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
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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
1st Capital Bank Common 31944C107 2,303 230,533 SH   SOLE   230,533 0 0
1st Colonial Bancorp Common 319716106 2,044 454,150 SH   SOLE   454,150 0 0
1st Constitution Bancorp Common 31986N102 7,972 601,656 SH   SOLE   601,656 0 0
Alerus Financial Corporation Common 01446U103 3,552 215,000 SH   SOLE   215,000 0 0
Allegiance Bancshares, Inc. Common 01748H107 7,271 301,561 SH   SOLE   301,561 0 0
AMB Financial Corp. Common 001984103 1,106 78,750 SH   SOLE   78,750 0 0
American Business Bank Common 02475L105 9,223 405,596 SH   SOLE   405,596 0 0
American Riviera Bank Common 02932A106 4,040 336,640 SH   SOLE   336,640 0 0
Avidbank Holdings, Inc. Common 05368J103 8,488 530,504 SH   SOLE   530,504 0 0
Bank of Botetourt Common 063907208 966 42,005 SH   SOLE   42,005 0 0
Bank of Commerce Holdings Common 06424J103 4,737 601,866 SH   SOLE   601,866 0 0
Bank of Fincastle Common 062113105 1,135 506,486 SH   SOLE   506,486 0 0
Bank of Princeton Common 064520109 6,592 283,521 SH   SOLE   283,521 0 0
Bank of Santa Clarita Common 06424K100 358 48,319 SH   SOLE   48,319 0 0
Bank of Southern California, N. A. Common 065104101 6,776 773,465 SH   SOLE   773,465 0 0
Bank of the James Financial Group, Inc. Common 470299108 1,569 179,369 SH   SOLE   179,369 0 0
Bankwell Financial Group, Inc. Common 06654A103 4,950 324,393 SH   SOLE   324,393 0 0
Bay Banks of Virginia, Inc. Common 072035108 3,469 635,322 SH   SOLE   635,322 0 0
BCB Bancorp, Inc. Common 055298103 4,152 389,860 SH   SOLE   389,860 0 0
Beach Community Bancshares, Inc. Common 07332T100 4,500 900,000 SH   SOLE   900,000 0 0
Blue Ridge Bankshares, Inc. Common 095825105 3,589 225,000 SH   SOLE   225,000 0 0
Blueharbor bank Common 095613105 97 10,800 SH   SOLE   10,800 0 0
Boston Private Financial Holdings, Inc. Common 101119105 12,247 1,712,893 SH   SOLE   1,712,893 0 0
Bridge Bancorp Inc. Common 108035106 5,029 237,689 SH   SOLE   237,689 0 0
Bridgewater Bancshares, Inc. Common 108621103 2,746 281,652 SH   SOLE   281,652 0 0
Business First Bancshares, Inc. Common 12326C105 7,090 525,149 SH   SOLE   525,149 0 0
Byline Bancorp, Inc. Common 124411109 8,601 829,365 SH   SOLE   829,365 0 0
California BanCorp Common 13005U101 5,574 474,362 SH   SOLE   474,362 0 0
Cambridge Bancorp Common 132152109 6,233 119,870 SH   SOLE   119,870 0 0
Capital Bancorp, Inc. Common 139737100 867 69,222 SH   SOLE   69,222 0 0
Carolina Financial Corporation Common 143873107 3,245 125,441 SH   SOLE   125,441 0 0
Cashmere Valley Bank Common 14756K102 2,462 57,198 SH   SOLE   57,198 0 0
CCB Financial Common 19046P209 1,051 100,000 SH   SOLE   100,000 0 0
CenterState Bank Corporation Common 15201P109 5,513 319,976 SH   SOLE   319,976 0 0
Central Valley Community Bancorp Common 155685100 570 43,678 SH   SOLE   43,678 0 0
Centric Financial Corporation Common 15641J101 5,505 791,006 SH   SOLE   791,006 0 0
Century Bancorp, Inc. Common 156432106 378 6,079 SH   SOLE   6,079 0 0
Century Financial Corporation Common 15652L102 2,294 127,446 SH   SOLE   127,446 0 0
Chino Commercial Bancorp Common 16957L102 1,404 147,926 SH   SOLE   147,926 0 0
Citizens Bancorp Common 172950107 1,671 123,749 SH   SOLE   123,749 0 0
Citizens Community Bancorp, Inc. Common 174903104 3,888 602,825 SH   SOLE   602,825 0 0
CNB Corporation Common 12612R105 941 12,551 SH   SOLE   12,551 0 0
CNB Financial Corporation Common 126128107 4,407 233,537 SH   SOLE   233,537 0 0
Coastal Carolina Bancshares, Inc. Common 190435107 1,875 288,461 SH   SOLE   288,461 0 0
CoastalSouth Bancshares, Inc. Common 19058X207 2,298 204,249 SH   SOLE   204,249 0 0
Codorus Valley Bancorp, Inc. Common 192025104 10,827 672,507 SH   SOLE   672,507 0 0
Commencement Bank Common 20051L109 3,086 323,133 SH   SOLE   323,133 0 0
Communities First Financial Corporation Common 20344D104 2,116 91,994 SH   SOLE   91,994 0 0
Community Bancorp of Santa Maria Common 20344R103 1,997 202,348 SH   SOLE   202,348 0 0
Community Bank of the Bay Common 203485107 3,495 706,007 SH   SOLE   706,007 0 0
Community Bankers Trust Corporation Common 203612106 477 98,297 SH   SOLE   98,297 0 0
Community Financial Corporation Common 20368X101 3,857 174,532 SH   SOLE   174,532 0 0
Community First Bancorporation Common 203916101 292 41,744 SH   SOLE   41,744 0 0
Community Heritage Financial Inc. Common 20370L103 1,510 79,474 SH   SOLE   79,474 0 0
ConnectOne Bancorp, Inc. Common 20786W107 6,800 505,988 SH   SOLE   505,988 0 0
County Bancorp, Inc. Common 221907108 4,447 240,370 SH   SOLE   240,370 0 0
CrossFirst Bankshares, Inc. Common 22766M109 12,350 1,470,289 SH   SOLE   1,470,289 0 0
Crystal Valley Financial Common 22941P100 621 13,000 SH   SOLE   13,000 0 0
Dime Community Bancshares, Inc. Common 253922108 5,616 409,600 SH   SOLE   409,600 0 0
Eagle Bancorp, Inc. Common 268948106 4,948 163,777 SH   SOLE   163,777 0 0
Eagle Financial Services Inc. Common 26951R104 1,300 54,365 SH   SOLE   54,365 0 0
Embassy Bancorp, Inc. Common 290791102 1,678 151,137 SH   SOLE   151,137 0 0
Emclaire Financial Corp. Common 290828102 1,305 55,599 SH   SOLE   55,599 0 0
Empire Bancorp Inc. Common 291617108 482 49,188 SH   SOLE   49,188 0 0
Enterprise Bancorp, Inc. Common 293668109 8,582 317,955 SH   SOLE   317,955 0 0
Equity Bancshares, Inc. Common 29460X109 3,461 200,656 SH   SOLE   200,656 0 0
ES Bancshares, Inc. Common 296049109 1,392 361,445 SH   SOLE   361,445 0 0
Farmers & Merchants Bancorp Common 307795104 1,019 1,487 SH   SOLE   1,487 0 0
Fauquier Bancshares, Inc. Common 312059108 415 30,177 SH   SOLE   30,177 0 0
FB Financial Corp. Common 30257X104 1,499 76,000 SH   SOLE   76,000 0 0
FedNat Holding Company Common 31431B109 500 43,568 SH   SOLE   43,568 0 0
Fentura Financial, Inc. Common 314645102 4,236 273,270 SH   SOLE   273,270 0 0
FineMark Holdings, Inc. Common 31788B108 4,410 210,000 SH   SOLE   210,000 0 0
First Advantage Bancorp Common 31848L104 1,243 70,000 SH   SOLE   70,000 0 0
First Bancshares, Inc. Common 318916103 11,112 582,681 SH   SOLE   582,681 0 0
First Bank Common 31931U102 9,197 1,325,264 SH   SOLE   1,325,264 0 0
First Business Financial Services Common 319390100 11,160 720,023 SH   SOLE   720,023 0 0
First Choice Bancorp Common 31948P104 10,213 680,419 SH   SOLE   680,419 0 0
First Citrus Bancorporation, Inc. Common 31959T102 438 23,695 SH   SOLE   23,695 0 0
First Farmers and Merchants Corporation Common 320148109 479 12,500 SH   SOLE   12,500 0 0
First Foundation Inc. Common 32026V104 15,981 1,563,684 SH   SOLE   1,563,684 0 0
First Guaranty Bancshares, Inc. Common 32043P106 515 35,663 SH   SOLE   35,663 0 0
First Home Bancorp, Inc. Common 32050L105 824 89,062 SH   SOLE   89,062 0 0
First Internet Bancorp Common 320557101 3,907 237,950 SH   SOLE   237,950 0 0
First National Corporation Common 32106V107 364 24,255 SH   SOLE   24,255 0 0
First Northern Community Bancorp Common 335925103 6,461 761,059 SH   SOLE   761,059 0 0
First of Long Island Corp. Common 320734106 301 17,341 SH   SOLE   17,341 0 0
First Reliance Bancshares, Inc. Common 33615Q100 466 84,792 SH   SOLE   84,792 0 0
First Virginia Community Bank Common 36120Q101 493 37,000 SH   SOLE   37,000 0 0
First Western Financial, Inc. Common 33751L105 8,671 613,207 SH   SOLE   613,207 0 0
Flagstar Bancorp, Inc. Common 337930705 942 47,482 SH   SOLE   47,482 0 0
FNS Bancshares, Inc. Common 30253F107 1,748 23,950 SH   SOLE   23,950 0 0
Foresight Financial Group, Inc. Common 345526107 3,837 139,524 SH   SOLE   139,524 0 0
Franklin Financial Network, Inc. Common 35352P104 1,665 81,662 SH   SOLE   81,662 0 0
Franklin Financial Services Corp. Common 353525108 2,495 90,901 SH   SOLE   90,901 0 0
Grand River Commerce, Inc. Common 386441109 835 189,819 SH   SOLE   189,819 0 0
GrandSouth Bancorporation Common 386627301 1,227 94,400 SH   SOLE   94,400 0 0
HBT Financial, Inc. Common 404111106 6,151 584,114 SH   SOLE   584,114 0 0
Howard Bancorp, Inc. Common 442496105 472 43,427 SH   SOLE   43,427 0 0
Iberiabank Corp Common 450828108 1,621 44,839 SH   SOLE   44,839 0 0
Investar Holding Corporation Common 46134L105 9,419 737,594 SH   SOLE   737,594 0 0
John Marshall Bank Common 47805L101 1,677 152,275 SH   SOLE   152,275 0 0
Kentucky Bancshares, Inc. Common 491203105 2,260 128,424 SH   SOLE   128,424 0 0
Kingstone Companies, Inc. Common 496719105 503 98,456 SH   SOLE   98,456 0 0
Lakeland Bancorp, Inc. Common 511637100 14,073 1,301,827 SH   SOLE   1,301,827 0 0
Ledyard Financial Group, Inc. Common 523338101 588 30,951 SH   SOLE   30,951 0 0
Level One Bancorp, Inc. Common 52730D208 9,904 550,205 SH   SOLE   550,205 0 0
Lewis & Clark Bank Common 527584106 191 10,365 SH   SOLE   10,365 0 0
Limestone Bancorp, Inc. Common 53262L105 3,842 344,846 SH   SOLE   344,846 0 0
Luther Burbank Corporation Common 550550107 2,870 313,000 SH   SOLE   313,000 0 0
MainStreet Bancshares, Inc. Common 56064Y100 9,854 587,941 SH   SOLE   587,941 0 0
Malvern Bancorp, Inc. Common 561409103 5,802 473,642 SH   SOLE   473,642 0 0
McHenry Bancorp, Inc. Common 580683100 1,350 15,000,000 SH   SOLE   15,000,000 0 0
Mercantile Bank Corporation Common 587376104 14,707 694,732 SH   SOLE   694,732 0 0
Merchants Bancorp Common 58844R108 6,350 418,298 SH   SOLE   418,298 0 0
Merchants Financial Group, Inc. Common 588538108 6,497 106,949 SH   SOLE   106,949 0 0
Meridian Bank Common 58958P104 7,660 559,964 SH   SOLE   559,964 0 0
Meridian Interstate Bancorp Common 58958U103 2,609 232,570 SH   SOLE   232,570 0 0
Metro Phoenix Bank Common 59165E106 2,167 217,767 SH   SOLE   217,767 0 0
Metropolitan Bank Holding Corp. Common 591774104 5,025 186,592 SH   SOLE   186,592 0 0
Mid Penn Bank Common 59540G107 1,523 75,222 SH   SOLE   75,222 0 0
Middlefield Banc Corp. Common 596304204 818 51,748 SH   SOLE   51,748 0 0
MidWestOne Financial Group, Inc. Common 598511103 895 42,764 SH   SOLE   42,764 0 0
Mission Valley Bancorp Common 60520E104 2,520 255,840 SH   SOLE   255,840 0 0
Mountain Commerce Bancorp Common 624004107 5,862 450,953 SH   SOLE   450,953 0 0
MVB Financial Corp. Common 553810102 2,654 208,134 SH   SOLE   208,134 0 0
Northway Financial, Inc. Common 667270201 5,043 207,523 SH   SOLE   207,523 0 0
NorthWest Indiana Bancorp Common 667516108 1,625 51,584 SH   SOLE   51,584 0 0
Oak Ridge Financial Services, Inc. Common 671768109 2,557 224,311 SH   SOLE   224,311 0 0
Oak Valley Bancorp Common 671807105 4,797 304,734 SH   SOLE   304,734 0 0
Old Second Bancorp, Inc. Common 680277100 14,031 2,030,600 SH   SOLE   2,030,600 0 0
Orange County Bancorp Common 68417L107 4,777 191,083 SH   SOLE   191,083 0 0
Oregon Pacific Bancorp Common 686040205 2,984 601,586 SH   SOLE   601,586 0 0
Origin Bancorp Inc. Common 68621T102 7,466 368,708 SH   SOLE   368,708 0 0
Pacific Financial Corporation Common 694275108 3,040 468,366 SH   SOLE   468,366 0 0
Pacific Mercantile Bancorp Common 694552100 4,705 998,884 SH   SOLE   998,884 0 0
Pacific West Bank Common 69506W202 2,275 185,715 SH   SOLE   185,715 0 0
Peapack-Gladstone Financial Corporation Common 704699107 16,551 922,088 SH   SOLE   922,088 0 0
Peoples Bancorp Common 70979X107 2,141 12,237 SH   SOLE   12,237 0 0
People's Bank of Commerce Common 710311101 988 92,548 SH   SOLE   92,548 0 0
Pilot Bancshares, Inc. Common 721530103 1,967 771,429 SH   SOLE   771,429 0 0
Pinnacle Bancshares, Inc. Common 722903101 1,032 42,367 SH   SOLE   42,367 0 0
Pinnacle Bank Common 72346K107 2,304 305,566 SH   SOLE   305,566 0 0
Pinnacle Bankshares Corporation Common 72345E102 2,004 87,130 SH   SOLE   87,130 0 0
Pioneer Bancshares, Inc Common 72357G102 360 20,000 SH   SOLE   20,000 0 0
Potomac Bancshares, Inc. Common 737643106 514 49,405 SH   SOLE   49,405 0 0
Prime Meridian Holding Company Common 74164R107 1,313 93,417 SH   SOLE   93,417 0 0
Private Bancorp of America, Inc. Common 74274F100 6,837 525,909 SH   SOLE   525,909 0 0
Professional Holding Corp. Common 743139107 1,595 100,000 SH   SOLE   100,000 0 0
PSB Holdings, Inc. Common 69360N108 6,244 252,263 SH   SOLE   252,263 0 0
QCR Holdings, Inc. Common 74727A104 4,602 169,996 SH   SOLE   169,996 0 0
QNB Corp. Common 74726N107 4,071 134,364 SH   SOLE   134,364 0 0
Red River Bancshares, Inc. Common 75686R202 1,241 33,334 SH   SOLE   33,334 0 0
Reliant Bancorp, Inc. Common 75956B101 3,644 323,364 SH   SOLE   323,364 0 0
Republic First Bancorp, Inc. Common 760416107 4,699 2,145,576 SH   SOLE   2,145,576 0 0
Revere Bank Common 761402106 5,036 223,617 SH   SOLE   223,617 0 0
River City Bank Common 76803X106 4,299 27,057 SH   SOLE   27,057 0 0
Riverview Bancorp, Inc. Common 769397100 803 160,316 SH   SOLE   160,316 0 0
Riverview Financial Corporation Common 76940Q105 2,784 430,292 SH   SOLE   430,292 0 0
Salisbury Bancorp, Inc. Common 795226109 666 21,497 SH   SOLE   21,497 0 0
Sandy Spring Bancorp Inc. Common 800363103 13,764 607,968 SH   SOLE   607,968 0 0
Santa Cruz County Bank Common 801827106 3,807 105,018 SH   SOLE   105,018 0 0
SB One Bancorp Common 78413T103 14,270 839,425 SH   SOLE   839,425 0 0
Seacoast Banking Corporation of Florida Common 811707801 3,278 179,042 SH   SOLE   179,042 0 0
Select Bancorp, Inc. Common 81617L108 649 85,000 SH   SOLE   85,000 0 0
Sevier County Bancshares, Inc. Common 81817P206 3,343 217,675 SH   SOLE   217,675 0 0
Shore Bancshares, Inc. Common 825107105 6,173 568,916 SH   SOLE   568,916 0 0
Sierra Bancorp Common 82620P102 4,279 243,383 SH   SOLE   243,383 0 0
Silvercrest Asset Management Group Inc. Common 828359109 5,230 552,858 SH   SOLE   552,858 0 0
SmartFinancial, Inc. Common 83190L208 8,710 572,643 SH   SOLE   572,643 0 0
Solvay Bank Corporation Common 83441Q105 623 19,309 SH   SOLE   19,309 0 0
South Atlantic Bancshares, Inc. Common 83636T104 3,185 362,388 SH   SOLE   362,388 0 0
South Plains Financial, Inc. Common 83946P107 3,252 209,919 SH   SOLE   209,919 0 0
SouthCrest Financial Group, Inc. Common 84129X107 552 78,368 SH   SOLE   78,368 0 0
Southern BancShares (N.C.), Inc. Common 842243107 6,663 2,066 SH   SOLE   2,066 0 0
Southern First Bancshares, Inc. Common 842873101 19,156 675,212 SH   SOLE   675,212 0 0
Southern National Bancorp of Virginia,Inc. Common 843395104 12,036 1,223,187 SH   SOLE   1,223,187 0 0
Southern States Bancshares, Inc. Common 843878109 3,134 232,143 SH   SOLE   232,143 0 0
SouthPoint Bancshares, Inc. Common 844647107 1,782 104,826 SH   SOLE   104,826 0 0
Spirit of Texas Bancshares, Inc. Common 84861D103 6,832 660,705 SH   SOLE   660,705 0 0
Sterling Bancorp, Inc. Common 85917W102 2,574 598,689 SH   SOLE   598,689 0 0
Summit State Bank Common 866264203 1,415 177,051 SH   SOLE   177,051 0 0
Suncrest Bank Common 86723G109 7,769 989,630 SH   SOLE   989,630 0 0
Surrey Bancorp Common 86888W105 708 69,785 SH   SOLE   69,785 0 0
Synovus Financial Corp. Common 87161C501 4,150 236,320 SH   SOLE   236,320 0 0
TGR Financial, Inc. Common 87243P108 3,998 462,195 SH   SOLE   462,195 0 0
Three Shores Bancorporation, Inc. Common 885753103 1,140 190,000 SH   SOLE   190,000 0 0
Town and Country Financial Corporation Common 892039108 218 10,914 SH   SOLE   10,914 0 0
Tri City Bankshares Corporation Common 895364107 1,380 89,223 SH   SOLE   89,223 0 0
TriState Capital Holdings, Inc. Common 89678F100 11,580 1,197,549 SH   SOLE   1,197,549 0 0
Triumph Bancorp, Inc. Common 89679E300 12,526 481,781 SH   SOLE   481,781 0 0
Two Rivers Financial Group, Inc. Common 90206L106 2,076 83,041 SH   SOLE   83,041 0 0
United Bancorporation of Alabama, Inc. Common 90944R100 876 40,000 SH   SOLE   40,000 0 0
United Insurance Holdings Corp. Common 910710102 270 29,269 SH   SOLE   29,269 0 0
Unity Bancorp, Inc. Common 913290102 9,740 832,478 SH   SOLE   832,478 0 0
Univest Financial Corporation Common 915271100 2,228 136,526 SH   SOLE   136,526 0 0
Veritex Holdings, Inc. Common 923451108 7,995 572,310 SH   SOLE   572,310 0 0
Village Bank and Trust Financial Corp. Common 92705T200 924 36,538 SH   SOLE   36,538 0 0
Virginia National Bankshares Corp. Common 928031103 280 10,784 SH   SOLE   10,784 0 0
W.T.B. Financial Corporation Common 929334209 11,364 43,625 SH   SOLE   43,625 0 0
Wellesley Bancorp, Inc. Common 949485106 2,539 92,171 SH   SOLE   92,171 0 0
WesBanco, Inc. Common 950810101 2,060 86,934 SH   SOLE   86,934 0 0
West Suburban Bancorp, Inc. Common 956152409 2,528 6,020 SH   SOLE   6,020 0 0
Westbury Bancorp, Inc. Common 95727P106 2,463 114,570 SH   SOLE   114,570 0 0
White River Bancshares Company Common 96445A108 1,790 36,751 SH   SOLE   36,751 0 0
York Traditions Bank Common 987159100 3,453 242,499 SH   SOLE   242,499 0 0