<SEC-DOCUMENT>0001356783-12-000004.txt : 20121113
<SEC-HEADER>0001356783-12-000004.hdr.sgml : 20121112
<ACCEPTANCE-DATETIME>20121113141254
ACCESSION NUMBER:		0001356783-12-000004
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20120930
FILED AS OF DATE:		20121113
DATE AS OF CHANGE:		20121113
EFFECTIVENESS DATE:		20121113

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:		121197997

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>13F-HR
<SEQUENCE>1
<FILENAME>2012Q3Form13F.txt
<TEXT>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 13F

FORM 13F COVER PAGE

Report for the Calendar Year or Quarter Ended:                  09/30/2012

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:           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         11/13/2012
                [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).)
</page>

<page>
FORM 13F SUMMARY PAGE

Report Summary:


Number of Other Included Managers:            1

Form 13F Information Table Entry Total:     237

Form 13F Information Table Value Total:	    1055
        (thousands)

List of Other Included Managers:


Provide a numbered list of the name(s) and Form 13F file number(s) of all
institutional investment managers with respect to which this report is filed,
other than the manager filing this report.

	1 - Wells Fargo Fund Management, LLC

<PAGE>

FORM 13F INFORMATION TABLE

<TABLE>
<CAPTION>
NAME OF ISSUER               TITLE OF    CUSIP    VALUE   SHARES SH/ PUT/INVESTMEOTHERVOTING AUTHORITY
                               CLASS              (1000)  PRN AMTPRN CALLDISCRETIMGRS  SOLE SHAREDNONE
</CAPTION>
<S>                             <C>       <C>      <C>      <C>  <C> <C>   <C>    <C>  <C>   <C>   <C>
3M CO                         COM    88579Y101 339.7359    3676 SH     SOLE             3676   0     0
ABBOTT LABS                   COM    002824100 1906.653   27810 SH     SOLE            27810   0     0
ABM INDS INC                  COM    000957100 204.9740   10828 SH     SOLE            10828   0     0
ACADIA REALTY TRUST           COM    004239109 4977.675  200551 SH     SOLE           200551   0     0
ACE LTD ORD                   COM    H0023R105 11706.35  154846 SH     SOLE           154846   0     0
ACETO CORP                    COM    004446100 6366.238  673676 SH     SOLE           673676   0     0
AETNA INC NEW                 COM    00817Y108  278.982    7045 SH     SOLE             7045   0     0
ALCOA INC                     COM    013817101 4896.306  553255 SH     SOLE           553255   0     0
ALEXANDRIA REAL ESTATE        COM    015271109 14815.82  201521 SH     SOLE           201521   0     0
ALKERMES INC                  COM    G01767105  234.558   11304 SH     SOLE            11304   0     0
AMERICAN CAMPUS CMNTYS        COM    024835100 3590.832   81833 SH     SOLE            81833   0     0
AMERICAN EQTY INVT LFE        COM    025676206 2129.057  183066 SH     SOLE           183066   0     0
AMERICAN INTL GROUP           COM    026874784 12492.23  380977 SH     SOLE           380977   0     0
AMERICAN TOWER CORP           COM    03027X100 275.4940    3859 SH     SOLE             3859   0     0
AMERICAN WATER WORKS CO       COM    030420103 13297.46  358809 SH     SOLE           358809   0     0
AMGEN INC                     COM    031162100 340.8687    4044 SH     SOLE             4044   0     0
ANN INC.                      COM    035623107 2622.914   69518 SH     SOLE            69518   0     0
APACHE CORP                   COM    037411105 6752.788   78094 SH     SOLE            78094   0     0
APPLE COMPUTER INC            COM    037833100 8097.867   12136 SH     SOLE            12136   0     0
ARES CAPITAL CORPORATION      COM    04010L103 3983.678  232420 SH     SOLE           232420   0     0
ARRIS GROUP INC               COM    04269Q100 3403.981  266144 SH     SOLE           266144   0     0
ASHLAND INC                   COM    044209104 12379.64  172900 SH     SOLE           172900   0     0
AT&T CORP COM NEW             COM    00206R102 16224.08  430347 SH     SOLE           430347   0     0
ATMOS ENERGY CORP             COM    049560105 3579.035  100001 SH     SOLE           100001   0     0
AVALONBAY COMMUNITIES         COM    053484101 1343.853    9882 SH     SOLE             9882   0     0
BANK OF AMERICA CORP          COM    060505104 7762.532  879109 SH     SOLE           879109   0     0
BANNER CORP                   COM    06652V208 6692.616  246960 SH     SOLE           246960   0     0
BAXTER INTL INC               COM    071813109 371.2632    6160 SH     SOLE             6160   0     0
BEACON ROOFING SUPPLY         COM    073685109 3306.085  116003 SH     SOLE           116003   0     0
BELO CORP COM SER A           COM    080555105 3698.367  472333 SH     SOLE           472333   0     0
BERKSHIRE HATHAWAY CLASS B    COM    084670702 407.3076    4618 SH     SOLE             4618   0     0
BLACK HILLS CORP              COM    092113109 3710.769  104323 SH     SOLE           104323   0     0
BOB EVANS FARMS INC           COM    096761101 1996.686   51027 SH     SOLE            51027   0     0
BOSTON PROPERTIES INC         COM    101121101 1630.944   14745 SH     SOLE            14745   0     0
CABELAS IN                    COM    126804301 301.6695    5517 SH     SOLE             5517   0     0
CALGON CARBON CORP            COM    129603106 3991.559  278935 SH     SOLE           278935   0     0
CAPITAL ONE FINL CORP         COM    14040H105 9157.972  160638 SH     SOLE           160638   0     0
CARRIZO OIL & GAS             COM    144577103 351.7156   14063 SH     SOLE            14063   0     0
CHEVRON CORP NEW              COM    166764100 15327.17  131496 SH     SOLE           131496   0     0
CIGNA CORP                    COM    125509109 12113.30  256801 SH     SOLE           256801   0     0
CISCO SYS INC                 COM    17275R102 9212.853  482601 SH     SOLE           482601   0     0
CITIGROUP INC                 COM    172967424 7999.143244472.6 SH     SOLE          244472.   0     0
CLIFFS NATURAL RESOURCES, INC.COM    18683K101 4494.706  114866 SH     SOLE           114866   0     0
CNO FINANCIAL INC             COM    12621E103 6851.316  709981 SH     SOLE           709981   0     0
COLGATE PALMOLIVE CO          COM    194162103 373.1256    3480 SH     SOLE             3480   0     0
COLONIAL PROPERTIES TRUST     COM    195872106 3658.469  173799 SH     SOLE           173799   0     0
COLUMBIA BKG SYS INC          COM    197236102 3338.034  180045 SH     SOLE           180045   0     0
COMERICA INC                  COM    200340107 9598.610  309134 SH     SOLE           309134   0     0
COMPUWARE CORP                COM    205638109 4189.462  422751 SH     SOLE           422751   0     0
CONOCOPHILLIPS                COM    20825C104 9074.751  158705 SH     SOLE           158705   0     0
CORESITE REALTY CORP          COM    21870Q105 4042.427  150053 SH     SOLE           150053   0     0
CRACKER BARREL OLD COUNTRY STOCOM    22410J106 2468.574   36784 SH     SOLE            36784   0     0
CUBESMART                     COM    229663109 4421.038  343515 SH     SOLE           343515   0     0
CVS CORP                      COM    126650100 13844.63  285928 SH     SOLE           285928   0     0
DANA HOLDING CORP             COM    235825205 1771.630  144035 SH     SOLE           144035   0     0
DARLING INTL INC              COM    237266101 4268.063  233355 SH     SOLE           233355   0     0
DEVON ENERGY CORP NEW         COM    25179M103 7919.873  130907 SH     SOLE           130907   0     0
DIGITAL REALTY TRUST          COM    253868103 809.5615   11590 SH     SOLE            11590   0     0
DIRECTV COM                   COM    25490A309 7418.998  141422 SH     SOLE           141422   0     0
DOMINION RES VA NEW           COM    25746U109 8690.048  164149 SH     SOLE           164149   0     0
DOVER CORP                    COM    260003108 4568.534   76795 SH     SOLE            76795   0     0
DUKE ENERGY CORP              COM    26441C204 6875.150  106098 SH     SOLE           106098   0     0
E M C CORP MASS               COM    268648102 6699.066  245657 SH     SOLE           245657   0     0
EASTGROUP PPTY INC            COM    277276101 1968.080   36994 SH     SOLE            36994   0     0
EATON CORP                    COM    278058102 6554.820  138697 SH     SOLE           138697   0     0
EBIX INC                      COM    278715206 3158.781  133790 SH     SOLE           133790   0     0
EL PASO PIPELINE PARTNERS LP  COM    283702108  232.625    6250 SH     SOLE             6250   0     0
EMCOR GROUP INC               COM    29084Q100 603.6780   21152 SH     SOLE            21152   0     0
EMERGENT BIOSOLUTIONS         COM    29089Q105 1213.974   85431 SH     SOLE            85431   0     0
EMPIRE DIST ELEC CO           COM    291641108 2130.583   98867 SH     SOLE            98867   0     0
EMULEX CORP COM NEW           COM    292475209 2003.824  277923 SH     SOLE           277923   0     0
ENERGY XXI LTD                COM    G10082140 4771.968  136537 SH     SOLE           136537   0     0
ENTERGY CORP NEW              COM    29364G103 8930.552  128868 SH     SOLE           128868   0     0
ENTERPRISE PRODUCTS PARTNERS  COM    293792107   363.14    6775 SH     SOLE             6775   0     0
EQUITY LIFESTYLE PPTYS        COM    29472R108 516.3496    7580 SH     SOLE             7580   0     0
EQUITY RESIDENTIAL            COM    29476L107 302.4927    5258 SH     SOLE             5258   0     0
ESSEX PROPERTY TRUST          COM    297178105 283.7313    1914 SH     SOLE             1914   0     0
ESTERLINE TECHNOLOGIES        COM    297425100 3389.396   60374 SH     SOLE            60374   0     0
EURONET WORLDWIDE INC         COM    298736109 1793.843   95468 SH     SOLE            95468   0     0
EXTRA SPACE STORAGE           COM    30225T102 635.1415   19102 SH     SOLE            19102   0     0
EXXON MOBIL CORP              COM    30231G102 40497.62  442839 SH     SOLE           442839   0     0
FAIRCHILD SEMICND INTL        COM    303726103 6016.176  458550 SH     SOLE           458550   0     0
FEDERAL REALTY INVT TR        COM    313747206 824.0778    7826 SH     SOLE             7826   0     0
FINISH LINE INC CL A          COM    317923100 2093.035   92042 SH     SOLE            92042   0     0
FIRST FINL BANCORP            COM    320209109 1701.534  100623 SH     SOLE           100623   0     0
FIRST PACTRUST BANCORP INC    COM    33589V101 5413.227  432712 SH     SOLE           432712   0     0
FIRST POTOMAC RLTY TR         COM    33610F109 2812.979  218399 SH     SOLE           218399   0     0
FIRST REP BK SAN              COM    33616C100 15356.96  445646 SH     SOLE           445646   0     0
GENERAL ELEC CO               COM    369604103 25915.47 1141148 SH     SOLE          1141148   0     0
GLIMCHER REALTY TRUST         COM    379302102 135.8033   12848 SH     SOLE            12848   0     0
GOLDMAN SACHS GROUP           COM    38141G104 6199.32054533.08 SH     SOLE          54533.0   0     0
GOODRICH PETROLEUM CORP       COM    382410405 4089.773  323558 SH     SOLE           323558   0     0
GOOGLE INC CL A               COM    38259P508 8289.691   10987 SH     SOLE            10987   0     0
GRACO INC                     COM    384109104 229.1259    4557 SH     SOLE             4557   0     0
GREAT BASIN GOLD              COM    390124105   1.5895   18700 SH     SOLE            18700   0     0
GREAT PLAINS ENERGY           COM    391164100 2542.092  114200 SH     SOLE           114200   0     0
GROUP 1 AUTOMOTIVE INC        COM    398905109 2073.718   34430 SH     SOLE            34430   0     0
HARMAN INTL INDS INC          COM    413086109 8357.083  181046 SH     SOLE           181046   0     0
HARTFORD FINL SVCS            COM    416515104 5459.957  280862 SH     SOLE           280862   0     0
HCP INC.                      COM    40414L109 595.7206   13393 SH     SOLE            13393   0     0
HEALTH NET INC                COM    42222G108 2242.896   99640 SH     SOLE            99640   0     0
HELEN OF TROY                 COM    G4388N106 1957.704   61505 SH     SOLE            61505   0     0
HERITAGE COMMERCE CORP        COM    426927109 3582.775  516250 SH     SOLE           516250   0     0
HEWLETT PACKARD CO            COM    428236103 5449.987  319460 SH     SOLE           319460   0     0
HOME DEPOT INC                COM    437076102 11893.61  197012 SH     SOLE           197012   0     0
HORNBECK OFFSHORE SVCS        COM    440543106 4116.894  112330 SH     SOLE           112330   0     0
HOSPIRA INC                   COM    441060100 8929.993  272090 SH     SOLE           272090   0     0
HURON CONSULTING              COM    447462102 3454.004   99196 SH     SOLE            99196   0     0
IBERIABANK CORP               COM    450828108 4037.315   88151 SH     SOLE            88151   0     0
ICG GROUP, INC                COM    44928D108 5839.825  574786 SH     SOLE           574786   0     0
ICONIX BRAND GROUP INC        COM    451055107 2517.193  138004 SH     SOLE           138004   0     0
INTEL CORP                    COM    458140100 1420.400   62697 SH     SOLE            62697   0     0
ISHARES S&P U.S. PREFERRED STONOTE   464288687 3565.262   89445 SH     SOLE            89445   0     0
ISHARES TR DJ US REAL EST     COM    464287739 878.1432   13640 SH     SOLE            13640   0     0
ITRON INC                     COM    465741106 1896.744   43957 SH     SOLE            43957   0     0
JANUS CAP GROUP INC           COM    47102X105 2195.602  232585 SH     SOLE           232585   0     0
JDA SOFTWARE GROUP INC        COM    46612K108 4331.836  136307 SH     SOLE           136307   0     0
JOHNSON & JOHNSON             COM    478160104 12288.65  178329 SH     SOLE           178329   0     0
JPMORGAN CHASE & CO           COM    46625H100 17228.20  425598 SH     SOLE           425598   0     0
KAISER ALUMINUM CORP          COM    483007704 226.6115    3881 SH     SOLE             3881   0     0
KANSAS CITY SOUTHERN COM      COM    485170302 5562.100   73398 SH     SOLE            73398   0     0
KEYCORP                       COM    493267108 10135.37 1159654 SH     SOLE          1159654   0     0
KILROY REALTY CORP            COM    49427F108 3539.500   79042 SH     SOLE            79042   0     0
KIMCO REALTY CORP             COM    49446R109 439.8184   21698 SH     SOLE            21698   0     0
KRAFT FOODS INC CL A          COM    50075N104 239.0443    5781 SH     SOLE             5781   0     0
LABORATORY AMER HLDGS COM NEW COM    50540R409 370.8047    4010 SH     SOLE             4010   0     0
LACLEDE GROUP INC             COM    505597104 2625.666   61062 SH     SOLE            61062   0     0
LASALLE HOTEL PROPERTIES      COM    517942108 2270.678   85076 SH     SOLE            85076   0     0
MACERICH CO                   COM    554382101 309.3281    5405 SH     SOLE             5405   0     0
MAGELLAN MIDSTREAM            COM    559080106 411.4993    4705 SH     SOLE             4705   0     0
MASTERCARD INC                COM    57636Q104 920.1162    2038 SH     SOLE             2038   0     0
MATERION CORP                 COM    576690101 3472.324  145896 SH     SOLE           145896   0     0
MAXIM INTEGRATED PRODS        COM    57772K101 7303.622  274366 SH     SOLE           274366   0     0
MEASUREMENT SPECIALTIES       COM    583421102 1753.909   53181 SH     SOLE            53181   0     0
MEDTRONIC INC                 COM    585055106 6623.490  153606 SH     SOLE           153606   0     0
MERCK & CO INC                COM    58933Y105 8310.531  184269 SH     SOLE           184269   0     0
MEREDITH CORP                 COM    589433101 2388.295   68237 SH     SOLE            68237   0     0
MERITAGE HOMES CORP           COM    59001A102 564.4032   14841 SH     SOLE            14841   0     0
METLIFE INC                   COM    59156R108 10438.27  302910 SH     SOLE           302910   0     0
MICROSEMI CORP                COM    595137100 5962.516  297086 SH     SOLE           297086   0     0
MICROSOFT CORP                COM    594918104 629.6918   21159 SH     SOLE            21159   0     0
MYR GROUP INC                 COM    55405W104 2019.418  101224 SH     SOLE           101224   0     0
NABORS INDUSTRIES             COM    G6359F103 4799.620  342097 SH     SOLE           342097   0     0
NATIONAL FINL PTNRS CP        COM    63607P208 3843.499  227426 SH     SOLE           227426   0     0
NATIONAL OILWELL VARCO        COM    637071101 305.0588    3808 SH     SOLE             3808   0     0
NATL PENN BANCSHARES          COM    637138108 3868.689  424664 SH     SOLE           424664   0     0
NEWELL RUBBERMAID INC         COM    651229106 10112.27  529716 SH     SOLE           529716   0     0
NISOURCE INC                  COM    65473P105 9775.580  383657 SH     SOLE           383657   0     0
NOBLE CORPORATION SHS         COM    H5833N103 8001.445  223629 SH     SOLE           223629   0     0
NORDSTROM INC                 COM    655664100 288.0396    5220 SH     SOLE             5220   0     0
NORFOLK SOUTHERN CORP         COM    655844108 5105.162   80232 SH     SOLE            80232   0     0
NORTHWESTERN CORP             COM    668074305 3694.300  101968 SH     SOLE           101968   0     0
OMNICOM GROUP INC             COM    681919106 4276.025   82933 SH     SOLE            82933   0     0
ORACLE CORP                   COM    68389X105 620.7058   19730 SH     SOLE            19730   0     0
ORTHOFIX INTERNATIONAL NV     COM    N6748L102 5497.313  122845 SH     SOLE           122845   0     0
PAR PHARMACEUTICAL COS        COM    69888P106 3907.586   78183 SH     SOLE            78183   0     0
PDC ENERGY                    COM    69327R101 5097.427  161158 SH     SOLE           161158   0     0
PEPSICO INC                   COM    713448108 10455.41  147738 SH     SOLE           147738   0     0
PERRY ELLIS INTL INC.         COM    288853104 2354.741  106791 SH     SOLE           106791   0     0
PFIZER INC                    COM    717081103 16555.69  666225 SH     SOLE           666225   0     0
PHILIP MORRIS INTERNATIONAL INCOM    718172109 569.5900    6333 SH     SOLE             6333   0     0
PIER 1 IMPORTS INC            COM    720279108 4289.267  228883 SH     SOLE           228883   0     0
PLEXUS CORP                   COM    729132100 3782.342  124871 SH     SOLE           124871   0     0
POLYONE CORP                  COM    73179P106 181.2426   10938 SH     SOLE            10938   0     0
PORTLAND GENERAL              COM    736508847 2407.695   89042 SH     SOLE            89042   0     0
POWERSHARES COMMODITY INDEX TRCOM    73935S105 479.8737   16732 SH     SOLE            16732   0     0
PRIMERICA                     COM    74164M108 2462.066   85966 SH     SOLE            85966   0     0
PROCTER & GAMBLE CO           COM    742718109 16399.27  236437 SH     SOLE           236437   0     0
PROGRESS SOFTWARE CORP        COM    743312100 2778.839  129913 SH     SOLE           129913   0     0
PROLOGIS                      COM    74340W103 674.3975   19252 SH     SOLE            19252   0     0
PROSPECT CAPITAL CORP         COM    74348T102 2017.900  175165 SH     SOLE           175165   0     0
PROTECTIVE LIFE CORP          COM    743674103 3831.718  146193 SH     SOLE           146193   0     0
PROVIDENT FINL HLDGS          COM    743868101 547.3549   38519 SH     SOLE            38519   0     0
PUBLIC STORAGE INC            COM    74460D109 611.6521    4395 SH     SOLE             4395   0     0
QUALITY SYS INC               COM    747582104 1496.558   80677 SH     SOLE            80677   0     0
RENT A CTR INC NEW            COM    76009N100 2021.555   57627 SH     SOLE            57627   0     0
REX ENERGY                    COM    761565100 2561.784  191894 SH     SOLE           191894   0     0
ROYAL DUTCH SHELL             COM    780259206   277.64    4000 SH     SOLE             4000   0     0
SABRA HEALTH CARE REIT        COM    78573L106 3493.465  174586 SH     SOLE           174586   0     0
SAFEGUARD SCIENTIFICS         COM    786449207 2023.633  128976 SH     SOLE           128976   0     0
SCHLUMBERGER LTD              COM    806857108 282.2316    3902 SH     SOLE             3902   0     0
SCHWAB LARGE CAP ETF          COM    808524201 1439.235   42110 SH     SOLE            42110   0     0
SCIENTIFIC GAMES CORP CL A    COM    80874P109 2252.491  272369 SH     SOLE           272369   0     0
SENSIENT TECH CORP            COM    81725T100 5191.651  141231 SH     SOLE           141231   0     0
SILICON VY BANCSHARES         COM    78486Q101 4902.096   81080 SH     SOLE            81080   0     0
SIMON PROPERTY GROUP          COM    828806109 15872.34  104554 SH     SOLE           104554   0     0
SL GREEN REALTY               COM    78440X101 585.1515    7308 SH     SOLE             7308   0     0
SLM CORP                      COM    78442P106 5976.728  380199 SH     SOLE           380199   0     0
SNYDER'S LANCE INC            COM    833551104  1921.75   76870 SH     SOLE            76870   0     0
SOUTHERN CO                   COM    842587107 251.2365    5451 SH     SOLE             5451   0     0
SOUTHWEST AIRLS CO            COM    844741108 5645.591  643739 SH     SOLE           643739   0     0
SPDR GOLD TRUST               COM    78463V107 374.7202    2180 SH     SOLE             2180   0     0
SPDR S&P DEPOSITORY RECEIPTS  COM    78462F103 899.8125    6250 SH     SOLE             6250   0     0
SPIRIT AIRLINES               COM    848577102 1582.479   92651 SH     SOLE            92651   0     0
STATE BANK & TRUST            COM    856190103 4624.604  280449 SH     SOLE           280449   0     0
STATE STREET CORP             COM    857477103 6539.172  155843 SH     SOLE           155843   0     0
STEINER LEISURE LTD           COM    P8744Y102 3755.421   80675 SH     SOLE            80675   0     0
STRATEGIC HOTELS & RESORTS    COM    86272T106 4206.933  699989 SH     SOLE           699989   0     0
STRYKER CORP                  COM    863667101 6331.992  113762 SH     SOLE           113762   0     0
SUN COMMUNITIES INC           COM    866674104 4199.518   95184 SH     SOLE            95184   0     0
SWIFT ENERGY CO               COM    870738101 4412.111  211308 SH     SOLE           211308   0     0
SYNNEX CORP                   COM    87162W100 4747.297  145712 SH     SOLE           145712   0     0
TARGET CORP                   COM    87612E106 7249.797  114224 SH     SOLE           114224   0     0
TETRA TECH INC NEW            COM    88162G103 4136.238  157511 SH     SOLE           157511   0     0
TEVA PHARMACEUTCL INDS ADR    COM    881624209 5533.576  133629 SH     SOLE           133629   0     0
TIMKEN CO                     COM    887389104 3130.098   84233 SH     SOLE            84233   0     0
TITAN MACHINERY INC           COM    88830R101 2532.525  124878 SH     SOLE           124878   0     0
TRAVELERS INC                 COM    89417E109 6493.164   95124 SH     SOLE            95124   0     0
TREEHOUSE FOODS INC           COM    89469A104 4405.117   83907 SH     SOLE            83907   0     0
TRINITY INDS INC              COM    896522109 3523.872  117580 SH     SOLE           117580   0     0
TRIUMPH GROUP INC NEW         COM    896818101 4299.750   68763 SH     SOLE            68763   0     0
UNIFIRST CORP MASS            COM    904708104 4450.418   66633 SH     SOLE            66633   0     0
UNILEVER NV                   COM    904784709 777.9344   21926 SH     SOLE            21926   0     0
UNION PAC CORP                COM    907818108 220.5446    1858 SH     SOLE             1858   0     0
UNITED TECHNOLOGIES CP        COM    913017109 319.4232    4080 SH     SOLE             4080   0     0
UNITEDHEALTH GROUP INC        COM    91324P102 221.1413    3991 SH     SOLE             3991   0     0
URS CORP NEW                  COM    903236107 8315.681  235505 SH     SOLE           235505   0     0
VENTAS INC                    COM    92276F100 1265.480   20329 SH     SOLE            20329   0     0
VERIFONE                      COM    92342Y109 5710.809  205056 SH     SOLE           205056   0     0
VERIZON COMMUNICATIONS        COM    92343V104 5055.080  110930 SH     SOLE           110930   0     0
VIROPHARMA INC.               COM    928241108 4797.817  158763 SH     SOLE           158763   0     0
VISA INC                      COM    92826C839 621.7164    4630 SH     SOLE             4630   0     0
VORNADO REALTY TRUST          COM    929042109 766.1656    9453 SH     SOLE             9453   0     0
WAL MART STORES INC           COM    931142103 514.0908    6966 SH     SOLE             6966   0     0
WALGREEN CO                   COM    931422109 531.8782   14596 SH     SOLE            14596   0     0
WALT DISNEY CO                COM    254687106 8316.231  159071 SH     SOLE           159071   0     0
WARNACO GROUP INC COM NEW     COM    934390402 2177.049   41947 SH     SOLE            41947   0     0
WASHINGTON BANKING CORP       COM    937303105 4607.219  325139 SH     SOLE           325139   0     0
WASTE MGMT INC DEL            COM    94106L109 6374.969  198721 SH     SOLE           198721   0     0
WELLCARE HEALTH PLANS INC     COM    94946T106 3982.420   70423 SH     SOLE            70423   0     0
WELLS FARGO & CO              COM    949746101 4180.339  121064 SH     SOLE           121064   0     0
WERNER ENTERPRISES INC        COM    950755108 1913.982   89564 SH     SOLE            89564   0     0
WESCO INTL INC                COM    95082P105 505.4192    8836 SH     SOLE             8836   0     0
WHITING PETE CORP NEW         COM    966387102 6550.190  138248 SH     SOLE           138248   0     0
WILSHIRE BANCORP INC          COM    97186T108 4308.034  683815 SH     SOLE           683815   0     0
WINTRUST FINL CORP            COM    97650W108 5355.453  142546 SH     SOLE           142546   0     0
WOLVERINE WORLD WIDE          COM    978097103 2814.477   63432 SH     SOLE            63432   0     0
</table>


</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>