UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Notice of Effectiveness
Effectiveness Date:	January 29, 2010 4:30 P.M.

Form:	N-14
CIK: 0001000351 Company Name: LEUTHOLD FUNDS INC File Number: 333-164062 SERIES/CLASSES (CONTRACTS) MERGERS CIK Series ID Class/Contract Name Acquiring: 0001000351 LEUTHOLD FUNDS INC S000000848 LEUTHOLD SELECT INDUSTRIES FUND C000002463 No Load Target: 0001000351 LEUTHOLD FUNDS INC S000012966 LEUTHOLD SELECT EQUITIES FUND C000035039 LEUTHOLD SELECT EQUITIES FUND