------ ------------- --------------------- as of March 31, 2012
Portfolio Holdings for ------ ------------- ---------------------
------ ------------- --------------------- holds 116 positions in its portfolio as reported in the March 2012 quarterly 13F filing
| Company (Ticker) | Portfolio Weight | Valued At | Change in Shares | Share Count | Share Price |
|---|---|---|---|---|---|
| Hewlett-Packard Company | 5.2 | $507M | 21M | 23.83 | |
| Staples | 4.7 | $455M | 28M | 16.18 | |
| Allstate Corporation (ALL) | 3.9 | $376M | 11M | 32.92 | |
| Northrop Grumman Corporation (NOC) | 3.5 | $337M | 5.5M | 61.08 | |
| Omni (OMC) | 3.4 | $326M | 6.4M | 50.65 | |
| Te Connectivity Ltd for | 3.3 | $320M | 8.7M | 36.75 | |
| Microsoft Corporation (MSFT) | 3.1 | $299M | 9.3M | 32.25 | |
| Abbott Laboratories (ABT) | 2.9 | $279M | 4.5M | 61.29 | |
| PPG Industries (PPG) | 2.8 | $274M | 2.9M | 95.80 | |
| Molson Coors Brewing Company (TAP) | 2.8 | $269M | 6.0M | 45.25 | |
| Citigroup (C) | 2.7 | $260M | 7.1M | 36.55 | |
| American International (AIG) | 2.6 | $257M | 8.3M | 30.83 | |
| Exxon Mobil Corporation (XOM) | 2.5 | $246M | 2.8M | 86.73 | |
| Royal Dutch Shell | 2.5 | $238M | 3.4M | 70.13 | |
| Entergy Corporation (ETR) | 2.4 | $236M | 3.5M | 67.20 | |
| State Street Corporation (STT) | 2.4 | $231M | 5.1M | 45.50 | |
| BP (BP) | 2.2 | $211M | 4.7M | 45.00 | |
| Ca | 2.2 | $211M | 7.7M | 27.56 | |
| L-3 Communications Holdings | 2.0 | $197M | 2.8M | 70.77 | |
| JPMorgan Chase & Co. (JPM) | 2.0 | $192M | 4.2M | 45.98 | |
| Computer Sciences Corporation | 1.8 | $178M | 5.9M | 29.94 | |
| Bank of America Corporation (BAC) | 1.8 | $176M | 18M | 9.57 | |
| Masco Corporation (MAS) | 1.7 | $166M | 12M | 13.37 | |
| Avon Products | 1.6 | $159M | 8.2M | 19.36 | |
| Axis Capital Holdings (AXS) | 1.6 | $153M | 4.6M | 33.17 | |
| Franklin Resources (BEN) | 1.6 | $151M | 1.2M | 124.03 | |
| Ubs Ag Cmn | 1.5 | $148M | 11M | 14.02 | |
| PNC Financial Services (PNC) | 1.5 | $144M | 2.2M | 64.49 | |
| Goldman Sachs (GS) | 1.4 | $139M | 1.1M | 124.37 | |
| Renaissance Re Holdings Ltd Cmn (RNR) | 1.4 | $136M | 1.8M | 75.73 | |
| MetLife (MET) | 1.4 | $134M | 3.6M | 37.35 | |
| Invesco (IVZ) | 1.3 | $127M | 4.8M | 26.67 | |
| Fortune Brands (FBIN) | 1.3 | $122M | 5.5M | 22.07 | |
| Dell | 1.2 | $117M | 7.0M | 16.60 | |
| Apollo | 1.2 | $112M | 2.9M | 38.64 | |
| Morgan Stanley (MS) | 1.1 | $110M | 5.6M | 19.64 | |
| Fidelity National Financial | 1.0 | $94M | 5.2M | 18.03 | |
| Avnet (AVT) | 0.8 | $73M | 2.0M | 36.39 | |
| Huntington Ingalls Inds (HII) | 0.7 | $65M | 1.6M | 40.24 | |
| Hospitality Properties Trust | 0.6 | $55M | 2.1M | 26.47 | |
| Con-way | 0.6 | $53M | 1.6M | 32.61 | |
| Jarden Corporation | 0.5 | $50M | 1.2M | 40.23 | |
| Ingram Micro | 0.5 | $46M | 2.5M | 18.56 | |
| Brady Corporation (BRC) | 0.5 | $46M | 1.4M | 32.35 | |
| Primerica (PRI) | 0.5 | $44M | 1.7M | 25.21 | |
| Mohawk Industries (MHK) | 0.4 | $43M | 643k | 66.51 | |
| Harte-Hanks | 0.4 | $41M | 4.5M | 9.05 | |
| Diodes Incorporated (DIOD) | 0.4 | $38M | 1.7M | 23.18 | |
| Owens Corning (OC) | 0.4 | $38M | 1.1M | 36.03 | |
| Curtiss-Wright (CW) | 0.4 | $37M | 999k | 37.01 | |
| Valassis Communications | 0.4 | $37M | 1.6M | 23.00 | |
| Bbcn Ban | 0.3 | $33M | 2.9M | 11.13 | |
| Webster Financial Corporation (WBS) | 0.3 | $32M | 1.4M | 22.67 | |
| Jones Group | 0.3 | $32M | 2.6M | 12.56 | |
| Griffon Corporation (GFF) | 0.3 | $31M | 2.9M | 10.70 | |
| Skechers USA | 0.3 | $31M | 2.5M | 12.72 | |
| Aeropostale | 0.3 | $30M | 1.4M | 21.62 | |
| National Penn Bancshares | 0.3 | $30M | 3.4M | 8.85 | |
| TCF Financial Corporation | 0.3 | $29M | 2.4M | 11.89 | |
| ARGO GROUP INTERNATIONAL Holdi Com Stk | 0.3 | $29M | 967k | 29.87 | |
| PHH Corporation | 0.3 | $28M | 1.8M | 15.47 | |
| American Equity Investment Life Holding | 0.3 | $28M | 2.2M | 12.77 | |
| DiamondRock Hospitality Company (DRH) | 0.3 | $28M | 2.7M | 10.29 | |
| First American Financial (FAF) | 0.3 | $27M | 1.6M | 16.63 | |
| Interline Brands | 0.2 | $24M | 1.1M | 21.61 | |
| Protective Life | 0.2 | $24M | 802k | 29.62 | |
| Harsco Corporation (NVRI) | 0.2 | $23M | 972k | 23.46 | |
| Tech Data Corporation | 0.2 | $22M | 403k | 54.26 | |
| Arthur J. Gallagher & Co. (AJG) | 0.2 | $21M | 598k | 35.74 | |
| VCA Antech | 0.2 | $22M | 935k | 23.21 | |
| Rent-A-Center (UPBD) | 0.2 | $21M | 549k | 37.75 | |
| Tutor Perini Corporation (TPC) | 0.2 | $20M | 1.3M | 15.58 | |
| CIRCOR International | 0.2 | $20M | 613k | 33.27 | |
| Actuant Corporation | 0.2 | $20M | 693k | 28.99 | |
| Wells Fargo & Company (WFC) | 0.2 | $18M | 527k | 34.14 | |
| EnerSys (ENS) | 0.2 | $19M | 533k | 34.65 | |
| JAKKS Pacific | 0.2 | $17M | 975k | 17.45 | |
| CNO Financial (CNO) | 0.2 | $17M | 2.2M | 7.78 | |
| Thor Industries (THO) | 0.2 | $17M | 534k | 31.56 | |
| American Reprographics Company | 0.2 | $16M | 3.0M | 5.39 | |
| Mueller Water Products (MWA) | 0.1 | $15M | 4.4M | 3.33 | |
| Mi Devs Inc cl a sub vtg | 0.1 | $15M | 425k | 34.59 | |
| WSFS Financial Corporation (WSFS) | 0.1 | $14M | 350k | 41.00 | |
| Pike Electric Corporation | 0.1 | $13M | 1.6M | 8.23 | |
| Aspen Insurance Holdings | 0.1 | $13M | 480k | 27.94 | |
| INC Sealy Corp | 0.1 | $13M | 197k | 64.00 | |
| Sherwin-Williams Company (SHW) | 0.1 | $12M | 109k | 108.67 | |
| Becton, Dickinson and (BDX) | 0.1 | $11M | 136k | 77.65 | |
| UniFirst Corporation (UNF) | 0.1 | $11M | 174k | 61.55 | |
| Spirit AeroSystems Holdings (SPR) | 0.1 | $10M | 414k | 24.46 | |
| Comerica Incorporated (CMA) | 0.1 | $8.8M | 271k | 32.36 | |
| Key (KEY) | 0.1 | $9.0M | 1.1M | 8.50 | |
| PNM Resources (TXNM) | 0.1 | $8.4M | 460k | 18.30 | |
| Sealy Corporation | 0.1 | $8.9M | 4.4M | 2.02 | |
| Portland General Electric Company (POR) | 0.1 | $8.2M | 327k | 24.98 | |
| Global Indemnity | 0.1 | $8.2M | 420k | 19.49 | |
| Torchmark Corporation | 0.1 | $7.0M | 140k | 49.85 | |
| Fifth Third Ban (FITB) | 0.1 | $7.1M | 502k | 14.05 | |
| Regions Financial Corporation (RF) | 0.1 | $6.0M | 906k | 6.59 | |
| Validus Holdings | 0.1 | $6.0M | 194k | 30.95 | |
| Taiwan Semiconductor Mfg (TSM) | 0.0 | $2.6M | 171k | 15.28 | |
| Altra Holdings | 0.0 | $2.6M | 134k | 19.20 | |
| Adpt | 0.0 | $3.2M | 115k | 28.00 | |
| SK Tele | 0.0 | $1.9M | 137k | 13.91 | |
| Hartford Financial Services (HIG) | 0.0 | $1.1M | 50k | 21.08 | |
| Popular | 0.0 | $1.4M | 669k | 2.05 | |
| Ace Limited Cmn | 0.0 | $880k | 12k | 73.17 | |
| Advanced Semiconductor Engineering | 0.0 | $1.3M | 248k | 5.13 | |
| OfficeMax Incorporated | 0.0 | $853k | 149k | 5.72 | |
| Johnson & Johnson (JNJ) | 0.0 | $381k | 5.8k | 65.95 | |
| J.C. Penney Company | 0.0 | $213k | 6.0k | 35.50 | |
| Federal National Mortgage Association (FNMA) | 0.0 | $9.1k | 29k | 0.31 | |
| Federal Home Loan Mortgage (FMCC) | 0.0 | $15k | 49k | 0.31 | |
| Forest Laboratories | 0.0 | $116k | 3.4k | 34.60 | |
| Edison International (EIX) | 0.0 | $419k | 9.9k | 42.54 | |
| Eni S.p.A. (E) | 0.0 | $382k | 8.2k | 46.87 |
