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 5,384 38,000 SH   DFND 1 0 38,000 0
ALTRIA GROUP INC COM 02209S103 4,135 90,000 SH   DFND 1 0 90,000 0
ALTRIA GROUP INC COM 02209S103 1,929 42,000 SH   DFND 2 0 42,000 0
AMERICAN EXPRESS CO COM 025816109 4,710 53,800 SH   DFND 1 0 53,800 0
BANK COMM HLDGS COM 06424J103 180 29,289 SH   DFND 2 0 29,289 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108 276,212 1,335 SH   DFND 1 0 1,335 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 66,998 485,000 SH   DFND 1 0 485,000 0
CATERPILLAR INC DEL COM 149123101 12,517 126,400 SH   DFND 1 0 126,400 0
CATERPILLAR INC DEL COM 149123101 4,872 49,200 SH   DFND 2 0 49,200 0
CENTERSTATE BANKS INC COM 15201P109 207 20,018 SH   DFND 2 0 20,018 0
CENTRAL VALLEY CMNTY BANCORP COM 155685100 501 43,644 SH   DFND 2 0 43,644 0
CHEVRON CORP NEW COM 166764100 28,911 242,300 SH   DFND 1 0 242,300 0
CHEVRON CORP NEW COM 166764100 16,836 141,100 SH   DFND 2 0 141,100 0
CISCO SYS INC COM 17275R102 29,786 1,183,375 SH   DFND 1 0 1,183,375 0
CISCO SYS INC COM 17275R102 16,079 638,825 SH   DFND 2 0 638,825 0
CITIZENS & NORTHN CORP COM 172922106 234 12,300 SH   DFND 2 0 12,300 0
COHEN & STEERS INFRASTRUCTUR COM 19248A109 43,384 1,874,058 SH   DFND 1 0 1,874,058 0
COHEN & STEERS INFRASTRUCTUR COM 19248A109 926 40,000 SH   DFND 2 0 40,000 0
EAGLE BANCORP MONT INC COM 26942G100 360 33,500 SH   DFND 2 0 33,500 0
EASTERN VA BANKSHARES INC COM 277196101 482 77,436 SH   DFND 2 0 77,436 0
ENTERPRISE PRODS PARTNERS L COM 293792107 16,535 410,300 SH   DFND 1 0 410,300 0
ENTERPRISE PRODS PARTNERS L COM 293792107 2,680 66,500 SH   DFND 2 0 66,500 0
FIRST CAPITAL BANCORP VA COM 319438107 526 116,276 SH   DFND 2 0 116,276 0
FIRST MERCHANTS CORP COM 320817109 537 26,549 SH   DFND 2 0 26,549 0
FREEPORT-MCMORAN INC CL B 35671D857 20,168 617,700 SH   DFND 1 0 617,700 0
FREEPORT-MCMORAN INC CL B 35671D857 13,886 425,300 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 296 22,030 SH   DFND 2 0 22,030 0
HAMPDEN BANCORP INC COM 40867E107 1,461 84,989 SH   DFND 2 0 84,989 0
HARRIS CORP DEL COM 413875105 1,527 23,000 SH   DFND 1 0 23,000 0
HARRIS CORP DEL COM 413875105 1,527 23,000 SH   DFND 2 0 23,000 0
HOME BANCORP INC COM 43689E107 1,072 47,216 SH   DFND 2 0 47,216 0
INTERNATIONAL BUSINESS MACHS COM 459200101 16,743 88,200 SH   DFND 1 0 88,200 0
INTERNATIONAL BUSINESS MACHS COM 459200101 10,820 57,000 SH   DFND 2 0 57,000 0
JOHNSON & JOHNSON COM 478160104 19,090 179,100 SH   DFND 1 0 179,100 0
JOHNSON & JOHNSON COM 478160104 7,557 70,900 SH   DFND 2 0 70,900 0
JPMORGAN CHASE & CO COM 46625H100 43,626 724,200 SH   DFND 1 0 724,200 0
JPMORGAN CHASE & CO COM 46625H100 18,301 303,800 SH   DFND 2 0 303,800 0
LTC PPTYS INC COM 502175102 4,132 112,000 SH   DFND 1 0 112,000 0
MACKINAC FINL CORP COM 554571109 1,441 125,890 SH   DFND 2 0 125,890 0
MALVERN BANCORP INC COM 561409103 182 16,122 SH   DFND 2 0 16,122 0
MERCK & CO INC NEW COM 58933Y105 1,186 20,000 SH   DFND 1 0 20,000 0
MERCK & CO INC NEW COM 58933Y105 1,212 20,447 SH   DFND 2 0 20,447 0
METRO BANCORP INC PA COM 59161R101 3,058 126,100 SH   DFND 2 0 126,100 0
OCEAN SHORE HLDG CO NEW COM 67501R103 1,539 106,998 SH   DFND 2 0 106,998 0
OLD LINE BANCSHARES INC COM 67984M100 450 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 17,796 464,900 SH   DFND 1 0 464,900 0
ORACLE CORP COM 68389X105 10,194 266,300 SH   DFND 2 0 266,300 0
PACIFIC PREMIER BANCORP COM 69478X105 2,372 168,810 SH   DFND 2 0 168,810 0
PFIZER INC COM 717081103 5,124 173,300 SH   DFND 1 0 173,300 0
PFIZER INC COM 717081103 13,987 473,000 SH   DFND 2 0 473,000 0
PHILIP MORRIS INTL INC COM 718172109 1,710 20,500 SH   DFND 1 0 20,500 0
PHILIP MORRIS INTL INC COM 718172109 917 11,000 SH   DFND 2 0 11,000 0
POSCO SPONSORED ADR 693483109 683 9,000 SH   DFND 1 0 9,000 0
POSCO SPONSORED ADR 693483109 5,465 72,000 SH   DFND 2 0 72,000 0
REPUBLIC SVCS INC COM 760759100 2,341 60,000 SH   DFND 1 0 60,000 0
REPUBLIC SVCS INC COM 760759100 1,171 30,000 SH   DFND 2 0 30,000 0
RIVER VY BANCORP COM 768475105 1,929 89,993 SH   DFND 2 0 89,993 0
SI FINL GROUP INC MD COM 78425V104 3,095 276,588 SH   DFND 2 0 276,588 0
SANOFI SPONSORED ADR 80105N105 15,518 275,000 SH   DFND 1 0 275,000 0
SANOFI SPONSORED ADR 80105N105 10,174 180,300 SH   DFND 2 0 180,300 0
SOUTHERN FIRST BANCSHARES IN COM 842873101 1,282 92,195 SH   DFND 2 0 92,195 0
SOUTHERN NATL BANCORP OF VA COM 843395104 926 79,900 SH   DFND 2 0 79,900 0
SQUARE 1 FINL INC CL A 85223W101 7,031 365,646 SH   DFND 2 0 365,646 0
TOTAL S A SPONSORED ADR 89151E109 1,160 18,000 SH   DFND 1 0 18,000 0
TOTAL S A SPONSORED ADR 89151E109 1,160 18,000 SH   DFND 2 0 18,000 0
VENTAS INC COM 92276F100 12,836 207,200 SH   DFND 1 0 207,200 0
WAL-MART STORES INC COM 931142103 46,647 610,000 SH   DFND 1 0 610,000 0
WAL-MART STORES INC COM 931142103 765 10,000 SH   DFND 2 0 10,000 0
WELLS FARGO & CO NEW COM 949746101 42,212 813,811 SH   DFND 1 0 813,811 0
WELLS FARGO & CO NEW COM 949746101 21,774 419,789 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 65,862 915,000 SH   DFND 1 0 915,000 0