Investment Counselors Of Maryland 13F-HR Quarterly holdings report by institutional manager

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
Expires:	Oct 31, 2018
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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
ABBOTT LABORATORIES	COM	002824100	1,006	30,310	SH		DFND	1	29,810	0	500
ABBVIE INC	COM	00287y109	1,044	23,335	SH		DFND	1	23,085	0	250
ABM INDUSTRIES INC	COM	000957100	23,623	887,400	SH		DFND	1	612,400	0	275,000
ACTUANT CORP CL A	COM	00508X203	29,124	749,850	SH		DFND	1	501,650	0	248,200
ADVANCE AUTO PARTS INC	COM	00751y106	107	1,300	SH		DFND	1	1,300	0	0
AGCO CORP	COM	001084102	118	1,950	SH		DFND	1	1,950	0	0
AGILENT TECHNOLOGIES INC	COM	00846u101	133	2,600	SH		DFND	1	2,600	0	0
ALBANY INTL CORP CL A	COM	012348108	26,692	744,125	SH		DFND	1	511,725	0	232,400
ALTRA HOLDINGS INC	COM	02208r106	28,850	1,072,075	SH		DFND	1	698,975	0	373,100
AMDOCS LTD	COM	g02602103	86	2,350	SH		DFND	1	2,350	0	0
AMERICAN EXPRESS CO	COM	025816109	15	200	SH		DFND	1	200	0	0
AMERIS BANCORP	COM	03076k108	25,750	1,400,985	SH		DFND	1	955,831	0	445,154
AMETEK INC	COM	031100100	76	1,642	SH		DFND	1	1,642	0	0
ANADARKO PETROLEUM CORP	COM	032511107	9	100	SH		DFND	1	100	0	0
ANN INC	COM	035623107	21,296	587,950	SH		DFND	1	396,950	0	191,000
APACHE CORP	COM	037411105	2,611	30,662	SH		DFND	1	30,438	0	224
APPLE INC	COM	037833100	4,609	9,668	SH		DFND	1	9,543	0	125
APTARGROUP INC	COM	038336103	26,487	440,500	SH		DFND	1	292,400	0	148,100
ARCH CAPITAL GROUP LTD	COM	g0450a105	2,263	41,802	SH		DFND	1	41,352	0	450
ATMI INC	COM	00207R101	30,774	1,160,400	SH		DFND	1	791,700	0	368,700
AVNET INC	COM	053807103	129	3,100	SH		DFND	1	3,100	0	0
BAKER MICHAEL CORP	COM	057149106	21,498	531,200	SH		DFND	1	376,600	0	154,600
BANK OF KENTUCKY FINL CORP	COM	062896105	4,421	161,900	SH		DFND	1	117,300	0	44,600
BARD C R INC	COM	067383109	104	900	SH		DFND	1	900	0	0
BELDEN INC	COM	077454106	30,800	480,875	SH		DFND	1	332,075	0	148,800
BERKSHIRE HATHAWAY INC CL B	COM	084670702	4,297	37,854	SH		DFND	1	37,437	0	417
BERKSHIRE HILLS BANCORP INC	COM	084680107	13,342	531,350	SH		DFND	1	357,650	0	173,700
BIG LOTS INC	COM	089302103	1,090	29,375	SH		DFND	1	29,025	0	350
BIO RAD LABS INC CL A	COM	090572207	26,163	222,550	SH		DFND	1	150,450	0	72,100
BLACK DIAMOND INC	COM	09202G101	9,116	749,700	SH		DFND	1	545,000	0	204,700
BOB EVANS FARMS	COM	096761101	27,724	484,100	SH		DFND	1	320,200	0	163,900
BONANZA CREEK ENERGY INC	COM	097793103	25,870	536,050	SH		DFND	1	362,150	0	173,900
BOSTON PRIVATE FINANCIAL HOLDI	COM	101119105	16,501	1,487,950	SH		DFND	1	1,004,850	0	483,100
BRADY CORP CL A	COM	104674106	18,216	597,250	SH		DFND	1	403,050	0	194,200
BRANDYWINE REALTY TRUST	COM	105368203	10,917	828,301	SH		DFND	1	554,405	0	273,896
BRIGGS & STRATTON	COM	109043109	20,726	1,030,100	SH		DFND	1	699,600	0	330,500
BRISTOL MYERS SQUIBB CO	COM	110122108	2,328	50,297	SH		DFND	1	49,697	0	600
BROWN & BROWN INC	COM	115236101	108	3,350	SH		DFND	1	3,350	0	0
BRYN MAWR BANK CORP	COM	117665109	17,495	648,700	SH		DFND	1	434,700	0	214,000
C&J ENERGY SERVICES INC	COM	12467b304	2	100	SH		DFND	1	100	0	0
CA INC	COM	12673p105	131	4,400	SH		DFND	1	4,400	0	0
CAMERON INTERNATIONAL CORP	COM	13342b105	108	1,850	SH		DFND	1	1,850	0	0
CAMPUS CREST COMMUNITIES INC	COM	13466Y105	18,450	1,708,350	SH		DFND	1	1,119,650	0	588,700
CAPITAL ONE FINL CORP COM	COM	14040H105	3,083	44,845	SH		DFND	1	44,245	0	600
CARPENTER TECHNOLOGY CORP	COM	144285103	29,909	514,690	SH		DFND	1	354,790	0	159,900
CARRIZO OIL & GAS INC	COM	144577103	19,482	522,450	SH		DFND	1	351,150	0	171,300
CATERPILLAR INC	COM	149123101	2,014	24,150	SH		DFND	1	23,825	0	325
CBIZ INC	COM	124805102	16,501	2,217,900	SH		DFND	1	1,460,700	0	757,200
CELADON GROUP INC	COM	150838100	15,834	848,100	SH		DFND	1	580,800	0	267,300
CH ROBINSON WORLDWIDE INC	COM	12541w209	1,160	19,467	SH		DFND	1	19,167	0	300
CHARLES RIVER LABORATORIES	COM	159864107	18,356	396,800	SH		DFND	1	269,200	0	127,600
CHEVRON CORP	COM	166764100	831	6,840	SH		DFND	1	6,782	0	58
CHILDREN'S PLACE RETAIL STORES	COM	168905107	24,604	425,300	SH		DFND	1	291,900	0	133,400
CIMAREX ENERGY CO	COM	171798101	1,895	19,660	SH		DFND	1	19,460	0	200
CISCO SYSTEMS INC	COM	17275R102	1,836	78,341	SH		DFND	1	77,341	0	1,000
COCA-COLA CO	COM	191216100	2,244	59,251	SH		DFND	1	58,501	0	750
COHERENT INC	COM	192479103	21,298	347,100	SH		DFND	1	234,400	0	112,700
COLUMBIA BANKING SYSTEM INC	COM	197236102	4	150	SH		DFND	1	150	0	0
COMPASS DIVERSIFIED HOLDINGS	COM	20451Q104	25,482	1,429,950	SH		DFND	1	977,750	0	452,200
CONMED CORP	COM	207410101	19,917	586,450	SH		DFND	1	397,550	0	188,900
CONSOLIDATED GRAPHICS INC.	COM	209341106	26,275	468,700	SH		DFND	1	314,900	0	153,800
CROCS INC	COM	227046109	16,261	1,195,650	SH		DFND	1	804,950	0	390,700
CUBESMART	COM	229663109	16,770	940,050	SH		DFND	1	640,550	0	299,500
CVB FINANCIAL CORP	COM	126600105	14,316	1,058,903	SH		DFND	1	743,866	0	315,037
CYTEC INDUSTRIES INC	COM	232820100	134	1,650	SH		DFND	1	1,650	0	0
DARDEN RESTAURANTS INC	COM	237194105	1,531	33,070	SH		DFND	1	32,580	0	490
DENTSPLY INTERNATIONAL INC	COM	249030107	73	1,675	SH		DFND	1	1,675	0	0
DOW CHEMICAL CO	COM	260543103	23	600	SH		DFND	1	600	0	0
DRESSER-RAND GROUP INC	COM	261608103	109	1,750	SH		DFND	1	1,750	0	0
DUKE REALTY CORP	COM	264411505	84	5,450	SH		DFND	1	5,450	0	0
DUPONT FABROS TECHNOLOGY	COM	26613Q106	24,912	966,700	SH		DFND	1	654,500	0	312,200
ELECTRO SCIENTIFIC INDUSTRIES	COM	285229100	22,197	1,898,800	SH		DFND	1	1,275,600	0	623,200
EMULEX CORP	COM	292475209	17,341	2,234,700	SH		DFND	1	1,501,600	0	733,100
ENTERPRISE FINANCIAL SERVICE	COM	293712105	10,311	610,100	SH		DFND	1	413,000	0	197,100
EQT CORPORATION	COM	26884l109	62	700	SH		DFND	1	700	0	0
ESCO TECHNOLOGIES INC	COM	296315104	24,168	727,306	SH		DFND	1	487,165	0	240,141
ESTERLINE TECHNOLOGIES CORP	COM	297425100	22,677	283,850	SH		DFND	1	188,450	0	95,400
EXCEL TRUST INC	COM	30068c109	17,280	1,440,000	SH		DFND	1	992,200	0	447,800
EXXON MOBIL CORP	COM	30231G102	962	11,176	SH		DFND	1	11,176	0	0
FINANCIAL INSTITUTIONS INC	COM	317585404	6,246	305,300	SH		DFND	1	203,100	0	102,200
FIRST FINANCIAL BANCORP	COM	320209109	4	250	SH		DFND	1	250	0	0
FIRST FINANCIAL HOLDINGS INC	COM	32023e105	7,292	132,200	SH		DFND	1	91,800	0	40,400
FIRST NIAGARA FINANCIAL GROUP	COM	33582v108	75	7,250	SH		DFND	1	7,250	0	0
FIRST OF LONG ISLAND CORP	COM	320734106	9,911	255,100	SH		DFND	1	179,400	0	75,700
FLUOR CORP	COM	343412102	128	1,800	SH		DFND	1	1,800	0	0
FLUSHING FINANCIAL CORP	COM	343873105	17,301	937,700	SH		DFND	1	620,100	0	317,600
FMC CORP	COM	302491303	122	1,700	SH		DFND	1	1,700	0	0
FNB CORP PA	COM	302520101	17,242	1,421,450	SH		DFND	1	980,250	0	441,200
FORMFACTOR INC	COM	346375108	10,923	1,592,275	SH		DFND	1	1,075,175	0	517,100
FORTEGRA FINANCIAL CORP	COM	34954w104	5,457	641,200	SH		DFND	1	462,800	0	178,400
FTI CONSULTING INC	COM	302941109	1,141	30,185	SH		DFND	1	29,885	0	300
GENERAL ELECTRIC CO	COM	369604103	1,867	78,169	SH		DFND	1	77,319	0	850
GENUINE PARTS CO	COM	372460105	61	750	SH		DFND	1	750	0	0
GOLDMAN SACHS GROUP INC	COM	38141g104	2,143	13,546	SH		DFND	1	13,406	0	140
GOOGLE INC - CLASS A	COM	38259p508	2,567	2,931	SH		DFND	1	2,921	0	10
GRANITE CONSTRUCTION INC	COM	387328107	18,876	616,850	SH		DFND	1	397,050	0	219,800
GROUP 1 AUTOMOTIVE INC	COM	398905109	26,848	345,625	SH		DFND	1	233,425	0	112,200
GSI GROUP INC	COM	36191c205	18,192	1,906,900	SH		DFND	1	1,306,700	0	600,200
HALLIBURTON CO	COM	406216101	1,225	25,445	SH		DFND	1	25,195	0	250
HANCOCK HOLDING CO	COM	410120109	13,919	443,550	SH		DFND	1	304,850	0	138,700
HANGER INC	COM	41043f208	30,311	897,850	SH		DFND	1	608,350	0	289,500
HANOVER INSURANCE GROUP INC	COM	410867105	13,844	250,250	SH		DFND	1	157,050	0	93,200
HARMAN INT'L	COM	413086109	2,555	38,575	SH		DFND	1	38,200	0	375
HARMONIC INC	COM	413160102	18,061	2,351,750	SH		DFND	1	1,616,950	0	734,800
HB FULLER CO	COM	359694106	28,174	623,450	SH		DFND	1	420,950	0	202,500
HCC INSURANCE HOLDINGS INC	COM	404132102	118	2,700	SH		DFND	1	2,700	0	0
HEALTHSOUTH CORP	COM	421924309	5,410	156,900	SH		DFND	1	107,000	0	49,900
HEARTLAND EXPRESS INC	COM	422347104	9,898	697,500	SH		DFND	1	481,400	0	216,100
HERITAGE FINANCIAL CORP	COM	42722x106	11,803	760,500	SH		DFND	1	528,100	0	232,400
HFF INC CL A	COM	40418F108	15,927	635,800	SH		DFND	1	420,500	0	215,300
HILL-ROM HOLDINGS INC	COM	431475102	18,225	508,650	SH		DFND	1	344,550	0	164,100
HILLENBRAND INC	COM	431571108	20,031	731,850	SH		DFND	1	496,250	0	235,600
HOSPIRA INC	COM	441060100	828	21,100	SH		DFND	1	20,900	0	200
HOST HOTELS & RESORTS, INC	COM	44107p104	69	3,900	SH		DFND	1	3,900	0	0
IDACORP INC.	COM	451107106	22,141	457,450	SH		DFND	1	309,550	0	147,900
II-VI INC	COM	902104108	7,772	413,400	SH		DFND	1	268,500	0	144,900
INNOPHOS HOLDINGS INC	COM	45774n108	24,611	466,300	SH		DFND	1	315,000	0	151,300
INSIGHT ENTERPRISES INC	COM	45765U103	18,389	972,460	SH		DFND	1	657,860	0	314,600
INTEGRATED DEVICE TECHNOLOGY I	COM	458118106	35,291	3,746,400	SH		DFND	1	2,576,900	0	1,169,500
INTEL CORP	COM	458140100	1,899	82,830	SH		DFND	1	81,980	0	850
INTERNATIONAL BUSINESS MACHINE	COM	459200101	2,344	12,656	SH		DFND	1	12,531	0	125
INTERNATIONAL PAPER CO	COM	460146103	27	600	SH		DFND	1	600	0	0
IXYS CORP	COM	46600W106	19,177	1,987,300	SH		DFND	1	1,321,900	0	665,400
JABIL CIRCUIT INC	COM	466313103	13,351	615,800	SH		DFND	1	405,600	0	210,200
JACK HENRY & ASSOCIATES INC	COM	426281101	18,373	355,650	SH		DFND	1	243,750	0	111,900
JOHN WILEY & SONS INC CL A	COM	968223206	148	3,100	SH		DFND	1	3,100	0	0
JOHNSON & JOHNSON	COM	478160104	2,004	23,117	SH		DFND	1	22,867	0	250
JOS A BANK CLOTHIERS INC	COM	480838101	12,398	282,425	SH		DFND	1	182,475	0	99,950
JPMORGAN CHASE & CO	COM	46625H100	3,234	62,558	SH		DFND	1	61,808	0	750
KAMAN CORP	COM	483548103	14,616	386,050	SH		DFND	1	253,750	0	132,300
KEY ENERGY SERVICES INC	COM	492914106	23,527	3,227,250	SH		DFND	1	2,178,650	0	1,048,600
KFORCE INC	COM	493732101	5,496	310,700	SH		DFND	1	213,100	0	97,600
KITE REALTY GROUP TRUST	COM	49803T102	15,153	2,555,300	SH		DFND	1	1,584,250	0	971,050
KOHLS CORP	COM	500255104	109	2,100	SH		DFND	1	2,100	0	0
KOPPERS HOLDINGS INC	COM	50060p106	22,262	521,975	SH		DFND	1	346,375	0	175,600
KRATON PERFORMANCE POLYMERS	COM	50077c106	16,411	837,700	SH		DFND	1	571,500	0	266,200
L-3 COMMUNICATIONS HOLDINGS	COM	502424104	99	1,050	SH		DFND	1	1,050	0	0
LEVEL 3 COMMUNICATIONS INC	COM	52729N308	976	36,556	SH		DFND	1	36,194	0	362
LEXINGTON REALTY TRUST	COM	529043101	12,768	1,136,922	SH		DFND	1	753,687	0	383,235
LIFE TECHNOLOGIES CORP	COM	53217v109	41	550	SH		DFND	1	550	0	0
LITTELFUSE INC	COM	537008104	21,483	274,650	SH		DFND	1	185,550	0	89,100
LOWE'S COS INC	COM	548661107	2,306	48,443	SH		DFND	1	47,893	0	550
M&T BANK CORPORATION	COM	55261F104	73	650	SH		DFND	1	650	0	0
MACK-CALI REALTY CORP	COM	554489104	4,102	186,975	SH		DFND	1	128,675	0	58,300
MATTHEWS INT'L CORP CL A	COM	577128101	17,785	467,050	SH		DFND	1	311,650	0	155,400
MCDERMOTT INTL INC	COM	580037109	90	12,100	SH		DFND	1	12,100	0	0
MDC HOLDINGS INC	COM	552676108	11,717	390,450	SH		DFND	1	262,450	0	128,000
MEADOWBROOK INSURANCE GROUP IN	COM	58319P108	4,243	652,729	SH		DFND	1	462,967	0	189,762
MEASUREMENT SPECIALTIES INC	COM	583421102	11,770	217,000	SH		DFND	1	142,700	0	74,300
MEN'S WEARHOUSE INC	COM	587118100	26,288	772,050	SH		DFND	1	518,450	0	253,600
MERCK & CO INC	COM	58933y105	171	3,594	SH		DFND	1	3,594	0	0
METHODE ELECTRONICS INC	COM	591520200	29,770	1,063,204	SH		DFND	1	716,389	0	346,815
MICROSOFT CORP	COM	594918104	1,624	48,813	SH		DFND	1	48,263	0	550
MOOG INC - CLASS A	COM	615394202	10,995	187,400	SH		DFND	1	146,000	0	41,400
MYR GROUP INC	COM	55405w104	20,303	835,500	SH		DFND	1	564,400	0	271,100
NATIONAL OILWELL VARCO INC	COM	637071101	1,323	16,935	SH		DFND	1	16,735	0	200
NATURAL GAS SERVICES GROUP INC	COM	63886q109	8,596	320,500	SH		DFND	1	232,300	0	88,200
NAVIGATORS GROUP INC	COM	638904102	11,779	203,900	SH		DFND	1	138,900	0	65,000
NORFOLK SOUTHERN CORP	COM	655844108	120	1,550	SH		DFND	1	1,550	0	0
NORTHERN TRUST CORP	COM	665859104	98	1,800	SH		DFND	1	1,800	0	0
NUCOR CORP	COM	670346105	1,578	32,200	SH		DFND	1	31,750	0	450
OCEANEERING INTERNATIONAL INC	COM	675232102	24,543	302,100	SH		DFND	1	195,400	0	106,700
OM GROUP INC	COM	670872100	24,516	725,750	SH		DFND	1	476,950	0	248,800
OMNOVA SOLUTIONS INC	COM	682129101	20,968	2,452,400	SH		DFND	1	1,665,100	0	787,300
ON SEMICONDUCTOR CORP	COM	682189105	13,541	1,852,715	SH		DFND	1	1,291,380	0	561,335
OPLINK COMMUNICATIONS INC	COM	68375Q403	14,617	776,700	SH		DFND	1	521,700	0	255,000
ORBITAL SCIENCES CORP	COM	685564106	29,918	1,412,550	SH		DFND	1	985,350	0	427,200
OWENS & MINOR INC	COM	690732102	8,582	248,100	SH		DFND	1	164,000	0	84,100
PARK STERLING CORP	COM	70086y105	3,335	520,300	SH		DFND	1	378,100	0	142,200
PARKER HANNIFIN CORP	COM	701094104	125	1,150	SH		DFND	1	1,150	0	0
PARKWAY PROPERTIES INC	COM	70159Q104	6,176	347,575	SH		DFND	1	245,175	0	102,400
PATTERSON COS INC	COM	703395103	42	1,050	SH		DFND	1	1,050	0	0
PEBBLEBROOK HOTEL TRUST	COM	70509v100	21,590	752,000	SH		DFND	1	518,800	0	233,200
PEOPLE'S UNITED FINANCIAL INC	COM	712704105	52	3,600	SH		DFND	1	3,600	0	0
PEPSICO INC	COM	713448108	867	10,900	SH		DFND	1	10,900	0	0
PLANTRONICS INC.	COM	727493108	23,515	510,650	SH		DFND	1	341,150	0	169,500
PROASSURANCE CORP	COM	74267C106	11,378	252,500	SH		DFND	1	186,700	0	65,800
PROCTER & GAMBLE CO	COM	742718109	16	216	SH		DFND	1	216	0	0
PROSPERITY BANCSHARES INC	COM	743606105	25,725	416,000	SH		DFND	1	274,100	0	141,900
REGAL BELOIT CORP	COM	758750103	22,295	328,200	SH		DFND	1	222,200	0	106,000
ROGERS CORP	COM	775133101	24,351	409,400	SH		DFND	1	274,900	0	134,500
SAEXPLORATION HOLDINGS INC	COM	78636x105	5,624	591,400	SH		DFND	1	396,300	0	195,100
SCHLUMBERGER LTD	COM	806857108	12	134	SH		DFND	1	134	0	0
SCOTTS COMPANY CL A	COM	810186106	129	2,350	SH		DFND	1	2,350	0	0
SELECTIVE INSURANCE GROUP	COM	816300107	8,233	336,050	SH		DFND	1	227,750	0	108,300
SIRONA DENTAL SYSTEMS INC	COM	82966C103	14,643	218,775	SH		DFND	1	149,475	0	69,300
SKYWORKS SOLUTIONS INC	COM	83088M102	127	5,100	SH		DFND	1	5,100	0	0
SNAP-ON INC	COM	833034101	104	1,050	SH		DFND	1	1,050	0	0
SNYDERS-LANCE INC	COM	833551104	18,880	654,875	SH		DFND	1	435,775	0	219,100
SONOCO PRODUCTS CO	COM	835495102	132	3,400	SH		DFND	1	3,400	0	0
STANDARD PARKING CORP	COM	853790103	22,265	828,000	SH		DFND	1	546,900	0	281,100
STIFEL FINANCIAL CORP	COM	860630102	2,410	58,472	SH		DFND	1	11,006	0	47,466
STONERIDGE INC	COM	86183p102	7,431	687,400	SH		DFND	1	464,000	0	223,400
SUPERIOR ENERGY SERVICES INC	COM	868157108	120	4,800	SH		DFND	1	4,800	0	0
SUSQUEHANNA BANK	COM	869099101	10,292	821,356	SH		DFND	1	554,780	0	266,576
TELEFLEX INC	COM	879369106	86	1,050	SH		DFND	1	1,050	0	0
THE FINISH LINE - CLASS A	COM	317923100	21,164	851,000	SH		DFND	1	583,400	0	267,600
TJX COS INC	COM	872540109	2,569	45,561	SH		DFND	1	45,011	0	550
TOWERS WATSON & CO	COM	891894107	139	1,300	SH		DFND	1	1,300	0	0
TRICO BANCSHARES	COM	896095106	11,306	496,300	SH		DFND	1	335,200	0	161,100
TRIUMPH GROUP INC	COM	896818101	23,690	337,375	SH		DFND	1	230,775	0	106,600
UDR INC	COM	902653104	38	1,621	SH		DFND	1	1,621	0	0
UNION PACIFIC CORP	COM	907818108	23	150	SH		DFND	1	150	0	0
UNIT CORP	COM	909218109	20,128	432,950	SH		DFND	1	292,950	0	140,000
UNITED FINANCIAL BANCORP INC	COM	91030t109	16,983	1,050,300	SH		DFND	1	709,200	0	341,100
UNITED STATIONERS INC	COM	913004107	29,990	690,375	SH		DFND	1	458,175	0	232,200
UNIVEST CORP OF PENNSYLVANIA	COM	915271100	3,297	174,900	SH		DFND	1	123,200	0	51,700
UNS ENERGY CORP	COM	903119105	12,245	262,650	SH		DFND	1	160,950	0	101,700
US SILICA HOLDINGS INC	COM	90346e103	13,776	553,237	SH		DFND	1	372,972	0	180,265
VALSPAR CORP	COM	920355104	67	1,050	SH		DFND	1	1,050	0	0
WADDELL & REED FINANCIAL INC C	COM	930059100	15,755	306,050	SH		DFND	1	201,650	0	104,400
WAL-MART STORES INC	COM	931142103	2,630	35,558	SH		DFND	1	35,108	0	450
WALT DISNEY CO	COM	254687106	1,665	25,815	SH		DFND	1	25,415	0	400
WEINGARTEN REALTY INVESTORS	COM	948741103	110	3,750	SH		DFND	1	3,750	0	0
WELLCARE HEALTH PLANS INC	COM	94946t106	28,161	403,800	SH		DFND	1	271,400	0	132,400
WELLPOINT INC	COM	94973V107	2,039	24,385	SH		DFND	1	24,085	0	300
WELLS FARGO & CO	COM	949746101	3,288	79,567	SH		DFND	1	78,667	0	900
WERNER ENTERPRISES INC	COM	950755108	10,299	441,450	SH		DFND	1	302,450	0	139,000
WESTAR ENERGY INC	COM	95709T100	95	3,100	SH		DFND	1	3,100	0	0
WESTERN UNION CO	COM	959802109	123	6,600	SH		DFND	1	6,600	0	0
WEX INC	COM	96208T104	23,587	268,800	SH		DFND	1	177,500	0	91,300
WHIRLPOOL CORP	COM	963320106	2,698	18,424	SH		DFND	1	18,224	0	200
WHITING PETROLEUM CORP	COM	966387102	2,640	44,105	SH		DFND	1	43,605	0	500
WMS INDUSTRIES INC	COM	929297109	18,620	717,525	SH		DFND	1	348,525	0	369,000
WR BERKLEY CORP	COM	084423102	106	2,475	SH		DFND	1	2,475	0	0
XCEL ENERGY INC	COM	98389B100	90	3,250	SH		DFND	1	3,250	0	0
ZIMMER HOLDINGS, INC	COM	98956p102	2,139	26,045	SH		DFND	1	25,745	0	300