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
ACCESS NATL CORP COM 004337101 392 25,870 SH   SOLE 0 25,870 0 0
AG MORTGAGE INVESTMENT TR COM 001228105 471 24,899 SH   SOLE 0 24,899 0 0
AMERICAN CAPITAL MORTGAGE COM 02504A104 1,221 61,000 SH   SOLE 0 61,000 0 0
AMERICAN CAPITAL SENIOR F COM 02504D108 381 27,202 SH   SOLE 0 27,202 0 0
AMERIS BANCORP COM 03076K108 492 22,827 SH   SOLE 0 22,827 0 0
APOLLO INVT CORP COM 03761U106 965 112,080 SH   SOLE 0 112,080 0 0
APOLLO RESIDENTIAL MORTGA COM 03763V102 1,129 67,500 SH   SOLE 0 67,500 0 0
ARES CAPITAL CORP COM 04010L103 842 47,128 SH   SOLE 0 47,128 0 0
ASTORIA FINL CORP COM 046265104 375 27,916 SH   SOLE 0 27,916 0 0
BANK OF COMMERCE HLDS COM 06424J103 326 51,563 SH   SOLE 0 51,563 0 0
BK OF MARIN BNCP COM 063425102 414 9,088 SH   SOLE 0 9,088 0 0
BNC BANCORP COM 05566T101 419 24,555 SH   SOLE 0 24,555 0 0
BOFI HOLDINGINC COM COM 05566U108 294 4,000 SH   SOLE 0 4,000 0 0
BRIDGE BANCORP INC COM 108035106 506 21,092 SH   SOLE 0 21,092 0 0
BRIDGE CAP HLDGS COM 108030107 501 20,683 SH   SOLE 0 20,683 0 0
BSB BANCORP INC/MA COM 05573H108 312 18,209 SH   SOLE 0 18,209 0 0
CAPE BANCORP INC COM COM 139209100 256 23,844 SH   SOLE 0 23,844 0 0
CAPITAL CITY BANK GROUP I COM 139674105 335 23,038 SH   SOLE 0 23,038 0 0
CENTER BANCORP INC COM 151408101 362 18,849 SH   SOLE 0 18,849 0 0
CENTERSTATE BKS FLA INC COM 15201P109 420 37,495 SH   SOLE 0 37,495 0 0
CENTRAL VALLEY COMMUNITY COM 155685100 327 25,000 SH   SOLE 0 25,000 0 0
CHICOPEE BANCORP COM 168565109 388 22,841 SH   SOLE 0 22,841 0 0
CHIMERA INVESTMENT CORP COM 16934Q109 239 75,000 SH   SOLE 0 75,000 0 0
COBIZ FINANCIAL INC COM 190897108 328 30,409 SH   SOLE 0 30,409 0 0
CVR REFINING LP COM 12663P107 788 31,524 SH   SOLE 0 31,524 0 0
CYS INVESTMENTS INC REI COM 12673A108 451 50,000 SH   SOLE 0 50,000 0 0
DIME COMMUNITY BANCSHARES COM 253922108 384 24,292 SH   SOLE 0 24,292 0 0
E TRADE FINL CORP COM 269246401 213 10,008 SH   SOLE 0 10,008 0 0
EAGLE BANCORP INC COM 268948106 304 9,000 SH   SOLE 0 9,000 0 0
ENTERPRISE FINL SVCS CORP COM 293712105 299 16,546 SH   SOLE 0 16,546 0 0
FIRST COMMUNITY CORP SC COM 319835104 286 26,898 SH   SOLE 0 26,898 0 0
FIVE OAKS INVESTMENT CORP COM 33830W106 1,013 89,710 SH   SOLE 0 89,710 0 0
FLUSHING FINANCIAL CORP COM 343873105 370 18,000 SH   SOLE 0 18,000 0 0
FOX CHASE BANCORP INC COM 35137T108 463 27,433 SH   SOLE 0 27,433 0 0
FS INVEST CORP COM COM 302635107 213 20,000 SH   SOLE 0 20,000 0 0
GUARANTY BANCORP DEL COM 40075T607 319 22,983 SH   SOLE 0 22,983 0 0
HERCULES TECHNOLOGY GROWT COM 427096508 747 46,229 SH   SOLE 0 46,229 0 0
HERITAGE COMM CORP COM 426927109 333 40,722 SH   SOLE 0 40,722 0 0
HERITAGE FINANCIAL GROUP COM 42726X102 496 25,000 SH   SOLE 0 25,000 0 0
HERITAGE FINANCIAL CORPOR COM 42722X106 427 26,524 SH   SOLE 0 26,524 0 0
HERITAGE OAKS BANCORP COM 42724R107 380 49,771 SH   SOLE 0 49,771 0 0
HOME BANCSHARES INC/CONWA COM 436893200 328 10,000 SH   SOLE 0 10,000 0 0
HOPFED BANCORP INC COM 439734104 217 18,654 SH   SOLE 0 18,654 0 0
INDEPENDENT BK CORP MICH COM 453838609 225 17,475 SH   SOLE 0 17,475 0 0
KEARNY FINL CORP COM 487169104 303 20,000 SH   SOLE 0 20,000 0 0
MACKINAC FINL CORP COM 554571109 239 18,546 SH   SOLE 0 18,546 0 0
MAINSOURCE FINL GROUP INC COM 56062Y102 312 18,100 SH   SOLE 0 18,100 0 0
MEADOWBROOK INSURANCE GRO COM 58319P108 227 31,605 SH   SOLE 0 31,605 0 0
MEDLEY CAPITAL COM 58503F106 840 64,303 SH   SOLE 0 64,303 0 0
METRO BANCORP INC PA COM 59161R101 650 28,108 SH   SOLE 0 28,108 0 0
MGIC INVT CORP COM 552848103 370 40,000 SH   SOLE 0 40,000 0 0
MIDSOUTH BANCORP INC COM 598039105 375 18,840 SH   SOLE 0 18,840 0 0
NEW MOUNTAIN GUARDIAN COR COM 647551100 835 56,169 SH   SOLE 0 56,169 0 0
NEWSTAR FINANCIAL INC C COM 65251F105 305 21,660 SH   SOLE 0 21,660 0 0
NORTH VY BANCORP COM 66304M204 526 24,129 SH   SOLE 0 24,129 0 0
OCEAN SHORE HOLDING CO COM 67501R103 483 32,954 SH   SOLE 0 32,954 0 0
OLD LINE BANCS COM 67984M100 299 18,980 SH   SOLE 0 18,980 0 0
OPUS BANK COM 684000102 436 15,000 SH   SOLE 0 15,000 0 0
PACIFIC MERCANTILE BANCOR COM 694552100 354 53,091 SH   SOLE 0 53,091 0 0
PACIFIC PREMIER BANCORP COM 69478X105 282 20,000 SH   SOLE 0 20,000 0 0
PEOPLE FED BANC COM 711037101 384 20,783 SH   SOLE 0 20,783 0 0
PREFERRED BK LOS ANGELES COM 740367404 402 17,000 SH   SOLE 0 17,000 0 0
REGIONS FINANCIAL CORP COM 7591EP100 661 62,238 SH   SOLE 0 62,238 0 0
RIVERVIEW BANCORP INC COM 769397100 140 36,132 SH   SOLE 0 36,132 0 0
SIERRA BANCORP COM 82620P102 176 11,165 SH   SOLE 0 11,165 0 0
SIGNATURE BANK COM 82669G104 252 2,000 SH   SOLE 0 2,000 0 0
SIMMONS FIRST NATIONAL CO COM 828730200 547 13,890 SH   SOLE 0 13,890 0 0
SIMPLICITY BANCORP INC COM 828867101 249 14,256 SH   SOLE 0 14,256 0 0
SOLAR SENIOR CAPITAL LTD COM 83416M105 462 27,341 SH   SOLE 0 27,341 0 0
SOUTHWEST BANCORP INC OKL COM 844767103 405 23,765 SH   SOLE 0 23,765 0 0
STANDARD FINANCIAL CORP COM 853393106 466 23,885 SH   SOLE 0 23,885 0 0
STATE INVESTORS BANCORP I COM 857030100 225 14,080 SH   SOLE 0 14,080 0 0
SUFFOLK BANCORP COM 864739107 530 23,756 SH   SOLE 0 23,756 0 0
SUN BANCORP INC NEW JERS COM 86663B201 70 17,475 SH   SOLE 0 17,475 0 0
SUNTRUST BKS INC COM 867914103 300 7,500 SH   SOLE 0 7,500 0 0
SVB FINANCIAL GROUP COM 78486Q101 329 2,818 SH   SOLE 0 2,818 0 0
TCP CAPITAL CORP COM 87238Q103 410 22,511 SH   SOLE 0 22,511 0 0
TRIANGLE CAPITAL CORP COM 895848109 780 27,500 SH   SOLE 0 27,500 0 0
UMB FINANCIAL CORP COM 902788108 1,268 20,000 SH   SOLE 0 20,000 0 0
UNITED CMNTY BK BLAIRSVIL COM 90984P303 363 22,171 SH   SOLE 0 22,171 0 0
UNITED CMNTY FINL CORP OH COM 909839102 166 40,218 SH   SOLE 0 40,218 0 0
WESTERN ALLIANCE BANCORP COM 957638109 476 20,000 SH   SOLE 0 20,000 0 0
WESTERN ASSET MORTGAGE CA COM 95790D105 850 60,000 SH   SOLE 0 60,000 0 0
YADKIN VALLEY FINANCIAL C COM 984305102 377 20,000 SH   SOLE 0 20,000 0 0