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	193,508	14,135	SH		SOLE		14,135	0	0
Aberdeen Standard Bloomberg Al	BBRG ALL COMD K1	003261104	799,242	40,427	SH		SOLE		40,427	0	0
Adobe Inc.	COM	00724F101	4,989,989	9,889	SH		SOLE		9,889	0	0
AerCap Holdings NV	SHS	N00985106	5,988,881	68,909	SH		SOLE		68,909	0	0
AGCO Corp.	COM	001084102	1,766,813	14,362	SH		SOLE		14,362	0	0
Akamai Technologies Inc.	COM	00971T101	6,196,057	56,970	SH		SOLE		56,970	0	0
Allison Transmission Holdings	COM	01973R101	3,539,469	43,611	SH		SOLE		43,611	0	0
Alphabet Inc.	CAP STK CL A	02079K305	14,661,189	97,139	SH		SOLE		97,139	0	0
Amdocs Ltd.	SHS	G02602103	315,301	3,489	SH		SOLE		3,489	0	0
Amkor Technology Inc.	COM	031652100	387,041	12,005	SH		SOLE		12,005	0	0
Andersons Inc.	COM	034164103	284,383	4,957	SH		SOLE		4,957	0	0
APA Corp.	COM	03743Q108	412,594	12,001	SH		SOLE		12,001	0	0
Apple Inc.	COM	037833100	16,194,400	94,439	SH		SOLE		94,439	0	0
Applied Materials Inc.	COM	038222105	19,105,353	92,641	SH		SOLE		92,641	0	0
ArcelorMittal SA ADR	NY REGISTRY SH	03938L203	273,401	9,913	SH		SOLE		9,913	0	0
Assurant Inc.	COM	04621X108	3,730,164	19,816	SH		SOLE		19,816	0	0
Axis Capital Holdings Ltd	SHS	G0692U109	329,586	5,069	SH		SOLE		5,069	0	0
Baidu Inc.	SPON ADR REP A	056752108	363,637	3,454	SH		SOLE		3,454	0	0
Baker Hughes Company	CL A	05722G100	4,555,565	135,987	SH		SOLE		135,987	0	0
Banco Santander S.A.	ADR	05964H105	366,717	75,768	SH		SOLE		75,768	0	0
Barclays PLC	ADR	06738E204	252,211	26,689	SH		SOLE		26,689	0	0
Boise Cascade Co. Del	COM	09739D100	3,850,814	25,108	SH		SOLE		25,108	0	0
Canadian Natural Resources Ltd	COM	136385101	1,014,216	13,289	SH		SOLE		13,289	0	0
Cardinal Health Inc.	COM	14149Y108	7,977,351	71,290	SH		SOLE		71,290	0	0
CarGurus, Inc.	COM CL A	141788109	3,791,767	164,288	SH		SOLE		164,288	0	0
Caterpillar Inc.	COM	149123101	5,077,254	13,856	SH		SOLE		13,856	0	0
Cemex S.A.B. de C.V.	SPON ADR NEW	151290889	5,143,791	570,898	SH		SOLE		570,898	0	0
Cencora Inc.	COM	03073E105	8,602,332	35,402	SH		SOLE		35,402	0	0
Centene Corp.	COM	15135B101	6,056,537	77,173	SH		SOLE		77,173	0	0
Charter Communications Inc.	CL A	16119P108	3,496,570	12,031	SH		SOLE		12,031	0	0
Check Point Software Tech LT	ORD	M22465104	6,568,108	40,047	SH		SOLE		40,047	0	0
Chord Energy Corp.	COM	674215207	508,697	2,854	SH		SOLE		2,854	0	0
Chubb Limited	COM	H1467J104	3,032,598	11,703	SH		SOLE		11,703	0	0
Cisco Systems Inc.	COM	17275R102	5,320,905	106,610	SH		SOLE		106,610	0	0
Citigroup Inc.	COM NEW	172967424	258,778	4,092	SH		SOLE		4,092	0	0
Cognizant Technology Solutions	CL A	192446102	520,139	7,097	SH		SOLE		7,097	0	0
Comcast Corp.	CL A	20030N101	6,027,557	139,044	SH		SOLE		139,044	0	0
Comerica Inc.	COM	200340107	265,162	4,822	SH		SOLE		4,822	0	0
Commercial Metals Co.	COM	201723103	284,741	4,845	SH		SOLE		4,845	0	0
Communication Services Select	COMMUNICATION	81369Y852	9,152,534	112,081	SH		SOLE		112,081	0	0
Consumer Discretionary Select	SBI CONS DISCR	81369Y407	520,593	2,831	SH		SOLE		2,831	0	0
CRH PLC	ADR	12626K203	8,928,600	103,508	SH		SOLE		103,508	0	0
Cummins Inc.	COM	231021106	2,190,133	7,433	SH		SOLE		7,433	0	0
D.R. Horton Inc.	COM	23331A109	12,468,941	75,776	SH		SOLE		75,776	0	0
Deere & Co.	COM	244199105	3,887,654	9,465	SH		SOLE		9,465	0	0
Diodes Inc.	COM	254543101	257,043	3,646	SH		SOLE		3,646	0	0
Direxion Daily S&P500 Bear 1X	DLY S&P500 BR 1X	25460E869	21,157,508	1,738,497	SH		SOLE		1,738,497	0	0
Dolby Laboratories Inc.	COM CL A	25659T107	3,812,205	45,508	SH		SOLE		45,508	0	0
Dropbox, Inc.	CL A	26210C104	407,730	16,779	SH		SOLE		16,779	0	0
Eagle Materials Inc.	COM	26969P108	6,087,472	22,401	SH		SOLE		22,401	0	0
Elevance Health Inc.	COM	036752103	7,839,288	15,118	SH		SOLE		15,118	0	0
ENI S.p.A.	SPONSORED ADR	26874R108	342,164	10,787	SH		SOLE		10,787	0	0
EOG Resources Inc.	COM	26875P101	808,332	6,323	SH		SOLE		6,323	0	0
Everest Group Ltd.	COM	G3223R108	7,451,933	18,747	SH		SOLE		18,747	0	0
Exxon Mobil Corp.	COM	30231G102	9,194,468	79,099	SH		SOLE		79,099	0	0
Fidelity Covington Trust	MSCI ENERGY IDX	316092402	1,962,653	75,866	SH		SOLE		75,866	0	0
Financial Select Sector SPDR TR	FINANCIAL	81369Y605	4,707,879	111,773	SH		SOLE		111,773	0	0
Flex Ltd.	COM	Y2573F102	6,697,057	234,081	SH		SOLE		234,081	0	0
Fortinet Inc.	COM	34959E109	4,951,860	72,491	SH		SOLE		72,491	0	0
General Motors Co.	COM	37045V100	420,712	9,277	SH		SOLE		9,277	0	0
Gerdau S.A.	SPON ADR REP PFD	373737105	182,453	41,279	SH		SOLE		41,279	0	0
GMS Inc.	COM	36251C103	3,554,662	36,518	SH		SOLE		36,518	0	0
GoDaddy, Inc.	CL A	380237107	7,595,401	63,999	SH		SOLE		63,999	0	0
Halliburton Co.	COM	406216101	4,627,829	117,398	SH		SOLE		117,398	0	0
Hartford Financial Services Gr	COM	416515104	3,112,110	30,200	SH		SOLE		30,200	0	0
HCA Healthcare Inc	COM	40412C101	6,094,260	18,272	SH		SOLE		18,272	0	0
Health Care Select Sector SPDR	SBI HEALTHCARE	81369Y209	3,984,574	26,972	SH		SOLE		26,972	0	0
Humana Inc.	COM	444859102	6,337,001	18,277	SH		SOLE		18,277	0	0
IAC Inc.	COM NEW	44891N208	3,376,049	63,293	SH		SOLE		63,293	0	0
Industrial Select Sector SPDR	INDL	81369Y704	3,978,699	31,587	SH		SOLE		31,587	0	0
Intel Corp.	COM	458140100	317,980	7,199	SH		SOLE		7,199	0	0
InterDigital Inc.	COM	45867G101	359,303	3,375	SH		SOLE		3,375	0	0
Invesco CurrencyShares Euro	EURO SHS	46138K103	4,577,886	45,912	SH		SOLE		45,912	0	0
Invesco CurrencyShares Japan	JAPANESE YEN	46138W107	4,370,169	71,373	SH		SOLE		71,373	0	0
Invesco NASDAQ 100 ETF	NASDAQ 100 ETF	46138G649	208,449	1,141	SH		SOLE		1,141	0	0
Invesco S&P 500 Equal Weight C	S&P500 EQL DIS	46137V381	1,481,978	29,047	SH		SOLE		29,047	0	0
iShares 0-5 Year High Yield Co	0-5YR HI YL CP	46434V407	5,463,080	128,392	SH		SOLE		128,392	0	0
iShares 0-5 Year TIPS Bond ETF	0-5 YR TIPS ETF	46429B747	5,458,409	54,897	SH		SOLE		54,897	0	0
iShares 1-3 Year Treasury Bond	1 3 YR TREAS BD	464287457	11,713,513	143,232	SH		SOLE		143,232	0	0
iShares 5-10yr Investment Grad	ISHS 5-10YR INVT	464288638	20,196,085	391,397	SH		SOLE		391,397	0	0
iShares 7-10 Year Treasury Bon	7-10 YR TRSY BD	464287440	4,562,991	48,204	SH		SOLE		48,204	0	0
iShares Core MSCI EAFE ETF	CORE MSCI EAFE	46432F842	6,104,743	82,252	SH		SOLE		82,252	0	0
iShares Core Total U.S. Bond M	CORE US AGGBD ET	464287226	3,794,391	38,742	SH		SOLE		38,742	0	0
iShares DJ US Home Constructio	US HOME CONS ETF	464288752	5,045,141	43,579	SH		SOLE		43,579	0	0
iShares Edge MSCI USA Quality	MSCI USA QLT FCT	46432F339	218,421	1,329	SH		SOLE		1,329	0	0
iShares International Treasury	INTL TREA BD ETF	464288117	16,086,610	405,920	SH		SOLE		405,920	0	0
iShares JPMorgan USD Emerging	JPMORGAN USD EMG	464288281	1,340,208	14,946	SH		SOLE		14,946	0	0
iShares MBS ETF	MBS ETF	464288588	12,205,632	132,067	SH		SOLE		132,067	0	0
iShares MSCI ACWI ETF	MSCI ACWI ETF	464288257	212,881	1,933	SH		SOLE		1,933	0	0
iShares MSCI Emerging Markets	MSCI EMRG CHN	46434G764	2,314,832	40,209	SH		SOLE		40,209	0	0
iShares MSCI Global Metals & M	MSCI GBL ETF NEW	46434G848	605,943	14,531	SH		SOLE		14,531	0	0
iShares S&P 500 Fund	CORE S&P500 ETF	464287200	8,288,133	15,765	SH		SOLE		15,765	0	0
iShares U.S. Healthcare Provid	US HLTHCR PR ETF	464288828	3,078,510	56,445	SH		SOLE		56,445	0	0
iShares U.S. Insurance ETF	U.S. INSRNCE ETF	464288786	1,991,874	16,968	SH		SOLE		16,968	0	0
iShares U.S. Oil Equipment & S	US OIL EQ&SV ETF	464288844	1,373,474	58,075	SH		SOLE		58,075	0	0
Jabil Inc.	COM	466313103	9,493,706	70,875	SH		SOLE		70,875	0	0
KB Home	COM	48666K109	4,547,590	64,159	SH		SOLE		64,159	0	0
KLA Corporation	COM	482480100	12,644,816	18,101	SH		SOLE		18,101	0	0
Lam Research Corp.	COM	512807108	23,254,528	23,935	SH		SOLE		23,935	0	0
Lennar Corp.	CL A	526057104	8,666,932	50,395	SH		SOLE		50,395	0	0
Liberty Energy, Inc.	COM CL A	53115L104	2,279,780	110,028	SH		SOLE		110,028	0	0
LKQ Corp.	COM	501889208	5,080,092	95,115	SH		SOLE		95,115	0	0
Loews Corp.	COM	540424108	344,163	4,396	SH		SOLE		4,396	0	0
M&T Bank Corp.	COM	55261F104	3,125,360	21,489	SH		SOLE		21,489	0	0
Markel Corp.	COM	570535104	3,046,003	2,002	SH		SOLE		2,002	0	0
Martin Marietta Materials Inc.	COM	573284106	5,468,978	8,908	SH		SOLE		8,908	0	0
Mastercard Inc.	CL A	57636Q104	8,862,814	18,404	SH		SOLE		18,404	0	0
Match Group, Inc.	COM	57667L107	4,974,133	137,104	SH		SOLE		137,104	0	0
McKesson Corp.	COM	58155Q103	9,699,806	18,068	SH		SOLE		18,068	0	0
Meritage Homes Corp.	COM	59001A102	6,597,998	37,604	SH		SOLE		37,604	0	0
Meta Platforms Inc.	CL A	30303M102	20,035,516	41,261	SH		SOLE		41,261	0	0
Microsoft Corp.	COM	594918104	28,038,464	66,644	SH		SOLE		66,644	0	0
Mizuho Financial Group Inc.	SPONSORED ADR	60687Y109	359,060	90,216	SH		SOLE		90,216	0	0
Molina Healthcare Inc.	COM	60855R100	523,808	1,275	SH		SOLE		1,275	0	0
MSC Industrial Direct Inc.	CL A	553530106	1,706,351	17,584	SH		SOLE		17,584	0	0
Netflix Inc.	COM	64110L106	10,258,411	16,891	SH		SOLE		16,891	0	0
Nextracker Inc.	CLASS A COM	65290E101	2,294,409	40,775	SH		SOLE		40,775	0	0
NMI Holdings, Inc.	CL A	629209305	2,987,472	92,377	SH		SOLE		92,377	0	0
NOV Inc.	COM	62955J103	2,821,909	144,565	SH		SOLE		144,565	0	0
Nucor Corp.	COM	670346105	4,121,663	20,827	SH		SOLE		20,827	0	0
Okta, Inc.	CL A	679295105	7,350,810	70,262	SH		SOLE		70,262	0	0
Old National Bancorp	COM	680033107	3,141,878	180,464	SH		SOLE		180,464	0	0
Old Republic International Cor	COM	680223104	398,684	12,978	SH		SOLE		12,978	0	0
Oracle Corp.	COM	68389X105	9,994,160	79,565	SH		SOLE		79,565	0	0
Paccar Inc.	COM	693718108	5,496,504	44,366	SH		SOLE		44,366	0	0
Petroleo Brasileiro SA Petro	SPONSORED ADR	71654V408	334,240	21,975	SH		SOLE		21,975	0	0
Progress Software Corp	COM	743312100	2,366,911	44,399	SH		SOLE		44,399	0	0
ProShares Short Russell2000	SHRT RUSSELL2000	74348A210	11,646,294	580,573	SH		SOLE		580,573	0	0
PTC Inc.	COM	69370C100	841,539	4,454	SH		SOLE		4,454	0	0
PulteGroup Inc.	COM	745867101	13,947,773	115,634	SH		SOLE		115,634	0	0
Qualys, Inc.	COM	74758T303	4,620,130	27,687	SH		SOLE		27,687	0	0
Radian Group Inc.	COM	750236101	3,241,636	96,852	SH		SOLE		96,852	0	0
Reinsurance Group of America I	COM NEW	759351604	8,607,270	44,625	SH		SOLE		44,625	0	0
RenaissanceRe Holdings Ltd.	COM	G7496G103	7,426,008	31,596	SH		SOLE		31,596	0	0
Rush Enterprises Inc Cl A	CL A	781846209	3,458,891	64,628	SH		SOLE		64,628	0	0
Schlumberger	COM STK	806857108	5,361,240	97,815	SH		SOLE		97,815	0	0
Schwab Fundamental Internation	SCHWB FDT INT LG	808524755	209,244	5,876	SH		SOLE		5,876	0	0
Shell PLC	SPON ADS	780259305	7,620,571	113,672	SH		SOLE		113,672	0	0
Shutterstock, Inc.	COM	825690100	3,381,328	73,812	SH		SOLE		73,812	0	0
Skyworks Solutions Inc	COM	83088M102	284,123	2,623	SH		SOLE		2,623	0	0
SPDR Barclays International Co	BLOOMBERG INTL	78464A151	5,404,854	185,670	SH		SOLE		185,670	0	0
SPDR Barclays Short Term High	BLOOMBERG SHT TE	78468R408	3,886,780	154,115	SH		SOLE		154,115	0	0
SPDR Bloomberg Barclays Intern	BLOOMBERG INTL T	78464A516	9,168,106	412,235	SH		SOLE		412,235	0	0
SPDR Intermediate Term Corpora	PORTFOLIO INTRMD	78464A375	9,284,875	284,028	SH		SOLE		284,028	0	0
SPDR Portfolio Long Term Treas	PORTFOLIO LN TSR	78464A664	1,324,803	47,416	SH		SOLE		47,416	0	0
SPDR S&P Homebuilders ETF	S&P HOMEBUILD	78464A888	1,440,404	12,908	SH		SOLE		12,908	0	0
SPDR S&P Metals & Mining ETF	S&P METALS MNG	78464A755	1,071,477	17,775	SH		SOLE		17,775	0	0
SPDR S&P Semiconductor ETF	S&P SEMICNDCTR	78464A862	397,123	1,711	SH		SOLE		1,711	0	0
SPDR S&P Software & Services E	COMP SOFTWARE	78464A599	1,012,694	6,492	SH		SOLE		6,492	0	0
Steel Dynamics Inc.	COM	858119100	5,459,459	36,831	SH		SOLE		36,831	0	0
Summit Materials, Inc.	CL A	86614U100	5,279,985	118,465	SH		SOLE		118,465	0	0
Suncor Energy Inc.	COM	867224107	431,441	11,689	SH		SOLE		11,689	0	0
T-Mobile US Inc	COM	872590104	7,013,074	42,967	SH		SOLE		42,967	0	0
Taylor Morrison Home Corp. Cla	COM	87724P106	5,257,095	84,560	SH		SOLE		84,560	0	0
TE Connectivity Ltd.	SHS	H84989104	6,666,661	45,901	SH		SOLE		45,901	0	0
Technology Select Sector SPDR	TECHNOLOGY	81369Y803	17,047,524	81,853	SH		SOLE		81,853	0	0
Tenaris S.A.	SPONSORED ADS	88031M109	4,871,679	124,056	SH		SOLE		124,056	0	0
Tenet Healthcare Corporation	COM NEW	88033G407	3,525,915	33,545	SH		SOLE		33,545	0	0
Terex Corp.	COM	880779103	2,863,353	44,462	SH		SOLE		44,462	0	0
Ternium S.A. Sponsored ADR	COM	880890108	320,557	7,702	SH		SOLE		7,702	0	0
Toll Brothers Inc.	COM	889478103	9,987,105	77,198	SH		SOLE		77,198	0	0
TRI Pointe Group Inc	COM	87265H109	624,320	16,149	SH		SOLE		16,149	0	0
TripAdvisor Inc.	COM	896945201	4,541,497	163,422	SH		SOLE		163,422	0	0
UBS Group AG	SHS	H42097107	237,005	7,715	SH		SOLE		7,715	0	0
United Rentals Inc.	COM	911363109	11,669,002	16,182	SH		SOLE		16,182	0	0
UnitedHealth Group Inc.	COM	91324P102	12,446,157	25,159	SH		SOLE		25,159	0	0
Universal Health Services Inc.	CL B	913903100	3,877,822	21,253	SH		SOLE		21,253	0	0
VanEck Vectors J.P. Morgan EM	JP MRGAN EM LO	92189H300	6,284,781	256,417	SH		SOLE		256,417	0	0
Vanguard Russell 1000 Value ET	VNG RUS1000VAL	92206C714	4,415,479	56,148	SH		SOLE		56,148	0	0
Vanguard Short-Term Corporate	SHRT TRM CORP BD	92206C409	3,269,517	42,291	SH		SOLE		42,291	0	0
Vanguard Short-Term Inflation-	STRM INFPROIDX	922020805	4,484,372	93,639	SH		SOLE		93,639	0	0
Vanguard Short-Term Treasury E	SHORT TERM TREAS	92206C102	756,478	13,027	SH		SOLE		13,027	0	0
Visa Inc.	COM CL A	92826C839	6,820,157	24,438	SH		SOLE		24,438	0	0
Wesco International Inc.	COM	95082P105	5,843,902	34,119	SH		SOLE		34,119	0	0
Wipro Ltd. ADS	SPON ADR 1 SH	97651M109	561,775	97,700	SH		SOLE		97,700	0	0
Wix.com Ltd.	SHS	M98068105	6,512,840	47,373	SH		SOLE		47,373	0	0
Yelp Inc	CL A	985817105	2,903,741	73,699	SH		SOLE		73,699	0	0
ZipRecruiter, Inc.	CL A	98980B103	142,752	12,424	SH		SOLE		12,424	0	0