SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* Carmichael Bandwidth LLC (Last) (First) (Middle) C/O CARMICHAEL PARTNERS, LLC 4725 PIEDMONT ROW DR, STE 210 (Street) CHARLOTTE NC 28210 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol Bandwidth Inc. [ BAND ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Officer (give title below) Other (specify below)
	3. Date of Earliest Transaction (Month/Day/Year) 11/14/2017
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	11/14/2017		P		1,575	A	$20	3,529	I	See footnote(1)
Class A Common Stock	10/01/2018		C		301,714	A	$0.00	1,496,583	I	See footnotes(2)(3)(4)
Class A Common Stock	11/01/2018		J(5)		1,190,408	D	$0.00	306,175	I	See footnotes(2)(3)(4)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Class B Common Stock	(6)	10/01/2018		C			301,714	(6)	(6)	Class A Common Stock	301,714	$0.00	8,750	I	See footnotes(4)(7)

1. Name and Address of Reporting Person* Carmichael Bandwidth LLC (Last) (First) (Middle) C/O CARMICHAEL PARTNERS, LLC 4725 PIEDMONT ROW DR, STE 210 (Street) CHARLOTTE NC 28210 (City) (State) (Zip)

1. Name and Address of Reporting Person* Bailey Brian D. (Last) (First) (Middle) C/O CARMICHAEL INVESTMENT PARTNERS, LLC 4725 PIEDMONT ROW DRIVE, SUITE 210 (Street) CHARLOTTE NC 28210 (City) (State) (Zip)

1. Name and Address of Reporting Person* Martin Kevin J (Last) (First) (Middle) C/O CARMICHAEL INVESTMENT PARTNERS, LLC 4725 PIEDMONT ROW DRIVE, SUITE 210 (Street) CHARLOTTE NC 28210 (City) (State) (Zip)

1. Name and Address of Reporting Person* Carmichael Partners LLC (Last) (First) (Middle) C/O CARMICHAEL INVESTMENT PARTNERS, LLC 4725 PIEDMONT ROW DRIVE, SUITE 210 (Street) CHARLOTTE NC 28210 (City) (State) (Zip)

1. Name and Address of Reporting Person* Carmichael Investment Partners, LLC (Last) (First) (Middle) C/O CARMICHAEL INVESTMENT PARTNERS, LLC 4725 PIEDMONT ROW DRIVE, SUITE 210 (Street) CHARLOTTE NC 28210 (City) (State) (Zip)

1. Name and Address of Reporting Person* Carmichael Investment Partners II, LLC (Last) (First) (Middle) C/O CARMICHAEL INVESTMENT PARTNERS, LLC 4725 PIEDMONT ROW DRIVE, SUITE 210 (Street) CHARLOTTE NC 28210 (City) (State) (Zip)

1. Name and Address of Reporting Person* Carmichael Investment Partners III, LLC (Last) (First) (Middle) C/O CARMICHAEL INVESTMENT PARTNERS, LLC 4725 PIEDMONT ROW DRIVE, SUITE 210 (Street) CHARLOTTE NC 28210 (City) (State) (Zip)

Explanation of Responses:

1. Represents 1,575 shares of Class A Common Stock held directly by Kevin J. Martin and 1,954 shares of Class A Common Stock held directly by Brian D. Bailey. Pursuant to an agreement between Mr. Bailey and Carmichael Partners LLC, Carmichael Partners LLC is entitled to all economic benefit withrespect to 379 shares held directly by Mr. Bailey.

2. Following the transactions reported herein, includes of 1,517 shares of Class A Common Stock held by Carmichael Investment Partners, LLC ("CIP"), 908 shares of Class A Common Stock held by Carmichael Investment Partners II, LLC ("CIP II"), 608 shares of Class A Common Stock held by Carmichael Investment Partners III, LLC ("CIP III" and, together with CIP and CIP II, the "Carmichael Entities"), 297,147 shares of Class A Common Stock held directly by Carmichael Bandwidth, LLC as a result of the distribution from the Carmichael Entities, 4,420 shares of Class A Common Stock held directly by Brian D. Bailey and 1,575 shares of Class A Common Stock held directly by Kevin J. Martin.

3. Pursuant to an agreement between Mr. Bailey and Carmichael Partners, LLC, Carmichael Partners, LLC is entitled to all economic benefit with respect to 2,845 shares held by Mr. Bailey.

4. Carmichael Bandwidth, LLC is the managing member of each of the Carmichael Entities. Brian D. Bailey and Kevin J. Martin are the managing partners of Carmichael Bandwidth, LLC and Carmichael Partners, LLC and share voting and dispositive power with respect to the shares held by the Carmichael Entities and Carmichael Partners, LLC. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of its or their pecuniary interest therein.

5. Represents a pro rata distribution in-kind by each of CIP, CIP II and CIP III to their members for no consideration.

6. The shares of Class B common stock are convertible into Class A common stock on a 1-to-1 basis at the option of the holder and have no expiration date.

7. Consists of 8,750 shares of Class B common stock held by Carmichael Partners LLC.

Remarks:

	/s/ Brian D. Bailey	11/01/2018
	/s/ Jeffrey A. Hoffman, Attorney-in-Fact for Kevin J. Martin	11/01/2018
	Carmichael Bandwidth, LLC By: /s/ Brian D. Bailey, Managing Partner	11/01/2018
	Carmichael Partners, LLC By: /s/ Brian D. Bailey, Managing Partner	11/01/2018
	Carmichael Investment Partners, LLC, By: Carmichael Bandwidth, LLC, its managing member, By: /s/ Brian D. Bailey, Managing Partner	11/01/2018
	Carmichael Investment Partners II, LLC, By: Carmichael Bandwidth, LLC, its managing member, By: /s/ Brian D. Bailey, Managing Partner	11/01/2018
	Carmichael Investment Partners, III, LLC, By: Carmichael Bandwidth, LLC, its managing member, By: /s/ Brian D. Bailey, Managing Partner	11/01/2018
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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