VANGUARD TAX-MANAGED FDS

Ticker: VEA CUSIP: 921943858 Class: Exchange Traded Fund

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

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

Q4 2020

Shares 4,590 Value ($000) $217 Avg Close — Range —

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2020	4,590	$217	—	—