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          <custodian>
            <custodianName>U.S. Bank National Association</custodianName>
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            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
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          <custodian>
            <custodianName>The Bank of New York Mellon</custodianName>
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            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
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          <custodian>
            <custodianName>Euroclear Bank S.A. / NV</custodianName>
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            <custodianCountry>BE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
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        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>U.S. Bancorp Fund Services, LLC</shareholderServiceAgentName>
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            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
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        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>U.S. Bancorp Fund Services, LLC</adminName>
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            <isAdminAffiliated>N</isAdminAffiliated>
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        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>COWEN AND COMPANY, LLC</brokerName>
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            <brokerCrdNo>000007616</brokerCrdNo>
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            <grossCommission>5070.000000000000</grossCommission>
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          <broker>
            <brokerName>MACQUARIE CAPITAL (USA) INC.</brokerName>
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            <brokerCrdNo>000036368</brokerCrdNo>
            <brokerLei>549300670K07JRB5UQ40</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>27058.000000000000</grossCommission>
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          <broker>
            <brokerName>NATIONAL FINANCIAL SERVICES LLC</brokerName>
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            <brokerCrdNo>000013041</brokerCrdNo>
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            <grossCommission>2035.000000000000</grossCommission>
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          <broker>
            <brokerName>BTIG, LLC</brokerName>
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            <brokerLei>549300GTG9PL6WO3EC51</brokerLei>
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            <grossCommission>882.000000000000</grossCommission>
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        <aggregateCommission>35045.000000000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>RAYMOND JAMES &amp; ASSOCIATES, INC.</principalName>
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            <principalLei>U4ONQX15J3RO8XCKE979</principalLei>
            <principalStateCountry principalState="US-FL" principalCountry="US"/>
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        <isBrokerageResearchPayment>Y</isBrokerageResearchPayment>
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        <isSwingPricing>N</isSwingPricing>
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      <managementInvestmentQuestion>
        <mgmtInvFundName>Leuthold Select Industries Fund</mgmtInvFundName>
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        <sharesOutstandings>
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        <fundType>N/A</fundType>
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        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
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        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
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            <transferAgentName>U.S. Bancorp Fund Services, LLC</transferAgentName>
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          </transferAgent>
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        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Intercontinental Exchange Inc.</pricingServiceName>
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          <pricingService>
            <pricingServiceName>Refinitiv US LLC</pricingServiceName>
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          <pricingService>
            <pricingServiceName>Bloomberg L.P.</pricingServiceName>
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          <pricingService>
            <pricingServiceName>PricingDirect Inc.</pricingServiceName>
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          <pricingService>
            <pricingServiceName>Standard and Poors Financial Services LLC</pricingServiceName>
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          <custodian>
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            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
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        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>COWEN AND COMPANY, LLC</brokerName>
            <brokerFileNo>8-22522</brokerFileNo>
            <brokerCrdNo>000007616</brokerCrdNo>
            <brokerLei>549300WR155U7DVMIW58</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1008.000000000000</grossCommission>
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          <broker>
            <brokerName>MACQUARIE CAPITAL (USA) INC.</brokerName>
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            <brokerCrdNo>000036368</brokerCrdNo>
            <brokerLei>549300670K07JRB5UQ40</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>224.000000000000</grossCommission>
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          <broker>
            <brokerName>NATIONAL FINANCIAL SERVICES LLC</brokerName>
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            <brokerCrdNo>000013041</brokerCrdNo>
            <brokerLei>549300JRHF1MHHWUAW04</brokerLei>
            <brokerStateCountry brokerState="US-MA" brokerCountry="US"/>
            <grossCommission>5010.000000000000</grossCommission>
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        <aggregateCommission>6242.000000000000</aggregateCommission>
        <principalAggregatePurchase>0.000000000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>Y</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>9561008.035000000000</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
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      <managementInvestmentQuestion>
        <mgmtInvFundName>Grizzly Short Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000000849</mgmtInvSeriesId>
        <mgmtInvLei>54930064NFL867W3Z804</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>1</numAuthorizedClass>
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        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
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        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
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        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
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            <investmentAdviserName>The Leuthold Group, LLC</investmentAdviserName>
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            <investmentAdviserLei>N/A</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-MN" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
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        <transferAgents>
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            <transferAgentName>U.S. Bancorp Fund Services, LLC</transferAgentName>
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        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
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          <pricingService>
            <pricingServiceName>Intercontinental Exchange Inc.</pricingServiceName>
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            <pricingServiceName>Refinitiv US LLC</pricingServiceName>
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          <pricingService>
            <pricingServiceName>Bloomberg L.P.</pricingServiceName>
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          <pricingService>
            <pricingServiceName>Standard and Poors Financial Services LLC</pricingServiceName>
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            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
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        <brokers>
          <broker>
            <brokerName>COWEN AND COMPANY, LLC</brokerName>
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            <brokerCrdNo>000007616</brokerCrdNo>
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          <broker>
            <brokerName>NATIONAL FINANCIAL SERVICES LLC</brokerName>
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            <grossCommission>62212.000000000000</grossCommission>
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          <broker>
            <brokerName>BTIG, LLC</brokerName>
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            <brokerCrdNo>000122225</brokerCrdNo>
            <brokerLei>549300GTG9PL6WO3EC51</brokerLei>
            <brokerStateCountry brokerState="US-CA" brokerCountry="US"/>
            <grossCommission>23227.000000000000</grossCommission>
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        <aggregateCommission>588818.000000000000</aggregateCommission>
        <principalAggregatePurchase>0.000000000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>Y</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>122382773.236000000000</mnthlyAvgNetAssets>
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        <isInterfundLending>N</isInterfundLending>
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        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Leuthold Core ETF</mgmtInvFundName>
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        <mgmtInvLei>549300TJCQCU5YLMMI80</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <numAuthorizedClass>1</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="NAV" sharesOutstandingClassId="C000214945" sharesOutstandingTickerSymbol="LCR"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>The Leuthold Group, LLC</investmentAdviserName>
            <investmentAdviserFileNo>801-30686</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000105826</investmentAdviserCrdNo>
            <investmentAdviserLei>N/A</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-MN" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>U.S. Bancorp Fund Services, LLC</transferAgentName>
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            <transferAgentStateCountry transferAgentState="US-WI" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Intercontinental Exchange Inc.</pricingServiceName>
            <pricingServiceLei>5493000F4ZO33MV32P92</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-GA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Refinitiv US LLC</pricingServiceName>
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            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg L.P.</pricingServiceName>
            <pricingServiceLei>549300B56MD0ZC402L06</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>PricingDirect Inc.</pricingServiceName>
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            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Standard and Poors Financial Services LLC</pricingServiceName>
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            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>U.S. Bank National Association</custodianName>
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            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Bank of New York Mellon</custodianName>
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            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
          <custodian>
            <custodianName>Euroclear Bank S.A. / NV</custodianName>
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            <custodianCountry>BE</custodianCountry>
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            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>U.S. Bancorp Fund Services, LLC</shareholderServiceAgentName>
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            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>U.S. Bancorp Fund Services, LLC</adminName>
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            <adminStateCountry adminState="US-WI" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>MACQUARIE CAPITAL (USA) INC.</brokerName>
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            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>95.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>NATIONAL FINANCIAL SERVICES LLC</brokerName>
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            <brokerStateCountry brokerState="US-MA" brokerCountry="US"/>
            <grossCommission>302.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>MISCHLER FINANCIAL GROUP, INC</brokerName>
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            <brokerStateCountry brokerState="US-CA" brokerCountry="US"/>
            <grossCommission>2816.000000000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>3213.000000000000</aggregateCommission>
        <principalAggregatePurchase>0.000000000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>Y</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>5988415.643000000000</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
    </managementInvestmentQuestionSeriesInfo>
    <exchangeSeriesInfo>
      <exchangeTradedFund>
        <fundName>Leuthold Core ETF</fundName>
        <etfSeriesId>S000066699</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="ARCX" fundsTickerSymbol="LCR"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="Goldman Sachs &amp; Co LLC" authorizedParticipantFileNo="008-00129" authorizedParticipantCrdNo="000000361" authorizedParticipantLei="FOR8UP27PHTHYVLBNG30" authorizedParticipantPurchaseValue="7495490.000000000000" authorizedParticipantRedeemValue="0.000000000000"/>
          <authorizedParticipant authorizedParticipantName="Merrill Lynch Professional Clearing Corp" authorizedParticipantFileNo="008-33359" authorizedParticipantCrdNo="000016139" authorizedParticipantLei="549300PMHS66E71I2D34" authorizedParticipantPurchaseValue="3823815.000000000000" authorizedParticipantRedeemValue="573580.000000000000"/>
        </authorizedParticipants>
        <isCollateralRequired>N</isCollateralRequired>
        <creationUnitNumOfShares>25000.000000000000</creationUnitNumOfShares>
        <averagePercentagePurchased>20.720000000000</averagePercentagePurchased>
        <standardDeviationPurchased>3.880000000000</standardDeviationPurchased>
        <creationUnitPurchasedInKind>79.280000000000</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>3.880000000000</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>23.660000000000</averagePercentageRedeemed>
        <percentSDRedeemed>0.000000000000</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>76.340000000000</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>0.000000000000</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>0.000000000000</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>250.000000000000</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0.000000000000</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>0.000000000000</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>250.000000000000</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0.000000000000</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>0.000000000000</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>250.000000000000</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0.000000000000</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>0.000000000000</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>250.000000000000</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0.000000000000</purchaseCreationUnitCashPercentagePerUnit>
        <isInKindETF>N</isInKindETF>
      </exchangeTradedFund>
    </exchangeSeriesInfo>
    <attachmentsTab>
      <isIPAReportInternalControl>true</isIPAReportInternalControl>
    </attachmentsTab>
    <signature registrantSignedName="Leuthold Funds Inc" signedDate="2020-12-08" signature="/s/ Roger Peters" title="Chief Compliance Officer"/>
  </formData>
</edgarSubmission>
