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 1,879 57,999 SH   SOLE   57,999 0 0
American Business Bank COM 02475L105 2,524 64,379 SH   SOLE   64,379 0 0
American Riviera Bank COM 02932A106 2,223 110,340 SH   SOLE   110,340 0 0
Avidbank Holdings Inc COM 05368J103 2,083 82,983 SH   SOLE   82,983 0 0
Southern California Bancorp COM 84252A106 3,097 208,556 SH   SOLE   208,556 0 0
Oak Ridge Financial Services I COM 671768109 325 17,944 SH   SOLE   17,944 0 0
Bank of Marin Bancorp COM 063425102 3,647 97,966 SH   SOLE   97,966 0 0
Blue Ridge Bankshares Inc COM 095825105 6,017 336,129 SH   SOLE   336,129 0 0
Ballston Spa Bancorp Inc COM 058701103 920 17,795 SH   SOLE   17,795 0 0
Bank of Southside Virginia Cor COM 065121105 54 240 SH   SOLE   240 0 0
Beach Bank COM 07332N103 1,789 498,365 SH   SOLE   498,365 0 0
Bankwell Financial Group Inc COM 06654A103 3,623 110,338 SH   SOLE   110,338 0 0
Boyle Bancorp Inc COM 103442109 1,484 16,674 SH   SOLE   16,674 0 0
Citba Financial Corp COM 173024100 1,796 61,391 SH   SOLE   61,391 0 0
Colony Bankcorp Inc COM 19623P101 3,000 175,720 SH   SOLE   175,720 0 0
Comunibanc Corp COM 205846108 186 5,963 SH   SOLE   5,963 0 0
BAY Community Bancorp COM 072205107 3,321 464,409 SH   SOLE   464,409 0 0
Cecil Bancorp Inc COM 149841306 551 367,501 SH   SOLE   367,501 0 0
Citizens Financial Group Inc COM 174610105 5,308 112,331 SH   SOLE   112,331 0 0
Croghan Bancshares Inc COM 227072105 701 10,999 SH   SOLE   10,999 0 0
Comerica Inc COM 200340107 6,886 79,145 SH   SOLE   79,145 0 0
CNB Community Bancorp Inc COM 12618F105 2,068 48,048 SH   SOLE   48,048 0 0
Canandaigua National Corp COM 137143103 1,692 6,373 SH   SOLE   6,373 0 0
Cornerstone Community Bancorp COM 21925R108 3,884 134,708 SH   SOLE   134,708 0 0
Cashmere Valley Bank COM 14756K102 3,957 55,294 SH   SOLE   55,294 0 0
Central Valley Community Banco COM 155685100 817 39,346 SH   SOLE   39,346 0 0
Community West Bancshares COM 204157101 2,608 194,467 SH   SOLE   194,467 0 0
Crystal Valley Financial Corp COM 22941P100 2,827 43,320 SH   SOLE   43,320 0 0
Citizens Bancorp/OR COM 172950107 921 55,766 SH   SOLE   55,766 0 0
Dacotah Banks Inc COM 233422104 1,149 31,927 SH   SOLE   31,927 0 0
Denver Bankshares Inc COM 249082108 485 1,980 SH   SOLE   1,980 0 0
Enterprise Bancorp Inc/MA COM 293668109 4,863 108,253 SH   SOLE   108,253 0 0
Embassy Bancorp Inc COM 290791102 2,170 108,461 SH   SOLE   108,461 0 0
Exchange Bank/Santa Rosa CA COM 301227203 10,701 69,895 SH   SOLE   69,895 0 0
First Bankers Trustshares Inc COM 31929F109 2,990 97,387 SH   SOLE   97,387 0 0
Farmers Bankshares Inc COM 309479103 1,171 70,811 SH   SOLE   70,811 0 0
1st Constitution Bancorp COM 31986N102 4,307 167,961 SH   SOLE   167,961 0 0
First Citizens BancShares Inc/ COM 31946M202 16,619 22,458 SH   SOLE   22,458 0 0
1st Colonial Bancorp Inc COM 319716106 864 90,352 SH   SOLE   90,352 0 0
Fentura Financial Inc COM 314645102 3,203 113,389 SH   SOLE   113,389 0 0
Foresight Financial Group Inc COM 345526107 1,381 42,347 SH   SOLE   42,347 0 0
First National of Nebraska Inc COM 335720108 10,153 715 SH   SOLE   715 0 0
1st Capital Bancorp COM 319427100 2,372 162,491 SH   SOLE   162,491 0 0
Farmers & Merchants Bancorp In COM 30779N105 3,204 97,593 SH   SOLE   97,593 0 0
First Mid Bancshares Inc COM 320866106 4,686 109,523 SH   SOLE   109,523 0 0
Farmers & Merchants Bank of Lo COM 308243104 3,504 438 SH   SOLE   438 0 0
Farmers and Merchants Bancshar COM 308856103 2,676 121,368 SH   SOLE   121,368 0 0
Finward Bancorp COM 31812F109 1,404 30,363 SH   SOLE   30,363 0 0
First Ottawa Bancshares Inc COM 335876108 1,537 19,218 SH   SOLE   19,218 0 0
First Reliance Bancshares Inc COM 33615Q100 1,651 165,945 SH   SOLE   165,945 0 0
First National Corp/VA COM 32106V107 7,274 316,343 SH   SOLE   316,343 0 0
Grand River Commerce Inc COM 386441109 1,308 176,693 SH   SOLE   176,693 0 0
Heartland BancCorp COM 421962101 2,436 27,067 SH   SOLE   27,067 0 0
Horizon Bancorp Inc/AZ COM 44043E106 878 95,928 SH   SOLE   95,928 0 0
Heritage Commerce Corp COM 426927109 3,956 331,365 SH   SOLE   331,365 0 0
Level One Bancorp Inc COM 52730D208 4,934 125,096 SH   SOLE   125,096 0 0
Ledyard Financial Group Inc COM 523338101 2,358 96,064 SH   SOLE   96,064 0 0
Middlefield Banc Corp COM 596304204 0 0 SH   SOLE   0 0 0
Macatawa Bank Corp COM 554225102 2,852 323,396 SH   SOLE   323,396 0 0
Mountain Commerce Bancorp Inc COM 624004107 2,450 79,672 SH   SOLE   79,672 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 5,159 69,720 SH   SOLE   69,720 0 0
Marquette National Corp COM 571599109 1,907 52,528 SH   SOLE   52,528 0 0
Mission Bancorp/Bakersfield CA COM 605015106 3,397 44,122 SH   SOLE   44,122 0 0
New York Community Bancorp Inc COM 649445103 1,242 101,701 SH   SOLE   101,701 0 0
New York Community Bancorp Inc CALL 649445103 331 472,300 SH Call SOLE   472,300 0 0
Oregon Pacific Bancorp COM 686040205 4,073 561,808 SH   SOLE   561,808 0 0
Old Second Bancorp Inc COM 680277100 3,413 271,103 SH   SOLE   271,103 0 0
Oak Valley Bancorp COM 671807105 6,240 358,593 SH   SOLE   358,593 0 0
Oxford Bank Corp/MI COM 69140P100 3,615 111,231 SH   SOLE   111,231 0 0
Pinnacle Bank/Gilroy CA COM 72346K107 2,239 174,258 SH   SOLE   174,258 0 0
Premier Financial Corp COM 74052F108 3,598 116,400 SH   SOLE   116,400 0 0
Peapack-Gladstone Financial Co COM 704699107 4,506 127,300 SH   SOLE   127,300 0 0
Parke Bancorp Inc COM 700885106 2,249 105,693 SH   SOLE   105,693 0 0
Plumas Bancorp COM 729273102 8,531 252,476 SH   SOLE   252,476 0 0
Prime Meridian Holding Co COM 74164R107 2,177 80,014 SH   SOLE   80,014 0 0
Pinnacle Financial Partners In COM 72346Q104 5,888 61,655 SH   SOLE   61,655 0 0
Peoples Bancorp/WA COM 70979X107 1,055 5,000 SH   SOLE   5,000 0 0
Pacific Valley Bank COM 69503P101 980 89,849 SH   SOLE   89,849 0 0
Red River Bancshares Inc COM 75686R202 1,627 30,416 SH   SOLE   30,416 0 0
Redwood Capital Bancorp COM 75777X100 3,634 176,578 SH   SOLE   176,578 0 0
Royal Financial Inc COM 78027P109 1,143 55,500 SH   SOLE   55,500 0 0
South Atlantic Bancshares Inc COM 83636T104 2,851 185,109 SH   SOLE   185,109 0 0
Southern BancShares NC Inc COM 842243107 10,498 1,944 SH   SOLE   1,944 0 0
Santa Cruz County Bank COM 801827106 4,970 104,973 SH   SOLE   104,973 0 0
Southeastern Banking Corp COM 84158P108 1,471 65,689 SH   SOLE   65,689 0 0
Star Financial Group Inc COM 855121109 1,446 18,903 SH   SOLE   18,903 0 0
Summit Bancshares Inc/CA COM 866010101 1,252 35,161 SH   SOLE   35,161 0 0
Southern Missouri Bancorp Inc COM 843380106 2,645 50,691 SH   SOLE   50,691 0 0
Security National Corp/IA COM 814784104 2,120 16,958 SH   SOLE   16,958 0 0
Synovus Financial Corp COM 87161C501 5,179 108,194 SH   SOLE   108,194 0 0
Solvay Bank COM 83441Q105 2,737 69,203 SH   SOLE   69,203 0 0
Surrey Bancorp COM 86888W105 1,359 87,653 SH   SOLE   87,653 0 0
Southern States Bancshares Inc COM 843878307 1,068 54,576 SH   SOLE   54,576 0 0
Studio Bank COM 86389R100 1,113 83,061 SH   SOLE   83,061 0 0
Community Financial Corp/The COM 20368X101 2,832 72,041 SH   SOLE   72,041 0 0
Traditions Bancorp Inc COM 89269L102 3,795 173,679 SH   SOLE   173,679 0 0
Tri City Bankshares Corp COM 895364107 1,966 92,963 SH   SOLE   92,963 0 0
Timberland Bancorp Inc/WA COM 887098101 6,508 234,951 SH   SOLE   234,951 0 0
Town and Country Financial Cor COM 892039108 1,611 59,333 SH   SOLE   59,333 0 0
Tri-County Financial Group Inc COM 89546P108 3,009 61,917 SH   SOLE   61,917 0 0
United BanCorp of Alabama Inc COM 90944R100 2,016 69,029 SH   SOLE   69,029 0 0
Veritex Holdings Inc COM 923451108 4,614 116,000 SH   SOLE   116,000 0 0
Valley National Bancorp COM 919794107 3,514 255,540 SH   SOLE   255,540 0 0
Wayne Savings Bancshares Inc COM 94624Q101 1,198 46,685 SH   SOLE   46,685 0 0
Woodlands Financial Services C COM 979685104 1,983 64,372 SH   SOLE   64,372 0 0
1867 Western Financial Corp COM 282518109 592 74 SH   SOLE   74 0 0
West Suburban Bancorp Inc COM 956152409 0 0 SH   SOLE   0 0 0
WSFS Financial Corp COM 929328102 3,474 69,311 SH   SOLE   69,311 0 0
WTB Financial Corp COM 929334209 4,689 12,180 SH   SOLE   12,180 0 0