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	COM	003261104	816,149	39,929	SH		SOLE		39,929	0	0
Adobe Inc.	COM	00724F101	5,015,217	9,686	SH		SOLE		9,686	0	0
AerCap Holdings NV	COM	N00985106	6,188,910	65,339	SH		SOLE		65,339	0	0
Allison Transmission Holdings	COM	01973R101	3,949,053	41,106	SH		SOLE		41,106	0	0
Allstate Corp.	COM	020002101	4,026,459	21,231	SH		SOLE		21,231	0	0
Alphabet Inc.	COM	02079K305	12,633,790	76,176	SH		SOLE		76,176	0	0
American Eagle Outfitters Inc.	COM	02553E106	3,226,914	144,123	SH		SOLE		144,123	0	0
Amkor Technology Inc.	COM	031652100	265,057	8,662	SH		SOLE		8,662	0	0
APA Corp.	COM	03743Q108	282,537	11,551	SH		SOLE		11,551	0	0
Apple Inc.	COM	037833100	17,914,438	76,886	SH		SOLE		76,886	0	0
Applied Materials Inc.	COM	038222105	11,421,078	56,526	SH		SOLE		56,526	0	0
Arch Capital Group Ltd.	COM	G0450A105	4,351,125	38,891	SH		SOLE		38,891	0	0
Assurant Inc.	COM	04621X108	3,762,232	18,919	SH		SOLE		18,919	0	0
AT&T Inc.	COM	00206R102	5,870,502	266,841	SH		SOLE		266,841	0	0
Axis Capital Holdings Ltd	COM	G0692U109	388,417	4,879	SH		SOLE		4,879	0	0
Baidu Inc.	COM	056752108	350,195	3,326	SH		SOLE		3,326	0	0
Banco Santander S.A.	COM	05964H105	371,948	72,931	SH		SOLE		72,931	0	0
Bank of America Corp.	COM	060505104	6,977,728	175,850	SH		SOLE		175,850	0	0
Barclays PLC	COM	06738E204	312,121	25,689	SH		SOLE		25,689	0	0
Barrick Gold Corp.	COM	067901108	3,439,399	172,921	SH		SOLE		172,921	0	0
Berkshire Hathaway Inc. Cl B	COM	084670702	6,323,052	13,738	SH		SOLE		13,738	0	0
Boise Cascade Co. Del	COM	09739D100	3,423,840	24,286	SH		SOLE		24,286	0	0
Cadence Bank	COM	12740C103	2,742,572	86,109	SH		SOLE		86,109	0	0
Caleres Inc.	COM	129500104	2,255,894	68,257	SH		SOLE		68,257	0	0
Canadian Imperial Bank of Comm	COM	136069101	5,738,234	93,548	SH		SOLE		93,548	0	0
Canadian Natural Resources Ltd	COM	136385101	849,611	25,583	SH		SOLE		25,583	0	0
Cardinal Health Inc.	COM	14149Y108	7,595,045	68,721	SH		SOLE		68,721	0	0
CarGurus, Inc.	COM	141788109	4,720,536	157,194	SH		SOLE		157,194	0	0
Caterpillar Inc.	COM	149123101	5,174,126	13,229	SH		SOLE		13,229	0	0
Cencora Inc.	COM	03073E105	7,568,765	33,627	SH		SOLE		33,627	0	0
Centene Corp.	COM	15135B101	4,740,607	62,973	SH		SOLE		62,973	0	0
Check Point Software Tech LT	COM	M22465104	6,442,939	33,416	SH		SOLE		33,416	0	0
Chord Energy Corp.	COM	674215207	357,742	2,747	SH		SOLE		2,747	0	0
Chubb Limited	COM	H1467J104	5,961,598	20,672	SH		SOLE		20,672	0	0
Citigroup Inc.	COM	172967424	246,581	3,939	SH		SOLE		3,939	0	0
Citizens Financial Group, Inc.	COM	174610105	4,166,223	101,442	SH		SOLE		101,442	0	0
Columbia Banking System Inc	COM	197236102	3,181,321	121,843	SH		SOLE		121,843	0	0
Comerica Inc.	COM	200340107	278,282	4,645	SH		SOLE		4,645	0	0
Communication Services Select	COM	81369Y852	9,369,418	103,644	SH		SOLE		103,644	0	0
Consumer Staples Select Sector	COM	81369Y308	435,003	5,241	SH		SOLE		5,241	0	0
CRH public limited company	COM	G25508105	9,133,406	98,484	SH		SOLE		98,484	0	0
Cummins Inc.	COM	231021106	2,344,887	7,242	SH		SOLE		7,242	0	0
D.R. Horton Inc.	COM	23331A109	13,540,092	70,976	SH		SOLE		70,976	0	0
Deutsche Bank AG	COM	D18190898	384,074	22,188	SH		SOLE		22,188	0	0
Dillard's Inc. Cl A	COM	254067101	276,257	720	SH		SOLE		720	0	0
Direxion Daily S&P500 Bear 1X	COM	25460E869	16,610,093	1,483,044	SH		SOLE		1,483,044	0	0
Eagle Materials Inc.	COM	26969P108	6,162,326	21,423	SH		SOLE		21,423	0	0
eBay Inc.	COM	278642103	505,254	7,760	SH		SOLE		7,760	0	0
Elevance Health Inc.	COM	036752103	6,604,000	12,700	SH		SOLE		12,700	0	0
Encompass Health Corporation	COM	29261A100	3,265,369	33,789	SH		SOLE		33,789	0	0
ENI S.p.A.	COM	26874R108	314,709	10,383	SH		SOLE		10,383	0	0
EOG Resources Inc.	COM	26875P101	748,152	6,086	SH		SOLE		6,086	0	0
Everest Group Ltd.	COM	G3223R108	7,062,736	18,025	SH		SOLE		18,025	0	0
Exxon Mobil Corp.	COM	30231G102	8,914,698	76,051	SH		SOLE		76,051	0	0
Financial Select Sector SPDR TR	COM	81369Y605	12,458,105	274,892	SH		SOLE		274,892	0	0
Flex Ltd.	COM	Y2573F102	7,450,945	222,882	SH		SOLE		222,882	0	0
Fortinet Inc.	COM	34959E109	5,393,603	69,550	SH		SOLE		69,550	0	0
Gap Inc.	COM	364760108	2,996,330	135,888	SH		SOLE		135,888	0	0
General Motors Co.	COM	37045V100	400,556	8,933	SH		SOLE		8,933	0	0
GMS Inc.	COM	36251C103	3,161,618	34,908	SH		SOLE		34,908	0	0
Goldman Sachs Group Inc.	COM	38141G104	8,353,001	16,871	SH		SOLE		16,871	0	0
Grupo Aeroportuario del Surest	COM	40051E202	331,112	1,171	SH		SOLE		1,171	0	0
Hartford Financial Services Gr	COM	416515104	4,561,974	38,789	SH		SOLE		38,789	0	0
HCA Healthcare Inc	COM	40412C101	8,010,735	19,710	SH		SOLE		19,710	0	0
Health Care Select Sector SPDR	COM	81369Y209	4,565,461	29,642	SH		SOLE		29,642	0	0
Humana Inc.	COM	444859102	2,341,025	7,391	SH		SOLE		7,391	0	0
Huntington Bancshares Inc.	COM	446150104	4,229,469	287,719	SH		SOLE		287,719	0	0
IAC Inc.	COM	44891N208	3,257,133	60,519	SH		SOLE		60,519	0	0
Iamgold Corporation	COM	450913108	2,951,336	564,309	SH		SOLE		564,309	0	0
Industrial Select Sector SPDR	COM	81369Y704	3,719,047	27,459	SH		SOLE		27,459	0	0
Interactive Brokers Group Inc.	COM	45841N107	262,136	1,881	SH		SOLE		1,881	0	0
Invesco CurrencyShares Euro	COM	46138K103	4,619,461	44,908	SH		SOLE		44,908	0	0
Invesco CurrencyShares Japan	COM	46138W107	4,572,437	71,111	SH		SOLE		71,111	0	0
iShares 1-3 Year Treasury Bond	COM	464287457	11,706,273	140,785	SH		SOLE		140,785	0	0
iShares 10-20 Year Treasury Bo	COM	464288653	263,267	2,408	SH		SOLE		2,408	0	0
iShares 5-10yr Investment Grad	COM	464288638	21,214,082	394,901	SH		SOLE		394,901	0	0
iShares 7-10 Year Treasury Bon	COM	464287440	4,661,779	47,511	SH		SOLE		47,511	0	0
iShares Core MSCI EAFE ETF	COM	46432F842	6,339,845	81,228	SH		SOLE		81,228	0	0
iShares Core Total U.S. Bond M	COM	464287226	5,280,623	52,144	SH		SOLE		52,144	0	0
iShares DJ US Home Constructio	COM	464288752	5,451,065	42,888	SH		SOLE		42,888	0	0
iShares Edge MSCI USA Quality	COM	46432F339	238,110	1,328	SH		SOLE		1,328	0	0
iShares International Treasury	COM	464288117	16,502,757	394,614	SH		SOLE		394,614	0	0
iShares MBS ETF	COM	464288588	12,471,396	130,168	SH		SOLE		130,168	0	0
iShares MSCI ACWI ETF	COM	464288257	230,851	1,931	SH		SOLE		1,931	0	0
iShares MSCI Emerging Markets	COM	46434G764	2,429,428	39,755	SH		SOLE		39,755	0	0
iShares S&P 500 Fund	COM	464287200	8,980,511	15,569	SH		SOLE		15,569	0	0
iShares U.S. Healthcare Provid	COM	464288828	4,023,285	70,448	SH		SOLE		70,448	0	0
iShares U.S. Insurance ETF	COM	464288786	2,565,256	19,878	SH		SOLE		19,878	0	0
iShares U.S. Telecommunication	COM	464287713	631,677	25,007	SH		SOLE		25,007	0	0
Jabil Inc.	COM	466313103	8,086,488	67,483	SH		SOLE		67,483	0	0
JD.com, Inc. Sponsored ADR Cla	COM	47215P106	595,960	14,899	SH		SOLE		14,899	0	0
JPMorgan Chase & Co.	COM	46625H100	7,345,941	34,838	SH		SOLE		34,838	0	0
KB Home	COM	48666K109	5,198,127	60,662	SH		SOLE		60,662	0	0
Kinross Gold Corporation	COM	496902404	2,372,189	253,439	SH		SOLE		253,439	0	0
KLA Corporation	COM	482480100	6,724,202	8,683	SH		SOLE		8,683	0	0
Lam Research Corp.	COM	512807108	12,496,633	15,313	SH		SOLE		15,313	0	0
Lennar Corp.	COM	526057104	8,924,235	47,601	SH		SOLE		47,601	0	0
LKQ Corp.	COM	501889208	3,404,138	85,274	SH		SOLE		85,274	0	0
Loews Corp.	COM	540424108	334,777	4,235	SH		SOLE		4,235	0	0
M&T Bank Corp.	COM	55261F104	5,104,919	28,660	SH		SOLE		28,660	0	0
Markel Group Inc.	COM	570535104	3,232,843	2,061	SH		SOLE		2,061	0	0
Martin Marietta Materials Inc.	COM	573284106	4,550,366	8,454	SH		SOLE		8,454	0	0
Mastercard Inc.	COM	57636Q104	8,411,883	17,035	SH		SOLE		17,035	0	0
Match Group, Inc.	COM	57667L107	4,964,381	131,194	SH		SOLE		131,194	0	0
McKesson Corp.	COM	58155Q103	8,617,741	17,430	SH		SOLE		17,430	0	0
Meritage Homes Corp.	COM	59001A102	7,218,054	35,198	SH		SOLE		35,198	0	0
Meta Platforms Inc.	COM	30303M102	19,136,097	33,429	SH		SOLE		33,429	0	0
Microsoft Corp.	COM	594918104	24,350,247	56,589	SH		SOLE		56,589	0	0
Mizuho Financial Group Inc.	COM	60687Y109	362,983	86,838	SH		SOLE		86,838	0	0
Morgan Stanley	COM	617446448	7,976,758	76,523	SH		SOLE		76,523	0	0
National HealthCare Corporatio	COM	635906100	365,236	2,904	SH		SOLE		2,904	0	0
Netflix Inc.	COM	64110L106	11,523,510	16,247	SH		SOLE		16,247	0	0
NMI Holdings, Inc.	COM	629209305	3,606,473	87,557	SH		SOLE		87,557	0	0
Nordstrom Inc.	COM	655664100	314,523	13,985	SH		SOLE		13,985	0	0
Old National Bancorp	COM	680033107	3,195,954	171,273	SH		SOLE		171,273	0	0
Old Republic International Cor	COM	680223104	442,467	12,492	SH		SOLE		12,492	0	0
Oracle Corp.	COM	68389X105	12,943,584	75,960	SH		SOLE		75,960	0	0
Paccar Inc.	COM	693718108	4,101,634	41,565	SH		SOLE		41,565	0	0
PDD Holdings Inc. Sponsored AD	COM	722304102	489,091	3,628	SH		SOLE		3,628	0	0
ProShares Short QQQ	COM	74349Y837	304,800	21,152	SH		SOLE		21,152	0	0
Progress Software Corp	COM	743312100	16,160,619	409,752	SH		SOLE		409,752	0	0
ProShares Short Russell2000	COM	74348A210	9,058,457	479,030	SH		SOLE		479,030	0	0
PulteGroup Inc.	COM	745867101	15,421,150	107,442	SH		SOLE		107,442	0	0
Qualys, Inc.	COM	74758T303	3,391,601	26,402	SH		SOLE		26,402	0	0
Radian Group Inc.	COM	750236101	3,184,126	91,788	SH		SOLE		91,788	0	0
Raymond James Financial Inc	COM	754730109	352,562	2,879	SH		SOLE		2,879	0	0
Reinsurance Group of America I	COM	759351604	9,378,650	43,047	SH		SOLE		43,047	0	0
RenaissanceRe Holdings Ltd.	COM	G7496G103	8,256,172	30,309	SH		SOLE		30,309	0	0
Ross Stores Inc.	COM	778296103	5,246,779	34,860	SH		SOLE		34,860	0	0
Rush Enterprises Inc Cl A	COM	781846209	3,301,981	62,502	SH		SOLE		62,502	0	0
Schwab Fundamental Internation	COM	808524755	219,250	5,867	SH		SOLE		5,867	0	0
Select Medical Holdings Corpor	COM	81619Q105	3,363,490	96,458	SH		SOLE		96,458	0	0
Shell PLC	COM	780259305	7,113,367	107,860	SH		SOLE		107,860	0	0
Simplify MBS ETF	COM	82889N525	14,073,345	273,375	SH		SOLE		273,375	0	0
SPDR Barclays International Co	COM	78464A151	5,566,158	181,900	SH		SOLE		181,900	0	0
SPDR Bloomberg Barclays Intern	COM	78464A516	9,581,665	410,174	SH		SOLE		410,174	0	0
SPDR Intermediate Term Corpora	COM	78464A375	14,438,398	428,312	SH		SOLE		428,312	0	0
SPDR Portfolio Long Term Treas	COM	78464A664	1,340,011	46,096	SH		SOLE		46,096	0	0
SPDR S&P Homebuilders ETF	COM	78464A888	663,033	5,323	SH		SOLE		5,323	0	0
SPDR S&P Regional Banking ETF	COM	78464A698	1,083,777	19,148	SH		SOLE		19,148	0	0
SPDR S&P Retail ETF	COM	78464A714	2,256,584	29,046	SH		SOLE		29,046	0	0
Sumitomo Mitsui Financial Grou	COM	86562M209	3,906,825	309,329	SH		SOLE		309,329	0	0
Summit Materials, Inc.	COM	86614U100	4,417,220	113,175	SH		SOLE		113,175	0	0
Suncor Energy Inc.	COM	867224107	415,424	11,252	SH		SOLE		11,252	0	0
T-Mobile US Inc	COM	872590104	9,120,699	44,198	SH		SOLE		44,198	0	0
Taylor Morrison Home Corp. Cla	COM	87724P106	5,678,624	80,823	SH		SOLE		80,823	0	0
TE Connectivity Ltd.	COM	H84989104	6,599,320	43,707	SH		SOLE		43,707	0	0
Technology Select Sector SPDR	COM	81369Y803	13,644,934	60,440	SH		SOLE		60,440	0	0
Tenet Healthcare Corporation	COM	88033G407	5,997,659	36,087	SH		SOLE		36,087	0	0
Terex Corp.	COM	880779103	2,215,765	41,878	SH		SOLE		41,878	0	0
TJX Companies, Inc.	COM	872540109	6,690,612	56,922	SH		SOLE		56,922	0	0
Toll Brothers Inc.	COM	889478103	11,168,546	72,293	SH		SOLE		72,293	0	0
Travelers Companies, Inc.	COM	89417E109	4,131,516	17,647	SH		SOLE		17,647	0	0
TRI Pointe Group Inc	COM	87265H109	704,344	15,545	SH		SOLE		15,545	0	0
UBS Group AG	COM	H42097107	403,592	13,057	SH		SOLE		13,057	0	0
United Rentals Inc.	COM	911363109	12,464,174	15,393	SH		SOLE		15,393	0	0
UnitedHealth Group Inc.	COM	91324P102	9,567,119	16,363	SH		SOLE		16,363	0	0
Universal Health Services Inc.	COM	913903100	5,250,741	22,928	SH		SOLE		22,928	0	0
Urban Outfitters Inc	COM	917047102	2,472,183	64,531	SH		SOLE		64,531	0	0
VanEck Gold Miners ETF	COM	92189F106	869,549	21,837	SH		SOLE		21,837	0	0
VanEck Vectors J.P. Morgan EM	COM	92189H300	6,321,984	248,897	SH		SOLE		248,897	0	0
Vanguard Russell 1000 Value ET	COM	92206C714	4,621,232	55,457	SH		SOLE		55,457	0	0
Vanguard Short-Term Corporate	COM	92206C409	1,949,840	24,551	SH		SOLE		24,551	0	0
Vanguard Short-Term Inflation-	COM	922020805	1,148,529	23,292	SH		SOLE		23,292	0	0
Vanguard Short-Term Treasury E	COM	92206C102	759,469	12,868	SH		SOLE		12,868	0	0
Verizon Communications Inc.	COM	92343V104	3,288,310	73,220	SH		SOLE		73,220	0	0
Visa Inc.	COM	92826C839	6,232,567	22,668	SH		SOLE		22,668	0	0
Vodafone Group PLC ADS	COM	92857W308	492,904	49,192	SH		SOLE		49,192	0	0
Walt Disney Co.	COM	254687106	5,593,256	58,148	SH		SOLE		58,148	0	0
Wesco International Inc.	COM	95082P105	5,428,274	32,315	SH		SOLE		32,315	0	0
White Mountains Insurance Grou	COM	G9618E107	2,205,060	1,300	SH		SOLE		1,300	0	0
ZipRecruiter, Inc.	COM	98980B103	113,687	11,967	SH		SOLE		11,967	0	0