Polar Securities

Polar Securities as of Dec. 31, 2010

Portfolio Holdings for Polar Securities

Polar Securities holds 150 positions in its portfolio as reported in the December 2010 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
Kinross Gold Corp (KGC) 4.6 $55M 2.9M 18.96
Holdings Inc Note 5.25 4.0 $48M 25M 1.91
Silver Wheaton Corp 3.7 $45M 1.1M 38.98
iShares Russell 2000 Index (IWM) 3.2 $39M 500k 78.24
Netapp Inc note 1.750% 6/0 3.0 $36M 20M 1.78
Group Cgi Cad Cl A 2.7 $32M 1.9M 17.26
Sxc Health Solutions Corp 2.4 $29M 675k 42.57
Chevron Corporation (CVX) 2.3 $27M 300k 91.25
General Mtrs Co jr pfd cnv srb 2.2 $27M 500k 54.03
Penn West Energy Trust 2.1 $26M 1.1M 23.92
Equifax (EFX) 2.1 $25M 711k 35.60
Endo Pharmaceuticals Hldgs I note 1.750% 4/1 2.0 $24M 18M 1.33
Research In Motion 1.6 $19M 328k 58.13
Equinix Inc note 4.750% 6/1 1.5 $19M 15M 1.23
Enerplus Resources Fund 1.5 $18M 587k 30.84
Cloud Peak Energy 1.5 $18M 764k 23.23
Celestica (CLS) 1.3 $16M 1.6M 9.70
EMC Corporation 1.2 $15M 633k 22.90
Novagold Res Inc bond 1.2 $14M 9.0M 1.57
Comcast Corporation (CMCSA) 1.1 $13M 594k 21.97
Adobe Systems Incorporated (ADBE) 1.1 $13M 418k 30.78
Dell 1.1 $13M 946k 13.55
PowerShares DB US Dollar Index Bullish 1.1 $13M 568k 22.71
MasterCard Incorporated (MA) 1.1 $13M 57k 224.12
DENTSPLY International 1.1 $13M 370k 34.17
IDEX Corporation (IEX) 1.0 $12M 301k 39.12
Virgin Media Inc note 6.500%11/1 1.0 $12M 7.0M 1.66
Tsakos Energy Navigation 1.0 $12M 1.2M 10.00
Imris (IMRSQ) 1.0 $12M 2.0M 5.75
Covidien 0.9 $11M 247k 45.66
Quanta Services (PWR) 0.9 $11M 563k 19.92
Iesi Bfc 0.9 $11M 445k 24.30
Parker-Hannifin Corporation (PH) 0.9 $11M 124k 86.30
Republic Services (RSG) 0.9 $10M 348k 29.86
Carpenter Technology Corporation (CRS) 0.8 $10M 255k 40.24
Agilent Technologies Inc C ommon (A) 0.8 $10M 243k 41.40
Starbucks Corporation (SBUX) 0.8 $10M 316k 32.13
Thomas & Betts Corporation 0.8 $9.9M 205k 48.30
Cognex Corporation (CGNX) 0.8 $9.7M 331k 29.42
Gildan Activewear Inc Com Cad (GIL) 0.8 $9.6M 338k 28.49
FEI Company 0.8 $9.5M 358k 26.41
Finisar Corp note 5.000%10/1 0.8 $9.5M 3.3M 2.91
Life Technologies 0.8 $9.4M 169k 55.50
Suncor Energy (SU) 0.8 $9.3M 244k 38.29
Mueller Industries (MLI) 0.8 $9.1M 279k 32.70
Ivanhoe Mines 0.8 $9.2M 401k 22.92
Yamana Gold 0.8 $9.2M 715k 12.80
Coherent 0.8 $9.1M 201k 45.14
IAC/InterActive 0.7 $8.6M 300k 28.70
Electronics For Imaging 0.7 $8.0M 562k 14.31
Western Union Company (WU) 0.7 $7.9M 426k 18.57
Industries N shs - a - (LYB) 0.7 $8.0M 232k 34.40
Hudson Highland 0.7 $7.9M 1.4M 5.83
Eldorado Gold Corp 0.6 $7.7M 413k 18.57
Stantec (STN) 0.6 $7.5M 267k 27.97
Direxion Daily Emr Mkts Bull 3x 0.6 $7.4M 179k 41.32
Verisk Analytics (VRSK) 0.6 $7.3M 214k 34.08
J.B. Hunt Transport Services (JBHT) 0.6 $7.1M 174k 40.81
Sprott Physical Gold Trust (PHYS) 0.6 $7.0M 568k 12.34
99 Cents Only Stores 0.6 $6.9M 431k 15.94
Ruby Tuesday 0.6 $6.7M 517k 13.06
Intersil Corporation 0.5 $6.5M 427k 15.27
Mohawk Industries (MHK) 0.5 $6.5M 114k 56.76
McKesson Corporation (MCK) 0.5 $6.5M 93k 70.38
PSS World Medical 0.5 $6.5M 288k 22.60
Applied Micro Circuits Corporation 0.5 $6.4M 603k 10.68
Acxiom Corporation 0.5 $6.4M 372k 17.15
Imperial Oil (IMO) 0.5 $6.4M 158k 40.58
Nordion 0.5 $6.4M 561k 11.39
Pep Boys - Manny, Moe & Jack 0.5 $6.2M 463k 13.43
Heartland Express (HTLD) 0.5 $6.2M 384k 16.02
Canadian Natural Resources (CNQ) 0.5 $6.1M 137k 44.53
Aeropostale 0.5 $6.1M 249k 24.64
AeroVironment (AVAV) 0.5 $6.1M 228k 26.83
Guess? (GES) 0.5 $6.1M 129k 47.32
AUSTRALIA Acquisition-unit unit 99/99/9999 0.5 $6.0M 600k 9.98
Firstservice Cad Sub Vtg 0.5 $5.8M 195k 30.02
Quantum Corporation 0.5 $5.8M 1.6M 3.72
Barclays Bk Plc ipth s^p vix 0.5 $5.6M 150k 37.61
Amdocs Ltd ord (DOX) 0.5 $5.5M 200k 27.47
Chico's FAS 0.5 $5.6M 462k 12.03
Tetra Tech (TTEK) 0.5 $5.4M 217k 25.06
Pall Corporation 0.4 $5.2M 106k 49.58
Caribou Coffee Company 0.4 $5.2M 521k 10.08
iShares MSCI Mexico Inv. Mt. Idx. (EWW) 0.4 $5.1M 82k 61.93
Heartware Intl Inc note 3.500%12/1 0.4 $5.0M 4.5M 1.10
Blackrock Inc dbcv 2.625% 2/1 0.4 $4.9M 2.5M 1.96
Pengrowth Energy Tr 0.4 $4.8M 372k 12.86
Triangle Petroleum Corporation 0.4 $4.5M 699k 6.50
Cott Corp 0.4 $4.3M 481k 9.01
La-Z-Boy Incorporated (LZB) 0.3 $4.0M 439k 9.02
Encana Corp 0.3 $3.9M 134k 29.12
iShares MSCI Hong Kong Index Fund (EWH) 0.3 $3.9M 209k 18.92
Morton's Restaurant 0.3 $3.8M 594k 6.48
Roadrunner Transportation Services Hold. 0.3 $3.6M 252k 14.46
Cazador Acquisition Corporat 0.3 $3.7M 380k 9.65
Molson Coors Brewing Company (TAP) 0.3 $3.5M 70k 50.18
Verizon Communications (VZ) 0.3 $3.5M 97k 35.79
Ruth's Hospitality 0.3 $3.4M 725k 4.63
Barrick Gold Corp (GOLD) 0.3 $3.1M 59k 53.26
Ethan Allen Interiors (ETD) 0.3 $3.1M 157k 20.01
Navigant Consulting 0.2 $3.1M 332k 9.20
Tor Dom Bk Cad (TD) 0.2 $3.0M 40k 74.31
Crown Holdings (CCK) 0.2 $2.5M 75k 33.39
United States Oil Fund 0.2 $2.6M 66k 39.00
Firstservice Corp sdcv 6.500%12/3 0.2 $2.5M 2.0M 1.23
Brookfield Asset Management 0.2 $2.3M 70k 33.30
Cameco Corporation (CCJ) 0.2 $2.2M 56k 40.38
Express Scripts 0.2 $2.3M 43k 54.07
Goodrich Corporation 0.2 $2.2M 25k 88.08
Terex Corporation (TEX) 0.2 $2.2M 71k 31.04
Owens Corning (OC) 0.2 $1.9M 60k 31.15
Agnico (AEM) 0.2 $1.9M 25k 76.72
TomoTherapy Incorporated 0.2 $1.9M 537k 3.61
iShares MSCI Emerging Markets Indx (EEM) 0.1 $1.7M 37k 47.63
Provident Energy Trust (PVX) 0.1 $1.9M 233k 7.95
Akamai Technologies (AKAM) 0.1 $1.6M 35k 47.04
Skyworks Solutions (SWKS) 0.1 $1.7M 60k 28.63
TiVo 0.1 $1.7M 200k 8.63
CenturyLink 0.1 $1.6M 35k 46.17
Plum Creek Timber 0.1 $1.6M 43k 37.45
Lindsay Corporation (LNN) 0.1 $1.6M 26k 59.43
Financial Select Sector SPDR (XLF) 0.1 $1.6M 101k 15.95
iShares MSCI Germany Index Fund (EWG) 0.1 $1.1M 44k 23.93
New York Community Ban (NYCB) 0.1 $943k 50k 18.86
iShares MSCI Hong Kong Index Fund (EWH) 0.1 $984k 52k 18.92
CarMax (KMX) 0.1 $797k 25k 31.88
Tyson Foods (TSN) 0.1 $861k 50k 17.22
Enbridge (ENB) 0.1 $733k 13k 56.38
Gold Reserve 0.1 $770k 425k 1.81
Aviat Networks 0.1 $566k 112k 5.07
Capital Gold Corporation 0.1 $659k 130k 5.07
Direxion Daily Emr Mkts Bear 3x 0.1 $588k 29k 20.28
Bank of America Corporation (BAC) 0.0 $334k 25k 13.36
Intuitive Surgical (ISRG) 0.0 $387k 1.5k 258.00
Southwest Airlines (LUV) 0.0 $332k 26k 12.97
Annaly Capital Management 0.0 $269k 15k 17.93
Shuffle Master 0.0 $227k 20k 11.46
Insituform Technologies 0.0 $212k 8.0k 26.50
Shengkai Innovations 0.0 $201k 35k 5.74
Cazador Acquisition Corporat *w exp 99/99/999 0.0 $251k 380k 0.66
Nile Therapeutics 0.0 $186k 300k 0.62
Liz Claiborne 0.0 $101k 14k 7.16
Citi 0.0 $99k 21k 4.71
Saks Incorporated 0.0 $161k 15k 10.73
RegeneRx Biopharmaceuticals 0.0 $88k 400k 0.22
Westway Group Inc *w exp 05/24/201 0.0 $64k 530k 0.12
Armour Residential Reit Inc *w exp 11/07/201 0.0 $21k 306k 0.07
Clark Hldgs Inc *w exp 02/15/201 0.0 $1.0k 11k 0.09
Nile Therapeutics Inc *w exp 99/99/999 0.0 $24k 90k 0.27