Pzena Investment Management

------ ------------- --------------------- as of June 30, 2011

Portfolio Holdings for ------ ------------- ---------------------

------ ------------- --------------------- holds 117 positions in its portfolio as reported in the June 2011 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
Hewlett-Packard Company 5.1 $559M 15M 36.40
Northrop Grumman Corporation (NOC) 4.2 $464M 6.7M 69.35
Allstate Corporation (ALL) 3.6 $397M 13M 30.53
Exxon Mobil Corporation (XOM) 3.5 $391M 4.8M 81.38
Abbott Laboratories (ABT) 3.0 $333M 6.3M 52.62
Omni (OMC) 3.0 $332M 6.9M 48.16
Ca 2.9 $317M 14M 22.84
L-3 Communications Holdings 2.8 $304M 3.5M 87.45
Citigroup (C) 2.5 $281M 6.7M 41.64
Te Connectivity Ltd for (TEL) 2.4 $261M 7.1M 36.76
Johnson & Johnson (JNJ) 2.3 $255M 3.8M 66.52
Microsoft Corporation (MSFT) 2.2 $244M 9.4M 26.00
J.C. Penney Company 2.2 $239M 6.9M 34.54
BP (BP) 2.1 $232M 5.2M 44.29
Ubs Ag Cmn 2.1 $228M 13M 18.26
American International (AIG) 2.0 $226M 7.7M 29.32
PPG Industries (PPG) 2.0 $220M 2.4M 90.79
State Street Corporation (STT) 2.0 $218M 4.8M 45.09
Royal Dutch Shell 1.9 $214M 3.0M 71.13
Bank of America Corporation (BAC) 1.9 $206M 19M 10.96
Forest Laboratories 1.8 $202M 5.1M 39.34
Molson Coors Brewing Company (TAP) 1.8 $198M 4.4M 44.74
JPMorgan Chase & Co. (JPM) 1.8 $194M 4.7M 40.94
Masco Corporation (MAS) 1.7 $187M 16M 12.03
Entergy Corporation (ETR) 1.7 $188M 2.7M 68.28
Aetna 1.6 $182M 4.1M 44.09
Dell 1.6 $179M 11M 16.67
Ace Limited Cmn 1.6 $178M 2.7M 65.82
Sherwin-Williams Company (SHW) 1.6 $174M 2.1M 83.87
PNC Financial Services (PNC) 1.5 $170M 2.9M 59.61
Fortune Brands 1.5 $168M 2.6M 63.77
Avon Products 1.5 $166M 5.9M 28.00
Axis Capital Holdings (AXS) 1.5 $161M 5.2M 30.96
Goldman Sachs (GS) 1.4 $158M 1.2M 133.09
Morgan Stanley (MS) 1.4 $156M 6.8M 23.01
Fidelity National Financial 1.4 $154M 9.8M 15.74
Edison International (EIX) 1.3 $144M 3.7M 38.75
Renaissance Re Holdings Ltd Cmn (RNR) 1.2 $131M 1.9M 69.95
Apollo 1.2 $129M 3.0M 43.68
Avnet (AVT) 0.8 $87M 2.7M 31.88
Becton, Dickinson and (BDX) 0.7 $80M 923k 86.17
Royal Dutch Shell 0.7 $75M 1.0M 71.75
Hartford Financial Services (HIG) 0.7 $72M 2.7M 26.37
Franklin Resources (BEN) 0.6 $69M 524k 131.29
Hospitality Properties Trust 0.6 $64M 2.6M 24.25
Jarden Corporation 0.5 $56M 1.6M 34.51
Con-way 0.4 $48M 1.2M 38.81
Curtiss-Wright (CW) 0.4 $46M 1.4M 32.37
Valassis Communications 0.4 $45M 1.5M 30.30
Huntington Ingalls Inds (HII) 0.4 $44M 1.3M 34.50
Brady Corporation (BRC) 0.4 $43M 1.4M 32.06
Harte-Hanks 0.4 $40M 4.9M 8.12
Delphi Financial 0.3 $38M 1.3M 29.21
Immucor 0.3 $39M 1.9M 20.42
American Equity Investment Life Holding (AEL) 0.3 $33M 2.6M 12.71
Skechers USA (SKX) 0.3 $33M 2.3M 14.48
Sempra Energy (SRE) 0.3 $32M 602k 52.88
Webster Financial Corporation (WBS) 0.3 $32M 1.5M 21.02
Arthur J. Gallagher & Co. (AJG) 0.3 $31M 1.1M 28.54
Rent-A-Center (UPBD) 0.3 $31M 1.0M 30.56
DiamondRock Hospitality Company (DRH) 0.3 $31M 2.9M 10.73
ARGO GROUP INTERNATIONAL Holdi Com Stk 0.3 $31M 1.0M 29.72
National Penn Bancshares 0.3 $30M 3.8M 7.93
CIRCOR International 0.3 $29M 669k 42.83
Diodes Incorporated (DIOD) 0.3 $29M 1.1M 26.10
PHH Corporation 0.2 $28M 1.4M 20.52
Torchmark Corporation 0.2 $28M 429k 64.14
MTS Systems Corporation 0.2 $28M 670k 41.83
First American Financial (FAF) 0.2 $28M 1.8M 15.65
Tech Data Corporation 0.2 $27M 543k 48.89
PNM Resources (PNM) 0.2 $26M 1.6M 16.74
Global Indemnity 0.2 $26M 1.2M 22.18
Portland General Electric Company (POR) 0.2 $25M 990k 25.28
Nara Ban 0.2 $26M 3.2M 8.13
Griffon Corporation (GFF) 0.2 $25M 2.4M 10.08
Jones Group 0.2 $24M 2.2M 10.85
TCF Financial Corporation 0.2 $23M 1.6M 13.80
Ingram Micro 0.2 $22M 1.2M 18.14
CNO Financial (CNO) 0.2 $23M 2.8M 7.91
Primerica (PRI) 0.2 $21M 962k 21.97
Zoran Corporation 0.2 $21M 2.5M 8.40
INC Sealy Corp 0.2 $19M 249k 76.42
Plantronics 0.2 $18M 484k 36.53
Mueller Water Products (MWA) 0.2 $18M 4.5M 3.98
American Reprographics Company 0.2 $18M 2.5M 7.07
UniFirst Corporation (UNF) 0.2 $17M 307k 56.19
Blount International 0.1 $17M 956k 17.47
Mi Devs Inc cl a sub vtg 0.1 $17M 560k 30.43
Sealy Corporation 0.1 $14M 5.6M 2.53
WSFS Financial Corporation (WSFS) 0.1 $14M 361k 39.65
Pike Electric Corporation 0.1 $13M 1.5M 8.84
CONMED Corporation (CNMD) 0.1 $13M 458k 28.48
Laboratory Corp. of America Holdings (LH) 0.1 $13M 131k 96.79
JAKKS Pacific 0.1 $11M 592k 18.41
Heartland Payment Systems 0.1 $11M 540k 20.60
Spirit AeroSystems Holdings (SPR) 0.1 $9.5M 432k 22.00
Protective Life 0.1 $9.1M 392k 23.13
Viad (VVI) 0.1 $7.2M 322k 22.29
Comerica Incorporated (CMA) 0.1 $6.9M 200k 34.57
Fifth Third Ban (FITB) 0.1 $6.1M 478k 12.75
Key (KEY) 0.1 $6.6M 795k 8.33
Validus Holdings 0.1 $6.6M 213k 30.95
Wells Fargo & Company (WFC) 0.1 $5.7M 204k 28.06
Regions Financial Corporation (RF) 0.1 $6.0M 963k 6.20
Taiwan Semiconductor Mfg (TSM) 0.0 $4.6M 362k 12.61
Harsco Corporation (NVRI) 0.0 $4.4M 136k 32.60
Capital One Financial (COF) 0.0 $3.4M 66k 51.67
Zimmer Holdings (ZBH) 0.0 $3.0M 47k 63.20
Usinas Siderurgicas de Minas G (USNZY) 0.0 $3.2M 361k 8.78
ADPT Corporation 0.0 $3.8M 1.2M 3.03
Willis Group Holdings 0.0 $1.8M 45k 41.11
MetLife (MET) 0.0 $1.8M 40k 43.86
Advanced Semiconductor Engineering 0.0 $2.5M 443k 5.64
SK Tele 0.0 $1.4M 74k 18.70
Popular 0.0 $1.6M 583k 2.76
Federal National Mortgage Association (FNMA) 0.0 $10k 29k 0.34
Federal Home Loan Mortgage (FMCC) 0.0 $17k 49k 0.35