-------------------------------------------------------------- as of March 31, 2012
Portfolio Holdings for --------------------------------------------------------------
-------------------------------------------------------------- holds 102 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) | 33.0 | $446M | 3.2M | 140.81 | |
| SPDR Gold Trust (GLD) | 7.4 | $101M | 620k | 162.12 | |
| Equinix | 4.7 | $63M | 400k | 157.45 | |
| iShares IBoxx $ Invest Grade Corp Bd (LQD) | 4.0 | $54M | 600k | 90.72 | |
| Hess (HES) | 3.7 | $50M | 850k | 58.95 | |
| Ishares Tr msci russ indx | 3.1 | $42M | 510k | 82.81 | |
| Baker Hughes Incorporated | 1.7 | $23M | 550k | 41.94 | |
| EV Energy Partners | 1.7 | $23M | 332k | 69.59 | |
| Dillard's (DDS) | 1.6 | $22M | 350k | 63.02 | |
| Freeport-McMoRan Copper & Gold (FCX) | 1.6 | $21M | 550k | 38.04 | |
| Vodafone | 1.4 | $19M | 700k | 27.67 | |
| Ford Motor Company (F) | 1.3 | $18M | 1.4M | 12.48 | |
| Texas Industries | 1.2 | $16M | 450k | 35.01 | |
| Newfield Exploration | 1.0 | $14M | 400k | 34.68 | |
| Chesapeake Energy Corporation | 1.0 | $14M | 600k | 23.17 | |
| BP (BP) | 1.0 | $14M | 300k | 45.00 | |
| CSX Corporation (CSX) | 1.0 | $13M | 600k | 21.52 | |
| Hldgs (UAL) | 0.9 | $13M | 600k | 21.50 | |
| Crown Castle International | 0.9 | $12M | 226k | 53.34 | |
| Sara Lee | 0.9 | $12M | 551k | 21.53 | |
| National Finl Partners Corp note 4.000% 6/1 | 0.9 | $12M | 8.7M | 1.36 | |
| Williams Companies (WMB) | 0.9 | $12M | 380k | 30.81 | |
| Phh Corp cnv | 0.9 | $12M | 8.0M | 1.47 | |
| Coach | 0.9 | $12M | 150k | 77.28 | |
| Time Warner Cable | 0.8 | $11M | 140k | 81.50 | |
| Textron (TXT) | 0.8 | $11M | 400k | 27.83 | |
| Caterpillar (CAT) | 0.8 | $11M | 100k | 106.52 | |
| Cedar Fair (FUN) | 0.8 | $11M | 363k | 29.59 | |
| Virgin Media Inc note 6.500%11/1 | 0.7 | $10M | 6.5M | 1.54 | |
| Cadence Design Sys Cvt 2.625 6 convert | 0.7 | $9.9M | 6.0M | 1.65 | |
| E M C Corp Mass note 1.750%12/0 | 0.7 | $9.4M | 5.0M | 1.87 | |
| Community Health Systems (CYH) | 0.7 | $8.9M | 400k | 22.24 | |
| United Rentals (URI) | 0.6 | $8.6M | 200k | 42.89 | |
| Delphi Automotive | 0.6 | $7.6M | 241k | 31.60 | |
| Computer Sciences Corporation | 0.6 | $7.5M | 250k | 29.94 | |
| MetLife (MET) | 0.5 | $7.0M | 99k | 70.72 | |
| CONSOL Energy | 0.5 | $6.8M | 200k | 34.10 | |
| Arch Coal | 0.5 | $6.4M | 600k | 10.71 | |
| Comcast Corporation (CMCSA) | 0.4 | $6.0M | 200k | 30.01 | |
| PharMerica Corporation | 0.4 | $6.0M | 480k | 12.43 | |
| Ppl Corp unit 99/99/9999 | 0.4 | $5.6M | 104k | 54.21 | |
| Arvinmeritor Inc frnt 4.000% 2/1 | 0.4 | $5.7M | 7.0M | 0.82 | |
| Huntsman Corporation (HUN) | 0.4 | $5.6M | 400k | 14.01 | |
| Materials SPDR (XLB) | 0.4 | $5.5M | 150k | 36.97 | |
| Newell Rubbermaid (NWL) | 0.4 | $5.3M | 300k | 17.81 | |
| Allegiant Travel Company (ALGT) | 0.4 | $5.5M | 100k | 54.50 | |
| Us Airways Group Inc note 7.250% 5/1 | 0.4 | $5.4M | 3.0M | 1.79 | |
| Omnicare Inc note 3.750%12/1 | 0.4 | $5.3M | 3.7M | 1.45 | |
| Cemex SAB de CV (CX) | 0.4 | $5.0M | 650k | 7.76 | |
| Hca Holdings (HCA) | 0.4 | $4.9M | 200k | 24.74 | |
| Ultra Petroleum | 0.3 | $4.5M | 200k | 22.63 | |
| D.R. Horton (DHI) | 0.3 | $4.6M | 300k | 15.17 | |
| Southwestern Energy Company (SWN) | 0.3 | $4.6M | 150k | 30.60 | |
| Weatherford International Lt reg | 0.3 | $4.5M | 300k | 15.09 | |
| Leap Wireless International | 0.3 | $4.5M | 515k | 8.73 | |
| Sprint Nextel Corporation | 0.3 | $4.3M | 1.5M | 2.85 | |
| CVR Energy (CVI) | 0.3 | $4.0M | 150k | 26.75 | |
| Transocean (RIG) | 0.3 | $3.8M | 700k | 5.47 | |
| Wynn Resorts (WYNN) | 0.3 | $3.7M | 30k | 124.87 | |
| West Pharmaceutical Svsc Inc sdcv 4.000% 3/1 | 0.3 | $3.7M | 4.0M | 0.93 | |
| NII Holdings | 0.3 | $3.7M | 200k | 18.31 | |
| Barnes & Noble | 0.3 | $3.6M | 275k | 13.25 | |
| Nabors Industries | 0.3 | $3.5M | 200k | 17.49 | |
| Rentech Nitrogen Partners L | 0.3 | $3.5M | 125k | 27.74 | |
| Smithfield Foods | 0.2 | $3.3M | 150k | 22.03 | |
| Boise | 0.2 | $3.3M | 400k | 8.21 | |
| Alpha Natural Resources | 0.2 | $3.0M | 200k | 15.21 | |
| Melco Crown Entertainment (MLCO) | 0.2 | $2.9M | 210k | 13.64 | |
| Diamond Foods | 0.2 | $2.9M | 126k | 22.83 | |
| Ppl Corporation 8.75% pfd cv | 0.2 | $2.9M | 54k | 53.75 | |
| Pulte (PHM) | 0.2 | $2.7M | 300k | 8.85 | |
| Standard Pacific | 0.2 | $2.7M | 600k | 4.46 | |
| Rite Aid Corporation | 0.2 | $2.7M | 1.6M | 1.74 | |
| McClatchy Company | 0.2 | $2.6M | 900k | 2.89 | |
| General Motors Company (GM) | 0.2 | $2.5M | 99k | 25.65 | |
| Aircastle | 0.2 | $2.4M | 200k | 12.24 | |
| Lear Corporation (LEA) | 0.2 | $2.3M | 50k | 46.50 | |
| Hertz Global Holdings | 0.2 | $2.3M | 150k | 15.04 | |
| Cablevision Systems Corporation | 0.2 | $2.3M | 160k | 14.68 | |
| General Mtrs Co *w exp 07/10/201 | 0.2 | $2.3M | 167k | 13.92 | |
| ATP Oil & Gas Corporation | 0.2 | $2.2M | 300k | 7.35 | |
| Delta Air Lines (DAL) | 0.1 | $2.0M | 200k | 9.92 | |
| Ramco-gershenson Pptys Tr perp pfd-d cv | 0.1 | $2.0M | 42k | 49.15 | |
| Annaly Capital Management | 0.1 | $1.9M | 120k | 15.82 | |
| Dana Holding Corporation (DAN) | 0.1 | $1.9M | 120k | 15.50 | |
| Boston Scientific Corporation (BSX) | 0.1 | $1.8M | 300k | 5.98 | |
| Penn Virginia Corporation | 0.1 | $1.6M | 350k | 4.55 | |
| Cimarex Energy | 0.1 | $1.5M | 20k | 75.45 | |
| Wendy's/arby's Group (WEN) | 0.1 | $1.5M | 300k | 5.01 | |
| Jones Group | 0.1 | $1.3M | 100k | 12.56 | |
| Jetblue Airways Corp dbcv 6.750%10/1 | 0.1 | $953k | 750k | 1.27 | |
| Mueller Water Products (MWA) | 0.1 | $999k | 300k | 3.33 | |
| Cenveo | 0.1 | $845k | 250k | 3.38 | |
| Great Wolf Resorts | 0.1 | $858k | 150k | 5.72 | |
| Forest Oil Corporation | 0.0 | $606k | 50k | 12.12 | |
| Lennar Corporation (LEN) | 0.0 | $272k | 10k | 27.20 | |
| Liz Claiborne | 0.0 | $334k | 25k | 13.36 | |
| Verso Paper | 0.0 | $232k | 123k | 1.88 | |
| Goodyear Tire Rubr Pfd 5.875% p | 0.0 | $207k | 5.0k | 41.40 | |
| A123 Sys Inc note 3.750% 4/1 | 0.0 | $310k | 1.0M | 0.31 | |
| Citigroup Inc Com Us cmn | 0.0 | $70k | 162k | 0.43 | |
| DOUBLE HULL TANKERS INC COM Stk | 0.0 | $24k | 25k | 0.96 |
