| 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 |
| 1st United Bancorp, Inc. | COM | 33740N105 | 4,262 | 560,033 | SH | | DFND | | 95,100 | 464,933 | 0 |
| ACI Worldwide, Inc. | COM | 004498101 | 8,834 | 135,915 | SH | | DFND | | 16,300 | 119,615 | 0 |
| Actavis PLC | COM | G0083B108 | 29,056 | 172,950 | SH | | DFND | | 38,716 | 134,234 | 0 |
| Advance Auto Parts, Inc. | COM | 00751Y106 | 18,751 | 169,418 | SH | | DFND | | 21,275 | 148,143 | 0 |
| Air Transport Services Group, | COM | 00922R105 | 15,680 | 1,938,204 | SH | | DFND | | 0 | 1,938,204 | 0 |
| Alere Inc. | COM | 01449J105 | 33,594 | 928,024 | SH | | DFND | | 190,125 | 737,899 | 0 |
| American Public Education, Inc | COM | 02913V103 | 9,233 | 212,396 | SH | | DFND | | 0 | 212,396 | 0 |
| Ascena Retail Group, Inc. | COM | 04351G101 | 11,265 | 532,377 | SH | | DFND | | 113,975 | 418,402 | 0 |
| AutoNation Inc. | COM | 05329W102 | 8,583 | 172,738 | SH | | DFND | | 15,375 | 157,363 | 0 |
| Avid Technology Inc. | COM | 05367P100 | 4,365 | 535,606 | SH | | DFND | | 71,700 | 463,906 | 0 |
| Bank of Hawaii Corp. | COM | 062540109 | 9,122 | 154,243 | SH | | DFND | | 14,300 | 139,943 | 0 |
| Bio-Rad Laboratories Inc. CL A | COM | 090572207 | 2,034 | 16,452 | SH | | DFND | | 0 | 16,452 | 0 |
| Brookline Bancorp Inc. | COM | 11373M107 | 617 | 64,655 | SH | | DFND | | 0 | 64,655 | 0 |
| CA Technologies | COM | 12673P105 | 37,512 | 1,114,763 | SH | | DFND | | 215,394 | 899,369 | 0 |
| CapitalSource Inc. | COM | 14055X102 | 9,414 | 655,124 | SH | | DFND | | 154,901 | 500,223 | 0 |
| Carrols Restaurant Group, Inc. | COM | 14574X104 | 4,876 | 737,725 | SH | | DFND | | 405,550 | 332,175 | 0 |
| Celanese Corporation | COM | 150870103 | 7,477 | 135,175 | SH | | DFND | | 16,450 | 118,725 | 0 |
| Cisco Systems Inc. | COM | 17275R102 | 26,157 | 1,166,152 | SH | | DFND | | 255,025 | 911,127 | 0 |
| CoreLogic Inc. | COM | 21871D103 | 17,654 | 496,869 | SH | | DFND | | 61,500 | 435,369 | 0 |
| Covidien PLC | COM | G2554F113 | 16,654 | 244,555 | SH | | DFND | | 34,875 | 209,680 | 0 |
| Darling International Inc. | COM | 237266101 | 9,005 | 431,261 | SH | | DFND | | 54,050 | 377,211 | 0 |
| DeVry Education Group Inc. | COM | 251893103 | 9,747 | 274,577 | SH | | DFND | | 33,400 | 241,177 | 0 |
| Electro Rent Corp. | COM | 285218103 | 8,591 | 463,883 | SH | | DFND | | 146,718 | 317,165 | 0 |
| Federated Investors, Inc. | COM | 314211103 | 5,000 | 173,596 | SH | | DFND | | 11,175 | 162,421 | 0 |
| Fiesta Restaurant Group, Inc. | COM | 31660B101 | 14,741 | 282,187 | SH | | DFND | | 166,787 | 115,400 | 0 |
| First Defiance Financial Corp. | COM | 32006W106 | 488 | 18,809 | SH | | DFND | | 0 | 18,809 | 0 |
| First Financial Holdings, Inc. | COM | 32023E105 | 3,832 | 57,611 | SH | | DFND | | 0 | 57,611 | 0 |
| Gildan Activewear, Inc. | COM | 375916103 | 17,438 | 327,112 | SH | | DFND | | 75,675 | 251,437 | 0 |
| Glacier Bancorp Inc. | COM | 37637Q105 | 2,603 | 87,390 | SH | | DFND | | 0 | 87,390 | 0 |
| Global Cash Access Hldgs Inc. | COM | 378967103 | 15,083 | 1,509,853 | SH | | DFND | | 344,471 | 1,165,382 | 0 |
| Golar LNG Limited | COM | G9456A100 | 19,890 | 548,094 | SH | | DFND | | 123,275 | 424,819 | 0 |
| Golar LNG Partners, LP | COM | Y2745C102 | 1,184 | 39,124 | SH | | DFND | | 0 | 39,124 | 0 |
| INTL FCStone Inc | COM | 46116V105 | 10,359 | 560,164 | SH | | DFND | | 153,030 | 407,134 | 0 |
| Imation Corp. | COM | 45245A107 | 8,048 | 1,719,705 | SH | | DFND | | 480,940 | 1,238,765 | 0 |
| Independent Bank Corp.-MA | COM | 453836108 | 1,101 | 28,148 | SH | | DFND | | 0 | 28,148 | 0 |
| International Business Machine | COM | 459200101 | 575 | 3,064 | SH | | DFND | | 0 | 3,064 | 0 |
| Lam Research Corp. | COM | 512807108 | 11,750 | 215,797 | SH | | DFND | | 15,259 | 200,538 | 0 |
| Leidos Holdings, Inc. | COM | 525327102 | 9,492 | 204,171 | SH | | DFND | | 22,836 | 181,335 | 0 |
| Marcus Corp. | COM | 566330106 | 3,569 | 265,516 | SH | | DFND | | 32,966 | 232,550 | 0 |
| Mentor Graphics Corp. | COM | 587200106 | 26,864 | 1,116,082 | SH | | DFND | | 208,572 | 907,510 | 0 |
| Mine Safety Appliances Co. | COM | 602720104 | 6,322 | 123,461 | SH | | DFND | | 23,550 | 99,911 | 0 |
| National Fuel Gas Co. | COM | 636180101 | 11,412 | 159,827 | SH | | DFND | | 17,650 | 142,177 | 0 |
| Noble Corporation PLC | COM | G65431101 | 11,546 | 308,132 | SH | | DFND | | 43,350 | 264,782 | 0 |
| Northrim BanCorp, Inc. | COM | 666762109 | 268 | 10,225 | SH | | DFND | | 0 | 10,225 | 0 |
| OceanFirst Financial Corp. | COM | 675234108 | 5,526 | 322,572 | SH | | DFND | | 0 | 322,572 | 0 |
| Oppenheimer Holdings Inc. | COM | 683797104 | 8,066 | 325,503 | SH | | DFND | | 60,843 | 264,660 | 0 |
| Pope Resources LP | COM | 732857107 | 6,022 | 89,885 | SH | | DFND | | 24,125 | 65,760 | 0 |
| Progress Software Corp. | COM | 743312100 | 3,494 | 135,284 | SH | | DFND | | 22,762 | 112,522 | 0 |
| Progressive Waste Solutions, L | COM | 74339G101 | 7,863 | 317,701 | SH | | DFND | | 0 | 317,701 | 0 |
| Qualcomm Inc. | COM | 747525103 | 22,391 | 301,559 | SH | | DFND | | 58,355 | 243,204 | 0 |
| Quantum Corp. | COM | 747906204 | 13,440 | 11,200,127 | SH | | DFND | | 2,892,322 | 8,307,805 | 0 |
| QuinStreet, Inc. | COM | 74874Q100 | 11,057 | 1,272,431 | SH | | DFND | | 502,583 | 769,848 | 0 |
| Raymond James Financial Inc. | COM | 754730109 | 19,181 | 367,519 | SH | | DFND | | 39,200 | 328,319 | 0 |
| Rent-A-Center, Inc. | COM | 76009N100 | 7,273 | 218,150 | SH | | DFND | | 27,500 | 190,650 | 0 |
| Science Applications Internati | COM | 808625107 | 3,638 | 109,995 | SH | | DFND | | 0 | 109,995 | 0 |
| State Bank Financial Corporati | COM | 856190103 | 8,897 | 489,137 | SH | | DFND | | 0 | 489,137 | 0 |
| Sterling Bancorp | COM | 85917A100 | 3,445 | 257,647 | SH | | DFND | | 0 | 257,647 | 0 |
| Suffolk Bancorp | COM | 864739107 | 1,431 | 68,822 | SH | | DFND | | 16,500 | 52,322 | 0 |
| Swift Energy Company | COM | 870738101 | 16,401 | 1,214,898 | SH | | DFND | | 266,400 | 948,498 | 0 |
| Symantec Corp. | COM | 871503108 | 30,699 | 1,301,915 | SH | | DFND | | 256,197 | 1,045,718 | 0 |
| TF Financial Corp. | COM | 872391107 | 411 | 14,584 | SH | | DFND | | 0 | 14,584 | 0 |
| Tibco Software Inc. | COM | 88632Q103 | 4,799 | 213,496 | SH | | DFND | | 0 | 213,496 | 0 |
| Titan International, Inc. | COM | 88830M102 | 7,193 | 400,032 | SH | | DFND | | 48,800 | 351,232 | 0 |
| Triumph Group Inc. | COM | 896818101 | 6,833 | 89,825 | SH | | DFND | | 13,135 | 76,690 | 0 |
| Ultra Petroleum Corp. | COM | 903914109 | 12,650 | 584,284 | SH | | DFND | | 83,225 | 501,059 | 0 |
| Universal Health Services Inc. | COM | 913903100 | 32,660 | 401,921 | SH | | DFND | | 0 | 401,921 | 0 |
| Valeant Pharmaceuticals Intern | COM | 91911K102 | 43,426 | 369,896 | SH | | DFND | | 0 | 369,896 | 0 |
| Vasco Data Security Internatio | COM | 92230Y104 | 16,598 | 2,147,178 | SH | | DFND | | 0 | 2,147,178 | 0 |
| WSFS Financial Corp. | COM | 929328102 | 1,335 | 17,225 | SH | | DFND | | 0 | 17,225 | 0 |
| Willis Group Holdings PLC | COM | G96666105 | 10,774 | 240,445 | SH | | DFND | | 27,925 | 212,520 | 0 |
| Zimmer Holdings Inc. | COM | 98956P102 | 14,736 | 158,125 | SH | | DFND | | 22,675 | 135,450 | 0 |
| Alere Inc Perp Pfd Conv Ser B | PFD | 01449J204 | 1,529 | 5,342 | SH | | DFND | | 3,257 | 2,085 | 0 |
