Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	PacWest Bancorp	933,951	$28.63M	2.6%	$30.65	—	Common	695263103
—	State Bank Financial Corp.	1,882,179	$28.29M	2.5%	$15.03	—	Common	856190103
—	Boston Private Financial Holdings	2,611,663	$27.79M	2.5%	$10.64	—	Common	101119105
—	Virginia Commerce Bancorp, Inc.	1,969,452	$27.49M	2.5%	$13.96	—	Common	92778Q109
EFSC	Enterprise Financial Services	1,545,013	$24.66M	2.2%	$12.10	0.0%	Common	293712105
—	MB Financial, Inc.	855,721	$22.93M	2.1%	$26.80	—	Common	55264U108
EGBN	Eagle Bancorp, Inc.	989,571	$22.15M	2.0%	$16.56	0.0%	Common	268948106
—	CoBiz Financial Inc.	2,654,425	$22.03M	2.0%	$8.30	—	Common	190897108
SF	Stifel Financial Corp.	570,869	$20.36M	1.8%	$20.11	0.0%	Common	860630102
—	First Midwest Bancorp, Inc.	1,462,910	$20.07M	1.8%	$13.72	—	Common	320867104
BMRC	Bank of Marin Bancorp	478,030	$19.12M	1.7%	$13.79	0.0%	Common	063425102
BANR	Banner Corporation	559,308	$18.9M	1.7%	$21.83	0.0%	Common	06652V208
WTFC	Wintrust Financial Corporation	488,583	$18.7M	1.7%	$36.77	0.0%	Common	97650W108
—	Fidelity Southern Corporation	1,469,005	$18.17M	1.6%	$12.37	—	Common	316394105
—	Sandy Spring Bancorp Inc.	826,099	$17.86M	1.6%	$21.62	—	Common	800363103
—	Pacific Continental Corporation	1,474,397	$17.4M	1.6%	$11.80	—	Common	69412V108
—	Suffolk Bancorp	1,043,643	$17.05M	1.5%	$16.34	—	Common	864739107
NBHC	National Bank Holdings Corp.	810,700	$15.97M	1.4%	$14.46	0.0%	Common	633707104
—	Park Sterling Corp.	2,615,525	$15.46M	1.4%	$5.91	—	Common	70086Y105
FRME	First Merchants Corp.	786,024	$13.48M	1.2%	$11.60	0.0%	Common	320817109
—	Union First Market Bankshares	654,578	$13.48M	1.2%	$20.59	—	Common	90662P104
—	Cambridge Bancorp	339,696	$13.35M	1.2%	$39.30	—	Common	132152109
—	Washington Banking Company	918,952	$13.05M	1.2%	$14.20	—	Common	937303105
—	CU Bancorp	799,102	$12.63M	1.1%	$15.80	—	Common	126534106
—	Stonegate Bank	676,636	$12.04M	1.1%	$17.80	—	Common	861811107
MBWM	Mercantile Bank Corporation	658,053	$11.82M	1.1%	$9.96	0.0%	Common	587376104
CPF	Central Pacific Financial Corp.	644,710	$11.61M	1.0%	$11.01	0.0%	Common	154760409
—	First NBC Bank	471,617	$11.51M	1.0%	$24.40	—	Common	32115D106
HTBK	Heritage Commerce Corp	1,641,291	$11.49M	1.0%	$6.76	0.0%	Common	426927109
—	Heritage Oaks Bancorp	1,806,467	$11.15M	1.0%	$6.17	—	Common	42724R107
—	BNC Bancorp	957,992	$10.94M	1.0%	$11.42	—	Common	05566T101
—	Capital Bank Financial Corp.	560,524	$10.66M	1.0%	$19.02	—	Common	139794507
—	Yadkin Financial Corporation	745,466	$10.47M	0.9%	$14.04	—	Common	984305102
—	Centerstate Banks of Florida	1,112,432	$9.656M	0.9%	$8.68	—	Common	15201P109
—	Seacoast Banking Corp. of Florida	4,339,571	$9.547M	0.9%	$2.20	—	Common	811707306
TCBI	Texas Capital Bancshares, Inc.	207,472	$9.203M	0.8%	$42.69	0.0%	Common	88224Q107
COLB	Columbia Banking System, Inc.	382,096	$9.098M	0.8%	$12.82	0.0%	Common	197236102
FBIZ	First Business Financial Services	301,000	$9.021M	0.8%	$10.24	0.0%	Common	319390100
BSRR	Sierra Bancorp	592,404	$8.768M	0.8%	$9.00	0.0%	Common	82620P102
—	Investors Bancorp Inc.	399,798	$8.428M	0.8%	$21.08	—	Common	46146P102
HFWA	Heritage Financial Corporation	574,949	$8.423M	0.8%	$13.97	0.0%	Common	42722X106
—	Old Line Bancshares, Inc.	622,519	$8.211M	0.7%	$13.19	—	Common	67984M100
—	Metro Bancorp Inc.	400,256	$8.017M	0.7%	$20.03	—	Common	59161R101
—	Central Valley Community Bncrp	788,334	$7.946M	0.7%	$10.08	—	Common	155685100
CVBF	CVB Financial Corp.	674,096	$7.927M	0.7%	$7.30	0.0%	Common	126600105
—	Bryn Mawr Bank Corporation	328,010	$7.849M	0.7%	$23.93	—	Common	117665109
—	Iberiabank Corp	146,004	$7.827M	0.7%	$53.61	—	Common	450828108
—	Southern National Bancorp of Virginia	790,012	$7.726M	0.7%	$9.78	—	Common	843395104
—	First Citizens Bancorporation	11,958	$7.534M	0.7%	$630.04	—	Common	319460101
—	Heritage Financial Group	509,297	$7.512M	0.7%	$14.75	—	Common	42726X102
—	Southwest Bancorp, Inc.	559,644	$7.387M	0.7%	$13.20	—	Common	844767103
—	Bank Kentucky Financial	253,111	$7.198M	0.6%	$28.44	—	Common	062896105
—	City National Corp.	111,132	$7.042M	0.6%	$63.37	—	Common	178566105
—	First of Long Island Corp.	210,560	$6.988M	0.6%	$33.19	—	Common	320734106
—	SY Bancorp	282,223	$6.923M	0.6%	$24.53	—	Common	785060104
—	First Financial Holdings	319,786	$6.783M	0.6%	$21.21	—	Common	320239106
—	First Southern Bancorp, Inc.	1,457,703	$6.778M	0.6%	$4.65	—	Common	33644N102
—	First Security Group, Inc.	2,980,000	$6.467M	0.6%	$2.17	—	Common	336312202
QCRH	QCR Holdings, Inc.	406,461	$6.28M	0.6%	$14.63	0.0%	Common	74727A104
—	BSB Bancorp, Inc.	471,140	$6.195M	0.6%	$13.15	—	Common	05573H108
—	Bridge Capital Holdings	386,323	$6.127M	0.5%	$15.86	—	Common	108030107
—	SVB Financial Group	70,600	$5.882M	0.5%	$83.31	—	Common	78486Q101
DHIL	Diamond Hill Investment Group	67,688	$5.793M	0.5%	$41.91	0.0%	Common	25264R207
UVSP	Univest Corp. of Pennsylvania	301,225	$5.744M	0.5%	$17.73	0.0%	Common	915271100
BHB	Bar Harbor Bankshares	156,702	$5.727M	0.5%	$10.10	0.0%	Common	066849100
PGC	Peapack-Gladstone Financial Corp.	323,458	$5.654M	0.5%	$13.74	0.0%	Common	704699107
LKFN	Lakeland Financial Corporation	203,350	$5.643M	0.5%	$13.19	0.0%	Common	511656100
—	Security California Bancorp	520,655	$5.571M	0.5%	$10.70	—	Common	81412M103
—	NorthWest Indiana Bancorp	232,305	$5.494M	0.5%	$23.65	—	Common	667516108
WTBFB	W.T.B. Financial Corporation	35,996	$5.435M	0.5%	$144.17	0.0%	Common	929334209
HAFC	Hanmi Financial Corporation	302,262	$5.341M	0.5%	$15.99	0.0%	Common	410495204
—	CommerceWest Bank	413,544	$5.066M	0.5%	$12.25	—	Common	20084T103
—	Lender Processing Services, Inc.	156,100	$5.05M	0.5%	$32.35	—	Common	52602E102
HIFS	Hingham Institution for Savings	73,200	$4.969M	0.4%	$55.69	0.0%	Common	433323102
—	Codorus Valley Bancorp, Inc.	284,290	$4.947M	0.4%	$17.40	—	Common	192025104
BANC	Banc of California, Inc.	354,347	$4.812M	0.4%	$8.89	0.0%	Common	05990K106
—	Mackinac Financial Corporation	531,840	$4.723M	0.4%	$8.88	—	Common	554571109
—	Firstbank Corporation	350,128	$4.695M	0.4%	$13.41	—	Common	33761G104
SFST	Southern First Bancshares, Inc.	413,404	$4.543M	0.4%	$10.90	0.0%	Common	842873101
—	1st Constitution Bancorp	459,467	$4.365M	0.4%	$9.50	—	Common	31986N102
—	Susquehanna Bancshares, Inc.	325,124	$4.178M	0.4%	$12.85	—	Common	869099101
—	ViewPoint Financial Group, Inc.	199,072	$4.143M	0.4%	$20.81	—	Common	92672A101
PSBQ	PSB Holdings, Inc.	140,763	$4.117M	0.4%	$9.62	0.0%	Common	69360N108
—	United Bancorp, Inc.	746,008	$4.028M	0.4%	$5.40	—	Common	90944L103
—	First M&F Corporation	252,786	$3.997M	0.4%	$15.81	—	Common	320744105
—	Palmetto Bancshares, Inc.	307,345	$3.995M	0.4%	$13.00	—	Common	697062206
—	Meridian Interstate Bancorp	207,526	$3.908M	0.4%	$18.83	—	Common	58964Q104
—	FNB Bancorp	186,900	$3.803M	0.3%	$20.35	—	Common	302515101
FBNC	First Bancorp	261,481	$3.687M	0.3%	$10.64	0.0%	Common	318910106
HTH	Hilltop Holdings Inc.	212,532	$3.486M	0.3%	$14.87	0.0%	Common	432748101
—	Valley Financial Corporation	312,893	$3.473M	0.3%	$11.10	—	Common	919629105
—	First United Bancorp	515,783	$3.466M	0.3%	$6.72	—	Common	33740N105
—	Enterprise Bancorp, Inc.	187,361	$3.464M	0.3%	$18.49	—	Common	293668109
QNBC	QNB Corp.	138,487	$3.393M	0.3%	$24.55	0.0%	Common	74726N107
WTBA	West Bancorporation, Inc.	279,479	$3.284M	0.3%	$11.27	0.0%	Common	95123P106
FCCO	First Community Corporation	356,747	$3.282M	0.3%	$6.72	0.0%	Common	319835104
—	Intermountain Community Bncrp	248,742	$3.271M	0.3%	$13.15	—	Common	45881M308
NODB	North Dallas Bank & Trust Co.	69,237	$3.22M	0.3%	$46.51	—	Common	659012108
—	Bank of Commerce Holdings	632,218	$3.186M	0.3%	$5.04	—	Common	06424J103
RVSB	Riverview Bancorp, Inc.	1,254,464	$3.149M	0.3%	$1.91	0.0%	Common	769397100
OCFC	OceanFirst Financial Corp.	198,826	$3.092M	0.3%	$9.16	0.0%	Common	675234108
—	Valley Commerce Bancorp	236,720	$3.044M	0.3%	$12.86	—	Common	919518100
—	Sterling Financial Corporation	125,000	$2.973M	0.3%	$23.78	—	Common	859319303
—	Centrix Bank & Trust	125,300	$2.913M	0.3%	$23.25	—	Common	15640A101
—	Greater Sacramento Bancorp	181,345	$2.902M	0.3%	$16.00	—	Common	39233Q109
—	Georgia-Carolina Bancshares	188,656	$2.858M	0.3%	$15.15	—	Common	373145101
—	Guaranty Bancorp	249,488	$2.832M	0.3%	$11.35	—	Common	40075T607
AMBZ	American Business Bank	101,259	$2.81M	0.3%	$22.86	0.0%	Common	02475L105
CCNE	CNB Financial Corporation	163,000	$2.761M	0.2%	$11.11	0.0%	Common	126128107
—	Charter Financial Corporation	269,137	$2.713M	0.2%	$10.08	—	Common	16122W108
—	CFS Bancorp, Inc.	248,627	$2.665M	0.2%	$10.72	—	Common	12525D102
—	Northeast Community Bancorp	416,800	$2.634M	0.2%	$6.32	—	Common	664112109
INDB	Independent Bank Corp.	76,073	$2.625M	0.2%	$22.67	0.0%	Common	453836108
—	Center Bancorp, Inc.	204,787	$2.599M	0.2%	$12.69	—	Common	151408101
—	Mayflower Bancorp, Inc.	134,735	$2.499M	0.2%	$18.55	—	Common	578321101
OVLY	Oak Valley Bancorp	324,646	$2.49M	0.2%	$7.78	0.0%	Common	671807105
FRBKQ	Republic First Bancorp, Inc.	865,000	$2.465M	0.2%	$2.90	0.0%	Common	760416107
—	StellarOne Corporation	124,250	$2.442M	0.2%	$19.65	—	Common	85856G100
—	Southeastern Bank Financial Corp.	123,571	$2.41M	0.2%	$19.50	—	Common	841584105
—	MainSource Financial Group, Inc.	179,139	$2.406M	0.2%	$13.43	—	Common	56062Y102
—	Chicopee Bancorp, Inc.	135,730	$2.294M	0.2%	$16.90	—	Common	168565109
—	Independent Bank Group, Inc	75,000	$2.28M	0.2%	$30.40	—	Common	45384B106
FXNC	First National Corporation	343,324	$2.208M	0.2%	$5.08	0.0%	Common	32106V107
—	DCB Financial Corp	415,328	$2.201M	0.2%	$5.30	—	Common	233075100
—	Beneficial Mutual Bancorp, Inc.	261,158	$2.194M	0.2%	$8.40	—	Common	08173R104
UNTY	Unity Bancorp, Inc.	306,628	$2.177M	0.2%	$5.26	0.0%	Common	913290102
—	Hilltop Community Bancorp, Inc.	235,437	$2.164M	0.2%	$9.19	—	Common	43274N108
—	Lakeland Bancorp, Inc.	206,799	$2.157M	0.2%	$10.43	—	Common	511637100
AUBN	Auburn National Bancorporation	95,917	$2.11M	0.2%	$14.12	0.0%	Common	050473107
—	Hudson Valley Holding Corp.	123,470	$2.097M	0.2%	$16.98	—	Common	444172100
—	First Defiance Financial Corp.	90,463	$2.04M	0.2%	$22.55	—	Common	32006W106
—	Eastern Virginia Bankshares	406,593	$2.033M	0.2%	$5.00	—	Common	277196101
—	Century Bancorp, Inc.	57,488	$2.012M	0.2%	$35.00	—	Common	156432106
FNLC	The First Bancorp, Inc.	115,000	$2.01M	0.2%	$9.14	0.0%	Common	31866P102
—	ConnectOne Bancorp, Inc.	65,000	$1.998M	0.2%	$30.74	—	Common	20786U101
—	SBT Bancorp, Inc.	67,810	$1.916M	0.2%	$28.26	—	Common	78391C106
—	Midsouth Bancorp, Inc.	123,248	$1.914M	0.2%	$15.53	—	Common	598039105
—	Fauquier Bancshares, Inc.	157,129	$1.906M	0.2%	$12.13	—	Common	312059108
—	Access National Corporation	144,664	$1.878M	0.2%	$12.98	—	Common	004337101
—	Cardinal Financial Corporation	127,030	$1.86M	0.2%	$14.64	—	Common	14149F109
PKBK	Parke Bancorp, Inc.	240,472	$1.842M	0.2%	$4.28	0.0%	Common	700885106
—	Pinnacle Financial Partners, Inc.	70,100	$1.802M	0.2%	$25.71	—	Common	72346Q104
—	American River Bankshares	216,548	$1.78M	0.2%	$8.22	—	Common	029326105
TMP	Tompkins Financial Corporation	39,142	$1.769M	0.2%	$27.90	0.0%	Common	890110109
—	Knight Capital Group	483,219	$1.735M	0.2%	$3.59	—	Common	499005106
—	HopFed Bancorp, Inc.	157,300	$1.699M	0.2%	$10.80	—	Common	439734104
—	Roma Financial Corp.	90,600	$1.645M	0.1%	$18.16	—	Common	77581P109
PEBK	Peoples Bancorp of North Carolina	126,449	$1.631M	0.1%	$10.91	0.0%	Common	710577107
—	DNB Financial Corporation	90,616	$1.605M	0.1%	$17.71	—	Common	233237106
OSBC	Old Second Bancorp, Inc.	283,750	$1.566M	0.1%	$4.28	0.0%	Common	680277100
FMNB	Farmers National Banc Corp.	244,451	$1.535M	0.1%	$4.28	0.0%	Common	309627107
VLY	Valley National Bancorp, Inc.	157,466	$1.491M	0.1%	$9.34	0.0%	Common	919794107
FNB	F.N.B. Corporation	121,461	$1.467M	0.1%	$7.09	0.0%	Common	302520101
—	Baylake Corp.	143,200	$1.396M	0.1%	$9.75	—	Common	072788102
ORRF	Orrstown Financial Services, Inc	107,822	$1.367M	0.1%	$10.84	0.0%	Common	687380105
ABCB	Ameris Bancorp	80,551	$1.357M	0.1%	$13.28	0.0%	Common	03076K108
—	Heritage Bankshares, Inc.	99,824	$1.348M	0.1%	$13.50	—	Common	42721M101
—	New Century Bancorp, Inc.	206,921	$1.32M	0.1%	$6.38	—	Common	64353M100
—	OBA Financial Services, Inc.	70,622	$1.302M	0.1%	$18.44	—	Common	67424G101
—	ESSA Bancorp, Inc.	116,286	$1.274M	0.1%	$10.96	—	Common	29667D104
—	Virginia National Bank	75,444	$1.264M	0.1%	$16.75	—	Common	928028109
—	Lake Shore Bancorp	105,754	$1.237M	0.1%	$11.70	—	Common	510700107
—	SCBT Financial Corporation	24,505	$1.235M	0.1%	$50.40	—	Common	78401V102
—	Old Point Financial Corporation	91,554	$1.199M	0.1%	$13.10	—	Common	680194107
TCBK	TriCo Bancshares	53,000	$1.13M	0.1%	$18.87	0.0%	Common	896095106
—	Pacific Premier Bancorp, Inc.	91,500	$1.118M	0.1%	$12.22	—	Common	69478X105
—	North Valley Bancorp	67,191	$1.112M	0.1%	$16.55	—	Common	66304M204
—	Blackhawk Bancorp, Inc.	127,494	$1.058M	0.1%	$8.30	—	Common	09237E204
WAL	Western Alliance Bancorporation	65,412	$1.035M	0.1%	$12.57	0.0%	Common	957638109
—	Illini Corporation	24,700	$1.017M	0.1%	$41.17	—	Common	45177K206
—	Puget Sound Bank	79,850	$1.014M	0.1%	$12.70	—	Common	74531Y108
EFSI	Eagle Financial Services Inc.	43,141	$1.007M	0.1%	$14.62	0.0%	Common	26951R104
—	Clifton Savings Bancorp Inc.	79,600	$943K	0.1%	$11.85	—	Common	18712Q103
—	American Equity Investment Life	58,100	$912K	0.1%	$15.70	—	Common	025676206
—	Merchants Bancshares, Inc.	30,159	$892K	0.1%	$29.58	—	Common	588448100
—	Royal Financial, Inc.	161,382	$791K	0.1%	$4.90	—	Common	78027P109
—	Cornerstone Bancshares, Inc.	389,406	$783K	0.1%	$2.01	—	Common	218924108
—	Bridge Bancorp Inc.	33,494	$754K	0.1%	$22.51	—	Common	108035106
—	Town and Country Financial Corp.	69,655	$717K	0.1%	$10.29	—	Common	892039108
—	Fox Chase Bancorp, Inc.	38,429	$653K	0.1%	$16.99	—	Common	35137T108
—	WashingtonFirst Bankshares	55,841	$631K	0.1%	$11.30	—	Common	940730104
GLBZ	Glen Burnie Bancorp	49,351	$597K	0.1%	$7.62	0.0%	Common	377407101
—	PSB Holdings	105,486	$592K	0.1%	$5.61	—	Common	69360W108
QNTO	Quaint Oak Bancorp	36,500	$586K	0.1%	$8.00	0.0%	Common	74732T106
—	Salisbury Bancorp, Inc.	20,966	$545K	0.0%	$25.99	—	Common	795226109
—	Waterstone Financial, Inc.	53,482	$543K	0.0%	$10.15	—	Common	941888109
FCOB	1st Colonial Bancorp	91,124	$537K	0.0%	$4.86	0.0%	Common	319716106
—	Southcrest Financial Group, Inc.	100,400	$537K	0.0%	$5.35	—	Common	84129X107
—	BancorpSouth, Inc.	28,200	$499K	0.0%	$17.70	—	Common	059692103
—	River City Bank	4,789	$467K	0.0%	$97.52	—	Common	76803x106
CBOE	CBOE Holdings	10,000	$466K	0.0%	$33.33	0.0%	Common	12503M108
—	First Financial Service Corp.	115,338	$391K	0.0%	$3.39	—	Common	32022D108
—	Kearny Financial Corp.	35,800	$376K	0.0%	$10.50	—	Common	487169104
BAOB	Baraboo Bancorporation, Inc.	240,257	$339K	0.0%	$1.24	0.0%	Common	067021105
FFBC	First Financial Bancorp.	21,000	$313K	0.0%	$9.47	0.0%	Common	320209109
—	MetroCorp Bancshares-TX	31,900	$311K	0.0%	$9.75	—	Common	591650106
—	Umpqua Holdings Corporation	20,000	$300K	0.0%	$15.00	—	Common	904214103
—	TriState Capital Holdings, Inc.	20,000	$275K	0.0%	$13.75	—	Common	89678F100
FISI	Financial Institutions, Inc.	14,200	$261K	0.0%	$11.66	0.0%	Common	317585404
—	Cornerstone Financial	101,071	$254K	0.0%	$2.51	—	Common	21925G102
—	1st Capital Bank	20,422	$231K	0.0%	$11.31	—	Common	31944C107
NFBK	Northfield Bancorp, Inc.	18,447	$216K	0.0%	$7.68	0.0%	Common	66611T108
—	Carolina Trust Bank	32,300	$79,000	0.0%	$2.45	—	Common	144200102
ORPB	Oregon Pacific Bancorp	19,559	$71,000	0.0%	$3.45	0.0%	Common	686040205
—	Carolina Bank Holdings, Inc.	5,000	$61,000	0.0%	$12.20	—	Common	143785103
—	First Capital Bancorp, Inc.	11,514	$39,000	0.0%	$3.39	—	Common	319438107
SFBC	Sound Financial Bancorp	1,619	$22,000	0.0%	$10.49	0.0%	Common	83607A100
WASH	Washington Trust Bancorp, Inc.	400	$11,000	0.0%	$15.15	0.0%	Common	940610108
—	CMS Bancorp, Inc.	750	$7,000	0.0%	$9.33	—	Common	12600U102