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
AFLAC INC Common Stock 1055102 1,004 15,900 SH   SOLE   15,900 0 0
AFFILIATED MANAGERS GROUP(NYS) Common Stock 8252108 1,023 6,300 SH   SOLE   6,300 0 0
ALLY FINANCIAL INC Common Stock 02005N100 998 53,300 SH   SOLE   53,300 0 0
AMERIS BANCORP Common Stock 03076K108 485 16,400 SH   SOLE   16,400 0 0
BANK OF THE OZARKS(NSM) Common Stock 63904106 2,362 56,283 SH   SOLE   56,283 0 0
BLACKROCK INC Common Stock 09247X101 2,043 6,000 SH   SOLE   6,000 0 0
CAPITAL ONE FINANCIAL CORP(NYS) Common Stock 14040H105 3,285 47,400 SH   SOLE   47,400 0 0
CHEMICAL FINANCIAL CORP Common Stock 163731102 1,010 28,300 SH   SOLE   28,300 0 0
COMMERCE BANCSHARES INC Common Stock 200525103 3,191 71,000 SH   SOLE   71,000 0 0
COMMUNITY BANK SYSTEM INC(NYS) Common Stock 203607106 993 26,000 SH   SOLE   26,000 0 0
EAST WEST BANCORP INC(NSM) Common Stock 27579R104 2,598 80,000 SH   SOLE   80,000 0 0
FCB FINANCIAL HOLDINGS-CL A Common Stock 30255G103 4,365 131,246 SH   SOLE   131,246 0 0
FIRST HORIZON NATIONAL CORP Common Stock 320517105 4,024 307,200 SH   SOLE   307,200 0 0
HANMI FINANCIAL CORPORATION(NSM) Common Stock 410495204 3,204 145,525 SH   SOLE   145,525 0 0
HOMESTREET INC(NSM) Common Stock 43785V102 200 9,613 SH   SOLE   9,613 0 0
HUNTINGTON BANCSHARES INC Common Stock 446150104 999 104,700 SH   SOLE   104,700 0 0
LEUCADIA NATIONAL CORP(NYS) Common Stock 527288104 1,109 68,600 SH   SOLE   68,600 0 0
WILLIAM LYON HOMES-CL A(NYS) Common Stock 552074700 1,356 93,600 SH   SOLE   93,600 0 0
M & T BANK CORP(NYS) Common Stock 55261F104 1,998 18,000 SH   SOLE   18,000 0 0
MOELIS & CO - CLASS A(NYS) Common Stock 60786M105 2,222 78,698 SH   SOLE   78,698 0 0
NASDAQ INC Common Stock 631103108 2,011 30,300 SH   SOLE   30,300 0 0
NEW HOME CO INC/THE Common Stock 645370107 1,301 106,148 SH   SOLE   106,148 0 0
PINNACLE FINANCIAL PARTNERS(NSM) Common Stock 72346Q104 2,202 44,892 SH   SOLE   44,892 0 0
PROSPERITY BANCSHARES INC Common Stock 743606105 2,037 43,900 SH   SOLE   43,900 0 0
SL GREEN REALTY CORP(NYS) Common Stock 78440X101 1,037 10,700 SH   SOLE   10,700 0 0
SVB FINANCIAL GROUP(NSM) Common Stock 78486Q101 3,337 32,700 SH   SOLE   32,700 0 0
FINANCIAL SELECT SECTOR SPDR(PSE) Common Stock 81369Y605 1,497 66,540 SH   SOLE   66,540 0 0
TOLL BROTHERS INC(NYS) Common Stock 889478103 1,068 36,200 SH   SOLE   36,200 0 0
TOTAL SYSTEM SERVICES INC Common Stock 891906109 1,004 21,100 SH   SOLE   21,100 0 0
UNITED BANKSHARES INC(NSM) Common Stock 909907107 1,246 33,941 SH   SOLE   33,941 0 0