Absolute Return Investors

Absolute Return Investors, LLC* as of March 31, 2011

Portfolio Holdings for Absolute Return Investors, LLC*

Absolute Return Investors, LLC* holds 176 positions in its portfolio as reported in the March 2011 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
Energy Select Sector SPDR (XLE) 26.7 $65M 816k 79.75
SPDR S&P Oil & Gas Explore & Prod. 18.6 $45M 703k 64.42
Spdr S&p 500 Etf (SPY) 2.9 $7.1M 54k 132.58
Energen Corporation 1.0 $2.5M 40k 63.11
National-Oilwell Var 0.9 $2.2M 27k 79.25
Chevron Corporation (CVX) 0.9 $2.1M 20k 107.42
KBR (KBR) 0.9 $2.1M 56k 37.78
Tyson Foods (TSN) 0.8 $2.0M 104k 19.19
NewMarket Corporation (NEU) 0.8 $2.0M 12k 158.22
DPL 0.8 $2.0M 72k 27.40
Freeport-McMoRan Copper & Gold (FCX) 0.8 $1.9M 35k 55.55
Raytheon Company 0.8 $1.9M 37k 50.86
Humana (HUM) 0.8 $1.9M 27k 69.94
Cash America International 0.8 $1.9M 41k 46.06
Ez (EZPW) 0.8 $1.9M 60k 31.39
Herbalife Ltd Com Stk (HLF) 0.8 $1.9M 23k 81.37
Oshkosh Corporation (OSK) 0.7 $1.8M 50k 35.39
Questar Corporation 0.7 $1.8M 101k 17.45
GameStop (GME) 0.7 $1.7M 77k 22.52
Northrop Grumman Corporation (NOC) 0.7 $1.7M 27k 62.71
Domtar Corp 0.7 $1.6M 18k 91.79
Aetna 0.6 $1.5M 41k 37.42
Lam Research Corporation (LRCX) 0.6 $1.5M 27k 56.67
Microsoft Corporation (MSFT) 0.6 $1.5M 58k 25.39
Accenture (ACN) 0.6 $1.4M 26k 54.97
McDonald's Corporation (MCD) 0.6 $1.4M 18k 76.09
Boise 0.6 $1.4M 150k 9.16
Exelon Corporation (EXC) 0.5 $1.3M 32k 41.24
W.W. Grainger (GWW) 0.5 $1.3M 9.3k 137.72
World Acceptance (WRLD) 0.5 $1.3M 20k 65.21
Oxford Industries (OXM) 0.5 $1.2M 35k 34.20
CSG Systems International (CSGS) 0.5 $1.2M 58k 19.94
Computer Sciences Corporation 0.5 $1.2M 24k 48.72
Hess (HES) 0.5 $1.2M 14k 85.20
HealthSpring 0.5 $1.2M 31k 37.36
Exxon Mobil Corporation (XOM) 0.5 $1.1M 14k 84.16
MSC Industrial Direct (MSM) 0.4 $1.0M 15k 68.45
UnitedHealth (UNH) 0.4 $1.0M 23k 45.18
Timberland Company 0.4 $1.1M 26k 41.27
ATWOOD OCEANICS INC Com Stk 0.4 $1.1M 23k 46.43
Aspen Insurance Holdings 0.4 $1.0M 37k 27.56
Block H & R 0.4 $1.0M 61k 16.74
Ace Limited Cmn 0.4 $979k 15k 64.73
EarthLink 0.4 $915k 117k 7.83
Par Pharmaceutical Companies 0.4 $932k 30k 31.10
Nu Skin Enterprises (NUS) 0.4 $899k 31k 28.76
AMERIGROUP Corporation 0.4 $898k 14k 64.26
Apollo Group Inc cl a 0 0.4 $881k 21k 41.72
Forest Laboratories 0.3 $864k 27k 32.31
Applied Industrial Technologies (AIT) 0.3 $855k 26k 33.25
Vishay Intertechnology (VSH) 0.3 $800k 45k 17.74
Western Digital (WDC) 0.3 $773k 21k 37.27
Timken Company (TKR) 0.3 $750k 14k 52.31
Coca-cola Enterprises 0.3 $760k 28k 27.31
Atlantictele-nwrkc.. 0.3 $766k 21k 37.19
Cabot Oil & Gas Corporation (CTRA) 0.3 $726k 14k 52.99
Garmin (GRMN) 0.3 $731k 22k 33.86
Whiting Petroleum Corporation 0.3 $705k 9.6k 73.46
Carnival Corporation (CCL) 0.3 $687k 18k 38.38
Dolby Laboratories (DLB) 0.3 $677k 14k 49.24
Polaris Industries (PII) 0.3 $659k 7.6k 86.99
Goodyear Tire & Rubber Company (GT) 0.3 $632k 42k 14.98
Seacor Holdings 0.2 $600k 6.5k 92.44
Covidien 0.2 $603k 12k 51.91
Tupperware Brands Corporation (TUP) 0.2 $609k 10k 59.71
Varian Medical Systems 0.2 $601k 8.9k 67.66
Cincinnati Bell 0.2 $602k 225k 2.68
LOGITECH INTERNATIONAL SA APP Com Stk (LOGI) 0.2 $597k 33k 18.06
Aeropostale Com Stk 0.2 $609k 25k 24.30
Whole Foods Market 0.2 $580k 8.8k 65.91
W.R. Berkley Corporation (WRB) 0.2 $573k 18k 32.19
Coinstar 0.2 $578k 13k 45.91
Marathon Oil Corporation (MRO) 0.2 $587k 11k 53.33
Marshall & Ilsley Corporation 0.2 $590k 74k 7.99
Nabors Industries 0.2 $574k 19k 30.37
Cobalt Intl Energy 0.2 $580k 35k 16.81
Lear Corporation (LEA) 0.2 $552k 11k 48.85
Fidelity National Information Services (FIS) 0.2 $556k 17k 32.71
Copart (CPRT) 0.2 $568k 13k 43.36
Harley-Davidson (HOG) 0.2 $561k 13k 42.50
Cabot Corporation (CBT) 0.2 $565k 12k 46.31
DaVita (DVA) 0.2 $556k 6.5k 85.54
Endo Pharmaceuticals 0.2 $557k 15k 38.18
DeVry 0.2 $556k 10k 55.05
Helmerich & Payne (HP) 0.2 $563k 8.2k 68.66
Gartner (IT) 0.2 $571k 14k 41.68
Baker Hughes Incorporated 0.2 $558k 7.6k 73.42
CareFusion Corporation 0.2 $550k 20k 28.21
Starbucks Corporation (SBUX) 0.2 $553k 15k 36.93
EOG Resources (EOG) 0.2 $569k 4.8k 118.54
ITC Holdings 0.2 $559k 8.0k 69.88
Patterson-UTI Energy (PTEN) 0.2 $558k 19k 29.37
Sears Holdings Corporation 0.2 $570k 6.9k 82.61
Tesoro Corporation 0.2 $550k 21k 26.83
Estee Lauder Companies (EL) 0.2 $559k 5.8k 96.38
Buckeye Technologies 0.2 $553k 20k 27.21
DSW 0.2 $565k 14k 39.93
Varian Semiconductor 0.2 $565k 12k 48.71
Cimarex Energy 0.2 $553k 4.8k 115.21
Frontier Oil Corporation 0.2 $560k 19k 29.32
Holly Corporation 0.2 $553k 9.1k 60.77
Poly 0.2 $550k 11k 51.89
Rockwell Automation (ROK) 0.2 $568k 6.0k 94.67
Bucyrus International 0.2 $549k 6.0k 91.50
National Instruments 0.2 $557k 17k 32.76
American Water Works (AWK) 0.2 $550k 20k 28.06
GT Solar International 0.2 $541k 51k 10.68
Legg Mason 0.2 $547k 15k 36.12
Ross Stores (ROST) 0.2 $541k 7.6k 71.18
Electronic Arts (EA) 0.2 $537k 28k 19.53
Pier 1 Imports 0.2 $529k 52k 10.14
Williams Companies (WMB) 0.2 $543k 17k 31.21
Telephone & Data Systems 0.2 $537k 16k 33.72
Insight Enterprises (NSIT) 0.2 $527k 31k 17.03
Panera Bread Company 0.2 $546k 4.3k 126.98
Teradyne (TER) 0.2 $538k 30k 17.81
Thomas & Betts Corporation 0.2 $547k 9.2k 59.46
Deluxe Corporation (DLX) 0.2 $507k 19k 26.54
Stone Energy Corporation 0.2 $515k 15k 33.35
Sotheby's 0.2 $484k 9.2k 52.61
Maximus (MMS) 0.2 $499k 6.2k 81.10
Synaptics, Incorporated (SYNA) 0.2 $491k 18k 27.02
SanDisk Corporation 0.2 $486k 11k 46.05
MicroStrategy Incorporated (MSTR) 0.2 $459k 3.4k 134.45
Deckers Outdoor Corporation (DECK) 0.2 $466k 5.4k 86.15
Franklin Resources (BEN) 0.2 $426k 3.4k 125.07
USA Mobility 0.2 $420k 29k 14.48
UniFirst Corporation (UNF) 0.2 $405k 7.6k 53.05
Goodrich Petroleum Corporation 0.2 $410k 19k 22.21
Assurant (AIZ) 0.2 $379k 9.9k 38.47
Brinker International (EAT) 0.2 $390k 15k 25.32
Regis Corporation 0.1 $358k 20k 17.74
GMX Resources 0.1 $358k 58k 6.18
United Online 0.1 $377k 60k 6.31
Questcor Pharmaceuticals 0.1 $361k 25k 14.42
Cooper Tire & Rubber Company 0.1 $354k 14k 25.78
Concho Resources 0.1 $375k 3.5k 107.17
Waddell & Reed Financial 0.1 $336k 8.3k 40.63
RPC (RES) 0.1 $351k 14k 25.35
Tessera Technologies 0.1 $332k 18k 18.26
Energy Partners 0.1 $333k 19k 17.98
Apache Corporation 0.1 $312k 2.4k 130.82
Anadarko Petroleum Corporation 0.1 $314k 3.8k 81.90
VAALCO Energy (EGY) 0.1 $327k 42k 7.75
Perry Ellis International 0.1 $321k 12k 27.51
Ceradyne 0.1 $310k 6.9k 45.04
McDermott International 0.1 $327k 13k 25.41
Ryder System (R) 0.1 $291k 5.8k 50.61
Ultra Petroleum 0.1 $293k 6.0k 49.17
Impax Laboratories 0.1 $292k 12k 25.48
Medicis Pharmaceutical Corporation 0.1 $281k 8.8k 32.06
Exponent (EXPO) 0.1 $281k 6.3k 44.60
Atlas Air Worldwide Hldgs In 0.1 $297k 4.3k 69.62
Montpelier Re Holdings/mrh 0.1 $270k 15k 17.66
Bill Barrett Corporation 0.1 $261k 6.5k 39.91
ViroPharma Incorporated 0.1 $274k 14k 19.93
Central Garden & Pet (CENTA) 0.1 $276k 30k 9.20
Renaissance Re Holdings Ltd Cmn (RNR) 0.1 $253k 3.7k 69.11
Tetra Tech (TTEK) 0.1 $254k 10k 24.66
ConocoPhillips (COP) 0.1 $255k 3.2k 79.71
Torchmark Corporation 0.1 $239k 3.6k 66.43
TeleTech Holdings 0.1 $236k 12k 19.38
Magellan Health Services 0.1 $252k 5.1k 49.13
Lincoln Educational Services Corporation (LINC) 0.1 $252k 16k 15.89
Raymond James Financial (RJF) 0.1 $255k 6.7k 38.21
Stepan Company (SCL) 0.1 $239k 3.3k 72.42
Laclede 0.1 $229k 6.0k 38.17
First Cash Financial Services 0.1 $216k 5.6k 38.61
Finish Line 0.1 $208k 11k 19.90
Schweitzer-Mauduit International (MATV) 0.1 $218k 4.3k 50.67
Azz Inc Com Stk 0.1 $210k 4.6k 45.65
American Greetings Corp cl a 0.1 $207k 8.8k 23.55
Premiere Global Services 0.1 $137k 18k 7.63
Advance America, Cash Advance Centers 0.1 $154k 29k 5.29
Gfi 0.1 $127k 25k 5.03
OMNOVA Solutions 0.0 $96k 12k 7.86