--- -------------------- ----- as of Dec. 31, 2011
Portfolio Holdings for --- -------------------- -----
--- -------------------- ----- holds 66 positions in its portfolio as reported in the December 2011 quarterly 13F filing
| Company (Ticker) | Portfolio Weight | Valued At | Change in Shares | Share Count | Share Price |
|---|---|---|---|---|---|
| Dynegy | 13.6 | $48M | 17M | 2.77 | |
| Delphi Automotive | 11.1 | $40M | 1.8M | 21.54 | |
| Exelon Corporation (EXC) | 5.5 | $19M | 447k | 43.37 | |
| BPZ Resources | 4.2 | $15M | 5.2M | 2.84 | |
| Marathon Petroleum Corp (MPC) | 4.0 | $14M | 425k | 33.29 | |
| Via | 3.6 | $13M | 285k | 45.41 | |
| BP (BP) | 3.6 | $13M | 300k | 42.74 | |
| Cit | 3.4 | $12M | 350k | 34.87 | |
| Directv | 3.4 | $12M | 285k | 42.76 | |
| Citigroup (C) | 3.4 | $12M | 460k | 26.31 | |
| Semgroup Corp cl a | 3.3 | $12M | 450k | 26.06 | |
| General Motors Company (GM) | 3.1 | $11M | 550k | 20.27 | |
| Apple (AAPL) | 3.1 | $11M | 28k | 405.00 | |
| Pfizer (PFE) | 3.0 | $11M | 500k | 21.64 | |
| Industries N shs - a - (LYB) | 2.8 | $10M | 310k | 32.49 | |
| W.R. Grace & Co. | 2.6 | $9.2M | 200k | 45.92 | |
| CF Industries Holdings (CF) | 2.5 | $8.7M | 60k | 144.98 | |
| Canadian Pacific Railway | 2.4 | $8.5M | 125k | 67.68 | |
| Navistar International Corporation | 2.3 | $8.1M | 214k | 37.88 | |
| Suncoke Energy (SXC) | 2.1 | $7.5M | 670k | 11.20 | |
| National Grid | 1.9 | $6.5M | 135k | 48.48 | |
| Cheniere Energy (LNG) | 1.8 | $6.5M | 750k | 8.69 | |
| Ivanhoe Mines | 1.5 | $5.3M | 300k | 17.72 | |
| Microsoft Corporation (MSFT) | 1.5 | $5.2M | 200k | 25.96 | |
| Pacific Drilling Sa | 1.2 | $4.3M | 467k | 9.30 | |
| Royal Bk Scotland Group Plc adr pref shs r | 1.2 | $4.3M | 384k | 11.20 | |
| News Corporation | 1.0 | $3.6M | 200k | 17.84 | |
| Genworth Financial (GNW) | 0.8 | $2.9M | 450k | 6.55 | |
| Mbia (MBI) | 0.8 | $2.9M | 250k | 11.59 | |
| Clorox Company (CLX) | 0.7 | $2.4M | 36k | 66.56 | |
| Cincinnati Bell | 0.6 | $2.1M | 700k | 3.03 | |
| ROYAL BK SCOTLAND Group Plc sp adr pref t | 0.5 | $1.8M | 139k | 12.77 | |
| Fortune Brands (FBIN) | 0.5 | $1.7M | 100k | 17.02 | |
| Computer Sciences Corporation | 0.4 | $1.3M | 54k | 23.69 | |
| Oncothyreon | 0.3 | $1.1M | 150k | 7.58 | |
| Ford Motor Company (F) | 0.3 | $1.0M | 95k | 10.76 | |
| Hasbro (HAS) | 0.2 | $807k | 25k | 31.88 | |
| CareFusion Corporation | 0.2 | $827k | 33k | 25.38 | |
| ConAgra Foods (CAG) | 0.1 | $549k | 21k | 26.39 | |
| Alliance Data Systems Corp note 1.750% 8/0 | 0.1 | $411k | 298k | 1.38 | |
| Corning Incorporated (GLW) | 0.1 | $425k | 33k | 12.99 | |
| Royal Bk Scotland Group Plc adr pfd ser p | 0.1 | $350k | 31k | 11.29 | |
| Rite Aid Corporation | 0.1 | $252k | 200k | 1.26 | |
| Boyd Gaming Corporation (BYD) | 0.1 | $208k | 28k | 7.45 | |
| Boston Scientific Corporation (BSX) | 0.1 | $215k | 40k | 5.35 | |
| Harris Corporation | 0.1 | $207k | 5.7k | 36.03 | |
| Community Health Systems (CYH) | 0.1 | $229k | 13k | 17.46 | |
| Cytec Industries | 0.1 | $203k | 4.6k | 44.61 | |
| Alcoa Inc debt | 0.1 | $210k | 138k | 1.52 | |
| Lincare Hldgs Inc note 2.750%11/0 | 0.1 | $191k | 175k | 1.09 | |
| Sanofi Aventis Wi Conval Rt | 0.1 | $180k | 150k | 1.20 | |
| Cott Corp | 0.0 | $127k | 20k | 6.27 | |
| Wendy's/arby's Group (WEN) | 0.0 | $138k | 26k | 5.38 | |
| Synovus Financial | 0.0 | $93k | 66k | 1.41 | |
| Ferro Corporation | 0.0 | $110k | 22k | 4.90 | |
| Beazer Homes USA | 0.0 | $55k | 22k | 2.47 | |
| Office Depot | 0.0 | $87k | 40k | 2.16 | |
| FelCor Lodging Trust Incorporated | 0.0 | $57k | 19k | 3.05 | |
| McClatchy Company | 0.0 | $72k | 30k | 2.39 | |
| AMR Corporation | 0.0 | $82k | 241k | 0.34 | |
| Meritor | 0.0 | $77k | 15k | 5.29 | |
| Eastman Kodak Co note 7.000% 4/0 | 0.0 | $19k | 64k | 0.30 | |
| A123 Sys Inc note 3.750% 4/1 | 0.0 | $37k | 105k | 0.35 | |
| Usec | 0.0 | $13k | 12k | 1.10 | |
| A123 Systems | 0.0 | $17k | 11k | 1.57 | |
| China Hydroelectric Corporat w exp 01/25/201 | 0.0 | $1.0k | 17k | 0.06 |
