Performance Disclosures

Investors should consider the investment objectives, risks, charges and expenses of the investment company carefully before investing. The Prospectus contains this and other information about the Funds. For current Prospectus, call toll-free, 1-800-273-6886, or download from our web site: www.LeutholdFunds.com. Please read the Fund's Prospectus carefully before you invest.

September 2017 Income Dividend Distributions: The following table shows the income dividend distributions for the Leuthold Funds. The record date is September 20, 2017. The x-date and payable date is September 21, 2017. Note: The distributions will have a negative effect on the NAV of the corresponding Funds.

Fund Income Dividend
LCORX $0.0042
LCRIX $0.0146
GLBLX $0.0000
GLBIX $0.0065
LSLTX $0.0000
LGINX $0.0000
LGIIX $0.0209
GRZZX         $0.0000

November 2016 Capital Gain Distributions: The following table shows the capital gain dividend distributions for the Leuthold Funds. The record date is November 16, 2016. The x-date and payable date is November 17, 2016. Note: The distributions will have a negative effect on the NAV of the corresponding Funds.

Fund Short-term Cap Gain Long-Term Cap Gain Total Cap Gain
LCORX $0.00000 $0.08235 $0.08235
LCRIX $0.00000 $0.08235 $0.08235
GLBLX $0.02083 $0.84692 $0.86775
GLBIX $0.02083 $0.84692 $0.86775
LGINX $0.12858 $0.44479 $0.57337
LGIIX $0.12858 $0.44479 $0.57337
LSLTX $0.00000 $0.00000 $0.00000
GRZZX $0.00000 $0.00000 $0.00000

 

Performance for the periods ended 06/30/17:

Funds Qtr 1 Year 3 Year 5 Year 10 Year Since Inception Inception Date
GLBLX +2.23% +11.18% +0.99% +6.72% N/A +4.70% 07/01/2008  
GLBIX +2.21% +11.38% +1.18% +6.95% N/A +4.71% 04/30/2008  
LCORX +3.53% +12.00% +4.02% +8.44% +4.35% +8.47% 11/20/1995  
LCRIX +3.54% +12.06% +4.13% +8.54% +4.47% +5.54% 01/31/2006  
LSLTX +4.31% +19.67% +6.50% +14.88% +5.01% +7.76% 06/19/2000  
LGINX +2.66% +20.16% +2.30% +11.85% N/A +9.68% 05/17/2010  
LGIIX +2.71% +20.38% +2.55% +12.13% N/A +9.97% 05/17/2010  
GRZZX -3.28% -17.38% -7.85% -14.31% -10.84% -7.50% 06/19/2000  

All performance presented reflects past performance. Past performance is no guarantee of future results. Investment returns and principal will fluctuate so that investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. For performance data current to the most recent month end, call Leuthold Shareholders Services, toll-free, 1-800-273-6886.

Annual Fund Operating Expenses, as noted in the Leuthold Funds' Prospectus, dated January 31, 2017, and the Leuthold Funds' Supplement to the Prospectus dated February 15, 2017:

Expense Ratios (1) Gross Net (2)
LCORX 1.36% N/A
LCRIX 1.24% N/A
GLBLX 1.68% N/A
GLBIX 1.43% N/A
LSLTX 1.72% 1.50%
LGINX 2.35% 1.50%
LGIIX 2.10% 1.25%
GRZZX 2.80% N/A

(1) The Expense Ratios, excluding dividends and interest on short positions, and Acquired Funds Fees and Expenses, are as follows: LCORX 1.17%, LCRIX 1.05%, GLBLX 1.31%, GLBIX 1.16%, and GRZZX 1.52%. (2) The Adviser has agreed to waive its advisory fees to the extent necessary to insure that the net expenses (excluding dividends and interest on short positions and acquired fund fees) do not exceed 1.50% of the average daily net assets for LSLTX, and LGINX; and do not exceed 1.25% of average daily net assets for LGIIX. The Adviser may recover waived fees in any of the following three years, but in no event may the Fund's expenses exceed the expense limitation.

For a detailed explanation of these expense ratios, please review the Fund's Prospectus.

As disclosed in the prospectus, the risks of investing in the Leuthold Funds may include, but are not limited to, interest rate risk, market risk, short sale risk, small/medium capitalization risk, high portfolio turnover risk, credit risk, currency risk, foreign securities risk, emerging markets risk, and quantitative investment approach risk. Please read the prospectus carefully before you invest (1-800-273-6886).

DOFU: 09-21-2017

© 2015 Leuthold Weeden Capital Management
Not FDIC Insured. No Bank Guarantee. May Lose Value
Mutual Fund Distributor: Rafferty Capital Markets, LLC, Garden City, NY 11530