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
AAR CORP COM 000361105 12,514 659,681 SH   SOLE   575,090 0 84,591
ACTIVISION BLIZZARD INC COM 00507V109 17,272 559,144 SH   SOLE   0 0 559,144
ALBANY INTERNATIONAL CORP CL A 012348108 19,546 683,187 SH   SOLE   597,566 0 85,621
ALEXANDER & BALDWIN INC COM 014491104 20,232 589,345 SH   SOLE   515,623 0 73,722
ALTISOURCE RESIDENTIAL CORP CL B 02153W100 13,440 965,502 SH   SOLE   845,814 0 119,688
APPLIED MATERIALS INC COM 038222105 1,577 107,345 SH   SOLE   0 0 107,345
ARRIS GROUP INC COM 04270V106 7,767 299,072 SH   SOLE   256,403 0 42,669
ASHLAND INC COM 044209104 21,616 214,824 SH   SOLE   79,541 0 135,283
ASSURED GUARANTY LTD COM G0585R106 31,572 1,262,875 SH   SOLE   467,046 0 795,829
ATLANTIC TELE-NETWORK INC COM NEW 049079205 21,086 285,213 SH   SOLE   249,605 0 35,608
B&G FOODS INC COM 05508R106 21,087 578,525 SH   SOLE   506,735 0 71,790
BANKUNITED INC COM 06652K103 17,221 481,718 SH   SOLE   348,020 0 133,698
BARNES GROUP INC COM 067806109 10,200 282,933 SH   SOLE   247,803 0 35,130
BOB EVANS FARMS COM 096761101 19,729 455,119 SH   SOLE   398,161 0 56,958
BROOKDALE SENIOR LIVING COM 112463104 37,691 1,641,575 SH   SOLE   838,010 0 803,565
CABLE ONE INC COM 12685J105 16,182 38,583 SH   SOLE   17,548 0 21,035
CASEY`S GENERAL STORES INC COM 147528103 41,986 407,945 SH   SOLE   354,714 0 53,231
CHARTER COMMUNICATIONS INC CL A NEW 16117M305 21,401 121,699 SH   SOLE   0 0 121,699
CHEMTURA CORPORATION COM NEW 163893209 31,556 1,102,576 SH   SOLE   964,788 0 137,788
CINTAS CORP COM 172908105 15,282 178,220 SH   SOLE   0 0 178,220
CLEARWATER PAPER CORP COM 18538R103 18,153 384,272 SH   SOLE   336,398 0 47,874
CNO FINANCIAL GROUP COM 12621E103 42,295 2,248,546 SH   SOLE   1,303,476 0 945,070
COCA-COLA ENTERPRISES COM 19122T109 10,159 210,123 SH   SOLE   0 0 210,123
CORE-MARK HOLDING CO INC COM 218681104 22,616 345,546 SH   SOLE   309,960 0 35,586
CROWN HOLDINGS INC COM 228368106 35,774 781,946 SH   SOLE   269,438 0 512,508
CUBIC CORPORATION COM 229669106 10,015 238,800 SH   SOLE   207,557 0 31,243
DARLING INGREDIENTS INC. COM 237266101 47,292 4,207,467 SH   SOLE   2,419,460 0 1,788,007
DISCOVER FINANCIAL SERVICES COM 254709108 1,419 27,300 SH   SOLE   0 0 27,300
DOLLAR TREE INC. COM 256746108 18,483 277,268 SH   SOLE   0 0 277,268
DOMTAR CORP COM NEW 257559203 11,610 324,760 SH   SOLE   279,059 0 45,701
EASTMAN CHEMICAL CO COM 277432100 13,023 201,220 SH   SOLE   0 0 201,220
ECOLAB INC COM 278865100 1,763 16,065 SH   SOLE   0 0 16,065
ESTERLINE TECHNOLOGIES COM 297425100 21,096 293,446 SH   SOLE   246,487 0 46,959
EXPRESS SCRIPTS HOLDING CO COM 30219G108 1,548 19,125 SH   SOLE   0 0 19,125
FLUOR CORPORATION COM 343412102 18,842 444,922 SH   SOLE   112,212 0 332,710
GENWORTH FINANCIAL INC COM CL A 37247D106 17,496 3,787,080 SH   SOLE   1,365,259 0 2,421,821
GRAHAM HOLDINGS CO - CLASS B COM 384637104 10,507 18,210 SH   SOLE   0 0 18,210
H&E EQUIPMENT SERVICES INC COM 404030108 12,578 752,279 SH   SOLE   657,831 0 94,448
HEALTHSOUTH CORP COM NEW 421924309 11,474 299,023 SH   SOLE   256,796 0 42,227
HERTZ GLOBAL HOLDINGS COM 42805T105 20,645 1,234,006 SH   SOLE   439,240 0 794,766
IBERIABANK CORP COM 450828108 24,200 415,729 SH   SOLE   362,758 0 52,971
INGRAM MICRO INC CL A 457153104 9,844 361,381 SH   SOLE   310,358 0 51,023
INNOPHOS HOLDINGS INC COM 45774N108 6,074 153,218 SH   SOLE   134,193 0 19,025
IRON MOUNTAIN COM 46284V101 23,642 762,164 SH   SOLE   283,911 0 478,253
JEFFERIES GROUP, INC. DBCV 472319AG7 5,780 5,695,000 PRN   SOLE   3,745,000 0 1,950,000
JUNIPER NETWORKS INC COM 48203R104 17,722 689,305 SH   SOLE   0 0 689,305
KEYCORP COM 493267108 31,087 2,389,491 SH   SOLE   785,960 0 1,603,531
KULICKE & SOFFA INDUSTRIES COM 501242101 18,133 1,975,302 SH   SOLE   1,730,441 0 244,861
LITTELFUSE INC COM 537008104 9,008 98,825 SH   SOLE   84,765 0 14,060
LIVE NATION ENTERTAINMENT INC COM 538034109 9,202 382,789 SH   SOLE   329,032 0 53,757
M&T BANK CORP COM 55261F104 16,045 131,570 SH   SOLE   0 0 131,570
MANPOWERGROUP INC COM 56418H100 7,163 87,477 SH   SOLE   63,815 0 23,662
MASONITE INTERNATIONAL CORP COM 575385109 12,821 211,643 SH   SOLE   185,075 0 26,568
MUELLER INDUSTRIES INC COM 624756102 22,236 751,713 SH   SOLE   659,581 0 92,132
NIELSEN HOLDINGS PLC SHS EUR G6518L108 9,694 217,980 SH   SOLE   0 0 217,980
NORTHWEST BANCSHARES INC COM 667340103 24,904 1,915,669 SH   SOLE   1,675,784 0 239,885
NORTHWESTERN CORP COM NEW 668074305 4,620 85,826 SH   SOLE   73,758 0 12,068
NVR INC COM 62944T105 9,196 6,029 SH   SOLE   5,165 0 864
OMEGA HEALTHCARE COM 681936100 39,483 1,123,267 SH   SOLE   691,262 0 432,005
OMNICELL INC COM 68213N109 14,217 457,148 SH   SOLE   398,986 0 58,162
ONEOK INC COM 682680103 17,635 547,674 SH   SOLE   139,696 0 407,978
OWENS ILLINOIS COM NEW 690768403 43,019 2,076,216 SH   SOLE   1,156,394 0 919,822
PIONEER NATURAL RESOURCES CO COM 723787107 1,118 9,190 SH   SOLE   0 0 9,190
PLANTRONICS INC COM 727493108 7,555 148,582 SH   SOLE   127,790 0 20,792
PLUM CREEK TIMBER CO COM 729251108 4,122 104,318 SH   SOLE   89,355 0 14,963
PORTLAND GENERAL ELECTRIC CO COM NEW 736508847 13,393 362,278 SH   SOLE   317,333 0 44,945
PRESTIGE BRANDS HOLDINGS INC COM 74112D101 28,166 623,690 SH   SOLE   545,961 0 77,729
QUESTAR CORP COM 748356102 11,249 579,569 SH   SOLE   498,568 0 81,001
REDWOOD TRUST INC COM 758075402 27,945 2,019,122 SH   SOLE   1,751,402 0 267,720
REPUBLIC SERVICES INC COM 760759100 10,298 249,950 SH   SOLE   0 0 249,950
SABRA HEALTH CARE REIT INC COM 78573L106 12,506 539,508 SH   SOLE   471,848 0 67,660
SANDISK CORP COM 80004C101 15,919 293,010 SH   SOLE   0 0 293,010
SENSIENT TECHNOLOGIES COM 81725T100 28,395 463,209 SH   SOLE   404,832 0 58,377
STAMPS.COM INC COM NEW 852857200 9,332 126,090 SH   SOLE   110,447 0 15,643
TARO PHARMACEUTICAL IND LTD SHS M8737E108 11,463 80,220 SH   SOLE   68,703 0 11,517
TEGNA INC COM 87901J105 17,185 767,530 SH   SOLE   0 0 767,530
THE MOSAIC CO COM 61945C103 1,104 35,490 SH   SOLE   0 0 35,490
TIDEWATER INC COM 886423102 17,335 1,319,256 SH   SOLE   751,061 0 568,195
TRIBUNE MEDIA CO CL A 896047503 8,519 239,285 SH   SOLE   205,686 0 33,599
TUTOR PERINI CORP COM 901109108 12,642 768,034 SH   SOLE   670,696 0 97,338
TYCO INTERNATIONAL PLC SHS G91442106 14,969 447,366 SH   SOLE   0 0 447,366
TYSON FOODS INC CL A 902494103 16,932 392,848 SH   SOLE   0 0 392,848
UNIFIRST CORPORATION COM 904708104 33,303 311,797 SH   SOLE   271,338 0 40,459
UNITED RENTALS INC COM 911363109 12,451 207,348 SH   SOLE   0 0 207,348
UNITEDHEALTH GROUP INC COM 91324P102 2,561 22,075 SH   SOLE   0 0 22,075
VERISK ANALYTICS CL A 92345Y106 45,053 609,569 SH   SOLE   216,539 0 393,030
WEYERHAEUSER COMPANY COM 962166104 14,413 527,160 SH   SOLE   0 0 527,160
WILLIAMS COS INC COM 969457100 9,086 246,574 SH   SOLE   0 0 246,574
XYLEM INC COM 98419M100 28,367 863,546 SH   SOLE   306,956 0 556,590
VANGUARD EXTENDED MKT ETF EXTEND MKT ETF 922908652 758 9,287 SH   SOLE   9,287 0 0
RUSSELL 2000 VALUE ISHARES TRUST RUS 2000 VAL ETF 464287630 731 8,113 SH   SOLE   8,113 0 0
RUSSELL MIDCAP ISHARES RUS MDCP VAL ETF 464287473 85 1,270 SH   SOLE   1,270 0 0