Forward Management’s Energy Select Sector SPDR Fund XLE Stock Holding History

Quarter	Market Value	Status	Shares	Shares Change %	Trade Value	Portfolio Weight	Portfolio Position
2014 Q4	–	Sell	-296	Closed	-$27K	–	433
2014 Q3	$27K	Buy	+296	New	+$27K	﹤0.01%	375
2014 Q2	–	Sell	-304	Closed	-$27K	–	382
2014 Q1	$27K	Buy	+304	New	+$27K	﹤0.01%	333