The Board of Directors of the Leuthold Funds has voted to re-open the Leuthold Core Investment Fund and the Leuthold Select Industries Fund to all investors, effective as of May 16, 2011. All references to the Leuthold Core Investment Fund and the Leuthold Select Industries Fund being closed to new investors are hereby deleted from the Prospectus effective as of May 16, 2011. Specifically, the Section “Purchasing Shares – Eligible Purchases” beginning on page 46 of the Prospectus is deleted in its entirety.
http://www.sec.gov/Archives/edgar/data/1000351/000089706911000273/rule497e.htm
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