Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
UHS	Universal Health Services, Inc	341,588	$27.76M	9.7%	$62.83	+21.1%	COM	913903100
—	Willis Group Holdings plc	465,392	$20.85M	7.3%	$40.78	—	COM	G96666105
—	Nat.West.Life Ins.	79,126	$17.69M	6.2%	$189.85	—	COM	638522102
BIGGQ	Big Lots, Inc.	524,513	$16.94M	5.9%	$26.62	+0.5%	COM	089302103
ROG	Rogers Corp.	217,103	$13.35M	4.7%	$45.60	+32.1%	COM	775133101
URI	United Rentals, Inc.	162,500	$12.67M	4.4%	$51.55	+25.9%	COM	911363109
—	Chicago Bridge & Iron Company	142,400	$11.84M	4.1%	$59.66	—	COM	167250109
—	DeVry Education Group Inc.	325,372	$11.55M	4.0%	$31.02	—	COM	251893103
—	FEI Company	101,447	$9.065M	3.2%	$73.02	—	COM	30241L109
ROST	Ross Stores, Inc.	118,726	$8.896M	3.1%	$28.26	+17.9%	COM	778296103
RHP	Ryman Hospitality Properties,	212,356	$8.872M	3.1%	$38.82	—	COM	78377T107
RDN	Radian Group, Inc.	621,578	$8.777M	3.1%	$11.02	+4.9%	COM	750236101
—	Checkpoint Systems, Inc.	485,868	$7.662M	2.7%	$14.19	—	COM	162825103
MTG	MGIC Investment Corp.	906,200	$7.648M	2.7%	$6.73	+18.6%	COM	552848103
AJG	Arthur J. Gallagher & Company	151,000	$7.086M	2.5%	$33.49	+9.0%	COM	363576109
—	Orient Express Hotels Ltd. - C	444,423	$6.715M	2.4%	$12.16	—	COM	G67743107
CROX	Crocs, Inc.	412,906	$6.573M	2.3%	$16.21	-17.9%	COM	227046109
TJX	TJX Companies	100,600	$6.411M	2.2%	$20.82	+23.5%	COM	872540109
BANR	Banner Corporation	131,206	$5.881M	2.1%	$21.83	+26.2%	COM	06652V208
—	UTI Worldwide, Inc.	324,739	$5.702M	2.0%	$16.47	—	COM	G87210103
AIR	AAR Corp.	161,334	$4.519M	1.6%	$17.96	+52.6%	COM	000361105
—	Southwestern Energy Company	110,500	$4.346M	1.5%	$36.53	—	COM	845467109
EOG	EOG Resources, Inc.	25,000	$4.196M	1.5%	$46.52	+34.0%	COM	26875P101
PTC	PTC Inc.	107,000	$3.787M	1.3%	$24.01	+28.0%	COM	69370C100
JKHY	Jack Henry & Associates, Inc.	56,680	$3.356M	1.2%	$39.46	+21.4%	COM	426281101
ACH	Owens & Minor, Inc.	89,463	$3.271M	1.1%	$27.05	+12.1%	COM	690732102
—	QLogic Corp.	276,000	$3.265M	1.1%	$9.64	—	COM	747277101
DVN	Devon Energy Corp.	49,804	$3.081M	1.1%	$37.00	+10.9%	COM	25179M103
WBS	Webster Financial Corp.	91,100	$2.84M	1.0%	$23.57	+20.6%	COM	947890109
—	Volt Information Sciences, Inc	254,708	$2.547M	0.9%	$7.20	—	COM	928703107
—	Rofin-Sinar Technologies, Inc.	90,888	$2.456M	0.9%	$24.90	—	COM	775043102
—	Comstock Resources, Inc.	132,589	$2.425M	0.8%	$15.73	—	COM	205768203
—	Stone Energy Corp.	68,500	$2.369M	0.8%	$22.03	—	COM	861642106
COLB	Columbia Banking System, Inc.	81,949	$2.253M	0.8%	$12.82	+22.1%	COM	197236102
BKU	BankUnited, Inc.	65,519	$2.157M	0.8%	$17.43	+27.6%	COM	06652K103
—	Express, Inc.	110,300	$2.059M	0.7%	$20.97	—	COM	30219E103
BRO	Brown & Brown, Inc.	52,200	$1.639M	0.6%	$13.98	+0.8%	COM	115236101
—	Fairchild Semiconductor Corp.	116,500	$1.555M	0.5%	$13.80	—	COM	303726103
TSBK	Timberland Bancorp.	161,256	$1.551M	0.5%	$5.69	+11.0%	COM	887098101
TMO	Thermo Fisher Scientific Inc.	12,000	$1.336M	0.5%	$79.76	+19.9%	COM	883556102
ESNT	Essent Group Ltd.	48,357	$1.163M	0.4%	$19.64	0.0%	COM	G3198U102
ESINQ	ITT Educational Services, Inc.	32,630	$1.096M	0.4%	$20.57	+74.5%	COM	45068B109
—	Forest Oil Corp.	274,084	$989K	0.3%	$4.09	—	COM	346091705
—	Precision Castparts Corp.	3,600	$969K	0.3%	$226.11	—	COM	740189105
CVS	CVS Caremark Corp.	10,020	$717K	0.3%	$41.44	+11.8%	COM	126650100
APH	Amphenol Corp.	6,000	$535K	0.2%	$8.50	+8.4%	COM	032095101
VSH	Vishay Intertechnology, Inc.	40,000	$530K	0.2%	$10.89	-7.3%	COM	928298108
—	Praxair, Inc.	4,000	$520K	0.2%	$115.25	—	COM	74005P104
SWKS	Skyworks Solutions, Inc.	15,000	$428K	0.1%	$17.70	+18.2%	COM	83088M102
—	Pall Corp.	5,000	$427K	0.1%	$66.40	—	COM	696429307
—	Time Warner, Inc.	3,998	$279K	0.1%	$57.78	—	COM	887317303
—	Anadarko Petroleum Corp.	3,000	$238K	0.1%	$86.00	—	COM	032511107
FMC	FMC Corp.	3,000	$226K	0.1%	$44.43	+10.7%	COM	302491303
XYL	Xylem, Inc.	6,000	$208K	0.1%	$27.59	0.0%	COM	98419M100
—	Interpublic Group of Companies	11,000	$195K	0.1%	$9.16	+20.7%	COM	460690100