Silverback Asset Management

Silverback Asset Management as of March 31, 2012

Portfolio Holdings for Silverback Asset Management

Silverback Asset Management holds 82 positions in its portfolio as reported in the March 2012 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
Spdr S&p 500 Etf (SPY) 6.8 $141M 1.0M 140.81
Citigroup Inc Com Us cmn 4.9 $102M 2.8M 36.55
General Mtrs Co *w exp 07/10/201 4.5 $94M 3.7M 25.65
Gilead Sciences conv 4.2 $88M 72M 1.23
Netapp Inc note 1.750% 6/0 3.6 $75M 51M 1.46
Biomarin Pharmaceutical Inc note 1.875% 4/2 3.1 $66M 37M 1.79
Citigroup Inc *w exp 10/28/201 3.0 $64M 1.7M 36.55
Spdr S&p 500 Etf (SPY) 2.9 $61M 430k 140.81
Ingersoll-rand Global Hldg C debt 2.7 $56M 24M 2.32
Salesforce Com Inc note 0.750% 1/1 2.6 $55M 29M 1.87
Medtronic Inc note 1.625% 4/1 2.6 $54M 54M 1.01
Amgen Inc note 0.375% 2/0 2.3 $48M 47M 1.02
Alere 2.2 $47M 195k 240.69
Vornado Rlty L P debt 2.1 $44M 44M 1.00
Pioneer Nat Res Co note 2.875% 1/1 2.0 $43M 22M 1.93
United States Stl Corp New note 4.000% 5/1 2.0 $42M 35M 1.18
Amerigroup Corp note 2.000% 5/1 2.0 $41M 26M 1.58
Anixter Intl Inc note 1.000% 2/1 1.8 $38M 30M 1.26
Equinix Inc note 3.000%10/1 1.6 $33M 22M 1.51
Alcoa Inc debt 1.6 $33M 20M 1.67
Cadence Design Sys Cvt 2.625 6 convert 1.4 $29M 18M 1.66
Microsoft Corporation (MSFT) 1.3 $27M 825k 32.25
Suntech Pwr Hldgs Co Ltd note 3.000% 3/1 1.3 $26M 33M 0.79
Covanta Holding Conv conv bnd 1.2 $25M 22M 1.15
Micron Technology Inc note 4.250%10/1 1.2 $25M 15M 1.66
TAKE-TWO INTER CONVERTIBLE security 1.1 $24M 16M 1.55
Chesapeake Energy Corp note 2.500% 5/1 1.1 $24M 26M 0.92
Iconix Brand Group Inc note 1.875% 6/3 1.1 $23M 23M 1.00
L-3 Communications Corp debt 3.000% 8/0 1.1 $23M 23M 0.98
Ppl Corporation 8.75% pfd cv 1.1 $23M 21M 1.07
Lincare Hldgs 2.75% 11/37 note 1.1 $22M 22M 1.02
Lincare Hldgs Inc note 2.750%11/0 1.1 $22M 20M 1.11
ACTUANT CORP CONVERTIBLE security 1.1 $22M 15M 1.46
Kulicke & Soffa Inds Inc note 0.875% 6/0 1.0 $21M 21M 1.01
SAFEGUARD SCIENTIFICS INC Dbcv 10.125% 3/1 debt 1.0 $21M 16M 1.34
Exterran Hldgs Inc note 4.250% 6/1 1.0 $21M 21M 1.00
Notes Gencorp Inc. 4.0625% dbcv 1.0 $20M 19M 1.07
Level 3 Communications conv 0.9 $20M 16M 1.23
On Semiconductor Corp note 4/1 0.9 $19M 19M 1.00
Vector Group Ltd debt 0.9 $19M 17M 1.13
Sonosite Inc note 3.750% 7/1 0.9 $18M 12M 1.46
Cemex Sab conv 0.9 $18M 19M 0.94
Cubist Pharmaceuticals Inc note 2.250% 6/1 0.8 $18M 12M 1.44
Trex Inc note 6.000% 7/0 0.8 $18M 12M 1.48
Helix Energy Solutions note 0.8 $18M 17M 1.06
Dst Sys Inc Del dbcv 4.125% 8/1 0.8 $17M 14M 1.24
Dendreon Corp note 0.8 $17M 21M 0.81
Fei Co note 2.875% 6/0 0.8 $17M 9.7M 1.71
Comtech Telecommunications Cor conv 0.7 $15M 13M 1.13
Bpz Resources Inc bond 0.7 $15M 16M 0.94
Arvinmeritor Inc frnt 4.625% 3/0 0.7 $15M 16M 0.93
Usec Inc note 3.000%10/0 0.7 $15M 29M 0.50
Verifone Sys Inc note 1.375% 6/1 0.7 $14M 12M 1.19
Dryships Inc. note 5.000%12/0 0.7 $14M 16M 0.85
Nuance Communications Inc dbcv 2.750% 8/1 0.6 $13M 9.0M 1.46
Borgwarner Inc note 3.500% 4/1 0.6 $13M 5.0M 2.57
Central European Media sr nt cv 5%15 0.6 $13M 16M 0.80
Archer Daniels Midland Co note 0.875% 2/1 0.6 $12M 12M 1.02
Autoliv Inc unit 99/99/9999 0.6 $12M 3.2M 3.65
Mcmoran Exploration Co note 5.250%10/0 0.5 $11M 11M 1.04
Solarfun Power Hldgs Conv dbcv 0.5 $11M 16M 0.68
Headwaters Inc note 2.500% 2/0 0.5 $10M 11M 0.92
James River Coal 4.5% 2015 conv 0.5 $9.9M 18M 0.54
RF MICRO DEVICE CONVERTIBLE security 0.4 $8.3M 8.2M 1.01
Financial Select Sector SPDR (XLF) 0.4 $7.7M 485k 15.80
Thq Inc note 5.000% 8/1 0.4 $7.7M 15M 0.50
Alpha Natural Resources Inc note 2.375% 4/1 0.3 $7.3M 8.1M 0.90
On Semiconductor Corp note 2.625%12/1 0.3 $7.3M 6.5M 1.12
Powerwave Technologies Inc note 3.875%10/0 0.3 $6.4M 13M 0.50
Goodrich Pete Corp note 5.000%10/0 0.3 $6.2M 6.3M 0.99
Gmx Res Inc note 4.500% 5/0 0.3 $5.5M 12M 0.45
Clearwire Corporation 0.2 $4.7M 2.1M 2.28
Central European Dist Corp note 3.000% 3/1 0.2 $4.2M 4.7M 0.88
Gmx Res Inc note 5.000% 2/0 0.2 $3.5M 4.7M 0.75
Lucent Technologies Inc dbcv 2.750% 6/1 0.1 $2.7M 3.1M 0.86
K V Pharmaceutical Co note 2.500% 5/1 0.1 $1.8M 6.5M 0.27
A123 Sys Inc note 3.750% 4/1 0.1 $1.2M 3.5M 0.33
Microsoft Corporation (MSFT) 0.0 $863k 27k 32.26
Central European Distribution 0.0 $636k 125k 5.11
BPZ Resources 0.0 $622k 154k 4.03
Verenium Corporation 0.0 $484k 117k 4.15
THQ 0.0 $294k 525k 0.56