Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	FIRST FINL HLDGS INC NEW	766,251	$50.96M	5.3%	$56.25	—	COM	32023E105
—	SANDY SPRING BANCORP INC	1,690,303	$47.65M	5.0%	$22.69	—	COM	800363103
RF	REGIONS FINL CORP NEW	4,667,612	$46.17M	4.8%	$5.98	+7.9%	COM	7591EP100
—	SUNTRUST BKS INC	1,177,834	$43.36M	4.5%	$32.97	—	COM	867914103
UMBF	UMB FINL CORP	672,411	$43.22M	4.5%	$52.03	+16.7%	COM	902788108
—	IBERIABANK CORP	671,659	$42.21M	4.4%	$54.87	—	COM	450828108
ONB	OLD NATL BANCORP IND	2,700,301	$41.5M	4.3%	$13.42	+11.2%	COM	680033107
COLB	COLUMBIA BKG SYS INC	1,500,942	$41.26M	4.3%	$13.20	+18.7%	COM	197236102
—	BANCORPSOUTH INC	1,597,304	$40.6M	4.2%	$17.70	—	COM	059692103
CMA	COMERICA INC	853,422	$40.57M	4.2%	$24.41	+17.5%	COM	200340107
BKU	BANKUNITED INC	1,213,946	$39.96M	4.2%	$20.86	+6.6%	COM	06652K103
BANR	BANNER CORP	854,197	$38.28M	4.0%	$22.68	+21.5%	COM NEW	06652V208
HWC	HANCOCK HLDG CO	993,033	$36.42M	3.8%	$29.46	+14.5%	COM	410120109
—	CARDINAL FINL CORP	2,021,582	$36.37M	3.8%	$15.22	—	COM	14149F109
EGBN	EAGLE BANCORP INC MD	1,065,022	$32.62M	3.4%	$17.35	+32.8%	COM	268948106
—	STERLING FINL CORP WASH	943,846	$32.17M	3.3%	$24.48	—	COM NEW	859319303
—	STELLARONE CORP	1,152,250	$27.73M	2.9%	$20.23	—	COM	85856G100
—	WASHINGTON BKG CO OAK HBR WA	1,483,406	$26.3M	2.7%	$14.81	—	COM	937303105
GBCI	GLACIER BANCORP INC NEW	848,348	$25.27M	2.6%	$13.53	+38.6%	COM	37637Q105
HOMB	HOME BANCSHARES INC	643,070	$24.02M	2.5%	$10.52	+63.7%	COM	436893200
—	CENTERSTATE BANKS INC	2,274,000	$23.08M	2.4%	$8.90	—	COM	15201P109
HFWA	HERITAGE FINL CORP WASH	1,123,682	$19.21M	2.0%	$14.09	+16.3%	COM	42722X106
—	1ST UNITED BANCORP INC FLA	2,302,318	$17.48M	1.8%	$6.78	—	COM	33740N105
BANF	BANCFIRST CORP	309,016	$17.32M	1.8%	$17.11	+25.7%	COM	05945F103
—	FIRST CONN BANCORP INC MD	1,057,937	$17.05M	1.8%	$14.20	—	COM	319850103
—	STATE BK FINL CORP	785,834	$14.29M	1.5%	$18.18	—	COM	856190103
—	FIDELITY SOUTHERN CORP NEW	772,501	$12.83M	1.3%	$13.33	—	COM	316394105
—	PINNACLE FINL PARTNERS INC	328,922	$10.7M	1.1%	$27.24	—	COM	72346Q104
—	FIRST SEC GROUP INC	4,408,847	$10.14M	1.1%	$2.17	—	COM NEW	336312202
—	TRISTATE CAP HLDGS INC	725,490	$8.604M	0.9%	$13.48	—	COM	89678F100
—	MIDSOUTH BANCORP INC	467,688	$8.353M	0.9%	$15.83	—	COM	598039105
SU	SUNCOR ENERGY INC NEW	149,838	$5.252M	0.5%	$20.09	+15.4%	COM	867224107
—	MACQUARIE INFRASTR CO LLC	81,983	$4.462M	0.5%	$53.55	—	MEMBERSHIP INT	55608B105
—	TRONOX LTD	164,915	$3.805M	0.4%	$20.35	—	SHS CL A	Q9235V101
—	PINNACLE FOODS INC DEL	134,619	$3.697M	0.4%	$24.63	—	COM	72348P104
—	SUSSER PETE PARTNERS LP	101,176	$3.349M	0.3%	$29.36	—	COM U REP LP	869239103
—	GENCORP INC	148,798	$2.681M	0.3%	$16.70	—	COM	368682100
NBHC	NATIONAL BK HLDGS CORP	114,200	$2.444M	0.3%	$16.38	0.0%	CL A	633707104
PG	PROCTER & GAMBLE CO	23,565	$1.918M	0.2%	$55.00	+5.5%	COM	742718109
JNJ	JOHNSON & JOHNSON	20,850	$1.91M	0.2%	$59.66	+10.2%	COM	478160104
WM	WASTE MGMT INC DEL	38,030	$1.706M	0.2%	$30.75	+10.2%	COM	94106L109
—	ROSE ROCK MIDSTREAM L P	43,381	$1.679M	0.2%	$36.63	—	COM U REP LTD	777149105
—	LIBBEY INC	79,528	$1.67M	0.2%	$21.00	—	COM	529898108
—	TEAM INC	39,201	$1.66M	0.2%	$42.35	—	COM	878155100
UPS	UNITED PARCEL SERVICE INC	14,092	$1.481M	0.2%	$55.38	+16.4%	CL B	911312106
GIS	GENERAL MLS INC	25,844	$1.29M	0.1%	$31.98	+2.8%	COM	370334104
—	PLUM CREEK TIMBER CO INC	26,047	$1.211M	0.1%	$46.68	—	COM	729251108
—	MCDERMOTT INTL INC	114,970	$1.053M	0.1%	$8.03	—	COM	580037109
—	POWERSHARES ETF TRUST	55,000	$1.013M	0.1%	$16.35	—	INTL DIV ACHV	73935X716
DVY	ISHARES	12,500	$892K	0.1%	$64.00	—	SELECT DIVID ETF	464287168
—	DENBURY RES INC	50,000	$822K	0.1%	$16.44	—	COM NEW	247916208
—	UNITED CMNTY BANCORP IND	74,167	$797K	0.1%	$10.23	—	COM	90984R101
EFA	ISHARES	9,000	$604K	0.1%	$57.33	—	MSCI EAFE ETF	464287465
—	FIDELITY NATIONAL FINANCIAL	10,890	$353K	0.0%	$23.78	—	CL A	31620R105
—	TORTOISE MLP FD INC	12,000	$328K	0.0%	$29.25	—	COM	89148B101
—	VANGUARD WORLD FDS	2,400	$215K	0.0%	$80.83	—	INF TECH ETF	92204a702