Silverback Asset Management

Silverback Asset Management as of Dec. 31, 2010

Portfolio Holdings for Silverback Asset Management

Silverback Asset Management holds 56 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
Spdr S&p 500 Etf (SPY) 5.6 $38M 300k 125.75
Cheniere Energy Inc note 2.250% 8/0 5.6 $37M 51M 0.73
Virgin Media Inc note 6.500%11/1 4.8 $32M 20M 1.66
General Mtrs Co jr pfd cnv srb 4.4 $30M 550k 53.99
Dryships Inc. note 5.000%12/0 3.9 $26M 25M 1.03
Reinsurance Group Amer Inc pfd tr inc eq 3.2 $22M 309k 69.59
Alere 3.0 $20M 79k 251.62
Sba Communications Corp note 1.875% 5/0 2.8 $19M 17M 1.13
Tyson Foods Inc note 3.250%10/1 2.8 $19M 15M 1.23
Symantec Corp note 0.750% 6/1 2.7 $18M 18M 1.04
Micron Technology Inc note 1.875% 6/0 2.7 $18M 19M 0.94
L-3 Communications Corp debt 3.000% 8/0 2.6 $18M 18M 1.00
ACTUANT CORP CONVERTIBLE security 2.6 $17M 13M 1.36
Sonic Automotive Inc note 5.000% 10/0 2.5 $17M 14M 1.24
Medicis Pharmaceutical Corp note 2.500% 6/0 2.4 $16M 15M 1.06
Alliance Data Systems Corp note 1.750% 8/0 2.4 $16M 15M 1.08
Equinix Inc note 3.000%10/1 2.3 $15M 15M 1.00
Sothebys note 3.125% 6/1 2.2 $15M 10M 1.46
Usec Inc note 3.000%10/0 2.2 $15M 16M 0.90
Western Refng Inc note 5.750% 6/1 2.1 $14M 12M 1.20
International Coal Grp Inc N note 4.000% 4/0 2.1 $14M 9.1M 1.53
Smithfield Foods Inc note 4.000% 6/3 2.0 $14M 12M 1.17
Arvinmeritor Inc frnt 4.625% 3/0 1.9 $13M 10M 1.27
CenturyLink 1.8 $12M 266k 46.20
Synnex Corp Cvt 4 05-15-18 144 convert 1.8 $12M 9.8M 1.23
Hercules Offshore Inc note 3.375% 6/0 1.6 $11M 14M 0.76
Aar Corp note 1.750% 2/0 1.6 $11M 9.5M 1.10
Medtronic Inc note 1.625% 4/1 1.5 $10M 10M 1.01
Lincare Hldgs 2.75% 11/37 note 1.5 $9.8M 9.0M 1.09
Northgate Minerals Corp note 3.500%10/0 1.4 $9.1M 8.5M 1.07
On Semiconductor Corp note 4/1 1.2 $8.4M 7.5M 1.12
Goodrich Pete Corp note 5.000%10/0 1.2 $8.3M 8.5M 0.98
Albany Intl Corp note 2.250% 3/1 1.2 $8.3M 8.7M 0.95
Greenbrier Cos Inc note 2.375% 5/1 1.2 $7.8M 8.4M 0.93
Gmx Res Inc note 5.000% 2/0 1.1 $7.7M 9.0M 0.85
Kulicke & Soffa Inds Inc note 0.875% 6/0 1.0 $6.9M 7.1M 0.97
Citigroup Inc unit 1.0 $6.8M 50k 136.00
Newpark Res Inc note 4.000%10/0 1.0 $6.8M 7.5M 0.91
Chesapeake Energy Corp note 2.500% 5/1 1.0 $6.7M 7.5M 0.89
Thoratec Corp note 1.379% 5/1 0.9 $6.4M 7.5M 0.85
Financial Select Sector SPDR (XLF) 0.9 $6.4M 401k 15.95
Horizon Lines Inc note 4.250% 8/1 0.9 $6.1M 6.6M 0.92
Level 3 Communications Inc note 3.500% 6/1 0.8 $5.5M 5.7M 0.96
Flotek cv 5.25% 0.8 $5.4M 6.3M 0.86
Global Inds Ltd dbcv 2.750% 8/0 0.8 $5.3M 7.0M 0.75
Novamed Inc Del note 1.000% 6/1 0.7 $4.8M 5.2M 0.93
Chesapeake Energy Corp note 2.500% 5/1 0.7 $4.5M 5.0M 0.89
Mastec Inc note 4.000% 6/1 0.6 $4.2M 3.5M 1.21
Ambassadors Intl Inc note 3.750% 4/1 0.6 $3.8M 10M 0.37
Ym Biosciences 0.4 $2.8M 1.2M 2.33
Affiliated Managers Group note 3.950% 8/1 0.4 $2.8M 2.5M 1.11
Amgen Inc note 0.375% 2/0 0.4 $2.5M 2.5M 1.00
Rti Intl Metals Inc note 3.000%12/0 0.3 $2.1M 2.0M 1.04
Old Rep Intl Corp note 8.000% 5/1 0.3 $2.0M 1.6M 1.27
Symantec Corporation 0.2 $1.5M 90k 16.74
Mannkind Corp note 3.750%12/1 0.1 $573k 855k 0.67