Phocas Financial 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
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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 LABS	COM	002824100	528	11,407	SH		SOLE	0	11,407	0	0
ABBVIE INC	COM	00287Y109	6,975	119,151	SH		SOLE	0	119,151	0	0
ABM INDS INC	COM	000957100	337	10,563	SH		SOLE	0	10,563	0	0
ACADIA REALTY TRUST	COM	004239109	10,552	302,512	SH		SOLE	0	302,512	0	0
ACCURAY INC	COM	004397105	8,008	861,040	SH		SOLE	0	861,040	0	0
ACE LTD ORD	COM	H0023R105	4,193	37,609	SH		SOLE	0	37,609	0	0
ACETO CORP	COM	004446100	9,758	443,537	SH		SOLE	0	443,537	0	0
ACTUA CORPORATION	COM	005094107	7,458	481,459	SH		SOLE	0	481,459	0	0
ALERE, INC	COM	01449J105	8,796	179,868	SH		SOLE	0	179,868	0	0
ALEXANDRIA REAL ESTATE	COM	015271109	10,850	110,670	SH		SOLE	0	110,670	0	0
ALLEGIANT TRAVEL CO.	COM	01748X102	6,258	32,542	SH		SOLE	0	32,542	0	0
AMERCO	COM	023586100	15,577	47,145	SH		SOLE	0	47,145	0	0
AMERICAN AXLE & MFG	COM	024061103	9,088	351,821	SH		SOLE	0	351,821	0	0
AMERICAN EQTY INVT LFE	COM	025676206	9,765	335,237	SH		SOLE	0	335,237	0	0
AMERICAN INTL GROUP	COM	026874784	11,752	214,485	SH		SOLE	0	214,485	0	0
AMERICAN REALTY CAPITAL PROPERTIES	COM	02917T104	5,525	560,962	SH		SOLE	0	560,962	0	0
AMERIPRISE FINL INC	COM	03076C106	9,123	69,729	SH		SOLE	0	69,729	0	0
AMERIS BANCORP	COM	03076K108	9,068	343,608	SH		SOLE	0	343,608	0	0
AMGEN INC	COM	031162100	720	4,503	SH		SOLE	0	4,503	0	0
AOL INC	COM	00184X105	5,158	130,224	SH		SOLE	0	130,224	0	0
APACHE CORP	COM	037411105	324	5,371	SH		SOLE	0	5,371	0	0
APPLE COMPUTER INC	COM	037833100	7,643	61,422	SH		SOLE	0	61,422	0	0
ARGONAUT GROUP INC	COM	G0464B107	8,266	164,822	SH		SOLE	0	164,822	0	0
ASHLAND INC	COM	044209104	4,755	37,353	SH		SOLE	0	37,353	0	0
AT&T INC	COM	00206R102	998	30,560	SH		SOLE	0	30,560	0	0
ATMEL CORP	COM	049513104	8,847	1,075,011	SH		SOLE	0	1,075,011	0	0
ATMOS ENERGY CORP	COM	049560105	3,499	63,271	SH		SOLE	0	63,271	0	0
AVALONBAY COMMUNITIES	COM	053484101	2,013	11,553	SH		SOLE	0	11,553	0	0
AVIS BUDGET GROUP	COM	053774105	7,399	125,383	SH		SOLE	0	125,383	0	0
BAKER HUGHES INC	COM	057224107	7,032	110,603	SH		SOLE	0	110,603	0	0
BANK OF AMERICA CORP	COM	060505104	5,613	364,725	SH		SOLE	0	364,725	0	0
BANNER CORP	COM	06652V208	10,673	232,527	SH		SOLE	0	232,527	0	0
BERKSHIRE HATHAWAY CLASS B	COM	084670702	316	2,187	SH		SOLE	0	2,187	0	0
BLACK HILLS CORP	COM	092113109	6,541	129,681	SH		SOLE	0	129,681	0	0
BOK FINL CORP COM NEW	COM	05561Q201	6,190	101,106	SH		SOLE	0	101,106	0	0
BORG WARNER INC	COM	099724106	3,873	64,036	SH		SOLE	0	64,036	0	0
BOSTON PRIVT FINL HLDG	COM	101119105	2,532	208,354	SH		SOLE	0	208,354	0	0
BOSTON PROPERTIES INC	COM	101121101	1,704	12,133	SH		SOLE	0	12,133	0	0
BRISTOL MYERS SQUIBB	COM	110122108	206	3,197	SH		SOLE	0	3,197	0	0
CABOT CORP	COM	127055101	6,369	141,543	SH		SOLE	0	141,543	0	0
CAMDEN PROPERTY TRUST	COM	133131102	402	5,146	SH		SOLE	0	5,146	0	0
CAPITAL BANK FINANCIAL CORP	COM	139794101	4,211	152,529	SH		SOLE	0	152,529	0	0
CAPITAL ONE FINL CORP	COM	14040H105	4,624	58,671	SH		SOLE	0	58,671	0	0
CARRIZO OIL & GAS	COM	144577103	8,572	172,658	SH		SOLE	0	172,658	0	0
CBIZ INC	COM	124805102	7,631	817,881	SH		SOLE	0	817,881	0	0
CENTURYLINK	COM	156700106	2,986	86,424	SH		SOLE	0	86,424	0	0
CHATHAM LODGING TRUST	COM	16208T102	387	13,163	SH		SOLE	0	13,163	0	0
CHESAPEAKE UTILITIES CORP.	COM	165303108	6,777	133,901	SH		SOLE	0	133,901	0	0
CHEVRON CORP NEW	COM	166764100	5,586	53,207	SH		SOLE	0	53,207	0	0
CIGNA CORP	COM	125509109	11,282	87,163	SH		SOLE	0	87,163	0	0
CISCO SYS INC	COM	17275R102	4,406	160,078	SH		SOLE	0	160,078	0	0
CITIGROUP INC	COM	172967424	6,417	124,546	SH		SOLE	0	124,546	0	0
CNO FINANCIAL INC	COM	12621E103	14,652	850,885	SH		SOLE	0	850,885	0	0
COCA COLA ENTERPRISES INC NEW	COM	19122T109	444	10,042	SH		SOLE	0	10,042	0	0
COLGATE PALMOLIVE CO	COM	194162103	505	7,280	SH		SOLE	0	7,280	0	0
COLUMBIA SPORTSWEAR CO	COM	198516106	8,187	134,440	SH		SOLE	0	134,440	0	0
CONOCOPHILLIPS	COM	20825C104	4,936	79,276	SH		SOLE	0	79,276	0	0
CORESITE REALTY CORP	COM	21870Q105	11,029	226,553	SH		SOLE	0	226,553	0	0
CRACKER BARREL OLD COUNTRY STORE	COM	22410J106	6,636	43,617	SH		SOLE	0	43,617	0	0
CRANE CO	COM	224399105	3,260	52,228	SH		SOLE	0	52,228	0	0
CROWN HOLDINGS INC	COM	228368106	4,905	90,800	SH		SOLE	0	90,800	0	0
CVS HEALTH CORP	COM	126650100	13,290	128,763	SH		SOLE	0	128,763	0	0
CYPRESS SEMICONDUCTOR	COM	232806109	7,794	552,403	SH		SOLE	0	552,403	0	0
DANA HOLDING CORP	COM	235825205	8,175	386,365	SH		SOLE	0	386,365	0	0
DELEK US HOLDINGS INC.	COM	246647101	9,630	242,275	SH		SOLE	0	242,275	0	0
DELUXE CORP	COM	248019101	9,282	133,977	SH		SOLE	0	133,977	0	0
DINEEQUITY, INC.	COM	254423106	6,042	56,462	SH		SOLE	0	56,462	0	0
DOMINION RES VA NEW	COM	25746U109	303	4,271	SH		SOLE	0	4,271	0	0
DOMTAR CORP.	COM	257559203	3,313	71,689	SH		SOLE	0	71,689	0	0
DOVER CORP	COM	260003108	667	9,645	SH		SOLE	0	9,645	0	0
DOW CHEM CO	COM	260543103	348	7,257	SH		SOLE	0	7,257	0	0
DSW INC	COM	23334L102	7,958	215,777	SH		SOLE	0	215,777	0	0
DU PONT E I DE NEMOURS	COM	263534109	307	4,297	SH		SOLE	0	4,297	0	0
DUKE ENERGY CORP	COM	26441C204	7,003	91,208	SH		SOLE	0	91,208	0	0
E M C CORP MASS	COM	268648102	5,011	196,062	SH		SOLE	0	196,062	0	0
E.W. SCRIPPS	COM	811054402	7,995	281,135	SH		SOLE	0	281,135	0	0
EATON CORP	SHS	G29183103	4,953	72,905	PRN		SOLE	0	72,905	0	0
EBAY INC	COM	278642103	344	5,956	SH		SOLE	0	5,956	0	0
EMCOR GROUP INC	COM	29084Q100	830	17,857	SH		SOLE	0	17,857	0	0
EMERSON ELEC CO	COM	291011104	362	6,392	SH		SOLE	0	6,392	0	0
EMPIRE DIST ELEC CO	COM	291641108	2,980	120,072	SH		SOLE	0	120,072	0	0
ENDURANCE SPECIALTY HOLDINGS LTD.	SHS	G30397106	5,741	93,898	PRN		SOLE	0	93,898	0	0
ENGILITY HOLDINGS INC.	COM	29286C107	2,073	69,000	SH		SOLE	0	69,000	0	0
ENTERPRISE PRODUCTS PARTNERS	COM	293792107	430	13,066	SH		SOLE	0	13,066	0	0
EQUITY LIFESTYLE PPTYS	COM	29472R108	675	12,280	SH		SOLE	0	12,280	0	0
EQUITY RESIDENTIAL	COM	29476L107	7,653	98,294	SH		SOLE	0	98,294	0	0
ESSEX PROPERTY TRUST	COM	297178105	914	3,976	SH		SOLE	0	3,976	0	0
ESTERLINE TECHNOLOGIES	COM	297425100	8,393	73,354	SH		SOLE	0	73,354	0	0
EXTRA SPACE STORAGE	COM	30225T102	1,394	20,627	SH		SOLE	0	20,627	0	0
EXXON MOBIL CORP	COM	30231G102	6,595	77,589	SH		SOLE	0	77,589	0	0
FEDERAL REALTY INVT TR	COM	313747206	288	1,955	SH		SOLE	0	1,955	0	0
FERRO CORP	COM	315405100	3,478	277,168	SH		SOLE	0	277,168	0	0
FIDELITY SOUTHERN CORP	COM	316394105	6,043	358,001	SH		SOLE	0	358,001	0	0
FINANCIAL SELECT SECTOR SPDR FUND	COM	81369Y605	207	8,600	SH		SOLE	0	8,600	0	0
FIRST INDUSTRIAL RLTY	COM	32054K103	11,993	559,656	SH		SOLE	0	559,656	0	0
FIRST POTOMAC RLTY TR	COM	33610F109	10,194	857,375	SH		SOLE	0	857,375	0	0
FIRST REP BK SAN	COM	33616C100	8,768	153,585	SH		SOLE	0	153,585	0	0
FORD MOTOR CO	COM	345370860	4,754	294,544	SH		SOLE	0	294,544	0	0
GANNETT INC	COM	364730101	2,232	60,197	SH		SOLE	0	60,197	0	0
GENERAL ELEC CO	COM	369604103	7,279	293,407	SH		SOLE	0	293,407	0	0
GENERAL GROWTH PPTYS	COM	370023103	755	25,541	SH		SOLE	0	25,541	0	0
GILEAD SCIENCES INC	COM	375558103	4,267	43,479	SH		SOLE	0	43,479	0	0
GOLDMAN SACHS GROUP	COM	38141G104	4,993	26,561	SH		SOLE	0	26,561	0	0
GOOGLE INC CL A	COM	38259P508	993	1,791	SH		SOLE	0	1,791	0	0
GOOGLE INC CL C	COM	38259P706	5,250	9,581	SH		SOLE	0	9,581	0	0
GRACO INC	COM	384109104	321	4,446	SH		SOLE	0	4,446	0	0
GUGGENHEIM SPIN-OFF	COM	18383M605	1,606	33,795	SH		SOLE	0	33,795	0	0
HARMAN INTL INDS INC	COM	413086109	232	1,734	SH		SOLE	0	1,734	0	0
HARTE-HANKS INC	COM	416196103	4,499	576,822	SH		SOLE	0	576,822	0	0
HARTFORD FINL SVCS	COM	416515104	9,173	219,356	SH		SOLE	0	219,356	0	0
HCA INC	COM	40412C101	4,781	63,554	SH		SOLE	0	63,554	0	0
HEALTH CARE REIT INC	COM	42217K106	725	9,372	SH		SOLE	0	9,372	0	0
HERBALIFE LTD	COM	G4412G101	1,893	44,260	SH		SOLE	0	44,260	0	0
HERITAGE COMMERCE CORP	COM	426927109	4,047	443,246	SH		SOLE	0	443,246	0	0
HERITAGE FINANCIAL CORP	COM	42722X106	5,328	313,388	SH		SOLE	0	313,388	0	0
HERITAGE OAKS BANCORP	COM	42724R107	6,063	729,625	SH		SOLE	0	729,625	0	0
HSN INC.	COM	404303109	7,494	109,835	SH		SOLE	0	109,835	0	0
HUDSON PACIFIC PROPERTIES, INC.	COM	444097109	16,364	493,037	SH		SOLE	0	493,037	0	0
IBERIABANK CORP	COM	450828108	4,986	79,106	SH		SOLE	0	79,106	0	0
IDACORP INC	COM	451107106	4,161	66,189	SH		SOLE	0	66,189	0	0
IMPAX LABORATORIES INC	COM	45256B101	6,308	134,584	SH		SOLE	0	134,584	0	0
INTEL CORP	COM	458140100	424	13,557	SH		SOLE	0	13,557	0	0
INTERVAL LEISURE GROUP, INC	COM	46113M108	4,629	176,607	SH		SOLE	0	176,607	0	0
INTL PAPER CO	COM	460146103	2,804	50,526	SH		SOLE	0	50,526	0	0
ISHARES INTERNATIONAL DEVELOPED REAL EST	COM	464288489	387	12,460	SH		SOLE	0	12,460	0	0
ISHARES RUSSELL 2000 VALUE	COM	464287630	856	8,291	SH		SOLE	0	8,291	0	0
ISHARES S&P U.S. PREFERRED STOCK INDEX F	NOTE	464288687	4,881	121,684	SH		SOLE	0	121,684	0	0
ISHARES TR DJ US REAL EST	COM	464287739	1,005	12,674	SH		SOLE	0	12,674	0	0
JOHNSON & JOHNSON	COM	478160104	5,895	58,596	SH		SOLE	0	58,596	0	0
JPMORGAN CHASE & CO	COM	46625H100	11,621	191,825	SH		SOLE	0	191,825	0	0
KADANT INC	COM	48282T104	5,029	95,588	SH		SOLE	0	95,588	0	0
KAISER ALUMINUM CORP	COM	483007704	5,952	77,413	SH		SOLE	0	77,413	0	0
KEYCORP	COM	493267108	8,923	630,162	SH		SOLE	0	630,162	0	0
KILROY REALTY CORP	COM	49427F108	9,306	122,177	SH		SOLE	0	122,177	0	0
KIMCO REALTY CORP	COM	49446R109	365	13,606	SH		SOLE	0	13,606	0	0
KINDER MORGAN INC KANS	COM	49456B101	267	6,351	SH		SOLE	0	6,351	0	0
KIRBY CORP	COM	497266106	3,708	49,405	SH		SOLE	0	49,405	0	0
KITE RLTY GROUP TR	COM	49803T300	8,071	286,505	SH		SOLE	0	286,505	0	0
LABORATORY AMER HLDGS COM NEW	COM	50540R409	231	1,835	SH		SOLE	0	1,835	0	0
LACLEDE GROUP INC	COM	505597104	5,244	102,384	SH		SOLE	0	102,384	0	0
LAS VEGAS SANDS	COM	517834107	2,691	48,885	SH		SOLE	0	48,885	0	0
LASALLE HOTEL PROPERTIES	COM	517942108	4,509	116,041	SH		SOLE	0	116,041	0	0
MACERICH CO	COM	554382101	376	4,458	SH		SOLE	0	4,458	0	0
MAGELLAN MIDSTREAM	COM	559080106	623	8,125	SH		SOLE	0	8,125	0	0
MARATHON OIL CORP	COM	565849106	8,173	313,025	SH		SOLE	0	313,025	0	0
MATERION CORP	COM	576690101	4,066	105,811	SH		SOLE	0	105,811	0	0
MEDTRONIC PLC	COM	G5960L103	5,588	71,649	SH		SOLE	0	71,649	0	0
MERCK & CO INC	COM	58933Y105	5,557	96,674	SH		SOLE	0	96,674	0	0
MEREDITH CORP	COM	589433101	7,895	141,568	SH		SOLE	0	141,568	0	0
METHODE ELECTRS INC	COM	591520200	8,793	186,916	SH		SOLE	0	186,916	0	0
METLIFE INC	COM	59156R108	7,835	154,997	SH		SOLE	0	154,997	0	0
MICROSOFT CORP	COM	594918104	441	10,854	SH		SOLE	0	10,854	0	0
MONSANTO CO NEW	COM	61166W101	298	2,651	SH		SOLE	0	2,651	0	0
MORGAN STANLEY	COM	617446448	318	8,904	SH		SOLE	0	8,904	0	0
MYR GROUP INC	COM	55405W104	8,494	271,012	SH		SOLE	0	271,012	0	0
NATL PENN BANCSHARES	COM	637138108	3,946	366,355	SH		SOLE	0	366,355	0	0
NCR CORP NEW	COM	62886E108	8,538	289,322	SH		SOLE	0	289,322	0	0
NELNET INC CL A	COM	64031N108	5,480	115,807	SH		SOLE	0	115,807	0	0
NEWBRIDGE BANCORP	COM	65080T102	8,131	911,508	SH		SOLE	0	911,508	0	0
NEWELL RUBBERMAID INC	COM	651229106	6,669	170,705	SH		SOLE	0	170,705	0	0
NOBLE ENRGY INC	COM	655044105	3,684	75,339	SH		SOLE	0	75,339	0	0
NORDSTROM INC	COM	655664100	497	6,192	SH		SOLE	0	6,192	0	0
NORTHSTAR ASSET MANAGEMENT GROUP	COM	66705y104	15,198	651,172	SH		SOLE	0	651,172	0	0
NORTHSTAR RLTY FIN CP	COM	66704R704	747	41,224	SH		SOLE	0	41,224	0	0
NORWEGIAN CRUISE LINE HOLDINGS LTD.	SHS	G66721104	8,146	150,830	PRN		SOLE	0	150,830	0	0
NOVARTIS AG	COM	66987V109	5,338	54,129	SH		SOLE	0	54,129	0	0
NXP SEMICONDUCTORS	COM	N6596X109	6,557	65,333	SH		SOLE	0	65,333	0	0
OSHKOSH CORP	COM	688239201	5,060	103,709	SH		SOLE	0	103,709	0	0
PARK-OHIO HOLDINGS CORP	COM	700666100	8,417	159,805	SH		SOLE	0	159,805	0	0
PDC ENERGY	COM	69327R101	8,290	153,405	SH		SOLE	0	153,405	0	0
PEBBLEBROOK HOTEL	COM	70509V100	14,202	304,954	SH		SOLE	0	304,954	0	0
PEPSICO INC	COM	713448108	1,515	15,846	SH		SOLE	0	15,846	0	0
PERKINELMER INC	COM	714046109	4,977	97,330	SH		SOLE	0	97,330	0	0
PFIZER INC	COM	717081103	12,529	360,139	SH		SOLE	0	360,139	0	0
PHARMERICA	COM	71714F104	4,584	162,604	SH		SOLE	0	162,604	0	0
PHILIP MORRIS INTERNATIONAL INC	COM	718172109	211	2,804	SH		SOLE	0	2,804	0	0
PHILLIPS VAN HEUSEN CP	COM	693656100	4,019	37,717	SH		SOLE	0	37,717	0	0
PLEXUS CORP	COM	729132100	7,548	185,142	SH		SOLE	0	185,142	0	0
POLYONE CORP	COM	73179P106	399	10,671	SH		SOLE	0	10,671	0	0
PORTLAND GENERAL	COM	736508847	5,273	142,160	SH		SOLE	0	142,160	0	0
PRESTIGE BRANDS HOLDINGS, INC.	COM	74112D101	4,193	97,767	SH		SOLE	0	97,767	0	0
PROCTER & GAMBLE CO	COM	742718109	6,464	78,881	SH		SOLE	0	78,881	0	0
PROGENICS PHARMA INC	COM	743187106	7,509	1,255,645	SH		SOLE	0	1,255,645	0	0
PROGRESS SOFTWARE CORP	COM	743312100	8,018	295,087	SH		SOLE	0	295,087	0	0
PROLOGIS	COM	74340W103	299	6,861	SH		SOLE	0	6,861	0	0
PUBLIC STORAGE INC	COM	74460D109	800	4,060	SH		SOLE	0	4,060	0	0
RAYTHEON CO COM NEW	COM	755111507	3,543	32,430	SH		SOLE	0	32,430	0	0
REGENCY CTRS CORP	COM	758849103	451	6,632	SH		SOLE	0	6,632	0	0
RITE AID CORP	COM	767754104	2,940	338,321	SH		SOLE	0	338,321	0	0
ROVI CORP.	COM	779376102	2,871	157,682	SH		SOLE	0	157,682	0	0
RUTH'S HOSPITALITY GROUP, INC.	COM	783332109	6,908	435,011	SH		SOLE	0	435,011	0	0
SABRA HEALTH CARE REIT	COM	78573L106	9,712	292,966	SH		SOLE	0	292,966	0	0
SCHLUMBERGER LTD	COM	806857108	364	4,367	SH		SOLE	0	4,367	0	0
SCHWAB LARGE CAP ETF	COM	808524201	3,354	67,657	SH		SOLE	0	67,657	0	0
SCHWAB US REIT ETF	COM	808524847	454	11,197	SH		SOLE	0	11,197	0	0
SEAGATE TECHNOLOGY	SHS	G7945M107	1,842	35,401	PRN		SOLE	0	35,401	0	0
SEARS HOMETOWN & OUTLET STORES, INC.	COM	812362101	2,235	289,569	SH		SOLE	0	289,569	0	0
SENSIENT TECH CORP	COM	81725T100	11,828	171,724	SH		SOLE	0	171,724	0	0
SILICON MOTION TECHNOLOGY CORP	COM	82706C108	3,409	126,834	SH		SOLE	0	126,834	0	0
SIMON PROPERTY GROUP	COM	828806109	2,858	14,608	SH		SOLE	0	14,608	0	0
SINCLAIR BROADCAST GRP CL A	COM	829226109	8,017	255,251	SH		SOLE	0	255,251	0	0
SKYWEST INC	COM	830879102	4,646	318,000	SH		SOLE	0	318,000	0	0
SKYWORKS SOLUTIONS INC	COM	83088M102	6,833	69,520	SH		SOLE	0	69,520	0	0
SL GREEN REALTY	COM	78440X101	1,011	7,874	SH		SOLE	0	7,874	0	0
SMUCKER J M CO COM NEW	COM	832696405	335	2,892	SH		SOLE	0	2,892	0	0
SOLERA HOLDINGS	COM	83421A104	5,668	109,726	SH		SOLE	0	109,726	0	0
SOUTH JERSEY INDS INC	COM	838518108	3,828	70,519	SH		SOLE	0	70,519	0	0
SOUTHERN CO	COM	842587107	6,191	139,813	SH		SOLE	0	139,813	0	0
SPDR DOW JONES WILSHIRE INTERNATIONAL	COM	78463X863	244	5,630	SH		SOLE	0	5,630	0	0
SPDR S&P DEPOSITORY RECEIPTS	COM	78462F103	936	4,534	SH		SOLE	0	4,534	0	0
STAG INDUSTRIAL	COM	85254J102	7,548	320,898	SH		SOLE	0	320,898	0	0
STANLEY BLACK & DECKER	COM	854502101	4,821	50,552	SH		SOLE	0	50,552	0	0
STATE BANK & TRUST	COM	856190103	8,607	409,834	SH		SOLE	0	409,834	0	0
STRATEGIC HOTELS & RESORTS	COM	86272T106	10,004	804,830	SH		SOLE	0	804,830	0	0
SUN COMMUNITIES INC	COM	866674104	14,283	214,077	SH		SOLE	0	214,077	0	0
SUNTRUST BKS INC	COM	867914103	4,469	108,751	SH		SOLE	0	108,751	0	0
SYNERGY RESOURCES CORP	COM	87164P103	8,458	713,759	SH		SOLE	0	713,759	0	0
SYNNEX CORP	COM	87162W100	18,547	240,095	SH		SOLE	0	240,095	0	0
SYNOVUS FINL CORP	COM	87161C501	13,443	479,943	SH		SOLE	0	479,943	0	0
TE CONNECTIVITY LTD	REG SHS	H84989104	2,603	36,344	PRN		SOLE	0	36,344	0	0
TETRA TECH INC NEW	COM	88162G103	3,310	137,798	SH		SOLE	0	137,798	0	0
TIME INC	COM	887228104	3,415	152,182	SH		SOLE	0	152,182	0	0
TIMKEN CO	COM	887389104	7,448	176,749	SH		SOLE	0	176,749	0	0
TOLL BROTHERS INC	COM	889478103	3,776	95,984	SH		SOLE	0	95,984	0	0
TREEHOUSE FOODS INC	COM	89469A104	8,293	97,543	SH		SOLE	0	97,543	0	0
TRICO BANCSHARES	COM	896095106	5,173	214,375	SH		SOLE	0	214,375	0	0
UNIFIRST CORP MASS	COM	904708104	4,282	36,382	SH		SOLE	0	36,382	0	0
UNILEVER NV	COM	904784709	438	10,500	SH		SOLE	0	10,500	0	0
UNION PAC CORP	COM	907818108	393	3,628	SH		SOLE	0	3,628	0	0
UNITED CMNTY BKS GA CAP STK	COM	90984P303	10,134	536,737	SH		SOLE	0	536,737	0	0
UNITED CONTINENTAL HOLDINGS, INC.	COM	910047109	2,457	36,531	SH		SOLE	0	36,531	0	0
UNITED FINANCIAL BANCORP	COM	910304104	3,344	269,053	SH		SOLE	0	269,053	0	0
UNITED STATES STL CORP	COM	912909108	3,350	137,307	SH		SOLE	0	137,307	0	0
UNITED TECHNOLOGIES CP	COM	913017109	241	2,056	SH		SOLE	0	2,056	0	0
UNITED THERAPEUTIC DEL	COM	91307C102	15,441	89,549	SH		SOLE	0	89,549	0	0
VALERO ENERGY CORP NEW	COM	91913Y100	9,098	143,012	SH		SOLE	0	143,012	0	0
VENTAS INC	COM	92276F100	1,079	14,782	SH		SOLE	0	14,782	0	0
VERINT SYS INC	COM	92343X100	10,925	176,409	SH		SOLE	0	176,409	0	0
VERIZON COMMUNICATIONS	COM	92343V104	5,507	113,250	SH		SOLE	0	113,250	0	0
VIACOM INC CL B	COM	92553P201	6,406	93,790	SH		SOLE	0	93,790	0	0
VORNADO REALTY TRUST	COM	929042109	960	8,571	SH		SOLE	0	8,571	0	0
WALT DISNEY CO	COM	254687106	4,226	40,289	SH		SOLE	0	40,289	0	0
WELLS FARGO & CO	COM	949746101	781	14,362	SH		SOLE	0	14,362	0	0