LEUTHOLD FUNDS INC
NSAR-B, EX-27, 2000-11-29
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<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0001000351
<NAME> LEUTHOLD FUNDS, INC.
<SERIES>
   <NUMBER>                   2
   <NAME>                     GRIZZLY SHORT FUND
<MULTIPLIER>                  1

<S>                                           <C>
<PERIOD-TYPE>                                 4-MOS
<FISCAL-YEAR-END>                                                SEP-30-2000
<PERIOD-START>                                                   JUN-19-2000
<PERIOD-END>                                                     SEP-30-2000
<INVESTMENTS-AT-COST>                                                 54,600
<INVESTMENTS-AT-VALUE>                                                54,600
<RECEIVABLES>                                                      2,572,195
<ASSETS-OTHER>                                                     2,122,142
<OTHER-ITEMS-ASSETS>                                                       0
<TOTAL-ASSETS>                                                     4,748,937
<PAYABLE-FOR-SECURITIES>                                             100,037
<SENIOR-LONG-TERM-DEBT>                                                    0
<OTHER-ITEMS-LIABILITIES>                                          2,304,922
<TOTAL-LIABILITIES>                                                2,404,959
<SENIOR-EQUITY>                                                            0
<PAID-IN-CAPITAL-COMMON>                                           2,124,002
<SHARES-COMMON-STOCK>                                                212,832
<SHARES-COMMON-PRIOR>                                                      0
<ACCUMULATED-NII-CURRENT>                                              1,788
<OVERDISTRIBUTION-NII>                                                     0
<ACCUMULATED-NET-GAINS>                                               48,329
<OVERDISTRIBUTION-GAINS>                                                   0
<ACCUM-APPREC-OR-DEPREC>                                             169,859
<NET-ASSETS>                                                       2,343,978
<DIVIDEND-INCOME>                                                          0
<INTEREST-INCOME>                                                     37,722
<OTHER-INCOME>                                                             0
<EXPENSES-NET>                                                        (9,200)
<NET-INVESTMENT-INCOME>                                               28,522
<REALIZED-GAINS-CURRENT>                                              48,329
<APPREC-INCREASE-CURRENT>                                            169,859
<NET-CHANGE-FROM-OPS>                                                246,710
<EQUALIZATION>                                                             0
<DISTRIBUTIONS-OF-INCOME>                                            (26,734)
<DISTRIBUTIONS-OF-GAINS>                                                   0
<DISTRIBUTIONS-OTHER>                                                      0
<NUMBER-OF-SHARES-SOLD>                                              207,985
<NUMBER-OF-SHARES-REDEEMED>                                           (7,499)
<SHARES-REINVESTED>                                                    2,346
<NET-CHANGE-IN-ASSETS>                                             2,243,978
<ACCUMULATED-NII-PRIOR>                                                    0
<ACCUMULATED-GAINS-PRIOR>                                                  0
<OVERDISTRIB-NII-PRIOR>                                                    0
<OVERDIST-NET-GAINS-PRIOR>                                                 0
<GROSS-ADVISORY-FEES>                                                  4,181
<INTEREST-EXPENSE>                                                         0
<GROSS-EXPENSE>                                                       54,442
<AVERAGE-NET-ASSETS>                                               1,173,898
<PER-SHARE-NAV-BEGIN>                                                  10.00
<PER-SHARE-NII>                                                         0.14
<PER-SHARE-GAIN-APPREC>                                                 1.00
<PER-SHARE-DIVIDEND>                                                   (0.13)
<PER-SHARE-DISTRIBUTIONS>                                               0.00
<RETURNS-OF-CAPITAL>                                                       0
<PER-SHARE-NAV-END>                                                    11.01
<EXPENSE-RATIO>                                                         2.50


</TABLE>


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