--- -------------------- ----- as of June 30, 2011
Portfolio Holdings for --- -------------------- -----
--- -------------------- ----- holds 99 positions in its portfolio as reported in the June 2011 quarterly 13F filing
| Company (Ticker) | Portfolio Weight | Valued At | Change in Shares | Share Count | Share Price |
|---|---|---|---|---|---|
| Dollar Thrifty Automotive | 8.3 | $91M | 1.2M | 73.74 | |
| Dynegy | 8.3 | $91M | 15M | 6.19 | |
| Spdr S&p 500 Etf (SPY) | 6.9 | $76M | 575k | 131.97 | |
| First Solar (FSLR) | 6.1 | $67M | 506k | 132.28 | |
| Family Dollar Stores | 5.1 | $56M | 1.1M | 52.56 | |
| DPL | 5.0 | $54M | 1.8M | 30.16 | |
| Temple-Inland | 3.3 | $36M | 1.2M | 29.74 | |
| Suno | 3.0 | $33M | 800k | 41.72 | |
| BP (BP) | 3.0 | $33M | 750k | 44.29 | |
| Cit | 3.0 | $32M | 730k | 44.26 | |
| Apple (AAPL) | 2.6 | $29M | 85k | 335.66 | |
| Via | 2.1 | $23M | 455k | 51.00 | |
| Directv | 2.1 | $23M | 445k | 50.82 | |
| Mi Devs Inc cl a sub vtg | 2.0 | $22M | 706k | 30.43 | |
| St. Joe Company (JOE) | 1.9 | $21M | 1.0M | 20.84 | |
| Comcast Corporation | 1.8 | $19M | 800k | 24.23 | |
| Penn Virginia Corporation | 1.7 | $19M | 1.4M | 13.21 | |
| Genon Energy | 1.6 | $17M | 4.5M | 3.86 | |
| Mosaic (MOS) | 1.5 | $17M | 248k | 67.73 | |
| BPZ Resources | 1.5 | $16M | 5.0M | 3.28 | |
| W.R. Grace & Co. | 1.4 | $16M | 347k | 45.63 | |
| Seadrill | 1.4 | $16M | 450k | 35.28 | |
| Bristow | 1.4 | $16M | 305k | 51.02 | |
| Pfizer (PFE) | 1.4 | $16M | 750k | 20.60 | |
| Genworth Financial (GNW) | 1.3 | $14M | 1.3M | 10.28 | |
| CareFusion Corporation | 1.2 | $14M | 500k | 27.17 | |
| NRG Energy (NRG) | 1.1 | $12M | 500k | 24.58 | |
| El Paso Corporation | 1.1 | $12M | 600k | 20.20 | |
| Cheniere Energy (LNG) | 1.1 | $12M | 1.3M | 9.16 | |
| Usec Inc note 3.000%10/0 | 1.0 | $11M | 15M | 0.72 | |
| Valspar Corporation | 1.0 | $11M | 292k | 36.06 | |
| Xerox Corporation | 0.9 | $10M | 1.0M | 10.41 | |
| Fortune Brands | 0.9 | $10M | 163k | 63.77 | |
| NCR Corporation (VYX) | 0.9 | $9.6M | 508k | 18.89 | |
| CVR Energy (CVI) | 0.9 | $9.5M | 385k | 24.62 | |
| Cisco Systems (CSCO) | 0.8 | $8.4M | 538k | 15.60 | |
| Liberty Media | 0.8 | $8.4M | 111k | 75.23 | |
| Hertz Global Holdings | 0.7 | $7.9M | 500k | 15.88 | |
| ROYAL BK SCOTLAND Group Plc sp adr pref t | 0.6 | $7.0M | 371k | 18.79 | |
| Novagold Resources Inc Cad (NG) | 0.6 | $6.9M | 745k | 9.20 | |
| Huntsman Corporation (HUN) | 0.6 | $6.6M | 350k | 18.85 | |
| InterOil Corporation | 0.6 | $6.3M | 108k | 58.52 | |
| Industries N shs - a - (LYB) | 0.6 | $6.0M | 155k | 38.51 | |
| Iron Mountain Incorporated | 0.5 | $6.0M | 175k | 34.09 | |
| Nexen | 0.5 | $5.6M | 250k | 22.50 | |
| Life Technologies | 0.5 | $5.2M | 100k | 52.07 | |
| JPMorgan Chase & Co. (JPM) | 0.5 | $5.1M | 125k | 40.94 | |
| Liberty Global | 0.4 | $4.5M | 100k | 45.05 | |
| Noranda Aluminum Holding Corporation | 0.4 | $4.5M | 300k | 15.14 | |
| Southern Union Company | 0.4 | $4.0M | 100k | 40.14 | |
| Gen-Probe Incorporated | 0.3 | $3.8M | 55k | 69.15 | |
| MEMC Electronic Materials | 0.3 | $3.8M | 450k | 8.53 | |
| Citigroup (C) | 0.3 | $3.7M | 90k | 41.63 | |
| Liberty Media | 0.3 | $3.4M | 200k | 16.77 | |
| Royal Bk Scotland Group Plc adr pref shs r | 0.3 | $3.2M | 196k | 16.43 | |
| EQT Corporation (EQT) | 0.2 | $2.6M | 50k | 52.54 | |
| Liberty Global | 0.2 | $2.1M | 50k | 42.71 | |
| ConAgra Foods (CAG) | 0.2 | $1.9M | 75k | 25.80 | |
| General Maritime Corporation | 0.2 | $1.9M | 1.4M | 1.35 | |
| Clorox Company (CLX) | 0.1 | $1.5M | 22k | 67.46 | |
| Ford Motor Company (F) | 0.1 | $1.3M | 95k | 13.79 | |
| iShares FTSE/Xinhua China 25 Index (FXI) | 0.1 | $1.0M | 24k | 42.99 | |
| Computer Sciences Corporation | 0.1 | $930k | 25k | 37.96 | |
| Golar Lng (GLNG) | 0.1 | $873k | 25k | 34.91 | |
| General Motors Company (GM) | 0.1 | $848k | 28k | 30.36 | |
| Microsoft Corporation (MSFT) | 0.1 | $744k | 29k | 25.98 | |
| Toreador Resources Corporation | 0.1 | $742k | 200k | 3.71 | |
| Hasbro (HAS) | 0.1 | $655k | 15k | 43.96 | |
| Corning Incorporated (GLW) | 0.1 | $519k | 29k | 18.14 | |
| Mattel (MAT) | 0.1 | $511k | 19k | 27.47 | |
| iShares Dow Jones US Real Estate (IYR) | 0.1 | $494k | 8.2k | 60.24 | |
| Boyd Gaming Corporation (BYD) | 0.0 | $288k | 33k | 8.69 | |
| Harris Corporation | 0.0 | $313k | 6.9k | 45.08 | |
| Eastman Kodak Company | 0.0 | $269k | 75k | 3.58 | |
| Chevron Corporation (CVX) | 0.0 | $248k | 2.4k | 102.73 | |
| Cott Corp | 0.0 | $165k | 20k | 8.43 | |
| Goodrich Corporation | 0.0 | $255k | 2.7k | 95.43 | |
| First Industrial Realty Trust (FR) | 0.0 | $234k | 20k | 11.46 | |
| Gannett | 0.0 | $170k | 12k | 14.36 | |
| Pmi Group | 0.0 | $198k | 185k | 1.07 | |
| Phh Corp note 4.000% 4/1 | 0.0 | $208k | 186k | 1.12 | |
| McClatchy Company | 0.0 | $191k | 68k | 2.81 | |
| Radian (RDN) | 0.0 | $193k | 46k | 4.23 | |
| Community Health Systems (CYH) | 0.0 | $257k | 10k | 25.68 | |
| MGM Resorts International. (MGM) | 0.0 | $198k | 15k | 13.20 | |
| Wendy's Arby's | 0.0 | $206k | 41k | 5.06 | |
| Clearwater Paper (CLW) | 0.0 | $230k | 3.4k | 68.33 | |
| Lincare Hldgs Inc note 2.750%11/0 | 0.0 | $168k | 142k | 1.18 | |
| Alliance Data Systems Corp note 1.750% 8/0 | 0.0 | $76k | 60k | 1.27 | |
| Earthlink Inc note 3.250%11/1 | 0.0 | $82k | 79k | 1.04 | |
| Office Depot | 0.0 | $91k | 22k | 4.20 | |
| RadioShack Corporation | 0.0 | $159k | 12k | 13.32 | |
| Synovus Financial | 0.0 | $74k | 36k | 2.07 | |
| Rite Aid Corporation | 0.0 | $78k | 59k | 1.32 | |
| Advanced Micro Devices (AMD) | 0.0 | $93k | 13k | 6.98 | |
| Amkor Technology (AMKR) | 0.0 | $73k | 12k | 6.14 | |
| Usec | 0.0 | $100k | 30k | 3.33 | |
| Developers Diversified Rlty note 1.750%11/1 | 0.0 | $119k | 113k | 1.05 | |
| China Hydroelectric Corporat w exp 01/25/201 | 0.0 | $3.1k | 17k | 0.18 |
