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 374 74 SH   SOLE 0 74 0 0
1st Capital Bancorp COM 319427100 1,682 162,491 SH   SOLE 0 162,491 0 0
1st Colonial Bancorp Inc COM 319716106 1,066 90,352 SH   SOLE 0 90,352 0 0
Alpine Banks of Colorado COM 020810107 3,744 128,174 SH   SOLE 0 128,174 0 0
American Business Bank COM 02475L105 2,488 64,379 SH   SOLE 0 64,379 0 0
American Riviera Bancorp COM 02933K103 2,730 161,517 SH   SOLE 0 161,517 0 0
Avidbank Holdings Inc COM 05368J103 1,753 82,983 SH   SOLE 0 82,983 0 0
Ballston Spa Bancorp Inc COM 058701103 997 17,912 SH   SOLE 0 17,912 0 0
Bank of Marin Bancorp COM 063425102 1,011 33,765 SH   SOLE 0 33,765 0 0
Bank of Southside Virginia Cor COM 065121105 0 0 SH   SOLE 0 0 0 0
Bankwell Financial Group Inc COM 06654A103 3,212 110,338 SH   SOLE 0 110,338 0 0
Banner Corp COM 06652V208 3,602 60,973 SH   SOLE 0 60,973 0 0
BAY Community Bancorp COM 072205107 3,901 464,409 SH   SOLE 0 464,409 0 0
Beach Bank COM 07332N103 0 0 SH   SOLE 0 0 0 0
Blue Ridge Bankshares Inc COM 095825105 2,551 199,480 SH   SOLE 0 199,480 0 0
Boyle Bancorp Inc COM 103442109 1,506 18,147 SH   SOLE 0 18,147 0 0
Canandaigua National Corp COM 137143103 1,748 6,573 SH   SOLE 0 6,573 0 0
Cashmere Valley Bank COM 14756K102 3,149 64,194 SH   SOLE 0 64,194 0 0
Cecil Bancorp Inc COM 149841306 551 367,501 SH   SOLE 0 367,501 0 0
Central Valley Community Banco COM 155685100 2,611 147,439 SH   SOLE 0 147,439 0 0
Citba Financial Corp COM 173024100 1,556 61,391 SH   SOLE 0 61,391 0 0
Citizens Bancorp/OR COM 172950107 666 55,766 SH   SOLE 0 55,766 0 0
Citizens Financial Group Inc COM 174610105 3,860 112,331 SH   SOLE 0 112,331 0 0
CNB Community Bancorp Inc COM 12618F105 1,707 48,048 SH   SOLE 0 48,048 0 0
CNB Financial Corp/PA COM 126128107 2,359 100,000 SH   SOLE 0 100,000 0 0
Colony Bankcorp Inc COM 19623P101 0 0 SH   SOLE 0 0 0 0
Comerica Inc COM 200340107 5,627 79,145 SH   SOLE 0 79,145 0 0
Community Financial Corp/The COM 20368X101 2,471 72,041 SH   SOLE 0 72,041 0 0
Community Heritage Financial I COM 20370L103 2,441 119,000 SH   SOLE 0 119,000 0 0
Community West Bancshares COM 204157101 2,713 194,467 SH   SOLE 0 194,467 0 0
Cornerstone Community Bancorp COM 21925R108 3,690 138,708 SH   SOLE 0 138,708 0 0
Croghan Bancshares Inc COM 227072105 834 14,899 SH   SOLE 0 14,899 0 0
Crystal Valley Financial Corp COM 22941P100 2,469 43,320 SH   SOLE 0 43,320 0 0
Dacotah Banks Inc COM 233422104 1,111 31,927 SH   SOLE 0 31,927 0 0
Denver Bankshares Inc COM 249082108 588 1,980 SH   SOLE 0 1,980 0 0
Embassy Bancorp Inc COM 290791102 2,230 113,461 SH   SOLE 0 113,461 0 0
Enterprise Bancorp Inc/MA COM 293668109 3,238 108,253 SH   SOLE 0 108,253 0 0
Exchange Bank/Santa Rosa CA COM 301227203 8,038 69,895 SH   SOLE 0 69,895 0 0
Farmers & Merchants Bancorp In COM 30779N105 0 0 SH   SOLE 0 0 0 0
Farmers & Merchants Bank of Lo COM 308243104 3,416 438 SH   SOLE 0 438 0 0
Farmers and Merchants Bancshar COM 308856103 2,618 121,368 SH   SOLE 0 121,368 0 0
Farmers Bankshares Inc COM 309479103 0 0 SH   SOLE 0 0 0 0
Fentura Financial Inc COM 314645102 3,045 132,389 SH   SOLE 0 132,389 0 0
Finward Bancorp COM 31812F109 1,674 49,198 SH   SOLE 0 49,198 0 0
First Bancshares Inc/The COM 318916103 2,548 85,269 SH   SOLE 0 85,269 0 0
First Bankers Trustshares Inc COM 31929F109 889 34,860 SH   SOLE 0 34,860 0 0
First Busey Corp COM 319383204 3,368 153,214 SH   SOLE 0 153,214 0 0
First Citizens BancShares Inc/ COM 31946M103 1,758 2,205 SH   SOLE 0 2,205 0 0
First Citizens BancShares Inc/ COM 31946M202 14,096 20,253 SH   SOLE 0 20,253 0 0
First Merchants Corp COM 320817109 3,468 89,656 SH   SOLE 0 89,656 0 0
First Mid Bancshares Inc COM 320866106 3,501 109,523 SH   SOLE 0 109,523 0 0
First National Corp/VA COM 32106V107 4,840 316,343 SH   SOLE 0 316,343 0 0
First National of Nebraska Inc COM 335720108 9,742 715 SH   SOLE 0 715 0 0
First Ottawa Bancshares Inc COM 335876108 2,212 25,647 SH   SOLE 0 25,647 0 0
Grand River Commerce Inc COM 386441109 902 159,718 SH   SOLE 0 159,718 0 0
Heartland BancCorp COM 421962101 2,395 27,067 SH   SOLE 0 27,067 0 0
Heritage Commerce Corp COM 426927109 3,758 331,365 SH   SOLE 0 331,365 0 0
Horizon Bancorp Inc/AZ COM 44043E106 0 0 SH   SOLE 0 0 0 0
Lakeland Bancorp Inc COM 511637100 3,651 228,040 SH   SOLE 0 228,040 0 0
Ledyard Financial Group Inc COM 523338101 1,841 93,002 SH   SOLE 0 93,002 0 0
Macatawa Bank Corp COM 554225102 4,070 439,560 SH   SOLE 0 439,560 0 0
Marquette National Corp COM 571599109 0 0 SH   SOLE 0 0 0 0
Mechanics Bank/Walnut Creek CA COM 583614102 1,700 85 SH   SOLE 0 85 0 0
Merchants Financial Group Inc COM 588538108 5,553 209,160 SH   SOLE 0 209,160 0 0
Middlebury National Corp COM 596237107 569 15,674 SH   SOLE 0 15,674 0 0
Mission Bancorp/Bakersfield CA COM 605015106 4,404 52,418 SH   SOLE 0 52,418 0 0
Mountain Commerce Bancorp Inc COM 624004107 2,331 82,897 SH   SOLE 0 82,897 0 0
New York Community Bancorp Inc COM 649445103 868 101,701 SH   SOLE 0 101,701 0 0
New York Community Bancorp Inc CALL 649445103 71 472,300 SH   SOLE 0 472,300 0 0
Oak Ridge Financial Services I COM 671768109 563 30,333 SH   SOLE 0 30,333 0 0
Oak Valley Bancorp COM 671807105 6,408 358,593 SH   SOLE 0 358,593 0 0
Old Second Bancorp Inc COM 680277100 3,538 271,103 SH   SOLE 0 271,103 0 0
Oregon Pacific Bancorp COM 686040205 3,747 582,710 SH   SOLE 0 582,710 0 0
Oxford Bank Corp/MI COM 69140P100 3,187 111,231 SH   SOLE 0 111,231 0 0
Pacific Valley Bancorp COM 69503T103 985 92,101 SH   SOLE 0 92,101 0 0
Parke Bancorp Inc COM 700885106 3,035 144,817 SH   SOLE 0 144,817 0 0
Peapack-Gladstone Financial Co COM 704699107 4,284 127,300 SH   SOLE 0 127,300 0 0
Peoples Bancorp/WA COM 70979X107 1,030 5,000 SH   SOLE 0 5,000 0 0
Pinnacle Bank/Gilroy CA COM 72346K107 2,030 174,258 SH   SOLE 0 174,258 0 0
Pinnacle Financial Partners In COM 72346Q104 2,364 29,155 SH   SOLE 0 29,155 0 0
Plumas Bancorp COM 729273102 6,504 229,263 SH   SOLE 0 229,263 0 0
Premier Financial Corp COM 74052F108 2,991 116,400 SH   SOLE 0 116,400 0 0
Prime Meridian Holding Co COM 74164R107 2,003 80,014 SH   SOLE 0 80,014 0 0
Red River Bancshares Inc COM 75686R202 2,967 60,015 SH   SOLE 0 60,015 0 0
Redwood Capital Bancorp COM 75777X100 3,028 176,578 SH   SOLE 0 176,578 0 0
Santa Cruz County Bank COM 801827106 4,871 209,946 SH   SOLE 0 209,946 0 0
Security National Corp/IA COM 814784104 2,188 16,958 SH   SOLE 0 16,958 0 0
Solvay Bank COM 83441Q105 2,471 72,663 SH   SOLE 0 72,663 0 0
South Atlantic Bancshares Inc COM 83636T104 2,617 185,109 SH   SOLE 0 185,109 0 0
Southeastern Banking Corp COM 84158P108 1,429 65,689 SH   SOLE 0 65,689 0 0
Southern BancShares NC Inc COM 842243107 8,942 1,944 SH   SOLE 0 1,944 0 0
Southern California Bancorp COM 84252A106 3,212 208,556 SH   SOLE 0 208,556 0 0
Southern Missouri Bancorp Inc COM 843380106 4,047 79,314 SH   SOLE 0 79,314 0 0
Southern States Bancshares Inc COM 843878307 1,108 40,650 SH   SOLE 0 40,650 0 0
Star Financial Group Inc COM 855121109 1,512 18,903 SH   SOLE 0 18,903 0 0
Studio Financial Holdings Inc COM 864001102 1,080 83,061 SH   SOLE 0 83,061 0 0
Summit Bancshares Inc/CA COM 866010101 1,266 35,161 SH   SOLE 0 35,161 0 0
Surrey Bancorp COM 86888W105 1,227 87,653 SH   SOLE 0 87,653 0 0
Synovus Financial Corp COM 87161C501 4,062 108,194 SH   SOLE 0 108,194 0 0
Timberland Bancorp Inc/WA COM 887098101 6,494 234,951 SH   SOLE 0 234,951 0 0
Town and Country Financial Cor COM 892039108 2,003 59,333 SH   SOLE 0 59,333 0 0
Traditions Bancorp Inc COM 89269L102 3,430 173,679 SH   SOLE 0 173,679 0 0
Tri City Bankshares Corp COM 895364107 1,557 92,963 SH   SOLE 0 92,963 0 0
Tri-County Financial Group Inc COM 89546P108 2,926 61,917 SH   SOLE 0 61,917 0 0
United BanCorp of Alabama Inc COM 90944R100 1,809 69,029 SH   SOLE 0 69,029 0 0
Valley National Bancorp COM 919794107 2,760 255,540 SH   SOLE 0 255,540 0 0
Veritex Holdings Inc COM 923451108 3,084 116,000 SH   SOLE 0 116,000 0 0
Wayne Savings Bancshares Inc COM 94624Q101 1,057 46,685 SH   SOLE 0 46,685 0 0
Woodlands Financial Services C COM 979685104 1,797 64,372 SH   SOLE 0 64,372 0 0
WSFS Financial Corp COM 929328102 2,036 43,819 SH   SOLE 0 43,819 0 0
WTB Financial Corp COM 929334209 4,124 12,180 SH   SOLE 0 12,180 0 0