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 405 11,532 SH   SOLE   11,532 0 0
ABIOMED INC COM COM 3654100 1,060 39,657 SH   DFND   23,350 16,307 0
ALLEGHANY CORP DEL COM COM 17175100 280 700 SH   SOLE   700 0 0
AMERICAN NATL INS CO COM COM 28591105 2,477 21,626 SH   DFND   14,185 7,441 0
ATMOS ENERGY CORP COM COM 49560105 639 14,065 SH   DFND   10,370 3,695 0
BLACK HILLS CORP COM COM 92113109 1,486 28,302 SH   DFND   16,050 12,252 0
BOEING CO COM COM 97023105 434 3,180 SH   DFND   3,090 90 0
BRISTOL MYERS SQUIBB CO COM 110122108 272 5,123 SH   SOLE   5,123 0 0
CALAVO GROWERS INC COM COM 128246105 575 18,989 SH   DFND   11,330 7,659 0
CAMDEN PPTY TR SH BEN INT COM 133131102 904 15,899 SH   DFND   9,570 6,329 0
CHEVRONTEXACO CORP COM COM 166764100 456 3,652 SH   SOLE   3,652 0 0
CME GROUP INC COM COM 12572Q105 843 10,750 SH   DFND   6,090 4,660 0
COMSTOCK RES INC COM NEW COM 205768203 676 36,975 SH   DFND   21,720 15,255 0
CONTANGO OIL & GAS COMPANY COM COM 21075N204 1,979 41,865 SH   DFND   22,975 18,890 0
CORE MARK HOLDING CO INC COM COM 218681104 471 6,209 SH   DFND   3,560 2,649 0
CUBIC CORP COM COM 229669106 1,057 20,076 SH   DFND   12,652 7,424 0
DEERE & CO COM COM 244199105 365 4,000 SH   DFND   2,000 2,000 0
DOW CHEMICAL CORP COM 260543103 322 7,260 SH   SOLE   7,260 0 0
ENSCO PLC SHS CLASS A COM G3157S106 949 16,605 SH   DFND   8,815 7,790 0
EXXON MOBIL CORP COM COM 30231G102 711 7,022 SH   SOLE   7,022 0 0
FIRST CASH FINL SVCS INC COM COM 31942D107 1,220 19,721 SH   DFND   13,620 6,101 0
GENERAL ELEC CO COM 369604103 339 12,090 SH   SOLE   12,090 0 0
GENOMIC HEALTH INC COM COM 37244C101 789 26,966 SH   DFND   12,460 14,506 0
HD SUPPLY HLDGS INC COM COM 40416M105 402 16,740 SH   DFND   11,120 5,620 0
ILLUMINA INC COM COM 452327109 1,245 11,255 SH   DFND   7,295 3,960 0
INTERNATIONAL GAME TECHNOLOGCO COM 459902102 775 42,701 SH   DFND   29,618 13,083 0
INTREPID POTASH INC COM COM 46121Y102 1,668 105,330 SH   DFND   60,240 45,090 0
ISHARES TR RUSSELL MCP VL COM 464287473 791 12,045 SH   SOLE   12,045 0 0
JACOBS ENGR GROUP INC DEL COM COM 469814107 716 11,369 SH   DFND   7,725 3,644 0
JOHNSON & JOHNSON COM 478160104 866 9,450 SH   DFND   5,050 4,400 0
JOY GLOBAL INC COM COM 481165108 954 16,319 SH   DFND   9,397 6,922 0
KKR & CO L P DEL COM UNITS COM 48248M102 425 17,465 SH   DFND   14,545 2,920 0
LIFE TECHNOLOGIES CORP COM COM 53217V109 1,219 16,079 SH   DFND   9,100 6,979 0
LIMONEIRA CO COM COM 532746104 703 26,436 SH   DFND   14,135 12,301 0
LSI INDS INC COM COM 50216C108 113 13,000 SH   SOLE   13,000 0 0
MILLER ENERGY RESOURCES PREFERRED STOCKS 600527204 250 10,400 SH   DFND   3,400 7,000 0
MASTEC INC COM COM 576323109 1,512 46,225 SH   DFND   26,200 20,025 0
MEAD JOHNSON NUTRITION CO COM COM 582839106 298 3,560 SH   SOLE   3,560 0 0
MILLER ENERGY RES INC COM COM 600527105 517 73,444 SH   DFND   39,250 34,194 0
MISTRAS GROUP INC COM COM 60649T107 622 29,777 SH   DFND   12,790 16,987 0
NORFOLK SOUTHN CORP COM 655844108 579 6,240 SH   SOLE   6,240 0 0
NUANCE COMMUNICATIONS INC COM COM 67020Y100 1,047 68,865 SH   DFND   41,535 27,330 0
OCCIDENTAL PETE CORP COM COM 674599105 469 4,935 SH   DFND   2,410 2,525 0
PFIZER INC COM 717081103 362 11,820 SH   SOLE   11,820 0 0
PRICESMART INC COM COM 741511109 791 6,844 SH   DFND   4,200 2,644 0
PRIVATEBANCORP INC COM COM 742962103 1,437 49,672 SH   DFND   33,260 16,412 0
QUALCOMM INC COM COM 747525103 898 12,095 SH   DFND   6,250 5,845 0
ROSS STORES INC COM COM 778296103 368 4,917 SH   DFND   3,855 1,062 0
SENOMYX INC COM COM 81724Q107 473 93,485 SH   DFND   43,373 50,112 0
SJW CORP COM COM 784305104 231 7,740 SH   SOLE   7,740 0 0
TIMKEN CO COM COM 887389104 275 4,987 SH   DFND   2,540 2,447 0
TRONOX LTD SHS CL A COM Q9235V101 1,804 78,184 SH   DFND   53,635 24,549 0
UNILEVER NV N Y SHS NEW COM 904784709 225 5,600 SH   SOLE   5,600 0 0
UNION PAC CORP COM 907818108 977 5,815 SH   DFND   5,475 340 0
VANGUARD MUN BD FD INC INTER T MUTUAL FUNDS 922021407 225 19,986 SH   DFND   0 19,986 0
WESTERN DIGITAL CORP COM COM 958102105 2,253 26,849 SH   DFND   15,395 11,454 0
ZIONS BANCORPORATION COM COM 989701107 1,654 55,203 SH   DFND   33,820 21,383 0