CANYON CAPITAL ADVISORS LLC Activity Q4 1999-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
	Sell	SEADRILL 2021 LTD	$224,188,955	+8.0%	5,005,335	-0.5%	22.14%	+8.1%
	Buy	CBL & ASSOC PPTYS INC	$177,622,848	-4.0%	8,466,294	+0.8%	17.54%	-3.9%
	Buy	NOBLE CORP PLC	$156,615,929	+247.4%	3,092,121	+183.3%	15.47%	+247.8%
SGEN	Buy	SEAGEN INC	$80,130,752	+291.4%	377,708	+255.1%	7.91%	+292.0%
HZNP	Buy	HORIZON THERAPEUTICS PUB L	$57,845,000	+125.0%	500,000	+100.0%	5.71%	+125.3%
VAL	Sell	VALARIS LTDcl a	$32,098,788	-48.8%	428,098	-57.1%	3.17%	-48.8%
	Buy	SUNRUN INCnote 2/0	$18,149,285	+151.1%	25,075,000	+148.3%	1.79%	+151.3%
	New	DISH NETWORK CORPORATIONnote 12/1	$10,012,500	–	15,000,000	–	0.99%	–
GFXWS	Exit	GOLDEN FALCON ACQUISITION CO*w exp 11/04/202	$0	–	-500,000	–	-0.01%	–
CRC	Exit	CALIFORNIA RES CORP	$0	–	-226,349	–	-0.61%	–
ATVI	Exit	ACTIVISION BLIZZARD INC	$0	–	-250,000	–	-2.08%	–
THC	Exit	TENET HEALTHCARE CORP	$0	–	-578,832	–	-4.65%	–
	Exit	NOBLE CORP PLC*w exp 02/04/202	$0	–	-2,484,907	–	-5.63%	–
	Exit	NOBLE CORP PLC*w exp 02/04/202	$0	–	-2,435,405	–	-6.19%	–

Q2 2023

			Value		Shares		↓ Weighting
	New	SEADRILL 2021 LTD	$207,661,685	–	5,031,783	–	20.48%	–
	New	CBL & ASSOC PPTYS INC	$185,054,298	–	8,396,293	–	18.25%	–
BERY	New	BERRY GLOBAL GROUP INC	$177,272,914	–	2,755,252	–	17.49%	–
	New	NOBLE CORP PLC*w exp 02/04/202	$62,796,384	–	2,435,405	–	6.19%	–
VAL	New	VALARIS LIMITEDcl a	$62,738,504	–	996,957	–	6.19%	–
	New	NOBLE CORP PLC*w exp 02/04/202	$57,105,427	–	2,484,907	–	5.63%	–
THC	New	TENET HEALTHCARE CORP	$47,105,348	–	578,832	–	4.65%	–
	New	NOBLE CORP PLC	$45,082,347	–	1,091,318	–	4.45%	–
	New	ARDAGH METAL PACKAGING S A	$38,181,834	–	10,154,743	–	3.77%	–
HZNP	New	HORIZON THERAPEUTICS PUB L	$25,712,500	–	250,000	–	2.54%	–
ATVI	New	ACTIVISION BLIZZARD INC	$21,075,000	–	250,000	–	2.08%	–
SGEN	New	SEAGEN INC	$20,470,623	–	106,363	–	2.02%	–
RSI	New	RUSH STREET INTERACTIVE INC	$17,894,086	–	5,735,284	–	1.76%	–
RUN	New	SUNRUN INC	$15,763,236	–	882,600	–	1.56%	–
	New	ACORDA THERAPEUTICS INCnote 6.000%12/0	$15,654,375	–	25,875,000	–	1.54%	–
	New	SUNRUN INCnote 2/0	$7,226,550	–	10,100,000	–	0.71%	–
CRC	New	CALIFORNIA RES CORP	$6,154,911	–	226,349	–	0.61%	–
AACWS	New	ARES ACQUISITION CORPORATION*w exp 02/02/202	$240,000	–	300,000	–	0.02%	–
LCAAW	New	L CATTERTON ASIA ACQUISITION*w exp 03/08/202	$146,926	–	299,849	–	0.01%	–
	New	EG ACQUISITION CORP*w exp 05/28/202	$131,776	–	433,332	–	0.01%	–
GFXWS	New	GOLDEN FALCON ACQUISITION CO*w exp 11/04/202	$65,000	–	500,000	–	0.01%	–
	New	TRITIUM DCFC LIMITED*w exp 01/13/202	$36,792	–	90,000	–	0.00%	–
	New	ALLEGO N V*w exp 03/16/202	$43,500	–	150,000	–	0.00%	–
PRPCWS	New	CC NEUBERGER PRINCIPAL HOLDN*w exp 02/05/202	$32,000	–	159,998	–	0.00%	–
	New	BRIDGER AEROSPACE GRP HLDGS*w exp 01/24/202	$35,473	–	175,000	–	0.00%	–
APGBWS	New	APOLLO STRATEGIC GRWT CPTL I*w exp 02/12/202	$24,520	–	200,000	–	0.00%	–
KRNLW	New	KERNEL GROUP HOLDINGS INC*w exp 02/02/202	$17,490	–	149,999	–	0.00%	–
JWSMWS	New	JAWS MUSTANG ACQUISITION COR*w exp 01/30/202	$25,000	–	500,000	–	0.00%	–
CVIIWS	New	CHURCHILL CAPITAL CORP VII*w exp 02/29/202	$18,200	–	129,998	–	0.00%	–
OPAWS	New	MAGNUM OPUS ACQUISITION LTD*w exp 03/06/202	$19,200	–	500,000	–	0.00%	–
	New	SONDER HOLDINGS INC*w exp 01/18/202	$2,800	–	80,000	–	0.00%	–
GAMCW	New	GOLDEN ARROW MERGER CORP*w exp 07/31/202	$5,000	–	166,666	–	0.00%	–

Q4 2022

			Value		Shares		↓ Weighting
KRNLW	Exit	KERNEL GROUP HOLDINGS INC*w exp 02/02/202	$0	–	-149,999	–	0.00%	–
LMACW	Exit	LIBERTY MEDIA ACQUISITION CO*w exp 99/99/999	$0	–	-93,883	–	0.00%	–
AMPIWS	Exit	ADVANCED MERGER PARTNERS INC*w exp 06/30/202	$0	–	-50,000	–	0.00%	–
GSQDWS	Exit	G SQUARED ASCEND I INC*w exp 02/01/202	$0	–	-44,494	–	0.00%	–
LGACW	Exit	LAZARD GROWTH ACQUISITION CO*w exp 02/10/202	$0	–	-70,000	–	0.00%	–
FTEVWS	Exit	FINTECH EVOLUTION ACQUIS GRO*w exp 03/31/202	$0	–	-150,000	–	-0.00%	–
MITWS	Exit	MASON INDUSTRIAL TECHNOLGY I*w exp 99/99/999	$0	–	-233,333	–	-0.00%	–
SCOBW	Exit	SCION TECH GROWTH II*w exp 01/28/202	$0	–	-233,332	–	-0.00%	–
RKTAWS	Exit	ROCKET INTERNET GRWT OPRT CO*w exp 99/99/999	$0	–	-112,500	–	-0.00%	–
LVRAW	Exit	LEVERE HOLDINGS CORP*w exp 03/09/202	$0	–	-166,665	–	-0.00%	–
	Exit	SONDER HOLDINGS INC*w exp 01/31/202	$0	–	-80,000	–	-0.00%	–
LCAAW	Exit	L CATTERTON ASIA ACQUISITION*w exp 03/08/202	$0	–	-299,849	–	-0.00%	–
FRSGW	Exit	FIRST RESERVE SUSTAINABLE GW*w exp 03/05/202	$0	–	-100,000	–	-0.00%	–
WPCAWS	Exit	WARBURG PINCUS CAPTAL CORP I*w exp 99/99/999	$0	–	-100,000	–	-0.00%	–
ACIIWS	Exit	ATLAS CREST INVESTMENT CORP*w exp 02/03/202	$0	–	-162,499	–	-0.00%	–
GAMCW	Exit	GOLDEN ARROW MERGER CORP*w exp 07/31/202	$0	–	-166,666	–	-0.00%	–
MSDAW	Exit	MSD ACQUISITION CORP*w exp 03/25/202	$0	–	-80,000	–	-0.00%	–
KAHCWS	Exit	KKR ACQUISITION HOLDING I CO*w exp 03/17/202	$0	–	-50,000	–	-0.00%	–
WPCBWS	Exit	WARBURG PINCUS CAPTAL CORP I*w exp 99/99/999	$0	–	-199,998	–	-0.00%	–
AAQCWS	Exit	ACCELERATE ACQUISITION CORP*w exp 03/15/202	$0	–	-233,332	–	-0.00%	–
ASZWS	Exit	AUSTERLITZ ACQUISITION CORP*w exp 02/19/202	$0	–	-207,575	–	-0.00%	–
APGBWS	Exit	APOLLO STRATEGIC GRWT CPTL I*w exp 02/12/202	$0	–	-200,000	–	-0.00%	–
CVIIWS	Exit	CHURCHILL CAPITAL CORP VII*w exp 02/29/202	$0	–	-129,998	–	-0.00%	–
FVIVWS	Exit	FORTRESS VALUE ACQUISI CORP*w exp 03/18/202	$0	–	-124,998	–	-0.00%	–
GFXWS	Exit	GOLDEN FALCON ACQUISITION CO*w exp 11/04/202	$0	–	-500,000	–	-0.00%	–
PRPCWS	Exit	CC NEUBERGER PRINCIPAL HOLDN*w exp 99/99/999	$0	–	-159,998	–	-0.00%	–
AACWS	Exit	ARES ACQUISITION CORPORATION*w exp 99/99/999	$0	–	-300,000	–	-0.00%	–
JWSMWS	Exit	JAWS MUSTANG ACQUISITION COR*w exp 01/30/202	$0	–	-500,000	–	-0.01%	–
	Exit	EG ACQUISITION CORP*w exp 05/28/202	$0	–	-433,332	–	-0.01%	–
GSEVW	Exit	GORES HOLDINGS VII INC*w exp 02/25/202	$0	–	-427,242	–	-0.01%	–
JCICW	Exit	JACK CREEK INVESTMENT CORP*w exp 10/01/202	$0	–	-175,000	–	-0.01%	–
	Exit	ALLEGO N V*w exp 03/16/202	$0	–	-150,000	–	-0.01%	–
OPAWS	Exit	MAGNUM OPUS ACQUISITION LTD*w exp 03/06/202	$0	–	-500,000	–	-0.01%	–
	Exit	TRITIUM DCFC LIMITED*w exp 01/13/202	$0	–	-90,000	–	-0.01%	–
GTPBW	Exit	GORES TECHNOLOGY PARTNERS II*w exp 03/16/202	$0	–	-596,528	–	-0.01%	–
GTPAW	Exit	GORES TECHNOLOGY PARTNERS IN*w exp 03/16/202	$0	–	-291,933	–	-0.01%	–
GIIXW	Exit	GORES HLDGS VIII INC*w exp 03/01/202	$0	–	-237,497	–	-0.02%	–
ACOR	Exit	ACORDA THERAPEUTICS INC	$0	–	-1,193,988	–	-0.04%	–
NRZ	Exit	RITHM CAPITAL CORP	$0	–	-54,700	–	-0.04%	–
LILA	Exit	LIBERTY LATIN AMERICA LTD	$0	–	-216,449	–	-0.13%	–
LQD	Exit	ISHARES TRiboxx inv cp etf	$0	–	-48,400	–	-0.49%	–
ACII	Exit	ATLAS CREST INVESTMENT CORP	$0	–	-650,000	–	-0.63%	–
	Exit	AVAYA HLDGS CORPnote 2.250% 6/1	$0	–	-30,500,000	–	-1.30%	–
XLE	Exit	SELECT SECTOR SPDR TRput	$0	–	-38,400	–	-1.40%	–
	Exit	ACORDA THERAPEUTICS INCnote 6.000%12/0	$0	–	-25,875,000	–	-1.90%	–
RSI	Exit	RUSH STREET INTERACTIVE INC	$0	–	-5,735,284	–	-2.07%	–
RUN	Exit	SUNRUN INC	$0	–	-1,064,800	–	-2.88%	–
LILAK	Exit	LIBERTY LATIN AMERICA LTD	$0	–	-4,828,703	–	-2.92%	–
DELL	Exit	DELL TECHNOLOGIES INCcl c	$0	–	-1,039,898	–	-3.49%	–
ODP	Exit	THE ODP CORP	$0	–	-1,132,866	–	-3.91%	–
	Exit	ARDAGH METAL PACKAGING S A	$0	–	-10,154,743	–	-4.82%	–
BYD	Exit	BOYD GAMING CORP	$0	–	-1,397,421	–	-6.54%	–
	Exit	NOBLE CORP NEW	$0	–	-2,292,118	–	-6.66%	–
VAL	Exit	VALARIS LIMITEDcl a	$0	–	-1,645,063	–	-7.90%	–
SJR	Exit	SHAW COMMUNICATIONS INCcl b conv	$0	–	-3,987,300	–	-9.52%	–
THC	Exit	TENET HEALTHCARE CORP	$0	–	-1,883,882	–	-9.54%	–
BERY	Exit	BERRY GLOBAL GROUP INC	$0	–	-2,755,252	–	-12.59%	–
	Exit	CBL & ASSOC PPTYS INC	$0	–	-8,396,293	–	-21.11%	–

Q3 2022

			Value		Shares		↓ Weighting
SJR	Sell	SHAW COMMUNICATIONS INCcl b conv	$96,958,000	-40.7%	3,987,300	-28.2%	9.52%	-26.6%
	New	NOBLE CORP NEW	$67,801,000	–	2,292,118	–	6.66%	–
DELL	Sell	DELL TECHNOLOGIES INCcl c	$35,533,000	-47.2%	1,039,898	-28.6%	3.49%	-34.6%
XLE	Sell	SELECT SECTOR SPDR TRput	$14,304,000	+44.6%	38,400	-99.3%	1.40%	+79.1%
LQD	New	ISHARES TRiboxx inv cp etf	$4,959,000	–	48,400	–	0.49%	–
	Sell	TRITIUM DCFC LIMITED*w exp 01/13/202	$82,000	-58.6%	90,000	-39.5%	0.01%	-50.0%
ACTDW	Exit	ARCLIGHT CLEAN TRANSITION II*w exp 03/16/202	$0	–	-60,000	–	-0.01%	–
THWWW	Exit	TARGET HOSPITALITY CORP*w exp 03/15/202	$0	–	-500,000	–	-0.01%	–
HXL	Exit	HEXCEL CORP NEW	$0	–	-69,609	–	-0.29%	–
EHC	Exit	ENCOMPASS HEALTH CORP	$0	–	-345,123	–	-1.53%	–
NE	Exit	NOBLE CORP NEW	$0	–	-2,292,118	–	-4.61%	–
CHNG	Exit	CHANGE HEALTHCARE INC	$0	–	-4,705,142	–	-8.60%	–

Q2 2022

			Value		Shares		↓ Weighting
	New	CBL & ASSOC PPTYS INC	$197,229,000	–	8,396,293	–	15.64%	–
SJR	New	SHAW COMMUNICATIONS INCcl b conv	$163,542,000	–	5,550,000	–	12.96%	–
BERY	New	BERRY GLOBAL GROUP INC	$150,547,000	–	2,755,252	–	11.94%	–
CHNG	New	CHANGE HEALTHCARE INC	$108,501,000	–	4,705,142	–	8.60%	–
THC	New	TENET HEALTHCARE CORP	$99,017,000	–	1,883,882	–	7.85%	–
BYD	New	BOYD GAMING CORP	$69,522,000	–	1,397,421	–	5.51%	–
VAL	New	VALARIS LIMITEDcl a	$69,487,000	–	1,645,063	–	5.51%	–
DELL	New	DELL TECHNOLOGIES INCcl c	$67,277,000	–	1,455,898	–	5.33%	–
	New	ARDAGH METAL PACKAGING S A	$61,944,000	–	10,154,743	–	4.91%	–
NE	New	NOBLE CORP NEW	$58,105,000	–	2,292,118	–	4.61%	–
LILAK	New	LIBERTY LATIN AMERICA LTD	$37,616,000	–	4,828,703	–	2.98%	–
ODP	New	THE ODP CORP	$34,258,000	–	1,132,866	–	2.72%	–
	New	AVAYA HLDGS CORPnote 2.250% 6/1	$29,419,000	–	30,500,000	–	2.33%	–
RSI	New	RUSH STREET INTERACTIVE INC	$26,783,000	–	5,735,284	–	2.12%	–
RUN	New	SUNRUN INC	$24,874,000	–	1,064,800	–	1.97%	–
EHC	New	ENCOMPASS HEALTH CORP	$19,344,000	–	345,123	–	1.53%	–
	New	ACORDA THERAPEUTICS INCnote 6.000%12/0	$19,021,000	–	25,875,000	–	1.51%	–
XLE	New	SELECT SECTOR SPDR TRput	$9,895,000	–	5,466,900	–	0.78%	–
ACII	New	ATLAS CREST INVESTMENT CORP	$6,377,000	–	650,000	–	0.51%	–
HXL	New	HEXCEL CORP NEW	$3,641,000	–	69,609	–	0.29%	–
LILA	New	LIBERTY LATIN AMERICA LTD	$1,688,000	–	216,449	–	0.13%	–
ACOR	New	ACORDA THERAPEUTICS INC	$556,000	–	1,193,988	–	0.04%	–
NRZ	New	NEW RESIDENTIAL INVT CORP	$510,000	–	54,700	–	0.04%	–
GTPBW	New	GORES TECHNOLOGY PARTNERS II*w exp 03/16/202	$239,000	–	596,528	–	0.02%	–
	New	TRITIUM DCFC LIMITED*w exp 01/13/202	$198,000	–	148,734	–	0.02%	–
GSEVW	New	GORES HOLDINGS VII INC*w exp 02/25/202	$196,000	–	427,242	–	0.02%	–
THWWW	New	TARGET HOSPITALITY CORP*w exp 03/15/202	$178,000	–	500,000	–	0.01%	–
GTPAW	New	GORES TECHNOLOGY PARTNERS IN*w exp 03/16/202	$152,000	–	291,933	–	0.01%	–
GIIXW	New	GORES HLDGS VIII INC*w exp 03/01/202	$133,000	–	237,497	–	0.01%	–
JWSMWS	New	JAWS MUSTANG ACQUISITION COR*w exp 01/30/202	$125,000	–	500,000	–	0.01%	–
	New	ALLEGO N V*w exp 03/16/202	$70,000	–	150,000	–	0.01%	–
AACWS	New	ARES ACQUISITION CORPORATION*w exp 99/99/999	$69,000	–	300,000	–	0.01%	–
	New	EG ACQUISITION CORP*w exp 05/28/202	$68,000	–	433,332	–	0.01%	–
ACTDW	New	ARCLIGHT CLEAN TRANSITION II*w exp 03/16/202	$63,000	–	60,000	–	0.01%	–
CVIIWS	New	CHURCHILL CAPITAL CORP VII*w exp 02/29/202	$45,000	–	129,998	–	0.00%	–
PRPCWS	New	CC NEUBERGER PRINCIPAL HOLDN*w exp 99/99/999	$48,000	–	159,998	–	0.00%	–
APGBWS	New	APOLLO STRATEGIC GRWT CPTL I*w exp 02/12/202	$50,000	–	200,000	–	0.00%	–
LMACW	New	LIBERTY MEDIA ACQUISITION CO*w exp 99/99/999	$47,000	–	93,883	–	0.00%	–
GFXWS	New	GOLDEN FALCON ACQUISITION CO*w exp 11/04/202	$46,000	–	500,000	–	0.00%	–
WPCBWS	New	WARBURG PINCUS CAPTAL CORP I*w exp 99/99/999	$54,000	–	199,998	–	0.00%	–
MITWS	New	MASON INDUSTRIAL TECHNOLGY I*w exp 99/99/999	$33,000	–	233,333	–	0.00%	–
OPAWS	New	MAGNUM OPUS ACQUISITION LTD*w exp 03/06/202	$40,000	–	500,000	–	0.00%	–
WPCAWS	New	WARBURG PINCUS CAPTAL CORP I*w exp 99/99/999	$33,000	–	100,000	–	0.00%	–
AAQCWS	New	ACCELERATE ACQUISITION CORP*w exp 03/15/202	$38,000	–	233,332	–	0.00%	–
FVIVWS	New	FORTRESS VALUE ACQUISI CORP*w exp 03/18/202	$23,000	–	124,998	–	0.00%	–
MSDAW	New	MSD ACQUISITION CORP*w exp 03/25/202	$30,000	–	80,000	–	0.00%	–
ACIIWS	New	ATLAS CREST INVESTMENT CORP*w exp 02/03/202	$23,000	–	162,499	–	0.00%	–
ASZWS	New	AUSTERLITZ ACQUISITION CORP*w exp 02/19/202	$25,000	–	207,575	–	0.00%	–
LCAAW	New	L CATTERTON ASIA ACQUISITION*w exp 03/08/202	$30,000	–	299,849	–	0.00%	–
SCOBW	New	SCION TECH GROWTH II*w exp 01/28/202	$25,000	–	233,332	–	0.00%	–
RKTAWS	New	ROCKET INTERNET GRWT OPRT CO*w exp 99/99/999	$19,000	–	112,500	–	0.00%	–
	New	SONDER HOLDINGS INC*w exp 01/31/202	$13,000	–	80,000	–	0.00%	–
KAHCWS	New	KKR ACQUISITION HOLDING I CO*w exp 03/17/202	$18,000	–	50,000	–	0.00%	–
FTEVWS	New	FINTECH EVOLUTION ACQUIS GRO*w exp 03/31/202	$14,000	–	150,000	–	0.00%	–
JCICW	New	JACK CREEK INVESTMENT CORP*w exp 10/01/202	$14,000	–	175,000	–	0.00%	–
KRNLW	New	KERNEL GROUP HOLDINGS INC*w exp 02/02/202	$11,000	–	149,999	–	0.00%	–
LGACW	New	LAZARD GROWTH ACQUISITION CO*w exp 02/10/202	$18,000	–	70,000	–	0.00%	–
LVRAW	New	LEVERE HOLDINGS CORP*w exp 03/09/202	$15,000	–	166,665	–	0.00%	–
AMPIWS	New	ADVANCED MERGER PARTNERS INC*w exp 06/30/202	$14,000	–	50,000	–	0.00%	–
FRSGW	New	FIRST RESERVE SUSTAINABLE GW*w exp 03/05/202	$10,000	–	100,000	–	0.00%	–
GAMCW	New	GOLDEN ARROW MERGER CORP*w exp 07/31/202	$13,000	–	166,666	–	0.00%	–
GSQDWS	New	G SQUARED ASCEND I INC*w exp 02/01/202	$6,000	–	44,494	–	0.00%	–

Q4 2021

			Value		Shares		↓ Weighting
THWWW	Exit	TARGET HOSPITALITY CORP*w exp 03/15/202	$0	–	-500,000	–	0.00%	–
GSQDWS	Exit	G SQUARED ASCEND I INC*w exp 02/01/202	$0	–	-44,494	–	-0.00%	–
KAHCWS	Exit	KKR ACQUISITION HOLDING I CO*w exp 99/99/999	$0	–	-50,000	–	-0.00%	–
ACTDW	Exit	ARCLIGHT CLEAN TRANSITION II*w exp 03/16/202	$0	–	-60,000	–	-0.00%	–
LGACW	Exit	LAZARD GROWTH ACQUISITION CO*w exp 02/10/202	$0	–	-70,000	–	-0.00%	–
AMPIWS	Exit	ADVANCED MERGER PARTNERS INC*w exp 06/30/202	$0	–	-50,000	–	-0.00%	–
FRSGW	Exit	FIRST RESERVE SUSTAINABLE GW*w exp 03/05/202	$0	–	-100,000	–	-0.00%	–
RKTAWS	Exit	ROCKET INTERNET GRWT OPRT CO*w exp 99/99/999	$0	–	-112,500	–	-0.00%	–
VMW	Exit	VMWARE INCcall	$0	–	-5,000	–	-0.00%	–
MSDAW	Exit	MSD ACQUISITION CORP*w exp 03/25/202	$0	–	-80,000	–	-0.00%	–
KRNLW	Exit	KERNEL GROUP HOLDINGS INC*w exp 02/02/202	$0	–	-149,999	–	-0.00%	–
GAMCW	Exit	GOLDEN ARROW MERGER CORP*w exp 07/31/202	$0	–	-166,666	–	-0.00%	–
FVIVWS	Exit	FORTRESS VALUE ACQUISI CORP*w exp 03/18/202	$0	–	-124,998	–	-0.00%	–
CVIIWS	Exit	CHURCHILL CAPITAL CORP VII*w exp 02/29/202	$0	–	-129,998	–	-0.00%	–
WPCAWS	Exit	WARBURG PINCUS CAPTAL CORP I*w exp 99/99/999	$0	–	-100,000	–	-0.00%	–
JCICW	Exit	JACK CREEK INVESTMENT CORP*w exp 10/01/202	$0	–	-175,000	–	-0.00%	–
FTEVWS	Exit	FINTECH EVOLUTION ACQUIS GRO*w exp 03/31/202	$0	–	-150,000	–	-0.00%	–
SNIIWS	Exit	SUPERNOVA PARTNERS ACQUISTN*w exp 99/99/999	$0	–	-174,999	–	-0.01%	–
LVRAW	Exit	LEVERE HOLDINGS CORP*w exp 03/09/202	$0	–	-166,665	–	-0.01%	–
ACIIWS	Exit	ATLAS CREST INVESTMENT CORP*w exp 02/03/202	$0	–	-162,499	–	-0.01%	–
LMACW	Exit	LIBERTY MEDIA ACQUISITION CO*w exp 01/22/202	$0	–	-100,000	–	-0.01%	–
GMIIW	Exit	GORES METROPOULOS II INC*w exp 01/31/202	$0	–	-80,000	–	-0.01%	–
MITWS	Exit	MASON INDUSTRIAL TECHNOLGY I*w exp 99/99/999	$0	–	-233,333	–	-0.01%	–
PRPCWS	Exit	CC NEUBERGER PRINCIPAL HOLDN*w exp 99/99/999	$0	–	-159,998	–	-0.01%	–
SPAQWS	Exit	SPARTAN ACQUISITION CORP III*w exp 02/04/202	$0	–	-150,000	–	-0.01%	–
SCOBW	Exit	SCION TECH GROWTH II*w exp 01/28/202	$0	–	-233,332	–	-0.01%	–
APGBWS	Exit	APOLLO STRATEGIC GRWT CPTL I*w exp 02/12/202	$0	–	-200,000	–	-0.01%	–
LCAAW	Exit	L CATTERTON ASIA ACQUISITION*w exp 03/08/202	$0	–	-299,849	–	-0.01%	–
WPCBWS	Exit	WARBURG PINCUS CAPTAL CORP I*w exp 99/99/999	$0	–	-199,998	–	-0.01%	–
ASZWS	Exit	AUSTERLITZ ACQUISITION CORP*w exp 02/19/202	$0	–	-207,575	–	-0.01%	–
AAQCWS	Exit	ACCELERATE ACQUISITION CORP*w exp 06/15/202	$0	–	-233,332	–	-0.01%	–
	Exit	EG ACQUISITION CORP*w exp 05/28/202	$0	–	-433,332	–	-0.01%	–
AACWS	Exit	ARES ACQUISITION CORPORATION*w exp 99/99/999	$0	–	-300,000	–	-0.01%	–
DCRNW	Exit	DECARBONIZATION PLUS ACQU II*w exp 01/19/202	$0	–	-233,331	–	-0.01%	–
GFXWS	Exit	GOLDEN FALCON ACQUISITION CO*w exp 11/04/202	$0	–	-500,000	–	-0.01%	–
GGPIW	Exit	GORES GUGGENHEIM INC*w exp 03/25/202	$0	–	-250,000	–	-0.02%	–
JWSMWS	Exit	JAWS MUSTANG ACQUISITION COR*w exp 01/30/202	$0	–	-500,000	–	-0.02%	–
OPAWS	Exit	MAGNUM OPUS ACQUISITION LTD*w exp 03/06/202	$0	–	-500,000	–	-0.02%	–
	Exit	ARCHER AVIATION INC*w exp 09/16/202	$0	–	-833,333	–	-0.05%	–
GMII	Exit	GORES METROPOULOS II INCcl a	$0	–	-179,631	–	-0.06%	–
ACOR	Exit	ACORDA THERAPEUTICS INC	$0	–	-392,904	–	-0.06%	–
KAHC	Exit	KKR ACQUISITION HOLDING I CO	$0	–	-200,000	–	-0.07%	–
PSFEWS	Exit	PAYSAFE LIMITED*w exp 03/30/202	$0	–	-1,145,557	–	-0.08%	–
GSQD	Exit	G SQUARED ASCEND I INC	$0	–	-222,479	–	-0.08%	–
LILA	Exit	LIBERTY LATIN AMERICA LTD	$0	–	-216,449	–	-0.10%	–
AMPI	Exit	ADVANCED MERGER PARTNERS INC	$0	–	-300,000	–	-0.10%	–
KRNL	Exit	KERNEL GROUP HOLDINGS INC	$0	–	-300,000	–	-0.10%	–
ACTD	Exit	ARCLIGHT CLEAN TRANSITION II	$0	–	-300,000	–	-0.10%	–
JCIC	Exit	JACK CREEK INVESTMENT CORP	$0	–	-350,000	–	-0.12%	–
LGAC	Exit	LAZARD GROWTH ACQUISITION CO	$0	–	-350,000	–	-0.12%	–
GGPI	Exit	GORES GUGGENHEIM INC	$0	–	-375,000	–	-0.14%	–
MSDA	Exit	MSD ACQUISITION CORP	$0	–	-400,000	–	-0.14%	–
FRSG	Exit	FIRST RESERVE SUSTAINABLE GW	$0	–	-400,000	–	-0.14%	–
GTPAW	Exit	GORES TECHNOLOGY PARTNERS IN*w exp 03/16/202	$0	–	-2,166,933	–	-0.14%	–
FTEV	Exit	FINTECH EVOLUTION ACQUIS GRO	$0	–	-450,000	–	-0.15%	–
RKTA	Exit	ROCKET INTERNET GRWT OPRT CO	$0	–	-449,889	–	-0.16%	–
	Exit	ARCHER AVIATION INC	$0	–	-500,000	–	-0.16%	–
GIIXW	Exit	GORES HLDGS VIII INC*w exp 03/01/202	$0	–	-1,720,831	–	-0.17%	–
LVRA	Exit	LEVERE HOLDINGS CORP	$0	–	-500,000	–	-0.17%	–
GAMC	Exit	GOLDEN ARROW MERGER CORP	$0	–	-500,000	–	-0.17%	–
WPCA	Exit	WARBURG PINCUS CAPTAL CORP I	$0	–	-500,000	–	-0.17%	–
SPAQ	Exit	SPARTAN ACQUISITION CORP III	$0	–	-600,000	–	-0.21%	–
CVII	Exit	CHURCHILL CAPITAL CORP VII	$0	–	-650,000	–	-0.22%	–
GTPBW	Exit	GORES TECHNOLOGY PARTNERS II*w exp 03/16/202	$0	–	-3,396,528	–	-0.22%	–
ACII	Exit	ATLAS CREST INVESTMENT CORP	$0	–	-650,000	–	-0.22%	–
SCOB	Exit	SCION TECH GROWTH II	$0	–	-700,000	–	-0.24%	–
AAQC	Exit	ACCELERATE ACQUISITION CORP	$0	–	-700,000	–	-0.24%	–
MIT	Exit	MASON INDUSTRIAL TECHNOLGY I	$0	–	-700,000	–	-0.24%	–
SNII	Exit	SUPERNOVA PARTNERS ACQUISTN	$0	–	-700,000	–	-0.24%	–
DCRN	Exit	DECARBONIZATION PLUS ACQU II	$0	–	-700,000	–	-0.24%	–
GSEVW	Exit	GORES HOLDINGS VII INC*w exp 02/25/202	$0	–	-2,593,909	–	-0.25%	–
PRPC	Exit	CC NEUBERGER PRINCIPAL HOLDN	$0	–	-800,000	–	-0.28%	–
ASZ	Exit	AUSTERLITZ ACQUISITION CORP	$0	–	-830,304	–	-0.28%	–
XOP	Exit	SPDR SER TRput	$0	–	-43,600	–	-0.29%	–
LCAA	Exit	L CATTERTON ASIA ACQUISITION	$0	–	-899,553	–	-0.31%	–
GFX	Exit	GOLDEN FALCON ACQUISITION COcl a	$0	–	-1,000,000	–	-0.34%	–
FVIV	Exit	FORTRESS VALUE ACQUISI CORP	$0	–	-1,000,000	–	-0.34%	–
WPCB	Exit	WARBURG PINCUS CAPTAL CORP I	$0	–	-1,000,000	–	-0.34%	–
APGB	Exit	APOLLO STRATEGIC GRWT CPTL I	$0	–	-1,000,000	–	-0.34%	–
OPA	Exit	MAGNUM OPUS ACQUISITION LTD	$0	–	-1,000,000	–	-0.35%	–
	Exit	EG ACQUISITION CORP	$0	–	-1,300,000	–	-0.44%	–
GTPA	Exit	GORES TECHNOLOGY PARTNERS IN	$0	–	-1,459,680	–	-0.50%	–
AAC	Exit	ARES ACQUISITION CORPORATION	$0	–	-1,500,000	–	-0.51%	–
GIIX	Exit	GORES HLDGS VIII INCcl a	$0	–	-1,836,507	–	-0.64%	–
JWSM	Exit	JAWS MUSTANG ACQUISITION COR	$0	–	-2,000,000	–	-0.69%	–
	Exit	ACORDA THERAPEUTICS INCnote 6.000%12/0	$0	–	-25,875,000	–	-0.73%	–
VMW	Exit	VMWARE INC	$0	–	-148,300	–	-0.78%	–
	Exit	BENEFITFOCUS INCnote 1.250%12/1	$0	–	-23,850,000	–	-0.78%	–
	Exit	JAZZ INVESTMENTS I LTDnote 1.500% 8/1	$0	–	-23,500,000	–	-0.84%	–
	Exit	STRIDE INCnote 1.125% 9/0	$0	–	-26,100,000	–	-0.91%	–
	Exit	ALLSCRIPTS HEALTHCARE SOLUTNnote 0.875% 1/0	$0	–	-23,000,000	–	-0.96%	–
GTPB	Exit	GORES TECHNOLOGY PARTNERS II	$0	–	-2,982,650	–	-1.02%	–
	Exit	NUVASIVE INCnote 0.375% 3/1	$0	–	-30,500,000	–	-1.03%	–
GSEV	Exit	GORES HOLDINGS VII INC	$0	–	-3,417,946	–	-1.18%	–
	Exit	ARDAGH METAL PACKAGING S A	$0	–	-4,000,000	–	-1.40%	–
	Exit	LIGAND PHARMACEUTICALS INCnote 0.750% 5/1	$0	–	-40,000,000	–	-1.41%	–
SC	Exit	SANTANDER CONSUMER USA HLDGS	$0	–	-1,000,000	–	-1.47%	–
	Exit	AVAYA HLDGS CORPnote 2.250% 6/1	$0	–	-40,410,000	–	-1.50%	–
ODP	Exit	THE ODP CORP	$0	–	-1,174,398	–	-1.66%	–
EHC	Exit	ENCOMPASS HEALTH CORP	$0	–	-634,000	–	-1.67%	–
LILAK	Exit	LIBERTY LATIN AMERICA LTD	$0	–	-3,654,942	–	-1.69%	–
PSFE	Exit	PAYSAFE LIMITEDord	$0	–	-6,273,053	–	-1.71%	–
	Exit	GUIDEWIRE SOFTWARE INCnote 1.250% 3/1	$0	–	-41,250,000	–	-1.74%	–
	Exit	INSIGHT ENTERPRISES INCnote 0.750% 2/1	$0	–	-35,500,000	–	-1.75%	–
AGNC	Exit	AGNC INVT CORP	$0	–	-3,342,432	–	-1.85%	–
BYD	Exit	BOYD GAMING CORP	$0	–	-840,000	–	-1.87%	–
ARD	Exit	ARDAGH GROUP S Acl a	$0	–	-2,211,912	–	-1.98%	–
	Exit	INTEGRA LIFESCIENCES HLDGS Cnote 0.500% 8/1	$0	–	-60,500,000	–	-2.34%	–
RSI	Exit	RUSH STREET INTERACTIVE INC	$0	–	-3,533,929	–	-2.39%	–
	Exit	SPLUNK INCnote 1.125% 9/1	$0	–	-60,000,000	–	-2.58%	–
BHC	Exit	BAUSCH HEALTH COS INC	$0	–	-2,956,000	–	-2.90%	–
	Exit	MIDDLEBY CORPnote 1.000% 9/0	$0	–	-58,000,000	–	-2.91%	–
	Exit	LIBERTY MEDIA CORP DELnote 1.375%10/1	$0	–	-62,500,000	–	-3.01%	–
	Exit	OMNICELL COMnote 0.250% 9/1	$0	–	-55,500,000	–	-3.11%	–
SJR	Exit	SHAW COMMUNICATIONS INCcl b conv	$0	–	-3,125,000	–	-3.20%	–
NE	Exit	NOBLE CORP NEW	$0	–	-3,552,092	–	-3.38%	–
THC	Exit	TENET HEALTHCARE CORP	$0	–	-1,488,700	–	-3.48%	–
VAL	Exit	VALARIS LIMITEDcl a	$0	–	-3,406,146	–	-4.18%	–
BERY	Exit	BERRY GLOBAL GROUP INC	$0	–	-2,448,303	–	-5.24%	–
XLNX	Exit	XILINX INC	$0	–	-1,809,775	–	-9.61%	–
DELL	Exit	DELL TECHNOLOGIES INCcl c	$0	–	-2,949,800	–	-10.79%	–

Q3 2021

			Value		Shares		↓ Weighting
DELL	Sell	DELL TECHNOLOGIES INCcl c	$306,897,000	-13.6%	2,949,800	-17.3%	10.79%	-18.2%
XLNX	Buy	XILINX INC	$273,258,000	+7.7%	1,809,775	+3.2%	9.61%	+2.0%
BERY	Sell	BERRY GLOBAL GROUP INC	$149,053,000	-27.2%	2,448,303	-22.0%	5.24%	-31.1%
VAL	Sell	VALARIS LIMITEDcl a	$118,806,000	+15.1%	3,406,146	-4.7%	4.18%	+9.0%
THC	Buy	TENET HEALTHCARE CORP	$98,909,000	+42.2%	1,488,700	+43.3%	3.48%	+34.6%
NE	Sell	NOBLE CORP NEW	$96,120,000	-1.7%	3,552,092	-10.2%	3.38%	-6.9%
SJR	New	SHAW COMMUNICATIONS INCcl b conv	$90,844,000	–	3,125,000	–	3.20%	–
	New	OMNICELL COMnote 0.250% 9/1	$88,514,000	–	55,500,000	–	3.11%	–
	Sell	LIBERTY MEDIA CORP DELnote 1.375%10/1	$85,488,000	-5.2%	62,500,000	-7.7%	3.01%	-10.2%
	New	MIDDLEBY CORPnote 1.000% 9/0	$82,785,000	–	58,000,000	–	2.91%	–
BHC	Buy	BAUSCH HEALTH COS INC	$82,325,000	+14.6%	2,956,000	+20.6%	2.90%	+8.5%
RSI	Buy	RUSH STREET INTERACTIVE INC	$67,886,000	+144.0%	3,533,929	+55.7%	2.39%	+131.2%
	Buy	INTEGRA LIFESCIENCES HLDGS Cnote 0.500% 8/1	$66,498,000	+1.9%	60,500,000	+2.5%	2.34%	-3.5%
ARD	Sell	ARDAGH GROUP S Acl a	$56,382,000	-5.7%	2,211,912	-9.2%	1.98%	-10.6%
BYD	New	BOYD GAMING CORP	$53,138,000	–	840,000	–	1.87%	–
AGNC	Sell	AGNC INVT CORP	$52,710,000	-9.2%	3,342,432	-2.7%	1.85%	-14.0%
PSFE	Buy	PAYSAFE LIMITEDord	$48,616,000	+14.5%	6,273,053	+78.9%	1.71%	+8.4%
LILAK	Buy	LIBERTY LATIN AMERICA LTD	$47,953,000	+13.4%	3,654,942	+21.9%	1.69%	+7.5%
EHC	New	ENCOMPASS HEALTH CORP	$47,575,000	–	634,000	–	1.67%	–
ODP	Sell	THE ODP CORP	$47,164,000	-21.0%	1,174,398	-5.5%	1.66%	-25.1%
SC	Sell	SANTANDER CONSUMER USA HLDGS	$41,700,000	-43.1%	1,000,000	-50.4%	1.47%	-46.1%
	New	ARDAGH METAL PACKAGING S A	$39,840,000	–	4,000,000	–	1.40%	–
	Buy	NUVASIVE INCnote 0.375% 3/1	$29,380,000	+32.9%	30,500,000	+36.1%	1.03%	+25.8%
	New	STRIDE INCnote 1.125% 9/0	$25,957,000	–	26,100,000	–	0.91%	–
	New	JAZZ INVESTMENTS I LTDnote 1.500% 8/1	$23,809,000	–	23,500,000	–	0.84%	–
VMW	New	VMWARE INC	$22,052,000	–	148,300	–	0.78%	–
	New	EG ACQUISITION CORP	$12,623,000	–	1,300,000	–	0.44%	–
XOP	New	SPDR SER TRput	$8,153,000	–	43,600	–	0.29%	–
GTPBW	Buy	GORES TECHNOLOGY PARTNERS II*w exp 03/16/202	$6,316,000	+491.4%	3,396,528	+469.4%	0.22%	+455.0%
	New	ARCHER AVIATION INC	$4,440,000	–	500,000	–	0.16%	–
GTPAW	Buy	GORES TECHNOLOGY PARTNERS IN*w exp 03/16/202	$4,074,000	+1007.1%	2,166,933	+642.3%	0.14%	+921.4%
GGPI	Sell	GORES GUGGENHEIM INC	$3,833,000	-84.3%	375,000	-85.0%	0.14%	-85.1%
LILA	Buy	LIBERTY LATIN AMERICA LTD	$2,831,000	+93.2%	216,449	+104.8%	0.10%	+85.2%
	New	ARCHER AVIATION INC*w exp 09/16/202	$1,325,000	–	833,333	–	0.05%	–
GGPIW	Sell	GORES GUGGENHEIM INC*w exp 03/25/202	$520,000	-24.1%	250,000	-50.0%	0.02%	-28.0%
	New	EG ACQUISITION CORP*w exp 05/28/202	$256,000	–	433,332	–	0.01%	–
LMACW	Sell	LIBERTY MEDIA ACQUISITION CO*w exp 01/22/202	$145,000	-52.3%	100,000	-27.8%	0.01%	-54.5%
RTPYW	Exit	REINVENT TECHNOLOGY PARTNERS*w exp 03/12/202	$0	–	-31,647	–	-0.00%	–
AUSWS	Exit	AUSTERLITZ ACQUISITION CORP*w exp 02/19/202	$0	–	-24,998	–	-0.00%	–
CENHW	Exit	CENTRICUS ACQUISITION CORP*w exp 02/04/202	$0	–	-125,000	–	-0.01%	–
RTPY	Exit	REINVENT TECHNOLOGY PARTNERS	$0	–	-65,364	–	-0.02%	–
AUS	Exit	AUSTERLITZ ACQUISITION CORP	$0	–	-68,449	–	-0.02%	–
ACICWS	Exit	ATLAS CREST INVT CORP*w exp 01/30/202	$0	–	-833,333	–	-0.05%	–
CENH	Exit	CENTRICUS ACQUISITION CORP	$0	–	-500,000	–	-0.18%	–
EGGFU	Exit	EG ACQUISITION CORPunit 99/99/9999	$0	–	-1,300,000	–	-0.48%	–
ACIC	Exit	ATLAS CREST INVT CORP	$0	–	-2,500,000	–	-0.92%	–
NE	Exit	NOBLE CORP NEW	$0	–	-1,200,000	–	-1.10%	–
ALXN	Exit	ALEXION PHARMACEUTICALS INC	$0	–	-450,000	–	-3.07%	–
	Exit	MICROCHIP TECHNOLOGY INC.note 2.250% 2/1	$0	–	-60,815,000	–	-5.04%	–

Q2 2021

			Value		Shares		↓ Weighting
DELL	New	DELL TECHNOLOGIES INCcl c	$355,324,000	–	3,565,000	–	13.20%	–
XLNX	New	XILINX INC	$253,657,000	–	1,753,716	–	9.42%	–
BERY	New	BERRY GLOBAL GROUP INC	$204,764,000	–	3,139,593	–	7.60%	–
	New	MICROCHIP TECHNOLOGY INC.note 2.250% 2/1	$135,794,000	–	60,815,000	–	5.04%	–
VAL	New	VALARIS LIMITEDcl a	$103,195,000	–	3,573,242	–	3.83%	–
NE	New	NOBLE CORP NEW	$97,800,000	–	3,954,726	–	3.63%	–
	New	LIBERTY MEDIA CORP DELnote 1.375%10/1	$90,219,000	–	67,750,000	–	3.35%	–
ALXN	New	ALEXION PHARMACEUTICALS INC	$82,670,000	–	450,000	–	3.07%	–
	New	SPLUNK INCnote 1.125% 9/1	$73,399,000	–	60,000,000	–	2.73%	–
SC	New	SANTANDER CONSUMER USA HLDGS	$73,294,000	–	2,018,000	–	2.72%	–
BHC	New	BAUSCH HEALTH COS INC	$71,863,000	–	2,451,000	–	2.67%	–
THC	New	TENET HEALTHCARE CORP	$69,576,000	–	1,038,600	–	2.58%	–
	New	INTEGRA LIFESCIENCES HLDGS Cnote 0.500% 8/1	$65,242,000	–	59,000,000	–	2.42%	–
ARD	New	ARDAGH GROUP S Acl a	$59,760,000	–	2,437,187	–	2.22%	–
ODP	New	THE ODP CORP	$59,679,000	–	1,243,051	–	2.22%	–
AGNC	New	AGNC INVT CORP	$58,041,000	–	3,436,432	–	2.16%	–
	New	INSIGHT ENTERPRISES INCnote 0.750% 2/1	$54,190,000	–	35,500,000	–	2.01%	–
	New	GUIDEWIRE SOFTWARE INCnote 1.250% 3/1	$48,389,000	–	41,250,000	–	1.80%	–
	New	AVAYA HLDGS CORPnote 2.250% 6/1	$47,219,000	–	40,410,000	–	1.75%	–
PSFE	New	PAYSAFE LIMITEDord	$42,455,000	–	3,505,780	–	1.58%	–
LILAK	New	LIBERTY LATIN AMERICA LTD	$42,288,000	–	2,999,119	–	1.57%	–
	New	LIGAND PHARMACEUTICALS INCnote 0.750% 5/1	$39,571,000	–	40,000,000	–	1.47%	–
	New	ALLSCRIPTS HEALTHCARE SOLUTNnote 0.875% 1/0	$34,272,000	–	23,000,000	–	1.27%	–
GSEV	New	GORES HOLDINGS VII INC	$33,838,000	–	3,417,946	–	1.26%	–
NE	New	NOBLE CORP NEW	$29,676,000	–	1,200,000	–	1.10%	–
GTPB	New	GORES TECHNOLOGY PARTNERS II	$29,677,000	–	2,982,650	–	1.10%	–
RSI	New	RUSH STREET INTERACTIVE INC	$27,821,000	–	2,269,245	–	1.03%	–
ACIC	New	ATLAS CREST INVT CORP	$24,900,000	–	2,500,000	–	0.92%	–
GGPI	New	GORES GUGGENHEIM INC	$24,413,000	–	2,500,000	–	0.91%	–
	New	BENEFITFOCUS INCnote 1.250%12/1	$22,521,000	–	23,850,000	–	0.84%	–
	New	NUVASIVE INCnote 0.375% 3/1	$22,113,000	–	22,410,000	–	0.82%	–
JWSM	New	JAWS MUSTANG ACQUISITION COR	$19,520,000	–	2,000,000	–	0.72%	–
	New	ACORDA THERAPEUTICS INCnote 6.000%12/0	$19,018,000	–	25,875,000	–	0.71%	–
GIIX	New	GORES HLDGS VIII INCcl a	$18,218,000	–	1,836,507	–	0.68%	–
GTPA	New	GORES TECHNOLOGY PARTNERS IN	$14,670,000	–	1,459,680	–	0.54%	–
AAC	New	ARES ACQUISITION CORPORATION	$14,625,000	–	1,500,000	–	0.54%	–
EGGFU	New	EG ACQUISITION CORPunit 99/99/9999	$13,000,000	–	1,300,000	–	0.48%	–
FVIV	New	FORTRESS VALUE ACQUISI CORP	$9,810,000	–	1,000,000	–	0.36%	–
WPCB	New	WARBURG PINCUS CAPTAL CORP I	$9,760,000	–	1,000,000	–	0.36%	–
APGB	New	APOLLO STRATEGIC GRWT CPTL I	$9,740,000	–	1,000,000	–	0.36%	–
GFX	New	GOLDEN FALCON ACQUISITION COcl a	$9,720,000	–	1,000,000	–	0.36%	–
OPA	New	MAGNUM OPUS ACQUISITION LTD	$9,620,000	–	1,000,000	–	0.36%	–
LCAA	New	L CATTERTON ASIA ACQUISITION	$8,726,000	–	899,553	–	0.32%	–
ASZ	New	AUSTERLITZ ACQUISITION CORP	$8,079,000	–	830,304	–	0.30%	–
PRPC	New	CC NEUBERGER PRINCIPAL HOLDN	$7,824,000	–	800,000	–	0.29%	–
GSEVW	New	GORES HOLDINGS VII INC*w exp 02/25/202	$7,085,000	–	2,593,909	–	0.26%	–
DCRN	New	DECARBONIZATION PLUS ACQU II	$6,909,000	–	700,000	–	0.26%	–
SNII	New	SUPERNOVA PARTNERS ACQUISTN	$6,797,000	–	700,000	–	0.25%	–
AAQC	New	ACCELERATE ACQUISITION CORP	$6,783,000	–	700,000	–	0.25%	–
SCOB	New	SCION TECH GROWTH II	$6,790,000	–	700,000	–	0.25%	–
MIT	New	MASON INDUSTRIAL TECHNOLGY I	$6,760,000	–	700,000	–	0.25%	–
CVII	New	CHURCHILL CAPITAL CORP VII	$6,325,000	–	650,000	–	0.24%	–
ACII	New	ATLAS CREST INVESTMENT CORP	$6,338,000	–	650,000	–	0.24%	–
SPAQ	New	SPARTAN ACQUISITION CORP III	$5,868,000	–	600,000	–	0.22%	–
CENH	New	CENTRICUS ACQUISITION CORP	$4,950,000	–	500,000	–	0.18%	–
WPCA	New	WARBURG PINCUS CAPTAL CORP I	$4,925,000	–	500,000	–	0.18%	–
LVRA	New	LEVERE HOLDINGS CORP	$4,890,000	–	500,000	–	0.18%	–
GAMC	New	GOLDEN ARROW MERGER CORP	$4,825,000	–	500,000	–	0.18%	–
GIIXW	New	GORES HLDGS VIII INC*w exp 03/01/202	$4,759,000	–	1,720,831	–	0.18%	–
RKTA	New	ROCKET INTERNET GRWT OPRT CO	$4,350,000	–	449,889	–	0.16%	–
FTEV	New	FINTECH EVOLUTION ACQUIS GRO	$4,338,000	–	450,000	–	0.16%	–
PSFEWS	New	PAYSAFE LIMITED*w exp 03/30/202	$4,101,000	–	1,145,557	–	0.15%	–
MSDA	New	MSD ACQUISITION CORP	$3,940,000	–	400,000	–	0.15%	–
FRSG	New	FIRST RESERVE SUSTAINABLE GW	$3,882,000	–	400,000	–	0.14%	–
LGAC	New	LAZARD GROWTH ACQUISITION CO	$3,423,000	–	350,000	–	0.13%	–
JCIC	New	JACK CREEK INVESTMENT CORP	$3,371,000	–	350,000	–	0.12%	–
ACTD	New	ARCLIGHT CLEAN TRANSITION II	$2,940,000	–	300,000	–	0.11%	–
AMPI	New	ADVANCED MERGER PARTNERS INC	$2,922,000	–	300,000	–	0.11%	–
KRNL	New	KERNEL GROUP HOLDINGS INC	$2,913,000	–	300,000	–	0.11%	–
GSQD	New	G SQUARED ASCEND I INC	$2,196,000	–	222,479	–	0.08%	–
KAHC	New	KKR ACQUISITION HOLDING I CO	$1,964,000	–	200,000	–	0.07%	–
ACOR	New	ACORDA THERAPEUTICS INC	$1,874,000	–	392,904	–	0.07%	–
GMII	New	GORES METROPOULOS II INCcl a	$1,777,000	–	179,631	–	0.07%	–
LILA	New	LIBERTY LATIN AMERICA LTD	$1,465,000	–	105,703	–	0.05%	–
ACICWS	New	ATLAS CREST INVT CORP*w exp 01/30/202	$1,283,000	–	833,333	–	0.05%	–
VMW	New	VMWARE INCcall	$1,152,000	–	5,000	–	0.04%	–
GTPBW	New	GORES TECHNOLOGY PARTNERS II*w exp 03/16/202	$1,068,000	–	596,528	–	0.04%	–
GGPIW	New	GORES GUGGENHEIM INC*w exp 03/25/202	$685,000	–	499,998	–	0.02%	–
AUS	New	AUSTERLITZ ACQUISITION CORP	$679,000	–	68,449	–	0.02%	–
RTPY	New	REINVENT TECHNOLOGY PARTNERS	$646,000	–	65,364	–	0.02%	–
JWSMWS	New	JAWS MUSTANG ACQUISITION COR*w exp 01/30/202	$630,000	–	500,000	–	0.02%	–
GFXWS	New	GOLDEN FALCON ACQUISITION CO*w exp 11/04/202	$465,000	–	500,000	–	0.02%	–
OPAWS	New	MAGNUM OPUS ACQUISITION LTD*w exp 03/06/202	$420,000	–	500,000	–	0.02%	–
AACWS	New	ARES ACQUISITION CORPORATION*w exp 99/99/999	$375,000	–	300,000	–	0.01%	–
GTPAW	New	GORES TECHNOLOGY PARTNERS IN*w exp 03/16/202	$368,000	–	291,933	–	0.01%	–
DCRNW	New	DECARBONIZATION PLUS ACQU II*w exp 01/19/202	$341,000	–	233,331	–	0.01%	–
LCAAW	New	L CATTERTON ASIA ACQUISITION*w exp 03/08/202	$285,000	–	299,849	–	0.01%	–
AAQCWS	New	ACCELERATE ACQUISITION CORP*w exp 06/15/202	$287,000	–	233,332	–	0.01%	–
LMACW	New	LIBERTY MEDIA ACQUISITION CO*w exp 01/22/202	$304,000	–	138,543	–	0.01%	–
ASZWS	New	AUSTERLITZ ACQUISITION CORP*w exp 02/19/202	$259,000	–	207,575	–	0.01%	–
WPCBWS	New	WARBURG PINCUS CAPTAL CORP I*w exp 99/99/999	$260,000	–	199,998	–	0.01%	–
APGBWS	New	APOLLO STRATEGIC GRWT CPTL I*w exp 02/12/202	$252,000	–	200,000	–	0.01%	–
PRPCWS	New	CC NEUBERGER PRINCIPAL HOLDN*w exp 99/99/999	$203,000	–	159,998	–	0.01%	–
SNIIWS	New	SUPERNOVA PARTNERS ACQUISTN*w exp 99/99/999	$210,000	–	174,999	–	0.01%	–
MITWS	New	MASON INDUSTRIAL TECHNOLGY I*w exp 99/99/999	$210,000	–	233,333	–	0.01%	–
SCOBW	New	SCION TECH GROWTH II*w exp 01/28/202	$216,000	–	233,332	–	0.01%	–
LVRAW	New	LEVERE HOLDINGS CORP*w exp 03/09/202	$179,000	–	166,665	–	0.01%	–
SPAQWS	New	SPARTAN ACQUISITION CORP III*w exp 02/04/202	$179,000	–	150,000	–	0.01%	–
CVIIWS	New	CHURCHILL CAPITAL CORP VII*w exp 02/29/202	$181,000	–	129,998	–	0.01%	–
ACIIWS	New	ATLAS CREST INVESTMENT CORP*w exp 02/03/202	$187,000	–	162,499	–	0.01%	–
KRNLW	New	KERNEL GROUP HOLDINGS INC*w exp 02/02/202	$157,000	–	149,999	–	0.01%	–
FTEVWS	New	FINTECH EVOLUTION ACQUIS GRO*w exp 03/31/202	$150,000	–	150,000	–	0.01%	–
CENHW	New	CENTRICUS ACQUISITION CORP*w exp 02/04/202	$174,000	–	125,000	–	0.01%	–
RKTAWS	New	ROCKET INTERNET GRWT OPRT CO*w exp 99/99/999	$149,000	–	112,500	–	0.01%	–
FVIVWS	New	FORTRESS VALUE ACQUISI CORP*w exp 03/18/202	$160,000	–	124,998	–	0.01%	–
GAMCW	New	GOLDEN ARROW MERGER CORP*w exp 07/31/202	$138,000	–	166,666	–	0.01%	–
JCICW	New	JACK CREEK INVESTMENT CORP*w exp 10/01/202	$142,000	–	175,000	–	0.01%	–
WPCAWS	New	WARBURG PINCUS CAPTAL CORP I*w exp 99/99/999	$131,000	–	100,000	–	0.01%	–
ACTDW	New	ARCLIGHT CLEAN TRANSITION II*w exp 03/16/202	$101,000	–	60,000	–	0.00%	–
MSDAW	New	MSD ACQUISITION CORP*w exp 03/25/202	$104,000	–	80,000	–	0.00%	–
GMIIW	New	GORES METROPOULOS II INC*w exp 01/31/202	$112,000	–	80,000	–	0.00%	–
FRSGW	New	FIRST RESERVE SUSTAINABLE GW*w exp 03/05/202	$115,000	–	100,000	–	0.00%	–
LGACW	New	LAZARD GROWTH ACQUISITION CO*w exp 02/10/202	$81,000	–	70,000	–	0.00%	–
RTPYW	New	REINVENT TECHNOLOGY PARTNERS*w exp 03/12/202	$57,000	–	31,647	–	0.00%	–
GSQDWS	New	G SQUARED ASCEND I INC*w exp 02/01/202	$54,000	–	44,494	–	0.00%	–
AUSWS	New	AUSTERLITZ ACQUISITION CORP*w exp 02/19/202	$43,000	–	24,998	–	0.00%	–
AMPIWS	New	ADVANCED MERGER PARTNERS INC*w exp 06/30/202	$60,000	–	50,000	–	0.00%	–
KAHCWS	New	KKR ACQUISITION HOLDING I CO*w exp 99/99/999	$59,000	–	50,000	–	0.00%	–
THWWW	New	TARGET HOSPITALITY CORP*w exp 03/15/202	$0	–	500,000	–	0.00%	–

Q4 2020

			Value		Shares		↓ Weighting
THWWW	Exit	TARGET HOSPITALITY CORP*w exp 03/15/202	$0	–	-500,000	–	-0.00%	–
BA	Exit	BOEING COcall	$0	–	-551,000	–	-0.02%	–
PBR	Exit	PETROLEO BRASILEIRO SA PETROsponsored adr	$0	–	-444,674	–	-0.12%	–
	Exit	PRA GROUP INCnote 3.500% 6/0	$0	–	-8,850,000	–	-0.36%	–
	Exit	SPLUNK INCnote 1.125% 9/1	$0	–	-8,000,000	–	-0.43%	–
SNOW	Exit	SNOWFLAKE INCcl a	$0	–	-50,000	–	-0.47%	–
BA	Exit	BOEING CO	$0	–	-81,109	–	-0.50%	–
AMWL	Exit	AMERICAN WELL CORPcl a	$0	–	-607,000	–	-0.67%	–
DGNRU	Exit	DRAGONEER GROWTH OPPORTUN COunit 08/18/2027	$0	–	-1,500,000	–	-0.68%	–
	Exit	BENEFITFOCUS INCnote 1.250%12/1	$0	–	-23,850,000	–	-0.70%	–
C	Exit	CITIGROUP INC	$0	–	-485,000	–	-0.78%	–
ARNC	Exit	ARCONIC CORPORATION	$0	–	-1,421,049	–	-1.00%	–
AGNC	Exit	AGNC INVT CORP	$0	–	-2,032,884	–	-1.05%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-300,100	–	-1.07%	–
NAV	Exit	NAVISTAR INTL CORP NEW	$0	–	-729,591	–	-1.18%	–
QTSPRB	Exit	QTS RLTY TR INC6.50% con pfd b	$0	–	-250,000	–	-1.32%	–
	Exit	INSIGHT ENTERPRISES INCnote 0.750% 2/1	$0	–	-35,500,000	–	-1.38%	–
	Exit	AVAYA HLDGS CORPnote 2.250% 6/1	$0	–	-40,750,000	–	-1.43%	–
ARD	Exit	ARDAGH GROUP S Acl a	$0	–	-2,905,318	–	-1.52%	–
BHC	Exit	BAUSCH HEALTH COS INC	$0	–	-3,005,156	–	-1.73%	–
	Exit	JAZZ INVESTMENTS I LTDnote 1.500% 8/1	$0	–	-46,975,000	–	-1.77%	–
ODP	Exit	THE ODP CORP	$0	–	-2,733,495	–	-1.97%	–
	Exit	LIGAND PHARMACEUTICALS INCnote 0.750% 5/1	$0	–	-60,000,000	–	-2.02%	–
SC	Exit	SANTANDER CONSUMER USA HDG I	$0	–	-3,779,704	–	-2.55%	–
	Exit	LIBERTY MEDIA CORP DELnote 1.375%10/1	$0	–	-70,000,000	–	-2.84%	–
VIAC	Exit	VIACOMCBS INCcl b	$0	–	-3,099,337	–	-3.22%	–
BAC	Exit	BK OF AMERICA CORP	$0	–	-3,766,000	–	-3.37%	–
	Exit	MICROCHIP TECHNOLOGY INC.note 2.250% 2/1	$0	–	-61,500,000	–	-3.42%	–
HWM	Exit	HOWMET AEROSPACE INC	$0	–	-5,675,600	–	-3.52%	–
CZR	Exit	CAESARS ENTERTAINMENT INC NE	$0	–	-5,230,674	–	-10.89%	–
BERY	Exit	BERRY GLOBAL GROUP INC	$0	–	-7,071,740	–	-12.69%	–
VICI	Exit	VICI PPTYS INC	$0	–	-19,871,186	–	-17.24%	–
DELL	Exit	DELL TECHNOLOGIES INCcl c	$0	–	-7,201,110	–	-18.10%	–

Q3 2020

			Value		Shares		↓ Weighting
DELL	Buy	DELL TECHNOLOGIES INCcl c	$487,443,000	+33.5%	7,201,110	+8.3%	18.10%	+48.3%
VICI	Sell	VICI PPTYS INC	$464,390,000	-1.2%	19,871,186	-14.6%	17.24%	+9.8%
BERY	Sell	BERRY GLOBAL GROUP INC	$341,706,000	-22.8%	7,071,740	-29.2%	12.69%	-14.3%
CZR	New	CAESARS ENTERTAINMENT INC NE	$293,232,000	–	5,230,674	–	10.89%	–
BAC	New	BK OF AMERICA CORP	$90,723,000	–	3,766,000	–	3.37%	–
	Sell	LIBERTY MEDIA CORP DELnote 1.375%10/1	$76,621,000	-0.3%	70,000,000	-4.1%	2.84%	+10.8%
SC	Sell	SANTANDER CONSUMER USA HDG I	$68,753,000	-69.9%	3,779,704	-69.5%	2.55%	-66.6%
ODP	New	THE ODP CORP	$53,166,000	–	2,733,495	–	1.97%	–
BHC	New	BAUSCH HEALTH COS INC	$46,700,000	–	3,005,156	–	1.73%	–
	New	INSIGHT ENTERPRISES INCnote 0.750% 2/1	$37,258,000	–	35,500,000	–	1.38%	–
NAV	New	NAVISTAR INTL CORP NEW	$31,766,000	–	729,591	–	1.18%	–
JPM	New	JPMORGAN CHASE & CO	$28,891,000	–	300,100	–	1.07%	–
AGNC	New	AGNC INVT CORP	$28,277,000	–	2,032,884	–	1.05%	–
C	New	CITIGROUP INC	$20,908,000	–	485,000	–	0.78%	–
DGNRU	New	DRAGONEER GROWTH OPPORTUN COunit 08/18/2027	$18,375,000	–	1,500,000	–	0.68%	–
AMWL	New	AMERICAN WELL CORPcl a	$17,991,000	–	607,000	–	0.67%	–
SNOW	New	SNOWFLAKE INCcl a	$12,550,000	–	50,000	–	0.47%	–
	New	SPLUNK INCnote 1.125% 9/1	$11,550,000	–	8,000,000	–	0.43%	–
	Sell	PRA GROUP INCnote 3.500% 6/0	$9,781,000	-78.7%	8,850,000	-80.2%	0.36%	-76.4%
PBR	Sell	PETROLEO BRASILEIRO SA PETROsponsored adr	$3,166,000	-78.6%	444,674	-75.2%	0.12%	-76.2%
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-21,561	–	-0.10%	–
BMYRT	Exit	BRISTOL-MYERS SQUIBB COright 99/99/9999	$0	–	-1,246,794	–	-0.15%	–
OTIS	Exit	OTIS WORLDWIDE CORP	$0	–	-197,552	–	-0.38%	–
NAVI	Exit	NAVIENT CORPORATION	$0	–	-8,000,000	–	-1.88%	–
ODP	Exit	OFFICE DEPOT INC	$0	–	-27,713,336	–	-2.18%	–
EIX	Exit	EDISON INTL	$0	–	-2,905,733	–	-5.28%	–
ERI	Exit	ELDORADO RESORTS INC	$0	–	-5,248,972	–	-7.03%	–
CZR	Exit	CAESARS ENTMT CORP	$0	–	-27,102,973	–	-10.99%	–

Q2 2020

			Value		Shares		↓ Weighting
VICI	New	VICI PPTYS INC	$469,829,000	–	23,270,368	–	15.71%	–
BERY	New	BERRY GLOBAL GROUP INC	$442,643,000	–	9,987,435	–	14.80%	–
DELL	New	DELL TECHNOLOGIES INCcl c	$365,151,000	–	6,646,362	–	12.21%	–
CZR	New	CAESARS ENTMT CORP	$328,759,000	–	27,102,973	–	10.99%	–
SC	New	SANTANDER CONSUMER USA HDG I	$228,324,000	–	12,402,170	–	7.63%	–
ERI	New	ELDORADO RESORTS INC	$210,274,000	–	5,248,972	–	7.03%	–
EIX	New	EDISON INTL	$157,810,000	–	2,905,733	–	5.28%	–
	New	MICROCHIP TECHNOLOGY INC.note 2.250% 2/1	$90,130,000	–	61,500,000	–	3.01%	–
HWM	New	HOWMET AEROSPACE INC	$89,958,000	–	5,675,600	–	3.01%	–
	New	LIBERTY MEDIA CORP DELnote 1.375%10/1	$76,818,000	–	73,000,000	–	2.57%	–
VIAC	New	VIACOMCBS INCcl b	$72,277,000	–	3,099,337	–	2.42%	–
ODP	New	OFFICE DEPOT INC	$65,126,000	–	27,713,336	–	2.18%	–
NAVI	New	NAVIENT CORPORATION	$56,240,000	–	8,000,000	–	1.88%	–
	New	LIGAND PHARMACEUTICALS INCnote 0.750% 5/1	$52,680,000	–	60,000,000	–	1.76%	–
	New	PRA GROUP INCnote 3.500% 6/0	$45,912,000	–	44,700,000	–	1.54%	–
	New	JAZZ INVESTMENTS I LTDnote 1.500% 8/1	$43,217,000	–	46,975,000	–	1.44%	–
ARD	New	ARDAGH GROUP S Acl a	$37,508,000	–	2,905,318	–	1.25%	–
QTSPRB	New	QTS RLTY TR INC6.50% con pfd b	$35,733,000	–	250,000	–	1.20%	–
	New	AVAYA HLDGS CORPnote 2.250% 6/1	$33,359,000	–	40,750,000	–	1.12%	–
ARNC	New	ARCONIC CORPORATION	$19,795,000	–	1,421,049	–	0.66%	–
	New	BENEFITFOCUS INCnote 1.250%12/1	$18,776,000	–	23,850,000	–	0.63%	–
BA	New	BOEING CO	$14,867,000	–	81,109	–	0.50%	–
PBR	New	PETROLEO BRASILEIRO SA PETROsponsored adr	$14,825,000	–	1,792,615	–	0.50%	–
OTIS	New	OTIS WORLDWIDE CORP	$11,233,000	–	197,552	–	0.38%	–
BMYRT	New	BRISTOL-MYERS SQUIBB COright 99/99/9999	$4,464,000	–	1,246,794	–	0.15%	–
JNJ	New	JOHNSON & JOHNSON	$3,032,000	–	21,561	–	0.10%	–
BA	New	BOEING COcall	$2,369,000	–	551,000	–	0.08%	–
THWWW	New	TARGET HOSPITALITY CORP*w exp 03/15/202	$50,000	–	500,000	–	0.00%	–

Q4 2019

			Value		Shares		↓ Weighting
THWWW	Exit	TARGET HOSPITALITY CORP*w exp 03/15/202	$0	–	-500,000	–	-0.01%	–
WSG	Exit	WANDA SPORTS GROUP CO LTDsponsored ads	$0	–	-241,791	–	-0.02%	–
ROAN	Exit	ROAN RES INC	$0	–	-1,479,077	–	-0.04%	–
PBR	Exit	PETROLEO BRASILEIRO SA PETROsponsored adr	$0	–	-339,000	–	-0.11%	–
PTON	Exit	PELOTON INTERACTIVE INC	$0	–	-250,000	–	-0.14%	–
	Exit	NICE SYS INCnote 1.250% 1/1	$0	–	-4,000,000	–	-0.15%	–
DHT	Exit	DHT HOLDINGS INC	$0	–	-1,627,460	–	-0.22%	–
AKRXQ	Exit	AKORN INC	$0	–	-3,000,000	–	-0.25%	–
	Exit	AVAYA HLDGS CORPnote 2.250% 6/1	$0	–	-17,400,000	–	-0.32%	–
INTEQ	Exit	INTELSAT S A	$0	–	-706,000	–	-0.35%	–
TDW	Exit	TIDEWATER INC NEW	$0	–	-1,162,674	–	-0.38%	–
YPF	Exit	YPF SOCIEDAD ANONIMAspon adr cl d	$0	–	-2,845,480	–	-0.57%	–
	Exit	ACORDA THERAPEUTICS INCnote 1.750% 6/1	$0	–	-36,500,000	–	-0.62%	–
QTSPRB	Exit	QTS RLTY TR INC6.50% con pfd b	$0	–	-250,000	–	-0.66%	–
VALPQ	Exit	VALARIS PLC	$0	–	-7,305,552	–	-0.76%	–
ODP	Exit	OFFICE DEPOT INC	$0	–	-22,316,968	–	-0.84%	–
	Exit	JAZZ INVESTMENTS I LTDnote 1.500% 8/1	$0	–	-41,975,000	–	-0.87%	–
	Exit	JAZZ INVESTMENTS I LTDnote 1.875% 8/1	$0	–	-44,000,000	–	-0.95%	–
UBER	Exit	UBER TECHNOLOGIES INC	$0	–	-1,455,221	–	-0.96%	–
ARD	Exit	ARDAGH GROUP S Acl a	$0	–	-2,907,518	–	-0.98%	–
	Exit	PRA GROUP INCnote 3.500% 6/0	$0	–	-45,000,000	–	-1.00%	–
	Exit	J2 GLOBAL INCnote 3.250% 6/1	$0	–	-33,000,000	–	-1.02%	–
	Exit	MICROCHIP TECHNOLOGY INCnote 1.625% 2/1	$0	–	-42,500,000	–	-1.18%	–
	Exit	LIGAND PHARMACEUTICALS INCnote 0.750% 5/1	$0	–	-69,000,000	–	-1.25%	–
WMB	Exit	WILLIAMS COS INC DEL	$0	–	-2,613,502	–	-1.36%	–
	Exit	REALPAGE INCnote 1.500%11/1	$0	–	-40,000,000	–	-1.37%	–
EIX	Exit	EDISON INTL	$0	–	-910,000	–	-1.48%	–
PAGP	Exit	PLAINS GP HLDGS L Pltd partnr int a	$0	–	-3,249,727	–	-1.49%	–
	Exit	MICROCHIP TECHNOLOGY INCnote 2.250% 2/1	$0	–	-65,000,000	–	-1.81%	–
	Exit	LIBERTY MEDIA CORP DELAWAREnote 1.375%10/1	$0	–	-73,000,000	–	-1.89%	–
BA	Exit	BOEING CO	$0	–	-288,572	–	-2.37%	–
CELG	Exit	CELGENE CORP	$0	–	-1,263,394	–	-2.71%	–
AGN	Exit	ALLERGAN PLC	$0	–	-1,017,500	–	-3.70%	–
L100PS	Exit	ARCONIC INC	$0	–	-7,217,625	–	-4.05%	–
ERI	Exit	ELDORADO RESORTS INC	$0	–	-5,129,705	–	-4.42%	–
AABA	Exit	ALTABA INC	$0	–	-12,500,000	–	-5.26%	–
DELL	Exit	DELL TECHNOLOGIES INCcl c	$0	–	-5,081,851	–	-5.69%	–
BERY	Exit	BERRY GLOBAL GROUP INC	$0	–	-6,898,188	–	-5.85%	–
SC	Exit	SANTANDER CONSUMER USA HDG I	$0	–	-10,620,000	–	-5.85%	–
NAVI	Exit	NAVIENT CORPORATION	$0	–	-21,272,339	–	-5.88%	–
MGM	Exit	MGM RESORTS INTERNATIONAL	$0	–	-11,319,680	–	-6.77%	–
VICI	Exit	VICI PPTYS INC	$0	–	-22,401,220	–	-10.95%	–
CZR	Exit	CAESARS ENTMT CORP	$0	–	-53,563,071	–	-13.48%	–

Q3 2019

			Value		Shares		↓ Weighting
CZR	Sell	CAESARS ENTMT CORP	$624,545,000	-15.3%	53,563,071	-14.1%	13.48%	-9.9%
VICI	Sell	VICI PPTYS INC	$507,388,000	-8.4%	22,401,220	-10.9%	10.95%	-2.6%
MGM	Sell	MGM RESORTS INTERNATIONAL	$313,782,000	-15.9%	11,319,680	-13.3%	6.77%	-10.5%
NAVI	Sell	NAVIENT CORPORATION	$272,286,000	-22.2%	21,272,339	-17.1%	5.88%	-17.3%
BERY	Buy	BERRY GLOBAL GROUP INC	$270,892,000	-11.0%	6,898,188	+19.2%	5.85%	-5.3%
SC	Buy	SANTANDER CONSUMER USA HDG I	$270,916,000	+16.7%	10,620,000	+9.7%	5.85%	+24.2%
DELL	Buy	DELL TECHNOLOGIES INCcl c	$263,545,000	+60.6%	5,081,851	+57.3%	5.69%	+70.8%
AABA	Buy	ALTABA INC	$243,500,000	-41.5%	12,500,000	+108.3%	5.26%	-37.8%
ERI	Buy	ELDORADO RESORTS INC	$204,521,000	+1197.6%	5,129,705	+1399.4%	4.42%	+1279.7%
L100PS	Sell	ARCONIC INC	$187,658,000	-9.0%	7,217,625	-9.6%	4.05%	-3.2%
AGN	Buy	ALLERGAN PLC	$171,235,000	+309.1%	1,017,500	+307.0%	3.70%	+334.8%
BA	Sell	BOEING CO	$109,793,000	-0.3%	288,572	-4.6%	2.37%	+6.0%
EIX	Buy	EDISON INTL	$68,632,000	+89.9%	910,000	+69.8%	1.48%	+102.2%
WMB	Sell	WILLIAMS COS INC DEL	$62,881,000	-51.2%	2,613,502	-43.2%	1.36%	-48.1%
	Sell	LIGAND PHARMACEUTICALS INCnote 0.750% 5/1	$57,704,000	-3.9%	69,000,000	-1.4%	1.25%	+2.3%
	Sell	MICROCHIP TECHNOLOGY INCnote 1.625% 2/1	$54,804,000	-7.4%	42,500,000	-15.0%	1.18%	-1.6%
	Sell	J2 GLOBAL INCnote 3.250% 6/1	$47,104,000	-15.6%	33,000,000	-17.5%	1.02%	-10.2%
	Sell	JAZZ INVESTMENTS I LTDnote 1.875% 8/1	$44,137,000	-5.1%	44,000,000	-3.0%	0.95%	+1.0%
	Buy	JAZZ INVESTMENTS I LTDnote 1.500% 8/1	$40,483,000	+10.4%	41,975,000	+13.4%	0.87%	+17.5%
ODP	Buy	OFFICE DEPOT INC	$39,166,000	+53.1%	22,316,968	+79.7%	0.84%	+62.8%
VALPQ	New	VALARIS PLC	$35,140,000	–	7,305,552	–	0.76%	–
	Buy	ACORDA THERAPEUTICS INCnote 1.750% 6/1	$28,747,000	-0.7%	36,500,000	+7.4%	0.62%	+5.6%
YPF	Buy	YPF SOCIEDAD ANONIMAspon adr cl d	$26,321,000	+105.8%	2,845,480	+305.1%	0.57%	+118.5%
TDW	Sell	TIDEWATER INC NEW	$17,568,000	-36.4%	1,162,674	-1.2%	0.38%	-32.4%
INTEQ	Buy	INTELSAT S A	$16,097,000	+136.4%	706,000	+101.7%	0.35%	+151.4%
	New	AVAYA HLDGS CORPnote 2.250% 6/1	$14,916,000	–	17,400,000	–	0.32%	–
AKRXQ	Buy	AKORN INC	$11,400,000	-11.1%	3,000,000	+20.5%	0.25%	-5.4%
	Sell	NICE SYS INCnote 1.250% 1/1	$7,145,000	-81.3%	4,000,000	-82.2%	0.15%	-80.2%
PTON	New	PELOTON INTERACTIVE INC	$6,275,000	–	250,000	–	0.14%	–
PBR	New	PETROLEO BRASILEIRO SA PETROsponsored adr	$4,905,000	–	339,000	–	0.11%	–
ROAN	Sell	ROAN RES INC	$1,819,000	-34.7%	1,479,077	-7.6%	0.04%	-31.6%
WSG	New	WANDA SPORTS GROUP CO LTDsponsored ads	$979,000	–	241,791	–	0.02%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-1,090	–	-0.01%	–
IAC	Exit	IAC INTERACTIVECORP	$0	–	-5,000	–	-0.02%	–
QTWO	Exit	Q2 HLDGS INC	$0	–	-19,000	–	-0.03%	–
CEPU	Exit	CENTRAL PUERTO S Asponsored adr	$0	–	-294,702	–	-0.06%	–
BMA	Exit	BANCO MACRO SAspon adr b	$0	–	-57,643	–	-0.08%	–
CCO	Exit	CLEAR CHANNEL OUTDOOR HLDGS	$0	–	-1,973,617	–	-0.19%	–
EQT	Exit	EQT CORP	$0	–	-682,663	–	-0.22%	–
PINS	Exit	PINTEREST INCcl a	$0	–	-487,300	–	-0.27%	–
REZI	Exit	RESIDEO TECHNOLOGIES INC	$0	–	-1,107,900	–	-0.49%	–
ETRN	Exit	EQUITRANS MIDSTREAM CORPORAT	$0	–	-1,606,275	–	-0.64%	–
OIBRC	Exit	OI S Asponsored adr ne	$0	–	-30,931,475	–	-1.26%	–
ESV	Exit	ENSCO ROWAN PLC	$0	–	-7,751,529	–	-1.34%	–

Q2 2019

			Value		Shares		↓ Weighting
CZR	New	CAESARS ENTMT CORP	$737,394,000	–	62,385,299	–	14.97%	–
VICI	New	VICI PPTYS INC	$554,036,000	–	25,137,766	–	11.24%	–
AABA	New	ALTABA INC	$416,220,000	–	6,000,000	–	8.45%	–
MGM	New	MGM RESORTS INTERNATIONAL	$372,945,000	–	13,053,713	–	7.57%	–
NAVI	New	NAVIENT CORPORATION	$350,115,000	–	25,649,480	–	7.11%	–
BERY	New	BERRY GLOBAL GROUP INC	$304,323,000	–	5,786,713	–	6.18%	–
SC	New	SANTANDER CONSUMER USA HDG I	$232,059,000	–	9,685,259	–	4.71%	–
L100PS	New	ARCONIC INC	$206,145,000	–	7,983,923	–	4.18%	–
DELL	New	DELL TECHNOLOGIES INCcl c	$164,068,000	–	3,229,676	–	3.33%	–
WMB	New	WILLIAMS COS INC DEL	$128,942,000	–	4,598,502	–	2.62%	–
CELG	New	CELGENE CORP	$116,788,000	–	1,263,394	–	2.37%	–
BA	New	BOEING CO	$110,139,000	–	302,572	–	2.24%	–
	New	LIBERTY MEDIA CORP DELAWAREnote 1.375%10/1	$81,945,000	–	73,000,000	–	1.66%	–
PAGP	New	PLAINS GP HLDGS L Pltd partnr int a	$81,146,000	–	3,249,727	–	1.65%	–
	New	MICROCHIP TECHNOLOGY INCnote 2.250% 2/1	$76,603,000	–	65,000,000	–	1.56%	–
UBER	New	UBER TECHNOLOGIES INC	$67,494,000	–	1,455,221	–	1.37%	–
ESV	New	ENSCO ROWAN PLC	$66,121,000	–	7,751,529	–	1.34%	–
OIBRC	New	OI S Asponsored adr ne	$62,172,000	–	30,931,475	–	1.26%	–
	New	REALPAGE INCnote 1.500%11/1	$59,999,000	–	40,000,000	–	1.22%	–
	New	LIGAND PHARMACEUTICALS INCnote 0.750% 5/1	$60,020,000	–	70,000,000	–	1.22%	–
	New	MICROCHIP TECHNOLOGY INCnote 1.625% 2/1	$59,212,000	–	50,000,000	–	1.20%	–
	New	J2 GLOBAL INCnote 3.250% 6/1	$55,807,000	–	40,000,000	–	1.13%	–
ARD	New	ARDAGH GROUP S Acl a	$50,882,000	–	2,907,518	–	1.03%	–
	New	JAZZ INVESTMENTS I LTDnote 1.875% 8/1	$46,499,000	–	45,375,000	–	0.94%	–
	New	PRA GROUP INCnote 3.500% 6/0	$42,096,000	–	45,000,000	–	0.85%	–
AGN	New	ALLERGAN PLC	$41,858,000	–	250,000	–	0.85%	–
	New	NICE SYS INCnote 1.250% 1/1	$38,242,000	–	22,500,000	–	0.78%	–
	New	JAZZ INVESTMENTS I LTDnote 1.500% 8/1	$36,659,000	–	37,000,000	–	0.74%	–
EIX	New	EDISON INTL	$36,132,000	–	536,000	–	0.73%	–
ETRN	New	EQUITRANS MIDSTREAM CORPORAT	$31,660,000	–	1,606,275	–	0.64%	–
	New	ACORDA THERAPEUTICS INCnote 1.750% 6/1	$28,947,000	–	34,000,000	–	0.59%	–
QTSPRB	New	QTS RLTY TR INC6.50% con pfd b	$27,813,000	–	250,000	–	0.56%	–
TDW	New	TIDEWATER INC NEW	$27,644,000	–	1,177,322	–	0.56%	–
ODP	New	OFFICE DEPOT INC	$25,583,000	–	12,419,004	–	0.52%	–
REZI	New	RESIDEO TECHNOLOGIES INC	$24,285,000	–	1,107,900	–	0.49%	–
ERI	New	ELDORADO RESORTS INC	$15,761,000	–	342,114	–	0.32%	–
PINS	New	PINTEREST INCcl a	$13,264,000	–	487,300	–	0.27%	–
AKRXQ	New	AKORN INC	$12,825,000	–	2,490,268	–	0.26%	–
YPF	New	YPF SOCIEDAD ANONIMAspon adr cl d	$12,792,000	–	702,475	–	0.26%	–
EQT	New	EQT CORP	$10,793,000	–	682,663	–	0.22%	–
DHT	New	DHT HOLDINGS INC	$9,618,000	–	1,627,460	–	0.20%	–
CCO	New	CLEAR CHANNEL OUTDOOR HLDGS	$9,315,000	–	1,973,617	–	0.19%	–
INTEQ	New	INTELSAT S A	$6,808,000	–	350,000	–	0.14%	–
BMA	New	BANCO MACRO SAspon adr b	$4,199,000	–	57,643	–	0.08%	–
ROAN	New	ROAN RES INC	$2,784,000	–	1,600,278	–	0.06%	–
CEPU	New	CENTRAL PUERTO S Asponsored adr	$2,732,000	–	294,702	–	0.06%	–
QTWO	New	Q2 HLDGS INC	$1,451,000	–	19,000	–	0.03%	–
IAC	New	IAC INTERACTIVECORP	$1,088,000	–	5,000	–	0.02%	–
THWWW	New	TARGET HOSPITALITY CORP*w exp 03/15/202	$1,000,000	–	500,000	–	0.02%	–
SPY	New	SPDR S&P 500 ETF TRput	$324,000	–	1,090	–	0.01%	–

Q4 2018

			Value		Shares		↓ Weighting
CYHHZ	Exit	COMMUNITY HEALTH SYS INC NEWright 12/31/2019	$0	–	-479,167	–	0.00%	–
DOMO	Exit	DOMO INC	$0	–	-98,832	–	-0.03%	–
WMIH	Exit	WMIH CORP	$0	–	-3,571,737	–	-0.07%	–
BRFS	Exit	BRF SAsponsored adr	$0	–	-956,200	–	-0.07%	–
	Exit	HORNBECK OFFSHORE SVCS INC Nnote 1.500% 9/0	$0	–	-6,070,000	–	-0.07%	–
CRCQQ	Exit	CALIFORNIA RES CORP	$0	–	-125,524	–	-0.08%	–
DHT	Exit	DHT HOLDINGS INC	$0	–	-1,627,460	–	-0.10%	–
YPF	Exit	YPF SOCIEDAD ANONIMAspon adr cl d	$0	–	-516,475	–	-0.11%	–
CCO	Exit	CLEAR CHANNEL OUTDOOR HLDGScl a	$0	–	-2,160,890	–	-0.18%	–
EAGLU	Exit	PLATINUM EAGLE ACQUISITIN COunit 01/09/2023	$0	–	-1,500,000	–	-0.21%	–
	Exit	LEGACY RESERVES LP/ LEGACY Fnote 8.000% 9/2	$0	–	-20,242,000	–	-0.25%	–
GLF	Exit	GULFMARK OFFSHORE INC	$0	–	-600,253	–	-0.30%	–
	Exit	ACORDA THERAPEUTICS INCnote 1.750% 6/1	$0	–	-28,775,000	–	-0.33%	–
QTSPRB	Exit	QTS RLTY TR INC6.50% con pfd b	$0	–	-250,000	–	-0.36%	–
KR	Exit	KROGER CO	$0	–	-934,085	–	-0.37%	–
	Exit	HORIZON PHARMA INVT LTDnote 2.500% 3/1	$0	–	-27,500,000	–	-0.38%	–
SHPG	Exit	SHIRE PLCsponsored adr	$0	–	-158,218	–	-0.39%	–
XOGAQ	Exit	EXTRACTION OIL AND GAS INC	$0	–	-2,769,503	–	-0.42%	–
	Exit	TERADYNE INCnote 1.250%12/1	$0	–	-26,500,000	–	-0.47%	–
FG	Exit	FGL HLDGS	$0	–	-3,891,582	–	-0.47%	–
	Exit	MICROCHIP TECHNOLOGY INCnote 2.250% 2/1	$0	–	-37,000,000	–	-0.53%	–
OIBRC	Exit	OI S Asponsored adr ne	$0	–	-14,795,812	–	-0.55%	–
	Exit	PRA GROUP INCnote 3.500% 6/0	$0	–	-40,000,000	–	-0.56%	–
ARD	Exit	ARDAGH GROUP S Acl a	$0	–	-2,660,556	–	-0.60%	–
	Exit	MICROCHIP TECHNOLOGY INCnote 1.625% 2/1	$0	–	-35,000,000	–	-0.72%	–
	Exit	NICE SYS INCnote 1.250% 1/1	$0	–	-38,150,000	–	-0.74%	–
	Exit	J2 GLOBAL INCnote 3.250% 6/1	$0	–	-45,250,000	–	-0.80%	–
	Exit	MICROCHIP TECHNOLOGY INCnote 1.625% 2/1	$0	–	-60,000,000	–	-0.87%	–
	Exit	TESLA INCnote 1.250% 3/0	$0	–	-69,441,000	–	-0.90%	–
PAGP	Exit	PLAINS GP HLDGS L Pltd partnr int a	$0	–	-3,129,852	–	-1.04%	–
	Exit	LIBERTY MEDIA CORP DELAWAREnote 1.375%10/1	$0	–	-73,000,000	–	-1.21%	–
RDC	Exit	ROWAN COMPANIES PLC	$0	–	-4,950,523	–	-1.27%	–
AGN	Exit	ALLERGAN PLC	$0	–	-544,361	–	-1.41%	–
SC	Exit	SANTANDER CONSUMER USA HDG I	$0	–	-5,486,747	–	-1.50%	–
ALLY	Exit	ALLY FINL INC	$0	–	-5,314,449	–	-1.91%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-4,000,000	–	-1.93%	–
WMB	Exit	WILLIAMS COS INC DEL	$0	–	-5,334,487	–	-1.97%	–
EEM	Exit	ISHARES TRmsci emg mkt etf	$0	–	-3,600,000	–	-2.10%	–
L100PS	Exit	ARCONIC INC	$0	–	-8,500,768	–	-2.55%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-17,760,000	–	-2.73%	–
GPK	Exit	GRAPHIC PACKAGING HLDG CO	$0	–	-15,499,621	–	-2.96%	–
	Exit	INTEL CORPsdcv 3.250% 8/0	$0	–	-103,543,000	–	-3.24%	–
AET	Exit	AETNA INC NEW	$0	–	-1,209,802	–	-3.34%	–
EQT	Exit	EQT CORP	$0	–	-5,888,910	–	-3.54%	–
NAVI	Exit	NAVIENT CORPORATION	$0	–	-25,649,480	–	-4.70%	–
BERY	Exit	BERRY GLOBAL GROUP INC	$0	–	-8,670,022	–	-5.71%	–
AABA	Exit	ALTABA INC	$0	–	-7,045,930	–	-6.53%	–
MGM	Exit	MGM RESORTS INTERNATIONAL	$0	–	-21,163,868	–	-8.04%	–
DVMT	Exit	DELL TECHNOLOGIES INC	$0	–	-6,628,962	–	-8.76%	–
CZR	Exit	CAESARS ENTMT CORP	$0	–	-67,874,373	–	-9.47%	–
VICI	Exit	VICI PPTYS INC	$0	–	-44,597,048	–	-13.12%	–

Q3 2018

			Value		Shares		↓ Weighting
VICI	Sell	VICI PPTYS INC	$964,188,000	+2.8%	44,597,048	-2.1%	13.12%	+25.8%
CZR	Buy	CAESARS ENTMT CORP	$695,712,000	-4.2%	67,874,373	+0.1%	9.47%	+17.4%
DVMT	Buy	DELL TECHNOLOGIES INC	$643,805,000	+132.0%	6,628,962	+102.0%	8.76%	+184.1%
MGM	Buy	MGM RESORTS INTERNATIONAL	$590,684,000	+4.8%	21,163,868	+9.0%	8.04%	+28.3%
AABA	Sell	ALTABA INC	$479,969,000	-85.0%	7,045,930	-83.8%	6.53%	-81.6%
BERY	Buy	BERRY GLOBAL GROUP INC	$419,542,000	+15.4%	8,670,022	+9.6%	5.71%	+41.3%
NAVI	Buy	NAVIENT CORPORATION	$345,755,000	+3.6%	25,649,480	+0.2%	4.70%	+26.9%
EQT	Buy	EQT CORP	$260,466,000	-12.1%	5,888,910	+9.7%	3.54%	+7.7%
AET	Buy	AETNA INC NEW	$245,408,000	+64.8%	1,209,802	+49.1%	3.34%	+101.8%
GPK	Buy	GRAPHIC PACKAGING HLDG CO	$217,150,000	-3.4%	15,499,621	+0.0%	2.96%	+18.3%
GE	New	GENERAL ELECTRIC CO	$200,510,000	–	17,760,000	–	2.73%	–
L100PS	Buy	ARCONIC INC	$187,102,000	+52.6%	8,500,768	+17.9%	2.55%	+86.8%
EEM	New	ISHARES TRmsci emg mkt etf	$154,512,000	–	3,600,000	–	2.10%	–
WMB	Buy	WILLIAMS COS INC DEL	$145,045,000	+14.9%	5,334,487	+14.5%	1.97%	+40.7%
CMCSA	Sell	COMCAST CORP NEWcl a	$141,640,000	-4.1%	4,000,000	-11.1%	1.93%	+17.4%
ALLY	Buy	ALLY FINL INC	$140,567,000	+38.4%	5,314,449	+37.4%	1.91%	+69.4%
SC	Sell	SANTANDER CONSUMER USA HDG I	$109,954,000	-7.0%	5,486,747	-11.4%	1.50%	+13.9%
AGN	New	ALLERGAN PLC	$103,690,000	–	544,361	–	1.41%	–
RDC	New	ROWAN COMPANIES PLC	$93,218,000	–	4,950,523	–	1.27%	–
PAGP	Buy	PLAINS GP HLDGS L Pltd partnr int a	$76,775,000	+2.6%	3,129,852	+0.0%	1.04%	+25.8%
	Buy	TESLA INCnote 1.250% 3/0	$66,475,000	+19.3%	69,441,000	+40.5%	0.90%	+46.2%
	Buy	MICROCHIP TECHNOLOGY INCnote 1.625% 2/1	$63,993,000	+3.8%	60,000,000	+13.2%	0.87%	+27.2%
ARD	Buy	ARDAGH GROUP S Acl a	$44,405,000	+0.5%	2,660,556	+0.1%	0.60%	+23.0%
	Buy	PRA GROUP INCnote 3.500% 6/0	$41,367,000	+1.1%	40,000,000	+3.9%	0.56%	+23.7%
OIBRC	New	OI S Asponsored adr ne	$40,393,000	–	14,795,812	–	0.55%	–
	Buy	MICROCHIP TECHNOLOGY INCnote 2.250% 2/1	$39,128,000	-4.7%	37,000,000	+7.2%	0.53%	+16.7%
FG	Sell	FGL HLDGS	$34,772,000	-2.1%	3,891,582	-8.3%	0.47%	+19.7%
	New	TERADYNE INCnote 1.250%12/1	$34,520,000	–	26,500,000	–	0.47%	–
XOGAQ	Buy	EXTRACTION OIL AND GAS INC	$31,268,000	+78.3%	2,769,503	+131.9%	0.42%	+117.9%
SHPG	Buy	SHIRE PLCsponsored adr	$28,680,000	+95.3%	158,218	+81.9%	0.39%	+139.3%
	Sell	HORIZON PHARMA INVT LTDnote 2.500% 3/1	$27,693,000	-3.5%	27,500,000	-8.3%	0.38%	+18.2%
KR	Sell	KROGER CO	$27,191,000	-34.1%	934,085	-35.6%	0.37%	-19.4%
QTSPRB	New	QTS RLTY TR INC6.50% con pfd b	$26,402,000	–	250,000	–	0.36%	–
	New	LEGACY RESERVES LP/ LEGACY Fnote 8.000% 9/2	$18,041,000	–	20,242,000	–	0.25%	–
YPF	Buy	YPF SOCIEDAD ANONIMAspon adr cl d	$7,980,000	+134.5%	516,475	+106.1%	0.11%	+186.8%
BRFS	New	BRF SAsponsored adr	$5,240,000	–	956,200	–	0.07%	–
WMIH	New	WMIH CORP	$4,965,000	–	3,571,737	–	0.07%	–
FGWS	Exit	FGL HLDGS*w exp 11/30/202	$0	–	-2,290,501	–	-0.03%	–
BJ	Exit	BJS WHSL CLUB HLDGS INC	$0	–	-250,000	–	-0.07%	–
	Exit	TESLA INCnote 2.375% 3/1	$0	–	-40,000,000	–	-0.54%	–
NXPI	Exit	NXP SEMICONDUCTORS N V	$0	–	-784,630	–	-0.95%	–
ORIG	Exit	OCEAN RIG UDW INC	$0	–	-3,740,447	–	-1.22%	–

Q2 2018

			Value		Shares		↓ Weighting
AABA	New	ALTABA INC	$3,192,214,000	–	43,603,522	–	35.48%	–
VICI	New	VICI PPTYS INC	$938,255,000	–	45,561,818	–	10.43%	–
CZR	New	CAESARS ENTMT CORP	$725,871,000	–	67,838,373	–	8.07%	–
MGM	New	MGM RESORTS INTERNATIONAL	$563,599,000	–	19,414,368	–	6.26%	–
BERY	New	BERRY GLOBAL GROUP INC	$363,398,000	–	7,910,280	–	4.04%	–
NAVI	New	NAVIENT CORPORATION	$333,665,000	–	25,607,480	–	3.71%	–
EQT	New	EQT CORP	$296,190,000	–	5,367,710	–	3.29%	–
DVMT	New	DELL TECHNOLOGIES INC	$277,499,000	–	3,280,900	–	3.08%	–
	New	INTEL CORPsdcv 3.250% 8/0	$247,827,000	–	103,543,000	–	2.75%	–
GPK	New	GRAPHIC PACKAGING HLDG CO	$224,793,000	–	15,492,281	–	2.50%	–
AET	New	AETNA INC NEW	$148,938,000	–	811,651	–	1.66%	–
CMCSA	New	COMCAST CORP NEWcl a	$147,645,000	–	4,500,000	–	1.64%	–
WMB	New	WILLIAMS COS INC DEL	$126,262,000	–	4,657,400	–	1.40%	–
L100PS	New	ARCONIC INC	$122,610,000	–	7,208,100	–	1.36%	–
SC	New	SANTANDER CONSUMER USA HDG I	$118,167,000	–	6,190,000	–	1.31%	–
ORIG	New	OCEAN RIG UDW INC	$110,268,000	–	3,740,447	–	1.22%	–
ALLY	New	ALLY FINL INC	$101,589,000	–	3,867,124	–	1.13%	–
	New	LIBERTY MEDIA CORP DELAWAREnote 1.375%10/1	$90,810,000	–	73,000,000	–	1.01%	–
NXPI	New	NXP SEMICONDUCTORS N V	$85,737,000	–	784,630	–	0.95%	–
PAGP	New	PLAINS GP HLDGS L Pltd partnr int a	$74,799,000	–	3,128,337	–	0.83%	–
	New	MICROCHIP TECHNOLOGY INCnote 1.625% 2/1	$61,626,000	–	53,000,000	–	0.68%	–
	New	J2 GLOBAL INCnote 3.250% 6/1	$61,148,000	–	45,250,000	–	0.68%	–
	New	MICROCHIP TECHNOLOGY INCnote 1.625% 2/1	$61,069,000	–	35,000,000	–	0.68%	–
	New	TESLA INCnote 1.250% 3/0	$55,713,000	–	49,441,000	–	0.62%	–
	New	NICE SYS INCnote 1.250% 1/1	$50,550,000	–	38,150,000	–	0.56%	–
	New	TESLA INCnote 2.375% 3/1	$48,532,000	–	40,000,000	–	0.54%	–
ARD	New	ARDAGH GROUP S Acl a	$44,189,000	–	2,658,756	–	0.49%	–
KR	New	KROGER CO	$41,288,000	–	1,451,262	–	0.46%	–
	New	MICROCHIP TECHNOLOGY INCnote 2.250% 2/1	$41,052,000	–	34,500,000	–	0.46%	–
	New	PRA GROUP INCnote 3.500% 6/0	$40,920,000	–	38,500,000	–	0.46%	–
FG	New	FGL HLDGS	$35,516,000	–	4,243,742	–	0.40%	–
	New	HORIZON PHARMA INVT LTDnote 2.500% 3/1	$28,712,000	–	30,000,000	–	0.32%	–
	New	ACORDA THERAPEUTICS INCnote 1.750% 6/1	$27,809,000	–	28,775,000	–	0.31%	–
GLF	New	GULFMARK OFFSHORE INC	$20,108,000	–	600,253	–	0.22%	–
XOGAQ	New	EXTRACTION OIL AND GAS INC	$17,541,000	–	1,194,096	–	0.20%	–
EAGLU	New	PLATINUM EAGLE ACQUISITIN COunit 01/09/2023	$15,270,000	–	1,500,000	–	0.17%	–
SHPG	New	SHIRE PLCsponsored adr	$14,686,000	–	87,000	–	0.16%	–
CCO	New	CLEAR CHANNEL OUTDOOR HLDGScl a	$9,292,000	–	2,160,890	–	0.10%	–
DHT	New	DHT HOLDINGS INC	$7,633,000	–	1,627,460	–	0.08%	–
BJ	New	BJS WHSL CLUB HLDGS INC	$5,913,000	–	250,000	–	0.07%	–
CRCQQ	New	CALIFORNIA RES CORP	$5,704,000	–	125,524	–	0.06%	–
	New	HORNBECK OFFSHORE SVCS INC Nnote 1.500% 9/0	$5,160,000	–	6,070,000	–	0.06%	–
YPF	New	YPF SOCIEDAD ANONIMAspon adr cl d	$3,403,000	–	250,620	–	0.04%	–
FGWS	New	FGL HLDGS*w exp 11/30/202	$2,749,000	–	2,290,501	–	0.03%	–
DOMO	New	DOMO INC	$2,496,000	–	98,832	–	0.03%	–
CYHHZ	New	COMMUNITY HEALTH SYS INC NEWright 12/31/2019	$5,000	–	479,167	–	0.00%	–

Q4 2017

			Value		Shares		↓ Weighting
CYHHZ	Exit	COMMUNITY HEALTH SYS INC NEWright 99/99/9999	$0	–	-479,167	–	0.00%	–
RUN	Exit	SUNRUN INCcall	$0	–	-750,000	–	-0.00%	–
FIT	Exit	FITBIT INCput	$0	–	-2,000	–	-0.01%	–
SEAS	Exit	SEAWORLD ENTMT INCput	$0	–	-1,000	–	-0.01%	–
SEAS	Exit	SEAWORLD ENTMT INC	$0	–	-100,000	–	-0.02%	–
CBI	Exit	CHICAGO BRIDGE & IRON CO N Vput	$0	–	-1,000	–	-0.02%	–
CRCQQ	Exit	CALIFORNIA RES CORP	$0	–	-126,824	–	-0.02%	–
FIT	Exit	FITBIT INCcl a	$0	–	-200,000	–	-0.02%	–
CBI	Exit	CHICAGO BRIDGE & IRON CO N V	$0	–	-100,000	–	-0.02%	–
TDW	Exit	TIDEWATER INC NEW	$0	–	-67,100	–	-0.03%	–
NRG	Exit	NRG ENERGY INCcall	$0	–	-20,000	–	-0.05%	–
RAD	Exit	RITE AID CORP	$0	–	-2,000,000	–	-0.06%	–
CFCOW	Exit	CF CORPcall	$0	–	-1,957,168	–	-0.06%	–
GOGL	Exit	GOLDEN OCEAN GROUP LTD	$0	–	-587,857	–	-0.07%	–
DHT	Exit	DHT HOLDINGS INC	$0	–	-1,635,224	–	-0.10%	–
	Exit	IMPAX LABORATORIES INCnote 2.000% 6/1	$0	–	-15,000,000	–	-0.20%	–
CCO	Exit	CLEAR CHANNEL OUTDOOR HLDGScl a	$0	–	-3,040,268	–	-0.21%	–
CSTM	Exit	CONSTELLIUM NVcl a	$0	–	-1,848,250	–	-0.28%	–
KAACU	Exit	KAYNE ANDERSON ACQUISITIONunit 06/30/2022	$0	–	-2,000,000	–	-0.30%	–
	Exit	ASCENT CAP GROUP INCnote 4.000% 7/1	$0	–	-28,413,000	–	-0.34%	–
	Exit	HORIZON PHARMA INVT LTDnote 2.500% 3/1	$0	–	-27,000,000	–	-0.36%	–
IPOAU	Exit	SOCIAL CAP HEDOSOPHIA HLDGSunit 99/99/9999	$0	–	-2,329,070	–	-0.37%	–
AMC	Exit	AMC ENTMT HLDGS INC	$0	–	-1,681,617	–	-0.37%	–
BAC	Exit	BANK AMER CORP	$0	–	-999,000	–	-0.38%	–
	Exit	ACORDA THERAPEUTICS INCnote 1.750% 6/1	$0	–	-29,000,000	–	-0.39%	–
	Exit	GNC HLDGS INCnote 1.500% 8/1	$0	–	-36,455,000	–	-0.40%	–
CZR	Exit	CAESARS ENTMT CORP	$0	–	-2,204,146	–	-0.44%	–
AGN	Exit	ALLERGAN PLC	$0	–	-143,935	–	-0.44%	–
CJ	Exit	C&J ENERGY SVCS INC NEW	$0	–	-1,229,859	–	-0.55%	–
CACQ	Exit	CAESARS ACQUISITION COcl a	$0	–	-1,921,137	–	-0.62%	–
SC	Exit	SANTANDER CONSUMER USA HDG I	$0	–	-2,776,801	–	-0.64%	–
CFCO	Exit	CF CORP	$0	–	-3,914,335	–	-0.66%	–
DVMT	Exit	DELL TECHNOLOGIES INC	$0	–	-575,868	–	-0.66%	–
PAGP	Exit	PLAINS GP HLDGS L Pltd partnr int a	$0	–	-2,123,846	–	-0.70%	–
	Exit	TESLA INCnote 2.375% 3/1	$0	–	-40,000,000	–	-0.74%	–
	Exit	MICROCHIP TECHNOLOGY INCnote 1.625% 2/1	$0	–	-30,000,000	–	-0.78%	–
EQT	Exit	EQT CORP	$0	–	-829,110	–	-0.81%	–
	Exit	TESLA INCnote 1.250% 3/0	$0	–	-49,441,000	–	-0.83%	–
ARD	Exit	ARDAGH GROUP S Acl a	$0	–	-2,769,580	–	-0.89%	–
	Exit	LIBERTY MEDIA CORP DELAWAREnote 1.375%10/1	$0	–	-61,000,000	–	-1.10%	–
TGNA	Exit	TEGNA INC	$0	–	-5,662,321	–	-1.13%	–
GPK	Exit	GRAPHIC PACKAGING HLDG CO	$0	–	-7,198,651	–	-1.50%	–
KR	Exit	KROGER CO	$0	–	-5,295,400	–	-1.59%	–
	Exit	SOLARCITY CORPnote 1.625%11/0	$0	–	-120,144,000	–	-1.70%	–
ORIG	Exit	OCEAN RIG UDW INC	$0	–	-7,260,371	–	-2.58%	–
ALLY	Exit	ALLY FINL INC	$0	–	-8,564,831	–	-3.11%	–
BERY	Exit	BERRY GLOBAL GROUP INC	$0	–	-5,936,000	–	-5.03%	–
TWX	Exit	TIME WARNER INC	$0	–	-5,655,054	–	-8.66%	–
MGM	Exit	MGM RESORTS INTERNATIONAL	$0	–	-20,786,978	–	-10.13%	–
AABA	Exit	ALTABA INC	$0	–	-51,108,540	–	-50.62%	–

Q3 2017

			Value		Shares		↓ Weighting
AABA	Buy	ALTABA INC	$3,385,430,000	+23.2%	51,108,540	+1.3%	50.62%	+11.5%
MGM	Buy	MGM RESORTS INTERNATIONAL	$677,448,000	+11.6%	20,786,978	+7.1%	10.13%	+0.9%
TWX	Sell	TIME WARNER INC	$579,360,000	-2.3%	5,655,054	-4.2%	8.66%	-11.6%
BERY	Buy	BERRY GLOBAL GROUP INC	$336,274,000	+6.4%	5,936,000	+7.0%	5.03%	-3.8%
ALLY	Sell	ALLY FINL INC	$207,782,000	+12.7%	8,564,831	-2.9%	3.11%	+1.9%
ORIG	New	OCEAN RIG UDW INC	$172,579,000	–	7,260,371	–	2.58%	–
KR	Buy	KROGER CO	$106,226,000	+143.2%	5,295,400	+182.7%	1.59%	+119.9%
GPK	Sell	GRAPHIC PACKAGING HLDG CO	$100,421,000	+0.4%	7,198,651	-0.8%	1.50%	-9.2%
TGNA	Sell	TEGNA INC	$75,479,000	-8.3%	5,662,321	-0.9%	1.13%	-17.0%
	New	LIBERTY MEDIA CORP DELAWAREnote 1.375%10/1	$73,798,000	–	61,000,000	–	1.10%	–
ARD	Buy	ARDAGH GROUP S Acl a	$59,297,000	+4.3%	2,769,580	+10.1%	0.89%	-5.6%
EQT	New	EQT CORP	$54,091,000	–	829,110	–	0.81%	–
	New	MICROCHIP TECHNOLOGY INCnote 1.625% 2/1	$52,350,000	–	30,000,000	–	0.78%	–
PAGP	Buy	PLAINS GP HLDGS L Pltd partnr int a	$46,449,000	+30.0%	2,123,846	+55.5%	0.70%	+17.6%
DVMT	Buy	DELL TECHNOLOGIES INC	$44,463,000	+78.5%	575,868	+41.3%	0.66%	+61.4%
SC	Sell	SANTANDER CONSUMER USA HDG I	$42,679,000	+9.4%	2,776,801	-9.2%	0.64%	-1.1%
CJ	Sell	C&J ENERGY SVCS INC NEW	$36,859,000	-41.5%	1,229,859	-33.1%	0.55%	-47.1%
AGN	Sell	ALLERGAN PLC	$29,499,000	-58.9%	143,935	-51.2%	0.44%	-62.8%
	Sell	GNC HLDGS INCnote 1.500% 8/1	$26,863,000	+8.6%	36,455,000	-2.7%	0.40%	-1.7%
BAC	New	BANK AMER CORP	$25,315,000	–	999,000	–	0.38%	–
AMC	Sell	AMC ENTMT HLDGS INC	$24,720,000	-44.3%	1,681,617	-13.8%	0.37%	-49.5%
IPOAU	New	SOCIAL CAP HEDOSOPHIA HLDGSunit 99/99/9999	$24,572,000	–	2,329,070	–	0.37%	–
CSTM	Sell	CONSTELLIUM NVcl a	$18,945,000	-9.4%	1,848,250	-39.0%	0.28%	-18.2%
CCO	Sell	CLEAR CHANNEL OUTDOOR HLDGScl a	$14,137,000	-5.1%	3,040,268	-1.0%	0.21%	-14.2%
DHT	Sell	DHT HOLDINGS INC	$6,508,000	-5.0%	1,635,224	-1.0%	0.10%	-14.2%
GOGL	Sell	GOLDEN OCEAN GROUP LTD	$4,612,000	+3.1%	587,857	-11.9%	0.07%	-6.8%
CFCOW	New	CF CORPcall	$4,130,000	–	1,957,168	–	0.06%	–
RAD	Buy	RITE AID CORP	$3,920,000	+176.3%	2,000,000	+315.6%	0.06%	+156.5%
NRG	New	NRG ENERGY INCcall	$3,500,000	–	20,000	–	0.05%	–
TDW	New	TIDEWATER INC NEW	$1,951,000	–	67,100	–	0.03%	–
CBI	New	CHICAGO BRIDGE & IRON CO N V	$1,680,000	–	100,000	–	0.02%	–
CBI	New	CHICAGO BRIDGE & IRON CO N Vput	$1,320,000	–	1,000	–	0.02%	–
SEAS	New	SEAWORLD ENTMT INC	$1,299,000	–	100,000	–	0.02%	–
SEAS	New	SEAWORLD ENTMT INCput	$700,000	–	1,000	–	0.01%	–
FIT	New	FITBIT INCput	$666,000	–	2,000	–	0.01%	–
RUN	New	SUNRUN INCcall	$38,000	–	750,000	–	0.00%	–
CYHHZ	Sell	COMMUNITY HEALTH SYS INC NEWright 99/99/9999	$6,000	-40.0%	479,167	-3.5%	0.00%	–
RUN	Exit	SUNRUN INCcall	$0	–	-75,000,000	–	-0.00%	–
FIT	Exit	FITBIT INCput	$0	–	-200,000	–	-0.02%	–
CFCO	Exit	CF CORPcall	$0	–	-195,716,800	–	-0.07%	–
AZUL	Exit	AZUL S Asponsr adr pfd	$0	–	-246,501	–	-0.09%	–
NXPI	Exit	NXP SEMICONDUCTORS N V	$0	–	-49,494	–	-0.09%	–
VST	Exit	VISTRA ENERGY CORP	$0	–	-1,105,767	–	-0.31%	–
CAR	Exit	AVIS BUDGET GROUP	$0	–	-799,242	–	-0.36%	–
ABC	Exit	AMERISOURCEBERGEN CORP	$0	–	-291,815	–	-0.46%	–
MYCC	Exit	CLUBCORP HLDGS INC	$0	–	-2,439,313	–	-0.53%	–
SCI	Exit	SERVICE CORP INTL	$0	–	-983,717	–	-0.54%	–
NRG	Exit	NRG ENERGY INC	$0	–	-2,387,007	–	-0.68%	–
CAH	Exit	CARDINAL HEALTH INC	$0	–	-681,165	–	-0.88%	–
MCK	Exit	MCKESSON CORP	$0	–	-534,092	–	-1.45%	–
RAI	Exit	REYNOLDS AMERICAN INC	$0	–	-3,118,513	–	-3.35%	–

Q2 2017

			Value		Shares		↓ Weighting
AABA	New	ALTABA INC	$2,747,347,000	–	50,428,540	–	45.41%	–
MGM	New	MGM RESORTS INTERNATIONAL	$607,099,000	–	19,402,345	–	10.04%	–
TWX	New	TIME WARNER INC	$593,027,000	–	5,906,054	–	9.80%	–
BERY	New	BERRY GLOBAL GROUP INC	$316,172,000	–	5,545,901	–	5.23%	–
RAI	New	REYNOLDS AMERICAN INC	$202,828,000	–	3,118,513	–	3.35%	–
ALLY	New	ALLY FINL INC	$184,415,000	–	8,823,659	–	3.05%	–
	New	SOLARCITY CORPnote 1.625%11/0	$113,386,000	–	120,144,000	–	1.87%	–
GPK	New	GRAPHIC PACKAGING HLDG CO	$100,045,000	–	7,260,151	–	1.65%	–
MCK	New	MCKESSON CORP	$87,879,000	–	534,092	–	1.45%	–
TGNA	New	TEGNA INC	$82,306,000	–	5,711,721	–	1.36%	–
AGN	New	ALLERGAN PLC	$71,757,000	–	295,189	–	1.19%	–
CJ	New	C&J ENERGY SVCS INC NEW	$63,011,000	–	1,838,659	–	1.04%	–
	New	TESLA INCnote 1.250% 3/0	$57,104,000	–	49,441,000	–	0.94%	–
ARD	New	ARDAGH GROUP S Acl a	$56,866,000	–	2,515,101	–	0.94%	–
CAH	New	CARDINAL HEALTH INC	$53,076,000	–	681,165	–	0.88%	–
	New	TESLA INCnote 2.375% 3/1	$50,250,000	–	40,000,000	–	0.83%	–
AMC	New	AMC ENTMT HLDGS INC	$44,363,000	–	1,950,000	–	0.73%	–
CFCO	New	CF CORP	$44,036,000	–	3,914,335	–	0.73%	–
KR	New	KROGER CO	$43,678,000	–	1,873,000	–	0.72%	–
NRG	New	NRG ENERGY INC	$41,104,000	–	2,387,007	–	0.68%	–
SC	New	SANTANDER CONSUMER USA HDG I	$39,012,000	–	3,057,332	–	0.64%	–
CACQ	New	CAESARS ACQUISITION COcl a	$36,598,000	–	1,921,137	–	0.60%	–
PAGP	New	PLAINS GP HLDGS L Pltd partnr int a	$35,731,000	–	1,365,846	–	0.59%	–
SCI	New	SERVICE CORP INTL	$32,905,000	–	983,717	–	0.54%	–
MYCC	New	CLUBCORP HLDGS INC	$31,955,000	–	2,439,313	–	0.53%	–
ABC	New	AMERISOURCEBERGEN CORP	$27,585,000	–	291,815	–	0.46%	–
CZR	New	CAESARS ENTMT CORP	$26,450,000	–	2,204,146	–	0.44%	–
DVMT	New	DELL TECHNOLOGIES INC	$24,910,000	–	407,618	–	0.41%	–
	New	ACORDA THERAPEUTICS INCnote 1.750% 6/1	$24,886,000	–	29,000,000	–	0.41%	–
	New	GNC HLDGS INCnote 1.500% 8/1	$24,737,000	–	37,480,000	–	0.41%	–
	New	HORIZON PHARMA INVT LTDnote 2.500% 3/1	$23,271,000	–	27,000,000	–	0.38%	–
	New	ASCENT CAP GROUP INCnote 4.000% 7/1	$22,534,000	–	28,413,000	–	0.37%	–
CAR	New	AVIS BUDGET GROUP	$21,795,000	–	799,242	–	0.36%	–
CSTM	New	CONSTELLIUM NVcl a	$20,919,000	–	3,031,681	–	0.35%	–
KAACU	New	KAYNE ANDERSON ACQUISITIONunit 06/30/2022	$20,000,000	–	2,000,000	–	0.33%	–
VST	New	VISTRA ENERGY CORP	$18,566,000	–	1,105,767	–	0.31%	–
CCO	New	CLEAR CHANNEL OUTDOOR HLDGScl a	$14,892,000	–	3,070,572	–	0.25%	–
	New	IMPAX LABORATORIES INCnote 2.000% 6/1	$12,759,000	–	15,000,000	–	0.21%	–
DHT	New	DHT HOLDINGS INC	$6,852,000	–	1,651,031	–	0.11%	–
NXPI	New	NXP SEMICONDUCTORS N V	$5,417,000	–	49,494	–	0.09%	–
AZUL	New	AZUL S Asponsr adr pfd	$5,196,000	–	246,501	–	0.09%	–
GOGL	New	GOLDEN OCEAN GROUP LTD	$4,472,000	–	667,537	–	0.07%	–
CFCO	New	CF CORPcall	$4,208,000	–	195,716,800	–	0.07%	–
RAD	New	RITE AID CORP	$1,419,000	–	481,175	–	0.02%	–
CRCQQ	New	CALIFORNIA RES CORP	$1,084,000	–	126,824	–	0.02%	–
FIT	New	FITBIT INCcl a	$1,062,000	–	200,000	–	0.02%	–
FIT	New	FITBIT INCput	$940,000	–	200,000	–	0.02%	–
RUN	New	SUNRUN INCcall	$68,000	–	75,000,000	–	0.00%	–
CYHHZ	New	COMMUNITY HEALTH SYS INC NEWright 99/99/9999	$10,000	–	496,735	–	0.00%	–

Q4 2016

			Value		Shares		↓ Weighting
CYHHZ	Exit	COMMUNITY HEALTH SYS INC NEWright 99/99/9999	$0	–	-496,735	–	0.00%	–
RUN	Exit	SUNRUN INCcall	$0	–	-75,000,000	–	-0.01%	–
CMLS	Exit	CUMULUS MEDIA INCcall	$0	–	-179,594,100	–	-0.02%	–
NAVI	Exit	NAVIENT CORPcall	$0	–	-1,209,700	–	-0.04%	–
CFCOW	Exit	CF CORPcall	$0	–	-200,000,000	–	-0.05%	–
CRCQQ	Exit	CALIFORNIA RES CORP	$0	–	-127,118	–	-0.06%	–
NXEOW	Exit	NEXEO SOLUTIONS INCcall	$0	–	-281,579,400	–	-0.06%	–
KNSL	Exit	KINSALE CAP GROUP INC	$0	–	-116,119	–	-0.08%	–
VVV	Exit	VALVOLINE INC	$0	–	-99,975	–	-0.08%	–
TSLA	Exit	TESLA MTRS INC	$0	–	-13,138	–	-0.10%	–
GOGL	Exit	GOLDEN OCEAN GROUP LTD	$0	–	-667,537	–	-0.10%	–
OIBRC	Exit	OI S Asponsored adr ne	$0	–	-530,900	–	-0.11%	–
	Exit	DHT HOLDINGS INCdebt 4.500%10/0	$0	–	-5,000,000	–	-0.16%	–
PNC	Exit	PNC FINL SVCS GROUP INC	$0	–	-75,042	–	-0.25%	–
TSLA	Exit	TESLA MTRS INCput	$0	–	-142,800	–	-0.25%	–
NAVI	Exit	NAVIENT CORP	$0	–	-511,396	–	-0.27%	–
CHL	Exit	CHINA MOBILE LIMITEDsponsored adr	$0	–	-160,946	–	-0.36%	–
	Exit	ADVANCED MICRO DEVICES INCnote 2.125% 9/0	$0	–	-10,000,000	–	-0.40%	–
RAD	Exit	RITE AID CORP	$0	–	-1,457,300	–	-0.41%	–
CYH	Exit	COMMUNITY HEALTH SYS INC NEW	$0	–	-1,000,000	–	-0.42%	–
LNKD	Exit	LINKEDIN CORP	$0	–	-75,000	–	-0.52%	–
	Exit	ASCENT CAP GROUP INCnote 4.000% 7/1	$0	–	-22,350,000	–	-0.56%	–
RUN	Exit	SUNRUN INC	$0	–	-2,660,000	–	-0.61%	–
CCO	Exit	CLEAR CHANNEL OUTDOOR HLDGScl a	$0	–	-3,395,212	–	-0.72%	–
CZR	Exit	CAESARS ENTMT CORP	$0	–	-2,920,114	–	-0.79%	–
CACQ	Exit	CAESARS ACQUISITION COcl a	$0	–	-1,991,847	–	-0.90%	–
DVMT	Exit	DELL TECHNOLOGIES INC	$0	–	-625,905	–	-1.09%	–
SC	Exit	SANTANDER CONSUMER USA HDG I	$0	–	-2,696,491	–	-1.19%	–
MYCC	Exit	CLUBCORP HLDGS INC	$0	–	-2,576,493	–	-1.36%	–
CFCO	Exit	CF CORP	$0	–	-4,000,000	–	-1.42%	–
AMBC	Exit	AMBAC FINL GROUP INC	$0	–	-2,158,184	–	-1.44%	–
VRTX	Exit	VERTEX PHARMACEUTICALS INC	$0	–	-494,403	–	-1.57%	–
VSI	Exit	VITAMIN SHOPPE INC	$0	–	-1,795,547	–	-1.75%	–
HCA	Exit	HCA HOLDINGS INC	$0	–	-647,771	–	-1.78%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-690,621	–	-1.99%	–
	Exit	TESLA MTRS INCnote 1.250% 3/0	$0	–	-66,250,000	–	-2.06%	–
CAR	Exit	AVIS BUDGET GROUP	$0	–	-1,769,823	–	-2.20%	–
SCI	Exit	SERVICE CORP INTL	$0	–	-2,542,269	–	-2.46%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-1,291,269	–	-3.12%	–
	Exit	SOLARCITY CORPnote 1.625%11/0	$0	–	-127,374,000	–	-3.48%	–
BKD	Exit	BROOKDALE SR LIVING INC	$0	–	-6,351,766	–	-4.03%	–
BERY	Exit	BERRY PLASTICS GROUP INC	$0	–	-3,568,501	–	-5.69%	–
ALLY	Exit	ALLY FINL INC	$0	–	-9,477,131	–	-6.71%	–
MGM	Exit	MGM RESORTS INTERNATIONAL	$0	–	-17,623,648	–	-16.69%	–
YHOO	Exit	YAHOO INC	$0	–	-20,803,565	–	-32.62%	–

Q3 2016

			Value		Shares		↓ Weighting
YHOO	Buy	YAHOO INC	$896,634,000	+28.5%	20,803,565	+12.0%	32.62%	+17.6%
MGM	Buy	MGM RESORTS INTERNATIONAL	$458,744,000	+16.4%	17,623,648	+1.2%	16.69%	+6.5%
ALLY	Sell	ALLY FINL INC	$184,519,000	+7.6%	9,477,131	-5.7%	6.71%	-1.6%
BERY	Buy	BERRY PLASTICS GROUP INC	$156,479,000	+25.0%	3,568,501	+10.8%	5.69%	+14.4%
BKD	Sell	BROOKDALE SR LIVING INC	$110,838,000	+4.2%	6,351,766	-7.8%	4.03%	-4.7%
	Sell	SOLARCITY CORPnote 1.625%11/0	$95,531,000	-2.2%	127,374,000	-14.0%	3.48%	-10.5%
CMCSA	Sell	COMCAST CORP NEWcl a	$85,663,000	-18.0%	1,291,269	-19.4%	3.12%	-25.0%
SCI	Sell	SERVICE CORP INTL	$67,472,000	-2.6%	2,542,269	-0.7%	2.46%	-10.9%
CAR	Sell	AVIS BUDGET GROUP	$60,546,000	-8.3%	1,769,823	-13.6%	2.20%	-16.1%
	New	TESLA MTRS INCnote 1.250% 3/0	$56,644,000	–	66,250,000	–	2.06%	–
GILD	Sell	GILEAD SCIENCES INC	$54,642,000	-20.6%	690,621	-16.2%	1.99%	-27.3%
HCA	Buy	HCA HOLDINGS INC	$48,991,000	+58.9%	647,771	+61.8%	1.78%	+45.3%
VSI	Sell	VITAMIN SHOPPE INC	$48,210,000	-12.7%	1,795,547	-0.6%	1.75%	-20.1%
VRTX	Buy	VERTEX PHARMACEUTICALS INC	$43,117,000	+30.1%	494,403	+28.3%	1.57%	+19.0%
AMBC	Sell	AMBAC FINL GROUP INC	$39,689,000	+8.9%	2,158,184	-2.5%	1.44%	-0.4%
CFCO	New	CF CORP	$39,160,000	–	4,000,000	–	1.42%	–
MYCC	Sell	CLUBCORP HLDGS INC	$37,282,000	+10.6%	2,576,493	-0.6%	1.36%	+1.2%
SC	Buy	SANTANDER CONSUMER USA HDG I	$32,789,000	+41.3%	2,696,491	+20.0%	1.19%	+29.3%
DVMT	New	DELL TECHNOLOGIES INC	$29,918,000	–	625,905	–	1.09%	–
CACQ	Buy	CAESARS ACQUISITION COcl a	$24,739,000	+18.1%	1,991,847	+6.7%	0.90%	+8.0%
CZR	Sell	CAESARS ENTMT CORP	$21,755,000	-6.3%	2,920,114	-3.3%	0.79%	-14.2%
CCO	Sell	CLEAR CHANNEL OUTDOOR HLDGScl a	$19,828,000	-20.6%	3,395,212	-15.5%	0.72%	-27.4%
RUN	Sell	SUNRUN INC	$16,758,000	-14.0%	2,660,000	-19.9%	0.61%	-21.3%
	New	ASCENT CAP GROUP INCnote 4.000% 7/1	$15,538,000	–	22,350,000	–	0.56%	–
LNKD	Sell	LINKEDIN CORP	$14,334,000	-24.3%	75,000	-25.0%	0.52%	-30.7%
CYH	New	COMMUNITY HEALTH SYS INC NEW	$11,540,000	–	1,000,000	–	0.42%	–
RAD	New	RITE AID CORP	$11,207,000	–	1,457,300	–	0.41%	–
	New	ADVANCED MICRO DEVICES INCnote 2.125% 9/0	$10,875,000	–	10,000,000	–	0.40%	–
CHL	Sell	CHINA MOBILE LIMITEDsponsored adr	$9,901,000	-58.8%	160,946	-61.2%	0.36%	-62.3%
NAVI	Sell	NAVIENT CORP	$7,400,000	-69.8%	511,396	-75.1%	0.27%	-72.4%
TSLA	New	TESLA MTRS INCput	$6,772,000	–	142,800	–	0.25%	–
	Sell	DHT HOLDINGS INCdebt 4.500%10/0	$4,444,000	-47.7%	5,000,000	-44.4%	0.16%	-52.1%
OIBRC	New	OI S Asponsored adr ne	$3,016,000	–	530,900	–	0.11%	–
GOGL	New	GOLDEN OCEAN GROUP LTD	$2,708,000	–	667,537	–	0.10%	–
TSLA	New	TESLA MTRS INC	$2,681,000	–	13,138	–	0.10%	–
VVV	New	VALVOLINE INC	$2,348,000	–	99,975	–	0.08%	–
KNSL	New	KINSALE CAP GROUP INC	$2,299,000	–	116,119	–	0.08%	–
CRCQQ	Sell	CALIFORNIA RES CORP	$1,589,000	-10.3%	127,118	-12.5%	0.06%	-17.1%
CFCOW	New	CF CORPcall	$1,400,000	–	200,000,000	–	0.05%	–
NAVI	Sell	NAVIENT CORPcall	$1,101,000	+353.1%	1,209,700	-0.5%	0.04%	+300.0%
CYHHZ	Sell	COMMUNITY HEALTH SYS INC NEWright 99/99/9999	$4,000	+100.0%	496,735	-0.5%	0.00%	–
BABA	Exit	ALIBABA GROUP HLDG LTDcall	$0	–	-1,972,000	–	-0.01%	–
SVU	Exit	SUPERVALU INCcall	$0	–	-1,560,000	–	-0.01%	–
CMLS	Exit	CUMULUS MEDIA INCcl a	$0	–	-3,114,371	–	-0.04%	–
SCTY	Exit	SOLARCITY CORP	$0	–	-41,499	–	-0.04%	–
GOGL	Exit	GOLDEN OCEAN GROUP LTD	$0	–	-3,337,689	–	-0.09%	–
	Exit	HERBALIFE LTDnote 2.000% 8/1	$0	–	-3,500,000	–	-0.14%	–
TLN	Exit	TALEN ENERGY CORP	$0	–	-555,506	–	-0.30%	–
USFD	Exit	US FOODS HLDG CORP	$0	–	-730,373	–	-0.70%	–
CFCOU	Exit	CF CORPunit 99/99/9999	$0	–	-4,000,000	–	-1.58%	–
EMC	Exit	E M C CORP MASS	$0	–	-5,612,556	–	-6.06%	–

Q2 2016

			Value		Shares		↓ Weighting
YHOO	New	YAHOO INC	$697,579,000	–	18,572,403	–	27.74%	–
MGM	New	MGM RESORTS INTERNATIONAL	$394,028,000	–	17,411,736	–	15.67%	–
ALLY	New	ALLY FINL INC	$171,470,000	–	10,045,073	–	6.82%	–
EMC	New	E M C CORP MASS	$152,493,000	–	5,612,556	–	6.06%	–
BERY	New	BERRY PLASTICS GROUP INC	$125,135,000	–	3,220,975	–	4.98%	–
BKD	New	BROOKDALE SR LIVING INC	$106,363,000	–	6,888,810	–	4.23%	–
CMCSA	New	COMCAST CORP NEWcl a	$104,493,000	–	1,602,905	–	4.16%	–
	New	SOLARCITY CORPnote 1.625%11/0	$97,640,000	–	148,079,000	–	3.88%	–
SCI	New	SERVICE CORP INTL	$69,247,000	–	2,560,909	–	2.75%	–
GILD	New	GILEAD SCIENCES INC	$68,788,000	–	824,597	–	2.74%	–
CAR	New	AVIS BUDGET GROUP	$66,020,000	–	2,048,396	–	2.63%	–
VSI	New	VITAMIN SHOPPE INC	$55,222,000	–	1,806,400	–	2.20%	–
CFCOU	New	CF CORPunit 99/99/9999	$39,680,000	–	4,000,000	–	1.58%	–
AMBC	New	AMBAC FINL GROUP INC	$36,453,000	–	2,214,645	–	1.45%	–
MYCC	New	CLUBCORP HLDGS INC	$33,709,000	–	2,592,972	–	1.34%	–
VRTX	New	VERTEX PHARMACEUTICALS INC	$33,151,000	–	385,385	–	1.32%	–
HCA	New	HCA HOLDINGS INC	$30,839,000	–	400,460	–	1.23%	–
CCO	New	CLEAR CHANNEL OUTDOOR HLDGScl a	$24,978,000	–	4,015,764	–	0.99%	–
NAVI	New	NAVIENT CORP	$24,527,000	–	2,052,488	–	0.98%	–
CHL	New	CHINA MOBILE LIMITEDsponsored adr	$24,035,000	–	415,108	–	0.96%	–
SC	New	SANTANDER CONSUMER USA HDG I	$23,213,000	–	2,247,176	–	0.92%	–
CZR	New	CAESARS ENTMT CORP	$23,211,000	–	3,018,274	–	0.92%	–
CACQ	New	CAESARS ACQUISITION COcl a	$20,944,000	–	1,866,647	–	0.83%	–
RUN	New	SUNRUN INC	$19,476,000	–	3,319,395	–	0.78%	–
LNKD	New	LINKEDIN CORP	$18,925,000	–	100,000	–	0.75%	–
USFD	New	US FOODS HLDG CORP	$17,704,000	–	730,373	–	0.70%	–
	New	DHT HOLDINGS INCdebt 4.500%10/0	$8,499,000	–	9,000,000	–	0.34%	–
TLN	New	TALEN ENERGY CORP	$7,527,000	–	555,506	–	0.30%	–
PNC	New	PNC FINL SVCS GROUP INC	$6,108,000	–	75,042	–	0.24%	–
	New	HERBALIFE LTDnote 2.000% 8/1	$3,458,000	–	3,500,000	–	0.14%	–
GOGL	New	GOLDEN OCEAN GROUP LTD	$2,251,000	–	3,337,689	–	0.09%	–
NXEOW	New	NEXEO SOLUTIONS INCcall	$1,943,000	–	281,579,400	–	0.08%	–
CRCQQ	New	CALIFORNIA RES CORP	$1,772,000	–	145,270	–	0.07%	–
SCTY	New	SOLARCITY CORP	$993,000	–	41,499	–	0.04%	–
CMLS	New	CUMULUS MEDIA INCcl a	$965,000	–	3,114,371	–	0.04%	–
CMLS	New	CUMULUS MEDIA INCcall	$557,000	–	179,594,100	–	0.02%	–
SVU	New	SUPERVALU INCcall	$357,000	–	1,560,000	–	0.01%	–
NAVI	New	NAVIENT CORPcall	$243,000	–	1,215,600	–	0.01%	–
RUN	New	SUNRUN INCcall	$143,000	–	75,000,000	–	0.01%	–
BABA	New	ALIBABA GROUP HLDG LTDcall	$131,000	–	1,972,000	–	0.01%	–
CYHHZ	New	COMMUNITY HEALTH SYS INC NEWright 99/99/9999	$2,000	–	499,397	–	0.00%	–

Q4 2015

			Value		Shares		↓ Weighting
CYHHZ	Exit	COMMUNITY HEALTH SYS INC NEWright 99/99/9999	$0	–	-500,000	–	0.00%	–
OZM	Exit	OCH ZIFF CAP MGMT GROUPcl a	$0	–	-10,610	–	-0.00%	–
FIG	Exit	FORTRESS INVESTMENT GROUP LLcl a	$0	–	-34,661	–	-0.01%	–
APO	Exit	APOLLO GLOBAL MGMT LLC	$0	–	-17,962	–	-0.01%	–
	Exit	ARES COML REAL ESTATE CORPnote 7.000%12/1	$0	–	-922,046	–	-0.02%	–
CMLS	Exit	CUMULUS MEDIA INCcall	$0	–	-3,177,407	–	-0.06%	–
WLRHW	Exit	WL ROSS HLDG CORPcall	$0	–	-3,850,000	–	-0.09%	–
	Exit	SUNEDISON INCnote 2.000%10/0	$0	–	-4,685,000	–	-0.10%	–
CMLS	Exit	CUMULUS MEDIA INCcl a	$0	–	-5,121,345	–	-0.10%	–
	Exit	HERBALIFE LTDnote 2.000% 8/1	$0	–	-5,000,000	–	-0.12%	–
ZBH	Exit	ZIMMER BIOMET HLDGS INC	$0	–	-57,762	–	-0.13%	–
GLBL	Exit	TERRAFORM GLOBAL INCcl a	$0	–	-707,247	–	-0.13%	–
PNC	Exit	PNC FINL SVCS GROUP INC	$0	–	-75,042	–	-0.18%	–
SNOW	Exit	INTRAWEST RESORTS HLDGS INC	$0	–	-855,074	–	-0.20%	–
CACQ	Exit	CAESARS ACQUISITION COcl a	$0	–	-1,085,586	–	-0.21%	–
	Exit	NOVELLUS SYS INCnote 2.625% 5/1	$0	–	-4,500,000	–	-0.24%	–
HLF	Exit	HERBALIFE LTD	$0	–	-189,850	–	-0.28%	–
HCP	Exit	HCP INC	$0	–	-287,379	–	-0.29%	–
MYL	Exit	MYLAN N V	$0	–	-277,277	–	-0.31%	–
FCX	Exit	FREEPORT-MCMORAN INCcl b	$0	–	-1,191,099	–	-0.32%	–
	Exit	FIDELITY NATIONAL FINANCIALnote 4.250% 8/1	$0	–	-7,000,000	–	-0.36%	–
SUNEQ	Exit	SUNEDISON INC	$0	–	-2,017,958	–	-0.40%	–
GM	Exit	GENERAL MTRS CO	$0	–	-493,640	–	-0.41%	–
SSD	Exit	SIMPSON MANUFACTURING CO INC	$0	–	-490,220	–	-0.45%	–
CCG	Exit	CAMPUS CREST CMNTYS INC	$0	–	-3,088,965	–	-0.45%	–
TIPT	Exit	TIPTREE FINL INCcl a	$0	–	-2,798,000	–	-0.45%	–
DHT	Exit	DHT HOLDINGS INC	$0	–	-2,582,635	–	-0.53%	–
	Exit	JARDEN CORPnote 1.875% 9/1	$0	–	-14,000,000	–	-0.62%	–
	Exit	TELEFLEX INCnote 3.875% 8/0	$0	–	-11,600,000	–	-0.64%	–
KMT	Exit	KENNAMETAL INC	$0	–	-994,502	–	-0.68%	–
PFE	Exit	PFIZER INC	$0	–	-792,054	–	-0.68%	–
EGLE	Exit	EAGLE BULK SHIPPING INC	$0	–	-4,382,198	–	-0.71%	–
	Exit	SOLARCITY CORPnote 2.750%11/0	$0	–	-29,995,000	–	-0.74%	–
	Exit	STARWOOD WAYPOINT RESIDENTLnote 3.000% 7/0	$0	–	-29,225,000	–	-0.76%	–
	Exit	DHT HOLDINGS INCdebt 4.500%10/0	$0	–	-26,000,000	–	-0.81%	–
AMBC	Exit	AMBAC FINL GROUP INC	$0	–	-2,106,942	–	-0.84%	–
PNK	Exit	PINNACLE ENTMT INC	$0	–	-902,332	–	-0.84%	–
CZR	Exit	CAESARS ENTMT CORP	$0	–	-5,209,786	–	-0.84%	–
CCO	Exit	CLEAR CHANNEL OUTDOOR HLDGScl a	$0	–	-4,541,228	–	-0.89%	–
BID	Exit	SOTHEBYS	$0	–	-1,221,768	–	-1.07%	–
CHL	Exit	CHINA MOBILE LIMITEDsponsored adr	$0	–	-660,763	–	-1.08%	–
WLRH	Exit	WL ROSS HLDG CORP	$0	–	-3,850,000	–	-1.10%	–
NTK	Exit	NORTEK INC	$0	–	-677,617	–	-1.15%	–
VRTX	Exit	VERTEX PHARMACEUTICALS INC	$0	–	-408,104	–	-1.17%	–
GOLD	Exit	BARRICK GOLD CORP	$0	–	-6,750,759	–	-1.18%	–
CDW	Exit	CDW CORP	$0	–	-1,093,368	–	-1.23%	–
MYCC	Exit	CLUBCORP HLDGS INC	$0	–	-2,415,730	–	-1.42%	–
CDK	Exit	CDK GLOBAL INC	$0	–	-1,220,949	–	-1.60%	–
WFM	Exit	WHOLE FOODS MKT INC	$0	–	-1,844,376	–	-1.60%	–
VSI	Exit	VITAMIN SHOPPE INC	$0	–	-1,848,195	–	-1.66%	–
IBN	Exit	ICICI BK LTDadr	$0	–	-7,541,876	–	-1.74%	–
SCI	Exit	SERVICE CORP INTL	$0	–	-2,471,805	–	-1.84%	–
CAR	Exit	AVIS BUDGET GROUP	$0	–	-1,713,657	–	-2.05%	–
SC	Exit	SANTANDER CONSUMER USA HDG I	$0	–	-3,730,852	–	-2.09%	–
RUN	Exit	SUNRUN INC	$0	–	-8,509,337	–	-2.20%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-849,670	–	-2.29%	–
VSLR	Exit	VIVINT SOLAR INC	$0	–	-8,463,624	–	-2.43%	–
ODP	Exit	OFFICE DEPOT INC	$0	–	-14,077,373	–	-2.48%	–
A104PS	Exit	HILTON WORLDWIDE HLDGS INC	$0	–	-4,252,665	–	-2.68%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-1,503,753	–	-2.76%	–
HOT	Exit	STARWOOD HOTELS&RESORTS WRLD	$0	–	-1,553,169	–	-2.83%	–
BERY	Exit	BERRY PLASTICS GROUP INC	$0	–	-4,036,676	–	-3.33%	–
BKD	Exit	BROOKDALE SR LIVING INC	$0	–	-5,553,950	–	-3.50%	–
YHOO	Exit	YAHOO INC	$0	–	-5,683,409	–	-4.51%	–
TWC	Exit	TIME WARNER CABLE INC	$0	–	-935,580	–	-4.61%	–
SCTY	Exit	SOLARCITY CORP	$0	–	-4,451,967	–	-5.22%	–
MGM	Exit	MGM RESORTS INTERNATIONAL	$0	–	-13,293,256	–	-6.73%	–
ALLY	Exit	ALLY FINL INC	$0	–	-12,413,977	–	-6.94%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-6,789,571	–	-10.60%	–

Q3 2015

			Value		Shares		↓ Weighting
CMCSA	Buy	COMCAST CORP NEWcl a	$386,191,000	+18.9%	6,789,571	+25.8%	10.60%	+23.8%
ALLY	Buy	ALLY FINL INC	$252,997,000	-5.8%	12,413,977	+3.7%	6.94%	-2.0%
MGM	Buy	MGM RESORTS INTERNATIONAL	$245,261,000	+22.7%	13,293,256	+21.4%	6.73%	+27.7%
SCTY	Buy	SOLARCITY CORP	$190,144,000	+17.2%	4,451,967	+46.9%	5.22%	+21.9%
TWC	Buy	TIME WARNER CABLE INC	$167,815,000	+20.8%	935,580	+20.0%	4.61%	+25.7%
YHOO	Buy	YAHOO INC	$164,307,000	+10.6%	5,683,409	+50.4%	4.51%	+15.1%
BKD	Sell	BROOKDALE SR LIVING INC	$127,519,000	-34.4%	5,553,950	-0.8%	3.50%	-31.7%
BERY	New	BERRY PLASTICS GROUP INC	$121,383,000	–	4,036,676	–	3.33%	–
HOT	Buy	STARWOOD HOTELS&RESORTS WRLD	$103,255,000	+39.1%	1,553,169	+69.7%	2.83%	+44.7%
MDT	Buy	MEDTRONIC PLC	$100,661,000	+11.8%	1,503,753	+23.8%	2.76%	+16.4%
A104PS	New	HILTON WORLDWIDE HLDGS INC	$97,556,000	–	4,252,665	–	2.68%	–
ODP	Buy	OFFICE DEPOT INC	$90,377,000	+5.7%	14,077,373	+42.6%	2.48%	+10.0%
VSLR	Buy	VIVINT SOLAR INC	$88,699,000	+7.2%	8,463,624	+24.5%	2.43%	+11.5%
GILD	Buy	GILEAD SCIENCES INC	$83,429,000	-11.6%	849,670	+5.5%	2.29%	-8.0%
RUN	New	SUNRUN INC	$80,300,000	–	8,509,337	–	2.20%	–
SC	Sell	SANTANDER CONSUMER USA HDG I	$76,184,000	-26.4%	3,730,852	-7.8%	2.09%	-23.4%
CAR	New	AVIS BUDGET GROUP	$74,853,000	–	1,713,657	–	2.05%	–
SCI	Sell	SERVICE CORP INTL	$66,986,000	-8.6%	2,471,805	-0.7%	1.84%	-4.9%
IBN	Buy	ICICI BK LTDadr	$63,201,000	-13.1%	7,541,876	+8.0%	1.74%	-9.6%
VSI	Buy	VITAMIN SHOPPE INC	$60,325,000	-11.0%	1,848,195	+1.6%	1.66%	-7.4%
WFM	New	WHOLE FOODS MKT INC	$58,375,000	–	1,844,376	–	1.60%	–
CDK	Sell	CDK GLOBAL INC	$58,337,000	-12.9%	1,220,949	-1.6%	1.60%	-9.3%
MYCC	Sell	CLUBCORP HLDGS INC	$51,842,000	-10.5%	2,415,730	-0.4%	1.42%	-6.9%
CDW	Sell	CDW CORP	$44,675,000	+18.6%	1,093,368	-0.5%	1.23%	+23.3%
GOLD	Buy	BARRICK GOLD CORP	$42,935,000	-32.7%	6,750,759	+12.8%	1.18%	-30.0%
VRTX	Buy	VERTEX PHARMACEUTICALS INC	$42,500,000	-6.2%	408,104	+11.2%	1.17%	-2.5%
NTK	Sell	NORTEK INC	$42,026,000	-27.4%	677,617	-3.9%	1.15%	-24.5%
WLRH	Sell	WL ROSS HLDG CORP	$39,963,000	-1.6%	3,850,000	-1.3%	1.10%	+2.4%
CHL	Sell	CHINA MOBILE LIMITEDsponsored adr	$39,315,000	-16.4%	660,763	-9.9%	1.08%	-13.0%
BID	Buy	SOTHEBYS	$39,072,000	+5.7%	1,221,768	+49.6%	1.07%	+9.9%
CCO	Sell	CLEAR CHANNEL OUTDOOR HLDGScl a	$32,379,000	-29.8%	4,541,228	-0.3%	0.89%	-27.0%
CZR	Buy	CAESARS ENTMT CORP	$30,686,000	-0.4%	5,209,786	+3.5%	0.84%	+3.6%
PNK	Sell	PINNACLE ENTMT INC	$30,535,000	-17.8%	902,332	-9.5%	0.84%	-14.5%
AMBC	Sell	AMBAC FINL GROUP INC	$30,487,000	-14.0%	2,106,942	-1.1%	0.84%	-10.5%
	Sell	DHT HOLDINGS INCdebt 4.500%10/0	$29,640,000	-55.1%	26,000,000	-14.8%	0.81%	-53.2%
	New	STARWOOD WAYPOINT RESIDENTLnote 3.000% 7/0	$27,727,000	–	29,225,000	–	0.76%	–
	Sell	SOLARCITY CORPnote 2.750%11/0	$27,052,000	-16.6%	29,995,000	-0.0%	0.74%	-13.3%
PFE	Buy	PFIZER INC	$24,878,000	-3.8%	792,054	+2.7%	0.68%	+0.1%
KMT	Buy	KENNAMETAL INC	$24,753,000	+20.3%	994,502	+65.0%	0.68%	+25.0%
	New	TELEFLEX INCnote 3.875% 8/0	$23,461,000	–	11,600,000	–	0.64%	–
	New	JARDEN CORPnote 1.875% 9/1	$22,435,000	–	14,000,000	–	0.62%	–
DHT	Sell	DHT HOLDINGS INC	$19,163,000	-45.5%	2,582,635	-42.9%	0.53%	-43.3%
CCG	Sell	CAMPUS CREST CMNTYS INC	$16,433,000	-21.6%	3,088,965	-18.3%	0.45%	-18.4%
SSD	Sell	SIMPSON MANUFACTURING CO INC	$16,417,000	-2.1%	490,220	-0.6%	0.45%	+2.0%
GM	New	GENERAL MTRS CO	$14,819,000	–	493,640	–	0.41%	–
SUNEQ	Sell	SUNEDISON INC	$14,489,000	-90.1%	2,017,958	-58.6%	0.40%	-89.6%
	New	FIDELITY NATIONAL FINANCIALnote 4.250% 8/1	$12,976,000	–	7,000,000	–	0.36%	–
FCX	Buy	FREEPORT-MCMORAN INCcl b	$11,542,000	-11.5%	1,191,099	+70.1%	0.32%	-7.8%
MYL	Sell	MYLAN N V	$11,163,000	-61.9%	277,277	-35.8%	0.31%	-60.4%
HCP	Sell	HCP INC	$10,705,000	-6.6%	287,379	-8.5%	0.29%	-2.6%
HLF	Buy	HERBALIFE LTD	$10,347,000	+30.9%	189,850	+32.3%	0.28%	+36.5%
	New	NOVELLUS SYS INCnote 2.625% 5/1	$8,812,000	–	4,500,000	–	0.24%	–
CACQ	Buy	CAESARS ACQUISITION COcl a	$7,708,000	+56.1%	1,085,586	+51.2%	0.21%	+63.1%
SNOW	Sell	INTRAWEST RESORTS HLDGS INC	$7,405,000	-25.5%	855,074	-0.1%	0.20%	-22.5%
PNC	New	PNC FINL SVCS GROUP INC	$6,694,000	–	75,042	–	0.18%	–
GLBL	New	TERRAFORM GLOBAL INCcl a	$4,710,000	–	707,247	–	0.13%	–
ZBH	New	ZIMMER BIOMET HLDGS INC	$4,612,000	–	57,762	–	0.13%	–
	Sell	HERBALIFE LTDnote 2.000% 8/1	$4,413,000	-66.7%	5,000,000	-66.7%	0.12%	-65.4%
CMLS	Buy	CUMULUS MEDIA INCcl a	$3,604,000	-64.8%	5,121,345	+1.4%	0.10%	-63.3%
	New	SUNEDISON INCnote 2.000%10/0	$3,528,000	–	4,685,000	–	0.10%	–
WLRHW	New	WL ROSS HLDG CORPcall	$3,157,000	–	3,850,000	–	0.09%	–
CMLS	New	CUMULUS MEDIA INCcall	$2,236,000	–	3,177,407	–	0.06%	–
	Sell	ARES COML REAL ESTATE CORPnote 7.000%12/1	$920,000	-91.4%	922,046	-91.2%	0.02%	-91.1%
APO	Sell	APOLLO GLOBAL MGMT LLC	$309,000	-37.6%	17,962	-19.7%	0.01%	-38.5%
FIG	Sell	FORTRESS INVESTMENT GROUP LLcl a	$192,000	-39.0%	34,661	-19.7%	0.01%	-37.5%
OZM	Sell	OCH ZIFF CAP MGMT GROUPcl a	$93,000	-42.2%	10,610	-19.7%	0.00%	-25.0%
PBF	Exit	PBF ENERGY INCcl a	$0	–	-44,300	–	-0.03%	–
TSO	Exit	TESORO CORP	$0	–	-33,900	–	-0.08%	–
TTM	Exit	TATA MTRS LTDsponsored adr	$0	–	-112,516	–	-0.10%	–
WLRHW	Exit	WL ROSS HLDG CORP*w exp 06/11/201	$0	–	-3,900,000	–	-0.10%	–
BHI	Exit	BAKER HUGHES INC	$0	–	-82,500	–	-0.13%	–
CSIQ	Exit	CANADIAN SOLAR INC	$0	–	-295,700	–	-0.22%	–
WNR	Exit	WESTERN REFNG INC	$0	–	-248,635	–	-0.29%	–
BYD	Exit	BOYD GAMING CORP	$0	–	-818,397	–	-0.32%	–
VLO	Exit	VALERO ENERGY CORP NEW	$0	–	-221,265	–	-0.36%	–
MPC	Exit	MARATHON PETE CORP	$0	–	-442,066	–	-0.61%	–
INFA	Exit	INFORMATICA CORP	$0	–	-477,594	–	-0.61%	–
CIM	Exit	CHIMERA INVT CORP	$0	–	-1,873,205	–	-0.68%	–
HDB	Exit	HDFC BANK LTD	$0	–	-438,100	–	-0.70%	–
CVC	Exit	CABLEVISION SYS CORPcl a ny cablvs	$0	–	-1,115,956	–	-0.70%	–
JKS	Exit	JINKOSOLAR HLDG CO LTDsponsored adr	$0	–	-1,123,200	–	-0.88%	–
TERP	Exit	TERRAFORM PWR INC	$0	–	-1,086,780	–	-1.09%	–
FDO	Exit	FAMILY DLR STORES INC	$0	–	-2,818,006	–	-5.86%	–

Q2 2015

			Value		Shares		↓ Weighting
CMCSA	New	COMCAST CORP NEWcl a	$324,709,000	–	5,399,226	–	8.56%	–
ALLY	New	ALLY FINL INC	$268,530,000	–	11,971,901	–	7.08%	–
FDO	New	FAMILY DLR STORES INC	$222,087,000	–	2,818,006	–	5.86%	–
MGM	New	MGM RESORTS INTERNATIONAL	$199,872,000	–	10,951,867	–	5.27%	–
BKD	New	BROOKDALE SR LIVING INC	$194,343,000	–	5,600,666	–	5.13%	–
SCTY	New	SOLARCITY CORP	$162,290,000	–	3,030,631	–	4.28%	–
YHOO	New	YAHOO INC	$148,516,000	–	3,780,000	–	3.92%	–
SUNEQ	New	SUNEDISON INC	$145,721,000	–	4,871,996	–	3.84%	–
TWC	New	TIME WARNER CABLE INC	$138,923,000	–	779,724	–	3.66%	–
SC	New	SANTANDER CONSUMER USA HDG I	$103,455,000	–	4,045,952	–	2.73%	–
GILD	New	GILEAD SCIENCES INC	$94,333,000	–	805,710	–	2.49%	–
MDT	New	MEDTRONIC PLC	$90,000,000	–	1,214,576	–	2.37%	–
ODP	New	OFFICE DEPOT INC	$85,492,000	–	9,872,000	–	2.26%	–
VSLR	New	VIVINT SOLAR INC	$82,728,000	–	6,797,676	–	2.18%	–
HOT	New	STARWOOD HOTELS&RESORTS WRLD	$74,218,000	–	915,250	–	1.96%	–
SCI	New	SERVICE CORP INTL	$73,274,000	–	2,489,778	–	1.93%	–
IBN	New	ICICI BK LTDadr	$72,757,000	–	6,982,425	–	1.92%	–
VSI	New	VITAMIN SHOPPE INC	$67,795,000	–	1,819,020	–	1.79%	–
CDK	New	CDK GLOBAL INC	$66,948,000	–	1,240,240	–	1.77%	–
	New	DHT HOLDINGS INCdebt 4.500%10/0	$65,964,000	–	30,526,345	–	1.74%	–
GOLD	New	BARRICK GOLD CORP	$63,815,000	–	5,986,385	–	1.68%	–
MYCC	New	CLUBCORP HLDGS INC	$57,934,000	–	2,426,033	–	1.53%	–
NTK	New	NORTEK INC	$57,882,000	–	704,852	–	1.53%	–
CHL	New	CHINA MOBILE LIMITEDsponsored adr	$47,011,000	–	733,515	–	1.24%	–
CCO	New	CLEAR CHANNEL OUTDOOR HLDGScl a	$46,141,000	–	4,554,905	–	1.22%	–
VRTX	New	VERTEX PHARMACEUTICALS INC	$45,332,000	–	367,123	–	1.20%	–
TERP	New	TERRAFORM PWR INC	$41,276,000	–	1,086,780	–	1.09%	–
WLRH	New	WL ROSS HLDG CORP	$40,599,000	–	3,900,000	–	1.07%	–
CDW	New	CDW CORP	$37,674,000	–	1,099,014	–	0.99%	–
PNK	New	PINNACLE ENTMT INC	$37,157,000	–	996,700	–	0.98%	–
BID	New	SOTHEBYS	$36,955,000	–	816,873	–	0.98%	–
AMBC	New	AMBAC FINL GROUP INC	$35,441,000	–	2,129,888	–	0.94%	–
DHT	New	DHT HOLDINGS INC	$35,170,000	–	4,526,345	–	0.93%	–
JKS	New	JINKOSOLAR HLDG CO LTDsponsored adr	$33,157,000	–	1,123,200	–	0.88%	–
	New	SOLARCITY CORPnote 2.750%11/0	$32,438,000	–	30,000,000	–	0.86%	–
CZR	New	CAESARS ENTMT CORP	$30,807,000	–	5,033,825	–	0.81%	–
EGLE	New	EAGLE BULK SHIPPING INC	$30,544,000	–	4,382,198	–	0.81%	–
MYL	New	MYLAN N V	$29,293,000	–	431,673	–	0.77%	–
CVC	New	CABLEVISION SYS CORPcl a ny cablvs	$26,716,000	–	1,115,956	–	0.70%	–
HDB	New	HDFC BANK LTD	$26,518,000	–	438,100	–	0.70%	–
PFE	New	PFIZER INC	$25,851,000	–	770,974	–	0.68%	–
CIM	New	CHIMERA INVT CORP	$25,682,000	–	1,873,205	–	0.68%	–
INFA	New	INFORMATICA CORP	$23,149,000	–	477,594	–	0.61%	–
MPC	New	MARATHON PETE CORP	$23,124,000	–	442,066	–	0.61%	–
CCG	New	CAMPUS CREST CMNTYS INC	$20,952,000	–	3,781,985	–	0.55%	–
KMT	New	KENNAMETAL INC	$20,568,000	–	602,800	–	0.54%	–
SSD	New	SIMPSON MANUFACTURING CO INC	$16,767,000	–	493,152	–	0.44%	–
TIPT	New	TIPTREE FINL INCcl a	$16,500,000	–	2,798,000	–	0.44%	–
VLO	New	VALERO ENERGY CORP NEW	$13,851,000	–	221,265	–	0.36%	–
	New	HERBALIFE LTDnote 2.000% 8/1	$13,266,000	–	15,000,000	–	0.35%	–
FCX	New	FREEPORT-MCMORAN INCcl b	$13,038,000	–	700,238	–	0.34%	–
BYD	New	BOYD GAMING CORP	$12,235,000	–	818,397	–	0.32%	–
HCP	New	HCP INC	$11,458,000	–	314,171	–	0.30%	–
WNR	New	WESTERN REFNG INC	$10,845,000	–	248,635	–	0.29%	–
	New	ARES COML REAL ESTATE CORPnote 7.000%12/1	$10,675,000	–	10,500,000	–	0.28%	–
CMLS	New	CUMULUS MEDIA INCcl a	$10,252,000	–	5,050,224	–	0.27%	–
SNOW	New	INTRAWEST RESORTS HLDGS INC	$9,942,000	–	855,567	–	0.26%	–
CSIQ	New	CANADIAN SOLAR INC	$8,457,000	–	295,700	–	0.22%	–
HLF	New	HERBALIFE LTD	$7,903,000	–	143,450	–	0.21%	–
BHI	New	BAKER HUGHES INC	$5,090,000	–	82,500	–	0.13%	–
CACQ	New	CAESARS ACQUISITION COcl a	$4,939,000	–	717,940	–	0.13%	–
WLRHW	New	WL ROSS HLDG CORP*w exp 06/11/201	$3,900,000	–	3,900,000	–	0.10%	–
TTM	New	TATA MTRS LTDsponsored adr	$3,878,000	–	112,516	–	0.10%	–
TSO	New	TESORO CORP	$2,861,000	–	33,900	–	0.08%	–
PBF	New	PBF ENERGY INCcl a	$1,259,000	–	44,300	–	0.03%	–
APO	New	APOLLO GLOBAL MGMT LLC	$495,000	–	22,358	–	0.01%	–
FIG	New	FORTRESS INVESTMENT GROUP LLcl a	$315,000	–	43,187	–	0.01%	–
OZM	New	OCH ZIFF CAP MGMT GROUPcl a	$161,000	–	13,211	–	0.00%	–
CYHHZ	New	COMMUNITY HEALTH SYS INC NEWright 01/27/2016	$7,000	–	500,000	–	0.00%	–

Q4 2014

			Value		Shares		↓ Weighting
CYHHZ	Exit	COMMUNITY HEALTH SYS INC NEWright 01/27/2016	$0	–	-500,000	–	-0.00%	–
EGLE	Exit	EAGLE BULK SHIPPING INC	$0	–	-88,032	–	-0.00%	–
FIG	Exit	FORTRESS INVESTMENT GROUP LLcl a	$0	–	-12,815	–	-0.00%	–
BX	Exit	BLACKSTONE GROUP L P	$0	–	-8,515	–	-0.01%	–
VVUS	Exit	VIVUS INC	$0	–	-370,300	–	-0.06%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-18,394	–	-0.06%	–
PFSI	Exit	PENNYMAC FINL SVCS INCcl a	$0	–	-108,958	–	-0.06%	–
F113PS	Exit	COVIDIEN PLC	$0	–	-24,160	–	-0.08%	–
	Exit	FOREST CITY ENTERPRISES INCnote 3.625% 8/1	$0	–	-2,500,000	–	-0.10%	–
MC	Exit	MOELIS & COcl a	$0	–	-83,681	–	-0.11%	–
FCX	Exit	FREEPORT-MCMORAN INCcl b	$0	–	-102,217	–	-0.13%	–
PMT	Exit	PENNYMAC MTG INVT TR	$0	–	-165,889	–	-0.14%	–
	Exit	SPIRIT RLTY CAP INC NEWnote 2.875% 5/1	$0	–	-5,000,000	–	-0.19%	–
	Exit	SPIRIT RLTY CAP INC NEWnote 3.750% 5/1	$0	–	-5,000,000	–	-0.19%	–
SFS	Exit	SMART & FINAL STORES INC	$0	–	-337,825	–	-0.20%	–
	Exit	APOLLO COML REAL EST FIN INCnote 5.500% 3/1	$0	–	-5,000,000	–	-0.20%	–
DRI	Exit	DARDEN RESTAURANTS INC	$0	–	-105,689	–	-0.22%	–
HLF	Exit	HERBALIFE LTD	$0	–	-128,650	–	-0.22%	–
CCG	Exit	CAMPUS CREST CMNTYS INC	$0	–	-1,037,401	–	-0.27%	–
CACQ	Exit	CAESARS ACQUISITION COcl a	$0	–	-717,645	–	-0.27%	–
	Exit	CENTRAL EUROPEAN MEDIAnote 5.000%11/1	$0	–	-7,000,000	–	-0.27%	–
APC	Exit	ANADARKO PETE CORP	$0	–	-79,300	–	-0.32%	–
IGT	Exit	INTERNATIONAL GAME TECHNOLOG	$0	–	-534,031	–	-0.36%	–
GPK	Exit	GRAPHIC PACKAGING HLDG CO	$0	–	-758,825	–	-0.38%	–
RPTPRD	Exit	RAMCO-GERSHENSON PPTYS TRperp pfd-d cv	$0	–	-170,000	–	-0.42%	–
MIK	Exit	MICHAELS COS INC	$0	–	-605,751	–	-0.42%	–
	Exit	ARES COML REAL ESTATE CORPnote 7.000%12/1	$0	–	-10,500,000	–	-0.43%	–
	Exit	RESOURCE CAP CORPnote 6.000%12/0	$0	–	-11,000,000	–	-0.43%	–
SNOW	Exit	INTRAWEST RESORTS HLDGS INC	$0	–	-1,243,541	–	-0.48%	–
DISCK	Exit	DISCOVERY COMMUNICATNS NEW	$0	–	-327,160	–	-0.49%	–
DISCA	Exit	DISCOVERY COMMUNICATNS NEW	$0	–	-329,160	–	-0.50%	–
HCA	Exit	HCA HOLDINGS INC	$0	–	-185,300	–	-0.52%	–
CYH	Exit	COMMUNITY HEALTH SYS INC NEW	$0	–	-259,310	–	-0.57%	–
LO	Exit	LORILLARD INC	$0	–	-261,625	–	-0.63%	–
TIPT	Exit	TIPTREE FINL INCcl a	$0	–	-2,798,000	–	-0.66%	–
PBF	Exit	PBF ENERGY INCcl a	$0	–	-741,200	–	-0.71%	–
CDW	Exit	CDW CORP	$0	–	-635,344	–	-0.79%	–
HW	Exit	HEADWATERS INC	$0	–	-1,675,479	–	-0.84%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-239,551	–	-0.85%	–
SCTY	Exit	SOLARCITY CORP	$0	–	-371,200	–	-0.89%	–
TSO	Exit	TESORO CORP	$0	–	-371,450	–	-0.91%	–
WNR	Exit	WESTERN REFNG INC	$0	–	-552,510	–	-0.93%	–
MYCC	Exit	CLUBCORP HLDGS INC	$0	–	-1,221,108	–	-0.97%	–
DVN	Exit	DEVON ENERGY CORP NEW	$0	–	-358,755	–	-0.98%	–
SNI	Exit	SCRIPPS NETWORKS INTERACT IN	$0	–	-321,770	–	-1.01%	–
GOLD	Exit	BARRICK GOLD CORP	$0	–	-1,744,300	–	-1.02%	–
STRZA	Exit	STARZ	$0	–	-778,440	–	-1.03%	–
BYD	Exit	BOYD GAMING CORP	$0	–	-2,806,500	–	-1.14%	–
	Exit	SOLARCITY CORPnote 2.750%11/0	$0	–	-25,000,000	–	-1.20%	–
DSX	Exit	DIANA SHIPPING INC	$0	–	-3,432,300	–	-1.23%	–
MYL	Exit	MYLAN INC	$0	–	-700,000	–	-1.28%	–
BERY	Exit	BERRY PLASTICS GROUP INC	$0	–	-1,280,795	–	-1.29%	–
MBUU	Exit	MALIBU BOATS INC	$0	–	-1,761,321	–	-1.31%	–
AAPL	Exit	APPLE INC	$0	–	-344,966	–	-1.39%	–
VLO	Exit	VALERO ENERGY CORP NEW	$0	–	-764,600	–	-1.42%	–
CIM	Exit	CHIMERA INVT CORP	$0	–	-11,843,368	–	-1.44%	–
WLRH	Exit	WL ROSS HLDG CORP	$0	–	-3,900,000	–	-1.54%	–
CZR	Exit	CAESARS ENTMT CORP	$0	–	-3,376,903	–	-1.70%	–
TSU	Exit	TIM PARTICIPACOES S Asponsored adr	$0	–	-1,647,900	–	-1.73%	–
BID	Exit	SOTHEBYS	$0	–	-1,219,490	–	-1.74%	–
DHT	Exit	DHT HOLDINGS INC	$0	–	-7,083,289	–	-1.75%	–
CCO	Exit	CLEAR CHANNEL OUTDOOR HLDGScl a	$0	–	-6,510,804	–	-1.76%	–
AMBC	Exit	AMBAC FINL GROUP INC	$0	–	-2,159,575	–	-1.91%	–
CMLS	Exit	CUMULUS MEDIA INCcl a	$0	–	-12,030,193	–	-1.94%	–
SCI	Exit	SERVICE CORP INTL	$0	–	-2,305,438	–	-1.95%	–
DISH	Exit	DISH NETWORK CORPcl a	$0	–	-805,975	–	-2.08%	–
SC	Exit	SANTANDER CONSUMER USA HDG I	$0	–	-2,922,728	–	-2.08%	–
PNK	Exit	PINNACLE ENTMT INC	$0	–	-2,105,390	–	-2.12%	–
ROC	Exit	ROCKWOOD HLDGS INC	$0	–	-693,150	–	-2.12%	–
CBS	Exit	CBS CORP NEWcl b	$0	–	-1,049,345	–	-2.25%	–
MPC	Exit	MARATHON PETE CORP	$0	–	-814,136	–	-2.76%	–
BKD	Exit	BROOKDALE SR LIVING INC	$0	–	-2,266,166	–	-2.92%	–
TWX	Exit	TIME WARNER INC	$0	–	-989,885	–	-2.98%	–
EPEGQ	Exit	EP ENERGY CORPcl a	$0	–	-4,784,457	–	-3.35%	–
NTK	Exit	NORTEK INC	$0	–	-1,178,118	–	-3.51%	–
EQT	Exit	EQT CORP	$0	–	-974,963	–	-3.57%	–
PETM	Exit	PETSMART INC	$0	–	-1,411,500	–	-3.96%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-3,692,053	–	-7.95%	–
ALLY	Exit	ALLY FINL INC	$0	–	-11,108,910	–	-10.29%	–

Q3 2014

			Value		Shares		↓ Weighting
ALLY	Sell	ALLY FINL INC	$257,060,000	-5.0%	11,108,910	-2.2%	10.29%	-3.0%
CMCSA	New	COMCAST CORP NEWcl a	$198,559,000	–	3,692,053	–	7.95%	–
PETM	New	PETSMART INC	$98,932,000	–	1,411,500	–	3.96%	–
EQT	Buy	EQT CORP	$89,248,000	-11.8%	974,963	+3.0%	3.57%	-10.0%
NTK	Sell	NORTEK INC	$87,770,000	-20.7%	1,178,118	-4.5%	3.51%	-19.1%
EPEGQ	Buy	EP ENERGY CORPcl a	$83,632,000	-16.0%	4,784,457	+10.7%	3.35%	-14.3%
TWX	New	TIME WARNER INC	$74,449,000	–	989,885	–	2.98%	–
BKD	Buy	BROOKDALE SR LIVING INC	$73,016,000	+3.1%	2,266,166	+6.6%	2.92%	+5.1%
MPC	Buy	MARATHON PETE CORP	$68,933,000	+11.4%	814,136	+2.7%	2.76%	+13.6%
CBS	New	CBS CORP NEWcl b	$56,140,000	–	1,049,345	–	2.25%	–
ROC	Buy	ROCKWOOD HLDGS INC	$52,991,000	+76.5%	693,150	+75.5%	2.12%	+80.1%
PNK	Sell	PINNACLE ENTMT INC	$52,824,000	-0.9%	2,105,390	-0.5%	2.12%	+1.1%
SC	Buy	SANTANDER CONSUMER USA HDG I	$52,054,000	+109.1%	2,922,728	+128.3%	2.08%	+113.3%
DISH	Sell	DISH NETWORK CORPcl a	$52,050,000	-1.2%	805,975	-0.5%	2.08%	+0.8%
SCI	Buy	SERVICE CORP INTL	$48,737,000	+131.9%	2,305,438	+127.3%	1.95%	+136.5%
CMLS	Sell	CUMULUS MEDIA INCcl a	$48,482,000	-39.1%	12,030,193	-0.4%	1.94%	-37.8%
AMBC	Buy	AMBAC FINL GROUP INC	$47,727,000	-13.2%	2,159,575	+7.2%	1.91%	-11.4%
CCO	Sell	CLEAR CHANNEL OUTDOOR HLDGScl a	$43,883,000	-18.2%	6,510,804	-0.8%	1.76%	-16.6%
DHT	Buy	DHT HOLDINGS INC	$43,633,000	+22.1%	7,083,289	+42.7%	1.75%	+24.6%
BID	Buy	SOTHEBYS	$43,560,000	-1.8%	1,219,490	+15.4%	1.74%	+0.2%
TSU	Sell	TIM PARTICIPACOES S Asponsored adr	$43,175,000	-10.2%	1,647,900	-0.5%	1.73%	-8.4%
CZR	Buy	CAESARS ENTMT CORP	$42,481,000	-11.5%	3,376,903	+27.2%	1.70%	-9.7%
WLRH	New	WL ROSS HLDG CORP	$38,571,000	–	3,900,000	–	1.54%	–
CIM	Buy	CHIMERA INVT CORP	$36,004,000	-2.0%	11,843,368	+2.8%	1.44%	0.0%
VLO	Sell	VALERO ENERGY CORP NEW	$35,378,000	-8.6%	764,600	-1.1%	1.42%	-6.8%
AAPL	Sell	APPLE INC	$34,755,000	-29.5%	344,966	-35.0%	1.39%	-28.1%
MBUU	Sell	MALIBU BOATS INC	$32,620,000	-43.7%	1,761,321	-40.4%	1.31%	-42.5%
BERY	Sell	BERRY PLASTICS GROUP INC	$32,327,000	-44.0%	1,280,795	-42.8%	1.29%	-42.9%
MYL	New	MYLAN INC	$31,843,000	–	700,000	–	1.28%	–
DSX	Sell	DIANA SHIPPING INC	$30,685,000	-18.3%	3,432,300	-0.5%	1.23%	-16.7%
	Sell	SOLARCITY CORPnote 2.750%11/0	$29,875,000	-57.0%	25,000,000	-50.0%	1.20%	-56.1%
BYD	Buy	BOYD GAMING CORP	$28,514,000	+40.7%	2,806,500	+68.0%	1.14%	+43.5%
STRZA	New	STARZ	$25,751,000	–	778,440	–	1.03%	–
GOLD	Buy	BARRICK GOLD CORP	$25,571,000	-6.8%	1,744,300	+16.3%	1.02%	-4.9%
SNI	New	SCRIPPS NETWORKS INTERACT IN	$25,127,000	–	321,770	–	1.01%	–
DVN	Sell	DEVON ENERGY CORP NEW	$24,460,000	-14.5%	358,755	-0.5%	0.98%	-12.8%
MYCC	Buy	CLUBCORP HLDGS INC	$24,215,000	+57.0%	1,221,108	+46.8%	0.97%	+60.2%
WNR	Sell	WESTERN REFNG INC	$23,200,000	+10.6%	552,510	-1.1%	0.93%	+12.9%
TSO	Buy	TESORO CORP	$22,651,000	+16.1%	371,450	+11.7%	0.91%	+18.4%
SCTY	Sell	SOLARCITY CORP	$22,124,000	-15.8%	371,200	-0.2%	0.89%	-14.1%
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$21,284,000	–	239,551	–	0.85%	–
HW	Buy	HEADWATERS INC	$21,011,000	+20.9%	1,675,479	+33.9%	0.84%	+23.3%
CDW	Sell	CDW CORP	$19,727,000	-3.4%	635,344	-0.8%	0.79%	-1.4%
PBF	Sell	PBF ENERGY INCcl a	$17,789,000	-10.8%	741,200	-1.0%	0.71%	-9.1%
TIPT	New	TIPTREE FINL INCcl a	$16,500,000	–	2,798,000	–	0.66%	–
LO	New	LORILLARD INC	$15,674,000	–	261,625	–	0.63%	–
CYH	Sell	COMMUNITY HEALTH SYS INC NEW	$14,208,000	+19.9%	259,310	-0.7%	0.57%	+22.4%
HCA	Sell	HCA HOLDINGS INC	$13,067,000	+24.6%	185,300	-0.4%	0.52%	+27.3%
DISCA	New	DISCOVERY COMMUNICATNS NEW	$12,442,000	–	329,160	–	0.50%	–
DISCK	New	DISCOVERY COMMUNICATNS NEW	$12,197,000	–	327,160	–	0.49%	–
SNOW	Sell	INTRAWEST RESORTS HLDGS INC	$12,025,000	-16.0%	1,243,541	-0.4%	0.48%	-14.3%
MIK	New	MICHAELS COS INC	$10,589,000	–	605,751	–	0.42%	–
GPK	Sell	GRAPHIC PACKAGING HLDG CO	$9,432,000	+5.8%	758,825	-0.4%	0.38%	+8.0%
IGT	Sell	INTERNATIONAL GAME TECHNOLOG	$9,009,000	-79.8%	534,031	-80.9%	0.36%	-79.3%
APC	Sell	ANADARKO PETE CORP	$8,044,000	-7.7%	79,300	-0.4%	0.32%	-5.8%
CACQ	Buy	CAESARS ACQUISITION COcl a	$6,796,000	-12.9%	717,645	+13.7%	0.27%	-11.1%
CCG	Buy	CAMPUS CREST CMNTYS INC	$6,639,000	+1.2%	1,037,401	+36.9%	0.27%	+3.5%
HLF	Buy	HERBALIFE LTD	$5,628,000	+436.0%	128,650	+691.0%	0.22%	+448.8%
DRI	New	DARDEN RESTAURANTS INC	$5,439,000	–	105,689	–	0.22%	–
	New	APOLLO COML REAL EST FIN INCnote 5.500% 3/1	$4,956,000	–	5,000,000	–	0.20%	–
SFS	New	SMART & FINAL STORES INC	$4,875,000	–	337,825	–	0.20%	–
	Buy	SPIRIT RLTY CAP INC NEWnote 3.750% 5/1	$4,853,000	+222.0%	5,000,000	+233.3%	0.19%	+228.8%
	Buy	SPIRIT RLTY CAP INC NEWnote 2.875% 5/1	$4,825,000	+141.2%	5,000,000	+150.0%	0.19%	+147.4%
PMT	Sell	PENNYMAC MTG INVT TR	$3,555,000	-55.1%	165,889	-54.0%	0.14%	-54.2%
FCX	Sell	FREEPORT-MCMORAN INCcl b	$3,337,000	-69.4%	102,217	-65.8%	0.13%	-68.7%
	New	FOREST CITY ENTERPRISES INCnote 3.625% 8/1	$2,573,000	–	2,500,000	–	0.10%	–
F113PS	New	COVIDIEN PLC	$2,090,000	–	24,160	–	0.08%	–
PFSI	Sell	PENNYMAC FINL SVCS INCcl a	$1,596,000	-85.2%	108,958	-84.6%	0.06%	-84.8%
PM	Sell	PHILIP MORRIS INTL INC	$1,534,000	-83.1%	18,394	-82.9%	0.06%	-82.9%
VVUS	Sell	VIVUS INC	$1,429,000	-62.0%	370,300	-47.7%	0.06%	-61.5%
BX	Sell	BLACKSTONE GROUP L P	$268,000	-24.1%	8,515	-19.3%	0.01%	-21.4%
FIG	New	FORTRESS INVESTMENT GROUP LLcl a	$88,000	–	12,815	–	0.00%	–
EGLE	New	EAGLE BULK SHIPPING INC	$81,000	–	88,032	–	0.00%	–
EGLE	Exit	EAGLE BULK SHIPPING INCcall	$0	–	-8,844,900	–	0.00%	–
APO	Exit	APOLLO GLOBAL MGMT LLC	$0	–	-7,300	–	-0.01%	–
SWY	Exit	SAFEWAY INC	$0	–	-63,243	–	-0.08%	–
IRDMB	Exit	IRIDIUM COMMUNICATIONS INCperp pfd cnv b	$0	–	-8,000	–	-0.10%	–
	Exit	PENNYMAC CORPnote 5.375% 5/0	$0	–	-3,500,000	–	-0.14%	–
	Exit	TESLA MTRS INCnote 1.250% 3/0	$0	–	-10,000,000	–	-0.38%	–
	Exit	TESLA MTRS INCnote 0.250% 3/0	$0	–	-10,000,000	–	-0.38%	–
PE	Exit	PARSLEY ENERGY INCcl a	$0	–	-498,960	–	-0.47%	–
CVC	Exit	CABLEVISION SYS CORPcl a ny cablvs	$0	–	-721,108	–	-0.50%	–
DAR	Exit	DARLING INGREDIENTS INC	$0	–	-1,196,500	–	-0.98%	–
CNP	Exit	CENTERPOINT ENERGY INC	$0	–	-1,000,000	–	-1.00%	–
CNX	Exit	CONSOL ENERGY INC	$0	–	-759,710	–	-1.37%	–
WLRHU	Exit	WL ROSS HLDG CORPunit 99/99/9999	$0	–	-3,900,000	–	-1.58%	–
AWI	Exit	ARMSTRONG WORLD INDS INC NEW	$0	–	-754,805	–	-1.70%	–
TWC	Exit	TIME WARNER CABLE INC	$0	–	-2,036,240	–	-11.77%	–

Q2 2014

			Value		Shares		↓ Weighting
TWC	New	TIME WARNER CABLE INC	$299,938,000	–	2,036,240	–	11.77%	–
ALLY	New	ALLY FINL INC	$270,473,000	–	11,362,303	–	10.61%	–
NTK	New	NORTEK INC	$110,694,000	–	1,233,220	–	4.34%	–
EQT	New	EQT CORP	$101,225,000	–	946,910	–	3.97%	–
EPEGQ	New	EP ENERGY CORPcl a	$99,611,000	–	4,321,518	–	3.91%	–
CMLS	New	CUMULUS MEDIA INCcl a	$79,598,000	–	12,078,617	–	3.12%	–
BKD	New	BROOKDALE SR LIVING INC	$70,846,000	–	2,124,962	–	2.78%	–
	New	SOLARCITY CORPnote 2.750%11/0	$69,500,000	–	50,000,000	–	2.73%	–
MPC	New	MARATHON PETE CORP	$61,898,000	–	792,857	–	2.43%	–
MBUU	New	MALIBU BOATS INC	$57,933,000	–	2,956,155	–	2.27%	–
BERY	New	BERRY PLASTICS GROUP INC	$57,726,000	–	2,237,445	–	2.26%	–
AMBC	New	AMBAC FINL GROUP INC	$54,993,000	–	2,013,641	–	2.16%	–
CCO	New	CLEAR CHANNEL OUTDOOR HLDGScl a	$53,677,000	–	6,562,001	–	2.11%	–
PNK	New	PINNACLE ENTMT INC	$53,293,000	–	2,116,490	–	2.09%	–
DISH	New	DISH NETWORK CORPcl a	$52,695,000	–	809,700	–	2.07%	–
AAPL	New	APPLE INC	$49,322,000	–	530,747	–	1.94%	–
TSU	New	TIM PARTICIPACOES S Asponsored adr	$48,079,000	–	1,656,200	–	1.89%	–
CZR	New	CAESARS ENTMT CORP	$48,015,000	–	2,655,707	–	1.88%	–
IGT	New	INTERNATIONAL GAME TECHNOLOG	$44,545,000	–	2,799,800	–	1.75%	–
BID	New	SOTHEBYS	$44,367,000	–	1,056,600	–	1.74%	–
AWI	New	ARMSTRONG WORLD INDS INC NEW	$43,348,000	–	754,805	–	1.70%	–
WLRHU	New	WL ROSS HLDG CORPunit 99/99/9999	$40,248,000	–	3,900,000	–	1.58%	–
VLO	New	VALERO ENERGY CORP NEW	$38,717,000	–	772,800	–	1.52%	–
DSX	New	DIANA SHIPPING INC	$37,566,000	–	3,449,600	–	1.47%	–
CIM	New	CHIMERA INVT CORP	$36,740,000	–	11,517,088	–	1.44%	–
DHT	New	DHT HOLDINGS INC	$35,745,000	–	4,964,650	–	1.40%	–
CNX	New	CONSOL ENERGY INC	$35,000,000	–	759,710	–	1.37%	–
ROC	New	ROCKWOOD HLDGS INC	$30,016,000	–	395,000	–	1.18%	–
DVN	New	DEVON ENERGY CORP NEW	$28,623,000	–	360,485	–	1.12%	–
GOLD	New	BARRICK GOLD CORP	$27,450,000	–	1,500,000	–	1.08%	–
SCTY	New	SOLARCITY CORP	$26,270,000	–	372,100	–	1.03%	–
CNP	New	CENTERPOINT ENERGY INC	$25,540,000	–	1,000,000	–	1.00%	–
DAR	New	DARLING INGREDIENTS INC	$25,007,000	–	1,196,500	–	0.98%	–
SC	New	SANTANDER CONSUMER USA HDG I	$24,890,000	–	1,280,340	–	0.98%	–
SCI	New	SERVICE CORP INTL	$21,016,000	–	1,014,300	–	0.82%	–
WNR	New	WESTERN REFNG INC	$20,974,000	–	558,560	–	0.82%	–
CDW	New	CDW CORP	$20,423,000	–	640,618	–	0.80%	–
BYD	New	BOYD GAMING CORP	$20,264,000	–	1,670,600	–	0.80%	–
PBF	New	PBF ENERGY INCcl a	$19,950,000	–	748,600	–	0.78%	–
TSO	New	TESORO CORP	$19,514,000	–	332,600	–	0.77%	–
HW	New	HEADWATERS INC	$17,377,000	–	1,251,014	–	0.68%	–
MYCC	New	CLUBCORP HLDGS INC	$15,425,000	–	832,000	–	0.60%	–
SNOW	New	INTRAWEST RESORTS HLDGS INC	$14,307,000	–	1,248,441	–	0.56%	–
CVC	New	CABLEVISION SYS CORPcl a ny cablvs	$12,728,000	–	721,108	–	0.50%	–
PE	New	PARSLEY ENERGY INCcl a	$12,010,000	–	498,960	–	0.47%	–
CYH	New	COMMUNITY HEALTH SYS INC NEW	$11,848,000	–	261,147	–	0.46%	–
	New	RESOURCE CAP CORPnote 6.000%12/0	$11,089,000	–	11,000,000	–	0.44%	–
FCX	New	FREEPORT-MCMORAN COPPER & GO	$10,910,000	–	298,905	–	0.43%	–
PFSI	New	PENNYMAC FINL SVCS INCcl a	$10,760,000	–	708,358	–	0.42%	–
	New	ARES COML REAL ESTATE CORPnote 7.000%12/1	$10,736,000	–	10,500,000	–	0.42%	–
HCA	New	HCA HOLDINGS INC	$10,487,000	–	186,000	–	0.41%	–
RPTPRD	New	RAMCO-GERSHENSON PPTYS TRperp pfd-d cv	$10,404,000	–	170,000	–	0.41%	–
	New	TESLA MTRS INCnote 0.250% 3/0	$9,744,000	–	10,000,000	–	0.38%	–
	New	TESLA MTRS INCnote 1.250% 3/0	$9,669,000	–	10,000,000	–	0.38%	–
PM	New	PHILIP MORRIS INTL INC	$9,068,000	–	107,555	–	0.36%	–
GPK	New	GRAPHIC PACKAGING HLDG CO	$8,912,000	–	761,725	–	0.35%	–
APC	New	ANADARKO PETE CORP	$8,714,000	–	79,600	–	0.34%	–
PMT	New	PENNYMAC MTG INVT TR	$7,912,000	–	360,598	–	0.31%	–
CACQ	New	CAESARS ACQUISITION COcl a	$7,807,000	–	631,125	–	0.31%	–
	New	CENTRAL EUROPEAN MEDIAnote 5.000%11/1	$6,904,000	–	7,000,000	–	0.27%	–
CCG	New	CAMPUS CREST CMNTYS INC	$6,563,000	–	757,822	–	0.26%	–
VVUS	New	VIVUS INC	$3,763,000	–	707,360	–	0.15%	–
	New	PENNYMAC CORPnote 5.375% 5/0	$3,465,000	–	3,500,000	–	0.14%	–
IRDMB	New	IRIDIUM COMMUNICATIONS INCperp pfd cnv b	$2,641,000	–	8,000	–	0.10%	–
MC	New	MOELIS & COcl a	$2,461,000	–	83,681	–	0.10%	–
SWY	New	SAFEWAY INC	$2,172,000	–	63,243	–	0.08%	–
	New	SPIRIT RLTY CAP INC NEWnote 2.875% 5/1	$2,000,000	–	2,000,000	–	0.08%	–
	New	SPIRIT RLTY CAP INC NEWnote 3.750% 5/1	$1,507,000	–	1,500,000	–	0.06%	–
HLF	New	HERBALIFE LTD	$1,050,000	–	16,264	–	0.04%	–
BX	New	BLACKSTONE GROUP L P	$353,000	–	10,545	–	0.01%	–
APO	New	APOLLO GLOBAL MGMT LLC	$202,000	–	7,300	–	0.01%	–
CYHHZ	New	COMMUNITY HEALTH SYS INC NEWright 01/27/2016	$33,000	–	500,000	–	0.00%	–
EGLE	New	EAGLE BULK SHIPPING INCcall	$0	–	8,844,900	–	0.00%	–

Q4 2013

			Value		Shares		↓ Weighting
VXX	Exit	BARCLAYS BK PLCcall	$0	–	-5,000	–	-0.03%	–
FCX	Exit	FREEPORT-MCMORAN COPPER & GO	$0	–	-30,500	–	-0.14%	–
NNA	Exit	NAVIOS MARITIME ACQUIS CORP	$0	–	-520,000	–	-0.26%	–
RAI	Exit	REYNOLDS AMERICAN INC	$0	–	-71,874	–	-0.48%	–
RESI	Exit	ALTISOURCE RESIDENTIAL CORPcl b	$0	–	-205,000	–	-0.64%	–
BXMT	Exit	BLACKSTONE MTG TR INC	$0	–	-215,015	–	-0.74%	–
PMT	Exit	PENNYMAC MTG INVT TR	$0	–	-260,308	–	-0.81%	–
AMTG	Exit	APOLLO RESIDENTIAL MTG INC	$0	–	-410,410	–	-0.82%	–
HMA	Exit	HEALTH MGMT ASSOC INC NEWcl a	$0	–	-500,000	–	-0.87%	–
HCA	Exit	HCA HOLDINGS INC	$0	–	-150,400	–	-0.88%	–
GPK	Exit	GRAPHIC PACKAGING HLDG CO	$0	–	-761,725	–	-0.89%	–
VVUS	Exit	VIVUS INC	$0	–	-707,360	–	-0.90%	–
PNC	Exit	PNC FINL SVCS GROUP INC	$0	–	-100,742	–	-1.00%	–
AMKR	Exit	AMKOR TECHNOLOGY INC	$0	–	-1,811,534	–	-1.06%	–
OXY	Exit	OCCIDENTAL PETE CORP DEL	$0	–	-83,715	–	-1.07%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-106,255	–	-1.26%	–
RPTPRD	Exit	RAMCO-GERSHENSON PPTYS TRperp pfd-d cv	$0	–	-170,000	–	-1.35%	–
CIM	Exit	CHIMERA INVT CORP	$0	–	-3,306,179	–	-1.37%	–
NDZ	Exit	NORDION INC	$0	–	-1,242,289	–	-1.46%	–
CVC	Exit	CABLEVISION SYS CORPcl a ny cablvs	$0	–	-709,808	–	-1.63%	–
JACK	Exit	JACK IN THE BOX INC	$0	–	-327,155	–	-1.79%	–
ROC	Exit	ROCKWOOD HLDGS INC	$0	–	-195,840	–	-1.79%	–
CZR	Exit	CAESARS ENTMT CORP	$0	–	-966,029	–	-2.60%	–
PNK	Exit	PINNACLE ENTMT INC	$0	–	-800,000	–	-2.74%	–
	Exit	COLONY FINL INCnote 5.000% 4/1	$0	–	-24,500,000	–	-3.46%	–
DVN	Exit	DEVON ENERGY CORP NEW	$0	–	-457,965	–	-3.61%	–
THI	Exit	TIM HORTONS INC	$0	–	-460,200	–	-3.64%	–
BKD	Exit	BROOKDALE SR LIVING INC	$0	–	-1,150,000	–	-4.13%	–
DSX	Exit	DIANA SHIPPING INC	$0	–	-2,543,529	–	-4.19%	–
	Exit	CENTRAL EUROPEAN MEDIAnote 5.000%11/1	$0	–	-34,000,000	–	-4.44%	–
AMBC	Exit	AMBAC FINL GROUP INC	$0	–	-2,211,172	–	-5.48%	–
CCO	Exit	CLEAR CHANNEL OUTDOOR HLDGScl a	$0	–	-5,200,692	–	-5.82%	–
BERY	Exit	BERRY PLASTICS GROUP INC	$0	–	-2,248,305	–	-6.13%	–
AAPL	Exit	APPLE INC	$0	–	-100,252	–	-6.52%	–
	Exit	STARWOOD PPTY TR INCnote 4.000% 1/1	$0	–	-84,000,000	–	-11.87%	–
CMLS	Exit	CUMULUS MEDIA INCcl a	$0	–	-19,628,779	–	-14.17%	–

Q3 2013

			Value		Shares		↓ Weighting
CMLS	Sell	CUMULUS MEDIA INCcl a	$103,836,000	+19.2%	19,628,779	-23.6%	14.17%	+3.1%
	New	STARWOOD PPTY TR INCnote 4.000% 1/1	$86,940,000	–	84,000,000	–	11.87%	–
AAPL	Buy	APPLE INC	$47,795,000	+20.4%	100,252	+0.1%	6.52%	+4.2%
BERY	Buy	BERRY PLASTICS GROUP INC	$44,899,000	+23.4%	2,248,305	+36.4%	6.13%	+6.8%
CCO	Sell	CLEAR CHANNEL OUTDOOR HLDGScl a	$42,646,000	+8.4%	5,200,692	-1.4%	5.82%	-6.2%
AMBC	Buy	AMBAC FINL GROUP INC	$40,111,000	-20.7%	2,211,172	+4.2%	5.48%	-31.3%
	Sell	CENTRAL EUROPEAN MEDIAnote 5.000%11/1	$32,513,000	-2.6%	34,000,000	-2.9%	4.44%	-15.7%
DSX	Sell	DIANA SHIPPING INC	$30,700,000	+5.6%	2,543,529	-12.1%	4.19%	-8.6%
BKD	Sell	BROOKDALE SR LIVING INC	$30,245,000	-3.7%	1,150,000	-3.2%	4.13%	-16.7%
THI	Buy	TIM HORTONS INC	$26,690,000	+7.4%	460,200	+0.2%	3.64%	-7.0%
DVN	Buy	DEVON ENERGY CORP NEW	$26,452,000	+11.6%	457,965	+0.2%	3.61%	-3.5%
	Buy	COLONY FINL INCnote 5.000% 4/1	$25,312,000	+26.9%	24,500,000	+25.0%	3.46%	+9.8%
PNK	Sell	PINNACLE ENTMT INC	$20,040,000	-1.5%	800,000	-22.6%	2.74%	-14.8%
CZR	Buy	CAESARS ENTMT CORP	$19,011,000	+109.0%	966,029	+45.5%	2.60%	+80.8%
ROC	Buy	ROCKWOOD HLDGS INC	$13,102,000	+4.7%	195,840	+0.2%	1.79%	-9.4%
JACK	Sell	JACK IN THE BOX INC	$13,083,000	-11.0%	327,155	-12.6%	1.79%	-23.0%
CVC	Sell	CABLEVISION SYS CORPcl a ny cablvs	$11,953,000	-19.3%	709,808	-19.4%	1.63%	-30.2%
NDZ	Buy	NORDION INC	$10,721,000	+17.1%	1,242,289	+0.4%	1.46%	+1.3%
CIM	Sell	CHIMERA INVT CORP	$10,051,000	-18.5%	3,306,179	-19.6%	1.37%	-29.5%
PM	Buy	PHILIP MORRIS INTL INC	$9,201,000	+16.3%	106,255	+16.3%	1.26%	+0.6%
OXY	Buy	OCCIDENTAL PETE CORP DEL	$7,831,000	+5.1%	83,715	+0.2%	1.07%	-9.1%
AMKR	Buy	AMKOR TECHNOLOGY INC	$7,755,000	+2.0%	1,811,534	+0.3%	1.06%	-11.8%
VVUS	Buy	VIVUS INC	$6,578,000	-26.0%	707,360	+0.1%	0.90%	-35.9%
GPK	Buy	GRAPHIC PACKAGING HLDG CO	$6,520,000	+10.8%	761,725	+0.2%	0.89%	-4.1%
HCA	Buy	HCA HOLDINGS INC	$6,430,000	+18.9%	150,400	+0.3%	0.88%	+2.9%
HMA	New	HEALTH MGMT ASSOC INC NEWcl a	$6,400,000	–	500,000	–	0.87%	–
AMTG	New	APOLLO RESIDENTIAL MTG INC	$5,988,000	–	410,410	–	0.82%	–
PMT	New	PENNYMAC MTG INVT TR	$5,904,000	–	260,308	–	0.81%	–
BXMT	Buy	BLACKSTONE MTG TR INC	$5,416,000	+2.2%	215,015	+0.2%	0.74%	-11.6%
RESI	Sell	ALTISOURCE RESIDENTIAL CORPcl b	$4,711,000	-5.9%	205,000	-31.7%	0.64%	-18.6%
RAI	Sell	REYNOLDS AMERICAN INC	$3,506,000	-39.0%	71,874	-39.5%	0.48%	-47.2%
NNA	New	NAVIOS MARITIME ACQUIS CORP	$1,914,000	–	520,000	–	0.26%	–
FCX	New	FREEPORT-MCMORAN COPPER & GO	$1,009,000	–	30,500	–	0.14%	–
VXX	New	BARCLAYS BK PLCcall	$225,000	–	5,000	–	0.03%	–
	Exit	CEMEX SAB DE CVnote 4.875% 3/1	$0	–	-2,500,000	–	-0.45%	–
	Exit	FORESTAR GROUP INCnote 3.750% 3/0	$0	–	-4,000,000	–	-0.71%	–
FWMHQ	Exit	FAIRWAY GROUP HLDGS CORPcl a	$0	–	-210,000	–	-0.80%	–
PKG	Exit	PACKAGING CORP AMER	$0	–	-111,325	–	-0.86%	–
	Exit	NATIONAL FINL PARTNERS CORPnote 4.000% 6/1	$0	–	-4,500,000	–	-1.45%	–
SPR	Exit	SPIRIT AEROSYSTEMS HLDGS INC	$0	–	-500,000	–	-1.69%	–
	Exit	FOREST CITY ENTERPRISES INCnote 4.250% 8/1	$0	–	-10,000,000	–	-1.77%	–

Q2 2013

			Value		Shares		↓ Weighting
CMLS	New	CUMULUS MEDIA INCcl a	$87,121,000	–	25,699,305	–	13.74%	–
AMBC	New	AMBAC FINL GROUP INC	$50,552,000	–	2,121,372	–	7.97%	–
AAPL	New	APPLE INC	$39,707,000	–	100,137	–	6.26%	–
CCO	New	CLEAR CHANNEL OUTDOOR HLDGScl a	$39,357,000	–	5,275,682	–	6.21%	–
BERY	New	BERRY PLASTICS GROUP INC	$36,380,000	–	1,648,382	–	5.74%	–
	New	CENTRAL EUROPEAN MEDIAnote 5.000%11/1	$33,381,000	–	35,000,000	–	5.26%	–
BKD	New	BROOKDALE SR LIVING INC	$31,403,000	–	1,187,700	–	4.95%	–
DSX	New	DIANA SHIPPING INC	$29,059,000	–	2,894,300	–	4.58%	–
THI	New	TIM HORTONS INC	$24,841,000	–	459,300	–	3.92%	–
DVN	New	DEVON ENERGY CORP NEW	$23,701,000	–	456,835	–	3.74%	–
PNK	New	PINNACLE ENTMT INC	$20,341,000	–	1,034,100	–	3.21%	–
	New	COLONY FINL INCnote 5.000% 4/1	$19,943,000	–	19,600,000	–	3.15%	–
CVC	New	CABLEVISION SYS CORPcl a ny cablvs	$14,813,000	–	880,650	–	2.34%	–
JACK	New	JACK IN THE BOX INC	$14,705,000	–	374,275	–	2.32%	–
ROC	New	ROCKWOOD HLDGS INC	$12,513,000	–	195,430	–	1.97%	–
CIM	New	CHIMERA INVT CORP	$12,333,000	–	4,110,963	–	1.94%	–
	New	FOREST CITY ENTERPRISES INCnote 4.250% 8/1	$11,194,000	–	10,000,000	–	1.77%	–
SPR	New	SPIRIT AEROSYSTEMS HLDGS INC	$10,740,000	–	500,000	–	1.69%	–
RPTPRD	New	RAMCO-GERSHENSON PPTYS TRperp pfd-d cv	$9,999,000	–	170,000	–	1.58%	–
	New	NATIONAL FINL PARTNERS CORPnote 4.000% 6/1	$9,186,000	–	4,500,000	–	1.45%	–
NDZ	New	NORDION INC	$9,154,000	–	1,236,989	–	1.44%	–
CZR	New	CAESARS ENTMT CORP	$9,095,000	–	663,889	–	1.44%	–
VVUS	New	VIVUS INC	$8,890,000	–	706,650	–	1.40%	–
PM	New	PHILIP MORRIS INTL INC	$7,913,000	–	91,355	–	1.25%	–
AMKR	New	AMKOR TECHNOLOGY INC	$7,600,000	–	1,805,334	–	1.20%	–
OXY	New	OCCIDENTAL PETE CORP DEL	$7,454,000	–	83,535	–	1.18%	–
PNC	New	PNC FINL SVCS GROUP INC	$7,346,000	–	100,742	–	1.16%	–
GPK	New	GRAPHIC PACKAGING HLDG CO	$5,883,000	–	760,025	–	0.93%	–
RAI	New	REYNOLDS AMERICAN INC	$5,750,000	–	118,874	–	0.91%	–
PKG	New	PACKAGING CORP AMER	$5,450,000	–	111,325	–	0.86%	–
HCA	New	HCA HOLDINGS INC	$5,409,000	–	150,000	–	0.85%	–
BXMT	New	BLACKSTONE MTG TR INC	$5,300,000	–	214,575	–	0.84%	–
FWMHQ	New	FAIRWAY GROUP HLDGS CORPcl a	$5,076,000	–	210,000	–	0.80%	–
RESI	New	ALTISOURCE RESIDENTIAL CORPcl b	$5,007,000	–	300,000	–	0.79%	–
	New	FORESTAR GROUP INCnote 3.750% 3/0	$4,505,000	–	4,000,000	–	0.71%	–
	New	CEMEX SAB DE CVnote 4.875% 3/1	$2,859,000	–	2,500,000	–	0.45%	–

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