13F-HR 1 form13fhr.txt PZENA INVESTMENT MANAGEMENT 13FHR 9-30-2009 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: September 30, 2009 PZENA INVESTMENT MANAGEMENT, LLC ________________________________________________________________________________ Name of Institutional Investment Manager 120 West 45th Street, 20th Floor NY NY 10036 ________________________________________________________________________________ Business Address (Street) (City) (State) (Zip) 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, and that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, and tables are considered integral parts of this form. Name, Title and Telephone Number of Person Submitting Report: Joan Berger General Counsel & Chief Compliance Officer (212)355-1600 ________________________________________________________________________________ Name (Title ) (Phone) Signature, Place and Date of Signing: /s/ Joan Berger ________________________ Joan Berger, General Counsel & Chief Compliance Officer Pzena Investment Management, LLC 120 West 45th Street, 20th Floor New York, New York 10036 11/13/09 Report Type: [ ] 13F HOLDINGS REPORT [ ] 13F NOTICE [X] 13F COMBINATION REPORT FORM 13F SUMMARY PAGE Number of Other Included Managers: Two (2) Form 13F Information Table Entry Total: 130 Form 13F Information Table Value Total: $10,445,705,000 List of Other Included Managers: Name and 13F file numbers of ALL Institutional Investment Managers with respect to which this schedule is filed (other than the one filing this report): (List in alphabetical order). 13F File No.: 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 MMANAGERS NAME TITLE FAIR OF DEFINED C) SEE OF OF CUSIP MARKET PRINCIPAL A) IN SHARED INSTR. A) B) C) ISSUER CLASS NUMBER VALUE AMOUNT SOLE INST. V OTHER V SOLE SHARED NONE ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- ABERCROMBIE & FITCH CO- COM 002896207 1,933 587,795 587,795 0 0 449,195 0 138,600 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- ACCENTURE PLC COM G1151C101 10,697 287,012 283,637 0 3,375 1 267,962 0 19,050 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- ADAPTEC INC COM 00651F108 7,208 2,158,200 2,158,200 0 0 1,640,750 0 517,450 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- AETNA INC COM 00817Y108 279,375 10,038,627 9,851,852 0 186,775 1 8,670,777 0 1,367,850 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- AFFILIATED COMPUTER SVCS IN COM 008190100 18,404 339,752 339,752 0 0 266,189 0 73,563 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- ALCATEL- LUCENT COM 013904305 284,272 63,312,179 61,948,746 0 1,363,433 1 54,993,902 0 8,318,277 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- ALLSTATE CORP COM 020002101 348,937 11,395,726 11,169,701 0 226,025 1 9,844,848 0 1,550,878 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- AMDOCS LTD COM G02602103 2,850 106,012 106,012 0 0 104,212 0 1,800 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- AMER NATL INS COM 028591105 5,354 62,836 62,836 0 0 45,836 0 17,000 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- AMERICAN EQUITY INVT LIFE COM 025676206 21,752 3,098,586 3,098,586 0 0 2,390,975 0 707,611 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- AMERISOURCE- BERGEN CORP COM 03073E105 82,536 3,687,921 3,589,645 0 98,276 1 3,205,645 0 482,276 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- APACHE CORP COM 037411105 178,135 1,939,838 1,899,113 0 40,725 1 1,656,638 0 283,200 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- ARGO GROUP INTER- NATIONAL COM G0464B107 18,695 555,082 555,082 0 0 418,507 0 136,575 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- ARMSTRONG WORLD INDUSTRIES COM 04247X102 21,076 611,609 611,609 0 0 492,309 0 119,300 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- ARTHUR J GALLAGHER & CO. COM 363576109 6,392 262,275 262,275 0 0 209,425 0 52,850 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- ATC TECHNOLOGY CORP COM 00211W104 12,499 632,565 632,565 0 0 500,215 0 132,350 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- AVNET INC COM 053807103 75,517 2,907,872 2,907,872 0 0 2,280,997 0 626,875 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- AVON PRODUCTS INC. COM 054303102 209,920 6,181,376 6,074,001 0 107,375 1 5,377,645 0 803,731 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- AXIS CAPITAL HOLDINGS LTD COM G0692U109 673 22,304 21,104 0 1,200 1 19,504 0 2,800 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- BANK OF AMERICA CORP COM 060505104 258,072 15,252,466 14,972,966 0 279,500 1 13,348,821 0 1,903,645 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- BJ SERVICES COM 055482103 252,584 12,999,703 12,786,553 0 213,150 1 11,401,128 0 1,598,575 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- BLACK & DECKER COM 091797100 49,448 1,068,224 1,068,224 0 0 876,999 0 191,225 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- BLOUNT INTER- NATIONAL COM 095180105 11,739 1,239,578 1,239,578 0 0 965,978 0 273,600 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- BOEING COMPANY COM 097023105 389,916 7,200,669 7,061,194 0 139,475 1 6,327,169 0 873,500 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- BP PLC COM 055622104 130,337 2,448,571 2,365,942 0 82,629 1 2,271,367 0 177,204 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- BRADY CORP CL A COM 104674106 20,537 715,073 715,073 0 0 575,923 0 139,150 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- CA INC. COM 12673P105 290,496 13,210,366 12,953,616 0 256,750 1 11,389,521 0 1,820,845 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- CAPITAL ONE FINL CORP COM 14040H105 199,325 5,578,639 5,486,514 0 92,125 1 4,899,348 0 679,291 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- CARDINAL HEALTH COM 14149Y108 25,114 9,370,937 9,184,937 0 186,000 1 8,165,937 0 1,205,000 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- CAREFUSION CORP COM 14170T101 101,261 4,644,994 4,551,994 0 93,000 1 4,042,497 0 602,497 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- CARLISLE COS INC COM 142339100 4,112 121,250 121,250 0 0 98,700 0 22,550 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- CHARLES RIVER LABORA- TORIES COM 159864107 36,970 999,722 999,722 0 0 753,246 0 246,476 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- CHEMICAL FINANCIAL CORP COM 163731102 13,933 639,413 639,413 0 0 496,479 0 142,934 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- CIBER INC. COM 17163B102 15,460 3,864,916 3,864,916 0 0 2,852,941 0 1,011,975 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- CITIGROUP INC COM 172967101 277,972 57,432,296 56,418,252 0 1,014,044 1 49,984,669 0 7,447,627 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- COLUMBIA BANKING SYSTEM INC. COM 197236102 1,411 85,241 85,241 0 0 58,416 0 26,825 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- COMERICA INC COM 200340107 199,268 6,716,153 6,568,653 0 147,500 1 5,691,578 0 1,024,575 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- CONMED CORP. COM 207410101 7,437 387,959 387,959 0 0 294,534 0 93,425 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- CONSECO INC COM 208464883 9,643 1,833,323 1,833,323 0 0 1,392,273 0 441,050 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- DELL INC COM 24702R101 176,260 11,550,475 11,295,550 0 254,925 1 9,757,235 0 1,793,240 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- DELPHI FINL GRP COM 247131105 26,727 1,181,058 1,181,058 0 0 932,279 0 248,779 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- DIAMONDROCK HOSPITALITY CO. COM 252784301 21,093 2,604,048 2,604,048 0 0 2,020,598 0 583,450 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- DIODES INC. COM 254543101 4,656 257,364 257,364 0 0 179,189 0 78,175 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- DRESS BARN INC. COM 261570105 6,393 356,543 356,543 0 0 270,667 0 85,876 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- DREW INDUSTRIES INC COM 26168L205 8,623 397,535 397,535 0 0 294,026 0 103,509 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- EVERCORE PARTNERS INC COM 29977A105 5,309 181,677 181,677 0 0 145,866 0 35,811 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- EXXON MOBIL CORP COM 30231G102 67,487 983,627 969,927 0 13,700 1 711,877 0 271,750 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- FANNIE MAE COM 313586109 364 239,250 239,250 0 0 239,250 0 0 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- FBL FINANCIAL GROUP INC. COM 30239F106 11,310 582,079 582,079 0 0 460,154 0 121,925 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- FIDELITY NATIONAL FINANCIAL INC. COM 31620R105 63,931 4,239,450 4,175,050 0 64,400 1 3,732,523 0 506,927 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- FIFTH THIRD BANCORP COM 316773100 7,497 740,075 740,075 0 0 637,775 0 102,300 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- FIRST AMERICAN CORP COM 318522307 9,980 308,300 308,300 0 0 199,050 0 109,250 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- FIRST HORIZON NATIONAL CORP COM 320517105 2,549 192,635 192,635 0 0 179,500 0 13,135 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- FREDDIE MAC COM 313400301 676 375,550 375,550 0 0 375,550 0 0 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- GILDAN ACTIVEWEAR INC COM 375916103 23,514 1,192,400 1,192,400 0 0 918,650 0 273,750 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- GRACO INC COM 384109104 20,476 734,675 734,675 0 0 588,475 0 146,200 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- GRIFFON CORPORATION COM 398433102 20,712 2,056,818 2,056,818 0 0 1,548,720 0 508,098 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- HARMAN INTL COM 413086109 24,729 729,900 729,900 0 0 564,625 0 165,275 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- HARTEHANKS, INC. COM 416196103 32,579 2,355,693 2,355,693 0 0 1,824,718 0 530,975 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- HEARTLAND PAYMENT SYSTEMS, INC. COM 42235N108 7,731 532,835 532,835 0 0 407,249 0 125,586 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- HOME DEPOT INC COM 437076102 107,256 4,026,120 3,949,520 0 76,600 1 3,407,345 0 618,775 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- HORIZON LINES INC COM 44044K101 3,561 560,775 560,775 0 0 424,300 0 136,475 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- HSBC HOLDINGS PLC COM 404280406 376 6,557 6,557 0 0 6,557 0 0 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- IMS HEALTH INCORPO- RATED COM 449934108 45,030 2,933,524 2,933,524 0 0 2,292,099 0 641,425 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- INSIGHT ENTERPRISES INC. COM 45765U103 6,652 544,825 544,825 0 0 414,875 0 129,950 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- J.C. PENNEY CO. INC. COM 708160106 356,615 10,566,376 10,352,676 0 213,700 1 9,181,772 0 1,384,604 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- JOHNSON & JOHNSON COM 478160104 131,953 2,167,068 2,118,693 0 48,375 1 1,885,543 0 281,525 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- JONES APPAREL GROUP INC COM 480074103 25,055 1,397,353 1,397,353 0 0 1,059,678 0 337,675 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- JP MORGAN CHASE & CO COM 46625H100 167,010 3,811,282 3,723,807 0 87,475 1 3,226,832 0 584,450 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- KB FINANCIAL GROUP INC COM 48241A105 757 14,700 14,700 0 0 14,700 0 0 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- KELLY SERVICES INC COM 488152208 12,066 980,942 980,942 0 0 741,081 0 239,861 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- KOREA ELEC POWER CORP COM 500631106 4,147 272,125 272,125 0 0 272,125 0 0 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- KRAFT FOODS INC COM 50075N104 140,051 5,331,226 5,213,926 0 117,300 1 4,529,701 0 801,525 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- L-3 COMMUNICA- TIONS COM 502424104 237,523 2,957,206 2,900,181 0 57,025 1 2,537,889 0 419,317 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- LAM RESEARCH CORP COM 512807108 117,215 3,431,360 3,329,510 0 101,850 1 2,788,460 0 642,900 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- LOWES COS INC COM 548661107 54,385 2,597,175 2,597,175 0 0 2,256,225 0 340,950 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- MI DEVELOP- MENTS INC. COM 55304X104 14,700 1,089,681 1,089,681 0 0 891,706 0 197,975 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- MAGNA INTL INC. COM 559222401 267,480 6,290,696 6,160,771 0 129,925 1 5,392,371 0 898,325 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- MATTEL INC COM 577081102 109,597 5,936,980 5,797,430 0 139,550 1 4,999,463 0 937,517 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- MEDNAX INC. COM 58502B106 22,563 410,833 410,833 0 0 329,208 0 81,625 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- MERCK & CO. INC. COM 589331107 888 28,062 28,062 0 0 8,187 0 19,875 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- METLIFE INC COM 59156R108 125,886 3,306,700 3,227,725 0 78,975 1 2,783,850 0 522,850 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- MICROSOFT CORP COM 594918104 254,347 9,824,130 9,656,105 0 168,025 1 8,605,590 0 1,218,540 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- MITSUBISHI UFJ FINL GRP COM 606822104 846 158,450 158,450 0 0 158,450 0 0 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- MORGAN STANLEY COM 617446448 176,634 5,720,038 5,596,863 0 123,175 1 4,874,765 0 845,273 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- MOTOROLA INC. COM 620076109 200,095 23,293,923 22,863,198 0 430,725 1 20,193,691 0 3,100,232 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- MTS SYSTEMS CORP COM 553777103 3,537 121,044 121,044 0 0 102,894 0 18,150 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- NARA BANCORP INC COM 63080P105 13,281 1,911,003 1,911,003 0 0 1,512,370 0 398,633 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- NORTHROP GRUMMAN CORP COM 666807102 392,265 7,580,001 7,428,576 0 151,425 1 6,652,950 0 927,051 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- OMNICOM GROUP COM 681919106 304,682 8,248,018 8,088,093 0 159,925 1 7,126,218 0 1,121,800 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- PHH CORP COM 693320202 25,346 1,277,535 1,277,535 0 0 981,085 0 296,450 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- PIKE ELECTRIC CORPORATION COM 721283109 12,916 1,078,134 1,078,134 0 0 842,509 0 235,625 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- PLANTRONICS INC. COM 727493108 19,944 743,911 743,911 0 0 570,461 0 173,450 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- PNC FINANCIAL SERVICES COM 693475105 217,655 4,479,415 4,408,799 0 70,616 1 3,907,532 0 571,883 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- PNM RESOURCES INC COM 69349H107 28,837 2,468,955 2,468,955 0 0 1,941,405 0 527,550 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- POPULAR INC. COM 733174106 17,519 6,190,521 6,190,521 0 0 5,151,578 0 1,038,943 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- PORTLAND GENERAL ELECTRIC CO COM 736508847 22,617 1,146,905 1,146,905 0 0 858,780 0 288,125 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- PROTECTIVE LIFE CORP COM 743674103 6,813 318,050 318,050 0 0 271,325 0 46,725 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- REGIS CORP COM 758932107 18,279 1,179,283 1,179,283 0 0 940,933 0 238,350 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- RENAISSANCE RE HLDGS LTD COM G7496G103 101,746 1,858,036 1,858,036 0 0 1,590,131 0 267,905 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- RENT A CENTER INC COM 76009N100 17,364 919,718 919,718 0 0 730,718 0 189,000 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- SANDISK CORP COM 80004C101 15,746 725,618 725,618 0 0 569,368 0 156,250 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- SARA LEE CORP COM 803111103 163,897 14,712,456 14,462,185 0 250,271 1 13,186,673 0 1,525,783 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- SCHERING PLOUGH COM 806605101 28,395 1,005,119 1,005,119 0 0 965,269 0 39,850 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- SEALY CORPORATION COM 812139301 8,988 2,808,637 2,808,637 0 0 1,723,823 0 1,084,814 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- SEMPRA ENERGY COM 816851109 229,536 4,608,226 4,526,976 0 81,250 1 3,961,496 0 646,730 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- SKECHERS USA INC. COM 830566105 35,264 2,057,431 2,057,431 0 0 1,606,106 0 451,325 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- SPHERION CORPORATION COM 848420105 8,462 1,362,690 1,362,690 0 0 1,081,932 0 280,758 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- SPIRIT AEROSYSTEMS HOLDINGS I COM 848574109 9,242 511,730 511,730 0 0 439,130 0 72,600 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- STATE STREET CORP COM 857477103 90,937 1,728,844 1,692,594 0 36,250 1 1,513,944 0 214,900 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- TECH DATA CORP COM 878237106 25,308 608,225 608,225 0 0 482,438 0 125,787 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- THE HARTFORD FINANCIAL ERVICES GROUP INC COM 416515104 101,471 3,829,119 3,742,619 0 86,500 1 3,164,044 0 665,075 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- TIMBERLAND CO- COM 887100105 5,521 396,600 396,600 0 0 305,100 0 91,500 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- TORCHMARK CORP COM 891027104 249,321 5,740,748 5,610,423 0 130,325 1 4,921,596 0 819,152 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- TREX COMPANY COM 89531P105 13,627 748,714 748,714 0 0 577,314 0 171,400 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- TYCO ELECTRONICS LTD COM H8912P106 293,124 13,156,375 12,949,000 0 207,375 1 11,507,425 0 1,648,950 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- TYCO INTL LTD COM H89128104 8,832 256,151 256,151 0 0 230,422 0 25,729 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- UBS AG COM H89231338 255,601 13,959,651 13,615,551 0 344,100 1 11,787,626 0 2,172,025 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- UNITED AMERICA INDEMNITY - A COM 90933T109 24,037 3,252,611 3,252,611 0 0 2,648,083 0 604,528 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- UNITED STATIONERS INC COM 913004107 11,112 233,405 233,405 0 0 178,580 0 54,825 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- UNIVERSAL CORP COM 913456109 8,498 203,206 203,206 0 0 167,531 0 35,675 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- USINAS SIDER MINAS COM 917302200 1,099 41,800 41,800 0 0 41,800 0 0 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- VALIDUS HOLDINGS LTD COM G9319H102 19,730 764,737 764,737 0 0 601,255 0 163,482 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- VALERO ENERGY COM 91913Y100 109,697 5,657,382 5,566,407 0 90,975 1 4,977,957 0 679,425 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- VIAD CORP NEW COM 92552R406 9,254 464,815 464,815 0 0 374,960 0 89,855 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- WEBSTER FINANCIAL CORP. COM 947890109 16,234 1,301,850 1,301,850 0 0 1,015,100 0 286,750 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- WELLPOINT INC. COM 94973V107 14,419 304,462 290,362 0 14,100 1 242,412 0 62,050 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- WHIRLPOOL CORP COM 963320106 231,632 3,310,925 3,253,400 0 57,525 1 2,879,316 0 431,609 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- WISCONSIN ENERGY COM 976657106 20,412 451,898 447,920 0 3,978 1 381,720 0 70,178 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- ZIMMER HOLDINGS INC COM 98956P102 211,110 3,949,669 3,872,244 0 77,425 1 3,388,969 0 560,700 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- ----------- ZORAN CORP COM 98975F101 15,854 1,376,176 1,376,176 0 0 1,063,507 0 312,669 ----------- ----- --------- ------- ---------- ----------- -------- ---------- -------- ----------- ------- -----------