Thornburg Investment Management’s Two Harbors Investment TWO Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2017 Q4	–	Sell	-1,911,237	Closed	-$154M	–	255
2017 Q3	$154M	Hold	1,911,237	–	–	1.1%	30
2017 Q2	$152M	Sell	1,911,237 -176,700	-8%	-$14.1M	1.15%	25
2017 Q1	$160M	Sell	2,087,937 -620,816	-23%	-$45.3M	1.3%	23
2016 Q4	$189M	Sell	2,708,753 -286,439	-10%	-$19.5M	1.46%	15
2016 Q3	$204M	Hold	2,995,192	–	–	1.56%	17
2016 Q2	$205M	Sell	2,995,192 -73,462	-2%	-$4.84M	1.59%	14
2016 Q1	$195M	Buy	3,068,654 +244,325	+9%	+$15.1M	1.3%	21
2015 Q4	$183M	Buy	2,824,329 +277,257	+11%	+$18.9M	1.16%	21
2015 Q3	$180M	Buy	2,547,072 +306,708	+14%	+$23.9M	1.13%	22
2015 Q2	$175M	Sell	2,240,364 -224,952	-9%	-$18.9M	1.01%	29
2015 Q1	$209M	Buy	2,465,316 +346,451	+16%	+$28.7M	1.17%	21
2014 Q4	$170M	Buy	2,118,865 +39,359	+2%	+$3.2M	0.85%	37
2014 Q3	$161M	Buy	2,079,506 +112,500	+6%	+$9.35M	0.73%	38
2014 Q2	$165M	Sell	1,967,006 -48,269	-2%	-$4.01M	0.66%	37
2014 Q1	$165M	Sell	2,015,275 -51,025	-2%	-$4.11M	0.65%	39
2013 Q4	$153M	Buy	2,066,300 +394,050	+24%	+$29.5M	0.59%	42
2013 Q3	$130M	Buy	1,672,250 +506,829	+43%	+$39.8M	0.52%	50
2013 Q2	$95.6M	Buy	+1,165,421	New	+$107M	0.44%	68