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
Timberland Bancorp Inc/WA COM 887098101 8,420 375,899 SH   SOLE   375,899 0 0
Regions Financial Corp COM 7591EP100 6,951 478,383 SH   SOLE   478,383 0 0
First Citizens BancShares Inc/ CL A 31946M103 6,916 20,621 SH   SOLE   20,621 0 0
Plumas Bancorp COM 729273102 6,420 352,747 SH   SOLE   352,747 0 0
Fidelity Southern Corp COM 316394105 6,135 274,141 SH   SOLE   274,141 0 0
Zions Bancorporation COM 989701107 6,090 145,000 SH   SOLE   145,000 0 0
Comerica Inc COM 200340107 5,966 87,000 SH   SOLE   87,000 0 0
Southern Missouri Bancorp Inc COM 843380106 4,865 136,970 SH   SOLE   136,970 0 0
Bankwell Financial Group Inc COM 06654A103 4,793 139,359 SH   SOLE   139,359 0 0
Carolina Financial Corp COM 143873107 4,109 136,977 SH   SOLE   136,977 0 0
QCR Holdings Inc COM 74727A104 3,689 87,096 SH   SOLE   87,096 0 0
Oak Valley Bancorp COM 671807105 3,634 275,308 SH   SOLE   275,308 0 0
Peapack Gladstone Financial Co COM 704699107 3,462 117,009 SH   SOLE   117,009 0 0
Horizon Bancorp/IN COM 440407104 3,281 125,151 SH   SOLE   125,151 0 0
Community West Bancshares COM 204157101 3,142 308,058 SH   SOLE   308,058 0 0
Citizens First Corp COM 17462Q107 3,081 170,677 SH   SOLE   170,677 0 0
Central Valley Community Banco COM 155685100 2,959 144,363 SH   SOLE   144,363 0 0
Community Financial Corp/The COM 20368X101 2,316 64,347 SH   SOLE   64,347 0 0
Paragon Commercial Corp COM 69911U403 1,980 37,025 SH   SOLE   37,025 0 0
1st Constitution Bancorp COM 31986N102 1,937 104,998 SH   SOLE   104,998 0 0
First Mid-Illinois Bancshares COM 320866106 1,908 56,369 SH   SOLE   56,369 0 0
MainSource Financial Group Inc COM 56062Y102 1,666 50,578 SH   SOLE   50,578 0 0
First Bancshares Inc/The COM 318916103 1,606 56,338 SH   SOLE   56,338 0 0
Howard Bancorp Inc COM 442496105 1,366 73,057 SH   SOLE   73,057 0 0
CVB Financial Corp COM 126600105 1,024 46,338 SH   SOLE   46,338 0 0
Norwood Financial Corp COM 669549107 909 21,707 SH   SOLE   21,707 0 0
ZIONS BANCORPORATION W 989701115 633 55,000 SH   SOLE   55,000 0 0
SmartFinancial Inc COM 83190L208 533 25,350 SH   SOLE   25,350 0 0
Royal Bancshares of Pennsylvan COM 780081105 525 134,611 SH   SOLE   134,611 0 0
Citizens Financial Services In COM 174615104 0 0 SH   SOLE   0 0 0
First Community Financial Part COM 31985Q106 0 0 SH   SOLE   0 0 0
First Defiance Financial Corp COM 32006W106 0 0 SH   SOLE   0 0 0