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 5,443 38,000 SH   DFND 1 0 38,000 0
ALTRIA GROUP INC COM 02209S103 3,775 90,000 SH   DFND 1 0 90,000 0
ALTRIA GROUP INC COM 02209S103 1,761 42,000 SH   DFND 2 0 42,000 0
AMERICAN EXPRESS CO COM 025816109 3,320 35,000 SH   DFND 1 0 35,000 0
BANK COMM HLDGS COM 06424J103 185 29,289 SH   DFND 2 0 29,289 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108 253,517 1,335 SH   DFND 1 0 1,335 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 61,382 485,000 SH   DFND 1 0 485,000 0
CATERPILLAR INC DEL COM 149123101 13,736 126,400 SH   DFND 1 0 126,400 0
CATERPILLAR INC DEL COM 149123101 5,347 49,200 SH   DFND 2 0 49,200 0
CENTERSTATE BANKS INC COM 15201P109 224 20,018 SH   DFND 2 0 20,018 0
CENTRAL VALLEY CMNTY BANCORP COM 155685100 571 43,644 SH   DFND 2 0 43,644 0
CHEVRON CORP NEW COM 166764100 8,277 63,400 SH   DFND 1 0 63,400 0
CHEVRON CORP NEW COM 166764100 12,703 97,300 SH   DFND 2 0 97,300 0
CISCO SYS INC COM 17275R102 29,407 1,183,375 SH   DFND 1 0 1,183,375 0
CISCO SYS INC COM 17275R102 15,875 638,825 SH   DFND 2 0 638,825 0
CITIZENS & NORTHN CORP COM 172922106 240 12,300 SH   DFND 2 0 12,300 0
COHEN & STEERS INFRASTRUCTUR COM 19248A109 45,896 1,874,058 SH   DFND 1 0 1,874,058 0
COHEN & STEERS INFRASTRUCTUR COM 19248A109 980 40,000 SH   DFND 2 0 40,000 0
EAGLE BANCORP MONT INC COM 26942G100 352 33,500 SH   DFND 2 0 33,500 0
EASTERN VA BANKSHARES INC COM 277196101 496 77,436 SH   DFND 2 0 77,436 0
ENTERPRISE PRODS PARTNERS L COM 293792107 16,061 205,150 SH   DFND 1 0 205,150 0
ENTERPRISE PRODS PARTNERS L COM 293792107 2,603 33,250 SH   DFND 2 0 33,250 0
FIRST CAPITAL BANCORP VA COM 319438107 523 116,276 SH   DFND 2 0 116,276 0
FIRST MERCHANTS CORP COM 320817109 561 26,549 SH   DFND 2 0 26,549 0
FRANKLIN RES INC COM 354613101 1,735 30,000 SH   DFND 1 0 30,000 0
FREEPORT-MCMORAN COPPER & GO COM 35671D857 22,546 617,700 SH   DFND 1 0 617,700 0
FREEPORT-MCMORAN COPPER & GO COM 35671D857 15,523 425,300 SH   DFND 2 0 425,300 0
GEORGETOWN BANCORP INC MD COM 372591107 504 31,254 SH   DFND 2 0 31,254 0
HF FINL CORP COM 404172108 305 22,030 SH   DFND 2 0 22,030 0
HAMPDEN BANCORP INC COM 40867E107 1,433 84,989 SH   DFND 2 0 84,989 0
HARRIS CORP DEL COM 413875105 1,742 23,000 SH   DFND 1 0 23,000 0
HARRIS CORP DEL COM 413875105 1,742 23,000 SH   DFND 2 0 23,000 0
HOME BANCORP INC COM 43689E107 1,040 47,216 SH   DFND 2 0 47,216 0
INTERNATIONAL BUSINESS MACHS COM 459200101 15,988 88,200 SH   DFND 1 0 88,200 0
INTERNATIONAL BUSINESS MACHS COM 459200101 10,332 57,000 SH   DFND 2 0 57,000 0
JOHNSON & JOHNSON COM 478160104 18,737 179,100 SH   DFND 1 0 179,100 0
JOHNSON & JOHNSON COM 478160104 7,418 70,900 SH   DFND 2 0 70,900 0
JPMORGAN CHASE & CO COM 46625H100 41,728 724,200 SH   DFND 1 0 724,200 0
JPMORGAN CHASE & CO COM 46625H100 17,505 303,800 SH   DFND 2 0 303,800 0
KOHLS CORP COM 500255104 18,559 352,300 SH   DFND 1 0 352,300 0
KOHLS CORP COM 500255104 10,046 190,700 SH   DFND 2 0 190,700 0
LTC PPTYS INC COM 502175102 4,372 112,000 SH   DFND 1 0 112,000 0
MACKINAC FINL CORP COM 554571109 1,567 125,890 SH   DFND 2 0 125,890 0
MALVERN BANCORP INC COM 561409103 170 16,122 SH   DFND 2 0 16,122 0
MERCK & CO INC NEW COM 58933Y105 1,157 20,000 SH   DFND 1 0 20,000 0
MERCK & CO INC NEW COM 58933Y105 1,183 20,447 SH   DFND 2 0 20,447 0
METRO BANCORP INC PA COM 59161R101 2,915 126,100 SH   DFND 2 0 126,100 0
OCEAN SHORE HLDG CO NEW COM 67501R103 1,568 106,998 SH   DFND 2 0 106,998 0
OLD LINE BANCSHARES INC COM 67984M100 459 29,100 SH   DFND 2 0 29,100 0
OLD POINT FINL CORP COM 680194107 29 1,900 SH   DFND 2 0 1,900 0
ORACLE CORP COM 68389X105 18,842 464,900 SH   DFND 1 0 464,900 0
ORACLE CORP COM 68389X105 10,793 266,300 SH   DFND 2 0 266,300 0
PACIFIC PREMIER BANCORP COM 69478X105 2,379 168,810 SH   DFND 2 0 168,810 0
PHILIP MORRIS INTL INC COM 718172109 1,728 20,500 SH   DFND 1 0 20,500 0
PHILIP MORRIS INTL INC COM 718172109 927 11,000 SH   DFND 2 0 11,000 0
POSCO SPONSORED ADR 693483109 670 9,000 SH   DFND 1 0 9,000 0
POSCO SPONSORED ADR 693483109 5,360 72,000 SH   DFND 2 0 72,000 0
REPUBLIC SVCS INC COM 760759100 2,278 60,000 SH   DFND 1 0 60,000 0
REPUBLIC SVCS INC COM 760759100 1,139 30,000 SH   DFND 2 0 30,000 0
RIVER VY BANCORP COM 768475105 2,013 89,993 SH   DFND 2 0 89,993 0
SI FINL GROUP INC MD COM 78425V104 3,184 276,588 SH   DFND 2 0 276,588 0
SANOFI SPONSORED ADR 80105N105 14,622 275,000 SH   DFND 1 0 275,000 0
SANOFI SPONSORED ADR 80105N105 9,587 180,300 SH   DFND 2 0 180,300 0
SOUTHERN FIRST BANCSHARES IN COM 842873101 1,241 92,195 SH   DFND 2 0 92,195 0
SOUTHERN NATL BANCORP OF VA COM 843395104 892 79,900 SH   DFND 2 0 79,900 0
SQUARE 1 FINL INC CL A 85223W101 6,951 365,646 SH   DFND 2 0 365,646 0
TOTAL S A SPONSORED ADR 89151E109 1,300 18,000 SH   DFND 1 0 18,000 0
TOTAL S A SPONSORED ADR 89151E109 1,300 18,000 SH   DFND 2 0 18,000 0
VENTAS INC COM 92276F100 13,282 207,200 SH   DFND 1 0 207,200 0
WAL-MART STORES INC COM 931142103 45,793 610,000 SH   DFND 1 0 610,000 0
WAL-MART STORES INC COM 931142103 751 10,000 SH   DFND 2 0 10,000 0
WELLS FARGO & CO NEW COM 949746101 42,774 813,811 SH   DFND 1 0 813,811 0
WELLS FARGO & CO NEW COM 949746101 22,064 419,789 SH   DFND 2 0 419,789 0
XENITH BANKSHARES INC COM 98410X105 79 12,404 SH   DFND 2 0 12,404 0
YUM BRANDS INC COM 988498101 74,298 915,000 SH   DFND 1 0 915,000 0