P&S Credit Management

------------------ --------------------------- ------------------------------ as of June 30, 2011

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

------------------ --------------------------- ------------------------------ holds 114 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
Spdr S&p 500 Etf (SPY) 15.8 $190M 1.4M 131.97
Allergan 12.1 $146M 1.8M 83.25
CUBIST PHARM CONVERTIBLE security 2.6 $32M 23M 1.39
Netapp Inc note 1.750% 6/0 2.6 $31M 18M 1.70
Brookdale Senior Living note 2.4 $29M 28M 1.03
Vodafone 2.3 $28M 1.1M 26.72
Annaly Cap Mgmt Inc note 4.000% 2/1 2.3 $28M 23M 1.19
Sensata Technologies Hldg Bv 2.2 $26M 700k 37.65
International Paper Company (IP) 2.2 $26M 875k 29.82
Target Corporation (TGT) 2.1 $26M 550k 46.91
Textron Inc note 4.500% 5/0 2.1 $25M 13M 1.86
Lockheed Martin Corporation (LMT) 2.0 $24M 300k 80.97
Genworth Financial (GNW) 1.9 $23M 2.2M 10.28
E M C Corp Mass note 1.750%12/0 1.8 $22M 13M 1.75
Texas Industries 1.7 $21M 500k 41.63
SPDR S&P Retail (XRT) 1.6 $19M 350k 53.38
Radian Group Inc note 3.000%11/1 1.5 $18M 25M 0.72
Mylan Inc note 3.750% 9/1 1.5 $18M 9.0M 1.97
Microchip Technology Inc sdcv 2.125%12/1 1.5 $18M 13M 1.36
Exxon Mobil Corporation (XOM) 1.4 $16M 200k 81.38
Sprint Nextel Corporation 1.2 $15M 2.8M 5.39
Virgin Media Inc note 6.500%11/1 1.2 $14M 8.0M 1.79
NII Holdings 1.1 $13M 300k 42.38
Penn National Gaming (PENN) 1.0 $12M 300k 40.34
CBS Corporation 0.9 $11M 400k 28.49
Enpro Industries Inc note 0.9 $11M 7.2M 1.55
BP (BP) 0.9 $11M 250k 44.29
iShares Russell 2000 Index (IWM) 0.9 $11M 133k 82.80
TransDigm Group Incorporated (TDG) 0.8 $10M 113k 91.19
Deutsche Bank Ag-registered (DB) 0.8 $10M 170k 59.24
Whirlpool Corporation (WHR) 0.8 $9.8M 120k 81.32
Hldgs (UAL) 0.8 $9.7M 430k 22.63
Newell Rubbermaid (NWL) 0.8 $9.5M 600k 15.78
Goodrich Corporation 0.8 $9.6M 100k 95.50
Textron (TXT) 0.8 $9.4M 400k 23.61
Freeport-McMoRan Copper & Gold (FCX) 0.7 $7.9M 150k 52.90
Anadarko Petroleum Corporation 0.6 $7.7M 100k 76.76
Goodyear Tire Rubr Pfd 5.875% p 0.6 $7.0M 127k 55.14
Cephalon Inc note 2.000% 6/0 0.6 $6.9M 4.0M 1.73
Huntington Ingalls Inds (HII) 0.6 $6.9M 200k 34.50
FedEx Corporation (FDX) 0.6 $6.6M 70k 94.86
Arvinmeritor Inc frnt 4.000% 2/1 0.6 $6.7M 7.0M 0.95
Time Warner 0.5 $6.2M 80k 78.04
Cedar Fair 0.5 $6.0M 299k 20.14
Melco Crown Entertainment (MLCO) 0.5 $5.7M 450k 12.77
Rovi Corporation 0.5 $5.7M 100k 57.36
Sara Lee 0.5 $5.7M 300k 18.99
Crown Castle International 0.4 $5.3M 130k 40.79
Marathon Oil Corporation (MRO) 0.4 $5.3M 100k 52.68
Owens-Illinois 0.4 $5.2M 200k 25.81
Notes 0.4 $5.2M 2.5M 2.08
Comcast Corporation (CMCSA) 0.4 $5.1M 200k 25.34
Valero Energy Corporation (VLO) 0.4 $5.1M 200k 25.57
Cemex SAB de CV (CX) 0.4 $5.0M 576k 8.60
Energy Xxi 0.4 $5.0M 150k 33.22
Petrohawk Energy Corporation 0.4 $4.9M 200k 24.67
Allegiant Travel Company (ALGT) 0.4 $5.0M 100k 49.50
Leap Wireless International 0.4 $4.9M 300k 16.23
Ubs Ag Cmn 0.4 $4.7M 260k 18.26
AK Steel Holding Corporation 0.4 $4.7M 300k 15.76
Dana Holding Corporation (DAN) 0.4 $4.7M 255k 18.30
Pulte (PHM) 0.4 $4.6M 600k 7.66
Metlife Inc 5% 10/0/14 Conv Pr cv prf 0.4 $4.6M 56k 82.13
Ramco-gershenson Pptys Tr perp pfd-d cv 0.4 $4.5M 91k 49.99
McClatchy Company 0.3 $4.2M 1.5M 2.81
Aircastle 0.3 $3.8M 300k 12.72
General Motors Company (GM) 0.3 $3.8M 125k 30.36
Williams Companies (WMB) 0.3 $3.8M 125k 30.25
Key Energy Services 0.3 $3.6M 200k 18.00
Home Inns & Hotels Management 0.3 $3.4M 91k 38.04
Wendy's Arby's 0.3 $3.5M 700k 5.07
El Paso Corporation 0.3 $3.4M 169k 20.20
Alpha Natural Resources 0.3 $3.4M 75k 45.44
CVR Energy (CVI) 0.3 $3.3M 135k 24.62
Ppl Corporation 8.75% pfd cv 0.3 $3.4M 63k 54.51
H&R Block (HRB) 0.3 $3.2M 200k 16.04
AMR Corporation 0.3 $3.2M 600k 5.40
MGM Resorts International. (MGM) 0.3 $3.3M 250k 13.21
Alerian Mlp Etf 0.3 $3.2M 200k 16.04
Fidelity National Information Services (FIS) 0.3 $3.1M 200k 15.74
Covanta Holding Conv conv bnd 0.2 $2.9M 2.5M 1.14
Boise 0.2 $2.7M 350k 7.79
Weatherford International Lt reg 0.2 $2.8M 150k 18.75
Standard Pacific 0.2 $2.7M 800k 3.35
Office Depot 0.2 $2.5M 600k 4.22
Rait Financial Trust - Putable At 100 conv bond 0.2 $2.6M 2.5M 1.02
Georgia Gulf Corporation 0.2 $2.4M 100k 24.14
Solutia 0.2 $2.3M 100k 22.85
Sba Communications Corp note 4.000%10/0 0.2 $2.1M 1.5M 1.41
Cinemark Holdings (CNK) 0.2 $2.1M 100k 20.71
iShares MSCI EAFE Index Fund (EFA) 0.2 $2.0M 33k 60.15
Sinclair Broadcast 0.2 $1.9M 175k 10.98
PharMerica Corporation 0.2 $1.9M 150k 12.76
Huntsman Corporation (HUN) 0.2 $1.9M 100k 18.85
Dean Foods Company 0.1 $1.8M 150k 12.27
US Airways 0.1 $1.8M 200k 8.91
General Mtrs Co *w exp 07/10/201 0.1 $1.9M 87k 21.40
A123 Sys Inc note 3.750% 4/1 0.1 $1.8M 2.0M 0.90
Alcoa 0.1 $1.6M 100k 15.86
Hertz Global Holdings 0.1 $1.6M 100k 15.88
General Mtrs Co *w exp 07/10/201 0.1 $1.4M 87k 15.93
Old Republic International Corporation (ORI) 0.1 $1.2M 100k 11.75
Ciena Corporation (CIEN) 0.1 $1.2M 68k 18.28
Chesapeake Enrgy Cvt Ppd 4.50 cv p 0.1 $1.3M 1.0k 1259.00
Jones Group 0.1 $1.1M 100k 10.85
Synovus Finl Corp unit 99/99/9999 0.1 $1.0M 51k 20.00
Rite Aid Corporation 0.1 $998k 750k 1.33
American Capital Agency 0.1 $993k 100k 9.93
Marvell Technology Group 0.1 $738k 50k 14.76
Temple-Inland 0.1 $743k 25k 29.72
Liberty Global 0.0 $541k 12k 45.05
Verso Paper 0.0 $412k 154k 2.68
General Maritime Corporation 0.0 $135k 100k 1.35
Citigroup Inc Com Us cmn 0.0 $112k 162k 0.69