Salient Trust

Salient Trust as of June 30, 2011

Portfolio Holdings for Salient Trust

Salient Trust holds 215 positions in its portfolio as reported in the June 2011 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
Exxon Mobil Corporation (XOM) 81.2 $430M 5.3M 81.38
Service Corporation International (SCI) 2.6 $14M 1.2M 11.68
Philip Morris International (PM) 1.9 $10M 155k 66.77
Coca-Cola Company (KO) 1.7 $9.1M 136k 67.29
Procter & Gamble Company (PG) 1.1 $5.9M 92k 63.57
Johnson & Johnson (JNJ) 0.9 $4.9M 74k 66.52
Altria (MO) 0.9 $4.9M 185k 26.41
Crown Castle International 0.7 $3.9M 96k 40.79
Merck & Co (MRK) 0.6 $3.1M 89k 35.29
Microsoft Corporation (MSFT) 0.6 $3.0M 114k 26.00
Abbott Laboratories (ABT) 0.5 $2.8M 53k 52.62
General Electric Company 0.5 $2.6M 140k 18.86
Travelers Companies (TRV) 0.5 $2.7M 46k 58.38
iShares Barclays 20+ Yr Treas.Bond (TLT) 0.3 $1.8M 20k 94.10
Apache Corporation 0.3 $1.8M 15k 123.39
iShares Russell 3000 Index (IWV) 0.3 $1.8M 23k 79.29
iShares MSCI ACWI ex US Index Fund (ACWX) 0.3 $1.5M 34k 45.04
ConocoPhillips (COP) 0.3 $1.5M 20k 75.19
iShares MSCI EAFE Index Fund (EFA) 0.2 $1.2M 20k 60.14
Intel Corporation (INTC) 0.2 $1.0M 47k 22.16
Wisdomtree Tr em lcl debt (ELD) 0.2 $1.0M 19k 53.52
iShares S&P Natl AMTFr Mncpl Bd (MUB) 0.2 $960k 9.3k 103.51
Wells Fargo & Company (WFC) 0.1 $793k 28k 28.06
At&t (T) 0.1 $717k 23k 31.41
Eli Lilly & Co. (LLY) 0.1 $597k 16k 37.53
Halliburton Company (HAL) 0.1 $561k 11k 51.00
USG Corporation 0.1 $571k 40k 14.34
Bk Nova Cad (BNS) 0.1 $609k 10k 60.17
Home Depot (HD) 0.1 $537k 15k 36.22
Spectra Energy 0.1 $542k 20k 27.41
American Express Company (AXP) 0.1 $458k 8.9k 51.70
Chevron Corporation (CVX) 0.1 $495k 4.8k 102.84
PNC Financial Services (PNC) 0.1 $400k 6.7k 59.61
Schlumberger (SLB) 0.1 $413k 4.8k 86.40
Vanguard REIT ETF (VNQ) 0.1 $400k 6.6k 60.10
U.S. Bancorp (USB) 0.1 $383k 15k 25.51
Pepsi (PEP) 0.1 $349k 5.0k 70.43
Qualcomm (QCOM) 0.1 $396k 7.0k 56.79
Bristol Myers Squibb (BMY) 0.1 $293k 10k 28.96
Cash America International 0.1 $318k 5.5k 57.87
Campus Crest Communities 0.1 $336k 26k 12.94
Kinder Morgan (KMI) 0.1 $339k 12k 28.73
Suntrust Banks Inc $1.00 Par Cmn 0.1 $249k 9.7k 25.80
Caterpillar (CAT) 0.1 $274k 2.6k 106.46
3M Company (MMM) 0.1 $252k 2.7k 94.85
United Technologies Corporation 0.1 $271k 3.1k 88.51
iShares S&P Global Energy Sector (IXC) 0.1 $260k 6.2k 41.75
Pfizer (PFE) 0.0 $196k 9.5k 20.60
Allergan 0.0 $187k 2.2k 83.25
Apple (AAPL) 0.0 $190k 565.00 335.66
Target Corporation (TGT) 0.0 $198k 4.2k 46.91
Ford Motor Company (F) 0.0 $209k 15k 13.79
Baidu (BIDU) 0.0 $227k 1.6k 140.13
Inergy 0.0 $209k 5.9k 35.36
Simon Property (SPG) 0.0 $225k 1.9k 116.23
iShares S&P Global Mat. Sector Inde (MXI) 0.0 $198k 2.7k 73.39
Edelman Finl Group 0.0 $231k 29k 7.89
HSBC Holdings (HSBC) 0.0 $141k 2.8k 49.62
Cisco Systems (CSCO) 0.0 $141k 9.0k 15.61
Cummins (CMI) 0.0 $147k 1.4k 103.49
Kraft Foods 0.0 $181k 5.1k 35.23
Las Vegas Sands (LVS) 0.0 $174k 4.1k 42.21
Alcoa 0.0 $172k 11k 15.86
Nextera Energy (NEE) 0.0 $156k 2.7k 57.46
EMC Corporation 0.0 $174k 6.3k 27.55
SPDR Gold Trust (GLD) 0.0 $164k 1.1k 146.00
Crosstex Energy 0.0 $185k 10k 18.15
MetLife (MET) 0.0 $167k 3.8k 43.87
NuStar Energy (NS) 0.0 $136k 2.1k 64.69
Macerich Company (MAC) 0.0 $157k 2.9k 53.50
Targa Res Corp (TRGP) 0.0 $173k 5.2k 33.46
Starwood Property Trust (STWD) 0.0 $86k 4.2k 20.51
McDonald's Corporation (MCD) 0.0 $84k 1.0k 84.32
Peabody Energy Corporation 0.0 $117k 2.0k 58.91
Walt Disney Company (DIS) 0.0 $120k 3.1k 39.04
Medtronic 0.0 $127k 3.3k 38.53
Emerson Electric (EMR) 0.0 $89k 1.6k 56.25
CIGNA Corporation 0.0 $94k 1.8k 51.43
Vornado Realty Trust (VNO) 0.0 $100k 1.1k 93.18
Universal Display Corporation (OLED) 0.0 $121k 3.5k 35.09
CenterPoint Energy (CNP) 0.0 $87k 4.5k 19.35
Sovran Self Storage 0.0 $111k 2.7k 41.00
EastGroup Properties (EGP) 0.0 $100k 2.4k 42.51
Boston Properties (BXP) 0.0 $115k 1.1k 106.16
Udr (UDR) 0.0 $121k 4.9k 24.55
Camden Property Trust (CPT) 0.0 $127k 2.0k 63.62
Main Street Capital Corporation (MAIN) 0.0 $95k 5.0k 18.95
UQM Technologies 0.0 $100k 44k 2.25
Petroleum & Resources Corporation 0.0 $83k 2.8k 29.49
Qr Energy 0.0 $124k 6.0k 20.64
BP (BP) 0.0 $69k 1.6k 44.29
iShares MSCI Emerging Markets Indx (EEM) 0.0 $38k 797.00 47.60
Annaly Capital Management 0.0 $32k 1.8k 18.04
Goldman Sachs (GS) 0.0 $61k 455.00 133.09
JPMorgan Chase & Co. (JPM) 0.0 $45k 1.1k 40.94
Baxter International (BAX) 0.0 $69k 1.2k 59.69
Digital Realty Trust (DLR) 0.0 $41k 660.00 61.77
Public Storage (PSA) 0.0 $49k 425.00 114.01
Union Pacific Corporation (UNP) 0.0 $44k 420.00 104.40
Transocean (RIG) 0.0 $48k 740.00 64.56
Dow Chemical Company 0.0 $50k 1.4k 36.00
Yum! Brands (YUM) 0.0 $43k 785.00 55.24
Amgen (AMGN) 0.0 $31k 530.00 58.36
Praxair 0.0 $35k 325.00 108.39
Apollo 0.0 $35k 800.00 43.68
Exelon Corporation (EXC) 0.0 $33k 770.00 42.84
EOG Resources (EOG) 0.0 $31k 300.00 104.55
Google 0.0 $30k 60.00 506.38
AvalonBay Communities (AVB) 0.0 $48k 370.00 128.41
Glimcher Realty Trust 0.0 $58k 6.1k 9.50
Juniper Networks (JNPR) 0.0 $46k 1.5k 31.50
Douglas Emmett (DEI) 0.0 $71k 3.6k 19.89
Rowan Companies 0.0 $27k 683.00 38.81
BRE Properties 0.0 $37k 750.00 49.88
Extra Space Storage (EXR) 0.0 $27k 1.3k 21.33
HCP 0.0 $71k 1.9k 36.69
iShares Russell 1000 Growth Index (IWF) 0.0 $32k 520.00 60.88
iShares MSCI Brazil Index (EWZ) 0.0 $51k 700.00 73.35
Liberty Property Trust 0.0 $43k 1.3k 32.58
Oneok (OKE) 0.0 $56k 750.00 74.01
Oasis Petroleum 0.0 $30k 1.0k 29.68
Pebblebrook Hotel Trust (PEB) 0.0 $45k 2.2k 20.19
CoreSite Realty 0.0 $56k 3.4k 16.40
Parkway Properties 0.0 $44k 2.6k 17.06
American Assets Trust Inc reit (AAT) 0.0 $41k 1.8k 22.45
Barrick Gold Corp (GOLD) 0.0 $2.3k 51.00 45.29
Corning Incorporated (GLW) 0.0 $15k 845.00 18.15
Ameriprise Financial (AMP) 0.0 $8.7k 150.00 57.67
Ubs Ag Cmn 0.0 $13k 714.00 18.26
Devon Energy Corporation (DVN) 0.0 $5.9k 75.00 78.80
Norfolk Southern (NSC) 0.0 $7.5k 100.00 74.93
Dominion Resources (D) 0.0 $13k 270.00 48.26
India Fund (IFN) 0.0 $6.4k 210.00 30.30
Kohl's Corporation (KSS) 0.0 $15k 300.00 50.01
Paychex (PAYX) 0.0 $21k 675.00 30.72
SYSCO Corporation (SYY) 0.0 $22k 710.00 31.18
McGraw-Hill Companies 0.0 $13k 300.00 41.91
Suno 0.0 $22k 524.00 41.71
Harley-Davidson (HOG) 0.0 $1.2k 30.00 40.97
Avista Corporation (AVA) 0.0 $8.7k 340.00 25.68
Comerica Incorporated (CMA) 0.0 $2.3k 65.00 34.64
Nokia Corporation (NOK) 0.0 $1.9k 300.00 6.42
Raytheon Company 0.0 $15k 300.00 49.85
Valero Energy Corporation (VLO) 0.0 $24k 925.00 25.57
CVS Caremark Corporation (CVS) 0.0 $1.9k 50.00 37.60
Sappi (SPPJY) 0.0 $2.6k 500.00 5.10
Health Care REIT 0.0 $3.9k 75.00 52.43
Sprint Nextel Corporation 0.0 $339.570000 63.00 5.39
Plum Creek Timber 0.0 $24k 600.00 40.54
Anadarko Petroleum Corporation 0.0 $12k 150.00 76.73
Baker Hughes Incorporated 0.0 $19k 262.00 72.56
Diageo (DEO) 0.0 $13k 162.00 81.85
Fluor Corporation (FLR) 0.0 $12k 180.00 64.66
Honda Motor (HMC) 0.0 $772.200000 20.00 38.61
Honeywell International (HON) 0.0 $4.5k 75.00 59.59
News Corporation 0.0 $14k 800.00 17.70
Rio Tinto (RIO) 0.0 $22k 300.00 72.32
Sanofi-Aventis SA (SNY) 0.0 $4.0k 100.00 40.17
Texas Instruments Incorporated (TXN) 0.0 $21k 650.00 32.83
Tyco International Ltd S hs 0.0 $9.0k 182.00 49.43
UnitedHealth (UNH) 0.0 $16k 308.00 51.58
Walgreen Company 0.0 $21k 500.00 42.46
American Electric Power Company (AEP) 0.0 $12k 330.00 37.67
Total (TTE) 0.0 $4.4k 76.00 57.84
Dell 0.0 $930.160000 56.00 16.61
Southern Company (SO) 0.0 $17k 410.00 40.38
Starbucks Corporation (SBUX) 0.0 $15k 375.00 39.49
Whole Foods Market 0.0 $16k 250.00 63.45
Clorox Company (CLX) 0.0 $9.1k 135.00 67.41
Prudential Financial (PRU) 0.0 $4.8k 75.00 63.59
Dryships/drys 0.0 $4.2k 1.0k 4.19
St. Joe Company (JOE) 0.0 $1.3k 63.00 20.84
PPL Corporation (PPL) 0.0 $8.5k 305.00 27.83
Pos (PKX) 0.0 $5.9k 54.00 108.62
Goldcorp 0.0 $4.6k 95.00 48.27
Teekay Shipping Marshall Isl (TK) 0.0 $6.5k 210.00 30.88
Crosstex Energy 0.0 $6.0k 500.00 11.90
Huntsman Corporation (HUN) 0.0 $7.5k 400.00 18.85
iShares MSCI Japan Index 0.0 $17k 1.6k 10.43
Resource Capital 0.0 $1.9k 300.00 6.32
Cogdell Spencer 0.0 $11k 1.8k 5.99
Canadian Solar (CSIQ) 0.0 $23k 2.0k 11.50
Southwest Airlines (LUV) 0.0 $6.9k 600.00 11.42
Royal Gold (RGLD) 0.0 $2.9k 49.00 58.57
A. Schulman 0.0 $1.4k 54.00 25.19
Sirius XM Radio 0.0 $1.1k 500.00 2.19
Abb (ABBNY) 0.0 $26k 1.0k 25.95
Randgold Resources 0.0 $2.7k 32.00 84.05
ING Groep (ING) 0.0 $1.9k 157.00 12.37
Cheniere Energy (LNG) 0.0 $9.2k 1.0k 9.16
Pan American Silver Corp Can (PAAS) 0.0 $1.4k 46.00 30.89
Agnico (AEM) 0.0 $2.3k 36.00 63.06
Northstar Realty Finance 0.0 $1.6k 400.00 4.03
Carriage Services (CSV) 0.0 $19k 3.3k 5.66
iShares MSCI Hong Kong Index Fund (EWH) 0.0 $13k 700.00 18.52
Eldorado Gold Corp 0.0 $2.8k 190.00 14.74
Ivanhoe Mines 0.0 $1.9k 75.00 25.30
Nabors Industries 0.0 $6.4k 260.00 24.64
Patriot Coal Corp 0.0 $1.6k 74.00 22.26
Hatteras Financial 0.0 $2.8k 100.00 28.23
iShares IBoxx $ Invest Grade Corp Bd (LQD) 0.0 $16k 145.00 110.13
Silver Wheaton Corp 0.0 $1.6k 49.00 33.00
Yamana Gold 0.0 $2.5k 214.00 11.63
Cardtronics 0.0 $24k 1.0k 23.45
Dollar General (DG) 0.0 $22k 635.00 33.89
U.S. Energy 0.0 $10k 2.4k 4.27
Hudson Pacific Properties (HPP) 0.0 $19k 1.2k 15.53
iShares MSCI Pacific ex-Japan Idx (EPP) 0.0 $19k 400.00 47.61
iShares S&P Europe 350 Index (IEV) 0.0 $8.0k 190.00 42.08
Youku 0.0 $13k 365.00 34.35
Te Connectivity Ltd for (TEL) 0.0 $5.0k 137.00 36.76
Citigroup (C) 0.0 $1.2k 28.00 41.79
Renren Inc- 0.0 $12k 1.4k 8.85
Ocean Rig Udw 0.0 $106.050000 7.00 15.15
Proshares Tr 0.0 $5.7k 400.00 14.28