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 390 11,532 SH   SOLE   11,532 0 0
ABIOMED INC COM COM 3654100 752 39,477 SH   DFND   23,110 16,367 0
ALLEGHANY CORP DEL COM COM 17175100 287 700 SH   SOLE   700 0 0
AMERICAN NATL INS CO COM COM 28591105 2,128 21,704 SH   DFND   14,185 7,519 0
ATMOS ENERGY CORP COM COM 49560105 591 13,865 SH   DFND   10,370 3,495 0
BLACK HILLS CORP COM COM 92113109 1,439 28,864 SH   DFND   16,540 12,324 0
BOEING CO COM COM 97023105 365 3,110 SH   DFND   3,020 90 0
BRISTOL MYERS SQUIBB CO COM 110122108 237 5,123 SH   SOLE   5,123 0 0
CALAVO GROWERS INC COM COM 128246105 564 18,635 SH   DFND   11,330 7,305 0
CAMDEN PPTY TR SH BEN INT COM 133131102 783 12,740 SH   DFND   7,920 4,820 0
CHEVRONTEXACO CORP COM COM 166764100 444 3,652 SH   SOLE   3,652 0 0
CME GROUP INC COM COM 12572Q105 782 10,590 SH   DFND   5,850 4,740 0
COMSTOCK RES INC COM NEW COM 205768203 599 37,620 SH   DFND   22,170 15,450 0
CONTANGO OIL & GAS COMPANY COM COM 21075N204 1,195 32,509 SH   DFND   16,785 15,724 0
CORE MARK HOLDING CO INC COM COM 218681104 413 6,209 SH   DFND   3,560 2,649 0
CREDIT SUISSE NASSAU BRH GOLD PREFERRED STOCKS 22542D480 182 11,900 SH   DFND   3,400 8,500 0
CUBIC CORP COM COM 229669106 1,039 19,352 SH   DFND   12,652 6,700 0
DEERE & CO COM COM 244199105 326 4,000 SH   DFND   2,000 2,000 0
DOW CHEMICAL CORP COM 260543103 279 7,260 SH   SOLE   7,260 0 0
EXXON MOBIL CORP COM COM 30231G102 604 7,022 SH   SOLE   7,022 0 0
FIRST CASH FINL SVCS INC COM COM 31942D107 1,170 20,212 SH   DFND   14,090 6,122 0
GENERAL ELEC CO COM 369604103 330 13,830 SH   SOLE   13,830 0 0
GENOMIC HEALTH INC COM COM 37244C101 811 26,534 SH   DFND   12,460 14,074 0
HD SUPPLY HLDGS INC COM COM 40416M105 368 16,740 SH   DFND   11,120 5,620 0
ILLUMINA INC COM COM 452327109 2,112 26,124 SH   DFND   16,090 10,034 0
INTERNATIONAL GAME TECHNOLOGCO COM 459902102 791 41,789 SH   DFND   29,618 12,171 0
INTREPID POTASH INC COM COM 46121Y102 1,774 113,129 SH   DFND   66,600 46,529 0
JACOBS ENGR GROUP INC DEL COM COM 469814107 741 12,739 SH   DFND   8,905 3,834 0
JOHNSON & JOHNSON COM 478160104 829 9,560 SH   DFND   5,050 4,510 0
JOY GLOBAL INC COM COM 481165108 814 15,955 SH   DFND   9,457 6,498 0
KKR & CO L P DEL COM UNITS COM 48248M102 383 18,625 SH   DFND   17,025 1,600 0
LIFE TECHNOLOGIES CORP COM COM 53217V109 1,230 16,440 SH   DFND   10,180 6,260 0
LIMONEIRA CO COM COM 532746104 661 25,758 SH   DFND   13,635 12,123 0
LSI INDS INC COM COM 50216C108 110 13,000 SH   SOLE   13,000 0 0
MILLER ENERGY RESOURCES PREFERRED STOCKS 600527204 294 11,000 SH   DFND   3,400 7,600 0
MASTEC INC COM COM 576323109 1,161 38,310 SH   DFND   22,260 16,050 0
MEAD JOHNSON NUTRITION CO COM COM 582839106 264 3,560 SH   SOLE   3,560 0 0
MILLER ENERGY RES INC COM COM 600527105 540 74,336 SH   DFND   39,250 35,086 0
MISTRAS GROUP INC COM COM 60649T107 510 29,983 SH   DFND   12,790 17,193 0
NORFOLK SOUTHN CORP COM 655844108 483 6,240 SH   SOLE   6,240 0 0
NUANCE COMMUNICATIONS INC COM COM 67020Y100 1,267 67,845 SH   DFND   41,665 26,180 0
OCCIDENTAL PETE CORP COM COM 674599105 459 4,910 SH   DFND   2,410 2,500 0
PFIZER INC COM 717081103 340 11,820 SH   SOLE   11,820 0 0
PRICESMART INC COM COM 741511109 638 6,703 SH   DFND   4,340 2,363 0
PRIVATEBANCORP INC COM COM 742962103 1,024 47,849 SH   DFND   33,430 14,419 0
QUALCOMM INC COM COM 747525103 694 10,315 SH   DFND   5,180 5,135 0
ROSS STORES INC COM COM 778296103 398 5,465 SH   DFND   3,855 1,610 0
SENOMYX INC COM COM 81724Q107 336 95,065 SH   DFND   43,893 51,172 0
SHFL ENTMT INC COM COM 78423R105 356 15,480 SH   DFND   8,810 6,670 0
SJW CORP COM COM 784305104 217 7,740 SH   SOLE   7,740 0 0
TIMKEN CO COM COM 887389104 803 13,294 SH   DFND   9,190 4,104 0
TRANSOCEAN LTD REG SHS COM H8817H100 572 12,855 SH   DFND   4,485 8,370 0
TRONOX LTD SHS CL A COM Q9235V101 1,876 76,671 SH   DFND   53,635 23,036 0
UNILEVER NV N Y SHS NEW COM 904784709 211 5,600 SH   SOLE   5,600 0 0
UNION PAC CORP COM 907818108 880 5,665 SH   DFND   5,475 190 0
VANGUARD MUN BD FD INC INTER T MUTUAL FUNDS 922021407 224 19,822 SH   DFND   0 19,822 0
WESTERN DIGITAL CORP COM COM 958102105 1,723 27,177 SH   DFND   16,035 11,142 0
ZIONS BANCORPORATION COM COM 989701107 1,541 56,212 SH   DFND   34,690 21,522 0