Polar Securities

Polar Securities as of Dec. 31, 2011

Portfolio Holdings for Polar Securities

Polar Securities holds 115 positions in its portfolio as reported in the December 2011 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
Notes 3.7 $45M 20M 2.26
Group Cgi Cad Cl A 3.2 $39M 2.1M 18.85
Netapp Inc note 1.750% 6/0 3.1 $38M 30M 1.26
Holdings Inc Note 5.25 2.9 $35M 23M 1.56
Sxc Health Solutions Corp 2.8 $35M 618k 56.30
Virgin Media Inc note 6.500%11/1 2.8 $35M 25M 1.38
Trw Automotive 3.5% 12/01/15 conv 2.5 $31M 23M 1.34
E M C Corp Mass note 1.750%12/0 2.3 $29M 20M 1.44
Endo Pharmaceuticals Hldgs I note 1.750% 4/1 2.1 $26M 20M 1.31
Stantec (STN) 2.0 $25M 923k 27.25
SPDR S&P Homebuilders (XHB) 1.9 $23M 1.4M 17.10
Ual Corp note 6.000%10/1 1.9 $23M 10M 2.29
First Majestic Silver Corp (AG) 1.8 $22M 1.3M 16.84
CUBIST PHARM CONVERTIBLE security 1.8 $22M 15M 1.49
Biomarin Pharmaceutical Inc note 1.875% 4/2 1.7 $21M 12M 1.78
Firstservice Corp sdcv 6.500%12/3 1.7 $21M 18M 1.13
Fidelity National Information Services (FIS) 1.6 $19M 729k 26.59
ValueClick 1.6 $19M 1.2M 16.29
Brunswick Corporation (BC) 1.6 $19M 1.1M 18.06
Lincare Hldgs Inc note 2.750%11/0 1.6 $19M 18M 1.09
A. O. Smith Corporation (AOS) 1.4 $18M 446k 40.12
DENTSPLY International 1.4 $17M 494k 34.99
eBay (EBAY) 1.4 $17M 559k 30.33
Equinix Inc note 4.750% 6/1 1.3 $17M 12M 1.41
IAC/InterActive 1.3 $16M 375k 42.60
Microsoft Corporation (MSFT) 1.2 $15M 587k 25.96
Precision Drilling Corporation 1.2 $15M 1.5M 10.26
Chesapeake Energy Corp note 2.750%11/1 1.2 $15M 15M 0.98
Google 1.2 $14M 22k 645.92
Walt Disney Company (DIS) 1.1 $14M 377k 37.50
Electronics For Imaging 1.1 $14M 991k 14.25
CurrencyShares Canadian Dollar Trust 1.1 $14M 144k 97.62
Equinix Inc note 3.000%10/1 1.1 $14M 12M 1.12
Equifax (EFX) 1.1 $13M 347k 38.74
Republic Services (RSG) 1.1 $13M 488k 27.55
Cisco Systems (CSCO) 1.1 $13M 717k 18.08
CurrencyShares Euro Trust 1.1 $13M 100k 128.92
Move 1.1 $13M 2.1M 6.32
Oil Sts Intl Inc note 2.375% 7/0 1.0 $12M 5.0M 2.41
Liz Claiborne 1.0 $12M 1.4M 8.63
DST Systems 0.9 $11M 249k 45.52
WESCO International (WCC) 0.9 $11M 215k 53.01
Knight Capital Group Inc. 3.50% dbcv 0.9 $11M 13M 0.89
Sina Corporation 0.9 $11M 211k 52.00
Celestica 0.9 $11M 1.5M 7.33
Barrick Gold Corp (GOLD) 0.9 $11M 236k 45.25
Halliburton Company (HAL) 0.8 $10M 302k 34.51
Shuffle Master 0.8 $10M 883k 11.72
Red Robin Gourmet Burgers (RRGB) 0.7 $8.6M 310k 27.70
Exxon Mobil Corporation (XOM) 0.7 $8.5M 100k 84.76
VCA Antech 0.7 $8.5M 432k 19.75
Bank of America Corporation (BAC) 0.7 $8.3M 1.5M 5.56
Australia Acquisition Corp 0.7 $8.4M 850k 9.83
Novagold Res Inc bond 0.7 $8.4M 7.5M 1.12
Lattice Semiconductor (LSCC) 0.7 $8.2M 1.4M 5.94
Valero Energy Corporation (VLO) 0.7 $8.0M 380k 21.05
Mohawk Industries (MHK) 0.6 $7.8M 131k 59.85
CoreLogic 0.6 $7.4M 569k 12.93
Quanex Building Products Corporation (NX) 0.6 $7.0M 463k 15.02
Ivanhoe Mines 0.6 $6.9M 388k 17.72
LSI Corporation 0.6 $6.7M 1.1M 5.95
Zebra Technologies (ZBRA) 0.5 $6.6M 186k 35.78
Dun & Bradstreet Corporation 0.5 $6.7M 89k 74.83
Sprott Physical Gold Trust (PHYS) 0.5 $6.7M 484k 13.80
Firstservice Cad Sub Vtg 0.5 $6.6M 248k 26.49
Casella Waste Systems (CWST) 0.5 $6.4M 1.0M 6.40
Thompson Creek Metals 0.5 $6.4M 917k 6.96
Universal Business Pmt Sol A 0.5 $6.4M 1.1M 5.86
Owens Corning (OC) 0.5 $6.2M 217k 28.72
Abbott Laboratories (ABT) 0.5 $6.3M 111k 56.23
Bce (BCE) 0.5 $6.3M 150k 41.67
Swift Transportation Company 0.5 $6.2M 750k 8.24
Broadcom Corporation 0.5 $6.0M 206k 29.36
Patterson-UTI Energy (PTEN) 0.5 $5.9M 297k 19.98
Transglobe Energy Corp 0.5 $5.8M 732k 7.90
Hudson Highland 0.5 $5.8M 1.2M 4.79
United Rentals (URI) 0.5 $5.6M 191k 29.55
China Growth Equity Inv 0.5 $5.7M 600k 9.53
Cazador Acquisition Corporat 0.4 $5.5M 560k 9.78
Global Eagle Acquisition Cor 0.4 $5.3M 556k 9.61
& PROD CO shares Brookfield 0.4 $4.9M 622k 7.81
Harmonic (HLIT) 0.4 $4.7M 935k 5.04
Heartware Intl Inc note 3.500%12/1 0.4 $4.6M 4.5M 1.03
Prime Acquisition Corp 0.4 $4.7M 488k 9.59
Nautilus Marine Acquisit Cor shsadded 0.4 $4.6M 476k 9.58
Scorpio Tankers 0.4 $4.5M 917k 4.89
Transcanada Corp 0.3 $4.4M 100k 43.67
IDEX Corporation (IEX) 0.3 $4.1M 111k 37.11
SMART Technologies 0.3 $4.0M 1.1M 3.69
Coldwater Creek 0.3 $3.9M 3.3M 1.18
Open Text Corp (OTEX) 0.3 $3.9M 76k 51.13
iShares Silver Trust (SLV) 0.3 $4.0M 147k 26.94
Bk Nova Cad (BNS) 0.3 $3.5M 71k 49.80
Sanchez Energy Corp C ommon stocks 0.3 $3.5M 200k 17.26
Cott Corp 0.3 $3.3M 523k 6.26
Imris (IMRSQ) 0.3 $3.3M 1.2M 2.70
Blue Wolf Mongolia Holdings 0.3 $3.4M 350k 9.62
Costamare (CMRE) 0.3 $3.2M 229k 14.16
Companhia de Bebidas das Americas 0.2 $2.4M 66k 36.08
Taseko Cad (TGB) 0.2 $2.2M 803k 2.73
Aviat Networks 0.1 $1.8M 990k 1.83
KVH Industries (KVHI) 0.1 $1.7M 214k 7.78
Brookdale Senior Living note 0.1 $1.7M 2.0M 0.87
Fortune Brands (FBIN) 0.1 $1.7M 100k 17.03
Opnext 0.1 $1.5M 1.9M 0.81
Marten Transport (MRTN) 0.1 $907k 50k 17.99
AutoZone (AZO) 0.0 $520k 1.6k 325.00
SPDR Gold Trust (GLD) 0.0 $378k 2.5k 152.11
Nevada Gold & Casinos 0.0 $171k 149k 1.15
China Metro-rural Hldgs 0.0 $94k 104k 0.90
Prime Acquisition Corp *w exp 99/99/999 0.0 $99k 341k 0.29
Nautilus Marine Acquisit Cor *w exp 06/17/201 0.0 $120k 400k 0.30
Universal Business Pmt Sol A *w exp 05/09/201 0.0 $127k 528k 0.24
Armour Residential Reit Inc *w exp 11/07/201 0.0 $3.1k 306k 0.01
China Growth Equity Inv Ltd *w exp 99/99/999 0.0 $44k 95k 0.46