Nine Chapters Capital Management’s Pan American Silver PAAS Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Shares Change %	Capital Flow	Portfolio Weight	Portfolio Position
2014 Q4	–	Sell	-27,500	Closed	-$302K	–	1102
2014 Q3	$302K	Sell	27,500 -8,500	-24%	-$93.3K	0.03%	713
2014 Q2	$553K	Buy	+36,000	New	+$553K	0.05%	505