Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
EXSR	EXCHANGE BANK	65,478	$7.988M	4.4%	$113.07	-18.6%	COM	301227203
—	NY COMM BANC	153,299	$6.777M	3.7%	$49.63	—	PFD	64944P307
—	CENTERPOINT	183,860	$6.7M	3.7%	$44.95	—	PFD	15189T503
MET	METLIFE	174,414	$6.483M	3.5%	$29.78	+7.5%	COM	59156R108
—	FORTIVE CORP	6,668	$6.244M	3.4%	$887.94	—	PFD	34959J207
—	NATIONAL HEALTH	6,018,000	$6.082M	3.3%	$1.00	—	DEB	63633DAE4
WY	WEYERHAEUSER	204,971	$5.846M	3.2%	$21.32	+4.7%	COM	962166104
—	APOLLO COML	5,589,000	$5.213M	2.8%	$0.97	—	DEB	03762UAB1
LFGP	LEDYARD FINL	296,409	$4.894M	2.7%	$20.22	-16.2%	COM	523338101
—	TYSON FOODS	79,396	$4.722M	2.6%	$55.98	—	COM	902494301
PFE	PFIZER	125,800	$4.617M	2.5%	$24.04	+12.8%	COM	717081103
TSBK	TIMBERLAND BANK	252,069	$4.537M	2.5%	$13.14	+8.3%	COM	887098101
—	LEXINGTON RTLY	426,900	$4.461M	2.4%	$11.28	—	COM	529043101
BG 4.875 PERP	BUNGE LIMITED	45,321	$4.453M	2.4%	$101.24	—	PFD	G16962204
—	INTL FLAVORS	98,047	$4.343M	2.4%	$44.30	—	COM	459506309
—	RPT REALTY	105,867	$4.235M	2.3%	$50.78	—	PFD	74971D200
SBFG	SB FINANCIAL	304,135	$4.103M	2.2%	$17.32	-23.5%	COM	78408D105
MRK	MERCK	48,910	$4.057M	2.2%	$58.89	+12.0%	COM	58933Y105
—	ATLAS AIR WW	3,315,000	$3.988M	2.2%	$1.05	—	DEB	069164BJ4
CPKF	CHESAPEAKE FINL	160,254	$3.252M	1.8%	$19.53	-12.6%	COM	16517A109
—	MEDICAL PRTY	177,500	$3.129M	1.7%	$15.11	—	COM	58436J304
—	DOMINION ENGY	29,550	$3.007M	1.6%	$104.53	—	PFD	25746U133
—	SHIP FINANCE	3,305,000	$2.869M	1.6%	$0.98	—	DEB	824689AG8
PKBK	PARKE BANCORP	239,334	$2.858M	1.6%	$14.84	-30.9%	COM	700885106
—	EPR PROPERTIES	132,923	$2.631M	1.4%	$22.13	—	PFD	26884U208
—	NW INDIANA BANC	84,000	$2.604M	1.4%	$41.31	—	COM	667516108
—	SOUTH JERSEY	72,820	$2.43M	1.3%	$38.33	—	PFD	838518116
CCI	CROWN CASTLE	14,000	$2.331M	1.3%	$62.21	+107.4%	COM	22822V101
—	HCI GROUP	2,268,000	$2.28M	1.2%	$1.01	—	DEB	40416EAD5
—	COMMUNITY WEST	277,888	$2.231M	1.2%	$8.82	—	COM	204157101
—	BUNGE LIMITED	48,200	$2.203M	1.2%	$54.41	—	COM	G16962105
—	GOLDMAN SACHS	2,175,000	$2.191M	1.2%	$1.01	—	DEB	38147UAB3
—	ARES CAPITAL	2,110,000	$2.188M	1.2%	$1.83	—	DEB	04010LAW3
KEY	KEYCORP	173,204	$2.066M	1.1%	$12.14	-22.7%	COM	493267108
D	DOMINION ENGY	25,273	$1.995M	1.1%	$57.68	+7.6%	COM	25746U109
SOBS	SOLVAY BANK	59,670	$1.856M	1.0%	$24.65	-4.5%	COM	83441Q105
BORT	BANK BOTETOURT	82,500	$1.844M	1.0%	$22.67	-21.4%	COM	063907208
FMBM	F&M BANCORP	94,068	$1.764M	1.0%	$22.74	-34.5%	COM	30237P106
—	RADIUS HEALTH	2,150,000	$1.762M	1.0%	$0.94	—	DEB	750469AA6
BMBN	BENCHMARK BANK	124,000	$1.719M	0.9%	$13.65	-10.4%	COM	08160E207
—	HANON ARMSTRNG	1,059,000	$1.703M	0.9%	$0.97	—	DEB	41068XAB6
—	COWEN GROUP	2,000	$1.628M	0.9%	$668.00	—	PFD	223622507
BRBS	BLUE RIDGE BANK	117,500	$1.592M	0.9%	$9.53	-13.3%	COM	095825105
—	FIRST NATIONAL	267,520	$1.423M	0.8%	$7.70	—	COM	302578109
CZWI	CITIZENS COMM	205,561	$1.416M	0.8%	$10.70	-43.0%	COM	174903104
—	METRO PHOENIX	140,712	$1.373M	0.7%	$11.98	—	COM	59165E106
—	BLACKSTONE MTG	1,365,000	$1.339M	0.7%	$0.91	—	DEB	09257WAC4
—	SEMPRA ENERGY	13,575	$1.33M	0.7%	$93.91	—	PFD	816851505
ABCB	AMERIS BANCORP	54,742	$1.247M	0.7%	$34.25	-36.3%	COM	03076K108
GABC	GERMAN AMRICAN	44,500	$1.208M	0.7%	$25.83	-4.4%	COM	373865104
—	CAMBRIDGE BANC	21,000	$1.116M	0.6%	$59.24	—	COM	132152109
CSBB	CSB BANCORP	36,226	$1.06M	0.6%	$37.69	—	COM	12628R107
—	INVESCO TR INVT	81,538	$1.013M	0.6%	$12.44	—	COM	46131M106
MFGI	MERCHANTS FINAN	18,000	$972K	0.5%	$20.98	-25.7%	COM	588538108
—	F&M BANCORP	40,000	$904K	0.5%	$36.65	—	PFD	30237P205
FRAF	FRANKLIN FINL	40,687	$870K	0.5%	$26.57	-27.3%	COM	353525108
FBIZ	FIRST BUSINESS	59,000	$843K	0.5%	$17.73	-24.4%	COM	319390100
FCCO	FIRST COMMUNITY	61,000	$831K	0.5%	$15.78	-25.4%	COM	319835104
ORRF	ORRSTOWN FINL	62,343	$798K	0.4%	$15.50	-26.2%	COM	687380105
COFS	CHOICEONE FINL	30,000	$781K	0.4%	$23.63	-5.3%	COM	170386106
—	BLACKSTONE GRP	764,000	$756K	0.4%	$1.04	—	DEB	09257WAB6
—	FIRST SOUTHERN	121,875	$737K	0.4%	$6.05	—	COM	33650R104
FXNC	FIRST NATIONAL	49,535	$699K	0.4%	$17.13	-30.3%	COM	32106V107
—	LAKELAND BANC	66,000	$657K	0.4%	$14.17	—	COM	511637100
AIG	AMERICAN INTL	22,000	$606K	0.3%	$26.13	0.0%	COM	026874784
FBAK	FIRST NATL AK	2,800	$557K	0.3%	$155.99	-16.1%	COM	32112J106
—	MCHENRY BANCORP	7,000,000	$532K	0.3%	$0.13	—	COM	580683100
FHN	FIRST HORIZON	55,000	$519K	0.3%	$9.91	-22.2%	COM	320517105
—	POTOMAC BANCSH	53,300	$518K	0.3%	$12.75	—	COM	73764399S
—	EQUITY COMWLTH	19,250	$513K	0.3%	$26.65	—	COM	294628102
—	LEXINGTON CORP	8,000	$468K	0.3%	$47.91	—	PFD	529043309
MNSB	MAIN STREET BANC	37,247	$456K	0.2%	$20.17	-39.7%	COM	56064Y100
PMHG	PRIME MERIDIAN	31,516	$440K	0.2%	$18.35	-28.7%	COM	74164R107
—	FIRST LONG ISLAND	29,675	$439K	0.2%	$20.37	—	COM	320734106
CZBT	CITIZENS BANC	18,000	$414K	0.2%	$19.82	-0.1%	COM	17316V104
—	FENTURA FINL	17,700	$300K	0.2%	$22.15	—	COM	314645102
FISI	FINANCIAL INST	18,000	$277K	0.2%	$20.79	-39.5%	COM	317585404
—	SOUTH STATE	5,775	$277K	0.2%	$47.61	—	COM	840441109
—	ENABLE MIDSTRM	60,900	$252K	0.1%	$6.30	—	COM	292480100
HWC	HANCOCK WHITNEY	12,500	$235K	0.1%	$39.88	-50.9%	COM	410120109
—	PEOPLES UNITED	21,000	$217K	0.1%	$15.16	—	COM	712704105
—	ADAMS NATL RES	20,206	$198K	0.1%	$15.61	—	COM	00548F105
PPBN	PINNACLE BANK	10,056	$196K	0.1%	$25.38	-33.2%	COM	72345E102
SBCF	SEACOAST BANK	10,000	$180K	0.1%	$25.01	-22.5%	COM	811707801
—	COLONY CAPITAL	180,000	$175K	0.1%	$0.88	—	DEB	19624RAA4
GLP	GLOBAL PARTNERS	11,600	$152K	0.1%	$18.01	—	COM	37946R109
—	AMERICAN RLTY	150,000	$150K	0.1%	$1.02	—	DEB	02917TAB0
VOX	VANGUARD	1,075	$110K	0.1%	$93.02	—	COM	92204A884
—	DIVIDEND INCOME	11,000	$100K	0.1%	$9.09	—	COM	25538A204