WestEnd Advisors

WestEnd Advisors as of March 31, 2012

Portfolio Holdings for WestEnd Advisors

WestEnd Advisors holds 0 positions in its portfolio as reported in the March 2012 quarterly 13F filing

                13F Holdings Report
                                                          AS OF DATE: 3/31/2012

                                                                                          INVESTMENT
          ISSUER         TITLE OF       CUSIP        MKT            SHARES/          DISCRETION   OTHER    VOTING AUTHORITY
           NAME           CLASS         NUMBER       VAL           PRINC AMT       SOLE(A) SHARED MNGRS   SOLE    SHARED    NONE
{S}                    {C}            {C}        {C}            {C}              {C}       {C}   {C}  {C}         {C}      {C}

Adobe Systems,
  Inc.             Common Stock  00724f101  $116,411,771.40  3,392,940.00  3,392,940.00   0.00 ALL  2,080,676.00  0.00  1,312,264.00

American Tower     Common Stock  03027X100  $106,933,911.50  1,696,825.00  1,696,825.00   0.00 ALL  1,007,811.00  0.00    689,014.00

Amgen, Inc.        Common Stock  031162100  $109,131,952.30  1,605,590.00  1,605,590.00   0.00 ALL    964,002.00  0.00    641,588.00

Autodesk, Inc.     Common Stock  052769106  $124,354,315.28  2,938,429.00  2,938,429.00   0.00 ALL  1,861,701.00  0.00  1,076,728.00

Bed Bath & Beyond  Common Stock  075896100  $107,278,170.47  1,631,111.00  1,631,111.00   0.00 ALL    972,860.00  0.00    658,251.00

Celgene Corp.      Common Stock  151020104  $114,112,618.32  1,472,041.00  1,472,041.00   0.00 ALL    898,565.00  0.00    573,476.00

Coach, Inc.        Common Stock  189754104  $120,377,896.80  1,557,685.00  1,557,685.00   0.00 ALL    980,460.00  0.00    577,225.00

Costco Wholesale   Common Stock  22160K105  $108,653,822.40  1,196,628.00  1,196,628.00   0.00 ALL    716,382.00  0.00    480,246.00

E M C Corp.        Common Stock  268648102  $123,209,612.28  4,123,481.00  4,123,481.00   0.00 ALL  2,580,957.00  0.00  1,542,524.00

Intel Corp.        Common Stock  458140100  $114,033,065.10  4,056,672.54  4,056,672.54   0.00 ALL  2,486,466.54  0.00  1,570,206.00

International Asia
  ex-Japan ETF     Common Stock  464288182  $  3,331,553.87     59,028.24     59,028.24   0.00 ALL     56,529.24  0.00      2,499.00

Int'l Business
  Machines         Common Stock  459200101  $111,152,236.65    532,721.00    532,721.00   0.00 ALL    320,521.00  0.00    212,200.00

iShares Barclays
  Intermediate
  Credit Bd Fd     Common Stock  464288638  $    144,226.25      1,325.00      1,325.00   0.00 ALL      1,325.00  0.00          0.00

Ishares Dow Jones
  US Technology
  Sector           Common Stock  464287721  $  3,521,149.16     45,253.17     45,253.17   0.00 ALL     39,374.17  0.00      5,879.00

Ishares Dow Jones
  US Telecom
  Sector           Common Stock  464287713  $    893,765.56     40,259.71     40,259.71   0.00 ALL     34,714.71  0.00      5,545.00

iShares Investment
  Grade Corp Bond
  Fund             Common Stock  464287242  $    495,789.06      4,287.72      4,287.72   0.00 ALL      3,197.72  0.00      1,090.00

IShares Nasdaq
  Biotechnology    Common Stock  464287556  $    982,291.64      7,966.68      7,966.68   0.00 ALL      6,922.68  0.00      1,044.00

ISHARES TR BARCLYS
  1-3YR CR         Common Stock  464288646  $  1,512,900.86     14,396.24     14,396.24   0.00 ALL     10,739.24  0.00      3,657.00

Johnson Controls,
  Inc              Common Stock  478366107  $107,539,720.96  3,310,952.00  3,310,952.00   0.00 ALL  2,000,666.00  0.00  1,310,286.00

Lowes Cos. Inc.    Common Stock  548661107  $121,224,070.47  3,863,099.76  3,863,099.76   0.00 ALL  2,346,015.76  0.00  1,517,084.00

Nike, Inc. Class B Common Stock  654106103  $111,020,655.12  1,023,798.00  1,023,798.00   0.00 ALL    621,361.00  0.00    402,437.00

Nordstrom, Inc.    Common Stock  655664100  $112,693,588.56  2,022,498.00  2,022,498.00   0.00 ALL  1,229,129.00  0.00    793,369.00

Oracle Corp.       Common Stock  68389X105  $101,776,150.44  3,490,265.79  3,490,265.79   0.00 ALL  2,064,538.79  0.00  1,425,727.00

Qualcomm, Inc.     Common Stock  747525103  $120,285,992.77  1,767,352.23  1,767,352.23   0.00 ALL  1,095,627.23  0.00    671,725.00

SPDR Barclays
  Capital
  High Yield
  Bond ETF         Common Stock  78464A417  $    436,534.56     11,088.00     11,088.00   0.00 ALL      7,892.00  0.00      3,196.00

SPDR Dow Jones
  Total Market
  ETF              Common Stock  78464A805  $    401,919.05      3,822.34      3,822.34   0.00 ALL      3,822.34  0.00          0.00

Target Corp.       Common Stock  87612E106  $110,364,423.62  1,894,017.91  1,894,017.91   0.00 ALL  1,138,705.91  0.00    755,312.00

Vanguard Consumer
  Discretionary
  ETF              Common Stock  92204A108  $  3,405,884.82     47,172.92     47,172.92   0.00 ALL     40,863.92  0.00      6,309.00

Vanguard Consumer
  Staples ETF      Common Stock  92204A207  $    911,650.87     10,566.19     10,566.19   0.00 ALL      9,066.19  0.00      1,500.00

VANGUARD INDEX FDS
  EXTEND MKT ETF   Common Stock  922908652  $  5,589,337.26     94,191.73     94,191.73   0.00 ALL     90,104.73  0.00      4,087.00

Vanguard Intl
  Equity
  Index All
  World Ex US      Common Stock  922042775  $  6,799,390.57    153,762.79    153,762.79   0.00 ALL    147,343.79  0.00      6,419.00

Verizon Comm.,
  Inc.             Common Stock  92343v104  $100,915,654.54  2,639,698.00  2,639,698.00   0.00 ALL  1,539,661.00  0.00  1,100,037.00

Whole Foods Market Common Stock  966837106  $115,767,308.80  1,391,434.00  1,391,434.00   0.00 ALL    860,790.00  0.00    530,644.00