0001356783-11-000003.txt : 20110419 0001356783-11-000003.hdr.sgml : 20110419 20110418185659 ACCESSION NUMBER: 0001356783-11-000003 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20110331 FILED AS OF DATE: 20110419 DATE AS OF CHANGE: 20110418 EFFECTIVENESS DATE: 20110419 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Phocas Financial CORP CENTRAL INDEX KEY: 0001356783 IRS NUMBER: 202647024 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 13F-HR SEC ACT: 1934 Act SEC FILE NUMBER: 028-12179 FILM NUMBER: 11766630 BUSINESS ADDRESS: STREET 1: 2433 MARINER SQUARE LOOP STREET 2: SUITE 202 CITY: ALAMEDA STATE: CA ZIP: 94501 BUSINESS PHONE: (510) 523-5800 MAIL ADDRESS: STREET 1: 2433 MARINER SQUARE LOOP STREET 2: SUITE 202 CITY: ALAMEDA STATE: CA ZIP: 94501 13F-HR 1 form13f.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: 3/31/2011 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: Phocas Financial Corporation Address: 980 Atlantic Avenue Suite 106 Alameda, CA 94501 Form 13F File Number: 28- 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, Iists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: Frances Chiu Title: Chief Compliance Officer Phone: (510) 523 - 5800 Signature, Place, and Date of Signing: Frances Chiu Alameda, CA 04/18/11 [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).) FORM 13F SUMMARY PAGE Report Summary: Number o 0 Form 13F 129 Form 13F624.972 (thousands) List of Other Included Managers: Provide a numbered list of the name(s) and Form I 3F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report. NONE FORM 13F INFORMATION TABLE 3M CO COM 88579Y101 208.79 2,233 SH SOLE 2,233 0 0 AAR CORP COM 000361105 1,347.25 48,602 SH SOLE 48,602 0 0 ABBOTT LABS COM 002824100 3,677.23 74,969 SH SOLE 74,969 0 0 ACADIA REALTY TRUST COM 004239109 3,848.18 203,392 SH SOLE 203,392 0 0 ACCENTURE PLC COM G1151C101 4,919.71 89,498 SH SOLE 89,498 0 0 ACE LTD ORD COM H0023R105 2,178.19 33,666 SH SOLE 33,666 0 0 ACETO CORP COM 004446100 2,144.12 269,024 SH SOLE 269,024 0 0 AETNA INC NEW COM 00817Y108 263.69 7,045 SH SOLE 7,045 0 0 ALCOA INC COM 013817101 2,773.29 157,127 SH SOLE 157,127 0 0 ALEXANDRIA REAL EST EQ COM 015271109 10,146.08 130,128 SH SOLE 130,128 0 0 ALTERRA CAPITAL HOLDINGS COM G0229R108 1,068.54 47,831 SH SOLE 47,831 0 0 AMB PROPERTY CORP COM 00163T109 820.69 22,816 SH SOLE 22,816 0 0 AMERICAN GREETINGS CP CL A COM 026375105 1,499.40 63,534 SH SOLE 63,534 0 0 AMERICAN WATER WORKS CO COM 030420103 4,817.64 171,752 SH SOLE 171,752 0 0 AMERON INTL INC COM 030710107 1,149.93 16,477 SH SOLE 16,477 0 0 APACHE CORP COM 037411105 5,523.51 42,190 SH SOLE 42,190 0 0 APPLE COMPUTER INC COM 037833100 441.21 1,266 SH SOLE 1,266 0 0 ARCHER DANIELS MIDLAND COM 039483102 219.08 6,084 SH SOLE 6,084 0 0 ARES CAPITAL CORPORATION COM 04010L103 3,022.02 178,818 SH SOLE 178,818 0 0 ARRIS GROUP INC COM 04269Q100 1,593.65 125,090 SH SOLE 125,090 0 0 ASHLAND INC COM 044209104 5,210.07 90,202 SH SOLE 90,202 0 0 AT&T CORP COM NEW COM 00206R102 6,886.47 225,048 SH SOLE 225,048 0 0 ATLAS AIR WORLDWIDE HOLDINGS COM 049164205 4,396.61 63,061 SH SOLE 63,061 0 0 ATMOS ENERGY CORP COM 049560105 2,488.72 72,983 SH SOLE 72,983 0 0 AVALONBAY COMMUNITIES COM 053484101 1,448.77 12,065 SH SOLE 12,065 0 0 BAKER HUGHES INC COM 057224107 629.52 8,573 SH SOLE 8,573 0 0 BANK OF AMERICA CORP COM 060505104 7,365.17 552,526 SH SOLE 552,526 0 0 BASIC ENERGY SERVICE COM 06985P100 2,045.57 80,187 SH SOLE 80,187 0 0 BAXTER INTL INC COM 071813109 3,123.71 58,094 SH SOLE 58,094 0 0 BB&T CORP COM 054937107 4,811.93 175,298 SH SOLE 175,298 0 0 BERKSHIRE HATHAWAY CLASS B COM 084670702 6,036.58 72,182 SH SOLE 72,182 0 0 BOSTON PRIVT FINL HLDG COM 101119105 3,034.79 429,249 SH SOLE 429,249 0 0 BOSTON PROPERTIES INC COM 101121101 1,909.71 20,134 SH SOLE 20,134 0 0 BRANDYWINE REALTY TRUST COM 105368203 262.43 21,617 SH SOLE 21,617 0 0 BRISTOL MYERS SQUIBB COM 110122108 4,248.33 160,739 SH SOLE 160,739 0 0 CAPITAL ONE FINL CORP COM 14040H105 2,922.23 56,240 SH SOLE 56,240 0 0 CARNIVAL CORP COM 143658300 3,820.08 99,585 SH SOLE 99,585 0 0 CENTER FINL CORP CALIF COM 15146E102 2,849.44 388,207 SH SOLE 388,207 0 0 CHEVRON CORP NEW COM 166764100 9,328.15 86,830 SH SOLE 86,830 0 0 CHILDRENS PL RETAIL COM 168905107 2,854.96 57,294 SH SOLE 57,294 0 0 CHUBB CORP COM 171232101 2,504.94 40,857 SH SOLE 40,857 0 0 CIGNA CORP COM 125509109 5,195.15 117,325 SH SOLE 117,325 0 0 CINTAS CORP COM 172908105 2,914.21 96,274 SH SOLE 96,274 0 0 CISCO SYS INC COM 17275R102 3,136.32 182,876 SH SOLE 182,876 0 0 CITIGROUP INC COM 172967101 5,012.77 1,134,110 SH SOLE 1,134,110 0 0 COEUR D ALENE MINES ID COM 192108504 4,705.42 135,291 SH SOLE 135,291 0 0 COGDELL SPENCER INC COM 19238U107 3,140.35 528,678 SH SOLE 528,678 0 0 COLGATE PALMOLIVE CO COM 194162103 318.19 3,940 SH SOLE 3,940 0 0 COLONIAL PROPERTIES TRUST COM 195872106 4,482.36 232,850 SH SOLE 232,850 0 0 COLUMBIA BKG SYS INC COM 197236102 2,975.74 155,229 SH SOLE 155,229 0 0 COMPUWARE CORP COM 205638109 5,398.92 467,439 SH SOLE 467,439 0 0 CONAGRA FOODS INC COM 205887102 2,950.23 124,220 SH SOLE 124,220 0 0 CONOCOPHILLIPS COM 20825C104 352.34 4,412 SH SOLE 4,412 0 0 CONSECO INC COM NEW COM 12621E103 3,997.26 532,258 SH SOLE 532,258 0 0 DARLING INTL INC COM 237266101 4,657.99 303,057 SH SOLE 303,057 0 0 DEVON ENERGY CORP NEW COM 25179M103 5,860.71 63,863 SH SOLE 63,863 0 0 DIGITAL REALTY TRUST COM 253868103 897.97 15,445 SH SOLE 15,445 0 0 DIRECTV COM CL A COM 25490A101 3,093.43 66,099 SH SOLE 66,099 0 0 DOMINION RES VA NEW COM 25746U109 2,815.79 62,993 SH SOLE 62,993 0 0 DOVER CORP COM 260003108 4,687.26 71,300 SH SOLE 71,300 0 0 DOW CHEM CO COM 260543103 451.87 11,970 SH SOLE 11,970 0 0 DU PONT E I DE NEMOURS COM 263534109 354.23 6,444 SH SOLE 6,444 0 0 DUKE ENERGY CORP COM 26441C105 4,014.31 221,174 SH SOLE 221,174 0 0 DUPONT FABROS TECHNOLOGY COM 26613Q106 4,828.81 199,126 SH SOLE 199,126 0 0 E M C CORP MASS COM 268648102 4,997.37 188,225 SH SOLE 188,225 0 0 EATON CORP COM 278058102 7,137.79 128,748 SH SOLE 128,748 0 0 EMCORE CORPORATION COM 290846104 64.25 25,000 SH SOLE 25,000 0 0 EMERGENT BIOSOLUTIONS COM 29089Q105 1,545.20 63,957 SH SOLE 63,957 0 0 ENTERGY CORP NEW COM 29364G103 3,387.59 50,403 SH SOLE 50,403 0 0 ENTERTAINMENT PROPERTIES COM 29380T105 252.08 5,384 SH SOLE 5,384 0 0 EQUITY LIFESTYLE PPTYS COM 29472R108 449.67 7,800 SH SOLE 7,800 0 0 EQUITY RESIDENTIAL COM 29476L107 994.90 17,637 SH SOLE 17,637 0 0 ESSEX PROPERTY TRUST COM 297178105 287.68 2,320 SH SOLE 2,320 0 0 ESTERLINE TECHNOLOGIES COM 297425100 3,905.58 55,226 SH SOLE 55,226 0 0 EXXON MOBIL CORP COM 30231G102 1,938.19 23,038 SH SOLE 23,038 0 0 FAIRCHILD SEMICND INTL COM 303726103 6,264.26 344,190 SH SOLE 344,190 0 0 FEDERAL REALTY INVT TR COM 313747206 887.78 10,885 SH SOLE 10,885 0 0 FIRST HORIZON NATL CP COM 320517105 4,957.58 442,246 SH SOLE 442,246 0 0 FIRST INDUSTRIAL RLTY COM 32054K103 1,855.77 156,078 SH SOLE 156,078 0 0 FIRST PACTRUST BANCORP INC COM 33589V101 3,154.98 198,302 SH SOLE 198,302 0 0 FIRST POTOMAC RLTY TR COM 33610F109 1,673.96 106,283 SH SOLE 106,283 0 0 FLUOR CORP NEW COM 343412102 256.26 3,479 SH SOLE 3,479 0 0 FRANKLIN RES INC COM 354613101 3,958.03 31,644 SH SOLE 31,644 0 0 FUEL SYSTEM SOLUTIONS COM 35952W103 1,871.25 62,003 SH SOLE 62,003 0 0 G-III APPAREL GROUP LIMITED COM 36237H101 1,647.54 43,841 SH SOLE 43,841 0 0 GENERAL DYNAMICS CORP COM 369550108 327.91 4,283 SH SOLE 4,283 0 0 GENERAL ELEC CO COM 369604103 12,078.50 602,419 SH SOLE 602,419 0 0 GENERAL GROWTH PPTYS COM 370023103 287.53 18,574 SH SOLE 18,574 0 0 GLIMCHER REALTY TRUST COM 379302102 3,546.39 383,394 SH SOLE 383,394 0 0 GOLDMAN SACHS GROUP COM 38141G104 4,872.49 30,747 SH SOLE 30,747 0 0 GOODRICH PETROLEUM CORP COM 382410405 3,564.84 160,434 SH SOLE 160,434 0 0 GOOGLE INC CL A COM 38259P508 289.27 493 SH SOLE 493 0 0 GREAT BASIN GOLD COM 390124105 49.37 18,700 SH SOLE 18,700 0 0 GREAT PLAINS ENERGY COM 391164100 1,668.95 83,364 SH SOLE 83,364 0 0 HANCOCK HLDG CO COM 410120109 1,501.90 45,734 SH SOLE 45,734 0 0 HEWLETT PACKARD CO COM 428236103 2,412.72 58,890 SH SOLE 58,890 0 0 HOME DEPOT INC COM 437076102 5,597.91 151,050 SH SOLE 151,050 0 0 HOST HOTELS & RESORTS INC COM 44107P104 514.48 29,215 SH SOLE 29,215 0 0 HUNTSMAN CORP COM 447011107 3,851.65 221,614 SH SOLE 221,614 0 0 HURON CONSULTING COM 447462102 4,014.47 144,979 SH SOLE 144,979 0 0 IBERIABANK CORP COM 450828108 3,373.89 56,110 SH SOLE 56,110 0 0 ICONIX BRAND GROUP INC COM 451055107 4,090.03 190,411 SH SOLE 190,411 0 0 INFINITY PPTY & CAS CP COM 45665Q103 3,147.26 52,904 SH SOLE 52,904 0 0 INTEL CORP COM 458140100 1,260.38 62,457 SH SOLE 62,457 0 0 INTERNET CAP GROUP INC COM COM 46059C205 3,779.49 266,161 SH SOLE 266,161 0 0 ISHARES RUSSELL 2000 GROWTH COM 464287648 215.47 2,260 SH SOLE 2,260 0 0 ISHARES S&P U.S. PREFERRED STOCK INDEX F NOTE 464288687 2,201.81 55,531 SH SOLE 55,531 0 0 ISHARES TR DJ US REAL EST COM 464287739 996.73 16,780 SH SOLE 16,780 0 0 JDA SOFTWARE GROUP INC COM 46612K108 3,968.84 131,158 SH SOLE 131,158 0 0 JOHNSON & JOHNSON COM 478160104 5,307.73 89,582 SH SOLE 89,582 0 0 JPMORGAN CHASE & CO COM 46625H100 8,586.36 186,255 SH SOLE 186,255 0 0 KANSAS CITY SOUTHERN COM COM 485170302 2,908.83 53,422 SH SOLE 53,422 0 0 KEYCORP NEW COM 493267108 3,999.90 450,439 SH SOLE 450,439 0 0 KILROY RLTY CORP COM 49427F108 3,251.74 83,743 SH SOLE 83,743 0 0 KIMCO REALTY CORP COM 49446R109 893.65 48,727 SH SOLE 48,727 0 0 KRAFT FOODS INC CL A COM 50075N104 2,507.80 79,968 SH SOLE 79,968 0 0 LABORATORY AMER HLDGS COM NEW COM 50540R409 393.40 4,270 SH SOLE 4,270 0 0 LACLEDE GROUP INC COM 505597104 1,692.67 44,427 SH SOLE 44,427 0 0 LASALLE HOTEL PROPERTIES COM 517942108 4,837.94 179,183 SH SOLE 179,183 0 0 LOUISIANA PAC CORP COM 546347105 1,712.12 163,059 SH SOLE 163,059 0 0 MACERICH CO COM 554382101 289.11 5,837 SH SOLE 5,837 0 0 MARATHON OIL CORP COM 565849106 5,698.15 106,887 SH SOLE 106,887 0 0 MASTERCARD INC COM 57636Q104 513.01 2,038 SH SOLE 2,038 0 0 MATERION CORP COM 576690101 4,019.98 98,529 SH SOLE 98,529 0 0 MAXIM INTEGRATED PRODS COM 57772K101 3,187.84 124,525 SH SOLE 124,525 0 0 METLIFE INC COM 59156R108 5,741.81 128,366 SH SOLE 128,366 0 0 MICROCHIP TECHNOLOGY COM 595017104 1,166.30 30,684 SH SOLE 30,684 0 0 MICROSEMI CORP COM 595137100 4,490.20 216,813 SH SOLE 216,813 0 0 MICROSOFT CORP COM 594918104 2,794.82 110,206 SH SOLE 110,206 0 0 NATIONAL FINL PTNRS CP COM 63607P208 2,450.09 166,108 SH SOLE 166,108 0 0 NATIONWIDE HEALTH PPTY COM 638620104 442.31 10,400 SH SOLE 10,400 0 0 NEWELL RUBBERMAID INC COM 651229106 4,015.56 209,909 SH SOLE 209,909 0 0 NII HLDGS INC CL B NEW COM 62913F201 3,555.83 85,333 SH SOLE 85,333 0 0 NORFOLK SOUTHERN CORP COM 655844108 6,002.38 86,652 SH SOLE 86,652 0 0 OLD NATL BANCP IND COM 680033107 1,170.37 109,176 SH SOLE 109,176 0 0 OM GROUP INC COM 670872100 1,024.62 28,041 SH SOLE 28,041 0 0 OMNICOM GROUP INC COM 681919106 3,779.63 77,041 SH SOLE 77,041 0 0 ORACLE CORP COM 68389X105 586.74 17,550 SH SOLE 17,550 0 0 ORTHOFIX INTERNATIONAL NV COM N6748L102 2,910.10 89,652 SH SOLE 89,652 0 0 OWENS ILL INC COM NEW COM 690768403 2,152.55 71,300 SH SOLE 71,300 0 0 PAN AMERICAN SILVER CORP COM 697900108 262.88 7,080 SH SOLE 7,080 0 0 PAR PHARMACEUTICAL COS COM 69888P106 4,043.91 130,113 SH SOLE 130,113 0 0 PARKER DRILLING CO COM 701081101 3,348.58 484,599 SH SOLE 484,599 0 0 PDC ENERGY COM 716578109 5,710.84 118,951 SH SOLE 118,951 0 0 PENN VA CORP COM 707882106 2,728.63 160,886 SH SOLE 160,886 0 0 PEPSICO INC COM 713448108 1,028.37 15,966 SH SOLE 15,966 0 0 PERRY ELLIS INTL INC. COM 288853104 4,232.49 153,797 SH SOLE 153,797 0 0 PETROHAWK ENERGY CORP. COM 716495106 3,287.21 133,953 SH SOLE 133,953 0 0 PFIZER INC COM 717081103 3,507.66 172,706 SH SOLE 172,706 0 0 PIONEER NAT RES CO COM 723787107 4,335.07 42,534 SH SOLE 42,534 0 0 PORTLAND GENERAL COM 736508847 1,545.53 65,020 SH SOLE 65,020 0 0 POWELL INDS INC COM 739128106 1,717.77 43,554 SH SOLE 43,554 0 0 POWERSHARES COMMODITY INDEX TRACKING FUN COM 73935S105 680.98 22,320 SH SOLE 22,320 0 0 PRIDE INTL INC DEL COM 74153Q102 2,510.43 58,450 SH SOLE 58,450 0 0 PROCTER & GAMBLE CO COM 742718109 3,040.58 49,360 SH SOLE 49,360 0 0 PROLOGIS COM 743410102 666.54 41,711 SH SOLE 41,711 0 0 PROSPECT CAPITAL CORP COM 74348T102 1,647.04 134,893 SH SOLE 134,893 0 0 PUBLIC STORAGE INC COM 74460D109 971.57 8,760 SH SOLE 8,760 0 0 REPUBLIC BANCORP OF KY COM 760281204 1,486.21 76,294 SH SOLE 76,294 0 0 REX ENERGY COM 761565100 3,035.22 260,534 SH SOLE 260,534 0 0 RF MICRODEVICES INC COM 749941100 3,507.31 547,163 SH SOLE 547,163 0 0 RIGEL PHARMACEUTICALS COM NEW COM 766559603 1,342.47 188,815 SH SOLE 188,815 0 0 ROYAL DUTCH SHELL COM 780259206 291.44 4,000 SH SOLE 4,000 0 0 S1 CORPORATION COM 78463B101 1,361.04 203,749 SH SOLE 203,749 0 0 SAFEGUARD SCIENTIFICS COM 786449207 1,915.06 94,106 SH SOLE 94,106 0 0 SAFEWAY INC COM NEW COM 786514208 2,507.98 106,541 SH SOLE 106,541 0 0 SARA LEE CORP COM 803111103 2,678.07 151,560 SH SOLE 151,560 0 0 SCHLUMBERGER LTD COM 806857108 632.02 6,777 SH SOLE 6,777 0 0 SCHNITZER STL INDS CL A COM 806882106 1,121.55 17,252 SH SOLE 17,252 0 0 SCHWAB LARGE CAP ETF COM 808524201 1,000.30 31,635 SH SOLE 31,635 0 0 SENSIENT TECH CORP COM 81725T100 3,786.96 105,663 SH SOLE 105,663 0 0 SILICON VY BANCSHARES COM 78486Q101 4,576.60 80,390 SH SOLE 80,390 0 0 SILVER WHEATON CORP COM 828336107 338.21 7,800 SH SOLE 7,800 0 0 SIMON PROPERTY GROUP COM 828806109 7,926.41 73,968 SH SOLE 73,968 0 0 SL GREEN REALTY COM 78440X101 792.68 10,541 SH SOLE 10,541 0 0 SNYDER'S LANCE INC COM 833551104 1,114.02 56,122 SH SOLE 56,122 0 0 SOUTHWEST BANCORP OKLA COM 844767103 1,681.53 118,501 SH SOLE 118,501 0 0 SPDR S&P DEPOSITORY RECEIPTS COM 78462F103 1,376.02 10,378 SH SOLE 10,378 0 0 STANLEY WKS COM 854502101 222.68 2,907 SH SOLE 2,907 0 0 STATE STREET CORP COM 857477103 3,164.72 70,421 SH SOLE 70,421 0 0 STERLING CONSTRUCTION COM 859241101 1,644.03 97,395 SH SOLE 97,395 0 0 STRATEGIC HOTELS & RESORTS COM 86272T106 3,812.43 591,075 SH SOLE 591,075 0 0 STRYKER CORP COM 863667101 4,207.97 69,210 SH SOLE 69,210 0 0 SUN COMMUNITIES INC COM 866674104 4,313.44 120,994 SH SOLE 120,994 0 0 SWIFT ENERGY CO COM 870738101 5,289.38 123,931 SH SOLE 123,931 0 0 SYNNEX CORP COM 87162W100 3,571.40 109,117 SH SOLE 109,117 0 0 SYNOVUS FINL CORP COM 87161C105 3,418.08 1,424,201 SH SOLE 1,424,201 0 0 SYSTEMAX INC COM 871851101 1,168.26 86,410 SH SOLE 86,410 0 0 TARGET CORP COM 87612E106 385.88 7,716 SH SOLE 7,716 0 0 TELETECH HLDGS INC COM 879939106 1,595.65 82,335 SH SOLE 82,335 0 0 TELLABS INC COM 879664100 1,250.69 238,682 SH SOLE 238,682 0 0 TETRA TECH INC NEW COM 88162G103 1,353.33 54,813 SH SOLE 54,813 0 0 TEVA PHARMACEUTCL INDS ADR COM 881624209 4,887.56 97,420 SH SOLE 97,420 0 0 TIMKEN CO COM 887389104 4,253.25 81,324 SH SOLE 81,324 0 0 TITAN MACHINERY INC COM 88830R101 2,301.13 91,134 SH SOLE 91,134 0 0 TJX COS INC NEW COM 872540109 202.55 4,073 SH SOLE 4,073 0 0 TREDEGAR CORP COM 894650100 1,291.56 59,850 SH SOLE 59,850 0 0 TREEHOUSE FOODS INC COM 89469A104 3,482.83 61,242 SH SOLE 61,242 0 0 TRIQUINT SEMICONDUCTOR COM 89674K103 1,500.49 116,227 SH SOLE 116,227 0 0 TRIUMPH GROUP INC NEW COM 896818101 4,493.26 50,800 SH SOLE 50,800 0 0 UNILEVER NV COM 904784709 687.60 21,926 SH SOLE 21,926 0 0 UNITED STATES STL CORP COM 912909108 2,428.86 45,029 SH SOLE 45,029 0 0 UNITED STATIONERS INC COM 913004107 4,290.43 60,386 SH SOLE 60,386 0 0 UNITIL CORP COM 913259107 1,233.70 52,364 SH SOLE 52,364 0 0 UNITRIN INC COM 913275103 2,169.23 70,247 SH SOLE 70,247 0 0 URS CORP NEW COM 903236107 5,073.70 110,178 SH SOLE 110,178 0 0 V F CORP COM 918204108 3,253.85 33,024 SH SOLE 33,024 0 0 VENTAS INC COM 92276F100 1,051.14 19,358 SH SOLE 19,358 0 0 VERIZON COMMUNICATIONS COM 92343V104 4,511.07 117,049 SH SOLE 117,049 0 0 VIROPHARMA INC. COM 928241108 3,163.30 158,960 SH SOLE 158,960 0 0 VISA INC COM 92826C839 356.32 4,840 SH SOLE 4,840 0 0 VOLCOM INC COM 92864N101 2,710.20 146,260 SH SOLE 146,260 0 0 VORNADO REALTY TRUST COM 929042109 1,036.79 11,849 SH SOLE 11,849 0 0 VORNADO RLTY TR PFD G 6.625% NOTE 929042802 213.57 8,825 SH SOLE 8,825 0 0 WAL MART STORES INC COM 931142103 372.99 7,166 SH SOLE 7,166 0 0 WALGREEN CO COM 931422109 6,621.13 164,951 SH SOLE 164,951 0 0 WALT DISNEY CO COM 254687106 3,489.90 80,991 SH SOLE 80,991 0 0 WASHINGTON BANKING CORP COM 937303105 3,371.27 239,097 SH SOLE 239,097 0 0 WASTE MGMT INC DEL COM 94106L109 226.77 6,073 SH SOLE 6,073 0 0 WATTS WATER TECHNLGS CL A COM 942749102 1,570.75 41,130 SH SOLE 41,130 0 0 WAUSAU PAPER CORP COM 943315101 1,242.24 162,597 SH SOLE 162,597 0 0 WELLCARE HEALTH PLANS INC COM 94946T106 3,065.83 73,083 SH SOLE 73,083 0 0 WELLS FARGO & CO COM 949746101 3,667.02 115,679 SH SOLE 115,679 0 0 WINTRUST FINL CORP COM 97650W108 3,428.59 93,295 SH SOLE 93,295 0 0 ZIONS BANCORPORATION COM 989701107 2,922.83 126,749 SH SOLE 126,749 0 0

NAME OF ISSUER TITLE OF CUSIP VALUE SHARES / SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY CLASS (1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE