ISHARES TR

Ticker: ILF CUSIP: 464287390 Class: LATN AMER 40 ETF

Telos Capital Management, Inc.'s Holding History (CIK: 0001567889)

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

Q4 2013

Shares 16,577 Value ($000) $614 Avg Close — Range —

Q3 2013

Shares 15,972 Value ($000) $611 Avg Close — Range —

Q2 2013

Shares 13,977 Value ($000) $514 Avg Close — Range —

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2013	16,577	$614	—	—
Q3 2013	15,972	$611	—	—
Q2 2013	13,977	$514	—	—