Baldwin Brothers

13F File No.: as of Sept. 30, 2011

Portfolio Holdings for 13F File No.:

13F File No.: holds 186 positions in its portfolio as reported in the September 2011 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
SPDR Gold Trust (GLD) 6.1 $21M 133k 158.06
Airgas 5.2 $18M 282k 63.82
iShares Silver Trust (SLV) 3.8 $13M 455k 28.91
Enterprise Products Partners (EPD) 3.6 $13M 311k 40.15
Google 3.4 $12M 23k 515.05
Magellan Midstream Partners 2.9 $10M 167k 60.40
Kinder Morgan Energy Partners 2.9 $10M 146k 68.38
Oneok Partners 2.9 $9.8M 211k 46.62
iShares S&P Global Telecommunicat. (IXP) 2.6 $9.1M 167k 54.30
Berkshire Hathaway (BRK.B) 2.4 $8.3M 117k 71.04
Verizon Communications (VZ) 2.2 $7.4M 202k 36.80
Microsoft Corporation (MSFT) 2.1 $7.3M 294k 24.89
Broadcom Corporation 2.1 $7.1M 213k 33.29
Plains All American Pipeline (PAA) 2.0 $7.0M 119k 58.92
CHECK POINT SOFTWARE Technolog Com Stk (CHKP) 2.0 $7.0M 133k 52.76
Occidental Petroleum Corporation (OXY) 1.9 $6.7M 94k 71.50
Exxon Mobil Corporation (XOM) 1.8 $6.1M 85k 72.63
Energy Transfer Partners 1.7 $5.9M 143k 41.01
Telenor As (TELNF) 1.6 $5.7M 365k 15.55
Schlumberger (SLB) 1.6 $5.5M 93k 59.74
Maxim Integrated Products 1.6 $5.5M 235k 23.33
Abbott Laboratories (ABT) 1.6 $5.4M 106k 51.14
General Electric Company 1.6 $5.4M 352k 15.22
Devon Energy Corporation (DVN) 1.6 $5.3M 96k 55.44
iShares NASDAQ Biotechnology Index (IBB) 1.6 $5.3M 57k 93.34
Anheuser-Busch InBev NV (BUD) 1.4 $4.8M 90k 52.98
Danaher Corporation (DHR) 1.3 $4.4M 106k 41.94
Annaly Capital Management 1.1 $3.8M 228k 16.63
Johnson & Johnson (JNJ) 1.0 $3.4M 54k 63.69
Praxair 1.0 $3.4M 36k 93.49
Seadrill 0.9 $3.2M 116k 27.53
Goldcorp 0.9 $3.2M 69k 45.64
Barrick Gold Corp (GOLD) 0.9 $3.0M 65k 46.64
Novozymes A/s Ser B 0.9 $2.9M 21k 143.27
Mosaic (MOS) 0.8 $2.8M 57k 48.98
Wells Fargo & Company (WFC) 0.7 $2.4M 99k 24.12
Apple (AAPL) 0.6 $2.2M 5.7k 381.36
JPMorgan Chase & Co. (JPM) 0.6 $2.1M 69k 30.12
Severn Trent 0.6 $2.0M 85k 24.00
Berkshire Hathaway (BRK.A) 0.6 $1.9M 18.00 106777.78
Millicom Intl Cellular S.a. S hs (TIGO) 0.5 $1.8M 18k 99.07
International Business Machines (IBM) 0.5 $1.7M 9.9k 174.87
Banco Itau Holding Financeira (ITUB) 0.5 $1.7M 109k 15.52
Bancorp Rhode Island (BARI) 0.5 $1.7M 39k 43.05
Abb (ABBNY) 0.5 $1.6M 96k 17.08
Tortoise Energy Infrastructure 0.5 $1.6M 48k 33.93
Oracle Corporation (ORCL) 0.4 $1.5M 52k 28.74
Procter & Gamble Company (PG) 0.4 $1.5M 24k 63.16
Teva Pharmaceutical Industries (TEVA) 0.4 $1.5M 39k 37.23
Toto Ltd................................ 0.4 $1.4M 156k 8.98
Chevron Corporation (CVX) 0.4 $1.4M 15k 92.62
Banco Bradesco SA (BBD) 0.4 $1.3M 90k 14.79
Suncor Energy Inc Cad 0.4 $1.3M 51k 25.44
United Natural Foods (UNFI) 0.4 $1.3M 34k 37.03
Daiwa House Industry Co Ltd............. 0.4 $1.2M 95k 13.03
Pepsi (PEP) 0.3 $1.2M 20k 61.88
Northumbrian Water Group 0.3 $1.2M 168k 7.22
Union Pacific Corporation (UNP) 0.3 $1.2M 15k 81.65
Ford Motor Company (F) 0.3 $1.2M 119k 9.67
Westport Innovations 0.3 $1.2M 40k 28.92
Enbridge Energy Partners 0.3 $1.1M 42k 27.47
Kurita Water Inds 0.3 $1.1M 40k 28.31
Cia Saneamento Minas Gerais 0.3 $1.2M 72k 16.03
Hyflux (HYFXF) 0.3 $1.1M 934k 1.14
ConocoPhillips (COP) 0.3 $1.0M 16k 63.32
Ngk Insulators 0.3 $1.0M 68k 15.32
Citrix Systems 0.3 $963k 18k 54.52
Life Technologies 0.3 $919k 24k 38.41
Elster Group SE 0.3 $906k 61k 14.94
Red Hat 0.2 $860k 20k 42.25
Vanguard Dividend Appreciation ETF (VIG) 0.2 $844k 17k 48.79
CapitalSource 0.2 $822k 134k 6.14
Honda Motor (HMC) 0.2 $827k 28k 29.16
Canon (CAJPY) 0.2 $827k 18k 45.25
Roper Industries (ROP) 0.2 $838k 12k 68.89
Canadian Natl Ry (CNI) 0.2 $773k 12k 66.59
Newmont Mining Corporation (NEM) 0.2 $799k 13k 62.91
Johnson Controls 0.2 $789k 30k 26.38
Chipotle Mexican Grill (CMG) 0.2 $781k 2.6k 302.95
Deutsche Telekom (DTEGY) 0.2 $788k 67k 11.84
Nextera Energy (NEE) 0.2 $753k 14k 54.00
Buckeye Partners 0.2 $740k 12k 62.54
Informatica Corporation 0.2 $768k 19k 40.98
AllianceBernstein Holding (AB) 0.2 $723k 53k 13.64
Vanguard Emerging Markets ETF (VWO) 0.2 $649k 18k 35.83
Vosslog 0.2 $665k 6.7k 99.25
Itron (ITRI) 0.2 $633k 21k 29.52
iShares MSCI EAFE Index Fund (EFA) 0.2 $601k 13k 47.79
Agnico (AEM) 0.2 $606k 10k 59.49
Apache Corporation 0.2 $590k 7.4k 80.21
Synovus Financial 0.2 $590k 552k 1.07
NuStar Energy (NS) 0.2 $576k 11k 52.24
3M Company (MMM) 0.2 $549k 7.6k 71.81
Cree 0.2 $543k 21k 25.97
Central Fd Cda Ltd cl a 0.2 $538k 26k 20.69
Cisco Systems (CSCO) 0.1 $505k 33k 15.50
Adobe Systems Incorporated (ADBE) 0.1 $524k 22k 24.19
Qualcomm (QCOM) 0.1 $528k 11k 48.66
Intel Corporation (INTC) 0.1 $492k 23k 21.34
Accenture (ACN) 0.1 $476k 9.0k 52.68
Western Gas Partners 0.1 $485k 14k 33.80
Real Goods Solar 0.1 $466k 256k 1.82
Lynas Corporation 0.1 $466k 439k 1.06
Orocobre 0.1 $490k 453k 1.08
EMC Corporation 0.1 $448k 21k 20.98
Liberty Media Corp-a 0.1 $433k 10k 43.30
Berry Petroleum Company 0.1 $442k 13k 35.36
Codexis (CDXS) 0.1 $443k 97k 4.57
Air Products & Chemicals (APD) 0.1 $397k 5.2k 76.35
Market Vectors Gold Miners ETF 0.1 $405k 7.3k 55.21
Sensata Technologies Hldg Bv 0.1 $395k 15k 26.47
Kinross Gold Corp 0.1 $397k 25k 15.88
Natura Cosmeticos Sa 0.1 $418k 24k 17.22
Walt Disney Company (DIS) 0.1 $378k 13k 30.20
National-Oilwell Var 0.1 $384k 7.5k 51.20
Colgate-Palmolive Company (CL) 0.1 $375k 4.2k 88.59
Windstream Corporation 0.1 $372k 32k 11.64
Church & Dwight (CHD) 0.1 $369k 8.4k 44.19
Aberdeen Asia-Pacific Income Fund (FAX) 0.1 $370k 54k 6.89
Vestas Wind Sys As 0.1 $388k 24k 16.37
Caterpillar (CAT) 0.1 $349k 4.7k 73.94
Credit Acceptance (CACC) 0.1 $353k 5.0k 70.60
iShares MSCI Japan Index 0.1 $358k 38k 9.45
Oceaneering International (OII) 0.1 $355k 10k 35.30
athenahealth 0.1 $331k 5.6k 59.48
Inergy 0.1 $355k 14k 25.00
American Wtr Wks 0.1 $355k 12k 30.21
Ecolab (ECL) 0.1 $323k 6.6k 48.94
EOG Resources (EOG) 0.1 $317k 4.5k 70.98
Amazon (AMZN) 0.1 $301k 1.4k 216.55
Idt Corp cl b 0.1 $312k 12k 26.00
Cincinnati Bell 0.1 $292k 95k 3.09
iShares Russell 2000 Index (IWM) 0.1 $302k 4.7k 64.20
Copano Energy 0.1 $320k 11k 29.77
PowerSecure International 0.1 $309k 65k 4.74
iShares IBoxx $ Invest Grade Corp Bd (LQD) 0.1 $319k 2.8k 112.40
iShares Barclays TIPS Bond Fund (TIP) 0.1 $320k 2.8k 114.29
ProShares Short 20+ Year Treasury ETF (TBF) 0.1 $302k 9.4k 32.19
Lyris 0.1 $314k 3.1M 0.10
Pure Technologies 0.1 $307k 101k 3.04
Leucadia National 0.1 $282k 12k 22.67
McDonald's Corporation (MCD) 0.1 $271k 3.1k 87.67
Valmont Industries (VMI) 0.1 $262k 3.4k 77.88
Flamel Technologies 0.1 $276k 66k 4.17
Cohen & Steers Slt Pfd Incm (PSF) 0.1 $289k 12k 23.31
Coca-Cola Company (KO) 0.1 $233k 3.5k 67.54
Medco Health Solutions 0.1 $253k 5.4k 46.96
American Tower Corporation 0.1 $243k 4.5k 53.70
LKQ Corporation (LKQ) 0.1 $240k 10k 24.12
E.I. du Pont de Nemours & Company 0.1 $239k 6.0k 39.99
Encana Corp 0.1 $252k 13k 19.24
MarkWest Energy Partners 0.1 $225k 4.9k 45.92
TC Pipelines 0.1 $246k 5.6k 43.93
Sunoco Logistics Partners 0.1 $252k 2.9k 88.42
Portfolio Recovery Associates 0.1 $250k 3.0k 83.33
iShares Russell Midcap Index Fund (IWR) 0.1 $256k 2.9k 88.09
iShares S&P AMT-Fr Mncpl Bnd (NYF) 0.1 $231k 2.2k 107.44
Ing Groep Nv equs 0.1 $238k 14k 17.00
Lighting Science Grp.................... 0.1 $253k 95k 2.66
Keryx Biopharmaceuticals 0.1 $199k 66k 3.00
Novartis (NVS) 0.1 $205k 3.7k 55.71
Plum Creek Timber 0.1 $204k 5.9k 34.69
Anadarko Petroleum Corporation 0.1 $200k 3.2k 62.93
Sun Hydraulics Corporation 0.1 $215k 11k 20.38
Templeton Global Income Fund (SABA) 0.1 $213k 23k 9.47
Travelers Companies 0.1 $203k 4.2k 48.66
Corning Incorporated (GLW) 0.1 $173k 14k 12.34
Telecomunicacoes de Sao Paulo SA 0.1 $169k 6.4k 26.51
AutoNavi Holdings 0.1 $186k 14k 13.65
ProShares UltraShort Yen 0.1 $170k 12k 13.75
Marchex (MCHX) 0.0 $126k 14k 9.00
Weatherford International Lt reg 0.0 $149k 12k 12.21
Chimera Investment Corporation 0.0 $147k 53k 2.77
Penn West Energy Trust 0.0 $152k 10k 14.77
Primus Guaranty Ltd Com Stk 0.0 $100k 19k 5.26
Virco Mfg. Corporation (VIRC) 0.0 $88k 59k 1.50
Bank of America Corporation (BAC) 0.0 $74k 12k 6.10
LSI Corporation 0.0 $62k 12k 5.17
Save the World Air 0.0 $74k 297k 0.25
General Moly Inc Com Stk 0.0 $38k 13k 2.87
Emrise Corporation...................... 0.0 $22k 32k 0.69
American DG Energy 0.0 $14k 10k 1.40
Migo Software 0.0 $0 164k 0.00
Atmospheric Glow Technologie 0.0 $0 34k 0.00
Auto Data Network Inc. P 0.0 $0 10k 0.00
Auto Data Network (ADNW) 0.0 $0 16k 0.00