, the stocks of smaller capitalization companies may be thinly traded, and purchases and sales may result in higher transaction costs. The securities of medium capitalization companies generally trade in lower volumes than those of large capitalization companies and tend to be more volatile because mid- cap companies tend to be more susceptible to adverse business or economic events than larger more established companies.

➣ High Portfolio Turnover Risk: The Fund’s annual portfolio turnover rate may exceed 100%. (Generally speaking, a turnover rate of 100% occurs when the Fund replaces securities valued at 100% of its average net assets within a one year period.) High portfolio turnover (100% or more) will result in the Fund incurring more transaction costs such as brokerage commissions or mark-ups or mark-downs. Payment of those transaction costs reduces total return. High portfolio turnover could result in the payment by the Fund’s stockholders of increased taxes on realized gains. Distributions to the Fund’s stockholders, to the extent they are short-term capital gains, will be taxed at ordinary income rates for federal income tax purposes, rather than at lower capital gains rates. Industry practice is to calculate the turnover ratio only on the Fund’s long portfolio. If short positions were also included in this calculation, the Fund’s turnover ratio would likely be higher.

➣ Quantitative Investment Approach Risk: The Fund utilizes a quantitative investment approach. While the Adviser continuously reviews and refines, if necessary, its investment approach, there may be market conditions where the quantitative investment approach performs poorly.

➣ Liquidity Risk: Liquidity risk is the risk, due to certain investments trading in lower volumes or to market and economic conditions, that the Fund may be unable to find a buyer for its investments when it seeks to sell them or to receive the price it expects based on the Fund’s valuation of the investments. Events that may lead to increased redemptions, such as market disruptions, may also negatively impact the liquidity of the Fund’s investments when it needs to dispose of them. If the Fund is forced to sell its investments at an unfavorable time and/or under adverse conditions in order to meet redemption requests, such sales could negatively affect the Fund. Liquidity issues may also make it difficult to value the Fund’s investments.

Investors who wish to hedge some or all of their stock portfolios might find that investment goal consistent with an investment in the Fund.

However, because movements in the prices of the stocks the Fund has sold short are unlikely to correlate perfectly with the stocks in an investor’s portfolio, such an investor could incur both a loss on the investor’s stock portfolio and the investor’s investment in the Fund.

Risk Lose Money [Text]

rr_RiskLoseMoney

Investors in the Fund may lose money.

Bar Chart and Performance Table [Heading]

rr_BarChartAndPerformanceTableHeading

Performance Information

Performance Narrative [Text Block]

rr_PerformanceNarrativeTextBlock

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 with those of an index that reflects a broad measure of market performance, as well as additional indices that reflect the performance of investments similar to those of the Fund. Please remember that the Fund’s past performance (before and after taxes) is not necessarily an indication of its future performance. It may perform better or worse in the future.

Performance Information Illustrates Variability of Returns [Text]

rr_PerformanceInformationIllustratesVariabilityOfReturns

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 with those of an index that reflects a broad measure of market performance, as well as additional indices that reflect the performance of investments similar to those of the Fund.

Performance Additional Market Index [Text]

rr_PerformanceAdditionalMarketIndex

We use the S&P Midcap 400 and Lipper Dedicated Short Bias Funds Index because those indices compare the Fund’s performance with the returns of indices reflecting the performance of investments similar to those of the Fund.

Performance Past Does Not Indicate Future [Text]

rr_PerformancePastDoesNotIndicateFuture

Please remember that the Fund’s past performance (before and after taxes) is not necessarily an indication of its future performance. It may perform better or worse in the future.

Bar Chart [Heading]

rr_BarChartHeading

Grizzly Short Fund Total Return (per calendar year)

Bar Chart Closing [Text Block]

rr_BarChartClosingTextBlock

Note: During the ten year period shown on the bar chart, the Fund’s highest total return for a quarter was 23.30% (quarter ended September 30,2011) and the lowest total return for a quarter was -26.55% (quarter ended June 30, 2009).

Highest Quarterly Return, Label

rr_HighestQuarterlyReturnLabel

highest total return

Highest Quarterly Return, Date

rr_BarChartHighestQuarterlyReturnDate

Sep. 30, 2011

Highest Quarterly Return

rr_BarChartHighestQuarterlyReturn

23.30%

Lowest Quarterly Return, Label

rr_LowestQuarterlyReturnLabel

lowest total return

Lowest Quarterly Return, Date

rr_BarChartLowestQuarterlyReturnDate

Jun. 30, 2009

Lowest Quarterly Return

rr_BarChartLowestQuarterlyReturn

(26.55%)

Performance Table Uses Highest Federal Rate

rr_PerformanceTableUsesHighestFederalRate

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.

Performance Table Not Relevant to Tax Deferred

rr_PerformanceTableNotRelevantToTaxDeferred

Actual after-tax returns depend on an investor’s 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.

Performance Table Explanation after Tax Higher

rr_PerformanceTableExplanationAfterTaxHigher

The Fund’s return after taxes on distributions and sale of Fund shares may be higher than the other return figures for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares.

Performance Table Closing [Text Block]

rr_PerformanceTableClosingTextBlock

We use the S&P Midcap 400 and Lipper Dedicated Short Bias Funds Index because those indices compare the Fund’s performance with the returns of indices reflecting the performance of investments similar to those of the Fund.

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 investor’s 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 Fund’s return after taxes on distributions and sale of Fund shares may be higher than the other return figures for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares.

Caption

rr_AverageAnnualReturnCaption

Average Annual Total Returns (for the periods ended December 31, 2017)

Grizzly Short Fund | S&P 500

Risk/Return:

rr_RiskReturnAbstract

Label

rr_AverageAnnualReturnLabel

S&P 500

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

21.83%

Average Annual Returns, 5 Years

rr_AverageAnnualReturnYear05

15.79%

Average Annual Returns, 10 Years

rr_AverageAnnualReturnYear10

8.50%

Grizzly Short Fund | S&P Midcap 400

Risk/Return:

rr_RiskReturnAbstract

Label

rr_AverageAnnualReturnLabel

S&P Midcap 400

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

16.24%

Average Annual Returns, 5 Years

rr_AverageAnnualReturnYear05

15.01%

Average Annual Returns, 10 Years

rr_AverageAnnualReturnYear10

9.97%

Grizzly Short Fund | Lipper Dedicated Short Bias Funds Index

Risk/Return:

rr_RiskReturnAbstract

Label

rr_AverageAnnualReturnLabel

Lipper Dedicated Short Bias Funds Index

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

(26.69%)

Average Annual Returns, 5 Years

rr_AverageAnnualReturnYear05

(22.84%)

Average Annual Returns, 10 Years

rr_AverageAnnualReturnYear10

(18.12%)

Grizzly Short Fund | No Load

Risk/Return:

rr_RiskReturnAbstract

Maximum Sales Charge (Load) Imposed on Purchases

rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice

none

Maximum Deferred Sales Charge (Load)

rr_MaximumDeferredSalesChargeOverOther

none

Maximum Deferred Sales Charge (Load) Imposed on Reinvested Dividends and Distributions

rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther

none

Redemption Fee (as a percentage of amount redeemed within 5 business days of purchase)

rr_RedemptionFeeOverRedemption

none

Exchange Fee (as a percentage of amount exchanged within 5 business days of purchase)

rr_ExchangeFeeOverRedemption

none

Management Fees

rr_ManagementFeesOverAssets

1.25%

Distribution (12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

none

Service Fees

rr_Component1OtherExpensesOverAssets

0.10%

Dividends on Short Positions

rr_Component2OtherExpensesOverAssets

1.09%

All Remaining Other Expenses

rr_Component3OtherExpensesOverAssets

0.19%

Other Expenses

rr_OtherExpensesOverAssets

1.53%

Acquired Fund Fees and Expenses

rr_AcquiredFundFeesAndExpensesOverAssets

0.15%

^[1]

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

2.78%

Expense Example, with Redemption, 1 Year

rr_ExpenseExampleYear01

$ 281

Expense Example, with Redemption, 3 Years

rr_ExpenseExampleYear03

862

Expense Example, with Redemption, 5 Years

rr_ExpenseExampleYear05

1,469

Expense Example, with Redemption, 10 Years

rr_ExpenseExampleYear10

$ 3,109

Annual Return 2008

rr_AnnualReturn2008

73.69%

Annual Return 2009

rr_AnnualReturn2009

(47.17%)

Annual Return 2010

rr_AnnualReturn2010

(23.19%)

Annual Return 2011

rr_AnnualReturn2011

(1.92%)

Annual Return 2012

rr_AnnualReturn2012

(21.13%)

Annual Return 2013

rr_AnnualReturn2013

(26.61%)

Annual Return 2014

rr_AnnualReturn2014

(11.04%)

Annual Return 2015

rr_AnnualReturn2015

3.81%

Annual Return 2016

rr_AnnualReturn2016

(14.40%)

Annual Return 2017

rr_AnnualReturn2017

(19.84%)

Label

rr_AverageAnnualReturnLabel

Return before taxes

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

(19.84%)

Average Annual Returns, 5 Years

rr_AverageAnnualReturnYear05

(14.20%)

Average Annual Returns, 10 Years

rr_AverageAnnualReturnYear10

(12.82%)

Grizzly Short Fund | No Load | After Taxes on Distributions

Risk/Return:

rr_RiskReturnAbstract

Label

rr_AverageAnnualReturnLabel

Return after taxes on distributions

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

(19.84%)

Average Annual Returns, 5 Years

rr_AverageAnnualReturnYear05

(14.20%)

Average Annual Returns, 10 Years

rr_AverageAnnualReturnYear10

(12.97%)

Grizzly Short Fund | No Load | After Taxes on Distributions and Sale of Fund Shares

Risk/Return:

rr_RiskReturnAbstract

Label

rr_AverageAnnualReturnLabel

Return after taxes on distributions and sale of Fund shares

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

(11.23%)

Average Annual Returns, 5 Years

rr_AverageAnnualReturnYear05

(9.94%)

Average Annual Returns, 10 Years

rr_AverageAnnualReturnYear10

(7.86%)

[1] Acquired Fund Fees and Expenses are not directly borne by the Fund, and they are not reflected in the Fund’s financial statements, with the result that the information presented in the expense table may differ from that presented in the financial highlights.

XML

Label	Element	Value
Risk/Return:	rr_RiskReturnAbstract
Prospectus Date	rr_ProspectusDate	Jan. 31, 2018