0000894189-12-006229.txt : 20121109 0000894189-12-006229.hdr.sgml : 20121109 20121109164135 ACCESSION NUMBER: 0000894189-12-006229 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20121109 DATE AS OF CHANGE: 20121109 EFFECTIVENESS DATE: 20121109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LEUTHOLD FUNDS INC CENTRAL INDEX KEY: 0001000351 IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-96634 FILM NUMBER: 121194237 BUSINESS ADDRESS: STREET 1: 33 SOUTH SIXTH STREET STREET 2: SUITE 4600 CITY: MINNEAPOLIS STATE: MN ZIP: 55402 BUSINESS PHONE: 6123329141 MAIL ADDRESS: STREET 1: 33 SOUTH SIXTH STREET STREET 2: SUITE 4600 CITY: MINNEAPOLIS STATE: MN ZIP: 55402 0001000351 S000012965 LEUTHOLD ASSET ALLOCATION FUND C000035038 LEUTHOLD ASSET ALLOCATION FUND - RETAIL CLASS LAALX C000053678 LEUTHOLD ASSET ALLOCATION FUND - INSTITUTIONAL CLASS LAAIX 497 1 leuthold-497e_xbrl.htm XBRL (497E FILING) SUPPLEMENTARY MATERIALS (STICKER) leuthold-497e_xbrl.htm

Filed Pursuant to Rule 497(e)
1933 Act File No. 033-96634
1940 Act File No. 811-09094
 
 
LEUTHOLD FUNDS, INC.

On behalf of Leuthold Funds, Inc. (the “Company”) and pursuant to Rule 497(e) under the Securities Act of 1933, as amended, attached for filing are exhibits containing interactive data format summary information that mirrors the summary information in a supplement, dated November 5, 2012, to the Prospectus for the Leuthold Funds, which was filed pursuant to Rule 497(e) on November 5, 2012.  The purpose of this filing is to submit the 497(e) filing dated November 5, 2012 in XBRL for the Leuthold Asset Allocation Fund.
 
The XBRL exhibits attached hereto consist of the following:
 
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

 

EX-101.INS 2 ck0001000351-20121105.xml INSTANCE DOCUMENT 0001000351 2012-11-05 2012-11-05 0001000351 ck0001000351:S000012965Member ck0001000351:C000053678Member 2012-11-05 2012-11-05 0001000351 ck0001000351:S000012965Member ck0001000351:C000035038Member 2012-11-05 2012-11-05 0001000351 ck0001000351:P0001-S000012965Member ck0001000351:S000012965Member 2012-11-05 2012-11-05 Other 2012-11-05 LEUTHOLD FUNDS INC 0001000351 false 2012-11-05 2012-11-05 2012-01-31 Leuthold Asset Allocation Fund <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><b><i><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Leuthold Funds, Inc.</font></i></b></p> <div style='border:none;border-bottom:solid black 1.5pt;padding:0in 0in 0in 0in; margin-left:6.0pt;margin-right:0in'> <p class="MsoNormal" align="right" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:6.0pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right; line-height:normal;text-autospace:none;border:none;padding:0in"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>November 5, 2012</font></p> </div> <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:1.5pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none"><font style='font-size:10.0pt; font-family:"Times New Roman","serif"'>&nbsp;</font></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Supplement to the Prospectus dated January 31, 2012, as previously supplemented May 24, 2012</font></p> <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>&nbsp;</font></p> <div style='border:none;border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none;border:none;padding:0in"><font style='font-size: 10.0pt;font-family:"Times New Roman","serif"'>Changes to Investment Strategies of Leuthold Asset Allocation Fund</font></p> </div> <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: .5pt;text-autospace:none"><font style='font-size:12.0pt;font-family:"Times New Roman","serif"'>&nbsp;</font></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr> <td width="1" valign="top" style='width:1.0pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: .05pt;text-autospace:none"><font style='font-size:12.0pt;font-family:"Times New Roman","serif"'>&nbsp;</font></p> </td> <td width="25" valign="top" style='width:19.0pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:.8pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>1.</font></p> </td> <td width="741" valign="top" style='width:556.0pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:.8pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify;line-height: normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Effective as of December 3, 2012, the Leuthold Asset Allocation Fund’s “Principal Investment Strategies of the Fund” discussion is amended to read in its entirety as follows:</font></p> </td> </tr> </table> <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;margin-bottom:10.0pt;line-height:115%;font-size:11.0pt;font-family:'calibri','sans-serif';">&nbsp;</p> “Principal Investment Strategies of the Fund” <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:12.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>The Fund is a “flexible” fund, meaning that it allocates its investments among:</font></p> <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: 12.0pt;text-autospace:none"><font style='font-size:12.0pt;font-family:"Times New Roman","serif"'>&nbsp;</font></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr> <td width="40" valign="top" style='width:29.65pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:.8pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>&nbsp;</font></p> </td> <td width="40" valign="top" style='width:29.65pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:.8pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none"><font style='font-size:10.0pt;font-family:Wingdings'>Ø</font></p> </td> <td width="689" valign="top" style='width:516.7pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:.8pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify;line-height: normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Common stocks and other equity securities (equity securities include common stocks, preferred stocks, convertible preferred stocks, warrants, options, futures and American Depository Receipts, and may engage in short sales of equity securities);</font></p> </td> </tr> <tr> <td width="40" valign="top" style='width:29.65pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:.8pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>&nbsp;</font></p> </td> <td width="40" valign="top" style='width:29.65pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:.8pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none"><font style='font-size:10.0pt;font-family:Wingdings'>Ø</font></p> </td> <td width="689" valign="top" style='width:516.7pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:.8pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify;line-height: normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Bonds and other debt securities (debt securities include U.S. and foreign Treasury Notes and Bonds, investment grade corporate debt securities, agency bonds, municipal bonds, mortgage-backed securities, bank loans, convertible debt securities and debt securities below investment grade);</font></p> </td> </tr> <tr> <td width="40" valign="top" style='width:29.65pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:.8pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>&nbsp;</font></p> </td> <td width="40" valign="top" style='width:29.65pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:.8pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none"><font style='font-size:10.0pt;font-family:Wingdings'>Ø</font></p> </td> <td width="689" valign="top" style='width:516.7pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:.8pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify;line-height: normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Equity securities of real estate investment trusts (REITs) and real estate companies, and real estate exchange traded funds and exchange traded notes.</font></p> </td> </tr> <tr> <td width="40" valign="top" style='width:29.65pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:.8pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>&nbsp;</font></p> </td> <td width="40" valign="top" style='width:29.65pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:.8pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none"><font style='font-size:10.0pt;font-family:Wingdings'>Ø</font></p> </td> <td width="689" valign="top" style='width:516.7pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:.8pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify;line-height: normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Commodities (commodities include metals, energy and agricultural, including equity securities of companies principally engaged in the energy, metals and agriculture group of industries and exchange traded funds and exchange traded notes that invest principally in commodities);</font></p> </td> </tr> <tr> <td width="40" valign="top" style='width:29.65pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:.8pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>&nbsp;</font></p> </td> <td width="40" valign="top" style='width:29.65pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:.8pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none"><font style='font-size:10.0pt;font-family:Wingdings'>Ø</font></p> </td> <td width="689" valign="top" style='width:516.7pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:.8pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Money market instruments (including non-U.S. dollar denominated cash equivalents and foreign currency instruments);</font></p> </td> </tr> </table> <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal;text-autospace:none"><font style='font-size:10.0pt; font-family:"Times New Roman","serif"'>&nbsp;</font></p> <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal;text-autospace:none"><font style='font-size:10.0pt; font-family:"Times New Roman","serif"'>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.</font></p> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:12.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>The Fund expects that normally:</font></p> <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: 12.0pt;text-autospace:none"><font style='font-size:12.0pt;font-family:"Times New Roman","serif"'>&nbsp;</font></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr> <td width="40" valign="top" style='width:29.65pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:.8pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>&nbsp;</font></p> </td> <td width="40" valign="top" style='width:29.65pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:.8pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none"><font style='font-size:10.0pt;font-family:Wingdings'>Ø</font></p> </td> <td width="689" valign="top" style='width:516.7pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:.8pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify;line-height: normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>30% to 70% of its assets will be invested in common stocks and other equity securities;</font></p> </td> </tr> <tr> <td width="40" valign="top" style='width:29.65pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:.8pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>&nbsp;</font></p> </td> <td width="40" valign="top" style='width:29.65pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:.8pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none"><font style='font-size:10.0pt;font-family:Wingdings'>Ø</font></p> </td> <td width="689" valign="top" style='width:516.7pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:.8pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify;line-height: normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>20% to 60% of its assets will be invested in bonds and other debt securities (other than money market instruments);&nbsp;</font></p> </td> </tr> <tr> <td width="40" valign="top" style='width:29.65pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:.8pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>&nbsp;</font></p> </td> <td width="40" valign="top" style='width:29.65pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:.8pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none"><font style='font-size:10.0pt;font-family:Wingdings'>Ø</font></p> </td> <td width="689" valign="top" style='width:516.7pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:.8pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify;line-height: normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>up to 20% of its assets will be invested in equity securities of REITs and real estate companies, and real estate exchange traded funds and exchange traded notes;</font></p> </td> </tr> <tr> <td width="40" valign="top" style='width:29.65pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:.8pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>&nbsp;</font></p> </td> <td width="40" valign="top" style='width:29.65pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:.8pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none"><font style='font-size:10.0pt;font-family:Wingdings'>Ø</font></p> </td> <td width="689" valign="top" style='width:516.7pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:.8pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify;line-height: normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>up to 20% of its assets will be invested in commodities; and</font></p> </td> </tr> <tr> <td width="40" valign="top" style='width:29.65pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:.8pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>&nbsp;</font></p> </td> <td width="40" valign="top" style='width:29.65pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:.8pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none"><font style='font-size:10.0pt;font-family:Wingdings'>Ø</font></p> </td> <td width="689" valign="top" style='width:516.7pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:.8pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify;line-height: normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>up to 20% of its assets will be invested in money market instruments (including non-U.S. dollar denominated cash equivalents and foreign currency instruments).</font></p> </td> </tr> </table> <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>&nbsp;</font></p> <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal;text-autospace:none"><font style='font-size:10.0pt; font-family:"Times New Roman","serif"'>The Fund’s investments in common stocks and other equity securities may consist of:</font></p> <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>&nbsp;</font></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr> <td width="40" valign="top" style='width:29.65pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:.8pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>&nbsp;</font></p> </td> <td width="40" valign="top" style='width:29.65pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:.8pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none"><font style='font-size:10.0pt;font-family:Wingdings'>Ø</font></p> </td> <td width="689" valign="top" style='width:516.7pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:.8pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify;line-height: normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Large, mid, or small capitalization common stocks;</font></p> </td> </tr> <tr> <td width="40" valign="top" style='width:29.65pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:.8pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>&nbsp;</font></p> </td> <td width="40" valign="top" style='width:29.65pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:.8pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none"><font style='font-size:10.0pt;font-family:Wingdings'>Ø</font></p> </td> <td width="689" valign="top" style='width:516.7pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:.8pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify;line-height: normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Growth stocks, value stocks, or cyclical stocks;</font></p> </td> </tr> <tr> <td width="40" valign="top" style='width:29.65pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:.8pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>&nbsp;</font></p> </td> <td width="40" valign="top" style='width:29.65pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:.8pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none"><font style='font-size:10.0pt;font-family:Wingdings'>Ø</font></p> </td> <td width="689" valign="top" style='width:516.7pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:.8pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify;line-height: normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Aggressive stocks or defensive stocks;</font></p> </td> </tr> <tr> <td width="40" valign="top" style='width:29.65pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:.8pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>&nbsp;</font></p> </td> <td width="40" valign="top" style='width:29.65pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:.8pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none"><font style='font-size:10.0pt;font-family:Wingdings'>Ø</font></p> </td> <td width="689" valign="top" style='width:516.7pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:.8pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify;line-height: normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Stocks in any industry or sector;</font></p> </td> </tr> <tr> <td width="40" valign="top" style='width:29.65pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:.8pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>&nbsp;</font></p> </td> <td width="40" valign="top" style='width:29.65pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:.8pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none"><font style='font-size:10.0pt;font-family:Wingdings'>Ø</font></p> </td> <td width="689" valign="top" style='width:516.7pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:.8pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify;line-height: normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Equity mutual funds and exchange-traded funds;</font></p> </td> </tr> <tr> <td width="40" valign="top" style='width:29.65pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:.8pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>&nbsp;</font></p> </td> <td width="40" valign="top" style='width:29.65pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:.8pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none"><font style='font-size:10.0pt;font-family:Wingdings'>Ø</font></p> </td> <td width="689" valign="top" style='width:516.7pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:.8pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify;line-height: normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Common stocks of foreign issuers;</font></p> </td> </tr> <tr> <td width="40" valign="top" style='width:29.65pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:.8pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>&nbsp;</font></p> </td> <td width="40" valign="top" style='width:29.65pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:.8pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none"><font style='font-size:10.0pt;font-family:Wingdings'>Ø</font></p> </td> <td width="689" valign="top" style='width:516.7pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:.8pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify;line-height: normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Futures; and</font></p> </td> </tr> <tr> <td width="40" valign="top" style='width:29.65pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:.8pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>&nbsp;</font></p> </td> <td width="40" valign="top" style='width:29.65pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:.8pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none"><font style='font-size:10.0pt;font-family:Wingdings'>Ø</font></p> </td> <td width="689" valign="top" style='width:516.7pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:.8pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify;line-height: normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Options.</font></p> </td> </tr> </table> <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>&nbsp;</font></p> <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;text-align: justify;line-height:normal;text-autospace:none"><font style='font-size:10.0pt; font-family:"Times New Roman","serif"'>The Fund will use a multi-factor asset selection approach which utilizes valuation, growth, investor sentiment, quality/profitability, and price components along with a top-down, quantitative group attractiveness assessment (through the Adviser’s Global Group Strategy). The Global Group Strategy utilizes a disciplined, unemotional, quantitative investment approach that is based on the belief investors can achieve superior investment performance through group selection on a global scale.</font></p> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:12.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify;line-height:normal; text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>The Adviser continuously updates its investment discipline and adjusts the Fund’s portfolio as necessary to keep the Fund invested in stocks which the Adviser believes are the most attractive. Such adjustments may result in high portfolio turnover.</font></p> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:12.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify;line-height:normal; text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>The Fund’s investments in bonds and other debt securities may include U.S. and foreign Treasury Notes and Bonds, investment grade corporate debt securities, agency bonds, municipal bonds, convertible debt securities, high yield securities commonly known as “junk bonds,” mortgage-backed securities, bank loans, and debt securities of foreign issuers. The Fund may also invest in mutual funds and exchange-traded funds that invest in high yield securities.</font></p> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:12.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify;line-height:normal; text-autospace:none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>The Fund may engage in short sales of index-related and other equity securities to reduce its asset exposure or to profit from an anticipated decline in the price of the security sold short.</font></p> <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;margin-bottom:10.0pt;line-height:115%;font-size:11.0pt;font-family:'calibri','sans-serif';"><font style='font-size:10.0pt;line-height:115%;font-family: "Times New Roman","serif"'>The Fund will allocate assets to equities, bonds, real estate securities, commodities, and cash. A combination of the following models will be used to assess the attractiveness of each asset class. The “macro model” examines the macro-environment and assesses which asset class tends to perform better in environments closely resembling the current conditions. The “technical/momentum model” evaluates the momentum of each asset class relative to the other asset classes. The “structural model” seeks to evaluate the attractiveness of each asset class, on a long-term basis, based on the components of total return – income generation, growth potential, and valuation. Asset classes expected to generate significant income with higher growth rates, as well as an opportunity for valuation expansion are deemed most attractive. The overall allocation to a specific asset class is a function of its attractiveness, risk profile, portfolio-level constraints, and overall portfolio-level objectives such as target return and risk.</font></p> Changes to Principal Risks of Leuthold Asset Allocation Fund <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:12.0pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>Effective as of December 3, 2012, the Leuthold Asset Allocation Fund’s “Principal Risks of Investing in the Fund” discussion is supplemented to include the following:</font></p> <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt;line-height: 12.0pt;text-autospace:none"><font style='font-size:12.0pt;font-family:"Times New Roman","serif"'>&nbsp;</font></p> <table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr> <td width="40" valign="top" style='width:29.65pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:.8pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>&nbsp;</font></p> </td> <td width="40" valign="top" style='width:29.65pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:.8pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none"><font style='font-size:10.0pt;font-family:Wingdings'>Ø</font></p> </td> <td width="689" valign="top" style='width:516.7pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:.8pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify;line-height: normal;text-autospace:none"><b><font style='font-size:10.0pt;font-family: "Times New Roman","serif"'>Real Estate Securities Risk:</font></b><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'> When the Fund invests in equity securities of REITs and real estate companies, and real estate exchange traded funds and exchange traded notes, it is subject to risks principally associated with investing in real estate: (1) possible declines in the value of real estate, (2) adverse general and local economic conditions, (3) possible lack of availability of mortgage funds, (4) changes in interest rates, and (5) environmental problems. In addition, REITs and real estate companies are subject to other risks related specifically to their structure and focus: (a) dependency upon management skills; (b) limited diversification; (c) the risks of locating and managing financing for projects; (d) heavy cash flow dependency; (e) possible default by borrowers; (f) the costs and potential losses of self-liquidation of one or more holdings; (g) the possibility of failing to maintain exemptions from securities registration; (h) duplicative fees; and (i) in many cases, relatively small market capitalization, which may result in less market liquidity and greater price volatility.</font></p> </td> </tr> <tr> <td width="40" valign="top" style='width:29.65pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:.8pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none"><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'>&nbsp;</font></p> </td> <td width="40" valign="top" style='width:29.65pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:.8pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none"><font style='font-size:10.0pt;font-family:Wingdings'>Ø</font></p> </td> <td width="689" valign="top" style='width:516.7pt;padding:0in 0in 0in 0in'> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:0in;margin-right:.8pt;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify;line-height: normal;text-autospace:none"><b><font style='font-size:10.0pt;font-family: "Times New Roman","serif"'>Commodities Risk:</font></b><font style='font-size:10.0pt;font-family:"Times New Roman","serif"'> Exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities. Because the Fund invests in exchange traded funds and exchange traded notes that invest principally in commodities, developments affecting commodities may have a disproportionate impact on such exchange traded funds and exchange traded notes. Commodities are subject to substantial price fluctuations over short periods of time and may be affected by unpredictable economic, political and environmental events. Factors that may significantly affect the prices of commodities include, but are not limited to: global supply and demand; domestic and international interest rates and investors’ expectations of interest rates; inflation rates and investors’ expectations of inflation rates; the investment and trading activities of commodity futures contracts; political, economic, or financial events, both globally and regionally.</font></p> </td> </tr> </table> <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;margin-bottom:10.0pt;line-height:115%;font-size:11.0pt;font-family:'calibri','sans-serif';">&nbsp;</p> <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;margin-bottom:10.0pt;line-height:115%;font-size:11.0pt;font-family:'calibri','sans-serif';"><font style='font-size:10.0pt;line-height:115%;font-family: "Times New Roman","serif"'>Please retain this Supplement for future reference.</font></p> LAALX LAAIX EX-101.SCH 3 ck0001000351-20121105.xsd SCHEMA DOCUMENT 0011 - Document - Document And Entity Information {Elements} link:calculationLink link:presentationLink link:definitionLink 010005 - Document - Risk/Return Summary {Unlabeled} (LEUTHOLD ASSET ALLOCATION FUND (Prospectus Summary):) link:presentationLink link:calculationLink link:definitionLink 010010 - Schedule - Shareholder Fees link:presentationLink link:calculationLink link:definitionLink 010015 - Schedule - Annual Fund Operating Expenses link:presentationLink link:calculationLink link:definitionLink 010020 - Schedule - Expense Example {Transposed} link:presentationLink link:calculationLink link:definitionLink 010025 - Schedule - Expense Example, No Redemption {Transposed} link:presentationLink link:calculationLink link:definitionLink 010030 - Schedule - Annual Total Returns link:presentationLink link:calculationLink link:definitionLink 010035 - Schedule - Average Annual Total Returns {Transposed} link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 4 ck0001000351-20121105_cal.xml CALCULATION LINKBASE DOCUMENT EX-101.DEF 5 ck0001000351-20121105_def.xml DEFINITION LINKBASE DOCUMENT EX-101.LAB 6 ck0001000351-20121105_lab.xml LABEL LINKBASE DOCUMENT EX-101.PRE 7 ck0001000351-20121105_pre.xml PRESENTATION LINKBASE DOCUMENT XML 8 ck0001000351-20121105_cal.xml IDEA: XBRL DOCUMENT XML 9 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; word-wrap: break-word; } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } EXCEL 10 Financial_Report.xls IDEA: XBRL DOCUMENT begin 644 Financial_Report.xls M[[N_34E-12U697)S:6]N.B`Q+C`-"E@M1&]C=6UE;G0M5'EP93H@5V]R:V)O M;VL-"D-O;G1E;G0M5'EP93H@;75L=&EP87)T+W)E;&%T960[(&)O=6YD87)Y M/2(M+2TM/5].97AT4&%R=%]A-C0R,C8W9%\Y-#'!L;W)E&UL;G,Z=CTS1")U&UL;G,Z;STS1")U&UL/@T*(#QX.D5X8V5L5V]R:V)O;VL^#0H@(#QX M.D5X8V5L5V]R:W-H965T5]);F9O#I%>&-E;%=O#I%>&-E;%=O#I% M>&-E;%=O6QE#I! M8W1I=F53:&5E=#X-"B`@/'@Z4')O=&5C=%-T#I0 M#I0#I0&UL M/CPA6V5N9&EF72TM/@T*/"]H96%D/@T*("`\8F]D>3X-"B`@(#QP/E1H:7,@ M<&%G92!S:&]U;&0@8F4@;W!E;F5D('=I=&@@36EC'1087)T7V$V-#(R-C=D7SDT-SA?-&-D8U]A,V$U7SDQ,#(P-S@S-F(T M-0T*0V]N=&5N="U,;V-A=&EO;CH@9FEL93HO+R]#.B]A-C0R,C8W9%\Y-#'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA7!E/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#Y/=&AE'0^3F]V(#4L#0H)"3(P,3(\'0^ M3$555$A/3$0@1E5.1%,@24Y#/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\ M+W1R/@T*("`@("`@/'1R(&-L87-S/3-$3PO=&0^#0H@ M("`@("`@(#QT9"!C;&%S7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T* M#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O M;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAAF4Z,3$N,'!T.V9O;G0M9F%M:6QY.B=C86QI8G)I)RPG6QE/3-$)V9O;G0M'0M875T;W-P86-E.FYO;F4[8F]R M9&5R.FYO;F4[<&%D9&EN9SHP:6XG/CQF;VYT('-T>6QE/3-$)V9O;G0M6QE/3-$)V9O;G0M MF4Z,3`N M,'!T.R!F;VYT+69A;6EL>3HB5&EM97,@3F5W(%)O;6%N(BPB3HG8V%L:6)R:2'0M875T;W-P86-E.FYO;F4G/CQF;VYT('-T M>6QE/3-$)V9O;G0M3HG8V%L:6)R:2'0M875T;W-P86-E.FYO;F4G/CQF;VYT('-T>6QE/3-$)V9O;G0MF4Z,3$N,'!T.V9O;G0M9F%M:6QY.B=C86QI8G)I)RPG3HG8V%L:6)R:2F4Z,3(N,'!T.V9O;G0M9F%M:6QY.B)4:6UE6QE/3-$)VUA6QE/3-$)W=I9'1H.C$Y+C!P=#MP M861D:6YG.C!I;B`P:6X@,&EN(#!I;B<^("`@/'`@8VQA'0M M875T;W-P86-E.B`@(&YO;F4G/CQF;VYT('-T>6QE/3-$)V9O;G0M'0M875T;W-P86-E.FYO;F4G/CQF;VYT('-T>6QE/3-$)V9O;G0M M6QE/3-$;6%R9VEN+71O<#HP M:6X[;6%R9VEN+7)I9VAT.C!I;CMM87)G:6XM;&5F=#HP:6X[;6%R9VEN+6)O M='1O;3HQ,"XP<'0[;&EN92UH96EG:'0Z,3$U)3MF;VYT+7-I>F4Z,3$N,'!T M.V9O;G0M9F%M:6QY.B=C86QI8G)I)RPG'0^/'`@8VQA&EB;&7B@)T@9G5N9"P@;65A;FEN M9R!T:&%T(&ET(&%L;&]C871E6QE/3-$)VUAF4Z,3(N,'!T.V9O;G0M9F%M:6QY.B)4:6UE M6QE/3-$)W=I9'1H.C(Y+C8U<'0[<&%D9&EN9SHP:6X@,&EN(#!I M;B`P:6XG/B`@(#QP(&-L87-S/3-$37-O3F]R;6%L('-T>6QE/3-$)V9O;G0M MF4Z,3`N,'!T.V9O;G0M9F%M:6QY M.B)4:6UE'0M875T;W-P86-E.B`@(&YO;F4G/CQF;VYT('-T M>6QE/3-$9F]N="US:7IE.C$P+C!P=#MF;VYT+69A;6EL>3I7:6YG9&EN9W,^ MPY@\+V9O;G0^/"]P/B`@(#PO=&0^("`@/'1D('=I9'1H/3-$-C@Y('9A;&EG M;CTS1'1O<"!S='EL93TS1"=W:61T:#HU,38N-W!T.W!A9&1I;F'0M875T;W-P86-E.FYO;F4G/CQF;VYT('-T>6QE/3-$)V9O;G0M M2`@('-E8W5R:71I97,I.SPO9F]N=#X\+W`^ M("`@/"]T9#X@(#PO='(^("`\='(^("`@/'1D('=I9'1H/3-$-#`@=F%L:6=N M/3-$=&]P('-T>6QE/3-$)W=I9'1H.C(Y+C8U<'0[<&%D9&EN9SHP:6X@,&EN M(#!I;B`P:6XG/B`@(#QP(&-L87-S/3-$37-O3F]R;6%L('-T>6QE/3-$)V9O M;G0MF4Z,3`N,'!T.V9O;G0M9F%M M:6QY.B)4:6UE'0M875T;W-P86-E.B`@(&YO;F4G/CQF;VYT M('-T>6QE/3-$9F]N="US:7IE.C$P+C!P=#MF;VYT+69A;6EL>3I7:6YG9&EN M9W,^PY@\+V9O;G0^/"]P/B`@(#PO=&0^("`@/'1D('=I9'1H/3-$-C@Y('9A M;&EG;CTS1'1O<"!S='EL93TS1"=W:61T:#HU,38N-W!T.W!A9&1I;F'0M875T;W-P86-E.FYO;F4G/CQF;VYT('-T>6QE/3-$)V9O M;G0M2!B;VYD6QE/3-$)W=I9'1H.C(Y+C8U<'0[<&%D9&EN9SHP:6X@,&EN M(#!I;B`P:6XG/B`@(#QP(&-L87-S/3-$37-O3F]R;6%L('-T>6QE/3-$)V9O M;G0MF4Z,3`N,'!T.V9O;G0M9F%M M:6QY.B)4:6UE'0M875T;W-P86-E.B`@(&YO;F4G/CQF;VYT M('-T>6QE/3-$9F]N="US:7IE.C$P+C!P=#MF;VYT+69A;6EL>3I7:6YG9&EN M9W,^PY@\+V9O;G0^/"]P/B`@(#PO=&0^("`@/'1D('=I9'1H/3-$-C@Y('9A M;&EG;CTS1'1O<"!S='EL93TS1"=W:61T:#HU,38N-W!T.W!A9&1I;F'0M875T;W-P86-E.FYO;F4G/CQF;VYT('-T>6QE/3-$)V9O M;G0M6QE/3-$)W=I9'1H.C(Y+C8U<'0[<&%D9&EN9SHP:6X@,&EN(#!I;B`P M:6XG/B`@(#QP(&-L87-S/3-$37-O3F]R;6%L('-T>6QE/3-$)V9O;G0MF4Z,3`N,'!T.V9O;G0M9F%M:6QY.B)4 M:6UE'0M875T;W-P86-E.B`@(&YO;F4G/CQF;VYT('-T>6QE M/3-$9F]N="US:7IE.C$P+C!P=#MF;VYT+69A;6EL>3I7:6YG9&EN9W,^PY@\ M+V9O;G0^/"]P/B`@(#PO=&0^("`@/'1D('=I9'1H/3-$-C@Y('9A;&EG;CTS M1'1O<"!S='EL93TS1"=W:61T:#HU,38N-W!T.W!A9&1I;F'0M875T;W-P86-E.FYO;F4G/CQF;VYT('-T>6QE/3-$)V9O;G0M2!A;F0@86=R:6-U;'1U&-H86YG92!T2!I;B!C;VUM;V1I=&EE'0M875T;W-P86-E.B`@(&YO;F4G/CQF;VYT('-T>6QE M/3-$)V9O;G0MF4Z,3$N,'!T.V9O;G0M9F%M:6QY M.B=C86QI8G)I)RPG6QE M/3-$)W=I9'1H.C4Q-BXW<'0[<&%D9&EN9SHP:6X@,&EN(#!I;B`P:6XG/B`@ M(#QP(&-L87-S/3-$37-O3F]R;6%L('-T>6QE/3-$)V9O;G0M6QE/3-$)VUA3ML:6YE+6AE:6=H=#IN;W)M86P[=&5X="UA=71O6QE/3-$)VUA3ML:6YE+6AE:6=H=#IN;W)M86P[=&5X="UA=71O2!F M86-T;W)S+"!I;F9L871I;VX@86YD(&EN=&5R97-T(')A=&4@;&5V96QS(&%N M9"!T6QE/3-$)V9O;G0M MF4Z,3$N,'!T.V9O;G0M9F%M:6QY.B=C86QI8G)I)RPG6QE/3-$8F]R9&5R+6-O;&QA<'-E.F-O M;&QA<'-E/B`@/'1R/B`@(#QT9"!W:61T:#TS1#0P('9A;&EG;CTS1'1O<"!S M='EL93TS1"=W:61T:#HR.2XV-7!T.W!A9&1I;F6QE/3-$)W=I M9'1H.C(Y+C8U<'0[<&%D9&EN9SHP:6X@,&EN(#!I;B`P:6XG/B`@(#QP(&-L M87-S/3-$37-O3F]R;6%L('-T>6QE/3-$)V9O;G0MF4Z M,3`N,'!T.V9O;G0M9F%M:6QY.B)4:6UEF4Z,3$N,'!T.V9O;G0M9F%M:6QY.B=C86QI M8G)I)RPG6QE/3-$)W=I9'1H.C(Y+C8U<'0[<&%D9&EN9SHP:6X@ M,&EN(#!I;B`P:6XG/B`@(#QP(&-L87-S/3-$37-O3F]R;6%L('-T>6QE/3-$ M)V9O;G0MF4Z,3`N,'!T.V9O;G0M9F%M:6QY.B)4:6UE M'0M875T;W-P86-E.B`@(&YO;F4G/CQF;VYT('-T>6QE/3-$)V9O M;G0MF4Z,3$N,'!T.V9O;G0M9F%M:6QY.B=C86QI M8G)I)RPG6QE/3-$)W=I M9'1H.C4Q-BXW<'0[<&%D9&EN9SHP:6X@,&EN(#!I;B`P:6XG/B`@(#QP(&-L M87-S/3-$37-O3F]R;6%L('-T>6QE/3-$)V9O;G0M'0M86QI9VXZ M:G5S=&EF>3ML:6YE+6AE:6=H=#H@("!N;W)M86P[=&5X="UA=71O&-H M86YG92!TF4Z,3$N,'!T M.V9O;G0M9F%M:6QY.B=C86QI8G)I)RPG6QE/3-$)W=I9'1H.C(Y M+C8U<'0[<&%D9&EN9SHP:6X@,&EN(#!I;B`P:6XG/B`@(#QP(&-L87-S/3-$ M37-O3F]R;6%L('-T>6QE/3-$)V9O;G0M'0M875T;W-P86-E.B`@(&YO;F4G/CQF;VYT('-T>6QE/3-$)V9O M;G0MF4Z,3$N,'!T.V9O;G0M9F%M:6QY.B=C86QI M8G)I)RPG6QE/3-$)W=I M9'1H.C4Q-BXW<'0[<&%D9&EN9SHP:6X@,&EN(#!I;B`P:6XG/B`@(#QP(&-L M87-S/3-$37-O3F]R;6%L('-T>6QE/3-$)V9O;G0M'0M86QI9VXZ M:G5S=&EF>3ML:6YE+6AE:6=H=#H@("!N;W)M86P[=&5X="UA=71O2`@(&EN6QE/3-$)VUA3ML:6YE+6AE:6=H=#IN;W)M86P[=&5X="UA=71O2!S96-U M2!C;VYS:7-T(&]F.CPO9F]N=#X\+W`^("`\<"!C;&%SF4Z,3$N,'!T.V9O;G0M M9F%M:6QY.B=C86QI8G)I)RPG6QE/3-$8F]R9&5R+6-O;&QA<'-E.F-O;&QA<'-E/B`@/'1R/B`@ M(#QT9"!W:61T:#TS1#0P('9A;&EG;CTS1'1O<"!S='EL93TS1"=W:61T:#HR M.2XV-7!T.W!A9&1I;F6QE/3-$)W=I9'1H.C(Y+C8U<'0[<&%D M9&EN9SHP:6X@,&EN(#!I;B`P:6XG/B`@(#QP(&-L87-S/3-$37-O3F]R;6%L M('-T>6QE/3-$)V9O;G0MF4Z,3`N,'!T.V9O;G0M9F%M M:6QY.B)4:6UEF4Z,3$N,'!T.V9O;G0M9F%M:6QY.B=C86QI8G)I)RPG6QE/3-$)W=I9'1H.C(Y+C8U<'0[<&%D9&EN9SHP:6X@,&EN(#!I;B`P M:6XG/B`@(#QP(&-L87-S/3-$37-O3F]R;6%L('-T>6QE/3-$)V9O;G0MF4Z,3`N,'!T.V9O;G0M9F%M:6QY.B)4:6UE6-L:6-A;"!S=&]C:W,[/"]F;VYT/CPO<#X@("`\+W1D/B`@/"]T'0M875T;W-P86-E.B`@(&YO;F4G/CQF;VYT('-T>6QE M/3-$)V9O;G0MF4Z,3$N,'!T.V9O;G0M9F%M:6QY M.B=C86QI8G)I)RPG6QE M/3-$)W=I9'1H.C4Q-BXW<'0[<&%D9&EN9SHP:6X@,&EN(#!I;B`P:6XG/B`@ M(#QP(&-L87-S/3-$37-O3F]R;6%L('-T>6QE/3-$)V9O;G0M'0M M86QI9VXZ:G5S=&EF>3ML:6YE+6AE:6=H=#H@("!N;W)M86P[=&5X="UA=71O M'0M875T;W-P86-E.B`@(&YO M;F4G/CQF;VYT('-T>6QE/3-$)V9O;G0MF4Z,3$N M,'!T.V9O;G0M9F%M:6QY.B=C86QI8G)I)RPG6QE/3-$)W=I9'1H.C4Q-BXW<'0[<&%D9&EN9SHP:6X@ M,&EN(#!I;B`P:6XG/B`@(#QP(&-L87-S/3-$37-O3F]R;6%L('-T>6QE/3-$ M)V9O;G0M'0M86QI9VXZ:G5S=&EF>3ML:6YE+6AE:6=H=#H@("!N M;W)M86P[=&5X="UA=71O6QE/3-$)W=I9'1H.C(Y+C8U<'0[<&%D9&EN M9SHP:6X@,&EN(#!I;B`P:6XG/B`@(#QP(&-L87-S/3-$37-O3F]R;6%L('-T M>6QE/3-$)V9O;G0MF4Z,3`N,'!T M.V9O;G0M9F%M:6QY.B)4:6UE'0M875T;W-P86-E.B`@(&YO M;F4G/CQF;VYT('-T>6QE/3-$9F]N="US:7IE.C$P+C!P=#MF;VYT+69A;6EL M>3I7:6YG9&EN9W,^PY@\+V9O;G0^/"]P/B`@(#PO=&0^("`@/'1D('=I9'1H M/3-$-C@Y('9A;&EG;CTS1'1O<"!S='EL93TS1"=W:61T:#HU,38N-W!T.W!A M9&1I;F'0M875T;W-P86-E.FYO;F4G/CQF;VYT('-T M>6QE/3-$)V9O;G0M&-H86YG92UT'0M875T;W-P86-E.B`@(&YO;F4G/CQF;VYT('-T M>6QE/3-$)V9O;G0MF4Z,3$N,'!T.V9O;G0M9F%M M:6QY.B=C86QI8G)I)RPG6QE/3-$)W=I9'1H.C4Q-BXW<'0[<&%D9&EN9SHP:6X@,&EN(#!I;B`P:6XG M/B`@(#QP(&-L87-S/3-$37-O3F]R;6%L('-T>6QE/3-$)V9O;G0M'0M86QI9VXZ:G5S=&EF>3ML:6YE+6AE:6=H=#H@("!N;W)M86P[=&5X="UA M=71O6QE/3-$)W=I9'1H.C(Y+C8U<'0[<&%D9&EN9SHP:6X@,&EN(#!I M;B`P:6XG/B`@(#QP(&-L87-S/3-$37-O3F]R;6%L('-T>6QE/3-$)V9O;G0M MF4Z,3`N,'!T.V9O;G0M9F%M:6QY M.B)4:6UE'0M875T;W-P86-E.B`@(&YO;F4G/CQF;VYT('-T M>6QE/3-$9F]N="US:7IE.C$P+C!P=#MF;VYT+69A;6EL>3I7:6YG9&EN9W,^ MPY@\+V9O;G0^/"]P/B`@(#PO=&0^("`@/'1D('=I9'1H/3-$-C@Y('9A;&EG M;CTS1'1O<"!S='EL93TS1"=W:61T:#HU,38N-W!T.W!A9&1I;F'0M875T;W-P86-E.FYO;F4G/CQF;VYT('-T>6QE/3-$)V9O;G0M MF4Z,3$N,'!T M.V9O;G0M9F%M:6QY.B=C86QI8G)I)RPG6QE/3-$)W=I9'1H.C(Y M+C8U<'0[<&%D9&EN9SHP:6X@,&EN(#!I;B`P:6XG/B`@(#QP(&-L87-S/3-$ M37-O3F]R;6%L('-T>6QE/3-$)V9O;G0M6QE/3-$)VUAF4Z,3`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`P:6XG/B`@(#QP(&-L87-S/3-$37-O3F]R;6%L('-T>6QE/3-$)V9O;G0M MF4Z,3`N,'!T.V9O;G0M9F%M:6QY M.B)4:6UE'0M875T;W-P86-E.B`@(&YO;F4G/CQF;VYT('-T M>6QE/3-$9F]N="US:7IE.C$P+C!P=#MF;VYT+69A;6EL>3I7:6YG9&EN9W,^ MPY@\+V9O;G0^/"]P/B`@(#PO=&0^("`@/'1D('=I9'1H/3-$-C@Y('9A;&EG M;CTS1'1O<"!S='EL93TS1"=W:61T:#HU,38N-W!T.W!A9&1I;F'0M875T;W-P86-E.FYO;F4G/CQB/CQF;VYT('-T>6QE/3-$)V9O M;G0M3HB5&EM97,@3F5W(%)O;6%N(BPB2!A2!O9B!F86EL:6YG('1O(&UA:6YT86EN(&5X96UP M=&EO;G,@9G)O;2`@('-E8W5R:71I97,@F%T:6]N+"!W:&EC:"!M87D@ M'0M875T;W-P86-E.B`@(&YO;F4G/CQF;VYT('-T>6QE M/3-$)V9O;G0MF4Z,3$N,'!T.V9O;G0M9F%M:6QY M.B=C86QI8G)I)RPG6QE M/3-$)W=I9'1H.C4Q-BXW<'0[<&%D9&EN9SHP:6X@,&EN(#!I;B`P:6XG/B`@ M(#QP(&-L87-S/3-$37-O3F]R;6%L('-T>6QE/3-$)V9O;G0M'0M M86QI9VXZ:G5S=&EF>3ML:6YE+6AE:6=H=#H@("!N;W)M86P[=&5X="UA=71O M&-H86YG92`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`@("`\+W1R/@T*("`@("`@/'1R M(&-L87-S/3-$'0^2F%N(#,Q+`T*"0DR,#$R/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$2DZ('P@3$555$A/3$0@ M05-3150@04Q,3T-!5$E/3B!&54Y$/"]T9#X-"B`@("`@("`@/'1D(&-L87-S M/3-$=&@^#0H@("`@("`@(#PO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R M(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$F4Z,3$N,'!T.V9O;G0M9F%M:6QY.B=C86QI8G)I)RPG M6QE/3-$)V9O;G0M6QE/3-$)V9O;G0MF4Z,3`N,'!T.R!F;VYT+69A;6EL>3HB5&EM97,@3F5W(%)O;6%N M(BPB3HG8V%L:6)R:2'0M875T;W-P86-E.FYO M;F4G/CQF;VYT('-T>6QE/3-$)V9O;G0M3HG8V%L:6)R:2'0M875T;W-P86-E.FYO;F4G/CQF;VYT('-T>6QE/3-$ M)V9O;G0MF4Z,3$N,'!T.V9O;G0M9F%M:6QY.B=C M86QI8G)I)RPG6QE/3-$)VUA6QE/3-$)W=I M9'1H.C$Y+C!P=#MP861D:6YG.C!I;B`P:6X@,&EN(#!I;B<^("`@/'`@8VQA M3HG8V%L:6)R:2'0M875T;W-P86-E.B`@(&YO;F4G/CQF;VYT('-T>6QE/3-$ M)V9O;G0M'0M875T;W-P86-E.FYO;F4G/CQF;VYT('-T M>6QE/3-$)V9O;G0M6QE/3-$ M;6%R9VEN+71O<#HP:6X[;6%R9VEN+7)I9VAT.C!I;CMM87)G:6XM;&5F=#HP M:6X[;6%R9VEN+6)O='1O;3HQ,"XP<'0[;&EN92UH96EG:'0Z,3$U)3MF;VYT M+7-I>F4Z,3$N,'!T.V9O;G0M9F%M:6QY.B=C86QI8G)I)RPG4AE861I M;F<\+W1D/@T*("`@("`@("`\=&0@8VQA6QE/3-$)V9O;G0M3HG8V%L:6)R:2'0M875T;W-P86-E.FYO;F4G/CQF;VYT('-T>6QE M/3-$)V9O;G0M'0M875T;W-P86-E.B`@(&YO;F4G/CQF;VYT M('-T>6QE/3-$)V9O;G0MF4Z,3$N,'!T.V9O;G0M M9F%M:6QY.B=C86QI8G)I)RPG6QE/3-$)W=I9'1H.C4Q-BXW<'0[<&%D9&EN9SHP:6X@,&EN(#!I;B`P M:6XG/B`@(#QP(&-L87-S/3-$37-O3F]R;6%L('-T>6QE/3-$)V9O;G0M'0M86QI9VXZ:G5S=&EF>3ML:6YE+6AE:6=H=#H@("!N;W)M86P[=&5X M="UA=71O2!S96-U2!296-E:7!T2!E;F=A9V4@:6X@'0M875T;W-P86-E.B`@(&YO;F4G/CQF M;VYT('-T>6QE/3-$)V9O;G0MF4Z,3$N,'!T.V9O M;G0M9F%M:6QY.B=C86QI8G)I)RPG6QE/3-$)W=I9'1H.C4Q-BXW<'0[<&%D9&EN9SHP:6X@,&EN(#!I M;B`P:6XG/B`@(#QP(&-L87-S/3-$37-O3F]R;6%L('-T>6QE/3-$)V9O;G0M M'0M86QI9VXZ:G5S=&EF>3ML:6YE+6AE:6=H=#H@("!N;W)M86P[ M=&5X="UA=71O'0M875T;W-P86-E.B`@(&YO;F4G/CQF M;VYT('-T>6QE/3-$)V9O;G0MF4Z,3$N,'!T.V9O M;G0M9F%M:6QY.B=C86QI8G)I)RPG6QE/3-$)W=I9'1H.C4Q-BXW<'0[<&%D9&EN9SHP:6X@,&EN(#!I M;B`P:6XG/B`@(#QP(&-L87-S/3-$37-O3F]R;6%L('-T>6QE/3-$)V9O;G0M M'0M86QI9VXZ:G5S=&EF>3ML:6YE+6AE:6=H=#H@("!N;W)M86P[ M=&5X="UA=71O&-H86YG92!T'0M875T;W-P86-E.B`@(&YO;F4G/CQF;VYT('-T M>6QE/3-$)V9O;G0MF4Z,3$N,'!T.V9O;G0M9F%M M:6QY.B=C86QI8G)I)RPG6QE/3-$)W=I9'1H.C4Q-BXW<'0[<&%D9&EN9SHP:6X@,&EN(#!I;B`P:6XG M/B`@(#QP(&-L87-S/3-$37-O3F]R;6%L('-T>6QE/3-$)V9O;G0M'0M86QI9VXZ:G5S=&EF>3ML:6YE+6AE:6=H=#H@("!N;W)M86P[=&5X="UA M=71O2!E;F=A9V5D(&EN('1H92!E M;F5R9WDL(&UE=&%L&-H86YG92!TF4Z,3$N,'!T.V9O;G0M9F%M M:6QY.B=C86QI8G)I)RPG6QE/3-$)W=I9'1H.C(Y+C8U<'0[<&%D M9&EN9SHP:6X@,&EN(#!I;B`P:6XG/B`@(#QP(&-L87-S/3-$37-O3F]R;6%L M('-T>6QE/3-$)V9O;G0M'0M875T;W-P86-E.B`@(&YO;F4G/CQF;VYT('-T>6QE/3-$ M)V9O;G0M3HG8V%L:6)R:23HB5&EM97,@ M3F5W(%)O;6%N(BPB3HG8V%L:6)R:2F4Z,3`N,'!T.R!F;VYT+69A;6EL>3HB M5&EM97,@3F5W(%)O;6%N(BPB6QE/3-$)V9O;G0M6QE/3-$)VUAF4Z,3(N,'!T.V9O;G0M9F%M:6QY.B)4:6UE6QE/3-$ M)W=I9'1H.C(Y+C8U<'0[<&%D9&EN9SHP:6X@,&EN(#!I;B`P:6XG/B`@(#QP M(&-L87-S/3-$37-O3F]R;6%L('-T>6QE/3-$)V9O;G0MF4Z,3`N,'!T.V9O;G0M9F%M:6QY.B)4:6UE'0M875T;W-P86-E.B`@(&YO;F4G/CQF;VYT('-T>6QE/3-$9F]N="US M:7IE.C$P+C!P=#MF;VYT+69A;6EL>3I7:6YG9&EN9W,^PY@\+V9O;G0^/"]P M/B`@(#PO=&0^("`@/'1D('=I9'1H/3-$-C@Y('9A;&EG;CTS1'1O<"!S='EL M93TS1"=W:61T:#HU,38N-W!T.W!A9&1I;F'0M875T M;W-P86-E.FYO;F4G/CQF;VYT('-T>6QE/3-$)V9O;G0M6QE/3-$)W=I9'1H.C(Y+C8U<'0[<&%D9&EN9SHP M:6X@,&EN(#!I;B`P:6XG/B`@(#QP(&-L87-S/3-$37-O3F]R;6%L('-T>6QE M/3-$)V9O;G0MF4Z,3`N,'!T.V9O M;G0M9F%M:6QY.B)4:6UE'0M875T;W-P86-E.B`@(&YO;F4G M/CQF;VYT('-T>6QE/3-$9F]N="US:7IE.C$P+C!P=#MF;VYT+69A;6EL>3I7 M:6YG9&EN9W,^PY@\+V9O;G0^/"]P/B`@(#PO=&0^("`@/'1D('=I9'1H/3-$ M-C@Y('9A;&EG;CTS1'1O<"!S='EL93TS1"=W:61T:#HU,38N-W!T.W!A9&1I M;F'0M875T;W-P86-E.FYO;F4G/CQF;VYT('-T>6QE M/3-$)V9O;G0MF4Z,3$N,'!T.V9O;G0M9F%M:6QY.B=C M86QI8G)I)RPG6QE/3-$)W=I9'1H.C(Y+C8U<'0[<&%D9&EN9SHP M:6X@,&EN(#!I;B`P:6XG/B`@(#QP(&-L87-S/3-$37-O3F]R;6%L('-T>6QE M/3-$)V9O;G0MF4Z,3`N,'!T.V9O;G0M9F%M:6QY.B)4 M:6UE&-H86YG92!T6QE/3-$)W=I9'1H M.C(Y+C8U<'0[<&%D9&EN9SHP:6X@,&EN(#!I;B`P:6XG/B`@(#QP(&-L87-S M/3-$37-O3F]R;6%L('-T>6QE/3-$)V9O;G0MF4Z,3`N,'!T.V9O;G0M9F%M:6QY.B)4:6UE'0M M875T;W-P86-E.B`@(&YO;F4G/CQF;VYT('-T>6QE/3-$9F]N="US:7IE.C$P M+C!P=#MF;VYT+69A;6EL>3I7:6YG9&EN9W,^PY@\+V9O;G0^/"]P/B`@(#PO M=&0^("`@/'1D('=I9'1H/3-$-C@Y('9A;&EG;CTS1'1O<"!S='EL93TS1"=W M:61T:#HU,38N-W!T.W!A9&1I;F'0M875T;W-P86-E M.FYO;F4G/CQF;VYT('-T>6QE/3-$)V9O;G0MF4Z,3$N,'!T.V9O;G0M9F%M:6QY.B=C M86QI8G)I)RPG6QE/3-$)W=I9'1H.C(Y+C8U<'0[<&%D9&EN9SHP M:6X@,&EN(#!I;B`P:6XG/B`@(#QP(&-L87-S/3-$37-O3F]R;6%L('-T>6QE M/3-$)V9O;G0MF4Z,3`N,'!T.V9O;G0M9F%M:6QY.B)4 M:6UEF4Z M,3$N,'!T.V9O;G0M9F%M:6QY.B=C86QI8G)I)RPG3HG8V%L:6)R:23HB5&EM97,@ M3F5W(%)O;6%N(BPB6QE/3-$)VUAF4Z,3`N,'!T M.V9O;G0M9F%M:6QY.B)4:6UE6QE/3-$)W=I9'1H.C(Y+C8U<'0[ M<&%D9&EN9SHP:6X@,&EN(#!I;B`P:6XG/B`@(#QP(&-L87-S/3-$37-O3F]R M;6%L('-T>6QE/3-$)V9O;G0MF4Z M,3`N,'!T.V9O;G0M9F%M:6QY.B)4:6UE'0M875T;W-P86-E M.B`@(&YO;F4G/CQF;VYT('-T>6QE/3-$9F]N="US:7IE.C$P+C!P=#MF;VYT M+69A;6EL>3I7:6YG9&EN9W,^PY@\+V9O;G0^/"]P/B`@(#PO=&0^("`@/'1D M('=I9'1H/3-$-C@Y('9A;&EG;CTS1'1O<"!S='EL93TS1"=W:61T:#HU,38N M-W!T.W!A9&1I;F'0M875T;W-P86-E.FYO;F4G/CQF M;VYT('-T>6QE/3-$)V9O;G0M6QE/3-$)W=I9'1H.C(Y+C8U<'0[<&%D9&EN9SHP:6X@,&EN(#!I M;B`P:6XG/B`@(#QP(&-L87-S/3-$37-O3F]R;6%L('-T>6QE/3-$)V9O;G0M MF4Z,3`N,'!T.V9O;G0M9F%M:6QY M.B)4:6UE'0M875T;W-P86-E.B`@(&YO;F4G/CQF;VYT('-T M>6QE/3-$9F]N="US:7IE.C$P+C!P=#MF;VYT+69A;6EL>3I7:6YG9&EN9W,^ MPY@\+V9O;G0^/"]P/B`@(#PO=&0^("`@/'1D('=I9'1H/3-$-C@Y('9A;&EG M;CTS1'1O<"!S='EL93TS1"=W:61T:#HU,38N-W!T.W!A9&1I;F'0M875T;W-P86-E.FYO;F4G/CQF;VYT('-T>6QE/3-$)V9O;G0M MF4Z,3$N,'!T.V9O;G0M9F%M M:6QY.B=C86QI8G)I)RPG6QE/3-$)W=I9'1H.C(Y+C8U<'0[<&%D M9&EN9SHP:6X@,&EN(#!I;B`P:6XG/B`@(#QP(&-L87-S/3-$37-O3F]R;6%L M('-T>6QE/3-$)V9O;G0MF4Z,3`N,'!T.V9O;G0M9F%M M:6QY.B)4:6UEF4Z M,3$N,'!T.V9O;G0M9F%M:6QY.B=C86QI8G)I)RPG6QE/3-$)W=I M9'1H.C(Y+C8U<'0[<&%D9&EN9SHP:6X@,&EN(#!I;B`P:6XG/B`@(#QP(&-L M87-S/3-$37-O3F]R;6%L('-T>6QE/3-$)V9O;G0MF4Z M,3`N,'!T.V9O;G0M9F%M:6QY.B)4:6UE2!I;F1U2!O'0M875T;W-P86-E.B`@ M(&YO;F4G/CQF;VYT('-T>6QE/3-$)V9O;G0MF4Z M,3$N,'!T.V9O;G0M9F%M:6QY.B=C86QI8G)I)RPG6QE/3-$)W=I9'1H.C4Q-BXW<'0[<&%D9&EN9SHP M:6X@,&EN(#!I;B`P:6XG/B`@(#QP(&-L87-S/3-$37-O3F]R;6%L('-T>6QE M/3-$)V9O;G0M3ML:6YE+6AE:6=H=#H@ M("!N;W)M86P[=&5X="UA=71OF4Z,3$N,'!T.V9O;G0M M9F%M:6QY.B=C86QI8G)I)RPG6QE/3-$)W=I9'1H.C(Y+C8U<'0[ M<&%D9&EN9SHP:6X@,&EN(#!I;B`P:6XG/B`@(#QP(&-L87-S/3-$37-O3F]R M;6%L('-T>6QE/3-$)V9O;G0MF4Z,3`N,'!T.V9O;G0M M9F%M:6QY.B)4:6UE'0M875T;W-P86-E.B`@(&YO;F4G/CQF;VYT M('-T>6QE/3-$)V9O;G0MF4Z,3$N,'!T.V9O;G0M M9F%M:6QY.B=C86QI8G)I)RPG6QE/3-$)W=I9'1H.C4Q-BXW<'0[<&%D9&EN9SHP:6X@,&EN(#!I;B`P M:6XG/B`@(#QP(&-L87-S/3-$37-O3F]R;6%L('-T>6QE/3-$)V9O;G0M'0M86QI9VXZ:G5S=&EF>3ML:6YE+6AE:6=H=#H@("!N;W)M86P[=&5X M="UA=71O6QE/3-$)W=I9'1H M.C(Y+C8U<'0[<&%D9&EN9SHP:6X@,&EN(#!I;B`P:6XG/B`@(#QP(&-L87-S M/3-$37-O3F]R;6%L('-T>6QE/3-$)V9O;G0MF4Z,3`N,'!T.V9O;G0M9F%M:6QY.B)4:6UE'0M M875T;W-P86-E.B`@(&YO;F4G/CQF;VYT('-T>6QE/3-$9F]N="US:7IE.C$P M+C!P=#MF;VYT+69A;6EL>3I7:6YG9&EN9W,^PY@\+V9O;G0^/"]P/B`@(#PO M=&0^("`@/'1D('=I9'1H/3-$-C@Y('9A;&EG;CTS1'1O<"!S='EL93TS1"=W M:61T:#HU,38N-W!T.W!A9&1I;F'0M875T;W-P86-E M.FYO;F4G/CQF;VYT('-T>6QE/3-$)V9O;G0M3HG8V%L:6)R:2'0M875T;W-P86-E.FYO;F4G/CQF;VYT('-T>6QE/3-$)V9O;G0M6QE M/3-$)VUA3ML:6YE+6AE:6=H=#IN;W)M M86P[=&5X="UA=71OF5S('9A;'5A=&EO;BP@ M9W)O=W1H+"!I;G9E2P@86YD('!R:6-E(&-O;7!O;F5N=',@86QO;F<@=VET:"!A('1O<"UD M;W=N+"!Q=6%N=&ET871I=F4@9W)O=7`@871T2!U=&EL:7IEF4Z,3$N,'!T.V9O;G0M9F%M:6QY.B=C86QI8G)I)RPGF4Z,3`N,'!T.V9O;G0M9F%M:6QY.B)4:6UE2!U<&1A=&5S(&ET&-H86YG92UTF4Z,3$N,'!T.V9O;G0M9F%M:6QY.B=C86QI8G)I)RPGF4Z,3`N,'!T.V9O;G0M9F%M:6QY.B)4:6UE2!E;F=A9V4@:6X@'!O2!F;W(@=F%L M=6%T:6]N(&5X<&%N'1";&]C:SPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'`@8VQA3HG8V%L:6)R:2'0M875T;W-P86-E.FYO;F4G/CQF;VYT('-T>6QE/3-$)V9O;G0M'0M875T;W-P86-E.B`@(&YO;F4G/CQF;VYT('-T>6QE/3-$)V9O M;G0MF4Z,3$N,'!T.V9O;G0M9F%M:6QY.B=C86QI M8G)I)RPG6QE/3-$)W=I M9'1H.C4Q-BXW<'0[<&%D9&EN9SHP:6X@,&EN(#!I;B`P:6XG/B`@(#QP(&-L M87-S/3-$37-O3F]R;6%L('-T>6QE/3-$)V9O;G0M'0M86QI9VXZ M:G5S=&EF>3ML:6YE+6AE:6=H=#H@("!N;W)M86P[=&5X="UA=71OF4Z,3`N,'!T.V9O;G0M9F%M:6QY.B)4:6UE2!S;6%L;"!M87)K970@ M8V%P:71A;&EZ871I;VXL('=H:6-H(&UA>2!R97-U;'0@:6X@;&5S2X\ M+V9O;G0^/"]P/B`@(#PO=&0^("`\+W1R/B`@/'1R/B`@(#QT9"!W:61T:#TS M1#0P('9A;&EG;CTS1'1O<"!S='EL93TS1"=W:61T:#HR.2XV-7!T.W!A9&1I M;F6QE/3-$)W=I9'1H.C(Y+C8U<'0[<&%D9&EN9SHP:6X@,&EN M(#!I;B`P:6XG/B`@(#QP(&-L87-S/3-$37-O3F]R;6%L('-T>6QE/3-$)V9O M;G0MF4Z,3`N,'!T.V9O;G0M9F%M:6QY.B`@(")4 M:6UEF4Z,3`N,'!T.V9O;G0M M9F%M:6QY.B)4:6UE'!O2!S=6)J96-T('1H92!& M=6YD('1O(&=R96%T97(@=F]L871I;&ET>2!T:&%N("`@:6YV97-T;65N=',@ M:6X@=')A9&ET:6]N86P@&-H86YG M92!T&-H86YG92!T2!S:6=N:69I8V%N=&QY(&%F9F5C="!T:&4@<')I M8V5S(&]F(&-O;6UO9&ET:65S("`@:6YC;'5D92P@8G5T(&%R92!N;W0@;&EM M:71E9"!T;SH@9VQO8F%L('-U<'!L>2!A;F0@9&5M86YD.R!D;VUE2!A;F0@2X\+V9O;G0^/"]P/B`@(#PO=&0^ M("`\+W1R/B`\+W1A8FQE/B`@/'`@8VQA6UB;VP\+W1D/@T*("`@("`@("`\=&0@8VQA'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R M/@T*("`@("`@/'1R(&-L87-S/3-$7!E.B!T97AT+VAT;6P[(&-H87)S M970](G5S+6%S8VEI(@T*#0H\>&UL('AM;&YS.F\],T0B=7)N.G-C:&5M87,M M;6EC&UL M/@T*+2TM+2TM/5].97AT4&%R=%]A-C0R,C8W9%\Y-# XML 11 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
LEUTHOLD ASSET ALLOCATION FUND (Prospectus Summary): | LEUTHOLD ASSET ALLOCATION FUND
Leuthold Asset Allocation Fund

Leuthold Funds, Inc.

November 5, 2012

 

Supplement to the Prospectus dated January 31, 2012, as previously supplemented May 24, 2012

 

Changes to Investment Strategies of Leuthold Asset Allocation Fund

 

 

1.

Effective as of December 3, 2012, the Leuthold Asset Allocation Fund’s “Principal Investment Strategies of the Fund” discussion is amended to read in its entirety as follows:

 

“Principal Investment Strategies of the Fund”

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

 

 

Ø

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

 

Ø

Bonds and other debt securities (debt securities include U.S. and foreign Treasury Notes and Bonds, investment grade corporate debt securities, agency bonds, municipal bonds, mortgage-backed securities, bank loans, convertible debt securities and debt securities below investment grade);

 

Ø

Equity securities of real estate investment trusts (REITs) and real estate companies, and real estate exchange traded funds and exchange traded notes.

 

Ø

Commodities (commodities include metals, energy and agricultural, including equity securities of companies principally engaged in the energy, metals and agriculture group of industries and exchange traded funds and exchange traded notes that invest principally in commodities);

 

Ø

Money market instruments (including non-U.S. dollar denominated cash equivalents and foreign currency 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:

 

 

Ø

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

 

Ø

20% to 60% of its assets will be invested in bonds and other debt securities (other than money market instruments); 

 

Ø

up to 20% of its assets will be invested in equity securities of REITs and real estate companies, and real estate exchange traded funds and exchange traded notes;

 

Ø

up to 20% of its assets will be invested in commodities; and

 

Ø

up to 20% of its assets will be invested in money market instruments (including non-U.S. dollar denominated cash equivalents and foreign currency instruments).

 

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

 

 

Ø

Large, mid, or small capitalization common stocks;

 

Ø

Growth stocks, value stocks, or cyclical stocks;

 

Ø

Aggressive stocks or defensive stocks;

 

Ø

Stocks in any industry or sector;

 

Ø

Equity mutual funds and exchange-traded funds;

 

Ø

Common stocks of foreign issuers;

 

Ø

Futures; and

 

Ø

Options.

 

The Fund will use a multi-factor asset selection approach which utilizes valuation, growth, investor sentiment, quality/profitability, and price components along with a top-down, quantitative group attractiveness assessment (through the Adviser’s Global Group Strategy). The Global Group Strategy utilizes a disciplined, unemotional, quantitative investment approach that is based on the belief investors can achieve superior investment performance through group selection on a global scale.

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

The Fund’s investments in bonds and other debt securities may include U.S. and foreign Treasury Notes and Bonds, investment grade corporate debt securities, agency bonds, municipal bonds, convertible debt securities, high yield securities commonly known as “junk bonds,” mortgage-backed securities, bank loans, and debt securities of foreign issuers. The Fund may also invest in mutual funds and exchange-traded funds that invest in high yield securities.

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

The Fund will allocate assets to equities, bonds, real estate securities, commodities, and cash. A combination of the following models will be used to assess the attractiveness of each asset class. The “macro model” examines the macro-environment and assesses which asset class tends to perform better in environments closely resembling the current conditions. The “technical/momentum model” evaluates the momentum of each asset class relative to the other asset classes. The “structural model” seeks to evaluate the attractiveness of each asset class, on a long-term basis, based on the components of total return – income generation, growth potential, and valuation. Asset classes expected to generate significant income with higher growth rates, as well as an opportunity for valuation expansion are deemed most attractive. The overall allocation to a specific asset class is a function of its attractiveness, risk profile, portfolio-level constraints, and overall portfolio-level objectives such as target return and risk.

Changes to Principal Risks of Leuthold Asset Allocation Fund

Effective as of December 3, 2012, the Leuthold Asset Allocation Fund’s “Principal Risks of Investing in the Fund” discussion is supplemented to include the following:

 

 

Ø

Real Estate Securities Risk: When the Fund invests in equity securities of REITs and real estate companies, and real estate exchange traded funds and exchange traded notes, it is subject to risks principally associated with investing in real estate: (1) possible declines in the value of real estate, (2) adverse general and local economic conditions, (3) possible lack of availability of mortgage funds, (4) changes in interest rates, and (5) environmental problems. In addition, REITs and real estate companies are subject to other risks related specifically to their structure and focus: (a) dependency upon management skills; (b) limited diversification; (c) the risks of locating and managing financing for projects; (d) heavy cash flow dependency; (e) possible default by borrowers; (f) the costs and potential losses of self-liquidation of one or more holdings; (g) the possibility of failing to maintain exemptions from securities registration; (h) duplicative fees; and (i) in many cases, relatively small market capitalization, which may result in less market liquidity and greater price volatility.

 

Ø

Commodities Risk: Exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities. Because the Fund invests in exchange traded funds and exchange traded notes that invest principally in commodities, developments affecting commodities may have a disproportionate impact on such exchange traded funds and exchange traded notes. Commodities are subject to substantial price fluctuations over short periods of time and may be affected by unpredictable economic, political and environmental events. Factors that may significantly affect the prices of commodities include, but are not limited to: global supply and demand; domestic and international interest rates and investors’ expectations of interest rates; inflation rates and investors’ expectations of inflation rates; the investment and trading activities of commodity futures contracts; political, economic, or financial events, both globally and regionally.

 

Please retain this Supplement for future reference.

XML 12 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.1.0.1 * */ var moreDialog = null; var Show = { Default:'raw', more:function( obj ){ var bClosed = false; if( moreDialog != null ) { try { bClosed = moreDialog.closed; } catch(e) { //Per article at http://support.microsoft.com/kb/244375 there is a problem with the WebBrowser control // that somtimes causes it to throw when checking the closed property on a child window that has been //closed. So if the exception occurs we assume the window is closed and move on from there. bClosed = true; } if( !bClosed ){ moreDialog.close(); } } obj = obj.parentNode.getElementsByTagName( 'pre' )[0]; var hasHtmlTag = false; var objHtml = ''; var raw = ''; //Check for raw HTML var nodes = obj.getElementsByTagName( '*' ); if( nodes.length ){ objHtml = obj.innerHTML; }else{ if( obj.innerText ){ raw = obj.innerText; }else{ raw = obj.textContent; } var matches = raw.match( /<\/?[a-zA-Z]{1}\w*[^>]*>/g ); if( matches && matches.length ){ objHtml = raw; //If there is an html node it will be 1st or 2nd, // but we can check a little further. var n = Math.min( 5, matches.length ); for( var i = 0; i < n; i++ ){ var el = matches[ i ].toString().toLowerCase(); if( el.indexOf( '= 0 ){ hasHtmlTag = true; break; } } } } if( objHtml.length ){ var html = ''; if( hasHtmlTag ){ html = objHtml; }else{ html = ''+ "\n"+''+ "\n"+' Report Preview Details'+ "\n"+' '+ "\n"+''+ "\n"+''+ objHtml + "\n"+''+ "\n"+''; } moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes"); moreDialog.document.write( html ); moreDialog.document.close(); if( !hasHtmlTag ){ moreDialog.document.body.style.margin = '0.5em'; } } else { //default view logic var lines = raw.split( "\n" ); var longest = 0; if( lines.length > 0 ){ for( var p = 0; p < lines.length; p++ ){ longest = Math.max( longest, lines[p].length ); } } //Decide on the default view this.Default = longest < 120 ? 'raw' : 'formatted'; //Build formatted view var text = raw.split( "\n\n" ) >= raw.split( "\r\n\r\n" ) ? raw.split( "\n\n" ) : raw.split( "\r\n\r\n" ) ; var formatted = ''; if( text.length > 0 ){ if( text.length == 1 ){ text = raw.split( "\n" ) >= raw.split( "\r\n" ) ? raw.split( "\n" ) : raw.split( "\r\n" ) ; formatted = "

"+ text.join( "

\n" ) +"

"; }else{ for( var p = 0; p < text.length; p++ ){ formatted += "

" + text[p] + "

\n"; } } }else{ formatted = '

' + raw + '

'; } html = ''+ "\n"+''+ "\n"+' Report Preview Details'+ "\n"+' '+ "\n"+''+ "\n"+''+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+'
'+ "\n"+' formatted: '+ ( this.Default == 'raw' ? 'as Filed' : 'with Text Wrapped' ) +''+ "\n"+'
'+ "\n"+' '+ "\n"+'
'+ "\n"+' '+ "\n"+'
'+ "\n"+''+ "\n"+''; moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes"); moreDialog.document.write(html); moreDialog.document.close(); this.toggle( moreDialog ); } moreDialog.document.title = 'Report Preview Details'; }, toggle:function( win, domLink ){ var domId = this.Default; var doc = win.document; var domEl = doc.getElementById( domId ); domEl.style.display = 'block'; this.Default = domId == 'raw' ? 'formatted' : 'raw'; if( domLink ){ domLink.innerHTML = this.Default == 'raw' ? 'with Text Wrapped' : 'as Filed'; } var domElOpposite = doc.getElementById( this.Default ); domElOpposite.style.display = 'none'; }, LastAR : null, showAR : function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }, toggleNext : function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }, hideAR : function(){ Show.LastAR.style.display = 'none'; } }
XML 13 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Prospectus Date rr_ProspectusDate Jan. 31, 2012
LEUTHOLD ASSET ALLOCATION FUND (Prospectus Summary): | LEUTHOLD ASSET ALLOCATION FUND
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return, Heading rr_RiskReturnHeading Leuthold Asset Allocation Fund
Supplement Text ck0001000351_SupplementTextBlock

Leuthold Funds, Inc.

November 5, 2012

 

Supplement to the Prospectus dated January 31, 2012, as previously supplemented May 24, 2012

 

Changes to Investment Strategies of Leuthold Asset Allocation Fund

 

 

1.

Effective as of December 3, 2012, the Leuthold Asset Allocation Fund’s “Principal Investment Strategies of the Fund” discussion is amended to read in its entirety as follows:

 

Investment Strategy, Heading rr_StrategyHeading “Principal Investment Strategies of the Fund”
Investment Strategy, Narrative rr_StrategyNarrativeTextBlock

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

 

 

Ø

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

 

Ø

Bonds and other debt securities (debt securities include U.S. and foreign Treasury Notes and Bonds, investment grade corporate debt securities, agency bonds, municipal bonds, mortgage-backed securities, bank loans, convertible debt securities and debt securities below investment grade);

 

Ø

Equity securities of real estate investment trusts (REITs) and real estate companies, and real estate exchange traded funds and exchange traded notes.

 

Ø

Commodities (commodities include metals, energy and agricultural, including equity securities of companies principally engaged in the energy, metals and agriculture group of industries and exchange traded funds and exchange traded notes that invest principally in commodities);

 

Ø

Money market instruments (including non-U.S. dollar denominated cash equivalents and foreign currency 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:

 

 

Ø

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

 

Ø

20% to 60% of its assets will be invested in bonds and other debt securities (other than money market instruments); 

 

Ø

up to 20% of its assets will be invested in equity securities of REITs and real estate companies, and real estate exchange traded funds and exchange traded notes;

 

Ø

up to 20% of its assets will be invested in commodities; and

 

Ø

up to 20% of its assets will be invested in money market instruments (including non-U.S. dollar denominated cash equivalents and foreign currency instruments).

 

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

 

 

Ø

Large, mid, or small capitalization common stocks;

 

Ø

Growth stocks, value stocks, or cyclical stocks;

 

Ø

Aggressive stocks or defensive stocks;

 

Ø

Stocks in any industry or sector;

 

Ø

Equity mutual funds and exchange-traded funds;

 

Ø

Common stocks of foreign issuers;

 

Ø

Futures; and

 

Ø

Options.

 

The Fund will use a multi-factor asset selection approach which utilizes valuation, growth, investor sentiment, quality/profitability, and price components along with a top-down, quantitative group attractiveness assessment (through the Adviser’s Global Group Strategy). The Global Group Strategy utilizes a disciplined, unemotional, quantitative investment approach that is based on the belief investors can achieve superior investment performance through group selection on a global scale.

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

The Fund’s investments in bonds and other debt securities may include U.S. and foreign Treasury Notes and Bonds, investment grade corporate debt securities, agency bonds, municipal bonds, convertible debt securities, high yield securities commonly known as “junk bonds,” mortgage-backed securities, bank loans, and debt securities of foreign issuers. The Fund may also invest in mutual funds and exchange-traded funds that invest in high yield securities.

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

The Fund will allocate assets to equities, bonds, real estate securities, commodities, and cash. A combination of the following models will be used to assess the attractiveness of each asset class. The “macro model” examines the macro-environment and assesses which asset class tends to perform better in environments closely resembling the current conditions. The “technical/momentum model” evaluates the momentum of each asset class relative to the other asset classes. The “structural model” seeks to evaluate the attractiveness of each asset class, on a long-term basis, based on the components of total return – income generation, growth potential, and valuation. Asset classes expected to generate significant income with higher growth rates, as well as an opportunity for valuation expansion are deemed most attractive. The overall allocation to a specific asset class is a function of its attractiveness, risk profile, portfolio-level constraints, and overall portfolio-level objectives such as target return and risk.

Risk, Heading rr_RiskHeading Changes to Principal Risks of Leuthold Asset Allocation Fund
Risk, Narrative rr_RiskNarrativeTextBlock

Effective as of December 3, 2012, the Leuthold Asset Allocation Fund’s “Principal Risks of Investing in the Fund” discussion is supplemented to include the following:

 

 

Ø

Real Estate Securities Risk: When the Fund invests in equity securities of REITs and real estate companies, and real estate exchange traded funds and exchange traded notes, it is subject to risks principally associated with investing in real estate: (1) possible declines in the value of real estate, (2) adverse general and local economic conditions, (3) possible lack of availability of mortgage funds, (4) changes in interest rates, and (5) environmental problems. In addition, REITs and real estate companies are subject to other risks related specifically to their structure and focus: (a) dependency upon management skills; (b) limited diversification; (c) the risks of locating and managing financing for projects; (d) heavy cash flow dependency; (e) possible default by borrowers; (f) the costs and potential losses of self-liquidation of one or more holdings; (g) the possibility of failing to maintain exemptions from securities registration; (h) duplicative fees; and (i) in many cases, relatively small market capitalization, which may result in less market liquidity and greater price volatility.

 

Ø

Commodities Risk: Exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities. Because the Fund invests in exchange traded funds and exchange traded notes that invest principally in commodities, developments affecting commodities may have a disproportionate impact on such exchange traded funds and exchange traded notes. Commodities are subject to substantial price fluctuations over short periods of time and may be affected by unpredictable economic, political and environmental events. Factors that may significantly affect the prices of commodities include, but are not limited to: global supply and demand; domestic and international interest rates and investors’ expectations of interest rates; inflation rates and investors’ expectations of inflation rates; the investment and trading activities of commodity futures contracts; political, economic, or financial events, both globally and regionally.

 

Supplement Closing ck0001000351_SupplementClosingTextBlock

Please retain this Supplement for future reference.

LEUTHOLD ASSET ALLOCATION FUND | LEUTHOLD ASSET ALLOCATION FUND - RETAIL CLASS
 
Risk/Return: rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol LAALX
LEUTHOLD ASSET ALLOCATION FUND | LEUTHOLD ASSET ALLOCATION FUND - INSTITUTIONAL CLASS
 
Risk/Return: rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol LAAIX
XML 14 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Document Type dei_DocumentType Other
Document Period End Date dei_DocumentPeriodEndDate Nov. 05, 2012
Registrant Name dei_EntityRegistrantName LEUTHOLD FUNDS INC
Central Index Key dei_EntityCentralIndexKey 0001000351
Amendment Flag dei_AmendmentFlag false
Document Creation Date dei_DocumentCreationDate Nov. 05, 2012
Document Effective Date dei_DocumentEffectiveDate Nov. 05, 2012
Prospectus Date rr_ProspectusDate Jan. 31, 2012
ZIP 15 0000894189-12-006229-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0000894189-12-006229-xbrl.zip M4$L#!!0````(`#F%:4&/X%RLE!4``%S2```9`!P`8VLP,#`Q,#`P,S4Q+3(P M,3(Q,3`U+GAM;%54"0`#G7B=4)UXG5!U>`L``00E#@``!#D!``#M/6USVS;2 MWV_F_@,>W;1CS^C=D1W+3FY<)VE]EZ09V[WF6P-_WB0QF3*IN$A?-7KM;H.P-!`A3\>O&KEJ M415PWOCGZ[__[?C_6BWR]LW/)^?DUS3F*2-GK0],2WY#/@<)2W20CJEA(A&O0;_<(F6B=#3N=Z^OK-@O' M5+:$Z:$=B*1#6JVB]U/)H).0[/QV>;H[)+U>Y[#3[_;ZI#?<&PP'`_+I@]?: M@'_'8T8NF"9G;X:D2^G>*'IYT#K8CT:M%X,^;1WV#UCKQ<$H''5?#'K!?N0! M.,DR\A]+FB'9:W?AO][+O2;9;_?:!_O=7GM_,-C;;Y)>O]WUL1393/+Q1).= M8)?TN]U!RR#ITZX)A`G:Y"2.@6305`'1%)-3%K8=I)N1C`DP)U6O&AYY\'%; MR#&,N[O7X8ZZ#=MR"*"O;FF./R/UB^;\1G^Q]4L`CI@B%3M:TE1%0B94`S&* MU[%Y.(?@OSWHV!^+IE)6FRD6M,=BVI$2&=AM=?NM_LNB<B#B,\C149LZ@O/5Z MW4$#)(F08^QUJ,P(SUE$#!;#B631JX8/M%6\UKY18<,UT[.,O6HHGF0Q8-*Q M``.1:G:C"0]?-8J)?6J?-=876@,+H,'+7,_<-_C.0WP2<2:)09I5@!6B!.!?)QQB07X;P?0$/J-Z!17N/`6[U>JSLX[LR?E@U9&BXU M*YX577G`CSN./LO$NN@BQOW#_4'"DA&3?YSB`]`B!R_M@R=$/J00&R-KRP?P MR,ZJ(;O)8AYP_<%@34(.[:P-@9DZ?,_&-'YK\#JYX>H^T_6U+Y'#.;UL1\>= ME?W?"T$IAY^D4!D+=*XN)E2RTY@J]76(SOFX'J(@9Q7:;HRL[@VZ>[6L;KZL M&CYNC:R>7GZ^_.,3CG%):A/;R[(V<=3V]$J2(O]G`(@2>.S-&0W_V:S MVSORI]H70@\12;\Y&5'1&GD$08V8-H/$3`+EZ.$X_QOHH(P%:XU>- M#TI\1#4<-PB-^1B470"]H*U1>A:#>4BH'/.TI44V[/+TR'TU60+_0[UV-]/V0403'L^&/]),J*,`>AI);K\T[3\*PO26@ID;V>\%W)'0 M6B1^3^Y)&X<%X`D2H65P'UK4CS#X;TV803$U@SNRC7(-_*8!@ZQ2.N=F^)LONP1IR3][\2)/L*!VI[.A6KM0Z]SY,N"G4)-013+)IESD*IX158*`QA_HC/1?K#'75G%U0]CH\XQ\ M#Z:M.7$>:OBZ7S9\ZQBU[>+BUY@L\C#VGDYH.H8V,"'/TBE3VDS/"XWK;6,. M/XB(W.X@?Z65VT0.&GOYT%G8?\19J.DH9DM$OL2G#6*%ZU6CVR`!BV-$VZS# MNN].WLSWY9G<"D0O&KT&F3J+"@PMPK:-!FN MK02V2H8(:7>?HAC9::O#E+I+8M%^.?=\';<`L?5=W;M= M*@#WN`:ZMR)*78>7!R_NGIJ#P?YSXJ;G,O^9*\VCV>*<_1X>6)E2@_ZI,!:`3Q,?DNF9XAN!.9"7*OAFD)JOUA38C^C M\7H4%Z(J`XXW/K][O<$/W\Q(-%;H7T.!X\Y=:<0RZ>F8,_OJE.>2#*PK`28; MNH#&$GH?J80/(+"/F`A]Q&Q(?W4":T&O?%,;\;@*Y-+QT,S98OY',;OA.+7< MU,;M/4V2,)JB9.D)U3"9";5*!#K`FWNWM M]_;;!\^'@T_3VS\5"5A6Z%QI<)S`SH+=%K@S@[#_YAQ\:L6"7'*-_MG.\B-P MZ.(\Q"5V`\8":0*X3+*(20GN>O$,?+(IDQJ=@!6_7J,3!X:^242&001\B'*= M2X8./B)UD@#F`4TA&@'I]%ZNQQ78+@!YBCLNK%GS3=6>Z(5Y'#.(,D6<(CJF5W=C'%BGU==EW7P0<\@`^8T,.-].C3@8_&XYB,BL4IFQVL;.);W@GH9QOK ME-VFZX1:T6\A4VM%_SP5?;]0]/MK*7JS=^V6?7:$[-@?($!+330^6Y$@W+V_ M@JC-P5/5'+4YV$*FUN;@>9J#/+/6H+^6-5@^U0/OF!UJ\SUHI-B%]DTVJ+G] M`;75V'0%4UN-+61J;35JJ[%FLLANX#I")5_K\@V?]K4NWT*FUKJ\UN5WZ_(O M97C\+6#D?IO`5FX!(Y7TT4-.J&S9)K!-N6YW@TG\)#=\77K7G)E;\ORKKNY> MB?-"=;STPNS&4K@Y['GLH7G"$Z7>0[,!)KOVI&NFUI[TD^/@T_2DWP.NS%S] MP<,F$9(HW*T*#J_9=],E>:_`M9&JMP9^G!O]9BFL](<45 MATUD6L[*;WA*9!;$\T,AM?[>^*E>Z^\M9&JMOY^G_CX9CR53RE:D<"DQ@>GG M"(LQ3UFMM;=D@M=:>PN96FOMYZFU+ZRBQB4_0M-9<9G0S*10&![KKA7VIL_M M6F%O(5-KA?T\%79YDVF2ZYS&*[9OM_R-W;7VWO2)7FOO+61JK;V?I_9>K..# MUS&Y[7=>KF7VT)ROJ`RL;LN]]@$C_I`RKVN%B.5_B2)(\U;]DK>=W5P(KA%<7F6MXL MDP+O#+:7%^>:Q]"],GNMS!;9)M:5N-83[W)>A1<0XYF7)OEO#A30LPX`B3A, M'X[?[!43F>2!O7<"AFR.EL4B'0-B>@)(`5M;H;A.#0@`IZ&S:5'#@FHM`5UX MD#)E3\`I96](UA-H,9[X5R.7AW%^CL6(QN1G`^-"XR7#X]FNO0%YY6_SX5(2 MLD3@Z+%\1P5!KRA423I;+D.1$54L),*6ZQBQF+.H))HB6`,7 M6G.&.Q_R#!@'I/3`P9,(128%JA6CM.28I)*87#Y+A)>*1B+FY]SME M`0@\7J2M!;EB+"O;5XY_NI21G;G>A+"R-T6QELS\D`BEO5G5)AN M@O647'T'UPGTAK4B#((/EI;[NM!5?CI*^[SK]08_?#-'^Q[<7HV#ZY++=GV/5"EZAT"8G^,,(;U4P?IKE)5C/6%SC M+0SP"M:Z*"YQR%51XP,]6]-VP>?]8BD/IPL3&DAAP1:ZD-T`/5)FP9G?6RR= M$]BJ"5-`MZW=T$H%P\F0!=QMO%,@7;590@9CIB:XXX(J-[13U6K!JUWAQ M16`J\56[5(Q=6=:[OM=D0]-ZX1C,M(!`";K]W)@;S_OWPAZ4!:'+>BT&K1[T M#W89ADG&6->O$FG-2[Q8`2M#,9`R?Y2N'(>5)`<&9!7T+H^`U*DNNC`A%]HA MH)/K`INB_((D,)P0:-"(R-#E`PL.V@=$8-XQ]@2SU\2+$NTX2UBX[%0BT=%- MI/,IAJ^@G!,%J"):%59R#+S`:@;%I#'*M,*!IBEM8Y5IS)ISI[1ERL>8.Q2@ M/0=*6VH5""PV%*,_F8&J(/HR'"4:U!W@XOA2E-'YDK8][D@Y+"+'CU1*(X67 M8,5^@J%>O?[[WP@YAB;G`.,71LWE*Q@A0(-S%KUJG%Y^OOSC$]K(BR[^OW^X M/T@8UN#Y8_%!X_6I<2R,>'XJ"C"2\Z+(3UE*R,K#R9S6J.,,HAX6%D_2!W$VC3FYG>!D=.(VW0F+.C#^* M(NE\CN(]U(08H^;*3&^.LR/+8E./RFJ6(GZH&+3G<6%)7?2GOK#D*:]SU8N7 M6\C4>O%R(Q8O1P_C+@!?8]:>8_#YU@:?%_.L`YKS%9;W@:BL@0?Y'4M"ELEG MXO)::MWKQV^Y?)S<__IQ<_EX$X($ZZ88AQX]%.+*7_JERD$\1/$PO+3G]113<+T!+)U2'KN%,_Q>9#0M'>"E%[LD<-&`.915*:+I*+HS MV/6C=$`!`B;H)8%0^`Q"F]#BT/3X0U9SR`1X'FUM=&WI6R3&BEC.$-K0'QIQ M28I(F[DT,SB50%ZZ"S3-6!J:/'$.83%)YB5/U14'!^6([(QV2;P)641Q)62$>6T)$3-NPP5P.]&NB^Z5NRIS7HTU%B8F!]04 MBZ-6S&%ZA&4V"#0'I@6!N2ACZ,JCAH=NQ[NNJBMV70I!!#)A,BL"Q@8,ISC? M;EAB]S?8G*)?U@M8,^88!SMJ38#F>18;\D%H$3%WV3/9X;LFE8TG^X`0*#^D MS*@`-^TE28F]4;1Z5U+3)8VJ*T4Q9DE<>T+LJ'$0V-D8)`Q32#:_.178"X[P M(?LS:L?S*?DHM>.YA4RM'<_:\3R=KVY\!V_S;;&"5C@5_FJ+LS)V4;OT4`K7 M%%/@SMS,#8VM@T865\W1G>1V=X^_)DM^8@'%+5,+FRVLMUOXHF1-/[6R#NQ[ MICPU;J&WBA1B@EID%C]J$X(F>>R/?48F%+.$F*V;%YU'WPW&!\X;$`,O,L34 M]CT]ZC;QN4X6/4#X"#ZB=7*L)8]B=/-L67B3;W?KJ&9/4VA7/(#9SLU$U$?, MC0OZ!*IQ;#L6;0KB10OO'!F846P=QWN!J;QT9,;O2[X! M8R0?G69,.9=!6T&<&4B*.=Q@E@1P$0;@E#Q!3W'.*G!FG;.-083A#"Z=0J1E M:>?(AGXIDB9^D-/WR)MRO\=R=]4KFB\LK5Z;L4LWP17:#_C;&_2&%V5Z_A1" M#F#FXR_D;`)=_YIM!)]B!D$3KAA2DQ[@BLSY86)..X.@1<2P=L(7-V@>=];D MJA6!D/'AI9V\%[-D).(*LY=8?-HU<+M[+PL6OS\Y>?_YN+,$Y^'@!WO[!S[X MLR^#![I?#2,A--J;]_"%W)A'>I:!>$$W&(:'#?=4"A2ZB=;9L-.YOKYNWXQD MW!9RW.G#H#KX'[)U0=7@+``$$)0X```0Y`0``W5A1;]LV$'X?L/_`:B\M$$JB%-FQ M$:_PDF8($->%O6YY*RCI;!.A2)648N??CU2L6NZJV'YPF@R&(4O^[N[[[BC> M2>?O5QE']Z`TDV+@$-=W$(A$IDS,!TZI,=4)8\[[WW_]Y?P-QNC#Y9_#"1H+ MS@2@:SR"0K$5NDV`@Z(%H`G3=V@"1:D$NOUC=_SELNE"^F<*BRK"&XB,P]A7$>_4&""I.CMY[\NWO41(5[/ M"WP2(-(/HWX4H4^C!KIR?\4XH"D4Z/JRCWQ*PWAVUL7=SBS&IU%`<2_H`C[M MQFGLGT8DZ)N]0X/L1KD@V"KD7BHB'G)F4&JDW2-*A[2-VU)UXGSA1(Z('3 M2-$J5MR5:FZT^Z%7`YU'9'^EV19Z&=98XMV.;J;)`C**F=`%%]:^!:M;7E?V-3&A1+9F=O%`KPI[A&H;M)4P"'!)WI5/'Y`"A>\I9,=E MMI/63^`T+A:@=A)K11V9W8@*.@>[B5_!$_3:84?F=\FT:4=Q:6^JH4BG9C]E M"9`@)D_RW=_L&?F/U91EC%/U48J#%.PR/+*&"YGE4IC:D_W6\A[XYV(<',BX M'?]-WW,`\&>2*2<6*AX$3.*C4AI',;33*';0$.\>:1XB?).]I M;>T]J:$P>LT*]^]B&\7AJZ[I(5VOH?E55[EU`]\(/'WA1=W1LZS*/8:"AMX7 M7M!#]+:/%!N]T?^HONT#24/O"Z_OTU+WG&(V^Y] M]^K$OBS[]K+)G/P+4$L#!!0````(`#F%:4$IA:`CL`H``"7(```=`!P`8VLP M,#`Q,#`P,S4Q+3(P,3(Q,3`U7V1E9BYX;6Q55`D``YUXG5"=>)U0=7@+``$$ M)0X```0Y`0``[5U;;]NX$GY?8/\#UWW9!2KKYDML)%VX<7I.<)*V2+*+OA6T M13M"94K#"]'^`!^2O7!M\^/MR!.]/^,8$>`F-GNEH@VW\/R%<#.%L" MK:T"\.S[RZ$L__SYLXV,.70E)^BA/746,I"DL/=K%^%.#/#G/T_7?PV!JLH# M65-4#:A#O3OL=L'7^QWJH/E/IH7`(_+![7@(%`CUR>RB+_5[LXG4Z6I0&FA] M)'7Z$V.B=+KJM#?;:6"T7()_-ZH9`KVMX'_JA?X>]-IJN]]3U':OV]5[[X&J MM95=+IWEJVO.GWWPY_0OH"E*5PJ8W-7=>W!K3]M@9%E899C4PTKSD/N"C/:V M)2M4'#:0[5VU=E2TGKA6VW'G6'9%ET/"UH9RN/;,/>J?>DBKRM_N[QZGSV@! M)=/V?&A/H[M(,TGWJ8/!0`ZN_B+%W1O^+]I=;KKRYB(F]02^4E2-4E7VVO/V.LDB;?4=D,"TF`W:JKU@7Q> MNHZ%'M`,!*H8^J]+=-7RS,72(BH,?GMVT6Q?*QZ:MN?.B^RZ9)@J^).,!$52 M-$F[(#V\(_-E,UW&R(>F-88^;`'2US\/MZF-D>MR\JUR,6ZG/Q0\+O!_O:L& MHU15-[*_^XK,NR!AY@A,+D>:_?R74TJ-"/K1!KWN/%A/DQADFJK70RG]V M+&.VL@TOF,EA^QO^"W50FE@?H7O]#%V_='&H&BY-C)OU$MD>NEE#$+^1^0@S$ M*M)^:4)%CK5462B:+2A"L:5FC&9P9?D>Y?(2D9>FV#`$##^A;=S8ONF_WMK! M2D#\RG&ZI6MY*PATIP4UG!LIO(.6U0+;AF.J)7>9MB\;YD+>TLC!#0P9>L9- MN-/5!$FX5^P1`@4483"Q`88,&\X"FK:TV$Z%(JP>W,J2R5`5TJ;/@GS&[JZ& MU?]C$Y9>6,]WKW2)` MPW%/\9&N^SURTZ.)Y[MPZH<-6G""K*M6"HW,EJVOKN,MT=1?>4&P?,!3[.I1 MW/AP[=C.PD3>9FRM/'GE27,(EV2(#60;CX;@FX%,,M`&$E[%-JCK'?[I>VBU M'6.%/XW6IG?`>.3N-C,UIE31B.;>V:N MLTAU/\K)+N;B.Q]#J:)V\Y(<+% M??:.4+2VXA'Q/.&>#M:?^&56:M]'<(56HCB3D<(O:$<1#X5_19@SC&^,,?2S M-']`5W,3''`;V6)01UMLO.H#FIM$*MO_#!=)ID@FJZDEDID-#=%K*_4UQ#4> M0"ZT;FT#K?^'7E,M$:.KM2EBW$:VH(X6J[3%",]C@\SE3Q:<)]C@X'I-=7_` M9:1SZLB/QZ(0E#B0\#Q[3=@GJZD%DIF-#$$=X_$PQ,ULAB,]\P7E6.*`KN:F M..`VLD6'A2V.2=0DJ#OA>@W5G,!EI-XNE7HOY?WD^FD)]^QMO09ET47>NIJL M<'/RKCNU1_<(>BL7)7&70B3V)6J=\S\^IU[56$OD*YV,?:HKW.$M/65,'554 M*MH16=8.GRQKCB"GYB/IHI+*IAD@>`AL=^@]'/WP,5^P^G[#7W*'$OU*+/0>^;8QGPQ5E*0 M9@:=P)H":PJL*;!F,[!FKD/,09MYFN:H9'2I M\7K(B#6ZI(8#YX0NN=1V"G2)<0_UUKA`ER>@2[K,*F]T27.X695($1KF\3T*@48R3J"L"!!H]&HU>4+[%JGHT2G-^.-NH+^0@\(4I MD#.%1J!,@3(%RA0HLQDH,],1Y@#+O&1GLX$EIU+3"H`EI[)31L"24_%IR6.X02OS#(),2@$V!=@48%.`S8K`)B-]57X"V2F\'7MB%:-U9.8C M]PFND??%'I-#CLW)BC@U+S'2R*7FQ>W(-AZAA0IR?7A754D1BL4[,S6BY]9` M-SDUHM?S5(824B/Z.9[3D)H:T>MY/,,1J1%.I=*L4R/\3Q1DD!KA]*:[DVR5 M$II$0M6RR*B,LP5U;F^\2\]>Y(5L1++<0"@2D%?A$2,!#V.F'4%%M0NGI"3U M'!))R1.2DG0E:A6<.Q^]AWV,?&A:)`LI3CH5R4617!3)19%<%,E%D5Q\R\G% M(T_DU7/CFV;G%*EK]<\NI\CI;8R,44^QP>P52Q3G%#I]C;$5.4;F@7V=%3O'HG.*` M]Y&JT0(RAOYA!BWA>O4:SCWO\Y#%2+?E%DF?D#)M\CGCU%O\I;J)-W[../5V M,*,47&9FS5^V;/&:^!XV[:.>/ENNFC5/KFSADOUTN+<\:S%\JL<\;+ MQ3(E;0@^N<$L?7Q=3!SKP#@)U^MFA@06(X5S>?W*M1+\H>@7^>`Q3EN]?M-V M.F.#/,YLJ&F5/A-4NJ:[>J]/J^D]VKIK>H_92--TI=D)Y3^7,NEL`CV$O_P? M4$L#!!0````(`#F%:4%#8]:!`BH``'^D`@`=`!P`8VLP,#`Q,#`P,S4Q+3(P M,3(Q,3`U7VQA8BYX;6Q55`D``YUXG5"=>)U0=7@+``$$)0X```0Y`0``Y9UM M4^0XEN_?;\1^!]VZ;[HCH,!0U%-T]P8%U#:Q%#!`;\]$QT:'R13@K4R;L9TT M?/LKR7:F'R3Y07]99FY,3'15I?P_.CH_R?*Q)?WT'\_+!7FB<1)$X<]OO+>[ M;P@-9]$\".]_?K-*MOUD%@1O_N.7?_^WG_[/]C8Y.?[/PRMR$2Z"D)+3[6\T MC8-G\O<97=#83RFY"I+OY(JFJS@D?_]R=4;.@O#[K9]0KK='O,_[!Y\/#LCEMU)I(?\U6%!R35-R>OR9[/K^_NW=QP_; M'][?W6Z_.]CSMS_M?:#;[S[[>[`M*EEN MNRUR&L[>DL/%@C49*YJP1DMH_$3G;W.E1=%P+$!A\O.;4A,]W\:+MU%\SWS? MW=\I"K[)2GY^3H)*Z;_VB[+>SM^_G5W/'NC2WP[")/7#V>8J+B.[SOOTZ=.. M^)4538+/B;C^+)KYJ4#FW_^-D$H`Y;4C63E-2?ZW[:+X-O^G;6]O>]][^YS, MLXO?_,+_^U,<+>@5O2.B4I_3ET?Z\YLD6#XNN#/BWQYB>B=OL44<[_#K=T)Z MSU'B=CYN,U.9G?^;__,;P@O]=G6Z5A$*JV2'=8E[WW_,1!;^+5WLK*_9R>HG M_I5S7ZDA?4YI..?%LG_E`IJH9OJ\U7_)G/]I$@B@N](35G]_,ON^R M0+/_[Q]X?QZNTNB;'W^GZ2DS_?R-+F]I7&VD?M'HBFZ**TLZX%8G'Y71PM^_B61EU*_[FX7=1]J#@0TR1: MQ3/:NXTS9=:SV"5\(*7A]F_7O2(OO/^%BY-,G0AYDNG_E!4P08.-^?X]/0S# ME;_(!NSD5+0\Z]7'C.=KRB(Q]^.78;STD'<)4>]6:)+560*#6T]S``8SBR0S MF=_<$W$#RZP2;I:L[=IA\SI@YM8F\7`J]2=&9TL[=,)3H6&-3ZT]>X`*LR5, M[1+Z#^K'WBX-T%P]JEMNB3FK$'G;=+N,5D!-IV]Y&0<;7IL;7Q ML2M2N_LV22K4[0&TG_%CAYJ;8Q@R7&IBO&R\ZP3+S;$U4@II>YAP2`A[..!S M+W-6OM"[**;G-+U('VA\\97/,N^$A77US?O& M4;1\C$(:IN^$FY,`B)3)M("4'<$IRI9-GGZ>KO[SPN_AYE/_K%0V6MZLXH?PUR5&T6"W# M0?CT-^*0JZ$MT@"NKQ"$Q&%&S1$M;MNYX2WRY47,"+?(>;2^IU?L;Y&L!I"[ M^>ANIY3IG17=4^:':5\\CZ[HG"Y%IDCNBKR$:-_=?&A_(M,AQWO5UYV#\4:B@].Q MJ2SJ9(1J5L#A.+7."UO+_H[<(/8SP;\'Z<-XN>!>UB;3MP>T44O'[J%HH5?W MMFZA2_,ZN,\*C]D2(^6%QW1II,QP)Y=`N>$>ME[7^-0C/]Q9S]789#5'W&=D MLI58':\51LD3C^?.*)GB+N[`@9"_-.F([ MC),W'M&A<3+'71R"Y8[[&'M5(U.O_'%W04//*)# MMC+)7RG]W0^>:'P15ZI]16?1ZI'_*;E@OQXF"4V'#4<]+3@<@P:U16/@Z:4" M&6T&6#0?8IA1DEDE45P=0X@?SDG).*3GC>NDS<4[Y_Z2)H_^C._E,JA'504< M=AB9)XW^4"X$P;TI:$[S6I,P4?,0UQ>3'2VBA/WMACZG7]CEWP>%O5W4(0I= M/6[@T78A!)EN1LPQ6MM93ZYR2WBDDLV*R?Q?/`A54MT)@:7QNY4MR;56\%+: ML;-.UL.LAQW#"YOWU?;Z[UGJ(7L3[R%[!CUD;Z0>LF>SA^R-U4/,O;#90RZ9 M@P]^0ME<^C"YI,Q;]D!Y3P^7T2I,3\,GFJ2;S0![]9&.R@Y[22_?&_VDT]60 MGM+#DGE?*8P1_C3W@Y\0GSRN3?)]%S*SI+"+Z4;CN%C+F!B[:M3=3#O55+I. MEPZ"[@8V8$=S;)-6$M:?.1+-G*=R_90V.1 M'(;SYNS\-DEC?Y8":&G1GPQ$G=JAA2VMA@7D.MC#DTB84=)(UR&&J]7CXT*\ MF3#+]DIU7'*F]JO)4[,LAAN5+H"/M33AVD@.(,E_G=PDJ.B<\%=?`F;$5I*_ MA(I)=G].@S\/F]ZQ?D1:D/C@M/F,"=%568H&GH]0+*QT"8E<7,[L<9!8< M`E!VL1%Y_B,DY!LA9*RYZN`@%X<.B8.#\@,2K,1:;FC\D.L<+B(O*V,"@%K/ MG(-"FQ3BPS<\+E?U.%KZ@9W1OV["'0-5)^O1SWY%Q+VL!,@>_(4*^T0%&FHL.#N]) MF`8IB]V-?ZLX7](TOC4+XP=8ZF(1XR!@#N2!@Y_Y,-C\JDPD;\F#Q,;%JP%7T MY8^(Y=_,8XU]/+QFM^V!KXXV5;JB]P%_Y16F?"V"Q?C6#;F*L]SA:KRK9?A-_HS> M^XM,T-H3?\/&^#%7N%G$O/:S28QS49*I#@IR'/]Y./OG*HCI_.LJG.=?MQ1?EWSQ$SJ_ M"$^2-%BRYWMY;Q?U2^CL[7WTM!/'K)K>+OLO_S9@=WMW;WOOHPAV7TOCDC"L M'3@F_:X4MC4ZJZ M6AF?JW[^%V1UN\J$K3X6`'1QQ"-!\]@ M9,0YU'RL:WQ&+%*P^B?J'O!TMS,^1GW;H`"JZW4F:/6S`8`L.YA;7[F2GGGN?/NU"J"K+.8*GZ5&%D MR:,[>$<,I92%Z'J@Z.YAHSOZ-[COWT7VGC^X[7'3?68ON.U!T#[#1/7`?W0-]=`]P MT3VP%MT#4'3?8Z/[WGUTW^NC^QX7W??6HOL>%-T/V.A^XG]]']I(_N)UQT/UF+[B=$ M=)D99*XJDW,:W;)'DNCRGT'1W4BAH\N50=%%YJHR.=?1U>6J^,^XZ%K*57%E M4'21N:I,SG5T=;DJ_C,NNI9R55P9%%UDKBJ39J\KD7$=7EZOB/^.B:RE7Q95!T47FJC(Y MU]'5Y:KXS[CH6LI5<650=)&YJDS.=71UN2K^,RZZEG)57!D4762N*I-S'5U= MKHK_C(NNI5P55P9%%YFKRN1<1U>7J^(_XZ)K*5?%E3'1];"Y*L]]KLK3YZH\ M7*[*LY:K\D"Y*@^;J_+J/%RN MRK.6J_)`N2H/FZORW.>J/'VNRL/EJCQKN2H/E*ORL+DJSWVNRM/GJCQAI'Y;J6CY16U'# M04A&B]4R5&YY,I#*DJA;,!O>R=A<%T+A61/$$RH,2#<[<5_E"JA"%L'IJ0BY M;KOF8:C6=)W2*O51`FRE'(A9B28Z*DZAX&5Y]=3M#_$1C?KA>J75R='AS./SPT,OQ[$&Q^T M#Q9R@3CL(WD$XL._JQ]HT?Q+0`/#KP;QYM>%@X4<(([[8A&`N,%'CCTLNLK. MO*:L#"H;XR(+,Z7LR^A9E[&S+:\ARV*:71DSJS*%;,IH611GV9-7E36!94N< M9$DFE1T9/RLR>C;D561!C+,?HV8])I'M&"_+,7IVXU5D-8RS&:-F,2:1O1@O M:S%ZMN)59"F,LQ.C9B4FD8V`9R%`*S\TPE-`4+$.1%D0BQ1Z58CL:\]$N3S$ M!`[8&@R]]B004:[(T)4%@X)?GZ%B1;U0PX`7RYG+"28H>^8A+:8;[:R34.!C M;06"I?3@A+*`'9-]%G)ZT-2=B@QT;LYV"FZ*F;:^"36;>3,[Z3$5/<(:L9$` MLY7GFE(ZJVO6RD9R"IN#4O'A$6X'C86%7-*44D9=,T,V$D#8/(\*BP.!Q?!C M(N7UMI&PF5)>IFOZQ4:6!9M,40X7NV9@?/'CHP<_3@_#^26-[Z)XZ;,V%H=$ M_DK%D?"&A'0Q,#HJW;W.F6F_P`">KN+F%#%+1)@29Q67C!%A;8OD]BS0=$UG M?+X#6H;8Q]"4Z%*T0CMEM0OMT"8U8ITZDIL=O)J[\.AH$24,7C!B#55G/"G\ MJ\%3*P4@1:J(Q"(W@`(`=>:U6M8U`JH3K57%4[!58&!*P7%$D_,H MO:)W"S:P9(O2(G^>@&A0RSNCHLWC&AVJX@!*]-)06K@IPFR1W!@1UH@P9XK0 MURA*PRBE"7HHD0D[PT;M90V89D$`*BI1*"1K(Z9$8!^&W#_YZ!]S<,\TMAY@ M8(\JOP;W#S1)_[9B?Z;QXB5[L@:\W>MBP%WX6[VN$Z&\``%)B[@Y-[D%LC:Q MWAC-Y.V>OOY6^9D<.[VXL<:,;5Y,23F+_K(ZV&CTG?'2ZG,-&65Y`#4MVN;@ M9`8LC3/2VMLD9VK4]"'&%BV623%EY-R/8S\-GB@X#2;1=<:&TL<:%XUR`"84 MFLATV-J$<4)LK81^CI4)N\>A[3FV61`)A,WGV+414R*NJ)]$X37E&1,Z/UKX M27("E&I$UE4B69W,>X1XE?XUBH7I\RB]$+;G MI^%E'"6/K%HK5.ZXHRV'G/=HBP;2':Z%T-O9#AA489?<17$.*4\^Y[9)$)*- M=5,DQ6M1\/RMIND,,:EO-90J90#(2/20\S4A;SQ7$RKH>5I=U&W8V^9GU4*H MP-N;EY$_A('_,0T]_X+K)N(9`GA"2"[M#`.=IS489$4!2*AEH7<+;H:DD4C[ M0'-`]?I;XF1"C'3DPP(;XW`QE(BC:/D8A6R.[%VD#S0^>7ZD84*3BR<:'R8) M34TGK1WT1V>DL\\Y+*WE#:CIJ&V.S\80$99(8VAR]BV3H]9W1TZ;SW5R5.41Y.BU@>3L@\@I[_'`-YRD\5,PH][> MK?>5`@'J;F9TCOJV0(Y3U\L,J.IG`K`S2,F>^"8\MTA^8#:WO1\)-XL`[2*^ M#I;!PH_/H]`J:FV&G,+6K14DN.DO!`'7Q0@8N2@FN4WR`[-*`-2=/,\>6`4I MT^"5OZ)SND2LY];HCLY4JX\Y0LIR!L2T:)H#4AC@%)`?_(3XY)&RJH0I7W87 MW9'#9;0*^=?&/C$/^A)3__MC%(0I&UEF MG`S3VXE.V$%PV[QE$$"<("V9C8(FLC,#2^!6&P7"U/PR>:I$LV ME%S1?ZZ"F,ZSL00-3*LY]QAU;!$57"V7(Y'K9,H.B+EILK%-"N/Y7\.H$G5%F\*[*E.U0N;D2`5Q?.3R@]\R5FOYY87GH3$;(VJ5'3,@]5,* M0J4DC`:)*AR)+?+E1;Q6,-X>45IWU/Z(;>+3($6U0Z*^,)H7^!Z)&F2$K3HQ MTW$@I7%"SXJ+<)::51'VZUB4\#$]6'7/K":%#@'W8UQA7#'2FJ MM89O*M`N[YB6U@T&VHK#B+&WV4"#&>,M!ZHUMS%%F/E@+6:1YOWJ79&&JD!U^1HO):S([D`1X]2W`8_$=E80PT])0?LY9\L_(J*V"-DX^NT&4K/2UQRTZJ6F]H>M!U2V'K+K2)GOW4MI(^;*;;JF^V MLM[E2MN>*K:8FE#'Z3N%U%YJI?.,.;6L=A^+,TWH@M?N9B8$GG91;-?+K`!G M9^&L'C;3U;1J;R`GX[3+[_2K\NS[[BZSPAKIP*NI"\6]:H7+Q7GU]CQO]T!4 MKH-0?SQ:1:U!\7N0/E3&H#WY$1?3\60>S5;\,RU?3/=_T=37]G#3F2D^R'1L M&!S6/+*EFUJ4_WI%@^7MBLUX>!O"T.]C#-H]NAL>KPNQ@;8H5*F'S0W+YRZ9UW[=//"H3FJ`G=O_?[W;_WK;RO M*$O;YWW?[#EA#$_*P"NJ"R+>]&CY=OFI$5\_:+ZMN#WB8X'75I!VB-T%\+Z1KL1^SE3[#<;%K[3:'Z;X82D#IDN=79K$!V6 MGP`;N7/P,^#$G_LL/.M-Y/FNPS,=^#G.\K-;@U3TT]O4G]@L/*5-Y,FLP],8 M^`G,\E-7@U7T<]?4G[4L/%]-Y)FJPW,4^-G)\O-2S/ MZ?SK*IP?1*@^C?XNLMY#-S!%NCZ\M M6ELT)&N]>P1V':Y$UA5!2@^KU#2*F9.BD,2-C6L#IDMJ;6T5,Z4]8KIN#F-C M5QCKV\'@MH&![O_B?.,7[8XOL*U>[.SQ@MK;Q=;"RRFMLNRZI-+&^DGKBR5Q MJR+!=_D)W-U;[NK`N[FMN[CQS3LYIGEARQE*/ M=JAAU>%*`&&=K2!A*QGE9]&4S9+<+N!0$WZ8^E'$H%[X*9W?1%?;Y7XH* MB(2)X4E;FKL\\K8IK''BR^<4ZB?B_9O:W"*\!OZ>6ZF`/6^N43A+*W@Q: M16X$P@P>19#U%W5?)3NK9/O>]Q]+M=\)Z3T?LWMYT;D;1/'RW/-!*9:&VOB` MR_TI:*[^:H*N3`G`*9,EY]O>X>#7/LA2V^ M$GEMC=RQVQVWMU5Z#R%L#F7K+/K+SB"I$QZ=HW8OS'WXST#]MBBEAT=WS8/PF6K)FNDE! MR8=L.`0],FIT79(C][&)2[4UYD4VYY M(20?T*EV&Q>&4]E:U:\#UKYKU-!2U]-TSQ>EZD3B7]_Y15$*'G_8_B^E M^!ONHB*MJ/%&*DK5:0#0V$Y%40H-`&Y3E?(`8+@SR3?_.5BNEIM%2,"TF$;9 M`0FM?JYI4)8T(J)%%?&X*DR4%W;929/5/$%S,@4ZVIA`DF`Q_H8Q/EHM5PNQ M8/W:7]`D6['*P;VXNZ-\$>%E',Q`\>]JRQ4;_=JBRDVW:\V9ZF,'Q]O&*A%F M\Y7-TK&GJ`@1-3$=@]3^\A58MKG,;$R/Q[+O73GDU]CD;Z,_/G>FE!4K]NV/ M@=TLN2*N3SM4N>MRI3E]W:W@&%SOYC#RR*?R%3?NZ2U,C4'UF*>[PAYS-L:[ M;JR9DE7RY'3Y&"5T?A%>LC9X\/,5A!;&O;XV7=$WK&VJ//;3,"=TB#T6^&5[1('RB24KGQ\%3,*?A/#D,V9^3-`YN5SR9GH`'4@/S M$^!\6(LID>\G!Z5_B&E+'8%U@$U=R+HR8FUBI3K`T3T*Z4N6EKRF3S0\]E]N M_.>3?ZZ")U:S,/U'0!>F6YUTM#$^U7U\+]#MGE^2*QX6YLP/DMBK709 M!TL_?D$M;-/HN@N]RL,>)8P"3ZU;+N29"G]E7% MD!R`D_E-#(PS^,TJHU+W6N4)0*%*UFM*0M&`I^>E=`@KA)L93$CY8(9S^A<_ MT>.++[Y'.4E2-G]-C3>GZF9B?&9Z>%[`T^$2$XHZRP-PJIV&P"9CSIK?0CC:FPH_<=SU(U6OP1,GT;:+%["7,'LD-`N@Z#<6? M^$!WNEBL^&R2/1W\MQ\'NP$.*AZJ"0A*P9EH2QI3L,7RN2IV2[II3J>^W$L5J># MLE!Z:9<<*#UMLM`HBN%!(8L=(=9&!B>=9#5&?6G1HCT)/E1?6VC+@@F!?W%1 MF6FLS0`0N0@IW]KK(CZ#/E759%V"(?6PR42E&`8'B228!&9![,S&SYTZPSP5 M7?I)>AS1Y#SB"::`74"_KMB4%9BIT9AP"4JKYTUHE)=@`&J1!\/$K1%NCC![ MI#!(,HL`LL1&]T>+*`G">_QT1:[NDB>=OTV49*4Q%*F5L5,788?DAA#3EW+% M+Z&PXYT?K MNP(BZ35`DC3Z5G`2M['B).5L6PQA$L77R?,CJ[-(]AW>I31FS_/B\#[3[5QZ MV''.66L;*%A37@?DK<6&%>9*-HG/C8JM+S*S*.Z^1E$:1BGO3'X2A?+L]]T-/]925)JL:TTX%Z14;[*N.,EJ#N_A MMF:\,@/3Z5U=9[W-"VR0/<;,=VT,11!F>:U2U3DK\L6VBE)`*L!+;R4H&*Z[ MK5>X])G8T0.K*T7?ZF4&G..A]EI!2O,"(#0J<2O\5(YQRLVA8++Y+DEIP#E, M?=XJ*2X`PC3*^Z4")N1;IJSV47I%%_3)#].;B#T:%5L-HSE2FG%/4TL+J)A2 M7(8D2VO"#E]12@J;)(W$PW)A%H7<14C%1/[BKL@"7#]$?P$_E-%;<0YE[(PPBZ(-NVU!J[ISNO2;&+24!M)D:4N#YKLM MTZT-ZA6W-96:T@RJZ\3)QGS)ZC3)\.#V>EU_2V@BPOKLS/[.YJ MQ#DE>N\5R,@O`O*C,V#E+L4-DMPBR4V2*X,3O2^C.+V+%D%TLXI#OJ05=7-2 MZX[/4IN/!3ZJE^`344UPNXQ4$Y&E0610."GHPTJ M!O,01\DC>[I9)<>`4:`F-G[`!+FF!HWT'UR<"/7A#Y1KN>L'/\[R:XBUH4I9A[&7 M>]@`H%H,0H%,TAP%H9KG)PW7AJYK*AXI8<'/U1S&O.)/(]3B5TB$2TK(/C[X ML>V*SNE2;)OXE8IS/S?_8!A=K?+HD>[@9QYU34D#`EI5S6G8*!)F0[ZQU#): MA?S%V)S2)9V;G`H`<4@XLTIV5LGVO>\_EMS9">D]FZ#,(6X-Z@Q(_%T#KT,< M!;4=C%&$VF1R,&Y!\AVSY7!%:7S4FGX4H&U^,<&LK@*`C$D:;Q@LZH5=0":7 M=!-1_4(Q61'3&%M:$)8'VVP-F*@@:D/HNIB;`*NV?:[^:!I4^.;.>3C-MW/F M0O`/XE6B3D+<^N&[O)!AR.U]X)Z%WOB;=BZ#>3U547(28OE+J-(OAL$$OVK* M(FCX&LE#(,L54.%NGQ$J=C^WB3B\`_^5:).XM[Z8;^\D&'T[7W` MGP%@_,V^J&04SIE$G`1W`9U?IWZZ,GV)H)9U$WR-A^7P2XJ9`J"4A"%0L4`R M$V8XI*).XR\SML&!;+"$"+4PE`Z2&;']"OX3;UQ3_LU/8=$J)_\*[]#XFXA M"Y"'&I(,P*Z-DBHZ";1^#92DA&&P+:UUXM+&RYNX"""PCB(I"9UAK)#!&1J3 MS?=*D#WBFW*CQTKE41ZW^L\&,91+0;_V&IXA%R(/T6).8_YY1VJ^]YQ4T4UX MY7Z5(UPM81IDF1HHSIDT_P@AV2)"'A-QU+F32E7'D5>=,ZDH!2,`?JYDG8+! MM]=:/3'?I:A$74=?_K6*O!`N]N!O6)H#@.'W+/7JHKYVT.@Z!T'U#82R'!`' M^)<1$B+,OY*HU1J:;VG1=DV'-MNB+8NCQ$ZNI4Z*::;E6AQ'=O^"R;,TU,8' M0>Y/$?KJKR;!EBF9A_-FL#*[8-*4' MF\55JCKC19_-590"$&(IJUO(&V=V;QZ".'TY]E]N_.>3?ZZ")W_!F/I'0!>F M7X)IE4?GH(.?.0N:D@8\M*J:,Y&9(,R&V`!O8X4(,\:$"!5,;D*AZ8X*F6]U M'LIE$"0T]:`,"'GCO$2MMJBTA%K6-0.JI(2J&(X$>$I"`H-Y2J):Z7*^6MX.?TE1K3`TYL[#K8TT+,BVXCLTHOQ\ MT9N([T63?0YR5FZI@8%5:(X>7ZUO>9BE90RBK=$S#[HX##:-Q-9!I/A\1UCH M%_XLKK/ON[LL=LS(@<>CN.=YNPY7_9^_3^X!OE8T?-YY:R/1JQ M2T/,H]F*/PQ7GO2[U$0>@E_.3GZ[^?7B[)@<7E^?W)##L[.+H\.;TXMS\O6W M\^/>B]^[Q]*\ZO5B5BJ;TCBA9Z`:]V]LVX-$)]#Y2-'!W1T;G>^2_WF[3Q=4 M7>&J(\KK,X@0\D-I4ZWKU7+IQR\_-K(>XW327F[)"SOLL$Z",FIGUG><1I?6 M-8B5CGVT*_ZPN_^QO4LWR[KJS/6:#"-FFUR=W!R>GI&C,U;`3?_MZ$F]F,,^ M.U;;C]I-5=V@T4'EWMOKF@?[[S]T[9J5LDZ[9JDF0_$X/;^^.;WYC?_3H?L> MVNY0O9CK'CI>",;OJ)).(>^HC4;(>D7NQ1F[D/V=_8W]X=9/*/O+_P-02P,$ M%`````@`.85I0:^2@*J)"@``[,H``!T`'`!C:S`P,#$P,#`S-3$M,C`Q,C$Q M,#5?<')E+GAM;%54"0`#G7B=4)UXG5!U>`L``00E#@``!#D!``#M75MOXL@2 M?E]I_T,O^[(KC8T-,0E1,BLF9/9$F\Q$2?:<>1LUT!`KQD9MDR'__G0;'(-O MW2885YC6:)0$5]M5];6KZROZX&^#8E#*`X(NK/])W1' M@CEUT;=/=]?HVG:?!M@GJ.\-YU/B!A\0_W.$O)5`2S<1>@R"V6FS^>/'#YV, M)IAJ7O@$?>A-FTC3HJ=?4,(>,D)__/MP\>XS"7,5&?.H+ M?[1LW/C(?YY1SR%W9(Q"I4Z#EQDY;_CV=.9P8\+/'BD9O]H2/L4G0WWB/3N&3`>$ MIA7F?G;(/'CTG-%X[H[\\)V*[K_4O]0#=F;6)TPO'C$-=FZ.U(UW9L;E8D9< MGUPN,&_UQ;LC(S*=\7=CIT9M\9B*3*S0K.I-^3KCXQ0;W%8/]G?>^\H]86>& MW;,>3[A>A'XF%9A5YOX[,RH.K#NU1>*V)4TH-]3TR1C/G<"7'%YB\9TY-DK& MHI_8'5VZ@1V\7+GA2,#CRG:^E;OS=N[=R!F;++F=8#Q;WL3!`^(T7]NL])M1EI0Q&[C2/)'=4)0L`N*.N/3R4WZ? MW;OJXS+U.7.\X<;3'9Z`>?0MW9#2[_&;T!OX`<7#(+IAZ)#S1HY,LUJU;JGG MS\@PF/MA/I+0*75U*VT"O/!<;VH37T_V"-:3NDW76EO;TTX6%\XV/,R?96^_*K/>ASNT4W=,!U&-V*_IH+P M)L=<231G[%%NH`T?;>*LG>AG1QZ,L)SIOL)&U8S30C-H>99B? M-UH--/>9,EZ8I6.G'GMR0BFW1!B3UBRSX%DF&8#7+8TZULHP4^=Y'SS+"C!+ M1;P8HV.`EN2$;V[)9FA\OXCDA],U:`"^/J+1@MN6#LG;X%1'1O/`GI087]*7 M08XO:37C?G0BVX_JL9>;T'T>A1$PV]N>89>/#9LBH'%(%O=&(HV M9"@NQV.6]MG/1(!%0@X\&`E]8S2.JD!CF[),AL,SKH-T=(:>L8,M*0>?-9/E M]'T4V<7?]=1<85?E=55>5^5U55[_.G:^I'>!ECO5+7U M!$8`>Y^JK8?0'($V"41M/7\>T/J5W+E0&\.(5`O@(4O*AIC>G`C`8$:.":5D M=+UT4:X1H04!H3X))2N"L0R`,*`KB&0";6.01,7X?8'T!H+X'X+YLHNB&5BO M(O!RMVP](X"Z.RY/RKX+\]G,(>%7:601?&*W>BI\';+$X;E:K'/L]IJ+7XEI MP^$(GP>%6!P>%&*=8RBDIP=5`T7/=>?8^3QW1ZDIZB)82C0%"5$)_=?@JO?- MV5P9\3\[>(R7?(CP*M,6)&!E#(@1DYX!M0_$UI?HE,.KJ.4[0*M(_36L:AZ7 M`KY<=?*2FW.E!$!Z/J5E[.!*Y@J5=_`73'G`?2X<]0MD0;L]2^&(Q1O53$HI M1RP**07LKKVA8>S42F8YE'.J3)?.DP/KZN*N7#.+B%;TBL;1/#F07L]3-O9Z MS80AN2R\P/$%HB!]7Z#OFOOK[?0WF#Z1()Q?5P()N58@09%3/<9GM^E^Z8K2 MA>/Y;'`J65A*MX*'A;3J,1:B&GF=4X!*+%W?:S$L9T)0KI2:%:1F!>U%0S4K M2,T*VNMP)`B,@JE!TN0$QJ2&$E.#+(!S&]34H`1&`'N?FAH40@-[/;Z:&@0P M9)6:&G2LFVIJ$/2I0E9Z3#R\!)L MM@LP'5=L-H$1P-ZGV&RXF2ILDQ2;!1BR2K)94;E1L5D`;%:4'QP"FY4YO*VN ME:I2+#>[@6*\BO$JQJL8[Z$SWJ)P*3@@2'I%,(R\O<0!0:*)<,!3R9^`_5KR MV_+#R!E_)O;;`FV28K\`0U8I]GLBK*\H]EL[^ST11NCWR7YESF/?X_X1.10W M1T:Q6L5J%:M5K/;P6&UA4!00V4/=C=]2N_%#P:R`R*K=^,$26;4;OR*RU1)9 M48!61!8`D15MR?$^B6QR5[+Z"&WOF5`\(N6Z;-\L:K/A!BSL?4!+XC_U>WSL]7MP9P'-3\S M61%*UZ5MSQW=8X>4U#K9JHYD2V(@%Y1B#G7W,TOM?@8%LX)2C-K]#&PIYO!V M/S.X50`[7!%0.7E'#!/$73"*4ZILN][+2R7(R+AQPCQG#3V(W?$M)B:3HMA4 MZ?TF5!6T^BJH*+BK*BB`*J@H.,"K@B:Y6/C@^+"`/@FP[?"R9\7US?SS"58] M)DM`53-5-5-5,U4U4U4S535353/K2)J*CQ4J*&(>ZK8@UJ%N"\*S7N![-I0I M8ZJ-08"6,3O`.]EV9,,/6,W2R\WV6FD>3UVM^0!P^_Q9.'TD<+,[=)32RHJ##+E`S)YR>W;*0%X M[L[2,G:P-.FMUL%?,.4'I#P7G6I>)`O:[5D*QZ=F`PC@A:$;=M?>T#!VZF[# M]59.E>G2>7)@75W-Z75CW&0KKFO,\O)!]H^*;> MOTP'GI.`)^,Z/"`RE(Q<;LJ7\W;9_2^,\!>C?2)FHVE9J(53@=JQST6;9@&K M'82F6.W.L2Q:&[+O!ZT-M6.TJEZWFSD9ZJS)%1U@G[`__@]02P,$%`````@` M.85I02>7YWNA!P``FSP``!D`'`!C:S`P,#$P,#`S-3$M,C`Q,C$Q,#4N>'-D M550)``.=>)U0G7B=4'5X"P`!!"4.```$.0$``.U;;6_BN!;^?J7]#[Y\FI$: MDD#3%]3.BI9V%HE"!71W[J>120X0-;&SCM.A&NU_OW9>>`V0!`JM=E2UY,7G M^'G.H&\F.,`P!]2U_6?4!1XP@K[==%NH9X[!Q:A! MS<`%PD_0`/M@(1K?KI1UA,:<>S55_?'C1QFL$68*#?V73>JJ2%&2OF\9B"XL M].FI?_NYAG1=O50KFEY!>JUJU`P#/3[,M0[=W]L.H!YPU&S4D(9Q=3"\.%?. MSX8#Y=2H8.6R<@[*Z?G`&FBGAFZ>#></C.,ZMD)TBME;1XE]5Z9/1IS],G\C"J:9B@AR/G(G:`F,EN2A-!LPI4S82]+6J*F_+J);BYN:SIFFZ M^*T:^H*9`P$?4\<:!L3RP^A*9+JN&8FI$)R_>N!/S<*>`E]-;L@>+Q5-5ZIZ M8B.;V!O@V<3GF)A3>),5.C^J86O]\O)2#>\F31E;!.*#61[1%Y4QB5Q3M(I2 MN2@AS$46#@(.]Y2Y#1CBP.$B>:A,G4]4(T'>&!40=4`B-9A"3Y"T4(DHE\&,'84IU9[DD50DET M9H&=0Q31.DT/3`CE(8#P7%[Q/)L,:7PJ+L@A6DNJ3A>&*!RT-2GQ=L"XB,Y\(0P=C!D,KTOSY5!) MANYWT6E9C-ZD*;>Y[*DEH2")Q3]!V'%*Q2IPIA*GOEE`+1C:Q)82'CJJHN>4 MJ#:F>!9"^W8!\)B83DF4Q8<.@>@[)02/"U*<8O<\/>2\BVA"296N9+_BF3A,LL#[^(0.E(F3X&SA_6B86B MOM%ECL*Q"-EAWP)CTWLF($SE3XVCEML,EQ.FNR6B^,M MW2Z^FLB[3]7E,W?TR/W]46:DTM/D1^7RS'@`=P`LDCQ#LSWJ+<>%L:BX!*#& M:X->X+J8O:*?3R0L_V#]@SZU[I[Z?W1:#53O]>[ZJ-YJ=6[K_6:GC>Z?V@WT MZ9%1WP.3!WYB_[GV.5]V%!>Y<%X=.3MZ8\Q`-@!V#^`W,,<;TR1/^_WFBRZ6 M4>%ZT0K$JDT67TIN5[GAR#2X6[G<3#XB?0>M\%GM6VUA4NTZ(6(^A M>T$.37&A!-@O[3=K'\?I;H+EL])&T3,VW:_:E:6Q'8-`,0KTL\\P\3TJ`I9S MOO^W:]VF7;#`]22<'+IG,MMS#A@;<^`$M2F:@?J5$CE2X@:S6S%;\JT5/U/# M_U5(+?9]R\3=Z'/Q5WK?H^P@L7!D1$_IXX,!6G7,9[%GOY8G]14SF(TC5 M_=\RR*_4^4TT<;:XR785;T^'TLUO*WRO!YP^8/8,O$DLF$P5DWON-?&49%.K M'VZ26`&+%^URQ^^ZM,:0V(XC\^&ZQ%D`)>0'`U\LO0-I^I71P+LN1;YM#FX) M11LPR?9MS:(NMDE3W)*=3K<,UZ./I(^4CR5OBI0,"[Q(2>B!28DE%G*9*.7P M5HAG=,42GG:CV+,%JBFRG3FN=;<#22]@NY'\'V"F:[MR6_%R;$I:=0VS2^V@7;'03,#VUO MJ1.X)`NU_#YWFUXY3/B-0\WG[$-I_:(N':BN21*9A"WL>@_"/XB,XF)">*,@ M2*!O$H+(\;L/0/7-DJ#Z47+`>+,0&!\E!%%!*UH.\_H_ZO/MUZU!? MG/63)^8LX+?[./CC^\J[*77+"K][P4Y\12_"+-7-8;>JMD/*5#LSN3DL,]'4 M'&,?Q)C.PF"A^<$KV5SO=?\1F"F_31Q!W:4!X4WR`CZ7_QJ2B\8F1X>58E8^ M\Y7C=+O#8E]\!3'<5LXT(M+MCHG=KQ-K=9R*_ADV^69*.&Z5P$ZCN,7]#I.0 M<"%<9J_6O<#SHGNYYIU4LX-/-3,41>;.3=:'I[+R&V:B>G:=A7KA^6,Q7:O1/<.+P M_U!+`0(>`Q0````(`#F%:4&/X%RLE!4``%S2```9`!@```````$```"D@0`` M``!C:S`P,#$P,#`S-3$M,C`Q,C$Q,#4N>&UL550%``.=>)U0=7@+``$$)0X` M``0Y`0``4$L!`AX#%`````@`.85I0:;!C72E`P``TQ0``!T`&````````0`` M`*2!YQ4``&-K,#`P,3`P,#,U,2TR,#$R,3$P-5]C86PN>&UL550%``.=>)U0 M=7@+``$$)0X```0Y`0``4$L!`AX#%`````@`.85I02F%H".P"@``)<@``!T` M&````````0```*2!XQD``&-K,#`P,3`P,#,U,2TR,#$R,3$P-5]D968N>&UL M550%``.=>)U0=7@+``$$)0X```0Y`0``4$L!`AX#%`````@`.85I04-CUH$" M*@``?Z0"`!T`&````````0```*2!ZB0``&-K,#`P,3`P,#,U,2TR,#$R,3$P M-5]L86(N>&UL550%``.=>)U0=7@+``$$)0X```0Y`0``4$L!`AX#%`````@` M.85I0:^2@*J)"@``[,H``!T`&````````0```*2!0T\``&-K,#`P,3`P,#,U M,2TR,#$R,3$P-5]P&UL550%``.=>)U0=7@+``$$)0X```0Y`0``4$L! M`AX#%`````@`.85I02>7YWNA!P``FSP``!D`&````````0```*2!(UH``&-K M,#`P,3`P,#,U,2TR,#$R,3$P-2YX`L``00E#@``!#D! 8``!02P4&``````8`!@!*`@``%V(````` ` end XML 16 FilingSummary.xml IDEA: XBRL DOCUMENT 2.4.0.6 Html 4 16 1 false 4 0 false 0 false false R1.htm 0011 - Document - Document And Entity Information {Elements} Sheet http://www.leutholdfunds.com/20121105/role/DocumentDocumentandEntityInformation Document And Entity Information false false R2.htm 010005 - Document - Risk/Return Summary {Unlabeled} (LEUTHOLD ASSET ALLOCATION FUND (Prospectus Summary):) Sheet http://www.leutholdfunds.com/20121105/role/RiskReturn_P0001-S000012965Member Risk/Return Summary (LEUTHOLD ASSET ALLOCATION FUND (Prospectus Summary):) false false R3.htm 040000 - Disclosure - Risk/Return Detail Data {Elements} Sheet http://xbrl.sec.gov/rr/role/RiskReturnDetailData Risk/Return Detail Data true false All Reports Book All Reports ck0001000351-20121105.xml ck0001000351-20121105.xsd ck0001000351-20121105_def.xml ck0001000351-20121105_lab.xml ck0001000351-20121105_pre.xml ck0001000351-20121105_cal.xml true false