Silverback Asset Management

Silverback Asset Management as of Dec. 31, 2011

Portfolio Holdings for Silverback Asset Management

Silverback Asset Management holds 78 positions in its portfolio as reported in the December 2011 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
E M C Corp Mass note 1.750%12/0 8.6 $131M 96M 1.37
Netapp Inc note 1.750% 6/0 4.5 $69M 55M 1.26
Amgen Inc note 0.375% 2/0 4.3 $66M 66M 1.01
Medtronic Inc note 1.625% 4/1 3.6 $55M 54M 1.01
Citigroup Inc Com Us cmn 3.3 $51M 1.9M 26.31
Newmont Mining Corp note 3.000% 2/1 3.3 $50M 39M 1.31
Citigroup Inc *w exp 10/28/201 2.9 $44M 1.7M 26.31
Salesforce Com Inc note 0.750% 1/1 2.5 $38M 28M 1.37
Ingersoll-rand Global Hldg C debt 2.4 $37M 21M 1.72
Pioneer Nat Res Co note 2.875% 1/1 2.4 $36M 23M 1.54
Amerigroup Corp note 2.000% 5/1 2.3 $35M 25M 1.41
Mylan Inc note 1.250% 3/1 2.1 $32M 31M 1.01
L-3 Communications Corp debt 3.000% 8/0 1.9 $30M 31M 0.96
Linear Technology Corp note 3.000% 5/0 1.9 $30M 29M 1.02
United States Stl Corp New note 4.000% 5/1 1.8 $28M 25M 1.11
Lucent Technologies Inc dbcv 2.875% 6/1 1.8 $27M 31M 0.88
Best Buy Inc sdcv 2.250% 1/1 1.8 $27M 27M 1.00
Gilead Sciences conv 1.8 $27M 25M 1.09
Western Refng Inc note 5.750% 6/1 1.6 $24M 17M 1.44
Borgwarner Inc note 3.500% 4/1 1.6 $24M 12M 1.95
Covanta Holding Conv conv bnd 1.6 $24M 23M 1.05
Kinross Gold Corp note 1.750% 3/1 1.6 $24M 24M 0.98
Chesapeake Energy Corp note 2.500% 5/1 1.5 $23M 26M 0.90
Verifone Sys Inc note 1.375% 6/1 1.5 $22M 22M 1.03
Iconix Brand Group Inc note 1.875% 6/3 1.4 $22M 22M 0.99
Lincare Hldgs 2.75% 11/37 note 1.4 $21M 21M 1.02
Micron Technology Inc note 4.250%10/1 1.4 $21M 15M 1.41
Archer Daniels Midland Co note 0.875% 2/1 1.4 $21M 21M 1.01
Alcoa Inc debt 1.4 $21M 14M 1.52
SAFEGUARD SCIENTIFICS INC Dbcv 10.125% 3/1 debt 1.3 $20M 16M 1.29
Kulicke & Soffa Inds Inc note 0.875% 6/0 1.3 $19M 19M 1.00
Interpublic Group Cos Inc note 4.250% 3/1 1.3 $19M 19M 1.01
Lincare Hldgs Inc note 2.750%11/0 1.3 $19M 18M 1.09
ACTUANT CORP CONVERTIBLE security 1.2 $19M 15M 1.21
On Semiconductor Corp note 4/1 1.2 $18M 18M 1.02
Sonosite Inc note 3.750% 7/1 1.2 $18M 12M 1.46
Cheniere Energy Inc note 2.250% 8/0 1.1 $18M 19M 0.94
General Mtrs Co *w exp 07/10/201 1.1 $17M 815k 20.27
Symantec Corporation 1.0 $16M 1.0M 15.65
Cheniere Energy (LNG) 1.0 $16M 1.8M 8.69
Arvinmeritor Inc frnt 4.625% 3/0 1.0 $16M 21M 0.74
Cubist Pharmaceuticals Inc note 2.250% 6/1 1.0 $15M 11M 1.35
Hologic Inc frnt 2.000%12/1 0.9 $14M 15M 0.96
Vector Group Ltd debt 0.9 $13M 12M 1.14
Lucent Technologies Inc dbcv 2.750% 6/1 0.8 $12M 16M 0.74
Mcmoran Exploration Co note 5.250%10/0 0.8 $11M 10M 1.10
Alere 0.7 $11M 53k 214.33
On Semiconductor Corp note 2.625%12/1 0.7 $11M 9.8M 1.10
TAKE-TWO INTER CONVERTIBLE security 0.7 $11M 7.5M 1.44
United Therapeutics conv 0.7 $10M 9.0M 1.16
Usec Inc note 3.000%10/0 0.7 $10M 22M 0.46
Dendreon Corp note 0.7 $10M 14M 0.70
On Semiconductor Corp note 2.625%12/1 0.7 $9.9M 9.0M 1.10
Headwaters Inc note 2.500% 2/0 0.6 $9.8M 12M 0.82
Autoliv Inc unit 99/99/9999 0.6 $9.3M 128k 72.69
Dryships Inc. note 5.000%12/0 0.6 $8.5M 12M 0.69
Comtech Telecommunications Cor conv 0.6 $8.4M 7.9M 1.06
Alpha Natural Resources Inc note 2.375% 4/1 0.5 $8.2M 8.8M 0.93
Equinix Inc note 2.500% 4/1 0.5 $8.0M 7.7M 1.04
Goodrich Pete Corp note 5.000%10/0 0.4 $6.5M 7.0M 0.93
Exterran Hldgs Inc note 4.250% 6/1 0.3 $5.3M 6.0M 0.89
Sonic Automotive Inc note 5.000% 10/0 0.3 $5.0M 3.7M 1.33
Sandisk Corp note 1.000% 5/1 0.3 $5.0M 5.0M 0.99
Arvinmeritor Inc frnt 4.000% 2/1 0.3 $4.8M 7.5M 0.64
Rf Microdevices Inc note 0.750% 4/1 0.3 $4.5M 4.5M 1.00
Level 3 Communications conv 0.3 $4.2M 3.6M 1.15
Vornado Rlty L P debt 0.3 $4.2M 4.1M 1.02
Cemex Sab conv 0.2 $3.6M 5.5M 0.65
James River Coal 4.5% 2015 conv 0.2 $3.3M 4.3M 0.78
salesforce (CRM) 0.2 $3.0M 30k 101.47
Gmx Res Inc note 4.500% 5/0 0.2 $2.9M 6.1M 0.48
Jefferies Group Inc New dbcv 3.875%11/0 0.2 $2.9M 3.5M 0.82
Gmx Res Inc note 5.000% 2/0 0.2 $2.4M 3.7M 0.64
D Synnex Corp Ser B Sr Uns Conv convrt bonds 0.1 $2.2M 1.8M 1.17
Clearwire Corporation 0.1 $814k 420k 1.94
Thq Inc note 5.000% 8/1 0.0 $230k 500k 0.46
MF Global Holdings 0.0 $200k 2.5M 0.08
THQ 0.0 $40k 53k 0.75