--- --------------------- ----- as of Sept. 30, 2012
Portfolio Holdings for --- --------------------- -----
--- --------------------- ----- holds 96 positions in its portfolio as reported in the September 2012 quarterly 13F filing
| Company (Ticker) | Portfolio Weight | Valued At | Change in Shares | Share Count | Share Price |
|---|---|---|---|---|---|
| Sba Communications Corp note 4.000%10/0 | 9.0 | $68M | 32M | 2.12 | |
| Ishares Tr msci russ indx | 5.5 | $42M | 500k | 83.44 | |
| Microchip Technology Inc sdcv 2.125%12/1 | 5.1 | $39M | 31M | 1.26 | |
| Alliance Data Systems Corp note 1.750% 8/0 | 5.0 | $38M | 21M | 1.81 | |
| CUBIST PHARM CONVERTIBLE security | 5.0 | $37M | 21M | 1.74 | |
| DaVita (DVA) | 4.1 | $31M | 300k | 103.61 | |
| Vodafone | 2.8 | $21M | 750k | 28.50 | |
| Equinix | 2.7 | $21M | 100k | 206.05 | |
| SBA Communications Corporation | 2.5 | $19M | 300k | 62.90 | |
| BP (BP) | 2.2 | $17M | 400k | 42.36 | |
| Virgin Media Inc note 6.500%11/1 | 2.1 | $16M | 9.0M | 1.72 | |
| E M C Corp Mass note 1.750%12/0 | 2.0 | $15M | 9.0M | 1.71 | |
| Omnicare Inc 3.75% '42 conv | 1.8 | $14M | 14M | 0.98 | |
| GROUP Affymetrix Inc cnv | 1.8 | $14M | 14M | 0.97 | |
| United Therapeutics conv | 1.7 | $13M | 9.9M | 1.31 | |
| FedEx Corporation (FDX) | 1.7 | $13M | 150k | 84.62 | |
| Enpro Industries Inc note | 1.7 | $13M | 10M | 1.22 | |
| Whirlpool Corporation (WHR) | 1.6 | $12M | 150k | 82.91 | |
| Freeport-McMoRan Copper & Gold (FCX) | 1.6 | $12M | 300k | 39.58 | |
| Nextera Energy Inc unit | 1.6 | $12M | 227k | 51.71 | |
| Dow Chemical Company | 1.5 | $12M | 400k | 28.96 | |
| Time Warner Cable | 1.4 | $11M | 114k | 95.06 | |
| National Finl Partners Corp note 4.000% 6/1 | 1.2 | $9.2M | 6.2M | 1.48 | |
| Transocean (RIG) | 1.2 | $9.0M | 200k | 44.89 | |
| Cemex Sab De Cv conv bnd | 1.2 | $8.8M | 8.9M | 0.99 | |
| NRG Energy (NRG) | 1.1 | $8.6M | 400k | 21.39 | |
| J.C. Penney Company | 1.1 | $8.5M | 350k | 24.29 | |
| Hess (HES) | 1.1 | $8.1M | 150k | 53.72 | |
| Textron (TXT) | 1.0 | $7.9M | 300k | 26.17 | |
| Seadrill | 1.0 | $7.8M | 200k | 39.22 | |
| Hldgs (UAL) | 1.0 | $7.8M | 400k | 19.50 | |
| Chesapeake Energy Corporation | 1.0 | $7.5M | 400k | 18.87 | |
| Ford Motor Company (F) | 1.0 | $7.4M | 750k | 9.86 | |
| Marathon Oil Corporation (MRO) | 1.0 | $7.4M | 250k | 29.57 | |
| Metlife Inc 5% 10/0/14 Conv Pr cv prf | 0.9 | $6.9M | 100k | 69.12 | |
| Hca Holdings (HCA) | 0.9 | $6.7M | 200k | 33.25 | |
| Allegiant Travel Company (ALGT) | 0.8 | $6.3M | 100k | 63.36 | |
| Melco Crown Entertainment (MLCO) | 0.8 | $6.1M | 450k | 13.48 | |
| Cadence Design Sys Cvt 2.625 6 convert | 0.7 | $5.3M | 3.0M | 1.77 | |
| Arvinmeritor Inc frnt 4.000% 2/1 | 0.7 | $5.2M | 7.0M | 0.74 | |
| France Telecom SA | 0.6 | $4.8M | 400k | 12.09 | |
| Sba Communications Corp note 1.875% 5/0 | 0.6 | $4.6M | 3.0M | 1.52 | |
| Beazer Homes Pfd 7.5% 2015 pfd cv | 0.6 | $4.5M | 150k | 30.05 | |
| SandRidge Energy | 0.6 | $4.2M | 600k | 6.98 | |
| Cemex SAB de CV (CX) | 0.6 | $4.2M | 500k | 8.33 | |
| Texas Industries | 0.5 | $4.1M | 100k | 40.65 | |
| Hillshire Brands | 0.5 | $4.0M | 150k | 26.78 | |
| Meritage Homes Corp conv | 0.5 | $4.0M | 4.0M | 0.99 | |
| Smithfield Foods | 0.5 | $3.9M | 200k | 19.65 | |
| Cedar Fair | 0.5 | $3.9M | 118k | 33.47 | |
| US Airways | 0.5 | $3.9M | 372k | 10.46 | |
| Forest Oil Corporation | 0.5 | $3.8M | 450k | 8.45 | |
| Weatherford International Lt reg | 0.5 | $3.8M | 300k | 12.68 | |
| Comcast Corporation (CMCSA) | 0.5 | $3.6M | 100k | 35.75 | |
| Newmont Mining Corporation (NEM) | 0.5 | $3.5M | 63k | 56.02 | |
| Boise | 0.5 | $3.5M | 400k | 8.76 | |
| Spdr S&p 500 Etf (SPY) | 0.4 | $3.3M | 143k | 23.29 | |
| Leap Wireless International | 0.4 | $3.3M | 490k | 6.81 | |
| Delta Air Lines (DAL) | 0.4 | $3.2M | 350k | 9.16 | |
| MGM Resorts International. (MGM) | 0.4 | $3.2M | 300k | 10.75 | |
| Barnes & Noble | 0.4 | $3.2M | 250k | 12.78 | |
| United States Steel Corporation (X) | 0.4 | $2.9M | 150k | 19.07 | |
| iShares MSCI Brazil Index (EWZ) | 0.4 | $2.7M | 50k | 54.06 | |
| Thompson Creek Metal unit 99/99/9999 | 0.3 | $2.6M | 150k | 17.12 | |
| Tronox | 0.3 | $2.6M | 114k | 22.65 | |
| McClatchy Company | 0.3 | $2.5M | 1.1M | 2.23 | |
| Key Energy Services | 0.3 | $2.5M | 350k | 7.00 | |
| Onyx Pharmaceuticals Inc note 4.000% 8/1 | 0.3 | $2.2M | 1.0M | 2.24 | |
| Aircastle | 0.3 | $2.3M | 200k | 11.33 | |
| General Motors Company (GM) | 0.3 | $2.2M | 99k | 22.75 | |
| Nuance Communications | 0.3 | $2.0M | 82k | 24.89 | |
| Interoil Corp note 2.750%11/1 | 0.3 | $1.9M | 2.0M | 0.96 | |
| General Mtrs Co *w exp 07/10/201 | 0.2 | $1.8M | 167k | 11.02 | |
| Ramco-gershenson Pptys Tr perp pfd-d cv | 0.2 | $1.8M | 36k | 51.13 | |
| Crown Castle International | 0.2 | $1.6M | 26k | 64.12 | |
| Standard Pacific | 0.2 | $1.6M | 241k | 6.76 | |
| Cablevision Systems Corporation | 0.2 | $1.5M | 98k | 15.85 | |
| Ppl Corp unit 99/99/9999 | 0.2 | $1.6M | 30k | 53.84 | |
| Meritor | 0.2 | $1.5M | 350k | 4.24 | |
| M/i Homes Inc note 3.250% 9/1 | 0.2 | $1.3M | 1.3M | 1.06 | |
| Arch Coal | 0.2 | $1.3M | 200k | 6.33 | |
| Jones Group | 0.2 | $1.3M | 100k | 12.87 | |
| Telephone And Data Systems (TDS) | 0.2 | $1.3M | 50k | 25.62 | |
| Rite Aid Corporation | 0.2 | $1.2M | 1.0M | 1.17 | |
| Molycorp Inc Del....... Note 6.0% 9/1/17 | 0.1 | $1.2M | 1.0M | 1.15 | |
| Beazer Homes USA | 0.1 | $1.1M | 301k | 3.55 | |
| Jetblue Airways Corp dbcv 6.750%10/1 | 0.1 | $953k | 750k | 1.27 | |
| Huntsman Corporation (HUN) | 0.1 | $860k | 58k | 14.93 | |
| Alpha Natural Resources | 0.1 | $657k | 100k | 6.57 | |
| Supervalu | 0.1 | $482k | 200k | 2.41 | |
| JetBlue Airways Corporation (JBLU) | 0.1 | $480k | 100k | 4.80 | |
| Hovnanian Enterprises | 0.1 | $383k | 111k | 3.46 | |
| Verso Paper | 0.0 | $197k | 123k | 1.60 | |
| A.M. Castle & Co. | 0.0 | $139k | 11k | 12.52 | |
| A123 Sys Inc note 3.750% 4/1 | 0.0 | $175k | 500k | 0.35 | |
| Citigroup Inc Com Us cmn | 0.0 | $60k | 162k | 0.37 |
