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
A T & T INC (NEW) COM 00206R102 408 11,532 SH   SOLE   11,532 0 0
ABIOMED INC COM COM 3654100 462 21,428 SH   DFND   14,360 7,068 0
ALLEGHANY CORP DEL COM COM 17175100 268 700 SH   SOLE   700 0 0
AMERICAN NATL INS CO COM COM 28591105 2,396 24,084 SH   DFND   15,835 8,249 0
ATMOS ENERGY CORP COM COM 49560105 680 16,550 SH   DFND   12,675 3,875 0
BLACK HILLS CORP COM COM 92113109 1,575 32,314 SH   DFND   18,570 13,744 0
BOEING CO COM COM 97023105 299 2,920 SH   SOLE   2,920 0 0
BRISTOL MYERS SQUIBB CO COM 110122108 229 5,123 SH   SOLE   5,123 0 0
CALAVO GROWERS INC COM COM 128246105 319 11,750 SH   DFND   8,200 3,550 0
CAMDEN PPTY TR SH BEN INT COM 133131102 1,031 14,910 SH   DFND   9,760 5,150 0
CHEVRONTEXACO CORP COM COM 166764100 432 3,652 SH   SOLE   3,652 0 0
CME GROUP INC COM COM 12572Q105 816 10,740 SH   DFND   6,000 4,740 0
COMSTOCK RES INC COM NEW COM 205768203 677 43,030 SH   DFND   26,450 16,580 0
CONTANGO OIL & GAS COMPANY COM COM 21075N204 1,226 36,319 SH   DFND   19,175 17,144 0
CORE MARK HOLDING CO INC COM COM 218681104 474 7,459 SH   DFND   3,560 3,899 0
CUBIC CORP COM COM 229669106 1,038 21,582 SH   DFND   14,312 7,270 0
DEERE & CO COM COM 244199105 325 4,000 SH   DFND   2,000 2,000 0
DICKS SPORTING GOODS INC COM COM 253393102 522 10,433 SH   DFND   7,430 3,003 0
DOW CHEMICAL CORP COM 260543103 234 7,260 SH   SOLE   7,260 0 0
EXXON MOBIL CORP COM COM 30231G102 707 7,822 SH   DFND   7,022 800 0
FIRST CASH FINL SVCS INC COM COM 31942D107 1,161 23,602 SH   DFND   16,330 7,272 0
FOREST OIL CORP COM 346091705 72 17,495 SH   SOLE   17,495 0 0
GENERAL ELEC CO COM 369604103 321 13,830 SH   SOLE   13,830 0 0
GENOMIC HEALTH INC COM COM 37244C101 903 28,484 SH   DFND   12,460 16,024 0
HARMAN INTL INDS INC COM COM 413086109 956 17,645 SH   DFND   13,440 4,205 0
ILLUMINA INC COM COM 452327109 2,195 29,324 SH   DFND   18,150 11,174 0
INTERNATIONAL GAME TECHNOLOGCO COM 459902102 848 50,769 SH   DFND   37,318 13,451 0
INTREPID POTASH INC COM COM 46121Y102 1,124 58,984 SH   DFND   38,570 20,414 0
JOHNSON & JOHNSON COM 478160104 231 2,690 SH   SOLE   2,690 0 0
JOY GLOBAL INC COM COM 481165108 889 18,315 SH   DFND   11,317 6,998 0
KKR & CO L P DEL COM UNITS COM 48248M102 331 16,835 SH   DFND   15,235 1,600 0
LIFE TECHNOLOGIES CORP COM COM 53217V109 1,477 19,960 SH   DFND   12,650 7,310 0
LIMONEIRA CO COM COM 532746104 409 19,735 SH   DFND   8,975 10,760 0
LSI INDS INC COM COM 50216C108 105 13,000 SH   SOLE   13,000 0 0
Miller Energy Resources 10.75% PREFERRED STOCKS 600527204 230 11,000 SH   DFND   3,400 7,600 0
MASTEC INC COM COM 576323109 1,462 44,440 SH   DFND   25,840 18,600 0
MEAD JOHNSON NUTRITION CO COM COM 582839106 330 4,160 SH   SOLE   4,160 0 0
MILLER ENERGY RES INC COM COM 600527105 312 78,046 SH   DFND   39,250 38,796 0
MISTRAS GROUP INC COM COM 60649T107 389 22,103 SH   DFND   12,790 9,313 0
NORFOLK SOUTHN CORP COM 655844108 453 6,240 SH   SOLE   6,240 0 0
NUANCE COMMUNICATIONS INC COM COM 67020Y100 1,417 77,005 SH   DFND   47,625 29,380 0
OCCIDENTAL PETE CORP COM COM 674599105 435 4,880 SH   DFND   2,410 2,470 0
PFIZER INC COM 717081103 331 11,820 SH   SOLE   11,820 0 0
PRICESMART INC COM COM 741511109 662 7,553 SH   DFND   4,870 2,683 0
PRIVATEBANCORP INC COM COM 742962103 1,203 56,679 SH   DFND   40,700 15,979 0
QUALCOMM INC COM COM 747525103 688 11,270 SH   DFND   4,810 6,460 0
ROSS STORES INC COM COM 778296103 336 5,185 SH   DFND   3,755 1,430 0
SENOMYX INC COM COM 81724Q107 226 103,495 SH   DFND   43,893 59,602 0
SHFL ENTMT INC COM COM 78423R105 315 17,760 SH   DFND   8,810 8,950 0
SJW CORP COM COM 784305104 203 7,740 SH   SOLE   7,740 0 0
TIMKEN CO COM COM 887389104 864 15,349 SH   DFND   10,805 4,544 0
TRANSOCEAN LTD REG SHS COM H8817H100 584 12,180 SH   DFND   4,310 7,870 0
TRONOX LTD SHS CL A COM Q9235V101 1,725 85,631 SH   DFND   59,545 26,086 0
UNILEVER NV N Y SHS NEW COM 904784709 220 5,600 SH   SOLE   5,600 0 0
UNION PAC CORP COM 907818108 874 5,665 SH   DFND   5,475 190 0
VANGUARD FIXED INCOME SECS FGN MUTUAL FUNDS 922031794 362 34,555 SH   DFND   0 34,555 0
VANGUARD MUN BD FD INC INTER T MUTUAL FUNDS 922021407 603 53,481 SH   DFND   0 53,481 0
WESTERN DIGITAL CORP COM COM 958102105 2,020 32,532 SH   DFND   20,140 12,392 0
ZIONS BANCORPORATION COM COM 989701107 1,856 64,182 SH   DFND   40,210 23,972 0