Nine Chapters Capital Management’s UDR UDR Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Shares Change %	Capital Flow	Portfolio Weight	Portfolio Position
2015 Q3	–	Sell	-16,200	Closed	-$519K	–	1182
2015 Q2	$519K	Buy	16,200 +9,500	+142%	+$304K	0.04%	561
2015 Q1	$228K	Buy	+6,700	New	+$228K	0.02%	799
2014 Q4	–	Sell	-23,700	Closed	-$646K	–	1189
2014 Q3	$646K	Buy	+23,700	New	+$646K	0.06%	445