Strategy. Leuthold Global Fund is a flexible fund, meaning that it allocates its investments in global developed and emerging markets among the following asset classes, 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 : ? Common stocks and other equity securities (including common stocks, preferred stocks, convertible preferred stocks, warrants, options, and American Depositary Receipts, and short sales of equity securities); ? Bonds and other debt securities (including global developed and emerging government-related securities (including those issued by sovereign and local governments and their sponsored entities), global corporate securities, and securitized debts both above and below investment grade); and ? Money market instruments … Show more… Leuthold Global Fund is a flexible fund, meaning that it allocates its investments in global developed and emerging markets among the following asset classes, 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 : ? Common stocks and other equity securities (including common stocks, preferred stocks, convertible preferred stocks, warrants, options, and American Depositary Receipts, and short sales of equity securities); ? Bonds and other debt securities (including global developed and emerging government-related securities (including those issued by sovereign and local governments and their sponsored entities), global corporate securities, and securitized debts both above and below investment grade); and ? Money market instruments from around the world. The Adviser considers a number of factors when making these allocations, including economic conditions and monetary factors, inflation and interest rate levels and trends, investor confidence, and technical stock market measures. Normally, the Fund will invest at least 40% of its assets in securities from international (non-U.S.) markets in at least three different countries , unless market conditions are not deemed favorable by the Adviser, in which case the Fund may invest less than 40% of its assets in securities from international markets (non-U.S.) (but in any event not less than 30%). While at least 40% of the Funds assets will be invested in securities from international markets (non-U.S.), the Funds investments will be allocated among the following categories, with portions of each being made up of domestic and international securities. The Fund expects that, under normal market conditions, the Funds net assets will be invested approximately: ? 30% to 70% in common stocks and other equity securities; ? 10% to 70% in bonds and other debt securities (other than money market instruments); and ? 0% to 20% in cash or cash equivalent investments, including money market instruments. The Adviser may, in its judgment of the potential returns and risks of each asset class, elect to invest outside of these typical ranges. The Funds investments in common stocks and other equity securities may consist of the following from around the world: ? Large, mid, or small capitalization common stocks; ? Growth stocks, value stocks, or cyclical stocks; ? Aggressive stocks or defensive stocks; ? Stocks in any industry or sector; ? Equity mutual funds and exchange-traded funds; and ? Options. In investing in equity securities and debt securities, the Fund utilizes a disciplined, unemotional, quantitative investment approach that is based on the belief investors can achieve superior investment performance through group selection (Global Group Strategy). The Fund will invest in domestic and foreign companies of all sizes and industries as well as in growth stocks and value stocks. The Adviser currently monitors about 90 global groups. The Adviser considers a group to be a collection of stocks whose investment performance tend to be similarly influenced by a variety of factors. The major types of groups the Adviser monitors are s pecific groups within each industry sector comprised of narrower themes, such as Airlines, Health Care Facilities and Semiconductors. The Adviser continuously updates its investment discipline and adjusts the Funds portfolio as necessary to keep the Fund invested in stocks in those groups which the Adviser believes are the most attractive. Such adjustments may often result in high portfolio turnover. The Fund may invest in global (developed and emerging) government related securities, including those issued by sovereign and local governments and their sponsored entities, global corporate securities, and securitized debts. The Fund may invest in both above and below investment grade securities or mutual funds and exchange-traded funds that invest in these securities. The Fund may engage in short sales of index-related and other equity securities to reduce its equity exposure or to profit from an anticipated decline in the price of the security sold short. In addition to investing directly in securities, the Fund may gain long or short exposure indirectly by investing in mutual funds, exchange-traded funds, unit investment trusts, or closed-end investment companies which invest in a specific category of common stocks. Show less