Leuthold Asset Allocation Fund

Performance Note: Performance data quoted represents past performance. Past performance is no guarantee of future results. Investment returns and principal will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance data quoted. For performance data current to the most recent month-end, please call Leuthold Funds’ Shareholder Services, toll-free: 1-800-273-6886.

• S&P 500 Index is a capitalization-weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy based on the changing aggregate market value of these 500 stocks.
• The S&P 500 is an index only and cannot be invested in directly. Fund performance return figures are historical and reflect the change in share price, reinvested distributions, change in net asset value, and capital gains distributions, if any.

Expense Ratio Dislosure:
Per the Prospectus dated 1/31/13, excluding dividends on short positions and acquired fund fees, the net operating expenses were 1.34% and 1.19%, respectively, for LAALX and LAAIX. Gross operating expenses including dividends on short positions and acquired fund fees were 1.46% and 1.31%, respectively.
Please refer to the Prospectus for a more detailed explanation of the expense ratios.

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

Investment Strategy
The Leuthold Asset Allocation Fund is a “flexible” fund, meaning that investments are allocated among common stocks and other equity securities, bond and other debt securities, equity securities in real estate investment trusts (REITs), commodities, and money market instruments, in proportions which reflect the judgement of the Adviser of potential returns and risks of each asset class.

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

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

The Leuthold Asset Allocation Fund expects to normally invest assets with the following investment guidelines: 30%-70% in common stocks and other euity securities, 20%-60% in bonds and other debt securities, up to 20% in real estate securities, up to 20% in commodities, and up to 20% in money market instruments.

Share Classes
The Leuthold Asset Allocation Fund offers both a Retail Share Class and an Institutional Share Class.

Risks of Investing
As disclosed in the prospectus, the risks of investing in the Leuthold Asset Allocation Fund include, but are not limited to, interest rate risk, market risk, short sale risk, high portfolio turnover risk, currency risk, foreign securities risk, emerging markets risk, and foreign securities risk. Please read the prospectus carefully before you invest (1-800-273-6886).