--- -------------------- ----- as of June 30, 2012
Portfolio Holdings for --- -------------------- -----
--- -------------------- ----- holds 33 positions in its portfolio as reported in the June 2012 quarterly 13F filing
| Company (Ticker) | Portfolio Weight | Valued At | Change in Shares | Share Count | Share Price |
|---|---|---|---|---|---|
| Delphi Automotive | 9.8 | $26M | 1.0M | 25.50 | |
| Directv | 8.4 | $22M | 450k | 48.82 | |
| Hess (HES) | 6.7 | $18M | 405k | 43.45 | |
| Oaktree Cap | 6.4 | $17M | 477k | 35.35 | |
| Canadian Pacific Railway | 6.2 | $16M | 224k | 73.26 | |
| Apple (AAPL) | 5.3 | $14M | 24k | 583.96 | |
| Industries N shs - a - (LYB) | 4.7 | $12M | 305k | 40.27 | |
| Ariba | 4.3 | $11M | 250k | 44.76 | |
| Cit | 3.9 | $10M | 285k | 35.64 | |
| Teekay Shipping Marshall Isl | 3.6 | $9.5M | 325k | 29.28 | |
| Cincinnati Bell | 3.4 | $8.8M | 2.4M | 3.72 | |
| BPZ Resources | 3.4 | $8.8M | 3.5M | 2.53 | |
| CIGNA Corporation | 3.4 | $8.8M | 200k | 44.00 | |
| Xerox Corporation | 3.3 | $8.7M | 1.1M | 7.87 | |
| Via | 3.1 | $8.2M | 175k | 47.02 | |
| Abbott Laboratories (ABT) | 2.5 | $6.4M | 100k | 64.46 | |
| American International (AIG) | 2.5 | $6.4M | 200k | 32.09 | |
| Royal Bk Scotland Group Plc adr pref shs r | 2.3 | $6.0M | 344k | 17.43 | |
| Ensco Plc Shs Class A | 2.2 | $5.9M | 125k | 46.98 | |
| Rock-Tenn Company | 2.2 | $5.7M | 105k | 54.56 | |
| Seagate Technology Com Stk | 1.9 | $4.9M | 200k | 24.73 | |
| News Corporation | 1.7 | $4.5M | 200k | 22.29 | |
| Liberty Media Corp lcpad | 1.7 | $4.4M | 50k | 87.91 | |
| Cabot Oil & Gas Corporation (CTRA) | 1.5 | $3.9M | 100k | 39.40 | |
| Dryships Inc. note 5.000%12/0 | 1.3 | $3.5M | 4.8M | 0.73 | |
| Amylin Pharmaceuticals | 1.1 | $2.8M | 100k | 28.19 | |
| ROYAL BK SCOTLAND Group Plc sp adr pref t | 0.7 | $1.9M | 99k | 19.65 | |
| Amc Networks Inc Cl A (AMCX) | 0.6 | $1.5M | 42k | 35.56 | |
| Trio Merget Corp Com Stk | 0.6 | $1.5M | 150k | 9.75 | |
| Kinder Morgan Inc/delaware Wts | 0.4 | $1.1M | 500k | 2.16 | |
| Tenet Healthcare Corporation | 0.4 | $1.0M | 200k | 5.24 | |
| NRG Energy (NRG) | 0.3 | $868k | 50k | 17.36 | |
| Royal Bk Scotland Group Plc adr pfd ser p | 0.2 | $542k | 31k | 17.50 |
