Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	INVESTORS BANCORP INC NEW	5,683,700	$79.29M	11.8%	$10.92	—	COM	46146L101
—	BNC BANCORP	1,191,900	$38.02M	5.6%	$19.27	—	COM	05566T101
—	VERITEX HLDGS INC	1,309,000	$34.96M	5.2%	$19.10	—	COM	923451108
—	SUN BANCORP INC	1,093,800	$28.44M	4.2%	$18.31	—	COM NEW	86663B201
—	PACIFIC PREMIER BANCORP	728,100	$25.74M	3.8%	$16.12	—	COM	69478X105
HBCP	HOME BANCORP INC	648,300	$25.03M	3.7%	$17.49	+47.3%	COM	43689E107
—	GUARANTY BANCORP DEL	1,008,800	$24.41M	3.6%	$18.11	—	COM NEW	40075T607
ONB	OLD NATL BANCORP IND	1,232,100	$22.36M	3.3%	$12.65	+27.0%	COM	680033107
NBHC	NATIONAL BK HLDGS CORP	652,300	$20.8M	3.1%	$16.01	+36.1%	CL A	633707104
UVSP	UNIVEST CORP PA	615,500	$19.02M	2.8%	$21.70	+22.9%	COM	915271100
OCFC	OCEANFIRST FINL CORP	566,600	$17.01M	2.5%	$13.20	+25.9%	COM	675234108
EQBK	EQUITY BANCSHARES INC	498,000	$16.58M	2.5%	$25.23	+11.0%	COM CL A	29460X109
SHBI	SHORE BANCSHARES INC	1,038,800	$15.84M	2.4%	$10.83	+27.3%	COM	825107105
SMBC	SOUTHERN MO BANCORP INC	445,300	$15.76M	2.3%	$18.17	+33.5%	COM	843380106
—	OLD LINE BANCSHARES INC	587,900	$14.1M	2.1%	$14.87	—	COM	67984M100
—	CENTRUE FINL CORP NEW	636,900	$13.99M	2.1%	$16.64	—	COM NEW	15643B205
—	MALVERN BANCORP INC	648,600	$13.72M	2.0%	$17.11	—	COM	561409103
—	FRANKLIN FINL NETWORK INC	322,100	$13.48M	2.0%	$35.15	—	COM	35352P104
—	UNITED CMNTY FINL CORP OHIO	1,401,000	$12.53M	1.9%	$3.57	—	COM	909839102
FRBA	FIRST BANK WILLIAMSTOWN NJ	1,037,000	$12.03M	1.8%	$6.02	+46.6%	COM	31931U102
SBCF	SEACOAST BKG CORP FLA	541,600	$11.95M	1.8%	$11.17	+70.1%	COM NEW	811707801
ISTR	INVESTAR HLDG CORP	611,900	$11.41M	1.7%	$14.72	+16.5%	COM	46134L105
—	ATLANTIC COAST FINL CORP	1,517,200	$10.32M	1.5%	$4.42	—	COM	048426100
IBCP	INDEPENDENT BANK CORP MICH	416,500	$9.037M	1.3%	$7.99	+66.0%	COM NEW	453838609
—	MUTUALFIRST FINL INC	255,500	$8.456M	1.3%	$20.22	—	COM	62845B104
OSBC	OLD SECOND BANCORP INC ILL	721,300	$7.971M	1.2%	$7.43	+11.8%	COM	680277100
CNOB	CONNECTONE BANCORP INC NEW	280,600	$7.283M	1.1%	$15.27	+15.8%	COM	20786W107
—	GUARANTY FED BANCSHARES INC	330,700	$7.005M	1.0%	$13.49	—	COM	40108P101
—	BSB BANCORP INC MD	233,800	$6.77M	1.0%	$22.53	—	COM	05573H108
WBBW	WESTBURY BANCORP INC	306,300	$6.34M	0.9%	$15.55	+29.6%	COM	95727P106
—	ROYAL BANCSHARES PA INC	1,455,600	$6.041M	0.9%	$2.63	—	CL A	780081105
NMIH	NMI HLDGS INC	550,000	$5.858M	0.9%	$5.46	+61.9%	CL A	629209305
FCCO	FIRST CMNTY CORP S C	324,100	$5.849M	0.9%	$7.75	+68.1%	COM	319835104
FSFG	FIRST SAVINGS FINL GROUP INC	123,700	$5.814M	0.9%	$6.38	+74.4%	COM	33621E109
—	CAPSTAR FINL HLDGS INC	238,900	$5.246M	0.8%	$16.89	—	COM	14070T102
—	NATIONAL GEN HLDGS CORP	204,700	$5.116M	0.8%	$19.29	—	COM	636220303
QCRH	QCR HOLDINGS INC	116,400	$5.04M	0.7%	$19.85	+76.5%	COM	74727A104
—	FIRST BANCSHARES INC MS	202,000	$5.001M	0.7%	$24.76	—	COM	318916103
—	STATE NATL COS INC	358,800	$4.972M	0.7%	$10.82	—	COM	85711T305
—	EASTERN VA BANKSHARES INC	461,200	$4.82M	0.7%	$7.00	—	COM	277196101
—	FIRST CONN BANCORP INC MD	195,700	$4.433M	0.7%	$20.24	—	COM	319850103
—	OLD POINT FINL CORP	171,500	$4.289M	0.6%	$21.80	—	COM	680194107
—	CODORUS VY BANCORP INC	135,500	$3.876M	0.6%	$20.62	—	COM	192025104
—	PARK STERLING CORP	340,600	$3.675M	0.5%	$6.66	—	COM	70086Y105
—	HOMETOWN BANKSHARES CORP	372,700	$3.448M	0.5%	$9.25	—	COM	43787N108
—	CHARTER FINL CORP MD	198,000	$3.301M	0.5%	$10.89	—	COM	16122W108
HFBL	HOME FED BANCORP INC LA NEW	121,500	$3.263M	0.5%	$8.52	+44.7%	COM	43708L108
CZWI	CITIZENS CMNTY BANCORP INC M	258,200	$3.209M	0.5%	$6.09	+56.3%	COM	174903104
—	COMMUNITY FINL CORP MD	108,300	$3.141M	0.5%	$21.08	—	COM	20368X101
—	STONEGATE BK FT LAUDERDALE F	75,300	$3.141M	0.5%	$41.71	—	COM	861811107
—	BANK MUTUAL CORP NEW	329,300	$3.112M	0.5%	$7.14	—	COM	063750103
FMBH	FIRST MID ILL BANCSHARES INC	85,700	$2.912M	0.4%	$15.76	+51.3%	COM	320866106
FSBW	FS BANCORP INC	66,000	$2.373M	0.4%	$7.52	+74.8%	COM	30263Y104
CBFV	CB FINL SVCS INC	83,900	$2.168M	0.3%	$12.57	+33.9%	COM	12479G101
—	CU BANCORP CALIF	59,600	$2.134M	0.3%	$27.34	—	COM	126534106
—	CASCADE BANCORP	225,700	$1.833M	0.3%	$5.99	—	COM NEW	147154207
—	LAKELAND BANCORP INC	84,600	$1.65M	0.2%	$11.39	—	COM	511637100
HTB	HOMETRUST BANCSHARES INC	62,900	$1.63M	0.2%	$16.65	+30.6%	COM	437872104
—	COMMERCE UN BANCSHARES INC	70,100	$1.509M	0.2%	$16.70	—	COM	200828101
INBK	FIRST INTERNET BANCORP	40,000	$1.28M	0.2%	$27.26	0.0%	COM	320557101
MCHB	HOMESTREET INC	40,100	$1.266M	0.2%	$20.87	+37.3%	COM	43785V102
—	IBERIABANK CORP	15,000	$1.256M	0.2%	$67.35	—	COM	450828108
—	EVANS BANCORP INC	39,400	$1.243M	0.2%	$27.68	—	COM NEW	29911Q208
OTTW	OTTAWA BANCORP INC	96,800	$1.232M	0.2%	$8.77	0.0%	COM	689195105
—	MAINSOURCE FINANCIAL GP INC	32,100	$1.105M	0.2%	$21.30	—	COM	56062Y102
—	COASTWAY BANCORP INC	69,900	$1.094M	0.2%	$10.41	—	COM	190632109
—	PROVIDENT BANCORP INC	60,000	$1.074M	0.2%	$12.38	—	COM	74383X109
—	ATLANTIC CAP BANCSHARES INC	50,000	$950K	0.1%	$19.00	—	COM	048269203
—	WELLESLEY BANCORP INC	33,400	$926K	0.1%	$19.55	—	COM	949485106
—	HOPFED BANCORP INC	61,400	$827K	0.1%	$11.39	—	COM	439734104
—	HOWARD BANCORP INC	31,500	$476K	0.1%	$10.72	—	COM	442496105
WCFB	WCF BANCORP INC	43,700	$437K	0.1%	$8.32	—	COM	92940L103
—	JACKSONVILLE BANCORP INC MD	13,500	$406K	0.1%	$27.66	—	COM	46924R106
—	UNITED CMNTY BANCORP IND	20,000	$334K	0.0%	$10.75	—	COM	90984R101
—	POAGE BANKSHARES INC	15,900	$299K	0.0%	$14.01	—	COM	730206109
—	ASB BANCORP INC N C	6,900	$204K	0.0%	$29.57	—	COM	00213T109
—	BROOKLINE BANCORP INC DEL	10,600	$174K	0.0%	$11.94	—	COM	11373M107
—	KCG HLDGS INC	10,400	$138K	0.0%	$13.27	—	CL A	48244B100
TPH	TRI POINTE GROUP INC	10,100	$116K	0.0%	$11.95	0.0%	COM	87265H109
—	TWO HBRS INVT CORP	11,400	$100K	0.0%	$8.77	—	COM	90187B101