Forward Management’s State Street Utilities Select Sector SPDR ETF XLU Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2018 Q1	–	Sell	-84,764	Closed	-$2.23M	–	226
2017 Q4	$2.23M	Buy	+84,764	New	+$2.32M	0.25%	49
2017 Q1	–	Sell	-171,896	Closed	-$4.17M	–	213
2016 Q4	$4.17M	Sell	171,896 -15,172	-8%	-$362K	0.29%	68
2016 Q3	$4.58M	Buy	187,068 +18,236	+11%	+$463K	0.35%	45
2016 Q2	$4.43M	Buy	168,832 +20,754	+14%	+$511K	0.37%	41
2016 Q1	$3.67M	Buy	+148,078	New	+$3.42M	0.3%	50
2014 Q4	–	Sell	-1,300	Closed	-$27K	–	435
2014 Q3	$27K	Buy	1,300 +656	+102%	+$13.9K	﹤0.01%	377
2014 Q2	$14K	Buy	+644	New	+$13.7K	﹤0.01%	347