Nine Chapters Capital Management’s Alliance Resource Partners ARLP Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Shares Change %	Capital Flow	Portfolio Weight	Portfolio Position
2014 Q4	–	Sell	-7,400	Closed	-$317K	–	936
2014 Q3	$317K	Sell	7,400 -9,500	-56%	-$407K	0.03%	695
2014 Q2	$788K	Buy	+16,900	New	+$788K	0.06%	413
2013 Q4	–	Sell	-12,400	Closed	-$460K	–	783
2013 Q3	$460K	Buy	+12,400	New	+$460K	0.05%	445