P&S Credit Management

--- --------------------- ---------------------------- as of Dec. 31, 2011

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

--- --------------------- ---------------------------- holds 112 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
Spdr S&p 500 Etf (SPY) 20.5 $203M 1.6M 125.47
CUBIST PHARM CONVERTIBLE security 6.2 $61M 41M 1.49
iShares Russell 2000 Index (IWM) 6.0 $59M 800k 73.75
Annaly Cap Mgmt Inc note 4.000% 2/1 3.7 $36M 32M 1.13
Virgin Media Inc note 6.500%11/1 3.0 $30M 22M 1.38
Microchip Technology Inc sdcv 2.125%12/1 2.9 $29M 22M 1.34
Exxon Mobil Corporation (XOM) 2.6 $25M 300k 84.76
United Therapeutics conv 2.5 $25M 22M 1.16
BP (BP) 2.2 $21M 500k 42.74
TransDigm Group Incorporated (TDG) 1.9 $19M 200k 95.68
Sba Communications Corp note 4.000%10/0 1.8 $18M 12M 1.52
Crown Castle International 1.6 $16M 360k 44.80
Gilead Sciences (GILD) 1.4 $14M 350k 40.93
Hldgs (UAL) 1.3 $13M 680k 18.87
Alliance Data Systems Corp note 1.750% 8/0 1.2 $12M 9.0M 1.37
Enpro Industries Inc note 1.2 $12M 10M 1.17
National Finl Partners Corp note 4.000% 6/1 1.1 $11M 8.7M 1.23
Time Warner Cable 1.0 $10M 160k 63.57
Equinix 1.0 $10M 100k 101.40
JPMorgan Chase & Co. (JPM) 1.0 $10M 300k 33.25
US Airways 1.0 $9.7M 1.9M 5.07
NII Holdings 1.0 $9.6M 450k 21.30
Whirlpool Corporation (WHR) 1.0 $9.5M 200k 47.45
Jefferies Group Inc New dbcv 3.875%11/0 1.0 $9.5M 12M 0.82
Texas Industries 0.9 $9.2M 300k 30.78
Textron (TXT) 0.9 $9.2M 500k 18.49
Covanta Holding Conv conv bnd 0.9 $9.2M 8.8M 1.05
At&t (T) 0.9 $9.1M 300k 30.24
Brookdale Senior Living note 0.9 $8.7M 10M 0.86
Comcast Corporation (CMCSA) 0.8 $8.3M 350k 23.71
Newell Rubbermaid (NWL) 0.8 $8.1M 500k 16.15
Transocean (RIG) 0.8 $7.7M 200k 38.39
Genworth Financial (GNW) 0.8 $7.5M 1.1M 6.55
Metlife Inc 5% 10/0/14 Conv Pr cv prf 0.8 $7.5M 122k 61.74
Baker Hughes Incorporated 0.7 $7.3M 150k 48.64
Home Inns & Hotels Mgmt Inc note 2.000%12/1 0.7 $7.2M 10M 0.71
Computer Sciences Corporation 0.7 $7.1M 300k 23.70
Vodafone 0.7 $7.0M 250k 28.03
Ppl Corp unit 99/99/9999 0.7 $7.1M 127k 55.59
Melco Crown Entertainment (MLCO) 0.7 $6.5M 675k 9.62
MGM Resorts International. (MGM) 0.6 $6.3M 600k 10.43
Leap Wireless International 0.6 $6.2M 665k 9.29
EV Energy Partners 0.6 $5.9M 90k 65.90
Cedar Fair 0.6 $5.6M 260k 21.50
CBS Corporation 0.6 $5.4M 200k 27.14
Delphi Automotive 0.5 $5.2M 241k 21.54
E M C Corp Mass note 1.750%12/0 0.5 $5.0M 3.5M 1.43
D.R. Horton (DHI) 0.5 $5.0M 400k 12.61
Freescale Semiconductor Holdin 0.5 $5.1M 400k 12.65
Huntsman Corporation (HUN) 0.5 $5.0M 500k 10.00
H&R Block (HRB) 0.5 $4.9M 300k 16.33
Arvinmeritor Inc frnt 4.625% 3/0 0.5 $4.6M 7.0M 0.65
Annaly Capital Management 0.5 $4.6M 285k 15.96
Hca Holdings (HCA) 0.4 $4.4M 200k 22.03
Ford Motor Company (F) 0.4 $4.3M 400k 10.76
Wendy's/arby's Group (WEN) 0.4 $4.3M 800k 5.36
Ralph Lauren Corp (RL) 0.4 $4.1M 30k 138.07
C&j Energy Services 0.4 $4.2M 200k 20.93
Pulte (PHM) 0.4 $4.0M 630k 6.31
Key Energy Services 0.4 $3.9M 250k 15.47
News Corporation 0.4 $3.6M 200k 18.18
News Corporation 0.4 $3.6M 200k 17.84
Nabors Industries 0.3 $3.5M 200k 17.34
Charter Communications 0.3 $3.5M 61k 56.95
Ramco-gershenson Pptys Tr perp pfd-d cv 0.3 $3.4M 81k 42.63
Yahoo! 0.3 $3.2M 200k 16.13
Ppl Corporation 8.75% pfd cv 0.3 $3.3M 60k 55.29
Ubs Ag Cmn 0.3 $3.1M 260k 11.83
International Paper Company (IP) 0.3 $3.0M 100k 29.60
Standard Pacific 0.3 $2.9M 900k 3.18
Boise 0.3 $2.8M 400k 7.12
Human Genome Science conv 0.3 $2.8M 3.1M 0.88
Cimarex Energy 0.3 $2.6M 42k 61.90
Gilead Sciences conv 0.3 $2.5M 2.2M 1.14
Supervalu 0.2 $2.4M 300k 8.12
Sprint Nextel Corporation 0.2 $2.3M 1.0M 2.34
Sara Lee 0.2 $2.4M 125k 18.92
McClatchy Company 0.2 $2.4M 1.0M 2.39
Dana Holding Corporation (DAN) 0.2 $2.4M 195k 12.15
Netapp Inc note 1.750% 6/0 0.2 $2.2M 1.7M 1.26
Synovus Finl Corp unit 99/99/9999 0.2 $2.1M 149k 13.87
Lear Corporation (LEA) 0.2 $2.0M 50k 39.80
InterDigital (IDCC) 0.2 $1.7M 40k 43.58
Solutia 0.2 $1.7M 100k 17.28
Delta Air Lines (DAL) 0.2 $1.6M 200k 8.09
Meritor 0.2 $1.6M 300k 5.32
General Mtrs Co *w exp 07/10/201 0.2 $1.6M 167k 9.77
Intermune Inc note 2.500% 9/1 0.2 $1.5M 2.1M 0.74
Weatherford International Lt reg 0.1 $1.5M 100k 14.64
Penn Virginia Corporation 0.1 $1.4M 265k 5.29
Cablevision Systems Corporation 0.1 $1.4M 100k 14.22
Magma Design Automation 0.1 $1.4M 200k 7.18
Cumulus Media 0.1 $1.3M 400k 3.34
Aircastle 0.1 $1.3M 100k 12.72
Diamond Foods 0.1 $1.3M 40k 32.28
Rovi Corporation 0.1 $1.2M 50k 24.58
Goodyear Tire Rubr Pfd 5.875% p 0.1 $1.2M 24k 48.58
Jones Group 0.1 $1.1M 100k 10.55
Forest City Enterprises Inc note 5.000%10/1 0.1 $1.1M 1.0M 1.12
Alpha Natural Resources 0.1 $1.0M 50k 20.42
Rite Aid Corporation 0.1 $945k 750k 1.26
Community Health Systems (CYH) 0.1 $873k 50k 17.46
Forest Oil Corporation 0.1 $677k 50k 13.54
Cemex SAB de CV (CX) 0.1 $609k 113k 5.39
Lennar Corporation (LEN) 0.1 $448k 23k 19.65
Virgin Media 0.1 $468k 22k 21.37
A123 Sys Inc note 3.750% 4/1 0.1 $480k 1.5M 0.32
Federated Investors (FHI) 0.0 $335k 22k 15.16
Ciena Corporation (CIEN) 0.0 $327k 27k 12.11
Verso Paper 0.0 $118k 123k 0.96
China Med Technologies Inc note 6.250%12/1 0.0 $75k 250k 0.30
Citigroup Inc Com Us cmn 0.0 $47k 162k 0.29