____Mohican Financial Management, LLC_______

Mohican Financial Management as of Dec. 31, 2013

Portfolio Holdings for Mohican Financial Management

Mohican Financial Management holds 52 positions in its portfolio as reported in the December 2013 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
United Rentals Inc note 4.000%11/1 7.3 $27M 3.8M 7.00
Airtran Hldgs Inc note 5.250%11/0 4.0 $15M 8.7M 1.69
Equinix Inc note 3.000%10/1 3.8 $14M 8.8M 1.58
Gt Advanced Technologies Inc conv 3.7 $14M 10M 1.37
Altra Holdings, Inc note 2.750% 3/0 3.5 $13M 9.5M 1.37
Mentor Graphics 4% 2031 conv 3.2 $12M 8.8M 1.33
Molina Healthcare Inc note 3.750%10/0 3.1 $11M 9.5M 1.19
Photronics Inc note 3.0 $11M 9.7M 1.15
Trak 1 1/2 03/15/17 3.0 $11M 8.0M 1.38
Enersys note 3.375% 6/0 2.8 $10M 5.9M 1.76
Horsehead Hldg Corp note 3.800% 7/0 2.8 $10M 8.0M 1.27
Accuray Inc Del note 3.750% 8/0 2.6 $9.7M 8.6M 1.12
Mylan Inc note 3.750% 9/1 2.6 $9.6M 3.0M 3.24
Caci Intl Inc note 2.125% 5/0 2.6 $9.5M 7.1M 1.34
Wabash National Corp 3.375 '18 conv 2.4 $8.8M 6.8M 1.30
Cadence Design Sys Cvt 2.625 6 convert 2.3 $8.4M 4.5M 1.88
Rti Intl Metals Inc note 1.625%10/1 2.2 $8.2M 7.8M 1.05
Regis Corp Minn note 5.000% 7/1 2.2 $8.0M 7.5M 1.07
Forestar Group Inc note 2.1 $7.8M 6.8M 1.15
Encore Capital Group note 3.000%11/2 2.1 $7.6M 4.5M 1.68
Comtech Telecommunications Cor conv 2.0 $7.4M 7.0M 1.05
Navistar Intl Corp New note 3.000%10/1 1.9 $7.0M 6.9M 1.02
M/i Homes Inc note 3.250% 9/1 1.9 $6.9M 5.3M 1.30
Volcano Corporation note 1.750%12/0 1.8 $6.6M 6.8M 0.98
Green Plains Renewable E note 1.8 $6.4M 4.4M 1.47
Photronics Inc note 5.500%10/0 1.7 $6.3M 3.5M 1.84
Webmd Health Corp note 1.7 $6.2M 6.2M 1.00
Gain Cap Hldgs Inc note 4.125%12/0 1.6 $6.0M 6.5M 0.93
Seacor Holdings Inc note 2.500%12/1 1.6 $5.8M 4.7M 1.23
Titan Machy Inc note 3.750% 5/0 1.5 $5.5M 6.5M 0.85
Albany Molecular Resh Inc note 2.250%11/1 1.5 $5.5M 6.0M 0.92
Home Inns & Hotels Mgmt Inc note 2.000%12/1 1.4 $5.3M 5.1M 1.04
Web Com Group Inc note 1.000% 8/1 1.4 $5.3M 4.8M 1.12
Covanta Holding Conv conv bnd 1.4 $5.3M 4.5M 1.17
Steel Dynamics Inc note 5.125% 6/1 1.4 $5.1M 4.4M 1.18
Take-two Interactive Softwar note 1.000% 7/0 1.4 $5.1M 4.8M 1.07
Array Biopharma Inc note 3.000% 6/0 1.4 $5.1M 4.9M 1.04
Interdigital Inc 2.5% conv 1.2 $4.5M 4.4M 1.02
Aar Corp 2.25% conv 1.2 $4.4M 4.2M 1.06
Bristow Group Inc note 3.000% 6/1 1.2 $4.3M 3.5M 1.23
Insulet Corporation Cvt 3.75 0 convert 1.2 $4.3M 2.9M 1.47
Thrx 2 1/8 01/15/23 1.1 $4.1M 2.8M 1.45
Endologix Inc note 2.250%12/1 1.1 $4.1M 4.0M 1.02
Volcano Corporation note 2.875% 9/0 0.9 $3.4M 3.3M 1.05
Gt Advanced Technologies Inc note 3.000%12/1 0.7 $2.6M 2.6M 1.01
On Semiconductor Corp note 2.625%12/1 0.6 $2.1M 1.9M 1.10
Tesla Mtrs Inc note 1.500% 6/0 0.6 $2.1M 1.5M 1.38
Ascent Cap Group Inc note 4.000% 7/1 0.5 $1.9M 1.8M 1.07
Helix Energy Solutions note 0.3 $1.2M 1.0M 1.20
Genco Shipping & Trading Ltd note 5.000% 8/1 0.1 $499k 960k 0.52
Lkd Barclays Bk Plc Ipath S&p Etn etf 0.1 $366k 23k 15.71
ProShares UltraShort 7-10 Year Trea (PST) 0.1 $303k 10k 30.30