Silverback Asset Management Llc

Q3 2017 13F Holdings Report, Stock Holdings

Signature - Title: Elliot Bossen - Managing Member
Location: Chapel Hill, NC
Holdings as of: September 30, 2017
Value $: $625M
Num holdings: 50
Date filed: 11/14/2017, 10:52 AM
Form type: 13F-HR
Description: All US holdings of this investor are reported in this report. Top holdings included NCRRP, MX, SREV, CSWI, and EPAY.
Previous filing: Q2 2017 - Sep 18, 2017
Next filing: Q4 2017 - Feb 13, 2018
SEC: View on sec.gov

Sym	Weight	Trade Impact	Company	Class	Shares Change	Activity	Value Change $	Value $	* Price $	Shares	Principal
	6.43%	+6.43%	Microchip Technology Inc Tranche B	Note 2.2500% 15-Feb-2037	+33M	NEW	+$40.2M	$40.2M	1.22		$33M
	6.28%	+3.76%	Salesforce Com Inc	NOTE 0.250% 4/0	+16.7M	+149.5%	+$23.5M	$39.3M	1.41		$27.9M
	5.85%	+5.85%	Biomarin Pharmaceutical Inc	NOTE 0.599% 8/0	+36M	NEW	+$36.6M	$36.6M	1.02		$36M
	4.62%	+2.95%	Servicenow Inc	NOTE 11/0	+11.5M	+176.9%	+$18.5M	$28.9M	1.61		$18M
	4.53%		Micron Technology Inc	NOTE 2.375% 5/0				$28.3M	4.09		$6.91M
	4.07%	+2.42%	Palo Alto Networks Inc	NOTE 7/0	+11M	+146.7%	+$15.1M	$25.4M	1.37		$18.5M
NCRRP	3.91%	+3.91%	NCR Corp	CONV PREF STK	+16.7K	NEW	+$24.5M	$24.5M	1,462.28	16.7K
	3.14%	+3.14%	Jazz Pharmaceuticals Inc	Note 1.5000% 15-Aug-2024	+20M	NEW	+$19.7M	$19.7M	0.98		$20M
	2.96%	+2.96%	Dish Network Corp	NOTE 3.375% 8/1	+16.5M	NEW	+$18.5M	$18.5M	1.12		$16.5M
	2.94%	+1.89%	Workday Inc	NOTE 0.750% 7/1	+9.1M	+182%	+$11.8M	$18.3M	1.30		$14.1M
	2.84%	+2.84%	Golar LNG Limited	Note 2.7500% 15-Feb-2022	+18.7M	NEW	+$17.8M	$17.8M	0.95		$18.7M
	2.79%	+2.79%	Citrix Sys Inc	NOTE 0.500% 4/1	+15M	NEW	+$17.5M	$17.5M	1.16		$15M
	2.74%		Vector Group Ltd	FRNT 4/1				$17.1M	1.14		$15M
	2.53%	+2.53%	Keyw Hldg Corp	NOTE 2.500% 7/1	+16.8M	NEW	+$15.8M	$15.8M	0.94		$16.8M
	2.51%	+0.56%	Avid Technology Inc	NOTE 2.000% 6/1	+4.55M	+28.5%	+$3.48M	$15.7M	0.77		$20.5M
	2.5%	+2.5%	Invacare Corp	Note 5.0000% 15-Feb-2021	+13M	NEW	+$15.6M	$15.6M	1.20		$13M
	2.46%	+0.48%	Encore Cap Group Inc	NOTE 2.875% 3/1	+3M	+24.2%	+$3M	$15.4M	1.00		$15.4M
	2.33%	+2.33%	Medicines Co	NOTE 2.500% 1/1	+11.5M	NEW	+$14.5M	$14.5M	1.27		$11.5M
	2.24%	-1.12%	Starwood Ppty Tr Inc	NOTE 3.750%10/1	-7M	-33.3%	-$7.01M	$14M	1.00		$14M
	2.23%		Harmonic Inc	NOTE 4.000%12/0				$13.9M	0.89		$15.6M
	2.1%	+0.61%	Infinera Corporation	DBCV 1.750% 6/0	+3.7M	+40.4%	+$3.78M	$13.1M	1.02		$12.9M
	2.09%	+1.42%	Finisar Corp	NOTE 0.500%12/1	+8.5M	+212.5%	+$8.88M	$13.1M	1.05		$12.5M
	2%	+2%	Calpine Corp.	Note 5.2500% 01-Jun-2026	+12.5M	NEW	+$12.5M	$12.5M	1.00		$12.5M
	1.91%	+1.91%	Workday Inc	Note 0.2500% 01-Oct-2022	+12M	NEW	+$11.9M	$11.9M	1.00		$12M
	1.84%	+1.84%	Team Inc	Note 5.0000% 01-Aug-2023	+12M	NEW	+$11.5M	$11.5M	0.96		$12M
	1.79%	+1.79%	II-VI Inc	Note 0.2500% 01-Sep-2022	+10M	NEW	+$11.2M	$11.2M	1.12		$10M
	1.76%	+1.76%	Magnachip Semiconductor	Note 6.6250% 15-Jul-2021	+11.4M	NEW	+$11M	$11M	0.97		$11.4M
	1.46%	+1.46%	Alliance One International	Note 8.5000% 15-Apr-2021	+8.65M	NEW	+$9.12M	$9.12M	1.06		$8.65M
	1.45%	+1.45%	Radius Health Inc	NOTE 3.000% 9/0	+9M	NEW	+$9.08M	$9.08M	1.01		$9M
	1.43%		Jds Uniphase Corp	DBCV 0.625% 8/1				$8.92M	1.05		$8.5M
	1.31%	+1.31%	Aegean Marine Petroleum Network	Note 4.2500% 15-Dec-2021	+10.9M	NEW	+$8.17M	$8.17M	0.75		$10.9M
	1.28%	-1.46%	General Cable Corp Del New	FRNT 4.500%11/1	-10.3M	-53.4%	-$9.15M	$8M	0.89		$9M
	1.27%	+1.27%	Element Financial Corp	Note 4.2500% 30-Jun-2020	+8.05M	NEW	+$7.94M	$7.94M	0.99		$8.05M
	1.18%	-0.23%	Fluidigm Corp Del	NOTE 2.750% 2/0	-1.94M	-16.2%	-$1.44M	$7.4M	0.74		$10M
MX	1.02%	+0.45%	Magnachip Semiconductor Corp	COM	+249K	+79.3%	+$2.82M	$6.38M	11.35	562K
	0.97%	-1.54%	Cornerstone Ondemand Inc	NOTE 1.500% 7/0	-9.5M	-61.3%	-$9.6M	$6.06M	1.01		$6M
	0.72%	-0.51%	Horizon Pharma Invt Ltd	NOTE 2.500% 3/1	-3.5M	-41.2%	-$3.17M	$4.53M	0.91		$5M
	0.68%	+0.68%	Invacare Corp	Note 4.5000% 01-Jun-2022	+3.5M	NEW	+$4.22M	$4.22M	1.21		$3.5M
SREV	0.58%	+0.03%	Servicesource Intl Inc	COM	+60K	+6.12%	+$208K	$3.6M	3.46	1.04M
	0.56%	-0.55%	Encore Cap Group Inc	NOTE 3.000% 7/0	-3M	-49.7%	-$3.45M	$3.5M	1.15		$3.04M
	0.52%	+0.52%	Element Financial Corp	Note 5.1250% 30-Jun-2019	+3.21M	NEW	+$3.27M	$3.27M	1.02		$3.21M
	0.5%		Comstock Res Inc	NOTE 7.750% 4/0				$3.1M	0.81		$3.83M
	0.42%	+0.42%	Resolute Energy Corp	CONV PREF STK	+2.15K	NEW	+$2.65M	$2.65M	1,231.63	2.15K
	0.35%		Orexigen Therapeutics Inc	NOTE 2.750%12/0				$2.16M	0.45		$4.8M
CSWI	0.29%		Csw Industrials Inc	COM				$1.81M	44.36	40.8K
EPAY	0.27%	+0.27%	Bottomline Tech Del Inc	COM	+53.1K	NEW	+$1.69M	$1.69M	31.82	53.1K
ATSG	0.13%	+0.13%	Air Transport Services Grp I	COM	+32.5K	NEW	+$791K	$791K	24.35	32.5K
LAB	0.11%	+0.11%	Fluidigm Corp Del	COM	+135K	NEW	+$680K	$680K	5.04	135K
AMRSQ	0.08%	+0.08%	Amyris Inc	COM NEW	+160K	NEW	+$514K	$514K	3.22	160K
GCVRZ	0.03%		Sanofi	RIGHT 12/31/2020				$162K	0.36	450K

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* Reported Price is the price of the security as of the portfolio date. This value is significant in that it is the last known price at which the security was still held.
An asterisk sign (*) next to the price indicates that the price is likely invalid.

Person Signing this Report on Behalf of Reporting Manager:

Name	Title	City, State	Date
Elliot Bossen	Managing Member	Chapel Hill, North Carolina	11/9/2017