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 14,978 569,716 SH   SOLE   511,102 0 58,614
ACTIVISION BLIZZARD INC COM 00507V109 15,542 401,499 SH   SOLE   0 0 401,499
ALBANY INTERNATIONAL CORP CL A 012348108 21,586 590,584 SH   SOLE   532,920 0 57,664
ALEXANDER & BALDWIN INC COM 014491104 18,113 512,961 SH   SOLE   462,049 0 50,912
ALTISOURCE RESIDENTIAL CORP CL B 02153W100 10,383 836,638 SH   SOLE   755,807 0 80,831
APPLIED MATERIALS INC COM 038222105 2,004 107,345 SH   SOLE   0 0 107,345
ARGAN INC COM 04010E109 5,185 160,026 SH   SOLE   143,981 0 16,045
ARRIS GROUP INC COM 04270V106 9,207 301,176 SH   SOLE   257,264 0 43,912
ASHLAND INC COM 044209104 23,107 224,995 SH   SOLE   78,052 0 146,943
ASSURED GUARANTY LTD COM G0585R106 26,759 1,012,457 SH   SOLE   363,979 0 648,478
ATLANTIC TELE-NETWORK INC COM NEW 049079205 19,480 249,011 SH   SOLE   224,326 0 24,685
B&G FOODS INC COM 05508R106 11,553 329,904 SH   SOLE   297,604 0 32,300
BANKUNITED INC COM 06652K103 17,233 477,888 SH   SOLE   344,190 0 133,698
BOB EVANS FARMS COM 096761101 15,326 394,485 SH   SOLE   355,567 0 38,918
BROOKDALE SENIOR LIVING COM 112463104 28,925 1,566,896 SH   SOLE   781,931 0 784,965
CABLE ONE INC COM 12685J105 29,444 67,896 SH   SOLE   23,280 0 44,616
CASEY`S GENERAL STORES INC COM 147528103 44,737 371,418 SH   SOLE   328,258 0 43,160
CHARTER COMMUNICATIONS INC CL A NEW 16117M305 22,283 121,699 SH   SOLE   0 0 121,699
CHEMTURA CORPORATION COM NEW 163893209 18,900 693,070 SH   SOLE   622,471 0 70,599
CINTAS CORP COM 172908105 16,227 178,220 SH   SOLE   0 0 178,220
CLEARWATER PAPER CORP COM 18538R103 15,172 333,231 SH   SOLE   300,857 0 32,374
COCA-COLA ENTERPRISES COM 19122T109 10,346 210,123 SH   SOLE   0 0 210,123
CORE-MARK HOLDING CO INC COM 218681104 25,300 308,757 SH   SOLE   277,936 0 30,821
CROWN HOLDINGS INC COM 228368106 39,288 774,912 SH   SOLE   262,404 0 512,508
CUBIC CORPORATION COM 229669106 9,872 208,938 SH   SOLE   187,352 0 21,586
DARLING INGREDIENTS INC. COM 237266101 41,469 3,941,955 SH   SOLE   2,221,721 0 1,720,234
DISCOVER FINANCIAL SERVICES COM 254709108 1,464 27,300 SH   SOLE   0 0 27,300
DOLLAR TREE INC. COM 256746108 21,411 277,268 SH   SOLE   0 0 277,268
DOMTAR CORP COM NEW 257559203 11,829 320,127 SH   SOLE   274,426 0 45,701
EASTMAN CHEMICAL CO COM 277432100 13,584 201,220 SH   SOLE   0 0 201,220
ECOLAB INC COM 278865100 1,838 16,065 SH   SOLE   0 0 16,065
ESTERLINE TECHNOLOGIES COM 297425100 17,531 216,438 SH   SOLE   183,617 0 32,821
EXPRESS SCRIPTS HOLDING CO COM 30219G108 1,672 19,125 SH   SOLE   0 0 19,125
FIFTH THIRD BANCORP COM 316773100 11,635 578,843 SH   SOLE   0 0 578,843
FLUOR CORPORATION COM 343412102 20,831 441,146 SH   SOLE   108,436 0 332,710
H&E EQUIPMENT SERVICES INC COM 404030108 11,315 647,316 SH   SOLE   582,401 0 64,915
HEALTHSOUTH CORP COM NEW 421924309 10,226 293,762 SH   SOLE   251,535 0 42,227
HERTZ GLOBAL HOLDINGS COM 42805T105 17,411 1,223,529 SH   SOLE   428,763 0 794,766
IBERIABANK CORP COM 450828108 19,898 361,322 SH   SOLE   324,427 0 36,895
INGRAM MICRO INC CL A 457153104 10,923 359,552 SH   SOLE   307,229 0 52,323
INNOPHOS HOLDINGS INC COM 45774N108 13,042 450,029 SH   SOLE   404,999 0 45,030
IRON MOUNTAIN COM 46284V101 21,134 782,436 SH   SOLE   276,055 0 506,381
ITC HOLDINGS CORP COM 465685105 9,475 241,397 SH   SOLE   207,116 0 34,281
JEFFERIES GROUP, INC. DBCV 472319AG7 5,667 5,695,000 PRN   SOLE   3,745,000 0 1,950,000
JUNIPER NETWORKS INC COM 48203R104 19,025 689,305 SH   SOLE   0 0 689,305
KEYCORP COM 493267108 31,353 2,377,042 SH   SOLE   773,511 0 1,603,531
KULICKE & SOFFA INDUSTRIES COM 501242101 19,876 1,703,185 SH   SOLE   1,534,259 0 168,926
LITTELFUSE INC COM 537008104 10,403 97,215 SH   SOLE   83,155 0 14,060
LIVE NATION ENTERTAINMENT INC COM 538034109 9,339 380,116 SH   SOLE   325,701 0 54,415
M&T BANK CORP COM 55261F104 17,211 142,031 SH   SOLE   0 0 142,031
MANPOWERGROUP INC COM 56418H100 7,401 87,802 SH   SOLE   63,981 0 23,821
MASONITE INTERNATIONAL CORP COM 575385109 14,628 238,907 SH   SOLE   215,615 0 23,292
MUELLER INDUSTRIES INC COM 624756102 17,757 655,233 SH   SOLE   591,496 0 63,737
NIELSEN HOLDINGS PLC SHS EUR G6518L108 10,158 217,980 SH   SOLE   0 0 217,980
NORTHWEST BANCSHARES INC COM 667340103 22,412 1,673,789 SH   SOLE   1,508,145 0 165,644
NORTHWESTERN CORP COM NEW 668074305 4,595 84,699 SH   SOLE   72,631 0 12,068
NVR INC COM 62944T105 9,779 5,952 SH   SOLE   5,088 0 864
OLD NATIONAL BANCORP COM 680033107 16,520 1,218,314 SH   SOLE   1,097,107 0 121,207
OMEGA HEALTHCARE COM 681936100 38,330 1,095,759 SH   SOLE   643,877 0 451,882
OMNICELL INC COM 68213N109 18,797 604,783 SH   SOLE   544,584 0 60,199
ONEOK INC COM 682680103 13,493 547,160 SH   SOLE   139,182 0 407,978
OWENS ILLINOIS COM NEW 690768403 35,133 2,016,792 SH   SOLE   1,059,280 0 957,512
PIONEER NATURAL RESOURCES CO COM 723787107 1,152 9,190 SH   SOLE   0 0 9,190
PLANTRONICS INC COM 727493108 10,604 223,610 SH   SOLE   191,373 0 32,237
PLUM CREEK TIMBER CO COM 729251108 4,878 102,220 SH   SOLE   87,257 0 14,963
PORTLAND GENERAL ELECTRIC CO COM NEW 736508847 5,719 157,256 SH   SOLE   141,847 0 15,409
PREMIER INC CL A 74051N102 7,954 225,514 SH   SOLE   193,068 0 32,446
PRESTIGE BRANDS HOLDINGS INC COM 74112D101 27,920 542,340 SH   SOLE   489,155 0 53,185
QUESTAR CORP COM 748356102 11,020 565,705 SH   SOLE   484,704 0 81,001
REDWOOD TRUST INC COM 758075402 24,178 1,831,636 SH   SOLE   1,614,671 0 216,965
REPUBLIC SERVICES INC COM 760759100 10,995 249,950 SH   SOLE   0 0 249,950
SANDISK CORP COM 80004C101 12,941 170,302 SH   SOLE   0 0 170,302
SENSIENT TECHNOLOGIES COM 81725T100 25,443 405,021 SH   SOLE   364,034 0 40,987
SHENANDOAH TELECOMMUNICATION COM 82312B106 2,700 125,446 SH   SOLE   112,946 0 12,500
STAMPS.COM INC COM NEW 852857200 12,188 111,192 SH   SOLE   100,430 0 10,762
TARO PHARMACEUTICAL IND LTD SHS M8737E108 12,283 79,478 SH   SOLE   67,961 0 11,517
TEGNA INC COM 87901J105 19,587 767,530 SH   SOLE   0 0 767,530
THE MOSAIC CO COM 61945C103 979 35,490 SH   SOLE   0 0 35,490
TIDEWATER INC COM 886423102 8,579 1,232,658 SH   SOLE   686,025 0 546,633
TRIBUNE MEDIA CO CL A 896047503 7,903 233,748 SH   SOLE   200,149 0 33,599
TUTOR PERINI CORP COM 901109108 11,115 663,971 SH   SOLE   595,829 0 68,142
TYCO INTERNATIONAL PLC SHS G91442106 14,267 447,366 SH   SOLE   0 0 447,366
TYSON FOODS INC CL A 902494103 20,951 392,848 SH   SOLE   0 0 392,848
UNIFIRST CORPORATION COM 904708104 29,233 280,549 SH   SOLE   249,321 0 31,228
UNITED RENTALS INC COM 911363109 15,041 207,348 SH   SOLE   0 0 207,348
UNITEDHEALTH GROUP INC COM 91324P102 2,597 22,075 SH   SOLE   0 0 22,075
VERISK ANALYTICS CL A 92345Y106 36,020 468,525 SH   SOLE   169,181 0 299,344
WEYERHAEUSER COMPANY COM 962166104 15,804 527,160 SH   SOLE   0 0 527,160
WILLIAMS COS INC COM 969457100 6,337 246,574 SH   SOLE   0 0 246,574
XYLEM INC COM 98419M100 31,314 857,911 SH   SOLE   300,743 0 557,168
RUSSELL 2000 VALUE ISHARES TRUST RUS 2000 VAL ETF 464287630 3,411 37,104 SH   SOLE   36,898 0 206
RUSSELL MIDCAP ISHARES RUS MDCP VAL ETF 464287473 352 5,124 SH   SOLE   5,124 0 0
VANGUARD EXTENDED MKT ETF VANGUARD EXTENDED MKT ETF 922908652 1,095 13,061 SH   SOLE   13,061 0 0