Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	Valeant Pharmaceuticals Intern	296,931	$52.97M	6.3%	$107.21	—	COM	91911K102
—	Allergan PLC	169,620	$46.1M	5.5%	$302.77	—	COM	G0177J108
—	Alere Inc.	941,823	$45.35M	5.4%	$31.22	—	COM	01449J105
VC	Visteon Corporation	309,386	$31.32M	3.7%	$54.26	+6.9%	COM	92839U206
—	Ascena Retail Group, Inc.	2,243,303	$31.2M	3.7%	$15.46	—	COM	04351G101
—	INTL FCStone Inc	1,205,637	$29.77M	3.5%	$19.22	—	COM	46116V105
QNST	QuinStreet, Inc.	5,221,608	$28.98M	3.4%	$6.61	-11.3%	COM	74874Q100
UHS	Universal Health Services Inc.	223,171	$27.85M	3.3%	$68.78	+93.7%	COM	913903100
—	SpartanNash Company	1,076,001	$27.82M	3.3%	$22.14	—	COM	847215100
AAP	Advance Auto Parts, Inc.	139,570	$26.45M	3.1%	$71.28	+112.8%	COM	00751Y106
GIL	Gildan Activewear, Inc.	758,515	$22.88M	2.7%	$22.50	+21.3%	COM	375916103
—	Carrols Restaurant Group, Inc.	1,831,157	$21.79M	2.6%	$7.27	—	COM	14574X104
—	Mentor Graphics Corp.	806,186	$19.86M	2.4%	$23.33	—	COM	587200106
—	Cabela's Incorporated	432,920	$19.74M	2.3%	$49.10	—	COM	126804301
NFG	National Fuel Gas Co.	373,762	$18.68M	2.2%	$61.49	-12.1%	COM	636180101
—	Vasco Data Security Internatio	1,077,020	$18.35M	2.2%	$8.71	—	COM	92230Y104
—	State Bank Financial Corporati	801,273	$16.57M	2.0%	$16.65	—	COM	856190103
—	GNC Holdings, Inc.	404,644	$16.36M	1.9%	$38.74	—	COM	36191G107
RJF	Raymond James Financial Inc.	326,634	$16.21M	1.9%	$24.14	+31.6%	COM	754730109
CE	Celanese Corporation	249,843	$14.78M	1.8%	$41.14	+26.3%	COM	150870103
—	CA Technologies	509,603	$13.91M	1.7%	$29.67	—	COM	12673P105
—	Air Transport Services Group,	1,584,176	$13.54M	1.6%	$7.50	—	COM	00922R105
APEI	American Public Education, Inc	573,701	$13.45M	1.6%	$33.02	-27.6%	COM	02913V103
ZBH	Zimmer Biomet Holdings Inc.	134,790	$12.66M	1.5%	$71.65	+28.4%	COM	98956P102
—	Aerojet Rocketdyne Holdings In	778,227	$12.59M	1.5%	$20.61	—	COM	007800105
—	Quantum Corp.	16,649,852	$11.61M	1.4%	$1.22	—	COM	747906204
SRI	Stoneridge, Inc.	910,590	$11.24M	1.3%	$11.83	+0.3%	COM	86183P102
GLNG	Golar LNG Limited	401,217	$11.19M	1.3%	$28.32	+14.5%	COM	G9456A100
—	Charter Financial Corporation	875,602	$11.1M	1.3%	$11.18	—	COM	16122W108
—	Synovus Financial Corp.	364,933	$10.8M	1.3%	$24.38	—	COM	87161C501
—	Fiesta Restaurant Group, Inc.	211,996	$9.618M	1.1%	$39.84	—	COM	31660B101
—	Tronox Limited	2,191,273	$9.576M	1.1%	$13.27	—	COM	Q9235V101
—	Willis Group Holdings PLC	223,569	$9.16M	1.1%	$43.33	—	COM	G96666105
SBCF	Seacoast Banking Corporation o	623,275	$9.15M	1.1%	$11.23	+36.6%	COM	811707801
UPBD	Rent-A-Center, Inc.	372,191	$9.026M	1.1%	$31.27	-14.1%	COM	76009N100
ACIW	ACI Worldwide, Inc.	401,420	$8.478M	1.0%	$19.16	+17.6%	COM	004498101
—	Everi Hldgs Inc.	1,612,570	$8.272M	1.0%	$5.13	—	COM	30034T103
—	PacWest Bancorp	189,733	$8.122M	1.0%	$43.55	—	COM	695263103
—	Progressive Waste Solutions, L	303,680	$8.023M	1.0%	$25.75	—	COM	74339G101
OPY	Oppenheimer Holdings Inc.	400,034	$8.005M	1.0%	$19.18	+13.5%	COM	683797104
—	Real Industry, Inc.	881,641	$7.776M	0.9%	$9.24	—	COM	75601W104
—	Anchor BanCorp Wisconsin Inc	181,535	$7.732M	0.9%	$38.11	—	COM	03283P106
—	Imation Corp.	3,569,031	$7.602M	0.9%	$3.69	—	COM	45245A107
—	Noble Corporation PLC	628,362	$6.855M	0.8%	$25.51	—	COM	G65431101
VLY	Valley National Bancorp	620,222	$6.103M	0.7%	$9.69	+1.5%	COM	919794107
—	JAMBA, Inc.	420,333	$5.99M	0.7%	$14.71	—	COM	47023a309
CBZ	CBIZ, Inc.	598,735	$5.88M	0.7%	$9.56	+2.0%	COM	124805102
—	Electro Rent Corp.	518,298	$5.38M	0.6%	$17.58	—	COM	285218103
OCFC	OceanFirst Financial Corp.	290,490	$5.002M	0.6%	$10.97	+13.1%	COM	675234108
NRIM	Northrim BanCorp, Inc.	156,605	$4.531M	0.5%	$4.09	+12.5%	COM	666762109
—	Pope Resources LP	66,273	$4.454M	0.5%	$67.69	—	COM	732857107
MSA	MSA Safety Incorporated	106,957	$4.275M	0.5%	$52.42	-11.2%	COM	553498106
—	Avid Technology Inc.	535,238	$4.26M	0.5%	$6.46	—	COM	05367P100
—	South State Corporation	49,091	$3.774M	0.4%	$61.00	—	COM	840441109
—	Triumph Group Inc.	81,777	$3.441M	0.4%	$70.22	—	COM	896818101
—	Sterling Bancorp	229,247	$3.409M	0.4%	$13.37	—	COM	85917A100
BIO	Bio-Rad Laboratories Inc. CL A	14,677	$1.971M	0.2%	$117.94	+22.0%	COM	090572207
TWI	Titan International, Inc.	285,715	$1.889M	0.2%	$16.18	-47.1%	COM	88830M102
—	Suffolk Bancorp	65,022	$1.776M	0.2%	$17.72	—	COM	864739107
—	Alere Inc Perp Pfd Conv Ser B	5,187	$1.66M	0.2%	$260.01	—	PFD	01449J204
—	Fox Chase Bancorp, Inc.	90,031	$1.563M	0.2%	$17.20	—	COM	35137T108
WSFS	WSFS Financial Corp.	42,582	$1.227M	0.1%	$23.51	+19.6%	COM	929328102
—	First Defiance Financial Corp.	18,009	$658K	0.1%	$23.40	—	COM	32006W106
—	Brookline Bancorp Inc.	42,780	$434K	0.1%	$9.40	—	COM	11373M107
—	National Penn Bancshares, Inc.	18,900	$222K	0.0%	$10.55	—	COM	637138108