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
Advance Auto Parts, Inc. COM 00751Y106 20,608 136,919 SH   DFND   18,090 118,829 0
Aerojet Rocketdyne Holdings, I COM 007800105 11,934 762,054 SH   DFND   101,350 660,704 0
Air Transport Services Group, COM 00922R105 16,213 1,608,389 SH   DFND   415,563 1,192,826 0
Alere, Inc. COM 01449J105 36,375 930,548 SH   DFND   190,125 740,423 0
Allergan PLC COM G0177J108 51,880 166,017 SH   DFND   34,716 131,301 0
American Public Education, Inc COM 02913V103 11,911 640,048 SH   DFND   197,650 442,398 0
Anchor BanCorp Wisconsin, Inc. COM 03283P106 7,743 177,915 SH   DFND   21,000 156,915 0
Ascena Retail Group, Inc. COM 04351G101 21,920 2,225,400 SH   DFND   491,315 1,734,085 0
Avid Technology, Inc. COM 05367P100 4,277 586,719 SH   DFND   38,040 548,679 0
Bio-Rad Laboratories, Inc. Cla COM 090572207 1,997 14,402 SH   DFND   0 14,402 0
Brookline Bancorp, Inc. COM 11373M107 489 42,555 SH   DFND   0 42,555 0
CA Technologies COM 12673P105 14,373 503,254 SH   DFND   73,984 429,270 0
CBIZ, Inc. COM 124805102 5,989 607,375 SH   DFND   156,660 450,715 0
Cabela's, Inc. COM 126804301 19,856 424,900 SH   DFND   92,655 332,245 0
Carrols Restaurant Group, Inc. COM 14574X104 21,531 1,833,969 SH   DFND   571,957 1,262,012 0
Celanese Corp. COM 150870103 16,491 244,923 SH   DFND   26,600 218,323 0
Charter Financial Corp. COM 16122W108 11,431 865,357 SH   DFND   161,000 704,357 0
Electro Rent Corp. COM 285218103 5,888 640,006 SH   DFND   196,418 443,588 0
Everi Holdings, Inc. COM 30034T103 6,808 1,550,723 SH   DFND   324,971 1,225,752 0
Fiesta Restaurant Group, Inc. COM 31660B101 7,078 210,660 SH   DFND   85,219 125,441 0
First Defiance Financial Corp. COM 32006W106 659 17,437 SH   DFND   0 17,437 0
Fogo de Chao, Inc. COM 344177100 10,561 696,619 SH   DFND   113,384 583,235 0
Fox Chase Bancorp, Inc. COM 35137T108 1,729 85,196 SH   DFND   0 85,196 0
GNC Holdings, Inc. COM 36191G107 12,652 407,864 SH   DFND   63,775 344,089 0
Gildan Activewear, Inc. COM 375916103 21,575 759,133 SH   DFND   167,550 591,583 0
Golar LNG Limited COM G9456A100 6,136 388,595 SH   DFND   73,500 315,095 0
INTL FCStone, Inc. COM 46116V105 39,902 1,192,524 SH   DFND   243,473 949,051 0
Imation Corp. COM 45245A107 4,832 3,527,055 SH   DFND   856,340 2,670,715 0
JAMBA, Inc. COM 47023a309 9,022 668,823 SH   DFND   325,913 342,910 0
MSA Safety, Inc. COM 553498106 4,603 105,892 SH   DFND   23,550 82,342 0
Mentor Graphics Corp. COM 587200106 20,295 1,101,782 SH   DFND   207,022 894,760 0
National Fuel Gas Co. COM 636180101 15,514 362,890 SH   DFND   62,095 300,795 0
National Penn Bancshares, Inc. COM 637138108 233 18,900 SH   DFND   0 18,900 0
Noble Corp. PLC COM G65431101 6,626 628,077 SH   DFND   93,525 534,552 0
Northrim BanCorp, Inc. COM 666762109 4,104 154,300 SH   DFND   29,700 124,600 0
OceanFirst Financial Corp. COM 675234108 5,674 283,273 SH   DFND   0 283,273 0
Oppenheimer Holdings, Inc. COM 683797104 7,125 409,961 SH   DFND   110,334 299,627 0
PacWest Bancorp COM 695263103 7,942 184,276 SH   DFND   36,870 147,406 0
Pope Resources Limited COM 732857107 4,237 66,134 SH   DFND   19,900 46,234 0
Progressive Waste Solutions Li COM 74339G101 11,503 488,454 SH   DFND   90,505 397,949 0
Quantum Corp. COM 747906204 15,310 16,462,322 SH   DFND   3,845,325 12,616,997 0
QuinStreet, Inc. COM 74874Q100 22,479 5,239,898 SH   DFND   1,373,222 3,866,676 0
Raymond James Financial, Inc. COM 754730109 18,568 320,301 SH   DFND   37,525 282,776 0
Real Industry, Inc. COM 75601W104 9,415 1,172,421 SH   DFND   470,985 701,436 0
Rent-A-Center, Inc. COM 76009N100 5,247 350,525 SH   DFND   77,500 273,025 0
Seacoast Banking Corporation o COM 811707801 9,055 604,442 SH   DFND   141,400 463,042 0
South State Corp. COM 840441109 3,432 47,695 SH   DFND   0 47,695 0
SpartanNash Co. COM 847215100 23,126 1,068,674 SH   DFND   234,979 833,695 0
State Bank Financial Corp. COM 856190103 16,747 796,358 SH   DFND   145,060 651,298 0
Sterling Bancorp COM 85917A100 3,706 228,467 SH   DFND   0 228,467 0
Stoneridge, Inc. COM 86183P102 13,311 899,380 SH   DFND   388,542 510,838 0
Suffolk Bancorp COM 864739107 1,820 64,198 SH   DFND   16,500 47,698 0
Synovus Financial Corp. COM 87161C501 11,624 358,990 SH   DFND   38,585 320,405 0
Triumph Group, Inc. COM 896818101 4,613 116,038 SH   DFND   17,135 98,903 0
Tronox Limited COM Q9235V101 8,143 2,082,663 SH   DFND   567,475 1,515,188 0
Universal Health Services, Inc COM 913903100 26,188 219,168 SH   DFND   41,297 177,871 0
Valeant Pharmaceuticals Intl., COM 91911K102 34,186 336,306 SH   DFND   78,175 258,131 0
Valley National Bancorp COM 919794107 6,017 610,897 SH   DFND   84,639 526,258 0
Vasco Data Security Intl. COM 92230Y104 18,183 1,086,827 SH   DFND   215,801 871,026 0
Visteon Corp. COM 92839U206 34,673 302,822 SH   DFND   62,120 240,702 0
WSFS Financial Corp. COM 929328102 1,325 40,942 SH   DFND   0 40,942 0
Willis Group Holdings PLC COM G96666105 10,672 219,730 SH   DFND   27,925 191,805 0
Zimmer Biomet Holdings, Inc. COM 98956P102 13,653 133,085 SH   DFND   22,275 110,810 0
Alere, Inc Perp Pfd Conv Ser B PFD 01449J204 1,369 4,868 SH   DFND   3,257 1,611 0