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 444 74 SH   SOLE   74 0 0
1st Capital Bancorp COM 319427100 1,991 162,491 SH   SOLE   162,491 0 0
1st Colonial Bancorp Inc COM 319716106 991 90,352 SH   SOLE   90,352 0 0
Alpine Banks of Colorado COM 020810107 1,696 57,999 SH   SOLE   57,999 0 0
American Business Bank COM 02475L105 2,546 64,379 SH   SOLE   64,379 0 0
American Riviera Bancorp COM 02933K103 2,378 137,442 SH   SOLE   137,442 0 0
Avidbank Holdings Inc COM 05368J103 1,643 82,983 SH   SOLE   82,983 0 0
Ballston Spa Bancorp Inc COM 058701103 997 17,912 SH   SOLE   17,912 0 0
Bank of Marin Bancorp COM 063425102 3,113 97,966 SH   SOLE   97,966 0 0
Bank of Southside Virginia Cor COM 065121105 58 240 SH   SOLE   240 0 0
Bankwell Financial Group Inc COM 06654A103 3,426 110,338 SH   SOLE   110,338 0 0
Banner Corp COM 06652V208 3,427 60,973 SH   SOLE   60,973 0 0
BAY Community Bancorp COM 072205107 3,878 464,409 SH   SOLE   464,409 0 0
Beach Bank COM 07332N103 2,282 498,365 SH   SOLE   498,365 0 0
Blue Ridge Bankshares Inc COM 095825105 5,149 336,128 SH   SOLE   336,128 0 0
Boyle Bancorp Inc COM 103442109 1,423 16,741 SH   SOLE   16,741 0 0
Canandaigua National Corp COM 137143103 1,532 6,573 SH   SOLE   6,573 0 0
Cashmere Valley Bank COM 14756K102 3,244 59,794 SH   SOLE   59,794 0 0
Cecil Bancorp Inc COM 149841306 551 367,501 SH   SOLE   367,501 0 0
Citba Financial Corp COM 173024100 1,725 61,391 SH   SOLE   61,391 0 0
Citizens Bancorp/OR COM 172950107 698 55,766 SH   SOLE   55,766 0 0
Citizens Financial Group Inc COM 174610105 4,009 112,331 SH   SOLE   112,331 0 0
CNB Community Bancorp Inc COM 12618F105 1,695 48,048 SH   SOLE   48,048 0 0
Colony Bankcorp Inc COM 19623P101 1,633 108,216 SH   SOLE   108,216 0 0
Comerica Inc COM 200340107 5,808 79,145 SH   SOLE   79,145 0 0
Community Financial Corp/The COM 20368X101 2,657 72,041 SH   SOLE   72,041 0 0
Community West Bancshares COM 204157101 2,783 194,467 SH   SOLE   194,467 0 0
Cornerstone Community Bancorp COM 21925R108 3,704 134,708 SH   SOLE   134,708 0 0
Croghan Bancshares Inc COM 227072105 899 14,899 SH   SOLE   14,899 0 0
Crystal Valley Financial Corp COM 22941P100 2,578 43,320 SH   SOLE   43,320 0 0
Dacotah Banks Inc COM 233422104 1,101 31,927 SH   SOLE   31,927 0 0
Denver Bankshares Inc COM 249082108 392 1,980 SH   SOLE   1,980 0 0
Embassy Bancorp Inc COM 290791102 2,139 113,461 SH   SOLE   113,461 0 0
Enterprise Bancorp Inc/MA COM 293668109 3,485 108,253 SH   SOLE   108,253 0 0
Exchange Bank/Santa Rosa CA COM 301227203 8,457 69,895 SH   SOLE   69,895 0 0
Farmers & Merchants Bancorp In COM 30779N105 2,481 74,752 SH   SOLE   74,752 0 0
Farmers & Merchants Bank of Lo COM 308243104 3,329 438 SH   SOLE   438 0 0
Farmers and Merchants Bancshar COM 308856103 2,471 121,368 SH   SOLE   121,368 0 0
Farmers Bankshares Inc COM 309479103 1,246 70,811 SH   SOLE   70,811 0 0
Fentura Financial Inc COM 314645102 2,936 118,389 SH   SOLE   118,389 0 0
Finward Bancorp COM 31812F109 1,844 49,198 SH   SOLE   49,198 0 0
First Bankers Trustshares Inc COM 31929F109 1,763 64,713 SH   SOLE   64,713 0 0
First Busey Corp COM 319383204 3,501 153,214 SH   SOLE   153,214 0 0
First Citizens BancShares Inc/ COM 31946M103 1,442 2,205 SH   SOLE   2,205 0 0
First Citizens BancShares Inc/ COM 31946M202 12,354 20,253 SH   SOLE   20,253 0 0
First Merchants Corp COM 320817109 3,194 89,656 SH   SOLE   89,656 0 0
First Mid Bancshares Inc COM 320866106 3,907 109,523 SH   SOLE   109,523 0 0
First National Corp/VA COM 32106V107 5,773 316,343 SH   SOLE   316,343 0 0
First National of Nebraska Inc COM 335720108 10,082 715 SH   SOLE   715 0 0
First Ottawa Bancshares Inc COM 335876108 1,853 21,670 SH   SOLE   21,670 0 0
Grand River Commerce Inc COM 386441109 1,038 159,718 SH   SOLE   159,718 0 0
Heartland BancCorp COM 421962101 2,409 27,067 SH   SOLE   27,067 0 0
Heritage Commerce Corp COM 426927109 3,542 331,365 SH   SOLE   331,365 0 0
Horizon Bancorp Inc/AZ COM 44043E106 1,303 78,028 SH   SOLE   78,028 0 0
Lakeland Bancorp Inc COM 511637100 3,334 228,040 SH   SOLE   228,040 0 0
Ledyard Financial Group Inc COM 523338101 1,869 93,002 SH   SOLE   93,002 0 0
Macatawa Bank Corp COM 554225102 3,886 439,560 SH   SOLE   439,560 0 0
Marquette National Corp COM 571599109 276 9,961 SH   SOLE   9,961 0 0
Mechanics Bank/Walnut Creek CA COM 583614102 2,049 85 SH   SOLE   85 0 0
Merchants Financial Group Inc COM 588538108 5,281 209,160 SH   SOLE   209,160 0 0
Middlebury National Corp COM 596237107 600 15,674 SH   SOLE   15,674 0 0
Mission Bancorp/Bakersfield CA COM 605015106 4,375 52,418 SH   SOLE   52,418 0 0
Mountain Commerce Bancorp Inc COM 624004107 2,363 82,897 SH   SOLE   82,897 0 0
New York Community Bancorp Inc COM 649445103 929 101,701 SH   SOLE   101,701 0 0
New York Community Bancorp Inc CALL 649445103 94 472,300 SH   SOLE   472,300 0 0
Oak Ridge Financial Services I COM 671768109 467 25,087 SH   SOLE   25,087 0 0
Oak Valley Bancorp COM 671807105 6,168 358,593 SH   SOLE   358,593 0 0
Old Second Bancorp Inc COM 680277100 3,627 271,103 SH   SOLE   271,103 0 0
Oregon Pacific Bancorp COM 686040205 3,845 578,210 SH   SOLE   578,210 0 0
Oxford Bank Corp/MI COM 69140P100 3,294 111,231 SH   SOLE   111,231 0 0
Pacific Valley Bancorp COM 69503T103 966 91,069 SH   SOLE   91,069 0 0
Parke Bancorp Inc COM 700885106 3,035 144,817 SH   SOLE   144,817 0 0
Peapack-Gladstone Financial Co COM 704699107 3,781 127,300 SH   SOLE   127,300 0 0
Peoples Bancorp/WA COM 70979X107 1,075 5,000 SH   SOLE   5,000 0 0
Pinnacle Bank/Gilroy CA COM 72346K107 2,222 174,258 SH   SOLE   174,258 0 0
Pinnacle Financial Partners In COM 72346Q104 2,108 29,155 SH   SOLE   29,155 0 0
Plumas Bancorp COM 729273102 6,543 229,263 SH   SOLE   229,263 0 0
Premier Financial Corp COM 74052F108 2,951 116,400 SH   SOLE   116,400 0 0
Prime Meridian Holding Co COM 74164R107 1,809 80,014 SH   SOLE   80,014 0 0
Red River Bancshares Inc COM 75686R202 2,364 43,714 SH   SOLE   43,714 0 0
Redwood Capital Bancorp COM 75777X100 3,373 176,578 SH   SOLE   176,578 0 0
Santa Cruz County Bank COM 801827106 4,505 209,946 SH   SOLE   209,946 0 0
Security National Corp/IA COM 814784104 2,120 16,958 SH   SOLE   16,958 0 0
Solvay Bank COM 83441Q105 2,693 72,663 SH   SOLE   72,663 0 0
South Atlantic Bancshares Inc COM 83636T104 2,740 185,109 SH   SOLE   185,109 0 0
Southeastern Banking Corp COM 84158P108 1,445 65,689 SH   SOLE   65,689 0 0
Southern BancShares NC Inc COM 842243107 8,758 1,944 SH   SOLE   1,944 0 0
Southern California Bancorp COM 84252A106 3,097 208,556 SH   SOLE   208,556 0 0
Southern Missouri Bancorp Inc COM 843380106 3,590 79,314 SH   SOLE   79,314 0 0
Southern States Bancshares Inc COM 843878307 1,227 54,576 SH   SOLE   54,576 0 0
Star Financial Group Inc COM 855121109 1,370 18,903 SH   SOLE   18,903 0 0
Studio Financial Holdings Inc COM 864001102 1,106 83,061 SH   SOLE   83,061 0 0
Summit Bancshares Inc/CA COM 866010101 1,266 35,161 SH   SOLE   35,161 0 0
Surrey Bancorp COM 86888W105 1,228 87,653 SH   SOLE   87,653 0 0
Synovus Financial Corp COM 87161C501 3,900 108,194 SH   SOLE   108,194 0 0
Timberland Bancorp Inc/WA COM 887098101 5,874 234,951 SH   SOLE   234,951 0 0
Town and Country Financial Cor COM 892039108 1,572 59,333 SH   SOLE   59,333 0 0
Traditions Bancorp Inc COM 89269L102 3,800 173,679 SH   SOLE   173,679 0 0
Tri City Bankshares Corp COM 895364107 1,683 92,963 SH   SOLE   92,963 0 0
Tri-County Financial Group Inc COM 89546P108 2,802 61,917 SH   SOLE   61,917 0 0
United BanCorp of Alabama Inc COM 90944R100 1,771 69,029 SH   SOLE   69,029 0 0
Valley National Bancorp COM 919794107 2,660 255,540 SH   SOLE   255,540 0 0
Veritex Holdings Inc COM 923451108 3,394 116,000 SH   SOLE   116,000 0 0
Wayne Savings Bancshares Inc COM 94624Q101 1,218 46,685 SH   SOLE   46,685 0 0
Woodlands Financial Services C COM 979685104 1,838 64,372 SH   SOLE   64,372 0 0
WSFS Financial Corp COM 929328102 1,757 43,819 SH   SOLE   43,819 0 0
WTB Financial Corp COM 929334209 4,032 12,180 SH   SOLE   12,180 0 0