TrueNorth

TrueNorth as of Sept. 30, 2011

Portfolio Holdings for TrueNorth

TrueNorth holds 122 positions in its portfolio as reported in the September 2011 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
Proshares Tr Short s^p 500 12.4 $18M 393k 46.10
iShares S&P US Pref Stock Idx Fnd (PFF) 7.5 $11M 304k 35.61
iShares IBoxx $ Invest Grade Corp Bd (LQD) 7.0 $10M 91k 112.31
Apple Computer 4.0 $5.8M 15k 381.29
Exxon Mobil Corporation (XOM) 2.8 $4.0M 55k 72.63
Alerian Mlp Etf 2.4 $3.6M 233k 15.24
SPDR S&P MidCap 400 ETF (MDY) 2.2 $3.2M 22k 142.12
iShares Dow Jones Select Dividend (DVY) 2.0 $2.9M 6.1k 481.85
International Business Machines (IBM) 1.8 $2.7M 15k 174.88
iShares MSCI Germany Index Fund (EWG) 1.7 $2.5M 134k 18.27
iShares Cohen & Steers Realty Maj. (ICF) 1.7 $2.4M 40k 61.36
V.F. Corporation (VFC) 1.7 $2.4M 20k 121.53
McDonald's Corporation (MCD) 1.5 $2.1M 24k 87.81
Starbucks Corporation (SBUX) 1.4 $2.1M 56k 37.29
Bk Of America Corp 1.4 $2.1M 339k 6.12
Newmont Mining Corporation (NEM) 1.4 $2.0M 32k 62.94
Consumer Staples Select Sect. SPDR (XLP) 1.4 $2.0M 68k 29.67
iShares MSCI Malaysia Index Fund 1.3 $1.9M 16k 122.01
Nike (NKE) 1.3 $1.9M 22k 85.52
Utilities SPDR (XLU) 1.2 $1.8M 54k 33.62
Chubb Corporation 1.2 $1.8M 30k 59.99
TJX Companies (TJX) 1.2 $1.7M 30k 55.48
Bristol Myers Squibb (BMY) 1.1 $1.6M 51k 31.38
Honeywell International (HON) 1.1 $1.6M 36k 43.92
Procter & Gamble Company (PG) 1.1 $1.5M 24k 63.20
Travelers Companies (TRV) 1.0 $1.4M 30k 48.73
3M Company (MMM) 1.0 $1.4M 19k 71.81
CSX Corporation (CSX) 0.9 $1.4M 73k 18.67
D Automatic Data Proce Ssing Inc Common Stock 0 0.9 $1.4M 29k 47.13
Market Vectors Gold Miners ETF 0.9 $1.3M 24k 55.20
United Technologies Corporation 0.9 $1.3M 18k 70.34
General Dynamics Corporation (GD) 0.9 $1.3M 22k 56.90
BECTON DICKINSON & CO Com Stk 0.9 $1.3M 17k 73.30
Rogers Communications -cl B (RCI) 0.8 $1.2M 36k 34.22
Nextera Energy (NEE) 0.8 $1.1M 21k 54.01
Herbalife Ltd Com Stk (HLF) 0.7 $1.0M 20k 53.61
Pepsi (PEP) 0.7 $1.0M 16k 61.88
Pfizer (PFE) 0.7 $956k 54k 17.68
iShares Lehman MBS Bond Fund (MBB) 0.7 $952k 8.8k 108.18
Tupperware Brands Corporation (TUP) 0.6 $915k 17k 53.73
Berkshire Hath-cl B 0.6 $922k 13k 71.08
Barrick Gold Corp 0.6 $890k 19k 46.65
Celgene Corporation 0.6 $870k 14k 61.94
JPMorgan Chase & Co. (JPM) 0.6 $855k 28k 30.11
Deckers Outdoor Corporation (DECK) 0.6 $861k 9.2k 93.18
Google 0.6 $828k 1.6k 515.25
Royal Gold (RGLD) 0.6 $827k 13k 64.06
AMERICAN TOWER CORPORATION Cmn Class A 0.6 $805k 15k 53.81
Core Laboratories 0.5 $791k 8.8k 89.84
Perrigo Company 0.5 $747k 7.7k 97.14
1/100 Berkshire Htwy Cl A 0.5 $748k 700.00 1068.57
PowerShares Fin. Preferred Port. 0.5 $732k 45k 16.16
Cerner Corporation 0.5 $708k 10k 68.54
UnitedHealth (UNH) 0.5 $690k 15k 46.15
UMB Financial Corporation (UMBF) 0.5 $661k 21k 32.09
Northrop Grumman Corporation (NOC) 0.4 $608k 12k 52.16
Biogen Idec (BIIB) 0.4 $584k 6.3k 93.14
Oracle Corporation (ORCL) 0.4 $544k 19k 28.74
Church & Dwight (CHD) 0.4 $545k 12k 44.17
At&t (T) 0.4 $518k 18k 28.54
NewMarket Corporation (NEU) 0.4 $518k 3.4k 151.91
BlackRock Ltd. Duration Income Trust (BLW) 0.3 $513k 32k 15.89
Annaly C 0.3 $515k 31k 16.64
Microsoft Corporation (MSFT) 0.3 $492k 20k 24.87
CHECK POINT SOFTWARE Technolog Com Stk (CHKP) 0.3 $491k 9.3k 52.71
MasterCard Incorporated (MA) 0.3 $487k 1.5k 317.26
Deere & Company (DE) 0.3 $485k 7.5k 64.55
Ez (EZPW) 0.3 $474k 17k 28.52
Kansas City Southern 0.3 $471k 9.4k 50.00
Apache Corp Com Stk 0.3 $448k 5.6k 80.19
Freeport-McMoRan Copper & Gold (FCX) 0.3 $416k 14k 30.48
Oneok Partners 0.3 $416k 8.9k 46.58
Putnam Premier Income Trust (PPT) 0.3 $425k 79k 5.35
Wynn Resorts (WYNN) 0.3 $401k 3.5k 115.06
Oge Energy Corp (OGE) 0.3 $406k 8.5k 47.76
Blackrock Defined Opprty Cr 0.3 $398k 33k 12.26
Chevron Corporation (CVX) 0.3 $376k 4.1k 92.52
Tortoise Energy Infrastructure 0.3 $375k 11k 33.97
Abbott Laboratories 0.2 $359k 7.0k 51.17
Invesco Van Kampen Senior Income Trust (VVR) 0.2 $367k 87k 4.22
Invesco Van Kampen Dyn Cr Opp Fund 0.2 $363k 34k 10.66
Randgold Resources 0.2 $356k 3.7k 96.61
Invesco Mortgage Capital 0.2 $342k 24k 14.15
Eaton Vance Limited Duration Income Fund (EVV) 0.2 $343k 23k 14.66
Windstream Corporation 0.2 $341k 29k 11.65
Joy Global 0.2 $323k 5.2k 62.36
Panera Bread Company 0.2 $321k 3.1k 104.05
Johnson & Johnson (JNJ) 0.2 $308k 4.8k 63.68
Spdr S&p 500 Etf (SPY) 0.2 $305k 2.7k 113.21
Boeing 0.2 $307k 5.1k 60.58
CF Industries Holdings (CF) 0.2 $307k 2.5k 123.29
DWS Multi Market Income Trust (KMM) 0.2 $306k 32k 9.57
First Trust/Four Corners SFRI Fund II (FCT) 0.2 $310k 23k 13.43
Verizon Communications (VZ) 0.2 $293k 8.0k 36.75
Eaton Vance Short Duration Diversified I (EVG) 0.2 $290k 18k 16.06
Fiduciary/Claymore MLP Opportunity Fund 0.2 $292k 15k 19.21
SandRidge Energy 0.2 $278k 50k 5.56
Hatteras Financial 0.2 $283k 11k 25.20
Nuveen Mult Curr St Gv Incm 0.2 $279k 21k 13.01
BlackRock Senior High Income Fund 0.2 $276k 76k 3.65
Exelon Corporation (EXC) 0.2 $260k 6.1k 42.62
Genesis Energy (GEL) 0.2 $255k 11k 24.19
Seaboard Corporation (SEB) 0.2 $259k 144.00 1798.61
Nuveen Floating Rate Income Fund (JFR) 0.2 $261k 26k 10.14
Wells Fargo Adv Multi-Sector Inco Fund (ERC) 0.2 $257k 18k 14.23
General Electric Company 0.2 $252k 17k 15.22
MarkWest Energy Partners 0.2 $246k 5.3k 46.01
Frontier Communications 0.2 $243k 40k 6.11
Targa Resources Partners 0.2 $246k 7.5k 32.92
Sunoco Logistics Partners 0.2 $241k 2.7k 88.38
Blackrock Fl Rate Ome Stra I 0.2 $250k 22k 11.63
LMP Corporate Loan Fund 0.2 $251k 24k 10.67
Western Asset Vrble Rate Strtgc Fnd 0.2 $241k 16k 15.42
Dcp Midstream Partners 0.2 $231k 5.8k 40.03
Plains All American Pipeline (PAA) 0.2 $226k 3.8k 59.01
USD.001 Atlas Energy Lp ltd part 0.2 $228k 12k 18.60
FirstEnergy (FE) 0.1 $225k 5.0k 45.00
Chimera Investment Corporation 0.1 $219k 79k 2.77
iShares MSCI Brazil Index (EWZ) 0.1 $224k 4.3k 52.09
Boardwalk Pipeline 0.1 $210k 8.2k 25.66
Nuveen Fltng Rte Incm Opp 0.1 $144k 14k 10.44
Eaton Vance Senior Income Trust (EVF) 0.1 $111k 18k 6.29