Waterstone Capital Management

Waterstone Capital Management as of Dec. 31, 2010

Portfolio Holdings for Waterstone Capital Management

Waterstone Capital Management holds 63 positions in its portfolio as reported in the December 2010 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
Goldman Sachs (GS) 8.6 $190M 1.1M 168.16
Reinsurance Group Amer Inc pfd tr inc eq 7.2 $159M 2.3M 69.61
Virgin Media Inc note 6.500%11/1 5.6 $124M 75M 1.66
Microchip Technology Inc sdcv 2.125%12/1 4.2 $94M 76M 1.23
Morgan Stanley (MS) 4.2 $93M 3.4M 27.21
Transocean (RIG) 4.0 $88M 1.3M 69.51
Chesapeake Energy Corp note 2.500% 5/1 4.0 $87M 98M 0.89
Transocean Inc note 1.500%12/1 3.8 $84M 86M 0.97
New York Cmnty Cap Tr V unit 99/99/9999 (FLG.PU) 3.6 $79M 1.5M 52.46
Freeport-McMoRan Copper & Gold (FCX) 3.2 $70M 583k 120.09
Vale (VALE) 3.1 $69M 2.0M 34.40
Linear Technology Corp note 3.000% 5/0 3.0 $66M 62M 1.06
Exterran Hldgs Inc note 4.250% 6/1 2.9 $64M 51M 1.25
Xilinx Inc sdcv 3.125% 3/1 2.8 $61M 58M 1.04
Advanced Micro Devices Inc note 6.000% 5/0 2.5 $54M 54M 1.01
Svb Finl Group debt 2.4 $52M 49M 1.07
PNC Financial Services (PNC) 2.3 $52M 850k 60.72
Sesi L L C frnt 1.500%12/1 2.1 $47M 46M 1.02
Lincare Hldgs 2.75% 11/37 note 2.0 $44M 40M 1.09
L-3 Communications Corp debt 3.000% 8/0 1.9 $43M 43M 1.00
Lincare Hldgs Inc note 2.750%11/0 1.7 $37M 34M 1.09
Life Technologies 1.5 $33M 586k 55.50
Thermo Fisher Scientific (TMO) 1.4 $31M 565k 55.36
American Med Sys Hldgs Inc note 4.000% 9/1 1.3 $29M 24M 1.22
Advanced Micro Devices Inc note 5.750% 8/1 1.2 $28M 27M 1.03
General Cable Corp Del New note 0.875%11/1 1.2 $27M 28M 0.99
Zions Bancorporation *w exp 05/22/202 1.2 $27M 3.6M 7.41
Barrett Bill Corp note 5.000% 3/1 1.1 $25M 25M 1.03
Erp Oper Ltd Partnership note 3.850% 8/1 1.1 $25M 24M 1.04
SanDisk Corporation 1.1 $25M 503k 49.86
Boston Propert 2.875 2/15/37c v deb 1.1 $24M 24M 1.01
Semgroup Corp cl a 1.0 $22M 826k 27.17
Mylan 0.9 $21M 988k 21.13
Prologis debt 0.8 $17M 18M 0.99
Parker Drilling Co note 2.125% 7/1 0.7 $16M 17M 0.96
Devon Energy Corporation (DVN) 0.7 $16M 200k 78.51
Allergan Inc Com Stk 0.7 $15M 222k 68.67
USG Corporation 0.7 $15M 862k 16.83
Delta Pete Corp note 3.750% 5/0 0.6 $14M 16M 0.86
CenturyLink 0.6 $13M 280k 46.17
Washington Post Company 0.6 $13M 29k 439.51
MGM Resorts International. (MGM) 0.6 $12M 837k 14.85
Industries N shs - a - (LYB) 0.5 $10M 300k 34.40
Transocean Inc note 1.500%12/1 0.4 $9.8M 10M 0.98
Amerigroup Corp note 2.000% 5/1 0.4 $9.0M 7.8M 1.16
Supervalu 0.4 $7.9M 819k 9.62
Hanover Compressor Co note 4.750% 1/1 0.3 $6.8M 6.9M 0.99
Windstream Corporation 0.3 $6.6M 477k 13.94
Spansion 0.3 $6.6M 317k 20.70
Pride International 0.3 $6.3M 190k 33.00
Qwest Communications International 0.3 $5.7M 745k 7.61
Rosetta Resources 0.2 $5.4M 144k 37.64
Smithfield Foods 0.2 $4.4M 215k 20.63
Stone Energy Corporation 0.2 $4.5M 200k 22.29
Western Refining 0.2 $3.9M 371k 10.58
Aspen Insurance Holdings Ltd pfd prp inc eq 0.2 $3.5M 64k 54.55
Boyd Gaming Corporation (BYD) 0.2 $3.5M 330k 10.60
DEVELOPERS DIVERSIFIED RLTY Note 3.500% 8/1 debt 0.2 $3.5M 3.5M 1.00
Commscope Inc note 3.250% 7/0 0.1 $2.6M 2.0M 1.30
Dean Foods Company 0.1 $2.7M 306k 8.84
Bp Plc-spons 0.1 $2.1M 49k 44.18
Petrohawk Energy Corporation 0.1 $1.8M 100k 18.25
Capitalsource Inc sdcv 4.000% 7/1 0.1 $1.0M 1.0M 1.00