Strategy. The Fund is a flexible fund, meaning that it allocates its investments among: ? 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); ? Bonds and other debt securities (including U.S. and some developed and emerging foreign government-related securities (including those issued by sovereign and local governments and their sponsored entities), U.S. and some foreign corporate securities, and securitized debts, both above and below investment grade) , junk bonds and speculative investments ; ? Real estate investment trusts; ? Commodities (including both physical commodities and commodity-based exchange-traded funds); and ? Money market instruments; in proportions which reflect the judgment of … Show more… The Fund is a flexible fund, meaning that it allocates its investments among: ? 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); ? Bonds and other debt securities (including U.S. and some developed and emerging foreign government-related securities (including those issued by sovereign and local governments and their sponsored entities), U.S. and some foreign corporate securities, and securitized debts, both above and below investment grade) , junk bonds and speculative investments ; ? Real estate investment trusts; ? Commodities (including both physical commodities and commodity-based exchange-traded funds); and ? Money market instruments; in proportions which reflect the judgment of Leuthold Weeden Capital Management (referred to as the Adviser) of the potential returns and risks of each asset class. The Adviser considers a number of factors when making these allocations, including economic conditions and monetary factors, inflation and interest rate levels and trends, investor confidence, and technical stock market measures. The Fund expects that normally: ? 30% to 70% of its net assets will be invested in common stocks and other equity securities; ? 30% to 70% of its net assets will be invested in bonds and other debt securities (other than money market instruments), except during prolonged periods of low interest rates; and ? up to 20% of its assets will be invested in money market instruments. The Funds investments in common stocks and other equity securities may consist of: ? 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; ? Stocks in emerging and less developed markets; ? Common stocks of foreign issuers; and ? Options. 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). 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 Airlines, Health Care Facilities or 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 usually result in high portfolio turnover. The Fund may invest in U.S. and some foreign (developed and emerging) government-related securities, including those issued by sovereign and local governments and their sponsored entities, U.S. and some foreign corporate securities, and securitized debts. The Funds 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. The Funds investments are allocated among common stocks, corporate bonds, government bonds, real estate investment trusts, commodities (including both physical commodities and commodity-based exchange-traded funds), and cash equivalents. Portfolio weightings in these asset classes are driven by models that (1) determine the relative appeal of each asset class in relation to the others, and (2) the return potential of each asset class on an absolute, or stand-alone, basis. Show less