Leuthold 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

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COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
A10 Networks, Inc.	COM	002121101	223,331	14,859	SH		SOLE		14,859	0	0
Aberdeen Standard Bloomberg Al	BBRG ALL COMD K1	003261104	780,732	36,984	SH		SOLE		36,984	0	0
Adobe Inc.	COM	00724F101	5,054,639	9,913	SH		SOLE		9,913	0	0
AerCap Holdings NV	SHS	N00985106	4,330,434	69,099	SH		SOLE		69,099	0	0
AGCO Corp.	COM	001084102	1,703,705	14,404	SH		SOLE		14,404	0	0
Akamai Technologies Inc.	COM	00971T101	6,085,884	57,123	SH		SOLE		57,123	0	0
Allison Transmission Holdings	COM	01973R101	2,582,635	43,729	SH		SOLE		43,729	0	0
Alphabet Inc.	CAP STK CL A	02079K305	9,765,166	74,623	SH		SOLE		74,623	0	0
Amdocs Ltd.	SHS	G02602103	217,477	2,574	SH		SOLE		2,574	0	0
American Airlines Group Inc.	COM	02376R102	211,006	16,472	SH		SOLE		16,472	0	0
Amkor Technology Inc.	COM	031652100	285,076	12,614	SH		SOLE		12,614	0	0
Andersons Inc.	COM	034164103	268,316	5,209	SH		SOLE		5,209	0	0
APA Corp.	COM	03743Q108	518,230	12,609	SH		SOLE		12,609	0	0
Apple Inc.	COM	037833100	16,214,785	94,707	SH		SOLE		94,707	0	0
Applied Materials Inc.	COM	038222105	12,894,956	93,138	SH		SOLE		93,138	0	0
ArcBest Corporation	COM	03937C105	2,026,088	19,932	SH		SOLE		19,932	0	0
ArcelorMittal SA ADR	NY REGISTRY SH	03938L203	260,712	10,416	SH		SOLE		10,416	0	0
Archer Daniels Midland Co.	COM	039483102	522,434	6,927	SH		SOLE		6,927	0	0
AutoNation Inc.	COM	05329W102	4,639,804	30,646	SH		SOLE		30,646	0	0
Axis Capital Holdings Ltd	SHS	G0692U109	300,170	5,325	SH		SOLE		5,325	0	0
Baker Hughes Company	CL A	05722G100	4,802,672	135,976	SH		SOLE		135,976	0	0
Banco Santander S.A.	ADR	05964H105	299,330	79,609	SH		SOLE		79,609	0	0
Barclays PLC	ADR	06738E204	218,447	28,042	SH		SOLE		28,042	0	0
Boise Cascade Co. Del	COM	09739D100	2,365,077	22,953	SH		SOLE		22,953	0	0
Bunge Ltd.	COM	G16962105	432,675	3,997	SH		SOLE		3,997	0	0
Canadian Natural Resources Ltd	COM	136385101	902,987	13,963	SH		SOLE		13,963	0	0
Cardinal Health Inc.	COM	14149Y108	6,207,109	71,494	SH		SOLE		71,494	0	0
Caterpillar Inc.	COM	149123101	3,794,154	13,898	SH		SOLE		13,898	0	0
Cemex S.A.B. de C.V.	SPON ADR NEW	151290889	3,720,633	572,405	SH		SOLE		572,405	0	0
Cencora Inc.	COM	03073E105	6,389,475	35,503	SH		SOLE		35,503	0	0
Centene Corp.	COM	15135B101	5,239,151	76,062	SH		SOLE		76,062	0	0
Charter Communications Inc.	CL A	16119P108	5,304,669	12,061	SH		SOLE		12,061	0	0
Check Point Software Tech LT	ORD	M22465104	5,216,979	39,143	SH		SOLE		39,143	0	0
Chord Energy Corp.	COM	674215207	486,048	2,999	SH		SOLE		2,999	0	0
Cisco Systems Inc.	COM	17275R102	5,746,675	106,895	SH		SOLE		106,895	0	0
Cognizant Technology Solutions	CL A	192446102	327,049	4,828	SH		SOLE		4,828	0	0
Commercial Metals Co.	COM	201723103	251,546	5,091	SH		SOLE		5,091	0	0
Communication Services Select	COMMUNICATION	81369Y852	4,731,203	72,155	SH		SOLE		72,155	0	0
Consumer Discretionary Select	SBI CONS DISCR	81369Y407	389,250	2,418	SH		SOLE		2,418	0	0
Corning Inc.	COM	219350105	2,510,088	82,379	SH		SOLE		82,379	0	0
CRH PLC	ADR	12626K203	5,697,174	104,096	SH		SOLE		104,096	0	0
Cummins Inc.	COM	231021106	1,702,027	7,450	SH		SOLE		7,450	0	0
D.R. Horton Inc.	COM	23331A109	8,166,753	75,991	SH		SOLE		75,991	0	0
Deere & Co.	COM	244199105	3,580,581	9,488	SH		SOLE		9,488	0	0
Delta Air Lines Inc.	COM NEW	247361702	478,558	12,934	SH		SOLE		12,934	0	0
Diodes Inc.	COM	254543101	302,036	3,831	SH		SOLE		3,831	0	0
Direxion Daily S&P500 Bear 1X	DLY S&P500 BR 1X	25460E869	26,575,146	1,790,778	SH		SOLE		1,790,778	0	0
Dolby Laboratories Inc.	COM CL A	25659T107	3,506,938	44,246	SH		SOLE		44,246	0	0
Dropbox, Inc.	CL A	26210C104	350,695	12,879	SH		SOLE		12,879	0	0
Eagle Materials Inc.	COM	26969P108	3,751,529	22,529	SH		SOLE		22,529	0	0
Elevance Health Inc.	COM	036752103	6,519,979	14,974	SH		SOLE		14,974	0	0
Energy Select Sector SPDR TR	ENERGY	81369Y506	342,578	3,790	SH		SOLE		3,790	0	0
ENI S.p.A.	SPONSORED ADR	26874R108	361,781	11,334	SH		SOLE		11,334	0	0
EOG Resources Inc.	COM	26875P101	842,067	6,643	SH		SOLE		6,643	0	0
Everest Group Ltd.	COM	G3223R108	5,491,796	14,776	SH		SOLE		14,776	0	0
Exxon Mobil Corp.	COM	30231G102	9,351,960	79,537	SH		SOLE		79,537	0	0
Fidelity Covington Trust	MSCI ENERGY IDX	316092402	1,767,414	70,952	SH		SOLE		70,952	0	0
Financial Select Sector SPDR TR	FINANCIAL	81369Y605	1,562,108	47,094	SH		SOLE		47,094	0	0
Flex Ltd.	COM	Y2573F102	6,332,881	234,725	SH		SOLE		234,725	0	0
Fortinet Inc.	COM	34959E109	4,265,273	72,687	SH		SOLE		72,687	0	0
Fresh Del Monte Produce Inc.	ORD	G36738105	223,077	8,633	SH		SOLE		8,633	0	0
General Motors Co.	COM	37045V100	321,490	9,751	SH		SOLE		9,751	0	0
Gerdau S.A.	SPON ADR REP PFD	373737105	206,880	43,371	SH		SOLE		43,371	0	0
GMS Inc.	COM	36251C103	2,114,528	33,055	SH		SOLE		33,055	0	0
GoDaddy, Inc.	CL A	380237107	4,779,903	64,177	SH		SOLE		64,177	0	0
Goldman Sachs ETF TR	ACCES TREASURY	381430529	256,081	2,558	SH		SOLE		2,558	0	0
Goldman Sachs Group Inc.	COM	38141G104	603,134	1,864	SH		SOLE		1,864	0	0
Halliburton Co.	COM	406216101	4,755,834	117,428	SH		SOLE		117,428	0	0
HCA Healthcare Inc	COM	40412C101	4,506,846	18,322	SH		SOLE		18,322	0	0
Health Care Select Sector SPDR	SBI HEALTHCARE	81369Y209	3,398,221	26,396	SH		SOLE		26,396	0	0
Home Depot Inc.	COM	437076102	2,985,039	9,879	SH		SOLE		9,879	0	0
Humana Inc.	COM	444859102	8,851,745	18,194	SH		SOLE		18,194	0	0
Industrial Select Sector SPDR	INDL	81369Y704	3,288,463	32,437	SH		SOLE		32,437	0	0
Ingredion Incorporated	COM	457187102	327,967	3,333	SH		SOLE		3,333	0	0
Intel Corp.	COM	458140100	268,900	7,564	SH		SOLE		7,564	0	0
Invesco CurrencyShares Euro	EURO SHS	46138K103	4,369,730	44,726	SH		SOLE		44,726	0	0
Invesco CurrencyShares Japan	JAPANESE YEN	46138W107	2,892,519	46,511	SH		SOLE		46,511	0	0
Invesco Exchange Traded FD T	S&P500 EQL DIS	46137V381	1,199,953	28,516	SH		SOLE		28,516	0	0
iShares 0-5 Year High Yield Co	0-5YR HI YL CP	46434V407	3,117,377	75,978	SH		SOLE		75,978	0	0
iShares 0-5 Year TIPS Bond ETF	0-5 YR TIPS ETF	46429B747	5,320,617	54,897	SH		SOLE		54,897	0	0
iShares 1-3 Year Treasury Bond	1 3 YR TREAS BD	464287457	13,513,326	166,893	SH		SOLE		166,893	0	0
iShares 20 Year Treasury Bond	20 YR TR BD ETF	464287432	2,146,741	24,205	SH		SOLE		24,205	0	0
iShares 5-10yr Investment Grad	ISHS 5-10YR INVT	464288638	12,895,510	265,067	SH		SOLE		265,067	0	0
iShares 7-10 Year Treasury Bon	7-10 YR TRSY BD	464287440	2,624,695	28,657	SH		SOLE		28,657	0	0
iShares Core MSCI EAFE ETF	CORE MSCI EAFE	46432F842	4,819,879	74,901	SH		SOLE		74,901	0	0
iShares Core Total U.S. Bond M	CORE US AGGBD ET	464287226	3,335,975	35,474	SH		SOLE		35,474	0	0
iShares DJ US Home Constructio	US HOME CONS ETF	464288752	3,063,543	39,031	SH		SOLE		39,031	0	0
iShares International Treasury	INTL TREA BD ETF	464288117	11,897,336	320,079	SH		SOLE		320,079	0	0
iShares JPMorgan USD Emerging	JPMORGAN USD EMG	464288281	643,243	7,795	SH		SOLE		7,795	0	0
iShares MBS ETF	MBS ETF	464288588	1,776,089	20,001	SH		SOLE		20,001	0	0
iShares MSCI Emerging Markets	MSCI EMRG CHN	46434G764	1,847,098	37,068	SH		SOLE		37,068	0	0
iShares MSCI Global Metals & M	MSCI GBL ETF NEW	46434G848	506,026	12,727	SH		SOLE		12,727	0	0
iShares S&P 500 Fund	CORE S&P500 ETF	464287200	6,184,651	14,402	SH		SOLE		14,402	0	0
iShares U.S. Healthcare Provid	US HLTHCR PR ETF	464288828	2,405,874	9,776	SH		SOLE		9,776	0	0
iShares U.S. Oil Equipment & S	US OIL EQ&SV ETF	464288844	1,202,264	50,011	SH		SOLE		50,011	0	0
iShares US Transportation ETF	US TRSPRTION	464287192	615,283	2,632	SH		SOLE		2,632	0	0
J.B. Hunt Transport Services I	COM	445658107	3,512,316	18,631	SH		SOLE		18,631	0	0
Jabil Inc.	COM	466313103	9,017,565	71,066	SH		SOLE		71,066	0	0
KB Home	COM	48666K109	2,995,982	64,736	SH		SOLE		64,736	0	0
KLA Corporation	COM	482480100	8,332,476	18,167	SH		SOLE		18,167	0	0
Lam Research Corp.	COM	512807108	17,061,306	27,221	SH		SOLE		27,221	0	0
Lennar Corp.	CL A	526057104	5,698,703	50,777	SH		SOLE		50,777	0	0
Liberty Energy, Inc.	COM CL A	53115L104	2,037,811	110,033	SH		SOLE		110,033	0	0
LKQ Corp.	COM	501889208	4,735,186	95,641	SH		SOLE		95,641	0	0
M.D.C. Holdings Inc.	COM	552676108	3,043,145	73,809	SH		SOLE		73,809	0	0
Martin Marietta Materials Inc.	COM	573284106	3,666,407	8,932	SH		SOLE		8,932	0	0
Marvell Technology Inc.	COM	573874104	424,325	7,839	SH		SOLE		7,839	0	0
Mastercard Inc.	CL A	57636Q104	7,304,540	18,450	SH		SOLE		18,450	0	0
McKesson Corp.	COM	58155Q103	7,877,308	18,115	SH		SOLE		18,115	0	0
Merck & Co. Inc.	COM	58933Y105	8,847,626	85,941	SH		SOLE		85,941	0	0
Meritage Homes Corp.	COM	59001A102	4,646,781	37,967	SH		SOLE		37,967	0	0
Meta Platforms Inc.	CL A	30303M102	12,419,087	41,368	SH		SOLE		41,368	0	0
Microsoft Corp.	COM	594918104	21,101,888	66,831	SH		SOLE		66,831	0	0
Mizuho Financial Group Inc.	SPONSORED ADR	60687Y109	325,126	94,789	SH		SOLE		94,789	0	0
MKS Instruments Inc.	COM	55306N104	2,891,648	33,414	SH		SOLE		33,414	0	0
Molina Healthcare Inc.	COM	60855R100	335,431	1,023	SH		SOLE		1,023	0	0
MSC Industrial Direct Inc.	CL A	553530106	1,730,188	17,628	SH		SOLE		17,628	0	0
Netflix Inc.	COM	64110L106	6,394,278	16,934	SH		SOLE		16,934	0	0
NOV Inc.	COM	62955J103	3,021,659	144,577	SH		SOLE		144,577	0	0
Nucor Corp.	COM	670346105	3,266,152	20,890	SH		SOLE		20,890	0	0
Okta, Inc.	CL A	679295105	5,742,706	70,454	SH		SOLE		70,454	0	0
Old Republic International Cor	COM	680223104	367,327	13,635	SH		SOLE		13,635	0	0
Oracle Corp.	COM	68389X105	8,450,298	79,780	SH		SOLE		79,780	0	0
Paccar Inc.	COM	693718108	3,783,135	44,497	SH		SOLE		44,497	0	0
Penske Automotive Grp Inc	COM	70959W103	6,181,554	37,002	SH		SOLE		37,002	0	0
Petroleo Brasileiro SA Petro	SPONSORED ADR	71654V408	346,104	23,089	SH		SOLE		23,089	0	0
Progress Software Corp	COM	743312100	2,264,831	43,074	SH		SOLE		43,074	0	0
ProShares Short Russell2000	SHRT RUSSELL2000	74348A210	14,658,840	605,487	SH		SOLE		605,487	0	0
PTC Inc.	COM	69370C100	487,521	3,441	SH		SOLE		3,441	0	0
PulteGroup Inc.	COM	745867101	8,587,282	115,966	SH		SOLE		115,966	0	0
Qualys, Inc.	COM	74758T303	4,235,093	27,762	SH		SOLE		27,762	0	0
Raymond James Financial Inc	COM	754730109	220,946	2,200	SH		SOLE		2,200	0	0
Reinsurance Group of America I	COM NEW	759351604	4,850,943	33,411	SH		SOLE		33,411	0	0
RenaissanceRe Holdings Ltd.	COM	G7496G103	4,781,945	24,161	SH		SOLE		24,161	0	0
Rush Enterprises Inc Cl A	CL A	781846209	2,429,752	59,509	SH		SOLE		59,509	0	0
Ryanair Holdings PLC	SPONSORED ADS	783513203	406,241	4,179	SH		SOLE		4,179	0	0
Ryder System Inc.	COM	783549108	2,351,724	21,989	SH		SOLE		21,989	0	0
Schlumberger	COM STK	806857108	5,705,005	97,856	SH		SOLE		97,856	0	0
Schneider National, Inc.	CL B	80689H102	1,945,804	70,271	SH		SOLE		70,271	0	0
Shell PLC	SPON ADS	780259305	7,356,188	114,262	SH		SOLE		114,262	0	0
Skyworks Solutions Inc	COM	83088M102	271,714	2,756	SH		SOLE		2,756	0	0
SolarEdge Technologies, Inc.	COM	83417M104	2,987,019	23,064	SH		SOLE		23,064	0	0
SPDR Barclays International Co	BLOOMBERG INTL	78464A151	4,933,997	181,865	SH		SOLE		181,865	0	0
SPDR Barclays Short Term High	BLOOMBERG SHT TE	78468R408	2,038,496	83,340	SH		SOLE		83,340	0	0
SPDR Bloomberg Barclays 1-3 Mo	BLOOMBERG 1-3 MO	78468R663	1,921,701	20,929	SH		SOLE		20,929	0	0
SPDR Bloomberg Barclays Intern	BLOOMBERG INTL T	78464A516	12,144,586	571,779	SH		SOLE		571,779	0	0
SPDR S&P Homebuilders ETF	S&P HOMEBUILD	78464A888	855,823	11,177	SH		SOLE		11,177	0	0
SPDR S&P Metals & Mining ETF	S&P METALS MNG	78464A755	862,418	16,427	SH		SOLE		16,427	0	0
SPDR S&P Retail ETF	S&P RETAIL ETF	78464A714	1,924,089	31,615	SH		SOLE		31,615	0	0
SPDR S&P Semiconductor ETF	S&P SEMICNDCTR	78464A862	1,097,264	5,598	SH		SOLE		5,598	0	0
SPDR S&P Software & Services E	COMP SOFTWARE	78464A599	823,713	6,492	SH		SOLE		6,492	0	0
Steel Dynamics Inc.	COM	858119100	3,959,849	36,932	SH		SOLE		36,932	0	0
Stifel Financial Corp.	COM	860630102	348,303	5,669	SH		SOLE		5,669	0	0
Summit Materials, Inc.	CL A	86614U100	3,708,494	119,091	SH		SOLE		119,091	0	0
Suncor Energy Inc.	COM	867224107	422,255	12,282	SH		SOLE		12,282	0	0
T-Mobile US Inc	COM	872590104	4,161,446	29,714	SH		SOLE		29,714	0	0
Taylor Morrison Home Corp. Cla	COM	87724P106	3,613,285	84,799	SH		SOLE		84,799	0	0
TE Connectivity Ltd.	SHS	H84989104	5,686,333	46,032	SH		SOLE		46,032	0	0
Technology Select Sector SPDR	TECHNOLOGY	81369Y803	12,422,124	75,777	SH		SOLE		75,777	0	0
Tenaris S.A.	SPONSORED ADS	88031M109	3,919,822	124,045	SH		SOLE		124,045	0	0
Tenet Healthcare Corporation	COM NEW	88033G407	2,216,144	33,634	SH		SOLE		33,634	0	0
Terex Corp.	COM	880779103	2,568,988	44,585	SH		SOLE		44,585	0	0
Ternium S.A. Sponsored ADR	COM	880890108	322,871	8,092	SH		SOLE		8,092	0	0
Textainer Group Holdings Ltd S	SHS	G8766E109	2,410,410	64,709	SH		SOLE		64,709	0	0
TFI International Inc.	COM	87241L109	3,618,337	28,178	SH		SOLE		28,178	0	0
Toll Brothers Inc.	COM	889478103	5,752,313	77,776	SH		SOLE		77,776	0	0
TRI Pointe Group Inc	COM	87265H109	464,075	16,968	SH		SOLE		16,968	0	0
Triton International Ltd.	CL A	G9078F107	420,501	5,286	SH		SOLE		5,286	0	0
United Airlines Holdings, Inc.	COM	910047109	269,028	6,360	SH		SOLE		6,360	0	0
United Rentals Inc.	COM	911363109	7,214,927	16,229	SH		SOLE		16,229	0	0
United States Steel Corp.	COM	912909108	4,427,901	136,327	SH		SOLE		136,327	0	0
UnitedHealth Group Inc.	COM	91324P102	12,645,589	25,081	SH		SOLE		25,081	0	0
VanEck Vectors J.P. Morgan EM	JP MRGAN EM LO	92189H300	5,698,604	238,735	SH		SOLE		238,735	0	0
Vanguard Russell 1000 Value ET	VNG RUS1000VAL	92206C714	3,421,325	51,325	SH		SOLE		51,325	0	0
Vanguard Short-Term Corporate	SHRT TRM CORP BD	92206C409	1,908,059	25,390	SH		SOLE		25,390	0	0
Vanguard Short-Term Inflation-	STRM INFPROIDX	922020805	4,039,698	85,442	SH		SOLE		85,442	0	0
Vanguard Short-Term Treasury E	SHORT TERM TREAS	92206C102	697,651	12,112	SH		SOLE		12,112	0	0
Visa Inc.	COM CL A	92826C839	5,640,535	24,523	SH		SOLE		24,523	0	0
Wesco International Inc.	COM	95082P105	4,949,565	34,415	SH		SOLE		34,415	0	0
Williams-Sonoma Inc.	COM	969904101	3,227,347	20,768	SH		SOLE		20,768	0	0
Wipro Ltd. ADS	SPON ADR 1 SH	97651M109	313,719	64,818	SH		SOLE		64,818	0	0
Wix.com Ltd.	SHS	M98068105	4,361,418	47,510	SH		SOLE		47,510	0	0