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 19.7 $4.1B 18M 232.00
Alliance Data Systems Corp note 1.750% 8/0 14.9 $3.1B 17M 182.40
Microchip Technology Inc sdcv 2.125%12/1 14.2 $3.0B 24M 124.22
E M C Corp Mass note 1.750%12/0 5.2 $1.1B 7.0M 155.88
Enpro Industries Inc note 5.2 $1.1B 8.3M 131.12
Cemex Sab De Cv conv bnd 5.1 $1.1B 9.5M 112.40
Volcano Corporation note 1.750%12/0 4.9 $1.0B 10M 101.09
Teleflex Inc note 3.875% 8/0 4.2 $870M 6.8M 127.94
Virgin Media Inc note 6.500%11/1 3.9 $814M 4.0M 203.55
Arvinmeritor Inc frnt 4.000% 2/1 3.5 $723M 9.4M 77.26
Omnicare Inc 3.75% '42 conv 2.9 $601M 5.9M 101.81
Cobalt Intl Energy Inc note 2.4 $500M 5.0M 99.99
Encore Capital Group note 3.000%11/2 2.3 $475M 4.3M 111.70
Omnicare Inc note 3.750%12/1 2.1 $434M 3.0M 144.50
Sba Communications Corp note 1.875% 5/0 2.0 $423M 2.5M 169.13
GROUP Affymetrix Inc cnv 1.7 $356M 4.3M 83.14
National Finl Partners Corp note 4.000% 6/1 1.6 $325M 2.2M 145.16
Fidelity National Finance conv 0.7 $139M 1.1M 126.75
M/i Homes Inc note 3.250% 9/1 0.6 $125M 1.0M 125.24
Meritage Homes Corp conv 0.5 $101M 1.0M 100.75
Bottomline Tech Del Inc note 1.500%12/0 0.4 $92M 850k 108.75
Interoil Corp note 2.750%11/1 0.4 $90M 1.0M 89.60
Gevo Inc note 7.500% 0.1 $29M 500k 57.38
iShares Russell 2000 Index (IWM) 0.1 $25M 300k 84.32
Anadarko Petroleum Corporation 0.1 $22M 300k 74.31
Equinix 0.1 $21M 100k 206.20
Exelon Corporation (EXC) 0.1 $18M 600k 29.74
CUBIST PHARM CONVERTIBLE security 0.1 $16M 103k 155.50
SBA Communications Corporation 0.1 $14M 199k 70.98
Domtar Corp 0.1 $13M 150k 83.52
Walter Energy 0.1 $13M 350k 35.88
Time Warner Cable 0.1 $11M 111k 97.19
Melco Crown Entertainment (MLCO) 0.0 $8.3M 495k 16.84
Vodafone 0.0 $8.6M 343k 25.19
Ford Motor Company (F) 0.0 $7.8M 600k 12.95
Hldgs (UAL) 0.0 $9.3M 399k 23.38
Nextera Energy Inc unit 0.0 $7.8M 157k 50.06
Comcast Corporation (CMCSA) 0.0 $5.5M 148k 37.36
Spdr S&p 500 Etf (SPY) 0.0 $5.6M 39k 142.40
MeadWestva 0.0 $6.4M 200k 31.87
Chesapeake Energy Corporation 0.0 $6.5M 392k 16.62
Wynn Resorts (WYNN) 0.0 $5.6M 50k 112.50
J.C. Penney Company 0.0 $3.9M 196k 19.71
Sealed Air (SEE) 0.0 $3.5M 200k 17.51
Cemex SAB de CV (CX) 0.0 $4.8M 490k 9.87
Hess (HES) 0.0 $3.7M 70k 52.96
Leap Wireless International 0.0 $3.5M 532k 6.65
SandRidge Energy 0.0 $3.2M 500k 6.35
McClatchy Company 0.0 $3.3M 1.0M 3.27
Delta Air Lines (DAL) 0.0 $3.5M 297k 11.87
France Telecom SA 0.0 $3.2M 294k 11.05
Textron (TXT) 0.0 $5.0M 200k 24.79
Weatherford International Lt reg 0.0 $5.0M 446k 11.19
Seadrill 0.0 $3.6M 98k 36.80
Moly 0.0 $4.2M 450k 9.44
Telephone And Data Systems (TDS) 0.0 $3.3M 149k 22.14
Crown Castle International 0.0 $1.8M 25k 72.15
Newmont Mining Corporation (NEM) 0.0 $1.4M 30k 46.43
Sprint Nextel Corporation 0.0 $2.8M 500k 5.67
Standard Pacific 0.0 $1.7M 236k 7.35
NII Holdings 0.0 $2.9M 400k 7.13
Boise 0.0 $2.7M 343k 7.95
Rite Aid Corporation 0.0 $1.3M 979k 1.36
US Airways 0.0 $2.3M 167k 13.50
Aircastle 0.0 $2.5M 196k 12.54
Key Energy Services 0.0 $2.4M 343k 6.95
Jones Group 0.0 $1.1M 98k 11.06
Meritor 0.0 $1.2M 245k 4.73
Freescale Semiconductor Holdin 0.0 $1.1M 100k 11.01
General Mtrs Co *w exp 07/10/201 0.0 $1.6M 82k 19.50
Ramco-gershenson Pptys Tr perp pfd-d cv 0.0 $1.9M 35k 53.97
Hillshire Brands 0.0 $2.8M 98k 28.14
Forest Oil Corporation 0.0 $983k 147k 6.69
Arch Coal 0.0 $717k 98k 7.32
Citigroup Inc Com Us cmn 0.0 $67k 159k 0.42
General Mtrs Co *w exp 07/10/201 0.0 $1.0M 82k 12.49