Silverback Asset Management

Silverback Asset Management as of March 31, 2011

Portfolio Holdings for Silverback Asset Management

Silverback Asset Management holds 54 positions in its portfolio as reported in the March 2011 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
Spdr S&p 500 Etf (SPY) 14.8 $133M 1.0M 132.59
Amgen Inc note 0.375% 2/0 8.7 $78M 79M 0.99
Netapp Inc note 1.750% 6/0 4.4 $40M 25M 1.58
Ford Mtr Co Del note 4.250%11/1 4.1 $37M 20M 1.81
L-3 Communications Corp debt 3.000% 8/0 4.0 $35M 35M 1.01
Sothebys note 3.125% 6/1 3.5 $31M 19M 1.64
Medtronic Inc note 1.625% 4/1 3.5 $31M 30M 1.03
Lincare Hldgs Inc note 2.750%11/0 3.3 $30M 25M 1.19
Western Refng Inc note 5.750% 6/1 3.0 $27M 16M 1.76
Arvinmeritor Inc frnt 4.625% 3/0 3.0 $27M 24M 1.13
Dendreon Corp note 2.6 $24M 22M 1.07
Cheniere Energy Inc note 2.250% 8/0 2.5 $23M 28M 0.82
Verifone Sys Inc note 1.375% 6/1 2.2 $20M 15M 1.34
Dryships Inc. note 5.000%12/0 2.2 $20M 20M 1.00
Hologic Inc frnt 2.000%12/1 2.1 $19M 20M 0.97
ACTUANT CORP CONVERTIBLE security 2.1 $19M 13M 1.48
PowerShares DB US Dollar Index Bullish 1.9 $17M 798k 21.79
Kinross Gold Corp note 1.750% 3/1 1.9 $17M 17M 1.00
Alere 1.8 $17M 59k 277.23
Usec Inc note 3.000%10/0 1.8 $16M 21M 0.79
International Coal Grp Inc N note 4.000% 4/0 1.7 $15M 7.1M 2.10
United Dominion Realty Tr In note 4.000%12/1 1.6 $15M 15M 1.00
Alliant Techsystems Inc note 2.750% 9/1 1.6 $14M 14M 1.01
General Cable Corp Del New note 0.875%11/1 1.5 $14M 13M 1.10
Boise Inc *w exp 06/18/201 1.5 $14M 1.5M 9.16
Equinix Inc note 3.000%10/1 1.5 $13M 12M 1.08
Spdr S&p 500 Etf (SPY) 1.5 $13M 100k 132.59
Aar Corp note 1.750% 2/0 1.3 $12M 11M 1.12
Newpark Res Inc note 4.000%10/0 1.2 $10M 10M 1.04
Ual Corp note 4.500% 6/3 1.0 $9.1M 9.0M 1.01
On Semiconductor Corp note 4/1 0.9 $8.6M 7.5M 1.14
Thoratec Corp note 1.379% 5/1 0.9 $7.7M 10M 0.77
Virgin Media Inc note 6.500%11/1 0.8 $7.6M 4.5M 1.69
Cubist Pharmaceuticals Inc note 2.250% 6/1 0.8 $7.6M 7.0M 1.08
Kulicke & Soffa Inds Inc note 0.875% 6/0 0.8 $7.3M 7.1M 1.02
Quicksilver Resources Inc dbcv 1.875%11/0 0.8 $6.9M 6.4M 1.07
Medicis Pharmaceutical Corp note 2.500% 6/0 0.8 $6.8M 5.9M 1.16
Citigroup Inc unit 0.7 $6.3M 50k 126.30
Greenbrier Cos Inc note 2.375% 5/1 0.7 $5.9M 6.0M 0.98
Albany Intl Corp note 2.250% 3/1 0.6 $5.6M 5.8M 0.97
Symantec Corporation 0.5 $4.6M 250k 18.54
Hercules Offshore Inc note 3.375% 6/0 0.5 $4.3M 4.5M 0.95
Global Inds Ltd dbcv 2.750% 8/0 0.5 $4.0M 5.0M 0.80
Heckmann Corp *w exp 11/09/201 0.4 $3.9M 600k 6.55
RadioShack Corporation 0.4 $3.7M 249k 15.01
Best Buy Inc sdcv 2.250% 1/1 0.3 $3.1M 3.0M 1.02
Crown Castle International 0.3 $2.8M 66k 42.55
Chesapeake Energy Corp note 2.500% 5/1 0.2 $2.2M 2.0M 1.08
Chesapeake Energy Corp note 2.500% 5/1 0.2 $2.2M 6.0M 0.36
Ambassadors Intl Inc note 3.750% 4/1 0.2 $2.1M 10M 0.20
Symantec Corporation 0.2 $1.9M 100k 18.54
Erp Oper Ltd Partnership note 3.850% 8/1 0.2 $1.5M 1.5M 1.03
Photronics (PLAB) 0.1 $534k 60k 8.97
Cheniere Energy Partners (CQP) 0.0 $384k 20k 19.10