Philadelphia Financial Management of San Francisco’s Beneficial Bancorp, Inc. BNCL Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Shares Change %	Capital Flow	Portfolio Weight	Portfolio Position
2015 Q1	–	Sell	-50,958	Closed	-$568K	–	44
2014 Q4	$568K	Sell	50,958 -40,587	-44%	-$452K	0.1%	41
2014 Q3	$1.06M	Buy	+91,545	New	+$1.06M	0.2%	40