Nine Chapters Capital Management’s Impax Laboratories, Inc. IPXL Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Shares Change %	Capital Flow	Portfolio Weight	Portfolio Position
2014 Q4	–	Sell	-43,400	Closed	-$1.03M	–	1305
2014 Q3	$1.03M	Buy	43,400 +11,000	+34%	+$261K	0.09%	302
2014 Q2	$972K	Sell	32,400 -50,000	-61%	-$1.5M	0.08%	346
2014 Q1	$2.18M	Buy	82,400 +28,400	+53%	+$750K	0.26%	92
2013 Q4	$1.36M	Buy	+54,000	New	+$1.36M	0.14%	225