Delphi Management

Delphi Management as of March 31, 2012

Portfolio Holdings for Delphi Management

Delphi Management holds 0 positions in its portfolio as reported in the March 2012 quarterly 13F filing

                FORM 13F INFORMATION TABLE
                                  TITLE OF                      VALUE   SHRS OR  SH/ PUT/ INVESTMENT OTHER     VOTING AUTHORITY
          NAME OF ISSUER          CLASS           CUSIP       (x$1000)  PRN AMT  PRN CALL DISCRETION MANAGE    SOLE SHARED   NONE
{C}                               {C}             {C}              {C}       {C} {C}  {C}     {C}     {C}        {C}   {C}     {C}
ABBOTT LABS                       COM             002824100       2232     36409 SH          SOLE              36409             0
ACE LTD                           SHS             H0023R105       2013     27495 SH          SOLE              27495             0
AECOM TECHNOLOGY CORP             COM             00766T100        968     43263 SH          SOLE              43263             0
AGILENT TECHNOLOGIES INC          COM             00846U101       5761    129425 SH          SOLE              33225         96200
AGRIUM INC                        COM             008916108       6575     76131 SH          SOLE              26631         49500
ALLEGHENY TECHNOLOGIES INC        COM             01741R102       3044     73930 SH          SOLE               4930         69000
ALLIANCE RES PARTNER L P          UT LTD PART     01877R108       5223     86901 SH          SOLE              26012         60889
ALLIED WORLD ASSURANCE            SHS             H01531104       6863     99945 SH          SOLE              28945         71000
AMDOCS LTD                        ORD             G02602103       4703    148915 SH          SOLE               5915        143000
AMERICAS CAR MART INC             COM             03062T105       5795    131775 SH          SOLE              17031        114744
AMERICAN ASSETS TR INC            COM             024013104       1793     78640 SH          SOLE              78640             0
AMERICAN MIDSTREAM PARTNERS       COM UNITS       02752P100       1005     45900 SH          SOLE              45900             0
APACHE CORP                       COM             037411105       2603     25917 SH          SOLE              25917             0
ARES CAP CORP                     COM             04010L103       4322    264312 SH          SOLE              43312        221000
ARROW ELECTRS INC                 COM             042735100       9021    214935 SH          SOLE              93125        121810
ATWOOD OCEANICS INC               COM             050095108       3276     72968 SH          SOLE               5068         67900
AUTOMATIC DATA PROCESSING IN      COM             053015103       1621     29379 SH          SOLE              29379             0
AVNET INC                         COM             053807103       8839    242883 SH          SOLE             111883        131000
BAKER HUGHES INC                  COM             057224107        941     22445 SH          SOLE              22445             0
BARRICK GOLD CORP                 COM             067901108       2247     51673 SH          SOLE              51673             0
BAXTER INTL INC                   COM             071813109       1654     27671 SH          SOLE              27671             0
BED BATH & BEYOND INC             COM             075896100       1541     23435 SH          SOLE              23435             0
BELDEN INC                        COM             077454106       5815    153383 SH          SOLE              50821        102562
BERKSHIRE HATHAWAY INC DEL        CL B NEW        084670702      13765    169623 SH          SOLE              78648         90975
BERRY PETE CO                     CL A            085789105       2132     45245 SH          SOLE              45245             0
BIOMED REALTY TRUST INC           COM             09063H107       7276    383349 SH          SOLE             160849        222500
BOEING CO                         COM             097023105       2442     32837 SH          SOLE              32837             0
BOOZ ALLEN HAMILTON HLDG COR      CL A            099502106        401     23560 SH          SOLE              23560             0
BOSTON PROPERTIES INC             COM             101121101       3855     36720 SH          SOLE               6420         30300
BUCKEYE TECHNOLOGIES INC          COM             118255108       7110    209295 SH          SOLE              67995        141300
BUNGE LIMITED                     COM             G16962105       5352     78193 SH          SOLE              22793         55400
CA INC                            COM             12673p105       6367    231032 SH          SOLE             102875        128157
CARDINAL HEALTH INC               COM             14149Y108        771     17880 SH          SOLE              17880             0
CASCADE CORP                      COM             147195101        598     11927 SH          SOLE              11927             0
CBS CORP NEW                      CL B            124857202       8873    261670 SH          SOLE             114170        147500
CHECK POINT SOFTWARE TECH LT      ORD             M22465104       8412    131767 SH          SOLE              54617         77150
CISCO SYS INC                     COM             17275R102       2835    134063 SH          SOLE             134063             0
CLIFFS NATURAL RESOURCES INC      COM             18683K101       6468     93391 SH          SOLE              38891         54500
COCA COLA FEMSA S A B DE C V      SPON ADR REP L  191241108       8882     83866 SH          SOLE              31216         52650
COMCAST CORP NEW                  CL A SPL        20030n200      10262    347740 SH          SOLE             147040        200700
CSX CORP                          COM             126408103       6338    294524 SH          SOLE              97524        197000
DANA HLDG CORP                    COM             235825205        421     27175 SH          SOLE              27175             0
DARDEN RESTAURANTS INC            COM             237194105       8269    161633 SH          SOLE              69043         92590
DEERE & CO                        COM             244199105       6165     76206 SH          SOLE              28206         48000
DIAGEO P L C                      SPON ADR NEW    25243Q205       7422     76910 SH          SOLE              32090         44820
DIGITAL RLTY TR INC               COM             253868103       7269     98268 SH          SOLE              40893         57375
DIRECTV                           COM CL A        25490A101       4385     88875 SH          SOLE              88875             0
DISNEY WALT CO                    COM DISNEY      254687106       9769    223139 SH          SOLE              88179        134960
DOVER CORP                        COM             260003108       6920    109946 SH          SOLE              48437         61509
DOW CHEM CO                       COM             260543103        727     20975 SH          SOLE              20975             0
EATON CORP                        COM             278058102       1720     34520 SH          SOLE              34520             0
EMERSON ELEC CO                   COM             291011104        600     11505 SH          SOLE              11505             0
ENDO PHARMACEUTICALS HLDGS I      COM             29264F205       8337    215255 SH          SOLE              86255        129000
ENTERPRISE PRODS PARTNERS L       COM             293792107       7072    140117 SH          SOLE              41217         98900
EQUIFAX INC                       COM             294429105       5700    128779 SH          SOLE               8779        120000
EXXON MOBIL CORP                  COM             30231G102       8894    102552 SH          SOLE              44552         58000
FAMILY DLR STORES INC             COM             307000109       6487    102508 SH          SOLE              27508         75000
FEDEX CORP                        COM             31428X106       8011     87110 SH          SOLE              38510         48600
FISERV INC                        COM             337738108       2210     31849 SH          SOLE              31849             0
G-III APPAREL GROUP LTD           COM             36237H101       3293    115884 SH          SOLE              18765         97119
GENERAL CABLE CORP DEL NEW        COM             369300108       6056    208241 SH          SOLE              82741        125500
GOLDMAN SACHS GROUP INC           COM             38141G104       2129     17115 SH          SOLE              17115             0
GOLUB CAPITAL BDC INC             COM             38173M102        952     62312 SH          SOLE              62312             0
HARRIS CORP                       COM             413875105       1561     34635 SH          SOLE              34635             0
HELEN OF TROY CORP LTD            COM             g4388n106        459     13488 SH          SOLE              13488             0
HELMERICH & PAYNE INC             COM             423452101       5189     96177 SH          SOLE              27237         68940
HESS CORP                         COM             42809H107       4985     84565 SH          SOLE              22270         62295
HONEYWELL INTL INC                COM             438516106       5347     87578 SH          SOLE              18378         69200
ILLINOIS TOOL WKS INC             COM             452308109       2404     42095 SH          SOLE              42095             0
ITURAN LOCATION AND CONTROL       SHS             M6158M104        157     11685 SH          SOLE              11685             0
JABIL CIRCUIT INC                 COM             466313103       8330    331594 SH          SOLE             108594        223000
WILEY JOHN & SONS INC             CL A            968223206       3929     82559 SH          SOLE                  0         82559
JOHNSON CTLS INC                  COM             478366107       5111    157370 SH          SOLE              59870         97500
JOS A BANK CLOTHIERS INC          COM             480838101       7467    148123 SH          SOLE              57123         91000
KENNAMETAL INC                    COM             489170100       1975     44360 SH          SOLE              44360             0
KNIGHT CAP GROUP INC              CL A COM        499005106       3968    308330 SH          SOLE              55675        252655
LABORATORY CORP AMER HLDGS        COM NEW         50540R409        813      8877 SH          SOLE               8877             0
LINN ENERGY LLC                   UNIT LTD LIAB   536020100       2561     67120 SH          SOLE              67120             0
LTC PPTYS INC                     COM             502175102       7006    218939 SH          SOLE              66001        152938
MATTEL INC                        COM             577081102       7834    232731 SH          SOLE              75731        157000
MCGRAW HILL COS INC               COM             580645109       5190    107085 SH          SOLE               2085        105000
MCKESSON CORP                     COM             58155Q103       5618     64010 SH          SOLE              10010         54000
MEDTRONIC INC                     COM             585055106        820     20925 SH          SOLE              20925             0
METHANEX CORP                     COM             59151K108       8470    261188 SH          SOLE             105390        155798
MICROSOFT CORP                    COM             594918104       3002     93082 SH          SOLE              93082             0
MYLAN INC                         COM             628530107       5712    243595 SH          SOLE              55895        187700
NEENAH PAPER INC                  COM             640079109        435     14625 SH          SOLE              14625             0
NIKE INC                          CL B            654106103       2220     20472 SH          SOLE              20472             0
NORFOLK SOUTHERN CORP             COM             655844108       2787     42337 SH          SOLE              42337             0
NUCOR CORP                        COM             670346105        766     17845 SH          SOLE              17845             0
OLYMPIC STEEL INC                 COM             68162K106       1285     53542 SH          SOLE              53542             0
OMEGA HEALTHCARE INVS INC         COM             681936100       5185    243889 SH          SOLE              44889        199000
OMNICOM GROUP INC                 COM             681919106       8445    166735 SH          SOLE              68180         98555
ORACLE CORP                       COM             68389X105       7717    264627 SH          SOLE             114127        150500
ORIENT-EXPRESS HOTELS LTD         CL A            G67743107        429     42050 SH          SOLE              42050             0
PARKER HANNIFIN CORP              COM             701094104       5287     62530 SH          SOLE              19630         42900
PETROLEO BRASILEIRO SA PETRO      SPONSORED ADR   71654V408        901     33933 SH          SOLE              33933             0
PETROLEUM DEV CORP                COM             716578109       1646     44379 SH          SOLE              44379             0
POTASH CORP SASK INC              COM             73755L107       5993    131166 SH          SOLE              38220         92946
PRECISION CASTPARTS CORP          COM             740189105       4481     25914 SH          SOLE               9505         16409
PVH CORP                          COM             693656100       8128     90992 SH          SOLE              28542         62450
RENT A CTR INC NEW                COM             76009N100       6146    162796 SH          SOLE              41796        121000
RIO TINTO PLC                     SPONSORED ADR   767204100       1679     30211 SH          SOLE              30211             0
RLJ LODGING TR                    COM             74965L101       4672    250775 SH          SOLE              53275        197500
ROSS STORES INC                   COM             778296103       9020    155248 SH          SOLE              63348         91900
SCHNITZER STL INDS                CL A            806882106       2949     73925 SH          SOLE               4425         69500
SOVRAN SELF STORAGE INC           COM             84610H108       7686    154245 SH          SOLE              49312        104933
STANLEY BLACK & DECKER INC        COM             854502101       4041     52505 SH          SOLE                505         52000
STATOIL ASA                       SPONSORED ADR   85771p102       1340     49420 SH          SOLE              49420             0
SYNNEX CORP                       COM             87162W100       5918    155160 SH          SOLE              30160        125000
TAUBMAN CTRS INC                  COM             876664103       6854     93961 SH          SOLE              21211         72750
TEVA PHARMACEUTICAL INDS LTD      ADR             881624209       1971     43745 SH          SOLE              43745             0
BUCKLE INC                        COM             118440106       8375    174838 SH          SOLE              71339        103499
THERMO FISHER SCIENTIFIC INC      COM             883556102       3001     53225 SH          SOLE              53225             0
TIMKEN CO                         COM             887389104       6815    134314 SH          SOLE              53314         81000
TJX COS INC NEW                   COM             872540109        739     18619 SH          SOLE              18619             0
TTM TECHNOLOGIES INC              COM             87305R109       3449    299659 SH          SOLE              68716        230943
TYSON FOODS INC                   CL A            902494103        700     36542 SH          SOLE              36542             0
UNIT CORP                         COM             909218109       4406    103040 SH          SOLE              10040         93000
UNITED TECHNOLOGIES CORP          COM             913017109       3359     40496 SH          SOLE              40496             0
UNIVERSAL STAINLESS & ALLOY       COM             913837100        619     14486 SH          SOLE              14486             0
UNUM GROUP                        COM             91529Y106       4917    200860 SH          SOLE              35360        165500
VALSPAR CORP                      COM             920355104       5019    103925 SH          SOLE               9015         94910
V F CORP                          COM             918204108       9201     63030 SH          SOLE              27730         35300
VIACOM INC NEW                    CL B            92553P201       6950    146429 SH          SOLE              64761         81668
WATSON PHARMACEUTICALS INC        COM             942683103       6307     94046 SH          SOLE              24046         70000
WELLS FARGO & CO NEW              COM             949746101       3190     93431 SH          SOLE              93431             0
WHITING PETE CORP NEW             COM             966387102       7862    144786 SH          SOLE              69786         75000
WORLD FUEL SVCS CORP              COM             981475106       5105    124500 SH          SOLE              17000        107500
WPP PLC                           ADR             92933H101       9084    132868 SH          SOLE              56867         76001
YAMANA GOLD INC                   COM             98462Y100       2844    182072 SH          SOLE             182072             0
ZIMMER HLDGS INC                  COM             98956P102       2861     44510 SH          SOLE              44510             0
YAMANA GOLD INC                   COM             98462Y100       2844    182072 SH          SOLE             182072             0
ZIMMER HLDGS INC                  COM             98956P102       2861     44510 SH          SOLE              44510             0