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 COM 004337101 327 20,170 SH   SOLE 0 20,170 0 0
AG MORTGAGE INVESTMENT TR COM 001228105 843 48,167 SH   SOLE 0 48,167 0 0
ALEXANDRIA REAL ESTATE EQ COM 015271109 563 7,760 SH   SOLE 0 7,760 0 0
ALLOT COMMUNICATIONSLTD S COM M0854Q105 151 11,220 SH   SOLE 0 11,220 0 0
ALLSTATE CORP COM COM 020002101 662 11,705 SH   SOLE 0 11,705 0 0
AMERICAN CAPITAL MORTGAGE COM 02504A104 300 16,000 SH   SOLE 0 16,000 0 0
AMERICAN CAPITAL SENIOR F COM 02504D108 506 36,050 SH   SOLE 0 36,050 0 0
AMERICAN RIVER BANKSHARES COM 029326105 154 16,637 SH   SOLE 0 16,637 0 0
AMERIS BANCORP COM COM 03076K108 532 22,827 SH   SOLE 0 22,827 0 0
ANADARKO PETE CORP COM COM 032511107 814 9,600 SH   SOLE 0 9,600 0 0
APARTMENT INVESTMENT & MA COM 03748R101 537 17,765 SH   SOLE 0 17,765 0 0
APOLLO INVT CORP COM COM 03761U106 516 62,080 SH   SOLE 0 62,080 0 0
APOLLO RESIDENTIAL MORTGA COM 03763V102 819 50,440 SH   SOLE 0 50,440 0 0
APPLIED MATLS INC COM COM 038222105 356 17,453 SH   SOLE 0 17,453 0 0
ARBOR REALTY TRUST INC CO COM 038923108 180 25,960 SH   SOLE 0 25,960 0 0
ARES CAPITAL CORP COM 04010L103 566 32,128 SH   SOLE 0 32,128 0 0
ARLINGTON ASSET INVT CORP COM 041356205 741 28,000 SH   SOLE 0 28,000 0 0
ARMOUR RESD REIT COM 042315101 1,359 329,969 SH   SOLE 0 329,969 0 0
ASSOCIATED ESTATES REALTY COM 045604105 206 12,150 SH   SOLE 0 12,150 0 0
ASTORIA FINL CORP COM COM 046265104 371 26,857 SH   SOLE 0 26,857 0 0
AVAGO TECHNOLOGIES LTD COM Y0486S104 260 4,040 SH   SOLE 0 4,040 0 0
BANK OF AMERICA CORP COM COM 060505104 1,419 82,505 SH   SOLE 0 82,505 0 0
BANK OF COMMERCE HLDS COM COM 06424J103 347 51,563 SH   SOLE 0 51,563 0 0
BIOMED REALTY TRUST INC C COM 09063H107 516 25,170 SH   SOLE 0 25,170 0 0
BK OF MARIN BNCP COM 063425102 545 12,088 SH   SOLE 0 12,088 0 0
BNC BANCORP COM COM 05566T101 426 24,555 SH   SOLE 0 24,555 0 0
BRANDYWINE REALTY TRUST C COM 105368203 554 38,317 SH   SOLE 0 38,317 0 0
BRIDGE BANCORP INC COM COM 108035106 600 22,448 SH   SOLE 0 22,448 0 0
BRIDGE CAP HLDGS COM COM 108030107 561 23,595 SH   SOLE 0 23,595 0 0
BROADCOM CORP CL A COM 111320107 379 12,038 SH   SOLE 0 12,038 0 0
BRYN MAWR BANK CORP COM COM 117665109 435 15,131 SH   SOLE 0 15,131 0 0
BSB BANCORP INC/MA COM 05573H108 313 18,209 SH   SOLE 0 18,209 0 0
CABOT OIL & GAS CORP COM COM 127097103 765 22,589 SH   SOLE 0 22,589 0 0
CAMDEN PROPERTY TRUST COM COM 133131102 344 5,102 SH   SOLE 0 5,102 0 0
CAPE BANCORP INC COM COM 139209100 262 23,844 SH   SOLE 0 23,844 0 0
CAPITAL CITY BANK GROUP I COM 139674105 397 29,876 SH   SOLE 0 29,876 0 0
CAPITAL SR LIVING CORP CO COM 140475104 350 13,464 SH   SOLE 0 13,464 0 0
CARDINAL FINL CORP COM COM 14149F109 507 28,457 SH   SOLE 0 28,457 0 0
CARRIZO OIL & GAS INC COM COM 144577103 855 16,000 SH   SOLE 0 16,000 0 0
CENTER BANCORP INC COM COM 151408101 501 26,366 SH   SOLE 0 26,366 0 0
CENTERSTATE BKS FLA INC C COM 15201P109 409 37,495 SH   SOLE 0 37,495 0 0
CHERRY HILL MORT COM 164651101 440 23,475 SH   SOLE 0 23,475 0 0
CHESAPEAKE LODGING TRUST COM 165240102 599 23,264 SH   SOLE 0 23,264 0 0
CHEVIOT FINL CORP NEW COM 16677X105 152 14,714 SH   SOLE 0 14,714 0 0
CHICOPEE BANCORP COM 168565109 404 22,841 SH   SOLE 0 22,841 0 0
CIENA CORP COM COM 171779309 529 23,262 SH   SOLE 0 23,262 0 0
CIMAREX ENERGY CO COM COM 171798101 953 8,000 SH   SOLE 0 8,000 0 0
CITIGROUP INC COM COM 172967424 369 7,760 SH   SOLE 0 7,760 0 0
CITY NATIONAL CORP CA CO COM 178566105 368 4,670 SH   SOLE 0 4,670 0 0
COBIZ FINANCIAL INC COM 190897108 673 58,409 SH   SOLE 0 58,409 0 0
CROSSTEX ENERGY INC COM COM 29336T100 2,062 60,750 SH   SOLE 0 60,750 0 0
CUBESMART COM COM 229663109 722 42,049 SH   SOLE 0 42,049 0 0
CYPRESS SEMICONDUCTOR COR COM 232806109 199 19,400 SH   SOLE 0 19,400 0 0
DDR CORP COM COM 23317H102 597 36,214 SH   SOLE 0 36,214 0 0
DEVON ENERGY CORP COM COM 25179M103 2,262 33,801 SH   SOLE 0 33,801 0 0
DIME COMMUNITY BANCSHARES COM 253922108 412 24,292 SH   SOLE 0 24,292 0 0
DOUGLAS EMMETT INC COM COM 25960P109 316 11,640 SH   SOLE 0 11,640 0 0
DUKE REALTY CORP COM COM 264411505 203 12,000 SH   SOLE 0 12,000 0 0
DUPONT FABROS TECH REIT COM 26613Q106 280 11,640 SH   SOLE 0 11,640 0 0
EAGLE BANCORP INC COM COM 268948106 443 12,271 SH   SOLE 0 12,271 0 0
EASTERN VIRGINIA BANCSHAR COM 277196101 199 30,863 SH   SOLE 0 30,863 0 0
EMPLOYERS HLDGS INC COM COM 292218104 252 12,476 SH   SOLE 0 12,476 0 0
ENTERPRISE FINL SVCS CORP COM 293712105 332 16,546 SH   SOLE 0 16,546 0 0
EOG RES INC COM COM 26875P101 785 4,000 SH   SOLE 0 4,000 0 0
EQT CORP COM COM 26884L109 533 5,500 SH   SOLE 0 5,500 0 0
EVANS BANCORP INC COM COM 29911Q208 234 10,284 SH   SOLE 0 10,284 0 0
F5 NETWORKS INC COM COM 315616102 826 7,742 SH   SOLE 0 7,742 0 0
FARMERS NATL BANC CORP CO COM 309627107 232 30,167 SH   SOLE 0 30,167 0 0
FIDELITY SOUTHERN CORP CO COM 316394105 279 20,000 SH   SOLE 0 20,000 0 0
FIRST COMMUNITY CORP SC COM 319835104 301 26,898 SH   SOLE 0 26,898 0 0
FIRSTBANK CORP MICH COM COM 33761G104 248 13,270 SH   SOLE 0 13,270 0 0
FLUSHING FINANCIAL CORP C COM 343873105 309 14,655 SH   SOLE 0 14,655 0 0
FOX CHASE BANCORP INC C COM 35137T108 462 27,433 SH   SOLE 0 27,433 0 0
FS BANCORP COM STK COM 30263Y104 226 13,813 SH   SOLE 0 13,813 0 0
GENERAL GROWTH PROPERTIES COM 370023103 464 21,104 SH   SOLE 0 21,104 0 0
GENWORTH FINANCIAL INC COM 37247D106 894 50,440 SH   SOLE 0 50,440 0 0
GUARANTY BANCORP DEL COM COM 40075T607 185 12,983 SH   SOLE 0 12,983 0 0
HAMPDEN BANCORP INC COM COM 40867E107 345 21,894 SH   SOLE 0 21,894 0 0
HCP INC REIT COM 40414L109 445 11,463 SH   SOLE 0 11,463 0 0
HERCULES TECHNOLOGY GROWT COM 427096508 721 51,229 SH   SOLE 0 51,229 0 0
HERITAGE COMM CORP COM COM 426927109 328 40,722 SH   SOLE 0 40,722 0 0
HERITAGE FINANCIAL GROUP COM 42726X102 744 37,863 SH   SOLE 0 37,863 0 0
HERITAGE OAKS BANCORP COM COM 42724R107 402 49,771 SH   SOLE 0 49,771 0 0
HIGHWOODS PROPERTIES INC COM 431284108 284 7,403 SH   SOLE 0 7,403 0 0
HOME BANCSHARES INC/CONWA COM 436893200 372 10,800 SH   SOLE 0 10,800 0 0
HOPFED BANCORP INC COM COM 439734104 218 18,654 SH   SOLE 0 18,654 0 0
HORIZON BANCORP IND COM COM 440407104 324 14,540 SH   SOLE 0 14,540 0 0
HYATT HOTELS CORP COM COM 448579102 323 6,000 SH   SOLE 0 6,000 0 0
INDEPENDENT BK CORP MICH COM 453838609 227 17,475 SH   SOLE 0 17,475 0 0
INFINERA CORP COM 45667G103 175 19,309 SH   SOLE 0 19,309 0 0
INTEL CORP COM COM 458140100 336 13,017 SH   SOLE 0 13,017 0 0
INTERSIL CORP COM 46069S109 168 13,021 SH   SOLE 0 13,021 0 0
ISHARES U.S. HOME CONST COM 464288752 332 13,719 SH   SOLE 0 13,719 0 0
JDS UNIPHASE CORP COM COM 46612J507 574 40,965 SH   SOLE 0 40,965 0 0
KEARNY FINL CORP COM COM 487169104 172 11,640 SH   SOLE 0 11,640 0 0
KEYCORP NY COM STK COM 493267108 836 58,682 SH   SOLE 0 58,682 0 0
KINDER MORGAN ENERGY PART COM 494550106 1,183 16,000 SH   SOLE 0 16,000 0 0
LADDER CPTL CRP COM 505743104 282 14,960 SH   SOLE 0 14,960 0 0
LAM RESH CORP COM COM 512807108 313 5,691 SH   SOLE 0 5,691 0 0
LEXINGTON REALTY TRUST COM 529043101 459 42,057 SH   SOLE 0 42,057 0 0
LIBERTY PROPERTY TRUST CO COM 531172104 564 15,264 SH   SOLE 0 15,264 0 0
LOEWS CORP COM COM 540424108 1,101 25,000 SH   SOLE 0 25,000 0 0
LSI CORPORATION COM COM 502161102 385 34,822 SH   SOLE 0 34,822 0 0
LTC PROPERTIES INC COM COM 502175102 228 6,054 SH   SOLE 0 6,054 0 0
MACERICH CO COM COM 554382101 296 4,751 SH   SOLE 0 4,751 0 0
MACKINAC FINL CORP COM COM 554571109 243 19,400 SH   SOLE 0 19,400 0 0
MB FINANCIAL INC COM 55264U108 396 12,779 SH   SOLE 0 12,779 0 0
MDU RES GROUP INC COM COM 552690109 1,029 30,000 SH   SOLE 0 30,000 0 0
MEADOWBROOK INSURANCE GRO COM 58319P108 376 64,480 SH   SOLE 0 64,480 0 0
MEDLEY CAPITAL COM 58503F106 671 49,303 SH   SOLE 0 49,303 0 0
METRO BANCORP INC PA CO COM 59161R101 594 28,108 SH   SOLE 0 28,108 0 0
MICROSOFT CORP COM COM 594918104 351 8,573 SH   SOLE 0 8,573 0 0
MIDSOUTH BANCORP INC COM COM 598039105 317 18,840 SH   SOLE 0 18,840 0 0
NATIONAL RETAIL PPTY INC COM 637417106 725 21,127 SH   SOLE 0 21,127 0 0
NEW MOUNTAIN GUARDIAN COR COM 647551100 817 56,169 SH   SOLE 0 56,169 0 0
NEWSTAR FINANCIAL INC C COM 65251F105 300 21,660 SH   SOLE 0 21,660 0 0
NOBLE ENERGY INC COM COM 655044105 852 12,000 SH   SOLE 0 12,000 0 0
NORTH VY BANCORP COM COM 66304M204 765 31,629 SH   SOLE 0 31,629 0 0
NXP SEMICONDUCTORS NV COM N6596X109 235 4,000 SH   SOLE 0 4,000 0 0
OCEAN SHORE HOLDING CO CO COM 67501R103 469 32,954 SH   SOLE 0 32,954 0 0
OLD LINE BANCS COM 67984M100 241 13,980 SH   SOLE 0 13,980 0 0
OMNIAMERICAN BANCORP INC COM 68216R107 470 20,612 SH   SOLE 0 20,612 0 0
ORCHID ISLAND CAPITAL INC COM 68571X103 784 65,960 SH   SOLE 0 65,960 0 0
ORIENT-EXP HTLS COM G67743107 168 11,640 SH   SOLE 0 11,640 0 0
PACIFIC MERCANTILE BANCOR COM 694552100 330 53,091 SH   SOLE 0 53,091 0 0
PACIFIC PREMIER BANCORP C COM 69478X105 481 29,797 SH   SOLE 0 29,797 0 0
PARKWAY PROPERTIES INC CO COM 70159Q104 258 14,120 SH   SOLE 0 14,120 0 0
PEOPLE FED BANC COM 711037101 372 20,783 SH   SOLE 0 20,783 0 0
PEOPLES FINL CORP MISS CO COM 71103B102 173 12,980 SH   SOLE 0 12,980 0 0
POST PROPERTIES INC COM COM 737464107 844 17,192 SH   SOLE 0 17,192 0 0
PPL CORP COM COM 69351T106 994 30,000 SH   SOLE 0 30,000 0 0
PREFERRED BK LOS ANGELES COM 740367404 422 16,270 SH   SOLE 0 16,270 0 0
RAIT FINL TR COM COM 749227609 929 109,436 SH   SOLE 0 109,436 0 0
REGENCY CENTERS CORP COM 758849103 578 11,318 SH   SOLE 0 11,318 0 0
REGIONS FINANCIAL CORP COM 7591EP100 947 85,238 SH   SOLE 0 85,238 0 0
RESOLUTE ENERGY CORP COM 76116A108 357 49,582 SH   SOLE 0 49,582 0 0
REYNOLDS AMERN INC COM COM 761713106 2,671 50,000 SH   SOLE 0 50,000 0 0
RIVERVIEW BANCORP INC COM COM 769397100 124 36,132 SH   SOLE 0 36,132 0 0
RLJ LODGING TRUST COM 74965L101 203 7,594 SH   SOLE 0 7,594 0 0
SCANA CORP COM COM 80589M102 1,026 20,000 SH   SOLE 0 20,000 0 0
SENIOR HOUSING PROPERTIES COM 81721M109 591 26,301 SH   SOLE 0 26,301 0 0
SI FINL GROUP INC COM COM 78425V104 209 18,584 SH   SOLE 0 18,584 0 0
SIERRA BANCORP COM COM 82620P102 178 11,165 SH   SOLE 0 11,165 0 0
SIMMONS FIRST NATIONAL CO COM 828730200 629 16,890 SH   SOLE 0 16,890 0 0
SIMPLICITY BANCORP INC CO COM 828867101 251 14,256 SH   SOLE 0 14,256 0 0
SLM CORP COM COM 78442P106 1,139 46,546 SH   SOLE 0 46,546 0 0
SOUTHWEST BANCORP INC OKL COM 844767103 363 20,570 SH   SOLE 0 20,570 0 0
SP BANCORP INC COM 78468K106 256 12,918 SH   SOLE 0 12,918 0 0
SPIRIT REALTY CAPITAL INC COM 84860W102 287 26,166 SH   SOLE 0 26,166 0 0
STANDARD FINANCIAL CORP COM 853393106 446 23,885 SH   SOLE 0 23,885 0 0
STARWOOD HOTELS & RESOR COM 85590A401 584 7,331 SH   SOLE 0 7,331 0 0
STATE INVESTORS BANCORP I COM 857030100 220 14,080 SH   SOLE 0 14,080 0 0
STATE STR CORP COM COM 857477103 980 14,085 SH   SOLE 0 14,085 0 0
SUFFOLK BANCORP COM COM 864739107 692 31,051 SH   SOLE 0 31,051 0 0
SUN BANCORP INC NEW JERS COM 86663B102 59 17,475 SH   SOLE 0 17,475 0 0
SUNTRUST BKS INC COM COM 867914103 744 18,700 SH   SOLE 0 18,700 0 0
SUSQUEHANNA BANCSHARES IN COM 869099101 441 38,800 SH   SOLE 0 38,800 0 0
SYNOPSYS INC COM 871607107 447 11,640 SH   SOLE 0 11,640 0 0
TCP CAPITAL CORP COM 87238Q103 321 19,400 SH   SOLE 0 19,400 0 0
TERRENO REALTY CORP COM 88146M101 231 12,202 SH   SOLE 0 12,202 0 0
THE HOWARD HUGHS COM 44267D107 430 3,012 SH   SOLE 0 3,012 0 0
TIBCO SOFTWARE INC COM COM 88632Q103 323 15,920 SH   SOLE 0 15,920 0 0
UDR INC COM COM 902653104 571 22,106 SH   SOLE 0 22,106 0 0
UIL HLDGS CORP COM COM 902748102 1,104 30,000 SH   SOLE 0 30,000 0 0
UNITED CMNTY BK BLAIRSVIL COM 90984P303 430 22,171 SH   SOLE 0 22,171 0 0
UNITED CMNTY FINL CORP OH COM 909839102 158 40,218 SH   SOLE 0 40,218 0 0
VALLEY NATIONAL BANCORP C COM 919794107 291 28,000 SH   SOLE 0 28,000 0 0
VENTAS INC COM COM 92276F100 856 14,136 SH   SOLE 0 14,136 0 0
WASHINGTON BANKING CO COM COM 937303105 530 29,803 SH   SOLE 0 29,803 0 0
WEBSTER FINL CORP WATERBU COM 947890109 407 13,090 SH   SOLE 0 13,090 0 0
WEINGARTEN REALTY INVESTO COM 948741103 524 17,454 SH   SOLE 0 17,454 0 0
WESBANCO INC COM COM 950810101 417 13,090 SH   SOLE 0 13,090 0 0
WESTAR ENERGY INC COM COM 95709T100 1,055 30,000 SH   SOLE 0 30,000 0 0
WESTERN ALLIANCE BANCORP COM 957638109 603 24,507 SH   SOLE 0 24,507 0 0
WYNDHAM WORLDWIDE CORP COM 98310W108 701 9,566 SH   SOLE 0 9,566 0 0
YADKIN VALLEY FINANCIAL C COM 984305102 631 29,492 SH   SOLE 0 29,492 0 0
ZIONS BANCORPORATION COM COM 989701107 878 28,354 SH   SOLE 0 28,354 0 0