------ ------------- --------------------- as of Sept. 30, 2011
Portfolio Holdings for ------ ------------- ---------------------
------ ------------- --------------------- holds 114 positions in its portfolio as reported in the September 2011 quarterly 13F filing
| Company (Ticker) | Portfolio Weight | Valued At | Change in Shares | Share Count | Share Price |
|---|---|---|---|---|---|
| Hewlett-Packard Company | 5.0 | $421M | 19M | 22.45 | |
| Staples | 3.8 | $321M | 24M | 13.30 | |
| Abbott Laboratories (ABT) | 3.8 | $319M | 6.2M | 51.14 | |
| Exxon Mobil Corporation (XOM) | 3.7 | $314M | 4.3M | 72.63 | |
| Northrop Grumman Corporation (NOC) | 3.7 | $309M | 5.9M | 52.17 | |
| Allstate Corporation (ALL) | 3.4 | $285M | 12M | 23.69 | |
| Omni (OMC) | 3.0 | $256M | 6.9M | 36.84 | |
| PPG Industries (PPG) | 2.9 | $246M | 3.5M | 70.66 | |
| Ca | 2.8 | $236M | 12M | 19.41 | |
| J.C. Penney Company | 2.6 | $217M | 8.1M | 26.78 | |
| Entergy Corporation (ETR) | 2.6 | $217M | 3.3M | 66.29 | |
| Te Connectivity Ltd for (TEL) | 2.3 | $197M | 7.0M | 28.14 | |
| Citigroup (C) | 2.3 | $196M | 7.7M | 25.61 | |
| BP (BP) | 2.3 | $194M | 5.4M | 36.07 | |
| Microsoft Corporation (MSFT) | 2.3 | $192M | 7.7M | 24.89 | |
| L-3 Communications Holdings | 2.2 | $190M | 3.1M | 61.97 | |
| Royal Dutch Shell | 2.2 | $185M | 3.0M | 61.52 | |
| American International (AIG) | 2.0 | $171M | 7.8M | 21.95 | |
| Molson Coors Brewing Company (TAP) | 2.0 | $167M | 4.2M | 39.61 | |
| Computer Sciences Corporation | 2.0 | $166M | 6.2M | 26.85 | |
| State Street Corporation (STT) | 1.8 | $155M | 4.8M | 32.16 | |
| Avon Products | 1.8 | $149M | 7.6M | 19.60 | |
| JPMorgan Chase & Co. (JPM) | 1.7 | $147M | 4.9M | 30.12 | |
| Ubs Ag Cmn | 1.6 | $138M | 12M | 11.43 | |
| PNC Financial Services (PNC) | 1.6 | $137M | 2.8M | 48.19 | |
| Sherwin-Williams Company (SHW) | 1.6 | $136M | 1.8M | 74.32 | |
| Axis Capital Holdings (AXS) | 1.4 | $118M | 4.5M | 25.94 | |
| Renaissance Re Holdings Ltd Cmn (RNR) | 1.4 | $115M | 1.8M | 63.80 | |
| Bank of America Corporation (BAC) | 1.4 | $115M | 19M | 6.12 | |
| Franklin Resources (BEN) | 1.3 | $113M | 1.2M | 95.64 | |
| Ace Limited Cmn | 1.3 | $112M | 1.9M | 60.60 | |
| Goldman Sachs (GS) | 1.3 | $111M | 1.2M | 94.55 | |
| Morgan Stanley (MS) | 1.2 | $104M | 7.7M | 13.51 | |
| Masco Corporation (MAS) | 1.2 | $104M | 15M | 7.12 | |
| Fortune Brands | 1.2 | $103M | 1.9M | 54.08 | |
| Edison International (EIX) | 1.1 | $96M | 2.5M | 38.25 | |
| Fidelity National Financial | 1.1 | $96M | 6.3M | 15.18 | |
| Dell | 1.1 | $93M | 6.6M | 14.14 | |
| Apollo | 1.0 | $82M | 2.1M | 39.61 | |
| Avnet (AVT) | 0.9 | $73M | 2.8M | 26.08 | |
| MetLife (MET) | 0.7 | $61M | 2.2M | 28.01 | |
| Hospitality Properties Trust | 0.6 | $46M | 2.2M | 21.23 | |
| Royal Dutch Shell | 0.5 | $46M | 737k | 62.05 | |
| Jarden Corporation | 0.5 | $46M | 1.6M | 28.26 | |
| Ingram Micro | 0.5 | $42M | 2.6M | 16.13 | |
| Curtiss-Wright (CW) | 0.5 | $40M | 1.4M | 28.83 | |
| Harte-Hanks | 0.5 | $40M | 4.7M | 8.48 | |
| Mohawk Industries (MHK) | 0.5 | $39M | 911k | 42.91 | |
| Brady Corporation (BRC) | 0.5 | $39M | 1.5M | 26.43 | |
| Con-way | 0.4 | $37M | 1.7M | 22.13 | |
| Huntington Ingalls Inds (HII) | 0.4 | $37M | 1.5M | 24.33 | |
| Johnson & Johnson (JNJ) | 0.4 | $35M | 541k | 63.69 | |
| Rent-A-Center (UPBD) | 0.4 | $32M | 1.2M | 27.45 | |
| Aetna | 0.4 | $30M | 831k | 36.34 | |
| Diodes Incorporated (DIOD) | 0.4 | $31M | 1.7M | 17.92 | |
| Skechers USA (SKX) | 0.4 | $31M | 2.2M | 14.03 | |
| ARGO GROUP INTERNATIONAL Holdi Com Stk | 0.3 | $28M | 994k | 28.37 | |
| Valassis Communications | 0.3 | $27M | 1.4M | 18.74 | |
| Delphi Financial | 0.3 | $26M | 1.2M | 21.52 | |
| Griffon Corporation (GFF) | 0.3 | $24M | 3.0M | 8.18 | |
| National Penn Bancshares | 0.3 | $24M | 3.5M | 7.01 | |
| Primerica (PRI) | 0.3 | $24M | 1.1M | 21.56 | |
| Jones Group | 0.3 | $24M | 2.6M | 9.21 | |
| Tech Data Corporation | 0.3 | $23M | 522k | 43.23 | |
| Webster Financial Corporation (WBS) | 0.3 | $22M | 1.5M | 15.30 | |
| PHH Corporation | 0.2 | $21M | 1.3M | 16.08 | |
| First American Financial (FAF) | 0.2 | $21M | 1.6M | 12.80 | |
| TCF Financial Corporation | 0.2 | $20M | 2.2M | 9.16 | |
| American Equity Investment Life Holding (AEL) | 0.2 | $19M | 2.2M | 8.75 | |
| DiamondRock Hospitality Company (DRH) | 0.2 | $19M | 2.8M | 6.99 | |
| JAKKS Pacific | 0.2 | $19M | 983k | 18.95 | |
| CIRCOR International | 0.2 | $18M | 621k | 29.37 | |
| Nara Ban | 0.2 | $19M | 3.1M | 6.07 | |
| Arthur J. Gallagher & Co. (AJG) | 0.2 | $18M | 677k | 26.30 | |
| Global Indemnity | 0.2 | $18M | 1.1M | 17.08 | |
| Harsco Corporation (NVRI) | 0.2 | $16M | 823k | 19.39 | |
| Mi Devs Inc cl a sub vtg | 0.2 | $16M | 614k | 26.55 | |
| Aeropostale | 0.2 | $15M | 1.4M | 10.81 | |
| MTS Systems Corporation | 0.2 | $16M | 507k | 30.64 | |
| Portland General Electric Company (POR) | 0.2 | $14M | 599k | 23.69 | |
| UniFirst Corporation (UNF) | 0.2 | $14M | 298k | 45.29 | |
| Tutor Perini Corporation (TPC) | 0.1 | $12M | 1.1M | 11.49 | |
| CNO Financial (CNO) | 0.1 | $12M | 2.2M | 5.41 | |
| Mueller Water Products (MWA) | 0.1 | $11M | 4.4M | 2.48 | |
| WSFS Financial Corporation (WSFS) | 0.1 | $11M | 352k | 31.57 | |
| INC Sealy Corp | 0.1 | $11M | 237k | 46.28 | |
| Pike Electric Corporation | 0.1 | $10M | 1.5M | 6.77 | |
| American Reprographics Company | 0.1 | $10M | 3.0M | 3.36 | |
| Wells Fargo & Company (WFC) | 0.1 | $9.4M | 389k | 24.12 | |
| VCA Antech | 0.1 | $9.1M | 567k | 15.98 | |
| CONMED Corporation (CNMD) | 0.1 | $8.9M | 385k | 23.01 | |
| PNM Resources (PNM) | 0.1 | $9.0M | 548k | 16.43 | |
| Validus Holdings | 0.1 | $8.3M | 333k | 24.92 | |
| Sealy Corporation | 0.1 | $7.3M | 4.9M | 1.48 | |
| Spirit AeroSystems Holdings (SPR) | 0.1 | $7.5M | 471k | 15.95 | |
| Comerica Incorporated (CMA) | 0.1 | $6.4M | 277k | 22.97 | |
| Plantronics | 0.1 | $6.4M | 224k | 28.45 | |
| Fifth Third Ban (FITB) | 0.1 | $5.6M | 559k | 10.10 | |
| Protective Life | 0.1 | $6.1M | 388k | 15.63 | |
| Torchmark Corporation | 0.1 | $5.2M | 148k | 34.86 | |
| Key (KEY) | 0.1 | $5.1M | 862k | 5.93 | |
| Interline Brands | 0.1 | $4.1M | 320k | 12.87 | |
| Fortune Brands (FBIN) | 0.1 | $4.3M | 345k | 12.40 | |
| Taiwan Semiconductor Mfg (TSM) | 0.0 | $3.6M | 318k | 11.43 | |
| Regions Financial Corporation (RF) | 0.0 | $3.2M | 947k | 3.33 | |
| Blount International | 0.0 | $3.6M | 268k | 13.36 | |
| Viad (VVI) | 0.0 | $3.0M | 175k | 16.98 | |
| ADPT Corporation | 0.0 | $3.1M | 1.2M | 2.68 | |
| Hartford Financial Services (HIG) | 0.0 | $1.4M | 88k | 16.15 | |
| Advanced Semiconductor Engineering | 0.0 | $2.1M | 494k | 4.22 | |
| SK Tele | 0.0 | $1.0M | 74k | 14.07 | |
| Popular | 0.0 | $874k | 583k | 1.50 | |
| Federal National Mortgage Association (FNMA) | 0.0 | $7.0k | 29k | 0.24 | |
| Federal Home Loan Mortgage (FMCC) | 0.0 | $12k | 49k | 0.25 |
