Merit Investment Management’s Pinnacle West Capital PNW Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Shares Change %	Capital Flow	Portfolio Weight	Portfolio Position
2013 Q3	–	Sell	-44,931	Closed	-$2.49M	–	51
2013 Q2	$2.49M	Buy	+44,931	New	+$2.49M	2.26%	21