The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
1ST CENTURY BANCSHARES, INC. COM 31943X102 420 58,723 SH   SOLE   58,723 0 0
1ST UNITED BANCORP INC. COM 33740N105 617 82,189 SH   SOLE   82,189 0 0
AMERICAN RIVER BANKSHARES COM 029326105 2,512 265,777 SH   SOLE   265,777 0 0
AMERISERV FINL, INC. COM 03074A102 1,289 425,285 SH   SOLE   425,285 0 0
ANIXTER INTERNATIONAL INC COM 035290105 25,777 286,925 SH   SOLE   286,925 0 0
ARMSTRONG WORLD INDUSTRIES, INC. COM 04247X102 5,410 93,908 SH   SOLE   93,908 0 0
ASTORIA FINL CORP. COM 046265104 16,240 1,174,223 SH   SOLE   1,174,223 0 0
ATLANTIC COAST FINL CORP. COM 048426100 5,959 1,376,129 SH   SOLE   1,376,129 0 0
BANC CALIF INC. COM 05990K106 21,024 1,567,765 SH   SOLE   1,567,765 0 0
BANCORPSOUTH INC COM 059692103 1,472 57,919 SH   SOLE   57,919 0 0
BANK MUTUAL CORPORATION COM 063750103 7,530 1,074,154 SH   SOLE   1,074,154 0 0
BANK OF AMERICA CORP. COM 060505104 54,200 3,481,038 SH   SOLE   3,481,038 0 0
BANK OF MARIN BANCORP COM 063425102 4,004 92,290 SH   SOLE   92,290 0 0
BANK OF NEW YORK COM 064058100 41,694 1,193,292 SH   SOLE   1,193,292 0 0
BANKFINL CORPORATION COM 06643P104 9,100 993,403 SH   SOLE   993,403 0 0
BANNER CORPORATION COM NEW 06652V208 1,607 35,845 SH   SOLE   35,845 0 0
BARNES & NOBLE, INC. COM 067774109 970 64,900 SH   SOLE   64,900 0 0
BEACON ROOFING SUPPLY INC. COM 073685109 14,259 354,004 SH   SOLE   354,004 0 0
BELDEN INC. COM 077454106 43,190 613,054 SH   SOLE   613,054 0 0
BLACKROCK INC. COM 09247X101 2,213 6,994 SH   SOLE   6,994 0 0
BOK FINL CORP COM NEW 05561Q201 9,515 143,477 SH   SOLE   143,477 0 0
BOSTON PRIVATE FINL HOLDINGS COM 101119105 13,786 1,092,399 SH   SOLE   1,092,399 0 0
BRIDGE BANCORP, INC. COM 108035106 8,050 309,610 SH   SOLE   309,610 0 0
BRIDGE CAPITAL HOLDINGS COM 108030107 14,131 687,957 SH   SOLE   687,957 0 0
CAPITAL CITY BANK GROUP, INC. COM 139674105 7,862 667,977 SH   SOLE   667,977 0 0
CARDINAL FINL CORPORATION COM 14149F109 2,699 150,000 SH   SOLE   150,000 0 0
CARLISLE COS INC. COM 142339100 26,827 337,866 SH   SOLE   337,866 0 0
CARNIVAL CORP. PAIRED CTF 143658300 5,665 141,020 SH   SOLE   141,020 0 0
CAROLINA BANK HOLDINGS, INC. COM 143785103 1,629 160,929 SH   SOLE   160,929 0 0
CASCADE BANCORP COM NEW 147154207 20 3,800 SH   SOLE   3,800 0 0
CENTERSTATE BANKS, INC. COM 15201P109 16,742 1,649,437 SH   SOLE   1,649,437 0 0
CENTRAL PAC FINL CORP COM NEW 154760409 22,288 1,109,949 SH   SOLE   1,109,949 0 0
CENTRAL VALLEY COMMNTY BANCORP COM 155685100 3,497 310,812 SH   SOLE   310,812 0 0
CIT GROUP INC. COM NEW 125581801 40,986 786,230 SH   SOLE   786,230 0 0
CITIGROUP INC COM NEW 172967424 41,725 800,714 SH   SOLE   800,714 0 0
CITY NATIONAL CORP. COM 178566105 26,578 335,502 SH   SOLE   335,502 0 0
COMERICA, INC. COM 200340107 4,277 89,972 SH   SOLE   89,972 0 0
COMMUNITY FINL CORP MD COM 20368X101 5,179 250,065 SH   SOLE   250,065 0 0
COUSINS PPTYS INC COM 222795106 151 14,659 SH   SOLE   14,659 0 0
CU BANCORP CALIF COM 126534106 14,835 848,711 SH   SOLE   848,711 0 0
D R HORTON, INC. COM 23331A109 3,292 147,471 SH   SOLE   147,471 0 0
DANA HOLDING CORPORATION COM 235825205 9,465 482,418 SH   SOLE   482,418 0 0
DOVER CORPORATION COM 260003108 18,899 195,759 SH   SOLE   195,759 0 0
DUKE REALTY CORP. COM NEW 264411505 483 32,095 SH   SOLE   32,095 0 0
EASTERN VA BANKSHARES, INC. COM 277196101 1,200 171,382 SH   SOLE   171,382 0 0
EMCOR GROUP INC. COM 29084Q100 7,190 169,421 SH   SOLE   169,421 0 0
ENSCO PLC SH CLS A G3157S106 3,868 67,639 SH   SOLE   67,639 0 0
FARMERS CAP BK CORP COM 309562106 14,822 681,451 SH   SOLE   681,451 0 0
FASTENAL CO COM 311900104 428 9,000 SH   SOLE   9,000 0 0
FELCOR LODGING TR INC COM 31430F101 564 69,095 SH   SOLE   69,095 0 0
FIDELITY NATIONAL FINL CL A 31620R105 10,844 334,183 SH   SOLE   334,183 0 0
FIDELITY NATL INFORMATION SV COM 31620M106 9,323 173,670 SH   SOLE   173,670 0 0
FIDELITY SOUTHERN CORP NEW COM 316394105 32,629 1,964,411 SH   SOLE   1,964,411 0 0
FIFTH THIRD BANCORP COM 316773100 2,627 124,899 SH   SOLE   124,899 0 0
FIRST AMERN FINL CORP. COM 31847R102 18,510 656,387 SH   SOLE   656,387 0 0
FIRST BANCORP COM 318910106 20,737 1,247,725 SH   SOLE   1,247,725 0 0
FIRST CONN BANCORP INC MD COM 319850103 6,607 409,888 SH   SOLE   409,888 0 0
FIRST FINL HLDGS INC NEW COM 32023E105 2,817 42,350 SH   SOLE   42,350 0 0
FIRST HORIZON NATIONAL CORP. COM 320517105 1,024 87,900 SH   SOLE   87,900 0 0
FIRST INDUSTRIAL REALTY TRUST COM 32054K103 367 21,003 SH   SOLE   21,003 0 0
FIRST INTERNET BANCORP COM 320557101 3,893 173,042 SH   SOLE   173,042 0 0
FIRST NBC BK HLDG CO COM 32115D106 36,751 1,137,814 SH   SOLE   1,137,814 0 0
FIRST NIAGARA FINL GP INC COM 33582V108 544 51,187 SH   SOLE   51,187 0 0
FIRST SECURITY GROUP INC. COM NEW 336312202 7,127 3,098,583 SH   SOLE   3,098,583 0 0
FLUOR CORP NEW COM 343412102 2,619 32,620 SH   SOLE   32,620 0 0
GENERAL CABLE CORP DEL NEW COM 369300108 16,233 551,955 SH   SOLE   551,955 0 0
GOLDMAN SACHS & CO. COM 38141G104 861 4,856 SH   SOLE   4,856 0 0
GREENHILL & CO., INC. COM 395259104 33,471 577,683 SH   SOLE   577,683 0 0
HALLIBURTON COMPANY COM 406216101 8,021 158,055 SH   SOLE   158,055 0 0
HAMPTON ROADS BANKSHARES, INC. COM NEW 409321502 14,419 8,239,365 SH   SOLE   8,239,365 0 0
HARLEY-DAVIDSON INC COM 412822108 31,450 454,214 SH   SOLE   454,214 0 0
HEIDRICK & STRUGGLES INT'L, INC. COM 422819102 5,397 267,983 SH   SOLE   267,983 0 0
HERITAGE COMMERCE CORP COM 426927109 1,877 227,849 SH   SOLE   227,849 0 0
HERITAGE OAKS BANCORP COM 42724R107 6,309 841,196 SH   SOLE   841,196 0 0
HOMESTREET INC. COM 43785V102 20,508 1,025,418 SH   SOLE   1,025,418 0 0
HONEYWELL INTERNATIONAL INC. COM 438516106 14,907 163,150 SH   SOLE   163,150 0 0
HUDSON VALLEY HOLDING CORP COM 444172100 40,091 1,970,074 SH   SOLE   1,970,074 0 0
INDEPENDENT BANK CORP MICH COM NEW 453838609 13,389 1,115,765 SH   SOLE   1,115,765 0 0
JACOBS ENGINEERING GROUP INC. COM 469814107 868 13,780 SH   SOLE   13,780 0 0
JOS. A. BANK CLOTHIERS, INC. COM 480838101 3,690 67,370 SH   SOLE   67,370 0 0
JP MORGAN CHASE & CO. COM 46625H100 57,580 984,606 SH   SOLE   984,606 0 0
JPMORGAN CHASE & CO. *W EXP 10/28/201 46634E114 3,250 167,632 SH   SOLE   167,632 0 0
KORN/FERRY INTL NEW COM NEW 500643200 2,975 113,882 SH   SOLE   113,882 0 0
LAKELAND BANCORP, INC. COM 511637100 2,188 176,885 SH   SOLE   176,885 0 0
LEAR CORP. COM NEW 521865204 6,038 74,570 SH   SOLE   74,570 0 0
LENDER PROCESSING SERVICES COM 52602E102 2,745 73,441 SH   SOLE   73,441 0 0
LENNAR CORP. CL A 526057104 2,557 64,632 SH   SOLE   64,632 0 0
LINN ENERGY LLC UNIT LTD LIAB 536020100 1,217 39,541 SH   SOLE   39,541 0 0
LNB BANCORP, INC. COM 502100100 4,789 478,464 SH   SOLE   478,464 0 0
MASCO CORP. COM 574599106 3,975 174,565 SH   SOLE   174,565 0 0
MEN'S WAREHOUSE COM 587118100 1,985 38,851 SH   SOLE   38,851 0 0
METLIFE INC COM 59156R108 16,816 311,867 SH   SOLE   311,867 0 0
METRO BANCORP INC. COM 59161R101 26,245 1,218,447 SH   SOLE   1,218,447 0 0
MOHAWK INDS. INC. COM 608190104 28,842 193,700 SH   SOLE   193,700 0 0
MORGAN STANLEY COM NEW 617446448 8,546 272,515 SH   SOLE   272,515 0 0
NCI BUILDING SYSTEMS INC. COM NEW 628852204 2,544 145,043 SH   SOLE   145,043 0 0
NEW YORK COM BANCORP INC COM 649445103 1,235 73,265 SH   SOLE   73,265 0 0
NEWBRIDGE BANCORP. CL A NO PAR 65080T102 5,545 746,794 SH   SOLE   746,794 0 0
NORTH VALLEY BANCORP COM NEW 66304M204 11,637 615,373 SH   SOLE   615,373 0 0
NORTHERN TRUST CORP. COM 665859104 19,082 308,321 SH   SOLE   308,321 0 0
NORWEGIAN CRUISE LINE HLDGS LTD. SHS G66721104 1,390 39,200 SH   SOLE   39,200 0 0
OCEANFIRST FINL CORP. COM 675234108 16,154 943,014 SH   SOLE   943,014 0 0
OLD LINE BANCSHARES, INC. COM 67984M100 841 58,019 SH   SOLE   58,019 0 0
ORRSTOWN FINL SERVICES, INC. COM 687380105 4,600 281,370 SH   SOLE   281,370 0 0
OSHKOSH CORP. COM 688239201 6,618 131,353 SH   SOLE   131,353 0 0
OWENS CORNING INC. COM 690742101 16,855 413,927 SH   SOLE   413,927 0 0
PACIFIC CONTINENTAL CORP COM 69412V108 11,156 699,859 SH   SOLE   699,859 0 0
PACIFIC MERCANTILE BANCORP COM 694552100 3,258 523,755 SH   SOLE   523,755 0 0
PACIFIC PREMIER BANCORP COM 69478X105 7,629 484,669 SH   SOLE   484,669 0 0
PACWEST BANCORP DEL COM 695263103 9,141 216,514 SH   SOLE   216,514 0 0
PALMETTO BANCSHARES INC. COM NEW 697062206 5,755 444,024 SH   SOLE   444,024 0 0
PARK STERLING CORP. COM 70086Y105 7,353 1,029,860 SH   SOLE   1,029,860 0 0
PEAPACK-GLADSTONE FINL CORP COM 704699107 546 28,572 SH   SOLE   28,572 0 0
PENNYMAC FINL SVCS INC CL A 70932B101 12,910 735,592 SH   SOLE   735,592 0 0
PEOPLES BANCORP N C INC COM 710577107 802 56,527 SH   SOLE   56,527 0 0
PLY GEM HOLDINGS INC. COM 72941W100 3,461 191,953 SH   SOLE   191,953 0 0
PNC FINL SVCS GROUP INC COM 693475105 17,574 226,533 SH   SOLE   226,533 0 0
POPULAR, INC. COM NEW 733174700 1,532 53,325 SH   SOLE   53,325 0 0
PREFERRED BK LOS ANGELES CA COM NEW 740367404 10,429 520,137 SH   SOLE   520,137 0 0
PREMIER FINL BANCORP INC COM 74050M105 4,094 289,301 SH   SOLE   289,301 0 0
PRIVATEBANCORP INC COM 742962103 27,994 967,645 SH   SOLE   967,645 0 0
PULASKI FINL CORP. COM 745548107 9,163 813,722 SH   SOLE   813,722 0 0
REGIONS FINL CORP. COM 7591EP100 1,781 180,089 SH   SOLE   180,089 0 0
REPUBLIC BANCORP KY CL A 760281204 5,953 242,566 SH   SOLE   242,566 0 0
REPUBLIC FIRST BANCORP, INC. COM 760416107 3,282 1,101,269 SH   SOLE   1,101,269 0 0
ROWAN COMPANIES PLC SH CLS A G7665A101 2,819 79,710 SH   SOLE   79,710 0 0
RYDER SYSTEM INC COM 783549108 8,307 112,596 SH   SOLE   112,596 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 771 35,263 SH Put SOLE   35,263 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 771 35,263 SH Put SOLE   35,263 0 0
SIERRA BANCORP COM 82620P102 19,028 1,182,624 SH   SOLE   1,182,624 0 0
SOUTHERN FIRST BANCSHARES INC COM 842873101 322 24,253 SH   SOLE   24,253 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 377 2,039 SH Put SOLE   2,039 0 0
SPX CORP COM 784635104 5,995 60,185 SH   SOLE   60,185 0 0
STATE STREET CORP. COM 857477103 35,214 479,826 SH   SOLE   479,826 0 0
STEINER LEISURE LTD. ORD P8744Y102 4,257 86,532 SH   SOLE   86,532 0 0
STEWART INFORMATION SERVICES COM 860372101 20,333 630,083 SH   SOLE   630,083 0 0
STOCK BLDG SUPPLY HLDGS INC COM 86101X104 3,720 204,156 SH   SOLE   204,156 0 0
STRATEGIC HOTELS & RESORTS COM 86272T106 704 74,501 SH   SOLE   74,501 0 0
SUFFOLK BANCORP COM 864739107 10,457 502,720 SH   SOLE   502,720 0 0
SUN BANCORP, INC. COM 86663B102 3,623 1,029,162 SH   SOLE   1,029,162 0 0
SUNTRUST BANKS COM 867914103 3,618 98,299 SH   SOLE   98,299 0 0
SYNOVUS FINL CORP. COM 87161C105 77,591 21,552,966 SH   SOLE   21,552,966 0 0
TAYLOR CAPITAL GROUP, INC. COM 876851106 6,282 236,352 SH   SOLE   236,352 0 0
TEREX CORPORATION COM 880779103 8,029 191,224 SH   SOLE   191,224 0 0
TEVA PHARMACEUTICAL INDS LTD ADR 881624209 2,244 55,983 SH   SOLE   55,983 0 0
THE FIRST BANCSHARES, INC. COM 318916103 4,591 327,456 SH   SOLE   327,456 0 0
THE FIRST OF LONG ISLAND CORP COM 320734106 21,798 508,464 SH   SOLE   508,464 0 0
TITAN MACHINERY, INC. COM 88830R101 2,765 155,152 SH   SOLE   155,152 0 0
TRICO BANCSHARES COM 896095106 15,416 543,401 SH   SOLE   543,401 0 0
TUTOR PERINI CORP. COM 901109108 4,782 181,822 SH   SOLE   181,822 0 0
US BANCORP COM NEW 902973304 46,543 1,152,064 SH   SOLE   1,152,064 0 0
VALLEY NATIONAL BANCORP COM 919794107 3,302 326,306 SH   SOLE   326,306 0 0
VIRGINIA COMMERCE BANCORP COM 92778Q109 5,625 331,065 SH   SOLE   331,065 0 0
WASHINGTONFIRST BANKSHARE INC COM 940730104 2,199 153,787 SH   SOLE   153,787 0 0
WCI COMMUNITIES, INC. COM 92923C807 1,872 98,077 SH   SOLE   98,077 0 0
WEINGARTEN REALTY INVESTORS SH BEN INT 948741103 599 21,830 SH   SOLE   21,830 0 0
WELLS FARGO & CO COM 949746101 55,120 1,214,099 SH   SOLE   1,214,099 0 0
WESCO INTERNATIONAL INC. COM 95082P105 31,072 341,193 SH   SOLE   341,193 0 0
WESTAMERICA BANCORP. COM 957090103 2,061 36,500 SH   SOLE   36,500 0 0
WINTRUST FINL CORPORATION COM 97650W108 13,571 294,252 SH   SOLE   294,252 0 0
XEROX CORP COM 984121103 5,261 432,325 SH   SOLE   432,325 0 0
YADKIN FINL CORPORATION COM 984305102 0 1 SH   SOLE   1 0 0
ZIONS BANCORPORATION COM 989701107 27,638 922,490 SH   SOLE   922,490 0 0