--- -------------------- ----- as of March 31, 2011
Portfolio Holdings for --- -------------------- -----
--- -------------------- ----- holds 104 positions in its portfolio as reported in the March 2011 quarterly 13F filing
| Company (Ticker) | Portfolio Weight | Valued At | Change in Shares | Share Count | Share Price |
|---|---|---|---|---|---|
| Dynegy | 9.6 | $83M | 15M | 5.69 | |
| Patterson-UTI Energy (PTEN) | 5.1 | $44M | 1.5M | 29.39 | |
| Suno | 4.2 | $36M | 799k | 45.59 | |
| Cit | 3.0 | $26M | 605k | 42.55 | |
| St. Joe Company (JOE) | 2.9 | $25M | 1.0M | 25.07 | |
| Alpha Natural Resources | 2.9 | $25M | 420k | 59.37 | |
| Directv | 2.7 | $23M | 500k | 46.80 | |
| Genon Energy | 2.7 | $23M | 6.1M | 3.81 | |
| Chemtura Corporation | 2.6 | $23M | 1.3M | 17.20 | |
| Penn Virginia Corporation | 2.5 | $22M | 1.3M | 16.96 | |
| Smurfit-stone Container Corp | 2.4 | $21M | 550k | 38.65 | |
| CVR Energy (CVI) | 2.4 | $21M | 910k | 23.16 | |
| Mi Devs Inc cl a sub vtg | 2.4 | $21M | 706k | 28.98 | |
| Pfizer (PFE) | 2.3 | $20M | 1.0M | 20.31 | |
| Genworth Financial (GNW) | 2.3 | $20M | 1.5M | 13.46 | |
| CareFusion Corporation | 2.3 | $20M | 700k | 28.20 | |
| JPMorgan Chase & Co. (JPM) | 2.2 | $20M | 425k | 46.10 | |
| Visteon Corporation (VC) | 2.1 | $19M | 296k | 62.49 | |
| Via | 1.9 | $17M | 355k | 46.52 | |
| Bristow | 1.9 | $16M | 340k | 47.30 | |
| Solutia | 1.8 | $16M | 625k | 25.40 | |
| CARBO Ceramics | 1.6 | $14M | 100k | 141.11 | |
| Comcast Corporation | 1.6 | $14M | 600k | 23.22 | |
| Murphy Oil Corporation (MUR) | 1.5 | $13M | 180k | 73.42 | |
| NCR Corporation (VYX) | 1.5 | $13M | 688k | 18.84 | |
| BPZ Resources | 1.5 | $13M | 2.4M | 5.30 | |
| Usec Inc note 3.000%10/0 | 1.4 | $12M | 15M | 0.79 | |
| Cheniere Energy (LNG) | 1.3 | $12M | 1.3M | 9.31 | |
| Semgroup Corp cl a | 1.3 | $12M | 414k | 28.16 | |
| Liberty Media | 1.2 | $11M | 136k | 77.60 | |
| Industries N shs - a - (LYB) | 1.1 | $9.9M | 250k | 39.55 | |
| ROYAL BK SCOTLAND Group Plc sp adr pref t | 1.1 | $9.7M | 497k | 19.60 | |
| Air Products & Chemicals (APD) | 1.0 | $9.0M | 100k | 90.18 | |
| Mosaic Company | 1.0 | $8.5M | 108k | 78.76 | |
| Six Flags Entertainment (SIX) | 0.9 | $8.3M | 115k | 71.99 | |
| Citi | 0.9 | $8.0M | 1.8M | 4.42 | |
| Apple (AAPL) | 0.9 | $7.8M | 23k | 348.47 | |
| AbitibiBowater | 0.8 | $7.4M | 275k | 26.87 | |
| Huntsman Corporation (HUN) | 0.8 | $7.1M | 410k | 17.38 | |
| Noranda Aluminum Holding Corporation | 0.8 | $6.9M | 432k | 16.05 | |
| Cisco Systems (CSCO) | 0.8 | $6.9M | 400k | 17.15 | |
| NRG Energy (NRG) | 0.7 | $6.5M | 300k | 21.54 | |
| W.R. Grace & Co. | 0.7 | $6.3M | 166k | 38.29 | |
| Schweitzer-Mauduit International (MATV) | 0.7 | $6.3M | 125k | 50.61 | |
| Williams Companies (WMB) | 0.7 | $6.2M | 200k | 31.18 | |
| Green Mountain Coffee Roasters | 0.7 | $6.0M | 93k | 64.60 | |
| Sprint Nextel Corporation | 0.6 | $5.6M | 1.2M | 4.64 | |
| E.I. du Pont de Nemours & Company | 0.6 | $5.5M | 100k | 54.97 | |
| Iron Mountain Incorporated | 0.6 | $5.5M | 175k | 31.23 | |
| AES Corporation (AES) | 0.6 | $5.2M | 400k | 13.00 | |
| Credicorp (BAP) | 0.6 | $5.2M | 50k | 104.91 | |
| Enersis | 0.6 | $5.2M | 250k | 20.82 | |
| LDK Solar | 0.6 | $4.9M | 400k | 12.24 | |
| Lorillard | 0.6 | $4.8M | 50k | 95.00 | |
| BP (BP) | 0.5 | $4.4M | 100k | 44.13 | |
| FXCM | 0.5 | $3.9M | 300k | 13.03 | |
| Seadrill | 0.4 | $3.6M | 100k | 36.07 | |
| Renaissance Re Holdings Ltd Cmn (RNR) | 0.4 | $3.4M | 50k | 68.98 | |
| Ace Limited Cmn | 0.4 | $3.2M | 50k | 64.72 | |
| Chubb Corporation | 0.3 | $3.1M | 50k | 61.30 | |
| Harvest Natural Resources | 0.3 | $3.0M | 200k | 15.24 | |
| General Maritime Corporation | 0.3 | $2.9M | 1.4M | 2.02 | |
| FMC Corporation (FMC) | 0.3 | $2.5M | 30k | 84.92 | |
| Xl Group | 0.3 | $2.5M | 100k | 24.60 | |
| Computer Sciences Corporation | 0.2 | $1.8M | 37k | 48.73 | |
| Axis Capital Holdings (AXS) | 0.2 | $1.7M | 50k | 34.91 | |
| Alaska Air (ALK) | 0.2 | $1.6M | 25k | 63.43 | |
| Royal Bk Scotland Group Plc adr pref shs r | 0.2 | $1.6M | 95k | 16.50 | |
| Ford Motor Company (F) | 0.2 | $1.4M | 95k | 14.90 | |
| Valassis Communications | 0.1 | $1.2M | 41k | 29.14 | |
| Nordion | 0.1 | $1.2M | 100k | 11.82 | |
| Hldgs (UAL) | 0.1 | $1.2M | 50k | 23.01 | |
| ConAgra Foods (CAG) | 0.1 | $903k | 38k | 23.76 | |
| W.R. Berkley Corporation (WRB) | 0.1 | $806k | 25k | 32.22 | |
| Hasbro (HAS) | 0.1 | $698k | 15k | 46.85 | |
| Microsoft Corporation (MSFT) | 0.1 | $686k | 27k | 25.41 | |
| General Motors Company (GM) | 0.1 | $713k | 23k | 31.04 | |
| AMR Corporation | 0.1 | $647k | 100k | 6.47 | |
| K-V Pharmaceutical Company | 0.1 | $598k | 100k | 5.98 | |
| Clorox Company (CLX) | 0.1 | $554k | 7.9k | 70.13 | |
| Mattel (MAT) | 0.1 | $464k | 19k | 24.95 | |
| EMC Corporation | 0.0 | $390k | 15k | 26.53 | |
| Radian (RDN) | 0.0 | $337k | 49k | 6.82 | |
| CenturyLink | 0.0 | $290k | 7.0k | 41.58 | |
| First Industrial Realty Trust (FR) | 0.0 | $266k | 22k | 11.87 | |
| Pmi Group | 0.0 | $282k | 104k | 2.70 | |
| Phh Corp note 4.000% 4/1 | 0.0 | $218k | 186k | 1.17 | |
| Wendy's Arby's | 0.0 | $219k | 44k | 5.02 | |
| General Mtrs Co jr pfd cnv srb | 0.0 | $272k | 5.6k | 48.15 | |
| Liz Claiborne | 0.0 | $178k | 33k | 5.40 | |
| RadioShack Corporation | 0.0 | $179k | 12k | 14.99 | |
| Usec | 0.0 | $143k | 33k | 4.40 | |
| Lincare Hldgs Inc note 2.750%11/0 | 0.0 | $169k | 142k | 1.19 | |
| Earthlink Inc note 3.250%11/1 | 0.0 | $85k | 79k | 1.08 | |
| Amerigroup Corp note 2.000% 5/1 | 0.0 | $58k | 37k | 1.57 | |
| Office Depot | 0.0 | $87k | 19k | 4.62 | |
| Level 3 Communications | 0.0 | $102k | 69k | 1.47 | |
| McClatchy Company | 0.0 | $71k | 21k | 3.38 | |
| Rite Aid Corporation | 0.0 | $77k | 73k | 1.06 | |
| Advanced Micro Devices (AMD) | 0.0 | $106k | 12k | 8.62 | |
| Developers Diversified Rlty note 1.750%11/1 | 0.0 | $121k | 113k | 1.07 | |
| Fti Consulting Inc bond | 0.0 | $82k | 63k | 1.30 | |
| Synovus Financial | 0.0 | $27k | 11k | 2.43 | |
| China Hydroelectric Corporat w exp 01/25/201 | 0.0 | $5.0k | 17k | 0.29 |
