PENN MUTUAL LIFE INSURANCE CO Activity Q4 2000-Q2 2018

Q2 2018

			Value		Shares		↓ Weighting
AGNC	New	AGNC INVESTMENT CORPreit	$18,813,000	–	1,012,000	–	15.03%	–
NLY	New	ANNALY CAPITAL MANAGEMENT INCreit	$15,700,000	–	1,526,000	–	12.54%	–
FAX	New	ABERDEEN ASIA PAC INCOME FUNDmutual fund	$12,032,000	–	2,785,000	–	9.61%	–
EDD	New	MORGAN STANLEY EMERGING MARKmutual fund	$10,360,000	–	1,546,000	–	8.28%	–
ARCC	New	ARES CAPITAL CORP	$10,248,000	–	623,000	–	8.18%	–
NRZ	New	NEW RESIDENTAL INVESTMENTreit	$10,027,000	–	573,000	–	8.01%	–
WFCPRL	New	WELLS FARGO & COpreferred stock	$7,554,000	–	6,000	–	6.03%	–
CIM	New	CHIMERA INVESTMENT CORPreit	$6,937,000	–	379,000	–	5.54%	–
EMD	New	WESTERN ASSET EMERGING MARKETmutual fund	$5,327,000	–	401,000	–	4.26%	–
CMO	New	CAPSTEAD MORTGAGE CORPreit	$4,235,000	–	473,000	–	3.38%	–
SNAP	New	SNAP INC	$2,403,000	–	184,000	–	1.92%	–
TWO	New	TWO HBRS INVT CORPreit	$2,370,000	–	150,000	–	1.89%	–
GHY	New	PGIM GLOBAL SHORT DURATION HIGH YIELDmutual fund	$2,258,000	–	165,000	–	1.80%	–
CLNY	New	COLONY CAP INCreit	$2,202,000	–	353,000	–	1.76%	–
ETP	New	ENERGY TRANSFER PARTNERS LPpartner shares	$2,190,000	–	115,000	–	1.75%	–
KMI	New	KINDER MORGAN INC/DE	$2,120,000	–	120,000	–	1.69%	–
STWD	New	STARWOOD PROPERTY TRUSTreit	$1,956,000	–	90,000	–	1.56%	–
BCX	New	BLACKROCK RESOURCES & COMMODITIES STRATEGY TRUSTmutual fund	$1,956,000	–	211,000	–	1.56%	–
PAA	New	PLAINS ALL AMERICAN PIPELINE LP	$1,411,000	–	60,000	–	1.13%	–
ECC	New	EAGLE POINT CREDIT CO INCmutual fund	$1,334,000	–	73,000	–	1.07%	–
DSL	New	DOUBLELINE INCOME SOLUTIONS FUNDmutual fund	$1,201,000	–	60,000	–	0.96%	–
ANAB	New	ANAPTYSBIO INC COM	$821,000	–	12,000	–	0.66%	–
COLL	New	COLLEGIUM PHARMACEUTICAL INC	$636,000	–	27,000	–	0.51%	–
ARR	New	ARMOUR RESIDENTIAL REITreit	$450,000	–	20,000	–	0.36%	–
RA	New	BROOKFIELD REAL ASSETS INCOMEmutual fund	$392,000	–	17,000	–	0.31%	–
WRD	New	WILDHORSE RESOURCE DEV CORP	$264,000	–	10,000	–	0.21%	–

Q4 2017

			Value		Shares		↓ Weighting
AIMT	Exit	AIMMUNE THERAPEUTICS INC	$0	–	-19,000	–	-0.27%	–
RA	Exit	BROOKFIELD REAL ASSETS INCOME	$0	–	-17,000	–	-0.28%	–
ARR	Exit	ARMOUR RESIDENTIAL REIT	$0	–	-20,000	–	-0.36%	–
STWD	Exit	STARWOOD PROPERTY TRUST	$0	–	-90,000	–	-1.34%	–
BCX	Exit	BLACKROCK RESOURCE & CO	$0	–	-257,000	–	-1.56%	–
GHY	Exit	PRUDENTIAL GL SH DUR HI YLD	$0	–	-165,000	–	-1.68%	–
PDI	Exit	PIMCO DYNAMIC INCOME FUND	$0	–	-85,000	–	-1.78%	–
SNAP	Exit	SNAP INC - A	$0	–	-178,000	–	-1.80%	–
TWO	Exit	TWO HARBORS INVESTMENT CORP	$0	–	-300,000	–	-2.06%	–
PSEC	Exit	PROSPECT CAPITAL CORP	$0	–	-594,000	–	-2.72%	–
CLNS	Exit	COLONY NORTHSTAR INC CLASS A	$0	–	-353,000	–	-3.02%	–
CMO	Exit	CAPSTEAD MORTGAGE CORP	$0	–	-473,000	–	-3.11%	–
DSL	Exit	DOUBLELINE INCOME SOLUTIONS FUND	$0	–	-236,000	–	-3.42%	–
NLY	Exit	ANNALY CAPITAL MANAGEMENT INC	$0	–	-483,000	–	-4.01%	–
EMD	Exit	WESTERN ASSET EMERGING MARKET	$0	–	-401,000	–	-4.31%	–
CIM	Exit	CHIMERA INVESTMENT CORP	$0	–	-379,000	–	-4.90%	–
NRZ	Exit	NEW RESIDENTAL INVESTMENT	$0	–	-632,000	–	-7.22%	–
ARCC	Exit	ARES CAPITAL CORP	$0	–	-653,000	–	-7.30%	–
EDD	Exit	MORGAN STANLEY EMERGING MARK	$0	–	-1,546,000	–	-8.48%	–
FAX	Exit	ABERDEEN ASIA PAC INCOME FUND	$0	–	-2,785,000	–	-9.80%	–
AGNC	Exit	AMERICAN CAPITAL AGENCY	$0	–	-667,000	–	-9.84%	–
MINT	Exit	PIMCO ENHANCED SHORT MATURITY	$0	–	-298,000	–	-20.72%	–

Q3 2017

			Value		Shares		↓ Weighting
MINT	New	PIMCO ENHANCED SHORT MATURITY	$30,375,000	–	298,000	–	20.72%	–
AGNC	Buy	AMERICAN CAPITAL AGENCY	$14,432,000	+58.5%	667,000	+55.8%	9.84%	+23.0%
EDD	Sell	MORGAN STANLEY EMERGING MARK	$12,432,000	-21.9%	1,546,000	-23.0%	8.48%	-39.4%
ARCC	Buy	ARES CAPITAL CORP	$10,703,000	+33.4%	653,000	+33.3%	7.30%	+3.5%
NRZ	Sell	NEW RESIDENTAL INVESTMENT	$10,580,000	+6.8%	632,000	-0.8%	7.22%	-17.1%
CIM	Buy	CHIMERA INVESTMENT CORP	$7,180,000	+44.4%	379,000	+41.9%	4.90%	+12.0%
NLY	Sell	ANNALY CAPITAL MANAGEMENT INC	$5,885,000	-38.3%	483,000	-38.9%	4.01%	-52.1%
DSL	Sell	DOUBLELINE INCOME SOLUTIONS FUND	$5,015,000	-13.7%	236,000	-16.0%	3.42%	-33.0%
CMO	Buy	CAPSTEAD MORTGAGE CORP	$4,566,000	+5.4%	473,000	+14.0%	3.11%	-18.2%
PSEC	New	PROSPECT CAPITAL CORP	$3,992,000	–	594,000	–	2.72%	–
TWO	Buy	TWO HARBORS INVESTMENT CORP	$3,024,000	+52.6%	300,000	+50.0%	2.06%	+18.4%
SNAP	New	SNAP INC - A	$2,646,000	–	178,000	–	1.80%	–
BCX	Sell	BLACKROCK RESOURCE & CO	$2,287,000	-53.6%	257,000	-58.3%	1.56%	-64.0%
STWD	Sell	STARWOOD PROPERTY TRUST	$1,957,000	-30.1%	90,000	-28.0%	1.34%	-45.7%
AIMT	Sell	AIMMUNE THERAPEUTICS INC	$401,000	-49.9%	19,000	-51.3%	0.27%	-61.2%
RRC	Exit	RANGE RESOURCES CORP	$0	–	-16,000	–	-0.32%	–
IVR	Exit	INVESCO MORTGAGE CAPITAL	$0	–	-95,000	–	-1.39%	–
PCI	Exit	PIMCO DYNAMIC CREDIT INCOME	$0	–	-120,000	–	-2.36%	–

Q2 2017

			Value		Shares		↓ Weighting
EDD	New	MORGAN STANLEY EMERGING MARK	$15,912,000	–	2,007,000	–	13.98%	–
FAX	New	ABERDEEN ASIA PAC INCOME FUND	$13,925,000	–	2,785,000	–	12.24%	–
NRZ	New	NEW RESIDENTAL INVESTMENT	$9,911,000	–	637,000	–	8.71%	–
NLY	New	ANNALY CAPITAL MANAGEMENT INC	$9,535,000	–	791,000	–	8.38%	–
AGNC	New	AMERICAN CAPITAL AGENCY	$9,106,000	–	428,000	–	8.00%	–
ARCC	New	ARES CAPITAL CORP	$8,026,000	–	490,000	–	7.05%	–
EMD	New	WESTERN ASSET EMERGING MARKET	$6,250,000	–	401,000	–	5.49%	–
DSL	New	DOUBLELINE INCOME SOLUTIONS FUND	$5,811,000	–	281,000	–	5.11%	–
CIM	New	CHIMERA INVESTMENT CORP	$4,974,000	–	267,000	–	4.37%	–
CLNS	New	COLONY NORTHSTAR INC CLASS A	$4,973,000	–	353,000	–	4.37%	–
BCX	New	BLACKROCK RESOURCE & CO	$4,931,000	–	616,000	–	4.33%	–
CMO	New	CAPSTEAD MORTGAGE CORP	$4,333,000	–	415,000	–	3.81%	–
STWD	New	STARWOOD PROPERTY TRUST	$2,799,000	–	125,000	–	2.46%	–
PCI	New	PIMCO DYNAMIC CREDIT INCOME	$2,684,000	–	120,000	–	2.36%	–
PDI	New	PIMCO DYNAMIC INCOME FUND	$2,555,000	–	85,000	–	2.24%	–
GHY	New	PRUDENTIAL GL SH DUR HI YLD	$2,456,000	–	165,000	–	2.16%	–
TWO	New	TWO HARBORS INVESTMENT CORP	$1,982,000	–	200,000	–	1.74%	–
IVR	New	INVESCO MORTGAGE CAPITAL	$1,582,000	–	95,000	–	1.39%	–
AIMT	New	AIMMUNE THERAPEUTICS INC	$801,000	–	39,000	–	0.70%	–
ARR	New	ARMOUR RESIDENTIAL REIT	$494,000	–	20,000	–	0.43%	–
RA	New	BROOKFIELD REAL ASSETS INCOME	$400,000	–	17,000	–	0.35%	–
RRC	New	RANGE RESOURCES CORP	$364,000	–	16,000	–	0.32%	–

Q4 2016

			Value		Shares		↓ Weighting
BOI	Exit	BROOKFIELD MORTGAGE	$0	–	-26,000	–	-0.29%	–
RRC	Exit	RANGE RESOURCES CORP	$0	–	-16,000	–	-0.45%	–
GKOS	Exit	GLAUKOS CORPORATION	$0	–	-22,000	–	-0.47%	–
RLYP	Exit	RELYPSA INC	$0	–	-20,000	–	-0.59%	–
NRZ	Exit	NEW RESIDENTAL INVESTMENT	$0	–	-116,000	–	-1.17%	–
NRE	Exit	NORTHSTAR REALTY EUROPE	$0	–	-159,000	–	-1.27%	–
TEI	Exit	TEMPLETON EMERGING MARKETS INC	$0	–	-192,000	–	-1.54%	–
BXMT	Exit	BLACKSTONE MORTGAGE TRU CL-A	$0	–	-72,000	–	-1.55%	–
SFR	Exit	COLONY STARWOOD HOMES	$0	–	-97,000	–	-1.60%	–
GHY	Exit	PRUDENTIAL GL SH DUR HI YLD	$0	–	-165,000	–	-1.82%	–
BCX	Exit	BLACKROCK RESOURCE & CO	$0	–	-363,000	–	-2.16%	–
IVR	Exit	INVESCO MORTGAGE CAPITAL	$0	–	-242,000	–	-2.69%	–
CMO	Exit	CAPSTEAD MORTGAGE CORP	$0	–	-415,000	–	-2.86%	–
ARR	Exit	ARMOUR RESIDENTIAL REIT	$0	–	-188,000	–	-3.10%	–
STWD	Exit	STARWOOD PROPERTY TRUST	$0	–	-225,000	–	-3.70%	–
DSL	Exit	DOUBLELINE INCOME SOLUTIONS FUND	$0	–	-281,000	–	-3.94%	–
CIM	Exit	CHIMERA INVESTMENT CORP	$0	–	-411,000	–	-4.78%	–
PDI	Exit	PIMCO DYNAMIC INCOME FUND	$0	–	-253,000	–	-5.26%	–
PCI	Exit	PIMCO DYNAMIC CREDIT INCOME	$0	–	-357,000	–	-5.32%	–
EMD	Exit	WESTERN ASSET EMERGING MARKET	$0	–	-465,000	–	-5.53%	–
ARCC	Exit	ARES CAPITAL CORP	$0	–	-509,000	–	-5.77%	–
NRF	Exit	NORTHSTAR REALTY FINANCE COMMON STK	$0	–	-643,000	–	-6.18%	–
AGNC	Exit	AMERICAN CAPITAL AGENCY	$0	–	-559,000	–	-7.97%	–
NLY	Exit	ANNALY CAPITAL MANAGEMENT INC	$0	–	-1,077,000	–	-8.26%	–
FAX	Exit	ABERDEEN ASIA PAC INCOME FUND	$0	–	-2,785,000	–	-10.42%	–
EDD	Exit	MORGAN STANLEY EMERGING MARK	$0	–	-1,929,000	–	-11.32%	–

Q3 2016

			Value		Shares		↓ Weighting
EDD	Buy	MORGAN STANLEY EMERGING MARK	$15,492,000	+64.1%	1,929,000	+56.8%	11.32%	+65.8%
FAX	Buy	ABERDEEN ASIA PAC INCOME FUND	$14,260,000	+18.4%	2,785,000	+15.8%	10.42%	+19.6%
NLY	Sell	ANNALY CAPITAL MANAGEMENT INC	$11,304,000	-24.7%	1,077,000	-20.6%	8.26%	-23.9%
AGNC	Sell	AMERICAN CAPITAL AGENCY	$10,917,000	-23.1%	559,000	-21.9%	7.97%	-22.3%
CIM	Buy	CHIMERA INVESTMENT CORP	$6,551,000	+10.2%	411,000	+8.4%	4.78%	+11.3%
STWD	Buy	STARWOOD PROPERTY TRUST	$5,067,000	+22.3%	225,000	+12.5%	3.70%	+23.5%
ARR	Sell	ARMOUR RESIDENTIAL REIT	$4,244,000	-27.7%	188,000	-36.1%	3.10%	-27.0%
CMO	Buy	CAPSTEAD MORTGAGE CORP	$3,918,000	+79.2%	415,000	+84.4%	2.86%	+81.1%
BCX	New	BLACKROCK RESOURCE & CO	$2,959,000	–	363,000	–	2.16%	–
NRE	Sell	NORTHSTAR REALTY EUROPE	$1,743,000	-46.2%	159,000	-54.6%	1.27%	-45.6%
NRZ	Sell	NEW RESIDENTAL INVESTMENT	$1,602,000	-22.4%	116,000	-22.1%	1.17%	-21.6%
GKOS	New	GLAUKOS CORPORATION	$642,000	–	22,000	–	0.47%	–
RRC	New	RANGE RESOURCES CORP	$617,000	–	16,000	–	0.45%	–
CLNY	Exit	COLONY MORTGAGE CAPITAL LTD	$0	–	-102,000	–	-1.14%	–
BBN	Exit	BLACK ROCK BUILDAMERICA BOND	$0	–	-109,000	–	-1.91%	–
HTS	Exit	HATTERAS FINANCIAL CORP	$0	–	-351,000	–	-4.16%	–

Q2 2016

			Value		Shares		↓ Weighting
NLY	New	ANNALY CAPITAL MANAGEMENT INC	$15,010,000	–	1,356,000	–	10.85%	–
AGNC	New	AMERICAN CAPITAL AGENCY	$14,189,000	–	716,000	–	10.26%	–
FAX	New	ABERDEEN ASIA PAC INCOME FUND	$12,049,000	–	2,405,000	–	8.71%	–
EDD	New	MORGAN STANLEY EMERGING MARK	$9,438,000	–	1,230,000	–	6.82%	–
NRF	New	NORTHSTAR REALTY FINANCE COMMON STK	$7,348,000	–	643,000	–	5.31%	–
ARCC	New	ARES CAPITAL CORP	$7,233,000	–	509,000	–	5.23%	–
EMD	New	WESTERN ASSET EMERGING MARKET	$7,158,000	–	465,000	–	5.18%	–
PDI	New	PIMCO DYNAMIC INCOME FUND	$6,970,000	–	253,000	–	5.04%	–
PCI	New	PIMCO DYNAMIC CREDIT INCOME	$6,829,000	–	357,000	–	4.94%	–
CIM	New	CHIMERA INVESTMENT CORP	$5,946,000	–	379,000	–	4.30%	–
ARR	New	ARMOUR RESIDENTIAL REIT	$5,874,000	–	294,000	–	4.25%	–
HTS	New	HATTERAS FINANCIAL CORP	$5,751,000	–	351,000	–	4.16%	–
DSL	New	DOUBLELINE INCOME SOLUTIONS FUND	$5,164,000	–	281,000	–	3.73%	–
STWD	New	STARWOOD PROPERTY TRUST	$4,144,000	–	200,000	–	3.00%	–
IVR	New	INVESCO MORTGAGE CAPITAL	$3,309,000	–	242,000	–	2.39%	–
NRE	New	NORTHSTAR REALTY EUROPE	$3,240,000	–	350,000	–	2.34%	–
SFR	New	COLONY STARWOOD HOMES	$2,955,000	–	97,000	–	2.14%	–
BBN	New	BLACK ROCK BUILDAMERICA BOND	$2,645,000	–	109,000	–	1.91%	–
GHY	New	PRUDENTIAL GL SH DUR HI YLD	$2,481,000	–	165,000	–	1.79%	–
CMO	New	CAPSTEAD MORTGAGE CORP	$2,186,000	–	225,000	–	1.58%	–
NRZ	New	NEW RESIDENTAL INVESTMENT	$2,064,000	–	149,000	–	1.49%	–
TEI	New	TEMPLETON EMERGING MARKETS INC	$2,010,000	–	192,000	–	1.45%	–
BXMT	New	BLACKSTONE MORTGAGE TRU CL-A	$1,992,000	–	72,000	–	1.44%	–
CLNY	New	COLONY MORTGAGE CAPITAL LTD	$1,570,000	–	102,000	–	1.14%	–
BOI	New	BROOKFIELD MORTGAGE	$391,000	–	26,000	–	0.28%	–
RLYP	New	RELYPSA INC	$372,000	–	20,000	–	0.27%	–

Q4 2015

			Value		Shares		↓ Weighting
RLYP	Exit	RELYPSA INC	$0	–	-20,000	–	-0.72%	–
IVR	Exit	INVESCO MORTGAGE CAPITAL	$0	–	-128,000	–	-1.40%	–
TEI	Exit	TEMPLETON EMERGING MARKETS INC	$0	–	-192,000	–	-1.66%	–
BBN	Exit	BLACK ROCK BUILDAMERICA BOND	$0	–	-109,000	–	-1.96%	–
CMO	Exit	CAPSTEAD MORTGAGE CORP	$0	–	-225,000	–	-2.00%	–
GHY	Exit	PRUDENTIAL GL SH DUR HI YLD	$0	–	-36,000	–	-2.04%	–
ARR	Exit	ARMOUR RESIDENTIAL REIT	$0	–	-1,298,000	–	-2.91%	–
NRF	Exit	NORTHSTAR REALTY FINANCE COMMON STK	$0	–	-385,000	–	-4.26%	–
HTS	Exit	HATTERAS FINANCIAL CORP	$0	–	-316,000	–	-4.28%	–
DSL	Exit	DOUBLELINE INCOME SOLUTIONS FUND	$0	–	-281,000	–	-4.36%	–
CIM	Exit	CHIMERA INVESTMENT CORP	$0	–	-379,000	–	-4.53%	–
ARCC	Exit	ARES CAPITAL CORP	$0	–	-369,000	–	-4.79%	–
EMD	Exit	WESTERN ASSET EMERGING MARKET	$0	–	-453,000	–	-5.55%	–
PCI	Exit	PIMCO DYNAMIC CREDIT INCOME	$0	–	-357,000	–	-5.84%	–
PDI	Exit	PIMCO DYNAMIC INCOME FUND	$0	–	-253,000	–	-6.52%	–
EDD	Exit	MORGAN STANLEY EMERGING MARK	$0	–	-1,230,000	–	-7.58%	–
PFF	Exit	ISHARES US PREFERRED STOCK	$0	–	-266,000	–	-9.19%	–
FAX	Exit	ABERDEEN ASIA PAC INCOME FUND	$0	–	-2,405,000	–	-9.69%	–
NLY	Exit	ANNALY CAPITAL MANAGEMENT INC	$0	–	-1,156,000	–	-10.22%	–
AGNC	Exit	AMERICAN CAPITAL AGENCY	$0	–	-627,000	–	-10.50%	–

Q3 2015

			Value		Shares		↓ Weighting
CMRX	Exit	CHIMERIX INC	$0	–	-9,000	–	-0.30%	–

Q2 2015

			Value		Shares		↓ Weighting
FAX	New	ABERDEEN ASIA PAC INCOME FUND	$11,929,000	–	2,405,000	–	9.89%	–
AGNC	New	AMERICAN CAPITAL AGENCY	$11,522,000	–	627,000	–	9.55%	–
EDD	New	MORGAN STANLEY EMERGING MARK	$10,644,000	–	1,230,000	–	8.82%	–
NLY	New	ANNALY CAPITAL MANAGEMENT INC	$10,624,000	–	1,156,000	–	8.81%	–
PFF	New	ISHARES US PREFERRED STOCK	$10,411,000	–	266,000	–	8.63%	–
PDI	New	PIMCO DYNAMIC INCOME FUND	$7,384,000	–	253,000	–	6.12%	–
PCI	New	PIMCO DYNAMIC CREDIT INCOME	$7,204,000	–	357,000	–	5.97%	–
EMD	New	WESTERN ASSET EMERGING MARKET	$6,962,000	–	453,000	–	5.77%	–
NRF	New	NORTHSTAR REALTY FINANCE COMMON STK	$6,128,000	–	385,000	–	5.08%	–
ARCC	New	ARES CAPITAL CORP	$6,080,000	–	369,000	–	5.04%	–
DSL	New	DOUBLELINE INCOME SOLUTIONS FUND	$5,563,000	–	281,000	–	4.61%	–
CIM	New	CHIMERA INVESTMENT CORP	$5,192,000	–	379,000	–	4.30%	–
HTS	New	HATTERAS FINANCIAL CORP	$5,146,000	–	316,000	–	4.27%	–
ARR	New	ARMOUR RESIDENTIAL REIT	$3,648,000	–	1,298,000	–	3.02%	–
CMO	New	CAPSTEAD MORTGAGE CORP	$2,502,000	–	225,000	–	2.07%	–
GHY	New	PRUDENTIAL GL SH DUR HI YLD	$2,496,000	–	36,000	–	2.07%	–
BBN	New	BLACK ROCK BUILDAMERICA BOND	$2,156,000	–	109,000	–	1.79%	–
TEI	New	TEMPLETON EMERGING MARKETS INC	$2,056,000	–	192,000	–	1.70%	–
IVR	New	INVESCO MORTGAGE CAPITAL	$1,826,000	–	128,000	–	1.51%	–
RLYP	New	RELYPSA INC	$809,000	–	20,000	–	0.67%	–
CMRX	New	CHIMERIX INC	$359,000	–	9,000	–	0.30%	–

Q4 2014

			Value		Shares		↓ Weighting
ARR	Exit	ARMOUR RESIDENTIAL REITcs	$0	–	-158,000	–	-6.46%	–
HTS	Exit	HATTERAS FINANCIAL CORPcs	$0	–	-50,000	–	-9.54%	–
NLY	Exit	ANNALY CAPITAL MANAGEMENT, INC.cs	$0	–	-368,000	–	-41.76%	–
AGNC	Exit	AMERICAN CAPITAL AGENCYcs	$0	–	-187,000	–	-42.23%	–

Q2 2014

			Value		Shares		↓ Weighting
AGNC	New	AMERICAN CAPITAL AGENCYcs	$4,361,000	–	187,000	–	42.62%	–
NLY	New	ANNALY CAPITAL MANAGEMENT, INC.cs	$4,203,000	–	368,000	–	41.08%	–
HTS	New	HATTERAS FINANCIAL CORPcs	$983,000	–	50,000	–	9.61%	–
ARR	New	ARMOUR RESIDENTIAL REITcs	$684,000	–	158,000	–	6.69%	–

Q4 2013

			Value		Shares		↓ Weighting
ARR	Exit	ARMOUR RESIDENTIAL REITcs	$0	–	-158,000	–	-4.74%	–
HTS	Exit	HATTERAS FINANCIAL CORPcs	$0	–	-50,000	–	-6.68%	–
AGNC	Exit	AMERICAN CAPITAL AGENCYcs	$0	–	-165,800	–	-26.74%	–
NLY	Exit	ANNALY CAPITAL MANAGEMENT, INC.cs	$0	–	-368,000	–	-30.43%	–
NYX	Exit	NYSE EURONETcs	$0	–	-104,800	–	-31.41%	–

Q3 2013

			Value		Shares		↓ Weighting
AGNC	Buy	AMERICAN CAPITAL AGENCYcs	$3,744,000	+442.6%	165,800	+452.7%	26.74%	+302.9%
HTS	New	HATTERAS FINANCIAL CORPcs	$936,000	–	50,000	–	6.68%	–

Q2 2013

			Value		Shares		↓ Weighting
NLY	New	ANNALY CAPITAL MANAGEMENT, INC.cs	$4,626,000	–	368,000	–	44.48%	–
NYX	New	NYSE EURONETcs	$4,339,000	–	104,800	–	41.72%	–
ARR	New	ARMOUR RESIDENTIAL REITcs	$744,000	–	158,000	–	7.16%	–
AGNC	New	AMERICAN CAPITAL AGENCYcs	$690,000	–	30,000	–	6.64%	–

Compare quarters

Export PENN MUTUAL LIFE INSURANCE CO's holdings