---------- --------------------- as of March 31, 2011
Portfolio Holdings for ---------- ---------------------
---------- --------------------- holds 104 positions in its portfolio as reported in the March 2011 quarterly 13F filing
| Company (Ticker) | Portfolio Weight | Valued At | Change in Shares | Share Count | Share Price |
|---|---|---|---|---|---|
| Hewlett-Packard Company | 5.3 | $545M | 13M | 40.97 | |
| Exxon Mobil Corporation (XOM) | 5.0 | $513M | 6.1M | 84.13 | |
| Northrop Grumman Corporation (NOC) | 4.2 | $430M | 6.9M | 62.71 | |
| Allstate Corporation (ALL) | 3.6 | $373M | 12M | 31.78 | |
| Ca | 3.1 | $320M | 13M | 24.18 | |
| Omni (OMC) | 3.0 | $315M | 6.4M | 49.06 | |
| L-3 Communications Holdings | 2.9 | $300M | 3.8M | 78.31 | |
| J.C. Penney Company | 2.8 | $291M | 8.1M | 35.91 | |
| Citi | 2.7 | $283M | 64M | 4.42 | |
| PPG Industries (PPG) | 2.7 | $280M | 2.9M | 95.21 | |
| Aetna | 2.5 | $259M | 6.9M | 37.43 | |
| Johnson & Johnson (JNJ) | 2.4 | $250M | 4.2M | 59.25 | |
| Forest Laboratories | 2.4 | $248M | 7.7M | 32.30 | |
| Ace Limited Cmn | 2.3 | $239M | 3.7M | 64.70 | |
| Masco Corporation (MAS) | 2.3 | $238M | 17M | 13.92 | |
| BP (BP) | 2.2 | $232M | 5.3M | 44.14 | |
| Bank of America Corporation (BAC) | 2.2 | $233M | 17M | 13.33 | |
| JPMorgan Chase & Co. (JPM) | 2.1 | $218M | 4.7M | 46.10 | |
| State Street Corporation (STT) | 2.1 | $217M | 4.8M | 44.94 | |
| Microsoft Corporation (MSFT) | 2.0 | $211M | 8.3M | 25.36 | |
| Fortune Brands | 1.9 | $192M | 3.1M | 61.89 | |
| Axis Capital Holdings (AXS) | 1.9 | $191M | 5.5M | 34.92 | |
| PNC Financial Services (PNC) | 1.8 | $191M | 3.0M | 62.99 | |
| Sherwin-Williams Company (SHW) | 1.8 | $183M | 2.2M | 83.99 | |
| Morgan Stanley (MS) | 1.7 | $176M | 6.4M | 27.32 | |
| Laboratory Corp. of America Holdings | 1.7 | $172M | 1.9M | 92.13 | |
| Molson Coors Brewing Company (TAP) | 1.6 | $166M | 3.5M | 46.89 | |
| Goldman Sachs (GS) | 1.6 | $165M | 1.0M | 158.47 | |
| Dell | 1.6 | $163M | 11M | 14.51 | |
| Royal Dutch Shell | 1.6 | $161M | 2.2M | 72.86 | |
| Edison International (EIX) | 1.4 | $149M | 4.1M | 36.59 | |
| Fidelity National Financial | 1.4 | $140M | 9.9M | 14.13 | |
| Avon Products | 1.3 | $137M | 5.1M | 27.04 | |
| Renaissance Re Holdings Ltd Cmn (RNR) | 1.3 | $131M | 1.9M | 68.99 | |
| Apollo | 1.2 | $129M | 3.1M | 41.71 | |
| Abbott Laboratories (ABT) | 0.9 | $99M | 2.0M | 49.05 | |
| Becton, Dickinson and (BDX) | 0.9 | $97M | 1.2M | 79.62 | |
| Avnet (AVT) | 0.8 | $85M | 2.5M | 34.09 | |
| Royal Dutch Shell | 0.8 | $82M | 1.1M | 73.24 | |
| Hospitality Properties Trust | 0.6 | $67M | 2.9M | 23.15 | |
| Sempra Energy (SRE) | 0.6 | $65M | 1.2M | 53.50 | |
| Jarden Corporation | 0.6 | $62M | 1.7M | 35.57 | |
| Arthur J. Gallagher & Co. (AJG) | 0.6 | $61M | 2.0M | 30.41 | |
| Brady Corporation (BRC) | 0.6 | $57M | 1.6M | 35.69 | |
| Con-way | 0.5 | $55M | 1.4M | 39.29 | |
| Curtiss-Wright (CW) | 0.5 | $51M | 1.5M | 35.14 | |
| Harte-Hanks | 0.5 | $48M | 4.0M | 11.90 | |
| Huntington Ingalls Inds (HII) | 0.5 | $48M | 1.1M | 41.50 | |
| Diodes Incorporated (DIOD) | 0.4 | $46M | 1.3M | 34.06 | |
| Delphi Financial | 0.4 | $43M | 1.4M | 30.71 | |
| CIRCOR International | 0.4 | $41M | 875k | 47.02 | |
| Immucor | 0.4 | $40M | 2.0M | 19.78 | |
| PNM Resources (TXNM) | 0.4 | $40M | 2.6M | 14.92 | |
| American Equity Investment Life Holding | 0.4 | $38M | 2.9M | 13.12 | |
| MTS Systems Corporation | 0.4 | $38M | 838k | 45.55 | |
| Rent-A-Center (UPBD) | 0.4 | $37M | 1.1M | 34.91 | |
| Global Indemnity | 0.3 | $37M | 1.7M | 21.98 | |
| DiamondRock Hospitality Company (DRH) | 0.3 | $34M | 3.0M | 11.17 | |
| ARGO GROUP INTERNATIONAL Holdi Com Stk | 0.3 | $34M | 1.0M | 33.04 | |
| Portland General Electric Company (POR) | 0.3 | $34M | 1.4M | 23.77 | |
| Nara Ban | 0.3 | $32M | 3.4M | 9.62 | |
| PHH Corporation | 0.3 | $31M | 1.4M | 21.77 | |
| National Penn Bancshares | 0.3 | $31M | 4.0M | 7.74 | |
| First American Financial (FAF) | 0.3 | $31M | 1.9M | 16.50 | |
| Jones Group | 0.3 | $31M | 2.3M | 13.75 | |
| Griffon Corporation (GFF) | 0.3 | $28M | 2.1M | 13.13 | |
| Primerica (PRI) | 0.2 | $26M | 998k | 25.51 | |
| Blount International | 0.2 | $24M | 1.5M | 15.98 | |
| CONMED Corporation (CNMD) | 0.2 | $24M | 915k | 26.28 | |
| CNO Financial (CNO) | 0.2 | $23M | 3.0M | 7.51 | |
| Insight Enterprises (NSIT) | 0.2 | $22M | 1.3M | 17.03 | |
| Mueller Water Products (MWA) | 0.2 | $21M | 4.7M | 4.48 | |
| Mednax (MD) | 0.2 | $21M | 319k | 66.61 | |
| Plantronics | 0.2 | $20M | 544k | 36.62 | |
| INC Sealy Corp | 0.2 | $20M | 261k | 75.00 | |
| American Reprographics Company | 0.2 | $19M | 1.8M | 10.35 | |
| Mi Devs Inc cl a sub vtg | 0.2 | $18M | 603k | 28.98 | |
| Ingram Micro | 0.2 | $17M | 828k | 21.03 | |
| Sealy Corporation | 0.2 | $17M | 6.6M | 2.54 | |
| Chemical Financial Corporation | 0.1 | $14M | 710k | 19.93 | |
| Pike Electric Corporation | 0.1 | $14M | 1.5M | 9.52 | |
| Spirit AeroSystems Holdings (SPR) | 0.1 | $12M | 468k | 25.67 | |
| Protective Life | 0.1 | $11M | 419k | 26.55 | |
| Heartland Payment Systems | 0.1 | $11M | 613k | 17.53 | |
| Regions Financial Corporation (RF) | 0.1 | $7.4M | 1.0M | 7.26 | |
| Capital One Financial (COF) | 0.1 | $7.4M | 143k | 51.96 | |
| Fifth Third Ban (FITB) | 0.1 | $6.8M | 492k | 13.88 | |
| Entergy Corporation (ETR) | 0.1 | $7.7M | 115k | 67.21 | |
| Key (KEY) | 0.1 | $7.6M | 854k | 8.88 | |
| Comerica Incorporated (CMA) | 0.1 | $6.1M | 166k | 36.72 | |
| JAKKS Pacific | 0.1 | $6.4M | 333k | 19.35 | |
| Harsco Corporation (NVRI) | 0.1 | $5.4M | 152k | 35.29 | |
| ADPT Corporation | 0.0 | $3.9M | 1.3M | 2.94 | |
| Ens | 0.0 | $1.6M | 28k | 57.83 | |
| SK Tele | 0.0 | $1.6M | 86k | 18.81 | |
| Popular | 0.0 | $1.9M | 661k | 2.91 | |
| MetLife (MET) | 0.0 | $2.3M | 52k | 44.73 | |
| Interval Leisure | 0.0 | $1.0M | 64k | 16.34 | |
| Boeing Company (BA) | 0.0 | $777k | 11k | 73.95 | |
| Horizon Lines (HRZ) | 0.0 | $520k | 612k | 0.85 | |
| HSBC Holdings (HSBC) | 0.0 | $340k | 6.6k | 51.73 | |
| Federal National Mortgage Association (FNMA) | 0.0 | $12k | 29k | 0.41 | |
| Federal Home Loan Mortgage (FMCC) | 0.0 | $19k | 49k | 0.39 | |
| Advanced Semiconductor Engineering | 0.0 | $507k | 93k | 5.48 |
