OAK HILL ADVISORS LP Activity Q4 2006-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
VAL	Sell	VALARIS LTDcl a	$358,866,726	-36.5%	4,786,166	-46.7%	35.65%	-23.0%
	Sell	EXPRO GROUP HOLDINGS NV	$344,241,072	+9.0%	14,818,815	-16.8%	34.20%	+32.2%
FSK	Sell	FS KKR CAP CORP	$82,847,309	-43.2%	4,207,583	-44.6%	8.23%	-31.1%
HYT	Sell	BLACKROCK CORPOR HI YLD FD I	$9,530,903	-27.0%	1,104,392	-24.6%	0.95%	-11.5%
	Buy	SABA CAPITAL INCOME & OPRNT	$697,594	-0.3%	90,833	+0.0%	0.07%	+21.1%

Q2 2023

			Value		Shares		↓ Weighting
VAL	New	VALARIS LIMITEDcl a	$565,499,426	–	8,986,166	–	46.32%	–
	New	EXPRO GROUP HOLDINGS NV	$315,749,402	–	17,818,815	–	25.87%	–
FSK	New	FS KKR CAP CORP	$145,775,710	–	7,600,402	–	11.94%	–
	New	SABRE GLBL INCnote 4.000% 4/1	$75,079,059	–	96,148,000	–	6.15%	–
SABR	New	SABRE CORP	$32,464,882	–	10,177,079	–	2.66%	–
VVR	New	INVESCO SR INCOME TR	$19,688,477	–	5,113,890	–	1.61%	–
JQC	New	NUVEEN CR STRATEGIES INCOME	$17,352,421	–	3,436,123	–	1.42%	–
IHRT	New	IHEARTMEDIA INC	$14,125,129	–	3,880,530	–	1.16%	–
HYT	New	BLACKROCK CORPOR HI YLD FD I	$13,062,832	–	1,464,443	–	1.07%	–
MPLN	New	MULTIPLAN CORPORATION	$7,183,535	–	3,392,552	–	0.59%	–
DSU	New	BLACKROCK DEBT STRATEGIES FD	$6,344,390	–	648,048	–	0.52%	–
EVV	New	EATON VANCE LTD DURATION INC	$3,777,733	–	403,604	–	0.31%	–
CMLS	New	CUMULUS MEDIA INC	$2,180,433	–	531,813	–	0.18%	–
	New	CABLE ONE INCnote 3/1	$1,716,750	–	2,100,000	–	0.14%	–
	New	SABA CAPITAL INCOME & OPRNT	$699,406	–	90,832	–	0.06%	–
MPLNWS	New	MULTIPLAN CORPORATION*w exp 02/13/202	$10,238	–	125,000	–	0.00%	–

Q4 2022

			Value		Shares		↓ Weighting
	Exit	BLACKROCK CORPOR HI YLD FD Iright 10/13/2022	$0	–	-959,387	–	0.00%	–
MPLNWS	Exit	MULTIPLAN CORPORATION*w exp 02/13/202	$0	–	-125,000	–	-0.00%	–
	Exit	SABA CAPITAL INCOME & OPRNT	$0	–	-90,833	–	-0.05%	–
ACI	Exit	ALBERTSONS COS INC	$0	–	-41,447	–	-0.07%	–
EVV	Exit	EATON VANCE LTD DURATION INC	$0	–	-403,604	–	-0.25%	–
CMLS	Exit	CUMULUS MEDIA INC	$0	–	-531,813	–	-0.25%	–
DSU	Exit	BLACKROCK DEBT STRATEGIES FD	$0	–	-647,742	–	-0.39%	–
HYT	Exit	BLACKROCK CORPOR HI YLD FD I	$0	–	-959,387	–	-0.56%	–
MPLN	Exit	MULTIPLAN CORPORATION	$0	–	-3,370,281	–	-0.65%	–
JQC	Exit	NUVEEN CR STRATEGIES INCOME	$0	–	-3,436,123	–	-1.19%	–
VVR	Exit	INVESCO SR INCOME TR	$0	–	-5,111,368	–	-1.29%	–
LADR	Exit	LADDER CAP CORPcl a	$0	–	-3,056,516	–	-1.85%	–
IHRT	Exit	IHEARTMEDIA INC	$0	–	-3,880,530	–	-1.93%	–
SABR	Exit	SABRE CORP	$0	–	-10,177,079	–	-3.55%	–
	Exit	SABRE GLBL INCnote 4.000% 4/1	$0	–	-96,148,000	–	-6.18%	–
WFRD	Exit	WEATHERFORD INTL PLC	$0	–	-5,375,610	–	-11.75%	–
FSK	Exit	FS KKR CAP CORP	$0	–	-11,778,054	–	-13.52%	–
	Exit	EXPRO GROUP HOLDINGS NV	$0	–	-29,311,090	–	-25.29%	–
VAL	Exit	VALARIS LIMITEDcl a	$0	–	-9,424,963	–	-31.23%	–

Q3 2022

			Value		Shares		↓ Weighting
	Buy	EXPRO GROUP HOLDINGS NV	$373,423,000	+11.3%	29,311,090	+0.7%	25.29%	+8.2%
FSK	Sell	FS KKR CAP CORP	$199,638,000	-25.0%	11,778,054	-14.1%	13.52%	-27.2%
WFRD	Sell	WEATHERFORD INTL PLC	$173,578,000	+49.5%	5,375,610	-2.0%	11.75%	+45.3%
	New	SABRE GLBL INCnote 4.000% 4/1	$91,225,000	–	96,148,000	–	6.18%	–
LADR	Sell	LADDER CAP CORPcl a	$27,386,000	-39.2%	3,056,516	-28.5%	1.85%	-40.9%
ACI	Sell	ALBERTSONS COS INC	$1,030,000	-67.3%	41,447	-64.9%	0.07%	-68.2%
	Buy	SABA CAPITAL INCOME & OPRNT	$718,000	-1.5%	90,833	+0.0%	0.05%	-3.9%
	New	BLACKROCK CORPOR HI YLD FD Iright 10/13/2022	$2,000	–	959,387	–	0.00%	–
SMLP	Exit	SUMMIT MIDSTREAM PARTNERS LP	$0	–	-10,034	–	-0.01%	–
	Exit	SABRE GLBL INCnote 4.000% 4/1	$0	–	-97,848,000	–	-7.01%	–

Q2 2022

			Value		Shares		↓ Weighting
VAL	New	VALARIS LIMITEDcl a	$398,110,000	–	9,424,963	–	27.74%	–
	New	EXPRO GROUP HOLDINGS NV	$335,381,000	–	29,112,935	–	23.37%	–
FSK	New	FS KKR CAP CORP	$266,331,000	–	13,714,284	–	18.56%	–
WFRD	New	WEATHERFORD INTL PLC	$116,108,000	–	5,484,567	–	8.09%	–
	New	SABRE GLBL INCnote 4.000% 4/1	$100,588,000	–	97,848,000	–	7.01%	–
SABR	New	SABRE CORP	$59,332,000	–	10,177,079	–	4.13%	–
LADR	New	LADDER CAP CORPcl a	$45,057,000	–	4,274,811	–	3.14%	–
IHRT	New	IHEARTMEDIA INC	$30,617,000	–	3,880,530	–	2.13%	–
VVR	New	INVESCO SR INCOME TR	$19,883,000	–	5,111,368	–	1.38%	–
MPLN	New	MULTIPLAN CORPORATION	$18,503,000	–	3,370,281	–	1.29%	–
JQC	New	NUVEEN CR STRATEGIES INCOME	$17,868,000	–	3,436,123	–	1.24%	–
HYT	New	BLACKROCK CORPOR HI YLD FD I	$9,143,000	–	959,387	–	0.64%	–
DSU	New	BLACKROCK DEBT STRATEGIES FD	$5,920,000	–	647,742	–	0.41%	–
EVV	New	EATON VANCE LTD DURATION INC	$4,169,000	–	403,604	–	0.29%	–
CMLS	New	CUMULUS MEDIA INC	$4,111,000	–	531,813	–	0.29%	–
ACI	New	ALBERTSONS COS INC	$3,152,000	–	117,981	–	0.22%	–
	New	SABA CAPITAL INCOME & OPRNT	$729,000	–	90,832	–	0.05%	–
SMLP	New	SUMMIT MIDSTREAM PARTNERS LP	$128,000	–	10,034	–	0.01%	–
MPLNWS	New	MULTIPLAN CORPORATION*w exp 02/13/202	$116,000	–	125,000	–	0.01%	–

Q4 2021

			Value		Shares		↓ Weighting
MPLNWS	Exit	MULTIPLAN CORPORATION*w exp 02/13/202	$0	–	-125,000	–	-0.01%	–
SMLP	Exit	SUMMIT MIDSTREAM PARTNERS LP	$0	–	-10,034	–	-0.03%	–
BRW	Exit	SABA CAPITAL INCOME & OPRNTshares	$0	–	-181,665	–	-0.07%	–
	Exit	CHENIERE ENERGY INCnote 4.250% 3/1	$0	–	-5,500,000	–	-0.42%	–
EVV	Exit	EATON VANCE LTD DURATION INC	$0	–	-436,415	–	-0.51%	–
CMLS	Exit	CUMULUS MEDIA INC	$0	–	-638,264	–	-0.70%	–
DSU	Exit	BLACKROCK DEBT STRATEGIES FD	$0	–	-683,960	–	-0.70%	–
HYT	Exit	BLACKROCK CORPOR HI YLD FD I	$0	–	-1,025,602	–	-1.11%	–
MPLN	Exit	MULTIPLAN CORPORATION	$0	–	-3,358,558	–	-1.68%	–
JQC	Exit	NUVEEN CR STRATEGIES INCOME	$0	–	-3,707,529	–	-2.16%	–
VVR	Exit	INVESCO SR INCOME TR	$0	–	-5,501,396	–	-2.18%	–
IHRT	Exit	IHEARTMEDIA INC	$0	–	-2,809,672	–	-6.26%	–
SABR	Exit	SABRE CORP	$0	–	-8,466,024	–	-8.92%	–
WFRD	Exit	WEATHERFORD INTL PLC	$0	–	-5,803,407	–	-10.16%	–
	Exit	SABRE GLBL INCnote 4.000% 4/1	$0	–	-66,867,000	–	-10.26%	–
FSK	Exit	FS KKR CAP CORP	$0	–	-13,035,013	–	-25.58%	–
VAL	Exit	VALARIS LIMITEDcl a	$0	–	-9,412,822	–	-29.23%	–

Q3 2021

			Value		Shares		↓ Weighting
VAL	Buy	VALARIS LIMITEDcl a	$328,319,000	+26.6%	9,412,822	+4.8%	29.23%	+17.1%
FSK	Buy	FS KKR CAP CORP	$287,292,000	+17.0%	13,035,013	+14.2%	25.58%	+8.2%
	Buy	SABRE GLBL INCnote 4.000% 4/1	$115,178,000	+33.7%	66,867,000	+41.2%	10.26%	+23.6%
WFRD	Sell	WEATHERFORD INTL PLC	$114,153,000	+3.9%	5,803,407	-3.8%	10.16%	-3.9%
VVR	Sell	INVESCO SR INCOME TR	$24,481,000	-9.5%	5,501,396	-9.2%	2.18%	-16.3%
JQC	Sell	NUVEEN CR STRATEGIES INCOME	$24,321,000	-12.1%	3,707,529	-9.6%	2.16%	-18.7%
HYT	Sell	BLACKROCK CORPOR HI YLD FD I	$12,512,000	-7.7%	1,025,602	-6.8%	1.11%	-14.6%
DSU	Sell	BLACKROCK DEBT STRATEGIES FD	$7,893,000	-4.9%	683,960	-5.6%	0.70%	-12.0%
EVV	Sell	EATON VANCE LTD DURATION INC	$5,752,000	-8.4%	436,415	-7.8%	0.51%	-15.2%
	Sell	CHENIERE ENERGY INCnote 4.250% 3/1	$4,716,000	-7.0%	5,500,000	-8.7%	0.42%	-13.9%
BRW	Sell	SABA CAPITAL INCOME & OPRNTshares	$827,000	-50.2%	181,665	-48.4%	0.07%	-53.8%
EFR	Exit	EATON VANCE SR FLTNG RTE TR	$0	–	-795,017	–	-1.08%	–
EFT	Exit	EATON VANCE FLTING RATE INC	$0	–	-952,652	–	-1.32%	–

Q2 2021

			Value		Shares		↓ Weighting
VAL	New	VALARIS LIMITEDcl a	$259,337,000	–	8,979,805	–	24.97%	–
FSK	New	FS KKR CAP CORP	$245,479,000	–	11,412,311	–	23.64%	–
WFRD	New	WEATHERFORD INTL PLC	$109,829,000	–	6,034,545	–	10.58%	–
SABR	New	SABRE CORP	$105,656,000	–	8,466,024	–	10.17%	–
	New	SABRE GLBL INCnote 4.000% 4/1	$86,177,000	–	47,350,000	–	8.30%	–
IHRT	New	IHEARTMEDIA INC	$75,664,000	–	2,809,672	–	7.29%	–
MPLN	New	MULTIPLAN CORPORATION	$31,973,000	–	3,358,558	–	3.08%	–
JQC	New	NUVEEN CR STRATEGIES INCOME	$27,668,000	–	4,099,030	–	2.66%	–
VVR	New	INVESCO SR INCOME TR	$27,036,000	–	6,061,970	–	2.60%	–
EFT	New	EATON VANCE FLTING RATE INC	$13,709,000	–	952,652	–	1.32%	–
HYT	New	BLACKROCK CORPOR HI YLD FD I	$13,555,000	–	1,100,273	–	1.30%	–
EFR	New	EATON VANCE SR FLTNG RTE TR	$11,249,000	–	795,017	–	1.08%	–
CMLS	New	CUMULUS MEDIA INC	$9,351,000	–	638,264	–	0.90%	–
DSU	New	BLACKROCK DEBT STRATEGIES FD	$8,299,000	–	724,802	–	0.80%	–
EVV	New	EATON VANCE LTD DURATION INC	$6,277,000	–	473,416	–	0.60%	–
	New	CHENIERE ENERGY INCnote 4.250% 3/1	$5,069,000	–	6,025,000	–	0.49%	–
BRW	New	SABA CAPITAL INCOME & OPRNTshares	$1,659,000	–	352,287	–	0.16%	–
SMLP	New	SUMMIT MIDSTREAM PARTNERS LP	$305,000	–	10,034	–	0.03%	–
MPLNWS	New	MULTIPLAN CORPORATION*w exp 02/13/202	$236,000	–	125,000	–	0.02%	–

Q4 2020

			Value		Shares		↓ Weighting
PPR	Exit	VOYA PRIME RATE TRsh ben int	$0	–	-466,008	–	-0.61%	–
CMLS	Exit	CUMULUS MEDIA INC	$0	–	-661,232	–	-1.05%	–
	Exit	CHENIERE ENERGY INCnote 4.250% 3/1	$0	–	-5,500,000	–	-1.16%	–
EVV	Exit	EATON VANCE LTD DURATION INC	$0	–	-473,416	–	-1.58%	–
DSU	Exit	BLACKROCK DEBT STRATEGIES FD	$0	–	-724,802	–	-2.13%	–
EFR	Exit	EATON VANCE SR FLTNG RTE TR	$0	–	-643,292	–	-2.21%	–
EFT	Exit	EATON VANCE FLTING RATE INC	$0	–	-828,295	–	-2.91%	–
HYT	Exit	BLACKROCK CORPOR HI YLD FD I	$0	–	-1,100,273	–	-3.47%	–
VVR	Exit	INVESCO SR INCOME TR	$0	–	-5,350,560	–	-5.79%	–
JQC	Exit	NUVEEN CR STRATEGIES INCOME	$0	–	-3,673,730	–	-6.42%	–
VTOL	Exit	BRISTOW GROUP INC	$0	–	-1,039,756	–	-6.53%	–
IHRT	Exit	IHEARTMEDIA INC	$0	–	-2,809,672	–	-6.74%	–
FSK	Exit	FS KKR CAPITAL CORP	$0	–	-3,233,246	–	-15.16%	–
SABR	Exit	SABRE CORP	$0	–	-9,516,373	–	-18.31%	–
FSKR	Exit	FS KKR CAP CORP II	$0	–	-5,960,622	–	-25.92%	–

Q3 2020

			Value		Shares		↓ Weighting
FSKR	Buy	FS KKR CAP CORP II	$87,681,000	+101.0%	5,960,622	+76.2%	25.92%	+31.3%
SABR	Buy	SABRE CORP	$61,952,000	+118.6%	9,516,373	+170.6%	18.31%	+42.8%
FSK	Sell	FS KKR CAPITAL CORP	$51,279,000	-6.5%	3,233,246	-17.5%	15.16%	-38.9%
VTOL	Sell	BRISTOW GROUP INC	$22,095,000	+7.5%	1,039,756	-29.5%	6.53%	-29.7%
JQC	Buy	NUVEEN CR STRATEGIES INCOME	$21,712,000	+347.0%	3,673,730	+341.7%	6.42%	+192.0%
VVR	Buy	INVESCO SR INCOME TR	$19,583,000	+502.2%	5,350,560	+469.3%	5.79%	+293.5%
EFT	Buy	EATON VANCE FLTING RATE INC	$9,840,000	+150.1%	828,295	+140.0%	2.91%	+63.4%
EFR	Buy	EATON VANCE SR FLTNG RTE TR	$7,481,000	+93.4%	643,292	+88.3%	2.21%	+26.3%
	New	CHENIERE ENERGY INCnote 4.250% 3/1	$3,933,000	–	5,500,000	–	1.16%	–
	Exit	ENSCO JERSEY FIN LTDnote 3.000% 1/3	$0	–	-50,572,000	–	-2.95%	–

Q2 2020

			Value		Shares		↓ Weighting
FSK	New	FS KKR CAPITAL CORP	$54,839,000	–	3,917,099	–	24.81%	–
FSKR	New	FS KKR CAP CORP II	$43,614,000	–	3,383,553	–	19.73%	–
SABR	New	SABRE CORP	$28,342,000	–	3,516,373	–	12.82%	–
IHRT	New	IHEARTMEDIA INC	$23,461,000	–	2,809,672	–	10.62%	–
VTOL	New	BRISTOW GROUP INC	$20,544,000	–	1,474,791	–	9.30%	–
HYT	New	BLACKROCK CORPOR HI YLD FD I	$11,190,000	–	1,100,273	–	5.06%	–
DSU	New	BLACKROCK DEBT STRATEGIES FD	$6,762,000	–	724,802	–	3.06%	–
	New	ENSCO JERSEY FIN LTDnote 3.000% 1/3	$6,511,000	–	50,572,000	–	2.95%	–
EVV	New	EATON VANCE LTD DURATION INC	$5,335,000	–	473,416	–	2.41%	–
JQC	New	NUVEEN CR STRATEGIES INCOME	$4,857,000	–	831,749	–	2.20%	–
EFT	New	EATON VANCE FLTING RATE INC	$3,935,000	–	345,142	–	1.78%	–
EFR	New	EATON VANCE SR FLTNG RTE TR	$3,868,000	–	341,721	–	1.75%	–
VVR	New	INVESCO SR INCOME TR	$3,252,000	–	939,890	–	1.47%	–
CMLS	New	CUMULUS MEDIA INC	$2,612,000	–	661,232	–	1.18%	–
PPR	New	VOYA PRIME RATE TRsh ben int	$1,897,000	–	466,008	–	0.86%	–

Q4 2019

			Value		Shares		↓ Weighting
PPR	Exit	VOYA PRIME RATE TRsh ben int	$0	–	-466,008	–	-3.15%	–
QHCCQ	Exit	QUORUM HEALTH CORP	$0	–	-2,234,678	–	-3.88%	–
CMLS	Exit	CUMULUS MEDIA INC	$0	–	-311,925	–	-6.51%	–
DSU	Exit	BLACKROCK DEBT STRAT FD INC	$0	–	-626,345	–	-9.67%	–
BCS	Exit	BARCLAYS PLCadr	$0	–	-1,377,031	–	-14.51%	–
HYT	Exit	BLACKROCK CORPOR HI YLD FD I	$0	–	-1,305,312	–	-20.14%	–
IHRT	Exit	IHEARTMEDIA INC	$0	–	-1,956,672	–	-42.14%	–

Q3 2019

			Value		Shares		↓ Weighting
IHRT	New	IHEARTMEDIA INC	$29,350,000	–	1,956,672	–	42.14%	–
HYT	Sell	BLACKROCK CORPOR HI YLD FD I	$14,032,000	-33.8%	1,305,312	-34.0%	20.14%	-48.0%
CMLS	Buy	CUMULUS MEDIA INC	$4,535,000	+86.9%	311,925	+121.8%	6.51%	+46.9%
QHCCQ	Buy	QUORUM HEALTH CORP	$2,704,000	+52.4%	2,234,678	+75.1%	3.88%	+19.7%
BGB	Exit	BLACKSTONE GSO STRATEGIC CR	$0	–	-138,673	–	-3.72%	–
PCG	Exit	PG&E CORP	$0	–	-343,044	–	-14.37%	–

Q2 2019

			Value		Shares		↓ Weighting
HYT	New	BLACKROCK CORPOR HI YLD FD I	$21,186,000	–	1,976,285	–	38.71%	–
BCS	New	BARCLAYS PLCadr	$10,479,000	–	1,377,031	–	19.15%	–
PCG	New	PG&E CORP	$7,863,000	–	343,044	–	14.37%	–
DSU	New	BLACKROCK DEBT STRAT FD INC	$6,746,000	–	626,345	–	12.33%	–
CMLS	New	CUMULUS MEDIA INC	$2,426,000	–	140,650	–	4.43%	–
PPR	New	VOYA PRIME RATE TRsh ben int	$2,218,000	–	466,008	–	4.05%	–
BGB	New	BLACKSTONE GSO STRATEGIC CR	$2,034,000	–	138,673	–	3.72%	–
QHCCQ	New	QUORUM HEALTH CORP	$1,774,000	–	1,276,497	–	3.24%	–

Q4 2018

			Value		Shares		↓ Weighting
BCS	Exit	BARCLAYS PLCadr	$0	–	-1,377,031	–	-11.48%	–
DSU	Exit	BLACKROCK DEBT STRAT FD INC	$0	–	-1,435,122	–	-14.89%	–
BGB	Exit	BLACKSTONE GSO STRATEGIC CR	$0	–	-1,057,036	–	-15.65%	–
HYT	Exit	BLACKROCK CORPOR HI YLD FD I	$0	–	-5,923,513	–	-57.98%	–

Q3 2018

			Value		Shares		↓ Weighting
DSU	Buy	BLACKROCK DEBT STRAT FD INC	$15,987,000	+15.8%	1,435,122	+16.2%	14.89%	+26.7%
TDW	Exit	TIDEWATER INC NEW	$0	–	-388,914	–	-9.57%	–

Q2 2018

			Value		Shares		↓ Weighting
HYT	New	BLACKROCK CORPOR HI YLD FD I	$61,960,000	–	5,923,513	–	52.71%	–
BGB	New	BLACKSTONE GSO STRATEGIC CR	$16,712,000	–	1,057,036	–	14.22%	–
BCS	New	BARCLAYS PLCadr	$13,812,000	–	1,377,031	–	11.75%	–
DSU	New	BLACKROCK DEBT STRAT FD INC	$13,809,000	–	1,235,122	–	11.75%	–
TDW	New	TIDEWATER INC NEW	$11,251,000	–	388,914	–	9.57%	–

Q4 2017

			Value		Shares		↓ Weighting
CBF	Exit	CAPITAL BK FINL CORP	$0	–	-30,937	–	-1.08%	–
BCS	Exit	BARCLAYS PLCadr	$0	–	-1,377,031	–	-12.14%	–
DSU	Exit	BLACKROCK DEBT STRAT FD INC	$0	–	-1,407,407	–	-13.99%	–
BGB	Exit	BLACKSTONE GSO STRATEGIC CR	$0	–	-1,229,152	–	-16.73%	–
HYT	Exit	BLACKROCK CORPOR HI YLD FD I	$0	–	-5,823,513	–	-56.06%	–

Q3 2017

			Value		Shares		↓ Weighting
CBF	Sell	CAPITAL BK FINL CORP	$1,270,000	-92.1%	30,937	-92.6%	1.08%	-91.1%
CPS	Exit	COOPER STD HLDGS INC	$0	–	-8,107	–	-0.62%	–

Q2 2017

			Value		Shares		↓ Weighting
HYT	New	BLACKROCK CORPOR HI YLD FD I	$63,826,000	–	5,823,513	–	48.71%	–
BGB	New	BLACKSTONE GSO STRATEGIC CR	$19,568,000	–	1,229,152	–	14.93%	–
DSU	New	BLACKROCK DEBT STRAT FD INC	$16,241,000	–	1,407,407	–	12.39%	–
CBF	New	CAPITAL BK FINL CORP	$16,007,000	–	420,116	–	12.22%	–
BCS	New	BARCLAYS PLCadr	$14,583,000	–	1,377,031	–	11.13%	–
CPS	New	COOPER STD HLDGS INC	$818,000	–	8,107	–	0.62%	–

Q4 2016

			Value		Shares		↓ Weighting
BAH	Exit	BOOZ ALLEN HAMILTON HLDG CORcl a	$0	–	-26,183	–	-0.30%	–
DSU	Exit	BLACKROCK DEBT STRAT FD INC	$0	–	-3,613,225	–	-5.10%	–
BCS	Exit	BARCLAYS PLCadr	$0	–	-2,074,791	–	-6.97%	–
BGB	Exit	BLACKSTONE GSO STRATEGIC CR	$0	–	-1,229,152	–	-7.09%	–
CBF	Exit	CAPITAL BK FINL CORP	$0	–	-641,922	–	-7.97%	–
CPS	Exit	COOPER STD HLDGS INC	$0	–	-232,600	–	-8.88%	–
HYT	Exit	BLACKROCK CORPOR HI YLD FD I	$0	–	-5,475,513	–	-22.90%	–
FCB	Exit	FCB FINL HLDGS INCcl a	$0	–	-2,744,824	–	-40.78%	–

Q3 2016

			Value		Shares		↓ Weighting
FCB	Buy	FCB FINL HLDGS INCcl a	$105,483,000	+185.0%	2,744,824	+152.2%	40.78%	+255.8%
CPS	Sell	COOPER STD HLDGS INC	$22,981,000	-84.4%	232,600	-87.5%	8.88%	-80.5%
BCS	Buy	BARCLAYS PLCadr	$18,030,000	+15.0%	2,074,791	+0.6%	6.97%	+43.6%
EFR	Exit	EATON VANCE SR FLTNG RTE TR	$0	–	-103,344	–	-0.42%	–
EFT	Exit	EATON VANCE FLTING RATE INC	$0	–	-155,482	–	-0.65%	–
NVG	Exit	NUVEEN ENHANCED AMT FREE MUN	$0	–	-797,316	–	-4.02%	–

Q2 2016

			Value		Shares		↓ Weighting
CPS	New	COOPER STD HLDGS INC	$146,947,000	–	1,860,321	–	45.51%	–
HYT	New	BLACKROCK CORPOR HI YLD FD I	$57,164,000	–	5,475,513	–	17.70%	–
FCB	New	FCB FINL HLDGS INCcl a	$37,006,000	–	1,088,401	–	11.46%	–
CBF	New	CAPITAL BK FINL CORP	$18,487,000	–	641,922	–	5.72%	–
BGB	New	BLACKSTONE GSO STRATEGIC CR	$17,687,000	–	1,229,152	–	5.48%	–
BCS	New	BARCLAYS PLCadr	$15,672,000	–	2,062,096	–	4.85%	–
NVG	New	NUVEEN ENHANCED AMT FREE MUN	$12,964,000	–	797,316	–	4.02%	–
DSU	New	BLACKROCK DEBT STRAT FD INC	$12,755,000	–	3,613,225	–	3.95%	–
EFT	New	EATON VANCE FLTING RATE INC	$2,088,000	–	155,482	–	0.65%	–
EFR	New	EATON VANCE SR FLTNG RTE TR	$1,352,000	–	103,344	–	0.42%	–
BAH	New	BOOZ ALLEN HAMILTON HLDG CORcl a	$776,000	–	26,183	–	0.24%	–

Q4 2015

			Value		Shares		↓ Weighting
NQU	Exit	NUVEEN QUALITY INCOME MUN FD	$0	–	-50,189	–	-0.11%	–
BBN	Exit	BLACKROCK TAX MUNICPAL BD TR	$0	–	-54,737	–	-0.18%	–
EFR	Exit	EATON VANCE SR FLTNG RTE TR	$0	–	-103,344	–	-0.22%	–
WFCPRL	Exit	WELLS FARGO & CO NEWperp pfd cnv a	$0	–	-1,423	–	-0.27%	–
BAH	Exit	BOOZ ALLEN HAMILTON HLDG CORcl a	$0	–	-66,919	–	-0.28%	–
EFT	Exit	EATON VANCE FLTING RATE INC	$0	–	-155,482	–	-0.33%	–
ALLY	Exit	ALLY FINL INC	$0	–	-106,664	–	-0.35%	–
NBB	Exit	NUVEEN BUILD AMER BD FD	$0	–	-154,200	–	-0.48%	–
NMO	Exit	NUVEEN MUN MKT OPPORTUNITY F	$0	–	-233,201	–	-0.49%	–
PMO	Exit	PUTNAM MUN OPPORTUNITIES TRsh ben int	$0	–	-257,500	–	-0.49%	–
BAC	Exit	BANK AMER CORP	$0	–	-248,000	–	-0.62%	–
NMA	Exit	NUVEEN MUN ADVANTAGE FD INC	$0	–	-290,998	–	-0.62%	–
NPM	Exit	NUVEEN PREM INCOME MUN FD 2	$0	–	-284,100	–	-0.62%	–
C	Exit	CITIGROUP INC	$0	–	-81,000	–	-0.64%	–
NQS	Exit	NUVEEN SELECT QUALITY MUN FD	$0	–	-309,964	–	-0.66%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-70,836	–	-0.69%	–
EIM	Exit	EATON VANCE MUN BD FD	$0	–	-466,067	–	-0.93%	–
NPI	Exit	NUVEEN PREM INCOME MUN FD	$0	–	-466,587	–	-1.00%	–
NEA	Exit	NUVEEN AMT-FREE MUN INCOME F	$0	–	-558,627	–	-1.16%	–
DSU	Exit	BLACKROCK DEBT STRAT FD INC	$0	–	-2,750,000	–	-1.47%	–
BTT	Exit	BLACKROCK MUN TARGET TERM TR	$0	–	-522,559	–	-1.70%	–
NZF	Exit	NUVEEN DIVID ADV MUN FD 3	$0	–	-966,996	–	-2.10%	–
NQI	Exit	NUVEEN QUALITY MUN FD INC	$0	–	-1,052,691	–	-2.19%	–
CBF	Exit	CAPITAL BK FINL CORP	$0	–	-641,922	–	-3.11%	–
BGB	Exit	BLACKSTONE GSO STRATEGIC CR	$0	–	-1,414,366	–	-3.22%	–
BCS	Exit	BARCLAYS PLCadr	$0	–	-2,010,156	–	-4.76%	–
HYT	Exit	BLACKROCK CORPOR HI YLD FD I	$0	–	-5,757,591	–	-9.10%	–
FCB	Exit	FCB FINL HLDGS INCcl a	$0	–	-2,744,824	–	-14.33%	–
CPS	Exit	COOPER STD HLDGS INC	$0	–	-2,443,955	–	-22.69%	–
AVOL	Exit	AVOLON HLDGS LTD	$0	–	-5,166,848	–	-25.18%	–

Q3 2015

			Value		Shares		↓ Weighting
CPS	Sell	COOPER STD HLDGS INC	$141,749,000	-12.2%	2,443,955	-6.9%	22.69%	-21.3%
FCB	Buy	FCB FINL HLDGS INCcl a	$89,537,000	+158.7%	2,744,824	+152.2%	14.33%	+131.7%
HYT	Sell	BLACKROCK CORPOR HI YLD FD I	$56,827,000	-13.7%	5,757,591	-5.6%	9.10%	-22.7%
BCS	Buy	BARCLAYS PLCadr	$29,710,000	-9.8%	2,010,156	+0.4%	4.76%	-19.2%
BGB	Sell	BLACKSTONE GSO STRATEGIC CR	$20,098,000	-16.7%	1,414,366	-8.4%	3.22%	-25.4%
DSU	New	BLACKROCK DEBT STRAT FD INC	$9,185,000	–	2,750,000	–	1.47%	–
WFCPRL	Sell	WELLS FARGO & CO NEWperp pfd cnv a	$1,662,000	-4.9%	1,423	-4.4%	0.27%	-14.7%
BBN	Sell	BLACKROCK TAX MUNICPAL BD TR	$1,105,000	-68.0%	54,737	-68.5%	0.18%	-71.4%

Q2 2015

			Value		Shares		↓ Weighting
CPS	New	COOPER STD HLDGS INC	$161,440,000	–	2,626,326	–	28.85%	–
AVOL	New	AVOLON HLDGS LTD	$118,631,000	–	5,166,848	–	21.20%	–
HYT	New	BLACKROCK CORPOR HI YLD FD I	$65,822,000	–	6,100,276	–	11.76%	–
FCB	New	FCB FINL HLDGS INCcl a	$34,611,000	–	1,088,401	–	6.18%	–
BCS	New	BARCLAYS PLCadr	$32,929,000	–	2,002,979	–	5.88%	–
BGB	New	BLACKSTONE GSO STRATEGIC CR	$24,136,000	–	1,544,191	–	4.31%	–
CBF	New	CAPITAL BK FINL CORP	$18,661,000	–	641,922	–	3.34%	–
NQI	New	NUVEEN QUALITY MUN FD INC	$13,285,000	–	1,052,691	–	2.37%	–
NZF	New	NUVEEN DIVID ADV MUN FD 3	$12,919,000	–	966,996	–	2.31%	–
BTT	New	BLACKROCK MUN TARGET TERM TR	$10,592,000	–	522,559	–	1.89%	–
NEA	New	NUVEEN AMT-FREE MUN INCOME F	$7,117,000	–	558,627	–	1.27%	–
NPI	New	NUVEEN PREM INCOME MUN FD	$6,131,000	–	466,587	–	1.10%	–
EIM	New	EATON VANCE MUN BD FD	$5,672,000	–	466,067	–	1.01%	–
JPM	New	JPMORGAN CHASE & CO	$4,800,000	–	70,836	–	0.86%	–
C	New	CITIGROUP INC	$4,474,000	–	81,000	–	0.80%	–
BAC	New	BANK AMER CORP	$4,221,000	–	248,000	–	0.75%	–
NQS	New	NUVEEN SELECT QUALITY MUN FD	$4,098,000	–	309,964	–	0.73%	–
NMA	New	NUVEEN MUN ADVANTAGE FD INC	$3,783,000	–	290,998	–	0.68%	–
NPM	New	NUVEEN PREM INCOME MUN FD 2	$3,773,000	–	284,100	–	0.67%	–
BBN	New	BLACKROCK BUILD AMER BD TR	$3,456,000	–	173,937	–	0.62%	–
NMO	New	NUVEEN MUN MKT OPPORTUNITY F	$3,008,000	–	233,201	–	0.54%	–
PMO	New	PUTNAM MUN OPPORTUNITIES TRsh ben int	$2,990,000	–	257,500	–	0.53%	–
NBB	New	NUVEEN BUILD AMER BD FD	$2,984,000	–	154,200	–	0.53%	–
ALLY	New	ALLY FINL INC	$2,393,000	–	106,664	–	0.43%	–
EFT	New	EATON VANCE FLTING RATE INC	$2,143,000	–	155,482	–	0.38%	–
WFCPRL	New	WELLS FARGO & CO NEWperp pfd cnv a	$1,748,000	–	1,488	–	0.31%	–
BAH	New	BOOZ ALLEN HAMILTON HLDG CORcl a	$1,689,000	–	66,919	–	0.30%	–
EFR	New	EATON VANCE SR FLTNG RTE TR	$1,421,000	–	103,344	–	0.25%	–
NQU	New	NUVEEN QUALITY INCOME MUN FD	$670,000	–	50,189	–	0.12%	–

Q4 2014

			Value		Shares		↓ Weighting
NQU	Exit	NUVEEN QUALITY INCOME MUN FD	$0	–	-80,555	–	-0.12%	–
EFR	Exit	EATON VANCE SR FLTNG RTE TR	$0	–	-103,344	–	-0.17%	–
BAH	Exit	BOOZ ALLEN HAMILTON HLDG CORcl a	$0	–	-102,973	–	-0.27%	–
PMO	Exit	PUTNAM MUN OPPORTUNITIES TRsh ben int	$0	–	-257,500	–	-0.34%	–
NBB	Exit	NUVEEN BUILD AMER BD FD	$0	–	-154,200	–	-0.36%	–
NMO	Exit	NUVEEN MUN MKT OPPORTUNITY F	$0	–	-269,800	–	-0.40%	–
NPM	Exit	NUVEEN PREM INCOME MUN FD 2	$0	–	-284,100	–	-0.44%	–
NMA	Exit	NUVEEN MUN ADVANTAGE FD INC	$0	–	-319,694	–	-0.49%	–
BBN	Exit	BLACKROCK BUILD AMER BD TR	$0	–	-238,807	–	-0.57%	–
NQS	Exit	NUVEEN SELECT QUALITY MUN FD	$0	–	-370,926	–	-0.57%	–
EFT	Exit	EATON VANCE FLTING RATE INC	$0	–	-377,827	–	-0.62%	–
NPI	Exit	NUVEEN PREM INCOME MUN FD	$0	–	-466,587	–	-0.71%	–
WFCPRL	Exit	WELLS FARGO & CO NEWperp pfd cnv a	$0	–	-5,500	–	-0.75%	–
COF	Exit	CAPITAL ONE FINL CORP	$0	–	-100,000	–	-0.92%	–
BDJ	Exit	BLACKROCK ENHANCED EQT DIV T	$0	–	-1,042,746	–	-0.96%	–
ALLY	Exit	ALLY FINL INC	$0	–	-403,841	–	-1.05%	–
EIM	Exit	EATON VANCE MUN BD FD	$0	–	-812,905	–	-1.15%	–
NEA	Exit	NUVEEN AMT-FREE MUN INCOME F	$0	–	-893,470	–	-1.36%	–
BGB	Exit	BLACKSTONE GSO STRATEGIC CR	$0	–	-882,481	–	-1.67%	–
BTT	Exit	BLACKROCK MUN TARGET TERM TR	$0	–	-804,292	–	-1.80%	–
NZF	Exit	NUVEEN DIVID ADV MUN FD 3	$0	–	-1,189,032	–	-1.83%	–
NQI	Exit	NUVEEN QUALITY MUN FD INC	$0	–	-1,306,604	–	-1.91%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-290,000	–	-1.97%	–
EEM	Exit	ISHARES TRput	$0	–	-500,000	–	-2.34%	–
CBF	Exit	CAPITAL BK FINL CORP	$0	–	-875,851	–	-2.36%	–
HYT	Exit	BLACKROCK CORPOR HI YLD FD I	$0	–	-2,435,666	–	-3.25%	–
BCS	Exit	BARCLAYS PLCadr	$0	–	-2,902,393	–	-4.85%	–
ACG	Exit	ALLIANCEBERNSTEIN INCOME FUN	$0	–	-6,278,177	–	-5.31%	–
HMHC	Exit	HOUGHTON MIFFLIN HARCOURT CO	$0	–	-4,642,882	–	-10.18%	–
CPS	Exit	COOPER STD HLDGS INC	$0	–	-2,837,326	–	-19.97%	–
SPY	Exit	SPDR S&P 500 ETF TRcall	$0	–	-1,409,000	–	-31.31%	–

Q3 2014

			Value		Shares		↓ Weighting
SPY	Buy	SPDR S&P 500 ETF TRcall	$277,601,000	+34.6%	1,409,000	+33.7%	31.31%	+15.1%
ACG	Buy	ALLIANCEBERNSTEIN INCOME FUN	$47,086,000	+2.2%	6,278,177	+2.4%	5.31%	-12.6%
BCS	Buy	BARCLAYS PLCadr	$42,984,000	+1.8%	2,902,393	+0.5%	4.85%	-12.9%
HYT	New	BLACKROCK CORPOR HI YLD FD I	$28,814,000	–	2,435,666	–	3.25%	–
EEM	New	ISHARES TRput	$20,780,000	–	500,000	–	2.34%	–
NQI	Buy	NUVEEN QUALITY MUN FD INC	$16,907,000	+23.5%	1,306,604	+25.1%	1.91%	+5.6%
NZF	Sell	NUVEEN DIVID ADV MUN FD 3	$16,254,000	-8.3%	1,189,032	-8.3%	1.83%	-21.6%
BTT	Buy	BLACKROCK MUN TARGET TERM TR	$15,981,000	+11.7%	804,292	+14.2%	1.80%	-4.5%
BGB	Buy	BLACKSTONE GSO STRATEGIC CR	$14,808,000	+11.7%	882,481	+18.3%	1.67%	-4.4%
NEA	Buy	NUVEEN AMT-FREE MUN INCOME F	$12,089,000	+9.6%	893,470	+9.2%	1.36%	-6.3%
BDJ	Buy	BLACKROCK ENHANCED EQT DIV T	$8,551,000	+6.3%	1,042,746	+8.8%	0.96%	-9.1%
NPI	Buy	NUVEEN PREM INCOME MUN FD	$6,257,000	+45.4%	466,587	+47.4%	0.71%	+24.5%
NQS	Buy	NUVEEN SELECT QUALITY MUN FD	$5,071,000	+71.8%	370,926	+74.2%	0.57%	+47.0%
NMA	Buy	NUVEEN MUN ADVANTAGE FD INC	$4,313,000	+9.4%	319,694	+9.0%	0.49%	-6.5%
NPM	Buy	NUVEEN PREM INCOME MUN FD 2	$3,906,000	+53.3%	284,100	+54.3%	0.44%	+31.2%
NMO	Buy	NUVEEN MUN MKT OPPORTUNITY F	$3,578,000	+332.1%	269,800	+335.2%	0.40%	+270.6%
BAH	Sell	BOOZ ALLEN HAMILTON HLDG CORcl a	$2,410,000	-4.4%	102,973	-13.2%	0.27%	-18.1%
NQU	Sell	NUVEEN QUALITY INCOME MUN FD	$1,103,000	-17.2%	80,555	-17.0%	0.12%	-29.5%

Q2 2014

			Value		Shares		↓ Weighting
SPY	New	SPDR S&P 500 ETF TRcall	$206,289,000	–	1,054,000	–	27.20%	–
CPS	New	COOPER STD HLDGS INC	$187,717,000	–	2,837,326	–	24.75%	–
HMHC	New	HOUGHTON MIFFLIN HARCOURT CO	$88,958,000	–	4,642,882	–	11.73%	–
ACG	New	ALLIANCEBERNSTEIN INCOME FUN	$46,084,000	–	6,128,177	–	6.08%	–
BCS	New	BARCLAYS PLCadr	$42,208,000	–	2,889,000	–	5.56%	–
CBF	New	CAPITAL BK FINL CORP	$20,679,000	–	875,851	–	2.73%	–
NZF	New	NUVEEN DIVID ADV MUN FD 3	$17,732,000	–	1,296,166	–	2.34%	–
JPM	New	JPMORGAN CHASE & CO	$16,710,000	–	290,000	–	2.20%	–
BTT	New	BLACKROCK MUN TARGET TERM TR	$14,304,000	–	704,292	–	1.89%	–
NQI	New	NUVEEN QUALITY MUN FD INC	$13,695,000	–	1,044,604	–	1.81%	–
BGB	New	BLACKSTONE GSO STRATEGIC CR	$13,253,000	–	745,781	–	1.75%	–
NEA	New	NUVEEN AMT-FREE MUN INCOME F	$11,033,000	–	818,470	–	1.46%	–
EIM	New	EATON VANCE MUN BD FD	$10,104,000	–	812,905	–	1.33%	–
ALLY	New	ALLY FINL INC	$9,656,000	–	403,841	–	1.27%	–
COF	New	CAPITAL ONE FINL CORP	$8,260,000	–	100,000	–	1.09%	–
BDJ	New	BLACKROCK ENHANCED EQT DIV T	$8,044,000	–	958,746	–	1.06%	–
WFCPRL	New	WELLS FARGO & CO NEWperp pfd cnv a	$6,677,000	–	5,500	–	0.88%	–
EFT	New	EATON VANCE FLTING RATE INC	$5,701,000	–	377,827	–	0.75%	–
BBN	New	BLACKROCK BUILD AMER BD TR	$5,182,000	–	238,807	–	0.68%	–
NPI	New	NUVEEN PREM INCOME MUN FD	$4,302,000	–	316,587	–	0.57%	–
NMA	New	NUVEEN MUN ADVANTAGE FD INC	$3,942,000	–	293,289	–	0.52%	–
NBB	New	NUVEEN BUILD AMER BD FD	$3,161,000	–	154,200	–	0.42%	–
PMO	New	PUTNAM MUN OPPORTUNITIES TRsh ben int	$3,026,000	–	257,500	–	0.40%	–
NQS	New	NUVEEN SELECT QUALITY MUN FD	$2,951,000	–	212,926	–	0.39%	–
NPM	New	NUVEEN PREM INCOME MUN FD 2	$2,548,000	–	184,100	–	0.34%	–
BAH	New	BOOZ ALLEN HAMILTON HLDG CORcl a	$2,520,000	–	118,647	–	0.33%	–
EFR	New	EATON VANCE SR FLTNG RTE TR	$1,537,000	–	103,344	–	0.20%	–
NQU	New	NUVEEN QUALITY INCOME MUN FD	$1,332,000	–	97,100	–	0.18%	–
NMO	New	NUVEEN MUN MKT OPPORTUNITY F	$828,000	–	62,000	–	0.11%	–

Q4 2013

			Value		Shares		↓ Weighting
CCO	Exit	CLEAR CHANNEL OUTDOOR HLDGScl a	$0	–	-50,000	–	-8.77%	–
CBF	Exit	CAPITAL BK FINL CORP	$0	–	-194,340	–	-91.23%	–

Q3 2013

			Value		Shares		↓ Weighting
CBF	Buy	CAPITAL BK FINL CORP	$4,266,000	+19.8%	194,340	+3.8%	91.23%	+0.8%

Q2 2013

			Value		Shares		↓ Weighting
CBF	New	CAPITAL BK FINL CORP	$3,562,000	–	187,256	–	90.52%	–
CCO	New	CLEAR CHANNEL OUTDOOR HLDGScl a	$373,000	–	50,000	–	9.48%	–

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