Nine Chapters Capital 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
2015 Q1	–	Sell	-10,600	Closed	-$724K	–	1096
2014 Q4	$724K	Sell	10,600 -1,600	-13%	-$109K	0.06%	424
2014 Q3	$667K	Buy	+12,200	New	+$667K	0.06%	435
2014 Q1	–	Sell	-8,700	Closed	-$460K	–	926
2013 Q4	$460K	Buy	+8,700	New	+$460K	0.05%	505