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
1867 Western Financial Corp COM 282518109 264 48 SH   SOLE   48 0 0
1st Capital Bank COM 31944C107 1,166 119,591 SH   SOLE   119,591 0 0
1st Colonial Bancorp Inc COM 319716106 463 90,352 SH   SOLE   90,352 0 0
1st Constitution Bancorp COM 31986N102 1,822 146,936 SH   SOLE   146,936 0 0
Alpine Banks of Colorado COM 020810107 554 173 SH   SOLE   173 0 0
American River Bankshares COM 029326105 1,815 170,378 SH   SOLE   170,378 0 0
Avidbank Holdings Inc COM 05368J103 1,234 82,983 SH   SOLE   82,983 0 0
Baker Boyer Bancorp COM 057124109 0 0 SH   SOLE   0 0 0
Ballston Spa Bancorp Inc COM 058701103 291 6,695 SH   SOLE   6,695 0 0
Bank of Fincastle/The COM 062113105 973 486,486 SH   SOLE   486,486 0 0
Bank of Southside Virginia Cor COM 065121105 8 40 SH   SOLE   40 0 0
Bankwell Financial Group Inc COM 06654A103 1,754 110,338 SH   SOLE   110,338 0 0
Bay Banks of Virginia Inc COM 072035108 1,733 301,345 SH   SOLE   301,345 0 0
Beach Community Bank COM 07332N103 2,100 600,000 SH   SOLE   600,000 0 0
Blue Ridge Bankshares Inc COM 095825105 3,209 210,989 SH   SOLE   210,989 0 0
Boyle Bancorp Inc COM 103442109 830 13,174 SH   SOLE   13,174 0 0
California Bancorp Inc COM 13005U101 1,605 107,695 SH   SOLE   107,695 0 0
Canandaigua National Corp COM 137143103 1,027 5,833 SH   SOLE   5,833 0 0
Cashmere Valley Bank COM 14756K102 2,009 47,730 SH   SOLE   47,730 0 0
Cecil Bancorp Inc COM 149841306 368 367,501 SH   SOLE   367,501 0 0
Central Valley Community Banco COM 155685100 606 39,346 SH   SOLE   39,346 0 0
Citba Financial Corp COM 173024100 1,357 61,391 SH   SOLE   61,391 0 0
Citizens Bancorp/OR COM 172950107 767 55,766 SH   SOLE   55,766 0 0
Citizens Commerce Bancshares I COM 17452P200 0 0 SH   SOLE   0 0 0
Citizens Financial Group Inc COM 174610105 2,835 112,331 SH   SOLE   112,331 0 0
CNB Community Bancorp Inc COM 12618F105 735 24,709 SH   SOLE   24,709 0 0
Comerica Inc COM 200340107 3,015 79,145 SH   SOLE   79,145 0 0
Community Bank of the Bay COM 203485107 2,276 464,409 SH   SOLE   464,409 0 0
Community Financial Corp/The COM 20368X101 1,203 49,308 SH   SOLE   49,308 0 0
Community West Bancshares COM 204157101 1,637 194,467 SH   SOLE   194,467 0 0
Comunibanc Corp COM 205846108 964 40,082 SH   SOLE   40,082 0 0
Cornerstone Community Bancorp COM 21925R108 1,821 121,379 SH   SOLE   121,379 0 0
Croghan Bancshares Inc COM 227072105 235 6,058 SH   SOLE   6,058 0 0
Crystal Valley Financial Corp COM 22941P100 1,922 42,710 SH   SOLE   42,710 0 0
Dacotah Banks Inc COM 233422104 1,022 31,927 SH   SOLE   31,927 0 0
Delmar Bancorp COM 247035207 0 0 SH   SOLE   0 0 0
Delmarva Bancshares Inc COM 247100100 0 0 SH   SOLE   0 0 0
Denver Bankshares Inc COM 249082108 390 1,951 SH   SOLE   1,951 0 0
Embassy Bancorp Inc COM 290791102 1,372 108,461 SH   SOLE   108,461 0 0
Enterprise Bancorp Inc/MA COM 293668109 852 35,769 SH   SOLE   35,769 0 0
Exchange Bank/Santa Rosa CA COM 301227203 8,868 78,394 SH   SOLE   78,394 0 0
Farmers & Merchants Bank of Lo COM 308243104 2,596 438 SH   SOLE   438 0 0
Farmers and Merchants Bancshar COM 308856103 0 0 SH   SOLE   0 0 0
Farmers Bankshares Inc COM 309479103 1,021 80,403 SH   SOLE   80,403 0 0
Fentura Financial Inc COM 314645102 1,956 113,389 SH   SOLE   113,389 0 0
FFD Financial Corp COM 30243C107 912 14,704 SH   SOLE   14,704 0 0
Fidelity D&D Bancorp Inc COM 31609R100 0 0 SH   SOLE   0 0 0
Fifth Third Bancorp CALL 316773900 132 45,000 SH Call SOLE   45,000 0 0
Financial Select Sector SPDR F CALL 81369Y905 33 25,000 SH Call SOLE   25,000 0 0
First Bankers Trustshares Inc COM 31929F109 3,099 121,519 SH   SOLE   121,519 0 0
First Citizens BancShares Inc/ COM 31946M202 9,065 28,778 SH   SOLE   28,778 0 0
First Mid Bancshares Inc COM 320866106 2,873 109,523 SH   SOLE   109,523 0 0
First National Corp/VA COM 32106V107 3,972 283,736 SH   SOLE   283,736 0 0
First National of Nebraska Inc COM 335720108 6,936 715 SH   SOLE   715 0 0
First Northern Community Banco COM 335925103 1,306 162,838 SH   SOLE   162,838 0 0
First Ottawa Bancshares Inc COM 335876108 58 1,107 SH   SOLE   1,107 0 0
First Reliance Bancshares Inc COM 33615Q100 1,790 352,977 SH   SOLE   352,977 0 0
Foresight Financial Group Inc COM 345526107 3,022 116,241 SH   SOLE   116,241 0 0
Grand River Commerce Inc COM 386441109 1,010 212,727 SH   SOLE   212,727 0 0
Heartland BancCorp COM 421962101 2,156 33,067 SH   SOLE   33,067 0 0
Heritage Commerce Corp COM 426927109 2,108 280,879 SH   SOLE   280,879 0 0
Heritage Southeast BanCorp Inc COM 42727V105 1,934 140,573 SH   SOLE   140,573 0 0
Iowa First Bancshares Corp COM 46246F202 1,931 65,425 SH   SOLE   65,425 0 0
KeyCorp CALL 493267908 20 10,000 SH Call SOLE   10,000 0 0
Ledyard Financial Group Inc COM 523338101 1,618 88,564 SH   SOLE   88,564 0 0
Macatawa Bank Corp COM 554225102 1,682 215,077 SH   SOLE   215,077 0 0
Marquette National Corp COM 571599109 1,909 79,528 SH   SOLE   79,528 0 0
Merchants Financial Group Inc COM 588538108 4,557 85,984 SH   SOLE   85,984 0 0
Middlebury National Corp COM 596237107 639 18,783 SH   SOLE   18,783 0 0
Middlefield Banc Corp COM 596304204 2,700 130,110 SH   SOLE   130,110 0 0
Mission Bancorp/Bakersfield CA COM 605015106 2,933 41,138 SH   SOLE   41,138 0 0
MNB Corp COM 553104100 0 0 SH   SOLE   0 0 0
Mountain Commerce Bancorp Inc COM 624004107 518 33,197 SH   SOLE   33,197 0 0
North Dallas Bank & Trust Co COM 659012108 1,108 18,113 SH   SOLE   18,113 0 0
Oak Valley Bancorp COM 671807105 3,654 288,176 SH   SOLE   288,176 0 0
Oregon Pacific Bancorp COM 686040205 2,638 676,412 SH   SOLE   676,412 0 0
Oxford Bank Corp/MI COM 69140P100 2,378 126,149 SH   SOLE   126,149 0 0
Peapack-Gladstone Financial Co COM 704699107 2,384 127,300 SH   SOLE   127,300 0 0
Peoples Bancorp/WA COM 70979X107 650 5,000 SH   SOLE   5,000 0 0
Pinnacle Bank/Gilroy CA COM 72346K107 1,092 146,558 SH   SOLE   146,558 0 0
Pinnacle Financial Partners In COM 72346Q104 2,589 61,655 SH   SOLE   61,655 0 0
Plumas Bancorp COM 729273102 5,870 265,369 SH   SOLE   265,369 0 0
Premier Financial Corp COM 74052F108 2,057 116,400 SH   SOLE   116,400 0 0
Prime Meridian Holding Co COM 74164R107 1,082 79,009 SH   SOLE   79,009 0 0
Red River Bancshares Inc COM 75686R202 1,335 30,416 SH   SOLE   30,416 0 0
Redwood Capital Bancorp COM 75777X100 1,912 171,978 SH   SOLE   171,978 0 0
Regions Financial Corp COM 7591EP100 4,282 385,110 SH   SOLE   385,110 0 0
Regions Financial Corp CALL 7591EP900 63 50,000 SH Call SOLE   50,000 0 0
Santa Cruz County Bank COM 801827106 2,812 75,485 SH   SOLE   75,485 0 0
Security Bancorp Inc/TN COM 81377P109 272 5,790 SH   SOLE   5,790 0 0
Security National Corp/IA COM 814784104 1,950 16,958 SH   SOLE   16,958 0 0
Solvay Bank COM 83441Q105 2,572 82,972 SH   SOLE   82,972 0 0
South Atlantic Bancshares Inc COM 83636T104 2,032 236,329 SH   SOLE   236,329 0 0
SouthCrest Financial Group Inc COM 84129X107 1,650 276,774 SH   SOLE   276,774 0 0
Southeastern Banking Corp COM 84158P108 1,347 79,016 SH   SOLE   79,016 0 0
Southern BancShares NC Inc COM 842243107 6,415 1,944 SH   SOLE   1,944 0 0
Southern California Bancorp COM 84252A106 2,171 228,556 SH   SOLE   228,556 0 0
Southern Missouri Bancorp Inc COM 843380106 1,232 50,691 SH   SOLE   50,691 0 0
SPDR S&P Regional Banking ETF CALL 78464A908 681 110,000 SH Call SOLE   110,000 0 0
Star Financial Group Inc COM 855121109 1,146 18,903 SH   SOLE   18,903 0 0
Summit Bancshares Inc/CA COM 866010101 1,030 42,458 SH   SOLE   42,458 0 0
Surrey Bancorp COM 86888W105 975 91,528 SH   SOLE   91,528 0 0
Synovus Financial Corp COM 87161C501 2,221 108,194 SH   SOLE   108,194 0 0
Timberland Bancorp Inc/WA COM 887098101 4,416 242,506 SH   SOLE   242,506 0 0
Town and Country Financial Cor COM 892039108 1,108 65,725 SH   SOLE   65,725 0 0
Tri City Bankshares Corp COM 895364107 1,261 82,663 SH   SOLE   82,663 0 0
Tri-County Financial Group Inc COM 89546P108 1,785 53,281 SH   SOLE   53,281 0 0
United BanCorp of Alabama Inc COM 90944R100 1,394 69,029 SH   SOLE   69,029 0 0
United Tennessee Bankshares In COM 91307P202 689 40,545 SH   SOLE   40,545 0 0
Valley National Bancorp COM 919794107 1,998 255,540 SH   SOLE   255,540 0 0
Veritex Holdings Inc COM 923451108 2,053 116,000 SH   SOLE   116,000 0 0
Wayne Savings Bancshares Inc COM 94624Q101 635 37,584 SH   SOLE   37,584 0 0
West Suburban Bancorp Inc COM 956152409 2,544 6,392 SH   SOLE   6,392 0 0
Woodlands Financial Services C COM 979685104 1,593 64,372 SH   SOLE   64,372 0 0
WSFS Financial Corp COM 929328102 1,989 69,311 SH   SOLE   69,311 0 0
WTB Financial Corp COM 929334209 3,369 12,180 SH   SOLE   12,180 0 0
York Traditions Bank COM 987159100 3,015 207,909 SH   SOLE   207,909 0 0
Zions Bancorp NA COM 989701107 3,899 114,668 SH   SOLE   114,668 0 0
ZIONS BANCORP NA WARRANT 989701115 0 0 SH   SOLE   0 0 0
Zions Bancorp NA CALL 989701907 57 10,000 SH Call SOLE   10,000 0 0