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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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
1st Source Corp COM 336901103 2,632 52,000 SH   SOLE   52,000 0 0
Access Natl Corp COM 004337101 1,703 59,705 SH   SOLE   59,705 0 0
ACNB Corp COM 000868109 439 15,000 SH   SOLE   15,000 0 0
Ames Natl Corp COM 031001100 481 17,500 SH   SOLE   17,500 0 0
Auburn Natl Bancorp COM 050473107 478 12,250 SH   SOLE   12,250 0 0
BancFirst Corp COM 05945F103 5,722 107,750 SH   SOLE   107,750 0 0
Bank of Marin Bancorp COM 063425102 2,120 30,750 SH   SOLE   30,750 0 0
Bank of South Carolina Corp COM 065066102 1,437 71,475 SH   SOLE   71,475 0 0
Bankwell Finl Group Inc COM 06654A103 1,453 45,000 SH   SOLE   45,000 0 0
Benchmark Bankshares COM 08160E207 270 15,000 SH   SOLE   15,000 0 0
Bryn Mawr Bk Corp COM 117665109 4,457 101,400 SH   SOLE   101,400 0 0
Burke & Herbert B&T COM 121331102 138 50 SH   SOLE   50 0 0
CSB Bancorp, Inc. COM 12628R107 145 4,088 SH   SOLE   4,088 0 0
Cambridge Bancorp COM 132152109 437 5,000 SH   SOLE   5,000 0 0
Carolina Finl Corp New COM 143873107 3,211 81,750 SH   SOLE   81,750 0 0
Century Bancorp Inc Mass CL A NON VTG 156432106 3,176 40,000 SH   SOLE   40,000 0 0
CoBiz Financial Inc COM 190897108 2,489 127,000 SH   SOLE   127,000 0 0
CommerceWest Bank COM 20084T103 3,651 146,000 SH   SOLE   146,000 0 0
Connectone Bancorp Inc NEW COM 20786W107 3,686 128,000 SH   SOLE   128,000 0 0
Crystal Valley Financial Corporation COM 22941P100 253 5,000 SH   SOLE   5,000 0 0
Eagle Bancorp Inc MD COM 268948106 4,538 75,816 SH   SOLE   75,816 0 0
Eagle Financial Services COM 26951R104 328 10,000 SH   SOLE   10,000 0 0
Enterprise Bancorp Inc Mass COM 293668109 1,412 40,000 SH   SOLE   40,000 0 0
Enterprise Finl Svcs Corp COM 293712105 2,764 58,925 SH   SOLE   58,925 0 0
Equity Bancshares Inc COM CL A 29460X109 1,958 50,000 SH   SOLE   50,000 0 0
Fidelity D & D Bancorp COM 31609R100 246 5,000 SH   SOLE   5,000 0 0
First Busey Corp COM NEW 319383204 2,972 100,000 SH   SOLE   100,000 0 0
First Bus Finl Svcs Inc Wis COM 319390100 1,887 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 5,708 207,939 SH   SOLE   207,939 0 0
First National Bk Alaska COM 32112J106 74 35 SH   SOLE   35 0 0
German Amern Bancorp Inc COM 373865104 3,380 101,350 SH   SOLE   101,350 0 0
Guaranty Bancorp Del COM NEW 40075T607 2,126 75,000 SH   SOLE   75,000 0 0
Heritage Commerce Corp COM 426927109 3,789 229,900 SH   SOLE   229,900 0 0
Heritage Finl Corp Wash COM 42722X106 1,163 38,000 SH   SOLE   38,000 0 0
Horizon Bancorp Inc COM 440407104 2,251 75,000 SH   SOLE   75,000 0 0
Independent Bank Group Inc COM 45384B106 2,566 36,300 SH   SOLE   36,300 0 0
Kentucky Bancshares COM 491203105 278 6,000 SH   SOLE   6,000 0 0
Lakeland Finl Corp COM 511656100 5,694 123,174 SH   SOLE   123,174 0 0
Landmark Bancorp Inc COM 51504L107 1,524 52,279 SH   SOLE   52,279 0 0
LCNB Corp COM 50181P100 285 15,000 SH   SOLE   15,000 0 0
Marlin Business Svcs Corp COM 571157106 567 20,000 SH   SOLE   20,000 0 0
Mercantile Bank Corp COM 587376104 2,594 78,000 SH   SOLE   78,000 0 0
Meta Finl Group Inc COM 59100U108 3,822 35,000 SH   SOLE   35,000 0 0
Middlefield Banc Corp COM NEW 596304204 614 12,500 SH   SOLE   12,500 0 0
MidWestOne Finl Group Inc NE COM 598511103 2,330 70,000 SH   SOLE   70,000 0 0
Oak Valley Bancorp Oakdale C COM 671807105 1,673 75,000 SH   SOLE   75,000 0 0
Peoples Utah Bancorp COM 712706209 2,636 81,625 SH   SOLE   81,625 0 0
QNB Corp COM 74726N107 463 10,500 SH   SOLE   10,500 0 0
Sandy Spring Bancorp Inc COM 800363103 1,938 50,000 SH   SOLE   50,000 0 0
SPDR Series Trust S&P REGL BKG 78464A698 604 10,000 SH   SOLE   10,000 0 0
Stock Yds Bancorp Inc COM 861025104 5,339 152,100 SH   SOLE   152,100 0 0
Summit St Bk Santa Rosa Cali COM 866264203 202 15,000 SH   SOLE   15,000 0 0
Sussex Bancorp COM 869245100 1,216 40,000 SH   SOLE   40,000 0 0
Territorial Bancorp Inc COM 88145X108 445 15,000 SH   SOLE   15,000 0 0
Tompkins Financial Corporati COM 890110109 3,879 51,200 SH   SOLE   51,200 0 0
TowneBank Portsmouth VA COM 89214P109 3,146 110,000 SH   SOLE   110,000 0 0
United Bancorp Inc Ohio COM 909911109 324 25,000 SH   SOLE   25,000 0 0
Unity Bancorp Inc COM 913290102 1,408 64,015 SH   SOLE   64,015 0 0
Washington Tr Bancorp COM 940610108 2,955 54,985 SH   SOLE   54,985 0 0
West Bancorporation Inc CAP STK 95123P106 3,726 145,550 SH   SOLE   145,550 0 0