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
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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
Adient Plc COM g0084w101 31,914 1,389,997 SH   SOLE   144,762 0 1,245,235
Alexander & Baldwin Inc COM 014491104 12,478 509,094 SH   SOLE   30,406 0 478,688
American International Group COM 026874784 1,613 28,952 SH   SOLE   0 0 28,952
Ardmore Shipping Corp COM y0207T100 3,491 521,859 SH   SOLE   40,863 0 480,996
Assured Guaranty Limited COM G0585R106 20,125 452,643 SH   SOLE   26,707 0 425,936
Aviat Networks Inc COM 05366y201 3,279 240,193 SH   SOLE   182,441 0 57,752
Brighthouse Financial Inc. COM 10922n103 32,155 794,531 SH   SOLE   69,807 0 724,724
Bunge Ltd COM g16962105 1,125 19,872 SH   SOLE   143 0 19,729
C&J Energy Services Inc. COM 12674r100 10,363 965,780 SH   SOLE   99,779 0 866,001
Cameco Corp COM 13321L108 2,776 292,193 SH   SOLE   1,500 0 290,693
Chesapeake Energy Corporation COM 165167107 2,195 1,556,468 SH   SOLE   220,428 0 1,336,040
Citigroup, Inc. COM 172967424 30,107 435,822 SH   SOLE   15,934 0 419,888
Cohu Inc COM 192576106 1,728 127,958 SH   SOLE   3,000 0 124,958
First Horizon National Corp COM 320517105 7,401 456,843 SH   SOLE   0 0 456,843
Genworth Financial, Inc. COM 37247d106 3,500 795,451 SH   SOLE   0 0 795,451
Herc Holdings Inc. COM 42704L104 31,038 667,333 SH   SOLE   62,457 0 604,876
HomeStreet, Inc. COM 43785v102 6,831 250,038 SH   SOLE   14,264 0 235,774
Hudson Global Inc COM 443787205 367 29,914 SH   SOLE   29,914 0 0
Intevac Inc COM 461148108 2,339 446,433 SH   SOLE   446,433 0 0
Intrepid Potash Inc. COM 46121y102 912 278,785 SH   SOLE   150,605 0 128,180
Kingstone Companies, Inc. COM 496719105 145 17,065 SH   SOLE   17,065 0 0
Koppers Holdings Inc. COM 50060p106 14,747 504,855 SH   SOLE   57,066 0 447,789
Kulicke & Soffa Inds Inc COM 501242101 12,370 526,848 SH   SOLE   36,037 0 490,811
MRC Global Inc. COM 55345k103 1,995 164,467 SH   SOLE   3,188 0 161,279
Manitowoc Company Inc. COM 563571405 6,149 491,933 SH   SOLE   32,196 0 459,737
McDermott Intl Inc COM 580037703 1,324 655,219 SH   SOLE   30,301 0 624,918
Midwestone Financial Group I COM 598511103 1,563 51,201 SH   SOLE   51,201 0 0
Mylan NV COM N59465109 673 34,000 SH   SOLE   1,664 0 32,336
Newell Brands Inc. COM 651229106 17,932 957,909 SH   SOLE   60,297 0 897,612
Olin Corp COM 680665205 8,041 429,552 SH   SOLE   34,267 0 395,285
Oriental Financial Grp Inc COM 67103x102 1,466 66,951 SH   SOLE   11,728 0 55,223
REV Group, Inc. COM 749527107 3,523 308,193 SH   SOLE   12,213 0 295,980
SM Energy Company COM 78454l100 6,623 683,473 SH   SOLE   114,511 0 568,962
Scorpio Tankers Inc COM y7542c130 28,213 948,019 SH   SOLE   96,424 0 851,595
Steel Connect Inc. COM 858098106 420 239,751 SH   SOLE   0 0 239,751
Synovus Financial Corp COM 87161c501 5,447 152,324 SH   SOLE   11,435 0 140,889
Transocean Ltd. COM h8817h100 25,900 5,794,254 SH   SOLE   593,773 0 5,200,481
Tuesday Morning Corp COM 899035505 166 106,028 SH   SOLE   106,028 0 0
UTStarcom Holdings Corporation COM g9310a114 47 15,755 SH   SOLE   15,755 0 0
Univar Solutions Inc. COM 91336l107 14,948 720,059 SH   SOLE   53,701 0 666,358
Venator Materials, Plc COM g9329z100 8,952 3,668,709 SH   SOLE   334,708 0 3,334,001
Whiting Petroleum Corp. COM 966387409 15,946 1,985,830 SH   SOLE   123,469 0 1,862,361
Halcon Resources Warrants $14. W EXP 09/09/202 40537q118 0 33,469 SH   SOLE   0 0 33,469