Waterstone Capital Management, L.P. Activity Q4 2010-Q4 2019

Q4 2019

			Value		Shares		↓ Weighting
IWM	New	ISHARES TRrussell 2000 etf	$25,712,000	–	155,200	–	26.07%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$19,312,000	–	60,000	–	19.58%	–
CWENA	New	CLEARWAY ENERGY INCcl a	$9,154,000	–	478,753	–	9.28%	–
ESNT	Buy	ESSENT GROUP LTD	$2,308,000	+9.8%	44,400	+0.7%	2.34%	-51.4%
NBR	Sell	NABORS INDUSTRIES LTD	$411,000	+45.7%	142,600	-5.5%	0.42%	-35.4%

Q3 2019

			Value		Shares		↓ Weighting
	Buy	CTRIP COM INTL LTDnote 1.000% 7/0	$13,860,000	+31.5%	14,153,000	+32.9%	31.77%	+94.5%
ESNT	Sell	ESSENT GROUP LTD	$2,102,000	-67.4%	44,099	-67.9%	4.82%	-51.8%
	Exit	TESLA INCnote 2.000% 5/1	$0	–	-250,000	–	-0.38%	–
NEE	Exit	NEXTERA ENERGY INC	$0	–	-23,950	–	-7.61%	–
	Exit	TWITTER INCnote 0.250% 9/1	$0	–	-5,500,000	–	-8.48%	–
CWENA	Exit	CLEARWAY ENERGY INCcl a	$0	–	-590,273	–	-14.81%	–

Q2 2019

			Value		Shares		↓ Weighting
NYCBPRU	New	NEW YORK CMNTY CAP TR Vunit 11/01/2051	$23,333,000	–	485,137	–	36.18%	–
	New	CTRIP COM INTL LTDnote 1.000% 7/0	$10,536,000	–	10,653,000	–	16.34%	–
CWENA	New	CLEARWAY ENERGY INCcl a	$9,551,000	–	590,273	–	14.81%	–
ESNT	New	ESSENT GROUP LTD	$6,447,000	–	137,200	–	10.00%	–
	New	TWITTER INCnote 0.250% 9/1	$5,470,000	–	5,500,000	–	8.48%	–
NEE	New	NEXTERA ENERGY INC	$4,906,000	–	23,950	–	7.61%	–
ILMN	New	ILLUMINA INC	$3,557,000	–	9,661	–	5.52%	–
NBR	New	NABORS INDUSTRIES LTD	$438,000	–	150,900	–	0.68%	–
	New	TESLA INCnote 2.000% 5/1	$246,000	–	250,000	–	0.38%	–

Q4 2018

			Value		Shares		↓ Weighting
NBR	Exit	NABORS INDUSTRIES LTD	$0	–	-292,980	–	-2.79%	–
KRE	Exit	SPDR SERIES TRUSTs&p regl bkg	$0	–	-35,000	–	-3.21%	–
ESNT	Exit	ESSENT GROUP LTD	$0	–	-60,000	–	-4.10%	–
TER	Exit	TERADYNE INC	$0	–	-96,100	–	-5.49%	–
CWEN	Exit	CLEARWAY ENERGY INCcl c	$0	–	-185,714	–	-5.52%	–
STBZ	Exit	STATE BK FINL CORP	$0	–	-129,315	–	-6.03%	–
	Exit	CTRIP COM INTL LTDnote 1.000% 7/0	$0	–	-6,653,000	–	-10.10%	–
ILMN	Exit	ILLUMINA INC	$0	–	-19,111	–	-10.84%	–
	Exit	CTRIP COM INTL LTDnote 1.250%10/1	$0	–	-9,424,000	–	-14.59%	–
NYCBPRU	Exit	NEW YORK CMNTY CAP TR Vunit 11/01/2051	$0	–	-485,137	–	-37.32%	–

Q3 2018

			Value		Shares		↓ Weighting
ILMN	Buy	ILLUMINA INC	$7,015,000	+147.2%	19,111	+88.1%	10.84%	+272.4%
	New	CTRIP COM INTL LTDnote 1.000% 7/0	$6,539,000	–	6,653,000	–	10.10%	–
STBZ	Sell	STATE BK FINL CORP	$3,903,000	-41.0%	129,315	-34.7%	6.03%	-11.1%
CWEN	New	CLEARWAY ENERGY INCcl c	$3,575,000	–	185,714	–	5.52%	–
TER	Sell	TERADYNE INC	$3,554,000	-61.7%	96,100	-60.6%	5.49%	-42.3%
ESNT	Sell	ESSENT GROUP LTD	$2,655,000	-39.7%	60,000	-51.2%	4.10%	-9.2%
KRE	New	SPDR SERIES TRUSTs&p regl bkg	$2,080,000	–	35,000	–	3.21%	–
NBR	New	NABORS INDUSTRIES LTD	$1,805,000	–	292,980	–	2.79%	–
NYLDA	Exit	NRG YIELD INCcl a new	$0	–	-100,684	–	-1.76%	–
NBR	Exit	NABORS INDUSTRIES LTD	$0	–	-275,480	–	-1.81%	–
NMIH	Exit	NMI HLDGS INCcl a	$0	–	-114,822	–	-1.92%	–
OZRK	Exit	BANK OF THE OZARKS	$0	–	-138,000	–	-6.37%	–
	Exit	WORKDAY INCnote 0.750% 7/1	$0	–	-18,000,000	–	-27.53%	–

Q2 2018

			Value		Shares		↓ Weighting
	New	WORKDAY INCnote 0.750% 7/1	$26,854,000	–	18,000,000	–	27.53%	–
NYCBPRU	New	NEW YORK CMNTY CAP TR Vunit 11/01/2051	$24,439,000	–	485,137	–	25.06%	–
	New	CTRIP COM INTL LTDnote 1.250%10/1	$11,522,000	–	9,424,000	–	11.81%	–
TER	New	TERADYNE INC	$9,285,000	–	243,900	–	9.52%	–
STBZ	New	STATE BK FINL CORP	$6,618,000	–	198,135	–	6.78%	–
OZRK	New	BANK OF THE OZARKS	$6,216,000	–	138,000	–	6.37%	–
ESNT	New	ESSENT GROUP LTD	$4,406,000	–	123,000	–	4.52%	–
ILMN	New	ILLUMINA INC	$2,838,000	–	10,161	–	2.91%	–
NMIH	New	NMI HLDGS INCcl a	$1,872,000	–	114,822	–	1.92%	–
NBR	New	NABORS INDUSTRIES LTD	$1,766,000	–	275,480	–	1.81%	–
NYLDA	New	NRG YIELD INCcl a new	$1,717,000	–	100,684	–	1.76%	–

Q4 2017

			Value		Shares		↓ Weighting
STL	Exit	STERLING BANCORP DEL	$0	–	-13,935	–	-0.22%	–
SFS	Exit	SMART & FINAL STORES INC	$0	–	-127,615	–	-0.65%	–
ILMN	Exit	ILLUMINA INC	$0	–	-5,461	–	-0.70%	–
SFM	Exit	SPROUTS FMRS MKT INC	$0	–	-125,000	–	-1.51%	–
NBR	Exit	NABORS INDUSTRIES LTD	$0	–	-299,600	–	-1.56%	–
KR	Exit	KROGER CO	$0	–	-225,000	–	-2.91%	–
CTXS	Exit	CITRIX SYS INC	$0	–	-68,200	–	-3.38%	–
SVU	Exit	SUPERVALU INC	$0	–	-250,000	–	-3.51%	–
STBZ	Exit	STATE BK FINL CORP	$0	–	-198,135	–	-3.66%	–
NMIH	Exit	NMI HLDGS INCcl a	$0	–	-566,301	–	-4.53%	–
WELLPRI	Exit	WELLTOWER INC6.50% pfd prepet	$0	–	-114,440	–	-4.67%	–
TER	Exit	TERADYNE INC	$0	–	-233,400	–	-5.62%	–
NYLDA	Exit	NRG YIELD INCcl a new	$0	–	-469,140	–	-5.75%	–
	Exit	CTRIP COM INTL LTDnote 1.000% 7/0	$0	–	-10,957,000	–	-8.04%	–
HOLX	Exit	HOLOGIC INC	$0	–	-391,200	–	-9.27%	–
ARNCPRB	Exit	ARCONIC INC5.375% pfd b 1	$0	–	-446,743	–	-11.26%	–
NYCBPRU	Exit	NEW YORK CMNTY CAP TR Vunit 11/01/2051	$0	–	-485,137	–	-15.95%	–
	Exit	WORKDAY INCnote 0.750% 7/1	$0	–	-20,000,000	–	-16.79%	–

Q3 2017

			Value		Shares		↓ Weighting
ARNCPRB	New	ARCONIC INC5.375% pfd b 1	$17,446,000	–	446,743	–	11.26%	–
HOLX	Sell	HOLOGIC INC	$14,353,000	-24.8%	391,200	-7.0%	9.27%	-16.3%
	New	CTRIP COM INTL LTDnote 1.000% 7/0	$12,461,000	–	10,957,000	–	8.04%	–
NYLDA	Buy	NRG YIELD INCcl a new	$8,900,000	+108.1%	469,140	+87.1%	5.75%	+131.5%
TER	Buy	TERADYNE INC	$8,703,000	+32.7%	233,400	+6.9%	5.62%	+47.6%
WELLPRI	Sell	WELLTOWER INC6.50% pfd prepet	$7,236,000	-42.8%	114,440	-39.9%	4.67%	-36.4%
NMIH	Sell	NMI HLDGS INCcl a	$7,022,000	-36.9%	566,301	-41.7%	4.53%	-29.8%
SVU	New	SUPERVALU INC	$5,438,000	–	250,000	–	3.51%	–
KR	New	KROGER CO	$4,514,000	–	225,000	–	2.91%	–
NBR	Buy	NABORS INDUSTRIES LTD	$2,418,000	+4.5%	299,600	+5.5%	1.56%	+16.3%
SFM	New	SPROUTS FMRS MKT INC	$2,346,000	–	125,000	–	1.51%	–
SFS	Sell	SMART & FINAL STORES INC	$1,002,000	-32.9%	127,615	-22.3%	0.65%	-25.4%
STL	New	STERLING BANCORP DEL	$343,000	–	13,935	–	0.22%	–
PARR	Exit	PAR PACIFIC HOLDINGS INC	$0	–	-78,692	–	-0.82%	–
KMI	Exit	KINDER MORGAN INC DEL	$0	–	-106,200	–	-1.18%	–
AKAM	Exit	AKAMAI TECHNOLOGIES INC	$0	–	-53,400	–	-1.54%	–
SVU	Exit	SUPERVALU INC	$0	–	-1,940,000	–	-3.70%	–
DCUC	Exit	DOMINION ENERGY INCunit 99/99/9999	$0	–	-160,893	–	-4.49%	–
ORI	Exit	OLD REP INTL CORP	$0	–	-693,500	–	-7.86%	–
OZRK	Exit	BANK OF THE OZARKS INC	$0	–	-420,030	–	-11.42%	–

Q2 2017

			Value		Shares		↓ Weighting
NYCBPRU	New	NEW YORK CMNTY CAP TR Vunit 11/01/2051	$24,891,000	–	485,137	–	14.44%	–
	New	WORKDAY INCnote 0.750% 7/1	$24,709,000	–	20,000,000	–	14.34%	–
OZRK	New	BANK OF THE OZARKS INC	$19,687,000	–	420,030	–	11.42%	–
HOLX	New	HOLOGIC INC	$19,082,000	–	420,500	–	11.07%	–
ORI	New	OLD REP INTL CORP	$13,544,000	–	693,500	–	7.86%	–
WELLPRI	New	WELLTOWER INC6.50% pfd prepet	$12,659,000	–	190,306	–	7.35%	–
NMIH	New	NMI HLDGS INCcl a	$11,123,000	–	971,474	–	6.46%	–
DCUC	New	DOMINION ENERGY INCunit 99/99/9999	$7,737,000	–	160,893	–	4.49%	–
TER	New	TERADYNE INC	$6,559,000	–	218,400	–	3.81%	–
SVU	New	SUPERVALU INC	$6,383,000	–	1,940,000	–	3.70%	–
CTXS	New	CITRIX SYS INC	$5,427,000	–	68,200	–	3.15%	–
STBZ	New	STATE BK FINL CORP	$5,373,000	–	198,135	–	3.12%	–
NYLDA	New	NRG YIELD INCcl a new	$4,277,000	–	250,725	–	2.48%	–
AKAM	New	AKAMAI TECHNOLOGIES INC	$2,660,000	–	53,400	–	1.54%	–
NBR	New	NABORS INDUSTRIES LTD	$2,313,000	–	284,100	–	1.34%	–
KMI	New	KINDER MORGAN INC DEL	$2,035,000	–	106,200	–	1.18%	–
SFS	New	SMART & FINAL STORES INC	$1,494,000	–	164,220	–	0.87%	–
PARR	New	PAR PACIFIC HOLDINGS INC	$1,420,000	–	78,692	–	0.82%	–
ILMN	New	ILLUMINA INC	$948,000	–	5,461	–	0.55%	–

Q4 2016

			Value		Shares		↓ Weighting
COB	Exit	COMMUNITYONE BANCORP	$0	–	-181,033	–	-1.07%	–
KMI	Exit	KINDER MORGAN INC DEL	$0	–	-108,200	–	-1.09%	–
NEE	Exit	NEXTERA ENERGY INC	$0	–	-18,000	–	-1.14%	–
PARR	Exit	PAR PACIFIC HOLDINGS INC	$0	–	-176,585	–	-1.15%	–
ILMN	Exit	ILLUMINA INC	$0	–	-18,600	–	-1.29%	–
SGM	Exit	STONEGATE MTG CORP	$0	–	-648,425	–	-1.34%	–
AL	Exit	AIR LEASE CORPcl a	$0	–	-100,000	–	-1.56%	–
CTXS	Exit	CITRIX SYS INC	$0	–	-44,700	–	-1.91%	–
STBZ	Exit	STATE BK FINL CORP	$0	–	-198,135	–	-2.15%	–
NYLDA	Exit	NRG YIELD INCcl a new	$0	–	-571,415	–	-4.14%	–
WELLPRI	Exit	WELLTOWER INC6.50% pfd prepet	$0	–	-140,306	–	-4.36%	–
HOLX	Exit	HOLOGIC INC	$0	–	-280,300	–	-5.06%	–
ORI	Exit	OLD REP INTL CORP	$0	–	-771,157	–	-6.58%	–
AMTPRA	Exit	AMERICAN TOWER CORP NEWpfd conv ser a	$0	–	-141,541	–	-8.02%	–
NMIH	Exit	NMI HLDGS INCcl a	$0	–	-1,929,203	–	-8.08%	–
	Exit	WORKDAY INCnote 0.750% 7/1	$0	–	-20,000,000	–	-11.89%	–
NYCBPRU	Exit	NEW YORK CMNTY CAP TR Vunit 11/01/2051	$0	–	-485,137	–	-12.29%	–
OZRK	Exit	BANK OF THE OZARKS INC	$0	–	-715,030	–	-13.04%	–
	Exit	CTRIP COM INTL LTDnote 1.250%10/1	$0	–	-22,430,000	–	-13.84%	–

Q3 2016

			Value		Shares		↓ Weighting
OZRK	New	BANK OF THE OZARKS INC	$25,541,000	–	715,030	–	13.04%	–
NYCBPRU	New	NEW YORK CMNTY CAP TR Vunit 11/01/2051	$24,068,000	–	485,137	–	12.29%	–
NMIH	Sell	NMI HLDGS INCcl a	$15,819,000	+48.2%	1,929,203	-1.0%	8.08%	+59.5%
AMTPRA	Buy	AMERICAN TOWER CORP NEWpfd conv ser a	$15,711,000	+52.8%	141,541	+54.6%	8.02%	+64.5%
ORI	Buy	OLD REP INTL CORP	$12,886,000	-3.4%	771,157	+11.5%	6.58%	+4.0%
HOLX	Buy	HOLOGIC INC	$9,914,000	+750.3%	280,300	+731.8%	5.06%	+815.4%
WELLPRI	Sell	WELLTOWER INC6.50% pfd prepet	$8,538,000	-38.6%	140,306	-31.7%	4.36%	-33.9%
NYLDA	Buy	NRG YIELD INCcl a new	$8,114,000	+19.5%	571,415	+28.1%	4.14%	+28.7%
STBZ	Sell	STATE BK FINL CORP	$4,206,000	-40.9%	198,135	-43.4%	2.15%	-36.4%
SGM	Buy	STONEGATE MTG CORP	$2,626,000	+20.7%	648,425	+0.2%	1.34%	+29.9%
ILMN	Sell	ILLUMINA INC	$2,523,000	-16.8%	18,600	-13.9%	1.29%	-10.4%
PARR	New	PAR PACIFIC HOLDINGS INC	$2,260,000	–	176,585	–	1.15%	–
KMI	Buy	KINDER MORGAN INC DEL	$2,133,000	+5.8%	108,200	+0.5%	1.09%	+13.9%
COB	Sell	COMMUNITYONE BANCORP	$2,093,000	-19.9%	181,033	-12.4%	1.07%	-13.7%
CFG	Exit	CITIZENS FINL GROUP INC	$0	–	-116,900	–	-1.11%	–
	Exit	QIHOO 360 TECHNOLOGY CO LTDnote 2.500% 9/1	$0	–	-23,513,000	–	-11.11%	–
NYCBPRU	Exit	NEW YORK CMNTY CAP TR Vunit 11/01/2051	$0	–	-485,137	–	-11.53%	–
CCIPRA	Exit	CROWN CASTLE INTL CORP NEWcnv pfd stk sr a	$0	–	-241,918	–	-13.90%	–

Q2 2016

			Value		Shares		↓ Weighting
CCIPRA	New	CROWN CASTLE INTL CORP NEWcnv pfd stk sr a	$29,300,000	–	241,918	–	13.90%	–
	New	CTRIP COM INTL LTDnote 1.250%10/1	$27,460,000	–	22,430,000	–	13.02%	–
NYCBPRU	New	NEW YORK CMNTY CAP TR Vunit 11/01/2051	$24,313,000	–	485,137	–	11.53%	–
	New	QIHOO 360 TECHNOLOGY CO LTDnote 2.500% 9/1	$23,425,000	–	23,513,000	–	11.11%	–
	New	WORKDAY INCnote 0.750% 7/1	$22,271,000	–	20,000,000	–	10.56%	–
WELLPRI	New	WELLTOWER INC6.50% pfd prepet	$13,904,000	–	205,306	–	6.60%	–
ORI	New	OLD REP INTL CORP	$13,340,000	–	691,530	–	6.33%	–
NMIH	New	NMI HLDGS INCcl a	$10,675,000	–	1,947,913	–	5.06%	–
AMTPRA	New	AMERICAN TOWER CORP NEWpfd conv ser a	$10,283,000	–	91,541	–	4.88%	–
STBZ	New	STATE BK FINL CORP	$7,120,000	–	349,870	–	3.38%	–
NYLDA	New	NRG YIELD INCcl a new	$6,788,000	–	445,976	–	3.22%	–
CTXS	New	CITRIX SYS INC	$3,580,000	–	44,700	–	1.70%	–
ILMN	New	ILLUMINA INC	$3,032,000	–	21,600	–	1.44%	–
AL	New	AIR LEASE CORPcl a	$2,678,000	–	100,000	–	1.27%	–
COB	New	COMMUNITYONE BANCORP	$2,613,000	–	206,735	–	1.24%	–
NEE	New	NEXTERA ENERGY INC	$2,347,000	–	18,000	–	1.11%	–
CFG	New	CITIZENS FINL GROUP INC	$2,336,000	–	116,900	–	1.11%	–
SGM	New	STONEGATE MTG CORP	$2,175,000	–	647,425	–	1.03%	–
KMI	New	KINDER MORGAN INC DEL	$2,016,000	–	107,700	–	0.96%	–
HOLX	New	HOLOGIC INC	$1,166,000	–	33,700	–	0.55%	–

Q4 2015

			Value		Shares		↓ Weighting
HLF	Exit	HERBALIFE LTD	$0	–	-9,112	–	-0.38%	–
SRCLP	Exit	STERICYCLE INCdep pfd a 1/10	$0	–	-15,000	–	-1.16%	–
SGM	Exit	STONEGATE MTG CORP	$0	–	-283,552	–	-1.53%	–
NYLDA	Exit	NRG YIELD INCcl a new	$0	–	-194,149	–	-1.64%	–
CTXS	Exit	CITRIX SYS INC	$0	–	-36,800	–	-1.94%	–
ILMN	Exit	ILLUMINA INC	$0	–	-24,000	–	-3.21%	–
AKAM	Exit	AKAMAI TECHNOLOGIES INC	$0	–	-73,000	–	-3.83%	–
COB	Exit	COMMUNITYONE BANCORP	$0	–	-736,693	–	-6.08%	–
NMIH	Exit	NMI HLDGS INCcl a	$0	–	-1,485,778	–	-8.58%	–
	Exit	HERBALIFE LTDnote 2.000% 8/1	$0	–	-17,900,000	–	-12.05%	–
	Exit	QIHOO 360 TECHNOLOGY CO LTDnote 2.500% 9/1	$0	–	-18,000,000	–	-13.22%	–
	Exit	WORKDAY INCnote 0.750% 7/1	$0	–	-17,000,000	–	-13.98%	–
	Exit	CTRIP COM INTL LTDnote 1.250%10/1	$0	–	-19,430,000	–	-15.85%	–
NYCBPRU	Exit	NEW YORK CMNTY CAP TR Vunit 11/01/2051	$0	–	-435,137	–	-16.53%	–

Q3 2015

			Value		Shares		↓ Weighting
NYCBPRU	Sell	NEW YORK CMNTY CAP TR Vunit 11/01/2051	$21,757,000	-12.1%	435,137	-10.3%	16.53%	+38.2%
	Sell	CTRIP COM INTL LTDnote 1.250%10/1	$20,863,000	-13.1%	19,430,000	-7.2%	15.85%	+36.6%
NMIH	Sell	NMI HLDGS INCcl a	$11,292,000	-13.0%	1,485,778	-8.2%	8.58%	+36.9%
COB	Sell	COMMUNITYONE BANCORP	$8,008,000	+0.4%	736,693	-0.5%	6.08%	+57.9%
AKAM	Sell	AKAMAI TECHNOLOGIES INC	$5,041,000	-19.8%	73,000	-18.9%	3.83%	+26.2%
ILMN	Sell	ILLUMINA INC	$4,220,000	-46.2%	24,000	-33.1%	3.21%	-15.3%
CTXS	Sell	CITRIX SYS INC	$2,550,000	-14.3%	36,800	-13.2%	1.94%	+34.9%
NYLDA	New	NRG YIELD INCcl a new	$2,165,000	–	194,149	–	1.64%	–
SGM	Buy	STONEGATE MTG CORP	$2,016,000	+210.6%	283,552	+339.7%	1.53%	+387.9%
SRCLP	New	STERICYCLE INCdep pfd a 1/10	$1,526,000	–	15,000	–	1.16%	–
HLF	New	HERBALIFE LTD	$497,000	–	9,112	–	0.38%	–
CIEN	Exit	CIENA CORP	$0	–	-19,900	–	-0.23%	–
HCNPRI	Exit	HEALTH CARE REIT INCpfd per con i	$0	–	-22,700	–	-0.66%	–
STBZ	Exit	STATE BK FINL CORP	$0	–	-85,653	–	-0.90%	–
TLMR	Exit	TALMER BANCORP INC	$0	–	-197,208	–	-1.60%	–
PARR	Exit	PAR PETE CORP	$0	–	-301,147	–	-2.72%	–
NYLD	Exit	NRG YIELD INCcl c	$0	–	-319,723	–	-3.38%	–
HOLX	Exit	HOLOGIC INC	$0	–	-248,700	–	-4.57%	–
	Exit	ELECTRONIC ARTS INCnote 0.750% 7/1	$0	–	-18,000,000	–	-18.18%	–

Q2 2015

			Value		Shares		↓ Weighting
	New	ELECTRONIC ARTS INCnote 0.750% 7/1	$37,631,000	–	18,000,000	–	18.18%	–
NYCBPRU	New	NEW YORK CMNTY CAP TR Vunit 11/01/2051	$24,757,000	–	485,137	–	11.96%	–
	New	CTRIP COM INTL LTDnote 1.250%10/1	$24,017,000	–	20,930,000	–	11.60%	–
	New	WORKDAY INCnote 0.750% 7/1	$19,216,000	–	17,000,000	–	9.28%	–
	New	QIHOO 360 TECHNOLOGY CO LTDnote 2.500% 9/1	$17,640,000	–	18,000,000	–	8.52%	–
	New	HERBALIFE LTDnote 2.000% 8/1	$15,960,000	–	17,900,000	–	7.71%	–
NMIH	New	NMI HLDGS INCcl a	$12,974,000	–	1,617,718	–	6.27%	–
HOLX	New	HOLOGIC INC	$9,466,000	–	248,700	–	4.57%	–
COB	New	COMMUNITYONE BANCORP	$7,976,000	–	740,622	–	3.85%	–
ILMN	New	ILLUMINA INC	$7,839,000	–	35,900	–	3.79%	–
NYLD	New	NRG YIELD INCcl c	$6,999,000	–	319,723	–	3.38%	–
AKAM	New	AKAMAI TECHNOLOGIES INC	$6,284,000	–	90,000	–	3.04%	–
PARR	New	PAR PETE CORP	$5,637,000	–	301,147	–	2.72%	–
TLMR	New	TALMER BANCORP INC	$3,303,000	–	197,208	–	1.60%	–
CTXS	New	CITRIX SYS INC	$2,975,000	–	42,400	–	1.44%	–
STBZ	New	STATE BK FINL CORP	$1,859,000	–	85,653	–	0.90%	–
HCNPRI	New	HEALTH CARE REIT INCpfd per con i	$1,355,000	–	22,700	–	0.66%	–
SGM	New	STONEGATE MTG CORP	$649,000	–	64,494	–	0.31%	–
CIEN	New	CIENA CORP	$471,000	–	19,900	–	0.23%	–

Q4 2014

			Value		Shares		↓ Weighting
ORI	Exit	OLD REP INTL CORP	$0	–	-34,800	–	-0.22%	–
TVPT	Exit	TRAVELPORT WORLDWIDE LTD	$0	–	-50,000	–	-0.36%	–
HCNPRI	Exit	HEALTH CARE REIT INCpfd per con i	$0	–	-22,700	–	-0.57%	–
OXFD	Exit	OXFORD IMMUNOTEC GLOBAL PLC	$0	–	-86,280	–	-0.57%	–
SGM	Exit	STONEGATE MTG CORP	$0	–	-106,693	–	-0.60%	–
HLF	Exit	HERBALIFE LTD	$0	–	-38,037	–	-0.73%	–
AKAM	Exit	AKAMAI TECHNOLOGIES INC	$0	–	-49,900	–	-1.30%	–
CTXS	Exit	CITRIX SYS INC	$0	–	-68,800	–	-2.14%	–
COB	Exit	COMMUNITYONE BANCORP	$0	–	-808,694	–	-3.11%	–
HOLX	Exit	HOLOGIC INC	$0	–	-370,200	–	-3.93%	–
STBZ	Exit	STATE BK FINL CORP	$0	–	-644,893	–	-4.57%	–
	Exit	WORKDAY INCnote 0.750% 7/1	$0	–	-9,500,000	–	-4.97%	–
PCLN	Exit	PRICELINE GRP INC	$0	–	-14,238	–	-7.20%	–
	Exit	DENDREON CORPnote 2.875% 1/1	$0	–	-25,169,000	–	-7.49%	–
NMIH	Exit	NMI HLDGS INCcl a	$0	–	-1,987,903	–	-7.50%	–
PARR	Exit	PAR PETE CORP	$0	–	-1,132,914	–	-8.33%	–
NYCBPRU	Exit	NEW YORK CMNTY CAP TR Vunit 11/01/2051	$0	–	-474,888	–	-10.19%	–
TLMR	Exit	TALMER BANCORP INC	$0	–	-1,930,068	–	-11.64%	–
	Exit	MICROCHIP TECHNOLOGY INCsdcv 2.125%12/1	$0	–	-15,000,000	–	-12.14%	–
LRCX	Exit	LAM RESEARCH CORP	$0	–	-381,876	–	-12.44%	–

Q3 2014

			Value		Shares		↓ Weighting
LRCX	Buy	LAM RESEARCH CORP	$28,526,000	+23.3%	381,876	+11.5%	12.44%	-4.7%
TLMR	New	TALMER BANCORP INC	$26,693,000	–	1,930,068	–	11.64%	–
PARR	New	PAR PETE CORP	$19,090,000	–	1,132,914	–	8.33%	–
	Sell	DENDREON CORPnote 2.875% 1/1	$17,167,000	-29.0%	25,169,000	-28.4%	7.49%	-45.1%
PCLN	Buy	PRICELINE GRP INC	$16,496,000	+3.6%	14,238	+7.6%	7.20%	-19.9%
	New	WORKDAY INCnote 0.750% 7/1	$11,389,000	–	9,500,000	–	4.97%	–
STBZ	Sell	STATE BK FINL CORP	$10,473,000	-12.3%	644,893	-8.6%	4.57%	-32.2%
HOLX	Sell	HOLOGIC INC	$9,007,000	-7.5%	370,200	-3.6%	3.93%	-28.5%
COB	Sell	COMMUNITYONE BANCORP	$7,133,000	-10.6%	808,694	-1.7%	3.11%	-30.9%
CTXS	New	CITRIX SYS INC	$4,908,000	–	68,800	–	2.14%	–
AKAM	New	AKAMAI TECHNOLOGIES INC	$2,984,000	–	49,900	–	1.30%	–
HLF	New	HERBALIFE LTD	$1,664,000	–	38,037	–	0.73%	–
SGM	Buy	STONEGATE MTG CORP	$1,386,000	-5.5%	106,693	+1.4%	0.60%	-26.9%
OXFD	Sell	OXFORD IMMUNOTEC GLOBAL PLC	$1,317,000	-19.7%	86,280	-11.5%	0.57%	-37.9%
TVPT	New	TRAVELPORT WORLDWIDE LTD	$823,000	–	50,000	–	0.36%	–
JRN	Exit	JOURNAL COMMUNICATIONS INCcl a	$0	–	-78,500	–	-0.39%	–
ATEC	Exit	ALPHATEC HOLDINGS INC	$0	–	-630,059	–	-0.58%	–
ZIONW	Exit	ZIONS BANCORPORATION*w exp 05/22/202	$0	–	-368,137	–	-1.10%	–
CHK	Exit	CHESAPEAKE ENERGY CORP	$0	–	-87,000	–	-1.53%	–

Q2 2014

			Value		Shares		↓ Weighting
	New	MICROCHIP TECHNOLOGY INCsdcv 2.125%12/1	$28,667,000	–	15,000,000	–	16.17%	–
	New	DENDREON CORPnote 2.875% 1/1	$24,163,000	–	35,169,000	–	13.63%	–
NYCBPRU	New	NEW YORK CMNTY CAP TR Vunit 11/01/2051	$23,468,000	–	474,888	–	13.24%	–
LRCX	New	LAM RESEARCH CORP	$23,138,000	–	342,376	–	13.05%	–
NMIH	New	NMI HLDGS INCcl a	$20,873,000	–	1,987,903	–	11.78%	–
PCLN	New	PRICELINE GRP INC	$15,925,000	–	13,238	–	8.98%	–
STBZ	New	STATE BK FINL CORP	$11,937,000	–	705,921	–	6.74%	–
HOLX	New	HOLOGIC INC	$9,734,000	–	384,000	–	5.49%	–
COB	New	COMMUNITYONE BANCORP	$7,979,000	–	822,582	–	4.50%	–
CHK	New	CHESAPEAKE ENERGY CORP	$2,704,000	–	87,000	–	1.53%	–
ZIONW	New	ZIONS BANCORPORATION*w exp 05/22/202	$1,942,000	–	368,137	–	1.10%	–
OXFD	New	OXFORD IMMUNOTEC GLOBAL PLC	$1,640,000	–	97,439	–	0.92%	–
SGM	New	STONEGATE MTG CORP	$1,467,000	–	105,187	–	0.83%	–
HCNPRI	New	HEALTH CARE REIT INCpfd per con i	$1,315,000	–	22,700	–	0.74%	–
ATEC	New	ALPHATEC HOLDINGS INC	$1,027,000	–	630,059	–	0.58%	–
JRN	New	JOURNAL COMMUNICATIONS INCcl a	$696,000	–	78,500	–	0.39%	–
ORI	New	OLD REP INTL CORP	$576,000	–	34,800	–	0.32%	–

Q4 2013

			Value		Shares		↓ Weighting
GCVRZ	Exit	SANOFIright 12/31/2020	$0	–	-70,981	–	-0.02%	–
LPNT	Exit	LIFEPOINT HOSPITALS INC	$0	–	-6,800	–	-0.04%	–
N	Exit	NETSUITE INC	$0	–	-4,558	–	-0.06%	–
NXTM	Exit	NXSTAGE MEDICAL INC	$0	–	-43,000	–	-0.07%	–
ORI	Exit	OLD REP INTL CORP	$0	–	-45,000	–	-0.08%	–
TWOWS	Exit	TWO HBRS INVT CORP*w exp 11/07/201	$0	–	-1,921,402	–	-0.09%	–
HCNPRI	Exit	HEALTH CARE REIT INCpfd per con i	$0	–	-25,000	–	-0.17%	–
SBY	Exit	SILVER BAY RLTY TR CORP	$0	–	-299,102	–	-0.56%	–
CFN	Exit	CAREFUSION CORP	$0	–	-140,000	–	-0.61%	–
HRC	Exit	HILL ROM HLDGS INC	$0	–	-150,000	–	-0.64%	–
MASI	Exit	MASIMO CORP	$0	–	-257,500	–	-0.81%	–
5100PS	Exit	VOLCANO CORPORATION	$0	–	-288,900	–	-0.82%	–
THOR	Exit	THORATEC CORP	$0	–	-216,800	–	-0.96%	–
COB	Exit	COMMUNITYONE BANCORP	$0	–	-1,051,764	–	-1.23%	–
CIEN	Exit	CIENA CORP	$0	–	-420,540	–	-1.25%	–
JAH	Exit	JARDEN CORP	$0	–	-223,800	–	-1.28%	–
AL	Exit	AIR LEASE CORPcl a	$0	–	-412,504	–	-1.35%	–
ZIONW	Exit	ZIONS BANCORPORATION*w exp 05/22/202	$0	–	-2,274,181	–	-1.37%	–
LRCX	Exit	LAM RESEARCH CORP	$0	–	-258,746	–	-1.57%	–
HOLX	Exit	HOLOGIC INC	$0	–	-800,900	–	-1.96%	–
NYCBPRU	Exit	NEW YORK CMNTY CAP TR Vunit 11/01/2051	$0	–	-492,087	–	-2.81%	–
FCX	Exit	FREEPORT-MCMORAN COPPER & GOcall	$0	–	-750,000	–	-2.94%	–
STBZ	Exit	STATE BK FINL CORP	$0	–	-1,792,001	–	-3.37%	–
	Exit	DENDREON CORPnote 2.875% 1/1	$0	–	-64,062,000	–	-4.70%	–
	Exit	HORNBECK OFFSHORE SVCS INC Nfrnt 1.625%11/1	$0	–	-38,808,000	–	-5.45%	–
	Exit	ADVANCED MICRO DEVICES INCnote 6.000% 5/0	$0	–	-53,985,000	–	-6.64%	–
PCLN	Exit	PRICELINE COM INC	$0	–	-66,383	–	-7.96%	–
	Exit	EXTERRAN HLDGS INCnote 4.250% 6/1	$0	–	-62,966,000	–	-9.30%	–
	Exit	CHESAPEAKE ENERGY CORPnote 2.500% 5/1	$0	–	-90,180,000	–	-10.40%	–
	Exit	VERISIGN INCsdcv 3.250% 8/1	$0	–	-78,624,000	–	-14.61%	–
	Exit	MICROCHIP TECHNOLOGY INCsdcv 2.125%12/1	$0	–	-90,699,000	–	-16.86%	–

Q3 2013

			Value		Shares		↓ Weighting
	Sell	MICROCHIP TECHNOLOGY INCsdcv 2.125%12/1	$142,139,000	-11.5%	90,699,000	-18.1%	16.86%	+17.6%
	Sell	VERISIGN INCsdcv 3.250% 8/1	$123,151,000	-39.8%	78,624,000	-45.8%	14.61%	-20.0%
	Sell	CHESAPEAKE ENERGY CORPnote 2.500% 5/1	$87,724,000	-2.3%	90,180,000	-6.3%	10.40%	+29.9%
	Sell	EXTERRAN HLDGS INCnote 4.250% 6/1	$78,393,000	-21.9%	62,966,000	-19.2%	9.30%	+3.8%
PCLN	Buy	PRICELINE COM INC	$67,110,000	+30.8%	66,383	+6.9%	7.96%	+73.8%
	Sell	ADVANCED MICRO DEVICES INCnote 6.000% 5/0	$56,009,000	-7.0%	53,985,000	-8.5%	6.64%	+23.6%
	Buy	HORNBECK OFFSHORE SVCS INC Nfrnt 1.625%11/1	$45,919,000	+19.4%	38,808,000	+16.8%	5.45%	+58.7%
	Sell	DENDREON CORPnote 2.875% 1/1	$39,670,000	-18.0%	64,062,000	-4.5%	4.70%	+9.0%
STBZ	Sell	STATE BK FINL CORP	$28,439,000	-9.1%	1,792,001	-13.9%	3.37%	+20.8%
FCX	Buy	FREEPORT-MCMORAN COPPER & GOcall	$24,810,000	+63.4%	750,000	+36.4%	2.94%	+117.0%
NYCBPRU	Sell	NEW YORK CMNTY CAP TR Vunit 11/01/2051	$23,682,000	-49.2%	492,087	-48.9%	2.81%	-32.4%
HOLX	Buy	HOLOGIC INC	$16,539,000	+10.6%	800,900	+3.4%	1.96%	+47.0%
LRCX	Buy	LAM RESEARCH CORP	$13,248,000	+49.5%	258,746	+29.5%	1.57%	+98.6%
ZIONW	Sell	ZIONS BANCORPORATION*w exp 05/22/202	$11,576,000	-38.2%	2,274,181	-30.5%	1.37%	-17.9%
AL	Sell	AIR LEASE CORPcl a	$11,410,000	-52.3%	412,504	-52.4%	1.35%	-36.6%
JAH	Buy	JARDEN CORP	$10,832,000	+13.2%	223,800	+2.3%	1.28%	+50.3%
CIEN	Buy	CIENA CORP	$10,517,000	+48.8%	420,540	+15.6%	1.25%	+97.6%
COB	New	COMMUNITYONE BANCORP	$10,391,000	–	1,051,764	–	1.23%	–
THOR	Sell	THORATEC CORP	$8,084,000	-4.2%	216,800	-19.6%	0.96%	+27.4%
5100PS	Sell	VOLCANO CORPORATION	$6,919,000	+27.2%	288,900	-3.7%	0.82%	+68.9%
HRC	New	HILL ROM HLDGS INC	$5,375,000	–	150,000	–	0.64%	–
CFN	New	CAREFUSION CORP	$5,166,000	–	140,000	–	0.61%	–
SBY	Sell	SILVER BAY RLTY TR CORP	$4,684,000	-47.6%	299,102	-44.5%	0.56%	-30.2%
HCNPRI	New	HEALTH CARE REIT INCpfd per con i	$1,440,000	–	25,000	–	0.17%	–
TWOWS	Sell	TWO HBRS INVT CORP*w exp 11/07/201	$759,000	-68.9%	1,921,402	-19.1%	0.09%	-58.7%
NXTM	Buy	NXSTAGE MEDICAL INC	$566,000	+41.5%	43,000	+53.6%	0.07%	+86.1%
N	Sell	NETSUITE INC	$492,000	-84.0%	4,558	-86.4%	0.06%	-78.9%
LPNT	New	LIFEPOINT HOSPITALS INC	$317,000	–	6,800	–	0.04%	–
GCVRZ	Sell	SANOFIright 12/31/2020	$143,000	-56.4%	70,981	-58.9%	0.02%	-41.4%
SFLY	Exit	SHUTTERFLY INC	$0	–	-15,200	–	-0.08%	–
CMLS	Exit	CUMULUS MEDIA INCcl a	$0	–	-449,876	–	-0.14%	–
INTC	Exit	INTEL CORP	$0	–	-103,600	–	-0.22%	–
NUVA	Exit	NUVASIVE INC	$0	–	-150,000	–	-0.33%	–
CSOD	Exit	CORNERSTONE ONDEMAND INC	$0	–	-112,900	–	-0.44%	–
LCC	Exit	U S AIRWAYS GROUP INCput	$0	–	-357,700	–	-0.52%	–
AMBC	Exit	AMBAC FINL GROUP INC	$0	–	-296,791	–	-0.63%	–
	Exit	TAKE-TWO INTERACTIVE SOFTWARnote 1.000% 7/0	$0	–	-8,500,000	–	-0.74%	–
FNBN	Exit	F N B UNITED CORP	$0	–	-1,051,764	–	-0.76%	–
UTHR	Exit	UNITED THERAPEUTICS CORP DEL	$0	–	-130,913	–	-0.77%	–
GM	Exit	GENERAL MTRS CO	$0	–	-1,029,605	–	-3.06%	–
	Exit	XILINX INCsdcv 3.125% 3/1	$0	–	-50,000,000	–	-6.17%	–

Q2 2013

			Value		Shares		↓ Weighting
	New	VERISIGN INCsdcv 3.250% 8/1	$204,636,000	–	145,124,000	–	18.27%	–
	New	MICROCHIP TECHNOLOGY INCsdcv 2.125%12/1	$160,574,000	–	110,699,000	–	14.33%	–
	New	EXTERRAN HLDGS INCnote 4.250% 6/1	$100,363,000	–	77,966,000	–	8.96%	–
	New	CHESAPEAKE ENERGY CORPnote 2.500% 5/1	$89,764,000	–	96,200,000	–	8.01%	–
	New	XILINX INCsdcv 3.125% 3/1	$69,145,000	–	50,000,000	–	6.17%	–
	New	ADVANCED MICRO DEVICES INCnote 6.000% 5/0	$60,210,000	–	58,985,000	–	5.38%	–
PCLN	New	PRICELINE COM INC	$51,322,000	–	62,083	–	4.58%	–
	New	DENDREON CORPnote 2.875% 1/1	$48,360,000	–	67,062,000	–	4.32%	–
NYCBPRU	New	NEW YORK CMNTY CAP TR Vunit 99/99/9999	$46,581,000	–	963,527	–	4.16%	–
	New	HORNBECK OFFSHORE SVCS INC Nfrnt 1.625%11/1	$38,459,000	–	33,215,000	–	3.43%	–
GM	New	GENERAL MTRS CO	$34,296,000	–	1,029,605	–	3.06%	–
STBZ	New	STATE BK FINL CORP	$31,276,000	–	2,080,903	–	2.79%	–
AL	New	AIR LEASE CORPcl a	$23,905,000	–	866,441	–	2.13%	–
ZIONW	New	ZIONS BANCORPORATION*w exp 05/22/202	$18,745,000	–	3,274,181	–	1.67%	–
FCX	New	FREEPORT-MCMORAN COPPER & GOcall	$15,186,000	–	550,000	–	1.36%	–
HOLX	New	HOLOGIC INC	$14,956,000	–	774,900	–	1.34%	–
JAH	New	JARDEN CORP	$9,573,000	–	218,800	–	0.86%	–
SBY	New	SILVER BAY RLTY TR CORP	$8,931,000	–	539,286	–	0.80%	–
LRCX	New	LAM RESEARCH CORP	$8,860,000	–	199,825	–	0.79%	–
UTHR	New	UNITED THERAPEUTICS CORP DEL	$8,617,000	–	130,913	–	0.77%	–
FNBN	New	F N B UNITED CORP	$8,530,000	–	1,051,764	–	0.76%	–
THOR	New	THORATEC CORP	$8,438,000	–	269,500	–	0.75%	–
	New	TAKE-TWO INTERACTIVE SOFTWARnote 1.000% 7/0	$8,306,000	–	8,500,000	–	0.74%	–
AMBC	New	AMBAC FINL GROUP INC	$7,073,000	–	296,791	–	0.63%	–
CIEN	New	CIENA CORP	$7,067,000	–	363,740	–	0.63%	–
LCC	New	U S AIRWAYS GROUP INCput	$5,873,000	–	357,700	–	0.52%	–
MASI	New	MASIMO CORP	$5,459,000	–	257,500	–	0.49%	–
5100PS	New	VOLCANO CORPORATION	$5,439,000	–	300,000	–	0.49%	–
CSOD	New	CORNERSTONE ONDEMAND INC	$4,889,000	–	112,900	–	0.44%	–
NUVA	New	NUVASIVE INC	$3,719,000	–	150,000	–	0.33%	–
N	New	NETSUITE INC	$3,082,000	–	33,600	–	0.28%	–
INTC	New	INTEL CORP	$2,510,000	–	103,600	–	0.22%	–
TWOWS	New	TWO HBRS INVT CORP*w exp 11/07/201	$2,440,000	–	2,375,106	–	0.22%	–
CMLS	New	CUMULUS MEDIA INCcl a	$1,525,000	–	449,876	–	0.14%	–
SFLY	New	SHUTTERFLY INC	$850,000	–	15,200	–	0.08%	–
ORI	New	OLD REP INTL CORP	$579,000	–	45,000	–	0.05%	–
NXTM	New	NXSTAGE MEDICAL INC	$400,000	–	28,000	–	0.04%	–
GCVRZ	New	SANOFIright 12/31/2020	$328,000	–	172,591	–	0.03%	–

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