Philadelphia Financial Management of San Francisco’s Franklin Resources BEN Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Shares Change %	Capital Flow	Portfolio Weight	Portfolio Position
2014 Q1	–	Sell	-192,704	Closed	-$11.1M	–	32
2013 Q4	$11.1M	Sell	192,704 -110,647	-36%	-$6.39M	2.77%	17
2013 Q3	$15.3M	Buy	+303,351	New	+$15.3M	4.28%	5