Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NCLH	Norwegian Cruise Line Hldgs	54,802,680	$2.563B	40.4%	$33.28	+20.6%	SHS	G66721104
—	EP Energy Corp	112,596,207	$1.176B	18.5%	$19.57	—	CL A	268785102
SFM	Sprouts Fmrs Mkt Inc	15,847,800	$539M	8.5%	$39.68	-23.1%	COM	85208M102
—	Caesars Entmt Corp	26,495,302	$416M	6.6%	$13.70	—	COM	127686103
SPY	SPDR S&P 500 ETF TR	1,780,000	$366M	5.8%	—	—	Put	78462F103
—	Caesars Acquisition Co	27,995,124	$289M	4.6%	$12.06	—	CL A	12768T103
—	Verso Paper Corp	36,123,998	$124M	2.0%	$1.41	—	COM	92531L108
—	Houghton Mifflin Harcourt Co	4,068,146	$84.25M	1.3%	$20.33	—	COM	44157R109
—	Noranda Alum Hldg Corp	22,840,000	$80.4M	1.3%	$3.23	—	COM	65542W107
—	Molycorp Inc Del	132,420,000	$77.8M	1.2%	$0.72	—	NOTE 3.250% 6/1	608753AA7
HYG	iShares	500,000	$44.8M	0.7%	—	—	Put	464288513
—	Dun & Bradstreet Corp Del Ne	300,000	$36.29M	0.6%	—	—	Put	26483E100
—	Winthrop Rlty Tr	2,291,908	$35.73M	0.6%	$14.82	—	SH BEN INT NEW	976391300
CPA	Copa Holdings SA	295,300	$30.61M	0.5%	—	—	Put	P31076105
KSS	Kohls Corp	500,000	$30.52M	0.5%	—	—	Put	500255104
—	Sears Hldgs Corp	779,100	$25.7M	0.4%	—	—	Put	812350106
—	Walter Invt Mgmt Corp	32,600,000	$24.9M	0.4%	$0.96	—	NOTE 4.500%11/0	93317WAA0
—	Time Inc New	1,000,000	$24.61M	0.4%	—	—	Put	887228104
—	Avon Prods Inc	2,250,000	$21.13M	0.3%	—	—	Put	054303102
UPBD	Rent A Ctr Inc New	500,000	$18.16M	0.3%	—	—	Put	76009N100
—	Ensco PLC	595,000	$17.82M	0.3%	—	—	Put	G3157S106
—	iStar Finl Inc	11,878,000	$14.99M	0.2%	$1.39	—	NOTE 3.000%11/1	45031UBR1
—	Novellus Sys Inc	6,400,000	$14.7M	0.2%	$1.68	—	NOTE 2.625% 5/1	670008AD3
WU	Western Un Co	743,100	$13.31M	0.2%	—	—	Put	959802109
—	Gilead Sciences Inc	3,000,000	$12.42M	0.2%	$3.30	—	NOTE 1.625% 5/0	375558AP8
NOK	Nokia Corp	1,500,000	$11.79M	0.2%	—	—	Put	654902204
NRG	NRG Energy Inc	400,000	$10.78M	0.2%	—	—	Put	629377508
NXST	Nexstar Broadcasting Group I	200,000	$10.36M	0.2%	—	—	Call	65336K103
ARI	Apollo Coml Real Est Fin Inc	601,309	$9.837M	0.2%	$16.10	—	COM	03762U105
—	Chesapeake Energy Corp	500,000	$9.785M	0.2%	—	—	Put	165167107
MKTX	Marketaxess Hldgs Inc	135,100	$9.688M	0.2%	—	—	Put	57060D108
—	Loral Space & Communicatns I	121,300	$9.548M	0.2%	$78.71	—	COM	543881106
—	Priceline Com Inc	7,100,000	$9.47M	0.1%	$1.38	—	DEBT 1.000% 3/1	741503AQ9
—	Intel Corp	7,000,000	$9.214M	0.1%	$1.12	—	SDCV 2.950%12/1	458140AD2
—	Fidelity National Financial	4,600,000	$8.691M	0.1%	$1.64	—	NOTE 4.250% 8/1	31620RAE5
—	Baltic Trading Limited	3,420,330	$8.585M	0.1%	$4.66	—	COM	Y0553W103
—	Parsley Energy Inc	520,000	$8.299M	0.1%	—	—	Put	701877102
—	Walter Invt Mgmt Corp	500,000	$8.255M	0.1%	—	—	Put	93317W102
—	Xilinx Inc	5,000,000	$7.55M	0.1%	$1.60	—	NOTE 2.625%6/1	983919AF8
—	iStar Finl Inc	508,467	$6.941M	0.1%	$12.53	—	COM	45031U101
—	United States Stl Corp New	250,000	$6.685M	0.1%	—	—	Put	912909108
—	Triple-S Mgmt Corp	239,700	$5.731M	0.1%	—	—	Put	896749108
—	Health Care REIT Inc	3,800,000	$5.707M	0.1%	$1.12	—	NOTE 3.000%12/0	42217KAR7
—	Neustar Inc	200,000	$5.56M	0.1%	—	—	Put	64126X201
—	Sinclair Broadcast Group Inc	200,000	$5.472M	0.1%	—	—	Call	829226109
—	Teva Pharmaceutical Inds Ltd	3,800,000	$5.211M	0.1%	$1.07	—	DBCV 0.250% 2/0	88163VAE9
—	Weight Watchers Intl Inc New	200,000	$4.968M	0.1%	—	—	Put	948626106
—	Elizabeth Arden Inc	230,300	$4.926M	0.1%	—	—	Put	28660G106
—	Seadrill Limited	520,000	$4.826M	0.1%	—	—	Put	G7945E105
—	BGC Partners Inc	4,400,000	$4.697M	0.1%	$1.04	—	NOTE 4.500% 7/1	05541TAD3
—	Ares Cap Corp	4,500,000	$4.655M	0.1%	$1.08	—	NOTE 5.750% 2/0	04010LAB9
—	Molycorp Inc Del	14,842,000	$4.508M	0.1%	$0.30	—	NOTE 5.500% 2/0	608753AH2
—	Newmont Mining Corp	4,350,000	$4.429M	0.1%	$1.03	—	NOTE 1.625% 7/1	651639AJ5
—	Jefferies Group Inc New	4,100,000	$4.251M	0.1%	$1.06	—	DBCV 3.875%11/0	472319AG7
GME	Gamestop Corp New	121,600	$4.11M	0.1%	—	—	Put	36467W109
—	iStar Finl Inc	300,000	$4.095M	0.1%	$12.53	—	Call	45031U101
—	Loral Space & Communicatns I	50,000	$3.936M	0.1%	$78.71	—	Call	543881106
—	Peabody Energy Corp	500,000	$3.87M	0.1%	—	—	Call	704549104
—	Prospect Capital Corporation	3,800,000	$3.8M	0.1%	$1.05	—	NOTE 5.375%10/1	74348TAK8
—	Rouse Pptys Inc	200,000	$3.704M	0.1%	—	—	Put	779287101
—	Airtran Hldgs Inc	1,150,000	$3.372M	0.1%	$5.11	—	NOTE 5.250%11/0	00949PAD0
—	Prologis	3,000,000	$3.341M	0.1%	$1.12	—	NOTE 3.250% 3/1	74340XAT8
—	Ocean Rig UDW Inc	354,700	$3.292M	0.1%	—	—	Put	Y64354205
—	Apollo Residential Mtg Inc	185,085	$2.919M	0.0%	$16.72	—	COM	03763V102
—	Quiksilver Inc	1,000,000	$2.21M	0.0%	—	—	Put	74838C106
—	Cliffs Nat Res Inc	300,000	$2.142M	0.0%	—	—	Put	18683K101
—	E M C Corp Mass	70,225	$2.088M	0.0%	$25.15	—	COM	268648102
—	Apollo Sr Floating Rate Fd I	100,000	$1.663M	0.0%	$16.63	—	COM	037636107
—	Old Rep Intl Corp	1,300,000	$1.513M	0.0%	$1.25	—	NOTE 3.750% 3/1	680223AH7
—	Northern Oil & Gas Inc Nev	225,000	$1.271M	0.0%	—	—	Put	665531109
—	Molycorp Inc Del	1,403,100	$1.236M	0.0%	—	—	Put	608753109
—	Radio One Inc	713,577	$1.192M	0.0%	$1.67	—	CL D NON VTG	75040P405
—	Molycorp Inc Del	3,650,000	$1.104M	0.0%	$0.79	—	NOTE 6.000% 9/0	608753AF6
—	Relm Wireless Corp	188,971	$907K	0.0%	$3.00	—	COM	759525108
—	Midstates Pete Co Inc	500,000	$755K	0.0%	$7.23	—	Call	59804T100
—	Lee Enterprises Inc	200,000	$736K	0.0%	$3.68	—	COM	523768109
ARQ	Advanced Emissions Soluts In	22,559	$514K	0.0%	$16.66	-6.8%	COM	00770C101
—	Cenveo Inc	200,000	$420K	0.0%	$2.10	—	COM	15670S105