| Security | CUSIP | Shares | Traded Market Value | % of Holding ↓ |
| INST CASH MANAGEMENT MMKT | 76628T264 | 48,587,369 | $48,587,369.62 | 7.68% |
| NRG ENERGY 7.375 02/01/16 | 629377AU6 | 17,145,000 | $14,787,562.50 | 2.33% |
| COMMUNITY 8.875 07/15/15 | 12543DAF7 | 13,750,000 | $11,515,625.00 | 1.82% |
| EAST VALLEY VRN 08/06/14 | LX074689 | 11,500,000 | $8,625,000.00 | 1.36% |
| ALLTEL CO 10.375 12/01/17 | 02004JAD2 | 7,295,000 | $7,951,550.00 | 1.25% |
| HCA, INC. 9.25 11/15/16 | 404119AX7 | 8,835,000 | $7,509,750.00 | 1.18% |
| CHESAPEAKE 7.625 07/15/13 | 165167BY2 | 8,695,000 | $7,390,750.00 | 1.16% |
| DIRECTV 8.375 03/15/13 | 25459HAB1 | 7,520,000 | $7,050,000.00 | 1.11% |
| KABEL 10.625 07/01/14 | 48282AAB1 | 8,335,000 | $7,001,400.00 | 1.10% |
| ENERGY 10.875 11/01/17 | 292680AA3 | 8,640,000 | $6,652,800.00 | 1.05% |
| HCA, INC. 9.125 11/15/14 | 404119AU3 | 7,230,000 | $6,217,800.00 | 0.98% |
| FMG FINANCE 10.0 09/01/13 | 30250BAA7 | 9,110,000 | $6,194,800.00 | 0.98% |
| MARKWEST 8.75% 04/15/18 | 570506AH8 | 8,455,000 | $6,087,600.00 | 0.96% |
| DYNEGY HLD 7.75 06/01/19 | 26816LAW2 | 8,570,000 | $5,741,900.00 | 0.90% |
| TRIBUNE CO. VRN 05/17/09 | LX066295 | 7,078,423 | $5,538,866.65 | 0.87% |
| SPRINT CAP CORP | 852060AT9 | 8,295,000 | $5,433,225.00 | 0.85% |
| MIRANT 9.125 06/30/17 | 60467MAB7 | 5,993,336 | $5,394,002.80 | 0.85% |
| MEDIACOM 8.50 10/15/15 | 58446VAE1 | 7,185,000 | $5,316,900.00 | 0.84% |
| K HOVNAN 11.50 05/01/13 | 442488BB7 | 6,265,000 | $5,074,650.00 | 0.80% |
| INTELSAT 8.50 01/15/13 | 45822EAD2 | 5,800,000 | $5,046,000.00 | 0.79% |
| ATLAS 10.750 02/01/18 | 049302AB8 | 7,475,000 | $5,045,625.00 | 0.79% |
| INTELSAT JA 9.50 06/15/16 | 458207AD9 | 6,000,000 | $5,025,000.00 | 0.79% |
| AES CORP 8.00 10/15/17 | 00130HBH7 | 6,115,000 | $4,708,550.00 | 0.74% |
| FRD MTR CRT 7.00 10/01/13 | 345397TZ6 | 8,335,000 | $4,617,214.93 | 0.73% |
| PEABODY 7.375% 11/01/16 | 704549AE4 | 5,445,000 | $4,601,025.00 | 0.72% |
| CII LLC 11.125 11/15/15 | 22944HAA3 | 5,000,000 | $4,600,000.00 | 0.72% |
| STEEL DYNAM 7.75 04/15/16 | 858119AL4 | 6,755,000 | $4,475,187.50 | 0.70% |
| SLM CORP VRN 01/26/09 | 78442FBU1 | 4,605,000 | $4,366,267.59 | 0.69% |
| TEXAS COMP 10.25 11/01/15 | 882330AA1 | 5,695,000 | $4,342,437.50 | 0.68% |
| BIOMET INC 10.00 10/15/17 | 090613AC4 | 4,715,000 | $4,337,800.00 | 0.68% |
| CONSTELLAT 8.375 12/15/14 | 21036PAG3 | 4,870,000 | $4,334,300.00 | 0.68% |
| NORTEK INC 10.00 12/01/13 | 656559BH3 | 5,890,000 | $4,329,150.00 | 0.68% |
| ALLIED WST 7.125 05/15/16 | 01958XBR7 | 4,900,000 | $4,312,000.00 | 0.68% |
| HOST MARR 7.125% 11/01/13 | 44108EAS7 | 5,480,000 | $4,301,800.00 | 0.68% |
| WIND ACQN. 10.75 12/01/15 | 97314XAA2 | 5,475,000 | $4,215,750.00 | 0.66% |
| DEL MONTE 8.625 12/15/12 | 245217AM6 | 4,627,000 | $4,187,435.00 | 0.66% |
| MCJUNKIN CORP 01/31/14 | LX094269 | 5,500,000 | $4,125,000.00 | 0.65% |
| OPTI CANADA 8.25 12/15/14 | 68383KAB5 | 6,885,000 | $4,096,575.00 | 0.64% |
| INMARSAT STEP 11/15/12 | 45763UAC9 | 5,130,000 | $4,078,350.00 | 0.64% |
| LEUCADIA 7.125 03/15/17 | 527288BC7 | 4,745,000 | $4,056,975.00 | 0.64% |
| MIDWEST GEN 8.56 01/02/16 | 59832WAF6 | 4,527,121 | $4,040,456.17 | 0.63% |
| ECHOSTAR 6.625% 10/01/14 | 27876GAY4 | 5,010,000 | $4,020,525.00 | 0.63% |
| SANDRIDGE 8.00% 06/01/18 | 80007PAC3 | 5,985,000 | $3,980,025.00 | 0.62% |
| CDC HOLDNGS 8.50 06/15/15 | 126304AU8 | 4,640,000 | $3,920,800.00 | 0.62% |
| UNIVERSAL 8.50 06/01/15 | 91359PAF7 | 4,855,000 | $3,884,000.00 | 0.61% |
| HUNTSMAN 11.625 10/15/10 | 44701RAE0 | 3,785,000 | $3,747,150.00 | 0.59% |
| GA PACFIC 8.125 05/15/11 | 373298BV9 | 4,380,000 | $3,701,100.00 | 0.58% |
| LENDER PRO 8.125 07/01/16 | 52602EAA0 | 4,260,000 | $3,642,300.00 | 0.57% |
| SPRINT CAP 7.625 01/30/11 | 852060AJ1 | 4,350,000 | $3,610,500.00 | 0.57% |
| ARAMARK CORP 8.5 02/01/15 | 038521AD2 | 4,200,000 | $3,591,000.00 | 0.56% |
| SPRINT CAP 6.90 05/01/19 | 852060AG7 | 5,025,000 | $3,542,625.00 | 0.56% |
| CHARTER 8.375% 04/30/14 | 161175AD6 | 4,841,000 | $3,509,725.00 | 0.55% |
| GOODYEAR VRN 12/01/09 | 382550AY7 | 3,820,000 | $3,500,075.00 | 0.55% |
| OWENS-BROCK 8.25 05/15/13 | 69073TAJ2 | 3,715,000 | $3,473,525.00 | 0.54% |
| ASURION CORP VRN 07/03/14 | LX071250 | 4,700,000 | $3,469,211.00 | 0.54% |
| PETROHAWK 7.875 06/01/15 | 716495AC0 | 5,080,000 | $3,441,700.00 | 0.54% |
| FORD MOTOR 7.80 06/01/12 | 345397VG5 | 5,700,000 | $3,328,634.70 | 0.52% |
| FORD MOTOR 7.375 02/01/11 | 345397TS2 | 5,345,000 | $3,325,910.22 | 0.52% |
| FREEPORT-MC 8.25 04/01/15 | 35671DAR6 | 4,035,000 | $3,228,000.00 | 0.51% |
| WYNN 6.625 12/01/14 | 983130AD7 | 4,350,000 | $3,208,125.00 | 0.50% |
| GEOPHYSIQUE 7.50 05/15/15 | 204386AF3 | 4,755,000 | $3,185,850.00 | 0.50% |
| SUNGARD DA 9.125 08/15/13 | 867363AH6 | 3,830,000 | $3,178,900.00 | 0.50% |
| SABINE PASS 7.50 11/30/16 | 785583AF2 | 4,540,000 | $3,132,600.00 | 0.49% |
| TARGA RESC 8.25 07/01/16 | 87612BAA0 | 5,035,000 | $3,121,700.00 | 0.49% |
| HEALTH MGT 6.125 04/15/16 | 421933AH5 | 4,865,000 | $3,113,600.00 | 0.49% |
| CO INT GAS 6.80 11/15/15 | 196522AK2 | 3,672,000 | $3,107,877.98 | 0.49% |
| TENET HEAL 7.375 02/01/13 | 88033GAY6 | 3,795,000 | $3,092,925.00 | 0.48% |
| TELCORDIA TE VRN 07/15/12 | 87922RAG7 | 4,745,000 | $3,084,250.00 | 0.48% |
| CRUM & FORT 7.75 05/01/17 | 228800AF5 | 4,425,000 | $3,075,375.00 | 0.48% |
| AMER REAL 7.125 02/15/13 | 029171AF2 | 4,880,000 | $3,074,400.00 | 0.48% |
| SEITEL ACQ 9.75 02/15/14 | 816074AG3 | 4,770,000 | $3,005,100.00 | 0.47% |
| SPRINTNEXTEL VRN 06/28/10 | 852061AE0 | 3,785,000 | $3,003,810.07 | 0.47% |
| TEXAS COMP 10.25 11/01/15 | 882330AC7 | 3,925,000 | $2,992,812.50 | 0.47% |
| RELIANT 6.75 12/15/14 | 75952BAM7 | 3,400,000 | $2,962,250.00 | 0.46% |
| FIREKEEPE 13.875 05/01/15 | 318169AA7 | 4,170,000 | $2,960,700.00 | 0.46% |
| OPTI 7.875 12/15/14 | 68383KAD1 | 4,885,000 | $2,931,000.00 | 0.46% |
| LINN ENER 9.875 07/01/18 | 536020AA8 | 4,285,000 | $2,892,375.00 | 0.45% |
| ALLTEL COMM. 05/15/15 | LX082831 | 2,992,443 | $2,841,414.71 | 0.44% |
| ECHOSTAR 7.75 05/31/15 | 27876GBH0 | 3,400,000 | $2,762,500.00 | 0.43% |
| CONNACHER 10.25 12/15/15 | 20588YAC7 | 3,895,000 | $2,726,500.00 | 0.43% |
| MGM MIRAGE 7.625 01/15/17 | 552953BB6 | 4,575,000 | $2,722,125.00 | 0.43% |
| KINDER 5.70 01/05/16 | 49455WAD8 | 3,500,000 | $2,712,500.00 | 0.42% |
| BE AEROSPAC 8.50 07/01/18 | 055381AQ0 | 3,145,000 | $2,704,700.00 | 0.42% |
| FOREST OIL 7.25 06/15/19 | 346091BA8 | 3,960,000 | $2,692,800.00 | 0.42% |
| GA PAC CORP 9.50 12/01/11 | 373298BE7 | 3,125,000 | $2,671,875.00 | 0.42% |
| METROPCS 9.25% 11/01/14 | 591709AC4 | 3,195,000 | $2,659,837.50 | 0.42% |
| SILGAN HLD 6.75% 11/15/13 | 827048AK5 | 3,000,000 | $2,640,000.00 | 0.41% |
| NOVELIS INC 7.25 02/15/15 | 67000XAB2 | 3,940,000 | $2,639,800.00 | 0.41% |
| JABIL CIR 8.25 03/15/18 | 466313AD5 | 3,460,000 | $2,629,600.00 | 0.41% |
| ELWOOD 8.159 07/05/26 | 290408AB9 | 3,000,713 | $2,619,601.79 | 0.41% |
| CORRECTIONS 7.50 05/01/11 | 22025YAD2 | 2,750,000 | $2,598,750.00 | 0.41% |
| COMPTON 7.625% 12/01/13 | 204755AB8 | 4,480,000 | $2,598,400.00 | 0.41% |
| FAIRFAX 7.75 06/15/17 | 303901AP7 | 3,075,000 | $2,583,000.00 | 0.40% |
| FREESCALE 8.875 12/15/14 | 35687MAM9 | 5,740,000 | $2,554,300.00 | 0.40% |
| EL PASO CORP 7% 06/15/17 | 28336LBQ1 | 3,340,000 | $2,549,101.36 | 0.40% |
| SLM CORP 8.45 06/15/18 | 78442FEH7 | 3,730,000 | $2,533,960.58 | 0.40% |
| DIRECTV 7.625 05/15/16 | 25459HAE5 | 2,925,000 | $2,457,000.00 | 0.38% |
| NRG ENERGY 7.375 01/15/17 | 629377AX0 | 2,720,000 | $2,352,800.00 | 0.37% |
| MGM MIRAGE 6.625 07/15/15 | 552953AR2 | 3,980,000 | $2,328,300.00 | 0.36% |
| QWEST COMM VRN 02/15/09 | 749121BT5 | 2,386,000 | $2,302,490.00 | 0.36% |
| CENTEX CORP 6.50 05/01/16 | 152312AT1 | 3,835,000 | $2,301,000.00 | 0.36% |
| INMARSAT 7.625 06/30/12 | 45763PAB2 | 2,679,000 | $2,290,545.00 | 0.36% |
| STATER 7.750 04/15/15 | 857555AP1 | 2,790,000 | $2,287,800.00 | 0.36% |
| BAUSCH 9.875 11/01/15 | 071707AN3 | 2,895,000 | $2,279,812.50 | 0.36% |
| FORD MOTOR VRN 01/13/12 | 345397VD2 | 3,730,000 | $2,257,116.25 | 0.35% |
| ATLAS PIPE 8.75% 06/15/18 | 04939MAD1 | 3,335,000 | $2,251,125.00 | 0.35% |
| QUEBECOR 7.750 03/15/16 | 74819RAG1 | 3,250,000 | $2,250,625.00 | 0.35% |
| CHART 9.125% 10/15/15 | 16115QAB6 | 2,700,000 | $2,241,000.00 | 0.35% |
| SITHE IND 9.00 12/30/13 | 829809AF9 | 2,602,036 | $2,214,827.64 | 0.35% |
| EL PASO GAS 7.25 06/01/18 | 28336LBR9 | 2,935,000 | $2,201,250.00 | 0.34% |
| PIONEER 6.65 03/15/17 | 723787AG2 | 2,915,000 | $2,195,607.15 | 0.34% |
| VALOR 7.75 02/15/15 | 92025RAB4 | 2,580,000 | $2,180,100.00 | 0.34% |
| AFC CAP 8.207 02/03/27 | 00104PAC3 | 3,287,000 | $2,169,420.00 | 0.34% |
| MIRANT MID 10.06 12/30/28 | 60467MAC5 | 2,435,736 | $2,167,805.08 | 0.34% |
| MIRANT INC. 8.30 05/01/11 | 60467PAH7 | 2,350,000 | $2,156,125.00 | 0.34% |
| CABLEVISION VRN 04/01/09 | 12686CAU3 | 2,216,000 | $2,149,520.00 | 0.34% |
| TX INDUSTRY 7.25 07/15/13 | 882491AM5 | 2,690,000 | $2,111,650.00 | 0.33% |
| FAIRPOINT COMM. 04/01/16 | LX089509 | 3,000,000 | $2,085,000.00 | 0.32% |
| FREEPORT-M 8.375 04/01/17 | 35671DAS4 | 2,620,000 | $2,056,700.00 | 0.32% |
| SABINE PASS 7.25 11/30/13 | 785583AC9 | 2,895,000 | $2,055,450.00 | 0.32% |
| VIDEOTRON 9.125 04/15/18 | 92658TAL2 | 2,315,000 | $2,054,562.50 | 0.32% |
| TENET 9.25% 02/01/15 | 88033GBC3 | 2,490,000 | $2,054,250.00 | 0.32% |
| US ONCOLOGY 9.00 08/15/12 | 90338WAE3 | 2,450,000 | $2,033,500.00 | 0.32% |
| REICHHOLD 9.00 08/15/14 | 759219AA6 | 2,310,000 | $2,009,700.00 | 0.31% |
| IRON MOUNT 8.625 04/01/13 | 462846AA4 | 2,200,000 | $2,007,500.00 | 0.31% |
| TENN GAS 7.50 04/01/17 | 880451AT6 | 2,500,000 | $1,977,375.00 | 0.31% |
| DI FIN/DYN 9.50 02/15/13 | 23326BAB0 | 2,303,000 | $1,969,065.00 | 0.31% |
| NTL CABLE 9.125 08/15/16 | 62941FAH1 | 2,950,000 | $1,947,000.00 | 0.30% |
| PSYCHIATRIC 7.75 07/15/15 | 74439HAD0 | 2,365,000 | $1,945,212.50 | 0.30% |
| AXCAN INT 9.250 03/01/15 | 05454RAD2 | 2,250,000 | $1,912,500.00 | 0.30% |
| OMEGA HTHCRE 7.00 4/01/14 | 681936AM2 | 2,268,000 | $1,882,440.00 | 0.29% |
| HAWKER 8.500 04/01/15 | 420122AB9 | 3,090,000 | $1,854,000.00 | 0.29% |
| NTL CABLE 8.75 04/15/14 | 62941FAG3 | 2,574,000 | $1,801,800.00 | 0.28% |
| EXPEDIA 8.50 07/01/16 | 30212PAC9 | 2,380,000 | $1,761,200.00 | 0.27% |
| SMITHFIELD 7.75 05/15/13 | 832248AH1 | 2,600,000 | $1,742,000.00 | 0.27% |
| QUICKSILVE 7.125 04/01/16 | 74837RAC8 | 2,700,000 | $1,728,000.00 | 0.27% |
| RANGE 7.25 05/01/18 | 75281AAJ8 | 2,130,000 | $1,719,975.00 | 0.27% |
| CHARTER 10.875 09/15/14 | 161175AG9 | 2,080,000 | $1,690,000.00 | 0.26% |
| LEUCADIA 7.00 08/15/13 | 527288AS3 | 1,890,000 | $1,663,200.00 | 0.26% |
| CHESAPEAKE 7.25% 12/15/18 | 165167CC9 | 2,195,000 | $1,657,225.00 | 0.26% |
| PLAINS EX 7.625% 06/01/18 | 726505AF7 | 2,510,000 | $1,644,050.00 | 0.26% |
| QWEST 7.25 02/15/11 | 749121BP3 | 2,000,000 | $1,615,000.00 | 0.25% |
| CIMAREX 7.125 05/01/17 | 171798AA9 | 1,995,000 | $1,596,000.00 | 0.25% |
| FAIRPOINT 13.125 04/01/18 | 305560AF1 | 2,255,000 | $1,589,775.00 | 0.25% |
| GENERAL VRN 04/01/15 | 369300AG3 | 2,720,000 | $1,577,600.00 | 0.24% |
| IPALCO ENTE 7.25 04/01/16 | 462613AE0 | 1,870,000 | $1,561,450.00 | 0.24% |
| SCIENTIFIC 7.875 06/15/16 | 80874YAA8 | 2,035,000 | $1,556,775.00 | 0.24% |
| COPANO 8.125 03/01/16 | 217203AB4 | 2,085,000 | $1,532,475.00 | 0.24% |
| ROCK-TENN 9.25 03/15/16 | 772739AE8 | 1,720,000 | $1,513,600.00 | 0.23% |
| CARDINAL 9.5% 04/15/15 | 14150BAC8 | 2,607,000 | $1,512,060.00 | 0.23% |
| EL PASO 6.375 02/01/09 | 28336LAT6 | 1,500,000 | $1,473,265.50 | 0.23% |
| MARINER ENE 8.00 05/15/17 | 56845TAF4 | 2,465,000 | $1,454,350.00 | 0.23% |
| UNITED RFG. 10.5 08/15/12 | 911358AF6 | 2,025,000 | $1,427,625.00 | 0.22% |
| BRISTOW GRP 7.50 09/15/17 | 110394AB9 | 1,870,000 | $1,402,500.00 | 0.22% |
| AMERICAN R. 7.50 03/01/14 | 02916PAB9 | 1,755,000 | $1,386,450.00 | 0.21% |
| NEWFIELD 7.125 05/15/18 | 651290AK4 | 1,920,000 | $1,356,000.00 | 0.21% |
| LEUCADIA N 8.125 09/15/15 | 527288BD5 | 1,500,000 | $1,327,500.00 | 0.21% |
| RAINBOW 10.375 09/01/14 | 750829AB9 | 1,525,000 | $1,326,750.00 | 0.20% |
| FORD MOTOR 7.25 10/25/11 | 345397TY9 | 2,190,000 | $1,325,911.41 | 0.20% |
| IRON MTN. 7.75 01/15/15 | 462846AB2 | 1,535,000 | $1,320,100.00 | 0.20% |
| ROGERS CBLE 8.75 05/01/32 | 77509NAF0 | 1,400,000 | $1,319,750.60 | 0.20% |
| CRICKET CO 9.375 11/01/14 | 226566AC1 | 1,615,000 | $1,312,187.50 | 0.20% |
| SMITHFIELD 7.00 08/01/11 | 832248AM0 | 1,820,000 | $1,274,000.00 | 0.20% |
| NORTEL NET 10.75 07/15/16 | 656569AL4 | 2,400,000 | $1,266,000.00 | 0.20% |
| CRICKET 10.00 07/15/15 | 226566AH0 | 1,500,000 | $1,263,750.00 | 0.19% |
| QUEBECOR 7.75 03/15/16 | 74819RAK2 | 1,790,000 | $1,239,575.00 | 0.19% |
| BALDOR ELE 8.625 02/15/17 | 057741AA8 | 1,620,000 | $1,239,300.00 | 0.19% |
| ALLIED WST 6.125 02/15/14 | 01958XBF3 | 1,420,000 | $1,235,400.00 | 0.19% |
| US CONCRTE 8.375 04/01/14 | 90333LAB8 | 1,930,000 | $1,206,250.00 | 0.19% |
| INERGY LP 8.25 03/01/16 | 45661TAD3 | 1,565,000 | $1,201,137.50 | 0.19% |
| SPX CORP 7.625 12/15/14 | 784635AJ3 | 1,425,000 | $1,197,000.00 | 0.18% |
| GRPHC PCKG 9.50 08/15/13 | 38869PAD6 | 1,720,000 | $1,178,200.00 | 0.18% |
| ROGERS 9.625 05/01/11 | 77531QAB4 | 1,118,000 | $1,163,134.78 | 0.18% |
| MIDWEST GEN 8.30 07/02/09 | 59832WAE9 | 1,198,667 | $1,162,707.16 | 0.18% |
| LEVEL 3 12.25 03/15/13 | 527298AF0 | 1,815,000 | $1,147,987.50 | 0.18% |
| HOMER CTY 8.137 10/01/19 | 437410AA1 | 1,271,900 | $1,144,710.00 | 0.18% |
| SPRINT CAP CORP | 852060AS1 | 1,415,000 | $1,139,075.00 | 0.18% |
| DR HORTON 5.25% 02/15/15 | 23331AAW9 | 2,010,000 | $1,135,650.00 | 0.17% |
| LIN TV 6.50 05/15/13 | 532776AR2 | 2,000,000 | $1,120,000.00 | 0.17% |
| FLEXTRONICS 6.50 05/15/13 | 33938EAJ6 | 1,435,000 | $1,119,300.00 | 0.17% |
| DYNEGY HLG 7.50 06/01/15 | 26816LAX0 | 1,530,000 | $1,116,900.00 | 0.17% |
| RANGE RESO 7.50 05/15/16 | 75281AAG4 | 1,370,000 | $1,116,550.00 | 0.17% |
| TENET HC 9.875 07/01/14 | 88033GBA7 | 1,350,000 | $1,103,625.00 | 0.17% |
| LEVEL 3 8.750 02/15/17 | 527298AL7 | 2,290,000 | $1,099,200.00 | 0.17% |
| QWEST CORP VRN 06/15/13 | 74913GAN5 | 1,500,000 | $1,087,500.00 | 0.17% |
| NORDIC TEL 8.875 05/01/16 | 65562VAA2 | 1,275,000 | $1,071,000.00 | 0.16% |
| DR HORTON 6.50 04/15/16 | 23331AAZ2 | 1,820,000 | $1,064,700.00 | 0.16% |
| AFFINION 10.125 10/15/13 | 00828DAC5 | 1,510,000 | $1,057,000.00 | 0.16% |
| SAN PASQUAL 8.00 09/15/13 | 799183AA6 | 1,365,000 | $1,051,050.00 | 0.16% |
| FORD MOTOR 8.625 11/01/10 | 345397UJ0 | 1,585,000 | $1,047,894.22 | 0.16% |
| CSC HOLDIN 7.625 07/15/18 | 126304AK0 | 1,460,000 | $1,047,550.00 | 0.16% |
| PETROHAWK 9.125 07/15/13 | 716495AB2 | 1,360,000 | $1,047,200.00 | 0.16% |
| VERSO PAPER VRN 08/01/14 | 92531XAJ1 | 1,800,000 | $1,044,000.00 | 0.16% |
| CITIZENS 9.25 05/15/11 | 17453BAB7 | 1,210,000 | $1,028,500.00 | 0.16% |
| HEXION FIN. VRN 11/15/14 | 428303AG6 | 1,550,000 | $1,023,000.00 | 0.16% |
| PENN NATL 6.875 12/01/11 | 707569AH2 | 1,200,000 | $1,014,000.00 | 0.16% |
| CASE CORP 7.25 01/15/16 | 14743RAB9 | 1,375,000 | $1,010,625.00 | 0.15% |
| TRANSDIGM 7.75 07/15/14 | 893647AJ6 | 1,255,000 | $1,004,000.00 | 0.15% |
| COPANO 7.75% 06/01/18 | 217203AC2 | 1,450,000 | $1,000,500.00 | 0.15% |
| AMR REAL 8.125% 06/01/12 | 029171AC9 | 1,450,000 | $986,000.00 | 0.15% |
| SINCLAIR BR 8.0% 03/15/12 | 829226AM1 | 1,194,000 | $985,050.00 | 0.15% |
| MOOG INC 7.25 06/15/18 | 615394AH6 | 1,170,000 | $936,000.00 | 0.14% |
| NEWFIELD 6.625 04/15/16 | 651290AJ7 | 1,225,000 | $906,500.00 | 0.14% |
| SERVICE 7.00 06/15/17 | 817565BF0 | 1,175,000 | $895,937.50 | 0.14% |
| TENNECO IN 8.125 11/15/15 | 880349AK1 | 1,695,000 | $881,400.00 | 0.13% |
| CENVEO COR 10.50 08/15/16 | 15671BAB7 | 1,025,000 | $866,125.00 | 0.13% |
| MOSAIC CO 7.375 12/01/14 | 61945AAA5 | 990,000 | $865,439.19 | 0.13% |
| LIN TV 6.50 05/15/13 | 532776AJ0 | 1,540,000 | $862,400.00 | 0.13% |
| WILLIAMS 7.25 02/01/17 | 96950HAD2 | 1,000,000 | $795,000.00 | 0.12% |
| CROWN AMERI 7.75 11/15/15 | 228188AD0 | 900,000 | $785,250.00 | 0.12% |
| WINDSTREAM 11.0 12/01/17 | 97381UAA6 | 1,650,000 | $775,500.00 | 0.12% |
| CHARTER CO 8.00% 04/30/12 | 161175AA2 | 1,000,000 | $770,000.00 | 0.12% |
| MEDIACOM 9.500 01/15/13 | 58445MAJ1 | 955,000 | $752,062.50 | 0.11% |
| EDISN MISSN 7.20 05/15/19 | 281023AX9 | 1,000,000 | $750,000.00 | 0.11% |
| SPRINT NEXTEL CORP | 852061AD2 | 1,045,000 | $723,662.50 | 0.11% |
| BLOCK COMM 8.25 12/15/15 | 093645AD1 | 975,000 | $721,500.00 | 0.11% |
| CHESAPEAKE 7.50 09/15/13 | 165167BC0 | 850,000 | $714,000.00 | 0.11% |
| AMKOR TECH 9.25 06/01/16 | 031652AW0 | 1,170,000 | $696,150.00 | 0.11% |
| HCA, INC. 9.625 11/15/16 | 404119BA6 | 860,000 | $692,300.00 | 0.10% |
| PULTE HOMES 5.25 01/15/14 | 745867AQ4 | 1,045,000 | $689,700.00 | 0.10% |
| NSG HLDGS 7.75 12/15/25 | 62940QAA3 | 715,000 | $600,600.00 | 0.09% |
| WINDSTREAM 8.625 08/01/16 | 97381WAD6 | 762,000 | $575,310.00 | 0.09% |
| SMITHFIELD 8.00 10/15/09 | 832248AF5 | 600,000 | $537,000.00 | 0.08% |
| UNIVERSAL VRN 06/01/15 | 91359PAE0 | 780,000 | $530,400.00 | 0.08% |
| ECHOSTAR 7.125 02/01/16 | 27876GBE7 | 610,000 | $489,525.00 | 0.07% |
| HAWKER 8.875 04/01/15 | 420122AF0 | 800,000 | $464,000.00 | 0.07% |
| AVAGO TECH VRN 06/01/13 | 05336XAE1 | 501,000 | $426,476.25 | 0.06% |
| AMKOR TECH 7.75 05/15/13 | 031652AQ3 | 620,000 | $384,400.00 | 0.06% |
| AES CORP 7.75 10/15/15 | 00130HBL8 | 485,000 | $380,118.75 | 0.06% |
| GOODYEAR 9.00 07/01/15 | 382550AU5 | 463,000 | $368,085.00 | 0.05% |
| NOVA 7.4 04/01/09 | 669936AA4 | 370,000 | $366,300.00 | 0.05% |
| CASCADES IN 7.25 02/15/13 | 146900AC9 | 625,000 | $346,875.00 | 0.05% |
| TRANSCONT 8.875 07/15/12 | 893570BT7 | 325,000 | $315,415.43 | 0.04% |
| FMG FIN 10.625 09/01/16 | 30250BAC3 | 420,000 | $287,700.00 | 0.04% |
| CHESAPEAKE 7.50 06/15/14 | 165167BG1 | 345,000 | $283,762.50 | 0.04% |
| GEOPHYSIQUE 7.75 05/15/17 | 204386AK2 | 415,000 | $278,050.00 | 0.04% |
| MARKWEST 8.50 07/15/16 | 570506AE5 | 345,000 | $253,575.00 | 0.04% |
| SMITHFIELD 7.75 07/01/17 | 832248AQ1 | 380,000 | $239,400.00 | 0.03% |
| EDISON 7.500 06/15/13 | 281023AN1 | 265,000 | $223,262.50 | 0.03% |
| DR HORTON 5.625 01/15/16 | 23331AAV1 | 365,000 | $206,225.00 | 0.03% |
| SOUTHWESTER 7.50 02/01/18 | 845467AD1 | 175,000 | $143,500.00 | 0.02% |
| MGM MIRAGE 7.500 06/01/16 | 552953BC4 | 240,000 | $141,600.00 | 0.02% |
| MOSAIC CO. 7.625 12/01/16 | 61945AAD9 | 130,000 | $113,525.23 | 0.01% |
| INEOS GROUP 8.50 02/15/16 | 45661YAA8 | 300,000 | $111,000.00 | 0.01% |
| SANDRIDGE 8.625 04/01/15 | 80007PAA7 | 70,000 | $46,200.00 | 0.00% |
| AES CORP. 8.75 05/15/13 | 00130HBA2 | 1,000 | $910.00 | 0.00% |
| GOODYEAR 8.625 12/01/11 | 382550AX9 | 1,000 | $845.00 | 0.00% |
| CALPINE CORP. 03/29/09 | LX088029 | -1,375,000 | -$1,375,000.00 | -0.21% |
| CDX NA HY 11 12/20/13 | CDX111029 | -15,000,000 | -$2,837,550.00 | -0.44% |
| CDX NA HY 11 .815 122013 | CDX111030 | -15,000,000 | -$2,837,550.00 | -0.44% |
| Total Long Positions | | | $635,312,429.81 | |
| Total Short Positions | | | -$7,050,100.00 | |
| Total Fund Assets | | | $628,262,329.81 | 100.00% |
