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 AGENCY CORP COM 02503X105 3,323 144,400 SH   SOLE   144,400 0 0
AMERICAN CAP MTG INVT CORP COM 02504A104 627 34,900 SH   SOLE   34,900 0 0
ANCHOR BANCORP WA COM 32838104 4,116 245,431 SH   SOLE   245,431 0 0
BANCORPSOUTH INC COM 059692103 182 10,300 SH   SOLE   10,300 0 0
BANK COMM HLDGS COM 06424J103 970 192,489 SH   SOLE   192,489 0 0
BANK OF AMERICA CORPORATION COM 060505104 9,235 718,100 SH   SOLE   718,100 0 0
BANK OF MARIN BANCORP COM 063425102 2,670 66,758 SH   SOLE   66,758 0 0
BBCN BANCORP INC COM 073295107 2,415 169,804 SH   SOLE   169,804 0 0
BNC BANCORP COM 05566T101 4,177 365,745 SH   SOLE   365,745 0 0
BSB BANCORP INC MD COM 05573H108 3,103 236,006 SH   SOLE   236,006 0 0
CAPITAL ONE FINL CORP COM 14040H105 7,104 113,100 SH   SOLE   113,100 0 0
CAROLINA BK HLDGS INC GREENS COM 143785103 1,080 88,272 SH   SOLE   88,272 0 0
CHARTER FINL CORP MD COM 16122W108 3,652 362,345 SH   SOLE   362,345 0 0
CITIGROUP INC COM NEW 172967424 6,183 128,900 SH   SOLE   128,900 0 0
COMMERCE BANCSHARES INC COM 200525103 584 13,401 SH   SOLE   13,401 0 0
COMMUNITY BANKERS TR CORP COM 203612106 589 162,600 SH   SOLE   162,600 0 0
COMMUNITY WEST BANCSHARES COM 204157101 2,017 427,282 SH   SOLE   427,282 0 0
CU BANCORP CALIF COM 126534106 1,611 101,939 SH   SOLE   101,939 0 0
CYS INVTS INC COM 12673A108 1,238 134,400 SH   SOLE   134,400 0 0
ELLINGTON FINANCIAL LLC COM 288522303 5,730 251,200 SH   SOLE   251,200 0 0
ENTERPRISE FINL SVCS CORP COM 293712105 1,709 107,100 SH   SOLE   107,100 0 0
EVANS BANCORP INC COM NEW 29911Q208 963 54,844 SH   SOLE   54,844 0 0
FIDELITY SOUTHERN CORP NEW COM 316394105 6,120 494,725 SH   SOLE   494,725 0 0
FIFTH THIRD BANCORP COM 316773100 8,397 465,200 SH   SOLE   465,200 0 0
FIRST BANCSHARES INC MS COM 318916103 2,580 200,000 SH   SOLE   200,000 0 0
FIRST CMNTY BANCSHARES INC N COM 31983A103 2,934 187,100 SH   SOLE   187,100 0 0
FIRST FINL BANCORP OH COM 320209109 2,284 153,286 SH   SOLE   153,286 0 0
FIRST FINL HLDGS INC COM 320239106 2,641 124,500 SH   SOLE   124,500 0 0
FIRST MIDWEST BANCORP DEL COM 320867104 3,248 236,700 SH   SOLE   236,700 0 0
FIRST NBC BK HLDG CO COM 32115D106 3,583 146,861 SH   SOLE   146,861 0 0
FIRST SEC GROUP INC COM NEW 336312202 1,263 581,825 SH   SOLE   581,825 0 0
FIRSTMERIT CORP COM 337915102 7,329 365,890 SH   SOLE   365,890 0 0
HANMI FINL CORP COM NEW 410495204 7,313 413,883 SH   SOLE   413,883 0 0
HERITAGE FINL CORP WASH COM 42722X106 2,392 163,274 SH   SOLE   163,274 0 0
JPMORGAN CHASE & CO COM 46625H100 3,373 63,900 SH   SOLE   63,900 0 0
M & T BK CORP *W EXP12/2018 55261F112 5,263 138,500 SH   SOLE   138,500 0 0
MALVERN BANCORP INC COM 561409103 130 10,850 SH   SOLE   10,850 0 0
MERIDIAN INTERSTAT BANCORP I COM 58964Q104 3,112 165,245 SH   SOLE   165,245 0 0
NORTH VALLEY BANCORP COM NEW 66304M204 1,016 61,369 SH   SOLE   61,369 0 0
OFG BANCORP COM 67103X102 6,779 374,300 SH   SOLE   374,300 0 0
OLD POINT FINL CORP COM 680194107 489 37,300 SH   SOLE   37,300 0 0
PACIFIC CONTINENTAL CORP COM 69412V108 1,469 124,500 SH   SOLE   124,500 0 0
PACIFIC PREMIER BANCORP COM 69478X105 1,861 152,300 SH   SOLE   152,300 0 0
PREFERRED BK LOS ANGELES CA COM NEW 740367404 6,116 371,115 SH   SOLE   371,115 0 0
REGIONS FINL CORP NEW COM 7591EP100 4,730 496,300 SH   SOLE   496,300 0 0
RENASANT CORP COM 75970E107 677 27,800 SH   SOLE   27,800 0 0
RIVERVIEW BANCORP INC COM 769397100 1,076 428,870 SH   SOLE   428,870 0 0
SIMMONS 1ST NATL CORP CL A $1PAR 828730200 264 10,100 SH   SOLE   10,100 0 0
SOUTHWEST BANCORP INC OKLA COM 844767103 2,989 226,452 SH   SOLE   226,452 0 0
STERLING BANCORP COM 859158107 2,975 256,000 SH   SOLE   256,000 0 0
SUFFOLK BANCORP COM 864739107 5,099 312,059 SH   SOLE   312,059 0 0
SYNOVUS FINL CORP COM 87161C105 5,418 1,855,318 SH   SOLE   1,855,318 0 0
TFS FINL CORP COM 87240R107 15,203 1,357,425 SH   SOLE   1,357,425 0 0
TOWER FINANCIAL CORP COM 891769101 3,362 229,613 SH   SOLE   229,613 0 0
TWO HBRS INVT CORP COM 90187B101 1,538 150,000 SH   SOLE   150,000 0 0
UNITED CMNTY BKS BLAIRSVLE G COM 90984P303 657 52,864 SH   SOLE   52,864 0 0
WEBSTER FINL CORP CONN COM 947890109 1,438 56,000 SH   SOLE   56,000 0 0
WELLS FARGO & CO NEW COM 949746101 6,649 161,100 SH   SOLE   161,100 0 0
WILSHIRE BANCORP INC COM 97186T108 2,927 442,200 SH   SOLE   442,200 0 0
WINTRUST FINANCIAL CORP COM 97650W108 2,141 55,922 SH   SOLE   55,922 0 0
YADKIN FINL CORP COM 984305102 9,688 690,032 SH   SOLE   690,032 0 0