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
Aberdeen Standard Bloomberg Al	BBRG ALL COMD K1	003261104	821,881	40,427	SH		SOLE		40,427	0	0
Adobe Inc.	COM	00724F101	5,444,848	9,801	SH		SOLE		9,801	0	0
AerCap Holdings NV	SHS	N00985106	6,365,374	68,298	SH		SOLE		68,298	0	0
AGCO Corp.	COM	001084102	1,626,766	16,620	SH		SOLE		16,620	0	0
Allison Transmission Holdings	COM	01973R101	3,280,778	43,225	SH		SOLE		43,225	0	0
Alphabet Inc.	CAP STK CL A	02079K305	17,537,402	96,280	SH		SOLE		96,280	0	0
American Eagle Outfitters Inc.	COM	02553E106	2,999,888	150,295	SH		SOLE		150,295	0	0
Amkor Technology Inc.	COM	031652100	473,597	11,834	SH		SOLE		11,834	0	0
APA Corp.	COM	03743Q108	348,275	11,830	SH		SOLE		11,830	0	0
Apple Inc.	COM	037833100	19,714,243	93,601	SH		SOLE		93,601	0	0
Applied Materials Inc.	COM	038222105	18,339,727	77,714	SH		SOLE		77,714	0	0
ArcelorMittal SA ADR	NY REGISTRY SH	03938L203	224,072	9,772	SH		SOLE		9,772	0	0
Assurant Inc.	COM	04621X108	3,264,984	19,639	SH		SOLE		19,639	0	0
AT&T Inc.	COM	00206R102	3,768,760	197,214	SH		SOLE		197,214	0	0
Axis Capital Holdings Ltd	SHS	G0692U109	352,967	4,996	SH		SOLE		4,996	0	0
Baidu Inc.	SPON ADR REP A	056752108	294,378	3,404	SH		SOLE		3,404	0	0
Banco Santander S.A.	ADR	05964H105	345,810	74,689	SH		SOLE		74,689	0	0
Bank of America Corp.	COM	060505104	6,007,099	151,046	SH		SOLE		151,046	0	0
Barclays PLC	ADR	06738E204	281,769	26,309	SH		SOLE		26,309	0	0
Berkshire Hathaway Inc. Cl B	COM	084670702	5,811,138	14,285	SH		SOLE		14,285	0	0
Boise Cascade Co. Del	COM	09739D100	2,965,478	24,874	SH		SOLE		24,874	0	0
Caleres Inc.	COM	129500104	2,391,043	71,162	SH		SOLE		71,162	0	0
Canadian Imperial Bank of Comm	COM	136069101	4,599,828	96,757	SH		SOLE		96,757	0	0
Canadian Natural Resources Ltd	COM	136385101	932,720	26,200	SH		SOLE		26,200	0	0
Cardinal Health Inc.	COM	14149Y108	6,947,193	70,659	SH		SOLE		70,659	0	0
CarGurus, Inc.	COM CL A	141788109	4,265,124	162,791	SH		SOLE		162,791	0	0
Caterpillar Inc.	COM	149123101	4,574,462	13,733	SH		SOLE		13,733	0	0
Cemex S.A.B. de C.V.	SPON ADR NEW	151290889	3,615,756	565,846	SH		SOLE		565,846	0	0
Cencora Inc.	COM	03073E105	7,905,101	35,087	SH		SOLE		35,087	0	0
Centene Corp.	COM	15135B101	4,454,366	67,185	SH		SOLE		67,185	0	0
Check Point Software Tech LT	ORD	M22465104	5,692,500	34,500	SH		SOLE		34,500	0	0
Chord Energy Corp.	COM	674215207	471,684	2,813	SH		SOLE		2,813	0	0
Chubb Limited	COM	H1467J104	2,957,908	11,596	SH		SOLE		11,596	0	0
Cisco Systems Inc.	COM	17275R102	5,020,144	105,665	SH		SOLE		105,665	0	0
Citigroup Inc.	COM NEW	172967424	255,998	4,034	SH		SOLE		4,034	0	0
Comcast Corp.	CL A	20030N101	5,396,875	137,816	SH		SOLE		137,816	0	0
Comerica Inc.	COM	200340107	242,644	4,754	SH		SOLE		4,754	0	0
Commercial Metals Co.	COM	201723103	262,632	4,776	SH		SOLE		4,776	0	0
Communication Services Select	COMMUNICATION	81369Y852	10,836,418	126,505	SH		SOLE		126,505	0	0
Consumer Discretionary Select	SBI CONS DISCR	81369Y407	516,374	2,831	SH		SOLE		2,831	0	0
CRH PLC	ADR	G25508105	7,689,874	102,559	SH		SOLE		102,559	0	0
Cummins Inc.	COM	231021106	2,039,866	7,366	SH		SOLE		7,366	0	0
D.R. Horton Inc.	COM	23331A109	10,585,534	75,112	SH		SOLE		75,112	0	0
Deere & Co.	COM	244199105	3,504,276	9,379	SH		SOLE		9,379	0	0
Dell Technologies Inc. Class C	COM	24703L202	210,589	1,527	SH		SOLE		1,527	0	0
Deutsche Bank AG	COM	D18190898	361,902	22,704	SH		SOLE		22,704	0	0
Direxion Daily S&P500 Bear 1X	DLY S&P500 BR 1X	25460E869	20,141,248	1,711,236	SH		SOLE		1,711,236	0	0
Dolby Laboratories Inc.	COM CL A	25659T107	3,254,372	41,075	SH		SOLE		41,075	0	0
Eagle Materials Inc.	COM	26969P108	4,826,960	22,197	SH		SOLE		22,197	0	0
eBay Inc.	COM	278642103	279,505	5,203	SH		SOLE		5,203	0	0
Elevance Health Inc.	COM	036752103	7,340,036	13,546	SH		SOLE		13,546	0	0
Encompass Health Corporation	COM	29261A100	3,025,041	35,261	SH		SOLE		35,261	0	0
Energy Select Sector SPDR Fund	COM	81369Y506	843,411	9,253	SH		SOLE		9,253	0	0
ENI S.p.A.	SPONSORED ADR	26874R108	327,421	10,634	SH		SOLE		10,634	0	0
EOG Resources Inc.	COM	26875P101	784,548	6,233	SH		SOLE		6,233	0	0
Everest Group Ltd.	COM	G3223R108	7,075,922	18,571	SH		SOLE		18,571	0	0
Exxon Mobil Corp.	COM	30231G102	9,021,724	78,368	SH		SOLE		78,368	0	0
Fidelity Covington Trust	MSCI ENERGY IDX	316092402	1,920,238	76,534	SH		SOLE		76,534	0	0
Financial Select Sector SPDR TR	FINANCIAL	81369Y605	10,637,870	258,766	SH		SOLE		258,766	0	0
Flex Ltd.	COM	Y2573F102	6,842,063	232,013	SH		SOLE		232,013	0	0
Fortinet Inc.	COM	34959E109	4,330,400	71,850	SH		SOLE		71,850	0	0
Gap Inc.	COM	364760108	3,385,834	141,726	SH		SOLE		141,726	0	0
General Motors Co.	COM	37045V100	424,877	9,145	SH		SOLE		9,145	0	0
Gerdau S.A.	SPON ADR REP PFD	373737105	161,132	48,828	SH		SOLE		48,828	0	0
GMS Inc.	COM	36251C103	2,916,228	36,177	SH		SOLE		36,177	0	0
Goldman Sachs Group Inc.	COM	38141G104	6,760,375	14,946	SH		SOLE		14,946	0	0
Hartford Financial Services Gr	COM	416515104	3,294,696	32,770	SH		SOLE		32,770	0	0
HCA Healthcare Inc	COM	40412C101	6,399,898	19,920	SH		SOLE		19,920	0	0
Health Care Select Sector SPDR	SBI HEALTHCARE	81369Y209	2,294,397	15,742	SH		SOLE		15,742	0	0
Hewlett Packard Enterprise Co.	COM	42824C109	225,799	10,666	SH		SOLE		10,666	0	0
HF Sinclair Corporation	COM	403949100	260,299	4,880	SH		SOLE		4,880	0	0
Humana Inc.	COM	444859102	3,007,883	8,050	SH		SOLE		8,050	0	0
IAC Inc.	COM NEW	44891N208	2,939,041	62,733	SH		SOLE		62,733	0	0
Industrial Select Sector SPDR	INDL	81369Y704	3,430,153	28,146	SH		SOLE		28,146	0	0
Interactive Brokers Group Inc.	COM	45841N107	234,289	1,911	SH		SOLE		1,911	0	0
Invesco CurrencyShares Euro	EURO SHS	46138K103	4,488,826	45,360	SH		SOLE		45,360	0	0
Invesco CurrencyShares Japan	JAPANESE YEN	46138W107	4,113,095	71,501	SH		SOLE		71,501	0	0
Invesco NASDAQ 100 ETF	NASDAQ 100 ETF	46138G649	224,508	1,139	SH		SOLE		1,139	0	0
Invesco S&P 500 Equal Weight C	S&P500 EQL DIS	46137V381	1,407,620	29,301	SH		SOLE		29,301	0	0
iShares 0-5 Year High Yield Co	0-5YR HI YL CP	46434V407	5,418,142	128,392	SH		SOLE		128,392	0	0
iShares 1-3 Year Treasury Bond	1 3 YR TREAS BD	464287457	11,740,617	143,792	SH		SOLE		143,792	0	0
iShares 5-10yr Investment Grad	ISHS 5-10YR INVT	464288638	19,986,479	389,904	SH		SOLE		389,904	0	0
iShares 7-10 Year Treasury Bon	7-10 YR TRSY BD	464287440	4,499,414	48,045	SH		SOLE		48,045	0	0
iShares Core MSCI EAFE ETF	CORE MSCI EAFE	46432F842	5,974,785	82,252	SH		SOLE		82,252	0	0
iShares Core Total U.S. Bond M	CORE US AGGBD ET	464287226	3,760,686	38,742	SH		SOLE		38,742	0	0
iShares DJ US Home Constructio	US HOME CONS ETF	464288752	4,442,901	43,963	SH		SOLE		43,963	0	0
iShares Edge MSCI USA Quality	MSCI USA QLT FCT	46432F339	226,769	1,328	SH		SOLE		1,328	0	0
iShares International Treasury	INTL TREA BD ETF	464288117	15,489,328	401,174	SH		SOLE		401,174	0	0
iShares JPMorgan USD Emerging	JPMORGAN USD EMG	464288281	1,290,658	14,587	SH		SOLE		14,587	0	0
iShares MBS ETF	MBS ETF	464288588	12,081,002	131,587	SH		SOLE		131,587	0	0
iShares MSCI ACWI ETF	MSCI ACWI ETF	464288257	217,044	1,931	SH		SOLE		1,931	0	0
iShares MSCI Emerging Markets	MSCI EMRG CHN	46434G764	2,380,077	40,204	SH		SOLE		40,204	0	0
iShares S&P 500 Fund	CORE S&P500 ETF	464287200	8,627,081	15,765	SH		SOLE		15,765	0	0
iShares U.S. Healthcare Provid	US HLTHCR PR ETF	464288828	2,984,900	56,942	SH		SOLE		56,942	0	0
Jabil Inc.	COM	466313103	7,642,389	70,249	SH		SOLE		70,249	0	0
JD.com, Inc. Sponsored ADR Cla	COM	47215P106	248,994	9,636	SH		SOLE		9,636	0	0
JPMorgan Chase & Co.	COM	46625H100	6,099,959	30,159	SH		SOLE		30,159	0	0
KB Home	COM	48666K109	4,459,728	63,547	SH		SOLE		63,547	0	0
KLA Corporation	COM	482480100	11,094,607	13,456	SH		SOLE		13,456	0	0
Lam Research Corp.	COM	512807108	21,826,230	20,497	SH		SOLE		20,497	0	0
Lennar Corp.	CL A	526057104	7,481,810	49,922	SH		SOLE		49,922	0	0
LKQ Corp.	COM	501889208	3,919,941	94,252	SH		SOLE		94,252	0	0
Loews Corp.	COM	540424108	323,848	4,333	SH		SOLE		4,333	0	0
Logitech International S.A.	COM	H50430232	228,249	2,356	SH		SOLE		2,356	0	0
M&T Bank Corp.	COM	55261F104	3,222,454	21,290	SH		SOLE		21,290	0	0
Markel Corp.	COM	570535104	3,127,685	1,985	SH		SOLE		1,985	0	0
Martin Marietta Materials Inc.	COM	573284106	4,783,010	8,828	SH		SOLE		8,828	0	0
Mastercard Inc.	CL A	57636Q104	8,046,758	18,240	SH		SOLE		18,240	0	0
Match Group, Inc.	COM	57667L107	4,127,305	135,856	SH		SOLE		135,856	0	0
McKesson Corp.	COM	58155Q103	10,458,404	17,907	SH		SOLE		17,907	0	0
Meritage Homes Corp.	COM	59001A102	6,028,103	37,245	SH		SOLE		37,245	0	0
Meta Platforms Inc.	CL A	30303M102	20,620,077	40,895	SH		SOLE		40,895	0	0
Microsoft Corp.	COM	594918104	29,522,388	66,053	SH		SOLE		66,053	0	0
Mizuho Financial Group Inc.	SPONSORED ADR	60687Y109	376,178	88,931	SH		SOLE		88,931	0	0
Morgan Stanley	COM	617446448	6,495,013	66,828	SH		SOLE		66,828	0	0
MSC Industrial Direct Inc.	CL A	553530106	1,382,215	17,428	SH		SOLE		17,428	0	0
National HealthCare Corporatio	COM	635906100	319,888	2,951	SH		SOLE		2,951	0	0
Netflix Inc.	COM	64110L106	11,298,166	16,741	SH		SOLE		16,741	0	0
Nextracker Inc.	CLASS A COM	65290E101	1,894,655	40,415	SH		SOLE		40,415	0	0
NMI Holdings, Inc.	CL A	629209305	3,116,907	91,566	SH		SOLE		91,566	0	0
Nomura Holdings	COM	65535h208	4,343,878	751,536	SH		SOLE		751,536	0	0
Old National Bancorp	COM	680033107	3,073,624	178,803	SH		SOLE		178,803	0	0
Old Republic International Cor	COM	680223104	395,304	12,793	SH		SOLE		12,793	0	0
Oracle Corp.	COM	68389X105	11,135,314	78,862	SH		SOLE		78,862	0	0
Oshkosh Corp.	COM	688239201	251,781	2,327	SH		SOLE		2,327	0	0
Paccar Inc.	COM	693718108	4,526,787	43,975	SH		SOLE		43,975	0	0
PDD Holdings Inc. Sponsored AD	COM	722304102	319,612	2,404	SH		SOLE		2,404	0	0
Petroleo Brasileiro SA Petro	SPONSORED ADR	71654V408	313,897	21,663	SH		SOLE		21,663	0	0
Progress Software Corp	COM	743312100	2,101,273	38,726	SH		SOLE		38,726	0	0
ProShares Short Russell2000	SHRT RUSSELL2000	74348A210	11,840,495	568,981	SH		SOLE		568,981	0	0
PulteGroup Inc.	COM	745867101	12,619,442	114,618	SH		SOLE		114,618	0	0
Qualys, Inc.	COM	74758T303	3,913,372	27,443	SH		SOLE		27,443	0	0
Radian Group Inc.	COM	750236101	2,985,631	96,001	SH		SOLE		96,001	0	0
Raymond James Financial Inc	COM	754730109	364,155	2,946	SH		SOLE		2,946	0	0
Reinsurance Group of America I	COM NEW	759351604	9,078,271	44,226	SH		SOLE		44,226	0	0
RenaissanceRe Holdings Ltd.	COM	G7496G103	6,999,439	31,316	SH		SOLE		31,316	0	0
REV Group, Inc.	COM	749527107	212,635	8,543	SH		SOLE		8,543	0	0
Ross Stores Inc.	COM	778296103	5,285,724	36,373	SH		SOLE		36,373	0	0
Rush Enterprises Inc Cl A	CL A	781846209	2,680,727	64,025	SH		SOLE		64,025	0	0
Schwab Fundamental Internation	COM	808524755	205,521	5,867	SH		SOLE		5,867	0	0
Select Medical Holdings Corpor	COM	81619Q105	3,393,352	96,787	SH		SOLE		96,787	0	0
Shell PLC	SPON ADS	780259305	8,130,211	112,638	SH		SOLE		112,638	0	0
Shutterstock, Inc.	COM	825690100	2,830,441	73,138	SH		SOLE		73,138	0	0
Simplify MBS ETF	COM	82889N525	9,356,485	185,792	SH		SOLE		185,792	0	0
SPDR Barclays International Co	BLOOMBERG INTL	78464A151	5,268,599	183,479	SH		SOLE		183,479	0	0
SPDR Barclays Short Term High	BLOOMBERG SHT TE	78468R408	3,807,151	152,469	SH		SOLE		152,469	0	0
SPDR Bloomberg Barclays Intern	BLOOMBERG INTL T	78464A516	8,855,840	413,245	SH		SOLE		413,245	0	0
SPDR Intermediate Term Corpora	PORTFOLIO INTRMD	78464A375	9,217,182	283,083	SH		SOLE		283,083	0	0
SPDR Portfolio Long Term Treas	PORTFOLIO LN TSR	78464A664	1,259,687	46,278	SH		SOLE		46,278	0	0
SPDR S&P Homebuilders ETF	S&P HOMEBUILD	78464A888	1,316,365	13,023	SH		SOLE		13,023	0	0
SPDR S&P Retail ETF	COM	78464A714	2,232,380	29,773	SH		SOLE		29,773	0	0
Summit Materials, Inc.	CL A	86614U100	4,297,355	117,382	SH		SOLE		117,382	0	0
Suncor Energy Inc.	COM	867224107	439,026	11,523	SH		SOLE		11,523	0	0
T-Mobile US Inc	COM	872590104	7,502,625	42,585	SH		SOLE		42,585	0	0
Taylor Morrison Home Corp. Cla	COM	87724P106	4,646,426	83,810	SH		SOLE		83,810	0	0
TE Connectivity Ltd.	SHS	H84989104	6,843,813	45,495	SH		SOLE		45,495	0	0
Technology Select Sector SPDR	TECHNOLOGY	81369Y803	16,518,636	73,017	SH		SOLE		73,017	0	0
Tenet Healthcare Corporation	COM NEW	88033G407	4,817,681	36,215	SH		SOLE		36,215	0	0
Terex Corp.	COM	880779103	2,668,789	48,665	SH		SOLE		48,665	0	0
Ternium S.A. Sponsored ADR	COM	880890108	285,080	7,592	SH		SOLE		7,592	0	0
TJX Companies, Inc.	COM	872540109	6,533,664	59,343	SH		SOLE		59,343	0	0
Toll Brothers Inc.	COM	889478103	8,808,966	76,480	SH		SOLE		76,480	0	0
TRI Pointe Group Inc	COM	87265H109	592,983	15,919	SH		SOLE		15,919	0	0
UBS Group AG	SHS	H42097107	395,363	13,384	SH		SOLE		13,384	0	0
United Rentals Inc.	COM	911363109	10,372,256	16,038	SH		SOLE		16,038	0	0
UnitedHealth Group Inc.	COM	91324P102	8,935,985	17,547	SH		SOLE		17,547	0	0
Universal Health Services Inc.	CL B	913903100	4,293,150	23,215	SH		SOLE		23,215	0	0
Urban Outfitters Inc	COM	917047102	2,762,213	67,289	SH		SOLE		67,289	0	0
Valero Energy Corp.	COM	91913Y100	350,515	2,236	SH		SOLE		2,236	0	0
VanEck Vectors J.P. Morgan EM	JP MRGAN EM LO	92189H300	6,081,164	255,726	SH		SOLE		255,726	0	0
Vanguard Russell 1000 Value ET	VNG RUS1000VAL	92206C714	4,299,252	56,148	SH		SOLE		56,148	0	0
Vanguard Short-Term Corporate	SHRT TRM CORP BD	92206C409	3,268,037	42,291	SH		SOLE		42,291	0	0
Vanguard Short-Term Inflation-	STRM INFPROIDX	922020805	1,144,670	23,582	SH		SOLE		23,582	0	0
Vanguard Short-Term Treasury E	SHORT TERM TREAS	92206C102	755,436	13,027	SH		SOLE		13,027	0	0
Visa Inc.	COM CL A	92826C839	6,357,548	24,222	SH		SOLE		24,222	0	0
Wells Fargo & Co.	COM	949746101	5,671,804	95,501	SH		SOLE		95,501	0	0
Wesco International Inc.	COM	95082P105	5,357,817	33,799	SH		SOLE		33,799	0	0
Western Digital Corp.	COM	958102105	221,703	2,926	SH		SOLE		2,926	0	0
Yelp Inc	CL A	985817105	2,698,015	73,018	SH		SOLE		73,018	0	0
ZipRecruiter, Inc.	CL A	98980B103	111,334	12,248	SH		SOLE		12,248	0	0