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 1,850 52,000 SH   SOLE 0 52,000 0 0
ACNB Corp COM 000868109 393 15,000 SH   SOLE 0 15,000 0 0
Alerus Finacial Corp COM 01446U103 2,371 120,000 SH   SOLE 0 120,000 0 0
Allegiance Bancshares Inc COM 01748H107 1,143 45,000 SH   SOLE 0 45,000 0 0
American National Bankshares Inc COM 027745108 188 7,500 SH   SOLE 0 7,500 0 0
Ames Natl Corp COM 031001100 296 15,000 SH   SOLE 0 15,000 0 0
Axos Finacial Inc COM 05465C100 1,241 56,212 SH   SOLE 0 56,212 0 0
Bancorp Inc COM 05969A105 2,253 229,936 SH   SOLE 0 229,936 0 0
Banner Corporation COM 06652V208 1,374 36,182 SH   SOLE 0 36,182 0 0
BancFirst Corp COM 05945F103 3,042 75,000 SH   SOLE 0 75,000 0 0
Bank of Marin Bancorp COM 063425102 1,916 57,500 SH   SOLE 0 57,500 0 0
Bank of South Carolina Corp COM 065066102 988 58,822 SH   SOLE 0 58,822 0 0
Bankwell Finl Group Inc COM 06654A103 716 45,000 SH   SOLE 0 45,000 0 0
Benchmark Bankshares COM 08160E207 164 11,000 SH   SOLE 0 11,000 0 0
Bridgewater Bancshares Inc. COM 108621103 1,839 179,400 SH   SOLE 0 179,400 0 0
Bryn Mawr Bk Corp COM 117665109 1,106 40,000 SH   SOLE 0 40,000 0 0
CSB Bancorp, Inc. COM 12628R107 280 8,750 SH   SOLE 0 8,750 0 0
Cambridge Bancorp COM 132152109 296 5,000 SH   SOLE 0 5,000 0 0
Century Bancorp Inc Mass CL A NON VTG 156432106 2,331 30,000 SH   SOLE 0 30,000 0 0
CNB Financial Corp COM 126128107 89 4,961 SH   SOLE 0 4,961 0 0
CommerceWest Bank COM 20084T103 2,701 146,000 SH   SOLE 0 146,000 0 0
Connectone Bancorp Inc NEW COM 20786W107 2,096 130,000 SH   SOLE 0 130,000 0 0
Crossfirst Bankshares Inc COM 22766M109 343 35,088 SH   SOLE 0 35,088 0 0
Central Pacific Finacial Corp COM 154760409 213 13,333 SH   SOLE 0 13,333 0 0
Eagle Bancorp Inc MD COM 268948106 655 20,000 SH   SOLE 0 20,000 0 0
Eagle Financial Services COM 26951R104 321 12,500 SH   SOLE 0 12,500 0 0
Enterprise Bancorp Inc Mass COM 293668109 715 30,000 SH   SOLE 0 30,000 0 0
Fidelity D & D Bancorp COM 31609R100 192 4,000 SH   SOLE 0 4,000 0 0
First Busey Corp COM NEW 319383204 1,399 75,000 SH   SOLE 0 75,000 0 0
First Bus Finl Svcs Inc Wis COM 319390100 823 50,000 SH   SOLE 0 50,000 0 0
First Choice Bancorp COM 31948P104 270 16,500 SH   SOLE 0 16,500 0 0
First Fndtn Inc COM 32026V104 2,288 140,000 SH   SOLE 0 140,000 0 0
First Long Is Corp COM 320734106 1,634 99,999 SH   SOLE 0 99,999 0 0
First National Bk Alaska COM 32112J106 21 116 SH   SOLE 0 116 0 0
FVCBankcorp Inc COM 36120Q101 544 50,600 SH   SOLE 0 50,600 0 0
German Amern Bancorp Inc COM 373865104 2,488 80,000 SH   SOLE 0 80,000 0 0
Heritage Commerce Corp COM 426927109 976 130,000 SH   SOLE 0 130,000 0 0
Heritage Finl Corp Wash COM 42722X106 300 15,000 SH   SOLE 0 15,000 0 0
Horizon Bancorp Inc COM 440407104 1,229 115,000 SH   SOLE 0 115,000 0 0
Kentucky Bancshares COM 491203105 332 20,000 SH   SOLE 0 20,000 0 0
Lakeland Finl Corp COM 511656100 4,659 100,000 SH   SOLE 0 100,000 0 0
Level One Bancorp Inc COM 52730D208 1,339 80,000 SH   SOLE 0 80,000 0 0
Mercantile Bank Corp COM 587376104 1,695 75,000 SH   SOLE 0 75,000 0 0
Meta Finl Group Inc COM 59100U108 2,435 134,000 SH   SOLE 0 134,000 0 0
MidWestOne Finl Group Inc NE COM 598511103 600 30,000 SH   SOLE 0 30,000 0 0
National Bankshares Inc COM 027745108 142 4,955 SH   SOLE 0 4,955 0 0
Northrim BanCorp Inc COM 666762109 251 10,000 SH   SOLE 0 10,000 0 0
Oak Valley Bancorp Oakdale C COM 671807105 710 55,965 SH   SOLE 0 55,965 0 0
Oceanfirst Financial Corp. COM 675234108 617 35,000 SH   SOLE 0 35,000 0 0
Peoples Utah Bancorp COM 712706209 1,703 75,800 SH   SOLE 0 75,800 0 0
Riverview Bancorp Incorporated COM 769397100 283 50,000 SH   SOLE 0 50,000 0 0
Sandy Spring Bancorp Inc COM 800363103 1,239 50,000 SH   SOLE 0 50,000 0 0
Seacost BKG Corporation COM 811707306 1,333 65,336 SH   SOLE 0 65,336 0 0
SVB Finacial Group COM 78486Q101 2,532 11,750 SH   SOLE 0 11,750 0 0
Southern National Bancorp of VA COM 843395104 194 20,000 SH   SOLE 0 20,000 0 0
Stock Yds Bancorp Inc COM 861025104 3,475 86,438 SH   SOLE 0 86,438 0 0
Summit St Bk Santa Rosa Cali COM 866264203 144 16,000 SH   SOLE 0 16,000 0 0
Sussex Bancorp COM 869245100 788 40,000 SH   SOLE 0 40,000 0 0
Tompkins Financial Corporati COM 890110109 1,684 26,000 SH   SOLE 0 26,000 0 0
TowneBank Portsmouth VA COM 89214P109 1,884 100,000 SH   SOLE 0 100,000 0 0
Trico Bancshares COM 896095106 219 7,200 SH   SOLE 0 7,200 0 0
United Bankshares Inc COM 909907107 1,383 50,000 SH   SOLE 0 50,000 0 0
Washington Tr Bancorp COM 940610108 655 20,000 SH   SOLE 0 20,000 0 0
West Bancorporation Inc CAP STK 95123P106 2,449 140,000 SH   SOLE 0 140,000 0 0
Wintrust Finacial Corp COM 97650W108 510 11,700 SH   SOLE 0 11,700 0 0
WSFS Financial Corp COM 929328102 574 20,000 SH   SOLE 0 20,000 0 0