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 410 2,048 SH   DFND 1 2,048 0 0
AFFILIATED MANAGERS GROUP COM 008252108 599 2,990 SH   SOLE   2,990 0 0
AMERICAN CAP LTD COM 02503Y103 3,536 249,695 SH   DFND 1 249,695 0 0
AMERICAN CAP LTD COM 02503Y103 5,164 364,663 SH   SOLE   364,663 0 0
AMERICAN NATL BANKSHARES INC COM 027745108 181 7,951 SH   DFND 1 7,951 0 0
AMERICAN NATL BANKSHARES INC COM 027745108 264 11,611 SH   SOLE   11,611 0 0
AMERICAN RIVER BANKSHARES COM 029326105 209 22,854 SH   DFND 1 22,854 0 0
AMERICAN RIVER BANKSHARES COM 029326105 305 33,378 SH   SOLE   33,378 0 0
AMERISERV FINL INC COM 03074A102 4,250 1,287,884 SH   DFND 1 1,287,884 0 0
BANK AMER CORP COM 060505104 4,763 279,357 SH   DFND 1 279,357 0 0
BANK AMER CORP COM 060505104 6,956 407,982 SH   SOLE   407,982 0 0
BENEFICIAL MUTUAL BANCORP IN COM 08173R104 760 59,452 SH   DFND 1 59,452 0 0
BENEFICIAL MUTUAL BANCORP IN COM 08173R104 1,110 86,826 SH   SOLE   86,826 0 0
BLACKROCK INC COM 09247X101 4,155 12,656 SH   DFND 1 12,656 0 0
BLACKROCK INC COM 09247X101 6,068 18,483 SH   SOLE   18,483 0 0
BNC BANCORP COM 05566T101 179 11,428 SH   DFND 1 11,428 0 0
BNC BANCORP COM 05566T101 261 16,690 SH   SOLE   16,690 0 0
BSB BANCORP INC MD COM 05573H108 597 32,421 SH   DFND 1 32,421 0 0
BSB BANCORP INC MD COM 05573H108 872 47,349 SH   SOLE   47,349 0 0
CAPE BANCORP INC COM 139209100 1,063 112,712 SH   DFND 1 112,712 0 0
CAPE BANCORP INC COM 139209100 1,552 164,608 SH   SOLE   164,608 0 0
CAPITAL BK FINL CORP CL A COM 139794101 16,674 698,256 SH   DFND 1 698,256 0 0
CHEVIOT FINL CORP NEW COM 16677X105 187 14,707 SH   DFND 1 14,707 0 0
CHEVIOT FINL CORP NEW COM 16677X105 274 21,479 SH   SOLE   21,479 0 0
CITIZENS FINL GROUP INC COM 174610105 1,904 81,290 SH   DFND 1 81,290 0 0
CITIZENS FINL GROUP INC COM 174610105 2,780 118,710 SH   SOLE   118,710 0 0
CLUBCORP HLDGS INC COM 18948M108 1,220 61,503 SH   DFND 1 61,503 0 0
CLUBCORP HLDGS INC COM 18948M108 1,781 89,820 SH   SOLE   89,820 0 0
COMMUNITY BANKERS TR CORP COM 203612106 2,482 568,000 SH   DFND 1 568,000 0 0
E TRADE FINANCIAL CORP COM NEW 269246401 4,806 212,752 SH   DFND 1 212,752 0 0
E TRADE FINANCIAL CORP COM NEW 269246401 7,019 310,711 SH   SOLE   310,711 0 0
EAST WEST BANCORP INC COM 27579R104 1,959 57,621 SH   DFND 1 57,621 0 0
EAST WEST BANCORP INC COM 27579R104 2,861 84,153 SH   SOLE   84,153 0 0
EASTERN VA BANKSHARES INC COM 277196101 355 57,144 SH   DFND 1 57,144 0 0
EASTERN VA BANKSHARES INC COM 277196101 519 83,455 SH   SOLE   83,455 0 0
ENTERPRISE FINL SVCS CORP COM 293712105 632 37,805 SH   DFND 1 37,805 0 0
ENTERPRISE FINL SVCS CORP COM 293712105 923 55,213 SH   SOLE   55,213 0 0
FARMERS NATL BANC CORP COM 309627107 534 66,832 SH   DFND 1 66,832 0 0
FARMERS NATL BANC CORP COM 309627107 780 97,604 SH   SOLE   97,604 0 0
FEDERATED INVESTORS CL B 314211103 2,387 81,290 SH   DFND 1 81,290 0 0
FEDERATED INVESTORS CL B 314211103 3,485 118,710 SH   SOLE   118,710 0 0
FIRST CLOVER LEAF FIN CORP COM 31969M105 208 22,681 SH   DFND 1 22,681 0 0
FIRST CLOVER LEAF FIN CORP COM 31969M105 303 33,124 SH   SOLE   33,124 0 0
FIRST CMNTY BANCSHARES INC N COM 31983A103 325 22,756 SH   DFND 1 22,756 0 0
FIRST CMNTY BANCSHARES INC N COM 31983A103 475 33,234 SH   SOLE   33,234 0 0
FIRST FINL BANCORP OH COM 320209109 193 12,193 SH   DFND 1 12,193 0 0
FIRST FINL BANCORP OH COM 320209109 282 17,807 SH   SOLE   17,807 0 0
GREEN BANCORP INC COM 39260X100 1,276 74,380 SH   DFND 1 74,380 0 0
GREEN BANCORP INC COM 39260X100 1,863 108,620 SH   SOLE   108,620 0 0
HOMETRUST BANCSHARES INC COM 437872104 516 35,304 SH   DFND 1 35,304 0 0
HOMETRUST BANCSHARES INC COM 437872104 753 51,558 SH   SOLE   51,558 0 0
HOWARD HUGHES CORP COM 44267D107 1,789 11,928 SH   DFND 1 11,928 0 0
HOWARD HUGHES CORP COM 44267D107 2,613 17,420 SH   SOLE   17,420 0 0
HUDSON VALLEY HOLDING CORP COM 444172100 501 27,603 SH   DFND 1 27,603 0 0
HUDSON VALLEY HOLDING CORP COM 444172100 732 40,313 SH   SOLE   40,313 0 0
JMP GROUP INC COM 46629U107 836 133,333 SH   DFND 1 133,333 0 0
JPMORGAN CHASE & CO COM 46625H100 4,632 76,895 SH   DFND 1 76,895 0 0
JPMORGAN CHASE & CO COM 46625H100 6,765 112,300 SH   SOLE   112,300 0 0
LAKELAND BANCORP INC COM 511637100 432 44,273 SH   DFND 1 44,273 0 0
LAKELAND BANCORP INC COM 511637100 631 64,658 SH   SOLE   64,658 0 0
LINCOLN NATL CORP IND COM 534187109 1,220 22,761 SH   DFND 1 22,761 0 0
LINCOLN NATL CORP IND COM 534187109 1,781 33,239 SH   SOLE   33,239 0 0
M & T BK CORP COM 55261F104 1,011 8,201 SH   DFND 1 8,201 0 0
M & T BK CORP COM 55261F104 1,477 11,976 SH   SOLE   11,976 0 0
MACKINAC FINL CORP COM 554571109 3,842 340,000 SH   DFND 1 340,000 0 0
MARKIT LTD SHS G58249106 978 41,905 SH   DFND 1 41,905 0 0
MARKIT LTD SHS G58249106 1,429 61,200 SH   SOLE   61,200 0 0
METRO BANCORP INC PA COM 59161R101 1,034 42,647 SH   DFND 1 42,647 0 0
METRO BANCORP INC PA COM 59161R101 1,510 62,283 SH   SOLE   62,283 0 0
MIDDLEBURG FINANCIAL CORP COM 596094102 171 9,650 SH   DFND 1 9,650 0 0
MIDDLEBURG FINANCIAL CORP COM 596094102 250 14,093 SH   SOLE   14,093 0 0
MORGAN STANLEY COM NEW 617446448 4,319 124,930 SH   DFND 1 124,930 0 0
MORGAN STANLEY COM NEW 617446448 6,307 182,452 SH   SOLE   182,452 0 0
NAVIENT CORP COM 63938C108 3,319 187,431 SH   DFND 1 187,431 0 0
NAVIENT CORP COM 63938C108 4,848 273,731 SH   SOLE   273,731 0 0
NCR CORP NEW COM 62886E108 3,654 109,366 SH   DFND 1 109,366 0 0
NCR CORP NEW COM 62886E108 5,336 159,721 SH   SOLE   159,721 0 0
NELNET INC CL A CL A 64031N108 3,076 71,392 SH   DFND 1 71,392 0 0
NELNET INC CL A CL A 64031N108 4,493 104,263 SH   SOLE   104,263 0 0
NORTHERN TRUST CORP COM 665859104 1,244 18,291 SH   DFND 1 18,291 0 0
NORTHERN TRUST CORP COM 665859104 1,817 26,709 SH   SOLE   26,709 0 0
OCEAN SHORE HLDG CO NEW COM 67501R103 295 20,544 SH   DFND 1 20,544 0 0
OCEAN SHORE HLDG CO NEW COM 67501R103 431 30,004 SH   SOLE   30,004 0 0
OCEANFIRST FINL CORP COM 675234108 449 28,229 SH   DFND 1 28,229 0 0
OCEANFIRST FINL CORP COM 675234108 656 41,226 SH   SOLE   41,226 0 0
PACIFIC CONTINENTAL CORP COM 69412V108 352 27,355 SH   DFND 1 27,355 0 0
PACIFIC CONTINENTAL CORP COM 69412V108 513 39,950 SH   SOLE   39,950 0 0
PEOPLES BANCORP N C INC COM 710577107 414 24,411 SH   DFND 1 24,411 0 0
PEOPLES BANCORP N C INC COM 710577107 604 35,650 SH   SOLE   35,650 0 0
PNC FINANCIAL SERVICES COM 693475105 487 5,690 SH   DFND 1 5,690 0 0
PNC FINANCIAL SERVICES COM 693475105 711 8,310 SH   SOLE   8,310 0 0
PRIVATEBANCORP INC COM 742962103 1,359 45,435 SH   DFND 1 45,435 0 0
PRIVATEBANCORP INC COM 742962103 1,985 66,355 SH   SOLE   66,355 0 0
PROVIDENT FINL HLDGS INC COM 743868101 941 64,475 SH   DFND 1 64,475 0 0
PROVIDENT FINL HLDGS INC COM 743868101 1,374 94,162 SH   SOLE   94,162 0 0
SCHWAB CHARLES CORP NEW COM 808513105 1,205 41,002 SH   DFND 1 41,002 0 0
SCHWAB CHARLES CORP NEW COM 808513105 1,760 59,880 SH   SOLE   59,880 0 0
SEACOAST BKG CORP FLA COM NEW 811707801 2,011 183,966 SH   DFND 1 183,966 0 0
SEACOAST BKG CORP FLA COM NEW 811707801 2,937 268,670 SH   SOLE   268,670 0 0
SI FINL GROUP INC MD COM 78425V104 354 31,610 SH   DFND 1 31,610 0 0
SI FINL GROUP INC MD COM 78425V104 517 46,164 SH   SOLE   46,164 0 0
SIGNATURE BK NEW YORK N Y COM 82669G104 1,119 9,988 SH   DFND 1 9,988 0 0
SIGNATURE BK NEW YORK N Y COM 82669G104 1,635 14,587 SH   SOLE   14,587 0 0
SOUTHERN NATL BANCORP OF VA COM 843395104 2,352 202,950 SH   DFND 1 202,950 0 0
SQUARE 1 FINL INC CL A 85223W101 2,184 113,578 SH   DFND 1 113,578 0 0
SQUARE 1 FINL INC CL A 85223W101 3,190 165,874 SH   SOLE   165,874 0 0
STATE BK FINL CORP COM 856190103 571 35,135 SH   DFND 1 35,135 0 0
STATE BK FINL CORP COM 856190103 833 51,312 SH   SOLE   51,312 0 0
STONEGATE BK FT LAUDERDALE F COM 86181Q300 19,038 739,350 SH   DFND 1 739,350 0 0
SUN BANCORP INC COM 86663B201 359 19,818 SH   DFND 1 19,818 0 0
SUN BANCORP INC COM 86663B201 524 28,943 SH   SOLE   28,943 0 0
SUNTRUST BKS INC COM 867914103 889 23,370 SH   DFND 1 23,370 0 0
SUNTRUST BKS INC COM 867914103 1,298 34,130 SH   SOLE   34,130 0 0
SYNOVUS FINL CORP COM NEW 87161C501 967 40,902 SH   DFND 1 40,902 0 0
SYNOVUS FINL CORP COM NEW 87161C501 1,412 59,734 SH   SOLE   59,734 0 0
TALMER BANCORP INC COM 87482X101 851 61,503 SH   DFND 1 61,503 0 0
TALMER BANCORP INC COM 87482X101 1,242 89,820 SH   SOLE   89,820 0 0
TRICO BANCSHARES COM 896095106 844 37,311 SH   DFND 1 37,311 0 0
TRICO BANCSHARES COM 896095106 1,233 54,491 SH   SOLE   54,491 0 0
TRISTATE CAP HLDGS INC COM 89678F100 9,121 1,005,644 SH   DFND 1 1,005,644 0 0
UNITED CMNTY BANCORP IND COM 90984R101 371 31,060 SH   DFND 1 31,060 0 0
UNITED CMNTY BANCORP IND COM 90984R101 542 45,361 SH   SOLE   45,361 0 0
UNITED CMNTY BKS BLAIRSVLE G COM 90984P303 3,043 184,864 SH   DFND 1 184,864 0 0
UNITED CMNTY BKS BLAIRSVLE G COM 90984P303 4,444 269,982 SH   SOLE   269,982 0 0
UNITED CMNTY FINL CORP OHIO COM 909839102 1,376 293,941 SH   DFND 1 293,941 0 0
UNITED CMNTY FINL CORP OHIO COM 909839102 2,009 429,281 SH   SOLE   429,281 0 0
VANTIV INC CL A 92210H105 3,161 102,298 SH   DFND 1 102,298 0 0
VANTIV INC CL A 92210H105 4,616 149,400 SH   SOLE   149,400 0 0
WCI CMNTYS INC COM PAR $0.01 92923C807 372 20,191 SH   DFND 1 20,191 0 0
WCI CMNTYS INC COM PAR $0.01 92923C807 544 29,487 SH   SOLE   29,487 0 0
WELLS FARGO & CO NEW COM 949746101 1,009 19,448 SH   DFND 1 19,448 0 0
WELLS FARGO & CO NEW COM 949746101 1,473 28,403 SH   SOLE   28,403 0 0
WESTFIELD FINANCIAL INC NEW COM 96008P104 346 49,051 SH   DFND 1 49,051 0 0
WESTFIELD FINANCIAL INC NEW COM 96008P104 506 71,635 SH   SOLE   71,635 0 0
YADKIN FINL CORP COM 984305102 819 45,103 SH   DFND 1 45,103 0 0
YADKIN FINL CORP COM 984305102 1,196 65,869 SH   SOLE   65,869 0 0