Exhibit 13(a)(4)
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Office of the Chief Accountant Securities and Exchange Commission 100 F Street, N.E. Washington, DC 20549 Ladies and Gentlemen: We have read Item 13(a)(4) of Form N-CSR dated December 7, 2022, of Leuthold Funds, Inc. and have the following comments: 1. We are in agreement with the statements contained in the second and third paragraphs of Item 13(a)(4) as included on page 87 of the N-CSR filing. 2. We have no basis to agree or disagree with other statements of the registrant contained therein. /s/ Ernst & Young LLP | |