SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person* HOVDE STEVEN D (Last) (First) (Middle) 1629 COLONIAL PARKWAY (Street) INVERNESS IL 60067 (City) (State) (Zip)	2. Date of Event Requiring Statement (Month/Day/Year) 05/12/2005	3. Issuer Name and Ticker or Trading Symbol EPLUS INC [ PLUS ]
		4. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Officer (give title below) Other (specify below)	5. If Amendment, Date of Original Filed (Month/Day/Year)
			6. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
COMMON STOCK	328,719	I	SEE FOOTNOTE 1(1)
COMMON STOCK	39,170	I	SEE FOOTNOTE 2(2)
COMMON STOCK	221,271	I	SEE FOOTNOTE 3(3)
COMMON STOCK	194,736	I	SEE FOOTNOTE 4(4)
COMMON STOCK	56,225	I	SEE FOOTNOTE 5(5)
COMMON STOCK	30,000	I	SEE FOOTNOTE 6(6)
COMMON STOCK	19,000	I	SEE FOOTNOTE 7(7)
COMMON STOCK	17,000	I	SEE FOOTNOTE 8(8)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The Shares are beneficially owned indirectly by Steven D. Hovde as a Member of Hovde Capital, L.L.C., the General Partner to Financial Institution Partners II, L.P., the direct owner.

2. The Shares are beneficially owned indirectly by Steven D. Hovde as a Member of Hovde Capital Limited IV LLC, the General Partner to Financial Institution Partners IV, L.P., the direct owner.

3. The Shares are beneficially owned indirectly by Steven D. Hovde as a Member of Hovde Capital, Ltd., the General Partner to Financial Institution Partners III, L.P., the direct owner.

4. The Shares are beneficially owned indirectly by Steven D. Hovde as a Member of Hovde Capital IV, LLC, the General Partner to Financial Institution Partners, L.P., the direct owner.

5. The Shares are beneficially owned indirectly by Steven D. Hovde as a Member to Hovde Capital Offshore LLC, the Management Company to Financial Institution Partners, Ltd., the direct owner.

6. The Shares are beneficially owned indirectly by Steven D. Hovde as a Member of Hovde Acquisition II, L.L.C., the direct owner.

7. The Shares are beneficially owned indirectly by Steven D. Hovde as a Trustee to The Hovde Financial, Inc. Profit Sharing Plan and Trust, the direct owner.

8. The Shares are beneficially owned indirectly by Steven D. Hovde as a Trustee to The Eric D. Hovde and Steven D. Hovde Foundation, the direct owner.

Remarks:

THE 906,121 SHARES REPORTED HEREIN AS BEING BENEFICIALLY OWNED BY STEVEN D. HOVDE WERE ALSO REPORTED AS BEING BENEFICIALLY OWNED BY ERIC D. HOVDE IN A FORM 4 FILED BY ERIC D. HOVDE WITH THE SECURITIES AND EXCHANGE COMMISSION ON MAY 16, 2005.

	STEVEN D. HOVDE	05/20/2005
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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