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
ALLIANCE DATA SYSTEM CORP COM 018581108 4,542 40,521 SH   SOLE   0 0 0
Associated Banc-Corp COM 045487105 10,443 489,359 SH   SOLE   0 0 0
Barclays PLC ADR 06738E204 6,397 625,301 SH   SOLE   0 0 0
POPULAR INC COM 733174700 4,079 58,008 SH   SOLE   0 0 0
Bank7 Corp. COM 06652N107 3,935 223,451 SH   SOLE   0 0 0
Cadence Bancorporation COM 12739A100 5,629 271,530 SH   SOLE   0 0 0
California Bancorp COM 13005C101 2,620 147,096 SH   SOLE   0 0 0
CITIZENS FINANCIAL GROUP INC COM 174610105 10,468 237,097 SH   SOLE   0 0 0
COMERICA INC COM 200340107 10,422 145,274 SH   SOLE   0 0 0
Capital One Financial Corporation COM 14040H105 10,445 82,095 SH   SOLE   0 0 0
First Choice Bancorp COM 31948P104 872 35,770 SH   SOLE   0 0 0
First Community Corp. COM 319835104 134 6,721 SH   SOLE   0 0 0
FIFTH THIRD BANCORP COM 316773100 6,786 181,194 SH   SOLE   0 0 0
FVCBankcorp Inc COM 36120Q101 253 14,600 SH   SOLE   0 0 0
GREAT WESTERN BANCORP, INC. COM 391416104 5,412 178,657 SH   SOLE   0 0 0
HERITAGE COMMERCE CORP COM 426927109 1,989 162,754 SH   SOLE   0 0 0
HANCOCK WHITNEY CORP COM 410120109 1,323 31,500 SH   SOLE   0 0 0
County Bancorp Inc. COM 221907108 59 2,467 SH   SOLE   0 0 0
KEYCORP COM 493267108 4,178 209,108 SH   SOLE   0 0 0
Metropolitan Bank Holding Corp. COM 61744Y132 2,020 40,112 SH   SOLE   0 0 0
Macatawa Bank Corporation COM 554225102 2,779 279,310 SH   SOLE   0 0 0
Medallion Financial Corp. COM 583928106 4,146 588,090 SH   SOLE   0 0 0
MIDWESTONE FINANCIAL GROUP, INC. COM 598511103 1,687 54,456 SH   SOLE   0 0 0
Open Bank COM 67109R109 3,698 353,494 SH   SOLE   0 0 0
OAK VALLEY BANCORP COM 671807105 1,109 64,660 SH   SOLE   0 0 0
PACWEST BANCORP COM 695263103 9,598 251,577 SH   SOLE   0 0 0
PCB Bancorp COM 69320M109 1,498 99,862 SH   SOLE   0 0 0
PEOPLES BANCORP OF NORTH CAROL COM 710577107 2,154 91,137 SH   SOLE   0 0 0
PLUMAS BANCORP COM 729273102 1,299 44,422 SH   SOLE   0 0 0
SYNOVUS FINANCIAL CORP COM 87161C501 4,507 98,507 SH   SOLE   0 0 0
SYNCHRONY FINANCIAL COM 87165B103 11,426 281,020 SH   SOLE   0 0 0
TIMBERLAND BANCORP INC/WA COM 887098101 3,399 122,223 SH   SOLE   0 0 0
UNITED SECURITY BANCSHARES/FRE COM 911460103 1,826 222,961 SH   SOLE   0 0 0
Webster Financial Corporation COM 947890109 9,097 165,067 SH   SOLE   0 0 0
ZIONS BANCORPORATION COM 989701107 3,616 65,800 SH   SOLE   0 0 0