Merit Investment Management’s UDR UDR Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Shares Change %	Capital Flow	Portfolio Weight	Portfolio Position
2013 Q4	–	Sell	-78,833	Closed	-$1.89M	–	52
2013 Q3	$1.89M	Sell	78,833 -38,400	-33%	-$920K	2.27%	21
2013 Q2	$2.99M	Buy	+117,233	New	+$2.99M	2.7%	17