Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	Boston Private Financial Holdings, Inc.	2,836,663	$31.46M	2.6%	$10.68	—	Common	101119105
—	Virginia Commerce Bancorp, Inc.	1,849,652	$28.8M	2.4%	$13.96	—	Common	92778Q109
—	State Bank Financial Corporation	1,767,665	$28.05M	2.3%	$15.03	—	Common	856190103
EGBN	Eagle Bancorp, Inc.	930,569	$26.33M	2.2%	$16.56	+21.4%	Common	268948106
EFSC	Enterprise Financial Services Corp	1,515,878	$25.62M	2.1%	$12.10	+17.1%	Common	293712105
—	MB Financial, Inc.	845,921	$23.86M	2.0%	$26.80	—	Common	55264U108
—	PacWest Bancorp	666,108	$22.84M	1.9%	$30.65	—	Common	695263103
—	CoBiz Financial Inc.	2,356,004	$22.76M	1.9%	$8.30	—	Common	190897108
—	Fidelity Southern Corporation	1,472,644	$22.59M	1.9%	$12.37	—	Common	316394105
—	First Midwest Bancorp, Inc.	1,462,910	$22.06M	1.8%	$13.72	—	Common	320867104
AMH	American Homes 4 Rent	1,362,000	$22M	1.8%	$16.15	—	Common	02665T306
BANR	Banner Corporation	529,308	$20.2M	1.7%	$21.83	+12.5%	Common	06652V208
SF	Stifel Financial Corp.	488,973	$20.16M	1.7%	$20.11	+15.3%	Common	860630102
—	Sandy Spring Bancorp Inc.	837,999	$19.48M	1.6%	$21.64	—	Common	800363103
WTFC	Wintrust Financial Corporation	467,018	$19.18M	1.6%	$36.77	+10.5%	Common	97650W108
—	Pacific Continental Corporation	1,423,397	$18.66M	1.5%	$11.80	—	Common	69412V108
—	Suffolk Bancorp	1,043,643	$18.49M	1.5%	$16.34	—	Common	864739107
BMRC	Bank of Marin Bancorp	416,283	$17.3M	1.4%	$13.79	+6.6%	Common	063425102
NBHC	National Bank Holdings Corporation	810,700	$16.65M	1.4%	$14.46	+9.1%	Common	633707104
—	Union First Market Bankshares Corp.	706,578	$16.51M	1.4%	$20.79	—	Common	90662P104
—	Park Sterling Corp.	2,535,525	$16.25M	1.3%	$5.91	—	Common	70086Y105
—	Southwest Bancorp, Inc.	1,078,164	$15.97M	1.3%	$13.97	—	Common	844767103
—	CU Bancorp	799,102	$14.58M	1.2%	$15.80	—	Common	126534106
—	Cambridge Bancorp	378,950	$14.54M	1.2%	$39.20	—	Common	132152109
—	Stonegate Bank	690,636	$14.5M	1.2%	$17.86	—	Common	861811107
MBWM	Mercantile Bank Corporation	653,053	$14.22M	1.2%	$9.96	+19.0%	Common	587376104
FRME	First Merchants Corp.	786,024	$13.62M	1.1%	$11.60	+11.7%	Common	320817109
CPF	Central Pacific Financial Corp.	756,499	$13.39M	1.1%	$11.10	+4.7%	Common	154760409
—	BNC Bancorp	951,665	$12.7M	1.0%	$11.42	—	Common	05566T101
—	Capital Bank Financial Corp.	560,524	$12.3M	1.0%	$19.02	—	Common	139794507
—	Yadkin Financial Corporation	713,066	$12.29M	1.0%	$14.04	—	Common	984305102
HTBK	Heritage Commerce Corp	1,605,091	$12.28M	1.0%	$6.76	+7.0%	Common	426927109
—	Centerstate Banks of Florida, Inc.	1,260,332	$12.2M	1.0%	$8.80	—	Common	15201P109
—	First NBC Bank	478,583	$11.67M	1.0%	$24.40	—	Common	32115D106
—	Heritage Oaks Bancorp	1,786,467	$11.43M	0.9%	$6.17	—	Common	42724R107
TCBI	Texas Capital Bancshares, Inc.	237,472	$10.9M	0.9%	$43.11	+6.8%	Common	88224Q107
—	Washington Banking Company	765,230	$10.76M	0.9%	$14.20	—	Common	937303105
—	Old Line Bancshares, Inc.	776,366	$10.42M	0.9%	$13.24	—	Common	67984M100
—	Firstbank Corporation	518,529	$10.1M	0.8%	$15.38	—	Common	33761G104
FBIZ	First Business Financial Services	301,000	$9.825M	0.8%	$10.24	+15.7%	Common	319390100
—	Seacoast Banking Corporation of Florida	4,339,571	$9.417M	0.8%	$2.20	—	Common	811707306
CVBF	CVB Financial Corp.	656,608	$8.877M	0.7%	$7.30	+18.5%	Common	126600105
—	Heritage Financial Group	509,297	$8.872M	0.7%	$14.75	—	Common	42726X102
BSRR	Sierra Bancorp	563,407	$8.862M	0.7%	$9.00	+16.9%	Common	82620P102
—	First Southern Bancorp, Inc.	1,601,703	$8.809M	0.7%	$4.73	—	Common	33644N102
—	Investors Bancorp Inc.	399,798	$8.756M	0.7%	$21.08	—	Common	46146P102
HFWA	Heritage Financial Corporation	549,949	$8.535M	0.7%	$13.97	+12.3%	Common	42722X106
—	Metro Bancorp Inc.	395,856	$8.317M	0.7%	$20.03	—	Common	59161R101
—	Central Valley Community Bancorp	792,834	$8.047M	0.7%	$10.08	—	Common	155685100
—	SY Bancorp	282,223	$7.995M	0.7%	$24.53	—	Common	785060104
—	Bryn Mawr Bank Corporation	286,210	$7.719M	0.6%	$23.93	—	Common	117665109
—	First Citizens Bancorporation, Inc.	11,859	$7.696M	0.6%	$630.04	—	Common	319460101
—	Southern National Bancorp of Virginia,Inc.	772,012	$7.442M	0.6%	$9.78	—	Common	843395104
—	City National Corp.	111,132	$7.408M	0.6%	$63.37	—	Common	178566105
—	Bank Kentucky Financial	269,442	$7.358M	0.6%	$28.37	—	Common	062896105
—	BSB Bancorp, Inc.	491,140	$6.881M	0.6%	$13.18	—	Common	05573H108
PGC	Peapack-Gladstone Financial Corporation	367,988	$6.826M	0.6%	$14.05	+15.7%	Common	704699107
—	Iberiabank Corp	131,004	$6.8M	0.6%	$53.61	—	Common	450828108
—	Bridge Capital Holdings	396,323	$6.73M	0.6%	$15.89	—	Common	108030107
QCRH	QCR Holdings, Inc.	408,461	$6.49M	0.5%	$14.63	+1.4%	Common	74727A104
—	First of Long Island Corp.	164,373	$6.386M	0.5%	$33.19	—	Common	320734106
—	First Security Group, Inc.	2,980,000	$6.198M	0.5%	$2.17	—	Common	336312202
BANC	Banc of California, Inc.	441,762	$6.11M	0.5%	$9.14	+11.0%	Common	05990K106
—	SVB Financial Group	70,600	$6.098M	0.5%	$83.31	—	Common	78486Q101
WTBFB	W.T.B. Financial Corporation	38,246	$5.976M	0.5%	$144.77	+6.7%	Common	929334209
—	NorthWest Indiana Bancorp	247,866	$5.763M	0.5%	$23.62	—	Common	667516108
BHB	Bar Harbor Bankshares	155,183	$5.709M	0.5%	$10.10	+5.8%	Common	066849100
UVSP	Univest Corporation of Pennsylvania	284,697	$5.367M	0.4%	$17.73	+11.5%	Common	915271100
SFST	Southern First Bancshares, Inc.	393,404	$5.193M	0.4%	$10.90	+17.3%	Common	842873101
—	Codorus Valley Bancorp, Inc.	286,290	$5.153M	0.4%	$17.40	—	Common	192025104
—	Security California Bancorp	512,955	$5.053M	0.4%	$10.70	—	Common	81412M103
—	CommerceWest Bank	370,444	$5.001M	0.4%	$12.25	—	Common	20084T103
—	United Bancorp, Inc.	735,008	$4.998M	0.4%	$5.40	—	Common	90944L103
HIFS	Hingham Institution for Savings	70,900	$4.957M	0.4%	$55.69	+6.5%	Common	433323102
COLB	Columbia Banking System, Inc.	200,396	$4.95M	0.4%	$12.82	+13.8%	Common	197236102
—	1st Constitution Bancorp	464,467	$4.914M	0.4%	$9.51	—	Common	31986N102
—	Mackinac Financial Corporation	528,509	$4.809M	0.4%	$8.88	—	Common	554571109
—	First Financial Holdings, Inc.	85,423	$4.712M	0.4%	$55.16	—	Common	32023E105
—	TriState Capital Holdings, Inc.	362,700	$4.675M	0.4%	$12.94	—	Common	89678F100
—	FNB Bancorp	201,648	$4.638M	0.4%	$20.54	—	Common	302515101
—	Meridian Interstate Bancorp	207,526	$4.522M	0.4%	$18.83	—	Common	58964Q104
FCCO	First Community Corporation	427,779	$4.462M	0.4%	$6.87	+11.1%	Common	319835104
WTBA	West Bancorporation, Inc.	308,578	$4.258M	0.4%	$11.45	+14.6%	Common	95123P106
HTH	Hilltop Holdings Inc.	227,532	$4.209M	0.3%	$15.00	+12.1%	Common	432748101
DHIL	Diamond Hill Investment Group, Inc.	39,288	$4.202M	0.3%	$41.91	+32.5%	Common	25264R207
—	ViewPoint Financial Group, Inc.	199,072	$4.115M	0.3%	$20.81	—	Common	92672A101
PSBQ	PSB Holdings, Inc.	135,763	$4.04M	0.3%	$9.62	+5.7%	Common	69360N108
—	Palmetto Bancshares, Inc.	307,345	$4.008M	0.3%	$13.00	—	Common	697062206
RNST	Renasant Corporation	140,542	$3.819M	0.3%	$26.53	0.0%	Common	75970E107
—	Intermountain Community Bancorp	248,742	$3.793M	0.3%	$13.15	—	Common	45881M308
IBCP	Independent Bank Corporation	375,000	$3.75M	0.3%	$5.76	0.0%	Common	453838609
—	First United Bancorp	507,883	$3.723M	0.3%	$6.72	—	Common	33740N105
FBNC	First Bancorp	253,881	$3.669M	0.3%	$10.64	+11.1%	Common	318910106
NODB	North Dallas Bank & Trust Co.	74,487	$3.62M	0.3%	$46.65	—	Common	659012108
—	Sterling Financial Corporation	125,000	$3.581M	0.3%	$23.78	—	Common	859319303
—	Hudson Valley Holding Corp.	190,470	$3.577M	0.3%	$17.62	—	Common	444172100
OCFC	OceanFirst Financial Corp.	210,826	$3.565M	0.3%	$9.27	+18.4%	Common	675234108
—	Enterprise Bancorp, Inc.	187,361	$3.543M	0.3%	$18.49	—	Common	293668109
—	First Virginia Community Bank	240,000	$3.42M	0.3%	$14.25	—	Common	337480107
—	Guaranty Bancorp	249,488	$3.415M	0.3%	$11.35	—	Common	40075T607
QNBC	QNB Corp.	138,487	$3.386M	0.3%	$24.55	+0.1%	Common	74726N107
—	Bank of Commerce Holdings	582,218	$3.342M	0.3%	$5.04	—	Common	06424J103
—	MainSource Financial Group, Inc.	218,389	$3.317M	0.3%	$13.75	—	Common	56062Y102
RVSB	Riverview Bancorp, Inc.	1,254,464	$3.299M	0.3%	$1.91	+8.2%	Common	769397100
—	Valley Financial Corporation	312,893	$3.21M	0.3%	$11.10	—	Common	919629105
—	Centrix Bank & Trust	125,300	$3.195M	0.3%	$23.25	—	Common	15640A101
LKFN	Lakeland Financial Corporation	97,292	$3.177M	0.3%	$13.19	+17.5%	Common	511656100
—	Valley Commerce Bancorp	227,789	$3.155M	0.3%	$12.86	—	Common	919518100
—	Georgia-Carolina Bancshares, Inc.	201,489	$3.063M	0.3%	$15.15	—	Common	373145101
—	Mayflower Bancorp, Inc.	154,735	$2.969M	0.2%	$18.63	—	Common	578321101
AMBZ	American Business Bank	102,637	$2.956M	0.2%	$22.87	+3.2%	Common	02475L105
—	Charter Financial Corporation	269,137	$2.907M	0.2%	$10.08	—	Common	16122W108
—	Century Bancorp, Inc.	86,688	$2.889M	0.2%	$34.44	—	Common	156432106
—	Beneficial Mutual Bancorp, Inc.	287,158	$2.863M	0.2%	$8.54	—	Common	08173R104
—	Greater Sacramento Bancorp	180,345	$2.813M	0.2%	$16.00	—	Common	39233Q109
—	Northeast Community Bancorp, Inc.	416,800	$2.813M	0.2%	$6.32	—	Common	664112109
—	First Bancshares, Inc.	200,000	$2.8M	0.2%	$14.00	—	Common	318916103
—	StellarOne Corporation	124,250	$2.796M	0.2%	$19.65	—	Common	85856G100
—	Chemical Financial Corp.	100,000	$2.792M	0.2%	$27.92	—	Common	163731102
CCNE	CNB Financial Corporation	163,000	$2.779M	0.2%	$11.11	+6.2%	Common	126128107
—	CFS Bancorp, Inc.	248,627	$2.755M	0.2%	$10.72	—	Common	12525D102
—	Independent Bank Group, Inc	75,000	$2.7M	0.2%	$30.40	—	Common	45384B106
OVLY	Oak Valley Bancorp	328,746	$2.617M	0.2%	$7.78	+2.2%	Common	671807105
—	Southeastern Bank Financial Corporation	123,571	$2.533M	0.2%	$19.50	—	Common	841584105
AUBN	Auburn National Bancorporation, Inc.	101,874	$2.486M	0.2%	$14.18	+6.1%	Common	050473107
—	Eastern Virginia Bankshares, Inc.	406,593	$2.48M	0.2%	$5.00	—	Common	277196101
—	Chicopee Bancorp, Inc.	135,730	$2.39M	0.2%	$16.90	—	Common	168565109
FRBKQ	Republic First Bancorp, Inc.	745,000	$2.377M	0.2%	$2.90	+15.0%	Common	760416107
UNTY	Unity Bancorp, Inc.	306,628	$2.287M	0.2%	$5.26	+8.3%	Common	913290102
—	ConnectOne Bancorp, Inc.	65,000	$2.282M	0.2%	$30.74	—	Common	20786U101
—	DCB Financial Corp	415,328	$2.201M	0.2%	$5.30	—	Common	233075100
—	Hilltop Community Bancorp, Inc.	235,437	$2.185M	0.2%	$9.19	—	Common	43274N108
—	MetroCorp Bancshares-TX	156,900	$2.156M	0.2%	$12.93	—	Common	591650106
PKBK	Parke Bancorp, Inc.	240,472	$2.114M	0.2%	$4.28	+18.6%	Common	700885106
—	Cardinal Financial Corporation	127,030	$2.1M	0.2%	$14.64	—	Common	14149F109
—	First Defiance Financial Corp.	88,463	$2.069M	0.2%	$22.55	—	Common	32006W106
—	Fauquier Bancshares, Inc.	157,629	$2.052M	0.2%	$12.13	—	Common	312059108
—	Community Bankers Trust Corporation	555,865	$2.046M	0.2%	$3.68	—	Common	203612106
FXNC	First National Corporation	343,324	$2.043M	0.2%	$5.08	-7.3%	Common	32106V107
—	Lender Processing Services, Inc.	61,000	$2.029M	0.2%	$32.35	—	Common	52602E102
ORRF	Orrstown Financial Services, Inc	116,079	$2.026M	0.2%	$10.88	+3.8%	Common	687380105
—	Access National Corporation	139,664	$1.992M	0.2%	$12.98	—	Common	004337101
—	DNB Financial Corporation	91,889	$1.926M	0.2%	$17.76	—	Common	233237106
FNLC	The First Bancorp, Inc.	115,000	$1.915M	0.2%	$9.14	+4.7%	Common	31866P102
—	Midsouth Bancorp, Inc.	123,248	$1.91M	0.2%	$15.53	—	Common	598039105
—	American River Bankshares	216,548	$1.906M	0.2%	$8.22	—	Common	029326105
OSBC	Old Second Bancorp, Inc.	332,250	$1.891M	0.2%	$4.45	+22.3%	Common	680277100
FMNB	Farmers National Banc Corp.	284,713	$1.797M	0.1%	$4.28	-0.4%	Common	309627107
—	HopFed Bancorp, Inc.	157,300	$1.76M	0.1%	$10.80	—	Common	439734104
—	SBT Bancorp, Inc.	68,660	$1.717M	0.1%	$28.22	—	Common	78391C106
—	Roma Financial Corp.	90,600	$1.684M	0.1%	$18.16	—	Common	77581P109
PEBK	Peoples Bancorp of North Carolina, Inc.	126,449	$1.562M	0.1%	$10.91	+9.3%	Common	710577107
—	Virginia National Bank	87,452	$1.487M	0.1%	$16.79	—	Common	928028109
ABCB	Ameris Bancorp	80,551	$1.481M	0.1%	$13.28	+23.2%	Common	03076K108
QNTO	Quaint Oak Bancorp	86,500	$1.401M	0.1%	$8.01	+0.0%	Common	74732T106
—	New Century Bancorp, Inc.	206,921	$1.397M	0.1%	$6.38	—	Common	64353M100
—	SouthCrest Financial Group, Inc.	251,400	$1.37M	0.1%	$5.41	—	Common	84129X107
—	Baylake Corp.	129,100	$1.368M	0.1%	$9.75	—	Common	072788102
—	Puget Sound Bank	96,787	$1.36M	0.1%	$12.94	—	Common	74531Y108
—	Heritage Bankshares, Inc.	99,824	$1.348M	0.1%	$13.50	—	Common	42721M101
—	OBA Financial Services, Inc.	70,622	$1.342M	0.1%	$18.44	—	Common	67424G101
—	Lakeland Bancorp, Inc.	118,799	$1.336M	0.1%	$10.43	—	Common	511637100
—	Pinnacle Financial Partners, Inc.	40,929	$1.22M	0.1%	$25.71	—	Common	72346Q104
—	ESSA Bancorp, Inc.	116,286	$1.212M	0.1%	$10.96	—	Common	29667D104
—	Lake Shore Bancorp	105,754	$1.208M	0.1%	$11.70	—	Common	510700107
TCBK	TriCo Bancshares	53,000	$1.207M	0.1%	$18.87	+15.7%	Common	896095106
—	Pacific Premier Bancorp, Inc.	88,500	$1.188M	0.1%	$12.22	—	Common	69478X105
—	Clifton Savings Bancorp Inc.	94,600	$1.172M	0.1%	$11.93	—	Common	18712Q103
—	Blackhawk Bancorp, Inc.	127,494	$1.147M	0.1%	$8.30	—	Common	09237E204
—	North Valley Bancorp	57,191	$1.081M	0.1%	$16.55	—	Common	66304M204
—	VantageSouth Bancshares, Inc.	200,000	$1.062M	0.1%	$5.31	—	Common	92209W105
EFSI	Eagle Financial Services Inc.	43,141	$1.025M	0.1%	$14.62	+5.9%	Common	26951R104
—	Center Bancorp, Inc.	71,850	$1.023M	0.1%	$12.69	—	Common	151408101
—	Illini Corporation	24,700	$992K	0.1%	$41.17	—	Common	45177K206
—	Cornerstone Bancshares, Inc.	389,406	$954K	0.1%	$2.01	—	Common	218924108
SAMG	Silvercrest Asset Management Group Inc.	69,000	$940K	0.1%	$13.19	0.0%	Common	828359109
—	Royal Financial, Inc.	161,382	$863K	0.1%	$4.90	—	Common	78027P109
WAL	Western Alliance Bancorporation	45,412	$860K	0.1%	$12.57	+20.5%	Common	957638109
—	American Equity Investment Life Holding	38,500	$817K	0.1%	$15.70	—	Common	025676206
—	Town and Country Financial Corporation	75,355	$803K	0.1%	$10.32	—	Common	892039108
—	WashingtonFirst Bankshares, Inc.	55,841	$726K	0.1%	$11.30	—	Common	940730104
—	Bridge Bancorp Inc.	33,494	$720K	0.1%	$22.51	—	Common	108035106
FCOB	1st Colonial Bancorp	111,824	$708K	0.1%	$4.99	+12.1%	Common	319716106
—	Merchants Bancshares, Inc.	24,217	$701K	0.1%	$29.58	—	Common	588448100
—	PSB Holdings	105,486	$669K	0.1%	$5.61	—	Common	69360W108
—	Fox Chase Bancorp, Inc.	38,429	$669K	0.1%	$16.99	—	Common	35137T108
—	Old Point Financial Corporation	50,054	$651K	0.1%	$13.10	—	Common	680194107
GLBZ	Glen Burnie Bancorp	49,351	$592K	0.0%	$7.62	+3.8%	Common	377407101
—	Salisbury Bancorp, Inc.	22,606	$590K	0.0%	$26.00	—	Common	795226109
HAFC	Hanmi Financial Corporation	34,938	$579K	0.0%	$15.99	+7.1%	Common	410495204
RCBC	River City Bank	5,659	$577K	0.0%	$9.76	0.0%	Common	76803X106
—	First Capital Bancorp, Inc.	141,514	$565K	0.0%	$3.94	—	Common	319438107
—	BancorpSouth, Inc.	28,200	$562K	0.0%	$17.70	—	Common	059692103
—	Waterstone Financial, Inc.	53,482	$543K	0.0%	$10.15	—	Common	941888109
—	Carolina Trust Bank	183,592	$538K	0.0%	$2.85	—	Common	144200102
—	Southcoast Financial Corporation	90,457	$520K	0.0%	$5.75	—	Common	84129R100
BAOB	Baraboo Bancorporation, Inc.	245,315	$503K	0.0%	$1.24	+0.6%	Common	067021105
FNB	F.N.B. Corporation	41,461	$503K	0.0%	$7.09	+9.8%	Common	302520101
PFBC	Preferred Bank	27,600	$491K	0.0%	$16.93	0.0%	Common	740367404
CBOE	CBOE Holdings	10,000	$452K	0.0%	$33.33	+20.0%	Common	12503M108
—	First Financial Service Corporation	115,338	$446K	0.0%	$3.39	—	Common	32022D108
SSBI	Summit State Bank	43,000	$402K	0.0%	$4.89	0.0%	Common	866264203
—	Kearny Financial Corp.	35,800	$366K	0.0%	$10.50	—	Common	487169104
—	Umpqua Holdings Corporation	20,000	$324K	0.0%	$15.00	—	Common	904214103
FFBC	First Financial Bancorp.	21,000	$319K	0.0%	$9.47	+4.0%	Common	320209109
—	Cornerstone Financial	101,071	$303K	0.0%	$2.51	—	Common	21925G102
FISI	Financial Institutions, Inc.	14,200	$291K	0.0%	$11.66	+6.0%	Common	317585404
—	1st Capital Bank	20,422	$232K	0.0%	$11.31	—	Common	31944C107
NFBK	Northfield Bancorp, Inc.	18,447	$224K	0.0%	$7.68	+5.5%	Common	66611T108
—	Pacific Mercantile Bancorp	34,450	$214K	0.0%	$6.21	—	Common	694552100
—	Westfield Financial Inc.	25,000	$177K	0.0%	$7.08	—	Common	96008P104
—	Ameriana Bancorp	13,354	$172K	0.0%	$12.88	—	Common	023613102
BKOR	Oak Ridge Financial Services, Inc.	21,675	$92,000	0.0%	$4.24	—	Common	671768109
ORPB	Oregon Pacific Bancorp	21,659	$70,000	0.0%	$3.45	-0.6%	Common	686040205
—	CBOE Holdings - sold short	30	$3,000	0.0%	—	—	Put	12503M958