Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	INVESTORS BANCORP	484,000	$10.6M	5.0%	$21.90	—	COM	46146p102
—	FIRST UNITED BANCORP	1,381,400	$10.13M	4.8%	$7.33	—	COM	33740n105
—	YADKIN VALLEY	566,018	$9.752M	4.6%	$6.25	—	COM	984314104
—	FIRST FINANCIAL	175,924	$9.704M	4.6%	$55.16	—	COM	32023e105
—	M&T BANCORP	80,000	$8.954M	4.2%	$111.92	—	WRNT	55261f104
—	COWEN HOLDINGS	2,300,000	$7.912M	3.8%	$2.82	—	COM	223622101
—	GLEACHER	502,300	$6.907M	3.3%	$0.60	—	COM	377341102
—	ASB BANCORP	353,326	$6.052M	2.9%	$16.39	—	COM	00213T109
—	ZAIS FINANCIAL	319,373	$5.541M	2.6%	$17.35	—	COM	98886k108
—	PARK STERLING	777,892	$4.986M	2.4%	$6.41	—	COM	70086y105
—	OMNIAMERICAN BANCORP	201,621	$4.931M	2.3%	$24.46	—	COM	68216r107
—	REGIONAL MANAGEMENT	148,000	$4.706M	2.2%	$31.80	—	COM	75902k106
—	ARES COMML REAL ESTATE	363,900	$4.523M	2.1%	$12.43	—	COM	04013v108
—	SYNOVUS	1,325,300	$4.374M	2.1%	$3.30	—	COM	87161c105
—	PACWEST	150,000	$3.983M	1.9%	$26.55	—	COM	70931t103
—	CONNECTONE BANCORP	112,986	$3.977M	1.9%	$35.20	—	COM	20786u101
—	CUSTOMERS BANCORP	200,000	$3.22M	1.5%	$16.10	—	COM	23204g100
—	VIEWPOINT FINANCIAL	150,000	$3.101M	1.5%	$20.67	—	COM	92672a102
WFC	WELLS FARGO	75,000	$3.1M	1.5%	—	—	Put	949746101
—	CHARTER FINANCIAL	175,316	$2.865M	1.4%	$16.34	—	COM	16122m100
—	BNC BANCORP	209,958	$2.801M	1.3%	$13.34	—	COM	05566t101
BAC	BANK OF AMERICA	200,000	$2.76M	1.3%	$9.78	+14.8%	COM	060505104
—	TRISTATE CAPITAL	214,103	$2.76M	1.3%	$12.89	—	COM	89678f100
—	FIDELITY SOUTHERN	178,471	$2.738M	1.3%	$12.37	—	COM	316394105
SAMG	SILVERCREST	200,000	$2.726M	1.3%	$12.55	+5.1%	COM	828359109
NTRS	NORTHERN TRUST	50,000	$2.72M	1.3%	—	—	Put	665859104
NBTB	NBT BANCORP	108,893	$2.503M	1.2%	$21.10	+5.9%	COM	628778102
—	PACIFIC PREMIER	178,300	$2.394M	1.1%	$13.43	—	COM	69478x105
—	VANTAGE SOUTH	437,653	$2.324M	1.1%	$5.31	—	COM	92209w105
—	STATE BANK	135,200	$2.146M	1.0%	$16.06	—	COM	856190103
FCCO	FIRST COMMUNITY	200,035	$2.087M	1.0%	$7.11	+7.3%	COM	319835104
—	COMMUNITY FINANCIAL	107,300	$2.033M	1.0%	$18.95	—	COM	20368x101
—	TWO HARBORS	200,000	$1.942M	0.9%	$9.71	—	COM	90187b101
—	VIRGINIA HERITAGE	119,770	$1.916M	0.9%	$15.26	—	COM	927819102
—	REGIONS FINANCIAL	200,000	$1.852M	0.9%	$9.26	—	COM	7591ep100
—	METRO BANCORP	88,043	$1.85M	0.9%	$21.01	—	COM	59161r101
—	BRIDGE BANCORP	80,000	$1.72M	0.8%	$21.50	—	COM	108035106
—	FRANKLIN FINANCIAL	90,000	$1.706M	0.8%	$18.96	—	COM	35353c102
—	UNITED FINANCIAL	102,499	$1.657M	0.8%	$16.17	—	COM	91030t110
STT	STATE STREET	25,000	$1.644M	0.8%	—	—	Put	857477103
—	SUNTRUST BANKS	49,900	$1.618M	0.8%	$28.81	—	COM	867914103
—	NEW RESIDENTIAL	236,362	$1.564M	0.7%	$6.62	—	COM	64828t102
—	SWS GROUP	280,000	$1.563M	0.7%	$5.58	—	COM	78503n107
—	AMERIS BANCORP	83,390	$1.533M	0.7%	$18.38	—	COM	03076k108
—	WESTBURY	100,000	$1.424M	0.7%	$14.24	—	COM	95727p106
—	BANC OF CALIFORNIA	100,000	$1.383M	0.7%	$13.83	—	COM	05990k106
MS	MORGAN STANLEY	50,000	$1.348M	0.6%	$17.96	+9.4%	COM	617446448
—	DIME COMMUNITY	77,333	$1.287M	0.6%	$16.64	—	COM	253922108
WBS	WEBSTER FINANCIAL	50,000	$1.277M	0.6%	$23.73	+12.2%	COM	947890109
—	MALVERN BANCORP	100,000	$1.274M	0.6%	$12.19	—	COM	561409103
—	FIRST BANCSHARES MISS	88,621	$1.238M	0.6%	$10.82	—	COM	318916103
MRCC	MONROE CAPITAL	95,000	$1.233M	0.6%	$3.45	0.0%	COM	610335101
—	BANK MUTUAL CORP	194,250	$1.218M	0.6%	$5.53	—	COM	063750103
HOMB	HOME BANCSHARES	40,000	$1.215M	0.6%	$10.30	+33.5%	COM	436893200
TFSL	TFS FINANCIAL	100,000	$1.197M	0.6%	$5.39	+10.5%	COM	87240R107
—	SOUTHERN NATIONAL	123,720	$1.192M	0.6%	$9.66	—	COM	843395104
—	FOX CHASE BANCORP	67,453	$1.173M	0.6%	$17.39	—	COM	35137t108
—	CITIGROUP	22,500	$1.091M	0.5%	$44.24	—	COM	172967101
—	SUFFOLK BANCORP	60,000	$1.063M	0.5%	$14.24	—	COM	864739107
—	JACKSONVILLE BANCORP	2,136,325	$1.057M	0.5%	$0.64	—	COM	469249106
HTB	HOMETRUST	63,015	$1.04M	0.5%	$16.44	0.0%	COM	437872104
—	JP MORGAN	20,000	$1.034M	0.5%	$51.70	—	COM	46625h100
—	NATIONAL HOLDINGS	2,706,434	$1.002M	0.5%	$0.29	—	COM	636375107
—	BANCORP SOUTH	50,000	$997K	0.5%	$19.94	—	COM	059692103
FITB	FIFTH THIRD	50,000	$903K	0.4%	$10.54	+18.4%	COM	316773100
—	VIRTUS INVT PARTNERS	5,500	$895K	0.4%	$162.73	—	COM	92828q109
—	VIEWPOINT FINANCIAL	40,000	$827K	0.4%	$20.68	—	COM	92672a101
—	UNITED FINANCIAL	50,000	$809K	0.4%	$16.18	—	COM	91030t109
HIG	HARTFORD	25,000	$778K	0.4%	$24.13	0.0%	COM	416515104
—	BOSTON PRIVATE	70,100	$777K	0.4%	$11.08	—	COM	101119105
—	PORTER BANCORP	844,393	$742K	0.4%	$0.70	—	COM	736233107
IBCP	INDEPENDENT BANK CORP	74,000	$740K	0.4%	$5.76	0.0%	COM	453838609
—	COBIZ FINANCIAL	75,000	$725K	0.3%	$8.08	—	COM	190897108
—	KEARNEY	70,000	$715K	0.3%	$10.49	—	COM	487169104
—	LAPORTE	65,711	$687K	0.3%	$9.91	—	COM	516651106
—	STONEGATE BANK	32,500	$683K	0.3%	$17.75	—	COM	861811107
—	PEOPLES FEDERAL	39,100	$681K	0.3%	$18.68	—	COM	711037101
—	SEACOAST FINANCIAL	288,034	$625K	0.3%	$2.09	—	COM	811707306
—	BANK UNITED	20,000	$624K	0.3%	$31.20	—	COM	06652k103
—	EVANS BANCORP	31,672	$620K	0.3%	$19.58	—	COM	29911q208
—	OAK VIEW NATIONAL	130,550	$607K	0.3%	$4.65	—	COM	67134x105
SFST	SOUTHERN FIRST	42,672	$563K	0.3%	$12.79	0.0%	COM	842873101
—	SUNSHINE FINANCIAL	26,904	$421K	0.2%	$15.65	—	COM	86782t109
—	SOUTHCOAST	70,225	$404K	0.2%	$5.75	—	COM	84129r100
—	FIRST CAPITAL BANCORP	95,354	$380K	0.2%	$3.99	—	COM	319438107
FISI	FINANCIAL INSTITUTIONS	14,500	$297K	0.1%	$11.88	+4.0%	COM	317585404
—	CLIFTON SAVINGS	23,250	$288K	0.1%	$12.39	—	COM	18712q103
—	HERITAGE OAKS BANCORP	42,600	$273K	0.1%	$6.41	—	COM	42724r107
—	UNITED FINANCIAL	16,255	$263K	0.1%	$16.18	—	COM	91030t111
—	NORTHFIELD BANCORP	19,570	$238K	0.1%	$12.16	—	COM	66611t108
—	VIEWPOINT FINANCIAL	11,050	$228K	0.1%	$20.63	—	COM	92672a103
—	FIRST SECURITY	101,345	$210K	0.1%	$2.07	—	COM	336312202
—	PACIFIC CONTINENTAL	16,000	$210K	0.1%	$13.13	—	COM	69412v108
—	SOUTHCOAST	33,479	$193K	0.1%	$5.08	—	COM	84129R100
—	BSB BANCORP	13,200	$185K	0.1%	$14.02	—	COM	05573h108
—	XENITH BANCSHARES	29,230	$176K	0.1%	$6.02	—	COM	98410x105
SHBI	SHORE BANCSHARES	19,770	$174K	0.1%	$8.14	0.0%	COM	825107105
—	NORTH VALLEY BANCORP	8,000	$151K	0.1%	$18.53	—	COM	66304M204
FMNB	FARMERS NATIONAL BANCORP	16,765	$106K	0.1%	$4.37	-2.5%	COM	309627107
PEBO	PEOPLES BANCORP	4,568	$95,000	0.0%	$19.80	+9.9%	COM	709789101