--- --------------------- ---------------------------- as of March 31, 2012
Portfolio Holdings for --- --------------------- ----------------------------
--- --------------------- ---------------------------- holds 111 positions in its portfolio as reported in the March 2012 quarterly 13F filing
| Company (Ticker) | Portfolio Weight | Valued At | Change in Shares | Share Count | Share Price |
|---|---|---|---|---|---|
| Cimarex Energy | 20.3 | $1.5B | 2.0M | 754.70 | |
| CUBIST PHARM CONVERTIBLE security | 7.5 | $558M | 35M | 15.97 | |
| Sba Communications Corp note 4.000%10/0 | 7.1 | $526M | 30M | 17.52 | |
| Spdr S&p 500 Etf (SPY) | 6.0 | $446M | 3.2M | 140.81 | |
| Microchip Technology Inc sdcv 2.125%12/1 | 4.9 | $364M | 27M | 13.75 | |
| Alliance Data Systems Corp note 1.750% 8/0 | 4.6 | $339M | 21M | 16.16 | |
| United Therapeutics conv | 4.2 | $314M | 27M | 11.48 | |
| Vodafone | 2.6 | $194M | 700k | 276.70 | |
| Enpro Industries Inc note | 1.9 | $140M | 10M | 13.66 | |
| Annaly Cap Mgmt Inc note 4.000% 2/1 | 1.8 | $136M | 12M | 11.58 | |
| Crown Castle International | 1.6 | $120M | 226k | 533.40 | |
| National Finl Partners Corp note 4.000% 6/1 | 1.6 | $119M | 8.7M | 13.60 | |
| Phh Corp cnv | 1.6 | $117M | 8.0M | 14.68 | |
| Coach | 1.6 | $116M | 150k | 772.80 | |
| Time Warner Cable | 1.5 | $114M | 140k | 815.00 | |
| Virgin Media Inc note 6.500%11/1 | 1.4 | $100M | 6.5M | 15.38 | |
| SPDR Gold Trust (GLD) | 1.4 | $101M | 620k | 162.12 | |
| Cadence Design Sys Cvt 2.625 6 convert | 1.3 | $99M | 6.0M | 16.54 | |
| Brookdale Senior Living note | 1.3 | $99M | 11M | 9.34 | |
| Home Inns & Hotels Mgmt Inc note 2.000%12/1 | 1.3 | $98M | 13M | 7.60 | |
| E M C Corp Mass note 1.750%12/0 | 1.3 | $94M | 5.0M | 18.73 | |
| Delphi Automotive | 1.0 | $76M | 241k | 316.00 | |
| MetLife (MET) | 0.9 | $70M | 99k | 707.20 | |
| Equinix | 0.8 | $63M | 400k | 157.45 | |
| Comcast Corporation (CMCSA) | 0.8 | $60M | 200k | 300.10 | |
| PharMerica Corporation | 0.8 | $60M | 480k | 124.30 | |
| Arvinmeritor Inc frnt 4.000% 2/1 | 0.8 | $58M | 7.0M | 8.25 | |
| Ppl Corp unit 99/99/9999 | 0.8 | $57M | 104k | 542.08 | |
| iShares IBoxx $ Invest Grade Corp Bd (LQD) | 0.7 | $54M | 600k | 90.72 | |
| Us Airways Group Inc note 7.250% 5/1 | 0.7 | $54M | 3.0M | 17.89 | |
| Omnicare Inc note 3.750%12/1 | 0.7 | $53M | 3.7M | 14.47 | |
| Hess (HES) | 0.7 | $50M | 850k | 58.95 | |
| Weatherford International Lt reg | 0.6 | $45M | 300k | 150.90 | |
| Ishares Tr msci russ indx | 0.6 | $42M | 510k | 82.81 | |
| CVR Energy (CVI) | 0.5 | $40M | 150k | 267.50 | |
| Wynn Resorts (WYNN) | 0.5 | $38M | 30k | 1248.80 | |
| West Pharmaceutical Svsc Inc sdcv 4.000% 3/1 | 0.5 | $37M | 4.0M | 9.26 | |
| Barnes & Noble | 0.5 | $36M | 275k | 132.50 | |
| Rentech Nitrogen Partners L | 0.5 | $35M | 125k | 277.40 | |
| Boise | 0.4 | $33M | 400k | 82.10 | |
| Melco Crown Entertainment (MLCO) | 0.4 | $29M | 210k | 136.40 | |
| Ppl Corporation 8.75% pfd cv | 0.4 | $29M | 54k | 537.51 | |
| Standard Pacific | 0.4 | $27M | 600k | 44.60 | |
| McClatchy Company | 0.3 | $26M | 900k | 28.90 | |
| General Motors Company (GM) | 0.3 | $25M | 99k | 256.50 | |
| Cablevision Systems Corporation | 0.3 | $24M | 160k | 146.80 | |
| Lear Corporation (LEA) | 0.3 | $23M | 50k | 464.90 | |
| Baker Hughes Incorporated | 0.3 | $23M | 550k | 41.94 | |
| EV Energy Partners | 0.3 | $23M | 332k | 69.59 | |
| General Mtrs Co *w exp 07/10/201 | 0.3 | $23M | 167k | 139.15 | |
| Dillard's (DDS) | 0.3 | $22M | 350k | 63.02 | |
| Hertz Global Holdings | 0.3 | $23M | 150k | 150.40 | |
| Freeport-McMoRan Copper & Gold (FCX) | 0.3 | $21M | 550k | 38.04 | |
| Ramco-gershenson Pptys Tr perp pfd-d cv | 0.3 | $20M | 42k | 491.50 | |
| Delta Air Lines (DAL) | 0.3 | $20M | 200k | 99.15 | |
| Dana Holding Corporation (DAN) | 0.2 | $19M | 120k | 155.00 | |
| Ford Motor Company (F) | 0.2 | $18M | 1.4M | 12.48 | |
| Penn Virginia Corporation | 0.2 | $16M | 350k | 45.50 | |
| Texas Industries | 0.2 | $16M | 450k | 35.01 | |
| Wendy's/arby's Group (WEN) | 0.2 | $15M | 300k | 50.10 | |
| Newfield Exploration | 0.2 | $14M | 400k | 34.68 | |
| Chesapeake Energy Corporation | 0.2 | $14M | 600k | 23.17 | |
| BP (BP) | 0.2 | $14M | 300k | 45.00 | |
| CSX Corporation (CSX) | 0.2 | $13M | 600k | 21.52 | |
| Hldgs (UAL) | 0.2 | $13M | 600k | 21.50 | |
| Jones Group | 0.2 | $13M | 100k | 125.60 | |
| Williams Companies (WMB) | 0.2 | $12M | 380k | 30.81 | |
| Sara Lee | 0.2 | $12M | 551k | 21.53 | |
| Textron (TXT) | 0.1 | $11M | 400k | 27.83 | |
| Caterpillar (CAT) | 0.1 | $11M | 100k | 106.52 | |
| Cedar Fair | 0.1 | $11M | 363k | 29.59 | |
| Jetblue Airways Corp dbcv 6.750%10/1 | 0.1 | $9.5M | 750k | 12.69 | |
| Mueller Water Products (MWA) | 0.1 | $10M | 300k | 33.30 | |
| United Rentals (URI) | 0.1 | $8.6M | 200k | 42.89 | |
| Great Wolf Resorts | 0.1 | $8.6M | 150k | 57.20 | |
| Community Health Systems (CYH) | 0.1 | $8.9M | 400k | 22.24 | |
| Cenveo | 0.1 | $8.5M | 250k | 33.80 | |
| Computer Sciences Corporation | 0.1 | $7.5M | 250k | 29.94 | |
| Arch Coal | 0.1 | $6.4M | 600k | 10.71 | |
| CONSOL Energy | 0.1 | $6.8M | 200k | 34.10 | |
| Forest Oil Corporation | 0.1 | $6.1M | 50k | 121.20 | |
| Huntsman Corporation (HUN) | 0.1 | $5.6M | 400k | 14.01 | |
| Newell Rubbermaid (NWL) | 0.1 | $5.3M | 300k | 17.81 | |
| Cemex SAB de CV (CX) | 0.1 | $5.0M | 650k | 7.76 | |
| Allegiant Travel Company (ALGT) | 0.1 | $5.5M | 100k | 54.50 | |
| Materials SPDR (XLB) | 0.1 | $5.5M | 150k | 36.97 | |
| Hca Holdings (HCA) | 0.1 | $4.9M | 200k | 24.74 | |
| Ultra Petroleum | 0.1 | $4.5M | 200k | 22.63 | |
| Leap Wireless International | 0.1 | $4.5M | 515k | 8.73 | |
| D.R. Horton (DHI) | 0.1 | $4.6M | 300k | 15.17 | |
| Southwestern Energy Company | 0.1 | $4.6M | 150k | 30.60 | |
| Sprint Nextel | 0.1 | $4.3M | 1.5M | 2.85 | |
| Transocean (RIG) | 0.1 | $3.8M | 700k | 5.47 | |
| Liz Claiborne | 0.1 | $3.3M | 25k | 133.60 | |
| NII Holdings | 0.1 | $3.7M | 200k | 18.31 | |
| Nabors Industries | 0.1 | $3.5M | 200k | 17.49 | |
| Pulte (PHM) | 0.0 | $2.7M | 300k | 8.85 | |
| Smithfield Foods | 0.0 | $3.3M | 150k | 22.03 | |
| Alpha Natural Resources | 0.0 | $3.0M | 200k | 15.21 | |
| Rite Aid Corporation | 0.0 | $2.7M | 1.6M | 1.74 | |
| Diamond Foods | 0.0 | $2.9M | 126k | 22.83 | |
| A123 Sys Inc note 3.750% 4/1 | 0.0 | $3.1M | 1.0M | 3.10 | |
| Annaly Capital Management | 0.0 | $1.9M | 120k | 15.82 | |
| Verso Paper | 0.0 | $2.3M | 123k | 18.80 | |
| Aircastle | 0.0 | $2.4M | 200k | 12.24 | |
| ATP Oil & Gas Corporation | 0.0 | $2.2M | 300k | 7.35 | |
| Goodyear Tire Rubr Pfd 5.875% p | 0.0 | $2.1M | 5.0k | 414.20 | |
| Boston Scientific Corporation (BSX) | 0.0 | $1.8M | 300k | 5.98 | |
| Citigroup Inc Com Us cmn | 0.0 | $696k | 162k | 4.30 | |
| Lennar Corporation (LEN) | 0.0 | $272k | 10k | 27.20 | |
| DOUBLE HULL TANKERS INC COM Stk | 0.0 | $240k | 25k | 9.60 |
