____Mohican Financial Management, LLC_______

Mohican Financial Management as of March 31, 2014

Portfolio Holdings for Mohican Financial Management

Mohican Financial Management holds 44 positions in its portfolio as reported in the March 2014 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
Altra Holdings, Inc note 2.750% 3/0 4.9 $13M 9.0M 1.42
Trak 1 1/2 03/15/17 4.7 $12M 8.5M 1.42
Gt Advanced Technologies Inc conv 4.4 $12M 5.0M 2.30
Airtran Hldgs Inc note 5.250%11/0 4.3 $11M 5.8M 1.94
Photronics Inc note 4.1 $11M 9.8M 1.10
Horsehead Hldg Corp note 3.800% 7/0 3.9 $10M 7.8M 1.30
Web Com Group Inc note 1.000% 8/1 3.8 $9.9M 8.4M 1.18
Healthways Inc note 1.500% 7/0 3.7 $9.6M 9.0M 1.07
Mentor Graphics 4% 2031 conv 3.6 $9.3M 7.5M 1.24
Take-two Interactive Softwar note 1.000% 7/0 3.3 $8.5M 7.0M 1.22
Albany Molecular Resh Inc note 2.250%11/1 3.1 $8.2M 6.0M 1.36
Wabash National Corp 3.375 '18 conv 3.1 $8.1M 5.8M 1.39
Forestar Group Inc note 3.1 $8.0M 7.5M 1.07
Accuray Inc Del note 3.750% 8/0 2.8 $7.2M 6.0M 1.20
Gain Cap Hldgs Inc note 4.125%12/0 2.6 $6.8M 6.0M 1.13
M/i Homes Inc note 3.250% 9/1 2.5 $6.4M 5.3M 1.21
Home Inns & Hotels Mgmt Inc note 2.000%12/1 2.4 $6.3M 6.5M 0.97
Webmd Health Corp note 2.4 $6.3M 6.2M 1.02
Molina Healthcare Inc note 3.750%10/0 2.4 $6.2M 5.0M 1.24
Amag Pharmaceuticals Inc note 2.500% 2/1 2.3 $6.1M 6.0M 1.01
Photronics Inc note 5.500%10/0 2.3 $6.0M 3.5M 1.75
Gt Advanced Technologies Inc note 3.000%12/1 2.2 $5.8M 3.6M 1.62
Array Biopharma Inc note 3.000% 6/0 2.2 $5.7M 5.5M 1.03
Comtech Telecommunications Cor conv 2.2 $5.6M 5.5M 1.02
Encore Cap Group Inc note 3.000%11/2 2.1 $5.4M 3.5M 1.55
Endologix Inc note 2.250%12/1 1.8 $4.8M 5.0M 0.95
Interdigital Inc 2.5% conv 1.8 $4.6M 4.4M 1.04
Aar Corp 2.25% conv 1.7 $4.3M 4.2M 1.03
Equinix Inc note 3.000%10/1 1.6 $4.1M 2.5M 1.65
Volcano Corporation note 1.750%12/0 1.6 $4.0M 4.1M 0.99
Rti Intl Metals Inc note 1.625%10/1 1.5 $3.9M 4.0M 0.98
Titan Machy Inc note 3.750% 5/0 1.5 $3.8M 4.5M 0.85
Thrx 2 1/8 01/15/23 1.4 $3.6M 2.8M 1.29
Volcano Corporation note 2.875% 9/0 1.3 $3.3M 3.3M 1.01
Ttm Technologies Inc conv 1.3 $3.3M 3.0M 1.11
Regis Corp Minn note 5.000% 7/1 1.2 $3.1M 3.0M 1.02
Cadence Design Sys Cvt 2.625 6 convert 1.2 $3.1M 1.5M 2.07
Ascent Cap Group Inc note 4.000% 7/1 1.1 $2.8M 2.8M 1.00
Steel Dynamics Inc note 5.125% 6/1 1.0 $2.5M 2.4M 1.08
Bristow Group Inc note 3.000% 6/1 1.0 $2.5M 2.0M 1.24
Genco Shipping & Trading Ltd note 5.000% 8/1 0.3 $768k 960k 0.80
Lkd Barclays Bk Plc Ipath S&p Etn etf 0.1 $353k 23k 15.15
Proshares Ultrashort 20+y Tr etf (TBT) 0.1 $338k 5.0k 67.60
ProShares UltraShort 7-10 Year Trea (PST) 0.1 $285k 10k 28.50