# EDGAR Filing Document

**Accession Number:** 0001170152
**File Stem:** 0001567619-23-001568
**Filing Date:** 2023-1
**Character Count:** 22268
**Document Hash:** 88852165b7db223c1597b82fc0127c4c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001567619-23-001568.hdr.sgml**: 20230131

**ACCESSION NUMBER**: 0001567619-23-001568

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230131

**DATE AS OF CHANGE**: 20230131

**EFFECTIVENESS DATE**: 20230131

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LEUTHOLD GROUP, LLC
- **CENTRAL INDEX KEY:** 0001170152
- **IRS NUMBER:** 411971243

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-10174
- **FILM NUMBER:** 23573460

**BUSINESS ADDRESS:**
- **STREET 1:** 150 SOUTH FIFTH STREET
- **STREET 2:** SUITE 1700
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55402
- **BUSINESS PHONE:** 6123329141

**MAIL ADDRESS:**
- **STREET 1:** 150 SOUTH FIFTH STREET
- **STREET 2:** SUITE 1700
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55402

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LEUTHOLD WEEDEN CAPITAL MANAGEMENT
- **DATE OF NAME CHANGE:** 20100217

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LEUTHOLD WEEDEN CAPITAL MANAGEMENT LLC
- **DATE OF NAME CHANGE:** 20020328

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** LEUTHOLD GROUP LLC<br>**Address:** 150 SOUTH FIFTH STREET<br>SUITE 1700<br>MINNEAPOLIS, MN 55402

**Form 13F File Number:** 028-10174

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Roger Peters<br>**Title:** Chief Compliance Officer<br>**Phone:** 612-332-9141

**Signature, Place, and Date of Signing:**

/s/ Roger Peters  Minneapolis, MN  01-31-2023<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 191

**Form 13F Information Table Value Total:** $742027

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| Abbott Laboratories | COM | 002824100 |  | 5797 | 52802 | SH |  | SOLE |  | 52802 | 0 | 0 |
| AbbVie Inc. | COM | 00287Y109 |  | 8241 | 50994 | SH |  | SOLE |  | 50994 | 0 | 0 |
| Aberdeen Standard Bloomberg Al | COM | 003261104 |  | 816 | 36984 | SH |  | SOLE |  | 36984 | 0 | 0 |
| ABM Industries Inc. | COM | 000957100 |  | 2466 | 55507 | SH |  | SOLE |  | 55507 | 0 | 0 |
| Adobe Inc. | COM | 00724F101 |  | 3593 | 10676 | SH |  | SOLE |  | 10676 | 0 | 0 |
| AGCO Corp. | COM | 001084102 |  | 2153 | 15527 | SH |  | SOLE |  | 15527 | 0 | 0 |
| Albertsons Cos Inc. | COM | 013091103 |  | 1778 | 85716 | SH |  | SOLE |  | 85716 | 0 | 0 |
| Allison Transmission Holdings I | COM | 01973R101 |  | 1958 | 47073 | SH |  | SOLE |  | 47073 | 0 | 0 |
| Allstate Corp. | COM | 020002101 |  | 4347 | 32060 | SH |  | SOLE |  | 32060 | 0 | 0 |
| Altria Group Inc. | COM | 02209S103 |  | 480 | 10503 | SH |  | SOLE |  | 10503 | 0 | 0 |
| AmerisourceBergen Corp. | COM | 03073E105 |  | 2688 | 16224 | SH |  | SOLE |  | 16224 | 0 | 0 |
| Amkor Technology Inc. | COM | 031652100 |  | 326 | 13595 | SH |  | SOLE |  | 13595 | 0 | 0 |
| Anheuser-Busch InBev N.V. ADS | COM | 03524A108 |  | 2481 | 41330 | SH |  | SOLE |  | 41330 | 0 | 0 |
| Antero Midstream Corp. | COM | 03676B102 |  | 383 | 35490 | SH |  | SOLE |  | 35490 | 0 | 0 |
| APA Corp. | COM | 03743Q108 |  | 6183 | 132448 | SH |  | SOLE |  | 132448 | 0 | 0 |
| Apple Inc. | COM | 037833100 |  | 13255 | 102013 | SH |  | SOLE |  | 102013 | 0 | 0 |
| Applied Materials Inc. | COM | 038222105 |  | 9771 | 100343 | SH |  | SOLE |  | 100343 | 0 | 0 |
| ArcelorMittal SA ADR | COM | 03938L203 |  | 293 | 11169 | SH |  | SOLE |  | 11169 | 0 | 0 |
| Arch Capital Group Ltd. | COM | G0450A105 |  | 4719 | 75160 | SH |  | SOLE |  | 75160 | 0 | 0 |
| Archer Daniels Midland Co. | COM | 039483102 |  | 3835 | 41301 | SH |  | SOLE |  | 41301 | 0 | 0 |
| Atlas Air Worldwide Holdings | COM | 049164205 |  | 4749 | 47112 | SH |  | SOLE |  | 47112 | 0 | 0 |
| AutoNation Inc. | COM | 05329W102 |  | 3542 | 33007 | SH |  | SOLE |  | 33007 | 0 | 0 |
| Axis Capital Holdings Ltd | COM | G0692U109 |  | 2464 | 45478 | SH |  | SOLE |  | 45478 | 0 | 0 |
| Banco Santander S.A. ADR | COM | 05964H105 |  | 251 | 85171 | SH |  | SOLE |  | 85171 | 0 | 0 |
| Bank of Nova Scotia | COM | 064149107 |  | 205 | 4192 | SH |  | SOLE |  | 4192 | 0 | 0 |
| Barclays PLC ADR | COM | 06738E204 |  | 234 | 29988 | SH |  | SOLE |  | 29988 | 0 | 0 |
| BHP Billiton Ltd. ADS | COM | 088606108 |  | 505 | 8141 | SH |  | SOLE |  | 8141 | 0 | 0 |
| BJ's Wholesale Club Holdings | COM | 05550J101 |  | 6839 | 103371 | SH |  | SOLE |  | 103371 | 0 | 0 |
| BP PLC ADS | COM | 055622104 |  | 6420 | 183799 | SH |  | SOLE |  | 183799 | 0 | 0 |
| Bristol-Myers Squibb Co. | COM | 110122108 |  | 393 | 5457 | SH |  | SOLE |  | 5457 | 0 | 0 |
| British American Tobacco PLC A | COM | 110448107 |  | 469 | 11730 | SH |  | SOLE |  | 11730 | 0 | 0 |
| Bunge Ltd. | COM | G16962105 |  | 447 | 4481 | SH |  | SOLE |  | 4481 | 0 | 0 |
| C.H. Robinson Worldwide | COM | 12541W209 |  | 3426 | 37418 | SH |  | SOLE |  | 37418 | 0 | 0 |
| California Resources Corp | COM | 13057Q305 |  | 2753 | 63267 | SH |  | SOLE |  | 63267 | 0 | 0 |
| Canadian Natural Resources Ltd | COM | 136385101 |  | 833 | 15001 | SH |  | SOLE |  | 15001 | 0 | 0 |
| Cardinal Health Inc. | COM | 14149Y108 |  | 2573 | 33469 | SH |  | SOLE |  | 33469 | 0 | 0 |
| Caterpillar Inc. | COM | 149123101 |  | 3583 | 14956 | SH |  | SOLE |  | 14956 | 0 | 0 |
| Centene Corp. | COM | 15135B101 |  | 7731 | 94275 | SH |  | SOLE |  | 94275 | 0 | 0 |
| Chord Energy Corp. | COM | 674215207 |  | 3588 | 26226 | SH |  | SOLE |  | 26226 | 0 | 0 |
| Chubb Corp. | COM | H1467J104 |  | 7927 | 35933 | SH |  | SOLE |  | 35933 | 0 | 0 |
| Cincinnati Financial Corp | COM | 172062101 |  | 432 | 4218 | SH |  | SOLE |  | 4218 | 0 | 0 |
| Citigroup Inc. | COM | 172967424 |  | 208 | 4598 | SH |  | SOLE |  | 4598 | 0 | 0 |
| Clean Harbors Inc. | COM | 184496107 |  | 2405 | 21078 | SH |  | SOLE |  | 21078 | 0 | 0 |
| Coca-Cola Europacific Partners | COM | G25839104 |  | 348 | 6284 | SH |  | SOLE |  | 6284 | 0 | 0 |
| Commercial Metals Co. | COM | 201723103 |  | 264 | 5460 | SH |  | SOLE |  | 5460 | 0 | 0 |
| Consumer Staples Select Sector | COM | 81369Y308 |  | 429 | 5754 | SH |  | SOLE |  | 5754 | 0 | 0 |
| Corning Inc. | COM | 219350105 |  | 2834 | 88715 | SH |  | SOLE |  | 88715 | 0 | 0 |
| Costco Wholesale Corp. | COM | 22160K105 |  | 8535 | 18696 | SH |  | SOLE |  | 18696 | 0 | 0 |
| CVS Health Corp. | COM | 126650100 |  | 4153 | 44563 | SH |  | SOLE |  | 44563 | 0 | 0 |
| D.R. Horton Inc. | COM | 23331A109 |  | 7297 | 81858 | SH |  | SOLE |  | 81858 | 0 | 0 |
| Danaher Corporation | COM | 235851102 |  | 6296 | 23721 | SH |  | SOLE |  | 23721 | 0 | 0 |
| Deere  Co. | COM | 244199105 |  | 3423 | 7984 | SH |  | SOLE |  | 7984 | 0 | 0 |
| Diageo P L C Spon Adr New | COM | 25243Q205 |  | 2406 | 13504 | SH |  | SOLE |  | 13504 | 0 | 0 |
| Diodes Inc. | COM | 254543101 |  | 314 | 4128 | SH |  | SOLE |  | 4128 | 0 | 0 |
| Direxion Daily S Bear 1X | COM | 25460E869 |  | 29287 | 1773920 | SH |  | SOLE |  | 1773920 | 0 | 0 |
| Elevance Health Inc. | COM | 036752103 |  | 10406 | 20285 | SH |  | SOLE |  | 20285 | 0 | 0 |
| Enbridge Inc. | COM | 29250N105 |  | 253 | 6464 | SH |  | SOLE |  | 6464 | 0 | 0 |
| Energy Select Sector SPDR Fund | COM | 81369Y506 |  | 524 | 5995 | SH |  | SOLE |  | 5995 | 0 | 0 |
| ENI S.p.A. ADS | COM | 26874R108 |  | 349 | 12170 | SH |  | SOLE |  | 12170 | 0 | 0 |
| EOG Resources Inc. | COM | 26875P101 |  | 7057 | 54489 | SH |  | SOLE |  | 54489 | 0 | 0 |
| Equinor ASA Sponsored ADR | COM | 29446M102 |  | 5656 | 157943 | SH |  | SOLE |  | 157943 | 0 | 0 |
| Evercore Inc. (Cl A) | COM | 29977A105 |  | 272 | 2491 | SH |  | SOLE |  | 2491 | 0 | 0 |
| Everest Re Group Ltd. | COM | G3223R108 |  | 766 | 2312 | SH |  | SOLE |  | 2312 | 0 | 0 |
| Expeditors International of Wa | COM | 302130109 |  | 3560 | 34255 | SH |  | SOLE |  | 34255 | 0 | 0 |
| Exxon Mobil Corp. | COM | 30231G102 |  | 9446 | 85643 | SH |  | SOLE |  | 85643 | 0 | 0 |
| FedEx Corp. | COM | 31428X106 |  | 352 | 2035 | SH |  | SOLE |  | 2035 | 0 | 0 |
| Fidelity MSCI Consumer Staples | COM | 316092303 |  | 3457 | 77138 | SH |  | SOLE |  | 77138 | 0 | 0 |
| Fidelity MSCI Energy Index ETF | COM | 316092402 |  | 4956 | 207905 | SH |  | SOLE |  | 207905 | 0 | 0 |
| Fidelity MSCI Financials Index | COM | 316092501 |  | 1608 | 33546 | SH |  | SOLE |  | 33546 | 0 | 0 |
| Goldman Sachs Group Inc. | COM | 38141G104 |  | 685 | 1994 | SH |  | SOLE |  | 1994 | 0 | 0 |
| GSK plc Sponsored ADR | COM | 37733W204 |  | 234 | 6660 | SH |  | SOLE |  | 6660 | 0 | 0 |
| Health Care Select Sector SPDR | COM | 81369Y209 |  | 4011 | 29524 | SH |  | SOLE |  | 29524 | 0 | 0 |
| Home Depot Inc. | COM | 437076102 |  | 3361 | 10641 | SH |  | SOLE |  | 10641 | 0 | 0 |
| Hub Group Inc (Cl A) | COM | 443320106 |  | 3044 | 38290 | SH |  | SOLE |  | 38290 | 0 | 0 |
| Humana Inc. | COM | 444859102 |  | 10089 | 19697 | SH |  | SOLE |  | 19697 | 0 | 0 |
| Imperial Oil Limited | COM | 453038408 |  | 3973 | 81523 | SH |  | SOLE |  | 81523 | 0 | 0 |
| Industrial Select Sector SPDR | COM | 81369Y704 |  | 791 | 8058 | SH |  | SOLE |  | 8058 | 0 | 0 |
| Intel Corp. | COM | 458140100 |  | 215 | 8152 | SH |  | SOLE |  | 8152 | 0 | 0 |
| Invesco CurrencyShares Euro Tr | COM | 46138K103 |  | 4551 | 46060 | SH |  | SOLE |  | 46060 | 0 | 0 |
| Invesco CurrencyShares Japanes | COM | 46138W107 |  | 4715 | 66322 | SH |  | SOLE |  | 66322 | 0 | 0 |
| Invesco NASDAQ 100 ETF | COM | 46138G649 |  | 226 | 2067 | SH |  | SOLE |  | 2067 | 0 | 0 |
| iShares 0-5 Year TIPS Bond ETF | COM | 46429B747 |  | 8019 | 82700 | SH |  | SOLE |  | 82700 | 0 | 0 |
| iShares 1-3 Year Treasury Bond | COM | 464287457 |  | 9675 | 119195 | SH |  | SOLE |  | 119195 | 0 | 0 |
| iShares 20 Year Treasury Bond | COM | 464287432 |  | 2472 | 24830 | SH |  | SOLE |  | 24830 | 0 | 0 |
| iShares 7-10 Year Treasury Bon | COM | 464287440 |  | 1355 | 14142 | SH |  | SOLE |  | 14142 | 0 | 0 |
| iShares Core MSCI EAFE ETF | COM | 46432F842 |  | 4615 | 74870 | SH |  | SOLE |  | 74870 | 0 | 0 |
| iShares Core Total U.S. Bond M | COM | 464287226 |  | 3441 | 35474 | SH |  | SOLE |  | 35474 | 0 | 0 |
| iShares DJ US Home Constructio | COM | 464288752 |  | 1465 | 24172 | SH |  | SOLE |  | 24172 | 0 | 0 |
| iShares Edge MSCI USA Quality | COM | 46432F339 |  | 209 | 1838 | SH |  | SOLE |  | 1838 | 0 | 0 |
| iShares Floating Rate Bond ETF | COM | 46429B655 |  | 4466 | 88732 | SH |  | SOLE |  | 88732 | 0 | 0 |
| iShares Gold Trust | COM | 464285204 |  | 9315 | 269294 | SH |  | SOLE |  | 269294 | 0 | 0 |
| iShares International Treasury | COM | 464288117 |  | 10086 | 257613 | SH |  | SOLE |  | 257613 | 0 | 0 |
| iShares JPMorgan USD Emerging | COM | 464288281 |  | 1264 | 14947 | SH |  | SOLE |  | 14947 | 0 | 0 |
| iShares MBS ETF | COM | 464288588 |  | 6628 | 71457 | SH |  | SOLE |  | 71457 | 0 | 0 |
| iShares MSCI Emerging Markets | COM | 46434G764 |  | 1834 | 38645 | SH |  | SOLE |  | 38645 | 0 | 0 |
| iShares MSCI Global Metals  M | COM | 46434G848 |  | 993 | 24216 | SH |  | SOLE |  | 24216 | 0 | 0 |
| iShares S 500 Fund | COM | 464287200 |  | 5533 | 14402 | SH |  | SOLE |  | 14402 | 0 | 0 |
| iShares S Small Cap 600 Inde | COM | 464287804 |  | 218 | 2301 | SH |  | SOLE |  | 2301 | 0 | 0 |
| iShares U.S. Healthcare Provid | COM | 464288828 |  | 3217 | 12017 | SH |  | SOLE |  | 12017 | 0 | 0 |
| iShares U.S. Insurance ETF | COM | 464288786 |  | 2205 | 24127 | SH |  | SOLE |  | 24127 | 0 | 0 |
| iShares US Transportation ETF | COM | 464287192 |  | 862 | 4036 | SH |  | SOLE |  | 4036 | 0 | 0 |
| Jabil Inc. | COM | 466313103 |  | 3066 | 44963 | SH |  | SOLE |  | 44963 | 0 | 0 |
| Johnson  Johnson | COM | 478160104 |  | 8247 | 46684 | SH |  | SOLE |  | 46684 | 0 | 0 |
| KB Home | COM | 48666K109 |  | 2221 | 69744 | SH |  | SOLE |  | 69744 | 0 | 0 |
| Keurig Dr Pepper Inc. | COM | 49271V100 |  | 2844 | 79740 | SH |  | SOLE |  | 79740 | 0 | 0 |
| KLA Corporation | COM | 482480100 |  | 7380 | 19575 | SH |  | SOLE |  | 19575 | 0 | 0 |
| Kroger Co. | COM | 501044101 |  | 3109 | 69732 | SH |  | SOLE |  | 69732 | 0 | 0 |
| Lam Research Corp. | COM | 512807108 |  | 12325 | 29324 | SH |  | SOLE |  | 29324 | 0 | 0 |
| Lennar Corp. (Cl A) | COM | 526057104 |  | 4950 | 54701 | SH |  | SOLE |  | 54701 | 0 | 0 |
| LKQ Corp. | COM | 501889208 |  | 5503 | 103031 | SH |  | SOLE |  | 103031 | 0 | 0 |
| Louisiana-Pacific Corp. | COM | 546347105 |  | 4531 | 76538 | SH |  | SOLE |  | 76538 | 0 | 0 |
| LPL Financial Holdings Inc. | COM | 50212V100 |  | 454 | 2101 | SH |  | SOLE |  | 2101 | 0 | 0 |
| M.D.C. Holdings Inc. | COM | 552676108 |  | 2512 | 79486 | SH |  | SOLE |  | 79486 | 0 | 0 |
| Marathon Oil Corp. | COM | 565849106 |  | 5278 | 194989 | SH |  | SOLE |  | 194989 | 0 | 0 |
| Marvell Technology Inc. | COM | 573874104 |  | 313 | 8449 | SH |  | SOLE |  | 8449 | 0 | 0 |
| Mastercard Inc. Cl A | COM | 57636Q104 |  | 6910 | 19873 | SH |  | SOLE |  | 19873 | 0 | 0 |
| McKesson Corp. | COM | 58155Q103 |  | 2438 | 6500 | SH |  | SOLE |  | 6500 | 0 | 0 |
| Merck  Co. Inc. | COM | 58933Y105 |  | 10819 | 97515 | SH |  | SOLE |  | 97515 | 0 | 0 |
| Meritage Homes Corp. | COM | 59001A102 |  | 3771 | 40905 | SH |  | SOLE |  | 40905 | 0 | 0 |
| Mgp Ingredients Inc. | COM | 55303J106 |  | 2055 | 19317 | SH |  | SOLE |  | 19317 | 0 | 0 |
| Microsoft Corp. | COM | 594918104 |  | 15083 | 62892 | SH |  | SOLE |  | 62892 | 0 | 0 |
| Mizuho Financial Group Inc. AD | COM | 60687Y109 |  | 288 | 101413 | SH |  | SOLE |  | 101413 | 0 | 0 |
| MKS Instruments Inc. | COM | 55306N104 |  | 3050 | 35998 | SH |  | SOLE |  | 35998 | 0 | 0 |
| Molson Coors Brewing Co. Cl B | COM | 60871R209 |  | 2245 | 43581 | SH |  | SOLE |  | 43581 | 0 | 0 |
| Morgan Stanley | COM | 617446448 |  | 660 | 7764 | SH |  | SOLE |  | 7764 | 0 | 0 |
| Mosaic Co. | COM | 61945C103 |  | 395 | 9006 | SH |  | SOLE |  | 9006 | 0 | 0 |
| MSC Industrial Direct Co. Cl A | COM | 553530106 |  | 1551 | 18988 | SH |  | SOLE |  | 18988 | 0 | 0 |
| Novartis AG ADS | COM | 66987V109 |  | 463 | 5100 | SH |  | SOLE |  | 5100 | 0 | 0 |
| Nutrien Ltd. | COM | 67077M108 |  | 382 | 5228 | SH |  | SOLE |  | 5228 | 0 | 0 |
| Old Republic International Cor | COM | 680223104 |  | 354 | 14641 | SH |  | SOLE |  | 14641 | 0 | 0 |
| Paccar Inc. | COM | 693718108 |  | 2491 | 25166 | SH |  | SOLE |  | 25166 | 0 | 0 |
| Penske Automotive Grp Inc Com | COM | 70959W103 |  | 4581 | 39860 | SH |  | SOLE |  | 39860 | 0 | 0 |
| PepsiCo Inc. | COM | 713448108 |  | 3453 | 19113 | SH |  | SOLE |  | 19113 | 0 | 0 |
| Petroleo Brasileiro SA Sponsor | COM | 71654V408 |  | 264 | 24759 | SH |  | SOLE |  | 24759 | 0 | 0 |
| Pfizer Inc. | COM | 717081103 |  | 449 | 8761 | SH |  | SOLE |  | 8761 | 0 | 0 |
| ProShares Short Russell2000 | COM | 74348A210 |  | 15591 | 633782 | SH |  | SOLE |  | 633782 | 0 | 0 |
| PulteGroup Inc. | COM | 745867101 |  | 5688 | 124931 | SH |  | SOLE |  | 124931 | 0 | 0 |
| Raymond James Financial Inc | COM | 754730109 |  | 257 | 2403 | SH |  | SOLE |  | 2403 | 0 | 0 |
| Regeneron Pharmaceuticals Inc. | COM | 75886F107 |  | 3936 | 5455 | SH |  | SOLE |  | 5455 | 0 | 0 |
| Reinsurance Group of America I | COM | 759351604 |  | 4200 | 29562 | SH |  | SOLE |  | 29562 | 0 | 0 |
| Republic Services Inc. | COM | 760759100 |  | 4815 | 37328 | SH |  | SOLE |  | 37328 | 0 | 0 |
| Rio Tinto PLC ADS | COM | 767204100 |  | 7594 | 106663 | SH |  | SOLE |  | 106663 | 0 | 0 |
| Schwab Fundamental Internation | COM | 808524755 |  | 250 | 8604 | SH |  | SOLE |  | 8604 | 0 | 0 |
| Shell PLC Sponsored ADR | COM | 780259305 |  | 7007 | 123045 | SH |  | SOLE |  | 123045 | 0 | 0 |
| Skyworks Solutions Inc | COM | 83088M102 |  | 271 | 2969 | SH |  | SOLE |  | 2969 | 0 | 0 |
| SolarEdge Technologies Inc. | COM | 83417M104 |  | 7038 | 24844 | SH |  | SOLE |  | 24844 | 0 | 0 |
| Southern Copper Corp. | COM | 84265V105 |  | 6220 | 102999 | SH |  | SOLE |  | 102999 | 0 | 0 |
| SPDR Barclays International Co | COM | 78464A151 |  | 4880 | 176054 | SH |  | SOLE |  | 176054 | 0 | 0 |
| SPDR Barclays Short Term High | COM | 78468R408 |  | 5487 | 226354 | SH |  | SOLE |  | 226354 | 0 | 0 |
| SPDR Bloomberg Barclays Intern | COM | 78464A516 |  | 18273 | 814684 | SH |  | SOLE |  | 814684 | 0 | 0 |
| SPDR Gold Trust | COM | 78463V107 |  | 7813 | 46055 | SH |  | SOLE |  | 46055 | 0 | 0 |
| SPDR S Homebuilders ETF | COM | 78464A888 |  | 644 | 10675 | SH |  | SOLE |  | 10675 | 0 | 0 |
| SPDR S Metals  Mining ETF | COM | 78464A755 |  | 735 | 14751 | SH |  | SOLE |  | 14751 | 0 | 0 |
| SPDR S Retail ETF | COM | 78464A714 |  | 808 | 13359 | SH |  | SOLE |  | 13359 | 0 | 0 |
| SPDR S Semiconductor ETF | COM | 78464A862 |  | 897 | 5361 | SH |  | SOLE |  | 5361 | 0 | 0 |
| Star Bulk Carriers Corp. | COM | Y8162K204 |  | 212 | 11006 | SH |  | SOLE |  | 11006 | 0 | 0 |
| Steel Dynamics Inc. | COM | 858119100 |  | 3886 | 39776 | SH |  | SOLE |  | 39776 | 0 | 0 |
| Stifel Financial Corp. | COM | 860630102 |  | 357 | 6109 | SH |  | SOLE |  | 6109 | 0 | 0 |
| Suncor Energy Inc. | COM | 867224107 |  | 4104 | 129337 | SH |  | SOLE |  | 129337 | 0 | 0 |
| Takeda Pharmaceutical Co. Ltd. | COM | 874060205 |  | 292 | 18738 | SH |  | SOLE |  | 18738 | 0 | 0 |
| Target Corp. | COM | 87612E106 |  | 13333 | 89458 | SH |  | SOLE |  | 89458 | 0 | 0 |
| Taylor Morrison Home Corp. Cla | COM | 87724P106 |  | 2772 | 91321 | SH |  | SOLE |  | 91321 | 0 | 0 |
| Technology Select Sector SPDR | COM | 81369Y803 |  | 7503 | 60297 | SH |  | SOLE |  | 60297 | 0 | 0 |
| Teck Resources Limited Class B | COM | 878742204 |  | 4522 | 119575 | SH |  | SOLE |  | 119575 | 0 | 0 |
| Terex Corp. | COM | 880779103 |  | 2050 | 47986 | SH |  | SOLE |  | 47986 | 0 | 0 |
| Ternium S.A. Sponsored ADR | COM | 880890108 |  | 266 | 8717 | SH |  | SOLE |  | 8717 | 0 | 0 |
| Thermo Fisher Scientific Inc | COM | 883556102 |  | 5942 | 10790 | SH |  | SOLE |  | 10790 | 0 | 0 |
| Toll Brothers Inc. | COM | 889478103 |  | 4183 | 83794 | SH |  | SOLE |  | 83794 | 0 | 0 |
| Travelers Companies Inc. | COM | 89417E109 |  | 7912 | 42197 | SH |  | SOLE |  | 42197 | 0 | 0 |
| TRI Pointe Group Inc | COM | 87265H109 |  | 340 | 18287 | SH |  | SOLE |  | 18287 | 0 | 0 |
| Triton International Ltd. Clas | COM | G9078F107 |  | 3002 | 43643 | SH |  | SOLE |  | 43643 | 0 | 0 |
| United Parcel Service Inc. Cl | COM | 911312106 |  | 4455 | 25628 | SH |  | SOLE |  | 25628 | 0 | 0 |
| United Rentals Inc. | COM | 911363109 |  | 6214 | 17484 | SH |  | SOLE |  | 17484 | 0 | 0 |
| United States Steel Corp. | COM | 912909108 |  | 3474 | 138690 | SH |  | SOLE |  | 138690 | 0 | 0 |
| UnitedHealth Group Inc. | COM | 91324P102 |  | 14180 | 26745 | SH |  | SOLE |  | 26745 | 0 | 0 |
| Univar Solutions Inc. | COM | 91336L107 |  | 286 | 8998 | SH |  | SOLE |  | 8998 | 0 | 0 |
| VanEck Vectors J.P. Morgan EM | COM | 92189H300 |  | 11920 | 491953 | SH |  | SOLE |  | 491953 | 0 | 0 |
| Vanguard Mortgage-Backed Secur | COM | 92206C771 |  | 8083 | 177568 | SH |  | SOLE |  | 177568 | 0 | 0 |
| Vanguard Russell 1000 Value ET | COM | 92206C714 |  | 3417 | 51325 | SH |  | SOLE |  | 51325 | 0 | 0 |
| Vanguard Short-Term Corporate | COM | 92206C409 |  | 1909 | 25390 | SH |  | SOLE |  | 25390 | 0 | 0 |
| Vanguard Short-Term Inflation- | COM | 922020805 |  | 5175 | 110781 | SH |  | SOLE |  | 110781 | 0 | 0 |
| Vanguard Short-Term Treasury E | COM | 92206C102 |  | 698 | 12077 | SH |  | SOLE |  | 12077 | 0 | 0 |
| Visa Inc. | COM | 92826C839 |  | 5489 | 26418 | SH |  | SOLE |  | 26418 | 0 | 0 |
| Vodafone Group PLC ADS | COM | 92857W308 |  | 271 | 26756 | SH |  | SOLE |  | 26756 | 0 | 0 |
| W.R. Berkley Corp. | COM | 084423102 |  | 3215 | 44305 | SH |  | SOLE |  | 44305 | 0 | 0 |
| Walmart Inc. | COM | 931142103 |  | 5115 | 36077 | SH |  | SOLE |  | 36077 | 0 | 0 |
| Waste Management Inc. | COM | 94106L109 |  | 4854 | 30941 | SH |  | SOLE |  | 30941 | 0 | 0 |
| Wesco International Inc. | COM | 95082P105 |  | 3732 | 29805 | SH |  | SOLE |  | 29805 | 0 | 0 |
| West Fraser Timber Co. Ltd. | COM | 952845105 |  | 3174 | 43913 | SH |  | SOLE |  | 43913 | 0 | 0 |
| Williams-Sonoma Inc. | COM | 969904101 |  | 2571 | 22376 | SH |  | SOLE |  | 22376 | 0 | 0 |
| Woodside Energy Group Ltd | COM | 980228308 |  | 725 | 29936 | SH |  | SOLE |  | 29936 | 0 | 0 |

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