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
CENTRAL FEDERAL CORP COM 15346Q202 1,852 1,414,449 SH   SOLE 0 1,414,449 0 0
KEYCORP COM 493267108 15,377 1,023,829 SH   SOLE 0 1,023,829 0 0
UNITED COMMUNITY FINANCIAL CORP COM 909839102 5,270 985,132 SH   SOLE 0 985,132 0 0
WILSHIRE BANCORP INC COM 97186T108 9,159 725,249 SH   SOLE 0 725,249 0 0
RIVERVIEW BANCORP INC COM 769397100 2,538 593,101 SH   SOLE 0 593,101 0 0
FARMERS NATIONAL BANC CORP COM 309627107 4,473 542,218 SH   SOLE 0 542,218 0 0
TRISTATE CAPITAL HOLDINGS INC COM 89678F100 6,775 524,046 SH   SOLE 0 524,046 0 0
ZIONS BANCORPORATION COM 989701107 16,305 513,797 SH   SOLE 0 513,797 0 0
BNC BANCORP COM 05566T101 9,637 498,562 SH   SOLE 0 498,562 0 0
HANMI FINANCIAL CORP COM 410495204 11,997 482,990 SH   SOLE 0 482,990 0 0
HERITAGE COMMERCE CORP COM 426927109 4,401 457,970 SH   SOLE 0 457,970 0 0
CENTERSTATE BANKS INC COM 15201P109 6,125 453,431 SH   SOLE 0 453,431 0 0
YADKIN FINANCIAL CORP COM 984305102 9,492 453,097 SH   SOLE 0 453,097 0 0
CARDINAL FINANCIAL CORP COM 14149F109 9,624 441,708 SH   SOLE 0 441,708 0 0
GUARANTY BANCORP COM 40075T607 7,272 440,458 SH   SOLE 0 440,458 0 0
INVESTORS BANCORP INC COM 46146L101 5,388 438,100 SH   SOLE 0 438,100 0 0
INDEPENDENT BANK CORP COM 453838609 5,696 420,077 SH   SOLE 0 420,077 0 0
DCB FINANCIAL CORP COM 233075100 2,765 381,503 SH   SOLE 0 381,503 0 0
SUNCREST BANK COM 86723G109 3,095 375,255 SH   SOLE 0 375,255 0 0
GRAND RIVER COMMERCE INC COM 386441109 2,415 362,619 SH   SOLE 0 362,619 0 0
UNITED SECURITY BANCSHARES COM 911460103 1,793 355,886 SH   SOLE 0 355,886 0 0
MACKINAC FINANCIAL CORP COM 554571109 3,541 336,335 SH   SOLE 0 336,335 0 0
1ST CENTURY BANCSHARES INC COM 31943X102 2,343 334,833 SH   SOLE 0 334,833 0 0
HERITAGE FINANCIAL CORP COM 42722X106 5,476 306,445 SH   SOLE 0 306,445 0 0
PEOPLES BANCORP INC COM 709789101 7,051 304,023 SH   SOLE 0 304,023 0 0
OCEANFIRST FINANCIAL CORP COM 675234108 5,638 302,355 SH   SOLE 0 302,355 0 0
COMERICA INC WARRANT EXP COM 200340115 6,651 300,685 SH   SOLE 0 300,685 0 0
EAGLE BANCORP INC COM 268948106 13,163 299,450 SH   SOLE 0 299,450 0 0
SHORE BANCSHARES INC COM 825107105 2,752 291,930 SH   SOLE 0 291,930 0 0
FLUSHING FINANCIAL CORP COM 343873105 6,001 285,669 SH   SOLE 0 285,669 0 0
CENTRAL VALLEY COMMUNITY BANCORP COM 155685100 3,200 270,556 SH   SOLE 0 270,556 0 0
CORTLAND BANCORP COM 220587109 3,521 248,835 SH   SOLE 0 248,835 0 0
SUNTRUST BANKS INC COM 867914103 10,429 242,427 SH   SOLE 0 242,427 0 0
OPUS BANK COM 684000102 8,599 237,683 SH   SOLE 0 237,683 0 0
PROSPERITY BANCSHARES INC COM 743606105 13,661 236,604 SH   SOLE 0 236,604 0 0
UNION BANKSHARES CORP COM 90539J109 5,401 232,400 SH   SOLE 0 232,400 0 0
ENTERPRISE FINANCIAL SERVICES CORP COM 293712105 5,222 229,361 SH   SOLE 0 229,361 0 0
PREFERRED BANK COM 740367404 6,053 201,450 SH   SOLE 0 201,450 0 0
PULASKI FINANCIAL CORP COM 745548107 2,369 183,426 SH   SOLE 0 183,426 0 0
ENTERPRISE BANCORP INC COM 293668109 4,004 170,841 SH   SOLE 0 170,841 0 0
DNB FINANCIAL CORP COM 233237106 4,291 166,068 SH   SOLE 0 166,068 0 0
PROVIDENT FINANCIAL HOLDINGS INC COM 743868101 2,777 165,929 SH   SOLE 0 165,929 0 0
MAINSOURCE FINANCIAL GROUP INC COM 56062Y102 3,487 158,864 SH   SOLE 0 158,864 0 0
MUTUALFIRST FINANCIAL INC COM 62845B104 3,654 157,333 SH   SOLE 0 157,333 0 0
TRICO BANCSHARES COM 896095106 3,565 148,250 SH   SOLE 0 148,250 0 0
MERCANTILE BANK CORP COM 587376104 3,114 145,486 SH   SOLE 0 145,486 0 0
QCR HOLDINGS INC COM 74727A104 2,754 126,603 SH   SOLE 0 126,603 0 0
CHOICEONE FINANCIAL SERVICES INC COM 170386106 2,648 115,002 SH   SOLE 0 115,002 0 0
EVANS BANCORP INC COM 29911Q208 2,599 107,187 SH   SOLE 0 107,187 0 0
FIRST BUSINESS FINANCIAL SERVICES INC COM 319390100 4,667 99,563 SH   SOLE 0 99,563 0 0
F & M BANK CORP COM 30237P106 2,152 96,103 SH   SOLE 0 96,103 0 0
SUFFOLK BANCORP COM 864739107 2,342 91,299 SH   SOLE 0 91,299 0 0
MERCHANTS BANCSHARES INC COM 588448100 2,970 89,831 SH   SOLE 0 89,831 0 0
SOUTHERN MICHIGAN BANCORP INC COM 84336P103 1,986 86,378 SH   SOLE 0 86,378 0 0
VERITEX HOLDINGS INC COM 923451108 1,220 81,748 SH   SOLE 0 81,748 0 0
FIRST DEFIANCE FINANCIAL CORP COM 32006W106 2,890 77,021 SH   SOLE 0 77,021 0 0
FNB BANCORP COM 302515101 1,807 64,538 SH   SOLE 0 64,538 0 0
NATIONAL COMMERCE CORP COM 63546L102 645 25,000 SH   SOLE 0 25,000 0 0