0000894189-13-000890.txt : 20130214 0000894189-13-000890.hdr.sgml : 20130214 20130214095132 ACCESSION NUMBER: 0000894189-13-000890 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130214 DATE AS OF CHANGE: 20130214 EFFECTIVENESS DATE: 20130214 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: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-09094 FILM NUMBER: 13607019 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 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: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-96634 FILM NUMBER: 13607020 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 S000000847 LEUTHOLD CORE INVESTMENT FUND C000002462 LEUTHOLD CORE INVESTMENT FUND-Retail Class LCORX C000016368 Leuthold Core Investment Fund-Institutional Class LCRIX 0001000351 S000000848 LEUTHOLD SELECT INDUSTRIES FUND C000002463 No Load LSLTX 0001000351 S000000849 GRIZZLY SHORT FUND C000002464 No Load GRZZX 0001000351 S000012965 LEUTHOLD ASSET ALLOCATION FUND C000035038 LEUTHOLD ASSET ALLOCATION FUND - RETAIL CLASS LAALX C000053678 LEUTHOLD ASSET ALLOCATION FUND - INSTITUTIONAL CLASS LAAIX 0001000351 S000020808 Leuthold Global Fund C000058122 Leuthold Global Fund (Retail) GLBLX C000058123 Leuthold Global Fund (Institutional) GLBIX 0001000351 S000028930 Leuthold Global Industries Fund C000088662 Retail Class LGINX C000088663 Institutional Class LGIIX 485BPOS 1 leuthold-485b_xbrl.htm POST EFFECTIVE AMENDMENT (EXHIBIT FILING) - XBRL Unassociated Document

Securities Act Registration No. 033-96634
Investment Company Act Reg. No. 811-09094


SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
______________________________
FORM N-1A
 
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
x
   
Pre-Effective Amendment No. ___
o
   
Post-Effective Amendment No.   37
x
   
and/or
   
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
x
   
Amendment No.   38 
x
             (Check appropriate box or boxes.)  
 

 
                  LEUTHOLD FUNDS, INC.                 
(Exact Name of Registrant as Specified in Charter)
33 South Sixth Street, Suite 4600
                                                Minneapolis, Minnesota
   55402   

(Address of Principal Executive Offices)
(ZIP Code)
   
                            (612) 332-9141                           

 (Registrant’s Telephone Number, including Area Code)
 
 
Copy to:
John C. Mueller
 
Leuthold Weeden Capital Management, LLC
Peter D. Fetzer
33 South Sixth Street
Foley & Lardner LLP
Suite 4600
777 East Wisconsin Avenue
Minneapolis, Minnesota  55403                                              
Milwaukee, Wisconsin 53202                      
(Name and Address of Agent for Service)
 

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

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

T           immediately upon filing pursuant to paragraph (b)
 
£           on (date) pursuant to paragraph (b)
 
£           60 days after filing pursuant to paragraph (a)(1)
 
£           on (date) pursuant to paragraph (a)(1)
 
£           75 days after filing pursuant to paragraph (a)(2)
 
£           on (date) pursuant to paragraph (a)(2) of Rule 485.
 
If appropriate, check the following box:

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

 
 

 
EXPLANATORY NOTE
 
This Post-Effective Amendment (“PEA”) No. 37 to the Registration Statement of Leuthold Funds, Inc. (the “Company”) on Form N-1A hereby incorporates Parts A, B and C from the Company’s PEA No. 36 on Form N-1A filed January 31, 2012, which became effective on January 31, 2012.  This PEA No. 37 is filed for the sole purpose of submitting the XBRL Interactive Data File exhibits for the risk/return summaries provided in PEA No. 36.  The exhibits filed herewith do not constitute the complete publicly filed disclosure for the Leuthold Funds, and should be used in conjunction with the complete prospectus for the Leuthold Funds.



 
 

 

 
SIGNATURES
 
Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Amended Registration Statement under Rule 485(b) under the Securities Act of 1933 and has duly caused this Amended Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Minneapolis and State of Minnesota on the 14th day of February, 2013.
 
  LEUTHOLD FUNDS, INC.
 
(Registrant)
   
   
 
By:  /s/ John C. Mueller                                                        
 
        John C. Mueller, President
 
 
Pursuant to the requirements of the Securities Act of 1933, this Amended Registration Statement has been signed below by the following persons in the capacities and on the date(s) indicated.
 

Name
Title
Date
     
 
/s/ John C. Mueller                                              
John C. Mueller
 
President (Principal Executive Officer) and a Director
 
February 14, 2013
 
/s/ Holly J. Weiss                                              
Holly J. Weiss
 
Secretary and Treasurer (Principal Financial and Accounting Officer)
 
 
February 14, 2013
 
/s/ Lawrence L. Horsch                                              
Lawrence L. Horsch
 
Director
 
February 14, 2013
 
/s/ Paul M. Kelnberger                                             
Paul M. Kelnberger
 
Director
 
February 14, 2013
 
/s/ Addison L. Piper                                              
Addison L. Piper
 
Director
 
February 14, 2013
 
 
 
 
 

 

 
EXHIBIT INDEX

Exhibit List for Interactive Data File Submissions.

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

 
 
 

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With respect to Fund assets attributable to shares held by financial intermediaries in omnibus accounts, the Fund may pay a fee in respect of the provision of sub-transfer and related services to beneficial owners in omnibus accounts maintained by such financial intermediaries with the Fund (Omnibus Account Fees). Acquired Fund Fees and Expenses are not directly borne by the Fund, and they are not reflected in the Fund's financial statements, with the result that the information presented in the expense table may differ from that presented in the financial highlights. Other Expenses for Institutional Class shares have been restated to reflect Omnibus Account Fees, which are based on estimated amounts for the current fiscal year. With respect to Fund assets attributable to shares held by financial intermediaries in omnibus accounts, the Fund may pay a fee in respect of the provision of sub-transfer and related services to beneficial owners in omnibus accounts maintained by such financial intermediaries with the Fund (Omnibus Account Fees). Other Expenses for Institutional Class shares have been restated to reflect Omnibus Account Fees, which are based on estimated amounts for the current fiscal year. With respect to Fund assets attributable to shares held by financial intermediaries in omnibus accounts, the Fund may pay a fee in respect of the provision of sub-transfer and related services to beneficial owners in omnibus accounts maintained by such financial intermediaries with the Fund (Omnibus Account Fees). The Fund's investment adviser has contractually agreed in the investment advisory agreement to waive its advisory fee to the extent necessary to insure that Net Expenses (excluding dividends on short positions and Acquired Fund Fees and Expenses) do not exceed 1.60% of the average daily net assets of the Fund. The investment advisory agreement may be terminated by the Fund or the Fund's investment adviser for any reason upon sixty days' prior written notice, but is expected to continue indefinitely. In any of the following three fiscal years, the Fund's investment adviser may recover waived fees, but in no event may the Fund's expenses exceed the expense limitation above. The Fund's investment adviser has contractually agreed in the investment advisory agreement to waive its advisory fee to the extent necessary to insure that Net Expenses (excluding dividends on short positions and Acquired Fund Fees and Expenses) do not exceed 1.85% of the average daily net assets of the Fund (in determining the 1.85% expense limitation, the expenses and the assets of the share classes are combined). The investment advisory agreement may be terminated by the Fund or the Fund's investment adviser for any reason upon sixty days' prior written notice, but is expected to continue indefinitely. In any of the following three fiscal years, the Fund's investment adviser may recover waived fees, but in no event may the Fund's expenses exceed the expense limitation above. Includes Acquired Fund Fees and Expenses that did not exceed 0.01%. Acquired Fund Fees and Expenses are not directly borne by the Fund, and they are not reflected in the Fund's financial statements, with the result that the information presented in the expense table may differ from that presented in the financial highlights. 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</p> </td> <td width="5%" valign="top"> <p align="justify"> &#160; </p> </td> <td width="90%" valign="top"> <p align="justify"> &#160; </p> </td> </tr> <tr> <td valign="top"> <p align="justify"> <font size="1">&#160;</font> </p> </td> <td valign="top"> <p> <font size="2" style="font-family: wingdings;">&#216;</font> </p> </td> <td valign="top"> <p align="justify"> <font size="2">Aggressive stocks or defensive stocks;</font> </p> </td> </tr> <tr> <td valign="top"> <p align="justify"> <font size="1">&#160;</font> </p> </td> <td valign="top"> <p align="justify"> <font size="1">&#160;</font> </p> </td> <td valign="top"> <p align="justify"> <font size="1">&#160;</font> </p> </td> </tr> <tr> <td valign="top"> <p align="justify"> <font size="1">&#160;</font> </p> </td> <td valign="top"> <p> <font size="2" style="font-family: wingdings;">&#216;</font> </p> </td> <td valign="top"> <p align="justify"> <font size="2">Stocks in any industry or sector;</font> </p> </td> </tr> <tr> <td valign="top"> <p align="justify"> <font size="1">&#160;</font> </p> </td> <td valign="top"> <p align="justify"> <font size="1">&#160;</font> </p> </td> <td valign="top"> <p align="justify"> <font size="1">&#160;</font> </p> </td> </tr> <tr> <td valign="top"> <p align="justify"> <font size="1">&#160;</font> </p> </td> <td valign="top"> <p> <font size="2" style="font-family: wingdings;">&#216;</font> </p> </td> <td valign="top"> <p align="justify"> <font size="2">Equity mutual funds and exchange-traded funds;</font> </p> </td> </tr> <tr> <td valign="top"> <p align="justify"> <font size="1">&#160;</font> </p> </td> <td valign="top"> <p align="justify"> <font size="1">&#160;</font> </p> </td> <td valign="top"> <p align="justify"> <font size="1">&#160;</font> </p> </td> </tr> <tr> <td valign="top"> <p align="justify"> <font size="1">&#160;</font> </p> </td> <td valign="top"> <p> <font size="2" style="font-family: wingdings;">&#216;</font> </p> </td> <td valign="top"> <p align="justify"> <font size="2">Common stocks of foreign issuers; and</font> </p> </td> </tr> <tr> <td valign="top"> <p align="justify"> <font size="1">&#160;</font> </p> </td> <td valign="top"> <p align="justify"> <font size="1">&#160;</font> </p> </td> <td valign="top"> <p align="justify"> <font size="1">&#160;</font> </p> </td> </tr> <tr> <td valign="top"> <p align="justify"> <font size="1">&#160;</font> </p> </td> <td valign="top"> <p> <font size="2" style="font-family: wingdings;">&#216;</font> </p> </td> <td valign="top"> <p align="justify"> <font size="2">Options.</font> </p> </td> </tr> </table> <br/><p align="justify"> <font size="2">In investing in equity securities and debt securities, the Fund uses a disciplined, unemotional, quantitative investment approach that is based on the belief investors can achieve superior investment performance through group selection (Select Industries Strategy).</font> </p> <br/><p align="justify"> <font size="2">Pursuant to the Select Industries Strategy, the Adviser believes that as shifts among industry groups in the equity market have become more dramatic, group selection has become as important as individual stock selection in determining investment performance. The Adviser considers a group to be a collection of stocks whose investment performance tends to be similarly influenced by a variety of factors. The Adviser currently monitors about 120 groups. The major types of groups the Adviser monitors as part of the Select Industries Strategy are Industry Specific Groups comprised of narrower themes. Examples include &#8220;Airlines,&#8221; &#8220;Health Care Facilities&#8221; or &#8220;Semiconductors&#8221;.</font> </p> <br/><p align="justify"> <font size="2">The Adviser continuously updates its investment discipline and adjusts the Fund&#8217;s portfolio as necessary to keep the Fund invested in stocks in those groups which the Adviser believes are the most attractive. Such adjustments usually results in high portfolio turnover.</font> </p> <br/><p align="justify"> <font size="2">The Fund&#8217;s investments in bonds and other debt securities normally will consist of U.S. Treasury Notes and Bonds, although the Fund may also invest in investment grade corporate debt securities, high yield securities commonly known as &#8220;junk bonds,&#8221; and debt securities of foreign issuers. The Funds may also invest in mutual funds and exchange-traded funds that invest in high yield securities.</font> </p> <br/><p align="justify"> <font size="2">The Fund may engage in short sales of index-related and other equity securities to reduce its equity exposure or to profit from an anticipated decline in the price of the security sold short.</font> </p> <br/><p align="justify"> <font size="2">The Fund&#8217;s investments are allocated among the three asset classes as follows: first, the Adviser analyzes the U.S. Government bond market with the goal of determining the risks and returns that U.S. Treasury securities present over the next one to five years; next, the Adviser assesses the probability that common stocks as an asset class will perform better than U.S. Treasury securities; and finally, the Adviser implements the asset allocation strategy.</font> </p> Performance Information <p align="justify"> <font size="2">The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how its average annual returns over various periods compare to a broad measure of market performance. Please remember that the Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of its future performance. It may perform better or worse in the future.</font> </p> Leuthold Core Investment Fund Total Return of the Retail Shares (per calendar year) 0.4718 0.0826 0.1458 0.1221 0.1900 -0.2744 0.2749 0.0353 -0.0534 0.0832 ~ http://usbank.com/20130131/role/ScheduleAnnualTotalReturnsBarChart20004 column dei_LegalEntityAxis compact ck0001000351_S000000847Member row primary compact * ~ highest total return 0.1663 2003-06-30 lowest total return -0.1471 2008-12-31 <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr style="FONT-SIZE:1PX"> <td width="20%" valign="top" style="BORDER-BOTTOM:SOLID BLACK 1PX"> <p> &#160; </p> </td> <td width="80%" valign="top"> <p> &#160; </p> </td> </tr> <tr> <td colspan="2" valign="top"> <p align="justify"> <font size="1"><i>Note: During the ten year period shown on the bar chart, the Fund&#8217;s highest total return for a quarter was 16.63% (quarter ended June 30, 2003) and the lowest total return for a quarter was -14.71% (quarter ended December 31, 2008).</i></font> </p> </td> </tr> </table> 0.0832 -0.0036 0.0912 0.0788 -0.0062 0.0822 0.0568 -0.0040 0.0778 0.0844 -0.0026 0.0365 0.1600 0.0166 0.0710 0.0378 0.1334 0.0272 0.0731 0.0464 2006-01-31 2006-01-31 2006-01-31 ~ http://usbank.com/20130131/role/ScheduleAverageAnnualReturnsTransposed20005 column dei_LegalEntityAxis compact ck0001000351_S000000847Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr style="FONT-SIZE:1PX"> <td width="30%" valign="top" style="BORDER-BOTTOM:SOLID BLACK 1PX"> <p> &#160; </p> </td> <td width="70%" valign="top"> <p> &#160; </p> </td> </tr> <tr> <td colspan="2" valign="top"> <p align="justify"> <font size="2"><i>The inception date for Institutional Shares is January 31, 2006.</i></font> </p> </td> </tr> <tr> <td colspan="2" valign="top"> <p align="justify"> <font size="1">&#160;</font> </p> </td> </tr> <tr> <td colspan="2" valign="top"> <p align="justify"> <font size="2"><i>The after-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. The Fund&#8217;s return after taxes on distributions and sale of Fund shares may be higher than its return before taxes and after taxes on distributions because it may include a tax benefit resulting from the capital losses that would have been incurred.</i></font> </p> </td> </tr> </table> The after-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how its average annual returns over various periods compare to a broad measure of market performance. Please remember that the Fund's past performance (before and after taxes) is not necessarily an indication of its future performance. The Fund's return after taxes on distributions and sale of Fund shares may be higher than its return before taxes and after taxes on distributions because it may include a tax benefit resulting from the capital losses that would have been incurred. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Average Annual Total Returns (for the periods ended December 31, 2012 ) Investment Objective <p align="justify"> <font size="2">Leuthold Core Investment Fund seeks capital appreciation and income (or &#8220;total return&#8221;) in amounts attainable by assuming only prudent investment risk over the long term.</font> </p> Principal Risks of Investing in the Fund <p align="justify"> <font size="2">Investors in the Fund may lose money. The principal risks of investing in the Fund, including the risks to which the Fund&#8217;s portfolio as a whole is subject and the circumstances reasonably likely to affect adversely the Fund&#8217;s performance, are summarized below.</font> </p> <br/><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"> <tr style="font-size: 1PX;"> <td valign="top" width="5%"> <p> &#160; </p> </td> <td valign="top" width="5%"> <p> &#160; </p> </td> <td valign="top" width="90%"> <p align="justify"> &#160; </p> </td> </tr> <tr> <td valign="top"> <p> <font style="font-size: xx-small;">&#160;</font> </p> </td> <td valign="top"> <p> <font style="font-family: wingdings; font-size: small;">&#216;</font> </p> </td> <td valign="top"> <p align="justify"> <font size="2"><strong>Market Risk:</strong> The prices of the securities, particularly the common stocks, in which the Fund invests may decline for a number of reasons. 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Even if these issuers are able to make interest or principal payments, they may suffer adverse changes in financial condition that would lower the credit quality of the security, leading to greater volatility in the price of the security.</font><br /> </font> </p> </td> </tr> </table> <br/><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"> <tr style="font-size: 1PX;"> <td valign="top" width="5%"> <p> &#160; </p> </td> <td valign="top" width="5%"> <p> &#160; </p> </td> <td valign="top" width="90%"> <p align="justify"> &#160; </p> </td> </tr> <tr> <td valign="top"> <p> <font style="font-size: xx-small;">&#160;</font> </p> </td> <td valign="top"> <p> <font style="font-family: wingdings; font-size: small;">&#216;</font> </p> </td> <td valign="top"> <p align="justify"> <font size="2"><strong>Foreign Securities Risk:</strong> The securities of foreign issuers may be less liquid and more volatile than securities of comparable U.S. issuers. The costs associated with securities transactions are often higher in foreign countries than the U.S. The U.S. dollar value of foreign securities traded in foreign currencies (and any dividends and interest earned) held by the Fund or by mutual funds in which the Fund invests may be affected unfavorably by changes in foreign currency exchange rates. An increase in the U.S. dollar relative to these other currencies will adversely affect the Fund. Additionally, investments in foreign securities, even those publicly traded in the United States, may involve risks which are in addition to those inherent in domestic investments. Foreign companies may not be subject to the same regulatory requirements of U.S. companies, and as a consequence, there may be less publicly available information about such companies. Also, foreign companies may not be subject to uniform accounting, auditing, and financial reporting standards and requirements comparable to those applicable to U.S. companies. Foreign governments and foreign economies often are less stable than the U.S. g overnment and the U.S. economy.</font> </p> </td> </tr> <tr> <td valign="top"> <p> <font style="font-size: xx-small;">&#160;</font> </p> </td> <td valign="top"> <p> <font style="font-size: xx-small;">&#160;</font> </p> </td> <td valign="top"> <p align="justify"> <font style="font-size: xx-small;">&#160;</font> </p> </td> </tr> <tr> <td valign="top"> <p> <font style="font-size: xx-small;">&#160;</font> </p> </td> <td valign="top"> <p> <font style="font-family: wingdings; font-size: small;">&#216;</font> </p> </td> <td valign="top"> <p align="justify"> <font size="2"><strong>Short Sales Risk:</strong> The Fund will suffer a loss if it sells a security short and the value of the security rises rather than falls. It is possible that the Fund&#8217;s long positions will decline in value at the same time that the value of its short positions increase, thereby increasing potential losses to the Fund. Short sales expose the Fund to the risk that it will be <font size="2">required to buy the security sold short (also known as &#8220;covering&#8221; the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund. The Fund&#8217;s investment performance will also suffer if it is required to close out a short position earlier than it had intended. In addition, the Fund may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as costs of borrowing and margin account maintenance costs associated with the Fund&#8217;s open short positions. These expenses may negatively impact the performance of the Fund. Short positions introduce more risk to the Fund than long positions (purchases) because the maximum sustainable loss on a security purchased (held long) is limited to the amount paid for the security plus the transaction costs, whereas there is no maximum attainable price of the shorted security. Therefore, in theory, securities sold short have unlimited risk.</font><br /> </font> </p> </td> </tr> </table> <br/><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"> <tr style="font-size: 1PX;"> <td valign="top" width="5%"> <p> &#160; </p> </td> <td valign="top" width="5%"> <p> &#160; </p> </td> <td valign="top" width="90%"> <p align="justify"> &#160; </p> </td> </tr> <tr> <td valign="top"> <p> <font style="font-size: xx-small;">&#160;</font> </p> </td> <td valign="top"> <p> <font style="font-family: wingdings; font-size: small;">&#216;</font> </p> </td> <td valign="top"> <p align="justify"> <font size="2"><strong>High Portfolio Turnover Risk:</strong> The Fund&#8217;s annual portfolio turnover rate generally exceeds 100%. (Generally speaking, a turnover rate of 100% occurs when the Fund replaces securities valued at 100% of its average net assets within a one year period.) High portfolio turnover (100% or more) will result in the Fund incurring more transaction costs such as brokerage commissions or mark-ups or mark-downs. Payment of those transaction costs reduces total return. High portfolio turnover could result in the payment by the Fund&#8217;s shareholders of increased taxes on realized gains. Distributions to the Fund&#8217;s shareholders, to the extent they are short-term capital gains, will be taxed at ordinary income rates for federal income tax purposes, rather than at lower capital gains rates.</font> </p> <p align="justify"> <font style="font-size: xx-small;">&#160;</font> </p> </td> </tr> </table> <br/><table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr style="FONT-SIZE:1PX"> <td width="5%" valign="top"> <p> &#160; </p> </td> <td width="5%" valign="top"> <p> &#160; </p> </td> <td width="90%" valign="top"> <p align="justify"> &#160; </p> </td> </tr> <tr> <td valign="top"> <p> <font size="1">&#160;</font> </p> </td> <td valign="top"> <p> <font size="2" style="font-family: wingdings;">&#216;</font> </p> </td> <td valign="top"> <p align="justify"> <font size="2"><b>Asset Allocation Risk:</b> The Fund&#8217;s performance will also be affected by the Adviser&#8217;s ability to anticipate correctly the relative potential returns and risks of the asset classes in which the Fund invests. For example, the Fund&#8217;s relative investment performance would suffer if only a small portion of its assets were allocated to stocks during a significant stock market advance, and its absolute investment performance would suffer if a major portion of its assets were allocated to stocks during a market decline. Finally, since the Fund intends to assume only prudent investment risk, there will be periods in which the Fund underperforms mutual funds that are willing to assume greater risk.</font> </p> </td> </tr> <tr> <td valign="top"> <p> <font size="1">&#160;</font> </p> </td> <td valign="top"> <p> <font size="1">&#160;</font> </p> </td> <td valign="top"> <p align="justify"> <font size="1">&#160;</font> </p> </td> </tr> <tr> <td valign="top"> <p> <font size="1">&#160;</font> </p> </td> <td valign="top"> <p> <font size="2" style="font-family: wingdings;">&#216;</font> </p> </td> <td valign="top"> <p align="justify"> <font size="2"><b>Quantitative Investment Approach Risk:</b> The Fund utilizes a quantitative investment approach. While the Adviser continuously reviews and refines, if necessary, its investment approach, there may be market conditions where the quantitative investment approach performs poorly.</font> </p> </td> </tr> <tr> <td valign="top"> <p> <font size="1">&#160;</font> </p> </td> <td valign="top"> <p> <font size="1">&#160;</font> </p> </td> <td valign="top"> <p align="justify"> <font size="1">&#160;</font> </p> </td> </tr> <tr> <td valign="top" colspan="3"> <p align="justify"> <font size="2">As a result, the Fund is a suitable investment only for those investors who have medium to long-term investment goals. Prospective investors who are uncomfortable with an investment that may decrease in value should not invest in the Fund. The Adviser does not intend the Fund to be a fixed, balanced investment program. Rather, the Fund is intended to be a flexible core investment suitable for long-term investor s . Long-term investors may wish to supplement an investment in the Fund with other investments to satisfy their short-term financial needs and to diversify their exposure to various markets and asset classes.</font> </p> </td> </tr> </table> Investors in the Fund may lose money. Example <p align="justify"> <font size="2">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of these periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same.</font></p> 128 400 692 1523 120 375 649 1432 ~ http://usbank.com/20130131/role/ScheduleExpenseExampleTransposed20003 column dei_LegalEntityAxis compact ck0001000351_S000000847Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Portfolio Turnover <p align="justify"> <font size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 149.17 % of the average value of its portfolio.</font> </p> 1.4917 LEUTHOLD ASSET ALLOCATION FUND LAALX LAAIX Fund Fees and Expenses <p align="justify"> <font size="2">The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</font> </p> 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 -0.02 -0.02 0.02 0.02 0.0090 0.0090 0.0022 0.0000 0.0030 0.0037 0.0008 0.0008 0.0022 0.0029 0.0004 0.0004 0.0146 0.0131 ~ http://usbank.com/20130131/role/ScheduleShareholderFees20008 column dei_LegalEntityAxis compact ck0001000351_S000012965Member row primary compact * ~ ~ http://usbank.com/20130131/role/ScheduleAnnualFundOperatingExpenses20009 column dei_LegalEntityAxis compact ck0001000351_S000012965Member row primary compact * ~ Other Expenses for Institutional Class shares have been restated to reflect Omnibus Account Fees, which are based on estimated amounts for the current fiscal year. With respect to Fund assets attributable to shares held by financial intermediaries in omnibus accounts, the Fund may pay a fee in respect of the provision of sub-transfer and related services to beneficial owners in omnibus accounts maintained by such financial intermediaries with the Fund (Omnibus Account Fees). 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The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how its average annual returns over various periods compare to a broad measure of market performance. Please remember that the Fund's past performance (before and after taxes) is not necessarily an indication of its future performance. The Fund's return after taxes on distributions and sale of Fund shares may be higher than its return before taxes and after taxes on distributions because it may include a tax benefit resulting from the capital losses that would have been incurred. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. 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The principal risks of investing in the Fund, including the risks to which the Fund&#8217;s portfolio as a whole is subject and the circumstances reasonably likely to affect adversely the Fund &#8217; s performance, are summarized below.</font> </p> </td> </tr> <tr> <td valign="top"> <p> <font style="font-size: xx-small;">&#160;</font> </p> </td> <td valign="top"> <p> <font style="font-size: xx-small;">&#160;</font> </p> </td> <td valign="top"> <p align="justify"> <font style="font-size: xx-small;">&#160;</font> </p> </td> </tr> <tr> <td valign="top"> <p> <font style="font-size: xx-small;">&#160;</font> </p> </td> <td valign="top"> <p> <font style="font-family: WINGDINGS; font-size: small;">&#216;</font> </p> </td> <td valign="top"> <p align="justify"> <font size="2"><strong>Market Risk:</strong> The prices of the securities, particularly the common stocks, in which the Fund invests may decline for a number of reasons. 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While bonds and other debt securities normally fluctuate less in price than common stocks, there have been extended periods of increases in interest rates that have caused significant declines in bond prices.</font> </p> </td> </tr> <tr> <td valign="top"> <p> <font style="font-size: xx-small;">&#160;</font> </p> </td> <td valign="top"> <p> <font style="font-size: xx-small;">&#160;</font> </p> </td> <td valign="top"> <p align="justify"> <font style="font-size: xx-small;">&#160;</font> </p> </td> </tr> <tr> <td valign="top"> <p> <font style="font-size: xx-small;">&#160;</font> </p> </td> <td valign="top"> <p> <font style="font-family: WINGDINGS; font-size: small;">&#216;</font> </p> </td> <td valign="top"> <p align="justify"> <font size="2"><strong>Credit Risk:</strong> The issuers of the bonds and other debt securities held by the Fund or by the mutual funds in which the Fund invests may not be able to make interest or principal payments. Even if these issuers are able to make interest or principal payments, they may suffer adverse changes in financial condition that would lower the credit quality of the security, leading to greater volatility in the price of the security.</font> </p> </td> </tr> <tr> <td valign="top"> <p> <font style="font-size: xx-small;">&#160;</font> </p> </td> <td valign="top"> <p> <font style="font-size: xx-small;">&#160;</font> </p> </td> <td valign="top"> <p align="justify"> <font style="font-size: xx-small;">&#160;</font> </p> </td> </tr> <tr> <td valign="top"> <p> <font style="font-size: xx-small;">&#160;</font> </p> </td> <td valign="top"> <p> <font style="font-family: WINGDINGS; font-size: small;">&#216;</font> </p> </td> <td valign="top"> <p align="justify"> <font size="2"><strong>Foreign Securities Risk:</strong> The securities of foreign issuers may be less liquid and more volatile than securities of comparable U.S. issuers. The costs associated with securities transactions are often higher in foreign countries than the U.S. The U.S. dollar value of foreign securities traded in foreign currencies (and any dividends and interest earned) held by the Fund or by mutual funds <font size="2">in which the Fund invests may be affected unfavorably by changes in foreign currency exchange rates. An increase in the U.S. dollar relative to these other currencies will adversely affect the Fund. Additionally, investments in foreign securities, even those publicly traded in the United States, may involve risks which are in addition to those inherent in domestic investments. Foreign companies may not be subject to the same regulatory requirements of U.S. companies, and as a consequence, there may be less publicly available information about such companies. Also, foreign companies may not be subject to uniform accounting, auditing, and financial reporting standards and requirements comparable to those applicable to U.S. companies. Foreign governments and foreign economies often are less stable than the U.S. g overnment and the U.S. economy.</font><br /> </font> </p> </td> </tr> </table> <br/><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"> <tr style="font-size: 1PX;"> <td valign="top" width="5%"> <p> &#160; </p> </td> <td valign="top" width="5%"> <p> &#160; </p> </td> <td valign="top" width="90%"> <p align="justify"> &#160; </p> </td> </tr> <tr> <td valign="top"> <p> <font style="font-size: xx-small;">&#160;</font> </p> </td> <td valign="top"> <p> <font style="font-family: WINGDINGS; font-size: small;">&#216;</font> </p> </td> <td valign="top"> <p align="justify"> <font size="2"><strong>Short Sales Risk:</strong> The Fund will suffer a loss if it sells a security short and the value of the security rises rather than falls. It is possible that the Fund&#8217;s long positions will decline in value at the same time that the value of its short positions increase, thereby increasing potential losses to the Fund. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as &#8220;covering&#8221; the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund. The Fund&#8217;s investment performance will also suffer if it is required to close out a short position earlier than it had intended. In addition, the Fund may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as costs of borrowing and margin account maintenance costs associated with the Fund&#8217;s open short positions. These expenses may negatively <font size="2">impact the performance of the Fund. Short positions introduce more risk to the Fund than long positions (purchases) because the maximum sustainable loss on a security purchased (held long) is limited to the amount paid for the security plus the transaction costs, whereas there is no maximum attainable price of the shorted security. Therefore, in theory, securities sold short have unlimited risk.</font><br /> </font> </p> </td> </tr> </table> <br/><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"> <tr style="font-size: 1PX;"> <td valign="top" width="5%"> <p> &#160; </p> </td> <td valign="top" width="5%"> <p> &#160; </p> </td> <td valign="top" width="90%"> <p> &#160; </p> </td> </tr> <tr> <td valign="top"> <p> <font style="font-size: xx-small;">&#160;</font> </p> </td> <td valign="top"> <p> <font style="font-family: WINGDINGS; font-size: small;">&#216;</font> </p> </td> <td valign="top"> <p align="justify"> <font size="2"><strong>Real Estate Securities Risk:</strong> 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 valign="top"> <p> <font style="font-size: xx-small;">&#160;</font> </p> </td> <td valign="top"> <p> <font style="font-size: xx-small;">&#160;</font> </p> </td> <td valign="top"> <p> <font style="font-size: xx-small;">&#160;</font> </p> </td> </tr> <tr> <td valign="top"> <p> <font style="font-size: xx-small;">&#160;</font> </p> </td> <td valign="top"> <p> <font style="font-family: WINGDINGS; font-size: small;">&#216;</font> </p> </td> <td valign="top"> <p align="justify"> <font size="2"><strong>Commodities Risk:</strong> 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 <font size="2">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&#8217; expectations of interest rates; inflation rates and investors&#8217; expectations of inflation rates; the investment and trading activities of commodity futures contracts; political, economic, or financial events, both globally and regionally.</font><br /> </font> </p> </td> </tr> </table> <br/><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"> <tr style="font-size: 1PX;"> <td valign="top" width="5%"> <p> &#160; </p> </td> <td valign="top" width="5%"> <p> &#160; </p> </td> <td valign="top" width="90%"> <p align="justify"> &#160; </p> </td> </tr> <tr> <td valign="top"> <p> <font style="font-size: xx-small;">&#160;</font> </p> </td> <td valign="top"> <p> <font style="font-family: WINGDINGS; font-size: small;">&#216;</font> </p> </td> <td valign="top"> <p align="justify"> <font size="2"><strong>High Portfolio Turnover Risk:</strong> The Fund&#8217;s annual portfolio turnover rate generally exceeds 100%. (Generally speaking, a turnover rate of 100% occurs when the Fund replaces securities valued at 100% of its average net assets within a one year period.) High portfolio turnover (100% or more) will result in the Fund incurring more transaction costs such as brokerage commissions or mark-ups or mark-downs. Payment of those transaction costs reduces total return. High portfolio turnover could result in the payment by the Fund&#8217;s shareholders of increased taxes on realized gains. Distributions to the Fund&#8217;s shareholders to the extent they are short-term capital gains, will be taxed at ordinary income rates for federal income tax purposes, rather than at lower capital gains rates.</font> </p> </td> </tr> <tr> <td valign="top"> <p> <font style="font-size: xx-small;">&#160;</font> </p> </td> <td valign="top"> <p> <font style="font-size: xx-small;">&#160;</font> </p> </td> <td valign="top"> <p align="justify"> <font style="font-size: xx-small;">&#160;</font> </p> </td> </tr> <tr> <td valign="top"> <p> <font style="font-size: xx-small;">&#160;</font> </p> </td> <td valign="top"> <p> <font style="font-family: WINGDINGS; font-size: small;">&#216;</font> </p> </td> <td valign="top"> <p align="justify"> <font size="2"><strong>Asset Allocation Risk:</strong> The Fund&#8217;s performance will also be affected by the Adviser&#8217;s ability to anticipate correctly the relative potential returns and risks of the asset classes in which the Fund invests. For example, the Fund &#8217; s relative investment <font size="2">performance would suffer if only a small portion of its assets were allocated to stocks during a significant stock market advance, and its absolute investment performance would suffer if a major portion of its assets were allocated to stocks during a market decline. Finally, since the Fund intends to assume only prudent investment risk, there will be periods in which the Fund underperforms mutual funds that are willing to assume greater risk.</font><br /> </font> </p> </td> </tr> </table> <br/><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"> <tr style="font-size: 1PX;"> <td valign="top" width="5%"> <p> &#160; </p> </td> <td valign="top" width="5%"> <p> &#160; </p> </td> <td valign="top" width="90%"> <p align="justify"> &#160; </p> </td> </tr> <tr> <td valign="top"> <p> <font style="font-size: xx-small;">&#160;</font> </p> </td> <td valign="top"> <p> <font style="font-family: WINGDINGS; font-size: small;">&#216;</font> </p> </td> <td valign="top"> <p align="justify"> <font size="2"><strong>Quantitative Investment Approach Risk:</strong> The Fund utilizes a quantitative investment approach. While the Adviser continuously reviews and refines, if necessary, its investment approach, there may be market conditions where the quantitative investment approach performs poorly.</font> </p> </td> </tr> <tr> <td valign="top"> <p> <font style="font-size: xx-small;">&#160;</font> </p> </td> <td valign="top"> <p> <font style="font-size: xx-small;">&#160;</font> </p> </td> <td valign="top"> <p align="justify"> <font style="font-size: xx-small;">&#160;</font> </p> </td> </tr> <tr> <td colspan="3" valign="top"> <p align="justify"> <font size="2">As a result, the Fund is a suitable investment only for those investors who have medium to long-term investment goals. Prospective investors who are uncomfortable with an investment that may decrease in value should not invest in the Fund. The Adviser does not intend the Fund to be a fixed, balanced investment program. Rather, the Fund is intended to be a flexible core investment suitable for long-term investor s . Long-term investors may wish to supplement an investment in the Fund with other investments to satisfy their short-term financial needs and to diversify their exposure to various markets and asset classes.</font> </p> </td> </tr> <tr> <td valign="top"> <p> <font style="font-size: xx-small;">&#160;</font> </p> </td> <td valign="top"> <p> <font style="font-size: xx-small;">&#160;</font> </p> </td> <td valign="top"> <p align="justify"> <font style="font-size: xx-small;">&#160;</font> </p> </td> </tr> </table> Investors in the Fund may lose money. Example <p align="justify"> <font size="2">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</font> </p> <br/><p align="justify"> <font size="2">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of these periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same.</font></p> 149 462 797 1746 133 415 718 1579 ~ http://usbank.com/20130131/role/ScheduleExpenseExampleTransposed20010 column dei_LegalEntityAxis compact ck0001000351_S000012965Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions your costs would be: Portfolio Turnover <p align="justify"> <font size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund &#8217; s portfolio turnover rate was 133.11 % of the average value of its portfolio.</font> </p> 1.3311 Leuthold Global Fund GLBLX GLBIX Fund Fees and Expenses <p align="justify"> <font size="2">The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</font> </p> 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 -0.02 -0.02 0.02 0.02 0.0110 0.0110 0.0021 0.0000 0.0026 0.0032 0.0005 0.0005 0.0021 0.0027 0.0004 0.0004 0.0161 0.0146 ~ http://usbank.com/20130131/role/ScheduleShareholderFees20015 column dei_LegalEntityAxis compact ck0001000351_S000020808Member row primary compact * ~ ~ http://usbank.com/20130131/role/ScheduleAnnualFundOperatingExpenses20016 column dei_LegalEntityAxis compact ck0001000351_S000020808Member row primary compact * ~ Other Expenses for Institutional Class shares have been restated to reflect Omnibus Account Fees, which are based on estimated amounts for the current fiscal year. With respect to Fund assets attributable to shares held by financial intermediaries in omnibus accounts, the Fund may pay a fee in respect of the provision of sub-transfer and related services to beneficial owners in omnibus accounts maintained by such financial intermediaries with the Fund (Omnibus Account Fees). Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Acquired Fund Fees and Expenses are not directly borne by the Fund, and they are not reflected in the Fund's financial statements, with the result that the information presented in the expense table may differ from that presented in the financial highlights. Shareholder Fees (fees paid directly from your investment) Principal Investment Strategies of the Fund <p align="justify"> <font size="2">Leuthold Global Fund is a &#8220;flexible&#8221; fund, meaning that it allocates its investments among:</font> </p> <br/><table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr style="FONT-SIZE:1PX"> <td width="5%" valign="top"> <p align="justify"> &#160; </p> </td> <td width="5%" valign="top"> <p align="justify"> &#160; </p> </td> <td width="90%" valign="top"> <p align="justify"> &#160; </p> </td> </tr> <tr> <td valign="top"> <p align="justify"> <font size="1">&#160;</font> </p> </td> <td valign="top"> <p> <font size="2" style="font-family: wingdings;">&#216;</font> </p> </td> <td valign="top"> <p align="justify"> <font size="2">Common stocks and other equity securities (including common stocks, preferred stocks, convertible preferred stocks, warrants, options and American Depository Receipts, and may engage in short sales of equity securities);</font> </p> </td> </tr> <tr> <td valign="top"> <p align="justify"> <font size="1">&#160;</font> </p> </td> <td valign="top"> <p align="justify"> <font size="1">&#160;</font> </p> </td> <td valign="top"> <p align="justify"> <font size="1">&#160;</font> </p> </td> </tr> <tr> <td valign="top"> <p align="justify"> <font size="1">&#160;</font> </p> </td> <td valign="top"> <p> <font size="2" style="font-family: wingdings;">&#216;</font> </p> </td> <td valign="top"> <p align="justify"> <font size="2">Bonds and other debt securities (including U.S. Treasury Notes and Bonds, investment grade corporate debt securities, convertible debt securities and debt securities below investment grade); and</font> </p> </td> </tr> <tr> <td valign="top"> <p align="justify"> <font size="1">&#160;</font> </p> </td> <td valign="top"> <p align="justify"> <font size="1">&#160;</font> </p> </td> <td valign="top"> <p align="justify"> <font size="1">&#160;</font> </p> </td> </tr> <tr> <td valign="top"> <p align="justify"> <font size="1">&#160;</font> </p> </td> <td valign="top"> <p> <font size="2" style="font-family: wingdings;">&#216;</font> </p> </td> <td valign="top"> <p align="justify"> <font size="2">Money market instruments from around the world ;</font> </p> </td> </tr> </table> <br/><p align="justify"> <font size="2">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.</font> </p> <br/><p align="justify"> <font size="2">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. 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Such adjustments may result in high portfolio turnover.</font> </p> <br/><p align="justify"> <font size="2">The Fund may invest in investment grade corporate debt securities of companies in the United States, high yield securities commonly known as &#8220;junk bonds,&#8221; investment grade corporate debt securities of companies in other industrialized nations and <font size="2">emerging markets, and in debt securities issued by the United States government and foreign governments. The Fund may also invest in mutual funds and exchange-traded funds that invest in high yield securities.</font><br /> </font> </p> <br/><p align="justify"> <font size="2">The Fund may engage in short sales of index-related and other equity securities to reduce its equity exposure or to profit from an anticipated decline in the price of the security sold short.</font> </p> Performance Information <p align="justify"> <font size="2">The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how its average annual returns over various periods compare to a broad measure of market performance. Please remember that the Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of its future performance. It may perform better or worse in the future.</font> </p> Leuthold Global Fund Total Return of the Retail Shares (per calendar year) 0.3172 0.1538 -0.0744 0.1087 ~ http://usbank.com/20130131/role/ScheduleAnnualTotalReturnsBarChart20018 column dei_LegalEntityAxis compact ck0001000351_S000020808Member row primary compact * ~ highest total return 0.1661 2009-06-30 lowest return -0.1311 2011-09-30 <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr style="FONT-SIZE:1PX"> <td width="20%" valign="top" style="BORDER-BOTTOM:SOLID BLACK 1PX"> <p> &#160; </p> </td> <td width="80%" valign="top"> <p> &#160; </p> </td> </tr> <tr> <td colspan="2" valign="top"> <p align="justify"> <font size="2"><i>Note: During the three year period shown on the bar chart, the Fund&#8217;s highest total return for a quarter was 16.61% (quarter ended June 30, 2009) and the lowest return for a quarter was -13.11% (quarter ended September 30,2011).</i></font> </p> </td> </tr> </table> 0.1087 0.0350 0.1065 0.0309 0.0734 0.0291 0.1110 0.0335 0.1600 0.0467 0.1600 0.0291 0.1680 0.0196 0.1680 0.0023 0.1228 0.0204 0.1228 0.0090 2008-04-30 2008-04-30 2008-07-01 2008-04-30 2008-07-01 2008-07-01 2008-07-01 2008-04-30 ~ http://usbank.com/20130131/role/ScheduleAverageAnnualReturnsTransposed20019 column dei_LegalEntityAxis compact ck0001000351_S000020808Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"> <tr style="font-size: 1PX;"> <td valign="top" width="30%"> <p> &#160; </p> </td> <td valign="top" width="70%"> <p> &#160; </p> </td> </tr> <tr> <td style="border-bottom: SOLID BLACK 1PX;" valign="top"> <p> &#160; </p> </td> <td valign="top"> <p> <font style="font-size: xx-small;">&#160;</font> </p> </td> </tr> <tr> <td colspan="2" valign="top"> <p align="justify"> <font style="font-size: xx-small;"><em>The inception date for Retail Shares is July 1, 2008. The inception date for Institutional Shares is April 30, 2008.</em></font> </p> </td> </tr> <tr> <td colspan="2" valign="top"> <p align="justify"> <font style="font-size: xx-small;">&#160;</font> </p> </td> </tr> <tr> <td colspan="2" valign="top"> <p align="justify"> <font style="font-size: xx-small;"><em>The after-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their <font style="font-size: xx-small;"><em>Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. The Fund&#8217;s return after taxes on distributions and sale of Fund shares may be higher than its return before taxes and after taxes on distributions because it may include a tax benefit resulting from the capital losses that would have been incurred.</em></font><br /> </em></font> </p> </td> </tr> </table> The after-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how its average annual returns over various periods compare to a broad measure of market performance. Please remember that the Fund's past performance (before and after taxes) is not necessarily an indication of its future performance. The Fund's return after taxes on distributions and sale of Fund shares may be higher than its return before taxes and after taxes on distributions because it may include a tax benefit resulting from the capital losses that would have been incurred. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Average Annual Total Returns (for the periods ended December 31, 2012 ) Investment Objective <p align="justify"> <font size="2">Leuthold Global Fund seeks capital appreciation and income (or &#8220;total return&#8221;) in amounts attainable by assuming only prudent investment risk over the long term.</font> </p> Principal Risks of Investing in the Fund <p align="justify"> <font size="2">Investors in the Fund may lose money. 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The costs associated with securities transactions are often higher in foreign countries than the U.S. The U.S. dollar value of foreign securities traded in foreign currencies (and any dividends and interest earned) held by the Fund or by mutual funds in which the Fund invests may be affected unfavorably by changes in foreign currency exchange rates. An increase in the U.S. dollar relative to these other currencies will adversely affect the Fund. Additionally, investments in foreign securities, even those publicly traded in the United States, may involve risks which are in addition to those inherent in domestic investments. Foreign companies may not be subject to the same regulatory requirements of U.S. companies, and as a consequence, there may be less publicly available information about such companies. Also, foreign companies may not be subject to uniform accounting, auditing, and financial reporting standards and requirements comparable to those applicable to U.S. companies. Foreign governments and foreign economies often are less stable than the U.S. g overnment and the U.S. economy.</font> </p> </td> </tr> <tr> <td valign="top"> <p> <font style="font-size: xx-small;">&#160;</font> </p> </td> <td valign="top"> <p> <font style="font-size: xx-small;">&#160;</font> </p> </td> <td valign="top"> <p align="justify"> <font style="font-size: xx-small;">&#160;</font> </p> </td> </tr> <tr> <td valign="top"> <p> <font style="font-size: xx-small;">&#160;</font> </p> </td> <td valign="top"> <p> <font style="font-family: wingdings; font-size: small;">&#216;</font> </p> </td> <td valign="top"> <p align="justify"> <font size="2"><strong>Short Sales Risk:</strong> The Fund will suffer a loss if it sells a security short and the value of the security rises rather than falls. It is possible that the Fund&#8217;s long positions will decline in value at the same time that the value of its short positions increase, thereby increasing potential losses to the Fund. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as &#8220;covering&#8221; the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund. The Fund&#8217;s investment performance will also suffer if it is required to close out a short <font size="2">position earlier than it had intended. In addition, the Fund may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as costs of borrowing and margin account maintenance costs associated with the Fund&#8217;s open short positions. These expenses may negatively impact the performance of the Fund. Short positions introduce more risk to the Fund than long positions (purchases) because the maximum sustainable loss on a security purchased (held long) is limited to the amount paid for the security plus the transaction costs, whereas there is no maximum attainable price of the shorted security. 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High portfolio turnover (100% or more) will result in the Fund incurring more transaction costs such as brokerage commissions or mark-ups or mark-downs. Payment of those transaction costs reduces total return. High portfolio turnover could result in the payment by the Fund&#8217;s shareholders of increased taxes on realized gains. Distributions to the Fund&#8217;s shareholders, to the extent they are short-term capital gains, will be taxed at ordinary income rates for federal income tax purposes, rather than at lower capital gains rates.</font> </p> </td> </tr> <tr> <td valign="top"> <p> <font style="font-size: xx-small;">&#160;</font> </p> </td> <td valign="top"> <p> <font style="font-size: xx-small;">&#160;</font> </p> </td> <td valign="top"> <p align="justify"> <font style="font-size: xx-small;">&#160;</font> </p> </td> </tr> <tr> <td valign="top"> <p> <font style="font-size: xx-small;">&#160;</font> </p> </td> <td valign="top"> <p> <font style="font-family: wingdings; font-size: small;">&#216;</font> </p> </td> <td valign="top"> <p align="justify"> <font size="2"><strong>Asset Allocation Risk:</strong> The Fund&#8217;s performance will also be affected by the Adviser&#8217;s ability to anticipate correctly the relative potential returns and risks of the asset classes in which the Fund invests. For example, the Fund&#8217;s relative investment <font size="2">performance would suffer if only a small portion of its assets were allocated to stocks during a significant stock market advance, and its absolute investment performance would suffer if a major portion of its assets were allocated to stocks during a market decline. Finally, since the Fund intends to assume only prudent investment risk, there will be periods in which the Fund underperforms mutual funds that are willing to assume greater risk.</font><br /> </font> </p> </td> </tr> </table> <br/><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"> <tr style="font-size: 1PX;"> <td valign="top" width="5%"> <p> &#160; </p> </td> <td valign="top" width="5%"> <p> &#160; </p> </td> <td valign="top" width="90%"> <p align="justify"> &#160; </p> </td> </tr> <tr> <td valign="top"> <p> <font style="font-size: xx-small;">&#160;</font> </p> </td> <td valign="top"> <p> <font style="font-family: wingdings; font-size: small;">&#216;</font> </p> </td> <td valign="top"> <p align="justify"> <font size="2"><strong>Quantitative Investment Approach Risk:</strong> The Fund utilizes a quantitative investment approach. While the Adviser continuously reviews and refines, if necessary, its investment approach, there may be market conditions where the quantitative investment approach performs poorly.</font> </p> </td> </tr> </table> <br/><p align="justify"> <font size="2">As a result, the Fund is a suitable investment only for those investors who have medium to long-term investment goals. Prospective investors who are uncomfortable with an investment that may decrease in value should not invest in the Fund. The Adviser does not intend the Fund to be a fixed, balanced investment program. Rather, the Fund is intended to be a flexible core investment suitable for long-term investor s . Long-term investors may wish to supplement an investment in the Fund with other investments to satisfy their short-term financial needs and to diversify their exposure to various markets and asset classes.</font> </p> Investors in the Fund may lose money. Example <p align="justify"> <font size="2">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</font> </p> <br/><p align="justify"> <font size="2">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of these periods. 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During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 127.41 % of the average value of its portfolio.</font> </p> 1.2741 LEUTHOLD SELECT INDUSTRIES FUND LSLTX Fund Fees and Expenses <p align="justify"> <font size="2">The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</font> </p> 0.0000 0.0000 0.0000 0.0000 0.0000 0.0100 0.0000 0.0071 0.0007 0.0064 0.0171 -0.0011 0.0160 ~ http://usbank.com/20130131/role/ScheduleShareholderFees20022 column dei_LegalEntityAxis compact ck0001000351_S000000848Member row primary compact * ~ ~ http://usbank.com/20130131/role/ScheduleAnnualFundOperatingExpenses20023 column dei_LegalEntityAxis compact ck0001000351_S000000848Member row primary compact * ~ Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Shareholder Fees (fees paid directly from your investment) Principal Investment Strategies of the Fund <p align="justify"> <font size="2">The Fund seeks capital appreciation by investing substantially all of its assets in equity securities traded in the U.S. securities markets (including common stocks, preferred stocks, convertible preferred stocks, warrants, options and American Depository Receipts). The Fund invests in companies of all sizes and industries as well as in &#8220;growth&#8221; stocks and &#8220;value&#8221; stocks. In investing in equity securities, the Fund uses a disciplined, unemotional, quantitative investment approach that is based on the belief investors can achieve superior investment performance through group selection (Select Industries Strategy).</font> </p> <br/><p align="justify"> <font size="2">Pursuant to the Select Industries Strategy, Leuthold Weeden Capital Management (referred to as the Adviser) believes that as shifts among industry groups in the equity market have become more dramatic, group selection has become as important as <font size="2">individual stock selection in determining investment performance. The Adviser considers a group to be a collection of stocks whose investment performance tends to be similarly influenced by a variety of factors. The Adviser currently monitors about 120 groups. 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Please remember that the Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of its future performance. It may perform better or worse in the future.</font> </p> Leuthold Select Industries Fund Total Return (per calendar year) 0.5542 0.1094 0.2481 0.1262 0.2074 -0.3467 0.1882 0.0059 -0.0650 0.1192 ~ http://usbank.com/20130131/role/ScheduleAnnualTotalReturnsBarChart20025 column dei_LegalEntityAxis compact ck0001000351_S000000848Member row primary compact * ~ highest total return 0.2058 2003-06-30 lowest total return -0.2351 2011-09-30 <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr style="FONT-SIZE:5PX"> <td width="30%" valign="top"> <p> &#160; </p> </td> <td width="80%" valign="top"> <p> &#160; </p> </td> </tr> <tr> <td valign="top" style="BORDER-BOTTOM:SOLID BLACK 1PX"> <p> <font size="1"><i>&#160;</i></font> </p> </td> <td valign="top"> <p> <font size="1">&#160;</font> </p> </td> </tr> <tr> <td colspan="2" valign="top"> <p align="justify"> <font size="1"><i>Note: During the ten year period shown on the bar chart, the Fund&#8217;s highest total return for a quarter was 20.58% (quarter ended June 30, 2003) and the lowest total return for a quarter was -23.51% (quarter ended September 30, 2011).</i></font> </p> </td> </tr> </table> 0.1192 -0.0399 0.0909 0.1185 -0.0402 0.0838 0.0783 -0.0335 0.0796 0.1600 0.0166 0.0710 0.1635 0.0356 0.0972 ~ http://usbank.com/20130131/role/ScheduleAverageAnnualReturnsTransposed20026 column dei_LegalEntityAxis compact ck0001000351_S000000848Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr style="FONT-SIZE:4PX"> <td width="30%" valign="top"> <p> &#160; </p> </td> <td width="80%" valign="top"> <p> &#160; </p> </td> </tr> <tr> <td valign="top" style="BORDER-BOTTOM:SOLID BLACK 1PX"> <p> <font size="1"><i>&#160;</i></font> </p> </td> <td valign="top"> <p> <font size="1">&#160;</font> </p> </td> </tr> <tr> <td colspan="2" valign="top"> <p align="justify"> <font size="1"><i>The after-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The Fund&#8217;s return after taxes on distributions and sale of Fund shares may be higher than its return before taxes and after taxes on distributions because it may include a tax benefit resulting from the capital losses that would have resulted.</i></font> </p> </td> </tr> </table> The after-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how its average annual returns over various periods compare to the performance of a broad measure of market performance. Please remember that the Fund's past performance (before and after taxes) is not necessarily an indication of its future performance. The Fund's return after taxes on distributions and sale of Fund shares may be higher than its return before taxes and after taxes on distributions because it may include a tax benefit resulting from the capital losses that would have resulted. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. 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The costs associated with securities transactions are often higher in foreign countries than the U.S. The U.S. dollar value of foreign securities traded in foreign currencies (and any dividends and interest earned) held by the Fund or by mutual funds in which the Fund invests may be affected unfavorably by changes in foreign currency exchange rates. An increase in the U.S. dollar relative to these other currencies will adversely affect the Fund. Additionally, <font size="2">investments in foreign securities, even those publicly traded in the United States, may involve risks which are in addition to those inherent in domestic investments. Foreign companies may not be subject to the same regulatory requirements of U.S. companies, and as a consequence, there may be less publicly available information about such companies. Also, foreign companies may not be subject to uniform accounting, auditing, and financial reporting standards and requirements comparable to those applicable to U.S. companies. Foreign governments and foreign economies often are less stable than the U.S. g overnment and the U.S. economy.</font><br /> </font> </p> </td> </tr> </table> <br/><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"> <tr style="font-size: 1PX;"> <td valign="top" width="5%"> <p> &#160; </p> </td> <td valign="top" width="5%"> <p> &#160; </p> </td> <td valign="top" width="90%"> <p> &#160; </p> </td> </tr> <tr> <td valign="top"> <p> <font style="font-size: xx-small;">&#160;</font> </p> </td> <td valign="top"> <p> <font style="font-family: WINGDINGS; font-size: small;">&#216;</font> </p> </td> <td valign="top"> <p align="justify"> <font size="2"><strong>High Portfolio Turnover Risk:</strong> The Fund&#8217;s annual portfolio turnover rate generally exceeds 100%. (Generally speaking, a turnover rate of 100% occurs when the Fund replaces securities valued at 100% of its average net assets within a one year period.) High portfolio turnover (100% or more) will result in the Fund incurring more transaction costs such as brokerage commissions or mark-ups or mark-downs. Payment of those transaction costs reduces total return. High portfolio turnover could result in the payment by the Fund&#8217;s shareholders of increased taxes on realized gains. Distributions to the Fund&#8217;s shareholders, to the extent they are short-term capital gains, will be taxed at ordinary income rates for federal income tax purposes, rather than at lower capital gains rates.</font> </p> </td> </tr> <tr> <td valign="top"> <p> <font style="font-size: xx-small;">&#160;</font> </p> </td> <td valign="top"> <p> <font style="font-size: xx-small;">&#160;</font> </p> </td> <td valign="top"> <p> <font style="font-size: xx-small;">&#160;</font> </p> </td> </tr> <tr> <td valign="top"> <p> <font style="font-size: xx-small;">&#160;</font> </p> </td> <td valign="top"> <p> <font style="font-family: WINGDINGS; font-size: small;">&#216;</font> </p> </td> <td valign="top"> <p align="justify"> <font size="2"><strong>Quantitative Investment Approach Risk:</strong> The Fund utilizes a quantitative investment approach. 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During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 139.61 % of the average value of its portfolio.</font> </p> 1.3961 Leuthold Global Industries Fund LGINX LGIIX Fund Fees and Expenses <p align="justify"> <font size="2">The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</font> </p> 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 -0.02 -0.02 0.02 0.02 0.0100 0.0100 0.0025 0.0000 0.0127 0.0137 0.0252 0.0237 -0.0052 -0.0052 0.0200 0.0185 ~ http://usbank.com/20130131/role/ScheduleShareholderFees20029 column dei_LegalEntityAxis compact ck0001000351_S000028930Member row primary compact * ~ ~ http://usbank.com/20130131/role/ScheduleAnnualFundOperatingExpenses20030 column dei_LegalEntityAxis compact ck0001000351_S000028930Member row primary compact * ~ Other Expenses for Institutional Class shares have been restated to reflect Omnibus Account Fees, which are based on estimated amounts for the current fiscal year. With respect to Fund assets attributable to shares held by financial intermediaries in omnibus accounts, the Fund may pay a fee in respect of the provision of sub-transfer and related services to beneficial owners in omnibus accounts maintained by such financial intermediaries with the Fund (Omnibus Account Fees). Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Shareholder Fees (fees paid directly from your investment) Principal Investment Strategies of the Fund <p align="justify"> <font size="2">Normally, the Fund will invest at least 40% of its assets in securities from non-U.S. securities markets (the Fund refers to these markets as &#8220;international markets&#8221;), unless market conditions are not deemed favorable by the Fund&#8217;s investment adviser (Adviser), in which case the Fund may invest less than 40% of its assets in securities from international markets (but in any event not less than 30%). 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The major types of groups the Adviser monitors are Industry Specific Groups comprised <font size="2">of narrower themes. Examples include &#8220;Airlines,&#8221; &#8220;Health Care Facilities&#8221; or &#8220;Semiconductors&#8221;.</font><br /> </font> </p> <br/><p align="justify"> <font size="2">In selecting among equity securities within the global groups, the Fund looks for companies that are financially sound with good prospects for the future. It will invest in domestic and foreign companies of all sizes and industries as well as in &#8220;growth&#8221; stocks and &#8220;value&#8221; stocks. The Fund sells companies that no longer meet its investment criteria, or if better investment opportunities are available. In addition, the Adviser continuously updates its investment discipline and adjusts the Fund&#8217;s portfolio as necessary to keep the Fund invested in stocks in those groups which the Adviser believes are the most attractive. As a result, the Fund may engage in active and frequent trading, and the portfolio turnover of the Fund may be high.</font> </p> Performance Information <p align="justify"> <font size="2">The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how its average annual returns over various periods compare to the performance of a broad measure of market performance. Please remember that the Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of its future performance. It may perform better or worse in the future.</font> </p> Leuthold Global Industries Fund Total Return of the Retail Shares (per calendar year) -0.1415 0.1655 ~ http://usbank.com/20130131/role/ScheduleAnnualTotalReturnsBarChart20032 column dei_LegalEntityAxis compact ck0001000351_S000028930Member row primary compact * ~ highest total return 0.1231 2012-03-31 lowest total return -0.2334 2011-09-30 <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr style="FONT-SIZE:1PX"> <td width="30%" valign="top"> <p> &#160; </p> </td> <td width="70%" valign="top"> <p> &#160; </p> </td> </tr> <tr style="FONT-SIZE:1PX"> <td valign="top" style="BORDER-BOTTOM:SOLID BLACK 1PX"> &#160; </td> <td valign="top"> <p> &#160; </p> </td> </tr> <tr> <td colspan="2" valign="top"> <p align="justify"> <font size="2"><font size="1"><i>Note: During the one year period shown on the bar chart, the Fund&#8217;s highest total return for a quarter was 12.31 % (quarter ended March 31, 2012 ) and the lowest total return for a quarter was -23.34% (quarter ended September 30, 2011).</i></font></font> </p> </td> </tr> </table> 0.1655 0.0816 0.1655 0.0817 0.1076 0.0709 0.1678 0.0847 0.1600 0.1139 0.1680 0.0974 2010-05-17 2010-05-17 2010-05-17 2010-05-17 ~ http://usbank.com/20130131/role/ScheduleAverageAnnualReturnsTransposed20033 column dei_LegalEntityAxis compact ck0001000351_S000028930Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr style="FONT-SIZE:1PX"> <td width="30%" valign="top"> <p> &#160; </p> </td> <td width="80%" valign="top"> <p> &#160; </p> </td> </tr> <tr style="FONT-SIZE:1PX"> <td valign="top" style="BORDER-BOTTOM:SOLID BLACK 1PX"> &#160; </td> <td valign="top"> <p> &#160; </p> </td> </tr> <tr> <td colspan="2" valign="top"> <p align="justify"> <font size="1"><i>The inception date for Retail Shares and Institutional shares is May 17, 2010.</i></font> </p> </td> </tr> <tr> <td valign="top"> <p align="justify"> <font size="1">&#160;</font> </p> </td> <td valign="top"> <p align="justify"> <font size="1">&#160;</font> </p> </td> </tr> <tr> <td colspan="2" valign="top"> <p align="justify"> <font size="1"><i>The after-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. 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The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how its average annual returns over various periods compare to the performance of a broad measure of market performance. Please remember that the Fund's past performance (before and after taxes) is not necessarily an indication of its future performance. The Fund's return after taxes on distributions and sale of Fund shares may be higher than its return before taxes and after taxes on distributions because it may include a tax benefit resulting from the capital losses that would have been incurred. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Average Annual Total Returns (for the periods ended December 31, 2012 ) Investment Objective <p> <font size="2">Leuthold Global Industries Fund seeks capital appreciation and dividend income.</font> </p> Principal Risks of Investing in the Fund <p align="justify"> <font size="2">Investors in the Fund may lose money. 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The aggregate amount of its outstanding short positions typically will be approximately equal to, or slightly less than, its net assets. When the Fund&#8217;s outstanding short positions equal its net assets, it is &#8220;100% short.&#8221; The Fund utilizes a disciplined, unemotional, quantitative investment approach.</font> </p> <br/><p align="justify"> <font size="2">The Fund believes that in all market conditions there will exist some companies whose stocks are overvalued by the market and that capital appreciation can be realized by selling short those stocks. However, the best overall results typically will be achieved in declining stock markets. In rising stock markets the risk of loss is likely.</font> </p> <br/><p align="justify"> <font size="2">The Fund generally will have outstanding approximately 60 to 90 stocks that it has sold short. The Fund may increase the number of stocks it sells short if market conditions warrant an increase. 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The bar chart and table that follow provide some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how its average annual returns over various periods compare to the performance of a broad measure of market performance. Please remember that the Fund's past performance (before and after taxes) is not necessarily an indication of its future performance. The Fund's return after taxes on distributions and sale of Fund shares may be higher than its return before taxes and after taxes on distributions because it may include a tax benefit resulting from the capital losses that would have resulted. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Average Annual Total Returns (for the periods ended December 31, 2012 ) Principal Risks of Investing in the Fund <p align="justify"> <font size="2">Investors in the Fund may lose money. The principal risks of investing in the Fund, including the risks to which the Fund&#8217;s portfolio as a whole is subject and the circumstances reasonably likely to affect adversely the Fund&#8217;s performance, are summarized below.</font> </p> <br/><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"> <tr style="font-size: 1PX;"> <td valign="top" width="5%"> <p> &#160; </p> </td> <td valign="top" width="5%"> <p> &#160; </p> </td> <td valign="top" width="90%"> <p> &#160; </p> </td> </tr> <tr> <td valign="top"> <p> <font style="font-size: xx-small;">&#160;</font> </p> </td> <td valign="top"> <p> <font style="font-family: WINGDINGS; font-size: small;">&#216;</font> </p> </td> <td valign="top"> <p align="justify"> <font size="2"><strong>Market Risk:</strong> The prices of the securities, particularly the common stocks, in which the Fund invests may decline for a number of reasons. 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It is possible that the Fund&#8217;s long positions will decline in value at the same time that the value of its short positions increase, thereby increasing potential losses to the Fund. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as &#8220;covering&#8221; the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund. The Fund&#8217;s investment performance will also suffer if it is required to close out a short position earlier than it had intended. In addition, the Fund may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as costs of borrowing and margin account maintenance costs associated with the Fund&#8217;s open short positions. These expenses may negatively impact the performance of the Fund. Short positions introduce more risk to the Fund than long positions (purchases) because the maximum sustainable loss on a security purchased (held long) is limited to the amount paid for the security plus the transaction costs, whereas there is no maximum attainable price of the shorted security. Therefore, in theory, securities sold short have unlimited risk.</font> </p> </td> </tr> <tr> <td valign="top"> <p> <font style="font-size: xx-small;">&#160;</font> </p> </td> <td valign="top"> <p> <font style="font-size: xx-small;">&#160;</font> </p> </td> <td valign="top"> <p align="justify"> <font style="font-size: xx-small;">&#160;</font> </p> </td> </tr> <tr> <td valign="top"> <p> <font style="font-size: xx-small;">&#160;</font> </p> </td> <td valign="top"> <p> <font style="font-family: WINGDINGS; font-size: small;">&#216;</font> </p> </td> <td valign="top"> <p align="justify"> <font size="2"><strong>Rising Stock Market Risk:</strong> The Fund typically will be approximately &#8220;100% short.&#8221; Accordingly, in rising stock markets its risk of loss will be greater than in declining stock markets. Over time stock markets have risen more often than they have declined.</font> </p> </td> </tr> <tr> <td valign="top"> <p> <font style="font-size: xx-small;">&#160;</font> </p> </td> <td valign="top"> <p> <font style="font-size: xx-small;">&#160;</font> </p> </td> <td valign="top"> <p align="justify"> <font style="font-size: xx-small;">&#160;</font> </p> </td> </tr> </table> <br/><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"> <tr style="font-size: 1PX;"> <td valign="top" width="5%"> <p> &#160; </p> </td> <td valign="top" width="5%"> <p> &#160; </p> </td> <td valign="top" width="90%"> <p> &#160; </p> </td> </tr> <tr> <td valign="top"> <p> <font style="font-size: xx-small;">&#160;</font> </p> </td> <td valign="top"> <p> <font style="font-family: WINGDINGS; font-size: small;">&#216;</font> </p> </td> <td valign="top"> <p align="justify"> <font size="2"><strong>Smaller and Medium Capitalization Companies Risk:</strong> The securities of smaller capitalization companies are generally riskier than larger capitalization companies since they don&#8217;t have the financial resources or the well established businesses of the larger companies. Generally, the share prices of stocks of smaller capitalization companies are more volatile than those of larger capitalization companies. The returns of stocks of smaller capitalization companies may vary, sometimes significantly, from the returns of the overall market. Smaller capitalization companies tend to perform poorly during times of economic stress. Finally, relative to large company stocks, the stocks of smaller capitalization companies may be thinly traded, and purchases and sales may result in higher transaction costs. The securities of medium capitalization companies generally trade in lower volumes than those of large capitalization companies and tend to be more volatile because mid-cap companies tend to be more susceptible to adverse business or economic events than larger more established companies.</font> </p> </td> </tr> <tr> <td valign="top"> <p> <font style="font-size: xx-small;">&#160;</font> </p> </td> <td valign="top"> <p> <font style="font-size: xx-small;">&#160;</font> </p> </td> <td valign="top"> <p align="justify"> <font style="font-size: xx-small;">&#160;</font> </p> </td> </tr> <tr> <td valign="top"> <p> <font style="font-size: xx-small;">&#160;</font> </p> </td> <td valign="top"> <p> <font style="font-family: WINGDINGS; font-size: small;">&#216;</font> </p> </td> <td valign="top"> <p align="justify"> <font size="2"><strong>High Portfolio Turnover Risk:</strong> The Fund&#8217;s annual portfolio turnover rate may exceed 100%. (Generally speaking, a turnover rate of 100% occurs when the Fund replaces securities valued at 100% of its average net assets within a one year period.) High portfolio turnover (100% or more) will result in the Fund incurring more transaction costs such as brokerage commissions or mark-ups or mark-downs. Payment of those transaction costs reduces total return. High <font size="2">portfolio turnover could result in the payment by the Fund&#8217;s shareholders of increased taxes on realized gains. Distributions to the Fund&#8217;s shareholders, to the extent they are short-term capital gains, will be taxed at ordinary income rates for federal income tax purposes, rather than at lower capital gains rates.</font><br /> </font> </p> </td> </tr> </table> <br/><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"> <tr style="font-size: 1PX;"> <td valign="top" width="5%"> &#160; </td> <td valign="top" width="5%"> &#160; </td> <td valign="top" width="90%"> &#160; </td> </tr> <tr> <td valign="top"> <p> <font style="font-size: xx-small;">&#160;</font> </p> </td> <td valign="top"> <p> <font style="font-family: WINGDINGS; font-size: small;">&#216;</font> </p> </td> <td valign="top"> <p align="justify"> <font size="2"><strong>Quantitative Investment Approach Risk:</strong> The Fund utilizes a quantitative investment approach. While the Adviser continuously reviews and refines, if necessary, its investment approach, there may be market conditions where the quantitative investment approach performs poorly.</font> </p> </td> </tr> </table> <br/><p align="justify"> <font size="2">Investors who wish to hedge some or all of their stock portfolios might find that investment goal consistent with an investment in the Fund.</font> </p> <br/><p align="justify"> <font size="2">However, because movements in the prices of the stocks the Fund has sold short are unlikely to correlate perfectly with the stocks in an investor&#8217;s portfolio, such an investor could incur both a loss on the investor&#8217;s stock portfolio and the investor&#8217;s investment in the Fund.</font> </p> Investors in the Fund may lose money. 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