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
Amphenol Corp. COM 032095101 599 6,000 SH   DFND   0 0 6,000
Anadarko Petroleum Corp. COM 032511107 2,840 28,000 SH   DFND   0 25,000 3,000
Arthur J. Gallagher & Company COM 363576109 1,548 34,129 SH   DFND   0 34,129 0
BankUnited, Inc. COM 06652K103 873 28,637 SH   DFND   0 28,637 0
Banner Corporation COM 06652V208 920 23,902 SH   DFND   0 23,902 0
Belmond, Ltd. COM G1154H107 1,659 142,313 SH   DFND   0 142,313 0
Big Lots, Inc. COM 089302103 12,475 289,782 SH   DFND   0 289,782 0
Brown & Brown, Inc. COM 115236101 418 13,000 SH   DFND   0 13,000 0
CVS Caremark Corp. COM 126650100 797 10,020 SH   DFND   0 0 10,020
Checkpoint Systems, Inc. COM 162825103 2,449 200,236 SH   DFND   0 200,236 0
Chicago Bridge & Iron Company COM 167250109 434 7,500 SH   DFND   0 7,500 0
Columbia Banking System, Inc. COM 197236102 1,346 54,272 SH   DFND   0 54,272 0
Comstock Resources, Inc. COM 205768203 969 52,021 SH   DFND   0 52,021 0
Crocs, Inc. COM 227046109 1,718 136,600 SH   DFND   0 136,600 0
DeVry Education Group Inc. COM 251893103 8,476 197,994 SH   DFND   0 197,994 0
EOG Resources, Inc. COM 26875P101 4,951 50,000 SH   DFND   0 50,000 0
Express, Inc. COM 30219E103 1,421 91,019 SH   DFND   0 91,019 0
FEI Company COM 30241L109 2,377 31,521 SH   DFND   0 31,521 0
IPG Photonics Corp. COM 44980X109 344 5,000 SH   DFND   0 5,000 0
ITT Educational Services, Inc. COM 45068B109 226 52,630 SH   DFND   0 52,630 0
Interpublic Group of Companies COM 460690100 202 11,000 SH   DFND   0 0 11,000
Jack Henry & Associates, Inc. COM 426281101 2,157 38,748 SH   DFND   0 38,748 0
MGIC Investment Corp. COM 552848103 4,137 529,700 SH   DFND   0 529,700 0
Nat.West.Life Ins. COM 638522102 12,144 49,166 SH   DFND   0 49,166 0
PTC Inc. COM 69370C100 2,379 64,461 SH   DFND   0 54,461 10,000
Pall Corp. COM 696429307 418 5,000 SH   DFND   0 0 5,000
Praxair, Inc. COM 74005P104 516 4,000 SH   DFND   0 0 4,000
Precision Castparts Corp. COM 740189105 853 3,600 SH   DFND   0 0 3,600
QLogic Corp. COM 747277101 183 20,000 SH   DFND   0 20,000 0
Radian Group, Inc. COM 750236101 5,860 410,958 SH   DFND   0 410,958 0
Rofin-Sinar Technologies, Inc. COM 775043102 346 15,000 SH   DFND   0 15,000 0
Rogers Corp. COM 775133101 7,617 139,089 SH   DFND   0 139,089 0
Ryman Hospitality Properties, COM 78377T107 3,423 72,362 SH   DFND   0 72,362 0
Stone Energy Corp. COM 861642106 1,398 44,570 SH   DFND   0 44,570 0
TJX Companies COM 872540109 3,394 57,358 SH   DFND   0 57,358 0
Timberland Bancorp. COM 887098101 2,581 244,897 SH   DFND   0 244,897 0
Time Warner, Inc. COM 887317303 301 3,998 SH   DFND   0 0 3,998
United Rentals, Inc. COM 911363109 5,036 45,332 SH   DFND   0 45,332 0
Universal Health Services, Inc COM 913903100 22,281 213,216 SH   DFND   0 210,216 3,000
Vishay Intertechnology, Inc. COM 928298108 286 20,000 SH   DFND   0 20,000 0
Volt Information Sciences, Inc COM 928703107 1,713 187,264 SH   DFND   0 187,264 0
Willis Group Holdings plc COM G96666105 12,056 291,213 SH   DFND   0 291,213 0
Xylem, Inc. COM 98419M100 213 6,000 SH   DFND   0 0 6,000
Yadkin Financial Corp. COM 984305102 908 50,000 SH   DFND   0 50,000 0