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
BANCO BILBAO VIZCAYA-SP ADR SPONSORED ADR 05946K101 119 35,100 SH   SOLE   35,100 0 0
BANCO SANTANDER ADR 05964H105 121 50,100 SH   SOLE   50,100 0 0
BERKSHIRE HILLS BANCORP INC COM 084680107 4,922 446,600 SH   SOLE   446,600 0 0
BOSTON PRIVATE FINL HOLDING COM 101119105 567 82,381 SH   SOLE   82,381 0 0
CADENCE BANCORP CL A 12739A100 10,800 1,218,946 SH   SOLE   1,218,946 0 0
CARTER BK AND TR MARTINSVILLE VA COM 146102108 82 10,100 SH   SOLE   10,100 0 0
CITIZENS COMMUNITY BANCORP I COM 174903104 7,641 1,113,837 SH   SOLE   1,113,837 0 0
CITIZENS FINANCIAL GROUP COM 174610105 1,075 42,600 SH   SOLE   42,600 0 0
CODORUS VALLEY BANCORP INC COM 192025104 5,772 417,341 SH   SOLE   417,341 0 0
COLONY BANKCORP COM 19623P101 5,287 449,206 SH   SOLE   449,206 0 0
COMERICA INC COM 200340107 552 14,500 SH   SOLE   14,500 0 0
COMMUNITY BANKERS TRUST CORP COM 203612106 2,873 522,450 SH   SOLE   522,450 0 0
COMMUNITY FINANCIAL CORPORATION COM 20368X101 11,890 487,289 SH   SOLE   487,289 0 0
COMMUNITY WEST BANCSHARES COM 204157101 421 50,000 SH   SOLE   50,000 0 0
EAGLE BANCORP /MT COM 26942G100 814 46,864 SH   SOLE   46,864 0 0
FAUQUIER BANKSHARES INC COM 312059108 826 58,557 SH   SOLE   58,557 0 0
FIFTH THIRD BANCORP COM 316773100 1,043 54,100 SH   SOLE   54,100 0 0
FIRST BANCSHARES INC/MS COM 318916103 966 42,942 SH   SOLE   42,942 0 0
FIRST BANK/WILLIAMSTOWN NJ COM 31931U102 108 16,619 SH   SOLE   16,619 0 0
FIRST FINANCIAL NORTHWEST COM 32022K102 2,548 263,002 SH   SOLE   263,002 0 0
FIRST HORIZON NATIONAL CORP COM 320517105 130 13,100 SH   SOLE   13,100 0 0
FIRST NATIONAL CORP/VA COM 32106V107 4,377 315,449 SH   SOLE   315,449 0 0
FIRST SAVINGS FINANCIAL GRP COM 33621E109 931 21,476 SH   SOLE   21,476 0 0
F N B CORP COM 302520101 121 16,100 SH   SOLE   16,100 0 0
FVCBANKCORP INC COM 36120Q101 124 11,515 SH   SOLE   11,515 0 0
GREAT WESTERN BANCORP INC COM 391416104 1,109 80,600 SH   SOLE   80,600 0 0
HANCOCK WHITNEY CORPORATION COM 410120109 1,166 55,000 SH   SOLE   55,000 0 0
HMN FINANCIAL INC COM 40424G108 6,424 439,986 SH   SOLE   439,986 0 0
HOMETRUST BANCSHARES INC COM 437872104 634 39,620 SH   SOLE   39,620 0 0
HOWARD BANCORP INC COM 442496105 2,571 242,100 SH   SOLE   242,100 0 0
HUNTINGTON BANCSHARES INC COM 446150104 91 10,100 SH   SOLE   10,100 0 0
KEYCORP COM 493267108 123 10,100 SH   SOLE   10,100 0 0
LLOYDS TSB GROUP PLC -SP ADR SPONSORED ADR 539439109 120 80,100 SH   SOLE   80,100 0 0
MALVERN BANCORP INC COM 561409103 3,853 302,678 SH   SOLE   302,678 0 0
MVB FINANCIAL CORP COM 553810102 422 31,758 SH   SOLE   31,758 0 0
OLD POINT FINANCIAL CORP COM 680194107 1,523 99,852 SH   SOLE   99,852 0 0
PACIFIC MERCANTILE BANCORP COM 694552100 4,718 1,289,081 SH   SOLE   1,289,081 0 0
PEOPLES BANCORP OF NC COM 710577107 438 24,799 SH   SOLE   24,799 0 0
PLUMAS BANCORP COM 729273102 4,209 190,267 SH   SOLE   190,267 0 0
REGIONS FINANCIAL CORP COM 7591EP100 112 10,100 SH   SOLE   10,100 0 0
SELECT BANCORP INC COM 81617L108 6,246 767,318 SH   SOLE   767,318 0 0
SEVERN BANCORP INC/MD COM 81811M100 4,542 700,892 SH   SOLE   700,892 0 0
SHORE BANCSHARES INC COM 825107105 13,833 1,247,344 SH   SOLE   1,247,344 0 0
SOUTHERN NATL BANCORP OF VA COM 843395104 98 10,100 SH   SOLE   10,100 0 0
STANDARD AVB FINANCIAL CORP COM 85303B100 438 18,870 SH   SOLE   18,870 0 0
TEXAS CAP BANCSHARES INC COM 88224Q107 278 9,000 SH   SOLE   9,000 0 0
WELLS FARGO & COMPANY COM 949746101 2,281 89,100 SH   SOLE   89,100 0 0