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
1st Source Corp COM 336901103 2,097 52,000 SH   SOLE   52,000 0 0
ACNB Corp COM 000868109 588 15,000 SH   SOLE   15,000 0 0
Allegiance Bancshares Inc COM 01748H107 1,618 50,000 SH   SOLE   50,000 0 0
Ames Natl Corp COM 031001100 381 15,000 SH   SOLE   15,000 0 0
Auburn Natl Bancorp COM 050473107 395 12,500 SH   SOLE   12,500 0 0
BancFirst Corp COM 05945F103 5,439 109,000 SH   SOLE   109,000 0 0
Bank of Marin Bancorp COM 063425102 2,680 65,000 SH   SOLE   65,000 0 0
Bank of South Carolina Corp COM 065066102 1,431 78,672 SH   SOLE   78,672 0 0
Bankwell Finl Group Inc COM 06654A103 1,291 45,000 SH   SOLE   45,000 0 0
Benchmark Bankshares COM 08160E207 296 15,000 SH   SOLE   15,000 0 0
BOK Financial Corp COM 05561Q201 1,319 18,000 SH   SOLE   18,000 0 0
Bryn Mawr Bk Corp COM 117665109 3,495 101,600 SH   SOLE   101,600 0 0
Burke & Herbert B&T COM 121331102 176 60 SH   SOLE   60 0 0
CSB Bancorp, Inc. COM 12628R107 336 8,750 SH   SOLE   8,750 0 0
Cambridge Bancorp COM 132152109 416 5,000 SH   SOLE   5,000 0 0
Carolina Finl Corp New COM 143873107 2,375 80,268 SH   SOLE   80,268 0 0
Century Bancorp Inc Mass CL A NON VTG 156432106 2,709 40,000 SH   SOLE   40,000 0 0
CommerceWest Bank COM 20084T103 2,912 146,000 SH   SOLE   146,000 0 0
Connectone Bancorp Inc NEW COM 20786W107 2,401 130,000 SH   SOLE   130,000 0 0
Crystal Valley Financial Corporation COM 22941P100 243 5,000 SH   SOLE   5,000 0 0
Eagle Bancorp Inc MD COM 268948106 3,702 76,000 SH   SOLE   76,000 0 0
Eagle Financial Services COM 26951R104 387 12,500 SH   SOLE   12,500 0 0
Enterprise Bancorp Inc Mass COM 293668109 1,286 40,000 SH   SOLE   40,000 0 0
Enterprise Finl Svcs Corp COM 293712105 2,258 60,000 SH   SOLE   60,000 0 0
Equity Bancshares Inc COM CL A 29460X109 1,763 50,000 SH   SOLE   50,000 0 0
Fidelity D & D Bancorp COM 31609R100 257 4,000 SH   SOLE   4,000 0 0
First Busey Corp COM NEW 319383204 2,609 106,337 SH   SOLE   106,337 0 0
First Bus Finl Svcs Inc Wis COM 319390100 1,440 73,800 SH   SOLE   73,800 0 0
First Fndtn Inc COM 32026V104 1,929 150,000 SH   SOLE   150,000 0 0
First Long Is Corp COM 320734106 4,024 92,729 SH   SOLE   92,729 0 0
First National Bk Alaska COM 32112J106 533 2,118 SH   SOLE   2,118 0 0
German Amern Bancorp Inc COM 373865104 2,846 102,500 SH   SOLE   102,500 0 0
Guaranty Bancorp Del COM NEW 40075T607 1,556 75,000 SH   SOLE   75,000 0 0
Heritage Commerce Corp COM 426927109 2,608 230,000 SH   SOLE   230,000 0 0
Heritage Finl Corp Wash COM 42722X106 1,129 38,000 SH   SOLE   38,000 0 0
Horizon Bancorp Inc COM 440407104 1,815 115,000 SH   SOLE   115,000 0 0
Independent Bank Group Inc COM 45384B106 1,487 32,490 SH   SOLE   32,490 0 0
Kentucky Bancshares COM 491203105 454 20,000 SH   SOLE   20,000 0 0
Lakeland Finl Corp COM 511656100 5,020 125,000 SH   SOLE   125,000 0 0
Landmark Bancorp Inc COM 51504L107 57 2,468 SH   SOLE   2,468 0 0
LCNB Corp COM 50181P100 75 5,000 SH   SOLE   5,000 0 0
Marlin Business Svcs Corp COM 571157106 334 15,000 SH   SOLE   15,000 0 0
Mercantile Bank Corp COM 587376104 2,261 80,000 SH   SOLE   80,000 0 0
Meta Finl Group Inc COM 59100U108 2,715 140,000 SH   SOLE   140,000 0 0
Middlefield Banc Corp COM NEW 596304204 424 10,000 SH   SOLE   10,000 0 0
MidWestOne Finl Group Inc NE COM 598511103 1,738 70,000 SH   SOLE   70,000 0 0
Northrim BanCorp Inc COM 666762109 329 10,000 SH   SOLE   10,000 0 0
Oak Valley Bancorp Oakdale C COM 671807105 1,373 75,000 SH   SOLE   75,000 0 0
Peoples Utah Bancorp COM 712706209 2,563 85,000 SH   SOLE   85,000 0 0
QNB Corp COM 74726N107 400 10,500 SH   SOLE   10,500 0 0
Republic First Bancorp, Inc. COM 760416107 597 100,000 SH   SOLE   100,000 0 0
Riverview Bancorp Incorporated COM 769397100 146 20,000 SH   SOLE   20,000 0 0
Sandy Spring Bancorp Inc COM 800363103 1,567 50,000 SH   SOLE   50,000 0 0
SPDR Series Trust S&P REGL BKG 78464A698 1,027 21,948 SH   SOLE   21,948 0 0
Stock Yds Bancorp Inc COM 861025104 5,116 155,990 SH   SOLE   155,990 0 0
Summit St Bk Santa Rosa Cali COM 866264203 188 16,000 SH   SOLE   16,000 0 0
Sussex Bancorp COM 869245100 818 40,000 SH   SOLE   40,000 0 0
Territorial Bancorp Inc COM 88145X108 390 15,000 SH   SOLE   15,000 0 0
Tompkins Financial Corporati COM 890110109 3,938 52,500 SH   SOLE   52,500 0 0
TowneBank Portsmouth VA COM 89214P109 2,635 110,000 SH   SOLE   110,000 0 0
Tri City Bankshares Corporation COM 895364107 285 15,000 SH   SOLE   15,000 0 0
United Bancorp Inc Ohio COM 909911109 457 40,000 SH   SOLE   40,000 0 0
Unity Bancorp Inc COM 913290102 1,246 60,000 SH   SOLE   60,000 0 0
Washington Tr Bancorp COM 940610108 2,638 55,500 SH   SOLE   55,500 0 0
West Bancorporation Inc CAP STK 95123P106 2,959 155,000 SH   SOLE   155,000 0 0