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Disclosery

GRACE BROTHERS MANAGEMENT LLC

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13F filer, CIK 1218558, EVANSTON, IL

GRACE BROTHERS MANAGEMENT LLC reported $106,452,000 across 44 holdings for the quarter ended 2014-09-30, in a 13F-HR filed 2014-11-12. Its ten largest share positions make up 52.06% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001218558-14-000005

Period
2014-09-30
Reported value
$106M
Holdings
44
Top 10 weight
52.06%
New
7
Sold out
9

Largest buys vs the previous quarter

SecurityShares changeApprox. value
TYSON FOODSnew+37,000$1.86M
BEAZER HOMES USA INCnew+40,000$1.08M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
POST 5 1/4 06/01/17exited-20,000-$2.13M
Spire Incexited-20,000-$1.06M
AMSURG CORPexited-10,000-$1.01M
PowerShares QQQ Trust Unit …reduced-1,200-$119K

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q3 2014

Share positions as resolved from 13F-HR 0001218558-14-000005, largest first. % of portfolio is the value over $106,452,000, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
TYSON FOODSTYSON FOODSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2012Q4: restricted; 2013Q1: restricted; 2013Q2: restricted; 2013Q3: restricted; 2013Q4: not reported; 2014Q1: not reported; 2014Q2: not reported; 2014Q3: 37,000 shares 37,000$1.86M1.75%new
CHESAPEAKE ENERGY CORPCHESAPEAKE ENERGY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2012Q4: restricted; 2013Q1: restricted; 2013Q2: restricted; 2013Q3: restricted; 2013Q4: 1,300 shares; 2014Q1: 1,300 shares; 2014Q2: 1,300 shares; 2014Q3: 1,300 shares 1,300$1.44M1.35%0
BEAZER HOMES USA INCBEAZER HOMES USA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2012Q4: restricted; 2013Q1: restricted; 2013Q2: restricted; 2013Q3: restricted; 2013Q4: not reported; 2014Q1: not reported; 2014Q2: not reported; 2014Q3: 40,000 shares 40,000$1.08M1.01%new
PowerShares QQQ Trust Unit …PowerShares QQQ Trust Unit SerQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2012Q4: restricted; 2013Q1: restricted; 2013Q2: restricted; 2013Q3: restricted; 2013Q4: 14,000 shares; 2014Q1: 15,000 shares; 2014Q2: 12,000 shares; 2014Q3: 10,800 shares 10,800$1.07M1%-1,200
ENERGY XXI BERMUDA LTD CONV…ENERGY XXI BERMUDA LTD CONV PFD $…Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2012Q4: restricted; 2013Q1: restricted; 2013Q2: restricted; 2013Q3: restricted; 2013Q4: 3,500 shares; 2014Q1: 3,500 shares; 2014Q2: 3,500 shares; 2014Q3: 3,500 shares 3,500$679K0.64%0
AAPLAPPLE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2012Q4: restricted; 2013Q1: restricted; 2013Q2: restricted; 2013Q3: restricted; 2013Q4: not reported; 2014Q1: not reported; 2014Q2: 2,450 shares; 2014Q3: 2,450 shares 2,450$247K0.23%0Timeline
CSCOCISCO SYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2012Q4: restricted; 2013Q1: restricted; 2013Q2: restricted; 2013Q3: restricted; 2013Q4: 7,000 shares; 2014Q1: 7,000 shares; 2014Q2: 7,000 shares; 2014Q3: 7,000 shares 7,000$175K0.16%0Timeline

Principal amounts

Notes and convertibles filed as a face amount (PRN). A face amount is never added to a share count (H6).

SecurityTypeAmountValueChange
GILEAD SCIENCES INCGILEAD SCIENCES INC CORPORATE OBLIGprincipal1,900,000$8.88M-500,000
SANDISK CORPSANDISK CORP CORPORATE OBLIGprincipal3,750,000$7.22M-500,000
MYLAN INCMYLAN INC CORPORATE OBLIGprincipal2,100,000$7.18M+600,000
SALIX PHARMACEUTICAL 1.500SALIX PHARMACEUTICAL 1.500 NOTE 1.500% 3/principal2,800,000$6.77M+300,000
MU 2.375 5/1/32MU 2.375 5/1/32 Bond 30/360P2 Uprincipal1,550,000$5.54M0
GREENBRIER COS INCGREENBRIER COS INC NOTE 3.500% 4/0principal2,150,000$4.36M+500,000
UNITED THERAPEUTICS CORP DELUNITED THERAPEUTICS CORP DEL NOTE 1.000% 9/1principal1,500,000$4.04M-250,000
TESLA MOTORS INC 1.500TESLA MOTORS INC 1.500 NOTE 1.500% 6/0principal2,000,000$4.04M-750,000
NOVELLUS SYS INCNOVELLUS SYS INC NOTE 2.625% 5/1principal1,750,000$3.83Mnew
DEALERTRACK TECHNOLOGIES INCDEALERTRACK TECHNOLOGIES INC NOTE 1.500% 3/1principal2,750,000$3.57M0
HAWAIIAN HOLDINGS INCHAWAIIAN HOLDINGS INC NOTE 5.000% 3/1principal2,000,000$3.54M0
ICON 1.5 3/18ICON 1.5 3/18 Bond 30/360P2 Uprincipal2,250,000$2.88M+500,000
ACORDA THERAPEUTICS INCACORDA THERAPEUTICS INC NOTE 1.750% 6/1principal2,500,000$2.59M0
VERISIGN INCVERISIGN INC CORPORATE OBLIGprincipal1,500,000$2.52M+500,000
UNITED STATES STL CORP NEWUNITED STATES STL CORP NEW NOTE 2.750% 4/0principal1,500,000$2.46Mnew
RADIAN GROUP INCRADIAN GROUP INC NOTE 2.250% 3/0principal1,550,000$2.22M-1,250,000
TTM TECHNOLOGIES INCTTM TECHNOLOGIES INC NOTE 1.750%12/1principal2,000,000$1.95M0
VERINT SYS INCVERINT SYS INC NOTE 1.500% 6/0principal1,750,000$1.9M0
VIPSHOP HLDGS LTDVIPSHOP HLDGS LTD NOTE 1.500% 3/1principal1,600,000$1.89M0
ALTRA HOLDINGS INCALTRA HOLDINGS INC NOTE 2.750% 3/0principal1,500,000$1.82M0
AK STL CORPAK STL CORP NOTE 5.000%11/1principal1,000,000$1.69M0
ANTHEM INCANTHEM INC NOTE 2.750%10/1principal1,000,000$1.66M0
BOTTOMLINE TECH DEL INCBOTTOMLINE TECH DEL INC NOTE 1.500%12/0principal1,430,000$1.61M0
COBALT INTL ENERGY INCCOBALT INTL ENERGY INC NOTE 2.625%12/0principal1,750,000$1.57Mnew
ANW 4 11/1/18ANW 4 11/1/18 Bond 30/360P2 Uprincipal1,500,000$1.46M0
M/I HOMES INCM/I HOMES INC NOTE 3.250% 9/1principal1,175,000$1.31M0
XPO LOGISTICS INCXPO LOGISTICS INC NOTEprincipal500,000$1.18M-1,000,000
ASCENT CAP GROUP INCASCENT CAP GROUP INC NOTE 4.000 7/1principal1,250,000$1.12M0
VECTOR GROUP LTDVECTOR GROUP LTD FRNT 4/1principal1,000,000$1.12M0
Starwood Property Trust, In…Starwood Property Trust, Inc. CONVprincipal1,000,000$1.09M0
INSULET CORPINSULET CORP NOTE 2.000% 6/1principal1,000,000$1.07M-1,000,000
HWAY 1.5 7/18HWAY 1.5 7/18 Bond 30/360P2 Uprincipal1,000,000$1.04M0
RENEWABLE ENERGY GROUP INCRENEWABLE ENERGY GROUP INC NOTE 2.750 6/1principal1,000,000$1.03M0
J2 GLOBAL INCJ2 GLOBAL INC NOTE 3.250% 6/1principal1,000,000$996K0
APOLLO COML REAL EST FIN INCAPOLLO COML REAL EST FIN INC NOTE 5.500% 3/1principal1,000,000$995Knew
WEB COM GROUP INCWEB COM GROUP INC NOTE 1.000% 8/1principal1,000,000$919Knew
TESLA INCTESLA INC NOTE 1.250% 3/0principal900,000$857K0

Sold out in Q3 2014

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
GT Advanced Technologies In…GT Advanced Technologies Inc.2,100,000$3.67Mprincipal
CHART INDUSTRIES INCCHART INDUSTRIES INC2,250,000$3.14Mprincipal
POST 5 1/4 06/01/17POST 5 1/4 06/01/1720,000$2.13Mshares
CIE 3.125 05/24CIE 3.125 05/241,750,000$1.89Mprincipal
SUNPOWER CORPSUNPOWER CORP1,000,000$1.84Mprincipal
INTERMUNE INCINTERMUNE INC1,000,000$1.5Mprincipal
WALTER INVESTMENT MANAGEMENTWALTER INVESTMENT MANAGEMENT1,500,000$1.39Mprincipal
Spire IncSpire Inc20,000$1.06Mshares
AMSURG CORPAMSURG CORP10,000$1.01Mshares

How Q3 2014 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001218558-14-000005 base2014-11-12acceptance time not in the bulk data set