------------- --------------------- as of Dec. 31, 2010
Portfolio Holdings for ------------- ---------------------
------------- --------------------- holds 119 positions in its portfolio as reported in the December 2010 quarterly 13F filing
| Company (Ticker) | Portfolio Weight | Valued At | Change in Shares | Share Count | Share Price |
|---|---|---|---|---|---|
| Exxon Mobil Corporation (XOM) | 4.5 | $495M | 6.8M | 73.12 | |
| Northrop Grumman Corporation (NOC) | 4.2 | $463M | 7.1M | 64.78 | |
| Hewlett-Packard Company | 4.1 | $458M | 11M | 42.10 | |
| Tyco Electronics Ltd S hs | 3.4 | $379M | 11M | 35.40 | |
| Allstate Corporation (ALL) | 3.1 | $349M | 11M | 31.88 | |
| J.C. Penney Company | 3.1 | $342M | 11M | 32.31 | |
| Omni (OMC) | 2.9 | $321M | 7.0M | 45.80 | |
| Ca | 2.6 | $287M | 12M | 24.44 | |
| Masco Corporation (MAS) | 2.6 | $286M | 23M | 12.66 | |
| L-3 Communications Holdings | 2.5 | $282M | 4.0M | 70.49 | |
| Citi | 2.5 | $281M | 59M | 4.73 | |
| Torchmark Corporation | 2.3 | $260M | 4.3M | 59.74 | |
| PPG Industries (PPG) | 2.2 | $244M | 2.9M | 84.07 | |
| Ubs Ag Cmn | 2.1 | $233M | 14M | 16.47 | |
| Ace Limited Cmn | 2.1 | $232M | 3.7M | 62.25 | |
| BP (BP) | 2.1 | $229M | 5.2M | 44.17 | |
| Bank of America Corporation (BAC) | 2.1 | $229M | 17M | 13.34 | |
| Aetna | 2.0 | $227M | 7.4M | 30.51 | |
| Fortune Brands | 2.0 | $225M | 3.7M | 60.25 | |
| State Street Corporation (STT) | 2.0 | $223M | 4.8M | 46.34 | |
| PNC Financial Services (PNC) | 1.9 | $210M | 3.5M | 60.72 | |
| Willis Group Holdings | 1.9 | $209M | 6.0M | 34.63 | |
| Microsoft Corporation (MSFT) | 1.9 | $207M | 7.4M | 27.91 | |
| Axis Capital Holdings (AXS) | 1.6 | $184M | 5.1M | 35.88 | |
| Johnson & Johnson (JNJ) | 1.6 | $182M | 2.9M | 61.85 | |
| Sherwin-Williams Company (SHW) | 1.6 | $178M | 2.1M | 83.75 | |
| Laboratory Corp. of America Holdings | 1.6 | $178M | 2.0M | 87.92 | |
| JPMorgan Chase & Co. (JPM) | 1.6 | $177M | 4.2M | 42.42 | |
| Forest Laboratories | 1.6 | $174M | 5.4M | 31.98 | |
| Morgan Stanley (MS) | 1.5 | $170M | 6.2M | 27.21 | |
| Goldman Sachs (GS) | 1.4 | $158M | 941k | 168.16 | |
| Dell | 1.4 | $158M | 12M | 13.55 | |
| Valero Energy Corporation (VLO) | 1.4 | $154M | 6.7M | 23.12 | |
| Edison International (EIX) | 1.4 | $154M | 4.0M | 38.60 | |
| Apache Corporation | 1.3 | $143M | 1.2M | 119.23 | |
| Fidelity National Financial | 1.1 | $126M | 9.2M | 13.68 | |
| Renaissance Re Holdings Ltd Cmn (RNR) | 1.1 | $120M | 1.9M | 63.69 | |
| Avnet (AVT) | 0.8 | $88M | 2.7M | 33.03 | |
| Avon Products | 0.8 | $83M | 2.9M | 29.06 | |
| Hartford Financial Services (HIG) | 0.7 | $81M | 3.0M | 26.49 | |
| Becton, Dickinson and (BDX) | 0.7 | $80M | 949k | 84.52 | |
| Apollo | 0.6 | $68M | 1.7M | 39.49 | |
| Hospitality Properties Trust | 0.6 | $68M | 3.0M | 23.04 | |
| Arthur J. Gallagher & Co. (AJG) | 0.6 | $67M | 2.3M | 29.08 | |
| Alcatel-Lucent | 0.6 | $62M | 21M | 2.96 | |
| Brady Corporation (BRC) | 0.5 | $54M | 1.7M | 32.61 | |
| Con-way | 0.5 | $51M | 1.4M | 36.57 | |
| Harte-Hanks | 0.5 | $51M | 4.0M | 12.77 | |
| Jarden Corporation | 0.5 | $50M | 1.6M | 30.87 | |
| Curtiss-Wright (CW) | 0.4 | $45M | 1.3M | 33.20 | |
| American Equity Investment Life Holding | 0.4 | $43M | 3.5M | 12.55 | |
| Diodes Incorporated (DIOD) | 0.4 | $44M | 1.6M | 26.99 | |
| Delphi Financial | 0.4 | $41M | 1.4M | 28.84 | |
| DiamondRock Hospitality Company (DRH) | 0.4 | $40M | 3.4M | 12.00 | |
| Webster Financial Corporation (WBS) | 0.3 | $39M | 2.0M | 19.70 | |
| Kraft Foods | 0.3 | $38M | 1.2M | 31.51 | |
| CIRCOR International | 0.3 | $38M | 892k | 42.28 | |
| MTS Systems Corporation | 0.3 | $38M | 1.0M | 37.46 | |
| ARGO GROUP INTERNATIONAL Holdi Com Stk | 0.3 | $38M | 1.0M | 37.45 | |
| PNM Resources (TXNM) | 0.3 | $38M | 2.9M | 13.02 | |
| Boeing Company (BA) | 0.3 | $37M | 564k | 65.26 | |
| Sempra Energy (SRE) | 0.3 | $36M | 691k | 52.48 | |
| Immucor | 0.3 | $35M | 1.8M | 19.83 | |
| Jones Group | 0.3 | $35M | 2.3M | 15.54 | |
| PHH Corporation | 0.3 | $35M | 1.5M | 23.15 | |
| Rent-A-Center (UPBD) | 0.3 | $35M | 1.1M | 32.28 | |
| Nara Ban | 0.3 | $34M | 3.4M | 9.85 | |
| Global Indemnity | 0.3 | $33M | 1.6M | 20.45 | |
| National Penn Bancshares | 0.3 | $33M | 4.1M | 8.03 | |
| Valassis Communications | 0.3 | $31M | 958k | 32.35 | |
| Gra (GGG) | 0.3 | $29M | 729k | 39.45 | |
| Viad (VVI) | 0.3 | $29M | 1.2M | 25.47 | |
| Griffon Corporation (GFF) | 0.2 | $27M | 2.1M | 12.74 | |
| Plantronics | 0.2 | $25M | 681k | 37.22 | |
| Zoran Corporation | 0.2 | $26M | 2.9M | 8.80 | |
| Tech Data Corporation | 0.2 | $25M | 571k | 44.02 | |
| Mednax (MD) | 0.2 | $26M | 384k | 67.29 | |
| Blount International | 0.2 | $24M | 1.5M | 15.76 | |
| Mi Devs Inc cl a sub vtg | 0.2 | $25M | 911k | 27.10 | |
| CONMED Corporation (CNMD) | 0.2 | $24M | 920k | 26.43 | |
| First American Financial (FAF) | 0.2 | $23M | 1.5M | 14.94 | |
| INC Sealy Corp | 0.2 | $23M | 261k | 87.25 | |
| CNO Financial (CNO) | 0.2 | $21M | 3.1M | 6.78 | |
| Portland General Electric Company (POR) | 0.2 | $19M | 882k | 21.70 | |
| Sealy Corporation | 0.2 | $19M | 6.6M | 2.92 | |
| Validus Holdings | 0.2 | $19M | 624k | 30.61 | |
| Primerica (PRI) | 0.2 | $18M | 748k | 24.25 | |
| WSFS Financial Corporation (WSFS) | 0.2 | $18M | 373k | 47.44 | |
| Insight Enterprises (NSIT) | 0.1 | $17M | 1.3M | 13.16 | |
| Chemical Financial Corporation | 0.1 | $17M | 768k | 22.15 | |
| Pike Electric Corporation | 0.1 | $13M | 1.5M | 8.58 | |
| Heartland Payment Systems | 0.1 | $12M | 761k | 15.42 | |
| Protective Life | 0.1 | $9.8M | 369k | 26.64 | |
| Spirit AeroSystems Holdings (SPR) | 0.1 | $10M | 481k | 20.81 | |
| American Reprographics Company | 0.1 | $8.7M | 1.2M | 7.59 | |
| MetLife (MET) | 0.1 | $8.7M | 195k | 44.44 | |
| Comerica Incorporated (CMA) | 0.1 | $7.3M | 173k | 42.24 | |
| Ciber | 0.1 | $8.2M | 1.7M | 4.68 | |
| UniFirst Corporation (UNF) | 0.1 | $7.5M | 136k | 55.05 | |
| Capital One Financial (COF) | 0.1 | $6.6M | 155k | 42.56 | |
| Fifth Third Ban (FITB) | 0.1 | $6.3M | 428k | 14.68 | |
| NCI Building Systems | 0.1 | $6.4M | 456k | 13.99 | |
| Regions Financial Corporation (RF) | 0.0 | $4.2M | 598k | 7.00 | |
| Mueller Water Products (MWA) | 0.0 | $4.4M | 1.0M | 4.17 | |
| Key (KEY) | 0.0 | $4.5M | 511k | 8.85 | |
| Marshall & Ilsley Corporation | 0.0 | $4.1M | 588k | 6.92 | |
| ADPT Corporation | 0.0 | $3.9M | 1.3M | 2.93 | |
| Horizon Lines (HRZ) | 0.0 | $2.9M | 662k | 4.37 | |
| Ens | 0.0 | $2.5M | 48k | 53.38 | |
| SK Tele | 0.0 | $707k | 38k | 18.63 | |
| Taiwan Semiconductor Mfg (TSM) | 0.0 | $1.1M | 87k | 12.53 | |
| Popular | 0.0 | $1.6M | 510k | 3.14 | |
| WellPoint | 0.0 | $636k | 11k | 56.86 | |
| Kelly Services (KELYA) | 0.0 | $1.6M | 88k | 18.80 | |
| Advanced Semiconductor Engineering | 0.0 | $700k | 122k | 5.74 | |
| HSBC Holdings (HSBC) | 0.0 | $335k | 6.6k | 50.97 | |
| Interval Leisure | 0.0 | $547k | 34k | 16.15 | |
| Federal Home Loan Mortgage (FMCC) | 0.0 | $15k | 49k | 0.31 | |
| Zimmer Holdings (ZBH) | 0.0 | $228k | 4.6M | 0.05 |
