Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
EFSC	Enterprise Financial Services Corp	1,504,028	$47M	2.6%	$12.68	+97.6%	Common	293712105
—	State Bank Financial Corporation	1,774,045	$40.48M	2.2%	$16.30	—	Common	856190103
MBWM	Mercantile Bank Corporation	1,465,635	$39.35M	2.2%	$11.94	+51.2%	Common	587376104
—	Suffolk Bancorp	1,050,163	$36.51M	2.0%	$16.61	—	Common	864739107
—	Sandy Spring Bancorp Inc.	1,106,067	$33.82M	1.9%	$22.87	—	Common	800363103
—	TriState Capital Holdings, Inc.	2,049,946	$33.11M	1.8%	$11.11	—	Common	89678F100
PGC	Peapack-Gladstone Financial Corporation	1,413,787	$31.68M	1.7%	$16.09	+18.0%	Common	704699107
—	First Midwest Bancorp, Inc.	1,556,540	$30.14M	1.7%	$14.20	—	Common	320867104
—	CenterState Banks, Inc.	1,556,329	$27.59M	1.5%	$9.74	—	Common	15201P109
—	Fidelity Southern Corporation	1,460,697	$26.86M	1.5%	$12.67	—	Common	316394105
—	CU Bancorp	1,149,947	$26.23M	1.4%	$18.32	—	Common	126534106
—	Park Sterling Corp.	3,079,994	$25.01M	1.4%	$6.10	—	Common	70086Y105
—	Pacific Continental Corporation	1,467,129	$24.68M	1.4%	$12.20	—	Common	69412V108
—	CoBiz Financial Inc.	1,804,666	$24.02M	1.3%	$8.43	—	Common	190897108
—	Boston Private Financial Holdings, Inc.	1,775,163	$22.77M	1.3%	$10.72	—	Common	101119105
—	Lakeland Bancorp, Inc.	1,609,554	$22.6M	1.2%	$11.07	—	Common	511637100
—	MB Financial, Inc.	588,021	$22.37M	1.2%	$26.80	—	Common	55264U108
—	Southwest Bancorp, Inc.	1,128,428	$21.43M	1.2%	$14.70	—	Common	844767103
OSBC	Old Second Bancorp, Inc.	2,565,882	$21.32M	1.2%	$4.48	+56.5%	Common	680277100
—	Capital Bank Financial Corp.	654,224	$21.01M	1.2%	$23.73	—	Common	139794101
FRME	First Merchants Corp.	769,326	$20.58M	1.1%	$12.64	+58.1%	Common	320817109
—	Stonegate Bank	582,346	$19.65M	1.1%	$20.75	—	Common	861811107
—	BSB Bancorp, Inc.	744,124	$17.43M	1.0%	$15.09	—	Common	05573H108
HFWA	Heritage Financial Corporation	964,731	$17.32M	1.0%	$15.42	+16.0%	Common	42722X106
QCRH	QCR Holdings, Inc.	534,628	$16.97M	0.9%	$16.12	+76.6%	Common	74727A104
AMH	American Homes 4 Rent	777,800	$16.83M	0.9%	$17.76	—	Common	02665T306
FBIZ	First Business Financial Services	685,728	$16.11M	0.9%	$14.22	+26.5%	Common	319390100
WSBF	Waterstone Financial, Inc.	943,769	$16.04M	0.9%	$11.24	+45.2%	Common	94188P101
—	Codorus Valley Bancorp, Inc.	723,686	$15.83M	0.9%	$19.40	—	Common	192025104
HTBK	Heritage Commerce Corp	1,436,157	$15.71M	0.9%	$7.21	+53.4%	Common	426927109
—	Southeastern Bank Financial Corporation	289,988	$15.51M	0.9%	$27.74	—	Common	841584105
SFST	Southern First Bancshares, Inc.	555,627	$15.32M	0.8%	$12.71	+116.5%	Common	842873101
NBHC	National Bank Holdings Corporation	631,460	$14.76M	0.8%	$14.46	+23.9%	Common	633707104
—	Heritage Oaks Bancorp	1,793,348	$14.71M	0.8%	$6.58	—	Common	42724R107
—	Central Valley Community Bancorp	882,895	$14M	0.8%	$10.37	—	Common	155685100
—	Union Bankshares Corporation	515,351	$13.8M	0.8%	$25.23	—	Common	90539J109
—	Cambridge Bancorp	271,844	$13.61M	0.8%	$39.64	—	Common	132152109
EGBN	Eagle Bancorp, Inc.	274,490	$13.54M	0.7%	$17.07	+129.6%	Common	268948106
—	Paragon Commercial Corporation	363,911	$13.2M	0.7%	$27.26	—	Common	69911U403
PEBO	Peoples Bancorp Inc.	531,231	$13.06M	0.7%	$23.45	-1.2%	Common	709789101
WTBFB	W.T.B. Financial Corporation	60,764	$12.91M	0.7%	$158.44	+32.6%	Common	929334209
—	Iberiabank Corp	180,534	$12.12M	0.7%	$63.67	—	Common	450828108
—	Southern National Bancorp of Virginia,Inc.	892,012	$11.64M	0.6%	$10.31	—	Common	843395104
BMRC	Bank of Marin Bancorp	233,940	$11.63M	0.6%	$13.89	+32.6%	Common	063425102
—	Chemical Financial Corp.	250,046	$11.04M	0.6%	$44.13	—	Common	163731102
CNOB	ConnectOne Bancorp, Inc.	564,101	$10.19M	0.6%	$14.30	-1.5%	Common	20786W107
—	Old Line Bancshares, Inc.	513,667	$10.13M	0.6%	$13.30	—	Common	67984M100
NIC	Nicolet Bankshares, Inc.	263,511	$10.11M	0.6%	$37.16	-2.6%	Common	65406E102
—	Allegiance Bancshares, Inc.	358,987	$9.693M	0.5%	$23.90	—	Common	01748H107
SBCF	Seacoast Banking Corporation of Florida	600,829	$9.667M	0.5%	$11.18	+46.8%	Common	811707801
BSRR	Sierra Bancorp	501,312	$9.405M	0.5%	$9.40	+37.2%	Common	82620P102
—	Atlantic Capital Bancshares, Inc.	621,622	$9.312M	0.5%	$14.80	—	Common	048269203
—	First of Long Island Corp.	280,543	$9.3M	0.5%	$30.82	—	Common	320734106
—	First Bancshares, Inc.	483,491	$9.235M	0.5%	$14.38	—	Common	318916103
—	1st Constitution Bancorp	665,092	$9.138M	0.5%	$10.30	—	Common	31986N102
SAMG	Silvercrest Asset Management Group Inc.	757,259	$8.989M	0.5%	$14.11	-14.2%	Common	828359109
FBNC	First Bancorp	450,164	$8.909M	0.5%	$12.31	+29.0%	Common	318910106
UNTY	Unity Bancorp, Inc.	691,519	$8.865M	0.5%	$6.69	+51.0%	Common	913290102
—	Enterprise Bancorp, Inc.	308,137	$8.628M	0.5%	$21.71	—	Common	293668109
SF	Stifel Financial Corp.	219,096	$8.424M	0.5%	$20.09	+6.2%	Common	860630102
AMBZ	American Business Bank	290,642	$8.283M	0.5%	$24.92	+10.4%	Common	02475L105
—	Pacific Premier Bancorp, Inc.	312,705	$8.274M	0.5%	$21.37	—	Common	69478X105
—	FNB Bancorp	263,589	$8.026M	0.4%	$23.11	—	Common	302515101
UBSI	United Bankshares	210,710	$7.937M	0.4%	$37.72	+1.5%	Common	909907107
CPF	Central Pacific Financial Corp.	308,599	$7.774M	0.4%	$11.43	+51.0%	Common	154760409
SHBI	Shore Bancshares, Inc.	646,970	$7.621M	0.4%	$9.53	+22.8%	Common	825107105
WBBW	Westbury Bancorp, Inc.	387,580	$7.569M	0.4%	$16.96	+14.6%	Common	95727P106
FFWM	First Foundation Inc.	305,590	$7.539M	0.4%	$10.19	+7.1%	Common	32026V104
—	MBT Financial Corp.	825,633	$7.472M	0.4%	$5.04	—	Common	578877102
—	Community Bankers Trust Corporation	1,365,077	$7.399M	0.4%	$4.19	—	Common	203612106
FRBA	First Bank	873,734	$7.322M	0.4%	$5.75	+20.4%	Common	31931U102
BWFG	Bankwell Financial Group, Inc.	296,444	$7.023M	0.4%	$15.70	+16.3%	Common	06654A103
—	First Choice Bank	442,149	$6.986M	0.4%	$16.50	—	Common	319461109
—	Xenith Bankshares, Inc.	2,996,073	$6.921M	0.4%	$3.29	—	Common	98410X105
—	First NBC Bank	718,583	$6.783M	0.4%	$26.43	—	Common	32115D106
—	LegacyTexas Financial Group, Inc.	214,072	$6.771M	0.4%	$23.25	—	Common	52471Y106
—	United Financial Bancorp, Inc.	485,486	$6.719M	0.4%	$13.42	—	Common	910304104
—	BNC Bancorp	269,393	$6.552M	0.4%	$22.32	—	Common	05566T101
HBNC	Horizon Bancorp	222,857	$6.548M	0.4%	$10.99	+11.5%	Common	440407104
WTFC	Wintrust Financial Corporation	117,802	$6.546M	0.4%	$36.77	+46.3%	Common	97650W108
FVCB	First Virginia Community Bank	372,500	$6.351M	0.4%	$5.88	+24.6%	Common	36120Q101
SFBS	ServisFirst Bancshares, Inc.	121,600	$6.312M	0.3%	$12.46	+78.2%	Common	81768T108
—	Yadkin Financial Corporation	239,624	$6.3M	0.3%	$20.33	—	Common	984305102
—	Macatawa Bank Corporation	788,293	$6.298M	0.3%	$5.54	—	Common	554225102
UVSP	Univest Corporation of Pennsylvania	269,452	$6.294M	0.3%	$19.54	+14.2%	Common	915271100
—	MainSource Financial Group, Inc.	248,564	$6.202M	0.3%	$16.17	—	Common	56062Y102
—	Bank of Commerce Holdings	854,653	$6.154M	0.3%	$6.04	—	Common	06424J103
UCB	United Community Banks, Inc.	292,768	$6.154M	0.3%	$18.80	+5.5%	Common	90984P303
FCCO	First Community Corporation	388,319	$6.116M	0.3%	$7.60	+55.1%	Common	319835104
—	Community Financial Corporation	265,032	$6.112M	0.3%	$20.63	—	Common	20368X101
ISTR	Investar Holding	397,948	$6.109M	0.3%	$14.56	+6.0%	Common	46134L105
FGFH	Foresight Financial Group, Inc.	234,376	$6M	0.3%	$18.44	+16.5%	Common	345526107
—	National Commerce Corporation	220,147	$5.957M	0.3%	$24.49	—	Common	63546L102
—	Bryn Mawr Bank Corporation	178,971	$5.725M	0.3%	$25.24	—	Common	117665109
—	Sussex Bancorp	349,682	$5.71M	0.3%	$10.65	—	Common	869245100
—	WashingtonFirst Bankshares, Inc.	229,439	$5.646M	0.3%	$17.39	—	Common	940730104
OBT	Orange County Bancorp	120,628	$5.627M	0.3%	$10.19	+14.3%	Common	68417L107
—	Aspen Insurance Holdings Limited	119,012	$5.545M	0.3%	$40.12	—	Common	G05384105
—	Centrue Financial Corporation	294,038	$5.528M	0.3%	$16.64	—	Common	15643B205
—	Northwest Bancorporation, Inc.	588,281	$5.447M	0.3%	$8.82	—	Common	667337109
—	Charter Financial Corporation	411,395	$5.299M	0.3%	$10.46	—	Common	16122W108
—	Bay Commercial Bank	430,686	$5.299M	0.3%	$10.07	—	Common	072199102
VABK	Virginia National Bankshares Corp.	209,209	$5.27M	0.3%	$19.28	+21.3%	Common	928031103
—	BankFinancial Corporation	414,471	$5.264M	0.3%	$12.05	—	Common	06643P104
—	FCB Financial Holdings, Inc.	136,871	$5.26M	0.3%	$23.07	—	Common	30255G103
—	CapStar Financial Holdings, Inc.	310,000	$5.245M	0.3%	$16.92	—	Common	14070T102
—	NorthWest Indiana Bancorp	162,204	$5.191M	0.3%	$23.62	—	Common	667516108
PBAM	Private Bancorp of America, Inc.	318,541	$5.135M	0.3%	$15.80	+0.2%	Common	74274F100
HTH	Hilltop Holdings Inc.	227,532	$5.11M	0.3%	$15.00	+47.4%	Common	432748101
AVBH	Avidbank Holdings, Inc.	322,179	$5.071M	0.3%	$10.58	+44.4%	Common	05368J103
EQBK	Equity Bancshares, Inc.	195,000	$5.058M	0.3%	$22.24	+0.3%	Common	29460X109
—	CommerceWest Bank	313,712	$4.957M	0.3%	$12.79	—	Common	20084T103
CCNE	CNB Financial Corporation	233,823	$4.948M	0.3%	$13.00	+13.8%	Common	126128107
—	California Bank of Commerce	350,901	$4.79M	0.3%	$10.96	—	Common	13005C101
SMBK	SmartFinancial, Inc.	293,023	$4.776M	0.3%	$15.32	+2.2%	Common	83190L208
—	First Community Financial Partners, Inc.	497,801	$4.739M	0.3%	$4.68	—	Common	31985Q106
MNSB	MainStreet Bancshares, Inc.	373,726	$4.709M	0.3%	$10.23	+6.2%	Common	56064Y100
HIFS	Hingham Institution for Savings	33,463	$4.635M	0.3%	$58.20	+103.3%	Common	433323102
—	Mackinac Financial Corporation	402,291	$4.622M	0.3%	$9.26	—	Common	554571109
WTBA	West Bancorporation, Inc.	233,578	$4.578M	0.3%	$11.55	+65.8%	Common	95123P106
—	Carter Bank & Trust	346,558	$4.557M	0.3%	$12.38	—	Common	146102108
—	Cardinal Financial Corporation	172,278	$4.495M	0.2%	$17.22	—	Common	14149F109
OVLY	Oak Valley Bancorp	429,089	$4.377M	0.2%	$8.25	+20.7%	Common	671807105
BFC	Bank First National Corporation	141,197	$4.278M	0.2%	$17.29	+43.9%	Common	06211J100
—	John Marshall Bank	248,000	$4.253M	0.2%	$17.65	—	Common	47804G103
—	County Bancorp, Inc.	207,335	$4.149M	0.2%	$19.87	—	Common	221907108
BUSE	First Busey Corporation	182,457	$4.124M	0.2%	$14.09	+14.7%	Common	319383204
—	American River Bankshares	378,388	$4.102M	0.2%	$9.22	—	Common	029326105
FMNB	Farmers National Banc Corp.	376,098	$4.054M	0.2%	$4.42	+58.0%	Common	309627107
FBK	FB Financial Corp.	200,000	$4.036M	0.2%	$18.53	0.0%	Common	30257X104
—	Malvern Bancorp, Inc.	236,719	$3.882M	0.2%	$13.62	—	Common	561409103
—	First Security, Inc.	162,125	$3.863M	0.2%	$26.15	—	Common	336327101
AUBN	Auburn National Bancorporation, Inc.	139,060	$3.817M	0.2%	$15.58	+31.8%	Common	050473107
SYBT	Stock Yards Bancorp, Inc.	115,751	$3.815M	0.2%	$20.40	+49.1%	Common	861025104
—	Blackhawk Bancorp, Inc.	182,336	$3.807M	0.2%	$10.62	—	Common	09237E204
WNEB	Western New England Bancorp, Inc.	490,493	$3.752M	0.2%	$6.01	0.0%	Common	958892101
TFIN	Triumph Bancorp, Inc.	188,000	$3.73M	0.2%	$13.63	+32.8%	Common	89679E300
—	Flagstar Bancorp, Inc.	133,900	$3.716M	0.2%	$18.01	—	Common	337930705
—	Pinnacle Financial Partners, Inc.	66,872	$3.616M	0.2%	$54.07	—	Common	72346Q104
ORRF	Orrstown Financial Services, Inc	182,330	$3.601M	0.2%	$11.38	+32.0%	Common	687380105
—	American Riviera Bank	307,240	$3.573M	0.2%	$10.04	—	Common	02932A106
BANR	Banner Corporation	81,293	$3.556M	0.2%	$21.83	+41.0%	Common	06652V208
—	Century Bancorp, Inc.	77,588	$3.516M	0.2%	$34.44	—	Common	156432106
FNRN	First Northern Community Bancorp	431,879	$3.485M	0.2%	$5.88	+8.1%	Common	335925103
—	DCB Financial Corp	447,367	$3.422M	0.2%	$5.75	—	Common	233075100
CSHX	Cashmere Valley Bank	77,558	$3.413M	0.2%	$25.54	+24.5%	Common	14756K102
BCBP	BCB Bancorp, Inc.	300,000	$3.375M	0.2%	$6.30	+7.6%	Common	055298103
—	Northway Financial, Inc.	151,488	$3.355M	0.2%	$20.57	—	Common	667270201
—	Carolina Financial Corporation	150,000	$3.351M	0.2%	$18.00	—	Common	143873107
—	Northeast Community Bancorp, Inc.	475,600	$3.329M	0.2%	$6.46	—	Common	664112109
OCFC	OceanFirst Financial Corp.	172,613	$3.325M	0.2%	$9.84	+37.3%	Common	675234108
BOTJ	Bank of the James Financial Group, Inc.	269,528	$3.275M	0.2%	$8.53	+8.3%	Common	470299108
PSBQ	PSB Holdings, Inc.	67,089	$3.255M	0.2%	$10.04	+58.7%	Common	69360N108
MFGI	Merchants Financial Group, Inc.	67,687	$3.249M	0.2%	$9.93	+26.1%	Common	588538108
QNBC	QNB Corp.	93,410	$3.176M	0.2%	$26.29	+27.9%	Common	74726N107
ACIC	United Insurance Holdings Corp.	186,369	$3.165M	0.2%	$10.63	+16.2%	Common	910710102
—	Sunshine Bancorp, Inc.	210,000	$3.104M	0.2%	$15.20	—	Common	86777J108
NODB	North Dallas Bank & Trust Co.	50,626	$3.08M	0.2%	$48.15	—	Common	659012108
—	Independent Alliance Banks, Inc.	84,057	$3.026M	0.2%	$26.36	—	Common	45380E104
—	West Suburban Bancorp, Inc.	7,028	$2.994M	0.2%	$352.55	—	Common	956152409
—	Lake Shore Bancorp	217,427	$2.942M	0.2%	$12.61	—	Common	510700107
—	1st Capital Bank	257,426	$2.922M	0.2%	$11.36	—	Common	31944C107
RVSB	Riverview Bancorp, Inc.	541,574	$2.914M	0.2%	$1.91	+106.0%	Common	769397100
FXNC	First National Corporation	263,720	$2.909M	0.2%	$5.09	+65.2%	Common	32106V107
—	Emclaire Financial Corp.	117,207	$2.886M	0.2%	$23.94	—	Common	290828102
—	Bank of Southern California, N. A.	320,000	$2.88M	0.2%	$6.50	—	Common	065104101
—	Chicopee Bancorp, Inc.	153,730	$2.844M	0.2%	$16.88	—	Common	168565109
LFGP	Ledyard Financial Group, Inc.	58,214	$2.823M	0.2%	$15.06	+6.0%	Common	523338101
TRCY	Tri City Bankshares Corporation	165,318	$2.786M	0.2%	$16.87	—	Common	895364107
—	Valley Commerce Bancorp	122,936	$2.785M	0.2%	$13.19	—	Common	919518100
—	Premier Commercial Bancorp	355,972	$2.759M	0.2%	$4.49	—	Common	74048M100
FRBKQ	Republic First Bancorp, Inc.	670,900	$2.757M	0.2%	$2.90	+46.7%	Common	760416107
SBNC	Southern BancShares (N.C.), Inc.	1,617	$2.749M	0.2%	$1711.21	-2.7%	Common	842243107
—	Suncrest Bank	342,503	$2.74M	0.2%	$6.92	—	Common	86723G109
—	Illini Corporation	39,433	$2.674M	0.1%	$44.55	—	Common	45177K206
—	National General Holdings Corporation	120,000	$2.669M	0.1%	$14.00	—	Common	636220303
JRVR	James River Group Holdings, Ltd.	73,210	$2.65M	0.1%	$22.03	+59.5%	Common	G5005R107
—	Veritex Holdings, Inc.	151,960	$2.643M	0.1%	$14.17	—	Common	923451108
—	First Menasha Bancshares, Inc.	33,503	$2.58M	0.1%	$79.25	—	Common	320999675
—	Midsouth Bancorp, Inc.	247,693	$2.576M	0.1%	$12.70	—	Common	598039105
—	Fauquier Bancshares, Inc.	176,476	$2.554M	0.1%	$12.52	—	Common	312059108
—	Bridge Bancorp Inc.	87,965	$2.515M	0.1%	$25.83	—	Common	108035106
PGNN	Paragon Financial Solutions, Inc.	338,632	$2.421M	0.1%	$6.45	+2.4%	Common	69912S100
—	Commerce Union Bancshares, Inc.	122,020	$2.416M	0.1%	$14.11	—	Common	200828101
—	Green Bancorp, Inc.	220,100	$2.406M	0.1%	$12.08	—	Common	39260X100
FISI	Financial Institutions, Inc.	88,261	$2.393M	0.1%	$14.66	+21.9%	Common	317585404
—	First BancTrust Corporation	128,237	$2.372M	0.1%	$16.71	—	Common	31868G100
—	Two River Bancorp	202,922	$2.338M	0.1%	$10.99	—	Common	90207C105
PPBN	Pinnacle Bankshares Corporation	112,580	$2.301M	0.1%	$15.23	0.0%	Common	72345E102
—	Carolina Trust BancShares, Inc.	373,964	$2.281M	0.1%	$6.10	—	Common	14422P105
HFBL	Home Federal Bancorp, Inc. of Louisiana	96,556	$2.254M	0.1%	$9.51	+19.0%	Common	43708L108
PFLC	Pacific Financial Corporation	301,621	$2.247M	0.1%	$4.57	+5.8%	Common	694275108
—	HCSB Financial Corporation	22,238,470	$2.224M	0.1%	$0.12	—	Common	40413R107
EFSI	Eagle Financial Services Inc.	93,084	$2.183M	0.1%	$15.23	+9.9%	Common	26951R104
—	Carolina Bank Holdings, Inc.	110,400	$2.154M	0.1%	$11.81	—	Common	143785103
BANC	Banc of California, Inc.	123,204	$2.151M	0.1%	$9.14	+82.6%	Common	05990K106
FFBB	Communities First Financial Corporation	216,167	$2.142M	0.1%	$10.35	-3.6%	Common	20344D104
PEBK	Peoples Bancorp of North Carolina, Inc.	101,967	$2.141M	0.1%	$12.36	+50.8%	Common	710577107
—	SouthCrest Financial Group, Inc.	300,886	$2.136M	0.1%	$5.66	—	Common	84129X107
CBKM	Consumers Bancorp, Inc.	136,792	$2.134M	0.1%	$13.41	-13.0%	Common	210509105
—	Mechanics Bank	75	$2.104M	0.1%	$25644.84	—	Common	583614102
FNLC	The First Bancorp, Inc.	86,800	$2.081M	0.1%	$9.14	+55.8%	Common	31866P102
—	SBT Bancorp, Inc.	104,718	$2.073M	0.1%	$25.01	—	Common	78391C106
CZFS	Citizens Financial Services	41,069	$2.07M	0.1%	$34.61	+1.9%	Common	174615104
—	Royal Financial, Inc.	165,915	$2.067M	0.1%	$5.77	—	Common	78027P109
WASH	Washington Trust Bancorp, Inc.	50,575	$2.034M	0.1%	$20.38	+21.2%	Common	940610108
QNTO	Quaint Oak Bancorp	173,000	$2.024M	0.1%	$9.90	+19.6%	Common	74732T106
PKBK	Parke Bancorp, Inc.	134,239	$2.024M	0.1%	$5.00	+70.8%	Common	700885106
FCOB	1st Colonial Bancorp	234,948	$2.021M	0.1%	$5.54	+42.5%	Common	319716106
BKOR	Oak Ridge Financial Services, Inc.	195,702	$1.996M	0.1%	$7.17	—	Common	671768109
—	DNB Financial Corporation	78,621	$1.994M	0.1%	$22.43	—	Common	233237106
—	Presidio Bank	143,544	$1.974M	0.1%	$12.07	—	Common	74101A100
—	Puget Sound Bank	108,158	$1.92M	0.1%	$17.75	—	Common	74532B107
—	Manning & Napier, Inc.	268,603	$1.904M	0.1%	$12.50	—	Common	56382Q102
—	Bank of Santa Clarita	159,930	$1.807M	0.1%	$9.29	—	Common	06424K100
MVLY	Mission Valley Bancorp	218,908	$1.806M	0.1%	$6.22	+19.4%	Common	60520E104
—	ESSA Bancorp, Inc.	128,218	$1.773M	0.1%	$11.18	—	Common	29667D104
—	Merchants Bancshares, Inc.	54,212	$1.756M	0.1%	$30.48	—	Common	588448100
TCBI	Texas Capital Bancshares, Inc.	31,936	$1.754M	0.1%	$45.57	+10.6%	Common	88224Q107
—	People's Bank of Commerce	186,887	$1.744M	0.1%	$9.61	—	Common	710311101
TRVR	Two Rivers Financial Group, Inc.	77,082	$1.742M	0.1%	$16.86	+13.2%	Common	90206L106
—	Eastern Virginia Bankshares, Inc.	215,078	$1.729M	0.1%	$5.00	—	Common	277196101
—	Independent Bank Group, Inc	38,500	$1.701M	0.1%	$30.40	—	Common	45384B106
—	First Defiance Financial Corp.	37,963	$1.695M	0.1%	$22.60	—	Common	32006W106
—	HomeTown Bankshares Corporation	187,843	$1.691M	0.1%	$6.43	—	Common	43787N108
—	GrandSouth Bancorporation	125,000	$1.671M	0.1%	$9.47	—	Common	386627301
—	Aquesta Financial Holdings, Inc.	201,368	$1.661M	0.1%	$8.46	—	Common	03842L109
—	Sevier County Bancshares, Inc.	110,000	$1.65M	0.1%	$10.00	—	Common	81817P206
SRCE	1st Source Corporation	45,000	$1.606M	0.1%	$30.88	—	Common	336901103
TCBK	TriCo Bancshares	59,618	$1.596M	0.1%	$21.62	+24.3%	Common	896095106
IROQ	IF Bancorp, Inc.	84,072	$1.567M	0.1%	$16.71	+12.4%	Common	44951J105
—	Fentura Financial, Inc.	106,975	$1.551M	0.1%	$10.96	—	Common	314645102
—	FirstAtlantic Financial Holdings, Inc.	140,788	$1.521M	0.1%	$10.17	—	Common	337651103
FGBI	First Guaranty Bancshares, Inc.	92,477	$1.503M	0.1%	$9.61	-6.3%	Common	32043P106
—	Guaranty Bancorp	81,852	$1.461M	0.1%	$12.69	—	Common	40075T607
SOMC	Southern Michigan Bancorp Inc.	55,630	$1.458M	0.1%	$6.90	+45.0%	Common	84336P103
—	Idaho Independent Bank	173,232	$1.412M	0.1%	$7.19	—	Common	45129P105
—	Community Bank of Santa Maria	173,824	$1.408M	0.1%	$7.37	—	Common	203598107
—	Federated National Holding Company	74,000	$1.383M	0.1%	$21.62	—	Common	31422T101
—	Kentucky Bancshares, Inc.	43,757	$1.356M	0.1%	$29.32	—	Common	491203105
PBNK	Pinnacle Bank	173,166	$1.351M	0.1%	$6.39	+8.3%	Common	72346K107
—	Birmingham Bloomfield Bancshares, Inc.	81,630	$1.327M	0.1%	$8.52	—	Common	091112102
—	Clifton Bancorp Inc.	83,332	$1.274M	0.1%	$11.72	—	Common	186873105
CYFL	Century Financial Corporation	71,238	$1.243M	0.1%	$9.31	+26.3%	Common	15652L102
AMFC	AMB Financial Corp.	93,750	$1.242M	0.1%	$8.50	+44.2%	Common	001984103
SSBI	Summit State Bank	90,755	$1.232M	0.1%	$6.23	+19.5%	Common	866264203
—	First Colebrook Bancorp, Inc.	60,627	$1.196M	0.1%	$21.04	—	Common	31971A107
—	Franklin Financial Network, Inc.	30,500	$1.141M	0.1%	$17.31	—	Common	35352P104
—	Guaranty Federal Bancshares, Inc.	70,571	$1.14M	0.1%	$12.79	—	Common	40108P101
—	Coastal Banking Co., Inc.	83,615	$1.125M	0.1%	$8.85	—	Common	19041N100
—	Bank of Napa, N.A.	102,906	$1.106M	0.1%	$9.26	—	Common	063770101
—	PB Bancorp, Inc.	125,601	$1.09M	0.1%	$8.40	—	Common	70454T100
—	CommunityOne Bancorp	78,700	$1.089M	0.1%	$11.38	—	Common	20416Q108
MBCN	Middlefield Banc Corp.	30,963	$1.05M	0.1%	$10.21	+23.5%	Common	596304204
RCBC	River City Bank	7,827	$1.014M	0.1%	$10.20	+24.3%	Common	76803X106
—	Professional Holding Corp.	90,000	$990K	0.1%	$11.06	—	Common	743139107
CZBC	Citizens Bancorp	76,337	$977K	0.1%	$9.74	+1.0%	Common	172950107
DHIL	Diamond Hill Investment Group, Inc.	5,255	$971K	0.1%	$41.91	+158.6%	Common	25264R207
BHB	Bar Harbor Bankshares	26,408	$970K	0.1%	$10.17	+68.5%	Common	066849100
CBFV	CB Financial Services, Inc.	36,401	$852K	0.0%	$13.40	+15.4%	Common	12479G101
—	HopFed Bancorp, Inc.	75,300	$843K	0.0%	$10.80	—	Common	439734104
—	Town and Country Financial Corporation	58,728	$837K	0.0%	$10.82	—	Common	892039108
—	Salisbury Bancorp, Inc.	26,216	$811K	0.0%	$26.30	—	Common	795226109
LKFN	Lakeland Financial Corporation	22,638	$802K	0.0%	$17.81	+51.8%	Common	511656100
—	York Traditions Bank	60,392	$755K	0.0%	$12.01	—	Common	987159100
SOME	Somerset Trust Holding Company	18,644	$751K	0.0%	$29.67	-1.2%	Common	835126103
—	Commencement Bank	78,500	$730K	0.0%	$12.98	—	Common	20051L109
GLBZ	Glen Burnie Bancorp	70,849	$720K	0.0%	$7.75	-3.1%	Common	377407101
—	Village Bank and Trust Financial Corp.	29,133	$680K	0.0%	$17.39	—	Common	92705T200
—	Lighthouse Bank	45,479	$655K	0.0%	$11.89	—	Common	53223T106
CBOE	CBOE Holdings	10,000	$649K	0.0%	$33.33	+81.4%	Common	12503M108
—	Sun Bancorp, Inc.	24,380	$562K	0.0%	$4.01	—	Common	86663B102
—	Pacific Commerce Bancorp	80,150	$521K	0.0%	$6.33	—	Common	69413A103
—	Surrey Bancorp	44,785	$448K	0.0%	$11.09	—	Common	86888W105
—	AJS Bancorp, Inc.	29,500	$443K	0.0%	$14.19	—	Common	001503101
SOBS	Solvay Bank Corporation	13,608	$440K	0.0%	$18.87	-0.1%	Common	83441Q105
—	Mars National Bancorp	1,054	$404K	0.0%	$407.30	—	Common	571697101
LOB	Live Oak Bancshares	25,000	$361K	0.0%	$19.67	-28.9%	Common	53803X105
—	Santa Cruz County Bank	10,878	$340K	0.0%	$25.56	—	Common	801827106
—	Atlantic Coast Financial Corporation	53,311	$337K	0.0%	$4.65	—	Common	048426100
—	Heartland BancCorp	6,080	$336K	0.0%	$48.19	—	Common	421962101
BAOB	Baraboo Bancorporation, Inc.	137,405	$323K	0.0%	$1.28	+34.5%	Common	067021105
—	Centerpointe Community Bank	31,200	$265K	0.0%	$6.96	—	Common	15200G100
TOWN	TowneBank	10,000	$240K	0.0%	$18.50	+25.3%	Common	89214P109
—	Howard Bancorp, Inc.	11,187	$148K	0.0%	$11.32	—	Common	442496105
—	State Bank Corp.	21,100	$145K	0.0%	$6.02	—	Common	856121108
—	Cornerstone Financial	93,071	$106K	0.0%	$2.51	—	Common	21925G102