P&S Credit Management

--- -------------------------------- -------------------------------- as of Dec. 31, 2012

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

--- -------------------------------- -------------------------------- holds 76 positions in its portfolio as reported in the December 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 10.5 $419M 18M 23.66
Weatherford International Lt reg 8.5 $339M 451k 751.79
Domtar Corp 8.1 $323M 152k 2133.33
Alliance Data Systems Corp note 1.750% 8/0 7.8 $313M 17M 18.38
Microchip Technology Inc sdcv 2.125%12/1 7.5 $301M 24M 12.66
CUBIST PHARM CONVERTIBLE security 6.1 $242M 103k 2350.00
E M C Corp Mass note 1.750%12/0 2.8 $112M 7.0M 15.96
Enpro Industries Inc note 2.8 $110M 8.3M 13.28
Time Warner Cable 2.7 $108M 111k 971.90
Cemex Sab De Cv conv bnd 2.7 $108M 9.5M 11.39
Teleflex Inc note 3.875% 8/0 2.2 $87M 6.8M 12.81
Vodafone 2.2 $86M 343k 251.90
Melco Crown Entertainment (MLCO) 2.1 $83M 495k 168.40
Virgin Media Inc note 6.500%11/1 2.1 $82M 4.0M 20.56
Nextera Energy Inc unit 2.0 $79M 157k 500.60
Arvinmeritor Inc frnt 4.000% 2/1 1.8 $70M 9.4M 7.46
Omnicare Inc 3.75% '42 conv 1.5 $60M 5.9M 10.15
Comcast Corporation (CMCSA) 1.4 $55M 148k 373.60
Cobalt Intl Energy Inc note 1.3 $51M 5.0M 10.09
Encore Capital Group note 3.000%11/2 1.2 $48M 4.3M 11.27
Omnicare Inc note 3.750%12/1 1.1 $44M 3.0M 14.81
Sba Communications Corp note 1.875% 5/0 1.1 $43M 2.5M 17.05
Leap Wireless International 0.9 $35M 532k 66.50
Delta Air Lines (DAL) 0.9 $35M 297k 118.70
GROUP Affymetrix Inc cnv 0.9 $35M 4.3M 8.15
National Finl Partners Corp note 4.000% 6/1 0.8 $33M 2.2M 14.79
Telephone And Data Systems (TDS) 0.8 $33M 149k 221.40
McClatchy Company 0.8 $33M 1.0M 32.70
France Telecom SA 0.8 $32M 294k 110.04
NII Holdings 0.7 $29M 400k 71.30
Sprint Nextel Corporation 0.7 $28M 500k 56.70
Boise 0.7 $27M 343k 79.50
Volcano Corporation note 1.750%12/0 0.6 $25M 10M 2.53
iShares Russell 2000 Index (IWM) 0.6 $25M 300k 84.32
Aircastle 0.6 $25M 196k 125.40
Key Energy Services 0.6 $24M 343k 69.50
US Airways 0.6 $23M 167k 135.00
Anadarko Petroleum Corporation 0.6 $22M 300k 74.31
Equinix 0.5 $21M 100k 206.20
Ramco-gershenson Pptys Tr perp pfd-d cv 0.5 $19M 35k 539.59
Crown Castle International 0.5 $18M 25k 721.61
Exelon Corporation (EXC) 0.5 $18M 600k 29.74
Standard Pacific 0.4 $17M 236k 73.50
General Mtrs Co *w exp 07/10/201 0.4 $16M 82k 195.00
Newmont Mining Corporation (NEM) 0.3 $14M 30k 464.41
SBA Communications Corporation 0.3 $14M 199k 70.98
Fidelity National Finance conv 0.3 $14M 1.1M 12.72
Rite Aid Corporation 0.3 $13M 979k 13.60
M/i Homes Inc note 3.250% 9/1 0.3 $13M 1.0M 13.01
Walter Energy 0.3 $13M 350k 35.88
Meritor 0.3 $12M 245k 47.30
Freescale Semiconductor Holdin 0.3 $11M 100k 110.10
Jones Group 0.3 $11M 98k 110.60
General Mtrs Co *w exp 07/10/201 0.3 $10M 82k 124.90
Forest Oil Corporation 0.2 $9.8M 147k 66.90
Meritage Homes Corp conv 0.2 $10M 1.0M 10.05
Bottomline Tech Del Inc note 1.500%12/0 0.2 $9.5M 850k 11.14
Hldgs (UAL) 0.2 $9.3M 399k 23.38
Interoil Corp note 2.750%11/1 0.2 $8.7M 1.0M 8.68
Ford Motor Company (F) 0.2 $7.8M 600k 12.95
Arch Coal 0.2 $7.2M 98k 73.20
MeadWestva 0.2 $6.4M 200k 31.87
Chesapeake Energy Corporation 0.2 $6.5M 392k 16.62
Spdr S&p 500 Etf (SPY) 0.1 $5.6M 39k 142.40
Wynn Resorts (WYNN) 0.1 $5.6M 50k 112.50
Cemex SAB de CV (CX) 0.1 $4.8M 490k 9.87
Textron (TXT) 0.1 $5.0M 200k 24.79
Moly 0.1 $4.2M 450k 9.44
J.C. Penney Company 0.1 $3.9M 196k 19.71
Sealed Air (SEE) 0.1 $3.5M 200k 17.51
Hess (HES) 0.1 $3.7M 70k 52.96
Seadrill 0.1 $3.6M 98k 36.80
SandRidge Energy 0.1 $3.2M 500k 6.35
Hillshire Brands 0.1 $2.8M 98k 28.14
Gevo Inc note 7.500% 0.1 $2.8M 500k 5.66
Citigroup Inc Com Us cmn 0.0 $669k 159k 4.22