SEP

Sound Energy Partners Portfolio holdings

AUM $36.4M

2015 Q3 2015 Q2 2015 Q1 2014 Q4 2014 Q3 2014 Q2 2014 Q1 2013 Q4 2013 Q3 2013 Q2

This Quarter Return

+16.18%

1 Year Return

-28.52%

3 Year Return

–

5 Year Return

–

10 Year Return

–

AUM

$98.1M

AUM Growth

+$98.1M (+71%)

Cap. Flow

+$24.9M

Cap. Flow % of AUM

25.38%

Top 10 Holdings % Top 10 Hldgs %

60.63%

Holding

New

Increased

Reduced

Closed

Top Buys

1	SN Sanchez Energy Corporation SN	$5.37M
2	Vital Energy VTLE	$4.62M
3	WLT WALTER ENERGY INC COM STK (DE) WLT	$4.04M
4	Halliburton HAL	$3.63M
5	EXXI ENERGY XXI LTD COM SHS EXXI	$3.62M

Top Sells

1	GDP GOODRICH PETROLEUM CORP(NEW) GDP	$6.55M
2	NFX Newfield Exploration NFX	$1.5M
3	LKM Link Motion Inc. LKM	$1.37M
4	UPL Ultra Petroleum Corp. Common Stock UPL	$1.19M
5	Ovintiv OVV	$1.19M

Sector Composition

1	Energy	72.34%
2	Healthcare	2.92%
3	Real Estate	2.62%
4	Industrials	1.74%
5	Materials	0%

Communication Services

Advertising Agencies

Broadcasting

Electronic Gaming & Multimedia

Entertainment

Internet Content & Information

Publishing

Telecom Services

Consumer Discretionary

Apparel Manufacturing

Apparel Retail

Auto Manufacturers

Auto Parts

Auto & Truck Dealerships

Department Stores

Footwear & Accessories

Furnishings, Fixtures & Appliances

Gambling

Home Improvement Retail

Internet Retail

Leisure

Lodging

Luxury Goods

Packaging & Containers

Personal Services

Recreational Vehicles

Residential Construction

Resorts & Casinos

Restaurants

Specialty Retail

Textile Manufacturing

Travel Services

Consumer Staples

Beverages - Brewers

Beverages - Non-Alcoholic

Beverages - Wineries & Distilleries

Confectioners

Discount Stores

Education & Training Services

Farm Products

Food Distribution

Grocery Stores

Household & Personal Products

Packaged Foods

Tobacco

Energy

Oil & Gas Drilling

Oil & Gas Equipment & Services

Oil & Gas Exploration & Production

Oil & Gas Integrated

Oil & Gas Midstream

Oil & Gas Refining & Marketing

Thermal Coal

Uranium

Financials

Asset Management

Banks - Diversified

Banks - Regional

Capital Markets

Credit Services

Diversified Insurance

Financial Conglomerates

Financial Data & Stock Exchanges

Insurance Brokers

Life Insurance

Mortgage Finance

Property & Casualty Insurance

Reinsurance

Shell Companies

Specialty - Insurance

Healthcare

Biotechnology

Diagnostics & Research

Drug Manufacturers - General

Drug Manufacturers - Specialty & Generic

Healthcare Plans

Health Information Services

Medical Care Facilities

Medical Devices

Medical Distribution

Medical Instruments & Supplies

Pharmaceutical Retailers

Industrials

Aerospace & Defense

Airlines

Airports & Air Services

Building Products & Equipment

Business Equipment & Supplies

Conglomerates

Consulting Services

Electrical Equipment & Parts

Engineering & Construction

Farm & Heavy Construction Machinery

Industrial Distribution

Infrastructure Operations

Integrated Freight & Logistics

Marine Shipping

Metal Fabrication

Pollution & Treatment Controls

Railroads

Rental & Leasing Services

Security & Protection Services

Specialty Business Services

Specialty Industrial Machinery

Staffing & Employment Services

Tools & Accessories

Trucking

Waste Management

Materials

Agricultural Inputs

Aluminum

Building Materials

Chemicals

Coking Coal

Copper

Gold

Lumber & Wood Production

Other Industrial Metals & Mining

Other Precious Metals & Mining

Paper & Paper Products

Silver

Specialty Chemicals

Steel

Real Estate

Diversified REIT

Healthcare Facilities REIT

Hotel & Motel REIT

Industrial REIT

Mortgage REIT

Office REIT

Real Estate Development

Real Estate Diversified

Real Estate Services

Residential REIT

Retail REIT

Specialty REIT

Technology

Communication Equipment

Computer Hardware

Consumer Electronics

Electronic Components

Electronics & Computer Distribution

Information Technology Services

Scientific & Technical Instruments

Semiconductor Equipment & Materials

Semiconductors

Software - Application

Software - Infrastructure

Solar

Utilities

Diversified Utilities

Electric Utilities

Gas Utilities

Independent Power Producers

Renewable Electricity

Water Utilities

#	Name	Market Value	Portfolio Weight	Shares or Principal	Shares Change %	Capital Flow
26	26 Ironwood Pharmaceuticals IRWD $213M	$1.02M	0.55%	86,200 +66,200	+331%	+$784K
27	NE 27 DELISTED Noble Corporation NE	$956K	0.52%	25,300 -20,000	-44%	-$756K
28	CPE 28 DELISTED Callon Petroleum Company CPE	$547K	0.3%	+100,000	New	+$547K
29	SYNM 29 DELISTED SYNTROLEUM CORP COM STK NEW (DE) SYNM	$539K	0.29%	117,000 +62,000	+113%	+$286K
30	HOS 30 DELISTED Hornbeck Offshore Services, Inc. HOS	$506K	0.27%	+8,812	New	+$506K
31	31 Nuwellis NUWE $4.55M	$463K	0.25%	+40,000	New	+$463K
32	DNR 32 DELISTED Denbury Resources, Inc. DNR	$368K	0.2%	+20,000	New	+$368K
33	BODY 33 DELISTED BODY CENTRAL CORP COM STK BODY	$305K	0.17%	+50,000	New	+$305K
34	EOX 34 DELISTED EMERALD OIL INC (MT) EOX	$144K	0.08%	+20,000	New	+$144K
35	35 Genworth Financial GNW $3.47B	–	–	-30,000	Closed	-$342K
36	36 iShares Russell 2000 ETF IWM $66.5B	–	–	0	–	–
37	37 Micron Technology MU $132B	–	–	0	–	–
38	38 VanEck Oil Services ETF OIH $877M	–	–	0	–	–
39	39 Ovintiv OVV $10.9B	–	–	-70,000	Closed	-$1.19M
40	40 Royal Gold RGLD $12B	–	–	-5,000	Closed	-$210K
41	41 SPDR S&P 500 ETF Trust SPY $652B	–	–	0	–	–
42	UPL 42 DELISTED Ultra Petroleum Corp. Common Stock UPL	–	–	-60,000	Closed	-$1.19M