Forward Management’s Vanguard Short-Term Corporate Bond ETF VCSH Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2016 Q1	–	Sell	-47,750	Closed	-$3.77M	–	264
2015 Q4	$3.77M	Hold	47,750	–	–	0.32%	58
2015 Q3	$3.81M	Sell	47,750 -2,200	-4%	-$175K	0.31%	60
2015 Q2	$3.98M	Sell	49,950 -5,500	-10%	-$440K	0.24%	68
2015 Q1	$4.45M	Sell	55,450 -9,050	-14%	-$724K	0.27%	62
2014 Q4	$5.14M	Sell	64,500 -10,250	-14%	-$820K	0.28%	53
2014 Q3	$5.97M	Hold	74,750	–	–	0.36%	50
2014 Q2	$6.01M	Sell	74,750 -21,000	-22%	-$1.68M	0.35%	46
2014 Q1	$7.66M	Buy	95,750 +6,950	+8%	+$556K	0.44%	44
2013 Q4	$7.08M	Hold	88,800	–	–	0.43%	47
2013 Q3	$7.07M	Hold	88,800	–	–	0.46%	43
2013 Q2	$7.03M	Buy	+88,800	New	+$7.12M	0.58%	45