0000897069-20-000013 Sample Contracts

ETF DISTRIBUTION AGREEMENT
Distribution Agreement • January 6th, 2020 • Leuthold Funds Inc • Delaware

THIS DISTRIBUTION AGREEMENT (the “Agreement”) is made this 28th day of August 2019, by and between Leuthold Funds, Inc., a Maryland corporation (the “Company”) having its principal place of business at 150 South Fifth Street, Suite 1700, Minneapolis, Minnesota 55402, and Compass Distributors, LLC, a Delaware limited liability company (the “Distributor”) having its principal place of business at Three Canal Plaza, Suite 100, Portland, Maine 04101.

OPERATING EXPENSES LIMITATION AGREEMENT
Operating Expenses Limitation Agreement • January 6th, 2020 • Leuthold Funds Inc • Maryland

THIS OPERATING EXPENSES LIMITATION AGREEMENT (the “Agreement”) is made as of January 3, 2020, by and between Leuthold Funds, Inc., a Maryland corporation (the “Company”), on behalf of the Leuthold Core ETF (the “Fund”), a series of the Company, and The Leuthold Group, LLC (d/b/a Leuthold Weeden Capital Management), the Fund’s investment adviser (the “Adviser”).

INVESTMENT ADVISORY AGREEMENT (LEUTHOLD CORE ETF)
Investment Advisory Agreement • January 6th, 2020 • Leuthold Funds Inc

This Investment Advisory Agreement (this “Agreement”) is made and entered into this 3rd day of January, 2020, by and between Leuthold Funds, Inc., a Maryland corporation (the “Company”), and The Leuthold Group, LLC (d/b/a Leuthold Weeden Capital Management), a Delaware limited liability company (the “Adviser”).