SLS MANAGEMENT LLC Activity Q4 1999-Q4 2018

Q4 2018

			Value		Shares		↓ Weighting
		None	$0	–	0	–	0.00%	–

Q3 2018

			Value		Shares		↓ Weighting
	New	None	$0	–	0	–	0.00%	–
VXX	Exit	BARCLAYS BK PLCipath s&p500 vix	$0	–	-59,350	–	-12.73%	–
NRE	Exit	NORTHSTAR REALTY EUROPE CORP	$0	–	-242,235	–	-20.35%	–
P	Exit	PANDORA MEDIA INC	$0	–	-649,189	–	-29.66%	–
HAIN	Exit	HAIN CELESTIAL GROUP INC	$0	–	-215,600	–	-37.25%	–

Q2 2018

			Value		Shares		↓ Weighting
HAIN	New	HAIN CELESTIAL GROUP INC	$6,425,000	–	215,600	–	37.25%	–
P	New	PANDORA MEDIA INC	$5,116,000	–	649,189	–	29.66%	–
NRE	New	NORTHSTAR REALTY EUROPE CORP	$3,510,000	–	242,235	–	20.35%	–
VXX	New	BARCLAYS BK PLCipath s&p500 vix	$2,196,000	–	59,350	–	12.73%	–

Q4 2017

			Value		Shares		↓ Weighting
AGN	Exit	ALLERGAN PLC	$0	–	-10,400	–	-2.78%	–
NSM	Exit	NATIONSTAR MTG HLDGS INC	$0	–	-139,188	–	-3.37%	–
AAPL	Exit	APPLE INC	$0	–	-19,050	–	-3.82%	–
VXX	Exit	BARCLAYS BK PLCipath s&p500 vix	$0	–	-78,825	–	-4.02%	–
RCM	Exit	R1 RCM INC	$0	–	-1,230,951	–	-5.95%	–
NRE	Exit	NORTHSTAR REALTY EUROPE CORP	$0	–	-640,135	–	-10.68%	–
HAIN	Exit	HAIN CELESTIAL GROUP INC	$0	–	-239,170	–	-12.82%	–
ANF	Exit	ABERCROMBIE & FITCH COcl a	$0	–	-695,714	–	-13.08%	–
P	Exit	PANDORA MEDIA INC	$0	–	-1,516,234	–	-15.21%	–
CLNS	Exit	COLONY NORTHSTAR INC	$0	–	-1,727,949	–	-28.27%	–

Q3 2017

			Value		Shares		↓ Weighting
CLNS	Sell	COLONY NORTHSTAR INC	$21,703,000	-32.1%	1,727,949	-23.8%	28.27%	-16.7%
P	Sell	PANDORA MEDIA INC	$11,675,000	-37.4%	1,516,234	-27.5%	15.21%	-23.2%
ANF	Sell	ABERCROMBIE & FITCH COcl a	$10,046,000	-3.4%	695,714	-16.7%	13.08%	+18.6%
HAIN	Buy	HAIN CELESTIAL GROUP INC	$9,842,000	+80.6%	239,170	+70.3%	12.82%	+121.6%
NRE	Buy	NORTHSTAR REALTY EUROPE CORP	$8,200,000	+131.4%	640,135	+129.0%	10.68%	+183.9%
RCM	Buy	R1 RCM INC	$4,567,000	+92.9%	1,230,951	+95.0%	5.95%	+136.8%
VXX	New	BARCLAYS BK PLCipath s&p500 vix	$3,089,000	–	78,825	–	4.02%	–
NSM	Sell	NATIONSTAR MTG HLDGS INC	$2,585,000	-8.9%	139,188	-12.3%	3.37%	+11.7%
AGN	New	ALLERGAN PLC	$2,131,000	–	10,400	–	2.78%	–
AL	Exit	AIR LEASE CORPcl a	$0	–	-41,100	–	-1.63%	–
VXX	Exit	BARCLAYS BK PLCipath s&p500 vix	$0	–	-213,200	–	-2.89%	–
WDC	Exit	WESTERN DIGITAL CORP	$0	–	-31,460	–	-2.96%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Ncl a	$0	–	-13,070	–	-4.67%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-154,800	–	-5.12%	–

Q2 2017

			Value		Shares		↓ Weighting
CLNS	New	COLONY NORTHSTAR INC	$31,958,000	–	2,268,149	–	33.92%	–
P	New	PANDORA MEDIA INC	$18,644,000	–	2,090,156	–	19.79%	–
ANF	New	ABERCROMBIE & FITCH COcl a	$10,395,000	–	835,614	–	11.03%	–
HAIN	New	HAIN CELESTIAL GROUP INC	$5,451,000	–	140,420	–	5.79%	–
LBTYK	New	LIBERTY GLOBAL PLC	$4,827,000	–	154,800	–	5.12%	–
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$4,403,000	–	13,070	–	4.67%	–
NRE	New	NORTHSTAR REALTY EUROPE CORP	$3,544,000	–	279,528	–	3.76%	–
NSM	New	NATIONSTAR MTG HLDGS INC	$2,839,000	–	158,688	–	3.01%	–
WDC	New	WESTERN DIGITAL CORP	$2,787,000	–	31,460	–	2.96%	–
AAPL	New	APPLE INC	$2,744,000	–	19,050	–	2.91%	–
VXX	New	BARCLAYS BK PLCipath s&p500 vix	$2,720,000	–	213,200	–	2.89%	–
RCM	New	R1 RCM INC	$2,367,000	–	631,210	–	2.51%	–
AL	New	AIR LEASE CORPcl a	$1,535,000	–	41,100	–	1.63%	–

Q4 2016

			Value		Shares		↓ Weighting
P	Exit	PANDORA MEDIA INC	$0	–	-165,311	–	-4.08%	–
HAIN	Exit	HAIN CELESTIAL GROUP INC	$0	–	-71,390	–	-4.37%	–
NSM	Exit	NATIONSTAR MTG HLDGS INC	$0	–	-172,788	–	-4.41%	–
TIF	Exit	TIFFANY & CO NEW	$0	–	-40,390	–	-5.05%	–
FCAU	Exit	FIAT CHRYSLER AUTOMOBILES N	$0	–	-469,600	–	-5.18%	–
RH	Exit	RESTORATION HARDWARE HLDGS I	$0	–	-88,050	–	-5.24%	–
PTC	Exit	PTC INC	$0	–	-73,915	–	-5.64%	–
	Exit	GOLDMAN SACHS GROUP INCnote 1/2	$0	–	-22,400	–	-6.22%	–
WDC	Exit	WESTERN DIGITAL CORP	$0	–	-67,835	–	-6.83%	–
VG	Exit	VONAGE HLDGS CORP	$0	–	-626,344	–	-7.13%	–
NSAM	Exit	NORTHSTAR ASSET MGMT GROUP I	$0	–	-2,058,987	–	-45.85%	–

Q3 2016

			Value		Shares		↓ Weighting
NSAM	Buy	NORTHSTAR ASSET MGMT GROUP I	$26,623,000	+30.8%	2,058,987	+3.3%	45.85%	+2.6%
VG	New	VONAGE HLDGS CORP	$4,140,000	–	626,344	–	7.13%	–
WDC	New	WESTERN DIGITAL CORP	$3,966,000	–	67,835	–	6.83%	–
	New	GOLDMAN SACHS GROUP INCnote 1/2	$3,612,000	–	22,400	–	6.22%	–
PTC	Sell	PTC INC	$3,275,000	-32.7%	73,915	-42.9%	5.64%	-47.2%
RH	New	RESTORATION HARDWARE HLDGS I	$3,045,000	–	88,050	–	5.24%	–
FCAU	New	FIAT CHRYSLER AUTOMOBILES N	$3,005,000	–	469,600	–	5.18%	–
TIF	New	TIFFANY & CO NEW	$2,934,000	–	40,390	–	5.05%	–
NSM	New	NATIONSTAR MTG HLDGS INC	$2,559,000	–	172,788	–	4.41%	–
HAIN	New	HAIN CELESTIAL GROUP INC	$2,540,000	–	71,390	–	4.37%	–
P	Buy	PANDORA MEDIA INC	$2,369,000	+139.3%	165,311	+108.0%	4.08%	+87.8%
VXX	Exit	BARCLAYS BK PLCipath s&p500 vix	$0	–	-110,900	–	-3.36%	–
NRF	Exit	NORTHSTAR RLTY FIN CORP	$0	–	-280,500	–	-7.04%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-22,400	–	-7.31%	–
THRM	Exit	GENTHERM INC	$0	–	-97,600	–	-7.34%	–
MYGN	Exit	MYRIAD GENETICS INC	$0	–	-109,300	–	-7.34%	–
CNMD	Exit	CONMED CORP	$0	–	-96,001	–	-10.06%	–

Q2 2016

			Value		Shares		↓ Weighting
NSAM	New	NORTHSTAR ASSET MGMT GROUP I	$20,358,000	–	1,993,881	–	44.70%	–
PTC	New	PTC INC	$4,865,000	–	129,447	–	10.68%	–
CNMD	New	CONMED CORP	$4,582,000	–	96,001	–	10.06%	–
MYGN	New	MYRIAD GENETICS INC	$3,345,000	–	109,300	–	7.34%	–
THRM	New	GENTHERM INC	$3,343,000	–	97,600	–	7.34%	–
GS	New	GOLDMAN SACHS GROUP INC	$3,328,000	–	22,400	–	7.31%	–
NRF	New	NORTHSTAR RLTY FIN CORP	$3,206,000	–	280,500	–	7.04%	–
VXX	New	BARCLAYS BK PLCipath s&p500 vix	$1,532,000	–	110,900	–	3.36%	–
P	New	PANDORA MEDIA INC	$990,000	–	79,491	–	2.17%	–

Q4 2015

			Value		Shares		↓ Weighting
MS	Exit	MORGAN STANLEY	$0	–	-109,619	–	-2.64%	–
CAR	Exit	AVIS BUDGET GROUP	$0	–	-79,068	–	-2.64%	–
AER	Exit	AERCAP HOLDINGS NV	$0	–	-96,872	–	-2.83%	–
MGM	Exit	MGM RESORTS INTERNATIONAL	$0	–	-210,088	–	-2.96%	–
GM	Exit	GENERAL MTRS CO	$0	–	-136,749	–	-3.14%	–
PNK	Exit	PINNACLE ENTMT INC	$0	–	-157,338	–	-4.07%	–
PEP	Exit	PEPSICO INC	$0	–	-58,852	–	-4.24%	–
HPQ	Exit	HEWLETT PACKARD CO	$0	–	-264,490	–	-5.18%	–
AL	Exit	AIR LEASE CORPcl a	$0	–	-228,957	–	-5.41%	–
WDC	Exit	WESTERN DIGITAL CORP	$0	–	-93,750	–	-5.69%	–
NBGPRA	Exit	NATIONAL BK GREECE S Aadr prf ser a	$0	–	-1,013,264	–	-5.96%	–
CFG	Exit	CITIZENS FINL GROUP INC	$0	–	-351,226	–	-6.40%	–
JNPR	Exit	JUNIPER NETWORKS INC	$0	–	-354,766	–	-6.97%	–
ALR	Exit	ALERE INC	$0	–	-198,005	–	-7.28%	–
MET	Exit	METLIFE INC	$0	–	-218,588	–	-7.87%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-258,397	–	-8.10%	–
NRF	Exit	NORTHSTAR RLTY FIN CORP	$0	–	-868,948	–	-8.20%	–
TWX	Exit	TIME WARNER INC	$0	–	-198,710	–	-10.44%	–

Q3 2015

			Value		Shares		↓ Weighting
TWX	Buy	TIME WARNER INC	$13,661,000	+40.5%	198,710	+78.7%	10.44%	+80.3%
NRF	Buy	NORTHSTAR RLTY FIN CORP	$10,732,000	-9.5%	868,948	+16.5%	8.20%	+16.1%
LBTYK	Buy	LIBERTY GLOBAL PLC	$10,599,000	-2.4%	258,397	+20.4%	8.10%	+25.2%
MET	New	METLIFE INC	$10,306,000	–	218,588	–	7.87%	–
ALR	Sell	ALERE INC	$9,534,000	-14.3%	198,005	-6.1%	7.28%	+9.9%
JNPR	Buy	JUNIPER NETWORKS INC	$9,121,000	+4.9%	354,766	+6.0%	6.97%	+34.6%
CFG	Buy	CITIZENS FINL GROUP INC	$8,380,000	+11.6%	351,226	+27.8%	6.40%	+43.2%
NBGPRA	Buy	NATIONAL BK GREECE S Aadr prf ser a	$7,802,000	+28.6%	1,013,264	+6.7%	5.96%	+65.0%
WDC	Sell	WESTERN DIGITAL CORP	$7,448,000	-10.9%	93,750	-12.0%	5.69%	+14.3%
AL	Sell	AIR LEASE CORPcl a	$7,079,000	-14.5%	228,957	-6.3%	5.41%	+9.7%
HPQ	New	HEWLETT PACKARD CO	$6,774,000	–	264,490	–	5.18%	–
PEP	Sell	PEPSICO INC	$5,550,000	-48.1%	58,852	-48.6%	4.24%	-33.4%
PNK	Sell	PINNACLE ENTMT INC	$5,324,000	-15.6%	157,338	-7.1%	4.07%	+8.2%
GM	New	GENERAL MTRS CO	$4,105,000	–	136,749	–	3.14%	–
MGM	New	MGM RESORTS INTERNATIONAL	$3,876,000	–	210,088	–	2.96%	–
AER	New	AERCAP HOLDINGS NV	$3,704,000	–	96,872	–	2.83%	–
CAR	New	AVIS BUDGET GROUP	$3,454,000	–	79,068	–	2.64%	–
MS	Sell	MORGAN STANLEY	$3,453,000	-24.5%	109,619	-7.0%	2.64%	-3.2%
VXX	Exit	BARCLAYS BK PLCipath s&p500 vix	$0	–	-232,502	–	-2.78%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-23,037	–	-2.86%	–
MCD	Exit	MCDONALDS CORP	$0	–	-58,626	–	-3.32%	–
TIF	Exit	TIFFANY & CO NEW	$0	–	-61,920	–	-3.38%	–
BURL	Exit	BURLINGTON STORES INC	$0	–	-115,600	–	-3.52%	–
HTZ	Exit	HERTZ GLOBAL HOLDINGS INC	$0	–	-405,145	–	-4.37%	–
AGO	Exit	ASSURED GUARANTY LTD	$0	–	-400,000	–	-5.71%	–
KO	Exit	COCA COLA CO	$0	–	-244,734	–	-5.72%	–
VRNT	Exit	VERINT SYS INC	$0	–	-175,856	–	-6.36%	–

Q2 2015

			Value		Shares		↓ Weighting
NRF	New	NORTHSTAR RLTY FIN CORP	$11,862,000	–	746,029	–	7.06%	–
ALR	New	ALERE INC	$11,127,000	–	210,934	–	6.63%	–
LBTYK	New	LIBERTY GLOBAL PLC	$10,863,000	–	214,555	–	6.47%	–
PEP	New	PEPSICO INC	$10,694,000	–	114,572	–	6.37%	–
VRNT	New	VERINT SYS INC	$10,682,000	–	175,856	–	6.36%	–
TWX	New	TIME WARNER INC	$9,722,000	–	111,221	–	5.79%	–
KO	New	COCA COLA CO	$9,601,000	–	244,734	–	5.72%	–
AGO	New	ASSURED GUARANTY LTD	$9,596,000	–	400,000	–	5.71%	–
JNPR	New	JUNIPER NETWORKS INC	$8,695,000	–	334,798	–	5.18%	–
WDC	New	WESTERN DIGITAL CORP	$8,357,000	–	106,561	–	4.98%	–
AL	New	AIR LEASE CORPcl a	$8,281,000	–	244,292	–	4.93%	–
CFG	New	CITIZENS FINL GROUP INC	$7,507,000	–	274,864	–	4.47%	–
HTZ	New	HERTZ GLOBAL HOLDINGS INC	$7,341,000	–	405,145	–	4.37%	–
PNK	New	PINNACLE ENTMT INC	$6,311,000	–	169,281	–	3.76%	–
NBGPRA	New	NATIONAL BK GREECE S Aadr prf ser a	$6,067,000	–	949,491	–	3.61%	–
BURL	New	BURLINGTON STORES INC	$5,919,000	–	115,600	–	3.52%	–
TIF	New	TIFFANY & CO NEW	$5,684,000	–	61,920	–	3.38%	–
MCD	New	MCDONALDS CORP	$5,574,000	–	58,626	–	3.32%	–
GS	New	GOLDMAN SACHS GROUP INC	$4,810,000	–	23,037	–	2.86%	–
VXX	New	BARCLAYS BK PLCipath s&p500 vix	$4,673,000	–	232,502	–	2.78%	–
MS	New	MORGAN STANLEY	$4,574,000	–	117,906	–	2.72%	–

Q4 2014

			Value		Shares		↓ Weighting
PRKR	Exit	PARKERVISION INC	$0	–	-287,825	–	-0.23%	–
CNSI	Exit	COMVERSE INC	$0	–	-143,135	–	-2.24%	–
TIF	Exit	TIFFANY & CO NEW	$0	–	-66,432	–	-4.49%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-160,881	–	-4.63%	–
NRF	Exit	NORTHSTAR RLTY FIN CORP	$0	–	-382,806	–	-4.75%	–
NBGPRA	Exit	NATIONAL BK GREECE S Aadr prf ser a	$0	–	-451,270	–	-6.09%	–
BID	Exit	SOTHEBYS	$0	–	-257,209	–	-6.45%	–
ALR	Exit	ALERE INC	$0	–	-254,190	–	-6.92%	–
VC	Exit	VISTEON CORP	$0	–	-110,697	–	-7.55%	–
TWX	Exit	TIME WARNER INC	$0	–	-169,527	–	-8.94%	–
PEP	Exit	PEPSICO INC	$0	–	-164,538	–	-10.75%	–
AGO	Exit	ASSURED GUARANTY LTD	$0	–	-750,170	–	-11.66%	–
WDC	Exit	WESTERN DIGITAL CORP	$0	–	-184,599	–	-12.60%	–
VRNT	Exit	VERINT SYS INC	$0	–	-325,563	–	-12.70%	–

Q3 2014

			Value		Shares		↓ Weighting
VRNT	Buy	VERINT SYS INC	$18,105,000	+18.9%	325,563	+4.8%	12.70%	+22.0%
WDC	Sell	WESTERN DIGITAL CORP	$17,965,000	-6.8%	184,599	-11.6%	12.60%	-4.4%
AGO	Buy	ASSURED GUARANTY LTD	$16,624,000	+99.1%	750,170	+120.1%	11.66%	+104.3%
PEP	Buy	PEPSICO INC	$15,317,000	+9.3%	164,538	+4.9%	10.75%	+12.1%
TWX	New	TIME WARNER INC	$12,750,000	–	169,527	–	8.94%	–
VC	Buy	VISTEON CORP	$10,765,000	+3.9%	110,697	+3.7%	7.55%	+6.7%
ALR	Sell	ALERE INC	$9,857,000	-13.1%	254,190	-16.1%	6.92%	-10.8%
BID	New	SOTHEBYS	$9,188,000	–	257,209	–	6.45%	–
NBGPRA	Buy	NATIONAL BK GREECE S Aadr prf ser a	$8,676,000	-0.1%	451,270	+3.6%	6.09%	+2.5%
NRF	New	NORTHSTAR RLTY FIN CORP	$6,764,000	–	382,806	–	4.75%	–
LBTYK	New	LIBERTY GLOBAL PLC	$6,599,000	–	160,881	–	4.63%	–
TIF	Sell	TIFFANY & CO NEW	$6,398,000	-30.4%	66,432	-27.6%	4.49%	-28.6%
PRKR	Buy	PARKERVISION INC	$328,000	-20.8%	287,825	+2.8%	0.23%	-18.7%
VXX	Exit	BARCLAYS BK PLCipath s&p500 vix	$0	–	-219,998	–	-4.30%	–
CF	Exit	CF INDS HLDGS INC	$0	–	-37,412	–	-6.15%	–
NEBLQ	Exit	NOBLE CORP PLC	$0	–	-297,710	–	-6.83%	–
MBI	Exit	MBIA INC	$0	–	-912,422	–	-6.89%	–
NWSA	Exit	NEWS CORP NEWcl a	$0	–	-570,005	–	-6.99%	–

Q2 2014

			Value		Shares		↓ Weighting
WDC	New	WESTERN DIGITAL CORP	$19,275,000	–	208,831	–	13.18%	–
VRNT	New	VERINT SYS INC	$15,232,000	–	310,550	–	10.41%	–
PEP	New	PEPSICO INC	$14,017,000	–	156,898	–	9.58%	–
ALR	New	ALERE INC	$11,338,000	–	302,990	–	7.75%	–
VC	New	VISTEON CORP	$10,358,000	–	106,773	–	7.08%	–
NWSA	New	NEWS CORP NEWcl a	$10,226,000	–	570,005	–	6.99%	–
MBI	New	MBIA INC	$10,073,000	–	912,422	–	6.89%	–
NEBLQ	New	NOBLE CORP PLC	$9,991,000	–	297,710	–	6.83%	–
TIF	New	TIFFANY & CO NEW	$9,194,000	–	91,708	–	6.29%	–
CF	New	CF INDS HLDGS INC	$8,999,000	–	37,412	–	6.15%	–
NBGPRA	New	NATIONAL BK GREECE S Aadr prf ser a	$8,688,000	–	435,501	–	5.94%	–
AGO	New	ASSURED GUARANTY LTD	$8,351,000	–	340,843	–	5.71%	–
VXX	New	BARCLAYS BK PLCipath s&p500 vix	$6,292,000	–	219,998	–	4.30%	–
CNSI	New	COMVERSE INC	$3,819,000	–	143,135	–	2.61%	–
PRKR	New	PARKERVISION INC	$414,000	–	280,052	–	0.28%	–

Q4 2013

			Value		Shares		↓ Weighting
JCPNQ	Exit	PENNEY J C INCcall	$0	–	-97,300	–	-0.96%	–
PRKR	Exit	PARKERVISION INC	$0	–	-283,321	–	-1.06%	–
CVC	Exit	CABLEVISION SYS CORPcl a ny cablvs	$0	–	-145,472	–	-2.75%	–
NBGPRA	Exit	NATIONAL BK GREECE S Aadr prf ser a	$0	–	-217,540	–	-2.98%	–
MS	Exit	MORGAN STANLEY	$0	–	-101,562	–	-3.07%	–
HTZ	Exit	HERTZ GLOBAL HOLDINGS INC	$0	–	-136,912	–	-3.40%	–
CNSI	Exit	COMVERSE INC	$0	–	-98,648	–	-3.54%	–
NDZ	Exit	NORDION INC	$0	–	-367,018	–	-3.55%	–
AXLL	Exit	AXIALL CORP	$0	–	-87,769	–	-3.72%	–
NE	Exit	NOBLE CORPORATION BAARnamen -akt	$0	–	-92,704	–	-3.93%	–
MBI	Exit	MBIA INC	$0	–	-475,632	–	-5.46%	–
BEAM	Exit	BEAM INC	$0	–	-85,542	–	-6.21%	–
VC	Exit	VISTEON CORP	$0	–	-78,029	–	-6.62%	–
TEF	Exit	TELEFONICA S Asponsored adr	$0	–	-387,545	–	-6.73%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-211,972	–	-7.92%	–
PEP	Exit	PEPSICO INC	$0	–	-88,853	–	-7.93%	–
VRNT	Exit	VERINT SYS INC	$0	–	-223,049	–	-9.28%	–
WDC	Exit	WESTERN DIGITAL CORP	$0	–	-145,286	–	-10.34%	–
ALR	Exit	ALERE INC	$0	–	-307,318	–	-10.54%	–

Q3 2013

			Value		Shares		↓ Weighting
ALR	New	ALERE INC	$9,395,000	–	307,318	–	10.54%	–
WDC	Sell	WESTERN DIGITAL CORP	$9,211,000	-14.9%	145,286	-16.6%	10.34%	-26.9%
VRNT	Sell	VERINT SYS INC	$8,266,000	+2.9%	223,049	-1.5%	9.28%	-11.6%
PEP	New	PEPSICO INC	$7,064,000	–	88,853	–	7.93%	–
MSFT	New	MICROSOFT CORP	$7,054,000	–	211,972	–	7.92%	–
TEF	Sell	TELEFONICA S Asponsored adr	$5,999,000	+19.0%	387,545	-1.5%	6.73%	+2.3%
VC	Sell	VISTEON CORP	$5,902,000	+18.2%	78,029	-1.4%	6.62%	+1.5%
BEAM	Buy	BEAM INC	$5,530,000	+47.5%	85,542	+44.0%	6.21%	+26.7%
MBI	Sell	MBIA INC	$4,866,000	-30.9%	475,632	-10.1%	5.46%	-40.6%
NE	Sell	NOBLE CORPORATION BAARnamen -akt	$3,501,000	-1.0%	92,704	-1.5%	3.93%	-15.0%
AXLL	Sell	AXIALL CORP	$3,317,000	-36.3%	87,769	-28.2%	3.72%	-45.3%
NDZ	Buy	NORDION INC	$3,167,000	+18.3%	367,018	+1.5%	3.55%	+1.7%
CNSI	Sell	COMVERSE INC	$3,152,000	+6.1%	98,648	-1.5%	3.54%	-8.8%
HTZ	New	HERTZ GLOBAL HOLDINGS INC	$3,034,000	–	136,912	–	3.40%	–
MS	New	MORGAN STANLEY	$2,737,000	–	101,562	–	3.07%	–
NBGPRA	Sell	NATIONAL BK GREECE S Aadr prf ser a	$2,654,000	-41.6%	217,540	-40.2%	2.98%	-49.8%
CVC	New	CABLEVISION SYS CORPcl a ny cablvs	$2,450,000	–	145,472	–	2.75%	–
PRKR	Sell	PARKERVISION INC	$949,000	-55.8%	283,321	-39.9%	1.06%	-62.0%
LPX	Exit	LOUISIANA PAC CORP	$0	–	-156,672	–	-3.03%	–
ALJ	Exit	ALON USA ENERGY INC	$0	–	-198,693	–	-3.75%	–
MUR	Exit	MURPHY OIL CORP	$0	–	-67,016	–	-5.33%	–
JBL	Exit	JABIL CIRCUIT INC	$0	–	-238,994	–	-6.36%	–

Q2 2013

			Value		Shares		↓ Weighting
WDC	New	WESTERN DIGITAL CORP	$10,821,000	–	174,281	–	14.13%	–
VRNT	New	VERINT SYS INC	$8,031,000	–	226,428	–	10.49%	–
MBI	New	MBIA INC	$7,039,000	–	528,861	–	9.19%	–
AXLL	New	AXIALL CORP	$5,208,000	–	122,319	–	6.80%	–
TEF	New	TELEFONICA S Asponsored adr	$5,040,000	–	393,450	–	6.58%	–
VC	New	VISTEON CORP	$4,995,000	–	79,141	–	6.52%	–
JBL	New	JABIL CIRCUIT INC	$4,871,000	–	238,994	–	6.36%	–
NBGPRA	New	NATIONAL BK GREECE S Aadr prf ser a	$4,546,000	–	363,664	–	5.94%	–
MUR	New	MURPHY OIL CORP	$4,081,000	–	67,016	–	5.33%	–
BEAM	New	BEAM INC	$3,749,000	–	59,407	–	4.90%	–
NE	New	NOBLE CORPORATION BAARnamen -akt	$3,537,000	–	94,112	–	4.62%	–
CNSI	New	COMVERSE INC	$2,971,000	–	100,158	–	3.88%	–
ALJ	New	ALON USA ENERGY INC	$2,873,000	–	198,693	–	3.75%	–
NDZ	New	NORDION INC	$2,676,000	–	361,578	–	3.50%	–
LPX	New	LOUISIANA PAC CORP	$2,317,000	–	156,672	–	3.03%	–
PRKR	New	PARKERVISION INC	$2,146,000	–	471,679	–	2.80%	–
JCPNQ	New	PENNEY J C INCcall	$1,662,000	–	97,300	–	2.17%	–

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