ISHARES TR

Ticker: HYG CUSIP: 464288513 Class: IBOXX HI YD ETF

LEUTHOLD GROUP, LLC's Holding History (CIK: 0001170152)

Note: Option positions (PUT/CALL) are excluded.

Q1 2015

Shares 97,464 Value ($000) $8,831 Avg Close — Range —

Q4 2014

Shares 59,978 Value ($000) $5,374 Avg Close — Range —

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2015	97,464	$8,831	—	—
Q4 2014	59,978	$5,374	—	—