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Disclosery

GRACE BROTHERS MANAGEMENT LLC

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13F filer, CIK 1218558, EVANSTON, IL

GRACE BROTHERS MANAGEMENT LLC reported $104,372,000 across 44 holdings for the quarter ended 2014-12-31, in a 13F-HR filed 2015-02-11. Its ten largest share positions make up 50.12% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001218558-15-000001

Period
2014-12-31
Reported value
$104M
Holdings
44
Top 10 weight
50.12%
New
8
Sold out
8

Largest buys vs the previous quarter

SecurityShares changeApprox. value
Kindred Healthcare Incnew+1,000$949K
PowerShares QQQ Trust Unit …added+2,000$207K

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
ENERGY XXI BERMUDA LTD CONV…exited-3,500-$679K

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, Q4 2014

Share positions as resolved from 13F-HR 0001218558-15-000001, largest first. % of portfolio is the value over $104,372,000, 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; 2013Q1: restricted; 2013Q2: restricted; 2013Q3: restricted; 2013Q4: not reported; 2014Q1: not reported; 2014Q2: not reported; 2014Q3: 37,000 shares; 2014Q4: 37,000 shares 37,000$1.87M1.79%0
CHESAPEAKE ENERGY CORPCHESAPEAKE ENERGY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2013Q1: restricted; 2013Q2: restricted; 2013Q3: restricted; 2013Q4: 1,300 shares; 2014Q1: 1,300 shares; 2014Q2: 1,300 shares; 2014Q3: 1,300 shares; 2014Q4: 1,300 shares 1,300$1.34M1.28%0
PowerShares QQQ Trust Unit …PowerShares QQQ Trust Unit SerQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2013Q1: restricted; 2013Q2: restricted; 2013Q3: restricted; 2013Q4: 14,000 shares; 2014Q1: 15,000 shares; 2014Q2: 12,000 shares; 2014Q3: 10,800 shares; 2014Q4: 12,800 shares 12,800$1.32M1.27%+2,000
BEAZER HOMES USA INCBEAZER HOMES USA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2013Q1: restricted; 2013Q2: restricted; 2013Q3: restricted; 2013Q4: not reported; 2014Q1: not reported; 2014Q2: not reported; 2014Q3: 40,000 shares; 2014Q4: 40,000 shares 40,000$1.19M1.14%0
Kindred Healthcare IncKindred Healthcare IncQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2013Q1: restricted; 2013Q2: restricted; 2013Q3: restricted; 2013Q4: not reported; 2014Q1: not reported; 2014Q2: not reported; 2014Q3: not reported; 2014Q4: 1,000 shares 1,000$949K0.91%new
AAPLAPPLE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2013Q1: restricted; 2013Q2: restricted; 2013Q3: restricted; 2013Q4: not reported; 2014Q1: not reported; 2014Q2: 2,450 shares; 2014Q3: 2,450 shares; 2014Q4: 2,450 shares 2,450$270K0.26%0Timeline
CSCOCISCO SYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2013Q1: restricted; 2013Q2: restricted; 2013Q3: restricted; 2013Q4: 7,000 shares; 2014Q1: 7,000 shares; 2014Q2: 7,000 shares; 2014Q3: 7,000 shares; 2014Q4: 7,000 shares 7,000$195K0.19%0Timeline

Principal amounts

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

SecurityTypeAmountValueChange
MYLAN INCMYLAN INC CORPORATE OBLIGprincipal2,000,000$8.46M-100,000
GILEAD SCIENCES INCGILEAD SCIENCES INC CORPORATE OBLIGprincipal1,900,000$7.87M0
SANDISK CORPSANDISK CORP CORPORATE OBLIGprincipal3,750,000$7.21M0
NOVELLUS SYS INCNOVELLUS SYS INC NOTE 2.625% 5/1principal2,250,000$5.15M+500,000
SALIX PHARMACEUTICAL 1.500SALIX PHARMACEUTICAL 1.500 NOTE 1.500% 3/principal2,800,000$5.12M0
UNITED THERAPEUTICS CORP DELUNITED THERAPEUTICS CORP DEL NOTE 1.000% 9/1principal1,500,000$4.07M0
SPANSION LLCSPANSION LLC NOTE 2.0% 9/0principal1,500,000$3.72Mnew
TESLA MOTORS INC 1.500TESLA MOTORS INC 1.500 NOTE 1.500% 6/0principal2,000,000$3.71M0
DEALERTRACK TECHNOLOGIES INCDEALERTRACK TECHNOLOGIES INC NOTE 1.500% 3/1principal2,750,000$3.58M0
ANTHEM INCANTHEM INC NOTE 2.750%10/1principal2,000,000$3.44M+1,000,000
HAWAIIAN HOLDINGS INCHAWAIIAN HOLDINGS INC NOTE 5.000% 3/1principal1,000,000$3.32M-1,000,000
MU 2.375 5/1/32MU 2.375 5/1/32 Bond 30/360P2 Uprincipal850,000$3.1M-700,000
ICON 1.5 3/18ICON 1.5 3/18 Bond 30/360P2 Uprincipal2,250,000$2.68M0
VERISIGN INCVERISIGN INC CORPORATE OBLIGprincipal1,500,000$2.57M0
RADIAN GROUP INCRADIAN GROUP INC NOTE 2.250% 3/0principal1,550,000$2.5M0
UNITED STATES STL CORP NEWUNITED STATES STL CORP NEW NOTE 2.750% 4/0principal2,000,000$2.49M+500,000
TRINITY INDS INCTRINITY INDS INC NOTE 3.875% 6/0principal1,500,000$1.98Mnew
SPECTRANETICS CORPSPECTRANETICS CORP MTNF 2.625% 6/0principal1,500,000$1.93Mnew
VIPSHOP HLDGS LTDVIPSHOP HLDGS LTD NOTE 1.500% 3/1principal1,600,000$1.91M0
SEACOR HOLDINGS INCSEACOR HOLDINGS INC NOTE 2.500%12/1principal1,750,000$1.84Mnew
ALTRA HOLDINGS INCALTRA HOLDINGS INC NOTE 2.750% 3/0principal1,500,000$1.75M0
ACORDA THERAPEUTICS INCACORDA THERAPEUTICS INC NOTE 1.750% 6/1principal1,500,000$1.73M-1,000,000
Starwood Property Trust, In…Starwood Property Trust, Inc. CONVprincipal1,500,000$1.65M+500,000
BOTTOMLINE TECH DEL INCBOTTOMLINE TECH DEL INC NOTE 1.500%12/0principal1,430,000$1.53M0
QUIDEL CORPQUIDEL CORP NOTE 3.250%12/1principal1,250,000$1.4Mnew
M/I HOMES INCM/I HOMES INC NOTE 3.250% 9/1principal1,175,000$1.39M0
GREEN PLAINS INCGREEN PLAINS INC NOTE 3.250%10/0principal1,000,000$1.35Mnew
HWAY 1.5 7/18HWAY 1.5 7/18 Bond 30/360P2 Uprincipal1,000,000$1.17M0
J2 GLOBAL INCJ2 GLOBAL INC NOTE 3.250% 6/1principal1,000,000$1.1M0
VECTOR GROUP LTDVECTOR GROUP LTD FRNT 4/1principal1,000,000$1.07M0
ASCENT CAP GROUP INCASCENT CAP GROUP INC NOTE 4.000 7/1principal1,250,000$1.03M0
APOLLO COML REAL EST FIN INCAPOLLO COML REAL EST FIN INC NOTE 5.500% 3/1principal1,000,000$987K0
TTM TECHNOLOGIES INCTTM TECHNOLOGIES INC NOTE 1.750%12/1principal1,000,000$968K-1,000,000
RENEWABLE ENERGY GROUP INCRENEWABLE ENERGY GROUP INC NOTE 2.750 6/1principal1,000,000$956K0
WEB COM GROUP INCWEB COM GROUP INC NOTE 1.000% 8/1principal1,000,000$918K0
TESLA INCTESLA INC NOTE 1.250% 3/0principal900,000$816K0
ENVESTNET INCENVESTNET INC NOTE 1.75012/1principal750,000$773Knew

Sold out in Q4 2014

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

SecurityShares beforeValue beforeType
GREENBRIER COS INCGREENBRIER COS INC2,150,000$4.36Mprincipal
VERINT SYS INCVERINT SYS INC1,750,000$1.9Mprincipal
AK STL CORPAK STL CORP1,000,000$1.69Mprincipal
COBALT INTL ENERGY INCCOBALT INTL ENERGY INC1,750,000$1.57Mprincipal
ANW 4 11/1/18ANW 4 11/1/181,500,000$1.46Mprincipal
XPO LOGISTICS INCXPO LOGISTICS INC500,000$1.18Mprincipal
INSULET CORPINSULET CORP1,000,000$1.07Mprincipal
ENERGY XXI BERMUDA LTD CONV…ENERGY XXI BERMUDA LTD CONV PFD $…3,500$679Kshares

How Q4 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 0001218558-15-000001 base2015-02-11acceptance time not in the bulk data set