Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
COLB	COLUMBIA BKG SYS INC	1,405,839	$33.47M	5.0%	$12.82	0.0%	COM	197236102
RF	REGIONS FINL CORP NEW	3,385,319	$32.26M	4.8%	$5.80	0.0%	COM	7591EP100
UMBF	UMB FINL CORP	569,865	$31.72M	4.8%	$50.96	0.0%	COM	902788108
CMA	COMERICA INC	791,189	$31.51M	4.7%	$24.17	0.0%	COM	200340107
—	BANCORPSOUTH INC	1,716,563	$30.38M	4.6%	$17.70	—	COM	059692103
ONB	OLD NATL BANCORP IND	2,169,559	$30M	4.5%	$13.13	0.0%	COM	680033107
—	SANDY SPRING BANCORP INC	1,318,382	$28.5M	4.3%	$21.62	—	COM	800363103
HWC	HANCOCK HLDG CO	929,347	$27.95M	4.2%	$28.58	0.0%	COM	410120109
—	SUNTRUST BKS INC	866,110	$27.34M	4.1%	$31.57	—	COM	867914103
—	SCBT FINANCIAL CORP	538,849	$27.15M	4.1%	$50.39	—	COM	78401V102
BANR	BANNER CORP	722,944	$24.43M	3.7%	$21.83	0.0%	COM NEW	06652V208
—	CARDINAL FINL CORP	1,600,605	$23.43M	3.5%	$14.64	—	COM	14149F109
—	IBERIABANK CORP	415,728	$22.29M	3.3%	$53.61	—	COM	450828108
—	STERLING FINL CORP WASH	912,032	$21.69M	3.3%	$23.78	—	COM NEW	859319303
EGBN	EAGLE BANCORP INC MD	927,878	$20.77M	3.1%	$16.56	0.0%	COM	268948106
—	STELLARONE CORP	1,001,655	$19.68M	3.0%	$19.65	—	COM	85856G100
FHN	FIRST HORIZON NATL CORP	1,749,679	$19.6M	2.9%	$7.41	0.0%	COM	320517105
—	CENTERSTATE BANKS INC	1,919,428	$16.66M	2.5%	$8.68	—	COM	15201P109
GBCI	GLACIER BANCORP INC NEW	737,347	$16.36M	2.5%	$12.75	0.0%	COM	37637Q105
HOMB	HOME BANCSHARES INC	612,594	$15.91M	2.4%	$10.30	0.0%	COM	436893200
HFWA	HERITAGE FINL CORP WASH	1,061,924	$15.56M	2.3%	$13.97	0.0%	COM	42722X106
—	WASHINGTON BKG CO OAK HBR WA	1,012,891	$14.38M	2.2%	$14.20	—	COM	937303105
—	1ST UNITED BANCORP INC FLA	2,109,612	$14.06M	2.1%	$6.66	—	COM	33740N105
—	FIRST CONN BANCORP INC MD	991,484	$13.8M	2.1%	$13.92	—	COM	319850103
BANF	BANCFIRST CORP	268,660	$12.51M	1.9%	$16.45	0.0%	COM	05945F103
—	FIRST FINL HLDGS INC	575,429	$12.21M	1.8%	$21.21	—	COM	320239106
—	FIRST SEC GROUP INC	4,446,500	$9.649M	1.4%	$2.17	—	COM NEW	336312202
—	TRISTATE CAP HLDGS INC	669,553	$9.206M	1.4%	$13.75	—	COM	89678F100
—	FIDELITY SOUTHERN CORP NEW	567,200	$7.016M	1.1%	$12.37	—	COM	316394105
—	PINNACLE FINL PARTNERS INC	255,157	$6.56M	1.0%	$25.71	—	COM	72346Q104
—	MIDSOUTH BANCORP INC	407,205	$6.324M	0.9%	$15.53	—	COM	598039105
—	PARK STERLING CORP	983,399	$5.812M	0.9%	$5.91	—	COM	70086Y105
—	TRONOX LTD	214,510	$4.322M	0.6%	$20.15	—	SHS CL A	Q9235V101
SU	SUNCOR ENERGY INC NEW	118,800	$3.502M	0.5%	$19.64	0.0%	COM	867224107
—	SUSSER PETE PARTNERS LP	94,267	$2.762M	0.4%	$29.30	—	COM U REP LP	869239103
—	MACQUARIE INFRASTR CO LLC	49,760	$2.66M	0.4%	$53.46	—	MEMBERSHIP INT	55608B105
—	PINNACLE FOODS INC DEL	106,951	$2.583M	0.4%	$24.15	—	COM	72348P104
—	CHARTER FINL CORP MD	250,000	$2.52M	0.4%	$10.08	—	COM	16122W108
—	WINDSTREAM CORP	312,439	$2.409M	0.4%	$7.71	—	COM	97381W104
PG	PROCTER & GAMBLE CO	23,565	$1.814M	0.3%	$55.00	0.0%	COM	742718109
JNJ	JOHNSON & JOHNSON	20,850	$1.79M	0.3%	$59.66	0.0%	COM	478160104
—	ROSE ROCK MIDSTREAM L P	43,381	$1.589M	0.2%	$36.63	—	COM U REP LTD	777149105
WM	WASTE MGMT INC DEL	38,030	$1.534M	0.2%	$30.75	0.0%	COM	94106L109
GIS	GENERAL MLS INC	25,844	$1.254M	0.2%	$31.98	0.0%	COM	370334104
UPS	UNITED PARCEL SERVICE INC	14,092	$1.219M	0.2%	$55.38	0.0%	CL B	911312106
—	PLUM CREEK TIMBER CO INC	26,047	$1.216M	0.2%	$46.68	—	COM	729251108
—	MARKET VECTORS ETF TR	47,000	$1.151M	0.2%	$24.49	—	GOLD MINER ETF	57060U100
—	THE ADT CORPORATION	27,600	$1.1M	0.2%	$39.86	—	COM	00101J106
—	POWERSHARES ETF TRUST	55,000	$899K	0.1%	$16.35	—	INTL DIV ACHV	73935X716
DVY	ISHARES TR	12,500	$800K	0.1%	$64.00	—	DJ SEL DIV INX	464287168
—	UNITED CMNTY BANCORP IND	73,176	$749K	0.1%	$10.24	—	COM	90984R101
—	MCDERMOTT INTL INC	91,360	$748K	0.1%	$8.19	—	COM	580037109
EFA	ISHARES TR	9,000	$516K	0.1%	$57.33	—	MSCI EAFE INDEX	464287465
—	TORTOISE MLP FD INC	12,000	$351K	0.1%	$29.25	—	COM	89148B101
—	FIDELITY NATIONAL FINANCIAL	10,890	$259K	0.0%	$23.78	—	CL A	31620R105
RYN	RAYONIER INC	4,220	$234K	0.0%	$55.45	—	COM	754907103
VGT	VANGUARD WORLD FDS	2,400	$178K	0.0%	$74.17	—	INF TECH ETF	92204A702