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
AMERICAN CAPITAL MORTGAGE COM 02504A104 584 32,500 SH   SOLE 0 32,500 0 0
BANK OF COMMERCE HLDS COM COM 06424J103 398 71,090 SH   SOLE 0 71,090 0 0
BANNER CORP COM STK COM 06652V208 207 4,500 SH   SOLE 0 4,500 0 0
BAY COML BK WALNUT CREEK COM 072199102 290 25,000 SH   SOLE 0 25,000 0 0
BK OF MARIN BNCP COM 063425102 305 6,000 SH   SOLE 0 6,000 0 0
BNC BANCORP COM STK COM 05566T101 344 18,985 SH   SOLE 0 18,985 0 0
BRIDGE CAP HLDGS COM STK COM 108030107 407 15,600 SH   SOLE 0 15,600 0 0
BSB BANCORP INC/MA COM 05573H108 297 15,000 SH   SOLE 0 15,000 0 0
CASCADE BANCORP COM STK COM 147154207 131 27,300 SH   SOLE 0 27,300 0 0
CENTRAL VALLEY COMMUNITY COM 155685100 217 19,800 SH   SOLE 0 19,800 0 0
CITIZENS FINANCIAL GROUP COM 174610105 398 16,500 SH   SOLE 0 16,500 0 0
CM FINANCE INC COM 12574Q103 218 16,438 SH   SOLE 0 16,438 0 0
COASTWAY BANKCORP INC COM 190632109 183 16,469 SH   SOLE 0 16,469 0 0
CU BANCORP COM STK COM 126534106 252 11,066 SH   SOLE 0 11,066 0 0
CYS INVESTMENTS INC COM S COM 12673A108 936 105,000 SH   SOLE 0 105,000 0 0
EAGLE BANCORP MONTANA INC COM 26942G100 167 15,000 SH   SOLE 0 15,000 0 0
ENTERPRISE FINL SVCS CORP COM 293712105 621 30,064 SH   SOLE 0 30,064 0 0
FCB FINANCIAL HOLDINGS IN COM 30255G103 479 17,500 SH   SOLE 0 17,500 0 0
FIDELITY SOUTHERN CORP CO COM 316394105 285 16,900 SH   SOLE 0 16,900 0 0
FIFTH STRT SNR COM 31679F101 525 49,400 SH   SOLE 0 49,400 0 0
FIRST BANCORP NC COMSTK COM 318910106 250 14,236 SH   SOLE 0 14,236 0 0
FIRST FEDERAL NORTHERN MI COM 32021X105 144 24,200 SH   SOLE 0 24,200 0 0
FIVE OAKS INVESTMENT CORP COM 33830W106 1,268 119,050 SH   SOLE 0 119,050 0 0
FOX CHASE BANCORP INC COM COM 35137T108 405 24,083 SH   SOLE 0 24,083 0 0
GUARANTY BANCORP DEL COM COM 40075T607 628 37,000 SH   SOLE 0 37,000 0 0
GUARANTY FEDERAL BANCSHAR COM 40108P101 146 10,100 SH   SOLE 0 10,100 0 0
HARVEST CAPITAL COM 41753F109 278 21,400 SH   SOLE 0 21,400 0 0
HATTERAS FINANCIAL COM ST COM 41902R103 363 20,000 SH   SOLE 0 20,000 0 0
HERITAGE OAKS BANCORP COM COM 42724R107 582 70,000 SH   SOLE 0 70,000 0 0
HF FINANCIAL CORP COM STK COM 404172108 326 22,100 SH   SOLE 0 22,100 0 0
HILLTOP HLDGS INC COM STK COM 432748101 360 18,500 SH   SOLE 0 18,500 0 0
INDEPENDENT BANK GROUP IN COM 45384B106 296 7,600 SH   SOLE 0 7,600 0 0
JAVELIN MORTGAGE INVESTME COM 47200B104 449 59,400 SH   SOLE 0 59,400 0 0
KCAP FINANCIAL INC COM ST COM 48668E101 69 10,202 SH   SOLE 0 10,202 0 0
MALVERN FEDERAL BANCORP I COM 561409103 402 29,800 SH   SOLE 0 29,800 0 0
MBT FINANCIAL CORP COM ST COM 578877102 283 50,400 SH   SOLE 0 50,400 0 0
MEDLEY CAPITAL COM 58503F106 438 47,900 SH   SOLE 0 47,900 0 0
METRO BANCORP INC PA COM COM 59161R101 414 15,000 SH   SOLE 0 15,000 0 0
MUTUALFIRST FINANCIAL INC COM 62845B104 297 12,900 SH   SOLE 0 12,900 0 0
NAUGATUCK VY FINL CORP CO COM 63906P107 219 23,900 SH   SOLE 0 23,900 0 0
NORTHSR REAL FIN COM 66704R704 446 24,600 SH   SOLE 0 24,600 0 0
OCEAN SHORE HOLDING CO CO COM 67501R103 557 37,800 SH   SOLE 0 37,800 0 0
PACIFIC PREMIER BANCORP C COM 69478X105 184 11,394 SH   SOLE 0 11,394 0 0
PACWEST BANCORP COM STK COM 695263103 234 5,000 SH   SOLE 0 5,000 0 0
PALMETTO BANCSHARES INC C COM 697062206 494 26,000 SH   SOLE 0 26,000 0 0
PATTERSON-UTI ENERGY INC COM 703481101 751 40,000 SH   SOLE 0 40,000 0 0
PENNANTPARK INVT CORP COM COM 708062104 269 29,700 SH   SOLE 0 29,700 0 0
PIONEER DRILLING CO COM S COM 723664108 145 26,800 SH   SOLE 0 26,800 0 0
POLONIA BANCORP (PA) COM COM 73158Q109 263 21,000 SH   SOLE 0 21,000 0 0
PRUDENTIAL BANCORP INC OF COM 74431A101 318 25,000 SH   SOLE 0 25,000 0 0
PULASKI FINL CORP COM STK COM 745548107 260 20,987 SH   SOLE 0 20,987 0 0
RAIT FINL TR COM REIT COM 749227609 497 72,500 SH   SOLE 0 72,500 0 0
REGIONS FINANCIAL CORP NE COM 7591EP100 612 64,800 SH   SOLE 0 64,800 0 0
RENASANT CORP COM STK COM 75970E107 343 11,400 SH   SOLE 0 11,400 0 0
RESOURCE CAPTIAL CORPORAT COM 76120W302 549 120,900 SH   SOLE 0 120,900 0 0
RIVERVIEW BANCORP INC COM COM 769397100 286 63,644 SH   SOLE 0 63,644 0 0
SHORE BANCSHARES INC COM COM 825107105 225 24,500 SH   SOLE 0 24,500 0 0
SOUTHCOAST FINANCIAL CORP COM 84129R100 78 10,750 SH   SOLE 0 10,750 0 0
STANDARD FINANCIAL CORP COM 853393106 498 23,710 SH   SOLE 0 23,710 0 0
STONEGATE BANK (FL) COM S COM 861811107 450 14,900 SH   SOLE 0 14,900 0 0
SUN BANCORP INC NEW JERSE COM 86663B201 276 14,600 SH   SOLE 0 14,600 0 0
SUSSEX BANCORP COM STK COM 869245100 178 15,800 SH   SOLE 0 15,800 0 0
SVB FINANCIAL GROUP COM S COM 78486Q101 318 2,500 SH   SOLE 0 2,500 0 0
TRI COUNTY FINANCIAL CORP COM 20368X101 224 11,221 SH   SOLE 0 11,221 0 0
TRPLPNT VNT GRW COM 89677Y100 212 15,000 SH   SOLE 0 15,000 0 0
UMB FINANCIAL CORP COM ST COM 902788108 370 7,000 SH   SOLE 0 7,000 0 0
WELLESLEY BANCRP COM 949485106 236 12,600 SH   SOLE 1 12,600 0 0