Sit Investment Associates’s AvalonBay Communities AVB Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Shares Change %	Capital Flow	Portfolio Weight	Portfolio Position
2015 Q4	–	Sell	-173,575	Closed	-$30.3M	–	476
2015 Q3	$30.3M	Buy	173,575 +12,850	+8%	+$2.25M	0.57%	73
2015 Q2	$25.7M	Buy	160,725 +16,400	+11%	+$2.62M	0.47%	84
2015 Q1	$25.1M	Buy	144,325 +32,819	+29%	+$5.72M	0.44%	96
2014 Q4	$18.2M	Buy	+111,506	New	+$18.2M	0.3%	108