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
ALEXZA PHARMACEUTICALS INC COM NEW 015384209 2,524 1,693,833 SH   SOLE   1,693,833 0 0
ANNALY CAP MGMT INC COM 035710409 109 10,100 SH   SOLE   10,100 0 0
ANWORTH MORTGAGE ASSET CP COM 037347101 117 22,300 SH   SOLE   22,300 0 0
CYS INVTS INC COM 12673A108 111 12,700 SH   SOLE   12,700 0 0
DYNEX CAP INC COM NEW 26817Q506 107 13,000 SH   SOLE   13,000 0 0
INLAND REAL ESTATE CORP COM NEW 457461200 118 10,800 SH   SOLE   10,800 0 0
KCAP FINL INC COM 48668E101 76 11,100 SH   SOLE   11,100 0 0
MCG CAPITAL CORP COM 58047P107 97 25,200 SH   SOLE   25,200 0 0
MFA FINL INC COM 55272X102 112 14,000 SH   SOLE   14,000 0 0