Cumberland Associates as of Dec. 31, 2011

                {C}               {C}
                                                                FORM 13F INFORMATION TABLE
                                                              VALUE   SHARES/ SH/ PUT/ INVSTMT   OTHER        VOTING AUTHORITY
           NAME OF ISSUER        TITLE OF CLASS     CUSIP   x($1000) PRN AMT  PRN CALL DISCRETN MANAGERS   SOLE    SHARED    NONE
  ------------------------------ ---------------- --------- -------- -------- --- ---- -------- --------- -------- -------- --------
D ANADARKO PETE CORP  COM STK    COMMON STOCK     032511107     4168    54607 SH       SOLE     0102         51687     2920   0
D APPLE INC  COM STK             COMMON STOCK     037833100     4666    11522 SH       SOLE     0102         10937      585   0
D ASCENA RETAIL GROUP INC  COM   COMMON STOCK     04351G101     5112   172000 SH       SOLE     0102        161623    10377   0
D EXPEDIA INC                    COMMON STOCK     30212P303     3056   105320 SH       SOLE     0102        101112     4208   0
D GENERAL MOTORS                 COMMON STOCK     37045V100     4296   211946 SH       SOLE     0102        201243    10703   0
D GEOPETRO COMPANY COM STK       COMMON STOCK     37248H304      451  1960000 SH       SOLE     0102       1837904   122096   0
D GOOGLE INC CL A COM STK        COMMON STOCK     38259P508     3552     5500 SH       SOLE     0102          5197      303   0
D HARVEST NATURAL RESOURCES INC  COMMON STOCK     41754V103     8022  1086974 SH       SOLE     0102       1055632    31342   0
D HERTZ GLOBAL HOLDING           COMMON STOCK     42805T105     5701   486429 SH       SOLE     0102        461132    25297   0
D HEWLETT-PACKARD CO COM STK     COMMON STOCK     428236103     1674    65000 SH       SOLE     0102         61423     3577   0
D LAS VEGAS SANDS CORP COM STK   COMMON STOCK     517834107     4273   100000 SH       SOLE     0102         93415     6585   0
D LIBERTY MEDIA CORP C  INTER A  COMMON STOCK     53071M104     4978   306970 SH       SOLE     0102        291086    15884   0
D LIBERTY MEDIA CORP NEW COM STK COMMON STOCK     530322106    11411   146195 SH       SOLE     0102        139363     6832   0
D MICROSOFT CORP COM STK         COMMON STOCK     594918104     3549   136715 SH       SOLE     0102        129490     7225   0
D MURPHY OIL CORP COM STK        COMMON STOCK     626717102     3623    65000 SH       SOLE     0102         60863     4137   0
D OCCIDENTAL PETE CORP           COMMON STOCK     674599105     4199    44815 SH       SOLE     0102         42767     2048   0
D SEAGATE TECHNOLOGY COM STK     COMMON STOCK     G7945M107     4362   266000 SH       SOLE     0102        252140    13860   0
D SIGNET JEWELERS LTD COM STK    COMMON STOCK     G81276100     2198    50000 SH       SOLE     0102         47166     2834   0
D TARGET CORP  COM STK           COMMON STOCK     87612E106     5527   107900 SH       SOLE     0102        102408     5492   0
D TRIANGLE PETE CORP  COM STK    COMMON STOCK     89600B201     2315   387731 SH       SOLE     0102        387731        0   0
D VIACOM INC CL B COM STK        COMMON STOCK     92553P201     4684   103159 SH       SOLE     0102         96774     6385   0
D VISHAY INTERTECHNLGY INC       COMMON STOCK     928298108     3686   410000 SH       SOLE     0102        388865    21135   0
D VODAFONE GROUP PLC SP ADR      ADRS STOCKS      92857W209     4115   146800 SH       SOLE     0102        138618     8182   0
D VISTEON CORPORATION COMMON STK COMMON STOCK     92839U206     4941    98944 SH       SOLE     0102         93665     5279   0
D WALGREEN CO COM STK            OPTIONS-CALLS    990F9Y2Y4     9918   300000 SH  CALL SOLE     0102        284600    15400   0
S REPORT SUMMARY                 25 DATA RECORDS              114477       0 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED