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
EURONAV NV ANTWERPEN SHS B38564108 29,128 1,966,786 SH   SOLE   1,194,781 0 772,005
ALLERGAN PLC SHS G0177J108 15,230 50,185 SH   SOLE   31,800 0 18,385
ENERGY XXI LTD USD UNRS SHS G10082140 7,634 2,902,914 SH   SOLE   1,667,702 274,900 960,312
ENSCO PLC SHS CLASS A G3157S106 98,596 4,427,345 SH   SOLE   2,184,209 0 2,243,136
HERBALIFE LTD COM USD SHS G4412G101 98,783 1,793,101 SH   SOLE   729,661 0 1,063,440
NORDIC AMERICAN TANKERS LIMI COM G65773106 69,872 4,910,234 SH   SOLE   2,347,942 292,619 2,269,673
OM ASSET MGMT PLC SHS G67506108 20,701 1,163,729 SH   SOLE   430,284 79,900 653,545
XL GROUP PLC SHS G98290102 7,724 207,600 SH   SOLE   121,699 0 85,901
TE CONNECTIVITY LTD REG SHS H84989104 15,227 236,826 SH   SOLE   125,510 0 111,316
GOLAR LNG PARTNERS LP COM UNIT LPI Y2745C102 30,287 1,227,692 SH   SOLE   590,780 0 636,912
OCEAN RIG UDW INC SHS Y64354205 32,957 6,423,906 SH   SOLE   3,061,301 476,450 2,886,155
TEEKAY TANKERS LTD CL A Y8565N102 61,367 9,283,789 SH   SOLE   4,388,596 522,800 4,372,393
ABBVIE INC COM 00287Y109 1,749 26,037 SH   SOLE   15,600 0 10,437
ALCOA INC COM 013817101 48,578 4,356,808 SH   SOLE   1,547,000 0 2,809,808
ALLY FINL INC COM 02005N100 52,457 2,338,567 SH   SOLE   1,020,227 0 1,318,340
AMERICAN ELEC PWR INC COM 025537101 2,929 55,300 SH   SOLE   18,600 0 36,700
AMERICAN INTL GROUP INC COM NEW 026874784 36,136 584,525 SH   SOLE   333,300 0 251,225
ARGAN INC COM 04010E109 16,420 407,131 SH   SOLE   218,109 41,691 147,331
ARRIS GROUP INC NEW COM 04270V106 81,478 2,662,637 SH   SOLE   901,358 191,063 1,570,216
ASTRAZENECA PLC SPONSORED ADR 046353108 1,249 19,600 SH   SOLE   11,800 0 7,800
BP PLC SPONSORED ADR 055622104 18,814 470,814 SH   SOLE   270,914 0 199,900
BANK AMER CORP COM 060505104 71,031 4,173,546 SH   SOLE   2,442,836 0 1,730,710
CNO FINL GROUP INC COM 12621E103 246,632 13,440,407 SH   SOLE   6,188,309 561,356 6,690,742
CA INC COM 12673P105 105,714 3,609,274 SH   SOLE   1,533,254 0 2,076,020
CALLAWAY GOLF CO COM 131193104 11,148 1,247,065 SH   SOLE   623,829 145,300 477,936
CAMECO CORP COM 13321L108 9,775 684,509 SH   SOLE   420,650 0 263,859
CARPENTER TECHNOLOGY CORP COM 144285103 114,804 2,968,029 SH   SOLE   1,414,232 132,620 1,421,177
CASH AMER INTL INC COM 14754D100 12,192 465,580 SH   SOLE   235,300 52,100 178,180
CASTLE A M & CO COM 148411101 3,490 565,863 SH   SOLE   222,923 71,681 271,259
CATCHMARK TIMBER TR INC CL A 14912Y202 14,315 1,237,132 SH   SOLE   583,845 45,600 607,687
CHESAPEAKE ENERGY CORP COM 165167107 10,837 970,114 SH   SOLE   633,200 0 336,914
CHEVRON CORP NEW COM 166764100 2,296 23,800 SH   SOLE   23,800 0 0
CITIGROUP INC COM NEW 172967424 66,599 1,205,617 SH   SOLE   701,780 0 503,837
COCA COLA CO COM 191216100 419 10,700 SH   SOLE   7,000 0 3,700
CONAGRA FOODS INC COM 205887102 40,999 937,769 SH   SOLE   316,600 0 621,169
CONMED CORP COM 207410101 9,003 154,500 SH   SOLE   30,000 0 124,500
CONOCOPHILLIPS COM 20825C104 4,539 73,900 SH   SOLE   26,000 0 47,900
DEVON ENERGY CORP NEW COM 25179M103 1,541 25,900 SH   SOLE   25,900 0 0
DRESSER-RAND GROUP INC COM 261608103 1,780 20,900 SH   SOLE   20,900 0 0
ENOVA INTL INC COM 29357K103 19,955 1,068,202 SH   SOLE   310,513 83,042 674,647
ENTERGY CORP NEW COM 29364G103 41,894 594,243 SH   SOLE   260,928 0 333,315
EXELON CORP COM 30161N101 43,820 1,394,623 SH   SOLE   895,612 0 499,011
EZCORP INC CL A NON VTG 302301106 22,940 3,087,664 SH   SOLE   827,653 330,694 1,929,317
EXXON MOBIL CORP COM 30231G102 6,705 80,600 SH   SOLE   80,600 0 0
FEDEX CORP COM 31428X106 17,042 100,035 SH   SOLE   57,400 0 42,635
FIRST CTZNS BANCSHARES INC N CL A 31946M103 42,678 162,241 SH   SOLE   69,557 14,000 78,684
FIRST HORIZON NATL CORP COM 320517105 65,526 4,181,635 SH   SOLE   1,452,497 293,700 2,435,438
FLUOR CORP NEW COM 343412102 21,733 409,938 SH   SOLE   159,081 0 250,857
FLOWSERVE CORP COM 34354P105 2,822 53,600 SH   SOLE   17,500 0 36,100
GOVERNMENT PPTYS INCOME TR COM SHS BEN INT 38376A103 49,374 2,661,620 SH   SOLE   875,290 184,030 1,602,300
GRANITE REAL ESTATE INVT TR UNIT 99/99/9999 387437114 74,721 2,188,661 SH   SOLE   877,966 177,341 1,133,354
GREAT PLAINS ENERGY INC COM 391164100 35,493 1,468,996 SH   SOLE   541,275 109,211 818,510
HARSCO CORP COM 415864107 41,274 2,501,490 SH   SOLE   1,081,060 174,500 1,245,930
HEALTH INS INNOVATIONS INC COM CL A 42225K106 3,343 672,485 SH   SOLE   238,172 97,446 336,867
HEWLETT PACKARD CO COM 428236103 21,755 724,925 SH   SOLE   409,329 0 315,596
HOLLYFRONTIER CORP COM 436106108 1,946 45,600 SH   SOLE   45,600 0 0
HOME DEPOT INC COM 437076102 15,103 135,915 SH   SOLE   85,800 0 50,115
ICONIX BRAND GROUP INC COM 451055107 62,256 2,493,234 SH   SOLE   787,589 164,800 1,540,845
INNOSPEC INC COM 45768S105 76,255 1,693,051 SH   SOLE   881,918 139,653 671,480
JPMORGAN CHASE & CO COM 46625H100 59,764 882,016 SH   SOLE   488,400 0 393,616
KBR INC COM 48242W106 208,324 10,694,235 SH   SOLE   4,828,551 377,800 5,487,884
KAISER ALUMINUM CORP COM PAR $0.01 483007704 41,220 496,159 SH   SOLE   219,299 48,075 228,785
KAPSTONE PAPER & PACKAGING C COM 48562P103 29,767 1,287,407 SH   SOLE   358,842 74,648 853,917
KRATOS DEFENSE & SEC SOLUTIO COM NEW 50077B207 13,464 2,136,834 SH   SOLE   1,042,361 239,093 855,380
LENNAR CORP CL B 526057302 58,877 1,365,410 SH   SOLE   624,926 78,467 662,017
LEXMARK INTL NEW CL A 529771107 29,354 664,141 SH   SOLE   270,181 53,298 340,662
LILLY ELI & CO COM 532457108 75,674 906,370 SH   SOLE   521,064 0 385,306
LYON WILLIAM HOMES CL A NEW 552074700 26,874 1,046,916 SH   SOLE   542,615 110,600 393,701
MASTERCARD INC CL A 57636Q104 4,089 43,750 SH   SOLE   18,150 0 25,600
MERCER INTL INC COM 588056101 13,500 986,900 SH   SOLE   268,059 57,100 661,741
MERCK & CO INC NEW COM 58933Y105 56,117 985,723 SH   SOLE   554,300 0 431,423
MICROSOFT CORP COM 594918104 44,516 1,008,258 SH   SOLE   560,100 0 448,158
MILLER INDS INC TENN COM NEW 600551204 9,681 485,283 SH   SOLE   258,420 46,469 180,394
NATIONAL FUEL GAS CO N J COM 636180101 1,548 26,300 SH   SOLE   26,300 0 0
NELNET INC CL A 64031N108 18,881 435,962 SH   SOLE   148,193 30,600 257,169
NEXTERA ENERGY INC COM 65339F101 3,490 35,600 SH   SOLE   20,300 0 15,300
NORTHROP GRUMMAN CORP COM 666807102 50,961 321,273 SH   SOLE   173,700 0 147,573
OCEANEERING INTL INC COM 675232102 1,095 23,500 SH   SOLE   23,500 0 0
ORACLE CORP COM 68389X105 3,510 87,100 SH   SOLE   29,500 0 57,600
PPL CORP COM 69351T106 1,665 56,500 SH   SOLE   56,500 0 0
PARK STERLING CORP COM 70086Y105 23,606 3,278,614 SH   SOLE   1,618,340 339,717 1,320,557
PFIZER INC COM 717081103 68,674 2,048,170 SH   SOLE   1,175,500 0 872,670
PHILIP MORRIS INTL INC COM 718172109 40,466 504,726 SH   SOLE   224,900 0 279,826
PORTLAND GEN ELEC CO COM NEW 736508847 27,051 815,769 SH   SOLE   313,040 65,829 436,900
PUBLIC SVC ENTERPRISE GROUP COM 744573106 1,606 40,900 SH   SOLE   40,900 0 0
ROYAL DUTCH SHELL PLC SPON ADR B 780259107 1,250 21,800 SH   SOLE   21,800 0 0
ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 25,929 454,839 SH   SOLE   300,858 0 153,981
SCANA CORP NEW COM 80589M102 1,662 32,800 SH   SOLE   32,800 0 0
SCIENCE APPLICATNS INTL CP N COM 808625107 30,367 574,568 SH   SOLE   305,939 62,500 206,129
SEACOR HOLDINGS INC COM 811904101 1,278 18,017 SH   SOLE   18,017 0 0
SEMPRA ENERGY COM 816851109 1,653 16,700 SH   SOLE   16,700 0 0
STONE ENERGY CORP COM 861642106 625 49,600 SH   SOLE   49,600 0 0
SUNTRUST BKS INC COM 867914103 23,497 546,172 SH   SOLE   343,372 0 202,800
TENET HEALTHCARE CORP COM NEW 88033G407 23,939 413,591 SH   SOLE   163,689 25,421 224,481
TITAN MACHY INC COM 88830R101 3,790 257,287 SH   SOLE   133,680 28,164 95,443
TUPPERWARE BRANDS CORP COM 899896104 89,264 1,383,119 SH   SOLE   565,599 63,900 753,620
TYSON FOODS INC CL A 902494103 26,913 631,280 SH   SOLE   277,135 0 354,145
UFP TECHNOLOGIES INC COM 902673102 10,617 507,557 SH   SOLE   223,172 59,551 224,834
VERIZON COMMUNICATIONS INC COM 92343V104 3,549 76,137 SH   SOLE   22,247 0 53,890
VIRTUS INVT PARTNERS INC COM 92828Q109 49,110 371,353 SH   SOLE   128,155 27,136 216,062
VODAFONE GROUP PLC NEW SPNSR ADR NO PAR 92857W308 11,475 314,816 SH   SOLE   174,588 0 140,228
VOYA FINL INC COM 929089100 49,779 1,071,233 SH   SOLE   528,555 27,900 514,778
WAL-MART STORES INC COM 931142103 26,398 372,156 SH   SOLE   210,900 0 161,256
WILEY JOHN & SONS INC CL A 968223206 4,317 79,397 SH   SOLE   31,568 7,758 40,071