Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	SYNOVUS FINL CORP	1,632,372	$52.86M	6.0%	$28.59	—	COM NEW	87161C501
RF	REGIONS FINL CORP NEW	4,416,939	$42.4M	4.8%	$6.19	+7.9%	COM	7591EP100
—	CENTERSTATE BANKS INC	2,645,489	$41.4M	4.7%	$9.49	—	COM	15201P109
—	SANDY SPRING BANCORP INC	1,523,598	$41.08M	4.7%	$22.83	—	COM	800363103
COLB	COLUMBIA BKG SYS INC	1,229,731	$39.98M	4.5%	$15.50	+39.1%	COM	197236102
—	BNC BANCORP	1,513,287	$38.41M	4.4%	$16.47	—	COM	05566T101
EGBN	EAGLE BANCORP INC MD	748,428	$37.77M	4.3%	$17.46	+124.2%	COM	268948106
BANR	BANNER CORP	818,538	$37.54M	4.3%	$23.85	+46.1%	COM NEW	06652V208
—	UMPQUA HLDGS CORP	2,307,049	$36.68M	4.2%	$17.63	—	COM	904214103
—	IBERIABANK CORP	661,548	$36.43M	4.1%	$56.74	—	COM	450828108
HFWA	HERITAGE FINL CORP WASH	1,895,391	$35.71M	4.1%	$15.46	+22.3%	COM	42722X106
—	SOUTH ST CORP	495,287	$35.64M	4.1%	$61.02	—	COM	840441109
BKU	BANKUNITED INC	930,631	$33.56M	3.8%	$21.91	+24.9%	COM	06652K103
NBHC	NATIONAL BK HLDGS CORP	1,508,271	$32.23M	3.7%	$15.73	+10.7%	CL A	633707104
CMA	COMERICA INC	766,562	$32.06M	3.6%	$24.92	+18.4%	COM	200340107
HWC	HANCOCK HLDG CO	1,254,706	$31.58M	3.6%	$29.00	-5.9%	COM	410120109
—	BANCORPSOUTH INC	1,283,220	$30.78M	3.5%	$18.58	—	COM	059692103
—	SUNTRUST BKS INC	690,949	$29.6M	3.4%	$33.63	—	COM	867914103
BANC	BANC CALIF INC	1,799,900	$26.32M	3.0%	$8.70	+24.7%	COM	05990K106
HOMB	HOME BANCSHARES INC	647,493	$26.24M	3.0%	$11.44	+86.3%	COM	436893200
—	PACWEST BANCORP DEL	511,527	$22.05M	2.5%	$43.39	—	COM	695263103
GBCI	GLACIER BANCORP INC NEW	754,722	$20.02M	2.3%	$13.60	+45.3%	COM	37637Q105
—	GUARANTY BANCORP DEL	1,077,323	$17.82M	2.0%	$16.50	—	COM NEW	40075T607
—	PINNACLE FINL PARTNERS INC	281,120	$14.44M	1.6%	$33.22	—	COM	72346Q104
BANF	BANCFIRST CORP	224,880	$13.18M	1.5%	$17.21	+46.5%	COM	05945F103
—	ATLANTIC CAP BANCSHARES INC	693,726	$10.39M	1.2%	$14.98	—	COM	048269203
—	FIDELITY SOUTHERN CORP NEW	437,727	$9.766M	1.1%	$13.62	—	COM	316394105
—	NATIONAL COMM CORP	273,902	$6.861M	0.8%	$22.60	—	COM	63546L102
—	CARDINAL FINL CORP	253,734	$5.772M	0.7%	$15.28	—	COM	14149F109
—	VERITEX HLDGS INC	335,702	$5.442M	0.6%	$14.19	—	COM	923451108
—	GREEN PLAINS PARTNERS LP	273,335	$4.442M	0.5%	$15.04	—	COM REP PTR IN	393221106
—	PEOPLES UTAH BANCORP	195,481	$3.364M	0.4%	$16.98	—	COM	712706209
CALX	CALIX INC	330,478	$2.601M	0.3%	$7.99	-2.0%	COM	13100M509
CMCO	COLUMBUS MCKINNON CORP N Y	125,620	$2.374M	0.3%	$23.50	-24.3%	COM	199333105
—	KLX INC	73,650	$2.268M	0.3%	$39.53	—	COM	482539103
—	ENCORE WIRE CORP	55,807	$2.07M	0.2%	$38.34	—	COM	292562105
—	STATE BK FINL CORP	98,188	$2.065M	0.2%	$18.05	—	COM	856190103
—	INFINITY PPTY & CAS CORP	23,122	$1.901M	0.2%	$77.26	—	COM	45665Q103
—	TESCO CORP	227,000	$1.643M	0.2%	$11.23	—	COM	88157K101
KLIC	KULICKE & SOFFA INDS INC	139,500	$1.628M	0.2%	$11.22	-15.3%	COM	501242101
—	SEMGROUP CORP	52,500	$1.515M	0.2%	$28.86	—	CL A	81663A105
—	MAGELLAN MIDSTREAM PRTNRS LP	20,000	$1.358M	0.2%	$67.90	—	COM UNIT RP LP	559080106
—	FURMANITE CORPORATION	196,289	$1.307M	0.1%	$6.08	—	COM	361086101
—	UNITED CMNTY BANCORP IND	74,167	$1.112M	0.1%	$10.23	—	COM	90984R101
—	LIBBEY INC	46,958	$1.001M	0.1%	$31.44	—	COM	529898108
DVY	ISHARES TR	9,500	$714K	0.1%	$64.00	—	SELECT DIVID ETF	464287168
—	POWERSHARES ETF TRUST	47,500	$645K	0.1%	$16.42	—	INTL DIV ACHV	73935X716
—	MANITOWOC INC	36,200	$556K	0.1%	$21.95	—	COM	563571108
EFA	ISHARES TR	9,000	$528K	0.1%	$57.33	—	MSCI EAFE ETF	464287465
FIS	FIDELITY NATL INFORMATION SV	10,890	$378K	0.0%	$55.49	0.0%	COM	31620M106
WM	WASTE MGMT INC DEL	6,030	$322K	0.0%	$30.75	+42.8%	COM	94106L109
JNJ	JOHNSON & JOHNSON	3,050	$313K	0.0%	$59.66	+27.3%	COM	478160104
—	MACQUARIE INFRASTRUCTURE COR	3,765	$273K	0.0%	$53.64	—	COM	55608B105
—	VANGUARD WORLD FDS	2,400	$260K	0.0%	$80.83	—	INF TECH ETF	92204a702
PG	PROCTER & GAMBLE CO	2,560	$203K	0.0%	$55.00	+5.3%	COM	742718109
—	COMMUNICATIONS SALES&LEAS IN	7,200	$135K	0.0%	$18.75	—	COM	20341J104
—	ROYAL DUTCH SHELL PLC	2,800	$129K	0.0%	$60.17	—	SPON ADR B	780259107