Lane Five Capital Management

Lane Five Capital Management as of Dec. 31, 2011

Portfolio Holdings for Lane Five Capital Management

Lane Five Capital Management holds 0 positions in its portfolio as reported in the December 2011 quarterly 13F filing

                SHARES/
                                   TITLE             VALUE      PRN    SH/   PUT/   INVESMENT    OTHER  VOTING AUTHORITY
DESCRIPTION                      OF CLASS   CUSIP    X1000     AMOUNT  PRN   CALL  DISCRETION  MANAGERS SOLE SHARES NONE
-----------                      --------   -----    ------    ------  ---   ----  ----------  -------- ---- ------ ----
{S}                             {C}         {C}      {C}      {C}       {C}   {C}   {C}         {C}      {C}  {C}    {C}
Ambassadors Group Inc.           Common  023177108   5,362   1,189,000 SH          SOLE        No  1,189,000
American Public Education, Inc.  Common  02913V103   4,033      93,194 SH          SOLE        No     93,194
Apollo Group Inc-Cl A            Common  037604105   2,945      54,671 SH          SOLE        No     54,671
Berkshire Hills Bancorp Inc      Common  084680107   1,498      67,494 SH          SOLE        No     67,494
Bridgepoint Education Inc.       Common  10807M105   3,283     142,740 SH          SOLE        No    142,740
Capitol Fed Financing Inc.       Common  14057J101   2,601     225,364 SH          SOLE        No    225,364
Corinthian Colleges Inc.         Common  218868107   4,384   2,020,090 SH          SOLE        No  2,020,090
DeVry Inc.                       Common  251893103   3,680      95,685 SH          SOLE        No     95,685
DirecTV                          Common  25490A101   2,498      58,420 SH          SOLE        No     58,420
Healthsouth Corp             Common-New  421924309   4,926     278,787 SH          SOLE        No    278,787
Iberiabank Corp                  Common  450828108   2,123      43,060 SH          SOLE        No     43,060
ITT Educational Services Inc.    Common  45068B109   2,211      38,850 SH          SOLE        No     38,850
Learning Tree International Inc. Common  522015106   4,976     726,378 SH          SOLE        No    726,378
Markel Corp                      Common  570535104   4,146      10,000 SH          SOLE        No     10,000
Market Leader, Inc.              Common  57056R103   2,902   1,055,222 SH          SOLE        No  1,055,222
Mastercard Inc.                  Common  57636Q104   4,590      12,312 SH          SOLE        No     12,312
Medcath Corporation              Common  58404W109   3,356     460,367 SH          SOLE        No    460,367
Monotype Imaging Holdings Inc    Common  61022P100   4,562     292,607 SH          SOLE        No    292,607
Oceanfirst Financial Corp.       Common  675234108     599      45,800 SH          SOLE        No     45,800
Progessive Waste Solutions Inc.  Common  74339G101   2,249     114,846 SH          SOLE        No    114,846
Quicksilver Inc.                 Common  74838C106   4,062   1,125,127 SH          SOLE        No  1,125,127
Republic Services Inc.           Common  760759100   2,617      94,984 SH          SOLE        No     94,984
SBA Communications Corp Cl A     Common  78388J106   3,718      86,546 SH          SOLE        No     86,546
SI Financial Group Inc.          Common  78425V104     282      28,601 SH          SOLE        No     28,601
Skechers USA Inc.                Common  830566105   4,102     338,460 SH          SOLE        No    338,460
TIVO Inc.                        Common  888706108   1,356     151,100 SH          SOLE        No    151,100
Williams Controls Inc.       Common-New  969465608   7,380     667,325 SH          SOLE        No    667,325
Yahoo! Inc.                      Common  984332106   2,420     150,000 SH          SOLE        No    150,000
                                                    92,861   9,667,030                             9,667,030