Philadelphia Financial Management of San Francisco’s AMERICA FIRST TAX EXEMT INV LP ATAXZ Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Shares Change %	Capital Flow	Portfolio Weight	Portfolio Position
2014 Q1	–	Sell	-902,003	Closed	-$5.67M	–	45
2013 Q4	$5.67M	Buy	902,003 +300,000	+50%	+$1.89M	1.41%	30
2013 Q3	$4.11M	Sell	602,003 -79,994	-12%	-$546K	1.15%	31
2013 Q2	$4.61M	Buy	+681,997	New	+$4.61M	1.28%	26