| Security | CUSIP | Shares | Traded Market Value | % of Holding ↓ |
| US TNOTE 2.5 03/31/13 | 912828HV5 | 13,625,000 | $13,619,672.63 | 19.54% |
| BUNDESSCHAT 4.00 09/10/10 | B3D2QX8 | 5,110,000 | $6,696,178.70 | 9.60% |
| US T-NOTE 4.50 02/15/09 | 912828EV8 | 5,050,000 | $5,102,868.45 | 7.32% |
| BUNDESOBLIG 3.50 04/12/13 | B2QM5X1 | 3,045,000 | $3,927,439.98 | 5.63% |
| BUNDESREPUB 4.25 07/04/18 | B39QCF8 | 2,685,000 | $3,511,393.37 | 5.03% |
| US TREASURY 3.50 02/15/18 | 912828HR4 | 3,463,000 | $3,368,577.84 | 4.83% |
| UNITED STATES TREAS NTS | 912828EE6 | 2,694,000 | $2,802,390.40 | 4.02% |
| BUNDERSREPU 4.00 01/04/37 | B05Q875 | 1,700,000 | $2,014,119.13 | 2.89% |
| WI T-NOTE 1.375% 07 15 18 | 912828JE1 | 2,290,000 | $1,989,600.99 | 2.85% |
| US TREASURY 4.75 02/15/37 | 912810PT9 | 1,650,000 | $1,749,386.10 | 2.51% |
| BROWN BROS CAYMAN STIF | CAYMANBBH | 1,641,991 | $1,641,991.27 | 2.35% |
| US T-NOTE 4.50% 05/15/10 | 912828GR5 | 1,105,000 | $1,157,573.69 | 1.66% |
| EAST VALLEY VRN 08/06/14 | LX074689 | 1,100,000 | $825,000.00 | 1.18% |
| INTELSAT 8.50 01/15/13 | 45822EAD2 | 800,000 | $696,000.00 | 0.99% |
| AXCAN INTE 12.75 03/01/16 | 05454RAF7 | 805,000 | $660,100.00 | 0.94% |
| SABINE PASS 7.50 11/30/16 | 785583AF2 | 910,000 | $627,900.00 | 0.90% |
| KABEL 10.625 07/01/14 | 48282AAB1 | 725,000 | $609,000.00 | 0.87% |
| TARGA RES 8.50 11/01/13 | 87611UAC5 | 820,000 | $565,800.00 | 0.81% |
| MEDIACOM 8.50 10/15/15 | 58446VAE1 | 745,000 | $551,300.00 | 0.79% |
| HCA, INC. 9.25 11/15/16 | 404119AX7 | 640,000 | $544,000.00 | 0.78% |
| COMMUNITY 8.875 07/15/15 | 12543DAF7 | 630,000 | $527,625.00 | 0.75% |
| WIND ACQN VRN 12/07/11 | LX051236 | 924,386 | $526,900.07 | 0.75% |
| CHART 9.125% 10/15/15 | 16115QAB6 | 625,000 | $518,750.00 | 0.74% |
| TELCORDIA TE VRN 07/15/12 | 87922RAG7 | 760,000 | $494,000.00 | 0.70% |
| UNIVERSAL VRN 06/01/15 | 91359PAE0 | 720,000 | $489,600.00 | 0.70% |
| ALLTEL CO 10.375 12/01/17 | 02004JAD2 | 445,000 | $485,050.00 | 0.69% |
| QWEST COMM VRN 02/15/09 | 749121BT5 | 500,000 | $482,500.00 | 0.69% |
| EL PASO CO 6.75 05/15/09 | 283905AA5 | 500,000 | $481,574.00 | 0.69% |
| CONNACHER 10.25 12/15/15 | 20588YAC7 | 645,000 | $451,500.00 | 0.64% |
| ATLANTIC 9.375 01/15/14 | 048266AC4 | 625,000 | $450,000.00 | 0.64% |
| FORD MOTOR 8.00 12/15/16 | 345397VC4 | 810,000 | $443,614.32 | 0.63% |
| TEXAS COMP 10.25 11/01/15 | 882330AA1 | 555,000 | $423,187.50 | 0.60% |
| TL ACQUIS 10.50 01/15/15 | 87255MAA8 | 700,000 | $416,500.00 | 0.59% |
| TENET HEAL 7.375 02/01/13 | 88033GAY6 | 500,000 | $407,500.00 | 0.58% |
| HEXION US 9.75 11/15/14 | 428303AH4 | 640,000 | $406,400.00 | 0.58% |
| CLARK AM. VRN 04/01/14 | LX073149 | 632,001 | $401,586.09 | 0.57% |
| SPRINT CAP 7.625 01/30/11 | 852060AJ1 | 465,000 | $385,950.00 | 0.55% |
| ASURION CORP VRN 07/03/14 | LX071250 | 510,000 | $376,446.30 | 0.54% |
| MIRANT INC. 8.30 05/01/11 | 60467PAH7 | 400,000 | $367,000.00 | 0.52% |
| OPTI 7.875 12/15/14 | 68383KAD1 | 530,000 | $318,000.00 | 0.45% |
| NRG ENERGY 7.375 02/01/16 | 629377AU6 | 350,000 | $301,875.00 | 0.43% |
| XM SATELLITE 13% 08/01/13 | 98375NAA8 | 750,000 | $285,000.00 | 0.40% |
| TENNECOM 8.625 11/15/14 | 880349AH8 | 600,000 | $283,500.00 | 0.40% |
| NORTEK INC 10.00 12/01/13 | 656559BH3 | 375,000 | $275,625.00 | 0.39% |
| CABLEVISION VRN 04/01/09 | 12686CAU3 | 275,000 | $266,750.00 | 0.38% |
| FMG FIN 10.625 09/01/16 | 30250BAC3 | 380,000 | $260,300.00 | 0.37% |
| BRISTOW GRP 7.50 09/15/17 | 110394AB9 | 335,000 | $251,250.00 | 0.36% |
| ALLTEL COMM. 05/15/15 | LX082831 | 250,000 | $237,382.50 | 0.34% |
| UNITED RFG. 10.5 08/15/12 | 911358AF6 | 335,000 | $236,175.00 | 0.33% |
| LIBBEY VRN 06/01/11 | 52989LAC3 | 365,000 | $235,425.00 | 0.33% |
| CRICKET CO 9.375 11/01/14 | 226566AC1 | 275,000 | $223,437.50 | 0.32% |
| ARAMARK CORP 8.5 02/01/15 | 038521AD2 | 250,000 | $213,750.00 | 0.30% |
| SUNGARD 10.625% 05/15/15 | 867363AM5 | 250,000 | $211,250.00 | 0.30% |
| ENERGY 10.875 11/01/17 | 292680AA3 | 270,000 | $207,900.00 | 0.29% |
| CII LLC 11.125 11/15/15 | 22944HAA3 | 225,000 | $207,000.00 | 0.29% |
| CHESAPEAKE 7.50 06/15/14 | 165167BG1 | 250,000 | $205,625.00 | 0.29% |
| TENET HC 9.875 07/01/14 | 88033GBA7 | 250,000 | $204,375.00 | 0.29% |
| SLM CORP VRN 01/26/09 | 78442FBU1 | 185,000 | $175,409.23 | 0.25% |
| K HOVNAN 11.50 05/01/13 | 442488BB7 | 215,000 | $174,150.00 | 0.24% |
| AES CORPOR 9.50 06/01/09 | 00130HAQ8 | 175,000 | $168,875.00 | 0.24% |
| KOPPERS 9.875 10/15/13 | 500605AB6 | 181,000 | $162,900.00 | 0.23% |
| PETROHAWK 7.875 06/01/15 | 716495AC0 | 230,000 | $155,825.00 | 0.22% |
| HAWKER 8.500 04/01/15 | 420122AB9 | 250,000 | $150,000.00 | 0.21% |
| CHARTER 8.375% 04/30/14 | 161175AD6 | 205,000 | $148,625.00 | 0.21% |
| NSG HLDGS 7.75 12/15/25 | 62940QAA3 | 175,000 | $147,000.00 | 0.21% |
| CRUM & FORT 7.75 05/01/17 | 228800AF5 | 210,000 | $145,950.00 | 0.20% |
| SEITEL ACQ 9.75 02/15/14 | 816074AG3 | 230,000 | $144,900.00 | 0.20% |
| BIOMET INC 10.00 10/15/17 | 090613AC4 | 145,000 | $133,400.00 | 0.19% |
| SUNGARD DA 9.125 08/15/13 | 867363AH6 | 160,000 | $132,800.00 | 0.19% |
| AQUILA VRN 07/01/12 | 03840PAC6 | 135,000 | $132,300.00 | 0.18% |
| HEALTH MGT 6.125 04/15/16 | 421933AH5 | 205,000 | $131,200.00 | 0.18% |
| TRIBUNE CO. VRN 05/17/09 | LX066295 | 155,544 | $121,713.41 | 0.17% |
| QUEBECOR 7.750 03/15/16 | 74819RAG1 | 175,000 | $121,187.50 | 0.17% |
| SPRINT CAP 6.90 05/01/19 | 852060AG7 | 160,000 | $112,800.00 | 0.16% |
| FAIRPOINT 13.125 04/01/18 | 305560AF1 | 145,000 | $102,225.00 | 0.14% |
| LINN ENER 9.875 07/01/18 | 536020AA8 | 150,000 | $101,250.00 | 0.14% |
| UNIVERSAL 8.50 06/01/15 | 91359PAF7 | 125,000 | $100,000.00 | 0.14% |
| TX INDUSTRY 7.25 07/15/13 | 882491AM5 | 125,000 | $98,125.00 | 0.14% |
| VIDEOTRON 9.125 04/15/18 | 92658TAL2 | 110,000 | $97,625.00 | 0.14% |
| COPANO 8.125 03/01/16 | 217203AB4 | 125,000 | $91,875.00 | 0.13% |
| FREESCALE 8.875 12/15/14 | 35687MAM9 | 205,000 | $91,225.00 | 0.13% |
| NOVELIS INC 7.25 02/15/15 | 67000XAB2 | 135,000 | $90,450.00 | 0.12% |
| SPRINT CAP CORP | 852060AT9 | 135,000 | $88,425.00 | 0.12% |
| HARRAHS OP 10.75 02/01/16 | 413627AY6 | 250,000 | $81,250.00 | 0.11% |
| ROCK-TENN 9.25 03/15/16 | 772739AE8 | 90,000 | $79,200.00 | 0.11% |
| FORD MOTOR 7.25 10/25/11 | 345397TY9 | 130,000 | $78,707.07 | 0.11% |
| EL PASO 6.375 02/01/09 | 28336LAT6 | 80,000 | $78,574.16 | 0.11% |
| IPALCO ENTE 7.25 04/01/16 | 462613AE0 | 90,000 | $75,150.00 | 0.10% |
| EXPEDIA 8.50 07/01/16 | 30212PAC9 | 100,000 | $74,000.00 | 0.10% |
| METROPCS 9.25% 11/01/14 | 591709AC4 | 85,000 | $70,762.50 | 0.10% |
| QUEBECOR 7.75 03/15/16 | 74819RAK2 | 100,000 | $69,250.00 | 0.09% |
| MARINER ENE 8.00 05/15/17 | 56845TAF4 | 115,000 | $67,850.00 | 0.09% |
| NEWFIELD 7.125 05/15/18 | 651290AK4 | 95,000 | $67,093.75 | 0.09% |
| BAUSCH 9.875 11/01/15 | 071707AN3 | 85,000 | $66,937.50 | 0.09% |
| US ONCOLOGY 9.00 08/15/12 | 90338WAE3 | 80,000 | $66,400.00 | 0.09% |
| LEVEL 3 8.750 02/15/17 | 527298AL7 | 135,000 | $64,800.00 | 0.09% |
| WIND ACQN. 10.75 12/01/15 | 97314XAA2 | 75,000 | $57,750.00 | 0.08% |
| WINDSTREAM 11.0 12/01/17 | 97381UAA6 | 120,000 | $56,400.00 | 0.08% |
| CARDINAL 9.5% 04/15/15 | 14150BAC8 | 90,000 | $52,200.00 | 0.07% |
| GEOPHYSIQUE 7.75 05/15/17 | 204386AK2 | 75,000 | $50,250.00 | 0.07% |
| HEXION FIN. VRN 11/15/14 | 428303AG6 | 75,000 | $49,500.00 | 0.07% |
| SPRINT CAP CORP | 852060AS1 | 60,000 | $48,300.00 | 0.06% |
| TENNECO IN 8.125 11/15/15 | 880349AK1 | 90,000 | $46,800.00 | 0.06% |
| ATLAS 10.750 02/01/18 | 049302AB8 | 65,000 | $43,875.00 | 0.06% |
| NORTEL NET 10.75 07/15/16 | 656569AL4 | 70,000 | $36,925.00 | 0.05% |
| GEOPHYSIQUE 7.50 05/15/15 | 204386AF3 | 50,000 | $33,500.00 | 0.04% |
| US CONCRTE 8.375 04/01/14 | 90333LAB8 | 50,000 | $31,250.00 | 0.04% |
| CROWN AMERI 7.75 11/15/15 | 228188AD0 | 35,000 | $30,537.50 | 0.04% |
| SPRINT NEXTEL CORP | 852061AD2 | 35,000 | $24,237.50 | 0.03% |
| AUSTRIA CDS 11/20/13 | CDX0F77EA | 1,885,000 | $21,560.29 | 0.03% |
| INTELSAT JA 9.50 06/15/16 | 458207AD9 | 25,000 | $20,937.50 | 0.03% |
| NOVA 7.4 04/01/09 | 669936AA4 | 15,000 | $14,850.00 | 0.02% |
| SWEDEN CDS 12/20/13 | CDX8F7220 | 410,000 | $1,417.51 | 0.00% |
| DENMARK CDS 12/20/13 | CDXKPBDCX | 410,000 | $167.23 | 0.00% |
| PAYB R FIXED 2YR SEK 3.50 | IRS10278A | -26,722,964 | $0.00 | 0.00% |
| PAYB R F 1.5YR EUR 4.288% | IRS10108E | -412,235 | $0.00 | 0.00% |
| PAYB R FIXED 2 YR SE 3.50 | IRS10278B | -4,018,390 | $0.00 | 0.00% |
| PAYB R F 2YR UK (4.88%) | IRS10148A | -235,738 | $0.00 | 0.00% |
| PAYB R F 1.5YR EUR 4.306% | IRS10148 | -390,323 | $0.00 | 0.00% |
| PAYB R FIXED 2YR NZ 7.24 | IRS0811NZ | -873,429 | $0.00 | 0.00% |
| PAYB R FIXED 2YR UK 5.16 | IRS09158G | -465,691 | $0.00 | 0.00% |
| PAYB R FIXED 1YR YR FWD | IRS08118 | -1,419,323 | $0.00 | 0.00% |
| PAYB R FIXED 2YR NZD 7.27 | IRS09028 | -867,661 | $0.00 | 0.00% |
| RECV R FIXED 2YR UK 4.29 | IRS10298G | 339,176 | -$90.52 | -0.00% |
| RECV R FIXED 2YR SE 3.48 | IRS10278 | 3,921,127 | -$1,081.88 | -0.00% |
| UK 5 YR CDS 12/20/13 | CDX9A17DE | 410,000 | -$2,611.97 | -0.00% |
| ABITIBI CDS 06/20/09 | CD003CB6D | 500,000 | -$143,785.00 | -0.20% |
| CDX NA HY 11 12/20/13 | CDX11108B | -955,000 | -$180,657.35 | -0.25% |
| CDX NA HY 11 12/20/13 | CDX11108A | -955,000 | -$180,657.35 | -0.25% |
| CDX NA HY 11 12/20/13 | CDX11108C | -955,000 | -$180,657.35 | -0.25% |
| CDX NA HY 11 12/20/13 | CDX111010 | -955,000 | -$180,657.35 | -0.25% |
| Total Long Positions | | | $70,501,263.48 | |
| Total Short Positions | | | -$870,198.77 | |
| Total Fund Assets | | | $69,631,064.71 | 100.00% |
