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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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
ACI Worldwide, Inc. COM 004498101 9,919 403,695 SH   DFND   71,900 331,795 0
Advance Auto Parts, Inc. COM 00751Y106 22,465 141,035 SH   DFND   18,090 122,945 0
Aerojet Rocketdyne Holdings In COM 007800105 16,158 783,972 SH   DFND   101,350 682,622 0
Air Transport Services Group, COM 00922R105 16,704 1,592,329 SH   DFND   415,563 1,176,766 0
Alere Inc. COM 01449J105 48,905 927,113 SH   DFND   190,125 736,988 0
Allergan PLC COM G0177J108 50,352 165,927 SH   DFND   34,716 131,211 0
American Public Education, Inc COM 02913V103 14,194 551,869 SH   DFND   181,950 369,919 0
Anchor BanCorp Wisconsin Inc COM 03283P106 6,703 176,485 SH   DFND   21,000 155,485 0
Ascena Retail Group, Inc. COM 04351G101 27,186 1,632,318 SH   DFND   331,550 1,300,768 0
Avid Technology Inc. COM 05367P100 5,461 409,398 SH   DFND   38,040 371,358 0
Bio-Rad Laboratories Inc. CL A COM 090572207 2,211 14,677 SH   DFND   0 14,677 0
Brookline Bancorp Inc. COM 11373M107 501 44,380 SH   DFND   0 44,380 0
CA Technologies COM 12673P105 15,044 513,619 SH   DFND   73,984 439,635 0
CBIZ, Inc. COM 124805102 2,703 280,441 SH   DFND   0 280,441 0
Cabela's Incorporated COM 126804301 17,292 345,975 SH   DFND   72,745 273,230 0
Carrols Restaurant Group, Inc. COM 14574X104 18,297 1,759,358 SH   DFND   571,957 1,187,401 0
Celanese Corporation COM 150870103 18,082 251,558 SH   DFND   26,600 224,958 0
Charter Financial Corporation COM 16122W108 10,623 856,036 SH   DFND   161,000 695,036 0
DeVry Education Group Inc. COM 251893103 11,977 399,514 SH   DFND   58,425 341,089 0
Electro Rent Corp. COM 285218103 5,682 523,228 SH   DFND   172,418 350,810 0
Fiesta Restaurant Group, Inc. COM 31660B101 9,820 196,391 SH   DFND   85,219 111,172 0
First Defiance Financial Corp. COM 32006W106 676 18,009 SH   DFND   0 18,009 0
Fox Chase Bancorp, Inc. COM 35137T108 536 31,700 SH   DFND   0 31,700 0
GNC Holdings, Inc. COM 36191G107 18,129 407,574 SH   DFND   52,675 354,899 0
Gildan Activewear, Inc. COM 375916103 23,514 707,397 SH   DFND   151,350 556,047 0
Global Cash Access Hldgs Inc. COM 378967103 12,221 1,578,900 SH   DFND   324,971 1,253,929 0
Golar LNG Limited COM G9456A100 18,499 395,274 SH   DFND   73,500 321,774 0
INTL FCStone Inc COM 46116V105 38,550 1,159,747 SH   DFND   231,113 928,634 0
Imation Corp. COM 45245A107 14,512 3,574,338 SH   DFND   856,340 2,717,998 0
JAMBA, Inc. COM 47023a309 5,460 352,460 SH   DFND   125,000 227,460 0
MSA Safety Incorporated COM 553498106 5,334 109,967 SH   DFND   23,550 86,417 0
Mentor Graphics Corp. COM 587200106 21,437 811,070 SH   DFND   160,772 650,298 0
National Fuel Gas Co. COM 636180101 15,410 261,667 SH   DFND   36,315 225,352 0
National Penn Bancshares, Inc. COM 637138108 234 20,765 SH   DFND   0 20,765 0
Noble Corporation PLC COM G65431101 10,605 689,083 SH   DFND   93,525 595,558 0
Northrim BanCorp, Inc. COM 666762109 4,036 157,480 SH   DFND   29,700 127,780 0
OceanFirst Financial Corp. COM 675234108 5,464 292,990 SH   DFND   0 292,990 0
Oppenheimer Holdings Inc. COM 683797104 8,499 323,398 SH   DFND   75,843 247,555 0
PacWest Bancorp COM 695263103 8,950 191,399 SH   DFND   36,870 154,529 0
Pope Resources LP COM 732857107 4,610 67,338 SH   DFND   19,900 47,438 0
Progressive Waste Solutions, L COM 74339G101 7,883 293,585 SH   DFND   37,600 255,985 0
Quantum Corp. COM 747906204 20,327 12,099,312 SH   DFND   3,293,325 8,805,987 0
QuinStreet, Inc. COM 74874Q100 31,225 4,841,136 SH   DFND   1,322,834 3,518,302 0
Raymond James Financial Inc. COM 754730109 19,611 329,159 SH   DFND   37,525 291,634 0
Real Industry, Inc. COM 75601W104 1,663 146,500 SH   DFND   146,500 0 0
Rent-A-Center, Inc. COM 76009N100 9,829 346,695 SH   DFND   56,000 290,695 0
Seacoast Banking Corporation o COM 811707801 9,403 595,115 SH   DFND   141,400 453,715 0
South State Corporation COM 840441109 3,848 50,636 SH   DFND   0 50,636 0
SpartanNash Company COM 847215100 32,993 1,013,931 SH   DFND   218,329 795,602 0
State Bank Financial Corporati COM 856190103 17,062 786,248 SH   DFND   145,060 641,188 0
Sterling Bancorp COM 85917A100 3,370 229,247 SH   DFND   0 229,247 0
Stoneridge, Inc. COM 86183P102 7,406 632,410 SH   DFND   272,438 359,972 0
Suffolk Bancorp COM 864739107 1,668 65,022 SH   DFND   16,500 48,522 0
Synovus Financial Corp. COM 87161C501 11,337 367,847 SH   DFND   38,585 329,262 0
Titan International, Inc. COM 88830M102 3,412 317,665 SH   DFND   48,800 268,865 0
Triumph Group Inc. COM 896818101 5,487 83,144 SH   DFND   13,135 70,009 0
Tronox Limited COM Q9235V101 13,176 900,634 SH   DFND   203,350 697,284 0
Universal Health Services Inc. COM 913903100 31,214 219,664 SH   DFND   41,297 178,367 0
Valeant Pharmaceuticals Intern COM 91911K102 67,248 302,715 SH   DFND   57,975 244,740 0
Valley National Bancorp COM 919794107 6,450 625,629 SH   DFND   84,639 540,990 0
Vasco Data Security Internatio COM 92230Y104 29,446 975,365 SH   DFND   195,146 780,219 0
Visteon Corporation COM 92839U206 30,739 292,811 SH   DFND   55,720 237,091 0
WSFS Financial Corp. COM 929328102 1,165 42,582 SH   DFND   0 42,582 0
Willis Group Holdings PLC COM G96666105 10,571 225,385 SH   DFND   27,925 197,460 0
Zimmer Biomet Holdings Inc. COM 98956P102 14,297 130,890 SH   DFND   18,875 112,015 0
Alere Inc Perp Pfd Conv Ser B PFD 01449J204 1,852 5,187 SH   DFND   3,257 1,930 0