--- -------------------- ----- as of Sept. 30, 2011
Portfolio Holdings for --- -------------------- -----
--- -------------------- ----- holds 67 positions in its portfolio as reported in the September 2011 quarterly 13F filing
| Company (Ticker) | Portfolio Weight | Valued At | Change in Shares | Share Count | Share Price |
|---|---|---|---|---|---|
| Dynegy | 17.5 | $72M | 17M | 4.12 | |
| Apple (AAPL) | 8.9 | $36M | 95k | 381.32 | |
| BP (BP) | 5.3 | $22M | 600k | 36.07 | |
| Via | 4.2 | $17M | 445k | 38.74 | |
| Family Dollar Stores | 3.9 | $16M | 311k | 50.86 | |
| Mi Devs Inc cl a sub vtg | 3.8 | $16M | 584k | 26.55 | |
| St. Joe Company (JOE) | 3.7 | $15M | 1.0M | 14.99 | |
| BPZ Resources | 3.5 | $14M | 5.2M | 2.77 | |
| Murphy Oil Corporation (MUR) | 3.2 | $13M | 300k | 44.16 | |
| W.R. Grace & Co. | 3.1 | $13M | 384k | 33.30 | |
| Cit | 3.0 | $12M | 400k | 30.37 | |
| Directv | 2.8 | $11M | 270k | 42.27 | |
| Marathon Petroleum Corp (MPC) | 2.6 | $11M | 400k | 27.06 | |
| Pfizer (PFE) | 2.6 | $11M | 608k | 17.68 | |
| EQT Corporation (EQT) | 2.6 | $11M | 196k | 53.35 | |
| CARBO Ceramics | 2.5 | $10M | 100k | 102.53 | |
| Genon Energy | 2.2 | $9.0M | 3.3M | 2.78 | |
| Mosaic (MOS) | 2.1 | $8.6M | 175k | 48.97 | |
| Hollyfrontier Corp | 1.9 | $7.9M | 300k | 26.22 | |
| Bristow | 1.8 | $7.4M | 175k | 42.43 | |
| Suncoke Energy (SXC) | 1.8 | $7.4M | 670k | 11.00 | |
| Suno | 1.8 | $7.1M | 230k | 31.01 | |
| Newmont Mining Corporation (NEM) | 1.5 | $6.3M | 100k | 62.95 | |
| Western Refining | 1.5 | $6.2M | 500k | 12.46 | |
| Comcast Corporation | 1.4 | $5.7M | 275k | 20.72 | |
| E TRADE Financial Corporation | 1.4 | $5.6M | 612k | 9.11 | |
| Solutia | 1.3 | $5.1M | 400k | 12.85 | |
| Blackboard | 1.2 | $5.0M | 113k | 44.67 | |
| Rowan Companies | 1.2 | $4.8M | 160k | 30.19 | |
| Forest Oil Corporation | 1.1 | $4.3M | 300k | 14.40 | |
| Clorox Company (CLX) | 0.6 | $2.4M | 36k | 66.33 | |
| Royal Bk Scotland Group Plc adr pref shs r | 0.6 | $2.3M | 226k | 10.33 | |
| ConAgra Foods (CAG) | 0.5 | $1.8M | 75k | 24.22 | |
| ROYAL BK SCOTLAND Group Plc sp adr pref t | 0.4 | $1.6M | 136k | 12.05 | |
| Computer Sciences Corporation | 0.3 | $1.4M | 51k | 26.86 | |
| Ford Motor Company (F) | 0.2 | $915k | 95k | 9.67 | |
| Hasbro (HAS) | 0.2 | $835k | 26k | 32.60 | |
| Cincinnati Bell | 0.2 | $773k | 250k | 3.09 | |
| Corning Incorporated (GLW) | 0.1 | $626k | 51k | 12.36 | |
| Oncothyreon | 0.1 | $598k | 100k | 5.98 | |
| General Motors Company (GM) | 0.1 | $564k | 28k | 20.20 | |
| Harris Corporation | 0.1 | $398k | 12k | 34.14 | |
| Alliance Data Systems Corp note 1.750% 8/0 | 0.1 | $380k | 297k | 1.28 | |
| Morgan Stanley (MS) | 0.1 | $308k | 23k | 13.51 | |
| Cisco Systems (CSCO) | 0.1 | $294k | 19k | 15.48 | |
| Microsoft Corporation (MSFT) | 0.1 | $262k | 11k | 24.87 | |
| Cytec Industries | 0.1 | $226k | 6.4k | 35.07 | |
| Clearwater Paper (CLW) | 0.1 | $241k | 7.1k | 33.91 | |
| YRC Worldwide | 0.1 | $256k | 5.1M | 0.05 | |
| Boyd Gaming Corporation (BYD) | 0.1 | $204k | 42k | 4.91 | |
| Sonoco Products Company (SON) | 0.1 | $208k | 7.4k | 28.29 | |
| Merck & Co (MRK) | 0.1 | $207k | 6.3k | 32.77 | |
| Community Health Systems (CYH) | 0.1 | $220k | 13k | 16.63 | |
| Cott Corp | 0.0 | $146k | 22k | 6.79 | |
| Office Depot | 0.0 | $158k | 77k | 2.06 | |
| Lincare Hldgs Inc note 2.750%11/0 | 0.0 | $163k | 160k | 1.02 | |
| Synovus Financial | 0.0 | $116k | 108k | 1.07 | |
| Ferro Corporation | 0.0 | $140k | 23k | 6.17 | |
| Wendy's Arby's | 0.0 | $133k | 29k | 4.58 | |
| Pioneer Nat Res Co note 2.875% 1/1 | 0.0 | $95k | 79k | 1.20 | |
| Rite Aid Corporation | 0.0 | $71k | 72k | 0.98 | |
| Usec | 0.0 | $61k | 39k | 1.57 | |
| A123 Sys Inc note 3.750% 4/1 | 0.0 | $68k | 105k | 0.65 | |
| FelCor Lodging Trust Incorporated | 0.0 | $41k | 18k | 2.32 | |
| McClatchy Company | 0.0 | $49k | 36k | 1.34 | |
| Pmi Group | 0.0 | $7.0k | 37k | 0.19 | |
| China Hydroelectric Corporat w exp 01/25/201 | 0.0 | $2.1k | 17k | 0.12 |
