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 283 48 SH   SOLE   48 0 0
1st Capital Bank COM 31944C107 1,082 119,591 SH   SOLE   119,591 0 0
1st Colonial Bancorp Inc COM 319716106 493 90,352 SH   SOLE   90,352 0 0
1st Constitution Bancorp COM 31986N102 1,526 128,214 SH   SOLE   128,214 0 0
Alpine Banks of Colorado COM 020810107 756 210 SH   SOLE   210 0 0
American River Bankshares COM 029326105 1,697 170,378 SH   SOLE   170,378 0 0
Avidbank Holdings Inc COM 05368J103 1,095 82,983 SH   SOLE   82,983 0 0
Ballston Spa Bancorp Inc COM 058701103 281 6,695 SH   SOLE   6,695 0 0
Bank of Fincastle/The COM 062113105 1,002 486,486 SH   SOLE   486,486 0 0
Bank of Southside Virginia Cor COM 065121105 48 220 SH   SOLE   220 0 0
Bankwell Financial Group Inc COM 06654A103 1,561 110,338 SH   SOLE   110,338 0 0
Bay Banks of Virginia Inc COM 072035108 1,527 231,345 SH   SOLE   231,345 0 0
Beach Community Bank COM 07332N103 1,800 600,000 SH   SOLE   600,000 0 0
Blue Ridge Bankshares Inc COM 095825105 2,717 200,503 SH   SOLE   200,503 0 0
Boyle Bancorp Inc COM 103442109 830 13,174 SH   SOLE   13,174 0 0
California Bancorp Inc COM 13005U101 1,230 107,695 SH   SOLE   107,695 0 0
Canandaigua National Corp COM 137143103 1,024 5,690 SH   SOLE   5,690 0 0
Cashmere Valley Bank COM 14756K102 2,052 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 486 39,346 SH   SOLE   39,346 0 0
Citba Financial Corp COM 173024100 1,381 61,391 SH   SOLE   61,391 0 0
Citizens Bancorp/OR COM 172950107 758 55,766 SH   SOLE   55,766 0 0
Citizens Financial Group Inc COM 174610105 2,840 112,331 SH   SOLE   112,331 0 0
CNB Community Bancorp Inc COM 12618F105 743 24,709 SH   SOLE   24,709 0 0
Comerica Inc COM 200340107 3,027 79,145 SH   SOLE   79,145 0 0
Community Bank of the Bay COM 203485107 2,322 464,409 SH   SOLE   464,409 0 0
Community Financial Corp/The COM 20368X101 1,053 49,308 SH   SOLE   49,308 0 0
Community West Bancshares COM 204157101 1,562 194,467 SH   SOLE   194,467 0 0
Comunibanc Corp COM 205846108 1,036 40,082 SH   SOLE   40,082 0 0
Cornerstone Community Bancorp COM 21925R108 1,798 121,379 SH   SOLE   121,379 0 0
Croghan Bancshares Inc COM 227072105 264 6,058 SH   SOLE   6,058 0 0
Crystal Valley Financial Corp COM 22941P100 1,954 42,710 SH   SOLE   42,710 0 0
Dacotah Banks Inc COM 233422104 888 31,927 SH   SOLE   31,927 0 0
Denver Bankshares Inc COM 249082108 390 1,951 SH   SOLE   1,951 0 0
Embassy Bancorp Inc COM 290791102 1,307 108,461 SH   SOLE   108,461 0 0
Enterprise Bancorp Inc/MA COM 293668109 1,959 93,202 SH   SOLE   93,202 0 0
Exchange Bank/Santa Rosa CA COM 301227203 8,389 69,895 SH   SOLE   69,895 0 0
Farmers & Merchants Bank of Lo COM 308243104 2,651 438 SH   SOLE   438 0 0
Farmers and Merchants Bancshar COM 308856103 1,608 122,768 SH   SOLE   122,768 0 0
Farmers Bankshares Inc COM 309479103 885 70,811 SH   SOLE   70,811 0 0
Fentura Financial Inc COM 314645102 1,899 113,389 SH   SOLE   113,389 0 0
FFD Financial Corp COM 30243C107 0 0 SH   SOLE   0 0 0
Fifth Third Bancorp CALL 316773100 138 45,000 SH Call SOLE   45,000 0 0
Financial Select Sector SPDR F CALL 81369Y605 31 25,000 SH Call SOLE   25,000 0 0
First Bankers Trustshares Inc COM 31929F109 3,002 121,519 SH   SOLE   121,519 0 0
First Citizens BancShares Inc/ COM 31946M202 6,469 23,958 SH   SOLE   23,958 0 0
First Mid Bancshares Inc COM 320866106 2,733 109,523 SH   SOLE   109,523 0 0
First National Corp/VA COM 32106V107 3,334 236,123 SH   SOLE   236,123 0 0
First National of Nebraska Inc COM 335720108 7,400 715 SH   SOLE   715 0 0
First Northern Community Banco COM 335925103 1,319 162,838 SH   SOLE   162,838 0 0
First Ottawa Bancshares Inc COM 335876108 55 1,107 SH   SOLE   1,107 0 0
First Reliance Bancshares Inc COM 33615Q100 1,874 317,045 SH   SOLE   317,045 0 0
Foresight Financial Group Inc COM 345526107 2,530 116,041 SH   SOLE   116,041 0 0
Grand River Commerce Inc COM 386441109 848 176,693 SH   SOLE   176,693 0 0
Heartland BancCorp COM 421962101 2,116 33,067 SH   SOLE   33,067 0 0
Heritage Commerce Corp COM 426927109 2,205 331,365 SH   SOLE   331,365 0 0
Heritage Southeast BanCorp Inc COM 42727V105 1,413 128,955 SH   SOLE   128,955 0 0
Iowa First Bancshares Corp COM 46246F202 1,388 56,640 SH   SOLE   56,640 0 0
KeyCorp CALL 493267108 16 10,000 SH Call SOLE   10,000 0 0
Ledyard Financial Group Inc COM 523338101 1,462 88,564 SH   SOLE   88,564 0 0
Macatawa Bank Corp COM 554225102 1,584 242,535 SH   SOLE   242,535 0 0
Marquette National Corp COM 571599109 1,679 79,528 SH   SOLE   79,528 0 0
Merchants Financial Group Inc COM 588538108 3,927 72,720 SH   SOLE   72,720 0 0
Middlebury National Corp COM 596237107 533 15,674 SH   SOLE   15,674 0 0
Middlefield Banc Corp COM 596304204 2,511 130,110 SH   SOLE   130,110 0 0
Mission Bancorp/Bakersfield CA COM 605015106 2,431 41,138 SH   SOLE   41,138 0 0
Mountain Commerce Bancorp Inc COM 624004107 512 33,197 SH   SOLE   33,197 0 0
North Dallas Bank & Trust Co COM 659012108 1,096 18,113 SH   SOLE   18,113 0 0
Oak Valley Bancorp COM 671807105 3,302 288,176 SH   SOLE   288,176 0 0
Oregon Pacific Bancorp COM 686040205 2,191 561,808 SH   SOLE   561,808 0 0
Oxford Bank Corp/MI COM 69140P100 2,097 111,231 SH   SOLE   111,231 0 0
Peapack-Gladstone Financial Co COM 704699107 1,929 127,300 SH   SOLE   127,300 0 0
Peoples Bancorp/WA COM 70979X107 750 5,000 SH   SOLE   5,000 0 0
Pinnacle Bank/Gilroy CA COM 72346K107 1,166 166,558 SH   SOLE   166,558 0 0
Pinnacle Financial Partners In COM 72346Q104 2,194 61,655 SH   SOLE   61,655 0 0
Plumas Bancorp COM 729273102 5,222 265,369 SH   SOLE   265,369 0 0
Premier Financial Corp COM 74052F108 1,813 116,400 SH   SOLE   116,400 0 0
Prime Meridian Holding Co COM 74164R107 1,102 79,009 SH   SOLE   79,009 0 0
Red River Bancshares Inc COM 75686R202 1,308 30,416 SH   SOLE   30,416 0 0
Redwood Capital Bancorp COM 75777X100 2,040 171,978 SH   SOLE   171,978 0 0
Regions Financial Corp COM 7591EP100 4,440 385,110 SH   SOLE   385,110 0 0
Regions Financial Corp CALL 7591EP100 38 50,000 SH Call SOLE   50,000 0 0
Santa Cruz County Bank COM 801827106 2,763 75,485 SH   SOLE   75,485 0 0
Security Bancorp Inc/TN COM 81377P109 301 5,790 SH   SOLE   5,790 0 0
Security National Corp/IA COM 814784104 1,798 16,958 SH   SOLE   16,958 0 0
Solvay Bank COM 83441Q105 2,153 69,203 SH   SOLE   69,203 0 0
South Atlantic Bancshares Inc COM 83636T104 1,531 185,109 SH   SOLE   185,109 0 0
SouthCrest Financial Group Inc COM 84129X107 1,752 276,774 SH   SOLE   276,774 0 0
Southeastern Banking Corp COM 84158P108 1,111 65,689 SH   SOLE   65,689 0 0
Southern BancShares NC Inc COM 842243107 6,415 1,944 SH   SOLE   1,944 0 0
Southern California Bancorp COM 84252A106 1,886 228,556 SH   SOLE   228,556 0 0
Southern Missouri Bancorp Inc COM 843380106 1,195 50,691 SH   SOLE   50,691 0 0
SPDR S&P Regional Banking ETF CALL 78464A698 391 110,000 SH Call SOLE   110,000 0 0
Star Financial Group Inc COM 855121109 1,096 18,903 SH   SOLE   18,903 0 0
Summit Bancshares Inc/CA COM 866010101 849 35,261 SH   SOLE   35,261 0 0
Surrey Bancorp COM 86888W105 966 87,653 SH   SOLE   87,653 0 0
Synovus Financial Corp COM 87161C501 2,290 108,194 SH   SOLE   108,194 0 0
Timberland Bancorp Inc/WA COM 887098101 4,229 234,951 SH   SOLE   234,951 0 0
Town and Country Financial Cor COM 892039108 1,164 59,333 SH   SOLE   59,333 0 0
Tri City Bankshares Corp COM 895364107 1,283 86,663 SH   SOLE   86,663 0 0
Tri-County Financial Group Inc COM 89546P108 1,327 44,217 SH   SOLE   44,217 0 0
United BanCorp of Alabama Inc COM 90944R100 1,316 69,029 SH   SOLE   69,029 0 0
United Tennessee Bankshares In COM 91307P202 680 37,003 SH   SOLE   37,003 0 0
Valley National Bancorp COM 919794107 1,750 255,540 SH   SOLE   255,540 0 0
Veritex Holdings Inc COM 923451108 1,975 116,000 SH   SOLE   116,000 0 0
Wayne Savings Bancshares Inc COM 94624Q101 628 37,584 SH   SOLE   37,584 0 0
West Suburban Bancorp Inc COM 956152409 2,161 6,392 SH   SOLE   6,392 0 0
Woodlands Financial Services C COM 979685104 1,578 64,372 SH   SOLE   64,372 0 0
WSFS Financial Corp COM 929328102 1,869 69,311 SH   SOLE   69,311 0 0
WTB Financial Corp COM 929334209 3,381 12,180 SH   SOLE   12,180 0 0
York Traditions Bank COM 987159100 2,372 173,679 SH   SOLE   173,679 0 0
Zions Bancorp NA COM 989701107 3,351 114,668 SH   SOLE   114,668 0 0
Zions Bancorp NA CALL 989701107 25 10,000 SH Call SOLE   10,000 0 0