Silverback Asset Management

Silverback Asset Management as of Sept. 30, 2011

Portfolio Holdings for Silverback Asset Management

Silverback Asset Management holds 70 positions in its portfolio as reported in the September 2011 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
E M C Corp Mass note 1.750%12/0 8.0 $96M 73M 1.31
Amgen Inc note 0.375% 2/0 5.3 $64M 65M 0.98
Netapp Inc note 1.750% 6/0 4.9 $59M 49M 1.22
Medtronic Inc note 1.625% 4/1 4.8 $58M 58M 1.00
Citigroup Inc Com Us cmn 3.8 $46M 1.8M 25.62
Newmont Mining Corp note 3.000% 2/1 3.4 $41M 30M 1.38
Textron Inc note 4.500% 5/0 3.4 $41M 27M 1.52
Citigroup Inc *w exp 10/28/201 3.2 $38M 1.5M 25.62
Salesforce Com Inc note 0.750% 1/1 2.9 $35M 24M 1.48
L-3 Communications Corp debt 3.000% 8/0 2.4 $29M 31M 0.95
Pioneer Nat Res Co note 2.875% 1/1 2.1 $26M 22M 1.19
Ingersoll-rand Global Hldg C debt 2.0 $24M 15M 1.60
Amerigroup Corp note 2.000% 5/1 2.0 $24M 22M 1.07
Chesapeake Energy Corp note 2.500% 5/1 1.8 $22M 23M 0.95
United Therapeutics Corp Del note 0.500%10/1 1.8 $22M 21M 1.03
General Mtrs Co *w exp 07/10/201 1.8 $21M 1.0M 20.18
Verifone Sys Inc note 1.375% 6/1 1.6 $20M 19M 1.04
Best Buy Inc sdcv 2.250% 1/1 1.6 $20M 20M 1.00
Archer Daniels Midland Co note 0.875% 2/1 1.5 $19M 19M 1.00
Interpublic Group Cos Inc note 4.250% 3/1 1.5 $18M 18M 1.01
Iconix Brand Group Inc note 1.875% 6/3 1.5 $18M 18M 0.99
Covanta Holding Conv conv bnd 1.5 $18M 17M 1.09
On Semiconductor Corp note 2.625%12/1 1.5 $18M 17M 1.06
Hologic Inc frnt 2.000%12/1 1.4 $17M 18M 0.94
Kinross Gold Corp note 1.750% 3/1 1.4 $17M 17M 0.99
UUP 2011-10-22 22.000 C A Opq listed equity options 1.4 $17M 750k 22.31
Arvinmeritor Inc frnt 4.625% 3/0 1.4 $17M 22M 0.76
Borgwarner Inc note 3.500% 4/1 1.4 $17M 9.0M 1.85
Symantec Corporation 1.4 $16M 1.0M 16.30
ACTUANT CORP CONVERTIBLE security 1.4 $16M 15M 1.10
Alcoa Inc debt 1.3 $16M 9.7M 1.64
On Semiconductor Corp note 4/1 1.3 $16M 16M 1.01
Mylan Inc note 1.250% 3/1 1.2 $15M 15M 1.00
United States Stl Corp New note 4.000% 5/1 1.2 $15M 15M 1.04
Western Refng Inc note 5.750% 6/1 1.2 $15M 11M 1.36
Cheniere Energy Inc note 2.250% 8/0 1.2 $14M 18M 0.81
Kulicke & Soffa Inds Inc note 0.875% 6/0 1.1 $14M 14M 0.99
Earthlink Inc note 3.250%11/1 1.1 $14M 14M 1.00
Tech Data Corp dbcv 2.750%12/1 1.1 $14M 14M 1.00
Lincare Hldgs Inc note 2.750%11/0 1.1 $13M 13M 1.03
Lincare Hldgs 2.75% 11/37 note 1.0 $12M 12M 1.03
Level 3 Communications conv 1.0 $12M 9.0M 1.28
Alere 0.9 $11M 58k 193.51
Usec Inc note 3.000%10/0 0.9 $10M 19M 0.53
Dendreon Corp note 0.8 $9.4M 13M 0.72
Micron Technology Inc note 4.250%10/1 0.8 $9.3M 7.4M 1.25
Mcmoran Exploration Co. Cv. Sr conv 0.8 $9.1M 9.1M 1.01
D Synnex Corp Ser B Sr Uns Conv convrt bonds 0.8 $9.1M 8.3M 1.10
Cubist Pharmaceuticals Inc note 2.250% 6/1 0.7 $8.8M 7.0M 1.25
Nuvasive Inc note 2.250% 3/1 0.7 $8.0M 8.3M 0.97
Dryships Inc. note 5.000%12/0 0.6 $6.8M 11M 0.62
Hornbeck Offshore Svcs Inc N frnt 1.625%11/1 0.6 $6.7M 7.2M 0.93
Sothebys note 3.125% 6/1 0.6 $6.7M 6.0M 1.11
Cheniere Energy (LNG) 0.5 $6.1M 1.2M 5.15
National Finl Partners Corp note 4.000% 6/1 0.5 $5.8M 5.4M 1.07
DST Systems 0.5 $5.7M 130k 43.83
James River Coal 4.5% 2015 conv 0.4 $4.4M 5.5M 0.80
Heckmann Corp *w exp 11/09/201 0.3 $4.0M 765k 5.29
Sesi L L C frnt 1.500%12/1 0.3 $4.0M 4.0M 1.00
Sonic Automotive Inc note 5.000% 10/0 0.3 $3.9M 3.5M 1.10
Goodrich Pete Corp note 5.000%10/0 0.3 $3.6M 4.0M 0.90
Autoliv Inc unit 99/99/9999 0.2 $2.6M 40k 65.95
Equinix Inc note 2.500% 4/1 0.2 $2.6M 2.5M 1.02
Exterran Hldgs Inc note 4.250% 6/1 0.1 $1.8M 2.0M 0.91
Arvinmeritor Inc frnt 4.000% 2/1 0.1 $1.4M 2.0M 0.68
Symantec Corporation 0.1 $701k 43k 16.30
EMC Corporation 0.0 $539k 26k 20.97
AMERIGROUP Corporation 0.0 $228k 5.9k 38.97
NuVasive 0.0 $256k 15k 17.07
Terex Corporation (TEX) 0.0 $164k 16k 10.25