Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	INVESTORS BANCORP	484,000	$10.2M	5.8%	$18.78	—	COM	46146P102
—	FIRST UNITED BANCORP	1,401,013	$9.415M	5.4%	$6.46	—	COM	33740N105
MTB	M&T BANCORP	80,000	$8.94M	5.1%	$72.91	0.0%	WRNT	55261F104
—	GLEACHER	502,300	$6.972M	4.0%	$0.60	—	COM	377341102
—	COWEN HOLDINGS	2,406,579	$6.955M	4.0%	$2.82	—	COM	223622101
—	YADKIN VALLEY	470,118	$6.6M	3.8%	$4.01	—	COM	984314104
—	PARK STERLING	1,003,399	$5.93M	3.4%	$5.64	—	COM	70086Y105
—	ZAIS FINANCIAL	303,745	$5.519M	3.2%	$20.63	—	COM	98886K108
—	ASB BANCORP	293,576	$4.818M	2.8%	$16.23	—	COM	00213T109
—	OMNIAMERICAN BANCORP	212,346	$4.678M	2.7%	$25.22	—	COM	68216R107
—	CENTERSTATE BANKS	452,167	$3.925M	2.2%	$8.58	—	COM	15201P109
—	SCBT FINANCIAL	70,000	$3.527M	2.0%	$50.40	—	COM	78401V102
ACRE	ARES COMML REAL ESTATE	262,500	$3.363M	1.9%	$12.81	—	COM	04013V108
COF	CAPITAL ONE FINANCIAL	50,000	$3.141M	1.8%	$44.63	+5.3%	COM	14040H105
—	VIEWPOINT FINANCIAL	150,000	$3.122M	1.8%	$20.11	—	COM	92672A102
—	BNC BANCORP	268,258	$3.064M	1.8%	$10.02	—	COM	05566T101
—	CHARTER FINANCIAL	293,950	$2.963M	1.7%	$12.24	—	COM	16122M100
NTRS	NORTHERN TRUST	50,000	$2.896M	1.7%	—	—	Put	665859104
BK	BANK OF NEW YORK	100,000	$2.806M	1.6%	—	—	Put	064058100
—	PACIFIC PREMIER	223,740	$2.734M	1.6%	$13.13	—	COM	69478X105
—	FIDELITY SOUTHERN	216,250	$2.675M	1.5%	$12.37	—	COM	316394105
ABCB	AMERIS BANCORP	150,000	$2.527M	1.4%	$11.85	+12.0%	COM	03076K108
NBTB	NBT BANCORP	108,893	$2.305M	1.3%	$21.10	-2.7%	COM	628778102
—	TWO HARBORS	200,000	$2.05M	1.2%	$12.61	—	COM	90187B101
—	VIRGINIA HERITAGE	133,800	$2.042M	1.2%	$15.26	—	COM	927819102
—	NEW RESIDENTIAL	300,000	$2.022M	1.2%	$6.74	—	COM	64828T102
—	CRESCENT FINANCIAL	454,418	$1.99M	1.1%	$4.38	—	COM	225743103
BAC	BANK OF AMERICA	150,000	$1.929M	1.1%	$9.30	+7.8%	COM	060505104
—	METRO BANCORP	95,348	$1.91M	1.1%	$19.39	—	COM	59161R101
RF	REGIONS FINANCIAL	200,000	$1.906M	1.1%	$5.20	+11.5%	COM	7591EP100
CUBI	CUSTOMERS BANCORP	115,750	$1.881M	1.1%	$15.14	0.0%	COM	23204G100
—	SUFFOLK BANCORP	110,000	$1.797M	1.0%	$14.24	—	COM	864739107
—	CONNECTONE BANCORP	58,100	$1.786M	1.0%	$31.15	—	COM	20786U101
NMFC	NEW MOUNTAIN	120,000	$1.7M	1.0%	$3.89	+0.5%	COM	647551100
—	METROCORP	166,810	$1.628M	0.9%	$10.08	—	COM	591650106
—	FRANKLIN FINANCIAL	90,000	$1.621M	0.9%	$18.26	—	COM	35353C102
—	SUNTRUST BANKS	50,000	$1.579M	0.9%	$28.81	—	COM	867914103
—	UNITED FINANCIAL	102,499	$1.553M	0.9%	$15.20	—	COM	91030T110
—	SYNOVUS	530,000	$1.548M	0.9%	$2.78	—	COM	87161C105
—	SWS GROUP	280,000	$1.526M	0.9%	$5.87	—	COM	78503N107
WBBW	WESTBURY	100,000	$1.366M	0.8%	$13.45	0.0%	COM	95727P106
FITB	FIFTH THIRD	75,000	$1.354M	0.8%	$10.54	+8.9%	COM	316773100
—	BANK MUTUAL CORP	238,100	$1.343M	0.8%	$5.53	—	COM	063750103
HOMB	HOME BANCSHARES	48,234	$1.253M	0.7%	$10.30	0.0%	COM	436893200
BANC	BANC OF CALIFORNIA	89,800	$1.22M	0.7%	$8.89	0.0%	COM	05990K106
WBS	WEBSTER FINANCIAL	47,400	$1.217M	0.7%	$23.57	0.0%	COM	947890109
SAMG	SILVERCREST	100,000	$1.2M	0.7%	$11.91	0.0%	COM	828359109
—	HOME LOAN SERVICING	50,000	$1.199M	0.7%	$23.98	—	COM	G6648D109
—	CITIGROUP	25,000	$1.199M	0.7%	$44.24	—	COM	172967101
—	MALVERN BANCORP	100,000	$1.197M	0.7%	$12.19	—	COM	561409103
NFBK	NORTHFIELD BANCORP	100,000	$1.172M	0.7%	$7.33	+4.8%	COM	66611T108
TFSL	TFS FINANCIAL	100,000	$1.12M	0.6%	$5.39	+4.1%	COM	87240R107
—	FOX CHASE BANCORP	65,203	$1.108M	0.6%	$16.72	—	COM	35137T108
JPM	JP MORGAN	20,000	$1.056M	0.6%	$34.01	+6.6%	COM	46625H100
—	VIEWPOINT FINANCIAL	50,000	$1.041M	0.6%	$20.12	—	COM	92672A101
—	FIRST DEFIANCE	44,250	$998K	0.6%	$23.32	—	COM	32006W106
—	UNITED FINANCIAL	61,921	$938K	0.5%	$15.20	—	COM	91030T109
—	JACKSONVILLE BANCORP	1,836,325	$882K	0.5%	$0.67	—	COM	469249106
FCF	FIRST COMMONWEALTH	119,677	$882K	0.5%	$4.81	-1.5%	COM	319829107
FCCO	FIRST COMMUNITY	94,125	$866K	0.5%	$6.52	+2.9%	COM	319835104
—	FIRST BANCSHARES MISS	82,371	$863K	0.5%	$10.58	—	COM	318916103
—	COBIZ FINANCIAL	100,000	$830K	0.5%	$8.08	—	COM	190897108
—	STATE BANK	50,000	$752K	0.4%	$16.38	—	COM	856190103
—	KEARNEY	70,000	$734K	0.4%	$10.49	—	COM	487169104
ZION	ZIONS BANCORP	25,000	$723K	0.4%	$23.88	+9.5%	COM	989701107
—	PEOPLES FEDERAL	38,700	$699K	0.4%	$18.69	—	COM	711037101
—	BRIDGE BANCORP	30,000	$675K	0.4%	$21.51	—	COM	108035106
—	LAPORTE	65,711	$665K	0.4%	$9.91	—	COM	516651106
—	PORTER BANCORP	978,907	$639K	0.4%	$0.70	—	COM	736233107
—	SEACOAST FINANCIAL	288,034	$634K	0.4%	$2.09	—	COM	811707306
—	BENEFICIAL MUTUAL	75,000	$630K	0.4%	$10.30	—	COM	08173R104
MS	MORGAN STANLEY	25,000	$611K	0.3%	$16.27	+6.5%	COM	617446448
—	STONEGATE BANK	32,500	$579K	0.3%	$17.75	—	COM	861811107
KEY	KEYCORP	50,000	$552K	0.3%	$5.94	+9.0%	COM	493267108
—	NATIONAL HOLDINGS	1,666,667	$475K	0.3%	$0.24	—	COM	636375107
—	SOUTHCOAST	86,754	$456K	0.3%	$5.08	—	COM	84129R100
—	OAK VIEW NATIONAL	90,000	$449K	0.3%	$5.03	—	COM	67134X105
—	CLIFTON SAVINGS	21,950	$260K	0.1%	$12.40	—	COM	18712Q103
—	HERITAGE OAKS BANCORP	40,000	$247K	0.1%	$5.70	—	COM	42724R107
—	UNITED FINANCIAL	16,005	$242K	0.1%	$15.19	—	COM	91030T111
—	PACIFIC CONTINENTAL	20,000	$236K	0.1%	$11.16	—	COM	69412V108
—	VIEWPOINT FINANCIAL	10,000	$208K	0.1%	$20.09	—	COM	92672A103
FISI	FINANCIAL INSTITUTIONS	10,000	$184K	0.1%	$11.67	-0.1%	COM	317585404
—	SOUTHERN NATIONAL	15,500	$152K	0.1%	$9.81	—	COM	843395104
PEBO	PEOPLES BANCORP	6,490	$137K	0.1%	$19.80	-5.9%	COM	709789101
FMNB	FARMERS NATIONAL BANCORP	14,065	$88,000	0.1%	$4.39	-2.4%	COM	309627107
—	BSB BANCORP	6,300	$83,000	0.0%	$13.67	—	COM	05573H108
—	NORTH VALLEY BANCORP	2,000	$33,000	0.0%	$17.50	—	COM	66304M204