Instuitional Investor - Leuthold Group, Llc

13F Holdings

Filing Period:

No.	Security	Ticker	Shares	Value	% Port
1.	Direxion Daily S&P500 Bear 1X		3,989,784	$33,833,368	3.16%
2.	Microsoft Corp	MSFT	49,068	$25,166,977	2.35%
3.	Alphabet Inc.	GOOGL	67,882	$23,356,839	2.18%
4.	Dell Technologies Inc.	DELL	33,663	$18,109,011	1.69%
5.	Cisco Systems Inc.	CSCO	154,557	$16,634,970	1.55%