Confluence Investment Management’s ISHARES IBONDS SEP 2015 AMT-FREE MUNI BOND ETF IBMD Stock Holding History

Confluence Investment Management’s Portfolio IBMD Stock Details IBMD Fund Activity

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2015 Q1	–	Sell	-21,589	Closed	-$1.14M	–	261
2014 Q4	$1.14M	Buy	21,589 +1,958	+10%	+$103K	0.05%	189
2014 Q3	$1.04M	Buy	19,631 +1,540	+9%	+$81.5K	0.05%	197
2014 Q2	$960K	Buy	18,091 +2,858	+19%	+$152K	0.04%	200
2014 Q1	$808K	Buy	15,233 +2,346	+18%	+$125K	0.04%	198
2013 Q4	$686K	Buy	12,887 +2,812	+28%	+$150K	0.04%	195
2013 Q3	$536K	Buy	10,075 +1,612	+19%	+$85.6K	0.03%	199
2013 Q2	$448K	Buy	+8,463	New	+$451K	0.03%	205

Other funds holding IBMD

Royal Bank of Canada Toronto, Ontario, Canada $570B AUM 27.57% 1-Year Est. Return

Morgan Stanley New York $1.66T AUM 25.57% 1-Year Est. Return

Bank of America Charlotte, North Carolina $1.37T AUM 24.88% 1-Year Est. Return

Wells Fargo San Francisco, California $530B AUM 22.01% 1-Year Est. Return

LPT

Legacy Private Trust Neenah, Wisconsin $1.63B AUM 17.53% 1-Year Est. Return

UCFA

United Capital Financial Advisors Irving, Texas $16.3B AUM 16.34% 1-Year Est. Return

Susquehanna International Group Bala Cynwyd, Pennsylvania $893B AUM 36.07% 1-Year Est. Return

Envestnet Asset Management Chicago, Illinois $374B AUM 17.66% 1-Year Est. Return

VCM

Vigilant Capital Management Portland, Maine $1.34B AUM 15.33% 1-Year Est. Return

VKH

Virtu KCG Holdings New York $3.6B AUM 17.11% 1-Year Est. Return

Confluence Investment Management's IBMD Position: Q1 2015 in Review

Confluence Investment Management sold out of ISHARES IBONDS SEP 2015 AMT-FREE MUNI BOND ETF (IBMD) in Q1 2015, closing a stake of 21,589 shares — an estimated $1.14M sold.

Confluence Investment Management first reported a position in IBMD in Q2 2013 and held it in 7 quarters. The position peaked at $1.14M in Q4 2014. 50 funds tracked by Wall St. Rank hold IBMD as of Q1 2015.

Confluence Investment Management reported no remaining ISHARES IBONDS SEP 2015 AMT-FREE MUNI BOND ETF position as of Q1 2015 after selling out during the quarter.
Confluence Investment Management sold 21,589 ISHARES IBONDS SEP 2015 AMT-FREE MUNI BOND ETF shares in Q1 2015, an estimated $1.14M.
Confluence Investment Management first reported a position in ISHARES IBONDS SEP 2015 AMT-FREE MUNI BOND ETF in Q2 2013 and held it in 7 quarters.
Confluence Investment Management's ISHARES IBONDS SEP 2015 AMT-FREE MUNI BOND ETF position peaked at $1.14M in Q4 2014.
50 funds tracked by Wall St. Rank held ISHARES IBONDS SEP 2015 AMT-FREE MUNI BOND ETF as of Q1 2015.

Based on Confluence Investment Management's 13F filing for Q1 2015, filed 28 Apr 2015.