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 34,811 562,288 SH   DFND 1,2 549,407 0 12,881
Agrium Inc COM 008916108 40,777 450,973 SH   DFND 1,2 441,456 0 9,517
Albany International Corp CL A 012348108 31,180 780,868 SH   DFND 1,2 780,822 0 46
Alphabet Inc CAP STK CL A 02079K305 39,352 55,935 SH   DFND 1,2 54,470 0 1,465
Ameris Bancorp COM 03076K108 37,261 1,254,563 SH   DFND 1,2 1,254,496 0 67
Analogic Corp COM PAR $0.05 032657207 43,457 547,037 SH   DFND 1 547,037 0 0
Aon PLC SHS CL A G0408V102 125,895 1,152,571 SH   DFND 1,2 1,129,257 0 23,314
Apache Corp COM 037411105 37,795 678,918 SH   DFND 1,2 665,676 0 13,242
Apartment Investment & Management Co CL A 03748R101 6,615 149,805 SH   DFND 1 149,805 0 0
Apartment Investment & Management Co PFD CL A 6.875% 03748R762 1,549 57,165 SH   DFND 1 57,165 0 0
Ares Capital Corp COM 04010L103 9,861 694,403 SH   DFND 1 694,403 0 0
ARRIS International PLC SHS G0551A103 14,710 701,799 SH   DFND 1,2 701,756 0 43
Ashford Hospitality Trust Inc 9% CUM PFD SER E 044103505 3,834 149,174 SH   DFND 1 149,174 0 0
AstraZeneca PLC SPONSORED ADR 046353108 17,298 572,985 SH   DFND 1 572,985 0 0
Atmos Energy Corp COM 049560105 16,900 207,824 SH   DFND 1,2 207,797 0 27
Avery Dennison Corp COM 053611109 9,456 126,501 SH   DFND 1,2 126,482 0 19
Aviva PLC ADR 05382A104 1,970 184,250 SH   DFND 1 184,250 0 0
Axis Capital Holdings Ltd SHS G0692U109 39,052 710,041 SH   DFND 1,2 704,428 0 5,613
Bank of America Corp COM 060505104 53,390 4,023,331 SH   DFND 1,2 3,937,848 0 85,483
Bio-Rad Laboratories Inc CL A 090572207 72,006 503,466 SH   DFND 1,2 500,678 0 2,788
Boise Cascade Co COM 09739D100 33,728 1,469,644 SH   DFND 1,2 1,469,552 0 92
Brandywine Realty Trust SH BEN INT NEW 105368203 98,344 5,853,831 SH   DFND 1,2 5,853,547 0 284
Bruker Corp COM 116794108 3,686 162,115 SH   DFND 1,2 162,091 0 24
Capital Bank Financial Corp CL A COM 139794101 49,350 1,713,529 SH   DFND 1,2 1,713,440 0 89
Cedar Fair LP DEPOSITRY UNIT 150185106 2,446 42,300 SH   DFND 1 42,300 0 0
Cheniere Energy Inc COM NEW 16411R208 80,872 2,153,721 SH   DFND 1,2 2,112,276 0 41,445
Cigna Corp COM 125509109 86,056 672,362 SH   DFND 1,2 658,435 0 13,927
Cisco Systems Inc COM 17275R102 48,613 1,694,411 SH   DFND 1,2 1,658,548 0 35,863
CIT Group Inc COM NEW 125581801 120,408 3,773,376 SH   DFND 1,2 3,704,519 0 68,857
CIT GROUP INC JULY16 CALL 36 COM NEW 125581801 1,615 50,600 SH Call DFND 1 50,600 0 0
Citigroup Inc COM NEW 172967424 131,563 3,103,639 SH   DFND 1,2 3,040,252 0 63,387
Coherent Inc COM 192479103 121,643 1,325,374 SH   DFND 1,2 1,325,168 0 206
Colony Capital Inc CONV PFD-C 19624R403 2,574 110,040 SH   DFND 1 110,040 0 0
Copa Holdings SA CL A P31076105 11,532 220,659 SH   DFND 1,2 214,215 0 6,444
CVR Partners LP COM 126633106 4,644 568,426 SH   DFND 1 568,426 0 0
CVR PARTNERS LP AUG16 10 CALL COM 126633106 1,882 230,300 SH Call DFND 1 230,300 0 0
CVS Health Corp COM 126650100 58,170 607,584 SH   DFND 1,2 594,719 0 12,865
Deltic Timber Corp COM 247850100 23,015 342,849 SH   DFND 1,2 342,828 0 21
Discover Financial Services COM 254709108 103,079 1,923,482 SH   DFND 1,2 1,885,574 0 37,908
Eaton Corp PLC SHS G29183103 3,129 52,380 SH   DFND 1 52,380 0 0
Edison International COM 281020107 29,603 381,141 SH   DFND 1,2 373,646 0 7,495
Elizabeth Arden Inc COM 28660G106 35,647 2,590,623 SH   DFND 1,2 2,590,445 0 178
EnerSys COM 29275Y102 68,403 1,150,211 SH   DFND 1,2 1,150,137 0 74
Ensco PLC SHS CLASS A G3157S106 795 81,863 SH   DFND 1 81,863 0 0
Entegris Inc COM 29362U104 40,936 2,829,026 SH   DFND 1 2,829,026 0 0
EQT Corp COM 26884L109 123,388 1,593,547 SH   DFND 1,2 1,560,589 0 32,958
Euronet Worldwide Inc COM 298736109 28,327 409,405 SH   DFND 1,2 409,378 0 27
Exxon Mobil Corp COM 30231G102 599 6,395 SH   DFND 1 6,395 0 0
FBR & Co COM NEW 30247C400 10,863 727,609 SH   DFND 1 727,609 0 0
Ford Motor Co COM PAR $0.01 345370860 30,777 2,448,436 SH   DFND 1,2 2,399,222 0 49,214
Forestar Group Inc COM 346233109 60,938 5,125,123 SH   DFND 1,2 5,124,806 0 317
Fred's Inc CL A 356108100 53,470 3,319,082 SH   DFND 1,2 3,318,903 0 179
Frontier Communications Corp PFD CONV SER-A 35906A207 12,240 129,083 PRN   DFND 1 129,083 0 0
General Electric Co COM 369604103 56,258 1,787,110 SH   DFND 1,2 1,750,952 0 36,158
General Motors Co COM 37045V100 85,066 3,005,868 SH   DFND 1,2 2,942,248 0 63,620
Gilead Sciences Inc COM 375558103 9,034 108,300 SH   DFND 1 108,300 0 0
GlaxoSmithKline PLC SPONSORED ADR 37733W105 89,939 2,075,187 SH   DFND 1,2 2,043,004 0 32,183
GP Strategies Corp COM 36225V104 17,247 795,151 SH   DFND 1 795,151 0 0
Haverty Furniture Cos Inc COM 419596101 27,148 1,505,739 SH   DFND 1,2 1,505,539 0 200
Hercules Capital Inc COM 427096508 3,944 317,572 SH   DFND 1 317,572 0 0
Heritage Financial Corp/WA COM 42722X106 34,254 1,948,471 SH   DFND 1,2 1,948,369 0 102
Hess Corp COM 42809H107 63,306 1,053,350 SH   DFND 1,2 1,032,741 0 20,609
HomeStreet Inc COM 43785V102 17,811 894,114 SH   DFND 1 894,114 0 0
Hooker Furniture Corp COM 439038100 32,843 1,528,313 SH   DFND 1 1,528,313 0 0
ICF International Inc COM 44925C103 18,731 457,960 SH   DFND 1,2 457,891 0 69
Impax Laboratories Inc COM 45256B101 5,372 186,406 SH   DFND 1 186,197 0 209
ING Groep NV SPONSORED ADR 456837103 31,879 3,086,014 SH   DFND 1,2 3,022,787 0 63,227
Ingersoll-Rand PLC SHS G47791101 69,937 1,098,257 SH   DFND 1,2 1,076,851 0 21,406
Integrated Device Technology Inc COM 458118106 28,916 1,436,476 SH   DFND 1 1,436,476 0 0
Inter Parfums Inc COM 458334109 40,932 1,432,676 SH   DFND 1,2 1,432,598 0 78
INTERPUBLIC GROUP JUL16 25 CALL COM 460690100 1,551 54,300 SH Call DFND 1 54,300 0 0
Interpublic Group of Cos Inc/The COM 460690100 63,396 2,744,402 SH   DFND 1,2 2,694,430 0 49,972
iShares iBoxx $ Investment Grade Corporate Bond ETF IBOXX INV CP ETF 464287242 582 4,738 SH   DFND 1 4,414 0 324
iShares Russell 1000 Value ETF RUS 1000 VAL ETF 464287598 713 6,911 SH   DFND 1 6,911 0 0
John B Sanfilippo & Son Inc COM 800422107 41,780 1,034,869 SH   DFND 1,2 1,034,816 0 53
JPMorgan Chase & Co COM 46625H100 108,538 1,746,671 SH   DFND 1,2 1,713,075 0 33,596
Kimball Electronics Inc COM 49428J109 9,396 754,699 SH   DFND 1 754,699 0 0
Koninklijke Philips NV NY REG SH NEW 500472303 73,240 2,936,664 SH   DFND 1,2 2,883,800 0 52,864
Landec Corp COM 514766104 30,686 2,851,850 SH   DFND 1 2,851,850 0 0
Lattice Semiconductor Corp COM 518415104 76,637 14,324,684 SH   DFND 1,2 14,323,878 0 806
La-Z-Boy Inc COM 505336107 24,426 878,000 SH   DFND 1,2 877,881 0 119
Lloyds Banking Group PLC SPONSORED ADR 539439109 65 21,921 SH   DFND 1 21,921 0 0
Louisiana-Pacific Corp COM 546347105 28,302 1,631,216 SH   DFND 1,2 1,631,121 0 95
Lumentum Holdings Inc COM 55024U109 4,851 200,437 SH   DFND 1,2 200,418 0 19
Marten Transport Ltd COM 573075108 25,578 1,291,837 SH   DFND 1,2 1,291,756 0 81
Materion Corp COM 576690101 50,503 2,039,683 SH   DFND 1,2 2,039,547 0 136
MetLife Inc COM 59156R108 55,141 1,384,402 SH   DFND 1,2 1,353,495 0 30,907
MGM Growth Properties LLC CL A COM 55303A105 6,270 235,000 SH   DFND 1 235,000 0 0
Microsoft Corp COM 594918104 35,490 693,572 SH   DFND 1,2 680,199 0 13,373
Mitel Networks Corp COM 60671Q104 92,023 14,629,970 SH   DFND 1,2 14,629,229 0 741
Mitsubishi UFJ Financial Group Inc SPONSORED ADR 606822104 49 11,041 SH   DFND 1 11,041 0 0
National CineMedia Inc COM 635309107 6,559 423,734 SH   DFND 1 423,734 0 0
NATIONAL CINEMEDIA INC DEC16 17.5 CALL COM 635309107 1,548 100,000 SH Call DFND 1 100,000 0 0
Neenah Paper Inc COM 640079109 24,138 333,535 SH   DFND 1 333,535 0 0
Nippon Telegraph & Telephone Corp SPONSORED ADR 654624105 10,221 217,090 SH   DFND 1 217,090 0 0
NiSource Inc COM 65473P105 16,556 624,265 SH   DFND 1,2 624,174 0 91
Nordstrom Inc COM 655664100 12,221 321,179 SH   DFND 1,2 321,008 0 171
Novanta Inc COM 67000B104 41,613 2,746,706 SH   DFND 1 2,746,706 0 0
Occidental Petroleum Corp COM 674599105 102,342 1,354,443 SH   DFND 1,2 1,327,406 0 27,037
Oracle Corp COM 68389X105 144,571 3,532,160 SH   DFND 1,2 3,470,288 0 61,872
Orbital ATK Inc COM 68557N103 36,429 427,872 SH   DFND 1,2 427,847 0 25
PacWest Bancorp COM 695263103 48,525 1,219,846 SH   DFND 1,2 1,219,788 0 58
Paramount Group Inc COM 69924R108 9,529 597,797 SH   DFND 1 597,797 0 0
PayPal Holdings Inc COM 70450Y103 51,396 1,407,732 SH   DFND 1,2 1,381,061 0 26,671
PennyMac Mortgage Investment Trust COM 70931T103 9,525 586,853 SH   DFND 1 586,853 0 0
Pfizer Inc COM 717081103 73,781 2,095,468 SH   DFND 1,2 2,052,186 0 43,282
PH Glatfelter Co COM 377316104 22,919 1,171,714 SH   DFND 1 1,171,646 0 68
Philip Morris International Inc COM 718172109 32,245 316,994 SH   DFND 1,2 309,161 0 7,833
Phillips 66 COM 718546104 42,519 535,909 SH   DFND 1,2 525,337 0 10,572
PNC Financial Services Group Inc/The COM 693475105 43,610 535,818 SH   DFND 1,2 523,102 0 12,716
PNM Resources Inc COM 69349H107 30,073 848,555 SH   DFND 1 848,555 0 0
PrivateBancorp Inc COM 742962103 37,992 862,872 SH   DFND 1,2 862,840 0 32
Ramco-Gershenson Properties Trust COM SH BEN INT 751452202 80,923 4,126,644 SH   DFND 1,2 4,126,409 0 235
Raytheon Co COM NEW 755111507 65,552 482,175 SH   DFND 1,2 470,925 0 11,250
Redwood Trust Inc COM 758075402 7,831 567,063 SH   DFND 1 567,063 0 0
Reinsurance Group of America Inc COM NEW 759351604 23,988 247,321 SH   DFND 1,2 247,305 0 16
Sagent Pharmaceuticals Inc COM 786692103 18,624 1,243,252 SH   DFND 1 1,243,252 0 0
Seagate Technology PLC SHS G7945M107 1,726 70,840 SH   DFND 1 70,840 0 0
Select Comfort Corp COM 81616X103 15,823 740,085 SH   DFND 1 740,085 0 0
Southwest Airlines Co COM 844741108 21,680 552,911 SH   DFND 1,2 543,739 0 9,172
Spire Inc COM 84857L101 66,543 939,345 SH   DFND 1,2 939,292 0 53
State Street Corp COM 857477103 1,494 27,700 SH   DFND 1 27,700 0 0
StoneMor Partners LP COM UNITS 86183Q100 2,087 83,325 SH   DFND 1 83,325 0 0
Stoneridge Inc COM 86183P102 43,341 2,900,981 SH   DFND 1 2,900,981 0 0
Suncor Energy Inc COM 867224107 62,016 2,236,426 SH   DFND 1,2 2,188,240 0 48,186
Synchrony Financial COM 87165B103 21,695 858,183 SH   DFND 1,2 837,705 0 20,478
Target Corp COM 87612E106 68,098 975,338 SH   DFND 1,2 957,638 0 17,700
Taylor Morrison Home Corp CL A 87724P106 54,499 3,672,439 SH   DFND 1,2 3,671,622 0 817
Telefonaktiebolaget LM Ericsson ADR B SEK 10 294821608 7,579 986,870 SH   DFND 1 977,051 0 9,819
Teradyne Inc COM 880770102 94,919 4,820,670 SH   DFND 1,2 4,765,189 0 55,481
Terex Corp COM 880779103 6,004 295,636 SH   DFND 1 295,636 0 0
Teva Pharmaceutical Industries Ltd ADR 881624209 84,278 1,677,841 SH   DFND 1,2 1,644,932 0 32,909
Teva Pharmaceutical Industries Ltd ADR M8769Q136 20,794 25,144 PRN   DFND 1 25,144 0 0
Time Warner Inc COM NEW 887317303 60,361 820,792 SH   DFND 1,2 800,687 0 20,105
TOTAL SA SPONSORED ADR 89151E109 2,149 44,680 SH   DFND 1 44,680 0 0
TPG Specialty Lending Inc COM 87265K102 3,757 226,209 SH   DFND 1 226,209 0 0
TreeHouse Foods Inc COM 89469A104 92,790 903,945 SH   DFND 1,2 903,814 0 131
TRI Pointe Group Inc COM 87265H109 51,887 4,389,781 SH   DFND 1,2 4,389,552 0 229
TriState Capital Holdings Inc COM 89678F100 1,466 106,761 SH   DFND 1 106,761 0 0
UBS Group AG SHS H42097107 1,154 89,040 SH   DFND 1 89,040 0 0
Union Pacific Corp COM 907818108 50,853 582,844 SH   DFND 1,2 568,778 0 14,066
United Parcel Service Inc CL B 911312106 12,694 117,840 SH   DFND 1 117,840 0 0
Universal Electronics Inc COM 913483103 16,377 226,573 SH   DFND 1,2 226,540 0 33
Unum Group COM 91529Y106 149,356 4,698,220 SH   DFND 1,2 4,617,479 0 80,741
UNUMPROVIDENT CORP SEP16 CALL 36 COM 91529Y106 6,918 217,600 SH   DFND 1 217,600 0 0
Vector Group Ltd COM 92240M108 8,704 388,247 SH   DFND 1 388,247 0 0
VeriFone Systems Inc COM 92342Y109 12,706 685,316 SH   DFND 1 685,020 0 296
Viacom Inc CL B 92553P201 117,544 2,834,430 SH   DFND 1,2 2,783,569 0 50,861
Wal-Mart Stores Inc COM 931142103 36,342 497,706 SH   DFND 1,2 486,786 0 10,920
Wells Fargo & Co COM 949746101 72,860 1,539,400 SH   DFND 1,2 1,507,398 0 32,002
Wells Fargo & Co PERP PFD CNV A 949746804 16,939 13,038 PRN   DFND 1 13,038 0 0
Western Alliance Bancorp COM 957638109 61,420 1,881,152 SH   DFND 1,2 1,881,070 0 82