Top Ten Holdings as of 12/31/09 1. Market Vectors Gold Miners ETF GDX 2. Teck Resources Ltd. TCK 3. Market Vectors Brazil Small-Cap ETF BRF 4. BP PLC BP 5. Pioneer Natural Resources Co. PXD 6. BlackRock Real Asset Equity Trust BCF 7. The Asia Tigers Fund, Inc. GRR 8. ABB Ltd. ABB 9. Cherokee, Inc. CHKE 10. The Taiwan Fund, Inc TWN Starboard's Top Holdings are subject to change and may not be representative of current or future investments in your portfolio. This list should not be viewed as a recommendation to purchase or sell a particular security. You should not assume that investments on this list were or are profitable.