Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	FIRST UNITED BANCORP	1,574,763	$10.17M	6.1%	$6.46	—	COM	33740N105
—	INVESTORS BANCORP	484,000	$9.09M	5.5%	$18.78	—	COM	46146P102
—	COWEN HOLDINGS	2,815,998	$7.942M	4.8%	$2.82	—	COM	223622101
—	ZAIS FINANCIAL	335,000	$6.912M	4.1%	$20.63	—	COM	98886K108
—	YADKIN VALLEY	1,699,263	$6.814M	4.1%	$4.01	—	COM	984314104
—	PARK STERLING	1,089,799	$6.146M	3.7%	$5.64	—	COM	70086Y105
—	GLEACHER	10,046,032	$6.028M	3.6%	$0.60	—	COM	377341102
—	OMNIAMERICAN BANCORP	211,686	$5.338M	3.2%	$25.22	—	COM	68216R107
—	FIRST FINANCIAL HOLDINGS	250,000	$5.24M	3.1%	$20.96	—	COM	320239106
—	ASB BANCORP	293,753	$4.769M	2.9%	$16.23	—	COM	00213T109
—	CENTERSTATE BANKS	489,173	$4.196M	2.5%	$8.58	—	COM	15201P109
—	TWO HARBORS	310,000	$3.91M	2.3%	$12.61	—	COM	90187B101
XLF	FINANCIAL SELECT SECTOR SPDR	200,000	$3.642M	2.2%	—	—	Put	81369Y605
—	BNC BANCORP	363,125	$3.638M	2.2%	$10.02	—	COM	05566T101
—	VIEWPOINT FINANCIAL	150,000	$3.016M	1.8%	$20.11	—	COM	92672A102
—	CHARTER FINANCIAL	234,348	$2.997M	1.8%	$12.79	—	COM	16122M100
—	PACIFIC PREMIER	219,440	$2.886M	1.7%	$13.15	—	COM	69478X105
—	SUNTRUST BANKS	100,000	$2.881M	1.7%	$28.81	—	COM	867914103
COF	CAPITAL ONE FINANCIAL	50,000	$2.748M	1.6%	$44.63	0.0%	COM	14040H105
—	SCBT FINANCIAL	50,000	$2.52M	1.5%	$50.40	—	COM	78401V102
—	M&T BANCORP	80,000	$2.46M	1.5%	$30.75	—	WARRANT	55261F112
NBTB	NBT BANCORP	103,893	$2.412M	1.4%	$21.13	0.0%	COM	628778102
HTB	HOMETRUST BANCSHARES	150,000	$2.37M	1.4%	$14.81	0.0%	COM	437872104
ABCB	AMERIS BANCORP	160,500	$2.304M	1.4%	$11.85	0.0%	COM	03076K108
—	FIRST NIAGARA	250,000	$2.215M	1.3%	$8.86	—	COM	33582V108
—	UNITED FINANCIAL	139,999	$2.128M	1.3%	$15.20	—	COM	91030T110
RF	REGIONS FINANCIAL	250,000	$2.048M	1.2%	$5.20	0.0%	COM	7591EP100
BAC	BANK OF AMERICA	150,000	$1.827M	1.1%	$9.30	0.0%	COM	060505104
—	BRIDGE BANCORP	80,000	$1.721M	1.0%	$21.51	—	COM	108035106
—	METROCORP	163,610	$1.651M	1.0%	$10.09	—	COM	591650106
—	FRANKLIN FINANCIAL	90,000	$1.643M	1.0%	$18.26	—	COM	35353C102
—	SUFFOLK BANCORP	112,500	$1.602M	1.0%	$14.24	—	COM	864739107
—	UNITED FINANCIAL	99,421	$1.511M	0.9%	$15.20	—	COM	91030T109
—	FIVE OAKS INVESTMENT	100,000	$1.463M	0.9%	$14.63	—	COM	33830W106
—	CONNECTONE BANCORP	46,500	$1.453M	0.9%	$31.25	—	COM	20786U101
TFSL	TFS FINANCIAL	133,100	$1.443M	0.9%	$5.39	0.0%	COM	87240R107
—	SYNOVUS	500,000	$1.385M	0.8%	$2.77	—	COM	87161C105
—	BANK MUTUAL CORP	236,600	$1.308M	0.8%	$5.53	—	COM	063750103
—	CAPE BANCORP	137,682	$1.261M	0.8%	$9.16	—	COM	139209100
FITB	FIFTH THIRD	75,000	$1.223M	0.7%	$10.54	0.0%	COM	316773100
—	MALVERN BANCORP	100,000	$1.219M	0.7%	$12.19	—	COM	561409103
—	SWS GROUP	195,000	$1.18M	0.7%	$6.05	—	COM	78503N107
—	OBA FINANCIAL	60,000	$1.14M	0.7%	$19.00	—	COM	67424G101
NFBK	NORTHFIELD BANCORP	100,000	$1.136M	0.7%	$7.33	0.0%	COM	66611T108
—	CITIGROUP	25,000	$1.106M	0.7%	$44.24	—	COM	172967101
—	FOX CHASE BANCORP	65,923	$1.102M	0.7%	$16.72	—	COM	35137T108
—	FIRST DEFIANCE	47,250	$1.102M	0.7%	$23.32	—	COM	32006W106
MS	MORGAN STANLEY	50,000	$1.099M	0.7%	$16.27	0.0%	COM	617446448
—	STERLING BANCORP	107,396	$1.091M	0.7%	$10.16	—	COM	859158107
—	BENEFICIAL MUTUAL	100,000	$1.03M	0.6%	$10.30	—	COM	08173R104
—	VIEWPOINT FINANCIAL	50,000	$1.006M	0.6%	$20.12	—	COM	92672A101
JPM	JP MORGAN	20,000	$949K	0.6%	$34.01	0.0%	COM	46625H100
CMA	COMERICA	25,000	$899K	0.5%	$22.20	0.0%	COM	200340107
FCF	FIRST COMMONWEALTH	119,677	$893K	0.5%	$4.81	0.0%	COM	319829107
—	FIRST CALIFORNIA	100,000	$852K	0.5%	$8.52	—	COM	319395109
FCCO	FIRST COMMUNITY	94,125	$843K	0.5%	$6.52	0.0%	COM	319835104
—	STATE BANK	50,000	$819K	0.5%	$16.38	—	COM	856190103
—	COBIZ FINANCIAL	100,000	$808K	0.5%	$8.08	—	COM	190897108
NMFC	NEW MOUNTAIN	50,000	$731K	0.4%	$3.86	0.0%	COM	647551100
—	CFS BANCORP	90,000	$718K	0.4%	$7.98	—	COM	12525D102
—	PORTER BANCORP	978,907	$681K	0.4%	$0.70	—	COM	736233107
—	LAPORTE	65,711	$651K	0.4%	$9.91	—	COM	516651106
ZION	ZIONS BANCORP	25,000	$625K	0.4%	$23.88	0.0%	COM	989701107
—	SEACOAST	288,034	$602K	0.4%	$2.09	—	COM	811707306
—	STONEGATE BANK	32,500	$577K	0.3%	$17.75	—	COM	861811107
—	JACKSONVILLE BANCORP	336,325	$506K	0.3%	$1.50	—	COM	469249106
KEY	KEYCORP	50,000	$498K	0.3%	$5.94	0.0%	COM	493267108
—	ASTORIA FINANCIAL	50,000	$493K	0.3%	$9.86	—	COM	042265104
—	HAMPDEN BANCORP	30,500	$489K	0.3%	$16.03	—	COM	40867E107
—	ECB BANCORP	32,400	$468K	0.3%	$14.44	—	COM	268253101
—	OAK VIEW NATIONAL	90,000	$453K	0.3%	$5.03	—	COM	67134X105
—	PEOPLES FEDERAL	23,400	$447K	0.3%	$19.10	—	COM	711037101
—	HERITAGE OAKS	76,880	$438K	0.3%	$5.70	—	COM	42724R107
—	NATIONAL HOLDINGS	1,666,667	$400K	0.2%	$0.24	—	COM	636375107
—	SOUTHCOAST	75,437	$381K	0.2%	$5.05	—	COM	84129R100
—	GUARANTY BANCORP	160,023	$336K	0.2%	$2.10	—	COM	40075T102
—	PACIFIC CONTINENTAL	29,758	$332K	0.2%	$11.16	—	COM	69412V108
—	METRO BANCORP	17,500	$289K	0.2%	$16.51	—	COM	59161R101
—	WASHINGTON BANKING CO	20,000	$279K	0.2%	$13.95	—	COM	937303105
—	SILVER BAY REALTY	12,740	$264K	0.2%	$20.72	—	COM	82735Q102
—	VIEWPOINT FINANCIAL	12,690	$255K	0.2%	$20.09	—	COM	92672A103
—	CLIFTON SAVINGS	20,000	$249K	0.1%	$12.45	—	COM	18712Q103
—	UNITED FINANCIAL	14,605	$222K	0.1%	$15.20	—	COM	91030T111
FISI	FINANCIAL INSTITUTIONS	1,000	$200K	0.1%	$11.76	0.0%	COM	317585404
PEBO	PEOPLES BANCORP	6,490	$145K	0.1%	$19.80	0.0%	COM	709789101
NWBI	NORTHWEST BANCORP	10,795	$137K	0.1%	$5.81	0.0%	COM	667340103
FMNB	FARMERS NATIONAL BANCORP	14,065	$89,000	0.1%	$4.39	0.0%	COM	309627107
—	FIRST BANCSHARES MISS	7,000	$82,000	0.0%	$11.71	—	COM	318916103
—	BSB BANCORP	5,000	$69,000	0.0%	$13.80	—	COM	05573H108
—	NORTH VALLEY BANCORP	2,000	$35,000	0.0%	$17.50	—	COM	66304M204