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
1895 BANCORP OF WIS INC COM 28253R105 554 50,454 SH   SOLE   50,454 0 0
1ST CONSTITUTION BANCORP COM 31986N102 4,606 179,646 SH   SOLE   179,646 0 0
AFFINITY BANCSHARES INC COM 00832E103 446 28,967 SH   SOLE   28,967 0 0
AMERISERV FINL INC COM 03074A102 2,181 564,944 SH   SOLE   564,944 0 0
ATLANTIC CAP BANCSHARES INC COM 048269203 4,140 143,902 SH   SOLE   143,902 0 0
BANC OF CALIFORNIA INC COM 05990K106 7,699 392,402 SH   SOLE   392,402 0 0
BANK OF THE JAMES FINL GP IN COM 470299108 465 30,060 SH   SOLE   30,060 0 0
BANK PRINCETON NEW JERSEY COM 064520109 2,242 76,437 SH   SOLE   76,437 0 0
BANKFINANCIAL CORP COM 06643P104 2,105 197,256 SH   SOLE   197,256 0 0
BANKWELL FINL GROUP INC COM 06654A103 1,047 31,887 SH   SOLE   31,887 0 0
BANNER CORP COM NEW 06652V208 3,242 53,434 SH   SOLE   53,434 0 0
BAYCOM CORP COM 07272M107 2,133 113,696 SH   SOLE   113,696 0 0
BCB BANCORP INC COM 055298103 1,519 98,462 SH   SOLE   98,462 0 0
BERKSHIRE HILLS BANCORP INC COM 084680107 6,266 220,400 SH   SOLE   220,400 0 0
BLUE RIDGE BANKSHARES INC VA COM 095825105 243 13,593 SH   SOLE   13,593 0 0
BOGOTA FINL CORP COM 097235105 214 21,005 SH   SOLE   21,005 0 0
BROOKLINE BANCORP INC DEL COM 11373M107 942 58,197 SH   SOLE   58,197 0 0
C & F FINL CORP COM 12466Q104 1,916 37,420 SH   SOLE   37,420 0 0
CAPSTAR FINL HLDGS INC COM 14070T102 10,220 485,983 SH   SOLE   485,983 0 0
CARTER BK & TR MARTINSVILLE COM 146102108 1,873 121,734 SH   SOLE   121,734 0 0
CB FINL SVCS INC COM 12479G101 471 19,553 SH   SOLE   19,553 0 0
CBM BANCORP INC COM 1248XT104 354 25,172 SH   SOLE   25,172 0 0
CENTRAL VALLEY CMNTY BANCORP COM 155685100 4,451 214,312 SH   SOLE   214,312 0 0
CF BANKSHARES INC COM 12520L109 1,534 74,721 SH   SOLE   74,721 0 0
CHEMUNG FINL CORP COM 164024101 345 7,426 SH   SOLE   7,426 0 0
CITIZENS CMNTY BANCORP INC M COM 174903104 438 31,838 SH   SOLE   31,838 0 0
CITIZENS HLDG CO MISS COM 174715102 300 15,991 SH   SOLE   15,991 0 0
CIVISTA BANCSHARES INC COM NO PAR 178867107 1,779 72,903 SH   SOLE   72,903 0 0
CNB FINL CORP PA COM 126128107 1,238 46,709 SH   SOLE   46,709 0 0
CODORUS VY BANCORP INC COM 192025104 912 42,383 SH   SOLE   42,383 0 0
COLONY BANKCORP INC COM 19623P101 3,039 178,053 SH   SOLE   178,053 0 0
COLUMBIA BKG SYS INC COM 197236102 968 29,598 SH   SOLE   29,598 0 0
COLUMBIA FINL INC COM 197641103 2,346 112,452 SH   SOLE   112,452 0 0
COMMUNITY FINL CORP MD COM 20368X101 5,595 142,334 SH   SOLE   142,334 0 0
COMMUNITY WEST BANCSHARES COM 204157101 936 69,768 SH   SOLE   69,768 0 0
CROSSFIRST BANKSHARES INC COM 22766M109 174 11,177 SH   SOLE   11,177 0 0
EAGLE BANCORP MONT INC COM 26942G100 1,257 54,696 SH   SOLE   54,696 0 0
ENTERPRISE BANCORP INC MASS COM 293668109 2,780 61,884 SH   SOLE   61,884 0 0
ESSA BANCORP INC COM 29667D104 235 13,588 SH   SOLE   13,588 0 0
FFBW INC COM 30258M107 779 66,053 SH   SOLE   66,053 0 0
FINANCIAL INSTNS INC COM 317585404 5,767 181,347 SH   SOLE   181,347 0 0
FIRST BANK WILLIAMSTOWN NJ COM 31931U102 3,810 262,556 SH   SOLE   262,556 0 0
FIRST BUS FINL SVCS INC WIS COM 319390100 3,603 123,524 SH   SOLE   123,524 0 0
FIRST CMNTY CORP S C COM 319835104 1,546 74,068 SH   SOLE   74,068 0 0
FIRST FINANCIAL NORTHWEST IN COM 32022K102 2,713 167,768 SH   SOLE   167,768 0 0
FIRST FINL CORP IND COM 320218100 5,386 118,928 SH   SOLE   118,928 0 0
FIRST GTY BANCSHARES INC COM 32043P106 777 38,107 SH   SOLE   38,107 0 0
FIRST LONG IS CORP COM 320734106 1,718 79,578 SH   SOLE   79,578 0 0
FIRST MIDWEST BANCORP DEL COM 320867104 567 27,694 SH   SOLE   27,694 0 0
FIRST NATL CORP COM 32106V107 351 15,247 SH   SOLE   15,247 0 0
FIRST NORTHWEST BANCORP COM 335834107 2,743 135,802 SH   SOLE   135,802 0 0
FIRST SVGS FINL GROUP INC COM 33621E109 853 32,309 SH   SOLE   32,309 0 0
FIRST US BANCSHARES INC COM 33744V103 996 94,259 SH   SOLE   94,259 0 0
FIRST UTD CORP COM 33741H107 392 20,906 SH   SOLE   20,906 0 0
FIRST WESTN FINL INC COM 33751L105 1,344 44,262 SH   SOLE   44,262 0 0
FLUSHING FINL CORP COM 343873105 3,553 146,210 SH   SOLE   146,210 0 0
FNCB BANCORP INC COM 302578109 897 97,116 SH   SOLE   97,116 0 0
FRANKLIN FINL SVCS CORP COM 353525108 304 9,198 SH   SOLE   9,198 0 0
FS BANCORP INC COM 30263Y104 6,774 201,440 SH   SOLE   201,440 0 0
FULTON FINL CORP PA COM 360271100 272 16,000 SH   SOLE   16,000 0 0
GLEN BURNIE BANCORP COM 377407101 382 27,284 SH   SOLE   27,284 0 0
GREAT SOUTHN BANCORP INC COM 390905107 2,546 42,965 SH   SOLE   42,965 0 0
GREENE CNTY BANCORP INC COM 394357107 555 15,094 SH   SOLE   15,094 0 0
GUARANTY FED BANCSHARES INC COM 40108P101 835 25,673 SH   SOLE   25,673 0 0
HARBORONE BANCORP INC NEW COM NEW 41165Y100 157 10,582 SH   SOLE   10,582 0 0
HEARTLAND FINL USA INC COM 42234Q102 754 14,899 SH   SOLE   14,899 0 0
HERITAGE COMMERCE CORP COM 426927109 3,706 310,355 SH   SOLE   310,355 0 0
HILLTOP HOLDINGS INC COM 432748101 4,953 140,946 SH   SOLE   140,946 0 0
HMN FINL INC COM 40424G108 1,013 41,072 SH   SOLE   41,072 0 0
HOME BANCORP INC COM 43689E107 1,929 46,471 SH   SOLE   46,471 0 0
HOMETRUST BANCSHARES INC COM 437872104 897 28,955 SH   SOLE   28,955 0 0
HORIZON BANCORP INC COM 440407104 372 17,839 SH   SOLE   17,839 0 0
HOWARD BANCORP INC COM 442496105 7,016 321,960 SH   SOLE   321,960 0 0
IF BANCORP INC COM 44951J105 289 11,121 SH   SOLE   11,121 0 0
INDEPENDENT BK CORP MASS COM 453836108 364 15,266 SH   SOLE   15,266 0 0
INTERNATIONAL BANCSHARES COR COM 459044103 6,633 156,468 SH   SOLE   156,468 0 0
INVESTAR HLDG CORP COM 46134L105 458 24,887 SH   SOLE   24,887 0 0
KENTUCKY FIRST FED BANCORP COM 491292108 132 17,504 SH   SOLE   17,504 0 0
LAKE SHORE BANCORP INC COM 510700107 190 12,769 SH   SOLE   12,769 0 0
LEVEL ONE BANCORP INC COM 52730D208 771 19,554 SH   SOLE   19,554 0 0
LIMESTONE BANCORP INC COM 53262L105 1,015 54,410 SH   SOLE   54,410 0 0
MACATAWA BK CORP COM 554225102 2,230 252,850 SH   SOLE   252,850 0 0
MAGYAR BANCORP INC COM 55977T208 154 12,520 SH   SOLE   12,520 0 0
MAINSTREET BANCSHARES INC COM 56064Y100 727 29,583 SH   SOLE   29,583 0 0
MALVERN BANCORP INC COM 561409103 939 59,926 SH   SOLE   59,926 0 0
MERCANTILE BANK CORP COM 587376104 1,553 44,330 SH   SOLE   44,330 0 0
MERCHANTS BANCORP IND COM 58844R108 327 6,899 SH   SOLE   6,899 0 0
MERIDIAN BANCORP INC MD COM 58958U103 561 15,256 SH   SOLE   15,256 0 0
MID PENN BANCORP INC COM 59540G107 2,113 66,582 SH   SOLE   66,582 0 0
MIDLAND STS BANCORP INC ILL COM 597742105 389 15,698 SH   SOLE   15,698 0 0
MIDWESTONE FINL GROUP INC NE COM 598511103 2,434 75,193 SH   SOLE   75,193 0 0
OAK VALLEY BANCORP OAKDALE C COM 671807105 728 41,838 SH   SOLE   41,838 0 0
OLD SECOND BANCORP INC ILL COM 680277100 567 45,021 SH   SOLE   45,021 0 0
OP BANCORP COM 67109R109 5,400 423,208 SH   SOLE   423,208 0 0
OPTIMUMBANK HLDGS INC COM 68401P403 57 14,395 SH   SOLE   14,395 0 0
ORRSTOWN FINL SVCS INC COM 687380105 357 14,162 SH   SOLE   14,162 0 0
PACWEST BANCORP DEL COM 695263103 857 18,979 SH   SOLE   18,979 0 0
PARKE BANCORP INC COM 700885106 4,831 227,008 SH   SOLE   227,008 0 0
PCB BANCORP COM 69320M109 4,003 182,289 SH   SOLE   182,289 0 0
PCSB FINL CORP COM 69324R104 208 10,905 SH   SOLE   10,905 0 0
PDL CMNTY BANCORP COM 69290X101 193 13,301 SH   SOLE   13,301 0 0
PEAPACK-GLADSTONE FINL CORP COM 704699107 2,931 82,795 SH   SOLE   82,795 0 0
PEOPLES BANCORP N C INC COM 710577107 323 11,704 SH   SOLE   11,704 0 0
PIONEER BANCORP INC MD COM 723561106 246 21,720 SH   SOLE   21,720 0 0
PLUMAS BANCORP COM 729273102 790 23,387 SH   SOLE   23,387 0 0
PRIMIS FINANCIAL CORP COM 74167B109 5,037 334,917 SH   SOLE   334,917 0 0
RANDOLPH BANCORP INC COM 752378109 2,267 94,469 SH   SOLE   94,469 0 0
RBB BANCORP COM 74930B105 5,380 205,354 SH   SOLE   205,354 0 0
REPUBLIC FIRST BANCORP INC COM 760416107 6,389 1,717,422 SH   SOLE   1,717,422 0 0
RHINEBECK BANCORP INC COM 762093102 183 17,201 SH   SOLE   17,201 0 0
RICHMOND MUT BANCORPORATION COM 76525P100 219 13,673 SH   SOLE   13,673 0 0
SB FINL GROUP INC COM 78408D105 904 45,952 SH   SOLE   45,952 0 0
SELECT SECTOR SPDR TR FINANCIAL 81369Y605 12,000 400,000 SH Put SOLE   400,000 0 0
SHORE BANCSHARES INC COM 825107105 2,266 108,668 SH   SOLE   108,668 0 0
SIERRA BANCORP COM 82620P102 3,138 115,594 SH   SOLE   115,594 0 0
SMARTFINANCIAL INC COM NEW 83190L208 3,770 137,791 SH   SOLE   137,791 0 0
SOUND FINL BANCORP INC COM 83607A100 1,558 35,398 SH   SOLE   35,398 0 0
SOUTH PLAINS FINANCIAL INC COM 83946P107 332 11,950 SH   SOLE   11,950 0 0
SOUTHERN STS BANCSHARES INC COM 843878307 1,370 70,000 SH   SOLE   70,000 0 0
SPDR SER TR S&P REGL BKG 78464A698 30,160 680,000 SH Put SOLE   680,000 0 0
SPIRIT OF TEX BANCSHARES INC COM 84861D103 1,610 55,943 SH   SOLE   55,943 0 0
SUMMIT FINL GROUP INC COM 86606G101 417 15,196 SH   SOLE   15,196 0 0
SUMMIT ST BK SANTA ROSA CALI COM 866264203 1,129 72,898 SH   SOLE   72,898 0 0
TEXAS CAPITAL BANCSHARES INC COM 88224Q107 10,150 168,463 SH   SOLE   168,463 0 0
TIMBERLAND BANCORP INC COM 887098101 1,536 55,463 SH   SOLE   55,463 0 0
TRUSTCO BK CORP N Y COM NEW 898349204 877 26,342 SH   SOLE   26,342 0 0
TRUSTMARK CORP COM 898402102 234 7,205 SH   SOLE   7,205 0 0
UMPQUA HLDGS CORP COM 904214103 1,778 92,414 SH   SOLE   92,414 0 0
UNITED BANCSHARES INC OHIO COM 909458101 528 17,296 SH   SOLE   17,296 0 0
UNITED BANKSHARES INC WEST V COM 909907107 367 10,108 SH   SOLE   10,108 0 0
UNITY BANCORP INC COM 913290102 619 23,596 SH   SOLE   23,596 0 0
WESBANCO INC COM 950810101 538 15,366 SH   SOLE   15,366 0 0
WESTERN NEW ENG BANCORP INC COM 958892101 1,973 225,216 SH   SOLE   225,216 0 0
WINTRUST FINL CORP COM 97650W108 1,073 11,814 SH   SOLE   11,814 0 0
WVS FINL CORP COM 929358109 196 12,878 SH   SOLE   12,878 0 0