CHESAPEAKE PARTNERS MANAGEMENT CO INC/MD Activity Q2 1998-Q2 2016

Q2 2016

			Value		Shares		↓ Weighting
IWM	New	ISHARES TRput	$114,980,000	–	1,000,000	–	17.20%	–
HOT	New	STARWOOD HOTELS & RESORTS WRLD	$56,299,000	–	761,318	–	8.42%	–
EMC	New	E M C CORP MASS	$48,251,000	–	1,775,904	–	7.22%	–
YUM	New	YUM BRANDS INCcall	$41,460,000	–	500,000	–	6.20%	–
MGM	New	MGM RESORTS INTERNATIONAL	$37,793,000	–	1,670,047	–	5.65%	–
GLPI	New	GAMING & LEISURE PPTYS INC	$32,460,000	–	941,405	–	4.86%	–
EXP	New	EAGLE MATERIALS INC	$30,375,000	–	393,710	–	4.54%	–
NWL	New	NEWELL BRANDS INC	$24,198,000	–	498,206	–	3.62%	–
AGN	New	ALLERGAN PLCcall	$23,109,000	–	100,000	–	3.46%	–
HTZ	New	HERTZ GLOBAL HOLDINGS INC	$22,366,000	–	2,020,455	–	3.34%	–
ODP	New	OFFICE DEPOT INC	$20,815,000	–	6,288,504	–	3.11%	–
TEVA	New	TEVA PHARMACEUTICAL INDS LTDadr	$20,177,000	–	401,692	–	3.02%	–
YUM	New	YUM BRANDS INC	$19,853,000	–	239,425	–	2.97%	–
AGN	New	ALLERGAN PLC	$18,603,000	–	80,500	–	2.78%	–
MDVN	New	MEDIVATION INC	$18,433,000	–	305,696	–	2.76%	–
AJRD	New	AEROJET ROCKETDYNE HLDGS INC	$17,243,000	–	943,286	–	2.58%	–
PNK	New	PINNACLE ENTMT INC NEW	$12,984,000	–	1,171,844	–	1.94%	–
AXLL	New	AXIALL CORP	$12,559,000	–	385,119	–	1.88%	–
AAL	New	AMERICAN AIRLS GROUP INC	$10,591,000	–	374,124	–	1.58%	–
LNKD	New	LINKEDIN CORP	$9,463,000	–	50,000	–	1.42%	–
MYCC	New	CLUBCORP HLDGS INC	$9,358,000	–	719,851	–	1.40%	–
INVA	New	INNOVIVA INC	$8,271,000	–	785,442	–	1.24%	–
SIG	New	SIGNET JEWELERS LIMITED	$8,220,000	–	99,740	–	1.23%	–
MTN	New	VAIL RESORTS INC	$8,212,000	–	59,410	–	1.23%	–
BKS	New	BARNES & NOBLE INC	$7,863,000	–	692,781	–	1.18%	–
TBPH	New	THERAVANCE BIOPHARMA INC	$7,845,000	–	345,735	–	1.17%	–
CARA	New	CARA THERAPEUTICS INC	$4,620,000	–	960,508	–	0.69%	–
LORL	New	LORAL SPACE & COMMUNICATNS I	$4,604,000	–	130,532	–	0.69%	–
BNED	New	BARNES & NOBLE ED INC	$4,548,000	–	448,030	–	0.68%	–
ANTM	New	ANTHEM INC	$3,546,000	–	27,000	–	0.53%	–
GCVRZ	New	SANOFIright 12/31/2020	$2,016,000	–	8,399,624	–	0.30%	–
STJ	New	ST JUDE MED INC	$1,977,000	–	25,344	–	0.30%	–
LNG	New	CHENIERE ENERGY INC	$1,878,000	–	50,000	–	0.28%	–
BEL	New	BELMOND LTDcl a	$1,615,000	–	163,167	–	0.24%	–
LDRH	New	LDR HLDG CORP	$1,109,000	–	30,000	–	0.17%	–
LILAK	New	LIBERTY GLOBAL PLC	$900,000	–	27,698	–	0.14%	–

Q4 2015

			Value		Shares		↓ Weighting
BXLT	Exit	BAXALTA INCcall	$0	–	-15,700	–	-0.03%	–
CSC	Exit	COMPUTER SCIENCES CORP	$0	–	-14,700	–	-0.05%	–
CRM	Exit	SALESFORCE COM INC	$0	–	-14,006	–	-0.05%	–
ZTS	Exit	ZOETIS INCcl a	$0	–	-24,600	–	-0.05%	–
SGYPQ	Exit	SYNERGY PHARMACEUTICALS DEL	$0	–	-208,100	–	-0.06%	–
CBS	Exit	CBS CORP NEWcl b	$0	–	-27,800	–	-0.06%	–
F	Exit	FORD MTR CO DEL	$0	–	-95,407	–	-0.07%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-16,655	–	-0.08%	–
AVGO	Exit	AVAGO TECHNOLOGIES LTD	$0	–	-12,481	–	-0.08%	–
GCVRZ	Exit	SANOFIright 12/31/2020	$0	–	-8,399,624	–	-0.08%	–
BUD	Exit	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$0	–	-20,000	–	-0.11%	–
DISCA	Exit	DISCOVERY COMMUNICATNS NEWcall	$0	–	-100,000	–	-0.14%	–
ITB	Exit	ISHARES TRus home cons etf	$0	–	-110,864	–	-0.15%	–
SLH	Exit	SOLERA HOLDINGS INCcall	$0	–	-59,000	–	-0.17%	–
LBTYA	Exit	LIBERTY GLOBAL PLC	$0	–	-85,469	–	-0.19%	–
THS	Exit	TREEHOUSE FOODS INCcall	$0	–	-50,000	–	-0.20%	–
SNCR	Exit	SYNCHRONOSS TECHNOLOGIES INC	$0	–	-124,911	–	-0.21%	–
DEPO	Exit	DEPOMED INC	$0	–	-220,000	–	-0.22%	–
SLCA	Exit	U S SILICA HLDGS INC	$0	–	-312,930	–	-0.23%	–
TBPH	Exit	THERAVANCE BIOPHARMA INC	$0	–	-429,034	–	-0.25%	–
XOOM	Exit	XOOM CORP	$0	–	-200,000	–	-0.26%	–
AET	Exit	AETNA INC NEW	$0	–	-47,461	–	-0.27%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-130,900	–	-0.28%	–
XHB	Exit	SPDR SERIES TRUSTs&p homebuild	$0	–	-175,000	–	-0.31%	–
CTRP	Exit	CTRIP COM INTL LTDcall	$0	–	-100,000	–	-0.33%	–
YELP	Exit	YELP INCcl a	$0	–	-298,131	–	-0.34%	–
LORL	Exit	LORAL SPACE & COMMUNICATNS I	$0	–	-140,121	–	-0.34%	–
C	Exit	CITIGROUP INC	$0	–	-140,986	–	-0.36%	–
SLH	Exit	SOLERA HOLDINGS INC	$0	–	-130,000	–	-0.37%	–
PFE	Exit	PFIZER INCcall	$0	–	-250,000	–	-0.41%	–
CTXS	Exit	CITRIX SYS INCcall	$0	–	-120,000	–	-0.43%	–
DB	Exit	DEUTSCHE BANK AGnamen akt	$0	–	-311,573	–	-0.44%	–
THOR	Exit	THORATEC CORP	$0	–	-136,965	–	-0.45%	–
CARA	Exit	CARA THERAPEUTICS INC	$0	–	-609,157	–	-0.45%	–
SPLS	Exit	STAPLES INCcall	$0	–	-750,000	–	-0.46%	–
BCS	Exit	BARCLAYS PLCcall	$0	–	-600,000	–	-0.46%	–
MGM	Exit	MGM RESORTS INTERNATIONALcall	$0	–	-500,000	–	-0.48%	–
DDC	Exit	DOMINION DIAMOND CORP	$0	–	-871,594	–	-0.49%	–
LVS	Exit	LAS VEGAS SANDS CORPcall	$0	–	-250,000	–	-0.50%	–
LYB	Exit	LYONDELLBASELL INDUSTRIES N	$0	–	-120,752	–	-0.52%	–
PF	Exit	PINNACLE FOODS INC DEL	$0	–	-253,196	–	-0.55%	–
AET	Exit	AETNA INC NEWcall	$0	–	-100,000	–	-0.57%	–
SLCA	Exit	U S SILICA HLDGS INCcall	$0	–	-820,000	–	-0.60%	–
ANTM	Exit	ANTHEM INC	$0	–	-83,154	–	-0.61%	–
HUM	Exit	HUMANA INC	$0	–	-66,315	–	-0.62%	–
CTXS	Exit	CITRIX SYS INC	$0	–	-175,455	–	-0.63%	–
ASH	Exit	ASHLAND INC NEW	$0	–	-121,566	–	-0.64%	–
AER	Exit	AERCAP HOLDINGS NV	$0	–	-324,400	–	-0.65%	–
GLPI	Exit	GAMING & LEISURE PPTYS INC	$0	–	-438,547	–	-0.68%	–
M	Exit	MACYS INC	$0	–	-275,000	–	-0.74%	–
XOOM	Exit	XOOM CORPcall	$0	–	-600,000	–	-0.78%	–
HNT	Exit	HEALTH NET INC	$0	–	-250,000	–	-0.78%	–
PF	Exit	PINNACLE FOODS INC DELcall	$0	–	-369,000	–	-0.81%	–
TMUS	Exit	T MOBILE US INC	$0	–	-390,501	–	-0.81%	–
TEVA	Exit	TEVA PHARMACEUTICALS INDS LTDadr	$0	–	-276,600	–	-0.82%	–
TOL	Exit	TOLL BROTHERS INC	$0	–	-466,881	–	-0.83%	–
BID	Exit	SOTHEBYS	$0	–	-503,744	–	-0.84%	–
MYL	Exit	MYLAN N V	$0	–	-402,849	–	-0.85%	–
BXLT	Exit	BAXALTA INC	$0	–	-517,730	–	-0.85%	–
SIG	Exit	SIGNET JEWELERS LIMITED	$0	–	-121,318	–	-0.86%	–
BCS	Exit	BARCLAYS PLCadr	$0	–	-1,136,153	–	-0.88%	–
YUM	Exit	YUM BRANDS INC	$0	–	-214,425	–	-0.89%	–
RLGY	Exit	REALOGY HLDGS CORP	$0	–	-457,765	–	-0.90%	–
WMB	Exit	WILLIAMS COS INC DEL	$0	–	-481,580	–	-0.93%	–
DOW	Exit	DOW CHEM CO	$0	–	-438,923	–	-0.97%	–
LNG	Exit	CHENIERE ENERGY INC	$0	–	-395,697	–	-1.00%	–
BNED	Exit	BARNES & NOBLE ED INC	$0	–	-1,562,919	–	-1.04%	–
CBS	Exit	CBS CORP NEWcall	$0	–	-500,000	–	-1.04%	–
BEL	Exit	BELMOND LTDcl a	$0	–	-2,004,069	–	-1.06%	–
THRX	Exit	THERAVANCE INC	$0	–	-2,830,301	–	-1.06%	–
ZTS	Exit	ZOETIS INCcall	$0	–	-500,000	–	-1.07%	–
CTRP	Exit	CTRIP COM INTL LTD	$0	–	-343,599	–	-1.13%	–
CI	Exit	CIGNA CORPORATION	$0	–	-162,415	–	-1.14%	–
THS	Exit	TREEHOUSE FOODS INC	$0	–	-282,802	–	-1.15%	–
USG	Exit	U S G CORP	$0	–	-829,665	–	-1.15%	–
WMB	Exit	WILLIAMS COS INC DELcall	$0	–	-600,000	–	-1.15%	–
GM	Exit	GENERAL MTRS CO	$0	–	-750,793	–	-1.18%	–
BRCM	Exit	BROADCOM CORPcl a	$0	–	-446,989	–	-1.20%	–
MGM	Exit	MGM RESORTS INTERNATIONAL	$0	–	-1,291,930	–	-1.24%	–
MYCC	Exit	CLUBCORP HLDGS INC	$0	–	-1,154,722	–	-1.29%	–
HOT	Exit	STARWOOD HOTELS & RESORTS WRLD	$0	–	-373,996	–	-1.30%	–
MSG	Exit	MADISON SQUARE GARDEN COcl a	$0	–	-368,499	–	-1.39%	–
PNK	Exit	PINNACLE ENTMT INC	$0	–	-797,386	–	-1.41%	–
AJRD	Exit	AEROJET ROCKETDYNE HLDGS INC	$0	–	-1,767,827	–	-1.49%	–
BABA	Exit	ALIBABA GROUP HLDG LTDcall	$0	–	-500,000	–	-1.54%	–
M	Exit	MACYS INCcall	$0	–	-600,000	–	-1.61%	–
DOW	Exit	DOW CHEM COcall	$0	–	-750,000	–	-1.66%	–
BKS	Exit	BARNES & NOBLE INC	$0	–	-2,689,356	–	-1.70%	–
TWC	Exit	TIME WARNER CABLE INC	$0	–	-183,912	–	-1.72%	–
URI	Exit	UNITED RENTALS INC	$0	–	-596,178	–	-1.87%	–
AAPL	Exit	APPLE INC	$0	–	-330,313	–	-1.90%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Dcl a new	$0	–	-208,018	–	-1.91%	–
EXP	Exit	EAGLE MATERIALS INC	$0	–	-573,555	–	-2.05%	–
OC	Exit	OWENS CORNING NEW	$0	–	-942,748	–	-2.06%	–
AAL	Exit	AMERICAN AIRLS GROUP INC	$0	–	-1,035,326	–	-2.10%	–
YUM	Exit	YUM BRANDS INCcall	$0	–	-515,900	–	-2.15%	–
TEVA	Exit	TEVA PHARMACEUTICALS INDS LTDcall	$0	–	-750,000	–	-2.21%	–
MTN	Exit	VAIL RESORTS INC	$0	–	-424,710	–	-2.32%	–
PRGO	Exit	PERRIGO CO PLCcall	$0	–	-300,000	–	-2.46%	–
JAH	Exit	JARDEN CORP	$0	–	-1,057,340	–	-2.70%	–
ALTR	Exit	ALTERA CORP	$0	–	-1,040,867	–	-2.72%	–
HTZ	Exit	HERTZ GLOBAL HOLDINGS INC	$0	–	-3,290,374	–	-2.87%	–
PRGO	Exit	PERRIGO CO PLC	$0	–	-400,730	–	-3.29%	–
ODP	Exit	OFFICE DEPOT INC	$0	–	-9,906,971	–	-3.32%	–
BHI	Exit	BAKER HUGHES INCcall	$0	–	-1,422,600	–	-3.86%	–

Q3 2015

			Value		Shares		↓ Weighting
BHI	Buy	BAKER HUGHES INCcall	$74,032,000	+20.0%	1,422,600	+42.3%	3.86%	+63.0%
ODP	Sell	OFFICE DEPOT INC	$63,603,000	-26.1%	9,906,971	-0.3%	3.32%	+0.3%
PRGO	Sell	PERRIGO CO PLC	$63,023,000	-25.0%	400,730	-11.8%	3.29%	+1.9%
HTZ	Sell	HERTZ GLOBAL HOLDINGS INC	$55,048,000	-10.4%	3,290,374	-2.9%	2.87%	+21.7%
ALTR	Buy	ALTERA CORP	$52,127,000	+0.7%	1,040,867	+3.0%	2.72%	+36.8%
JAH	Buy	JARDEN CORP	$51,683,000	+79.2%	1,057,340	+89.7%	2.70%	+143.3%
MTN	Sell	VAIL RESORTS INC	$44,459,000	-7.5%	424,710	-3.5%	2.32%	+25.6%
AAL	Buy	AMERICAN AIRLS GROUP INC	$40,202,000	+10.6%	1,035,326	+13.7%	2.10%	+50.1%
OC	Sell	OWENS CORNING NEW	$39,511,000	-22.2%	942,748	-23.4%	2.06%	+5.6%
EXP	Buy	EAGLE MATERIALS INC	$39,243,000	+8.6%	573,555	+21.1%	2.05%	+47.4%
CHTR	Sell	CHARTER COMMUNICATIONS INC Dcl a new	$36,580,000	-8.8%	208,018	-11.2%	1.91%	+23.8%
URI	Sell	UNITED RENTALS INC	$35,800,000	-36.0%	596,178	-6.7%	1.87%	-13.1%
BKS	Buy	BARNES & NOBLE INC	$32,568,000	-47.6%	2,689,356	+12.3%	1.70%	-28.8%
M	Buy	MACYS INCcall	$30,792,000	+30.4%	600,000	+71.4%	1.61%	+77.1%
AJRD	Sell	AEROJET ROCKETDYNE HLDGS INC	$28,603,000	-28.1%	1,767,827	-8.4%	1.49%	-2.4%
PNK	Buy	PINNACLE ENTMT INC	$26,984,000	+22.2%	797,386	+34.6%	1.41%	+66.0%
MSG	Buy	MADISON SQUARE GARDEN COcl a	$26,584,000	-3.1%	368,499	+12.2%	1.39%	+31.6%
HOT	Buy	STARWOOD HOTELS & RESORTS WRLD	$24,863,000	-0.9%	373,996	+20.9%	1.30%	+34.5%
MYCC	Buy	CLUBCORP HLDGS INC	$24,780,000	+28.9%	1,154,722	+43.5%	1.29%	+75.2%
MGM	Buy	MGM RESORTS INTERNATIONAL	$23,836,000	+1.9%	1,291,930	+0.8%	1.24%	+38.3%
BRCM	Buy	BROADCOM CORPcl a	$22,989,000	+15.8%	446,989	+16.0%	1.20%	+57.3%
WMB	New	WILLIAMS COS INC DELcall	$22,110,000	–	600,000	–	1.15%	–
USG	Buy	U S G CORP	$22,086,000	+1.9%	829,665	+6.4%	1.15%	+38.5%
THS	Buy	TREEHOUSE FOODS INC	$21,999,000	+227.9%	282,802	+241.5%	1.15%	+345.0%
CI	Buy	CIGNA CORPORATION	$21,929,000	-9.8%	162,415	+8.3%	1.14%	+22.6%
CTRP	Sell	CTRIP COM INTL LTD	$21,709,000	-33.2%	343,599	-23.2%	1.13%	-9.3%
THRX	Buy	THERAVANCE INC	$20,322,000	-58.2%	2,830,301	+5.2%	1.06%	-43.3%
BEL	Sell	BELMOND LTDcl a	$20,261,000	-19.7%	2,004,069	-0.7%	1.06%	+9.1%
BNED	New	BARNES & NOBLE ED INC	$19,865,000	–	1,562,919	–	1.04%	–
LNG	Buy	CHENIERE ENERGY INC	$19,112,000	-25.6%	395,697	+6.7%	1.00%	+1.1%
DOW	Buy	DOW CHEM CO	$18,610,000	-11.1%	438,923	+7.3%	0.97%	+20.8%
WMB	Sell	WILLIAMS COS INC DEL	$17,746,000	-39.6%	481,580	-5.9%	0.93%	-17.9%
RLGY	Sell	REALOGY HLDGS CORP	$17,226,000	-23.5%	457,765	-5.0%	0.90%	+3.9%
SIG	Sell	SIGNET JEWELERS LIMITED	$16,515,000	-53.2%	121,318	-55.9%	0.86%	-36.3%
BXLT	New	BAXALTA INC	$16,314,000	–	517,730	–	0.85%	–
MYL	Buy	MYLAN N V	$16,219,000	-33.2%	402,849	+12.6%	0.85%	-9.3%
BID	Sell	SOTHEBYS	$16,110,000	-30.7%	503,744	-2.0%	0.84%	-5.9%
TOL	Sell	TOLL BROTHERS INC	$15,986,000	-21.9%	466,881	-12.9%	0.83%	+6.1%
TEVA	Sell	TEVA PHARMACEUTICALS INDS LTDadr	$15,617,000	-24.5%	276,600	-20.9%	0.82%	+2.6%
TMUS	Sell	T MOBILE US INC	$15,546,000	-58.1%	390,501	-59.2%	0.81%	-43.1%
HNT	New	HEALTH NET INC	$15,055,000	–	250,000	–	0.78%	–
XOOM	New	XOOM CORPcall	$14,928,000	–	600,000	–	0.78%	–
M	New	MACYS INC	$14,113,000	–	275,000	–	0.74%	–
AER	Buy	AERCAP HOLDINGS NV	$12,405,000	-9.7%	324,400	+8.1%	0.65%	+22.5%
CTXS	Buy	CITRIX SYS INC	$12,156,000	+76.1%	175,455	+78.4%	0.63%	+139.2%
HUM	Sell	HUMANA INC	$11,870,000	-57.2%	66,315	-54.3%	0.62%	-41.9%
ANTM	New	ANTHEM INC	$11,642,000	–	83,154	–	0.61%	–
AET	New	AETNA INC NEWcall	$10,941,000	–	100,000	–	0.57%	–
PF	Buy	PINNACLE FOODS INC DEL	$10,604,000	+27.1%	253,196	+38.2%	0.55%	+72.8%
LYB	Sell	LYONDELLBASELL INDUSTRIES N	$10,066,000	-41.1%	120,752	-26.9%	0.52%	-20.1%
DDC	Sell	DOMINION DIAMOND CORP	$9,309,000	-37.4%	871,594	-17.8%	0.49%	-14.9%
CARA	Buy	CARA THERAPEUTICS INC	$8,705,000	+23.9%	609,157	+5.3%	0.45%	+68.1%
THOR	New	THORATEC CORP	$8,664,000	–	136,965	–	0.45%	–
DB	Buy	DEUTSCHE BANK AGnamen akt	$8,400,000	+24.7%	311,573	+39.5%	0.44%	+69.1%
SLH	New	SOLERA HOLDINGS INC	$7,020,000	–	130,000	–	0.37%	–
C	Sell	CITIGROUP INC	$6,994,000	-73.7%	140,986	-70.7%	0.36%	-64.3%
YELP	Sell	YELP INCcl a	$6,458,000	-60.6%	298,131	-21.6%	0.34%	-46.4%
LBTYK	Buy	LIBERTY GLOBAL PLC	$5,370,000	+51.5%	130,900	+87.0%	0.28%	+105.9%
AET	Buy	AETNA INC NEW	$5,193,000	+133.3%	47,461	+171.8%	0.27%	+215.1%
XOOM	New	XOOM CORP	$4,976,000	–	200,000	–	0.26%	–
TBPH	Buy	THERAVANCE BIOPHARMA INC	$4,715,000	-8.8%	429,034	+8.1%	0.25%	+23.6%
SLCA	Sell	U S SILICA HLDGS INC	$4,409,000	-77.8%	312,930	-53.7%	0.23%	-69.8%
DEPO	New	DEPOMED INC	$4,147,000	–	220,000	–	0.22%	–
SNCR	Sell	SYNCHRONOSS TECHNOLOGIES INC	$4,097,000	-44.6%	124,911	-22.8%	0.21%	-24.6%
THS	New	TREEHOUSE FOODS INCcall	$3,890,000	–	50,000	–	0.20%	–
SLH	New	SOLERA HOLDINGS INCcall	$3,186,000	–	59,000	–	0.17%	–
ITB	Sell	ISHARES TRus home cons etf	$2,894,000	-57.1%	110,864	-54.9%	0.15%	-41.7%
BUD	New	ANHEUSER BUSCH INBEV SA/NVsponsored adr	$2,126,000	–	20,000	–	0.11%	–
GCVRZ	Buy	SANOFIright 12/31/2020	$1,598,000	-72.7%	8,399,624	+0.6%	0.08%	-63.1%
FB	Sell	FACEBOOK INCcl a	$1,497,000	-75.7%	16,655	-76.8%	0.08%	-67.1%
F	Sell	FORD MTR CO DEL	$1,295,000	-75.0%	95,407	-72.4%	0.07%	-65.8%
CBS	New	CBS CORP NEWcl b	$1,109,000	–	27,800	–	0.06%	–
SGYPQ	Buy	SYNERGY PHARMACEUTICALS DEL	$1,103,000	+279.0%	208,100	+494.6%	0.06%	+427.3%
CRM	Sell	SALESFORCE COM INC	$972,000	-95.4%	14,006	-95.4%	0.05%	-93.8%
CSC	Sell	COMPUTER SCIENCES CORP	$902,000	-89.8%	14,700	-89.1%	0.05%	-86.2%
BXLT	New	BAXALTA INCcall	$495,000	–	15,700	–	0.03%	–
NBL	Exit	NOBLE ENERGY INC	$0	–	-11,207	–	-0.02%	–
KMIWS	Exit	KINDER MORGAN INC DEL*w exp 05/25/201	$0	–	-286,944	–	-0.03%	–
PLL	Exit	PALL CORP	$0	–	-9,030	–	-0.04%	–
QIHU	Exit	QIHOO 360 TECHNOLOGY CO LTDads	$0	–	-17,946	–	-0.05%	–
WYNN	Exit	WYNN RESORTS LTD	$0	–	-13,688	–	-0.05%	–
SGYPQ	Exit	SYNERGY PHARMACEUTICALS DELcall	$0	–	-173,100	–	-0.06%	–
MAC	Exit	MACERICH CO	$0	–	-20,000	–	-0.06%	–
ROSE	Exit	ROSETTA RESOURCES INC	$0	–	-71,395	–	-0.06%	–
VOD	Exit	VODAFONE GROUP PLC NEWspnsr adr no par	$0	–	-50,000	–	-0.07%	–
4107PS	Exit	MEADWESTVACO CORP	$0	–	-52,881	–	-0.10%	–
ADVS	Exit	ADVENT SOFTWARE INC	$0	–	-67,431	–	-0.12%	–
HSP	Exit	HOSPIRA INC	$0	–	-34,000	–	-0.12%	–
DVN	Exit	DEVON ENERGY CORP NEW	$0	–	-56,666	–	-0.13%	–
TAP	Exit	MOLSON COORS BREWING COcl b	$0	–	-50,000	–	-0.13%	–
ENDP	Exit	ENDO INTL PLC	$0	–	-50,061	–	-0.15%	–
FMI	Exit	FOUNDATION MEDICINE INC	$0	–	-191,252	–	-0.25%	–
INXN	Exit	INTERXION HOLDING N.V	$0	–	-300,000	–	-0.32%	–
NUAN	Exit	NUANCE COMMUNICATIONS INC	$0	–	-515,967	–	-0.35%	–
TWTR	Exit	TWITTER INCcall	$0	–	-250,000	–	-0.35%	–
SNN	Exit	SMITH & NEPHEW PLCspdn adr new	$0	–	-334,874	–	-0.44%	–
BRLI	Exit	BIO-REFERENCE LABS INC	$0	–	-285,300	–	-0.45%	–
VSI	Exit	VITAMIN SHOPPE INC	$0	–	-324,024	–	-0.46%	–
USG	Exit	U S G CORPcall	$0	–	-500,000	–	-0.53%	–
EXP	Exit	EAGLE MATERIALS INCcall	$0	–	-200,000	–	-0.59%	–
LVS	Exit	LAS VEGAS SANDS CORP	$0	–	-330,533	–	-0.67%	–
SPLS	Exit	STAPLES INC	$0	–	-1,300,172	–	-0.76%	–
ESRX	Exit	EXPRESS SCRIPTS HLDG COcall	$0	–	-250,000	–	-0.85%	–
CI	Exit	CIGNA CORPORATIONcall	$0	–	-150,000	–	-0.93%	–
AAL	Exit	AMERICAN AIRLS GROUP INCcall	$0	–	-750,000	–	-1.14%	–
DG	Exit	DOLLAR GEN CORP NEW	$0	–	-389,101	–	-1.16%	–
MYL	Exit	MYLAN N Vcall	$0	–	-461,000	–	-1.20%	–
BHI	Exit	BAKER HUGHES INC	$0	–	-565,000	–	-1.34%	–
HUM	Exit	HUMANA INCcall	$0	–	-200,000	–	-1.47%	–
FDO	Exit	FAMILY DLR STORES INC	$0	–	-1,098,971	–	-3.33%	–

Q2 2015

			Value		Shares		↓ Weighting
FDO	New	FAMILY DLR STORES INC	$86,610,000	–	1,098,971	–	3.33%	–
ODP	New	OFFICE DEPOT INC	$86,078,000	–	9,939,780	–	3.31%	–
PRGO	New	PERRIGO CO PLC	$83,980,000	–	454,365	–	3.23%	–
BKS	New	BARNES & NOBLE INC	$62,148,000	–	2,393,996	–	2.39%	–
BHI	New	BAKER HUGHES INCcall	$61,700,000	–	1,000,000	–	2.37%	–
HTZ	New	HERTZ GLOBAL HOLDINGS INC	$61,409,000	–	3,389,030	–	2.36%	–
URI	New	UNITED RENTALS INC	$55,961,000	–	638,678	–	2.15%	–
PRGO	New	PERRIGO CO PLCcall	$55,449,000	–	300,000	–	2.13%	–
ALTR	New	ALTERA CORP	$51,756,000	–	1,010,867	–	1.99%	–
OC	New	OWENS CORNING NEW	$50,789,000	–	1,231,248	–	1.95%	–
THRX	New	THERAVANCE INC	$48,632,000	–	2,691,304	–	1.87%	–
MTN	New	VAIL RESORTS INC	$48,083,000	–	440,325	–	1.85%	–
YUM	New	YUM BRANDS INCcall	$46,472,000	–	515,900	–	1.78%	–
TEVA	New	TEVA PHARMACEUTICAL INDS LTDcall	$44,325,000	–	750,000	–	1.70%	–
AAPL	New	APPLE INC	$41,430,000	–	330,313	–	1.59%	–
BABA	New	ALIBABA GROUP HLDG LTDcall	$41,135,000	–	500,000	–	1.58%	–
CHTR	New	CHARTER COMMUNICATIONS INC Dcl a new	$40,110,000	–	234,218	–	1.54%	–
AJRD	New	AEROJET ROCKETDYNE HLDGS INC	$39,796,000	–	1,930,897	–	1.53%	–
DOW	New	DOW CHEM COcall	$38,378,000	–	750,000	–	1.47%	–
HUM	New	HUMANA INCcall	$38,256,000	–	200,000	–	1.47%	–
TMUS	New	T MOBILE US INC	$37,099,000	–	956,895	–	1.42%	–
AAL	New	AMERICAN AIRLS GROUP INC	$36,362,000	–	910,524	–	1.40%	–
EXP	New	EAGLE MATERIALS INC	$36,146,000	–	473,555	–	1.39%	–
SIG	New	SIGNET JEWELERS LIMITED	$35,252,000	–	274,889	–	1.35%	–
BHI	New	BAKER HUGHES INC	$34,861,000	–	565,000	–	1.34%	–
TWC	New	TIME WARNER CABLE INC	$32,768,000	–	183,912	–	1.26%	–
CTRP	New	CTRIP COM INTL LTD	$32,487,000	–	447,354	–	1.25%	–
MYL	New	MYLAN N Vcall	$31,283,000	–	461,000	–	1.20%	–
DG	New	DOLLAR GEN CORP NEW	$30,249,000	–	389,101	–	1.16%	–
AAL	New	AMERICAN AIRLS GROUP INCcall	$29,546,000	–	750,000	–	1.14%	–
WMB	New	WILLIAMS COS INC DEL	$29,360,000	–	511,580	–	1.13%	–
JAH	New	JARDEN CORP	$28,842,000	–	557,340	–	1.11%	–
CBS	New	CBS CORP NEWcall	$27,750,000	–	500,000	–	1.07%	–
HUM	New	HUMANA INC	$27,736,000	–	145,000	–	1.06%	–
MSG	New	MADISON SQUARE GARDEN COcl a	$27,426,000	–	328,499	–	1.05%	–
C	New	CITIGROUP INC	$26,570,000	–	480,986	–	1.02%	–
LNG	New	CHENIERE ENERGY INC	$25,674,000	–	370,697	–	0.99%	–
BEL	New	BELMOND LTDcl a	$25,216,000	–	2,018,869	–	0.97%	–
HOT	New	STARWOOD HOTELS & RESORTS WRLD	$25,090,000	–	309,412	–	0.96%	–
GM	New	GENERAL MTRS CO	$25,024,000	–	750,793	–	0.96%	–
MYL	New	MYLAN N V	$24,284,000	–	357,849	–	0.93%	–
CI	New	CIGNA CORPORATIONcall	$24,300,000	–	150,000	–	0.93%	–
CI	New	CIGNA CORPORATION	$24,300,000	–	150,000	–	0.93%	–
ZTS	New	ZOETIS INCcall	$24,110,000	–	500,000	–	0.93%	–
SLCA	New	U S SILICA HLDGS INCcall	$24,075,000	–	820,000	–	0.92%	–
M	New	MACYS INCcall	$23,615,000	–	350,000	–	0.91%	–
MGM	New	MGM RESORTS INTERNATIONAL	$23,395,000	–	1,281,930	–	0.90%	–
BID	New	SOTHEBYS	$23,250,000	–	513,918	–	0.89%	–
RLGY	New	REALOGY HLDGS CORP	$22,514,000	–	481,891	–	0.86%	–
ESRX	New	EXPRESS SCRIPTS HLDG COcall	$22,235,000	–	250,000	–	0.85%	–
PNK	New	PINNACLE ENTMT INC	$22,087,000	–	592,464	–	0.85%	–
USG	New	U S G CORP	$21,667,000	–	779,665	–	0.83%	–
CRM	New	SALESFORCE COM INC	$21,331,000	–	306,347	–	0.82%	–
DOW	New	DOW CHEM CO	$20,925,000	–	408,923	–	0.80%	–
TEVA	New	TEVA PHARMACEUTICAL INDS LTDadr	$20,679,000	–	349,900	–	0.79%	–
TOL	New	TOLL BROTHERS INC	$20,469,000	–	535,965	–	0.79%	–
SPLS	New	STAPLES INC	$19,906,000	–	1,300,172	–	0.76%	–
SLCA	New	U S SILICA HLDGS INC	$19,824,000	–	675,200	–	0.76%	–
BRCM	New	BROADCOM CORPcl a	$19,845,000	–	385,412	–	0.76%	–
YUM	New	YUM BRANDS INC	$19,315,000	–	214,425	–	0.74%	–
MYCC	New	CLUBCORP HLDGS INC	$19,217,000	–	804,722	–	0.74%	–
BCS	New	BARCLAYS PLCadr	$18,678,000	–	1,136,153	–	0.72%	–
LVS	New	LAS VEGAS SANDS CORP	$17,376,000	–	330,533	–	0.67%	–
LYB	New	LYONDELLBASELL INDUSTRIES N	$17,096,000	–	165,149	–	0.66%	–
PF	New	PINNACLE FOODS INC DELcall	$16,804,000	–	369,000	–	0.65%	–
YELP	New	YELP INCcl a	$16,371,000	–	380,459	–	0.63%	–
GLPI	New	GAMING & LEISURE PPTYS INC	$16,077,000	–	438,547	–	0.62%	–
EXP	New	EAGLE MATERIALS INCcall	$15,266,000	–	200,000	–	0.59%	–
DDC	New	DOMINION DIAMOND CORP	$14,859,000	–	1,060,626	–	0.57%	–
ASH	New	ASHLAND INC NEW	$14,819,000	–	121,566	–	0.57%	–
USG	New	U S G CORPcall	$13,895,000	–	500,000	–	0.53%	–
AER	New	AERCAP HOLDINGS NV	$13,737,000	–	300,000	–	0.53%	–
LVS	New	LAS VEGAS SANDS CORPcall	$13,143,000	–	250,000	–	0.50%	–
VSI	New	VITAMIN SHOPPE INC	$12,076,000	–	324,024	–	0.46%	–
BRLI	New	BIO-REFERENCE LABS INC	$11,769,000	–	285,300	–	0.45%	–
SPLS	New	STAPLES INCcall	$11,483,000	–	750,000	–	0.44%	–
SNN	New	SMITH & NEPHEW PLCspdn adr new	$11,369,000	–	334,874	–	0.44%	–
BCS	New	BARCLAYS PLCcall	$9,864,000	–	600,000	–	0.38%	–
MGM	New	MGM RESORTS INTERNATIONALcall	$9,125,000	–	500,000	–	0.35%	–
TWTR	New	TWITTER INCcall	$9,055,000	–	250,000	–	0.35%	–
NUAN	New	NUANCE COMMUNICATIONS INC	$9,035,000	–	515,967	–	0.35%	–
CSC	New	COMPUTER SCIENCES CORP	$8,869,000	–	135,115	–	0.34%	–
LORL	New	LORAL SPACE & COMMUNICATNS I	$8,844,000	–	140,121	–	0.34%	–
CTXS	New	CITRIX SYS INCcall	$8,419,000	–	120,000	–	0.32%	–
PFE	New	PFIZER INCcall	$8,383,000	–	250,000	–	0.32%	–
PF	New	PINNACLE FOODS INC DEL	$8,343,000	–	183,196	–	0.32%	–
INXN	New	INTERXION HOLDING N.V	$8,295,000	–	300,000	–	0.32%	–
SNCR	New	SYNCHRONOSS TECHNOLOGIES INC	$7,396,000	–	161,725	–	0.28%	–
CTRP	New	CTRIP COM INTL LTDcall	$7,262,000	–	100,000	–	0.28%	–
CARA	New	CARA THERAPEUTICS INC	$7,027,000	–	578,356	–	0.27%	–
CTXS	New	CITRIX SYS INC	$6,902,000	–	98,370	–	0.26%	–
ITB	New	ISHARESus home cons etf	$6,749,000	–	245,864	–	0.26%	–
DB	New	DEUTSCHE BANK AGnamen akt	$6,734,000	–	223,280	–	0.26%	–
THS	New	TREEHOUSE FOODS INC	$6,709,000	–	82,802	–	0.26%	–
FMI	New	FOUNDATION MEDICINE INC	$6,472,000	–	191,252	–	0.25%	–
XHB	New	SPDR SERIES TRUSTs&p homebuild	$6,409,000	–	175,000	–	0.25%	–
FB	New	FACEBOOK INCcl a	$6,159,000	–	71,813	–	0.24%	–
GCVRZ	New	SANOFIright 12/31/2020	$5,845,000	–	8,349,624	–	0.22%	–
TBPH	New	THERAVANCE BIOPHARMA INC	$5,168,000	–	396,934	–	0.20%	–
F	New	FORD MTR CO DEL	$5,185,000	–	345,407	–	0.20%	–
LBTYA	New	LIBERTY GLOBAL PLC	$4,621,000	–	85,469	–	0.18%	–
ENDP	New	ENDO INTL PLC	$3,987,000	–	50,061	–	0.15%	–
LBTYK	New	LIBERTY GLOBAL PLC	$3,544,000	–	70,000	–	0.14%	–
TAP	New	MOLSON COORS BREWING COcl b	$3,491,000	–	50,000	–	0.13%	–
DVN	New	DEVON ENERGY CORP NEW	$3,371,000	–	56,666	–	0.13%	–
DISCA	New	DISCOVERY COMMUNICATNS NEWcall	$3,326,000	–	100,000	–	0.13%	–
HSP	New	HOSPIRA INC	$3,016,000	–	34,000	–	0.12%	–
ADVS	New	ADVENT SOFTWARE INC	$2,981,000	–	67,431	–	0.12%	–
4107PS	New	MEADWESTVACO CORP	$2,495,000	–	52,881	–	0.10%	–
AET	New	AETNA INC NEW	$2,226,000	–	17,461	–	0.09%	–
VOD	New	VODAFONE GROUP PLC NEWspnsr adr no par	$1,823,000	–	50,000	–	0.07%	–
AVGO	New	AVAGO TECHNOLOGIES LTD	$1,659,000	–	12,481	–	0.06%	–
ROSE	New	ROSETTA RESOURCES INC	$1,652,000	–	71,395	–	0.06%	–
MAC	New	MACERICH CO	$1,492,000	–	20,000	–	0.06%	–
SGYPQ	New	SYNERGY PHARMACEUTICALS DELcall	$1,437,000	–	173,100	–	0.06%	–
WYNN	New	WYNN RESORTS LTD	$1,351,000	–	13,688	–	0.05%	–
QIHU	New	QIHOO 360 TECHNOLOGY CO LTDads	$1,215,000	–	17,946	–	0.05%	–
ZTS	New	ZOETIS INCcl a	$1,186,000	–	24,600	–	0.05%	–
PLL	New	PALL CORP	$1,124,000	–	9,030	–	0.04%	–
KMIWS	New	KINDER MORGAN INC DEL*w exp 05/25/201	$775,000	–	286,944	–	0.03%	–
NBL	New	NOBLE ENERGY INC	$478,000	–	11,207	–	0.02%	–
SGYPQ	New	SYNERGY PHARMACEUTICALS DEL	$291,000	–	35,000	–	0.01%	–

Q4 2014

			Value		Shares		↓ Weighting
TWC	Exit	TIME WARNER CABLE INC	$0	–	-2,641	–	-0.01%	–
CMTL	Exit	COMTECH TELECOMMUNICATIONS C	$0	–	-9,900	–	-0.01%	–
MLM	Exit	MARTIN MARIETTA MATLS INC	$0	–	-3,697	–	-0.02%	–
JNPR	Exit	JUNIPER NETWORKS INC	$0	–	-25,000	–	-0.02%	–
	Exit	MGM RESORTS INTERNATIONALnote 4.250% 4/1	$0	–	-500,000	–	-0.02%	–
MIK	Exit	MICHAELS COS INC	$0	–	-38,999	–	-0.02%	–
AXLL	Exit	AXIALL CORP	$0	–	-23,894	–	-0.03%	–
KMR	Exit	KINDER MORGAN MANAGEMENT LLC	$0	–	-10,000	–	-0.04%	–
FCEA	Exit	FOREST CITY ENTERPRISES INCcl a	$0	–	-49,894	–	-0.04%	–
KMIWS	Exit	KINDER MORGAN INC DEL*w exp 05/25/201	$0	–	-286,944	–	-0.04%	–
MYL	Exit	MYLAN INC	$0	–	-25,000	–	-0.04%	–
APD	Exit	AIR PRODS & CHEMS INC	$0	–	-10,000	–	-0.05%	–
CARA	Exit	CARA THERAPEUTICS INC	$0	–	-160,320	–	-0.05%	–
4107PS	Exit	MEADWESTVACO CORP	$0	–	-43,729	–	-0.07%	–
FNFV	Exit	FIDELITY NATIONAL FINANCIAL	$0	–	-140,000	–	-0.07%	–
VVUS	Exit	VIVUS INCcall	$0	–	-500,000	–	-0.07%	–
4107PS	Exit	MEADWESTVACO CORPcall	$0	–	-50,000	–	-0.08%	–
EQC	Exit	EQUITY COMWLTH	$0	–	-80,398	–	-0.08%	–
S	Exit	SPRINT CORP	$0	–	-382,217	–	-0.09%	–
TRLA	Exit	TRULIA INCcall	$0	–	-50,000	–	-0.09%	–
DOW	Exit	DOW CHEM CO	$0	–	-50,000	–	-0.10%	–
KMI	Exit	KINDER MORGAN INC DEL	$0	–	-71,075	–	-0.10%	–
F113PS	Exit	COVIDIEN PLCcall	$0	–	-39,900	–	-0.13%	–
KBR	Exit	KBR INC	$0	–	-195,000	–	-0.14%	–
GCVRZ	Exit	SANOFIright 12/31/2020	$0	–	-7,863,964	–	-0.14%	–
AUXL	Exit	AUXILIUM PHARMACEUTICALS INC	$0	–	-125,000	–	-0.14%	–
DRC	Exit	DRESSER-RAND GROUP INC	$0	–	-47,977	–	-0.14%	–
NWSA	Exit	NEWS CORP NEWcl a	$0	–	-250,328	–	-0.15%	–
DRC	Exit	DRESSER-RAND GROUP INCcall	$0	–	-50,000	–	-0.15%	–
SNN	Exit	SMITH & NEPHEW PLCspdn adr new	$0	–	-50,000	–	-0.16%	–
CE	Exit	CELANESE CORP DEL	$0	–	-72,725	–	-0.16%	–
RLGY	Exit	REALOGY HLDGS CORP	$0	–	-115,000	–	-0.16%	–
MTW	Exit	MANITOWOC INC	$0	–	-199,819	–	-0.17%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-60,840	–	-0.18%	–
MTH	Exit	MERITAGE HOMES CORP	$0	–	-135,000	–	-0.18%	–
NWS	Exit	NEWS CORP NEWcl b	$0	–	-306,927	–	-0.18%	–
TBPH	Exit	THERAVANCE BIOPHARMA INC	$0	–	-296,234	–	-0.25%	–
MW	Exit	MENS WEARHOUSE INC	$0	–	-147,031	–	-0.26%	–
APA	Exit	APACHE CORP	$0	–	-80,000	–	-0.28%	–
NUAN	Exit	NUANCE COMMUNICATIONS INCcall	$0	–	-500,000	–	-0.28%	–
TOL	Exit	TOLL BROTHERS INCcall	$0	–	-250,000	–	-0.29%	–
THI	Exit	TIM HORTONS INC	$0	–	-100,000	–	-0.29%	–
DYN	Exit	DYNEGY INC NEW DEL	$0	–	-279,287	–	-0.30%	–
GWPH	Exit	GW PHARMACEUTICALS PLCput	$0	–	-105,200	–	-0.31%	–
DVN	Exit	DEVON ENERGY CORP NEW	$0	–	-126,666	–	-0.32%	–
BCS	Exit	BARCLAYS PLCcall	$0	–	-600,000	–	-0.33%	–
MYL	Exit	MYLAN INCcall	$0	–	-200,000	–	-0.34%	–
RLGY	Exit	REALOGY HLDGS CORPcall	$0	–	-250,000	–	-0.34%	–
TRLA	Exit	TRULIA INC	$0	–	-197,111	–	-0.36%	–
VSI	Exit	VITAMIN SHOPPE INC	$0	–	-229,093	–	-0.38%	–
ODP	Exit	OFFICE DEPOT INCcall	$0	–	-2,000,000	–	-0.38%	–
TLM	Exit	TALISMAN ENERGY INC	$0	–	-1,217,657	–	-0.39%	–
RVBD	Exit	RIVERBED TECHNOLOGY INC	$0	–	-651,519	–	-0.44%	–
F	Exit	FORD MTR CO DEL	$0	–	-840,801	–	-0.46%	–
DOW	Exit	DOW CHEM COcall	$0	–	-250,000	–	-0.48%	–
VRX	Exit	VALEANT PHARMACEUTICALS INTLcall	$0	–	-100,000	–	-0.48%	–
TMUS	Exit	T-MOBILE US INCcall	$0	–	-500,000	–	-0.53%	–
LORL	Exit	LORAL SPACE & COMMUNICATNS I	$0	–	-206,209	–	-0.55%	–
LVS	Exit	LAS VEGAS SANDS CORPcall	$0	–	-250,000	–	-0.57%	–
PETM	Exit	PETSMART INC	$0	–	-225,611	–	-0.58%	–
BCS	Exit	BARCLAYS PLCadr	$0	–	-1,126,934	–	-0.62%	–
TRW	Exit	TRW AUTOMOTIVE HLDGS CORP	$0	–	-165,000	–	-0.62%	–
SFLY	Exit	SHUTTERFLY INC	$0	–	-349,700	–	-0.63%	–
MEAS	Exit	MEASUREMENT SPECIALTIES INC	$0	–	-199,505	–	-0.63%	–
BID	Exit	SOTHEBYScall	$0	–	-500,000	–	-0.66%	–
DB	Exit	DEUTSCHE BANK AGnamen akt	$0	–	-514,770	–	-0.66%	–
WYNN	Exit	WYNN RESORTS LTD	$0	–	-97,174	–	-0.67%	–
P103PS	Exit	NPS PHARMACEUTICALS INC	$0	–	-735,756	–	-0.70%	–
QEP	Exit	QEP RES INC	$0	–	-644,705	–	-0.73%	–
USG	Exit	U S G CORP	$0	–	-729,665	–	-0.74%	–
HUN	Exit	HUNTSMAN CORP	$0	–	-778,599	–	-0.75%	–
SLXP	Exit	SALIX PHARMACEUTICALS INC	$0	–	-130,000	–	-0.75%	–
DDC	Exit	DOMINION DIAMOND CORP	$0	–	-1,453,480	–	-0.76%	–
JNPR	Exit	JUNIPER NETWORKS INCcall	$0	–	-1,000,000	–	-0.82%	–
JAH	Exit	JARDEN CORP	$0	–	-368,227	–	-0.82%	–
TOL	Exit	TOLL BROTHERS INC	$0	–	-722,018	–	-0.83%	–
BEL	Exit	BELMOND LTDcl a	$0	–	-2,018,869	–	-0.87%	–
NUAN	Exit	NUANCE COMMUNICATIONS INC	$0	–	-1,557,192	–	-0.88%	–
OSK	Exit	OSHKOSH CORP	$0	–	-548,544	–	-0.89%	–
PL	Exit	PROTECTIVE LIFE CORP	$0	–	-357,016	–	-0.91%	–
FOXA	Exit	TWENTY FIRST CENTY FOX INCcall	$0	–	-750,000	–	-0.95%	–
LVS	Exit	LAS VEGAS SANDS CORP	$0	–	-415,180	–	-0.95%	–
ASH	Exit	ASHLAND INC NEWcall	$0	–	-250,000	–	-0.96%	–
MGM	Exit	MGM RESORTS INTERNATIONAL	$0	–	-1,169,624	–	-0.98%	–
2100PS	Exit	GENCORP INC	$0	–	-1,708,643	–	-1.01%	–
TMUS	Exit	T-MOBILE US INC	$0	–	-948,250	–	-1.01%	–
SWK	Exit	STANLEY BLACK & DECKER INC	$0	–	-310,000	–	-1.01%	–
GWPH	Exit	GW PHARMACEUTICALS PLCads	$0	–	-354,278	–	-1.06%	–
BID	Exit	SOTHEBYS	$0	–	-816,264	–	-1.08%	–
GM	Exit	GENERAL MTRS COcall	$0	–	-1,000,000	–	-1.18%	–
AAPL	Exit	APPLE INC	$0	–	-319,213	–	-1.18%	–
EXP	Exit	EAGLE MATERIALS INC	$0	–	-341,566	–	-1.28%	–
GM	Exit	GENERAL MTRS CO	$0	–	-1,090,564	–	-1.28%	–
TWX	Exit	TIME WARNER INC	$0	–	-465,000	–	-1.29%	–
B108PS	Exit	ACTAVIS PLCcall	$0	–	-150,000	–	-1.33%	–
TWX	Exit	TIME WARNER INCcall	$0	–	-500,000	–	-1.39%	–
HTZ	Exit	HERTZ GLOBAL HOLDINGS INCcall	$0	–	-1,500,000	–	-1.40%	–
OC	Exit	OWENS CORNING NEW	$0	–	-1,211,248	–	-1.42%	–
RAX	Exit	RACKSPACE HOSTING INC	$0	–	-1,215,382	–	-1.46%	–
FDO	Exit	FAMILY DLR STORES INC	$0	–	-524,557	–	-1.49%	–
SIG	Exit	SIGNET JEWELERS LIMITED	$0	–	-370,442	–	-1.56%	–
ODP	Exit	OFFICE DEPOT INC	$0	–	-8,289,780	–	-1.57%	–
BKS	Exit	BARNES & NOBLE INC	$0	–	-2,214,709	–	-1.61%	–
ASH	Exit	ASHLAND INC NEW	$0	–	-424,847	–	-1.63%	–
MTN	Exit	VAIL RESORTS INC	$0	–	-512,310	–	-1.64%	–
LNG	Exit	CHENIERE ENERGY INC	$0	–	-574,223	–	-1.69%	–
F113PS	Exit	COVIDIEN PLC	$0	–	-540,779	–	-1.72%	–
THRX	Exit	THERAVANCE INC	$0	–	-2,790,913	–	-1.76%	–
VRX	Exit	VALEANT PHARMACEUTICALS INTL	$0	–	-367,912	–	-1.78%	–
DG	Exit	DOLLAR GEN CORP NEW	$0	–	-872,458	–	-1.96%	–
URI	Exit	UNITED RENTALS INCcall	$0	–	-500,000	–	-2.05%	–
B108PS	Exit	ACTAVIS PLC	$0	–	-240,772	–	-2.14%	–
DG	Exit	DOLLAR GEN CORP NEWcall	$0	–	-1,000,000	–	-2.25%	–
C	Exit	CITIGROUP INC	$0	–	-1,203,886	–	-2.30%	–
AAL	Exit	AMERICAN AIRLS GROUP INC	$0	–	-1,828,724	–	-2.39%	–
TEVA	Exit	TEVA PHARMACEUTICAL INDS LTDcall	$0	–	-1,250,000	–	-2.48%	–
SHPG	Exit	SHIRE PLCsponsored adr	$0	–	-274,436	–	-2.62%	–
AGN	Exit	ALLERGAN INC	$0	–	-560,614	–	-3.68%	–
HTZ	Exit	HERTZ GLOBAL HOLDINGS INC	$0	–	-4,407,430	–	-4.12%	–
TWC	Exit	TIME WARNER CABLE INCcall	$0	–	-1,500,000	–	-7.93%	–

Q3 2014

			Value		Shares		↓ Weighting
TWC	Sell	TIME WARNER CABLE INCcall	$215,235,000	-16.5%	1,500,000	-14.3%	7.93%	+2.0%
HTZ	Buy	HERTZ GLOBAL HOLDINGS INC	$111,905,000	-9.1%	4,407,430	+0.3%	4.12%	+11.0%
AGN	Buy	ALLERGAN INC	$99,896,000	+16.0%	560,614	+10.1%	3.68%	+41.7%
SHPG	Buy	SHIRE PLCsponsored adr	$71,093,000	+401.3%	274,436	+355.7%	2.62%	+512.1%
AAL	Sell	AMERICAN AIRLS GROUP INC	$64,883,000	-28.0%	1,828,724	-12.9%	2.39%	-12.1%
C	Sell	CITIGROUP INC	$62,385,000	+2.0%	1,203,886	-7.3%	2.30%	+24.6%
DG	Sell	DOLLAR GEN CORP NEWcall	$61,110,000	-11.2%	1,000,000	-16.7%	2.25%	+8.5%
B108PS	Buy	ACTAVIS PLC	$58,093,000	+63.1%	240,772	+50.8%	2.14%	+99.3%
DG	Buy	DOLLAR GEN CORP NEW	$53,316,000	+151.2%	872,458	+135.8%	1.96%	+207.0%
VRX	Buy	VALEANT PHARMACEUTICALS INTL	$48,270,000	+16.7%	367,912	+12.2%	1.78%	+42.7%
THRX	Sell	THERAVANCE INC	$47,697,000	-42.9%	2,790,913	-0.5%	1.76%	-30.2%
F113PS	Buy	COVIDIEN PLC	$46,783,000	+29.4%	540,779	+34.9%	1.72%	+58.2%
LNG	Sell	CHENIERE ENERGY INC	$45,955,000	-22.8%	574,223	-30.8%	1.69%	-5.6%
MTN	Buy	VAIL RESORTS INC	$44,448,000	+17.5%	512,310	+4.5%	1.64%	+43.6%
ASH	Sell	ASHLAND INC NEW	$44,227,000	-6.5%	424,847	-2.3%	1.63%	+14.3%
BKS	Buy	BARNES & NOBLE INC	$43,718,000	-11.9%	2,214,709	+1.7%	1.61%	+7.5%
ODP	Buy	OFFICE DEPOT INC	$42,609,000	-8.0%	8,289,780	+1.8%	1.57%	+12.4%
FDO	Buy	FAMILY DLR STORES INC	$40,517,000	+151.7%	524,557	+115.5%	1.49%	+207.2%
RAX	Buy	RACKSPACE HOSTING INC	$39,561,000	+27.0%	1,215,382	+31.3%	1.46%	+55.1%
OC	Buy	OWENS CORNING NEW	$38,457,000	-7.2%	1,211,248	+13.1%	1.42%	+13.4%
TWX	New	TIME WARNER INCcall	$37,605,000	–	500,000	–	1.39%	–
TWX	New	TIME WARNER INC	$34,973,000	–	465,000	–	1.29%	–
GM	Sell	GENERAL MTRS CO	$34,833,000	-12.2%	1,090,564	-0.3%	1.28%	+7.3%
AAPL	Buy	APPLE INC	$32,161,000	+37.4%	319,213	+26.7%	1.18%	+67.8%
TMUS	Buy	T-MOBILE US INC	$27,376,000	+0.7%	948,250	+17.3%	1.01%	+23.0%
2100PS	Buy	GENCORP INC	$27,287,000	-8.9%	1,708,643	+8.9%	1.01%	+11.3%
BEL	New	BELMOND LTDcl a	$23,540,000	–	2,018,869	–	0.87%	–
TOL	Sell	TOLL BROTHERS INC	$22,498,000	-28.5%	722,018	-15.3%	0.83%	-12.6%
JAH	New	JARDEN CORP	$22,134,000	–	368,227	–	0.82%	–
SLXP	New	SALIX PHARMACEUTICALS INC	$20,311,000	–	130,000	–	0.75%	–
HUN	Sell	HUNTSMAN CORP	$20,236,000	-13.8%	778,599	-6.9%	0.75%	+5.2%
QEP	Sell	QEP RES INC	$19,844,000	-40.8%	644,705	-33.7%	0.73%	-27.8%
P103PS	Buy	NPS PHARMACEUTICALS INC	$19,130,000	+52.0%	735,756	+93.2%	0.70%	+85.5%
WYNN	Buy	WYNN RESORTS LTD	$18,179,000	-3.4%	97,174	+7.2%	0.67%	+18.0%
MEAS	Sell	MEASUREMENT SPECIALTIES INC	$17,080,000	-14.8%	199,505	-14.3%	0.63%	+4.0%
SFLY	New	SHUTTERFLY INC	$17,044,000	–	349,700	–	0.63%	–
TRW	New	TRW AUTOMOTIVE HLDGS CORP	$16,706,000	–	165,000	–	0.62%	–
BCS	Buy	BARCLAYS PLCadr	$16,690,000	+1.8%	1,126,934	+0.5%	0.62%	+24.5%
PETM	New	PETSMART INC	$15,813,000	–	225,611	–	0.58%	–
LORL	Buy	LORAL SPACE & COMMUNICATNS I	$14,808,000	+50.0%	206,209	+51.8%	0.55%	+83.2%
TMUS	New	T-MOBILE US INCcall	$14,435,000	–	500,000	–	0.53%	–
F	Sell	FORD MTR CO DEL	$12,435,000	-45.2%	840,801	-36.2%	0.46%	-33.1%
TLM	Buy	TALISMAN ENERGY INC	$10,533,000	+0.3%	1,217,657	+22.9%	0.39%	+22.4%
VSI	New	VITAMIN SHOPPE INC	$10,169,000	–	229,093	–	0.38%	–
TRLA	New	TRULIA INC	$9,639,000	–	197,111	–	0.36%	–
GWPH	Buy	GW PHARMACEUTICALS PLCput	$8,505,000	+425.0%	105,200	+596.7%	0.31%	+538.8%
DYN	New	DYNEGY INC NEW DEL	$8,060,000	–	279,287	–	0.30%	–
THI	New	TIM HORTONS INC	$7,881,000	–	100,000	–	0.29%	–
NUAN	New	NUANCE COMMUNICATIONS INCcall	$7,708,000	–	500,000	–	0.28%	–
APA	New	APACHE CORP	$7,510,000	–	80,000	–	0.28%	–
MW	Sell	MENS WEARHOUSE INC	$6,943,000	-74.7%	147,031	-70.1%	0.26%	-69.1%
TBPH	Sell	THERAVANCE BIOPHARMA INC	$6,828,000	-73.3%	296,234	-63.0%	0.25%	-67.3%
NWS	Sell	NEWS CORP NEWcl b	$4,951,000	-44.0%	306,927	-39.5%	0.18%	-31.8%
FB	Sell	FACEBOOK INCcl a	$4,809,000	-75.1%	60,840	-78.8%	0.18%	-69.6%
MTW	Sell	MANITOWOC INC	$4,686,000	-43.0%	199,819	-20.1%	0.17%	-30.2%
RLGY	Sell	REALOGY HLDGS CORP	$4,278,000	-9.2%	115,000	-8.0%	0.16%	+11.3%
CE	Sell	CELANESE CORP DEL	$4,256,000	-20.0%	72,725	-12.1%	0.16%	-1.9%
DRC	New	DRESSER-RAND GROUP INCcall	$4,113,000	–	50,000	–	0.15%	–
NWSA	Sell	NEWS CORP NEWcl a	$4,093,000	-80.9%	250,328	-79.0%	0.15%	-76.6%
DRC	New	DRESSER-RAND GROUP INC	$3,947,000	–	47,977	–	0.14%	–
AUXL	New	AUXILIUM PHARMACEUTICALS INC	$3,731,000	–	125,000	–	0.14%	–
KBR	New	KBR INC	$3,672,000	–	195,000	–	0.14%	–
GCVRZ	Buy	SANOFIright 12/31/2020	$3,657,000	-6.9%	7,863,964	+0.1%	0.14%	+13.4%
KMI	New	KINDER MORGAN INC DEL	$2,725,000	–	71,075	–	0.10%	–
DOW	New	DOW CHEM CO	$2,622,000	–	50,000	–	0.10%	–
TRLA	New	TRULIA INCcall	$2,445,000	–	50,000	–	0.09%	–
S	Sell	SPRINT CORP	$2,423,000	-30.3%	382,217	-6.1%	0.09%	-15.2%
EQC	New	EQUITY COMWLTH	$2,067,000	–	80,398	–	0.08%	–
FNFV	New	FIDELITY NATIONAL FINANCIAL	$1,926,000	–	140,000	–	0.07%	–
4107PS	Buy	MEADWESTVACO CORP	$1,790,000	+19.9%	43,729	+29.6%	0.07%	+46.7%
KMIWS	Sell	KINDER MORGAN INC DEL*w exp 05/25/201	$1,044,000	+11.4%	286,944	-14.8%	0.04%	+35.7%
FCEA	Sell	FOREST CITY ENTERPRISES INCcl a	$976,000	-94.3%	49,894	-94.2%	0.04%	-93.0%
KMR	New	KINDER MORGAN MANAGEMENT LLC	$942,000	–	10,000	–	0.04%	–
AXLL	New	AXIALL CORP	$856,000	–	23,894	–	0.03%	–
MIK	New	MICHAELS COS INC	$682,000	–	38,999	–	0.02%	–
MLM	New	MARTIN MARIETTA MATLS INC	$477,000	–	3,697	–	0.02%	–
CMTL	New	COMTECH TELECOMMUNICATIONS C	$368,000	–	9,900	–	0.01%	–
VVUS	Exit	VIVUS INC	$0	–	-49,800	–	-0.01%	–
AMC	Exit	AMC ENTMT HLDGS INC	$0	–	-49,122	–	-0.04%	–
BAX	Exit	BAXTER INTL INC	$0	–	-16,797	–	-0.04%	–
IGT	Exit	INTERNATIONAL GAME TECHNOLOG	$0	–	-125,000	–	-0.06%	–
FURX	Exit	FURIEX PHARMACEUTICALS INC	$0	–	-19,500	–	-0.06%	–
FOE	Exit	FERRO CORP	$0	–	-221,645	–	-0.08%	–
TIBX	Exit	TIBCO SOFTWARE INC	$0	–	-144,530	–	-0.09%	–
BEAV	Exit	B/E AEROSPACE INC	$0	–	-34,330	–	-0.10%	–
MDT	Exit	MEDTRONIC INCcall	$0	–	-50,000	–	-0.10%	–
RXN	Exit	REXNORD CORP NEW	$0	–	-122,101	–	-0.10%	–
DB	Exit	DEUTSCHE BANK AGcall	$0	–	-100,000	–	-0.11%	–
KBR	Exit	KBR INCcall	$0	–	-250,000	–	-0.18%	–
BAC	Exit	BANK OF AMERICA CORPORATION	$0	–	-490,300	–	-0.23%	–
EBAY	Exit	EBAY INC	$0	–	-161,280	–	-0.24%	–
XHB	Exit	SPDR SERIES TRUSTcall	$0	–	-250,000	–	-0.25%	–
OC	Exit	OWENS CORNING NEWcall	$0	–	-250,000	–	-0.29%	–
3101SC	Exit	COMMONWEALTH REIT	$0	–	-495,742	–	-0.39%	–
GEO	Exit	GEO GROUP INC	$0	–	-367,744	–	-0.40%	–
AIG	Exit	AMERICAN INTL GROUP INC	$0	–	-310,387	–	-0.51%	–
OEH	Exit	ORIENT- EXPRESS HOTELS LTDcl a	$0	–	-2,018,869	–	-0.88%	–
C	Exit	CITIGROUP INCcall	$0	–	-734,600	–	-1.04%	–
TXI	Exit	TEXAS INDS INC	$0	–	-398,691	–	-1.11%	–
FRX	Exit	FOREST LABS INC	$0	–	-424,181	–	-1.27%	–
EBAY	Exit	EBAY INCcall	$0	–	-1,000,000	–	-1.51%	–
HSH	Exit	HILLSHIRE BRANDS COcall	$0	–	-1,050,000	–	-1.97%	–
HSH	Exit	HILLSHIRE BRANDS CO	$0	–	-1,054,653	–	-1.98%	–
IWM	Exit	ISHARESput	$0	–	-1,000,000	–	-3.58%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-1,000,000	–	-5.90%	–

Q2 2014

			Value		Shares		↓ Weighting
TWC	New	TIME WARNER CABLE INCcall	$257,775,000	–	1,750,000	–	7.78%	–
SPY	New	SPDR S&P 500 ETF TRput	$195,720,000	–	1,000,000	–	5.90%	–
HTZ	New	HERTZ GLOBAL HOLDINGS INC	$123,117,000	–	4,392,330	–	3.71%	–
IWM	New	ISHARESput	$118,810,000	–	1,000,000	–	3.58%	–
AAL	New	AMERICAN AIRLS GROUP INC	$90,161,000	–	2,098,724	–	2.72%	–
AGN	New	ALLERGAN INC	$86,130,000	–	508,980	–	2.60%	–
THRX	New	THERAVANCE INC	$83,558,000	–	2,805,837	–	2.52%	–
DG	New	DOLLAR GEN CORP NEWcall	$68,832,000	–	1,200,000	–	2.08%	–
HSH	New	HILLSHIRE BRANDS CO	$65,705,000	–	1,054,653	–	1.98%	–
TEVA	New	TEVA PHARMACEUTICAL INDS LTDcall	$65,525,000	–	1,250,000	–	1.98%	–
HSH	New	HILLSHIRE BRANDS COcall	$65,415,000	–	1,050,000	–	1.97%	–
C	New	CITIGROUP INC	$61,178,000	–	1,298,886	–	1.84%	–
LNG	New	CHENIERE ENERGY INC	$59,496,000	–	829,795	–	1.80%	–
URI	New	UNITED RENTALS INCcall	$52,365,000	–	500,000	–	1.58%	–
EBAY	New	EBAY INCcall	$50,060,000	–	1,000,000	–	1.51%	–
BKS	New	BARNES & NOBLE INC	$49,648,000	–	2,178,483	–	1.50%	–
ASH	New	ASHLAND INC NEW	$47,285,000	–	434,847	–	1.43%	–
ODP	New	OFFICE DEPOT INC	$46,315,000	–	8,139,780	–	1.40%	–
HTZ	New	HERTZ GLOBAL HOLDINGS INCcall	$42,045,000	–	1,500,000	–	1.27%	–
FRX	New	FOREST LABS INC	$41,994,000	–	424,181	–	1.27%	–
OC	New	OWENS CORNING NEW	$41,436,000	–	1,071,248	–	1.25%	–
VRX	New	VALEANT PHARMACEUTICALS INTL	$41,356,000	–	327,912	–	1.25%	–
SIG	New	SIGNET JEWELERS LIMITED	$40,967,000	–	370,442	–	1.24%	–
GM	New	GENERAL MTRS CO	$39,694,000	–	1,093,500	–	1.20%	–
GWPH	New	GW PHARMACEUTICALS PLCads	$38,010,000	–	354,278	–	1.15%	–
MTN	New	VAIL RESORTS INC	$37,835,000	–	490,217	–	1.14%	–
TXI	New	TEXAS INDS INC	$36,823,000	–	398,691	–	1.11%	–
GM	New	GENERAL MTRS COcall	$36,300,000	–	1,000,000	–	1.10%	–
F113PS	New	COVIDIEN PLC	$36,142,000	–	400,779	–	1.09%	–
B108PS	New	ACTAVIS PLC	$35,617,000	–	159,681	–	1.07%	–
C	New	CITIGROUP INCcall	$34,600,000	–	734,600	–	1.04%	–
BID	New	SOTHEBYS	$34,275,000	–	816,264	–	1.03%	–
QEP	New	QEP RES INC	$33,536,000	–	972,070	–	1.01%	–
B108PS	New	ACTAVIS PLCcall	$33,458,000	–	150,000	–	1.01%	–
EXP	New	EAGLE MATERIALS INC	$32,203,000	–	341,566	–	0.97%	–
LVS	New	LAS VEGAS SANDS CORP	$31,645,000	–	415,180	–	0.96%	–
TOL	New	TOLL BROTHERS INC	$31,445,000	–	852,160	–	0.95%	–
RAX	New	RACKSPACE HOSTING INC	$31,148,000	–	925,382	–	0.94%	–
MGM	New	MGM RESORTS INTERNATIONAL	$30,878,000	–	1,169,624	–	0.93%	–
OSK	New	OSHKOSH CORP	$30,461,000	–	548,544	–	0.92%	–
2100PS	New	GENCORP INC	$29,955,000	–	1,568,338	–	0.90%	–
OEH	New	ORIENT- EXPRESS HOTELS LTDcl a	$29,354,000	–	2,018,869	–	0.88%	–
NUAN	New	NUANCE COMMUNICATIONS INC	$29,228,000	–	1,557,192	–	0.88%	–
MW	New	MENS WEARHOUSE INC	$27,458,000	–	492,085	–	0.83%	–
SWK	New	STANLEY BLACK & DECKER INC	$27,224,000	–	310,000	–	0.82%	–
ASH	New	ASHLAND INC NEWcall	$27,185,000	–	250,000	–	0.82%	–
TMUS	New	T-MOBILE US INC	$27,173,000	–	808,250	–	0.82%	–
FOXA	New	TWENTY FIRST CENTY FOX INCcall	$25,673,000	–	750,000	–	0.77%	–
TBPH	New	THERAVANCE BIOPHARMA INC	$25,558,000	–	801,695	–	0.77%	–
PL	New	PROTECTIVE LIFE CORP	$24,752,000	–	357,016	–	0.75%	–
JNPR	New	JUNIPER NETWORKS INCcall	$24,540,000	–	1,000,000	–	0.74%	–
HUN	New	HUNTSMAN CORP	$23,489,000	–	835,899	–	0.71%	–
AAPL	New	APPLE INC	$23,409,000	–	251,903	–	0.71%	–
F	New	FORD MTR CO DEL	$22,705,000	–	1,317,001	–	0.68%	–
USG	New	U S G CORP	$21,985,000	–	729,665	–	0.66%	–
NWSA	New	NEWS CORP NEWcl a	$21,430,000	–	1,194,531	–	0.65%	–
DG	New	DOLLAR GEN CORP NEW	$21,223,000	–	370,000	–	0.64%	–
DDC	New	DOMINION DIAMOND CORP	$21,003,000	–	1,453,480	–	0.63%	–
BID	New	SOTHEBYScall	$20,995,000	–	500,000	–	0.63%	–
MEAS	New	MEASUREMENT SPECIALTIES INC	$20,046,000	–	232,906	–	0.60%	–
FB	New	FACEBOOK INCcl a	$19,286,000	–	286,606	–	0.58%	–
LVS	New	LAS VEGAS SANDS CORPcall	$19,055,000	–	250,000	–	0.58%	–
WYNN	New	WYNN RESORTS LTD	$18,820,000	–	90,674	–	0.57%	–
DB	New	DEUTSCHE BANK AGnamen akt	$18,110,000	–	514,770	–	0.55%	–
FCEA	New	FOREST CITY ENTERPRISES INCcl a	$17,010,000	–	856,064	–	0.51%	–
AIG	New	AMERICAN INTL GROUP INC	$16,941,000	–	310,387	–	0.51%	–
BCS	New	BARCLAYS PLCadr	$16,389,000	–	1,121,734	–	0.49%	–
FDO	New	FAMILY DLR STORES INC	$16,097,000	–	243,380	–	0.49%	–
SHPG	New	SHIRE PLCsponsored adr	$14,181,000	–	60,220	–	0.43%	–
RVBD	New	RIVERBED TECHNOLOGY INC	$13,441,000	–	651,519	–	0.40%	–
GEO	New	GEO GROUP INC	$13,139,000	–	367,744	–	0.40%	–
3101SC	New	COMMONWEALTH REIT	$13,048,000	–	495,742	–	0.39%	–
DOW	New	DOW CHEM COcall	$12,865,000	–	250,000	–	0.39%	–
P103PS	New	NPS PHARMACUETICALS INC	$12,584,000	–	380,756	–	0.38%	–
VRX	New	VALEANT PHARMACEUTICALS INTLcall	$12,612,000	–	100,000	–	0.38%	–
ODP	New	OFFICE DEPOT INCcall	$11,380,000	–	2,000,000	–	0.34%	–
TLM	New	TALISMAN ENERGY INC	$10,502,000	–	990,729	–	0.32%	–
MYL	New	MYLAN INCcall	$10,312,000	–	200,000	–	0.31%	–
DVN	New	DEVON ENERGY CORP NEW	$10,057,000	–	126,666	–	0.30%	–
LORL	New	LORAL SPACE & COMMUNICATNS I	$9,871,000	–	135,802	–	0.30%	–
OC	New	OWENS CORNING NEWcall	$9,670,000	–	250,000	–	0.29%	–
RLGY	New	REALOGY HLDGS CORPcall	$9,428,000	–	250,000	–	0.28%	–
TOL	New	TOLL BROTHERS INCcall	$9,225,000	–	250,000	–	0.28%	–
NWS	New	NEWS CORP NEWcl b	$8,846,000	–	506,927	–	0.27%	–
BCS	New	BARCLAYS PLCcall	$8,766,000	–	600,000	–	0.26%	–
MTW	New	MANITOWOC INC	$8,215,000	–	250,000	–	0.25%	–
XHB	New	SPDR SERIES TRUSTcall	$8,188,000	–	250,000	–	0.25%	–
EBAY	New	EBAY INC	$8,074,000	–	161,280	–	0.24%	–
BAC	New	BANK OF AMERICA CORPORATION	$7,536,000	–	490,300	–	0.23%	–
KBR	New	KBR INCcall	$5,962,000	–	250,000	–	0.18%	–
MTH	New	MERITAGE HOMES CORP	$5,698,000	–	135,000	–	0.17%	–
CE	New	CELANESE CORP DEL	$5,318,000	–	82,725	–	0.16%	–
RLGY	New	REALOGY HLDGS CORP	$4,714,000	–	125,000	–	0.14%	–
SNN	New	SMITH & NEPHEW PLCspdn adr new	$4,464,000	–	50,000	–	0.14%	–
GCVRZ	New	SANOFIright 12/31/2020	$3,929,000	–	7,857,976	–	0.12%	–
F113PS	New	COVIDIEN PLCcall	$3,598,000	–	39,900	–	0.11%	–
DB	New	DEUTSCHE BANK AGcall	$3,518,000	–	100,000	–	0.11%	–
S	New	SPRINT CORP	$3,474,000	–	407,217	–	0.10%	–
RXN	New	REXNORD CORP NEW	$3,437,000	–	122,101	–	0.10%	–
BEAV	New	B/E AEROSPACE INC	$3,175,000	–	34,330	–	0.10%	–
MDT	New	MEDTRONIC INCcall	$3,188,000	–	50,000	–	0.10%	–
TIBX	New	TIBCO SOFTWARE INC	$2,915,000	–	144,530	–	0.09%	–
FOE	New	FERRO CORP	$2,784,000	–	221,645	–	0.08%	–
CARA	New	CARA THERAPEUTICS INC	$2,729,000	–	160,320	–	0.08%	–
VVUS	New	VIVUS INCcall	$2,660,000	–	500,000	–	0.08%	–
4107PS	New	MEADWESTVACO CORPcall	$2,213,000	–	50,000	–	0.07%	–
FURX	New	FURIEX PHARMACEUTICALS INC	$2,071,000	–	19,500	–	0.06%	–
IGT	New	INTERNATIONAL GAME TECHNOLOG	$1,989,000	–	125,000	–	0.06%	–
GWPH	New	GW PHARMACEUTICALS PLCput	$1,620,000	–	15,100	–	0.05%	–
4107PS	New	MEADWESTVACO CORP	$1,493,000	–	33,729	–	0.04%	–
MYL	New	MYLAN INC	$1,289,000	–	25,000	–	0.04%	–
APD	New	AIR PRODS & CHEMS INC	$1,286,000	–	10,000	–	0.04%	–
AMC	New	AMC ENTMT HLDGS INC	$1,222,000	–	49,122	–	0.04%	–
BAX	New	BAXTER INTL INC	$1,214,000	–	16,797	–	0.04%	–
KMIWS	New	KINDER MORGAN INC DEL*w exp 05/25/201	$937,000	–	336,944	–	0.03%	–
JNPR	New	JUNIPER NETWORKS INC	$614,000	–	25,000	–	0.02%	–
TWC	New	TIME WARNER CABLE INC	$389,000	–	2,641	–	0.01%	–
VVUS	New	VIVUS INC	$265,000	–	49,800	–	0.01%	–
	New	MGM RESORTS INTERNATIONALnote 4.250% 4/1	$0	–	500,000	–	0.00%	–

Q4 2013

			Value		Shares		↓ Weighting
	Exit	MGM RESORTS INTERNATIONALnote 4.250% 4/1	$0	–	-500,000	–	-0.03%	–
ACTV	Exit	ACTIVE NETWORK INC	$0	–	-50,000	–	-0.03%	–
NYT	Exit	NEW YORK TIMES COcl a	$0	–	-74,744	–	-0.04%	–
GCVRZ	Exit	SANOFIright 12/31/2020	$0	–	-544,000	–	-0.05%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-38,943	–	-0.06%	–
MAS	Exit	MASCO CORP	$0	–	-70,000	–	-0.07%	–
HMA	Exit	HEALTH MGMT ASSOC INC NEWcl a	$0	–	-116,500	–	-0.07%	–
KMIWS	Exit	KINDER MORGAN INC DEL*w exp 05/25/201	$0	–	-336,944	–	-0.08%	–
ASGN	Exit	ON ASSIGNMENT INC	$0	–	-62,161	–	-0.10%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-55,566	–	-0.14%	–
RUE	Exit	RUE21 INCput	$0	–	-75,000	–	-0.14%	–
S	Exit	SPRINT CORPcall	$0	–	-518,752	–	-0.15%	–
DGI	Exit	DIGITALGLOBE INC	$0	–	-119,853	–	-0.18%	–
VVUS	Exit	VIVUS INCcall	$0	–	-500,000	–	-0.22%	–
AWI	Exit	ARMSTRONG WORLD INDS INC NEW	$0	–	-89,485	–	-0.24%	–
NYX	Exit	NYSE EURONEXT	$0	–	-125,583	–	-0.25%	–
JCPNQ	Exit	PENNEY J C INC	$0	–	-629,991	–	-0.26%	–
SDOCQ	Exit	SANDRIDGE ENERGY INC	$0	–	-998,549	–	-0.28%	–
S	Exit	SPRINT CORP	$0	–	-996,687	–	-0.30%	–
HSH	Exit	HILLSHIRE BRANDS CO	$0	–	-224,153	–	-0.33%	–
URI	Exit	UNITED RENTALS INC	$0	–	-118,999	–	-0.33%	–
OZM	Exit	OCH ZIFF CAP MGMT GROUPcl a	$0	–	-664,104	–	-0.35%	–
2100PS	Exit	GENCORP INC	$0	–	-473,768	–	-0.36%	–
GEO	Exit	GEO GROUP INC	$0	–	-240,324	–	-0.38%	–
NWS	Exit	NEWS CORP NEWcl b	$0	–	-506,927	–	-0.40%	–
TWC	Exit	TIME WARNER CABLE INC	$0	–	-75,000	–	-0.40%	–
BZ	Exit	BOISE INC	$0	–	-748,100	–	-0.45%	–
3101SC	Exit	COMMONWEALTH REIT	$0	–	-514,542	–	-0.54%	–
RXN	Exit	REXNORD CORP NEW	$0	–	-563,919	–	-0.56%	–
PSE	Exit	PIONEER SOUTHWST ENRG PRTNRunit lp int	$0	–	-278,583	–	-0.59%	–
JNY	Exit	JONES GROUP INC	$0	–	-845,000	–	-0.60%	–
PENN	Exit	PENN NATL GAMING INC	$0	–	-230,542	–	-0.61%	–
HES	Exit	HESS CORP	$0	–	-165,395	–	-0.61%	–
NUAN	Exit	NUANCE COMMUNICATIONS INC	$0	–	-708,181	–	-0.63%	–
APD	Exit	AIR PRODS & CHEMS INCcall	$0	–	-125,000	–	-0.64%	–
VRX	Exit	VALEANT PHARMACEUTICALS INTLput	$0	–	-130,000	–	-0.65%	–
HUN	Exit	HUNTSMAN CORP	$0	–	-658,066	–	-0.65%	–
FCX	Exit	FREEPORT-MCMORAN COPPER & GO	$0	–	-413,714	–	-0.65%	–
APD	Exit	AIR PRODS & CHEMS INC	$0	–	-130,000	–	-0.66%	–
ORCL	Exit	ORACLE CORP	$0	–	-425,000	–	-0.67%	–
FOE	Exit	FERRO CORP	$0	–	-1,579,887	–	-0.69%	–
VRX	Exit	VALEANT PHARMACEUTICALS INTL	$0	–	-140,000	–	-0.70%	–
VVUS	Exit	VIVUS INC	$0	–	-1,623,187	–	-0.72%	–
TRW	Exit	TRW AUTOMOTIVE HLDGS CORP	$0	–	-220,254	–	-0.75%	–
DELL	Exit	DELL INC	$0	–	-1,149,900	–	-0.76%	–
NWSA	Exit	NEWS CORP NEWcl a	$0	–	-1,001,950	–	-0.77%	–
TMUS	Exit	T-MOBILE US INC	$0	–	-624,600	–	-0.77%	–
FCEA	Exit	FOREST CITY ENTERPRISES INCcl a	$0	–	-856,064	–	-0.77%	–
TIBX	Exit	TIBCO SOFTWARE INC	$0	–	-637,404	–	-0.78%	–
BAC	Exit	BANK OF AMERICA CORPORATION	$0	–	-1,185,300	–	-0.78%	–
ESRX	Exit	EXPRESS SCRIPTS HLDG CO	$0	–	-269,435	–	-0.80%	–
DDC	Exit	DOMINION DIAMOND CORP	$0	–	-1,401,929	–	-0.82%	–
USG	Exit	U S G CORP	$0	–	-622,165	–	-0.85%	–
EXP	Exit	EAGLE MATERIALS INC	$0	–	-251,611	–	-0.87%	–
WYNN	Exit	WYNN RESORTS LTD	$0	–	-115,785	–	-0.87%	–
TEN	Exit	TENNECO INC	$0	–	-368,757	–	-0.89%	–
AIG	Exit	AMERICAN INTL GROUP INC	$0	–	-395,387	–	-0.92%	–
NTAP	Exit	NETAPP INC	$0	–	-466,172	–	-0.95%	–
BKS	Exit	BARNES & NOBLE INC	$0	–	-1,571,849	–	-0.97%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-409,922	–	-0.98%	–
ODP	Exit	OFFICE DEPOT INC	$0	–	-4,291,733	–	-0.99%	–
HTZ	Exit	HERTZ GLOBAL HOLDINGS INCcall	$0	–	-1,000,000	–	-1.06%	–
ELN	Exit	ELAN PLCadr	$0	–	-1,551,300	–	-1.15%	–
SKS	Exit	SAKS INC	$0	–	-1,545,417	–	-1.18%	–
RHP	Exit	RYMAN HOSPITALITY PPTYS INC	$0	–	-734,918	–	-1.21%	–
BID	Exit	SOTHEBYS	$0	–	-521,497	–	-1.22%	–
OSK	Exit	OSHKOSH CORP	$0	–	-533,622	–	-1.25%	–
MGM	Exit	MGM RESORTS INTERNATIONAL	$0	–	-1,308,435	–	-1.28%	–
COF	Exit	CAPITAL ONE FINL CORP	$0	–	-412,839	–	-1.36%	–
TOL	Exit	TOLL BROTHERS INC	$0	–	-876,169	–	-1.36%	–
ACT	Exit	ACTAVIS INC	$0	–	-197,763	–	-1.36%	–
OEH	Exit	ORIENT- EXPRESS HOTELS LTDcl a	$0	–	-2,277,034	–	-1.41%	–
ORCL	Exit	ORACLE CORPcall	$0	–	-900,000	–	-1.42%	–
OC	Exit	OWENS CORNING NEW	$0	–	-806,264	–	-1.46%	–
ASH	Exit	ASHLAND INC NEW	$0	–	-338,920	–	-1.50%	–
MSFT	Exit	MICROSOFT CORPcall	$0	–	-1,000,000	–	-1.59%	–
DST	Exit	DST SYS INC DEL	$0	–	-454,410	–	-1.64%	–
AAPL	Exit	APPLE INC	$0	–	-73,209	–	-1.67%	–
LEA	Exit	LEAR CORP	$0	–	-513,208	–	-1.75%	–
FB	Exit	FACEBOOK INCcall	$0	–	-750,000	–	-1.80%	–
LVS	Exit	LAS VEGAS SANDS CORP	$0	–	-579,895	–	-1.84%	–
F	Exit	FORD MTR CO DEL	$0	–	-2,352,001	–	-1.89%	–
LNG	Exit	CHENIERE ENERGY INC	$0	–	-1,217,602	–	-1.98%	–
VOD	Exit	VODAFONE GROUP PLC NEWspons adr new	$0	–	-1,479,500	–	-2.48%	–
C	Exit	CITIGROUP INC	$0	–	-1,184,386	–	-2.74%	–
HTZ	Exit	HERTZ GLOBAL HOLDINGS INC	$0	–	-2,956,822	–	-3.13%	–
ONXX	Exit	ONYX PHARMACEUTICALS INC	$0	–	-753,019	–	-4.48%	–
THRX	Exit	THERAVANCE INC	$0	–	-2,787,742	–	-5.44%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-1,000,000	–	-8.02%	–
IWM	Exit	ISHARESput	$0	–	-2,000,000	–	-10.18%	–

Q3 2013

			Value		Shares		↓ Weighting
IWM	New	ISHARESput	$213,220,000	–	2,000,000	–	10.18%	–
SPY	New	SPDR S&P 500 ETF TRput	$168,010,000	–	1,000,000	–	8.02%	–
THRX	Buy	THERAVANCE INC	$113,935,000	+14.4%	2,787,742	+7.9%	5.44%	-14.7%
ONXX	New	ONYX PHARMACEUTICALS INC	$93,901,000	–	753,019	–	4.48%	–
HTZ	Sell	HERTZ GLOBAL HOLDINGS INC	$65,523,000	-15.2%	2,956,822	-5.1%	3.13%	-36.8%
C	Sell	CITIGROUP INC	$57,455,000	-1.0%	1,184,386	-2.1%	2.74%	-26.2%
VOD	Buy	VODAFONE GROUP PLC NEWspons adr new	$52,049,000	+26.7%	1,479,500	+3.5%	2.48%	-5.5%
LNG	Buy	CHENIERE ENERGY INC	$41,569,000	+24.0%	1,217,602	+0.8%	1.98%	-7.5%
LVS	Buy	LAS VEGAS SANDS CORP	$38,517,000	+30.0%	579,895	+3.6%	1.84%	-3.1%
FB	Buy	FACEBOOK INCcall	$37,673,000	+202.8%	750,000	+50.0%	1.80%	+125.6%
LEA	Sell	LEAR CORP	$36,730,000	-34.8%	513,208	-44.9%	1.75%	-51.4%
AAPL	Buy	APPLE INC	$34,902,000	+55.0%	73,209	+28.9%	1.67%	+15.5%
DST	Sell	DST SYS INC DEL	$34,267,000	+10.6%	454,410	-4.2%	1.64%	-17.6%
MSFT	New	MICROSOFT CORPcall	$33,280,000	–	1,000,000	–	1.59%	–
OC	Buy	OWENS CORNING NEW	$30,622,000	+5.0%	806,264	+8.0%	1.46%	-21.7%
ACT	Buy	ACTAVIS INC	$28,478,000	+47.0%	197,763	+28.9%	1.36%	+9.6%
COF	Sell	CAPITAL ONE FINL CORP	$28,379,000	-32.2%	412,839	-38.1%	1.36%	-49.5%
MGM	Sell	MGM RESORTS INTERNATIONAL	$26,744,000	+16.1%	1,308,435	-16.0%	1.28%	-13.4%
BID	Sell	SOTHEBYS	$25,621,000	+23.6%	521,497	-4.6%	1.22%	-7.8%
SKS	Buy	SAKS INC	$24,634,000	+903.4%	1,545,417	+758.6%	1.18%	+649.0%
ELN	Sell	ELAN PLCadr	$24,169,000	-11.5%	1,551,300	-19.7%	1.15%	-34.0%
HTZ	Buy	HERTZ GLOBAL HOLDINGS INCcall	$22,160,000	+793.5%	1,000,000	+900.0%	1.06%	+565.4%
ODP	Buy	OFFICE DEPOT INC	$20,729,000	+307.6%	4,291,733	+226.6%	0.99%	+203.4%
FB	Buy	FACEBOOK INCcl a	$20,590,000	+324.5%	409,922	+110.3%	0.98%	+216.1%
BKS	Buy	BARNES & NOBLE INC	$20,340,000	+69.5%	1,571,849	+109.1%	0.97%	+26.4%
NTAP	Buy	NETAPP INC	$19,868,000	+15.3%	466,172	+2.2%	0.95%	-14.1%
AIG	Sell	AMERICAN INTL GROUP INC	$19,228,000	-8.6%	395,387	-15.9%	0.92%	-31.8%
TEN	Sell	TENNECO INC	$18,622,000	-29.3%	368,757	-36.7%	0.89%	-47.3%
WYNN	Buy	WYNN RESORTS LTD	$18,295,000	+40.4%	115,785	+13.7%	0.87%	+4.7%
EXP	Buy	EAGLE MATERIALS INC	$18,254,000	+129.6%	251,611	+109.7%	0.87%	+71.1%
USG	Buy	U S G CORP	$17,781,000	+30.3%	622,165	+5.1%	0.85%	-2.9%
DDC	Buy	DOMINION DIAMOND CORP	$17,090,000	-1.5%	1,401,929	+14.2%	0.82%	-26.6%
TIBX	New	TIBCO SOFTWARE INC	$16,311,000	–	637,404	–	0.78%	–
TMUS	Buy	T-MOBILE US INC	$16,221,000	+76.7%	624,600	+68.8%	0.77%	+31.6%
FCEA	Buy	FOREST CITY ENTERPRISES INCcl a	$16,214,000	+14.7%	856,064	+8.5%	0.77%	-14.5%
NWSA	New	NEWS CORP NEWcl a	$16,091,000	–	1,001,950	–	0.77%	–
DELL	New	DELL INC	$15,812,000	–	1,149,900	–	0.76%	–
TRW	Sell	TRW AUTOMOTIVE HLDGS CORP	$15,706,000	-23.4%	220,254	-28.6%	0.75%	-42.8%
VVUS	New	VIVUS INC	$15,096,000	–	1,623,187	–	0.72%	–
VRX	Sell	VALEANT PHARMACEUTICALS INTL	$14,606,000	-29.3%	140,000	-41.7%	0.70%	-47.3%
FOE	Buy	FERRO CORP	$14,393,000	+37.0%	1,579,887	+4.5%	0.69%	+2.1%
APD	New	AIR PRODS & CHEMS INC	$13,854,000	–	130,000	–	0.66%	–
HUN	New	HUNTSMAN CORP	$13,563,000	–	658,066	–	0.65%	–
VRX	New	VALEANT PHARMACEUTICALS INTLput	$13,563,000	–	130,000	–	0.65%	–
APD	New	AIR PRODS & CHEMS INCcall	$13,321,000	–	125,000	–	0.64%	–
NUAN	Buy	NUANCE COMMUNICATIONS INC	$13,229,000	+37.9%	708,181	+35.8%	0.63%	+2.8%
PENN	Buy	PENN NATL GAMING INC	$12,763,000	+20.8%	230,542	+15.5%	0.61%	-10.0%
JNY	New	JONES GROUP INC	$12,683,000	–	845,000	–	0.60%	–
PSE	Buy	PIONEER SOUTHWST ENRG PRTNRunit lp int	$12,322,000	+49.2%	278,583	+15.6%	0.59%	+11.2%
RXN	Sell	REXNORD CORP NEW	$11,730,000	+9.4%	563,919	-11.4%	0.56%	-18.5%
3101SC	Sell	COMMONWEALTH REIT	$11,274,000	-7.0%	514,542	-1.9%	0.54%	-30.8%
BZ	New	BOISE INC	$9,426,000	–	748,100	–	0.45%	–
TWC	New	TIME WARNER CABLE INC	$8,370,000	–	75,000	–	0.40%	–
NWS	New	NEWS CORP NEWcl b	$8,329,000	–	506,927	–	0.40%	–
GEO	Buy	GEO GROUP INC	$7,991,000	+16.6%	240,324	+19.1%	0.38%	-13.2%
2100PS	New	GENCORP INC	$7,595,000	–	473,768	–	0.36%	–
URI	Sell	UNITED RENTALS INC	$6,936,000	-51.0%	118,999	-58.1%	0.33%	-63.5%
HSH	New	HILLSHIRE BRANDS CO	$6,890,000	–	224,153	–	0.33%	–
S	New	SPRINT CORP	$6,198,000	–	996,687	–	0.30%	–
SDOCQ	Sell	SANDRIDGE ENERGY INC	$5,851,000	+9.4%	998,549	-11.1%	0.28%	-18.4%
JCPNQ	Buy	PENNEY J C INC	$5,547,000	+149.9%	629,991	+384.6%	0.26%	+86.6%
AWI	New	ARMSTRONG WORLD INDS INC NEW	$4,918,000	–	89,485	–	0.24%	–
VVUS	New	VIVUS INCcall	$4,650,000	–	500,000	–	0.22%	–
DGI	Sell	DIGITALGLOBE INC	$3,790,000	-58.2%	119,853	-59.0%	0.18%	-68.8%
S	New	SPRINT CORPcall	$3,226,000	–	518,752	–	0.15%	–
RUE	New	RUE21 INCput	$3,025,000	–	75,000	–	0.14%	–
JPM	Sell	JPMORGAN CHASE & CO	$2,872,000	-62.6%	55,566	-61.8%	0.14%	-72.2%
ASGN	Sell	ON ASSIGNMENT INC	$2,051,000	-83.3%	62,161	-86.4%	0.10%	-87.5%
HMA	Sell	HEALTH MGMT ASSOC INC NEWcl a	$1,491,000	-30.5%	116,500	-14.7%	0.07%	-48.2%
MSFT	New	MICROSOFT CORP	$1,296,000	–	38,943	–	0.06%	–
NYT	Sell	NEW YORK TIMES COcl a	$940,000	-45.1%	74,744	-51.7%	0.04%	-59.1%
ACTV	New	ACTIVE NETWORK INC	$716,000	–	50,000	–	0.03%	–
FNF	Exit	FIDELITY NATIONAL FINANCIALcl a	$0	–	-31,277	–	-0.05%	–
SFD	Exit	SMITHFIELD FOODS INC	$0	–	-25,000	–	-0.05%	–
VMC	Exit	VULCAN MATLS CO	$0	–	-37,142	–	-0.12%	–
KS	Exit	KAPSTONE PAPER & PACKAGING C	$0	–	-47,202	–	-0.12%	–
WCRX	Exit	WARNER CHILCOTT PLC IRELAND	$0	–	-119,431	–	-0.15%	–
PNK	Exit	PINNACLE ENTMT INC	$0	–	-127,141	–	-0.16%	–
SKS	Exit	SAKS INCcall	$0	–	-200,000	–	-0.18%	–
VNTV	Exit	VANTIV INCcall	$0	–	-130,000	–	-0.23%	–
NUAN	Exit	NUANCE COMMUNICATIONS INCcall	$0	–	-224,900	–	-0.26%	–
LCC	Exit	U S AIRWAYS GROUP INC	$0	–	-284,673	–	-0.30%	–
SGMS	Exit	SCIENTIFIC GAMES CORPcl a	$0	–	-427,370	–	-0.31%	–
PFE	Exit	PFIZER INCput	$0	–	-210,000	–	-0.38%	–
PFE	Exit	PFIZER INC	$0	–	-210,468	–	-0.38%	–
ZTS	Exit	ZOETIS INCcl a	$0	–	-201,828	–	-0.40%	–
ETFC	Exit	E TRADE FINANCIAL CORP	$0	–	-495,190	–	-0.40%	–
TMUS	Exit	T-MOBILE US INCcall	$0	–	-254,600	–	-0.40%	–
BKI	Exit	BUCKEYE TECHNOLOGIES INC	$0	–	-189,706	–	-0.45%	–
	Exit	THERAVANCE INCnote 3.000% 1/1	$0	–	-5,000,000	–	-0.48%	–
VNTV	Exit	VANTIV INCcl a	$0	–	-318,744	–	-0.56%	–
BBBY	Exit	BED BATH & BEYOND INC	$0	–	-132,052	–	-0.60%	–
BERY	Exit	BERRY PLASTICS GROUP INC	$0	–	-503,470	–	-0.71%	–
BKS	Exit	BARNES & NOBLE INCcall	$0	–	-750,000	–	-0.77%	–
S	Exit	SPRINT NEXTEL CORPcall	$0	–	-1,995,200	–	-0.90%	–
MOS	Exit	MOSAIC CO NEW	$0	–	-449,865	–	-1.55%	–
S	Exit	SPRINT NEXTEL CORP	$0	–	-3,807,877	–	-1.71%	–
CLWR	Exit	CLEARWIRE CORP NEWcl a	$0	–	-28,932,625	–	-9.25%	–

Q2 2013

			Value		Shares		↓ Weighting
CLWR	New	CLEARWIRE CORP NEWcl a	$144,518,000	–	28,932,625	–	9.25%	–
THRX	New	THERAVANCE INC	$99,580,000	–	2,584,469	–	6.38%	–
HTZ	New	HERTZ GLOBAL HOLDINGS INC	$77,297,000	–	3,116,822	–	4.95%	–
C	New	CITIGROUP INC	$58,014,000	–	1,209,386	–	3.72%	–
LEA	New	LEAR CORP	$56,301,000	–	931,211	–	3.60%	–
COF	New	CAPITAL ONE FINL CORP	$41,882,000	–	666,806	–	2.68%	–
VOD	New	VODAFONE GROUP PLC NEWspons adr new	$41,091,000	–	1,429,500	–	2.63%	–
F	New	FORD MTR CO DEL	$36,385,000	–	2,352,001	–	2.33%	–
LNG	New	CHENIERE ENERGY INC	$33,518,000	–	1,207,436	–	2.15%	–
DST	New	DST SYS INC DEL	$30,993,000	–	474,410	–	1.98%	–
LVS	New	LAS VEGAS SANDS CORP	$29,635,000	–	559,895	–	1.90%	–
OC	New	OWENS CORNING NEW	$29,164,000	–	746,264	–	1.87%	–
RHP	New	RYMAN HOSPITALITY PPTYS INC	$28,669,000	–	734,918	–	1.84%	–
TOL	New	TOLL BROTHERS INC	$28,589,000	–	876,169	–	1.83%	–
ASH	New	ASHLAND INC NEW	$28,300,000	–	338,920	–	1.81%	–
OEH	New	ORIENT EXPRESS HOTELS LTDcl a	$27,689,000	–	2,277,034	–	1.77%	–
ORCL	New	ORACLE CORPcall	$27,639,000	–	900,000	–	1.77%	–
ELN	New	ELAN PLCadr	$27,309,000	–	1,931,300	–	1.75%	–
S	New	SPRINT NEXTEL CORP	$26,731,000	–	3,807,877	–	1.71%	–
TEN	New	TENNECO INC	$26,358,000	–	582,115	–	1.69%	–
MOS	New	MOSAIC CO NEW	$24,207,000	–	449,865	–	1.55%	–
MGM	New	MGM RESORTS INTERNATIONAL	$23,034,000	–	1,558,435	–	1.48%	–
AAPL	New	APPLE INC	$22,523,000	–	56,800	–	1.44%	–
AIG	New	AMERICAN INTL GROUP INC	$21,026,000	–	470,387	–	1.35%	–
BID	New	SOTHEBYS	$20,721,000	–	546,597	–	1.33%	–
VRX	New	VALEANT PHARMACEUTICALS INTL	$20,659,000	–	240,000	–	1.32%	–
TRW	New	TRW AUTOMOTIVE HLDGS CORP	$20,494,000	–	308,454	–	1.31%	–
OSK	New	OSHKOSH CORP	$20,262,000	–	533,622	–	1.30%	–
ACT	New	ACTAVIS INC	$19,370,000	–	153,463	–	1.24%	–
DDC	New	DOMINION DIAMOND CORP	$17,347,000	–	1,227,643	–	1.11%	–
NTAP	New	NETAPP INC	$17,234,000	–	456,172	–	1.10%	–
ESRX	New	EXPRESS SCRIPTS HLDG CO	$16,635,000	–	269,435	–	1.06%	–
BAC	New	BANK OF AMERICA CORPORATION	$15,243,000	–	1,185,300	–	0.98%	–
URI	New	UNITED RENTALS INC	$14,160,000	–	283,718	–	0.91%	–
FCEA	New	FOREST CITY ENTERPRISES INCcl a	$14,130,000	–	788,964	–	0.90%	–
S	New	SPRINT NEXTEL CORPcall	$14,006,000	–	1,995,200	–	0.90%	–
USG	New	U S G CORP	$13,649,000	–	592,165	–	0.87%	–
ORCL	New	ORACLE CORP	$13,052,000	–	425,000	–	0.84%	–
WYNN	New	WYNN RESORTS LTD	$13,030,000	–	101,822	–	0.83%	–
FB	New	FACEBOOK INCcall	$12,440,000	–	500,000	–	0.80%	–
ASGN	New	ON ASSIGNMENT INC	$12,249,000	–	458,416	–	0.78%	–
3101SC	New	COMMONWEALTH REIT	$12,127,000	–	524,542	–	0.78%	–
BKS	New	BARNES & NOBLE INC	$12,000,000	–	751,849	–	0.77%	–
BKS	New	BARNES & NOBLE INCcall	$11,970,000	–	750,000	–	0.77%	–
FCX	New	FREEPORT-MCMORAN COPPER & GO	$11,423,000	–	413,714	–	0.73%	–
BERY	New	BERRY PLASTICS GROUP INC	$11,112,000	–	503,470	–	0.71%	–
HES	New	HESS CORP	$10,997,000	–	165,395	–	0.70%	–
RXN	New	REXNORD CORP NEW	$10,725,000	–	636,519	–	0.69%	–
PENN	New	PENN NATL GAMING INC	$10,566,000	–	199,662	–	0.68%	–
FOE	New	FERRO CORP	$10,508,000	–	1,511,885	–	0.67%	–
NUAN	New	NUANCE COMMUNICATIONS INC	$9,596,000	–	521,505	–	0.61%	–
BBBY	New	BED BATH & BEYOND INC	$9,369,000	–	132,052	–	0.60%	–
TMUS	New	T-MOBILE US INC	$9,180,000	–	370,000	–	0.59%	–
DGI	New	DIGITALGLOBE INC	$9,063,000	–	292,250	–	0.58%	–
VNTV	New	VANTIV INCcl a	$8,797,000	–	318,744	–	0.56%	–
PSE	New	PIONEER SOUTHWST ENRG PRTNRunit lp int	$8,261,000	–	241,000	–	0.53%	–
EXP	New	EAGLE MATERIALS INC	$7,952,000	–	120,000	–	0.51%	–
JPM	New	JPMORGAN CHASE & CO	$7,684,000	–	145,566	–	0.49%	–
	New	THERAVANCE INCnote 3.000% 1/1	$7,516,000	–	5,000,000	–	0.48%	–
BKI	New	BUCKEYE TECHNOLOGIES INC	$7,027,000	–	189,706	–	0.45%	–
OZM	New	OCH ZIFF CAP MGMT GROUPcl a	$6,933,000	–	664,104	–	0.44%	–
GEO	New	GEO GROUP INC	$6,852,000	–	201,822	–	0.44%	–
TMUS	New	T-MOBILE US INCcall	$6,317,000	–	254,600	–	0.40%	–
ETFC	New	E TRADE FINANCIAL CORP	$6,269,000	–	495,190	–	0.40%	–
ZTS	New	ZOETIS INCcl a	$6,234,000	–	201,828	–	0.40%	–
PFE	New	PFIZER INCput	$5,882,000	–	210,000	–	0.38%	–
PFE	New	PFIZER INC	$5,895,000	–	210,468	–	0.38%	–
SDOCQ	New	SANDRIDGE ENERGY INC	$5,348,000	–	1,123,549	–	0.34%	–
NYX	New	NYSE EURONEXT	$5,199,000	–	125,583	–	0.33%	–
ODP	New	OFFICE DEPOT INC	$5,086,000	–	1,314,177	–	0.33%	–
FB	New	FACEBOOK INCcl a	$4,850,000	–	194,922	–	0.31%	–
SGMS	New	SCIENTIFIC GAMES CORPcl a	$4,808,000	–	427,370	–	0.31%	–
LCC	New	U S AIRWAYS GROUP INC	$4,674,000	–	284,673	–	0.30%	–
NUAN	New	NUANCE COMMUNICATIONS INCcall	$4,138,000	–	224,900	–	0.26%	–
VNTV	New	VANTIV INCcall	$3,588,000	–	130,000	–	0.23%	–
SKS	New	SAKS INCcall	$2,728,000	–	200,000	–	0.18%	–
PNK	New	PINNACLE ENTMT INC	$2,501,000	–	127,141	–	0.16%	–
HTZ	New	HERTZ GLOBAL HOLDINGS INCcall	$2,480,000	–	100,000	–	0.16%	–
SKS	New	SAKS INC	$2,455,000	–	180,000	–	0.16%	–
WCRX	New	WARNER CHILCOTT PLC IRELAND	$2,378,000	–	119,431	–	0.15%	–
JCPNQ	New	PENNEY J C INC	$2,220,000	–	129,991	–	0.14%	–
HMA	New	HEALTH MGMT ASSOC INC NEWcl a	$2,146,000	–	136,500	–	0.14%	–
KS	New	KAPSTONE PAPER & PACKAGING C	$1,897,000	–	47,202	–	0.12%	–
VMC	New	VULCAN MATLS CO	$1,798,000	–	37,142	–	0.12%	–
NYT	New	NEW YORK TIMES COcl a	$1,711,000	–	154,744	–	0.11%	–
KMIWS	New	KINDER MORGAN INC DEL*w exp 05/25/201	$1,725,000	–	336,944	–	0.11%	–
MAS	New	MASCO CORP	$1,364,000	–	70,000	–	0.09%	–
GCVRZ	New	SANOFIright 12/31/2020	$1,034,000	–	544,000	–	0.07%	–
SFD	New	SMITHFIELD FOODS INC	$819,000	–	25,000	–	0.05%	–
FNF	New	FIDELITY NATIONAL FINANCIALcl a	$745,000	–	31,277	–	0.05%	–
	New	MGM RESORTS INTERNATIONALnote 4.250% 4/1	$563,000	–	500,000	–	0.04%	–

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