13F-HR 1 form13f.txt PZENA INVESTMENT MANAGEMENT 13F-HR 12-31-2009 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: 12/31/2009 Check here if Amendment []; Amendment Number: ------- This Amendment (Check only one.): [] is a restatement. [] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: PZENA INVESTMENT MANAGEMENT, LLC Address: 120 West 45th Street, 20th Floor New York, NY 10036 Form 13F File Number: 28-03791 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Persons Signing this Report on Behalf of Reporting Manager: Name: Joan Berger Title: General Counsel & Chief Compliance Officer Phone: (212) 355-1600 Signature, Place, and Date of Signing: /s/ Joan Berger New York, New York 2/12/2010 --------------------------------- --------------------------------- ---------- [Signature] [City, State] [Date] Report Type (Check only one): [ ] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) [ ] 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) [X] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) List of Other Managers Reporting for this Manager: Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 2 Form 13F Information Table Entry Total: 128 Form 13F Information Table Value Total: $ 10,551,957 -------------- (In Thousands) List of Other Included Managers: Provide a numbered list of the name(s) and 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report. No. Form 13F File Number Name 028-01190 Frank Russell Company ---- -------------------- ---------------------------------------------------- 028-12230 ALPS Advisers, Inc. (1) ---- -------------------- ---------------------------------------------------- NAME OF REPORTING MANAGER: PZENA INVESTMENT MANAGEMENT, LLC

---------------------------------------------------------------------------------------------------------------------------------- ITEM ITEM ITEM ITEM ITEM ITEM ITEM ITEM 1 2: 3 4: 5: 6: 7: 8: ----------- ----- --------- ------- ---------- --------------------------------- -------- -------------------------------- INVESTMENT DISCRETION VOTING AUTHORITY (SHARES) --------------------------------- -------------------------------- B) SHARED SHARES AS NAME TITLE FAIR OF DEFINED C) MANAGERS OF OF CUSIP MARKET PRINCIPAL A) IN SHARED SEE A) B) C) ISSUER CLASS NUMBER VALUE AMOUNT SOLE INST. V OTHER INSTR. V SOLE SHARED NONE ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- ABERCROMBIE & FITCH CO COM 2896207 255 7,316 7,316 0 0 7,316 0 0 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- ACCENTURE PLC COM G1151C101 3,241 78,101 78,101 0 0 71,501 0 6,600 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- ADAPTEC INC COM 00651F108 7,207 2,151,205 2,151,205 0 0 1,627,980 0 523,225 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- AETNA INC COM 00817Y108 270,416 8,530,459 8,375,634 0 154,825 1 7,303,109 0 1,227,350 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- ALCATEL- LUCENT COM 13904305 181,868 54,779,564 53,555,931 0 1,223,633 1 47,302,525 0 7,477,039 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- ALLSTATE CORP COM 20002101 337,881 11,247,710 11,021,685 0 226,025 1 9,700,557 0 1,547,153 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- AMDOCS LTD COM G02602103 6,522 228,612 228,612 0 0 180,462 0 48,150 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- AMER NATL INS COM 28591105 7,305 61,161 61,161 0 0 44,161 0 17,000 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- AMERICAN EQUITY INVT LIFE COM 25676206 24,110 3,240,646 3,240,646 0 0 2,496,360 0 744,286 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- AMERISOURCE- BERGEN CORP COM 3.07E+108 724 27,755 27,755 0 0 27,755 0 0 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- APACHE CORP COM 37411105 179,791 1,742,672 1,701,947 0 40,725 1 1,468,422 0 274,250 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- ARGO GROUP INTER- NATIONAL COM G0464B107 16,245 557,496 557,496 0 0 420,921 0 136,575 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- ARMSTRONG WORLD INDUSTRIES COM 04247X102 15,145 389,034 389,034 0 0 297,584 0 91,450 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- ARTHUR J GALLAGHER & CO. COM 363576109 8,960 398,025 398,025 0 0 318,850 0 79,175 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- ATC TECHNOLOGY CORP COM 00211W104 14,960 627,265 627,265 0 0 493,115 0 134,150 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- AVNET INC COM 53807103 68,378 2,267,183 2,267,183 0 0 1,711,533 0 555,650 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- AVON PRODUCTS INC. COM 54303102 182,247 5,785,609 5,678,234 0 107,375 1 4,994,153 0 791,456 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- AXIS CAPITAL HOLDINGS LTD COM G0692U109 159,194 5,603,447 5,442,172 0 161,275 1 4,904,149 0 699,298 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- BANK OF AMERICA CORP COM 60505104 213,632 14,185,406 13,905,906 0 279,500 1 12,281,761 0 1,903,645 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- BANK OF AMERIC CORP Conv. PREF CONV Pref. 60505419 1,344 90,050 90,050 0 0 90,050 0 0 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- BJ SERVICES COM 55482103 217,494 11,693,202 11,480,052 0 213,150 1 10,171,202 0 1,522,000 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- BLACK & DECKER COM 91797100 49,024 756,198 756,198 0 0 589,673 0 166,525 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- BLOUNT INTER- NATIONAL COM 95180105 12,758 1,263,128 1,263,128 0 0 985,028 0 278,100 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- BOEING COMPANY COM 97023105 343,562 6,346,975 6,222,950 0 124,025 1 5,538,050 0 808,925 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- BP PLC COM 55622104 133,954 2,310,746 2,228,117 0 82,629 1 2,133,542 0 177,204 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- BRADY CORP CL A COM 104674106 24,625 820,574 820,574 0 0 651,999 0 168,575 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- CA INC. COM 12673P105 293,578 13,071,162 12,814,412 0 256,750 1 11,239,492 0 1,831,670 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- CAPITAL COM 14040H105 191,142 4,985,445 4,893,320 0 92,125 1 4,325,004 0 660,441 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- ONE FINL CORP ------------ CARDINAL HEALTH COM 14149Y108 186,675 5,790,183 5,680,558 0 109,625 1 4,971,583 0 818,600 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- CAREFUSION CORP COM 14170T101 11,395 455,598 455,598 0 0 353,737 0 101,862 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- CARLISLE COS INC COM 142339100 4,174 121,820 121,820 0 0 99,270 0 22,550 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- CHARLES RIVER LABORA- TORIES COM 159864107 21,638 642,262 642,262 0 0 470,061 0 172,201 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- CHEMICAL FINANCIAL CORP COM 163731102 15,541 659,074 659,074 0 0 514,661 0 144,413 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- CIBER INC. COM 17163B102 11,760 3,408,656 3,408,656 0 0 2,755,681 0 652,975 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- CITIGROUP INC COM 172967101 216,328 65,356,009 64,200,441 0 1,155,568 1 56,775,184 0 8,580,825 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- COMERICA INC COM 200340107 193,882 6,556,716 6,409,216 0 147,500 1 5,524,791 0 1,031,925 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- CONMED CORP. COM 207410101 10,282 450,985 450,985 0 0 336,735 0 114,250 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- CONSECO INC COM 208464883 11,382 2,276,433 2,276,433 0 0 1,773,758 0 502,675 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- COOPER INDUSTRIES PLC COM G24140108 17,419 408,524 408,524 0 0 346,924 0 61,600 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- DELL INC COM 24702R101 162,587 11,322,183 11,067,258 0 254,925 1 9,519,768 0 1,802,415 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- DELPHI FINL GRP COM 247131105 26,674 1,192,383 1,192,383 0 0 936,254 0 256,129 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- DIAMOND- ROCK HOSP- ITALITY CO. COM 252784301 22,448 2,650,276 2,650,276 0 0 2,045,673 0 604,603 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- DIODES INC. COM 254543101 7,214 352,739 352,739 0 0 247,589 0 105,150 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- DRESS BARN INC. COM 261570105 8,057 348,793 348,793 0 0 262,917 0 85,876 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- DREW INDUSTRIES INC COM 26168L205 7,161 346,765 346,765 0 0 253,706 0 93,059 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- EDISON INTER- NATIONAL COM 281020107 141,180 4,059,229 3,953,504 0 105,725 1 3,505,729 0 553,500 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- EXXON MOBIL CORP COM 30231G102 267,712 3,925,966 3,856,866 0 69,100 1 3,329,241 0 596,725 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- FANNIE MAE COM 313586109 282 239,250 239,250 0 0 239,250 0 0 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- FBL FINANCIAL GROUP INC. COM 30239F106 10,710 578,284 578,284 0 0 456,359 0 121,925 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- FIDELITY NATIONAL FINANCIAL INC. COM 31620R105 93,874 6,974,297 6,773,347 0 200,950 1 6,046,545 0 927,752 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- FIFTH THIRD BANCORP COM 316773100 7,054 723,450 723,450 0 0 621,150 0 102,300 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- FIRST AMERICAN CORP COM 318522307 5,031 151,940 151,940 0 0 101,625 0 50,315 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- FIRST HORIZON NATIONAL CORP COM 320517105 2,620 195,516 195,516 0 0 182,185 0 13,332 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- FREDDIE MAC COM 313400301 552 375,550 375,550 0 0 375,550 0 0 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- GILDAN ACTIVEWEAR INC COM 375916103 35,252 1,445,950 1,445,950 0 0 1,109,300 0 336,650 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- GRACO INC COM 384109104 22,002 770,100 770,100 0 0 622,825 0 147,275 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- GRIFFON CORPO- RATION COM 398433102 24,877 2,035,755 2,035,755 0 0 1,525,707 0 510,048 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- HARMAN INTL COM 413086109 9,269 262,725 262,725 0 0 205,775 0 56,950 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- HARTE- HANKS, INC. COM 416196103 30,695 2,847,371 2,847,371 0 0 2,198,546 0 648,825 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- HEARTLAND PAYMENT SYSTEMS, INC. COM 42235N108 6,979 531,535 531,535 0 0 404,824 0 126,711 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- HOME DEPOT INC COM 437076102 109,419 3,782,182 3,705,582 0 76,600 1 3,163,407 0 618,775 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- HORIZON LINES INC COM 44044K101 3,100 556,475 556,475 0 0 420,000 0 136,475 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- HOSPI- TALITY PROPE- RTIES TRUST COM 44106M102 5,876 247,827 247,827 0 0 160,746 0 87,081 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- HSBC HOLDINGS PLC COM 404280406 371 6,507 6,507 0 0 6,507 0 0 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- IMMUCOR INC. COM 452526106 7,834 387,040 387,040 0 0 287,490 0 99,550 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- IMS HEALTH INCORPO- RATED COM 449934108 33,776 1,603,820 1,603,820 0 0 1,176,974 0 426,846 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- INSIGHT ENTER- PRISES INC. COM 45765U103 9,807 858,758 858,758 0 0 664,208 0 194,550 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- J.C. PENNEY CO. INC. COM 708160106 326,715 12,277,907 12,047,707 0 230,200 1 10,634,078 0 1,643,829 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- JOHNSON & JOHNSON COM 478160104 148,630 2,307,561 2,259,186 0 48,375 1 1,979,636 0 327,925 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- JONES APPAREL GROUP INC COM 480074103 20,667 1,286,888 1,286,888 0 0 993,938 0 292,950 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- JP MORGAN CHASE & CO COM 46625H100 153,287 3,678,588 3,591,113 0 87,475 1 3,094,138 0 584,450 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- KELLY SERVICES INC COM 488152208 11,539 967,287 967,287 0 0 727,426 0 239,861 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- KOREA ELEC POWER CORP - COM 500631106 3,634 249,925 249,925 0 0 249,925 0 0 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- KRAFT FOODS INC COM 50075N104 185,050 6,808,324 6,675,174 0 133,150 1 5,782,099 0 1,026,225 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- L-3 COMMUN- ICATIONS COM 502424104 252,142 2,899,850 2,842,825 0 57,025 1 2,475,783 0 424,067 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- LAM RESEARCH CORP COM 512807108 91,194 2,325,781 2,256,081 0 69,700 1 1,848,981 0 476,800 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- LOWES COS INC COM 548661107 68,104 2,911,651 2,911,651 0 0 2,559,301 0 352,350 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- MI DEVELO- PMENTS INC. COM 55304X104 13,404 1,091,526 1,091,526 0 0 891,651 0 199,875 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- MAGNA INTL INC. COM 559222401 298,222 5,896,055 5,782,055 0 114,000 1 5,043,780 0 852,275 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- MATTEL INC COM 577081102 8,556 428,248 428,248 0 0 324,284 0 103,964 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- MEDNAX INC. COM 58502B106 24,314 404,498 404,498 0 0 322,323 0 82,175 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- METLIFE INC COM 59156R108 133,378 3,773,063 3,694,088 0 78,975 1 3,170,588 0 602,475 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- MICROSOFT CORP COM 594918104 230,364 7,555,396 7,429,621 0 125,775 1 6,573,756 0 981,640 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- MITSUBISHI UFJ FINL GRP COM 606822104 774 157,350 157,350 0 0 157,350 0 0 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- MORGAN STANLEY COM 617446448 164,066 5,542,756 5,419,581 0 123,175 1 4,696,258 0 846,498 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- MOTOROLA INC. COM 620076109 96,526 12,438,968 12,226,193 0 212,775 1 10,830,436 0 1,608,532 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- MTS SYSTEMS CORP COM 553777103 14,085 490,082 490,082 0 0 375,054 0 115,028 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- NARA BANCORP INC COM 63080P105 31,145 2,746,493 2,746,493 0 0 2,113,335 0 633,158 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- NATIONAL PENN BANC- SHARES INC COM 637138108 8,672 1,497,675 1,497,675 0 0 1,162,350 0 335,325 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- NORTHROP GRUMMAN CORP COM 666807102 411,225 7,363,019 7,211,594 0 151,425 1 6,435,968 0 927,051 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- OMNICOM GROUP COM 681919106 324,149 8,279,677 8,119,752 0 159,925 1 7,112,127 0 1,167,550 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- PHH CORP COM 693320202 20,751 1,288,100 1,288,100 0 0 989,450 0 298,650 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- PIKE ELECTRIC CORPO- RATION COM 721283109 9,959 1,073,209 1,073,209 0 0 834,409 0 238,800 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- PLANTR- ONICS, INC. COM 727493108 18,244 702,226 702,226 0 0 533,701 0 168,525 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- PNC FINANCIAL SERVICES COM 693475105 215,659 4,085,222 4,014,606 0 70,616 1 3,548,264 0 536,958 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- PNM RESOURCES COM 69349H107 30,735 2,429,655 2,429,655 0 0 1,899,830 0 529,825 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- INC ------------ POPULAR INC. COM 733174106 9,302 4,115,811 4,115,811 0 0 3,125,718 0 990,093 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- PORTLAND GENERAL ELECTRIC CO COM 736508847 58,426 2,862,630 2,862,630 0 0 2,179,661 0 682,969 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- PROTECTIVE LIFE CORP COM 743674103 8,102 489,525 489,525 0 0 412,975 0 76,550 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- REGIS CORP COM 758932107 18,472 1,186,383 1,186,383 0 0 945,933 0 240,450 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- RENAIS- SANCE RE HLDGS LTD COM G7496G103 93,541 1,759,936 1,759,936 0 0 1,486,781 0 273,155 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- RENT A CENTER INC COM 76009N100 16,397 925,343 925,343 0 0 734,443 0 190,900 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- SARA LEE CORP COM 803111103 31,813 2,611,886 2,548,390 0 63,496 1 2,342,803 0 269,083 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- SEALY CORPO- RATION COM 812139301 9,062 2,867,665 2,867,665 0 0 1,570,376 0 1,297,289 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- SEMPRA ENERGY COM 816851109 264,468 4,724,322 4,643,072 0 81,250 1 4,069,267 0 655,055 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- SHERWIN WILLIAMS CO COM 824348106 109,060 1,769,015 1,727,340 0 41,675 1 1,446,540 0 322,475 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- SKECHERS USA INC. COM 830566105 28,017 952,641 952,641 0 0 748,841 0 203,800 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- SPHERION CORPO- RATION COM 848420105 7,886 1,403,115 1,403,115 0 0 1,114,532 0 288,583 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- SPIRIT AEROSYSTEMS HOLDINGS I COM 848574109 9,805 493,705 493,705 0 0 421,105 0 72,600 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- STATE STREET CORP COM 857477103 164,881 3,786,888 3,705,388 0 81,500 1 3,139,838 0 647,050 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- TECH DATA CORP COM 878237106 17,531 375,725 375,725 0 0 289,513 0 86,212 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- THE HARTFORD FINANCIAL SERVICES GROUP INC COM 416515104 93,509 4,020,144 3,933,644 0 86,500 1 3,345,769 0 674,375 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- TIMBERLAND CO COM 887100105 7,761 432,850 432,850 0 0 337,050 0 95,800 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- TORCHMARK CORP COM 891027104 262,314 5,968,466 5,838,141 0 130,325 1 5,051,689 0 916,777 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- TREX COMPANY COM 89531P105 12,767 651,364 651,364 0 0 504,514 0 146,850 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- TYCO ELECT- RONICS LTD COM H8912P106 362,922 14,782,960 14,529,085 0 253,875 1 12,870,460 0 1,912,500 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- TYCO INTL LTD COM H89128104 8,792 246,401 246,401 0 0 220,672 0 25,729 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- UBS AG COM H89231338 219,952 14,181,282 13,837,182 0 344,100 1 11,828,332 0 2,352,950 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- UNITED AMERICA INDEMNITY - A COM 90933T109 25,441 3,212,277 3,212,277 0 0 2,607,374 0 604,903 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- UNIVERSAL CORP COM 913456109 9,398 206,056 206,056 0 0 170,381 0 35,675 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- VALERO ENERGY COM 91913Y100 118,391 7,068,105 6,975,630 0 92,475 1 6,190,980 0 877,125 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- VALIDUS HOLDINGS LTD COM G9319H102 21,102 783,288 783,288 0 0 608,707 0 174,581 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- VIAD CORP NEW COM 92552R406 17,018 824,911 824,911 0 0 652,834 0 172,077 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- WEBSTER FINANCIAL CORP. COM 947890109 15,515 1,307,050 1,307,050 0 0 1,017,675 0 289,375 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- WELLPOINT INC. COM 94973V107 1,275 21,871 21,871 0 0 21,871 0 0 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- WHIRLPOOL CORP COM 963320106 218,415 2,707,849 2,658,724 0 49,125 1 2,324,240 0 383,609 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- ZIMMER HOLDINGS INC COM 98956P102 242,550 4,103,374 4,025,949 0 77,425 1 3,522,449 0 580,925 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ---------- ZORANCORP COM 98975F101 24,431 2,210,951 2,210,951 0 0 1,699,557 0 511,394 ------------ ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------