0001398344-13-000816.txt : 20130214 0001398344-13-000816.hdr.sgml : 20130214 20130214095600 ACCESSION NUMBER: 0001398344-13-000816 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20121231 FILED AS OF DATE: 20130214 DATE AS OF CHANGE: 20130214 EFFECTIVENESS DATE: 20130214 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Granite Investment Partners, LLC CENTRAL INDEX KEY: 0001542266 IRS NUMBER: 270225271 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 13F-HR SEC ACT: 1934 Act SEC FILE NUMBER: 028-14862 FILM NUMBER: 13607070 BUSINESS ADDRESS: STREET 1: 2121 ROSECRANS AVENUE, SUITE 2360 CITY: LOS ANGELES STATE: CA ZIP: 90245 BUSINESS PHONE: 310-933-3199 MAIL ADDRESS: STREET 1: 2121 ROSECRANS AVENUE, SUITE 2360 CITY: LOS ANGELES STATE: CA ZIP: 90245 13F-HR 1 fp0006359_13fhr.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: December 31, 2012 Check here if Amendment [ ]; Amendment Number: This Amendment (Check only one.): [ ] is a restatement. [ ] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Granite Investment Partners, LLC Address: 2121 Rosecrans Avenue, Suite 2360 Los Angeles, CA 90245 Form 13F File Number: 028-14862 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: Geoffrey Edelstein Title: Principal, CCO Phone: 310-933-3199 Signature, Place, and Date of Signing: /s/ Geoffrey Edelstein Los Angeles, CA February 12, 2013 ---------------------- --------------- ----------------- [Signature] [City, State] [Date] Report Type (Check only one.): [X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) [ ] 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) [ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) List of Other Managers Reporting for this Manager: [If there are no entries in this list, omit this section.] Form 13F File Number Name Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 ----------- Form 13F Information Table Entry Total: 228 ----------- Form 13F Information Table Value Total: $ 484,224 ----------- (thousands) List of Other Included Managers: Provide a numbered list of the names(s) and Form 13F file numbers(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report. [If there are no entries in this list, state "NONE" and omit the column headings and list entries.] NONE

COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 ------------------------------- -------------- --------- ----------- -------------------- ---------- -------- ---------------------- VOTING AUTHORITY TITLE OF VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER ---------------------- NAME OF ISSUER CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE ------------------------------- -------------- --------- ----------- ----------- --- ---- ---------- -------- ------- ------ ------- 3M CO COM 88579Y101 1,313 14,146 SOLE 14,146 0 0 ABBOTT LABS COM 002824100 2,674 40,818 SOLE 40,818 0 0 ACME PACKET INC COM COM 004764106 1,924 86,994 SOLE 59,435 0 27,559 ACTIVE NETWORK INC COM 00506D100 281 57,304 SOLE 13,784 0 43,520 AEGEAN MARINE PETROLEUM NETW SHS Y0017S102 155 29,430 SOLE 5,465 0 23,965 ALLERGAN INC COM COM 018490102 8,669 94,508 SOLE 92,908 0 1,600 ALPHA PRO TECH LTD CO COM 020772109 173 121,300 SOLE 47,965 0 73,335 ALTRIA GROUP INC COM 02209S103 549 17,450 SOLE 17,450 0 0 AMAZON COM INC COM COM 023135106 9,297 37,058 SOLE 36,438 0 620 AMERICAN EXPRESS CO COM 025816109 701 12,200 SOLE 12,200 0 0 AMERICAN SOFTWARE INC COM 029683109 160 20,633 SOLE 9,073 0 11,560 AMERICAN WOODMARK COR COM 030506109 219 7,871 SOLE 1,456 0 6,415 AMGEN INC COM COM 031162100 557 6,460 SOLE 6,460 0 0 ANADARKO PETE CORP CO COM 032511107 639 8,600 SOLE 8,600 0 0 APPLE COMPUTER INC COM 037833100 17,895 33,627 SOLE 33,147 0 480 APPLIED INDL TECHNOLOGIES IN COM 03820C105 2,284 54,378 SOLE 36,454 0 17,924 ASTRONICS CORP COM COM 046433108 354 15,484 SOLE 4,269 0 11,215 AUTOMATIC DATA PROCES COM 053015103 5,421 95,221 SOLE 95,221 0 0 BARRETT BUSINESS SERV COM 068463108 379 9,943 SOLE 4,343 0 5,600 BEBE STORES INC COM COM 075571109 190 47,570 SOLE 8,780 0 38,790 BECTON DICKINSON & CO COM 075887109 3,196 40,875 SOLE 40,875 0 0 BERKSHIRE HATHAWAY IN CL B NEW 084670702 1,824 20,330 SOLE 20,330 0 0 BLACKROCK INC COM 09247X101 1,206 5,835 SOLE 5,835 0 0 BOFI HLDG INC COM 05566U108 283 10,185 SOLE 2,485 0 7,700 BOINGO WIRELESS INC COM 09739C102 190 25,215 SOLE 4,750 0 20,465 BORGWARNER INC COM 099724106 7,991 111,571 SOLE 109,650 0 1,921 BP P L C ADR SPONSORE SPONSORED ADR 055622104 415 9,966 SOLE 9,966 0 0 BRAVO BRIO RESTAURANT GROUP COM 10567B109 3,553 264,559 SOLE 177,680 0 86,879 BRIGHTCOVE INC COM 10921T101 263 29,144 SOLE 5,395 0 23,749 BRISTOL MYERS SQUIBB CO COM 110122108 1,118 34,302 SOLE 34,302 0 0 BROADSOFT INC COM 11133B409 2,171 59,764 SOLE 40,060 0 19,704 CALGON CARBON CORP COM 129603106 218 15,383 SOLE 14,919 0 464 CAMPUS CREST CMNTYS INC COM 13466Y105 211 17,215 SOLE 4,445 0 12,770 CARBO CERAMICS INC COM 140781105 1,826 23,306 SOLE 15,622 0 7,684 CARBONITE INC COM 141337105 231 25,014 SOLE 4,549 0 20,465 CELGENE CORP COM 151020104 2,156 27,470 SOLE 26,820 0 650 CERNER CORP COM 156782104 543 7,000 SOLE 7,000 0 0 CHECK POINT SOFTWARE TECH LT ORD M22465104 3,035 63,713 SOLE 62,298 0 1,415 CHEVRON CORP NEW COM 166764100 5,863 54,213 SOLE 54,213 0 0 CHUYS HLDGS INC COM 171604101 543 24,322 SOLE 16,637 0 7,685 CISCO SYS INC COM 17275R102 2,359 120,062 SOLE 120,062 0 0 CITI TRENDS INC COM 17306X102 363 26,350 SOLE 4,830 0 21,520 CITIGROUP INC COM NEW 172967424 316 8,000 SOLE 8,000 0 0 CITRIX SYS INC COM 177376100 5,181 78,951 SOLE 77,153 0 1,798 CLICKSOFTWARE TECHNOLOGIES L ORD M25082104 322 38,306 SOLE 7,051 0 31,255 COASTAL CONTACTS INC COM NEW 19044R207 111 18,290 SOLE 3,400 0 14,890 COCA COLA CO COM 191216100 257 7,088 SOLE 7,088 0 0 COLEMAN CABLE INC COM 193459302 249 26,853 SOLE 4,978 0 21,875 COLGATE PALMOLIVE CO COM 194162103 902 8,625 SOLE 8,625 0 0 COMMERCIAL VEH GROUP INC COM 202608105 168 20,465 SOLE 3,785 0 16,680 COMSCORE INC COM 20564W105 1,366 99,100 SOLE 67,824 0 31,276 CONOCOPHILLIPS COM 20825C104 744 12,828 SOLE 12,828 0 0 COSTCO WHSL CORP NEW COM 22160K105 3,548 35,935 SOLE 35,935 0 0 DAKTRONICS INC COM 234264109 139 12,585 SOLE 2,330 0 10,255 DANAHER CORP DEL COM 235851102 4,280 76,565 SOLE 76,565 0 0 DEXCOM INC COM 252131107 2,822 207,684 SOLE 139,372 0 68,312 DISNEY WALT CO COM DISNEY 254687106 2,287 45,930 SOLE 45,930 0 0 DONALDSON INC COM 257651109 3,004 91,486 SOLE 91,486 0 0 DU PONT E I DE NEMOURS & CO COM 263534109 5,378 119,562 SOLE 117,642 0 1,920 DUKE ENERGY CORP NEW COM NEW 26441C204 242 3,798 SOLE 3,798 0 0 DUNKIN BRANDS GROUP INC COM 265504100 6,927 208,775 SOLE 204,027 0 4,748 E M C CORP MASS COM 268648102 9,580 378,638 SOLE 372,373 0 6,265 ECOLAB INC COM 278865100 13,159 183,014 SOLE 180,970 0 2,044 EL PASO PIPELINE PARTNERS L COM UNIT LPI 283702108 207 5,600 SOLE 5,600 0 0 EMCORE CORP COM NEW 290846203 154 35,730 SOLE 6,595 0 29,135 EMERSON ELEC CO COM 291011104 1,546 29,200 SOLE 29,200 0 0 ENTERPRISE PRODS PARTNERS L COM 293792107 362 7,236 SOLE 7,236 0 0 ESSEX RENT CORP COM 297187106 204 59,590 SOLE 11,225 0 48,365 EXXON MOBIL CORP COM 30231G102 5,299 61,223 SOLE 61,223 0 0 FACEBOOK INC CL A 30303M102 4,714 177,094 SOLE 173,404 0 3,690 FARMER BROS CO COM 307675108 291 20,132 SOLE 3,887 0 16,245 FEDEX CORP COM 31428X106 6,152 67,076 SOLE 65,943 0 1,133 FINANCIAL ENGINES INC COM 317485100 2,118 76,355 SOLE 51,139 0 25,216 FIRST INTST BANCSYSTEM INC COM CL A 32055Y201 2,801 181,522 SOLE 121,844 0 59,678 FIRST REP BK SAN FRANCISCO C COM 33616C100 574 17,515 SOLE 17,338 0 177 FLOW INTL CORP COM 343468104 188 53,585 SOLE 9,630 0 43,955 FORD MTR CO DEL COM PAR $0.01 345370860 259 20,000 SOLE 20,000 0 0 FRESH MKT INC COM 35804H106 2,339 48,645 SOLE 32,610 0 16,035 GENERAL ELECTRIC CO COM 369604103 475 22,634 SOLE 22,634 0 0 GENERAL MLS INC COM 370334104 761 18,820 SOLE 18,820 0 0 GENMARK DIAGNOSTICS INC COM 372309104 174 19,335 SOLE 3,505 0 15,830 GOOGLE INC CL A 38259P508 10,821 15,297 SOLE 15,037 0 260 GRACO INC COM 384109104 2,319 45,043 SOLE 30,480 0 14,563 GRAINGER W W INC COM 384802104 6,731 33,259 SOLE 32,789 0 470 GRAND CANYON ED INC COM 38526M106 2,513 107,053 SOLE 71,801 0 35,252 GREEN PLAINS RENEWABLE ENERG COM 393222104 249 31,440 SOLE 5,730 0 25,710 H & E EQUIPMENT SERVICES INC COM 404030108 2,042 135,504 SOLE 77,932 0 57,572 HALLIBURTON CO COM 406216101 696 20,050 SOLE 20,050 0 0 HCA HOLDINGS INC COM 40412C101 2,538 84,122 SOLE 81,906 0 2,216 HERITAGE CRYSTAL CLEAN INC COM 42726M106 179 11,905 SOLE 2,185 0 9,720 HESKA CORP COM RESTRC NEW 42805E306 163 20,095 SOLE 3,610 0 16,485 HESS CORP COM 42809H107 212 4,000 SOLE 4,000 0 0 HEXCEL CORP NEW COM 428291108 1,003 37,206 SOLE 25,085 0 12,121 HMS HLDGS CORP COM 40425J101 3,033 117,025 SOLE 78,324 0 38,701 HOME DEPOT INC COM 437076102 1,585 25,630 SOLE 25,630 0 0 HOOKER FURNITURE CORP COM 439038100 283 19,485 SOLE 3,575 0 15,910 HOST HOTELS & RESORTS INC COM 44107P104 729 46,519 SOLE 46,519 0 0 HOT TOPIC INC COM 441339108 223 23,108 SOLE 4,283 0 18,825 HOUSTON WIRE & CABLE CO COM 44244K109 194 15,808 SOLE 2,933 0 12,875 HUB GROUP INC CL A 443320106 2,041 60,739 SOLE 40,871 0 19,868 HUBBELL INC CL B 443510201 1,383 16,345 SOLE 16,345 0 0 HUDSON TECHNOLOGIES INC COM 444144109 191 52,380 SOLE 9,650 0 42,730 INTERNATIONAL BUSINESS MACHS COM 459200101 4,849 25,312 SOLE 25,312 0 0 IDEXX LABS INC COM 45168D104 210 2,259 SOLE 2,259 0 0 IKANOS COMMUNICATIONS COM 45173E105 307 189,415 SOLE 34,715 0 154,700 ILLINOIS TOOL WKS INC COM 452308109 626 10,294 SOLE 10,294 0 0 INCONTACT INC COM 45336E109 253 48,924 SOLE 9,049 0 39,875 INFOBLOX INC COM 45672H104 2,036 113,295 SOLE 76,605 0 36,690 INNERWORKINGS INC COM 45773Y105 222 16,115 SOLE 3,040 0 13,075 INSULET CORP COM 45784P101 1,200 56,562 SOLE 38,269 0 18,293 INTEL CORP COM 458140100 635 30,807 SOLE 30,807 0 0 INTERACTIVE INTELLIGENCE GRO COM 45841V109 2,255 67,233 SOLE 45,911 0 21,322 INTERNAP NETWORK SVCS CORP COM PAR $.001 45885A300 172 24,900 SOLE 4,705 0 20,195 INTERPUBLIC GROUP COS INC COM 460690100 136 12,325 SOLE 11,833 0 492 INTRALINKS HLDGS INC COM 46118H104 180 29,190 SOLE 5,500 0 23,690 INTUIT COM 461202103 5,326 89,549 SOLE 87,539 0 2,010 INTUITIVE SURGICAL INC COM NEW 46120E602 4,667 9,518 SOLE 9,298 0 220 ISHARES TR RUSSELL 2000 464287655 442 5,247 SOLE 0 0 5,247 JPMORGAN CHASE & CO COM 46625H100 465 10,580 SOLE 10,580 0 0 JACOBS ENGR GROUP INC DEL COM 469814107 4,271 100,338 SOLE 97,858 0 2,480 JAMES RIVER COAL CO COM NEW 470355207 184 57,200 SOLE 10,640 0 46,560 JOHNSON & JOHNSON COM 478160104 6,488 92,547 SOLE 92,547 0 0 K12 INC COM 48273U102 3,232 158,098 SOLE 106,213 0 51,885 KELLOGG CO COM 487836108 302 5,400 SOLE 5,400 0 0 KENNAMETAL INC COM 489170100 331 8,275 SOLE 8,275 0 0 KILROY RLTY CORP COM 49427F108 1,226 25,891 SOLE 25,891 0 0 LANDEC CORP COM 514766104 315 33,115 SOLE 6,090 0 27,025 LIFEWAY FOODS INC COM 531914109 167 19,130 SOLE 3,565 0 15,565 LIMITED BRANDS INC COM 532716107 3,025 64,274 SOLE 61,734 0 2,540 LINDSAY CORP COM 535555106 204 2,552 SOLE 2,475 0 77 LOGMEIN INC COM 54142L109 3,458 154,308 SOLE 105,467 0 48,841 LOWES COS INC COM 548661107 511 14,400 SOLE 14,400 0 0 LSI INDS INC COM 50216C108 178 25,371 SOLE 4,621 0 20,750 LTX-CREDENCE CORP COM NEW 502403207 198 30,220 SOLE 5,675 0 24,545 LYDALL INC DEL COM 550819106 204 14,220 SOLE 2,630 0 11,590 MAGICJACK VOCALTEC LTD SHS M6787E101 184 10,107 SOLE 1,666 0 8,441 MANITEX INTL INC COM 563420108 173 24,253 SOLE 4,478 0 19,775 MARATHON OIL CORP COM 565849106 321 10,460 SOLE 10,460 0 0 MARKET LEADER INC COM 57056R103 190 29,015 SOLE 5,275 0 23,740 MARKWEST ENERGY PARTNERS L P UNIT LTD PARTN 570759100 423 8,300 SOLE 8,300 0 0 MARRIOTT INTL INC NEW CL A 571903202 7,384 198,127 SOLE 194,277 0 3,850 MASIMO CORP COM 574795100 2,150 102,343 SOLE 68,465 0 33,878 MCDONALDS CORP COM 580135101 707 8,019 SOLE 8,019 0 0 MCGRAW HILL COS INC COM 580645109 6,441 117,825 SOLE 116,054 0 1,771 MDC PARTNERS INC CL A SUB VTG 552697104 196 17,325 SOLE 3,145 0 14,180 MERCK & CO INC NEW COM 58933Y105 1,200 29,312 SOLE 29,312 0 0 MICROFINANCIAL INC COM 595072109 281 38,580 SOLE 6,925 0 31,655 MICROSOFT CORP COM 594918104 4,569 171,071 SOLE 171,071 0 0 MONDELEZ INTL INC CL A 609207105 6,837 268,625 SOLE 263,287 0 5,338 NATIONAL RESEARCH CORP COM 637372103 258 4,763 SOLE 873 0 3,890 NEOGENOMICS INC COM NEW 64049M209 174 70,240 SOLE 12,645 0 57,595 NEW YORK TIMES CO CL A 650111107 93 10,903 SOLE 10,419 0 484 NIKE INC CL B 654106103 5,638 109,259 SOLE 107,749 0 1,510 NOVADAQ TECHNOLOGIES INC COM 66987G102 397 44,714 SOLE 29,961 0 14,753 NOVO-NORDISK A S ADR 670100205 5,993 36,717 SOLE 36,717 0 0 ORACLE CORP COM 68389X105 7,583 227,588 SOLE 224,318 0 3,270 PANDORA MEDIA INC COM 698354107 2,509 273,277 SOLE 193,668 0 79,609 PAREXEL INTL CORP COM 699462107 1,298 43,863 SOLE 29,447 0 14,416 PAYCHEX INC COM 704326107 406 13,060 SOLE 13,060 0 0 PEPSICO INC COM 713448108 7,694 112,440 SOLE 112,440 0 0 PFIZER INC COM 717081103 530 21,145 SOLE 21,145 0 0 PGT INC COM 69336V101 196 43,624 SOLE 8,009 0 35,615 PHILIP MORRIS INTL INC COM 718172109 3,062 36,609 SOLE 36,609 0 0 PIEDMONT NAT GAS INC COM 720186105 460 14,700 SOLE 14,700 0 0 PLUM CREEK TIMBER CO INC COM 729251108 1,144 25,776 SOLE 25,776 0 0 PRAXAIR INC COM 74005P104 5,592 51,092 SOLE 51,092 0 0 PRECISION CASTPARTS CORP COM 740189105 8,020 42,341 SOLE 41,491 0 850 PRICE T ROWE GROUP INC COM 74144T108 3,481 53,450 SOLE 53,450 0 0 PROCTER & GAMBLE CO COM 742718109 1,577 23,222 SOLE 23,222 0 0 PSYCHEMEDICS CORP COM NEW 744375205 176 16,400 SOLE 3,025 0 13,375 PULTE GROUP INC COM 745867101 677 37,300 SOLE 37,300 0 0 QAD INC CL A 74727D306 185 12,855 SOLE 2,400 0 10,455 QUALCOMM INC COM 747525103 8,742 141,324 SOLE 138,564 0 2,760 REACHLOCAL INC COM 75525F104 2,119 164,128 SOLE 108,931 0 55,197 REALD INC COM 75604L105 3,024 269,734 SOLE 181,090 0 88,644 REIS INC COM 75936P105 562 43,097 SOLE 7,737 0 35,360 RENTRAK CORP COM 760174102 444 22,786 SOLE 4,956 0 17,830 ROCKY MTN CHOCOLATE FACTORY COM PAR $0.03 774678403 183 17,319 SOLE 3,199 0 14,120 ROSETTA RESOURCES INC COM 777779307 1,860 41,046 SOLE 27,558 0 13,488 ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 766 11,108 SOLE 11,108 0 0 S&W SEED CO COM 785135104 188 24,347 SOLE 24,347 0 0 SALESFORCE COM INC COM 79466L302 5,447 32,402 SOLE 31,732 0 670 SAP AG SPON ADR 803054204 908 11,300 SOLE 11,300 0 0 SCHLUMBERGER LTD COM 806857108 9,648 139,217 SOLE 137,487 0 1,730 SELECT COMFORT CORP COM 81616X103 2,166 82,758 SOLE 57,379 0 25,379 SERVICESOURCE INTL LLC COM 81763U100 1,016 173,635 SOLE 116,545 0 57,090 SIGMA ALDRICH CORP COM 826552101 4,744 64,472 SOLE 63,137 0 1,335 SILICON LABORATORIES INC COM 826919102 2,933 70,172 SOLE 47,062 0 23,110 SIMPSON MANUFACTURING CO INC COM 829073105 3,017 92,001 SOLE 61,818 0 30,183 SIMULATIONS PLUS INC COM 829214105 176 40,034 SOLE 7,474 0 32,560 SOURCEFIRE INC COM 83616T108 802 16,975 SOLE 11,395 0 5,580 STEELCASE INC CL A 858155203 180 14,125 SOLE 13,384 0 741 STEWART INFORMATION SVCS COR COM 860372101 704 27,060 SOLE 5,000 0 22,060 STRYKER CORP COM 863667101 460 8,400 SOLE 8,400 0 0 SYMMETRY MED INC COM 871546206 197 18,690 SOLE 3,460 0 15,230 SYSCO CORP COM 871829107 1,174 37,070 SOLE 37,070 0 0 TECHNE CORP COM 878377100 2,051 30,014 SOLE 20,146 0 9,868 TEJON RANCH CO COM 879080109 2,246 80,000 SOLE 80,000 0 0 TELULAR CORP COM NEW 87970T208 173 18,238 SOLE 3,333 0 14,905 TENET HEALTHCARE CORP COM NEW 88033G407 568 17,500 SOLE 17,500 0 0 THERMO FISHER SCIENTIFIC INC COM 883556102 724 11,350 SOLE 11,350 0 0 THOMAS PPTYS GROUP INC COM 884453101 172 31,775 SOLE 13,096 0 18,679 TOLL BROTHERS INC COM 889478103 1,022 31,603 SOLE 31,603 0 0 TRAVELCENTERS OF AMERICA LLC COM 894174101 172 36,620 SOLE 6,840 0 29,780 TRINITY BIOTECH PLC SPON ADR NEW 896438306 459 31,805 SOLE 5,810 0 25,995 ULTIMATE SOFTWARE GROUP INC COM 90385D107 802 8,495 SOLE 5,706 0 2,789 UNION PAC CORP COM 907818108 4,517 35,927 SOLE 34,624 0 1,303 UNITED PARCEL SERVICE INC CL B 911312106 1,638 22,215 SOLE 22,215 0 0 UNITED RENTALS INC COM 911363109 2,027 44,539 SOLE 30,829 0 13,710 UNITED TECHNOLOGIES CORP COM 913017109 3,346 40,800 SOLE 40,800 0 0 UNITEDHEALTH GROUP INC COM 91324P102 835 15,400 SOLE 15,400 0 0 V F CORP COM 918204108 4,411 29,221 SOLE 28,581 0 640 VERIZON COMMUNICATIONS INC COM 92343V104 3,384 78,206 SOLE 78,206 0 0 VISA INC COM CL A 92826C839 9,995 65,941 SOLE 64,441 0 1,500 VOLCANO CORPORATION COM 928645100 1,865 78,986 SOLE 53,186 0 25,800 WAL-MART STORES INC COM 931142103 278 4,073 SOLE 4,073 0 0 WALGREEN CO COM 931422109 432 11,685 SOLE 11,685 0 0 WALKER & DUNLOP INC COM 93148P102 295 17,734 SOLE 4,259 0 13,475 WELLS FARGO & CO NEW COM 949746101 14,481 423,681 SOLE 419,244 0 4,437 WEYERHAEUSER CO COM 962166104 6,439 231,438 SOLE 226,387 0 5,051 WILLIAMS PARTNERS L P COM UNIT L P 96950F104 872 17,925 SOLE 17,925 0 0 WILLIAMS SONOMA INC COM 969904101 4,876 111,398 SOLE 109,158 0 2,240 WINTRUST FINANCIAL CORP COM 97650W108 1,857 50,597 SOLE 33,925 0 16,672 WORLD ENERGY SOLUTIONS INC D COM NEW 98145W208 171 38,895 SOLE 7,175 0 31,720 YUM BRANDS INC COM 988498101 387 5,832 SOLE 5,832 0 0 ZALE CORP NEW COM 988858106 338 82,146 SOLE 18,501 0 63,645 ZEP INC COM 98944B108 3,147 217,924 SOLE 145,965 0 71,959 ZIX CORP COM 98974P100 190 68,255 SOLE 12,575 0 55,680