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 24,331 451,078 SH   SOLE   392,277 0 58,801
ALBANY INTERNATIONAL CORP CL A 012348108 41,030 1,141,946 SH   SOLE   991,344 0 150,602
ALEXANDER & BALDWIN INC COM 014491104 21,596 517,518 SH   SOLE   449,569 0 67,949
ASHLAND INC COM 044209104 21,802 224,669 SH   SOLE   86,587 0 138,082
ASSURED GUARANTY LTD COM G0585R106 30,732 1,302,735 SH   SOLE   490,791 0 811,944
AVIS BUDGET GROUP INC COM 053774105 32,498 804,018 SH   SOLE   698,871 0 105,147
BANKUNITED INC COM 06652K103 18,328 556,756 SH   SOLE   380,041 0 176,715
BARNES GROUP INC COM 067806109 29,215 762,597 SH   SOLE   662,989 0 99,608
BROOKDALE SENIOR LIVING COM 112463104 84,901 3,123,650 SH   SOLE   2,041,188 0 1,082,462
CASEY`S GENERAL STORES INC COM 147528103 46,077 655,895 SH   SOLE   543,292 0 112,603
CHEMTURA CORPORATION COM NEW 163893209 51,835 1,856,571 SH   SOLE   1,613,817 0 242,754
CINTAS CORP COM 172908105 40,131 673,450 SH   SOLE   249,885 0 423,565
CLEARWATER PAPER CORP COM 18538R103 26,186 498,774 SH   SOLE   433,506 0 65,268
CNO FINANCIAL GROUP COM 12621E103 52,137 2,947,286 SH   SOLE   1,927,265 0 1,020,021
COCA-COLA ENTERPRISES COM 19122T109 14,017 317,625 SH   SOLE   0 0 317,625
COMSTOCK RESOURCES INC COM NEW 205768203 38,913 2,127,564 SH   SOLE   1,850,742 0 276,822
CROWN HOLDINGS INC COM 228368106 36,055 808,949 SH   SOLE   299,096 0 509,853
CUBIC CORPORATION COM 229669106 20,184 383,294 SH   SOLE   332,807 0 50,487
DARLING INTERNATIONAL COM 237266101 82,728 3,962,083 SH   SOLE   2,530,005 0 1,432,078
DOLLAR TREE INC. COM 256746108 13,052 231,335 SH   SOLE   0 0 231,335
EMERITUS CORP COM 291005106 32,880 1,520,095 SH   SOLE   1,322,164 0 197,931
ENSCO PLC SHS CLASS A G3157S106 7,606 133,010 SH   SOLE   0 0 133,010
ESTERLINE TECHNOLOGIES COM 297425100 48,109 471,840 SH   SOLE   410,106 0 61,734
FLUOR CORPORATION COM 343412102 26,265 327,127 SH   SOLE   119,262 0 207,865
FOREST OIL CORP COM PAR $0.01 346091705 15,144 4,194,926 SH   SOLE   3,297,127 0 897,799
GANNETT CO COM 364730101 15,218 514,465 SH   SOLE   0 0 514,465
GENWORTH FINANCIAL INC COM CL A 37247D106 49,504 3,187,629 SH   SOLE   1,226,611 0 1,961,018
H&E EQUIPMENT SERVICES INC COM 404030108 26,766 903,347 SH   SOLE   784,986 0 118,361
HERTZ GLOBAL HOLDINGS COM 42805T105 45,792 1,600,009 SH   SOLE   614,468 0 985,541
HILLSHIRE BRANDS CO COM 432589109 16,214 484,854 SH   SOLE   331,415 0 153,439
HUMANA INC COM 444859102 13,397 129,795 SH   SOLE   0 0 129,795
IBERIABANK CORP COM 450828108 43,954 699,341 SH   SOLE   608,436 0 90,905
INGREDION INC COM 457187102 42,901 626,651 SH   SOLE   493,360 0 133,291
IRON MOUNTAIN COM 462846106 31,399 1,034,579 SH   SOLE   397,524 0 637,055
JEFFERIES GROUP, INC. DBCV 472319AG7 5,820 5,500,000 PRN   SOLE   5,500,000 0 0
KEYCORP COM 493267108 35,766 2,665,144 SH   SOLE   1,020,789 0 1,644,355
KLA TENCOR COM 482480100 24,988 387,653 SH   SOLE   148,411 0 239,242
KULICKE & SOFFA INDUSTRIES COM 501242101 22,328 1,678,811 SH   SOLE   1,454,811 0 224,000
LIVE NATION ENTERTAINMENT INC COM 538034109 18,456 933,991 SH   SOLE   639,129 0 294,862
LTC PROPERTIES COM 502175102 19,989 564,827 SH   SOLE   491,291 0 73,536
MANPOWERGROUP INC COM 56418H100 12,287 143,108 SH   SOLE   98,030 0 45,078
MEADWESTVACO CORP COM 583334107 29,172 789,928 SH   SOLE   297,354 0 492,574
MUELLER INDUSTRIES INC COM 624756102 39,921 633,568 SH   SOLE   550,955 0 82,613
NEWMONT MINING CORP NOTE 651639AH9 4,997 5,000,000 PRN   SOLE   4,865,000 0 135,000
NORTHWEST BANCSHARES INC COM 667340103 33,688 2,279,277 SH   SOLE   1,981,856 0 297,421
OCWEN FINANCIAL COM NEW 675746309 41,578 749,827 SH   SOLE   652,805 0 97,022
OIL STATES INTERNATIONAL INC COM 678026105 11,016 108,300 SH   SOLE   74,107 0 34,193
OMEGA HEALTHCARE COM 681936100 45,749 1,535,192 SH   SOLE   1,000,257 0 534,935
ONEOK INC COM 682680103 23,801 382,773 SH   SOLE   150,409 0 232,364
OWENS ILLINOIS COM NEW 690768403 96,527 2,697,796 SH   SOLE   1,677,987 0 1,019,809
PENTAIR LTD SHS H6169Q108 11,091 142,802 SH   SOLE   0 0 142,802
PERFORMANT FINANCIAL CORP COM 71377E105 17,283 1,677,983 SH   SOLE   1,455,043 0 222,940
PORTLAND GENERAL ELECTRIC CO COM NEW 736508847 37,165 1,230,627 SH   SOLE   1,070,054 0 160,573
POST HOLDINGS INC COM 737446104 43,742 887,794 SH   SOLE   771,118 0 116,676
PRESTIGE BRANDS HOLDINGS INC COM 74112D101 54,600 1,525,143 SH   SOLE   1,325,946 0 199,197
QUESTAR CORP COM 748356102 11,745 510,864 SH   SOLE   347,377 0 163,487
RAVEN INDUSTRIES INC COM 754212108 22,097 537,106 SH   SOLE   466,413 0 70,693
REDWOOD TRUST INC COM 758075402 45,111 2,328,920 SH   SOLE   1,898,090 0 430,830
REX ENERGY CORP COM 761565100 35,080 1,779,823 SH   SOLE   1,547,254 0 232,569
SBA COMMUNICATIONS COM 78388J106 36,717 408,698 SH   SOLE   149,338 0 259,360
SENSIENT TECHNOLOGIES COM 81725T100 37,272 768,177 SH   SOLE   668,937 0 99,240
SIMPSON MANUFACTURING CO COM 829073105 18,610 506,668 SH   SOLE   454,347 0 52,321
SLM CORPORATION COM 78442P106 27,533 1,047,691 SH   SOLE   346,325 0 701,366
TIDEWATER INC COM 886423102 32,572 549,555 SH   SOLE   358,901 0 190,654
TYCO INTERNATIONAL LTD SHS H89128104 14,735 359,045 SH   SOLE   0 0 359,045
UNIFIRST CORPORATION COM 904708104 40,403 377,594 SH   SOLE   328,245 0 49,349
UNS ENERGY CORP COM 903119105 38,432 642,144 SH   SOLE   559,268 0 82,876
VERISK ANALYTICS CL A 92345Y106 42,550 647,444 SH   SOLE   239,797 0 407,647
WILLIAMS COS INC COM 969457100 31,617 819,743 SH   SOLE   288,968 0 530,775
WPX ENERGY INC COM 98212B103 33,581 1,647,755 SH   SOLE   628,768 0 1,018,987
XL GROUP PLC SHS G98290102 15,170 476,435 SH   SOLE   0 0 476,435
XYLEM INC COM 98419M100 30,951 894,542 SH   SOLE   332,947 0 561,595