Instuitional Investor - Penn Mutual Life Insurance Co

13F Holdings

Filing Period:

No.	Security	Ticker	Shares	Value	% Port
1.	Agnc Investment Corp.	AGNC	1,012,000	$18,813,000	15.02%
2.	Annaly Capital Management Inc	NLY	381,500	$15,700,000	12.54%
3.	Aberdeen Asia-Pacific Income Fund Inc	FAX	2,785,000	$12,032,000	9.61%
4.	Morgan Stanley Emerging Markets Domestic Debt Fund Inc.	EDD	1,546,000	$10,360,000	8.27%
5.	Ares Capital Corp	ARCC	623,000	$10,248,000	8.18%