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
AFFILIATED MANAGERS GROUP COM 008252108 12,440 75,000 SH   SOLE   75,000 0 0
AJS Bancorp, Inc. COM 001503101 2,762 188,900 SH   SOLE   188,900 0 0
Alerus Financial Corp COM 01446U103 194 10,100 SH   SOLE   10,100 0 0
American Business Bank COM 02475L105 1,890 45,000 SH   SOLE   45,000 0 0
AMERICAN RIVER BANKSHARES COM 029326105 5,859 403,809 SH   SOLE   403,809 0 0
AMERIS BANCORP COM 03076K108 26,939 558,900 SH   SOLE   558,900 0 0
ARES CAP CORP COM 04010L103 6,812 415,900 SH   SOLE   415,900 0 0
ASSOCIATED BANC CORP COM 045487105 1,638 65,000 SH   SOLE   65,000 0 0
Avidbank Holdings, Inc. COM 05368J103 2,499 127,103 SH   SOLE   127,103 0 0
BANC OF CALIFORNIA INC COM 05990K106 6,020 280,000 SH   SOLE   280,000 0 0
BANCORP 34 INC COM 05970V106 869 61,906 SH   SOLE   61,906 0 0
BANCORPSOUTH INC COM 059692103 10,373 340,100 SH   SOLE   340,100 0 0
BANK AMER CORP COM 060505104 13,950 575,000 SH   SOLE   575,000 0 0
BANK OF MARIN BANCORP COM 063425102 2,160 35,100 SH   SOLE   35,100 0 0
BANK OF NT BUTTERFIELD&SON L SHS NEW G0772R208 13,401 393,000 SH   SOLE   393,000 0 0
BANK OF THE ST JAMES FINL GP COM 470299108 2,503 167,300 SH   SOLE   167,300 0 0
BANKUNITED INC COM 06652K103 5,057 150,000 SH   SOLE   150,000 0 0
Bay Banks of Virginia, Inc. COM 072035108 4,570 491,450 SH   SOLE   491,450 0 0
BERKSHIRE HILLS BANCORP INC COM 084680107 12,226 347,827 SH   SOLE   347,827 0 0
BLACK KNIGHT FINL SVCS INC CL A 09214X100 614 15,000 SH   SOLE   15,000 0 0
Blackhawk Bancorp, Inc. COM 09237E204 3,236 157,000 SH   SOLE   157,000 0 0
BOSTON PRIVATE FINL HLDGS IN COM 101119105 5,981 389,658 SH   SOLE   389,658 0 0
BRYN MAWR BK CORP COM 117665109 4,641 109,200 SH   SOLE   109,200 0 0
CADENCE BANCORPORATION CL A 12739A100 2,079 95,000 SH   SOLE   95,000 0 0
CAPITAL ONE FINL CORP COM 14040H105 7,849 95,000 SH   SOLE   95,000 0 0
Carolina Alliance Bank COM 14376R107 425 34,439 SH   SOLE   34,439 0 0
CAROLINA FINL CORP NEW COM 143873107 2,230 69,000 SH   SOLE   69,000 0 0
CENTERSTATE BANKS INC COM 15201P109 16,507 664,000 SH   SOLE   664,000 0 0
Central Federal Bancshares, Inc. COM 15346T107 2,210 166,200 SH   SOLE   166,200 0 0
CENTURY BANCORP INC MASS CL A NON VTG 156432106 17,168 269,940 SH   SOLE   269,940 0 0
CITIGROUP INC COM NEW 172967424 24,110 360,500 SH   SOLE   360,500 0 0
CITIZENS HLDG CO MISS COM 174715102 271 10,441 SH   SOLE   10,441 0 0
CIVISTA BANCSHARES INC COM NO PAR 178867107 2,825 135,294 SH   SOLE   135,294 0 0
CIVISTA BANCSHARES INC 6.50% PFD SER B 178867206 7,405 115,700 SH   SOLE   115,700 0 0
CNB FINL CORP PA COM 126128107 6,750 281,600 SH   SOLE   281,600 0 0
COASTWAY BANCORP INC COM 190632109 8,815 430,000 SH   SOLE   430,000 0 0
CODORUS VY BANCORP INC COM 192025104 9,851 346,857 SH   SOLE   346,857 0 0
COMERICA INC COM 200340107 15,564 212,500 SH   SOLE   212,500 0 0
COMERICA INC COM 200340107 1,831 25,000 SH Call SOLE   25,000 0 0
Communities First Financial Corporation COM 20344D104 171 11,378 SH   SOLE   11,378 0 0
COMMUNITY BANKERS TR CORP COM 203612106 8,183 991,882 SH   SOLE   991,882 0 0
COMMUNITY TR BANCORP INC COM 204149108 3,920 89,600 SH   SOLE   89,600 0 0
COMMUNITY WEST BANCSHARES COM 204157101 2,596 257,044 SH   SOLE   257,044 0 0
CONNECTONE BANCORP INC NEW COM 20786W107 1,240 55,000 SH   SOLE   55,000 0 0
CULLEN FROST BANKERS INC COM 229899109 14,293 152,200 SH   SOLE   152,200 0 0
D R HORTON INC COM 23331A109 6,914 200,000 SH   SOLE   200,000 0 0
DIME CMNTY BANCSHARES COM 253922108 4,312 220,000 SH   SOLE   220,000 0 0
DISCOVER FINL SVCS COM 254709108 5,908 95,000 SH   SOLE   95,000 0 0
E TRADE FINANCIAL CORP COM NEW 269246401 7,450 195,900 SH   SOLE   195,900 0 0
EAST WEST BANCORP INC COM 27579R104 4,909 83,800 SH   SOLE   83,800 0 0
ENTEGRA FINL CORP COM 29363J108 693 30,469 SH   SOLE   30,469 0 0
ENTERPRISE FINL SVCS CORP COM 293712105 4,025 98,645 SH   SOLE   98,645 0 0
EQUITABLE FINL CORP NEW COM 29448T105 3,174 309,698 SH   SOLE   309,698 0 0
EQUITY BANCSHARES INC COM CL A 29460X109 7,660 250,000 SH   SOLE   250,000 0 0
ESSA BANCORP INC COM 29667D104 7,447 505,894 SH   SOLE   505,894 0 0
EVANS BANCORP INC COM NEW 29911Q208 9,284 232,400 SH   SOLE   232,400 0 0
FARMERS NATL BANC CORP COM 309627107 870 60,000 SH   SOLE   60,000 0 0
FB FINL CORP COM 30257X104 15,471 450,000 SH   SOLE   450,000 0 0
FIDELITY NATIONAL FINANCIAL FNFV GROUP COM 31620R402 5,451 345,000 SH   SOLE   345,000 0 0
FIDELITY NATIONAL FINANCIAL FNF GROUP COM 31620R303 5,563 124,100 SH   SOLE   124,100 0 0
FIDELITY NATL INFORMATION SV COM 31620M106 9,266 108,500 SH   SOLE   108,500 0 0
FIFTH THIRD BANCORP COM 316773100 21,806 840,000 SH   SOLE   840,000 0 0
First American International Corp. COM 31849X107 4,200 168,880 SH   SOLE   168,880 0 0
FIRST AMERN FINL CORP COM 31847R102 3,352 75,000 SH   SOLE   75,000 0 0
FIRST BANCSHARES INC MS COM 318916103 7,537 273,090 SH   SOLE   273,090 0 0
FIRST BUS FINL SVCS INC WIS COM 319390100 2,026 87,800 SH   SOLE   87,800 0 0
FIRST CMNTY CORP S C COM 319835104 3,368 160,369 SH   SOLE   160,369 0 0
FIRST DEFIANCE FINL CORP COM 32006W106 2,307 43,800 SH   SOLE   43,800 0 0
FIRST FINL BANCORP OH COM 320209109 1,119 40,400 SH   SOLE   40,400 0 0
FIRST HORIZON NATL CORP COM 320517105 4,425 254,000 SH   SOLE   254,000 0 0
First IC Corporation COM 32058J102 1,152 139,597 SH   SOLE   139,597 0 0
FIRST MID ILL BANCSHARES INC COM 320866106 2,390 69,800 SH   SOLE   69,800 0 0
FIRST MIDWEST BANCORP DEL COM 320867104 140 6,000 SH   SOLE   6,000 0 0
FIRST SOUTH BANCORP INC VA COM 33646W100 2,191 132,471 SH   SOLE   132,471 0 0
FNB CORP PA COM 302520101 991 70,000 SH   SOLE   70,000 0 0
FNB CORP PA *W $3.116 EXP 1/30/2019 302520945 4,337 392,475 SH   SOLE   392,475 0 0
Four Oaks Fincorp, Inc. COM 350891206 266 14,300 SH   SOLE   14,300 0 0
FSB BANCORP INC COM 30289C102 959 65,000 SH   SOLE   65,000 0 0
GUARANTY BANCSHARES INC TEX COM 400764106 7,189 225,000 SH   SOLE   225,000 0 0
GUARANTY FED BANCSHARES INC COM 40108P101 1,697 83,900 SH   SOLE   83,900 0 0
HAMILTON BANCORP INC MD COM 407015106 2,113 140,884 SH   SOLE   140,884 0 0
HANMI FINL CORP COM NEW 410495204 285 10,000 SH   SOLE   10,000 0 0
HENNESSY ADVISORS INC COM 425885100 1,562 102,905 SH   SOLE   102,905 0 0
Hibernia Bancorp, Inc. COM 42866N104 318 17,000 SH   SOLE   17,000 0 0
HMN FINL INC COM 40424G108 2,258 128,684 SH   SOLE   128,684 0 0
HMN FINL INC *W $4.68 EXP 12/23/2018 40424G975 3,603 277,778 SH   SOLE   277,778 0 0
HOME BANCORP INC COM 43689E107 1,403 32,985 SH   SOLE   32,985 0 0
HOMETRUST BANCSHARES INC COM 437872104 7,098 290,891 SH   SOLE   290,891 0 0
HOPE BANCORP INC COM 43940T109 2,518 135,000 SH   SOLE   135,000 0 0
HOWARD BANCORP INC COM 442496105 3,355 174,301 SH   SOLE   174,301 0 0
IBERIABANK CORP COM 450828108 16,300 200,000 SH   SOLE   200,000 0 0
IF BANCORP INC COM 44951J105 4,973 255,000 SH   SOLE   255,000 0 0
INDEPENDENT BANK CORP MICH COM NEW 453838609 17,574 808,000 SH   SOLE   808,000 0 0
INDEPENDENT BK GROUP INC COM 45384B106 1,178 19,800 SH   SOLE   19,800 0 0
INVESCO LTD SHS G491BT108 7,552 214,600 SH   SOLE   214,600 0 0
INVESTAR HLDG CORP COM 46134L105 2,169 94,700 SH   SOLE   94,700 0 0
INVESTORS BANCORP INC NEW COM 46146L101 5,257 393,500 SH   SOLE   393,500 0 0
JACKSONVILLE BANCORP INC MD COM 46924R106 1,267 40,869 SH   SOLE   40,869 0 0
JPMORGAN CHASE & CO COM 46625H100 11,215 122,700 SH   SOLE   122,700 0 0
JPMORGAN CHASE & CO *W EXP 10/28/201 46634E114 7,010 139,400 SH   SOLE   139,400 0 0
KEYCORP NEW COM 493267108 23,414 1,249,400 SH   SOLE   1,249,400 0 0
LAKELAND BANCORP INC COM 511637100 3,768 199,900 SH   SOLE   199,900 0 0
LEGG MASON INC COM 524901105 756 19,800 SH   SOLE   19,800 0 0
LENNAR CORP CL B 526057302 14,863 330,500 SH   SOLE   330,500 0 0
M & T BK CORP *W EXP 12/23/201 55261F112 5,283 60,000 SH   SOLE   60,000 0 0
MAINSOURCE FINANCIAL GP INC COM 56062Y102 10,750 320,800 SH   SOLE   320,800 0 0
MASTERCARD INCORPORATED CL A 57636Q104 2,405 19,800 SH   SOLE   19,800 0 0
MB Bancorp, Inc. COM 55280E104 2,837 188,500 SH   SOLE   188,500 0 0
MELROSE BANCORP INC COM 585553100 2,802 156,532 SH   SOLE   156,532 0 0
MIDWESTONE FINL GROUP INC NE COM 598511103 7,313 215,800 SH   SOLE   215,800 0 0
Minden Bancorp, Inc. COM 60255R106 380 14,900 SH   SOLE   14,900 0 0
MORGAN STANLEY COM NEW 617446448 23,496 527,300 SH   SOLE   527,300 0 0
Mountain Commerce Bancorp, Inc. COM 624004107 2,247 187,500 SH   SOLE   187,500 0 0
MUTUALFIRST FINL INC COM 62845B104 4,059 113,700 SH   SOLE   113,700 0 0
NATIONAL COMM CORP COM 63546L102 6,328 160,000 SH   SOLE   160,000 0 0
New Bancorp, Inc. COM 642142103 933 66,200 SH   SOLE   66,200 0 0
New Jersey Community Bank COM 64577U102 602 160,488 SH   SOLE   160,488 0 0
NMI HLDGS INC CL A 629209305 4,157 363,100 SH   SOLE   363,100 0 0
NORTHRIM BANCORP INC COM 666762109 4,957 163,073 SH   SOLE   163,073 0 0
OAK VALLEY BANCORP OAKDALE C COM 671807105 1,365 98,225 SH   SOLE   98,225 0 0
OLD LINE BANCSHARES INC COM 67984M100 564 20,000 SH   SOLE   20,000 0 0
OLD SECOND BANCORP INC ILL COM 680277100 4,331 375,000 SH   SOLE   375,000 0 0
OM ASSET MGMT PLC SHS G67506108 2,378 160,000 SH   SOLE   160,000 0 0
OTTAWA BANCORP INC COM 689195105 3,274 237,785 SH   SOLE   237,785 0 0
PARAGON COML CORP COM NEW 69911U403 367 7,000 SH   SOLE   7,000 0 0
PARK STERLING CORP COM 70086Y105 1,129 95,000 SH   SOLE   95,000 0 0
PATHFINDER BANCORP INC MD COM 70319R109 3,987 253,961 SH   SOLE   253,961 0 0
PAYPAL HLDGS INC COM 70450Y103 1,610 30,000 SH   SOLE   30,000 0 0
PB BANCORP INC COM 70454T100 3,180 301,430 SH   SOLE   301,430 0 0
PEOPLES BANCORP N C INC COM 710577107 1,738 55,000 SH   SOLE   55,000 0 0
Pilgrim Bancshares, Inc. COM 72143J105 2,208 120,800 SH   SOLE   120,800 0 0
PJT PARTNERS INC COM CL A 69343T107 1,659 41,236 SH   SOLE   41,236 0 0
PLUMAS BANCORP COM 729273102 829 38,935 SH   SOLE   38,935 0 0
PNC FINL SVCS GROUP INC COM 693475105 15,047 120,500 SH   SOLE   120,500 0 0
PNC FINL SVCS GROUP INC *W EXP 12/31/201 693475121 1,153 20,000 SH   SOLE   20,000 0 0
POAGE BANKSHARES INC COM 730206109 5,153 270,505 SH   SOLE   270,505 0 0
PREFERRED BK LOS ANGELES CA COM NEW 740367404 11,036 206,400 SH   SOLE   206,400 0 0
PROSPERITY BANCSHARES INC COM 743606105 5,582 86,900 SH   SOLE   86,900 0 0
QCR HOLDINGS INC COM 74727A104 15,168 320,000 SH   SOLE   320,000 0 0
QNB Corporation COM 74726N107 2,746 68,100 SH   SOLE   68,100 0 0
REGIONS FINL CORP NEW COM 7591EP100 12,508 854,400 SH   SOLE   854,400 0 0
RIVERVIEW BANCORP INC COM 769397100 3,379 508,934 SH   SOLE   508,934 0 0
S & T BANCORP INC COM 783859101 4,483 125,000 SH   SOLE   125,000 0 0
SB FINL GROUP INC DEP SHS PFD 6.5% 78408D204 1,282 80,000 SH   SOLE   80,000 0 0
SEACOAST BKG CORP FLA COM NEW 811707801 10,761 446,500 SH   SOLE   446,500 0 0
SI FINL GROUP INC MD COM 78425V104 12,053 748,637 SH   SOLE   748,637 0 0
SOUTHERN FIRST BANCSHARES IN COM 842873101 926 25,000 SH   SOLE   25,000 0 0
SOUTHERN MO BANCORP INC COM 843380106 4,835 149,879 SH   SOLE   149,879 0 0
Standard AVB Financial Corp. COM 85303B100 5,975 211,500 SH   SOLE   211,500 0 0
STATE BK FINL CORP COM 856190103 14,455 532,984 SH   SOLE   532,984 0 0
STONEGATE BK FT LAUDERDALE F COM 861811107 9,830 212,857 SH   SOLE   212,857 0 0
Sugar Creek Financial Corporation COM 86481Y102 1,170 83,575 SH   SOLE   83,575 0 0
SUN BANCORP INC COM NEW 86663B201 16,050 651,100 SH   SOLE   651,100 0 0
Sunnyside Bancorp, Inc. COM 867475105 879 64,871 SH   SOLE   64,871 0 0
SUNSHINE BANCORP INC COM 86777J108 1,918 90,000 SH   SOLE   90,000 0 0
Sunshine Financial Inc. COM 86782T109 1,412 66,000 SH   SOLE   66,000 0 0
SUNTRUST BKS INC COM 867914103 12,858 226,700 SH   SOLE   226,700 0 0
SUNTRUST BKS INC *W EXP 12/31/201 867914129 788 37,000 SH   SOLE   37,000 0 0
SVB FINL GROUP COM 78486Q101 13,360 76,000 SH   SOLE   76,000 0 0
SYNOVUS FINL CORP COM NEW 87161C501 11,060 250,000 SH   SOLE   250,000 0 0
TWO RIV BANCORP COM 90207C105 2,761 148,533 SH   SOLE   148,533 0 0
UNION BANKSHARES CORP NEW COM 90539J109 339 10,000 SH   SOLE   10,000 0 0
UNITED CMNTY BANCORP IND COM 90984R101 5,626 296,886 SH   SOLE   296,886 0 0
UNITED CMNTY BKS BLAIRSVLE G COM 90984P303 9,897 356,000 SH   SOLE   356,000 0 0
UNITED CMNTY FINL CORP OHIO COM 909839102 10,358 1,246,500 SH   SOLE   1,246,500 0 0
UNITED FINL BANCORP INC NEW COM 910304104 8,644 517,908 SH   SOLE   517,908 0 0
UNITED SECURITY BANCSHARES C COM 911460103 1,665 180,000 SH   SOLE   180,000 0 0
UNIVEST CORP PA COM 915271100 6,525 217,861 SH   SOLE   217,861 0 0
VISA INC COM CL A 92826C839 7,174 76,500 SH   SOLE   76,500 0 0
WASHINGTONFIRST BANKSHARES I COM 940730104 3,635 105,285 SH   SOLE   105,285 0 0
WELLS FARGO CO NEW COM 949746101 6,926 125,000 SH   SOLE   125,000 0 0
West End Indiana Bancshares, Inc. COM 952678100 662 22,800 SH   SOLE   22,800 0 0
WESTERN ALLIANCE BANCORP COM 957638109 3,444 70,000 SH   SOLE   70,000 0 0
WESTERN NEW ENG BANCORP INC COM 958892101 3,329 327,982 SH   SOLE   327,982 0 0
White River Bancshares Company COM 9B999WRBC 4,331 68,000 SH   SOLE   68,000 0 0
WILLIS LEASE FINANCE CORP COM 970646105 668 25,000 SH   SOLE   25,000 0 0
WINTRUST FINL CORP COM 97650W108 2,088 27,311 SH   SOLE   27,311 0 0
WOLVERINE BANCORP INC COM 977880103 6,820 170,000 SH   SOLE   170,000 0 0
WSFS FINL CORP COM 929328102 2,834 62,500 SH   SOLE   62,500 0 0
XENITH BANKSHARES INC NEW COM NEW 984102202 3,883 125,000 SH   SOLE   125,000 0 0
ZIONS BANCORPORATION COM 989701107 26,785 610,000 SH   SOLE   610,000 0 0
ZIONS BANCORPORATION *W EXP 11/14/201 989701131 13,783 1,488,455 SH   SOLE   1,488,455 0 0