Sandler Capital Management’s Materials Select Sector SPDR Fund XLB Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Shares Change %	Capital Flow	Portfolio Weight	Portfolio Position
2014 Q4	–	Sell	-186,855	Closed	-$9.27M	–	225
2014 Q3	$9.27M	Sell	186,855 -203,745	-52%	-$10.1M	0.44%	57
2014 Q2	$19.4M	Buy	+390,600	New	+$19.4M	0.81%	23