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 2,697,760 52,000 SH   SOLE   52,000 0 0
ACNB Corp COM 000868109 567,300 15,000 SH   SOLE   15,000 0 0
Alerus Finacial Corp COM 01446U103 2,695,157 117,950 SH   SOLE   117,950 0 0
Allegiance Bancshares Inc COM 01748H107 1,936,400 51,500 SH   SOLE   51,500 0 0
American National Bankshares Inc COM 027745108 296,775 7,500 SH   SOLE   7,500 0 0
Ames Natl Corp COM 031001100 420,900 15,000 SH   SOLE   15,000 0 0
Auburn Natl Bancorp COM 050473107 286,500 12,500 SH   SOLE   12,500 0 0
BancFirst Corp COM 05945F103 5,307,400 85,000 SH   SOLE   85,000 0 0
Bank of Marin Bancorp COM 063425102 2,590,375 57,500 SH   SOLE   57,500 0 0
Bank of South Carolina Corp COM 065066102 1,127,213 60,022 SH   SOLE   60,022 0 0
Bankwell Finl Group Inc COM 06654A103 1,586,200 55,000 SH   SOLE   55,000 0 0
Benchmark Bankshares COM 08160E207 286,500 15,000 SH   SOLE   15,000 0 0
Berkshire Hills Bancopr Inc COM 084680107 328,800 10,000 SH   SOLE   10,000 0 0
Bridge Bancorp Inc. COM 108035106 268,240 8,000 SH   SOLE   8,000 0 0
Bridgewater Bancshares Inc. COM 108621103 1,865,315 135,364 SH   SOLE   135,364 0 0
Bryn Mawr Bk Corp COM 117665109 2,453,780 59,500 SH   SOLE   59,500 0 0
Burke & Herbert B&T COM 121331102 134,181 60 SH   SOLE   60 0 0
CSB Bancorp, Inc. COM 12628R107 351,925 8,750 SH   SOLE   8,750 0 0
Cambridge Bancorp COM 132152109 400,750 5,000 SH   SOLE   5,000 0 0
Carolina Finl Corp New COM 143873107 3,210,605 74,268 SH   SOLE   74,268 0 0
Century Bancorp Inc Mass CL A NON VTG 156432106 2,698,800 30,000 SH   SOLE   30,000 0 0
CNB Financial Corp COM 126128107 162,125 4,961 SH   SOLE   4,961 0 0
CommerceWest Bank COM 20084T103 3,504,000 146,000 SH   SOLE   146,000 0 0
Connectone Bancorp Inc NEW COM 20786W107 3,343,600 130,000 SH   SOLE   130,000 0 0
Crossfirst Bankshares Inc COM 22766M109 736,688 51,088 SH   SOLE   51,088 0 0
Eagle Bancorp Inc MD COM 268948106 972,600 20,000 SH   SOLE   20,000 0 0
Eagle Financial Services COM 26951R104 388,125 12,500 SH   SOLE   12,500 0 0
Enterprise Bancorp Inc Mass COM 293668109 1,185,450 35,000 SH   SOLE   35,000 0 0
Fidelity D & D Bancorp COM 31609R100 248,840 4,000 SH   SOLE   4,000 0 0
First Busey Corp COM NEW 319383204 2,062,500 75,000 SH   SOLE   75,000 0 0
First Bus Finl Svcs Inc Wis COM 319390100 1,843,100 70,000 SH   SOLE   70,000 0 0
First Choice Bancorp COM 31948P104 41,518 1,540 SH   SOLE   1,540 0 0
First Fndtn Inc COM 32026V104 2,436,000 140,000 SH   SOLE   140,000 0 0
First Interstate Banc System COM 32055Y201 985,120 23,500 SH   SOLE   23,500 0 0
First Long Is Corp COM 320734106 3,510,805 139,984 SH   SOLE   139,984 0 0
First National Bk Alaska COM 32112J106 243,000 1,000 SH   SOLE   1,000 0 0
FVCBankcorp Inc COM 36120Q101 883,982 50,600 SH   SOLE   50,600 0 0
German Amern Bancorp Inc COM 373865104 3,455,140 97,000 SH   SOLE   97,000 0 0
Heritage Commerce Corp COM 426927109 1,667,900 130,000 SH   SOLE   130,000 0 0
Heritage Finl Corp Wash COM 42722X106 1,075,400 38,000 SH   SOLE   38,000 0 0
Horizon Bancorp Inc COM 440407104 2,185,000 115,000 SH   SOLE   115,000 0 0
Investar Holding Corp COM 46134L105 1,404,000 58,500 SH   SOLE   58,500 0 0
Kentucky Bancshares COM 491203105 470,000 20,000 SH   SOLE   20,000 0 0
Lakeland Finl Corp COM 511656100 5,535,450 113,130 SH   SOLE   113,130 0 0
Level One Bancorp Inc COM 52730D208 969,666 38,540 SH   SOLE   38,540 0 0
Marlin Business Svcs Corp COM 571157106 321,017 14,605 SH   SOLE   14,605 0 0
Mercantile Bank Corp COM 587376104 2,735,250 75,000 SH   SOLE   75,000 0 0
Meta Finl Group Inc COM 59100U108 4,915,596 134,637 SH   SOLE   134,637 0 0
MidWestOne Finl Group Inc NE COM 598511103 2,536,100 70,000 SH   SOLE   70,000 0 0
Northrim BanCorp Inc COM 666762109 383,000 10,000 SH   SOLE   10,000 0 0
Oak Valley Bancorp Oakdale C COM 671807105 1,167,600 60,000 SH   SOLE   60,000 0 0
Oceanfirst Financial Corp. COM 675234108 383,100 15,000 SH   SOLE   15,000 0 0
Peoples Utah Bancorp COM 712706209 2,283,096 75,800 SH   SOLE   75,800 0 0
QNB Corp COM 74726N107 475,395 12,300 SH   SOLE   12,300 0 0
Republic First Bancorp, Inc. COM 760416107 209,000 50,000 SH   SOLE   50,000 0 0
Riverview Bancorp Incorporated COM 769397100 328,400 40,000 SH   SOLE   40,000 0 0
Sandy Spring Bancorp Inc COM 800363103 1,894,000 50,000 SH   SOLE   50,000 0 0
Sierra Bancorp COM 82620P102 778,697 26,741 SH   SOLE   26,741 0 0
Stock Yds Bancorp Inc COM 861025104 3,549,144 86,438 SH   SOLE   86,438 0 0
Summit St Bk Santa Rosa Cali COM 866264203 207,440 16,000 SH   SOLE   16,000 0 0
Sussex Bancorp COM 869245100 996,800 40,000 SH   SOLE   40,000 0 0
Tompkins Financial Corporati COM 890110109 3,019,500 33,000 SH   SOLE   33,000 0 0
TowneBank Portsmouth VA COM 89214P109 2,782,000 100,000 SH   SOLE   100,000 0 0
Tri City Bankshares Corporation COM 895364107 296,700 15,000 SH   SOLE   15,000 0 0
Trico Bancshares COM 896095106 293,832 7,200 SH   SOLE   7,200 0 0
Washington Tr Bancorp COM 940610108 2,151,600 40,000 SH   SOLE   40,000 0 0
West Bancorporation Inc CAP STK 95123P106 3,724,039 145,300 SH   SOLE   145,300 0 0
WSFS Financial Corp COM 929328102 439,900 10,000 SH   SOLE   10,000 0 0