BRIGADE CAPITAL MANAGEMENT, LP Activity Q4 2007-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
LQD	New	ISHARES TRcall	$102,020,000	–	1,000,000	–	22.28%	–
HYG	New	ISHARES TRput	$97,310,400	–	1,320,000	–	21.26%	–
XHB	New	SPDR SER TRput	$65,850,200	–	860,000	–	14.38%	–
XRT	New	SPDR SER TRput	$38,159,220	–	627,000	–	8.34%	–
PII	New	POLARIS INCput	$30,148,530	–	289,500	–	6.58%	–
	Buy	LIBERTY MEDIA CORP DELdeb 3.750% 2/1	$26,605,684	+15.1%	116,309,000	+19.5%	5.81%	-44.4%
	New	GREENFIRE RES LTD NEW	$25,621,399	–	5,176,040	–	5.60%	–
	Sell	WESTERN ASSET MORTGAGE CAPITnote 6.750% 9/1	$24,539,950	-0.1%	25,430,000	-10.8%	5.36%	-51.7%
AGS	Sell	PLAYAGS INC	$11,723,266	+10.0%	1,798,047	-4.7%	2.56%	-46.9%
	Sell	LIBERTY LATIN AMERICA LTDnote 2.000% 7/1	$3,040,918	-46.3%	3,250,000	-45.8%	0.66%	-74.1%
LOGI	New	LOGITECH INTL S Aput	$2,964,420	–	43,000	–	0.65%	–
VST	New	VISTRA CORP	$1,964,256	–	59,200	–	0.43%	–
	Sell	TWO HARBORS INVENTMENT CORPOnote 6.250% 1/1	$1,215,688	-70.0%	1,325,000	-70.9%	0.27%	-85.5%
COMM	Sell	COMMSCOPE HLDG CO INC	$863,520	-90.2%	257,000	-83.5%	0.19%	-95.2%
QRTEA	Sell	QURATE RETAIL INC	$506,521	-82.6%	835,017	-71.4%	0.11%	-91.6%
IHRT	Sell	IHEARTMEDIA INC	$432,920	-67.7%	137,000	-62.8%	0.10%	-84.3%
MLCO	Exit	MELCO RESORTS AND ENTMNT LTDadr	$0	–	-257,000	–	-1.42%	–
	Exit	WEWORK INCcl a	$0	–	-16,798,104	–	-1.90%	–
LQD	Exit	ISHARES TRput	$0	–	-1,000,000	–	-48.90%	–

Q2 2023

			Value		Shares		↓ Weighting
LQD	New	ISHARES TRput	$108,140,000	–	1,000,000	–	48.90%	–
	New	WESTERN ASSET MORTGAGE CAPITnote 6.750% 9/1	$24,555,720	–	28,520,000	–	11.10%	–
	New	LIBERTY MEDIA CORP DELdeb 3.750% 2/1	$23,110,889	–	97,309,000	–	10.45%	–
AGS	New	PLAYAGS INC	$10,655,900	–	1,886,000	–	4.82%	–
CCO	New	CLEAR CHANNEL OUTDOOR HLDGS	$10,090,994	–	7,365,689	–	4.56%	–
	New	ECOVYST INC	$9,087,780	–	793,000	–	4.11%	–
COMM	New	COMMSCOPE HLDG CO INC	$8,785,519	–	1,560,483	–	3.97%	–
	New	LIBERTY LATIN AMERICA LTDnote 2.000% 7/1	$5,666,250	–	6,000,000	–	2.56%	–
	New	WEWORK INCcl a	$4,194,487	–	16,798,104	–	1.90%	–
	New	TWO HARBORS INVENTMENT CORPOnote 6.250% 1/1	$4,049,805	–	4,555,000	–	1.83%	–
	New	LIBERTY MEDIA CORP DELdeb 4.000%11/1	$3,299,400	–	14,664,000	–	1.49%	–
MLCO	New	MELCO RESORTS AND ENTMNT LTDadr	$3,137,970	–	257,000	–	1.42%	–
QRTEA	New	QURATE RETAIL INC	$2,917,578	–	2,917,578	–	1.32%	–
IHRT	New	IHEARTMEDIA INC	$1,342,312	–	368,767	–	0.61%	–
PGTI	New	PGT INNOVATIONS INCcall	$1,340,900	–	46,000	–	0.61%	–
SD	New	SANDRIDGE ENERGY INC	$745,451	–	48,882	–	0.34%	–
VSTWSA	New	VISTRA CORP*w exp 02/02/202	$1,705	–	28,415	–	0.00%	–

Q4 2022

			Value		Shares		↓ Weighting
IRSWS	Exit	IRSA INVERSIONES Y REP S A*w exp 05/12/202	$0	–	-142,630	–	0.00%	–
VSTWSA	Exit	VISTRA CORP*w exp 02/02/202	$0	–	-28,415	–	-0.00%	–
NVDA	Exit	NVIDIA CORPORATION	$0	–	-1,800	–	-0.02%	–
AMD	Exit	ADVANCED MICRO DEVICES INC	$0	–	-3,400	–	-0.02%	–
MX	Exit	MAGNACHIP SEMICONDUCTOR CORP	$0	–	-73,500	–	-0.08%	–
SD	Exit	SANDRIDGE ENERGY INC	$0	–	-48,747	–	-0.08%	–
PII	Exit	POLARIS INCput	$0	–	-10,500	–	-0.10%	–
QRTEA	Exit	QURATE RETAIL INC	$0	–	-626,000	–	-0.13%	–
QQQ	Exit	INVESCO QQQ TRunit ser 1	$0	–	-5,500	–	-0.15%	–
MYTE	Exit	MYT NETHERLANDS PARENT B Vads	$0	–	-130,000	–	-0.15%	–
GT	Exit	GOODYEAR TIRE & RUBR CO	$0	–	-162,000	–	-0.16%	–
IGT	Exit	INTERNATIONAL GAME TECHNOLOG	$0	–	-105,000	–	-0.17%	–
IHRT	Exit	IHEARTMEDIA INC	$0	–	-368,767	–	-0.27%	–
XHB	Exit	SPDR SER TRs&p homebuild	$0	–	-110,800	–	-0.61%	–
OIH	Exit	VANECK ETF TRUSToil services etf	$0	–	-29,300	–	-0.63%	–
XRT	Exit	SPDR SER TRs&p retail etf	$0	–	-111,000	–	-0.63%	–
	Exit	LIBERTY MEDIA CORP DELdeb 4.000%11/1	$0	–	-18,661,000	–	-0.85%	–
	Exit	BOWLERO CORP	$0	–	-754,227	–	-0.94%	–
CHK	Exit	CHESAPEAKE ENERGY CORP	$0	–	-115,975	–	-1.10%	–
	Exit	PEBBLEBROOK HOTEL TRnote 1.750%12/1	$0	–	-14,380,000	–	-1.26%	–
COMM	Exit	COMMSCOPE HLDG CO INC	$0	–	-1,414,307	–	-1.32%	–
CCO	Exit	CLEAR CHANNEL OUTDOOR HLDGS	$0	–	-10,010,416	–	-1.39%	–
	Exit	LIBERTY LATIN AMERICA LTDnote 2.000% 7/1	$0	–	-16,215,000	–	-1.42%	–
	Exit	TWO HARBORS INVENTMENT CORPOnote 6.250% 1/1	$0	–	-20,080,000	–	-1.73%	–
	Exit	NOBLE CORP NEW	$0	–	-675,270	–	-2.02%	–
	Exit	WESTERN ASSET MORTGAGE CAPITnote 6.750% 9/1	$0	–	-28,520,000	–	-2.50%	–
IWM	Exit	ISHARES TRrussell 2000 etf	$0	–	-169,500	–	-2.83%	–
VAL	Exit	VALARIS LIMITEDcl a	$0	–	-613,690	–	-3.04%	–
	Exit	LIBERTY MEDIA CORP DELdeb 3.750% 2/1	$0	–	-113,075,000	–	-5.12%	–
LQD	Exit	ISHARES TRcall	$0	–	-2,000,000	–	-20.72%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-1,400,000	–	-50.56%	–

Q3 2022

			Value		Shares		↓ Weighting
SPY	Buy	SPDR S&P 500 ETF TRput	$500,052,000	+55.9%	1,400,000	+64.7%	50.56%	+40.6%
LQD	New	ISHARES TRcall	$204,900,000	–	2,000,000	–	20.72%	–
IWM	New	ISHARES TRrussell 2000 etf	$27,966,000	–	169,500	–	2.83%	–
	New	NOBLE CORP NEW	$19,974,000	–	675,270	–	2.02%	–
	Sell	LIBERTY LATIN AMERICA LTDnote 2.000% 7/1	$14,026,000	-17.1%	16,215,000	-18.1%	1.42%	-25.3%
CCO	Buy	CLEAR CHANNEL OUTDOOR HLDGS	$13,714,000	+50.0%	10,010,416	+17.2%	1.39%	+35.3%
COMM	Buy	COMMSCOPE HLDG CO INC	$13,026,000	+157.0%	1,414,307	+70.8%	1.32%	+131.9%
	Sell	BOWLERO CORP	$9,270,000	-2.7%	754,227	-16.6%	0.94%	-12.3%
	Sell	LIBERTY MEDIA CORP DELdeb 4.000%11/1	$8,397,000	-58.8%	18,661,000	-56.2%	0.85%	-62.9%
XRT	New	SPDR SER TRs&p retail etf	$6,270,000	–	111,000	–	0.63%	–
OIH	New	VANECK ETF TRUSToil services etf	$6,188,000	–	29,300	–	0.63%	–
XHB	New	SPDR SER TRs&p homebuild	$6,072,000	–	110,800	–	0.61%	–
IHRT	Buy	IHEARTMEDIA INC	$2,704,000	+24.6%	368,767	+34.1%	0.27%	+12.3%
GT	New	GOODYEAR TIRE & RUBR CO	$1,635,000	–	162,000	–	0.16%	–
QQQ	New	INVESCO QQQ TRunit ser 1	$1,470,000	–	5,500	–	0.15%	–
QRTEA	Buy	QURATE RETAIL INC	$1,258,000	+43.3%	626,000	+104.6%	0.13%	+29.6%
SD	Sell	SANDRIDGE ENERGY INC	$792,000	-9.2%	48,747	-12.4%	0.08%	-18.4%
MX	Sell	MAGNACHIP SEMICONDUCTOR CORP	$753,000	-96.0%	73,500	-94.3%	0.08%	-96.4%
AMD	New	ADVANCED MICRO DEVICES INC	$215,000	–	3,400	–	0.02%	–
NVDA	New	NVIDIA CORPORATION	$219,000	–	1,800	–	0.02%	–
VSTWSA	Sell	VISTRA CORP*w exp 02/02/202	$6,000	-25.0%	28,415	-3.3%	0.00%	0.0%
	Exit	APOLLO COML REAL ESTATE FINnote 5.375%10/1	$0	–	-1,103,000	–	-0.12%	–
NMIH	Exit	NMI HLDGS INCcl a	$0	–	-158,000	–	-0.30%	–
NE	Exit	NOBLE CORP NEW	$0	–	-675,270	–	-1.92%	–
IWM	Exit	ISHARES TRcall	$0	–	-231,300	–	-4.39%	–
LQD	Exit	ISHARES TRiboxx inv cp etf	$0	–	-852,000	–	-10.52%	–
HYG	Exit	ISHARES TRput	$0	–	-2,500,000	–	-20.64%	–

Q2 2022

			Value		Shares		↓ Weighting
SPY	New	SPDR S&P 500 ETF TRput	$320,663,000	–	850,000	–	35.96%	–
HYG	New	ISHARES TRput	$184,025,000	–	2,500,000	–	20.64%	–
LQD	New	ISHARES TRiboxx inv cp etf	$93,763,000	–	852,000	–	10.52%	–
	New	LIBERTY MEDIA CORP DELdeb 3.750% 2/1	$54,276,000	–	113,075,000	–	6.09%	–
IWM	New	ISHARES TRcall	$39,173,000	–	231,300	–	4.39%	–
VAL	New	VALARIS LIMITEDcl a	$25,922,000	–	613,690	–	2.91%	–
	New	WESTERN ASSET MORTGAGE CAPITnote 6.750% 9/1	$24,202,000	–	28,520,000	–	2.71%	–
	New	LIBERTY MEDIA CORP DELdeb 4.000%11/1	$20,393,000	–	42,596,000	–	2.29%	–
MX	New	MAGNACHIP SEMICONDUCTOR CORP	$18,768,000	–	1,291,665	–	2.10%	–
	New	TWO HARBORS INVENTMENT CORPOnote 6.250% 1/1	$18,394,000	–	20,080,000	–	2.06%	–
NE	New	NOBLE CORP NEW	$17,118,000	–	675,270	–	1.92%	–
	New	LIBERTY LATIN AMERICA LTDnote 2.000% 7/1	$16,910,000	–	19,790,000	–	1.90%	–
	New	PEBBLEBROOK HOTEL TRnote 1.750%12/1	$12,946,000	–	14,380,000	–	1.45%	–
	New	BOWLERO CORP	$9,531,000	–	904,227	–	1.07%	–
CHK	New	CHESAPEAKE ENERGY CORP	$9,406,000	–	115,975	–	1.06%	–
CCO	New	CLEAR CHANNEL OUTDOOR HLDGS	$9,140,000	–	8,542,416	–	1.02%	–
COMM	New	COMMSCOPE HLDG CO INC	$5,068,000	–	828,192	–	0.57%	–
NMIH	New	NMI HLDGS INCcl a	$2,631,000	–	158,000	–	0.30%	–
IHRT	New	IHEARTMEDIA INC	$2,170,000	–	275,000	–	0.24%	–
IGT	New	INTERNATIONAL GAME TECHNOLOG	$1,950,000	–	105,000	–	0.22%	–
MYTE	New	MYT NETHERLANDS PARENT B Vads	$1,284,000	–	130,000	–	0.14%	–
	New	APOLLO COML REAL ESTATE FINnote 5.375%10/1	$1,083,000	–	1,103,000	–	0.12%	–
PII	New	POLARIS INCput	$1,042,000	–	10,500	–	0.12%	–
SD	New	SANDRIDGE ENERGY INC	$872,000	–	55,634	–	0.10%	–
QRTEA	New	QURATE RETAIL INC	$878,000	–	306,000	–	0.10%	–
VSTWSA	New	VISTRA CORP*w exp 02/02/202	$8,000	–	29,389	–	0.00%	–
IRSWS	New	IRSA INVERSIONES Y REP S A*w exp 05/12/202	$1,000	–	142,630	–	0.00%	–

Q4 2021

			Value		Shares		↓ Weighting
IRSWS	Exit	IRSA INVERSIONES Y REP S A*w exp 05/25/202	$0	–	-142,630	–	0.00%	–
VSTWSA	Exit	VISTRA CORP*w exp 02/02/202	$0	–	-29,389	–	0.00%	–
CHKEL	Exit	CHESAPEAKE ENERGY CORP*w exp 09/02/202	$0	–	-10,495	–	-0.02%	–
	Exit	GRANITE PT MTG TR INCnote 6.375%10/0	$0	–	-945,000	–	-0.08%	–
CNX	Exit	CNX RES CORP	$0	–	-80,000	–	-0.08%	–
CNR	Exit	CORNERSTONE BLDG BRANDS INC	$0	–	-72,000	–	-0.09%	–
AMKR	Exit	AMKOR TECHNOLOGY INC	$0	–	-52,000	–	-0.11%	–
IGT	Exit	INTERNATIONAL GAME TECHNOLOG	$0	–	-55,000	–	-0.12%	–
SD	Exit	SANDRIDGE ENERGY INC	$0	–	-119,984	–	-0.13%	–
NRG	Exit	NRG ENERGY INC	$0	–	-38,163	–	-0.13%	–
IAG	Exit	IAMGOLD CORP	$0	–	-708,800	–	-0.13%	–
LNG	Exit	CHENIERE ENERGY INC	$0	–	-18,000	–	-0.14%	–
DBD	Exit	DIEBOLD NIXDORF INC	$0	–	-180,000	–	-0.15%	–
ACI	Exit	ALBERTSONS COS INC	$0	–	-90,000	–	-0.23%	–
SBGI	Exit	SINCLAIR BROADCAST GROUP INCcl a	$0	–	-135,000	–	-0.35%	–
FYBR	Exit	FRONTIER COMMUNICATIONS PARE	$0	–	-154,811	–	-0.36%	–
TGI	Exit	TRIUMPH GROUP INC NEW	$0	–	-240,000	–	-0.37%	–
NE	Exit	NOBLE CORP NEW	$0	–	-165,826	–	-0.37%	–
AVYA	Exit	AVAYA HLDGS CORP	$0	–	-230,500	–	-0.38%	–
	Exit	APOLLO COML REAL EST FIN INCnote 4.750% 8/2	$0	–	-5,695,000	–	-0.47%	–
QRTEA	Exit	QURATE RETAIL INC	$0	–	-581,000	–	-0.49%	–
	Exit	APOLLO COML REAL ESTATE FINnote 5.375%10/1	$0	–	-6,728,000	–	-0.56%	–
VST	Exit	VISTRA CORP	$0	–	-395,900	–	-0.56%	–
CLPR	Exit	CLIPPER RLTY INC	$0	–	-874,724	–	-0.58%	–
NMIH	Exit	NMI HLDGS INCcl a	$0	–	-329,500	–	-0.61%	–
FE	Exit	FIRSTENERGY CORP	$0	–	-209,500	–	-0.61%	–
IHRT	Exit	IHEARTMEDIA INC	$0	–	-348,767	–	-0.72%	–
TPB	Exit	TURNING PT BRANDS INC	$0	–	-188,960	–	-0.74%	–
EAF	Exit	GRAFTECH INTL LTD	$0	–	-969,000	–	-0.82%	–
COMM	Exit	COMMSCOPE HLDG CO INC	$0	–	-983,307	–	-1.10%	–
PCG	Exit	PG&E CORP	$0	–	-1,583,890	–	-1.25%	–
	Exit	PEBBLEBROOK HOTEL TRnote 1.750%12/1	$0	–	-16,530,000	–	-1.52%	–
PCG	Exit	PG&E CORPcall	$0	–	-1,951,200	–	-1.54%	–
	Exit	CNX RES CORPnote 2.250% 5/0	$0	–	-15,735,000	–	-1.63%	–
	Exit	STARWOOD PPTY TR INCnote 4.375% 4/0	$0	–	-19,899,000	–	-1.71%	–
MX	Exit	MAGNACHIP SEMICONDUCTOR CORP	$0	–	-1,198,548	–	-1.75%	–
	Exit	LIBERTY LATIN AMERICA LTDnote 2.000% 7/1	$0	–	-21,330,000	–	-1.76%	–
XOP	Exit	SPDR SER TRput	$0	–	-225,000	–	-1.79%	–
	Exit	TWO HBRS INVT CORPnote 6.250% 1/1	$0	–	-23,600,000	–	-1.96%	–
CCO	Exit	CLEAR CHANNEL OUTDOOR HLDGS	$0	–	-10,627,287	–	-2.37%	–
	Exit	LIBERTY MEDIA CORP DELdeb 4.000%11/1	$0	–	-37,546,000	–	-2.38%	–
	Exit	WESTERN ASSET MORTGAGE CAPITnote 6.750% 9/1	$0	–	-30,000,000	–	-2.47%	–
VAL	Exit	VALARIS LIMITEDcl a	$0	–	-1,468,522	–	-4.21%	–
CHK	Exit	CHESAPEAKE ENERGY CORP	$0	–	-947,785	–	-4.80%	–
XOG	Exit	EXTRACTION OIL & GAS INC	$0	–	-1,144,396	–	-5.31%	–
IWM	Exit	ISHARES TRput	$0	–	-367,500	–	-6.61%	–
	Exit	LIBERTY MEDIA CORP DELdeb 3.750% 2/1	$0	–	-112,860,000	–	-7.17%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-517,000	–	-18.24%	–
GLD	Exit	SPDR GOLD TRcall	$0	–	-1,560,000	–	-21.06%	–

Q3 2021

			Value		Shares		↓ Weighting
SPY	Buy	SPDR S&P 500 ETF TRput	$221,865,000	+48.1%	517,000	+47.7%	18.24%	+103.0%
	Sell	LIBERTY MEDIA CORP DELdeb 3.750% 2/1	$87,185,000	-4.8%	112,860,000	-6.8%	7.17%	+30.5%
IWM	Sell	ISHARES TRput	$80,390,000	-53.3%	367,500	-51.0%	6.61%	-35.9%
XOG	Sell	EXTRACTION OIL & GAS INC	$64,601,000	-21.7%	1,144,396	-23.8%	5.31%	+7.3%
CHK	Sell	CHESAPEAKE ENERGY CORP	$58,374,000	-25.2%	947,785	-36.9%	4.80%	+2.6%
VAL	Sell	VALARIS LIMITEDcl a	$51,222,000	+2.9%	1,468,522	-14.8%	4.21%	+41.1%
	New	WESTERN ASSET MORTGAGE CAPITnote 6.750% 9/1	$30,000,000	–	30,000,000	–	2.47%	–
	Sell	LIBERTY MEDIA CORP DELdeb 4.000%11/1	$28,910,000	-6.8%	37,546,000	-7.4%	2.38%	+27.7%
CCO	Sell	CLEAR CHANNEL OUTDOOR HLDGS	$28,800,000	-3.1%	10,627,287	-5.6%	2.37%	+32.8%
	Buy	TWO HBRS INVT CORPnote 6.250% 1/1	$23,844,000	+15.8%	23,600,000	+26.9%	1.96%	+58.7%
XOP	New	SPDR SER TRput	$21,762,000	–	225,000	–	1.79%	–
MX	Buy	MAGNACHIP SEMICONDUCTOR CORP	$21,286,000	-13.4%	1,198,548	+16.4%	1.75%	+18.7%
	Sell	CNX RES CORPnote 2.250% 5/0	$19,778,000	-28.3%	15,735,000	-26.1%	1.63%	-1.6%
PCG	Sell	PG&E CORP	$15,221,000	-16.5%	1,583,890	-11.6%	1.25%	+14.5%
COMM	Buy	COMMSCOPE HLDG CO INC	$13,363,000	-25.8%	983,307	+16.4%	1.10%	+1.8%
TPB	Sell	TURNING PT BRANDS INC	$9,023,000	+0.8%	188,960	-3.3%	0.74%	+38.2%
IHRT	Buy	IHEARTMEDIA INC	$8,729,000	-2.4%	348,767	+5.1%	0.72%	+34.0%
FE	Sell	FIRSTENERGY CORP	$7,458,000	-31.0%	209,500	-27.9%	0.61%	-5.4%
QRTEA	Buy	QURATE RETAIL INC	$5,920,000	-8.8%	581,000	+17.1%	0.49%	+25.2%
AVYA	Buy	AVAYA HLDGS CORP	$4,562,000	-15.6%	230,500	+14.7%	0.38%	+15.7%
NE	Sell	NOBLE CORP NEW	$4,477,000	-50.4%	165,826	-54.0%	0.37%	-32.0%
FYBR	Sell	FRONTIER COMMUNICATIONS PARE	$4,315,000	-37.5%	154,811	-40.8%	0.36%	-14.3%
ACI	Sell	ALBERTSONS COS INC	$2,802,000	-79.0%	90,000	-86.8%	0.23%	-71.3%
DBD	New	DIEBOLD NIXDORF INC	$1,820,000	–	180,000	–	0.15%	–
IGT	New	INTERNATIONAL GAME TECHNOLOG	$1,448,000	–	55,000	–	0.12%	–
CNR	Sell	CORNERSTONE BLDG BRANDS INC	$1,050,000	-72.3%	72,000	-65.4%	0.09%	-62.1%
CHKEL	Sell	CHESAPEAKE ENERGY CORP*w exp 09/02/202	$307,000	-74.6%	10,495	-81.9%	0.02%	-65.8%
CHKEW	Exit	CHESAPEAKE ENERGY CORP*w exp 99/99/999	$0	–	-27,790	–	-0.04%	–
CHKEZ	Exit	CHESAPEAKE ENERGY CORP*w exp 99/99/999	$0	–	-30,881	–	-0.04%	–
GDX	Exit	VANECK VECTORS ETF TRgold miners etf	$0	–	-33,600	–	-0.07%	–
BLDR	Exit	BUILDERS FIRSTSOURCE INC	$0	–	-45,900	–	-0.12%	–
EIX	Exit	EDISON INTL	$0	–	-55,000	–	-0.19%	–
AMC	Exit	AMC ENTMT HLDGS INCput	$0	–	-152,000	–	-0.52%	–
	Exit	WESTERN ASSET MTG CAP CORPnote 6.750%10/0	$0	–	-22,711,000	–	-1.29%	–
	Exit	RESOURCE CAP CORPnote 4.500% 8/1	$0	–	-26,671,000	–	-1.58%	–
LQD	Exit	ISHARES TRput	$0	–	-500,000	–	-4.03%	–
HYG	Exit	ISHARES TRput	$0	–	-1,500,000	–	-7.92%	–
HYG	Exit	ISHARES TRcall	$0	–	-1,500,000	–	-7.92%	–

Q2 2021

			Value		Shares		↓ Weighting
GLD	New	SPDR GOLD TRcall	$258,383,000	–	1,560,000	–	15.49%	–
IWM	New	ISHARES TRput	$172,027,000	–	750,000	–	10.32%	–
SPY	New	SPDR S&P 500 ETF TRput	$149,821,000	–	350,000	–	8.98%	–
HYG	New	ISHARES TRput	$132,060,000	–	1,500,000	–	7.92%	–
HYG	New	ISHARES TRcall	$132,060,000	–	1,500,000	–	7.92%	–
	New	LIBERTY MEDIA CORP DELdeb 3.750% 2/1	$91,614,000	–	121,135,000	–	5.49%	–
XOG	New	EXTRACTION OIL & GAS INC	$82,519,000	–	1,502,811	–	4.95%	–
CHK	New	CHESAPEAKE ENERGY CORP	$77,999,000	–	1,502,282	–	4.68%	–
LQD	New	ISHARES TRput	$67,180,000	–	500,000	–	4.03%	–
VAL	New	VALARIS LIMITEDcl a	$49,779,000	–	1,723,652	–	2.98%	–
	New	LIBERTY MEDIA CORP DELdeb 4.000%11/1	$31,031,000	–	40,563,000	–	1.86%	–
CCO	New	CLEAR CHANNEL OUTDOOR HLDGS	$29,735,000	–	11,262,861	–	1.78%	–
	New	CNX RES CORPnote 2.250% 5/0	$27,571,000	–	21,290,000	–	1.65%	–
	New	RESOURCE CAP CORPnote 4.500% 8/1	$26,259,000	–	26,671,000	–	1.58%	–
MX	New	MAGNACHIP SEMICONDUCTOR CORP	$24,575,000	–	1,029,953	–	1.47%	–
	New	WESTERN ASSET MTG CAP CORPnote 6.750%10/0	$21,575,000	–	22,711,000	–	1.29%	–
	New	LIBERTY LATIN AMERICA LTDnote 2.000% 7/1	$21,543,000	–	21,330,000	–	1.29%	–
	New	STARWOOD PPTY TR INCnote 4.375% 4/0	$21,530,000	–	19,899,000	–	1.29%	–
	New	TWO HBRS INVT CORPnote 6.250% 1/1	$20,597,000	–	18,600,000	–	1.24%	–
PCG	New	PG&E CORPcall	$19,843,000	–	1,951,200	–	1.19%	–
	New	PEBBLEBROOK HOTEL TRnote 1.750%12/1	$18,640,000	–	16,530,000	–	1.12%	–
PCG	New	PG&E CORP	$18,219,000	–	1,791,456	–	1.09%	–
COMM	New	COMMSCOPE HLDG CO INC	$18,007,000	–	845,000	–	1.08%	–
ACI	New	ALBERTSONS COS INC	$13,369,000	–	680,000	–	0.80%	–
EAF	New	GRAFTECH INTL LTD	$11,259,000	–	969,000	–	0.68%	–
FE	New	FIRSTENERGY CORP	$10,810,000	–	290,500	–	0.65%	–
NE	New	NOBLE CORP NEW	$9,021,000	–	360,864	–	0.54%	–
TPB	New	TURNING PT BRANDS INC	$8,948,000	–	195,498	–	0.54%	–
IHRT	New	IHEARTMEDIA INC	$8,940,000	–	332,000	–	0.54%	–
AMC	New	AMC ENTMT HLDGS INCput	$8,615,000	–	152,000	–	0.52%	–
NMIH	New	NMI HLDGS INCcl a	$7,407,000	–	329,500	–	0.44%	–
VST	New	VISTRA CORP	$7,344,000	–	395,900	–	0.44%	–
FYBR	New	FRONTIER COMMUNICATIONS PARE	$6,899,000	–	261,314	–	0.41%	–
	New	APOLLO COML REAL EST FIN INCnote 5.375%10/1	$6,893,000	–	6,728,000	–	0.41%	–
QRTEA	New	QURATE RETAIL INC	$6,493,000	–	496,000	–	0.39%	–
CLPR	New	CLIPPER RLTY INC	$6,429,000	–	874,724	–	0.39%	–
	New	APOLLO COML REAL EST FIN INCnote 4.750% 8/2	$5,773,000	–	5,695,000	–	0.35%	–
AVYA	New	AVAYA HLDGS CORP	$5,407,000	–	201,000	–	0.32%	–
TGI	New	TRIUMPH GROUP INC NEW	$4,980,000	–	240,000	–	0.30%	–
SBGI	New	SINCLAIR BROADCAST GROUP INCcl a	$4,486,000	–	135,000	–	0.27%	–
CNR	New	CORNERSTONE BLDG BRANDS INC	$3,784,000	–	208,120	–	0.23%	–
EIX	New	EDISON INTL	$3,180,000	–	55,000	–	0.19%	–
IAG	New	IAMGOLD CORP	$2,091,000	–	708,800	–	0.12%	–
BLDR	New	BUILDERS FIRSTSOURCE INC	$1,958,000	–	45,900	–	0.12%	–
LNG	New	CHENIERE ENERGY INC	$1,562,000	–	18,000	–	0.09%	–
NRG	New	NRG ENERGY INC	$1,538,000	–	38,163	–	0.09%	–
AMKR	New	AMKOR TECHNOLOGY INC	$1,231,000	–	52,000	–	0.07%	–
CHKEL	New	CHESAPEAKE ENERGY CORP*w exp 09/02/202	$1,211,000	–	58,021	–	0.07%	–
GDX	New	VANECK VECTORS ETF TRgold miners etf	$1,142,000	–	33,600	–	0.07%	–
CNX	New	CNX RES CORP	$1,093,000	–	80,000	–	0.07%	–
	New	GRANITE PT MTG TR INCnote 6.375%10/0	$936,000	–	945,000	–	0.06%	–
SD	New	SANDRIDGE ENERGY INC	$754,000	–	119,984	–	0.04%	–
CHKEZ	New	CHESAPEAKE ENERGY CORP*w exp 99/99/999	$755,000	–	30,881	–	0.04%	–
CHKEW	New	CHESAPEAKE ENERGY CORP*w exp 99/99/999	$747,000	–	27,790	–	0.04%	–
VSTWSA	New	VISTRA CORP*w exp 02/02/202	$9,000	–	29,389	–	0.00%	–
IRSWS	New	IRSA INVERSIONES Y REP S A*w exp 05/25/202	$1,000	–	142,630	–	0.00%	–

Q4 2020

			Value		Shares		↓ Weighting
VSTWSA	Exit	VISTRA CORP*w exp 02/02/202	$0	–	-29,389	–	-0.00%	–
SD	Exit	SANDRIDGE ENERGY INC	$0	–	-115,550	–	-0.01%	–
IRS	Exit	IRSA INVERSIONES Y REP S Aglobl dep rcpt	$0	–	-103,175	–	-0.01%	–
GDX	Exit	VANECK VECTORS ETF TRgold miners etf	$0	–	-12,500	–	-0.02%	–
DISH	Exit	DISH NETWORK CORPORATIONcl a	$0	–	-18,100	–	-0.02%	–
NMIH	Exit	NMI HLDGS INCcl a	$0	–	-30,500	–	-0.02%	–
IRCP	Exit	IRSA PROPIEDADES COMERCIALESsponsored adr	$0	–	-71,938	–	-0.02%	–
AGS	Exit	PLAYAGS INC	$0	–	-200,000	–	-0.03%	–
CLNC	Exit	COLONY CR REAL ESTATE INC	$0	–	-150,500	–	-0.03%	–
TREC	Exit	TRECORA RES	$0	–	-123,291	–	-0.03%	–
HMHC	Exit	HOUGHTON MIFFLIN HARCOURT CO	$0	–	-433,000	–	-0.03%	–
SGOL	Exit	ABERDEEN STD GOLD ETF TR	$0	–	-45,000	–	-0.03%	–
NCLH	Exit	NORWEGIAN CRUISE LINE HLDG L	$0	–	-47,000	–	-0.03%	–
DHT	Exit	DHT HOLDINGS INC	$0	–	-200,000	–	-0.04%	–
CNR	Exit	CORNERSTONE BLDG BRANDS INC	$0	–	-130,000	–	-0.04%	–
NSCO	Exit	NESCO HLDGS INC	$0	–	-277,600	–	-0.05%	–
CNX	Exit	CNX RES CORP	$0	–	-125,400	–	-0.05%	–
AMPY	Exit	AMPLIFY ENERGY CORP NEW	$0	–	-1,425,533	–	-0.05%	–
HWM	Exit	HOWMET AEROSPACE INC	$0	–	-85,000	–	-0.06%	–
GSL	Exit	GLOBAL SHIP LEASE INC NEW	$0	–	-236,000	–	-0.07%	–
	Exit	STARWOOD PPTY TR INCnote 4.375% 4/0	$0	–	-1,800,000	–	-0.07%	–
	Exit	GRANITE PT MTG TR INCnote 6.375%10/0	$0	–	-2,450,000	–	-0.09%	–
FE	Exit	FIRSTENERGY CORP	$0	–	-81,000	–	-0.10%	–
RRR	Exit	RED ROCK RESORTS INCcl a	$0	–	-139,000	–	-0.10%	–
BYD	Exit	BOYD GAMING CORP	$0	–	-80,250	–	-0.10%	–
EIX	Exit	EDISON INTL	$0	–	-55,000	–	-0.11%	–
LNG	Exit	CHENIERE ENERGY INC	$0	–	-71,100	–	-0.14%	–
DBD	Exit	DIEBOLD NXDF INC	$0	–	-793,888	–	-0.25%	–
CLPR	Exit	CLIPPER RLTY INC	$0	–	-1,072,054	–	-0.26%	–
TRTX	Exit	TPG RE FIN TR INC	$0	–	-851,300	–	-0.30%	–
COMM	Exit	COMMSCOPE HLDG CO INC	$0	–	-917,000	–	-0.34%	–
TPB	Exit	TURNING PT BRANDS INC	$0	–	-324,798	–	-0.37%	–
FRTA	Exit	FORTERRA INC	$0	–	-838,000	–	-0.40%	–
CMLS	Exit	CUMULUS MEDIA INC	$0	–	-1,945,329	–	-0.43%	–
CSTM	Exit	CONSTELLIUM SE	$0	–	-1,337,000	–	-0.43%	–
ADNT	Exit	ADIENT PLC	$0	–	-630,000	–	-0.45%	–
OMF	Exit	ONEMAIN HLDGS INC	$0	–	-455,000	–	-0.58%	–
VST	Exit	VISTRA CORP	$0	–	-870,264	–	-0.67%	–
PCG	Exit	PG&E CORPcall	$0	–	-1,906,000	–	-0.73%	–
PCG	Exit	PG&E CORP	$0	–	-1,951,456	–	-0.75%	–
CCO	Exit	CLEAR CHANNEL OUTDOOR HLDGS	$0	–	-18,539,488	–	-0.75%	–
FOE	Exit	FERRO CORP	$0	–	-1,721,000	–	-0.87%	–
IHRT	Exit	IHEARTMEDIA INC	$0	–	-2,861,787	–	-0.95%	–
	Exit	LIBERTY LATIN AMERICA LTDnote 2.000% 7/1	$0	–	-29,285,000	–	-0.98%	–
	Exit	APOLLO COML REAL EST FIN INCnote 5.375%10/1	$0	–	-29,753,000	–	-1.09%	–
MX	Exit	MAGNACHIP SEMICONDUCTOR CORP	$0	–	-2,056,806	–	-1.15%	–
	Exit	RESOURCE CAP CORPnote 4.500% 8/1	$0	–	-32,332,000	–	-1.18%	–
	Exit	APOLLO COML REAL EST FIN INCnote 4.750% 8/2	$0	–	-30,650,000	–	-1.18%	–
	Exit	MAGNACHIP SEMICONDUCTOR SAnote 5.000% 3/0	$0	–	-21,959,000	–	-1.52%	–
SLV	Exit	ISHARES SILVER TRcall	$0	–	-2,100,000	–	-1.86%	–
GLD	Exit	SPDR GOLD TRcall	$0	–	-360,000	–	-2.61%	–
	Exit	LIBERTY MEDIA CORP DELdeb 3.750% 2/1	$0	–	-141,626,000	–	-4.23%	–
HYG	Exit	ISHARES TRput	$0	–	-1,500,000	–	-5.15%	–
IWM	Exit	ISHARES TRput	$0	–	-3,195,000	–	-19.58%	–
HYG	Exit	ISHARES TRcall	$0	–	-6,000,000	–	-20.60%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-2,114,000	–	-28.97%	–

Q3 2020

			Value		Shares		↓ Weighting
SPY	Sell	SPDR S&P 500 ETF TRput	$707,958,000	-19.8%	2,114,000	-26.2%	28.97%	-22.7%
HYG	New	ISHARES TRcall	$503,401,000	–	6,000,000	–	20.60%	–
IWM	Sell	ISHARES TRput	$478,579,000	-10.6%	3,195,000	-14.5%	19.58%	-13.7%
HYG	New	ISHARES TRput	$125,850,000	–	1,500,000	–	5.15%	–
	Sell	LIBERTY MEDIA CORP DELdeb 3.750% 2/1	$103,387,000	+2.8%	141,626,000	-0.7%	4.23%	-0.8%
	Buy	RESOURCE CAP CORPnote 4.500% 8/1	$28,830,000	+91.6%	32,332,000	+61.7%	1.18%	+85.0%
	Buy	APOLLO COML REAL EST FIN INCnote 4.750% 8/2	$28,837,000	+314.3%	30,650,000	+283.1%	1.18%	+300.0%
	Buy	APOLLO COML REAL EST FIN INCnote 5.375%10/1	$26,694,000	+365.9%	29,753,000	+325.0%	1.09%	+349.4%
	New	LIBERTY LATIN AMERICA LTDnote 2.000% 7/1	$24,050,000	–	29,285,000	–	0.98%	–
FOE	Sell	FERRO CORP	$21,341,000	+1.5%	1,721,000	-2.3%	0.87%	-2.1%
CCO	Sell	CLEAR CHANNEL OUTDOOR HLDGS	$18,354,000	-5.2%	18,539,488	-2.4%	0.75%	-8.5%
PCG	Buy	PG&E CORP	$18,324,000	+473.9%	1,951,456	+442.1%	0.75%	+455.6%
PCG	New	PG&E CORPcall	$17,898,000	–	1,906,000	–	0.73%	–
VST	Buy	VISTRA CORP	$16,413,000	+9.5%	870,264	+8.1%	0.67%	+5.7%
CSTM	Sell	CONSTELLIUM SE	$10,496,000	-1.8%	1,337,000	-3.9%	0.43%	-5.3%
FRTA	Sell	FORTERRA INC	$9,905,000	-7.8%	838,000	-13.0%	0.40%	-11.2%
TPB	Buy	TURNING PT BRANDS INC	$9,055,000	+19.3%	324,798	+6.6%	0.37%	+15.2%
COMM	Buy	COMMSCOPE HLDG CO INC	$8,253,000	+11.0%	917,000	+2.8%	0.34%	+7.3%
TRTX	Sell	TPG RE FIN TR INC	$7,202,000	-3.4%	851,300	-1.8%	0.30%	-6.6%
CLPR	Sell	CLIPPER RLTY INC	$6,486,000	-25.3%	1,072,054	-0.0%	0.26%	-28.0%
DBD	Sell	DIEBOLD NXDF INC	$6,066,000	+2.6%	793,888	-18.7%	0.25%	-1.2%
EIX	New	EDISON INTL	$2,796,000	–	55,000	–	0.11%	–
BYD	Sell	BOYD GAMING CORP	$2,463,000	+39.5%	80,250	-5.0%	0.10%	+34.7%
RRR	Sell	RED ROCK RESORTS INCcl a	$2,377,000	+48.5%	139,000	-5.4%	0.10%	+42.6%
FE	New	FIRSTENERGY CORP	$2,324,000	–	81,000	–	0.10%	–
	Buy	GRANITE PT MTG TR INCnote 6.375%10/0	$2,272,000	+607.8%	2,450,000	+444.4%	0.09%	+564.3%
HWM	Sell	HOWMET AEROSPACE INC	$1,421,000	-24.7%	85,000	-28.6%	0.06%	-27.5%
AMPY	Sell	AMPLIFY ENERGY CORP NEW	$1,217,000	-70.4%	1,425,533	-57.0%	0.05%	-71.3%
CNX	Buy	CNX RES CORP	$1,184,000	+55.6%	125,400	+42.5%	0.05%	+50.0%
NSCO	Sell	NESCO HLDGS INC	$1,141,000	-3.1%	277,600	-5.9%	0.05%	-6.0%
SGOL	Sell	ABERDEEN STD GOLD ETF TR	$817,000	-13.4%	45,000	-18.2%	0.03%	-17.5%
NCLH	Sell	NORWEGIAN CRUISE LINE HLDG L	$804,000	-14.9%	47,000	-18.3%	0.03%	-17.5%
IRCP	Buy	IRSA PROPIEDADES COMERCIALESsponsored adr	$559,000	+267.8%	71,938	+201.0%	0.02%	+283.3%
NMIH	Sell	NMI HLDGS INCcl a	$543,000	-6.2%	30,500	-15.3%	0.02%	-12.0%
DISH	Sell	DISH NETWORK CORPORATIONcl a	$525,000	-34.5%	18,100	-22.2%	0.02%	-38.2%
VALPQ	Exit	VALARIS PLC	$0	–	-288,000	–	-0.01%	–
BTU	Exit	PEABODY ENERGY CORP NEW	$0	–	-136,809	–	-0.02%	–
HCA	Exit	HCA HEALTHCARE INC	$0	–	-16,683	–	-0.07%	–
RIG	Exit	TRANSOCEAN LTD	$0	–	-1,850,014	–	-0.14%	–
OXY	Exit	OCCIDENTAL PETE CORPcall	$0	–	-851,000	–	-0.66%	–
SPY	Exit	SPDR S&P 500 ETF TRcall	$0	–	-511,000	–	-6.68%	–
IWM	Exit	ISHARES TRcall	$0	–	-2,019,000	–	-12.26%	–

Q2 2020

			Value		Shares		↓ Weighting
SPY	New	SPDR S&P 500 ETF TRput	$883,143,000	–	2,864,000	–	37.46%	–
IWM	New	ISHARES TRput	$535,135,000	–	3,737,500	–	22.70%	–
IWM	New	ISHARES TRcall	$289,080,000	–	2,019,000	–	12.26%	–
SPY	New	SPDR S&P 500 ETF TRcall	$157,572,000	–	511,000	–	6.68%	–
	New	LIBERTY MEDIA CORPdeb 3.750% 2/1	$100,552,000	–	142,626,000	–	4.26%	–
GLD	New	SPDR GOLD TRcall	$60,253,000	–	360,000	–	2.56%	–
SLV	New	ISHARES SILVER TRcall	$35,721,000	–	2,100,000	–	1.52%	–
	New	MAGNACHIP SEMICONDUCTOR SAnote 5.000% 3/0	$28,876,000	–	21,959,000	–	1.22%	–
IHRT	New	IHEARTMEDIA INC	$23,896,000	–	2,861,787	–	1.01%	–
MX	New	MAGNACHIP SEMICONDUCTOR CORP	$21,185,000	–	2,056,806	–	0.90%	–
FOE	New	FERRO CORP	$21,026,000	–	1,761,000	–	0.89%	–
CCO	New	CLEAR CHANNEL OUTDOOR HLDGS	$19,369,000	–	18,988,488	–	0.82%	–
OXY	New	OCCIDENTAL PETE CORPcall	$15,573,000	–	851,000	–	0.66%	–
	New	RESOURCE CAP CORPnote 4.500% 8/1	$15,050,000	–	20,000,000	–	0.64%	–
VST	New	VISTRA ENERGY CORP	$14,988,000	–	804,935	–	0.64%	–
OMF	New	ONEMAIN HLDGS INC	$11,166,000	–	455,000	–	0.47%	–
FRTA	New	FORTERRA INC	$10,747,000	–	963,000	–	0.46%	–
CSTM	New	CONSTELLIUM SE	$10,683,000	–	1,391,000	–	0.45%	–
ADNT	New	ADIENT PLC	$10,345,000	–	630,000	–	0.44%	–
CLPR	New	CLIPPER RLTY INC	$8,684,000	–	1,072,086	–	0.37%	–
CMLS	New	CUMULUS MEDIA INC	$7,684,000	–	1,945,329	–	0.33%	–
TPB	New	TURNING PT BRANDS INC	$7,593,000	–	304,798	–	0.32%	–
TRTX	New	TPG RE FIN TR INC	$7,459,000	–	867,300	–	0.32%	–
COMM	New	COMMSCOPE HLDG CO INC	$7,432,000	–	892,254	–	0.32%	–
	New	APOLLO COML REAL EST FIN INCnote 4.750% 8/2	$6,960,000	–	8,000,000	–	0.30%	–
DBD	New	DIEBOLD NXDF INC	$5,915,000	–	976,000	–	0.25%	–
	New	APOLLO COML REAL EST FIN INCnote 5.375%10/1	$5,730,000	–	7,000,000	–	0.24%	–
AMPY	New	AMPLIFY ENERGY CORP NEW	$4,112,000	–	3,316,069	–	0.17%	–
LNG	New	CHENIERE ENERGY INC	$3,430,000	–	71,100	–	0.14%	–
RIG	New	TRANSOCEAN LTD	$3,386,000	–	1,850,014	–	0.14%	–
PCG	New	PG&E CORP	$3,193,000	–	360,000	–	0.14%	–
HWM	New	HOWMET AEROSPACE INC	$1,886,000	–	119,000	–	0.08%	–
BYD	New	BOYD GAMING CORP	$1,766,000	–	84,500	–	0.08%	–
	New	STARWOOD PPTY TR INCnote 4.375% 4/0	$1,688,000	–	1,800,000	–	0.07%	–
HCA	New	HCA HEALTHCARE INC	$1,617,000	–	16,683	–	0.07%	–
RRR	New	RED ROCK RESORTS INCcl a	$1,601,000	–	147,000	–	0.07%	–
NSCO	New	NESCO HLDGS INC	$1,177,000	–	295,000	–	0.05%	–
CLNC	New	COLONY CR REAL ESTATE INC	$1,057,000	–	150,500	–	0.04%	–
DHT	New	DHT HOLDINGS INC	$1,026,000	–	200,000	–	0.04%	–
GSL	New	GLOBAL SHIP LEASE INC NEW	$1,001,000	–	236,000	–	0.04%	–
NCLH	New	NORWEGIAN CRUISE LINE HLDG L	$945,000	–	57,500	–	0.04%	–
SGOL	New	ABERDEEN STD GOLD ETF TR	$943,000	–	55,000	–	0.04%	–
DISH	New	DISH NETWORK CORPORATIONcl a	$802,000	–	23,250	–	0.03%	–
HMHC	New	HOUGHTON MIFFLIN HARCOURT CO	$784,000	–	433,000	–	0.03%	–
TREC	New	TRECORA RES	$773,000	–	123,291	–	0.03%	–
CNR	New	CORNERSTONE BLDG BRANDS INC	$788,000	–	130,000	–	0.03%	–
CNX	New	CNX RESOURCES CORPORATION	$761,000	–	88,000	–	0.03%	–
AGS	New	PLAYAGS INC	$676,000	–	200,000	–	0.03%	–
NMIH	New	NMI HLDGS INCcl a	$579,000	–	36,000	–	0.02%	–
GDX	New	VANECK VECTORS ETF TRgold miners etf	$458,000	–	12,500	–	0.02%	–
BTU	New	PEABODY ENERGY CORP NEW	$394,000	–	136,809	–	0.02%	–
	New	GRANITE PT MTG TR INCnote 6.375%10/0	$321,000	–	450,000	–	0.01%	–
IRS	New	IRSA INVERSIONES Y REP S Aglobl dep rcpt	$310,000	–	103,175	–	0.01%	–
VALPQ	New	VALARIS PLC	$188,000	–	288,000	–	0.01%	–
SD	New	SANDRIDGE ENERGY INC	$149,000	–	115,550	–	0.01%	–
IRCP	New	IRSA PROPIEDADES COMERCIALESsponsored adr	$152,000	–	23,903	–	0.01%	–
VSTWSA	New	VISTRA ENERGY CORP*w exp 02/02/202	$16,000	–	29,389	–	0.00%	–

Q4 2019

			Value		Shares		↓ Weighting
VSTWSA	Exit	VISTRA ENERGY CORP*w exp 02/02/202	$0	–	-29,389	–	-0.00%	–
ESI	Exit	ELEMENT SOLUTIONS INC	$0	–	-19,500	–	-0.01%	–
IRCP	Exit	IRSA PROPIEDADES COMERCIALESsponsored adr	$0	–	-22,860	–	-0.02%	–
SGMS	Exit	SCIENTIFIC GAMES CORP	$0	–	-17,500	–	-0.02%	–
CNR	Exit	CORNERSTONE BLDG BRANDS INC	$0	–	-60,300	–	-0.02%	–
VC	Exit	VISTEON CORPput	$0	–	-5,000	–	-0.02%	–
COMM	Exit	COMMSCOPE HLDG CO INC	$0	–	-42,000	–	-0.03%	–
SD	Exit	SANDRIDGE ENERGY INC	$0	–	-115,550	–	-0.03%	–
IRS	Exit	IRSA INVERSIONES Y REP S Aglobl dep rcpt	$0	–	-103,175	–	-0.03%	–
RDSA	Exit	ROYAL DUTCH SHELL PLCspons adr a	$0	–	-17,200	–	-0.05%	–
LNG	Exit	CHENIERE ENERGY INC	$0	–	-18,000	–	-0.06%	–
NEBLQ	Exit	NOBLE CORP PLC	$0	–	-1,060,000	–	-0.07%	–
ADNT	Exit	ADIENT PLCcall	$0	–	-63,500	–	-0.08%	–
GSL	Exit	GLOBAL SHIP LEASE INC NEW	$0	–	-300,000	–	-0.12%	–
FEZ	Exit	SPDR INDEX SHS FDSput	$0	–	-95,000	–	-0.19%	–
CAH	Exit	CARDINAL HEALTH INCput	$0	–	-84,600	–	-0.22%	–
BTU	Exit	PEABODY ENERGY CORP NEW	$0	–	-336,134	–	-0.27%	–
RRD	Exit	DONNELLEY R R & SONS CO	$0	–	-1,395,000	–	-0.28%	–
LBYYQ	Exit	LIBBEY INC	$0	–	-1,601,046	–	-0.29%	–
AKRXQ	Exit	AKORN INCcall	$0	–	-1,500,000	–	-0.31%	–
AA	Exit	ALCOA CORP	$0	–	-309,000	–	-0.33%	–
TREC	Exit	TRECORA RES	$0	–	-690,013	–	-0.33%	–
GCVRZ	Exit	SANOFIright 12/31/2020	$0	–	-12,268,625	–	-0.37%	–
RIG	Exit	TRANSOCEAN LTD	$0	–	-1,694,550	–	-0.41%	–
UONEK	Exit	URBAN ONE INCcl d non vtg	$0	–	-3,943,221	–	-0.41%	–
CLNY	Exit	COLONY CAP INC NEW	$0	–	-1,283,000	–	-0.42%	–
DBD	Exit	DIEBOLD NXDF INC	$0	–	-738,000	–	-0.44%	–
FOE	Exit	FERRO CORP	$0	–	-875,500	–	-0.56%	–
CSTM	Exit	CONSTELLIUM SEcl a	$0	–	-949,823	–	-0.65%	–
AGO	Exit	ASSURED GUARANTY LTD	$0	–	-284,200	–	-0.68%	–
BCEI	Exit	BONANZA CREEK ENERGY INC	$0	–	-618,204	–	-0.74%	–
CCO	Exit	CLEAR CHANNEL OUTDOOR HLDGS	$0	–	-6,015,067	–	-0.81%	–
MPC	Exit	MARATHON PETE CORP	$0	–	-280,000	–	-0.91%	–
XOP	Exit	SPDR SERIES TRUSTcall	$0	–	-796,000	–	-0.96%	–
FRTA	Exit	FORTERRA INC	$0	–	-2,670,088	–	-1.04%	–
MPC	Exit	MARATHON PETE CORPcall	$0	–	-325,000	–	-1.06%	–
ADNT	Exit	ADIENT PLC	$0	–	-945,276	–	-1.17%	–
L100PS	Exit	ARCONIC INC	$0	–	-937,500	–	-1.31%	–
AMPY	Exit	AMPLIFY ENERGY CORP NEW	$0	–	-4,546,694	–	-1.51%	–
PCG	Exit	PG&E CORPcall	$0	–	-3,000,000	–	-1.61%	–
	Exit	MAGNACHIP SEMICONDUCTOR SAnote 5.000% 3/0	$0	–	-22,109,000	–	-1.64%	–
	Exit	LIBERTY MEDIA CORPdeb 4.000%11/1	$0	–	-43,388,000	–	-1.68%	–
XME	Exit	SPDR SERIES TRUSTcall	$0	–	-1,260,000	–	-1.72%	–
CMLS	Exit	CUMULUS MEDIA INC	$0	–	-2,366,939	–	-1.85%	–
MX	Exit	MAGNACHIP SEMICONDUCTOR CORP	$0	–	-3,644,435	–	-1.99%	–
IHRT	Exit	IHEARTMEDIA INC	$0	–	-2,794,554	–	-2.25%	–
VST	Exit	VISTRA ENERGY CORP	$0	–	-2,216,268	–	-3.18%	–
PKDC	Exit	PARKER DRILLING CO	$0	–	-3,285,330	–	-3.34%	–
GLD	Exit	SPDR GOLD TRUSTcall	$0	–	-600,000	–	-4.48%	–
	Exit	LIBERTY MEDIA CORPdeb 3.750% 2/1	$0	–	-174,281,000	–	-6.68%	–
IWM	Exit	ISHARES TRcall	$0	–	-875,100	–	-7.12%	–
SPY	Exit	SPDR S&P 500 ETF TRcall	$0	–	-1,386,200	–	-22.10%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-1,515,000	–	-24.15%	–

Q3 2019

			Value		Shares		↓ Weighting
SPY	Sell	SPDR S&P 500 ETF TRput	$449,607,000	-9.9%	1,515,000	-11.1%	24.15%	-2.7%
SPY	New	SPDR S&P 500 ETF TRcall	$411,383,000	–	1,386,200	–	22.10%	–
IWM	Sell	ISHARES TRcall	$132,438,000	-13.1%	875,100	-10.7%	7.12%	-6.1%
	Buy	LIBERTY MEDIA CORPdeb 3.750% 2/1	$124,315,000	+20.0%	174,281,000	+14.7%	6.68%	+29.7%
VST	Sell	VISTRA ENERGY CORP	$59,241,000	-7.6%	2,216,268	-21.7%	3.18%	-0.2%
IHRT	New	IHEARTMEDIA INC	$41,835,000	–	2,794,554	–	2.25%	–
MX	Sell	MAGNACHIP SEMICONDUCTOR CORP	$37,028,000	-2.2%	3,644,435	-0.4%	1.99%	+5.6%
XME	Buy	SPDR SERIES TRUSTcall	$32,067,000	+79.4%	1,260,000	+100.0%	1.72%	+93.8%
	Sell	LIBERTY MEDIA CORPdeb 4.000%11/1	$31,239,000	+1.4%	43,388,000	-1.2%	1.68%	+9.5%
	Sell	MAGNACHIP SEMICONDUCTOR SAnote 5.000% 3/0	$30,427,000	-0.3%	22,109,000	-1.3%	1.64%	+7.7%
PCG	New	PG&E CORPcall	$30,000,000	–	3,000,000	–	1.61%	–
AMPY	New	AMPLIFY ENERGY CORP NEW	$28,052,000	–	4,546,694	–	1.51%	–
ADNT	Sell	ADIENT PLC	$21,713,000	-6.0%	945,276	-0.6%	1.17%	+1.5%
MPC	New	MARATHON PETE CORPcall	$19,744,000	–	325,000	–	1.06%	–
FRTA	Sell	FORTERRA INC	$19,305,000	+41.6%	2,670,088	-2.7%	1.04%	+52.9%
XOP	Buy	SPDR SERIES TRUSTcall	$17,798,000	-13.1%	796,000	+5.9%	0.96%	-6.2%
MPC	Sell	MARATHON PETE CORP	$17,010,000	-37.8%	280,000	-42.8%	0.91%	-32.8%
CCO	Buy	CLEAR CHANNEL OUTDOOR HLDGS	$15,159,000	+6.7%	6,015,067	+99.9%	0.81%	+15.3%
CSTM	Sell	CONSTELLIUM SEcl a	$12,072,000	-24.3%	949,823	-40.2%	0.65%	-18.3%
FOE	Buy	FERRO CORP	$10,383,000	-6.8%	875,500	+24.2%	0.56%	+0.7%
DBD	Sell	DIEBOLD NXDF INC	$8,266,000	+0.3%	738,000	-18.0%	0.44%	+8.3%
CLNY	New	COLONY CAP INC NEW	$7,724,000	–	1,283,000	–	0.42%	–
AA	Sell	ALCOA CORP	$6,202,000	-68.6%	309,000	-63.4%	0.33%	-66.1%
AKRXQ	New	AKORN INCcall	$5,700,000	–	1,500,000	–	0.31%	–
LBYYQ	Sell	LIBBEY INC	$5,363,000	+19.6%	1,601,046	-33.6%	0.29%	+29.1%
RRD	Buy	DONNELLEY R R & SONS CO	$5,259,000	+98.2%	1,395,000	+3.6%	0.28%	+114.4%
BTU	Buy	PEABODY ENERGY CORP NEW	$4,948,000	-26.7%	336,134	+20.0%	0.27%	-20.8%
CAH	Buy	CARDINAL HEALTH INCput	$3,993,000	+5.3%	84,600	+5.1%	0.22%	+13.8%
GSL	New	GLOBAL SHIP LEASE INC NEW	$2,295,000	–	300,000	–	0.12%	–
NEBLQ	Sell	NOBLE CORP PLC	$1,346,000	-66.0%	1,060,000	-49.9%	0.07%	-63.5%
RDSA	New	ROYAL DUTCH SHELL PLCspons adr a	$1,012,000	–	17,200	–	0.05%	–
COMM	New	COMMSCOPE HLDG CO INC	$494,000	–	42,000	–	0.03%	–
VC	New	VISTEON CORPput	$413,000	–	5,000	–	0.02%	–
ASCMA	Exit	ASCENT CAP GROUP INC	$0	–	-343,000	–	-0.02%	–
QQQ	Exit	INVESCO QQQ TRput	$0	–	-15,000	–	-0.14%	–
DELL	Exit	DELL TECHNOLOGIES INCcl c	$0	–	-84,137	–	-0.21%	–
IWM	Exit	ISHARES TRput	$0	–	-100,000	–	-0.77%	–
ATI	Exit	ALLEGHENY TECHNOLOGIES INC	$0	–	-697,000	–	-0.87%	–
ESV	Exit	ENSCO ROWAN PLC	$0	–	-2,809,182	–	-1.19%	–
GE	Exit	GENERAL ELECTRIC COput	$0	–	-2,560,000	–	-1.34%	–
QQQ	Exit	INVESCO QQQ TRcall	$0	–	-185,000	–	-1.72%	–
CZR	Exit	CAESARS ENTMT CORPcall	$0	–	-3,800,000	–	-2.23%	–
XOP	Exit	SPDR SERIES TRUSTput	$0	–	-4,402,500	–	-5.97%	–
HYG	Exit	ISHARES TRput	$0	–	-3,750,000	–	-16.26%	–

Q2 2019

			Value		Shares		↓ Weighting
SPY	New	SPDR S&P 500 ETF TRput	$499,184,000	–	1,703,700	–	24.83%	–
HYG	New	ISHARES TRput	$326,925,000	–	3,750,000	–	16.26%	–
IWM	New	ISHARES TRcall	$152,390,000	–	980,000	–	7.58%	–
XOP	New	SPDR SERIES TRUSTput	$119,968,000	–	4,402,500	–	5.97%	–
	New	LIBERTY MEDIA CORPdeb 3.750% 2/1	$103,554,000	–	152,006,000	–	5.15%	–
GLD	New	SPDR GOLD TRUSTcall	$79,920,000	–	600,000	–	3.98%	–
PKDC	New	PARKER DRILLING CO	$66,626,000	–	3,285,330	–	3.31%	–
VST	New	VISTRA ENERGY CORP	$64,116,000	–	2,831,991	–	3.19%	–
CZR	New	CAESARS ENTMT CORPcall	$44,916,000	–	3,800,000	–	2.23%	–
CMLS	New	CUMULUS MEDIA INC	$43,907,000	–	2,366,939	–	2.18%	–
MX	New	MAGNACHIP SEMICONDUCTOR CORP	$37,860,000	–	3,657,935	–	1.88%	–
QQQ	New	INVESCO QQQ TRcall	$34,547,000	–	185,000	–	1.72%	–
	New	LIBERTY MEDIA CORPdeb 4.000%11/1	$30,794,000	–	43,913,000	–	1.53%	–
	New	MAGNACHIP SEMICONDUCTOR SAnote 5.000% 3/0	$30,520,000	–	22,400,000	–	1.52%	–
MPC	New	MARATHON PETE CORP	$27,361,000	–	489,650	–	1.36%	–
GE	New	GENERAL ELECTRIC COput	$26,880,000	–	2,560,000	–	1.34%	–
L100PS	New	ARCONIC INC	$24,206,000	–	937,500	–	1.20%	–
ESV	New	ENSCO ROWAN PLC	$23,963,000	–	2,809,182	–	1.19%	–
ADNT	New	ADIENT PLC	$23,090,000	–	951,397	–	1.15%	–
XOP	New	SPDR SERIES TRUSTcall	$20,492,000	–	752,000	–	1.02%	–
AA	New	ALCOA CORP	$19,749,000	–	843,625	–	0.98%	–
XME	New	SPDR SERIES TRUSTcall	$17,879,000	–	630,000	–	0.89%	–
ATI	New	ALLEGHENY TECHNOLOGIES INC	$17,564,000	–	697,000	–	0.87%	–
CSTM	New	CONSTELLIUM NVcl a	$15,954,000	–	1,589,000	–	0.79%	–
IWM	New	ISHARES TRput	$15,550,000	–	100,000	–	0.77%	–
CCO	New	CLEAR CHANNEL OUTDOOR HLDGS	$14,202,000	–	3,009,020	–	0.71%	–
FRTA	New	FORTERRA INC	$13,633,000	–	2,743,000	–	0.68%	–
BCEI	New	BONANZA CREEK ENERGY INC	$12,908,000	–	618,204	–	0.64%	–
AGO	New	ASSURED GUARANTY LTD	$11,959,000	–	284,200	–	0.60%	–
FOE	New	FERRO CORP	$11,139,000	–	705,000	–	0.55%	–
RIG	New	TRANSOCEAN LTD	$10,862,000	–	1,694,550	–	0.54%	–
DBD	New	DIEBOLD NXDF INC	$8,244,000	–	900,000	–	0.41%	–
UONEK	New	URBAN ONE INCcl d non vtg	$7,729,000	–	3,943,221	–	0.38%	–
BTU	New	PEABODY ENERGY CORP NEW	$6,751,000	–	280,134	–	0.34%	–
TREC	New	TRECORA RES	$6,603,000	–	690,013	–	0.33%	–
GCVRZ	New	SANOFIright 12/31/2020	$6,379,000	–	12,268,625	–	0.32%	–
LBYYQ	New	LIBBEY INC	$4,483,000	–	2,410,000	–	0.22%	–
DELL	New	DELL TECHNOLOGIES INCcl c	$4,274,000	–	84,137	–	0.21%	–
NEBLQ	New	NOBLE CORP PLC	$3,954,000	–	2,114,156	–	0.20%	–
CAH	New	CARDINAL HEALTH INCput	$3,791,000	–	80,500	–	0.19%	–
FEZ	New	SPDR INDEX SHS FDSput	$3,639,000	–	95,000	–	0.18%	–
QQQ	New	INVESCO QQQ TRput	$2,801,000	–	15,000	–	0.14%	–
RRD	New	DONNELLEY R R & SONS CO	$2,653,000	–	1,347,000	–	0.13%	–
ADNT	New	ADIENT PLCcall	$1,541,000	–	63,500	–	0.08%	–
LNG	New	CHENIERE ENERGY INC	$1,232,000	–	18,000	–	0.06%	–
IRS	New	IRSA INVERSIONES Y REP S Aglobl dep rcpt	$1,009,000	–	103,175	–	0.05%	–
SD	New	SANDRIDGE ENERGY INC	$799,000	–	115,550	–	0.04%	–
IRCP	New	IRSA PROPIEDADES COMERCIALESsponsored adr	$467,000	–	22,860	–	0.02%	–
ASCMA	New	ASCENT CAP GROUP INC	$370,000	–	343,000	–	0.02%	–
CNR	New	CORNERSTONE BLDG BRANDS INC	$352,000	–	60,300	–	0.02%	–
SGMS	New	SCIENTIFIC GAMES CORP	$347,000	–	17,500	–	0.02%	–
ESI	New	ELEMENT SOLUTIONS INC	$202,000	–	19,500	–	0.01%	–
VSTWSA	New	VISTRA ENERGY CORP*w exp 02/02/202	$57,000	–	29,389	–	0.00%	–

Q4 2018

			Value		Shares		↓ Weighting
VSTWSA	Exit	VISTRA ENERGY CORP*w exp 02/02/202	$0	–	-30,849	–	-0.00%	–
UPLCQ	Exit	ULTRA PETROLEUM CORP	$0	–	-96,018	–	-0.01%	–
PENN	Exit	PENN NATL GAMING INC	$0	–	-10,500	–	-0.02%	–
GNW	Exit	GENWORTH FINL INC	$0	–	-100,000	–	-0.02%	–
IRCP	Exit	IRSA PROPIEDADES COMERCIALESsponsored adr	$0	–	-20,000	–	-0.03%	–
CLR	Exit	CONTINENTAL RESOURCES INCput	$0	–	-12,000	–	-0.05%	–
TPB	Exit	TURNING PT BRANDS INC	$0	–	-30,591	–	-0.07%	–
SD	Exit	SANDRIDGE ENERGY INC	$0	–	-124,316	–	-0.08%	–
IRS	Exit	IRSA INVERSIONES Y REP S Aglobl dep rcpt	$0	–	-103,175	–	-0.10%	–
ASCMA	Exit	ASCENT CAP GROUP INC	$0	–	-1,153,000	–	-0.12%	–
DBD	Exit	DIEBOLD NXDF INC	$0	–	-500,000	–	-0.13%	–
HYG	Exit	ISHARES TRiboxx hi yd etf	$0	–	-27,000	–	-0.14%	–
PKDSQ	Exit	PARKER DRILLING CO	$0	–	-849,292	–	-0.15%	–
QQQ	Exit	INVESCO QQQ TRcall	$0	–	-15,000	–	-0.16%	–
CSIQ	Exit	CANADIAN SOLAR INC	$0	–	-228,000	–	-0.19%	–
WINMQ	Exit	WINDSTREAM HLDGS INC	$0	–	-792,819	–	-0.23%	–
GCVRZ	Exit	SANOFIright 12/31/2020	$0	–	-12,268,625	–	-0.38%	–
CZR	Exit	CAESARS ENTMT CORP	$0	–	-660,000	–	-0.40%	–
TREC	Exit	TRECORA RES	$0	–	-514,973	–	-0.42%	–
MTG	Exit	MGIC INVT CORP WIS	$0	–	-570,000	–	-0.44%	–
UONEK	Exit	URBAN ONE INCcl d non vtg	$0	–	-3,943,221	–	-0.46%	–
RRD	Exit	DONNELLEY R R & SONS CO	$0	–	-1,501,364	–	-0.47%	–
RDN	Exit	RADIAN GROUP INC	$0	–	-410,000	–	-0.50%	–
PAH	Exit	PLATFORM SPECIALTY PRODS COR	$0	–	-760,800	–	-0.55%	–
FRTA	Exit	FORTERRA INC	$0	–	-1,340,000	–	-0.58%	–
ESV	Exit	ENSCO PLC	$0	–	-1,302,113	–	-0.64%	–
NWL	Exit	NEWELL BRANDS INCcall	$0	–	-544,000	–	-0.64%	–
FOE	Exit	FERRO CORP	$0	–	-542,750	–	-0.74%	–
SBGI	Exit	SINCLAIR BROADCAST GROUP INCcl a	$0	–	-445,000	–	-0.74%	–
AGO	Exit	ASSURED GUARANTY LTD	$0	–	-311,700	–	-0.77%	–
LBYYQ	Exit	LIBBEY INC	$0	–	-1,511,296	–	-0.77%	–
ATI	Exit	ALLEGHENY TECHNOLOGIES INC	$0	–	-472,500	–	-0.82%	–
CSTM	Exit	CONSTELLIUM NVcl a	$0	–	-1,148,500	–	-0.83%	–
BCEI	Exit	BONANZA CREEK ENERGY INC	$0	–	-491,514	–	-0.86%	–
RRC	Exit	RANGE RES CORP	$0	–	-877,500	–	-0.87%	–
	Exit	ALLEGHENY TECHNOLOGIES INCnote 4.750% 7/0	$0	–	-7,500,000	–	-0.96%	–
TRGP	Exit	TARGA RES CORP	$0	–	-300,047	–	-0.99%	–
THC	Exit	TENET HEALTHCARE CORP	$0	–	-606,300	–	-1.01%	–
RDC	Exit	ROWAN COMPANIES PLC	$0	–	-1,133,320	–	-1.25%	–
HKRSQ	Exit	HALCON RES CORP	$0	–	-5,019,470	–	-1.31%	–
BTU	Exit	PEABODY ENERGY CORP NEW	$0	–	-698,799	–	-1.46%	–
LNG	Exit	CHENIERE ENERGY INC	$0	–	-368,800	–	-1.50%	–
TSLA	Exit	TESLA INCput	$0	–	-100,000	–	-1.55%	–
AA	Exit	ALCOA CORP	$0	–	-662,600	–	-1.56%	–
	Exit	LIBERTY MEDIA CORPdeb 4.000%11/1	$0	–	-42,298,000	–	-1.70%	–
KR	Exit	KROGER COcall	$0	–	-1,000,000	–	-1.70%	–
	Exit	MAGNACHIP SEMICONDUCTOR SAnote 5.000% 3/0	$0	–	-22,400,000	–	-1.76%	–
MX	Exit	MAGNACHIP SEMICONDUCTOR CORP	$0	–	-3,096,935	–	-1.79%	–
MPC	Exit	MARATHON PETE CORP	$0	–	-391,650	–	-1.83%	–
DVMT	Exit	DELL TECHNOLOGIES INC	$0	–	-358,200	–	-2.03%	–
CMLS	Exit	CUMULUS MEDIA INC	$0	–	-2,126,359	–	-2.11%	–
L100PS	Exit	ARCONIC INC	$0	–	-1,783,500	–	-2.29%	–
NRG	Exit	NRG ENERGY INC	$0	–	-1,194,536	–	-2.61%	–
QQQ	Exit	INVESCO QQQ TRput	$0	–	-456,300	–	-4.95%	–
	Exit	LIBERTY MEDIA CORPdeb 3.750% 2/1	$0	–	-129,810,000	–	-5.16%	–
XME	Exit	SPDR SERIES TRUSTput	$0	–	-3,000,000	–	-5.99%	–
XOP	Exit	SPDR SERIES TRUSTput	$0	–	-3,000,000	–	-7.59%	–
VST	Exit	VISTRA ENERGY CORP	$0	–	-5,321,125	–	-7.73%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-1,520,000	–	-25.81%	–

Q3 2018

			Value		Shares		↓ Weighting
SPY	Sell	SPDR S&P 500 ETF TRput	$441,894,000	+0.6%	1,520,000	-6.2%	25.81%	-11.8%
VST	Sell	VISTRA ENERGY CORP	$132,390,000	+2.9%	5,321,125	-2.1%	7.73%	-9.7%
XOP	New	SPDR SERIES TRUSTput	$129,870,000	–	3,000,000	–	7.59%	–
XME	New	SPDR SERIES TRUSTput	$102,480,000	–	3,000,000	–	5.99%	–
	Sell	LIBERTY MEDIA CORPdeb 3.750% 2/1	$88,271,000	-7.3%	129,810,000	-5.6%	5.16%	-18.6%
QQQ	New	INVESCO QQQ TRput	$84,776,000	–	456,300	–	4.95%	–
NRG	Sell	NRG ENERGY INC	$44,676,000	+11.3%	1,194,536	-8.7%	2.61%	-2.4%
L100PS	Sell	ARCONIC INC	$39,254,000	+20.0%	1,783,500	-7.3%	2.29%	+5.3%
CMLS	New	CUMULUS MEDIA INC	$36,190,000	–	2,126,359	–	2.11%	–
DVMT	Sell	DELL TECHNOLOGIES INC	$34,788,000	-1.0%	358,200	-13.8%	2.03%	-13.1%
MPC	Buy	MARATHON PETE CORP	$31,320,000	+71.7%	391,650	+50.6%	1.83%	+50.7%
MX	Buy	MAGNACHIP SEMICONDUCTOR CORP	$30,659,000	+1.2%	3,096,935	+4.8%	1.79%	-11.2%
	Sell	LIBERTY MEDIA CORPdeb 4.000%11/1	$29,080,000	-21.5%	42,298,000	-19.8%	1.70%	-31.1%
AA	New	ALCOA CORP	$26,769,000	–	662,600	–	1.56%	–
TSLA	Buy	TESLA INCput	$26,477,000	+493.9%	100,000	+669.2%	1.55%	+420.9%
HKRSQ	Buy	HALCON RES CORP	$22,437,000	+14.5%	5,019,470	+12.4%	1.31%	+0.5%
RDC	Buy	ROWAN COMPANIES PLC	$21,341,000	+151.1%	1,133,320	+116.3%	1.25%	+120.3%
RRC	Buy	RANGE RES CORP	$14,909,000	+5.1%	877,500	+3.5%	0.87%	-7.7%
BCEI	Sell	BONANZA CREEK ENERGY INC	$14,637,000	-26.1%	491,514	-6.0%	0.86%	-35.1%
ATI	Buy	ALLEGHENY TECHNOLOGIES INC	$13,962,000	+20.2%	472,500	+2.2%	0.82%	+5.6%
LBYYQ	Sell	LIBBEY INC	$13,224,000	+1.6%	1,511,296	-5.6%	0.77%	-10.9%
SBGI	Sell	SINCLAIR BROADCAST GROUP INCcl a	$12,615,000	-54.7%	445,000	-48.6%	0.74%	-60.2%
FOE	Buy	FERRO CORP	$12,602,000	+12.2%	542,750	+0.7%	0.74%	-1.6%
NWL	New	NEWELL BRANDS INCcall	$11,043,000	–	544,000	–	0.64%	–
ESV	Sell	ENSCO PLC	$10,990,000	-18.7%	1,302,113	-30.1%	0.64%	-28.7%
FRTA	Buy	FORTERRA INC	$9,997,000	+5.7%	1,340,000	+37.9%	0.58%	-7.2%
PAH	Sell	PLATFORM SPECIALTY PRODS COR	$9,487,000	-77.8%	760,800	-79.3%	0.55%	-80.5%
RDN	New	RADIAN GROUP INC	$8,474,000	–	410,000	–	0.50%	–
RRD	New	DONNELLEY R R & SONS CO	$8,107,000	–	1,501,364	–	0.47%	–
MTG	New	MGIC INVT CORP WIS	$7,586,000	–	570,000	–	0.44%	–
TREC	Sell	TRECORA RES	$7,210,000	-10.5%	514,973	-5.0%	0.42%	-21.5%
CZR	Buy	CAESARS ENTMT CORP	$6,765,000	+4.3%	660,000	+8.9%	0.40%	-8.6%
WINMQ	New	WINDSTREAM HLDGS INC	$3,885,000	–	792,819	–	0.23%	–
CSIQ	New	CANADIAN SOLAR INC	$3,306,000	–	228,000	–	0.19%	–
PKDSQ	New	PARKER DRILLING CO	$2,531,000	–	849,292	–	0.15%	–
HYG	New	ISHARES TRiboxx hi yd etf	$2,334,000	–	27,000	–	0.14%	–
DBD	New	DIEBOLD NXDF INC	$2,250,000	–	500,000	–	0.13%	–
ASCMA	Buy	ASCENT CAP GROUP INC	$2,041,000	-19.6%	1,153,000	+27.7%	0.12%	-29.6%
IRS	Buy	IRSA INVERSIONES Y REP S Aglobl dep rcpt	$1,749,000	+228.8%	103,175	+235.0%	0.10%	+191.4%
TPB	Sell	TURNING PT BRANDS INC	$1,268,000	-41.7%	30,591	-55.1%	0.07%	-49.0%
CLR	New	CONTINENTAL RESOURCES INCput	$819,000	–	12,000	–	0.05%	–
IRCP	New	IRSA PROPIEDADES COMERCIALESsponsored adr	$478,000	–	20,000	–	0.03%	–
VSTWSA	Sell	VISTRA ENERGY CORP*w exp 02/02/202	$45,000	0.0%	30,849	-16.5%	0.00%	0.0%
XRM	Exit	XERIUM TECHNOLOGIES INC	$0	–	-28,750	–	-0.02%	–
LXU	Exit	LSB INDS INC	$0	–	-74,000	–	-0.03%	–
AMD	Exit	ADVANCED MICRO DEVICES INC	$0	–	-43,700	–	-0.04%	–
L100PS	Exit	ARCONIC INCcall	$0	–	-97,000	–	-0.11%	–
	Exit	ASCENT CAP GROUP INCnote 4.000% 7/1	$0	–	-4,305,000	–	-0.17%	–
SNECQ	Exit	SANCHEZ ENERGY CORP	$0	–	-814,378	–	-0.24%	–
	Exit	CAESARS ENTMT CORPnote 5.000%10/0	$0	–	-2,554,194	–	-0.29%	–
PKD	Exit	PARKER DRILLING CO	$0	–	-12,739,400	–	-0.32%	–
OCLR	Exit	OCLARO INC	$0	–	-994,000	–	-0.59%	–
AMD	Exit	ADVANCED MICRO DEVICES INCcall	$0	–	-2,000,000	–	-2.00%	–
KND	Exit	KINDRED HEALTHCARE INC	$0	–	-6,891,602	–	-4.13%	–
IWM	Exit	ISHARES TRput	$0	–	-625,000	–	-6.81%	–

Q2 2018

			Value		Shares		↓ Weighting
SPY	New	SPDR S&P 500 ETF TRput	$439,474,000	–	1,620,000	–	29.25%	–
VST	New	VISTRA ENERGY CORP	$128,615,000	–	5,435,990	–	8.56%	–
IWM	New	ISHARES TRput	$102,356,000	–	625,000	–	6.81%	–
	New	LIBERTY MEDIA CORPdeb 3.750% 2/1	$95,223,000	–	137,505,000	–	6.34%	–
KND	New	KINDRED HEALTHCARE INC	$62,024,000	–	6,891,602	–	4.13%	–
PAH	New	PLATFORM SPECIALTY PRODS COR	$42,732,000	–	3,683,800	–	2.84%	–
NRG	New	NRG ENERGY INC	$40,157,000	–	1,308,036	–	2.67%	–
	New	LIBERTY MEDIA CORPdeb 4.000%11/1	$37,050,000	–	52,733,000	–	2.47%	–
DVMT	New	DELL TECHNOLOGIES INC	$35,129,000	–	415,333	–	2.34%	–
L100PS	New	ARCONIC INC	$32,717,000	–	1,923,400	–	2.18%	–
BTU	New	PEABODY ENERGY CORP NEW	$31,781,000	–	698,799	–	2.12%	–
	New	MAGNACHIP SEMICONDUCTOR SAnote 5.000% 3/0	$31,137,000	–	22,400,000	–	2.07%	–
MX	New	MAGNACHIP SEMICONDUCTOR CORP	$30,296,000	–	2,955,706	–	2.02%	–
AMD	New	ADVANCED MICRO DEVICES INCcall	$29,980,000	–	2,000,000	–	2.00%	–
KR	New	KROGER COcall	$28,450,000	–	1,000,000	–	1.89%	–
SBGI	New	SINCLAIR BROADCAST GROUP INCcl a	$27,850,000	–	866,250	–	1.85%	–
LNG	New	CHENIERE ENERGY INC	$24,042,000	–	368,800	–	1.60%	–
THC	New	TENET HEALTHCARE CORP	$20,353,000	–	606,300	–	1.36%	–
BCEI	New	BONANZA CREEK ENERGY INC	$19,805,000	–	522,971	–	1.32%	–
HKRSQ	New	HALCON RES CORP	$19,599,000	–	4,464,470	–	1.30%	–
MPC	New	MARATHON PETE CORP	$18,242,000	–	260,000	–	1.21%	–
TRGP	New	TARGA RES CORP	$14,849,000	–	300,047	–	0.99%	–
	New	ALLEGHENY TECHNOLOGIES INCnote 4.750% 7/0	$14,194,000	–	7,500,000	–	0.94%	–
RRC	New	RANGE RES CORP	$14,179,000	–	847,500	–	0.94%	–
ESV	New	ENSCO PLC	$13,518,000	–	1,862,000	–	0.90%	–
LBYYQ	New	LIBBEY INC	$13,018,000	–	1,601,296	–	0.87%	–
CSTM	New	CONSTELLIUM NVcl a	$11,830,000	–	1,148,500	–	0.79%	–
ATI	New	ALLEGHENY TECHNOLOGIES INC	$11,618,000	–	462,500	–	0.77%	–
FOE	New	FERRO CORP	$11,233,000	–	538,750	–	0.75%	–
AGO	New	ASSURED GUARANTY LTD	$11,137,000	–	311,700	–	0.74%	–
FRTA	New	FORTERRA INC	$9,457,000	–	971,976	–	0.63%	–
OCLR	New	OCLARO INC	$8,876,000	–	994,000	–	0.59%	–
RDC	New	ROWAN COMPANIES PLC	$8,499,000	–	524,000	–	0.57%	–
UONEK	New	URBAN ONE INCcl d non vtg	$8,281,000	–	3,943,221	–	0.55%	–
TREC	New	TRECORA RES	$8,054,000	–	542,357	–	0.54%	–
CZR	New	CAESARS ENTMT CORP	$6,484,000	–	606,000	–	0.43%	–
GCVRZ	New	SANOFIright 12/31/2020	$6,134,000	–	12,268,625	–	0.41%	–
PKD	New	PARKER DRILLING CO	$4,841,000	–	12,739,400	–	0.32%	–
TSLA	New	TESLA INCput	$4,458,000	–	13,000	–	0.30%	–
	New	CAESARS ENTMT CORPnote 5.000%10/0	$4,396,000	–	2,554,194	–	0.29%	–
SNECQ	New	SANCHEZ ENERGY CORP	$3,681,000	–	814,378	–	0.24%	–
QQQ	New	INVESCO QQQ TRcall	$2,575,000	–	15,000	–	0.17%	–
ASCMA	New	ASCENT CAP GROUP INC	$2,538,000	–	903,000	–	0.17%	–
	New	ASCENT CAP GROUP INCnote 4.000% 7/1	$2,508,000	–	4,305,000	–	0.17%	–
SD	New	SANDRIDGE ENERGY INC	$2,205,000	–	124,316	–	0.15%	–
TPB	New	TURNING PT BRANDS INC	$2,175,000	–	68,191	–	0.14%	–
L100PS	New	ARCONIC INCcall	$1,650,000	–	97,000	–	0.11%	–
AMD	New	ADVANCED MICRO DEVICES INC	$655,000	–	43,700	–	0.04%	–
IRS	New	IRSA INVERSIONES Y REP S Aglobl dep rcpt	$532,000	–	30,798	–	0.04%	–
GNW	New	GENWORTH FINL INC	$450,000	–	100,000	–	0.03%	–
LXU	New	LSB INDS INC	$392,000	–	74,000	–	0.03%	–
XRM	New	XERIUM TECHNOLOGIES INC	$381,000	–	28,750	–	0.02%	–
PENN	New	PENN NATL GAMING INC	$353,000	–	10,500	–	0.02%	–
UPLCQ	New	ULTRA PETROLEUM CORP	$222,000	–	96,018	–	0.02%	–
VSTWSA	New	VISTRA ENERGY CORP*w exp 02/02/202	$45,000	–	36,934	–	0.00%	–

Q4 2017

			Value		Shares		↓ Weighting
DYNWSA	Exit	DYNEGY INC NEW DEL*w exp 02/02/202	$0	–	-36,934	–	-0.00%	–
BONTQ	Exit	BON-TON STORES INC	$0	–	-1,499,389	–	-0.05%	–
CVOVQ	Exit	CENVEO INC	$0	–	-471,968	–	-0.13%	–
CYH	Exit	COMMUNITY HEALTH SYS INC NEW	$0	–	-225,000	–	-0.14%	–
KND	Exit	KINDRED HEALTHCARE INC	$0	–	-253,100	–	-0.14%	–
BBX	Exit	BBX CAP CORP NEWcl a	$0	–	-258,684	–	-0.16%	–
FRTA	Exit	FORTERRA INC	$0	–	-450,000	–	-0.16%	–
TREC	Exit	TRECORA RES	$0	–	-155,000	–	-0.17%	–
SD	Exit	SANDRIDGE ENERGY INC	$0	–	-126,325	–	-0.21%	–
CZR	Exit	CAESARS ENTMT CORP	$0	–	-200,000	–	-0.22%	–
RDC	Exit	ROWAN COMPANIES PLC	$0	–	-271,000	–	-0.28%	–
DVMT	Exit	DELL TECHNOLOGIES INC	$0	–	-54,000	–	-0.34%	–
	Exit	ASCENT CAP GROUP INCnote 4.000% 7/1	$0	–	-5,340,000	–	-0.34%	–
VRX	Exit	VALEANT PHARMACEUTICALS INTL	$0	–	-300,000	–	-0.35%	–
GCVRZ	Exit	SANOFIright 12/31/2020	$0	–	-12,268,625	–	-0.36%	–
TPB	Exit	TURNING PT BRANDS INC	$0	–	-291,046	–	-0.40%	–
ATI	Exit	ALLEGHENY TECHNOLOGIES INC	$0	–	-240,000	–	-0.47%	–
UONEK	Exit	URBAN ONE INCcl d non vtg	$0	–	-3,943,221	–	-0.53%	–
ORIG	Exit	OCEAN RIG UDW INC	$0	–	-354,195	–	-0.68%	–
OCLR	Exit	OCLARO INCcall	$0	–	-1,000,000	–	-0.70%	–
OCLR	Exit	OCLARO INCput	$0	–	-1,000,000	–	-0.70%	–
OCLR	Exit	OCLARO INC	$0	–	-1,000,000	–	-0.70%	–
SNECQ	Exit	SANCHEZ ENERGY CORP	$0	–	-1,820,000	–	-0.71%	–
CSRA	Exit	CSRA INC	$0	–	-280,000	–	-0.73%	–
CRCQQ	Exit	CALIFORNIA RES CORP	$0	–	-875,000	–	-0.74%	–
LBYYQ	Exit	LIBBEY INC	$0	–	-990,000	–	-0.74%	–
KR	Exit	KROGER CO	$0	–	-470,000	–	-0.76%	–
BTU	Exit	PEABODY ENERGY CORP NEW	$0	–	-328,537	–	-0.77%	–
ESV	Exit	ENSCO PLC	$0	–	-1,824,000	–	-0.88%	–
PKD	Exit	PARKER DRILLING CO	$0	–	-10,010,000	–	-0.89%	–
IGT	Exit	INTERNATIONAL GAME TECHNOLOG	$0	–	-450,000	–	-0.90%	–
HTZGQ	Exit	HERTZ GLOBAL HLDGS INCcall	$0	–	-500,000	–	-0.91%	–
FOE	Exit	FERRO CORP	$0	–	-525,000	–	-0.95%	–
ASCMA	Exit	ASCENT CAP GROUP INC	$0	–	-903,000	–	-0.96%	–
SEMG	Exit	SEMGROUP CORPcl a	$0	–	-430,000	–	-1.00%	–
COTY	Exit	COTY INCput	$0	–	-750,000	–	-1.01%	–
SBGI	Exit	SINCLAIR BROADCAST GROUP INCcl a	$0	–	-400,000	–	-1.04%	–
HAS	Exit	HASBRO INCput	$0	–	-135,000	–	-1.07%	–
	Exit	ALLEGHENY TECHNOLOGIES INCnote 4.750% 7/0	$0	–	-7,500,000	–	-1.10%	–
SGMS	Exit	SCIENTIFIC GAMES CORPput	$0	–	-300,000	–	-1.12%	–
BCEI	Exit	BONANZA CREEK ENERGY INC	$0	–	-420,357	–	-1.13%	–
CSTM	Exit	CONSTELLIUM NVcl a	$0	–	-1,392,500	–	-1.16%	–
SEM	Exit	SELECT MED HLDGS CORP	$0	–	-800,000	–	-1.25%	–
HYG	Exit	ISHARES TRiboxx hi yd etf	$0	–	-194,000	–	-1.40%	–
BTUPR	Exit	PEABODY ENERGY CORP NEW8.5% pfd conv a	$0	–	-335,926	–	-1.54%	–
RRC	Exit	RANGE RES CORP	$0	–	-1,000,000	–	-1.59%	–
VXX	Exit	BARCLAYS BK PLCcall	$0	–	-500,000	–	-1.59%	–
PAH	Exit	PLATFORM SPECIALTY PRODS COR	$0	–	-1,759,800	–	-1.59%	–
THC	Exit	TENET HEALTHCARE CORP	$0	–	-1,350,000	–	-1.80%	–
UPLCQ	Exit	ULTRA PETROLEUM CORP	$0	–	-2,606,351	–	-1.83%	–
HKRSQ	Exit	HALCON RES CORP	$0	–	-3,585,000	–	-1.98%	–
L100PS	Exit	ARCONIC INC	$0	–	-1,142,000	–	-2.31%	–
NRG	Exit	NRG ENERGY INC	$0	–	-1,292,735	–	-2.68%	–
MX	Exit	MAGNACHIP SEMICONDUCTOR CORP	$0	–	-3,130,000	–	-2.88%	–
	Exit	LIBERTY MEDIA CORPdeb 4.000%11/1	$0	–	-55,522,000	–	-3.20%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-292,000	–	-5.95%	–
IWM	Exit	ISHARES TRput	$0	–	-600,000	–	-7.22%	–
	Exit	LIBERTY MEDIA CORPdeb 3.750% 2/1	$0	–	-166,720,000	–	-9.52%	–
VST	Exit	VISTRA ENERGY CORP	$0	–	-17,044,456	–	-25.85%	–

Q3 2017

			Value		Shares		↓ Weighting
VST	Sell	VISTRA ENERGY CORP	$318,560,000	+6.2%	17,044,456	-4.6%	25.85%	+4.0%
	Buy	LIBERTY MEDIA CORPdeb 3.750% 2/1	$117,329,000	+30.3%	166,720,000	+23.1%	9.52%	+27.6%
IWM	Sell	ISHARES TRput	$88,908,000	-59.3%	600,000	-61.3%	7.22%	-60.2%
SPY	Buy	SPDR S&P 500 ETF TRput	$73,359,000	+50.6%	292,000	+44.9%	5.95%	+47.4%
	Sell	LIBERTY MEDIA CORPdeb 4.000%11/1	$39,490,000	+2.9%	55,522,000	-3.4%	3.20%	+0.8%
NRG	Buy	NRG ENERGY INC	$33,081,000	+140.1%	1,292,735	+61.6%	2.68%	+135.1%
L100PS	Buy	ARCONIC INC	$28,413,000	+26.8%	1,142,000	+15.5%	2.31%	+24.2%
HKRSQ	Sell	HALCON RES CORP	$24,378,000	+10.6%	3,585,000	-26.2%	1.98%	+8.3%
UPLCQ	Buy	ULTRA PETROLEUM CORP	$22,597,000	-10.1%	2,606,351	+12.5%	1.83%	-12.0%
THC	Buy	TENET HEALTHCARE CORP	$22,181,000	+9.6%	1,350,000	+29.0%	1.80%	+7.3%
PAH	Buy	PLATFORM SPECIALTY PRODS COR	$19,622,000	+47.4%	1,759,800	+67.6%	1.59%	+44.3%
VXX	New	BARCLAYS BK PLCcall	$19,595,000	–	500,000	–	1.59%	–
RRC	Buy	RANGE RES CORP	$19,570,000	-9.2%	1,000,000	+7.5%	1.59%	-11.1%
BTUPR	New	PEABODY ENERGY CORP NEW8.5% pfd conv a	$18,980,000	–	335,926	–	1.54%	–
HYG	Buy	ISHARES TRiboxx hi yd etf	$17,219,000	+412.6%	194,000	+410.5%	1.40%	+402.5%
SEM	Sell	SELECT MED HLDGS CORP	$15,360,000	-23.7%	800,000	-39.0%	1.25%	-25.3%
CSTM	Sell	CONSTELLIUM NVcl a	$14,273,000	+37.9%	1,392,500	-7.2%	1.16%	+35.0%
BCEI	Buy	BONANZA CREEK ENERGY INC	$13,868,000	+26.7%	420,357	+21.8%	1.13%	+24.1%
HAS	New	HASBRO INCput	$13,185,000	–	135,000	–	1.07%	–
SBGI	Buy	SINCLAIR BROADCAST GROUP INCcl a	$12,820,000	+159.8%	400,000	+166.7%	1.04%	+154.3%
SEMG	Sell	SEMGROUP CORPcl a	$12,363,000	-30.7%	430,000	-34.9%	1.00%	-32.2%
ASCMA	Buy	ASCENT CAP GROUP INC	$11,775,000	-10.5%	903,000	+5.5%	0.96%	-12.3%
FOE	Buy	FERRO CORP	$11,708,000	+91.1%	525,000	+56.7%	0.95%	+87.0%
HTZGQ	New	HERTZ GLOBAL HLDGS INCcall	$11,180,000	–	500,000	–	0.91%	–
IGT	New	INTERNATIONAL GAME TECHNOLOG	$11,048,000	–	450,000	–	0.90%	–
PKD	Buy	PARKER DRILLING CO	$11,011,000	-7.5%	10,010,000	+13.5%	0.89%	-9.4%
ESV	New	ENSCO PLC	$10,889,000	–	1,824,000	–	0.88%	–
BTU	Sell	PEABODY ENERGY CORP NEW	$9,531,000	-71.8%	328,537	-76.2%	0.77%	-72.4%
KR	New	KROGER CO	$9,428,000	–	470,000	–	0.76%	–
LBYYQ	New	LIBBEY INC	$9,167,000	–	990,000	–	0.74%	–
CRCQQ	Sell	CALIFORNIA RES CORP	$9,153,000	+4.4%	875,000	-14.6%	0.74%	+2.3%
SNECQ	Buy	SANCHEZ ENERGY CORP	$8,772,000	-25.3%	1,820,000	+11.3%	0.71%	-26.8%
OCLR	Sell	OCLARO INC	$8,630,000	-38.4%	1,000,000	-33.3%	0.70%	-39.7%
OCLR	New	OCLARO INCcall	$8,630,000	–	1,000,000	–	0.70%	–
OCLR	New	OCLARO INCput	$8,630,000	–	1,000,000	–	0.70%	–
ORIG	New	OCEAN RIG UDW INC	$8,419,000	–	354,195	–	0.68%	–
UONEK	Buy	URBAN ONE INCcl d non vtg	$6,506,000	-24.8%	3,943,221	+2.6%	0.53%	-26.4%
ATI	Sell	ALLEGHENY TECHNOLOGIES INC	$5,736,000	-0.8%	240,000	-29.4%	0.47%	-2.7%
TPB	Buy	TURNING PT BRANDS INC	$4,948,000	+16.1%	291,046	+4.8%	0.40%	+13.9%
RDC	Buy	ROWAN COMPANIES PLC	$3,482,000	+51.1%	271,000	+20.4%	0.28%	+48.2%
FRTA	New	FORTERRA INC	$2,025,000	–	450,000	–	0.16%	–
BBX	New	BBX CAP CORP NEWcl a	$1,907,000	–	258,684	–	0.16%	–
KND	Buy	KINDRED HEALTHCARE INC	$1,721,000	+25.2%	253,100	+114.5%	0.14%	+22.8%
CVOVQ	Sell	CENVEO INC	$1,628,000	-44.3%	471,968	-1.7%	0.13%	-45.5%
BONTQ	Sell	BON-TON STORES INC	$645,000	-14.5%	1,499,389	-13.0%	0.05%	-16.1%
DYNWSA	Sell	DYNEGY INC NEW DEL*w exp 02/02/202	$9,000	+28.6%	36,934	-6.8%	0.00%	0.0%
SNECQ	Exit	SANCHEZ ENERGY CORPcall	$0	–	-600,000	–	-0.36%	–
SGMS	Exit	SCIENTIFIC GAMES CORPcl a	$0	–	-300,000	–	-0.65%	–
OEC	Exit	ORION ENGINEERED CARBONS S A	$0	–	-475,000	–	-0.78%	–
SWN	Exit	SOUTHWESTERN ENERGY CO	$0	–	-1,866,781	–	-0.94%	–
VXX	Exit	BARCLAYS BK PLCcall	$0	–	-1,000,000	–	-1.06%	–
DYN	Exit	DYNEGY INC NEW DEL	$0	–	-1,722,800	–	-1.18%	–
GT	Exit	GOODYEAR TIRE & RUBR COput	$0	–	-600,000	–	-1.74%	–

Q2 2017

			Value		Shares		↓ Weighting
VST	New	VISTRA ENERGY CORP	$300,039,000	–	17,870,105	–	24.87%	–
IWM	New	ISHARES TRput	$218,525,000	–	1,550,700	–	18.11%	–
	New	LIBERTY MEDIA CORPdeb 3.750% 2/1	$90,041,000	–	135,400,000	–	7.46%	–
SPY	New	SPDR S&P 500 ETF TRput	$48,723,000	–	201,500	–	4.04%	–
	New	LIBERTY MEDIA CORPdeb 4.000%11/1	$38,379,000	–	57,497,000	–	3.18%	–
BTU	New	PEABODY ENERGY CORP NEW	$33,809,000	–	1,382,775	–	2.80%	–
MX	New	MAGNACHIP SEMICONDUCTOR CORP	$30,674,000	–	3,130,000	–	2.54%	–
UPLCQ	New	ULTRA PETROLEUM CORP	$25,133,000	–	2,316,351	–	2.08%	–
L100PS	New	ARCONIC INC	$22,401,000	–	989,000	–	1.86%	–
HKRSQ	New	HALCON RES CORP	$22,042,000	–	4,855,000	–	1.83%	–
RRC	New	RANGE RES CORP	$21,548,000	–	930,000	–	1.79%	–
GT	New	GOODYEAR TIRE & RUBR COput	$20,976,000	–	600,000	–	1.74%	–
THC	New	TENET HEALTHCARE CORP	$20,240,000	–	1,046,525	–	1.68%	–
SEM	New	SELECT MED HLDGS CORP	$20,131,000	–	1,311,468	–	1.67%	–
SEMG	New	SEMGROUP CORPcl a	$17,847,000	–	661,000	–	1.48%	–
DYN	New	DYNEGY INC NEW DEL	$14,247,000	–	1,722,800	–	1.18%	–
COTY	New	COTY INCput	$14,070,000	–	750,000	–	1.17%	–
OCLR	New	OCLARO INC	$14,010,000	–	1,500,000	–	1.16%	–
NRG	New	NRG ENERGY INC	$13,776,000	–	800,000	–	1.14%	–
PAH	New	PLATFORM SPECIALTY PRODS COR	$13,314,000	–	1,050,000	–	1.10%	–
ASCMA	New	ASCENT CAP GROUP INC	$13,152,000	–	856,310	–	1.09%	–
VXX	New	BARCLAYS BK PLCcall	$12,760,000	–	1,000,000	–	1.06%	–
PKD	New	PARKER DRILLING CO	$11,909,000	–	8,821,250	–	0.99%	–
SNECQ	New	SANCHEZ ENERGY CORP	$11,739,000	–	1,635,000	–	0.97%	–
SWN	New	SOUTHWESTERN ENERGY CO	$11,350,000	–	1,866,781	–	0.94%	–
BCEI	New	BONANZA CREEK ENERGY INC	$10,946,000	–	345,191	–	0.91%	–
	New	ALLEGHENY TECHNOLOGIES INCnote 4.750% 7/0	$10,722,000	–	7,500,000	–	0.89%	–
CSTM	New	CONSTELLIUM NVcl a	$10,350,000	–	1,500,000	–	0.86%	–
OEC	New	ORION ENGINEERED CARBONS S A	$9,476,000	–	475,000	–	0.78%	–
CSRA	New	CSRA INC	$8,890,000	–	280,000	–	0.74%	–
CRCQQ	New	CALIFORNIA RES CORP	$8,764,000	–	1,025,000	–	0.73%	–
UONEK	New	URBAN ONE INCcl d non vtg	$8,647,000	–	3,843,221	–	0.72%	–
SGMS	New	SCIENTIFIC GAMES CORPput	$7,830,000	–	300,000	–	0.65%	–
SGMS	New	SCIENTIFIC GAMES CORPcl a	$7,830,000	–	300,000	–	0.65%	–
FOE	New	FERRO CORP	$6,127,000	–	335,000	–	0.51%	–
ATI	New	ALLEGHENY TECHNOLOGIES INC	$5,783,000	–	340,000	–	0.48%	–
VRX	New	VALEANT PHARMACEUTICALS INTL	$5,190,000	–	300,000	–	0.43%	–
SBGI	New	SINCLAIR BROADCAST GROUP INCcl a	$4,935,000	–	150,000	–	0.41%	–
GCVRZ	New	SANOFIright 12/31/2020	$4,662,000	–	12,268,625	–	0.39%	–
SNECQ	New	SANCHEZ ENERGY CORPcall	$4,308,000	–	600,000	–	0.36%	–
	New	ASCENT CAP GROUP INCnote 4.000% 7/1	$4,278,000	–	5,340,000	–	0.36%	–
TPB	New	TURNING PT BRANDS INC	$4,261,000	–	277,746	–	0.35%	–
HYG	New	ISHARES TRiboxx hi yd etf	$3,359,000	–	38,000	–	0.28%	–
DVMT	New	DELL TECHNOLOGIES INC	$3,300,000	–	54,000	–	0.27%	–
CVOVQ	New	CENVEO INC	$2,923,000	–	480,000	–	0.24%	–
CZR	New	CAESARS ENTMT CORP	$2,400,000	–	200,000	–	0.20%	–
RDC	New	ROWAN COMPANIES PLC	$2,304,000	–	225,000	–	0.19%	–
CYH	New	COMMUNITY HEALTH SYS INC NEW	$2,241,000	–	225,000	–	0.19%	–
SD	New	SANDRIDGE ENERGY INC	$2,174,000	–	126,325	–	0.18%	–
TREC	New	TRECORA RES	$1,744,000	–	155,000	–	0.14%	–
KND	New	KINDRED HEALTHCARE INC	$1,375,000	–	118,000	–	0.11%	–
BONTQ	New	BON-TON STORES INC	$754,000	–	1,723,356	–	0.06%	–
DYNWSA	New	DYNEGY INC NEW DEL*w exp 02/02/202	$7,000	–	39,611	–	0.00%	–

Q4 2016

			Value		Shares		↓ Weighting
CCO	Exit	CLEAR CHANNEL OUTDOOR HLDGScl a	$0	–	-408,102	–	-0.12%	–
SGMS	Exit	SCIENTIFIC GAMES CORPcl a	$0	–	-250,000	–	-0.14%	–
BONTQ	Exit	BON-TON STORES INC	$0	–	-1,723,356	–	-0.15%	–
AA	Exit	ALCOA INC	$0	–	-293,700	–	-0.15%	–
WMB	Exit	WILLIAMS COS INC DELcall	$0	–	-100,000	–	-0.15%	–
ASCMA	Exit	ASCENT CAP GROUP INC	$0	–	-140,000	–	-0.16%	–
GCVRZ	Exit	SANOFIright 12/31/2020	$0	–	-12,215,831	–	-0.16%	–
	Exit	ASCENT CAP GROUP INCnote 4.000% 7/1	$0	–	-5,210,000	–	-0.18%	–
SWN	Exit	SOUTHWESTERN ENERGY CO	$0	–	-300,000	–	-0.21%	–
SVU	Exit	SUPERVALU INC	$0	–	-950,000	–	-0.24%	–
AKS	Exit	AK STL HLDG CORPcall	$0	–	-1,100,000	–	-0.27%	–
HAL	Exit	HALLIBURTON CO	$0	–	-125,000	–	-0.28%	–
SGMS	Exit	SCIENTIFIC GAMES CORPcall	$0	–	-500,000	–	-0.28%	–
ROIAK	Exit	RADIO ONE INCcl d non vtg	$0	–	-1,936,922	–	-0.29%	–
PKD	Exit	PARKER DRILLING CO	$0	–	-2,926,000	–	-0.32%	–
APC	Exit	ANADARKO PETE CORP	$0	–	-105,000	–	-0.33%	–
WMB	Exit	WILLIAMS COS INC DEL	$0	–	-225,000	–	-0.35%	–
AMD	Exit	ADVANCED MICRO DEVICES INCput	$0	–	-1,000,000	–	-0.35%	–
RRC	Exit	RANGE RES CORP	$0	–	-187,500	–	-0.36%	–
HKRSQ	Exit	HALCON RES CORP	$0	–	-800,000	–	-0.38%	–
RAD	Exit	RITE AID CORP	$0	–	-1,000,000	–	-0.38%	–
LNTH	Exit	LANTHEUS HLDGS INC	$0	–	-970,000	–	-0.40%	–
SEMG	Exit	SEMGROUP CORPcl a	$0	–	-230,000	–	-0.41%	–
SEM	Exit	SELECT MED HLDGS CORP	$0	–	-625,000	–	-0.42%	–
LNG	Exit	CHENIERE ENERGY INC	$0	–	-200,000	–	-0.44%	–
DYN	Exit	DYNEGY INC NEW DEL	$0	–	-752,830	–	-0.47%	–
CNX	Exit	CONSOL ENERGY INC	$0	–	-500,000	–	-0.48%	–
GTN	Exit	GRAY TELEVISION INC	$0	–	-1,000,000	–	-0.52%	–
	Exit	ALLEGHENY TECHNOLOGIES INCnote 4.750% 7/0	$0	–	-7,500,000	–	-0.52%	–
SBGI	Exit	SINCLAIR BROADCAST GROUP INCcl a	$0	–	-390,000	–	-0.56%	–
JWN	Exit	NORDSTROM INCcall	$0	–	-275,000	–	-0.72%	–
OCLR	Exit	OCLARO INC	$0	–	-1,725,000	–	-0.74%	–
AA	Exit	ALCOA INCcall	$0	–	-1,500,000	–	-0.76%	–
PNK	Exit	PINNACLE ENTMT INC NEW	$0	–	-1,350,000	–	-0.84%	–
KND	Exit	KINDRED HEALTHCARE INC	$0	–	-2,050,722	–	-1.05%	–
WYNN	Exit	WYNN RESORTS LTDcall	$0	–	-220,000	–	-1.07%	–
FOE	Exit	FERRO CORP	$0	–	-1,720,000	–	-1.19%	–
MX	Exit	MAGNACHIP SEMICONDUCTOR CORP	$0	–	-2,860,000	–	-1.20%	–
M	Exit	MACYS INCcall	$0	–	-650,000	–	-1.21%	–
OEC	Exit	ORION ENGINEERED CARBONS S A	$0	–	-1,364,000	–	-1.28%	–
	Exit	ADVANCED MICRO DEVICES INCnote 2.125% 9/0	$0	–	-27,200,000	–	-1.49%	–
ETP	Exit	ENERGY TRANSFER PRTNRS L Pcall	$0	–	-920,000	–	-1.71%	–
	Exit	LIBERTY MEDIA CORPdeb 4.000%11/1	$0	–	-57,407,000	–	-1.78%	–
HYG	Exit	ISHARES TRiboxx hi yd etf	$0	–	-430,000	–	-1.88%	–
	Exit	LIBERTY MEDIA CORPdeb 3.750% 2/1	$0	–	-109,155,000	–	-3.31%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-6,485,500	–	-70.30%	–

Q3 2016

			Value		Shares		↓ Weighting
SPY	Buy	SPDR S&P 500 ETF TRput	$1,402,814,000	+1377.0%	6,485,500	+1330.4%	70.30%	+376.1%
	Sell	LIBERTY MEDIA CORPdeb 3.750% 2/1	$66,039,000	+4.4%	109,155,000	-1.0%	3.31%	-66.3%
HYG	New	ISHARES TRiboxx hi yd etf	$37,522,000	–	430,000	–	1.88%	–
	Buy	LIBERTY MEDIA CORPdeb 4.000%11/1	$35,448,000	+32.6%	57,407,000	+24.0%	1.78%	-57.3%
ETP	Sell	ENERGY TRANSFER PRTNRS L Pcall	$34,040,000	-7.8%	920,000	-5.2%	1.71%	-70.3%
	New	ADVANCED MICRO DEVICES INCnote 2.125% 9/0	$29,733,000	–	27,200,000	–	1.49%	–
OEC	Sell	ORION ENGINEERED CARBONS S A	$25,562,000	-18.7%	1,364,000	-31.0%	1.28%	-73.8%
M	New	MACYS INCcall	$24,083,000	–	650,000	–	1.21%	–
MX	Buy	MAGNACHIP SEMICONDUCTOR CORP	$23,852,000	+113.4%	2,860,000	+44.8%	1.20%	-31.2%
FOE	Sell	FERRO CORP	$23,753,000	-29.3%	1,720,000	-31.5%	1.19%	-77.2%
WYNN	New	WYNN RESORTS LTDcall	$21,432,000	–	220,000	–	1.07%	–
PNK	New	PINNACLE ENTMT INC NEW	$16,659,000	–	1,350,000	–	0.84%	–
OCLR	Sell	OCLARO INC	$14,749,000	+25.9%	1,725,000	-28.1%	0.74%	-59.4%
JWN	New	NORDSTROM INCcall	$14,267,000	–	275,000	–	0.72%	–
SBGI	Buy	SINCLAIR BROADCAST GROUP INCcl a	$11,263,000	+34.7%	390,000	+39.3%	0.56%	-56.6%
	Buy	ALLEGHENY TECHNOLOGIES INCnote 4.750% 7/0	$10,382,000	+216.0%	7,500,000	+134.4%	0.52%	+1.8%
GTN	Buy	GRAY TELEVISION INC	$10,360,000	+75.2%	1,000,000	+83.5%	0.52%	-43.5%
DYN	Buy	DYNEGY INC NEW DEL	$9,328,000	-1.4%	752,830	+37.2%	0.47%	-68.3%
LNG	Sell	CHENIERE ENERGY INC	$8,720,000	-7.1%	200,000	-20.0%	0.44%	-70.1%
SEM	New	SELECT MED HLDGS CORP	$8,438,000	–	625,000	–	0.42%	–
SEMG	Sell	SEMGROUP CORPcl a	$8,133,000	-0.1%	230,000	-8.0%	0.41%	-67.8%
LNTH	Sell	LANTHEUS HLDGS INC	$8,032,000	+53.9%	970,000	-31.8%	0.40%	-50.3%
RAD	New	RITE AID CORP	$7,690,000	–	1,000,000	–	0.38%	–
HKRSQ	New	HALCON RES CORP	$7,504,000	–	800,000	–	0.38%	–
RRC	New	RANGE RES CORP	$7,266,000	–	187,500	–	0.36%	–
WMB	New	WILLIAMS COS INC DEL	$6,914,000	–	225,000	–	0.35%	–
AMD	New	ADVANCED MICRO DEVICES INCput	$6,920,000	–	1,000,000	–	0.35%	–
APC	New	ANADARKO PETE CORP	$6,653,000	–	105,000	–	0.33%	–
PKD	Buy	PARKER DRILLING CO	$6,349,000	-4.4%	2,926,000	+0.9%	0.32%	-69.2%
ROIAK	Buy	RADIO ONE INCcl d non vtg	$5,869,000	+26.0%	1,936,922	+32.7%	0.29%	-59.4%
HAL	New	HALLIBURTON CO	$5,610,000	–	125,000	–	0.28%	–
SVU	New	SUPERVALU INC	$4,741,000	–	950,000	–	0.24%	–
SWN	New	SOUTHWESTERN ENERGY CO	$4,152,000	–	300,000	–	0.21%	–
	New	ASCENT CAP GROUP INCnote 4.000% 7/1	$3,595,000	–	5,210,000	–	0.18%	–
GCVRZ	New	SANOFIright 12/31/2020	$3,298,000	–	12,215,831	–	0.16%	–
WMB	New	WILLIAMS COS INC DELcall	$3,073,000	–	100,000	–	0.15%	–
BONTQ	Buy	BON-TON STORES INC	$2,947,000	+43.8%	1,723,356	+18.6%	0.15%	-53.6%
SGMS	New	SCIENTIFIC GAMES CORPcl a	$2,818,000	–	250,000	–	0.14%	–
CCO	Sell	CLEAR CHANNEL OUTDOOR HLDGScl a	$2,384,000	-60.7%	408,102	-58.1%	0.12%	-87.4%
BYD	Exit	BOYD GAMING CORP	$0	–	-23,700	–	-0.07%	–
BCS	Exit	BARCLAYS PLCadr	$0	–	-1,000,000	–	-1.18%	–
ISLE	Exit	ISLE OF CAPRI CASINOS INC	$0	–	-500,000	–	-1.42%	–
MRD	Exit	MEMORIAL RESOURCE DEV CORP	$0	–	-650,000	–	-1.60%	–
NSM	Exit	NATIONSTAR MTG HLDGS INCcall	$0	–	-950,000	–	-1.66%	–
OLN	Exit	OLIN CORP	$0	–	-500,000	–	-1.93%	–
	Exit	OCLARO INCnote 6.000% 2/1	$0	–	-6,000,000	–	-2.50%	–
	Exit	LLOYDS BANKING GROUP PLCsdcv 7.500%12/3	$0	–	-29,325,000	–	-4.46%	–
BA	Exit	BOEING COput	$0	–	-260,000	–	-5.25%	–
IWM	Exit	ISHARES TRput	$0	–	-655,000	–	-11.71%	–

Q2 2016

			Value		Shares		↓ Weighting
SPY	New	SPDR S&P 500 ETF TRput	$94,976,000	–	453,400	–	14.77%	–
IWM	New	ISHARES TRput	$75,312,000	–	655,000	–	11.71%	–
	New	LIBERTY MEDIA CORPdeb 3.750% 2/1	$63,268,000	–	110,270,000	–	9.84%	–
ETP	New	ENERGY TRANSFER PRTNRS L Pcall	$36,928,000	–	970,000	–	5.74%	–
BA	New	BOEING COput	$33,766,000	–	260,000	–	5.25%	–
FOE	New	FERRO CORP	$33,589,000	–	2,510,396	–	5.22%	–
OEC	New	ORION ENGINEERED CARBONS S A	$31,434,000	–	1,978,200	–	4.89%	–
	New	LLOYDS BANKING GROUP PLCsdcv 7.500%12/3	$28,701,000	–	29,325,000	–	4.46%	–
	New	LIBERTY MEDIA CORPdeb 4.000%11/1	$26,742,000	–	46,307,000	–	4.16%	–
KND	New	KINDRED HEALTHCARE INC	$23,152,000	–	2,050,722	–	3.60%	–
	New	OCLARO INCnote 6.000% 2/1	$16,088,000	–	6,000,000	–	2.50%	–
AA	New	ALCOA INCcall	$13,905,000	–	1,500,000	–	2.16%	–
OLN	New	OLIN CORP	$12,420,000	–	500,000	–	1.93%	–
OCLR	New	OCLARO INC	$11,712,000	–	2,400,000	–	1.82%	–
MX	New	MAGNACHIP SEMICONDUCTOR CORP	$11,179,000	–	1,975,000	–	1.74%	–
NSM	New	NATIONSTAR MTG HLDGS INCcall	$10,697,000	–	950,000	–	1.66%	–
MRD	New	MEMORIAL RESOURCE DEV CORP	$10,322,000	–	650,000	–	1.60%	–
DYN	New	DYNEGY INC NEW DEL	$9,462,000	–	548,830	–	1.47%	–
LNG	New	CHENIERE ENERGY INC	$9,388,000	–	250,000	–	1.46%	–
ISLE	New	ISLE OF CAPRI CASINOS INC	$9,160,000	–	500,000	–	1.42%	–
SBGI	New	SINCLAIR BROADCAST GROUP INCcl a	$8,361,000	–	280,000	–	1.30%	–
SEMG	New	SEMGROUP CORPcl a	$8,140,000	–	250,000	–	1.27%	–
CNX	New	CONSOL ENERGY INC	$8,045,000	–	500,000	–	1.25%	–
BCS	New	BARCLAYS PLCadr	$7,600,000	–	1,000,000	–	1.18%	–
PKD	New	PARKER DRILLING CO	$6,641,000	–	2,900,000	–	1.03%	–
CCO	New	CLEAR CHANNEL OUTDOOR HLDGScl a	$6,065,000	–	975,000	–	0.94%	–
GTN	New	GRAY TELEVISION INC	$5,913,000	–	545,000	–	0.92%	–
LNTH	New	LANTHEUS HLDGS INC	$5,219,000	–	1,422,000	–	0.81%	–
AKS	New	AK STL HLDG CORPcall	$5,126,000	–	1,100,000	–	0.80%	–
ROIAK	New	RADIO ONE INCcl d non vtg	$4,657,000	–	1,460,000	–	0.72%	–
SGMS	New	SCIENTIFIC GAMES CORPcall	$4,595,000	–	500,000	–	0.71%	–
	New	ALLEGHENY TECHNOLOGIES INCnote 4.750% 7/0	$3,285,000	–	3,200,000	–	0.51%	–
AA	New	ALCOA INC	$2,723,000	–	293,700	–	0.42%	–
ASCMA	New	ASCENT CAP GROUP INC	$2,155,000	–	140,000	–	0.34%	–
BONTQ	New	BON-TON STORES INC	$2,049,000	–	1,453,356	–	0.32%	–
BYD	New	BOYD GAMING CORP	$436,000	–	23,700	–	0.07%	–

Q4 2015

			Value		Shares		↓ Weighting
DYN	Exit	DYNEGY INC NEW DELput	$0	–	-450	–	-0.11%	–
KS	Exit	KAPSTONE PAPER & PACKAGING C	$0	–	-84,000	–	-0.17%	–
ROIAK	Exit	RADIO ONE INCcl d non vtg	$0	–	-1,237,245	–	-0.32%	–
TECK	Exit	TECK RESOURCES LTDcall	$0	–	-5,500	–	-0.32%	–
AKS	Exit	AK STL HLDG CORPcall	$0	–	-11,000	–	-0.33%	–
EGLE	Exit	EAGLE BULK SHIPPING INC	$0	–	-489,983	–	-0.36%	–
KSS	Exit	KOHLS CORP	$0	–	-75,000	–	-0.43%	–
VALE	Exit	VALE S Aput	$0	–	-10,000	–	-0.52%	–
WIN	Exit	WINDSTREAM HLDGS INC	$0	–	-725,000	–	-0.55%	–
BONTQ	Exit	BON-TON STORES INC	$0	–	-1,785,000	–	-0.69%	–
HUN	Exit	HUNTSMAN CORP	$0	–	-600,000	–	-0.71%	–
OCLR	Exit	OCLARO INC	$0	–	-3,000,000	–	-0.85%	–
CCO	Exit	CLEAR CHANNEL OUTDOOR HLDGScl a	$0	–	-1,000,000	–	-0.88%	–
CHK	Exit	CHESAPEAKE ENERGY CORPput	$0	–	-10,575	–	-0.95%	–
MIC	Exit	MACQUARIE INFRASTRUCTURE COR	$0	–	-120,000	–	-1.10%	–
SVU	Exit	SUPERVALU INC	$0	–	-1,286,492	–	-1.14%	–
CHK	Exit	CHESAPEAKE ENERGY CORPcall	$0	–	-14,000	–	-1.26%	–
PPG	Exit	PPG INDS INC	$0	–	-140,000	–	-1.51%	–
ISLE	Exit	ISLE OF CAPRI CASINOS INC	$0	–	-715,257	–	-1.53%	–
NSM	Exit	NATIONSTAR MTG HLDGS INC	$0	–	-990,168	–	-1.69%	–
EURN	Exit	EURONAV NV ANTWERPEN	$0	–	-989,869	–	-1.69%	–
SBGI	Exit	SINCLAIR BROADCAST GROUP INCcl a	$0	–	-549,635	–	-1.71%	–
HP	Exit	HELMERICH & PAYNE INCput	$0	–	-3,000	–	-1.74%	–
SGMS	Exit	SCIENTIFIC GAMES CORPcl a	$0	–	-1,425,100	–	-1.83%	–
RAD	Exit	RITE AID CORP	$0	–	-2,500,000	–	-1.86%	–
RIG	Exit	TRANSOCEAN LTDcall	$0	–	-11,900	–	-1.89%	–
DHT	Exit	DHT HOLDINGS INC	$0	–	-2,100,363	–	-1.92%	–
MX	Exit	MAGNACHIP SEMICONDUCTOR CORP	$0	–	-2,386,086	–	-1.93%	–
AA	Exit	ALCOA INCput	$0	–	-20,000	–	-2.37%	–
CSX	Exit	CSX CORPcall	$0	–	-7,500	–	-2.48%	–
UAL	Exit	UNITED CONTL HLDGS INC	$0	–	-415,000	–	-2.70%	–
LNG	Exit	CHENIERE ENERGY INC	$0	–	-460,100	–	-2.73%	–
VC	Exit	VISTEON CORP	$0	–	-250,000	–	-3.11%	–
CAT	Exit	CATERPILLAR INC DELcall	$0	–	-4,000	–	-3.21%	–
OEC	Exit	ORION ENGINEERED CARBONS S A	$0	–	-1,914,828	–	-3.40%	–
CLR	Exit	CONTINENTAL RESOURCES INCput	$0	–	-10,000	–	-3.56%	–
DYN	Exit	DYNEGY INC NEW DEL	$0	–	-1,414,699	–	-3.59%	–
	Exit	LIBERTY MEDIA CORPdeb 4.000%11/1	$0	–	-48,500,000	–	-3.66%	–
KND	Exit	KINDRED HEALTHCARE INC	$0	–	-1,962,827	–	-3.80%	–
AXLL	Exit	AXIALL CORP	$0	–	-2,210,772	–	-4.26%	–
FOE	Exit	FERRO CORP	$0	–	-3,287,342	–	-4.42%	–
	Exit	LIBERTY MEDIA CORPdeb 3.750% 2/1	$0	–	-109,520,000	–	-8.04%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-7,925	–	-18.66%	–

Q3 2015

			Value		Shares		↓ Weighting
SPY	Sell	SPDR S&P 500 ETF TRput	$151,867,000	-82.0%	7,925	-80.7%	18.66%	-60.6%
	Buy	LIBERTY MEDIA CORPdeb 3.750% 2/1	$65,439,000	+1.7%	109,520,000	+2.2%	8.04%	+123.2%
FOE	Buy	FERRO CORP	$35,996,000	-10.1%	3,287,342	+37.7%	4.42%	+97.2%
AXLL	Buy	AXIALL CORP	$34,687,000	+44.8%	2,210,772	+232.7%	4.26%	+217.8%
KND	Buy	KINDRED HEALTHCARE INC	$30,914,000	-8.1%	1,962,827	+18.4%	3.80%	+101.8%
	Buy	LIBERTY MEDIA CORPdeb 4.000%11/1	$29,827,000	+3.6%	48,500,000	+4.9%	3.66%	+127.4%
DYN	Sell	DYNEGY INC NEW DEL	$29,242,000	-36.9%	1,414,699	-10.8%	3.59%	+38.4%
CLR	New	CONTINENTAL RESOURCES INCput	$28,970,000	–	10,000	–	3.56%	–
OEC	Buy	ORION ENGINEERED CARBONS S A	$27,669,000	+22.5%	1,914,828	+56.6%	3.40%	+169.0%
CAT	New	CATERPILLAR INC DELcall	$26,144,000	–	4,000	–	3.21%	–
VC	Sell	VISTEON CORP	$25,310,000	-10.7%	250,000	-7.4%	3.11%	+96.0%
LNG	Buy	CHENIERE ENERGY INC	$22,223,000	-30.2%	460,100	+0.0%	2.73%	+53.1%
UAL	New	UNITED CONTL HLDGS INC	$22,016,000	–	415,000	–	2.70%	–
CSX	New	CSX CORPcall	$20,175,000	–	7,500	–	2.48%	–
AA	New	ALCOA INCput	$19,320,000	–	20,000	–	2.37%	–
MX	Buy	MAGNACHIP SEMICONDUCTOR CORP	$15,724,000	+14.2%	2,386,086	+33.8%	1.93%	+150.6%
DHT	Buy	DHT HOLDINGS INC	$15,584,000	+106.2%	2,100,363	+116.0%	1.92%	+352.7%
RIG	New	TRANSOCEAN LTDcall	$15,375,000	–	11,900	–	1.89%	–
RAD	Buy	RITE AID CORP	$15,175,000	+45.6%	2,500,000	+100.3%	1.86%	+219.3%
SGMS	Buy	SCIENTIFIC GAMES CORPcl a	$14,893,000	-11.7%	1,425,100	+31.3%	1.83%	+93.9%
HP	New	HELMERICH & PAYNE INCput	$14,178,000	–	3,000	–	1.74%	–
SBGI	Buy	SINCLAIR BROADCAST GROUP INCcl a	$13,916,000	-3.4%	549,635	+6.5%	1.71%	+112.2%
EURN	Buy	EURONAV NV ANTWERPEN	$13,760,000	+46.6%	989,869	+56.2%	1.69%	+221.5%
NSM	Buy	NATIONSTAR MTG HLDGS INC	$13,734,000	+308.8%	990,168	+395.1%	1.69%	+797.9%
ISLE	Sell	ISLE OF CAPRI CASINOS INC	$12,474,000	-8.0%	715,257	-4.2%	1.53%	+102.0%
PPG	New	PPG INDS INC	$12,277,000	–	140,000	–	1.51%	–
CHK	Buy	CHESAPEAKE ENERGY CORPcall	$10,262,000	-8.1%	14,000	+40.0%	1.26%	+101.8%
SVU	New	SUPERVALU INC	$9,237,000	–	1,286,492	–	1.14%	–
MIC	Sell	MACQUARIE INFRASTRUCTURE COR	$8,960,000	-60.8%	120,000	-56.6%	1.10%	-14.0%
CHK	Sell	CHESAPEAKE ENERGY CORPput	$7,752,000	-65.3%	10,575	-47.1%	0.95%	-23.8%
HUN	New	HUNTSMAN CORP	$5,814,000	–	600,000	–	0.71%	–
WIN	New	WINDSTREAM HLDGS INC	$4,452,000	–	725,000	–	0.55%	–
VALE	New	VALE S Aput	$4,200,000	–	10,000	–	0.52%	–
EGLE	Sell	EAGLE BULK SHIPPING INC	$2,906,000	-42.9%	489,983	-32.8%	0.36%	+25.3%
TECK	New	TECK RESOURCES LTDcall	$2,640,000	–	5,500	–	0.32%	–
KS	Sell	KAPSTONE PAPER & PACKAGING C	$1,387,000	-52.0%	84,000	-32.8%	0.17%	+4.9%
DYN	New	DYNEGY INC NEW DELput	$930,000	–	450	–	0.11%	–
GPK	Exit	GRAPHIC PACKAGING HLDG CO	$0	–	-130,078	–	-0.10%	–
KS	Exit	KAPSTONE PAPER & PACKAGING Ccall	$0	–	-840	–	-0.11%	–
GM	Exit	GENERAL MTRS CO	$0	–	-60,000	–	-0.11%	–
	Exit	ALPHA NAT RES INCnote 3.750%12/1	$0	–	-29,402,000	–	-0.13%	–
ERI	Exit	ELDORADO RESORTS INC	$0	–	-361,167	–	-0.16%	–
TWC	Exit	TIME WARNER CABLE INCcall	$0	–	-275	–	-0.27%	–
WYNN	Exit	WYNN RESORTS LTDcall	$0	–	-900	–	-0.50%	–
WYNN	Exit	WYNN RESORTS LTDput	$0	–	-1,000	–	-0.55%	–
FCX	Exit	FREEPORT-MCMORAN INCput	$0	–	-5,500	–	-0.57%	–
X	Exit	UNITED STATES STL CORP NEWput	$0	–	-5,500	–	-0.64%	–
TNP	Exit	TSAKOS ENERGY NAVIGATION LTD	$0	–	-1,241,574	–	-0.66%	–
PKG	Exit	PACKAGING CORP AMERcall	$0	–	-2,200	–	-0.77%	–
TECK	Exit	TECK RESOURCES LTDput	$0	–	-14,000	–	-0.78%	–
GPORQ	Exit	GULFPORT ENERGY CORP	$0	–	-350,000	–	-0.79%	–
GLNG	Exit	GOLAR LNG LTD BERMUDA	$0	–	-334,054	–	-0.88%	–
GPK	Exit	GRAPHIC PACKAGING HLDG COcall	$0	–	-12,300	–	-0.96%	–
T104PS	Exit	AMERICAN RLTY CAP PPTYS INC	$0	–	-2,185,000	–	-1.00%	–
FANG	Exit	DIAMONDBACK ENERGY INC	$0	–	-324,000	–	-1.37%	–
AGN	Exit	ALLERGAN PLC	$0	–	-90,500	–	-1.54%	–
DE	Exit	DEERE & COcall	$0	–	-3,000	–	-1.63%	–
ALLY	Exit	ALLY FINL INC	$0	–	-1,356,812	–	-1.70%	–
DXJ	Exit	WISDOMTREE TRcall	$0	–	-6,000	–	-1.92%	–
SPY	Exit	SPDR S&P 500 ETF TRcall	$0	–	-6,000	–	-6.92%	–

Q2 2015

			Value		Shares		↓ Weighting
SPY	New	SPDR S&P 500 ETF TRput	$845,014,000	–	41,050	–	47.31%	–
SPY	New	SPDR S&P 500 ETF TRcall	$123,510,000	–	6,000	–	6.92%	–
	New	LIBERTY MEDIA CORPdeb 3.750% 2/1	$64,355,000	–	107,150,000	–	3.60%	–
DYN	New	DYNEGY INC NEW DEL	$46,367,000	–	1,585,200	–	2.60%	–
FOE	New	FERRO CORP	$40,060,000	–	2,387,342	–	2.24%	–
DXJ	New	WISDOMTREE TRcall	$34,320,000	–	6,000	–	1.92%	–
KND	New	KINDRED HEALTHCARE INC	$33,638,000	–	1,657,865	–	1.88%	–
LNG	New	CHENIERE ENERGY INC	$31,859,000	–	460,000	–	1.78%	–
ALLY	New	ALLY FINL INC	$30,433,000	–	1,356,812	–	1.70%	–
DE	New	DEERE & COcall	$29,115,000	–	3,000	–	1.63%	–
	New	LIBERTY MEDIA CORPdeb 4.000%11/1	$28,790,000	–	46,250,000	–	1.61%	–
VC	New	VISTEON CORP	$28,345,000	–	270,000	–	1.59%	–
AGN	New	ALLERGAN PLC	$27,463,000	–	90,500	–	1.54%	–
FANG	New	DIAMONDBACK ENERGY INC	$24,423,000	–	324,000	–	1.37%	–
AXLL	New	AXIALL CORP	$23,955,000	–	664,500	–	1.34%	–
MIC	New	MACQUARIE INFRASTRUCTURE CORmembership int	$22,863,000	–	276,690	–	1.28%	–
OEC	New	ORION ENGINEERED CARBONS S A	$22,578,000	–	1,223,100	–	1.26%	–
CHK	New	CHESAPEAKE ENERGY CORPput	$22,340,000	–	20,000	–	1.25%	–
T104PS	New	AMERICAN RLTY CAP PPTYS INC	$17,764,000	–	2,185,000	–	1.00%	–
GPK	New	GRAPHIC PACKAGING HLDG COcall	$17,134,000	–	12,300	–	0.96%	–
SGMS	New	SCIENTIFIC GAMES CORPcl a	$16,861,000	–	1,085,000	–	0.94%	–
GLNG	New	GOLAR LNG LTD BERMUDA	$15,634,000	–	334,054	–	0.88%	–
SBGI	New	SINCLAIR BROADCAST GROUP INCcl a	$14,401,000	–	516,000	–	0.81%	–
GPORQ	New	GULFPORT ENERGY CORP	$14,088,000	–	350,000	–	0.79%	–
TECK	New	TECK RESOURCES LTDput	$13,874,000	–	14,000	–	0.78%	–
MX	New	MAGNACHIP SEMICONDUCTOR CORP	$13,764,000	–	1,783,000	–	0.77%	–
PKG	New	PACKAGING CORP AMERcall	$13,748,000	–	2,200	–	0.77%	–
ISLE	New	ISLE OF CAPRI CASINOS INC	$13,553,000	–	746,708	–	0.76%	–
TNP	New	TSAKOS ENERGY NAVIGATION LTD	$11,833,000	–	1,241,574	–	0.66%	–
X	New	UNITED STATES STL CORP NEWput	$11,341,000	–	5,500	–	0.64%	–
CHK	New	CHESAPEAKE ENERGY CORPcall	$11,170,000	–	10,000	–	0.62%	–
RAD	New	RITE AID CORP	$10,424,000	–	1,248,400	–	0.58%	–
FCX	New	FREEPORT-MCMORAN INCput	$10,241,000	–	5,500	–	0.57%	–
CCO	New	CLEAR CHANNEL OUTDOOR HLDGScl a	$10,130,000	–	1,000,000	–	0.57%	–
WYNN	New	WYNN RESORTS LTDput	$9,867,000	–	1,000	–	0.55%	–
EURN	New	EURONAV NV ANTWERPEN	$9,388,000	–	633,900	–	0.53%	–
WYNN	New	WYNN RESORTS LTDcall	$8,880,000	–	900	–	0.50%	–
BONTQ	New	BON-TON STORES INC	$8,247,000	–	1,785,000	–	0.46%	–
DHT	New	DHT HOLDINGS INC	$7,556,000	–	972,500	–	0.42%	–
OCLR	New	OCLARO INC	$6,780,000	–	3,000,000	–	0.38%	–
EGLE	New	EAGLE BULK SHIPPING INC	$5,085,000	–	729,632	–	0.28%	–
TWC	New	TIME WARNER CABLE INCcall	$4,900,000	–	275	–	0.27%	–
KSS	New	KOHLS CORP	$4,696,000	–	75,000	–	0.26%	–
AKS	New	AK STL HLDG CORPcall	$4,257,000	–	11,000	–	0.24%	–
ROIAK	New	RADIO ONE INCcl d non vtg	$3,922,000	–	1,237,245	–	0.22%	–
NSM	New	NATIONSTAR MTG HLDGS INC	$3,360,000	–	200,000	–	0.19%	–
KS	New	KAPSTONE PAPER & PACKAGING C	$2,890,000	–	125,000	–	0.16%	–
ERI	New	ELDORADO RESORTS INC	$2,824,000	–	361,167	–	0.16%	–
	New	ALPHA NAT RES INCnote 3.750%12/1	$2,353,000	–	29,402,000	–	0.13%	–
GM	New	GENERAL MTRS CO	$2,000,000	–	60,000	–	0.11%	–
KS	New	KAPSTONE PAPER & PACKAGING Ccall	$1,942,000	–	840	–	0.11%	–
GPK	New	GRAPHIC PACKAGING HLDG CO	$1,812,000	–	130,078	–	0.10%	–

Q4 2014

			Value		Shares		↓ Weighting
EGLE	Exit	EAGLE BULK SHIPPING INC	$0	–	-390,953	–	-0.02%	–
QUAD	Exit	QUAD / GRAPHICS INC	$0	–	-47,203	–	-0.04%	–
PGNPQ	Exit	PARAGON OFFSHORE PLC	$0	–	-200,000	–	-0.05%	–
CVEO	Exit	CIVEO CORPcall	$0	–	-271,000	–	-0.14%	–
HOV	Exit	HOVNANIAN ENTERPRISES INCcl a	$0	–	-900,000	–	-0.14%	–
KS	Exit	KAPSTONE PAPER & PACKAGING C	$0	–	-125,000	–	-0.15%	–
WLTGQ	Exit	WALTER ENERGY INCcall	$0	–	-1,700,000	–	-0.17%	–
PGNPQ	Exit	PARAGON OFFSHORE PLCput	$0	–	-700,000	–	-0.18%	–
PNK	Exit	PINNACLE ENTMT INC	$0	–	-200,000	–	-0.22%	–
GPORQ	Exit	GULFPORT ENERGY CORP	$0	–	-100,000	–	-0.23%	–
OCLR	Exit	OCLARO INC	$0	–	-4,000,000	–	-0.24%	–
DYN	Exit	DYNEGY INC NEW DELcall	$0	–	-209,000	–	-0.26%	–
LNG	Exit	CHENIERE ENERGY INC	$0	–	-80,000	–	-0.27%	–
CVEO	Exit	CIVEO CORP	$0	–	-602,103	–	-0.30%	–
ERI	Exit	ELDORADO RESORTS INC	$0	–	-2,052,228	–	-0.37%	–
PHM	Exit	PULTE GROUP INC	$0	–	-550,000	–	-0.42%	–
ESRX	Exit	EXPRESS SCRIPTS HLDG CO	$0	–	-150,000	–	-0.45%	–
OEC	Exit	ORION ENGINEERED CARBONS S A	$0	–	-624,542	–	-0.47%	–
KND	Exit	KINDRED HEALTHCARE INC	$0	–	-600,000	–	-0.50%	–
VRX	Exit	VALEANT PHARMACEUTICALS INTL	$0	–	-90,000	–	-0.50%	–
EOX	Exit	EMERALD OIL INC	$0	–	-2,000,000	–	-0.53%	–
RICE	Exit	RICE ENERGY INC	$0	–	-500,000	–	-0.57%	–
ACCO	Exit	ACCO BRANDS CORP	$0	–	-2,000,000	–	-0.59%	–
BURL	Exit	BURLINGTON STORES INC	$0	–	-350,000	–	-0.60%	–
SC	Exit	SANTANDER CONSUMER USA HDG I	$0	–	-841,900	–	-0.64%	–
KW	Exit	KENNEDY-WILSON HLDGS INC	$0	–	-650,000	–	-0.67%	–
RIG	Exit	TRANSOCEAN LTDput	$0	–	-500,000	–	-0.68%	–
CBS	Exit	CBS CORP NEWcl b	$0	–	-300,000	–	-0.69%	–
GM	Exit	GENERAL MTRS COcall	$0	–	-545,000	–	-0.74%	–
CPS	Exit	COOPER STD HLDGS INC	$0	–	-288,358	–	-0.77%	–
DRI	Exit	DARDEN RESTAURANTS INCcall	$0	–	-350,000	–	-0.77%	–
B108PS	Exit	ACTAVIS PLC	$0	–	-75,500	–	-0.78%	–
MTG	Exit	MGIC INVT CORP WIS	$0	–	-2,400,000	–	-0.80%	–
AXLL	Exit	AXIALL CORP	$0	–	-550,000	–	-0.84%	–
	Exit	ALPHA NATURAL RESOURCES INCnote 3.750%12/1	$0	–	-29,402,000	–	-0.88%	–
	Exit	DRYSHIPS INC.note 5.000%12/0	$0	–	-21,096,000	–	-0.89%	–
GPORQ	Exit	GULFPORT ENERGY CORPcall	$0	–	-400,000	–	-0.91%	–
PPC	Exit	PILGRIMS PRIDE CORP NEWput	$0	–	-700,000	–	-0.92%	–
UAL	Exit	UNITED CONTL HLDGS INCcall	$0	–	-472,000	–	-0.94%	–
GPK	Exit	GRAPHIC PACKAGING HLDG CO	$0	–	-1,800,000	–	-0.96%	–
MX	Exit	MAGNACHIP SEMICONDUCTOR CORP	$0	–	-1,933,000	–	-0.97%	–
KS	Exit	KAPSTONE PAPER & PACKAGING Ccall	$0	–	-834,000	–	-1.00%	–
MIC	Exit	MACQUARIE INFRASTR CO LLCmembership int	$0	–	-351,500	–	-1.00%	–
RAD	Exit	RITE AID CORP	$0	–	-5,003,000	–	-1.04%	–
WMB	Exit	WILLIAMS COS INC DEL	$0	–	-446,200	–	-1.06%	–
STAR	Exit	ISTAR FINL INC	$0	–	-1,890,000	–	-1.09%	–
	Exit	LIBERTY MEDIA CORPdeb 4.000%11/1	$0	–	-39,850,000	–	-1.10%	–
GLNG	Exit	GOLAR LNG LTD BERMUDA	$0	–	-459,054	–	-1.30%	–
APC	Exit	ANADARKO PETE CORPcall	$0	–	-316,000	–	-1.37%	–
ORIG	Exit	OCEAN RIG UDW INC	$0	–	-2,145,000	–	-1.48%	–
SEMG	Exit	SEMGROUP CORPcl a	$0	–	-416,500	–	-1.48%	–
CMCSA	Exit	COMCAST CORP NEWcall	$0	–	-700,000	–	-1.61%	–
CNX	Exit	CONSOL ENERGY INCcall	$0	–	-1,020,000	–	-1.65%	–
ALK	Exit	ALASKA AIR GROUP INCcall	$0	–	-900,000	–	-1.68%	–
FOE	Exit	FERRO CORP	$0	–	-2,828,520	–	-1.75%	–
DYN	Exit	DYNEGY INC NEW DEL	$0	–	-1,440,100	–	-1.78%	–
ALLY	Exit	ALLY FINL INC	$0	–	-1,846,872	–	-1.83%	–
ENLC	Exit	ENLINK MIDSTREAM LLC	$0	–	-1,073,000	–	-1.90%	–
F	Exit	FORD MTR CO DELcall	$0	–	-3,000,000	–	-1.90%	–
GM	Exit	GENERAL MTRS CO	$0	–	-1,443,000	–	-1.97%	–
HES	Exit	HESS CORPcall	$0	–	-550,000	–	-2.22%	–
ESRX	Exit	EXPRESS SCRIPTS HLDG COcall	$0	–	-820,000	–	-2.48%	–
GLNG	Exit	GOLAR LNG LTD BERMUDAcall	$0	–	-950,000	–	-2.70%	–
SWY	Exit	SAFEWAY INC	$0	–	-1,959,942	–	-2.88%	–
	Exit	LIBERTY MEDIA CORPdeb 3.750% 2/1	$0	–	-114,365,000	–	-3.06%	–
XLE	Exit	SELECT SECTOR SPDR TRput	$0	–	-1,000,000	–	-3.88%	–
IWM	Exit	ISHARES TRput	$0	–	-1,000,000	–	-4.68%	–
EEM	Exit	ISHARES TRput	$0	–	-3,300,000	–	-5.87%	–
IP	Exit	INTL PAPER COcall	$0	–	-3,000,000	–	-6.13%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-2,000,000	–	-16.86%	–

Q3 2014

			Value		Shares		↓ Weighting
IP	New	INTL PAPER COcall	$143,220,000	–	3,000,000	–	6.13%	–
EEM	New	ISHARES TRput	$137,148,000	–	3,300,000	–	5.87%	–
IWM	Sell	ISHARES TRput	$109,350,000	-89.0%	1,000,000	-88.1%	4.68%	-86.6%
XLE	New	SELECT SECTOR SPDR TRput	$90,620,000	–	1,000,000	–	3.88%	–
	Buy	LIBERTY MEDIA CORPdeb 3.750% 2/1	$71,478,000	+12.8%	114,365,000	+14.9%	3.06%	+37.8%
GLNG	Buy	GOLAR LNG LTD BERMUDAcall	$63,080,000	+199.9%	950,000	+171.4%	2.70%	+266.2%
HES	New	HESS CORPcall	$51,876,000	–	550,000	–	2.22%	–
GM	Sell	GENERAL MTRS CO	$46,089,000	-22.0%	1,443,000	-11.4%	1.97%	-4.7%
F	New	FORD MTR CO DELcall	$44,370,000	–	3,000,000	–	1.90%	–
ENLC	Buy	ENLINK MIDSTREAM LLC	$44,347,000	+1.6%	1,073,000	+2.4%	1.90%	+24.1%
ALLY	Buy	ALLY FINL INC	$42,736,000	+10.0%	1,846,872	+13.7%	1.83%	+34.3%
DYN	Buy	DYNEGY INC NEW DEL	$41,561,000	-5.6%	1,440,100	+13.8%	1.78%	+15.3%
FOE	Sell	FERRO CORP	$40,985,000	+7.0%	2,828,520	-7.3%	1.75%	+30.7%
ALK	Sell	ALASKA AIR GROUP INCcall	$39,186,000	-58.8%	900,000	-10.0%	1.68%	-49.6%
CNX	Buy	CONSOL ENERGY INCcall	$38,617,000	+61.2%	1,020,000	+96.2%	1.65%	+96.9%
SEMG	Sell	SEMGROUP CORPcl a	$34,682,000	+4.4%	416,500	-1.2%	1.48%	+27.5%
ORIG	Sell	OCEAN RIG UDW INC	$34,577,000	-27.6%	2,145,000	-15.0%	1.48%	-11.6%
GLNG	Sell	GOLAR LNG LTD BERMUDA	$30,481,000	-12.6%	459,054	-20.9%	1.30%	+6.8%
STAR	Buy	ISTAR FINL INC	$25,515,000	-5.4%	1,890,000	+5.0%	1.09%	+15.7%
WMB	Sell	WILLIAMS COS INC DEL	$24,697,000	-47.1%	446,200	-44.3%	1.06%	-35.3%
RAD	Buy	RITE AID CORP	$24,215,000	+68.6%	5,003,000	+149.8%	1.04%	+106.0%
MIC	New	MACQUARIE INFRASTR CO LLCmembership int	$23,445,000	–	351,500	–	1.00%	–
KS	New	KAPSTONE PAPER & PACKAGING Ccall	$23,327,000	–	834,000	–	1.00%	–
MX	Buy	MAGNACHIP SEMICONDUCTOR CORP	$22,616,000	-4.7%	1,933,000	+14.9%	0.97%	+16.5%
GPK	Sell	GRAPHIC PACKAGING HLDG CO	$22,374,000	-4.4%	1,800,000	-10.0%	0.96%	+16.7%
UAL	Buy	UNITED CONTL HLDGS INCcall	$22,085,000	+34.4%	472,000	+18.0%	0.94%	+64.3%
PPC	New	PILGRIMS PRIDE CORP NEWput	$21,392,000	–	700,000	–	0.92%	–
	Sell	DRYSHIPS INC.note 5.000%12/0	$20,859,000	-14.8%	21,096,000	-14.9%	0.89%	+4.0%
	Sell	ALPHA NATURAL RESOURCES INCnote 3.750%12/1	$20,691,000	-23.5%	29,402,000	-5.8%	0.88%	-6.5%
AXLL	Buy	AXIALL CORP	$19,696,000	+66.7%	550,000	+120.0%	0.84%	+103.6%
MTG	Buy	MGIC INVT CORP WIS	$18,744,000	+19.3%	2,400,000	+41.2%	0.80%	+45.8%
DRI	New	DARDEN RESTAURANTS INCcall	$18,011,000	–	350,000	–	0.77%	–
CPS	Sell	COOPER STD HLDGS INC	$17,993,000	-10.3%	288,358	-4.9%	0.77%	+9.5%
GM	Buy	GENERAL MTRS COcall	$17,407,000	+965.3%	545,000	+1111.1%	0.74%	+1207.0%
CBS	New	CBS CORP NEWcl b	$16,050,000	–	300,000	–	0.69%	–
RIG	New	TRANSOCEAN LTDput	$15,985,000	–	500,000	–	0.68%	–
SC	Buy	SANTANDER CONSUMER USA HDG I	$14,995,000	-5.6%	841,900	+3.1%	0.64%	+15.5%
BURL	Sell	BURLINGTON STORES INC	$13,951,000	-35.1%	350,000	-48.1%	0.60%	-20.7%
ACCO	Sell	ACCO BRANDS CORP	$13,800,000	+7.1%	2,000,000	-0.5%	0.59%	+30.8%
RICE	Buy	RICE ENERGY INC	$13,300,000	+173.0%	500,000	+212.5%	0.57%	+232.7%
EOX	Buy	EMERALD OIL INC	$12,300,000	-13.1%	2,000,000	+8.1%	0.53%	+6.0%
KND	New	KINDRED HEALTHCARE INC	$11,640,000	–	600,000	–	0.50%	–
OEC	New	ORION ENGINEERED CARBONS S A	$11,005,000	–	624,542	–	0.47%	–
PHM	New	PULTE GROUP INC	$9,713,000	–	550,000	–	0.42%	–
ERI	New	ELDORADO RESORTS INC	$8,640,000	–	2,052,228	–	0.37%	–
CVEO	Sell	CIVEO CORP	$6,991,000	-73.6%	602,103	-43.0%	0.30%	-67.7%
DYN	New	DYNEGY INC NEW DELcall	$6,032,000	–	209,000	–	0.26%	–
PNK	New	PINNACLE ENTMT INC	$5,018,000	–	200,000	–	0.22%	–
PGNPQ	New	PARAGON OFFSHORE PLCput	$4,305,000	–	700,000	–	0.18%	–
KS	New	KAPSTONE PAPER & PACKAGING C	$3,496,000	–	125,000	–	0.15%	–
HOV	Buy	HOVNANIAN ENTERPRISES INCcl a	$3,303,000	-20.4%	900,000	+11.7%	0.14%	-2.8%
CVEO	New	CIVEO CORPcall	$3,146,000	–	271,000	–	0.14%	–
PGNPQ	New	PARAGON OFFSHORE PLC	$1,230,000	–	200,000	–	0.05%	–
QUAD	New	QUAD / GRAPHICS INC	$909,000	–	47,203	–	0.04%	–
TAST	Exit	CARROLS RESTAURANT GROUP INC	$0	–	-163,990	–	-0.04%	–
	Exit	YRC WORLDWIDE INCnote 10.000% 3/3	$0	–	-1,276,616	–	-0.04%	–
MGM	Exit	MGM RESORTS INTERNATIONAL	$0	–	-350,000	–	-0.32%	–
IGT	Exit	INTERNATIONAL GAME TECHNOLOG	$0	–	-640,000	–	-0.36%	–
AXLL	Exit	AXIALL CORPcall	$0	–	-300,000	–	-0.50%	–
MNTG	Exit	MTR GAMING GROUP INC	$0	–	-2,720,022	–	-0.51%	–
AAL	Exit	AMERICAN AIRLS GROUP INCcall	$0	–	-400,000	–	-0.60%	–
	Exit	COLONY FINL INCnote 3.875% 1/1	$0	–	-17,500,000	–	-0.63%	–
JDSU	Exit	JDS UNIPHASE CORP	$0	–	-1,600,000	–	-0.70%	–
NRG	Exit	NRG ENERGY INC	$0	–	-790,123	–	-1.03%	–
HAL	Exit	HALLIBURTON CO	$0	–	-600,000	–	-1.49%	–
HES	Exit	HESS CORP	$0	–	-584,200	–	-2.02%	–

Q2 2014

			Value		Shares		↓ Weighting
IWM	New	ISHARESput	$998,004,000	–	8,400,000	–	34.96%	–
SPY	New	SPDR S&P 500 ETF TRput	$391,440,000	–	2,000,000	–	13.71%	–
ALK	New	ALASKA AIR GROUP INCcall	$95,050,000	–	1,000,000	–	3.33%	–
SWY	New	SAFEWAY INC	$67,305,000	–	1,959,942	–	2.36%	–
	New	LIBERTY MEDIA CORPdeb 3.750% 2/1	$63,348,000	–	99,565,000	–	2.22%	–
GM	New	GENERAL MTRS CO	$59,096,000	–	1,628,000	–	2.07%	–
HES	New	HESS CORP	$57,772,000	–	584,200	–	2.02%	–
ESRX	New	EXPRESS SCRIPTS HLDG COcall	$56,851,000	–	820,000	–	1.99%	–
ORIG	New	OCEAN RIG UDW INC	$47,756,000	–	2,522,800	–	1.67%	–
WMB	New	WILLIAMS COS INC DEL	$46,656,000	–	801,500	–	1.63%	–
DYN	New	DYNEGY INC NEW DEL	$44,025,000	–	1,265,100	–	1.54%	–
ENLC	New	ENLINK MIDSTREAM LLC	$43,659,000	–	1,048,000	–	1.53%	–
HAL	New	HALLIBURTON CO	$42,606,000	–	600,000	–	1.49%	–
ALLY	New	ALLY FINL INC	$38,849,000	–	1,624,772	–	1.36%	–
FOE	New	FERRO CORP	$38,315,000	–	3,050,520	–	1.34%	–
CMCSA	New	COMCAST CORP NEWcall	$37,576,000	–	700,000	–	1.32%	–
GLNG	New	GOLAR LNG LTD BERMUDA	$34,857,000	–	579,987	–	1.22%	–
APC	New	ANADARKO PETE CORPcall	$34,593,000	–	316,000	–	1.21%	–
SEMG	New	SEMGROUP CORPcl a	$33,236,000	–	421,500	–	1.16%	–
NRG	New	NRG ENERGY INC	$29,393,000	–	790,123	–	1.03%	–
	New	ALPHA NATURAL RESOURCES INCnote 3.750%12/1	$27,036,000	–	31,217,000	–	0.95%	–
STAR	New	ISTAR FINL INC	$26,964,000	–	1,800,000	–	0.94%	–
CVEO	New	CIVEO CORP	$26,432,000	–	1,056,000	–	0.93%	–
	New	LIBERTY MEDIA CORPdeb 4.000%11/1	$25,853,000	–	39,850,000	–	0.91%	–
GPORQ	New	GULFPORT ENERGY CORPcall	$25,120,000	–	400,000	–	0.88%	–
	New	DRYSHIPS INC.note 5.000%12/0	$24,491,000	–	24,801,000	–	0.86%	–
CNX	New	CONSOL ENERGY INCcall	$23,956,000	–	520,000	–	0.84%	–
MX	New	MAGNACHIP SEMICONDUCTOR CORP	$23,730,000	–	1,683,000	–	0.83%	–
GPK	New	GRAPHIC PACKAGING HLDG CO	$23,400,000	–	2,000,000	–	0.82%	–
BURL	New	BURLINGTON STORES INC	$21,506,000	–	675,000	–	0.75%	–
GLNG	New	GOLAR LNG LTD BERMUDAcall	$21,035,000	–	350,000	–	0.74%	–
CPS	New	COOPER STD HLDGS INC	$20,070,000	–	303,358	–	0.70%	–
JDSU	New	JDS UNIPHASE CORP	$19,952,000	–	1,600,000	–	0.70%	–
	New	COLONY FINL INCnote 3.875% 1/1	$18,040,000	–	17,500,000	–	0.63%	–
KW	New	KENNEDY-WILSON HLDGS INC	$17,433,000	–	650,000	–	0.61%	–
AAL	New	AMERICAN AIRLS GROUP INCcall	$17,184,000	–	400,000	–	0.60%	–
B108PS	New	ACTAVIS PLC	$16,840,000	–	75,500	–	0.59%	–
UAL	New	UNITED CONTL HLDGS INCcall	$16,428,000	–	400,000	–	0.58%	–
SC	New	SANTANDER CONSUMER USA HDG I	$15,880,000	–	816,900	–	0.56%	–
MTG	New	MGIC INVT CORP WIS	$15,708,000	–	1,700,000	–	0.55%	–
MNTG	New	MTR GAMING GROUP INC	$14,553,000	–	2,720,022	–	0.51%	–
RAD	New	RITE AID CORP	$14,362,000	–	2,003,000	–	0.50%	–
AXLL	New	AXIALL CORPcall	$14,181,000	–	300,000	–	0.50%	–
EOX	New	EMERALD OIL INC	$14,153,000	–	1,850,000	–	0.50%	–
ACCO	New	ACCO BRANDS CORP	$12,887,000	–	2,010,500	–	0.45%	–
AXLL	New	AXIALL CORP	$11,818,000	–	250,000	–	0.41%	–
VRX	New	VALEANT PHARMACEUTICALS INTL	$11,351,000	–	90,000	–	0.40%	–
ESRX	New	EXPRESS SCRIPTS HLDG CO	$10,399,000	–	150,000	–	0.36%	–
IGT	New	INTERNATIONAL GAME TECHNOLOG	$10,182,000	–	640,000	–	0.36%	–
WLTGQ	New	WALTER ENERGY INCcall	$9,266,000	–	1,700,000	–	0.32%	–
MGM	New	MGM RESORTS INTERNATIONAL	$9,240,000	–	350,000	–	0.32%	–
OCLR	New	OCLARO INC	$8,800,000	–	4,000,000	–	0.31%	–
GPORQ	New	GULFPORT ENERGY CORP	$6,280,000	–	100,000	–	0.22%	–
LNG	New	CHENIERE ENERGY INC	$5,736,000	–	80,000	–	0.20%	–
RICE	New	RICE ENERGY INC	$4,872,000	–	160,000	–	0.17%	–
HOV	New	HOVNANIAN ENTERPRISES INCcl a	$4,151,000	–	806,000	–	0.14%	–
GM	New	GENERAL MTRS COcall	$1,634,000	–	45,000	–	0.06%	–
	New	YRC WORLDWIDE INCnote 10.000% 3/3	$1,283,000	–	1,276,616	–	0.04%	–
EGLE	New	EAGLE BULK SHIPPING INC	$1,209,000	–	390,953	–	0.04%	–
TAST	New	CARROLS RESTAURANT GROUP INC	$1,168,000	–	163,990	–	0.04%	–

Q4 2013

			Value		Shares		↓ Weighting
	Exit	YRC WORLDWIDE INCnote 10.000% 3/3	$0	–	-1,157,930	–	-0.08%	–
WLTGQ	Exit	WALTER ENERGY INCcall	$0	–	-250,000	–	-0.27%	–
CETV	Exit	CENTRAL EUROPEAN MEDIA ENTRPcall	$0	–	-750,000	–	-0.30%	–
EGLE	Exit	EAGLE BULK SHIPPING INC	$0	–	-565,000	–	-0.31%	–
FSTO	Exit	FOREST OIL CORPcall	$0	–	-1,000,000	–	-0.46%	–
ACI	Exit	ARCH COAL INCcall	$0	–	-1,950,000	–	-0.61%	–
FNP	Exit	FIFTH & PAC COS INC	$0	–	-350,700	–	-0.67%	–
GT	Exit	GOODYEAR TIRE & RUBR CO	$0	–	-400,000	–	-0.68%	–
EXXIQ	Exit	ENERGY XXI (BERMUDA) LTD	$0	–	-300,000	–	-0.69%	–
	Exit	ALPHA NATURAL RESOURCES INCnote 3.750%12/1	$0	–	-10,000,000	–	-0.73%	–
TAST	Exit	CARROLS RESTAURANT GROUP INC	$0	–	-1,700,000	–	-0.78%	–
CYH	Exit	COMMUNITY HEALTH SYS INC NEWcall	$0	–	-250,000	–	-0.79%	–
RAD	Exit	RITE AID CORP	$0	–	-2,300,000	–	-0.83%	–
ADM	Exit	ARCHER DANIELS MIDLAND CO	$0	–	-300,000	–	-0.84%	–
CYH	Exit	COMMUNITY HEALTH SYS INC NEW	$0	–	-284,000	–	-0.89%	–
MNTG	Exit	MTR GAMING GROUP INC	$0	–	-2,720,022	–	-0.97%	–
EXXIQ	Exit	ENERGY XXI (BERMUDA) LTDcall	$0	–	-450,000	–	-1.03%	–
LNG	Exit	CHENIERE ENERGY INCcall	$0	–	-400,000	–	-1.04%	–
FCH	Exit	FELCOR LODGING TR INC	$0	–	-2,250,000	–	-1.05%	–
TGI	Exit	TRIUMPH GROUP INC NEWput	$0	–	-200,000	–	-1.06%	–
TGI	Exit	TRIUMPH GROUP INC NEW	$0	–	-200,000	–	-1.06%	–
GM	Exit	GENERAL MTRS CO	$0	–	-400,000	–	-1.09%	–
SRC	Exit	SPIRIT RLTY CAP INC NEW	$0	–	-1,575,000	–	-1.10%	–
BAH	Exit	BOOZ ALLEN HAMILTON HLDG CORcall	$0	–	-785,000	–	-1.15%	–
SVU	Exit	SUPERVALU INCcall	$0	–	-2,000,000	–	-1.25%	–
SPNV	Exit	SUPERIOR ENERGY SVCS INCput	$0	–	-685,000	–	-1.30%	–
SPNV	Exit	SUPERIOR ENERGY SVCS INC	$0	–	-685,000	–	-1.30%	–
GLNG	Exit	GOLAR LNG LTD BERMUDA	$0	–	-464,878	–	-1.33%	–
XTXI	Exit	CROSSTEX ENERGY INC	$0	–	-876,651	–	-1.39%	–
UHS	Exit	UNIVERSAL HLTH SVCS INCcl b	$0	–	-250,000	–	-1.42%	–
ALK	Exit	ALASKA AIR GROUP INCcall	$0	–	-300,000	–	-1.42%	–
ALK	Exit	ALASKA AIR GROUP INC	$0	–	-300,000	–	-1.42%	–
JDSU	Exit	JDS UNIPHASE CORP	$0	–	-1,350,000	–	-1.50%	–
WLTGQ	Exit	WALTER ENERGY INC	$0	–	-1,606,900	–	-1.71%	–
BA	Exit	BOEING CO	$0	–	-200,000	–	-1.78%	–
BA	Exit	BOEING COput	$0	–	-200,000	–	-1.78%	–
BA	Exit	BOEING COcall	$0	–	-200,000	–	-1.78%	–
	Exit	LIBERTY MEDIA CORPdeb 4.000%11/1	$0	–	-42,165,000	–	-1.92%	–
ORIG	Exit	OCEAN RIG UDW INC	$0	–	-1,658,590	–	-2.29%	–
FOE	Exit	FERRO CORP	$0	–	-3,701,729	–	-2.56%	–
SVU	Exit	SUPERVALU INC	$0	–	-4,205,523	–	-2.62%	–
DYN	Exit	DYNEGY INC NEW DEL	$0	–	-1,976,362	–	-2.89%	–
	Exit	LIBERTY MEDIA CORPdeb 3.750% 2/1	$0	–	-65,200,000	–	-2.94%	–
HES	Exit	HESS CORP	$0	–	-513,000	–	-3.01%	–
GT	Exit	GOODYEAR TIRE & RUBR COcall	$0	–	-1,800,000	–	-3.06%	–
FSTO	Exit	FOREST OIL CORP	$0	–	-6,855,000	–	-3.17%	–
DISH	Exit	DISH NETWORK CORPcall	$0	–	-1,000,000	–	-3.41%	–
NRG	Exit	NRG ENERGY INC	$0	–	-2,157,000	–	-4.47%	–
	Exit	DRYSHIPS INC.note 5.000%12/0	$0	–	-88,463,000	–	-6.48%	–
IWM	Exit	ISHAREScall	$0	–	-850,000	–	-6.87%	–
IWM	Exit	ISHARESput	$0	–	-2,040,000	–	-16.48%	–

Q3 2013

			Value		Shares		↓ Weighting
IWM	Sell	ISHARESput	$217,484,000	-55.9%	2,040,000	-59.2%	16.48%	+89.3%
IWM	Sell	ISHAREScall	$90,619,000	-70.5%	850,000	-72.7%	6.87%	+26.7%
	Sell	DRYSHIPS INC.note 5.000%12/0	$85,478,000	-49.4%	88,463,000	-53.5%	6.48%	+117.1%
NRG	Sell	NRG ENERGY INC	$58,950,000	-35.3%	2,157,000	-36.8%	4.47%	+177.5%
DISH	New	DISH NETWORK CORPcall	$45,010,000	–	1,000,000	–	3.41%	–
FSTO	Sell	FOREST OIL CORP	$41,816,000	-26.3%	6,855,000	-50.6%	3.17%	+216.3%
GT	Buy	GOODYEAR TIRE & RUBR COcall	$40,412,000	+160.9%	1,800,000	+80.0%	3.06%	+1017.5%
HES	Sell	HESS CORP	$39,676,000	-57.2%	513,000	-63.2%	3.01%	+83.6%
	New	LIBERTY MEDIA CORPdeb 3.750% 2/1	$38,794,000	–	65,200,000	–	2.94%	–
DYN	Sell	DYNEGY INC NEW DEL	$38,183,000	-60.2%	1,976,362	-53.6%	2.89%	+70.7%
SVU	Sell	SUPERVALU INC	$34,611,000	-53.2%	4,205,523	-64.6%	2.62%	+100.8%
FOE	Sell	FERRO CORP	$33,723,000	-47.6%	3,701,729	-60.0%	2.56%	+124.9%
ORIG	Sell	OCEAN RIG UDW INC	$30,186,000	-39.4%	1,658,590	-37.6%	2.29%	+159.9%
	Sell	LIBERTY MEDIA CORPdeb 4.000%11/1	$25,299,000	-80.8%	42,165,000	-78.2%	1.92%	-17.7%
BA	New	BOEING CO	$23,500,000	–	200,000	–	1.78%	–
BA	New	BOEING COput	$23,500,000	–	200,000	–	1.78%	–
BA	Sell	BOEING COcall	$23,500,000	-72.9%	200,000	-76.2%	1.78%	+16.3%
WLTGQ	Sell	WALTER ENERGY INC	$22,545,000	-36.5%	1,606,900	-52.9%	1.71%	+172.4%
JDSU	New	JDS UNIPHASE CORP	$19,859,000	–	1,350,000	–	1.50%	–
ALK	New	ALASKA AIR GROUP INC	$18,786,000	–	300,000	–	1.42%	–
ALK	Sell	ALASKA AIR GROUP INCcall	$18,786,000	-25.9%	300,000	-37.5%	1.42%	+217.6%
UHS	Sell	UNIVERSAL HLTH SVCS INCcl b	$18,748,000	-44.0%	250,000	-50.0%	1.42%	+140.4%
XTXI	Sell	CROSSTEX ENERGY INC	$18,313,000	-40.3%	876,651	-43.6%	1.39%	+156.1%
GLNG	New	GOLAR LNG LTD BERMUDA	$17,512,000	–	464,878	–	1.33%	–
SPNV	Sell	SUPERIOR ENERGY SVCS INCput	$17,153,000	-52.1%	685,000	-50.0%	1.30%	+105.7%
SPNV	Sell	SUPERIOR ENERGY SVCS INC	$17,153,000	-51.7%	685,000	-50.0%	1.30%	+107.0%
SVU	New	SUPERVALU INCcall	$16,460,000	–	2,000,000	–	1.25%	–
BAH	New	BOOZ ALLEN HAMILTON HLDG CORcall	$15,166,000	–	785,000	–	1.15%	–
SRC	New	SPIRIT RLTY CAP INC NEW	$14,459,000	–	1,575,000	–	1.10%	–
GM	Sell	GENERAL MTRS CO	$14,388,000	-56.8%	400,000	-60.0%	1.09%	+85.4%
TGI	New	TRIUMPH GROUP INC NEWput	$14,044,000	–	200,000	–	1.06%	–
TGI	New	TRIUMPH GROUP INC NEW	$14,044,000	–	200,000	–	1.06%	–
FCH	Sell	FELCOR LODGING TR INC	$13,860,000	-47.9%	2,250,000	-50.0%	1.05%	+123.4%
LNG	New	CHENIERE ENERGY INCcall	$13,656,000	–	400,000	–	1.04%	–
EXXIQ	Sell	ENERGY XXI (BERMUDA) LTDcall	$13,595,000	+0.3%	450,000	-25.0%	1.03%	+331.0%
MNTG	Sell	MTR GAMING GROUP INC	$12,812,000	-29.7%	2,720,022	-50.0%	0.97%	+201.6%
CYH	Sell	COMMUNITY HEALTH SYS INC NEW	$11,786,000	-55.7%	284,000	-50.0%	0.89%	+90.0%
ADM	New	ARCHER DANIELS MIDLAND CO	$11,052,000	–	300,000	–	0.84%	–
RAD	Sell	RITE AID CORP	$10,948,000	-79.5%	2,300,000	-87.7%	0.83%	-11.8%
CYH	New	COMMUNITY HEALTH SYS INC NEWcall	$10,375,000	–	250,000	–	0.79%	–
TAST	Sell	CARROLS RESTAURANT GROUP INC	$10,353,000	-52.9%	1,700,000	-50.0%	0.78%	+102.1%
	New	ALPHA NATURAL RESOURCES INCnote 3.750%12/1	$9,577,000	–	10,000,000	–	0.73%	–
EXXIQ	Sell	ENERGY XXI (BERMUDA) LTD	$9,063,000	-65.6%	300,000	-74.7%	0.69%	+47.7%
GT	New	GOODYEAR TIRE & RUBR CO	$8,980,000	–	400,000	–	0.68%	–
FNP	Sell	FIFTH & PAC COS INC	$8,813,000	-76.8%	350,700	-79.4%	0.67%	-0.4%
ACI	Sell	ARCH COAL INCcall	$8,015,000	-43.8%	1,950,000	-50.0%	0.61%	+140.9%
FSTO	New	FOREST OIL CORPcall	$6,100,000	–	1,000,000	–	0.46%	–
EGLE	New	EAGLE BULK SHIPPING INC	$4,057,000	–	565,000	–	0.31%	–
CETV	Sell	CENTRAL EUROPEAN MEDIA ENTRPcall	$3,938,000	-52.6%	750,000	-70.0%	0.30%	+102.7%
WLTGQ	New	WALTER ENERGY INCcall	$3,508,000	–	250,000	–	0.27%	–
	Sell	YRC WORLDWIDE INCnote 10.000% 3/3	$1,071,000	-53.6%	1,157,930	-50.0%	0.08%	+97.6%
BTU	Exit	PEABODY ENERGY CORP	$0	–	-70,000	–	-0.02%	–
AIR	Exit	AAR CORPcall	$0	–	-185,000	–	-0.07%	–
DRYS	Exit	DRYSHIPS INC	$0	–	-2,372,000	–	-0.08%	–
HOV	Exit	HOVNANIAN ENTERPRISES INCcl a	$0	–	-981,200	–	-0.10%	–
4305PS	Exit	ALCATEL-LUCENTsponsored adr	$0	–	-3,000,000	–	-0.12%	–
BYD	Exit	BOYD GAMING CORP	$0	–	-1,000,000	–	-0.20%	–
SAI	Exit	SAIC INCcall	$0	–	-1,200,000	–	-0.30%	–
BZH	Exit	BEAZER HOMES USA INC	$0	–	-1,000,000	–	-0.31%	–
CACI	Exit	CACI INTL INCput	$0	–	-280,000	–	-0.32%	–
WAC	Exit	WALTER INVT MGMT CORP	$0	–	-550,000	–	-0.33%	–
FNSR	Exit	FINISAR CORP	$0	–	-1,200,000	–	-0.36%	–
AIQ	Exit	ALLIANCE HEALTHCARE SRVCS IN	$0	–	-1,528,286	–	-0.42%	–
DRC	Exit	DRESSER-RAND GROUP INCcall	$0	–	-400,000	–	-0.44%	–
USG	Exit	U S G CORP	$0	–	-1,140,000	–	-0.46%	–
SDOCQ	Exit	SANDRIDGE ENERGY INC	$0	–	-6,000,000	–	-0.50%	–
MAS	Exit	MASCO CORP	$0	–	-1,540,000	–	-0.53%	–
3101SC	Exit	COMMONWEALTH REIT	$0	–	-1,400,000	–	-0.57%	–
	Exit	LEAP WIRELESS INTL INCnote 4.500% 7/1	$0	–	-38,740,000	–	-0.69%	–
CX	Exit	CEMEX SAB DE CVspon adr new	$0	–	-3,744,000	–	-0.70%	–
BYD	Exit	BOYD GAMING CORPcall	$0	–	-3,500,000	–	-0.71%	–
HMA	Exit	HEALTH MGMT ASSOC INC NEWcl a	$0	–	-2,980,000	–	-0.83%	–
TWO	Exit	TWO HBRS INVT CORP	$0	–	-4,650,000	–	-0.84%	–
LNG	Exit	CHENIERE ENERGY INC	$0	–	-1,738,000	–	-0.85%	–
SPY	Exit	SPDR S&P 500 ETF TRcall	$0	–	-300,000	–	-0.86%	–
	Exit	WALTER INVT MGMT CORPnote 4.500%11/0	$0	–	-48,190,000	–	-0.86%	–
MEOH	Exit	METHANEX CORP	$0	–	-1,200,000	–	-0.91%	–
E	Exit	ENI S P Asponsored adr	$0	–	-44,000,000	–	-1.04%	–
LCC	Exit	U S AIRWAYS GROUP INCcall	$0	–	-4,400,000	–	-1.30%	–
CF	Exit	CF INDS HLDGS INCput	$0	–	-1,200,000	–	-3.61%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-14,990,000	–	-42.72%	–

Q2 2013

			Value		Shares		↓ Weighting
SPY	New	SPDR S&P 500 ETF TRput	$2,418,788,000	–	14,990,000	–	42.72%	–
IWM	New	ISHARES TRput	$492,900,000	–	5,000,000	–	8.70%	–
IWM	New	ISHARES TRcall	$306,780,000	–	3,112,000	–	5.42%	–
CF	New	CF INDS HLDGS INCput	$204,336,000	–	1,200,000	–	3.61%	–
	New	DRYSHIPS INC.note 5.000%12/0	$169,002,000	–	190,426,000	–	2.98%	–
	New	LIBERTY MEDIA CORPdeb 4.000%11/1	$131,940,000	–	193,320,000	–	2.33%	–
DYN	New	DYNEGY INC NEW DEL	$96,006,000	–	4,257,452	–	1.70%	–
HES	New	HESS CORP	$92,688,000	–	1,394,000	–	1.64%	–
NRG	New	NRG ENERGY INC	$91,154,000	–	3,414,000	–	1.61%	–
BA	New	BOEING COcall	$86,722,000	–	840,000	–	1.53%	–
SVU	New	SUPERVALU INC	$73,944,000	–	11,888,000	–	1.31%	–
LCC	New	U S AIRWAYS GROUP INCcall	$73,920,000	–	4,400,000	–	1.30%	–
FOE	New	FERRO CORP	$64,354,000	–	9,259,538	–	1.14%	–
E	New	ENI S P Asponsored adr	$58,612,000	–	44,000,000	–	1.04%	–
FSTO	New	FOREST OIL CORP	$56,728,000	–	13,870,000	–	1.00%	–
RAD	New	RITE AID CORP	$53,290,000	–	18,633,200	–	0.94%	–
MEOH	New	METHANEX CORP	$51,402,000	–	1,200,000	–	0.91%	–
ORIG	New	OCEAN RIG UDW INC	$49,822,000	–	2,660,000	–	0.88%	–
	New	WALTER INVT MGMT CORPnote 4.500%11/0	$48,852,000	–	48,190,000	–	0.86%	–
SPY	New	SPDR S&P 500 ETF TRcall	$48,408,000	–	300,000	–	0.86%	–
LNG	New	CHENIERE ENERGY INC	$48,246,000	–	1,738,000	–	0.85%	–
TWO	New	TWO HBRS INVT CORP	$47,662,000	–	4,650,000	–	0.84%	–
HMA	New	HEALTH MGMT ASSOC INC NEWcl a	$46,846,000	–	2,980,000	–	0.83%	–
BYD	New	BOYD GAMING CORPcall	$40,076,000	–	3,500,000	–	0.71%	–
CX	New	CEMEX SAB DE CVspon adr new	$39,612,000	–	3,744,000	–	0.70%	–
	New	LEAP WIRELESS INTL INCnote 4.500% 7/1	$38,836,000	–	38,740,000	–	0.69%	–
FNP	New	FIFTH & PAC COS INC	$38,010,000	–	1,701,400	–	0.67%	–
SPNV	New	SUPERIOR ENERGY SVCS INCput	$35,798,000	–	1,370,000	–	0.63%	–
SPNV	New	SUPERIOR ENERGY SVCS INC	$35,538,000	–	1,370,000	–	0.63%	–
WLTGQ	New	WALTER ENERGY INC	$35,496,000	–	3,413,000	–	0.63%	–
UHS	New	UNIVERSAL HLTH SVCS INCcl b	$33,480,000	–	500,000	–	0.59%	–
GM	New	GENERAL MTRS CO	$33,310,000	–	1,000,000	–	0.59%	–
3101SC	New	COMMONWEALTH REIT	$32,368,000	–	1,400,000	–	0.57%	–
XTXI	New	CROSSTEX ENERGY INC	$30,694,000	–	1,553,302	–	0.54%	–
MAS	New	MASCO CORP	$30,014,000	–	1,540,000	–	0.53%	–
SDOCQ	New	SANDRIDGE ENERGY INC	$28,560,000	–	6,000,000	–	0.50%	–
CYH	New	COMMUNITY HEALTH SYS INC NEW	$26,628,000	–	568,000	–	0.47%	–
FCH	New	FELCOR LODGING TR INC	$26,596,000	–	4,500,000	–	0.47%	–
EXXIQ	New	ENERGY XXI (BERMUDA) LTD	$26,344,000	–	1,188,000	–	0.46%	–
USG	New	U S G CORP	$26,278,000	–	1,140,000	–	0.46%	–
ALK	New	ALASKA AIR GROUP INCcall	$25,368,000	–	480,000	–	0.45%	–
DRC	New	DRESSER-RAND GROUP INCcall	$24,844,000	–	400,000	–	0.44%	–
AIQ	New	ALLIANCE HEALTHCARE SRVCS IN	$23,902,000	–	1,528,286	–	0.42%	–
TAST	New	CARROLS RESTAURANT GROUP INC	$21,970,000	–	3,401,004	–	0.39%	–
FNSR	New	FINISAR CORP	$20,340,000	–	1,200,000	–	0.36%	–
WAC	New	WALTER INVT MGMT CORP	$18,596,000	–	550,000	–	0.33%	–
MNTG	New	MTR GAMING GROUP INC	$18,226,000	–	5,440,044	–	0.32%	–
CACI	New	CACI INTL INCput	$17,988,000	–	280,000	–	0.32%	–
BZH	New	BEAZER HOMES USA INC	$17,520,000	–	1,000,000	–	0.31%	–
SAI	New	SAIC INCcall	$16,680,000	–	1,200,000	–	0.30%	–
GT	New	GOODYEAR TIRE & RUBR COcall	$15,490,000	–	1,000,000	–	0.27%	–
ACI	New	ARCH COAL INCcall	$14,274,000	–	3,900,000	–	0.25%	–
EXXIQ	New	ENERGY XXI (BERMUDA) LTDcall	$13,560,000	–	600,000	–	0.24%	–
BYD	New	BOYD GAMING CORP	$11,300,000	–	1,000,000	–	0.20%	–
CETV	New	CENTRAL EUROPEAN MEDIA ENTRPcall	$8,300,000	–	2,500,000	–	0.15%	–
4305PS	New	ALCATEL-LUCENTsponsored adr	$6,778,000	–	3,000,000	–	0.12%	–
HOV	New	HOVNANIAN ENTERPRISES INCcl a	$5,504,000	–	981,200	–	0.10%	–
DRYS	New	DRYSHIPS INC	$4,436,000	–	2,372,000	–	0.08%	–
AIR	New	AAR CORPcall	$4,212,000	–	185,000	–	0.07%	–
	New	YRC WORLDWIDE INCnote 10.000% 3/3	$2,310,000	–	2,315,860	–	0.04%	–
BTU	New	PEABODY ENERGY CORP	$1,024,000	–	70,000	–	0.02%	–

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