ISHARES TR

Ticker: DVY CUSIP: 464287168 Class: SELECT DIVID ETF

ASHFORD CAPITAL MANAGEMENT INC's Holding History (CIK: 0000897070)

Note: Option positions (PUT/CALL) are excluded.

Q4 2013

Shares 4,498 Value ($000) $321 Avg Close — Range —

Q3 2013

Shares 16,948 Value ($000) $1,124 Avg Close — Range —

Q2 2013

Shares 43,252 Value ($000) $2,769 Avg Close — Range —

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2013	4,498	$321	—	—
Q3 2013	16,948	$1,124	—	—
Q2 2013	43,252	$2,769	—	—