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 8,478 401,420 SH   DFND   71,900 329,520 0
Advance Auto Parts, Inc. COM 00751Y106 26,453 139,570 SH   DFND   18,090 121,480 0
Aerojet Rocketdyne Holdings In COM 007800105 12,592 778,227 SH   DFND   101,350 676,877 0
Air Transport Services Group, COM 00922R105 13,545 1,584,176 SH   DFND   415,563 1,168,613 0
Alere Inc. COM 01449J105 45,349 941,823 SH   DFND   190,125 751,698 0
Allergan PLC COM G0177J108 46,104 169,620 SH   DFND   34,716 134,904 0
American Public Education, Inc COM 02913V103 13,453 573,701 SH   DFND   161,250 412,451 0
Anchor BanCorp Wisconsin Inc COM 03283P106 7,732 181,535 SH   DFND   21,000 160,535 0
Ascena Retail Group, Inc. COM 04351G101 31,204 2,243,303 SH   DFND   476,015 1,767,288 0
Avid Technology Inc. COM 05367P100 4,260 535,238 SH   DFND   38,040 497,198 0
Bio-Rad Laboratories Inc. CL A COM 090572207 1,971 14,677 SH   DFND   0 14,677 0
Brookline Bancorp Inc. COM 11373M107 434 42,780 SH   DFND   0 42,780 0
CA Technologies COM 12673P105 13,912 509,603 SH   DFND   73,984 435,619 0
CBIZ, Inc. COM 124805102 5,880 598,735 SH   DFND   156,660 442,075 0
Cabela's Incorporated COM 126804301 19,741 432,920 SH   DFND   92,655 340,265 0
Carrols Restaurant Group, Inc. COM 14574X104 21,791 1,831,157 SH   DFND   571,957 1,259,200 0
Celanese Corporation COM 150870103 14,783 249,843 SH   DFND   26,600 223,243 0
Charter Financial Corporation COM 16122W108 11,103 875,602 SH   DFND   161,000 714,602 0
Electro Rent Corp. COM 285218103 5,380 518,298 SH   DFND   172,418 345,880 0
Everi Hldgs Inc. COM 30034T103 8,272 1,612,570 SH   DFND   324,971 1,287,599 0
Fiesta Restaurant Group, Inc. COM 31660B101 9,618 211,996 SH   DFND   85,219 126,777 0
First Defiance Financial Corp. COM 32006W106 658 18,009 SH   DFND   0 18,009 0
Fox Chase Bancorp, Inc. COM 35137T108 1,563 90,031 SH   DFND   0 90,031 0
GNC Holdings, Inc. COM 36191G107 16,356 404,644 SH   DFND   52,675 351,969 0
Gildan Activewear, Inc. COM 375916103 22,877 758,515 SH   DFND   167,550 590,965 0
Golar LNG Limited COM G9456A100 11,186 401,217 SH   DFND   73,500 327,717 0
INTL FCStone Inc COM 46116V105 29,767 1,205,637 SH   DFND   241,113 964,524 0
Imation Corp. COM 45245A107 7,602 3,569,031 SH   DFND   856,340 2,712,691 0
JAMBA, Inc. COM 47023a309 5,990 420,333 SH   DFND   131,013 289,320 0
MSA Safety Incorporated COM 553498106 4,275 106,957 SH   DFND   23,550 83,407 0
Mentor Graphics Corp. COM 587200106 19,856 806,186 SH   DFND   160,772 645,414 0
National Fuel Gas Co. COM 636180101 18,681 373,762 SH   DFND   62,095 311,667 0
National Penn Bancshares, Inc. COM 637138108 222 18,900 SH   DFND   0 18,900 0
Noble Corporation PLC COM G65431101 6,855 628,362 SH   DFND   35,650 592,712 0
Northrim BanCorp, Inc. COM 666762109 4,531 156,605 SH   DFND   29,700 126,905 0
OceanFirst Financial Corp. COM 675234108 5,002 290,490 SH   DFND   0 290,490 0
Oppenheimer Holdings Inc. COM 683797104 8,005 400,034 SH   DFND   102,634 297,400 0
PacWest Bancorp COM 695263103 8,122 189,733 SH   DFND   36,870 152,863 0
Pope Resources LP COM 732857107 4,454 66,273 SH   DFND   19,900 46,373 0
Progressive Waste Solutions, L COM 74339G101 8,023 303,680 SH   DFND   46,600 257,080 0
Quantum Corp. COM 747906204 11,610 16,649,852 SH   DFND   3,845,325 12,804,527 0
QuinStreet, Inc. COM 74874Q100 28,980 5,221,608 SH   DFND   1,373,222 3,848,386 0
Raymond James Financial Inc. COM 754730109 16,211 326,634 SH   DFND   37,525 289,109 0
Real Industry, Inc. COM 75601W104 7,776 881,641 SH   DFND   322,866 558,775 0
Rent-A-Center, Inc. COM 76009N100 9,026 372,191 SH   DFND   77,500 294,691 0
Seacoast Banking Corporation o COM 811707801 9,150 623,275 SH   DFND   141,400 481,875 0
South State Corporation COM 840441109 3,774 49,091 SH   DFND   0 49,091 0
SpartanNash Company COM 847215100 27,815 1,076,001 SH   DFND   228,579 847,422 0
State Bank Financial Corporati COM 856190103 16,570 801,273 SH   DFND   145,060 656,213 0
Sterling Bancorp COM 85917A100 3,409 229,247 SH   DFND   0 229,247 0
Stoneridge, Inc. COM 86183P102 11,237 910,590 SH   DFND   388,542 522,048 0
Suffolk Bancorp COM 864739107 1,776 65,022 SH   DFND   16,500 48,522 0
Synovus Financial Corp. COM 87161C501 10,802 364,933 SH   DFND   38,585 326,348 0
Titan International, Inc. COM 88830M102 1,889 285,715 SH   DFND   20,050 265,665 0
Triumph Group Inc. COM 896818101 3,441 81,777 SH   DFND   13,135 68,642 0
Tronox Limited COM Q9235V101 9,576 2,191,273 SH   DFND   628,810 1,562,463 0
Universal Health Services Inc. COM 913903100 27,854 223,171 SH   DFND   41,297 181,874 0
Valeant Pharmaceuticals Intern COM 91911K102 52,967 296,931 SH   DFND   57,975 238,956 0
Valley National Bancorp COM 919794107 6,103 620,222 SH   DFND   84,639 535,583 0
Vasco Data Security Internatio COM 92230Y104 18,352 1,077,020 SH   DFND   215,801 861,219 0
Visteon Corporation COM 92839U206 31,322 309,386 SH   DFND   62,120 247,266 0
WSFS Financial Corp. COM 929328102 1,227 42,582 SH   DFND   0 42,582 0
Willis Group Holdings PLC COM G96666105 9,160 223,569 SH   DFND   27,925 195,644 0
Zimmer Biomet Holdings Inc. COM 98956P102 12,661 134,790 SH   DFND   22,275 112,515 0
Alere Inc Perp Pfd Conv Ser B PFD 01449J204 1,660 5,187 SH   DFND   3,257 1,930 0