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
ASB BANCORP INC N C COM 00213T109 234 6,900 SH   SOLE   6,900 0 0
ATLANTIC CAP BANCSHARES INC COM 048269203 830 43,800 SH   SOLE   43,800 0 0
ATLANTIC COAST FINL CORP COM 048426100 11,561 1,517,200 SH   SOLE   1,517,200 0 0
BANK MUTUAL CORP NEW COM 063750103 3,096 329,300 SH   SOLE   329,300 0 0
BANNER CORP COM NEW 06652V208 3,672 66,000 SH   SOLE   66,000 0 0
BNC BANCORP COM 05566T101 41,703 1,189,800 SH   SOLE   1,189,800 0 0
BROOKLINE BANCORP INC DEL COM 11373M107 166 10,600 SH   SOLE   10,600 0 0
BSB BANCORP INC MD COM 05573H108 11,513 407,500 SH   SOLE   407,500 0 0
CAPSTAR FINL HLDGS INC COM 14070T102 4,937 258,900 SH   SOLE   258,900 0 0
CENTRUE FINL CORP NEW COM NEW 15643B205 16,611 636,900 SH   SOLE   636,900 0 0
CHARTER FINL CORP MD COM 16122W108 3,389 172,300 SH   SOLE   172,300 0 0
CITIZENS CMNTY BANCORP INC M COM 174903104 3,576 258,200 SH   SOLE   258,200 0 0
CIVISTA BANCSHARES INC COM NO PAR 178867107 1,089 49,100 SH   SOLE   49,100 0 0
COASTWAY BANCORP INC COM 190632109 1,231 69,900 SH   SOLE   69,900 0 0
CODORUS VY BANCORP INC COM 192025104 3,512 135,500 SH   SOLE   135,500 0 0
COMMERCE UN BANCSHARES INC COM 200828101 2,946 135,500 SH   SOLE   135,500 0 0
COMMUNITY FINL CORP MD COM 20368X101 3,899 108,300 SH   SOLE   108,300 0 0
CONNECTONE BANCORP INC NEW COM 20786W107 6,806 280,600 SH   SOLE   280,600 0 0
CU BANCORP CALIF COM 126534106 2,865 72,300 SH   SOLE   72,300 0 0
EASTERN VA BANKSHARES INC COM 277196101 4,834 461,200 SH   SOLE   461,200 0 0
EQUITY BANCSHARES INC COM CL A 29460X109 16,329 514,000 SH   SOLE   514,000 0 0
EVANS BANCORP INC COM NEW 29911Q208 5,353 139,400 SH   SOLE   139,400 0 0
FIRST BANCSHARES INC MS COM 318916103 5,986 213,200 SH   SOLE   213,200 0 0
FIRST BANK WILLIAMSTOWN NJ COM 31931U102 13,175 1,102,500 SH   SOLE   1,102,500 0 0
FIRST CMNTY CORP S C COM 319835104 8,237 374,400 SH   SOLE   374,400 0 0
FIRST CONN BANCORP INC MD COM 319850103 7,119 287,000 SH   SOLE   287,000 0 0
FIRST HAWAIIAN INC COM 32051X108 2,058 68,800 SH   SOLE   68,800 0 0
FIRST INTERNET BANCORP COM 320557101 931 31,600 SH   SOLE   31,600 0 0
FIRST MID ILL BANCSHARES INC COM 320866106 2,899 85,700 SH   SOLE   85,700 0 0
FIRST SAVINGS FINL GROUP INC COM 33621E109 6,027 123,700 SH   SOLE   123,700 0 0
FRANKLIN FINL NETWORK INC COM 35352P104 12,122 312,800 SH   SOLE   312,800 0 0
FS BANCORP INC COM 30263Y104 2,325 62,300 SH   SOLE   62,300 0 0
GREAT AJAX CORP COM 38983D300 166 12,700 SH   SOLE   12,700 0 0
GUARANTY BANCORP DEL COM NEW 40075T607 24,863 1,021,100 SH   SOLE   1,021,100 0 0
GUARANTY FED BANCSHARES INC COM 40108P101 6,342 332,700 SH   SOLE   332,700 0 0
HEALTH INS INNOVATIONS INC COM CL A 42225K106 199 12,400 SH   SOLE   12,400 0 0
HOME BANCORP INC COM 43689E107 21,960 650,700 SH   SOLE   650,700 0 0
HOME FED BANCORP INC LA NEW COM 43708L108 3,511 121,500 SH   SOLE   121,500 0 0
HOMESTREET INC COM 43785V102 1,120 40,100 SH   SOLE   40,100 0 0
HOMETOWN BANKSHARES CORP COM 43787N108 3,616 372,700 SH   SOLE   372,700 0 0
HOPFED BANCORP INC COM 439734104 880 61,400 SH   SOLE   61,400 0 0
HOWARD BANCORP INC COM 442496105 1,524 81,500 SH   SOLE   81,500 0 0
IBERIABANK CORP COM 450828108 1,187 15,000 SH   SOLE   15,000 0 0
INDEPENDENT BANK CORP MICH COM NEW 453838609 9,139 441,500 SH   SOLE   441,500 0 0
INVESTAR HLDG CORP COM 46134L105 17,407 794,800 SH   SOLE   794,800 0 0
INVESTORS BANCORP INC NEW COM 46146L101 82,242 5,719,200 SH   SOLE   5,719,200 0 0
JACKSONVILLE BANCORP INC MD COM 46924R106 697 22,600 SH   SOLE   22,600 0 0
LAKELAND BANCORP INC COM 511637100 1,589 81,100 SH   SOLE   81,100 0 0
MAINSOURCE FINANCIAL GP INC COM 56062Y102 1,051 31,900 SH   SOLE   31,900 0 0
MALVERN BANCORP INC COM 561409103 13,656 648,600 SH   SOLE   648,600 0 0
MGIC INVT CORP WIS COM 552848103 167 16,500 SH   SOLE   16,500 0 0
MIDWESTONE FINL GROUP INC NE COM 598511103 3,429 100,000 SH   SOLE   100,000 0 0
MUTUALFIRST FINL INC COM 62845B104 8,427 267,100 SH   SOLE   267,100 0 0
NATIONAL BK HLDGS CORP CL A 633707104 21,200 652,300 SH   SOLE   652,300 0 0
NATIONAL GEN HLDGS CORP COM 636220303 2,607 109,700 SH   SOLE   109,700 0 0
NMI HLDGS INC CL A 629209305 5,700 500,000 SH   SOLE   500,000 0 0
OCEANFIRST FINL CORP COM 675234108 16,315 579,100 SH   SOLE   579,100 0 0
OLD LINE BANCSHARES INC COM 67984M100 17,994 631,800 SH   SOLE   631,800 0 0
OLD NATL BANCORP IND COM 680033107 21,377 1,232,100 SH   SOLE   1,232,100 0 0
OLD POINT FINL CORP COM 680194107 7,987 264,900 SH   SOLE   264,900 0 0
OLD SECOND BANCORP INC ILL COM 680277100 8,253 733,600 SH   SOLE   733,600 0 0
OM ASSET MGMT PLC SHS G67506108 159 10,500 SH   SOLE   10,500 0 0
OPUS BK IRVINE CALIF COM 684000102 5,446 270,300 SH   SOLE   245,200 0 0
OTTAWA BANCORP INC COM 689195105 1,272 96,800 SH   SOLE   96,800 0 0
PACIFIC PREMIER BANCORP COM 69478X105 28,068 728,100 SH   SOLE   728,100 0 0
PARK STERLING CORP COM 70086Y105 4,193 340,600 SH   SOLE   340,600 0 0
POAGE BANKSHARES INC COM 730206109 311 15,900 SH   SOLE   15,900 0 0
PROVIDENT BANCORP INC COM 74383X109 999 47,700 SH   SOLE   47,700 0 0
QCR HOLDINGS INC COM 74727A104 4,814 113,700 SH   SOLE   113,700 0 0
ROYAL BANCSHARES PA INC CL A 780081105 7,663 1,964,800 SH   SOLE   1,964,800 0 0
SEACOAST BKG CORP FLA COM NEW 811707801 14,426 601,600 SH   SOLE   601,600 0 0
SHORE BANCSHARES INC COM 825107105 17,993 1,076,800 SH   SOLE   1,076,800 0 0
SOUND FINL BANCORP INC COM 83607A100 2,352 74,100 SH   SOLE   74,100 0 0
SOUTHERN MO BANCORP INC COM 843380106 16,393 461,500 SH   SOLE   461,500 0 0
STONEGATE MTG CORP COM 86181Q300 165 20,700 SH   SOLE   20,700 0 0
SUN BANCORP INC COM NEW 86663B201 26,689 1,093,800 SH   SOLE   1,093,800 0 0
UNITED CMNTY BANCORP IND COM 90984R101 893 50,500 SH   SOLE   50,500 0 0
UNITED CMNTY FINL CORP OHIO COM 909839102 12,444 1,492,000 SH   SOLE   1,492,000 0 0
UNIVEST CORP PA COM 915271100 16,889 652,100 SH   SOLE   652,100 0 0
VERITEX HLDGS INC COM 923451108 41,182 1,464,500 SH   SOLE   1,464,500 0 0
WCF BANCORP INC COM 92940L103 438 43,700 SH   SOLE   43,700 0 0
WELLESLEY BANCORP INC COM 949485106 878 33,400 SH   SOLE   33,400 0 0
WESTBURY BANCORP INC COM 95727P106 6,376 306,300 SH   SOLE   306,300 0 0
WESTERN NEW ENG BANCORP INC COM 958892101 927 88,300 SH   SOLE   88,300 0 0