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 65,074 868,000 SH   SOLE   352,800 0 515,200
AIR T INC COM 009207101 519 42,900 SH   SOLE   42,900 0 0
ALLEGHANY CORP DEL COM 017175100 46,255 113,542 SH   SOLE   109,942 0 3,600
ALLIANT TECHSYSTEMS INC COM 018804104 8,989 63,234 SH   SOLE   50,734 0 12,500
ALLSTATE CORP COM 020002101 468,271 8,276,261 SH   SOLE   4,758,661 0 3,517,600
AMBASSADORS GROUP INC COM 023177108 87 21,900 SH   SOLE   21,900 0 0
AMDOCS LTD SHS G02602103 13,325 286,800 SH   SOLE   276,700 0 10,100
AMERICAN AXLE & MFG HLDGS IN COM 024061103 312 16,853 SH   SOLE   16,853 0 0
AMERICAN INTL GROUP INC *W EXP 01/19/202 026874156 2,400 117,400 SH   SOLE   117,400 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 939,375 18,783,748 SH   SOLE   11,284,948 0 7,498,800
ARRIS GROUP INC NEW COM 04270V106 217,044 7,702,052 SH   SOLE   7,137,352 0 564,700
ARVINMERITOR INC FRNT 4.000% 2/1 043353AH4 8,677 8,225,000 PRN   SOLE   8,225,000 0 0
ASPEN INSURANCE HOLDINGS LTD SHS G05384105 62,661 1,578,358 SH   SOLE   1,421,258 0 157,100
ASSOCIATED BANC CORP COM 045487105 20,282 1,123,007 SH   SOLE   891,707 0 231,300
AVIS BUDGET GROUP COM 053774105 12,930 265,500 SH   SOLE   218,000 0 47,500
AVNET INC COM 053807103 145,476 3,126,500 SH   SOLE   3,028,800 0 97,700
BANK NEW YORK MELLON CORP COM 064058100 221,372 6,272,936 SH   SOLE   3,511,836 0 2,761,100
BANK OF AMERICA CORPORATION COM 060505104 710,606 41,314,305 SH   SOLE   24,020,463 0 17,293,842
BANK OF AMERICA CORPORATION *W EXP 01/16/201 060505146 954 116,063 SH   SOLE   116,063 0 0
BB&T CORP COM 054937107 44,125 1,098,468 SH   SOLE   841,768 0 256,700
BEST BUY INC COM 086516101 11,684 442,400 SH   SOLE   428,300 0 14,100
BIG LOTS INC COM 089302103 42,896 1,132,711 SH   SOLE   905,911 0 226,800
BLOCK H & R INC COM 093671105 37,052 1,227,300 SH   SOLE   1,187,700 0 39,600
BOEING CO COM 097023105 261,131 2,080,889 SH   SOLE   1,195,489 0 885,400
BOULDER TOTAL RETURN FD INC COM 101541100 922 37,900 SH   SOLE   37,900 0 0
BUNGE LIMITED COM G16962105 60,046 755,200 SH   SOLE   732,300 0 22,900
CA INC COM 12673P105 46,232 1,492,808 SH   SOLE   1,446,908 0 45,900
CAPITAL ONE FINL CORP COM 14040H105 404,753 5,245,633 SH   SOLE   2,970,433 0 2,275,200
CARNIVAL CORP PAIRED CTF 143658300 56,471 1,491,576 SH   SOLE   652,676 0 838,900
CDW CORP COM 12514G108 97,407 3,549,800 SH   SOLE   3,442,400 0 107,400
CIBER INC COM 17163B102 616 134,578 SH   SOLE   98,878 0 35,700
CIRCOR INTL INC COM 17273K109 5,338 72,800 SH   SOLE   72,800 0 0
CITIGROUP INC COM NEW 172967424 799,373 16,793,560 SH   SOLE   9,845,189 0 6,948,371
CNH INDL N V SHS N20944109 27,999 2,434,700 SH   SOLE   994,700 0 1,440,000
CNO FINL GROUP INC COM 12621E103 294 16,220 SH   SOLE   1,120 0 15,100
COBALT INTL ENERGY INC COM 19075F106 454,688 24,819,228 SH   SOLE   15,297,028 0 9,522,200
COBALT INTL ENERGY INC NOTE 2.625%12/0 19075FAA4 10,917 11,575,000 PRN   SOLE   11,575,000 0 0
COMCAST CORP NEW CL A SPL 20030N200 140,677 2,885,094 SH   SOLE   1,775,094 0 1,110,000
COMERICA INC COM 200340107 24,943 481,520 SH   SOLE   464,920 0 16,600
COMMUNITY HEALTH SYS INC NEW COM 203668108 1,301 33,209 SH   SOLE   28,267 0 4,942
COMMUNITY HEALTH SYS INC NEW RIGHT 01/27/2016 203668116 28 468,900 SH   SOLE   405,600 0 63,300
COMSTOCK RES INC COM NEW 205768203 52,717 2,307,100 SH   SOLE   2,239,300 0 67,800
COMVERSE INC COM 20585P105 25,532 738,346 SH   SOLE   615,816 0 122,530
CON-WAY INC COM 205944101 241,468 5,877,990 SH   SOLE   5,354,190 0 523,800
CORNING INC COM 219350105 696,411 33,449,129 SH   SOLE   19,173,929 0 14,275,200
CORRECTIONS CORP AMER NEW COM NEW 22025Y407 373 11,917 SH   SOLE   11,917 0 0
COVIDIEN PLC SHS G2554F113 58,074 788,400 SH   SOLE   325,000 0 463,400
CUMMINS INC COM 231021106 404,174 2,712,758 SH   SOLE   1,604,258 0 1,108,500
DELPHI AUTOMOTIVE PLC SHS G27823106 62,675 923,600 SH   SOLE   374,400 0 549,200
DEUTSCHE BK AG LONDON BRH PS CRD OIL ETN 25154K809 379 11,700 SH   SOLE   11,700 0 0
DIODES INC COM 254543101 6,086 233,000 SH   SOLE   193,400 0 39,600
E M C CORP MASS COM 268648102 737 26,900 SH   SOLE   26,900 0 0
EDISON INTL COM 281020107 134,611 2,377,865 SH   SOLE   1,311,965 0 1,065,900
EMBRAER S A SP ADR REP 4 COM 29082A107 117,090 3,299,240 SH   SOLE   2,158,140 0 1,141,100
EMPLOYERS HOLDINGS INC COM 292218104 6,245 308,700 SH   SOLE   262,600 0 46,100
ENDURANCE SPECIALTY HLDGS LT SHS G30397106 8,769 162,900 SH   SOLE   130,400 0 32,500
EXELON CORP COM 30161N101 369,294 11,003,982 SH   SOLE   6,218,782 0 4,785,200
EXPRESS SCRIPTS HLDG CO COM 30219G108 95,695 1,274,400 SH   SOLE   517,600 0 756,800
FEDEX CORP COM 31428X106 54,999 414,900 SH   SOLE   165,200 0 249,700
FIRST HORIZON NATL CORP COM 320517105 164,469 13,328,155 SH   SOLE   11,813,323 0 1,514,832
FIRST INTST BANCSYSTEM INC COM CL A 32055Y201 2,973 105,357 SH   SOLE   105,357 0 0
FIRST NIAGARA FINL GP INC COM 33582V108 27,192 2,877,500 SH   SOLE   2,380,600 0 496,900
FORD MTR CO DEL COM PAR $0.01 345370860 1,167 74,831 SH   SOLE   12,431 0 62,400
FRESH DEL MONTE PRODUCE INC ORD G36738105 33,902 1,229,664 SH   SOLE   1,190,964 0 38,700
GENERAL MLS INC COM 370334104 529 10,200 SH   SOLE   0 0 10,200
GENERAL MTRS CO COM 37045V100 174,285 5,063,491 SH   SOLE   2,152,891 0 2,910,600
GENERAL MTRS CO *W EXP 07/10/201 37045V126 1,812 104,062 SH   SOLE   104,062 0 0
GEO GROUP INC COM 36159R103 59,745 1,853,124 SH   SOLE   1,513,540 0 339,584
GLAXOSMITHKLINE PLC SPONSORED ADR 37733W105 1,965 36,773 SH   SOLE   36,773 0 0
GLOBAL INDEMNITY PLC SHS G39319101 31,544 1,197,567 SH   SOLE   920,500 0 277,067
GOODYEAR TIRE & RUBR CO COM 382550101 140,751 5,386,567 SH   SOLE   5,222,267 0 164,300
GOODYEAR TIRE & RUBR CO PFD CONV 5.875% 382550309 16,082 222,100 PRN   SOLE   222,100 0 0
GRANITE REAL ESTATE INVT TR UNIT 99/99/9999 387437114 23,558 649,700 SH   SOLE   509,700 0 140,000
GREAT PLAINS ENERGY INC COM 391164100 219,252 8,108,443 SH   SOLE   7,549,943 0 558,500
HANGER INC COM NEW 41043F208 25,476 756,400 SH   SOLE   653,600 0 102,800
HANOVER INS GROUP INC COM 410867105 5,972 97,200 SH   SOLE   97,200 0 0
HEIDRICK & STRUGGLES INTL IN COM 422819102 7,295 363,500 SH   SOLE   277,900 0 85,600
HESS CORP COM 42809H107 530 6,400 SH   SOLE   0 0 6,400
HEWLETT PACKARD CO COM 428236103 598,475 18,494,268 SH   SOLE   10,632,868 0 7,861,400
HOME FED BANCORP INC MD COM 43710G105 8,774 563,900 SH   SOLE   454,500 0 109,400
HORACE MANN EDUCATORS CORP N COM 440327104 56,218 1,938,539 SH   SOLE   1,564,239 0 374,300
HORSEHEAD HLDG CORP COM 440694305 43,535 2,588,300 SH   SOLE   2,073,400 0 514,900
HUDSON GLOBAL INC COM 443787106 18,292 4,839,130 SH   SOLE   3,530,875 0 1,308,255
HUMANA INC COM 444859102 385,064 3,416,112 SH   SOLE   2,408,812 0 1,007,300
HUNTINGTON INGALLS INDS INC COM 446413106 27,948 273,300 SH   SOLE   222,400 0 50,900
INGRAM MICRO INC CL A 457153104 33,701 1,140,090 SH   SOLE   1,104,290 0 35,800
INTERNATIONAL BUSINESS MACHS COM 459200101 299,869 1,557,841 SH   SOLE   902,241 0 655,600
INTERPUBLIC GROUP COS INC COM 460690100 302,392 17,642,468 SH   SOLE   11,491,472 0 6,150,996
ISHARES RUS 2000 VAL ETF 464287630 15,882 157,500 SH   SOLE   157,500 0 0
ISHARES RUSSELL 2000 ETF 464287655 14,589 125,400 SH   SOLE   125,400 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 47,759 5,495,905 SH   SOLE   4,835,505 0 660,400
JOHNSON & JOHNSON COM 478160104 386,337 3,932,985 SH   SOLE   2,142,385 0 1,790,600
JOHNSON CTLS INC COM 478366107 407,335 8,608,097 SH   SOLE   4,804,597 0 3,803,500
JPMORGAN CHASE & CO COM 46625H100 865,923 14,263,267 SH   SOLE   8,249,696 0 6,013,571
KAISER ALUMINUM CORP COM PAR $0.01 483007704 75,205 1,053,000 SH   SOLE   850,400 0 202,600
KELLOGG CO COM 487836108 152,548 2,432,600 SH   SOLE   1,345,100 0 1,087,500
KEYCORP NEW COM 493267108 58,084 4,078,927 SH   SOLE   3,950,127 0 128,800
KOHLS CORP COM 500255104 132,174 2,327,000 SH   SOLE   2,254,000 0 73,000
KORN FERRY INTL COM NEW 500643200 2,897 97,304 SH   SOLE   97,304 0 0
KOSMOS ENERGY LTD SHS G5315B107 183,215 16,655,938 SH   SOLE   14,420,738 0 2,235,200
LAKES ENTMNT INC COM 51206P109 2,950 590,000 SH   SOLE   451,900 0 138,100
LEAR CORP COM NEW 521865204 157,362 1,879,627 SH   SOLE   1,610,927 0 268,700
LIFEPOINT HOSPITALS INC COM 53219L109 102,150 1,872,600 SH   SOLE   1,670,200 0 202,400
LIFEVANTAGE CORP COM 53222K106 18 13,571 SH   SOLE   13,571 0 0
LILLY ELI & CO COM 532457108 95,283 1,618,802 SH   SOLE   1,230,802 0 388,000
LOCKHEED MARTIN CORP COM 539830109 119,621 732,790 SH   SOLE   449,590 0 283,200
LOWES COS INC COM 548661107 81,722 1,671,200 SH   SOLE   655,000 0 1,016,200
LYON WILLIAM HOMES CL A NEW 552074700 13,355 483,700 SH   SOLE   394,300 0 89,400
M/I HOMES INC COM 55305B101 11,750 524,100 SH   SOLE   429,500 0 94,600
MAGNA INTL INC COM 559222401 67,917 705,195 SH   SOLE   540,695 0 164,500
MANPOWERGROUP INC COM 56418H100 39,566 501,916 SH   SOLE   383,316 0 118,600
MARATHON OIL CORP COM 565849106 331,532 9,333,675 SH   SOLE   5,348,075 0 3,985,600
MARVELL TECHNOLOGY GROUP LTD ORD G5876H105 33,977 2,157,300 SH   SOLE   2,084,000 0 73,300
MASONITE INTL CORP NEW COM 575385109 140,760 2,490,443 SH   SOLE   2,152,743 0 337,700
MATSON INC COM 57686G105 63,201 2,559,800 SH   SOLE   2,093,300 0 466,500
MCDERMOTT INTL INC COM 580037109 31,424 4,018,400 SH   SOLE   3,615,200 0 403,200
MCDONALDS CORP COM 580135101 147,917 1,508,899 SH   SOLE   837,299 0 671,600
MEDTRONIC INC COM 585055106 127,191 2,066,800 SH   SOLE   947,400 0 1,119,400
MERITOR INC COM 59001K100 65,004 5,306,417 SH   SOLE   4,343,117 0 963,300
MERITOR INC NOTE 7.875% 3/0 59001KAC4 9,723 6,350,000 PRN   SOLE   6,350,000 0 0
MICROSOFT CORP COM 594918104 648,450 15,819,710 SH   SOLE   9,057,010 0 6,762,700
MILLER INDS INC TENN COM NEW 600551204 32,624 1,670,443 SH   SOLE   1,213,251 0 457,192
MOLSON COORS BREWING CO CL B 60871R209 185,074 3,144,313 SH   SOLE   2,533,013 0 611,300
MONDELEZ INTL INC CL A 609207105 152,016 4,399,894 SH   SOLE   2,149,594 0 2,250,300
MORGAN STANLEY COM NEW 617446448 86,138 2,763,500 SH   SOLE   1,107,400 0 1,656,100
MURPHY OIL CORP COM 626717102 303,566 4,829,236 SH   SOLE   2,982,436 0 1,846,800
NATIONAL WESTN LIFE INS CO CL A 638522102 3,834 15,682 SH   SOLE   11,382 0 4,300
NAVISTAR INTL CORP NEW COM 63934E108 18,852 556,600 SH   SOLE   538,100 0 18,500
NEWS CORP NEW CL A 65249B109 21,867 1,269,860 SH   SOLE   1,227,060 0 42,800
NORANDA ALUM HLDG CORP COM 65542W107 25,796 6,276,516 SH   SOLE   5,214,416 0 1,062,100
NORDSTROM INC COM 655664100 58,847 942,300 SH   SOLE   376,900 0 565,400
NORTHERN TR CORP COM 665859104 43,840 668,700 SH   SOLE   648,400 0 20,300
NORTHROP GRUMMAN CORP COM 666807102 99,553 806,881 SH   SOLE   459,781 0 347,100
NOVARTIS A G SPONSORED ADR 66987V109 195,797 2,302,956 SH   SOLE   1,239,256 0 1,063,700
NRG ENERGY INC COM NEW 629377508 572,109 17,990,853 SH   SOLE   12,826,368 0 5,164,485
ON SEMICONDUCTOR CORP COM 682189105 154,246 16,409,200 SH   SOLE   14,960,300 0 1,448,900
OPPENHEIMER HLDGS INC CL A NON VTG 683797104 4,965 177,003 SH   SOLE   141,803 0 35,200
ORACLE CORP COM 68389X105 626,553 15,315,396 SH   SOLE   8,761,596 0 6,553,800
PACCAR INC COM 693718108 279,544 4,145,080 SH   SOLE   2,322,380 0 1,822,700
PEPCO HOLDINGS INC COM 713291102 44,696 2,182,400 SH   SOLE   2,113,100 0 69,300
PEPSICO INC COM 713448108 55,719 667,293 SH   SOLE   255,893 0 411,400
PFIZER INC COM 717081103 6,238 194,200 SH   SOLE   194,200 0 0
PHH CORP COM NEW 693320202 163,731 6,336,325 SH   SOLE   5,791,325 0 545,000
PHILIP MORRIS INTL INC COM 718172109 11,037 134,817 SH   SOLE   134,817 0 0
PLATINUM UNDERWRITER HLDGS L COM G7127P100 37,456 623,229 SH   SOLE   499,229 0 124,000
PORTLAND GEN ELEC CO COM NEW 736508847 4,898 151,449 SH   SOLE   151,449 0 0
PPL CORP COM 69351T106 221,829 6,693,684 SH   SOLE   5,902,084 0 791,600
PUBLIC SVC ENTERPRISE GROUP COM 744573106 679,670 17,820,395 SH   SOLE   11,939,095 0 5,881,300
QLOGIC CORP COM 747277101 24,457 1,918,199 SH   SOLE   1,534,699 0 383,500
QUEST DIAGNOSTICS INC COM 74834L100 144,539 2,495,500 SH   SOLE   1,832,500 0 663,000
QUIKSILVER INC COM 74838C106 16,400 2,183,800 SH   SOLE   1,748,200 0 435,600
REGIONS FINL CORP NEW COM 7591EP100 125,223 11,271,200 SH   SOLE   10,925,700 0 345,500
RENT A CTR INC NEW COM 76009N100 152,040 5,715,772 SH   SOLE   5,196,472 0 519,300
ROYAL BK SCOTLAND GROUP PLC SP ADR PREF S 780097739 18,788 813,344 SH   SOLE   813,344 0 0
ROYAL BK SCOTLAND GROUP PLC SP ADR PREF M 780097796 4,529 199,000 SH   SOLE   199,000 0 0
ROYAL DUTCH SHELL PLC SPON ADR B 780259107 965 12,359 SH   SOLE   12,359 0 0
ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 789,891 10,811,541 SH   SOLE   6,118,333 0 4,693,207
RUBY TUESDAY INC COM 781182100 8,202 1,462,100 SH   SOLE   1,145,700 0 316,400
RUSH ENTERPRISES INC CL A 781846209 48,993 1,508,400 SH   SOLE   1,210,100 0 298,300
SANOFI SPONSORED ADR 80105N105 512,584 9,804,594 SH   SOLE   5,531,794 0 4,272,800
SONIC AUTOMOTIVE INC CL A 83545G102 55,355 2,462,400 SH   SOLE   2,002,400 0 460,000
SOUTHERN CO COM 842587107 87,866 1,999,682 SH   SOLE   1,525,682 0 474,000
STANLEY BLACK & DECKER INC COM 854502101 259,378 3,192,740 SH   SOLE   2,096,240 0 1,096,500
STAPLES INC COM 855030102 19,271 1,699,400 SH   SOLE   1,643,400 0 56,000
SUNTRUST BKS INC COM 867914103 387,606 9,741,300 SH   SOLE   6,373,400 0 3,367,900
SYMANTEC CORP COM 871503108 40,691 2,037,600 SH   SOLE   1,971,100 0 66,500
SYMETRA FINL CORP COM 87151Q106 27,244 1,374,553 SH   SOLE   1,102,743 0 271,810
SYNOVUS FINL CORP COM 87161C105 17,768 5,241,300 SH   SOLE   4,180,400 0 1,060,900
TARGET CORP COM 87612E106 493,541 8,156,355 SH   SOLE   4,692,355 0 3,464,000
TARO PHARMACEUTICAL INDS LTD SHS M8737E108 50,533 455,252 SH   SOLE   371,852 0 83,400
TE CONNECTIVITY LTD REG SHS H84989104 113,940 1,892,371 SH   SOLE   1,108,216 0 784,155
TEXAS INSTRS INC COM 882508104 66,156 1,403,100 SH   SOLE   615,700 0 787,400
TIME WARNER CABLE INC COM 88732J207 194,861 1,420,474 SH   SOLE   686,874 0 733,600
TOTAL S A SPONSORED ADR 89151E109 314,886 4,800,093 SH   SOLE   2,687,093 0 2,113,000
TUTOR PERINI CORP COM 901109108 12,767 445,300 SH   SOLE   378,000 0 67,300
UNITEDHEALTH GROUP INC COM 91324P102 541,743 6,607,426 SH   SOLE   3,839,826 0 2,767,600
UNUM GROUP COM 91529Y106 433,375 12,273,445 SH   SOLE   8,145,545 0 4,127,900
VERIZON COMMUNICATIONS INC COM 92343V104 518 200,000 SH Put SOLE   200,000 0 0
VODAFONE GROUP PLC NEW SPNSR ADR NO PAR 92857W308 531,101 14,428,182 SH   SOLE   8,262,177 0 6,166,004
WAL-MART STORES INC COM 931142103 544,662 7,126,291 SH   SOLE   4,213,791 0 2,912,500
WEBSTER FINL CORP CONN COM 947890109 17,555 565,192 SH   SOLE   450,792 0 114,400
WELLCARE HEALTH PLANS INC COM 94946T106 94,670 1,490,400 SH   SOLE   1,288,000 0 202,400
WELLPOINT INC COM 94973V107 328,185 3,296,687 SH   SOLE   1,893,187 0 1,403,500
WELLS FARGO & CO NEW COM 949746101 610,887 12,281,606 SH   SOLE   7,196,447 0 5,085,159
WESTAR ENERGY INC COM 95709T100 6,705 190,700 SH   SOLE   163,800 0 26,900
WESTERN UN CO COM 959802109 55,968 3,421,000 SH   SOLE   3,311,900 0 109,100
WHITE MTNS INS GROUP LTD COM G9618E107 141,205 235,381 SH   SOLE   228,181 0 7,200
WILLIS GROUP HOLDINGS PUBLIC SHS G96666105 161,400 3,657,369 SH   SOLE   3,545,669 0 111,700
XL GROUP PLC SHS G98290102 24,284 777,100 SH   SOLE   751,400 0 25,700
ZIMMER HLDGS INC COM 98956P102 151,262 1,599,304 SH   SOLE   985,604 0 613,700
ZIONS BANCORPORATION COM 989701107 76,892 2,482,000 SH   SOLE   2,404,800 0 77,200