| 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 |
| AES Corp. (AES) | COM | 00130h105 | 10,166 | 909,265 | SH | | DFND | | 909,265 | 0 | 0 |
| AMC Entertainment Hlds - CL A | COM | 00165C104 | 8,619 | 274,044 | SH | | DFND | | 274,044 | 0 | 0 |
| Abbott Laboratories (ABT) | COM | 002824100 | 510 | 11,475 | SH | | DFND | | 11,475 | 0 | 0 |
| Amdocs Ltd (DOX) | COM | G02602103 | 5,805 | 95,176 | SH | | DFND | | 95,176 | 0 | 0 |
| American National Bankshares I | COM | 027745108 | 1,895 | 50,862 | SH | | DFND | | 50,862 | 0 | 0 |
| Beneficial Bancorp Inc. (BNCL | COM | 08171t102 | 3,249 | 203,090 | SH | | DFND | | 203,090 | 0 | 0 |
| Blue Bird Corp (BLBD) | COM | 095306106 | 345 | 20,102 | SH | | DFND | | 20,102 | 0 | 0 |
| CA, Inc. (CA) | COM | 12673p105 | 1,602 | 50,511 | SH | | DFND | | 50,511 | 0 | 0 |
| CSRA Inc (CSRA) | COM | 12650T104 | 10,851 | 370,478 | SH | | DFND | | 370,478 | 0 | 0 |
| CVS (CVS) | COM | 126650100 | 234 | 2,984 | SH | | DFND | | 2,984 | 0 | 0 |
| Charter Financial Corp (CHFN | COM | 16122w108 | 306 | 15,580 | SH | | DFND | | 15,580 | 0 | 0 |
| Clifton Bancorp Inc. (CSBK) | COM | 186873105 | 4,423 | 273,197 | SH | | DFND | | 273,197 | 0 | 0 |
| Clorox Co. (CLX) | COM | 189054109 | 270 | 2,000 | SH | | DFND | | 2,000 | 0 | 0 |
| Condor Hospitality (CDOR) | COM | 20676y403 | 1,749 | 165,000 | SH | | DFND | | 165,000 | 0 | 0 |
| Discover Financial Services (D | COM | 254709108 | 16,382 | 239,542 | SH | | DFND | | 239,542 | 0 | 0 |
| EMCOR Group Inc. (EME) | COM | 29084q100 | 13,651 | 216,861 | SH | | DFND | | 216,861 | 0 | 0 |
| EOG Resources Inc. (EOG) | COM | 26875p101 | 7,796 | 79,923 | SH | | DFND | | 79,923 | 0 | 0 |
| Eaton Corp (ETN) | COM | G29183103 | 1,182 | 15,934 | SH | | DFND | | 15,934 | 0 | 0 |
| Emerson Electric (EMR) | COM | 291011104 | 3,178 | 53,097 | SH | | DFND | | 53,097 | 0 | 0 |
| Energen Corporation (EGN) | COM | 29265n108 | 240 | 4,403 | SH | | DFND | | 4,403 | 0 | 0 |
| Energizer Holdings (ENR) | COM | 29272w109 | 1,006 | 18,038 | SH | | DFND | | 18,038 | 0 | 0 |
| FTI Consulting (FCN) | COM | 302941109 | 10,494 | 254,889 | SH | | DFND | | 254,889 | 0 | 0 |
| First Connecticut Bancorp (FB | COM | 319850103 | 925 | 37,301 | SH | | DFND | | 37,301 | 0 | 0 |
| Gramercy Property Trust Inc. | COM | 385002308 | 16,364 | 622,219 | SH | | DFND | | 622,219 | 0 | 0 |
| HD Supply Holdings Inc. (HDS) | COM | 40416M105 | 206 | 5,000 | SH | | DFND | | 5,000 | 0 | 0 |
| Johnson Controls Intl (JCI) | COM | g51502105 | 12,290 | 291,779 | SH | | DFND | | 291,779 | 0 | 0 |
| KBR Inc. (KBR) | COM | 48242w106 | 5,486 | 364,992 | SH | | DFND | | 364,992 | 0 | 0 |
| Kroger Co. (KR) | COM | 501044101 | 8,525 | 289,065 | SH | | DFND | | 289,065 | 0 | 0 |
| LKQ Corp (LKQ) | COM | 501889208 | 7,325 | 250,266 | SH | | DFND | | 250,266 | 0 | 0 |
| Lumos Networks Corp (LMOS) | COM | 550283105 | 11,469 | 647,948 | SH | | DFND | | 647,948 | 0 | 0 |
| MYR Group Inc. (MYRG) | COM | 55405w104 | 6,392 | 155,904 | SH | | DFND | | 155,904 | 0 | 0 |
| Marriott International (MAR) | COM | 571903202 | 1,884 | 20,000 | SH | | DFND | | 20,000 | 0 | 0 |
| MasTec, Inc. (MTZ) | COM | 576323109 | 17,259 | 430,935 | SH | | DFND | | 430,935 | 0 | 0 |
| Medtronic Inc. (MDT) | COM | G5960L103 | 3,714 | 46,100 | SH | | DFND | | 46,100 | 0 | 0 |
| Mohawk Industries Inc. (MHK) | COM | 608190104 | 9,274 | 40,413 | SH | | DFND | | 40,413 | 0 | 0 |
| New York REIT, Inc (NYRT) | COM | 64976l109 | 7,452 | 769,056 | SH | | DFND | | 769,056 | 0 | 0 |
| Newell Brands Inc. (NWL) | COM | 651229106 | 331 | 7,025 | SH | | DFND | | 7,025 | 0 | 0 |
| Nexeo Solutions Inc. (NXEO) | COM | 65342h102 | 1,015 | 114,508 | SH | | DFND | | 114,508 | 0 | 0 |
| Novanta Inc. (NOVT) | COM | 67000b104 | 11,925 | 449,150 | SH | | DFND | | 449,150 | 0 | 0 |
| OceanFirst Financial (OCFC) | COM | 675234108 | 1,631 | 57,893 | SH | | DFND | | 57,893 | 0 | 0 |
| PGT Innovations Inc (PGTI) | COM | 69336V101 | 2,048 | 190,530 | SH | | DFND | | 190,530 | 0 | 0 |
| PPL Corporation (PPL) | COM | 69351t106 | 5,431 | 145,246 | SH | | DFND | | 145,246 | 0 | 0 |
| Party City Hold Co (PRTY) | COM | 702149105 | 7,314 | 520,598 | SH | | DFND | | 520,598 | 0 | 0 |
| Pentair Ltd. (PNR) | COM | G7S00T104 | 1,257 | 20,016 | SH | | DFND | | 20,016 | 0 | 0 |
| Phillips 66 (PSX) | COM | 718546104 | 327 | 4,125 | SH | | DFND | | 4,125 | 0 | 0 |
| Procter & Gamble (PG) | COM | 742718109 | 225 | 2,500 | SH | | DFND | | 2,500 | 0 | 0 |
| Prudential Bancorp Inc. (PBIP | COM | 74431a101 | 412 | 23,073 | SH | | DFND | | 23,073 | 0 | 0 |
| Republic Services (RSG) | COM | 760759100 | 26,083 | 415,262 | SH | | DFND | | 415,262 | 0 | 0 |
| Rush Enterprises Inc. Cl A (RU | COM | 781846209 | 2,873 | 86,847 | SH | | DFND | | 86,847 | 0 | 0 |
| Rush Enterprises Inc. Cl B (RU | COM | 781846308 | 1,301 | 41,731 | SH | | DFND | | 41,731 | 0 | 0 |
| Sherwin Williams Co. (SHW) | COM | 824348106 | 7,864 | 25,353 | SH | | DFND | | 25,353 | 0 | 0 |
| Shore Bancshares Inc. (SHBI) | COM | 825107105 | 3,541 | 211,903 | SH | | DFND | | 211,903 | 0 | 0 |
| Six Flags Entertainment Corp ( | COM | 83001A102 | 10,448 | 175,618 | SH | | DFND | | 175,618 | 0 | 0 |
| Snap-On Inc (SNA) | COM | 833034101 | 3,331 | 19,748 | SH | | DFND | | 19,748 | 0 | 0 |
| Southern National Bancorp of V | COM | 843395104 | 10,385 | 613,394 | SH | | DFND | | 613,394 | 0 | 0 |
| Suncor Energy Inc. (SU) | COM | 867224107 | 8,725 | 283,729 | SH | | DFND | | 283,729 | 0 | 0 |
| United Parcel Service (UPS) | COM | 911312106 | 8,099 | 75,483 | SH | | DFND | | 75,483 | 0 | 0 |
| Westbury Bancorp (WBB) | COM | 95727p106 | 549 | 26,352 | SH | | DFND | | 26,352 | 0 | 0 |
| Western New England Bancorp ( | COM | 958892101 | 1,642 | 156,380 | SH | | DFND | | 156,380 | 0 | 0 |
| j2 Global, Inc. (JCOM) | COM | 48123v102 | 4,515 | 53,813 | SH | | DFND | | 53,813 | 0 | 0 |
| MI Homes Inc. 9.75 Ser A (M | PREF | 55305b200 | 782 | 30,357 | SH | | DFND | | 30,357 | 0 | 0 |
