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
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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
1st Source Corp COM 336901103 2,778 52,000 SH   SOLE   52,000 0 0
Access Natl Corp COM 004337101 1,788 62,500 SH   SOLE   62,500 0 0
ACNB Corp COM 000868109 511 15,000 SH   SOLE   15,000 0 0
Ames Natl Corp COM 031001100 463 15,000 SH   SOLE   15,000 0 0
Auburn Natl Bancorp COM 050473107 620 12,500 SH   SOLE   12,500 0 0
BancFirst Corp COM 05945F103 6,453 109,000 SH   SOLE   109,000 0 0
Bank of Marin Bancorp COM 063425102 2,628 32,500 SH   SOLE   32,500 0 0
Bank of South Carolina Corp COM 065066102 1,627 78,622 SH   SOLE   78,622 0 0
Bankwell Finl Group Inc COM 06654A103 1,447 45,000 SH   SOLE   45,000 0 0
Benchmark Bankshares COM 08160E207 319 15,000 SH   SOLE   15,000 0 0
Bryn Mawr Bk Corp COM 117665109 4,723 102,000 SH   SOLE   102,000 0 0
Burke & Herbert B&T COM 121331102 142 50 SH   SOLE   50 0 0
CSB Bancorp, Inc. COM 12628R107 166 4,250 SH   SOLE   4,250 0 0
Cambridge Bancorp COM 132152109 433 5,000 SH   SOLE   5,000 0 0
Carolina Finl Corp New COM 143873107 3,798 88,500 SH   SOLE   88,500 0 0
Century Bancorp Inc Mass CL A NON VTG 156432106 3,056 40,000 SH   SOLE   40,000 0 0
CoBiz Financial Inc COM 190897108 2,685 125,000 SH   SOLE   125,000 0 0
CommerceWest Bank COM 20084T103 3,738 146,000 SH   SOLE   146,000 0 0
Connectone Bancorp Inc NEW COM 20786W107 3,237 130,000 SH   SOLE   130,000 0 0
Crystal Valley Financial Corporation COM 22941P100 254 5,000 SH   SOLE   5,000 0 0
Eagle Bancorp Inc MD COM 268948106 4,659 76,000 SH   SOLE   76,000 0 0
Eagle Financial Services COM 26951R104 414 11,500 SH   SOLE   11,500 0 0
Enterprise Bancorp Inc Mass COM 293668109 1,617 40,000 SH   SOLE   40,000 0 0
Enterprise Finl Svcs Corp COM 293712105 3,237 60,000 SH   SOLE   60,000 0 0
Equity Bancshares Inc COM CL A 29460X109 2,074 50,000 SH   SOLE   50,000 0 0
Fidelity D & D Bancorp COM 31609R100 310 5,000 SH   SOLE   5,000 0 0
First Busey Corp COM NEW 319383204 3,172 100,000 SH   SOLE   100,000 0 0
First Bus Finl Svcs Inc Wis COM 319390100 1,950 75,000 SH   SOLE   75,000 0 0
First Fndtn Inc COM 32026V104 2,781 150,000 SH   SOLE   150,000 0 0
First Long Is Corp COM 320734106 5,219 210,000 SH   SOLE   210,000 0 0
First National Bk Alaska COM 32112J106 77 35 SH   SOLE   35 0 0
German Amern Bancorp Inc COM 373865104 3,675 102,500 SH   SOLE   102,500 0 0
Guaranty Bancorp Del COM NEW 40075T607 2,235 75,000 SH   SOLE   75,000 0 0
Heritage Commerce Corp COM 426927109 3,908 230,000 SH   SOLE   230,000 0 0
Heritage Finl Corp Wash COM 42722X106 1,324 38,000 SH   SOLE   38,000 0 0
Horizon Bancorp Inc COM 440407104 2,379 115,000 SH   SOLE   115,000 0 0
Independent Bank Group Inc COM 45384B106 2,839 42,500 SH   SOLE   42,500 0 0
Kentucky Bancshares COM 491203105 326 6,500 SH   SOLE   6,500 0 0
Lakeland Finl Corp COM 511656100 6,024 125,000 SH   SOLE   125,000 0 0
Landmark Bancorp Inc COM 51504L107 1,490 52,279 SH   SOLE   52,279 0 0
LCNB Corp COM 50181P100 99 5,000 SH   SOLE   5,000 0 0
Marlin Business Svcs Corp COM 571157106 597 20,000 SH   SOLE   20,000 0 0
Mercantile Bank Corp COM 587376104 2,957 80,000 SH   SOLE   80,000 0 0
Meta Finl Group Inc COM 59100U108 4,383 45,000 SH   SOLE   45,000 0 0
Middlefield Banc Corp COM NEW 596304204 507 10,000 SH   SOLE   10,000 0 0
MidWestOne Finl Group Inc NE COM 598511103 2,365 70,000 SH   SOLE   70,000 0 0
Oak Valley Bancorp Oakdale C COM 671807105 1,715 75,000 SH   SOLE   75,000 0 0
Peoples Utah Bancorp COM 712706209 3,035 85,000 SH   SOLE   85,000 0 0
QNB Corp COM 74726N107 490 10,500 SH   SOLE   10,500 0 0
Republic First Bancorp, Inc. COM 760416107 393 50,000 SH   SOLE   50,000 0 0
Sandy Spring Bancorp Inc COM 800363103 2,051 50,000 SH   SOLE   50,000 0 0
SPDR Series Trust S&P REGL BKG 78464A698 1,586 26,000 SH   SOLE   26,000 0 0
Stock Yds Bancorp Inc COM 861025104 5,818 152,500 SH   SOLE   152,500 0 0
Summit St Bk Santa Rosa Cali COM 866264203 247 16,000 SH   SOLE   16,000 0 0
Sussex Bancorp COM 869245100 1,188 40,000 SH   SOLE   40,000 0 0
Territorial Bancorp Inc COM 88145X108 465 15,000 SH   SOLE   15,000 0 0
Tompkins Financial Corporati COM 890110109 4,509 52,500 SH   SOLE   52,500 0 0
TowneBank Portsmouth VA COM 89214P109 3,531 110,000 SH   SOLE   110,000 0 0
United Bancorp Inc Ohio COM 909911109 338 25,000 SH   SOLE   25,000 0 0
Unity Bancorp Inc COM 913290102 1,365 60,000 SH   SOLE   60,000 0 0
Washington Tr Bancorp COM 940610108 3,225 55,500 SH   SOLE   55,500 0 0
West Bancorporation Inc CAP STK 95123P106 3,710 147,500 SH   SOLE   147,500 0 0