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 11,249 69,596 SH   DFND   13,665 55,931 0
Aerojet Rocketdyne Holdings, I COM 007800105 12,395 678,055 SH   DFND   101,350 576,705 0
Air Transport Services Group, COM 00922R105 15,846 1,222,720 SH   DFND   315,938 906,782 0
Alere, Inc. COM 01449J105 35,428 849,998 SH   DFND   190,125 659,873 0
Allergan PLC COM G0177J108 31,733 137,319 SH   DFND   28,246 109,073 0
American Public Education, Inc COM 02913V103 18,541 659,826 SH   DFND   216,395 443,431 0
Ascena Retail Group, Inc. COM 04351G101 16,998 2,431,770 SH   DFND   566,675 1,865,095 0
Avid Technology, Inc. COM 05367P100 4,786 823,703 SH   DFND   138,040 685,663 0
Brookline Bancorp, Inc. COM 11373M107 425 38,555 SH   DFND   0 38,555 0
CA Technologies COM 12673P105 14,329 436,456 SH   DFND   73,984 362,472 0
CBIZ, Inc. COM 124805102 6,533 627,540 SH   DFND   177,130 450,410 0
Cabela's, Inc. COM 126804301 18,923 378,015 SH   DFND   92,655 285,360 0
Carrols Restaurant Group, Inc. COM 14574X104 15,724 1,321,329 SH   DFND   418,402 902,927 0
Celanese Corp. COM 150870103 13,988 213,722 SH   DFND   26,600 187,122 0
Charter Financial Corp. COM 16122W108 13,366 1,006,498 SH   DFND   240,800 765,698 0
Electro Rent Corp. COM 285218103 9,238 599,460 SH   DFND   211,784 387,676 0
Everi Holdings, Inc. COM 30034T103 4,312 3,749,265 SH   DFND   864,571 2,884,694 0
Fiesta Restaurant Group, Inc. COM 31660B101 7,779 356,655 SH   DFND   89,219 267,436 0
First Defiance Financial Corp. COM 32006W106 579 14,912 SH   DFND   0 14,912 0
Fogo de Chao, Inc. COM 344177100 8,138 623,109 SH   DFND   113,384 509,725 0
Fox Chase Bancorp, Inc. COM 35137T108 1,225 60,217 SH   DFND   0 60,217 0
GNC Holdings, Inc. COM 36191G107 8,860 364,759 SH   DFND   63,775 300,984 0
Gildan Activewear, Inc. COM 375916103 19,489 664,480 SH   DFND   161,940 502,540 0
Golar LNG Limited COM G9456A100 3,489 225,088 SH   DFND   25,200 199,888 0
INTL FCStone, Inc. COM 46116V105 31,039 1,137,389 SH   DFND   261,613 875,776 0
Imation Corp. COM 45245A107 4,042 3,233,902 SH   DFND   856,340 2,377,562 0
Jamba, Inc. COM 47023A309 6,575 638,955 SH   DFND   325,913 313,042 0
KKR & Co. L.P. COM 48248M102 26,511 2,148,386 SH   DFND   530,405 1,617,981 0
MSA Safety, Inc. COM 553498106 4,133 78,681 SH   DFND   13,575 65,106 0
Mentor Graphics Corp. COM 587200106 24,115 1,134,304 SH   DFND   273,562 860,742 0
National Fuel Gas Co. COM 636180101 21,028 369,689 SH   DFND   70,895 298,794 0
Northrim BanCorp, Inc. COM 666762109 3,620 137,706 SH   DFND   29,700 108,006 0
OceanFirst Financial Corp. COM 675234108 6,293 346,366 SH   DFND   65,260 281,106 0
Old National Bancorp COM 680033107 6,951 554,749 SH   DFND   74,560 480,189 0
Oppenheimer Holdings, Inc. COM 683797104 6,630 428,849 SH   DFND   140,334 288,515 0
PacWest Bancorp COM 695263103 6,994 175,821 SH   DFND   32,870 142,951 0
Pope Resources Limited COM 732857107 3,884 60,506 SH   DFND   19,900 40,606 0
Quantum Corp. COM 747906204 6,130 14,594,195 SH   DFND   3,845,325 10,748,870 0
QuinStreet, Inc. COM 74874Q100 18,387 5,179,354 SH   DFND   1,373,222 3,806,132 0
Raymond James Financial, Inc. COM 754730109 13,781 279,540 SH   DFND   55,525 224,015 0
Real Industry, Inc. COM 75601W104 8,785 1,130,593 SH   DFND   470,985 659,608 0
Rent-A-Center, Inc. COM 76009N100 3,792 308,810 SH   DFND   77,500 231,310 0
Seacoast Banking Corporation o COM 811707801 10,333 636,293 SH   DFND   160,118 476,175 0
South State Corp. COM 840441109 2,403 35,314 SH   DFND   0 35,314 0
SpartanNash Co. COM 847215100 26,947 881,194 SH   DFND   183,523 697,671 0
State Bank Financial Corp. COM 856190103 15,381 755,835 SH   DFND   157,560 598,275 0
Stoneridge, Inc. COM 86183P102 12,291 822,659 SH   DFND   327,216 495,443 0
Suffolk Bancorp COM 864739107 1,763 56,309 SH   DFND   16,500 39,809 0
Synovus Financial Corp. COM 87161C501 10,108 348,675 SH   DFND   58,085 290,590 0
Triumph Group, Inc. COM 896818101 4,307 121,324 SH   DFND   28,635 92,689 0
Tronox Limited COM Q9235V101 10,705 2,427,389 SH   DFND   684,475 1,742,914 0
Universal Health Services, Inc COM 913903100 16,337 121,825 SH   DFND   28,732 93,093 0
Valeant Pharmaceuticals Intl., COM 91911K102 6,206 308,142 SH   DFND   78,175 229,967 0
Valley National Bancorp COM 919794107 4,884 535,568 SH   DFND   84,639 450,929 0
Vasco Data Security Intl. COM 92230Y104 16,683 1,017,896 SH   DFND   221,201 796,695 0
Visteon Corp. COM 92839U206 24,634 374,315 SH   DFND   79,980 294,335 0
WSFS Financial Corp. COM 929328102 973 30,225 SH   DFND   0 30,225 0
Willis Towers Watson Pub LTD COM G96629103 9,214 74,120 SH   DFND   10,541 63,579 0
Zimmer Biomet Holdings, Inc. COM 98956P102 12,839 106,653 SH   DFND   22,275 84,378 0
Alere, Inc Perp Pfd Conv Ser B PFD 01449J204 1,563 4,743 SH   DFND   3,257 1,486 0