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 910 9,021 SH   SOLE   0 0 0
American Business Bank COM 02475L105 513 13,621 SH   SOLE   0 0 0
Associated Banc-Corp COM 045487105 9,370 437,443 SH   SOLE   0 0 0
Banco Bilbao Vizcaya Argentaria, S.A. ADR ADR 00709P108 9,165 1,390,692 SH   SOLE   0 0 0
Barclays PLC ADR 06738E204 5,543 537,101 SH   SOLE   0 0 0
The Bank of New York Mellon Corporation COM 064058100 14,376 277,318 SH   SOLE   0 0 0
POPULAR INC COM 733174700 3,725 47,965 SH   SOLE   0 0 0
Bank7 Corp. COM 06652N107 5,470 255,358 SH   SOLE   0 0 0
California Bancorp COM 13005C101 1,001 57,093 SH   SOLE   0 0 0
CITIZENS FINANCIAL GROUP INC COM 174610105 4,413 93,933 SH   SOLE   0 0 0
COMERICA INC COM 200340107 13,864 172,225 SH   SOLE   0 0 0
Columbia Banking System, Inc. COM 197236102 4,293 113,000 SH   SOLE   0 0 0
First Community Corp. COM 319835104 326 16,457 SH   SOLE   0 0 0
FIFTH THIRD BANCORP COM 316773100 5,143 121,194 SH   SOLE   0 0 0
Huntington Bancshares COM 446150104 5,442 352,011 SH   SOLE   0 0 0
HERITAGE COMMERCE CORP COM 426927109 3,398 292,214 SH   SOLE   0 0 0
HANCOCK WHITNEY CORP COM 410120109 5,305 112,590 SH   SOLE   0 0 0
ING Groep N.V. ADS ADR 04930A104 4,970 343,000 SH   SOLE   0 0 0
KB Financial Group Inc. ADS ADR 48241A105 3,812 82,139 SH   SOLE   0 0 0
KEYCORP COM 493267108 5,455 252,308 SH   SOLE   0 0 0
Metropolitan Bank Holding Corp. COM 61744Y132 3,677 43,615 SH   SOLE   0 0 0
Macatawa Bank Corporation COM 554225102 4,167 518,976 SH   SOLE   0 0 0
Medallion Financial Corp. COM 583928106 2,224 283,728 SH   SOLE   0 0 0
M&T Bank Corp COM 55261F104 5,078 34,000 SH   SOLE   0 0 0
OceanFirst Financial Corp. COM 675234108 976 45,600 SH   SOLE   0 0 0
Open Bank COM 67109R109 4,656 452,943 SH   SOLE   0 0 0
OLD SECOND BANCORP INC COM 680277100 562 43,000 SH   SOLE   0 0 0
OAK VALLEY BANCORP COM 671807105 1,829 103,626 SH   SOLE   0 0 0
PACWEST BANCORP COM 695263103 13,776 303,961 SH   SOLE   0 0 0
PEOPLES BANCORP OF NORTH CAROL COM 710577107 953 33,574 SH   SOLE   0 0 0
The PNC Financial Services Group, Inc. COM 693475105 1,996 10,200 SH   SOLE   0 0 0
REGIONS FINANCIAL CORP COM 7591EP100 1,628 76,400 SH   SOLE   0 0 0
Shinhan Financial Group Co., Ltd. ADR 824596100 2,536 75,330 SH   SOLE   0 0 0
SYNOVUS FINANCIAL CORP COM 87161C501 7,684 175,070 SH   SOLE   0 0 0
State Street Corporation COM 857477103 11,311 133,507 SH   SOLE   0 0 0
TIMBERLAND BANCORP INC/WA COM 887098101 5,780 199,988 SH   SOLE   0 0 0
UNITED SECURITY BANCSHARES/FRE COM 911460103 3,496 437,574 SH   SOLE   0 0 0
Webster Financial Corporation COM 947890109 11,727 215,330 SH   SOLE   0 0 0
ZIONS BANCORPORATION COM 989701107 7,862 127,039 SH   SOLE   0 0 0