Cortland Associates

Cortland Associates as of March 31, 2012

Portfolio Holdings for Cortland Associates

Cortland Associates holds 0 positions in its portfolio as reported in the March 2012 quarterly 13F filing

                Item 6:
                                                                      INVESTMENT DISCRETION
                                                                             (b)
                                                                           SHARED                            Item 8:
                                               Item 4:     Item 5:           AS               Item 7:   VOTING AUTHORITY
                        Item 2:    Item 3:      FAIR      SHARES OF        DEFINED    (c)    MANAGERS       (SHARES)
Item 1:                 TITLE OF    CUSIP      MARKET     PRINCIPAL  (a)     IN      SHARED-   SEE     (a)    (b)    (c)
NAME OF ISSUER           CLASS     NUMBER      VALUE         AMOUNT    SOLE  INSTR. V OTHER  INSTR. V SOLE  SHARED  NONE
{S}                     {C}       {C}         {C}           {C}        {C}                     {C}    {C}     {C}      {C}
1/100 BERKSHIRE HTWY CL  COM       084990175    2,073,000        1,700.00 X                              1,500        0      200
ACURA PHARMACEUTICALS    COM       00509L703      110,000       31,550.00 X                             31,550        0        0
ALLIED HEALTHCARE PRODS  COM       019222108       35,000       10,000.00 X                                  0        0   10,000
BAIDU INC.               COM       056752108    9,079,000       62,281.00 X                             25,306        0   36,975
CH ROBINSON WORLDWIDE    COM       12541W209   12,749,000      194,657.00 X                             78,721        0  115,936
CVS CAREMARK             COM       126650100   26,944,000      601,429.00 X                            242,855        0  358,574
CAPITAL ONE FINANCIAL    COM       14040H105   24,645,000      442,138.00 X                            179,161        0  262,977
COGNIZANT TECH SOL CL A  COM       192446102    5,257,000       68,313.00 X                             27,436        0   40,877
CTRIP COM INTL LTD. ADR  COM       22943F100    8,908,000      411,627.00 X                            155,655        0  255,972
DANAHER CORP.            COM       235851102   30,348,000      541,925.00 X                            212,694        0  329,231
EBAY INC.                COM       278642103   22,806,000      618,034.00 X                            257,560        0  360,474
EXPRESS SCRIPTS INC.     COM       30219G108   68,325,000    1,261,061.00 X                            504,145        0  756,916
FX ENERGY INC.           COM       302695101       55,000       10,000.00 X                             10,000        0        0
GABRIEL TECHNOLOGIES     COM       362447104        1,000       10,000.00 X                             10,000        0        0
GOOGLE INC.              COM       38259P508   14,130,000       22,034.00 X                              9,160        0   12,874
IDEXX LABORATORIES       COM       45168D104   20,821,000      238,089.00 X                             98,759        0  139,330
INTERCONTINENTAL EXCHANG COM       45865V100   18,980,000      138,110.00 X                             56,522        0   81,588
INTERNATIONAL BUSINESS   COM       459200101      761,000        3,646.00 X                                  0        0    3,646
JOHNSON & JOHNSON        COM       478160104      364,000        5,506.00 X                              2,301        0    3,205
LABORATORY CORP OF AMER  COM       50540R409   11,215,000      122,513.00 X                             50,400        0   72,113
MICROSOFT CORP           COM       594918104      214,000        6,610.00 X                              4,448        0    2,162
MONSANTO CO.             COM       61166W101   13,351,000      167,381.00 X                             67,998        0   99,383
NEW ORIENTAL EDUCATION   COM       647581107   26,573,000      967,672.00 X                            385,873        0  581,799
PATRIOT MOTORCYCLES CORP COM       70337D108        1,000       10,000.00 X                                  0        0   10,000
PHILIP MORRIS INTERN     COM       718172109      628,000        7,080.00 X                                 22        0    7,058
PRAXAIR INC.             COM       74005P104   23,251,000      202,811.00 X                             83,113        0  119,698
PROVIDENT ENERGY TR      COM       74386K104      338,000       28,092.00 X                             28,092        0        0
QUALCOMM INC.            COM       747525103   14,349,000      210,817.00 X                             86,655        0  124,162
RICHARDS PACKAGING INCOM COM       763102100      184,000       20,500.00 X                                  0        0   20,500
SANTARUS INC             COM       802817304      117,000       20,000.00 X                             20,000        0        0
SENESCO TECH INC.        COM       817208408        6,000       20,000.00 X                             20,000        0        0
SIRIUS XM RADIO INC.     COM       82967N108       47,000       20,000.00 X                             20,000        0        0
U.S. BANCORP DEL NEW     COM       902973304      581,000       18,338.00 X                             18,338        0        0
UNION PACIFIC CORP.      COM       907818108      325,000        3,015.00 X                                500        0    2,515
VISA INC.                COM       92826C839   34,400,000      291,864.00 X                            117,212        0  174,652
TOTAL COMMON STOCK                            391,991,000