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 2,473 50,000 SH   SOLE   50,000 0 0
Access Natl Corp COM 004337101 1,531 55,000 SH   SOLE   55,000 0 0
ACNB Corp COM 000868109 502 17,000 SH   SOLE   17,000 0 0
Ames Natl Corp COM 031001100 571 20,500 SH   SOLE   20,500 0 0
Auburn Natl Bancorp COM 050473107 428 11,000 SH   SOLE   11,000 0 0
BancFirst Corp COM 05945F103 5,483 107,200 SH   SOLE   107,200 0 0
Bank of Marin Bancorp COM 063425102 2,062 30,325 SH   SOLE   30,325 0 0
Bank of South Carolina Corp COM 065066102 1,364 70,625 SH   SOLE   70,625 0 0
Bankwell Finl Group Inc COM 06654A103 1,545 45,000 SH   SOLE   45,000 0 0
Benchmark Bankshares COM 08160E207 271 13,916 SH   SOLE   13,916 0 0
Bryn Mawr Bk Corp COM 117665109 4,420 100,000 SH   SOLE   100,000 0 0
Burke & Herbert B&T COM 121331102 86 33 SH   SOLE   33 0 0
Cambridge Bancorp COM 132152109 399 5,000 SH   SOLE   5,000 0 0
Carolina Finl Corp New COM 143873107 2,998 80,700 SH   SOLE   80,700 0 0
Century Bancorp Inc Mass CL A NON VTG 156432106 3,130 40,000 SH   SOLE   40,000 0 0
CoBiz Financial Inc COM 190897108 2,499 125,000 SH   SOLE   125,000 0 0
CommerceWest Bank COM 20084T103 3,358 146,000 SH   SOLE   146,000 0 0
Connectone Bancorp Inc NEW COM 20786W107 3,219 125,000 SH   SOLE   125,000 0 0
DNB Finl Corp COM 233237106 1,685 50,000 SH   SOLE   50,000 0 0
Eagle Bancorp Inc MD COM 268948106 6,700 115,716 SH   SOLE   115,716 0 0
Eagle Financial Services COM 26951R104 320 10,000 SH   SOLE   10,000 0 0
Enterprise Bancorp Inc Mass COM 293668109 1,941 57,000 SH   SOLE   57,000 0 0
Enterprise Finl Svcs Corp COM 293712105 2,624 58,125 SH   SOLE   58,125 0 0
Equity Bancshares Inc COM CL A 29460X109 1,771 50,000 SH   SOLE   50,000 0 0
Fidelity D & D Bancorp COM 31609R100 149 3,600 SH   SOLE   3,600 0 0
First Busey Corp COM NEW 319383204 2,994 100,000 SH   SOLE   100,000 0 0
First Bus Finl Svcs Inc Wis COM 319390100 1,659 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 5,814 204,013 SH   SOLE   204,013 0 0
First National Bk Alaska COM 32112J106 31 15 SH   SOLE   15 0 0
Franklin Finl Network Inc COM 35352P104 1,194 35,000 SH   SOLE   35,000 0 0
German Amern Bancorp Inc COM 373865104 3,533 100,000 SH   SOLE   100,000 0 0
Guaranty Bancorp Del COM NEW 40075T607 2,074 75,000 SH   SOLE   75,000 0 0
Heritage Commerce Corp COM 426927109 3,475 226,800 SH   SOLE   226,800 0 0
Heritage Finl Corp Wash COM 42722X106 1,170 38,000 SH   SOLE   38,000 0 0
Horizon Bancorp Inc COM 440407104 2,085 75,000 SH   SOLE   75,000 0 0
Independent Bank Group Inc COM 45384B106 2,423 35,850 SH   SOLE   35,850 0 0
Kentucky Bancshares COM 491203105 276 6,000 SH   SOLE   6,000 0 0
Lakeland Finl Corp COM 511656100 5,963 122,974 SH   SOLE   122,974 0 0
Landmark Bancorp Inc COM 51504L107 1,536 52,979 SH   SOLE   52,979 0 0
LCNB Corp COM 50181P100 358 17,500 SH   SOLE   17,500 0 0
Marlin Business Svcs Corp COM 571157106 448 20,000 SH   SOLE   20,000 0 0
Mercantile Bank Corp COM 587376104 2,653 75,000 SH   SOLE   75,000 0 0
Meta Finl Group Inc COM 59100U108 3,243 35,000 SH   SOLE   35,000 0 0
Middlefield Banc Corp COM NEW 596304204 564 11,700 SH   SOLE   11,700 0 0
MidWestOne Finl Group Inc NE COM 598511103 2,347 70,000 SH   SOLE   70,000 0 0
Oak Valley Bancorp Oakdale C COM 671807105 1,466 75,000 SH   SOLE   75,000 0 0
Peoples Utah Bancorp COM 712706209 2,441 80,575 SH   SOLE   80,575 0 0
QNB Corp COM 74726N107 466 10,500 SH   SOLE   10,500 0 0
Sandy Spring Bancorp Inc COM 800363103 1,951 50,000 SH   SOLE   50,000 0 0
SPDR Series Trust S&P REGL BKG 78464A698 589 10,000 SH   SOLE   10,000 0 0
Stock Yds Bancorp Inc COM 861025104 5,655 150,000 SH   SOLE   150,000 0 0
Summit St Bk Santa Rosa Cali COM 866264203 189 15,000 SH   SOLE   15,000 0 0
Sussex Bancorp COM 869245100 43 1,590 SH   SOLE   1,590 0 0
Territorial Bancorp Inc COM 88145X108 494 16,000 SH   SOLE   16,000 0 0
Tompkins Financial Corporati COM 890110109 4,108 50,500 SH   SOLE   50,500 0 0
TowneBank Portsmouth VA COM 89214P109 3,075 100,000 SH   SOLE   100,000 0 0
United Bancorp Inc Ohio COM 909911109 378 28,500 SH   SOLE   28,500 0 0
Unity Bancorp Inc COM 913290102 1,227 62,107 SH   SOLE   62,107 0 0
Washington Tr Bancorp COM 940610108 3,195 60,000 SH   SOLE   60,000 0 0
West Bancorporation Inc CAP STK 95123P106 3,614 143,700 SH   SOLE   143,700 0 0