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
Alpine Banks of Colorado Com 020810107 2,204 57,999 SH   SOLE   57,999 0 0
American Business Bank Com 02475L105 2,415 64,379 SH   SOLE   64,379 0 0
American River Bankshares Com 029326105 0 0 SH   SOLE   0 0 0
American Riviera Bank Com 02932A106 983 51,199 SH   SOLE   51,199 0 0
Avidbank Holdings Inc Com 05368J103 1,875 82,983 SH   SOLE   82,983 0 0
Southern California Bancorp Com 84252A106 3,285 208,556 SH   SOLE   208,556 0 0
Bank of Fincastle/The Com 062113105 0 0 SH   SOLE   0 0 0
Bank of Marin Bancorp Com 063425102 3,698 97,966 SH   SOLE   97,966 0 0
Blue Ridge Bankshares Inc Com 095825105 5,913 336,130 SH   SOLE   336,130 0 0
Ballston Spa Bancorp Inc Com 058701103 926 17,795 SH   SOLE   17,795 0 0
Bank of Southside Virginia Cor Com 065121105 52 240 SH   SOLE   240 0 0
Beach Bank Com 07332N103 1,744 498,365 SH   SOLE   498,365 0 0
Bankwell Financial Group Inc Com 06654A103 3,219 110,338 SH   SOLE   110,338 0 0
Boyle Bancorp Inc Com 103442109 1,365 16,101 SH   SOLE   16,101 0 0
Citba Financial Corp Com 173024100 1,713 61,391 SH   SOLE   61,391 0 0
Colony Bankcorp Inc Com 19623P101 3,272 175,720 SH   SOLE   175,720 0 0
Comunibanc Corp Com 205846108 272 8,363 SH   SOLE   8,363 0 0
BAY Community Bancorp Com 072205107 3,418 464,409 SH   SOLE   464,409 0 0
Cecil Bancorp Inc Com 149841306 478 367,501 SH   SOLE   367,501 0 0
Citizens Financial Group Inc Com 174610105 5,277 112,331 SH   SOLE   112,331 0 0
Croghan Bancshares Inc Com 227072105 661 10,899 SH   SOLE   10,899 0 0
Comerica Inc Com 200340107 6,371 79,145 SH   SOLE   79,145 0 0
CNB Community Bancorp Inc Com 12618F105 1,715 40,548 SH   SOLE   40,548 0 0
Canandaigua National Corp Com 137143103 1,514 6,373 SH   SOLE   6,373 0 0
Cornerstone Community Bancorp Com 21925R108 3,464 127,779 SH   SOLE   127,779 0 0
Cashmere Valley Bank Com 14756K102 3,946 55,294 SH   SOLE   55,294 0 0
Central Valley Community Banco Com 155685100 846 39,346 SH   SOLE   39,346 0 0
Community West Bancshares Com 204157101 2,537 194,467 SH   SOLE   194,467 0 0
Crystal Valley Financial Corp Com 22941P100 2,773 43,320 SH   SOLE   43,320 0 0
Citizens Bancorp/OR Com 172950107 932 55,766 SH   SOLE   55,766 0 0
Dacotah Banks Inc Com 233422104 1,063 31,927 SH   SOLE   31,927 0 0
Denver Bankshares Inc Com 249082108 426 1,980 SH   SOLE   1,980 0 0
Enterprise Bancorp Inc/MA Com 293668109 3,892 108,253 SH   SOLE   108,253 0 0
Embassy Bancorp Inc Com 290791102 2,072 108,461 SH   SOLE   108,461 0 0
Exchange Bank/Santa Rosa CA Com 301227203 10,491 69,895 SH   SOLE   69,895 0 0
First Bankers Trustshares Inc Com 31929F109 3,015 99,013 SH   SOLE   99,013 0 0
Farmers Bankshares Inc Com 309479103 1,328 70,811 SH   SOLE   70,811 0 0
1st Constitution Bancorp Com 31986N102 3,976 167,961 SH   SOLE   167,961 0 0
First Citizens BancShares Inc/ Com 31946M202 16,394 22,458 SH   SOLE   22,458 0 0
1st Colonial Bancorp Inc Com 319716106 866 90,352 SH   SOLE   90,352 0 0
Fentura Financial Inc Com 314645102 2,906 113,389 SH   SOLE   113,389 0 0
Foresight Financial Group Inc Com 345526107 2,189 69,047 SH   SOLE   69,047 0 0
First National of Nebraska Inc Com 335720108 9,939 715 SH   SOLE   715 0 0
1st Capital Bancorp Com 319427100 1,865 142,791 SH   SOLE   142,791 0 0
Farmers & Merchants Bancorp In Com 30779N105 2,186 97,593 SH   SOLE   97,593 0 0
First Mid Bancshares Inc Com 320866106 4,497 109,523 SH   SOLE   109,523 0 0
Farmers & Merchants Bank of Lo Com 308243104 3,548 438 SH   SOLE   438 0 0
Farmers and Merchants Bancshar Com 308856103 3,034 121,368 SH   SOLE   121,368 0 0
First Northern Community Banco Com 335925103 0 0 SH   SOLE   0 0 0
Finward Bancorp Com 31812F109 796 19,363 SH   SOLE   19,363 0 0
First Ottawa Bancshares Inc Com 335876108 1,051 13,134 SH   SOLE   13,134 0 0
First Reliance Bancshares Inc Com 33615Q100 1,872 180,845 SH   SOLE   180,845 0 0
First National Corp/VA Com 32106V107 7,276 316,343 SH   SOLE   316,343 0 0
Grand River Commerce Inc Com 386441109 1,290 176,693 SH   SOLE   176,693 0 0
Heartland BancCorp Com 421962101 2,470 27,067 SH   SOLE   27,067 0 0
Horizon Bancorp Inc/AZ Com 44043E106 692 80,412 SH   SOLE   80,412 0 0
Heritage Commerce Corp Com 426927109 3,854 331,365 SH   SOLE   331,365 0 0
Iowa First Bancshares Corp Com 46246F202 0 0 SH   SOLE   0 0 0
Level One Bancorp Inc Com 52730D208 3,680 125,096 SH   SOLE   125,096 0 0
Ledyard Financial Group Inc Com 523338101 2,397 96,064 SH   SOLE   96,064 0 0
Middlefield Banc Corp Com 596304204 1,909 80,110 SH   SOLE   80,110 0 0
Macatawa Bank Corp Com 554225102 2,597 323,396 SH   SOLE   323,396 0 0
Mountain Commerce Bancorp Inc Com 624004107 1,471 52,897 SH   SOLE   52,897 0 0
Mechanics Bank/Walnut Creek CA Com 583614102 162 6 SH   SOLE   6 0 0
Middlebury National Corp Com 596237107 709 15,674 SH   SOLE   15,674 0 0
Merchants Financial Group Inc Com 588538108 5,090 69,720 SH   SOLE   69,720 0 0
Marquette National Corp Com 571599109 1,910 52,528 SH   SOLE   52,528 0 0
Mission Bancorp/Bakersfield CA Com 605015106 3,587 44,122 SH   SOLE   44,122 0 0
New York Community Bancorp Inc Com 649445103 1,328 103,201 SH   SOLE   103,201 0 0
New York Community Bancorp Inc Call 649445103 468 446,100 SH Call SOLE   446,100 0 0
Oregon Pacific Bancorp Com 686040205 3,905 561,808 SH   SOLE   561,808 0 0
Oak Valley Bancorp Com 671807105 6,044 344,593 SH   SOLE   344,593 0 0
Oxford Bank Corp/MI Com 69140P100 3,374 111,231 SH   SOLE   111,231 0 0
Pinnacle Bank/Gilroy CA Com 72346K107 2,318 174,258 SH   SOLE   174,258 0 0
Premier Financial Corp Com 74052F108 3,706 116,400 SH   SOLE   116,400 0 0
Peapack-Gladstone Financial Co Com 704699107 4,247 127,300 SH   SOLE   127,300 0 0
Parke Bancorp Inc Com 700885106 1,723 78,693 SH   SOLE   78,693 0 0
Plumas Bancorp Com 729273102 8,380 265,369 SH   SOLE   265,369 0 0
Prime Meridian Holding Co Com 74164R107 1,824 80,014 SH   SOLE   80,014 0 0
Pinnacle Financial Partners In Com 72346Q104 5,801 61,655 SH   SOLE   61,655 0 0
Peoples Bancorp/WA Com 70979X107 1,108 5,000 SH   SOLE   5,000 0 0
Pacific Valley Bank Com 69503P101 773 72,245 SH   SOLE   72,245 0 0
Red River Bancshares Inc Com 75686R202 1,516 30,416 SH   SOLE   30,416 0 0
Redwood Capital Bancorp Com 75777X100 3,440 171,978 SH   SOLE   171,978 0 0
Royal Financial Inc Com 78027P109 1,046 55,500 SH   SOLE   55,500 0 0
South Atlantic Bancshares Inc Com 83636T104 2,608 185,109 SH   SOLE   185,109 0 0
Southern BancShares NC Inc Com 842243107 10,157 1,944 SH   SOLE   1,944 0 0
SouthCrest Financial Group Inc Com 84129X107 0 0 SH   SOLE   0 0 0
Security Bancorp Inc/TN Com 81377P109 0 0 SH   SOLE   0 0 0
Santa Cruz County Bank Com 801827106 4,543 95,430 SH   SOLE   95,430 0 0
Southeastern Banking Corp Com 84158P108 1,412 65,689 SH   SOLE   65,689 0 0
Star Financial Group Inc Com 855121109 1,474 18,903 SH   SOLE   18,903 0 0
Summit Bancshares Inc/CA Com 866010101 1,280 35,261 SH   SOLE   35,261 0 0
Southern Missouri Bancorp Inc Com 843380106 2,276 50,691 SH   SOLE   50,691 0 0
Security National Corp/IA Com 814784104 2,154 16,958 SH   SOLE   16,958 0 0
Synovus Financial Corp Com 87161C501 4,749 108,194 SH   SOLE   108,194 0 0
Solvay Bank Com 83441Q105 2,623 69,203 SH   SOLE   69,203 0 0
Surrey Bancorp Com 86888W105 1,285 87,653 SH   SOLE   87,653 0 0
Southern States Bancshares Inc Com 843878307 1,041 54,576 SH   SOLE   54,576 0 0
Studio Bank Com 86389R100 1,080 83,061 SH   SOLE   83,061 0 0
Community Financial Corp/The Com 20368X101 2,656 72,041 SH   SOLE   72,041 0 0
Traditions Bancorp Inc Com 89269L102 3,725 173,679 SH   SOLE   173,679 0 0
Tri City Bankshares Corp Com 895364107 1,865 92,963 SH   SOLE   92,963 0 0
Timberland Bancorp Inc/WA Com 887098101 6,790 234,951 SH   SOLE   234,951 0 0
Town and Country Financial Cor Com 892039108 1,543 59,333 SH   SOLE   59,333 0 0
Tri-County Financial Group Inc Com 89546P108 2,911 61,917 SH   SOLE   61,917 0 0
United BanCorp of Alabama Inc Com 90944R100 2,071 69,029 SH   SOLE   69,029 0 0
Veritex Holdings Inc Com 923451108 4,566 116,000 SH   SOLE   116,000 0 0
Valley National Bancorp Com 919794107 3,401 255,540 SH   SOLE   255,540 0 0
Wayne Savings Bancshares Inc Com 94624Q101 1,200 46,685 SH   SOLE   46,685 0 0
Woodlands Financial Services C Com 979685104 1,928 64,372 SH   SOLE   64,372 0 0
1867 Western Financial Corp Com 282518109 607 74 SH   SOLE   74 0 0
West Suburban Bancorp Inc Com 956152409 5,120 6,392 SH   SOLE   6,392 0 0
WSFS Financial Corp Com 929328102 3,556 69,311 SH   SOLE   69,311 0 0
WTB Financial Corp Com 929334209 4,593 12,180 SH   SOLE   12,180 0 0