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 504 63 SH   SOLE   63 0 0
1st Capital Bancorp Com 319427100 1,614 119,591 SH   SOLE   119,591 0 0
1st Colonial Bancorp Inc Com 319716106 827 90,352 SH   SOLE   90,352 0 0
1st Constitution Bancorp Com 31986N102 3,475 167,961 SH   SOLE   167,961 0 0
Alpine Banks of Colorado Com 020810107 2,017 50,732 SH   SOLE   50,732 0 0
American Business Bank Com 02475L105 1,504 35,800 SH   SOLE   35,800 0 0
American River Bankshares Com 029326105 3,063 170,378 SH   SOLE   170,378 0 0
American Riviera Bank Com 02932A106 398 20,726 SH   SOLE   20,726 0 0
Avidbank Holdings Inc Com 05368J103 1,963 82,983 SH   SOLE   82,983 0 0
Ballston Spa Bancorp Inc Com 058701103 979 17,795 SH   SOLE   17,795 0 0
Bank of Fincastle/The Com 062113105 1,566 486,486 SH   SOLE   486,486 0 0
Bank of Southside Virginia Cor Com 065121105 55 220 SH   SOLE   220 0 0
Bankwell Financial Group Inc Com 06654A103 3,050 110,338 SH   SOLE   110,338 0 0
BAY Community Bancorp Com 072205107 3,395 464,409 SH   SOLE   464,409 0 0
Beach Bank Com 07332N103 1,744 498,365 SH   SOLE   498,365 0 0
Blue Ridge Bankshares Inc Com 095825105 5,889 336,130 SH   SOLE   336,130 0 0
Boyle Bancorp Inc Com 103442109 1,093 13,174 SH   SOLE   13,174 0 0
California BanCorp Com 13005U101 0 0 SH   SOLE   0 0 0
Canandaigua National Corp Com 137143103 1,568 6,373 SH   SOLE   6,373 0 0
Cashmere Valley Bank Com 14756K102 3,998 55,294 SH   SOLE   55,294 0 0
Cecil Bancorp Inc Com 149841306 413 367,501 SH   SOLE   367,501 0 0
Central Valley Community Banco Com 155685100 793 39,346 SH   SOLE   39,346 0 0
Citba Financial Corp Com 173024100 1,701 61,391 SH   SOLE   61,391 0 0
Citizens Bancorp/OR Com 172950107 975 55,766 SH   SOLE   55,766 0 0
Citizens Financial Group Inc Com 174610105 5,153 112,331 SH   SOLE   112,331 0 0
CNB Community Bancorp Inc Com 12618F105 1,488 34,185 SH   SOLE   34,185 0 0
Comerica Inc Com 200340107 5,646 79,145 SH   SOLE   79,145 0 0
Community Financial Corp/The Com 20368X101 2,485 72,041 SH   SOLE   72,041 0 0
Community West Bancshares Com 204157101 2,606 194,467 SH   SOLE   194,467 0 0
Comunibanc Corp Com 205846108 1,212 40,082 SH   SOLE   40,082 0 0
Cornerstone Community Bancorp Com 21925R108 3,386 127,779 SH   SOLE   127,779 0 0
Croghan Bancshares Inc Com 227072105 651 10,899 SH   SOLE   10,899 0 0
Crystal Valley Financial Corp Com 22941P100 2,664 43,320 SH   SOLE   43,320 0 0
Dacotah Banks Inc Com 233422104 1,025 31,927 SH   SOLE   31,927 0 0
Denver Bankshares Inc Com 249082108 481 1,979 SH   SOLE   1,979 0 0
Embassy Bancorp Inc Com 290791102 2,061 108,461 SH   SOLE   108,461 0 0
Enterprise Bancorp Inc/MA Com 293668109 3,545 108,253 SH   SOLE   108,253 0 0
Exchange Bank/Santa Rosa CA Com 301227203 10,631 69,895 SH   SOLE   69,895 0 0
Farmers & Merchants Bancorp In Com 30779N105 2,129 97,593 SH   SOLE   97,593 0 0
Farmers & Merchants Bank of Lo Com 308243104 3,592 438 SH   SOLE   438 0 0
Farmers and Merchants Bancshar Com 308856103 2,614 122,268 SH   SOLE   122,268 0 0
Farmers Bankshares Inc Com 309479103 1,204 70,811 SH   SOLE   70,811 0 0
Fentura Financial Inc Com 314645102 2,937 113,389 SH   SOLE   113,389 0 0
Fifth Third Bancorp Call 316773100 0 0 SH Call SOLE   0 0 0
Finward Bancorp Com 31812F109 639 14,363 SH   SOLE   14,363 0 0
First Bankers Trustshares Inc Com 31929F109 3,385 108,113 SH   SOLE   108,113 0 0
First Citizens BancShares Inc/ Com 31946M202 16,844 22,458 SH   SOLE   22,458 0 0
First Mid Bancshares Inc Com 320866106 4,437 109,523 SH   SOLE   109,523 0 0
First National Corp/VA Com 32106V107 4,741 236,123 SH   SOLE   236,123 0 0
First National of Nebraska Inc Com 335720108 9,511 715 SH   SOLE   715 0 0
First Northern Community Banco Com 335925103 1,352 121,780 SH   SOLE   121,780 0 0
First Ottawa Bancshares Inc Com 335876108 134 1,891 SH   SOLE   1,891 0 0
First Reliance Bancshares Inc Com 33615Q100 2,509 257,045 SH   SOLE   257,045 0 0
Foresight Financial Group Inc Com 345526107 3,095 99,047 SH   SOLE   99,047 0 0
Grand River Commerce Inc Com 386441109 1,281 176,693 SH   SOLE   176,693 0 0
Heartland BancCorp Com 421962101 2,497 27,067 SH   SOLE   27,067 0 0
Heritage Commerce Corp Com 426927109 3,688 331,365 SH   SOLE   331,365 0 0
Heritage Southeast BanCorp Inc Com 42727V105 0 0 SH   SOLE   0 0 0
Horizon Bancorp Inc/AZ Com 44043E106 309 35,085 SH   SOLE   35,085 0 0
Iowa First Bancshares Corp Com 46246F202 1,836 53,990 SH   SOLE   53,990 0 0
KeyCorp Call 493267108 0 0 SH Call SOLE   0 0 0
Ledyard Financial Group Inc Com 523338101 2,560 96,064 SH   SOLE   96,064 0 0
Level One Bancorp Inc Com 52730D208 3,415 125,096 SH   SOLE   125,096 0 0
Macatawa Bank Corp Com 554225102 2,830 323,396 SH   SOLE   323,396 0 0
Marquette National Corp Com 571599109 2,982 79,528 SH   SOLE   79,528 0 0
Mechanics Bank/Walnut Creek CA Com 583614102 174 6 SH   SOLE   6 0 0
Merchants Financial Group Inc Com 588538108 5,037 69,720 SH   SOLE   69,720 0 0
Middlebury National Corp Com 596237107 690 15,674 SH   SOLE   15,674 0 0
Middlefield Banc Corp Com 596304204 3,071 130,110 SH   SOLE   130,110 0 0
Mission Bancorp/Bakersfield CA Com 605015106 3,536 44,122 SH   SOLE   44,122 0 0
Mountain Commerce Bancorp Inc Com 624004107 1,185 45,397 SH   SOLE   45,397 0 0
Oak Valley Bancorp Com 671807105 6,261 344,593 SH   SOLE   344,593 0 0
Oregon Pacific Bancorp Com 686040205 3,854 561,808 SH   SOLE   561,808 0 0
Oxford Bank Corp/MI Com 69140P100 3,371 111,231 SH   SOLE   111,231 0 0
Peapack-Gladstone Financial Co Com 704699107 3,955 127,300 SH   SOLE   127,300 0 0
Peoples Bancorp/WA Com 70979X107 1,150 5,000 SH   SOLE   5,000 0 0
Pinnacle Bank/Gilroy CA Com 72346K107 2,405 174,258 SH   SOLE   174,258 0 0
Pinnacle Financial Partners In Com 72346Q104 5,444 61,655 SH   SOLE   61,655 0 0
Plumas Bancorp Com 729273102 8,500 265,369 SH   SOLE   265,369 0 0
Premier Financial Corp Com 74052F108 3,307 116,400 SH   SOLE   116,400 0 0
Prime Meridian Holding Co Com 74164R107 1,756 79,775 SH   SOLE   79,775 0 0
Red River Bancshares Inc Com 75686R202 1,536 30,416 SH   SOLE   30,416 0 0
Redwood Capital Bancorp Com 75777X100 3,698 171,978 SH   SOLE   171,978 0 0
Santa Cruz County Bank Com 801827106 4,681 95,430 SH   SOLE   95,430 0 0
Security Bancorp Inc/TN Com 81377P109 360 5,790 SH   SOLE   5,790 0 0
Security National Corp/IA Com 814784104 2,082 16,958 SH   SOLE   16,958 0 0
Solvay Bank Com 83441Q105 2,907 69,203 SH   SOLE   69,203 0 0
South Atlantic Bancshares Inc Com 83636T104 2,686 185,109 SH   SOLE   185,109 0 0
SouthCrest Financial Group Inc Com 84129X107 3,393 276,774 SH   SOLE   276,774 0 0
Southeastern Banking Corp Com 84158P108 1,353 65,689 SH   SOLE   65,689 0 0
Southern BancShares NC Inc Com 842243107 9,802 1,944 SH   SOLE   1,944 0 0
Southern California Bancorp Com 84252A106 2,982 208,556 SH   SOLE   208,556 0 0
Southern Missouri Bancorp Inc Com 843380106 2,279 50,691 SH   SOLE   50,691 0 0
SPDR S&P Regional Banking ETF Call 78464A698 0 0 SH Call SOLE   0 0 0
Star Financial Group Inc Com 855121109 1,352 18,903 SH   SOLE   18,903 0 0
Studio Bank Com 86389R100 876 83,061 SH   SOLE   83,061 0 0
Summit Bancshares Inc/CA Com 866010101 1,256 35,261 SH   SOLE   35,261 0 0
Surrey Bancorp Com 86888W105 1,285 87,653 SH   SOLE   87,653 0 0
Synovus Financial Corp Com 87161C501 4,748 108,194 SH   SOLE   108,194 0 0
Timberland Bancorp Inc/WA Com 887098101 6,607 234,951 SH   SOLE   234,951 0 0
Town and Country Financial Cor Com 892039108 1,454 59,333 SH   SOLE   59,333 0 0
Traditions Bancorp Inc Com 89269L102 3,746 173,679 SH   SOLE   173,679 0 0
Tri City Bankshares Corp Com 895364107 2,143 92,963 SH   SOLE   92,963 0 0
Tri-County Financial Group Inc Com 89546P108 2,384 52,107 SH   SOLE   52,107 0 0
United BanCorp of Alabama Inc Com 90944R100 2,054 69,029 SH   SOLE   69,029 0 0
Valley National Bancorp Com 919794107 3,432 255,540 SH   SOLE   255,540 0 0
Veritex Holdings Inc Com 923451108 4,108 116,000 SH   SOLE   116,000 0 0
Wayne Savings Bancshares Inc Com 94624Q101 1,197 46,685 SH   SOLE   46,685 0 0
West Suburban Bancorp Inc Com 956152409 4,935 6,392 SH   SOLE   6,392 0 0
Woodlands Financial Services C Com 979685104 1,996 64,372 SH   SOLE   64,372 0 0
WSFS Financial Corp Com 929328102 3,229 69,311 SH   SOLE   69,311 0 0
WTB Financial Corp Com 929334209 4,758 12,180 SH   SOLE   12,180 0 0
Zions Bancorp NA Call 989701107 0 0 SH Call SOLE   0 0 0