<SEC-DOCUMENT>0001356783-13-000001.txt : 20130213
<SEC-HEADER>0001356783-13-000001.hdr.sgml : 20130213
<ACCEPTANCE-DATETIME>20130213172655
ACCESSION NUMBER:		0001356783-13-000001
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20121231
FILED AS OF DATE:		20130213
DATE AS OF CHANGE:		20130213
EFFECTIVENESS DATE:		20130213

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:		13604649

	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>2012Q4Form13F.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:                  12/31/2012

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:           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         02/13/2013
                [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).)
</page>

<page>
FORM 13F SUMMARY PAGE

Report Summary:


Number of Other Included Managers:            1

Form 13F Information Table Entry Total:     231

Form 13F Information Table Value Total:	    912
        (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  341.317    3676 SH     SOLE             3676   0    0
ABBOTT LABS                   COM    002824100  2040.65   31155 SH     SOLE            31155   0    0
ABM INDS INC                  COM    000957100  216.019   10828 SH     SOLE            10828   0    0
ACADIA REALTY TRUST           COM    004239109  4937.32  196863 SH     SOLE           196863   0    0
ACETO CORP                    COM    004446100  6652.63  662613 SH     SOLE           662613   0    0
ALEXANDRIA REAL ESTATE        COM    015271109  663.531    9572 SH     SOLE             9572   0    0
ALKERMES INC                  SHS    G01767105  3616.33  195266 PRN    SOLE           195266   0    0
AMERCO                        COM    023586100   4079.6   32171 SH     SOLE            32171   0    0
AMERICAN CAMPUS CMNTYS        COM    024835100  7568.13  164061 SH     SOLE           164061   0    0
AMERICAN EQTY INVT LFE        COM    025676206  2195.72  179830 SH     SOLE           179830   0    0
AMERICAN INTL GROUP           COM    026874784  9994.28  283124 SH     SOLE           283124   0    0
AMERICAN TOWER CORP           COM    03027X100  681.753    8823 SH     SOLE             8823   0    0
AMERICAN WATER WORKS CO       COM    030420103  7099.96  191219 SH     SOLE           191219   0    0
AMGEN INC                     COM    031162100  348.593    4044 SH     SOLE             4044   0    0
APACHE CORP                   COM    037411105  251.279    3201 SH     SOLE             3201   0    0
APPLE COMPUTER INC            COM    037833100   6558.4   12304 SH     SOLE            12304   0    0
AQUA AMERICA INC              COM    03836W103  3856.04  151693 SH     SOLE           151693   0    0
ASHLAND INC                   COM    044209104  12924.4  160731 SH     SOLE           160731   0    0
AT&T CORP COM NEW             COM    00206R102   6414.2  190276 SH     SOLE           190276   0    0
ATMOS ENERGY CORP             COM    049560105  3450.86   98259 SH     SOLE            98259   0    0
AVALONBAY COMMUNITIES         COM    053484101  1312.38    9679 SH     SOLE             9679   0    0
BANK OF AMERICA CORP          COM    060505104  8087.25  697177 SH     SOLE           697177   0    0
BANNER CORP                   COM    06652V208  7289.74  237219 SH     SOLE           237219   0    0
BAXTER INTL INC               COM    071813109  410.626    6160 SH     SOLE             6160   0    0
BEACON ROOFING SUPPLY         COM    073685109  3794.12  114006 SH     SOLE           114006   0    0
BED BATH & BEYOND INC         COM    075896100  4609.89   82452 SH     SOLE            82452   0    0
BELO CORP COM SER A           COM    080555105  3561.53  464345 SH     SOLE           464345   0    0
BERKSHIRE HATHAWAY CLASS B    COM    084670702  407.507    4543 SH     SOLE             4543   0    0
BLACK HILLS CORP              COM    092113109   3718.2  102317 SH     SOLE           102317   0    0
BOB EVANS FARMS INC           COM    096761101  2016.15   50153 SH     SOLE            50153   0    0
BOISE INC.                    COM    09746Y105  3701.19  465559 SH     SOLE           465559   0    0
BOSTON PROPERTIES INC         COM    101121101  1335.43   12621 SH     SOLE            12621   0    0
BROADCOM CORP CL A            COM    111320107  3902.87  117521 SH     SOLE           117521   0    0
CABELAS IN                    COM    126804301  230.335    5517 SH     SOLE             5517   0    0
CABOT CORP                    COM    127055101  4061.01  102061 SH     SOLE           102061   0    0
CAPITAL ONE FINL CORP         COM    14040H105  6863.08  118472 SH     SOLE           118472   0    0
CARRIZO OIL & GAS             COM    144577103  294.198   14063 SH     SOLE            14063   0    0
CATERPILLAR INC DEL           COM    149123101  337.824    3770 SH     SOLE             3770   0    0
CHEVRON CORP NEW              COM    166764100  15288.1  141373 SH     SOLE           141373   0    0
CIGNA CORP                    COM    125509109  10554.5  197428 SH     SOLE           197428   0    0
CISCO SYS INC                 COM    17275R102  9293.61  472957 SH     SOLE           472957   0    0
CITIGROUP INC                 COM    172967424  13155.8332552.6 SH     SOLE         332552.6   0    0
CNO FINANCIAL INC             COM    12621E103  6356.56  681303 SH     SOLE           681303   0    0
COINSTAR INC                  COM    19259P300  5697.78  112984 SH     SOLE           112984   0    0
COLGATE PALMOLIVE CO          COM    194162103  353.345    3380 SH     SOLE             3380   0    0
COLONIAL PROPERTIES TRUST     COM    195872106  3648.54  170732 SH     SOLE           170732   0    0
COLUMBIA BKG SYS INC          COM    197236102  4163.32  232069 SH     SOLE           232069   0    0
COMERICA INC                  COM    200340107  7479.63  246527 SH     SOLE           246527   0    0
COMPUWARE CORP                COM    205638109   4514.7  415336 SH     SOLE           415336   0    0
CONOCOPHILLIPS                COM    20825C104  7226.66  124619 SH     SOLE           124619   0    0
CONTINENTAL RESOURCES         COM    212015101  7322.91   99645 SH     SOLE            99645   0    0
CORESITE REALTY CORP          COM    21870Q105  4070.11  147148 SH     SOLE           147148   0    0
CRACKER BARREL OLD COUNTRY STOCOM    22410J106  2324.35   36171 SH     SOLE            36171   0    0
CUBESMART                     COM    229663109  6670.96  457856 SH     SOLE           457856   0    0
CVS CORP                      COM    126650100  10861.6  224646 SH     SOLE           224646   0    0
DANA HOLDING CORP             COM    235825205  2210.03  141578 SH     SOLE           141578   0    0
DARLING INTL INC              COM    237266101  3683.38  229637 SH     SOLE           229637   0    0
DESTINATION MATERNITY CORP    COM    25065D100  1975.61   91633 SH     SOLE            91633   0    0
DEVON ENERGY CORP NEW         COM    25179M103  5322.18  102271 SH     SOLE           102271   0    0
DIGITAL REALTY TRUST          COM    253868103  668.513    9847 SH     SOLE             9847   0    0
DIRECTV COM                   COM    25490A309  5542.38  110494 SH     SOLE           110494   0    0
DOMINION RES VA NEW           COM    25746U109  6575.08  126932 SH     SOLE           126932   0    0
DOVER CORP                    COM    260003108  6410.93   97564 SH     SOLE            97564   0    0
DOW CHEM CO                   COM    260543103  5960.78  184430 SH     SOLE           184430   0    0
DU PONT E I DE NEMOURS        COM    263534109  500.296   11123 SH     SOLE            11123   0    0
E M C CORP MASS               COM    268648102   4967.5  196344 SH     SOLE           196344   0    0
EATON CORP                    SHS    G29183103  5991.32  110541 PRN    SOLE           110541   0    0
EBIX INC                      COM    278715206   2687.8  167256 SH     SOLE           167256   0    0
EL PASO PIPELINE PARTNERS LP  COM    283702108  231.063    6250 SH     SOLE             6250   0    0
EMCOR GROUP INC               COM    29084Q100  732.071   21152 SH     SOLE            21152   0    0
EMPIRE DIST ELEC CO           COM    291641108  1977.53   97033 SH     SOLE            97033   0    0
EMULEX CORP COM NEW           COM    292475209  1994.19  273177 SH     SOLE           273177   0    0
ENTERGY CORP NEW              COM    29364G103  6346.89   99559 SH     SOLE            99559   0    0
ENTERPRISE PRODUCTS PARTNERS  COM    293792107  348.557    6960 SH     SOLE             6960   0    0
EQUITY LIFESTYLE PPTYS        COM    29472R108  510.058    7580 SH     SOLE             7580   0    0
ESSEX PROPERTY TRUST          COM    297178105  271.156    1849 SH     SOLE             1849   0    0
ESTERLINE TECHNOLOGIES        COM    297425100     3775   59346 SH     SOLE            59346   0    0
EURONET WORLDWIDE INC         COM    298736109  3532.78  149694 SH     SOLE           149694   0    0
EXTRA SPACE STORAGE           COM    30225T102  671.614   18456 SH     SOLE            18456   0    0
EXXON MOBIL CORP              COM    30231G102    20250  233969 SH     SOLE           233969   0    0
FAIRCHILD SEMICND INTL        COM    303726103  4761.71  330674 SH     SOLE           330674   0    0
FEDERAL REALTY INVT TR        COM    313747206    771.1    7413 SH     SOLE             7413   0    0
FINISH LINE INC CL A          COM    317923100  1712.26   90452 SH     SOLE            90452   0    0
FIRST PACTRUST BANCORP INC    COM    33589V101  5219.54  425390 SH     SOLE           425390   0    0
FIRST POTOMAC RLTY TR         COM    33610F109  2693.18  217895 SH     SOLE           217895   0    0
FIRST REP BK SAN              COM    33616C100  13508.3  412089 SH     SOLE           412089   0    0
FLUOR CORP NEW                COM    343412102  204.356    3479 SH     SOLE             3479   0    0
GENERAL ELEC CO               COM    369604103  15165.4  722506 SH     SOLE           722506   0    0
GOLDMAN SACHS GROUP           COM    38141G104  6845.2653663.08 SH     SOLE         53663.08   0    0
GOODRICH PETROLEUM CORP       COM    382410405  3472.71  372608 SH     SOLE           372608   0    0
GOOGLE INC CL A               COM    38259P508  3636.94    5127 SH     SOLE             5127   0    0
GRACO INC                     COM    384109104   234.64    4557 SH     SOLE             4557   0    0
GREAT BASIN GOLD              COM    390124105      935   18700 SH     SOLE            18700   0    0
GROUP 1 AUTOMOTIVE INC        COM    398905109  2097.31   33833 SH     SOLE            33833   0    0
GULFPORT ENERGY CORP          COM    402635304  6093.72  159438 SH     SOLE           159438   0    0
HALLIBURTON CO                COM    406216101  226.664    6534 SH     SOLE             6534   0    0
HARMAN INTL INDS INC          COM    413086109  13248.2  296779 SH     SOLE           296779   0    0
HARTFORD FINL SVCS            COM    416515104  7364.97  328207 SH     SOLE           328207   0    0
HCP INC.                      COM    40414L109  579.583   12834 SH     SOLE            12834   0    0
HERITAGE COMMERCE CORP        COM    426927109  3545.48  507949 SH     SOLE           507949   0    0
HOME DEPOT INC                COM    437076102  5483.62   88660 SH     SOLE            88660   0    0
HORNBECK OFFSHORE SVCS        COM    440543106  1828.12   53236 SH     SOLE            53236   0    0
HOSPIRA INC                   COM    441060100  6780.49  217045 SH     SOLE           217045   0    0
ICG GROUP, INC                COM    44928D108     6455  564742 SH     SOLE           564742   0    0
IDACORP INC                   COM    451107106  3773.14   87039 SH     SOLE            87039   0    0
INTEL CORP                    COM    458140100  1292.81   62697 SH     SOLE            62697   0    0
ISHARES S&P U.S. PREFERRED STONOTE   464288687  3732.71   94213 SH     SOLE            94213   0    0
ISHARES TR DJ US REAL EST     COM    464287739  881.452   13630 SH     SOLE            13630   0    0
ITRON INC                     COM    465741106  1924.47   43198 SH     SOLE            43198   0    0
JANUS CAP GROUP INC           COM    47102X105  1936.09  227241 SH     SOLE           227241   0    0
JOHNSON & JOHNSON             COM    478160104  12016.1  171414 SH     SOLE           171414   0    0
JPMORGAN CHASE & CO           COM    46625H100    14448  328587 SH     SOLE           328587   0    0
KAISER ALUMINUM CORP          COM    483007704  2969.97   49286 SH     SOLE            49286   0    0
KEYCORP                       COM    493267108  7951.43  944350 SH     SOLE           944350   0    0
KILROY REALTY CORP            COM    49427F108  3673.97   77559 SH     SOLE            77559   0    0
KIMCO REALTY CORP             COM    49446R109  415.554   21509 SH     SOLE            21509   0    0
KODIAK OIL & GAS              COM    50015Q100  2167.47  244912 SH     SOLE           244912   0    0
LABORATORY AMER HLDGS COM NEW COM    50540R409  347.346    4010 SH     SOLE             4010   0    0
LACLEDE GROUP INC             COM    505597104  2314.71   59951 SH     SOLE            59951   0    0
MACERICH CO                   COM    554382101  315.112    5405 SH     SOLE             5405   0    0
MAGELLAN MIDSTREAM            COM    559080106  406.418    9410 SH     SOLE             9410   0    0
MASTERCARD INC                COM    57636Q104  582.658    1186 SH     SOLE             1186   0    0
MAXIM INTEGRATED PRODS        COM    57772K101  3842.14  130685 SH     SOLE           130685   0    0
MCKESSON CORP                 COM    58155Q103  226.014    2331 SH     SOLE             2331   0    0
MEASUREMENT SPECIALTIES       COM    583421102  1792.66   52173 SH     SOLE            52173   0    0
MEDICAL PROPERTIES TRUST      COM    58463J304  3916.16  327438 SH     SOLE           327438   0    0
MEDTRONIC INC                 COM    585055106  5088.12  124040 SH     SOLE           124040   0    0
MERCK & CO INC                COM    58933Y105   5909.2  144338 SH     SOLE           144338   0    0
MEREDITH CORP                 COM    589433101  2310.15   67058 SH     SOLE            67058   0    0
MERITAGE HOMES CORP           COM    59001A102  229.665    6149 SH     SOLE             6149   0    0
METLIFE INC                   COM    59156R108  7906.06  240014 SH     SOLE           240014   0    0
MICROSEMI CORP                COM    595137100  6114.48  290612 SH     SOLE           290612   0    0
MICROSOFT CORP                COM    594918104  549.606   20577 SH     SOLE            20577   0    0
MYR GROUP INC                 COM    55405W104  3067.99  137887 SH     SOLE           137887   0    0
NATIONAL FINL PTNRS CP        COM    63607P208   3830.1  223460 SH     SOLE           223460   0    0
NATIONAL OILWELL VARCO        COM    637071101  260.277    3808 SH     SOLE             3808   0    0
NATL PENN BANCSHARES          COM    637138108  3892.97  417701 SH     SOLE           417701   0    0
NELNET INC CL A               COM    64031N108  1974.21   66271 SH     SOLE            66271   0    0
NEUSTAR INC.                  COM    64126X201  4080.97   98242 SH     SOLE            98242   0    0
NEWELL RUBBERMAID INC         COM    651229106  9285.86  416967 SH     SOLE           416967   0    0
NISOURCE INC                  COM    65473P105  7482.16  300609 SH     SOLE           300609   0    0
NOBLE CORPORATION SHS         COM    H5833N103  5974.17  171573 SH     SOLE           171573   0    0
NOBLE ENRGY INC               COM    655044105  4834.48   47518 SH     SOLE            47518   0    0
NORDSTROM INC                 COM    655664100   279.27    5220 SH     SOLE             5220   0    0
NORTHSTAR RLTY FIN CP         COM    66704R100  6401.61  909320 SH     SOLE           909320   0    0
OMNICOM GROUP INC             COM    681919106  3212.43   64300 SH     SOLE            64300   0    0
ORACLE CORP                   COM    68389X105  657.404   19730 SH     SOLE            19730   0    0
ORTHOFIX INTERNATIONAL NV     COM    N6748L102  4747.13  120700 SH     SOLE           120700   0    0
PARK STERLING BANK            COM    70086Y105  1969.59  376594 SH     SOLE           376594   0    0
PARK-OHIO HOLDINGS CORP       COM    700666100  2054.35   96403 SH     SOLE            96403   0    0
PEPSICO INC                   COM    713448108  8175.54  119473 SH     SOLE           119473   0    0
PERRY ELLIS INTL INC.         COM    288853104  2089.14  104982 SH     SOLE           104982   0    0
PFIZER INC                    COM    717081103  13111.4  522784 SH     SOLE           522784   0    0
PHILIP MORRIS INTERNATIONAL INCOM    718172109  529.692    6333 SH     SOLE             6333   0    0
PHOTOMEDEX INC                COM    719358301   2041.3  140682 SH     SOLE           140682   0    0
PIER 1 IMPORTS INC            COM    720279108   4498.9  224945 SH     SOLE           224945   0    0
PNM RES INC                   COM    69349H107  1871.74   91260 SH     SOLE            91260   0    0
POLYONE CORP                  COM    73179P106  223.354   10938 SH     SOLE            10938   0    0
PORTLAND GENERAL              COM    736508847  2261.55   82659 SH     SOLE            82659   0    0
POST HOLDINGS INC             COM    737446104  2781.96   81225 SH     SOLE            81225   0    0
POWERSHARES COMMODITY INDEX TRCOM    73935S105  485.344   17471 SH     SOLE            17471   0    0
PRIMERICA                     COM    74164M108  2533.59   84425 SH     SOLE            84425   0    0
PROCTER & GAMBLE CO           COM    742718109   8030.5  118287 SH     SOLE           118287   0    0
PROGRESS SOFTWARE CORP        COM    743312100  3462.17  164944 SH     SOLE           164944   0    0
PROLOGIS                      COM    74340W103  698.674   19147 SH     SOLE            19147   0    0
PROSPECT CAPITAL CORP         COM    74348T102  2745.57  252582 SH     SOLE           252582   0    0
PROTECTIVE LIFE CORP          COM    743674103  4106.23  143675 SH     SOLE           143675   0    0
PUBLIC STORAGE INC            COM    74460D109  637.099    4395 SH     SOLE             4395   0    0
RENT A CTR INC NEW            COM    76009N100  1945.81   56630 SH     SOLE            56630   0    0
REX ENERGY                    COM    761565100  3861.77  296603 SH     SOLE           296603   0    0
ROYAL DUTCH SHELL             COM    780259206   220.64    3200 SH     SOLE             3200   0    0
SABRA HEALTH CARE REIT        COM    78573L106  5990.16  275790 SH     SOLE           275790   0    0
SCHLUMBERGER LTD              COM    806857108  270.403    3902 SH     SOLE             3902   0    0
SCHWAB LARGE CAP ETF          COM    808524201  1679.88   49554 SH     SOLE            49554   0    0
SCIENTIFIC GAMES CORP CL A    COM    80874P109  4674.16  539119 SH     SOLE           539119   0    0
SENSIENT TECH CORP            COM    81725T100   4933.1  138726 SH     SOLE           138726   0    0
SILICON VY BANCSHARES         COM    78486Q101  4456.56   79624 SH     SOLE            79624   0    0
SIMON PROPERTY GROUP          COM    828806109  13580.2   85902 SH     SOLE            85902   0    0
SL GREEN REALTY               COM    78440X101  542.989    7084 SH     SOLE             7084   0    0
SLM CORP                      COM    78442P106  4967.63  289996 SH     SOLE           289996   0    0
SOUTHERN CO                   COM    842587107  216.619    5060 SH     SOLE             5060   0    0
SOUTHWEST AIRLS CO            COM    844741108  6158.51  601417 SH     SOLE           601417   0    0
SPDR GOLD TRUST               COM    78463V107  437.455    2700 SH     SOLE             2700   0    0
SPDR S&P DEPOSITORY RECEIPTS  COM    78462F103  820.282    5760 SH     SOLE             5760   0    0
SPIRIT AIRLINES               COM    848577102  1614.15   91092 SH     SOLE            91092   0    0
STATE BANK & TRUST            COM    856190103  4375.73  275550 SH     SOLE           275550   0    0
STATE STREET CORP             COM    857477103  392.816    8356 SH     SOLE             8356   0    0
STEINER LEISURE LTD           COM    P8744Y102  3728.65   77374 SH     SOLE            77374   0    0
STRATEGIC HOTELS & RESORTS    COM    86272T106  4392.49  686326 SH     SOLE           686326   0    0
STRYKER CORP                  COM    863667101  4884.96   89109 SH     SOLE            89109   0    0
SUN COMMUNITIES INC           COM    866674104  3619.98   90749 SH     SOLE            90749   0    0
SWIFT ENERGY CO               COM    870738101  1899.08  123397 SH     SOLE           123397   0    0
SYMANTEC CORP                 COM    871503108  3392.46  180354 SH     SOLE           180354   0    0
SYNNEX CORP                   COM    87162W100   4919.5  143092 SH     SOLE           143092   0    0
TARGET CORP                   COM    87612E106  5490.56   92793 SH     SOLE            92793   0    0
TETRA TECH INC NEW            COM    88162G103  4094.38  154797 SH     SOLE           154797   0    0
TEVA PHARMACEUTCL INDS ADR    COM    881624209  3899.38  104429 SH     SOLE           104429   0    0
TIMKEN CO                     COM    887389104  3882.55   81174 SH     SOLE            81174   0    0
TRAVELERS INC                 COM    89417E109   5378.6   74890 SH     SOLE            74890   0    0
TRINITY INDS INC              COM    896522109  4139.54  115565 SH     SOLE           115565   0    0
TRIUMPH GROUP INC NEW         COM    896818101  6829.79  104591 SH     SOLE           104591   0    0
UNIFIRST CORP MASS            COM    904708104  4985.69   67999 SH     SOLE            67999   0    0
UNILEVER NV                   COM    904784709  839.766   21926 SH     SOLE            21926   0    0
UNION PAC CORP                COM    907818108  233.588    1858 SH     SOLE             1858   0    0
UNITED CMNTY BKS GA CAP STK   COM    90984P303  5082.64  548881 SH     SOLE           548881   0    0
UNITED ONLINE INC             COM    911268100  1996.79  357207 SH     SOLE           357207   0    0
UNITED TECHNOLOGIES CP        COM    913017109  334.601    4080 SH     SOLE             4080   0    0
UNITED THERAPEUTIC DEL        COM    91307C102  3682.07   70619 SH     SOLE            70619   0    0
UNITEDHEALTH GROUP INC        COM    91324P102  216.472    3991 SH     SOLE             3991   0    0
URS CORP NEW                  COM    903236107  9282.12  236427 SH     SOLE           236427   0    0
USANA HEALTH SCIENCES         COM    90328M107  2120.82   64404 SH     SOLE            64404   0    0
VALUECLICK INC                COM    92046N102  2022.08  104177 SH     SOLE           104177   0    0
VENTAS INC                    COM    92276F100  1290.52   19940 SH     SOLE            19940   0    0
VERIFONE                      COM    92342Y109  4608.77  155282 SH     SOLE           155282   0    0
VERINT SYS INC                COM    92343X100  2143.91   73750 SH     SOLE            73750   0    0
VERIZON COMMUNICATIONS        COM    92343V104  9098.04  210262 SH     SOLE           210262   0    0
VIROPHARMA INC.               COM    928241108  3552.86  156101 SH     SOLE           156101   0    0
VISA INC                      COM    92826C839  701.815    4630 SH     SOLE             4630   0    0
VORNADO REALTY TRUST          COM    929042109  658.338    8221 SH     SOLE             8221   0    0
WAL MART STORES INC           COM    931142103   475.29    6966 SH     SOLE             6966   0    0
WALGREEN CO                   COM    931422109  540.198   14596 SH     SOLE            14596   0    0
WALT DISNEY CO                COM    254687106  6369.39  127925 SH     SOLE           127925   0    0
WASHINGTON BANKING CORP       COM    937303105  4350.45  319416 SH     SOLE           319416   0    0
WASTE MGMT INC DEL            COM    94106L109  6736.97  199673 SH     SOLE           199673   0    0
WELLCARE HEALTH PLANS INC     COM    94946T106  3900.22   80103 SH     SOLE            80103   0    0
WELLS FARGO & CO              COM    949746101  4137.97  121064 SH     SOLE           121064   0    0
WESCO INTL INC                COM    95082P105  952.044   14119 SH     SOLE            14119   0    0
WEYERHAEUSER INC              COM    962166104  286.629   10303 SH     SOLE            10303   0    0
WHITING PETE CORP NEW         COM    966387102   9813.2  226267 SH     SOLE           226267   0    0
WILSHIRE BANCORP INC          COM    97186T108  3945.05  672070 SH     SOLE           672070   0    0
WINTRUST FINL CORP            COM    97650W108  5137.45  139985 SH     SOLE           139985   0    0
WOLVERINE WORLD WIDE          COM    978097103  2554.08   62325 SH     SOLE            62325   0    0
</table>


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