13F-HR 1 b326495_13fhr.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: 6-30-2003 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: Kramer Spellman, L.P. -------------------------------------------------------------------------- Address: 600 Madison Ave. 18th Fl. NY NY 10022 ----------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Form 13F File Number: 28- ------------------------- 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: Ezra Levy -------------------------------------------------------------------------- Title: CFO ------------------------------------------------------------------------- Phone: 212 421-3737 ------------------------------------------------------------------------- Signature, Place, and Date of Signing: /s/ Ezra Levy New York, NY 8-13-2003 --------------------- ---------------------- --------------------- [Signature] [City, State] [Date] Report Type (Check one only): [X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) [ ] 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) [ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) List of Other Managers Reporting for this Manager: [If there are no entries in this list, omit this section.] Form 13F File Number Name 28-___________________________ _______________________________________ [Repeat as necessary.] Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 -------------------- Form 13F Information Table Entry Total: -------------------- Form 13F Information Table Value Total: $ -------------------- (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. [If there are no entries in this list, state "NONE" and omit the column headings and list entries.] No. Form 13F File Number Name _______ ___________________________ ________________________________ [Repeat as necessary.] FORM 13F INFORMATION TABLE
Kramer Spellman, L.P. PORTFOLIO APPRAISAL 30-Jun-03 Unit Market Market Security Quantity Price Value ------------------------ ---------- ------- ----------- COMMON STOCK ------------ Allstate Corp. 10000 35.65 356500 ------------ ----------- ---------- 10000 35.65 356500 AmBase Corp. 282800 0.9 254520 ------------ ----------- ---------- 282800 0.9 254520 American Financial Realty Trust 169000 14.91 2519790 ------------ ----------- ---------- 169000 14.91 2519790 Arbor Realty Trust, Inc. 8000 75 600000 ------------ ----------- ---------- 8000 75 600000 AutoNation, Inc. 40000 15.72 628800 ------------ ----------- ---------- 40000 15.72 628800 Banco Latinamericano de Exportaciones, SA 120000 7.97 956400 ------------ ----------- ---------- 120000 7.97 956400 Bank of N.T. Butterfield & Son, Ltd. 13820 34.5 476790 ------------ ----------- ---------- 13820 34.5 476790 BankAmerica Corporation 5000 79.03 395150 ------------ ----------- ---------- 5000 79.03 395150 BankAtlantic Bancorp 10000 11.89 118900 ------------ ----------- ---------- 10000 11.89 118900 CNA Financial Corp. 18000 24.6 442800 ------------ ----------- ---------- 18000 24.6 442800 Ceres Group, Inc. 1678562 2.76 4632831 ------------ ----------- ---------- 1678562 2.76 4632831 Chicago Bridge & Iron Company, N.V. 10000 22.68 226800 ------------ ----------- ---------- 10000 22.68 226800 Citigroup, Inc. 10000 42.8 428000 ------------ ----------- ---------- 10000 42.8 428000 Countrywide Credit Industries, Inc. 62000 69.57 4313340 ------------ ----------- ---------- 62000 69.57 4313340 DepoMed, Inc. 88000 4.8 422400 ------------ ----------- ---------- 88000 4.8 422400 First Investors Financial Services Group 121400 4.14 502596 ------------ ----------- ---------- 121400 4.14 502596 Fog Cutter Capital Group, Inc. 21200 5.3 112339 ------------ ----------- ---------- 21200 5.3 112339 Friedman, Billings, Ramsey Group, Inc. 67600 13.4 905840 ------------ ----------- ---------- 67600 13.4 905840 Hawthorne Financial Corp. 13000 34.67 450710 ------------ ----------- ---------- 13000 34.67 450710 Hudson City Bancorp, Inc. 10000 25.5 255000 ------------ ----------- ---------- 10000 25.5 255000 IPC Holdings, Ltd. 36000 33.51 1206360 ------------ ----------- ---------- 36000 33.51 1206360 Information Resources, Inc. 57000 3.93 224010 ------------ ----------- ---------- 57000 3.93 224010 John Hancock Financial Services, Inc. 30000 30.73 921900 ------------ ----------- ---------- 30000 30.73 921900 LNR Property Corp. 16000 37.4 598400 ------------ ----------- ---------- 16000 37.4 598400 Lincoln National Corp. 7000 35.63 249410 ------------ ----------- ---------- 7000 35.63 249410 Luminent 40000 15 600000 ------------ ----------- ---------- 40000 15 600000 Meadowbrook Insurance Group, Inc. 1335500 3.17 4233535 ------------ ----------- ---------- 1335500 3.17 4233535 Medallion Financial Corp. 100900 6.97 703273 ------------ ----------- ---------- 100900 6.97 703273 Mego Financial Corp. 75000 0.25 18750 ------------ ----------- ---------- 75000 0.25 18750 Metris Companies, Inc. 248500 5.55 1379175 ------------ ----------- ---------- 248500 5.55 1379175 Munich Re 5000 102.22 511100 ------------ ----------- ---------- 5000 102.22 511100 Nationwide Financial Services, Inc. 10000 32.5 325000 ------------ ----------- ---------- 10000 32.5 325000 New Century Financial Corp. 17500 43.44 760200 ------------ ----------- ---------- 17500 43.44 760200 Newhall Land & Farming Company 19500 30.25 589875 ------------ ----------- ---------- 19500 30.25 589875 Ocwen Financial Corp. 759408 4.54 3447712 ------------ ----------- ---------- 759408 4.54 3447712 Pacific Union Bank 20901 13.08 273382 ------------ ----------- ---------- 20901 13.08 273382 Penn-America Group, Inc. 49300 11.25 554625 ------------ ----------- ---------- 49300 11.25 554625 Pennfed Financial Services, Inc. 21500 27.75 596625 ------------ ----------- ---------- 21500 27.75 596625 Platinum Underwriters Holdings, Ltd. 35000 27.14 949900 ------------ ----------- ---------- 35000 27.14 949900 Progressive Corp. 3000 73.1 219300 ------------ ----------- ---------- 3000 73.1 219300 Prudential Financial, Inc. 15000 33.65 504750 ------------ ----------- ---------- 15000 33.65 504750 RAIT Investment Trust 10700 26.5 283550 ------------ ----------- ---------- 10700 26.5 283550 Resource America, Inc. 189958 10.36 1967965 ------------ ----------- ---------- 189958 10.36 1967965 Revlon, Inc. 56500 3 169500 ------------ ----------- ---------- 56500 3 169500 Safety Insurance Group, Inc. 52600 14.71 773746 ------------ ----------- ---------- 52600 14.71 773746 Scottish Annuity & Life Holdings, Ltd. 43000 20.21 869030 ------------ ----------- ---------- 43000 20.21 869030 Sovereign Bancorp, Inc. 32100 15.65 502365 ------------ ----------- ---------- 32100 15.65 502365 State Auto Financial Corp. 10000 22.46 224600 ------------ ----------- ---------- 10000 22.46 224600 The Hartford Financial Services Group 10000 50.36 503600 ------------ ----------- ---------- 10000 50.36 503600 The PMI Group, Inc. 25000 26.84 671000 ------------ ----------- ---------- 25000 26.84 671000 The Phoenix Companies, Inc. 48000 9.03 433440 ------------ ----------- ---------- 48000 9.03 433440 Toll Brothers, Inc. 15000 28.31 424650 ------------ ----------- ---------- 15000 28.31 424650 Torchmark Corp. 8000 37.25 298000 ------------ ----------- ---------- 8000 37.25 298000 Tyco International, Ltd. 50000 18.98 949000 ------------ ----------- ---------- 50000 18.98 949000 Union Acceptance Corp. 515300 0.31 157167 ------------ ----------- ---------- 515300 0.31 157167 UnionBanCal Corp. 8000 41.37 330960 ------------ ----------- ---------- 8000 41.37 330960 UnumProvident Corporation 129000 13.41 1729890 ------------ ----------- ---------- 129000 13.41 1729890 White Mountains Insurance Group Ltd. 2100 399 837900 ------------ ----------- ---------- 2100 399 837900 Willis Lease Finance Corporation 85900 4.63 397717 ------------ ----------- ---------- 85900 4.63 397717 Taylor Capital Trt-9.75% Pfd 10000 28.3 283000 ------------ ----------- ---------- 10000 28.3 283000