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 460 63 SH   SOLE   63 0 0
1st Capital Bancorp COM 319427100 1,526 119,591 SH   SOLE   119,591 0 0
1st Colonial Bancorp Inc COM 319716106 886 90,352 SH   SOLE   90,352 0 0
1st Constitution Bancorp COM 31986N102 2,258 128,214 SH   SOLE   128,214 0 0
Alpine Banks of Colorado COM 020810107 1,181 37,500 SH   SOLE   37,500 0 0
American Business Bank COM 02475L105 103 2,610 SH   SOLE   2,610 0 0
American River Bankshares COM 029326105 2,779 170,378 SH   SOLE   170,378 0 0
American Riviera Bank COM 02932A106 66 3,648 SH   SOLE   3,648 0 0
Avidbank Holdings Inc COM 05368J103 1,826 82,983 SH   SOLE   82,983 0 0
Ballston Spa Bancorp Inc COM 058701103 876 17,695 SH   SOLE   17,695 0 0
Bank of Fincastle/The COM 062113105 1,474 486,486 SH   SOLE   486,486 0 0
Bank of Southside Virginia Cor COM 065121105 52 220 SH   SOLE   220 0 0
Bankwell Financial Group Inc COM 06654A103 2,974 110,338 SH   SOLE   110,338 0 0
Bay Banks of Virginia Inc COM 072035108 0 0 SH   SOLE   0 0 0
BAY Community Bancorp COM 072205107 3,251 464,409 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 4,916 224,087 SH   SOLE   224,087 0 0
Boyle Bancorp Inc COM 103442109 975 13,174 SH   SOLE   13,174 0 0
California BanCorp COM 13005U101 226 12,705 SH   SOLE   12,705 0 0
Canandaigua National Corp COM 137143103 1,287 6,373 SH   SOLE   6,373 0 0
Cashmere Valley Bank COM 14756K102 2,923 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 724 39,346 SH   SOLE   39,346 0 0
Citba Financial Corp COM 173024100 1,826 61,391 SH   SOLE   61,391 0 0
Citizens Bancorp/OR COM 172950107 948 55,766 SH   SOLE   55,766 0 0
Citizens Financial Group Inc COM 174610105 4,959 112,331 SH   SOLE   112,331 0 0
CNB Community Bancorp Inc COM 12618F105 1,107 30,309 SH   SOLE   30,309 0 0
Comerica Inc COM 200340107 5,678 79,145 SH   SOLE   79,145 0 0
Community Financial Corp/The COM 20368X101 1,689 49,308 SH   SOLE   49,308 0 0
Community West Bancshares COM 204157101 2,497 194,467 SH   SOLE   194,467 0 0
Comunibanc Corp COM 205846108 1,105 40,082 SH   SOLE   40,082 0 0
Cornerstone Community Bancorp COM 21925R108 2,972 126,479 SH   SOLE   126,479 0 0
Croghan Bancshares Inc COM 227072105 362 6,892 SH   SOLE   6,892 0 0
Crystal Valley Financial Corp COM 22941P100 2,435 42,710 SH   SOLE   42,710 0 0
Dacotah Banks Inc COM 233422104 1,025 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 1,784 108,461 SH   SOLE   108,461 0 0
Enterprise Bancorp Inc/MA COM 293668109 3,031 93,202 SH   SOLE   93,202 0 0
Exchange Bank/Santa Rosa CA COM 301227203 11,533 69,895 SH   SOLE   69,895 0 0
Farmers & Merchants Bank of Lo COM 308243104 3,384 438 SH   SOLE   438 0 0
Farmers and Merchants Bancshar COM 308856103 2,311 122,268 SH   SOLE   122,268 0 0
Farmers Bankshares Inc COM 309479103 1,062 70,811 SH   SOLE   70,811 0 0
Fentura Financial Inc COM 314645102 2,642 113,389 SH   SOLE   113,389 0 0
Fifth Third Bancorp CALL 316773100 371 20,000 SH Call SOLE   20,000 0 0
Financial Select Sector SPDR F CALL 81369Y605 0 0 SH Call SOLE   0 0 0
First Bankers Trustshares Inc COM 31929F109 3,297 108,113 SH   SOLE   108,113 0 0
First Citizens BancShares Inc/ COM 31946M202 16,978 22,458 SH   SOLE   22,458 0 0
First Mid Bancshares Inc COM 320866106 4,811 109,523 SH   SOLE   109,523 0 0
First National Corp/VA COM 32106V107 4,111 236,123 SH   SOLE   236,123 0 0
First National of Nebraska Inc COM 335720108 8,151 715 SH   SOLE   715 0 0
First Northern Community Banco COM 335925103 1,735 166,780 SH   SOLE   166,780 0 0
First Ottawa Bancshares Inc COM 335876108 80 1,107 SH   SOLE   1,107 0 0
First Reliance Bancshares Inc COM 33615Q100 2,504 257,045 SH   SOLE   257,045 0 0
Foresight Financial Group Inc COM 345526107 3,024 99,047 SH   SOLE   99,047 0 0
Grand River Commerce Inc COM 386441109 1,299 176,693 SH   SOLE   176,693 0 0
Heartland BancCorp COM 421962101 2,571 27,067 SH   SOLE   27,067 0 0
Heritage Commerce Corp COM 426927109 4,049 331,365 SH   SOLE   331,365 0 0
Heritage Southeast BanCorp Inc COM 42727V105 2,119 141,269 SH   SOLE   141,269 0 0
Iowa First Bancshares Corp COM 46246F202 1,544 53,990 SH   SOLE   53,990 0 0
KeyCorp CALL 493267108 77 10,000 SH Call SOLE   10,000 0 0
Ledyard Financial Group Inc COM 523338101 2,037 88,564 SH   SOLE   88,564 0 0
Macatawa Bank Corp COM 554225102 2,413 242,535 SH   SOLE   242,535 0 0
Marquette National Corp COM 571599109 2,565 79,528 SH   SOLE   79,528 0 0
Merchants Financial Group Inc COM 588538108 4,884 69,720 SH   SOLE   69,720 0 0
Middlebury National Corp COM 596237107 615 15,674 SH   SOLE   15,674 0 0
Middlefield Banc Corp COM 596304204 2,727 130,110 SH   SOLE   130,110 0 0
Mission Bancorp/Bakersfield CA COM 605015106 2,941 41,138 SH   SOLE   41,138 0 0
Mountain Commerce Bancorp Inc COM 624004107 798 33,597 SH   SOLE   33,597 0 0
NorthWest Indiana Bancorp COM 667516108 603 14,363 SH   SOLE   14,363 0 0
Oak Valley Bancorp COM 671807105 4,942 288,176 SH   SOLE   288,176 0 0
Oregon Pacific Bancorp COM 686040205 3,545 561,808 SH   SOLE   561,808 0 0
Oxford Bank Corp/MI COM 69140P100 3,076 111,231 SH   SOLE   111,231 0 0
Peapack-Gladstone Financial Co COM 704699107 3,931 127,300 SH   SOLE   127,300 0 0
Peoples Bancorp/WA COM 70979X107 905 5,000 SH   SOLE   5,000 0 0
Pinnacle Bank/Gilroy CA COM 72346K107 2,109 174,258 SH   SOLE   174,258 0 0
Pinnacle Financial Partners In COM 72346Q104 5,466 61,655 SH   SOLE   61,655 0 0
Plumas Bancorp COM 729273102 7,762 265,369 SH   SOLE   265,369 0 0
Premier Financial Corp COM 74052F108 3,871 116,400 SH   SOLE   116,400 0 0
Prime Meridian Holding Co COM 74164R107 1,576 79,209 SH   SOLE   79,209 0 0
Red River Bancshares Inc COM 75686R202 1,704 30,416 SH   SOLE   30,416 0 0
Redwood Capital Bancorp COM 75777X100 3,565 171,978 SH   SOLE   171,978 0 0
Regions Financial Corp COM 7591EP100 0 0 SH   SOLE   0 0 0
Regions Financial Corp CALL 7591EP100 0 0 SH Call SOLE   0 0 0
Santa Cruz County Bank COM 801827106 3,887 75,485 SH   SOLE   75,485 0 0
Security Bancorp Inc/TN COM 81377P109 324 5,790 SH   SOLE   5,790 0 0
Security National Corp/IA COM 814784104 1,998 16,958 SH   SOLE   16,958 0 0
Solvay Bank COM 83441Q105 2,578 69,203 SH   SOLE   69,203 0 0
South Atlantic Bancshares Inc COM 83636T104 2,249 185,109 SH   SOLE   185,109 0 0
SouthCrest Financial Group Inc COM 84129X107 2,629 276,774 SH   SOLE   276,774 0 0
Southeastern Banking Corp COM 84158P108 1,248 65,689 SH   SOLE   65,689 0 0
Southern BancShares NC Inc COM 842243107 9,156 1,944 SH   SOLE   1,944 0 0
Southern California Bancorp COM 84252A106 2,993 208,556 SH   SOLE   208,556 0 0
Southern Missouri Bancorp Inc COM 843380106 1,998 50,691 SH   SOLE   50,691 0 0
SPDR S&P Regional Banking ETF CALL 78464A698 2,021 70,000 SH Call SOLE   70,000 0 0
Star Financial Group Inc COM 855121109 1,191 18,903 SH   SOLE   18,903 0 0
Studio Bank COM 86389R100 799 83,061 SH   SOLE   83,061 0 0
Summit Bancshares Inc/CA COM 866010101 1,269 35,261 SH   SOLE   35,261 0 0
Surrey Bancorp COM 86888W105 1,111 87,653 SH   SOLE   87,653 0 0
Synovus Financial Corp COM 87161C501 4,950 108,194 SH   SOLE   108,194 0 0
Timberland Bancorp Inc/WA COM 887098101 6,534 234,951 SH   SOLE   234,951 0 0
Town and Country Financial Cor COM 892039108 1,258 59,333 SH   SOLE   59,333 0 0
Tri City Bankshares Corp COM 895364107 1,660 86,663 SH   SOLE   86,663 0 0
Tri-County Financial Group Inc COM 89546P108 1,680 44,217 SH   SOLE   44,217 0 0
United BanCorp of Alabama Inc COM 90944R100 1,950 69,029 SH   SOLE   69,029 0 0
Valley National Bancorp COM 919794107 3,511 255,540 SH   SOLE   255,540 0 0
Veritex Holdings Inc COM 923451108 3,796 116,000 SH   SOLE   116,000 0 0
Wayne Savings Bancshares Inc COM 94624Q101 894 37,584 SH   SOLE   37,584 0 0
West Suburban Bancorp Inc COM 956152409 3,388 6,392 SH   SOLE   6,392 0 0
Woodlands Financial Services C COM 979685104 2,102 64,372 SH   SOLE   64,372 0 0
WSFS Financial Corp COM 929328102 3,451 69,311 SH   SOLE   69,311 0 0
WTB Financial Corp COM 929334209 4,762 12,180 SH   SOLE   12,180 0 0
York Traditions Bank COM 987159100 3,500 173,679 SH   SOLE   173,679 0 0
Zions Bancorp NA COM 989701107 0 0 SH   SOLE   0 0 0
Zions Bancorp NA CALL 989701107 207 10,000 SH Call SOLE   10,000 0 0