Confluence Investment Management’s ProShares Trust Short MSCI Emerging Markets EUM Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Shares Change %	Capital Flow	Portfolio Weight	Portfolio Position
2014 Q2	–	Sell	-3,807	Closed	-$201K	–	259
2014 Q1	$201K	Buy	+3,807	New	+$201K	0.01%	251