Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	INVESTORS BANCORP INC NEW	6,144,983	$68.98M	21.1%	$10.92	—	—	46146L101
—	ANCHOR BANCORP WIS INC DEL	851,466	$27.86M	8.5%	$32.72	—	—	03283P106
—	SUN BANCORP INC	1,023,058	$19.85M	6.1%	$18.11	—	—	86663B201
—	BNC BANCORP	869,381	$14.96M	4.6%	$17.14	—	—	05566T101
SBCF	SEACOAST BKG CORP FLA	1,030,134	$14.16M	4.3%	$11.17	+13.4%	—	811707801
HBCP	HOME BANCORP INC	491,694	$11.28M	3.4%	$16.89	+5.9%	—	43689E107
—	UNITED CMNTY FINL CORP OHIO	1,968,638	$10.57M	3.2%	$3.57	—	—	909839102
—	OLD LINE BANCSHARES INC	587,876	$9.3M	2.8%	$14.87	—	—	67984M100
—	NEWBRIDGE BANCORP RESTRICTED ⚠	1,016,521	$8.854M	2.7%	$7.16	—	—	65080T102
—	PACIFIC PREMIER BANCORP	414,007	$7.175M	2.2%	$15.70	—	—	69478X105
—	COMMUNITY BK SHS IND INC	247,129	$6.722M	2.1%	$25.72	—	—	203599105
—	ATLANTIC COAST FINL CORP	1,375,600	$5.46M	1.7%	$4.45	—	—	048426100
—	MERIDIAN BANCORP INC MD	443,756	$4.979M	1.5%	$10.56	—	—	58958U103
ISTR	INVESTAR HLDG CORP	348,700	$4.83M	1.5%	$13.93	-2.1%	—	46134L105
SHBI	SHORE BANCSHARES INC	498,400	$4.656M	1.4%	$9.34	-1.1%	—	825107105
—	COMMUNITY FINL CORP MD	213,907	$4.293M	1.3%	$21.08	—	—	20368X101
HTB	HOMETRUST BANCSHARES INC	239,945	$3.997M	1.2%	$16.05	-3.4%	—	437872104
—	CHARTER FINL CORP MD	344,416	$3.944M	1.2%	$10.89	—	—	16122W108
IBCP	INDEPENDENT BANK CORP MICH	286,507	$3.739M	1.1%	$7.31	+14.9%	—	453838609
—	GUARANTY FED BANCSHARES INC	281,533	$3.708M	1.1%	$12.71	—	—	40108P101
FCCO	FIRST CMNTY CORP S C	326,069	$3.688M	1.1%	$7.75	+6.3%	—	319835104
—	MUTUALFIRST FINL INC	166,361	$3.64M	1.1%	$17.71	—	—	62845B104
WBBW	WESTBURY BANCORP INC	221,449	$3.632M	1.1%	$14.56	+4.6%	—	95727P106
—	UMPQUA HLDGS CORP	211,613	$3.6M	1.1%	$17.92	—	—	904214103
HFBL	HOME FED BANCORP INC LA NEW	168,540	$3.354M	1.0%	$8.52	+14.8%	—	43708L108
FSFG	FIRST SAVINGS FINL GROUP INC	123,708	$3.247M	1.0%	$6.38	+6.9%	—	33621E109
—	YADKIN FINL CORP	162,956	$3.202M	1.0%	$17.11	—	—	984305102
—	EASTERN VA BANKSHARES INC	483,516	$3.128M	1.0%	$7.00	—	—	277196101
—	FIRST SEC GROUP INC	1,050,500	$2.374M	0.7%	$2.18	—	—	336312202
CZWI	CITIZENS CMNTY BANCORP INC M	258,197	$2.361M	0.7%	$6.09	+21.0%	—	174903104
—	UNION BANKSHARES CORP NEW	93,942	$2.262M	0.7%	$25.16	—	—	90539J109
—	FIRST CAPITAL BANCORP VA	504,147	$2.218M	0.7%	$4.53	—	—	319438107
CCS	CENTURY CMNTYS INC	127,108	$2.196M	0.7%	$18.72	-14.6%	—	156504300
NBHC	NATIONAL BK HLDGS CORP	112,000	$2.174M	0.7%	$15.50	-1.1%	—	633707104
—	CARDINAL FINL CORP	99,895	$1.981M	0.6%	$17.95	—	—	14149F109
—	NEWBRIDGE BANCORP ⚠	225,753	$1.966M	0.6%	$7.16	—	—	65080T102
—	HAMILTON BANCORP INC MD	143,862	$1.87M	0.6%	$14.19	—	—	407015106
—	HF FINL CORP	125,094	$1.745M	0.5%	$13.79	—	—	404172108
CBFV	CB FINL SVCS INC	83,981	$1.672M	0.5%	$12.57	0.0%	—	12479G101
CNOB	CONNECTONE BANCORP INC NEW	84,500	$1.606M	0.5%	$15.18	-3.6%	—	20786W107
SMBC	SOUTHERN MO BANCORP INC	41,894	$1.591M	0.5%	$13.38	+14.9%	—	843380106
—	CAPE BANCORP INC	164,668	$1.55M	0.5%	$10.17	—	—	139209100
—	FOX CHASE BANCORP INC NEW	89,244	$1.488M	0.5%	$16.62	—	—	35137T108
—	MALVERN BANCORP INC	121,059	$1.464M	0.4%	$12.09	—	—	561409103
SFST	SOUTHERN FIRST BANCSHARES IN	85,000	$1.447M	0.4%	$15.40	0.0%	—	842873101
—	FIRST DEFIANCE FINL CORP	40,831	$1.391M	0.4%	$27.27	—	—	32006W106
—	CENTERSTATE BANKS INC	113,596	$1.353M	0.4%	$11.39	—	—	15201P109
—	WASHINGTONFIRST BANKSHARES I	88,792	$1.344M	0.4%	$14.39	—	—	940730104
—	WELLESLEY BANCORP INC	67,315	$1.292M	0.4%	$19.55	—	—	949485106
UCB	UNITED CMNTY BKS BLAIRSVLE G	66,789	$1.265M	0.4%	$16.59	+6.3%	—	90984P303
MCHB	HOMESTREET INC	67,658	$1.178M	0.4%	$19.63	-14.1%	—	43785V102
—	GEORGETOWN BANCORP INC MD	69,708	$1.147M	0.4%	$15.89	—	—	372591107
—	POAGE BANKSHARES INC	76,644	$1.14M	0.3%	$14.01	—	—	730206109
HAFC	HANMI FINL CORP	50,909	$1.11M	0.3%	$19.57	+6.4%	—	410495204
—	MBT FINL CORP	213,280	$1.064M	0.3%	$4.95	—	—	578877102
—	UNITED FINL BANCORP INC NEW	70,100	$1.007M	0.3%	$13.55	—	—	910304104
—	FIDELITY SOUTHERN CORP NEW	60,962	$982K	0.3%	$16.16	—	—	316394105
—	HOWARD BANCORP INC	74,536	$850K	0.3%	$10.72	—	—	442496105
—	BSB BANCORP INC MD	44,460	$828K	0.3%	$15.09	—	—	05573H108
FSBW	FS BANCORP INC	44,500	$812K	0.2%	$6.72	+2.3%	—	30263Y104
OSBC	OLD SECOND BANCORP INC ILL	150,000	$806K	0.2%	$4.39	+1.4%	—	680277100
—	BANK MUTUAL CORP NEW	116,613	$800K	0.2%	$6.76	—	—	063750103
—	HOPFED BANCORP INC	61,448	$782K	0.2%	$11.39	—	—	439734104
—	LAPORTE BANCORP INC MD	62,000	$774K	0.2%	$10.95	—	—	516651106
—	COASTWAY BANCORP INC	63,500	$738K	0.2%	$10.33	—	—	190632109
—	VERITEX HLDGS INC	50,000	$709K	0.2%	$14.18	—	—	923451108
IROQ	IF BANCORP INC	41,909	$709K	0.2%	$16.42	+2.5%	—	44951J105
MBWM	MERCANTILE BANK CORP	33,476	$704K	0.2%	$12.78	+3.1%	—	587376104
—	CLIFTON BANCORP INC	49,714	$676K	0.2%	$12.67	—	—	186873105
—	DNB FINL CORP	22,911	$495K	0.2%	$21.27	—	—	233237106
SFBS	SERVISFIRST BANCSHARES INC	14,000	$461K	0.1%	$12.39	+4.8%	—	81768T108
—	CHEVIOT FINL CORP NEW	28,932	$411K	0.1%	$10.30	—	—	16677X105
NMIH	NMI HLDGS INC	40,000	$402K	0.1%	$10.43	-15.1%	—	629209305
—	CODORUS VY BANCORP INC	18,900	$372K	0.1%	$20.41	—	—	192025104
—	BRIDGE BANCORP INC	13,008	$348K	0.1%	$26.75	—	—	108035106
—	FBR & CO	13,300	$327K	0.1%	$24.59	—	—	30247C400
—	METRO BANCORP INC PA	12,280	$318K	0.1%	$24.27	—	—	59161R101
EBMT	EAGLE BANCORP MONT INC	26,454	$290K	0.1%	$7.85	+1.6%	—	26942G100
—	LNB BANCORP INC	15,717	$283K	0.1%	$18.01	—	—	502100100
FITB	FIFTH THIRD BANCORP	12,000	$245K	0.1%	$13.93	-2.7%	—	316773100
—	UNITED CMNTY BANCORP IND	20,000	$233K	0.1%	$10.75	—	—	90984R101
TCBK	TRICO BANCSHARES	9,433	$233K	0.1%	$24.55	0.0%	—	896095106
FRBA	FIRST BANK WILLIAMSTOWN NJ	35,418	$221K	0.1%	$5.36	-0.9%	—	31931U102
—	BAYLAKE CORP	17,657	$221K	0.1%	$12.52	—	—	072788102
HFWA	HERITAGE FINL CORP WASH	12,053	$212K	0.1%	$17.47	-1.7%	—	42722X106
—	XENITH BANKSHARES INC	22,100	$141K	0.0%	$6.33	—	—	98410X105
—	BROOKLINE BANCORP INC DEL	11,902	$119K	0.0%	$9.33	—	—	11373M107