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
AFFILIATED MANAGERS GROUP COM 008252108 4,871 23,713 SH   DFND 1 23,713 0 0
AFFILIATED MANAGERS GROUP COM 008252108 7,070 34,420 SH   SOLE   34,420 0 0
AMERICAN CAP LTD COM 02503Y103 2,127 139,115 SH   DFND 1 139,115 0 0
AMERICAN CAP LTD COM 02503Y103 3,088 201,935 SH   SOLE   201,935 0 0
AMERICAN EXPRESS CO COM 025816109 2,894 30,509 SH   DFND 1 30,509 0 0
AMERICAN EXPRESS CO COM 025816109 4,201 44,286 SH   SOLE   44,286 0 0
AMERICAN NATL BANKSHARES INC COM 027745108 185 8,512 SH   DFND 1 8,512 0 0
AMERICAN NATL BANKSHARES INC COM 027745108 268 12,355 SH   SOLE   12,355 0 0
AMERICAN RIV BANKSHARES COM 029326105 421 48,119 SH   DFND 1 48,119 0 0
AMERICAN RIV BANKSHARES COM 029326105 610 69,848 SH   SOLE   69,848 0 0
AMERIPRISE FINL INC COM 03076C106 3,119 25,988 SH   DFND 1 25,988 0 0
AMERIPRISE FINL INC COM 03076C106 4,527 37,723 SH   SOLE   37,723 0 0
AMERISERV FINL INC COM 03074A102 4,482 1,287,884 SH   DFND 1 1,287,884 0 0
BANK OF AMERICA CORPORATION COM 060505104 4,173 271,475 SH   DFND 1 271,475 0 0
BANK OF AMERICA CORPORATION COM 060505104 6,057 394,065 SH   SOLE   394,065 0 0
BANKFINANCIAL CORP COM 06643P104 287 25,696 SH   DFND 1 25,696 0 0
BANKFINANCIAL CORP COM 06643P104 416 37,299 SH   SOLE   37,299 0 0
BLACKROCK INC COM 09247X101 4,270 13,360 SH   DFND 1 13,360 0 0
BLACKROCK INC COM 09247X101 6,198 19,394 SH   SOLE   19,394 0 0
BNC BANCORP COM 05566T101 209 12,237 SH   DFND 1 12,237 0 0
BNC BANCORP COM 05566T101 303 17,763 SH   SOLE   17,763 0 0
BSB BANCORP INC MD COM 05573H108 906 52,792 SH   DFND 1 52,792 0 0
BSB BANCORP INC MD COM 05573H108 1,315 76,632 SH   SOLE   76,632 0 0
CAPE BANCORP INC COM 139209100 1,295 120,681 SH   DFND 1 120,681 0 0
CAPE BANCORP INC COM 139209100 1,880 175,177 SH   SOLE   175,177 0 0
CAPITAL BK FINL CORP CL A COM 139794101 16,486 698,256 SH   DFND 1 698,256 0 0
CATHAY GEN BANCORP COM 149150104 516 20,197 SH   DFND 1 20,197 0 0
CATHAY GEN BANCORP COM 149150104 749 29,317 SH   SOLE   29,317 0 0
CHEVIOT FINL CORP NEW COM 16677X105 196 15,748 SH   DFND 1 15,748 0 0
CHEVIOT FINL CORP NEW COM 16677X105 285 22,859 SH   SOLE   22,859 0 0
CLIFTON BANCORP INC COM 186873105 1,031 81,356 SH   DFND 1 81,356 0 0
CLIFTON BANCORP INC COM 186873105 1,496 118,094 SH   SOLE   118,094 0 0
COMMUNITY BANKERS TR CORP COM 203612106 2,488 568,000 SH   DFND 1 568,000 0 0
E TRADE FINANCIAL CORP COM NEW 269246401 3,035 142,772 SH   DFND 1 142,772 0 0
E TRADE FINANCIAL CORP COM NEW 269246401 4,406 207,228 SH   SOLE   207,228 0 0
EASTERN VA BANKSHARES INC COM 277196101 392 61,189 SH   DFND   61,189 0 0
EASTERN VA BANKSHARES INC COM 277196101 568 88,811 SH   SOLE 1 88,811 0 0
ENTERPRISE FINL SVCS CORP COM 293712105 731 40,479 SH   DFND 1 40,479 0 0
ENTERPRISE FINL SVCS CORP COM 293712105 1,061 58,759 SH   SOLE   58,759 0 0
FARMERS NATL BANC CORP COM 309627107 1,052 134,983 SH   DFND 1 134,983 0 0
FARMERS NATL BANC CORP COM 309627107 1,526 195,938 SH   SOLE   195,938 0 0
FIRST CLOVER LEAF FIN CORP COM 31969M105 415 41,914 SH   DFND 1 41,914 0 0
FIRST CLOVER LEAF FIN CORP COM 31969M105 672 67,957 SH   SOLE   67,957 0 0
FIRST CMNTY BANCSHARES INC N COM 31983A103 349 24,365 SH   DFND 1 24,365 0 0
FIRST CMNTY BANCSHARES INC N COM 31983A103 507 35,368 SH   SOLE   35,368 0 0
FRANKLIN RES INC COM 354613101 1,577 27,271 SH   DFND 1 27,271 0 0
FRANKLIN RES INC COM 354613101 2,290 39,586 SH   SOLE   39,586 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 1,012 6,044 SH   DFND 1 6,044 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 1,469 8,773 SH   SOLE   8,773 0 0
GUARANTY BANCORP DEL COM NEW 40075T607 387 27,864 SH   DFND 1 27,864 0 0
GUARANTY BANCORP DEL COM NEW 40075T607 562 40,447 SH   SOLE   40,447 0 0
HAMPTON ROADS BANKSHARES INC COM NEW 409321502 483 279,186 SH   DFND 1 279,186 0 0
HAMPTON ROADS BANKSHARES INC COM NEW 409321502 701 405,259 SH   SOLE   405,259 0 0
HERITAGE COMMERCE CORP COM 426927109 518 63,462 SH   DFND 1 63,462 0 0
HERITAGE COMMERCE CORP COM 426927109 753 92,119 SH   SOLE   92,119 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A104 4,451 191,040 SH   DFND 1 191,040 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A104 6,461 277,301 SH   SOLE   277,301 0 0
HOME FED BANCORP INC LA NEW COM 43708L108 328 17,102 SH   DFND 1 17,102 0 0
HOME FED BANCORP INC LA NEW COM 43708L108 476 24,825 SH   SOLE   24,825 0 0
HOMETRUST BANCSHARES INC COM 437872104 596 37,798 SH   DFND 1 37,798 0 0
HOMETRUST BANCSHARES INC COM 437872104 865 54,866 SH   SOLE   54,866 0 0
HOWARD HUGHES CORP COM 44267D107 2,015 12,770 SH   DFND 1 12,770 0 0
HOWARD HUGHES CORP COM 44267D107 2,926 18,537 SH   SOLE   18,537 0 0
HUDSON VALLEY HOLDING CORP COM 444172100 533 29,554 SH   DFND 1 29,554 0 0
HUDSON VALLEY HOLDING CORP COM 444172100 774 42,900 SH   SOLE   42,900 0 0
JMP GROUP INC COM 46629U107 1,009 133,333 SH   DFND 1 133,333 0 0
JPMORGAN CHASE & CO COM 46625H100 4,474 77,639 SH   DFND 1 77,639 0 0
JPMORGAN CHASE & CO COM 46625H100 6,494 112,698 SH   SOLE   112,698 0 0
LAKELAND BANCORP INC COM 511637100 512 47,403 SH   DFND 1 47,403 0 0
LAKELAND BANCORP INC COM 511637100 743 68,809 SH   SOLE   68,809 0 0
MACKINAC FINL CORP COM 554571109 4,386 340,000 SH   DFND 1 340,000 0 0
METRO BANCORP INC PA COM 59161R101 1,056 45,662 SH   DFND 1 45,662 0 0
METRO BANCORP INC PA COM 59161R101 1,532 66,281 SH   SOLE   66,281 0 0
MIDDLEBURG FINANCIAL CORP COM 596094102 207 10,332 SH   DFND 1 10,332 0 0
MIDDLEBURG FINANCIAL CORP COM 596094102 300 14,997 SH   SOLE   14,997 0 0
MONARCH FINANCIAL HOLDINGS I COM 60907Q100 125 10,631 SH   DFND 1 10,631 0 0
MONARCH FINANCIAL HOLDINGS I COM 60907Q100 177 15,089 SH   SOLE   15,089 0 0
MORGAN STANLEY COM NEW 617446448 4,324 133,761 SH   DFND 1 133,761 0 0
MORGAN STANLEY COM NEW 617446448 6,277 194,164 SH   SOLE   194,164 0 0
NAVIENT CORP COM 63938C108 3,554 200,681 SH   DFND 1 200,681 0 0
NAVIENT CORP COM 63938C108 5,159 291,302 SH   SOLE   291,302 0 0
NCR CORP NEW COM 62886E128 4,470 127,378 SH   DFND 1 127,378 0 0
NCR CORP NEW COM 62886E128 6,488 184,897 SH   SOLE   184,897 0 0
NELNET INC COM 64031N108 3,575 86,292 SH   DFND 1 86,292 0 0
NELNET INC COM 64031N108 5,189 125,259 SH   SOLE   125,259 0 0
OCEAN SHORE HLDG CO NEW COM 67501R103 322 21,996 SH   DFND 1 21,996 0 0
OCEAN SHORE HLDG CO NEW COM 67501R103 468 31,930 SH   SOLE   31,930 0 0
OCEANFIRST FINL CORP COM 675234108 474 28,623 SH   DFND 1 28,623 0 0
OCEANFIRST FINL CORP COM 675234108 683 41,273 SH   SOLE   41,273 0 0
PACIFIC CONTINENTAL CORP COM 69412V108 402 29,288 SH   DFND 1 29,288 0 0
PACIFIC CONTINENTAL CORP COM 69412V108 584 42,513 SH   SOLE   42,513 0 0
PEOPLES BANCORP N C INC COM 710577107 418 26,136 SH   DFND 1 26,136 0 0
PEOPLES BANCORP N C INC COM 710577107 607 37,938 SH   SOLE   37,938 0 0
PEOPLES FED BANCSHARES INC COM 711037101 1,558 84,394 SH   DFND 1 84,394 0 0
PEOPLES FED BANCSHARES INC COM 711037101 2,261 122,505 SH   SOLE   122,505 0 0
PRIVATEBANCORP INC COM 742962103 1,414 48,647 SH   DFND 1 48,647 0 0
PRIVATEBANCORP INC COM 742962103 2,052 70,615 SH   SOLE   70,615 0 0
PROVIDENT FINL HLDGS INC COM 743868101 1,022 70,313 SH   DFND 1 70,313 0 0
PROVIDENT FINL HLDGS INC COM 743868101 1,457 100,206 SH   SOLE   100,206 0 0
PRUDENTIAL FINL INC COM 744320102 2,758 31,069 SH   DFND 1 31,069 0 0
PRUDENTIAL FINL INC COM 744320102 4,004 45,100 SH   SOLE   45,100 0 0
REGIONS FINL CORP NEW COM 7591EP100 1,687 158,838 SH   DFND 1 158,838 0 0
REGIONS FINL CORP NEW COM 7591EP100 2,449 230,565 SH   SOLE   230,565 0 0
SEACOAST BKG CORP FLA COM NEW 811707801 2,141 196,971 SH   DFND 1 196,971 0 0
SEACOAST BKG CORP FLA COM NEW 811707801 3,108 285,917 SH   SOLE   285,917 0 0
SI FINL GROUP INC MD COM 78425V104 425 36,962 SH   DFND 1 36,962 0 0
SI FINL GROUP INC MD COM 78425V104 618 53,653 SH   SOLE   53,653 0 0
SOUTHERN NATL BANCORP OF VA COM 843395104 2,265 202,950 SH   DFND 1 202,950 0 0
SQUARE 1 FINL INC CL A 85223W101 14,668 771,608 SH   DFND 1 771,608 0 0
SQUARE 1 FINL INC CL A 85223W101 3,356 176,523 SH   SOLE   176,523 0 0
STATE BK FINL CORP COM 856190103 1,016 60,065 SH   DFND 1 60,065 0 0
STATE BK FINL CORP COM 856190103 1,474 87,189 SH   SOLE   87,189 0 0
STONEGATE BK FT LAUDERDALE F COM 861811107 18,632 739,350 SH   DFND 1 739,350 0 0
SUN BANCORP INC COM 86663B102 425 106,094 SH   DFND 1 106,094 0 0
SUN BANCORP INC COM 86663B102 618 154,003 SH   SOLE   154,003 0 0
SYNOVUS FINL CORP COM NEW 87161C501 1,989 81,583 SH   DFND 1 81,583 0 0
SYNOVUS FINL CORP COM NEW 87161C501 2,887 118,417 SH   SOLE   118,417 0 0
TRISTATE CAP HLDGS INC COM 89678F100 14,809 1,048,044 SH   DFND 1 1,048,044 0 0
UNITED CMNTY BANCORP IND COM 90984R101 516 43,910 SH   DFND 1 43,910 0 0
UNITED CMNTY BANCORP IND COM 90984R101 750 63,738 SH   SOLE   63,738 0 0
UNITED CMNTY BKS BLAIRSVLE G COM 90984P303 3,240 197,934 SH   DFND 1 197,934 0 0
UNITED CMNTY BKS BLAIRSVLE G COM 90984P303 4,703 287,311 SH   SOLE   287,311 0 0
UNITED CMNTY FINL CORP OHIO COM 909839102 1,300 314,718 SH   DFND 1 314,718 0 0
UNITED CMNTY FINL CORP OHIO COM 909839102 1,887 456,836 SH   SOLE   456,836 0 0
VANTIV INC CL A 92210H105 2,898 86,196 SH   DFND 1 86,196 0 0
VANTIV INC CL A 92210H105 4,207 125,119 SH   SOLE   125,119 0 0
WCI CMNTYS INC COM PAR $0.01 92923C807 417 21,620 SH   DFND 1 21,620 0 0
WCI CMNTYS INC COM PAR $0.01 92923C807 606 31,380 SH   SOLE   31,380 0 0
WESTFIELD FINANCIAL INC NEW COM 96008P104 392 52,519 SH   DFND 1 52,519 0 0
WESTFIELD FINANCIAL INC NEW COM 96008P104 569 76,234 SH   SOLE   76,234 0 0
WISDOMTREE INVESTMENTS INC COM 97717P104 1,008 81,583 SH   DFND 1 81,583 0 0
WISDOMTREE INVTS INC COM 97717P104 1,464 118,417 SH   SOLE   118,417 0 0
YADKIN FINL CORP COM 984305102 231 12,238 SH   DFND 1 12,238 0 0
YADKIN FINL CORP COM 984305102 335 17,762 SH   SOLE   17,762 0 0