Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	INVESTORS BANCORP INC NEW	5,719,200	$82.24M	11.3%	$10.92	—	COM	46146L101
—	BNC BANCORP	1,189,800	$41.7M	5.7%	$19.27	—	COM	05566T101
—	VERITEX HLDGS INC	1,464,500	$41.18M	5.7%	$20.06	—	COM	923451108
—	PACIFIC PREMIER BANCORP	728,100	$28.07M	3.9%	$16.12	—	COM	69478X105
—	SUN BANCORP INC	1,093,800	$26.69M	3.7%	$18.31	—	COM NEW	86663B201
—	GUARANTY BANCORP DEL	1,021,100	$24.86M	3.4%	$18.19	—	COM NEW	40075T607
HBCP	HOME BANCORP INC	650,700	$21.96M	3.0%	$17.49	+64.1%	COM	43689E107
ONB	OLD NATL BANCORP IND	1,232,100	$21.38M	2.9%	$12.65	+41.2%	COM	680033107
NBHC	NATIONAL BK HLDGS CORP	652,300	$21.2M	2.9%	$16.01	+63.8%	CL A	633707104
—	OLD LINE BANCSHARES INC	631,800	$17.99M	2.5%	$15.81	—	COM	67984M100
SHBI	SHORE BANCSHARES INC	1,076,800	$17.99M	2.5%	$11.03	+49.0%	COM	825107105
ISTR	INVESTAR HLDG CORP	794,800	$17.41M	2.4%	$16.00	+26.8%	COM	46134L105
UVSP	UNIVEST CORP PA	652,100	$16.89M	2.3%	$22.06	+27.1%	COM	915271100
—	CENTRUE FINL CORP NEW	636,900	$16.61M	2.3%	$16.64	—	COM NEW	15643B205
SMBC	SOUTHERN MO BANCORP INC	461,500	$16.39M	2.3%	$18.57	+58.6%	COM	843380106
EQBK	EQUITY BANCSHARES INC	514,000	$16.33M	2.2%	$25.40	+20.7%	COM CL A	29460X109
OCFC	OCEANFIRST FINL CORP	579,100	$16.32M	2.2%	$13.37	+56.3%	COM	675234108
SBCF	SEACOAST BKG CORP FLA	601,600	$14.43M	2.0%	$12.34	+85.7%	COM NEW	811707801
—	MALVERN BANCORP INC	648,600	$13.66M	1.9%	$17.11	—	COM	561409103
FRBA	FIRST BANK WILLIAMSTOWN NJ	1,102,500	$13.18M	1.8%	$6.33	+75.8%	COM	31931U102
—	UNITED CMNTY FINL CORP OHIO	1,492,000	$12.44M	1.7%	$3.86	—	COM	909839102
—	FRANKLIN FINL NETWORK INC	312,800	$12.12M	1.7%	$35.15	—	COM	35352P104
—	ATLANTIC COAST FINL CORP	1,517,200	$11.56M	1.6%	$4.42	—	COM	048426100
—	BSB BANCORP INC MD	407,500	$11.51M	1.6%	$24.97	—	COM	05573H108
IBCP	INDEPENDENT BANK CORP MICH	441,500	$9.139M	1.3%	$8.40	+81.7%	COM NEW	453838609
—	MUTUALFIRST FINL INC	267,100	$8.427M	1.2%	$20.71	—	COM	62845B104
OSBC	OLD SECOND BANCORP INC ILL	733,600	$8.253M	1.1%	$7.48	+32.3%	COM	680277100
FCCO	FIRST CMNTY CORP S C	374,400	$8.237M	1.1%	$8.89	+83.1%	COM	319835104
—	OLD POINT FINL CORP	264,900	$7.987M	1.1%	$24.74	—	COM	680194107
—	ROYAL BANCSHARES PA INC	1,964,800	$7.663M	1.1%	$2.96	—	CL A	780081105
—	FIRST CONN BANCORP INC MD	287,000	$7.119M	1.0%	$21.69	—	COM	319850103
CNOB	CONNECTONE BANCORP INC NEW	280,600	$6.806M	0.9%	$15.27	+32.3%	COM	20786W107
WBBW	WESTBURY BANCORP INC	306,300	$6.376M	0.9%	$15.55	+36.7%	COM	95727P106
—	GUARANTY FED BANCSHARES INC	332,700	$6.342M	0.9%	$13.49	—	COM	40108P101
FSFG	FIRST SAVINGS FINL GROUP INC	123,700	$6.027M	0.8%	$6.38	+106.1%	COM	33621E109
—	FIRST BANCSHARES INC MS	213,200	$5.986M	0.8%	$24.93	—	COM	318916103
NMIH	NMI HLDGS INC	500,000	$5.7M	0.8%	$5.46	+100.8%	CL A	629209305
—	OPUS BK IRVINE CALIF	270,300	$5.446M	0.7%	$20.15	—	COM	684000102
—	EVANS BANCORP INC	139,400	$5.353M	0.7%	$35.37	—	COM NEW	29911Q208
—	CAPSTAR FINL HLDGS INC	258,900	$4.937M	0.7%	$17.06	—	COM	14070T102
—	EASTERN VA BANKSHARES INC	461,200	$4.834M	0.7%	$7.00	—	COM	277196101
QCRH	QCR HOLDINGS INC	113,700	$4.814M	0.7%	$19.85	+106.0%	COM	74727A104
—	PARK STERLING CORP	340,600	$4.193M	0.6%	$6.66	—	COM	70086Y105
—	COMMUNITY FINL CORP MD	108,300	$3.899M	0.5%	$21.08	—	COM	20368X101
BANR	BANNER CORP	66,000	$3.672M	0.5%	$41.22	0.0%	COM NEW	06652V208
—	HOMETOWN BANKSHARES CORP	372,700	$3.616M	0.5%	$9.25	—	COM	43787N108
CZWI	CITIZENS CMNTY BANCORP INC M	258,200	$3.576M	0.5%	$6.09	+76.5%	COM	174903104
—	CODORUS VY BANCORP INC	135,500	$3.512M	0.5%	$20.62	—	COM	192025104
HFBL	HOME FED BANCORP INC LA NEW	121,500	$3.511M	0.5%	$8.52	+64.0%	COM	43708L108
MOFG	MIDWESTONE FINL GROUP INC NE	100,000	$3.429M	0.5%	$35.99	0.0%	COM	598511103
—	CHARTER FINL CORP MD	172,300	$3.389M	0.5%	$10.89	—	COM	16122W108
—	BANK MUTUAL CORP NEW	329,300	$3.096M	0.4%	$7.14	—	COM	063750103
—	COMMERCE UN BANCSHARES INC	135,500	$2.946M	0.4%	$19.13	—	COM	200828101
FMBH	FIRST MID ILL BANCSHARES INC	85,700	$2.899M	0.4%	$15.76	+65.5%	COM	320866106
—	CU BANCORP CALIF	72,300	$2.865M	0.4%	$29.50	—	COM	126534106
—	NATIONAL GEN HLDGS CORP	109,700	$2.607M	0.4%	$19.29	—	COM	636220303
SFBC	SOUND FINL BANCORP INC	74,100	$2.352M	0.3%	$24.90	0.0%	COM	83607A100
FSBW	FS BANCORP INC	62,300	$2.325M	0.3%	$7.52	+99.5%	COM	30263Y104
FHB	FIRST HAWAIIAN INC	68,800	$2.058M	0.3%	$21.90	0.0%	COM	32051X108
—	LAKELAND BANCORP INC	81,100	$1.589M	0.2%	$11.39	—	COM	511637100
—	HOWARD BANCORP INC	81,500	$1.524M	0.2%	$15.62	—	COM	442496105
OTTW	OTTAWA BANCORP INC	96,800	$1.272M	0.2%	$8.77	+9.6%	COM	689195105
—	COASTWAY BANCORP INC	69,900	$1.231M	0.2%	$10.41	—	COM	190632109
—	IBERIABANK CORP	15,000	$1.187M	0.2%	$67.35	—	COM	450828108
MCHB	HOMESTREET INC	40,100	$1.12M	0.2%	$20.87	+31.7%	COM	43785V102
CIVB	CIVISTA BANCSHARES INC	49,100	$1.089M	0.1%	$17.19	0.0%	COM NO PAR	178867107
—	MAINSOURCE FINANCIAL GP INC	31,900	$1.051M	0.1%	$21.30	—	COM	56062Y102
—	PROVIDENT BANCORP INC	47,700	$999K	0.1%	$12.38	—	COM	74383X109
INBK	FIRST INTERNET BANCORP	31,600	$931K	0.1%	$27.26	+12.2%	COM	320557101
WNEB	WESTERN NEW ENG BANCORP INC	88,300	$927K	0.1%	$7.76	0.0%	COM	958892101
—	UNITED CMNTY BANCORP IND	50,500	$893K	0.1%	$14.94	—	COM	90984R101
—	HOPFED BANCORP INC	61,400	$880K	0.1%	$11.39	—	COM	439734104
—	WELLESLEY BANCORP INC	33,400	$878K	0.1%	$19.55	—	COM	949485106
—	ATLANTIC CAP BANCSHARES INC	43,800	$830K	0.1%	$19.00	—	COM	048269203
—	JACKSONVILLE BANCORP INC MD	22,600	$697K	0.1%	$28.94	—	COM	46924R106
WCFB	WCF BANCORP INC	43,700	$438K	0.1%	$8.32	—	COM	92940L103
—	POAGE BANKSHARES INC	15,900	$311K	0.0%	$14.01	—	COM	730206109
—	ASB BANCORP INC N C	6,900	$234K	0.0%	$29.57	—	COM	00213T109
—	HEALTH INS INNOVATIONS INC	12,400	$199K	0.0%	$16.05	—	COM CL A	42225K106
MTG	MGIC INVT CORP WIS	16,500	$167K	0.0%	$10.53	0.0%	COM	552848103
—	GREAT AJAX CORP	12,700	$166K	0.0%	$13.07	—	COM	38983D300
—	BROOKLINE BANCORP INC DEL	10,600	$166K	0.0%	$11.94	—	COM	11373M107
—	STONEGATE MTG CORP	20,700	$165K	0.0%	$7.97	—	COM	86181Q300
—	OM ASSET MGMT PLC	10,500	$159K	0.0%	$15.14	—	SHS	G67506108