Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	State Bank Financial Corporation	2,235,000	$40.66M	4.2%	$15.03	—	Common Stock	856190103
C	Citigroup Inc.	625,000	$32.57M	3.3%	$36.18	+4.1%	Common Stock	172967424
STT	State Street Corporation	366,500	$26.9M	2.8%	$46.71	+8.4%	Common Stock	857477103
JPM	JPMorgan Chase & Co.	369,900	$21.63M	2.2%	$37.14	+6.7%	Common Stock	46625H100
MET	MetLife, Inc.	363,700	$19.61M	2.0%	$26.32	+14.5%	Common Stock	59156R108
AIG	American International Group, Inc.	366,800	$18.73M	1.9%	$34.86	+8.6%	Common Stock	026874784
FCNCA	First Citizens BancShares, Inc. Class A	82,431	$18.35M	1.9%	$183.72	+12.2%	Common Stock	31946M103
AMH	American Homes 4 Rent Class A	1,109,300	$17.97M	1.8%	$16.20	—	Common Stock	02665T306
—	Lazard Ltd	384,100	$17.41M	1.8%	$33.18	—	SHS A	G54050102
—	OmniAmerican Bancorp, Inc.	767,600	$16.41M	1.7%	$22.03	—	Common Stock	68216R107
—	Southwest Bancorp, Inc.	1,001,200	$15.94M	1.6%	$13.67	—	Common Stock	844767103
—	First NBC Bank Holding Company	490,000	$15.83M	1.6%	$24.40	—	Common Stock	32115D106
OSG	Ambac Financial Group, Inc.	605,600	$14.87M	1.5%	$22.78	-8.1%	Common Stock	023139884
PNC	PNC Financial Services Group, Inc.	191,500	$14.86M	1.5%	$51.33	+1.1%	Common Stock	693475105
IBCP	Independent Bank Corporation	1,150,000	$13.8M	1.4%	$5.65	+29.5%	Common Stock	453838609
RJF	Raymond James Financial, Inc.	260,000	$13.57M	1.4%	$24.13	+7.7%	Common Stock	754730109
—	First Midwest Bancorp, Inc.	751,600	$13.18M	1.4%	$13.72	—	Common Stock	320867104
—	CoBiz Financial Inc.	1,065,500	$12.74M	1.3%	$9.06	—	Common Stock	190897108
AER	AerCap Holdings NV	325,000	$12.46M	1.3%	$16.06	+44.4%	SHS	N00985106
BANF	BancFirst Corporation	221,100	$12.39M	1.3%	$16.45	+30.7%	Common Stock	05945F103
—	Territorial Bancorp Inc.	522,600	$12.12M	1.2%	$22.38	—	Common Stock	88145X108
—	North Valley Bancorp	607,700	$11.49M	1.2%	$16.90	—	Common Stock	66304M204
MS	Morgan Stanley	358,200	$11.23M	1.2%	$20.87	+4.5%	Common Stock	617446448
—	Palmetto Bancshares, Inc.	783,306	$10.15M	1.0%	$13.00	—	Common Stock	697062206
PFBC	Preferred Bank	501,709	$10.06M	1.0%	$16.08	+22.5%	Common Stock	740367404
—	MB Financial, Inc.	305,100	$9.782M	1.0%	$26.80	—	Common Stock	55264U108
BMO	Bank of Montreal	139,200	$9.279M	1.0%	$39.79	+4.6%	Common Stock	063671101
—	1st United Bancorp, Inc.	1,213,535	$9.235M	0.9%	$6.72	—	Common Stock	33740N105
—	United Community Financial Corp.	2,570,200	$9.176M	0.9%	$4.37	—	Common Stock	909839102
—	Century Bancorp, Inc. Class A Non-Vtg	257,700	$8.569M	0.9%	$34.89	—	Common Stock	156432106
—	HF Financial Corp.	655,900	$8.494M	0.9%	$13.01	—	Common Stock	404172108
FFBC	First Financial Bancorp.	480,000	$8.365M	0.9%	$9.47	+7.5%	Common Stock	320209109
AJG	Arthur J. Gallagher & Co.	172,100	$8.077M	0.8%	$33.77	+8.1%	Common Stock	363576109
SBCF	Seacoast Banking Corporation of Florida	656,171	$8.005M	0.8%	$11.18	0.0%	Common Stock	811707801
—	Fox Chase Bancorp, Inc.	463,021	$7.997M	0.8%	$17.00	—	Common Stock	35137T108
—	Call - ZION $36.27 Exp 11/14/2018	1,911,500	$7.99M	0.8%	—	—	Call	989701131
—	HopFed Bancorp, Inc.	679,503	$7.74M	0.8%	$10.80	—	Common Stock	439734104
—	Boston Private Financial Holdings, Inc.	608,100	$7.674M	0.8%	$10.64	—	Common Stock	101119105
—	American River Bankshares	803,400	$7.592M	0.8%	$8.22	—	Common Stock	029326105
WFC	Wells Fargo & Company	164,500	$7.468M	0.8%	$29.73	+3.5%	Common Stock	949746101
BRO	Brown & Brown, Inc.	234,000	$7.345M	0.8%	$14.05	+0.3%	Common Stock	115236101
SMBC	Southern Missouri Bancorp, Inc.	220,400	$7.333M	0.8%	$10.20	+23.3%	Common Stock	843380106
—	Call - MTB $73.86 Exp 12/23/2018	167,300	$7.194M	0.7%	—	—	Call	55261F112
IVZ	Invesco Ltd.	197,200	$7.178M	0.7%	$19.09	+6.3%	SHS	G491BT108
BKU	BankUnited, Inc.	218,000	$7.177M	0.7%	$22.24	0.0%	Common Stock	06652K103
—	Malvern Bancorp, Inc.	640,675	$7.047M	0.7%	$11.97	—	Common Stock	561409103
IROQ	IF Bancorp, Inc.	410,600	$6.857M	0.7%	$15.28	+7.5%	Common Stock	44951J105
HWC	Hancock Holding Company	182,600	$6.698M	0.7%	$32.32	+4.4%	Common Stock	410120109
NMIH	NMI Holdings Class A	523,000	$6.658M	0.7%	$13.30	0.0%	Common Stock	629209305
WTFC	Wintrust Financial Corporation	142,600	$6.577M	0.7%	$36.77	+20.3%	Common Stock	97650W108
COF	Capital One Financial Corporation	84,500	$6.474M	0.7%	$47.00	+22.0%	Common Stock	14040H105
—	Evans Bancorp, Inc.	306,700	$6.471M	0.7%	$17.56	—	Common Stock	29911Q208
—	1st Century Bancshares, Inc.	899,900	$6.434M	0.7%	$6.17	—	Common Stock	31943X102
—	Heritage Oaks Bancorp	854,495	$6.409M	0.7%	$6.17	—	Common Stock	42724R107
—	Charter Financial Corporation	589,600	$6.35M	0.7%	$10.19	—	Common Stock	16122W108
—	SI Financial Group, Inc.	521,307	$6.282M	0.6%	$11.15	—	Common Stock	78425V104
—	City National Corporation	77,700	$6.155M	0.6%	$63.37	—	Common Stock	178566105
—	Stonegate Mortgage Corp	368,111	$6.085M	0.6%	$16.53	—	Common Stock	86181Q300
—	Bridge Bancorp, Inc.	232,300	$6.04M	0.6%	$23.61	—	Common Stock	108035106
NRIM	Northrim BanCorp, Inc.	230,119	$6.038M	0.6%	$3.58	+14.7%	Common Stock	666762109
BOKF	BOK Financial Corporation	90,900	$6.028M	0.6%	$47.07	-1.3%	Common Stock	05561Q201
UCB	United Community Banks, Inc.	333,200	$5.914M	0.6%	$11.35	+45.8%	Common Stock	90984P303
AL	Air Lease Corporation Class A	189,300	$5.883M	0.6%	$23.31	+11.1%	Common Stock	00912X302
—	Ocwen Financial Corporation	105,000	$5.822M	0.6%	$55.45	—	Common Stock	675746309
—	Bridge Capital Holdings	283,100	$5.815M	0.6%	$15.86	—	Common Stock	108030107
—	Xenith Bankshares, Inc.	985,900	$5.807M	0.6%	$5.32	—	Common Stock	98410X105
—	Standard Financial Corp.	296,100	$5.537M	0.6%	$19.05	—	Common Stock	853393106
SAMG	Silvercrest Asset Management Group Inc. Class A	322,400	$5.497M	0.6%	$13.19	+14.5%	Common Stock	828359109
—	Laporte Bancorp Inc.	480,000	$5.338M	0.5%	$10.12	—	Common Stock	516651106
USB	U.S. Bancorp	130,000	$5.252M	0.5%	$24.24	+4.7%	Common Stock	902973304
—	Chemical Financial Corporation	165,400	$5.238M	0.5%	$28.27	—	Common Stock	163731102
—	Hamilton Bancorp Inc.	364,900	$5.178M	0.5%	$13.24	—	Common Stock	407015106
HTBK	Heritage Commerce Corp	628,000	$5.175M	0.5%	$7.06	+10.3%	Common Stock	426927109
SFNC	Simmons First National Corporation Class A $1 Par	137,300	$5.101M	0.5%	$13.71	+23.0%	Common Stock	828730200
—	Park Sterling Corp	700,000	$4.998M	0.5%	$5.91	—	Common Stock	70086Y105
—	Wilshire Bancorp, Inc.	450,000	$4.919M	0.5%	$6.62	—	Common Stock	97186T108
—	Prudential Bancorp, Inc.	447,000	$4.823M	0.5%	$10.79	—	Common Stock	74431A101
RVSB	Riverview Bancorp, Inc.	1,622,700	$4.706M	0.5%	$1.95	+7.2%	Common Stock	769397100
—	First Busey Corporation	794,600	$4.609M	0.5%	$4.50	—	Common Stock	319383105
FBIZ	First Business Financial Services, Inc.	118,100	$4.444M	0.5%	$12.82	+2.0%	Common Stock	319390100
BSRR	Sierra Bancorp	271,000	$4.36M	0.4%	$9.11	+27.9%	Common Stock	82620P102
—	Guaranty Bancorp	306,405	$4.305M	0.4%	$12.16	—	Common Stock	40075T607
—	XL Group PLC	135,200	$4.305M	0.4%	$31.84	—	SHS	G98290102
—	Chicopee Bancorp, Inc.	247,200	$4.304M	0.4%	$16.90	—	Common Stock	168565109
NBHC	National Bank Holdings Corporation Class A	200,000	$4.28M	0.4%	$14.73	+11.2%	Common Stock	633707104
FCCO	First Community Corporation	406,200	$4.224M	0.4%	$6.72	+13.4%	Common Stock	319835104
—	Capital Bank Financial Corporation Class A	183,000	$4.163M	0.4%	$19.02	—	Common Stock	139794101
—	Synovus Financial Corp.	1,148,300	$4.134M	0.4%	$2.92	—	Common Stock	87161C105
—	Peoples Federal Bancshares, Inc.	225,600	$4.002M	0.4%	$18.07	—	Common Stock	711037101
—	MainSource Financial Group, Inc.	221,800	$3.999M	0.4%	$13.47	—	Common Stock	56062Y102
CZNC	Citizens & Northern Corporation	193,500	$3.992M	0.4%	$10.63	+2.3%	Common Stock	172922106
—	Suffolk Bancorp	188,200	$3.915M	0.4%	$16.59	—	Common Stock	864739107
FNB	F.N.B. Corporation	305,000	$3.849M	0.4%	$7.80	0.0%	Common Stock	302520101
—	OBA Financial Services, Inc.	209,900	$3.82M	0.4%	$18.44	—	Common Stock	67424G101
BEN	Franklin Resources, Inc.	65,100	$3.758M	0.4%	$29.80	+7.8%	Common Stock	354613101
BMRC	Bank of Marin Bancorp	84,200	$3.653M	0.4%	$14.73	+3.7%	Common Stock	063425102
MOFG	MidWestOne Financial Group, Inc.	133,300	$3.626M	0.4%	$23.69	+11.2%	Common Stock	598511103
—	State Investors Bancorp, Inc.	232,300	$3.489M	0.4%	$14.86	—	Common Stock	857030100
—	Wolverine Bancorp, Inc.	160,200	$3.412M	0.4%	$19.04	—	Common Stock	977880103
—	Louisiana Bancorp, Inc.	186,300	$3.394M	0.3%	$17.00	—	Common Stock	54619P104
—	Poage Bankshares, Inc.	236,700	$3.316M	0.3%	$15.00	—	Common Stock	730206109
—	Polonia Bancorp, Inc.	319,600	$3.161M	0.3%	$9.33	—	Common Stock	73158Q109
—	LNB Bancorp, Inc.	315,000	$3.159M	0.3%	$8.59	—	Common Stock	502100100
—	Bank Mutual Corporation	450,000	$3.155M	0.3%	$5.64	—	Common Stock	063750103
WD	Walker & Dunlop, Inc.	191,800	$3.101M	0.3%	$14.35	-18.2%	Common Stock	93148P102
—	Jacksonville Bancorp, Inc.	243,407	$3.067M	0.3%	$12.60	—	Common Stock	469249205
—	Alliance Bancorp, Inc. of Pennsylvania	196,100	$3.02M	0.3%	$13.75	—	Common Stock	01890A108
—	Cowen Group, Inc. Class A	751,100	$2.937M	0.3%	$3.05	—	Common Stock	223622101
—	United Community Bancorp	271,900	$2.92M	0.3%	$10.22	—	Common Stock	90984R101
HIFS	Hingham Institution for Savings	37,200	$2.92M	0.3%	$55.77	+14.1%	Common Stock	433323102
TD	Toronto-Dominion Bank	30,400	$2.865M	0.3%	$42.92	+6.0%	Common Stock	891160509
HTB	HomeTrust Bancshares, Inc.	172,630	$2.76M	0.3%	$16.07	+0.7%	Common Stock	437872104
PROV	Provident Financial Holdings, Inc.	179,300	$2.69M	0.3%	$15.43	0.0%	Common Stock	743868101
HTH	Hilltop Holdings Inc.	109,600	$2.535M	0.3%	$17.13	+18.9%	Common Stock	432748101
TCBI	Texas Capital Bancshares, Inc.	39,200	$2.438M	0.3%	$42.69	+24.9%	Common Stock	88224Q107
—	First Bancshares Inc.	170,665	$2.393M	0.2%	$14.00	—	Common Stock	318916103
—	Colonial Financial Services, Inc.	173,100	$2.302M	0.2%	$13.50	—	Common Stock	19566B101
AMP	Ameriprise Financial, Inc.	20,000	$2.301M	0.2%	$80.05	0.0%	Common Stock	03076C106
FHN	First Horizon National Corporation	191,900	$2.236M	0.2%	$7.73	0.0%	Common Stock	320517105
WLFC	Willis Lease Finance Corporation	126,100	$2.189M	0.2%	$13.54	+26.2%	Common Stock	970646105
—	ASB Bancorp, Inc.	126,300	$2.179M	0.2%	$16.41	—	Common Stock	00213T109
—	Old Line Bancshares, Inc.	144,300	$2.092M	0.2%	$13.19	—	Common Stock	67984M100
—	FedFirst Financial Corporation	104,700	$2.09M	0.2%	$18.51	—	Common Stock	31429C101
WTBA	West Bancorporation, Inc. Cap Stk	128,700	$2.036M	0.2%	$12.16	+18.9%	Common Stock	95123P106
WAL	Western Alliance Bancorporation	85,000	$2.028M	0.2%	$18.93	0.0%	Common Stock	957638109
—	Georgetown Bancorp, Inc.	124,287	$1.976M	0.2%	$14.20	—	Common Stock	372591107
HFBL	Home Federal Bancorp, Inc. of Louisiana	107,000	$1.905M	0.2%	$8.84	-3.7%	Common Stock	43708L108
—	Access National Corporation	124,200	$1.857M	0.2%	$12.98	—	Common Stock	004337101
—	Greenhill & Co., Inc.	31,700	$1.837M	0.2%	$57.95	—	Common Stock	395259104
—	Walter Investment Management Corporation	49,071	$1.735M	0.2%	$34.87	—	Common Stock	93317W102
FIBK	First Interstate BancSystem, Inc. Class A	56,800	$1.611M	0.2%	$14.45	+6.8%	Common Stock	32055Y201
BPOP	Popular, Inc.	54,800	$1.574M	0.2%	$20.37	0.0%	Common Stock	733174700
—	Connectone Bancorp, Inc.	37,100	$1.47M	0.2%	$30.74	—	Common Stock	20786U101
CHMI	Cherry Hill Mortgage Investment Corporation	82,200	$1.463M	0.2%	$17.80	—	Common Stock	164651101
—	ESSA Bancorp, Inc.	121,000	$1.399M	0.1%	$11.56	—	Common Stock	29667D104
—	Dime Community Bancshares, Inc.	82,000	$1.387M	0.1%	$16.91	—	Common Stock	253922108
—	Call - STI $33.70 Exp 12/31/2018	139,860	$1.378M	0.1%	—	—	Call	867914129
—	Premier Financial Bancorp, Inc.	93,400	$1.322M	0.1%	$12.04	—	Common Stock	74050M105
NWBI	Northwest Bancshares, Inc.	77,000	$1.138M	0.1%	$6.88	0.0%	Common Stock	667340103
—	Westfield Financial, Inc.	148,600	$1.109M	0.1%	$7.40	—	Common Stock	96008P104
MBWM	Mercantile Bank Corporation	50,800	$1.096M	0.1%	$12.77	0.0%	Common Stock	587376104
—	Call - JPM $42.42 Exp 10/28/2018	55,985	$1.086M	0.1%	—	—	Call	46634E114
—	Fly Leasing Ltd. Sponsored ADR	66,100	$1.062M	0.1%	$13.88	—	Common Stock	34407D109
—	MutualFirst Financial, Inc.	58,600	$1.004M	0.1%	$17.13	—	Common Stock	62845B104
—	Jacksonville Bancorp, Inc. (IL)	49,700	$972K	0.1%	$19.08	—	Common Stock	46924R106
—	Call - AMBC $16.67 Exp 4/30/2023	58,600	$875K	0.1%	—	—	Call	023139116
TROW	T. Rowe Price Group, Inc.	9,400	$787K	0.1%	$47.59	+6.1%	Common Stock	74144T108
—	Pathfinder Bancorp, Inc.	54,730	$739K	0.1%	$13.50	—	Common Stock	70320A103
FNLC	First Bancorp, Inc.	41,700	$726K	0.1%	$9.14	+6.3%	Common Stock	31866P102
FMNB	Farmers National Banc Corp.	98,800	$647K	0.1%	$4.31	0.0%	Common Stock	309627107
CZWI	Citizens Community Bancorp Inc.	86,100	$638K	0.1%	$5.89	+3.4%	Common Stock	174903104
STBA	S&T Bancorp, Inc.	24,000	$607K	0.1%	$24.66	0.0%	Common Stock	783859101
—	HMN Financial, Inc.	57,146	$604K	0.1%	$9.21	—	Common Stock	40424G108
GBCI	Glacier Bancorp, Inc.	20,000	$596K	0.1%	$15.97	+17.4%	Common Stock	37637Q105
—	Yadkin Financial Corporation	30,000	$511K	0.1%	$14.04	—	Common Stock	984305102
CAC	Camden National Corporation	12,018	$503K	0.1%	$18.06	0.0%	Common Stock	133034108
—	Camco Financial Corporation	74,100	$495K	0.1%	$3.70	—	Common Stock	132618109
—	Meetinghouse Bancorp, Inc.	38,400	$461K	0.0%	$12.01	—	Common Stock	58514H109
—	Fortegra Financial Corporation	50,472	$417K	0.0%	$6.86	—	Common Stock	34954W104
FBNC	First Bancorp	24,700	$411K	0.0%	$10.64	+14.4%	Common Stock	318910106
—	Simplicity Bancorp Inc.	22,500	$364K	0.0%	$14.93	—	Common Stock	828867101
—	DNB Financial Corporation	17,100	$355K	0.0%	$17.69	—	Common Stock	233237106
—	Oneida Financial Corp.	23,300	$295K	0.0%	$13.65	—	Common Stock	682479100
—	TF Financial Corporation	10,200	$287K	0.0%	$28.14	—	Common Stock	872391107
—	Beneficial Mutual Bancorp, Inc. (MHC)	25,000	$273K	0.0%	$10.92	—	Common Stock	08173R104
—	First South Bancorp, Inc.	30,000	$234K	0.0%	$7.80	—	Common Stock	33646W100
—	Bank of Commerce Holdings	37,400	$214K	0.0%	$5.72	—	Common Stock	06424J103
OVLY	Oak Valley Bancorp.	16,800	$141K	0.0%	$8.10	0.0%	Common Stock	671807105
—	Southcoast Financial Corporation	21,100	$122K	0.0%	$5.52	—	Common Stock	84129R100
—	First Capital Bancorp, Inc.	15,400	$71,000	0.0%	$4.61	—	Common Stock	319438107
—	Intermountain Community Bancorp	2,550	$37,000	0.0%	$14.51	—	Common Stock	45881M308