Cortland Associates

Cortland Associates as of June 30, 2012

Portfolio Holdings for Cortland Associates

Cortland Associates holds 0 positions in its portfolio as reported in the June 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    2,125,000        1,700.00 X                              1,400        0      300
ACURA PHARMACEUTICALS    COM       00509L703      100,000       31,550.00 X                             31,550        0        0
ALLIED HEALTHCARE PRODS  COM       019222108       32,000       10,000.00 X                                  0        0   10,000
ALTRIA GROUP INC.        COM       02209S103      207,000        5,988.00 X                                  0        0    5,988
ARCH COAL INC.           COM       039380100       69,000       10,000.00 X                             10,000                 0
BAIDU INC.               COM       056752108    7,542,000       65,592.00 X                             32,394        0   33,198
CH ROBINSON WORLDWIDE    COM       12541W209   12,360,000      211,158.00 X                            103,726        0  107,432
CVS CAREMARK CORP.       COM       126650100   28,426,000      608,286.00 X                            302,139        0  306,147
CAPITAL ONE FINANCIAL    COM       14040H105   24,085,000      440,617.00 X                            221,831        0  218,786
COGNIZANT TECH SOL CL A  COM       192446102   12,590,000      209,825.00 X                            101,183        0  108,642
DANAHER CORP.            COM       235851102   28,790,000      552,796.00 X                            269,626        0  283,170
EBAY INC.                COM       278642103   26,045,000      619,966.00 X                            313,748        0  306,218
EXPRESS SCRIPTS INC.     COM       30219G108   71,833,000    1,286,634.00 X                            618,805        0  667,829
FX ENERGY INC.           COM       302695101       60,000       10,000.00 X                             10,000        0        0
GABRIEL TECHNOLOGIES     COM       362447104        1,000       10,000.00 X                             10,000        0        0
GOOGLE INC. CLASS A      COM       38259P508   12,984,000       22,383.00 X                             11,098        0   11,285
IDEXX LABS INC.          COM       45168D104   23,360,000      242,998.00 X                            121,838        0  121,160
INTERCONTINENTAL EXCHANG COM       45865V100   18,907,000      139,038.00 X                             69,746        0   69,292
INTL. BUSINESS MACHINES  COM       459200101      811,000        4,146.00 X                                500        0    3,646
JOHNSON & JOHNSON        COM       478160104      369,000        5,459.00 X                              4,120        0    1,339
LAB. CORP. OF AMER. HLDG COM       50540R409   11,542,000      124,629.00 X                             62,419        0   62,210
MICROSOFT CORP           COM       594918104      203,000        6,610.00 X                              4,448        0    2,162
MONSANTO CO.             COM       61166W101   14,268,000      172,356.00 X                             85,636        0   86,720
NEW ORIENTAL EDUCATION   COM       647581107   23,657,000      965,573.00 X                            484,100        0  481,473
PATRIOT MOTORCYCLES CORP COM       70337D108        1,000       10,000.00 X                             10,000        0        0
PEMBINA PIPELINE CORP.   COM       706327103      306,000       11,939.00 X                             11,939        0        0
PHILIP MORRIS INTL. INC. COM       718172109      619,000        7,085.00 X                                  0        0    7,085
PRAXAIR INC.             COM       74005P104   22,661,000      208,408.00 X                            103,244        0  105,164
QUALCOMM INC.            COM       747525103   11,859,000      212,981.00 X                            106,271        0  106,710
RICHARDS PACKAGING INCOM COM       763102100      177,000       20,500.00 X                                  0        0   20,500
SANTARUS INC             COM       802817304      142,000       20,000.00 X                             20,000        0        0
SENESCO TECH INC. NEW    COM       817208408        5,000       20,000.00 X                             20,000        0        0
SHERWIN-WILLIAMS         COM       824348106      341,000        2,575.00 X                              2,575        0        0
SIRIUS XM RADIO INC.     COM       82967N108       37,000       20,000.00 X                             20,000        0        0
U.S. BANCORP DEL NEW     COM       902973304      590,000       18,338.00 X                             18,338        0        0
UNION PACIFIC CORP.      COM       907818108      360,000        3,015.00 X                                500        0    2,515
VISA INC.                COM       92826C839   35,278,000      285,352.00 X                            143,546        0  141,807
TOTAL COMMON STOCK                            392,725,000