Confluence Investment Management’s SPDR S&P Oil & Gas Exploration & Production ETF XOP Stock Holding History

Quarter	Market Value	Status	Shares	Shares Change %	Trade Value	Portfolio Weight	Portfolio Position
2014 Q4	–	Sell	-815	Closed	-$224K	–	265
2014 Q3	$224K	Buy	+815	New	+$224K	0.01%	253
2014 Q1	–	Sell	-770	Closed	-$211K	–	270
2013 Q4	$211K	Buy	+770	New	+$211K	0.01%	254