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
AMERICAN CAP LTD COM 02503Y103 1,583 100,218 SH   DFND 1 100,218 0 0
AMERICAN CAP LTD COM 02503Y103 2,257 142,888 SH   SOLE   142,888 0 0
AMERICAN EXPRESS CO COM 025816109 1,608 17,860 SH   DFND 1 17,860 0 0
AMERICAN EXPRESS CO COM 025816109 2,282 25,352 SH   SOLE   25,352 0 0
AMERICAN NATL BANKSHARES INC COM 027745108 205 8,706 SH   DFND 1 8,706 0 0
AMERICAN NATL BANKSHARES INC COM 027745108 291 12,355 SH   SOLE   12,355 0 0
AMERICAN RIVER BANKSHARES COM 029326105 453 49,081 SH   DFND 1 49,081 0 0
AMERICAN RIVER BANKSHARES COM 029326105 645 69,848 SH   SOLE   69,848 0 0
AMERISERV FINL INC COM 03074A102 4,958 1,287,884 SH   DFND 1 1,287,884 0 0
BANK OF AMERICA CORPORATION COM 060505104 3,728 216,745 SH   DFND 1 216,745 0 0
BANK OF AMERICA CORPORATION COM 060505104 5,315 308,987 SH   SOLE   308,987 0 0
BANKFINANCIAL CORP COM 06643P104 262 26,281 SH   DFND 1 26,281 0 0
BANKFINANCIAL CORP COM 06643P104 372 37,299 SH   SOLE   37,299 0 0
BANKUNITED INC COM 06652K103 3,813 109,667 SH   DFND 1 109,667 0 0
BANKUNITED INC COM 06652K103 5,427 156,082 SH   SOLE   156,082 0 0
BANNER CORP COM NEW 06652V208 1,565 37,982 SH   DFND 1 37,982 0 0
BANNER CORP COM NEW 06652V208 2,216 53,778 SH   SOLE   53,778 0 0
BLACKROCK INC COM 09247X101 3,394 10,792 SH   DFND 1 10,792 0 0
BLACKROCK INC COM 09247X101 4,826 15,346 SH   SOLE   15,346 0 0
BSB BANCORP INC MD COM 05573H108 926 53,848 SH   DFND 1 53,848 0 0
BSB BANCORP INC MD COM 05573H108 1,317 76,632 SH   SOLE   76,632 0 0
CAPE BANCORP INC COM 139209100 1,354 123,094 SH   DFND 1 123,094 0 0
CAPE BANCORP INC COM 139209100 1,927 175,177 SH   SOLE   175,177 0 0
CAPITAL BK FINL CORP CL A COM 139794101 17,533 698,256 SH   DFND 1 698,256 0 0
CATHAY GEN BANCORP COM 149150104 1,037 41,158 SH   DFND 1 41,158 0 0
CATHAY GEN BANCORP COM 149150104 1,482 58,842 SH   SOLE   58,842 0 0
CBL & ASSOC PPTYS INC COM 124830100 1,461 82,318 SH   DFND 1 82,318 0 0
CBL & ASSOC PPTYS INC COM 124830100 2,089 117,682 SH   SOLE   117,682 0 0
CITIGROUP INC COM NEW 172967424 4,114 86,434 SH   DFND 1 86,434 0 0
CITIGROUP INC COM NEW 172967424 5,882 123,566 SH   SOLE   123,566 0 0
COMMUNITY BANKERS TR CORP COM 203612106 2,283 568,000 SH   DFND 1 568,000 0 0
DORAL FINL CORP COM PAR 0.01 25811P852 781 90,000 SH   DFND 1 90,000 0 0
ENTERPRISE FINL SVCS CORP COM 293712105 828 41,241 SH   DFND 1 41,241 0 0
ENTERPRISE FINL SVCS CORP COM 293712105 1,179 58,759 SH   SOLE   58,759 0 0
FARMERS NATL BANC CORP COM 309627107 1,057 137,682 SH   DFND 1 137,682 0 0
FARMERS NATL BANC CORP COM 309627107 1,505 195,938 SH   SOLE   195,938 0 0
FIRST CLOVER LEAF FIN CORP COM 31969M105 382 40,252 SH   DFND 1 40,252 0 0
FIRST CLOVER LEAF FIN CORP COM 31969M105 646 67,957 SH   SOLE   67,957 0 0
FIRST CMNTY BANCSHARES INC N COM 31983A103 408 24,921 SH   DFND 1 24,921 0 0
FIRST CMNTY BANCSHARES INC N COM 31983A103 579 35,368 SH   SOLE   35,368 0 0
FRANKLIN RES INC COM 354613101 3,791 69,970 SH   DFND 1 69,970 0 0
FRANKLIN RES INC COM 354613101 5,420 100,030 SH   SOLE   100,030 0 0
GUARANTY BANCORP DEL COM NEW 40075T607 405 28,438 SH   DFND 1 28,438 0 0
GUARANTY BANCORP DEL COM NEW 40075T607 576 40,447 SH   SOLE   40,447 0 0
HAMPTON ROADS BANKSHARES INC COM NEW 409321502 1,102 693,181 SH   DFND 1 693,181 0 0
HAMPTON ROADS BANKSHARES INC COM NEW 409321502 1,568 986,476 SH   SOLE   986,476 0 0
HERITAGE COMMERCE CORP COM 426927109 522 64,730 SH   DFND 1 64,730 0 0
HERITAGE COMMERCE CORP COM 426927109 742 92,119 SH   SOLE   92,119 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A104 2,946 132,450 SH   DFND 1 132,450 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A104 4,192 188,489 SH   SOLE   188,489 0 0
HOME FED BANCORP IN LA NEW COM 43708L108 345 17,491 SH   DFND 1 17,491 0 0
HOME FED BANCORP IN LA NEW COM 43708L108 490 24,825 SH   SOLE   24,825 0 0
HOMETRUST BANCSHARES INC COM 437872104 608 38,553 SH   DFND 1 38,553 0 0
HOMETRUST BANCSHARES INC COM 437872104 866 54,866 SH   SOLE   54,866 0 0
HOWARD HUGHES CORP COM 44267D107 1,864 13,061 SH   DFND 1 13,061 0 0
HOWARD HUGHES CORP COM 44267D107 2,645 18,537 SH   SOLE   18,537 0 0
HUDSON VALLEY HOLDING CORP COM 444172100 576 30,228 SH   DFND 1 30,228 0 0
HUDSON VALLEY HOLDING CORP COM 444172100 817 42,900 SH   SOLE   42,900 0 0
JMP GROUP INC COM 46629U107 948 133,333 SH   DFND 1 133,333 0 0
JPMORGAN CHASE & CO COM 46625H100 5,255 86,561 SH   DFND 1 86,561 0 0
JPMORGAN CHASE & CO COM 46625H100 7,479 123,185 SH   SOLE   123,185 0 0
LAKELAND BANCORP INC COM 511637100 518 46,049 SH   DFND 1 46,049 0 0
LAKELAND BANCORP INC COM 511637100 737 65,533 SH   SOLE   65,533 0 0
MACKINAC FINL CORP COM 554571109 4,264 340,000 SH   DFND 1 340,000 0 0
MERCANTILE BANK CORP COM 587376104 168 8,146 SH   DFND 1 8,146 0 0
MERCANTILE BANK CORP COM 587376104 238 11,561 SH   SOLE   11,561 0 0
METLIFE INC COM 59156R108 2,065 39,101 SH   DFND 1 39,101 0 0
METLIFE INC COM 59156R108 2,952 55,909 SH   SOLE   55,909 0 0
METRO BANCORP INC PA COM 59161R101 985 46,575 SH   DFND 1 46,575 0 0
METRO BANCORP INC PA COM 59161R101 1,401 66,281 SH   SOLE   66,281 0 0
MIDDLEBURG FINANCIAL CORP COM 596094102 186 10,567 SH   DFND 1 10,567 0 0
MIDDLEBURG FINANCIAL CORP COM 596094102 264 14,997 SH   SOLE   14,997 0 0
MONARCH FINANCIAL HOLDINGS I COM 60907Q100 208 16,998 SH   DFND 1 16,998 0 0
MONARCH FINANCIAL HOLDINGS I COM 60907Q100 296 24,125 SH   SOLE   24,125 0 0
MORGAN STANLEY COM NEW 617446448 2,260 72,507 SH   DFND 1 72,507 0 0
MORGAN STANLEY COM NEW 617446448 3,226 103,493 SH   SOLE   103,493 0 0
NCR CORP NEW COM 62886E112 4,521 123,688 SH   DFND 1 123,688 0 0
NCR CORP NEW COM 62886E112 6,444 176,312 SH   SOLE   176,312 0 0
NELNET INC CL A 64031N108 3,600 88,019 SH   DFND 1 88,019 0 0
NELNET INC CL A 64031N108 5,123 125,259 SH   SOLE   125,259 0 0
NORTHERN TR CORP COM 665859104 3,508 53,507 SH   DFND 1 53,507 0 0
NORTHERN TR CORP COM 665859104 5,015 76,493 SH   SOLE   76,493 0 0
OCEAN SHORE HLDG CO NEW COM 67501R103 320 22,498 SH   DFND 1 22,498 0 0
OCEAN SHORE HLDG CO NEW COM 67501R103 454 31,930 SH   SOLE   31,930 0 0
OCEANFIRST FINL CORP COM 675234108 514 29,081 SH   DFND 1 29,081 0 0
OCEANFIRST FINL CORP COM 675234108 730 41,273 SH   SOLE   41,273 0 0
OFG BANCORP COM 67103X102 12,593 732,600 SH   DFND 1 732,600 0 0
PACWEST BANCORP DEL COM 695263103 177 4,116 SH   DFND 1 4,116 0 0
PACWEST BANCORP DEL COM 695263103 253 5,884 SH   SOLE   5,884 0 0
PEOPLES BANCORP N C INC COM 710577107 189 12,136 SH   DFND 1 12,136 0 0
PEOPLES BANCORP N C INC COM 710577107 269 17,269 SH   SOLE   17,269 0 0
PEOPLES FED BANCSHARES INC COM 711037101 1,612 90,074 SH   DFND 1 90,074 0 0
PEOPLES FED BANCSHARES INC COM 711037101 2,295 128,186 SH   SOLE   128,186 0 0
PNC FINL SVCS GROUP INC. COM 693475105 1,202 13,812 SH   DFND 1 13,812 0 0
PNC FINL SVCS GROUP INC. COM 693475105 1,706 19,605 SH   SOLE   19,605 0 0
PRINCIPAL FINL GROUP INC COM 74251V102 5 111 SH   SOLE   111 0 0
PRIVATEBANCORP INC COM 742962103 1,059 34,701 SH   DFND 1 34,701 0 0
PRIVATEBANCORP INC COM 742962103 1,503 49,256 SH   SOLE   49,256 0 0
PROVIDENT FINL HLDGS INC COM 743868101 1,086 70,413 SH   DFND 1 70,413 0 0
PROVIDENT FINL HLDGS INC COM 743868101 1,545 100,206 SH   SOLE   100,206 0 0
PRUDENTIAL FINL INC COM 744320102 2,021 23,872 SH   DFND 1 23,872 0 0
PRUDENTIAL FINL INC COM 744320102 2,889 34,128 SH   SOLE   34,128 0 0
REGIONS FINL CORP NEW COM 7591EP100 1,345 121,042 SH   DFND 1 121,042 0 0
REGIONS FINL CORP NEW COM 7591EP100 1,916 172,458 SH   SOLE   172,458 0 0
SEACOAST BKG CORP FLA COM NEW 811707801 2,210 200,909 SH   DFND 1 200,909 0 0
SEACOAST BKG CORP FLA COM NEW 811707801 3,145 285,917 SH   SOLE   285,917 0 0
SIGNATURE BK NEW YORK N Y COM 82669G104 470 3,745 SH   DFND 1 3,745 0 0
SIGNATURE BK NEW YORK N Y COM 82669G104 669 5,330 SH   SOLE   5,330 0 0
SIMPLICITY BANCORP COM 828867101 467 26,538 SH   DFND 1 26,538 0 0
SIMPLICITY BANCORP COM 828867101 663 37,663 SH   SOLE   37,663 0 0
SLM CORP COM 78442P106 3,873 158,195 SH   DFND 1 158,195 0 0
SLM CORP COM 78442P106 5,511 225,127 SH   SOLE   225,127 0 0
SOUTHERN NATL BANCORP OF VA COM 843395104 2,068 202,950 SH   DFND 1 202,950 0 0
STATE BK FINL CORP COM 856190103 1,084 61,266 SH   DFND 1 61,266 0 0
STATE BK FINL CORP COM 856190103 1,542 87,189 SH   SOLE   87,189 0 0
SUN BANCORP INC COM 86663B102 28 8,322 SH   DFND 1 8,322 0 0
SUN BANCORP INC COM 86663B102 40 11,813 SH   SOLE   11,813 0 0
SUNTRUST BKS INC COM 867914103 2,174 54,642 SH   DFND 1 54,642 0 0
SUNTRUST BKS INC COM 867914103 3,098 77,858 SH   SOLE   77,858 0 0
SYNOVUS FINL CORP COM 87161C105 2,260 666,582 SH   DFND 1 666,582 0 0
SYNOVUS FINL CORP COM 87161C105 3,216 948,623 SH   SOLE   948,623 0 0
TEXAS CAPITAL BANCSHARES INC COM 88224Q107 365 5,618 SH   DFND 1 5,618 0 0
TEXAS CAPITAL BANCSHARES INC COM 88224Q107 519 7,995 SH   SOLE   7,995 0 0
TRISTATE CAP HLDGS INC COM 89678F100 18,743 1,300,000 SH   DFND 1 1,300,000 0 0
UMPQUA HLDGS CORP COM 904214103 698 37,454 SH   DFND 1 37,454 0 0
UMPQUA HLDGS CORP COM 904214103 994 53,302 SH   SOLE   53,302 0 0
UNITED CMNTY BANCORP IND COM 90984R101 508 44,787 SH   DFND 1 44,787 0 0
UNITED CMNTY BANCORP IND COM 90984R101 723 63,738 SH   SOLE   63,738 0 0
UNITED CMNTY BKS BLAIRSVILE G COM 90984P303 3,139 161,733 SH   DFND 1 161,733 0 0
UNITED CMNTY BKS BLAIRSVILE G COM 90984P303 4,468 230,165 SH   SOLE   230,165 0 0
UNITED CMNTY FINL CORP OHIO COM 909839102 1,354 345,335 SH   DFND 1 345,335 0 0
UNITED CMNTY FINL CORP OHIO COM 909839102 1,926 491,452 SH   SOLE   491,452 0 0
VANTIV INC CL A 92210H105 2,657 87,919 SH   DFND 1 87,919 0 0
VANTIV INC CL A 92210H105 3,781 125,119 SH   SOLE   125,119 0 0
WESTFIELD FINANCIAL COM 96008P104 399 53,569 SH   DFND 1 53,569 0 0
WESTFIELD FINANCIAL COM 96008P104 568 76,234 SH   SOLE   76,234 0 0