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 29,697 3,759,168 SH   SOLE   2,774,548 0 984,620
ALLERGAN PLC SHS G0177J108 8,189 34,275 SH   SOLE   22,700 0 11,575
ARRIS INTL INC SHS G0551A103 35,580 1,345,162 SH   SOLE   763,327 0 581,835
ENSCO PLC SHS CLASS A G3157S106 23,627 2,639,926 SH   SOLE   2,007,609 0 632,317
HERBALIFE LTD COM USD SHS G4412G101 50,126 862,166 SH   SOLE   590,766 0 271,400
OM ASSET MGMT PLC SHS G67506108 14,643 968,448 SH   SOLE   448,164 0 520,284
TE CONNECTIVITY LTD REG SHS H84989104 6,769 90,795 SH   SOLE   64,395 0 26,400
GOLAR LNG PARTNERS LP COM UNIT LPI Y2745C102 34,518 1,545,115 SH   SOLE   1,172,592 0 372,523
HOEGH LNG PARTNERS LP COM UNIT LTD Y3262R100 22,486 1,144,333 SH   SOLE   567,569 0 576,764
TEEKAY TANKERS LTD CL A Y8565N102 26,570 12,961,025 SH   SOLE   8,124,784 0 4,836,241
ABBVIE INC COM 00287Y109 1,130 17,337 SH   SOLE   8,800 0 8,537
ALLY FINL INC COM 02005N100 14,767 726,364 SH   SOLE   508,999 0 217,365
AMERICAN ELEC PWR INC COM 025537101 1,195 17,800 SH   SOLE   6,300 0 11,500
AMERICAN INTL GROUP INC COM NEW 026874784 10,365 166,031 SH   SOLE   110,500 0 55,531
ARCONIC INC COM 03965L100 18,577 705,269 SH   SOLE   506,484 0 198,785
ASTRAZENECA PLC SPONSORED ADR 046353108 856 27,500 SH   SOLE   13,500 0 14,000
BP PLC SPONSORED ADR 055622104 30,026 869,807 SH   SOLE   630,107 0 239,700
BANK AMER CORP COM 060505104 44,151 1,871,615 SH   SOLE   1,246,836 0 624,779
CNX COAL RES LP COM UNIT RP LP 12592V100 1,206 71,133 SH   SOLE   71,133 0 0
CNO FINL GROUP INC COM 12621E103 89,873 4,384,065 SH   SOLE   2,549,499 0 1,834,566
CA INC COM 12673P105 50,301 1,585,779 SH   SOLE   1,082,320 0 503,459
CAROLINA BK HLDGS INC GREENS COM DELETED 143785103 1,458 53,959 SH   SOLE   19,526 0 34,433
CARPENTER TECHNOLOGY CORP COM 144285103 19,848 532,112 SH   SOLE   285,444 0 246,668
CATCHMARK TIMBER TR INC CL A 14912Y202 10,609 920,927 SH   SOLE   559,377 0 361,550
CHESAPEAKE ENERGY CORP COM 165167107 4,264 717,824 SH   SOLE   564,200 0 153,624
CISCO SYS INC COM 17275R102 32,472 960,700 SH   SOLE   633,300 0 327,400
CITIGROUP INC COM NEW 172967424 52,826 883,087 SH   SOLE   593,780 0 289,307
COCA COLA CO COM 191216100 356 8,400 SH   SOLE   4,700 0 3,700
COMTECH TELECOMMUNICATIONS C COM NEW 205826209 31,092 2,109,365 SH   SOLE   947,499 0 1,161,866
CONAGRA BRANDS INC COM 205887102 13,455 333,537 SH   SOLE   223,800 0 109,737
CONMED CORP COM 207410101 8,386 188,834 SH   SOLE   93,148 0 95,686
CONOCOPHILLIPS COM 20825C104 3,850 77,200 SH   SOLE   62,300 0 14,900
CORNING INC COM 219350105 1,301 48,200 SH   SOLE   17,700 0 30,500
DEVON ENERGY CORP NEW COM 25179M103 1,081 25,900 SH   SOLE   25,900 0 0
ENOVA INTL INC COM 29357K103 12,414 835,988 SH   SOLE   379,946 0 456,042
ENTERGY CORP NEW COM 29364G103 22,590 297,393 SH   SOLE   225,228 0 72,165
EXELON CORP COM 30161N101 38,085 1,058,513 SH   SOLE   790,512 0 268,001
EZCORP INC CL A NON VTG 302301106 12,609 1,547,086 SH   SOLE   722,452 0 824,634
FEDEX CORP COM 31428X106 22,890 117,295 SH   SOLE   80,500 0 36,795
FIRST BANCORP N C COM 318910106 5,821 198,741 SH   SOLE   76,959 0 121,782
FIRST CTZNS BANCSHARES INC N CL A 31946M103 30,272 90,265 SH   SOLE   43,023 0 47,242
FIRST DATA CORP NEW COM CL A 32008D106 1,445 93,200 SH   SOLE   27,200 0 66,000
FIRST HORIZON NATL CORP COM 320517105 35,415 1,914,308 SH   SOLE   891,560 0 1,022,748
FLUOR CORP NEW COM 343412102 4,612 87,650 SH   SOLE   54,281 0 33,369
FLOWSERVE CORP COM 34354P105 1,080 22,300 SH   SOLE   8,300 0 14,000
GOVERNMENT PPTYS INCOME TR COM SHS BEN INT 38376A103 29,683 1,418,213 SH   SOLE   654,572 0 763,641
GRANITE REAL ESTATE INVT TR UNIT 99/99/9999 387437114 40,049 1,146,541 SH   SOLE   525,655 0 620,886
GREAT PLAINS ENERGY INC COM 391164100 19,024 651,075 SH   SOLE   325,075 0 326,000
HP INC COM 40434L105 6,288 351,665 SH   SOLE   244,229 0 107,436
HARSCO CORP COM 415864107 21,750 1,705,889 SH   SOLE   925,752 0 780,137
HEWLETT PACKARD ENTERPRISE C COM 42824C109 12,065 509,065 SH   SOLE   346,929 0 162,136
HOME DEPOT INC COM 437076102 16,412 111,775 SH   SOLE   75,300 0 36,475
ICONIX BRAND GROUP INC COM 451055107 23,167 3,080,690 SH   SOLE   1,442,577 0 1,638,113
INNOSPEC INC COM 45768S105 52,820 815,751 SH   SOLE   479,809 0 335,942
JPMORGAN CHASE & CO COM 46625H100 43,364 493,676 SH   SOLE   314,200 0 179,476
KBR INC COM 48242W106 124,284 8,269,085 SH   SOLE   5,453,307 0 2,815,778
KAISER ALUMINUM CORP COM PAR $0.01 483007704 21,209 265,450 SH   SOLE   138,221 0 127,229
KAPSTONE PAPER & PACKAGING C COM 48562P103 8,893 384,999 SH   SOLE   220,516 0 164,483
LAMB WESTON HLDGS INC COM 513272104 1,722 40,944 SH   SOLE   20,799 0 20,145
LENNAR CORP CL B 526057302 19,661 470,358 SH   SOLE   316,727 0 153,631
LILLY ELI & CO COM 532457108 39,545 470,160 SH   SOLE   315,464 0 154,696
LYON WILLIAM HOMES CL A NEW 552074700 18,487 896,553 SH   SOLE   384,213 0 512,340
MASTERCARD INCORPORATED CL A 57636Q104 1,918 17,050 SH   SOLE   6,350 0 10,700
MERCER INTL INC COM 588056101 10,206 872,344 SH   SOLE   461,891 0 410,453
MERCK & CO INC COM 58933Y105 32,955 518,656 SH   SOLE   348,700 0 169,956
MICROSOFT CORP COM 594918104 44,133 670,108 SH   SOLE   441,200 0 228,908
MILLER INDS INC TENN COM NEW 600551204 7,777 295,136 SH   SOLE   124,457 0 170,679
NATIONAL FUEL GAS CO N J COM 636180101 1,371 23,000 SH   SOLE   23,000 0 0
NELNET INC CL A 64031N108 6,547 149,266 SH   SOLE   65,682 0 83,584
NEXTERA ENERGY INC COM 65339F101 2,259 17,600 SH   SOLE   11,700 0 5,900
NORTHROP GRUMMAN CORP COM 666807102 43,440 182,643 SH   SOLE   121,900 0 60,743
OCEANEERING INTL INC COM 675232102 542 20,000 SH   SOLE   20,000 0 0
ORACLE CORP COM 68389X105 6,402 143,500 SH   SOLE   91,800 0 51,700
PPL CORP COM 69351T106 1,866 49,900 SH   SOLE   49,900 0 0
PARK STERLING CORP COM 70086Y105 24,481 1,988,737 SH   SOLE   860,376 0 1,128,361
PFIZER INC COM 717081103 42,672 1,247,360 SH   SOLE   840,000 0 407,360
PHILIP MORRIS INTL INC COM 718172109 33,807 299,446 SH   SOLE   165,800 0 133,646
PORTLAND GEN ELEC CO COM NEW 736508847 16,152 363,614 SH   SOLE   171,714 0 191,900
PUBLIC SVC ENTERPRISE GROUP COM 744573106 1,734 39,100 SH   SOLE   39,100 0 0
REGIONS FINL CORP NEW COM 7591EP100 282 19,400 SH   SOLE   19,400 0 0
ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 31,357 594,673 SH   SOLE   499,162 0 95,511
SCANA CORP NEW COM 80589M102 1,882 28,800 SH   SOLE   28,800 0 0
SCIENCE APPLICATNS INTL CP N COM 808625107 26,703 358,915 SH   SOLE   158,778 0 200,137
SEACOR HOLDINGS INC COM 811904101 1,039 15,017 SH   SOLE   15,017 0 0
SEMPRA ENERGY COM 816851109 1,514 13,700 SH   SOLE   13,700 0 0
SUNTRUST BKS INC COM 867914103 28,904 522,672 SH   SOLE   380,872 0 141,800
TENET HEALTHCARE CORP COM NEW 88033G407 6,624 374,000 SH   SOLE   177,078 0 196,922
TIME WARNER INC COM NEW 887317303 13,181 134,900 SH   SOLE   87,100 0 47,800
TUPPERWARE BRANDS CORP COM 899896104 47,010 749,518 SH   SOLE   418,147 0 331,371
TYSON FOODS INC CL A 902494103 17,858 289,380 SH   SOLE   207,235 0 82,145
UFP TECHNOLOGIES INC COM 902673102 6,452 249,110 SH   SOLE   101,020 0 148,090
VCA INC COM 918194101 11,499 125,669 SH   SOLE   58,169 0 67,500
VERIZON COMMUNICATIONS INC COM 92343V104 1,059 21,715 SH   SOLE   8,147 0 13,568
VIRTUS INVT PARTNERS INC COM 92828Q109 42,049 397,061 SH   SOLE   191,025 0 206,036
VODAFONE GROUP PLC NEW SPONSORED ADR 92857W308 2,435 92,118 SH   SOLE   59,988 0 32,130
VOYA FINL INC COM 929089100 15,383 405,230 SH   SOLE   285,146 0 120,084
WAL-MART STORES INC COM 931142103 13,349 185,200 SH   SOLE   125,200 0 60,000
WELLS FARGO & CO NEW COM 949746101 15,863 285,000 SH   SOLE   197,300 0 87,700