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
3M CO COM 88579Y101 4,538 38,000 SH   DFND 1 0 38,000 0
ALTRIA GROUP INC COM 02209S103 3,092 90,000 SH   DFND 1 0 90,000 0
ALTRIA GROUP INC COM 02209S103 1,443 42,000 SH   DFND 2 0 42,000 0
AMERICAN EXPRESS CO COM 025816109 2,643 35,000 SH   DFND 1 0 35,000 0
BANK COMM HLDGS COM 06424J103 168 29,289 SH   DFND 2 0 29,289 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108 227,497 1,335 SH   DFND 1 0 1,335 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 55,052 485,000 SH   DFND 1 0 485,000 0
CFS BANCORP INC COM 12525D102 453 40,846 SH   DFND 2 0 40,846 0
CAROLINA TR BK LINCOLNTON NC COM 144200102 102 35,498 SH   DFND 2 0 35,498 0
CATERPILLAR INC DEL COM 149123101 8,729 104,700 SH   DFND 1 0 104,700 0
CATERPILLAR INC DEL COM 149123101 2,935 35,200 SH   DFND 2 0 35,200 0
CENTRAL VALLEY CMNTY BANCORP COM 155685100 443 43,644 SH   DFND 2 0 43,644 0
CHEVRON CORP NEW COM 166764100 7,703 63,400 SH   DFND 1 0 63,400 0
CHEVRON CORP NEW COM 166764100 11,822 97,300 SH   DFND 2 0 97,300 0
CISCO SYS INC COM 17275R102 26,188 1,118,175 SH   DFND 1 0 1,118,175 0
CISCO SYS INC COM 17275R102 14,961 638,825 SH   DFND 2 0 638,825 0
CITIZENS & NORTHN CORP COM 172922106 245 12,300 SH   DFND 2 0 12,300 0
COHEN & STEERS INFRASTRUCTUR COM 19248A109 36,994 1,874,058 SH   DFND 1 0 1,874,058 0
COHEN & STEERS INFRASTRUCTUR COM 19248A109 790 40,000 SH   DFND 2 0 40,000 0
EAGLE BANCORP MONT INC COM 26942G100 367 33,500 SH   DFND 2 0 33,500 0
EASTERN VA BANKSHARES INC COM 277196101 472 77,436 SH   DFND 2 0 77,436 0
ENTERPRISE PRODS PARTNERS L COM 293792107 12,522 205,150 SH   DFND 1 0 205,150 0
ENTERPRISE PRODS PARTNERS L COM 293792107 2,030 33,250 SH   DFND 2 0 33,250 0
FIRST CAPITAL BANCORP VA COM 319438107 464 116,276 SH   DFND 2 0 116,276 0
FRANKLIN RES INC COM 354613101 1,517 30,000 SH   DFND 1 0 30,000 0
FREEPORT-MCMORAN COPPER & GO COM 35671D857 20,434 617,700 SH   DFND 1 0 617,700 0
FREEPORT-MCMORAN COPPER & GO COM 35671D857 14,069 425,300 SH   DFND 2 0 425,300 0
GEORGETOWN BANCORP INC MD COM 372591107 448 31,254 SH   DFND 2 0 31,254 0
HF FINL CORP COM 404172108 283 22,030 SH   DFND 2 0 22,030 0
HAMPDEN BANCORP INC COM 40867E107 1,360 84,989 SH   DFND 2 0 84,989 0
HARRIS CORP DEL COM 413875105 1,364 23,000 SH   DFND 1 0 23,000 0
HARRIS CORP DEL COM 413875105 1,364 23,000 SH   DFND 2 0 23,000 0
HOME BANCORP INC COM 43689E107 853 47,216 SH   DFND 2 0 47,216 0
HOME FED BANCORP INC MD COM 43710G105 1,119 88,948 SH   DFND 2 0 88,948 0
INTERNATIONAL BUSINESS MACHS COM 459200101 15,314 82,700 SH   DFND 1 0 82,700 0
INTERNATIONAL BUSINESS MACHS COM 459200101 10,555 57,000 SH   DFND 2 0 57,000 0
JOHNSON & JOHNSON COM 478160104 19,679 227,000 SH   DFND 1 0 227,000 0
JOHNSON & JOHNSON COM 478160104 7,958 91,800 SH   DFND 2 0 91,800 0
JPMORGAN CHASE & CO COM 46625H100 37,434 724,200 SH   DFND 1 0 724,200 0
JPMORGAN CHASE & CO COM 46625H100 15,703 303,800 SH   DFND 2 0 303,800 0
KOHLS CORP COM 500255104 18,232 352,300 SH   DFND 1 0 352,300 0
KOHLS CORP COM 500255104 13,129 253,700 SH   DFND 2 0 253,700 0
LINN ENERGY LLC UNIT LTD LIAB 536020100 4,743 183,000 SH   DFND 1 0 183,000 0
LINN ENERGY LLC UNIT LTD LIAB 536020100 778 30,000 SH   DFND 2 0 30,000 0
LTC PPTYS INC COM 502175102 4,254 112,000 SH   DFND 1 0 112,000 0
MACKINAC FINL CORP COM 554571109 1,144 125,890 SH   DFND 2 0 125,890 0
MALVERN BANCORP INC COM 561409103 205 16,122 SH   DFND 2 0 16,122 0
MERCK & CO INC NEW COM 58933Y105 952 20,000 SH   DFND 1 0 20,000 0
MERCK & CO INC NEW COM 58933Y105 973 20,447 SH   DFND 2 0 20,447 0
METRO BANCORP INC PA COM 59161R101 2,649 126,100 SH   DFND 2 0 126,100 0
OAK RIDGE FINL SVCS INC COM 671768109 129 30,400 SH   DFND 2 0 30,400 0
OCEAN SHORE HLDG CO NEW COM 67501R103 1,566 106,998 SH   DFND 2 0 106,998 0
OLD LINE BANCSHARES INC COM 67984M100 388 29,100 SH   DFND 2 0 29,100 0
OLD POINT FINL CORP COM 680194107 25 1,900 SH   DFND 2 0 1,900 0
OMNIAMERICAN BANCORP INC COM 68216R107 1,084 44,300 SH   DFND 2 0 44,300 0
ORACLE CORP COM 68389X105 14,671 442,300 SH   DFND 1 0 442,300 0
ORACLE CORP COM 68389X105 8,017 241,700 SH   DFND 2 0 241,700 0
PACIFIC PREMIER BANCORP COM 69478X105 2,269 168,810 SH   DFND 2 0 168,810 0
PHILIP MORRIS INTL INC COM 718172109 1,775 20,500 SH   DFND 1 0 20,500 0
PHILIP MORRIS INTL INC COM 718172109 952 11,000 SH   DFND 2 0 11,000 0
PHILLIPS 66 COM 718546104 1,879 32,500 SH   DFND 1 0 32,500 0
POSCO SPONSORED ADR 693483109 663 9,000 SH   DFND 1 0 9,000 0
POSCO SPONSORED ADR 693483109 5,302 72,000 SH   DFND 2 0 72,000 0
REPUBLIC FIRST BANCORP INC COM 760416107 608 190,540 SH   DFND 2 0 190,540 0
REPUBLIC SVCS INC COM 760759100 2,002 60,000 SH   DFND 1 0 60,000 0
REPUBLIC SVCS INC COM 760759100 1,001 30,000 SH   DFND 2 0 30,000 0
RIVER VY BANCORP COM 768475105 2,177 89,993 SH   DFND 2 0 89,993 0
RMR REAL ESTATE INCOME FUND COM 76970B101 966 55,606 SH   DFND 1 0 55,606 0
RMR REAL ESTATE INCOME FUND COM 76970B101 325 18,727 SH   DFND 2 0 18,727 0
SI FINL GROUP INC MD COM 78425V104 3,139 276,588 SH   DFND 2 0 276,588 0
SANOFI SPONSORED ADR 80105N105 13,923 275,000 SH   DFND 1 0 275,000 0
SANOFI SPONSORED ADR 80105N105 9,129 180,300 SH   DFND 2 0 180,300 0
SOUTHERN FIRST BANCSHARES IN COM 842873101 1,234 92,195 SH   DFND 2 0 92,195 0
SOUTHERN NATL BANCORP OF VA COM 843395104 766 79,900 SH   DFND 2 0 79,900 0
TOTAL S A SPONSORED ADR 89151E109 1,043 18,000 SH   DFND 1 0 18,000 0
TOTAL S A SPONSORED ADR 89151E109 1,043 18,000 SH   DFND 2 0 18,000 0
TRANSOCEAN LTD REG SHS H8817H100 3,453 77,600 SH   DFND 1 0 77,600 0
TRANSOCEAN LTD REG SHS H8817H100 1,344 30,200 SH   DFND 2 0 30,200 0
VENTAS INC COM 92276F100 12,743 207,200 SH   DFND 1 0 207,200 0
WAL-MART STORES INC COM 931142103 45,116 610,000 SH   DFND 1 0 610,000 0
WAL-MART STORES INC COM 931142103 740 10,000 SH   DFND 2 0 10,000 0
WELLS FARGO & CO NEW COM 949746101 33,627 813,811 SH   DFND 1 0 813,811 0
WELLS FARGO & CO NEW COM 949746101 17,346 419,789 SH   DFND 2 0 419,789 0
XENITH BANKSHARES INC COM 98410X105 75 12,404 SH   DFND 2 0 12,404 0
YUM BRANDS INC COM 988498101 65,322 915,000 SH   DFND 1 0 915,000 0