--- -------------------- ----- as of March 31, 2012
Portfolio Holdings for --- -------------------- -----
--- -------------------- ----- holds 43 positions in its portfolio as reported in the March 2012 quarterly 13F filing
| Company (Ticker) | Portfolio Weight | Valued At | Change in Shares | Share Count | Share Price |
|---|---|---|---|---|---|
| Delphi Automotive | 10.0 | $44M | 1.4M | 31.60 | |
| Canadian Pacific Railway | 6.8 | $30M | 399k | 75.95 | |
| Illumina (ILMN) | 6.8 | $30M | 575k | 52.61 | |
| Directv | 5.7 | $25M | 515k | 49.34 | |
| Industries N shs - a - (LYB) | 4.4 | $20M | 450k | 43.65 | |
| Rock-Tenn Company | 4.2 | $19M | 276k | 67.56 | |
| Marathon Petroleum Corp (MPC) | 4.2 | $18M | 425k | 43.36 | |
| NRG Energy (NRG) | 2.8 | $13M | 800k | 15.67 | |
| CareFusion Corporation | 2.8 | $13M | 483k | 25.93 | |
| Hess (HES) | 2.7 | $12M | 205k | 58.95 | |
| BPZ Resources | 2.7 | $12M | 2.9M | 4.03 | |
| Cit | 2.6 | $12M | 285k | 41.24 | |
| Green Mountain Coffee Roasters | 2.6 | $12M | 250k | 46.84 | |
| W.R. Grace & Co. | 2.6 | $12M | 201k | 57.80 | |
| NetApp (NTAP) | 2.5 | $11M | 250k | 44.77 | |
| CIGNA Corporation | 2.5 | $11M | 225k | 49.25 | |
| Cheniere Energy (LNG) | 2.5 | $11M | 725k | 14.98 | |
| Abbott Laboratories (ABT) | 2.4 | $11M | 175k | 61.29 | |
| 2.4 | $11M | 17k | 641.19 | ||
| Via | 2.4 | $10M | 220k | 47.46 | |
| Cincinnati Bell | 2.3 | $10M | 2.5M | 4.02 | |
| Dell | 2.1 | $9.1M | 550k | 16.60 | |
| Walgreen Company | 1.9 | $8.4M | 250k | 33.49 | |
| Pfizer (PFE) | 1.5 | $6.8M | 300k | 22.65 | |
| Royal Bk Scotland Group Plc adr pref shs r | 1.4 | $6.3M | 384k | 16.30 | |
| WABCO Holdings | 1.4 | $6.0M | 100k | 60.47 | |
| Genworth Financial (GNW) | 1.2 | $5.4M | 650k | 8.32 | |
| Apple (AAPL) | 1.2 | $5.4M | 9.0k | 599.44 | |
| Hartford Financial Services (HIG) | 1.2 | $5.3M | 250k | 21.08 | |
| News Corporation | 1.1 | $4.9M | 250k | 19.71 | |
| Microsoft Corporation (MSFT) | 1.1 | $4.8M | 150k | 32.25 | |
| Liberty Media Corp lcpad | 1.0 | $4.4M | 50k | 88.16 | |
| Express Scripts | 0.9 | $4.1M | 75k | 54.17 | |
| Georgia Gulf Corporation | 0.9 | $4.1M | 117k | 34.87 | |
| Eastman Chemical Company (EMN) | 0.8 | $3.6M | 70k | 51.67 | |
| Dynegy | 0.7 | $3.2M | 5.8M | 0.56 | |
| CARBO Ceramics | 0.7 | $3.2M | 30k | 105.42 | |
| Hertz Global Holdings | 0.7 | $3.0M | 200k | 15.04 | |
| ROYAL BK SCOTLAND Group Plc sp adr pref t | 0.6 | $2.6M | 139k | 19.00 | |
| Amylin Pharmaceuticals | 0.6 | $2.5M | 100k | 24.96 | |
| Allegheny Technologies Incorporated (ATI) | 0.4 | $1.9M | 45k | 41.16 | |
| Xerox Corporation | 0.4 | $1.6M | 200k | 8.07 | |
| Royal Bk Scotland Group Plc adr pfd ser p | 0.1 | $505k | 31k | 16.29 |
