SPDR SERIES TRUST

Ticker: BWZ CUSIP: 78464A334 Class: BLOOMBERG SHORT

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

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

Q4 2017
Shares 99,322 Value ($000) $3,190 Avg Close — Range —
Q3 2017
Shares 100,082 Value ($000) $3,201 Avg Close — Range —
Q2 2017
Shares 120,556 Value ($000) $3,781 Avg Close — Range —
Q1 2017
Shares 120,755 Value ($000) $3,661 Avg Close — Range —
Q4 2016
Shares 120,988 Value ($000) $3,541 Avg Close — Range —
Q3 2016
Shares 123,119 Value ($000) $3,916 Avg Close — Range —
Q2 2016
Shares 125,769 Value ($000) $3,952 Avg Close — Range —
Q1 2016
Shares 88,679 Value ($000) $2,772 Avg Close — Range —
Q4 2015
Shares 88,679 Value ($000) $2,638 Avg Close — Range —
Q3 2015
Shares 183,035 Value ($000) $5,506 Avg Close — Range —
Q2 2015
Shares 201,948 Value ($000) $6,192 Avg Close — Range —
Q1 2015
Shares 166,004 Value ($000) $5,037 Avg Close — Range —
Q4 2014
Shares 163,149 Value ($000) $5,263 Avg Close — Range —
Q3 2014
Shares 192,323 Value ($000) $6,543 Avg Close — Range —
Q2 2014
Shares 171,557 Value ($000) $6,260 Avg Close — Range —
Q1 2014
Shares 171,706 Value ($000) $6,185 Avg Close — Range —
Q4 2013
Shares 170,822 Value ($000) $6,119 Avg Close — Range —
Q3 2013
Shares 169,994 Value ($000) $6,128 Avg Close — Range —
Q2 2013
Shares 169,035 Value ($000) $5,886 Avg Close — Range —