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
ALERUS FINL CORP COM 01446U103 2,518 115,500 SH   SOLE   115,500 0 0
AMERIS BANCORP COM 03076K108 3,239 80,500 SH   SOLE   80,500 0 0
BANCORP NEW JERSEY INC NEW COM 059915108 1,454 86,100 SH   SOLE   86,100 0 0
BANK OF THE ST JAMES FINL GP COM 470299108 440 30,800 SH   SOLE   30,800 0 0
BOK FINL CORP COM NEW 05561Q201 309 3,900 SH   SOLE   3,900 0 0
BRIDGEWATER BANCSHARES INC COM ACCD INV 108621103 661 55,400 SH   SOLE   55,400 0 0
CADENCE BANCORPORATION CL A 12739A100 2,017 115,000 SH   SOLE   115,000 0 0
CAPSTAR FINL HLDGS INC COM 14070T102 75 4,500 SH   SOLE   4,500 0 0
CAROLINA FINL CORP NEW COM 143873107 2,072 58,300 SH   SOLE   58,300 0 0
CENTERSTATE BK CORP COM 15201P109 6,126 255,400 SH   SOLE   255,400 0 0
COMMUNITY BANKERS TR CORP COM 203612106 2,299 267,377 SH   SOLE   267,377 0 0
COMMUNITY WEST BANCSHARES COM 204157101 19 1,873 SH   SOLE   1,873 0 0
CONNECTONE BANCORP INC NEW COM 20786W107 1,185 53,400 SH   SOLE   53,400 0 0
EAST WEST BANCORP INC COM 27579R104 2,507 56,600 SH   SOLE   56,600 0 0
ENTERPRISE FINL SVCS CORP COM 293712105 4,051 99,400 SH   SOLE   99,400 0 0
FINANCIAL INSTNS COM 317585404 350 11,600 SH   SOLE   11,600 0 0
FIRST FINL BANCORP OH COM 320209109 168 6,870 SH   SOLE   6,870 0 0
FIRST INTST BANCSYSTEM INC COM CL A 32055Y201 5,646 140,300 SH   SOLE   140,300 0 0
FIRST WESTN FINL COM 33751L105 295 17,267 SH   SOLE   17,267 0 0
FS BANCORP INC COM 30263Y104 597 11,368 SH   SOLE   11,368 0 0
GERMAN AMERN BANCORP COM 373865104 1,744 54,424 SH   SOLE   54,424 0 0
GREAT WESTN BANCORP INC COM 391416104 706 21,400 SH   SOLE   21,400 0 0
HAWTHORN BANCSHARES INC COM 420476103 1,301 54,600 SH   SOLE   54,600 0 0
HERITAGE COMMERCE CORP COM 426927109 1,211 103,000 SH   SOLE   103,000 0 0
HMN FINL INC COM 40424G108 3,890 170,000 SH   SOLE   170,000 0 0
HOME BANCSHARES INC COM 436893200 491 26,100 SH   SOLE   26,100 0 0
INDEPENDENT BK GROUP INC COM 45384B106 1,868 35,500 SH   SOLE   35,500 0 0
LAKELAND BANCORP INC COM 511637100 596 38,600 SH   SOLE   38,600 0 0
LEGACY TEX FINL GROUP INC COM 52471Y106 61 1,400 SH   SOLE   1,400 0 0
LEVEL ONE BANCORP COM 52730D208 374 15,500 SH   SOLE   15,500 0 0
MERIDIAN CORPORATION COM 58958P104 1,785 100,579 SH   SOLE   100,579 0 0
MID PENN BANCORP INC COM 59540G107 862 33,626 SH   SOLE   33,626 0 0
PACWEST BANCORP DEL COM 695263103 3,736 102,800 SH   SOLE   102,800 0 0
PEOPLES BANCORP N C INC COM 710577107 2,154 72,500 SH   SOLE   72,500 0 0
PINNACLE FINL PARTNERS INC COM 72346Q104 2,088 36,800 SH   SOLE   36,800 0 0
PLUMAS BANCORP COM 729273102 3,041 150,600 SH   SOLE   150,600 0 0
RENASANT CORP COM 75970E107 1,751 50,000 SH   SOLE   50,000 0 0
RICHMOND MUT BANCORPORATIN I COM 76525P100 96 6,870 SH   SOLE   6,870 0 0
SERVISFIRST BANCSHARES INC COM 81768T108 2,572 77,600 SH   SOLE   77,600 0 0
SOUTHERN FIRST BANCSHARES IN COM 842873101 5,687 142,700 SH   SOLE   142,700 0 0
SOUTHERN MO BANCORP INC COM 843380106 1,126 30,900 SH   SOLE   30,900 0 0
STERLING BANCORP INC COM 85917W102 1,289 132,058 SH   SOLE   132,058 0 0
STEWARDSHIP FINL CORP COM 860326107 1,116 71,560 SH   SOLE   71,560 0 0
SUMMIT FINANCIAL GROUP INC COM 86606G101 2,611 101,977 SH   SOLE   101,977 0 0
SVB FINL GROUP COM 78486Q101 1,713 8,200 SH   SOLE   8,200 0 0
TCF FINANCIAL CORPORATON COM 872307103 845 22,200 SH   SOLE   22,200 0 0
TOWNEBANK PORTSMOUTH VA COM 89214P109 1,907 68,600 SH   SOLE   68,600 0 0
UNIVEST FINANCIAL CORPORATION COM 915271100 1,293 50,700 SH   SOLE   50,700 0 0
VERITEX HLDGS INC COM 923451108 5,236 215,800 SH   SOLE   215,800 0 0
VILLAGE BK & TR FINANCIAL CO COM NEW 92705T200 148 4,314 SH   SOLE   4,314 0 0
WESTERN ALLIANCE BANCORP COM 957638109 4,262 92,500 SH   SOLE   92,500 0 0
ZIONS BANCORPORATION COM 989701107 922 20,700 SH   SOLE   20,700 0 0