------ ------------- --------------------- as of Dec. 31, 2011
Portfolio Holdings for ------ ------------- ---------------------
------ ------------- --------------------- holds 114 positions in its portfolio as reported in the December 2011 quarterly 13F filing
| Company (Ticker) | Portfolio Weight | Valued At | Change in Shares | Share Count | Share Price |
|---|---|---|---|---|---|
| Hewlett-Packard Company | 5.2 | $480M | 19M | 25.76 | |
| Staples | 4.1 | $380M | 27M | 13.89 | |
| Exxon Mobil Corporation (XOM) | 3.8 | $352M | 4.1M | 84.76 | |
| Northrop Grumman Corporation (NOC) | 3.8 | $346M | 5.9M | 58.48 | |
| Allstate Corporation (ALL) | 3.7 | $341M | 12M | 27.41 | |
| Omni (OMC) | 3.5 | $321M | 7.2M | 44.58 | |
| Abbott Laboratories (ABT) | 3.1 | $285M | 5.1M | 56.23 | |
| Molson Coors Brewing Company (TAP) | 3.0 | $275M | 6.3M | 43.54 | |
| PPG Industries (PPG) | 2.9 | $262M | 3.1M | 83.49 | |
| Royal Dutch Shell | 2.8 | $257M | 3.5M | 73.09 | |
| Microsoft Corporation (MSFT) | 2.8 | $254M | 9.8M | 25.96 | |
| Ca | 2.7 | $245M | 12M | 20.21 | |
| Entergy Corporation (ETR) | 2.5 | $233M | 3.2M | 73.05 | |
| Te Connectivity Ltd for (TEL) | 2.5 | $225M | 7.3M | 30.81 | |
| BP (BP) | 2.3 | $212M | 5.0M | 42.74 | |
| Citigroup (C) | 2.2 | $200M | 7.6M | 26.31 | |
| L-3 Communications Holdings | 2.1 | $197M | 3.0M | 66.68 | |
| State Street Corporation (STT) | 2.1 | $191M | 4.7M | 40.31 | |
| American International (AIG) | 2.0 | $183M | 7.9M | 23.20 | |
| JPMorgan Chase & Co. (JPM) | 1.7 | $155M | 4.7M | 33.25 | |
| Franklin Resources (BEN) | 1.7 | $153M | 1.6M | 96.06 | |
| Avon Products | 1.6 | $151M | 8.7M | 17.47 | |
| Computer Sciences Corporation | 1.6 | $151M | 6.4M | 23.70 | |
| Masco Corporation (MAS) | 1.6 | $149M | 14M | 10.48 | |
| J.C. Penney Company | 1.6 | $145M | 4.1M | 35.15 | |
| PNC Financial Services (PNC) | 1.5 | $141M | 2.5M | 57.67 | |
| Renaissance Re Holdings Ltd Cmn (RNR) | 1.5 | $140M | 1.9M | 74.37 | |
| Ubs Ag Cmn | 1.5 | $140M | 12M | 11.83 | |
| Sherwin-Williams Company (SHW) | 1.4 | $132M | 1.5M | 89.27 | |
| Axis Capital Holdings (AXS) | 1.4 | $132M | 4.1M | 31.96 | |
| Goldman Sachs (GS) | 1.4 | $129M | 1.4M | 90.43 | |
| MetLife (MET) | 1.2 | $114M | 3.6M | 31.18 | |
| Bank of America Corporation (BAC) | 1.2 | $109M | 20M | 5.56 | |
| Morgan Stanley (MS) | 1.2 | $109M | 7.2M | 15.13 | |
| Apollo | 1.1 | $104M | 1.9M | 53.87 | |
| Dell | 1.1 | $97M | 6.6M | 14.63 | |
| Fidelity National Financial | 1.0 | $91M | 5.7M | 15.93 | |
| Fortune Brands (FBIN) | 0.9 | $82M | 4.8M | 17.03 | |
| Avnet (AVT) | 0.9 | $80M | 2.6M | 31.09 | |
| Ace Limited Cmn | 0.7 | $65M | 930k | 70.12 | |
| Mohawk Industries (MHK) | 0.7 | $60M | 997k | 59.85 | |
| Hospitality Properties Trust | 0.6 | $54M | 2.3M | 22.98 | |
| Huntington Ingalls Inds (HII) | 0.6 | $53M | 1.7M | 31.28 | |
| Con-way | 0.5 | $47M | 1.6M | 29.16 | |
| Jarden Corporation | 0.5 | $47M | 1.6M | 29.88 | |
| Curtiss-Wright (CW) | 0.5 | $46M | 1.3M | 35.33 | |
| Brady Corporation (BRC) | 0.5 | $44M | 1.4M | 31.57 | |
| Harte-Hanks | 0.5 | $41M | 4.5M | 9.09 | |
| Primerica (PRI) | 0.4 | $40M | 1.7M | 23.24 | |
| Ingram Micro | 0.4 | $39M | 2.1M | 18.19 | |
| Diodes Incorporated (DIOD) | 0.4 | $36M | 1.7M | 21.30 | |
| Aetna | 0.3 | $32M | 768k | 42.19 | |
| Webster Financial Corporation (WBS) | 0.3 | $29M | 1.4M | 20.39 | |
| Skechers USA (SKX) | 0.3 | $30M | 2.5M | 12.12 | |
| Valassis Communications | 0.3 | $29M | 1.5M | 19.23 | |
| Edison International (EIX) | 0.3 | $28M | 678k | 41.40 | |
| ARGO GROUP INTERNATIONAL Holdi Com Stk | 0.3 | $28M | 974k | 28.96 | |
| National Penn Bancshares | 0.3 | $29M | 3.4M | 8.44 | |
| Bbcn Ban | 0.3 | $29M | 3.0M | 9.45 | |
| Griffon Corporation (GFF) | 0.3 | $27M | 3.0M | 9.13 | |
| DiamondRock Hospitality Company (DRH) | 0.3 | $27M | 2.8M | 9.64 | |
| Jones Group | 0.3 | $27M | 2.6M | 10.55 | |
| TCF Financial Corporation | 0.3 | $25M | 2.5M | 10.32 | |
| Tech Data Corporation | 0.3 | $26M | 516k | 49.41 | |
| Mi Devs Inc cl a sub vtg | 0.2 | $23M | 725k | 31.98 | |
| American Equity Investment Life Holding (AEL) | 0.2 | $23M | 2.2M | 10.40 | |
| Arthur J. Gallagher & Co. (AJG) | 0.2 | $22M | 647k | 33.44 | |
| CIRCOR International | 0.2 | $22M | 613k | 35.31 | |
| Rent-A-Center (UPBD) | 0.2 | $21M | 567k | 37.00 | |
| Aeropostale | 0.2 | $21M | 1.4M | 15.25 | |
| First American Financial (FAF) | 0.2 | $21M | 1.6M | 12.67 | |
| PHH Corporation | 0.2 | $19M | 1.8M | 10.70 | |
| VCA Antech | 0.2 | $18M | 930k | 19.75 | |
| Harsco Corporation (NVRI) | 0.2 | $17M | 820k | 20.58 | |
| UniFirst Corporation (UNF) | 0.2 | $17M | 292k | 56.74 | |
| Protective Life | 0.2 | $15M | 680k | 22.56 | |
| Portland General Electric Company (POR) | 0.2 | $15M | 587k | 25.29 | |
| Wells Fargo & Company (WFC) | 0.2 | $15M | 526k | 27.56 | |
| Interline Brands | 0.2 | $15M | 932k | 15.57 | |
| JAKKS Pacific | 0.1 | $14M | 971k | 14.11 | |
| American Reprographics Company | 0.1 | $14M | 3.0M | 4.59 | |
| CNO Financial (CNO) | 0.1 | $14M | 2.2M | 6.31 | |
| Tutor Perini Corporation (TPC) | 0.1 | $13M | 1.1M | 12.34 | |
| WSFS Financial Corporation (WSFS) | 0.1 | $13M | 348k | 35.96 | |
| INC Sealy Corp | 0.1 | $13M | 221k | 56.75 | |
| Pike Electric Corporation | 0.1 | $11M | 1.6M | 7.19 | |
| Aspen Insurance Holdings | 0.1 | $11M | 413k | 26.50 | |
| Mueller Water Products (MWA) | 0.1 | $11M | 4.4M | 2.44 | |
| Delphi Financial | 0.1 | $10M | 225k | 44.30 | |
| PNM Resources (PNM) | 0.1 | $9.8M | 540k | 18.23 | |
| MTS Systems Corporation | 0.1 | $8.3M | 205k | 40.75 | |
| Sealy Corporation | 0.1 | $8.3M | 4.8M | 1.72 | |
| Spirit AeroSystems Holdings (SPR) | 0.1 | $8.4M | 406k | 20.78 | |
| Global Indemnity | 0.1 | $8.7M | 436k | 19.83 | |
| EnerSys (ENS) | 0.1 | $7.0M | 270k | 25.97 | |
| Validus Holdings | 0.1 | $7.8M | 247k | 31.50 | |
| Comerica Incorporated (CMA) | 0.1 | $6.3M | 243k | 25.80 | |
| Fifth Third Ban (FITB) | 0.1 | $6.0M | 475k | 12.72 | |
| Torchmark Corporation | 0.1 | $5.8M | 133k | 43.39 | |
| Key (KEY) | 0.1 | $5.9M | 762k | 7.69 | |
| Regions Financial Corporation (RF) | 0.0 | $3.7M | 870k | 4.30 | |
| Johnson & Johnson (JNJ) | 0.0 | $3.1M | 47k | 65.58 | |
| Thor Industries (THO) | 0.0 | $2.6M | 95k | 27.43 | |
| Viad (VVI) | 0.0 | $2.3M | 132k | 17.48 | |
| Altra Holdings | 0.0 | $2.6M | 140k | 18.83 | |
| Adpt | 0.0 | $2.8M | 116k | 24.00 | |
| Taiwan Semiconductor Mfg (TSM) | 0.0 | $2.2M | 169k | 12.91 | |
| SK Tele | 0.0 | $985k | 72k | 13.61 | |
| Hartford Financial Services (HIG) | 0.0 | $1.0M | 63k | 16.25 | |
| Popular | 0.0 | $589k | 424k | 1.39 | |
| Advanced Semiconductor Engineering | 0.0 | $1.1M | 256k | 4.34 | |
| CONMED Corporation (CNMD) | 0.0 | $1.3M | 49k | 25.67 | |
| Federal National Mortgage Association (FNMA) | 0.0 | $5.9k | 29k | 0.20 | |
| Federal Home Loan Mortgage (FMCC) | 0.0 | $9.8k | 49k | 0.20 |
