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
3M CO COM COM 88579Y101 618 4,365 SH   SOLE   1,710 0 2,655
ACE LTD SHS COM H0023R105 16,338 155,796 SH   SOLE   58,008 0 97,788
AECOM TECHNOLOGY CORP DELAWARE COM 00766T100 355 10,515 SH   SOLE   0 0 10,515
AETNA INC NEW COM COM 00817Y108 43,245 533,890 SH   SOLE   214,702 0 319,188
AFLAC INC COM COM 001055102 401 6,888 SH   SOLE   6,888 0 0
AGCO CORP COM COM 001084102 70,292 1,546,243 SH   SOLE   922,375 0 623,868
ALTRIA GROUP INC COM COM 02209S103 21,392 465,647 SH   SOLE   199,199 0 266,448
AMERICAN CAP LTD COM COM 02503Y103 16,849 1,189,880 SH   SOLE   488,990 0 700,890
AMERICAN CAPITAL AGENCY CORP C COM 02503X105 77,231 3,634,377 SH   SOLE   2,078,513 0 1,555,864
AMERICAN INTL GROUP INC COM NE COM 026874784 30,499 564,596 SH   SOLE   262,850 0 301,746
AMGEN INC COM COM 031162100 75,058 534,376 SH   SOLE   228,641 0 305,735
ANADARKO PETE CORP COM COM 032511107 330 3,249 SH   SOLE   3,249 0 0
ANNALY CAP MGMT INC COM COM 035710409 329 30,800 SH   SOLE   26,800 0 4,000
ANWORTH MORTGAGE ASSET CP COM COM 037347101 4,141 864,582 SH   SOLE   278,917 0 585,665
ANWORTH MORTGAGE ASSET CP COM COM 037347101 191 39,790 SH   DFND 1 39,790 0 0
APACHE CORP COM COM 037411105 48,325 514,807 SH   SOLE   200,903 0 313,904
APPLE INC COM COM 037833100 67,256 667,557 SH   SOLE   259,518 0 408,039
ARCHER DANIELS MIDLAND CO COM COM 039483102 308 6,019 SH   SOLE   6,019 0 0
ARMOUR RESIDENTIAL REIT INC CO COM 042315101 2,357 612,213 SH   SOLE   197,188 0 415,025
ARMOUR RESIDENTIAL REIT INC CO COM 042315101 109 28,190 SH   DFND 1 28,190 0 0
ASB BANCORP INC N C COM COM 00213T109 649 32,230 SH   SOLE   32,230 0 0
ASSURED GUARANTY LTD COM COM G0585R106 86,928 3,922,731 SH   SOLE   2,359,297 0 1,563,434
ASTORIA FINL CORP COM COM 046265104 4,079 329,252 SH   SOLE   111,857 0 217,395
ASTORIA FINL CORP COM COM 046265104 186 15,005 SH   DFND 1 15,005 0 0
AT&T INC COM COM 00206R102 302 8,580 SH   SOLE   8,580 0 0
AVX CORP NEW COM COM 002444107 4,831 363,794 SH   SOLE   119,303 0 244,491
AVX CORP NEW COM COM 002444107 224 16,830 SH   DFND 1 16,830 0 0
BANK AMER CORP COM COM 060505104 78,168 4,584,611 SH   SOLE   1,988,956 0 2,595,655
BARRETT BUSINESS SERVICES INC COM 068463108 2,881 72,957 SH   SOLE   23,910 0 49,047
BARRETT BUSINESS SERVICES INC COM 068463108 134 3,390 SH   DFND 1 3,390 0 0
BENEFICIAL MUTUAL BANCORP INC COM 08173R104 2,462 192,670 SH   SOLE   62,305 0 130,365
BENEFICIAL MUTUAL BANCORP INC COM 08173R104 114 8,930 SH   DFND 1 8,930 0 0
BERKSHIRE HATHAWAY INC DEL CL COM 084670108 207 1 SH   SOLE   0 0 1
BERKSHIRE HATHAWAY INC DEL CL COM 084670702 110,126 797,208 SH   SOLE   330,727 0 466,481
BIGLARI HLDGS INC COM COM 08986R101 6,559 19,304 SH   SOLE   6,718 0 12,586
BIGLARI HLDGS INC COM COM 08986R101 294 864 SH   DFND 1 864 0 0
BIOGEN IDEC INC COM COM 09062X103 690 2,085 SH   SOLE   485 0 1,600
BIOTIME INC COM COM 09066L105 62 19,800 SH   SOLE   19,800 0 0
BLACKROCK GLOBAL OPP EQTY TR C COM 092501105 226 15,985 SH   SOLE   8,235 0 7,750
BOEING CO COM COM 097023105 803 6,303 SH   SOLE   6,203 0 100
BRISTOL MYERS SQUIBB CO COM COM 110122108 2,131 41,646 SH   SOLE   16,381 0 25,265
CALAMOS STRATEGIC TOTL RETN FD COM 128125101 119 10,200 SH   SOLE   200 0 10,000
CAPITAL ONE FINL CORP COM COM 14040H105 47,718 584,632 SH   SOLE   238,919 0 345,713
CELESTICA INC SUB VTG SHS COM 15101Q108 4,435 436,950 SH   SOLE   141,945 0 295,005
CELESTICA INC SUB VTG SHS COM 15101Q108 204 20,050 SH   DFND 1 20,050 0 0
CENTERSTATE BANKS INC COM COM 15201P109 3,206 309,759 SH   SOLE   103,244 0 206,515
CENTERSTATE BANKS INC COM COM 15201P109 145 14,025 SH   DFND 1 14,025 0 0
CHARTER FINL CORP MD COM COM 16122W108 5,260 491,600 SH   SOLE   161,615 0 329,985
CHARTER FINL CORP MD COM COM 16122W108 242 22,605 SH   DFND 1 22,605 0 0
CHECK POINT SOFTWARE TECH LTD COM M22465104 87,522 1,264,031 SH   SOLE   756,039 0 507,992
CHEVRON CORP NEW COM COM 166764100 36,209 303,462 SH   SOLE   123,863 0 179,599
CHIPMOS TECH BERMUDA LTD SHS COM G2110R114 5,338 235,981 SH   SOLE   76,899 0 159,082
CHIPMOS TECH BERMUDA LTD SHS COM G2110R114 245 10,835 SH   DFND 1 10,835 0 0
CIGNA CORPORATION COM COM 125509109 59,461 655,649 SH   SOLE   390,990 0 264,659
CISCO SYS INC COM COM 17275R102 76,690 3,046,864 SH   SOLE   1,344,553 0 1,702,311
CITIGROUP INC COM NEW COM 172967424 98,670 1,904,097 SH   SOLE   758,604 0 1,145,493
CLIFTON BANCORP INC COM COM 186873105 5,830 463,091 SH   SOLE   185,967 0 277,124
CLIFTON BANCORP INC COM COM 186873105 239 19,001 SH   DFND 1 19,001 0 0
CMS ENERGY CORP COM COM 125896100 344 11,600 SH   SOLE   11,600 0 0
COASTWAY BANCORP INC COM COM 190632109 665 61,980 SH   SOLE   61,980 0 0
COMPUTER SCIENCES CORP COM COM 205363104 31,402 513,531 SH   SOLE   214,708 0 298,823
CONOCOPHILLIPS COM COM 20825C104 1,645 21,492 SH   SOLE   13,707 0 7,785
CONRAD INDS INC COM COM 208305102 597 15,705 SH   SOLE   15,705 0 0
COSTCO WHSL CORP NEW COM COM 22160K105 247 1,970 SH   SOLE   1,970 0 0
COVIDIEN PLC SHS COM G2554F113 280 3,231 SH   SOLE   3,231 0 0
CVS HEALTH CORP COM COM 126650100 46,780 587,761 SH   SOLE   238,839 0 348,922
CYS INVTS INC COM COM 12673A108 668 81,060 SH   SOLE   14,200 0 66,860
DEERE & CO COM COM 244199105 24,680 301,012 SH   SOLE   141,545 0 159,467
DENBURY RES INC COM NEW COM 247916208 80,369 5,347,272 SH   SOLE   3,199,816 0 2,147,456
DEVON ENERGY CORP NEW COM COM 25179M103 65,134 955,327 SH   SOLE   397,535 0 557,792
DILLARDS INC CL A COM 254067101 59,099 542,293 SH   SOLE   323,492 0 218,801
DIRECTV COM COM 25490A309 20,313 234,780 SH   SOLE   101,630 0 133,150
DISH NETWORK CORP CL A COM 25470M109 68,815 1,065,581 SH   SOLE   635,544 0 430,037
DISNEY WALT CO COM DISNEY COM 254687106 382 4,294 SH   SOLE   0 0 4,294
DYAX CORP COM COM 26746E103 253 25,000 SH   SOLE   25,000 0 0
E M C CORP MASS COM COM 268648102 65,011 2,221,836 SH   SOLE   884,758 0 1,337,078
EATON CORP PLC SHS COM G29183103 242 3,820 SH   SOLE   0 0 3,820
EATON VANCE LTD DUR INCOME FD COM 27828H105 147 10,099 SH   SOLE   0 0 10,099
EATON VANCE TX MGD DIV EQ INCM COM 27828N102 831 72,825 SH   SOLE   725 0 72,100
EMERGENT BIOSOLUTIONS INC COM COM 29089Q105 5,119 240,205 SH   SOLE   82,040 0 158,165
EMERGENT BIOSOLUTIONS INC COM COM 29089Q105 233 10,930 SH   DFND 1 10,930 0 0
ENDO INTL PLC SHS COM g30401106 64,495 943,743 SH   SOLE   558,723 0 385,020
ENERGY XXI BERMUDA LTD USD UNR COM G10082140 3,648 321,404 SH   SOLE   103,970 0 217,434
ENERGY XXI BERMUDA LTD USD UNR COM G10082140 169 14,910 SH   DFND 1 14,910 0 0
ENSCO PLC SHS CLASS A COM G3157S106 109,201 2,643,463 SH   SOLE   1,503,789 0 1,139,674
ENTERGY CORP NEW COM COM 29364G103 16,785 217,062 SH   SOLE   86,338 0 130,724
ENTERPRISE PRODS PARTNERS L P COM 293792107 2,603 64,596 SH   SOLE   25,006 0 39,590
EQUITY RESIDENTIAL SH BEN INT COM 29476L107 279 4,532 SH   SOLE   4,532 0 0
EVEREST RE GROUP LTD COM COM G3223R108 44,176 272,672 SH   SOLE   162,546 0 110,126
FBL FINL GROUP INC CL A COM 30239F106 4,479 100,211 SH   SOLE   33,139 0 67,072
FBL FINL GROUP INC CL A COM 30239F106 206 4,610 SH   DFND 1 4,610 0 0
FIFTH THIRD BANCORP COM COM 316773100 79,288 3,960,448 SH   SOLE   2,209,326 0 1,751,122
FLUOR CORP NEW COM COM 343412102 31,455 470,956 SH   SOLE   176,850 0 294,106
FORD MTR CO DEL COM PAR $0.01 COM 345370860 187 12,648 SH   SOLE   12,648 0 0
FREEPORT-MCMORAN INC CL B COM 35671D857 84,595 2,590,973 SH   SOLE   1,075,932 0 1,515,041
FREIGHTCAR AMER INC COM COM 357023100 4,697 141,051 SH   SOLE   45,350 0 95,701
FREIGHTCAR AMER INC COM COM 357023100 217 6,505 SH   DFND 1 6,505 0 0
GENERAL DYNAMICS CORP COM COM 369550108 313 2,459 SH   SOLE   1,721 0 738
GENERAL ELECTRIC CO COM COM 369604103 657 25,650 SH   SOLE   21,105 0 4,545
GILEAD SCIENCES INC COM COM 375558103 27,864 261,759 SH   SOLE   108,657 0 153,102
GLOBE SPECIALTY METALS INC COM COM 37954N206 254 13,945 SH   SOLE   13,945 0 0
GOLDMAN SACHS GROUP INC COM COM 38141G104 211 1,150 SH   SOLE   1,150 0 0
GOOGLE INC CL A COM 38259p508 17,814 30,274 SH   SOLE   12,484 0 17,790
GOOGLE INC CL C COM 38259p706 880 1,525 SH   SOLE   1,245 0 280
HALLIBURTON CO COM COM 406216101 18,180 281,822 SH   SOLE   115,408 0 166,414
HATTERAS FINL CORP COM COM 41902R103 2,405 133,928 SH   SOLE   43,148 0 90,780
HATTERAS FINL CORP COM COM 41902R103 111 6,170 SH   DFND 1 6,170 0 0
HCC INS HLDGS INC COM COM 404132102 55,826 1,156,059 SH   SOLE   686,474 0 469,585
HELIX ENERGY SOLUTIONS GRP INC COM 42330P107 3,951 179,122 SH   SOLE   59,272 0 119,850
HELIX ENERGY SOLUTIONS GRP INC COM 42330P107 178 8,085 SH   DFND 1 8,085 0 0
HERCULES OFFSHORE INC COM COM 427093109 2,658 1,208,213 SH   SOLE   407,538 0 800,675
HERCULES OFFSHORE INC COM COM 427093109 120 54,410 SH   DFND 1 54,410 0 0
HEWLETT PACKARD CO COM COM 428236103 14,826 417,998 SH   SOLE   167,882 0 250,116
HOME DEPOT INC COM COM 437076102 440 4,800 SH   SOLE   4,800 0 0
INTEL CORP COM COM 458140100 35,652 1,023,888 SH   SOLE   416,232 0 607,656
INTERNATIONAL BANCSHARES CORP COM 459044103 4,473 181,346 SH   SOLE   60,995 0 120,351
INTERNATIONAL BANCSHARES CORP COM 459044103 205 8,320 SH   DFND 1 8,320 0 0
INTERNATIONAL BUSINESS MACHS C COM 459200101 1,210 6,372 SH   SOLE   5,772 0 600
INTERNATIONAL STEM CELL CORP C COM 460378102 4 44,000 SH   SOLE   44,000 0 0
INVESTMENT TECHNOLOGY GRP NEW COM 46145F105 5,810 368,665 SH   SOLE   124,475 0 244,190
INVESTMENT TECHNOLOGY GRP NEW COM 46145F105 266 16,865 SH   DFND 1 16,865 0 0
J2 GLOBAL INC COM COM 48123V102 6,397 129,607 SH   SOLE   43,882 0 85,725
J2 GLOBAL INC COM COM 48123V102 288 5,825 SH   DFND 1 5,825 0 0
JOHNSON & JOHNSON COM COM 478160104 61,453 576,537 SH   SOLE   248,210 0 328,327
JPMORGAN CHASE & CO COM COM 46625H100 86,457 1,435,215 SH   SOLE   575,982 0 859,233
KADANT INC COM COM 48282T104 4,541 116,285 SH   SOLE   38,955 0 77,330
KADANT INC COM COM 48282T104 209 5,345 SH   DFND 1 5,345 0 0
KIMBERLY CLARK CORP COM COM 494368103 465 4,325 SH   SOLE   4,325 0 0
KINDER MORGAN ENERGY PARTNERS COM 494550106 757 8,115 SH   SOLE   2,485 0 5,630
KULICKE & SOFFA INDS INC COM COM 501242101 6,327 444,631 SH   SOLE   149,861 0 294,770
KULICKE & SOFFA INDS INC COM COM 501242101 287 20,150 SH   DFND 1 20,150 0 0
L-3 COMMUNICATIONS HLDGS INC C COM 502424104 101,959 857,373 SH   SOLE   464,190 0 393,183
LEAR CORP COM NEW COM 521865204 28,709 332,244 SH   SOLE   139,063 0 193,181
LIBERTY MEDIA CORP DELAWARE CL COM 531229102 87,005 1,844,116 SH   SOLE   969,299 0 874,817
LIBERTY MEDIA CORP DELAWARE CO COM 531229300 173,311 3,688,253 SH   SOLE   1,938,634 0 1,749,619
LILLY ELI & CO COM COM 532457108 45,009 694,042 SH   SOLE   270,534 0 423,508
LINCOLN ELEC HLDGS INC COM COM 533900106 440 6,370 SH   SOLE   6,370 0 0
LOEWS CORP COM COM 540424108 37,440 898,713 SH   SOLE   357,947 0 540,766
MAGELLAN HEALTH INC COM 559079207 5,069 92,617 SH   SOLE   30,887 0 61,730
MAGELLAN HEALTH INC COM 559079207 234 4,270 SH   DFND 1 4,270 0 0
MAIDEN HOLDINGS LTD SHS COM G5753U112 4,611 416,134 SH   SOLE   138,695 0 277,439
MAIDEN HOLDINGS LTD SHS COM G5753U112 212 19,095 SH   DFND 1 19,095 0 0
MALLINCKRODT PUB LTD CO SHS COM G5785G107 65,447 725,979 SH   SOLE   433,160 0 292,819
MARKWEST ENERGY PARTNERS L P U COM 570759100 816 10,625 SH   SOLE   50 0 10,575
MARVELL TECHNOLOGY GROUP LTD O COM G5876H105 129,816 9,630,249 SH   SOLE   5,187,132 0 4,443,117
MASCO CORP COM COM 574599106 324 13,545 SH   SOLE   13,545 0 0
MBT FINL CORP COM COM 578877102 2,092 437,698 SH   SOLE   437,698 0 0
MCDERMOTT INTL INC COM COM 580037109 53,587 9,368,388 SH   SOLE   5,467,336 0 3,901,052
MCDERMOTT INTL INC COM COM 580037109 199 34,850 SH   DFND 1 34,850 0 0
MEDTRONIC INC COM COM 585055106 229 3,700 SH   SOLE   3,700 0 0
MERCK & CO INC NEW COM COM 58933Y105 55,402 934,583 SH   SOLE   389,720 0 544,863
MICROSOFT CORP COM COM 594918104 79,859 1,722,585 SH   SOLE   688,230 0 1,034,355
MOLSON COORS BREWING CO CL B COM 60871R209 373 5,015 SH   SOLE   0 0 5,015
MONARCH CMNTY BANCORP INC COM COM 609045208 142 50,000 SH   SOLE   50,000 0 0
MONDELEZ INTL INC CL A COM 609207105 541 15,780 SH   SOLE   15,445 0 335
MULTI FINELINE ELECTRONIX INC COM 62541B101 4,645 496,772 SH   SOLE   162,356 0 334,416
MULTI FINELINE ELECTRONIX INC COM 62541B101 216 23,120 SH   DFND 1 23,120 0 0
MYRIAD GENETICS INC COM COM 62855J104 4,963 128,680 SH   SOLE   42,150 0 86,530
MYRIAD GENETICS INC COM COM 62855J104 231 5,980 SH   DFND 1 5,980 0 0
NAM TAI PPTY INC SHS COM g63907102 3,802 626,355 SH   SOLE   214,025 0 412,330
NAM TAI PPTY INC SHS COM g63907102 171 28,225 SH   DFND 1 28,225 0 0
NATIONAL BK HLDGS CORP CL A COM 633707104 3,853 201,496 SH   SOLE   68,307 0 133,189
NATIONAL BK HLDGS CORP CL A COM 633707104 175 9,135 SH   DFND 1 9,135 0 0
NATIONAL OILWELL VARCO INC COM COM 637071101 27,553 362,060 SH   SOLE   128,089 0 233,971
NETAPP INC COM COM 64110D104 88,982 2,071,264 SH   SOLE   1,210,117 0 861,147
NEVSUN RES LTD COM COM 64156L101 7,808 2,162,951 SH   SOLE   715,765 0 1,447,186
NEVSUN RES LTD COM COM 64156L101 359 99,565 SH   DFND 1 99,565 0 0
NEXTERA ENERGY INC COM COM 65339F101 329 3,500 SH   SOLE   0 0 3,500
NORFOLK SOUTHERN CORP COM COM 655844108 12,468 111,719 SH   SOLE   45,320 0 66,399
NORTHFIELD BANCORP INC DEL COM COM 66611T108 4,824 354,162 SH   SOLE   116,695 0 237,467
NORTHFIELD BANCORP INC DEL COM COM 66611T108 224 16,415 SH   DFND 1 16,415 0 0
NORTHROP GRUMMAN CORP COM COM 666807102 65,185 494,727 SH   SOLE   205,775 0 288,952
NOVA MEASURING INSTRUMENTS LTD COM M7516K103 5,090 471,260 SH   SOLE   153,890 0 317,370
NOVA MEASURING INSTRUMENTS LTD COM M7516K103 235 21,740 SH   DFND 1 21,740 0 0
NUVEEN TX ADV TOTAL RET STRGY COM 67090H102 169 12,200 SH   SOLE   200 0 12,000
NVIDIA CORP COM COM 67066G104 31,397 1,701,741 SH   SOLE   710,488 0 991,253
OCCIDENTAL PETE CORP DEL COM COM 674599105 61,341 637,975 SH   SOLE   266,452 0 371,523
OFG BANCORP COM COM 67103X102 4,278 285,559 SH   SOLE   94,289 0 191,270
OFG BANCORP COM COM 67103X102 197 13,120 SH   DFND 1 13,120 0 0
OMNIVISION TECHNOLOGIES INC CO COM 682128103 4,362 164,842 SH   SOLE   53,481 0 111,361
OMNIVISION TECHNOLOGIES INC CO COM 682128103 204 7,695 SH   DFND 1 7,695 0 0
ONEOK INC NEW COM COM 682680103 202 3,075 SH   SOLE   75 0 3,000
ONEOK PARTNERS LP UNIT LTD PAR COM 68268N103 327 5,836 SH   SOLE   4,700 0 1,136
ORACLE CORP COM COM 68389X105 50,586 1,321,474 SH   SOLE   552,368 0 769,106
OUTERWALL INC COM COM 690070107 6,095 108,637 SH   SOLE   35,375 0 73,262
OUTERWALL INC COM COM 690070107 282 5,030 SH   DFND 1 5,030 0 0
PATTERSON UTI ENERGY INC COM COM 703481101 17,495 537,796 SH   SOLE   229,567 0 308,229
PDL BIOPHARMA INC COM COM 69329Y104 4,831 646,724 SH   SOLE   211,824 0 434,900
PDL BIOPHARMA INC COM COM 69329Y104 226 30,309 SH   DFND 1 30,309 0 0
PEOPLES UNITED FINANCIAL INC C COM 712704105 246 17,000 SH   SOLE   17,000 0 0
PEPSICO INC COM COM 713448108 448 4,808 SH   SOLE   2,960 0 1,848
PFIZER INC COM COM 717081103 73,470 2,484,599 SH   SOLE   954,913 0 1,529,686
PHILIP MORRIS INTL INC COM COM 718172109 1,583 18,985 SH   SOLE   7,827 0 11,158
PHILLIPS 66 COM COM 718546104 34,880 428,980 SH   SOLE   179,085 0 249,895
PHOTOMEDEX INC COM PAR $0.01 COM 719358301 359 57,942 SH   SOLE   19,937 0 38,005
PHOTOMEDEX INC COM PAR $0.01 COM 719358301 17 2,682 SH   DFND 1 2,682 0 0
PHOTRONICS INC COM COM 719405102 90 11,190 SH   SOLE   8,040 0 3,150
PLAINS ALL AMERN PIPELINE L P COM 726503105 444 7,547 SH   SOLE   1,350 0 6,197
POAGE BANKSHARES INC COM COM 730206109 569 37,920 SH   SOLE   37,920 0 0
POPULAR INC COM NEW COM 733174700 5,618 190,859 SH   SOLE   63,594 0 127,265
POPULAR INC COM NEW COM 733174700 255 8,650 SH   DFND 1 8,650 0 0
PROCTER & GAMBLE CO COM COM 742718109 242 2,890 SH   SOLE   2,890 0 0
PRUDENTIAL BANCORP INC NEW COM COM 74431A101 135 11,055 SH   SOLE   11,055 0 0
PRUDENTIAL FINL INC COM COM 744320102 13,192 150,015 SH   SOLE   60,289 0 89,726
QEP RES INC COM COM 74733V100 733 23,816 SH   SOLE   11,811 0 12,005
QLOGIC CORP COM COM 747277101 5,625 614,055 SH   SOLE   207,585 0 406,470
QLOGIC CORP COM COM 747277101 255 27,785 SH   DFND 1 27,785 0 0
QUAD / GRAPHICS INC COM CL A COM 747301109 5,282 274,367 SH   SOLE   91,987 0 182,380
QUAD / GRAPHICS INC COM CL A COM 747301109 239 12,395 SH   DFND 1 12,395 0 0
QUALCOMM INC COM COM 747525103 50,770 679,019 SH   SOLE   284,302 0 394,717
RAYONIER ADVANCED MATLS INC CO COM 75508B104 943 28,650 SH   SOLE   28,650 0 0
REDWOOD TR INC COM COM 758075402 58,827 3,548,042 SH   SOLE   2,058,320 0 1,489,722
REDWOOD TR INC COM COM 758075402 176 10,645 SH   DFND 1 10,645 0 0
REGIONS FINL CORP NEW COM COM 7591EP100 77,201 7,689,387 SH   SOLE   4,588,375 0 3,101,012
REPUBLIC BANCORP KY CL A COM 760281204 5,381 227,151 SH   SOLE   75,125 0 152,026
REPUBLIC BANCORP KY CL A COM 760281204 247 10,436 SH   DFND 1 10,436 0 0
RICHARDSON ELECTRS LTD COM COM 763165107 573 57,398 SH   SOLE   57,398 0 0
ROCK CREEK PHARMACEUTICALS INC COM 772081105 19 67,600 SH   SOLE   67,600 0 0
SANDISK CORP COM COM 80004C101 245 2,500 SH   SOLE   2,500 0 0
SPDR GOLD TRUST GOLD SHS COM 78463V107 232 2,000 SH   SOLE   2,000 0 0
SPOK HLDGS INC COM COM 84863t106 5,155 396,238 SH   SOLE   131,514 0 264,724
SPOK HLDGS INC COM COM 84863t106 238 18,290 SH   DFND 1 18,290 0 0
STARZ COM SER A COM 85571Q102 269 8,143 SH   SOLE   4,922 0 3,221
STONE ENERGY CORP COM COM 861642106 4,722 150,570 SH   SOLE   48,895 0 101,675
STONE ENERGY CORP COM COM 861642106 219 6,980 SH   DFND 1 6,980 0 0
SUPERIOR INDS INTL INC COM COM 868168105 5,097 290,787 SH   SOLE   95,080 0 195,707
SUPERIOR INDS INTL INC COM COM 868168105 237 13,520 SH   DFND 1 13,520 0 0
SYKES ENTERPRISES INC COM COM 871237103 4,971 248,777 SH   SOLE   82,306 0 166,471
SYKES ENTERPRISES INC COM COM 871237103 227 11,365 SH   DFND 1 11,365 0 0
SYMANTEC CORP COM COM 871503108 111,369 4,737,100 SH   SOLE   2,608,877 0 2,128,223
SYSTEMAX INC COM COM 871851101 4,172 334,603 SH   SOLE   109,397 0 225,206
SYSTEMAX INC COM COM 871851101 194 15,550 SH   DFND 1 15,550 0 0
TARGET CORP COM COM 87612E106 219 3,490 SH   SOLE   3,105 0 385
TESSERA TECHNOLOGIES INC COM COM 88164L100 87,135 3,278,224 SH   SOLE   1,958,422 0 1,319,802
TEVA PHARMACEUTICAL INDS LTD A COM 881624209 8,836 164,386 SH   SOLE   120,081 0 44,305
TIVO INC COM COM 888706108 4,566 356,870 SH   SOLE   124,370 0 232,500
TIVO INC COM COM 888706108 205 16,060 SH   DFND 1 16,060 0 0
TJX COS INC NEW COM COM 872540109 264 4,464 SH   SOLE   4,464 0 0
TRAVELERS COMPANIES INC COM COM 89417E109 957 10,190 SH   SOLE   8,361 0 1,829
TRIPLE-S MGMT CORP CL B COM 896749108 7,272 365,440 SH   SOLE   119,742 0 245,698
TRIPLE-S MGMT CORP CL B COM 896749108 335 16,850 SH   DFND 1 16,850 0 0
TRW AUTOMOTIVE HLDGS CORP COM COM 87264S106 27,130 267,955 SH   SOLE   108,145 0 159,810
UNITEDHEALTH GROUP INC COM COM 91324P102 39,741 460,766 SH   SOLE   176,154 0 284,612
URS CORP NEW COM COM 903236107 17,540 304,454 SH   SOLE   127,677 0 176,777
V F CORP COM COM 918204108 1,173 17,760 SH   SOLE   17,760 0 0
VALMONT INDS INC COM COM 920253101 56,786 420,855 SH   SOLE   251,463 0 169,392
VERIZON COMMUNICATIONS INC COM COM 92343V104 79,924 1,598,797 SH   SOLE   557,266 0 1,041,531
VERSUS TECHNOLOGY INC COM COM 925313108 19 206,550 SH   SOLE   206,550 0 0
VISHAY INTERTECHNOLOGY INC COM COM 928298108 3,174 222,110 SH   SOLE   76,255 0 145,855
VISHAY INTERTECHNOLOGY INC COM COM 928298108 142 9,930 SH   DFND 1 9,930 0 0
VISTEON CORP COM NEW COM 92839U206 116,982 1,202,895 SH   SOLE   661,326 0 541,569
VODAFONE GROUP PLC NEW SPNSR A COM 92857W308 15,489 470,923 SH   SOLE   318,113 0 152,810
WAL-MART STORES INC COM COM 931142103 14,977 195,860 SH   SOLE   76,864 0 118,996
WELLPOINT INC COM COM 94973V107 39,593 330,992 SH   SOLE   126,850 0 204,142
WELLS FARGO & CO NEW COM COM 949746101 2,416 46,586 SH   SOLE   20,510 0 26,076
WESTERN DIGITAL CORP COM COM 958102105 63,563 653,136 SH   SOLE   389,067 0 264,069
WESTERN UN CO COM COM 959802109 84,986 5,298,360 SH   SOLE   3,160,524 0 2,137,836
WILLIAMS COS INC DEL COM COM 969457100 428 7,740 SH   SOLE   200 0 7,540
ZIONS BANCORPORATION COM COM 989701107 64,051 2,204,112 SH   SOLE   1,314,159 0 889,953
METLIFE INC PFD A FLT RATE PFD 59156R504 228 9,521 SH   SOLE   5,393 0 4,128
AMERICAN INTL GROUP INC WT EXP WT 026874156 287 12,060 SH   SOLE   12,060 0 0