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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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
ACNB Corp COM 000868109 428 14,021 SH   SOLE   14,021 0 0
Access Natl Corp COM 004337101 1,264 47,648 SH   SOLE   47,648 0 0
Ames Natl Corp COM 031001100 621 20,300 SH   SOLE   20,300 0 0
Auburn Natl Bancorp COM 050473107 373 10,100 SH   SOLE   10,100 0 0
BancFirst Corp COM 05945F103 6,070 62,836 SH   SOLE   62,836 0 0
Bank of South Carolina Corp COM 065066102 1,561 77,077 SH   SOLE   77,077 0 0
Benchmark Bankshares COM 08160E207 228 13,600 SH   SOLE   13,600 0 0
Bank of Marin Bancorp COM 063425102 1,847 30,000 SH   SOLE   30,000 0 0
Bryn Mawr Bk Corp COM 117665109 5,450 128,225 SH   SOLE   128,225 0 0
First Busey Corp COM NEW 319383204 2,932 100,000 SH   SOLE   100,000 0 0
Meta Finl Group Inc COM 59100U108 3,382 38,000 SH   SOLE   38,000 0 0
California First Ntnl Bancor COM 130222102 306 16,213 SH   SOLE   16,213 0 0
Century Bancorp Inc Mass CL A NON VTG 156432106 3,180 50,000 SH   SOLE   50,000 0 0
Connectone Bancorp Inc NEW COM 20786W107 1,579 70,000 SH   SOLE   70,000 0 0
CoBiz Financial Inc COM 190897108 2,175 125,000 SH   SOLE   125,000 0 0
Customers Bancorp Inc COM 23204G100 1,414 50,000 SH   SOLE   50,000 0 0
CommerceWest Bank COM 20084T103 2,714 133,700 SH   SOLE   133,700 0 0
DNB Finl Corp COM 233237106 1,715 50,000 SH   SOLE   50,000 0 0
Enterprise Bancorp Inc Mass COM 293668109 2,036 57,285 SH   SOLE   57,285 0 0
Enterprise Finl Svcs Corp COM 293712105 2,369 58,075 SH   SOLE   58,075 0 0
Eagle Financial Services COM 26951R104 262 8,376 SH   SOLE   8,376 0 0
Eagle Bancorp Inc MD COM 268948106 7,285 115,088 SH   SOLE   115,088 0 0
First Bus Finl Svcs Inc Wis COM 319390100 1,731 75,000 SH   SOLE   75,000 0 0
Fidelity D & D Bancorp COM 31609R100 50 1,125 SH   SOLE   1,125 0 0
First Fndtn Inc COM 32026V104 2,297 139,800 SH   SOLE   139,800 0 0
First Intst BancSystem Inc COM CL A 32055Y201 1,860 50,000 SH   SOLE   50,000 0 0
First Long Is Corp COM 320734106 6,945 242,827 SH   SOLE   242,827 0 0
Franklin Finl Network Inc COM 35352P104 2,063 50,000 SH   SOLE   50,000 0 0
German Amern Bancorp Inc COM 373865104 4,265 125,100 SH   SOLE   125,100 0 0
Guaranty Bancorp Del COM NEW 40075T607 2,040 75,000 SH   SOLE   75,000 0 0
Horizon Bancorp Inc COM 440407104 1,976 75,000 SH   SOLE   75,000 0 0
Heritage Commerce Corp COM 426927109 2,206 160,100 SH   SOLE   160,100 0 0
SPDR Series Trust S&P REGL BKG 78464A698 511 9,300 SH   SOLE   9,300 0 0
Kentucky Bancshares COM 491203105 220 5,594 SH   SOLE   5,594 0 0
Landmark Bancorp Inc COM 51504L107 2,239 74,627 SH   SOLE   74,627 0 0
Lakeland Finl Corp COM 511656100 6,890 150,174 SH   SOLE   150,174 0 0
Middlefield Banc Corp COM NEW 596304204 572 11,700 SH   SOLE   11,700 0 0
Mercantile Bank Corp COM 587376104 2,361 75,000 SH   SOLE   75,000 0 0
MidWestOne Finl Group Inc NE COM 598511103 2,372 70,000 SH   SOLE   70,000 0 0
Marlin Business Svcs Corp COM 571157106 485 19,300 SH   SOLE   19,300 0 0
Northrim BanCorp Inc COM 666762109 1,520 50,000 SH   SOLE   50,000 0 0
Oak Valley Bancorp Oakdale C COM 671807105 1,043 75,000 SH   SOLE   75,000 0 0
Preferred Bk Los Angeles CA COM NEW 740367404 1,728 32,325 SH   SOLE   32,325 0 0
QNB Corp COM 74726N107 423 10,500 SH   SOLE   10,500 0 0
Sandy Spring Bancorp Inc COM 800363103 2,033 50,000 SH   SOLE   50,000 0 0
1st Source Corp COM 336901103 2,397 50,000 SH   SOLE   50,000 0 0
Summit St Bk Santa Rosa Cali COM 866264203 190 14,600 SH   SOLE   14,600 0 0
Stock Yds Bancorp Inc COM 861025104 6,340 162,980 SH   SOLE   162,980 0 0
Territorial Bancorp Inc COM 88145X108 487 15,600 SH   SOLE   15,600 0 0
Tompkins Financial Corporati COM 890110109 4,263 54,149 SH   SOLE   54,149 0 0
TowneBank Portsmouth VA COM 89214P109 3,080 100,000 SH   SOLE   100,000 0 0
United Bancorp Inc Ohio COM 909911109 348 28,500 SH   SOLE   28,500 0 0
Washington Tr Bancorp COM 940610108 3,239 62,837 SH   SOLE   62,837 0 0
West Bancorporation Inc CAP STK 95123P106 3,408 144,081 SH   SOLE   144,081 0 0