As of 03/31/2014

Strategy Exposures
Long Positions As % of Net AssetsShort Positions As % of Net Assets
Convertible Arbitrage56.9%-46.0%
Merger Arbitrage19.3%-9.9%
Credit13.4%-8.1%
Spin Offs10.7%-10.7%
SPACs7.5%0.0%
Other10.3%-9.8%
Other0.1%-0.1%
Sector Exposures
% of Long Exposure
Consumer Discretionary13.9%
Consumer Staples3.9%
Energy7.0%
Financials17.6%
Health Care6.7%
Industrials6.8%
Information Technology16.4%
Materials2.1%
Miscellaneous14.8%
SPACs6.4%
Telecommunication Services0.8%
Utilities3.7%
Security Types
% of Long Exposure
Convertible Bonds50.7%
Individual Stocks33.5%
Debt11.6%
Close-end Funds4.2%
Top 5 Long Holdings
% of Net Assets
WESTERN REFINING INC WNR 5.750 06/15/14 CVT3.2%
ADSX 4.750 05/15/14 CVT2.2%
VERISIGN INC VRSN 3.250 08/15/37 CVT1.6%
REGENERON PHARMACEUTICALS INC REGN 1.875 10/01/16 CVT1.6%
Hudson City Bancorp Ord Shs1.4%
Top 5 Short Holdings
% of Net Assets
E-Mini S&P 500 Index Future - JUN 2014-16.8%
CDX.NA.HY-8.5%
Western Refining Ord Shs-3.2%
U.S. 2 Yr Treasury Note Future-2.8%
Alliance Data Systems Ord Shs-1.6%
Portfolio Statistics
# of long holdings259
# of short holdings147