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 428 63 SH   SOLE   63 0 0
1st Capital Bancorp COM 319427100 1,375 119,591 SH   SOLE   119,591 0 0
1st Colonial Bancorp Inc COM 319716106 701 90,352 SH   SOLE   90,352 0 0
1st Constitution Bancorp COM 31986N102 2,035 128,214 SH   SOLE   128,214 0 0
Alpine Banks of Colorado COM 020810107 874 31,500 SH   SOLE   31,500 0 0
American River Bankshares COM 029326105 2,240 170,378 SH   SOLE   170,378 0 0
Avidbank Holdings Inc COM 05368J103 1,452 82,983 SH   SOLE   82,983 0 0
Ballston Spa Bancorp Inc COM 058701103 832 17,695 SH   SOLE   17,695 0 0
Bank of Fincastle/The COM 062113105 1,109 486,486 SH   SOLE   486,486 0 0
Bank of Southside Virginia Cor COM 065121105 50 220 SH   SOLE   220 0 0
Bankwell Financial Group Inc COM 06654A103 2,157 110,338 SH   SOLE   110,338 0 0
Bay Banks of Virginia Inc COM 072035108 2,024 231,345 SH   SOLE   231,345 0 0
BAY Community Bancorp COM 072205107 2,717 464,409 SH   SOLE   464,409 0 0
Beach Bank COM 07332N103 1,495 498,365 SH   SOLE   498,365 0 0
Blue Ridge Bankshares Inc COM 095825105 3,271 183,659 SH   SOLE   183,659 0 0
Boyle Bancorp Inc COM 103442109 823 13,174 SH   SOLE   13,174 0 0
California BanCorp COM 13005U101 1,676 107,695 SH   SOLE   107,695 0 0
Canandaigua National Corp COM 137143103 1,082 5,690 SH   SOLE   5,690 0 0
Cashmere Valley Bank COM 14756K102 2,530 47,730 SH   SOLE   47,730 0 0
Cecil Bancorp Inc COM 149841306 349 367,501 SH   SOLE   367,501 0 0
Central Valley Community Banco COM 155685100 586 39,346 SH   SOLE   39,346 0 0
Citba Financial Corp COM 173024100 1,707 61,391 SH   SOLE   61,391 0 0
Citizens Bancorp/OR COM 172950107 865 55,766 SH   SOLE   55,766 0 0
Citizens Financial Group Inc COM 174610105 4,017 112,331 SH   SOLE   112,331 0 0
CNB Community Bancorp Inc COM 12618F105 936 29,709 SH   SOLE   29,709 0 0
Comerica Inc COM 200340107 4,421 79,145 SH   SOLE   79,145 0 0
Community Financial Corp/The COM 20368X101 1,306 49,308 SH   SOLE   49,308 0 0
Community West Bancshares COM 204157101 1,766 194,467 SH   SOLE   194,467 0 0
Comunibanc Corp COM 205846108 1,084 40,082 SH   SOLE   40,082 0 0
Cornerstone Community Bancorp COM 21925R108 2,215 121,379 SH   SOLE   121,379 0 0
Croghan Bancshares Inc COM 227072105 345 6,892 SH   SOLE   6,892 0 0
Crystal Valley Financial Corp COM 22941P100 2,200 42,710 SH   SOLE   42,710 0 0
Dacotah Banks Inc COM 233422104 862 31,927 SH   SOLE   31,927 0 0
Denver Bankshares Inc COM 249082108 410 1,951 SH   SOLE   1,951 0 0
Embassy Bancorp Inc COM 290791102 1,541 108,461 SH   SOLE   108,461 0 0
Enterprise Bancorp Inc/MA COM 293668109 2,381 93,202 SH   SOLE   93,202 0 0
Exchange Bank/Santa Rosa CA COM 301227203 10,135 69,895 SH   SOLE   69,895 0 0
Farmers & Merchants Bank of Lo COM 308243104 2,869 438 SH   SOLE   438 0 0
Farmers and Merchants Bancshar COM 308856103 1,633 122,768 SH   SOLE   122,768 0 0
Farmers Bankshares Inc COM 309479103 938 70,811 SH   SOLE   70,811 0 0
Fentura Financial Inc COM 314645102 2,495 113,389 SH   SOLE   113,389 0 0
Fifth Third Bancorp CALL 316773100 312 45,000 SH Call SOLE   45,000 0 0
Financial Select Sector SPDR F CALL 81369Y605 86 25,000 SH Call SOLE   25,000 0 0
First Bankers Trustshares Inc COM 31929F109 3,372 121,519 SH   SOLE   121,519 0 0
First Citizens BancShares Inc/ COM 31946M202 11,739 23,958 SH   SOLE   23,958 0 0
First Mid Bancshares Inc COM 320866106 3,696 109,523 SH   SOLE   109,523 0 0
First National Corp/VA COM 32106V107 3,990 236,123 SH   SOLE   236,123 0 0
First National of Nebraska Inc COM 335720108 8,330 715 SH   SOLE   715 0 0
First Northern Community Banco COM 335925103 1,596 162,838 SH   SOLE   162,838 0 0
First Ottawa Bancshares Inc COM 335876108 68 1,107 SH   SOLE   1,107 0 0
First Reliance Bancshares Inc COM 33615Q100 2,381 317,045 SH   SOLE   317,045 0 0
Foresight Financial Group Inc COM 345526107 3,278 116,041 SH   SOLE   116,041 0 0
Grand River Commerce Inc COM 386441109 885 176,693 SH   SOLE   176,693 0 0
Heartland BancCorp COM 421962101 2,594 33,067 SH   SOLE   33,067 0 0
Heritage Commerce Corp COM 426927109 2,939 331,365 SH   SOLE   331,365 0 0
Heritage Southeast BanCorp Inc COM 42727V105 1,782 134,200 SH   SOLE   134,200 0 0
Iowa First Bancshares Corp COM 46246F202 1,530 56,540 SH   SOLE   56,540 0 0
KeyCorp CALL 493267108 40 10,000 SH Call SOLE   10,000 0 0
Ledyard Financial Group Inc COM 523338101 1,625 88,564 SH   SOLE   88,564 0 0
Macatawa Bank Corp COM 554225102 2,030 242,535 SH   SOLE   242,535 0 0
Marquette National Corp COM 571599109 2,111 79,528 SH   SOLE   79,528 0 0
Merchants Financial Group Inc COM 588538108 4,654 72,720 SH   SOLE   72,720 0 0
Middlebury National Corp COM 596237107 605 15,674 SH   SOLE   15,674 0 0
Middlefield Banc Corp COM 596304204 2,927 130,110 SH   SOLE   130,110 0 0
Mission Bancorp/Bakersfield CA COM 605015106 2,746 41,138 SH   SOLE   41,138 0 0
Mountain Commerce Bancorp Inc COM 624004107 666 33,297 SH   SOLE   33,297 0 0
North Dallas Bank & Trust Co COM 659012108 0 0 SH   SOLE   0 0 0
Oak Valley Bancorp COM 671807105 4,789 288,176 SH   SOLE   288,176 0 0
Oregon Pacific Bancorp COM 686040205 2,921 561,808 SH   SOLE   561,808 0 0
Oxford Bank Corp/MI COM 69140P100 2,781 111,231 SH   SOLE   111,231 0 0
Peapack-Gladstone Financial Co COM 704699107 2,897 127,300 SH   SOLE   127,300 0 0
Peoples Bancorp/WA COM 70979X107 700 5,000 SH   SOLE   5,000 0 0
Pinnacle Bank/Gilroy CA COM 72346K107 1,504 174,258 SH   SOLE   174,258 0 0
Pinnacle Financial Partners In COM 72346Q104 3,971 61,655 SH   SOLE   61,655 0 0
Plumas Bancorp COM 729273102 6,236 265,369 SH   SOLE   265,369 0 0
Premier Financial Corp COM 74052F108 2,677 116,400 SH   SOLE   116,400 0 0
Prime Meridian Holding Co COM 74164R107 1,390 79,209 SH   SOLE   79,209 0 0
Red River Bancshares Inc COM 75686R202 1,507 30,416 SH   SOLE   30,416 0 0
Redwood Capital Bancorp COM 75777X100 2,585 171,978 SH   SOLE   171,978 0 0
Regions Financial Corp COM 7591EP100 6,208 385,110 SH   SOLE   385,110 0 0
Regions Financial Corp CALL 7591EP100 140 50,000 SH Call SOLE   50,000 0 0
Santa Cruz County Bank COM 801827106 3,062 75,485 SH   SOLE   75,485 0 0
Security Bancorp Inc/TN COM 81377P109 304 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 2,328 69,203 SH   SOLE   69,203 0 0
South Atlantic Bancshares Inc COM 83636T104 2,268 185,109 SH   SOLE   185,109 0 0
SouthCrest Financial Group Inc COM 84129X107 2,214 276,774 SH   SOLE   276,774 0 0
Southeastern Banking Corp COM 84158P108 1,176 65,689 SH   SOLE   65,689 0 0
Southern BancShares NC Inc COM 842243107 7,582 1,944 SH   SOLE   1,944 0 0
Southern California Bancorp COM 84252A106 2,834 228,556 SH   SOLE   228,556 0 0
Southern Missouri Bancorp Inc COM 843380106 1,549 50,691 SH   SOLE   50,691 0 0
SPDR S&P Regional Banking ETF CALL 78464A698 1,431 110,000 SH Call SOLE   110,000 0 0
Star Financial Group Inc COM 855121109 1,103 18,903 SH   SOLE   18,903 0 0
Studio Bank COM 86389R100 797 83,061 SH   SOLE   83,061 0 0
Summit Bancshares Inc/CA COM 866010101 1,005 35,261 SH   SOLE   35,261 0 0
Surrey Bancorp COM 86888W105 1,019 87,653 SH   SOLE   87,653 0 0
Synovus Financial Corp COM 87161C501 3,502 108,194 SH   SOLE   108,194 0 0
Timberland Bancorp Inc/WA COM 887098101 5,700 234,951 SH   SOLE   234,951 0 0
Town and Country Financial Cor COM 892039108 1,187 59,333 SH   SOLE   59,333 0 0
Tri City Bankshares Corp COM 895364107 1,482 86,663 SH   SOLE   86,663 0 0
Tri-County Financial Group Inc COM 89546P108 1,525 44,217 SH   SOLE   44,217 0 0
United BanCorp of Alabama Inc COM 90944R100 1,529 69,029 SH   SOLE   69,029 0 0
United Tennessee Bankshares In COM 91307P202 0 0 SH   SOLE   0 0 0
Valley National Bancorp COM 919794107 2,492 255,540 SH   SOLE   255,540 0 0
Veritex Holdings Inc COM 923451108 2,977 116,000 SH   SOLE   116,000 0 0
Wayne Savings Bancshares Inc COM 94624Q101 789 37,584 SH   SOLE   37,584 0 0
West Suburban Bancorp Inc COM 956152409 2,701 6,392 SH   SOLE   6,392 0 0
Woodlands Financial Services C COM 979685104 1,738 64,372 SH   SOLE   64,372 0 0
WSFS Financial Corp COM 929328102 3,111 69,311 SH   SOLE   69,311 0 0
WTB Financial Corp COM 929334209 4,068 12,180 SH   SOLE   12,180 0 0
York Traditions Bank COM 987159100 3,027 173,679 SH   SOLE   173,679 0 0
Zions Bancorp NA COM 989701107 4,981 114,668 SH   SOLE   114,668 0 0
Zions Bancorp NA CALL 989701107 110 10,000 SH Call SOLE   10,000 0 0