GoldenTree Asset Management Activity Q4 2003-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
BHC	Buy	BAUSCH HEALTH COS INC	$197,176,938	+22.9%	23,987,462	+19.6%	20.80%	+42.9%
AER	Buy	AERCAP HOLDINGS NV	$115,721,158	+102.8%	1,846,516	+105.6%	12.21%	+135.9%
	Sell	BAUSCH PLUS LOMB CORP	$85,865,801	-26.2%	5,065,829	-12.6%	9.06%	-14.2%
SEAS	Buy	SEAWORLD ENTMT INC	$62,188,999	+17.0%	1,344,627	+41.7%	6.56%	+36.1%
UBER	Sell	UBER TECHNOLOGIES INC	$60,881,792	-4.1%	1,323,805	-10.0%	6.42%	+11.5%
SLM	Buy	SLM CORP	$58,330,810	-8.9%	4,282,732	+9.1%	6.15%	+5.9%
GTLS	Buy	CHART INDS INC	$53,995,788	+9.5%	319,275	+3.5%	5.70%	+27.4%
BLDR	Buy	BUILDERS FIRSTSOURCE INC	$49,121,638	+71.7%	394,583	+87.6%	5.18%	+99.7%
DISH	Buy	DISH NETWORK CORPORATIONcl a	$44,098,487	+143.2%	7,525,339	+173.5%	4.65%	+182.8%
MTG	Sell	MGIC INVT CORP WIS	$29,183,950	-63.4%	1,748,589	-65.4%	3.08%	-57.5%
M	Buy	MACYS INC	$27,795,861	+3.1%	2,394,131	+42.5%	2.93%	+20.0%
VST	Sell	VISTRA CORP	$24,163,401	-45.1%	728,252	-56.5%	2.55%	-36.1%
	Sell	KODIAK GAS SVCS INC	$21,827,099	-2.6%	1,220,755	-11.5%	2.30%	+13.3%
	Sell	MASTERBRAND INC	$19,283,946	-30.7%	1,587,156	-33.7%	2.03%	-19.4%
LILAK	Buy	LIBERTY LATIN AMERICA LTD	$17,998,692	+12.8%	2,205,722	+19.1%	1.90%	+31.1%
EWZ	New	ISHARES INCmsci brazil etf	$11,505,000	–	375,000	–	1.21%	–
COIN	Sell	COINBASE GLOBAL INC	$3,814,064	-22.6%	50,800	-26.3%	0.40%	-10.1%
ET	Sell	ENERGY TRANSFER L P	$3,311,683	-23.6%	236,043	-30.8%	0.35%	-11.2%
CLSK	Sell	CLEANSPARK INC	$575,893	-59.3%	151,153	-54.2%	0.06%	-52.3%
	Sell	CIPHER MINING INC	$470,336	-57.0%	201,861	-47.2%	0.05%	-49.5%
VOD	Buy	VODAFONE GROUP PLC NEWcall	$97,400	+18.5%	9,480,000	+33.0%	0.01%	+42.9%
EWZ	New	ISHARES INCcall	$74,050	–	2,046,300	–	0.01%	–
M	New	MACYS INCcall	$14,145	–	1,117,500	–	0.00%	–
COIN	New	COINBASE GLOBAL INCcall	$13,410	–	149,000	–	0.00%	–
	Exit	BERKSHIRE GREY INC*w exp 07/21/202	$0	–	-111,666	–	-0.00%	–
	Exit	IRIS ENERGY LTDordinary shares	$0	–	-152,810	–	-0.06%	–
	Exit	APPLIED DIGITAL CORP	$0	–	-87,443	–	-0.07%	–
	Exit	BERKSHIRE GREY INC	$0	–	-1,335,000	–	-0.17%	–
HUT	Exit	HUT 8 MNG CORP	$0	–	-667,671	–	-0.20%	–
	Exit	VICTORIAS SECRET AND CO	$0	–	-371,720	–	-0.59%	–
WFG	Exit	WEST FRASER TIMBER CO LTD	$0	–	-242,715	–	-1.89%	–
FHN	Exit	FIRST HORIZON CORPORATION	$0	–	-2,475,000	–	-2.53%	–
VOD	Exit	VODAFONE GROUP PLC NEWsponsored adr	$0	–	-3,798,874	–	-3.26%	–
TFC	Exit	TRUIST FINL CORP	$0	–	-1,715,274	–	-4.72%	–
VAL	Exit	VALARIS LIMITEDcl a	$0	–	-1,069,917	–	-6.11%	–

Q2 2023

			Value		Shares		↓ Weighting
BHC	New	BAUSCH HEALTH COS INC	$160,449,824	–	20,056,228	–	14.55%	–
	New	BAUSCH PLUS LOMB CORP	$116,345,710	–	5,796,996	–	10.55%	–
MTG	New	MGIC INVT CORP WIS	$79,815,655	–	5,054,823	–	7.24%	–
VAL	New	VALARIS LIMITEDcl a	$67,329,877	–	1,069,917	–	6.11%	–
SLM	New	SLM CORP	$64,064,111	–	3,925,497	–	5.81%	–
UBER	New	UBER TECHNOLOGIES INC	$63,494,652	–	1,470,805	–	5.76%	–
AER	New	AERCAP HOLDINGS NV	$57,054,744	–	898,217	–	5.18%	–
SEAS	New	SEAWORLD ENTMT INC	$53,141,112	–	948,779	–	4.82%	–
TFC	New	TRUIST FINL CORP	$52,058,566	–	1,715,274	–	4.72%	–
GTLS	New	CHART INDS INC	$49,293,457	–	308,489	–	4.47%	–
VST	New	VISTRA CORP	$43,977,832	–	1,675,346	–	3.99%	–
VOD	New	VODAFONE GROUP PLC NEWsponsored adr	$35,899,359	–	3,798,874	–	3.26%	–
BLDR	New	BUILDERS FIRSTSOURCE INC	$28,612,768	–	210,388	–	2.60%	–
NRP	New	NATURAL RESOURCE PARTNERS L	$28,561,927	–	541,561	–	2.59%	–
FHN	New	FIRST HORIZON CORPORATION	$27,893,250	–	2,475,000	–	2.53%	–
	New	MASTERBRAND INC	$27,822,147	–	2,392,274	–	2.52%	–
M	New	MACYS INC	$26,957,114	–	1,679,571	–	2.44%	–
	New	KODIAK GAS SVCS INC	$22,411,200	–	1,380,000	–	2.03%	–
WFG	New	WEST FRASER TIMBER CO LTD	$20,863,592	–	242,715	–	1.89%	–
	New	ALGOMA STL GROUP INC	$18,404,514	–	2,592,185	–	1.67%	–
DISH	New	DISH NETWORK CORPORATIONcl a	$18,135,219	–	2,751,930	–	1.64%	–
LILAK	New	LIBERTY LATIN AMERICA LTD	$15,961,154	–	1,851,642	–	1.45%	–
	New	VICTORIAS SECRET AND CO	$6,479,080	–	371,720	–	0.59%	–
COIN	New	COINBASE GLOBAL INC	$4,930,296	–	68,907	–	0.45%	–
ET	New	ENERGY TRANSFER L P	$4,335,107	–	341,347	–	0.39%	–
HUT	New	HUT 8 MNG CORP	$2,203,314	–	667,671	–	0.20%	–
	New	BERKSHIRE GREY INC	$1,882,350	–	1,335,000	–	0.17%	–
CLSK	New	CLEANSPARK INC	$1,415,700	–	330,000	–	0.13%	–
	New	CIPHER MINING INC	$1,092,549	–	382,010	–	0.10%	–
	New	APPLIED DIGITAL CORP	$817,592	–	87,443	–	0.07%	–
	New	IRIS ENERGY LTDordinary shares	$712,095	–	152,810	–	0.06%	–
VOD	New	VODAFONE GROUP PLC NEWcall	$82,200	–	7,130,000	–	0.01%	–
	New	BERKSHIRE GREY INC*w exp 07/21/202	$37,386	–	111,666	–	0.00%	–

Q4 2022

			Value		Shares		↓ Weighting
	Exit	BERKSHIRE GREY INC*w exp 07/21/202	$0	–	-111,666	–	-0.00%	–
AMBCWS	Exit	AMBAC FINL GROUP INC*w exp 04/30/202	$0	–	-39,906	–	-0.01%	–
	Exit	BERKSHIRE GREY INC	$0	–	-1,335,000	–	-0.15%	–
ET	Exit	ENERGY TRANSFER L P	$0	–	-761,125	–	-0.56%	–
LILAK	Exit	LIBERTY LATIN AMERICA LTD	$0	–	-1,653,271	–	-0.67%	–
FL	Exit	FOOT LOCKER INC	$0	–	-446,510	–	-0.92%	–
TGNA	Exit	TEGNA INC	$0	–	-681,652	–	-0.93%	–
TIMB	Exit	TIM S Asponsored adr	$0	–	-1,289,446	–	-0.95%	–
	Exit	ALGOMA STL GROUP INC	$0	–	-2,317,158	–	-0.99%	–
THC	Exit	TENET HEALTHCARE CORP	$0	–	-376,261	–	-1.28%	–
SEAS	Exit	SEAWORLD ENTMT INC	$0	–	-436,833	–	-1.32%	–
VOD	Exit	VODAFONE GROUP PLC NEWsponsored adr	$0	–	-1,813,130	–	-1.36%	–
NRP	Exit	NATURAL RESOURCE PARTNERS L	$0	–	-543,469	–	-1.59%	–
FYBR	Exit	FRONTIER COMMUNICATIONS PARE	$0	–	-1,066,984	–	-1.65%	–
CPRI	Exit	CAPRI HOLDINGS LIMITED	$0	–	-735,895	–	-1.87%	–
COG	Exit	COTERRA ENERGY INC	$0	–	-1,590,915	–	-2.75%	–
UBER	Exit	UBER TECHNOLOGIES INC	$0	–	-1,813,200	–	-3.18%	–
NXST	Exit	NEXSTAR MEDIA GROUP INC	$0	–	-293,212	–	-3.24%	–
BLDR	Exit	BUILDERS FIRSTSOURCE INC	$0	–	-917,736	–	-3.58%	–
FOXA	Exit	FOX CORP	$0	–	-1,797,881	–	-3.65%	–
M	Exit	MACYS INC	$0	–	-4,365,898	–	-4.53%	–
	Exit	BAUSCH PLUS LOMB CORP	$0	–	-6,752,600	–	-6.85%	–
BHC	Exit	BAUSCH HEALTH COS INC	$0	–	-16,485,382	–	-7.51%	–
VOD	Exit	VODAFONE GROUP PLC NEWcall	$0	–	-8,975,000	–	-7.64%	–
	Exit	NOBLE CORP NEW	$0	–	-6,107,396	–	-11.96%	–
CRC	Exit	CALIFORNIA RES CORP	$0	–	-5,805,416	–	-14.76%	–
VAL	Exit	VALARIS LIMITEDcl a	$0	–	-4,975,008	–	-16.11%	–

Q3 2022

			Value		Shares		↓ Weighting
VAL	Sell	VALARIS LIMITEDcl a	$243,481,000	+10.6%	4,975,008	-4.5%	16.11%	+12.4%
CRC	Sell	CALIFORNIA RES CORP	$223,102,000	-20.1%	5,805,416	-19.9%	14.76%	-18.8%
	New	NOBLE CORP NEW	$180,782,000	–	6,107,396	–	11.96%	–
VOD	New	VODAFONE GROUP PLC NEWcall	$115,515,000	–	8,975,000	–	7.64%	–
BHC	Buy	BAUSCH HEALTH COS INC	$113,584,000	-3.5%	16,485,382	+17.1%	7.51%	-1.9%
	Sell	BAUSCH PLUS LOMB CORP	$103,585,000	-0.2%	6,752,600	-0.8%	6.85%	+1.4%
M	Buy	MACYS INC	$68,414,000	+13.5%	4,365,898	+32.7%	4.53%	+15.3%
FOXA	Buy	FOX CORP	$55,159,000	+11.9%	1,797,881	+17.3%	3.65%	+13.7%
BLDR	Sell	BUILDERS FIRSTSOURCE INC	$54,073,000	-17.1%	917,736	-24.4%	3.58%	-15.8%
NXST	Sell	NEXSTAR MEDIA GROUP INC	$48,922,000	-40.3%	293,212	-41.8%	3.24%	-39.4%
UBER	Buy	UBER TECHNOLOGIES INC	$48,050,000	+30.8%	1,813,200	+1.0%	3.18%	+32.9%
COG	Buy	COTERRA ENERGY INC	$41,555,000	+12.4%	1,590,915	+11.0%	2.75%	+14.3%
CPRI	Buy	CAPRI HOLDINGS LIMITED	$28,288,000	+12.1%	735,895	+19.6%	1.87%	+13.9%
FYBR	Sell	FRONTIER COMMUNICATIONS PARE	$24,999,000	-63.4%	1,066,984	-63.2%	1.65%	-62.8%
VOD	New	VODAFONE GROUP PLC NEWsponsored adr	$20,543,000	–	1,813,130	–	1.36%	–
SEAS	Buy	SEAWORLD ENTMT INC	$19,880,000	+128.4%	436,833	+121.7%	1.32%	+131.9%
THC	New	TENET HEALTHCARE CORP	$19,408,000	–	376,261	–	1.28%	–
	Sell	ALGOMA STL GROUP INC	$14,922,000	-45.2%	2,317,158	-23.6%	0.99%	-44.4%
TGNA	Sell	TEGNA INC	$14,097,000	-2.4%	681,652	-1.0%	0.93%	-0.7%
FL	New	FOOT LOCKER INC	$13,900,000	–	446,510	–	0.92%	–
LILAK	Buy	LIBERTY LATIN AMERICA LTD	$10,168,000	-1.4%	1,653,271	+24.9%	0.67%	+0.3%
ET	Sell	ENERGY TRANSFER L P	$8,395,000	-17.2%	761,125	-25.1%	0.56%	-15.9%
SLM	Exit	SLM CORP	$0	–	-1,095,292	–	-1.14%	–
BPOP	Exit	POPULAR INC	$0	–	-351,853	–	-1.76%	–
BYD	Exit	BOYD GAMING CORP	$0	–	-561,035	–	-1.82%	–
TEVA	Exit	TEVA PHARMACEUTICAL INDS LTDsponsored ads	$0	–	-3,822,965	–	-1.87%	–
JHG	Exit	JANUS HENDERSON GROUP PLC	$0	–	-1,230,097	–	-1.88%	–
ANF	Exit	ABERCROMBIE & FITCH COcl a	$0	–	-2,065,054	–	-2.28%	–
COTY	Exit	COTY INC	$0	–	-4,399,746	–	-2.29%	–
NE	Exit	NOBLE CORP NEW	$0	–	-3,242,997	–	-5.36%	–

Q2 2022

			Value		Shares		↓ Weighting
CRC	New	CALIFORNIA RES CORP	$279,054,000	–	7,247,719	–	18.17%	–
VAL	New	VALARIS LIMITEDcl a	$220,051,000	–	5,209,479	–	14.33%	–
BHC	New	BAUSCH HEALTH COS INC	$117,654,000	–	14,073,465	–	7.66%	–
	New	BAUSCH PLUS LOMB CORP	$103,784,000	–	6,810,000	–	6.76%	–
NE	New	NOBLE CORP NEW	$82,291,000	–	3,242,997	–	5.36%	–
NXST	New	NEXSTAR MEDIA GROUP INCcl a	$82,014,000	–	503,524	–	5.34%	–
FYBR	New	FRONTIER COMMUNICATIONS PARE	$68,351,000	–	2,899,205	–	4.45%	–
BLDR	New	BUILDERS FIRSTSOURCE INC	$65,227,000	–	1,214,651	–	4.25%	–
M	New	MACYS INC	$60,285,000	–	3,290,659	–	3.92%	–
FOXA	New	FOX CORP	$49,279,000	–	1,532,314	–	3.21%	–
COG	New	COTERRA ENERGY INC	$36,956,000	–	1,432,960	–	2.41%	–
UBER	New	UBER TECHNOLOGIES INC	$36,733,000	–	1,795,338	–	2.39%	–
COTY	New	COTY INC	$35,242,000	–	4,399,746	–	2.29%	–
ANF	New	ABERCROMBIE & FITCH COcl a	$34,941,000	–	2,065,054	–	2.28%	–
JHG	New	JANUS HENDERSON GROUP PLC	$28,920,000	–	1,230,097	–	1.88%	–
TEVA	New	TEVA PHARMACEUTICAL INDS LTDsponsored ads	$28,749,000	–	3,822,965	–	1.87%	–
BYD	New	BOYD GAMING CORP	$27,911,000	–	561,035	–	1.82%	–
	New	ALGOMA STL GROUP INC	$27,252,000	–	3,034,769	–	1.77%	–
BPOP	New	POPULAR INC	$27,068,000	–	351,853	–	1.76%	–
CPRI	New	CAPRI HOLDINGS LIMITED	$25,225,000	–	615,105	–	1.64%	–
NRP	New	NATURAL RESOURCE PARTNERS L	$20,233,000	–	543,469	–	1.32%	–
SLM	New	SLM CORP	$17,459,000	–	1,095,292	–	1.14%	–
TIMB	New	TIM S Asponsored adr	$15,667,000	–	1,289,446	–	1.02%	–
TGNA	New	TEGNA INC	$14,443,000	–	688,759	–	0.94%	–
LILAK	New	LIBERTY LATIN AMERICA LTD	$10,308,000	–	1,323,271	–	0.67%	–
ET	New	ENERGY TRANSFER L P	$10,137,000	–	1,015,770	–	0.66%	–
SEAS	New	SEAWORLD ENTMT INC	$8,703,000	–	197,000	–	0.57%	–
	New	BERKSHIRE GREY INC	$1,936,000	–	1,335,000	–	0.13%	–
AMBCWS	New	AMBAC FINL GROUP INC*w exp 04/30/202	$52,000	–	39,906	–	0.00%	–
	New	BERKSHIRE GREY INC*w exp 07/21/202	$27,000	–	111,666	–	0.00%	–

Q4 2021

			Value		Shares		↓ Weighting
OXYWS	Exit	OCCIDENTAL PETE CORP*w exp 08/03/202	$0	–	-10,156	–	-0.01%	–
	Exit	BERKSHIRE GREY INC*w exp 07/21/202	$0	–	-111,666	–	-0.01%	–
AMBCWS	Exit	AMBAC FINL GROUP INC*w exp 04/30/202	$0	–	-39,906	–	-0.01%	–
COMM	Exit	COMMSCOPE HLDG CO INC	$0	–	-325,306	–	-0.18%	–
CPNG	Exit	COUPANG INCcl a	$0	–	-172,545	–	-0.20%	–
MGM	Exit	MGM RESORTS INTERNATIONAL	$0	–	-169,725	–	-0.30%	–
CENX	Exit	CENTURY ALUM CO	$0	–	-615,495	–	-0.34%	–
AA	Exit	ALCOA CORP	$0	–	-184,000	–	-0.37%	–
	Exit	BERKSHIRE GREY INC	$0	–	-1,335,000	–	-0.39%	–
AER	Exit	AERCAP HOLDINGS NV	$0	–	-167,508	–	-0.40%	–
BERY	Exit	BERRY GLOBAL GROUP INC	$0	–	-198,843	–	-0.50%	–
ATUS	Exit	ALTICE USA INCcl a	$0	–	-595,000	–	-0.51%	–
M	Exit	MACYS INC	$0	–	-554,343	–	-0.52%	–
NRP	Exit	NATURAL RESOURCE PARTNERS L	$0	–	-543,469	–	-0.53%	–
PHM	Exit	PULTE GROUP INC	$0	–	-286,415	–	-0.54%	–
SPG	Exit	SIMON PPTY GROUP INC NEW	$0	–	-101,421	–	-0.54%	–
LILAK	Exit	LIBERTY LATIN AMERICA LTD	$0	–	-1,020,676	–	-0.55%	–
TIMB	Exit	TIM S Asponsored adr	$0	–	-1,322,875	–	-0.58%	–
TGNA	Exit	TEGNA INC	$0	–	-753,451	–	-0.61%	–
FAF	Exit	FIRST AMERN FINL CORP	$0	–	-235,000	–	-0.65%	–
NXST	Exit	NEXSTAR MEDIA GROUP INCcl a	$0	–	-105,000	–	-0.66%	–
LVS	Exit	LAS VEGAS SANDS CORP	$0	–	-510,000	–	-0.77%	–
NRG	Exit	NRG ENERGY INC	$0	–	-509,069	–	-0.86%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-414,299	–	-0.95%	–
FL	Exit	FOOT LOCKER INC	$0	–	-607,438	–	-1.14%	–
THC	Exit	TENET HEALTHCARE CORP	$0	–	-474,099	–	-1.30%	–
DELL	Exit	DELL TECHNOLOGIES INCcl c	$0	–	-315,805	–	-1.35%	–
BPOP	Exit	POPULAR INC	$0	–	-462,673	–	-1.48%	–
CPRI	Exit	CAPRI HOLDINGS LIMITED	$0	–	-742,951	–	-1.48%	–
ETRN	Exit	EQUITRANS MIDSTREAM CORP	$0	–	-3,611,552	–	-1.51%	–
M	Exit	MACYS INCcall	$0	–	-1,750,000	–	-1.51%	–
CHK	Exit	CHESAPEAKE ENERGY CORP	$0	–	-598,721	–	-1.52%	–
FOXA	Exit	FOX CORP	$0	–	-930,710	–	-1.54%	–
BLDR	Exit	BUILDERS FIRSTSOURCE INC	$0	–	-812,337	–	-1.73%	–
VOD	Exit	VODAFONE GROUP PLC NEWsponsored adr	$0	–	-2,791,027	–	-1.78%	–
TECK	Exit	TECK RESOURCES LTDcl b	$0	–	-1,945,172	–	-2.00%	–
EGLE	Exit	EAGLE BULK SHIPPING INC	$0	–	-1,083,449	–	-2.25%	–
OMF	Exit	ONEMAIN HLDGS INC	$0	–	-1,132,948	–	-2.58%	–
NE	Exit	NOBLE CORP NEW	$0	–	-3,275,677	–	-3.65%	–
THRY	Exit	THRYV HLDGS INC	$0	–	-2,995,517	–	-3.70%	–
XLE	Exit	SELECT SECTOR SPDR TRcall	$0	–	-2,200,000	–	-4.89%	–
FYBR	Exit	FRONTIER COMMUNICATIONS PARE	$0	–	-4,287,528	–	-4.92%	–
VOD	Exit	VODAFONE GROUP PLC NEWcall	$0	–	-13,002,200	–	-10.05%	–
VAL	Exit	VALARIS LIMITEDcl a	$0	–	-7,235,727	–	-10.39%	–
BHC	Exit	BAUSCH HEALTH COS INC	$0	–	-9,342,618	–	-10.71%	–
CRC	Exit	CALIFORNIA RES CORP	$0	–	-10,395,132	–	-17.55%	–

Q3 2021

			Value		Shares		↓ Weighting
CRC	Sell	CALIFORNIA RES CORP	$426,333,000	+4.0%	10,395,132	-24.8%	17.55%	+61.3%
BHC	Buy	BAUSCH HEALTH COS INC	$260,192,000	+8.7%	9,342,618	+14.4%	10.71%	+68.6%
VAL	Sell	VALARIS LIMITEDcl a	$252,390,000	+20.6%	7,235,727	-0.1%	10.39%	+87.1%
VOD	New	VODAFONE GROUP PLC NEWcall	$244,041,000	–	13,002,200	–	10.05%	–
FYBR	Sell	FRONTIER COMMUNICATIONS PARE	$119,607,000	-20.1%	4,287,528	-24.3%	4.92%	+24.0%
XLE	New	SELECT SECTOR SPDR TRcall	$118,800,000	–	2,200,000	–	4.89%	–
THRY	Sell	THRYV HLDGS INC	$89,985,000	-27.2%	2,995,517	-13.4%	3.70%	+12.9%
NE	Sell	NOBLE CORP NEW	$88,720,000	+5.3%	3,275,677	-3.9%	3.65%	+63.3%
OMF	Buy	ONEMAIN HLDGS INC	$62,686,000	+22.4%	1,132,948	+32.5%	2.58%	+89.9%
EGLE	Sell	EAGLE BULK SHIPPING INC	$54,627,000	+5.8%	1,083,449	-1.0%	2.25%	+64.2%
TECK	Sell	TECK RESOURCES LTDcl b	$48,454,000	-5.3%	1,945,172	-12.4%	2.00%	+46.9%
VOD	Sell	VODAFONE GROUP PLC NEWsponsored adr	$43,121,000	-43.8%	2,791,027	-37.7%	1.78%	-12.9%
BLDR	Sell	BUILDERS FIRSTSOURCE INC	$42,030,000	-17.8%	812,337	-32.2%	1.73%	+27.5%
FOXA	Buy	FOX CORP	$37,331,000	+18.8%	930,710	+9.9%	1.54%	+84.3%
CHK	Buy	CHESAPEAKE ENERGY CORP	$36,875,000	+28.6%	598,721	+8.4%	1.52%	+99.5%
M	New	MACYS INCcall	$36,750,000	–	1,750,000	–	1.51%	–
ETRN	Buy	EQUITRANS MIDSTREAM CORP	$36,621,000	+27.3%	3,611,552	+6.8%	1.51%	+97.4%
CPRI	New	CAPRI HOLDINGS LIMITED	$35,966,000	–	742,951	–	1.48%	–
BPOP	New	POPULAR INC	$35,936,000	–	462,673	–	1.48%	–
DELL	New	DELL TECHNOLOGIES INCcl c	$32,856,000	–	315,805	–	1.35%	–
THC	New	TENET HEALTHCARE CORP	$31,499,000	–	474,099	–	1.30%	–
FL	Sell	FOOT LOCKER INC	$27,736,000	-27.8%	607,438	-2.5%	1.14%	+12.1%
CMCSA	Sell	COMCAST CORP NEWcl a	$23,172,000	-24.0%	414,299	-22.6%	0.95%	+17.8%
NRG	Sell	NRG ENERGY INC	$20,785,000	-45.1%	509,069	-45.8%	0.86%	-14.8%
LVS	New	LAS VEGAS SANDS CORP	$18,666,000	–	510,000	–	0.77%	–
NXST	New	NEXSTAR MEDIA GROUP INCcl a	$15,956,000	–	105,000	–	0.66%	–
FAF	New	FIRST AMERN FINL CORP	$15,757,000	–	235,000	–	0.65%	–
TGNA	New	TEGNA INC	$14,858,000	–	753,451	–	0.61%	–
TIMB	Sell	TIM S Asponsored adr	$14,208,000	-7.6%	1,322,875	-0.9%	0.58%	+43.4%
LILAK	Buy	LIBERTY LATIN AMERICA LTD	$13,391,000	+62.8%	1,020,676	+75.0%	0.55%	+152.8%
SPG	Sell	SIMON PPTY GROUP INC NEW	$13,182,000	-26.3%	101,421	-26.0%	0.54%	+14.6%
PHM	Sell	PULTE GROUP INC	$13,152,000	-67.0%	286,415	-60.8%	0.54%	-48.8%
NRP	Sell	NATURAL RESOURCE PARTNERS L	$12,858,000	+8.2%	543,469	-3.0%	0.53%	+67.9%
M	Sell	MACYS INC	$12,528,000	-42.5%	554,343	-51.8%	0.52%	-10.9%
ATUS	New	ALTICE USA INCcl a	$12,328,000	–	595,000	–	0.51%	–
BERY	Sell	BERRY GLOBAL GROUP INC	$12,106,000	-13.5%	198,843	-7.3%	0.50%	+34.2%
AER	Sell	AERCAP HOLDINGS NV	$9,684,000	-58.3%	167,508	-63.0%	0.40%	-35.3%
	New	BERKSHIRE GREY INC	$9,385,000	–	1,335,000	–	0.39%	–
AA	New	ALCOA CORP	$9,005,000	–	184,000	–	0.37%	–
CENX	New	CENTURY ALUM CO	$8,278,000	–	615,495	–	0.34%	–
MGM	New	MGM RESORTS INTERNATIONAL	$7,324,000	–	169,725	–	0.30%	–
CPNG	Sell	COUPANG INCcl a	$4,805,000	-39.8%	172,545	-9.5%	0.20%	-6.6%
COMM	Sell	COMMSCOPE HLDG CO INC	$4,421,000	-95.2%	325,306	-92.5%	0.18%	-92.6%
	New	BERKSHIRE GREY INC*w exp 07/21/202	$135,000	–	111,666	–	0.01%	–
OXYWS	Sell	OCCIDENTAL PETE CORP*w exp 08/03/202	$120,000	-16.1%	10,156	-0.9%	0.01%	+25.0%
RAACW	Exit	REVOLUTION ACCELERTN ACQU CO*w exp 12/01/202	$0	–	-111,666	–	-0.01%	–
	Exit	AMC ENTMT HLDGS INCput	$0	–	-500,000	–	-0.07%	–
RAAC	Exit	REVOLUTION ACCELERTN ACQU CO	$0	–	-335,000	–	-0.09%	–
QRTEA	Exit	QURATE RETAIL INC	$0	–	-756,204	–	-0.26%	–
EWW	Exit	ISHARES INCmsci mexico etf	$0	–	-226,980	–	-0.29%	–
ARNC	Exit	ARCONIC CORPORATION	$0	–	-365,990	–	-0.35%	–
RDN	Exit	RADIAN GROUP INC	$0	–	-782,147	–	-0.46%	–
SLM	Exit	SLM CORP	$0	–	-970,904	–	-0.54%	–
DEN	Exit	DENBURY INC	$0	–	-422,623	–	-0.86%	–
FCX	Exit	FREEPORT-MCMORAN INCcl b	$0	–	-1,219,645	–	-1.20%	–
EWZ	Exit	ISHARES INCmsci brazil etf	$0	–	-1,169,692	–	-1.26%	–
HYG	Exit	ISHARES TRiboxx hi yd etf	$0	–	-1,150,000	–	-2.69%	–
	Exit	ARK ETF TRput	$0	–	-1,000,000	–	-2.72%	–
	Exit	MACYS INCcall	$0	–	-8,500,000	–	-4.71%	–
	Exit	VODAFONE GROUP PLC NEWcall	$0	–	-11,002,200	–	-5.55%	–
	Exit	SELECT SECTOR SPDR TRcall	$0	–	-4,000,000	–	-5.64%	–
	Exit	ISHARES INCcall	$0	–	-19,008,800	–	-21.65%	–

Q2 2021

			Value		Shares		↓ Weighting
	New	ISHARES INCcall	$815,860,000	–	19,008,800	–	21.65%	–
CRC	New	CALIFORNIA RES CORP	$409,971,000	–	13,825,162	–	10.88%	–
BHC	New	BAUSCH HEALTH COS INC	$239,449,000	–	8,166,761	–	6.36%	–
	New	SELECT SECTOR SPDR TRcall	$212,500,000	–	4,000,000	–	5.64%	–
VAL	New	VALARIS LIMITEDcl a	$209,256,000	–	7,245,499	–	5.55%	–
	New	VODAFONE GROUP PLC NEWcall	$209,041,000	–	11,002,200	–	5.55%	–
	New	MACYS INCcall	$177,500,000	–	8,500,000	–	4.71%	–
FYBR	New	FRONTIER COMMUNICATIONS PARE	$149,654,000	–	5,665,025	–	3.97%	–
THRY	New	THRYV HLDGS INC	$123,661,000	–	3,457,124	–	3.28%	–
	New	ARK ETF TRput	$102,500,000	–	1,000,000	–	2.72%	–
HYG	New	ISHARES TRiboxx hi yd etf	$101,246,000	–	1,150,000	–	2.69%	–
COMM	New	COMMSCOPE HLDG CO INC	$92,135,000	–	4,323,557	–	2.44%	–
NE	New	NOBLE CORP NEW	$84,280,000	–	3,408,022	–	2.24%	–
VOD	New	VODAFONE GROUP PLC NEWsponsored adr	$76,746,000	–	4,480,198	–	2.04%	–
EGLE	New	EAGLE BULK SHIPPING INC	$51,637,000	–	1,094,692	–	1.37%	–
OMF	New	ONEMAIN HLDGS INC	$51,213,000	–	854,837	–	1.36%	–
TECK	New	TECK RESOURCES LTDcl b	$51,175,000	–	2,221,145	–	1.36%	–
BLDR	New	BUILDERS FIRSTSOURCE INC	$51,128,000	–	1,198,497	–	1.36%	–
EWZ	New	ISHARES INCmsci brazil etf	$47,419,000	–	1,169,692	–	1.26%	–
FCX	New	FREEPORT-MCMORAN INCcl b	$45,261,000	–	1,219,645	–	1.20%	–
PHM	New	PULTE GROUP INC	$39,834,000	–	729,955	–	1.06%	–
FL	New	FOOT LOCKER INC	$38,394,000	–	622,979	–	1.02%	–
NRG	New	NRG ENERGY INC	$37,856,000	–	939,358	–	1.00%	–
DEN	New	DENBURY INC	$32,449,000	–	422,623	–	0.86%	–
FOXA	New	FOX CORP	$31,435,000	–	846,620	–	0.83%	–
CMCSA	New	COMCAST CORP NEWcl a	$30,506,000	–	535,000	–	0.81%	–
ETRN	New	EQUITRANS MIDSTREAM CORP	$28,770,000	–	3,380,686	–	0.76%	–
CHK	New	CHESAPEAKE ENERGY CORP	$28,684,000	–	552,457	–	0.76%	–
AER	New	AERCAP HOLDINGS NV	$23,230,000	–	453,272	–	0.62%	–
M	New	MACYS INC	$21,804,000	–	1,150,000	–	0.58%	–
SLM	New	SLM CORP	$20,331,000	–	970,904	–	0.54%	–
SPG	New	SIMON PPTY GROUP INC NEW	$17,876,000	–	137,000	–	0.47%	–
RDN	New	RADIAN GROUP INC	$17,403,000	–	782,147	–	0.46%	–
TIMB	New	TIM S Asponsored adr	$15,375,000	–	1,334,658	–	0.41%	–
BERY	New	BERRY GLOBAL GROUP INC	$13,993,000	–	214,558	–	0.37%	–
ARNC	New	ARCONIC CORPORATION	$13,037,000	–	365,990	–	0.35%	–
NRP	New	NATURAL RESOURCE PARTNERS L	$11,882,000	–	560,450	–	0.32%	–
EWW	New	ISHARES INCmsci mexico etf	$10,893,000	–	226,980	–	0.29%	–
QRTEA	New	QURATE RETAIL INC	$9,899,000	–	756,204	–	0.26%	–
LILAK	New	LIBERTY LATIN AMERICA LTD	$8,223,000	–	583,160	–	0.22%	–
CPNG	New	COUPANG INCcl a	$7,976,000	–	190,714	–	0.21%	–
RAAC	New	REVOLUTION ACCELERTN ACQU CO	$3,340,000	–	335,000	–	0.09%	–
	New	AMC ENTMT HLDGS INCput	$2,500,000	–	500,000	–	0.07%	–
RAACW	New	REVOLUTION ACCELERTN ACQU CO*w exp 12/01/202	$223,000	–	111,666	–	0.01%	–
OXYWS	New	OCCIDENTAL PETE CORP*w exp 08/03/202	$143,000	–	10,245	–	0.00%	–
AMBCWS	New	AMBAC FINL GROUP INC*w exp 04/30/202	$150,000	–	39,906	–	0.00%	–

Q4 2020

			Value		Shares		↓ Weighting
OXYWS	Exit	OCCIDENTAL PETE CORP*w exp 08/03/202	$0	–	-20,490	–	-0.00%	–
AMBCWS	Exit	AMBAC FINL GROUP INC*w exp 04/30/202	$0	–	-79,812	–	-0.02%	–
VNO	Exit	VORNADO RLTY TRsh ben int	$0	–	-115,896	–	-0.17%	–
SLG	Exit	SL GREEN RLTY CORP	$0	–	-128,556	–	-0.26%	–
NRP	Exit	NATURAL RESOURCE PARTNERS L	$0	–	-1,120,900	–	-0.58%	–
VVV	Exit	VALVOLINE INC	$0	–	-1,324,870	–	-1.10%	–
LEN	Exit	LENNAR CORPcl a	$0	–	-312,888	–	-1.11%	–
QRTEA	Exit	QURATE RETAIL INC	$0	–	-3,568,214	–	-1.12%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-743,500	–	-1.25%	–
TSU	Exit	TIM PARTICIPACOES S Asponsored adr	$0	–	-2,669,316	–	-1.34%	–
EGLE	Exit	EAGLE BULK SHIPPING INC	$0	–	-1,971,514	–	-1.40%	–
DISCA	Exit	DISCOVERY INC	$0	–	-1,603,204	–	-1.52%	–
OIBRC	Exit	OI SAsponsored adr ne	$0	–	-24,904,646	–	-1.57%	–
MPC	Exit	MARATHON PETE CORP	$0	–	-1,306,010	–	-1.67%	–
BERY	Exit	BERRY GLOBAL GROUP INC	$0	–	-971,328	–	-2.04%	–
ATUS	Exit	ALTICE USA INCcl a	$0	–	-2,030,086	–	-2.30%	–
VOD	Exit	VODAFONE GROUP PLC NEWsponsored adr	$0	–	-5,177,290	–	-3.02%	–
BLDR	Exit	BUILDERS FIRSTSOURCE INC	$0	–	-2,151,512	–	-3.05%	–
MIK	Exit	MICHAELS COS INC	$0	–	-8,409,350	–	-3.53%	–
EIX	Exit	EDISON INTL	$0	–	-1,641,048	–	-3.63%	–
	Exit	BAUSCH HEALTH COS INCcall	$0	–	-5,420,000	–	-4.77%	–
SLM	Exit	SLM CORP	$0	–	-14,162,502	–	-4.98%	–
PCG	Exit	PG&E CORP	$0	–	-14,716,370	–	-6.01%	–
VST	Exit	VISTRA CORP	$0	–	-11,359,982	–	-9.32%	–
BHC	Exit	BAUSCH HEALTH COS INC	$0	–	-14,258,480	–	-9.64%	–
	Exit	VODAFONE GROUP PLC NEWcall	$0	–	-14,821,200	–	-10.32%	–
DEN	Exit	DENBURY INC	$0	–	-15,222,678	–	-11.69%	–
HYG	Exit	ISHARES TRiboxx hi yd etf	$0	–	-3,450,000	–	-12.59%	–

Q3 2020

			Value		Shares		↓ Weighting
HYG	New	ISHARES TRiboxx hi yd etf	$289,456,000	–	3,450,000	–	12.59%	–
DEN	New	DENBURY INC	$268,674,000	–	15,222,678	–	11.69%	–
	New	VODAFONE GROUP PLC NEWcall	$237,138,000	–	14,821,200	–	10.32%	–
BHC	Buy	BAUSCH HEALTH COS INC	$221,576,000	+54.1%	14,258,480	+81.4%	9.64%	-45.3%
VST	Buy	VISTRA CORP	$214,250,000	+45.5%	11,359,982	+43.7%	9.32%	-48.3%
PCG	Buy	PG&E CORP	$138,186,000	+18.7%	14,716,370	+12.1%	6.01%	-57.8%
SLM	Buy	SLM CORP	$114,574,000	+429.9%	14,162,502	+360.5%	4.98%	+88.1%
	Buy	BAUSCH HEALTH COS INCcall	$109,640,000	+184.8%	5,420,000	+209.7%	4.77%	+1.1%
EIX	Buy	EDISON INTL	$83,430,000	-3.1%	1,641,048	+3.5%	3.63%	-65.6%
MIK	New	MICHAELS COS INC	$81,192,000	–	8,409,350	–	3.53%	–
BLDR	New	BUILDERS FIRSTSOURCE INC	$70,182,000	–	2,151,512	–	3.05%	–
VOD	Buy	VODAFONE GROUP PLC NEWsponsored adr	$69,480,000	+472.2%	5,177,290	+579.7%	3.02%	+103.3%
ATUS	Buy	ALTICE USA INCcl a	$52,782,000	+172.2%	2,030,086	+136.0%	2.30%	-3.4%
BERY	New	BERRY GLOBAL GROUP INC	$46,934,000	–	971,328	–	2.04%	–
MPC	New	MARATHON PETE CORP	$38,318,000	–	1,306,010	–	1.67%	–
OIBRC	Sell	OI SAsponsored adr ne	$36,112,000	+36.1%	24,904,646	-1.4%	1.57%	-51.7%
DISCA	Buy	DISCOVERY INC	$34,902,000	+88.0%	1,603,204	+82.2%	1.52%	-33.3%
EGLE	New	EAGLE BULK SHIPPING INC	$32,217,000	–	1,971,514	–	1.40%	–
TSU	Buy	TIM PARTICIPACOES S Asponsored adr	$30,778,000	+22.8%	2,669,316	+37.8%	1.34%	-56.4%
MO	Buy	ALTRIA GROUP INC	$28,728,000	+57.5%	743,500	+60.0%	1.25%	-44.0%
QRTEA	New	QURATE RETAIL INC	$25,620,000	–	3,568,214	–	1.12%	–
LEN	New	LENNAR CORPcl a	$25,556,000	–	312,888	–	1.11%	–
VVV	Buy	VALVOLINE INC	$25,226,000	+87.9%	1,324,870	+90.8%	1.10%	-33.3%
NRP	Buy	NATURAL RESOURCE PARTNERS L	$13,362,000	+95.6%	1,120,900	+100.0%	0.58%	-30.6%
SLG	New	SL GREEN RLTY CORP	$5,962,000	–	128,556	–	0.26%	–
VNO	New	VORNADO RLTY TRsh ben int	$3,906,000	–	115,896	–	0.17%	–
AMBCWS	Buy	AMBAC FINL GROUP INC*w exp 04/30/202	$436,000	+82.4%	79,812	+100.0%	0.02%	-34.5%
OXYWS	New	OCCIDENTAL PETE CORP*w exp 08/03/202	$62,000	–	20,490	–	0.00%	–
WMB	Exit	WILLIAMS COS INC	$0	–	-205,163	–	-0.48%	–
NAVI	Exit	NAVIENT CORPORATION	$0	–	-1,182,271	–	-1.02%	–
SBGI	Exit	SINCLAIR BROADCAST GROUP INCcl a	$0	–	-502,023	–	-1.14%	–
LB	Exit	L BRANDS INC	$0	–	-925,776	–	-1.70%	–
FOXA	Exit	FOX CORP	$0	–	-597,439	–	-1.96%	–
ACI	Exit	ALBERTSONS COS INC	$0	–	-1,257,000	–	-2.43%	–
OXY	Exit	OCCIDENTAL PETE CORP	$0	–	-1,141,745	–	-2.56%	–
EGLE	Exit	EAGLE BULK SHIPPING INC	$0	–	-13,779,832	–	-3.70%	–

Q2 2020

			Value		Shares		↓ Weighting
VST	New	VISTRA ENERGY CORP	$147,223,000	–	7,906,691	–	18.04%	–
BHC	New	BAUSCH HEALTH COS INC	$143,750,000	–	7,859,464	–	17.61%	–
PCG	New	PG&E CORP	$116,401,000	–	13,122,969	–	14.26%	–
EIX	New	EDISON INTL	$86,126,000	–	1,585,826	–	10.55%	–
	New	BAUSCH HEALTH COS INCcall	$38,500,000	–	1,750,000	–	4.72%	–
EGLE	New	EAGLE BULK SHIPPING INC	$30,170,000	–	13,779,832	–	3.70%	–
OIBRC	New	OI SAsponsored adr ne	$26,530,000	–	25,266,610	–	3.25%	–
TSU	New	TIM PARTICIPACOES S Asponsored adr	$25,069,000	–	1,937,302	–	3.07%	–
SLM	New	SLM CORP	$21,622,000	–	3,075,730	–	2.65%	–
OXY	New	OCCIDENTAL PETE CORP	$20,894,000	–	1,141,745	–	2.56%	–
ACI	New	ALBERTSONS COS INC	$19,823,000	–	1,257,000	–	2.43%	–
ATUS	New	ALTICE USA INCcl a	$19,392,000	–	860,320	–	2.38%	–
DISCA	New	DISCOVERY INC	$18,569,000	–	880,025	–	2.28%	–
MO	New	ALTRIA GROUP INC	$18,239,000	–	464,689	–	2.23%	–
FOXA	New	FOX CORP	$16,023,000	–	597,439	–	1.96%	–
LB	New	L BRANDS INC	$13,859,000	–	925,776	–	1.70%	–
VVV	New	VALVOLINE INC	$13,423,000	–	694,408	–	1.64%	–
VOD	New	VODAFONE GROUP PLC NEWsponsored adr	$12,142,000	–	761,714	–	1.49%	–
SBGI	New	SINCLAIR BROADCAST GROUP INCcl a	$9,267,000	–	502,023	–	1.14%	–
NAVI	New	NAVIENT CORPORATION	$8,311,000	–	1,182,271	–	1.02%	–
NRP	New	NATURAL RESOURCE PARTNERS L	$6,832,000	–	560,450	–	0.84%	–
WMB	New	WILLIAMS COS INC	$3,902,000	–	205,163	–	0.48%	–
AMBCWS	New	AMBAC FINL GROUP INC*w exp 04/30/202	$239,000	–	39,906	–	0.03%	–

Q4 2019

			Value		Shares		↓ Weighting
AMBCWS	Exit	AMBAC FINL GROUP INC*w exp 04/30/202	$0	–	-39,906	–	-0.05%	–
TGP	Exit	TEEKAY LNG PARTNERS L Pprtnrsp units	$0	–	-37,923	–	-0.08%	–
PACDQ	Exit	PACIFIC DRILLING SA LUXEMBOU	$0	–	-202,761	–	-0.12%	–
SEAS	Exit	SEAWORLD ENTMT INC	$0	–	-177,057	–	-0.67%	–
ETM	Exit	ENTERCOM COMMUNICATIONS CORPcl a	$0	–	-2,263,477	–	-1.09%	–
AMLP	Exit	ALPS ETF TRalerian mlp	$0	–	-855,000	–	-1.13%	–
PE	Exit	PARSLEY ENERGY INCcl a	$0	–	-533,491	–	-1.30%	–
SLM	Exit	SLM CORP	$0	–	-1,117,890	–	-1.43%	–
SRC	Exit	SPIRIT RLTY CAP INC NEW	$0	–	-233,905	–	-1.62%	–
TMUS	Exit	T MOBILE US INC	$0	–	-151,999	–	-1.73%	–
NRP	Exit	NATURAL RESOURCE PARTNERS L	$0	–	-560,450	–	-2.06%	–
HCC	Exit	WARRIOR MET COAL INC	$0	–	-729,644	–	-2.06%	–
PCG	Exit	PG&E CORP	$0	–	-1,478,504	–	-2.14%	–
CBS	Exit	CBS CORP NEWcl b	$0	–	-400,467	–	-2.34%	–
NXST	Exit	NEXSTAR MEDIA GROUP INCcl a	$0	–	-165,804	–	-2.45%	–
LB	Exit	L BRANDS INC	$0	–	-924,350	–	-2.62%	–
THC	Exit	TENET HEALTHCARE CORP	$0	–	-840,000	–	-2.69%	–
AVTR	Exit	AVANTOR INC	$0	–	-1,273,000	–	-2.71%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-95,459	–	-2.86%	–
HUN	Exit	HUNTSMAN CORP	$0	–	-867,377	–	-2.92%	–
OIBRC	Exit	OI S Asponsored adr ne	$0	–	-28,297,094	–	-4.54%	–
TSU	Exit	TIM PARTICIPACOES S Asponsored adr	$0	–	-2,294,339	–	-4.77%	–
DISCA	Exit	DISCOVERY INC	$0	–	-2,113,103	–	-8.14%	–
EGLE	Exit	EAGLE BULK SHIPPING INC	$0	–	-14,092,566	–	-8.92%	–
VST	Exit	VISTRA ENERGY CORP	$0	–	-2,321,927	–	-8.98%	–
	Exit	BAUSCH HEALTH COS INCcall	$0	–	-2,520,100	–	-9.11%	–
BHC	Exit	BAUSCH HEALTH COS INC	$0	–	-6,797,376	–	-21.49%	–

Q3 2019

			Value		Shares		↓ Weighting
BHC	Sell	BAUSCH HEALTH COS INC	$148,523,000	-24.7%	6,797,376	-13.1%	21.49%	-3.6%
	Buy	BAUSCH HEALTH COS INCcall	$63,002,000	+66.2%	2,520,100	+72.8%	9.11%	+112.6%
VST	Sell	VISTRA ENERGY CORP	$62,065,000	+9.5%	2,321,927	-7.3%	8.98%	+40.1%
DISCA	Buy	DISCOVERY INC	$56,272,000	+52.4%	2,113,103	+75.7%	8.14%	+95.1%
TSU	Buy	TIM PARTICIPACOES S Asponsored adr	$32,947,000	+76.6%	2,294,339	+84.1%	4.77%	+126.0%
OIBRC	Sell	OI S Asponsored adr ne	$31,387,000	-85.8%	28,297,094	-74.3%	4.54%	-81.9%
HUN	Sell	HUNTSMAN CORP	$20,175,000	-46.9%	867,377	-53.3%	2.92%	-32.1%
GS	Sell	GOLDMAN SACHS GROUP INC	$19,782,000	-22.8%	95,459	-23.9%	2.86%	-1.2%
AVTR	New	AVANTOR INC	$18,713,000	–	1,273,000	–	2.71%	–
THC	New	TENET HEALTHCARE CORP	$18,581,000	–	840,000	–	2.69%	–
LB	New	L BRANDS INC	$18,108,000	–	924,350	–	2.62%	–
NXST	New	NEXSTAR MEDIA GROUP INCcl a	$16,963,000	–	165,804	–	2.45%	–
CBS	Sell	CBS CORP NEWcl b	$16,167,000	-28.4%	400,467	-11.5%	2.34%	-8.4%
PCG	New	PG&E CORP	$14,785,000	–	1,478,504	–	2.14%	–
HCC	New	WARRIOR MET COAL INC	$14,243,000	–	729,644	–	2.06%	–
TMUS	New	T MOBILE US INC	$11,973,000	–	151,999	–	1.73%	–
SRC	Sell	SPIRIT RLTY CAP INC NEW	$11,195,000	-51.9%	233,905	-57.2%	1.62%	-38.4%
SLM	New	SLM CORP	$9,865,000	–	1,117,890	–	1.43%	–
PE	Sell	PARSLEY ENERGY INCcl a	$8,963,000	-43.6%	533,491	-36.2%	1.30%	-27.8%
AMLP	New	ALPS ETF TRalerian mlp	$7,815,000	–	855,000	–	1.13%	–
ETM	Buy	ENTERCOM COMMUNICATIONS CORPcl a	$7,560,000	-36.9%	2,263,477	+9.6%	1.09%	-19.1%
SEAS	New	SEAWORLD ENTMT INC	$4,660,000	–	177,057	–	0.67%	–
PACDQ	Sell	PACIFIC DRILLING SA LUXEMBOU	$793,000	-74.0%	202,761	-15.8%	0.12%	-66.7%
TGP	Sell	TEEKAY LNG PARTNERS L Pprtnrsp units	$518,000	-51.7%	37,923	-50.3%	0.08%	-38.0%
QRTEA	Exit	QURATE RETAIL INC	$0	–	-902,660	–	-1.26%	–
AGO	Exit	ASSURED GUARANTY LTD	$0	–	-318,765	–	-1.52%	–
GIII	Exit	G-III APPAREL GROUP LTD	$0	–	-528,474	–	-1.76%	–
M	Exit	MACYS INC	$0	–	-809,183	–	-1.96%	–
LILAK	Exit	LIBERTY LATIN AMERICA LTD	$0	–	-1,348,675	–	-2.62%	–

Q2 2019

			Value		Shares		↓ Weighting
OIBRC	New	OI S Asponsored adr ne	$221,568,000	–	110,007,662	–	25.04%	–
BHC	New	BAUSCH HEALTH COS INC	$197,286,000	–	7,822,591	–	22.30%	–
EGLE	New	EAGLE BULK SHIPPING INC	$73,263,000	–	14,092,566	–	8.28%	–
VST	New	VISTRA ENERGY CORP	$56,703,000	–	2,504,557	–	6.41%	–
HUN	New	HUNTSMAN CORP	$38,027,000	–	1,858,591	–	4.30%	–
	New	BAUSCH HEALTH COS INCcall	$37,918,000	–	1,458,400	–	4.29%	–
DISCA	New	DISCOVERY INC	$36,919,000	–	1,202,575	–	4.17%	–
GS	New	GOLDMAN SACHS GROUP INC	$25,635,000	–	125,367	–	2.90%	–
SRC	New	SPIRIT RLTY CAP INC NEW	$23,267,000	–	545,925	–	2.63%	–
LILAK	New	LIBERTY LATIN AMERICA LTD	$23,157,000	–	1,348,675	–	2.62%	–
CBS	New	CBS CORP NEWcl b	$22,586,000	–	452,622	–	2.55%	–
NRP	New	NATURAL RESOURCE PARTNERS L	$19,874,000	–	560,450	–	2.25%	–
TSU	New	TIM PARTICIPACOES S Asponsored adr	$18,657,000	–	1,246,271	–	2.11%	–
M	New	MACYS INC	$17,373,000	–	809,183	–	1.96%	–
PE	New	PARSLEY ENERGY INCcl a	$15,894,000	–	836,091	–	1.80%	–
GIII	New	G-III APPAREL GROUP LTD	$15,548,000	–	528,474	–	1.76%	–
AGO	New	ASSURED GUARANTY LTD	$13,414,000	–	318,765	–	1.52%	–
ETM	New	ENTERCOM COMMUNICATIONS CORPcl a	$11,974,000	–	2,064,410	–	1.35%	–
QRTEA	New	QURATE RETAIL INC	$11,166,000	–	902,660	–	1.26%	–
PACDQ	New	PACIFIC DRILLING SA LUXEMBOU	$3,052,000	–	240,680	–	0.34%	–
TGP	New	TEEKAY LNG PARTNERS L Pprtnrsp units	$1,073,000	–	76,331	–	0.12%	–
AMBCWS	New	AMBAC FINL GROUP INC*w exp 04/30/202	$318,000	–	39,906	–	0.04%	–

Q4 2018

			Value		Shares		↓ Weighting
AMBCWS	Exit	AMBAC FINL GROUP INC*w exp 04/30/202	$0	–	-39,906	–	-0.02%	–
ET	Exit	ENERGY TRANSFER EQUITY L P	$0	–	-46,000	–	-0.05%	–
TGP	Exit	TEEKAY LNG PARTNERS L Pprtnrsp units	$0	–	-79,415	–	-0.08%	–
NRP	Exit	NATURAL RESOURCE PARTNERS L	$0	–	-61,290	–	-0.12%	–
NXEO	Exit	NEXEO SOLUTIONS INC	$0	–	-263,000	–	-0.20%	–
AABA	Exit	ALTABA INC	$0	–	-54,474	–	-0.24%	–
FTRCQ	Exit	FRONTIER COMMUNICATIONS CORP	$0	–	-952,252	–	-0.39%	–
MTG	Exit	MGIC INVT CORP WIS	$0	–	-562,384	–	-0.48%	–
HUN	Exit	HUNTSMAN CORP	$0	–	-302,299	–	-0.52%	–
UNVR	Exit	UNIVAR INC	$0	–	-316,000	–	-0.62%	–
SATS	Exit	ECHOSTAR CORPcl a	$0	–	-215,787	–	-0.64%	–
GM	Exit	GENERAL MTRS CO	$0	–	-395,600	–	-0.85%	–
LILAK	Exit	LIBERTY LATIN AMERICA LTD	$0	–	-694,272	–	-0.91%	–
XRX	Exit	XEROX CORP	$0	–	-535,000	–	-0.92%	–
CCK	Exit	CROWN HOLDINGS INC	$0	–	-344,090	–	-1.05%	–
PCG	Exit	PG&E CORP	$0	–	-396,215	–	-1.16%	–
ECA	Exit	ENCANA CORP	$0	–	-1,482,877	–	-1.24%	–
CSTM	Exit	CONSTELLIUM NVcl a	$0	–	-1,711,977	–	-1.34%	–
MIK	Exit	MICHAELS COS INC	$0	–	-1,612,045	–	-1.66%	–
AGO	Exit	ASSURED GUARANTY LTD	$0	–	-736,425	–	-1.98%	–
TSU	Exit	TIM PARTICIPACOES S Asponsored adr	$0	–	-2,364,102	–	-2.18%	–
	Exit	BAUSCH HEALTH COS INCcall	$0	–	-1,800,000	–	-2.58%	–
VST	Exit	VISTRA ENERGY CORP	$0	–	-2,156,306	–	-3.41%	–
EGLE	Exit	EAGLE BULK SHIPPING INC	$0	–	-11,049,962	–	-3.95%	–
BHC	Exit	BAUSCH HEALTH COS INC	$0	–	-2,701,298	–	-4.41%	–
OIBRC	Exit	OI S Asponsored adr ne	$0	–	-37,467,877	–	-6.52%	–
	Exit	ISHARES TRput	$0	–	-1,685,000	–	-17.80%	–
	Exit	SPDR S&P 500 ETF TRput	$0	–	-2,535,000	–	-44.68%	–

Q3 2018

			Value		Shares		↓ Weighting
	Buy	SPDR S&P 500 ETF TRput	$702,195,000	+316.1%	2,535,000	+305.6%	44.68%	+66.8%
	New	ISHARES TRput	$279,710,000	–	1,685,000	–	17.80%	–
OIBRC	New	OI S Asponsored adr ne	$102,424,000	–	37,467,877	–	6.52%	–
BHC	New	BAUSCH HEALTH COS INC	$69,342,000	–	2,701,298	–	4.41%	–
VST	Buy	VISTRA ENERGY CORP	$53,649,000	+23.5%	2,156,306	+17.5%	3.41%	-50.5%
	New	BAUSCH HEALTH COS INCcall	$40,500,000	–	1,800,000	–	2.58%	–
TSU	New	TIM PARTICIPACOES S Asponsored adr	$34,256,000	–	2,364,102	–	2.18%	–
AGO	Sell	ASSURED GUARANTY LTD	$31,107,000	+5.3%	736,425	-11.0%	1.98%	-57.8%
MIK	Buy	MICHAELS COS INC	$26,163,000	+82.0%	1,612,045	+114.9%	1.66%	-27.0%
CSTM	Buy	CONSTELLIUM NVcl a	$21,143,000	+135.2%	1,711,977	+96.1%	1.34%	-5.7%
ECA	Buy	ENCANA CORP	$19,441,000	+5.4%	1,482,877	+5.0%	1.24%	-57.7%
PCG	New	PG&E CORP	$18,230,000	–	396,215	–	1.16%	–
CCK	New	CROWN HOLDINGS INC	$16,516,000	–	344,090	–	1.05%	–
XRX	New	XEROX CORP	$14,434,000	–	535,000	–	0.92%	–
LILAK	New	LIBERTY LATIN AMERICA LTD	$14,323,000	–	694,272	–	0.91%	–
GM	New	GENERAL MTRS CO	$13,320,000	–	395,600	–	0.85%	–
SATS	Sell	ECHOSTAR CORPcl a	$10,006,000	-56.9%	215,787	-58.8%	0.64%	-82.7%
UNVR	New	UNIVAR INC	$9,689,000	–	316,000	–	0.62%	–
MTG	Sell	MGIC INVT CORP WIS	$7,485,000	-53.1%	562,384	-62.2%	0.48%	-81.2%
AABA	Sell	ALTABA INC	$3,709,000	-55.3%	54,474	-52.0%	0.24%	-82.1%
NXEO	New	NEXEO SOLUTIONS INC	$3,216,000	–	263,000	–	0.20%	–
NRP	New	NATURAL RESOURCE PARTNERS L	$1,900,000	–	61,290	–	0.12%	–
TGP	Buy	TEEKAY LNG PARTNERS L Pprtnrsp units	$1,326,000	+166.8%	79,415	+169.4%	0.08%	+6.3%
ET	New	ENERGY TRANSFER EQUITY L P	$802,000	–	46,000	–	0.05%	–
AMBCWS	New	AMBAC FINL GROUP INC*w exp 04/30/202	$395,000	–	39,906	–	0.02%	–
CAAP	Exit	CORPORACION AMER ARPTS S A	$0	–	-460,080	–	-0.61%	–
GGB	Exit	GERDAU S Aspon adr rep pfd	$0	–	-2,530,395	–	-1.42%	–
MGM	Exit	MGM RESORTS INTERNATIONAL	$0	–	-350,175	–	-1.61%	–
XOGAQ	Exit	EXTRACTION OIL AND GAS INC	$0	–	-1,089,096	–	-2.54%	–
CBS	Exit	CBS CORP NEWcl b	$0	–	-293,000	–	-2.62%	–
FE	Exit	FIRSTENERGY CORP	$0	–	-468,905	–	-2.67%	–
PE	Exit	PARSLEY ENERGY INCcl a	$0	–	-644,904	–	-3.10%	–
EGN	Exit	ENERGEN CORP	$0	–	-276,219	–	-3.19%	–
DVMT	Exit	DELL TECHNOLOGIES INC	$0	–	-248,770	–	-3.34%	–
VRX	Exit	VALEANT PHARMACEUTICALS INTL	$0	–	-1,140,205	–	-4.21%	–
MYL	Exit	MYLAN N V	$0	–	-743,899	–	-4.27%	–
ORIG	Exit	OCEAN RIG UDW INC	$0	–	-1,295,277	–	-6.06%	–

Q2 2018

			Value		Shares		↓ Weighting
	New	SPDR S&P 500 ETF TRput	$168,750,000	–	625,000	–	26.78%	–
EGLE	New	EAGLE BULK SHIPPING INC	$60,092,000	–	11,049,962	–	9.54%	–
VST	New	VISTRA ENERGY CORP	$43,438,000	–	1,835,156	–	6.89%	–
ORIG	New	OCEAN RIG UDW INC	$38,185,000	–	1,295,277	–	6.06%	–
AGO	New	ASSURED GUARANTY LTD	$29,553,000	–	827,131	–	4.69%	–
MYL	New	MYLAN N V	$26,885,000	–	743,899	–	4.27%	–
VRX	New	VALEANT PHARMACEUTICALS INTL	$26,498,000	–	1,140,205	–	4.21%	–
SATS	New	ECHOSTAR CORPcl a	$23,229,000	–	523,173	–	3.69%	–
DVMT	New	DELL TECHNOLOGIES INC	$21,046,000	–	248,770	–	3.34%	–
EGN	New	ENERGEN CORP	$20,114,000	–	276,219	–	3.19%	–
PE	New	PARSLEY ENERGY INCcl a	$19,528,000	–	644,904	–	3.10%	–
ECA	New	ENCANA CORP	$18,438,000	–	1,412,877	–	2.93%	–
FE	New	FIRSTENERGY CORP	$16,838,000	–	468,905	–	2.67%	–
CBS	New	CBS CORP NEWcl b	$16,475,000	–	293,000	–	2.62%	–
XOGAQ	New	EXTRACTION OIL AND GAS INC	$15,999,000	–	1,089,096	–	2.54%	–
MTG	New	MGIC INVT CORP WIS	$15,961,000	–	1,488,892	–	2.53%	–
MIK	New	MICHAELS COS INC	$14,378,000	–	750,000	–	2.28%	–
MGM	New	MGM RESORTS INTERNATIONAL	$10,166,000	–	350,175	–	1.61%	–
CSTM	New	CONSTELLIUM NVcl a	$8,990,000	–	872,813	–	1.43%	–
GGB	New	GERDAU S Aspon adr rep pfd	$8,958,000	–	2,530,395	–	1.42%	–
HUN	New	HUNTSMAN CORP	$8,827,000	–	302,299	–	1.40%	–
AABA	New	ALTABA INC	$8,302,000	–	113,394	–	1.32%	–
FTRCQ	New	FRONTIER COMMUNICATIONS CORP	$5,076,000	–	952,252	–	0.81%	–
CAAP	New	CORPORACION AMER ARPTS S A	$3,855,000	–	460,080	–	0.61%	–
TGP	New	TEEKAY LNG PARTNERS L Pprtnrsp units	$497,000	–	29,475	–	0.08%	–

Q4 2017

			Value		Shares		↓ Weighting
TGP	Exit	TEEKAY LNG PARTNERS L Pprtnrsp units	$0	–	-21,155	–	-0.13%	–
ORAN	Exit	ORANGEsponsored adr	$0	–	-29,950	–	-0.18%	–
KDMN	Exit	KADMON HLDGS INC	$0	–	-208,333	–	-0.25%	–
EGLE	Exit	EAGLE BULK SHIPPING INC	$0	–	-294,755	–	-0.48%	–
TLRDQ	Exit	TAILORED BRANDS INC	$0	–	-189,737	–	-0.99%	–
GMS	Exit	GMS INC	$0	–	-110,798	–	-1.41%	–
RICE	Exit	RICE ENERGY INC	$0	–	-209,803	–	-2.18%	–
AABA	Exit	ALTABA INC	$0	–	-108,315	–	-2.58%	–
PHH	Exit	PHH CORP	$0	–	-592,622	–	-2.97%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-174,233	–	-3.02%	–
COMM	Exit	COMMSCOPE HLDG CO INC	$0	–	-255,000	–	-3.05%	–
SRC	Exit	SPIRIT RLTY CAP INC NEW	$0	–	-1,222,766	–	-3.77%	–
SWN	Exit	SOUTHWESTERN ENERGY CO	$0	–	-2,062,946	–	-4.54%	–
HUN	Exit	HUNTSMAN CORP	$0	–	-614,165	–	-6.06%	–
PCAR	Exit	PACCAR INC	$0	–	-262,190	–	-6.82%	–
FE	Exit	FIRSTENERGY CORP	$0	–	-646,137	–	-7.16%	–
MSCC	Exit	MICROSEMI CORP	$0	–	-455,823	–	-8.44%	–
EQT	Exit	EQT CORP	$0	–	-389,903	–	-9.16%	–
ECA	Exit	ENCANA CORP	$0	–	-2,759,235	–	-11.70%	–
PE	Exit	PARSLEY ENERGY INCcl a	$0	–	-1,291,325	–	-12.24%	–
ORIG	Exit	OCEAN RIG UDW INC	$0	–	-1,505,322	–	-12.86%	–

Q3 2017

			Value		Shares		↓ Weighting
ORIG	New	OCEAN RIG UDW INC	$35,751,000	–	1,505,322	–	12.86%	–
PE	Buy	PARSLEY ENERGY INCcl a	$34,014,000	+99.8%	1,291,325	+110.3%	12.24%	+216.7%
ECA	New	ENCANA CORP	$32,504,000	–	2,759,235	–	11.70%	–
EQT	New	EQT CORP	$25,445,000	–	389,903	–	9.16%	–
MSCC	Sell	MICROSEMI CORP	$23,466,000	+4.7%	455,823	-4.9%	8.44%	+65.9%
FE	New	FIRSTENERGY CORP	$19,907,000	–	646,137	–	7.16%	–
PCAR	Buy	PACCAR INC	$18,967,000	+10.5%	262,190	+0.9%	6.82%	+75.1%
HUN	Buy	HUNTSMAN CORP	$16,840,000	+7.5%	614,165	+1.3%	6.06%	+70.5%
SWN	Buy	SOUTHWESTERN ENERGY CO	$12,605,000	+56.0%	2,062,946	+55.2%	4.54%	+147.3%
SRC	Sell	SPIRIT RLTY CAP INC NEW	$10,479,000	-34.7%	1,222,766	-43.5%	3.77%	+3.6%
COMM	New	COMMSCOPE HLDG CO INC	$8,469,000	–	255,000	–	3.05%	–
DAL	Sell	DELTA AIR LINES INC DEL	$8,403,000	-51.1%	174,233	-45.5%	3.02%	-22.4%
PHH	Sell	PHH CORP	$8,255,000	-34.9%	592,622	-35.6%	2.97%	+3.2%
AABA	Sell	ALTABA INC	$7,182,000	-50.8%	108,315	-59.5%	2.58%	-22.0%
RICE	Sell	RICE ENERGY INC	$6,068,000	-73.0%	209,803	-75.2%	2.18%	-57.2%
GMS	New	GMS INC	$3,922,000	–	110,798	–	1.41%	–
TLRDQ	Sell	TAILORED BRANDS INC	$2,740,000	-72.7%	189,737	-78.9%	0.99%	-56.8%
ORAN	Buy	ORANGEsponsored adr	$491,000	+23.4%	29,950	+19.3%	0.18%	+96.7%
TGP	Buy	TEEKAY LNG PARTNERS L Pprtnrsp units	$370,000	+49.8%	21,155	+31.2%	0.13%	+137.5%
AMBC	Exit	AMBAC FINL GROUP INC	$0	–	-174,887	–	-0.69%	–
FRP	Exit	FAIRPOINT COMMUNICATIONS INC	$0	–	-341,858	–	-1.21%	–
XBI	Exit	SPDR SERIES TRUSTs&p biotech	$0	–	-70,415	–	-1.23%	–
	Exit	VALEANT PHARMACEUTICALS INTLput	$0	–	-600,000	–	-1.70%	–
VIV	Exit	TELEFONICA BRASIL SAsponsored adr	$0	–	-600,000	–	-1.84%	–
WOW	Exit	WIDEOPENWEST INC	$0	–	-479,355	–	-1.89%	–
VVV	Exit	VALVOLINE INC	$0	–	-466,855	–	-2.51%	–
QRTEA	Exit	LIBERTY INTERACTIVE CORP	$0	–	-647,960	–	-3.61%	–
AMC	Exit	AMC ENTMT HLDGS INC	$0	–	-753,535	–	-3.89%	–
CLF	Exit	CLIFFS NAT RES INC	$0	–	-3,113,283	–	-4.89%	–
	Exit	ISHARES TRput	$0	–	-1,850,000	–	-36.53%	–

Q2 2017

			Value		Shares		↓ Weighting
	New	ISHARES TRput	$160,950,000	–	1,850,000	–	36.53%	–
RICE	New	RICE ENERGY INC	$22,487,000	–	844,423	–	5.10%	–
MSCC	New	MICROSEMI CORP	$22,422,000	–	479,111	–	5.09%	–
CLF	New	CLIFFS NAT RES INC	$21,544,000	–	3,113,283	–	4.89%	–
PCAR	New	PACCAR INC	$17,168,000	–	259,960	–	3.90%	–
DAL	New	DELTA AIR LINES INC DEL	$17,171,000	–	319,528	–	3.90%	–
AMC	New	AMC ENTMT HLDGS INC	$17,143,000	–	753,535	–	3.89%	–
PE	New	PARSLEY ENERGY INCcl a	$17,026,000	–	613,977	–	3.86%	–
SRC	New	SPIRIT RLTY CAP INC NEW	$16,042,000	–	2,164,945	–	3.64%	–
QRTEA	New	LIBERTY INTERACTIVE CORP	$15,901,000	–	647,960	–	3.61%	–
HUN	New	HUNTSMAN CORP	$15,659,000	–	606,015	–	3.55%	–
AABA	New	ALTABA INC	$14,588,000	–	267,770	–	3.31%	–
PHH	New	PHH CORP	$12,678,000	–	920,000	–	2.88%	–
VVV	New	VALVOLINE INC	$11,074,000	–	466,855	–	2.51%	–
TLRDQ	New	TAILORED BRANDS INC	$10,044,000	–	900,000	–	2.28%	–
WOW	New	WIDEOPENWEST INC	$8,341,000	–	479,355	–	1.89%	–
VIV	New	TELEFONICA BRASIL SAsponsored adr	$8,094,000	–	600,000	–	1.84%	–
SWN	New	SOUTHWESTERN ENERGY CO	$8,082,000	–	1,329,201	–	1.83%	–
	New	VALEANT PHARMACEUTICALS INTLput	$7,500,000	–	600,000	–	1.70%	–
XBI	New	SPDR SERIES TRUSTs&p biotech	$5,433,000	–	70,415	–	1.23%	–
FRP	New	FAIRPOINT COMMUNICATIONS INC	$5,350,000	–	341,858	–	1.21%	–
AMBC	New	AMBAC FINL GROUP INC	$3,031,000	–	174,887	–	0.69%	–
EGLE	New	EAGLE BULK SHIPPING INC	$1,394,000	–	294,755	–	0.32%	–
KDMN	New	KADMON HLDGS INC	$812,000	–	208,333	–	0.18%	–
ORAN	New	ORANGEsponsored adr	$398,000	–	25,100	–	0.09%	–
TGP	New	TEEKAY LNG PARTNERS L Pprtnrsp units	$247,000	–	16,120	–	0.06%	–

Q4 2016

			Value		Shares		↓ Weighting
FIG	Exit	FORTRESS INVESTMENT GROUP LLcl a	$0	–	-201,828	–	-0.33%	–
KDMN	Exit	KADMON HLDGS INC	$0	–	-208,333	–	-0.51%	–
NRP	Exit	NATURAL RESOURCE PARTNERS L	$0	–	-61,933	–	-0.57%	–
AMBC	Exit	AMBAC FINL GROUP INC	$0	–	-104,652	–	-0.64%	–
EGLE	Exit	EAGLE BULK SHIPPING INC	$0	–	-294,755	–	-0.69%	–
CLF	Exit	CLIFFS NAT RES INC	$0	–	-511,848	–	-0.99%	–
EDD	Exit	MORGAN STANLEY EM MKTS DM DE	$0	–	-383,625	–	-1.02%	–
CAL	Exit	CALERES INC	$0	–	-168,360	–	-1.41%	–
EXPR	Exit	EXPRESS INC	$0	–	-577,930	–	-2.26%	–
HUN	Exit	HUNTSMAN CORP	$0	–	-583,765	–	-3.14%	–
CIT	Exit	CIT GROUP INC	$0	–	-357,987	–	-4.30%	–
IGT	Exit	INTERNATIONAL GAME TECHNOLOG	$0	–	-569,911	–	-4.60%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-400,950	–	-5.22%	–
QRTEA	Exit	LIBERTY INTERACTIVE CORP	$0	–	-1,084,773	–	-7.19%	–
PENN	Exit	PENN NATL GAMING INC	$0	–	-1,600,600	–	-7.19%	–
FRP	Exit	FAIRPOINT COMMUNICATIONS INC	$0	–	-1,534,176	–	-7.63%	–
TMH	Exit	TEAM HEALTH HOLDINGS INC	$0	–	-729,944	–	-7.87%	–
TRCO	Exit	TRIBUNE MEDIA COcl a	$0	–	-1,015,467	–	-12.28%	–
CPN	Exit	CALPINE CORP	$0	–	-7,686,290	–	-32.16%	–

Q3 2016

			Value		Shares		↓ Weighting
CPN	Sell	CALPINE CORP	$97,155,000	-43.4%	7,686,290	-33.0%	32.16%	+30.8%
TRCO	Sell	TRIBUNE MEDIA COcl a	$37,085,000	-67.1%	1,015,467	-65.2%	12.28%	-24.1%
TMH	Buy	TEAM HEALTH HOLDINGS INC	$23,767,000	+21.1%	729,944	+51.2%	7.87%	+179.6%
FRP	Sell	FAIRPOINT COMMUNICATIONS INC	$23,059,000	-65.2%	1,534,176	-65.8%	7.63%	-19.7%
PENN	New	PENN NATL GAMING INC	$21,720,000	–	1,600,600	–	7.19%	–
QRTEA	New	LIBERTY INTERACTIVE CORP	$21,706,000	–	1,084,773	–	7.19%	–
DAL	Sell	DELTA AIR LINES INC DEL	$15,781,000	-67.4%	400,950	-65.8%	5.22%	-24.8%
IGT	Sell	INTERNATIONAL GAME TECHNOLOG	$13,894,000	-80.0%	569,911	-84.9%	4.60%	-53.9%
CIT	Sell	CIT GROUP INC	$12,995,000	-55.3%	357,987	-60.7%	4.30%	+3.1%
HUN	New	HUNTSMAN CORP	$9,498,000	–	583,765	–	3.14%	–
EXPR	New	EXPRESS INC	$6,814,000	–	577,930	–	2.26%	–
CAL	New	CALERES INC	$4,258,000	–	168,360	–	1.41%	–
EDD	Buy	MORGAN STANLEY EM MKTS DM DE	$3,081,000	+49.8%	383,625	+42.5%	1.02%	+245.8%
CLF	New	CLIFFS NAT RES INC	$2,994,000	–	511,848	–	0.99%	–
EGLE	New	EAGLE BULK SHIPPING INC	$2,084,000	–	294,755	–	0.69%	–
AMBC	New	AMBAC FINL GROUP INC	$1,925,000	–	104,652	–	0.64%	–
NRP	New	NATURAL RESOURCE PARTNERS L	$1,728,000	–	61,933	–	0.57%	–
KDMN	New	KADMON HLDGS INC	$1,529,000	–	208,333	–	0.51%	–
FIG	Sell	FORTRESS INVESTMENT GROUP LLcl a	$997,000	-78.8%	201,828	-80.1%	0.33%	-51.0%
RSX	Exit	MARKET VECTORS ETF TRrussia etf	$0	–	-156,000	–	-0.37%	–
EGLE	Exit	EAGLE BULK SHIPPING INC	$0	–	-11,790,350	–	-0.43%	–
KKR	Exit	KKR & CO L P DEL	$0	–	-243,096	–	-0.47%	–
CDW	Exit	CDW CORP	$0	–	-180,512	–	-1.07%	–
PNK	Exit	PINNACLE ENTMT INC	$0	–	-233,612	–	-1.18%	–
ALLY	Exit	ALLY FINL INC	$0	–	-690,895	–	-1.85%	–
MTG	Exit	MGIC INVT CORP WIS	$0	–	-1,775,227	–	-1.95%	–
NIHD	Exit	NII HLDGS INC	$0	–	-4,658,027	–	-3.22%	–
STAY	Exit	EXTENDED STAY AMER INCunit 99/99/9999b	$0	–	-1,693,720	–	-3.85%	–
TWX	Exit	TIME WARNER INC	$0	–	-501,807	–	-5.22%	–
RLGY	Exit	REALOGY HLDGS CORP	$0	–	-1,083,320	–	-5.24%	–

Q2 2016

			Value		Shares		↓ Weighting
CPN	New	CALPINE CORP	$171,553,000	–	11,467,960	–	24.59%	–
TRCO	New	TRIBUNE MEDIA COcl a	$112,862,000	–	2,914,881	–	16.18%	–
IGT	New	INTERNATIONAL GAME TECHNOLOG	$69,546,000	–	3,782,293	–	9.97%	–
FRP	New	FAIRPOINT COMMUNICATIONS INC	$66,346,000	–	4,486,030	–	9.51%	–
DAL	New	DELTA AIR LINES INC DEL	$48,459,000	–	1,172,675	–	6.95%	–
RLGY	New	REALOGY HLDGS CORP	$36,558,000	–	1,083,320	–	5.24%	–
TWX	New	TIME WARNER INC	$36,406,000	–	501,807	–	5.22%	–
CIT	New	CIT GROUP INC	$29,095,000	–	911,772	–	4.17%	–
STAY	New	EXTENDED STAY AMER INCunit 99/99/9999b	$26,849,000	–	1,693,720	–	3.85%	–
NIHD	New	NII HLDGS INC	$22,445,000	–	4,658,027	–	3.22%	–
TMH	New	TEAM HEALTH HOLDINGS INC	$19,633,000	–	482,748	–	2.81%	–
MTG	New	MGIC INVT CORP WIS	$13,616,000	–	1,775,227	–	1.95%	–
ALLY	New	ALLY FINL INC	$12,934,000	–	690,895	–	1.85%	–
PNK	New	PINNACLE ENTMT INC	$8,200,000	–	233,612	–	1.18%	–
CDW	New	CDW CORP	$7,491,000	–	180,512	–	1.07%	–
FIG	New	FORTRESS INVESTMENT GROUP LLcl a	$4,699,000	–	1,015,992	–	0.67%	–
KKR	New	KKR & CO L P DEL	$3,307,000	–	243,096	–	0.47%	–
EGLE	New	EAGLE BULK SHIPPING INC	$3,006,000	–	11,790,350	–	0.43%	–
RSX	New	MARKET VECTORS ETF TRrussia etf	$2,552,000	–	156,000	–	0.37%	–
EDD	New	MORGAN STANLEY EM MKTS DM DE	$2,057,000	–	269,286	–	0.30%	–

Q4 2015

			Value		Shares		↓ Weighting
OUT	Exit	OUTFRONT MEDIA INC	$0	–	-84,000	–	-0.29%	–
NEP	Exit	NEXTERA ENERGY PARTNERS LP	$0	–	-84,000	–	-0.30%	–
FIG	Exit	FORTRESS INVESTMENT GROUP LLcl a	$0	–	-813,099	–	-0.74%	–
CDW	Exit	CDW CORP	$0	–	-143,185	–	-0.96%	–
SPNV	Exit	SUPERIOR ENERGY SVCS INC	$0	–	-684,084	–	-1.41%	–
MTG	Exit	MGIC INVT CORP WIS	$0	–	-1,164,933	–	-1.76%	–
MSCC	Exit	MICROSEMI CORP	$0	–	-346,336	–	-1.86%	–
STAY	Exit	EXTENDED STAY AMER INCunit 99/99/9999b	$0	–	-787,835	–	-2.16%	–
CLR	Exit	CONTINENTAL RESOURCES INC	$0	–	-701,440	–	-3.32%	–
ALLY	Exit	ALLY FINL INC	$0	–	-1,010,074	–	-3.37%	–
DYN	Exit	DYNEGY INC NEW DEL	$0	–	-1,091,802	–	-3.69%	–
AVGO	Exit	AVAGO TECHNOLOGIES LTD	$0	–	-181,216	–	-3.70%	–
CBS	Exit	CBS CORP NEWcl b	$0	–	-598,130	–	-3.90%	–
HUN	Exit	HUNTSMAN CORP	$0	–	-2,625,603	–	-4.16%	–
NIHD	Exit	NII HLDGS INC	$0	–	-4,485,616	–	-4.78%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-760,523	–	-5.58%	–
EGLE	Exit	EAGLE BULK SHIPPING INC	$0	–	-5,895,175	–	-5.72%	–
CPN	Exit	CALPINE CORP	$0	–	-2,608,370	–	-6.23%	–
FRP	Exit	FAIRPOINT COMMUNICATIONS INC	$0	–	-2,490,946	–	-6.28%	–
FANG	Exit	DIAMONDBACK ENERGY INC	$0	–	-641,375	–	-6.78%	–
IGT	Exit	INTERNATIONAL GAME TECHNOLOG	$0	–	-2,705,305	–	-6.78%	–
TWX	Exit	TIME WARNER INC	$0	–	-699,727	–	-7.87%	–
TRCO	Exit	TRIBUNE MEDIA COcl a	$0	–	-1,499,578	–	-8.73%	–
ACAS	Exit	AMERICAN CAP LTD	$0	–	-4,852,450	–	-9.65%	–

Q3 2015

			Value		Shares		↓ Weighting
ACAS	Buy	AMERICAN CAP LTD	$59,006,000	+6.3%	4,852,450	+18.5%	9.65%	-22.2%
TRCO	Buy	TRIBUNE MEDIA COcl a	$53,385,000	+95.9%	1,499,578	+193.8%	8.73%	+43.3%
TWX	New	TIME WARNER INC	$48,106,000	–	699,727	–	7.87%	–
IGT	Buy	INTERNATIONAL GAME TECHNOLOG	$41,472,000	+14.7%	2,705,305	+32.9%	6.78%	-16.1%
FANG	Buy	DIAMONDBACK ENERGY INC	$41,433,000	+65.5%	641,375	+93.1%	6.78%	+21.0%
FRP	Sell	FAIRPOINT COMMUNICATIONS INC	$38,385,000	-15.8%	2,490,946	-0.5%	6.28%	-38.4%
CPN	New	CALPINE CORP	$38,082,000	–	2,608,370	–	6.23%	–
EGLE	Buy	EAGLE BULK SHIPPING INC	$34,958,000	-14.9%	5,895,175	+0.0%	5.72%	-37.8%
DAL	Buy	DELTA AIR LINES INC DEL	$34,125,000	+16.3%	760,523	+6.4%	5.58%	-15.0%
NIHD	New	NII HLDGS INC	$29,201,000	–	4,485,616	–	4.78%	–
HUN	Buy	HUNTSMAN CORP	$25,442,000	+57.7%	2,625,603	+259.2%	4.16%	+15.3%
CBS	New	CBS CORP NEWcl b	$23,865,000	–	598,130	–	3.90%	–
AVGO	Buy	AVAGO TECHNOLOGIES LTD	$22,654,000	+30.1%	181,216	+38.4%	3.70%	-4.9%
DYN	Buy	DYNEGY INC NEW DEL	$22,568,000	-12.3%	1,091,802	+24.1%	3.69%	-35.9%
ALLY	Sell	ALLY FINL INC	$20,585,000	-54.8%	1,010,074	-50.2%	3.37%	-66.9%
CLR	New	CONTINENTAL RESOURCES INC	$20,321,000	–	701,440	–	3.32%	–
STAY	New	EXTENDED STAY AMER INCunit 99/99/9999b	$13,220,000	–	787,835	–	2.16%	–
MSCC	Buy	MICROSEMI CORP	$11,367,000	-5.3%	346,336	+0.8%	1.86%	-30.7%
MTG	Sell	MGIC INVT CORP WIS	$10,787,000	-34.3%	1,164,933	-19.3%	1.76%	-52.0%
SPNV	New	SUPERIOR ENERGY SVCS INC	$8,640,000	–	684,084	–	1.41%	–
CDW	Sell	CDW CORP	$5,851,000	-12.6%	143,185	-26.7%	0.96%	-36.1%
FIG	Buy	FORTRESS INVESTMENT GROUP LLcl a	$4,513,000	-5.3%	813,099	+24.5%	0.74%	-30.8%
NEP	New	NEXTERA ENERGY PARTNERS LP	$1,831,000	–	84,000	–	0.30%	–
OUT	New	OUTFRONT MEDIA INC	$1,747,000	–	84,000	–	0.29%	–
USO	Exit	UNITED STATES OIL FUND LPunits	$0	–	-47,418	–	-0.21%	–
BKD	Exit	BROOKDALE SR LIVING INC	$0	–	-522,734	–	-4.06%	–
EURN	Exit	EURONAV NV ANTWERPEN	$0	–	-1,586,323	–	-5.25%	–

Q2 2015

			Value		Shares		↓ Weighting
ACAS	New	AMERICAN CAP LTD	$55,493,000	–	4,095,445	–	12.41%	–
FRP	New	FAIRPOINT COMMUNICATIONS INC	$45,591,000	–	2,502,226	–	10.20%	–
ALLY	New	ALLY FINL INC	$45,509,000	–	2,028,937	–	10.18%	–
EGLE	New	EAGLE BULK SHIPPING INC	$41,074,000	–	5,893,033	–	9.18%	–
IGT	New	INTERNATIONAL GAME TECHNOLOG	$36,157,000	–	2,035,891	–	8.08%	–
DAL	New	DELTA AIR LINES INC DEL	$29,352,000	–	714,515	–	6.56%	–
TRCO	New	TRIBUNE MEDIA COcl a	$27,247,000	–	510,346	–	6.09%	–
DYN	New	DYNEGY INC NEW DEL	$25,728,000	–	879,582	–	5.75%	–
FANG	New	DIAMONDBACK ENERGY INC	$25,042,000	–	332,210	–	5.60%	–
EURN	New	EURONAV NV ANTWERPEN	$23,493,000	–	1,586,323	–	5.25%	–
BKD	New	BROOKDALE SR LIVING INC	$18,139,000	–	522,734	–	4.06%	–
AVGO	New	AVAGO TECHNOLOGIES LTD	$17,410,000	–	130,971	–	3.89%	–
MTG	New	MGIC INVT CORP WIS	$16,422,000	–	1,443,093	–	3.67%	–
HUN	New	HUNTSMAN CORP	$16,133,000	–	730,993	–	3.61%	–
MSCC	New	MICROSEMI CORP	$12,005,000	–	343,487	–	2.68%	–
CDW	New	CDW CORP	$6,698,000	–	195,380	–	1.50%	–
FIG	New	FORTRESS INVESTMENT GROUP LLcl a	$4,766,000	–	652,914	–	1.07%	–
USO	New	UNITED STATES OIL FUND LPunits	$943,000	–	47,418	–	0.21%	–

Q4 2014

			Value		Shares		↓ Weighting
FOE	Exit	FERRO CORP	$0	–	-163,145	–	-0.27%	–
NSM	Exit	NATIONSTAR MTG HLDGS INC	$0	–	-114,355	–	-0.45%	–
ORIG	Exit	OCEAN RIG UDW INC	$0	–	-573,771	–	-1.06%	–
NRG	Exit	NRG ENERGY INC	$0	–	-307,920	–	-1.07%	–
IGT	Exit	INTERNATIONAL GAME TECHNOLOG	$0	–	-671,520	–	-1.30%	–
LPX	Exit	LOUISIANA PAC CORP	$0	–	-946,556	–	-1.47%	–
MLCO	Exit	MELCO CROWN ENTMT LTDadr	$0	–	-491,800	–	-1.48%	–
DOOR	Exit	MASONITE INTL CORP NEW	$0	–	-260,590	–	-1.65%	–
HUN	Exit	HUNTSMAN CORP	$0	–	-562,714	–	-1.67%	–
CIT	Exit	CIT GROUP INC	$0	–	-337,202	–	-1.77%	–
MSCC	Exit	MICROSEMI CORP	$0	–	-616,685	–	-1.79%	–
SWFT	Exit	SWIFT TRANSN COcl a	$0	–	-801,214	–	-1.92%	–
FANG	Exit	DIAMONDBACK ENERGY INC	$0	–	-231,960	–	-1.98%	–
AVGO	Exit	AVAGO TECHNOLOGIES LTD	$0	–	-201,610	–	-2.01%	–
AIG	Exit	AMERICAN INTL GROUP INC	$0	–	-333,360	–	-2.06%	–
MTG	Exit	MGIC INVT CORP WIS	$0	–	-2,426,304	–	-2.17%	–
OIBR	Exit	OI S.A.spn adr rep pfd	$0	–	-28,557,798	–	-2.29%	–
RLGY	Exit	REALOGY HLDGS CORP	$0	–	-544,955	–	-2.32%	–
RYAM	Exit	RAYONIER ADVANCED MATLS INC	$0	–	-625,723	–	-2.36%	–
SNECQ	Exit	SANCHEZ ENERGY CORP	$0	–	-802,563	–	-2.41%	–
DIN	Exit	DINEEQUITY INC	$0	–	-265,333	–	-2.48%	–
CDW	Exit	CDW CORP	$0	–	-721,088	–	-2.56%	–
FRP	Exit	FAIRPOINT COMMUNICATIONS INC	$0	–	-1,599,792	–	-2.78%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-1,024,055	–	-4.23%	–
	Exit	SPDR S&P 500 ETF TRput	$0	–	-2,430,000	–	-54.47%	–

Q3 2014

			Value		Shares		↓ Weighting
	New	SPDR S&P 500 ETF TRput	$476,280,000	–	2,430,000	–	54.47%	–
DAL	Buy	DELTA AIR LINES INC DEL	$37,020,000	+19.6%	1,024,055	+28.1%	4.23%	-36.6%
FRP	Buy	FAIRPOINT COMMUNICATIONS INC	$24,269,000	+346.6%	1,599,792	+311.3%	2.78%	+136.8%
CDW	Buy	CDW CORP	$22,390,000	+468.0%	721,088	+483.1%	2.56%	+201.2%
DIN	Buy	DINEEQUITY INC	$21,649,000	+33.8%	265,333	+30.4%	2.48%	-29.1%
SNECQ	New	SANCHEZ ENERGY CORP	$21,075,000	–	802,563	–	2.41%	–
RYAM	New	RAYONIER ADVANCED MATLS INC	$20,593,000	–	625,723	–	2.36%	–
RLGY	Sell	REALOGY HLDGS CORP	$20,272,000	-39.6%	544,955	-38.7%	2.32%	-68.0%
OIBR	New	OI S.A.spn adr rep pfd	$19,990,000	–	28,557,798	–	2.29%	–
MTG	New	MGIC INVT CORP WIS	$18,949,000	–	2,426,304	–	2.17%	–
AIG	Buy	AMERICAN INTL GROUP INC	$18,008,000	+4.7%	333,360	+5.8%	2.06%	-44.5%
AVGO	Buy	AVAGO TECHNOLOGIES LTD	$17,540,000	+43.2%	201,610	+18.6%	2.01%	-24.1%
FANG	New	DIAMONDBACK ENERGY INC	$17,346,000	–	231,960	–	1.98%	–
SWFT	Sell	SWIFT TRANSN COcl a	$16,809,000	-26.9%	801,214	-12.0%	1.92%	-61.2%
MSCC	Buy	MICROSEMI CORP	$15,670,000	+34.8%	616,685	+41.9%	1.79%	-28.5%
HUN	New	HUNTSMAN CORP	$14,625,000	–	562,714	–	1.67%	–
DOOR	Sell	MASONITE INTL CORP NEW	$14,431,000	-1.6%	260,590	-0.0%	1.65%	-47.8%
MLCO	New	MELCO CROWN ENTMT LTDadr	$12,929,000	–	491,800	–	1.48%	–
LPX	Sell	LOUISIANA PAC CORP	$12,864,000	-45.7%	946,556	-40.0%	1.47%	-71.2%
NRG	Sell	NRG ENERGY INC	$9,385,000	-22.5%	307,920	-5.5%	1.07%	-58.9%
NSM	Buy	NATIONSTAR MTG HLDGS INC	$3,916,000	+39.9%	114,355	+48.3%	0.45%	-25.8%
FOE	Sell	FERRO CORP	$2,364,000	-31.2%	163,145	-40.4%	0.27%	-63.6%
ACAS	Exit	AMERICAN CAP LTD	$0	–	-548,810	–	-1.81%	–
SWN	Exit	SOUTHWESTERN ENERGY CO	$0	–	-198,945	–	-1.95%	–
GT	Exit	GOODYEAR TIRE & RUBR CO	$0	–	-394,045	–	-2.36%	–
BURL	Exit	BURLINGTON STORES INC	$0	–	-394,181	–	-2.71%	–
FOXA	Exit	TWENTY FIRST CENTY FOX INCcl a	$0	–	-358,590	–	-2.72%	–
AAL	Exit	AMERICAN AIRLS GROUP INC	$0	–	-319,000	–	-2.96%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-219,550	–	-3.93%	–
SRC	Exit	SPIRIT RLTY CAP INC NEW	$0	–	-1,650,997	–	-4.04%	–
OUTR	Exit	OUTERWALL INC	$0	–	-359,709	–	-4.60%	–
RYN	Exit	RAYONIER INC	$0	–	-789,841	–	-6.06%	–
CLDPQ	Exit	CLOUD PEAK ENERGY INC	$0	–	-1,624,834	–	-6.46%	–
TWC	Exit	TIME WARNER CABLE INC	$0	–	-219,000	–	-6.96%	–

Q2 2014

			Value		Shares		↓ Weighting
RLGY	New	REALOGY HLDGS CORP	$33,545,000	–	889,560	–	7.24%	–
TWC	New	TIME WARNER CABLE INC	$32,259,000	–	219,000	–	6.96%	–
DAL	New	DELTA AIR LINES INC DEL	$30,960,000	–	799,595	–	6.68%	–
CLDPQ	New	CLOUD PEAK ENERGY INC	$29,929,000	–	1,624,834	–	6.46%	–
RYN	New	RAYONIER INC	$28,079,000	–	789,841	–	6.06%	–
LPX	New	LOUISIANA PAC CORP	$23,677,000	–	1,576,382	–	5.11%	–
SWFT	New	SWIFT TRANSN COcl a	$22,983,000	–	910,959	–	4.96%	–
OUTR	New	OUTERWALL INC	$21,349,000	–	359,709	–	4.60%	–
SRC	New	SPIRIT RLTY CAP INC NEW	$18,755,000	–	1,650,997	–	4.04%	–
GILD	New	GILEAD SCIENCES INC	$18,203,000	–	219,550	–	3.93%	–
AIG	New	AMERICAN INTL GROUP INC	$17,193,000	–	315,000	–	3.71%	–
DIN	New	DINEEQUITY INC	$16,178,000	–	203,518	–	3.49%	–
CIT	New	CIT GROUP INC	$15,430,000	–	337,202	–	3.33%	–
DOOR	New	MASONITE INTL CORP NEW	$14,666,000	–	260,690	–	3.16%	–
AAL	New	AMERICAN AIRLS GROUP INC	$13,704,000	–	319,000	–	2.96%	–
FOXA	New	TWENTY FIRST CENTY FOX INCcl a	$12,604,000	–	358,590	–	2.72%	–
BURL	New	BURLINGTON STORES INC	$12,559,000	–	394,181	–	2.71%	–
AVGO	New	AVAGO TECHNOLOGIES LTD	$12,252,000	–	170,000	–	2.64%	–
NRG	New	NRG ENERGY INC	$12,115,000	–	325,678	–	2.61%	–
MSCC	New	MICROSEMI CORP	$11,627,000	–	434,495	–	2.51%	–
GT	New	GOODYEAR TIRE & RUBR CO	$10,947,000	–	394,045	–	2.36%	–
ORIG	New	OCEAN RIG UDW INC	$10,861,000	–	573,771	–	2.34%	–
IGT	New	INTERNATIONAL GAME TECHNOLOG	$10,684,000	–	671,520	–	2.30%	–
SWN	New	SOUTHWESTERN ENERGY CO	$9,050,000	–	198,945	–	1.95%	–
ACAS	New	AMERICAN CAP LTD	$8,391,000	–	548,810	–	1.81%	–
FRP	New	FAIRPOINT COMMUNICATIONS INC	$5,434,000	–	389,000	–	1.17%	–
CDW	New	CDW CORP	$3,942,000	–	123,655	–	0.85%	–
FOE	New	FERRO CORP	$3,437,000	–	273,670	–	0.74%	–
NSM	New	NATIONSTAR MTG HLDGS INC	$2,799,000	–	77,120	–	0.60%	–

Q4 2013

			Value		Shares		↓ Weighting
NPO	Exit	ENPRO INDS INC	$0	–	-27,485	–	-0.50%	–
PGEM	Exit	PLY GEM HLDGS INC	$0	–	-167,055	–	-0.71%	–
UAL	Exit	UNITED CONTL HLDGS INC	$0	–	-120,800	–	-1.12%	–
IEP	Exit	ICAHN ENTERPRISES LPdepositary unit	$0	–	-55,905	–	-1.41%	–
EMC	Exit	E M C CORP MASS	$0	–	-197,000	–	-1.53%	–
WSTC	Exit	WEST CORP	$0	–	-341,953	–	-2.30%	–
AMH	Exit	AMERICAN HOMES 4 RENTcl a	$0	–	-500,000	–	-2.45%	–
ADT	Exit	THE ADT CORPORATION	$0	–	-198,680	–	-2.45%	–
HCA	Exit	HCA HOLDINGS INC	$0	–	-199,266	–	-2.58%	–
TDS	Exit	TELEPHONE & DATA SYS INC	$0	–	-299,470	–	-2.68%	–
CPN	Exit	CALPINE CORP	$0	–	-497,700	–	-2.93%	–
NRG	Exit	NRG ENERGY INC	$0	–	-360,665	–	-2.99%	–
M	Exit	MACYS INC	$0	–	-231,975	–	-3.04%	–
HAL	Exit	HALLIBURTON CO	$0	–	-244,416	–	-3.57%	–
AXLL	Exit	AXIALL CORP	$0	–	-331,274	–	-3.80%	–
R	Exit	RYDER SYS INC	$0	–	-211,345	–	-3.82%	–
HUN	Exit	HUNTSMAN CORP	$0	–	-615,579	–	-3.85%	–
KBR	Exit	KBR INC	$0	–	-417,145	–	-4.13%	–
SPNV	Exit	SUPERIOR ENERGY SVCS INC	$0	–	-592,686	–	-4.50%	–
DOOR	Exit	MASONITE INTL CORP NEW	$0	–	-305,140	–	-4.53%	–
ACAS	Exit	AMERICAN CAP LTD	$0	–	-1,088,272	–	-4.54%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-634,591	–	-4.54%	–
MTG	Exit	MGIC INVT CORP WIS	$0	–	-2,222,982	–	-4.90%	–
LPX	Exit	LOUISIANA PAC CORP	$0	–	-1,022,390	–	-5.45%	–
	Exit	ISHARESput	$0	–	-925,000	–	-10.09%	–
SRC	Exit	SPIRIT RLTY CAP INC NEW	$0	–	-5,607,668	–	-15.60%	–

Q3 2013

			Value		Shares		↓ Weighting
SRC	New	SPIRIT RLTY CAP INC NEW	$51,478,000	–	5,607,668	–	15.60%	–
	Sell	ISHARESput	$33,300,000	-17.8%	925,000	-17.8%	10.09%	-20.6%
LPX	New	LOUISIANA PAC CORP	$17,984,000	–	1,022,390	–	5.45%	–
MTG	Buy	MGIC INVT CORP WIS	$16,183,000	+57.1%	2,222,982	+31.0%	4.90%	+51.8%
DAL	Sell	DELTA AIR LINES INC DEL	$14,970,000	-21.2%	634,591	-37.5%	4.54%	-23.9%
ACAS	Buy	AMERICAN CAP LTD	$14,964,000	+35.2%	1,088,272	+24.5%	4.54%	+30.6%
DOOR	New	MASONITE INTL CORP NEW	$14,931,000	–	305,140	–	4.53%	–
KBR	Sell	KBR INC	$13,616,000	-26.0%	417,145	-26.4%	4.13%	-28.6%
HUN	Sell	HUNTSMAN CORP	$12,687,000	-49.4%	615,579	-59.4%	3.85%	-51.1%
R	Buy	RYDER SYS INC	$12,617,000	+1.7%	211,345	+3.6%	3.82%	-1.8%
AXLL	Buy	AXIALL CORP	$12,519,000	+48.7%	331,274	+67.6%	3.80%	+43.6%
HAL	Sell	HALLIBURTON CO	$11,769,000	-27.7%	244,416	-37.4%	3.57%	-30.2%
M	New	MACYS INC	$10,038,000	–	231,975	–	3.04%	–
NRG	Sell	NRG ENERGY INC	$9,857,000	-33.3%	360,665	-34.8%	2.99%	-35.5%
CPN	Sell	CALPINE CORP	$9,670,000	-28.3%	497,700	-21.7%	2.93%	-30.8%
TDS	Sell	TELEPHONE & DATA SYS INC	$8,849,000	-0.2%	299,470	-16.7%	2.68%	-3.6%
HCA	Sell	HCA HOLDINGS INC	$8,519,000	-25.3%	199,266	-37.0%	2.58%	-27.8%
ADT	Sell	THE ADT CORPORATION	$8,078,000	-28.5%	198,680	-29.9%	2.45%	-30.9%
AMH	New	AMERICAN HOMES 4 RENTcl a	$8,075,000	–	500,000	–	2.45%	–
WSTC	Sell	WEST CORP	$7,581,000	-28.5%	341,953	-28.6%	2.30%	-30.9%
EMC	New	E M C CORP MASS	$5,035,000	–	197,000	–	1.53%	–
IEP	Buy	ICAHN ENTERPRISES LPdepositary unit	$4,655,000	+15.6%	55,905	+1.0%	1.41%	+11.6%
UAL	New	UNITED CONTL HLDGS INC	$3,710,000	–	120,800	–	1.12%	–
PGEM	New	PLY GEM HLDGS INC	$2,335,000	–	167,055	–	0.71%	–
NPO	Sell	ENPRO INDS INC	$1,655,000	-50.7%	27,485	-58.4%	0.50%	-52.3%
AIG	Exit	AMERICAN INTL GROUP INC	$0	–	-69,281	–	-0.97%	–
IYT	Exit	ISHARES TRtransp ave idx	$0	–	-30,610	–	-1.06%	–
MWE	Exit	MARKWEST ENERGY PARTNERS L Punit ltd partn	$0	–	-60,000	–	-1.26%	–
4945SC	Exit	KINDER MORGAN ENERGY PARTNERut ltd partner	$0	–	-48,390	–	-1.30%	–
KOG	Exit	KODIAK OIL & GAS CORP	$0	–	-537,060	–	-1.50%	–
GM	Exit	GENERAL MTRS CO	$0	–	-143,774	–	-1.50%	–
XLI	Exit	SELECT SECTOR SPDR TRsbi int-inds	$0	–	-264,875	–	-3.54%	–
FDX	Exit	FEDEX CORP	$0	–	-118,401	–	-3.66%	–
IGT	Exit	INTERNATIONAL GAME TECHNOLOG	$0	–	-1,011,990	–	-5.31%	–

Q2 2013

			Value		Shares		↓ Weighting
	New	ISHARES TRput	$40,500,000	–	1,125,000	–	12.71%	–
HUN	New	HUNTSMAN CORP	$25,093,000	–	1,515,271	–	7.87%	–
DAL	New	DELTA AIR LINES INC DEL	$19,008,000	–	1,015,901	–	5.96%	–
KBR	New	KBR INC	$18,411,000	–	566,485	–	5.78%	–
IGT	New	INTERNATIONAL GAME TECHNOLOG	$16,910,000	–	1,011,990	–	5.31%	–
HAL	New	HALLIBURTON CO	$16,277,000	–	390,143	–	5.11%	–
SPNV	New	SUPERIOR ENERGY SVCS INC	$15,374,000	–	592,686	–	4.82%	–
NRG	New	NRG ENERGY INC	$14,772,000	–	553,240	–	4.64%	–
CPN	New	CALPINE CORP	$13,496,000	–	635,700	–	4.24%	–
R	New	RYDER SYS INC	$12,407,000	–	204,090	–	3.89%	–
FDX	New	FEDEX CORP	$11,672,000	–	118,401	–	3.66%	–
HCA	New	HCA HOLDINGS INC	$11,398,000	–	316,076	–	3.58%	–
ADT	New	THE ADT CORPORATION	$11,294,000	–	283,415	–	3.54%	–
XLI	New	SELECT SECTOR SPDR TRsbi int-inds	$11,294,000	–	264,875	–	3.54%	–
ACAS	New	AMERICAN CAP LTD	$11,071,000	–	873,775	–	3.47%	–
WSTC	New	WEST CORP	$10,601,000	–	478,813	–	3.33%	–
MTG	New	MGIC INVT CORP WIS	$10,300,000	–	1,696,840	–	3.23%	–
TDS	New	TELEPHONE & DATA SYS INC	$8,867,000	–	359,705	–	2.78%	–
AXLL	New	AXIALL CORP	$8,419,000	–	197,715	–	2.64%	–
GM	New	GENERAL MTRS CO	$4,789,000	–	143,774	–	1.50%	–
KOG	New	KODIAK OIL & GAS CORP	$4,774,000	–	537,060	–	1.50%	–
4945SC	New	KINDER MORGAN ENERGY PARTNERut ltd partner	$4,133,000	–	48,390	–	1.30%	–
IEP	New	ICAHN ENTERPRISES LPdepositary unit	$4,028,000	–	55,349	–	1.26%	–
MWE	New	MARKWEST ENERGY PARTNERS L Punit ltd partn	$4,011,000	–	60,000	–	1.26%	–
IYT	New	ISHARES TRtransp ave idx	$3,364,000	–	30,610	–	1.06%	–
NPO	New	ENPRO INDS INC	$3,355,000	–	66,090	–	1.05%	–
AIG	New	AMERICAN INTL GROUP INC	$3,097,000	–	69,281	–	0.97%	–

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