The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete. | |||||||||||||||||
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F INFORMATION TABLE |
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| 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 | 696 | 12,000 | SH | DFND | 0 | 0 | 12,000 | ||
| Anadarko Petroleum Corp. | COM | 032511107 | 1,405 | 18,000 | SH | DFND | 0 | 15,000 | 3,000 | ||
| Arthur J. Gallagher & Company | COM | 363576109 | 1,141 | 24,129 | SH | DFND | 0 | 24,129 | 0 | ||
| BankUnited, Inc. | COM | 06652K103 | 1,029 | 28,637 | SH | DFND | 0 | 28,637 | 0 | ||
| Banner Corporation | COM | 06652V208 | 708 | 14,773 | SH | DFND | 0 | 14,773 | 0 | ||
| Belmond, Ltd. - Class A | COM | G1154H107 | 1,465 | 117,313 | SH | DFND | 0 | 117,313 | 0 | ||
| Big Lots, Inc. | COM | 089302103 | 12,547 | 278,882 | SH | DFND | 0 | 278,882 | 0 | ||
| CVS Health Corp. | COM | 126650100 | 1,051 | 10,020 | SH | DFND | 0 | 0 | 10,020 | ||
| Checkpoint Systems, Inc. | COM | 162825103 | 1,020 | 100,237 | SH | DFND | 0 | 100,237 | 0 | ||
| Columbia Banking System, Inc. | COM | 197236102 | 1,766 | 54,272 | SH | DFND | 0 | 54,272 | 0 | ||
| Crocs, Inc. | COM | 227046109 | 1,549 | 105,300 | SH | DFND | 0 | 105,300 | 0 | ||
| DeVry Education Group Inc. | COM | 251893103 | 5,036 | 167,994 | SH | DFND | 0 | 167,994 | 0 | ||
| EOG Resources, Inc. | COM | 26875P101 | 4,377 | 50,000 | SH | DFND | 0 | 50,000 | 0 | ||
| Express, Inc. | COM | 30219E103 | 1,255 | 69,319 | SH | DFND | 0 | 69,319 | 0 | ||
| FEI Company | COM | 30241L109 | 2,266 | 27,321 | SH | DFND | 0 | 27,321 | 0 | ||
| Gilead Sciences Inc. | COM | 375558103 | 234 | 2,000 | SH | DFND | 0 | 0 | 2,000 | ||
| ITT Educational Services, Inc. | COM | 45068B109 | 209 | 52,630 | SH | DFND | 0 | 52,630 | 0 | ||
| Interpublic Group of Companies | COM | 460690100 | 212 | 11,000 | SH | DFND | 0 | 0 | 11,000 | ||
| Jack Henry & Associates, Inc. | COM | 426281101 | 2,507 | 38,748 | SH | DFND | 0 | 38,748 | 0 | ||
| MGIC Investment Corp. | COM | 552848103 | 5,405 | 475,000 | SH | DFND | 0 | 475,000 | 0 | ||
| Nat.West.Life Ins. | COM | 638522102 | 9,571 | 39,964 | SH | DFND | 0 | 39,964 | 0 | ||
| PTC Inc. | COM | 69370C100 | 2,193 | 53,461 | SH | DFND | 0 | 43,461 | 10,000 | ||
| Pall Corp. | COM | 696429307 | 622 | 5,000 | SH | DFND | 0 | 0 | 5,000 | ||
| Pier 1 Imports | COM | 720279108 | 2,014 | 159,425 | SH | DFND | 0 | 159,425 | 0 | ||
| Praxair, Inc. | COM | 74005P104 | 478 | 4,000 | SH | DFND | 0 | 0 | 4,000 | ||
| Precision Castparts Corp. | COM | 740189105 | 720 | 3,600 | SH | DFND | 0 | 0 | 3,600 | ||
| Radian Group, Inc. | COM | 750236101 | 7,129 | 380,000 | SH | DFND | 0 | 380,000 | 0 | ||
| Rogers Corp. | COM | 775133101 | 8,406 | 127,089 | SH | DFND | 0 | 127,089 | 0 | ||
| Ryman Hospitality Properties, | COM | 78377T107 | 2,984 | 56,177 | SH | DFND | 0 | 56,177 | 0 | ||
| Stone Energy Corp. | COM | 861642106 | 561 | 44,570 | SH | DFND | 0 | 44,570 | 0 | ||
| Synopsys, Inc. | COM | 871607107 | 203 | 4,000 | SH | DFND | 0 | 0 | 4,000 | ||
| TJX Companies | COM | 872540109 | 3,795 | 57,358 | SH | DFND | 0 | 57,358 | 0 | ||
| Texas Instruments, Inc. | COM | 882508104 | 208 | 4,036 | SH | DFND | 0 | 0 | 4,036 | ||
| Timberland Bancorp. | COM | 887098101 | 1,952 | 194,821 | SH | DFND | 0 | 194,821 | 0 | ||
| Time Warner, Inc. | COM | 887317303 | 349 | 3,998 | SH | DFND | 0 | 0 | 3,998 | ||
| United Rentals, Inc. | COM | 911363109 | 3,508 | 40,032 | SH | DFND | 0 | 40,032 | 0 | ||
| Universal Health Services, Inc | COM | 913903100 | 26,738 | 188,166 | SH | DFND | 0 | 185,166 | 3,000 | ||
| Volt Information Sciences, Inc | COM | 928703107 | 1,274 | 131,208 | SH | DFND | 0 | 131,208 | 0 | ||
| Willis Group Holdings plc | COM | G96666105 | 13,658 | 291,213 | SH | DFND | 0 | 291,213 | 0 | ||
| Xylem, Inc. | COM | 98419M100 | 222 | 6,000 | SH | DFND | 0 | 0 | 6,000 | ||
| Yadkin Financial Corp. | COM | 984305102 | 528 | 25,204 | SH | DFND | 0 | 25,204 | 0 | ||