ISHARES TR

Ticker: ACWI CUSIP: 464288257 Class: MSCI ACWI ETF

CONFLUENCE INVESTMENT MANAGEMENT LLC's Holding History (CIK: 0001442056)

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

Q2 2014

Shares 62,210 Value ($000) $3,749 Avg Close — Range —

Q1 2014

Shares 64,282 Value ($000) $3,737 Avg Close — Range —

Period	Shares	Value ($000)	Average Close	Price Range
Q2 2014	62,210	$3,749	—	—
Q1 2014	64,282	$3,737	—	—