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SIGNATURE KRISTEN VOIGTSBERGR
TITLE SECRETARY
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<CIK> 0001000351
<NAME> LEUTHOLD FUNDS, INC.
<S> <C>
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<PERIOD-START> OCT-01-1998
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 38,678,131
<INVESTMENTS-AT-VALUE> 40,439,418
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LEUTHOLD FUNDS, INC.
Item 77.C) Submission of matters to a vote of security holders
A special meeting of the shareholders of the Fund was held on January 25, 1999
pursuant to a notice dated December 15, 1998, to all shareholders of record on
November 30, 1998. As of November 30, 1998, there were 4,070,306.450 shares
outstanding in the Fund. Holders of 2,944,627.477 shares of the Fund were
present at the meeting in person or by proxy, being the holders of a majority of
the outstanding shares of the Fund and thus constituting a quorum. The
shareholders elected to modify the Fund's investment restrictions to permit the
Fund to effect short sales, as permitted by the Investment Company Act of 1940,
as amended. The results of the shareholder vote were as follows:
Number of % of Outstanding % of Shares
Shares Shares Present
For 2,898,504.416 71.204% 98.434%
Against 9,121.979 .224% .309%
Abstain 37,001.082 .909% 1.257%
TOTAL 2,944,627.477 72.337% 100.000%