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NED DAVIS RESEARCH
> ADTN
| Date | Name | Ticker | Shares | Change | Value | Change | Price |
| 06/30/2011 | ADTRAN Holdings, Inc. | ADTN | 0 | -8,935 | 0 | -379,390 | |
| 03/31/2011 | ADTRAN Holdings, Inc. | ADTN | 8,935 | 7,435 | 379,390 | 345,560 | $42.46 |
| 12/31/2009 | ADTRAN Holdings, Inc. | ADTN | 1,500 | -200 | 33,830 | -7,910 | $22.55 |
| 09/30/2009 | ADTRAN Holdings, Inc. | ADTN | 1,700 | -200 | 41,740 | 10,940 | $24.55 |
| 03/31/2009 | ADTRAN Holdings, Inc. | ADTN | 1,900 | 1,900 | 30,800 | 30,800 | $16.21 |
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