The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
A.O. SMITH CORPORATION COM 831865209 24,473 531,782 SH   SOLE   398,656 0 133,126
AAR CORP COM 000361105 12,548 483,539 SH   SOLE   420,761 0 62,778
ALBANY INTERNATIONAL CORP CL A 012348108 41,435 1,165,857 SH   SOLE   1,017,530 0 148,327
ALEXANDER & BALDWIN INC COM 014491104 22,437 527,184 SH   SOLE   459,240 0 67,944
AMBAC FINANCIAL GROUP INC COM NEW 023139884 50,217 1,618,353 SH   SOLE   1,408,657 0 209,696
APPLIED MATERIALS INC COM 038222105 5,253 257,290 SH   SOLE   0 0 257,290
ASHLAND INC COM 044209104 26,072 262,085 SH   SOLE   86,435 0 175,650
ASSURED GUARANTY LTD COM G0585R106 38,317 1,513,302 SH   SOLE   492,625 0 1,020,677
AVIS BUDGET GROUP INC COM 053774105 23,719 487,038 SH   SOLE   424,216 0 62,822
BANKUNITED INC COM 06652K103 25,764 740,977 SH   SOLE   381,013 0 359,964
BARNES GROUP INC COM 067806109 29,718 772,486 SH   SOLE   672,738 0 99,748
BROOKDALE SENIOR LIVING COM 112463104 81,129 2,421,053 SH   SOLE   1,262,425 0 1,158,628
CASEY`S GENERAL STORES INC COM 147528103 52,726 780,093 SH   SOLE   630,340 0 149,753
CHEMTURA CORPORATION COM NEW 163893209 47,548 1,880,103 SH   SOLE   1,637,341 0 242,762
CINTAS CORP COM 172908105 45,581 764,659 SH   SOLE   253,647 0 511,012
CLEARWATER PAPER CORP COM 18538R103 31,606 504,332 SH   SOLE   439,049 0 65,283
CNO FINANCIAL GROUP COM 12621E103 59,044 3,262,080 SH   SOLE   1,949,287 0 1,312,793
COCA-COLA ENTERPRISES COM 19122T109 21,582 451,885 SH   SOLE   0 0 451,885
COMSTOCK RESOURCES INC COM NEW 205768203 49,220 2,154,043 SH   SOLE   1,876,355 0 277,688
CORE-MARK HOLDING CO INC COM 218681104 17,974 247,573 SH   SOLE   217,588 0 29,985
CROWN HOLDINGS INC COM 228368106 43,501 972,303 SH   SOLE   304,287 0 668,016
CUBIC CORPORATION COM 229669106 19,867 389,020 SH   SOLE   338,383 0 50,637
DARLING INTERNATIONAL COM 237266101 85,844 4,287,913 SH   SOLE   2,583,743 0 1,704,170
DOLLAR TREE INC. COM 256746108 15,189 291,097 SH   SOLE   0 0 291,097
ECOLAB INC COM 278865100 4,158 38,500 SH   SOLE   0 0 38,500
ENSCO PLC SHS CLASS A G3157S106 11,652 220,765 SH   SOLE   0 0 220,765
EOG RESOURCES INC COM 26875P101 5,862 29,880 SH   SOLE   0 0 29,880
ESTERLINE TECHNOLOGIES COM 297425100 54,015 506,996 SH   SOLE   416,557 0 90,439
FLUOR CORPORATION COM 343412102 31,316 402,884 SH   SOLE   122,454 0 280,430
GANNETT CO COM 364730101 20,738 751,364 SH   SOLE   0 0 751,364
GENWORTH FINANCIAL INC COM CL A 37247D106 64,111 3,615,988 SH   SOLE   1,176,288 0 2,439,700
H&E EQUIPMENT SERVICES INC COM 404030108 37,054 916,042 SH   SOLE   797,381 0 118,661
HERTZ GLOBAL HOLDINGS COM 42805T105 48,825 1,832,770 SH   SOLE   626,027 0 1,206,743
HILLSHIRE BRANDS CO COM 432589109 23,030 618,095 SH   SOLE   329,890 0 288,205
HUMANA INC COM 444859102 22,139 196,405 SH   SOLE   0 0 196,405
IBERIABANK CORP COM 450828108 49,898 711,309 SH   SOLE   620,149 0 91,160
INGREDION INC COM 457187102 47,785 701,898 SH   SOLE   502,717 0 199,181
IRON MOUNTAIN COM 462846106 33,239 1,205,609 SH   SOLE   405,941 0 799,668
JEFFERIES GROUP, INC. DBCV 472319AG7 5,854 5,500,000 PRN   SOLE   5,500,000 0 0
KEYCORP COM 493267108 45,825 3,218,030 SH   SOLE   1,048,840 0 2,169,190
KLA TENCOR COM 482480100 32,753 473,720 SH   SOLE   153,138 0 320,582
KULICKE & SOFFA INDUSTRIES COM 501242101 42,757 3,390,749 SH   SOLE   2,950,356 0 440,393
LIVE NATION ENTERTAINMENT INC COM 538034109 22,912 1,053,417 SH   SOLE   631,613 0 421,804
MANPOWERGROUP INC COM 56418H100 15,086 191,376 SH   SOLE   99,622 0 91,754
MASONITE INTERNATIONAL CORP COM 575385109 12,581 222,590 SH   SOLE   193,817 0 28,773
MBIA INC COM 55262C100 11,769 841,267 SH   SOLE   575,103 0 266,164
MEADWESTVACO CORP COM 583334107 30,867 820,046 SH   SOLE   303,429 0 516,617
MEDIA GENERAL INC CL A 584404107 9,718 528,995 SH   SOLE   465,180 0 63,815
MUELLER INDUSTRIES INC COM 624756102 38,383 1,279,870 SH   SOLE   1,115,458 0 164,412
NEWMONT MINING CORP NOTE 651639AH9 5,006 5,000,000 PRN   SOLE   4,865,000 0 135,000
NORTHWEST BANCSHARES INC COM 667340103 40,669 2,785,529 SH   SOLE   2,426,258 0 359,271
OCWEN FINANCIAL COM NEW 675746309 32,599 832,042 SH   SOLE   662,625 0 169,417
OIL STATES INTERNATIONAL INC COM 678026105 15,767 159,909 SH   SOLE   76,481 0 83,428
OMEGA HEALTHCARE COM 681936100 52,664 1,571,114 SH   SOLE   1,015,620 0 555,494
ONEOK INC COM 682680103 26,697 450,582 SH   SOLE   151,082 0 299,500
OWENS ILLINOIS COM NEW 690768403 98,835 2,921,525 SH   SOLE   1,697,160 0 1,224,365
PENTAIR LTD SHS H6169Q108 17,166 216,365 SH   SOLE   0 0 216,365
PERFORMANT FINANCIAL CORP COM 71377E105 15,430 1,704,980 SH   SOLE   1,481,312 0 223,668
PIONEER NATURAL RESOURCES CO COM 723787107 4,120 22,015 SH   SOLE   0 0 22,015
PORTLAND GENERAL ELECTRIC CO COM NEW 736508847 40,329 1,247,020 SH   SOLE   1,086,065 0 160,955
POST HOLDINGS INC COM 737446104 49,540 898,769 SH   SOLE   781,748 0 117,021
PRESTIGE BRANDS HOLDINGS INC COM 74112D101 42,113 1,545,425 SH   SOLE   1,346,092 0 199,333
QUESTAR CORP COM 748356102 15,855 666,748 SH   SOLE   350,733 0 316,015
RAVEN INDUSTRIES INC COM 754212108 17,837 544,641 SH   SOLE   473,738 0 70,903
REDWOOD TRUST INC COM 758075402 47,728 2,353,446 SH   SOLE   1,921,899 0 431,547
REX ENERGY CORP COM 761565100 40,415 2,160,075 SH   SOLE   1,880,908 0 279,167
SBA COMMUNICATIONS COM 78388J106 42,497 467,200 SH   SOLE   150,862 0 316,338
SENSIENT TECHNOLOGIES COM 81725T100 43,632 773,477 SH   SOLE   673,942 0 99,535
STAMPS.COM INC COM NEW 852857200 17,339 516,670 SH   SOLE   449,589 0 67,081
THE MOSAIC CO COM 61945C103 4,253 85,050 SH   SOLE   0 0 85,050
TIDEWATER INC COM 886423102 48,735 1,002,374 SH   SOLE   499,541 0 502,833
TYCO INTERNATIONAL LTD SHS H89128104 20,883 492,528 SH   SOLE   0 0 492,528
UNIFIRST CORPORATION COM 904708104 41,893 381,050 SH   SOLE   332,417 0 48,633
UNS ENERGY CORP COM 903119105 25,503 424,834 SH   SOLE   367,325 0 57,509
VERISK ANALYTICS CL A 92345Y106 43,751 729,667 SH   SOLE   241,529 0 488,138
WILLIAMS COS INC COM 969457100 39,018 961,508 SH   SOLE   288,148 0 673,360
WPX ENERGY INC COM 98212B103 34,666 1,922,688 SH   SOLE   635,019 0 1,287,669
XL GROUP PLC SHS G98290102 21,749 695,975 SH   SOLE   0 0 695,975
XYLEM INC COM 98419M100 38,000 1,043,396 SH   SOLE   338,285 0 705,111