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
ACNB CORP COM 000868109 1,562 53,904 SH   SOLE   53,904 0 0
AFFINITY BANCSHARES INC COM 00832E103 430 31,436 SH   SOLE   31,436 0 0
AMERICAN RIV BANKSHARES COM 029326105 465 25,625 SH   SOLE   25,625 0 0
AMES NATL CORP COM 031001100 1,500 61,019 SH   SOLE   61,019 0 0
BANK MARIN BANCORP COM 063425102 3,164 98,387 SH   SOLE   98,387 0 0
BANK PRINCETON NEW JERSEY COM 064520109 878 30,603 SH   SOLE   30,603 0 0
BANKFINANCIAL CORP COM 06643P104 272 23,527 SH   SOLE   23,527 0 0
BANKWELL FINL GROUP INC COM 06654A103 365 13,255 SH   SOLE   13,255 0 0
BAYCOM CORP COM 07272M107 1,591 88,855 SH   SOLE   88,855 0 0
BLUE RIDGE BANKSHARES INC VA COM 095825105 14,020 774,589 SH   SOLE   774,589 0 0
CALIFORNIA BANCORP INC COM 13005U101 1,215 65,284 SH   SOLE   65,284 0 0
CAPITAL BANCORP INC MD COM 139737100 1,745 86,154 SH   SOLE   86,154 0 0
CARTER BANKSHARES INC COM NEW 146103106 627 49,288 SH   SOLE   49,288 0 0
CB FINL SVCS INC COM 12479G101 1,454 64,984 SH   SOLE   64,984 0 0
CENTRAL VY CMNTY BANCORP COM 155685100 453 22,287 SH   SOLE   22,287 0 0
CHOICEONE FINL SVCS INC COM 170386106 217 8,693 SH   SOLE   8,693 0 0
CITIZENS CMNTY BANCORP INC M COM 174903104 6,107 444,115 SH   SOLE   444,115 0 0
CODORUS VY BANCORP INC COM 192025104 18,415 898,295 SH   SOLE   898,295 0 0
COLONY BANKCORP INC COM 19623P101 15,816 881,132 SH   SOLE   881,132 0 0
COMMUNITY FINL CORP MD COM 20368X101 21,255 585,541 SH   SOLE   585,541 0 0
FARMERS & MERCHANTS BANCORP COM 30779N105 4,247 195,256 SH   SOLE   195,256 0 0
FIRST BK WILLIAMSTOWN NEW JE COM 31931U102 1,115 83,905 SH   SOLE   83,905 0 0
FIRST BUSINESS FINL SVCS INC COM 319390100 4,116 149,932 SH   SOLE   149,932 0 0
FIRST GTY BANCSHARES INC COM 32043P106 318 16,572 SH   SOLE   16,572 0 0
FIRST INTERNET BANCORP COM 320557101 5,653 182,464 SH   SOLE   182,464 0 0
FIRST NATL CORP COM 32106V107 9,241 459,735 SH   SOLE   459,735 0 0
FIRST SVGS FINL GROUP INC COM 33621E109 3,276 44,422 SH   SOLE   44,422 0 0
FRANKLIN FINL SVCS CORP COM 353525108 3,367 105,037 SH   SOLE   105,037 0 0
FVCBANKCORP INC COM 36120Q101 1,576 91,187 SH   SOLE   91,187 0 0
HAWTHORN BANCSHARES INC COM 420476103 386 17,130 SH   SOLE   17,130 0 0
HMN FINL INC COM 40424G108 9,055 420,971 SH   SOLE   420,971 0 0
HOWARD BANCORP INC COM 442496105 9,021 568,050 SH   SOLE   568,050 0 0
INVESTAR HLDG CORP COM 46134L105 14,266 619,984 SH   SOLE   619,984 0 0
LCNB CORP COM 50181P100 283 16,917 SH   SOLE   16,917 0 0
LIMESTONE BANCORP INC COM 53262L105 451 27,196 SH   SOLE   27,196 0 0
MAINSTREET BANCSHARES INC COM 56064Y100 2,185 95,892 SH   SOLE   95,892 0 0
MALVERN BANCORP INC COM 561409103 2,374 127,965 SH   SOLE   127,965 0 0
MERIDIAN CORPORATION COM 58958P104 1,221 46,449 SH   SOLE   46,449 0 0
MIDDLEFIELD BANC CORP COM NEW 596304204 517 21,987 SH   SOLE   21,987 0 0
NATIONAL BANKSHARES INC VA COM 634865109 287 8,000 SH   SOLE   8,000 0 0
NORWOOD FINL CORP COM 669549107 352 13,600 SH   SOLE   13,600 0 0
OLD POINT FINL CORP COM 680194107 685 27,917 SH   SOLE   27,917 0 0
OP BANCORP COM 67109R109 781 77,348 SH   SOLE   77,348 0 0
ORRSTOWN FINL SVCS INC COM 687380105 1,887 81,857 SH   SOLE   81,857 0 0
PARKE BANCORP INC COM 700885106 665 33,996 SH   SOLE   33,996 0 0
PARTNERS BANCORP COM 70213Q108 1,885 228,462 SH   SOLE   228,462 0 0
PCB BANCORP COM 69320M109 1,000 60,584 SH   SOLE   60,584 0 0
PENNS WOODS BANCORP INC COM 708430103 484 20,100 SH   SOLE   20,100 0 0
PEOPLES BANCORP N C INC COM 710577107 1,845 70,956 SH   SOLE   70,956 0 0
PLUMAS BANCORP COM 729273102 7,017 215,187 SH   SOLE   215,187 0 0
PRIMIS FINANCIAL CORP COM 74167B109 1,375 90,276 SH   SOLE   90,276 0 0
PROFESSIONAL HLDG CORP CL A COM 743139107 4,065 221,266 SH   SOLE   221,266 0 0
RIVERVIEW BANCORP INC COM 769397100 198 28,300 SH   SOLE   28,300 0 0
SEVERN BANCORP INC ANNAPOLIS COM 81811M100 14,449 1,215,214 SH   SOLE   1,215,214 0 0
SHORE BANCSHARES INC COM 825107105 19,634 1,172,205 SH   SOLE   1,172,205 0 0
SMARTFINANCIAL INC COM NEW 83190L208 727 30,303 SH   SOLE   30,303 0 0
SUMMIT FINL GROUP INC COM 86606G101 3,827 172,391 SH   SOLE   172,391 0 0
TERRITORIAL BANCORP INC COM 88145X108 899 35,534 SH   SOLE   35,534 0 0
TIMBERLAND BANCORP INC COM 887098101 1,751 61,928 SH   SOLE   61,928 0 0
UNITED SEC BANCSHARES CALIF COM 911460103 231 28,477 SH   SOLE   28,477 0 0
UNITY BANCORP INC COM 913290102 4,555 206,662 SH   SOLE   206,662 0 0
VIRGINIA NATL BANKSHARES COR COM 928031103 2,289 58,832 SH   SOLE   58,832 0 0
WESTERN NEW ENG BANCORP INC COM 958892101 259 31,865 SH   SOLE   31,865 0 0