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
AETNA INC NEW COM 00817Y108 68,869 849,400 SH   SOLE   333,800 0 515,600
AIR T INC COM 009207101 560 42,900 SH   SOLE   42,900 0 0
ALLEGHANY CORP DEL COM 017175100 51,868 118,388 SH   SOLE   114,788 0 3,600
ALLSTATE CORP COM 020002101 464,126 7,904,049 SH   SOLE   4,517,331 0 3,386,718
ALTISOURCE RESIDENTIAL CORP CL B 02153W100 247 9,500 SH   SOLE   9,500 0 0
AMBASSADORS GROUP INC COM 023177108 123 26,600 SH   SOLE   26,600 0 0
AMERICAN AXLE & MFG HLDGS IN COM 024061103 392 20,758 SH   SOLE   20,758 0 0
AMERICAN INTL GROUP INC *W EXP 01/19/202 026874156 3,123 117,400 SH   SOLE   117,400 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 962,541 17,635,410 SH   SOLE   10,533,901 0 7,101,509
ARRIS GROUP INC NEW COM 04270V106 236,992 7,285,331 SH   SOLE   6,798,331 0 487,000
ARVINMERITOR INC FRNT 4.000% 2/1 043353AH4 8,834 8,275,000 PRN   SOLE   8,275,000 0 0
ASPEN INSURANCE HOLDINGS LTD SHS G05384105 74,805 1,646,954 SH   SOLE   1,494,454 0 152,500
ASSOCIATED BANC CORP COM 045487105 21,747 1,202,826 SH   SOLE   979,826 0 223,000
AVNET INC COM 053807103 158,391 3,574,600 SH   SOLE   3,469,100 0 105,500
BANK NEW YORK MELLON CORP COM 064058100 231,403 6,174,049 SH   SOLE   3,430,749 0 2,743,300
BANK OF AMERICA CORPORATION COM 060505104 706,195 45,946,297 SH   SOLE   26,674,987 0 19,271,310
BANK OF AMERICA CORPORATION *W EXP 01/16/201 060505146 838 121,463 SH   SOLE   121,463 0 0
BB&T CORP COM 054937107 42,686 1,082,568 SH   SOLE   825,768 0 256,800
BED BATH & BEYOND INC COM 075896100 41,277 719,364 SH   SOLE   697,864 0 21,500
BEST BUY INC COM 086516101 30,844 994,631 SH   SOLE   964,131 0 30,500
BIG LOTS INC COM 089302103 17,692 387,131 SH   SOLE   358,231 0 28,900
BLOCK H & R INC COM 093671105 38,898 1,160,451 SH   SOLE   1,124,251 0 36,200
BOEING CO COM 097023105 258,970 2,035,449 SH   SOLE   1,153,536 0 881,913
BOULDER TOTAL RETURN FD INC COM 101541100 972 37,900 SH   SOLE   37,900 0 0
BRINKS CO COM 109696104 23,394 828,981 SH   SOLE   685,381 0 143,600
BUNGE LIMITED COM G16962105 105,452 1,394,136 SH   SOLE   1,353,236 0 40,900
CA INC COM 12673P105 52,694 1,833,480 SH   SOLE   1,779,180 0 54,300
CAPITAL ONE FINL CORP COM 14040H105 404,222 4,893,734 SH   SOLE   2,748,905 0 2,144,829
CARNIVAL CORP PAIRED CTF 143658300 55,216 1,466,569 SH   SOLE   631,569 0 835,000
CASCADE BANCORP COM NEW 147154207 4,678 897,915 SH   SOLE   720,331 0 177,584
CDW CORP COM 12514G108 104,830 3,288,264 SH   SOLE   3,191,464 0 96,800
CIRCOR INTL INC COM 17273K109 5,615 72,800 SH   SOLE   72,800 0 0
CIT GROUP INC COM NEW 125581801 54,227 1,185,040 SH   SOLE   1,149,740 0 35,300
CITIGROUP INC COM NEW 172967424 900,942 19,128,278 SH   SOLE   11,140,064 0 7,988,214
CNH INDL N V SHS N20944109 24,768 2,423,500 SH   SOLE   983,500 0 1,440,000
COBALT INTL ENERGY INC COM 19075F106 469,280 25,573,828 SH   SOLE   15,720,128 0 9,853,700
COBALT INTL ENERGY INC NOTE 3.125% 5/1 19075FAB2 12,116 11,225,000 PRN   SOLE   11,225,000 0 0
COMCAST CORP NEW CL A SPL 20030N200 304,314 5,706,250 SH   SOLE   3,201,022 0 2,505,228
COMERICA INC COM 200340107 24,665 491,720 SH   SOLE   475,120 0 16,600
COMMUNITY HEALTH SYS INC NEW COM 203668108 1,502 33,109 SH   SOLE   28,267 0 4,842
COMMUNITY HEALTH SYS INC NEW RIGHT 01/27/2016 203668116 31 468,900 SH   SOLE   405,600 0 63,300
COMSTOCK RES INC COM NEW 205768203 43,143 1,495,939 SH   SOLE   1,450,939 0 45,000
COMVERSE INC COM 20585P105 32,105 1,203,346 SH   SOLE   1,022,416 0 180,930
CON-WAY INC COM 205944101 283,116 5,616,257 SH   SOLE   5,152,457 0 463,800
CORNING INC COM 219350105 668,313 30,447,082 SH   SOLE   17,386,651 0 13,060,431
CORRECTIONS CORP AMER NEW COM NEW 22025Y407 739 22,493 SH   SOLE   22,493 0 0
COVIDIEN PLC SHS G2554F113 71,125 788,700 SH   SOLE   325,300 0 463,400
CUMMINS INC COM 231021106 421,272 2,730,394 SH   SOLE   1,585,782 0 1,144,612
DIODES INC COM 254543101 21,532 743,500 SH   SOLE   628,300 0 115,200
E M C CORP MASS COM 268648102 940 35,700 SH   SOLE   35,700 0 0
EDISON INTL COM 281020107 105,487 1,815,292 SH   SOLE   989,282 0 826,010
EMBRAER S A SP ADR REP 4 COM 29082A107 125,265 3,438,516 SH   SOLE   2,298,590 0 1,139,926
EMPLOYERS HOLDINGS INC COM 292218104 6,952 328,248 SH   SOLE   283,748 0 44,500
ENDURANCE SPECIALTY HLDGS LT SHS G30397106 9,120 176,780 SH   SOLE   145,480 0 31,300
ERICSSON ADR B SEK 10 294821608 169,437 14,026,203 SH   SOLE   7,820,428 0 6,205,775
EXELON CORP COM 30161N101 104,286 2,858,728 SH   SOLE   1,583,587 0 1,275,141
EXPRESS SCRIPTS HLDG CO COM 30219G108 132,989 1,918,200 SH   SOLE   872,200 0 1,046,000
FEDEX CORP COM 31428X106 62,717 414,300 SH   SOLE   166,500 0 247,800
FIRST HORIZON NATL CORP COM 320517105 173,730 14,648,355 SH   SOLE   13,187,123 0 1,461,232
FIRST INTST BANCSYSTEM INC COM CL A 32055Y201 2,854 105,000 SH   SOLE   105,000 0 0
FIRST NIAGARA FINL GP INC COM 33582V108 26,952 3,083,800 SH   SOLE   2,605,100 0 478,700
FORD MTR CO DEL COM PAR $0.01 345370860 1,816 105,363 SH   SOLE   42,963 0 62,400
FRESH DEL MONTE PRODUCE INC ORD G36738105 38,766 1,264,800 SH   SOLE   1,226,100 0 38,700
GENERAL MLS INC COM 370334104 520 9,900 SH   SOLE   0 0 9,900
GENERAL MTRS CO COM 37045V100 286,281 7,886,532 SH   SOLE   4,209,390 0 3,677,142
GENERAL MTRS CO *W EXP 07/10/201 37045V126 1,931 104,062 SH   SOLE   104,062 0 0
GLAXOSMITHKLINE PLC SPONSORED ADR 37733W105 264,679 4,949,118 SH   SOLE   2,797,205 0 2,151,913
GLOBAL INDEMNITY PLC SHS G39319101 31,596 1,215,687 SH   SOLE   940,720 0 274,967
GOLDMAN SACHS GROUP INC COM 38141G104 107,597 642,600 SH   SOLE   355,264 0 287,336
GOODYEAR TIRE & RUBR CO COM 382550101 184,557 6,643,515 SH   SOLE   6,462,415 0 181,100
GRANITE REAL ESTATE INVT TR UNIT 99/99/9999 387437114 26,025 699,400 SH   SOLE   564,000 0 135,400
GREAT PLAINS ENERGY INC COM 391164100 235,726 8,772,844 SH   SOLE   8,248,144 0 524,700
HANGER INC COM NEW 41043F208 27,506 874,600 SH   SOLE   755,200 0 119,400
HANOVER INS GROUP INC COM 410867105 6,148 97,360 SH   SOLE   97,360 0 0
HEIDRICK & STRUGGLES INTL IN COM 422819102 7,382 399,033 SH   SOLE   316,633 0 82,400
HESS CORP COM 42809H107 544 5,500 SH   SOLE   0 0 5,500
HEWLETT PACKARD CO COM 428236103 573,771 17,035,966 SH   SOLE   9,677,164 0 7,358,802
HONDA MOTOR LTD AMERN SHS 438128308 209,822 5,996,624 SH   SOLE   3,292,903 0 2,703,721
HORACE MANN EDUCATORS CORP N COM 440327104 77,488 2,478,039 SH   SOLE   2,050,739 0 427,300
HORSEHEAD HLDG CORP COM 440694305 50,483 2,764,700 SH   SOLE   2,268,600 0 496,100
HUDSON GLOBAL INC COM 443787106 19,301 4,911,255 SH   SOLE   3,611,000 0 1,300,255
HUMANA INC COM 444859102 433,133 3,391,273 SH   SOLE   2,330,778 0 1,060,495
HUNTINGTON INGALLS INDS INC COM 446413106 9,970 105,400 SH   SOLE   87,600 0 17,800
INGRAM MICRO INC CL A 457153104 39,598 1,355,635 SH   SOLE   1,314,835 0 40,800
INTERNATIONAL BUSINESS MACHS COM 459200101 299,723 1,653,462 SH   SOLE   950,579 0 702,883
INTERPUBLIC GROUP COS INC COM 460690100 337,025 17,274,468 SH   SOLE   11,249,372 0 6,025,096
INVACARE CORP COM 461203101 22,841 1,243,400 SH   SOLE   1,018,300 0 225,100
INVESTORS BANCORP INC NEW COM 46146L101 8,813 797,600 SH   SOLE   613,700 0 183,900
ISHARES RUS 2000 VAL ETF 464287630 20,569 199,200 SH   SOLE   199,200 0 0
ISHARES RUSSELL 2000 ETF 464287655 20,590 173,300 SH   SOLE   173,300 0 0
JAKKS PAC INC NOTE 4.500%11/0 47012EAD8 51 50,000 PRN   SOLE   50,000 0 0
JETBLUE AIRWAYS CORP COM 477143101 72,606 6,691,781 SH   SOLE   6,120,881 0 570,900
JOHNSON & JOHNSON COM 478160104 149,252 1,426,614 SH   SOLE   855,772 0 570,842
JOHNSON CTLS INC COM 478366107 463,121 9,275,396 SH   SOLE   5,139,218 0 4,136,178
JPMORGAN CHASE & CO COM 46625H100 897,146 15,570,038 SH   SOLE   8,946,627 0 6,623,411
KAISER ALUMINUM CORP COM PAR $0.01 483007704 92,522 1,269,682 SH   SOLE   1,060,182 0 209,500
KELLOGG CO COM 487836108 156,395 2,380,442 SH   SOLE   1,300,542 0 1,079,900
KEYCORP NEW COM 493267108 65,484 4,569,727 SH   SOLE   4,430,827 0 138,900
KOHLS CORP COM 500255104 154,897 2,940,333 SH   SOLE   2,853,933 0 86,400
KORN FERRY INTL COM NEW 500643200 2,848 96,958 SH   SOLE   96,958 0 0
KOSMOS ENERGY LTD SHS G5315B107 204,088 18,173,475 SH   SOLE   15,931,375 0 2,242,100
LAKES ENTMNT INC COM 51206P109 3,074 652,572 SH   SOLE   518,872 0 133,700
LEAR CORP COM NEW 521865204 122,191 1,368,014 SH   SOLE   1,224,359 0 143,655
LIFEPOINT HOSPITALS INC COM 53219L109 109,204 1,758,516 SH   SOLE   1,582,116 0 176,400
LIFEVANTAGE CORP COM 53222K106 20 13,571 SH   SOLE   13,571 0 0
LILLY ELI & CO COM 532457108 301,617 4,851,480 SH   SOLE   2,798,537 0 2,052,943
LOCKHEED MARTIN CORP COM 539830109 96,818 602,362 SH   SOLE   342,462 0 259,900
LOWES COS INC COM 548661107 85,456 1,780,700 SH   SOLE   664,500 0 1,116,200
LYON WILLIAM HOMES CL A NEW 552074700 15,843 520,463 SH   SOLE   434,363 0 86,100
M/I HOMES INC COM 55305B101 22,200 914,725 SH   SOLE   764,025 0 150,700
MAGNA INTL INC COM 559222401 44,805 415,827 SH   SOLE   312,703 0 103,124
MANPOWERGROUP INC COM 56418H100 41,788 492,492 SH   SOLE   373,916 0 118,576
MARATHON OIL CORP COM 565849106 406,934 10,193,733 SH   SOLE   5,778,642 0 4,415,091
MARVELL TECHNOLOGY GROUP LTD ORD G5876H105 22,209 1,549,800 SH   SOLE   1,505,700 0 44,100
MASONITE INTL CORP NEW COM 575385109 159,010 2,826,334 SH   SOLE   2,475,934 0 350,400
MATSON INC COM 57686G105 73,195 2,727,089 SH   SOLE   2,277,589 0 449,500
MCDERMOTT INTL INC COM 580037109 46,261 5,718,300 SH   SOLE   5,215,100 0 503,200
MCDONALDS CORP COM 580135101 154,891 1,537,535 SH   SOLE   869,006 0 668,529
MEDTRONIC INC COM 585055106 123,216 1,932,500 SH   SOLE   819,700 0 1,112,800
MERITOR INC COM 59001K100 67,521 5,177,993 SH   SOLE   4,356,693 0 821,300
MERITOR INC NOTE 7.875% 3/0 59001KAC4 10,332 6,400,000 PRN   SOLE   6,400,000 0 0
MICROSOFT CORP COM 594918104 639,641 15,339,112 SH   SOLE   8,761,167 0 6,577,945
MILLER INDS INC TENN COM NEW 600551204 35,317 1,716,074 SH   SOLE   1,263,782 0 452,292
MOLSON COORS BREWING CO CL B 60871R209 59,422 801,272 SH   SOLE   348,272 0 453,000
MONDELEZ INTL INC CL A 609207105 164,430 4,371,981 SH   SOLE   2,137,681 0 2,234,300
MORGAN STANLEY COM NEW 617446448 89,312 2,762,500 SH   SOLE   1,116,300 0 1,646,200
MURPHY OIL CORP COM 626717102 310,249 4,666,798 SH   SOLE   2,890,936 0 1,775,862
NATIONAL WESTN LIFE INS CO CL A 638522102 4,460 17,882 SH   SOLE   13,582 0 4,300
NAVISTAR INTL CORP NEW COM 63934E108 26,302 701,763 SH   SOLE   679,763 0 22,000
NEWS CORP NEW CL A 65249B109 26,751 1,491,160 SH   SOLE   1,445,060 0 46,100
NORANDA ALUM HLDG CORP COM 65542W107 25,010 7,085,054 SH   SOLE   6,029,954 0 1,055,100
NORDSTROM INC COM 655664100 63,732 938,200 SH   SOLE   376,900 0 561,300
NORTHERN TR CORP COM 665859104 40,268 627,135 SH   SOLE   607,835 0 19,300
NORTHROP GRUMMAN CORP COM 666807102 95,998 802,458 SH   SOLE   456,381 0 346,077
NOVARTIS A G SPONSORED ADR 66987V109 58,801 649,519 SH   SOLE   268,419 0 381,100
NRG ENERGY INC COM NEW 629377508 482,137 12,960,685 SH   SOLE   8,829,085 0 4,131,600
OFFICE DEPOT INC COM 676220106 26,918 4,730,725 SH   SOLE   4,588,925 0 141,800
OMNICOM GROUP INC COM 681919106 61,456 862,900 SH   SOLE   345,100 0 517,800
ON SEMICONDUCTOR CORP COM 682189105 170,223 18,624,000 SH   SOLE   17,281,900 0 1,342,100
OPPENHEIMER HLDGS INC CL A NON VTG 683797104 5,017 209,109 SH   SOLE   171,509 0 37,600
ORACLE CORP COM 68389X105 605,833 14,947,764 SH   SOLE   8,531,792 0 6,415,972
PACCAR INC COM 693718108 213,576 3,399,262 SH   SOLE   1,904,631 0 1,494,631
PEPCO HOLDINGS INC COM 713291102 59,112 2,151,100 SH   SOLE   2,086,700 0 64,400
PEPSICO INC COM 713448108 59,986 671,437 SH   SOLE   262,137 0 409,300
PFIZER INC COM 717081103 3,823 128,800 SH   SOLE   128,800 0 0
PHH CORP COM NEW 693320202 157,681 6,861,642 SH   SOLE   6,327,342 0 534,300
PHILIP MORRIS INTL INC COM 718172109 109,468 1,298,397 SH   SOLE   785,397 0 513,000
PLATINUM UNDERWRITER HLDGS L COM G7127P100 43,281 667,404 SH   SOLE   550,904 0 116,500
PORTLAND GEN ELEC CO COM NEW 736508847 5,266 151,887 SH   SOLE   151,887 0 0
PPL CORP COM 69351T106 234,315 6,594,852 SH   SOLE   5,814,311 0 780,541
PUBLIC SVC ENTERPRISE GROUP COM 744573106 681,640 16,710,955 SH   SOLE   11,250,512 0 5,460,443
QLOGIC CORP COM 747277101 20,987 2,079,959 SH   SOLE   1,710,559 0 369,400
QUEST DIAGNOSTICS INC COM 74834L100 148,098 2,523,400 SH   SOLE   1,866,100 0 657,300
QUIKSILVER INC COM 74838C106 8,520 2,380,000 SH   SOLE   1,947,200 0 432,800
REGIONS FINL CORP NEW COM 7591EP100 153,082 14,414,500 SH   SOLE   13,981,000 0 433,500
RENT A CTR INC NEW COM 76009N100 160,520 5,596,926 SH   SOLE   5,105,226 0 491,700
ROYAL BK SCOTLAND GROUP PLC SP ADR PREF S 780097739 20,063 817,244 SH   SOLE   817,244 0 0
ROYAL BK SCOTLAND GROUP PLC SP ADR PREF M 780097796 4,821 200,200 SH   SOLE   200,200 0 0
ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 802,811 9,746,398 SH   SOLE   5,493,797 0 4,252,601
RUBY TUESDAY INC COM 781182100 12,117 1,596,400 SH   SOLE   1,291,600 0 304,800
RUSH ENTERPRISES INC CL A 781846209 53,953 1,556,200 SH   SOLE   1,271,300 0 284,900
SANOFI SPONSORED ADR 80105N105 519,580 9,772,061 SH   SOLE   5,510,346 0 4,261,715
SONIC AUTOMOTIVE INC CL A 83545G102 70,315 2,635,500 SH   SOLE   2,199,700 0 435,800
SOUTHERN CO COM 842587107 89,928 1,981,676 SH   SOLE   1,507,631 0 474,045
STANLEY BLACK & DECKER INC COM 854502101 281,479 3,205,176 SH   SOLE   2,114,755 0 1,090,421
STAPLES INC COM 855030102 79,755 7,357,500 SH   SOLE   7,149,100 0 208,400
SUNTRUST BKS INC COM 867914103 374,924 9,359,067 SH   SOLE   6,568,167 0 2,790,900
SYMANTEC CORP COM 871503108 54,381 2,374,700 SH   SOLE   2,302,500 0 72,200
SYMETRA FINL CORP COM 87151Q106 33,602 1,477,653 SH   SOLE   1,219,043 0 258,610
SYNOVUS FINL CORP COM NEW 87161C501 19,698 807,940 SH   SOLE   661,884 0 146,056
TARGET CORP COM 87612E106 491,596 8,483,107 SH   SOLE   4,878,692 0 3,604,415
TARO PHARMACEUTICAL INDS LTD SHS M8737E108 71,656 510,952 SH   SOLE   430,552 0 80,400
TE CONNECTIVITY LTD REG SHS H84989104 56,434 912,580 SH   SOLE   370,225 0 542,355
TEXAS INSTRS INC COM 882508104 62,031 1,298,000 SH   SOLE   517,200 0 780,800
TIME WARNER CABLE INC COM 88732J207 254,972 1,730,970 SH   SOLE   919,748 0 811,222
TIME WARNER INC COM NEW 887317303 64,145 913,100 SH   SOLE   367,400 0 545,700
TOTAL S A SPONSORED ADR 89151E109 78,821 1,091,704 SH   SOLE   808,875 0 282,829
TUTOR PERINI CORP COM 901109108 644 20,300 SH   SOLE   20,300 0 0
UNITEDHEALTH GROUP INC COM 91324P102 564,152 6,900,939 SH   SOLE   3,986,751 0 2,914,188
UNUM GROUP COM 91529Y106 441,392 12,698,260 SH   SOLE   8,495,975 0 4,202,285
VERIZON COMMUNICATIONS INC COM 92343V104 305 234,200 SH Put SOLE   234,200 0 0
VODAFONE GROUP PLC NEW SPNSR ADR NO PAR 92857W308 573,028 17,161,672 SH   SOLE   9,795,835 0 7,365,837
WAL-MART STORES INC COM 931142103 555,917 7,405,312 SH   SOLE   4,354,253 0 3,051,059
WEBSTER FINL CORP CONN COM 947890109 19,230 609,700 SH   SOLE   499,500 0 110,200
WELLCARE HEALTH PLANS INC COM 94946T106 117,302 1,571,155 SH   SOLE   1,378,055 0 193,100
WELLPOINT INC COM 94973V107 378,485 3,517,188 SH   SOLE   1,976,971 0 1,540,217
WELLS FARGO & CO NEW COM 949746101 483,313 9,195,446 SH   SOLE   5,415,058 0 3,780,388
WESTAR ENERGY INC COM 95709T100 7,405 193,900 SH   SOLE   167,000 0 26,900
WESTERN UN CO COM 959802109 60,277 3,476,200 SH   SOLE   3,367,100 0 109,100
WHITE MTNS INS GROUP LTD COM G9618E107 156,051 256,478 SH   SOLE   248,978 0 7,500
WILLIS GROUP HOLDINGS PUBLIC SHS G96666105 170,811 3,944,817 SH   SOLE   3,830,017 0 114,800
XL GROUP PLC SHS G98290102 25,876 790,600 SH   SOLE   764,900 0 25,700
ZIMMER HLDGS INC COM 98956P102 159,565 1,536,345 SH   SOLE   930,004 0 606,341
ZIONS BANCORPORATION COM 989701107 91,369 3,100,400 SH   SOLE   3,006,900 0 93,500