TrueNorth

TrueNorth as of Dec. 31, 2011

Portfolio Holdings for TrueNorth

TrueNorth holds 142 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 IBoxx $ Invest Grade Corp Bd (LQD) 8.8 $13M 116k 113.76
iShares S&P US Pref Stock Idx Fnd (PFF) 5.4 $8.1M 228k 35.62
Apple Computer 3.5 $5.2M 13k 405.01
Exxon Mobil Corporation (XOM) 3.1 $4.7M 55k 84.76
SPDR S&P MidCap 400 ETF (MDY) 2.8 $4.2M 252k 16.62
iShares Dow Jones Select Dividend (DVY) 2.5 $3.8M 71k 53.77
Energy Select Sector SPDR (XLE) 2.4 $3.5M 51k 69.13
McDonald's Corporation (MCD) 2.0 $3.0M 30k 100.34
SPDR S&P Metals and Mining (XME) 2.0 $3.0M 61k 48.98
iShares Cohen & Steers Realty Maj. (ICF) 2.0 $2.9M 42k 70.23
International Business Machines (IBM) 1.9 $2.8M 16k 183.86
Vanguard Emerging Markets ETF (VWO) 1.8 $2.7M 72k 38.21
Starbucks Corporation (SBUX) 1.7 $2.6M 56k 46.01
Spdr S&p 500 Etf (SPY) 1.7 $2.5M 20k 125.48
V.F. Corporation (VFC) 1.6 $2.5M 19k 126.99
Tupperware Brands Corporation (TUP) 1.6 $2.4M 42k 55.97
Nike (NKE) 1.4 $2.1M 22k 96.35
Honeywell International (HON) 1.4 $2.0M 37k 54.36
iShares Russell 3000 Index (IWV) 1.4 $2.0M 27k 74.20
Chubb Corporation 1.3 $2.0M 28k 69.24
TJX Companies (TJX) 1.3 $1.9M 30k 64.56
Bristol Myers Squibb (BMY) 1.2 $1.8M 51k 35.23
CSX Corporation (CSX) 1.1 $1.7M 80k 21.06
Bk Of America Corp 1.1 $1.7M 302k 5.56
Travelers Companies (TRV) 1.1 $1.6M 28k 59.16
3M Company (MMM) 1.0 $1.5M 18k 81.74
Procter & Gamble Company (PG) 1.0 $1.5M 23k 66.70
D Automatic Data Proce Ssing Inc Common Stock 0 1.0 $1.5M 28k 54.01
Rogers Communications -cl B (RCI) 0.9 $1.4M 36k 38.50
Pfizer (PFE) 0.9 $1.4M 64k 21.64
United Technologies Corporation 0.9 $1.4M 19k 73.12
BECTON DICKINSON & CO Com Stk 0.8 $1.2M 17k 74.73
iShares iBoxx $ High Yid Corp Bond (HYG) 0.8 $1.2M 14k 89.45
Pepsi (PEP) 0.8 $1.2M 17k 66.33
Nextera Energy (NEE) 0.8 $1.1M 18k 60.87
SPDR S&P Retail (XRT) 0.8 $1.1M 21k 52.54
Chevron Corporation (CVX) 0.7 $1.1M 10k 106.43
Apache Corp Com Stk 0.7 $1.1M 12k 90.56
MasterCard Incorporated (MA) 0.7 $1.1M 2.9k 372.99
CF Industries Holdings (CF) 0.7 $1.1M 7.3k 144.96
Cliffs Natural Resources 0.7 $1.1M 17k 62.35
Google 0.7 $1.1M 1.6k 646.19
Herbalife Ltd Com Stk (HLF) 0.7 $1.0M 20k 51.69
Joy Global 0.7 $985k 13k 74.95
Celgene Corporation 0.6 $964k 14k 67.58
iShares Lehman MBS Bond Fund (MBB) 0.6 $951k 8.8k 108.07
AMERICAN TOWER CORPORATION Cmn Class A 0.6 $942k 16k 60.04
iShares Russell 2000 Growth Index (IWO) 0.6 $930k 11k 84.20
Core Laboratories 0.6 $917k 8.0k 113.93
Eaton Vance Limited Duration Income Fund (EVV) 0.6 $845k 56k 15.22
Invesco Van Kampen Senior Income Trust (VVR) 0.6 $852k 199k 4.28
1/100 Berkshire Htwy Cl A 0.5 $803k 700.00 1147.14
Perrigo Company 0.5 $758k 7.8k 97.30
UMB Financial Corporation (UMBF) 0.5 $767k 21k 37.24
UnitedHealth (UNH) 0.5 $740k 15k 50.71
PowerShares Fin. Preferred Port. 0.5 $730k 45k 16.11
NewMarket Corporation (NEU) 0.5 $714k 3.6k 198.06
At&t (T) 0.5 $702k 23k 30.22
Biogen Idec (BIIB) 0.5 $700k 6.4k 109.98
Randgold Resources 0.5 $684k 6.7k 102.09
Cerner Corporation 0.4 $662k 11k 61.24
Rayonier (RYN) 0.4 $663k 15k 44.60
Deere & Company (DE) 0.4 $642k 8.3k 77.37
Kansas City Southern 0.4 $639k 9.4k 67.98
Tortoise Energy Infrastructure 0.4 $644k 16k 40.00
Clean Harbors (CLH) 0.4 $621k 9.7k 63.76
JPMorgan Chase & Co. (JPM) 0.4 $612k 18k 33.26
Intel Corporation (INTC) 0.4 $601k 25k 24.24
PowerShares High Yld. Dividend Achv 0.4 $578k 63k 9.25
Church & Dwight (CHD) 0.4 $567k 12k 45.76
Berkshire Hath-cl B 0.4 $570k 7.5k 76.28
Microsoft Corporation (MSFT) 0.4 $555k 21k 25.95
Continental Resources 0.4 $554k 8.3k 66.67
Northrop Grumman Corporation (NOC) 0.4 $559k 9.6k 58.50
Dr Pepper Snapple 0.4 $555k 14k 39.47
Freeport-McMoRan Copper & Gold (FCX) 0.3 $519k 14k 36.78
Fiduciary/Claymore MLP Opportunity Fund 0.3 $525k 25k 21.45
Annaly C 0.3 $528k 33k 15.97
WisdomTree Emerging Markets Eq (DEM) 0.3 $509k 9.9k 51.31
BlackRock Ltd. Duration Income Trust (BLW) 0.3 $515k 32k 15.95
CHECK POINT SOFTWARE Technolog Com Stk (CHKP) 0.3 $495k 9.4k 52.52
VMware 0.3 $490k 5.9k 83.19
Oge Energy Corp (OGE) 0.3 $482k 8.5k 56.71
Oracle Corporation (ORCL) 0.3 $467k 18k 25.65
Panera Bread Company 0.3 $459k 3.2k 141.45
CARBO Ceramics 0.3 $445k 3.6k 123.27
Seaboard Corporation (SEB) 0.3 $426k 209.00 2038.28
Boeing 0.3 $416k 5.7k 73.39
Putnam Premier Income Trust (PPT) 0.3 $412k 79k 5.19
SandRidge Energy 0.3 $408k 50k 8.16
Blackrock Defined Opprty Cr 0.3 $404k 33k 12.44
Wynn Resorts (WYNN) 0.3 $391k 3.5k 110.45
Verizon Communications (VZ) 0.2 $375k 9.4k 40.10
Abbott Laboratories 0.2 $360k 6.4k 56.15
Invesco Van Kampen Dyn Cr Opp Fund 0.2 $360k 34k 10.57
USD.001 Atlas Energy Lp ltd part 0.2 $366k 15k 24.30
Windstream Corporation 0.2 $339k 29k 11.75
Oneok Partners 0.2 $349k 6.0k 57.78
Dcp Midstream Partners 0.2 $322k 6.8k 47.42
Genesis Energy (GEL) 0.2 $328k 12k 28.06
Plains All American Pipeline (PAA) 0.2 $313k 4.3k 73.47
General Electric Company 0.2 $297k 17k 17.94
iShares MSCI South Africa Index (EZA) 0.2 $293k 4.8k 61.17
Calamos Convertible & Hi Income Fund (CHY) 0.2 $303k 26k 11.56
Eaton Vance Short Duration Diversified I (EVG) 0.2 $292k 18k 16.17
First Trust/Four Corners SFRI Fund II (FCT) 0.2 $304k 23k 13.17
Boardwalk Pipeline 0.2 $293k 11k 27.65
Targa Resources Partners 0.2 $287k 7.7k 37.31
Energy Transfer Partners 0.2 $277k 6.0k 45.86
iShares MSCI Malaysia Index Fund 0.2 $282k 21k 13.42
Nuveen Floating Rate Income Fund (JFR) 0.2 $280k 26k 10.87
BlackRock Senior High Income Fund 0.2 $291k 76k 3.85
Pimco Municipal Income Fund (PMF) 0.2 $270k 19k 14.21
Blackrock Fl Rate Ome Stra I 0.2 $265k 22k 12.33
Wells Fargo Adv Multi-Sector Inco Fund (ERC) 0.2 $267k 18k 14.78
Exelon Corporation (EXC) 0.2 $260k 6.0k 43.33
iShares MSCI Brazil Index (EWZ) 0.2 $247k 4.3k 57.44
iShares Barclays 1-3 Year Cred Bd Fd ETF (IGSB) 0.2 $249k 2.4k 104.40
LMP Corporate Loan Fund 0.2 $261k 24k 11.09
Atlas Pipeline Partners Lp unit l p int 0 0.2 $256k 6.9k 37.10
Cognizant Technology Solutions (CTSH) 0.2 $233k 3.6k 64.28
ConocoPhillips (COP) 0.2 $244k 3.3k 72.97
Inergy 0.2 $237k 9.7k 24.39
Western Asset Vrble Rate Strtgc Fnd 0.2 $232k 16k 14.85
Agco Corp Com Usd0.01 0.2 $244k 5.7k 43.00
Johnson & Johnson (JNJ) 0.1 $222k 3.4k 65.54
FirstEnergy (FE) 0.1 $222k 5.0k 44.40
SYSCO Corporation (SYY) 0.1 $223k 7.6k 29.33
El Paso Pipeline Partners 0.1 $227k 6.6k 34.59
Bhp Billitltd-sp 0.1 $221k 3.1k 70.61
Peabody Energy Corporation 0.1 $212k 6.4k 33.05
Kinder Morgan Management 0.1 $212k 2.7k 78.69
CenturyLink 0.1 $215k 5.8k 37.26
Williams-Sonoma (WSM) 0.1 $212k 5.5k 38.48
EMC Corporation 0.1 $208k 9.7k 21.55
MarkWest Energy Partners 0.1 $209k 3.8k 55.15
Frontier Communications 0.1 $199k 39k 5.16
Eaton Vance Senior Floating Rate Fund (EFR) 0.1 $153k 11k 14.42
ING Prime Rate Trust 0.1 $147k 29k 5.09
Eaton Vance Senior Income Trust (EVF) 0.1 $115k 18k 6.52
Northstar Realty Finance 0.1 $112k 24k 4.76
Chimera Investment Corporation 0.1 $72k 29k 2.51