DW Partners, LP Activity Q3 2010-Q3 2019

Q3 2019

			Value		Shares		↓ Weighting
TRMD	Sell	TORM PLC	$29,108,000	-3.9%	3,437,985	-1.4%	46.70%	-0.5%
AVYA	New	AVAYA HLDGS CORP	$10,245,000	–	1,001,488	–	16.44%	–
TMQ	Buy	TRILOGY METALS INC NEW	$3,984,000	-18.7%	2,400,000	+44.5%	6.39%	-15.9%
FTSI	Sell	FTS INTERNATIONAL INC	$1,039,000	-71.5%	463,775	-29.1%	1.67%	-70.5%

Q2 2019

			Value		Shares		↓ Weighting
TRMD	New	TORM PLC	$30,277,000	–	3,486,088	–	46.95%	–
SBOW	New	SILVERBOW RES INC	$25,661,000	–	1,852,755	–	39.79%	–
TMQ	New	TRILOGY METALS INC NEW	$4,900,000	–	1,661,048	–	7.60%	–
FTSI	New	FTS INTERNATIONAL INC	$3,648,000	–	653,775	–	5.66%	–

Q4 2018

			Value		Shares		↓ Weighting
FTSI	Exit	FTS INTERNATIONAL INC	$0	–	-284,000	–	-2.69%	–
CJ	Exit	C&J ENERGY SVCS INC NEW	$0	–	-166,000	–	-2.77%	–
INTEQ	Exit	INTELSAT S A	$0	–	-203,000	–	-4.89%	–
XRX	Exit	XEROX CORP	$0	–	-390,000	–	-8.46%	–
XRX	Exit	XEROX CORPcall	$0	–	-1,000,000	–	-21.68%	–
TRMD	Exit	TORM PLC	$0	–	-4,661,000	–	-22.46%	–
SBOW	Exit	SILVERBOW RES INC	$0	–	-1,729,000	–	-37.04%	–

Q3 2018

			Value		Shares		↓ Weighting
TRMD	Sell	TORM PLC	$27,958,000	-28.3%	4,661,000	-5.6%	22.46%	-36.1%
XRX	New	XEROX CORPcall	$26,980,000	–	1,000,000	–	21.68%	–
XRX	New	XEROX CORP	$10,526,000	–	390,000	–	8.46%	–
INTEQ	New	INTELSAT S A	$6,091,000	–	203,000	–	4.89%	–
CJ	New	C&J ENERGY SVCS INC NEW	$3,447,000	–	166,000	–	2.77%	–
FTSI	New	FTS INTERNATIONAL INC	$3,346,000	–	284,000	–	2.69%	–
USCR	Exit	U S CONCRETE INC	$0	–	-65,000	–	-3.08%	–
	Exit	LIBERTY MEDIA CORPdeb 3.750% 2/1	$0	–	-25,115,000	–	-16.72%	–

Q2 2018

			Value		Shares		↓ Weighting
SBOW	New	SILVERBOW RES INC	$49,923,000	–	1,729,000	–	45.04%	–
TRMD	New	TORM PLC	$38,966,000	–	4,940,000	–	35.16%	–
	New	LIBERTY MEDIA CORPdeb 3.750% 2/1	$18,528,000	–	25,115,000	–	16.72%	–
USCR	New	U S CONCRETE INC	$3,413,000	–	65,000	–	3.08%	–

Q4 2017

			Value		Shares		↓ Weighting
	Exit	ATLANTICA YIELD PLCput	$0	–	0	–	-0.00%	–
THC	Exit	TENET HEALTHCARE CORP	$0	–	-200,000	–	-3.38%	–
CCO	Exit	CLEAR CHANNEL OUTDOOR HLDGScl a	$0	–	-1,507,000	–	-7.21%	–
	Exit	LIBERTY MEDIA CORPdeb 4.000%11/1	$0	–	-12,027,000	–	-9.48%	–
	Exit	HORIZON PHARMA INVT LTDnote 2.500% 3/1	$0	–	-8,380,000	–	-9.65%	–
WLL	Exit	WHITING PETE CORP NEW	$0	–	-1,903,000	–	-10.69%	–
CF	Exit	CF INDS HLDGS INC	$0	–	-346,000	–	-12.52%	–
EGC	Exit	ENERGY XXI GULF COAST INC	$0	–	-3,260,000	–	-19.09%	–
	Exit	LIBERTY MEDIA CORPdeb 3.750% 2/1	$0	–	-36,537,000	–	-27.98%	–

Q3 2017

			Value		Shares		↓ Weighting
CF	Sell	CF INDS HLDGS INC	$12,165,000	+9.9%	346,000	-12.6%	12.52%	+45.7%
WLL	New	WHITING PETE CORP NEW	$10,390,000	–	1,903,000	–	10.69%	–
		ATLANTICA YIELD PLCput	$1,000	0.0%	0	–	0.00%	0.0%
	Exit	COMSTOCK RES INCnote 7.750% 4/0	$0	–	-4,525,000	–	-2.74%	–
	Exit	COMSTOCK RES INCnote 9.500% 6/1	$0	–	-4,714,000	–	-2.82%	–

Q2 2017

			Value		Shares		↓ Weighting
EGC	New	ENERGY XXI GULF COAST INC	$60,542,000	–	3,260,000	–	46.98%	–
	New	LIBERTY MEDIA CORPdeb 3.750% 2/1	$23,634,000	–	36,537,000	–	18.34%	–
CF	New	CF INDS HLDGS INC	$11,072,000	–	396,000	–	8.59%	–
	New	LIBERTY MEDIA CORPdeb 4.000%11/1	$8,058,000	–	12,027,000	–	6.25%	–
CCO	New	CLEAR CHANNEL OUTDOOR HLDGScl a	$7,307,000	–	1,507,000	–	5.67%	–
	New	HORIZON PHARMA INVT LTDnote 2.500% 3/1	$7,238,000	–	8,380,000	–	5.62%	–
THC	New	TENET HEALTHCARE CORP	$3,868,000	–	200,000	–	3.00%	–
	New	COMSTOCK RES INCnote 9.500% 6/1	$3,630,000	–	4,714,000	–	2.82%	–
	New	COMSTOCK RES INCnote 7.750% 4/0	$3,530,000	–	4,525,000	–	2.74%	–
	New	ATLANTICA YIELD PLCput	$1,000	–	0	–	0.00%	–

Q4 2016

			Value		Shares		↓ Weighting
	Exit	AEGEAN MARINE PETE NETWORK Inote 4.000%11/0	$0	–	-2,000,000	–	-1.70%	–
	Exit	LIBERTY MEDIA CORPdeb 4.000%11/1	$0	–	-12,064,000	–	-6.76%	–
CCO	Exit	CLEAR CHANNEL OUTDOOR HLDGScl a	$0	–	-2,058,000	–	-10.26%	–
BZH	Exit	BEAZER HOMES USA INC	$0	–	-1,094,000	–	-10.88%	–
M	Exit	MACYS INC	$0	–	-500,000	–	-15.81%	–
	Exit	LIBERTY MEDIA CORPdeb 3.750% 2/1	$0	–	-36,575,000	–	-19.77%	–
CF	Exit	CF INDS HLDGS INC	$0	–	-1,675,000	–	-34.81%	–

Q3 2016

			Value		Shares		↓ Weighting
	Sell	LIBERTY MEDIA CORPdeb 3.750% 2/1	$23,170,000	+0.3%	36,575,000	-0.1%	19.77%	+4.8%
CCO	Sell	CLEAR CHANNEL OUTDOOR HLDGScl a	$12,020,000	-29.4%	2,058,000	-23.2%	10.26%	-26.3%
	Sell	AEGEAN MARINE PETE NETWORK Inote 4.000%11/0	$1,994,000	-73.5%	2,000,000	-78.9%	1.70%	-72.3%
ISLE	Exit	ISLE OF CAPRI CASINOS INC	$0	–	-30,000	–	-0.44%	–

Q2 2016

			Value		Shares		↓ Weighting
CF	New	CF INDS HLDGS INC	$41,540,000	–	1,675,000	–	33.95%	–
	New	LIBERTY MEDIA CORPdeb 3.750% 2/1	$23,098,000	–	36,611,000	–	18.88%	–
CCO	New	CLEAR CHANNEL OUTDOOR HLDGScl a	$17,025,000	–	2,681,000	–	13.91%	–
M	New	MACYS INC	$16,500,000	–	500,000	–	13.48%	–
BZH	New	BEAZER HOMES USA INC	$8,255,000	–	1,094,000	–	6.75%	–
	New	LIBERTY MEDIA CORPdeb 4.000%11/1	$7,882,000	–	12,064,000	–	6.44%	–
	New	AEGEAN MARINE PETE NETWORK Inote 4.000%11/0	$7,529,000	–	9,500,000	–	6.15%	–
ISLE	New	ISLE OF CAPRI CASINOS INC	$542,000	–	30,000	–	0.44%	–

Q4 2015

			Value		Shares		↓ Weighting
SSEIQ	Exit	SEVENTY SEVEN ENERGY INC	$0	–	-627,446	–	-0.72%	–
KMIWS	Exit	KINDER MORGAN INC DEL*w exp 05/25/201	$0	–	-1,250,000	–	-0.75%	–
ABY	Exit	ABENGOA YIELD PLC	$0	–	-130,000	–	-1.55%	–
PCRX	Exit	PACIRA PHARMACEUTICALS INC	$0	–	-64,500	–	-1.96%	–
BONTQ	Exit	BON-TON STORES INC	$0	–	-1,686,662	–	-3.95%	–
SUNEQ	Exit	SUNEDISON INC	$0	–	-1,000,000	–	-5.26%	–
	Exit	LIBERTY MEDIA CORPdeb 4.000%11/1	$0	–	-12,098,756	–	-5.60%	–
	Exit	AEGEAN MARINE PETE NETWORK Inote 4.000%11/0	$0	–	-9,500,000	–	-5.85%	–
WBS	Exit	WEBSTER FINL CORP CONN	$0	–	-350,000	–	-9.05%	–
BZH	Exit	BEAZER HOMES USA INC	$0	–	-1,093,700	–	-10.71%	–
NMIH	Exit	NMI HLDGS INCcl a	$0	–	-2,038,000	–	-11.17%	–
MGM	Exit	MGM RESORTS INTERNATIONAL	$0	–	-1,000,000	–	-13.30%	–
CCO	Exit	CLEAR CHANNEL OUTDOOR HLDGScl a	$0	–	-2,681,050	–	-13.77%	–
	Exit	LIBERTY MEDIA CORPdeb 3.750% 2/1	$0	–	-36,647,044	–	-16.35%	–

Q3 2015

			Value		Shares		↓ Weighting
	Sell	LIBERTY MEDIA CORPdeb 3.750% 2/1	$22,504,000	-3.1%	36,647,044	-0.1%	16.35%	+133.8%
BZH	Sell	BEAZER HOMES USA INC	$14,743,000	-34.8%	1,093,700	-4.3%	10.71%	+57.4%
WBS	Sell	WEBSTER FINL CORP CONN	$12,460,000	-37.0%	350,000	-30.0%	9.05%	+52.0%
SUNEQ	Buy	SUNEDISON INC	$7,240,000	-66.2%	1,000,000	+37.9%	5.26%	-18.4%
PCRX	Buy	PACIRA PHARMACEUTICALS INC	$2,703,000	+12.3%	64,500	+87.0%	1.96%	+171.3%
ABY	New	ABENGOA YIELD PLC	$2,127,000	–	130,000	–	1.55%	–
SSEIQ	Sell	SEVENTY SEVEN ENERGY INC	$993,000	-77.6%	627,446	-38.9%	0.72%	-46.0%
NUVA	Exit	NUVASIVE INCcall	$0	–	-80,300	–	-0.06%	–
UNP	Exit	UNION PACIFIC CORP	$0	–	-15,000	–	-0.43%	–
DAL	Exit	DELTA AIR LINES INC	$0	–	-50,000	–	-0.62%	–
USM	Exit	UNITED STATES CELLULAR CORP	$0	–	-59,250	–	-0.66%	–
SEDG	Exit	SOLAREDGE TECHNOLOGIES INC	$0	–	-75,000	–	-0.81%	–
KSU	Exit	KANSAS CITY SOUTHERN	$0	–	-30,000	–	-0.82%	–
WIN	Exit	WINDSTREAM HOLDINGS INC	$0	–	-566,666	–	-1.04%	–
DEPO	Exit	DEPOMED INC	$0	–	-250,000	–	-1.57%	–
SPY	Exit	SPDR S&P 500 ETFput	$0	–	-1,275,000	–	-1.70%	–
DAR	Exit	DARLING INGREDIENTS INC	$0	–	-450,000	–	-1.98%	–
TERP	Exit	TERRAFORM POWER INC	$0	–	-190,000	–	-2.16%	–
MEG	Exit	MEDIA GENERAL INC	$0	–	-445,600	–	-2.16%	–
RAX	Exit	RACKSPACE HOSTING INC	$0	–	-200,000	–	-2.22%	–
DISH	Exit	DISH NETWORK CORP	$0	–	-125,000	–	-2.55%	–
AAL	Exit	AMERICAN AIRLINES GROUP INC	$0	–	-218,800	–	-2.64%	–
9207PS	Exit	ROCK-TENN COMPANY	$0	–	-150,000	–	-2.76%	–
HOSSQ	Exit	HORNBECK OFFSHORE SERVICES	$0	–	-450,000	–	-2.77%	–
NUVA	Exit	NUVASIVE INC	$0	–	-237,100	–	-3.39%	–
MSG	Exit	MADISON SQUARE GARDEN CO	$0	–	-150,600	–	-3.78%	–
WDC	Exit	WESTERN DIGITAL CORP	$0	–	-200,000	–	-4.85%	–
MU	Exit	MICRON TECHNOLOGY INC	$0	–	-925,000	–	-5.20%	–

Q2 2015

			Value		Shares		↓ Weighting
CCO	New	CLEAR CHANNEL OUTDOOR	$27,199,000	–	2,681,050	–	8.19%	–
	New	Liberty Mediabond	$23,234,000	–	36,682,306	–	7.00%	–
BZH	New	BEAZER HOMES USA INC	$22,604,000	–	1,142,772	–	6.80%	–
SUNEQ	New	SUNEDISON INC	$21,424,000	–	725,000	–	6.45%	–
WBS	New	WEBSTER FINANCIAL CORP	$19,790,000	–	500,000	–	5.96%	–
MGM	New	MGM RESORTS INTERNATIONAL	$18,205,000	–	1,000,000	–	5.48%	–
MU	New	MICRON TECHNOLOGY INC	$17,260,000	–	925,000	–	5.20%	–
NMIH	New	NMI HOLDINGS INC	$16,324,000	–	2,038,000	–	4.92%	–
WDC	New	WESTERN DIGITAL CORP	$16,124,000	–	200,000	–	4.85%	–
MSG	New	MADISON SQUARE GARDEN CO	$12,542,000	–	150,600	–	3.78%	–
NUVA	New	NUVASIVE INC	$11,262,000	–	237,100	–	3.39%	–
	New	Aegean Marine Petroleum Network Inc.bond	$10,438,000	–	9,500,000	–	3.14%	–
HOSSQ	New	HORNBECK OFFSHORE SERVICES	$9,207,000	–	450,000	–	2.77%	–
9207PS	New	ROCK-TENN COMPANY	$9,180,000	–	150,000	–	2.76%	–
AAL	New	AMERICAN AIRLINES GROUP INC	$8,780,000	–	218,800	–	2.64%	–
DISH	New	DISH NETWORK CORP	$8,473,000	–	125,000	–	2.55%	–
BONTQ	New	BON-TON STORES INC	$8,012,000	–	1,686,662	–	2.41%	–
	New	Liberty Mediabond	$7,943,000	–	12,098,756	–	2.39%	–
RAX	New	RACKSPACE HOSTING INC	$7,380,000	–	200,000	–	2.22%	–
MEG	New	MEDIA GENERAL INC	$7,174,000	–	445,600	–	2.16%	–
TERP	New	TERRAFORM POWER INC	$7,163,000	–	190,000	–	2.16%	–
DAR	New	DARLING INGREDIENTS INC	$6,561,000	–	450,000	–	1.98%	–
SPY	New	SPDR S&P 500 ETFput	$5,640,000	–	1,275,000	–	1.70%	–
DEPO	New	DEPOMED INC	$5,205,000	–	250,000	–	1.57%	–
SSEIQ	New	SEVENTY SEVEN ENERGY INC	$4,439,000	–	1,027,446	–	1.34%	–
WIN	New	WINDSTREAM HOLDINGS INC	$3,468,000	–	566,666	–	1.04%	–
KMIWS	New	KINDER MORGAN INC*w exp 05/25/201	$3,400,000	–	1,250,000	–	1.02%	–
KSU	New	KANSAS CITY SOUTHERN	$2,715,000	–	30,000	–	0.82%	–
SEDG	New	SOLAREDGE TECHNOLOGIES INC	$2,705,000	–	75,000	–	0.81%	–
PCRX	New	PACIRA PHARMACEUTICALS INC	$2,406,000	–	34,500	–	0.72%	–
USM	New	UNITED STATES CELLULAR CORP	$2,204,000	–	59,250	–	0.66%	–
DAL	New	DELTA AIR LINES INC	$2,062,000	–	50,000	–	0.62%	–
UNP	New	UNION PACIFIC CORP	$1,430,000	–	15,000	–	0.43%	–
NUVA	New	NUVASIVE INCcall	$203,000	–	80,300	–	0.06%	–

Q4 2014

			Value		Shares		↓ Weighting
MDLZ	Exit	MONDELEZ INTL INCcall	$0	–	-696,900	–	-0.02%	–
CF	Exit	CF INDS HLDGS INC	$0	–	-1,702	–	-0.09%	–
GMWSB	Exit	GENERAL MTRS CO*w exp 07/10/201	$0	–	-76,910	–	-0.22%	–
FSTO	Exit	FOREST OIL CORP	$0	–	-1,200,000	–	-0.30%	–
GMWSA	Exit	GENERAL MTRS CO*w exp 07/10/201	$0	–	-76,910	–	-0.34%	–
USM	Exit	UNITED STATES CELLULAR CORP	$0	–	-75,000	–	-0.52%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-65,000	–	-0.53%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-50,000	–	-0.53%	–
MEG	Exit	MEDIA GEN INC	$0	–	-225,000	–	-0.58%	–
KMIWS	Exit	KINDER MORGAN INC DEL*w exp 05/25/201	$0	–	-1,350,000	–	-0.97%	–
HOLX	Exit	HOLOGIC INC	$0	–	-250,000	–	-1.20%	–
	Exit	AEGEAN MARINE PETE NETWORK Inote 4.000%11/0	$0	–	-6,500,000	–	-1.26%	–
ASNA	Exit	ASCENA RETAIL GROUP INC	$0	–	-518,942	–	-1.37%	–
DISH	Exit	DISH NETWORK CORPcl a	$0	–	-115,000	–	-1.47%	–
SEAS	Exit	SEAWORLD ENTMT INC	$0	–	-400,000	–	-1.52%	–
	Exit	LIBERTY MEDIA CORPdeb 4.000%11/1	$0	–	-12,132,471	–	-1.60%	–
M	Exit	MACYS INC	$0	–	-165,000	–	-1.90%	–
CCO	Exit	CLEAR CHANNEL OUTDOOR HLDGScl a	$0	–	-1,555,017	–	-2.10%	–
NXST	Exit	NEXSTAR BROADCASTING GROUP Icl a	$0	–	-271,000	–	-2.17%	–
GM	Exit	GENERAL MTRS CO	$0	–	-367,030	–	-2.31%	–
VMW	Exit	VMWARE INC	$0	–	-140,000	–	-2.57%	–
LTM	Exit	LIFE TIME FITNESS INC	$0	–	-273,800	–	-2.73%	–
BONTQ	Exit	BON-TON STORES INC	$0	–	-1,686,662	–	-2.78%	–
TWC	Exit	TIME WARNER CABLE INC	$0	–	-105,000	–	-2.99%	–
MGM	Exit	MGM RESORTS INTERNATIONAL	$0	–	-750,000	–	-3.26%	–
NMIH	Exit	NMI HLDGS INCcl a	$0	–	-2,038,000	–	-3.40%	–
SUNEQ	Exit	SUNEDISON INC	$0	–	-900,000	–	-3.41%	–
HTZ	Exit	HERTZ GLOBAL HOLDINGS INC	$0	–	-725,000	–	-3.70%	–
OWW	Exit	ORBITZ WORLDWIDE INC	$0	–	-2,463,252	–	-3.82%	–
BZH	Exit	BEAZER HOMES USA INC	$0	–	-1,254,245	–	-4.25%	–
TPH	Exit	TRI POINTE HOMES INC	$0	–	-1,700,000	–	-4.31%	–
	Exit	DRYSHIPS INC.note 5.000%12/0	$0	–	-22,885,000	–	-4.47%	–
	Exit	LIBERTY MEDIA CORPdeb 3.750% 2/1	$0	–	-36,716,920	–	-4.66%	–
CBS	Exit	CBS CORP NEWcl b	$0	–	-450,000	–	-4.81%	–
HOSSQ	Exit	HORNBECK OFFSHORE SVCS INC N	$0	–	-725,000	–	-4.83%	–
ATVI	Exit	ACTIVISION BLIZZARD INC	$0	–	-1,500,000	–	-6.15%	–
PNK	Exit	PINNACLE ENTMT INC	$0	–	-1,581,325	–	-7.93%	–
DAR	Exit	DARLING INGREDIENTS INC	$0	–	-2,450,000	–	-8.94%	–

Q3 2014

			Value		Shares		↓ Weighting
PNK	Sell	PINNACLE ENTMT INC	$40,245,000	-20.1%	1,581,325	-21.8%	7.93%	+41.5%
ATVI	Buy	ACTIVISION BLIZZARD INC	$31,193,000	+22.7%	1,500,000	+30.4%	6.15%	+117.2%
HOSSQ	Buy	HORNBECK OFFSHORE SVCS INC N	$24,505,000	-12.4%	725,000	+20.8%	4.83%	+55.1%
CBS	Buy	CBS CORP NEWcl b	$24,399,000	+43.6%	450,000	+63.6%	4.81%	+154.2%
	Sell	LIBERTY MEDIA CORPdeb 3.750% 2/1	$23,629,000	-0.6%	36,716,920	-0.1%	4.66%	+76.1%
TPH	New	TRI POINTE HOMES INC	$21,879,000	–	1,700,000	–	4.31%	–
OWW	Buy	ORBITZ WORLDWIDE INC	$19,361,000	+46.8%	2,463,252	+64.9%	3.82%	+159.9%
HTZ	Buy	HERTZ GLOBAL HOLDINGS INC	$18,799,000	-6.9%	725,000	+0.7%	3.70%	+64.8%
MGM	Buy	MGM RESORTS INTERNATIONAL	$16,522,000	-3.9%	750,000	+15.4%	3.26%	+70.2%
TWC	Sell	TIME WARNER CABLE INC	$15,164,000	-77.1%	105,000	-76.7%	2.99%	-59.4%
LTM	Sell	LIFE TIME FITNESS INC	$13,868,000	-64.6%	273,800	-65.8%	2.73%	-37.4%
VMW	New	VMWARE INC	$13,049,000	–	140,000	–	2.57%	–
GM	Sell	GENERAL MTRS CO	$11,718,000	-49.3%	367,030	-41.9%	2.31%	-10.2%
NXST	Buy	NEXSTAR BROADCASTING GROUP Icl a	$11,023,000	+6.7%	271,000	+35.5%	2.17%	+88.9%
CCO	Buy	CLEAR CHANNEL OUTDOOR HLDGScl a	$10,652,000	+6.2%	1,555,017	+27.4%	2.10%	+87.9%
SEAS	Buy	SEAWORLD ENTMT INC	$7,740,000	-17.1%	400,000	+19.4%	1.52%	+46.8%
DISH	New	DISH NETWORK CORPcl a	$7,459,000	–	115,000	–	1.47%	–
ASNA	Sell	ASCENA RETAIL GROUP INC	$6,969,000	-58.6%	518,942	-48.1%	1.37%	-26.8%
	New	AEGEAN MARINE PETE NETWORK Inote 4.000%11/0	$6,411,000	–	6,500,000	–	1.26%	–
MEG	Buy	MEDIA GEN INC	$2,922,000	-6.6%	225,000	+50.0%	0.58%	+65.5%
CMCSA	New	COMCAST CORP NEWcl a	$2,706,000	–	50,000	–	0.53%	–
LBTYK	Sell	LIBERTY GLOBAL PLC	$2,702,000	-48.9%	65,000	-48.0%	0.53%	-9.7%
CF	Sell	CF INDS HLDGS INC	$474,000	-99.5%	1,702	-99.6%	0.09%	-99.1%
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-52,600	–	-0.29%	–
ZQKSQ	Exit	QUIKSILVER INC	$0	–	-1,000,000	–	-0.40%	–
VOD	Exit	VODAFONE GROUP PLC NEWspnsr adr no par	$0	–	-109,090	–	-0.40%	–
COG	Exit	CABOT OIL & GAS CORP	$0	–	-150,000	–	-0.57%	–
EWZ	Exit	ISHARESmsci brz cap etf	$0	–	-110,000	–	-0.59%	–
DHI	Exit	D R HORTON INC	$0	–	-224,500	–	-0.62%	–
	Exit	AEGEAN MARINE PETRO NETWORK INC4 11/1/18bond	$0	–	-6,500,000	–	-0.74%	–
PHM	Exit	PULTE GROUP INC	$0	–	-381,400	–	-0.86%	–
NCR	Exit	NCR CORP NEW	$0	–	-225,000	–	-0.87%	–
NWSA	Exit	NEWS CORP NEWcl a	$0	–	-500,000	–	-1.00%	–
SPLS	Exit	STAPLES INC	$0	–	-1,000,000	–	-1.21%	–
CPN	Exit	CALPINE CORP	$0	–	-475,000	–	-1.26%	–
T104PS	Exit	AMERICAN RLTY CAP PPTYS INC	$0	–	-1,092,900	–	-1.52%	–
TDC	Exit	TERADATA CORP DEL	$0	–	-375,000	–	-1.68%	–
EEM	Exit	ISHARESmsci emg mkt etf	$0	–	-370,000	–	-1.78%	–
NOK	Exit	NOKIA CORPsponsored adr	$0	–	-2,450,000	–	-2.07%	–
MU	Exit	MICRON TECHNOLOGY INC	$0	–	-625,000	–	-2.27%	–
APC	Exit	ANADARKO PETE CORP	$0	–	-271,309	–	-3.32%	–
EMC	Exit	E M C CORP MASS	$0	–	-1,250,000	–	-3.67%	–

Q2 2014

			Value		Shares		↓ Weighting
CF	New	CF INDS HLDGS INC	$96,836,000	–	400,000	–	10.78%	–
TWC	New	TIME WARNER CABLE INC	$66,096,000	–	450,000	–	7.36%	–
DAR	New	DARLING INGREDIENTS INC	$51,132,000	–	2,450,000	–	5.69%	–
PNK	New	PINNACLE ENTMT INC	$50,342,000	–	2,020,969	–	5.60%	–
LTM	New	LIFE TIME FITNESS INC	$39,198,000	–	800,000	–	4.36%	–
EMC	New	E M C CORP MASS	$33,013,000	–	1,250,000	–	3.67%	–
APC	New	ANADARKO PETE CORP	$29,811,000	–	271,309	–	3.32%	–
HOSSQ	New	HORNBECK OFFSHORE SVCS INC N	$27,972,000	–	600,000	–	3.11%	–
BZH	New	BEAZER HOMES USA INC	$26,327,000	–	1,254,245	–	2.93%	–
ATVI	New	ACTIVISION BLIZZARD INC	$25,427,000	–	1,150,000	–	2.83%	–
	New	LIBERTY MEDIA CORPdeb 3.750% 2/1	$23,763,000	–	36,750,898	–	2.64%	–
GM	New	GENERAL MTRS CO	$23,113,000	–	632,030	–	2.57%	–
	New	DRYSHIPS INC.note 5.000%12/0	$22,651,000	–	22,885,000	–	2.52%	–
NMIH	New	NMI HLDGS INCcl a	$21,766,000	–	2,038,000	–	2.42%	–
SUNEQ	New	SUNEDISON INC	$20,484,000	–	900,000	–	2.28%	–
MU	New	MICRON TECHNOLOGY INC	$20,394,000	–	625,000	–	2.27%	–
HTZ	New	HERTZ GLOBAL HOLDINGS INC	$20,200,000	–	720,000	–	2.25%	–
NOK	New	NOKIA CORPsponsored adr	$18,608,000	–	2,450,000	–	2.07%	–
BONTQ	New	BON-TON STORES INC	$17,255,000	–	1,686,662	–	1.92%	–
MGM	New	MGM RESORTS INTERNATIONAL	$17,193,000	–	650,000	–	1.91%	–
CBS	New	CBS CORP NEWcl b	$16,990,000	–	275,000	–	1.89%	–
ASNA	New	ASCENA RETAIL GROUP INC	$16,850,000	–	1,000,000	–	1.88%	–
EEM	New	ISHARESmsci emg mkt etf	$16,036,000	–	370,000	–	1.78%	–
TDC	New	TERADATA CORP DEL	$15,113,000	–	375,000	–	1.68%	–
T104PS	New	AMERICAN RLTY CAP PPTYS INC	$13,628,000	–	1,092,900	–	1.52%	–
OWW	New	ORBITZ WORLDWIDE INC	$13,193,000	–	1,494,062	–	1.47%	–
CPN	New	CALPINE CORP	$11,319,000	–	475,000	–	1.26%	–
SPLS	New	STAPLES INC	$10,845,000	–	1,000,000	–	1.21%	–
NXST	New	NEXSTAR BROADCASTING GROUP Icl a	$10,334,000	–	200,000	–	1.15%	–
CCO	New	CLEAR CHANNEL OUTDOOR HLDGScl a	$10,034,000	–	1,220,624	–	1.12%	–
M	New	MACYS INC	$9,615,000	–	165,000	–	1.07%	–
SEAS	New	SEAWORLD ENTMT INC	$9,340,000	–	335,000	–	1.04%	–
NWSA	New	NEWS CORP NEWcl a	$8,963,000	–	500,000	–	1.00%	–
	New	LIBERTY MEDIA CORPdeb 4.000%11/1	$8,136,000	–	12,132,471	–	0.90%	–
NCR	New	NCR CORP NEW	$7,849,000	–	225,000	–	0.87%	–
PHM	New	PULTE GROUP INC	$7,739,000	–	381,400	–	0.86%	–
	New	AEGEAN MARINE PETRO NETWORK INC4 11/1/18bond	$6,614,000	–	6,500,000	–	0.74%	–
HOLX	New	HOLOGIC INC	$6,348,000	–	250,000	–	0.71%	–
DHI	New	D R HORTON INC	$5,523,000	–	224,500	–	0.62%	–
LBTYK	New	LIBERTY GLOBAL PLC	$5,289,000	–	125,000	–	0.59%	–
EWZ	New	ISHARESmsci brz cap etf	$5,262,000	–	110,000	–	0.59%	–
COG	New	CABOT OIL & GAS CORP	$5,123,000	–	150,000	–	0.57%	–
KMIWS	New	KINDER MORGAN INC DEL*w exp 05/25/201	$3,868,000	–	1,350,000	–	0.43%	–
VOD	New	VODAFONE GROUP PLC NEWspnsr adr no par	$3,639,000	–	109,090	–	0.40%	–
ZQKSQ	New	QUIKSILVER INC	$3,560,000	–	1,000,000	–	0.40%	–
MEG	New	MEDIA GEN INCcl a	$3,128,000	–	150,000	–	0.35%	–
USM	New	UNITED STATES CELLULAR CORP	$3,045,000	–	75,000	–	0.34%	–
FSTO	New	FOREST OIL CORP	$2,771,000	–	1,200,000	–	0.31%	–
VZ	New	VERIZON COMMUNICATIONS INC	$2,583,000	–	52,600	–	0.29%	–
GMWSA	New	GENERAL MTRS CO*w exp 07/10/201	$2,057,000	–	76,910	–	0.23%	–
GMWSB	New	GENERAL MTRS CO*w exp 07/10/201	$1,435,000	–	76,910	–	0.16%	–
MDLZ	New	MONDELEZ INTL INCcall	$841,000	–	696,900	–	0.09%	–

Q4 2013

			Value		Shares		↓ Weighting
AGO	Exit	ASSURED GUARANTY LTDput	$0	–	-10,000	–	-0.10%	–
USM	Exit	UNITED STATES CELLULAR CORP	$0	–	-75,000	–	-0.52%	–
AMD	Exit	ADVANCED MICRO DEVICES INC	$0	–	-1,000,000	–	-0.59%	–
AMKR	Exit	AMKOR TECHNOLOGY INC	$0	–	-1,000,000	–	-0.66%	–
KMIWS	Exit	KINDER MORGAN INC DEL*w exp 05/25/201	$0	–	-1,350,000	–	-1.02%	–
	Exit	LIBERTY MEDIA CORPdeb 4.000%11/1	$0	–	-12,148,834	–	-1.24%	–
RHP	Exit	RYMAN HOSPITALITY PPTYS INC	$0	–	-250,000	–	-1.34%	–
BRCM	Exit	BROADCOM CORPcl a	$0	–	-350,000	–	-1.41%	–
CAG	Exit	CONAGRA FOODS INC	$0	–	-325,000	–	-1.52%	–
HUN	Exit	HUNTSMAN CORP	$0	–	-500,000	–	-1.61%	–
NWSA	Exit	NEWS CORPORATON	$0	–	-750,000	–	-1.87%	–
	Exit	DRYSHIPS INC.note 5.000%12/0	$0	–	-12,885,000	–	-1.95%	–
TROX	Exit	TRONOX LIMITED	$0	–	-575,000	–	-2.16%	–
MPG	Exit	MPG OFFICE TR INC	$0	–	-4,802,262	–	-2.33%	–
NE	Exit	NOBLE CORPORATION BAARnamen -akt	$0	–	-400,000	–	-2.34%	–
PNK	Exit	PINNACLE ENTMT INC	$0	–	-650,000	–	-2.52%	–
SXC	Exit	SUNCOKE ENERGY INC	$0	–	-1,150,000	–	-2.99%	–
ASNA	Exit	ASCENA RETAIL GROUP INC	$0	–	-1,000,000	–	-3.08%	–
HTZ	Exit	HERTZ GLOBAL HOLDINGS INC	$0	–	-925,000	–	-3.15%	–
HES	Exit	HESS CORP	$0	–	-274,999	–	-3.30%	–
BZH	Exit	BEAZER HOMES USA INC	$0	–	-1,200,000	–	-3.33%	–
MU	Exit	MICRON TECHNOLOGY INC	$0	–	-1,250,000	–	-3.34%	–
CF	Exit	CF INDS HLDGS INC	$0	–	-400,000	–	-13.23%	–
MBI	Exit	MBIA INC	$0	–	-27,550	–	-44.38%	–

Q3 2013

			Value		Shares		↓ Weighting
MBI	New	MBIA INC	$286,468,000	–	27,550	–	44.38%	–
CF	Buy	CF INDS HLDGS INC	$85,416,000	+51.4%	400,000	+25.0%	13.23%	-39.9%
MU	New	MICRON TECHNOLOGY INC	$21,563,000	–	1,250,000	–	3.34%	–
HES	Buy	HESS CORP	$21,268,000	+430.9%	274,999	+358.3%	3.30%	+110.5%
HTZ	New	HERTZ GLOBAL HOLDINGS INC	$20,350,000	–	925,000	–	3.15%	–
ASNA	New	ASCENA RETAIL GROUP INC	$19,910,000	–	1,000,000	–	3.08%	–
SXC	Sell	SUNCOKE ENERGY INC	$19,309,000	+1.6%	1,150,000	-14.8%	2.99%	-59.7%
PNK	Sell	PINNACLE ENTMT INC	$16,296,000	-58.8%	650,000	-67.5%	2.52%	-83.7%
NE	New	NOBLE CORPORATION BAARnamen -akt	$15,134,000	–	400,000	–	2.34%	–
MPG	Sell	MPG OFFICE TR INC	$15,031,000	-3.0%	4,802,262	-3.3%	2.33%	-61.5%
TROX	Sell	TRONOX LIMITED	$13,909,000	+11.2%	575,000	-8.0%	2.16%	-55.9%
	New	DRYSHIPS INC.note 5.000%12/0	$12,587,000	–	12,885,000	–	1.95%	–
NWSA	New	NEWS CORPORATON	$12,056,000	–	750,000	–	1.87%	–
HUN	New	HUNTSMAN CORP	$10,395,000	–	500,000	–	1.61%	–
CAG	New	CONAGRA FOODS INC	$9,789,000	–	325,000	–	1.52%	–
BRCM	Sell	BROADCOM CORPcl a	$9,091,000	-37.0%	350,000	-17.6%	1.41%	-75.0%
	Sell	LIBERTY MEDIA CORPdeb 4.000%11/1	$8,034,000	-9.4%	12,148,834	-6.3%	1.24%	-64.0%
KMIWS	Buy	KINDER MORGAN INC DEL*w exp 05/25/201	$6,608,000	+115.3%	1,350,000	+116.0%	1.02%	-14.6%
AGO	New	ASSURED GUARANTY LTDput	$650,000	–	10,000	–	0.10%	–
NOK	Exit	NOKIA CORPput	$0	–	-33,000	–	-0.02%	–
MTOR	Exit	MERITOR INC	$0	–	-84,521	–	-0.24%	–
GT	Exit	GOODYEAR TIRE & RUBR CO	$0	–	-300,000	–	-1.75%	–
TMUS	Exit	T-MOBILE US INC	$0	–	-250,000	–	-2.42%	–
WU	Exit	WESTERN UN CO	$0	–	-444,987	–	-2.93%	–
EMC	Exit	E M C CORP MASS	$0	–	-375,000	–	-3.44%	–
WWAV	Exit	WHITEWAVE FOODS CO	$0	–	-855,000	–	-5.41%	–

Q2 2013

			Value		Shares		↓ Weighting
CF	New	CF INDS HLDGS INC	$56,403,000	–	320,000	–	22.03%	–
PNK	New	PINNACLE ENTMT INC	$39,540,000	–	2,000,000	–	15.44%	–
BZH	New	BEAZER HOMES USA INC	$20,891,000	–	1,200,000	–	8.16%	–
SXC	New	SUNCOKE ENERGY INC	$19,008,000	–	1,350,000	–	7.42%	–
MPG	New	MPG OFFICE TR INC	$15,494,000	–	4,966,067	–	6.05%	–
BRCM	New	BROADCOM CORPcl a	$14,435,000	–	425,000	–	5.64%	–
WWAV	New	WHITEWAVE FOODS CO	$13,842,000	–	855,000	–	5.41%	–
TROX	New	TRONOX LIMITED	$12,509,000	–	625,000	–	4.89%	–
RHP	New	RYMAN HOSPITALITY PPTYS INC	$9,370,000	–	250,000	–	3.66%	–
	New	LIBERTY MEDIA CORPdeb 4.000%11/1	$8,866,000	–	12,967,000	–	3.46%	–
EMC	New	E M C CORP MASS	$8,796,000	–	375,000	–	3.44%	–
WU	New	WESTERN UN CO	$7,511,000	–	444,987	–	2.93%	–
TMUS	New	T-MOBILE US INC	$6,202,000	–	250,000	–	2.42%	–
GT	New	GOODYEAR TIRE & RUBR CO	$4,479,000	–	300,000	–	1.75%	–
AMKR	New	AMKOR TECHNOLOGY INC	$4,190,000	–	1,000,000	–	1.64%	–
AMD	New	ADVANCED MICRO DEVICES INC	$4,075,000	–	1,000,000	–	1.59%	–
HES	New	HESS CORP	$4,006,000	–	60,000	–	1.56%	–
KMIWS	New	KINDER MORGAN INC DEL*w exp 05/25/201	$3,069,000	–	625,000	–	1.20%	–
USM	New	UNITED STATES CELLULAR CORP	$2,664,000	–	75,000	–	1.04%	–
MTOR	New	MERITOR INC	$603,000	–	84,521	–	0.24%	–
NOK	New	NOKIA CORPput	$50,000	–	33,000	–	0.02%	–

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