P&S Credit Management

--- --------------------- ----------------------------- as of March 31, 2011

Portfolio Holdings for --- --------------------- -----------------------------

--- --------------------- ----------------------------- holds 125 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
Spdr S&p 500 Etf (SPY) 20.4 $355M 2.7M 132.59
SPDR Gold Trust (GLD) 11.2 $196M 1.4M 139.86
Allergan 11.2 $195M 2.7M 71.02
iShares Russell 2000 Index (IWM) 3.0 $52M 615k 84.17
Heartware Intl Inc note 3.500%12/1 2.6 $45M 4.0M 11.14
Comcast Corporation (CMCSA) 2.4 $43M 1.7M 24.72
International Paper Company (IP) 2.3 $41M 1.4M 30.18
Annaly Cap Mgmt Inc note 4.000% 2/1 2.0 $35M 3.0M 11.58
Amazon (AMZN) 1.6 $27M 150k 180.13
Cephalon Inc note 2.000% 6/0 1.4 $25M 15M 1.66
General Motors Company (GM) 1.4 $25M 800k 31.03
Pfizer (PFE) 1.4 $24M 1.2M 20.31
JPMorgan Chase & Co. (JPM) 1.2 $22M 472k 46.10
Liberty Media 1.2 $21M 265k 77.60
Kohl's Corporation (KSS) 1.1 $19M 350k 53.04
Liberty Global Inc note 4.500% 11/1 1.1 $19M 11M 1.70
Cracker Barrel Old Country Store (CBRL) 0.9 $16M 333k 49.14
Microchip Technology Inc sdcv 2.125%12/1 0.8 $15M 11M 1.36
Exxon Mobil Corporation (XOM) 0.8 $15M 175k 84.13
Mylan Inc note 3.750% 9/1 0.8 $15M 8.0M 1.84
Ford Motor Company (F) 0.8 $13M 900k 14.91
Sara Lee 0.8 $13M 750k 17.67
Sprint Nextel Corporation 0.7 $13M 2.7M 4.64
Polo Ralph Lauren Corporation 0.7 $12M 100k 123.65
Barclays Bk Plc ipth s^p vix 0.7 $12M 420k 29.37
Toyota Motor Corporation (TM) 0.7 $12M 150k 80.25
Williams Companies (WMB) 0.7 $12M 375k 31.18
PowerShares QQQ Trust, Series 1 0.7 $12M 200k 57.53
Concho Resources 0.6 $11M 100k 107.30
Rovi Corporation 0.6 $11M 200k 53.65
Oil Sts Intl Inc note 2.375% 7/0 0.6 $11M 4.5M 2.41
Best Buy (BBY) 0.6 $10M 350k 28.72
Deutsche Bank Ag-registered (DB) 0.6 $10M 170k 59.07
France Telecom SA 0.6 $10M 450k 22.51
Joy Global 0.6 $9.9M 100k 98.81
FedEx Corporation (FDX) 0.5 $9.4M 100k 93.55
TransDigm Group Incorporated (TDG) 0.5 $9.2M 110k 83.83
Enpro Industries Inc note 0.5 $9.1M 7.2M 1.26
Whirlpool Corporation (WHR) 0.5 $8.5M 100k 85.36
Southwestern Energy Company 0.5 $8.6M 200k 42.97
Freeport-McMoRan Copper & Gold (FCX) 0.5 $8.3M 150k 55.55
NII Holdings 0.5 $8.3M 200k 41.67
Royal Caribbean Cruises (RCL) 0.5 $8.3M 200k 41.26
Textron (TXT) 0.5 $8.2M 300k 27.39
Marathon Oil Corporation (MRO) 0.5 $8.0M 150k 53.31
MEMC Electronic Materials 0.5 $7.8M 600k 12.96
General Mtrs Co jr pfd cnv srb 0.5 $7.8M 162k 48.20
American Med Sys Hldgs Inc note 4.000% 9/1 0.4 $7.7M 5.8M 1.34
CBS Corporation 0.4 $7.5M 300k 25.04
CenterPoint Energy (CNP) 0.4 $7.4M 420k 17.56
American Capital Agency 0.4 $7.0M 240k 29.14
Hldgs (UAL) 0.4 $6.9M 300k 22.99
Arvinmeritor Inc frnt 4.000% 2/1 0.4 $6.9M 7.0M 0.99
BP (BP) 0.4 $6.6M 150k 44.14
Vale (VALE) 0.4 $6.7M 200k 33.35
Yahoo! 0.4 $6.7M 400k 16.68
Crown Castle International 0.4 $6.4M 150k 42.55
Key Energy Services 0.4 $6.2M 400k 15.55
International Coal Grp Inc N note 4.000% 4/0 0.4 $6.3M 3.0M 2.09
Energy Transfer Partners 0.3 $6.0M 116k 51.76
Sba Communications Corp note 4.000%10/0 0.3 $5.8M 4.0M 1.46
Banco Bilbao Vizcaya Argentaria SA (BBVA) 0.3 $6.0M 500k 12.00
Time Warner Cable 0.3 $5.7M 80k 71.34
Cedar Fair 0.3 $5.7M 297k 19.20
Metlife Inc 5% 10/0/14 Conv Pr cv prf 0.3 $5.2M 61k 84.85
Virgin Media Inc note 6.500%11/1 0.3 $5.1M 5.0M 1.02
Koninklijke Philips Electronics NV (PHG) 0.3 $5.1M 300k 17.02
Dean Foods Company 0.3 $5.0M 500k 10.00
Ubs Ag Cmn 0.3 $4.7M 260k 18.05
Safeway 0.3 $4.7M 200k 23.54
Leap Wireless International 0.3 $4.6M 300k 15.47
Genworth Financial (GNW) 0.2 $4.0M 300k 13.46
CSX Corporation (CSX) 0.2 $3.9M 50k 78.60
Wendy's Arby's 0.2 $4.0M 800k 5.03
Industries N shs - a - (LYB) 0.2 $4.0M 100k 39.55
RadioShack Corporation 0.2 $3.8M 250k 15.01
TiVo 0.2 $3.8M 435k 8.75
Smurfit-stone Container Corp 0.2 $3.9M 100k 38.65
Aircastle 0.2 $3.6M 300k 12.07
Central European Distribution 0.2 $3.4M 300k 11.35
Pride International 0.2 $3.4M 80k 42.95
Temple-Inland 0.2 $3.5M 150k 23.40
H&R Block (HRB) 0.2 $3.3M 200k 16.74
Solutia 0.2 $3.3M 130k 25.40
Materials SPDR (XLB) 0.2 $3.2M 80k 40.02
Anglogold Ashanti Holdings Fin pfd cv 0.2 $3.1M 57k 53.84
Packaging Corporation of America (PKG) 0.2 $2.9M 100k 28.89
Melco Crown Entertainment (MLCO) 0.2 $3.0M 400k 7.60
McClatchy Company 0.2 $2.9M 850k 3.40
Fidelity National Financial 0.2 $2.8M 200k 14.13
Alpha Natural Resources 0.2 $2.8M 48k 59.37
Energy Select Sector SPDR (XLE) 0.2 $2.8M 35k 79.74
MGIC Investment (MTG) 0.1 $2.7M 300k 8.89
Old Republic International Corporation (ORI) 0.1 $2.5M 200k 12.69
CRH 0.1 $2.3M 100k 23.22
Pulte (PHM) 0.1 $2.1M 285k 7.40
Las Vegas Sands (LVS) 0.1 $2.1M 50k 42.22
Standard Pacific 0.1 $2.1M 575k 3.73
Graphic Packaging Holding Company (GPK) 0.1 $2.2M 400k 5.42
Beazer Homes USA 0.1 $1.8M 400k 4.57
Newell Rubbermaid (NWL) 0.1 $1.9M 100k 19.13
Gannett 0.1 $1.9M 125k 15.23
Verso Paper 0.1 $1.8M 343k 5.35
Boise 0.1 $1.8M 200k 9.16
American Capital 0.1 $2.0M 200k 9.91
MGM Resorts International. (MGM) 0.1 $2.0M 150k 13.15
Alcoa 0.1 $1.8M 100k 17.66
D.R. Horton (DHI) 0.1 $1.8M 156k 11.65
KapStone Paper and Packaging 0.1 $1.7M 100k 17.17
iShares Barclays 20+ Yr Treas.Bond (TLT) 0.1 $1.7M 18k 92.11
Wausau Paper 0.1 $1.5M 200k 7.64
Office Depot 0.1 $1.4M 300k 4.63
Jones Group 0.1 $1.4M 100k 13.75
Belo 0.1 $1.1M 125k 8.81
Louisiana-Pacific Corporation (LPX) 0.1 $1.1M 100k 10.50
Homex Development 0.1 $973k 36k 27.25
Massey Energy Company 0.1 $1.0M 15k 68.33
Rite Aid Corporation 0.1 $795k 750k 1.06
WebMD Health 0.1 $892k 17k 53.41
Warner Music 0.0 $677k 100k 6.77
Pmi Group 0.0 $311k 115k 2.70
CVR Energy (CVI) 0.0 $411k 18k 23.17
Alliance Data Systems Corp note 1.750% 8/0 0.0 $179k 1.8M 0.10
Citi 0.0 $221k 50k 4.42
Citigroup Inc Com Us cmn 0.0 $149k 162k 0.92