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
Expires: July 31, 2015
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
1867 Western Financial Corp Com 282518109 671,500 79 SH SOLE 79 0 0
Alpine Banks of Colorado Com 020810107 6,764,972 143,174 SH SOLE 143,174 0 0
American Riviera Bancorp Com 02933K103 4,317,374 183,328 SH SOLE 183,328 0 0
Ballston Spa Bancorp Inc Com 058701103 1,862,445 26,302 SH SOLE 26,302 0 0
Bancorp 34 Inc Com 05970V106 1,596,416 107,142 SH SOLE 107,142 0 0
Bancorp Inc/The Com 05969A105 2,926,404 54,465 SH SOLE 54,465 0 0
Bankwell Financial Group Inc Com 06654A103 5,635,016 116,138 SH SOLE 116,138 0 0
Banner Corp Com 06652V208 3,699,842 60,973 SH SOLE 60,973 0 0
Boyle Bancorp Inc Com 103442109 3,989,818 34,514 SH SOLE 34,514 0 0
C&F Financial Corp Com 12466Q104 904,237 12,397 SH SOLE 12,397 0 0
California BanCorp Com 84252A106 3,695,612 208,556 SH SOLE 208,556 0 0
Canandaigua National Corp Com 137143103 2,059,700 9,580 SH SOLE 9,580 0 0
Cashmere Valley Bank Com 14756K102 6,837,716 91,597 SH SOLE 91,597 0 0
Century Financial Corp/MA Com 15652L102 1,938,629 41,468 SH SOLE 41,468 0 0
Chino Commercial Bancorp Com 16957L102 4,011,805 229,246 SH SOLE 229,246 0 0
Citba Financial Corp Com 173024100 2,394,249 61,391 SH SOLE 61,391 0 0
Citizens Bancorp Investment In Com 17315T100 92,461 2,867 SH SOLE 2,867 0 0
Citizens Bancorp/OR Com 172950107 1,247,548 102,258 SH SOLE 102,258 0 0
Citizens Financial Group Inc Com 174610105 5,567,075 92,831 SH SOLE 92,831 0 0
CNB Community Bancorp Inc Com 12618F105 3,106,544 68,411 SH SOLE 68,411 0 0
CNB Financial Corp/PA Com 126128107 2,896,000 100,000 SH SOLE 100,000 0 0
Coastal Carolina Bancshares In Com 190435107 2,928,879 230,000 SH SOLE 230,000 0 0
Columbia Banking System Inc Com 197236102 4,287,364 156,302 SH SOLE 156,302 0 0
Commercial Bancgroup Inc Com 20112C106 3,477,937 133,664 SH SOLE 133,664 0 0
Community Bancorp of Santa Mar Com 20344R103 3,218,897 172,595 SH SOLE 172,595 0 0
Community Heritage Financial I Com 20370L103 3,809,370 129,000 SH SOLE 129,000 0 0
Community West Bancshares Com 203937107 2,961,803 127,116 SH SOLE 127,116 0 0
Cornerstone Bancorp Inc/IL Com 21925H100 575,690 5,006 SH SOLE 5,006 0 0
Croghan Bancshares Inc Com 227072105 143,551 2,518 SH SOLE 2,518 0 0
Crystal Valley Financial Corp Com 22941P100 4,246,710 54,445 SH SOLE 54,445 0 0
Dimeco Inc Com 25432W104 918,966 19,733 SH SOLE 19,733 0 0
Embassy Bancorp Inc Com 290791102 2,938,301 152,639 SH SOLE 152,639 0 0
Endeavor Bancorp Com 29260B109 2,032,662 133,334 SH SOLE 133,334 0 0
Exchange Bank/Santa Rosa CA Com 301227203 9,516,204 69,895 SH SOLE 69,895 0 0
Farmers & Merchants Bancorp/Lo Com 307795104 4,101,440 3,662 SH SOLE 3,662 0 0
Farmers and Merchants Bancshar Com 308856103 1,176,225 68,906 SH SOLE 68,906 0 0
FFD Financial Corp Com 30243C107 2,326,173 52,988 SH SOLE 52,988 0 0
Fidelity D&D Bancorp Inc Com 31609R100 1,959,545 45,276 SH SOLE 45,276 0 0
Fifth Third Bancorp Com 316773100 3,480,876 74,922 SH SOLE 74,922 0 0
First Berlin Bancorp Inc Com 319302105 1,198,948 33,537 SH SOLE 33,537 0 0
First Capital Inc Com 31942S104 3,246,844 65,421 SH SOLE 65,421 0 0
First Citizens BancShares Inc/ Com 31946M103 8,186,963 4,344 SH SOLE 4,344 0 0
First Citizens BancShares Inc/ Com 31946M202 1,423,518 876 SH SOLE 876 0 0
First Mid Bancshares Inc Com 320866106 5,288,961 128,404 SH SOLE 128,404 0 0
First National Corp/VA Com 32106V107 7,431,078 276,043 SH SOLE 276,043 0 0
First National of Nebraska Inc Com 335720108 8,251,025 500 SH SOLE 500 0 0
First Ottawa Bancshares Inc Com 335876108 7,462,796 39,908 SH SOLE 39,908 0 0
Five Star Bancorp Com 33830T103 5,086,429 134,847 SH SOLE 134,847 0 0
FNB Corp/PA Com 302520101 4,390,555 262,593 SH SOLE 262,593 0 0
Foresight Financial Group Inc Com 345526107 497,750 11,000 SH SOLE 11,000 0 0
FS Bancorp Inc Com 30263Y104 2,023,698 52,441 SH SOLE 52,441 0 0
HBT Financial Inc Com 404111106 4,871,884 182,331 SH SOLE 182,331 0 0
High Country Bancorp Inc Com 42965Q107 954,632 26,703 SH SOLE 26,703 0 0
Home Loan Financial Corp Com 437183205 629,489 15,290 SH SOLE 15,290 0 0
Horizon Bancorp Inc/IN Com 440407104 3,314,000 200,000 SH SOLE 200,000 0 0
Independent Bank Corp Com 453836108 3,186,648 42,370 SH SOLE 42,370 0 0
International Bancshares Corp Com 459044103 3,076,835 45,725 SH SOLE 45,725 0 0
Jd Bancshares Inc Com 46591R108 2,498,573 78,056 SH SOLE 78,056 0 0
Main Street Financial Services Com 56035X108 2,316,491 126,446 SH SOLE 126,446 0 0
Mechanics Bancorp Com 43785V102 5,209,936 353,216 SH SOLE 353,216 0 0
Mercantile Bank Corp Com 587376104 4,240,283 83,966 SH SOLE 83,966 0 0
Merchants Financial Group Inc Com 588538108 7,335,241 209,160 SH SOLE 209,160 0 0
Middlebury National Corp Com 596237107 1,179,765 26,217 SH SOLE 26,217 0 0
Mission Bancorp/Bakersfield CA Com 605015106 8,495,503 86,231 SH SOLE 86,231 0 0
Northeast Indiana Bancorp Inc Com 664196102 32,413 1,447 SH SOLE 1,447 0 0
Oak Ridge Financial Services I Com 671768109 3,541,186 122,152 SH SOLE 122,152 0 0
Oak Valley Bancorp Com 671807105 10,480,954 323,187 SH SOLE 323,187 0 0
Old Second Bancorp Inc Com 680277100 3,286,846 163,038 SH SOLE 163,038 0 0
Oregon Pacific Bancorp Com 686040205 7,154,101 661,804 SH SOLE 661,804 0 0
Oxford Bank Corp/MI Com 69140P100 5,674,698 135,499 SH SOLE 135,499 0 0
Pacific Valley Bancorp Com 69503T103 2,216,634 216,257 SH SOLE 216,257 0 0
Parke Bancorp Inc Com 700885106 4,112,803 144,817 SH SOLE 144,817 0 0
Partners Bank of California Com 70212Y102 1,740,920 134,955 SH SOLE 134,955 0 0
Peoples Bancorp/WA Com 70979X107 1,125,000 5,000 SH SOLE 5,000 0 0
Pinnacle Bank/Gilroy CA Com 72346K107 3,461,426 211,708 SH SOLE 211,708 0 0
Plumas Bancorp Com 729273102 11,668,273 239,006 SH SOLE 239,006 0 0
Private Bancorp of America Inc Com 74274F100 4,212,421 62,397 SH SOLE 62,397 0 0
Provident Financial Services I Com 74386T105 4,014,179 189,706 SH SOLE 189,706 0 0
Red River Bancshares Inc Com 75686R202 6,012,361 66,479 SH SOLE 66,479 0 0
Redwood Capital Bancorp Com 75777X100 5,636,772 186,278 SH SOLE 186,278 0 0
Security National Corp/IA Com 814784104 3,408,822 18,476 SH SOLE 18,476 0 0
Shore Bancshares Inc Com 825107105 3,647,961 195,287 SH SOLE 195,287 0 0
Solvay Bank Com 83441Q105 2,140,866 76,296 SH SOLE 76,296 0 0
Somerset Trust Holding Co Com 835126103 143,100 2,044 SH SOLE 2,044 0 0
Southeastern Banking Corp Com 84158P108 3,421,844 120,149 SH SOLE 120,149 0 0
Southern BancShares NC Inc Com 842243107 12,705,000 1,100 SH SOLE 1,100 0 0
Southern Missouri Bancorp Inc Com 843380106 5,071,337 79,314 SH SOLE 79,314 0 0
Studio Financial Holdings Inc Com 864001102 1,792,748 148,161 SH SOLE 148,161 0 0
SVB&T Corporation Com 784866105 399,880 6,500 SH SOLE 6,500 0 0
Timberland Bancorp Inc/WA Com 887098101 9,102,297 230,847 SH SOLE 230,847 0 0
Tri City Bankshares Corp Com 895364107 2,785,574 146,455 SH SOLE 146,455 0 0
Tri-County Financial Group Inc Com 89546P108 3,222,780 61,917 SH SOLE 61,917 0 0
United BanCorp of Alabama Inc Com 90944R100 4,045,662 81,896 SH SOLE 81,896 0 0
Valley National Bancorp Com 919794107 3,138,031 255,540 SH SOLE 255,540 0 0
Washington Trust Bancorp Inc Com 940610108 4,016,840 120,049 SH SOLE 120,049 0 0
West Coast Community Bancorp Com 952170108 13,902,454 295,357 SH SOLE 295,357 0 0
Wintrust Financial Corp Com 97650W108 3,374,019 24,284 SH SOLE 24,284 0 0
Woodlands Financial Services C Com 979685104 2,037,049 74,372 SH SOLE 74,372 0 0
WTB Financial Corp Com 929334209 4,793,184 12,672 SH SOLE 12,672 0 0
Zions Bancorp NA Com 989701107 5,836,330 101,290 SH SOLE 101,290 0 0