Meritage Portfolio Management

Meritage Portfolio Management as of Dec. 31, 2011

Portfolio Holdings for Meritage Portfolio Management

Meritage Portfolio Management holds 168 positions in its portfolio as reported in the December 2011 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
iShares Russell 1000 Value Index (IWD) 3.7 $20M 316k 63.48
ProShares Short Dow30 2.6 $14M 360k 38.80
Seaboard Corporation (SEB) 2.5 $14M 6.8k 2036.07
Exxon Mobil Corporation (XOM) 2.0 $11M 125k 84.76
Apple (AAPL) 1.9 $10M 26k 405.00
iShares Russell 1000 Growth Index (IWF) 1.7 $9.2M 160k 57.79
Microsoft Corporation (MSFT) 1.6 $8.8M 338k 25.96
McKesson Corporation (MCK) 1.6 $8.5M 110k 77.91
International Business Machines (IBM) 1.5 $8.0M 44k 183.89
Chevron Corporation (CVX) 1.4 $7.4M 69k 106.41
Pfizer (PFE) 1.4 $7.3M 338k 21.64
Eli Lilly & Co. (LLY) 1.3 $7.1M 171k 41.56
Bristol Myers Squibb (BMY) 1.2 $6.7M 189k 35.24
Public Service Enterprise (PEG) 1.2 $6.3M 192k 33.01
Church & Dwight (CHD) 1.2 $6.3M 137k 45.76
SPDR S&P Oil & Gas Explore & Prod. 1.2 $6.2M 118k 52.69
Google 1.1 $6.1M 9.4k 645.92
Oracle Corporation (ORCL) 1.1 $6.1M 238k 25.65
American Electric Power Company (AEP) 1.1 $6.0M 145k 41.31
Asml Holding Nv Adr depository receipts 0.9 $5.0M 120k 41.79
Discover Financial Services (DFS) 0.9 $4.7M 198k 24.00
Bayer (BAYRY) 0.9 $4.7M 74k 63.80
Chubb Corporation 0.9 $4.6M 67k 69.22
SanDisk Corporation 0.9 $4.6M 94k 49.21
Dover Corporation (DOV) 0.8 $4.6M 79k 58.05
CVS Caremark Corporation (CVS) 0.8 $4.5M 111k 40.78
Apollo 0.8 $4.5M 84k 53.87
Imperial Tobac 0.8 $4.5M 60k 75.34
Merck & Co (MRK) 0.8 $4.3M 115k 37.70
Royal Dutch Shell 0.8 $4.3M 59k 73.10
Torchmark Corporation 0.8 $4.3M 98k 43.39
Novo Nordisk A/S (NVO) 0.8 $4.3M 37k 115.25
Adobe Systems Incorporated (ADBE) 0.8 $4.2M 149k 28.27
CIGNA Corporation 0.8 $4.2M 101k 42.00
Colgate-Palmolive Company (CL) 0.8 $4.2M 45k 92.39
Kemper Corp Del (KMPR) 0.8 $4.2M 145k 29.21
Reinsurance Group of America (RGA) 0.8 $4.1M 78k 52.24
ConocoPhillips (COP) 0.8 $4.1M 56k 72.86
Danaher Corporation (DHR) 0.8 $4.1M 87k 47.04
Corrections Corporation of America 0.8 $4.1M 201k 20.37
Prudential Financial (PRU) 0.8 $4.0M 81k 50.12
Northrop Grumman Corporation (NOC) 0.7 $4.0M 68k 58.48
Synopsys (SNPS) 0.7 $4.0M 147k 27.20
Coca-Cola Company (KO) 0.7 $3.9M 56k 69.97
MetLife (MET) 0.7 $3.9M 124k 31.18
Yum! Brands (YUM) 0.7 $3.9M 65k 59.01
CHECK POINT SOFTWARE Technolog Com Stk (CHKP) 0.7 $3.8M 73k 52.54
Nice Systems (NICE) 0.7 $3.9M 112k 34.45
Ross Stores (ROST) 0.7 $3.7M 79k 47.53
Lukoil 0.7 $3.6M 68k 53.20
Wells Fargo & Company (WFC) 0.7 $3.6M 130k 27.56
Spdr S&p 500 Etf (SPY) 0.7 $3.5M 28k 125.49
Nu Skin Enterprises (NUS) 0.7 $3.5M 72k 48.57
Corn Products International 0.7 $3.5M 67k 52.59
Ace Limited Cmn 0.6 $3.4M 49k 70.11
Philip Morris International (PM) 0.6 $3.4M 44k 78.48
General Dynamics Corporation (GD) 0.6 $3.5M 52k 66.42
Johnson & Johnson (JNJ) 0.6 $3.4M 52k 65.57
Symantec Corporation 0.6 $3.4M 218k 15.65
MasterCard Incorporated (MA) 0.6 $3.3M 8.9k 372.81
Key (KEY) 0.6 $3.3M 435k 7.69
Freeport-McMoRan Copper & Gold (FCX) 0.6 $3.2M 88k 36.79
Industries N shs - a - (LYB) 0.6 $3.2M 99k 32.49
Reynolds American 0.6 $3.2M 77k 41.43
UnitedHealth (UNH) 0.6 $3.1M 62k 50.68
TJX Companies (TJX) 0.6 $3.1M 49k 64.54
Elizabeth Arden 0.6 $3.1M 84k 37.03
Humana (HUM) 0.6 $3.1M 35k 87.62
Altria (MO) 0.6 $3.0M 103k 29.65
Hubbell Incorporated 0.6 $3.0M 44k 66.87
Universal Corporation (UVV) 0.5 $2.9M 63k 45.96
Rio Tinto (RIO) 0.5 $2.9M 60k 48.91
Union Pacific Corporation (UNP) 0.5 $2.9M 27k 105.93
Bce (BCE) 0.5 $2.8M 68k 41.66
Maximus (MMS) 0.5 $2.9M 70k 41.35
Celgene Corporation 0.5 $2.8M 42k 67.61
Quest Software 0.5 $2.8M 152k 18.60
Cognex Corporation (CGNX) 0.5 $2.7M 76k 35.79
NVIDIA Corporation (NVDA) 0.5 $2.7M 195k 13.86
Plains All American Pipeline (PAA) 0.5 $2.7M 37k 73.46
TELUS Corporation 0.5 $2.7M 50k 53.55
H&R Block (HRB) 0.5 $2.7M 163k 16.33
Intuit (INTU) 0.5 $2.7M 51k 52.59
Mednax (MD) 0.5 $2.7M 37k 72.00
Zurich Financial Services (ZFSVY) 0.5 $2.6M 116k 22.68
Windstream Corporation 0.5 $2.6M 223k 11.74
Directv 0.5 $2.5M 59k 42.77
Enterprise Products Partners (EPD) 0.5 $2.5M 54k 46.38
Ametek (AME) 0.5 $2.5M 61k 42.10
Chesapeake Midstream Partners 0.5 $2.6M 88k 29.00
Arthur J. Gallagher & Co. (AJG) 0.5 $2.5M 75k 33.44
Apache Corporation 0.5 $2.5M 27k 90.59
Lockheed Martin Corporation (LMT) 0.5 $2.5M 30k 80.91
Kimberly-Clark Corporation (KMB) 0.5 $2.4M 33k 73.56
AstraZeneca (AZN) 0.5 $2.4M 53k 46.29
Varian Medical Systems 0.5 $2.4M 36k 67.14
Dell 0.4 $2.4M 164k 14.63
LVMH Moet Hennessy Louis Vuitton SA (LVMUY) 0.4 $2.4M 84k 28.10
Apache Corp. 6% Mandatory Conv pfd cv 0.4 $2.4M 44k 54.27
Fiserv (FI) 0.4 $2.3M 40k 58.74
MKS Instruments (MKSI) 0.4 $2.3M 83k 27.82
Telecom Argentina (TEO) 0.4 $2.3M 131k 17.88
Penn Virginia Resource Partners 0.4 $2.3M 90k 25.53
Metlife Inc 5% 10/0/14 Conv Pr cv prf 0.4 $2.3M 37k 61.74
NiSource (NI) 0.4 $2.2M 94k 23.81
GlaxoSmithKline 0.4 $2.3M 50k 45.64
Herbalife Ltd Com Stk (HLF) 0.4 $2.3M 44k 51.68
Myriad Genetics (MYGN) 0.4 $2.3M 109k 20.94
Senior Housing Properties Trust 0.4 $2.3M 101k 22.44
Hartford Finl Svcs Group Inc dep conv p 0.4 $2.2M 116k 18.78
BMC Software 0.4 $2.2M 67k 32.78
Cummins (CMI) 0.4 $2.2M 25k 88.01
Marvell Technology Group 0.4 $2.2M 159k 13.85
National Australia Bank (NABZY) 0.4 $2.2M 93k 23.93
Bed Bath & Beyond 0.4 $2.2M 37k 57.96
Intel Corporation (INTC) 0.4 $2.1M 88k 24.25
Intuitive Surgical (ISRG) 0.4 $2.1M 4.5k 463.00
Vanguard Natural Resources 0.4 $2.1M 76k 27.62
Ppl Corp unit 99/99/9999 0.4 $2.1M 38k 55.59
CenturyLink 0.4 $2.0M 54k 37.20
Eni S.p.A. (E) 0.4 $2.0M 48k 41.26
Calumet Specialty Products Partners, L.P (CLMT) 0.4 $2.0M 97k 20.16
BreitBurn Energy Partners 0.4 $1.9M 101k 19.07
Entergy Corporation (ETR) 0.4 $1.9M 26k 73.05
Chico's FAS 0.4 $2.0M 176k 11.14
Oneok Partners 0.4 $2.0M 34k 57.75
AGL Resources 0.3 $1.8M 42k 42.26
Mercury General Corporation (MCY) 0.3 $1.8M 39k 45.61
NetApp (NTAP) 0.3 $1.8M 49k 36.27
Lam Research Corporation (LRCX) 0.3 $1.8M 48k 37.02
Merrill Lynch Trust prf 0.3 $1.8M 97k 18.61
Inergy 0.3 $1.7M 71k 24.42
At&t (T) 0.3 $1.7M 56k 30.23
Gilead Sciences (GILD) 0.3 $1.7M 41k 40.93
Informatica Corporation 0.3 $1.7M 45k 36.94
Telecom Corp of New Zealand 0.3 $1.6M 205k 7.99
Ares Capital Corporation (ARCC) 0.3 $1.6M 104k 15.45
Nordson Corporation (NDSN) 0.3 $1.6M 39k 41.17
Fly Leasing 0.3 $1.6M 128k 12.52
Natural Resource Partners 0.3 $1.5M 56k 27.11
UMB Financial Corporation (UMBF) 0.3 $1.4M 37k 37.25
Expedia (EXPE) 0.2 $1.3M 46k 29.03
Tripadvisor (TRIP) 0.2 $1.2M 46k 25.22
Hercules Technology Growth Capital (HTGC) 0.2 $1.1M 118k 9.44
Douglas Dynamics (PLOW) 0.2 $1.1M 78k 14.62
Schlumberger (SLB) 0.2 $957k 14k 68.28
Wal-Mart Stores (WMT) 0.1 $759k 13k 59.76
iShares S&P SmallCap 600 Index (IJR) 0.1 $767k 11k 68.33
Boeing Company (BA) 0.1 $697k 9.5k 73.37
First Eagle Global A (SGENX) 0.1 $476k 11k 45.12
U.S. Bancorp (USB) 0.1 $458k 17k 27.06
Amgen (AMGN) 0.1 $449k 7.0k 64.22
Pepsi (PEP) 0.1 $431k 6.5k 66.38
Rydex S&P Equal Weight ETF 0.1 $446k 9.6k 46.33
iShares Dow Jones Select Dividend (DVY) 0.1 $417k 7.8k 53.79
Home Depot (HD) 0.1 $370k 8.8k 42.06
SPDR S&P Dividend (SDY) 0.1 $351k 6.5k 53.92
General Electric Company 0.1 $308k 17k 17.91
E.I. du Pont de Nemours & Company 0.1 $343k 7.5k 45.73
iShares Russell 2000 Value Index (IWN) 0.1 $297k 4.5k 65.65
Schwab Total Stock Mrkt Ind-se (SWTSX) 0.1 $328k 15k 22.63
iShares Russell 2000 Index (IWM) 0.1 $265k 3.6k 73.63
Claymore/Zacks Multi-Asset Inc Idx 0.1 $260k 13k 20.46
Berkshire Hathaway (BRK.B) 0.0 $223k 2.9k 76.26
Kinder Morgan Energy Partners 0.0 $212k 2.5k 84.80
iShares Russell 3000 Index (IWV) 0.0 $213k 2.9k 74.09
SPDR S&P MidCap 400 ETF (MDY) 0.0 $217k 1.4k 159.79
Bank of America Corporation (BAC) 0.0 $76k 14k 5.59