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DENVER INVESTMENT ADVISORS LLC
> PAHC
| Date | Name | Ticker | Shares | Change | Value | Change | Price |
| 03/31/2018 | PHIBRO ANIMAL HEALTH CORP | PAHC | 504,245 | -27,315 | 20,018,000 | 2,210,000 | $39.70 |
| 12/31/2017 | PHIBRO ANIMAL HEALTH CORP | PAHC | 531,560 | -33,100 | 17,808,000 | -3,112,000 | $33.50 |
| 09/30/2017 | PHIBRO ANIMAL HEALTH CORP | PAHC | 564,660 | -126,419 | 20,920,000 | -4,684,000 | $37.05 |
| 06/30/2017 | PHIBRO ANIMAL HEALTH CORP | PAHC | 691,079 | 733 | 25,604,000 | 6,205,000 | $37.05 |
| 03/31/2017 | PHIBRO ANIMAL HEALTH CORP | PAHC | 690,346 | 690,346 | 19,399,000 | 19,399,000 | $28.10 |
| 09/30/2015 | PHIBRO ANIMAL HEALTH CORP | PAHC | 0 | -216,918 | 0 | -4,861,000 | |
| 06/30/2015 | PHIBRO ANIMAL HEALTH CORP | PAHC | 0 | -623,173 | 0 | -22,067,000 | |
| 03/31/2015 | PHIBRO ANIMAL HEALTH CORP | PAHC | 623,173 | 103,113 | 22,067,000 | 5,659,000 | $35.41 |
| 12/31/2014 | PHIBRO ANIMAL HEALTH CORP | PAHC | 520,060 | 303,142 | 16,408,000 | 11,547,000 | $31.55 |
| 09/30/2014 | PHIBRO ANIMAL HEALTH CORP | PAHC | 216,918 | 216,918 | 4,861,000 | 4,861,000 | $22.41 |
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