13F-HR 1 v021649_13fhr.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 13F Form 13F Cover Page Report for the Calendar Year or Quarter Ended: June 30, 2005 Check here if Amendment [ ]; Amendment Number: _____ This Amendment (Check only one): [ ] is a restatement. [ ] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Drake Asset Management, LLC Address: 55 Brookville Road Glen Head, NY 11545 Form 13F File Number: 28-11342 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: Davis P. Stowell Title: Vice President Phone: (516) 686-2201 Signature, Place, and Date of Signing: /s/ DAVIS P. STOWELL Glen Head, NY July 13, 2005 Report Type (check only one): [X] 13F HOLDINGS REPORT. [ ] 13F NOTICE. [ ] 13F COMBINATION REPORT. FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 Form 13F Information Table Entry Total: 211 Form 13F Information Table Value Total: $169,323 (thousands) List of Other Included Managers: Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report. NONE DRAKE ASSET MANAGEMENT LLC AT 06/30/2005 FORM 13F INFORMATION TABLE

~~DRAKE ASSET MANAGEMENT LLC AT 03/31/2005 FORM 13F INFORMATION TABLE~~ COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 MARKET SH/ ~~INVES OTHER~~ VOTING AUTHORITY VALUE SHARES OR PRIN PUT/ ~~TMT~~INVESTMT ~~MANA~~OTHER --------------------- NAME OF ISSUER TITLE OF CLASS CUSIP (xX$1000) PRIN AMT AMT CALL DISCRETN ~~GERS~~MANAGERS SOLE SHARED NONE ------------------------------------------------------------------------------------------------------------------------------------ ACE LTD ORD G0070K103 ~~743~~807 18000 SH SOLE 18000 0 0 ACTIVISION INC NEW COM NEW 004930202 ~~331~~369 22333 SH SOLE 22333 0 0 AFFILIATED MANAGERS GROUP COM 008252108 ~~819~~902 13200 SH SOLE 13200 0 0 AFFIRMATIVE INSURANCE ~~HOLDIN~~HOLDING INC COM 008272106 ~~811~~872 55000 SH SOLE 55000 0 0 ~~AMERICAN~~ALCAN ~~COMMUNITY~~INC ~~BAN~~COM W013716105 ~~EXP~~270 ~~04/30/2005~~9000 ~~02520W114~~SH 44SOLE 9000 0 0 AMEGY BANCORPORATION INC COM 02343R102 224 10000 SH SOLE 10000 0 0 AMERICAN CMNTY BANCSHARES COM 02520W106 216 12500 SH SOLE 12500 0 0 AMERICAN ~~EQUITY~~EQTY INVT LIFE HLHLD COM 025676206 ~~1463~~1478 ~~114400~~124400 SH SOLE ~~114400~~124400 0 0 AMERICAN ~~MORTGAGE~~INTL ~~ACCEPTANCE~~GROUP ~~SBI~~INC COM 026874107 349 6000 SH SOLE 6000 0 0 AMERICAN MTG ACCEP INC SH BEN INT 027568104 ~~242~~265 17500 SH SOLE 17500 0 0 AMERICREDIT CORP COM ~~03060r101~~03060R101 ~~586~~638 25000 SH SOLE 25000 0 0 ANADARKO ~~PETROLEUM~~PETE CORP COM 032511107 ~~761~~822 10000 SH SOLE 10000 0 0 ARCH COAL INC COM 039380100 ~~1032~~1307 24000 SH SOLE 24000 0 0 ARCHIPELAGO ~~HOLDINGS~~HLDG INC COM 03957A104 ~~230~~506 13000 SH SOLE 13000 0 0 ~~ASHFORD HOSPITALITY TRUST COM 044103109 129 12600 SH SOLE 12600 0 0~~ ASSURANT INC COM 04621X108 ~~1517~~1625 45000 SH SOLE 45000 0 0 ASTA ~~FUNDING~~FDG INC COM 046220109 ~~1397~~1833 66000 SH SOLE 66000 0 0 ASTORIA ~~FINANCIAL~~FINL CORP COM 046265104 ~~3015~~2971 ~~119154~~104354 SH SOLE ~~119154~~104354 0 0 ATLANTIC COAST ~~FEDERAL/WAYCR~~FED CORP COM 048425102 ~~704~~699 56500 SH SOLE 56500 0 0 AU OPTRONICS CORP SPONSORED ADR 002255107 ~~425~~491 29000 SH SOLE 29000 0 0 BANCORP RHODE ISLAND INC COM 059690107 ~~636~~952 ~~17000~~26000 SH SOLE ~~17000~~26000 0 0 BANK MUTUAL CORP NEW COM 063750103 ~~971~~413 ~~82150~~37300 SH SOLE ~~82150~~37300 0 0 BANK OF AMERICA ~~CORP~~CORPORATION COM 060505104 ~~3102~~3208 70334 SH SOLE 70334 0 0 BANK OF ~~THE CAROLINAS(NC) COM 06423T102 227 15000 SH SOLE 15000 0 0 BANK OF~~ WILMINGTON COM 065824104 ~~281~~245 25000 SH SOLE 25000 0 0 BANKATLANTIC BANCORP ~~INC~~ CL A 065908501 ~~487~~531 28000 SH SOLE 28000 0 0 BANNER ~~CORPORATION~~CORP COM 06652V109 ~~364~~378 13500 SH SOLE 13500 0 0 BEACH FIRST NATL BANCSHARES COM 073334104 341 17300 SH SOLE 17300 0 0 BEAZER HOMES USA INC COM 07556Q105 ~~449~~514 9000 SH SOLE 9000 0 0 BENJAMIN FRANKLIN BANCORP COM 082073107 173 15000 SH SOLE 15000 0 0 BEVERLY HILLS BANCORP ~~INC~~DEL COM 087866109 ~~123~~219 ~~11500~~20000 SH SOLE ~~11500~~20000 0 0 BFC FINL CORP CL A 055384200 213 25000 SH SOLE 25000 0 0 BOARDWALK BANK NJ W EXP 12/31/2006 096611116 7872 12000 SH SOLE 12000 0 0 BOFI ~~HOLDING~~HLDG INC COM 05566U108 ~~511~~302 ~~45500~~33437 SH SOLE ~~45500~~33437 0 0 BURLINGTON ~~RESOURCES~~RES INC COM 122014103 ~~376~~414 7500 SH SOLE 7500 0 0 CABOT OIL & GAS CORP COM 127097103 208 6000 SH SOLE 6000 0 0 CALLAWAY GOLF ~~COMPANY~~CO COM 131193104 ~~220~~265 17200 SH SOLE 17200 0 0 CANADIAN ~~NATURAL~~NAT ~~RESOURCES~~RES LTD COM 136385101 ~~3580~~4584 ~~63000~~126000 SH SOLE ~~63000~~126000 0 0 CAPITAL ~~LEASE~~BK ~~FUNDING~~CORP ~~INC~~ COM ~~140288101~~139793103 ~~155~~405 ~~14000~~27000 SH SOLE ~~14000~~27000 0 0 CAPITAL TITLE GROUP INC COM 140919101 ~~705~~782 115000 SH SOLE 115000 0 0 CASH AMER INTL INC COM 14754D100 388 19300 SH SOLE 19300 0 0 CENTENE CORP DEL COM 15135B101 ~~1500~~1679 50000 SH SOLE 50000 0 0 ~~CENTENNIAL~~CENTER FINL CORP CALIF COM 15146E106 5565 224130 SH SOLE 224130 0 0 CHARTER COMMUNICATIONS CPINC CL A 16117M107 284 240400 SH SOLE 240400 0 0 CHINA MOBILE HONG KONG LTD SPONSORED ADR 16941M109 465 25000 SH SOLE 25000 0 0 CHIQUITA BRANDS INTL INC COM 170032809 275 10000 SH SOLE 10000 0 0 CITIZENS COMMUNICATIONS CO COM 17453B101 134 10000 SH SOLE 10000 0 0 COHEN & STEERS INC COM 19247A100 732 35500 SH SOLE 35500 0 0 COLLEGIATE FDG SVCS INC COM 19458M108 437 30000 SH SOLE 30000 0 0 COLONIAL BANKROUP INC COM 195493309 574 26000 SH SOLE 26000 0 0 COMMERCIAL CAP BANCORP INC COM 20162L105 2438 145906 SH SOLE 145906 0 0 COMMUNITY BANCORP NEV COM 20343T100 388 12500 SH SOLE 12500 0 0 CONSECO INC COM NEW ~~15133V208~~208464883 ~~1434~~327 ~~132137~~15000 SH SOLE ~~132137~~15000 0 0 ~~CENTER~~CONSOL ENERGY INC COM 20854P109 804 15000 SH SOLE 15000 0 0 CP SHIPS LTD COM 22409V102 548 35000 SH SOLE 35000 0 0 CRESCENT BKG CO COM 225646108 614 20000 SH SOLE 20000 0 0 CRESCENT FINL CORP COM 225744101 594 37106 SH SOLE 37106 0 0 CRESUD S A C I F Y F A SPONSORED ADR 226406106 356 29312 SH SOLE 29312 0 0 DEUTSCHE TELEKOM AG SPONSORED ADR 251566105 4916 266896 SH SOLE 266896 0 0 DEVON ENERGY CORP NEW COM 25179M103 1318 26000 SH SOLE 26000 0 0 DHB INDS INC COM 23321E103 169 20000 SH SOLE 20000 0 0 DIAMONDROCK HOSPITALITY CO COM 252784301 113 10000 SH SOLE 10000 0 0 DORAL FINL CORP COM 25811P100 380 23000 SH SOLE 23000 0 0 E TRADE FINANCIAL CORP COM ~~15146E106~~269246104 ~~3951~~2394 ~~224130~~171087 SH SOLE ~~224130~~171087 0 0 ~~CENTEX~~EAGLE MATERIALS INC COM 26969P108 1073 11593 SH SOLE 11593 0 0 ECC CAPITAL CORP COM ~~152312104~~26826M108 ~~241~~233 ~~4200~~35000 SH SOLE ~~4200~~35000 0 0 ~~CHARTER~~ENCANA ~~COMMUNICATIONS~~CORP COM 292505104 792 20000 SH SOLE 20000 0 0 ENDURANCE SPECIALTY HLDGS LT SHS G30397106 756 20000 SH SOLE 20000 0 0 FEDERAL HOME LN MTG CORP COM 313400301 913 14000 SH SOLE 14000 0 0 FEDERAL TR CORP COM 314012105 455 40600 SH SOLE 40600 0 0 FEDEX CORP COM 31428X106 1005 12400 SH SOLE 12400 0 0 FIDELITY BANKSHARES INC NEW COM 31604Q107 1775 66948 SH SOLE 66948 0 0 FIDELITY NATL FINL INC COM 316326107 700 19600 SH SOLE 19600 0 0 FIELDSTONE INVT CORP COM 31659U300 209 14500 SH SOLE 14500 0 0 FIRST CMNTY BK CORP AMER COM 31985E206 296 12030 SH SOLE 12030 0 0 FIRST HORIZON NATL CORP COM 320517105 422 10000 SH SOLE 10000 0 0 FIRST REP BANK SAN FRANCISCO COM 336158100 1616 45750 SH SOLE 45750 0 0 FIRSTBANK NW CORP COM 33762X106 252 9300 SH SOLE 9300 0 0 FRANKLIN BK CORP DEL COM 352451108 891 47470 SH SOLE 47470 0 0 FRIEDMAN BILLINGS RAMSEY CL A ~~16117M107~~358434108 ~~385~~806 ~~240400~~56395 SH SOLE ~~240400~~56395 0 0 ~~CHINA~~GABELLI ~~FINANCE~~ASSET ~~ONLINE~~MGMT INC CL A 36239Y102 1016 23000 SH SOLE 23000 0 0 GATEWAY FINL HLDGS INC COM 368140109 756 41768 SH SOLE 41768 0 0 GENERAL MARITIME CORP SHS Y2692M103 437 10300 SH SOLE 10300 0 0 GENWORTH FINL INC COM CL A 37247D106 883 29200 SH SOLE 29200 0 0 GIANT INDS INC COM 374508109 785 21800 SH SOLE 21800 0 0 GLACIER BANCORP INC NEW COM 37637Q105 525 20078 SH SOLE 20078 0 0 GOODRICH PETE CORP COM NEW 382410405 288 14000 SH SOLE 14000 0 0 GREATER BAY BANCORP COM 391648102 1153 43800 SH SOLE 43800 0 0 GREATER DEL VY HLDGS COM 391688108 196 8600 SH SOLE 8600 0 0 GREENVILLE FIRST BANCSHARES COM 39607Y100 208 10000 SH SOLE 10000 0 0 HANMI FINL CORP COM 410495105 2969 177814 SH SOLE 177814 0 0 HARRINGTON WEST FINL GROUP COM 41383L104 434 28200 SH SOLE 28200 0 0 HEALTH NET INC COM 42222G108 382 10000 SH SOLE 10000 0 0 HERITAGE COMMERCE CORP COM 426927109 367 20000 SH SOLE 20000 0 0 HEWLETT PACKARD CO ~~SPONSORED~~COM 428236103 578 24600 SH SOLE 24600 0 0 HILB ROGAL & HOBBS CO COM 431294107 805 23400 SH SOLE 23400 0 0 HMN FINL INC COM 40424G108 436 13849 SH SOLE 13849 0 0 HOME FEDERAL BANCORP INC COM 43709A101 260 20954 SH SOLE 20954 0 0 HUDSON CITY BANCORP COM 443683107 5433 476168 SH SOLE 476168 0 0 IBERIABANK CORP COM 450828108 2480 40250 SH SOLE 40250 0 0 ICICI BANK LTD ADR ~~169379104~~45104G104 79329 15040 SH SOLE 15040 0 0 INTERSECTIONS INC COM 460981301 234 20000 SH SOLE 20000 0 0 INTERVEST BANCSHARES CORP CL A 460927106 773 42450 SH SOLE 42450 0 0 JACKSON HEWITT TAX SVCS INC COM 468202106 260 11000 SH SOLE 11000 0 0 ~~CHINA~~JACKSONVILLE ~~MOBILE~~BANCORP HKINC ~~LTD~~FLA ~~SPONSORED~~COM ~~ADR~~469249106 ~~16941M109~~855 ~~410~~30400 SH SOLE 30400 0 0 JPMORGAN CHASE & CO COM 46625H100 318 9000 SH SOLE 9000 0 0 KNBT BANCORP INC COM 482921103 377 25000 SH SOLE 25000 0 0 ~~CHIQUITA~~KOOKMIN ~~BRANDS~~BK ~~INTL~~NEW SPONSORED ADR 50049M109 729 16000 SH SOLE 16000 0 0 LEVITT CORP CL A 52742P108 755 25250 SH SOLE 25250 0 0 LINCOLN NATL CORP IND COM ~~170032809~~534187109 ~~268~~680 14500 SH SOLE 14500 0 0 LSI LOGIC CORP COM 502161102 85 10000 SH SOLE 10000 0 0 ~~CITIZENS~~LUMINENT ~~COMMUNICATIONS~~MTG CAP INC COM 550278303 194 18000 SH SOLE 18000 0 0 MANULIFE FINL CORP COM 56501R106 397 8297 SH SOLE 8297 0 0 MARSH & MCLENNAN COS INC COM 571748102 319 11500 SH SOLE 11500 0 0 MARSHALL & ILSLEY CORP COM 571834100 356 8000 SH SOLE 8000 0 0 MASSEY ENERGY CO COM ~~17453B101~~576206106 ~~129~~302 ~~10000~~8000 SH SOLE ~~10000~~8000 0 0 ~~CITY~~MATRIX BANCORP INC COM 576819106 659 52700 SH SOLE 52700 0 0 MAX RE CAPITAL LTD HAMILTON SHS G6052F103 309 13500 SH SOLE 13500 0 0 MCG CAPITAL CORP COM 58047P107 342 20000 SH SOLE 20000 0 0 MERCER INS GROUP INC COM 587902107 479 37000 SH SOLE 37000 0 0 METLIFE INC COM 59156R108 1438 32000 SH SOLE 32000 0 0 METROCORP BANCSHARES INC COM 591650106 376 17900 SH SOLE 17900 0 0 MITSUBISHI TOKYO FINL GROUP SPONSORED ADR 606816106 276 32500 SH SOLE 32500 0 0 MOSCOW CABLECOM CORP COM 61945R100 453 120750 SH SOLE 22942 97808 0 MOTOROLA INC COM 620076109 435 23811 SH SOLE 23811 0 0 MURPHY OIL CORP COM 626717102 1358 26000 SH SOLE 26000 0 0 NARA BANCORP INC COM 63080P105 804 54800 SH SOLE 54800 0 0 NATIONAL ATLANTIC HLDS CORP COM ~~178566105~~63253Y107 ~~209~~579 ~~3000~~50000 SH SOLE ~~3000~~50000 0 0 ~~COHEN~~NATIONWIDE &FINL ~~STEERS~~SVCS INC CL A 638612101 338 8900 SH SOLE 8900 0 0 NELNET INC CL A 64031N108 489 14700 SH SOLE 14700 0 0 NEW YORK CMNTY BANCORP INC COM ~~19247A100~~649445103 ~~545~~1419 ~~33000~~78304 SH SOLE ~~33000~~78304 0 0 ~~COLLEGIATE~~NEWALLIANCE ~~FUNDING~~BANCSHARES ~~SERVICES~~INC COM ~~19458M108~~650203102 ~~467~~984 70000 SH SOLE 70000 0 0 NEWFIELD EXPL CO COM 651290108 399 10000 SH SOLE 10000 0 0 NEXTEL PARTNERS INC CL A 65333F107 1246 49500 SH SOLE 49500 0 0 NICHOLAS FINANCIAL INC COM NEW 65373J209 123 11000 SH SOLE 11000 0 0 NOKIA CORP SPONSORED ADR 654902204 333 20000 SH SOLE 20000 0 0 NORTH FORK BANCORPORATION NY COM 659424105 7712 274552 SH SOLE 274552 0 0 NOVAGOLD RES INC COM NEW 66987E206 382 50000 SH SOLE 50000 0 0 OHIO CAS CORP COM 677240103 725 30000 SH SOLE 30000 0 0 ~~COLONIAL~~ONLINE ~~BANCGROUP~~RES CORP COM 68273G101 221 19500 SH SOLE 19500 0 0 OPEN JT STK CO - VIMPEL COMMUN SPONSORED ADR 68370R109 1356 39850 SH SOLE 39850 0 0 ORIGEN FINL INC COM ~~195493309~~68619E208 ~~534~~481 ~~26000~~65000 SH SOLE ~~26000~~65000 0 0 ~~COMMERCIAL~~PACIFIC ~~CAPITAL~~PREMIER BANCORP COM ~~20162L105~~69478X105 ~~2766~~1415 ~~135906~~132100 SH SOLE ~~135906~~132100 0 0 ~~COMMUNITY~~PACIFICARE HEALTH SYS DEL COM 695112102 1000 14000 SH SOLE 14000 0 0 PANAMERICAN BANCORP NEW COM ~~20343T100~~NEW ~~252~~697938207 156 38800 SH SOLE 38800 0 0 PANAMERICAN BANCORP NEW W EXP 05/13/2009 697938116 72 100000 SH SOLE 100000 0 0 PARTNERS TR FINL GROUP INC COM 70213F102 183 17168 SH SOLE 17168 0 0 PEABODY ENERGY CORP COM 704549104 1431 27500 SH SOLE 27500 0 0 PENNFED FINL SVCS INC COM 708167101 1117 66200 SH SOLE 66200 0 0 PETROHAWK ENERGY CORP COM 716495106 432 40000 SH SOLE 40000 0 0 PINNACLE FINL PARTNERS INC COM 72346Q104 240 10000 SH SOLE 10000 0 0 ~~CONSECO~~PIONEER NAT RES CO COM 723787107 210 5000 SH SOLE 5000 0 0 PREFERRED BK LOS ANGELES CA COM 740367107 393 10000 SH SOLE 10000 0 0 PRINCIPAL FINANCIAL GROUP INC COM ~~208464883~~74251V102 ~~306~~712 17000 SH SOLE 17000 0 0 PROVIDENT BANCORP INC DEL COM 74383A109 363 30000 SH SOLE 30000 0 0 PROVIDENT FINL SVCS INC COM 74386T105 241 13700 SH SOLE 13700 0 0 RADIAN GROUP INC COM 750236101 378 8000 SH SOLE 8000 0 0 REINSURANCE GROUP AMER INC COM 759351109 395 8500 SH SOLE 8500 0 0 RIVERVIEW BANCORP INC COM 769397100 235 11000 SH SOLE 11000 0 0 SNB BANCSHARES INC TEX COM 78460M209 407 37000 SH SOLE 37000 0 0 SAFECO CORP COM 786429100 706 13000 SH SOLE 13000 0 0 SAXON CAP INC NEW COM 80556T106 370 21677 SH SOLE 21677 0 0 SIGNATURE BK NEW YORK NY COM 82669G104 244 10000 SH SOLE 10000 0 0 SIX FLAGS INC COM 83001P109 1056 227050 SH SOLE 227050 0 0 SKY FINL GROUP INC COM 83080P103 1137 40364 SH SOLE 40364 0 0 SMARTPROS LTD W EXP 10/19/2009 83171G111 9 15000 SH SOLE 15000 0 0 ~~CONSOL~~SOMERSET HILLS BANCORP W EXP 11/30/2006 834728115 49 15000 SH SOLE 15000 0 0 SOUND FED BANCORP INC COM 83607V104 495 30659 SH SOLE 30659 0 0 SOUTHCOAST FNCL CORP COM 84129R100 275 11150 SH SOLE 11150 0 0 SOVEREIGN BANCORP INC COM 845905108 3048 136450 SH SOLE 136450 0 0 SPRINT CORP COM 852061100 304 12107 SH SOLE 12107 0 0 SUNCOR ENERGY INC COM ~~20854P109~~867229106 ~~705~~946 20000 SH SOLE 20000 0 0 SUNOCO INC COM 86764P109 568 5000 SH SOLE 5000 0 0 SYNOVUS FINL CORP COM 87161C105 1290 45000 SH SOLE 45000 0 0 TARGET CORP COM 87612E106 272 5000 SH SOLE 5000 0 0 TARPON INDS INC COM 876223108 44 12000 SH SOLE 12000 0 0 TECHE HLDG CO COM 878330109 592 16328 SH SOLE 16328 0 0 TELEPHONE & DATA SYS INC COM 879433100 449 11000 SH SOLE 11000 0 0 TELEPHONE & DATA SYS INC SPL COM 879433860 422 11000 SH SOLE 11000 0 0 TESORO CORP COM 881609101 582 12500 SH SOLE 12500 0 0 TEVA PHARMACEUTICAL INDS LTD ADR 881624209 763 24500 SH SOLE 24500 0 0 TEXAS CAPITAL BANCSHARES INC COM 88224Q107 197 10000 SH SOLE 10000 0 0 TEXAS INDS INC COM 882491103 562 10000 SH SOLE 10000 0 0 TEXAS UTD BANCSHARES INC COM 882838105 978 54044 SH SOLE 54044 0 0 TIERONE CORP COM 88650R108 616 22690 SH SOLE 22690 0 0 TIME WARNER INC COM 887317105 642 38409 SH SOLE 38409 0 0 TOWER GROUP INC COM 891777104 977 62500 SH SOLE 62500 0 0 UCBH HLDGS INC COM 90262T308 303 18670 SH SOLE 18670 0 0 UICI COM 902737105 819 27500 SH SOLE 27500 0 0 ULTRA PETROLEUM CORP COM 903914109 304 10000 SH SOLE 10000 0 0 UMB FINL CORP COM 902788108 855 15000 SH SOLE 15000 0 0 UNIONBANCAL CORP COM 908906100 3363 50254 SH SOLE 50254 0 0 UNITED AMER INDEMNITY LTD CL A 90933T109 432 25150 SH SOLE 25150 0 0 UNITED RENTALS INC COM 911363109 202 10000 SH SOLE 10000 0 0 UNOCAL CORP COM 915289102 585 9000 SH SOLE 9000 0 0 US BANCORP DEL COM NEW 902973304 788 27000 SH SOLE 27000 0 0 VALERO ENERGY CORP NEW COM 91913Y100 1424 18000 SH SOLE 18000 0 0 VALLEY BANCORP NEV COM 91929R107 374 12500 SH SOLE 12500 0 0 VENTAS INC COM 92276F100 598 19804 SH SOLE 19804 0 0 VERITAS SOFTWARE CORP COM 923436109 244 10000 SH SOLE 10000 0 0 VERIZON COMMUNICATIONS COM 92343V104 601 17388 SH SOLE 17388 0 0 VODAFONE GROUP PLC NEW SPONSORED ADR 92857W100 413 17000 SH SOLE 17000 0 0 WACHOVIA CORP 2ND NEW COM 929903102 2616 52747 SH SOLE 52747 0 0 WADDELL & REED FINL INC CL A 930059100 223 12050 SH SOLE 12050 0 0 WASHINGTON MUT INC COM 939322103 633 15567 SH SOLE 15567 0 0 WEBMD CORP COM 94769M105 257 25000 SH SOLE 25000 0 0 WELLPOINT INC COM 94973V107 1184 17000 SH SOLE 17000 0 0 WESTBANK CORP COM 957116106 201 12416 SH SOLE 12416 0 0 WESTERN WIRELESS CORP CL A 95988E204 2242 53000 SH SOLE 53000 0 0 WILLOW GROVE BANCORP INC NEW COM 97111W101 161 11000 SH SOLE 11000 0 0 WILSHIRE BANCORP INC COM 97186T108 2004 139866 SH SOLE 139866 0 0 XM SATELLITE RADIO HLDGS INC CL A 983759101 808 24000 SH SOLE 24000 0 0 ZIONS BANCORPORATION COM 989701107 699 9500 SH SOLE 9500 0 0 169323 211 ITEMS

DRAKE ASSET MANAGEMENT LLC AT 03/31/2005 FORM 13F INFORMATION TABLE COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 MARKET SH/ INVES OTHER VOTING AUTHORITY VALUE SHARES OR PRIN PUT/ TMT MANA ------------------- NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRIN AMT AMT CALL DISCRETN GERS SOLE SHARED NONE ------------------------------------------------------------------------------------------------------------------------------------ CP SHIPS LTD COM 22409V102 496 35000 SH SOLE 35000 0 0 CRESCENT FINANCIAL CORP COM 225744101 547 32266 SH SOLE 32266 0 0 CRESUD S.A. SPONSORED ADR 226406106 1443 105112 SH SOLE 105112 0 0 DEUTSCHE TELEKOM AG SPONSORED ADR 251566105 5327 266896 SH SOLE 266896 0 0 DEVON ENERGY CORPORATION COM 25179M103 1242 26000 SH SOLE 26000 0 0 DORAL FINANCIAL CORP COM 25811P100 241 11000 SH SOLE 11000 0 0 E*TRADE FINANCIAL CORP COM 269246104 2054 171185 SH SOLE 171185 0 0 EAGLE MATERIALS INC COM 26969P108 938 11593 SH SOLE 11593 0 0 ECC CAPITAL CORP COM 26826M108 150 25000 SH SOLE 25000 0 0 ENCANA CORP COM 292505104 704 10000 SH SOLE 10000 0 0 ENDURANCE SPECIALTY HOLDINGS SHS G30397106 757 20000 SH SOLE 20000 0 0 FEDERAL TRUST CORP COM 314012105 508 50000 SH SOLE 50000 0 0 FEDEX CORP COM 31428X106 1165 12400 SH SOLE 12400 0 0 FIDELITY BANKSHARES INC COM 31604Q107 1538 66948 SH SOLE 66948 0 0 FIDELITY NATIONAL FINL INC COM 316326107 646 19600 SH SOLE 19600 0 0 FIRST COMMUNITY BANK CORP OF COM 31985E206 290 12030 SH SOLE 12030 0 0 FIRST HORIZON NATIONAL CORP COM 320517105 204 5000 SH SOLE 5000 0 0 FIRST MARBLEHEAD CORP/THE COM 320771108 201 3500 SH SOLE 3500 0 0 FIRST REPUBLIC BANK COM 336158100 1481 45750 SH SOLE 45750 0 0 FIRSTBANK NW CORP COM 33762X106 260 9300 SH SOLE 9300 0 0 FRANKLIN BANK CORP/HOUSTON COM 352451108 819 47470 SH SOLE 47470 0 0 FREDDIE MAC COM 313400301 885 14000 SH SOLE 14000 0 0 FRIEDMAN BILLINGS RAMSEY CL A 358434108 1212 76395 SH SOLE 76395 0 0 GABELLI ASSET MANAGEMENT CL A 36239Y102 1027 23000 SH SOLE 23000 0 0 GATEWAY FINANCIAL HOLDINGS COM 368140109 682 37972 SH SOLE 37972 0 0 GENERAL MARITIME CORP SHS Y2692M103 499 10300 SH SOLE 10300 0 0 GENWORTH FINANCIAL INC CL A 37247D106 804 29200 SH SOLE 29200 0 0 GIANT INDUSTRIES INC COM 374508109 560 21800 SH SOLE 21800 0 0 GLACIER BANCORP INC COM 37637Q105 490 16063 SH SOLE 16063 0 0 GOODRICH PETROLEUM CORP COM 382410405 296 14000 SH SOLE 14000 0 0 GREATER BAY BANCORP COM 391648102 1069 43800 SH SOLE 43800 0 0 GREATER DELAWARE VALLEY SAV COM 391688108 290 10000 SH SOLE 10000 0 0 GREENVILLE FIRST BANCSHARES COM 39607Y100 210 10000 SH SOLE 10000 0 0 HANMI FINANCIAL CORPORATION COM 410495105 2943 177814 SH SOLE 177814 0 0 HARRINGTON WEST FINANCIAL GR COM 41383L104 417 25200 SH SOLE 25200 0 0 HEALTH NET INC COM 42222G108 327 10000 SH SOLE 10000 0 0 HERITAGE COMMERCE CORP COM 426927109 369 20000 SH SOLE 20000 0 0 HEWLETT-PACKARD CO COM 428236103 540 24600 SH SOLE 24600 0 0 HILB ROGAL & HOBBS CO COM 431294107 838 23400 SH SOLE 23400 0 0 HMN FINANCIAL INC COM 40424G108 429 13849 SH SOLE 13849 0 0 HOME FEDERAL BANCORP INC/DE COM 43709A101 255 20954 SH SOLE 20954 0 0 HORIZON OFFSHORE INC COM 44043J105 71 177100 SH SOLE 177100 0 0 HUDSON CITY BANCORP INC COM 443683107 2710 74145 SH SOLE 74145 0 0 IBERIABANK CORP COM 450828108 2363 42000 SH SOLE 42000 0 0 ICICI BANK LTD SPONSORED ADR 45104G104 312 15040 SH SOLE 15040 0 0 INTERVEST BANCSHARES CORP CL A 460927106 764 42450 SH SOLE 42450 0 0 IRSA INVERSIONES Y REP S A GLOBAL DEP RCPT 450047204 260 20723 SH SOLE 20723 0 0 JACKSON HEWITT TAX SERVICE COM 468202106 230 11000 SH SOLE 11000 0 0 JACKSONVILLE BANCORP INC FL COM 469249106 910 30400 SH SOLE 30400 0 0 JPMORGAN CHASE & CO COM 46625H100 311 9000 SH SOLE 9000 0 0 KEYCORP COM 493267108 389 12000 SH SOLE 12000 0 0 KNBT BANCORP INC COM 482921103 383 25000 SH SOLE 25000 0 0 KOOKMIN BANK SPONSORED ADR 50049M109 714 16000 SH SOLE 16000 0 0 LEVITT CORP CL A 52742P108 647 25250 SH SOLE 25250 0 0 LINCOLN NATIONAL CORP COM 534187109 655 14500 SH SOLE 14500 0 0 LUMINENT MORTGAGE CAPITAL IN COM 550278303 154 14000 SH SOLE 14000 0 0 MANULIFE FINANCIAL CORP COM 56501R106 398 8297 SH SOLE 8297 0 0 MARSH & MCLENNAN COS COM 571748102 350 11500 SH SOLE 11500 0 0

DRAKE ASSET MANAGEMENT LLC AT 03/31/2005 FORM 13F INFORMATION TABLE COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 MARKET SH/ INVES OTHER VOTING AUTHORITY VALUE SHARES OR PRIN PUT/ TMT MANA ------------------- NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRIN AMT AMT CALL DISCRETN GERS SOLE SHARED NONE ------------------------------------------------------------------------------------------------------------------------------------ MARSHALL & ILSLEY CORP COM 571834100 334 8000 SH SOLE 8000 0 0 MASSEY ENERGY CO COM 576206106 320 8000 SH SOLE 8000 0 0 MATRIX BANCORP INC COM 576819106 659 52700 SH SOLE 52700 0 0 MAX RE CAPITAL LTD SHS G6052F103 282 12000 SH SOLE 12000 0 0 MCG CAPITAL CORP COM 58047P107 308 20000 SH SOLE 20000 0 0 MERCER INSURANCE GROUP INC COM 587902107 475 37000 SH SOLE 37000 0 0 METLIFE INC COM 59156R108 1251 32000 SH SOLE 32000 0 0 METROCORP BANCSHARES INC COM 591650106 403 17900 SH SOLE 17900 0 0 MITSUBISHI TOKYO FINAN SPONSORED ADR 606816106 216 25000 SH SOLE 25000 0 0 MOSCOW CABLECOM CORP COM 61945R100 431 120750 SH SOLE 22942 97808 0 MOTOROLA INC COM 620076109 356 23811 SH SOLE 23811 0 0 MURPHY OIL CORP COM 626717102 1580 16000 SH SOLE 16000 0 0 NARA BANCORP INC COM 63080P105 770 54800 SH SOLE 54800 0 0 NATIONWIDE FINANCIAL SERV CL A 638612101 320 8900 SH SOLE 8900 0 0 NAUGATUCK VALLEY FINANCIAL COM 639067107 161 15000 SH SOLE 15000 0 0 NELNET INC CL A 64031N108 468 14700 SH SOLE 14700 0 0 NEW YORK COMMUNITY BANCORP COM 649445103 1422 78304 SH SOLE 78304 0 0 NEW YORK MORTGAGE TRUST INC COM 649604105 153 15000 SH SOLE 15000 0 0 NEWALLIANCE BANCSHARES INC COM 650203102 1050 75000 SH SOLE 75000 0 0 NEWFIELD EXPLORATION CO COM 651290108 371 5000 SH SOLE 5000 0 0 NEXTEL PARTNERS INC CL A 65333F107 1085 49500 SH SOLE 49500 0 0 NOKIA CORP SPONSORED ADR 654902204 309 20000 SH SOLE 20000 0 0 NORTH FORK BANCORPORATION COM 659424105 8174 294677 SH SOLE 294677 0 0 OHIO CASUALTY CORP COM 677240103 689 30000 SH SOLE 30000 0 0 ORIGEN FINANCIAL INC COM 68619E212 276 40000 SH SOLE 40000 0 0 ORIGEN FINANCIAL INC COM 68619E212 173 25000 SH SOLE 25000 0 0 PACIFIC PREMIER BANCORP INC COM 69478X105 1453 132100 SH SOLE 132100 0 0 PACIFICARE HEALTH SYSTEMS COM 695112102 797 14000 SH SOLE 14000 0 0 PANAMERICAN BANCORP/DELAWARE COM 697938207 201 50000 SH SOLE 50000 0 0 PANAMERICAN BANCORP W EXP 05/31/2009 697938116 70 100000 SH SOLE 100000 0 0 PARTNERS TRUST FINANCIAL GRP COM 70213F102 182 17168 SH SOLE 17168 0 0 PEABODY ENERGY CORP COM 704549104 1113 24000 SH SOLE 24000 0 0 PENNFED FINANCIAL SVCS INC COM 708167101 982 66200 SH SOLE 66200 0 0 PETROHAWK ENERGY CORP COM 716495106 314 30000 SH SOLE 30000 0 0 PINNACLE FINANCIAL PARTNERS COM 72346Q104 207 10000 SH SOLE 10000 0 0 PNC FINANCIAL SERVICES GROUP COM 693475105 360 7000 SH SOLE 7000 0 0 PREFERRED BANK/LOS ANGELES COM 740367107 399 10000 SH SOLE 10000 0 0 PRINCIPAL FINANCIAL GROUP COM 74251V102 654 17000 SH SOLE 17000 0 0 PROVIDENT BANCORP INC COM 74383A109 367 30000 SH SOLE 30000 0 0 PROVIDENT FINANCIAL SERVICES COM 74386T105 234 13700 SH SOLE 13700 0 0 RADIAN GROUP INC COM 750236101 382 8000 SH SOLE 8000 0 0 REINSURANCE GROUP OF AMERICA COM 759351109 362 8500 SH SOLE 8500 0 0 RIGGS NATL CORP WASH D C COM 766570105 530 27785 SH SOLE 27785 0 0 RIVERVIEW BANCORP INC COM 769397100 234 11000 SH SOLE 11000 0 0 SAFECO CORP COM 786429100 633 13000 SH SOLE 13000 0 0 SAXON CAPITAL INC COM 80556T106 373 21677 SH SOLE 21677 0 0 SIX FLAGS INC COM 83001P109 412 100000 SH SOLE 100000 0 0 SKY FINANCIAL GROUP INC COM 83080P103 1083 40364 SH SOLE 40364 0 0 SMARTPROS LTD W EXP 10/19/2009 83171G111 9 15000 SH SOLE 15000 0 0 SNB BANCSHARES INC/TEXAS COM 78460M209 418 37000 SH SOLE 37000 0 0 SOMERSET HILLS BANCORP W EXP 11/30/2006 834728115 59 15000 SH SOLE 15000 0 0 SOUND FEDERAL BANCORP INC COM 83607V104 475 30659 SH SOLE 30659 0 0 SOUTHCOAST FINANCIAL CORP COM 84129R100 408 16500 SH SOLE 16500 0 0 SOVEREIGN BANCORP INC COM 845905108 3024 136450 SH SOLE 136450 0 0 SPRINT CORP COM 852061100 275 12107 SH SOLE 12107 0 0 SUNCOR ENERGY INC COM 867229106 804 20000 SH SOLE 20000 0 0 SUNOCO INC COM 86764P109 518 5000 SH SOLE 5000 0 0 SYNOVUS FINANCIAL CORP COM 87161C105 1254 45000 SH SOLE 45000 0 0

DRAKE ASSET MANAGEMENT LLC AT 03/31/2005 FORM 13F INFORMATION TABLE COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 MARKET SH/ INVES OTHER VOTING AUTHORITY VALUE SHARES OR PRIN PUT/ TMT MANA ------------------- NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRIN AMT AMT CALL DISCRETN GERS SOLE SHARED NONE ------------------------------------------------------------------------------------------------------------------------------------ TARGET CORP COM 87612E110 400 8000 SH SOLE 8000 0 0 TARPON INDUSTRIES INC COM 876223108 125 25000 SH SOLE 25000 0 0 TECHE HOLDING CO COM 878330109 600 16328 SH SOLE 16328 0 0 TELEPHONE AND DATA SYSTEMS COM 879433100 898 11000 SH SOLE 11000 0 0 TESORO CORP COM 881609101 463 12500 SH SOLE 12500 0 0 TEVA PHARMACEUTICAL ADR 881624209 759 24500 SH SOLE 24500 0 0 TEXAS CAPITAL BANCSHARES INC COM 88224Q107 210 10000 SH SOLE 10000 0 0 TEXAS INDUSTRIES INC COM 882491103 538 10000 SH SOLE 10000 0 0 TEXAS UNITED BANCSHARES COM 882838105 973 54044 SH SOLE 54044 0 0 THE ST JOE COMPANY COM 790148100 269 4000 SH SOLE 4000 0 0 THOMAS PROPERTIES GROUP COM 884453101 155 12500 SH SOLE 12500 0 0 TIERONE CORP COM 88650R108 533 22690 SH SOLE 22690 0 0 TIME WARNER INC COM 887317105 674 38409 SH SOLE 38409 0 0 TOWER GROUP INC COM 891777104 567 42500 SH SOLE 42500 0 0 TRADESTATION GROUP INC COM 89267P105 91 15000 SH SOLE 15000 0 0 UCBH HOLDINGS INC COM 90262T308 372 9335 SH SOLE 9335 0 0 UICI COM 902737105 667 27500 SH SOLE 27500 0 0 UMB FINANCIAL CORP COM 902788108 854 15000 SH SOLE 15000 0 0 UNIONBANCAL CORPORATION COM 908906100 3078 50254 SH SOLE 50254 0 0 UNITED AMERICA INDEMNITY CL A 90933T109 474 25150 SH SOLE 25150 0 0 UNITED RENTALS INC COM 911363109 202 10000 SH SOLE 10000 0 0 UNOCAL CORP COM 915289102 555 9000 SH SOLE 9000 0 0 US BANCORP COM NEW 902973304 778 27000 SH SOLE 27000 0 0 USI HOLDINGS CORP COM 90333H101 236 20000 SH SOLE 20000 0 0 VALERO ENERGY CORP COM 91913Y100 1319 18000 SH SOLE 18000 0 0 VALLEY BANCORP COM 91929R107 378 12500 SH SOLE 12500 0 0 VERIZON COMMUNICATIONS INC COM 92343V104 617 17388 SH SOLE 17388 0 0 VIMPELCOM SPONSORED ADR 68370R109 1243 36100 SH SOLE 36100 0 0 VODAFONE GROUP PLC SPONSORED ADR 92857W100 452 17000 SH SOLE 17000 0 0 WACHOVIA CORP COM 929903102 2685 52747 SH SOLE 52747 0 0 WADDELL & REED FINANCIAL CL A 930059100 238 12050 SH SOLE 12050 0 0 WASHINGTON MUTUAL INC COM 939322103 852 21567 SH SOLE 21567 0 0 WEBMD CORP COM 94769M105 213 25000 SH SOLE 25000 0 0 WEBSTER FINANCIAL CORP COM 947890109 304 6697 SH SOLE 6697 0 0 WELLPOINT INC COM 94973V107 1065 8500 SH SOLE 8500 0 0 WESTBANK CORP COM 957116106 214 12416 SH SOLE 12416 0 0 WESTERN WIRELESS CORP CL A 95988E208 2012 53000 SH SOLE 53000 0 0 WILLOW GROVE BANCORP COM 97111W101 177 11000 SH SOLE 11000 0 0 WILSHIRE BANCORP INC COM 97186T108 1693 129866 SH SOLE 129866 0 0 WSFS FINANCIAL CORP COM 929328102 420 8000 SH SOLE 8000 0 0 XM SATELLITE RADIO HOLD CL A 983759101 759 24000 SH SOLE 24000 0 0 ZIONS BANCORPORATION COM 989701107 656 9500 SH SOLE 9500 0 0 157857 208 ITEMS

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