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 2,540 50,000 SH   SOLE   50,000 0 0
Access Natl Corp COM 004337101 1,576 55,000 SH   SOLE   55,000 0 0
ACNB Corp COM 000868109 466 16,838 SH   SOLE   16,838 0 0
Ames Natl Corp COM 031001100 606 20,300 SH   SOLE   20,300 0 0
Auburn Natl Bancorp COM 050473107 354 10,100 SH   SOLE   10,100 0 0
BancFirst Corp COM 05945F103 6,101 107,500 SH   SOLE   107,500 0 0
Bank of Marin Bancorp COM 063425102 2,055 30,000 SH   SOLE   30,000 0 0
Bank of South Carolina Corp COM 065066102 1,341 70,000 SH   SOLE   70,000 0 0
Benchmark Bankshares COM 08160E207 220 13,600 SH   SOLE   13,600 0 0
Bryn Mawr Bk Corp COM 117665109 5,475 125,000 SH   SOLE   125,000 0 0
Cambridge Bancorp COM 132152109 349 5,000 SH   SOLE   5,000 0 0
Carolina Finl Corp New COM 143873107 2,878 80,200 SH   SOLE   80,200 0 0
Century Bancorp Inc Mass CL A NON VTG 156432106 3,204 40,000 SH   SOLE   40,000 0 0
CoBiz Financial Inc COM 190897108 2,455 125,000 SH   SOLE   125,000 0 0
CommerceWest Bank COM 20084T103 2,894 130,000 SH   SOLE   130,000 0 0
Connectone Bancorp Inc NEW COM 20786W107 2,460 100,000 SH   SOLE   100,000 0 0
Customers Bancorp Inc COM 23204G100 1,631 50,000 SH   SOLE   50,000 0 0
DNB Finl Corp COM 233237106 1,760 50,000 SH   SOLE   50,000 0 0
Eagle Bancorp Inc MD COM 268948106 5,833 87,000 SH   SOLE   87,000 0 0
Eagle Financial Services COM 26951R104 290 9,901 SH   SOLE   9,901 0 0
Enterprise Bancorp Inc Mass COM 293668109 2,080 57,285 SH   SOLE   57,285 0 0
Enterprise Finl Svcs Corp COM 293712105 2,438 57,575 SH   SOLE   57,575 0 0
Equity Bancshares Inc COM CL A 29460X109 1,779 50,000 SH   SOLE   50,000 0 0
Fidelity D & D Bancorp COM 31609R100 61 1,687 SH   SOLE   1,687 0 0
First Bus Finl Svcs Inc Wis COM 319390100 1,706 75,000 SH   SOLE   75,000 0 0
First Busey Corp COM NEW 319383204 3,136 100,000 SH   SOLE   100,000 0 0
First Fndtn Inc COM 32026V104 2,684 150,000 SH   SOLE   150,000 0 0
First Intst BancSystem Inc COM CL A 32055Y201 1,721 45,000 SH   SOLE   45,000 0 0
First Long Is Corp COM 320734106 6,121 201,005 SH   SOLE   201,005 0 0
Franklin Finl Network Inc COM 35352P104 1,426 40,000 SH   SOLE   40,000 0 0
German Amern Bancorp Inc COM 373865104 3,993 105,000 SH   SOLE   105,000 0 0
Guaranty Bancorp Del COM NEW 40075T607 2,085 75,000 SH   SOLE   75,000 0 0
Heritage Commerce Corp COM 426927109 3,202 225,000 SH   SOLE   225,000 0 0
Horizon Bancorp Inc COM 440407104 2,188 75,000 SH   SOLE   75,000 0 0
Independent Bank Group Inc COM 45384B106 2,147 35,600 SH   SOLE   35,600 0 0
Kentucky Bancshares COM 491203105 234 5,594 SH   SOLE   5,594 0 0
Lakeland Finl Corp COM 511656100 5,993 123,000 SH   SOLE   123,000 0 0
Landmark Bancorp Inc COM 51504L107 2,119 75,000 SH   SOLE   75,000 0 0
LCNB Corp COM 50181P100 367 17,500 SH   SOLE   17,500 0 0
Marlin Business Svcs Corp COM 571157106 555 19,300 SH   SOLE   19,300 0 0
Mercantile Bank Corp COM 587376104 2,618 75,000 SH   SOLE   75,000 0 0
Meta Finl Group Inc COM 59100U108 2,979 38,000 SH   SOLE   38,000 0 0
Middlefield Banc Corp COM NEW 596304204 539 11,700 SH   SOLE   11,700 0 0
MidWestOne Finl Group Inc NE COM 598511103 2,363 70,000 SH   SOLE   70,000 0 0
Oak Valley Bancorp Oakdale C COM 671807105 1,259 75,000 SH   SOLE   75,000 0 0
Peoples Utah Bancorp COM 712706209 2,596 80,000 SH   SOLE   80,000 0 0
Preferred Bk Los Angeles CA COM NEW 740367404 3,016 49,975 SH   SOLE   49,975 0 0
QNB Corp COM 74726N107 426 10,500 SH   SOLE   10,500 0 0
Sandy Spring Bancorp Inc COM 800363103 2,072 50,000 SH   SOLE   50,000 0 0
SPDR Series Trust S&P REGL BKG 78464A698 244 4,300 SH   SOLE   4,300 0 0
Stock Yds Bancorp Inc COM 861025104 6,156 162,000 SH   SOLE   162,000 0 0
Summit St Bk Santa Rosa Cali COM 866264203 182 14,600 SH   SOLE   14,600 0 0
Territorial Bancorp Inc COM 88145X108 492 15,600 SH   SOLE   15,600 0 0
Tompkins Financial Corporati COM 890110109 4,307 50,000 SH   SOLE   50,000 0 0
TowneBank Portsmouth VA COM 89214P109 3,350 100,000 SH   SOLE   100,000 0 0
United Bancorp Inc Ohio COM 909911109 342 28,500 SH   SOLE   28,500 0 0
Washington Tr Bancorp COM 940610108 3,578 62,500 SH   SOLE   62,500 0 0
West Bancorporation Inc CAP STK 95123P106 3,477 142,500 SH   SOLE   142,500 0 0