Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	INVESTORS BANCORP INC NEW	5,703,400	$76.2M	9.6%	$10.92	—	COM	46146L101
—	VERITEX HLDGS INC	1,471,200	$38.74M	4.9%	$20.06	—	COM	923451108
—	PINNACLE FINL PARTNERS INC	604,500	$37.96M	4.8%	$62.80	—	COM	72346Q104
HBCP	HOME BANCORP INC	660,600	$28.09M	3.5%	$17.67	+67.6%	COM	43689E107
—	GUARANTY BANCORP DEL	1,005,600	$27.35M	3.5%	$18.19	—	COM NEW	40075T607
—	SUN BANCORP INC	1,093,800	$26.96M	3.4%	$18.31	—	COM NEW	86663B201
—	PACIFIC PREMIER BANCORP	728,700	$26.89M	3.4%	$16.12	—	COM	69478X105
SMBC	SOUTHERN MO BANCORP INC	679,500	$21.92M	2.8%	$21.70	+30.6%	COM	843380106
ONB	OLD NATL BANCORP IND	1,232,100	$21.25M	2.7%	$12.65	+32.4%	COM	680033107
NBHC	NATIONAL BK HLDGS CORP	638,800	$21.15M	2.7%	$16.01	+62.2%	CL A	633707104
UVSP	UNIVEST CORP PA	634,800	$19.01M	2.4%	$22.06	+30.1%	COM	915271100
ISTR	INVESTAR HLDG CORP	794,800	$18.2M	2.3%	$16.00	+40.2%	COM	46134L105
—	OLD LINE BANCSHARES INC	622,500	$17.54M	2.2%	$15.81	—	COM	67984M100
OCFC	OCEANFIRST FINL CORP	644,600	$17.48M	2.2%	$14.02	+40.7%	COM	675234108
—	FIRST CONN BANCORP INC MD	668,200	$17.14M	2.2%	$23.95	—	COM	319850103
EQBK	EQUITY BANCSHARES INC	555,800	$17.03M	2.2%	$25.67	+13.0%	COM CL A	29460X109
SHBI	SHORE BANCSHARES INC	1,018,000	$16.75M	2.1%	$11.03	+50.3%	COM	825107105
FRBA	FIRST BANK WILLIAMSTOWN NJ	1,422,900	$16.58M	2.1%	$7.33	+47.3%	COM	31931U102
MSBI	MIDLAND STS BANCORP INC ILL	484,300	$16.23M	2.1%	$22.42	0.0%	COM	597742105
—	UNITED CMNTY FINL CORP OHIO	1,908,700	$15.86M	2.0%	$4.83	—	COM	909839102
—	MALVERN BANCORP INC	648,600	$15.53M	2.0%	$17.11	—	COM	561409103
SBCF	SEACOAST BKG CORP FLA	609,800	$14.7M	1.9%	$12.49	+90.5%	COM NEW	811707801
—	ATLANTIC COAST FINL CORP	1,530,800	$12M	1.5%	$4.42	—	COM	048426100
—	BSB BANCORP INC MD	407,300	$11.91M	1.5%	$24.97	—	COM	05573H108
FBK	FB FINL CORP	300,000	$10.86M	1.4%	$32.41	0.0%	COM	30257X104
—	OLD POINT FINL CORP	306,300	$10.07M	1.3%	$25.84	—	COM	680194107
—	MIDSOUTH BANCORP INC	824,000	$9.682M	1.2%	$11.75	—	COM	598039105
IBCP	INDEPENDENT BANK CORP MICH	441,500	$9.602M	1.2%	$8.40	+82.8%	COM NEW	453838609
—	MUTUALFIRST FINL INC	267,100	$9.536M	1.2%	$20.71	—	COM	62845B104
—	GUARANTY FED BANCSHARES INC	406,800	$8.23M	1.0%	$14.72	—	COM	40108P101
OSBC	OLD SECOND BANCORP INC ILL	710,800	$8.21M	1.0%	$7.48	+43.0%	COM	680277100
—	ROYAL BANCSHARES PA INC	1,921,500	$8.128M	1.0%	$2.96	—	CL A	780081105
—	GUARANTY BANCSHARES INC TEX	254,300	$8.125M	1.0%	$31.95	—	COM	400764106
FCCO	FIRST CMNTY CORP S C	374,400	$7.862M	1.0%	$8.89	+87.0%	COM	319835104
—	OPUS BK IRVINE CALIF	287,900	$6.967M	0.9%	$20.40	—	COM	684000102
FSFG	FIRST SAVINGS FINL GROUP INC	123,700	$6.529M	0.8%	$6.38	+121.0%	COM	33621E109
—	FRANKLIN FINL NETWORK INC	155,700	$6.421M	0.8%	$35.15	—	COM	35352P104
WBBW	WESTBURY BANCORP INC	306,300	$6.386M	0.8%	$15.55	+31.5%	COM	95727P106
CNOB	CONNECTONE BANCORP INC NEW	268,700	$6.059M	0.8%	$15.27	+22.5%	COM	20786W107
BY	BYLINE BANCORP INC	300,000	$6.015M	0.8%	$18.32	0.0%	COM	124411109
—	EVANS BANCORP INC	147,700	$5.902M	0.7%	$35.63	—	COM NEW	29911Q208
—	FIRST BANCSHARES INC MS	213,200	$5.885M	0.7%	$24.93	—	COM	318916103
NMIH	NMI HLDGS INC	500,000	$5.725M	0.7%	$5.46	+105.7%	CL A	629209305
BANR	BANNER CORP	93,900	$5.304M	0.7%	$40.82	-2.3%	COM NEW	06652V208
—	HOMETOWN BANKSHARES CORP	474,700	$5.221M	0.7%	$9.63	—	COM	43787N108
—	BANK MUTUAL CORP NEW	520,600	$4.763M	0.6%	$7.88	—	COM	063750103
—	CAPSTAR FINL HLDGS INC	233,700	$4.145M	0.5%	$17.06	—	COM	14070T102
—	SOUTHERN NATL BANCORP OF VA	232,000	$4.083M	0.5%	$17.60	—	COM	843395104
RVSB	RIVERVIEW BANCORP INC	600,700	$3.988M	0.5%	$5.49	0.0%	COM	769397100
—	CODORUS VY BANCORP INC	135,500	$3.849M	0.5%	$20.62	—	COM	192025104
—	COMMUNITY FINL CORP MD	92,200	$3.55M	0.4%	$21.08	—	COM	20368X101
—	COMMERCE UN BANCSHARES INC	137,400	$3.279M	0.4%	$19.20	—	COM	200828101
HFBL	HOME FED BANCORP INC LA NEW	121,500	$3.274M	0.4%	$8.52	+61.5%	COM	43708L108
MOFG	MIDWESTONE FINL GROUP INC NE	93,300	$3.162M	0.4%	$35.99	-3.4%	COM	598511103
—	PARK STERLING CORP	261,600	$3.108M	0.4%	$6.66	—	COM	70086Y105
BBT	BERKSHIRE HILLS BANCORP INC	87,000	$3.057M	0.4%	$27.79	0.0%	COM	084680107
FMBH	FIRST MID ILL BANCSHARES INC	85,700	$2.933M	0.4%	$15.76	+73.0%	COM	320866106
CZWI	CITIZENS CMNTY BANCORP INC M	206,300	$2.849M	0.4%	$6.09	+94.6%	COM	174903104
—	CHARTER FINL CORP MD	149,000	$2.683M	0.3%	$10.89	—	COM	16122W108
FSBW	FS BANCORP INC	55,800	$2.523M	0.3%	$7.52	+134.0%	COM	30263Y104
WNEB	WESTERN NEW ENG BANCORP INC	245,400	$2.491M	0.3%	$8.01	+1.8%	COM	958892101
SFBC	SOUND FINL BANCORP INC	74,100	$2.259M	0.3%	$24.90	+2.5%	COM	83607A100
FHB	FIRST HAWAIIAN INC	68,500	$2.096M	0.3%	$21.90	-8.1%	COM	32051X108
—	COASTWAY BANCORP INC	92,300	$1.891M	0.2%	$12.85	—	COM	190632109
—	UNITED CMNTY BANCORP IND	93,000	$1.762M	0.2%	$16.77	—	COM	90984R101
—	BROOKLINE BANCORP INC DEL	118,100	$1.725M	0.2%	$14.37	—	COM	11373M107
—	HOWARD BANCORP INC	81,500	$1.569M	0.2%	$15.62	—	COM	442496105
—	JACKSONVILLE BANCORP INC MD	45,500	$1.409M	0.2%	$29.96	—	COM	46924R106
—	LAKELAND BANCORP INC	74,200	$1.398M	0.2%	$11.39	—	COM	511637100
OTTW	OTTAWA BANCORP INC	96,800	$1.333M	0.2%	$8.77	+14.1%	COM	689195105
MCHB	HOMESTREET INC	40,100	$1.109M	0.1%	$20.87	+30.4%	COM	43785V102
SFST	SOUTHERN FIRST BANCSHARES IN	29,700	$1.1M	0.1%	$34.34	0.0%	COM	842873101
—	PROVIDENT BANCORP INC	46,800	$1.054M	0.1%	$12.38	—	COM	74383X109
—	MAINSOURCE FINANCIAL GP INC	29,800	$999K	0.1%	$21.30	—	COM	56062Y102
—	NATIONAL GEN HLDGS CORP	45,300	$957K	0.1%	$19.29	—	COM	636220303
CIVB	CIVISTA BANCSHARES INC	43,100	$900K	0.1%	$17.19	-2.6%	COM NO PAR	178867107
INBK	FIRST INTERNET BANCORP	31,700	$888K	0.1%	$27.26	+2.1%	COM	320557101
—	HOPFED BANCORP INC	61,400	$881K	0.1%	$11.39	—	COM	439734104
—	MBT FINL CORP	52,500	$509K	0.1%	$9.70	—	COM	578877102
WCFB	WCF BANCORP INC	43,700	$461K	0.1%	$8.32	—	COM	92940L103
—	POAGE BANKSHARES INC	15,900	$303K	0.0%	$14.01	—	COM	730206109
MTG	MGIC INVT CORP WIS	25,600	$287K	0.0%	$10.61	+1.3%	COM	552848103
AL	AIR LEASE CORP	7,600	$285K	0.0%	$32.30	0.0%	CL A	00912X302
CASH	META FINL GROUP INC	2,800	$248K	0.0%	$27.74	0.0%	COM	59100U108
HAFC	HANMI FINL CORP	8,600	$246K	0.0%	$28.52	0.0%	COM NEW	410495204
—	ATHENE HLDG LTD	4,900	$245K	0.0%	$50.00	—	CL A	G0684D107
THG	HANOVER INS GROUP INC	2,800	$245K	0.0%	$66.61	0.0%	COM	410867105
—	GREAT AJAX CORP	17,300	$242K	0.0%	$13.31	—	COM	38983D300
—	E TRADE FINANCIAL CORP	6,200	$236K	0.0%	$38.06	—	COM NEW	269246401
—	OM ASSET MGMT PLC	15,900	$236K	0.0%	$15.04	—	SHS	G67506108
—	BGC PARTNERS INC	18,600	$235K	0.0%	$12.63	—	CL A	05541T101
JPM	JPMORGAN CHASE & CO	2,500	$228K	0.0%	$68.54	0.0%	COM	46625H100
—	SUNSHINE BANCORP INC	10,600	$226K	0.0%	$21.32	—	COM	86777J108
ARCC	ARES CAP CORP	12,600	$206K	0.0%	$7.41	0.0%	COM	04010L103
ABR	ARBOR RLTY TR INC	24,200	$202K	0.0%	$8.35	—	COM	038923108
—	REALOGY HLDGS CORP	6,200	$200K	0.0%	$32.26	—	COM	75605Y106
—	TRIANGLE CAP CORP	11,300	$199K	0.0%	$17.61	—	COM	895848109
SLM	SLM CORP	16,300	$188K	0.0%	$11.38	0.0%	COM	78442P106
HTGC	HERCULES CAPITAL INC	14,100	$187K	0.0%	$13.89	0.0%	COM	427096508
TPH	TRI POINTE GROUP INC	14,100	$185K	0.0%	$12.47	0.0%	COM	87265H109