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	483	11,537	SH		SOLE	0	11,537	0	0
ABBVIE INC	COM	00287Y109	5,581	97,712	SH		SOLE	0	97,712	0	0
ACADIA REALTY TRUST	COM	004239109	11,788	335,543	SH		SOLE	0	335,543	0	0
ACETO CORP	COM	004446100	11,183	474,657	SH		SOLE	0	474,657	0	0
AFFILIATED MNGRS GRP	COM	008252108	4,747	29,229	SH		SOLE	0	29,229	0	0
ALERE, INC	COM	01449J105	9,765	192,953	SH		SOLE	0	192,953	0	0
ALEXANDRIA REAL ESTATE	COM	015271109	10,132	111,477	SH		SOLE	0	111,477	0	0
ALLEGIANT TRAVEL CO.	COM	01748X102	6,215	34,906	SH		SOLE	0	34,906	0	0
ALLERGAN INC	COM	G0177J108	5,981	22,312	SH		SOLE	0	22,312	0	0
ALLIANCE DATA SYS CORP	COM	018581108	4,580	20,819	SH		SOLE	0	20,819	0	0
ALPHABET INC CL A	COM	02079K305	1,419	1,860	SH		SOLE	0	1,860	0	0
ALPHABET INC CL C	COM	02079K107	7,262	9,748	SH		SOLE	0	9,748	0	0
AMERICAN EQTY INVT LFE	COM	025676206	2,722	162,013	SH		SOLE	0	162,013	0	0
AMERICAN INTL GROUP	COM	026874784	8,363	154,666	SH		SOLE	0	154,666	0	0
AMERIPRISE FINL INC	COM	03076C106	8,454	89,874	SH		SOLE	0	89,874	0	0
AMERIS BANCORP	COM	03076K108	10,846	366,660	SH		SOLE	0	366,660	0	0
AMGEN INC	COM	031162100	675	4,503	SH		SOLE	0	4,503	0	0
APPLE COMPUTER INC	COM	037833100	7,067	64,844	SH		SOLE	0	64,844	0	0
ARTISAN PARTNERS ASSET MGMT	COM	04316A108	3,230	104,723	SH		SOLE	0	104,723	0	0
ASHLAND INC	COM	044209104	4,372	39,761	SH		SOLE	0	39,761	0	0
ASTEC INDS INC	COM	046224101	6,336	135,763	SH		SOLE	0	135,763	0	0
AT&T INC	COM	00206R102	6,261	159,839	SH		SOLE	0	159,839	0	0
ATLANTIC CAPITAL BANCSHARES INC	COM	048269203	165	11,829	SH		SOLE	0	11,829	0	0
ATMOS ENERGY CORP	COM	049560105	4,508	60,703	SH		SOLE	0	60,703	0	0
AVALONBAY COMMUNITIES	COM	053484101	2,188	11,506	SH		SOLE	0	11,506	0	0
BAKER HUGHES INC	COM	057224107	1,890	43,120	SH		SOLE	0	43,120	0	0
BANK OF AMERICA CORP	COM	060505104	7,281	538,548	SH		SOLE	0	538,548	0	0
BANK OF MARIN BANCORP	COM	063425102	620	12,601	SH		SOLE	0	12,601	0	0
BANNER CORP	COM	06652V208	10,425	247,975	SH		SOLE	0	247,975	0	0
BAXALTA INC	COM	07177M103	7,369	182,405	SH		SOLE	0	182,405	0	0
BERKSHIRE HATHAWAY CLASS B	COM	084670702	226	1,590	SH		SOLE	0	1,590	0	0
BLACK HILLS CORP	COM	092113109	10,729	178,433	SH		SOLE	0	178,433	0	0
BNC BANCORP	COM	05566T101	7,791	368,915	SH		SOLE	0	368,915	0	0
BOEING CO	COM	097023105	3,747	29,515	SH		SOLE	0	29,515	0	0
BOK FINL CORP COM NEW	COM	05561Q201	6,190	113,329	SH		SOLE	0	113,329	0	0
BOSTON PROPERTIES INC	COM	101121101	1,810	14,243	SH		SOLE	0	14,243	0	0
BROWN & BROWN INC	COM	115236101	4,309	120,371	SH		SOLE	0	120,371	0	0
CABOT CORP	COM	127055101	2,931	60,640	SH		SOLE	0	60,640	0	0
CALLON PETE CO DEL	COM	13123X102	6,111	690,467	SH		SOLE	0	690,467	0	0
CAMDEN PROPERTY TRUST	COM	133131102	426	5,066	SH		SOLE	0	5,066	0	0
CAPITAL BANK FINANCIAL CORP	COM	139794101	5,034	163,178	SH		SOLE	0	163,178	0	0
CARRIZO OIL & GAS	COM	144577103	10,126	327,493	SH		SOLE	0	327,493	0	0
CBIZ INC	COM	124805102	8,840	876,108	SH		SOLE	0	876,108	0	0
CENTERSTATE BANKS INC	COM	15201P109	9,688	650,608	SH		SOLE	0	650,608	0	0
CHATHAM LODGING TRUST	COM	16208T102	287	13,397	SH		SOLE	0	13,397	0	0
CHEMBIO DIAGNOSTICS	COM	163572209	127	21,200	SH		SOLE	0	21,200	0	0
CHESAPEAKE UTILITIES CORP.	COM	165303108	9,029	143,393	SH		SOLE	0	143,393	0	0
CHEVRON CORP NEW	COM	166764100	6,030	63,203	SH		SOLE	0	63,203	0	0
CHUBB LTD	COM	H1467J104	4,294	36,040	SH		SOLE	0	36,040	0	0
CIGNA CORP	COM	125509109	4,668	34,014	SH		SOLE	0	34,014	0	0
CISCO SYS INC	COM	17275R102	397	13,947	SH		SOLE	0	13,947	0	0
CITIGROUP INC	COM	172967424	7,402	177,294	SH		SOLE	0	177,294	0	0
CITRIX SYS INC	COM	177376100	2,136	27,177	SH		SOLE	0	27,177	0	0
CNO FINANCIAL INC	COM	12621E103	16,866	941,162	SH		SOLE	0	941,162	0	0
COCA COLA ENTERPRISES INC NEW	COM	19122T109	510	10,042	SH		SOLE	0	10,042	0	0
COLGATE PALMOLIVE CO	COM	194162103	550	7,780	SH		SOLE	0	7,780	0	0
COLUMBIA SPORTSWEAR CO	COM	198516106	5,119	85,197	SH		SOLE	0	85,197	0	0
CONAGRA FOODS INC	COM	205887102	4,263	95,534	SH		SOLE	0	95,534	0	0
CONOCOPHILLIPS	COM	20825C104	4,088	101,517	SH		SOLE	0	101,517	0	0
CORESITE REALTY CORP	COM	21870Q105	16,925	241,750	SH		SOLE	0	241,750	0	0
CROWN HOLDINGS INC	COM	228368106	4,522	91,194	SH		SOLE	0	91,194	0	0
CURTISS WRIGHT CORP	COM	231561101	14,053	185,708	SH		SOLE	0	185,708	0	0
CVS HEALTH CORP	COM	126650100	12,389	119,439	SH		SOLE	0	119,439	0	0
CYPRESS SEMICONDUCTOR	COM	232806109	8,159	942,146	SH		SOLE	0	942,146	0	0
DEAN FOODS CO NEW	COM	242370203	3,813	220,173	SH		SOLE	0	220,173	0	0
DELUXE CORP	COM	248019101	11,896	190,360	SH		SOLE	0	190,360	0	0
DICKS SPORTING GOODS	COM	253393102	4,480	95,838	SH		SOLE	0	95,838	0	0
DINEEQUITY, INC.	COM	254423106	5,653	60,508	SH		SOLE	0	60,508	0	0
DOVER CORP	COM	260003108	868	13,496	SH		SOLE	0	13,496	0	0
DOW CHEM CO	COM	260543103	338	6,640	SH		SOLE	0	6,640	0	0
DSW INC	COM	23334L102	4,875	176,376	SH		SOLE	0	176,376	0	0
DU PONT E I DE NEMOURS	COM	263534109	272	4,297	SH		SOLE	0	4,297	0	0
DUKE ENERGY CORP	COM	26441C204	7,054	87,438	SH		SOLE	0	87,438	0	0
E M C CORP MASS	COM	268648102	446	16,752	SH		SOLE	0	16,752	0	0
E.W. SCRIPPS	COM	811054402	5,429	348,254	SH		SOLE	0	348,254	0	0
EATON CORP	COM	G29183103	4,271	68,278	SH		SOLE	0	68,278	0	0
EMCOR GROUP INC	COM	29084Q100	4,138	85,137	SH		SOLE	0	85,137	0	0
EMMIS COMMUNICTNS CORP CL A	COM	291525103	172	295,312	SH		SOLE	0	295,312	0	0
ENDURANCE SPECIALTY HOLDINGS LTD.	COM	G30397106	3,977	60,865	SH		SOLE	0	60,865	0	0
ENTERCOM COMM CORP CL A	COM	293639100	5,636	532,656	SH		SOLE	0	532,656	0	0
EQUITY LIFESTYLE PPTYS	COM	29472R108	868	11,940	SH		SOLE	0	11,940	0	0
EQUITY RESIDENTIAL	COM	29476L107	3,815	50,852	SH		SOLE	0	50,852	0	0
ESSEX PROPERTY TRUST	COM	297178105	941	4,024	SH		SOLE	0	4,024	0	0
ESTERLINE TECHNOLOGIES	COM	297425100	5,005	78,112	SH		SOLE	0	78,112	0	0
EXPRESS, INC.	COM	30219E103	5,416	252,953	SH		SOLE	0	252,953	0	0
EXTRA SPACE STORAGE	COM	30225T102	1,644	17,589	SH		SOLE	0	17,589	0	0
EXXON MOBIL CORP	COM	30231G102	13,452	160,923	SH		SOLE	0	160,923	0	0
F M C CORP COM NEW	COM	302491303	4,041	100,104	SH		SOLE	0	100,104	0	0
FEDERAL REALTY INVT TR	COM	313747206	305	1,955	SH		SOLE	0	1,955	0	0
FIDELITY SOUTHERN CORP	COM	316394105	6,163	384,255	SH		SOLE	0	384,255	0	0
FIRST INDUSTRIAL RLTY	COM	32054K103	13,541	595,482	SH		SOLE	0	595,482	0	0
FIRST POTOMAC RLTY TR	COM	33610F109	231	25,511	SH		SOLE	0	25,511	0	0
FIRST REP BK SAN	COM	33616C100	5,053	75,823	SH		SOLE	0	75,823	0	0
GALLAGHER ARTHUR J &CO	COM	363576109	5,003	112,471	SH		SOLE	0	112,471	0	0
GENERAL ELEC CO	COM	369604103	9,048	284,620	SH		SOLE	0	284,620	0	0
GENERAL GROWTH PPTYS	COM	370023103	769	25,867	SH		SOLE	0	25,867	0	0
GIBRALTAR INDS INC	COM	374689107	8,553	299,061	SH		SOLE	0	299,061	0	0
GILEAD SCIENCES INC	COM	375558103	3,360	36,576	SH		SOLE	0	36,576	0	0
GOLDMAN SACHS GROUP	COM	38141G104	5,627	35,844	SH		SOLE	0	35,844	0	0
GUGGENHEIM SPIN-OFF	COM	18383M605	1,331	34,488	SH		SOLE	0	34,488	0	0
HARMAN INTL INDS INC	COM	413086109	6,301	70,769	SH		SOLE	0	70,769	0	0
HCA INC	COM	40412C101	3,644	46,684	SH		SOLE	0	46,684	0	0
HD SUPPLY HOLDINGS INC	COM	40416M105	4,539	137,258	SH		SOLE	0	137,258	0	0
HERBALIFE LTD	COM	G4412G101	2,326	37,777	SH		SOLE	0	37,777	0	0
HERITAGE COMMERCE CORP	COM	426927109	4,746	474,109	SH		SOLE	0	474,109	0	0
HERITAGE FINANCIAL CORP	COM	42722X106	6,625	377,072	SH		SOLE	0	377,072	0	0
HERITAGE OAKS BANCORP	COM	42724R107	7,985	1,025,058	SH		SOLE	0	1,025,058	0	0
HERTZ GLOBAL HOLDINGS, INC.	COM	42805T105	2,721	258,365	SH		SOLE	0	258,365	0	0
HOMESTREET INC	COM	43785V102	7,529	361,817	SH		SOLE	0	361,817	0	0
HUDSON PACIFIC PROPERTIES, INC.	COM	444097109	9,237	319,399	SH		SOLE	0	319,399	0	0
IBERIABANK CORP	COM	450828108	4,343	84,705	SH		SOLE	0	84,705	0	0
IDACORP INC	COM	451107106	5,284	70,843	SH		SOLE	0	70,843	0	0
IMPAX LABORATORIES INC	COM	45256B101	4,616	144,159	SH		SOLE	0	144,159	0	0
INTEL CORP	COM	458140100	516	15,957	SH		SOLE	0	15,957	0	0
INTERSIL CORP CL A	COM	46069S109	3,943	294,918	SH		SOLE	0	294,918	0	0
INTERVAL LEISURE GROUP, INC	COM	46113M108	4,627	320,436	SH		SOLE	0	320,436	0	0
ISHARES INTERNATIONAL DEVELOPED REAL EST	COM	464288489	807	27,625	SH		SOLE	0	27,625	0	0
ISHARES RUSSELL 2000 VALUE	COM	464287630	218	2,337	SH		SOLE	0	2,337	0	0
ISHARES S&P U.S. PREFERRED STOCK INDEX F	NOTE	464288687	4,634	118,732	SH		SOLE	0	118,732	0	0
ISHARES TR DJ US REAL EST	COM	464287739	822	10,561	SH		SOLE	0	10,561	0	0
JARDEN CORP	COM	471109108	5,564	94,385	SH		SOLE	0	94,385	0	0
JOHNSON & JOHNSON	COM	478160104	6,133	56,681	SH		SOLE	0	56,681	0	0
JPMORGAN CHASE & CO	COM	46625H100	10,996	185,673	SH		SOLE	0	185,673	0	0
KADANT INC	COM	48282T104	4,577	101,341	SH		SOLE	0	101,341	0	0
KAISER ALUMINUM CORP	COM	483007704	6,939	82,076	SH		SOLE	0	82,076	0	0
KAPSTONE PAPER & PACKAGING CORP	COM	48562P103	4,430	319,872	SH		SOLE	0	319,872	0	0
KEYCORP	COM	493267108	1,770	160,327	SH		SOLE	0	160,327	0	0
KILROY REALTY CORP	COM	49427F108	8,053	130,152	SH		SOLE	0	130,152	0	0
KIMCO REALTY CORP	COM	49446R109	406	14,124	SH		SOLE	0	14,124	0	0
KINDER MORGAN INC KANS	COM	49456B101	6,736	377,164	SH		SOLE	0	377,164	0	0
KITE RLTY GROUP TR	COM	49803T300	8,469	305,637	SH		SOLE	0	305,637	0	0
LABORATORY AMER HLDGS COM NEW	COM	50540R409	215	1,835	SH		SOLE	0	1,835	0	0
LACLEDE GROUP INC	COM	505597104	7,448	109,930	SH		SOLE	0	109,930	0	0
MACERICH CO	COM	554382101	329	4,157	SH		SOLE	0	4,157	0	0
MAGELLAN MIDSTREAM	COM	559080106	270	3,920	SH		SOLE	0	3,920	0	0
MALLINCKRODT PLC	COM	G5785G107	3,807	62,120	SH		SOLE	0	62,120	0	0
MATERION CORP	COM	576690101	4,139	156,292	SH		SOLE	0	156,292	0	0
MATTEL INC	COM	577081102	6,164	183,333	SH		SOLE	0	183,333	0	0
MEDTRONIC PLC	COM	G5960L103	4,000	53,330	SH		SOLE	0	53,330	0	0
MENTOR GRAPHICS CORP	COM	587200106	4,763	234,277	SH		SOLE	0	234,277	0	0
MERCK & CO INC	COM	58933Y105	4,829	91,269	SH		SOLE	0	91,269	0	0
MEREDITH CORP	COM	589433101	7,213	151,860	SH		SOLE	0	151,860	0	0
METHODE ELECTRS INC	COM	591520200	220	7,510	SH		SOLE	0	7,510	0	0
METLIFE INC	COM	59156R108	7,855	178,764	SH		SOLE	0	178,764	0	0
MICROSOFT CORP	COM	594918104	928	16,808	SH		SOLE	0	16,808	0	0
MORGAN STANLEY	COM	617446448	223	8,904	SH		SOLE	0	8,904	0	0
MYR GROUP INC	COM	55405W104	7,304	290,887	SH		SOLE	0	290,887	0	0
NATIONAL CINEMEDIA	COM	635309107	6,210	408,292	SH		SOLE	0	408,292	0	0
NATIONAL OILWELL VARCO	COM	637071101	223	7,162	SH		SOLE	0	7,162	0	0
NATIONAL STORAGE AFFILIATES TRUST	COM	637870106	9,027	425,803	SH		SOLE	0	425,803	0	0
NATL PENN BANCSHARES	COM	637138108	4,234	397,968	SH		SOLE	0	397,968	0	0
NCR CORP NEW	COM	62886E108	22,056	736,904	SH		SOLE	0	736,904	0	0
NEWELL RUBBERMAID INC	COM	651229106	530	11,969	SH		SOLE	0	11,969	0	0
NOBLE ENRGY INC	COM	655044105	5,686	181,025	SH		SOLE	0	181,025	0	0
NORFOLK SOUTHERN CORP	COM	655844108	4,042	48,547	SH		SOLE	0	48,547	0	0
NORTEK, INC.	COM	656559309	3,765	77,966	SH		SOLE	0	77,966	0	0
NORTHSTAR ASSET MANAGEMENT GROUP	COM	66705y104	3,685	324,626	SH		SOLE	0	324,626	0	0
NORWEGIAN CRUISE LINE HOLDINGS LTD.	SHS	G66721104	7,592	137,315	PRN		SOLE	0	137,315	0	0
NXP SEMICONDUCTORS	COM	N6596X109	6,323	77,997	SH		SOLE	0	77,997	0	0
PACIFIC PREMIER BANCORP	COM	69478X105	8,179	382,724	SH		SOLE	0	382,724	0	0
PAREXEL INTL CORP	COM	699462107	7,707	122,863	SH		SOLE	0	122,863	0	0
PDC ENERGY	COM	69327R101	9,793	164,723	SH		SOLE	0	164,723	0	0
PEBBLEBROOK HOTEL	COM	70509V100	13,066	449,468	SH		SOLE	0	449,468	0	0
PENNEY J C INC	COM	708160106	12,656	1,144,298	SH		SOLE	0	1,144,298	0	0
PENUMBRA INC	COM	70975L107	20,994	456,381	SH		SOLE	0	456,381	0	0
PEPSICO INC	COM	713448108	1,623	15,842	SH		SOLE	0	15,842	0	0
PFIZER INC	COM	717081103	7,402	249,739	SH		SOLE	0	249,739	0	0
PHARMERICA	COM	71714F104	5,802	262,430	SH		SOLE	0	262,430	0	0
PHILIP MORRIS INTERNATIONAL INC	COM	718172109	275	2,804	SH		SOLE	0	2,804	0	0
PHILLIPS 66	COM	718546104	307	3,546	SH		SOLE	0	3,546	0	0
PHOTRONICS INC	COM	719405102	4,480	430,335	SH		SOLE	0	430,335	0	0
PIPER JAFFRAY COS	COM	724078100	5,441	109,783	SH		SOLE	0	109,783	0	0
PLEXUS CORP	COM	729132100	7,843	198,454	SH		SOLE	0	198,454	0	0
PNM RES INC	COM	69349H107	7,403	219,538	SH		SOLE	0	219,538	0	0
PORTLAND GENERAL	COM	736508847	6,022	152,496	SH		SOLE	0	152,496	0	0
POST PPTYS INC	COM	737464107	7,735	129,471	SH		SOLE	0	129,471	0	0
PROCTER & GAMBLE CO	COM	742718109	6,273	76,216	SH		SOLE	0	76,216	0	0
PROGENICS PHARMA INC	COM	743187106	2,659	609,963	SH		SOLE	0	609,963	0	0
PROGRESS SOFTWARE CORP	COM	743312100	7,621	315,977	SH		SOLE	0	315,977	0	0
PROLOGIS	COM	74340W103	4,377	99,079	SH		SOLE	0	99,079	0	0
PUBLIC STORAGE INC	COM	74460D109	1,153	4,180	SH		SOLE	0	4,180	0	0
QTS REALTY TRUST INC	COM	74736A103	4,890	103,216	SH		SOLE	0	103,216	0	0
RADIAN GROUP INC	COM	750236101	5,644	455,201	SH		SOLE	0	455,201	0	0
RANGE RES CORP	COM	75281A109	7,610	235,033	SH		SOLE	0	235,033	0	0
RAYTHEON CO COM NEW	COM	755111507	3,996	32,586	SH		SOLE	0	32,586	0	0
REGENCY CTRS CORP	COM	758849103	504	6,740	SH		SOLE	0	6,740	0	0
REXFORD INDUSTRIAL REALTY	COM	76169C100	8,415	463,361	SH		SOLE	0	463,361	0	0
RUTH'S HOSPITALITY GROUP, INC.	COM	783332109	8,584	466,295	SH		SOLE	0	466,295	0	0
SABRA HEALTH CARE REIT	COM	78573L106	6,282	312,697	SH		SOLE	0	312,697	0	0
SCHLUMBERGER LTD	COM	806857108	367	4,972	SH		SOLE	0	4,972	0	0
SCHWAB INTERNATIONAL EQUITY	COM	808524805	400	14,738	SH		SOLE	0	14,738	0	0
SCHWAB LARGE CAP ETF	COM	808524201	5,004	102,448	SH		SOLE	0	102,448	0	0
SCHWAB US REIT ETF	COM	808524847	1,080	26,083	SH		SOLE	0	26,083	0	0
SCIENCE APPLICATIONS INTERNATIONAL	COM	808625107	9,076	170,156	SH		SOLE	0	170,156	0	0
SCRIPPS NETWORKS INTERACTIVE INC	COM	811065101	5,409	82,579	SH		SOLE	0	82,579	0	0
SELECTIVE INS GROUP	COM	816300107	4,343	118,634	SH		SOLE	0	118,634	0	0
SENSIENT TECH CORP	COM	81725T100	11,861	186,898	SH		SOLE	0	186,898	0	0
SILICON MOTION TECHNOLOGY CORP	COM	82706C108	4,829	124,433	SH		SOLE	0	124,433	0	0
SIMON PROPERTY GROUP	COM	828806109	2,985	14,373	SH		SOLE	0	14,373	0	0
SINCLAIR BROADCAST GRP CL A	COM	829226109	11,212	364,627	SH		SOLE	0	364,627	0	0
SKECHERS U S A INC CL A	COM	830566105	3,985	130,874	SH		SOLE	0	130,874	0	0
SKYWEST INC	COM	830879102	8,245	412,451	SH		SOLE	0	412,451	0	0
SKYWORKS SOLUTIONS INC	COM	83088M102	4,741	60,856	SH		SOLE	0	60,856	0	0
SL GREEN REALTY	COM	78440X101	756	7,800	SH		SOLE	0	7,800	0	0
SOUTH JERSEY INDS INC	COM	838518108	4,305	151,322	SH		SOLE	0	151,322	0	0
SOUTHERN CO	COM	842587107	7,175	138,697	SH		SOLE	0	138,697	0	0
SOUTHWEST AIRLS CO	COM	844741108	343	7,657	SH		SOLE	0	7,657	0	0
SPDR DOW JONES WILSHIRE INTERNATIONAL	COM	78463X863	288	6,947	SH		SOLE	0	6,947	0	0
SPDR S&P DEPOSITORY RECEIPTS	COM	78462F103	941	4,579	SH		SOLE	0	4,579	0	0
STAG INDUSTRIAL	COM	85254J102	7,007	344,133	SH		SOLE	0	344,133	0	0
STANLEY BLACK & DECKER	COM	854502101	6,856	65,167	SH		SOLE	0	65,167	0	0
STATE BANK & TRUST	COM	856190103	8,660	438,502	SH		SOLE	0	438,502	0	0
SUN COMMUNITIES INC	COM	866674104	16,391	228,892	SH		SOLE	0	228,892	0	0
SUNTRUST BKS INC	COM	867914103	3,764	104,334	SH		SOLE	0	104,334	0	0
SYNNEX CORP	COM	87162W100	18,505	199,862	SH		SOLE	0	199,862	0	0
SYNOVUS FINL CORP	COM	87161C501	14,860	514,010	SH		SOLE	0	514,010	0	0
TE CONNECTIVITY LTD	REG SHS	H84989104	3,760	60,716	PRN		SOLE	0	60,716	0	0
TETRA TECH INC NEW	COM	88162G103	11,403	382,408	SH		SOLE	0	382,408	0	0
TIMKEN CO	COM	887389104	6,341	189,347	SH		SOLE	0	189,347	0	0
TREEHOUSE FOODS INC	COM	89469A104	8,989	103,619	SH		SOLE	0	103,619	0	0
TRICO BANCSHARES	COM	896095106	8,442	333,403	SH		SOLE	0	333,403	0	0
UNIFIRST CORP MASS	COM	904708104	4,214	38,621	SH		SOLE	0	38,621	0	0
UNILEVER NV	COM	904784709	268	6,000	SH		SOLE	0	6,000	0	0
UNION PAC CORP	COM	907818108	258	3,241	SH		SOLE	0	3,241	0	0
UNITED CMNTY BKS GA CAP STK	COM	90984P303	12,164	658,606	SH		SOLE	0	658,606	0	0
UNITED CONTINENTAL HOLDINGS, INC.	COM	910047109	3,077	51,406	SH		SOLE	0	51,406	0	0
VALERO ENERGY CORP NEW	COM	91913Y100	6,037	94,122	SH		SOLE	0	94,122	0	0
VENTAS INC	COM	92276F100	811	12,887	SH		SOLE	0	12,887	0	0
VEREIT INC	COM	92339V100	4,429	499,305	SH		SOLE	0	499,305	0	0
VERIFONE	COM	92342Y109	5,992	212,166	SH		SOLE	0	212,166	0	0
VERINT SYS INC	COM	92343X100	6,303	188,816	SH		SOLE	0	188,816	0	0
VERIZON COMMUNICATIONS	COM	92343V104	6,217	114,966	SH		SOLE	0	114,966	0	0
VORNADO REALTY TRUST	COM	929042109	764	8,087	SH		SOLE	0	8,087	0	0
WABASH NATL CORP	COM	929566107	8,069	611,297	SH		SOLE	0	611,297	0	0
WAL MART STORES INC	COM	931142103	567	8,282	SH		SOLE	0	8,282	0	0
WALT DISNEY CO	COM	254687106	1,562	15,732	SH		SOLE	0	15,732	0	0
WEB.COM GROUP INC	COM	94733A104	3,638	183,535	SH		SOLE	0	183,535	0	0
WELLS FARGO & CO	COM	949746101	802	16,581	SH		SOLE	0	16,581	0	0
WELLTOWER INC	COM	95040Q104	661	9,539	SH		SOLE	0	9,539	0	0
WEST CORP	COM	952355204	5,618	246,194	SH		SOLE	0	246,194	0	0
WESTROCK CO	COM	96145D105	1,421	36,396	SH		SOLE	0	36,396	0	0
WINTRUST FINL CORP	COM	97650W108	8,344	188,171	SH		SOLE	0	188,171	0	0
YADKIN FINANCIAL CORPORATION	COM	984305102	12,106	511,435	SH		SOLE	0	511,435	0	0