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 406 11,532 SH   SOLE   11,532 0 0
ABIOMED INC COM COM 3654100 1,322 53,263 SH   DFND   37,017 16,246 0
ACCESS PHARMACEUTICALS INC COM 00431M308 1 5,000 SH   SOLE   5,000 0 0
ALLEGHANY CORP DEL COM COM 17175100 293 700 SH   SOLE   700 0 0
AMERICAN NATL INS CO COM COM 28591105 3,132 27,870 SH   DFND   20,309 7,561 0
ASTROTECH CORP COM 46484101 40 14,200 SH   SOLE   14,200 0 0
ATMOS ENERGY CORP COM COM 49560105 975 20,439 SH   DFND   16,181 4,258 0
BLACK HILLS CORP COM COM 92113109 1,875 39,147 SH   DFND   26,577 12,570 0
BOEING CO COM COM 97023105 400 3,140 SH   DFND   3,090 50 0
BRISTOL MYERS SQUIBB CO COM 110122108 262 5,123 SH   SOLE   5,123 0 0
CALAVO GROWERS INC COM COM 128246105 1,478 32,732 SH   DFND   24,581 8,151 0
CAMDEN PPTY TR SH BEN INT COM 133131102 1,772 25,865 SH   DFND   18,837 7,028 0
CASEYS GEN STORES INC COM COM 147528103 1,579 22,012 SH   DFND   15,755 6,257 0
CELGENE CORP RT COM 151020112 11 3,200 SH   SOLE   3,200 0 0
CHEVRONTEXACO CORP COM COM 166764100 436 3,652 SH   SOLE   3,652 0 0
COMSTOCK RES INC COM NEW COM 205768203 987 53,021 SH   DFND   38,144 14,877 0
CONTANGO OIL & GAS COMPANY COM COM 21075N204 2,036 61,237 SH   DFND   41,610 19,627 0
CORNING INC COM 219350105 6 300 SH   SOLE   300 0 0
COUER MINING ING COM 192108504 11 2,300 SH   SOLE   2,300 0 0
CREDIT SUISSE NASSAU BRH GOLD PREFERRED STOCKS 22542D480 293 23,290 SH   DFND   6,840 16,450 0
CUBIC CORP COM COM 229669106 1,496 31,960 SH   DFND   20,701 11,259 0
DEERE & CO COM COM 244199105 328 4,000 SH   DFND   2,000 2,000 0
DIAMOND OFFSHORE DRILLING INC COM 25271C102 3 100 SH   SOLE   100 0 0
DOW CHEMICAL CORP COM 260543103 360 6,864 SH   SOLE   6,864 0 0
ENSCO PLC SHS CLASS A COM G3157S106 1,606 38,884 SH   DFND   27,987 10,897 0
ETFS SILVER TRUST COM 26922X107 5 324 SH   SOLE   324 0 0
EXCO RESOURCES INC COM 269279402 3 1,000 SH   SOLE   1,000 0 0
EXXON MOBIL CORP COM COM 30231G102 660 7,022 SH   SOLE   7,022 0 0
FOREST OIL CORP COM 346091705 0 25 SH   SOLE   25 0 0
GENERAL ELEC CO COM 369604103 304 11,870 SH   SOLE   11,870 0 0
GTT COMMUNICATIONS INC COM COM 362393100 501 42,054 SH   DFND   32,114 9,940 0
HD SUPPLY HLDGS INC COM COM 40416M105 455 16,688 SH   DFND   11,110 5,578 0
ILLUMINA INC COM COM 452327109 1,666 10,164 SH   DFND   7,328 2,836 0
INTREPID POTASH INC COM COM 46121Y102 2,356 152,446 SH   DFND   105,341 47,105 0
ISHARES GOLD TRUST COM 464285105 8 656 SH   SOLE   656 0 0
JACOBS ENGR GROUP INC DEL COM COM 469814107 1,173 24,012 SH   DFND   15,697 8,315 0
JOHNSON & JOHNSON COM 478160104 1,213 11,377 SH   DFND   6,977 4,400 0
KKR & CO L P DEL COM UNITS COM 48248M102 403 18,085 SH   DFND   14,545 3,540 0
LIMONEIRA CO COM COM 532746104 1,101 46,492 SH   DFND   31,807 14,685 0
LSI INDS INC COM COM 50216C108 79 13,000 SH   SOLE   13,000 0 0
MILLER ENERGY RESOURCES PREFERRED STOCKS 600527204 226 8,900 SH   DFND   3,400 5,500 0
MASTEC INC COM COM 576323109 1,915 62,561 SH   DFND   41,694 20,867 0
MCDERMOTT INTERNATIONAL COM 580037109 21 3,600 SH   SOLE   3,600 0 0
MEAD JOHNSON NUTRITION CO COM COM 582839106 343 3,560 SH   SOLE   3,560 0 0
MICROSEMI CORP COM COM 595137100 1,771 69,703 SH   DFND   50,400 19,303 0
MILLER ENERGY RES INC COM COM 600527105 618 139,067 SH   DFND   102,165 36,902 0
MILLS MUSIC TRUST COM 601158108 1 60 SH   SOLE   60 0 0
MTS SYS CORP COM COM 553777103 437 6,405 SH   DFND   3,790 2,615 0
NEWMONT MINING CORP COM 651639106 21 900 SH   SOLE   900 0 0
NORFOLK SOUTHN CORP COM 655844108 696 6,240 SH   SOLE   6,240 0 0
OCCIDENTAL PETE CORP COM COM 674599105 423 4,405 SH   DFND   1,720 2,685 0
OMNICOM GROUP COM COM 681919106 504 7,317 SH   DFND   2,987 4,330 0
PFIZER INC COM 717081103 350 11,820 SH   SOLE   11,820 0 0
PREMIER EXHIBITIONS INC COM 740S1E102 2 3,000 SH   SOLE   3,000 0 0
PRICESMART INC COM COM 741511109 1,600 18,686 SH   DFND   13,356 5,330 0
PRIVATEBANCORP INC COM COM 742962103 2,187 73,123 SH   DFND   57,309 15,814 0
QUALCOMM INC COM COM 747525103 1,133 15,155 SH   DFND   8,980 6,175 0
RACKSPACE HOSTING INC COM COM 750086100 425 13,048 SH   DFND   8,441 4,607 0
ROSS STORES INC COM COM 778296103 1,139 15,071 SH   DFND   9,959 5,112 0
SENOMYX INC COM COM 81724Q107 1,426 173,913 SH   DFND   115,030 58,883 0
SJW CORP COM COM 784305104 208 7,740 SH   SOLE   7,740 0 0
SPDR GOLD TRUST COM 78463V107 12 100 SH   SOLE   100 0 0
TJX COS INC NEW COM COM 872540109 335 5,658 SH   DFND   2,358 3,300 0
TRONOX LTD SHS CL A COM Q9235V101 2,771 106,353 SH   DFND   82,690 23,663 0
UNILEVER NV N Y SHS NEW COM 904784709 222 5,600 SH   SOLE   5,600 0 0
UNION PAC CORP COM 907818108 1,554 14,332 SH   DFND   12,932 1,400 0
VANGUARD MUN BD FD INC INTER T MUTUAL FUNDS 922021407 241 20,470 SH   DFND   0 20,470 0
WELLS FARGO & CO NEW COM COM 949746101 321 6,185 SH   DFND   4,405 1,780 0
WESTERN DIGITAL CORP COM COM 958102105 3,753 38,570 SH   DFND   26,908 11,662 0
ZIONS BANCORPORATION COM COM 989701107 1,612 55,474 SH   DFND   36,790 18,684 0