0001145549-18-009316.txt : 20181212 0001145549-18-009316.hdr.sgml : 20181212 20181212153935 ACCESSION NUMBER: 0001145549-18-009316 CONFORMED SUBMISSION TYPE: N-CEN PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20180930 FILED AS OF DATE: 20181212 DATE AS OF CHANGE: 20181212 EFFECTIVENESS DATE: 20181212 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LEUTHOLD FUNDS INC CENTRAL INDEX KEY: 0001000351 IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CEN SEC ACT: 1940 Act SEC FILE NUMBER: 811-09094 FILM NUMBER: 181230894 BUSINESS ADDRESS: STREET 1: 33 SOUTH SIXTH STREET STREET 2: SUITE 4600 CITY: MINNEAPOLIS STATE: MN ZIP: 55402 BUSINESS PHONE: 6123329141 MAIL ADDRESS: STREET 1: 33 SOUTH SIXTH STREET STREET 2: SUITE 4600 CITY: MINNEAPOLIS STATE: MN ZIP: 55402 N-CEN 1 primary_doc.xml X0101 N-CEN LIVE 0001000351 XXXXXXXX true false false N-1A true Leuthold Funds Inc 811-09094 0001000351 00000000000000000000 150 S. Fifth Street Suite 1700 Minneapolis 55402 US-MN US 612-332-9141 U.S. Bancorp Fund Services, LLC 615 East Michigan St. Milwaukee 53202 6269147363 Maintain physical/electronic accounts/books or any document required by section 31(a) of the Act (15 U.S.C. 80a-30(a)) and the rules under that section. Y N N N-1A 5 N Lawrence L. Horsch N/A N Paul M. Kelnberger N/A N Addison L. Piper N/A N John C. Mueller N/A Y Roger A. Peters N/A 150 South Fifth Street Suite 1700 Minneapolis 55402 XXXXXX N N N N N N N Rafferty Capital Markets, LLC 008-40605 000023682 N/A N N Ernst & Young LLP 00042 N/A N N N N N N N Leuthold Core Investment Fund S000000847 549300WNNYZFP003DK11 Y 2 0 0 N/A N N Y N N U.S. Bank, N.A. 6BYL5QZYBDK8S7L73M02 N N Revenue sharing split Cash collateral reinvestment fee 112983057.170000000000 569101.800000000000 Rule 12d1-1 (17 CFR 270.12d1-1) Y N N N The Leuthold Group, LLC 801-30686 000105826 N/A N U.S. Bancorp Fund Services, LLC 85-11357 N1GZ7BBF3NP8GI976H15 Y N N Intercontinental Exchange Inc. 5493000F4ZO33MV32P92 N Thomson Reuters Pricing Service N/A CA N Bloomberg L.P. 549300B56MD0ZC402L06 N PricingDirect Inc. 549300WIC0TOJ7N7GD54 N Standard and Poors Financial Services LLC 549300U4VWNITEKO2881 N N U.S. Bank National Association 6BYL5QZYBDK8S7L73M02 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N Y Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) Euroclear Bank S.A. / NV 549300OZ46BRLZ8Y6F65 BE N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) N U.S. Bancorp Fund Services, LLC N1GZ7BBF3NP8GI976H15 Y N N U.S. Bancorp Fund Services, LLC N1GZ7BBF3NP8GI976H15 Y N N BTIG, LLC 8-65473 000122225 549300GTG9PL6WO3EC51 61198.000000000000 COWEN AND COMPANY, LLC 8-22522 000007616 549300WR155U7DVMIW58 235910.000000000000 MACQUARIE CAPITAL (USA) INC. 8-47198 000036368 549300670K07JRB5UQ40 137131.000000000000 NATIONAL FINANCIAL SERVICES LLC 8-26740 000013041 549300JRHF1MHHWUAW04 278078.000000000000 712317.000000000000 RAYMOND JAMES & ASSOCIATES, INC. 8-10999 000000705 U4ONQX15J3RO8XCKE979 172129948.000000000000 172129948.000000000000 Y 862303547.910000000000 N Leuthold Global Fund S000020808 549300AT2EJGMM5R4F31 Y 2 0 0 N/A N N Y N N U.S. Bank, N.A. 6BYL5QZYBDK8S7L73M02 N N Revenue sharing split Cash collateral reinvestment fee 12348827.030000000000 115946.360000000000 Rule 12d1-1 (17 CFR 270.12d1-1) Y N N N The Leuthold Group, LLC 801-30686 000105826 N/A N U.S. Bancorp Fund Services, LLC 85-11357 N1GZ7BBF3NP8GI976H15 Y N N Intercontinental Exchange Inc. 5493000F4ZO33MV32P92 N Thomson Reuters Pricing Service N/A CA N Bloomberg L.P. 549300B56MD0ZC402L06 N PricingDirect Inc. 549300WIC0TOJ7N7GD54 N Standard and Poors Financial Services LLC 549300U4VWNITEKO2881 N N U.S. Bank National Association 6BYL5QZYBDK8S7L73M02 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N Y Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) Euroclear Bank S.A. / NV 549300OZ46BRLZ8Y6F65 BE N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) N U.S. Bancorp Fund Services, LLC N1GZ7BBF3NP8GI976H15 Y N N U.S. Bancorp Fund Services, LLC N1GZ7BBF3NP8GI976H15 Y N N BTIG, LLC 8-65473 000122225 549300GTG9PL6WO3EC51 7319.000000000000 COWEN AND COMPANY, LLC 8-22522 000007616 549300WR155U7DVMIW58 7876.000000000000 MACQUARIE CAPITAL (USA) INC. 8-47198 000036368 549300670K07JRB5UQ40 85150.000000000000 NATIONAL FINANCIAL SERVICES LLC 8-26740 000013041 549300JRHF1MHHWUAW04 6164.000000000000 106509.000000000000 RAYMOND JAMES & ASSOCIATES, INC. 8-10999 000000705 U4ONQX15J3RO8XCKE979 172129948.000000000000 172129948.000000000000 Y 96716558.273000000000 N Leuthold Select Industries Fund S000000848 549300Q4O2KEW530L319 Y 1 0 0 N/A N N N N N/A N/A N/A Rule 12d1-1 (17 CFR 270.12d1-1) Y Y Y N The Leuthold Group, LLC 801-30686 000105826 N/A N U.S. Bancorp Fund Services, LLC 85-11357 N1GZ7BBF3NP8GI976H15 Y N N Intercontinental Exchange Inc. 5493000F4ZO33MV32P92 N Thomson Reuters Pricing Service N/A CA N Bloomberg L.P. 549300B56MD0ZC402L06 N PricingDirect Inc. 549300WIC0TOJ7N7GD54 N Standard and Poors Financial Services LLC 549300U4VWNITEKO2881 N N U.S. Bank National Association 6BYL5QZYBDK8S7L73M02 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N Y Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) Euroclear Bank S.A. / NV 549300OZ46BRLZ8Y6F65 BE N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) N U.S. Bancorp Fund Services, LLC N1GZ7BBF3NP8GI976H15 Y N N U.S. Bancorp Fund Services, LLC N1GZ7BBF3NP8GI976H15 Y N N BTIG, LLC 8-65473 000122225 549300GTG9PL6WO3EC51 1372.000000000000 COWEN AND COMPANY, LLC 8-22522 000007616 549300WR155U7DVMIW58 5712.000000000000 MACQUARIE CAPITAL (USA) INC. 8-47198 000036368 549300670K07JRB5UQ40 1975.000000000000 NATIONAL FINANCIAL SERVICES LLC 8-26740 000013041 549300JRHF1MHHWUAW04 9031.000000000000 18090.000000000000 0.000000000000 Y 19108588.190000000000 N Leuthold Global Industries Fund S000028930 549300LI1M4LKGUGLQ08 Y 2 0 0 N/A N N N N N/A N/A N/A Rule 12d1-1 (17 CFR 270.12d1-1) Y Y Y N The Leuthold Group, LLC 801-30686 000105826 N/A N U.S. Bancorp Fund Services, LLC 85-11357 N1GZ7BBF3NP8GI976H15 Y N N Intercontinental Exchange Inc. 5493000F4ZO33MV32P92 N Thomson Reuters Pricing Service N/A CA N Bloomberg L.P. 549300B56MD0ZC402L06 N PricingDirect Inc. 549300WIC0TOJ7N7GD54 N Standard and Poors Financial Services LLC 549300U4VWNITEKO2881 N N U.S. Bank National Association 6BYL5QZYBDK8S7L73M02 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N Y Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) Euroclear Bank S.A. / NV 549300OZ46BRLZ8Y6F65 BE N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) N U.S. Bancorp Fund Services, LLC N1GZ7BBF3NP8GI976H15 Y N N U.S. Bancorp Fund Services, LLC N1GZ7BBF3NP8GI976H15 Y N N MACQUARIE CAPITAL (USA) INC. 8-47198 000036368 549300670K07JRB5UQ40 15470.000000000000 NATIONAL FINANCIAL SERVICES LLC 8-26740 000013041 549300JRHF1MHHWUAW04 17.000000000000 15487.000000000000 0.000000000000 Y 10961219.310000000000 N Grizzly Short Fund S000000849 54930064NFL867W3Z804 Y 1 0 0 N/A N N N N N/A N/A N/A Rule 12d1-1 (17 CFR 270.12d1-1) Y N N N The Leuthold Group, LLC 801-30686 000105826 N/A N U.S. Bancorp Fund Services, LLC 85-11357 N1GZ7BBF3NP8GI976H15 Y N N Intercontinental Exchange Inc. 5493000F4ZO33MV32P92 N Thomson Reuters Pricing Service N/A CA N Bloomberg L.P. 549300B56MD0ZC402L06 N PricingDirect Inc. 549300WIC0TOJ7N7GD54 N Standard and Poors Financial Services LLC 549300U4VWNITEKO2881 N N U.S. Bank National Association 6BYL5QZYBDK8S7L73M02 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N Y Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) Euroclear Bank S.A. / NV 549300OZ46BRLZ8Y6F65 BE N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) N U.S. Bancorp Fund Services, LLC N1GZ7BBF3NP8GI976H15 Y N N U.S. Bancorp Fund Services, LLC N1GZ7BBF3NP8GI976H15 Y N N BTIG, LLC 8-65473 000122225 549300GTG9PL6WO3EC51 196509.000000000000 COWEN AND COMPANY, LLC 8-22522 000007616 549300WR155U7DVMIW58 108826.000000000000 MACQUARIE CAPITAL (USA) INC. 8-47198 000036368 549300670K07JRB5UQ40 94434.000000000000 NATIONAL FINANCIAL SERVICES LLC 8-26740 000013041 549300JRHF1MHHWUAW04 24531.000000000000 424300.000000000000 0.000000000000 Y 165324148.410000000000 N true INTERNAL CONTROL RPT 2 internalcontrolletter.htm Form 8-K

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors

Leuthold Funds, Inc.

In planning and performing our audits of the financial statements of Leuthold Funds, Inc., comprising Leuthold Core Investment Fund (consolidated), Leuthold Global Fund (consolidated), Leuthold Select Industries Fund, Leuthold Global Industries Fund, and Grizzly Short Fund (collectively, the Funds), as of and for the year ended September 30, 2018, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Funds’ internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

The management of the Funds is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A fund’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles. A fund’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Funds; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. generally accepted accounting principles, and that receipts and expenditures of the Funds are being made only in accordance with authorizations of management and directors of the Funds; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a fund’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Funds’ annual or interim financial statements will not be prevented or detected on a timely basis.

Our consideration of the Funds’ internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in

 

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internal control that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in the Funds’ internal control over financial reporting and its operations, including controls over safeguarding securities that we consider to be a material weakness as defined above as of September 30, 2018.

This report is intended solely for the information and use of management and the Board of Directors of the Funds and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

Minneapolis, Minnesota

November 21, 2018

 

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