| Quarter Ending 9/30/2011 | Back to the Enlightened American Website | |||||||||
| ValueAct Holdings LP | ||||||||||
| ***** NEW POSITIONS TAKEN | ||||||||||
| % pos ch | % val ch | Change | COMPANY | Cur. Pos. | Prev. Pos. | Approx PPS | Prev PPS | Value | Prev Value | Capital Invested |
| N/A | N/A | CBRE GROUP INC | 7,174,000 | $13.46 | $96,562,000 | ($96,562,000) | ||||
| N/A | N/A | WORLD FUEL SERVICES CORP | 2,792,430 | $32.65 | $91,173,000 | ($91,173,000) | ||||
| ***** SOLD OFF | ||||||||||
| % pos ch | % val ch | Change | COMPANY | Cur. Pos. | Prev. Pos. | Approx PPS | Prev PPS | Value | Prev Value | |
| N/A | N/A | ALERE INC | 4,260,497 | $36.62 | $156,019,000 | $156,019,000 | ||||
| N/A | N/A | CEPHALON INC | 1,914,816 | $79.90 | $152,994,000 | $152,994,000 | ||||
| N/A | N/A | FLIR SYSTEMS INC | 2,631,205 | $33.71 | $88,698,000 | $88,698,000 | ||||
| N/A | N/A | IMMUCOR INC | 7,540,665 | $20.42 | $153,980,000 | $153,980,000 | ||||
| N/A | N/A | INTERCONTINENTALEXCHANGE INC | 525,000 | $124.71 | $65,473,000 | $65,473,000 | ||||
| N/A | N/A | SNAP ON INC | 1,318,380 | $62.48 | $82,372,000 | $82,372,000 | ||||
| ***** HOLD POSITIONS | ||||||||||
| % pos ch | % val ch | Change | COMPANY | Cur. Pos. | Prev. Pos. | Approx PPS | Prev PPS | Value | Prev Value | |
| 0.00% | -28.54% | ENERGY SOLUTIONS INC | 2,495,218 | 2,495,218 | $3.53 | $4.94 | $8,808,000 | $12,326,000 | $0 | |
| 0.00% | -13.45% | GARTNER INC | 5,080,013 | 5,080,013 | $34.87 | $40.29 | $177,140,000 | $204,674,000 | $0 | |
| 0.00% | -35.96% | KAR AUCTION SVCS INC | 908,828 | 908,828 | $12.11 | $18.91 | $11,006,000 | $17,186,000 | $0 | |
| 0.00% | -33.37% | NEW YORK TIMES CO | 7,000,000 | 7,000,000 | $5.81 | $8.72 | $40,670,000 | $61,040,000 | $0 | |
| 0.00% | -13.90% | SARA LEE CORP | 20,404,523 | 20,404,523 | $16.35 | $18.99 | $333,614,000 | $387,482,000 | $0 | |
| 0.00% | -28.56% | VALEANT PHARMACEUTICALS INTL | 15,095,302 | 15,095,302 | $37.12 | $51.96 | $560,338,000 | $784,352,000 | $0 | |
| 0.00% | -16.39% | WILLIS GROUP HOLDINGS PUBLIC | 8,578,410 | 8,578,410 | $34.37 | $41.11 | $294,840,000 | $352,658,000 | $0 | |
| ***** AUGMENTED POSITIONS | ||||||||||
| % pos ch | % val ch | Change | COMPANY | Cur. Pos. | Prev. Pos. | Approx PPS | Prev PPS | Value | Prev Value | |
| 254.99% | -23.15% | 12,008,550 | ADOBE SYSTEMS INC | 16,717,956 | 4,709,406 | $24.17 | $31.45 | $404,073,000 | $148,111,000 | ($290,246,656) |
| 27.36% | -20.32% | 1,261,800 | BARD C R INC | 5,872,939 | 4,611,139 | $87.54 | $109.86 | $514,117,000 | $506,580,000 | ($110,457,955) |
| 132.44% | -3.56% | 7,169,400 | FIDELITY NATIONAL FINANCIAL | 12,582,515 | 5,413,115 | $15.18 | $15.74 | $191,003,000 | $85,202,000 | ($108,831,733) |
| 49.99% | -20.60% | 5,525,271 | MOODYS CORP | 16,577,241 | 11,051,970 | $30.45 | $38.35 | $504,777,000 | $423,843,000 | ($168,244,506) |
| 16.86% | -8.99% | 3,463,100 | MOTOROLA CORP | 24,001,000 | 20,537,900 | $41.90 | $46.04 | $1,005,642,000 | $945,565,000 | ($145,103,904) |
| 349.73% | -14.48% | 7,264,500 | ROCKWELL COLLINS INC | 9,341,700 | 2,077,200 | $52.76 | $61.69 | $492,868,000 | $128,142,000 | ($383,274,948) |
| 54.79% | -14.50% | 4,518,514 | VERISIGN INC | 12,764,883 | 8,246,369 | $28.61 | $33.46 | $365,203,000 | $275,924,000 | ($129,274,578) |
| ***** REDUCED POSITIONS | ||||||||||
| % pos ch | % val ch | Change | COMPANY | Cur. Pos. | Prev. Pos. | Approx PPS | Prev PPS | Value | Prev Value | |
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