Baupost Group 2Q 09 v 3Q 09

NAME OF ISSUER TITLE OF CLASS CUSIP 2Q 2009 3Q 2009 Change % Change

ALLIANCE ONE INTL INC COM 18772103 8,800,000 8,800,000 0 0.00%
AUDIOVOX CORP CL A 50757103 1,915,086 1,797,286 (117,800) -6.15%
BPW ACQUISITION CORP *W EXP 02/26/201 55637110 573,900 573,900 0 0.00%
BREITBURN ENERGY PARTNERS LP COM UT LTD PTN 106776107 8,495,939 8,495,939 0 0.00%
CAPITALSOURCE INC COM 14055X102 29,798,107 17,571,100 (12,227,007) -41.03%
CAPITALSOURCE INC DBCV 4.000% 7/1 14055XAE2 173,157,000 17,315,700 (155,841,300) -90.00%
CAPITALSOURCE INC NOTE 7.250% 7/1 14055XAG7 48,298,000 48,298,000 0 0.00%
DOMTAR CORP COM NEW 257559203 3,234,071 3,234,071 0 0.00%
ENTERPRISE ACQUISITION CORP *W EXP 11/07/201 29365R116 1,250,000 1,250,000 0 0.00%
ENZON PHARMACEUTICALS INC COM 293904108 0 2,071,382 2,071,382
FACET BIOTECH CORP SHS 30303Q103 4,374,407 3,506,875 (867,532) -19.83%
GHL ACQUISITION CORP *W EXP 02/14/201 36172H116 1,250,000 0 (1,250,000) -100.00%
GLOBAL CONSUMER ACQST CORP *W EXP 11/27/201 378983118 2,963,000 2,963,000 0 0.00%
HORIZON LINES INC COM 44044K101 2,962,029 0 (2,962,029) -100.00%
ISTAR FINL INC FRNT 10/0 45031UBF7 67,930,000 0 (67,930,000) -100.00%
ITURAN LOCATION AND CONTROL SHS M6158M104 1,721,066 1,721,066 0 0.00%
KBL HEALTHCARE ACQUIS CORP I *W EXP 07/18/201 48241N115 235,000 0 (235,000) -100.00%
LIBERTY MEDIA CORP NEW ENT COM SER A 53071M500 4,222,160 4,222,160 0 0.00%
MULTIMEDIA GAMES INC COM 625453105 2,600,000 2,600,000 0 0.00%
NEWS CORP CL A ### 24,600,000 24,600,000 0 0.00%
NEWS CORP CL B ### 439,300 0 (439,300) -100.00%
OVERTURE ACQUISITION CORP *W EXP 01/30/201 G6830P118 1,000,000 1,000,000 0 0.00%
PDL BIOPHARMA INC COM 69329Y104 12,657,500 0 (12,657,500) -100.00%
PROSPECT ACQUISITION CORP *W EXP 11/14/201 74347T111 2,500,000 2,500,000 0 0.00%
RHI ENTMT INC DEL COM 74957T104 4,900,551 4,900,551 0 0.00%
SAPPHIRE INDUSTRIALS CORP *W EXP 01/17/201 80306T117 6,200,000 6,200,000 0 0.00%
SP ACQUISITION HOLDINGS INC *W EXP 10/10/201 78470A112 1,580,700 1,580,700 0 0.00%
SYNERON MEDICAL LTD ORD SHS M87245102 3,086,619 2,096,235 (990,384) -32.09%
THERAVANCE INC NOTE 3.000% 1/1 88338TAA2 41,500,000 41,500,000 0 0.00%
THERAVANCE INC COM 88338T104 9,033,741 9,033,741 0 0.00%
TM ENTMT & MEDIA INC *W EXP 10/17/201 87260T116 525,000 525,000 0 0.00%
TREMISIS ENERGY ACQ CORP II *W EXP 12/05/201 89472N119 325,000 325,000 0 0.00%
VIASAT INC COM 92552V100 1,229,057 3,046,516 1,817,459 147.87%
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