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The works of authorship contained in this world wide website in the domain www.leutholdgroup.com, including but not limited to all design, text, images, and charts or other data compilations or collective works are owned, except as otherwise expressly stated, by The Leuthold Group, LLC., and may not be copied, reproduced, transmitted, displayed, performed, distributed, rented, sublicensed, altered, stored for subsequent use or otherwise used in whole or in part in any manner without the prior written consent of The Leuthold Group. Copyright 2005 © The Leuthold Group, LLC. All rights reserved.

Disclaimer Statement

The Leuthold Group, LLC provides research to institutional investors. It is also a registered investment advisor that uses its own research, along with other data, in making investment decisions for its managed accounts. As a result, The Leuthold Group, LLC may have executed transactions for its managed accounts in securities mentioned prior to this publication. The information contained in The Leuthold Group, LLC research is not, without additional data and analysis, sufficient to form the basis of an investment decision regarding any one security. The research reflects The Leuthold Group, LLC's views as of the date of publication, which are subject to change without notice. The Leuthold Group, LLC does not undertake to give notice of any change in its views regarding a particular industry prior to publication of their next research report covering that industry in the normal course of business. The Leuthold Group, LLC may make investment decisions for its managed accounts that are inconsistent with, or contrary to, the views expressed in current Leuthold Group, LLC reports.

Because the views expressed in Leuthold Group, LLC research relate to industry groups rather than individual securities, industry group ratings cannot be assumed to apply to each individual security within a group. Thus, if industry group "A" is ranked "Attractive," The Leuthold Group, LLC may still decide to sell one or more of the component securities in group "A."

Historical group selection ratings for any or all of the groups covered by The Leuthold Group can be found at www.leutholdgroup.com, select 'Leuthold's Groups - The Blue Book' and go to 'Historical Group Selections Ratings'.

Weeden Investors, L.P., Weeden & Co., L.P.'s parent company, owns 22% of Leuthold Group's securities. A Managing Director of Weeden & Co., L.P. is a member of The Leuthold Group, LLC board of directors.

Weeden & Co., L.P. Member of FINRA, NASDAQ and SIPC.


The Leuthold Group, Perception For The Professional, Leuthold's Groups, In Focus Special Research Studies, REITBeat, Inflation Watch, Select Industries Portfolio New Group Commitments, Group Insights, Perception Express, View From The North Country, Of Special Interest, Royal Blue Index, BenchMarks, Inside the Stock Market, Leuthold's Small Cap Groups, Group Selection Scores, GS Scores, Global Equity Strategies, Global Group Selection Scores, GGS Scores, and The Major Trend Index, are service/trademarks of The Leuthold Group, Inc and are proprietary as such.

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