Tributary Capital Management’s Grand Canyon Education LOPE Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2019 Q4	–	Sell	-9,900	Closed	-$972K	–	207
2019 Q3	$972K	Hold	9,900	–	–	0.07%	142
2019 Q2	$1.16M	Hold	9,900	–	–	0.08%	132
2019 Q1	$1.13M	Sell	9,900 -1,300	-12%	-$134K	0.08%	134
2018 Q4	$1.08M	Sell	11,200 -1,000	-8%	-$116K	0.1%	134
2018 Q3	$1.38M	Buy	12,200 +4,500	+58%	+$525K	0.1%	136
2018 Q2	$859K	Hold	7,700	–	–	0.07%	147
2018 Q1	$808K	Buy	7,700 +700	+10%	+$67.6K	0.07%	145
2017 Q4	$627K	Sell	7,000 -1,200	-15%	-$109K	0.05%	170
2017 Q3	$745K	Sell	8,200 -500	-6%	-$40.1K	0.06%	157
2017 Q2	$682K	Sell	8,700 -2,200	-20%	-$168K	0.06%	166
2017 Q1	$781K	Sell	10,900 -10,900	-50%	-$677K	0.08%	154
2016 Q4	$1.27M	Sell	21,800 -10,900	-33%	-$557K	0.15%	128
2016 Q3	$1.32M	Sell	32,700 -1,000	-3%	-$41.6K	0.17%	130
2016 Q2	$1.34M	Sell	33,700 -17,500	-34%	-$738K	0.2%	134
2016 Q1	$2.19M	Sell	51,200 -1,000	-2%	-$38.5K	0.35%	103
2015 Q4	$2.09M	Buy	52,200 +19,400	+59%	+$764K	0.35%	101
2015 Q3	$1.25M	Sell	32,800 -33,200	-50%	-$1.33M	0.21%	137
2015 Q2	$2.8M	Buy	66,000 +16,200	+33%	+$702K	0.44%	94
2015 Q1	$2.16M	Buy	49,800 +6,000	+14%	+$269K	0.34%	118
2014 Q4	$2.04M	Buy	+43,800	New	+$1.95M	0.35%	119