Pilot Advisors as of Dec. 31, 2011
Portfolio Holdings for Pilot Advisors
Pilot Advisors holds 0 positions in its portfolio as reported in the December 2011 quarterly 13F filing
VALUE SHARES/ SH/ PUT/ INVSTMT -----VOTING AUTHORITY-----
NAME OF ISSUER -TITLE OF CLASS- --CUSIP-- X$1000 PRN AMT PRN CALL DSCRETN -MANAGERS-- SOLE SHARED NONE
{S} {C} {C} {C} {C} {C} {C} {C} {C} {C} {C} {C}
1 800 Flowers Com Cl A COM 68243q106 276 125257 SH Sole 125257
Alcoa Inc COM 013817101 2041 235900 SH Sole 235900
American Vanguard Corp. COM 030371108 400 30000 SH Sole 30000
Archer Daniels Midland Co COM 039483102 8220 287400 SH Sole 287400
Argonaut Gold Inc COM 04016a101 330 48400 SH Sole 48400
Ashland Inc COM 044209104 21186 370650 SH Sole 370650
Baker Hughes Inc COM 057224107 6352 130600 SH Sole 130600
Baltic Trading Limited COM y0553w103 56 11750 SH Sole 11750
Berry Petroleum Co Cl A COM 085789105 12307 292886 SH Sole 292886
Capital One Financial Corp COM 14040h105 5388 127400 SH Sole 127400
CareFusion Corp COM 14170t101 10277 404450 SH Sole 404450
Carrizo Oil & Gas Inc. COM 144577103 567 21500 SH Sole 21500
CBS Corp Cl B COM 124857202 17368 639925 SH Sole 639925
CNA Financial Corp. COM 126117100 2027 75794 SH Sole 75794
Coeur d'Alene Mines Corp Idaho COM 192108504 756 31300 SH Sole 31300
Cooper Tire & Rubber Co COM 216831107 5548 395991 SH Sole 395991
CSX Corp COM 126408103 9183 436050 SH Sole 436050
Darden Restaurants Inc COM 237194105 10848 238000 SH Sole 238000
Data I/O Corp. COM 237690102 94 25000 SH Sole 25000
Delta Air Lines Inc COM 247361702 8018 991040 SH Sole 991040
Dennys Corp COM 24869p104 4678 1244261 SH Sole 1244261
Dole Food Co Inc COM 256603101 384 44350 SH Sole 44350
Eaton Corp COM 278058102 986 22650 SH Sole 22650
Empire District Electric Co COM 291641108 1628 77175 SH Sole 77175
Everest RE Group Ltd COM g3223r108 13595 161675 SH Sole 161675
Fifth Third Bancorp COM 316773100 11537 906999 SH Sole 906999
Ford Motor Co COM 345370860 26261 2440625 SH Sole 2440625
General Electric Co COM 369604103 19302 1077700 SH Sole 1077700
Government Properties Income T COM 38376a103 9863 437363 SH Sole 437363
Health Mgmt Assoc Inc Cl A COM 421933102 6174 837700 SH Sole 837700
Hess Corp COM 42809h107 11950 210386 SH Sole 210386
International Business Machine COM 459200101 501 2726 SH Sole 2726
Jabil Ciruit Inc. COM 466313103 1180 60000 SH Sole 60000
Janus Cap Group Inc COM 47102x105 2188 346700 SH Sole 346700
KeyCorp COM 493267108 6520 847900 SH Sole 847900
Kroger Co COM 501044101 9317 384700 SH Sole 384700
Lear Corp COM 521865204 3895 97875 SH Sole 97875
Lennar Corp Cl A COM 526057104 2034 103500 SH Sole 103500
Lexington Realty Trust REIT 529043101 20318 2712754 SH Sole 2712754
Life Technologies Corp COM 53217v109 4173 107250 SH Sole 107250
Macys Inc COM 55616p104 8420 261653 SH Sole 261653
Masco Corp COM 574599106 1873 178703 SH Sole 178703
Miscor Group Ltd COM 60477p201 3 10572 SH Sole 10572
Mylan Inc COM 628530107 20551 957647 SH Sole 957647
Noble Corp. COM H5833N103 840 27800 SH Sole 27800
Owens Corning New COM 690742101 16787 584519 SH Sole 584519
Pfizer Inc COM 717081103 25207 1164842 SH Sole 1164842
RF Micro Devices Inc COM 749941100 20054 3713650 SH Sole 3713650
Schwab Charles Corp COM 808513105 7271 645700 SH Sole 645700
SPDR Gold Shares ETF 78453v107 15516 102086 SH Sole 102086
SunTrust Banks Inc COM 867914103 3772 213100 SH Sole 213100
Symetra Financial Corp COM 87151q106 1388 153000 SH Sole 153000
Te Connectivity Ltd Reg COM h84989104 3195 103700 SH Sole 103700
TECO Energy Inc COM 872375100 12829 670250 SH Sole 670250
TII Network Technologies Inc COM 872479209 15 10000 SH Sole 10000
Tutor Perini Corp COM 901109108 4303 348712 SH Sole 348712
Uranium Energy Corp. COM 916896103 274 89667 SH Sole 89667
Validus Holdings Ltd. COM G9319H102 1575 50000 SH Sole 50000
Verizon Communications Inc COM 92343v104 1054 26263 SH Sole 26263
Wal Mart Stores Inc COM 931142103 5032 84207 SH Sole 84207
Weatherford International Ltd COM h27013103 1359 92800 SH Sole 92800
Western Union Co COM 959802109 17416 953765 SH Sole 953765
XL Group PLC COM g98290102 21100 1067250 SH Sole 1067250
Zions Bancorporation COM 989701107 1203 73900 SH Sole 73900
REPORT SUMMARY 64 DATA RECORDS 468763 0 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED