Penn Mutual Asset Management, LLC Activity Q3 2018-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
FF	Buy	FUTUREFUEL CORP	$4,529,246	+7.8%	631,694	+33.1%	4.25%	+12.1%
EPM	Buy	EVOLUTION PETE CORP	$4,074,957	-6.3%	595,754	+10.6%	3.82%	-2.5%
NAT	Sell	NORDIC AMERICAN TANKERS LIMI	$3,508,180	+10.4%	851,500	-1.6%	3.29%	+14.9%
UTMD	Buy	UTAH MED PRODS INC	$3,120,338	+10.6%	36,283	+19.8%	2.93%	+15.0%
RELL	Buy	RICHARDSON ELECTRS LTD	$2,996,197	-22.2%	274,126	+17.4%	2.81%	-19.1%
MIXT	Buy	MIX TELEMATICS LTDsponsored adr	$2,954,409	-4.6%	535,219	+9.2%	2.77%	-0.8%
OHI	Sell	OMEGA HEALTHCARE INVS INC	$2,689,276	+1.8%	81,100	-5.8%	2.52%	+5.8%
AGX	Sell	ARGAN INC	$2,634,561	+14.2%	57,877	-1.1%	2.47%	+18.8%
NSA	Sell	NATIONAL STORAGE AFFILIATES	$2,396,370	-13.2%	75,500	-4.8%	2.25%	-9.8%
WBA	Buy	WALGREENS BOOTS ALLIANCE INC	$2,023,840	+294.6%	91,000	+405.6%	1.90%	+310.8%
MPLX	Buy	MPLX LP	$1,595,563	+17.2%	44,857	+11.8%	1.50%	+21.8%
SPOK	Sell	SPOK HLDGS INC	$1,570,057	-29.6%	110,025	-34.5%	1.47%	-26.8%
VZ	Sell	VERIZON COMMUNICATIONS INC	$1,523,270	-23.2%	47,000	-11.8%	1.43%	-20.1%
GPS	New	GAP INC	$1,203,167	–	113,186	–	1.13%	–
	New	CRACKER BARREL OLD CTRY STORnote 0.625% 6/1	$1,029,750	–	1,250,000	–	0.97%	–
LYTS	Sell	LSI INDS INC OHIO	$1,002,139	-56.4%	63,107	-65.5%	0.94%	-54.6%
OGN	New	ORGANON & CO	$703,080	–	40,500	–	0.66%	–
VLGEA	Sell	VILLAGE SUPER MKT INCcl a new	$416,055	-28.4%	18,377	-27.8%	0.39%	-25.6%
VST	Sell	VISTRA CORP	$414,916	+0.6%	12,505	-20.4%	0.39%	+4.6%
	New	PERFICIENT INCnote 0.125%11/1	$400,650	–	500,000	–	0.38%	–
	Buy	TOAST INCcl a	$368,681	+57.7%	19,684	+90.0%	0.35%	+64.0%
	New	RXSIGHT INC	$230,483	–	8,264	–	0.22%	–
NTIC	New	NORTHERN TECHNOLOGIES INTL C	$226,622	–	16,950	–	0.21%	–
MTB	New	M & T BK CORP	$202,320	–	1,600	–	0.19%	–
HEES	New	H & E EQUIPMENT SERVICES INC	$200,834	–	4,650	–	0.19%	–
NEU	Exit	NEWMARKET CORP	$0	–	-500	–	-0.18%	–
BAX	Exit	BAXTER INTL INC	$0	–	-4,900	–	-0.20%	–
FE	Exit	FIRSTENERGY CORP	$0	–	-5,760	–	-0.20%	–
SNA	Exit	SNAP ON INC	$0	–	-790	–	-0.20%	–
	Exit	ROVER GROUP INC	$0	–	-54,013	–	-0.24%	–
	Exit	SNAP INCnote 0.750% 8/0	$0	–	-400,000	–	-0.33%	–
AFRM	Exit	AFFIRM HLDGS INC	$0	–	-64,108	–	-0.89%	–
SPG	Exit	SIMON PPTY GROUP INC NEW	$0	–	-30,240	–	-3.15%	–

Q2 2023

			Value		Shares		↓ Weighting
WFCPRL	New	WELLS FARGO CO NEWperp pfd cnv a	$6,912,000	–	6,000	–	6.23%	–
EDD	New	MORGAN STANLEY EMERGING MKTS	$4,520,311	–	963,819	–	4.08%	–
BCX	New	BLACKROCK RES & COMMODITIES	$4,399,957	–	485,111	–	3.97%	–
EPM	New	EVOLUTION PETE CORP	$4,347,745	–	538,754	–	3.92%	–
PKE	New	PARK AEROSPACE CORP	$4,328,480	–	313,658	–	3.90%	–
FF	New	FUTUREFUEL CORP	$4,199,714	–	474,544	–	3.79%	–
FAX	New	ABRDN ASIA PACIFIC INCOME FU	$4,060,409	–	1,503,855	–	3.66%	–
RELL	New	RICHARDSON ELECTRS LTD	$3,852,338	–	233,475	–	3.47%	–
SPG	New	SIMON PPTY GROUP INC NEW	$3,492,115	–	30,240	–	3.15%	–
NAT	New	NORDIC AMERICAN TANKERS LIMI	$3,176,385	–	865,500	–	2.86%	–
MIXT	New	MIX TELEMATICS LTDsponsored adr	$3,098,184	–	490,219	–	2.79%	–
DLY	New	DOUBLELINE YIELD OPPORTUNITI	$2,903,690	–	199,841	–	2.62%	–
UTMD	New	UTAH MED PRODS INC	$2,822,376	–	30,283	–	2.54%	–
NSA	New	NATIONAL STORAGE AFFILIATES	$2,762,019	–	79,300	–	2.49%	–
OHI	New	OMEGA HEALTHCARE INVS INC	$2,642,409	–	86,100	–	2.38%	–
	New	FRANKLIN BSP RLTY TR INC	$2,593,489	–	183,156	–	2.34%	–
	New	IONIS PHARMACEUTICALS INCnote 0.125%12/1	$2,563,224	–	2,756,000	–	2.31%	–
AGX	New	ARGAN INC	$2,306,549	–	58,527	–	2.08%	–
MMM	New	3M CO	$2,302,070	–	23,000	–	2.08%	–
PFF	New	ISHARES TRpfd and incm sec	$2,298,099	–	74,300	–	2.07%	–
LYTS	New	LSI INDS INC OHIO	$2,296,558	–	182,847	–	2.07%	–
T	New	AT&T INC	$2,276,065	–	142,700	–	2.05%	–
SPOK	New	SPOK HLDGS INC	$2,231,524	–	167,910	–	2.01%	–
VZ	New	VERIZON COMMUNICATIONS INC	$1,982,227	–	53,300	–	1.79%	–
GOLD	New	BARRICK GOLD CORP	$1,972,345	–	116,500	–	1.78%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$1,890,735	–	14,130	–	1.70%	–
ET	New	ENERGY TRANSFER L P	$1,695,450	–	133,500	–	1.53%	–
PAA	New	PLAINS ALL AMERN PIPELINE Lunit ltd partn	$1,543,950	–	109,500	–	1.39%	–
MPLX	New	MPLX LP	$1,361,910	–	40,127	–	1.23%	–
	New	HALOZYME THERAPEUTICS INCnote 0.250% 3/0	$1,292,816	–	1,555,000	–	1.17%	–
EPD	New	ENTERPRISE PRODS PARTNERS L	$1,255,920	–	47,663	–	1.13%	–
EMLC	New	VANECK ETF TRUSTjp mrgan em loc	$1,250,983	–	48,943	–	1.13%	–
SNY	New	SANOFIsponsored adr	$1,239,700	–	23,000	–	1.12%	–
	New	JAZZ INVESTMENTS I LTDnote 1.500% 8/1	$1,209,985	–	1,265,000	–	1.09%	–
	New	TURNING PT BRANDS INCnote 2.500% 7/1	$1,204,930	–	1,250,000	–	1.09%	–
NPK	New	NATIONAL PRESTO INDS INC	$1,160,220	–	15,850	–	1.05%	–
AEM	New	AGNICO EAGLE MINES LTD	$1,137,045	–	22,750	–	1.02%	–
EBF	New	ENNIS INC	$1,031,819	–	50,629	–	0.93%	–
HCSG	New	HEALTHCARE SVCS GROUP INC	$996,876	–	66,770	–	0.90%	–
EMD	New	WESTERN ASSET EMERGING MKTS	$983,361	–	114,079	–	0.89%	–
AFRM	New	AFFIRM HLDGS INC	$982,776	–	64,108	–	0.89%	–
PHAT	New	PHATHOM PHARMACEUTICALS INC	$899,325	–	62,802	–	0.81%	–
DVN	New	DEVON ENERGY CORP NEW	$848,367	–	17,550	–	0.76%	–
D	New	DOMINION ENERGY INC	$643,528	–	12,426	–	0.58%	–
VLGEA	New	VILLAGE SUPER MKT INCcl a new	$581,111	–	25,465	–	0.52%	–
WBA	New	WALGREENS BOOTS ALLIANCE INC	$512,820	–	18,000	–	0.46%	–
HAYN	New	HAYNES INTL INC	$497,274	–	9,785	–	0.45%	–
	New	JOHN BEAN TECHNOLOGIES CORPnote 0.250% 5/1	$474,406	–	500,000	–	0.43%	–
HII	New	HUNTINGTON INGALLS INDS INC	$434,716	–	1,910	–	0.39%	–
BRC	New	BRADY CORPcl a	$426,227	–	8,960	–	0.38%	–
NVS	New	NOVARTIS AGsponsored adr	$415,749	–	4,120	–	0.38%	–
VST	New	VISTRA CORP	$412,256	–	15,705	–	0.37%	–
VALE	New	VALE S Asponsored ads	$388,549	–	28,953	–	0.35%	–
	New	SNAP INCnote 0.750% 8/0	$370,242	–	400,000	–	0.33%	–
BWXT	New	BWX TECHNOLOGIES INC	$300,594	–	4,200	–	0.27%	–
ALSN	New	ALLISON TRANSMISSION HLDGS I	$268,185	–	4,750	–	0.24%	–
	New	ROVER GROUP INC	$265,204	–	54,013	–	0.24%	–
TAP	New	MOLSON COORS BEVERAGE COcl b	$253,484	–	3,850	–	0.23%	–
HAS	New	HASBRO INC	$242,888	–	3,750	–	0.22%	–
	New	TOAST INCcl a	$233,780	–	10,358	–	0.21%	–
SNA	New	SNAP ON INC	$227,670	–	790	–	0.20%	–
FE	New	FIRSTENERGY CORP	$223,949	–	5,760	–	0.20%	–
BAX	New	BAXTER INTL INC	$223,244	–	4,900	–	0.20%	–
JEF	New	JEFFERIES FINL GROUP INC	$220,581	–	6,650	–	0.20%	–
BK	New	BANK NEW YORK MELLON CORP	$220,374	–	4,950	–	0.20%	–
DUK	New	DUKE ENERGY CORP NEW	$215,376	–	2,400	–	0.19%	–
NEU	New	NEWMARKET CORP	$201,060	–	500	–	0.18%	–
NS	New	NUSTAR ENERGY LP	$183,398	–	10,700	–	0.16%	–
GHY	New	PGIM GLOBAL HIGH YIELD FD FO	$144,277	–	13,152	–	0.13%	–

Q4 2022

			Value		Shares		↓ Weighting
AVRO	Exit	AVROBIO INC	$0	–	-37,306	–	-0.03%	–
	Exit	SNAP INCnote 0.250% 5/0	$0	–	-26,000	–	-0.03%	–
ETNB	Exit	89BIO INC	$0	–	-10,292	–	-0.08%	–
GHY	Exit	PGIM GLOBAL HIGH YIELD FD FO	$0	–	-13,152	–	-0.18%	–
NS	Exit	NUSTAR ENERGY LP	$0	–	-10,700	–	-0.19%	–
	Exit	HF SINCLAIR CORP	$0	–	-3,925	–	-0.28%	–
ELAT	Exit	ELANCO ANIMAL HEALTH INCunit 02/01/2023	$0	–	-11,800	–	-0.32%	–
SU	Exit	SUNCOR ENERGY INC NEW	$0	–	-9,950	–	-0.37%	–
VIACP	Exit	PARAMOUNT GLOBAL5.75% conv pfd a	$0	–	-9,330	–	-0.38%	–
CVGW	Exit	CALAVO GROWERS INC	$0	–	-9,200	–	-0.38%	–
NVS	Exit	NOVARTIS AGsponsored adr	$0	–	-4,120	–	-0.41%	–
MIXT	Exit	MIX TELEMATICS LTDsponsored adr	$0	–	-42,410	–	-0.42%	–
	Exit	SNAP INCnote 0.750% 8/0	$0	–	-400,000	–	-0.45%	–
AG	Exit	FIRST MAJESTIC SILVER CORP	$0	–	-45,280	–	-0.45%	–
CCJ	Exit	CAMECO CORPcl a	$0	–	-13,115	–	-0.46%	–
SNA	Exit	SNAP ON INC	$0	–	-1,765	–	-0.46%	–
BWXT	Exit	BWX TECHNOLOGIES INC	$0	–	-7,305	–	-0.48%	–
UNM	Exit	UNUM GROUP	$0	–	-9,595	–	-0.49%	–
PCVX	Exit	VAXCYTE INC	$0	–	-15,585	–	-0.49%	–
TS	Exit	TENARIS S Asponsored ads	$0	–	-14,850	–	-0.50%	–
VALE	Exit	VALE S Asponsored ads	$0	–	-28,953	–	-0.50%	–
	Exit	WARNER BROS DISCOVERY INC	$0	–	-34,520	–	-0.52%	–
UGIC	Exit	UGI CORP NEW	$0	–	-5,145	–	-0.54%	–
	Exit	JOHN BEAN TECHNOLOGIES CORPnote 0.250% 5/1	$0	–	-500,000	–	-0.54%	–
AGX	Exit	ARGAN INC	$0	–	-13,280	–	-0.56%	–
RELL	Exit	RICHARDSON ELECTRS LTD	$0	–	-28,644	–	-0.57%	–
	Exit	JAZZ INVESTMENTS I LTDnote 1.500% 8/1	$0	–	-515,000	–	-0.64%	–
LYTS	Exit	LSI INDS INC OHIO	$0	–	-72,990	–	-0.73%	–
WBA	Exit	WALGREENS BOOTS ALLIANCE INC	$0	–	-18,000	–	-0.74%	–
	Exit	SUPERNUS PHARMACEUTICALSnote 0.625% 4/0	$0	–	-675,000	–	-0.86%	–
TWO	Exit	TWO HBRS INVT CORP	$0	–	-248,000	–	-1.08%	–
D	Exit	DOMINION ENERGY INC	$0	–	-12,426	–	-1.12%	–
	Exit	TURNING PT BRANDS INCnote 2.500% 7/1	$0	–	-1,000,000	–	-1.15%	–
EMD	Exit	WESTERN ASSET EMERGING MKTS	$0	–	-114,079	–	-1.19%	–
	Exit	VISHAY INTERTECHNOLOGY INCnote 2.250% 6/1	$0	–	-1,015,000	–	-1.24%	–
PHAT	Exit	PHATHOM PHARMACEUTICALS INC	$0	–	-86,940	–	-1.26%	–
OHI	Exit	OMEGA HEALTHCARE INVS INC	$0	–	-33,100	–	-1.28%	–
EPM	Exit	EVOLUTION PETE CORP	$0	–	-143,268	–	-1.30%	–
FF	Exit	FUTUREFUEL CORP	$0	–	-176,629	–	-1.40%	–
	Exit	HALOZYME THERAPEUTICS INCnote 0.250% 3/0	$0	–	-1,305,000	–	-1.45%	–
EMLC	Exit	VANECK ETF TRUSTjp mrgan em loc	$0	–	-48,943	–	-1.46%	–
	Exit	IONIS PHARMACEUTICALS INCnote 0.125%12/1	$0	–	-1,256,000	–	-1.49%	–
PAA	Exit	PLAINS ALL AMERN PIPELINE Lunit ltd partn	$0	–	-109,500	–	-1.51%	–
GOLD	Exit	BARRICK GOLD CORP	$0	–	-75,000	–	-1.52%	–
	Exit	INTERDIGITAL INCnote 2.000% 6/0	$0	–	-1,274,000	–	-1.56%	–
	Exit	LIGAND PHARMACEUTICALS INCnote 0.750% 5/1	$0	–	-1,256,000	–	-1.60%	–
MPLX	Exit	MPLX LP	$0	–	-44,277	–	-1.74%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS L	$0	–	-57,663	–	-1.79%	–
ET	Exit	ENERGY TRANSFER L P	$0	–	-133,500	–	-1.93%	–
	Exit	ANNALY CAPITAL MANAGEMENT IN	$0	–	-88,436	–	-1.99%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-13,855	–	-2.15%	–
HCSG	Exit	HEALTHCARE SVCS GROUP INC	$0	–	-136,770	–	-2.16%	–
NVEC	Exit	NVE CORP COM	$0	–	-39,718	–	-2.42%	–
JPS	Exit	NUVEEN PFD & INCOME SECS FD	$0	–	-309,650	–	-2.66%	–
T	Exit	AT&T INC	$0	–	-142,700	–	-2.86%	–
AGNC	Exit	AGNC INVT CORP	$0	–	-306,362	–	-3.38%	–
NRZ	Exit	RITHM CAPITAL CORP	$0	–	-359,900	–	-3.45%	–
DLY	Exit	DOUBLELINE YIELD OPPORTUNITI	$0	–	-199,841	–	-3.53%	–
SPG	Exit	SIMON PPTY GROUP INC NEW	$0	–	-30,240	–	-3.55%	–
FAX	Exit	ABRDN ASIA PACIFIC INCOME FU	$0	–	-1,503,855	–	-4.96%	–
EDD	Exit	MORGAN STANLEY EMERGING MKTS	$0	–	-963,819	–	-5.07%	–
	Exit	FRANKLIN BSP RLTY TR INC	$0	–	-399,988	–	-5.64%	–
BCX	Exit	BLACKROCK RES & COMMODITIES	$0	–	-581,181	–	-6.61%	–
WFCPRL	Exit	WELLS FARGO CO NEW	$0	–	-6,000	–	-9.45%	–

Q3 2022

			Value		Shares		↓ Weighting
WFCPRL	New	WELLS FARGO CO NEW	$7,224,000	–	6,000	–	9.45%	–
	Sell	FRANKLIN BSP RLTY TR INC	$4,308,000	-50.3%	399,988	-37.8%	5.64%	-51.8%
NVEC	Buy	NVE CORP COM	$1,853,000	+6.1%	39,718	+6.0%	2.42%	+3.0%
HCSG	Buy	HEALTHCARE SVCS GROUP INC	$1,654,000	+67.4%	136,770	+140.9%	2.16%	+62.5%
	New	ANNALY CAPITAL MANAGEMENT IN	$1,518,000	–	88,436	–	1.99%	–
ET	Buy	ENERGY TRANSFER L P	$1,473,000	+54.6%	133,500	+39.8%	1.93%	+50.0%
EPD	Buy	ENTERPRISE PRODS PARTNERS L	$1,371,000	+57.2%	57,663	+61.1%	1.79%	+52.7%
MPLX	Buy	MPLX LP	$1,329,000	+84.3%	44,277	+79.0%	1.74%	+78.9%
	New	LIGAND PHARMACEUTICALS INCnote 0.750% 5/1	$1,219,000	–	1,256,000	–	1.60%	–
	New	INTERDIGITAL INCnote 2.000% 6/0	$1,196,000	–	1,274,000	–	1.56%	–
GOLD	Sell	BARRICK GOLD CORP	$1,162,000	-21.5%	75,000	-10.3%	1.52%	-23.8%
PAA	Buy	PLAINS ALL AMERN PIPELINE Lunit ltd partn	$1,152,000	+196.9%	109,500	+177.2%	1.51%	+188.1%
	New	IONIS PHARMACEUTICALS INCnote 0.125%12/1	$1,136,000	–	1,256,000	–	1.49%	–
	New	HALOZYME THERAPEUTICS INCnote 0.250% 3/0	$1,105,000	–	1,305,000	–	1.45%	–
FF	Buy	FUTUREFUEL CORP	$1,067,000	-2.9%	176,629	+17.0%	1.40%	-5.7%
EPM	New	EVOLUTION PETE CORP	$997,000	–	143,268	–	1.30%	–
OHI	New	OMEGA HEALTHCARE INVS INC	$976,000	–	33,100	–	1.28%	–
	New	VISHAY INTERTECHNOLOGY INCnote 2.250% 6/1	$950,000	–	1,015,000	–	1.24%	–
	New	TURNING PT BRANDS INCnote 2.500% 7/1	$880,000	–	1,000,000	–	1.15%	–
	New	SUPERNUS PHARMACEUTICALSnote 0.625% 4/0	$657,000	–	675,000	–	0.86%	–
WBA	Sell	WALGREENS BOOTS ALLIANCE INC	$565,000	-34.5%	18,000	-20.9%	0.74%	-36.4%
LYTS	Buy	LSI INDS INC OHIO	$561,000	+39.9%	72,990	+12.3%	0.73%	+35.9%
	New	JAZZ INVESTMENTS I LTDnote 1.500% 8/1	$487,000	–	515,000	–	0.64%	–
RELL	Sell	RICHARDSON ELECTRS LTD	$433,000	-6.7%	28,644	-9.5%	0.57%	-9.3%
AGX	Buy	ARGAN INC	$427,000	+1.4%	13,280	+17.7%	0.56%	-1.4%
	New	JOHN BEAN TECHNOLOGIES CORPnote 0.250% 5/1	$414,000	–	500,000	–	0.54%	–
UGIC	New	UGI CORP NEW	$410,000	–	5,145	–	0.54%	–
TS	Buy	TENARIS S Asponsored ads	$384,000	+35.7%	14,850	+35.0%	0.50%	+31.8%
PCVX	New	VAXCYTE INC	$374,000	–	15,585	–	0.49%	–
UNM	New	UNUM GROUP	$372,000	–	9,595	–	0.49%	–
BWXT	New	BWX TECHNOLOGIES INC	$368,000	–	7,305	–	0.48%	–
SNA	New	SNAP ON INC	$355,000	–	1,765	–	0.46%	–
CCJ	Buy	CAMECO CORPcl a	$348,000	+29.9%	13,115	+2.7%	0.46%	+26.0%
AG	Buy	FIRST MAJESTIC SILVER CORP	$345,000	+30.7%	45,280	+23.1%	0.45%	+26.7%
	New	SNAP INCnote 0.750% 8/0	$344,000	–	400,000	–	0.45%	–
MIXT	Buy	MIX TELEMATICS LTDsponsored adr	$322,000	+8.8%	42,410	+16.5%	0.42%	+5.5%
NVS	New	NOVARTIS AGsponsored adr	$313,000	–	4,120	–	0.41%	–
CVGW	New	CALAVO GROWERS INC	$292,000	–	9,200	–	0.38%	–
VIACP	New	PARAMOUNT GLOBAL5.75% conv pfd a	$288,000	–	9,330	–	0.38%	–
SU	New	SUNCOR ENERGY INC NEW	$280,000	–	9,950	–	0.37%	–
ELAT	New	ELANCO ANIMAL HEALTH INCunit 02/01/2023	$247,000	–	11,800	–	0.32%	–
	New	HF SINCLAIR CORP	$211,000	–	3,925	–	0.28%	–
	New	SNAP INCnote 0.250% 5/0	$24,000	–	26,000	–	0.03%	–
SWBI	Exit	SMITH & WESSON BRANDS	$0	–	-17,000	–	-0.30%	–
HURC	Exit	HURCO COMPANIES	$0	–	-10,305	–	-0.34%	–
VST	Exit	VISTRA CORP	$0	–	-12,705	–	-0.39%	–
NWL	Exit	NEWELL BRANDS INC	$0	–	-17,925	–	-0.46%	–
XPER	Exit	XPERI HOLDING CORP	$0	–	-25,355	–	-0.49%	–
	Exit	CHEESECAKE FACTORY INC 0.375 15-JUN-2026	$0	–	-523,000	–	-0.54%	–
	Exit	JAZZ INVT I LTDnote	$0	–	-515,000	–	-0.69%	–
	Exit	SUPERNUS PHARMACnote	$0	–	-675,000	–	-0.88%	–
	Exit	TURNING POINT BRANDS INC 2.500 15-JUL-2024note	$0	–	-750,000	–	-0.92%	–
	Exit	VISHAY INTERTECHNOLOGY INC 2.25 15-JUN-2025note	$0	–	-1,015,000	–	-1.30%	–
	Exit	IONS PHARM INC 0.125 15-DEC-2024note	$0	–	-1,256,000	–	-1.49%	–
	Exit	HALOZYME THERAPEUTICS INC 0.25 01-MAR-2027note	$0	–	-1,305,000	–	-1.55%	–
	Exit	LIGAND PHARMACEUnote	$0	–	-1,214,000	–	-1.57%	–
DBRG	Exit	DIGITALBRIDGE GROUPcla	$0	–	-352,939	–	-2.32%	–
SRRA	Exit	SIERRA ONCOLOGY	$0	–	-37,424	–	-2.77%	–
NLY	Exit	ANNALY CAPITAL MANAGEMENT INC	$0	–	-353,745	–	-2.82%	–

Q2 2022

			Value		Shares		↓ Weighting
	New	FRANKLIN BSP RLTY TR INC	$8,674,000	–	643,488	–	11.69%	–
BCX	New	BLACKROCK RESOURCES & COMMODITIES STRATEGY TRUST	$5,219,000	–	581,181	–	7.04%	–
FAX	New	ABERDEEN ASIA-PACIFIC INCOME FUND INC	$4,391,000	–	1,503,855	–	5.92%	–
EDD	New	MORGAN STANLEY EMERGING MARKETS DOMESTIC DEBT FUND INC	$4,328,000	–	963,819	–	5.83%	–
AGNC	New	AGNC INVESTMENT CORP	$3,391,000	–	306,362	–	4.57%	–
NRZ	New	NEW RESIDENTIAL INVESTMENT CORP	$3,354,000	–	359,900	–	4.52%	–
T	New	AT&T INC	$2,991,000	–	142,700	–	4.03%	–
SPG	New	SIMON PROPERTY GROUP INC	$2,870,000	–	30,240	–	3.87%	–
DLY	New	DOUBLELINE YIELD OPPORTUNITIES FUND	$2,866,000	–	199,841	–	3.86%	–
JPS	New	NUVEEN PREFERRED & INCOME SECURITIES FUND	$2,248,000	–	309,650	–	3.03%	–
NLY	New	ANNALY CAPITAL MANAGEMENT INC	$2,091,000	–	353,745	–	2.82%	–
SRRA	New	SIERRA ONCOLOGY	$2,058,000	–	37,424	–	2.77%	–
IBM	New	INTERNATIONAL BUSINESS MACHINES	$1,956,000	–	13,855	–	2.64%	–
NVEC	New	NVE CORPORATION	$1,747,000	–	37,468	–	2.36%	–
DBRG	New	DIGITALBRIDGE GROUPcla	$1,722,000	–	352,939	–	2.32%	–
GOLD	New	BARRICK GOLD CORP COM	$1,480,000	–	83,650	–	2.00%	–
TWO	New	TWO HARBORS INVESTMENT CORP	$1,235,000	–	248,000	–	1.66%	–
EMLC	New	VANECK JP MORGAN EM LOCAL CURRENCY BOND ETFetf	$1,198,000	–	48,943	–	1.62%	–
	New	LIGAND PHARMACEUnote	$1,164,000	–	1,214,000	–	1.57%	–
	New	HALOZYME THERAPEUTICS INC 0.25 01-MAR-2027note	$1,152,000	–	1,305,000	–	1.55%	–
	New	IONS PHARM INC 0.125 15-DEC-2024note	$1,103,000	–	1,256,000	–	1.49%	–
FF	New	FUTUREFUEL CORP	$1,099,000	–	151,029	–	1.48%	–
EMD	New	WESTERN ASSET EMERGINIG MKTS DEBT FUND INC	$1,007,000	–	114,079	–	1.36%	–
D	New	DOMINION ENERGY INC	$992,000	–	12,426	–	1.34%	–
HCSG	New	HEALTHCARE SERVICES	$988,000	–	56,770	–	1.33%	–
	New	VISHAY INTERTECHNOLOGY INC 2.25 15-JUN-2025note	$961,000	–	1,015,000	–	1.30%	–
ET	New	ENERGY TRANSFER LP	$953,000	–	95,500	–	1.28%	–
EPD	New	ENTERPRISE PRODUCTS PARTNERS LP	$872,000	–	35,788	–	1.18%	–
WBA	New	WALGREENS BOOTS ALLIANCE	$862,000	–	22,755	–	1.16%	–
PHAT	New	PHATHOM PHARM INC	$734,000	–	86,940	–	0.99%	–
MPLX	New	MPLX LP	$721,000	–	24,737	–	0.97%	–
	New	TURNING POINT BRANDS INC 2.500 15-JUL-2024note	$682,000	–	750,000	–	0.92%	–
	New	SUPERNUS PHARMACnote	$656,000	–	675,000	–	0.88%	–
	New	JAZZ INVT I LTDnote	$512,000	–	515,000	–	0.69%	–
RELL	New	RICHARDSON ELECTRONICS LTD	$464,000	–	31,644	–	0.62%	–
	New	WARNER BROS DISCOVERY INC	$463,000	–	34,520	–	0.62%	–
VALE	New	VALE SA	$424,000	–	28,953	–	0.57%	–
AGX	New	ARGAN INC	$421,000	–	11,280	–	0.57%	–
LYTS	New	LSI INDUSTRIES INC	$401,000	–	64,990	–	0.54%	–
	New	CHEESECAKE FACTORY INC 0.375 15-JUN-2026	$399,000	–	523,000	–	0.54%	–
PAA	New	PLAINS ALL AMERICAN PIPELINE LP	$388,000	–	39,500	–	0.52%	–
XPER	New	XPERI HOLDING CORP	$366,000	–	25,355	–	0.49%	–
NWL	New	NEWELL BRANDS INC	$341,000	–	17,925	–	0.46%	–
MIXT	New	MIX TELEMATICS LTD-SP ADRadr	$296,000	–	36,410	–	0.40%	–
VST	New	VISTRA CORP	$290,000	–	12,705	–	0.39%	–
TS	New	TENARIS S.A. SPONSORED ADRadr	$283,000	–	11,000	–	0.38%	–
CCJ	New	CAMECO CORPORATION	$268,000	–	12,765	–	0.36%	–
AG	New	FIRST MAJESTIC SILVER CORP	$264,000	–	36,780	–	0.36%	–
HURC	New	HURCO COMPANIES	$255,000	–	10,305	–	0.34%	–
SWBI	New	SMITH & WESSON BRANDS	$223,000	–	17,000	–	0.30%	–
GHY	New	PGIM GLOBAL HIGH YIELD FUND INC	$151,000	–	13,152	–	0.20%	–
NS	New	NUSTAR ENERGY LP	$150,000	–	10,700	–	0.20%	–
AVRO	New	AVROBIO INC	$34,000	–	37,306	–	0.05%	–
ETNB	New	89BIO INC	$33,000	–	10,292	–	0.04%	–

Q4 2021

			Value		Shares		↓ Weighting
	Exit	FIREEYE INCnote	$0	–	-500	–	-0.01%	–
MPX	Exit	MARINE PRODUCTS	$0	–	-5,250	–	-0.11%	–
CSCO	Exit	CISCO SYSTEMS INC	$0	–	-1,231	–	-0.11%	–
IMKTA	Exit	INGLES MARKETS INC-CLASS Acla	$0	–	-1,060	–	-0.11%	–
SHYF	Exit	SHYFT GROUP INC/THE	$0	–	-2,245	–	-0.13%	–
RA	Exit	BROOKFIELD REAL ASSETS INCOME FUND INC	$0	–	-4,202	–	-0.14%	–
LEMB	Exit	ISHARES JP MORGAN EM LOCAL CURRENCY BOND ETF	$0	–	-2,109	–	-0.14%	–
ACVA	Exit	ACV AUCTIONS INC	$0	–	-6,087	–	-0.17%	–
NVEC	Exit	NVE CORP	$0	–	-1,750	–	-0.18%	–
EOG	Exit	EOG RESOURCES INC	$0	–	-1,285	–	-0.18%	–
MGPI	Exit	MGP INGREDIENTS INC	$0	–	-1,925	–	-0.20%	–
ARQT	Exit	ARCUTIS BIOTHERAPEUTICS INC	$0	–	-5,413	–	-0.20%	–
SWBI	Exit	SMITH & WESSON BRANDS INC	$0	–	-6,150	–	-0.21%	–
XOM	Exit	EXXON MOBILE CORP	$0	–	-2,080	–	-0.21%	–
NUE	Exit	NUCOR CORP	$0	–	-1,335	–	-0.22%	–
FRT	Exit	FEDERAL REALTY INVS TRUSTsh	$0	–	-1,130	–	-0.22%	–
KIM	Exit	KIMCO REALTY CORP	$0	–	-6,330	–	-0.22%	–
BAC	Exit	BANK OF AMERICA CORP	$0	–	-3,340	–	-0.24%	–
BWXT	Exit	BWX TECHNOLOGIES INC	$0	–	-2,855	–	-0.26%	–
MOS	Exit	MOSAIC CO/THE	$0	–	-4,020	–	-0.26%	–
NS	Exit	NUSTAR ENERGY LP	$0	–	-10,700	–	-0.27%	–
KHC	Exit	KRAFT HEINZ CO/THE	$0	–	-4,705	–	-0.28%	–
PAA	Exit	PLAINS ALL AMERICAN PIPELINE LP	$0	–	-17,500	–	-0.28%	–
DVN	Exit	DEVON ENERGY CORP	$0	–	-4,620	–	-0.29%	–
CWH	Exit	CAMPING WORLD HOLDINGS INC-Acla	$0	–	-5,305	–	-0.31%	–
SNA	Exit	SNAP-ON INC	$0	–	-910	–	-0.32%	–
HII	Exit	HUNTINGTON INGALLS INDUSTRIE	$0	–	-975	–	-0.32%	–
GHY	Exit	PGIM GLOBAL HIGH YIELD FUND INC	$0	–	-13,152	–	-0.32%	–
EPC	Exit	EDGEWELL PERSONAL CARE CO	$0	–	-5,795	–	-0.32%	–
RCKY	Exit	ROCKY BRANDS INC	$0	–	-3,985	–	-0.32%	–
T	Exit	AT&T INC	$0	–	-8,960	–	-0.36%	–
IBM	Exit	IBM	$0	–	-1,575	–	-0.36%	–
COG	Exit	COTERRA ENERGY I	$0	–	-11,360	–	-0.36%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-3,570	–	-0.38%	–
ERIC	Exit	ERICSSON (LM) TEL-SP ADRadr	$0	–	-20,035	–	-0.39%	–
AEL	Exit	AMERICAN EQUITY INVT LIFE HL	$0	–	-7,805	–	-0.40%	–
GOLD	Exit	BARRICK GOLD CORP COM	$0	–	-13,100	–	-0.40%	–
UGI	Exit	UGI CORP	$0	–	-5,905	–	-0.41%	–
AGX	Exit	ARGAN INC	$0	–	-6,240	–	-0.44%	–
HURC	Exit	HURCO COMPANIES INC	$0	–	-8,645	–	-0.45%	–
HFC	Exit	HOLLYFRONTIER CO	$0	–	-7,955	–	-0.46%	–
MIXT	Exit	MIX TELEMATICS LTD-SP ADRadr	$0	–	-23,060	–	-0.46%	–
LYTS	Exit	LSI INDUSTRIES INC	$0	–	-40,840	–	-0.51%	–
	Exit	JAZZ INVT I LTDnote	$0	–	-515	–	-0.84%	–
DYN	Exit	DYNE THERAPEUTICS INC	$0	–	-34,886	–	-0.90%	–
FAX	Exit	ABERDEEN ASIA-PACIFIC INCOME FUND INC	$0	–	-142,600	–	-0.94%	–
	Exit	CALAMP CORPnote	$0	–	-705	–	-0.98%	–
	Exit	SUPERNUS PHARMACnote	$0	–	-675	–	-1.06%	–
	Exit	COINBASE GLOBAL INC	$0	–	-3,096	–	-1.11%	–
	Exit	IONS 0 1/8 12/15/24note	$0	–	-856	–	-1.25%	–
	Exit	LIGAND PHARMACEUnote	$0	–	-810	–	-1.27%	–
CMO	Exit	CAPSTEAD MORTGAGE CORP	$0	–	-121,478	–	-1.29%	–
D	Exit	DOMINION ENERGY INC	$0	–	-12,425	–	-1.43%	–
ET	Exit	ENERGY TRANSFER LP	$0	–	-95,500	–	-1.45%	–
OLO	Exit	OLO INCcla	$0	–	-32,832	–	-1.56%	–
DBRG	Exit	DIGITALBRIDGE GROUPcla	$0	–	-201,609	–	-1.92%	–
DLY	Exit	DOUBLELINE YIELD OPPORTUNITIES FUND	$0	–	-67,612	–	-2.04%	–
UNB	Exit	UNION BANKSHARES INC/VT	$0	–	-30,663	–	-2.06%	–
BCX	Exit	BLACKROCK RESOURCES & COMMODITIES STRATEGY TRUST	$0	–	-163,094	–	-2.30%	–
AGNC	Exit	AGNC INVESTMENT CORP	$0	–	-95,480	–	-2.38%	–
TWO	Exit	TWO HARBORS INVESTMENT CORP	$0	–	-247,000	–	-2.48%	–
GBIO	Exit	GENERATION BIO CO	$0	–	-65,040	–	-2.58%	–
OKTA	Exit	OKTA INCcla	$0	–	-8,366	–	-3.14%	–
	Exit	BED BATH BEYONDnote	$0	–	-227,436	–	-3.67%	–
JPS	Exit	NUVEEN PREFERRED & INCOME SECURITIES FUND	$0	–	-274,709	–	-4.26%	–
PHAT	Exit	PHATHOM PHARMACEUTICALS INC	$0	–	-86,940	–	-4.41%	–
NLY	Exit	ANNALY CAPITAL MANAGEMENT INC	$0	–	-329,414	–	-4.44%	–
UGIC	Exit	GSMS 2018-HULA B	$0	–	-30,000	–	-4.88%	–
SPG	Exit	SIMON PROPERTY GROUP INC	$0	–	-30,240	–	-6.22%	–
EDD	Exit	MORGAN STANLEY EMERGING MARKETS DOMESTIC DEBT FUND INC	$0	–	-857,041	–	-7.93%	–
	Exit	FORTIVE CORPnote	$0	–	-5,000,400	–	-8.56%	–
NRZ	Exit	NEW RESIDENTIAL INVESTMENT CORP	$0	–	-627,000	–	-10.74%	–

Q3 2021

			Value		Shares		↓ Weighting
NRZ	Buy	NEW RESIDENTIAL INVESTMENT CORP	$6,791,000	+63.2%	627,000	+48.2%	10.74%	+106.4%
	Buy	FORTIVE CORPnote	$5,414,000	0.0%	5,000,400	+9821.4%	8.56%	+26.5%
EDD	Sell	MORGAN STANLEY EMERGING MARKETS DOMESTIC DEBT FUND INC	$5,014,000	-12.2%	857,041	-8.2%	7.93%	+11.1%
UGIC	Buy	GSMS 2018-HULA B	$3,084,000	+10.0%	30,000	+14.1%	4.88%	+39.1%
NLY	Buy	ANNALY CAPITAL MANAGEMENT INC	$2,808,000	+48.5%	329,414	+54.7%	4.44%	+87.9%
JPS	Sell	NUVEEN PREFERRED & INCOME SECURITIES FUND	$2,692,000	-12.7%	274,709	-11.3%	4.26%	+10.4%
	Buy	BED BATH BEYONDnote	$2,323,000	+35.1%	227,436	+11209.6%	3.67%	+70.9%
OKTA	Sell	OKTA INCcla	$1,986,000	-19.1%	8,366	-16.6%	3.14%	+2.4%
GBIO	Sell	GENERATION BIO CO	$1,631,000	-17.0%	65,040	-11.0%	2.58%	+5.0%
TWO	Sell	TWO HARBORS INVESTMENT CORP	$1,566,000	-16.5%	247,000	-0.4%	2.48%	+5.7%
AGNC	New	AGNC INVESTMENT CORP	$1,506,000	–	95,480	–	2.38%	–
BCX	Buy	BLACKROCK RESOURCES & COMMODITIES STRATEGY TRUST	$1,456,000	+1.9%	163,094	+7.5%	2.30%	+28.9%
UNB	Buy	UNION BANKSHARES INC/VT	$1,300,000	+499.1%	30,663	+411.0%	2.06%	+658.7%
DBRG	Sell	DIGITALBRIDGE GROUPcla	$1,216,000	-50.2%	201,609	-34.7%	1.92%	-37.0%
OLO	New	OLO INCcla	$986,000	–	32,832	–	1.56%	–
ET	New	ENERGY TRANSFER LP	$915,000	–	95,500	–	1.45%	–
CMO	Buy	CAPSTEAD MORTGAGE CORP	$813,000	+24.9%	121,478	+31.6%	1.29%	+58.0%
	Sell	COINBASE GLOBAL INC	$704,000	-53.1%	3,096	-47.8%	1.11%	-40.7%
FAX	Sell	ABERDEEN ASIA-PACIFIC INCOME FUND INC	$592,000	-18.0%	142,600	-12.5%	0.94%	+3.8%
DYN	New	DYNE THERAPEUTICS INC	$567,000	–	34,886	–	0.90%	–
LYTS	Buy	LSI INDUSTRIES INC	$324,000	+6.6%	40,840	+7.8%	0.51%	+34.7%
MIXT	Buy	MIX TELEMATICS LTD-SP ADRadr	$293,000	+24.2%	23,060	+61.9%	0.46%	+56.9%
HFC	Buy	HOLLYFRONTIER CO	$292,000	+43.8%	7,955	+29.2%	0.46%	+81.9%
HURC	Buy	HURCO COMPANIES INC	$287,000	+4.4%	8,645	+10.2%	0.45%	+32.0%
AGX	Buy	ARGAN INC	$277,000	+29.4%	6,240	+39.1%	0.44%	+64.0%
UGI	Buy	UGI CORP	$261,000	+4.8%	5,905	+9.9%	0.41%	+32.8%
GOLD	Sell	BARRICK GOLD CORP COM	$251,000	-85.7%	13,100	-84.5%	0.40%	-81.9%
T	Buy	AT&T INC	$227,000	-1.3%	8,960	+12.2%	0.36%	+25.1%
RCKY	Buy	ROCKY BRANDS INC	$205,000	-6.0%	3,985	+1.5%	0.32%	+19.1%
HII	Sell	HUNTINGTON INGALLS INDUSTRIE	$202,000	-18.9%	975	-17.4%	0.32%	+2.6%
CWH	Buy	CAMPING WORLD HOLDINGS INC-Acla	$196,000	+0.5%	5,305	+11.6%	0.31%	+27.0%
DVN	Sell	DEVON ENERGY CORP	$185,000	+11.4%	4,620	-18.7%	0.29%	+41.5%
PAA	Sell	PLAINS ALL AMERICAN PIPELINE LP	$178,000	-60.4%	17,500	-55.7%	0.28%	-49.9%
MOS	Sell	MOSAIC CO/THE	$167,000	-7.2%	4,020	-28.6%	0.26%	+17.3%
BAC	Sell	BANK OF AMERICA CORP	$155,000	-38.7%	3,340	-45.6%	0.24%	-22.5%
KIM	Sell	KIMCO REALTY CORP	$142,000	-4.1%	6,330	-10.7%	0.22%	+21.6%
FRT	Sell	FEDERAL REALTY INVS TRUSTsh	$140,000	-36.4%	1,130	-39.9%	0.22%	-19.6%
NUE	Sell	NUCOR CORP	$136,000	-21.4%	1,335	-25.8%	0.22%	-0.5%
XOM	New	EXXON MOBILE CORP	$130,000	–	2,080	–	0.21%	–
SWBI	Sell	SMITH & WESSON BRANDS INC	$130,000	-62.0%	6,150	-37.7%	0.21%	-51.8%
ARQT	New	ARCUTIS BIOTHERAPEUTICS INC	$129,000	–	5,413	–	0.20%	–
MGPI	Sell	MGP INGREDIENTS INC	$123,000	-32.4%	1,925	-28.6%	0.20%	-14.1%
EOG	Sell	EOG RESOURCES INC	$115,000	-10.2%	1,285	-16.3%	0.18%	+13.8%
ACVA	Sell	ACV AUCTIONS INC	$109,000	-45.5%	6,087	-22.0%	0.17%	-31.2%
RA	Sell	BROOKFIELD REAL ASSETS INCOME FUND INC	$88,000	-69.2%	4,202	-67.8%	0.14%	-61.1%
SHYF	Sell	SHYFT GROUP INC/THE	$83,000	-52.6%	2,245	-51.9%	0.13%	-40.2%
MPX	New	MARINE PRODUCTS	$67,000	–	5,250	–	0.11%	–
MGTA	Exit	MAGENTA THERAPEUTICS INC	$0	–	-9,144	–	-0.11%	–
GRTS	Exit	GRITSTONE ONCOLOGY INC	$0	–	-10,952	–	-0.12%	–
MYE	Exit	MYERS INDUSTRIES INC	$0	–	-5,790	–	-0.15%	–
OMC	Exit	OMNICOM GROUP	$0	–	-1,585	–	-0.16%	–
STC	Exit	STEWART INFORMATION SERVICES	$0	–	-2,250	–	-0.16%	–
WBA	Exit	WALGREENS BOOTS ALLIANCE INC	$0	–	-2,440	–	-0.16%	–
VST	Exit	VISTRA CORP	$0	–	-7,095	–	-0.16%	–
NWL	Exit	NEWELL BRANDS INC	$0	–	-6,705	–	-0.23%	–
MMM	Exit	3M CO	$0	–	-1,140	–	-0.28%	–
AVRO	Exit	AVROBIO INC	$0	–	-26,114	–	-0.29%	–
IFFT	Exit	INTL FLAVOR & FRAGRANCES	$0	–	-4,700	–	-0.30%	–
NPK	Exit	NATIONAL PRESTO INDS INC	$0	–	-2,355	–	-0.30%	–
	Exit	SPIRIT AIRLINES	$0	–	-250	–	-0.30%	–
XPER	Exit	XPERI HOLDING CORP	$0	–	-13,480	–	-0.38%	–
ETNB	Exit	89BIO INC	$0	–	-16,190	–	-0.38%	–
ELAT	Exit	ELANCO ANIMAL HEALTH INC	$0	–	-5,700	–	-0.38%	–
	Exit	DENBURY INC	$0	–	-6,960	–	-0.67%	–
ET	Exit	ENERGY TRANSFER LP	$0	–	-60,500	–	-0.80%	–
VALE	Exit	VALE SA	$0	–	-28,953	–	-0.82%	–
WFC	Exit	WELLS FARGO & CO	$0	–	-45,000	–	-2.55%	–
EMD	Exit	WESTERN ASSET EMERGING MARKETS DEBT FUND INC	$0	–	-349,101	–	-6.11%	–
EMLC	Exit	VANECK VECTORS J.P. MORGAN EM LOCAL CURRENCY BOND ETF	$0	–	-229,593	–	-9.00%	–

Q2 2021

			Value		Shares		↓ Weighting
EMLC	New	VANECK VECTORS J.P. MORGAN EM LOCAL CURRENCY BOND ETF	$7,205,000	–	229,593	–	9.00%	–
EDD	New	MORGAN STANLEY EMERGING MARKETS DOMESTIC DEBT FUND INC	$5,710,000	–	933,319	–	7.14%	–
	New	FORTIVE CORPORATION 0.875 02/15/2022note	$5,414,000	–	50,400	–	6.77%	–
EMD	New	WESTERN ASSET EMERGING MARKETS DEBT FUND INC	$4,891,000	–	349,101	–	6.11%	–
NRZ	New	NEW RESIDENTIAL INVESTMENT CORP	$4,162,000	–	423,000	–	5.20%	–
SPG	New	SIMON PROPERTY GROUP INC	$3,946,000	–	30,240	–	4.93%	–
JPS	New	NUVEEN PREFERRED & INCOME SECURITIES FUND	$3,084,000	–	309,650	–	3.86%	–
PHAT	New	PHATHOM PHARMACEUTICALS INC	$2,943,000	–	86,940	–	3.68%	–
UGIC	New	UGI CORP	$2,804,000	–	26,300	–	3.50%	–
OKTA	New	OKTA INC	$2,455,000	–	10,032	–	3.07%	–
DBRG	New	DIGITALBRIDGE GROUP	$2,441,000	–	308,955	–	3.05%	–
WFC	New	WELLS FARGO & CO	$2,038,000	–	45,000	–	2.55%	–
GBIO	New	GNERATION BIO COnote	$1,965,000	–	73,065	–	2.46%	–
NLY	New	ANNALY CAPITAL MANAGEMENT INC	$1,891,000	–	213,000	–	2.36%	–
TWO	New	TWO HARBORS INVESTMENT CORP	$1,875,000	–	248,000	–	2.34%	–
GOLD	New	BARRICK GOLD CORP COM	$1,753,000	–	84,745	–	2.19%	–
	New	CHENIERE ENERGY INC 4.25 03/15/45note	$1,720,000	–	2,011	–	2.15%	–
	New	COINBASE GLOBAL INC	$1,502,000	–	5,929	–	1.88%	–
BCX	New	BLACKROCK RESOURCES & COMMODITIES STRATEGY TRUST	$1,429,000	–	151,653	–	1.79%	–
DLY	New	DOUBLELINE YIELD OPPORTUNITIES FUND	$1,352,000	–	67,612	–	1.69%	–
D	New	DOMINION ENERGY INC	$914,000	–	12,425	–	1.14%	–
	New	LIGAND PHARMACEUTICALS I 0.75 05/15/2023note	$801,000	–	810	–	1.00%	–
	New	IONS 0 1/8 12/15/24note	$790,000	–	856	–	0.99%	–
FAX	New	ABERDEEN ASIA-PACIFIC INCOME FUND INC	$722,000	–	163,000	–	0.90%	–
	New	SUPERNUS PHARMACEUTICALS 0.625 04/01/2023note	$666,000	–	675	–	0.83%	–
VALE	New	VALE SA	$660,000	–	28,953	–	0.82%	–
	New	CALAMP CORP	$653,000	–	705	–	0.82%	–
CMO	New	CAPSTEAD MORTGAGE CORP	$651,000	–	92,300	–	0.81%	–
ET	New	ENERGY TRANSFER LP	$643,000	–	60,500	–	0.80%	–
	New	JAZZ INVESTMENTS I LTD 1.5 08/15/2024note	$568,000	–	515	–	0.71%	–
	New	DENBURY INC	$534,000	–	6,960	–	0.67%	–
	New	FIREEYE INC	$497,000	–	500	–	0.62%	–
PAA	New	PLAINS ALL AMERICAN PIPELINE LP	$449,000	–	39,500	–	0.56%	–
SWBI	New	SMITH & WESSON BRANDS INC	$342,000	–	9,870	–	0.43%	–
ELAT	New	ELANCO ANIMAL HEALTH INC	$305,000	–	5,700	–	0.38%	–
LYTS	New	LSI INDUSTRIES INC	$304,000	–	37,895	–	0.38%	–
ETNB	New	89BIO INC	$303,000	–	16,190	–	0.38%	–
XPER	New	XPERI HOLDING CORP	$300,000	–	13,480	–	0.38%	–
RA	New	BROOKFIELD REAL ASSETS INCOME FUND INC	$286,000	–	13,054	–	0.36%	–
HURC	New	HURCO COMPANIES INC	$275,000	–	7,845	–	0.34%	–
EPC	New	EDGEWELL PERSONAL CARE CO	$254,000	–	5,795	–	0.32%	–
BAC	New	BANK OF AMERICA CORP	$253,000	–	6,140	–	0.32%	–
ERIC	New	ERICSSON (LM) TEL-SP ADRadr	$252,000	–	20,035	–	0.32%	–
AEL	New	AMERICAN EQUITY INVT LIFE HL	$252,000	–	7,805	–	0.32%	–
UGI	New	UGI CORP	$249,000	–	5,375	–	0.31%	–
HII	New	HUNTINGTON INGALLS INDUSTRIE	$249,000	–	1,180	–	0.31%	–
GILD	New	GILEAD SCIENCES INC	$246,000	–	3,570	–	0.31%	–
	New	SPIRIT AIRLINES	$239,000	–	250	–	0.30%	–
NPK	New	NATIONAL PRESTO INDS INC	$239,000	–	2,355	–	0.30%	–
IFFT	New	INTL FLAVOR & FRAGRANCES	$238,000	–	4,700	–	0.30%	–
MIXT	New	MIX TELEMATICS LTD-SP ADRadr	$236,000	–	14,245	–	0.30%	–
AVRO	New	AVROBIO INC	$232,000	–	26,114	–	0.29%	–
IBM	New	IBM	$231,000	–	1,575	–	0.29%	–
T	New	AT&T INC	$230,000	–	7,985	–	0.29%	–
MMM	New	3M CO	$226,000	–	1,140	–	0.28%	–
FRT	New	FEDERAL REALTY INVS TRUST	$220,000	–	1,880	–	0.28%	–
RCKY	New	ROCKY BRANDS INC	$218,000	–	3,925	–	0.27%	–
UNB	New	UNION BANKSHARES INC/VT	$217,000	–	6,000	–	0.27%	–
AGX	New	ARGAN INC	$214,000	–	4,485	–	0.27%	–
GHY	New	PGIM GLOBAL HIGH YIELD FUND INC	$210,000	–	13,152	–	0.26%	–
SNA	New	SNAP-ON INC	$203,000	–	910	–	0.25%	–
HFC	New	HOLLYFRONTIER CO	$203,000	–	6,155	–	0.25%	–
ACVA	New	ACV AUCTIONS INC	$200,000	–	7,806	–	0.25%	–
COG	New	CABOT OIL & GAS	$198,000	–	11,360	–	0.25%	–
CWH	New	CAMPING WORLD HOLDINGS INC-A	$195,000	–	4,755	–	0.24%	–
NS	New	NUSTAR ENERGY LP	$193,000	–	10,700	–	0.24%	–
KHC	New	KRAFT HEINZ CO/THE	$192,000	–	4,705	–	0.24%	–
NWL	New	NEWELL BRANDS INC	$184,000	–	6,705	–	0.23%	–
MGPI	New	MGP INGREDIENTS INC	$182,000	–	2,695	–	0.23%	–
MOS	New	MOSAIC CO/THE	$180,000	–	5,630	–	0.22%	–
SHYF	New	SHYFT GROUP INC/THE	$175,000	–	4,670	–	0.22%	–
NUE	New	NUCOR CORP	$173,000	–	1,800	–	0.22%	–
BWXT	New	BWX TECHNOLOGIES INC	$166,000	–	2,855	–	0.21%	–
DVN	New	DEVON ENERGY CORP	$166,000	–	5,685	–	0.21%	–
KIM	New	KIMCO REALTY CORP	$148,000	–	7,085	–	0.18%	–
VST	New	VISTRA CORP	$132,000	–	7,095	–	0.16%	–
NVEC	New	NVE CORP	$130,000	–	1,750	–	0.16%	–
STC	New	STEWART INFORMATION SERVICES	$128,000	–	2,250	–	0.16%	–
WBA	New	WALGREENS BOOTS ALLIANCE INC	$128,000	–	2,440	–	0.16%	–
EOG	New	EOG RESOURCES INC	$128,000	–	1,535	–	0.16%	–
OMC	New	OMNICOM GROUP	$127,000	–	1,585	–	0.16%	–
MYE	New	MYERS INDUSTRIES INC	$122,000	–	5,790	–	0.15%	–
GRTS	New	GRITSTONE ONCOLOGY INC	$100,000	–	10,952	–	0.12%	–
LEMB	New	ISHARES JP MORGAN EM LOCAL CURRENCY BOND ETF	$92,000	–	2,109	–	0.12%	–
MGTA	New	MAGENTA THERAPEUTICS INC	$89,000	–	9,144	–	0.11%	–
CSCO	New	CISCO SYSTEMS INC	$65,000	–	1,231	–	0.08%	–
IMKTA	New	INGLES MARKETS INC-CLASS A	$62,000	–	1,060	–	0.08%	–

Q4 2020

			Value		Shares		↓ Weighting
ERIC	Exit	ERICSSON (LM) TEL-SP ADRadr b sek 10	$0	–	-7,200	–	-0.11%	–
NWL	Exit	NEWELL BRANDS INC	$0	–	-5,555	–	-0.13%	–
FF	Exit	FUTUREFUEL CORP	$0	–	-8,595	–	-0.14%	–
CSCO	Exit	CISCO SYSTEMS INC	$0	–	-2,496	–	-0.14%	–
KIM	Exit	KIMCO REALTY CORP	$0	–	-8,755	–	-0.14%	–
OMC	Exit	OMNICOM GROUP	$0	–	-2,040	–	-0.14%	–
MYE	Exit	MYERS INDUSTRIES INC	$0	–	-7,525	–	-0.14%	–
KHC	Exit	KRAFT HEINZ CO/THE	$0	–	-3,415	–	-0.14%	–
HIG	Exit	HARTFORD FINANCIAL SVCS GRP	$0	–	-2,790	–	-0.14%	–
MIXT	Exit	MIX TELEMATICS LTD-SP ADRsponsored adr	$0	–	-11,745	–	-0.14%	–
STC	Exit	STEWART INFORMATION SERVICES	$0	–	-2,400	–	-0.15%	–
NS	Exit	NUSTAR ENERGY LP	$0	–	-10,700	–	-0.16%	–
SNA	Exit	SNAP-ON INC	$0	–	-1,000	–	-0.20%	–
EOG	Exit	EOG RESOURCES INC	$0	–	-4,060	–	-0.21%	–
SHYF	Exit	SHYFT GROUP INC/THE	$0	–	-8,200	–	-0.22%	–
RCKY	Exit	ROCKY BRANDS INC	$0	–	-7,040	–	-0.24%	–
BWXT	Exit	BWX TECHNOLOGOES INC	$0	–	-3,210	–	-0.26%	–
GORO	Exit	GOLD RESOURCE CORP	$0	–	-56,220	–	-0.28%	–
MMM	Exit	3M CO	$0	–	-1,225	–	-0.28%	–
NPK	Exit	NATIONAL PRESTO INDS INC	$0	–	-2,455	–	-0.28%	–
	Exit	TWITTER INC 1 09/15/2021note	$0	–	-200,000	–	-0.28%	–
HII	Exit	HUNTINGTON INGALLS INDUSTRIE	$0	–	-1,435	–	-0.29%	–
UGI	Exit	UGI CORP	$0	–	-6,265	–	-0.29%	–
VST	Exit	VISTRA CORP	$0	–	-11,235	–	-0.29%	–
FLIR	Exit	FLIR SYSTEMS INC	$0	–	-5,895	–	-0.30%	–
MGPI	Exit	MGP INGREDIENTS INC	$0	–	-5,385	–	-0.30%	–
REPL	Exit	REPLIMUNE GROUP INC	$0	–	-15,877	–	-0.52%	–
	Exit	CAMP 2 08/01/25note	$0	–	-480,000	–	-0.55%	–
AVRO	Exit	AVROBIO INC	$0	–	-37,306	–	-0.69%	–
	Exit	SUPERNUS PHARMACEUTICALS 0.625 04/01/2023note	$0	–	-540,000	–	-0.70%	–
ET	Exit	ENERGY TRANSFER LP	$0	–	-95,500	–	-0.73%	–
	Exit	JAZZ INVESTMENTS I LTD 1.5 08/15/2024note	$0	–	-515,000	–	-0.73%	–
	Exit	LIGAND PHARMACEUTICALS I 0.75 05/15/2023note	$0	–	-615,000	–	-0.78%	–
BCX	Exit	BLACKROCK RESOURCES & COMMODITIES STRATEGY TRUST	$0	–	-150,600	–	-1.26%	–
CLNY	Exit	COLONY CAPITAL INC	$0	–	-352,939	–	-1.36%	–
D	Exit	DOMINION ENERGY INC	$0	–	-12,426	–	-1.38%	–
DEN	Exit	DENBURY INC	$0	–	-88,798	–	-2.20%	–
TWO	Exit	TWO HARBORS INVESTMENT CORP	$0	–	-315,000	–	-2.26%	–
GHY	Exit	PGIM GLOBAL HIGH YIELD FUND INC	$0	–	-165,301	–	-3.09%	–
CMO	Exit	CAPSTEAD MORTGAGE CORP	$0	–	-473,165	–	-3.75%	–
PHAT	Exit	PHATHOM PHARMACEUTICALS INC	$0	–	-86,940	–	-4.50%	–
JPS	Exit	NUVEEN PREFERRED & INCOME SECURITIES FUND	$0	–	-418,033	–	-5.20%	–
T	Exit	AT&T INC	$0	–	-142,700	–	-5.74%	–
NRZ	Exit	NEW RESIDENTIAL INVESTMENT CORP	$0	–	-531,000	–	-5.96%	–
EMD	Exit	WESTERN ASSET EMERGING MARKETS DEBT FUND INC	$0	–	-349,101	–	-6.07%	–
DLY	Exit	DOUBLELINE YIELD OPPORTUNITIES FUND	$0	–	-250,000	–	-6.45%	–
	Exit	FORTIVE CORPnote	$0	–	-5,400,000	–	-7.63%	–
AIMT	Exit	AIMMUNE THERAPEUTICS INC	$0	–	-158,783	–	-7.72%	–
AGNC	Exit	AGNC INVESTMENT CORP	$0	–	-506,800	–	-9.95%	–
EMLC	Exit	VANECK VECTORS J.P. MORGAN EM LOCAL CURRENCY BOND ETFjp morgan mkts	$0	–	-353,693	–	-15.39%	–

Q3 2020

			Value		Shares		↓ Weighting
AGNC	Sell	AGNC INVESTMENT CORP	$7,050,000	-23.5%	506,800	-79.0%	9.95%	+5.6%
AIMT	New	AIMMUNE THERAPEUTICS INC	$5,470,000	–	158,783	–	7.72%	–
	New	FORTIVE CORPnote	$5,407,000	–	5,400,000	–	7.63%	–
NRZ	Sell	NEW RESIDENTIAL INVESTMENT CORP	$4,221,000	-22.7%	531,000	-27.8%	5.96%	+6.7%
T	Sell	AT&T INC	$4,068,000	-37.8%	142,700	-71.8%	5.74%	-14.1%
DEN	New	DENBURY INC	$1,563,000	–	88,798	–	2.20%	–
	New	LIGAND PHARMACEUTICALS I 0.75 05/15/2023note	$555,000	–	615,000	–	0.78%	–
	New	JAZZ INVESTMENTS I LTD 1.5 08/15/2024note	$518,000	–	515,000	–	0.73%	–
	New	SUPERNUS PHARMACEUTICALS 0.625 04/01/2023note	$493,000	–	540,000	–	0.70%	–
	New	CAMP 2 08/01/25note	$392,000	–	480,000	–	0.55%	–
REPL	New	REPLIMUNE GROUP INC	$365,000	–	15,877	–	0.52%	–
MGPI	New	MGP INGREDIENTS INC	$212,000	–	5,385	–	0.30%	–
FLIR	New	FLIR SYSTEMS INC	$210,000	–	5,895	–	0.30%	–
VST	New	VISTRA CORP	$208,000	–	11,235	–	0.29%	–
UGI	New	UGI CORP	$204,000	–	6,265	–	0.29%	–
HII	New	HUNTINGTON INGALLS INDUSTRIE	$203,000	–	1,435	–	0.29%	–
	New	TWITTER INC 1 09/15/2021note	$199,000	–	200,000	–	0.28%	–
NPK	New	NATIONAL PRESTO INDS INC	$199,000	–	2,455	–	0.28%	–
MMM	New	3M CO	$196,000	–	1,225	–	0.28%	–
GORO	New	GOLD RESOURCE CORP	$195,000	–	56,220	–	0.28%	–
BWXT	New	BWX TECHNOLOGOES INC	$184,000	–	3,210	–	0.26%	–
RCKY	New	ROCKY BRANDS INC	$173,000	–	7,040	–	0.24%	–
SHYF	New	SHYFT GROUP INC/THE	$154,000	–	8,200	–	0.22%	–
EOG	New	EOG RESOURCES INC	$147,000	–	4,060	–	0.21%	–
SNA	New	SNAP-ON INC	$145,000	–	1,000	–	0.20%	–
STC	New	STEWART INFORMATION SERVICES	$105,000	–	2,400	–	0.15%	–
MIXT	New	MIX TELEMATICS LTD-SP ADRsponsored adr	$103,000	–	11,745	–	0.14%	–
HIG	New	HARTFORD FINANCIAL SVCS GRP	$102,000	–	2,790	–	0.14%	–
KHC	New	KRAFT HEINZ CO/THE	$101,000	–	3,415	–	0.14%	–
OMC	New	OMNICOM GROUP	$100,000	–	2,040	–	0.14%	–
MYE	New	MYERS INDUSTRIES INC	$100,000	–	7,525	–	0.14%	–
KIM	New	KIMCO REALTY CORP	$99,000	–	8,755	–	0.14%	–
CSCO	New	CISCO SYSTEMS INC	$97,000	–	2,496	–	0.14%	–
FF	New	FUTUREFUEL CORP	$97,000	–	8,595	–	0.14%	–
NWL	New	NEWELL BRANDS INC	$95,000	–	5,555	–	0.13%	–
ERIC	New	ERICSSON (LM) TEL-SP ADRadr b sek 10	$78,000	–	7,200	–	0.11%	–
LEMB	Exit	ISHARES JP MORGAN EM LOCAL CURRENCY BOND ETF	$0	–	-2,109	–	-0.09%	–
RA	Exit	BROOKFIELD REAL ASSETS INCOME FUND INC	$0	–	-17,256	–	-0.29%	–
VALE	Exit	VALE SA	$0	–	-28,953	–	-0.31%	–
PAA	Exit	PLAINS ALL AMERICAN PIPELINE LP	$0	–	-39,500	–	-0.36%	–
COUP	Exit	COUPA SOFTWARE INC	$0	–	-2,445	–	-0.69%	–
WFC	Exit	WELLS FARGO & CO	$0	–	-67,000	–	-1.75%	–
GOLD	Exit	BARRICK GOLD CORP COM	$0	–	-75,000	–	-2.06%	–
SPG	Exit	SIMON PROPERTY GROUP INC	$0	–	-31,000	–	-2.17%	–
NLY	Exit	AT&T INC	$0	–	-142,700	–	-4.41%	–
	Exit	FORTIVE CORP	$0	–	-5,000,000	–	-5.02%	–
EDD	Exit	MORGAN STANLEY EMERGING MARKETS DOMESTIC DEBT FUND INC	$0	–	-1,016,241	–	-5.87%	–
WFCPRL	Exit	WELLS FARGO & CO	$0	–	-6,000	–	-7.95%	–
FAX	Exit	ANNALY CAPITAL MANAGEMENT INC	$0	–	-1,494,800	–	-10.02%	–

Q2 2020

			Value		Shares		↓ Weighting
EMLC	New	VANECK VECTORS J.P. MORGAN EM LOCAL CURRENCY BOND ETF	$10,873,000	–	353,693	–	11.11%	–
FAX	New	ANNALY CAPITAL MANAGEMENT INC	$9,806,000	–	1,494,800	–	10.02%	–
AGNC	New	ABERDEEN ASIA-PACIFIC INCOME FUND INC	$9,213,000	–	2,418,083	–	9.42%	–
WFCPRL	New	WELLS FARGO & CO	$7,782,000	–	6,000	–	7.95%	–
T	New	AGNC INVESTMENT CORP	$6,538,000	–	506,800	–	6.68%	–
EDD	New	MORGAN STANLEY EMERGING MARKETS DOMESTIC DEBT FUND INC	$5,742,000	–	1,016,241	–	5.87%	–
NRZ	New	NEW RESIDENTIAL INVESTMENT CORP	$5,461,000	–	735,000	–	5.58%	–
	New	FORTIVE CORP	$4,911,000	–	5,000,000	–	5.02%	–
DLY	New	DOUBLELINE YIELD OPPORTUNITIES FUND	$4,408,000	–	250,000	–	4.50%	–
NLY	New	AT&T INC	$4,314,000	–	142,700	–	4.41%	–
EMD	New	WESTERN ASSET EMERGING MARKETS DEBT FUND INC	$4,301,000	–	349,101	–	4.40%	–
JPS	New	NUVEEN PREFERRED & INCOME SECURITIES FUND	$3,532,000	–	418,033	–	3.61%	–
PHAT	New	PHATHOM PHARMACEUTICALS INC	$2,861,000	–	86,940	–	2.92%	–
CMO	New	CAPSTEAD MORTGAGE CORP	$2,598,000	–	473,165	–	2.66%	–
SPG	New	SIMON PROPERTY GROUP INC	$2,120,000	–	31,000	–	2.17%	–
GHY	New	PGIM GLOBAL HIGH YIELD FUND INC	$2,103,000	–	165,301	–	2.15%	–
GOLD	New	BARRICK GOLD CORP COM	$2,021,000	–	75,000	–	2.06%	–
WFC	New	WELLS FARGO & CO	$1,715,000	–	67,000	–	1.75%	–
TWO	New	TWO HARBORS INVESTMENT CORP	$1,588,000	–	315,000	–	1.62%	–
D	New	DOMINION ENERGY INC	$1,009,000	–	12,426	–	1.03%	–
BCX	New	BLACKROCK RESOURCES & COMMODITIES STRATEGY TRUST	$923,000	–	150,600	–	0.94%	–
CLNY	New	COLONY CAPITAL INC	$847,000	–	352,939	–	0.87%	–
ET	New	ENERGY TRANSFER LP	$680,000	–	95,500	–	0.70%	–
COUP	New	COUPA SOFTWARE INC	$677,000	–	2,445	–	0.69%	–
AVRO	New	AVROBIO INC	$651,000	–	37,306	–	0.66%	–
PAA	New	PLAINS ALL AMERICAN PIPELINE LP	$349,000	–	39,500	–	0.36%	–
VALE	New	VALE SA	$299,000	–	28,953	–	0.31%	–
RA	New	BROOKFIELD REAL ASSETS INCOME FUND INC	$287,000	–	17,256	–	0.29%	–
NS	New	NUSTAR ENERGY LP	$153,000	–	10,700	–	0.16%	–
LEMB	New	ISHARES JP MORGAN EM LOCAL CURRENCY BOND ETF	$86,000	–	2,109	–	0.09%	–

Q4 2019

			Value		Shares		↓ Weighting
VALE	Exit	VALE SA	$0	–	-28,953	–	-0.22%	–
RA	Exit	BROOKFIELD REAL ASSETS INCOME FUND INC	$0	–	-17,256	–	-0.26%	–
ECC	Exit	EAGLE POINT CREDIT CO INC	$0	–	-28,145	–	-0.30%	–
PAA	Exit	PLAINS ALL AMERICAN PIPELINE LP	$0	–	-22,000	–	-0.31%	–
UPWK	Exit	UPWORK INC	$0	–	-59,563	–	-0.53%	–
ET	Exit	ENERGY TRANSFER LP	$0	–	-70,000	–	-0.62%	–
D	Exit	DOMINION ENERGY INC	$0	–	-12,426	–	-0.68%	–
BCX	Exit	BLACKROCK RESOURCES & COMMODITIES STRATEGY TRUST	$0	–	-150,600	–	-0.76%	–
CLNY	Exit	COLONY CAPITAL INC	$0	–	-352,939	–	-1.43%	–
GHY	Exit	PGIM GLOBAL HIGH YIELD FUND INC	$0	–	-165,301	–	-1.60%	–
NEM	Exit	NEWMONT GOLDCORP CORP	$0	–	-68,200	–	-1.74%	–
GOLD	Exit	BARRICK GOLD CORP COM	$0	–	-175,500	–	-2.05%	–
CMO	Exit	CAPSTEAD MORTGAGE CORP	$0	–	-473,165	–	-2.35%	–
SPG	Exit	SIMON PROPERTY GROUP INC	$0	–	-31,000	–	-3.26%	–
EMD	Exit	WESTERN ASSET EMERGING MARKETS DEBT FUND INC	$0	–	-349,101	–	-3.27%	–
TWO	Exit	TWO HARBORS INVESTMENT CORP	$0	–	-437,000	–	-3.87%	–
WFCPRL	Exit	WELLS FARGO & CO	$0	–	-6,000	–	-6.16%	–
EDD	Exit	MORGAN STANLEY EMERGING MARKETS DOMESTIC DEBT FUND INC	$0	–	-1,546,241	–	-6.87%	–
FAX	Exit	ABERDEEN ASIA-PACIFIC INCOME FUND INC	$0	–	-2,785,083	–	-7.87%	–
NRZ	Exit	NEW RESIDENTIAL INVESTMENT CORP	$0	–	-907,000	–	-9.59%	–
NLY	Exit	ANNALY CAPITAL MANAGEMENT INC	$0	–	-2,377,800	–	-14.12%	–
AGNC	Exit	AGNC INVESTMENT CORP	$0	–	-1,456,500	–	-15.81%	–
EMLC	Exit	VANECK VECTORS J.P. MORGAN EM LOCAL CURRENCY BOND ETF	$0	–	-733,100	–	-16.32%	–

Q3 2019

			Value		Shares		↓ Weighting
EMLC	Buy	VANECK VECTORS J.P. MORGAN EM LOCAL CURRENCY BOND ETF	$24,192,000	+289.5%	733,100	+309.6%	16.32%	+166.3%
AGNC	Buy	AGNC INVESTMENT CORP	$23,435,000	+10.1%	1,456,500	+15.1%	15.81%	-24.7%
NLY	Buy	ANNALY CAPITAL MANAGEMENT INC	$20,925,000	+30.8%	2,377,800	+35.7%	14.12%	-10.5%
NRZ	Buy	NEW RESIDENTIAL INVESTMENT CORP	$14,222,000	+187.0%	907,000	+181.7%	9.59%	+96.2%
FAX	Buy	ABERDEEN ASIA-PACIFIC INCOME FUND INC	$11,669,000	+28.1%	2,785,083	+27.8%	7.87%	-12.4%
EDD	Buy	MORGAN STANLEY EMERGING MARKETS DOMESTIC DEBT FUND INC	$10,190,000	+39.2%	1,546,241	+45.9%	6.87%	-4.8%
WFCPRL	Buy	WELLS FARGO & CO	$9,135,000	+67.4%	6,000	+50.0%	6.16%	+14.5%
TWO	Buy	TWO HARBORS INVESTMENT CORP	$5,738,000	+183.1%	437,000	+173.1%	3.87%	+93.6%
EMD	Buy	WESTERN ASSET EMERGING MARKETS DEBT FUND INC	$4,849,000	+44.9%	349,101	+49.4%	3.27%	-0.9%
SPG	Buy	SIMON PROPERTY GROUP INC	$4,825,000	+12.7%	31,000	+15.7%	3.26%	-22.9%
CMO	Buy	CAPSTEAD MORTGAGE CORP	$3,478,000	+25.7%	473,165	+42.7%	2.35%	-14.1%
GOLD	New	BARRICK GOLD CORP COM	$3,041,000	–	175,500	–	2.05%	–
NEM	New	NEWMONT GOLDCORP CORP	$2,586,000	–	68,200	–	1.74%	–
GHY	Buy	PGIM GLOBAL HIGH YIELD FUND INC	$2,375,000	+39.8%	165,301	+40.6%	1.60%	-4.4%
CLNY	Buy	COLONY CAPITAL INC	$2,125,000	+56.1%	352,939	+29.7%	1.43%	+6.7%
BCX	Buy	BLACKROCK RESOURCES & COMMODITIES STRATEGY TRUST	$1,126,000	+89.6%	150,600	+107.4%	0.76%	+29.7%
ET	New	ENERGY TRANSFER LP	$916,000	–	70,000	–	0.62%	–
UPWK	New	UPWORK INC	$792,000	–	59,563	–	0.53%	–
PAA	New	PLAINS ALL AMERICAN PIPELINE LP	$457,000	–	22,000	–	0.31%	–
ECC	Sell	EAGLE POINT CREDIT CO INC	$444,000	-50.8%	28,145	-44.2%	0.30%	-66.4%
AVLR	Exit	AVALARA INC	$0	–	-426	–	-0.03%	–
DSL	Exit	DOUBLELINE INCOME SOLUTIONS FUND	$0	–	-60,100	–	-1.18%	–
DOCU	Exit	DOCUSIGN INC	$0	–	-72,331	–	-3.55%	–
T	Exit	AT&T INC	$0	–	-224,000	–	-7.40%	–

Q2 2019

			Value		Shares		↓ Weighting
AGNC	New	AGNC INVESTMENT CORP	$21,291,000	–	1,265,800	–	21.00%	–
NLY	New	ANNALY CAPITAL MANAGEMENT INC	$15,994,000	–	1,751,800	–	15.78%	–
FAX	New	ABERDEEN ASIA-PACIFIC INCOME FUND INC	$9,109,000	–	2,179,083	–	8.98%	–
T	New	AT&T INC	$7,506,000	–	224,000	–	7.40%	–
EDD	New	MORGAN STANLEY EMERGING MARKETS DOMESTIC DEBT FUND INC	$7,323,000	–	1,059,799	–	7.22%	–
EMLC	New	VANECK VECTORS J.P. MORGAN EM LOCAL CURRENCY BOND ETF	$6,211,000	–	179,000	–	6.13%	–
WFCPRL	New	WELLS FARGO & CO	$5,457,000	–	4,000	–	5.38%	–
NRZ	New	NEW RESIDENTIAL INVESTMENT CORP	$4,956,000	–	322,000	–	4.89%	–
SPG	New	SIMON PROPERTY GROUP INC	$4,282,000	–	26,800	–	4.22%	–
DOCU	New	DOCUSIGN INC	$3,596,000	–	72,331	–	3.55%	–
EMD	New	WESTERN ASSET EMERGING MARKETS DEBT FUND INC	$3,347,000	–	233,701	–	3.30%	–
CMO	New	CAPSTEAD MORTGAGE CORP	$2,768,000	–	331,528	–	2.73%	–
TWO	New	TWO HARBORS INVESTMENT CORP	$2,027,000	–	160,000	–	2.00%	–
GHY	New	PGIM GLOBAL HIGH YIELD FUND INC	$1,699,000	–	117,601	–	1.68%	–
CLNY	New	COLONY CAPITAL INC	$1,361,000	–	272,118	–	1.34%	–
DSL	New	DOUBLELINE INCOME SOLUTIONS FUND	$1,200,000	–	60,100	–	1.18%	–
D	New	DOMINION ENERGY INC	$961,000	–	12,426	–	0.95%	–
ECC	New	EAGLE POINT CREDIT CO INC	$902,000	–	50,401	–	0.89%	–
BCX	New	BLACKROCK RESOURCES & COMMODITIES STRATEGY TRUST	$594,000	–	72,600	–	0.59%	–
VALE	New	VALE SA	$389,000	–	28,953	–	0.38%	–
RA	New	BROOKFIELD REAL ASSETS INCOME FUND INC	$374,000	–	17,256	–	0.37%	–
AVLR	New	AVALARA INC	$31,000	–	426	–	0.03%	–

Q4 2018

			Value		Shares		↓ Weighting
RA	Exit	BROOKFIELD REAL ASSETS INCOME FUND INC	$0	–	-17,256	–	-0.37%	–
ARR	Exit	ARMOUR RESIDENTIAL REIT INC	$0	–	-19,750	–	-0.41%	–
SNAP	Exit	SNAP INC	$0	–	-65,013	–	-0.51%	–
ZS	Exit	ZSCALER INC	$0	–	-13,524	–	-0.51%	–
D	Exit	DOMINION ENERGY INC	$0	–	-12,426	–	-0.89%	–
DSL	Exit	DOUBLELINE INCOME SOLUTIONS FUND	$0	–	-60,100	–	-1.13%	–
ECC	Exit	EAGLE POINT CREDIT CO INC	$0	–	-73,445	–	-1.22%	–
BCX	Exit	BLACKROCK RESOURCES & COMMODITIES STRATEGY TRUST	$0	–	-210,600	–	-1.77%	–
CLNY	Exit	COLONY CAPITAL INC	$0	–	-352,939	–	-2.00%	–
TWO	Exit	TWO HARBORS INVESTMENT CORP	$0	–	-150,000	–	-2.08%	–
GHY	Exit	PGIM GLOBAL SHORT DURATION HIGH YIELD FUND INC	$0	–	-165,301	–	-2.13%	–
T	Exit	AT&T INC	$0	–	-91,000	–	-2.84%	–
CMO	Exit	CAPSTEAD MORTGAGE CORP	$0	–	-473,165	–	-3.48%	–
NRZ	Exit	NEW RESIDENTIAL INVESTMENT CORP	$0	–	-238,304	–	-3.94%	–
CIM	Exit	CHIMERA INVESTMENT CORP	$0	–	-324,499	–	-5.46%	–
EMD	Exit	WESTERN ASSET EMERGING MARKETS DEBT FUND INC	$0	–	-453,300	–	-5.65%	–
WFCPRL	Exit	WELLS FARGO & CO	$0	–	-6,000	–	-7.19%	–
EDD	Exit	MORGAN STANLEY EMERGING MARKETS DOMESTIC DEBT FUND INC	$0	–	-1,546,241	–	-9.68%	–
FAX	Exit	ABERDEEN ASIA-PACIFIC INCOME FUND INC	$0	–	-2,785,083	–	-10.71%	–
NLY	Exit	ANNALY CAPITAL MANAGEMENT INC	$0	–	-1,715,800	–	-16.30%	–
AGNC	Exit	AGNC INVESTMENT CORP	$0	–	-1,257,000	–	-21.74%	–

Q3 2018

			Value		Shares		↓ Weighting
AGNC	New	AGNC INVESTMENT CORP	$23,418,000	–	1,257,000	–	21.74%	–
NLY	New	ANNALY CAPITAL MANAGEMENT INC	$17,553,000	–	1,715,800	–	16.30%	–
FAX	New	ABERDEEN ASIA-PACIFIC INCOME FUND INC	$11,530,000	–	2,785,083	–	10.71%	–
EDD	New	MORGAN STANLEY EMERGING MARKETS DOMESTIC DEBT FUND INC	$10,422,000	–	1,546,241	–	9.68%	–
WFCPRL	New	WELLS FARGO & CO	$7,745,000	–	6,000	–	7.19%	–
EMD	New	WESTERN ASSET EMERGING MARKETS DEBT FUND INC	$6,083,000	–	453,300	–	5.65%	–
CIM	New	CHIMERA INVESTMENT CORP	$5,883,000	–	324,499	–	5.46%	–
NRZ	New	NEW RESIDENTIAL INVESTMENT CORP	$4,247,000	–	238,304	–	3.94%	–
CMO	New	CAPSTEAD MORTGAGE CORP	$3,743,000	–	473,165	–	3.48%	–
T	New	AT&T INC	$3,056,000	–	91,000	–	2.84%	–
GHY	New	PGIM GLOBAL SHORT DURATION HIGH YIELD FUND INC	$2,293,000	–	165,301	–	2.13%	–
TWO	New	TWO HARBORS INVESTMENT CORP	$2,240,000	–	150,000	–	2.08%	–
CLNY	New	COLONY CAPITAL INC	$2,149,000	–	352,939	–	2.00%	–
BCX	New	BLACKROCK RESOURCES & COMMODITIES STRATEGY TRUST	$1,910,000	–	210,600	–	1.77%	–
ECC	New	EAGLE POINT CREDIT CO INC	$1,315,000	–	73,445	–	1.22%	–
DSL	New	DOUBLELINE INCOME SOLUTIONS FUND	$1,214,000	–	60,100	–	1.13%	–
D	New	DOMINION ENERGY INC	$956,000	–	12,426	–	0.89%	–
ZS	New	ZSCALER INC	$552,000	–	13,524	–	0.51%	–
SNAP	New	SNAP INC	$551,000	–	65,013	–	0.51%	–
ARR	New	ARMOUR RESIDENTIAL REIT INC	$443,000	–	19,750	–	0.41%	–
RA	New	BROOKFIELD REAL ASSETS INCOME FUND INC	$398,000	–	17,256	–	0.37%	–

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