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 20,868 461,677 SH   SOLE   400,670 0 61,007
ADT CORP COM 00101J106 7,655 188,257 SH   SOLE   0 0 188,257
ALBANY INTERNATIONAL CORP CL A 012348108 42,385 1,181,616 SH   SOLE   1,025,954 0 155,662
ALEXANDER & BALDWIN INC COM 014491104 4,810 133,550 SH   SOLE   125,580 0 7,970
ALTISOURCE RESIDENTIAL CORP CL B 02153W100 13,817 601,243 SH   SOLE   519,198 0 82,045
ASHLAND INC COM 044209104 20,512 221,800 SH   SOLE   83,716 0 138,084
ASSURED GUARANTY LTD COM G0585R106 13,279 708,234 SH   SOLE   476,033 0 232,201
AVIS BUDGET GROUP INC COM 053774105 23,730 823,100 SH   SOLE   714,704 0 108,396
BANKUNITED INC COM 06652K103 11,001 352,716 SH   SOLE   238,052 0 114,664
BARNES GROUP INC COM 067806109 27,238 780,024 SH   SOLE   676,823 0 103,201
BROOKDALE SENIOR LIVING COM 112463104 82,776 3,147,379 SH   SOLE   2,055,371 0 1,092,008
CASEY`S GENERAL STORES INC COM 147528103 48,332 658,564 SH   SOLE   546,138 0 112,426
CHEMTURA CORPORATION COM NEW 163893209 43,893 1,909,232 SH   SOLE   1,656,637 0 252,595
CINTAS CORP COM 172908105 34,102 666,057 SH   SOLE   242,486 0 423,571
CLEARWATER PAPER CORP COM 18538R103 13,159 275,459 SH   SOLE   237,205 0 38,254
CNO FINANCIAL GROUP COM 12621E103 42,883 2,977,959 SH   SOLE   1,949,398 0 1,028,561
COCA-COLA ENTERPRISES COM 19122T109 12,772 317,625 SH   SOLE   0 0 317,625
COMSTOCK RESOURCES INC COM NEW 205768203 34,698 2,180,914 SH   SOLE   1,894,022 0 286,892
CROWN HOLDINGS INC COM 228368106 33,843 800,454 SH   SOLE   290,594 0 509,860
CUBIC CORPORATION COM 229669106 21,076 392,621 SH   SOLE   340,391 0 52,230
DARLING INTERNATIONAL COM 237266101 61,720 2,916,829 SH   SOLE   2,393,520 0 523,309
DOLLAR TREE INC. COM 256746108 13,223 231,335 SH   SOLE   0 0 231,335
EMERITUS CORP COM 291005106 28,995 1,564,737 SH   SOLE   1,358,701 0 206,036
ENSCO PLC SHS CLASS A G3157S106 7,149 133,010 SH   SOLE   0 0 133,010
ESTERLINE TECHNOLOGIES COM 297425100 34,541 432,361 SH   SOLE   370,826 0 61,535
FLUOR CORPORATION COM 343412102 22,956 323,500 SH   SOLE   115,628 0 207,872
FOREST OIL CORP COM PAR $0.01 346091705 62,868 10,306,181 SH   SOLE   7,316,455 0 2,989,726
GANNETT CO COM 364730101 8,765 327,170 SH   SOLE   0 0 327,170
GENWORTH FINANCIAL INC COM CL A 37247D106 47,831 3,736,769 SH   SOLE   1,405,200 0 2,331,569
H&E EQUIPMENT SERVICES INC COM 404030108 24,565 924,878 SH   SOLE   802,161 0 122,717
HERTZ GLOBAL HOLDINGS COM 42805T105 35,009 1,579,848 SH   SOLE   594,284 0 985,564
HILLSHIRE BRANDS CO COM 432589109 14,586 474,491 SH   SOLE   321,050 0 153,441
HUMANA INC COM 444859102 12,114 129,795 SH   SOLE   0 0 129,795
IBERIABANK CORP COM 450828108 37,461 721,656 SH   SOLE   627,203 0 94,453
INGREDION INC COM 457187102 35,689 539,360 SH   SOLE   434,480 0 104,880
IRON MOUNTAIN COM 462846106 27,674 1,024,194 SH   SOLE   387,139 0 637,055
JEFFERIES GROUP, INC. DBCV 472319AG7 5,765 5,500,000 PRN   SOLE   5,500,000 0 0
KEYCORP COM 493267108 30,023 2,633,595 SH   SOLE   989,240 0 1,644,355
KLA TENCOR COM 482480100 23,304 382,970 SH   SOLE   143,723 0 239,247
LIVE NATION ENTERTAINMENT INC COM 538034109 22,517 1,213,855 SH   SOLE   815,047 0 398,808
LTC PROPERTIES COM 502175102 21,883 576,178 SH   SOLE   499,481 0 76,697
MANPOWERGROUP INC COM 56418H100 10,191 140,098 SH   SOLE   95,020 0 45,078
MEADWESTVACO CORP COM 583334107 30,035 782,573 SH   SOLE   288,801 0 493,772
MUELLER INDUSTRIES INC COM 624756102 36,129 648,985 SH   SOLE   563,722 0 85,263
NEWMONT MINING CORP NOTE 651639AH9 5,044 5,000,000 PRN   SOLE   4,865,000 0 135,000
NORTHWEST BANCSHARES INC COM 667340103 30,942 2,342,303 SH   SOLE   2,032,507 0 309,796
OCWEN FINANCIAL COM NEW 675746309 42,931 769,795 SH   SOLE   669,137 0 100,658
OIL STATES INTERNATIONAL INC COM 678026105 10,969 106,024 SH   SOLE   71,829 0 34,195
OMEGA HEALTHCARE COM 681936100 45,879 1,535,949 SH   SOLE   1,005,564 0 530,385
ONEOK INC COM 682680103 20,184 378,552 SH   SOLE   146,178 0 232,374
OWENS ILLINOIS COM NEW 690768403 81,447 2,713,075 SH   SOLE   1,689,712 0 1,023,363
PENTAIR LTD SHS H6169Q108 9,274 142,802 SH   SOLE   0 0 142,802
PERFORMANT FINANCIAL CORP COM 71377E105 18,802 1,724,993 SH   SOLE   1,492,522 0 232,471
PORTLAND GENERAL ELECTRIC CO COM NEW 736508847 35,544 1,259,077 SH   SOLE   1,092,931 0 166,146
POST HOLDINGS INC COM 737446104 36,724 909,679 SH   SOLE   788,888 0 120,791
PRESTIGE BRANDS HOLDINGS INC COM 74112D101 47,171 1,566,105 SH   SOLE   1,359,300 0 206,805
QUESTAR CORP COM 748356102 11,148 495,700 SH   SOLE   332,203 0 163,497
RAVEN INDUSTRIES INC COM 754212108 17,997 550,188 SH   SOLE   476,930 0 73,258
REDWOOD TRUST INC COM 758075402 46,225 2,347,624 SH   SOLE   1,909,179 0 438,445
REX ENERGY CORP COM 761565100 40,755 1,826,012 SH   SOLE   1,583,778 0 242,234
SBA COMMUNICATIONS COM 78388J106 32,555 404,607 SH   SOLE   145,244 0 259,363
SENSIENT TECHNOLOGIES COM 81725T100 37,592 784,956 SH   SOLE   683,301 0 101,655
SIMPSON MANUFACTURING CO COM 829073105 24,391 748,872 SH   SOLE   652,289 0 96,583
SLM CORPORATION COM 78442P106 31,015 1,245,598 SH   SOLE   416,552 0 829,046
TIDEWATER INC COM 886423102 57,578 969,980 SH   SOLE   620,003 0 349,977
TYCO INTERNATIONAL LTD SHS H89128104 12,559 359,045 SH   SOLE   0 0 359,045
UNIFIRST CORPORATION COM 904708104 40,354 386,459 SH   SOLE   335,553 0 50,906
UNS ENERGY CORP COM 903119105 31,451 674,622 SH   SOLE   586,012 0 88,610
VERISK ANALYTICS CL A 92345Y106 41,510 639,002 SH   SOLE   231,355 0 407,647
WEYERHAEUSER COMPANY COM 962166104 7,825 273,330 SH   SOLE   0 0 273,330
WILLIAMS COS INC COM 969457100 32,014 880,476 SH   SOLE   320,801 0 559,675
WPX ENERGY INC COM 98212B103 31,419 1,631,334 SH   SOLE   612,339 0 1,018,995
XL GROUP PLC SHS G98290102 14,684 476,435 SH   SOLE   0 0 476,435
XYLEM INC COM 98419M100 24,692 884,051 SH   SOLE   323,154 0 560,897