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
AbbVie Inc COM 00287Y109 83,073 1,526,806 SH   DFND 1,2 1,496,228 0 30,578
Agrium Inc COM 008916108 69,519 776,753 SH   DFND 1,2 762,751 0 14,002
Albany International Corp CL A 012348108 36,699 1,282,760 SH   DFND 1,2 1,282,562 0 198
American International Group Inc COM NEW 026874784 2,802 49,320 SH   DFND 1 49,320 0 0
Ameris Bancorp COM 03076K108 12,664 440,503 SH   DFND 1,2 440,422 0 81
Analogic Corp COM PAR $0.05 032657207 39,440 480,742 SH   DFND 1 480,742 0 0
Aon PLC SHS CL A G0408V102 119,359 1,347,017 SH   DFND 1,2 1,321,450 0 25,567
Apache Corp COM 037411105 45,396 1,159,263 SH   DFND 1,2 1,139,624 0 19,639
Apartment Investment & Management Co PFD CL A 6.875% 03748R762 1,517 57,165 SH   DFND 1 57,165 0 0
Ares Capital Corp COM 04010L103 10,116 698,678 SH   DFND 1 698,678 0 0
Ashford Hospitality Trust Inc 9% CUM PFD SER E 044103505 6,041 234,988 SH   DFND 1 234,988 0 0
AstraZeneca PLC SPONSORED ADR 046353108 15,608 490,535 SH   DFND 1 490,535 0 0
Astronics Corp COM 046433108 10,510 299,077 SH   DFND 1,2 299,016 0 61
Avery Dennison Corp COM 053611109 14,811 261,833 SH   DFND 1,2 261,737 0 96
Aviva PLC ADR 05382A104 3,724 271,490 SH   DFND 1 271,490 0 0
Axis Capital Holdings Ltd SHS G0692U109 21,658 403,178 SH   DFND 1,2 402,992 0 186
Bank of America Corp COM 060505104 80,533 5,169,055 SH   DFND 1,2 5,071,167 0 97,888
Bank of New York Mellon Corp/The COM 064058100 5,684 145,200 SH   DFND 1 145,200 0 0
Barclays PLC ADR 06738E204 2,726 184,470 SH   DFND 1 184,470 0 0
Bio-Rad Laboratories Inc CL A 090572207 59,580 443,605 SH   DFND 1,2 443,418 0 187
Boise Cascade Co COM 09739D100 22,239 881,806 SH   DFND 1 881,806 0 0
Brandywine Realty Trust SH BEN INT NEW 105368203 70,657 5,735,175 SH   DFND 1,2 5,734,250 0 925
Bruker Corp COM 116794108 29,917 1,820,880 SH   DFND 1,2 1,820,051 0 829
CA Inc COM 12673P105 26,080 955,334 SH   DFND 1,2 935,384 0 19,950
Capital Bank Financial Corp CL A COM 139794101 74,785 2,473,894 SH   DFND 1,2 2,473,540 0 354
Cedar Fair LP DEPOSITRY UNIT 150185106 1,554 29,550 SH   DFND 1 29,550 0 0
Cigna Corp COM 125509109 40,449 299,585 SH   DFND 1,2 293,067 0 6,518
Cisco Systems Inc COM 17275R102 71,585 2,727,052 SH   DFND 1,2 2,672,776 0 54,276
CIT Group Inc COM NEW 125581801 99,333 2,481,485 SH   DFND 1,2 2,435,884 0 45,601
Citigroup Inc COM NEW 172967424 176,616 3,560,103 SH   DFND 1,2 3,490,438 0 69,665
Coherent Inc COM 192479103 106,878 1,953,909 SH   DFND 1,2 1,953,445 0 464
Colony Capital Inc CONV PFD-C 19624R403 3,003 137,400 SH   DFND 1 137,400 0 0
Copa Holdings SA CL A P31076105 37,236 888,065 SH   DFND 1,2 873,231 0 14,834
CVR Partners LP COM 126633106 2,653 283,765 SH   DFND 1 283,765 0 0
CVR Partners LP COM 126633106 99 10,600 SH Call DFND 1 10,600 0 0
CVS Health Corp COM 126650100 75,589 783,473 SH   DFND 1,2 768,381 0 15,092
Deltic Timber Corp COM 247850100 22,184 370,918 SH   DFND 1,2 370,844 0 74
Discover Financial Services COM 254709108 123,211 2,369,904 SH   DFND 1,2 2,326,249 0 43,655
eBay Inc COM 278642103 41,679 1,705,380 SH   DFND 1,2 1,674,115 0 31,265
Elizabeth Arden Inc COM 28660G106 55,287 4,729,455 SH   DFND 1,2 4,728,537 0 918
EnerSys COM 29275Y102 38,448 717,589 SH   DFND 1,2 717,455 0 134
Entegris Inc COM 29362U104 31,294 2,372,601 SH   DFND 1 2,372,601 0 0
Euronet Worldwide Inc COM 298736109 26,178 353,334 SH   DFND 1,2 353,239 0 95
Express Inc COM 30219E103 14,221 795,821 SH   DFND 1 795,518 0 303
Exxon Mobil Corp COM 30231G102 499 6,715 SH   DFND 1 6,715 0 0
FBR & Co COM NEW 30247C400 16,270 796,793 SH   DFND 1 796,793 0 0
Ford Motor Co COM PAR $0.01 345370860 77,457 5,708,025 SH   DFND 1,2 5,616,635 0 91,390
Ford Motor Co COM PAR $0.01 345370860 6,331 466,600 SH Call DFND 1 466,600 0 0
Forestar Group Inc COM 346233109 67,285 5,116,742 SH   DFND 1,2 5,115,635 0 1,107
Fred's Inc CL A 356108100 33,545 2,830,837 SH   DFND 1,2 2,830,309 0 528
Frontier Communications Corp PFD CONV SER-A 35906A207 17,279 185,500 PRN   DFND 1 185,500 0 0
Frontier Communications Corp COM 35906A207 17,279 185,500 PRN   DFND 1 185,500 0 0
General Electric Co COM 369604103 82,720 3,279,965 SH   DFND 1,2 3,213,810 0 66,155
General Motors Co COM 37045V100 114,312 3,807,891 SH   DFND 1,2 3,734,362 0 73,529
Gilead Sciences Inc COM 375558103 16,643 169,500 SH   DFND 1 169,500 0 0
GlaxoSmithKline PLC SPONSORED ADR 37733W105 17,766 462,055 SH   DFND 1 462,055 0 0
GlaxoSmithKline PLC SPONSORED ADR 37733W105 3,183 82,800 SH Call DFND 1 82,800 0 0
Google Inc CL A 38259P508 2,859 74,371 SH   DFND 1,2 72,637 0 1,734
GP Strategies Corp COM 36225V104 16,965 743,431 SH   DFND 1 743,431 0 0
GSI Group Inc COM NEW 36191C205 33,649 2,643,361 SH   DFND 1 2,643,361 0 0
Haverty Furniture Cos Inc COM 419596101 19,678 838,108 SH   DFND 1,2 837,739 0 369
Hercules Technology Growth Capital Inc COM 427096508 5,240 518,300 SH   DFND 1 518,300 0 0
Heritage Financial Corp/WA COM 42722X106 16,960 901,215 SH   DFND 1,2 901,041 0 174
Hess Corp COM 42809H107 63,480 1,268,095 SH   DFND 1,2 1,245,506 0 22,589
HomeStreet Inc COM 43785V102 20,987 908,569 SH   DFND 1 908,569 0 0
Hooker Furniture Corp COM 439038100 35,236 1,496,858 SH   DFND 1 1,496,858 0 0
ICF International Inc COM 44925C103 13,614 448,001 SH   DFND 1,2 447,796 0 205
Impax Laboratories Inc COM 45256B101 21,006 596,619 SH   DFND 1 596,403 0 216
ING Groep NV SPONSORED ADR 456837103 4,536 321,045 SH   DFND 1 321,045 0 0
Ingersoll-Rand PLC SHS G47791101 69,421 1,367,380 SH   DFND 1,2 1,342,548 0 24,832
Inland Real Estate Corp REDM PFD SER B 457461507 1,949 77,825 SH   DFND 1 77,825 0 0
Integrated Device Technology Inc COM 458118106 28,933 1,425,306 SH   DFND 1 1,425,306 0 0
Intelsat SA MAN CONV JR PFD L5140P119 798 42,705 PRN   DFND 1 42,705 0 0
Inter Parfums Inc COM 458334109 36,529 1,472,388 SH   DFND 1,2 1,472,111 0 277
Interpublic Group of Cos Inc/The COM 460690100 82,836 4,330,167 SH   DFND 1,2 4,257,885 0 72,282
Interpublic Group of Cos Inc/The COM 460690100 1,440 75,300 SH Call DFND 1 75,300 0 0
iShares Core US Value ETF CORE US VAL ETF 464287663 1,920 15,793 SH   DFND 1 15,793 0 0
iShares iBoxx $ Investment Grade Corporate Bond ETF IBOXX INV CP ETF 464287242 704 6,067 SH   DFND 1 5,647 0 420
iShares Russell 1000 Value ETF RUS 1000 VAL ETF 464287598 3,651 39,149 SH   DFND 1 39,149 0 0
Jazz Pharmaceuticals PLC SHS USD G50871105 16,431 123,720 SH   DFND 1,2 123,663 0 57
John B Sanfilippo & Son Inc COM 800422107 36,926 720,372 SH   DFND 1,2 720,244 0 128
JPMorgan Chase & Co COM 46625H100 133,300 2,186,336 SH   DFND 1,2 2,146,665 0 39,671
Kimball Electronics Inc COM 49428J109 7,339 615,239 SH   DFND 1 615,239 0 0
Koninklijke Philips NV NY REG SH NEW 500472303 62,957 2,683,592 SH   DFND 1,2 2,636,532 0 47,060
Laclede Group Inc/The COM 505597104 51,330 941,318 SH   DFND 1,2 941,132 0 186
Landec Corp COM 514766104 19,977 1,711,830 SH   DFND 1 1,711,830 0 0
Lattice Semiconductor Corp COM 518415104 50,606 13,144,640 SH   DFND 1,2 13,142,098 0 2,542
La-Z-Boy Inc COM 505336107 17,330 652,522 SH   DFND 1,2 652,240 0 282
Loews Corp COM 540424108 64,078 1,773,058 SH   DFND 1,2 1,738,172 0 34,886
Louisiana-Pacific Corp COM 546347105 27,246 1,913,411 SH   DFND 1,2 1,913,027 0 384
Lumentum Holdings Inc COM 55024U109 2,405 141,888 SH   DFND 1,2 141,821 0 67
Marten Transport Ltd COM 573075108 48,343 2,989,691 SH   DFND 1,2 2,989,115 0 576
Materion Corp COM 576690101 55,537 1,850,024 SH   DFND 1,2 1,849,658 0 366
Merck & Co Inc COM 58933Y105 3,449 69,835 SH   DFND 1 69,835 0 0
MetLife Inc COM 59156R108 80,018 1,697,107 SH   DFND 1,2 1,661,747 0 35,360
Microchip Technology Inc COM 595017104 3,057 70,965 SH   DFND 1 70,965 0 0
Microchip Technology Inc COM 595017104 3,046 70,700 SH Call DFND 1 70,700 0 0
Microsemi Corp COM 595137100 94,205 2,870,360 SH   DFND 1,2 2,869,791 0 569
Microsoft Corp COM 594918104 81,071 1,831,708 SH   DFND 1,2 1,795,346 0 36,362
Mitel Networks Corp COM 60671Q104 74,142 11,494,898 SH   DFND 1,2 11,493,081 0 1,817
Mitsubishi UFJ Financial Group Inc SPONSORED ADR 606822104 62 10,291 SH   DFND 1 10,291 0 0
National CineMedia Inc COM 635309107 5,696 424,459 SH   DFND 1 424,459 0 0
National CineMedia Inc COM 635309107 51 3,800 SH Call DFND 1 3,800 0 0
National Storage Affiliates Trust COM SHS BEN IN 637870106 9,187 678,065 SH   DFND 1 678,065 0 0
Neenah Paper Inc COM 640079109 27,560 472,890 SH   DFND 1 472,890 0 0
NetApp Inc COM 64110D104 66,783 2,256,197 SH   DFND 1,2 2,222,117 0 34,080
NetApp Inc COM 64110D104 9,383 317,000 SH Call DFND 1 317,000 0 0
New Residential Investment Corp COM NEW 64828T201 6,258 477,724 SH   DFND 1 477,724 0 0
Nippon Telegraph & Telephone Corp SPONSORED ADR 654624105 6,912 195,755 SH   DFND 1 195,755 0 0
NRG Energy Inc COM NEW 629377508 53,171 3,580,592 SH   DFND 1,2 3,513,355 0 67,237
Occidental Petroleum Corp COM 674599105 112,027 1,693,535 SH   DFND 1,2 1,662,447 0 31,088
Oracle Corp COM 68389X105 123,227 3,411,622 SH   DFND 1,2 3,357,243 0 54,379
Orbital ATK Inc COM 68557N103 42,844 596,145 SH   DFND 1,2 596,025 0 120
PACCAR Inc COM 693718108 59,924 1,148,644 SH   DFND 1,2 1,128,259 0 20,385
PacWest Bancorp COM 695263103 60,920 1,423,047 SH   DFND 1,2 1,422,766 0 281
Paramount Group Inc COM 69924R108 11,959 711,847 SH   DFND 1 711,847 0 0
PayPal Holdings Inc COM 70450Y103 54,408 1,752,858 SH   DFND 1,2 1,721,654 0 31,204
PennyMac Mortgage Investment Trust COM 70931T103 9,129 590,140 SH   DFND 1 590,140 0 0
Pfizer Inc COM 717081103 136,868 4,357,477 SH   DFND 1,2 4,286,038 0 71,439
Pfizer Inc COM 717081103 6,825 217,300 SH Call DFND 1 217,300 0 0
PH Glatfelter Co COM 377316104 58,438 3,393,620 SH   DFND 1 3,392,919 0 701
Philip Morris International Inc COM 718172109 35,401 446,253 SH   DFND 1,2 437,076 0 9,177
Phillips 66 COM 718546104 65,527 852,779 SH   DFND 1,2 837,986 0 14,793
Phillips 66 COM 718546104 3,273 42,600 SH Call DFND 1 42,600 0 0
PNC Financial Services Group Inc/The COM 693475105 65,102 729,852 SH   DFND 1,2 714,751 0 15,101
PrivateBancorp Inc COM 742962103 57,818 1,508,452 SH   DFND 1,2 1,508,155 0 297
Ramco-Gershenson Properties Trust COM SH BEN INT 751452202 54,722 3,645,734 SH   DFND 1,2 3,645,026 0 708
Raytheon Co COM NEW 755111507 68,406 626,088 SH   DFND 1,2 612,528 0 13,560
Redwood Trust Inc COM 758075402 10,418 752,775 SH   DFND 1 752,775 0 0
Reinsurance Group of America Inc COM NEW 759351604 24,210 267,257 SH   DFND 1,2 267,201 0 56
Royal Dutch Shell PLC SPONS ADR A 780259206 57,480 1,212,921 SH   DFND 1,2 1,191,224 0 21,697
Sanofi SPONSORED ADR 80105N105 118,761 2,501,826 SH   DFND 1,2 2,459,310 0 42,516
Seagate Technology PLC SHS G7945M107 9,043 201,860 SH   DFND 1 201,860 0 0
Seagate Technology PLC SHS G7945M107 6,885 153,700 SH Call DFND 1 153,700 0 0
StoneMor Partners LP COM UNITS 86183Q100 3,459 126,825 SH   DFND 1 126,825 0 0
Stoneridge Inc COM 86183P102 39,216 3,177,961 SH   DFND 1 3,177,961 0 0
Suncor Energy Inc COM 867224107 74,201 2,777,017 SH   DFND 1,2 2,720,753 0 56,264
Target Corp COM 87612E106 83,225 1,058,037 SH   DFND 1,2 1,039,249 0 18,788
Taylor Morrison Home Corp CL A 87724P106 43,006 2,304,728 SH   DFND 1,2 2,304,273 0 455
Telefonaktiebolaget LM Ericsson ADR B SEK 10 294821608 4,439 453,970 SH   DFND 1 453,970 0 0
Teradyne Inc COM 880770102 131,372 7,294,404 SH   DFND 1,2 7,207,846 0 86,558
Terex Corp COM 880779103 11,464 639,064 SH   DFND 1 639,064 0 0
Teva Pharmaceutical Industries Ltd ADR 881624209 136,002 2,408,826 SH   DFND 1,2 2,367,916 0 40,910
Time Warner Inc COM NEW 887317303 56,590 823,137 SH   DFND 1,2 805,290 0 17,847
TOTAL SA SPONSORED ADR 89151E109 2,105 47,085 SH   DFND 1 47,085 0 0
TPG Specialty Lending Inc COM 87265K102 3,102 188,809 SH   DFND 1 188,809 0 0
TreeHouse Foods Inc COM 89469A104 67,728 870,662 SH   DFND 1,2 870,482 0 180
TRI Pointe Group Inc COM 87265H109 54,527 4,165,566 SH   DFND 1,2 4,164,863 0 703
Union Pacific Corp COM 907818108 65,154 736,958 SH   DFND 1,2 720,472 0 16,486
United Parcel Service Inc CL B 911312106 13,602 137,830 SH   DFND 1 137,830 0 0
Unum Group COM 91529Y106 170,957 5,329,105 SH   DFND 1,2 5,242,595 0 86,510
Vector Group Ltd COM 92240M108 8,770 387,902 SH   DFND 1 387,902 0 0
VeriFone Systems Inc COM 92342Y109 26,574 958,332 SH   DFND 1,2 957,803 0 529
Viacom Inc CL B 92553P201 117,607 2,725,548 SH   DFND 1,2 2,678,434 0 47,114
Viacom Inc CL B 92553P201 2,481 57,500 SH Call DFND 1 57,500 0 0
Wal-Mart Stores Inc COM 931142103 59,057 910,823 SH   DFND 1,2 894,015 0 16,808
Wells Fargo & Co COM 949746101 94,719 1,844,588 SH   DFND 1,2 1,806,912 0 37,676
Western Alliance Bancorp COM 957638109 67,465 2,196,869 SH   DFND 1,2 2,196,461 0 408