Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ABCB	AMERIS BANCORP	558,900	$26.94M	2.6%	$27.57	+48.2%	COM	03076K108
ZION	ZIONS BANCORPORATION	610,000	$26.79M	2.6%	$31.90	+29.1%	COM	989701107
C	CITIGROUP INC	360,500	$24.11M	2.3%	$36.45	+27.5%	COM NEW	172967424
MS	MORGAN STANLEY	527,300	$23.5M	2.2%	$30.25	+10.9%	COM NEW	617446448
KEY	KEYCORP NEW	1,249,400	$23.41M	2.2%	$9.43	+31.5%	COM	493267108
FITB	FIFTH THIRD BANCORP	840,000	$21.81M	2.1%	$18.02	0.0%	COM	316773100
IBCP	INDEPENDENT BANK CORP MICH	808,000	$17.57M	1.7%	$7.84	+95.7%	COM NEW	453838609
—	CENTURY BANCORP INC MASS	269,940	$17.17M	1.6%	$35.63	—	CL A NON VTG	156432106
—	CENTERSTATE BANKS INC	664,000	$16.51M	1.6%	$14.76	—	COM	15201P109
—	IBERIABANK CORP	200,000	$16.3M	1.6%	$82.64	—	COM	450828108
—	SUN BANCORP INC	651,100	$16.05M	1.5%	$20.42	—	COM NEW	86663B201
CMA	COMERICA INC	212,500	$15.56M	1.5%	$31.42	+54.9%	COM	200340107
FBK	FB FINL CORP	450,000	$15.47M	1.5%	$32.41	0.0%	COM	30257X104
QCRH	QCR HOLDINGS INC	320,000	$15.17M	1.4%	$25.09	+71.7%	COM	74727A104
PNC	PNC FINL SVCS GROUP INC	120,500	$15.05M	1.4%	$90.33	0.0%	COM	693475105
LEN/B	LENNAR CORP	330,500	$14.86M	1.4%	$31.97	+13.5%	CL B	526057302
—	STATE BK FINL CORP	532,984	$14.46M	1.4%	$15.87	—	COM	856190103
CFR	CULLEN FROST BANKERS INC	152,200	$14.29M	1.4%	$64.49	+11.2%	COM	229899109
BAC	BANK AMER CORP	575,000	$13.95M	1.3%	$12.67	+50.7%	COM	060505104
—	ZIONS BANCORPORATION	1,488,455	$13.78M	1.3%	$3.40	—	*W EXP 11/14/201	989701131
NTB	BANK OF NT BUTTERFIELD&SON L	393,000	$13.4M	1.3%	$20.54	+8.9%	SHS NEW	G0772R208
—	SVB FINL GROUP	76,000	$13.36M	1.3%	$166.49	—	COM	78486Q101
—	SUNTRUST BKS INC	226,700	$12.86M	1.2%	$55.15	—	COM	867914103
RF	REGIONS FINL CORP NEW	854,400	$12.51M	1.2%	$8.98	+13.0%	COM	7591EP100
AMG	AFFILIATED MANAGERS GROUP	75,000	$12.44M	1.2%	$145.67	+6.3%	COM	008252108
BBT	BERKSHIRE HILLS BANCORP INC	347,827	$12.23M	1.2%	$27.79	0.0%	COM	084680107
—	SI FINL GROUP INC MD	748,637	$12.05M	1.1%	$11.75	—	COM	78425V104
JPM	JPMORGAN CHASE & CO	122,700	$11.21M	1.1%	$62.81	+9.1%	COM	46625H100
—	SYNOVUS FINL CORP	250,000	$11.06M	1.1%	$35.28	—	COM NEW	87161C501
PFBC	PREFERRED BK LOS ANGELES CA	206,400	$11.04M	1.1%	$26.58	+93.9%	COM NEW	740367404
SBCF	SEACOAST BKG CORP FLA	446,500	$10.76M	1.0%	$13.10	+81.7%	COM NEW	811707801
—	MAINSOURCE FINANCIAL GP INC	320,800	$10.75M	1.0%	$17.74	—	COM	56062Y102
—	BANCORPSOUTH INC	340,100	$10.37M	1.0%	$28.68	—	COM	059692103
—	UNITED CMNTY FINL CORP OHIO	1,246,500	$10.36M	1.0%	$5.49	—	COM	909839102
UCB	UNITED CMNTY BKS BLAIRSVLE G	356,000	$9.897M	0.9%	$19.26	+40.4%	COM	90984P303
—	CODORUS VY BANCORP INC	346,857	$9.851M	0.9%	$23.81	—	COM	192025104
—	STONEGATE BK FT LAUDERDALE F	212,857	$9.83M	0.9%	$36.18	—	COM	861811107
—	EVANS BANCORP INC	232,400	$9.284M	0.9%	$19.53	—	COM NEW	29911Q208
FIS	FIDELITY NATL INFORMATION SV	108,500	$9.266M	0.9%	$71.76	0.0%	COM	31620M106
—	COASTWAY BANCORP INC	430,000	$8.815M	0.8%	$10.28	—	COM	190632109
—	UNITED FINL BANCORP INC NEW	517,908	$8.644M	0.8%	$13.26	—	COM	910304104
—	COMMUNITY BANKERS TR CORP	991,882	$8.183M	0.8%	$6.25	—	COM	203612106
COF	CAPITAL ONE FINL CORP	95,000	$7.849M	0.7%	$69.96	0.0%	COM	14040H105
EQBK	EQUITY BANCSHARES INC	250,000	$7.66M	0.7%	$28.74	+1.0%	COM CL A	29460X109
IVZ	INVESCO LTD	214,600	$7.552M	0.7%	$21.00	+3.7%	SHS	G491BT108
—	FIRST BANCSHARES INC MS	273,090	$7.537M	0.7%	$27.50	—	COM	318916103
—	E TRADE FINANCIAL CORP	195,900	$7.45M	0.7%	$32.24	—	COM NEW	269246401
—	ESSA BANCORP INC	505,894	$7.447M	0.7%	$12.71	—	COM	29667D104
—	CIVISTA BANCSHARES INC	115,700	$7.405M	0.7%	$35.83	—	6.50% PFD SER B	178867206
MOFG	MIDWESTONE FINL GROUP INC NE	215,800	$7.313M	0.7%	$35.99	-3.4%	COM	598511103
—	GUARANTY BANCSHARES INC TEX	225,000	$7.189M	0.7%	$31.95	—	COM	400764106
V	VISA INC	76,500	$7.174M	0.7%	$87.43	0.0%	COM CL A	92826C839
HTB	HOMETRUST BANCSHARES INC	290,891	$7.098M	0.7%	$16.30	+50.8%	COM	437872104
—	JPMORGAN CHASE & CO	139,400	$7.01M	0.7%	$46.50	—	*W EXP 10/28/201	46634E114
WFC	WELLS FARGO CO NEW	125,000	$6.926M	0.7%	$42.18	0.0%	COM	949746101
DHI	D R HORTON INC	200,000	$6.914M	0.7%	$30.39	0.0%	COM	23331A109
—	WOLVERINE BANCORP INC	170,000	$6.82M	0.6%	$20.42	—	COM	977880103
ARCC	ARES CAP CORP	415,900	$6.812M	0.6%	$7.41	0.0%	COM	04010L103
CCNE	CNB FINL CORP PA	281,600	$6.75M	0.6%	$14.27	+27.0%	COM	126128107
UVSP	UNIVEST CORP PA	217,861	$6.525M	0.6%	$22.97	+24.9%	COM	915271100
—	NATIONAL COMM CORP	160,000	$6.328M	0.6%	$38.72	—	COM	63546L102
BANC	BANC OF CALIFORNIA INC	280,000	$6.02M	0.6%	$16.35	+5.9%	COM	05990K106
—	BOSTON PRIVATE FINL HLDGS IN	389,658	$5.981M	0.6%	$11.36	—	COM	101119105
—	Standard AVB Financial Corp.	211,500	$5.975M	0.6%	$28.25	—	COM	85303B100
—	DISCOVER FINL SVCS	95,000	$5.908M	0.6%	$66.38	—	COM	254709108
—	AMERICAN RIVER BANKSHARES	403,809	$5.859M	0.6%	$8.29	—	COM	029326105
—	UNITED CMNTY BANCORP IND	296,886	$5.626M	0.5%	$10.69	—	COM	90984R101
PB	PROSPERITY BANCSHARES INC	86,900	$5.582M	0.5%	$51.10	0.0%	COM	743606105
FNF	FIDELITY NATIONAL FINANCIAL	124,100	$5.563M	0.5%	$18.10	+12.0%	FNF GROUP COM	31620R303
—	FIDELITY NATIONAL FINANCIAL	345,000	$5.451M	0.5%	$15.80	—	FNFV GROUP COM	31620R402
—	M & T BK CORP	60,000	$5.283M	0.5%	$50.18	—	*W EXP 12/23/201	55261F112
—	INVESTORS BANCORP INC NEW	393,500	$5.257M	0.5%	$13.78	—	COM	46146L101
—	POAGE BANKSHARES INC	270,505	$5.153M	0.5%	$15.53	—	COM	730206109
BKU	BANKUNITED INC	150,000	$5.057M	0.5%	$27.24	-3.1%	COM	06652K103
IROQ	IF BANCORP INC	255,000	$4.973M	0.5%	$15.44	+28.5%	COM	44951J105
NRIM	NORTHRIM BANCORP INC	163,073	$4.957M	0.5%	$4.15	+34.3%	COM	666762109
EWBC	EAST WEST BANCORP INC	83,800	$4.909M	0.5%	$40.38	+11.2%	COM	27579R104
SMBC	SOUTHERN MO BANCORP INC	149,879	$4.835M	0.5%	$18.38	+54.2%	COM	843380106
—	BRYN MAWR BK CORP	109,200	$4.641M	0.4%	$33.84	—	COM	117665109
—	Bay Banks of Virginia, Inc.	491,450	$4.57M	0.4%	$5.95	—	COM	072035108
STBA	S & T BANCORP INC	125,000	$4.483M	0.4%	$36.22	-3.5%	COM	783859101
FHN	FIRST HORIZON NATL CORP	254,000	$4.425M	0.4%	$13.65	-4.3%	COM	320517105
—	FNB CORP PA	392,475	$4.337M	0.4%	$12.87	—	*W $3.116 EXP 1/30/2019	302520945
OSBC	OLD SECOND BANCORP INC ILL	375,000	$4.331M	0.4%	$4.90	+118.3%	COM	680277100
—	White River Bancshares Company	68,000	$4.331M	0.4%	$63.69	—	COM	9B999WRBC
—	DIME CMNTY BANCSHARES	220,000	$4.312M	0.4%	$19.60	—	COM	253922108
—	First American International Corp.	168,880	$4.2M	0.4%	$17.34	—	COM	31849X107
NMIH	NMI HLDGS INC	363,100	$4.157M	0.4%	$9.01	+24.8%	CL A	629209305
—	MUTUALFIRST FINL INC	113,700	$4.059M	0.4%	$25.58	—	COM	62845B104
EFSC	ENTERPRISE FINL SVCS CORP	98,645	$4.025M	0.4%	$33.84	+4.8%	COM	293712105
PBHC	PATHFINDER BANCORP INC MD	253,961	$3.987M	0.4%	$7.97	+58.6%	COM	70319R109
CTBI	COMMUNITY TR BANCORP INC	89,600	$3.92M	0.4%	$24.01	+31.1%	COM	204149108
—	XENITH BANKSHARES INC NEW	125,000	$3.883M	0.4%	$31.06	—	COM NEW	984102202
—	LAKELAND BANCORP INC	199,900	$3.768M	0.4%	$11.28	—	COM	511637100
—	WASHINGTONFIRST BANKSHARES I	105,285	$3.635M	0.3%	$22.80	—	COM	940730104
—	HMN FINL INC	277,778	$3.603M	0.3%	$12.95	—	*W $4.68 EXP 12/23/2018	40424G975
WAL	WESTERN ALLIANCE BANCORP	70,000	$3.444M	0.3%	$41.29	0.0%	COM	957638109
RVSB	RIVERVIEW BANCORP INC	508,934	$3.379M	0.3%	$3.15	+74.4%	COM	769397100
FCCO	FIRST CMNTY CORP S C	160,369	$3.368M	0.3%	$7.04	+136.0%	COM	319835104
—	HOWARD BANCORP INC	174,301	$3.355M	0.3%	$18.70	—	COM	442496105
FAF	FIRST AMERN FINL CORP	75,000	$3.352M	0.3%	$28.48	+11.5%	COM	31847R102
WNEB	WESTERN NEW ENG BANCORP INC	327,982	$3.329M	0.3%	$6.49	+25.6%	COM	958892101
OTTW	OTTAWA BANCORP INC	237,785	$3.274M	0.3%	$8.77	+14.1%	COM	689195105
—	Blackhawk Bancorp, Inc.	157,000	$3.236M	0.3%	$20.57	—	COM	09237E204
—	PB BANCORP INC	301,430	$3.18M	0.3%	$8.40	—	COM	70454T100
EQFN	EQUITABLE FINL CORP NEW	309,698	$3.174M	0.3%	$8.28	+23.9%	COM	29448T105
—	MB Bancorp, Inc.	188,500	$2.837M	0.3%	$11.06	—	COM	55280E104
WSFS	WSFS FINL CORP	62,500	$2.834M	0.3%	$41.45	+10.3%	COM	929328102
CIVB	CIVISTA BANCSHARES INC	135,294	$2.825M	0.3%	$17.19	-2.6%	COM NO PAR	178867107
—	MELROSE BANCORP INC	156,532	$2.802M	0.3%	$13.31	—	COM	585553100
—	AJS Bancorp, Inc.	188,900	$2.762M	0.3%	$12.96	—	COM	001503101
—	TWO RIV BANCORP	148,533	$2.761M	0.3%	$9.82	—	COM	90207C105
QNBC	QNB Corporation	68,100	$2.746M	0.3%	$33.17	+21.7%	COM	74726N107
—	COMMUNITY WEST BANCSHARES	257,044	$2.596M	0.2%	$6.81	—	COM	204157101
HOPE	HOPE BANCORP INC	135,000	$2.518M	0.2%	$16.45	+12.9%	COM	43940T109
BOTJ	BANK OF THE ST JAMES FINL GP	167,300	$2.503M	0.2%	$8.74	+26.4%	COM	470299108
AVBH	Avidbank Holdings, Inc.	127,103	$2.499M	0.2%	$12.31	+57.6%	COM	05368J103
MA	MASTERCARD INCORPORATED	19,800	$2.405M	0.2%	$113.06	0.0%	CL A	57636Q104
FMBH	FIRST MID ILL BANCSHARES INC	69,800	$2.39M	0.2%	$26.91	+1.3%	COM	320866106
—	OM ASSET MGMT PLC	160,000	$2.378M	0.2%	$14.12	—	SHS	G67506108
—	FIRST DEFIANCE FINL CORP	43,800	$2.307M	0.2%	$51.77	—	COM	32006W106
—	HMN FINL INC	128,684	$2.258M	0.2%	$12.83	—	COM	40424G108
MCBI	Mountain Commerce Bancorp, Inc.	187,500	$2.247M	0.2%	$12.83	0.0%	COM	624004107
—	CAROLINA FINL CORP NEW	69,000	$2.23M	0.2%	$30.00	—	COM	143873107
—	Central Federal Bancshares, Inc.	166,200	$2.21M	0.2%	$10.84	—	COM	15346T107
—	Pilgrim Bancshares, Inc.	120,800	$2.208M	0.2%	$11.30	—	COM	72143J105
—	FIRST SOUTH BANCORP INC VA	132,471	$2.191M	0.2%	$9.83	—	COM	33646W100
ISTR	INVESTAR HLDG CORP	94,700	$2.169M	0.2%	$14.58	+53.9%	COM	46134L105
BMRC	BANK OF MARIN BANCORP	35,100	$2.16M	0.2%	$23.90	0.0%	COM	063425102
—	HAMILTON BANCORP INC MD	140,884	$2.113M	0.2%	$13.24	—	COM	407015106
WTFC	WINTRUST FINL CORP	27,311	$2.088M	0.2%	$51.89	+38.0%	COM	97650W108
—	CADENCE BANCORPORATION	95,000	$2.079M	0.2%	$21.88	—	CL A	12739A100
FBIZ	FIRST BUS FINL SVCS INC WIS	87,800	$2.026M	0.2%	$19.35	0.0%	COM	319390100
—	SUNSHINE BANCORP INC	90,000	$1.918M	0.2%	$19.74	—	COM	86777J108
AMBZ	American Business Bank	45,000	$1.89M	0.2%	$37.01	+10.3%	COM	02475L105
CMA	COMERICA INC	25,000	$1.831M	0.2%	$31.42	+54.9%	Call	200340107
PEBK	PEOPLES BANCORP N C INC	55,000	$1.738M	0.2%	$16.53	+60.5%	COM	710577107
—	GUARANTY FED BANCSHARES INC	83,900	$1.697M	0.2%	$15.25	—	COM	40108P101
UBFO	UNITED SECURITY BANCSHARES C	180,000	$1.665M	0.2%	$3.28	+69.0%	COM	911460103
PJT	PJT PARTNERS INC	41,236	$1.659M	0.2%	$33.89	0.0%	COM CL A	69343T107
ASB	ASSOCIATED BANC CORP	65,000	$1.638M	0.2%	$14.50	+24.0%	COM	045487105
PYPL	PAYPAL HLDGS INC	30,000	$1.61M	0.2%	$41.74	+17.5%	COM	70450Y103
HNNA	HENNESSY ADVISORS INC	102,905	$1.562M	0.1%	$15.71	+2.3%	COM	425885100
—	Sunshine Financial Inc.	66,000	$1.412M	0.1%	$18.47	—	COM	86782T109
HBCP	HOME BANCORP INC	32,985	$1.403M	0.1%	$21.21	+39.7%	COM	43689E107
OVLY	OAK VALLEY BANCORP OAKDALE C	98,225	$1.365M	0.1%	$10.25	+36.7%	COM	671807105
—	SB FINL GROUP INC	80,000	$1.282M	0.1%	$11.25	—	DEP SHS PFD 6.5%	78408D204
—	JACKSONVILLE BANCORP INC MD	40,869	$1.267M	0.1%	$20.01	—	COM	46924R106
CNOB	CONNECTONE BANCORP INC NEW	55,000	$1.24M	0.1%	$18.71	0.0%	COM	20786W107
—	INDEPENDENT BK GROUP INC	19,800	$1.178M	0.1%	$62.40	—	COM	45384B106
—	Sugar Creek Financial Corporation	83,575	$1.17M	0.1%	$10.13	—	COM	86481Y102
—	PNC FINL SVCS GROUP INC	20,000	$1.153M	0.1%	$40.07	—	*W EXP 12/31/201	693475121
FIEB	First IC Corporation	139,597	$1.152M	0.1%	$8.25	—	COM	32058J102
—	PARK STERLING CORP	95,000	$1.129M	0.1%	$11.88	—	COM	70086Y105
FFBC	FIRST FINL BANCORP OH	40,400	$1.119M	0.1%	$19.20	0.0%	COM	320209109
FNB	FNB CORP PA	70,000	$991K	0.1%	$9.99	+0.4%	COM	302520101
—	FSB BANCORP INC	65,000	$959K	0.1%	$12.50	—	COM	30289C102
—	New Bancorp, Inc.	66,200	$933K	0.1%	$13.00	—	COM	642142103
SFST	SOUTHERN FIRST BANCSHARES IN	25,000	$926K	0.1%	$34.34	0.0%	COM	842873101
—	Sunnyside Bancorp, Inc.	64,871	$879K	0.1%	$10.20	—	COM	867475105
FMNB	FARMERS NATL BANC CORP	60,000	$870K	0.1%	$9.98	+1.8%	COM	309627107
BCTF	BANCORP 34 INC	61,906	$869K	0.1%	$10.70	+7.0%	COM	05970V106
PLBC	PLUMAS BANCORP	38,935	$829K	0.1%	$14.49	+30.3%	COM	729273102
—	SUNTRUST BKS INC	37,000	$788K	0.1%	$18.48	—	*W EXP 12/31/201	867914129
—	LEGG MASON INC	19,800	$756K	0.1%	$31.70	—	COM	524901105
—	ENTEGRA FINL CORP	30,469	$693K	0.1%	$22.74	—	COM	29363J108
WLFC	WILLIS LEASE FINANCE CORP	25,000	$668K	0.1%	$14.76	+68.2%	COM	970646105
—	West End Indiana Bancshares, Inc.	22,800	$662K	0.1%	$19.76	—	COM	952678100
—	BLACK KNIGHT FINL SVCS INC	15,000	$614K	0.1%	$40.93	—	CL A	09214X100
—	New Jersey Community Bank	160,488	$602K	0.1%	$5.30	—	COM	64577U102
—	OLD LINE BANCSHARES INC	20,000	$564K	0.1%	$28.20	—	COM	67984M100
—	Carolina Alliance Bank	34,439	$425K	0.0%	$9.90	—	COM	14376R107
—	Minden Bancorp, Inc.	14,900	$380K	0.0%	$18.98	—	COM	60255R106
—	PARAGON COML CORP	7,000	$367K	0.0%	$49.90	—	COM NEW	69911U403
—	UNION BANKSHARES CORP NEW	10,000	$339K	0.0%	$33.90	—	COM	90539J109
—	Hibernia Bancorp, Inc.	17,000	$318K	0.0%	$18.89	—	COM	42866N104
HAFC	HANMI FINL CORP	10,000	$285K	0.0%	$28.52	0.0%	COM NEW	410495204
CIZN	CITIZENS HLDG CO MISS	10,441	$271K	0.0%	$15.91	+0.9%	COM	174715102
—	Four Oaks Fincorp, Inc.	14,300	$266K	0.0%	$18.60	—	COM	350891206
ALRS	Alerus Financial Corp	10,100	$194K	0.0%	$14.58	0.0%	COM	01446U103
FFBB	Communities First Financial Corporation	11,378	$171K	0.0%	$14.43	0.0%	COM	20344D104
—	FIRST MIDWEST BANCORP DEL	6,000	$140K	0.0%	$15.08	—	COM	320867104