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 2,492 370,902 SH   SOLE NONE 370,902 0 0
ACE LTD SHS H0023R105 4,151 46,393 SH   SOLE NONE 0 0 46,393
AFLAC INC COM 01055102 4,334 74,573 SH   SOLE NONE 0 0 74,573
ALLSTATE CORP COM 020002101 18,454 383,490 SH   SOLE NONE 64,938 0 318,552
AMERICAN EXPRESS CO COM 025816109 11,349 151,800 SH   SOLE NONE 0 0 151,800
AMERICAN INTL GROUP INC COM NEW 026874784 23,869 533,985 SH   SOLE NONE 69,321 0 464,664
AMERICAN RIVER BANKSHARES COM 029326105 5,251 638,770 SH   SOLE NONE 638,770 0 0
AMERIPRISE FINL INC COM 03076C106 2,432 30,064 SH   SOLE NONE 0 0 30,064
APOLLO GLOBAL MGMT LLC COM 037612306 13,050 541,500 SH   SOLE NONE 132,500 0 409,000
ASSURANT INC COM 04621X108 13,698 269,062 SH   SOLE NONE 45,962 0 223,100
AVALONBAY CMNTYS INC COM 053484101 2,331 17,280 SH   SOLE NONE 0 0 17,280
BANK OF AMERICA CORPORATION COM 060505104 19,680 1,530,346 SH   SOLE NONE 0 0 1,530,346
BANK NEW YORK MELLON CORP COM 064058100 3,930 140,100 SH   SOLE NONE 0 0 140,100
BB&ampT CORP COM 054937107 14,566 429,942 SH   SOLE NONE 181,042 0 248,900
BERKSHIRE HILLS BANCORP INC COM 084680107 3,205 115,445 SH   SOLE NONE 115,445 0 0
BLACKSTONE GROUP L P COM UNIT LTD 09253U108 14,194 674,000 SH   SOLE NONE 59,400 0 614,600
BOSTON PROPERTIES INC COM 101121101 2,260 21,424 SH   SOLE NONE 0 0 21,424
BRIDGE CAP HLDGS COM 108030107 1,997 125,892 SH   SOLE NONE 125,892 0 0
BROWN &amp BROWN INC COM 115236101 16,908 524,453 SH   SOLE NONE 129,753 0 394,700
BSB BANCORP INC MD COM 05573H108 218 16,561 SH   SOLE NONE 16,561 0 0
CAPITAL ONE FINL CORP COM 14040H105 5,042 80,269 SH   SOLE NONE 0 0 80,269
CHARTER FINL CORP WEST PT GA COM 16122M100 3,717 368,767 SH   SOLE NONE 368,767 0 0
CHUBB CORP COM 171232101 3,420 40,400 SH   SOLE NONE 0 0 40,400
CITIGROUP INC COM NEW 172967424 20,857 434,794 SH   SOLE NONE 0 0 434,794
COLUMBIA BKG SYS INC COM 197236102 10,461 439,335 SH   SOLE NONE 439,335 0 0
COMERICA INC COM 200340107 7,705 193,436 SH   SOLE NONE 62,068 0 131,368
CONNECTONE BANCORP INC COM 20786U101 3,668 119,314 SH   SOLE NONE 119,314 0 0
CRESCENT FINL BANCSHARES INC COM 225743103 1,394 318,183 SH   SOLE NONE 318,183 0 0
CU BANCORP CALIF COM 126534106 1,037 65,611 SH   SOLE NONE 65,611 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 2,195 37,800 SH   SOLE NONE 0 0 37,800
EVEREST RE GROUP LTD COM G3223R108 7,025 54,770 SH   SOLE NONE 7,412 0 47,358
FIFTH THIRD BANCORP COM 316773100 27,088 1,500,740 SH   SOLE NONE 602,365 0 898,375
FIRST MIDWEST BANCORP DEL COM 320867104 22,040 1,606,383 SH   SOLE NONE 1,038,481 0 567,902
FIRST NBC BK HLDG CO COM 32115D106 1,239 50,785 SH   SOLE NONE 50,785 0 0
FLUSHING FINL CORP COM 343873105 4,388 266,742 SH   SOLE NONE 266,742 0 0
FOX CHASE BANCORP INC NEW COM 35137T108 2,710 159,392 SH   SOLE NONE 159,392 0 0
GALLAGHER ARTHUR J &amp CO COM 363576109 31,208 714,296 SH   SOLE NONE 90,196 0 624,100
GENWORTH FINL INC COM CL A 37247D106 1,033 90,500 SH   SOLE NONE 0 0 90,500
GOLDMAN SACHS GROUP INC COM 38141G104 10,608 70,135 SH   SOLE NONE 0 0 70,135
HARTFORD FINL SVCS GROUP INC COM 416515104 3,751 121,300 SH   SOLE NONE 0 0 121,300
HERITAGE FINL CORP WASH COM 42722X106 9,176 626,346 SH   SOLE NONE 626,346 0 0
HERITAGE FINL GROUP INC COM 42726X102 6,500 440,705 SH   SOLE NONE 440,705 0 0
HERITAGE OAKS BANCORP COM 42724R107 2,102 340,640 SH   SOLE NONE 340,640 0 0
HOWARD HUGHS CORP COM 44267D107 1,530 13,648 SH   SOLE NONE 13,648 0 0
INDEPENDENT BK GROUP INC COM 45384B106 3,040 100,000 SH   SOLE NONE 100,000 0 0
INTERCONTINENTALEXCHANGE INC COM 45865V100 12,585 70,800 SH   SOLE NONE 11,055 0 59,745
INVESTORS BANCORP INC COM 46146P102 9,117 432,500 SH   SOLE NONE 432,500 0 0
JPMORGAN CHASE &amp CO COM 46625H100 28,489 539,664 SH   SOLE NONE 0 0 539,664
KEYCORP NEW COM 493267108 7,185 650,798 SH   SOLE NONE 0 0 650,798
LINCOLN NATL CORP IND COM 534187109 1,196 32,800 SH   SOLE NONE 32,800 0 0
M &amp T BK CORP COM 55261F104 4,504 40,300 SH   SOLE NONE 0 0 40,300
M &amp T BK CORP W EXP 12/23/201 55261F112 486 12,778 SH   SOLE NONE 12,778 0 0
MARSH &amp MCLENNAN COS INC COM 571748102 4,097 102,629 SH   SOLE NONE 0 0 102,629
MB FINANCIAL INC NEW COM 55264U108 20,262 756,061 SH   SOLE NONE 493,481 0 262,580
METLIFE INC COM 59156R108 9,067 198,135 SH   SOLE NONE 25,600 0 172,535
MIDSOUTH BANCORP INC COM 598039105 5,263 338,911 SH   SOLE NONE 338,911 0 0
MORGAN STANLEY COM NEW 617446448 5,107 209,065 SH   SOLE NONE 0 0 209,065
NASDAQ OMX GROUP INC COM 631103108 22,229 677,919 SH   SOLE NONE 96,054 0 581,865
NEW YORK CMNTY BANCORP INC COM 649445103 8,367 597,630 SH   SOLE NONE 597,630 0 0
NORTHERN TR CORP COM 665859104 1,644 28,400 SH   SOLE NONE 0 0 28,400
NYSE EURONEXT COM 629491101 2,369 57,214 SH   SOLE NONE 0 0 57,214
OAKTREE CAP GROUP LLC UNIT 99/99/9999 674001201 14,475 275,450 SH   SOLE NONE 50,750 0 224,700
OCEANFIRST FINL CORP COM 675234108 2,082 133,876 SH   SOLE NONE 133,876 0 0
OCH ZIFF CAP MGMT GROUP CL A 67551U105 2,334 223,546 SH   SOLE NONE 35,888 0 187,658
OLD LINE BANCSHARES INC COM 67984M100 5,118 388,054 SH   SOLE NONE 388,054 0 0
PNC FINL SVCS GROUP INC COM 693475105 5,751 78,862 SH   SOLE NONE 0 0 78,862
PRICE T ROWE GROUP INC COM 74144T108 2,755 37,633 SH   SOLE NONE 0 0 37,633
PRUDENTIAL FINL INC COM 744320102 4,170 57,100 SH   SOLE NONE 16,100 0 41,000
PUBLIC STORAGE COM 74460D109 3,251 21,202 SH   SOLE NONE 0 0 21,202
REGIONS FINL CORP NEW COM 7591EP100 1,934 202,900 SH   SOLE NONE 0 0 202,900
SCHWAB CHARLES CORP NEW COM 808513105 2,971 139,966 SH   SOLE NONE 0 0 139,966
SEI INVESTMENTS CO COM 784117103 569 20,000 SH   SOLE NONE 0 0 20,000
SIMON PPTY GROUP INC NEW COM 828806109 1,805 11,432 SH   SOLE NONE 0 0 11,432
SOUTHWEST BANCORP INC OKLA COM 844767103 9,165 694,302 SH   SOLE NONE 694,302 0 0
STATE STR CORP COM 857477103 5,406 82,900 SH   SOLE NONE 0 0 82,900
STERLING BANCORP COM 859158107 18,772 1,615,516 SH   SOLE NONE 1,262,316 0 353,200
STERLING FINL CORP WASH COM NEW 859319303 6,516 274,007 SH   SOLE NONE 274,007 0 0
SUNTRUST BKS INC COM 867914103 2,526 80,000 SH   SOLE NONE 0 0 80,000
TRAVELERS COMPANIES INC COM 89417E109 4,503 56,345 SH   SOLE NONE 0 0 56,345
US BANCORP DEL COM NEW 902973304 11,004 304,400 SH   SOLE NONE 0 0 304,400
VIEWPOINT FINL GROUP INC MD COM 92672A101 7,238 347,800 SH   SOLE NONE 347,800 0 0
WELLS FARGO &amp CO NEW COM 949746101 30,053 728,197 SH   SOLE NONE 0 0 728,197
YADKIN FINL CORP COM 984305102 2,539 180,835 SH   SOLE NONE 180,835 0 0
ZIONS BANCORPORATION COM 989701107 5,819 201,200 SH   SOLE NONE 201,200 0 0