| Quarter Ending 3/31/2011 | Back to the Enlightened American Website | ||||||||
| Bruce Berkowitz (Fairholme Capital) | |||||||||
| ***** NEW POSITIONS TAKEN | |||||||||
| % pos ch | % val ch | Change | COMPANY | Cur. Pos. | Prev. Pos. | Approx PPS | Prev PPS | Value | Prev Value |
| N/A | N/A | AMERICAN INTL GROUP WTS | 23,722,162 | $11.13 | $264,028,000 | ||||
| N/A | N/A | ASTRAZENECA PLC ADR | 155,000 | $46.12 | $7,149,000 | ||||
| N/A | N/A | BRISTOL-MYERS SQUIBB CO. | 277,000 | $26.43 | $7,321,000 | ||||
| N/A | N/A | BROOKFIELD ASSET MGMT INC CL A | 27,500,000 | $32.46 | $892,650,000 | ||||
| N/A | N/A | CISCO SYS INC COM | 35,818,600 | $17.15 | $614,289,000 | ||||
| N/A | N/A | GLAXOSMITHKLINE PLC ADR | 190,000 | $38.41 | $7,298,000 | ||||
| N/A | N/A | ELI LILLY & CO. | 209,000 | $35.17 | $7,351,000 | ||||
| N/A | N/A | TELEFONICA S.A. ADR | 817,500 | $25.22 | $20,617,000 | ||||
| ***** SOLD OFF | |||||||||
| % pos ch | % val ch | Change | COMPANY | Cur. Pos. | Prev. Pos. | Approx PPS | Prev PPS | Value | Prev Value |
| N/A | N/A | GENERAL ELECTRIC CORP COM | 15,953,000 | $18.29 | $291,780,000 | ||||
| N/A | N/A | GENERAL GROWTH PROPERTIES, INC | 113,600,256 | $15.48 | $1,758,532,000 | ||||
| N/A | N/A | HUMANA INC COM | 8,300 | $54.70 | $454,000 | ||||
| N/A | N/A | WELLCARE HEALTH PLANS INC COM | 3,569,800 | $30.22 | $107,879,000 | ||||
| ***** HOLD POSITIONS | |||||||||
| % pos ch | % val ch | Change | COMPANY | Cur. Pos. | Prev. Pos. | Approx PPS | Prev PPS | Value | Prev Value |
| 0.00% | 4.03% | BERKSHIRE HATHAWAY INC DEL CL | 4,022 | 4,022 | $125,300.10 | $120,450.02 | $503,957,000 | $484,450,000 | |
| 0.00% | 9.10% | ROYAL DUTCH SHELL PLC-ADR | 174,900 | 174,900 | $72.86 | $66.78 | $12,743,000 | $11,680,000 | |
| ***** AUGMENTED POSITIONS | |||||||||
| % pos ch | % val ch | Change | COMPANY | Cur. Pos. | Prev. Pos. | Approx PPS | Prev PPS | Value | Prev Value |
| 0.55% | -0.07% | 509,200 | BANK OF AMERICA CORPORATION CO | 92,648,715 | 92,139,515 | $13.33 | $13.34 | $1,235,007,000 | $1,229,141,000 |
| 14.92% | 4.39% | 1,020,950 | BERKSHIRE HATHAWAY INC DEL CL | 7,864,250 | 6,843,300 | $83.63 | $80.11 | $657,687,000 | $548,217,000 |
| 8.98% | -6.55% | 21,305,600 | CITIGROUP INC COM | 258,442,600 | 237,137,000 | $4.42 | $4.73 | $1,142,316,000 | $1,121,658,000 |
| 13.81% | -5.76% | 813,400 | GOLDMAN SACHS GROUP, INC. | 6,702,300 | 5,888,900 | $158.47 | $168.16 | $1,062,113,000 | $990,277,000 |
| 7.29% | -16.26% | 2,801,300 | MBIA INC COM | 41,253,900 | 38,452,600 | $10.04 | $11.99 | $414,189,000 | $461,047,000 |
| 0.80% | 0.40% | 308,900 | MORGAN STANLEY COM | 38,891,300 | 38,582,400 | $27.32 | $27.21 | $1,062,510,000 | $1,049,827,000 |
| 9.36% | 12.07% | 1,396,100 | SEARS HLDGS CORP COM | 16,313,973 | 14,917,873 | $82.65 | $73.75 | $1,348,350,000 | $1,100,193,000 |
| ***** REDUCED POSITIONS | |||||||||
| % pos ch | % val ch | Change | COMPANY | Cur. Pos. | Prev. Pos. | Approx PPS | Prev PPS | Value | Prev Value |
| -93.15% | 4.15% | -8,738,000 | AT&T INC COM | 642,700 | 9,380,700 | $30.60 | $29.38 | $19,667,000 | $275,605,000 |
| -0.20% | -39.01% | -87,971 | AMERICAN INTL GROUP COM | 44,198,015 | 44,285,986 | $35.14 | $57.62 | $1,553,118,000 | $2,551,759,000 |
| -76.32% | 10.05% | -3,618,700 | BANCO SANTANDER SA- ADR | 1,122,500 | 4,741,200 | $11.72 | $10.65 | $13,156,000 | $50,494,000 |
| -0.67% | -9.66% | -134,100 | CIT GROUP INC. | 19,862,429 | 19,996,529 | $42.55 | $47.10 | $845,146,000 | $941,837,000 |
| -0.93% | 28.65% | -177,040 | LEUCADIA NATL CORP COM | 18,830,881 | 19,007,921 | $37.54 | $29.18 | $706,911,000 | $554,651,000 |
| -19.05% | 47.64% | -2,788,900 | RSC HOLDINGS, INC. | 11,849,700 | 14,638,600 | $14.38 | $9.74 | $170,399,000 | $142,580,000 |
| -0.34% | 3.71% | -421,900 | REGIONS FINANCIAL CORP | 124,035,304 | 124,457,204 | $7.26 | $7.00 | $900,496,000 | $871,200,000 |
| -0.23% | 11.29% | -60,284 | ST JOE CO COM | 26,727,836 | 26,788,120 | $24.32 | $21.85 | $649,965,000 | $585,320,000 |
| -36.97% | 23.35% | -6,423,800 | SPIRIT AEROSYSTEMS HLDGS INC C | 10,949,900 | 17,373,700 | $25.67 | $20.81 | $281,084,000 | $361,547,000 |
| -92.67% | 7.72% | -6,859,700 | VERIZON COMMUNICATIONS INC COM | 542,700 | 7,402,400 | $38.54 | $35.78 | $20,916,000 | $264,858,000 |
| -34.19% | -4.22% | -851,900 | WINTHROP REALTY TRUST | 1,639,948 | 2,491,848 | $12.25 | $12.79 | $20,089,000 | $31,871,000 |