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
Estimated average burden
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 8,781 405,410 SH   DFND   71,900 333,510 0
Actavis PLC COM G0083B108 47,277 158,852 SH   DFND   34,716 124,136 0
Advance Auto Parts, Inc. COM 00751Y106 21,207 141,670 SH   DFND   18,090 123,580 0
Air Transport Services Group, COM 00922R105 16,653 1,806,174 SH   DFND   511,543 1,294,631 0
Alere Inc. COM 01449J105 44,560 911,238 SH   DFND   190,125 721,113 0
American Public Education, Inc COM 02913V103 11,880 396,254 SH   DFND   110,400 285,854 0
Ascena Retail Group, Inc. COM 04351G101 22,878 1,576,673 SH   DFND   331,550 1,245,123 0
Avid Technology Inc. COM 05367P100 6,205 416,448 SH   DFND   38,040 378,408 0
Bio-Rad Laboratories Inc. CL A COM 090572207 2,033 15,037 SH   DFND   0 15,037 0
Brookline Bancorp Inc. COM 11373M107 467 46,480 SH   DFND   0 46,480 0
CA Technologies COM 12673P105 25,313 776,223 SH   DFND   151,214 625,009 0
Carrols Restaurant Group, Inc. COM 14574X104 13,859 1,671,743 SH   DFND   571,957 1,099,786 0
Celanese Corporation COM 150870103 14,131 252,967 SH   DFND   26,600 226,367 0
Charter Financial Corporation COM 16122W108 9,616 836,201 SH   DFND   161,000 675,201 0
DeVry Education Group Inc. COM 251893103 8,250 247,304 SH   DFND   45,400 201,904 0
Electro Rent Corp. COM 285218103 5,929 522,873 SH   DFND   172,418 350,455 0
Fiesta Restaurant Group, Inc. COM 31660B101 12,374 202,847 SH   DFND   91,532 111,315 0
First Defiance Financial Corp. COM 32006W106 591 18,009 SH   DFND   0 18,009 0
GNC Holdings, Inc. COM 36191G107 20,123 410,089 SH   DFND   52,675 357,414 0
GenCorp Inc. COM 368682100 18,270 787,842 SH   DFND   101,350 686,492 0
Gildan Activewear, Inc. COM 375916103 20,084 680,352 SH   DFND   151,350 529,002 0
Global Cash Access Hldgs Inc. COM 378967103 11,638 1,527,320 SH   DFND   324,971 1,202,349 0
Golar LNG Limited COM G9456A100 12,846 386,009 SH   DFND   73,500 312,509 0
INTL FCStone Inc COM 46116V105 33,425 1,124,282 SH   DFND   231,113 893,169 0
Imation Corp. COM 45245A107 14,401 3,573,328 SH   DFND   856,340 2,716,988 0
JAMBA, Inc. COM 47023a309 4,601 312,755 SH   DFND   125,000 187,755 0
MSA Safety Incorporated COM 553498106 5,528 110,817 SH   DFND   23,550 87,267 0
Mentor Graphics Corp. COM 587200106 27,226 1,132,980 SH   DFND   208,572 924,408 0
National Fuel Gas Co. COM 636180101 15,859 262,867 SH   DFND   36,315 226,552 0
National Penn Bancshares, Inc. COM 637138108 224 20,765 SH   DFND   0 20,765 0
Noble Corporation PLC COM G65431101 9,876 691,622 SH   DFND   93,525 598,097 0
Northrim BanCorp, Inc. COM 666762109 3,876 157,959 SH   DFND   29,700 128,259 0
OceanFirst Financial Corp. COM 675234108 5,066 293,322 SH   DFND   0 293,322 0
Oppenheimer Holdings Inc. COM 683797104 7,602 324,023 SH   DFND   75,843 248,180 0
PacWest Bancorp COM 695263103 8,423 179,633 SH   DFND   36,870 142,763 0
Pope Resources LP COM 732857107 4,262 67,168 SH   DFND   19,900 47,268 0
Progressive Waste Solutions, L COM 74339G101 8,672 295,150 SH   DFND   37,600 257,550 0
Quantum Corp. COM 747906204 17,120 10,699,819 SH   DFND   2,892,322 7,807,497 0
QuinStreet, Inc. COM 74874Q100 27,069 4,549,431 SH   DFND   1,322,834 3,226,597 0
Raymond James Financial Inc. COM 754730109 18,803 331,154 SH   DFND   37,525 293,629 0
Rent-A-Center, Inc. COM 76009N100 9,551 348,060 SH   DFND   56,000 292,060 0
Seacoast Banking Corporation o COM 811707801 7,838 549,280 SH   DFND   141,400 407,880 0
South State Corporation COM 840441109 3,528 51,591 SH   DFND   0 51,591 0
SpartanNash Company COM 847215100 30,737 973,929 SH   DFND   218,329 755,600 0
State Bank Financial Corporati COM 856190103 15,951 759,594 SH   DFND   145,060 614,534 0
Sterling Bancorp COM 85917A100 3,111 232,007 SH   DFND   0 232,007 0
Stoneridge, Inc. COM 86183P102 5,895 522,122 SH   DFND   230,075 292,047 0
Suffolk Bancorp COM 864739107 1,554 65,422 SH   DFND   16,500 48,922 0
Synovus Financial Corp. COM 87161C501 10,350 369,501 SH   DFND   38,585 330,916 0
Titan International, Inc. COM 88830M102 2,992 319,640 SH   DFND   48,800 270,840 0
Triumph Group Inc. COM 896818101 4,975 83,304 SH   DFND   13,135 70,169 0
Tronox Limited COM Q9235V101 17,611 866,245 SH   DFND   203,350 662,895 0
Universal Health Services Inc. COM 913903100 25,249 214,499 SH   DFND   41,297 173,202 0
Valeant Pharmaceuticals Intern COM 91911K102 58,656 295,320 SH   DFND   57,975 237,345 0
Valley National Bancorp COM 919794107 5,942 629,443 SH   DFND   84,639 544,804 0
Vasco Data Security Internatio COM 92230Y104 39,828 1,849,006 SH   DFND   359,222 1,489,784 0
Visteon Corporation COM 92839U206 27,468 284,936 SH   DFND   55,720 229,216 0
WSFS Financial Corp. COM 929328102 1,134 14,994 SH   DFND   0 14,994 0
Willis Group Holdings PLC COM G96666105 10,927 226,790 SH   DFND   27,925 198,865 0
Zimmer Holdings Inc. COM 98956P102 15,490 131,810 SH   DFND   18,875 112,935 0
Alere Inc Perp Pfd Conv Ser B PFD 01449J204 1,750 5,142 SH   DFND   3,257 1,885 0