Cortland Associates

Cortland Associates as of Dec. 31, 2012

Portfolio Holdings for Cortland Associates

Cortland Associates holds 0 positions in its portfolio as reported in the December 2012 quarterly 13F filing

                Item 6:
                                                                      INVESTMENT DISCRETION
                                                                             (b)
                                                                           SHARED                            Item 8:
                                               Item 4:     Item 5:           AS               Item 7:   VOTING AUTHORITY
                        Item 2:    Item 3:      FAIR      SHARES OF        DEFINED    (c)    MANAGERS       (SHARES)
Item 1:                 TITLE OF    CUSIP      MARKET     PRINCIPAL  (a)     IN      SHARED-   SEE     (a)    (b)    (c)
NAME OF ISSUER           CLASS     NUMBER      VALUE         AMOUNT    SOLE  INSTR. V OTHER  INSTR. V SOLE  SHARED  NONE
{S}                     {C}       {C}         {C}           {C}        {C}                     {C}    {C}     {C}      {C}
1/100 BERKSHIRE HTWY CL  COM       084990175    2,280,000        1,700.00 X                              1,400        0      300
ACURA PHARMACEUTICALS    COM       00509L703       98,000       44,050.00 X                             44,050        0        0
ALLIED HEALTHCARE PRODS  COM       019222108       27,000       10,000.00 X                                  0        0   10,000
ALTRIA GROUP INC.        COM       02209S103      267,000        8,471.00 X                                  0        0    8,471
ARCH COAL INC.           COM       039380100      110,000       15,000.00 X                             15,000        0        0
BAIDU INC.               COM       056752108    6,575,000       65,553.00 X                             32,755        0   32,798
BERKSHIRE HATHAWAY B     COM       084670702      253,000        2,815.00 X                              1,325        0    1,490
CH ROBINSON WORLDWIDE    COM       12541W209   13,539,000      214,149.00 X                            105,806        0  108,343
CVS CAREMARK CORP.       COM       126650100   20,559,000      425,193.00 X                            213,413        0  211,780
CAPITAL ONE FINANCIAL    COM       14040H105   25,492,000      440,038.00 X                            222,274        0  217,764
COGNIZANT TECH SOL CL A  COM       192446102   33,382,000      451,820.00 X                            225,024        0  226,796
DANAHER CORP.            COM       235851102   41,043,000      734,216.00 X                            363,963        0  370,253
EBAY INC.                COM       278642103   23,189,000      454,697.00 X                            227,699        0  226,998
EMERSON ELECTRIC CO      COM       291011104      239,000        4,501.00 X                              3,825        0      676
EXPRESS SCRIPTS HOLDING  COM       30219G108   70,487,000    1,305,304.00 X                            625,728        0  679,576
GABRIEL TECHNOLOGIES     COM       362447104        1,000       10,000.00 X                             10,000        0        0
GOOGLE INC. CLASS A      COM       38259P508   15,446,000       21,835.00 X                             10,832        0   11,003
IDEXX LABS INC.          COM       45168D104    9,781,000      105,393.00 X                             52,432        0   52,961
INTERCONTINENTAL EXCHANG COM       45865V100   21,867,000      176,617.00 X                             87,552        0   89,065
INTL. BUSINESS MACHINES  COM       459200101      797,000        4,159.00 X                                500        0    3,659
JOHNSON & JOHNSON        COM       478160104      383,000        5,459.00 X                              4,120        0    1,339
MONSANTO CO.             COM       61166W101   16,175,000      170,889.00 X                             85,599        0   85,290
PATRIOT MOTORCYCLES CORP COM       70337D108        1,000       10,000.00 X                             10,000        0        0
PEMBINA PIPELINE CORP.   COM       706327103      342,000       11,939.00 X                             11,939        0        0
PHILIP MORRIS INTL. INC. COM       718172109      798,000        9,531.00 X                                  0        0    9,531
PRAXAIR INC.             COM       74005P104   22,819,000      208,482.00 X                            104,555        0  103,927
QUALCOMM INC.            COM       747525103   13,188,000      213,189.00 X                            106,630        0  106,559
RICHARDS PACKAGING INCOM COM       763102100      178,000       20,500.00 X                                  0        0   20,500
SANTARUS INC             COM       802817304      220,000       20,000.00 X                             20,000        0        0
SENESCO TECH INC. NEW    COM       817208408        4,000       20,000.00 X                             20,000        0        0
SHERWIN-WILLIAMS         COM       824348106      277,000        1,800.00 X                              1,800        0        0
SIRIUS XM RADIO INC.     COM       82967N108       58,000       20,000.00 X                             20,000        0        0
TECH SOLUTIONS CO.       COM       87872T207        1,000       12,625.00 X                                  0        0   12,625
U.S. BANCORP DEL NEW     COM       902973304      579,000       18,101.00 X                             18,101        0        0
UNION PACIFIC CORP.      COM       907818108      317,000        2,515.00 X                                  0        0    2,515
VISA INC.                COM       92826C839   35,086,000      231,468.00 X                            114,842        0  116,627


REPORT SUMMARY                                375,840,000