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 50,523 736,600 SH   SOLE   356,200 0 380,400
AIR T INC COM 009207101 514 42,900 SH   SOLE   42,900 0 0
ALLEGHANY CORP DEL COM 017175100 30,259 75,655 SH   SOLE   72,955 0 2,700
ALLIANT TECHSYSTEMS INC COM 018804104 15,376 126,361 SH   SOLE   103,261 0 23,100
ALLSTATE CORP COM 020002101 398,278 7,302,494 SH   SOLE   4,577,294 0 2,725,200
AMDOCS LTD ORD G02602103 21,284 516,100 SH   SOLE   499,700 0 16,400
AMERICAN INTL GROUP INC *W EXP 01/19/202 026874156 2,377 117,400 SH   SOLE   117,400 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 779,690 15,273,062 SH   SOLE   9,868,662 0 5,404,400
ARGO GROUP INTL HLDGS LTD COM G0464B107 11,740 252,530 SH   SOLE   202,750 0 49,780
ARRIS GROUP INC NEW COM 04270V106 223,895 9,189,187 SH   SOLE   8,476,587 0 712,600
ARVINMERITOR INC FRNT 4.000% 2/1 043353AH4 7,911 8,225,000 PRN   SOLE   8,225,000 0 0
ASPEN INSURANCE HOLDINGS LTD SHS G05384105 28,897 699,523 SH   SOLE   638,923 0 60,600
ASSOCIATED BANC CORP COM 045487105 19,704 1,132,407 SH   SOLE   891,707 0 240,700
ASTRAZENECA PLC SPONSORED ADR 046353108 219,029 3,689,214 SH   SOLE   2,277,014 0 1,412,200
AVIS BUDGET GROUP COM 053774105 88,047 2,178,300 SH   SOLE   1,931,500 0 246,800
AVNET INC COM 053807103 63,660 1,443,200 SH   SOLE   1,392,800 0 50,400
BANK NEW YORK MELLON CORP COM 064058100 172,242 4,929,638 SH   SOLE   2,976,038 0 1,953,600
BANK OF AMERICA CORPORATION COM 060505104 638,726 41,022,837 SH   SOLE   26,063,922 0 14,958,915
BB&T CORP COM 054937107 41,282 1,106,168 SH   SOLE   846,068 0 260,100
BIG LOTS INC COM 089302103 36,570 1,132,540 SH   SOLE   905,740 0 226,800
BLOCK H & R INC COM 093671105 30,669 1,056,100 SH   SOLE   1,018,600 0 37,500
BOEING CO COM 097023105 157,615 1,154,772 SH   SOLE   712,472 0 442,300
BOULDER TOTAL RETURN FD INC COM 101541100 872 37,900 SH   SOLE   37,900 0 0
BUNGE LIMITED COM G16962105 41,080 500,300 SH   SOLE   482,600 0 17,700
CA INC COM 12673P105 39,551 1,175,364 SH   SOLE   1,133,964 0 41,400
CAPITAL ONE FINL CORP COM 14040H105 430,629 5,621,057 SH   SOLE   3,509,457 0 2,111,600
CARNIVAL CORP PAIRED CTF 143658300 50,874 1,266,464 SH   SOLE   658,164 0 608,300
CDW CORP COM 12514G108 61,906 2,650,100 SH   SOLE   2,556,700 0 93,400
CIBER INC COM 17163B102 1,273 307,478 SH   SOLE   225,478 0 82,000
CIRCOR INTL INC COM 17273K109 8,320 103,000 SH   SOLE   103,000 0 0
CITIGROUP INC COM NEW 172967424 639,389 12,269,996 SH   SOLE   7,864,385 0 4,405,611
CNO FINL GROUP INC COM 12621E103 11,538 652,220 SH   SOLE   536,520 0 115,700
COBALT INTL ENERGY INC COM 19075F106 381,154 23,170,460 SH   SOLE   15,476,760 0 7,693,700
COBALT INTL ENERGY INC NOTE 2.625%12/0 19075FAA4 8,413 9,500,000 PRN   SOLE   9,500,000 0 0
COMCAST CORP NEW CL A SPL 20030N200 135,808 2,722,694 SH   SOLE   1,787,994 0 934,700
COMERICA INC COM 200340107 22,031 463,420 SH   SOLE   446,820 0 16,600
COMVERSE INC COM 20585P105 31,496 811,764 SH   SOLE   687,434 0 124,330
CON-WAY INC COM 205944101 204,265 5,143,919 SH   SOLE   4,667,819 0 476,100
CORNING INC COM 219350105 524,748 29,447,147 SH   SOLE   18,553,547 0 10,893,600
CORRECTIONS CORP AMER NEW COM NEW 22025Y407 270 8,424 SH   SOLE   8,424 0 0
COVIDIEN PLC SHS G2554F113 44,742 657,000 SH   SOLE   327,400 0 329,600
CUMMINS INC COM 231021106 365,236 2,590,878 SH   SOLE   1,642,578 0 948,300
DELPHI AUTOMOTIVE PLC SHS G27823106 47,046 782,400 SH   SOLE   377,900 0 404,500
EDISON INTL COM 281020107 98,636 2,130,365 SH   SOLE   1,302,165 0 828,200
EMBRAER S A SP ADR REP 4 COM 29082A107 96,907 3,011,400 SH   SOLE   2,148,900 0 862,500
ENDURANCE SPECIALTY HLDGS LT SHS G30397106 15,548 265,000 SH   SOLE   202,700 0 62,300
EXELON CORP COM 30161N101 407,578 14,880,524 SH   SOLE   9,425,924 0 5,454,600
EXPRESS SCRIPTS HLDG CO COM 30219G108 74,960 1,067,200 SH   SOLE   517,200 0 550,000
FEDEX CORP COM 31428X106 121,874 847,700 SH   SOLE   409,300 0 438,400
FIRST HORIZON NATL CORP COM 320517105 147,840 12,690,155 SH   SOLE   11,166,023 0 1,524,132
FIRST INTST BANCSYSTEM INC COM CL A 32055Y201 2,989 105,357 SH   SOLE   105,357 0 0
FIRST NIAGARA FINL GP INC COM 33582V108 7,274 684,900 SH   SOLE   521,800 0 163,100
FORD MTR CO DEL COM PAR $0.01 345370860 963 62,400 SH   SOLE   0 0 62,400
FRESH DEL MONTE PRODUCE INC ORD G36738105 29,776 1,052,164 SH   SOLE   1,014,964 0 37,200
GENERAL MLS INC COM 370334104 509 10,200 SH   SOLE   0 0 10,200
GENERAL MTRS CO COM 37045V100 103,572 2,534,192 SH   SOLE   1,317,292 0 1,216,900
GENERAL MTRS CO *W EXP 07/10/201 37045V118 1,469 47,138 SH   SOLE   47,138 0 0
GENERAL MTRS CO *W EXP 07/10/201 37045V126 1,090 47,138 SH   SOLE   47,138 0 0
GEO GROUP INC COM 36159R103 43,089 1,337,328 SH   SOLE   1,104,944 0 232,384
GLOBAL INDEMNITY PLC SHS G39319101 30,298 1,197,567 SH   SOLE   920,500 0 277,067
GOODYEAR TIRE & RUBR CO COM 382550101 135,416 5,677,839 SH   SOLE   5,480,539 0 197,300
GOODYEAR TIRE & RUBR CO PFD CONV 5.875% 382550309 13,591 203,300 PRN   SOLE   203,300 0 0
GRANITE REAL ESTATE INVT TR UNIT 99/99/9999 387437114 23,708 649,700 SH   SOLE   509,700 0 140,000
GREAT PLAINS ENERGY INC COM 391164100 190,091 7,842,043 SH   SOLE   7,270,843 0 571,200
HANGER INC COM NEW 41043F208 18,045 458,700 SH   SOLE   364,300 0 94,400
HANOVER INS GROUP INC COM 410867105 5,804 97,200 SH   SOLE   97,200 0 0
HEALTH MGMT ASSOC INC NEW CL A 421933102 6,267 478,400 SH   SOLE   407,200 0 71,200
HEIDRICK & STRUGGLES INTL IN COM 422819102 7,321 363,500 SH   SOLE   277,900 0 85,600
HESS CORP COM 42809H107 531 6,400 SH   SOLE   0 0 6,400
HEWLETT PACKARD CO COM 428236103 563,121 20,125,842 SH   SOLE   12,730,642 0 7,395,200
HOME FED BANCORP INC MD COM 43710G105 8,402 563,900 SH   SOLE   454,500 0 109,400
HORACE MANN EDUCATORS CORP N COM 440327104 41,041 1,301,239 SH   SOLE   1,039,239 0 262,000
HORSEHEAD HLDG CORP COM 440694305 42,345 2,612,300 SH   SOLE   2,073,700 0 538,600
HUDSON GLOBAL INC COM 443787106 19,451 4,838,584 SH   SOLE   3,455,129 0 1,383,455
HUMANA INC COM 444859102 291,060 2,819,800 SH   SOLE   2,069,500 0 750,300
HUNTINGTON INGALLS INDS INC COM 446413106 67,859 753,900 SH   SOLE   647,700 0 106,200
INGRAM MICRO INC CL A 457153104 67,529 2,878,490 SH   SOLE   2,777,990 0 100,500
INTERNATIONAL BUSINESS MACHS COM 459200101 261,746 1,395,457 SH   SOLE   877,057 0 518,400
INTERPUBLIC GROUP COS INC COM 460690100 273,312 15,441,368 SH   SOLE   10,693,072 0 4,748,296
ISHARES RUS 2000 VAL ETF 464287630 15,671 157,500 SH   SOLE   157,500 0 0
ISHARES RUSSELL 2000 ETF 464287655 14,460 125,400 SH   SOLE   125,400 0 0
JAKKS PAC INC NOTE 4.500%11/0 47012EAD8 49 50,000 PRN   SOLE   50,000 0 0
JETBLUE AIRWAYS CORP COM 477143101 45,382 5,307,805 SH   SOLE   4,647,405 0 660,400
JOHNSON & JOHNSON COM 478160104 349,870 3,819,961 SH   SOLE   2,333,261 0 1,486,700
JOHNSON CTLS INC COM 478366107 419,312 8,173,724 SH   SOLE   5,037,424 0 3,136,300
JPMORGAN CHASE & CO COM 46625H100 755,585 12,920,404 SH   SOLE   8,168,833 0 4,751,571
KAISER ALUMINUM CORP COM PAR $0.01 483007704 42,734 608,400 SH   SOLE   487,300 0 121,100
KELLOGG CO COM 487836108 125,831 2,060,442 SH   SOLE   1,264,742 0 795,700
KEYCORP NEW COM 493267108 50,689 3,777,127 SH   SOLE   3,643,227 0 133,900
KOHLS CORP COM 500255104 111,553 1,965,700 SH   SOLE   1,897,000 0 68,700
KORN FERRY INTL COM NEW 500643200 2,543 97,353 SH   SOLE   97,353 0 0
KOSMOS ENERGY LTD SHS G5315B107 156,192 13,970,688 SH   SOLE   12,290,288 0 1,680,400
LAKES ENTMNT INC COM 51206P109 2,331 590,000 SH   SOLE   451,900 0 138,100
LEAR CORP COM NEW 521865204 139,360 1,721,127 SH   SOLE   1,450,027 0 271,100
LIFEPOINT HOSPITALS INC COM 53219L109 53,638 1,015,100 SH   SOLE   836,600 0 178,500
LOCKHEED MARTIN CORP COM 539830109 241,455 1,624,208 SH   SOLE   1,051,308 0 572,900
LOWES COS INC COM 548661107 67,145 1,355,100 SH   SOLE   656,700 0 698,400
LYON WILLIAM HOMES CL A NEW 552074700 5,748 259,600 SH   SOLE   207,300 0 52,300
M/I HOMES INC COM 55305B101 4,879 191,700 SH   SOLE   160,400 0 31,300
MAGNA INTL INC COM 559222401 99,873 1,217,075 SH   SOLE   788,375 0 428,700
MANPOWERGROUP INC COM 56418H100 42,493 494,916 SH   SOLE   374,816 0 120,100
MARATHON OIL CORP COM 565849106 176,125 4,989,386 SH   SOLE   3,148,686 0 1,840,700
MARVELL TECHNOLOGY GROUP LTD ORD G5876H105 39,679 2,759,300 SH   SOLE   2,661,700 0 97,600
MASONITE INTL CORP NEW COM 575385109 147,561 2,459,348 SH   SOLE   2,114,448 0 344,900
MATSON INC COM 57686G105 48,204 1,846,200 SH   SOLE   1,490,800 0 355,400
MCDERMOTT INTL INC COM 580037109 36,280 3,960,700 SH   SOLE   3,557,500 0 403,200
MEDTRONIC INC COM 585055106 99,905 1,740,800 SH   SOLE   951,400 0 789,400
MERCK & CO INC NEW COM 58933Y105 50,986 1,018,710 SH   SOLE   771,210 0 247,500
MERITOR INC COM 59001K100 61,143 5,862,177 SH   SOLE   4,882,177 0 980,000
MICROSOFT CORP COM 594918104 511,119 13,655,318 SH   SOLE   8,589,818 0 5,065,500
MILLER INDS INC TENN COM NEW 600551204 30,951 1,661,355 SH   SOLE   1,192,763 0 468,592
MOLSON COORS BREWING CO CL B 60871R209 157,755 2,809,530 SH   SOLE   2,364,930 0 444,600
MONDELEZ INTL INC CL A 609207105 134,062 3,797,798 SH   SOLE   2,149,798 0 1,648,000
MORGAN STANLEY COM NEW 617446448 71,930 2,293,700 SH   SOLE   1,114,900 0 1,178,800
MURPHY OIL CORP COM 626717102 278,749 4,296,375 SH   SOLE   2,819,175 0 1,477,200
NATIONAL WESTN LIFE INS CO CL A 638522102 4,372 19,556 SH   SOLE   15,256 0 4,300
NAVISTAR INTL CORP NEW COM 63934E108 18,839 493,300 SH   SOLE   475,800 0 17,500
NEWS CORP NEW CL A 65249B109 21,748 1,206,860 SH   SOLE   1,164,060 0 42,800
NORANDA ALUM HLDG CORP COM 65542W107 20,603 6,262,347 SH   SOLE   5,200,247 0 1,062,100
NORTHERN TR CORP COM 665859104 43,187 697,800 SH   SOLE   672,800 0 25,000
NORTHROP GRUMMAN CORP COM 666807102 104,573 912,426 SH   SOLE   607,226 0 305,200
NOVARTIS A G SPONSORED ADR 66987V109 166,967 2,077,223 SH   SOLE   1,237,723 0 839,500
NRG ENERGY INC COM NEW 629377508 441,299 15,365,559 SH   SOLE   11,504,974 0 3,860,585
ON SEMICONDUCTOR CORP COM 682189105 177,372 21,525,700 SH   SOLE   19,769,500 0 1,756,200
ORACLE CORP COM 68389X105 515,618 13,476,697 SH   SOLE   8,485,397 0 4,991,300
PACCAR INC COM 693718108 242,218 4,093,594 SH   SOLE   2,509,794 0 1,583,800
PEPSICO INC COM 713448108 45,249 545,562 SH   SOLE   255,662 0 289,900
PFIZER INC COM 717081103 5,970 194,900 SH   SOLE   194,900 0 0
PHH CORP COM NEW 693320202 148,144 6,083,925 SH   SOLE   5,501,125 0 582,800
PHILIP MORRIS INTL INC COM 718172109 359 4,120 SH   SOLE   4,120 0 0
PLATINUM UNDERWRITER HLDGS L COM G7127P100 24,633 401,982 SH   SOLE   324,282 0 77,700
PORTLAND GEN ELEC CO COM NEW 736508847 4,574 151,449 SH   SOLE   151,449 0 0
PPL CORP COM 69351T106 189,844 6,309,197 SH   SOLE   5,509,097 0 800,100
PUBLIC SVC ENTERPRISE GROUP COM 744573106 441,884 13,791,648 SH   SOLE   9,971,748 0 3,819,900
QLOGIC CORP COM 747277101 22,690 1,918,005 SH   SOLE   1,534,505 0 383,500
QUEST DIAGNOSTICS INC COM 74834L100 108,022 2,017,600 SH   SOLE   1,538,100 0 479,500
QUIKSILVER INC COM 74838C106 33,522 3,822,400 SH   SOLE   3,096,700 0 725,700
REGIONS FINL CORP NEW COM 7591EP100 111,050 11,228,500 SH   SOLE   10,839,600 0 388,900
RENT A CTR INC NEW COM 76009N100 170,157 5,103,685 SH   SOLE   4,607,185 0 496,500
ROYAL BK SCOTLAND GROUP PLC SP ADR PREF S 780097739 15,774 733,344 SH   SOLE   733,344 0 0
ROYAL DUTCH SHELL PLC SPON ADR B 780259107 665,791 8,864,217 SH   SOLE   5,494,117 0 3,370,100
RUBY TUESDAY INC COM 781182100 10,132 1,462,100 SH   SOLE   1,145,700 0 316,400
RUSH ENTERPRISES INC CL A 781846209 44,863 1,513,100 SH   SOLE   1,210,100 0 303,000
SANOFI SPONSORED ADR 80105N105 317,081 5,912,375 SH   SOLE   3,694,475 0 2,217,900
SONIC AUTOMOTIVE INC CL A 83545G102 58,142 2,375,100 SH   SOLE   1,917,800 0 457,300
SOUTHERN CO COM 842587107 76,206 1,853,701 SH   SOLE   1,419,201 0 434,500
SPDR SERIES TRUST BRC HGH YLD BD 78464A417 11,474 282,900 SH   SOLE   282,900 0 0
STANLEY BLACK & DECKER INC COM 854502101 231,288 2,866,373 SH   SOLE   1,998,273 0 868,100
STAPLES INC COM 855030102 19,591 1,232,900 SH   SOLE   1,189,800 0 43,100
SUNTRUST BKS INC COM 867914103 330,847 8,987,974 SH   SOLE   6,338,674 0 2,649,300
SYMANTEC CORP COM 871503108 30,373 1,288,100 SH   SOLE   1,242,700 0 45,400
SYMETRA FINL CORP COM 87151Q106 29,283 1,544,453 SH   SOLE   1,240,643 0 303,810
SYNOVUS FINL CORP COM 87161C105 18,961 5,266,900 SH   SOLE   4,180,400 0 1,086,500
TARGET CORP COM 87612E106 455,002 7,191,436 SH   SOLE   4,541,036 0 2,650,400
TARO PHARMACEUTICAL INDS LTD SHS M8737E108 52,411 529,936 SH   SOLE   447,136 0 82,800
TE CONNECTIVITY LTD REG SHS H84989104 144,855 2,628,479 SH   SOLE   1,665,799 0 962,680
TEXAS INSTRS INC COM 882508104 77,598 1,767,200 SH   SOLE   901,200 0 866,000
TIME WARNER CABLE INC COM 88732J207 125,907 929,200 SH   SOLE   451,000 0 478,200
TOTAL S A SPONSORED ADR 89151E109 357,499 5,834,819 SH   SOLE   3,636,019 0 2,198,800
TUTOR PERINI CORP COM 901109108 11,711 445,300 SH   SOLE   378,000 0 67,300
UNITED STATES STL CORP NEW COM 912909108 648 75,000 SH Put SOLE   75,000 0 0
UNITEDHEALTH GROUP INC COM 91324P102 446,723 5,932,574 SH   SOLE   3,742,274 0 2,190,300
UNUM GROUP COM 91529Y106 371,108 10,578,899 SH   SOLE   7,467,199 0 3,111,700
VALASSIS COMMUNICATIONS INC COM 918866104 176,134 5,142,611 SH   SOLE   4,716,511 0 426,100
VERIZON COMMUNICATIONS INC COM 92343V104 602 200,000 SH Put SOLE   200,000 0 0
VODAFONE GROUP PLC NEW SPONS ADR NEW 92857W209 595,803 15,156,513 SH   SOLE   9,397,013 0 5,759,500
WAL-MART STORES INC COM 931142103 465,647 5,917,485 SH   SOLE   3,793,485 0 2,124,000
WEBSTER FINL CORP CONN COM 947890109 17,891 573,792 SH   SOLE   450,992 0 122,800
WELLCARE HEALTH PLANS INC COM 94946T106 54,829 778,600 SH   SOLE   686,400 0 92,200
WELLPOINT INC COM 94973V107 278,569 3,015,146 SH   SOLE   1,894,146 0 1,121,000
WELLS FARGO & CO NEW COM 949746101 447,966 9,867,089 SH   SOLE   6,320,220 0 3,546,869
WESTAR ENERGY INC COM 95709T100 6,135 190,700 SH   SOLE   163,800 0 26,900
WESTERN UN CO COM 959802109 41,353 2,397,300 SH   SOLE   2,312,500 0 84,800
WHITE MTNS INS GROUP LTD COM G9618E107 119,350 197,901 SH   SOLE   191,101 0 6,800
WILLIS GROUP HOLDINGS PUBLIC SHS G96666105 131,662 2,938,225 SH   SOLE   2,839,425 0 98,800
XL GROUP PLC SHS G98290102 11,341 356,200 SH   SOLE   343,200 0 13,000
ZIMMER HLDGS INC COM 98956P102 141,770 1,521,304 SH   SOLE   1,000,004 0 521,300
ZIONS BANCORPORATION COM 989701107 70,280 2,345,800 SH   SOLE   2,262,900 0 82,900