STONEHILL CAPITAL MANAGEMENT LLC Activity Q4 2012-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
ATEX	Sell	ANTERIX INC COMMONcmn	$22,450	-19.0%	715,435	-18.2%	35.54%	+116.1%
MODV	New	MODIVCARE INC COMMONcmn	$4,873	–	154,663	–	7.72%	–
NHF	Buy	NEXTPOINT DIVERSIFIED REAL ESTATE CLOSED-END FUNDcmn	$3,570	-29.6%	409,835	+1.2%	5.65%	+87.8%
	Buy	INNOVATE CORP COMMONcmn	$1,242	+42.3%	766,397	+53.7%	1.97%	+279.5%
YNDX	Sell	YANDEX NV - CL A COMMONcmn	$0	–	342,124	-22.6%	0.00%	–
HYG	Exit	ISHARES IBOXX HIGH YEILD CORPORATE BOND ETFcmn	$0	–	-70,000	–	-3.12%	–
	Exit	FISCALNOTE HOLDINGS INC COMMONcmn	$0	–	-5,822,906	–	-12.57%	–
SPY	Exit	SPDR S&P 500 ETFput	$0	–	-175,000	–	-46.02%	–

Q2 2023

			Value		Shares		↓ Weighting
SPY	New	SPDR S&P 500 ETFput	$77,574	–	175,000	–	46.02%	–
	New	IQIYI INC SR UNSEC CONVnote	$29,115	–	30,973,000	–	17.27%	–
ATEX	New	ANTERIX INC COMMONcmn	$27,727	–	874,942	–	16.45%	–
	New	FISCALNOTE HOLDINGS INC COMMONcmn	$21,195	–	5,822,906	–	12.57%	–
HYG	New	ISHARES IBOXX HIGH YEILD CORPORATE BOND ETFcmn	$5,255	–	70,000	–	3.12%	–
NHF	New	NEXTPOINT DIVERSIFIED REAL ESTATE CLOSED-END FUNDcmn	$5,073	–	405,153	–	3.01%	–
TRIB	New	TRINITY BIOTECH PLC ADRcmn	$1,439	–	1,512,975	–	0.85%	–
	New	INNOVATE CORP COMMONcmn	$873	–	498,609	–	0.52%	–
IRSWS	New	IRSA INVERSIONES SA WTS EXP 03/25/2026cmn	$265	–	602,130	–	0.16%	–
FPH	New	FIVE POINTS HOLDINGS LLC - CL A COMMONcmn	$57	–	19,797	–	0.03%	–
YNDX	New	YANDEX NV - CL A COMMONcmn	$0	–	442,124	–	0.00%	–

Q4 2022

			Value		Shares		↓ Weighting
YNDX	Exit	YANDEX NV - CL A COMMONcmn	$0	–	-742,124	–	0.00%	–
FPH	Exit	FIVE POINTS HOLDINGS LLC - CL A COMMONcmn	$0	–	-19,797	–	-0.04%	–
IRSWS	Exit	IRSA INVERSIONES SA WTS EXP 03/25/2026cmn	$0	–	-602,130	–	-0.12%	–
TRIB	Exit	TRINITY BIOTECH PLC ADRcmn	$0	–	-2,068,245	–	-1.80%	–
	Exit	BEYOND MEAT INC SR UNSEC CONVnote	$0	–	-9,100,000	–	-2.25%	–
SHC	Exit	SOTERA HEALTH CO COMMONcmn	$0	–	-699,262	–	-3.87%	–
NHF	Exit	NEXTPOINT DIVERSIFIED REAL ESTATE CLOSED-END FUNDcmn	$0	–	-405,153	–	-4.13%	–
LBRDK	Exit	LIBERTY BROADBAND CORP CL C COMMONcmn	$0	–	-119,000	–	-7.13%	–
LBRDA	Exit	LIBERTY BROADBAND CORP CL A COMMONcmn	$0	–	-121,000	–	-7.33%	–
	Exit	FISCALNOTE HOLDINGS INC COMMONcmn	$0	–	-7,703,906	–	-7.54%	–
	Exit	IQIYI INC SR UNSEC CONVnote	$0	–	-14,295,000	–	-7.80%	–
TCDA	Exit	TRICIDA INC COMMONcmn	$0	–	-1,198,443	–	-10.20%	–
	Exit	TRICIDA INC SR UNSEC CONVnote	$0	–	-51,290,000	–	-21.70%	–
ATEX	Exit	ANTERIX INC COMMONcmn	$0	–	-899,675	–	-26.09%	–

Q3 2022

			Value		Shares		↓ Weighting
ATEX	Buy	ANTERIX INC COMMONcmn	$32,136,000	-11.0%	899,675	+2.3%	26.09%	+8.6%
TCDA	Sell	TRICIDA INC COMMONcmn	$12,560,000	-9.7%	1,198,443	-16.6%	10.20%	+10.3%
	Sell	IQIYI INC SR UNSEC CONVnote	$9,613,000	-53.9%	14,295,000	-54.3%	7.80%	-43.8%
	New	FISCALNOTE HOLDINGS INC COMMONcmn	$9,289,000	–	7,703,906	–	7.54%	–
SHC	New	SOTERA HEALTH CO COMMONcmn	$4,769,000	–	699,262	–	3.87%	–
TRIB	Sell	TRINITY BIOTECH PLC ADRcmn	$2,215,000	-20.4%	2,068,245	-8.9%	1.80%	-2.8%
FYBR	Exit	FRONTIER COMMUNICATIONS PARENT INC COMMONcmn	$0	–	-150,000	–	-2.35%	–
SONO	Exit	SONOS INC COMMONcmn	$0	–	-438,819	–	-5.26%	–

Q2 2022

			Value		Shares		↓ Weighting
ATEX	New	ANTERIX INC COMMONcmn	$36,128,000	–	879,675	–	24.02%	–
	New	TRICIDA INC SR UNSEC CONVnote	$27,504,000	–	51,290,000	–	18.29%	–
	New	IQIYI INC SR UNSEC CONVnote	$20,868,000	–	31,295,000	–	13.87%	–
TCDA	New	TRICIDA INC COMMONcmn	$13,908,000	–	1,436,736	–	9.25%	–
LBRDK	New	LIBERTY BROADBAND CORP CL C COMMONcmn	$13,761,000	–	119,000	–	9.15%	–
LBRDA	New	LIBERTY BROADBAND CORP CL A COMMONcmn	$13,740,000	–	121,000	–	9.14%	–
SONO	New	SONOS INC COMMONcmn	$7,916,000	–	438,819	–	5.26%	–
NHF	New	NEXTPOINT DIVERSIFIED REAL ESTATE CLOSED-END FUNDcmn	$6,681,000	–	405,153	–	4.44%	–
FYBR	New	FRONTIER COMMUNICATIONS PARENT INC COMMONcmn	$3,531,000	–	150,000	–	2.35%	–
	New	BEYOND MEAT INC SR UNSEC CONVnote	$3,413,000	–	9,100,000	–	2.27%	–
TRIB	New	TRINITY BIOTECH PLC ADRcmn	$2,782,000	–	2,270,717	–	1.85%	–
IRSWS	New	IRSA INVERSIONES SA WTS EXP 03/25/2026cmn	$105,000	–	602,130	–	0.07%	–
FPH	New	FIVE POINTS HOLDINGS LLC - CL A COMMONcmn	$77,000	–	19,797	–	0.05%	–
YNDX	New	YANDEX NV - CL A COMMONcmn	$0	–	742,124	–	0.00%	–

Q4 2021

			Value		Shares		↓ Weighting
IRSWS	Exit	IRSA INVERSIONES SA WTS EXP 03/25/2026cmn	$0	–	-602,130	–	-0.07%	–
FPH	Exit	FIVE POINTS HOLDINGS LLC - CL A COMMONcmn	$0	–	-19,797	–	-0.07%	–
IRCP	Exit	IRSA PROPIEDADES COMERCIALES S.A. ADRcmn	$0	–	-65,751	–	-0.09%	–
TCDA	Exit	TRICIDA INC COMMONcmn	$0	–	-143,072	–	-0.32%	–
TRIB	Exit	TRINITY BIOTECH PLC ADRcmn	$0	–	-488,934	–	-0.50%	–
LSXMK	Exit	LIBERTY MEDIA CORP-SIRIUSXM CL C COMMONcmn	$0	–	-55,000	–	-1.24%	–
VAL	Exit	VALARIS LTD COMMONcmn	$0	–	-89,518	–	-1.48%	–
	Exit	TRICIDA INC SR UNSEC CONVnote	$0	–	-10,000,000	–	-2.10%	–
	Exit	ARBOR REALTY TRUST INC SR UNSEC CONVnote	$0	–	-4,350,000	–	-2.30%	–
NHF	Exit	NEXTPOINT STRATEGIC OPPORTUNITIEScmn	$0	–	-405,153	–	-2.68%	–
BUR	Exit	BURFORD CAPITAL LTD COMMONcmn	$0	–	-568,299	–	-2.97%	–
MPC	Exit	MARATHON PETROLEUM CORP COMMONcmn	$0	–	-262,000	–	-7.70%	–
JOBS	Exit	51JOB INC ADRcmn	$0	–	-250,276	–	-8.27%	–
ATEX	Exit	ANTERIX INC COMMONcmn	$0	–	-351,944	–	-10.15%	–
	Exit	TRINITY BIOTECH SR UNSEC CONVnote	$0	–	-39,515,000	–	-14.20%	–
EIX	Exit	EDISON INTERNATIONAL COMMONcmn	$0	–	-548,709	–	-14.47%	–
VST	Exit	VISTRA CORP COMMONcmn	$0	–	-1,800,844	–	-14.64%	–
FYBR	Exit	FRONTIER COMMUNICATIONS COMMONcmn	$0	–	-1,264,095	–	-16.74%	–

Q3 2021

			Value		Shares		↓ Weighting
FYBR	Buy	FRONTIER COMMUNICATIONS COMMONcmn	$35,230,000	+61.4%	1,264,095	+52.9%	16.74%	+57.8%
VST	New	VISTRA CORP COMMONcmn	$30,794,000	–	1,800,844	–	14.64%	–
EIX	Sell	EDISON INTERNATIONAL COMMONcmn	$30,437,000	-57.9%	548,709	-56.1%	14.47%	-58.9%
ATEX	Buy	ANTERIX INC COMMONcmn	$21,363,000	+65.6%	351,944	+63.6%	10.15%	+61.9%
JOBS	Buy	51JOB INC ADRcmn	$17,402,000	+48.7%	250,276	+66.4%	8.27%	+45.4%
MPC	New	MARATHON PETROLEUM CORP COMMONcmn	$16,194,000	–	262,000	–	7.70%	–
BUR	Sell	BURFORD CAPITAL LTD COMMONcmn	$6,246,000	-39.2%	568,299	-42.5%	2.97%	-40.5%
NHF	Buy	NEXTPOINT STRATEGIC OPPORTUNITIEScmn	$5,636,000	+180.7%	405,153	+177.6%	2.68%	+174.5%
	New	TRICIDA INC SR UNSEC CONVnote	$4,425,000	–	10,000,000	–	2.10%	–
TCDA	New	TRICIDA INC COMMONcmn	$664,000	–	143,072	–	0.32%	–
IRCP	Buy	IRSA PROPIEDADES COMERCIALES S.A. ADRcmn	$194,000	+19.8%	65,751	+329.5%	0.09%	+16.5%
MDCA	Exit	MDC PARTNERS INC CL A COMMONcmn	$0	–	-482,781	–	-1.37%	–
	Exit	NEW MOUNTAIN FIN CORP SR UNSEC CONVnote	$0	–	-4,000,000	–	-2.07%	–
	Exit	TWITTER SR UNSEC CONVnote	$0	–	-23,780,000	–	-11.79%	–

Q2 2021

			Value		Shares		↓ Weighting
EIX	New	EDISON INTERNATIONAL COMMONcmn	$72,324,000	–	1,250,853	–	35.16%	–
	New	TRINITY BIOTECH SR UNSEC CONVnote	$31,612,000	–	39,515,000	–	15.37%	–
	New	TWITTER SR UNSEC CONVnote	$24,244,000	–	23,780,000	–	11.79%	–
FYBR	New	FRONTIER COMMUNICATIONS PARENT INCcmn	$21,828,000	–	826,820	–	10.61%	–
ATEX	New	ANTERIX INC COMMONcmn	$12,903,000	–	215,086	–	6.27%	–
JOBS	New	51JOB INC ADRcmn	$11,699,000	–	150,430	–	5.69%	–
BUR	New	BURFORD CAPITAL LTD COMMONcmn	$10,270,000	–	988,434	–	4.99%	–
	New	ARBOR REALTY TRUST INC SR UNSEC CONVnote	$4,731,000	–	4,350,000	–	2.30%	–
	New	NEW MOUNTAIN FIN CORP SR UNSEC CONVnote	$4,250,000	–	4,000,000	–	2.07%	–
MDCA	New	MDC PARTNERS INC CL A COMMONcmn	$2,824,000	–	482,781	–	1.37%	–
VAL	New	VALARIS LTD COMMONcmn	$2,585,000	–	89,518	–	1.26%	–
LSXMK	New	LIBERTY MEDIA CORP-SIRIUSXM CL C COMMONcmn	$2,551,000	–	55,000	–	1.24%	–
NHF	New	NEXTPOINT STRATEGIC OPPORTUNITIEScmn	$2,008,000	–	145,935	–	0.98%	–
TRIB	New	TRINITY BIOTECH PLC ADRcmn	$1,437,000	–	488,934	–	0.70%	–
IRCP	New	IRSA PROPIEDADES COMERCIALES S.A. ADRcmn	$162,000	–	15,309	–	0.08%	–
FPH	New	FIVE POINTS HOLDINGS LLC - CL A COMMONcmn	$160,000	–	19,797	–	0.08%	–
IRSWS	New	IRSA INVERSIONES SA WTS EXP 03/25/2026cmn	$114,000	–	602,130	–	0.06%	–

Q4 2020

			Value		Shares		↓ Weighting
FPH	Exit	FIVE POINTS HOLDINGS LLC - CL A COMMONcmn	$0	–	-19,797	–	-0.04%	–
IRCP	Exit	IRSA PROPIEDADES COMERCIALES S.A. ADRcmn	$0	–	-12,614	–	-0.05%	–
IRS	Exit	IRSA ADRcmn	$0	–	-412,699	–	-0.63%	–
CCO	Exit	CLEAR CHANNEL OUTDOOR HOLDINGS, INC. COMMONcmn	$0	–	-2,253,750	–	-1.22%	–
TRIB	Exit	TRINITY BIOTECH PLC ADRcmn	$0	–	-1,364,599	–	-1.49%	–
	Exit	PROSPECT CAPITAL CORP SR UNSEC CONVnote	$0	–	-3,500,000	–	-1.93%	–
RVI	Exit	RETAIL VALUE INC COMMONcmn	$0	–	-374,936	–	-2.54%	–
MDCA	Exit	MDC PARTNERS INC CL A COMMONcmn	$0	–	-2,957,279	–	-2.57%	–
CRK	Exit	COMSTOCK RESOURCES INC COMMONcmn	$0	–	-2,324,984	–	-5.49%	–
	Exit	NEW MOUNTAIN FIN CORP SR UNSEC CONVnote	$0	–	-15,000,000	–	-8.05%	–
	Exit	OIL STATES INTL INC SR UNSEC CONVnote	$0	–	-26,701,000	–	-8.07%	–
	Exit	TRINITY BIOTECH SR UNSEC CONVnote	$0	–	-39,515,000	–	-14.55%	–
PCG	Exit	P G & E CORP COMMONcmn	$0	–	-4,966,541	–	-25.16%	–
EIX	Exit	EDISON INTERNATIONAL COMMONcmn	$0	–	-1,028,263	–	-28.20%	–

Q3 2020

			Value		Shares		↓ Weighting
PCG	Buy	P G & E CORP COMMONcmn	$46,636,000	+18.5%	4,966,541	+11.9%	25.16%	+144.6%
	Buy	TRINITY BIOTECH SR UNSEC CONVnote	$26,969,000	+18.5%	39,515,000	+21.6%	14.55%	+144.6%
	Buy	OIL STATES INTL INC SR UNSEC CONVnote	$14,953,000	+742.4%	26,701,000	+652.1%	8.07%	+1638.8%
CRK	Sell	COMSTOCK RESOURCES INC COMMONcmn	$10,183,000	-29.6%	2,324,984	-29.6%	5.49%	+45.4%
RVI	Sell	RETAIL VALUE INC COMMONcmn	$4,713,000	-1.9%	374,936	-3.5%	2.54%	+102.6%
TRIB	Sell	TRINITY BIOTECH PLC ADRcmn	$2,756,000	-47.5%	1,364,599	-43.3%	1.49%	+8.4%
AKRXQ	Exit	AKORN INC COMMONcmn	$0	–	-4,395,639	–	-0.32%	–
VICI	Exit	VICI PROPERTIES INC COMMONcmn	$0	–	-334,048	–	-1.76%	–
BFYT	Exit	BENEFYTT TECHNOLOGIES INC COMMONcmn	$0	–	-557,821	–	-2.98%	–
CZR	Exit	CAESARS ENTERTAINMENT CORP COMMONcmn	$0	–	-1,846,910	–	-5.86%	–
AAL	Exit	AMERICAN AIRLINES GROUP INC COMMONcmn	$0	–	-1,750,000	–	-5.98%	–
IAC	Exit	IAC/INTERCATIVECORP COMMONcmn	$0	–	-452,689	–	-38.26%	–

Q2 2020

			Value		Shares		↓ Weighting
IAC	New	IAC/INTERCATIVECORP COMMONcmn	$146,400,000	–	452,689	–	38.26%	–
EIX	New	EDISON INTERNATIONAL COMMONcmn	$55,845,000	–	1,028,263	–	14.60%	–
PCG	New	P G & E CORP COMMONcmn	$39,359,000	–	4,437,326	–	10.29%	–
AAL	New	AMERICAN AIRLINES GROUP INC COMMONcmn	$22,873,000	–	1,750,000	–	5.98%	–
	New	TRINITY BIOTECH SR UNSEC CONVnote	$22,766,000	–	32,500,000	–	5.95%	–
CZR	New	CAESARS ENTERTAINMENT CORP COMMONcmn	$22,403,000	–	1,846,910	–	5.86%	–
CRK	New	COMSTOCK RESOURCES INC COMMONcmn	$14,458,000	–	3,300,846	–	3.78%	–
	New	NEW MOUNTAIN FIN CORP SR UNSEC CONVnote	$14,063,000	–	15,000,000	–	3.68%	–
BFYT	New	BENEFYTT TECHNOLOGIES INC COMMONcmn	$11,413,000	–	557,821	–	2.98%	–
VICI	New	VICI PROPERTIES INC COMMONcmn	$6,744,000	–	334,048	–	1.76%	–
MDCA	New	MDC PARTNERS INC CL A COMMONcmn	$6,151,000	–	2,957,279	–	1.61%	–
TRIB	New	TRINITY BIOTECH PLC ADRcmn	$5,248,000	–	2,407,235	–	1.37%	–
RVI	New	RETAIL VALUE INC COMMONcmn	$4,802,000	–	388,474	–	1.26%	–
	New	PROSPECT CAPITAL CORP SR UNSEC CONVnote	$3,299,000	–	3,500,000	–	0.86%	–
CCO	New	CLEAR CHANNEL OUTDOOR HOLDINGS INC COMcmn	$2,344,000	–	2,253,750	–	0.61%	–
	New	OIL STATES INTL INC SR UNSEC CONVnote	$1,775,000	–	3,550,000	–	0.46%	–
IRS	New	IRSA ADRcmn	$1,250,000	–	412,699	–	0.33%	–
AKRXQ	New	AKORN INC COMMONcmn	$1,231,000	–	4,395,639	–	0.32%	–
FPH	New	FIVE POINTS HOLDINGS LLC - CL A COMMONcmn	$91,000	–	19,797	–	0.02%	–
IRCP	New	IRSA PROPIEDADES COMERCIALES S.A. ADRcmn	$80,000	–	12,614	–	0.02%	–

Q4 2019

			Value		Shares		↓ Weighting
OIBRC	Exit	OI SA ADRcmn	$0	–	-1,271,857	–	-0.38%	–
AKRXQ	Exit	AKORN INC COMMONcmn	$0	–	-505,574	–	-0.52%	–
MDCA	Exit	MDC PARTNERS INC CL A COMMONcmn	$0	–	-737,705	–	-0.57%	–
IRS	Exit	IRSA ADRcmn	$0	–	-412,699	–	-0.59%	–
ROAN	Exit	ROAN RESOURCES INC COMMONcmn	$0	–	-2,137,870	–	-0.72%	–
TRIB	Exit	TRINITY BIOTECH PLC ADRcmn	$0	–	-2,862,880	–	-0.94%	–
SGMS	Exit	SCIENTIFIC GAMES CORP COMMONcmn	$0	–	-236,700	–	-1.31%	–
CCO	Exit	CLEAR CHANNEL OUTDOOR HOLDINGS, INC. COMMONcmn	$0	–	-2,253,750	–	-1.54%	–
LORL	Exit	LORAL SPACE & COMMUNICATIONS COMMONcmn	$0	–	-238,303	–	-2.68%	–
WLH	Exit	WILLIAM LYON HOMES CL A COMMONcmn	$0	–	-532,372	–	-2.95%	–
INTEQ	Exit	INTELSAT SA COMMONcmn	$0	–	-568,618	–	-3.52%	–
	Exit	TRINITY BIOTECH SR UNSEC CONVnote	$0	–	-26,000,000	–	-4.60%	–
THC	Exit	TENET HEALTHCARE CORP COMMONcmn	$0	–	-1,065,252	–	-6.41%	–
GCVRZ	Exit	SANOFI CVRcmn	$0	–	-53,689,875	–	-8.18%	–
PCG	Exit	P G & E CORP COMMONcmn	$0	–	-6,726,167	–	-18.29%	–
AABA	Exit	ALTABA INC COMMONcmn	$0	–	-8,833,639	–	-46.80%	–

Q3 2019

			Value		Shares		↓ Weighting
AABA	Buy	ALTABA INC COMMONcmn	$172,079,000	+0.3%	8,833,639	+257.1%	46.80%	-4.8%
PCG	Buy	P G & E CORP COMMONcmn	$67,262,000	-31.4%	6,726,167	+57.2%	18.29%	-34.9%
GCVRZ	Buy	SANOFI CVRcmn	$30,093,000	+8.7%	53,689,875	+0.8%	8.18%	+3.2%
THC	New	TENET HEALTHCARE CORP COMMONcmn	$23,563,000	–	1,065,252	–	6.41%	–
INTEQ	New	INTELSAT SA COMMONcmn	$12,964,000	–	568,618	–	3.52%	–
LORL	New	LORAL SPACE & COMMUNICATIONS COMMONcmn	$9,866,000	–	238,303	–	2.68%	–
CCO	Buy	CLEAR CHANNEL OUTDOOR HOLDINGS, INC. COMMONcmn	$5,679,000	+134.2%	2,253,750	+338.7%	1.54%	+122.2%
SGMS	New	SCIENTIFIC GAMES CORP COMMONcmn	$4,817,000	–	236,700	–	1.31%	–
TRIB	Buy	TRINITY BIOTECH PLC ADRcmn	$3,464,000	-9.2%	2,862,880	+23.9%	0.94%	-13.8%
ROAN	Buy	ROAN RESOURCES INC COMMONcmn	$2,630,000	-15.5%	2,137,870	+19.6%	0.72%	-19.8%
MDCA	New	MDC PARTNERS INC CL A COMMONcmn	$2,080,000	–	737,705	–	0.57%	–
AKRXQ	New	AKORN INC COMMONcmn	$1,921,000	–	505,574	–	0.52%	–
CHAPQ	Exit	CHAPARRAL ENERGY INC - CL A COMMONcmn	$0	–	-636,895	–	-0.86%	–
EIX	Exit	EDISON INTERNATIONAL COMMONcmn	$0	–	-50,600	–	-0.98%	–

Q2 2019

			Value		Shares		↓ Weighting
AABA	New	ALTABA INC COMMONcmn	$171,610,000	–	2,473,829	–	49.18%	–
PCG	New	P G & E CORP COMMONcmn	$98,097,000	–	4,279,971	–	28.11%	–
GCVRZ	New	SANOFI CVRcmn	$27,684,000	–	53,238,075	–	7.93%	–
	New	TRINITY BIOTECH SR UNSEC CONVnote	$19,500,000	–	26,000,000	–	5.59%	–
WLH	New	WILLIAM LYON HOMES CL A COMMONcmn	$9,705,000	–	532,372	–	2.78%	–
IRS	New	IRSA ADRcmn	$4,036,000	–	412,699	–	1.16%	–
TRIB	New	TRINITY BIOTECH PLC ADRcmn	$3,813,000	–	2,310,955	–	1.09%	–
EIX	New	EDISON INTERNATIONAL COMMONcmn	$3,411,000	–	50,600	–	0.98%	–
ROAN	New	ROAN RESOURCES INC COMMONcmn	$3,111,000	–	1,787,705	–	0.89%	–
CHAPQ	New	CHAPARRAL ENERGY INC - CL A COMMONcmn	$3,000,000	–	636,895	–	0.86%	–
OIBRC	New	OI SA ADRcmn	$2,556,000	–	1,271,857	–	0.73%	–
CCO	New	CLEAR CHANNEL OUTDOOR HOLDINGS, INC. COMMONcmn	$2,425,000	–	513,787	–	0.70%	–

Q4 2018

			Value		Shares		↓ Weighting
	Exit	HORNBECK OFFSHORE SERVICES SR UNSEC CONVnote	$0	–	-3,757,000	–	-1.26%	–
TRIB	Exit	TRINITY BIOTECH PLC ADRcmn	$0	–	-872,047	–	-1.32%	–
FOX	Exit	TWENTY-FIRST CENTURY FOX - CL B COMMONcmn	$0	–	-82,978	–	-1.44%	–
PAM	Exit	PAMPA ENERGIA SA ADRcmn	$0	–	-206,374	–	-2.43%	–
OIBRC	Exit	OI SA ADRcmn	$0	–	-2,372,973	–	-2.46%	–
IRS	Exit	IRSA ADRcmn	$0	–	-412,699	–	-2.65%	–
AET	Exit	AETNA INC COMMONcmn	$0	–	-43,559	–	-3.35%	–
CHAPQ	Exit	CHAPARRAL ENERGY INC - CL A COMMONcmn	$0	–	-536,750	–	-3.58%	–
AKRXQ	Exit	AKORN INC COMMONcmn	$0	–	-799,250	–	-3.93%	–
SDRLF	Exit	SEADRILL LTD NEW COMMONcmn	$0	–	-484,735	–	-4.55%	–
MLCO	Exit	MELCO RESORTS & ENTERTAINMENT LTD ADRcmn	$0	–	-728,000	–	-5.84%	–
	Exit	TRINITY BIOTECH SR UNSEC CONVnote	$0	–	-26,000,000	–	-7.69%	–
GCVRZ	Exit	SANOFI CVRcmn	$0	–	-43,253,361	–	-8.69%	–
DVMT	Exit	DELL TECHNOLOGIES INC-CL V COMMONcmn	$0	–	-361,325	–	-13.30%	–
AABA	Exit	ALTABA INC COMMONcmn	$0	–	-1,452,600	–	-37.51%	–

Q3 2018

			Value		Shares		↓ Weighting
AABA	Sell	ALTABA INC COMMONcmn	$98,951,000	-33.3%	1,452,600	-28.3%	37.51%	-35.4%
DVMT	New	DELL TECHNOLOGIES INC-CL V COMMONcmn	$35,092,000	–	361,325	–	13.30%	–
	New	TRINITY BIOTECH SR UNSEC CONVnote	$20,280,000	–	26,000,000	–	7.69%	–
MLCO	New	MELCO RESORTS & ENTERTAINMENT LTD ADRcmn	$15,397,000	–	728,000	–	5.84%	–
SDRLF	New	SEADRILL LTD NEW COMMONcmn	$12,012,000	–	484,735	–	4.55%	–
AKRXQ	Sell	AKORN INC COMMONcmn	$10,374,000	-60.9%	799,250	-50.0%	3.93%	-62.2%
CHAPQ	New	CHAPARRAL ENERGY INC - CL A COMMONcmn	$9,458,000	–	536,750	–	3.58%	–
AET	Sell	AETNA INC COMMONcmn	$8,836,000	-45.5%	43,559	-50.7%	3.35%	-47.3%
IRS	Buy	IRSA ADRcmn	$6,995,000	+175.6%	412,699	+181.1%	2.65%	+167.0%
OIBRC	New	OI SA ADRcmn	$6,478,000	–	2,372,973	–	2.46%	–
PAM	Buy	PAMPA ENERGIA SA ADRcmn	$6,408,000	+2336.5%	206,374	+2707.8%	2.43%	+2258.3%
FOX	New	TWENTY-FIRST CENTURY FOX - CL B COMMONcmn	$3,802,000	–	82,978	–	1.44%	–
TRIB	Buy	TRINITY BIOTECH PLC ADRcmn	$3,488,000	-5.6%	872,047	+18.0%	1.32%	-8.6%
VICI	Exit	VICI PROPERTIES INC COMMONcmn	$0	–	-56,713	–	-0.46%	–
THC	Exit	TENET HEALTHCARE CORP COMMONcmn	$0	–	-112,533	–	-1.48%	–
T	Exit	AT&T INC COMMONcmn	$0	–	-151,291	–	-1.90%	–
IAC	Exit	IAC/INTERCATIVECORP COMMONcmn	$0	–	-39,796	–	-2.38%	–
NXPI	Exit	NXP SEMICONDUCTORS NV COMMONcmn	$0	–	-70,253	–	-3.00%	–
ANGI	Exit	ANGI HOMESERVICES INC - CL A COMMONcmn	$0	–	-619,585	–	-3.73%	–

Q2 2018

			Value		Shares		↓ Weighting
AABA	New	ALTABA INC COMMONcmn	$148,321,000	–	2,025,962	–	58.06%	–
AKRXQ	New	AKORN INC COMMONcmn	$26,544,000	–	1,600,000	–	10.39%	–
GCVRZ	New	SANOFI CVRcmn	$21,627,000	–	43,253,361	–	8.46%	–
AET	New	AETNA INC COMMONcmn	$16,220,000	–	88,393	–	6.35%	–
ANGI	New	ANGI HOMESERVICES INC - CL A COMMONcmn	$9,529,000	–	619,585	–	3.73%	–
NXPI	New	NXP SEMICONDUCTORS NV COMMONcmn	$7,677,000	–	70,253	–	3.00%	–
IAC	New	IAC/INTERCATIVECORP COMMONcmn	$6,068,000	–	39,796	–	2.38%	–
T	New	AT&T INC COMMONcmn	$4,858,000	–	151,291	–	1.90%	–
THC	New	TENET HEALTHCARE CORP COMMONcmn	$3,778,000	–	112,533	–	1.48%	–
TRIB	New	TRINITY BIOTECH PLC ADRcmn	$3,694,000	–	738,829	–	1.45%	–
	New	HORNBECK OFFSHORE SVCS INCnote	$3,193,000	–	3,757,000	–	1.25%	–
IRS	New	IRSA ADRcmn	$2,538,000	–	146,814	–	0.99%	–
VICI	New	VICI PROPERTIES INC COMMONcmn	$1,171,000	–	56,713	–	0.46%	–
PAM	New	PAMPA ENERGIA SA ADRcmn	$263,000	–	7,350	–	0.10%	–

Q4 2017

			Value		Shares		↓ Weighting
NOG	Exit	NORTHERN OIL & GAS INC COMMONcmn	$0	–	-775,000	–	-0.28%	–
SHLDQ	Exit	SEARS HOLDINGS CORP COMMONcmn	$0	–	-132,345	–	-0.38%	–
WLBAQ	Exit	WESTMORELAND COAL CO COMMONcmn	$0	–	-386,481	–	-0.39%	–
NWHM	Exit	NEW HOME CO INC COMMONcmn	$0	–	-266,240	–	-1.18%	–
IRS	Exit	IRSA ADRcmn	$0	–	-145,883	–	-1.42%	–
THC	Exit	TENET HEALTHCARE CORP COMMONcmn	$0	–	-225,033	–	-1.47%	–
TRIB	Exit	TRINITY BIOTECH PLC ADRcmn	$0	–	-738,829	–	-1.65%	–
ARCH	Exit	ARCH COAL INC COMMONcmn	$0	–	-66,797	–	-1.91%	–
GLBL	Exit	TERRAFORM GLOBAL INC CL A COMMONcmn	$0	–	-1,050,000	–	-1.99%	–
LXFR	Exit	LUXFER ADRcmn	$0	–	-647,086	–	-3.21%	–
GCVRZ	Exit	SANOFI CVRcmn	$0	–	-39,655,015	–	-5.68%	–
ALLY	Exit	ALLY FINANCIAL INC COMMONcmn	$0	–	-1,129,768	–	-10.91%	–
HLF	Exit	HERBALIFE LTD COMMONcmn	$0	–	-512,211	–	-13.83%	–
AABA	Exit	ALTABA INC COMMONcmn	$0	–	-2,112,213	–	-55.69%	–

Q3 2017

			Value		Shares		↓ Weighting
AABA	Sell	ALTABA INC COMMONcmn	$139,913,000	+12.3%	2,112,213	-7.6%	55.69%	+18.3%
HLF	Buy	HERBALIFE LTD COMMONcmn	$34,743,000	+36.7%	512,211	+43.8%	13.83%	+44.0%
ALLY	Sell	ALLY FINANCIAL INC COMMONcmn	$27,408,000	-45.6%	1,129,768	-53.1%	10.91%	-42.7%
LXFR	Sell	LUXFER ADRcmn	$8,056,000	-26.0%	647,086	-24.0%	3.21%	-22.0%
THC	Sell	TENET HEALTHCARE CORP COMMONcmn	$3,697,000	-57.5%	225,033	-50.0%	1.47%	-55.2%
WLBAQ	Buy	WESTMORELAND COAL CO COMMONcmn	$986,000	+3.1%	386,481	+97.0%	0.39%	+8.6%
SHLDQ	Sell	SEARS HOLDINGS CORP COMMONcmn	$966,000	-85.6%	132,345	-82.5%	0.38%	-84.8%

Q2 2017

			Value		Shares		↓ Weighting
AABA	New	ALTABA INC COMMONcmn	$124,576,000	–	2,286,637	–	47.07%	–
ALLY	New	ALLY FINANCIAL INC COMMONcmn	$50,385,000	–	2,410,766	–	19.04%	–
HLF	New	HERBALIFE LTD COMMONcmn	$25,415,000	–	356,299	–	9.60%	–
GCVRZ	New	SANOFI CVRcmn	$15,069,000	–	39,655,015	–	5.69%	–
LXFR	New	LUXFER ADRcmn	$10,886,000	–	851,095	–	4.11%	–
THC	New	TENET HEALTHCARE CORP COMMONcmn	$8,704,000	–	450,065	–	3.29%	–
SHLDQ	New	SEARS HOLDINGS CORP COMMONcmn	$6,716,000	–	758,012	–	2.54%	–
GLBL	New	TERRAFORM GLOBAL INC CL A COMMONcmn	$5,303,000	–	1,050,000	–	2.00%	–
ARCH	New	ARCH COAL INC COMMONcmn	$4,562,000	–	66,797	–	1.72%	–
TRIB	New	TRINITY BIOTECH PLC ADRcmn	$4,433,000	–	738,829	–	1.68%	–
IRS	New	IRSA ADRcmn	$3,519,000	–	145,883	–	1.33%	–
NWHM	New	NEW HOME CO INC COMMONcmn	$3,054,000	–	266,240	–	1.15%	–
NOG	New	NORTHERN OIL & GAS INC COMMONcmn	$1,085,000	–	775,000	–	0.41%	–
WLBAQ	New	WESTMORELAND COAL CO COMMONcmn	$956,000	–	196,213	–	0.36%	–

Q4 2016

			Value		Shares		↓ Weighting
MTG	Exit	MGIC INVESTMENT CORPcmn	$0	–	-26,772	–	-0.10%	–
IRS	Exit	IRSA ADRcmn	$0	–	-145,883	–	-1.31%	–
NWHM	Exit	NEW HOME CO INC COMMONcmn	$0	–	-275,593	–	-1.39%	–
DVMT	Exit	DELL TECHNOLOGIES INC-CL V (FMRLY DENALI) COMMONcmn	$0	–	-63,265	–	-1.43%	–
TMHC	Exit	TAYLOR MORRISON HOME CORP-Acmn	$0	–	-202,889	–	-1.69%	–
VRS	Exit	VERSO CORP CL A COMMONcmn	$0	–	-575,720	–	-1.76%	–
LNG	Exit	CHENIERE ENERGY INC COMMONcmn	$0	–	-116,942	–	-2.42%	–
CF	Exit	CF INDUSTRIES HOLDINGS INC COMMONcmn	$0	–	-225,000	–	-2.60%	–
GCVRZ	Exit	SANOFI CVRcmn	$0	–	-21,729,602	–	-2.78%	–
NRE	Exit	NORTHSTAR REALTY EUROPE CORP REITcmn	$0	–	-715,599	–	-3.72%	–
LXFR	Exit	LUXFER ADRcmn	$0	–	-1,993,792	–	-10.96%	–
ALLY	Exit	ALLY FINANCIAL INC COMMONcmn	$0	–	-1,599,904	–	-14.77%	–
WCIC	Exit	WCI COMMUNITIES INC COMMONcmn	$0	–	-1,968,430	–	-22.14%	–
YHOO	Exit	YAHOO! INC COMMONcmn	$0	–	-1,611,435	–	-32.93%	–

Q3 2016

			Value		Shares		↓ Weighting
YHOO	Sell	YAHOO! INC COMMONcmn	$69,453,000	-17.7%	1,611,435	-28.2%	32.93%	-5.9%
ALLY	New	ALLY FINANCIAL INC COMMONcmn	$31,150,000	–	1,599,904	–	14.77%	–
NRE	Buy	NORTHSTAR REALTY EUROPE CORP REITcmn	$7,836,000	+26.5%	715,599	+6.8%	3.72%	+44.5%
GCVRZ	Buy	SANOFI CVRcmn	$5,867,000	+15.2%	21,729,602	+2.4%	2.78%	+31.6%
CF	New	CF INDUSTRIES HOLDINGS INC COMMONcmn	$5,479,000	–	225,000	–	2.60%	–
LNG	Sell	CHENIERE ENERGY INC COMMONcmn	$5,099,000	-61.6%	116,942	-67.0%	2.42%	-56.1%
VRS	New	VERSO CORP CL A COMMONcmn	$3,713,000	–	575,720	–	1.76%	–
DVMT	New	DELL TECHNOLOGIES INC-CL V (FMRLY DENALI) COMMONcmn	$3,024,000	–	63,265	–	1.43%	–
NWHM	Buy	NEW HOME CO INC COMMONcmn	$2,941,000	+20.6%	275,593	+7.8%	1.39%	+37.7%
SGY	Exit	STONE ENERGY CORP COMMONcmn	$0	–	-36,277	–	-0.18%	–
OSB	Exit	NORBORD INC COMMONcmn	$0	–	-229,400	–	-1.86%	–
WLH	Exit	WILLIAM LYON HOMES CL A COMMONcmn	$0	–	-414,151	–	-2.77%	–
	Exit	EXIDE TECHNOLOGIES 2ND LIEN CONV PIK SER AI 7% 04/30/2025 30251AU1debt	$0	–	-15,739,553	–	-2.94%	–
EMC	Exit	EMC CORP/MA COMMONcmn	$0	–	-1,770,680	–	-19.96%	–

Q2 2016

			Value		Shares		↓ Weighting
YHOO	New	YAHOO! INC COMMONcmn	$84,356,000	–	2,245,894	–	35.00%	–
EMC	New	EMC CORP/MA COMMONcmn	$48,109,000	–	1,770,680	–	19.96%	–
WCIC	New	WCI COMMUNITIES INC COMMONcmn	$33,266,000	–	1,968,430	–	13.80%	–
LXFR	New	LUXFER ADRcmn	$23,985,000	–	1,993,792	–	9.95%	–
LNG	New	CHENIERE ENERGY INC COMMONcmn	$13,291,000	–	353,942	–	5.51%	–
	New	EXIDE TECHNOLOGIES 2ND LIEN CONV PIK SER AI 7% 04/30/2025 30251AU1debt	$7,083,000	–	15,739,553	–	2.94%	–
WLH	New	WILLIAM LYON HOMES CL A COMMONcmn	$6,676,000	–	414,151	–	2.77%	–
NRE	New	NORTHSTAR REALTY EUROPE CORP REITcmn	$6,196,000	–	669,812	–	2.57%	–
GCVRZ	New	SANOFI CVRcmn	$5,095,000	–	21,228,097	–	2.11%	–
OSB	New	NORBORD INC COMMONcmn	$4,484,000	–	229,400	–	1.86%	–
TMHC	New	TAYLOR MORRISON HOME CORP-Acmn	$3,011,000	–	202,889	–	1.25%	–
IRS	New	IRSA ADRcmn	$2,452,000	–	145,883	–	1.02%	–
NWHM	New	NEW HOME CO INC COMMONcmn	$2,439,000	–	255,665	–	1.01%	–
SGY	New	STONE ENERGY CORP COMMONcmn	$438,000	–	36,277	–	0.18%	–
MTG	New	MGIC INVESTMENT CORPcmn	$159,000	–	26,772	–	0.07%	–

Q4 2015

			Value		Shares		↓ Weighting
MTG	Exit	MGIC INVESTMENT CORPcmn	$0	–	-26,772	–	-0.09%	–
GCVRZ	Exit	SANOFI CVRcmn	$0	–	-1,945,339	–	-0.14%	–
WMIH	Exit	WMI HOLDINGS CORP COMMONcmn	$0	–	-258,649	–	-0.25%	–
NWHM	Exit	NEW HOME CO INC COMMONcmn	$0	–	-237,575	–	-1.14%	–
WLH	Exit	WILLIAM LYON HOMES CL A COMMONcmn	$0	–	-149,752	–	-1.14%	–
CBPX	Exit	CONTINENTAL BUILDING PRODUCT COMMONcmn	$0	–	-184,038	–	-1.40%	–
TMHC	Exit	TAYLOR MORRISON HOME CORP-Acmn	$0	–	-222,206	–	-1.53%	–
LNG	Exit	CHENIERE ENERGY INC COMMONcmn	$0	–	-400,000	–	-7.13%	–
LXFR	Exit	LUXFER ADRcmn	$0	–	-2,475,685	–	-9.86%	–
WCIC	Exit	WCI COMMUNITIES INC COMMONcmn	$0	–	-1,967,436	–	-16.44%	–
YHOO	Exit	YAHOO! INC COMMONcmn	$0	–	-5,705,400	–	-60.89%	–

Q3 2015

			Value		Shares		↓ Weighting
YHOO	Buy	YAHOO! INC COMMONcmn	$164,943,000	+216.8%	5,705,400	+330.6%	60.89%	+178.6%
WCIC	Sell	WCI COMMUNITIES INC COMMONcmn	$44,523,000	-62.8%	1,967,436	-60.0%	16.44%	-67.3%
LNG	New	CHENIERE ENERGY INC COMMONcmn	$19,320,000	–	400,000	–	7.13%	–
CBPX	Sell	CONTINENTAL BUILDING PRODUCT COMMONcmn	$3,780,000	-76.7%	184,038	-76.0%	1.40%	-79.5%
NWHM	Buy	NEW HOME CO INC COMMONcmn	$3,077,000	-18.7%	237,575	+8.1%	1.14%	-28.5%
WMIH	New	WMI HOLDINGS CORP COMMONcmn	$672,000	–	258,649	–	0.25%	–
GCVRZ	New	SANOFI CVRcmn	$370,000	–	1,945,339	–	0.14%	–
MTG	Sell	MGIC INVESTMENT CORPcmn	$248,000	-91.2%	26,772	-89.2%	0.09%	-92.3%
VRSZQ	Exit	VERSO PAPER CORP COMMONcmn	$0	–	-4,342,774	–	-1.20%	–

Q2 2015

			Value		Shares		↓ Weighting
WCIC	New	WCI COMMUNITIES INC COMMONcmn	$119,827,000	–	4,912,968	–	50.31%	–
YHOO	New	YAHOO! INC COMMONcmn	$52,059,000	–	1,325,000	–	21.86%	–
LXFR	New	LUXFER ADRcmn	$32,184,000	–	2,475,685	–	13.51%	–
CBPX	New	CONTINENTAL BUILDING PRODUCT COMMONcmn	$16,239,000	–	766,338	–	6.82%	–
TMHC	New	TAYLOR MORRISON HOME CORP-Acmn	$4,524,000	–	222,206	–	1.90%	–
WLH	New	WILLIAM LYON HOMES CL A COMMONcmn	$3,844,000	–	149,752	–	1.61%	–
NWHM	New	NEW HOME CO INC COMMONcmn	$3,785,000	–	219,699	–	1.59%	–
VRSZQ	New	VERSO PAPER CORP COMMONcmn	$2,866,000	–	4,342,774	–	1.20%	–
MTG	New	MGIC INVESTMENT CORPcmn	$2,833,000	–	248,956	–	1.19%	–

Q4 2014

			Value		Shares		↓ Weighting
NWHM	Exit	NEW HOME CO LLC COMMONcmn	$0	–	-199,752	–	-0.95%	–
NCFT	Exit	NORCRAFT COS INC COMMONcmn	$0	–	-273,557	–	-1.53%	–
VRSZQ	Exit	VERSO PAPER CORP COMMONcmn	$0	–	-2,195,277	–	-2.47%	–
FBHS	Exit	FORTUNE BRANDS HOME & SECURITY COMMONcmn	$0	–	-230,000	–	-3.32%	–
HD	Exit	HOME DEPOT INC COMMONcmn	$0	–	-117,000	–	-3.77%	–
AMWD	Exit	AMERICAN WOODMARK CORPcmn	$0	–	-317,983	–	-4.12%	–
MTG	Exit	MGIC INVESTMENT CORPcmn	$0	–	-2,565,000	–	-7.03%	–
CBPX	Exit	CONTINENTAL BUILDING PRODUCT COMMONcmn	$0	–	-1,554,667	–	-7.97%	–
AIG	Exit	AMER INTL GROUP INC CMN NEWcmn	$0	–	-600,000	–	-11.38%	–
LXFR	Exit	LUXFER ADRcmn	$0	–	-2,439,352	–	-14.78%	–
WCIC	Exit	WCI COMMUNITIES INC COMMONcmn	$0	–	-6,595,676	–	-42.70%	–

Q3 2014

			Value		Shares		↓ Weighting
LXFR	Buy	LUXFER ADRcmn	$42,103,000	-8.0%	2,439,352	+1.0%	14.78%	-5.2%
AIG	Sell	AMER INTL GROUP INC CMN NEWcmn	$32,412,000	-18.1%	600,000	-17.2%	11.38%	-15.6%
CBPX	Buy	CONTINENTAL BUILDING PRODUCT COMMONcmn	$22,698,000	+38.2%	1,554,667	+45.7%	7.97%	+42.4%
MTG	Buy	MGIC INVESTMENT CORPcmn	$20,033,000	+22.8%	2,565,000	+45.3%	7.03%	+26.6%
HD	Buy	HOME DEPOT INC COMMONcmn	$10,734,000	+30.0%	117,000	+14.7%	3.77%	+34.0%
FBHS	New	FORTUNE BRANDS HOME & SECURITY COMMONcmn	$9,455,000	–	230,000	–	3.32%	–
VRSZQ	Buy	VERSO PAPER CORP COMMONcmn	$7,025,000	+1027.6%	2,195,277	+639.9%	2.47%	+1063.2%
NCFT	New	NORCRAFT COS INC COMMONcmn	$4,363,000	–	273,557	–	1.53%	–
NWHM	Buy	NEW HOME CO LLC COMMONcmn	$2,697,000	+204.7%	199,752	+219.0%	0.95%	+214.6%
DAN	Exit	DANA HOLDING CORP COMMONcmn	$0	–	-314,200	–	-2.61%	–
3106PS	Exit	DELPHI AUTOMOTIVE PLC COMMONcmn	$0	–	-300,323	–	-7.03%	–

Q2 2014

			Value		Shares		↓ Weighting
WCIC	New	WCI COMMUNITIES INC COMMONcmn	$127,363,000	–	6,595,676	–	43.37%	–
LXFR	New	LUXFER ADRcmn	$45,783,000	–	2,415,982	–	15.59%	–
AIG	New	AMER INTL GROUP INC CMN NEWcmn	$39,571,000	–	725,000	–	13.48%	–
3106PS	New	DELPHI AUTOMOTIVE PLC COMMONcmn	$20,644,000	–	300,323	–	7.03%	–
CBPX	New	CONTINENTAL BUILDING PRODUCT COMMONcmn	$16,427,000	–	1,066,673	–	5.59%	–
MTG	New	MGIC INVESTMENT CORPcmn	$16,309,000	–	1,765,000	–	5.55%	–
AMWD	New	AMERICAN WOODMARK CORPcmn	$10,134,000	–	317,983	–	3.45%	–
HD	New	HOME DEPOT INC COMMONcmn	$8,258,000	–	102,000	–	2.81%	–
DAN	New	DANA HOLDING CORP COMMONcmn	$7,673,000	–	314,200	–	2.61%	–
NWHM	New	NEW HOME CO LLC COMMONcmn	$885,000	–	62,616	–	0.30%	–
VRSZQ	New	VERSO PAPER CORP COMMONcmn	$623,000	–	296,699	–	0.21%	–

Q4 2013

			Value		Shares		↓ Weighting
JCPNQ	Exit	J.C. PENNEY CO INC COMMONcmn	$0	–	-1,100,000	–	-3.08%	–
DAN	Exit	DANA HOLDING CORP COMMONcmn	$0	–	-471,311	–	-3.42%	–
3106PS	Exit	DELPHI AUTOMOTIVE PLC COMMONcmn	$0	–	-300,323	–	-5.58%	–
UAL	Exit	UNITED CONTINENTAL HOLDINGS INC COMMONcmn	$0	–	-595,244	–	-5.81%	–
DAL	Exit	DELTA AIR LINES INC DEL COM NEWcmn	$0	–	-911,030	–	-6.84%	–
AIG	Exit	AMER INTL GROUP INC CMN NEWcmn	$0	–	-575,000	–	-8.89%	–
VC	Exit	VISTEON CORP COMMONcmn	$0	–	-408,559	–	-9.83%	–
LXFR	Exit	LUXFER ADRcmn	$0	–	-4,001,582	–	-20.34%	–
WCIC	Exit	WCI COMMUNITIES INC COMMONcmn	$0	–	-6,595,677	–	-36.21%	–

Q3 2013

			Value		Shares		↓ Weighting
WCIC	New	WCI COMMUNITIES INC COMMONcmn	$113,841,000	–	6,595,677	–	36.21%	–
LXFR	New	LUXFER ADRcmn	$63,945,000	–	4,001,582	–	20.34%	–
VC	Sell	VISTEON CORP COMMONcmn	$30,903,000	-17.6%	408,559	-31.3%	9.83%	-55.2%
DAL	Sell	DELTA AIR LINES INC DEL COM NEWcmn	$21,491,000	-12.4%	911,030	-30.5%	6.84%	-52.4%
UAL	Sell	UNITED CONTINENTAL HOLDINGS INC COMMONcmn	$18,280,000	-19.2%	595,244	-17.7%	5.81%	-56.1%
3106PS	Sell	DELPHI AUTOMOTIVE PLC COMMONcmn	$17,545,000	-52.9%	300,323	-59.2%	5.58%	-74.4%
DAN	Sell	DANA HOLDING CORP COMMONcmn	$10,765,000	-53.3%	471,311	-60.6%	3.42%	-74.6%
JCPNQ	New	J.C. PENNEY CO INC COMMONcmn	$9,686,000	–	1,100,000	–	3.08%	–
LCC	Exit	US AIRWAYS GROUP INCcmn	$0	–	-11,442	–	-0.11%	–

Q2 2013

			Value		Shares		↓ Weighting
VC	New	VISTEON CORP COMMONcmn	$37,525,000	–	594,500	–	21.96%	–
3106PS	New	DELPHI AUTOMOTIVE PLC COMMONcmn	$37,274,000	–	735,323	–	21.81%	–
AIG	New	AMER INTL GROUP INC CMN NEWcmn	$25,703,000	–	575,000	–	15.04%	–
DAL	New	DELTA AIR LINES INC DEL COM NEWcmn	$24,529,000	–	1,311,030	–	14.35%	–
DAN	New	DANA HOLDING CORP COMMONcmn	$23,041,000	–	1,196,311	–	13.48%	–
UAL	New	UNITED CONTINENTAL HOLDINGS INC COMMONcmn	$22,630,000	–	723,244	–	13.24%	–
LCC	New	US AIRWAYS GROUP INCcmn	$188,000	–	11,442	–	0.11%	–

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