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 UNITED BANCORP INC FLA COM 33740N105 2,596 354,162 SH   SOLE NONE 354,162 0 0
AFLAC INC COM 01055102 4,623 74,573 SH   SOLE NONE 0 74,573 0
ALLSTATE CORP COM 020002101 16,337 323,176 SH   SOLE NONE 46,885 276,291 0
AMERICAN EXPRESS CO COM 025816109 11,464 151,800 SH   SOLE NONE 0 151,800 0
AMERICAN INTL GROUP INC COM NEW 026874784 25,350 521,273 SH   SOLE NONE 56,609 464,664 0
AMERICAN RIVER BANKSHARES COM 029326105 5,621 638,770 SH   SOLE NONE 638,770 0 0
AMERIPRISE FINL INC COM 03076C106 2,738 30,064 SH   SOLE NONE 0 30,064 0
APOLLO GLOBAL MGMT LLC COM 037612306 17,939 634,782 SH   SOLE NONE 145,282 489,500 0
ASSURANT INC COM 04621X108 11,068 204,582 SH   SOLE NONE 37,143 167,439 0
AVALONBAY CMNTYS INC COM 053484101 2,656 20,900 SH   SOLE NONE 0 20,900 0
BANK OF AMERICA CORPORATION COM 060505104 21,119 1,530,346 SH   SOLE NONE 0 1,530,346 0
BANK OF NEW YORK MELLON CORP COM 064058100 4,230 140,100 SH   SOLE NONE 0 140,100 0
BB&ampT CORP COM 054937107 15,998 474,021 SH   SOLE NONE 158,921 315,100 0
BENEFICIAL MUTUAL BANCORP IN COM 08173R104 2,757 276,497 SH   SOLE NONE 276,497 0 0
BERKSHIRE HILLS BANCORP INC COM 084680107 11,469 456,761 SH   SOLE NONE 456,761 0 0
BLACKSTONE GROUP L P COM UNIT LTD 09253U108 22,561 906,441 SH   SOLE NONE 71,641 834,800 0
BOSTON PROPERTIES INC COM 101121101 2,290 21,424 SH   SOLE NONE 0 21,424 0
BRIDGE CAP HLDGS COM 108030107 2,138 125,892 SH   SOLE NONE 125,892 0 0
BROWN &amp BROWN INC COM 115236101 15,844 493,576 SH   SOLE NONE 74,590 418,986 0
BSB BANCORP INC MD COM 05573H108 3,347 238,892 SH   SOLE NONE 238,892 0 0
CAPITAL ONE FINL CORP COM 14040H105 5,518 80,269 SH   SOLE NONE 0 80,269 0
CARDINAL FINL CORP COM 14149F109 5,341 323,134 SH   SOLE NONE 323,134 0 0
CARLYLE GROUP L P COM UTS LTD PTN 14309L102 659 25,607 SH   SOLE NONE 25,607 0 0
CENTER BANCORP INC COM 151408101 1,130 79,387 SH   SOLE NONE 79,387 0 0
CHARTER FINL CORP MD COM 16122W108 3,983 368,767 SH   SOLE NONE 368,767 0 0
CITIGROUP INC COM NEW 172967424 21,092 434,794 SH   SOLE NONE 0 434,794 0
COLUMBIA BKG SYS INC COM 197236102 9,233 373,795 SH   SOLE NONE 373,795 0 0
COMERICA INC COM 200340107 6,585 167,516 SH   SOLE NONE 62,948 104,568 0
CONNECTONE BANCORP INC COM 20786U101 4,189 119,314 SH   SOLE NONE 119,314 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 1,007 18,800 SH   SOLE NONE 0 18,800 0
FIFTH THIRD BANCORP COM 316773100 25,004 1,385,255 SH   SOLE NONE 605,680 779,575 0
FIRST MIDWEST BANCORP DEL COM 320867104 21,685 1,437,987 SH   SOLE NONE 1,013,514 424,473 0
FLUSHING FINL CORP COM 343873105 4,921 266,742 SH   SOLE NONE 266,742 0 0
FOX CHASE BANCORP INC NEW COM 35137T108 5,362 308,179 SH   SOLE NONE 308,179 0 0
GALLAGHER ARTHUR J & CO COM 363576109 30,945 708,935 SH   SOLE NONE 91,358 617,577 0
GENWORTH FINL INC COM CL A 37247D106 1,158 90,500 SH   SOLE NONE 0 90,500 0
GOLDMAN SACHS GROUP INC COM 38141G104 10,200 64,470 SH   SOLE NONE 0 64,470 0
HARTFORD FINL SVCS GROUP INC COM 416515104 3,775 121,300 SH   SOLE NONE 0 121,300 0
HERITAGE FINL CORP WASH COM 42722X106 10,155 654,296 SH   SOLE NONE 654,296 0 0
HERITAGE FINL GROUP INC COM 42726X102 7,718 443,065 SH   SOLE NONE 443,065 0 0
HERITAGE OAKS BANCORP COM 42724R107 2,180 340,640 SH   SOLE NONE 340,640 0 0
HOWARD HUGHS CORP COM 44267D107 1,555 13,841 SH   SOLE NONE 13,841 0 0
INDEPENDENT BANK CORP MICH COM NEW 453838609 4,600 460,000 SH   SOLE NONE 460,000 0 0
INDEPENDENT BK GROUP INC COM 45384B106 3,600 100,000 SH   SOLE NONE 100,000 0 0
INTERCONTINENTALEXCHANGE INC COM 45865V100 13,661 75,300 SH   SOLE NONE 15,555 59,745 0
INVESTORS BANCORP INC COM 46146P102 8,927 407,624 SH   SOLE NONE 407,624 0 0
JPMORGAN CHASE & CO COM 46625H100 27,895 539,664 SH   SOLE NONE 0 539,664 0
KEYCORP NEW COM 493267108 4,213 369,598 SH   SOLE NONE 0 369,598 0
LINCOLN NATL CORP IND COM 534187109 20,113 479,002 SH   SOLE NONE 95,002 384,000 0
M & T BK CORP COM 55261F104 4,510 40,300 SH   SOLE NONE 0 40,300 0
M & T BK CORP W EXP 12/23/201 55261F112 512 13,395 SH   SOLE NONE 13,395 0 0
MB FINANCIAL INC NEW COM 55264U108 20,488 726,261 SH   SOLE NONE 463,681 262,580 0
METLIFE INC COM 59156R108 23,690 504,581 SH   SOLE NONE 76,146 428,435 0
METROCORP BANCSHARES INC COM 591650106 1,344 97,838 SH   SOLE NONE 97,838 0 0
MIDSOUTH BANCORP INC COM 598039105 5,326 343,641 SH   SOLE NONE 343,641 0 0
MORGAN STANLEY COM NEW 617446448 5,634 209,065 SH   SOLE NONE 0 209,065 0
NASDAQ OMX GROUP INC COM 631103108 21,656 674,419 SH   SOLE NONE 89,354 585,065 0
NEW YORK CMNTY BANCORP INC COM 649445103 9,030 597,630 SH   SOLE NONE 597,630 0 0
NORTHERN TR CORP COM 665859104 1,544 28,400 SH   SOLE NONE 0 28,400 0
NYSE EURONEXT COM 629491101 2,402 57,214 SH   SOLE NONE 0 57,214 0
OAKTREE CAP GROUP LLC UNIT 99/99/9999 674001201 7,969 152,223 SH   SOLE NONE 16,523 135,700 0
OCEANFIRST FINL CORP COM 675234108 2,264 133,876 SH   SOLE NONE 133,876 0 0
OLD LINE BANCSHARES INC COM 67984M100 8,517 634,614 SH   SOLE NONE 634,614 0 0
PNC FINL SVCS GROUP INC COM 693475105 5,714 78,862 SH   SOLE NONE 0 78,862 0
PRICE T ROWE GROUP INC COM 74144T108 2,707 37,633 SH   SOLE NONE 0 37,633 0
PROASSURANCE CORP COM 74267C106 6,030 133,824 SH   SOLE NONE 35,259 98,565 0
PRUDENTIAL FINL INC COM 744320102 14,698 188,482 SH   SOLE NONE 31,682 156,800 0
PUBLIC STORAGE COM 74460D109 3,404 21,202 SH   SOLE NONE 0 21,202 0
REGIONS FINL CORP NEW COM 7591EP100 11,412 1,232,382 SH   SOLE NONE 543,515 688,867 0
SCHWAB CHARLES CORP NEW COM 808513105 2,959 139,966 SH   SOLE NONE 0 139,966 0
SEI INVESTMENTS CO COM 784117103 618 20,000 SH   SOLE NONE 0 20,000 0
SIMON PPTY GROUP INC NEW COM 828806109 7,772 52,432 SH   SOLE NONE 0 52,432 0
SLM CORP COM 78442P106 8,705 349,600 SH   SOLE NONE 67,200 282,400 0
SOUTHWEST BANCORP INC OKLA COM 844767103 14,181 957,554 SH   SOLE NONE 957,554 0 0
STATE STR CORP COM 857477103 5,451 82,900 SH   SOLE NONE 0 82,900 0
STERLING BANCORP COM 859158107 22,239 1,619,744 SH   SOLE NONE 1,266,544 353,200 0
STERLING FINL CORP WASH COM NEW 859319303 9,698 338,482 SH   SOLE NONE 338,482 0 0
SUNTRUST BKS INC COM 867914103 2,594 80,000 SH   SOLE NONE 0 80,000 0
SYNOVUS FINL CORP COM 87161C105 4,400 1,333,325 SH   SOLE NONE 1,333,325 0 0
TAYLOR CAP GROUP INC COM 876851106 5,355 241,762 SH   SOLE NONE 241,762 0 0
US BANCORP DEL COM NEW 902973304 6,661 182,100 SH   SOLE NONE 0 182,100 0
VANTAGESOUTH BANCSHARES INC COM 92209W105 1,891 356,102 SH   SOLE NONE 356,102 0 0
VIEWPOINT FINL GROUP INC MD COM 92672A101 3,257 157,549 SH   SOLE NONE 157,549 0 0
WELLS FARGO & CO NEW COM 949746101 27,916 675,597 SH   SOLE NONE 0 675,597 0
YADKIN FINL CORP COM 984305102 2,726 158,223 SH   SOLE NONE 158,223 0 0
ZIONS BANCORPORATION COM 989701107 5,929 216,217 SH   SOLE NONE 216,217 0 0