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 STK COM 004337101 325 20,000 SH   SOLE 0 20,000 0 0
AMERICAN CAPITAL MORTGAGE COM 02504A104 282 15,000 SH   SOLE 0 15,000 0 0
AMERICAN RIVER BANKSHARES COM 029326105 139 15,200 SH   SOLE 0 15,200 0 0
AMERIS BANCORP COM STK COM 03076K108 373 17,000 SH   SOLE 0 17,000 0 0
ARES CAPITAL CORP COM 04010L103 485 30,000 SH   SOLE 0 30,000 0 0
ARES COMMERCIAL REAL ESTA COM 04013V108 292 25,000 SH   SOLE 0 25,000 0 0
ARMOUR RESD REIT COM 042315101 712 185,000 SH   SOLE 0 185,000 0 0
ASSOCIATED BANC CORP COM COM 045487105 348 20,000 SH   SOLE 0 20,000 0 0
ASTORIA FINL CORP COM STK COM 046265104 186 15,000 SH   SOLE 0 15,000 0 0
BK OF MARIN BNCP COM 063425102 374 8,143 SH   SOLE 0 8,143 0 0
BRIDGE BANCORP INC COM ST COM 108035106 402 17,000 SH   SOLE 0 17,000 0 0
BRIDGE CAP HLDGS COM STK COM 108030107 318 14,000 SH   SOLE 0 14,000 0 0
BSB BANCORP INC/MA COM 05573H108 322 17,500 SH   SOLE 0 17,500 0 0
CAPITAL CITY BANK GROUP I COM 139674105 312 23,038 SH   SOLE 0 23,038 0 0
CASCADE BANCORP COM COM 147154207 287 56,814 SH   SOLE 0 56,814 0 0
CENTRAL VALLEY COMMUNITY COM 155685100 230 20,000 SH   SOLE 0 20,000 0 0
CHICOPEE BANCORP COM 168565109 249 16,653 SH   SOLE 0 16,653 0 0
CITIZENS FINANCIAL GROUP COM 174610105 468 20,000 SH   SOLE 0 20,000 0 0
COMERICA INC COM COM 200340107 324 6,500 SH   SOLE 0 6,500 0 0
CVR REFINING LP COM 12663P107 394 16,931 SH   SOLE 0 16,931 0 0
CYS INVESTMENTS INC COM S COM 12673A108 330 40,000 SH   SOLE 0 40,000 0 0
DIME COMMUNITY BANCSHARES COM 253922108 259 17,999 SH   SOLE 0 17,999 0 0
ELLINGTON FINANCIAL LLC COM 288522303 1,182 53,200 SH   SOLE 0 53,200 0 0
ENERGEN CORP COM STK COM 29265N108 1,324 18,331 SH   SOLE 0 18,331 0 0
ENTERPRISE FINL SVCS CORP COM 293712105 277 16,546 SH   SOLE 0 16,546 0 0
FARMERS NATL BANC CORP CO COM 309627107 269 33,700 SH   SOLE 0 33,700 0 0
FIDELITY SOUTHERN CORP CO COM 316394105 375 27,400 SH   SOLE 0 27,400 0 0
FIFTH STRT SNR COM 31679F101 296 25,000 SH   SOLE 0 25,000 0 0
FIFTH THIRD BANCORP COM S COM 316773100 400 20,000 SH   SOLE 0 20,000 0 0
FIRST SEC GROUP INC COM COM 336312202 37 18,900 SH   SOLE 0 18,900 0 0
FIVE OAKS INVESTMENT CORP COM 33830W106 1,300 123,831 SH   SOLE 0 123,831 0 0
FLAGSTAR BANCORP INC BLO COM 337930705 252 15,000 SH   SOLE 0 15,000 0 0
FLUSHING FINANCIAL CORP C COM 343873105 316 17,300 SH   SOLE 0 17,300 0 0
FOX CHASE BANCORP INC COM COM 35137T108 393 24,083 SH   SOLE 0 24,083 0 0
GUARANTY BANCORP DEL COM COM 40075T607 285 21,092 SH   SOLE 0 21,092 0 0
HERCULES TECHNOLOGY GROWT COM 427096508 147 10,200 SH   SOLE 0 10,200 0 0
HERITAGE FINANCIAL CORPOR COM 42722X106 339 21,400 SH   SOLE 0 21,400 0 0
HERITAGE OAKS BANCORP COM COM 42724R107 348 49,771 SH   SOLE 0 49,771 0 0
KEYCORP NY COM STK COM 493267108 407 30,510 SH   SOLE 0 30,510 0 0
MAINSOURCE FINL GROUP INC COM 56062Y102 260 15,062 SH   SOLE 0 15,062 0 0
MALVERN FEDERAL BANCORP I COM 561409103 228 20,000 SH   SOLE 0 20,000 0 0
MEDLEY CAPITAL COM 58503F106 311 26,300 SH   SOLE 0 26,300 0 0
METRO BANCORP INC PA COM COM 59161R101 306 12,600 SH   SOLE 0 12,600 0 0
MIDDLEBURG FINANCIALCORP COM 596094102 278 15,657 SH   SOLE 0 15,657 0 0
MUTUALFIRST FINANCIAL INC COM 62845B104 225 10,000 SH   SOLE 0 10,000 0 0
NEW WESTFIELD FINANCIAL I COM 96008P104 113 16,014 SH   SOLE 0 16,014 0 0
NORTH VY BANCORP COM COM 66304M204 411 19,029 SH   SOLE 0 19,029 0 0
NORTHSR REAL FIN COM 66704R704 1,007 57,000 SH   SOLE 0 57,000 0 0
ORITANI FINANCIAL CORP CO COM 68633D103 352 25,000 SH   SOLE 0 25,000 0 0
PETROLEO BRASILEIRO SA PE COM 71654V101 2,854 191,700 SH   SOLE 0 191,700 0 0
PRIVATEBANCORP INC COM ST COM 742962103 269 9,000 SH   SOLE 0 9,000 0 0
PROVIDENT FINANCIAL SERVI COM 74386T105 200 12,200 SH   SOLE 0 12,200 0 0
RIVER VALLEY BANCORP COM COM 768475105 215 10,000 SH   SOLE 0 10,000 0 0
RIVERVIEW BANCORP INC COM COM 769397100 194 48,644 SH   SOLE 0 48,644 0 0
SEACOAST BANKING CORP OF COM 811707801 164 15,000 SH   SOLE 0 15,000 0 0
SOLAR SENIOR CAPITAL LTD COM 83416M105 389 25,262 SH   SOLE 0 25,262 0 0
SPDR S&P REGIONAL BANKING COM 78464A698 1,140 30,100 SH   SOLE 0 30,100 0 0
STANDARD FINANCIAL CORP COM 853393106 491 23,885 SH   SOLE 0 23,885 0 0
STERLING BANCORP COMSTK COM 85917A100 320 25,000 SH   SOLE 0 25,000 0 0
SVB FINANCIAL GROUP COM S COM 78486Q101 336 3,000 SH   SOLE 0 3,000 0 0
TRIANGLE CAPITAL CORP COM 895848109 430 17,000 SH   SOLE 0 17,000 0 0
TRISTATE CAPITAL HOLDINGS COM 89678F100 181 20,000 SH   SOLE 0 20,000 0 0
UMB FINANCIAL CORP COM ST COM 902788108 655 12,000 SH   SOLE 0 12,000 0 0
VALE S.A. CLASS A ADR COM 91912E204 1,276 131,363 SH   SOLE 0 131,363 0 0
WATERSTONE FINANCIAL INC COM 94188P101 289 25,000 SH   SOLE 0 25,000 0 0
WELLESLEY BANCRP COM 949485106 245 12,900 SH   SOLE 0 12,900 0 0