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
ALLEGHANY CORP DEL COM 017175100 7,438 14,168 SH   SOLE 13,498 0 670
ALLISON TRANSMISSION HLDGS I COM 01973R101 15,385 536,435 SH   SOLE 511,635 0 24,800
ALLSTATE CORP COM 020002101 180,483 2,608,886 SH   SOLE 1,337,967 0 1,270,919
ALLY FINL INC COM 02005N100 19,517 1,002,400 SH   SOLE 957,100 0 45,300
AMERICAN AXLE & MFG HLDGS IN COM 024061103 510 29,598 SH   SOLE 29,598 0 0
AMERICAN INTL GROUP INC *W EXP 01/19/202 026874156 2,489 117,400 SH   SOLE 117,400 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 968,759 16,325,565 SH   SOLE 8,828,962 0 7,496,603
AMERICAN VANGUARD CORP COM 030371108 28,091 1,749,103 SH   SOLE 1,446,603 0 302,500
ANTHEM INC COM 036752103 464,563 3,707,313 SH   SOLE 2,003,943 0 1,703,370
ARRIS INTL INC SHS G0551A103 255,832 9,030,431 SH   SOLE 8,215,531 0 814,900
ASPEN INSURANCE HOLDINGS LTD SHS G05384105 4,070 87,354 SH   SOLE 72,454 0 14,900
ASSOCIATED BANC CORP COM 045487105 24,064 1,228,406 SH   SOLE 1,015,506 0 212,900
AVIS BUDGET GROUP COM 053774105 14,659 428,500 SH   SOLE 408,300 0 20,200
AVNET INC COM 053807103 59,520 1,449,584 SH   SOLE 1,384,884 0 64,700
BANCORP INC DEL COM 05969A105 66 10,274 SH   SOLE 10,274 0 0
BANK AMER CORP COM 060505104 871,937 55,714,856 SH   SOLE 30,043,949 0 25,670,907
BANK AMER CORP *W EXP 01/16/201 060505146 2,243 485,463 SH   SOLE 485,463 0 0
BANK OF NT BUTTERFIELD&SON L SHS NEW G0772R208 14,472 584,510 SH   SOLE 483,310 0 101,200
BARCLAYS PLC ADR 06738E204 149 17,181 SH   SOLE 17,181 0 0
BED BATH & BEYOND INC COM 075896100 315,413 7,316,479 SH   SOLE 4,662,745 0 2,653,734
BEST BUY INC COM 086516101 15,579 408,036 SH   SOLE 388,836 0 19,200
BIOGEN INC COM 09062X103 95,818 306,100 SH   SOLE 83,200 0 222,900
BOEING CO COM 097023105 251,994 1,912,811 SH   SOLE 952,938 0 959,873
BOULDER GROWTH & INCOME FD I COM 101507101 991 118,292 PRN   SOLE 118,292 0 0
BRINKS CO COM 109696104 17,771 479,257 SH   SOLE 416,157 0 63,100
BROWN & BROWN INC COM 115236101 74,578 1,977,660 SH   SOLE 1,892,060 0 85,600
BUNGE LIMITED COM G16962105 94,588 1,596,958 SH   SOLE 1,078,576 0 518,382
CALPINE CORP COM NEW 131347304 506,465 40,068,420 SH   SOLE 24,755,858 0 15,312,562
CAPITAL ONE FINL CORP COM 14040H105 418,022 5,819,599 SH   SOLE 3,194,304 0 2,625,295
CBS CORP NEW CL B 124857202 220,879 4,035,049 SH   SOLE 2,060,199 0 1,974,850
CDW CORP COM 12514G108 65,586 1,434,190 SH   SOLE 1,367,790 0 66,400
CIT GROUP INC COM NEW 125581801 77,249 2,128,071 SH   SOLE 2,034,071 0 94,000
CITIGROUP INC COM NEW 172967424 823,771 17,441,685 SH   SOLE 9,209,611 0 8,232,074
CITIZENS FINL GROUP INC COM 174610105 515,409 20,858,321 SH   SOLE 12,802,619 0 8,055,702
CNH INDL N V SHS N20944109 264,703 36,662,439 SH   SOLE 18,979,450 0 17,682,989
CNO FINL GROUP INC COM 12621E103 53,368 3,494,970 SH   SOLE 2,985,170 0 509,800
COBALT INTL ENERGY INC COM 19075F106 75,155 60,608,787 SH   SOLE 39,114,333 0 21,494,454
COBALT INTL ENERGY INC NOTE 2.625%12/0 19075FAA4 24,155 47,017,000 PRN   SOLE 46,348,000 0 669,000
COBALT INTL ENERGY INC NOTE 3.125% 5/1 19075FAB2 2,270 5,820,000 PRN   SOLE 5,692,000 0 128,000
COMCAST CORP NEW CL A 20030N101 248,565 3,746,828 SH   SOLE 1,921,627 0 1,825,201
COMPUTER TASK GROUP INC COM 205477102 47 10,079 SH   SOLE 10,079 0 0
COMSTOCK RES INC NOTE 7.750% 4/0 205768AM6 1,305 1,800,000 PRN   SOLE 1,800,000 0 0
COMSTOCK RES INC NOTE 9.500% 6/1 205768AN4 508 700,000 PRN   SOLE 700,000 0 0
CORNING INC COM 219350105 724,271 30,624,586 SH   SOLE 18,304,658 0 12,319,928
CORRECTIONS CORP AMER NEW COM NEW 22025Y407 4,425 319,056 SH   SOLE 304,856 0 14,200
CREDIT SUISSE GROUP SPONSORED ADR 225401108 141 10,734 SH   SOLE 10,734 0 0
CUMMINS INC COM 231021106 607,500 4,740,540 SH   SOLE 2,703,570 0 2,036,970
DIODES INC COM 254543101 37,017 1,734,610 SH   SOLE 1,471,410 0 263,200
DISCOVERY COMMUNICATNS NEW COM SER A 25470F104 436,039 16,197,598 SH   SOLE 9,895,503 0 6,302,095
DISCOVERY COMMUNICATNS NEW COM SER C 25470F302 135,694 5,157,496 SH   SOLE 3,041,296 0 2,116,200
EATON CORP PLC SHS G29183103 103,862 1,580,608 SH   SOLE 461,930 0 1,118,678
EMBRAER S A SP ADR REP 4 COM 29082A107 99,881 5,786,824 SH   SOLE 3,798,124 0 1,988,700
ENDURANCE SPECIALTY HLDGS LT SHS G30397106 2,456 37,519 SH   SOLE 25,819 0 11,700
ENPRO INDS INC COM 29355X107 87,568 1,541,140 SH   SOLE 1,299,240 0 241,900
ENSTAR GROUP LIMITED SHS G3075P101 66,371 403,543 SH   SOLE 342,643 0 60,900
ERICSSON ADR B SEK 10 294821608 450,054 62,420,845 SH   SOLE 37,398,068 0 25,022,777
EXTREME NETWORKS INC COM 30226D106 29,153 6,492,942 SH   SOLE 5,314,142 0 1,178,800
FIFTH STR ASSET MGMT INC CL A COM 31679P109 1,582 287,112 SH   SOLE 287,112 0 0
FIFTH STR SR FLOATNG RATE CO COM 31679F101 533 62,246 SH   SOLE 62,246 0 0
FIFTH STREET FINANCE CORP COM 31678A103 816 140,507 SH   SOLE 140,507 0 0
FIFTH THIRD BANCORP COM 316773100 38,513 1,882,350 SH   SOLE 1,797,650 0 84,700
FIRST BANCORP P R COM NEW 318672706 28,666 5,512,642 SH   SOLE 4,551,142 0 961,500
FIRST HAWAIIAN INC COM 32051X108 30,562 1,137,810 SH   SOLE 988,810 0 149,000
FIRST HORIZON NATL CORP COM 320517105 46,793 3,072,446 SH   SOLE 2,575,189 0 497,257
GENERAL MLS INC COM 370334104 1,169 18,300 SH   SOLE 0 0 18,300
GENERAL MTRS CO COM 37045V100 362,238 11,401,903 SH   SOLE 6,049,512 0 5,352,391
GENERAL MTRS CO *W EXP 07/10/201 37045V126 2,675 191,643 SH   SOLE 191,643 0 0
GEO GROUP INC NEW COM 36162J106 87,152 3,664,909 SH   SOLE 3,259,325 0 405,584
GLAXOSMITHKLINE PLC SPONSORED ADR 37733W105 351,527 8,150,402 SH   SOLE 4,240,681 0 3,909,721
GLOBAL INDEMNITY PLC SHS G39319101 36,720 1,236,351 SH   SOLE 1,018,548 0 217,803
GOLDEN ENTMT INC COM 381013101 2,912 233,539 SH   SOLE 195,289 0 38,250
GOLDMAN SACHS GROUP INC COM 38141G104 227,289 1,409,367 SH   SOLE 803,499 0 605,868
GOODYEAR TIRE & RUBR CO COM 382550101 117,389 3,634,336 SH   SOLE 3,471,036 0 163,300
GRANITE REAL ESTATE INVT TR UNIT 99/99/9999 387437114 24,547 800,622 SH   SOLE 679,922 0 120,700
GREAT PLAINS ENERGY INC COM 391164100 48,054 1,760,847 SH   SOLE 1,477,047 0 283,800
GROUP 1 AUTOMOTIVE INC COM 398905109 10,826 169,480 SH   SOLE 140,080 0 29,400
HARLEY DAVIDSON INC COM 412822108 144,948 2,756,188 SH   SOLE 1,384,679 0 1,371,509
HARTE-HANKS INC COM 416196103 65 39,845 SH   SOLE 39,845 0 0
HEIDRICK & STRUGGLES INTL IN COM 422819102 3,059 164,923 SH   SOLE 164,923 0 0
HESS CORP COM 42809H107 635,514 11,852,183 SH   SOLE 6,174,880 0 5,677,303
HEWLETT PACKARD ENTERPRISE C COM 42824C109 438,649 19,281,254 SH   SOLE 11,650,181 0 7,631,073
HILL INTERNATIONAL INC COM 431466101 50 10,760 SH   SOLE 10,760 0 0
HONDA MOTOR LTD AMERN SHS 438128308 166,374 5,752,897 SH   SOLE 2,823,939 0 2,928,958
HORACE MANN EDUCATORS CORP N COM 440327104 97,727 2,666,481 SH   SOLE 2,191,581 0 474,900
HUDSON GLOBAL INC COM 443787106 7,193 4,670,760 SH   SOLE 3,624,860 0 1,045,900
HUMANA INC COM 444859102 93,317 527,545 SH   SOLE 267,061 0 260,484
INTEROIL CORP COM 460951106 50,875 999,126 SH   SOLE 991,326 0 7,800
INTL PAPER CO COM 460146103 237,186 4,943,439 SH   SOLE 3,055,055 0 1,888,384
INVACARE CORP COM 461203101 15,545 1,391,665 SH   SOLE 1,159,633 0 232,032
INVESTORS BANCORP INC NEW COM 46146L101 10,040 835,975 SH   SOLE 656,075 0 179,900
JOHNSON CTLS INTL PLC SHS G51502105 415,859 8,937,436 SH   SOLE 4,564,209 0 4,373,227
JPMORGAN CHASE & CO COM 46625H100 413,247 6,205,841 SH   SOLE 3,364,874 0 2,840,967
KBR INC COM 48242W106 76,331 5,045,041 SH   SOLE 4,179,641 0 865,400
KCAP FINL INC COM 48668E101 48 10,465 SH   SOLE 10,465 0 0
KELLOGG CO COM 487836108 74,027 955,552 SH   SOLE 289,753 0 665,799
KEYCORP NEW COM 493267108 30,579 2,512,644 SH   SOLE 1,819,496 0 693,148
KOHLS CORP COM 500255104 58,674 1,341,119 SH   SOLE 1,282,319 0 58,800
KONINKLIJKE PHILIPS N V NY REG SH NEW 500472303 276,995 9,361,095 SH   SOLE 4,938,986 0 4,422,109
KORN FERRY INTL COM NEW 500643200 14,747 702,243 SH   SOLE 555,643 0 146,600
KOSMOS ENERGY LTD SHS G5315B107 208,203 32,480,973 SH   SOLE 24,030,931 0 8,450,042
LIFEPOINT HEALTH INC COM 53219L109 65,716 1,109,498 SH   SOLE 945,998 0 163,500
LILLY ELI & CO COM 532457108 2,159 26,900 SH   SOLE 0 0 26,900
LONESTAR RES US INC CL A VTG 54240F103 726 71,193 SH   SOLE 71,193 0 0
LOUISIANA PAC CORP COM 546347105 3,422 181,723 SH   SOLE 181,723 0 0
M/I HOMES INC COM 55305B101 27,046 1,147,494 SH   SOLE 963,494 0 184,000
MAGNA INTL INC COM 559222401 97,634 2,273,194 SH   SOLE 1,157,794 0 1,115,400
MANPOWERGROUP INC COM 56418H100 26,238 363,100 SH   SOLE 296,300 0 66,800
MARATHON OIL CORP COM 565849106 765,428 48,414,184 SH   SOLE 27,716,042 0 20,698,142
MARVELL TECHNOLOGY GROUP LTD ORD G5876H105 59,205 4,461,538 SH   SOLE 4,271,538 0 190,000
MASONITE INTL CORP NEW COM 575385109 54,486 876,405 SH   SOLE 727,605 0 148,800
MATSON INC COM 57686G105 76,818 1,926,234 SH   SOLE 1,608,034 0 318,200
MCDERMOTT INTL INC COM 580037109 40,594 8,102,670 SH   SOLE 7,339,370 0 763,300
MEDTRONIC PLC SHS G5960L103 87,517 1,012,932 SH   SOLE 527,619 0 485,313
MERITOR INC COM 59001K100 30,429 2,733,991 SH   SOLE 2,355,191 0 378,800
MERITOR INC NOTE 7.875% 3/0 59001KAC4 10,021 7,423,000 PRN   SOLE 7,196,000 0 227,000
MICROSOFT CORP COM 594918104 722,459 12,542,683 SH   SOLE 6,562,765 0 5,979,918
MILLER INDS INC TENN COM NEW 600551204 31,723 1,391,975 SH   SOLE 1,110,379 0 281,596
MORGAN STANLEY COM NEW 617446448 201,774 6,293,624 SH   SOLE 1,798,717 0 4,494,907
MURPHY OIL CORP COM 626717102 305,889 10,062,145 SH   SOLE 6,221,148 0 3,840,997
NATIONAL WESTN LIFE GROUP IN CL A 638517102 2,813 13,699 SH   SOLE 9,599 0 4,100
NAVISTAR INTL CORP NEW COM 63934E108 127,087 5,552,062 SH   SOLE 5,261,662 0 290,400
NAVISTAR INTL CORP NEW NOTE 4.750% 4/1 63934EAS7 12,508 13,333,000 PRN   SOLE 12,945,000 0 388,000
NEWS CORP NEW CL A 65249B109 47,393 3,390,073 SH   SOLE 3,241,573 0 148,500
NORDSTROM INC COM 655664100 136,502 2,631,117 SH   SOLE 1,344,585 0 1,286,532
NRG ENERGY INC COM NEW 629377508 311,314 27,771,106 SH   SOLE 19,884,516 0 7,886,590
OFFICE DEPOT INC COM 676220106 198,307 55,548,148 SH   SOLE 51,085,748 0 4,462,400
OMNICOM GROUP INC COM 681919106 52,856 621,833 SH   SOLE 178,565 0 443,268
ON SEMICONDUCTOR CORP COM 682189105 90,951 7,382,383 SH   SOLE 6,675,083 0 707,300
OPPENHEIMER HLDGS INC CL A NON VTG 683797104 17,772 1,243,698 SH   SOLE 1,034,698 0 209,000
ORACLE CORP COM 68389X105 590,974 15,045,164 SH   SOLE 8,197,567 0 6,847,597
ORION GROUP HOLDINGS INC COM 68628V308 75 10,905 SH   SOLE 10,905 0 0
PACCAR INC COM 693718108 91,881 1,563,133 SH   SOLE 791,490 0 771,643
PACKAGING CORP AMER COM 695156109 55,681 685,222 SH   SOLE 189,301 0 495,921
PARKER HANNIFIN CORP COM 701094104 272,144 2,167,963 SH   SOLE 1,183,608 0 984,355
PATTERSON UTI ENERGY INC COM 703481101 600 200,000 SH Put SOLE 200,000 0 0
PBF ENERGY INC CL A 69318G106 10,250 452,720 SH   SOLE 374,720 0 78,000
PEBBLEBROOK HOTEL TR COM 70509V100 11,219 421,770 SH   SOLE 339,870 0 81,900
PERFORMANT FINL CORP COM 71377E105 38 12,782 SH   SOLE 12,782 0 0
PETROQUEST ENERGY INC COM NEW 716748306 1,411 407,943 SH   SOLE 396,924 0 11,019
PHH CORP COM NEW 693320202 72,325 5,005,180 SH   SOLE 4,604,980 0 400,200
PHIBRO ANIMAL HEALTH CORP CL A COM 71742Q106 11,380 418,700 SH   SOLE 346,700 0 72,000
POPULAR INC COM NEW 733174700 217,142 5,681,370 SH   SOLE 5,204,770 0 476,600
PORTLAND GEN ELEC CO COM NEW 736508847 50,657 1,189,410 SH   SOLE 1,056,710 0 132,700
PPL CORP COM 69351T106 77,518 2,242,342 SH   SOLE 1,185,976 0 1,056,366
REAL IND INC COM 75601W104 30,358 4,960,463 SH   SOLE 4,139,663 0 820,800
REGIONS FINL CORP NEW COM 7591EP100 238,765 24,190,967 SH   SOLE 15,212,567 0 8,978,400
RENT A CTR INC NEW COM 76009N100 14,574 1,152,970 SH   SOLE 1,107,270 0 45,700
RMR GROUP INC CL A 74967R106 315 8,300 SH   SOLE 8,300 0 0
ROCKWELL COLLINS INC COM 774341101 159,621 1,892,595 SH   SOLE 541,727 0 1,350,868
ROYAL BK SCOTLAND GROUP PLC SP ADR PREF S 780097739 30,780 1,219,021 SH   SOLE 1,025,182 0 193,839
ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 315,090 6,292,991 SH   SOLE 3,273,695 0 3,019,296
RUBY TUESDAY INC COM 781182100 7,029 2,811,636 SH   SOLE 2,347,636 0 464,000
RUSH ENTERPRISES INC CL A 781846209 107,464 4,389,874 SH   SOLE 3,673,074 0 716,800
SANOFI SPONSORED ADR 80105N105 459,847 12,041,028 SH   SOLE 6,165,062 0 5,875,966
SANTANDER CONSUMER USA HDG I COM 80283M101 45,901 3,774,750 SH   SOLE 3,611,550 0 163,200
SEARS HOMETOWN & OUTLET STOR COM 812362101 63 12,795 SH   SOLE 12,795 0 0
SERITAGE GROWTH PPTYS CL A 81752R100 11,505 227,010 SH   SOLE 189,910 0 37,100
SLM CORP COM 78442P106 20,042 2,682,981 SH   SOLE 2,220,481 0 462,500
SONIC AUTOMOTIVE INC CL A 83545G102 48,984 2,605,543 SH   SOLE 2,090,343 0 515,200
SOUTHERN CO COM 842587107 48,005 935,768 SH   SOLE 259,947 0 675,821
STANLEY BLACK & DECKER INC COM 854502101 1,045 8,500 SH   SOLE 0 0 8,500
STAPLES INC COM 855030102 15,042 1,759,328 SH   SOLE 1,678,228 0 81,100
STATE STR CORP COM 857477103 358,718 5,151,772 SH   SOLE 2,924,194 0 2,227,578
SUNTRUST BKS INC COM 867914103 12,087 275,967 SH   SOLE 260,567 0 15,400
TARGET CORP COM 87612E106 134,032 1,951,550 SH   SOLE 1,056,927 0 894,623
TE CONNECTIVITY LTD REG SHS H84989104 173,686 2,697,830 SH   SOLE 1,288,330 0 1,409,500
TERADATA CORP DEL COM 88076W103 93,617 3,019,911 SH   SOLE 1,507,273 0 1,512,638
TRI POINTE GROUP INC COM 87265H109 108,667 8,244,855 SH   SOLE 7,461,055 0 783,800
TUTOR PERINI CORP COM 901109108 55,829 2,600,318 SH   SOLE 2,152,318 0 448,000
UNUM GROUP COM 91529Y106 299,888 8,493,013 SH   SOLE 5,312,826 0 3,180,187
VAALCO ENERGY INC COM NEW 91851C201 69 74,674 SH   SOLE 74,674 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 10 43,800 SH Put SOLE 43,800 0 0
VODAFONE GROUP PLC NEW SPNSR ADR 92857W308 361,549 12,403,052 SH   SOLE 6,748,281 0 5,654,771
WAL-MART STORES INC COM 931142103 204,089 2,829,847 SH   SOLE 1,488,788 0 1,341,059
WASHINGTON FED INC COM 938824109 13,619 510,453 SH   SOLE 429,953 0 80,500
WELLCARE HEALTH PLANS INC COM 94946T106 3,796 32,421 SH   SOLE 32,421 0 0
WELLS FARGO & CO NEW COM 949746101 299,860 6,771,903 SH   SOLE 3,776,987 0 2,994,916
WHITING PETE CORP NEW COM 966387102 120,847 13,826,934 SH   SOLE 12,923,834 0 903,100
WILLIS TOWERS WATSON PUB LTD SHS G96629103 101,474 764,284 SH   SOLE 731,545 0 32,739
WISDOMTREE INVTS INC COM 97717P104 719 250,000 SH Put SOLE 250,000 0 0
ZIMMER BIOMET HLDGS INC COM 98956P102 187,692 1,443,559 SH   SOLE 804,841 0 638,718
ZIONS BANCORPORATION COM 989701107 8,476 273,258 SH   SOLE 259,758 0 13,500