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 550 50,654 SH   SOLE   50,654 0 0
ACNB CORP COM 000868109 235 6,733 SH   SOLE   6,733 0 0
AFFINITY BANCSHARES INC COM 00832E103 465 29,595 SH   SOLE   29,595 0 0
AMERIS BANCORP COM 03076K108 1,309 29,836 SH   SOLE   29,836 0 0
AMERISERV FINL INC COM 03074A102 2,202 544,973 SH   SOLE   544,973 0 0
BANC OF CALIFORNIA INC COM 05990K106 9,583 494,991 SH   SOLE   494,991 0 0
BANK OF THE JAMES FINL GP IN COM 470299108 459 30,842 SH   SOLE   30,842 0 0
BANK PRINCETON NEW JERSEY COM 064520109 2,431 84,258 SH   SOLE   84,258 0 0
BANKFINANCIAL CORP COM 06643P104 2,059 198,704 SH   SOLE   198,704 0 0
BANKWELL FINL GROUP INC COM 06654A103 1,091 32,242 SH   SOLE   32,242 0 0
BANNER CORP COM NEW 06652V208 2,539 43,383 SH   SOLE   43,383 0 0
BAYCOM CORP COM 07272M107 3,392 155,790 SH   SOLE   155,790 0 0
BCB BANCORP INC COM 055298103 1,956 107,165 SH   SOLE   107,165 0 0
BERKSHIRE HILLS BANCORP INC COM 084680107 6,385 220,400 SH   SOLE   220,400 0 0
BOGOTA FINL CORP COM 097235105 247 23,005 SH   SOLE   23,005 0 0
BROOKLINE BANCORP INC DEL COM 11373M107 921 58,197 SH   SOLE   58,197 0 0
C & F FINL CORP COM 12466Q104 1,891 37,420 SH   SOLE   37,420 0 0
CAPITAL BANCORP INC MD COM 139737100 212 9,255 SH   SOLE   9,255 0 0
CAPSTAR FINL HLDGS INC COM 14070T102 9,466 449,031 SH   SOLE   449,031 0 0
CARTER BK & TR MARTINSVILLE COM 146102108 1,051 60,502 SH   SOLE   60,502 0 0
CBM BANCORP INC COM 1248XT104 424 24,372 SH   SOLE   24,372 0 0
CENTRAL VALLEY CMNTY BANCORP COM 155685100 3,697 158,337 SH   SOLE   158,337 0 0
CF BANKSHARES INC COM 12520L109 1,666 74,721 SH   SOLE   74,721 0 0
CHEMUNG FINL CORP COM 164024101 446 9,558 SH   SOLE   9,558 0 0
CITIZENS CMNTY BANCORP INC M COM 174903104 492 32,538 SH   SOLE   32,538 0 0
CITIZENS HLDG CO MISS COM 174715102 312 16,155 SH   SOLE   16,155 0 0
CIVISTA BANCSHARES INC COM NO PAR 178867107 1,792 74,371 SH   SOLE   74,371 0 0
CNB FINL CORP PA COM 126128107 1,575 59,829 SH   SOLE   59,829 0 0
CODORUS VY BANCORP INC COM 192025104 932 42,383 SH   SOLE   42,383 0 0
COLONY BANKCORP INC COM 19623P101 3,026 162,075 SH   SOLE   162,075 0 0
COLUMBIA FINL INC COM 197641103 2,419 112,452 SH   SOLE   112,452 0 0
COMMUNITY FINL CORP MD COM 20368X101 5,757 142,334 SH   SOLE   142,334 0 0
COMMUNITY WEST BANCSHARES COM 204157101 958 68,368 SH   SOLE   68,368 0 0
CROSSFIRST BANKSHARES INC COM 22766M109 176 11,177 SH   SOLE   11,177 0 0
DIME CMNTY BANCSHARES INC COM 25432X102 1,807 52,285 SH   SOLE   52,285 0 0
EAGLE BANCORP MONT INC COM 26942G100 1,259 56,399 SH   SOLE   56,399 0 0
ELMIRA SVGS BK ELMIRA N Y COM 289660102 274 11,959 SH   SOLE   11,959 0 0
ENTERPRISE BANCORP INC MASS COM 293668109 2,614 65,145 SH   SOLE   65,145 0 0
ESSA BANCORP INC COM 29667D104 330 18,386 SH   SOLE   18,386 0 0
F N B CORP COM 302520101 4,535 364,219 SH   SOLE   364,219 0 0
FFBW INC COM 30258M107 798 66,053 SH   SOLE   66,053 0 0
FINANCIAL INSTNS INC COM 317585404 5,464 181,347 SH   SOLE   181,347 0 0
FINWARD BANCORP COM 31812F109 959 20,747 SH   SOLE   20,747 0 0
FIRST BANK WILLIAMSTOWN NJ COM 31931U102 3,941 277,153 SH   SOLE   277,153 0 0
FIRST BUS FINL SVCS INC WIS COM 319390100 3,996 121,793 SH   SOLE   121,793 0 0
FIRST CMNTY CORP S C COM 319835104 1,570 74,068 SH   SOLE   74,068 0 0
FIRST FINANCIAL NORTHWEST IN COM 32022K102 2,871 167,768 SH   SOLE   167,768 0 0
FIRST FINL CORP IND COM 320218100 5,147 118,928 SH   SOLE   118,928 0 0
FIRST GTY BANCSHARES INC COM 32043P106 727 30,365 SH   SOLE   30,365 0 0
FIRST LONG IS CORP COM 320734106 1,680 86,353 SH   SOLE   86,353 0 0
FIRST NATL CORP COM 32106V107 320 15,247 SH   SOLE   15,247 0 0
FIRST NORTHWEST BANCORP COM 335834107 2,817 127,539 SH   SOLE   127,539 0 0
FIRST SVGS FINL GROUP INC COM 33621E109 799 32,544 SH   SOLE   32,544 0 0
FIRST US BANCSHARES INC COM 33744V103 1,099 94,259 SH   SOLE   94,259 0 0
FIRST UTD CORP COM 33741H107 442 19,601 SH   SOLE   19,601 0 0
FIRST WESTN FINL INC COM 33751L105 434 13,886 SH   SOLE   13,886 0 0
FLUSHING FINL CORP COM 343873105 3,268 146,210 SH   SOLE   146,210 0 0
FNCB BANCORP INC COM 302578109 920 97,116 SH   SOLE   97,116 0 0
FRANKLIN FINL SVCS CORP COM 353525108 375 11,116 SH   SOLE   11,116 0 0
FS BANCORP INC COM 30263Y104 6,245 201,440 SH   SOLE   201,440 0 0
FULTON FINL CORP PA COM 360271100 251 15,100 SH   SOLE   15,100 0 0
GENERATIONS BANCORP NY INC COM 37149G108 200 16,938 SH   SOLE   16,938 0 0
GLEN BURNIE BANCORP COM 377407101 312 24,306 SH   SOLE   24,306 0 0
GREAT SOUTHN BANCORP INC COM 390905107 2,535 42,965 SH   SOLE   42,965 0 0
GREENE CNTY BANCORP INC COM 394357107 675 15,094 SH   SOLE   15,094 0 0
GUARANTY FED BANCSHARES INC COM 40108P101 3,090 98,301 SH   SOLE   98,301 0 0
HARBORONE BANCORP INC NEW COM NEW 41165Y100 1,372 97,860 SH   SOLE   97,860 0 0
HEARTLAND FINL USA INC COM 42234Q102 713 14,899 SH   SOLE   14,899 0 0
HERITAGE COMMERCE CORP COM 426927109 3,280 291,531 SH   SOLE   291,531 0 0
HERITAGE FINL CORP WASH COM 42722X106 305 12,189 SH   SOLE   12,189 0 0
HILLTOP HOLDINGS INC COM 432748101 4,585 155,967 SH   SOLE   155,967 0 0
HMN FINL INC COM 40424G108 1,021 41,072 SH   SOLE   41,072 0 0
HOME BANCORP INC COM 43689E107 1,896 46,471 SH   SOLE   46,471 0 0
HORIZON BANCORP INC COM 440407104 234 12,539 SH   SOLE   12,539 0 0
IF BANCORP INC COM 44951J105 263 11,121 SH   SOLE   11,121 0 0
INDEPENDENT BK CORP MASS COM 453836108 1,593 72,425 SH   SOLE   72,425 0 0
INTERNATIONAL BANCSHARES COR COM 459044103 6,605 156,468 SH   SOLE   156,468 0 0
INVESTAR HLDG CORP COM 46134L105 524 27,435 SH   SOLE   27,435 0 0
KEARNY FINL CORP MD COM 48716P108 504 39,169 SH   SOLE   39,169 0 0
KENTUCKY FIRST FED BANCORP COM 491292108 151 20,523 SH   SOLE   20,523 0 0
LAKE SHORE BANCORP INC COM 510700107 193 12,869 SH   SOLE   12,869 0 0
LAKELAND BANCORP INC COM 511637100 4,545 272,155 SH   SOLE   272,155 0 0
LEVEL ONE BANCORP INC COM 52730D208 781 19,554 SH   SOLE   19,554 0 0
LIMESTONE BANCORP INC COM 53262L105 1,137 54,410 SH   SOLE   54,410 0 0
MACATAWA BK CORP COM 554225102 2,634 292,338 SH   SOLE   292,338 0 0
MAGYAR BANCORP INC COM 55977T208 305 25,831 SH   SOLE   25,831 0 0
MAINSTREET BANCSHARES INC COM 56064Y100 812 33,405 SH   SOLE   33,405 0 0
MALVERN BANCORP INC COM 561409103 965 59,926 SH   SOLE   59,926 0 0
MERCANTILE BANK CORP COM 587376104 1,636 46,178 SH   SOLE   46,178 0 0
MERCHANTS BANCORP IND COM 58844R108 283 10,348 SH   SOLE   10,348 0 0
MERIDIAN BANCORP INC MD COM 58958U103 529 16,497 SH   SOLE   16,497 0 0
MID PENN BANCORP INC COM 59540G107 1,785 66,582 SH   SOLE   66,582 0 0
MIDLAND STS BANCORP INC ILL COM 597742105 453 15,698 SH   SOLE   15,698 0 0
MIDWESTONE FINL GROUP INC NE COM 598511103 2,845 85,952 SH   SOLE   85,952 0 0
NORTHFIELD BANCORP INC DEL COM 66611T108 737 51,312 SH   SOLE   51,312 0 0
OAK VALLEY BANCORP OAKDALE C COM 671807105 798 43,238 SH   SOLE   43,238 0 0
OLD SECOND BANCORP INC ILL COM 680277100 649 44,721 SH   SOLE   44,721 0 0
OP BANCORP COM 67109R109 5,861 423,208 SH   SOLE   423,208 0 0
OPTIMUMBANK HLDGS INC COM 68401P403 188 44,673 SH   SOLE   44,673 0 0
ORRSTOWN FINL SVCS INC COM 687380105 849 37,018 SH   SOLE   37,018 0 0
PACWEST BANCORP DEL COM 695263103 1,021 23,679 SH   SOLE   23,679 0 0
PARKE BANCORP INC COM 700885106 5,360 227,008 SH   SOLE   227,008 0 0
PATHFINDER BANCORP INC MD COM 70319R109 204 9,293 SH   SOLE   9,293 0 0
PCB BANCORP COM 69320M109 4,227 184,189 SH   SOLE   184,189 0 0
PCSB FINL CORP COM 69324R104 210 10,974 SH   SOLE   10,974 0 0
PEAPACK-GLADSTONE FINL CORP COM 704699107 2,823 81,232 SH   SOLE   81,232 0 0
PEOPLES BANCORP N C INC COM 710577107 336 11,704 SH   SOLE   11,704 0 0
PEOPLES FINL SVCS CORP COM 711040105 252 4,999 SH   SOLE   4,999 0 0
PIONEER BANCORP INC MD COM 723561106 434 41,234 SH   SOLE   41,234 0 0
PLUMAS BANCORP COM 729273102 252 6,605 SH   SOLE   6,605 0 0
PONCE FINANCIAL GROUP INC COMMON STOCK 732344106 1,202 115,788 SH   SOLE   115,788 0 0
PRIMIS FINANCIAL CORP COM 74167B109 4,724 337,943 SH   SOLE   337,943 0 0
PRUDENTIAL BANCORP INC NEW COM 74431A101 275 16,685 SH   SOLE   16,685 0 0
RANDOLPH BANCORP INC COM 752378109 2,495 94,469 SH   SOLE   94,469 0 0
RBB BANCORP COM 74930B105 4,824 205,354 SH   SOLE   205,354 0 0
REPUBLIC FIRST BANCORP INC COM 760416107 8,862 1,717,422 SH   SOLE   1,717,422 0 0
RHINEBECK BANCORP INC COM 762093102 178 17,521 SH   SOLE   17,521 0 0
RICHMOND MUT BANCORPORATION COM 76525P100 241 14,153 SH   SOLE   14,153 0 0
SB FINL GROUP INC COM 78408D105 961 48,249 SH   SOLE   48,249 0 0
SELECT SECTOR SPDR TR FINANCIAL 81369Y605 23,400 780,000 SH Put SOLE   780,000 0 0
SHORE BANCSHARES INC COM 825107105 2,226 108,668 SH   SOLE   108,668 0 0
SIERRA BANCORP COM 82620P102 2,918 116,794 SH   SOLE   116,794 0 0
SMARTFINANCIAL INC COM NEW 83190L208 3,797 148,419 SH   SOLE   148,419 0 0
SOUND FINL BANCORP INC COM 83607A100 1,349 35,398 SH   SOLE   35,398 0 0
SOUTH PLAINS FINANCIAL INC COM 83946P107 695 26,129 SH   SOLE   26,129 0 0
SOUTHERN STS BANCSHARES INC COM 843878307 1,640 71,100 SH   SOLE   71,100 0 0
SPDR SER TR S&P REGL BKG 78464A698 13,340 260,000 SH Put SOLE   260,000 0 0
SPIRIT OF TEX BANCSHARES INC COM 84861D103 1,470 55,943 SH   SOLE   55,943 0 0
SUMMIT FINL GROUP INC COM 86606G101 824 32,213 SH   SOLE   32,213 0 0
SUMMIT ST BK SANTA ROSA CALI COM 866264203 1,247 72,898 SH   SOLE   72,898 0 0
TEXAS CAPITAL BANCSHARES INC COM 88224Q107 10,073 175,763 SH   SOLE   175,763 0 0
TIMBERLAND BANCORP INC COM 887098101 1,498 55,463 SH   SOLE   55,463 0 0
TRUSTCO BK CORP N Y COM NEW 898349204 841 26,342 SH   SOLE   26,342 0 0
TRUSTMARK CORP COM 898402102 219 7,205 SH   SOLE   7,205 0 0
UMPQUA HLDGS CORP COM 904214103 1,754 93,014 SH   SOLE   93,014 0 0
UNITED BANCSHARES INC OHIO COM 909458101 592 18,499 SH   SOLE   18,499 0 0
UNITY BANCORP INC COM 913290102 1,049 37,493 SH   SOLE   37,493 0 0
WESBANCO INC COM 950810101 528 15,366 SH   SOLE   15,366 0 0
WESTERN NEW ENG BANCORP INC COM 958892101 2,300 257,227 SH   SOLE   257,227 0 0
WINTRUST FINL CORP COM 97650W108 1,070 11,514 SH   SOLE   11,514 0 0
WVS FINL CORP COM 929358109 197 12,878 SH   SOLE   12,878 0 0