BASSWOOD CAPITAL MANAGEMENT, L.L.C. Activity Q4 2004-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
WBS	Buy	WEBSTER FINL CORP	$58,298,217	+12.8%	1,446,247	+5.6%	4.42%	+16.2%
DCOM	Sell	DIME CMNTY BANCSHARES INC	$40,525,423	+13.2%	2,030,332	-0.0%	3.08%	+16.6%
OMF	Sell	ONEMAIN HLDGS INC	$36,636,567	-18.2%	913,858	-10.8%	2.78%	-15.7%
WFC	Buy	WELLS FARGO CO NEW	$33,036,005	-2.8%	808,517	+1.6%	2.51%	+0.2%
PFSI	Sell	PENNYMAC FINL SVCS INC NEW	$32,743,890	-9.8%	491,650	-4.7%	2.49%	-7.0%
SCHW	Sell	SCHWAB CHARLES CORP	$30,440,513	-15.2%	554,472	-12.5%	2.31%	-12.6%
FNB	Buy	F N B CORP	$29,864,713	+20.5%	2,767,814	+27.7%	2.27%	+24.2%
SNV	Buy	SYNOVUS FINL CORP	$28,130,403	+22.9%	1,011,885	+33.8%	2.14%	+26.6%
WAL	Sell	WESTERN ALLIANCE BANCORP	$27,796,036	+22.7%	604,656	-2.6%	2.11%	+26.5%
COF	Sell	CAPITAL ONE FINL CORP	$26,073,841	-14.2%	268,664	-3.4%	1.98%	-11.7%
EWBC	Buy	EAST WEST BANCORP INC	$25,872,071	+26.0%	490,838	+26.2%	1.96%	+29.8%
AX	Buy	AXOS FINANCIAL INC	$25,309,334	+18.2%	668,498	+23.2%	1.92%	+21.8%
BLK	Sell	BLACKROCK INC	$22,093,796	-16.6%	34,175	-10.9%	1.68%	-14.1%
CFG	New	CITIZENS FINL GROUP INC	$21,923,660	–	818,047	–	1.66%	–
CCS	Sell	CENTURY CMNTYS INC	$20,941,206	-23.1%	313,585	-11.8%	1.59%	-20.7%
ESQ	Sell	ESQUIRE FINL HLDGS INC	$20,773,918	-21.9%	454,671	-21.8%	1.58%	-19.5%
BPOP	Sell	POPULAR INC	$20,495,956	-2.5%	325,281	-6.3%	1.56%	+0.5%
MHO	Sell	M/I HOMES INC	$20,399,954	-13.2%	242,741	-9.9%	1.55%	-10.5%
	Sell	APOLLO GLOBAL MGMT INC	$20,062,078	-21.0%	223,508	-32.4%	1.52%	-18.6%
MBIN	Sell	MERCHANTS BANCORP IND	$19,907,894	+0.9%	718,178	-6.9%	1.51%	+3.9%
AMP	Sell	AMERIPRISE FINL INC	$19,584,970	-18.5%	59,406	-17.9%	1.49%	-16.0%
VOYA	Buy	VOYA FINANCIAL INC	$18,384,788	+12.1%	276,671	+21.0%	1.40%	+15.6%
EVR	Sell	EVERCORE INCclass a	$17,368,881	-4.8%	125,971	-14.7%	1.32%	-1.9%
HWC	Buy	HANCOCK WHITNEY CORPORATION	$17,099,922	+83.8%	462,285	+90.8%	1.30%	+89.5%
PHM	Buy	PULTE GROUP INC	$14,250,552	+94.1%	192,445	+103.6%	1.08%	+100.0%
NBN	Sell	NORTHEAST BK LEWISTON ME	$14,090,171	-10.1%	319,505	-15.0%	1.07%	-7.3%
DFS	New	DISCOVER FINL SVCS	$14,026,610	–	161,914	–	1.06%	–
FAF	Buy	FIRST AMERN FINL CORP	$13,423,775	+127.3%	237,631	+129.5%	1.02%	+134.3%
OWL	Buy	BLUE OWL CAPITAL INC	$13,238,135	+183.1%	1,021,461	+154.5%	1.00%	+192.2%
TMHC	Buy	TAYLOR MORRISON HOME CORP	$12,563,644	+3.8%	294,852	+18.8%	0.95%	+7.0%
RJF	Buy	RAYMOND JAMES FINL INC	$12,408,227	+15.5%	123,551	+19.4%	0.94%	+19.1%
KKR	Sell	KKR & CO INC	$12,175,918	-9.4%	197,661	-17.7%	0.92%	-6.7%
PJT	Buy	PJT PARTNERS INC	$11,841,485	+63.9%	149,062	+43.6%	0.90%	+69.0%
TCBI	Sell	TEXAS CAP BANCSHARES INC	$11,564,838	-54.7%	196,347	-60.4%	0.88%	-53.3%
PGR	Buy	PROGRESSIVE CORP	$11,496,290	+256.4%	82,529	+238.7%	0.87%	+266.8%
CMA	Sell	COMERICA INC	$10,001,791	-61.1%	240,717	-60.4%	0.76%	-60.0%
BX	Sell	BLACKSTONE INC	$9,788,096	-37.6%	91,358	-45.8%	0.74%	-35.7%
PACW	Buy	PACWEST BANCORP DEL	$9,018,610	+16.9%	1,140,153	+20.5%	0.68%	+20.6%
TOL	Sell	TOLL BROTHERS INC	$8,598,590	-30.0%	116,260	-25.2%	0.65%	-27.8%
VCTR	Buy	VICTORY CAP HLDGS INC	$8,363,939	+43.5%	250,868	+35.8%	0.64%	+48.0%
	Sell	F&G ANNUITIES & LIFE INC	$7,960,734	-53.9%	283,704	-59.3%	0.60%	-52.5%
QNST	Buy	QUINSTREET INC	$7,493,090	+16.8%	835,350	+14.9%	0.57%	+20.3%
PWP	New	PERELLA WEINBERG PARTNERS	$7,234,163	–	710,625	–	0.55%	–
BUSE	Sell	FIRST BUSEY CORP	$6,466,953	-49.7%	336,470	-47.4%	0.49%	-48.2%
GHLD	Sell	GUILD HLDGS COcl a	$5,971,267	-22.3%	544,327	-19.6%	0.45%	-20.0%
BUR	Sell	BURFORD CAP LTD	$5,918,976	-20.2%	422,784	-30.6%	0.45%	-17.8%
COOP	Sell	MR COOPER GROUP INC	$5,134,958	-50.5%	95,873	-53.2%	0.39%	-49.0%
KBH	Sell	KB HOME	$4,776,883	-33.4%	103,217	-25.6%	0.36%	-31.2%
LC	Sell	LENDINGCLUB CORP	$4,559,921	-73.1%	747,528	-57.0%	0.35%	-72.3%
SYF	Sell	SYNCHRONY FINANCIAL	$4,358,915	-57.7%	142,588	-53.1%	0.33%	-56.4%
	Sell	STELLAR BANCORP INC	$4,273,765	-24.6%	200,458	-19.0%	0.32%	-22.3%
PKBK	Sell	PARKE BANCORP INC	$3,486,598	-24.1%	214,033	-20.9%	0.26%	-21.6%
LAZ	Sell	LAZARD LTD	$3,306,875	-48.4%	106,639	-46.8%	0.25%	-46.8%
ALL	Sell	ALLSTATE CORP	$3,136,749	-72.3%	28,155	-72.8%	0.24%	-71.4%
FUNC	Sell	FIRST UTD CORP	$2,993,886	-9.0%	184,523	-20.0%	0.23%	-6.2%
VRTS	New	VIRTUS INVT PARTNERS INC	$2,892,497	–	14,320	–	0.22%	–
	Sell	FINWISE BANCORP	$2,109,456	-46.5%	244,150	-44.6%	0.16%	-44.8%
UWMC	Sell	UWM HOLDINGS CORPORATION	$1,513,995	-20.4%	312,164	-8.1%	0.12%	-17.9%
TLT	Buy	ISHARES TRcall	$888,385	+112.8%	10,083	+147.3%	0.07%	+116.1%
MCBC	Sell	MACATAWA BK CORP	$705,152	-77.5%	78,700	-76.7%	0.05%	-76.6%
KRE	New	SPDR SER TRput	$336,917	–	8,066	–	0.03%	–
MDY	Sell	SPDR S&P MIDCAP 400 ETF TRput	$235,170	-60.3%	515	-58.4%	0.02%	-59.1%
FRC	Exit	FIRST REP BK SAN FRANCISCO C	$0	–	-920,236	–	-0.04%	–
PBHC	Exit	PATHFINDER BANCORP INC MD	$0	–	-54,318	–	-0.06%	–
COLB	Exit	COLUMBIA BKG SYS INC	$0	–	-345,283	–	-0.52%	–

Q2 2023

			Value		Shares		↓ Weighting
JPM	New	JPMORGAN CHASE & CO	$68,283,498	–	469,496	–	5.03%	–
WBS	New	WEBSTER FINL CORP	$51,696,738	–	1,369,450	–	3.81%	–
LEN	New	LENNAR CORPcl a	$50,867,464	–	405,933	–	3.75%	–
OMF	New	ONEMAIN HLDGS INC	$44,780,765	–	1,024,966	–	3.30%	–
BAC	New	BANK AMERICA CORP	$38,121,838	–	1,328,750	–	2.81%	–
USB	New	US BANCORP DEL	$38,064,162	–	1,152,063	–	2.80%	–
PFSI	New	PENNYMAC FINL SVCS INC NEW	$36,282,983	–	516,043	–	2.67%	–
SCHW	New	SCHWAB CHARLES CORP	$35,910,521	–	633,566	–	2.64%	–
DCOM	New	DIME CMNTY BANCSHARES INC	$35,794,768	–	2,030,333	–	2.64%	–
WFC	New	WELLS FARGO CO NEW	$33,975,286	–	796,047	–	2.50%	–
MS	New	MORGAN STANLEY	$31,534,719	–	369,259	–	2.32%	–
COF	New	CAPITAL ONE FINL CORP	$30,404,751	–	277,999	–	2.24%	–
FCNCA	New	FIRST CTZNS BANCSHARES INC Ncl a	$29,946,739	–	23,333	–	2.21%	–
RM	New	REGIONAL MGMT CORP	$28,010,834	–	918,388	–	2.06%	–
CCS	New	CENTURY CMNTYS INC	$27,229,139	–	355,379	–	2.01%	–
ESQ	New	ESQUIRE FINL HLDGS INC	$26,597,627	–	581,496	–	1.96%	–
BLK	New	BLACKROCK INC	$26,502,454	–	38,346	–	1.95%	–
CMA	New	COMERICA INC	$25,738,360	–	607,610	–	1.90%	–
TCBI	New	TEXAS CAP BANCSHARES INC	$25,543,485	–	495,990	–	1.88%	–
	New	APOLLO GLOBAL MGMT INC	$25,399,531	–	330,680	–	1.87%	–
FNB	New	F N B CORP	$24,787,734	–	2,166,760	–	1.83%	–
AMP	New	AMERIPRISE FINL INC	$24,029,119	–	72,342	–	1.77%	–
MHO	New	M/I HOMES INC	$23,497,182	–	269,494	–	1.73%	–
SNV	New	SYNOVUS FINL CORP	$22,882,613	–	756,450	–	1.69%	–
WAL	New	WESTERN ALLIANCE BANCORP	$22,645,208	–	620,927	–	1.67%	–
AX	New	AXOS FINANCIAL INC	$21,406,533	–	542,762	–	1.58%	–
BPOP	New	POPULAR INC	$21,017,022	–	347,274	–	1.55%	–
EWBC	New	EAST WEST BANCORP INC	$20,536,735	–	389,027	–	1.51%	–
MBIN	New	MERCHANTS BANCORP IND	$19,736,863	–	771,574	–	1.45%	–
EVR	New	EVERCORE INCclass a	$18,251,277	–	147,676	–	1.34%	–
	New	F&G ANNUITIES & LIFE INC	$17,264,722	–	696,720	–	1.27%	–
LC	New	LENDINGCLUB CORP	$16,957,093	–	1,739,189	–	1.25%	–
NYCB	New	NEW YORK CMNTY BANCORP INC	$16,588,768	–	1,475,869	–	1.22%	–
VOYA	New	VOYA FINANCIAL INC	$16,400,507	–	228,706	–	1.21%	–
BX	New	BLACKSTONE INC	$15,675,114	–	168,604	–	1.16%	–
NBN	New	NORTHEAST BK LEWISTON ME	$15,667,545	–	375,991	–	1.15%	–
KKR	New	KKR & CO INC	$13,443,528	–	240,063	–	0.99%	–
BUSE	New	FIRST BUSEY CORP	$12,859,739	–	639,788	–	0.95%	–
TOL	New	TOLL BROTHERS INC	$12,282,971	–	155,343	–	0.90%	–
TMHC	New	TAYLOR MORRISON HOME CORP	$12,105,543	–	248,217	–	0.89%	–
FNF	New	FIDELITY NATIONAL FINANCIAL	$12,030,588	–	334,183	–	0.89%	–
ALL	New	ALLSTATE CORP	$11,307,230	–	103,698	–	0.83%	–
RJF	New	RAYMOND JAMES FINL INC	$10,742,167	–	103,519	–	0.79%	–
COOP	New	MR COOPER GROUP INC	$10,376,693	–	204,911	–	0.76%	–
SYF	New	SYNCHRONY FINANCIAL	$10,316,361	–	304,138	–	0.76%	–
TLT	New	ISHARES TR20 yr tr bd etf	$9,890,784	–	96,083	–	0.73%	–
HWC	New	HANCOCK WHITNEY CORPORATION	$9,301,355	–	242,349	–	0.68%	–
PACW	New	PACWEST BANCORP DEL	$7,711,530	–	946,200	–	0.57%	–
GHLD	New	GUILD HLDGS COcl a	$7,689,777	–	676,917	–	0.57%	–
CAC	New	CAMDEN NATL CORP	$7,671,238	–	247,699	–	0.56%	–
BUR	New	BURFORD CAP LTD	$7,415,087	–	608,792	–	0.55%	–
PHM	New	PULTE GROUP INC	$7,343,556	–	94,536	–	0.54%	–
PJT	New	PJT PARTNERS INC	$7,226,821	–	103,774	–	0.53%	–
KBH	New	KB HOME	$7,170,212	–	138,662	–	0.53%	–
ONB	New	OLD NATL BANCORP IND	$7,132,499	–	511,657	–	0.52%	–
COLB	New	COLUMBIA BKG SYS INC	$7,002,339	–	345,283	–	0.52%	–
UBSI	New	UNITED BANKSHARES INC WEST V	$6,914,119	–	233,034	–	0.51%	–
VNO	New	VORNADO RLTY TRsh ben int	$6,604,720	–	364,097	–	0.49%	–
QNST	New	QUINSTREET INC	$6,417,538	–	726,788	–	0.47%	–
LAZ	New	LAZARD LTD	$6,412,896	–	200,403	–	0.47%	–
FAF	New	FIRST AMERN FINL CORP	$5,904,478	–	103,551	–	0.44%	–
VCTR	New	VICTORY CAP HLDGS INC	$5,827,488	–	184,765	–	0.43%	–
TBBK	New	BANCORP INC DEL	$5,756,652	–	176,314	–	0.42%	–
	New	STELLAR BANCORP INC	$5,666,442	–	247,551	–	0.42%	–
AER	New	AERCAP HOLDINGS NV	$5,115,012	–	80,526	–	0.38%	–
FIBK	New	FIRST INTST BANCSYSTEM INC	$4,744,637	–	199,020	–	0.35%	–
OWL	New	BLUE OWL CAPITAL INC	$4,675,937	–	401,368	–	0.34%	–
PKBK	New	PARKE BANCORP INC	$4,594,929	–	270,449	–	0.34%	–
TCBK	New	TRICO BANCSHARES	$4,580,969	–	137,981	–	0.34%	–
	New	FINWISE BANCORP	$3,941,150	–	440,352	–	0.29%	–
HOMB	New	HOME BANCSHARES INC	$3,797,066	–	166,538	–	0.28%	–
LBAI	New	LAKELAND BANCORP INC	$3,771,709	–	281,681	–	0.28%	–
HFWA	New	HERITAGE FINL CORP WASH	$3,731,017	–	230,737	–	0.28%	–
FBNC	New	FIRST BANCORP N C	$3,667,164	–	123,266	–	0.27%	–
SSB	New	SOUTHSTATE CORPORATION	$3,483,715	–	52,944	–	0.26%	–
MTH	New	MERITAGE HOMES CORP	$3,396,269	–	23,872	–	0.25%	–
FUNC	New	FIRST UTD CORP	$3,290,909	–	230,779	–	0.24%	–
PGR	New	PROGRESSIVE CORP	$3,225,460	–	24,367	–	0.24%	–
UPST	New	UPSTART HLDGS INC	$3,179,713	–	88,794	–	0.23%	–
MCBC	New	MACATAWA BK CORP	$3,135,851	–	337,915	–	0.23%	–
BHLB	New	BERKSHIRE HILLS BANCORP INC	$3,063,770	–	147,794	–	0.23%	–
ABCB	New	AMERIS BANCORP	$2,794,581	–	81,689	–	0.21%	–
FITB	New	FIFTH THIRD BANCORP	$2,453,439	–	93,607	–	0.18%	–
	New	SL GREEN RLTY CORP	$2,160,775	–	71,906	–	0.16%	–
UWMC	New	UWM HOLDINGS CORPORATION	$1,901,704	–	339,590	–	0.14%	–
MCB	New	METROPOLITAN BK HLDG CORP	$1,694,338	–	48,786	–	0.12%	–
MTB	New	M & T BK CORP	$1,653,434	–	13,360	–	0.12%	–
WRLD	New	WORLD ACCEP CORPORATION	$1,531,734	–	11,430	–	0.11%	–
WSBC	New	WESBANCO INC	$1,507,379	–	58,859	–	0.11%	–
	New	AMALGAMATED FINANCIAL CORP	$1,461,326	–	90,822	–	0.11%	–
ALRS	New	ALERUS FINL CORP	$1,083,115	–	60,240	–	0.08%	–
EGBN	New	EAGLE BANCORP INC MD	$973,614	–	46,012	–	0.07%	–
C	New	CITIGROUP INC	$917,117	–	19,920	–	0.07%	–
PBHC	New	PATHFINDER BANCORP INC MD	$785,710	–	54,318	–	0.06%	–
MDY	New	SPDR S&P MIDCAP 400 ETF TRput	$592,891	–	1,238	–	0.04%	–
PCB	New	PCB BANCORP	$541,151	–	36,788	–	0.04%	–
FRC	New	FIRST REP BK SAN FRANCISCO C	$506,130	–	920,236	–	0.04%	–
SASR	New	SANDY SPRING BANCORP INC	$469,635	–	20,707	–	0.04%	–
TLT	New	ISHARES TRcall	$417,506	–	4,078	–	0.03%	–
	New	CATALYST BANCORP INC	$124,043	–	11,246	–	0.01%	–
KEY	New	KEYCORP	$2,421	–	262	–	0.00%	–

Q4 2022

			Value		Shares		↓ Weighting
	Exit	PAGAYA TECHNOLOGIES LTD	$0	–	-266	–	0.00%	–
FVT	Exit	FORTRESS VALUE ACQUIS CORP I	$0	–	-1,546	–	-0.00%	–
GSQD	Exit	G SQUARED ASCEND I INC	$0	–	-1,529	–	-0.00%	–
CVII	Exit	CHURCHILL CAPITAL CORP VII	$0	–	-3,046	–	-0.00%	–
CCVI	Exit	CHURCHILL CAPITAL CORP VI	$0	–	-2,900	–	-0.00%	–
FCAX	Exit	FORTRESS CAPITAL ACQUISITION	$0	–	-3,085	–	-0.00%	–
CFIV	Exit	CF ACQUISITION CORP IV	$0	–	-3,134	–	-0.00%	–
ACII	Exit	ATLAS CREST INVESTMENT CORP	$0	–	-3,006	–	-0.00%	–
LDI	Exit	LOANDEPOT INC	$0	–	-31,623	–	-0.00%	–
AL	Exit	AIR LEASE CORPcl a	$0	–	-1,815	–	-0.00%	–
DLCA	Exit	DEEP LAKE CAPITAL ACQUSTN CO	$0	–	-8,911	–	-0.01%	–
UPST	Exit	UPSTART HLDGS INC	$0	–	-4,633	–	-0.01%	–
JWSM	Exit	JAWS MUSTANG ACQUISITION COR	$0	–	-9,438	–	-0.01%	–
PGC	Exit	PEAPACK-GLADSTONE FINL CORP	$0	–	-4,152	–	-0.01%	–
	Exit	CATALYST BANCORP INC	$0	–	-11,246	–	-0.01%	–
KRE	Exit	SPDR SER TRput	$0	–	-5,727	–	-0.02%	–
LC	Exit	LENDINGCLUB CORP	$0	–	-37,396	–	-0.03%	–
TLT	Exit	ISHARES TRcall	$0	–	-4,297	–	-0.03%	–
AUS	Exit	AUSTERLITZ ACQUISITION CORP	$0	–	-72,854	–	-0.05%	–
EVBN	Exit	EVANS BANCORP INC	$0	–	-19,954	–	-0.05%	–
SASR	Exit	SANDY SPRING BANCORP INC	$0	–	-20,707	–	-0.05%	–
LGAC	Exit	LAZARD GROWTH ACQUISITION CO	$0	–	-77,530	–	-0.06%	–
ASZ	Exit	AUSTERLITZ ACQUISITION CORP	$0	–	-77,904	–	-0.06%	–
APGB	Exit	APOLLO STRATEGIC GRWT CPTL I	$0	–	-76,938	–	-0.06%	–
FTAA	Exit	FTAC ATHENA ACQUISITION CORP	$0	–	-76,416	–	-0.06%	–
GSEV	Exit	GORES HOLDINGS VII INC	$0	–	-77,152	–	-0.06%	–
JOFF	Exit	JOFF FINTECH ACQUISITION COR	$0	–	-77,165	–	-0.06%	–
IIII	Exit	INSU ACQUISITION CORP III	$0	–	-83,187	–	-0.06%	–
C	Exit	CITIGROUP INC	$0	–	-19,920	–	-0.06%	–
HERA	Exit	FTAC HERA ACQUISITION CORP	$0	–	-83,268	–	-0.06%	–
RKT	Exit	ROCKET COS INC	$0	–	-148,632	–	-0.07%	–
MTH	Exit	MERITAGE HOMES CORP	$0	–	-13,785	–	-0.07%	–
HBCP	Exit	HOME BANCORP INC	$0	–	-28,774	–	-0.08%	–
KEY	Exit	KEYCORP	$0	–	-73,678	–	-0.09%	–
ALRS	Exit	ALERUS FINL CORP	$0	–	-60,240	–	-0.10%	–
KBH	Exit	KB HOME	$0	–	-53,421	–	-0.10%	–
TOL	Exit	TOLL BROTHERS INC	$0	–	-37,458	–	-0.12%	–
MOFG	Exit	MIDWESTONE FINL GROUP INC NE	$0	–	-63,717	–	-0.13%	–
GPN	Exit	GLOBAL PMTS INC	$0	–	-17,408	–	-0.14%	–
WSBC	Exit	WESBANCO INC	$0	–	-58,859	–	-0.14%	–
PBHC	Exit	PATHFINDER BANCORP INC MD	$0	–	-97,281	–	-0.14%	–
UBFO	Exit	UNITED SEC BANCSHARES CALIF	$0	–	-313,056	–	-0.15%	–
UWMC	Exit	UWM HOLDINGS CORPORATION	$0	–	-797,384	–	-0.17%	–
TSBK	Exit	TIMBERLAND BANCORP INC	$0	–	-89,586	–	-0.18%	–
TLT	Exit	ISHARES TR20 yr tr bd etf	$0	–	-24,935	–	-0.19%	–
PCB	Exit	PCB BANCORP	$0	–	-146,292	–	-0.19%	–
PHM	Exit	PULTE GROUP INC	$0	–	-70,511	–	-0.19%	–
BMRC	Exit	BANK MARIN BANCORP	$0	–	-92,142	–	-0.20%	–
FITB	Exit	FIFTH THIRD BANCORP	$0	–	-93,607	–	-0.22%	–
ABCB	Exit	AMERIS BANCORP	$0	–	-81,689	–	-0.27%	–
HOMB	Exit	HOME BANCSHARES INC	$0	–	-166,538	–	-0.28%	–
VCTR	Exit	VICTORY CAP HLDGS INC	$0	–	-161,050	–	-0.28%	–
CVCY	Exit	CENTRAL VY CMNTY BANCORP	$0	–	-220,899	–	-0.29%	–
CBTX	Exit	CBTX INC	$0	–	-134,081	–	-0.29%	–
TMHC	Exit	TAYLOR MORRISON HOME CORP	$0	–	-171,030	–	-0.29%	–
BHLB	Exit	BERKSHIRE HILLS BANCORP INC	$0	–	-147,794	–	-0.30%	–
SSB	Exit	SOUTHSTATE CORPORATION	$0	–	-52,944	–	-0.31%	–
FUNC	Exit	FIRST UTD CORP	$0	–	-267,598	–	-0.32%	–
LBAI	Exit	LAKELAND BANCORP INC	$0	–	-281,681	–	-0.33%	–
AMP	Exit	AMERIPRISE FINL INC	$0	–	-18,329	–	-0.34%	–
	Exit	FINWISE BANCORP	$0	–	-542,123	–	-0.36%	–
MHO	Exit	M/I HOMES INC	$0	–	-136,799	–	-0.36%	–
AIZ	Exit	ASSURANT INC	$0	–	-34,381	–	-0.37%	–
QNST	Exit	QUINSTREET INC	$0	–	-509,942	–	-0.39%	–
HBT	Exit	HBT FINL INC.	$0	–	-296,505	–	-0.40%	–
AER	Exit	AERCAP HOLDINGS NV	$0	–	-128,166	–	-0.40%	–
BSVN	Exit	BANK7 CORP	$0	–	-262,294	–	-0.43%	–
HFWA	Exit	HERITAGE FINL CORP WASH	$0	–	-230,737	–	-0.45%	–
TCBK	Exit	TRICO BANCSHARES	$0	–	-137,981	–	-0.45%	–
GHLD	Exit	GUILD HLDGS COcl a	$0	–	-745,364	–	-0.50%	–
MCBC	Exit	MACATAWA BK CORP	$0	–	-744,569	–	-0.51%	–
BUR	Exit	BURFORD CAP LTD	$0	–	-928,939	–	-0.51%	–
MTB	Exit	M & T BK CORP	$0	–	-40,383	–	-0.52%	–
PKBK	Exit	PARKE BANCORP INC	$0	–	-343,656	–	-0.53%	–
CCS	Exit	CENTURY CMNTYS INC	$0	–	-168,484	–	-0.53%	–
BCML	Exit	BAYCOM CORP	$0	–	-413,358	–	-0.53%	–
SPTL	Exit	SPDR SER TRportfolio ln tsr	$0	–	-246,080	–	-0.54%	–
IEF	Exit	ISHARES TR7-10 yr trsy bd	$0	–	-82,645	–	-0.58%	–
PNFP	Exit	PINNACLE FINL PARTNERS INC	$0	–	-98,134	–	-0.58%	–
CHMG	Exit	CHEMUNG FINL CORP	$0	–	-194,111	–	-0.60%	–
FIBK	Exit	FIRST INTST BANCSYSTEM INC	$0	–	-202,723	–	-0.60%	–
UBSI	Exit	UNITED BANKSHARES INC WEST V	$0	–	-233,034	–	-0.61%	–
FBMS	Exit	FIRST BANCSHARES INC MS	$0	–	-283,464	–	-0.62%	–
EVR	Exit	EVERCORE INCclass a	$0	–	-102,889	–	-0.62%	–
FBC	Exit	FLAGSTAR BANCORP INC	$0	–	-289,874	–	-0.71%	–
COLB	Exit	COLUMBIA BKG SYS INC	$0	–	-343,943	–	-0.73%	–
FIS	Exit	FIDELITY NATL INFORMATION SV	$0	–	-134,921	–	-0.75%	–
FBNC	Exit	FIRST BANCORP N C	$0	–	-283,635	–	-0.76%	–
EGBN	Exit	EAGLE BANCORP INC MD	$0	–	-233,970	–	-0.77%	–
CAC	Exit	CAMDEN NATL CORP	$0	–	-247,699	–	-0.77%	–
SCHW	Exit	SCHWAB CHARLES CORP	$0	–	-156,956	–	-0.83%	–
MCB	Exit	METROPOLITAN BK HLDG CORP	$0	–	-177,394	–	-0.84%	–
FCNCA	Exit	FIRST CTZNS BANCSHARES INC Ncl a	$0	–	-15,028	–	-0.88%	–
BLK	Exit	BLACKROCK INC	$0	–	-23,001	–	-0.93%	–
ALLY	Exit	ALLY FINL INC	$0	–	-458,570	–	-0.94%	–
ALL	Exit	ALLSTATE CORP	$0	–	-104,906	–	-0.96%	–
FNF	Exit	FIDELITY NATIONAL FINANCIAL	$0	–	-376,996	–	-1.00%	–
PFSI	Exit	PENNYMAC FINL SVCS INC NEW	$0	–	-324,581	–	-1.02%	–
TBBK	Exit	BANCORP INC DEL	$0	–	-685,567	–	-1.10%	–
HWC	Exit	HANCOCK WHITNEY CORPORATION	$0	–	-331,915	–	-1.12%	–
AX	Exit	AXOS FINANCIAL INC	$0	–	-448,196	–	-1.12%	–
NBN	Exit	NORTHEAST BK LEWISTON ME	$0	–	-423,802	–	-1.14%	–
SNV	Exit	SYNOVUS FINL CORP	$0	–	-430,445	–	-1.18%	–
	Exit	AMALGAMATED FINANCIAL CORP	$0	–	-733,679	–	-1.21%	–
ONB	Exit	OLD NATL BANCORP IND	$0	–	-1,032,889	–	-1.25%	–
ZION	Exit	ZIONS BANCORPORATION N A	$0	–	-337,782	–	-1.26%	–
OMF	Exit	ONEMAIN HLDGS INC	$0	–	-606,395	–	-1.31%	–
	Exit	APOLLO GLOBAL MGMT INC	$0	–	-390,570	–	-1.33%	–
MBIN	Exit	MERCHANTS BANCORP IND	$0	–	-793,709	–	-1.34%	–
BUSE	Exit	FIRST BUSEY CORP	$0	–	-980,038	–	-1.58%	–
CFG	Exit	CITIZENS FINL GROUP INC	$0	–	-628,902	–	-1.58%	–
CUBI	Exit	CUSTOMERS BANCORP INC	$0	–	-740,045	–	-1.60%	–
BPOP	Exit	POPULAR INC	$0	–	-315,791	–	-1.67%	–
PACW	Exit	PACWEST BANCORP DEL	$0	–	-1,089,091	–	-1.80%	–
SBNY	Exit	SIGNATURE BK NEW YORK N Y	$0	–	-178,555	–	-1.98%	–
WAL	Exit	WESTERN ALLIANCE BANCORP	$0	–	-414,169	–	-2.00%	–
COF	Exit	CAPITAL ONE FINL CORP	$0	–	-306,470	–	-2.07%	–
RM	Exit	REGIONAL MGMT CORP	$0	–	-1,039,019	–	-2.14%	–
MS	Exit	MORGAN STANLEY	$0	–	-369,259	–	-2.14%	–
LEN	Exit	LENNAR CORPcl a	$0	–	-391,530	–	-2.14%	–
ESQ	Exit	ESQUIRE FINL HLDGS INC	$0	–	-839,081	–	-2.31%	–
CMA	Exit	COMERICA INC	$0	–	-486,429	–	-2.54%	–
BAC	Exit	BK OF AMERICA CORP	$0	–	-1,163,233	–	-2.58%	–
FNB	Exit	F N B CORP	$0	–	-3,192,249	–	-2.72%	–
USB	Exit	US BANCORP DEL	$0	–	-1,152,063	–	-3.41%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-1,199,376	–	-3.54%	–
TCBI	Exit	TEXAS CAP BANCSHARES INC	$0	–	-845,650	–	-3.66%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-491,000	–	-3.76%	–
WBS	Exit	WEBSTER FINL CORP	$0	–	-1,539,528	–	-5.10%	–
DCOM	Exit	DIME CMNTY BANCSHARES INC	$0	–	-2,632,008	–	-5.65%	–

Q3 2022

			Value		Shares		↓ Weighting
DCOM	Sell	DIME CMNTY BANCSHARES INC	$77,065,000	-13.2%	2,632,008	-12.1%	5.65%	+1.2%
WBS	Sell	WEBSTER FINL CORP	$69,587,000	+7.1%	1,539,528	-0.1%	5.10%	+25.0%
TCBI	Buy	TEXAS CAP BANCSHARES INC	$49,919,000	+27.9%	845,650	+14.1%	3.66%	+49.2%
WFC	Sell	WELLS FARGO CO NEW	$48,239,000	-3.0%	1,199,376	-5.5%	3.54%	+13.1%
FNB	Sell	F N B CORP	$37,030,000	-4.3%	3,192,249	-10.4%	2.72%	+11.6%
CMA	Sell	COMERICA INC	$34,585,000	-31.4%	486,429	-29.1%	2.54%	-19.9%
ESQ	Sell	ESQUIRE FINL HLDGS INC	$31,507,000	+1.2%	839,081	-10.3%	2.31%	+18.0%
LEN	Sell	LENNAR CORPcl a	$29,189,000	+4.0%	391,530	-1.6%	2.14%	+21.3%
RM	Sell	REGIONAL MGMT CORP	$29,134,000	-34.1%	1,039,019	-12.1%	2.14%	-23.1%
COF	Sell	CAPITAL ONE FINL CORP	$28,247,000	-25.7%	306,470	-16.1%	2.07%	-13.4%
WAL	Sell	WESTERN ALLIANCE BANCORP	$27,227,000	-40.2%	414,169	-35.8%	2.00%	-30.2%
SBNY	Buy	SIGNATURE BK NEW YORK N Y	$26,962,000	+15.6%	178,555	+37.2%	1.98%	+34.8%
PACW	Buy	PACWEST BANCORP DEL	$24,613,000	+3.9%	1,089,091	+22.6%	1.80%	+21.1%
BPOP	Sell	POPULAR INC	$22,756,000	-15.4%	315,791	-9.7%	1.67%	-1.4%
CUBI	Sell	CUSTOMERS BANCORP INC	$21,817,000	-39.0%	740,045	-29.9%	1.60%	-28.9%
CFG	Buy	CITIZENS FINL GROUP INC	$21,609,000	+110.6%	628,902	+118.8%	1.58%	+145.7%
BUSE	Sell	FIRST BUSEY CORP	$21,541,000	-23.1%	980,038	-20.1%	1.58%	-10.3%
MBIN	Sell	MERCHANTS BANCORP IND	$18,311,000	-4.5%	793,709	-6.2%	1.34%	+11.4%
	Buy	APOLLO GLOBAL MGMT INC	$18,162,000	-0.5%	390,570	+3.8%	1.33%	+16.0%
OMF	Sell	ONEMAIN HLDGS INC	$17,901,000	-46.0%	606,395	-31.6%	1.31%	-37.0%
ZION	Sell	ZIONS BANCORPORATION N A	$17,180,000	-1.2%	337,782	-1.2%	1.26%	+15.2%
ONB	Sell	OLD NATL BANCORP IND	$17,012,000	-45.0%	1,032,889	-50.6%	1.25%	-35.8%
	Sell	AMALGAMATED FINANCIAL CORP	$16,544,000	+0.3%	733,679	-12.1%	1.21%	+16.9%
SNV	Buy	SYNOVUS FINL CORP	$16,146,000	+12.6%	430,445	+8.3%	1.18%	+31.4%
NBN	Sell	NORTHEAST BK LEWISTON ME	$15,541,000	-3.5%	423,802	-3.8%	1.14%	+12.6%
AX	Sell	AXOS FINANCIAL INC	$15,342,000	-20.7%	448,196	-16.9%	1.12%	-7.5%
HWC	Buy	HANCOCK WHITNEY CORPORATION	$15,205,000	+547.8%	331,915	+527.0%	1.12%	+653.4%
TBBK	Sell	BANCORP INC DEL	$15,069,000	-13.8%	685,567	-23.5%	1.10%	+0.5%
PFSI	Sell	PENNYMAC FINL SVCS INC NEW	$13,925,000	-36.4%	324,581	-35.2%	1.02%	-25.8%
FNF	Buy	FIDELITY NATIONAL FINANCIAL	$13,647,000	+10.5%	376,996	+12.8%	1.00%	+28.8%
ALL	Buy	ALLSTATE CORP	$13,064,000	+20.8%	104,906	+22.9%	0.96%	+40.9%
ALLY	Sell	ALLY FINL INC	$12,762,000	-57.3%	458,570	-48.5%	0.94%	-50.1%
BLK	Sell	BLACKROCK INC	$12,657,000	-20.2%	23,001	-11.7%	0.93%	-7.0%
SCHW	New	SCHWAB CHARLES CORP	$11,280,000	–	156,956	–	0.83%	–
EGBN	Buy	EAGLE BANCORP INC MD	$10,487,000	+380.8%	233,970	+408.5%	0.77%	+461.3%
FBNC	Buy	FIRST BANCORP N C	$10,375,000	+141.2%	283,635	+130.1%	0.76%	+180.8%
FIS	Sell	FIDELITY NATL INFORMATION SV	$10,196,000	-20.1%	134,921	-3.1%	0.75%	-6.7%
COLB	Sell	COLUMBIA BKG SYS INC	$9,937,000	-30.6%	343,943	-31.2%	0.73%	-19.0%
EVR	Buy	EVERCORE INCclass a	$8,463,000	+122.1%	102,889	+152.8%	0.62%	+158.8%
FBMS	New	FIRST BANCSHARES INC MS	$8,467,000	–	283,464	–	0.62%	–
CHMG	Buy	CHEMUNG FINL CORP	$8,127,000	-5.1%	194,111	+6.5%	0.60%	+10.8%
IEF	Sell	ISHARES TR7-10 yr trsy bd	$7,933,000	-56.5%	82,645	-53.7%	0.58%	-49.3%
BCML	Sell	BAYCOM CORP	$7,267,000	-18.5%	413,358	-4.1%	0.53%	-4.8%
CCS	Sell	CENTURY CMNTYS INC	$7,208,000	-27.4%	168,484	-23.7%	0.53%	-15.2%
PKBK	Sell	PARKE BANCORP INC	$7,203,000	-18.5%	343,656	-18.5%	0.53%	-5.0%
BUR	Sell	BURFORD CAP LTD	$6,967,000	-41.0%	928,939	-20.6%	0.51%	-31.1%
MCBC	Sell	MACATAWA BK CORP	$6,895,000	+4.7%	744,569	-0.1%	0.51%	+22.2%
GHLD	Sell	GUILD HLDGS COcl a	$6,887,000	-19.4%	745,364	-11.1%	0.50%	-6.0%
HFWA	Sell	HERITAGE FINL CORP WASH	$6,108,000	-61.0%	230,737	-63.0%	0.45%	-54.6%
BSVN	Buy	BANK7 CORP	$5,818,000	+138.7%	262,294	+145.8%	0.43%	+179.1%
AER	Sell	AERCAP HOLDINGS NV	$5,425,000	-80.3%	128,166	-81.0%	0.40%	-77.0%
HBT	Sell	HBT FINL INC.	$5,382,000	-6.5%	296,505	-8.0%	0.40%	+9.1%
QNST	Sell	QUINSTREET INC	$5,354,000	-40.6%	509,942	-43.1%	0.39%	-30.7%
MHO	Sell	M/I HOMES INC	$4,956,000	-13.9%	136,799	-5.8%	0.36%	+0.6%
	Sell	FINWISE BANCORP	$4,895,000	-41.8%	542,123	-39.9%	0.36%	-32.1%
AMP	Buy	AMERIPRISE FINL INC	$4,618,000	+99.1%	18,329	+87.8%	0.34%	+132.2%
LBAI	Sell	LAKELAND BANCORP INC	$4,510,000	-8.7%	281,681	-16.6%	0.33%	+6.4%
FUNC	Buy	FIRST UTD CORP	$4,429,000	-0.1%	267,598	+13.2%	0.32%	+16.5%
TMHC	Sell	TAYLOR MORRISON HOME CORP	$3,988,000	-50.4%	171,030	-50.3%	0.29%	-42.1%
CBTX	Sell	CBTX INC	$3,922,000	-80.0%	134,081	-81.8%	0.29%	-76.6%
CVCY	Buy	CENTRAL VY CMNTY BANCORP	$3,912,000	+60.9%	220,899	+31.7%	0.29%	+87.6%
VCTR	New	VICTORY CAP HLDGS INC	$3,754,000	–	161,050	–	0.28%	–
BMRC	Sell	BANK MARIN BANCORP	$2,760,000	-43.2%	92,142	-39.8%	0.20%	-34.0%
PHM	Sell	PULTE GROUP INC	$2,644,000	-42.6%	70,511	-39.4%	0.19%	-33.1%
TSBK	Sell	TIMBERLAND BANCORP INC	$2,477,000	-26.0%	89,586	-33.1%	0.18%	-13.7%
UWMC	Buy	UWM HOLDINGS CORPORATION	$2,336,000	+32.7%	797,384	+60.3%	0.17%	+54.1%
UBFO	Sell	UNITED SEC BANCSHARES CALIF	$2,041,000	-14.5%	313,056	-0.1%	0.15%	0.0%
PBHC	Sell	PATHFINDER BANCORP INC MD	$1,979,000	+2.0%	97,281	-0.1%	0.14%	+18.9%
GPN	Sell	GLOBAL PMTS INC	$1,881,000	-24.8%	17,408	-23.0%	0.14%	-12.1%
MOFG	Sell	MIDWESTONE FINL GROUP INC NE	$1,739,000	-55.6%	63,717	-51.7%	0.13%	-48.0%
TOL	Buy	TOLL BROTHERS INC	$1,573,000	-3.8%	37,458	+2.2%	0.12%	+11.7%
KBH	Sell	KB HOME	$1,385,000	-24.4%	53,421	-17.0%	0.10%	-11.3%
ALRS	New	ALERUS FINL CORP	$1,331,000	–	60,240	–	0.10%	–
HBCP	Buy	HOME BANCORP INC	$1,122,000	+37300.0%	28,774	+28674.0%	0.08%	–
MTH	Sell	MERITAGE HOMES CORP	$969,000	-67.2%	13,785	-66.2%	0.07%	-61.8%
RKT	Sell	ROCKET COS INC	$939,000	-26.7%	148,632	-14.6%	0.07%	-14.8%
EVBN	Sell	EVANS BANCORP INC	$731,000	-50.7%	19,954	-54.3%	0.05%	-41.9%
TLT	Buy	ISHARES TRcall	$440,000	+0.5%	4,297	+12.8%	0.03%	+14.3%
LC	Sell	LENDINGCLUB CORP	$413,000	-94.6%	37,396	-94.3%	0.03%	-93.8%
KRE	Sell	SPDR SER TRput	$337,000	-43.6%	5,727	-44.3%	0.02%	-34.2%
PGC	Sell	PEAPACK-GLADSTONE FINL CORP	$140,000	-94.8%	4,152	-95.4%	0.01%	-94.1%
UPST	New	UPSTART HLDGS INC	$96,000	–	4,633	–	0.01%	–
JWSM	Sell	JAWS MUSTANG ACQUISITION COR	$94,000	-87.9%	9,438	-88.1%	0.01%	-85.7%
DLCA	Sell	DEEP LAKE CAPITAL ACQUSTN CO	$89,000	-88.1%	8,911	-88.2%	0.01%	-85.1%
AL	Sell	AIR LEASE CORPcl a	$56,000	-97.0%	1,815	-96.7%	0.00%	-96.6%
ACII	Sell	ATLAS CREST INVESTMENT CORP	$30,000	-98.0%	3,006	-98.0%	0.00%	-97.8%
CVII	Sell	CHURCHILL CAPITAL CORP VII	$30,000	-98.0%	3,046	-98.0%	0.00%	-97.9%
CCVI	Sell	CHURCHILL CAPITAL CORP VI	$29,000	-98.0%	2,900	-98.0%	0.00%	-97.8%
CFIV	Sell	CF ACQUISITION CORP IV	$31,000	-98.0%	3,134	-98.0%	0.00%	-98.0%
FCAX	Sell	FORTRESS CAPITAL ACQUISITION	$31,000	-98.0%	3,085	-98.0%	0.00%	-97.9%
GSQD	Sell	G SQUARED ASCEND I INC	$15,000	-98.0%	1,529	-98.0%	0.00%	-97.9%
FVT	Sell	FORTRESS VALUE ACQUIS CORP I	$15,000	-98.0%	1,546	-98.0%	0.00%	-97.9%
	New	PAGAYA TECHNOLOGIES LTD	$0	–	266	–	0.00%	–
	Exit	USCB FINANCIAL HOLDINGS INC	$0	–	-7,800	–	-0.01%	–
PWP	Exit	PERELLA WEINBERG PARTNERS	$0	–	-42,325	–	-0.02%	–
NCR	Exit	NCR CORP NEW	$0	–	-34,122	–	-0.07%	–
SMBK	Exit	SMARTFINANCIAL INC	$0	–	-68,178	–	-0.10%	–
	Exit	SOUTHERN STS BANCSHARES INC	$0	–	-100,212	–	-0.14%	–
BOTJ	Exit	BANK OF THE JAMES FINL GP IN	$0	–	-227,043	–	-0.19%	–
CG	Exit	CARLYLE GROUP INC	$0	–	-137,006	–	-0.27%	–
CASH	Exit	META FINL GROUP INC	$0	–	-121,593	–	-0.30%	–
MYFW	Exit	FIRST WESTN FINL INC	$0	–	-178,828	–	-0.31%	–
HBNC	Exit	HORIZON BANCORP INC	$0	–	-320,526	–	-0.35%	–
LAZ	Exit	LAZARD LTD	$0	–	-180,311	–	-0.37%	–

Q2 2022

			Value		Shares		↓ Weighting
DCOM	New	DIME CMNTY BANCSHARES INC	$88,790,000	–	2,994,611	–	5.58%	–
WBS	New	WEBSTER FINL CORP	$64,949,000	–	1,540,896	–	4.08%	–
JPM	New	JPMORGAN CHASE & CO	$55,292,000	–	491,000	–	3.48%	–
USB	New	US BANCORP DEL	$53,018,000	–	1,152,063	–	3.33%	–
CMA	New	COMERICA INC	$50,380,000	–	686,558	–	3.17%	–
WFC	New	WELLS FARGO CO NEW	$49,728,000	–	1,269,548	–	3.13%	–
WAL	New	WESTERN ALLIANCE BANCORP	$45,512,000	–	644,646	–	2.86%	–
RM	New	REGIONAL MGMT CORP	$44,186,000	–	1,182,405	–	2.78%	–
TCBI	New	TEXAS CAP BANCSHARES INC	$39,016,000	–	741,187	–	2.45%	–
FNB	New	F N B CORP	$38,689,000	–	3,562,503	–	2.43%	–
COF	New	CAPITAL ONE FINL CORP	$38,042,000	–	365,120	–	2.39%	–
BAC	New	BK OF AMERICA CORP	$36,211,000	–	1,163,233	–	2.28%	–
CUBI	New	CUSTOMERS BANCORP INC	$35,769,000	–	1,055,123	–	2.25%	–
OMF	New	ONEMAIN HLDGS INC	$33,153,000	–	886,924	–	2.08%	–
ESQ	New	ESQUIRE FINL HLDGS INC	$31,133,000	–	934,915	–	1.96%	–
ONB	New	OLD NATL BANCORP IND	$30,927,000	–	2,091,070	–	1.94%	–
ALLY	New	ALLY FINL INC	$29,854,000	–	890,884	–	1.88%	–
MS	New	MORGAN STANLEY	$28,086,000	–	369,259	–	1.77%	–
LEN	New	LENNAR CORPcl a	$28,067,000	–	397,713	–	1.76%	–
BUSE	New	FIRST BUSEY CORP	$28,013,000	–	1,225,970	–	1.76%	–
AER	New	AERCAP HOLDINGS NV	$27,573,000	–	673,498	–	1.73%	–
BPOP	New	POPULAR INC	$26,907,000	–	349,766	–	1.69%	–
PACW	New	PACWEST BANCORP DEL	$23,689,000	–	888,549	–	1.49%	–
SBNY	New	SIGNATURE BK NEW YORK N Y	$23,321,000	–	130,130	–	1.47%	–
PFSI	New	PENNYMAC FINL SVCS INC NEW	$21,879,000	–	500,538	–	1.38%	–
CBTX	New	CBTX INC	$19,603,000	–	737,247	–	1.23%	–
AX	New	AXOS FINANCIAL INC	$19,338,000	–	539,421	–	1.22%	–
MBIN	New	MERCHANTS BANCORP IND	$19,178,000	–	845,973	–	1.21%	–
IEF	New	ISHARES TR7-10 yr trsy bd	$18,250,000	–	178,393	–	1.15%	–
	New	APOLLO GLOBAL MGMT INC	$18,249,000	–	376,418	–	1.15%	–
TBBK	New	BANCORP INC DEL	$17,488,000	–	895,879	–	1.10%	–
ZION	New	ZIONS BANCORPORATION N A	$17,395,000	–	341,739	–	1.09%	–
	New	AMALGAMATED FINANCIAL CORP	$16,502,000	–	834,282	–	1.04%	–
NBN	New	NORTHEAST BK LEWISTON ME	$16,100,000	–	440,721	–	1.01%	–
BLK	New	BLACKROCK INC	$15,867,000	–	26,052	–	1.00%	–
HFWA	New	HERITAGE FINL CORP WASH	$15,681,000	–	623,271	–	0.99%	–
SNV	New	SYNOVUS FINL CORP	$14,335,000	–	397,632	–	0.90%	–
COLB	New	COLUMBIA BKG SYS INC	$14,317,000	–	499,715	–	0.90%	–
FIS	New	FIDELITY NATL INFORMATION SV	$12,758,000	–	139,172	–	0.80%	–
FNF	New	FIDELITY NATIONAL FINANCIAL	$12,351,000	–	334,183	–	0.78%	–
MCB	New	METROPOLITAN BK HLDG CORP	$12,315,000	–	177,394	–	0.77%	–
BUR	New	BURFORD CAP LTD	$11,803,000	–	1,169,784	–	0.74%	–
CAC	New	CAMDEN NATL CORP	$10,911,000	–	247,699	–	0.69%	–
ALL	New	ALLSTATE CORP	$10,814,000	–	85,331	–	0.68%	–
FBC	New	FLAGSTAR BANCORP INC	$10,276,000	–	289,874	–	0.65%	–
CFG	New	CITIZENS FINL GROUP INC	$10,260,000	–	287,481	–	0.64%	–
CCS	New	CENTURY CMNTYS INC	$9,926,000	–	220,735	–	0.62%	–
FCNCA	New	FIRST CTZNS BANCSHARES INC Ncl a	$9,825,000	–	15,028	–	0.62%	–
QNST	New	QUINSTREET INC	$9,019,000	–	896,495	–	0.57%	–
BCML	New	BAYCOM CORP	$8,913,000	–	431,007	–	0.56%	–
PKBK	New	PARKE BANCORP INC	$8,834,000	–	421,463	–	0.56%	–
CHMG	New	CHEMUNG FINL CORP	$8,563,000	–	182,198	–	0.54%	–
GHLD	New	GUILD HLDGS COcl a	$8,540,000	–	838,055	–	0.54%	–
	New	FINWISE BANCORP	$8,409,000	–	901,332	–	0.53%	–
UBSI	New	UNITED BANKSHARES INC WEST V	$8,173,000	–	233,034	–	0.51%	–
SPTL	New	SPDR SER TRportfolio ln tsr	$8,138,000	–	246,080	–	0.51%	–
TMHC	New	TAYLOR MORRISON HOME CORP	$8,047,000	–	344,463	–	0.51%	–
FIBK	New	FIRST INTST BANCSYSTEM INC	$7,726,000	–	202,723	–	0.49%	–
LC	New	LENDINGCLUB CORP	$7,684,000	–	657,305	–	0.48%	–
PNFP	New	PINNACLE FINL PARTNERS INC	$7,096,000	–	98,134	–	0.45%	–
MCBC	New	MACATAWA BK CORP	$6,586,000	–	745,076	–	0.41%	–
MTB	New	M & T BK CORP	$6,437,000	–	40,383	–	0.40%	–
TCBK	New	TRICO BANCSHARES	$6,297,000	–	137,981	–	0.40%	–
AIZ	New	ASSURANT INC	$5,943,000	–	34,381	–	0.37%	–
LAZ	New	LAZARD LTD	$5,844,000	–	180,311	–	0.37%	–
HBT	New	HBT FINL INC.	$5,756,000	–	322,130	–	0.36%	–
MHO	New	M/I HOMES INC	$5,758,000	–	145,182	–	0.36%	–
HBNC	New	HORIZON BANCORP INC	$5,584,000	–	320,526	–	0.35%	–
LBAI	New	LAKELAND BANCORP INC	$4,940,000	–	337,927	–	0.31%	–
BMRC	New	BANK MARIN BANCORP	$4,860,000	–	152,940	–	0.31%	–
MYFW	New	FIRST WESTN FINL INC	$4,862,000	–	178,828	–	0.31%	–
CASH	New	META FINL GROUP INC	$4,702,000	–	121,593	–	0.30%	–
PHM	New	PULTE GROUP INC	$4,609,000	–	116,295	–	0.29%	–
FUNC	New	FIRST UTD CORP	$4,435,000	–	236,398	–	0.28%	–
CG	New	CARLYLE GROUP INC	$4,338,000	–	137,006	–	0.27%	–
FBNC	New	FIRST BANCORP N C	$4,302,000	–	123,266	–	0.27%	–
SSB	New	SOUTHSTATE CORPORATION	$4,085,000	–	52,944	–	0.26%	–
MOFG	New	MIDWESTONE FINL GROUP INC NE	$3,919,000	–	131,859	–	0.25%	–
EVR	New	EVERCORE INCclass a	$3,810,000	–	40,700	–	0.24%	–
BHLB	New	BERKSHIRE HILLS BANCORP INC	$3,661,000	–	147,794	–	0.23%	–
HOMB	New	HOME BANCSHARES INC	$3,459,000	–	166,538	–	0.22%	–
TSBK	New	TIMBERLAND BANCORP INC	$3,349,000	–	133,978	–	0.21%	–
ABCB	New	AMERIS BANCORP	$3,282,000	–	81,689	–	0.21%	–
FITB	New	FIFTH THIRD BANCORP	$3,145,000	–	93,607	–	0.20%	–
BOTJ	New	BANK OF THE JAMES FINL GP IN	$2,952,000	–	227,043	–	0.19%	–
MTH	New	MERITAGE HOMES CORP	$2,955,000	–	40,757	–	0.19%	–
TLT	New	ISHARES TR20 yr tr bd etf	$2,864,000	–	24,935	–	0.18%	–
PCB	New	PCB BANCORP	$2,733,000	–	146,292	–	0.17%	–
PGC	New	PEAPACK-GLADSTONE FINL CORP	$2,697,000	–	90,792	–	0.17%	–
GPN	New	GLOBAL PMTS INC	$2,502,000	–	22,618	–	0.16%	–
BSVN	New	BANK7 CORP	$2,437,000	–	106,700	–	0.15%	–
CVCY	New	CENTRAL VY CMNTY BANCORP	$2,431,000	–	167,680	–	0.15%	–
UBFO	New	UNITED SEC BANCSHARES CALIF	$2,387,000	–	313,247	–	0.15%	–
HWC	New	HANCOCK WHITNEY CORPORATION	$2,347,000	–	52,933	–	0.15%	–
AMP	New	AMERIPRISE FINL INC	$2,320,000	–	9,759	–	0.15%	–
	New	SOUTHERN STS BANCSHARES INC	$2,254,000	–	100,212	–	0.14%	–
EGBN	New	EAGLE BANCORP INC MD	$2,181,000	–	46,012	–	0.14%	–
PBHC	New	PATHFINDER BANCORP INC MD	$1,940,000	–	97,361	–	0.12%	–
WSBC	New	WESBANCO INC	$1,866,000	–	58,859	–	0.12%	–
AL	New	AIR LEASE CORPcl a	$1,854,000	–	55,448	–	0.12%	–
KBH	New	KB HOME	$1,833,000	–	64,397	–	0.12%	–
UWMC	New	UWM HOLDINGS CORPORATION	$1,760,000	–	497,309	–	0.11%	–
SMBK	New	SMARTFINANCIAL INC	$1,647,000	–	68,178	–	0.10%	–
TOL	New	TOLL BROTHERS INC	$1,635,000	–	36,668	–	0.10%	–
CFIV	New	CF ACQUISITION CORP IV	$1,553,000	–	157,802	–	0.10%	–
FCAX	New	FORTRESS CAPITAL ACQUISITION	$1,521,000	–	154,461	–	0.10%	–
CVII	New	CHURCHILL CAPITAL CORP VII	$1,495,000	–	152,973	–	0.09%	–
EVBN	New	EVANS BANCORP INC	$1,483,000	–	43,620	–	0.09%	–
ACII	New	ATLAS CREST INVESTMENT CORP	$1,477,000	–	150,531	–	0.09%	–
CCVI	New	CHURCHILL CAPITAL CORP VI	$1,428,000	–	145,845	–	0.09%	–
RKT	New	ROCKET COS INC	$1,281,000	–	174,055	–	0.08%	–
KEY	New	KEYCORP	$1,269,000	–	73,678	–	0.08%	–
NCR	New	NCR CORP NEW	$1,062,000	–	34,122	–	0.07%	–
C	New	CITIGROUP INC	$916,000	–	19,920	–	0.06%	–
IIII	New	INSU ACQUISITION CORP III	$819,000	–	83,187	–	0.05%	–
SASR	New	SANDY SPRING BANCORP INC	$809,000	–	20,707	–	0.05%	–
HERA	New	FTAC HERA ACQUISITION CORP	$816,000	–	83,268	–	0.05%	–
JWSM	New	JAWS MUSTANG ACQUISITION COR	$777,000	–	79,022	–	0.05%	–
JOFF	New	JOFF FINTECH ACQUISITION COR	$759,000	–	77,165	–	0.05%	–
FVT	New	FORTRESS VALUE ACQUIS CORP I	$759,000	–	77,236	–	0.05%	–
APGB	New	APOLLO STRATEGIC GRWT CPTL I	$756,000	–	76,938	–	0.05%	–
ASZ	New	AUSTERLITZ ACQUISITION CORP	$760,000	–	77,904	–	0.05%	–
LGAC	New	LAZARD GROWTH ACQUISITION CO	$760,000	–	77,530	–	0.05%	–
FTAA	New	FTAC ATHENA ACQUISITION CORP	$750,000	–	76,416	–	0.05%	–
GSEV	New	GORES HOLDINGS VII INC	$755,000	–	77,152	–	0.05%	–
DLCA	New	DEEP LAKE CAPITAL ACQUSTN CO	$746,000	–	75,825	–	0.05%	–
GSQD	New	G SQUARED ASCEND I INC	$750,000	–	76,421	–	0.05%	–
AUS	New	AUSTERLITZ ACQUISITION CORP	$710,000	–	72,854	–	0.04%	–
KRE	New	SPDR SER TRput	$598,000	–	10,288	–	0.04%	–
TLT	New	ISHARES TRcall	$438,000	–	3,809	–	0.03%	–
PWP	New	PERELLA WEINBERG PARTNERS	$247,000	–	42,325	–	0.02%	–
	New	CATALYST BANCORP INC	$152,000	–	11,246	–	0.01%	–
	New	USCB FINANCIAL HOLDINGS INC	$90,000	–	7,800	–	0.01%	–
LDI	New	LOANDEPOT INC	$46,000	–	31,623	–	0.00%	–
HBCP	New	HOME BANCORP INC	$3,000	–	100	–	0.00%	–

Q4 2021

			Value		Shares		↓ Weighting
KPLT	Exit	KATAPULT HOLDINGS INC	$0	–	-32,232	–	-0.01%	–
JAX	Exit	J ALEXANDERS HLDGS INC	$0	–	-19,238	–	-0.01%	–
SAL	Exit	SALISBURY BANCORP INC	$0	–	-6,421	–	-0.01%	–
KRE	Exit	SPDR SER TRput	$0	–	-5,629	–	-0.02%	–
MDY	Exit	SPDR S&P MIDCAP 400 ETF TRput	$0	–	-1,058	–	-0.02%	–
DLCA	Exit	DEEP LAKE CAPITAL ACQUSTN CO	$0	–	-76,713	–	-0.03%	–
FTAA	Exit	FTAC ATHENA ACQUISITION CORP	$0	–	-77,336	–	-0.03%	–
JOFF	Exit	JOFF FINTECH ACQUISITION COR	$0	–	-78,085	–	-0.03%	–
FVT	Exit	FORTRESS VALUE ACQUIS CORP I	$0	–	-78,159	–	-0.03%	–
GIIX	Exit	GORES HLDGS VIII INCcl a	$0	–	-76,603	–	-0.03%	–
GSEV	Exit	GORES HOLDINGS VII INC	$0	–	-78,082	–	-0.03%	–
GSQD	Exit	G SQUARED ASCEND I INC	$0	–	-77,336	–	-0.03%	–
LGAC	Exit	LAZARD GROWTH ACQUISITION CO	$0	–	-78,461	–	-0.03%	–
CFVI	Exit	CF ACQUISITION CORP VI	$0	–	-78,999	–	-0.03%	–
ASZ	Exit	AUSTERLITZ ACQUISITION CORP	$0	–	-78,844	–	-0.03%	–
APGB	Exit	APOLLO STRATEGIC GRWT CPTL I	$0	–	-77,856	–	-0.03%	–
JWSM	Exit	JAWS MUSTANG ACQUISITION COR	$0	–	-79,999	–	-0.03%	–
AUS	Exit	AUSTERLITZ ACQUISITION CORP	$0	–	-78,461	–	-0.03%	–
HERA	Exit	FTAC HERA ACQUISITION CORP	$0	–	-84,318	–	-0.03%	–
IIII	Exit	INSU ACQUISITION CORP III	$0	–	-84,238	–	-0.03%	–
SASR	Exit	SANDY SPRING BANCORP INC	$0	–	-20,707	–	-0.04%	–
HBT	Exit	HBT FINL INC.	$0	–	-59,968	–	-0.04%	–
BSRR	Exit	SIERRA BANCORP	$0	–	-39,415	–	-0.04%	–
YAC	Exit	YUCAIPA ACQUISITION CORP	$0	–	-107,753	–	-0.04%	–
BUR	Exit	BURFORD CAP LTD	$0	–	-97,474	–	-0.04%	–
FAF	Exit	FIRST AMERN FINL CORP	$0	–	-17,998	–	-0.05%	–
CCVI	Exit	CHURCHILL CAPITAL CORP VI	$0	–	-147,608	–	-0.06%	–
ACII	Exit	ATLAS CREST INVESTMENT CORP	$0	–	-152,337	–	-0.06%	–
CVII	Exit	CHURCHILL CAPITAL CORP VII	$0	–	-154,817	–	-0.06%	–
TREB	Exit	TREBIA ACQUISITION CORP	$0	–	-152,051	–	-0.06%	–
FCAX	Exit	FORTRESS CAPITAL ACQUISITION	$0	–	-156,314	–	-0.06%	–
MOTV	Exit	MOTIVE CAPITAL CORP	$0	–	-157,380	–	-0.06%	–
CFIV	Exit	CF ACQUISITION CORP IV	$0	–	-159,713	–	-0.06%	–
CFV	Exit	CF ACQUISITION CORP Vcl a	$0	–	-157,075	–	-0.06%	–
OCBI	Exit	ORANGE CNTY BANCORP INC	$0	–	-46,486	–	-0.07%	–
VCTR	Exit	VICTORY CAP HLDGS INC	$0	–	-48,061	–	-0.07%	–
UNTY	Exit	UNITY BANCORP INC	$0	–	-80,897	–	-0.08%	–
PBCT	Exit	PEOPLES UNITED FINANCIAL INC	$0	–	-113,228	–	-0.08%	–
WSBC	Exit	WESBANCO INC	$0	–	-58,859	–	-0.08%	–
VABK	Exit	VIRGINIA NATL BANKSHARES COR	$0	–	-57,045	–	-0.08%	–
MCBC	Exit	MACATAWA BK CORP	$0	–	-261,391	–	-0.08%	–
SNV	Exit	SYNOVUS FINL CORP	$0	–	-49,535	–	-0.09%	–
FUNC	Exit	FIRST UTD CORP	$0	–	-124,646	–	-0.09%	–
FBIZ	Exit	FIRST BUSINESS FINL SVCS INC	$0	–	-89,690	–	-0.10%	–
EGBN	Exit	EAGLE BANCORP INC MD	$0	–	-46,012	–	-0.11%	–
PCB	Exit	PCB BANCORP	$0	–	-146,292	–	-0.12%	–
C	Exit	CITIGROUP INC	$0	–	-43,984	–	-0.12%	–
EVBN	Exit	EVANS BANCORP INC	$0	–	-81,029	–	-0.13%	–
	Exit	U S CENTY BK DORAL FLA	$0	–	-263,870	–	-0.13%	–
EJFA	Exit	EJF ACQUISITION CORP	$0	–	-329,852	–	-0.13%	–
RBB	Exit	RBB BANCORP	$0	–	-139,114	–	-0.14%	–
ZION	Exit	ZIONS BANCORPORATION N A	$0	–	-62,305	–	-0.16%	–
HOMB	Exit	HOME BANCSHARES INC	$0	–	-166,538	–	-0.16%	–
SSB	Exit	SOUTHSTATE CORPORATION	$0	–	-52,944	–	-0.16%	–
FITB	Exit	FIFTH THIRD BANCORP	$0	–	-93,607	–	-0.16%	–
TSBK	Exit	TIMBERLAND BANCORP INC	$0	–	-137,559	–	-0.16%	–
BHLB	Exit	BERKSHIRE HILLS BANCORP INC	$0	–	-147,794	–	-0.16%	–
RKT	Exit	ROCKET COS INC	$0	–	-252,924	–	-0.16%	–
SHBI	Exit	SHORE BANCSHARES INC	$0	–	-233,279	–	-0.17%	–
ABCB	Exit	AMERIS BANCORP	$0	–	-81,689	–	-0.17%	–
CHMG	Exit	CHEMUNG FINL CORP	$0	–	-95,224	–	-0.18%	–
BOTJ	Exit	BANK OF THE JAMES FINL GP IN	$0	–	-314,399	–	-0.18%	–
BSIG	Exit	BRIGHTSPHERE INVT GROUP INC	$0	–	-179,320	–	-0.19%	–
LDI	Exit	LOANDEPOT INC	$0	–	-707,777	–	-0.19%	–
ADS	Exit	ALLIANCE DATA SYSTEMS CORP	$0	–	-49,170	–	-0.20%	–
KEY	Exit	KEYCORP	$0	–	-228,839	–	-0.20%	–
LBAI	Exit	LAKELAND BANCORP INC	$0	–	-281,681	–	-0.20%	–
FBNC	Exit	FIRST BANCORP N C	$0	–	-123,266	–	-0.22%	–
CBTX	Exit	CBTX INC	$0	–	-201,355	–	-0.22%	–
AIZ	Exit	ASSURANT INC	$0	–	-34,799	–	-0.22%	–
MRLN	Exit	MARLIN BUSINESS SVCS CORP	$0	–	-248,741	–	-0.22%	–
VOYA	Exit	VOYA FINANCIAL INC	$0	–	-90,974	–	-0.23%	–
HFWA	Exit	HERITAGE FINL CORP WASH	$0	–	-230,737	–	-0.24%	–
UWMC	Exit	UWM HOLDINGS CORPORATION	$0	–	-853,938	–	-0.24%	–
TCBK	Exit	TRICO BANCSHARES	$0	–	-137,981	–	-0.24%	–
RBCAA	Exit	REPUBLIC BANCORP INC KYcl a	$0	–	-118,927	–	-0.24%	–
	Exit	SOUTHERN STS BANCSHARES INC	$0	–	-327,366	–	-0.25%	–
MOFG	Exit	MIDWESTONE FINL GROUP INC NE	$0	–	-227,746	–	-0.28%	–
EWBC	Exit	EAST WEST BANCORP INC	$0	–	-100,645	–	-0.32%	–
GWB	Exit	GREAT WESTERN BANCORP INC	$0	–	-240,623	–	-0.32%	–
LAZ	Exit	LAZARD LTD	$0	–	-180,311	–	-0.34%	–
UBSI	Exit	UNITED BANKSHARES INC WEST V	$0	–	-233,034	–	-0.34%	–
ONB	Exit	OLD NATL BANCORP IND	$0	–	-500,119	–	-0.34%	–
STXB	Exit	SPIRIT OF TEX BANCSHARES INC	$0	–	-361,193	–	-0.35%	–
AX	Exit	AXOS FINANCIAL INC	$0	–	-177,838	–	-0.37%	–
PNFP	Exit	PINNACLE FINL PARTNERS INC	$0	–	-98,134	–	-0.37%	–
TBBK	Exit	BANCORP INC DEL	$0	–	-377,863	–	-0.39%	–
TREE	Exit	LENDINGTREE INC NEW	$0	–	-75,978	–	-0.43%	–
MYFW	Exit	FIRST WESTN FINL INC	$0	–	-382,150	–	-0.45%	–
BCML	Exit	BAYCOM CORP	$0	–	-613,608	–	-0.46%	–
GHLD	Exit	GUILD HLDGS COcl a	$0	–	-862,991	–	-0.48%	–
CAC	Exit	CAMDEN NATL CORP	$0	–	-247,699	–	-0.48%	–
PGC	Exit	PEAPACK-GLADSTONE FINL CORP	$0	–	-370,100	–	-0.50%	–
FCNCA	Exit	FIRST CTZNS BANCSHARES INC Ncl a	$0	–	-15,028	–	-0.51%	–
EVR	Exit	EVERCORE INCclass a	$0	–	-97,016	–	-0.53%	–
CARE	Exit	CARTER BANKSHARES INC	$0	–	-912,550	–	-0.53%	–
ALLY	Exit	ALLY FINL INC	$0	–	-257,914	–	-0.53%	–
WAL	Exit	WESTERN ALLIANCE BANCORP	$0	–	-124,305	–	-0.55%	–
FMBI	Exit	FIRST MIDWEST BANCORP DEL	$0	–	-725,480	–	-0.56%	–
PKBK	Exit	PARKE BANCORP INC	$0	–	-638,942	–	-0.57%	–
	Exit	AMALGAMATED FINANCIAL CORP	$0	–	-924,086	–	-0.59%	–
CFG	Exit	CITIZENS FINL GROUP INC	$0	–	-319,020	–	-0.61%	–
FNF	Exit	FIDELITY NATIONAL FINANCIAL	$0	–	-334,183	–	-0.61%	–
AMP	Exit	AMERIPRISE FINL INC	$0	–	-57,537	–	-0.62%	–
TOL	Exit	TOLL BROTHERS INC	$0	–	-307,572	–	-0.69%	–
DFS	Exit	DISCOVER FINL SVCS	$0	–	-152,107	–	-0.76%	–
COF	Exit	CAPITAL ONE FINL CORP	$0	–	-137,363	–	-0.90%	–
NBN	Exit	NORTHEAST BK LEWISTON ME	$0	–	-663,861	–	-0.91%	–
FHI	Exit	FEDERATED HERMES INCcl b	$0	–	-772,910	–	-1.02%	–
KBH	Exit	KB HOME	$0	–	-658,888	–	-1.04%	–
MBIN	Exit	MERCHANTS BANCORP IND	$0	–	-673,842	–	-1.08%	–
BUSE	Exit	FIRST BUSEY CORP	$0	–	-1,085,303	–	-1.08%	–
FNB	Exit	F N B CORP	$0	–	-2,346,013	–	-1.10%	–
MTH	Exit	MERITAGE HOMES CORP	$0	–	-296,286	–	-1.16%	–
MTB	Exit	M & T BK CORP	$0	–	-198,017	–	-1.20%	–
AL	Exit	AIR LEASE CORPcl a	$0	–	-758,091	–	-1.21%	–
ESQ	Exit	ESQUIRE FINL HLDGS INC	$0	–	-1,070,592	–	-1.24%	–
IVZ	Exit	INVESCO LTD	$0	–	-1,285,237	–	-1.26%	–
MHO	Exit	M/I HOMES INC	$0	–	-562,958	–	-1.32%	–
VRTS	Exit	VIRTUS INVT PARTNERS INC	$0	–	-105,444	–	-1.33%	–
CMA	Exit	COMERICA INC	$0	–	-413,812	–	-1.35%	–
ATH	Exit	ATHENE HOLDING LTDcl a	$0	–	-489,727	–	-1.37%	–
PACW	Exit	PACWEST BANCORP DEL	$0	–	-756,547	–	-1.39%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-163,150	–	-1.40%	–
FBC	Exit	FLAGSTAR BANCORP INC	$0	–	-689,173	–	-1.42%	–
SBNY	Exit	SIGNATURE BK NEW YORK N Y	$0	–	-130,130	–	-1.44%	–
MS	Exit	MORGAN STANLEY	$0	–	-369,259	–	-1.46%	–
PWP	Exit	PERELLA WEINBERG PARTNERS	$0	–	-2,773,669	–	-1.49%	–
MCB	Exit	METROPOLITAN BK HLDG CORP	$0	–	-442,067	–	-1.51%	–
CCS	Exit	CENTURY CMNTYS INC	$0	–	-631,753	–	-1.57%	–
LEN	Exit	LENNAR CORPcl a	$0	–	-423,344	–	-1.61%	–
PHM	Exit	PULTE GROUP INC	$0	–	-919,336	–	-1.71%	–
TMHC	Exit	TAYLOR MORRISON HOME CORP	$0	–	-1,701,359	–	-1.78%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-1,059,406	–	-1.99%	–
BAC	Exit	BK OF AMERICA CORP	$0	–	-1,163,233	–	-2.00%	–
BPOP	Exit	POPULAR INC	$0	–	-699,997	–	-2.20%	–
CUBI	Exit	CUSTOMERS BANCORP INC	$0	–	-1,292,773	–	-2.26%	–
LC	Exit	LENDINGCLUB CORP	$0	–	-1,984,756	–	-2.27%	–
USB	Exit	US BANCORP DEL	$0	–	-1,152,063	–	-2.78%	–
RM	Exit	REGIONAL MGMT CORP	$0	–	-1,275,144	–	-3.01%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-491,000	–	-3.26%	–
STL	Exit	STERLING BANCORP DEL	$0	–	-3,649,994	–	-3.69%	–
AER	Exit	AERCAP HOLDINGS NV	$0	–	-1,932,233	–	-4.53%	–
DCOM	Exit	DIME CMNTY BANCSHARES INC	$0	–	-3,516,786	–	-4.66%	–
PFSI	Exit	PENNYMAC FINL SVCS INC NEW	$0	–	-1,918,815	–	-4.76%	–
OMF	Exit	ONEMAIN HLDGS INC	$0	–	-2,333,376	–	-5.24%	–

Q3 2021

			Value		Shares		↓ Weighting
OMF	Sell	ONEMAIN HLDGS INC	$129,106,000	-9.6%	2,333,376	-2.1%	5.24%	-12.3%
PFSI	Sell	PENNYMAC FINL SVCS INC NEW	$117,297,000	-22.8%	1,918,815	-22.1%	4.76%	-25.2%
DCOM	Sell	DIME CMNTY BANCSHARES INC	$114,858,000	-14.1%	3,516,786	-11.6%	4.66%	-16.8%
AER	Sell	AERCAP HOLDINGS NV	$111,702,000	-8.8%	1,932,233	-19.2%	4.53%	-11.6%
STL	Buy	STERLING BANCORP DEL	$91,104,000	+79.2%	3,649,994	+77.9%	3.69%	+73.7%
RM	Sell	REGIONAL MGMT CORP	$74,188,000	+20.9%	1,275,144	-3.3%	3.01%	+17.2%
LC	Sell	LENDINGCLUB CORP	$56,050,000	+20.3%	1,984,756	-22.8%	2.27%	+16.6%
CUBI	Buy	CUSTOMERS BANCORP INC	$55,615,000	+29.2%	1,292,773	+17.1%	2.26%	+25.2%
BPOP	Sell	POPULAR INC	$54,369,000	-3.6%	699,997	-6.9%	2.20%	-6.6%
WFC	Sell	WELLS FARGO CO NEW	$49,167,000	-22.4%	1,059,406	-24.3%	1.99%	-24.8%
TMHC	Buy	TAYLOR MORRISON HOME CORP	$43,861,000	-0.7%	1,701,359	+1.8%	1.78%	-3.7%
PHM	Buy	PULTE GROUP INC	$42,216,000	+81.8%	919,336	+116.0%	1.71%	+76.3%
LEN	Sell	LENNAR CORPcl a	$39,659,000	-39.5%	423,344	-35.9%	1.61%	-41.4%
CCS	Buy	CENTURY CMNTYS INC	$38,821,000	-1.3%	631,753	+6.9%	1.57%	-4.3%
MCB	Buy	METROPOLITAN BK HLDG CORP	$37,266,000	+50.9%	442,067	+7.8%	1.51%	+46.3%
PWP	Buy	PERELLA WEINBERG PARTNERS	$36,751,000	+52.4%	2,773,669	+47.9%	1.49%	+47.7%
FBC	Sell	FLAGSTAR BANCORP INC	$34,996,000	-10.1%	689,173	-25.2%	1.42%	-12.8%
ATH	Buy	ATHENE HOLDING LTDcl a	$33,727,000	+21.1%	489,727	+18.7%	1.37%	+17.3%
CMA	Sell	COMERICA INC	$33,312,000	-44.4%	413,812	-50.7%	1.35%	-46.1%
VRTS	Buy	VIRTUS INVT PARTNERS INC	$32,721,000	+36.2%	105,444	+22.0%	1.33%	+32.2%
MHO	Sell	M/I HOMES INC	$32,539,000	-1.8%	562,958	-0.4%	1.32%	-4.8%
IVZ	Sell	INVESCO LTD	$30,987,000	-22.5%	1,285,237	-14.1%	1.26%	-24.9%
ESQ	Buy	ESQUIRE FINL HLDGS INC	$30,683,000	+66.6%	1,070,592	+37.8%	1.24%	+61.6%
AL	Sell	AIR LEASE CORPcl a	$29,823,000	-14.1%	758,091	-8.8%	1.21%	-16.7%
MTB	Buy	M & T BK CORP	$29,572,000	+550.9%	198,017	+533.3%	1.20%	+531.1%
MTH	Sell	MERITAGE HOMES CORP	$28,740,000	-21.5%	296,286	-23.9%	1.16%	-23.9%
FNB	Buy	F N B CORP	$27,261,000	+141.8%	2,346,013	+156.5%	1.10%	+134.1%
BUSE	Buy	FIRST BUSEY CORP	$26,731,000	+406.7%	1,085,303	+407.3%	1.08%	+390.5%
MBIN	Buy	MERCHANTS BANCORP IND	$26,597,000	+33.0%	673,842	+32.2%	1.08%	+28.8%
KBH	Buy	KB HOME	$25,644,000	+20.1%	658,888	+25.6%	1.04%	+16.5%
FHI	Buy	FEDERATED HERMES INCcl b	$25,120,000	+51.7%	772,910	+58.2%	1.02%	+47.0%
NBN	Buy	NORTHEAST BK LEWISTON ME	$22,385,000	+19.3%	663,861	+5.7%	0.91%	+15.7%
TOL	Sell	TOLL BROTHERS INC	$17,006,000	-35.0%	307,572	-32.0%	0.69%	-36.9%
AMP	Sell	AMERIPRISE FINL INC	$15,197,000	-0.6%	57,537	-6.3%	0.62%	-3.6%
CFG	Sell	CITIZENS FINL GROUP INC	$14,988,000	-37.5%	319,020	-38.9%	0.61%	-39.3%
	Buy	AMALGAMATED FINANCIAL CORP	$14,619,000	+20.3%	924,086	+18.8%	0.59%	+16.7%
PKBK	Buy	PARKE BANCORP INC	$13,993,000	+49.1%	638,942	+33.1%	0.57%	+44.3%
FMBI	New	FIRST MIDWEST BANCORP DEL	$13,791,000	–	725,480	–	0.56%	–
CARE	Buy	CARTER BANKSHARES INC	$12,976,000	+185.7%	912,550	+151.3%	0.53%	+176.8%
PGC	New	PEAPACK-GLADSTONE FINL CORP	$12,347,000	–	370,100	–	0.50%	–
GHLD	Sell	GUILD HLDGS COcl a	$11,875,000	-12.4%	862,991	-2.3%	0.48%	-15.2%
BCML	Buy	BAYCOM CORP	$11,413,000	+53.9%	613,608	+48.5%	0.46%	+49.4%
MYFW	Buy	FIRST WESTN FINL INC	$11,025,000	+84.5%	382,150	+65.6%	0.45%	+78.8%
TREE	Buy	LENDINGTREE INC NEW	$10,624,000	-17.7%	75,978	+24.7%	0.43%	-20.2%
TBBK	Buy	BANCORP INC DEL	$9,617,000	+34.8%	377,863	+21.9%	0.39%	+30.9%
STXB	Buy	SPIRIT OF TEX BANCSHARES INC	$8,741,000	+37.6%	361,193	+29.8%	0.35%	+33.1%
LAZ	Sell	LAZARD LTD	$8,258,000	-60.9%	180,311	-61.3%	0.34%	-62.1%
GWB	Buy	GREAT WESTERN BANCORP INC	$7,878,000	+21.5%	240,623	+21.6%	0.32%	+17.7%
MOFG	Buy	MIDWESTONE FINL GROUP INC NE	$6,869,000	+67.0%	227,746	+59.3%	0.28%	+62.2%
	New	SOUTHERN STS BANCSHARES INC	$6,243,000	–	327,366	–	0.25%	–
RBCAA	Sell	REPUBLIC BANCORP INC KYcl a	$6,024,000	+6.9%	118,927	-2.6%	0.24%	+3.4%
UWMC	Sell	UWM HOLDINGS CORPORATION	$5,935,000	-32.8%	853,938	-18.3%	0.24%	-34.7%
VOYA	Sell	VOYA FINANCIAL INC	$5,585,000	-4.9%	90,974	-4.7%	0.23%	-8.1%
MRLN	Sell	MARLIN BUSINESS SVCS CORP	$5,530,000	-52.7%	248,741	-51.6%	0.22%	-54.2%
AIZ	Sell	ASSURANT INC	$5,490,000	-11.5%	34,799	-12.4%	0.22%	-13.9%
CBTX	New	CBTX INC	$5,312,000	–	201,355	–	0.22%	–
ADS	New	ALLIANCE DATA SYSTEMS CORP	$4,961,000	–	49,170	–	0.20%	–
LDI	Buy	LOANDEPOT INC	$4,792,000	-16.4%	707,777	+58.6%	0.19%	-19.2%
BSIG	Sell	BRIGHTSPHERE INVT GROUP INC	$4,686,000	-58.4%	179,320	-62.7%	0.19%	-59.7%
BOTJ	Sell	BANK OF THE JAMES FINL GP IN	$4,527,000	-10.8%	314,399	-0.9%	0.18%	-13.2%
CHMG	Sell	CHEMUNG FINL CORP	$4,314,000	+0.7%	95,224	-1.5%	0.18%	-2.2%
SHBI	Sell	SHORE BANCSHARES INC	$4,136,000	+3.5%	233,279	-2.2%	0.17%	+0.6%
RKT	Sell	ROCKET COS INC	$4,057,000	-32.1%	252,924	-18.1%	0.16%	-34.4%
TSBK	Sell	TIMBERLAND BANCORP INC	$3,975,000	+0.6%	137,559	-2.1%	0.16%	-2.4%
ZION	Sell	ZIONS BANCORPORATION N A	$3,856,000	-60.0%	62,305	-65.9%	0.16%	-61.3%
EJFA	Buy	EJF ACQUISITION CORP	$3,252,000	+97.2%	329,852	+93.5%	0.13%	+91.3%
	New	U S CENTY BK DORAL FLA	$3,219,000	–	263,870	–	0.13%	–
EVBN	Sell	EVANS BANCORP INC	$3,103,000	-7.5%	81,029	-10.4%	0.13%	-10.0%
C	Sell	CITIGROUP INC	$3,087,000	-18.7%	43,984	-18.1%	0.12%	-21.4%
PCB	Sell	PCB BANCORP	$2,913,000	-75.7%	146,292	-80.3%	0.12%	-76.4%
FBIZ	Buy	FIRST BUSINESS FINL SVCS INC	$2,575,000	+36.0%	89,690	+28.2%	0.10%	+31.6%
FUNC	Sell	FIRST UTD CORP	$2,318,000	+4.6%	124,646	-2.0%	0.09%	+1.1%
MCBC	New	MACATAWA BK CORP	$2,099,000	–	261,391	–	0.08%	–
VABK	Sell	VIRGINIA NATL BANKSHARES COR	$2,062,000	-8.6%	57,045	-1.6%	0.08%	-10.6%
UNTY	Buy	UNITY BANCORP INC	$1,893,000	+14.3%	80,897	+7.7%	0.08%	+11.6%
VCTR	Sell	VICTORY CAP HLDGS INC	$1,683,000	-7.7%	48,061	-14.9%	0.07%	-10.5%
OCBI	New	ORANGE CNTY BANCORP INC	$1,634,000	–	46,486	–	0.07%	–
CFIV	Sell	CF ACQUISITION CORP IV	$1,554,000	-5.4%	159,713	-5.8%	0.06%	-8.7%
CFV	Sell	CF ACQUISITION CORP Vcl a	$1,555,000	-5.6%	157,075	-5.8%	0.06%	-8.7%
MOTV	Sell	MOTIVE CAPITAL CORP	$1,558,000	-4.6%	157,380	-5.8%	0.06%	-7.4%
FCAX	Sell	FORTRESS CAPITAL ACQUISITION	$1,529,000	-6.4%	156,314	-5.8%	0.06%	-8.8%
TREB	Sell	TREBIA ACQUISITION CORP	$1,507,000	-5.8%	152,051	-5.8%	0.06%	-9.0%
CVII	Sell	CHURCHILL CAPITAL CORP VII	$1,505,000	-5.9%	154,817	-5.8%	0.06%	-9.0%
ACII	Sell	ATLAS CREST INVESTMENT CORP	$1,487,000	-5.7%	152,337	-5.8%	0.06%	-9.1%
CCVI	Sell	CHURCHILL CAPITAL CORP VI	$1,442,000	-6.7%	147,608	-5.8%	0.06%	-10.8%
FAF	Sell	FIRST AMERN FINL CORP	$1,207,000	-23.9%	17,998	-29.3%	0.05%	-25.8%
BUR	New	BURFORD CAP LTD	$1,071,000	–	97,474	–	0.04%	–
YAC	Sell	YUCAIPA ACQUISITION CORP	$1,065,000	-5.7%	107,753	-5.8%	0.04%	-8.5%
BSRR	Sell	SIERRA BANCORP	$957,000	-32.5%	39,415	-29.3%	0.04%	-33.9%
HBT	Sell	HBT FINL INC.	$933,000	-48.4%	59,968	-42.2%	0.04%	-50.0%
IIII	Sell	INSU ACQUISITION CORP III	$827,000	-5.2%	84,238	-5.7%	0.03%	-5.6%
HERA	Sell	FTAC HERA ACQUISITION CORP	$821,000	-5.8%	84,318	-5.7%	0.03%	-8.3%
AUS	Sell	AUSTERLITZ ACQUISITION CORP	$780,000	-4.3%	78,461	-6.3%	0.03%	-5.9%
JWSM	Sell	JAWS MUSTANG ACQUISITION COR	$781,000	-5.8%	79,999	-5.8%	0.03%	-8.6%
GSQD	Sell	G SQUARED ASCEND I INC	$763,000	-5.9%	77,336	-5.8%	0.03%	-8.8%
FVT	Sell	FORTRESS VALUE ACQUIS CORP I	$762,000	-6.5%	78,159	-5.8%	0.03%	-8.8%
GIIX	Sell	GORES HLDGS VIII INCcl a	$755,000	-6.4%	76,603	-5.8%	0.03%	-8.8%
GSEV	Sell	GORES HOLDINGS VII INC	$769,000	-6.3%	78,082	-5.8%	0.03%	-8.8%
APGB	Sell	APOLLO STRATEGIC GRWT CPTL I	$761,000	-5.5%	77,856	-5.8%	0.03%	-8.8%
ASZ	Sell	AUSTERLITZ ACQUISITION CORP	$769,000	-7.0%	78,844	-5.4%	0.03%	-11.4%
CFVI	Sell	CF ACQUISITION CORP VI	$767,000	-6.1%	78,999	-5.8%	0.03%	-8.8%
FTAA	Sell	FTAC ATHENA ACQUISITION CORP	$764,000	-5.7%	77,336	-5.8%	0.03%	-8.8%
LGAC	Sell	LAZARD GROWTH ACQUISITION CO	$763,000	-6.4%	78,461	-5.8%	0.03%	-8.8%
JOFF	Sell	JOFF FINTECH ACQUISITION COR	$755,000	-5.7%	78,085	-5.8%	0.03%	-8.8%
DLCA	Sell	DEEP LAKE CAPITAL ACQUSTN CO	$747,000	-5.3%	76,713	-5.8%	0.03%	-9.1%
MDY	Buy	SPDR S&P MIDCAP 400 ETF TRput	$509,000	+12.6%	1,058	+15.0%	0.02%	+10.5%
KRE	Sell	SPDR SER TRput	$381,000	+1.6%	5,629	-1.6%	0.02%	-6.2%
SAL	Buy	SALISBURY BANCORP INC	$332,000	+591.7%	6,421	+585.3%	0.01%	+550.0%
KPLT	New	KATAPULT HOLDINGS INC	$175,000	–	32,232	–	0.01%	–
HBCP	Exit	HOME BANCORP INC	$0	–	-17,123	–	-0.03%	–
HBNC	Exit	HORIZON BANCORP INC	$0	–	-43,897	–	-0.03%	–
LOKB	Exit	LIVE OAK ACQUISITION CORP II	$0	–	-81,968	–	-0.03%	–
GCBC	Exit	GREENE CNTY BANCORP INC	$0	–	-41,545	–	-0.05%	–
SPFI	Exit	SOUTH PLAINS FINANCIAL INC	$0	–	-69,586	–	-0.07%	–
CVCY	Exit	CENTRAL VY CMNTY BANCORP	$0	–	-80,592	–	-0.07%	–
CBAH	Exit	CBRE ACQUISITION HLDGS INC	$0	–	-170,786	–	-0.07%	–
CND	Exit	CONCORD ACQUISITION CORP	$0	–	-170,447	–	-0.07%	–
MPB	Exit	MID PENN BANCORP INC	$0	–	-63,946	–	-0.07%	–
HMPT	Exit	HOME PT CAPITAL INCORPORATED	$0	–	-1,124,554	–	-0.28%	–

Q2 2021

			Value		Shares		↓ Weighting
PFSI	New	PENNYMAC FINL SVCS INC NEW	$151,977,000	–	2,462,355	–	6.36%	–
OMF	New	ONEMAIN HLDGS INC	$142,800,000	–	2,383,579	–	5.97%	–
DCOM	New	DIME CMNTY BANCSHARES INC	$133,774,000	–	3,979,003	–	5.60%	–
AER	New	AERCAP HOLDINGS NV	$122,458,000	–	2,391,300	–	5.12%	–
JPM	New	JPMORGAN CHASE & CO	$76,370,000	–	491,000	–	3.19%	–
USB	New	US BANCORP DEL	$65,633,000	–	1,152,063	–	2.74%	–
LEN	New	LENNAR CORPcl a	$65,589,000	–	660,186	–	2.74%	–
WFC	New	WELLS FARGO CO NEW	$63,357,000	–	1,398,912	–	2.65%	–
RM	New	REGIONAL MGMT CORP	$61,382,000	–	1,318,906	–	2.57%	–
CMA	New	COMERICA INC	$59,893,000	–	839,550	–	2.50%	–
BPOP	New	POPULAR INC	$56,419,000	–	751,758	–	2.36%	–
STL	New	STERLING BANCORP DEL	$50,852,000	–	2,051,322	–	2.13%	–
BAC	New	BK OF AMERICA CORP	$47,960,000	–	1,163,233	–	2.01%	–
LC	New	LENDINGCLUB CORP	$46,589,000	–	2,569,706	–	1.95%	–
TMHC	New	TAYLOR MORRISON HOME CORP	$44,158,000	–	1,671,396	–	1.85%	–
CUBI	New	CUSTOMERS BANCORP INC	$43,053,000	–	1,104,205	–	1.80%	–
IVZ	New	INVESCO LTD	$39,985,000	–	1,495,883	–	1.67%	–
CCS	New	CENTURY CMNTYS INC	$39,336,000	–	591,162	–	1.64%	–
FBC	New	FLAGSTAR BANCORP INC	$38,927,000	–	920,915	–	1.63%	–
MTH	New	MERITAGE HOMES CORP	$36,608,000	–	389,116	–	1.53%	–
HON	New	HONEYWELL INTL INC	$35,787,000	–	163,150	–	1.50%	–
AL	New	AIR LEASE CORPcl a	$34,708,000	–	831,524	–	1.45%	–
MS	New	MORGAN STANLEY	$33,857,000	–	369,259	–	1.42%	–
MHO	New	M/I HOMES INC	$33,147,000	–	564,982	–	1.39%	–
SBNY	New	SIGNATURE BK NEW YORK N Y	$31,966,000	–	130,130	–	1.34%	–
PACW	New	PACWEST BANCORP DEL	$31,139,000	–	756,547	–	1.30%	–
ATH	New	ATHENE HOLDING LTDcl a	$27,856,000	–	412,684	–	1.16%	–
TOL	New	TOLL BROTHERS INC	$26,154,000	–	452,415	–	1.09%	–
MCB	New	METROPOLITAN BK HLDG CORP	$24,704,000	–	410,229	–	1.03%	–
PWP	New	PERELLA WEINBERG PARTNERS	$24,122,000	–	1,875,710	–	1.01%	–
VRTS	New	VIRTUS INVT PARTNERS INC	$24,016,000	–	86,460	–	1.00%	–
CFG	New	CITIZENS FINL GROUP INC	$23,965,000	–	522,457	–	1.00%	–
PHM	New	PULTE GROUP INC	$23,224,000	–	425,590	–	0.97%	–
KBH	New	KB HOME	$21,357,000	–	524,473	–	0.89%	–
COF	New	CAPITAL ONE FINL CORP	$21,249,000	–	137,363	–	0.89%	–
LAZ	New	LAZARD LTD	$21,108,000	–	466,472	–	0.88%	–
MBIN	New	MERCHANTS BANCORP IND	$20,002,000	–	509,733	–	0.84%	–
NBN	New	NORTHEAST BK LEWISTON ME	$18,768,000	–	628,312	–	0.78%	–
ESQ	New	ESQUIRE FINL HLDGS INC	$18,420,000	–	777,196	–	0.77%	–
DFS	New	DISCOVER FINL SVCS	$17,993,000	–	152,107	–	0.75%	–
FHI	New	FEDERATED HERMES INCcl b	$16,563,000	–	488,435	–	0.69%	–
AMP	New	AMERIPRISE FINL INC	$15,289,000	–	61,430	–	0.64%	–
FNF	New	FIDELITY NATIONAL FINANCIAL	$14,524,000	–	334,183	–	0.61%	–
EVR	New	EVERCORE INCclass a	$13,657,000	–	97,016	–	0.57%	–
GHLD	New	GUILD HLDGS COcl a	$13,556,000	–	883,707	–	0.57%	–
TREE	New	LENDINGTREE INC NEW	$12,910,000	–	60,931	–	0.54%	–
ALLY	New	ALLY FINL INC	$12,854,000	–	257,914	–	0.54%	–
FCNCA	New	FIRST CTZNS BANCSHARES INC Ncl a	$12,514,000	–	15,028	–	0.52%	–
	New	AMALGAMATED FINANCIAL CORP	$12,156,000	–	777,727	–	0.51%	–
PCB	New	PCB BANCORP	$11,971,000	–	743,552	–	0.50%	–
CAC	New	CAMDEN NATL CORP	$11,830,000	–	247,699	–	0.50%	–
MRLN	New	MARLIN BUSINESS SVCS CORP	$11,699,000	–	514,006	–	0.49%	–
WAL	New	WESTERN ALLIANCE BANCORP	$11,542,000	–	124,305	–	0.48%	–
FNB	New	F N B CORP	$11,276,000	–	914,480	–	0.47%	–
BSIG	New	BRIGHTSPHERE INVT GROUP INC	$11,255,000	–	480,361	–	0.47%	–
ZION	New	ZIONS BANCORPORATION N A	$9,646,000	–	182,490	–	0.40%	–
PKBK	New	PARKE BANCORP INC	$9,387,000	–	479,929	–	0.39%	–
UWMC	New	UWM HOLDINGS CORPORATION	$8,827,000	–	1,044,650	–	0.37%	–
ONB	New	OLD NATL BANCORP IND	$8,807,000	–	500,119	–	0.37%	–
PNFP	New	PINNACLE FINL PARTNERS INC	$8,664,000	–	98,134	–	0.36%	–
UBSI	New	UNITED BANKSHARES INC WEST V	$8,506,000	–	233,034	–	0.36%	–
AX	New	AXOS FINANCIAL INC	$8,250,000	–	177,838	–	0.34%	–
BCML	New	BAYCOM CORP	$7,418,000	–	413,237	–	0.31%	–
EWBC	New	EAST WEST BANCORP INC	$7,215,000	–	100,645	–	0.30%	–
TBBK	New	BANCORP INC DEL	$7,132,000	–	309,958	–	0.30%	–
HMPT	New	HOME PT CAPITAL INCORPORATED	$6,669,000	–	1,124,554	–	0.28%	–
GWB	New	GREAT WESTERN BANCORP INC	$6,486,000	–	197,813	–	0.27%	–
STXB	New	SPIRIT OF TEX BANCSHARES INC	$6,353,000	–	278,162	–	0.27%	–
AIZ	New	ASSURANT INC	$6,201,000	–	39,707	–	0.26%	–
MYFW	New	FIRST WESTN FINL INC	$5,974,000	–	230,740	–	0.25%	–
RKT	New	ROCKET COS INC	$5,974,000	–	308,730	–	0.25%	–
TCBK	New	TRICO BANCSHARES	$5,875,000	–	137,981	–	0.25%	–
VOYA	New	VOYA FINANCIAL INC	$5,871,000	–	95,471	–	0.25%	–
HFWA	New	HERITAGE FINL CORP WASH	$5,773,000	–	230,737	–	0.24%	–
LDI	New	LOANDEPOT INC	$5,733,000	–	446,139	–	0.24%	–
RBCAA	New	REPUBLIC BANCORP INC KYcl a	$5,633,000	–	122,117	–	0.24%	–
BUSE	New	FIRST BUSEY CORP	$5,276,000	–	213,941	–	0.22%	–
BOTJ	New	BANK OF THE JAMES FINL GP IN	$5,074,000	–	317,110	–	0.21%	–
FBNC	New	FIRST BANCORP N C	$5,043,000	–	123,266	–	0.21%	–
LBAI	New	LAKELAND BANCORP INC	$4,924,000	–	281,681	–	0.21%	–
KEY	New	KEYCORP	$4,726,000	–	228,839	–	0.20%	–
CARE	New	CARTER BANKSHARES INC	$4,542,000	–	363,101	–	0.19%	–
MTB	New	M & T BK CORP	$4,543,000	–	31,267	–	0.19%	–
SSB	New	SOUTH ST CORP	$4,329,000	–	52,944	–	0.18%	–
CHMG	New	CHEMUNG FINL CORP	$4,284,000	–	96,688	–	0.18%	–
ABCB	New	AMERIS BANCORP	$4,136,000	–	81,689	–	0.17%	–
HOMB	New	HOME BANCSHARES INC	$4,110,000	–	166,538	–	0.17%	–
MOFG	New	MIDWESTONE FINL GROUP INC NE	$4,113,000	–	142,953	–	0.17%	–
BHLB	New	BERKSHIRE HILLS BANCORP INC	$4,051,000	–	147,794	–	0.17%	–
SHBI	New	SHORE BANCSHARES INC	$3,995,000	–	238,502	–	0.17%	–
TSBK	New	TIMBERLAND BANCORP INC	$3,951,000	–	140,506	–	0.16%	–
C	New	CITIGROUP INC	$3,799,000	–	53,695	–	0.16%	–
FITB	New	FIFTH THIRD BANCORP	$3,579,000	–	93,607	–	0.15%	–
RBB	New	RBB BANCORP	$3,369,000	–	139,114	–	0.14%	–
EVBN	New	EVANS BANCORP INC	$3,354,000	–	90,417	–	0.14%	–
EGBN	New	EAGLE BANCORP INC MD	$2,580,000	–	46,012	–	0.11%	–
VABK	New	VIRGINIA NATL BANKSHARES COR	$2,256,000	–	57,998	–	0.09%	–
FUNC	New	FIRST UTD CORP	$2,216,000	–	127,159	–	0.09%	–
SNV	New	SYNOVUS FINL CORP	$2,174,000	–	49,535	–	0.09%	–
WSBC	New	WESBANCO INC	$2,097,000	–	58,859	–	0.09%	–
PBCT	New	PEOPLES UNITED FINANCIAL INC	$1,941,000	–	113,228	–	0.08%	–
FBIZ	New	FIRST BUSINESS FINL SVCS INC	$1,894,000	–	69,980	–	0.08%	–
HBT	New	HBT FINL INC.	$1,807,000	–	103,763	–	0.08%	–
VCTR	New	VICTORY CAP HLDGS INC	$1,823,000	–	56,463	–	0.08%	–
MPB	New	MID PENN BANCORP INC	$1,755,000	–	63,946	–	0.07%	–
CND	New	CONCORD ACQUISITION CORP	$1,679,000	–	170,447	–	0.07%	–
CFIV	New	CF ACQUISITION CORP IV	$1,643,000	–	169,605	–	0.07%	–
CFV	New	CF ACQUISITION CORP Vcl a	$1,647,000	–	166,802	–	0.07%	–
UNTY	New	UNITY BANCORP INC	$1,656,000	–	75,094	–	0.07%	–
EJFA	New	EJF ACQUISITION CORP	$1,649,000	–	170,446	–	0.07%	–
CBAH	New	CBRE ACQUISITION HLDGS INC	$1,658,000	–	170,786	–	0.07%	–
MOTV	New	MOTIVE CAPITAL CORP	$1,633,000	–	167,128	–	0.07%	–
FCAX	New	FORTRESS CAPITAL ACQUISITION	$1,633,000	–	165,995	–	0.07%	–
CVCY	New	CENTRAL VY CMNTY BANCORP	$1,624,000	–	80,592	–	0.07%	–
SPFI	New	SOUTH PLAINS FINANCIAL INC	$1,610,000	–	69,586	–	0.07%	–
TREB	New	TREBIA ACQUISITION CORP	$1,599,000	–	161,468	–	0.07%	–
CVII	New	CHURCHILL CAPITAL CORP VII	$1,600,000	–	164,404	–	0.07%	–
FAF	New	FIRST AMERN FINL CORP	$1,586,000	–	25,442	–	0.07%	–
ACII	New	ATLAS CREST INVESTMENT CORP	$1,577,000	–	161,773	–	0.07%	–
CCVI	New	CHURCHILL CAPITAL CORP VI	$1,546,000	–	156,745	–	0.06%	–
BSRR	New	SIERRA BANCORP	$1,418,000	–	55,727	–	0.06%	–
GCBC	New	GREENE CNTY BANCORP INC	$1,168,000	–	41,545	–	0.05%	–
YAC	New	YUCAIPA ACQUISITION CORP	$1,129,000	–	114,427	–	0.05%	–
SASR	New	SANDY SPRING BANCORP INC	$914,000	–	20,707	–	0.04%	–
HERA	New	FTAC HERA ACQUISITION CORP	$872,000	–	89,437	–	0.04%	–
IIII	New	INSU ACQUISITION CORP III	$872,000	–	89,348	–	0.04%	–
JWSM	New	JAWS MUSTANG ACQUISITION COR	$829,000	–	84,960	–	0.04%	–
ASZ	New	AUSTERLITZ ACQUISITION CORP	$827,000	–	83,320	–	0.04%	–
LGAC	New	LAZARD GROWTH ACQUISITION CO	$815,000	–	83,321	–	0.03%	–
LOKB	New	LIVE OAK ACQUISITION CORP II	$813,000	–	81,968	–	0.03%	–
FVT	New	FORTRESS VALUE ACQUIS CORP I	$815,000	–	82,999	–	0.03%	–
GIIX	New	GORES HLDGS VIII INCcl a	$807,000	–	81,343	–	0.03%	–
CFVI	New	CF ACQUISITION CORP VI	$817,000	–	83,889	–	0.03%	–
GSEV	New	GORES HOLDINGS VII INC	$821,000	–	82,916	–	0.03%	–
JOFF	New	JOFF FINTECH ACQUISITION COR	$801,000	–	82,919	–	0.03%	–
APGB	New	APOLLO STRATEGIC GRWT CPTL I	$805,000	–	82,677	–	0.03%	–
AUS	New	AUSTERLITZ ACQUISITION CORP	$815,000	–	83,725	–	0.03%	–
FTAA	New	FTAC ATHENA ACQUISITION CORP	$810,000	–	82,125	–	0.03%	–
GSQD	New	G SQUARED ASCEND I INC	$811,000	–	82,122	–	0.03%	–
DLCA	New	DEEP LAKE CAPITAL ACQUSTN CO	$789,000	–	81,463	–	0.03%	–
HBNC	New	HORIZON BANCORP INC	$765,000	–	43,897	–	0.03%	–
HBCP	New	HOME BANCORP INC	$653,000	–	17,123	–	0.03%	–
MDY	New	SPDR S&P MIDCAP 400 ETF TRput	$452,000	–	920	–	0.02%	–
KRE	New	SPDR SER TRput	$375,000	–	5,721	–	0.02%	–
JAX	New	J ALEXANDERS HLDGS INC	$224,000	–	19,238	–	0.01%	–
SAL	New	SALISBURY BANCORP INC	$48,000	–	937	–	0.00%	–

Q4 2020

			Value		Shares		↓ Weighting
BCS	Exit	BARCLAYS PLCadr	$0	–	-2,307	–	-0.00%	–
LYG	Exit	LLOYDS BANKING GROUP PLCsponsored adr	$0	–	-5,920	–	-0.00%	–
RMBI	Exit	RICHMOND MUT BANCORPORATION	$0	–	-7,874	–	-0.01%	–
JAX	Exit	J ALEXANDERS HLDGS INC	$0	–	-19,238	–	-0.01%	–
VLY	Exit	VALLEY NATL BANCORP	$0	–	-64,820	–	-0.04%	–
SASR	Exit	SANDY SPRING BANCORP INC	$0	–	-20,707	–	-0.04%	–
MDY	Exit	SPDR S&P MIDCAP 400 ETF TRput	$0	–	-2,493	–	-0.07%	–
SCHW	Exit	SCHWAB CHARLES CORP	$0	–	-23,706	–	-0.07%	–
SNV	Exit	SYNOVUS FINL CORP	$0	–	-49,535	–	-0.09%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-45,800	–	-0.09%	–
PBCT	Exit	PEOPLES UNITED FINANCIAL INC	$0	–	-113,228	–	-0.10%	–
EGBN	Exit	EAGLE BANCORP INC MD	$0	–	-46,012	–	-0.10%	–
BUSE	Exit	FIRST BUSEY CORP	$0	–	-117,192	–	-0.16%	–
FITB	Exit	FIFTH THIRD BANCORP	$0	–	-93,607	–	-0.17%	–
TSBK	Exit	TIMBERLAND BANCORP INC	$0	–	-120,004	–	-0.18%	–
OC	Exit	OWENS CORNING NEW	$0	–	-32,235	–	-0.18%	–
C	Exit	CITIGROUP INC	$0	–	-53,695	–	-0.19%	–
MTB	Exit	M & T BK CORP	$0	–	-26,290	–	-0.20%	–
TCBI	Exit	TEXAS CAP BANCSHARES INC	$0	–	-80,125	–	-0.21%	–
HOMB	Exit	HOME BANCSHARES INC	$0	–	-166,538	–	-0.21%	–
SSB	Exit	SOUTH ST CORP	$0	–	-52,944	–	-0.21%	–
FBNC	Exit	FIRST BANCORP N C	$0	–	-123,266	–	-0.21%	–
KEY	Exit	KEYCORP	$0	–	-229,101	–	-0.23%	–
AIZ	Exit	ASSURANT INC	$0	–	-22,715	–	-0.23%	–
LBAI	Exit	LAKELAND BANCORP INC	$0	–	-281,681	–	-0.23%	–
TCBK	Exit	TRICO BANCSHARES	$0	–	-137,981	–	-0.28%	–
BOTJ	Exit	BANK OF THE JAMES FINL GP IN	$0	–	-408,103	–	-0.33%	–
SIVB	Exit	SVB FINANCIAL GROUP	$0	–	-16,885	–	-0.34%	–
HFWA	Exit	HERITAGE FINL CORP WASH	$0	–	-230,737	–	-0.35%	–
FNB	Exit	F N B CORP	$0	–	-631,121	–	-0.36%	–
CHMG	Exit	CHEMUNG FINL CORP	$0	–	-152,222	–	-0.36%	–
WAL	Exit	WESTERN ALLIANCE BANCORP	$0	–	-144,488	–	-0.38%	–
UBSI	Exit	UNITED BANKSHARES INC WEST V	$0	–	-221,569	–	-0.40%	–
WSBC	Exit	WESBANCO INC	$0	–	-223,159	–	-0.40%	–
FCNCA	Exit	FIRST CTZNS BANCSHARES INC Ncl a	$0	–	-15,028	–	-0.40%	–
PFBC	Exit	PREFERRED BK LOS ANGELES CA	$0	–	-167,283	–	-0.45%	–
EWBC	Exit	EAST WEST BANCORP INC	$0	–	-170,407	–	-0.46%	–
PHM	Exit	PULTE GROUP INC	$0	–	-120,524	–	-0.46%	–
ONB	Exit	OLD NATL BANCORP IND	$0	–	-552,155	–	-0.58%	–
ALLY	Exit	ALLY FINL INC	$0	–	-298,445	–	-0.62%	–
CAC	Exit	CAMDEN NATL CORP	$0	–	-247,699	–	-0.62%	–
MRLN	Exit	MARLIN BUSINESS SVCS CORP	$0	–	-1,121,183	–	-0.66%	–
PKBK	Exit	PARKE BANCORP INC	$0	–	-673,895	–	-0.67%	–
BKI	Exit	BLACK KNIGHT INC	$0	–	-102,471	–	-0.74%	–
FAF	Exit	FIRST AMERN FINL CORP	$0	–	-191,457	–	-0.81%	–
DCOM	Exit	DIME CMNTY BANCSHARES INC	$0	–	-866,520	–	-0.81%	–
PNFP	Exit	PINNACLE FINL PARTNERS INC	$0	–	-290,706	–	-0.86%	–
FNF	Exit	FIDELITY NATIONAL FINANCIAL	$0	–	-334,183	–	-0.87%	–
ABCB	Exit	AMERIS BANCORP	$0	–	-466,227	–	-0.88%	–
ESQ	Exit	ESQUIRE FINL HLDGS INC	$0	–	-762,381	–	-0.95%	–
NBN	Exit	NORTHEAST BK LEWISTON ME	$0	–	-625,551	–	-0.96%	–
MCB	Exit	METROPOLITAN BK HLDG CORP	$0	–	-418,443	–	-0.97%	–
MBIN	Exit	MERCHANTS BANCORP IND	$0	–	-601,637	–	-0.98%	–
MDC	Exit	M D C HLDGS INC	$0	–	-260,426	–	-1.02%	–
CFG	Exit	CITIZENS FINL GROUP INC	$0	–	-543,105	–	-1.14%	–
LAZ	Exit	LAZARD LTD	$0	–	-437,210	–	-1.20%	–
KBH	Exit	KB HOME	$0	–	-412,663	–	-1.32%	–
AMP	Exit	AMERIPRISE FINL INC	$0	–	-112,638	–	-1.44%	–
AX	Exit	AXOS FINANCIAL INC	$0	–	-747,028	–	-1.45%	–
EVR	Exit	EVERCORE INCclass a	$0	–	-284,589	–	-1.55%	–
CMA	Exit	COMERICA INC	$0	–	-494,970	–	-1.57%	–
AL	Exit	AIR LEASE CORPcl a	$0	–	-760,329	–	-1.86%	–
DFS	Exit	DISCOVER FINL SVCS	$0	–	-401,170	–	-1.92%	–
RM	Exit	REGIONAL MGMT CORP	$0	–	-1,422,674	–	-1.97%	–
LEN	Exit	LENNAR CORPcl a	$0	–	-305,415	–	-2.07%	–
PACW	Exit	PACWEST BANCORP DEL	$0	–	-1,489,774	–	-2.11%	–
MS	Exit	MORGAN STANLEY	$0	–	-531,399	–	-2.13%	–
FBC	Exit	FLAGSTAR BANCORP INC	$0	–	-900,709	–	-2.22%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-163,150	–	-2.23%	–
SBNY	Exit	SIGNATURE BK NEW YORK N Y	$0	–	-329,183	–	-2.27%	–
TOL	Exit	TOLL BROTHERS INC	$0	–	-659,489	–	-2.66%	–
MHO	Exit	M/I HOMES INC	$0	–	-732,205	–	-2.80%	–
BDGE	Exit	BRIDGE BANCORP INC	$0	–	-1,995,966	–	-2.89%	–
STL	Exit	STERLING BANCORP DEL	$0	–	-3,553,803	–	-3.10%	–
AER	Exit	AERCAP HOLDINGS NV	$0	–	-1,633,737	–	-3.42%	–
USB	Exit	US BANCORP DEL	$0	–	-1,152,063	–	-3.43%	–
TMHC	Exit	TAYLOR MORRISON HOME CORP	$0	–	-1,738,137	–	-3.55%	–
CCS	Exit	CENTURY CMNTYS INC	$0	–	-1,024,165	–	-3.60%	–
BAC	Exit	BK OF AMERICA CORP	$0	–	-1,848,918	–	-3.70%	–
COF	Exit	CAPITAL ONE FINL CORP	$0	–	-652,355	–	-3.89%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-523,424	–	-4.18%	–
PFSI	Exit	PENNYMAC FINL SVCS INC NEW	$0	–	-1,287,640	–	-6.22%	–
OMF	Exit	ONEMAIN HLDGS INC	$0	–	-2,668,290	–	-6.92%	–

Q3 2020

			Value		Shares		↓ Weighting
OMF	Buy	ONEMAIN HLDGS INC	$83,384,000	+44.5%	2,668,290	+13.5%	6.92%	+25.0%
PFSI	Buy	PENNYMAC FINL SVCS INC NEW	$74,838,000	+116.1%	1,287,640	+55.4%	6.22%	+87.0%
COF	Buy	CAPITAL ONE FINL CORP	$46,878,000	+29.8%	652,355	+13.1%	3.89%	+12.3%
CCS	Buy	CENTURY CMNTYS INC	$43,353,000	+52.3%	1,024,165	+10.3%	3.60%	+31.8%
TMHC	Buy	TAYLOR MORRISON HOME CORP	$42,741,000	+91.4%	1,738,137	+50.2%	3.55%	+65.6%
AER	Buy	AERCAP HOLDINGS NV	$41,154,000	+10.5%	1,633,737	+35.1%	3.42%	-4.4%
STL	Buy	STERLING BANCORP DEL	$37,386,000	-1.9%	3,553,803	+9.3%	3.10%	-15.1%
BDGE	Buy	BRIDGE BANCORP INC	$34,790,000	-23.7%	1,995,966	+0.0%	2.89%	-34.0%
MHO	Buy	M/I HOMES INC	$33,718,000	+57.1%	732,205	+17.5%	2.80%	+35.9%
TOL	Buy	TOLL BROTHERS INC	$32,091,000	+130.9%	659,489	+54.6%	2.66%	+99.8%
SBNY	Buy	SIGNATURE BK NEW YORK N Y	$27,319,000	+32.1%	329,183	+70.1%	2.27%	+14.2%
FBC	Buy	FLAGSTAR BANCORP INC	$26,688,000	+40.4%	900,709	+39.5%	2.22%	+21.5%
MS	Buy	MORGAN STANLEY	$25,693,000	+33.7%	531,399	+33.6%	2.13%	+15.7%
PACW	Buy	PACWEST BANCORP DEL	$25,445,000	+10.8%	1,489,774	+27.8%	2.11%	-4.2%
LEN	Sell	LENNAR CORPcl a	$24,946,000	+0.0%	305,415	-24.5%	2.07%	-13.5%
RM	Buy	REGIONAL MGMT CORP	$23,702,000	-5.3%	1,422,674	+0.7%	1.97%	-18.1%
DFS	Buy	DISCOVER FINL SVCS	$23,180,000	+16.8%	401,170	+1.2%	1.92%	+1.0%
AL	Buy	AIR LEASE CORPcl a	$22,369,000	+15.7%	760,329	+15.2%	1.86%	+0.2%
CMA	Buy	COMERICA INC	$18,933,000	+32.2%	494,970	+31.7%	1.57%	+14.4%
EVR	Sell	EVERCORE INCclass a	$18,629,000	-6.3%	284,589	-15.6%	1.55%	-18.9%
AX	Buy	AXOS FINANCIAL INC	$17,413,000	+11.4%	747,028	+5.5%	1.45%	-3.7%
AMP	Buy	AMERIPRISE FINL INC	$17,359,000	+29.3%	112,638	+25.9%	1.44%	+11.9%
KBH	New	KB HOME	$15,842,000	–	412,663	–	1.32%	–
LAZ	Sell	LAZARD LTD	$14,450,000	+12.3%	437,210	-2.8%	1.20%	-2.9%
CFG	Sell	CITIZENS FINL GROUP INC	$13,730,000	-4.9%	543,105	-5.1%	1.14%	-17.7%
MDC	New	M D C HLDGS INC	$12,266,000	–	260,426	–	1.02%	–
MBIN	Buy	MERCHANTS BANCORP IND	$11,858,000	+33.8%	601,637	+25.5%	0.98%	+15.9%
MCB	Buy	METROPOLITAN BK HLDG CORP	$11,716,000	-7.5%	418,443	+6.0%	0.97%	-19.9%
NBN	Buy	NORTHEAST BK LEWISTON ME	$11,510,000	+34.5%	625,551	+28.3%	0.96%	+16.4%
ESQ	Buy	ESQUIRE FINL HLDGS INC	$11,436,000	-4.5%	762,381	+7.5%	0.95%	-17.4%
ABCB	New	AMERIS BANCORP	$10,621,000	–	466,227	–	0.88%	–
PNFP	New	PINNACLE FINL PARTNERS INC	$10,346,000	–	290,706	–	0.86%	–
DCOM	New	DIME CMNTY BANCSHARES INC	$9,800,000	–	866,520	–	0.81%	–
FAF	Buy	FIRST AMERN FINL CORP	$9,747,000	+51.1%	191,457	+42.5%	0.81%	+30.7%
PKBK	Buy	PARKE BANCORP INC	$8,046,000	+2.2%	673,895	+16.0%	0.67%	-11.6%
MRLN	Buy	MARLIN BUSINESS SVCS CORP	$7,904,000	+31.3%	1,121,183	+57.6%	0.66%	+13.5%
ALLY	New	ALLY FINL INC	$7,482,000	–	298,445	–	0.62%	–
EWBC	Sell	EAST WEST BANCORP INC	$5,579,000	-52.7%	170,407	-47.6%	0.46%	-59.1%
CHMG	Buy	CHEMUNG FINL CORP	$4,395,000	+7.4%	152,222	+1.6%	0.36%	-7.1%
SIVB	Sell	SVB FINANCIAL GROUP	$4,063,000	-44.4%	16,885	-50.2%	0.34%	-52.0%
BOTJ	Sell	BANK OF THE JAMES FINL GP IN	$3,979,000	+1.6%	408,103	-1.6%	0.33%	-12.2%
AIZ	New	ASSURANT INC	$2,756,000	–	22,715	–	0.23%	–
TCBI	Sell	TEXAS CAP BANCSHARES INC	$2,494,000	-83.2%	80,125	-83.3%	0.21%	-85.4%
MTB	Sell	M & T BK CORP	$2,421,000	-56.5%	26,290	-50.8%	0.20%	-62.4%
TSBK	Buy	TIMBERLAND BANCORP INC	$2,160,000	+1587.5%	120,004	+1610.9%	0.18%	+1391.7%
WFC	Sell	WELLS FARGO CO NEW	$1,077,000	-96.8%	45,800	-96.5%	0.09%	-97.2%
SNV	Sell	SYNOVUS FINL CORP	$1,049,000	-85.5%	49,535	-85.9%	0.09%	-87.5%
SCHW	Sell	SCHWAB CHARLES CORP	$859,000	-84.9%	23,706	-86.0%	0.07%	-87.0%
MDY	Buy	SPDR S&P MIDCAP 400 ETF TRput	$845,000	+25.4%	2,493	+20.1%	0.07%	+7.7%
LYG	New	LLOYDS BANKING GROUP PLCsponsored adr	$8,000	–	5,920	–	0.00%	–
BPOP	Exit	POPULAR INC	$0	–	-28,994	–	-0.10%	–
KFY	Exit	KORN FERRY	$0	–	-42,870	–	-0.13%	–
CUBI	Exit	CUSTOMERS BANCORP INC	$0	–	-157,764	–	-0.18%	–
MRBK	Exit	MERIDIAN BK PAOLI PA	$0	–	-130,639	–	-0.20%	–
AAPL	Exit	APPLE INC	$0	–	-15,296	–	-0.54%	–
MAS	Exit	MASCO CORP	$0	–	-174,565	–	-0.84%	–

Q2 2020

			Value		Shares		↓ Weighting
OMF	New	ONEMAIN HLDGS INC	$57,701,000	–	2,351,324	–	5.54%	–
JPM	New	JPMORGAN CHASE & CO	$49,233,000	–	523,424	–	4.72%	–
BDGE	New	BRIDGE BANCORP INC	$45,587,000	–	1,995,922	–	4.38%	–
BAC	New	BK OF AMERICA CORP	$43,912,000	–	1,848,918	–	4.22%	–
USB	New	US BANCORP DEL	$42,419,000	–	1,152,063	–	4.07%	–
STL	New	STERLING BANCORP DEL	$38,092,000	–	3,250,141	–	3.66%	–
AER	New	AERCAP HOLDINGS NV	$37,257,000	–	1,209,633	–	3.58%	–
COF	New	CAPITAL ONE FINL CORP	$36,116,000	–	577,033	–	3.47%	–
PFSI	New	PENNYMAC FINL SVCS INC NEW	$34,633,000	–	828,736	–	3.32%	–
WFC	New	WELLS FARGO CO NEW	$33,681,000	–	1,315,649	–	3.23%	–
CCS	New	CENTURY CMNTYS INC	$28,459,000	–	928,214	–	2.73%	–
RM	New	REGIONAL MGMT CORP	$25,027,000	–	1,413,139	–	2.40%	–
LEN	New	LENNAR CORPcl a	$24,941,000	–	404,761	–	2.39%	–
HON	New	HONEYWELL INTL INC	$23,590,000	–	163,150	–	2.26%	–
PACW	New	PACWEST BANCORP DEL	$22,974,000	–	1,165,588	–	2.20%	–
TMHC	New	TAYLOR MORRISON HOME CORP	$22,330,000	–	1,157,596	–	2.14%	–
MHO	New	M/I HOMES INC	$21,463,000	–	623,205	–	2.06%	–
SBNY	New	SIGNATURE BK NEW YORK N Y	$20,687,000	–	193,478	–	1.99%	–
EVR	New	EVERCORE INCclass a	$19,872,000	–	337,274	–	1.91%	–
DFS	New	DISCOVER FINL SVCS	$19,848,000	–	396,249	–	1.90%	–
AL	New	AIR LEASE CORPcl a	$19,331,000	–	659,976	–	1.86%	–
MS	New	MORGAN STANLEY	$19,210,000	–	397,732	–	1.84%	–
FBC	New	FLAGSTAR BANCORP INC	$19,004,000	–	645,735	–	1.82%	–
AX	New	AXOS FINANCIAL INC	$15,638,000	–	708,245	–	1.50%	–
TCBI	New	TEXAS CAP BANCSHARES INC	$14,802,000	–	479,499	–	1.42%	–
CFG	New	CITIZENS FINANCIAL GROUP INC	$14,438,000	–	572,037	–	1.39%	–
CMA	New	COMERICA INC	$14,319,000	–	375,816	–	1.37%	–
TOL	New	TOLL BROTHERS INC	$13,901,000	–	426,554	–	1.33%	–
AMP	New	AMERIPRISE FINL INC	$13,428,000	–	89,494	–	1.29%	–
LAZ	New	LAZARD LTD	$12,873,000	–	449,619	–	1.24%	–
MCB	New	METROPOLITAN BK HLDG CORP	$12,663,000	–	394,718	–	1.22%	–
ESQ	New	ESQUIRE FINL HLDGS INC	$11,981,000	–	708,930	–	1.15%	–
EWBC	New	EAST WEST BANCORP INC	$11,789,000	–	325,296	–	1.13%	–
FNF	New	FIDELITY NATIONAL FINANCIAL	$10,246,000	–	334,183	–	0.98%	–
MBIN	New	MERCHANTS BANCORP IND	$8,861,000	–	479,221	–	0.85%	–
MAS	New	MASCO CORP	$8,765,000	–	174,565	–	0.84%	–
NBN	New	NORTHEAST BK LEWISTON ME	$8,555,000	–	487,449	–	0.82%	–
CAC	New	CAMDEN NATL CORP	$8,556,000	–	247,699	–	0.82%	–
PKBK	New	PARKE BANCORP INC	$7,872,000	–	580,983	–	0.76%	–
ONB	New	OLD NATL BANCORP IND	$7,598,000	–	552,155	–	0.73%	–
BKI	New	BLACK KNIGHT INC	$7,435,000	–	102,471	–	0.71%	–
SIVB	New	SVB FINANCIAL GROUP	$7,310,000	–	33,917	–	0.70%	–
SNV	New	SYNOVUS FINL CORP	$7,232,000	–	352,283	–	0.69%	–
PFBC	New	PREFERRED BK LOS ANGELES CA	$7,168,000	–	167,283	–	0.69%	–
FAF	New	FIRST AMERN FINL CORP	$6,452,000	–	134,358	–	0.62%	–
UBSI	New	UNITED BANKSHARES INC WEST V	$6,129,000	–	221,569	–	0.59%	–
FCNCA	New	FIRST CTZNS BANCSHARES INC Ncl a	$6,087,000	–	15,028	–	0.58%	–
MRLN	New	MARLIN BUSINESS SVCS CORP	$6,019,000	–	711,435	–	0.58%	–
SCHW	New	SCHWAB CHARLES CORP	$5,694,000	–	168,757	–	0.55%	–
AAPL	New	APPLE INC	$5,580,000	–	15,296	–	0.54%	–
MTB	New	M & T BK CORP	$5,560,000	–	53,476	–	0.53%	–
WAL	New	WESTERN ALLIANCE BANCORP	$5,472,000	–	144,488	–	0.52%	–
FNB	New	F N B CORP	$4,733,000	–	631,121	–	0.45%	–
HFWA	New	HERITAGE FINL CORP WASH	$4,615,000	–	230,737	–	0.44%	–
WSBC	New	WESBANCO INC	$4,532,000	–	223,159	–	0.44%	–
TCBK	New	TRICO BANCSHARES	$4,202,000	–	137,981	–	0.40%	–
PHM	New	PULTE GROUP INC	$4,101,000	–	120,524	–	0.39%	–
CHMG	New	CHEMUNG FINL CORP	$4,091,000	–	149,846	–	0.39%	–
BOTJ	New	BANK OF THE ST JAMES FINL GP	$3,918,000	–	414,743	–	0.38%	–
LBAI	New	LAKELAND BANCORP INC	$3,220,000	–	281,681	–	0.31%	–
FBNC	New	FIRST BANCORP N C	$3,092,000	–	123,266	–	0.30%	–
KEY	New	KEYCORP	$2,790,000	–	229,101	–	0.27%	–
C	New	CITIGROUP INC	$2,744,000	–	53,695	–	0.26%	–
HOMB	New	HOME BANCSHARES INC	$2,561,000	–	166,538	–	0.25%	–
SSB	New	SOUTH ST CORP	$2,523,000	–	52,944	–	0.24%	–
BUSE	New	FIRST BUSEY CORP	$2,186,000	–	117,192	–	0.21%	–
MRBK	New	MERIDIAN BK PAOLI PA	$2,071,000	–	130,639	–	0.20%	–
CUBI	New	CUSTOMERS BANCORP INC	$1,896,000	–	157,764	–	0.18%	–
FITB	New	FIFTH THIRD BANCORP	$1,805,000	–	93,607	–	0.17%	–
OC	New	OWENS CORNING NEW	$1,797,000	–	32,235	–	0.17%	–
EGBN	New	EAGLE BANCORP INC MD	$1,507,000	–	46,012	–	0.14%	–
PBCT	New	PEOPLES UNITED FINANCIAL INC	$1,310,000	–	113,228	–	0.13%	–
KFY	New	KORN FERRY	$1,317,000	–	42,870	–	0.13%	–
BPOP	New	POPULAR INC	$1,078,000	–	28,994	–	0.10%	–
MDY	New	SPDR S&P MIDCAP 400 ETF TRput	$674,000	–	2,076	–	0.06%	–
SASR	New	SANDY SPRING BANCORP INC	$513,000	–	20,707	–	0.05%	–
VLY	New	VALLEY NATL BANCORP	$507,000	–	64,820	–	0.05%	–
TSBK	New	TIMBERLAND BANCORP INC	$128,000	–	7,014	–	0.01%	–
JAX	New	J ALEXANDERS HLDGS INC	$95,000	–	19,238	–	0.01%	–
RMBI	New	RICHMOND MUT BANCORPORATION	$89,000	–	7,874	–	0.01%	–
BCS	New	BARCLAYS PLCadr	$13,000	–	2,307	–	0.00%	–

Q4 2019

			Value		Shares		↓ Weighting
CLBK	Exit	COLUMBIA FINL INC	$0	–	-680	–	-0.00%	–
RMBI	Exit	RICHMOND MUT BANCORPORATIN I	$0	–	-7,874	–	-0.01%	–
GTX	Exit	GARRETT MOTION INC	$0	–	-16,315	–	-0.01%	–
JAX	Exit	J ALEXANDERS HLDGS INC	$0	–	-19,238	–	-0.02%	–
PFBI	Exit	PREMIER FINL BANCORP INC	$0	–	-16,700	–	-0.02%	–
REZI	Exit	RESIDEO TECHNOLOGIES INC	$0	–	-27,192	–	-0.03%	–
VLY	Exit	VALLEY NATL BANCORP	$0	–	-64,821	–	-0.05%	–
MTB	Exit	M & T BK CORP	$0	–	-5,823	–	-0.07%	–
BANR	Exit	BANNER CORP	$0	–	-17,349	–	-0.07%	–
SASR	Exit	SANDY SPRING BANCORP INC	$0	–	-33,015	–	-0.08%	–
BPOP	Exit	POPULAR INC	$0	–	-28,994	–	-0.12%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-7,762	–	-0.12%	–
KFY	Exit	KORN FERRY	$0	–	-42,870	–	-0.12%	–
CARO	Exit	CAROLINA FINL CORP NEW	$0	–	-46,787	–	-0.12%	–
LEA	Exit	LEAR CORP	$0	–	-14,761	–	-0.13%	–
PBCT	Exit	PEOPLES UTD FINL INC	$0	–	-113,228	–	-0.13%	–
EGBN	Exit	EAGLE BANCORP INC MD	$0	–	-46,014	–	-0.15%	–
SBT	Exit	STERLING BANCORP INC	$0	–	-213,481	–	-0.15%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-36,057	–	-0.15%	–
VBTX	Exit	VERITEX HLDGS INC	$0	–	-91,008	–	-0.16%	–
RY	Exit	ROYAL BK CDA MONTREAL QUE	$0	–	-28,336	–	-0.17%	–
PBFS	Exit	PIONEER BANCORP INC	$0	–	-185,745	–	-0.17%	–
R	Exit	RYDER SYS INC	$0	–	-46,650	–	-0.18%	–
FITB	Exit	FIFTH THIRD BANCORP	$0	–	-93,607	–	-0.19%	–
OLBK	Exit	OLD LINE BANCSHARES INC	$0	–	-88,949	–	-0.19%	–
CCB	Exit	COASTAL FINL CORP WA	$0	–	-173,502	–	-0.19%	–
CVLG	Exit	COVENANT TRANSN GROUP INCcl a	$0	–	-159,649	–	-0.19%	–
BUSE	Exit	FIRST BUSEY CORP	$0	–	-117,193	–	-0.22%	–
CNNE	Exit	CANNAE HLDGS INC	$0	–	-111,383	–	-0.22%	–
OC	Exit	OWENS CORNING NEW	$0	–	-50,392	–	-0.23%	–
SONA	Exit	SOUTHERN NATL BANCORP OF VA	$0	–	-210,877	–	-0.24%	–
FBC	Exit	FLAGSTAR BANCORP INC	$0	–	-88,272	–	-0.24%	–
AAPL	Exit	APPLE INC	$0	–	-15,296	–	-0.25%	–
MBIN	Exit	MERCHANTS BANCORP IND	$0	–	-209,014	–	-0.25%	–
IBTX	Exit	INDEPENDENT BK GROUP INC	$0	–	-66,491	–	-0.26%	–
ESQ	Exit	ESQUIRE FINL HLDGS INC	$0	–	-153,613	–	-0.28%	–
SSB	Exit	SOUTH ST CORP	$0	–	-52,946	–	-0.29%	–
CVLY	Exit	CODORUS VY BANCORP INC	$0	–	-187,860	–	-0.32%	–
FBNC	Exit	FIRST BANCORP N C	$0	–	-123,266	–	-0.32%	–
HOMB	Exit	HOME BANCSHARES INC	$0	–	-235,454	–	-0.32%	–
LBAI	Exit	LAKELAND BANCORP INC	$0	–	-294,319	–	-0.33%	–
DFS	Exit	DISCOVER FINL SVCS	$0	–	-61,063	–	-0.36%	–
TCBK	Exit	TRICO BANCSHARES	$0	–	-137,982	–	-0.37%	–
ONDK	Exit	ON DECK CAP INC	$0	–	-1,523,761	–	-0.37%	–
CHMG	Exit	CHEMUNG FINL CORP	$0	–	-124,068	–	-0.38%	–
WSBC	Exit	WESBANCO INC	$0	–	-153,389	–	-0.42%	–
BOTJ	Exit	BANK OF THE ST JAMES FINL GP	$0	–	-416,496	–	-0.44%	–
NBN	Exit	NORTHEAST BK LEWISTON ME	$0	–	-280,831	–	-0.46%	–
HFWA	Exit	HERITAGE FINL CORP WASH	$0	–	-230,738	–	-0.46%	–
BKI	Exit	BLACK KNIGHT INC	$0	–	-102,472	–	-0.46%	–
RBB	Exit	RBB BANCORP	$0	–	-341,581	–	-0.49%	–
UBSI	Exit	UNITED BANKSHARES INC WEST V	$0	–	-180,165	–	-0.50%	–
FCNCA	Exit	FIRST CTZNS BANCSHARES INC Ncl a	$0	–	-15,028	–	-0.52%	–
SIVB	Exit	SVB FINL GROUP	$0	–	-33,917	–	-0.52%	–
SBNY	Exit	SIGNATURE BK NEW YORK N Y	$0	–	-60,059	–	-0.52%	–
FNB	Exit	FNB CORP PA	$0	–	-631,123	–	-0.53%	–
MAS	Exit	MASCO CORP	$0	–	-174,565	–	-0.53%	–
OPBK	Exit	OP BANCORP	$0	–	-760,118	–	-0.54%	–
PGC	Exit	PEAPACK-GLADSTONE FINL CORP	$0	–	-271,342	–	-0.56%	–
AMRB	Exit	AMERICAN RIVER BANKSHARES	$0	–	-573,715	–	-0.57%	–
KEY	Exit	KEYCORP NEW	$0	–	-441,368	–	-0.58%	–
TCBI	Exit	TEXAS CAPITAL BANCSHARES INC	$0	–	-144,197	–	-0.58%	–
FAF	Exit	FIRST AMERN FINL CORP	$0	–	-134,358	–	-0.58%	–
NCLH	Exit	NORWEGIAN CRUISE LINE HLDG L	$0	–	-157,566	–	-0.60%	–
CNOB	Exit	CONNECTONE BANCORP INC NEW	$0	–	-375,176	–	-0.61%	–
CMA	Exit	COMERICA INC	$0	–	-128,949	–	-0.62%	–
PFBC	Exit	PREFERRED BK LOS ANGELES CA	$0	–	-167,283	–	-0.64%	–
SNV	Exit	SYNOVUS FINL CORP	$0	–	-254,012	–	-0.66%	–
ZION	Exit	ZIONS BANCORPORATION N A	$0	–	-203,924	–	-0.66%	–
LAZ	Exit	LAZARD LTD	$0	–	-263,812	–	-0.68%	–
WAL	Exit	WESTERN ALLIANCE BANCORP	$0	–	-201,386	–	-0.68%	–
ONB	Exit	OLD NATL BANCORP IND	$0	–	-552,157	–	-0.69%	–
SBBX	Exit	SB ONE BANCORP	$0	–	-436,583	–	-0.72%	–
MRBK	Exit	MERIDIAN CORPORATION	$0	–	-557,238	–	-0.72%	–
FFWM	Exit	FIRST FNDTN INC	$0	–	-650,213	–	-0.73%	–
WLH	Exit	LYON WILLIAM HOMEScl a new	$0	–	-504,806	–	-0.75%	–
PKBK	Exit	PARKE BANCORP INC	$0	–	-464,557	–	-0.75%	–
CUBI	Exit	CUSTOMERS BANCORP INC	$0	–	-500,477	–	-0.76%	–
TOL	Exit	TOLL BROTHERS INC	$0	–	-257,716	–	-0.77%	–
WTFC	Exit	WINTRUST FINL CORP	$0	–	-172,374	–	-0.81%	–
MCB	Exit	METROPOLITAN BK HLDG CORP	$0	–	-331,452	–	-0.95%	–
TMHC	Exit	TAYLOR MORRISON HOME CORP	$0	–	-508,300	–	-0.96%	–
AX	Exit	AXOS FINL INC	$0	–	-480,899	–	-0.97%	–
CAC	Exit	CAMDEN NATL CORP	$0	–	-325,260	–	-1.03%	–
RF	Exit	REGIONS FINL CORP NEW	$0	–	-910,656	–	-1.05%	–
MHO	Exit	M/I HOMES INC	$0	–	-386,126	–	-1.06%	–
PFSI	Exit	PENNYMAC FINL SVCS INC	$0	–	-483,393	–	-1.07%	–
FNF	Exit	FIDELITY NATIONAL FINANCIAL	$0	–	-334,183	–	-1.08%	–
BLK	Exit	BLACKROCK INC	$0	–	-33,478	–	-1.09%	–
HWC	Exit	HANCOCK WHITNEY CORPORATION	$0	–	-413,571	–	-1.16%	–
MRLN	Exit	MARLIN BUSINESS SVCS CORP	$0	–	-711,935	–	-1.31%	–
EWBC	Exit	EAST WEST BANCORP INC	$0	–	-438,625	–	-1.42%	–
PACW	Exit	PACWEST BANCORP DEL	$0	–	-534,965	–	-1.42%	–
MS	Exit	MORGAN STANLEY	$0	–	-526,262	–	-1.64%	–
C	Exit	CITIGROUP INC	$0	–	-354,194	–	-1.79%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-163,150	–	-2.02%	–
CFG	Exit	CITIZENS FINL GROUP INC	$0	–	-799,518	–	-2.07%	–
CCS	Exit	CENTURY CMNTYS INC	$0	–	-954,797	–	-2.14%	–
LEN	Exit	LENNAR CORPcl a	$0	–	-541,732	–	-2.21%	–
AL	Exit	AIR LEASE CORPcl a	$0	–	-795,172	–	-2.43%	–
BAC	Exit	BANK AMER CORP	$0	–	-1,163,234	–	-2.48%	–
ALLY	Exit	ALLY FINL INC	$0	–	-1,084,646	–	-2.63%	–
STL	Exit	STERLING BANCORP DEL	$0	–	-1,821,038	–	-2.67%	–
RM	Exit	REGIONAL MGMT CORP	$0	–	-1,431,015	–	-2.94%	–
AER	Exit	AERCAP HOLDINGS NV	$0	–	-921,392	–	-3.69%	–
COF	Exit	CAPITAL ONE FINL CORP	$0	–	-581,899	–	-3.87%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-501,920	–	-4.32%	–
USB	Exit	US BANCORP DEL	$0	–	-1,152,064	–	-4.66%	–
BDGE	Exit	BRIDGE BANCORP INC	$0	–	-2,193,789	–	-4.74%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-1,292,749	–	-4.77%	–
OMF	Exit	ONEMAIN HLDGS INC	$0	–	-1,872,143	–	-5.02%	–

Q3 2019

			Value		Shares		↓ Weighting
OMF	Sell	ONEMAIN HLDGS INC	$68,670,000	+2.6%	1,872,143	-5.4%	5.02%	+20.7%
BDGE	Buy	BRIDGE BANCORP INC	$64,848,000	+0.4%	2,193,789	+0.0%	4.74%	+18.1%
JPM	Sell	JPMORGAN CHASE & CO	$59,071,000	-27.9%	501,920	-31.5%	4.32%	-15.2%
COF	Buy	CAPITAL ONE FINL CORP	$52,941,000	+2.9%	581,899	+2.6%	3.87%	+21.1%
AER	Buy	AERCAP HOLDINGS NV	$50,446,000	+32.7%	921,392	+26.0%	3.69%	+56.1%
STL	Buy	STERLING BANCORP DEL	$36,530,000	-2.6%	1,821,038	+3.3%	2.67%	+14.6%
ALLY	Buy	ALLY FINL INC	$35,967,000	+16.4%	1,084,646	+8.8%	2.63%	+37.0%
AL	Sell	AIR LEASE CORPcl a	$33,254,000	-34.7%	795,172	-35.4%	2.43%	-23.1%
LEN	Sell	LENNAR CORPcl a	$30,256,000	+6.8%	541,732	-7.3%	2.21%	+25.7%
CCS	Sell	CENTURY CMNTYS INC	$29,245,000	-0.3%	954,797	-13.5%	2.14%	+17.2%
CFG	Sell	CITIZENS FINL GROUP INC	$28,279,000	-48.0%	799,518	-48.0%	2.07%	-38.8%
C	Buy	CITIGROUP INC	$24,468,000	-0.9%	354,194	+0.5%	1.79%	+16.6%
MS	Buy	MORGAN STANLEY	$22,456,000	+39.7%	526,262	+43.4%	1.64%	+64.4%
EWBC	Sell	EAST WEST BANCORP INC	$19,427,000	-18.0%	438,625	-13.4%	1.42%	-3.5%
MRLN	Buy	MARLIN BUSINESS SVCS CORP	$17,934,000	+6.7%	711,935	+5.6%	1.31%	+25.6%
HWC	New	HANCOCK WHITNEY CORPORATION	$15,838,000	–	413,571	–	1.16%	–
BLK	Buy	BLACKROCK INC	$14,919,000	+204.7%	33,478	+220.9%	1.09%	+258.6%
PFSI	Sell	PENNYMAC FINL SVCS INC	$14,685,000	-16.2%	483,393	-38.8%	1.07%	-1.4%
MHO	Sell	M/I HOMES INC	$14,538,000	-21.1%	386,126	-40.2%	1.06%	-7.2%
RF	Sell	REGIONS FINL CORP NEW	$14,407,000	-70.8%	910,656	-72.5%	1.05%	-65.7%
TMHC	Sell	TAYLOR MORRISON HOME CORP	$13,185,000	-12.7%	508,300	-29.5%	0.96%	+2.8%
MCB	Buy	METROPOLITAN BK HLDG CORP	$13,036,000	+0.4%	331,452	+12.3%	0.95%	+18.1%
WTFC	Buy	WINTRUST FINL CORP	$11,141,000	-7.4%	172,374	+4.8%	0.81%	+9.0%
TOL	Buy	TOLL BROTHERS INC	$10,579,000	+126.0%	257,716	+101.7%	0.77%	+165.6%
CUBI	Buy	CUSTOMERS BANCORP INC	$10,380,000	+109.9%	500,477	+112.5%	0.76%	+147.2%
PKBK	Buy	PARKE BANCORP INC	$10,322,000	-4.2%	464,557	+3.2%	0.75%	+12.7%
WLH	Buy	LYON WILLIAM HOMEScl a new	$10,278,000	+61.0%	504,806	+44.1%	0.75%	+89.2%
FFWM	Sell	FIRST FNDTN INC	$9,932,000	-31.8%	650,213	-40.0%	0.73%	-19.7%
MRBK	Sell	MERIDIAN CORPORATION	$9,891,000	-2.0%	557,238	-6.7%	0.72%	+15.3%
SBBX	Sell	SB ONE BANCORP	$9,849,000	-13.4%	436,583	-14.2%	0.72%	+2.0%
WAL	Sell	WESTERN ALLIANCE BANCORP	$9,280,000	-27.3%	201,386	-29.4%	0.68%	-14.5%
LAZ	Buy	LAZARD LTD	$9,233,000	+62.2%	263,812	+59.4%	0.68%	+91.2%
SNV	Sell	SYNOVUS FINL CORP	$9,083,000	-69.4%	254,012	-70.0%	0.66%	-64.0%
CMA	Sell	COMERICA INC	$8,509,000	-48.5%	128,949	-43.4%	0.62%	-39.4%
CNOB	Buy	CONNECTONE BANCORP INC NEW	$8,329,000	+130.5%	375,176	+135.3%	0.61%	+171.9%
NCLH	Buy	NORWEGIAN CRUISE LINE HLDG L	$8,157,000	+49.3%	157,566	+54.7%	0.60%	+75.8%
TCBI	New	TEXAS CAPITAL BANCSHARES INC	$7,880,000	–	144,197	–	0.58%	–
KEY	Sell	KEYCORP NEW	$7,874,000	-56.0%	441,368	-56.2%	0.58%	-48.3%
AMRB	Sell	AMERICAN RIVER BANKSHARES	$7,820,000	-6.5%	573,715	-15.9%	0.57%	+10.0%
PGC	Sell	PEAPACK-GLADSTONE FINL CORP	$7,606,000	-46.4%	271,342	-46.2%	0.56%	-36.9%
OPBK	Sell	OP BANCORP	$7,434,000	-34.1%	760,118	-27.0%	0.54%	-22.5%
FNB	Sell	FNB CORP PA	$7,277,000	-19.1%	631,123	-17.5%	0.53%	-4.8%
SBNY	Sell	SIGNATURE BK NEW YORK N Y	$7,160,000	-7.1%	60,059	-5.8%	0.52%	+9.2%
RBB	Buy	RBB BANCORP	$6,726,000	+9.5%	341,581	+7.6%	0.49%	+29.1%
NBN	Buy	NORTHEAST BK LEWISTON ME	$6,226,000	+58.9%	280,831	+97.7%	0.46%	+87.2%
CHMG	Sell	CHEMUNG FINL CORP	$5,211,000	-20.1%	124,068	-8.1%	0.38%	-5.9%
ONDK	Sell	ON DECK CAP INC	$5,120,000	-24.1%	1,523,761	-6.3%	0.37%	-10.7%
DFS	Sell	DISCOVER FINL SVCS	$4,952,000	-57.4%	61,063	-59.3%	0.36%	-49.9%
CVLY	Sell	CODORUS VY BANCORP INC	$4,370,000	-11.8%	187,860	-12.8%	0.32%	+3.6%
ESQ	Sell	ESQUIRE FINL HLDGS INC	$3,810,000	-8.8%	153,613	-7.6%	0.28%	+6.9%
MBIN	Buy	MERCHANTS BANCORP IND	$3,457,000	+547.4%	209,014	+566.5%	0.25%	+666.7%
FBC	Sell	FLAGSTAR BANCORP INC	$3,297,000	-18.3%	88,272	-27.5%	0.24%	-4.0%
SONA	Sell	SOUTHERN NATL BANCORP OF VA	$3,245,000	-11.1%	210,877	-11.6%	0.24%	+4.4%
OC	Sell	OWENS CORNING NEW	$3,185,000	-88.0%	50,392	-88.9%	0.23%	-85.9%
CVLG	Buy	COVENANT TRANSN GROUP INCcl a	$2,625,000	+121.7%	159,649	+98.3%	0.19%	+159.5%
CCB	New	COASTAL FINL CORP WA	$2,622,000	–	173,502	–	0.19%	–
FITB	Sell	FIFTH THIRD BANCORP	$2,563,000	-33.9%	93,607	-32.7%	0.19%	-22.4%
R	Sell	RYDER SYS INC	$2,415,000	-72.5%	46,650	-69.0%	0.18%	-67.5%
PBFS	New	PIONEER BANCORP INC	$2,320,000	–	185,745	–	0.17%	–
RY	Sell	ROYAL BK CDA MONTREAL QUE	$2,300,000	-10.7%	28,336	-12.7%	0.17%	+5.0%
SBT	Sell	STERLING BANCORP INC	$2,084,000	-78.1%	213,481	-77.7%	0.15%	-74.3%
DAL	Sell	DELTA AIR LINES INC DEL	$2,077,000	-10.7%	36,057	-12.1%	0.15%	+4.8%
PBCT	Sell	PEOPLES UTD FINL INC	$1,770,000	-67.1%	113,228	-64.7%	0.13%	-61.4%
LEA	Sell	LEAR CORP	$1,740,000	-90.2%	14,761	-88.4%	0.13%	-88.5%
GS	Sell	GOLDMAN SACHS GROUP INC	$1,609,000	-78.5%	7,762	-78.8%	0.12%	-74.7%
VLY	Sell	VALLEY NATL BANCORP	$705,000	-27.9%	64,821	-28.5%	0.05%	-14.8%
PFBI	Sell	PREMIER FINL BANCORP INC	$287,000	-90.5%	16,700	-91.7%	0.02%	-88.8%
RMBI	New	RICHMOND MUT BANCORPORATIN I	$110,000	–	7,874	–	0.01%	–
ESV	Exit	ENSCO PLC	$0	–	-1,996	–	-0.00%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-391	–	-0.01%	–
CUZ	Exit	COUSINS PPTYS INC	$0	–	-3,665	–	-0.01%	–
KRE	Exit	SPDR SERIES TRUSTput	$0	–	-2,406	–	-0.01%	–
FLIC	Exit	FIRST LONG IS CORP	$0	–	-21,217	–	-0.03%	–
FUNC	Exit	FIRST UTD CORP	$0	–	-23,854	–	-0.03%	–
SFST	Exit	SOUTHERN FIRST BANCSHARES IN	$0	–	-23,000	–	-0.06%	–
SHBI	Exit	SHORE BANCSHARES INC	$0	–	-62,452	–	-0.06%	–
BRKL	Exit	BROOKLINE BANCORP INC DEL	$0	–	-74,949	–	-0.07%	–
UAL	Exit	UNITED CONTL HLDGS INC	$0	–	-13,547	–	-0.07%	–
SBCF	Exit	SEACOAST BKG CORP FLA	$0	–	-67,640	–	-0.11%	–
PNFP	Exit	PINNACLE FINL PARTNERS INC	$0	–	-31,269	–	-0.11%	–
CSFL	Exit	CENTERSTATE BK CORP	$0	–	-94,878	–	-0.14%	–
FRBK	Exit	REPUBLIC FIRST BANCORP INC	$0	–	-460,937	–	-0.14%	–
KMI	Exit	KINDER MORGAN INC DEL	$0	–	-126,163	–	-0.16%	–
HBAN	Exit	HUNTINGTON BANCSHARES INC	$0	–	-237,128	–	-0.20%	–
HTH	Exit	HILLTOP HOLDINGS INC	$0	–	-159,685	–	-0.21%	–
IBKC	Exit	IBERIABANK CORP	$0	–	-54,492	–	-0.26%	–
PNC	Exit	PNC FINL SVCS GROUP INC	$0	–	-31,778	–	-0.27%	–
ISBC	Exit	INVESTORS BANCORP INC NEW	$0	–	-434,839	–	-0.30%	–
QCRH	Exit	QCR HOLDINGS INC	$0	–	-240,847	–	-0.52%	–
PPBI	Exit	PACIFIC PREMIER BANCORP	$0	–	-412,763	–	-0.79%	–
FIS	Exit	FIDELITY NATL INFORMATION SV	$0	–	-146,883	–	-1.12%	–
MSL	Exit	MIDSOUTH BANCORP INC	$0	–	-1,641,562	–	-1.21%	–

Q2 2019

			Value		Shares		↓ Weighting
JPM	New	JPMORGAN CHASE & CO	$81,951,000	–	733,012	–	5.09%	–
OMF	New	ONEMAIN HLDGS INC	$66,926,000	–	1,979,470	–	4.16%	–
BDGE	New	BRIDGE BANCORP INC	$64,599,000	–	2,192,774	–	4.01%	–
WFC	New	WELLS FARGO CO NEW	$61,173,000	–	1,292,749	–	3.80%	–
USB	New	US BANCORP DEL	$60,368,000	–	1,152,064	–	3.75%	–
CFG	New	CITIZENS FINL GROUP INC	$54,413,000	–	1,538,843	–	3.38%	–
COF	New	CAPITAL ONE FINL CORP	$51,447,000	–	566,977	–	3.20%	–
AL	New	AIR LEASE CORPcl a	$50,891,000	–	1,231,035	–	3.16%	–
RF	New	REGIONS FINL CORP NEW	$49,389,000	–	3,305,806	–	3.07%	–
AER	New	AERCAP HOLDINGS NV	$38,026,000	–	731,126	–	2.36%	–
RM	New	REGIONAL MGMT CORP	$37,736,000	–	1,431,015	–	2.34%	–
STL	New	STERLING BANCORP DEL	$37,508,000	–	1,762,595	–	2.33%	–
BAC	New	BANK AMER CORP	$33,734,000	–	1,163,234	–	2.10%	–
ALLY	New	ALLY FINL INC	$30,891,000	–	996,819	–	1.92%	–
SNV	New	SYNOVUS FINL CORP	$29,683,000	–	848,085	–	1.84%	–
CCS	New	CENTURY CMNTYS INC	$29,344,000	–	1,104,002	–	1.82%	–
HON	New	HONEYWELL INTL INC	$28,484,000	–	163,150	–	1.77%	–
LEN	New	LENNAR CORPcl a	$28,318,000	–	584,362	–	1.76%	–
OC	New	OWENS CORNING NEW	$26,512,000	–	455,534	–	1.65%	–
C	New	CITIGROUP INC	$24,691,000	–	352,572	–	1.53%	–
EWBC	New	EAST WEST BANCORP INC	$23,700,000	–	506,734	–	1.47%	–
PACW	New	PACWEST BANCORP DEL	$20,773,000	–	534,965	–	1.29%	–
MSL	New	MIDSOUTH BANCORP INC	$19,453,000	–	1,641,562	–	1.21%	–
MHO	New	M/I HOMES INC	$18,435,000	–	645,925	–	1.14%	–
FIS	New	FIDELITY NATL INFORMATION SV	$18,020,000	–	146,883	–	1.12%	–
KEY	New	KEYCORP NEW	$17,899,000	–	1,008,411	–	1.11%	–
LEA	New	LEAR CORP	$17,787,000	–	127,718	–	1.10%	–
PFSI	New	PENNYMAC FINL SVCS INC	$17,518,000	–	789,810	–	1.09%	–
MRLN	New	MARLIN BUSINESS SVCS CORP	$16,807,000	–	674,187	–	1.04%	–
CMA	New	COMERICA INC	$16,538,000	–	227,672	–	1.03%	–
MS	New	MORGAN STANLEY	$16,073,000	–	366,885	–	1.00%	–
TMHC	New	TAYLOR MORRISON HOME CORP	$15,104,000	–	720,625	–	0.94%	–
CAC	New	CAMDEN NATL CORP	$14,920,000	–	325,260	–	0.93%	–
FFWM	New	FIRST FNDTN INC	$14,556,000	–	1,082,999	–	0.90%	–
PGC	New	PEAPACK-GLADSTONE FINL CORP	$14,183,000	–	504,372	–	0.88%	–
FNF	New	FIDELITY NATIONAL FINANCIAL	$13,468,000	–	334,183	–	0.84%	–
AX	New	AXOS FINL INC	$13,104,000	–	480,899	–	0.81%	–
MCB	New	METROPOLITAN BK HLDG CORP	$12,990,000	–	295,229	–	0.81%	–
WAL	New	WESTERN ALLIANCE BANCORP	$12,762,000	–	285,375	–	0.79%	–
PPBI	New	PACIFIC PREMIER BANCORP	$12,746,000	–	412,763	–	0.79%	–
WTFC	New	WINTRUST FINL CORP	$12,028,000	–	164,405	–	0.75%	–
DFS	New	DISCOVER FINL SVCS	$11,634,000	–	149,948	–	0.72%	–
SBBX	New	SB ONE BANCORP	$11,368,000	–	508,617	–	0.71%	–
OPBK	New	OP BANCORP	$11,284,000	–	1,041,003	–	0.70%	–
PKBK	New	PARKE BANCORP INC	$10,777,000	–	449,965	–	0.67%	–
MRBK	New	MERIDIAN CORPORATION	$10,093,000	–	597,243	–	0.63%	–
SBT	New	STERLING BANCORP INC	$9,528,000	–	955,650	–	0.59%	–
ZION	New	ZIONS BANCORPORATION N A	$9,376,000	–	203,924	–	0.58%	–
ONB	New	OLD NATL BANCORP IND	$9,160,000	–	552,157	–	0.57%	–
FNB	New	FNB CORP PA	$8,999,000	–	764,590	–	0.56%	–
R	New	RYDER SYS INC	$8,781,000	–	150,611	–	0.54%	–
QCRH	New	QCR HOLDINGS INC	$8,398,000	–	240,847	–	0.52%	–
AMRB	New	AMERICAN RIVER BANKSHARES	$8,368,000	–	682,581	–	0.52%	–
PFBC	New	PREFERRED BK LOS ANGELES CA	$7,904,000	–	167,283	–	0.49%	–
SBNY	New	SIGNATURE BK NEW YORK N Y	$7,704,000	–	63,755	–	0.48%	–
SIVB	New	SVB FINL GROUP	$7,617,000	–	33,917	–	0.47%	–
GS	New	GOLDMAN SACHS GROUP INC	$7,496,000	–	36,638	–	0.47%	–
FAF	New	FIRST AMERN FINL CORP	$7,215,000	–	134,358	–	0.45%	–
MAS	New	MASCO CORP	$6,850,000	–	174,565	–	0.42%	–
HFWA	New	HERITAGE FINL CORP WASH	$6,816,000	–	230,738	–	0.42%	–
FCNCA	New	FIRST CTZNS BANCSHARES INC Ncl a	$6,767,000	–	15,028	–	0.42%	–
ONDK	New	ON DECK CAP INC	$6,750,000	–	1,626,546	–	0.42%	–
UBSI	New	UNITED BANKSHARES INC WEST V	$6,682,000	–	180,165	–	0.42%	–
CHMG	New	CHEMUNG FINL CORP	$6,523,000	–	134,930	–	0.40%	–
WLH	New	LYON WILLIAM HOMEScl a new	$6,385,000	–	350,260	–	0.40%	–
BKI	New	BLACK KNIGHT INC	$6,164,000	–	102,472	–	0.38%	–
BOTJ	New	BANK OF THE ST JAMES FINL GP	$6,147,000	–	416,496	–	0.38%	–
RBB	New	RBB BANCORP	$6,140,000	–	317,455	–	0.38%	–
WSBC	New	WESBANCO INC	$5,913,000	–	153,389	–	0.37%	–
LAZ	New	LAZARD LTD	$5,691,000	–	165,496	–	0.35%	–
NCLH	New	NORWEGIAN CRUISE LINE HLDG L	$5,462,000	–	101,842	–	0.34%	–
PBCT	New	PEOPLES UTD FINL INC	$5,376,000	–	320,389	–	0.33%	–
TCBK	New	TRICO BANCSHARES	$5,216,000	–	137,982	–	0.32%	–
CVLY	New	CODORUS VY BANCORP INC	$4,955,000	–	215,428	–	0.31%	–
CUBI	New	CUSTOMERS BANCORP INC	$4,946,000	–	235,545	–	0.31%	–
BLK	New	BLACKROCK INC	$4,897,000	–	10,434	–	0.30%	–
ISBC	New	INVESTORS BANCORP INC NEW	$4,848,000	–	434,839	–	0.30%	–
TOL	New	TOLL BROTHERS INC	$4,680,000	–	127,787	–	0.29%	–
LBAI	New	LAKELAND BANCORP INC	$4,633,000	–	294,319	–	0.29%	–
HOMB	New	HOME BANCSHARES INC	$4,535,000	–	235,454	–	0.28%	–
FBNC	New	FIRST BANCORP N C	$4,489,000	–	123,266	–	0.28%	–
PNC	New	PNC FINL SVCS GROUP INC	$4,362,000	–	31,778	–	0.27%	–
ESQ	New	ESQUIRE FINL HLDGS INC	$4,179,000	–	166,158	–	0.26%	–
IBKC	New	IBERIABANK CORP	$4,133,000	–	54,492	–	0.26%	–
FBC	New	FLAGSTAR BANCORP INC	$4,036,000	–	121,797	–	0.25%	–
NBN	New	NORTHEAST BK LEWISTON ME	$3,917,000	–	142,017	–	0.24%	–
SSB	New	SOUTH ST CORP	$3,901,000	–	52,946	–	0.24%	–
FITB	New	FIFTH THIRD BANCORP	$3,880,000	–	139,052	–	0.24%	–
IBTX	New	INDEPENDENT BK GROUP INC	$3,654,000	–	66,491	–	0.23%	–
SONA	New	SOUTHERN NATL BANCORP OF VA	$3,652,000	–	238,540	–	0.23%	–
CNOB	New	CONNECTONE BANCORP INC NEW	$3,613,000	–	159,433	–	0.22%	–
HTH	New	HILLTOP HOLDINGS INC	$3,396,000	–	159,685	–	0.21%	–
HBAN	New	HUNTINGTON BANCSHARES INC	$3,277,000	–	237,128	–	0.20%	–
CNNE	New	CANNAE HLDGS INC	$3,228,000	–	111,383	–	0.20%	–
BUSE	New	FIRST BUSEY CORP	$3,095,000	–	117,193	–	0.19%	–
AAPL	New	APPLE INC	$3,027,000	–	15,296	–	0.19%	–
PFBI	New	PREMIER FINL BANCORP INC	$3,018,000	–	201,218	–	0.19%	–
KMI	New	KINDER MORGAN INC DEL	$2,634,000	–	126,163	–	0.16%	–
RY	New	ROYAL BK CDA MONTREAL QUE	$2,577,000	–	32,456	–	0.16%	–
EGBN	New	EAGLE BANCORP INC MD	$2,491,000	–	46,014	–	0.16%	–
OLBK	New	OLD LINE BANCSHARES INC	$2,367,000	–	88,949	–	0.15%	–
VBTX	New	VERITEX HLDGS INC	$2,362,000	–	91,008	–	0.15%	–
DAL	New	DELTA AIR LINES INC DEL	$2,327,000	–	41,002	–	0.14%	–
FRBK	New	REPUBLIC FIRST BANCORP INC	$2,263,000	–	460,937	–	0.14%	–
CSFL	New	CENTERSTATE BK CORP	$2,185,000	–	94,878	–	0.14%	–
PNFP	New	PINNACLE FINL PARTNERS INC	$1,797,000	–	31,269	–	0.11%	–
SBCF	New	SEACOAST BKG CORP FLA	$1,721,000	–	67,640	–	0.11%	–
KFY	New	KORN FERRY	$1,718,000	–	42,870	–	0.11%	–
CARO	New	CAROLINA FINL CORP NEW	$1,642,000	–	46,787	–	0.10%	–
BPOP	New	POPULAR INC	$1,573,000	–	28,994	–	0.10%	–
CVLG	New	COVENANT TRANSN GROUP INCcl a	$1,184,000	–	80,515	–	0.07%	–
UAL	New	UNITED CONTL HLDGS INC	$1,186,000	–	13,547	–	0.07%	–
BRKL	New	BROOKLINE BANCORP INC DEL	$1,153,000	–	74,949	–	0.07%	–
SASR	New	SANDY SPRING BANCORP INC	$1,152,000	–	33,015	–	0.07%	–
SHBI	New	SHORE BANCSHARES INC	$1,020,000	–	62,452	–	0.06%	–
VLY	New	VALLEY NATL BANCORP	$978,000	–	90,722	–	0.06%	–
MTB	New	M & T BK CORP	$990,000	–	5,823	–	0.06%	–
BANR	New	BANNER CORP	$939,000	–	17,349	–	0.06%	–
SFST	New	SOUTHERN FIRST BANCSHARES IN	$901,000	–	23,000	–	0.06%	–
REZI	New	RESIDEO TECHNOLOGIES INC	$596,000	–	27,192	–	0.04%	–
MBIN	New	MERCHANTS BANCORP IND	$534,000	–	31,359	–	0.03%	–
FUNC	New	FIRST UTD CORP	$470,000	–	23,854	–	0.03%	–
FLIC	New	FIRST LONG IS CORP	$426,000	–	21,217	–	0.03%	–
GTX	New	GARRETT MOTION INC	$250,000	–	16,315	–	0.02%	–
JAX	New	J ALEXANDERS HLDGS INC	$216,000	–	19,238	–	0.01%	–
CUZ	New	COUSINS PPTYS INC	$133,000	–	3,665	–	0.01%	–
KRE	New	SPDR SERIES TRUSTput	$129,000	–	2,406	–	0.01%	–
SPY	New	SPDR S&P 500 ETF TRput	$115,000	–	391	–	0.01%	–
ESV	New	ENSCO PLC	$17,000	–	1,996	–	0.00%	–
CLBK	New	COLUMBIA FINL INC	$10,000	–	680	–	0.00%	–

Q4 2018

			Value		Shares		↓ Weighting
NBN	Exit	NORTHEAST BANCORP	$0	–	-1,000	–	-0.00%	–
LENB	Exit	LENNAR CORPcl b	$0	–	-1,315	–	-0.00%	–
ESV	Exit	ENSCO PLC	$0	–	-7,986	–	-0.00%	–
FUNC	Exit	FIRST UTD CORP	$0	–	-3,655	–	-0.00%	–
CUZ	Exit	COUSINS PPTYS INC	$0	–	-14,659	–	-0.01%	–
JAX	Exit	J ALEXANDERS HLDGS INC	$0	–	-19,238	–	-0.01%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-1,476	–	-0.02%	–
FBSS	Exit	FAUQUIER BANKSHARES INC VA	$0	–	-25,176	–	-0.03%	–
SFST	Exit	SOUTHERN FIRST BANCSHARES IN	$0	–	-23,000	–	-0.04%	–
MTB	Exit	M & T BK CORP	$0	–	-5,823	–	-0.04%	–
VLY	Exit	VALLEY NATL BANCORP	$0	–	-90,722	–	-0.05%	–
BANR	Exit	BANNER CORP	$0	–	-17,349	–	-0.05%	–
SASR	Exit	SANDY SPRING BANCORP INC	$0	–	-33,015	–	-0.06%	–
EBTC	Exit	ENTERPRISE BANCORP INC MASS	$0	–	-38,852	–	-0.06%	–
BPOP	Exit	POPULAR INC	$0	–	-28,994	–	-0.07%	–
CARO	Exit	CAROLINA FINL CORP NEW	$0	–	-46,787	–	-0.08%	–
FIBK	Exit	FIRST INTST BANCSYSTEM INC	$0	–	-40,453	–	-0.08%	–
SBCF	Exit	SEACOAST BKG CORP FLA	$0	–	-67,640	–	-0.09%	–
ORRF	Exit	ORRSTOWN FINL SVCS INC	$0	–	-87,951	–	-0.10%	–
KFY	Exit	KORN FERRY INTL	$0	–	-42,870	–	-0.10%	–
KMI	Exit	KINDER MORGAN INC DEL	$0	–	-126,163	–	-0.10%	–
XLF	Exit	SELECT SECTOR SPDR TRput	$0	–	-81,800	–	-0.10%	–
EWBC	Exit	EAST WEST BANCORP INC	$0	–	-37,989	–	-0.10%	–
CNNE	Exit	CANNAE HLDGS INC	$0	–	-111,383	–	-0.11%	–
VBTX	Exit	VERITEX HLDGS INC	$0	–	-91,008	–	-0.12%	–
RY	Exit	ROYAL BK CDA MONTREAL QUE	$0	–	-32,456	–	-0.12%	–
OLBK	Exit	OLD LINE BANCSHARES INC	$0	–	-91,274	–	-0.13%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-55,370	–	-0.15%	–
FRBK	Exit	REPUBLIC FIRST BANCORP INC	$0	–	-460,937	–	-0.15%	–
LBAI	Exit	LAKELAND BANCORP INC	$0	–	-185,729	–	-0.15%	–
ESQ	Exit	ESQUIRE FINL HLDGS INC	$0	–	-134,850	–	-0.15%	–
AAPL	Exit	APPLE INC	$0	–	-15,296	–	-0.16%	–
PBCT	Exit	PEOPLES UNITED FINANCIAL INC	$0	–	-205,063	–	-0.16%	–
R	Exit	RYDER SYS INC	$0	–	-48,211	–	-0.16%	–
BUSE	Exit	FIRST BUSEY CORP	$0	–	-117,193	–	-0.17%	–
FITB	Exit	FIFTH THIRD BANCORP	$0	–	-139,052	–	-0.18%	–
BDC	Exit	BELDEN INC	$0	–	-55,222	–	-0.18%	–
NCLH	Exit	NORWEGIAN CRUISE LINE HLDG L	$0	–	-70,093	–	-0.18%	–
FCB	Exit	FCB FINL HLDGS INCcl a	$0	–	-87,063	–	-0.19%	–
WAL	Exit	WESTERN ALLIANCE BANCORP	$0	–	-75,297	–	-0.20%	–
PNC	Exit	PNC FINL SVCS GROUP INC	$0	–	-31,778	–	-0.20%	–
SSB	Exit	SOUTH ST CORP	$0	–	-52,946	–	-0.20%	–
GBNK	Exit	GUARANTY BANCORP DEL	$0	–	-147,758	–	-0.20%	–
MBIN	Exit	MERCHANTS BANCORP IND	$0	–	-175,593	–	-0.20%	–
STC	Exit	STEWART INFORMATION SVCS COR	$0	–	-104,443	–	-0.22%	–
FBNC	Exit	FIRST BANCORP N C	$0	–	-123,266	–	-0.23%	–
FLIC	Exit	FIRST LONG IS CORP	$0	–	-242,943	–	-0.24%	–
BKI	Exit	BLACK KNIGHT INC	$0	–	-102,472	–	-0.24%	–
TCBK	Exit	TRICO BANCSHARES	$0	–	-137,982	–	-0.24%	–
HOMB	Exit	HOME BANCSHARES INC	$0	–	-257,494	–	-0.26%	–
SIC	Exit	SELECT INTERIOR CONCEPTS INCcl a	$0	–	-535,035	–	-0.26%	–
CUBI	Exit	CUSTOMERS BANCORP INC	$0	–	-244,303	–	-0.26%	–
SSFN	Exit	STEWARDSHIP FINL CORP	$0	–	-586,288	–	-0.28%	–
MAS	Exit	MASCO CORP	$0	–	-174,565	–	-0.29%	–
CVCY	Exit	CENTRAL VALLEY CMNTY BANCORP	$0	–	-299,233	–	-0.30%	–
UBSI	Exit	UNITED BANKSHARES INC WEST V	$0	–	-180,165	–	-0.30%	–
BOTJ	Exit	BANK OF THE ST JAMES FINL GP	$0	–	-423,771	–	-0.31%	–
FCNCA	Exit	FIRST CTZNS BANCSHARES INC Ncl a	$0	–	-15,028	–	-0.31%	–
WSBC	Exit	WESBANCO INC	$0	–	-153,389	–	-0.31%	–
FAF	Exit	FIRST AMERN FINL CORP	$0	–	-134,358	–	-0.32%	–
PCB	Exit	PACIFIC CITY FINANCIAL CORP	$0	–	-361,169	–	-0.32%	–
MBFI	Exit	MB FINANCIAL INC NEW	$0	–	-152,017	–	-0.32%	–
DNBF	Exit	DNB FINL CORP	$0	–	-212,215	–	-0.36%	–
BK	Exit	BANK NEW YORK MELLON CORP	$0	–	-159,912	–	-0.37%	–
HFWA	Exit	HERITAGE FINL CORP WASH	$0	–	-232,259	–	-0.37%	–
COF	Exit	CAPITAL ONE FINL CORP	$0	–	-87,221	–	-0.38%	–
TCFC	Exit	COMMUNITY FINL CORP MD	$0	–	-249,280	–	-0.38%	–
SHBI	Exit	SHORE BANCSHARES INC	$0	–	-482,056	–	-0.39%	–
PKBK	Exit	PARKE BANCORP INC	$0	–	-400,268	–	-0.41%	–
BOCH	Exit	BANK COMM HLDGS	$0	–	-744,765	–	-0.42%	–
PFBC	Exit	PREFERRED BK LOS ANGELES CA	$0	–	-167,283	–	-0.45%	–
PFBI	Exit	PREMIER FINL BANCORP INC	$0	–	-540,255	–	-0.46%	–
CHMG	Exit	CHEMUNG FINL CORP	$0	–	-239,789	–	-0.46%	–
WTFC	Exit	WINTRUST FINL CORP	$0	–	-121,077	–	-0.47%	–
AMRB	Exit	AMERICAN RIVER BANKSHARES	$0	–	-670,650	–	-0.47%	–
SIVB	Exit	SVB FINL GROUP	$0	–	-33,917	–	-0.48%	–
MRBK	Exit	MERIDIAN CORPORATION	$0	–	-612,310	–	-0.48%	–
ONB	Exit	OLD NATL BANCORP IND	$0	–	-552,157	–	-0.49%	–
CVLY	Exit	CODORUS VY BANCORP INC	$0	–	-349,039	–	-0.50%	–
EGBN	Exit	EAGLE BANCORP INC MD	$0	–	-239,570	–	-0.55%	–
MHO	Exit	M/I HOMES INC	$0	–	-530,280	–	-0.58%	–
FNF	Exit	FIDELITY NATIONAL FINANCIAL	$0	–	-334,183	–	-0.60%	–
MCB	Exit	METROPOLITAN BK HLDG CORP	$0	–	-320,824	–	-0.60%	–
SNV	Exit	SYNOVUS FINL CORP	$0	–	-291,486	–	-0.61%	–
BWB	Exit	BRIDGEWATER BANCSHARES INC	$0	–	-1,026,277	–	-0.61%	–
TMHC	Exit	TAYLOR MORRISON HOME CORPcl a	$0	–	-746,276	–	-0.62%	–
CAC	Exit	CAMDEN NATL CORP	$0	–	-325,260	–	-0.65%	–
OPBK	Exit	OP BANCORP	$0	–	-1,231,686	–	-0.65%	–
CMA	Exit	COMERICA INC	$0	–	-161,137	–	-0.66%	–
PPBI	Exit	PACIFIC PREMIER BANCORP	$0	–	-412,763	–	-0.70%	–
LEA	Exit	LEAR CORP	$0	–	-107,056	–	-0.71%	–
MS	Exit	MORGAN STANLEY	$0	–	-333,616	–	-0.71%	–
HWC	Exit	HANCOCK WHITNEY CORPORATION	$0	–	-335,744	–	-0.73%	–
FIS	Exit	FIDELITY NATL INFORMATION SV	$0	–	-146,883	–	-0.73%	–
BOFI	Exit	BOFI HLDG INC	$0	–	-480,899	–	-0.76%	–
LEN	Exit	LENNAR CORPcl a	$0	–	-371,961	–	-0.79%	–
KEY	Exit	KEYCORP NEW	$0	–	-875,989	–	-0.80%	–
FNB	Exit	FNB CORP PA	$0	–	-1,421,230	–	-0.83%	–
FFWM	Exit	FIRST FNDTN INC	$0	–	-1,168,106	–	-0.83%	–
STT	Exit	STATE STR CORP	$0	–	-221,251	–	-0.85%	–
CIT	Exit	CIT GROUP INC	$0	–	-382,189	–	-0.90%	–
MRLN	Exit	MARLIN BUSINESS SVCS CORP	$0	–	-725,977	–	-0.96%	–
CCS	Exit	CENTURY CMNTYS INC	$0	–	-844,505	–	-1.01%	–
OC	Exit	OWENS CORNING NEW	$0	–	-438,932	–	-1.09%	–
MSL	Exit	MIDSOUTH BANCORP INC	$0	–	-1,648,316	–	-1.16%	–
PACW	Exit	PACWEST BANCORP DEL	$0	–	-534,965	–	-1.17%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-163,150	–	-1.24%	–
PNFP	Exit	PINNACLE FINL PARTNERS INC	$0	–	-454,878	–	-1.25%	–
IBKC	Exit	IBERIABANK CORP	$0	–	-338,834	–	-1.26%	–
PGC	Exit	PEAPACK-GLADSTONE FINL CORP	$0	–	-935,482	–	-1.32%	–
LOB	Exit	LIVE OAK BANCSHARES INC	$0	–	-1,158,962	–	-1.42%	–
LBC	Exit	LUTHER BURBANK CORP	$0	–	-2,895,976	–	-1.44%	–
BAC	Exit	BANK AMER CORP	$0	–	-1,163,234	–	-1.57%	–
HTH	Exit	HILLTOP HOLDINGS INC	$0	–	-1,838,596	–	-1.70%	–
C	Exit	CITIGROUP INC.	$0	–	-521,379	–	-1.71%	–
SBT	Exit	STERLING BANCORP INC	$0	–	-3,417,357	–	-1.77%	–
ZION	Exit	ZIONS BANCORPORATION	$0	–	-791,779	–	-1.82%	–
FBC	Exit	FLAGSTAR BANCORP INC	$0	–	-1,320,113	–	-1.90%	–
AER	Exit	AERCAP HOLDINGS NV	$0	–	-734,967	–	-1.93%	–
RM	Exit	REGIONAL MGMT CORP	$0	–	-1,526,306	–	-2.01%	–
SBNY	Exit	SIGNATURE BK NEW YORK N Y	$0	–	-405,802	–	-2.13%	–
RF	Exit	REGIONS FINL CORP NEW	$0	–	-2,554,356	–	-2.14%	–
PFSI	Exit	PENNYMAC FINL SVCS INCcl a	$0	–	-2,279,892	–	-2.18%	–
AL	Exit	AIR LEASE CORPcl a	$0	–	-1,095,700	–	-2.30%	–
USB	Exit	US BANCORP DEL	$0	–	-1,152,064	–	-2.78%	–
CFG	Exit	CITIZENS FINL GROUP INC	$0	–	-1,584,060	–	-2.79%	–
STL	Exit	STERLING BANCORP DEL	$0	–	-2,893,046	–	-2.91%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-1,251,813	–	-3.01%	–
BDGE	Exit	BRIDGE BANCORP INC	$0	–	-2,362,794	–	-3.59%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-733,012	–	-3.78%	–
OMF	Exit	ONEMAIN HLDGS INC	$0	–	-2,596,836	–	-3.99%	–
ALLY	Exit	ALLY FINL INC	$0	–	-6,770,190	–	-8.19%	–

Q3 2018

			Value		Shares		↓ Weighting
ALLY	Buy	ALLY FINL INC	$179,072,000	+5.7%	6,770,190	+5.0%	8.19%	+2.6%
OMF	Sell	ONEMAIN HLDGS INC	$87,280,000	-13.8%	2,596,836	-14.6%	3.99%	-16.3%
BDGE	Buy	BRIDGE BANCORP INC	$78,445,000	-0.3%	2,362,794	+8.0%	3.59%	-3.2%
WFC	Sell	WELLS FARGO CO NEW	$65,795,000	-25.9%	1,251,813	-21.8%	3.01%	-28.1%
STL	Buy	STERLING BANCORP DEL	$63,647,000	+54.4%	2,893,046	+64.9%	2.91%	+49.8%
CFG	Buy	CITIZENS FINL GROUP INC	$61,097,000	+37.6%	1,584,060	+38.8%	2.79%	+33.6%
USB	Sell	US BANCORP DEL	$60,840,000	-11.8%	1,152,064	-16.5%	2.78%	-14.5%
AL	Buy	AIR LEASE CORPcl a	$50,271,000	+17.2%	1,095,700	+7.2%	2.30%	+13.8%
PFSI	Buy	PENNYMAC FINL SVCS INCcl a	$47,650,000	+14.9%	2,279,892	+8.0%	2.18%	+11.5%
RF	Sell	REGIONS FINL CORP NEW	$46,872,000	+3.2%	2,554,356	-0.0%	2.14%	+0.1%
SBNY	Buy	SIGNATURE BK NEW YORK N Y	$46,602,000	+50.0%	405,802	+67.1%	2.13%	+45.7%
AER	Buy	AERCAP HOLDINGS NV	$42,275,000	+10.6%	734,967	+4.1%	1.93%	+7.3%
FBC	Buy	FLAGSTAR BANCORP INC	$41,544,000	+20.4%	1,320,113	+31.0%	1.90%	+16.9%
ZION	Buy	ZIONS BANCORPORATION	$39,708,000	+33.4%	791,779	+40.1%	1.82%	+29.4%
SBT	Buy	STERLING BANCORP INC	$38,650,000	-3.1%	3,417,357	+14.5%	1.77%	-6.0%
C	Buy	CITIGROUP INC.	$37,404,000	+10.7%	521,379	+3.3%	1.71%	+7.4%
HTH	Buy	HILLTOP HOLDINGS INC	$37,084,000	+16.5%	1,838,596	+27.5%	1.70%	+13.1%
LBC	Buy	LUTHER BURBANK CORP	$31,508,000	+15.2%	2,895,976	+21.8%	1.44%	+11.8%
LOB	Buy	LIVE OAK BANCSHARES INC	$31,060,000	+1026.2%	1,158,962	+1187.7%	1.42%	+992.3%
PGC	Buy	PEAPACK-GLADSTONE FINL CORP	$28,897,000	-10.2%	935,482	+0.6%	1.32%	-12.8%
IBKC	Buy	IBERIABANK CORP	$27,564,000	+57.3%	338,834	+46.6%	1.26%	+52.7%
PNFP	Buy	PINNACLE FINL PARTNERS INC	$27,361,000	+43.0%	454,878	+45.9%	1.25%	+38.8%
MSL	Buy	MIDSOUTH BANCORP INC	$25,384,000	+19.8%	1,648,316	+3.1%	1.16%	+16.3%
OC	Buy	OWENS CORNING NEW	$23,821,000	-5.5%	438,932	+10.4%	1.09%	-8.3%
CCS	Sell	CENTURY CMNTYS INC	$22,168,000	-23.0%	844,505	-7.4%	1.01%	-25.2%
MRLN	Buy	MARLIN BUSINESS SVCS CORP	$20,944,000	+4.2%	725,977	+7.8%	0.96%	+1.2%
CIT	New	CIT GROUP INC	$19,725,000	–	382,189	–	0.90%	–
STT	New	STATE STR CORP	$18,536,000	–	221,251	–	0.85%	–
FFWM	Buy	FIRST FNDTN INC	$18,246,000	+11.7%	1,168,106	+32.6%	0.83%	+8.3%
FNB	Buy	FNB CORP PA	$18,078,000	+0.3%	1,421,230	+5.8%	0.83%	-2.6%
KEY	Sell	KEYCORP NEW	$17,423,000	-10.6%	875,989	-12.2%	0.80%	-13.3%
LEN	Sell	LENNAR CORPcl a	$17,367,000	-15.2%	371,961	-4.6%	0.79%	-17.7%
HWC	Buy	HANCOCK WHITNEY CORPORATION	$15,965,000	+798150.0%	335,744	+633379.2%	0.73%	–
MS	New	MORGAN STANLEY	$15,536,000	–	333,616	–	0.71%	–
OPBK	Buy	OP BANCORP	$14,288,000	+15.7%	1,231,686	+26.9%	0.65%	+12.2%
TMHC	Sell	TAYLOR MORRISON HOME CORPcl a	$13,463,000	-23.8%	746,276	-12.2%	0.62%	-26.0%
BWB	Buy	BRIDGEWATER BANCSHARES INC	$13,362,000	+43.9%	1,026,277	+40.6%	0.61%	+39.5%
MCB	Buy	METROPOLITAN BK HLDG CORP	$13,192,000	-6.8%	320,824	+19.0%	0.60%	-9.6%
MHO	Sell	M/I HOMES INC	$12,690,000	-20.4%	530,280	-12.0%	0.58%	-22.8%
EGBN	Buy	EAGLE BANCORP INC MD	$12,122,000	+30.6%	239,570	+58.2%	0.55%	+26.8%
CVLY	Sell	CODORUS VY BANCORP INC	$10,904,000	+1.7%	349,039	-0.2%	0.50%	-1.2%
MRBK	Sell	MERIDIAN CORPORATION	$10,532,000	-5.6%	612,310	-0.2%	0.48%	-8.4%
WTFC	Buy	WINTRUST FINL CORP	$10,284,000	+246.1%	121,077	+254.7%	0.47%	+235.7%
AMRB	Buy	AMERICAN RIVER BANKSHARES	$10,274,000	-2.7%	670,650	+0.7%	0.47%	-5.4%
CHMG	Buy	CHEMUNG FINL CORP	$10,174,000	-0.7%	239,789	+17.2%	0.46%	-3.7%
PFBI	Sell	PREMIER FINL BANCORP INC	$9,989,000	-5.5%	540,255	-4.6%	0.46%	-8.2%
BOCH	Sell	BANK COMM HLDGS	$9,086,000	-31.8%	744,765	-28.7%	0.42%	-33.8%
PKBK	Sell	PARKE BANCORP INC	$8,986,000	-18.9%	400,268	-14.6%	0.41%	-21.3%
SHBI	Sell	SHORE BANCSHARES INC	$8,590,000	-33.7%	482,056	-29.2%	0.39%	-35.6%
TCFC	Sell	COMMUNITY FINL CORP MD	$8,333,000	-10.6%	249,280	-5.5%	0.38%	-13.2%
HFWA	Buy	HERITAGE FINL CORP WASH	$8,164,000	+276.2%	232,259	+273.0%	0.37%	+265.7%
DNBF	Buy	DNB FINL CORP	$7,831,000	+8.3%	212,215	+2.8%	0.36%	+5.0%
PCB	New	PACIFIC CITY FINANCIAL CORP	$6,985,000	–	361,169	–	0.32%	–
WSBC	New	WESBANCO INC	$6,838,000	–	153,389	–	0.31%	–
BOTJ	Sell	BANK OF THE ST JAMES FINL GP	$6,700,000	-4.7%	423,771	-0.3%	0.31%	-7.6%
SSFN	Buy	STEWARDSHIP FINL CORP	$6,215,000	+9.2%	586,288	+20.0%	0.28%	+6.0%
CUBI	New	CUSTOMERS BANCORP INC	$5,748,000	–	244,303	–	0.26%	–
SIC	New	SELECT INTERIOR CONCEPTS INCcl a	$5,698,000	–	535,035	–	0.26%	–
FLIC	Sell	FIRST LONG IS CORP	$5,284,000	-47.4%	242,943	-39.9%	0.24%	-48.8%
MBIN	Sell	MERCHANTS BANCORP IND	$4,464,000	-62.6%	175,593	-58.1%	0.20%	-63.8%
FCB	Sell	FCB FINL HLDGS INCcl a	$4,127,000	-24.2%	87,063	-5.9%	0.19%	-26.2%
NCLH	Sell	NORWEGIAN CRUISE LINE HLDG L	$4,025,000	-19.1%	70,093	-33.4%	0.18%	-21.4%
BDC	Sell	BELDEN INC	$3,943,000	-5.2%	55,222	-18.8%	0.18%	-8.2%
PBCT	Sell	PEOPLES UNITED FINANCIAL INC	$3,511,000	-5.4%	205,063	-0.1%	0.16%	-8.0%
R	Sell	RYDER SYS INC	$3,523,000	-18.7%	48,211	-20.1%	0.16%	-21.1%
ESQ	Sell	ESQUIRE FINL HLDGS INC	$3,366,000	-58.6%	134,850	-56.2%	0.15%	-59.8%
DAL	Buy	DELTA AIR LINES INC DEL	$3,202,000	+71.3%	55,370	+46.8%	0.15%	+65.9%
XLF	Buy	SELECT SECTOR SPDR TRput	$2,256,000	+76.9%	81,800	+70.6%	0.10%	+71.7%
EBTC	Sell	ENTERPRISE BANCORP INC MASS	$1,336,000	-27.2%	38,852	-14.4%	0.06%	-29.9%
SASR	Sell	SANDY SPRING BANCORP INC	$1,298,000	-83.5%	33,015	-82.8%	0.06%	-84.1%
SFST	Sell	SOUTHERN FIRST BANCSHARES IN	$904,000	-67.3%	23,000	-63.2%	0.04%	-68.5%
FBSS	Buy	FAUQUIER BANKSHARES INC VA	$637,000	+25.1%	25,176	+4.9%	0.03%	+20.8%
SPY	Buy	SPDR S&P 500 ETF TRput	$429,000	+29.2%	1,476	+20.4%	0.02%	+25.0%
FUNC	New	FIRST UTD CORP	$69,000	–	3,655	–	0.00%	–
NBN	New	NORTHEAST BANCORP	$22,000	–	1,000	–	0.00%	–
OPOF	Exit	OLD POINT FINL CORP	$0	–	-21,404	–	-0.03%	–
HBAN	Exit	HUNTINGTON BANCSHARES INC	$0	–	-90,169	–	-0.06%	–
NCR	Exit	NCR CORP NEW	$0	–	-100,196	–	-0.14%	–
SBBX	Exit	SB ONE BANCORP	$0	–	-134,987	–	-0.19%	–
BCML	Exit	BAYCOM CORP	$0	–	-247,000	–	-0.29%	–
AVHI	Exit	AV HOMES INC	$0	–	-317,016	–	-0.32%	–
FFKT	Exit	FARMERS CAP BK CORP	$0	–	-145,669	–	-0.36%	–
MOFG	Exit	MIDWESTONE FINL GROUP INC NE	$0	–	-233,552	–	-0.37%	–
CATC	Exit	CAMBRIDGE BANCORP	$0	–	-93,201	–	-0.38%	–
DCOM	Exit	DIME CMNTY BANCSHARES	$0	–	-621,675	–	-0.57%	–
FISI	Exit	FINANCIAL INSTNS INC	$0	–	-384,427	–	-0.60%	–
SYF	Exit	SYNCHRONY FINL	$0	–	-438,743	–	-0.69%	–
FSB	Exit	FRANKLIN FINL NETWORK INC	$0	–	-394,219	–	-0.70%	–

Q2 2018

			Value		Shares		↓ Weighting
ALLY	New	ALLY FINL INC	$169,440,000	–	6,449,934	–	7.98%	–
OMF	New	ONEMAIN HLDGS INC	$101,217,000	–	3,040,470	–	4.77%	–
WFC	New	WELLS FARGO CO NEW	$88,793,000	–	1,601,614	–	4.18%	–
BDGE	New	BRIDGE BANCORP INC	$78,654,000	–	2,187,875	–	3.71%	–
JPM	New	JPMORGAN CHASE & CO	$76,380,000	–	733,012	–	3.60%	–
USB	New	US BANCORP DEL	$69,012,000	–	1,379,695	–	3.25%	–
RM	New	REGIONAL MGMT CORP	$53,451,000	–	1,526,306	–	2.52%	–
RF	New	REGIONS FINL CORP NEW	$45,423,000	–	2,554,728	–	2.14%	–
CFG	New	CITIZENS FINL GROUP INC	$44,388,000	–	1,141,067	–	2.09%	–
AL	New	AIR LEASE CORPcl a	$42,888,000	–	1,021,875	–	2.02%	–
PFSI	New	PENNYMAC FINL SVCS INCcl a	$41,470,000	–	2,110,408	–	1.95%	–
STL	New	STERLING BANCORP DEL	$41,234,000	–	1,754,650	–	1.94%	–
SBT	New	STERLING BANCORP INC	$39,873,000	–	2,984,480	–	1.88%	–
AER	New	AERCAP HOLDINGS NV	$38,224,000	–	705,894	–	1.80%	–
FBC	New	FLAGSTAR BANCORP INC	$34,512,000	–	1,007,343	–	1.63%	–
C	New	CITIGROUP INC	$33,783,000	–	504,832	–	1.59%	–
BAC	New	BANK AMER CORP	$32,792,000	–	1,163,234	–	1.54%	–
PGC	New	PEAPACK-GLADSTONE FINL CORP	$32,163,000	–	929,833	–	1.52%	–
HTH	New	HILLTOP HOLDINGS INC	$31,827,000	–	1,442,091	–	1.50%	–
SBNY	New	SIGNATURE BK NEW YORK N Y	$31,061,000	–	242,888	–	1.46%	–
ZION	New	ZIONS BANCORPORATION	$29,769,000	–	564,979	–	1.40%	–
CCS	New	CENTURY CMNTYS INC	$28,775,000	–	912,059	–	1.36%	–
LBC	New	LUTHER BURBANK CORP	$27,351,000	–	2,377,290	–	1.29%	–
PACW	New	PACWEST BANCORP DEL	$26,438,000	–	534,965	–	1.25%	–
OC	New	OWENS CORNING NEW	$25,196,000	–	397,608	–	1.19%	–
HON	New	HONEYWELL INTL INC	$23,502,000	–	163,150	–	1.11%	–
MSL	New	MIDSOUTH BANCORP INC	$21,192,000	–	1,599,383	–	1.00%	–
LEN	New	LENNAR CORPcl a	$20,476,000	–	390,026	–	0.96%	–
MRLN	New	MARLIN BUSINESS SVCS CORP	$20,094,000	–	673,176	–	0.95%	–
LEA	New	LEAR CORP	$19,892,000	–	107,056	–	0.94%	–
BOFI	New	BOFI HLDG INC	$19,674,000	–	480,899	–	0.93%	–
KEY	New	KEYCORP NEW	$19,499,000	–	997,925	–	0.92%	–
PNFP	New	PINNACLE FINL PARTNERS INC	$19,132,000	–	311,847	–	0.90%	–
FNB	New	FNB CORP PA	$18,028,000	–	1,343,349	–	0.85%	–
TMHC	New	TAYLOR MORRISON HOME CORPcl a	$17,660,000	–	849,836	–	0.83%	–
IBKC	New	IBERIABANK CORP	$17,520,000	–	231,133	–	0.82%	–
FFWM	New	FIRST FNDTN INC	$16,336,000	–	881,121	–	0.77%	–
MHO	New	M/I HOMES INC	$15,949,000	–	602,295	–	0.75%	–
PPBI	New	PACIFIC PREMIER BANCORP	$15,747,000	–	412,763	–	0.74%	–
FIS	New	FIDELITY NATL INFORMATION SV	$15,574,000	–	146,883	–	0.73%	–
SNV	New	SYNOVUS FINL CORP	$15,399,000	–	291,486	–	0.73%	–
CAC	New	CAMDEN NATL CORP	$14,868,000	–	325,260	–	0.70%	–
FSB	New	FRANKLIN FINL NETWORK INC	$14,823,000	–	394,219	–	0.70%	–
CMA	New	COMERICA INC	$14,651,000	–	161,137	–	0.69%	–
SYF	New	SYNCHRONY FINL	$14,645,000	–	438,743	–	0.69%	–
MCB	New	METROPOLITAN BK HLDG CORP	$14,149,000	–	269,606	–	0.67%	–
BOCH	New	BANK COMM HLDGS	$13,317,000	–	1,044,468	–	0.63%	–
SHBI	New	SHORE BANCSHARES INC	$12,952,000	–	680,959	–	0.61%	–
FISI	New	FINANCIAL INSTNS INC	$12,648,000	–	384,427	–	0.60%	–
FNF	New	FIDELITY NATIONAL FINANCIAL	$12,572,000	–	334,183	–	0.59%	–
OPBK	New	OP BANCORP	$12,350,000	–	970,894	–	0.58%	–
DCOM	New	DIME CMNTY BANCSHARES	$12,123,000	–	621,675	–	0.57%	–
MBIN	New	MERCHANTS BANCORP IND	$11,946,000	–	418,710	–	0.56%	–
MRBK	New	MERIDIAN BK PAOLI PA	$11,159,000	–	613,460	–	0.53%	–
PKBK	New	PARKE BANCORP INC	$11,080,000	–	468,509	–	0.52%	–
CVLY	New	CODORUS VY BANCORP INC	$10,726,000	–	349,593	–	0.50%	–
PFBI	New	PREMIER FINL BANCORP INC	$10,572,000	–	566,255	–	0.50%	–
AMRB	New	AMERICAN RIVER BANKSHARES	$10,558,000	–	666,118	–	0.50%	–
PFBC	New	PREFERRED BK LOS ANGELES CA	$10,281,000	–	167,283	–	0.48%	–
ONB	New	OLD NATL BANCORP IND	$10,270,000	–	552,157	–	0.48%	–
CHMG	New	CHEMUNG FINL CORP	$10,249,000	–	204,524	–	0.48%	–
FLIC	New	FIRST LONG IS CORP	$10,045,000	–	404,216	–	0.47%	–
SIVB	New	SVB FINL GROUP	$9,794,000	–	33,917	–	0.46%	–
TCFC	New	COMMUNITY FINL CORP MD	$9,325,000	–	263,728	–	0.44%	–
BWB	New	BRIDGEWATER BANCSHARES INC	$9,288,000	–	730,174	–	0.44%	–
EGBN	New	EAGLE BANCORP INC MD	$9,280,000	–	151,392	–	0.44%	–
BK	New	BANK NEW YORK MELLON CORP	$8,624,000	–	159,912	–	0.41%	–
ESQ	New	ESQUIRE FINL HLDGS INC	$8,125,000	–	307,887	–	0.38%	–
CATC	New	CAMBRIDGE BANCORP	$8,066,000	–	93,201	–	0.38%	–
COF	New	CAPITAL ONE FINL CORP	$8,016,000	–	87,221	–	0.38%	–
MOFG	New	MIDWESTONE FINL GROUP INC NE	$7,889,000	–	233,552	–	0.37%	–
SASR	New	SANDY SPRING BANCORP INC	$7,853,000	–	191,492	–	0.37%	–
FFKT	New	FARMERS CAP BK CORP	$7,589,000	–	145,669	–	0.36%	–
DNBF	New	DNB FINL CORP	$7,233,000	–	206,371	–	0.34%	–
MBFI	New	MB FINANCIAL INC NEW	$7,099,000	–	152,017	–	0.33%	–
BOTJ	New	BANK OF THE ST JAMES FINL GP	$7,032,000	–	424,872	–	0.33%	–
FAF	New	FIRST AMERN FINL CORP	$6,949,000	–	134,358	–	0.33%	–
AVHI	New	AV HOMES INC	$6,784,000	–	317,016	–	0.32%	–
UBSI	New	UNITED BANKSHARES INC WEST V	$6,558,000	–	180,165	–	0.31%	–
MAS	New	MASCO CORP	$6,532,000	–	174,565	–	0.31%	–
CVCY	New	CENTRAL VALLEY CMNTY BANCORP	$6,332,000	–	299,233	–	0.30%	–
BCML	New	BAYCOM CORP	$6,113,000	–	247,000	–	0.29%	–
FCNCA	New	FIRST CTZNS BANCSHARES INC Ncl a	$6,061,000	–	15,028	–	0.29%	–
HOMB	New	HOME BANCSHARES INC	$5,809,000	–	257,494	–	0.27%	–
SSFN	New	STEWARDSHIP FINL CORP	$5,692,000	–	488,606	–	0.27%	–
BKI	New	BLACK KNIGHT INC	$5,487,000	–	102,472	–	0.26%	–
FCB	New	FCB FINL HLDGS INCcl a	$5,442,000	–	92,556	–	0.26%	–
TCBK	New	TRICO BANCSHARES	$5,167,000	–	137,982	–	0.24%	–
FBNC	New	FIRST BANCORP N C	$5,043,000	–	123,266	–	0.24%	–
NCLH	New	NORWEGIAN CRUISE LINE HLDG L	$4,974,000	–	105,279	–	0.23%	–
SSB	New	SOUTH ST CORP	$4,567,000	–	52,946	–	0.22%	–
STC	New	STEWART INFORMATION SVCS COR	$4,498,000	–	104,443	–	0.21%	–
GBNK	New	GUARANTY BANCORP DEL	$4,403,000	–	147,758	–	0.21%	–
R	New	RYDER SYS INC	$4,334,000	–	60,316	–	0.20%	–
PNC	New	PNC FINL SVCS GROUP INC	$4,293,000	–	31,778	–	0.20%	–
WAL	New	WESTERN ALLIANCE BANCORP	$4,263,000	–	75,297	–	0.20%	–
BDC	New	BELDEN INC	$4,159,000	–	68,039	–	0.20%	–
SBBX	New	SB ONE BANCORP	$4,009,000	–	134,987	–	0.19%	–
FITB	New	FIFTH THIRD BANCORP	$3,991,000	–	139,052	–	0.19%	–
BUSE	New	FIRST BUSEY CORP	$3,717,000	–	117,193	–	0.18%	–
PBCT	New	PEOPLES UNITED FINANCIAL INC	$3,711,000	–	205,168	–	0.18%	–
LBAI	New	LAKELAND BANCORP INC	$3,687,000	–	185,729	–	0.17%	–
FRBK	New	REPUBLIC FIRST BANCORP INC	$3,618,000	–	460,937	–	0.17%	–
OLBK	New	OLD LINE BANCSHARES INC	$3,186,000	–	91,274	–	0.15%	–
NCR	New	NCR CORP NEW	$3,004,000	–	100,196	–	0.14%	–
WTFC	New	WINTRUST FINL CORP	$2,971,000	–	34,133	–	0.14%	–
AAPL	New	APPLE INC	$2,831,000	–	15,296	–	0.13%	–
VBTX	New	VERITEX HLDGS INC	$2,828,000	–	91,008	–	0.13%	–
SFST	New	SOUTHERN FIRST BANCSHARES IN	$2,761,000	–	62,471	–	0.13%	–
LOB	New	LIVE OAK BANCSHARES INC	$2,758,000	–	89,999	–	0.13%	–
KFY	New	KORN FERRY INTL	$2,655,000	–	42,870	–	0.12%	–
EWBC	New	EAST WEST BANCORP INC	$2,477,000	–	37,989	–	0.12%	–
RY	New	ROYAL BK CDA MONTREAL QUE	$2,444,000	–	32,456	–	0.12%	–
ORRF	New	ORRSTOWN FINL SVCS INC	$2,287,000	–	87,951	–	0.11%	–
KMI	New	KINDER MORGAN INC DEL	$2,229,000	–	126,163	–	0.10%	–
HFWA	New	HERITAGE FINL CORP WASH	$2,170,000	–	62,272	–	0.10%	–
SBCF	New	SEACOAST BKG CORP FLA	$2,136,000	–	67,640	–	0.10%	–
CNNE	New	CANNAE HLDGS INC	$2,066,000	–	111,383	–	0.10%	–
CARO	New	CAROLINA FINL CORP NEW	$2,008,000	–	46,787	–	0.10%	–
DAL	New	DELTA AIR LINES INC DEL	$1,869,000	–	37,724	–	0.09%	–
EBTC	New	ENTERPRISE BANCORP INC MASS	$1,836,000	–	45,412	–	0.09%	–
FIBK	New	FIRST INTST BANCSYSTEM INC	$1,707,000	–	40,453	–	0.08%	–
HBAN	New	HUNTINGTON BANCSHARES INC	$1,331,000	–	90,169	–	0.06%	–
BPOP	New	POPULAR INC	$1,311,000	–	28,994	–	0.06%	–
XLF	New	SELECT SECTOR SPDR TRput	$1,275,000	–	47,962	–	0.06%	–
VLY	New	VALLEY NATL BANCORP	$1,103,000	–	90,722	–	0.05%	–
BANR	New	BANNER CORP	$1,043,000	–	17,349	–	0.05%	–
MTB	New	M & T BK CORP	$991,000	–	5,823	–	0.05%	–
OPOF	New	OLD POINT FINL CORP	$618,000	–	21,404	–	0.03%	–
FBSS	New	FAUQUIER BANKSHARES INC VA	$509,000	–	23,996	–	0.02%	–
SPY	New	SPDR S&P 500 ETF TRput	$332,000	–	1,226	–	0.02%	–
JAX	New	J ALEXANDERS HLDGS INC	$215,000	–	19,238	–	0.01%	–
CUZ	New	COUSINS PPTYS INC	$142,000	–	14,659	–	0.01%	–
LENB	New	LENNAR CORPcl b	$56,000	–	1,315	–	0.00%	–
ESV	New	ENSCO PLC	$58,000	–	7,986	–	0.00%	–
HWC	New	HANCOCK WHITNEY CORPORATION	$2,000	–	53	–	0.00%	–

Q4 2017

			Value		Shares		↓ Weighting
ESV	Exit	ENSCO PLC	$0	–	-7,986	–	-0.00%	–
DOFSQ	Exit	DIAMOND OFFSHORE DRILLING IN	$0	–	-8,417	–	-0.01%	–
CUZ	Exit	COUSINS PPTYS INC	$0	–	-14,659	–	-0.01%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-781	–	-0.01%	–
JAX	Exit	J ALEXANDERS HLDGS INC	$0	–	-19,238	–	-0.01%	–
OPOF	Exit	OLD POINT FINL CORP	$0	–	-9,939	–	-0.02%	–
TBK	Exit	TRIUMPH BANCORP INC	$0	–	-10,331	–	-0.02%	–
FBSS	Exit	FAUQUIER BANKSHARES INC VA	$0	–	-23,504	–	-0.02%	–
FSFG	Exit	FIRST SAVINGS FINL GROUP INC	$0	–	-9,402	–	-0.02%	–
FR	Exit	FIRST INDUSTRIAL REALTY TRUS	$0	–	-21,003	–	-0.03%	–
SFST	Exit	SOUTHERN FIRST BANCSHARES IN	$0	–	-23,000	–	-0.04%	–
CCBG	Exit	CAPITAL CITY BK GROUP INC	$0	–	-39,386	–	-0.04%	–
MTB	Exit	M & T BK CORP	$0	–	-5,823	–	-0.04%	–
XLF	Exit	SELECT SECTOR SPDR TRput	$0	–	-37,020	–	-0.04%	–
BLD	Exit	TOPBUILD CORP	$0	–	-19,396	–	-0.06%	–
WLH	Exit	LYON WILLIAM HOMEScl a new	$0	–	-69,155	–	-0.07%	–
KFY	Exit	KORN FERRY INTL	$0	–	-42,870	–	-0.08%	–
FSBK	Exit	FIRST SOUTH BANCORP INC VA	$0	–	-92,391	–	-0.08%	–
SYF	Exit	SYNCHRONY FINL	$0	–	-59,331	–	-0.08%	–
FNFV	Exit	FIDELITY NATIONAL FINANCIAL	$0	–	-111,383	–	-0.09%	–
BPOP	Exit	POPULAR INC	$0	–	-53,325	–	-0.09%	–
EWBC	Exit	EAST WEST BANCORP INC	$0	–	-37,989	–	-0.10%	–
MBTF	Exit	MBT FINL CORP	$0	–	-210,701	–	-0.11%	–
AAPL	Exit	APPLE INC	$0	–	-15,296	–	-0.11%	–
KMI	Exit	KINDER MORGAN INC DEL	$0	–	-126,163	–	-0.11%	–
BGC	Exit	GENERAL CABLE CORP DEL NEW	$0	–	-128,081	–	-0.11%	–
3106PS	Exit	DELPHI AUTOMOTIVE PLC	$0	–	-25,001	–	-0.11%	–
RY	Exit	ROYAL BK CDA MONTREAL QUE	$0	–	-32,456	–	-0.12%	–
CVLY	Exit	CODORUS VY BANCORP INC	$0	–	-81,268	–	-0.12%	–
KNX	Exit	KNIGHT TRANSN INC	$0	–	-61,116	–	-0.12%	–
FCB	Exit	FCB FINL HLDGS INCcl a	$0	–	-53,788	–	-0.12%	–
CVLG	Exit	COVENANT TRANSN GROUP INCcl a	$0	–	-92,831	–	-0.12%	–
COBZ	Exit	COBIZ FINANCIAL INC	$0	–	-138,594	–	-0.12%	–
SHBI	Exit	SHORE BANCSHARES INC	$0	–	-168,512	–	-0.13%	–
ESNT	Exit	ESSENT GROUP LTD	$0	–	-69,369	–	-0.13%	–
TPH	Exit	TRI POINTE GROUP INC	$0	–	-216,815	–	-0.14%	–
EGBN	Exit	EAGLE BANCORP INC MD	$0	–	-46,014	–	-0.14%	–
BANR	Exit	BANNER CORP	$0	–	-51,465	–	-0.14%	–
BYBK	Exit	BAY BANCORP INC	$0	–	-300,949	–	-0.16%	–
BLK	Exit	BLACKROCK INC	$0	–	-7,713	–	-0.16%	–
BUSE	Exit	FIRST BUSEY CORP	$0	–	-117,193	–	-0.17%	–
PBCT	Exit	PEOPLES UNITED FINANCIAL INC	$0	–	-205,063	–	-0.17%	–
LBAI	Exit	LAKELAND BANCORP INC	$0	–	-185,729	–	-0.17%	–
VLY	Exit	VALLEY NATL BANCORP	$0	–	-326,307	–	-0.18%	–
AOBC	Exit	AMERICAN OUTDOOR BRANDS CORP	$0	–	-261,534	–	-0.18%	–
CM	Exit	CDN IMPERIAL BK COMM TORONTO	$0	–	-45,694	–	-0.18%	–
WAL	Exit	WESTERN ALLIANCE BANCORP	$0	–	-75,297	–	-0.18%	–
BANC	Exit	BANC OF CALIFORNIA INC	$0	–	-194,847	–	-0.19%	–
GBNK	Exit	GUARANTY BANCORP DEL	$0	–	-147,758	–	-0.19%	–
FBNC	Exit	FIRST BANCORP N C	$0	–	-123,266	–	-0.20%	–
PNC	Exit	PNC FINL SVCS GROUP INC	$0	–	-31,778	–	-0.20%	–
SSFN	Exit	STEWARDSHIP FINL CORP	$0	–	-443,963	–	-0.20%	–
KEY	Exit	KEYCORP NEW	$0	–	-234,720	–	-0.20%	–
DAN	Exit	DANA INCORPORATED	$0	–	-162,469	–	-0.21%	–
SSB	Exit	SOUTH ST CORP	$0	–	-52,946	–	-0.22%	–
MHO	Exit	M/I HOMES INC	$0	–	-180,610	–	-0.22%	–
OLBK	Exit	OLD LINE BANCSHARES INC	$0	–	-177,959	–	-0.23%	–
NCR	Exit	NCR CORP NEW	$0	–	-136,331	–	-0.24%	–
FHB	Exit	FIRST HAWAIIAN INC	$0	–	-179,749	–	-0.25%	–
BOTJ	Exit	BANK OF THE ST JAMES FINL GP	$0	–	-384,540	–	-0.26%	–
STC	Exit	STEWART INFORMATION SVCS COR	$0	–	-148,300	–	-0.26%	–
FCNCA	Exit	FIRST CTZNS BANCSHARES INC Ncl a	$0	–	-15,028	–	-0.26%	–
TCBK	Exit	TRICO BANCSHARES	$0	–	-137,982	–	-0.26%	–
SASR	Exit	SANDY SPRING BANCORP INC	$0	–	-135,318	–	-0.26%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-117,161	–	-0.26%	–
FRBK	Exit	REPUBLIC FIRST BANCORP INC	$0	–	-646,046	–	-0.28%	–
TOL	Exit	TOLL BROTHERS INC	$0	–	-146,210	–	-0.28%	–
CUNB	Exit	CU BANCORP CALIF	$0	–	-157,670	–	-0.28%	–
FFKT	Exit	FARMERS CAP BK CORP	$0	–	-145,669	–	-0.28%	–
SIVB	Exit	SVB FINL GROUP	$0	–	-33,917	–	-0.29%	–
PVBC	Exit	PROVIDENT BANCORP INC	$0	–	-277,050	–	-0.30%	–
HOMB	Exit	HOME BANCSHARES INC	$0	–	-257,494	–	-0.30%	–
ACBI	Exit	ATLANTIC CAP BANCSHARES INC	$0	–	-361,489	–	-0.30%	–
STT	Exit	STATE STR CORP	$0	–	-69,388	–	-0.30%	–
UBSI	Exit	UNITED BANKSHARES INC WEST V	$0	–	-180,165	–	-0.31%	–
MAS	Exit	MASCO CORP	$0	–	-174,565	–	-0.31%	–
MBFI	Exit	MB FINANCIAL INC NEW	$0	–	-152,017	–	-0.32%	–
PFBI	Exit	PREMIER FINL BANCORP INC	$0	–	-314,801	–	-0.32%	–
PHM	Exit	PULTE GROUP INC	$0	–	-252,218	–	-0.32%	–
CHMG	Exit	CHEMUNG FINL CORP	$0	–	-154,480	–	-0.33%	–
IBCP	Exit	INDEPENDENT BANK CORP MICH	$0	–	-322,571	–	-0.34%	–
LEN	Exit	LENNAR CORPcl a	$0	–	-149,958	–	-0.36%	–
ESQ	Exit	ESQUIRE FINL HLDGS INC	$0	–	-504,718	–	-0.37%	–
HBAN	Exit	HUNTINGTON BANCSHARES INC	$0	–	-594,292	–	-0.38%	–
BK	Exit	BANK NEW YORK MELLON CORP	$0	–	-159,912	–	-0.39%	–
AMRB	Exit	AMERICAN RIVER BANKSHARES	$0	–	-636,319	–	-0.40%	–
FMBI	Exit	FIRST MIDWEST BANCORP DEL	$0	–	-376,527	–	-0.40%	–
FISI	Exit	FINANCIAL INSTNS INC	$0	–	-312,580	–	-0.41%	–
MSL	Exit	MIDSOUTH BANCORP INC	$0	–	-779,980	–	-0.43%	–
CCS	Exit	CENTURY CMNTYS INC	$0	–	-392,189	–	-0.44%	–
BMTC	Exit	BRYN MAWR BK CORP	$0	–	-224,170	–	-0.45%	–
CAA	Exit	CALATLANTIC GROUP INC	$0	–	-270,701	–	-0.46%	–
ONB	Exit	OLD NATL BANCORP IND	$0	–	-552,157	–	-0.46%	–
PFBC	Exit	PREFERRED BK LOS ANGELES CA	$0	–	-167,283	–	-0.46%	–
IBP	Exit	INSTALLED BLDG PRODS INC	$0	–	-164,076	–	-0.49%	–
EME	Exit	EMCOR GROUP INC	$0	–	-161,305	–	-0.51%	–
NCLH	Exit	NORWEGIAN CRUISE LINE HLDGS	$0	–	-229,092	–	-0.57%	–
FIBK	Exit	FIRST INTST BANCSYSTEM INC	$0	–	-338,190	–	-0.60%	–
STL	Exit	STERLING BANCORP DEL	$0	–	-541,457	–	-0.61%	–
SNV	Exit	SYNOVUS FINL CORP	$0	–	-291,486	–	-0.62%	–
SBBX	Exit	SUSSEX BANCORP	$0	–	-574,826	–	-0.63%	–
FIS	Exit	FIDELITY NATL INFORMATION SV	$0	–	-146,883	–	-0.63%	–
WTFC	Exit	WINTRUST FINL CORP	$0	–	-179,587	–	-0.65%	–
CAC	Exit	CAMDEN NATL CORP	$0	–	-325,260	–	-0.65%	–
FNB	Exit	FNB CORP PA	$0	–	-1,040,307	–	-0.67%	–
PPBI	Exit	PACIFIC PREMIER BANCORP	$0	–	-412,763	–	-0.72%	–
FNF	Exit	FIDELITY NATIONAL FINANCIAL	$0	–	-334,183	–	-0.73%	–
TCFC	Exit	COMMUNITY FINL CORP MD	$0	–	-457,658	–	-0.74%	–
BMRC	Exit	BANK OF MARIN BANCORP	$0	–	-241,445	–	-0.76%	–
ORRF	Exit	ORRSTOWN FINL SVCS INC	$0	–	-664,691	–	-0.76%	–
FITB	Exit	FIFTH THIRD BANCORP	$0	–	-613,452	–	-0.79%	–
ZION	Exit	ZIONS BANCORPORATION	$0	–	-368,695	–	-0.80%	–
CMA	Exit	COMERICA INC	$0	–	-234,176	–	-0.82%	–
BECN	Exit	BEACON ROOFING SUPPLY INC	$0	–	-354,004	–	-0.83%	–
FAF	Exit	FIRST AMERN FINL CORP	$0	–	-370,243	–	-0.85%	–
LEA	Exit	LEAR CORP	$0	–	-107,056	–	-0.85%	–
HOG	Exit	HARLEY DAVIDSON INC	$0	–	-454,214	–	-1.01%	–
MRLN	Exit	MARLIN BUSINESS SVCS CORP	$0	–	-780,235	–	-1.03%	–
WFBI	Exit	WASHINGTONFIRST BANKSHARES I	$0	–	-636,651	–	-1.04%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-163,150	–	-1.06%	–
PACW	Exit	PACWEST BANCORP DEL	$0	–	-474,459	–	-1.10%	–
PFSI	Exit	PENNYMAC FINL SVCS INCcl a	$0	–	-1,596,439	–	-1.31%	–
C	Exit	CITIGROUP INC	$0	–	-394,517	–	-1.32%	–
OC	Exit	OWENS CORNING NEW	$0	–	-377,054	–	-1.34%	–
FBC	Exit	FLAGSTAR BANCORP INC	$0	–	-930,988	–	-1.52%	–
CSL	Exit	CARLISLE COS INC	$0	–	-337,866	–	-1.56%	–
RM	Exit	REGIONAL MGMT CORP	$0	–	-1,438,485	–	-1.60%	–
FFWM	Exit	FIRST FNDTN INC	$0	–	-1,954,007	–	-1.61%	–
BAC	Exit	BANK AMER CORP	$0	–	-1,477,275	–	-1.72%	–
AER	Exit	AERCAP HOLDINGS NV	$0	–	-737,372	–	-1.73%	–
AL	Exit	AIR LEASE CORPcl a	$0	–	-919,405	–	-1.80%	–
PGC	Exit	PEAPACK-GLADSTONE FINL CORP	$0	–	-1,178,912	–	-1.83%	–
BOFI	Exit	BOFI HLDG INC	$0	–	-1,400,875	–	-1.83%	–
FLIC	Exit	FIRST LONG IS CORP	$0	–	-1,337,107	–	-1.87%	–
SBNY	Exit	SIGNATURE BK NEW YORK N Y	$0	–	-332,784	–	-1.96%	–
AF	Exit	ASTORIA FINL CORP	$0	–	-1,986,651	–	-1.96%	–
VBTX	Exit	VERITEX HLDGS INC	$0	–	-1,630,531	–	-2.02%	–
RF	Exit	REGIONS FINL CORP NEW	$0	–	-3,013,092	–	-2.11%	–
OMF	Exit	ONEMAIN HLDGS INC	$0	–	-1,697,652	–	-2.20%	–
CFG	Exit	CITIZENS FINL GROUP INC	$0	–	-1,288,555	–	-2.24%	–
SBCF	Exit	SEACOAST BKG CORP FLA	$0	–	-2,136,699	–	-2.35%	–
COF	Exit	CAPITAL ONE FINL CORP	$0	–	-614,277	–	-2.39%	–
BDC	Exit	BELDEN INC	$0	–	-736,872	–	-2.73%	–
USB	Exit	US BANCORP DEL	$0	–	-1,152,064	–	-2.84%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-733,012	–	-3.22%	–
BDGE	Exit	BRIDGE BANCORP INC	$0	–	-2,075,839	–	-3.24%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-1,516,715	–	-3.84%	–
ALLY	Exit	ALLY FINL INC	$0	–	-5,840,934	–	-6.51%	–

Q3 2017

			Value		Shares		↓ Weighting
ALLY	Buy	ALLY FINL INC	$141,701,000	+50.2%	5,840,934	+29.4%	6.51%	+40.9%
WFC	Buy	WELLS FARGO CO NEW	$83,647,000	+24.1%	1,516,715	+24.7%	3.84%	+16.4%
BDC	Buy	BELDEN INC	$59,340,000	+7.3%	736,872	+0.5%	2.73%	+0.6%
COF	Buy	CAPITAL ONE FINL CORP	$52,005,000	+6.9%	614,277	+4.3%	2.39%	+0.2%
SBCF	Buy	SEACOAST BKG CORP FLA	$51,046,000	+0.3%	2,136,699	+1.1%	2.35%	-6.0%
CFG	Sell	CITIZENS FINL GROUP INC	$48,798,000	+1.9%	1,288,555	-4.0%	2.24%	-4.4%
OMF	Buy	ONEMAIN HLDGS INC	$47,857,000	+15.6%	1,697,652	+0.8%	2.20%	+8.4%
RF	Sell	REGIONS FINL CORP NEW	$45,889,000	-4.5%	3,013,092	-8.2%	2.11%	-10.4%
VBTX	Buy	VERITEX HLDGS INC	$43,959,000	+17.4%	1,630,531	+14.7%	2.02%	+10.1%
SBNY	Buy	SIGNATURE BK NEW YORK N Y	$42,610,000	+5.2%	332,784	+17.9%	1.96%	-1.4%
FLIC	Buy	FIRST LONG IS CORP	$40,715,000	+21.7%	1,337,107	+14.3%	1.87%	+14.1%
BOFI	Sell	BOFI HLDG INC	$39,883,000	-2.1%	1,400,875	-18.5%	1.83%	-8.3%
PGC	Buy	PEAPACK-GLADSTONE FINL CORP	$39,776,000	+12.5%	1,178,912	+4.3%	1.83%	+5.5%
AL	Sell	AIR LEASE CORPcl a	$39,185,000	+5.4%	919,405	-7.6%	1.80%	-1.2%
AER	Sell	AERCAP HOLDINGS NV	$37,687,000	+3.6%	737,372	-5.8%	1.73%	-2.8%
BAC	Sell	BANK AMER CORP	$37,434,000	-9.1%	1,477,275	-12.9%	1.72%	-14.8%
FFWM	Buy	FIRST FNDTN INC	$34,957,000	+18.1%	1,954,007	+8.5%	1.61%	+10.8%
RM	Buy	REGIONAL MGMT CORP	$34,826,000	+13.2%	1,438,485	+10.5%	1.60%	+6.2%
FBC	Sell	FLAGSTAR BANCORP INC	$33,031,000	-8.3%	930,988	-20.3%	1.52%	-14.0%
C	Sell	CITIGROUP INC	$28,697,000	+1.4%	394,517	-6.8%	1.32%	-4.9%
PFSI	Sell	PENNYMAC FINL SVCS INCcl a	$28,417,000	+6.5%	1,596,439	-0.1%	1.31%	-0.2%
WFBI	Buy	WASHINGTONFIRST BANKSHARES I	$22,658,000	+10.2%	636,651	+6.9%	1.04%	+3.3%
MRLN	Buy	MARLIN BUSINESS SVCS CORP	$22,432,000	+16.7%	780,235	+2.1%	1.03%	+9.4%
LEA	Sell	LEAR CORP	$18,529,000	+10.6%	107,056	-9.2%	0.85%	+3.8%
FAF	Sell	FIRST AMERN FINL CORP	$18,501,000	-42.0%	370,243	-48.2%	0.85%	-45.7%
CMA	Buy	COMERICA INC	$17,858,000	+64.5%	234,176	+58.0%	0.82%	+54.3%
ZION	Sell	ZIONS BANCORPORATION	$17,395,000	-33.3%	368,695	-37.9%	0.80%	-37.5%
FITB	Sell	FIFTH THIRD BANCORP	$17,164,000	-54.7%	613,452	-57.9%	0.79%	-57.5%
ORRF	Sell	ORRSTOWN FINL SVCS INC	$16,551,000	-11.3%	664,691	-18.6%	0.76%	-16.8%
BMRC	Sell	BANK OF MARIN BANCORP	$16,539,000	-7.2%	241,445	-16.6%	0.76%	-12.9%
FNB	Buy	FNB CORP PA	$14,596,000	+63.3%	1,040,307	+64.8%	0.67%	+53.2%
WTFC	Buy	WINTRUST FINL CORP	$14,063,000	+1179.6%	179,587	+1149.2%	0.65%	+1096.3%
SBBX	Buy	SUSSEX BANCORP	$13,623,000	-2.3%	574,826	+0.3%	0.63%	-8.5%
FIBK	Buy	FIRST INTST BANCSYSTEM INC	$12,936,000	+747.7%	338,190	+724.5%	0.60%	+693.3%
NCLH	Buy	NORWEGIAN CRUISE LINE HLDGS	$12,382,000	+15.6%	229,092	+16.1%	0.57%	+8.4%
CAA	Buy	CALATLANTIC GROUP INC	$9,916,000	+11.3%	270,701	+7.4%	0.46%	+4.6%
BMTC	Sell	BRYN MAWR BK CORP	$9,819,000	-29.0%	224,170	-31.1%	0.45%	-33.4%
CCS	Buy	CENTURY CMNTYS INC	$9,687,000	+16.2%	392,189	+16.7%	0.44%	+9.1%
MSL	New	MIDSOUTH BANCORP INC	$9,399,000	–	779,980	–	0.43%	–
FISI	New	FINANCIAL INSTNS INC	$9,002,000	–	312,580	–	0.41%	–
AMRB	Buy	AMERICAN RIVER BANKSHARES	$8,807,000	-1.4%	636,319	+3.3%	0.40%	-7.5%
FMBI	New	FIRST MIDWEST BANCORP DEL	$8,818,000	–	376,527	–	0.40%	–
HBAN	Buy	HUNTINGTON BANCSHARES INC	$8,296,000	+26.9%	594,292	+22.9%	0.38%	+19.1%
ESQ	Buy	ESQUIRE FINL HLDGS INC	$8,121,000	+90.8%	504,718	+77.9%	0.37%	+78.5%
LEN	Buy	LENNAR CORPcl a	$7,918,000	-0.5%	149,958	+0.5%	0.36%	-6.7%
IBCP	Buy	INDEPENDENT BANK CORP MICH	$7,306,000	+23.6%	322,571	+18.7%	0.34%	+15.9%
CHMG	Buy	CHEMUNG FINL CORP	$7,276,000	+120.4%	154,480	+91.3%	0.33%	+106.2%
PHM	Sell	PULTE GROUP INC	$6,893,000	-5.9%	252,218	-15.6%	0.32%	-11.7%
PFBI	Sell	PREMIER FINL BANCORP INC	$6,860,000	+4.8%	314,801	-0.9%	0.32%	-1.9%
ACBI	Buy	ATLANTIC CAP BANCSHARES INC	$6,561,000	+23.1%	361,489	+28.9%	0.30%	+15.7%
HOMB	New	HOME BANCSHARES INC	$6,494,000	–	257,494	–	0.30%	–
PVBC	Buy	PROVIDENT BANCORP INC	$6,414,000	+8.5%	277,050	+5.5%	0.30%	+1.7%
TOL	Sell	TOLL BROTHERS INC	$6,063,000	-10.5%	146,210	-14.7%	0.28%	-16.0%
FRBK	Sell	REPUBLIC FIRST BANCORP INC	$5,976,000	-17.7%	646,046	-17.7%	0.28%	-22.8%
DAL	Buy	DELTA AIR LINES INC DEL	$5,650,000	+1.3%	117,161	+12.9%	0.26%	-4.8%
SASR	Buy	SANDY SPRING BANCORP INC	$5,608,000	+20.9%	135,318	+18.6%	0.26%	+13.7%
BOTJ	Buy	BANK OF THE ST JAMES FINL GP	$5,576,000	-1.7%	384,540	+1.4%	0.26%	-7.9%
FHB	Buy	FIRST HAWAIIAN INC	$5,445,000	+16.6%	179,749	+17.9%	0.25%	+9.2%
NCR	New	NCR CORP NEW	$5,115,000	–	136,331	–	0.24%	–
OLBK	Buy	OLD LINE BANCSHARES INC	$4,983,000	-0.5%	177,959	+0.1%	0.23%	-6.9%
MHO	New	M/I HOMES INC	$4,828,000	–	180,610	–	0.22%	–
DAN	Sell	DANA INCORPORATED	$4,543,000	-10.1%	162,469	-28.2%	0.21%	-15.7%
SSFN	Buy	STEWARDSHIP FINL CORP	$4,351,000	+11.9%	443,963	+7.3%	0.20%	+4.7%
BANC	Sell	BANC OF CALIFORNIA INC	$4,043,000	-79.3%	194,847	-78.5%	0.19%	-80.5%
AOBC	New	AMERICAN OUTDOOR BRANDS CORP	$3,988,000	–	261,534	–	0.18%	–
BYBK	Sell	BAY BANCORP INC	$3,416,000	-17.8%	300,949	-45.0%	0.16%	-23.0%
TPH	Sell	TRI POINTE GROUP INC	$2,994,000	-5.3%	216,815	-9.6%	0.14%	-11.0%
SHBI	Sell	SHORE BANCSHARES INC	$2,806,000	-1.1%	168,512	-2.3%	0.13%	-7.2%
COBZ	Sell	COBIZ FINANCIAL INC	$2,722,000	-8.1%	138,594	-18.6%	0.12%	-13.8%
CVLG	Sell	COVENANT TRANSN GROUP INCcl a	$2,690,000	-9.4%	92,831	-45.2%	0.12%	-15.1%
KNX	New	KNIGHT TRANSN INC	$2,539,000	–	61,116	–	0.12%	–
CVLY	Buy	CODORUS VY BANCORP INC	$2,496,000	+18.1%	81,268	+9.2%	0.12%	+10.6%
BGC	New	GENERAL CABLE CORP DEL NEW	$2,414,000	–	128,081	–	0.11%	–
SYF	Sell	SYNCHRONY FINL	$1,842,000	-80.9%	59,331	-81.6%	0.08%	-82.0%
WLH	New	LYON WILLIAM HOMEScl a new	$1,590,000	–	69,155	–	0.07%	–
XLF	Buy	SELECT SECTOR SPDR TRput	$957,000	+33.8%	37,020	+27.7%	0.04%	+25.7%
CCBG	Sell	CAPITAL CITY BK GROUP INC	$946,000	-73.9%	39,386	-77.8%	0.04%	-75.7%
FSFG	Buy	FIRST SAVINGS FINL GROUP INC	$502,000	+49.4%	9,402	+47.8%	0.02%	+43.8%
FBSS	Buy	FAUQUIER BANKSHARES INC VA	$467,000	+6.4%	23,504	+1.8%	0.02%	-4.5%
SPY	Sell	SPDR S&P 500 ETF TRput	$196,000	-33.6%	781	-36.1%	0.01%	-35.7%
ESBK	Exit	ELMIRA SVGS BK ELMIRA N Y	$0	–	-89,587	–	-0.09%	–
SWFT	Exit	SWIFT TRANSN COcl a	$0	–	-84,884	–	-0.11%	–
DBD	Exit	DIEBOLD NXDF INC	$0	–	-115,299	–	-0.16%	–
SGBK	Exit	STONEGATE BK FT LAUDERDALE F	$0	–	-127,820	–	-0.29%	–
TCF	Exit	TCF FINL CORP	$0	–	-476,816	–	-0.37%	–
TCBI	Exit	TEXAS CAPITAL BANCSHARES INC	$0	–	-180,800	–	-0.69%	–

Q2 2017

			Value		Shares		↓ Weighting
ALLY	New	ALLY FINL INC	$94,344,000	–	4,514,055	–	4.62%	–
BDGE	New	BRIDGE BANCORP INC	$69,125,000	–	2,075,839	–	3.39%	–
WFC	New	WELLS FARGO CO NEW	$67,376,000	–	1,215,959	–	3.30%	–
JPM	New	JPMORGAN CHASE & CO	$66,997,000	–	733,012	–	3.28%	–
USB	New	US BANCORP DEL	$59,815,000	–	1,152,064	–	2.93%	–
BDC	New	BELDEN INC	$55,313,000	–	733,307	–	2.71%	–
SBCF	New	SEACOAST BKG CORP FLA	$50,911,000	–	2,112,499	–	2.50%	–
COF	New	CAPITAL ONE FINL CORP	$48,662,000	–	588,989	–	2.38%	–
RF	New	REGIONS FINL CORP NEW	$48,044,000	–	3,281,664	–	2.36%	–
CFG	New	CITIZENS FINL GROUP INC	$47,890,000	–	1,342,212	–	2.35%	–
OMF	New	ONEMAIN HLDGS INC	$41,409,000	–	1,683,968	–	2.03%	–
BAC	New	BANK AMER CORP	$41,169,000	–	1,696,992	–	2.02%	–
BOFI	New	BOFI HLDG INC	$40,759,000	–	1,718,337	–	2.00%	–
SBNY	New	SIGNATURE BK NEW YORK N Y	$40,521,000	–	282,319	–	1.99%	–
AF	New	ASTORIA FINL CORP	$40,031,000	–	1,986,651	–	1.96%	–
FITB	New	FIFTH THIRD BANCORP	$37,854,000	–	1,458,175	–	1.86%	–
VBTX	New	VERITEX HLDGS INC	$37,433,000	–	1,421,705	–	1.84%	–
AL	New	AIR LEASE CORPcl a	$37,192,000	–	995,510	–	1.82%	–
AER	New	AERCAP HOLDINGS NV	$36,361,000	–	783,136	–	1.78%	–
FBC	New	FLAGSTAR BANCORP INC	$36,014,000	–	1,168,511	–	1.76%	–
PGC	New	PEAPACK-GLADSTONE FINL CORP	$35,361,000	–	1,130,099	–	1.73%	–
FLIC	New	FIRST LONG IS CORP	$33,462,000	–	1,170,008	–	1.64%	–
CSL	New	CARLISLE COS INC	$32,232,000	–	337,866	–	1.58%	–
FAF	New	FIRST AMERN FINL CORP	$31,921,000	–	714,271	–	1.56%	–
RM	New	REGIONAL MGMT CORP	$30,769,000	–	1,302,106	–	1.51%	–
FFWM	New	FIRST FNDTN INC	$29,592,000	–	1,801,092	–	1.45%	–
C	New	CITIGROUP INC	$28,301,000	–	423,162	–	1.39%	–
PFSI	New	PENNYMAC FINL SVCS INCcl a	$26,690,000	–	1,598,213	–	1.31%	–
ZION	New	ZIONS BANCORPORATION	$26,081,000	–	593,967	–	1.28%	–
OC	New	OWENS CORNING NEW	$25,232,000	–	377,054	–	1.24%	–
HOG	New	HARLEY DAVIDSON INC	$24,537,000	–	454,214	–	1.20%	–
PACW	New	PACWEST BANCORP DEL	$22,157,000	–	474,459	–	1.09%	–
HON	New	HONEYWELL INTL INC	$21,746,000	–	163,150	–	1.07%	–
WFBI	New	WASHINGTONFIRST BANKSHARES I	$20,563,000	–	595,512	–	1.01%	–
BANC	New	BANC OF CALIFORNIA INC	$19,512,000	–	907,516	–	0.96%	–
MRLN	New	MARLIN BUSINESS SVCS CORP	$19,224,000	–	764,363	–	0.94%	–
ORRF	New	ORRSTOWN FINL SVCS INC	$18,661,000	–	816,659	–	0.92%	–
BMRC	New	BANK OF MARIN BANCORP	$17,819,000	–	289,504	–	0.87%	–
TCFC	New	COMMUNITY FINL CORP MD	$17,620,000	–	457,658	–	0.86%	–
BECN	New	BEACON ROOFING SUPPLY INC	$17,346,000	–	354,004	–	0.85%	–
LEA	New	LEAR CORP	$16,753,000	–	117,914	–	0.82%	–
PPBI	New	PACIFIC PREMIER BANCORP	$15,231,000	–	412,763	–	0.75%	–
FNF	New	FIDELITY NATIONAL FINANCIAL	$14,981,000	–	334,183	–	0.73%	–
TCBI	New	TEXAS CAPITAL BANCSHARES INC	$13,994,000	–	180,800	–	0.69%	–
SBBX	New	SUSSEX BANCORP	$13,949,000	–	572,846	–	0.68%	–
CAC	New	CAMDEN NATL CORP	$13,957,000	–	325,260	–	0.68%	–
BMTC	New	BRYN MAWR BK CORP	$13,823,000	–	325,257	–	0.68%	–
SNV	New	SYNOVUS FINL CORP	$12,895,000	–	291,486	–	0.63%	–
STL	New	STERLING BANCORP DEL	$12,589,000	–	541,457	–	0.62%	–
FIS	New	FIDELITY NATL INFORMATION SV	$12,544,000	–	146,883	–	0.62%	–
CMA	New	COMERICA INC	$10,857,000	–	148,243	–	0.53%	–
NCLH	New	NORWEGIAN CRUISE LINE HLDGS	$10,713,000	–	197,323	–	0.52%	–
EME	New	EMCOR GROUP INC	$10,546,000	–	161,305	–	0.52%	–
SYF	New	SYNCHRONY FINL	$9,627,000	–	322,828	–	0.47%	–
ONB	New	OLD NATL BANCORP IND	$9,525,000	–	552,157	–	0.47%	–
AMRB	New	AMERICAN RIVER BANKSHARES	$8,936,000	–	615,881	–	0.44%	–
FNB	New	FNB CORP PA	$8,937,000	–	631,123	–	0.44%	–
PFBC	New	PREFERRED BK LOS ANGELES CA	$8,945,000	–	167,283	–	0.44%	–
CAA	New	CALATLANTIC GROUP INC	$8,906,000	–	251,947	–	0.44%	–
IBP	New	INSTALLED BLDG PRODS INC	$8,688,000	–	164,076	–	0.43%	–
CCS	New	CENTURY CMNTYS INC	$8,335,000	–	336,092	–	0.41%	–
BK	New	BANK NEW YORK MELLON CORP	$8,159,000	–	159,912	–	0.40%	–
LEN	New	LENNAR CORPcl a	$7,955,000	–	149,193	–	0.39%	–
TCF	New	TCF FINL CORP	$7,600,000	–	476,816	–	0.37%	–
PHM	New	PULTE GROUP INC	$7,326,000	–	298,671	–	0.36%	–
FRBK	New	REPUBLIC FIRST BANCORP INC	$7,260,000	–	784,910	–	0.36%	–
UBSI	New	UNITED BANKSHARES INC WEST V	$7,062,000	–	180,165	–	0.35%	–
TOL	New	TOLL BROTHERS INC	$6,773,000	–	171,417	–	0.33%	–
STC	New	STEWART INFORMATION SVCS COR	$6,730,000	–	148,300	–	0.33%	–
MBFI	New	MB FINANCIAL INC NEW	$6,695,000	–	152,017	–	0.33%	–
MAS	New	MASCO CORP	$6,670,000	–	174,565	–	0.33%	–
PFBI	New	PREMIER FINL BANCORP INC	$6,545,000	–	317,560	–	0.32%	–
HBAN	New	HUNTINGTON BANCSHARES INC	$6,537,000	–	483,528	–	0.32%	–
STT	New	STATE STR CORP	$6,226,000	–	69,388	–	0.30%	–
SIVB	New	SVB FINL GROUP	$5,962,000	–	33,917	–	0.29%	–
PVBC	New	PROVIDENT BANCORP INC	$5,910,000	–	262,672	–	0.29%	–
IBCP	New	INDEPENDENT BANK CORP MICH	$5,911,000	–	271,780	–	0.29%	–
SGBK	New	STONEGATE BK FT LAUDERDALE F	$5,903,000	–	127,820	–	0.29%	–
CUNB	New	CU BANCORP CALIF	$5,700,000	–	157,670	–	0.28%	–
BOTJ	New	BANK OF THE ST JAMES FINL GP	$5,674,000	–	379,261	–	0.28%	–
FFKT	New	FARMERS CAP BK CORP	$5,616,000	–	145,669	–	0.28%	–
FCNCA	New	FIRST CTZNS BANCSHARES INC Ncl a	$5,601,000	–	15,028	–	0.28%	–
DAL	New	DELTA AIR LINES INC DEL	$5,579,000	–	103,816	–	0.27%	–
ACBI	New	ATLANTIC CAP BANCSHARES INC	$5,328,000	–	280,417	–	0.26%	–
DAN	New	DANA INCORPORATED	$5,052,000	–	226,250	–	0.25%	–
OLBK	New	OLD LINE BANCSHARES INC	$5,010,000	–	177,770	–	0.25%	–
TCBK	New	TRICO BANCSHARES	$4,850,000	–	137,982	–	0.24%	–
FHB	New	FIRST HAWAIIAN INC	$4,668,000	–	152,447	–	0.23%	–
SASR	New	SANDY SPRING BANCORP INC	$4,638,000	–	114,064	–	0.23%	–
SSB	New	SOUTH ST CORP	$4,537,000	–	52,946	–	0.22%	–
KEY	New	KEYCORP NEW	$4,399,000	–	234,720	–	0.22%	–
ESQ	New	ESQUIRE FINL HLDGS INC	$4,256,000	–	283,704	–	0.21%	–
BYBK	New	BAY BANCORP INC	$4,156,000	–	546,783	–	0.20%	–
GBNK	New	GUARANTY BANCORP DEL	$4,019,000	–	147,758	–	0.20%	–
PNC	New	PNC FINL SVCS GROUP INC	$3,968,000	–	31,778	–	0.19%	–
SSFN	New	STEWARDSHIP FINL CORP	$3,889,000	–	413,753	–	0.19%	–
FBNC	New	FIRST BANCORP N C	$3,853,000	–	123,266	–	0.19%	–
VLY	New	VALLEY NATL BANCORP	$3,854,000	–	326,307	–	0.19%	–
CM	New	CDN IMPERIAL BK COMM TORONTO	$3,709,000	–	45,694	–	0.18%	–
WAL	New	WESTERN ALLIANCE BANCORP	$3,705,000	–	75,297	–	0.18%	–
PBCT	New	PEOPLES UNITED FINANCIAL INC	$3,621,000	–	205,063	–	0.18%	–
CCBG	New	CAPITAL CITY BK GROUP INC	$3,620,000	–	177,274	–	0.18%	–
LBAI	New	LAKELAND BANCORP INC	$3,492,000	–	185,729	–	0.17%	–
BUSE	New	FIRST BUSEY CORP	$3,436,000	–	117,193	–	0.17%	–
CHMG	New	CHEMUNG FINL CORP	$3,302,000	–	80,767	–	0.16%	–
BLK	New	BLACKROCK INC	$3,258,000	–	7,713	–	0.16%	–
DBD	New	DIEBOLD NXDF INC	$3,228,000	–	115,299	–	0.16%	–
TPH	New	TRI POINTE GROUP INC	$3,162,000	–	239,716	–	0.16%	–
CVLG	New	COVENANT TRANSN GROUP INCcl a	$2,969,000	–	169,362	–	0.15%	–
COBZ	New	COBIZ FINANCIAL INC	$2,963,000	–	170,277	–	0.14%	–
BANR	New	BANNER CORP	$2,908,000	–	51,465	–	0.14%	–
EGBN	New	EAGLE BANCORP INC MD	$2,913,000	–	46,014	–	0.14%	–
SHBI	New	SHORE BANCSHARES INC	$2,838,000	–	172,520	–	0.14%	–
ESNT	New	ESSENT GROUP LTD	$2,576,000	–	69,369	–	0.13%	–
FCB	New	FCB FINL HLDGS INCcl a	$2,568,000	–	53,788	–	0.13%	–
KMI	New	KINDER MORGAN INC DEL	$2,417,000	–	126,163	–	0.12%	–
RY	New	ROYAL BK CDA MONTREAL QUE	$2,354,000	–	32,456	–	0.12%	–
SWFT	New	SWIFT TRANSN COcl a	$2,249,000	–	84,884	–	0.11%	–
EWBC	New	EAST WEST BANCORP INC	$2,225,000	–	37,989	–	0.11%	–
BPOP	New	POPULAR INC	$2,224,000	–	53,325	–	0.11%	–
AAPL	New	APPLE INC	$2,203,000	–	15,296	–	0.11%	–
3106PS	New	DELPHI AUTOMOTIVE PLC	$2,191,000	–	25,001	–	0.11%	–
CVLY	New	CODORUS VY BANCORP INC	$2,114,000	–	74,445	–	0.10%	–
MBTF	New	MBT FINL CORP	$2,044,000	–	210,701	–	0.10%	–
ESBK	New	ELMIRA SVGS BK ELMIRA N Y	$1,819,000	–	89,587	–	0.09%	–
FNFV	New	FIDELITY NATIONAL FINANCIAL	$1,760,000	–	111,383	–	0.09%	–
FIBK	New	FIRST INTST BANCSYSTEM INC	$1,526,000	–	41,018	–	0.08%	–
FSBK	New	FIRST SOUTH BANCORP INC VA	$1,528,000	–	92,391	–	0.08%	–
KFY	New	KORN FERRY INTL	$1,480,000	–	42,870	–	0.07%	–
WTFC	New	WINTRUST FINL CORP	$1,099,000	–	14,376	–	0.05%	–
BLD	New	TOPBUILD CORP	$1,029,000	–	19,396	–	0.05%	–
MTB	New	M & T BK CORP	$943,000	–	5,823	–	0.05%	–
SFST	New	SOUTHERN FIRST BANCSHARES IN	$852,000	–	23,000	–	0.04%	–
XLF	New	SELECT SECTOR SPDR TRput	$715,000	–	29,000	–	0.04%	–
FR	New	FIRST INDUSTRIAL REALTY TRUS	$601,000	–	21,003	–	0.03%	–
FBSS	New	FAUQUIER BANKSHARES INC VA	$439,000	–	23,082	–	0.02%	–
OPOF	New	OLD POINT FINL CORP	$327,000	–	9,939	–	0.02%	–
FSFG	New	FIRST SAVINGS FINL GROUP INC	$336,000	–	6,362	–	0.02%	–
SPY	New	SPDR S&P 500 ETF TRput	$295,000	–	1,222	–	0.01%	–
TBK	New	TRIUMPH BANCORP INC	$254,000	–	10,331	–	0.01%	–
JAX	New	J ALEXANDERS HLDGS INC	$236,000	–	19,238	–	0.01%	–
CUZ	New	COUSINS PPTYS INC	$129,000	–	14,659	–	0.01%	–
DOFSQ	New	DIAMOND OFFSHORE DRILLING IN	$91,000	–	8,417	–	0.00%	–
ESV	New	ENSCO PLC	$41,000	–	7,986	–	0.00%	–

Q4 2016

			Value		Shares		↓ Weighting
FNFG	Exit	FIRST NIAGARA FINL GP INC	$0	–	-387	–	0.00%	–
ESV	Exit	ENSCO PLCsh cl a	$0	–	-7,986	–	-0.00%	–
DOFSQ	Exit	DIAMOND OFFSHORE DRILLING, INC.	$0	–	-8,417	–	-0.01%	–
CUZ	Exit	COUSINS PROPERTIES INC.	$0	–	-14,659	–	-0.01%	–
JAX	Exit	J ALEXANDERS HLDGS INC	$0	–	-19,238	–	-0.01%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-1,324	–	-0.01%	–
MRLN	Exit	MARLIN BUSINESS SVCS CORP	$0	–	-20,065	–	-0.02%	–
FCH	Exit	FELCOR LODGING TRUST INC	$0	–	-69,095	–	-0.02%	–
FR	Exit	FIRST INDUSTRIAL REALTY TRUS	$0	–	-21,003	–	-0.03%	–
SPXC	Exit	SPX CORP	$0	–	-32,072	–	-0.03%	–
BLD	Exit	TOPBUILD CORP.	$0	–	-19,396	–	-0.03%	–
FCCY	Exit	1ST CONSTITUTION BANCORP	$0	–	-49,033	–	-0.03%	–
KBE	Exit	SPDR SERIES TRUSTs&p bk etf	$0	–	-20,179	–	-0.03%	–
J	Exit	JACOBS ENGR GROUP INC DEL	$0	–	-13,780	–	-0.03%	–
BKJ	Exit	BANCORP OF NEW JERSEY INC.	$0	–	-72,041	–	-0.04%	–
FLOW	Exit	SPX FLOW INC	$0	–	-32,072	–	-0.05%	–
NYCB	Exit	NEW YORK CMNTY BANCORP INC	$0	–	-73,265	–	-0.05%	–
HFWA	Exit	HERITAGE FINL CORP WASH	$0	–	-60,466	–	-0.05%	–
TSBK	Exit	TIMBERLAND BANCORP, INC.	$0	–	-71,096	–	-0.05%	–
XLF	Exit	SELECT SECTOR SPDR TRput	$0	–	-63,132	–	-0.06%	–
FNFV	Exit	FIDELITY NATIONAL FINANCIAL	$0	–	-111,383	–	-0.07%	–
FBNC	Exit	FIRST BANCORP	$0	–	-78,755	–	-0.07%	–
STI	Exit	SUNTRUST BANKS	$0	–	-39,695	–	-0.08%	–
BFIN	Exit	BANKFINANCIAL CORPORATION	$0	–	-138,923	–	-0.08%	–
SBCP	Exit	SUNSHINE BANCORP INC.	$0	–	-134,206	–	-0.10%	–
RY	Exit	ROYAL BK CDA MONTREAL QUE	$0	–	-32,456	–	-0.10%	–
LEN	Exit	LENNAR CORP.cl a	$0	–	-47,378	–	-0.10%	–
BPOP	Exit	POPULAR, INC.	$0	–	-53,325	–	-0.10%	–
FCB	Exit	FCB FINL HLDGS INCcl a	$0	–	-53,788	–	-0.10%	–
SFST	Exit	SOUTHERN FIRST BANCSHARES IN	$0	–	-81,017	–	-0.11%	–
EGBN	Exit	EAGLE BANCORP, INC. MD	$0	–	-46,014	–	-0.11%	–
RVSB	Exit	RIVERVIEW BANCORP, INC.	$0	–	-426,062	–	-0.11%	–
TPH	Exit	TRI POINTE GROUP, INC.	$0	–	-195,799	–	-0.12%	–
BOTJ	Exit	BANK OF THE JAMES FINANCIAL GP	$0	–	-215,374	–	-0.12%	–
BUSE	Exit	FIRST BUSEY CORP	$0	–	-117,193	–	-0.13%	–
DAL	Exit	DELTA AIR LINES INC	$0	–	-69,944	–	-0.13%	–
3106PS	Exit	DELPHI AUTOMOTIVE PLC	$0	–	-39,210	–	-0.13%	–
WLTW	Exit	WILLIS TOWERS WATSON PLC	$0	–	-21,132	–	-0.13%	–
PVBC	Exit	PROVIDENT BANCORP INC	$0	–	-179,355	–	-0.13%	–
WAL	Exit	WESTERN ALLIANCE BANCORP	$0	–	-75,297	–	-0.14%	–
CVLG	Exit	COVENANT TRANSPORTATION GROUP INC.cl a	$0	–	-147,248	–	-0.14%	–
CLBH	Exit	CAROLINA BK HLDGS INC GREENS	$0	–	-147,291	–	-0.14%	–
PFBI	Exit	PREMIER FINANCIAL BANCORP INC.	$0	–	-168,756	–	-0.14%	–
KMI	Exit	KINDER MORGAN INC.	$0	–	-126,163	–	-0.14%	–
AAPL	Exit	APPLE INC.	$0	–	-25,994	–	-0.14%	–
VLY	Exit	VALLEY NATIONAL BANCORP	$0	–	-326,307	–	-0.15%	–
SSB	Exit	SOUTH STATE CORP.	$0	–	-42,350	–	-0.15%	–
SCNB	Exit	SUFFOLK BANCORP	$0	–	-92,163	–	-0.15%	–
WCIC	Exit	WCI CMNTYS INC	$0	–	-141,607	–	-0.16%	–
BLDR	Exit	BUILDERS FIRSTSOURCE, INC.	$0	–	-293,220	–	-0.16%	–
SBBX	Exit	SUSSEX BANCORP	$0	–	-207,573	–	-0.16%	–
HLI	Exit	HOULIHAN LOKEY INCcl a	$0	–	-135,508	–	-0.16%	–
BLK	Exit	BLACKROCK INC.	$0	–	-9,719	–	-0.17%	–
LION	Exit	FIDELITY SOUTHERN CORP	$0	–	-192,010	–	-0.17%	–
MET	Exit	METLIFE INC	$0	–	-80,239	–	-0.17%	–
FSBK	Exit	FIRST SOUTH BANCORP INC VA	$0	–	-369,084	–	-0.18%	–
TCBK	Exit	TRICO BANCSHARES	$0	–	-137,982	–	-0.18%	–
FNB	Exit	FNB CORPORATION	$0	–	-299,316	–	-0.18%	–
TEX	Exit	TEREX CORPORATION	$0	–	-155,437	–	-0.19%	–
YDKN	Exit	YADKIN FINL CORP	$0	–	-153,614	–	-0.19%	–
DAN	Exit	DANA INCORPORATED	$0	–	-259,388	–	-0.19%	–
MTB	Exit	M&T BANK CORPORATION	$0	–	-34,795	–	-0.19%	–
PHM	Exit	PULTE GROUP INC	$0	–	-203,162	–	-0.19%	–
TOL	Exit	TOLL BROTHERS INC.	$0	–	-136,227	–	-0.19%	–
CSX	Exit	CSX CORP.	$0	–	-136,767	–	-0.20%	–
HBNC	Exit	HORIZON BANCORP IND	$0	–	-143,215	–	-0.20%	–
OCFC	Exit	OCEANFIRST FINANCIAL CORP.	$0	–	-222,498	–	-0.20%	–
SGBK	Exit	STONEGATE BK FT LAUDERDALE F	$0	–	-127,820	–	-0.21%	–
FCNCA	Exit	FIRST CTZNS BANCSHARES INC Ncl a	$0	–	-15,028	–	-0.21%	–
CAA	Exit	CALATLANTIC GROUP INC.	$0	–	-136,662	–	-0.22%	–
STT	Exit	STATE STREET CORP.	$0	–	-69,388	–	-0.23%	–
ESNT	Exit	ESSENT GROUP LTD.	$0	–	-183,367	–	-0.23%	–
ISBC	Exit	INVESTORS BANCORP INC NEW	$0	–	-408,656	–	-0.23%	–
PVTB	Exit	PRIVATEBANCORP INC	$0	–	-109,421	–	-0.24%	–
HAL	Exit	HALLIBURTON CO	$0	–	-112,234	–	-0.24%	–
SHBI	Exit	SHORE BANCSHARES INC	$0	–	-447,199	–	-0.25%	–
SWFT	Exit	SWIFT TRANSPORTATION CO.	$0	–	-245,898	–	-0.25%	–
MBFI	Exit	MB FINANCIAL, INC. NEW	$0	–	-152,017	–	-0.28%	–
IBP	Exit	INSTALLED BLDG PRODS INC	$0	–	-164,076	–	-0.28%	–
MAS	Exit	MASCO CORP.	$0	–	-174,565	–	-0.29%	–
NCLH	Exit	NORWEGIAN CRUISE LINE HOLDINGS	$0	–	-168,304	–	-0.30%	–
R	Exit	RYDER SYSTEM INC	$0	–	-100,291	–	-0.32%	–
OLBK	Exit	OLD LINE BANCSHARES, INC.	$0	–	-336,675	–	-0.32%	–
PPBI	Exit	PACIFIC PREMIER BANCORP, INC.	$0	–	-251,040	–	-0.32%	–
UBSI	Exit	UNITED BANKSHARES INC WEST V	$0	–	-180,165	–	-0.32%	–
EQBK	Exit	EQUITY BANCSHARES INC	$0	–	-263,383	–	-0.33%	–
FRBK	Exit	REPUBLIC FIRST BANCORP, INC.	$0	–	-1,668,344	–	-0.33%	–
CCS	Exit	CENTURY CMNTYS INC	$0	–	-333,350	–	-0.34%	–
PFSI	Exit	PENNYMAC FINL SVCS INCcl a	$0	–	-460,967	–	-0.37%	–
BK	Exit	BANK OF NEW YORK MELLON CORP	$0	–	-197,734	–	-0.38%	–
MBTF	Exit	MBT FINANCIAL CORP.	$0	–	-927,670	–	-0.40%	–
CVCY	Exit	CENTRAL VALLEY CMNTY BANCORP	$0	–	-554,365	–	-0.42%	–
C	Exit	CITIGROUP INC.	$0	–	-193,061	–	-0.44%	–
AMP	Exit	AMERIPRISE FINANCIAL	$0	–	-93,846	–	-0.45%	–
STL	Exit	STERLING BANCORP	$0	–	-541,457	–	-0.45%	–
SNV	Exit	SYNOVUS FINANCIAL CORP.	$0	–	-291,486	–	-0.45%	–
ONB	Exit	OLD NATIONAL BANCORP	$0	–	-677,806	–	-0.46%	–
EME	Exit	EMCOR GROUP INC.	$0	–	-161,305	–	-0.46%	–
ORRF	Exit	ORRSTOWN FINANCIAL SERVICES, INC.	$0	–	-500,741	–	-0.47%	–
LBAI	Exit	LAKELAND BANCORP, INC.	$0	–	-721,191	–	-0.48%	–
CAC	Exit	CAMDEN NATIONAL CORP.	$0	–	-216,840	–	-0.49%	–
TCFC	Exit	COMMUNITY FINL CORP MD	$0	–	-457,658	–	-0.50%	–
OSBC	Exit	OLD SECOND BANCORP INC ILL	$0	–	-1,288,521	–	-0.51%	–
FIS	Exit	FIDELITY NATL INFORMATION SV	$0	–	-146,883	–	-0.54%	–
WFBI	Exit	WASHINGTONFIRST BANKSHARES I	$0	–	-473,899	–	-0.56%	–
FNF	Exit	FIDELITY NATIONAL FINANCIAL INC.	$0	–	-334,183	–	-0.59%	–
LEA	Exit	LEAR CORP.	$0	–	-106,210	–	-0.62%	–
FFWM	Exit	FIRST FNDTN INC	$0	–	-543,753	–	-0.64%	–
STC	Exit	STEWART INFORMATION SVCS COR	$0	–	-309,725	–	-0.66%	–
BECN	Exit	BEACON ROOFING SUPPLY INC.	$0	–	-354,004	–	-0.71%	–
EWBC	Exit	EAST WEST BANCORP INC	$0	–	-408,038	–	-0.72%	–
AER	Exit	AERCAP HOLDINGS NV	$0	–	-424,519	–	-0.78%	–
ZION	Exit	ZIONS BANCORPORATION	$0	–	-529,467	–	-0.78%	–
FAF	Exit	FIRST AMERN FINL CORP	$0	–	-434,619	–	-0.82%	–
VBTX	Exit	VERITEX HOLDINGS INC.	$0	–	-982,648	–	-0.82%	–
TBK	Exit	TRIUMPH BANCORP INC.	$0	–	-873,684	–	-0.83%	–
HEOP	Exit	HERITAGE OAKS BANCORP	$0	–	-2,121,089	–	-0.83%	–
BMRC	Exit	BANK OF MARIN BANCORP	$0	–	-350,918	–	-0.83%	–
IBCP	Exit	INDEPENDENT BANK CORP MICH	$0	–	-1,037,940	–	-0.83%	–
PCBK	Exit	PACIFIC CONTINENTAL CORP	$0	–	-1,067,683	–	-0.86%	–
BAC	Exit	BANK OF AMERICA CORP.	$0	–	-1,168,038	–	-0.87%	–
AXE	Exit	ANIXTER INTL INC	$0	–	-286,456	–	-0.88%	–
AL	Exit	AIR LEASE CORPcl a	$0	–	-648,922	–	-0.89%	–
BMTC	Exit	BRYN MAWR BANK CORP	$0	–	-590,532	–	-0.90%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-163,150	–	-0.91%	–
FITB	Exit	FIFTH THIRD BANCORP	$0	–	-948,016	–	-0.93%	–
OC	Exit	OWENS CORNING NEW	$0	–	-377,054	–	-0.96%	–
PACW	Exit	PACWEST BANCORP	$0	–	-474,459	–	-0.97%	–
PFBC	Exit	PREFERRED BK LOS ANGELES CA	$0	–	-574,761	–	-0.98%	–
RM	Exit	REGIONAL MGMT CORP	$0	–	-970,514	–	-1.00%	–
WCC	Exit	WESCO INTL	$0	–	-341,529	–	-1.00%	–
FFKT	Exit	FARMERS CAP BK CORP	$0	–	-713,677	–	-1.01%	–
CUNB	Exit	CU BANCORP CALIF	$0	–	-935,291	–	-1.02%	–
CACB	Exit	CASCADE BANCORP	$0	–	-3,603,486	–	-1.04%	–
BOFI	Exit	BOFI HLDG INC	$0	–	-998,729	–	-1.07%	–
GBNK	Exit	GUARANTY BANCORP DEL	$0	–	-1,295,115	–	-1.10%	–
HOG	Exit	HARLEY DAVIDSON INC	$0	–	-454,214	–	-1.14%	–
PGC	Exit	PEAPACK-GLADSTONE FINL CORP	$0	–	-1,099,971	–	-1.18%	–
AF	Exit	ASTORIA FINANCIAL CORP.	$0	–	-1,710,458	–	-1.19%	–
OMF	Exit	ONEMAIN HOLDINGS INC.	$0	–	-807,357	–	-1.19%	–
BANR	Exit	BANNER CORPORATION	$0	–	-597,698	–	-1.25%	–
OPB	Exit	OPUS BK IRVINE CALIF	$0	–	-771,247	–	-1.30%	–
CMA	Exit	COMERICA, INC.	$0	–	-585,040	–	-1.32%	–
FLIC	Exit	FIRST LONG IS CORP	$0	–	-874,672	–	-1.38%	–
PNC	Exit	PNC FINL SVCS GROUP INC	$0	–	-324,637	–	-1.40%	–
SBNY	Exit	SIGNATURE BK NEW YORK N Y	$0	–	-262,217	–	-1.48%	–
COF	Exit	CAPITAL ONE FINANCIAL CORP.	$0	–	-452,611	–	-1.55%	–
HBAN	Exit	HUNTINGTON BANCSHARES	$0	–	-3,330,132	–	-1.57%	–
CSL	Exit	CARLISLE COS INC.	$0	–	-337,866	–	-1.66%	–
SBCF	Exit	SEACOAST BKG CORP FLA	$0	–	-2,171,666	–	-1.67%	–
KEY	Exit	KEYCORP NEW	$0	–	-3,090,441	–	-1.80%	–
SIVB	Exit	SVB FINL GROUP	$0	–	-350,372	–	-1.85%	–
BDC	Exit	BELDEN INC.	$0	–	-665,096	–	-2.19%	–
BDGE	Exit	BRIDGE BANCORP, INC.	$0	–	-1,609,369	–	-2.20%	–
JPM	Exit	JP MORGAN CHASE & CO.	$0	–	-733,012	–	-2.33%	–
USB	Exit	US BANCORP	$0	–	-1,152,064	–	-2.36%	–
WFC	Exit	WELLS FARGO & CO	$0	–	-1,215,959	–	-2.57%	–
CFG	Exit	CITIZENS FINANCIAL GROUP INC.	$0	–	-2,708,365	–	-3.20%	–
RF	Exit	REGIONS FINL CORP NEW	$0	–	-30,759,510	–	-14.50%	–

Q3 2016

			Value		Shares		↓ Weighting
RF	Buy	REGIONS FINL CORP NEW	$303,596,000	+198.7%	30,759,510	+157.6%	14.50%	+146.4%
CFG	Sell	CITIZENS FINANCIAL GROUP INC.	$66,924,000	+21.7%	2,708,365	-1.6%	3.20%	+0.4%
WFC	Sell	WELLS FARGO & CO	$53,843,000	-18.4%	1,215,959	-12.8%	2.57%	-32.7%
USB	Sell	US BANCORP	$49,412,000	-2.4%	1,152,064	-8.2%	2.36%	-19.5%
BDGE	Sell	BRIDGE BANCORP, INC.	$46,012,000	-0.7%	1,609,369	-1.3%	2.20%	-18.1%
SIVB	Sell	SVB FINL GROUP	$38,730,000	-8.1%	350,372	-20.9%	1.85%	-24.2%
KEY	Buy	KEYCORP NEW	$37,611,000	+40.6%	3,090,441	+27.7%	1.80%	+16.0%
SBCF	Sell	SEACOAST BKG CORP FLA	$34,942,000	-9.8%	2,171,666	-9.0%	1.67%	-25.6%
HBAN	Buy	HUNTINGTON BANCSHARES	$32,835,000	+43.6%	3,330,132	+30.2%	1.57%	+18.5%
COF	Buy	CAPITAL ONE FINANCIAL CORP.	$32,511,000	+79.8%	452,611	+59.0%	1.55%	+48.2%
SBNY	Buy	SIGNATURE BK NEW YORK N Y	$31,060,000	+324.7%	262,217	+347.9%	1.48%	+250.6%
PNC	Buy	PNC FINL SVCS GROUP INC	$29,247,000	+32.1%	324,637	+19.4%	1.40%	+9.0%
FLIC	Sell	FIRST LONG IS CORP	$28,995,000	+5.0%	874,672	-9.2%	1.38%	-13.4%
CMA	Buy	COMERICA, INC.	$27,684,000	+34.4%	585,040	+16.8%	1.32%	+10.9%
OPB	Sell	OPUS BK IRVINE CALIF	$27,279,000	+1.0%	771,247	-3.5%	1.30%	-16.7%
BANR	Buy	BANNER CORPORATION	$26,143,000	+9.4%	597,698	+6.4%	1.25%	-9.7%
OMF	Buy	ONEMAIN HOLDINGS INC.	$24,988,000	+52.6%	807,357	+12.5%	1.19%	+25.8%
PGC	Buy	PEAPACK-GLADSTONE FINL CORP	$24,650,000	+32.7%	1,099,971	+9.6%	1.18%	+9.5%
GBNK	Sell	GUARANTY BANCORP DEL	$23,118,000	+0.2%	1,295,115	-6.2%	1.10%	-17.3%
BOFI	Sell	BOFI HLDG INC	$22,372,000	-2.3%	998,729	-22.7%	1.07%	-19.4%
CACB	Sell	CASCADE BANCORP	$21,837,000	+5.8%	3,603,486	-3.3%	1.04%	-12.7%
CUNB	Buy	CU BANCORP CALIF	$21,334,000	+2.7%	935,291	+2.3%	1.02%	-15.3%
FFKT	Buy	FARMERS CAP BK CORP	$21,153,000	+10.5%	713,677	+2.0%	1.01%	-8.8%
RM	Sell	REGIONAL MGMT CORP	$21,012,000	+41.6%	970,514	-4.1%	1.00%	+16.8%
PFBC	Sell	PREFERRED BK LOS ANGELES CA	$20,548,000	+11.1%	574,761	-10.3%	0.98%	-8.3%
FITB	Sell	FIFTH THIRD BANCORP	$19,396,000	-34.3%	948,016	-43.5%	0.93%	-45.8%
BMTC	Sell	BRYN MAWR BANK CORP	$18,891,000	-20.2%	590,532	-27.1%	0.90%	-34.2%
AL	Buy	AIR LEASE CORPcl a	$18,546,000	+51.0%	648,922	+41.5%	0.89%	+24.6%
PCBK	Sell	PACIFIC CONTINENTAL CORP	$17,958,000	+6.9%	1,067,683	-0.1%	0.86%	-11.8%
IBCP	Buy	INDEPENDENT BANK CORP MICH	$17,469,000	+17.8%	1,037,940	+1.5%	0.83%	-2.8%
BMRC	Buy	BANK OF MARIN BANCORP	$17,451,000	+5.3%	350,918	+2.5%	0.83%	-13.1%
HEOP	Buy	HERITAGE OAKS BANCORP	$17,393,000	+5.7%	2,121,089	+2.4%	0.83%	-12.8%
TBK	Buy	TRIUMPH BANCORP INC.	$17,334,000	+30.4%	873,684	+5.1%	0.83%	+7.7%
VBTX	Buy	VERITEX HOLDINGS INC.	$17,088,000	+10.1%	982,648	+1.4%	0.82%	-9.2%
FAF	Sell	FIRST AMERN FINL CORP	$17,072,000	-32.1%	434,619	-30.4%	0.82%	-44.0%
ZION	Buy	ZIONS BANCORPORATION	$16,424,000	+440.6%	529,467	+338.0%	0.78%	+345.5%
AER	Sell	AERCAP HOLDINGS NV	$16,340,000	+6.0%	424,519	-7.5%	0.78%	-12.6%
EWBC	Buy	EAST WEST BANCORP INC	$14,979,000	+260.3%	408,038	+235.5%	0.72%	+196.7%
STC	Sell	STEWART INFORMATION SVCS COR	$13,767,000	-62.1%	309,725	-64.7%	0.66%	-68.7%
FFWM	Sell	FIRST FNDTN INC	$13,414,000	+14.2%	543,753	-0.5%	0.64%	-5.9%
LEA	Buy	LEAR CORP.	$12,875,000	+57.4%	106,210	+32.1%	0.62%	+30.0%
WFBI	Buy	WASHINGTONFIRST BANKSHARES I	$11,663,000	+17.1%	473,899	+2.8%	0.56%	-3.5%
OSBC	Sell	OLD SECOND BANCORP INC ILL	$10,708,000	+10.9%	1,288,521	-8.9%	0.51%	-8.6%
LBAI	Buy	LAKELAND BANCORP, INC.	$10,126,000	+123.8%	721,191	+81.4%	0.48%	+84.4%
ORRF	Buy	ORRSTOWN FINANCIAL SERVICES, INC.	$9,890,000	+9.5%	500,741	+0.0%	0.47%	-9.8%
EME	Sell	EMCOR GROUP INC.	$9,617,000	+12.2%	161,305	-7.3%	0.46%	-7.5%
STL	Sell	STERLING BANCORP	$9,475,000	-38.9%	541,457	-45.2%	0.45%	-49.6%
AMP	Buy	AMERIPRISE FINANCIAL	$9,363,000	+260.0%	93,846	+224.2%	0.45%	+196.0%
CVCY	Sell	CENTRAL VALLEY CMNTY BANCORP	$8,792,000	-13.6%	554,365	-23.7%	0.42%	-28.7%
MBTF	Buy	MBT FINANCIAL CORP.	$8,395,000	+18.7%	927,670	+4.9%	0.40%	-2.0%
PFSI	Buy	PENNYMAC FINL SVCS INCcl a	$7,841,000	+142.8%	460,967	+78.3%	0.37%	+100.0%
CCS	Sell	CENTURY CMNTYS INC	$7,170,000	+17.1%	333,350	-5.6%	0.34%	-3.4%
FRBK	Sell	REPUBLIC FIRST BANCORP, INC.	$6,857,000	-31.5%	1,668,344	-28.2%	0.33%	-43.5%
EQBK	Buy	EQUITY BANCSHARES INC	$6,832,000	+19.1%	263,383	+1.7%	0.33%	-1.8%
OLBK	Buy	OLD LINE BANCSHARES, INC.	$6,643,000	+16.7%	336,675	+6.5%	0.32%	-3.6%
NCLH	Sell	NORWEGIAN CRUISE LINE HOLDINGS	$6,345,000	-7.2%	168,304	-2.0%	0.30%	-23.5%
SHBI	Sell	SHORE BANCSHARES INC	$5,268,000	-20.5%	447,199	-20.7%	0.25%	-34.2%
SWFT	Sell	SWIFT TRANSPORTATION CO.	$5,279,000	+14.8%	245,898	-17.6%	0.25%	-5.3%
ISBC	New	INVESTORS BANCORP INC NEW	$4,908,000	–	408,656	–	0.23%	–
ESNT	Buy	ESSENT GROUP LTD.	$4,879,000	+44.6%	183,367	+18.5%	0.23%	+19.5%
CAA	Buy	CALATLANTIC GROUP INC.	$4,570,000	+55.6%	136,662	+70.8%	0.22%	+28.2%
SGBK	New	STONEGATE BK FT LAUDERDALE F	$4,314,000	–	127,820	–	0.21%	–
OCFC	Buy	OCEANFIRST FINANCIAL CORP.	$4,285,000	+55.5%	222,498	+46.7%	0.20%	+28.9%
CSX	Sell	CSX CORP.	$4,171,000	+8.1%	136,767	-7.6%	0.20%	-10.8%
TOL	Buy	TOLL BROTHERS INC.	$4,068,000	+12.9%	136,227	+1.8%	0.19%	-6.7%
PHM	Buy	PULTE GROUP INC	$4,071,000	+50.8%	203,162	+46.7%	0.19%	+24.4%
MTB	New	M&T BANK CORPORATION	$4,040,000	–	34,795	–	0.19%	–
DAN	New	DANA INCORPORATED	$4,044,000	–	259,388	–	0.19%	–
FSBK	Sell	FIRST SOUTH BANCORP INC VA	$3,671,000	+3.8%	369,084	-2.5%	0.18%	-14.6%
BLK	Buy	BLACKROCK INC.	$3,523,000	+9.1%	9,719	+3.1%	0.17%	-10.2%
SBBX	Buy	SUSSEX BANCORP	$3,390,000	+132.0%	207,573	+89.8%	0.16%	+90.6%
WCIC	Sell	WCI CMNTYS INC	$3,359,000	+5.6%	141,607	-24.8%	0.16%	-13.0%
AAPL	New	APPLE INC.	$2,939,000	–	25,994	–	0.14%	–
PFBI	Buy	PREMIER FINANCIAL BANCORP INC.	$2,892,000	+3.4%	168,756	+1.7%	0.14%	-14.8%
CVLG	Sell	COVENANT TRANSPORTATION GROUP INC.cl a	$2,846,000	-29.2%	147,248	-33.9%	0.14%	-41.6%
PVBC	Buy	PROVIDENT BANCORP INC	$2,798,000	+3.4%	179,355	+2.2%	0.13%	-14.6%
WLTW	Buy	WILLIS TOWERS WATSON PLC	$2,806,000	+287.0%	21,132	+262.3%	0.13%	+219.0%
3106PS	New	DELPHI AUTOMOTIVE PLC	$2,796,000	–	39,210	–	0.13%	–
DAL	New	DELTA AIR LINES INC	$2,753,000	–	69,944	–	0.13%	–
BOTJ	Buy	BANK OF THE JAMES FINANCIAL GP	$2,617,000	+1.2%	215,374	+2.0%	0.12%	-16.7%
TPH	Sell	TRI POINTE GROUP, INC.	$2,581,000	+4.0%	195,799	-6.7%	0.12%	-14.6%
RVSB	Sell	RIVERVIEW BANCORP, INC.	$2,292,000	-59.2%	426,062	-64.1%	0.11%	-66.5%
SFST	Sell	SOUTHERN FIRST BANCSHARES IN	$2,234,000	+12.3%	81,017	-1.8%	0.11%	-7.0%
LEN	New	LENNAR CORP.cl a	$2,006,000	–	47,378	–	0.10%	–
SBCP	Buy	SUNSHINE BANCORP INC.	$1,984,000	+21.3%	134,206	+16.2%	0.10%	0.0%
XLF	Buy	SELECT SECTOR SPDR TRput	$1,219,000	+36.2%	63,132	+61.3%	0.06%	+11.5%
TSBK	Sell	TIMBERLAND BANCORP, INC.	$1,120,000	-70.8%	71,096	-72.2%	0.05%	-76.1%
HFWA	Buy	HERITAGE FINL CORP WASH	$1,085,000	+35.0%	60,466	+32.3%	0.05%	+10.6%
BKJ	Buy	BANCORP OF NEW JERSEY INC.	$819,000	+317.9%	72,041	+329.2%	0.04%	+254.5%
KBE	New	SPDR SERIES TRUSTs&p bk etf	$674,000	–	20,179	–	0.03%	–
FCCY	New	1ST CONSTITUTION BANCORP	$674,000	–	49,033	–	0.03%	–
MRLN	New	MARLIN BUSINESS SVCS CORP	$389,000	–	20,065	–	0.02%	–
SPY	Buy	SPDR S&P 500 ETF TRput	$286,000	+55.4%	1,324	+50.8%	0.01%	+27.3%
BSRR	Exit	SIERRA BANCORP	$0	–	-14,530	–	-0.01%	–
KFY	Exit	KORNFERRY INTL	$0	–	-31,468	–	-0.04%	–
FCTY	Exit	1ST CENTURY BANCSHARES INC.	$0	–	-58,849	–	-0.04%	–
TCF	Exit	TCF FINL CORP	$0	–	-102,042	–	-0.08%	–
PUB	Exit	PEOPLE'S UTAH BANCORP	$0	–	-141,200	–	-0.14%	–
WTFC	Exit	WINTRUST FINL CORP	$0	–	-81,319	–	-0.24%	–
TCBI	Exit	TEXAS CAPITAL BANCSHARES INC	$0	–	-217,381	–	-0.59%	–

Q2 2016

			Value		Shares		↓ Weighting
RF	New	REGIONS FINL CORP NEW	$101,633,000	–	11,942,752	–	5.88%	–
WFC	New	WELLS FARGO & CO	$65,968,000	–	1,393,786	–	3.82%	–
CFG	New	CITIZENS FINL GROUP INC	$54,997,000	–	2,752,615	–	3.18%	–
USB	New	US BANCORP DEL	$50,634,000	–	1,255,493	–	2.93%	–
BDGE	New	BRIDGE BANCORP INC	$46,331,000	–	1,631,374	–	2.68%	–
JPM	New	JPMORGAN CHASE & CO	$45,549,000	–	733,012	–	2.64%	–
SIVB	New	SVB FINL GROUP	$42,126,000	–	442,682	–	2.44%	–
BDC	New	BELDEN INC	$40,152,000	–	665,096	–	2.32%	–
SBCF	New	SEACOAST BK CORP FLA	$38,748,000	–	2,385,972	–	2.24%	–
STC	New	STEWART INFORMATION SERVICES	$36,307,000	–	876,765	–	2.10%	–
CSL	New	CARLISLE COS INC	$35,706,000	–	337,866	–	2.07%	–
FITB	New	FIFTH THIRD BANCORP	$29,522,000	–	1,678,327	–	1.71%	–
FLIC	New	FIRST LONG ISLAND CORP	$27,611,000	–	963,072	–	1.60%	–
OPB	New	OPUS BANK IRVINE CALF	$27,018,000	–	799,340	–	1.56%	–
KEY	New	KEYCORP	$26,746,000	–	2,420,441	–	1.55%	–
AF	New	ASTORIA FINL CORP	$26,221,000	–	1,710,458	–	1.52%	–
FAF	New	FIRST AMERICAN FINL CORP	$25,133,000	–	624,890	–	1.46%	–
BANR	New	BANNER CORP	$23,886,000	–	561,501	–	1.38%	–
BMTC	New	BRYN MAWR BANK CORP	$23,664,000	–	810,409	–	1.37%	–
GBNK	New	GUARANTY BANCORP DEL	$23,065,000	–	1,381,110	–	1.34%	–
BOFI	New	BOFI HOLDING INC	$22,892,000	–	1,292,631	–	1.32%	–
HBAN	New	HUNTINGTON BANCSHARES	$22,860,000	–	2,557,055	–	1.32%	–
PNC	New	PNC FINL SVCS GROUP INC	$22,134,000	–	271,947	–	1.28%	–
CUNB	New	CU BANCORP CALIF	$20,780,000	–	914,218	–	1.20%	–
CACB	New	CASCADE BANCORP	$20,641,000	–	3,725,805	–	1.20%	–
CMA	New	COMERICA INC	$20,601,000	–	500,868	–	1.19%	–
HOG	New	HARLEY DAVIDSON INC	$20,576,000	–	454,214	–	1.19%	–
OC	New	OWENS CORNING INC	$19,426,000	–	377,054	–	1.12%	–
FFKT	New	FARMERS CAP BK CORP	$19,136,000	–	699,659	–	1.11%	–
HON	New	HONEYWELL INTL INC	$18,978,000	–	163,150	–	1.10%	–
PACW	New	PACWEST BANCORP DEL	$18,874,000	–	474,459	–	1.09%	–
PGC	New	PEAPACK GLADSTONE FINL CORP	$18,572,000	–	1,003,348	–	1.08%	–
PFBC	New	PREFERRED BANK/LOS ANGELES	$18,493,000	–	640,451	–	1.07%	–
COF	New	CAPITAL ONE FINL CORP	$18,083,000	–	284,719	–	1.05%	–
WCC	New	WESCO INTL INC	$17,585,000	–	341,529	–	1.02%	–
PCBK	New	PACIFIC CONTINENTAL CORP	$16,796,000	–	1,069,104	–	0.97%	–
BMRC	New	BANK OF MARIN BANCORP	$16,566,000	–	342,477	–	0.96%	–
HEOP	New	HERITAGE OAKS BANCORP	$16,448,000	–	2,071,562	–	0.95%	–
OMF	New	ONEMAIN HLDGS INC	$16,378,000	–	717,701	–	0.95%	–
BECN	New	BEACON ROOFING SUPPLY INC	$16,097,000	–	354,004	–	0.93%	–
VBTX	New	VERITEX HLDGS INC	$15,527,000	–	969,236	–	0.90%	–
BAC	New	BANK OF AMERICA CORP	$15,500,000	–	1,168,038	–	0.90%	–
STL	New	STERLING BANCORP DEL	$15,506,000	–	987,653	–	0.90%	–
AER	New	AERCAP HLDGS NV	$15,418,000	–	459,015	–	0.89%	–
AXE	New	ANIXTER INTL INC	$15,262,000	–	286,456	–	0.88%	–
RM	New	REGIONAL MGMT CORP	$14,842,000	–	1,012,448	–	0.86%	–
IBCP	New	INDEPENDENT BANK CORP	$14,834,000	–	1,022,340	–	0.86%	–
TBK	New	TRIUMPH BANCORP INC	$13,296,000	–	830,997	–	0.77%	–
FNF	New	FIDELITY NATIONAL FINANCIAL	$12,532,000	–	334,183	–	0.72%	–
AL	New	AIR LEASE CORPcl a	$12,282,000	–	458,642	–	0.71%	–
FFWM	New	FIRST FOUNDATION INC	$11,750,000	–	546,510	–	0.68%	–
FIS	New	FIDELITY NATIONAL INFORMATION SVCS	$10,822,000	–	146,883	–	0.63%	–
CVCY	New	CENTRAL VALLEY CMNTY BANCORP	$10,178,000	–	726,971	–	0.59%	–
TCBI	New	TEXAS CAPITAL BANCSHARES INC	$10,165,000	–	217,381	–	0.59%	–
TCFC	New	COMMUNITY FINL CORP MD	$10,133,000	–	457,658	–	0.59%	–
FRBK	New	REPUBLIC FIRST BANCORP INC	$10,010,000	–	2,322,442	–	0.58%	–
WFBI	New	WASHINGTONFIRST BANKSHARES INC	$9,964,000	–	461,087	–	0.58%	–
OSBC	New	OLD SECOND BANCORP INC ILL	$9,657,000	–	1,413,919	–	0.56%	–
CAC	New	CAMDEN NATIONAL CORP	$9,107,000	–	216,840	–	0.53%	–
ORRF	New	ORRSTOWN FINL SVCS INC	$9,036,000	–	500,629	–	0.52%	–
EME	New	EMCOR GROUP INC	$8,571,000	–	173,990	–	0.50%	–
ONB	New	OLD NATIONAL BANCORP	$8,493,000	–	677,806	–	0.49%	–
SNV	New	SYNOVUS FINL CORP	$8,450,000	–	291,486	–	0.49%	–
C	New	CITIGROUP INC	$8,184,000	–	193,061	–	0.47%	–
LEA	New	LEAR CORP	$8,179,000	–	80,377	–	0.47%	–
BK	New	BANK NEW YORK MELLON CORP	$7,682,000	–	197,734	–	0.44%	–
SBNY	New	SIGNATURE BK NEW YORK	$7,313,000	–	58,539	–	0.42%	–
MBTF	New	MBT FINL CORP	$7,074,000	–	884,262	–	0.41%	–
NCLH	New	NORWEGIAN CRUISE LINE HLDGS LTD	$6,840,000	–	171,696	–	0.40%	–
UBSI	New	UNITED BANKSHARES INC WEST V	$6,758,000	–	180,165	–	0.39%	–
SHBI	New	SHORE BANCSHARES INC	$6,625,000	–	563,800	–	0.38%	–
R	New	RYDER SYSTEM INC	$6,132,000	–	100,291	–	0.36%	–
CCS	New	CENTURY CMNTYS INC	$6,125,000	–	353,250	–	0.35%	–
PPBI	New	PACIFIC PREMIER BANCORP INC	$6,025,000	–	251,040	–	0.35%	–
IBP	New	INSTALLED BUILDING PRODS INC	$5,954,000	–	164,076	–	0.34%	–
EQBK	New	EQUITY BANCSHARES INC	$5,737,000	–	259,106	–	0.33%	–
OLBK	New	OLD LINE BANCSHARES INC	$5,692,000	–	316,241	–	0.33%	–
RVSB	New	RIVERVIEW BANCORP INC	$5,615,000	–	1,187,070	–	0.32%	–
MBFI	New	MB FINL INC NEW	$5,515,000	–	152,017	–	0.32%	–
MAS	New	MASCO CORP	$5,401,000	–	174,565	–	0.31%	–
HAL	New	HALLIBURTON CO	$5,083,000	–	112,234	–	0.29%	–
PVTB	New	PRIVATEBANCORP INC	$4,818,000	–	109,421	–	0.28%	–
SWFT	New	SWIFT TRANSN COcl a	$4,600,000	–	298,501	–	0.27%	–
LBAI	New	LAKELAND BANCORP INC	$4,524,000	–	397,571	–	0.26%	–
EWBC	New	EAST WEST BANCORP INC	$4,157,000	–	121,617	–	0.24%	–
WTFC	New	WINTRUST FINL CORP	$4,147,000	–	81,319	–	0.24%	–
CVLG	New	COVENANT TRANSN GROUP INCcl a	$4,022,000	–	222,602	–	0.23%	–
FCNCA	New	FIRST CITIZENS BANCSHARES INCcl a	$3,891,000	–	15,028	–	0.22%	–
CSX	New	CSX CORP	$3,859,000	–	147,964	–	0.22%	–
YDKN	New	YADKIN FINL CORP	$3,854,000	–	153,614	–	0.22%	–
TSBK	New	TIMBERLAND BANCORP INC	$3,841,000	–	256,045	–	0.22%	–
TCBK	New	TRICO BANCSHARES	$3,808,000	–	137,982	–	0.22%	–
FNB	New	FNB CORP PA	$3,753,000	–	299,316	–	0.22%	–
STT	New	STATE STREET CORP	$3,741,000	–	69,388	–	0.22%	–
TOL	New	TOLL BROTHERS INC	$3,602,000	–	133,850	–	0.21%	–
HBNC	New	HORIZON BANCORP IND	$3,600,000	–	143,215	–	0.21%	–
FSBK	New	FIRST SOUTH BANCORP INC	$3,535,000	–	378,484	–	0.20%	–
ESNT	New	ESSENT GROUP LTD	$3,375,000	–	154,733	–	0.20%	–
BLDR	New	BUILDERS FIRSTSOURCE INC	$3,299,000	–	293,220	–	0.19%	–
PFSI	New	PENNYMAC FINL SVCS INCcl a	$3,229,000	–	258,499	–	0.19%	–
BLK	New	BLACKROCK INC	$3,230,000	–	9,429	–	0.19%	–
MET	New	METLIFE INC	$3,196,000	–	80,239	–	0.18%	–
WCIC	New	WCI CMNTYS INC	$3,181,000	–	188,234	–	0.18%	–
TEX	New	TEREX CORP NEW	$3,157,000	–	155,437	–	0.18%	–
ZION	New	ZIONS BANCORP	$3,038,000	–	120,892	–	0.18%	–
HLI	New	HOULIHAN LOKEY INCcl a	$3,031,000	–	135,508	–	0.18%	–
LION	New	FIDELITY SOUTHERN CORP NEW	$3,009,000	–	192,010	–	0.17%	–
VLY	New	VALLEY NATIONAL BANCORP	$2,976,000	–	326,307	–	0.17%	–
CAA	New	CALATLANTIC GROUP INC	$2,937,000	–	80,005	–	0.17%	–
SCNB	New	SUFFOLK BANCORP	$2,886,000	–	92,163	–	0.17%	–
SSB	New	SOUTH ST CORP	$2,882,000	–	42,350	–	0.17%	–
PFBI	New	PREMIER FINL BANCORP INC	$2,797,000	–	165,984	–	0.16%	–
OCFC	New	OCEANFIRST FINL CORP	$2,756,000	–	151,661	–	0.16%	–
PVBC	New	PROVIDENT BANCORP INC	$2,706,000	–	175,513	–	0.16%	–
PHM	New	PULTE GROUP INC	$2,700,000	–	138,516	–	0.16%	–
AMP	New	AMERIPRISE FINL	$2,601,000	–	28,947	–	0.15%	–
BOTJ	New	BANK OF THE ST JAMES FINL GP	$2,587,000	–	211,163	–	0.15%	–
CLBH	New	CAROLINA BK HLDGS INC GREEN	$2,575,000	–	147,291	–	0.15%	–
BUSE	New	FIRST BUSEY CORP	$2,507,000	–	117,193	–	0.14%	–
TPH	New	TRI POINTE GROUP INC	$2,482,000	–	209,952	–	0.14%	–
WAL	New	WESTERN ALLIANCE BANCORP	$2,458,000	–	75,297	–	0.14%	–
KMI	New	KINDER MORGAN INC	$2,362,000	–	126,163	–	0.14%	–
PUB	New	PEOPLE'S UTAH BANCORP	$2,344,000	–	141,200	–	0.14%	–
EGBN	New	EAGLE BANCORP INC MD	$2,214,000	–	46,014	–	0.13%	–
SFST	New	SOUTHERN FIRST BANCSHARES INC	$1,989,000	–	82,514	–	0.12%	–
RY	New	ROYAL BK CDA MONTREAL QUE	$1,918,000	–	32,456	–	0.11%	–
FCB	New	FCB FINL HLDGS INCcl a	$1,829,000	–	53,788	–	0.11%	–
BFIN	New	BANKFINL CORP	$1,666,000	–	138,923	–	0.10%	–
SBCP	New	SUNSHINE BANCORP INC	$1,635,000	–	115,453	–	0.10%	–
STI	New	SUNTRUST BANKS	$1,631,000	–	39,695	–	0.09%	–
BPOP	New	POPULAR INC	$1,562,000	–	53,325	–	0.09%	–
SBBX	New	SUSSEX BANCORP	$1,461,000	–	109,386	–	0.08%	–
FBNC	New	FIRST BANCORP NC	$1,385,000	–	78,755	–	0.08%	–
TCF	New	TCF FINL CORP	$1,291,000	–	102,042	–	0.08%	–
FNFV	New	FIDELITY NATIONAL FINL	$1,278,000	–	111,383	–	0.07%	–
NYCB	New	NEW YORK COMNTY BANCORP INC	$1,098,000	–	73,265	–	0.06%	–
XLF	New	SELECT SECTOR SPDR TRput	$895,000	–	39,146	–	0.05%	–
FLOW	New	SPX FLOW INC	$836,000	–	32,072	–	0.05%	–
HFWA	New	HERITAGE FINL CORP WASH	$804,000	–	45,717	–	0.05%	–
WLTW	New	WILLIS TOWERS WATSON PLC PUB LTD	$725,000	–	5,832	–	0.04%	–
BLD	New	TOPBUILD CORP	$702,000	–	19,396	–	0.04%	–
J	New	JACOBS ENGR GROUP INC DEL	$686,000	–	13,780	–	0.04%	–
FCTY	New	1ST CENTURY BANCSHARES INC.	$660,000	–	58,849	–	0.04%	–
KFY	New	KORNFERRY INTL	$651,000	–	31,468	–	0.04%	–
FR	New	FIRST INDUSTRIAL REALTY TRUST	$584,000	–	21,003	–	0.03%	–
SPXC	New	SPX CORP	$476,000	–	32,072	–	0.03%	–
FCH	New	FELCOR LODGING TRUST INC	$430,000	–	69,095	–	0.02%	–
BSRR	New	SIERRA BANCORP	$243,000	–	14,530	–	0.01%	–
DOFSQ	New	DIAMOND OFFSHORE DRILLING INC	$205,000	–	8,417	–	0.01%	–
JAX	New	J ALEXANDERS HLDGS INC	$191,000	–	19,238	–	0.01%	–
BKJ	New	BANCORP NEW JERSEY INC NEW	$196,000	–	16,786	–	0.01%	–
SPY	New	SPDR S&P 500 ETF TRput	$184,000	–	878	–	0.01%	–
CUZ	New	COUSINS PPTYS INC	$152,000	–	14,659	–	0.01%	–
ESV	New	ENSCO PLCsh cl a	$78,000	–	7,986	–	0.01%	–
FNFG	New	FIRST NIAGARA FINL GP INC	$4,000	–	387	–	0.00%	–

Q4 2015

			Value		Shares		↓ Weighting
FNFG	Exit	FIRST NIAGARA FINL GP INC	$0	–	-387	–	0.00%	–
BBEPQ	Exit	BREITBURN ENERGY PARTNERS LP	$0	–	-59,865	–	-0.01%	–
RIG	Exit	TRANSOCEAN LTD	$0	–	-10,114	–	-0.01%	–
ESV	Exit	ENSCO PLCsh cl a	$0	–	-7,986	–	-0.01%	–
LNCOQ	Exit	LINNCO LLC	$0	–	-55,291	–	-0.01%	–
CUZ	Exit	COUSINS PPTYS INC	$0	–	-14,659	–	-0.01%	–
ABCB	Exit	AMERIS BANCORP	$0	–	-5,000	–	-0.01%	–
KMI	Exit	KINDER MORGAN INC	$0	–	-5,729	–	-0.01%	–
LINEQ	Exit	LINN ENERGY LLCunit ltd liab	$0	–	-66,496	–	-0.01%	–
JAX	Exit	J ALEXANDER'S HLDGS INC	$0	–	-19,238	–	-0.01%	–
UNTY	Exit	UNITY BANCORP INC	$0	–	-27,370	–	-0.01%	–
SBBX	Exit	SUSSEX BANCORP	$0	–	-21,588	–	-0.01%	–
DOFSQ	Exit	DIAMOND OFFSHORE DRILLING INC	$0	–	-15,580	–	-0.01%	–
BGC	Exit	GENERAL CABLE CORP DEL NEW	$0	–	-29,435	–	-0.02%	–
SPXC	Exit	SPX CORP	$0	–	-32,072	–	-0.02%	–
CVLG	Exit	COVENANT TRANS GROUP INC	$0	–	-22,226	–	-0.02%	–
FR	Exit	FIRST INDUSTRIAL REALTY TRUST	$0	–	-21,003	–	-0.02%	–
FCH	Exit	FELCOR LODGING TRUST INC	$0	–	-69,095	–	-0.02%	–
J	Exit	JACOBS ENGR GROUP INC	$0	–	-13,780	–	-0.02%	–
EFSC	Exit	ENTERPRISE FINL SVCS CORP	$0	–	-22,632	–	-0.03%	–
REMY	Exit	REMY INTL	$0	–	-19,914	–	-0.03%	–
DRE	Exit	DUKE REALTY CORP	$0	–	-32,095	–	-0.03%	–
BLD	Exit	TOPBUILD CORP	$0	–	-19,396	–	-0.03%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-3,657	–	-0.04%	–
WRI	Exit	WEINGARTEN REALTY INVESTORSsh ben int	$0	–	-21,830	–	-0.04%	–
BEE	Exit	STRATEGIC HOTELS & RESORTS	$0	–	-74,501	–	-0.05%	–
FLOW	Exit	SPX FLOW INC	$0	–	-32,072	–	-0.05%	–
CCBG	Exit	CAPITAL CITY BANK GROUP INC	$0	–	-75,165	–	-0.06%	–
FNFV	Exit	FIDELITY NATIONAL FINANCIAL	$0	–	-111,383	–	-0.06%	–
NYCB	Exit	NEW YORK CMNTYBANCORP INC	$0	–	-73,265	–	-0.06%	–
XLF	Exit	SELECT SECTOR SPDRput	$0	–	-58,978	–	-0.07%	–
IBTX	Exit	INDEPENDENT BANK GROUP INC	$0	–	-35,290	–	-0.07%	–
STI	Exit	SUNTRUST BANKS	$0	–	-39,695	–	-0.08%	–
LEAF	Exit	SPRINGLEAF HLDGS INC	$0	–	-34,936	–	-0.08%	–
PFBI	Exit	PREMIER FINL BANCORP INC	$0	–	-108,926	–	-0.08%	–
BPOP	Exit	POPULAR INC	$0	–	-53,325	–	-0.08%	–
STCK	Exit	STOCK BLDG SUPPLY HLDGS INC	$0	–	-98,111	–	-0.08%	–
FCB	Exit	FCB FINL HLDGS INCcl a	$0	–	-53,788	–	-0.09%	–
LBAI	Exit	LAKELAND BANCORP INC	$0	–	-185,729	–	-0.10%	–
WTFC	Exit	WINTRUST FINL CORP	$0	–	-40,781	–	-0.11%	–
EGBN	Exit	EAGLE BANCORP INC	$0	–	-47,873	–	-0.11%	–
XBKS	Exit	XENITH BANKSHARES INC	$0	–	-367,697	–	-0.12%	–
MCBC	Exit	MACATAWA BANK CORP	$0	–	-470,121	–	-0.12%	–
PVBC	Exit	PROVIDENT BANCORP INC	$0	–	-196,406	–	-0.12%	–
SHBI	Exit	SHORE BANCSHARES INC	$0	–	-254,124	–	-0.12%	–
HSII	Exit	HEIDRICK & STRUGGLES INT'L INC	$0	–	-132,820	–	-0.13%	–
KFY	Exit	KORN/FERRY INTL	$0	–	-79,201	–	-0.13%	–
SFBS	Exit	SERVISFIRST BANCSHARES INC	$0	–	-67,460	–	-0.14%	–
TEX	Exit	TEREX CORP	$0	–	-155,437	–	-0.14%	–
WAL	Exit	WESTERN ALLIANCE BANCORP	$0	–	-90,855	–	-0.14%	–
ENS	Exit	ENERSYS	$0	–	-53,865	–	-0.14%	–
TPC	Exit	TUTOR PERINI CORP	$0	–	-176,160	–	-0.14%	–
AMP	Exit	AMERIPRISE FINL	$0	–	-28,138	–	-0.15%	–
SWFT	Exit	SWIFT TRANS COcl a	$0	–	-212,224	–	-0.16%	–
VLY	Exit	VALLEY NATIONAL BANCORP	$0	–	-326,307	–	-0.16%	–
SSB	Exit	SOUTH STATE CORP	$0	–	-42,350	–	-0.16%	–
URI	Exit	UNITED RENTALS INC	$0	–	-54,157	–	-0.16%	–
FCTY	Exit	1ST CENTURY BANCSHARES INC	$0	–	-420,925	–	-0.16%	–
TSBK	Exit	TIMBERLAND BANCORP INC	$0	–	-304,729	–	-0.16%	–
WSH	Exit	WILLIS GROUP HLDGS PUBLIC	$0	–	-81,683	–	-0.16%	–
EVBS	Exit	EASTERN VA BANKSHARES INC	$0	–	-501,023	–	-0.17%	–
FCNCA	Exit	FIRST CITIZENS BANCSHARES INCcl a	$0	–	-15,028	–	-0.17%	–
FULT	Exit	FULTON FINL CORP PA	$0	–	-287,668	–	-0.17%	–
WCIC	Exit	WCI CMNTYS INC	$0	–	-154,506	–	-0.17%	–
FSBK	Exit	FIRST SOUTH BANCORP INC	$0	–	-462,270	–	-0.18%	–
BLDR	Exit	BUILDERS FIRSTSOURCE INC	$0	–	-293,220	–	-0.18%	–
METR	Exit	METRO BANCORP INC PA	$0	–	-126,134	–	-0.18%	–
NCLH	Exit	NORWEGIAN CRUISE LINE HLDGS LTD	$0	–	-67,015	–	-0.19%	–
STNR	Exit	STEINER LEISURE LTD	$0	–	-61,621	–	-0.19%	–
BLK	Exit	BLACKROCK INC	$0	–	-13,179	–	-0.19%	–
HAL	Exit	HALLIBURTON CO	$0	–	-112,234	–	-0.20%	–
WLH	Exit	WILLIAM LYON HOMEScl a new	$0	–	-193,515	–	-0.20%	–
PUB	Exit	PEOPLE'S UTAH BANCORP	$0	–	-251,877	–	-0.20%	–
IBP	Exit	INSTALLED BLDG PRODS INC	$0	–	-164,076	–	-0.20%	–
SFST	Exit	SOUTHERN FIRST BANCSHARES INC	$0	–	-204,146	–	-0.21%	–
PVTB	Exit	PRIVATEBANCORP INC	$0	–	-109,421	–	-0.21%	–
ONB	Exit	OLD NATIONAL BANCORP IND	$0	–	-307,896	–	-0.21%	–
CIT	Exit	CIT GROUP HLDGS INC	$0	–	-108,375	–	-0.21%	–
MAS	Exit	MASCO CORP	$0	–	-174,565	–	-0.22%	–
DAN	Exit	DANA HOLDING CORP	$0	–	-278,732	–	-0.22%	–
STT	Exit	STATE STR CORP	$0	–	-69,388	–	-0.23%	–
MBFI	Exit	MB FINL INC NEW	$0	–	-152,017	–	-0.24%	–
CCS	Exit	CENTURY CMNTYS INC	$0	–	-266,080	–	-0.26%	–
R	Exit	RYDER SYSTEM INC	$0	–	-74,051	–	-0.27%	–
CLBH	Exit	CAROLINA BANK HOLDINGS INC	$0	–	-423,527	–	-0.27%	–
OLBK	Exit	OLD LINE BANCSHARES INC	$0	–	-357,302	–	-0.29%	–
FSGI	Exit	FIRST SEC GROUP INC	$0	–	-2,482,473	–	-0.30%	–
	Exit	BANK OF NEW YORK MELLON CORP	$0	–	-159,912	–	-0.31%	–
FBMS	Exit	FIRST BANCSHARES INC	$0	–	-361,460	–	-0.31%	–
RVSB	Exit	RIVERVIEW BANCORP INC	$0	–	-1,431,461	–	-0.34%	–
UBSI	Exit	UNITED BANKSHARES INC WEST V	$0	–	-180,165	–	-0.34%	–
HMPR	Exit	HAMPTON ROADS BANKSHARES INC	$0	–	-3,862,416	–	-0.36%	–
FFWM	Exit	FIRST FNDTN INC	$0	–	-323,717	–	-0.36%	–
MBTF	Exit	MBT FINL CORP	$0	–	-1,207,106	–	-0.37%	–
HBAN	Exit	HUNTINGTON BANCSHARES	$0	–	-732,592	–	-0.38%	–
EME	Exit	EMCOR GROUP INC	$0	–	-178,385	–	-0.39%	–
OCFC	Exit	OCEANFIRST FINL CORP	$0	–	-474,215	–	-0.40%	–
CYN	Exit	CITY NATIONAL CORP	$0	–	-96,372	–	-0.42%	–
CVCY	Exit	CENTRAL VALLEY CMNTY BANCORP	$0	–	-717,468	–	-0.43%	–
LEA	Exit	LEAR CORP	$0	–	-80,377	–	-0.43%	–
ORRF	Exit	ORRSTOWN FINL SVCS INC	$0	–	-530,146	–	-0.44%	–
OSBC	Exit	OLD SECOND BANCORP INC ILL	$0	–	-1,441,521	–	-0.44%	–
WFBI	Exit	WASHINGTONFIRST BANKSHARES INC	$0	–	-494,521	–	-0.45%	–
OSK	Exit	OSHKOSH CORP	$0	–	-252,378	–	-0.45%	–
CBSH	Exit	COMMERCE BANCSHARES INC	$0	–	-201,328	–	-0.45%	–
CPF	Exit	CENTRAL PACIFIC FINL CORP	$0	–	-439,365	–	-0.45%	–
PACW	Exit	PACWEST BANCORP	$0	–	-216,514	–	-0.46%	–
HWC	Exit	HANCOCK HOLDING CO	$0	–	-351,170	–	-0.47%	–
C	Exit	CITIGROUP INC	$0	–	-193,061	–	-0.47%	–
FRBK	Exit	REPUBLIC FIRST BANCORP INC	$0	–	-2,583,259	–	-0.47%	–
SIVB	Exit	SVB FINL GROUP	$0	–	-84,563	–	-0.48%	–
FIS	Exit	FIDELITY NATIONAL INFORMATION SVCS	$0	–	-146,883	–	-0.49%	–
PULB	Exit	PULASKI FINL CORP	$0	–	-777,150	–	-0.52%	–
TCFC	Exit	CMNTY FINL CORP MD	$0	–	-454,911	–	-0.53%	–
ESNT	Exit	ESSENT GROUP LTD	$0	–	-438,335	–	-0.54%	–
SQBK	Exit	SQUARE 1 FINL INCcl a	$0	–	-430,124	–	-0.54%	–
PFSI	Exit	PENNYMAC FINL SERVICE	$0	–	-703,549	–	-0.56%	–
BMTC	Exit	BRYN MAWR BK CORP	$0	–	-367,411	–	-0.56%	–
	Exit	BEACON ROOFING SUPPLY INC	$0	–	-354,004	–	-0.57%	–
FNF	Exit	FIDELITY NATIONAL FINL INC	$0	–	-334,183	–	-0.58%	–
HLI	Exit	HOULIHAN LOKEY INCcl a	$0	–	-564,185	–	-0.61%	–
	Exit	BANK OF MARIN BANCORP	$0	–	-265,448	–	-0.63%	–
VBTX	Exit	VERITEX HLDGS INC	$0	–	-884,624	–	-0.68%	–
PGC	Exit	PEAPACK GLADSTONE FINL CORP	$0	–	-672,408	–	-0.70%	–
FITB	Exit	FIFTH THIRD BANCORP	$0	–	-755,821	–	-0.70%	–
PNC	Exit	PNC FINL SVCS GROUP INC	$0	–	-161,358	–	-0.71%	–
BSRR	Exit	SIERRA BANCORP	$0	–	-955,575	–	-0.75%	–
FAF	Exit	FIRST AMERICAN FINL CORP	$0	–	-391,140	–	-0.75%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-163,150	–	-0.76%	–
FBNK	Exit	FIRST CONN BANCORP INC MD	$0	–	-961,856	–	-0.76%	–
OC	Exit	OWENS CORNING NEW	$0	–	-377,054	–	-0.78%	–
WCC	Exit	WESCO INTL INC	$0	–	-341,529	–	-0.78%	–
IBCP	Exit	INDEPENDENT BANK CORP MICH	$0	–	-1,114,031	–	-0.81%	–
CACB	Exit	CASCADE BANCORP	$0	–	-3,100,035	–	-0.83%	–
RM	Exit	REGIONAL MGMT CORP	$0	–	-1,086,206	–	-0.83%	–
MET	Exit	METLIFE INC	$0	–	-362,854	–	-0.84%	–
HEOP	Exit	HERITAGE OAKS BANCORP	$0	–	-2,163,053	–	-0.85%	–
FBNC	Exit	FIRST BANCORP	$0	–	-1,029,837	–	-0.86%	–
ABCW	Exit	ANCHOR BANCORP WIS INC DEL	$0	–	-427,629	–	-0.90%	–
FFKT	Exit	FARMERS CAP BK CORP	$0	–	-735,399	–	-0.90%	–
TBK	Exit	TRIUMPH BANCORP INC	$0	–	-1,094,003	–	-0.91%	–
	Exit	ANIXTER INTERNATIONAL INC	$0	–	-321,984	–	-0.92%	–
TCF	Exit	TCF FINL CORP	$0	–	-1,292,188	–	-0.97%	–
TCBK	Exit	TRICO BANCSHARES	$0	–	-812,907	–	-0.98%	–
PCBK	Exit	PACIFIC CONTINENTAL CORP	$0	–	-1,558,352	–	-1.02%	–
CFNL	Exit	CARDINAL FINL CORP	$0	–	-903,232	–	-1.02%	–
GBNK	Exit	GUARANTY BANCORP DEL	$0	–	-1,364,099	–	-1.11%	–
CMA	Exit	COMERICA INC	$0	–	-549,826	–	-1.11%	–
PPBI	Exit	PACIFIC PREMIER BANCORP INC	$0	–	-1,145,040	–	-1.15%	–
PFBC	Exit	PREFERRED BANK/LOS ANGELES	$0	–	-766,788	–	-1.20%	–
HOG	Exit	HARLEY DAVIDSON INC	$0	–	-454,214	–	-1.23%	–
FLIC	Exit	FIRST LONG ISL CORP	$0	–	-928,524	–	-1.24%	–
BFIN	Exit	BANKFINL CORP	$0	–	-2,040,256	–	-1.25%	–
SBCF	Exit	SEACOAST BANKING CORP FLA	$0	–	-1,774,973	–	-1.28%	–
CUNB	Exit	CU BANCORP CALIF	$0	–	-1,249,104	–	-1.38%	–
OPB	Exit	OPUS BK IRVINE CALIF	$0	–	-734,924	–	-1.39%	–
CSL	Exit	CARLISLE COS INC	$0	–	-337,866	–	-1.46%	–
NBBC	Exit	NEWBRIDGE BANCORPcl a no par	$0	–	-3,548,840	–	-1.49%	–
	Exit	BELDEN INC	$0	–	-658,971	–	-1.52%	–
SCNB	Exit	SUFFOLK BANCORP	$0	–	-1,164,871	–	-1.57%	–
	Exit	BANK OF AMER CORP	$0	–	-2,144,517	–	-1.65%	–
STC	Exit	STEWART INFORMATION SVCS	$0	–	-856,114	–	-1.73%	–
CSFL	Exit	CENTERSTATE BANKS INC	$0	–	-2,517,166	–	-1.82%	–
TCBI	Exit	TEXAS CAPITAL BANCSHARES INC	$0	–	-752,611	–	-1.94%	–
RF	Exit	REGIONS FINL CORP NEW	$0	–	-4,939,757	–	-2.19%	–
JPM	Exit	JP MORGAN CHASE & CO	$0	–	-733,012	–	-2.20%	–
CFG	Exit	CITIZENS FINL GROUP INC	$0	–	-1,922,079	–	-2.26%	–
BDGE	Exit	BRIDGE BANCORP INC	$0	–	-1,772,772	–	-2.34%	–
STL	Exit	STERLING BANCORP	$0	–	-3,415,754	–	-2.50%	–
WFC	Exit	WELLS FARGO & CO	$0	–	-1,215,959	–	-3.08%	–
USB	Exit	US BANCORP	$0	–	-1,552,005	–	-3.14%	–
SNV	Exit	SYNOVUS FINL CORP	$0	–	-2,208,783	–	-3.22%	–
	Exit	ASTORIA FINL CORP	$0	–	-9,352,357	–	-7.42%	–

Q3 2015

			Value		Shares		↓ Weighting
	Buy	ASTORIA FINL CORP	$150,573,000	+121.2%	9,352,357	+89.4%	7.42%	+132.8%
SNV	Sell	SYNOVUS FINL CORP	$65,380,000	-59.6%	2,208,783	-57.9%	3.22%	-57.5%
USB	Buy	US BANCORP	$63,648,000	+27.3%	1,552,005	+34.7%	3.14%	+34.0%
STL	Buy	STERLING BANCORP	$50,792,000	+229.6%	3,415,754	+225.8%	2.50%	+246.8%
BDGE	Sell	BRIDGE BANCORP INC	$47,351,000	+0.1%	1,772,772	-0.0%	2.34%	+5.4%
CFG	Buy	CITIZENS FINL GROUP INC	$45,861,000	+243.0%	1,922,079	+292.6%	2.26%	+261.2%
RF	Buy	REGIONS FINL CORP NEW	$44,507,000	-7.8%	4,939,757	+6.0%	2.19%	-3.0%
TCBI	Buy	TEXAS CAPITAL BANCSHARES INC	$39,452,000	-13.7%	752,611	+2.5%	1.94%	-9.2%
CSFL	Sell	CENTERSTATE BANKS INC	$37,002,000	-36.6%	2,517,166	-41.8%	1.82%	-33.3%
STC	Buy	STEWART INFORMATION SVCS	$35,024,000	+27.9%	856,114	+24.5%	1.73%	+34.7%
	Sell	BANK OF AMER CORP	$33,412,000	-17.6%	2,144,517	-9.9%	1.65%	-13.2%
SCNB	Buy	SUFFOLK BANCORP	$31,824,000	+7.7%	1,164,871	+1.1%	1.57%	+13.3%
	Buy	BELDEN INC	$30,767,000	-38.2%	658,971	+7.5%	1.52%	-35.0%
NBBC	Buy	NEWBRIDGE BANCORPcl a no par	$30,272,000	-4.4%	3,548,840	+0.0%	1.49%	+0.6%
OPB	Buy	OPUS BK IRVINE CALIF	$28,103,000	+32.1%	734,924	+25.0%	1.39%	+39.0%
CUNB	Buy	CU BANCORP CALIF	$28,055,000	+7.6%	1,249,104	+6.1%	1.38%	+13.2%
SBCF	Buy	SEACOAST BANKING CORP FLA	$26,057,000	+37.6%	1,774,973	+48.1%	1.28%	+44.9%
BFIN	Buy	BANKFINL CORP	$25,360,000	+5.6%	2,040,256	+0.1%	1.25%	+11.2%
FLIC	Buy	FIRST LONG ISL CORP	$25,098,000	-1.7%	928,524	+0.8%	1.24%	+3.4%
PFBC	Sell	PREFERRED BANK/LOS ANGELES	$24,231,000	-11.5%	766,788	-15.9%	1.20%	-6.9%
PPBI	Sell	PACIFIC PREMIER BANCORP INC	$23,267,000	-8.8%	1,145,040	-23.9%	1.15%	-4.0%
CMA	Buy	COMERICA INC	$22,598,000	+389.5%	549,826	+511.1%	1.11%	+415.7%
GBNK	Buy	GUARANTY BANCORP DEL	$22,467,000	+1.5%	1,364,099	+1.7%	1.11%	+6.8%
CFNL	Sell	CARDINAL FINL CORP	$20,783,000	-25.2%	903,232	-29.2%	1.02%	-21.3%
PCBK	Buy	PACIFIC CONTINENTAL CORP	$20,742,000	-0.5%	1,558,352	+1.1%	1.02%	+4.7%
TCF	Buy	TCF FINL CORP	$19,590,000	+55.1%	1,292,188	+69.9%	0.97%	+63.2%
	Buy	ANIXTER INTERNATIONAL INC	$18,604,000	-7.3%	321,984	+4.5%	0.92%	-2.4%
TBK	Sell	TRIUMPH BANCORP INC	$18,379,000	+25.7%	1,094,003	-1.6%	0.91%	+32.3%
FFKT	Buy	FARMERS CAP BK CORP	$18,275,000	-9.1%	735,399	+4.0%	0.90%	-4.4%
ABCW	Sell	ANCHOR BANCORP WIS INC DEL	$18,213,000	+10.3%	427,629	-1.7%	0.90%	+16.0%
FBNC	Buy	FIRST BANCORP	$17,507,000	+2.5%	1,029,837	+0.5%	0.86%	+7.9%
HEOP	Sell	HERITAGE OAKS BANCORP	$17,218,000	+0.8%	2,163,053	-0.3%	0.85%	+6.1%
MET	Buy	METLIFE INC	$17,109,000	-0.3%	362,854	+18.3%	0.84%	+5.0%
RM	Sell	REGIONAL MGMT CORP	$16,836,000	-14.0%	1,086,206	-0.9%	0.83%	-9.5%
CACB	Buy	CASCADE BANCORP	$16,771,000	+7.0%	3,100,035	+2.5%	0.83%	+12.7%
WCC	Sell	WESCO INTL INC	$15,871,000	-34.6%	341,529	-3.5%	0.78%	-31.1%
OC	Sell	OWENS CORNING NEW	$15,802,000	-2.9%	377,054	-4.4%	0.78%	+2.2%
FBNK	Sell	FIRST CONN BANCORP INC MD	$15,505,000	-9.1%	961,856	-10.5%	0.76%	-4.4%
FAF	Sell	FIRST AMERICAN FINL CORP	$15,282,000	-7.0%	391,140	-11.5%	0.75%	-2.2%
BSRR	Sell	SIERRA BANCORP	$15,251,000	-23.4%	955,575	-16.9%	0.75%	-19.4%
PNC	Buy	PNC FINL SVCS GROUP INC	$14,393,000	+18.6%	161,358	+27.2%	0.71%	+25.0%
FITB	Buy	FIFTH THIRD BANCORP	$14,293,000	+24.9%	755,821	+37.6%	0.70%	+31.5%
PGC	Buy	PEAPACK GLADSTONE FINL CORP	$14,235,000	-1.0%	672,408	+3.9%	0.70%	+4.3%
VBTX	Buy	VERITEX HLDGS INC	$13,818,000	+6.6%	884,624	+1.9%	0.68%	+12.2%
	Buy	BANK OF MARIN BANCORP	$12,739,000	+16.2%	265,448	+23.1%	0.63%	+22.2%
HLI	New	HOULIHAN LOKEY INCcl a	$12,299,000	–	564,185	–	0.61%	–
BMTC	New	BRYN MAWR BK CORP	$11,415,000	–	367,411	–	0.56%	–
PFSI	Sell	PENNYMAC FINL SERVICE	$11,257,000	-25.3%	703,549	-15.4%	0.56%	-21.4%
ESNT	Buy	ESSENT GROUP LTD	$10,893,000	+137.0%	438,335	+160.9%	0.54%	+149.8%
TCFC	Buy	CMNTY FINL CORP MD	$10,690,000	+11.2%	454,911	+1.3%	0.53%	+17.1%
PULB	Buy	PULASKI FINL CORP	$10,530,000	+8.4%	777,150	+3.4%	0.52%	+14.1%
SIVB	New	SVB FINL GROUP	$9,770,000	–	84,563	–	0.48%	–
FRBK	Buy	REPUBLIC FIRST BANCORP INC	$9,610,000	+13.5%	2,583,259	+5.9%	0.47%	+19.4%
HWC	Buy	HANCOCK HOLDING CO	$9,499,000	-10.1%	351,170	+6.1%	0.47%	-5.5%
CPF	New	CENTRAL PACIFIC FINL CORP	$9,213,000	–	439,365	–	0.45%	–
OSK	Buy	OSHKOSH CORP	$9,169,000	+2.1%	252,378	+19.1%	0.45%	+7.4%
CBSH	New	COMMERCE BANCSHARES INC	$9,173,000	–	201,328	–	0.45%	–
WFBI	Buy	WASHINGTONFIRST BANKSHARES INC	$9,109,000	+11.3%	494,521	+1.6%	0.45%	+17.2%
OSBC	Buy	OLD SECOND BANCORP INC ILL	$8,981,000	-1.9%	1,441,521	+4.0%	0.44%	+3.3%
ORRF	Buy	ORRSTOWN FINL SVCS INC	$8,938,000	+11.6%	530,146	+7.1%	0.44%	+17.6%
LEA	Buy	LEAR CORP	$8,743,000	+20.7%	80,377	+24.6%	0.43%	+27.1%
CVCY	Sell	CENTRAL VALLEY CMNTY BANCORP	$8,681,000	+2.2%	717,468	-0.0%	0.43%	+7.5%
OCFC	Buy	OCEANFIRST FINL CORP	$8,166,000	+12.3%	474,215	+21.6%	0.40%	+18.2%
EME	Sell	EMCOR GROUP INC	$7,894,000	-11.4%	178,385	-4.3%	0.39%	-6.7%
HBAN	Sell	HUNTINGTON BANCSHARES	$7,765,000	-13.9%	732,592	-8.2%	0.38%	-9.5%
MBTF	Buy	MBT FINL CORP	$7,532,000	+11.2%	1,207,106	+2.3%	0.37%	+17.0%
FFWM	New	FIRST FNDTN INC	$7,371,000	–	323,717	–	0.36%	–
HMPR	Sell	HAMPTON ROADS BANKSHARES INC	$7,339,000	-32.1%	3,862,416	-25.6%	0.36%	-28.5%
RVSB	Buy	RIVERVIEW BANCORP INC	$6,799,000	+18.8%	1,431,461	+7.1%	0.34%	+25.0%
FBMS	Buy	FIRST BANCSHARES INC	$6,315,000	+7.4%	361,460	+2.4%	0.31%	+13.1%
FSGI	Sell	FIRST SEC GROUP INC	$6,181,000	-11.7%	2,482,473	-13.1%	0.30%	-7.0%
OLBK	Buy	OLD LINE BANCSHARES INC	$5,810,000	+6.9%	357,302	+4.5%	0.29%	+12.2%
CLBH	Buy	CAROLINA BANK HOLDINGS INC	$5,502,000	+56.4%	423,527	+45.9%	0.27%	+64.2%
CCS	Buy	CENTURY CMNTYS INC	$5,282,000	+7.2%	266,080	+8.7%	0.26%	+12.6%
STT	Sell	STATE STR CORP	$4,664,000	-77.4%	69,388	-74.1%	0.23%	-76.2%
DAN	Buy	DANA HOLDING CORP	$4,426,000	-17.0%	278,732	+7.6%	0.22%	-12.8%
SFST	Buy	SOUTHERN FIRST BANCSHARES INC	$4,183,000	+19.0%	204,146	+4.0%	0.21%	+24.8%
PUB	Sell	PEOPLE'S UTAH BANCORP	$4,108,000	-8.9%	251,877	-5.2%	0.20%	-3.8%
WLH	Buy	WILLIAM LYON HOMEScl a new	$3,986,000	-5.8%	193,515	+17.4%	0.20%	-0.5%
BLK	Buy	BLACKROCK INC	$3,920,000	+296.0%	13,179	+360.8%	0.19%	+319.6%
STNR	Sell	STEINER LEISURE LTD	$3,893,000	-14.1%	61,621	-26.8%	0.19%	-9.4%
NCLH	Sell	NORWEGIAN CRUISE LINE HLDGS LTD	$3,840,000	-31.5%	67,015	-33.0%	0.19%	-27.9%
BLDR	Sell	BUILDERS FIRSTSOURCE INC	$3,718,000	-26.7%	293,220	-25.8%	0.18%	-23.1%
METR	Sell	METRO BANCORP INC PA	$3,707,000	-89.5%	126,134	-90.6%	0.18%	-88.9%
FSBK	Buy	FIRST SOUTH BANCORP INC	$3,652,000	+3.3%	462,270	+3.3%	0.18%	+8.4%
WCIC	Sell	WCI CMNTYS INC	$3,496,000	-13.8%	154,506	-7.1%	0.17%	-9.5%
FULT	Buy	FULTON FINL CORP PA	$3,481,000	+87.5%	287,668	+102.3%	0.17%	+97.7%
EVBS	Buy	EASTERN VA BANKSHARES INC	$3,382,000	+11.0%	501,023	+3.8%	0.17%	+16.8%
WSH	Buy	WILLIS GROUP HLDGS PUBLIC	$3,347,000	-4.9%	81,683	+8.8%	0.16%	0.0%
TSBK	Buy	TIMBERLAND BANCORP INC	$3,318,000	+11.9%	304,729	+3.0%	0.16%	+18.0%
FCTY	Buy	1ST CENTURY BANCSHARES INC	$3,325,000	+46.0%	420,925	+29.4%	0.16%	+53.3%
URI	Buy	UNITED RENTALS INC	$3,252,000	-24.3%	54,157	+10.4%	0.16%	-20.4%
SWFT	Sell	SWIFT TRANS COcl a	$3,188,000	-34.7%	212,224	-1.5%	0.16%	-31.4%
AMP	New	AMERIPRISE FINL	$3,071,000	–	28,138	–	0.15%	–
TPC	Sell	TUTOR PERINI CORP	$2,900,000	-44.5%	176,160	-27.2%	0.14%	-41.6%
ENS	Buy	ENERSYS	$2,886,000	+4.6%	53,865	+37.2%	0.14%	+10.1%
WAL	New	WESTERN ALLIANCE BANCORP	$2,790,000	–	90,855	–	0.14%	–
SHBI	Buy	SHORE BANCSHARES INC	$2,470,000	+61.2%	254,124	+56.4%	0.12%	+69.4%
PVBC	New	PROVIDENT BANCORP INC	$2,433,000	–	196,406	–	0.12%	–
XBKS	Buy	XENITH BANKSHARES INC	$2,350,000	+9.9%	367,697	+3.3%	0.12%	+16.0%
EGBN	Sell	EAGLE BANCORP INC	$2,178,000	-1.0%	47,873	-4.3%	0.11%	+3.9%
WTFC	Sell	WINTRUST FINL CORP	$2,179,000	-28.7%	40,781	-28.8%	0.11%	-25.2%
STCK	Sell	STOCK BLDG SUPPLY HLDGS INC	$1,728,000	-52.2%	98,111	-47.0%	0.08%	-49.7%
PFBI	Sell	PREMIER FINL BANCORP INC	$1,551,000	-8.0%	108,926	-0.2%	0.08%	-3.8%
LEAF	Sell	SPRINGLEAF HLDGS INC	$1,527,000	-50.7%	34,936	-48.3%	0.08%	-48.3%
IBTX	New	INDEPENDENT BANK GROUP INC	$1,356,000	–	35,290	–	0.07%	–
XLF	Sell	SELECT SECTOR SPDRput	$1,336,000	-43.6%	58,978	-39.3%	0.07%	-40.5%
CCBG	Buy	CAPITAL CITY BANK GROUP INC	$1,121,000	+35.7%	75,165	+39.0%	0.06%	+41.0%
FLOW	New	SPX FLOW INC	$1,104,000	–	32,072	–	0.05%	–
SPY	Buy	SPDR S&P 500 ETF TRput	$701,000	+27.7%	3,657	+37.2%	0.04%	+34.6%
BLD	New	TOPBUILD CORP	$601,000	–	19,396	–	0.03%	–
EFSC	Sell	ENTERPRISE FINL SVCS CORP	$570,000	-95.1%	22,632	-95.6%	0.03%	-94.8%
CVLG	New	COVENANT TRANS GROUP INC	$399,000	–	22,226	–	0.02%	–
SPXC	Sell	SPX CORP	$382,000	-91.4%	32,072	-47.5%	0.02%	-90.8%
BGC	Sell	GENERAL CABLE CORP DEL NEW	$350,000	-84.7%	29,435	-74.5%	0.02%	-84.1%
SBBX	New	SUSSEX BANCORP	$270,000	–	21,588	–	0.01%	–
UNTY	New	UNITY BANCORP INC	$267,000	–	27,370	–	0.01%	–
JAX	New	J ALEXANDER'S HLDGS INC	$192,000	–	19,238	–	0.01%	–
KMI	New	KINDER MORGAN INC	$159,000	–	5,729	–	0.01%	–
FNFG	Sell	FIRST NIAGARA FINL GP INC	$4,000	-100.0%	387	-100.0%	0.00%	-100.0%
SOCB	Exit	SOUTHCOAST FINANCIAL CORP	$0	–	-45,032	–	-0.02%	–
SIFI	Exit	SI FINANCIAL GROUP, INC.	$0	–	-43,629	–	-0.02%	–
5021PS	Exit	LNB BANCORP, INC.	$0	–	-28,436	–	-0.02%	–
KBE	Exit	SPDR SERIES TRUSTs&p bk etf	$0	–	-19,762	–	-0.03%	–
PGEM	Exit	PLY GEM HOLDINGS INC.	$0	–	-145,841	–	-0.08%	–
TEN	Exit	TENNECO INC.	$0	–	-30,614	–	-0.08%	–
CMI	Exit	CUMMINS INC.	$0	–	-14,619	–	-0.09%	–
LION	Exit	FIDELITY SOUTHERN CORP	$0	–	-170,300	–	-0.14%	–
YDKN	Exit	YADKIN FINANCIAL CORP	$0	–	-157,884	–	-0.16%	–
BBNK	Exit	BRIDGE CAPITAL HOLDINGS	$0	–	-126,558	–	-0.18%	–
FSB	Exit	FRANKLIN FINANCIAL NETWORK INC.	$0	–	-183,701	–	-0.20%	–
RBCAA	Exit	REPUBLIC BANCORP KYcl a	$0	–	-172,052	–	-0.21%	–
	Exit	ATLANTIC COAST FINANCIAL CORP.	$0	–	-1,300,686	–	-0.27%	–
BANF	Exit	BANCFIRST CORP	$0	–	-89,042	–	-0.27%	–
PMBC	Exit	PACIFIC MERCANTILE BANCORP	$0	–	-1,019,921	–	-0.36%	–
UBSH	Exit	UNION BANKSHARES CORP	$0	–	-395,465	–	-0.43%	–
GHL	Exit	GREENHILL & CO., INC.	$0	–	-234,470	–	-0.45%	–
HVB	Exit	HUDSON VALLEY HOLDING CORP	$0	–	-1,929,455	–	-2.55%	–

Q2 2015

			Value		Shares		↓ Weighting
SNV	New	SYNOVUS FINANCIAL CORP.	$161,844,000	–	5,251,279	–	7.58%	–
WFC	New	WELLS FARGO & CO	$68,386,000	–	1,215,959	–	3.20%	–
	New	ASTORIA FINANCIAL CORP.	$68,077,000	–	4,936,715	–	3.19%	–
CSFL	New	CENTERSTATE BANKS, INC.	$58,393,000	–	4,322,169	–	2.74%	–
HVB	New	HUDSON VALLEY HOLDING CORP	$54,430,000	–	1,929,455	–	2.55%	–
USB	New	US BANCORP DEL	$50,000,000	–	1,152,064	–	2.34%	–
	New	BELDEN INC.	$49,798,000	–	613,054	–	2.33%	–
JPM	New	JP MORGAN CHASE & CO.	$49,669,000	–	733,012	–	2.33%	–
RF	New	REGIONS FINANCIAL CORP.	$48,272,000	–	4,659,425	–	2.26%	–
BDGE	New	BRIDGE BANCORP, INC.	$47,316,000	–	1,772,780	–	2.22%	–
TCBI	New	TEXAS CAPITAL BANCSHARES, INC.	$45,704,000	–	734,325	–	2.14%	–
	New	BANK OF AMERICA CORP.	$40,531,000	–	2,381,384	–	1.90%	–
METR	New	METRO BANCORP INC.	$35,187,000	–	1,346,083	–	1.65%	–
CSL	New	CARLISLE COS INC.	$33,827,000	–	337,866	–	1.58%	–
NBBC	New	NEWBRIDGE BANCORP.cl a no par	$31,676,000	–	3,547,173	–	1.48%	–
SCNB	New	SUFFOLK BANCORP	$29,562,000	–	1,152,056	–	1.38%	–
CFNL	New	CARDINAL FINANCIAL CORP	$27,792,000	–	1,275,466	–	1.30%	–
PFBC	New	PREFERRED BANK/LOS ANGELES	$27,391,000	–	911,503	–	1.28%	–
STC	New	STEWART INFORMATION SERVICES	$27,377,000	–	687,869	–	1.28%	–
CUNB	New	CU BANCORP CALIF	$26,084,000	–	1,177,096	–	1.22%	–
HOG	New	HARLEY-DAVIDSON INC	$25,595,000	–	454,214	–	1.20%	–
FLIC	New	FIRST LONG IS CORP	$25,529,000	–	920,949	–	1.20%	–
PPBI	New	PACIFIC PREMIER BANCORP, INC.	$25,505,000	–	1,503,834	–	1.20%	–
WCC	New	WESCO INTERNATIONAL INC.	$24,282,000	–	353,757	–	1.14%	–
BFIN	New	BANKFINANCIAL CORP	$24,005,000	–	2,037,783	–	1.12%	–
GBNK	New	GUARANTY BANCORP DEL	$22,136,000	–	1,340,790	–	1.04%	–
OPB	New	OPUS BK IRVINE CALIF	$21,275,000	–	588,034	–	1.00%	–
PCBK	New	PACIFIC CONTINENTAL CORP	$20,850,000	–	1,541,048	–	0.98%	–
STT	New	STATE STREET CORP.	$20,649,000	–	268,169	–	0.97%	–
FFKT	New	FARMERS CAPITAL BANK CORP	$20,104,000	–	707,123	–	0.94%	–
	New	ANIXTER INTERNATIONAL INC	$20,074,000	–	308,120	–	0.94%	–
BSRR	New	SIERRA BANCORP	$19,917,000	–	1,150,587	–	0.93%	–
RM	New	REGIONAL MGMT CORP	$19,573,000	–	1,095,912	–	0.92%	–
TCBK	New	TRICO BANCSHARES	$19,550,000	–	812,907	–	0.92%	–
SBCF	New	SEACOAST BKG CORP FLA	$18,940,000	–	1,198,735	–	0.89%	–
MET	New	METLIFE INC	$17,167,000	–	306,601	–	0.80%	–
HEOP	New	HERITAGE OAKS BANCORP	$17,078,000	–	2,170,039	–	0.80%	–
FBNC	New	FIRST BANCORP	$17,085,000	–	1,024,299	–	0.80%	–
FBNK	New	FIRST CONNECTICUT BANCORP INC.	$17,062,000	–	1,075,131	–	0.80%	–
HON	New	HONEYWELL INTERNATIONAL INC.	$16,636,000	–	163,150	–	0.78%	–
ABCW	New	ANCHOR BANCORP WISCONSIN	$16,516,000	–	434,848	–	0.77%	–
FAF	New	FIRST AMERN FINL CORP	$16,438,000	–	441,766	–	0.77%	–
OC	New	OWENS CORNING INC.	$16,269,000	–	394,411	–	0.76%	–
CACB	New	CASCADE BANCORP	$15,670,000	–	3,025,005	–	0.73%	–
STL	New	STERLING BANCORP	$15,412,000	–	1,048,418	–	0.72%	–
IBCP	New	INDEPENDENT BANK CORP MICH	$15,106,000	–	1,114,031	–	0.71%	–
PFSI	New	PENNYMAC FINL SVCS INCcl a	$15,077,000	–	832,085	–	0.71%	–
TBK	New	TRIUMPH BANCORP INC.	$14,617,000	–	1,111,540	–	0.68%	–
PGC	New	PEAPACK GLADSTONE FINANCIAL CORP.	$14,375,000	–	646,962	–	0.67%	–
CFG	New	CITIZENS FINANCIAL GROUP INC.	$13,372,000	–	489,632	–	0.63%	–
VBTX	New	VERITEX HOLDINGS INC.	$12,967,000	–	868,215	–	0.61%	–
TCF	New	TCF FINANCIAL CORP.	$12,631,000	–	760,447	–	0.59%	–
FNF	New	FIDELITY NATIONAL FINANCIAL INC.	$12,361,000	–	334,183	–	0.58%	–
PNC	New	PNC FINANCIAL SERVICES GROUP, INC.	$12,134,000	–	126,861	–	0.57%	–
SQBK	New	SQUARE 1 FINANCIAL, INC.cl a	$11,764,000	–	430,124	–	0.55%	–
	New	BEACON ROOFING SUPPLY INC.	$11,760,000	–	354,004	–	0.55%	–
EFSC	New	ENTERPRISE FINANCIAL SERVICES CORP.	$11,596,000	–	509,270	–	0.54%	–
FITB	New	FIFTH THIRD BANCORP	$11,439,000	–	549,446	–	0.54%	–
	New	BANK OF MARIN BANCORP	$10,965,000	–	215,556	–	0.51%	–
HMPR	New	HAMPTON ROADS BANKSHARES, INC.	$10,801,000	–	5,192,998	–	0.51%	–
C	New	CITIGROUP INC.	$10,665,000	–	193,061	–	0.50%	–
HWC	New	HANCOCK HOLDING CO	$10,563,000	–	331,021	–	0.50%	–
PACW	New	PACWEST BANCORP	$10,124,000	–	216,514	–	0.47%	–
PULB	New	PULASKI FINANCIAL CORP.	$9,714,000	–	751,858	–	0.46%	–
GHL	New	GREENHILL & CO., INC.	$9,691,000	–	234,470	–	0.45%	–
TCFC	New	COMMUNITY FINL CORP MD	$9,614,000	–	449,165	–	0.45%	–
UBSH	New	UNION BANKSHARES CORP	$9,191,000	–	395,465	–	0.43%	–
OSBC	New	OLD SECOND BANCORP, INC.	$9,152,000	–	1,386,600	–	0.43%	–
FIS	New	FIDELITY NATIONAL INFORMATION SVCS.	$9,077,000	–	146,883	–	0.42%	–
HBAN	New	HUNTINGTON BANCSHARES	$9,022,000	–	797,743	–	0.42%	–
OSK	New	OSHKOSH CORP.	$8,984,000	–	211,993	–	0.42%	–
EME	New	EMCOR GROUP INC.	$8,906,000	–	186,444	–	0.42%	–
FNFG	New	FIRST NIAGARA FINL GP INC	$8,895,000	–	942,243	–	0.42%	–
CYN	New	CITY NATIONAL CORP.	$8,711,000	–	96,372	–	0.41%	–
CVCY	New	CENTRAL VALLEY COMMUNITY BANCORP	$8,490,000	–	717,654	–	0.40%	–
FRBK	New	REPUBLIC FIRST BANCORP, INC.	$8,466,000	–	2,439,808	–	0.40%	–
WFBI	New	WASHINGTONFIRST BANKSHARE INC.	$8,182,000	–	486,756	–	0.38%	–
ORRF	New	ORRSTOWN FINANCIAL SERVICES, INC.	$8,007,000	–	494,852	–	0.38%	–
PMBC	New	PACIFIC MERCANTILE BANCORP	$7,741,000	–	1,019,921	–	0.36%	–
OCFC	New	OCEANFIRST FINANCIAL CORP.	$7,271,000	–	389,845	–	0.34%	–
LEA	New	LEAR CORP.	$7,242,000	–	64,511	–	0.34%	–
UBSI	New	UNITED BANKSHARES INC WEST V	$7,248,000	–	180,165	–	0.34%	–
FSGI	New	FIRST SECURITY GROUP INC.	$6,997,000	–	2,855,833	–	0.33%	–
MBTF	New	MBT FINANCIAL CORP.	$6,772,000	–	1,179,763	–	0.32%	–
	New	BANK OF NEW YORK	$6,712,000	–	159,912	–	0.31%	–
R	New	RYDER SYSTEM INC	$6,470,000	–	74,051	–	0.30%	–
FBMS	New	FIRST BANCSHARES INC MS	$5,879,000	–	353,111	–	0.28%	–
BANF	New	BANCFIRST CORP	$5,828,000	–	89,042	–	0.27%	–
	New	ATLANTIC COAST FINANCIAL CORP.	$5,788,000	–	1,300,686	–	0.27%	–
RVSB	New	RIVERVIEW BANCORP, INC.	$5,722,000	–	1,336,808	–	0.27%	–
NCLH	New	NORWEGIAN CRUISE LINE HOLDINGS LTD.	$5,602,000	–	99,958	–	0.26%	–
OLBK	New	OLD LINE BANCSHARES, INC.	$5,435,000	–	342,062	–	0.26%	–
DAN	New	DANA HOLDING CORP	$5,331,000	–	259,020	–	0.25%	–
MBFI	New	MB FINANCIAL, INC.	$5,235,000	–	152,017	–	0.24%	–
TPC	New	TUTOR PERINI CORP.	$5,225,000	–	242,123	–	0.24%	–
BLDR	New	BUILDERS FIRSTSOURCE, INC.	$5,074,000	–	395,201	–	0.24%	–
CIT	New	CIT GROUP HOLDINGS, INC.	$5,038,000	–	108,375	–	0.24%	–
CCS	New	CENTURY COMMUNITIES INC.	$4,929,000	–	244,865	–	0.23%	–
SWFT	New	SWIFT TRANSPORTATION CO.cl a	$4,883,000	–	215,410	–	0.23%	–
HAL	New	HALLIBURTON COMPANY	$4,834,000	–	112,234	–	0.23%	–
MAS	New	MASCO CORP.	$4,656,000	–	174,565	–	0.22%	–
CMA	New	COMERICA, INC.	$4,617,000	–	89,972	–	0.22%	–
ESNT	New	ESSENT GROUP LTD.	$4,596,000	–	168,035	–	0.22%	–
STNR	New	STEINER LEISURE LTD.ord	$4,530,000	–	84,239	–	0.21%	–
PUB	New	PEOPLE'S UTAH BANCORP	$4,511,000	–	265,665	–	0.21%	–
ONB	New	OLD NATIONAL BANCORP	$4,452,000	–	307,896	–	0.21%	–
RBCAA	New	REPUBLIC BANCORP KYcl a	$4,422,000	–	172,052	–	0.21%	–
SPXC	New	SPX CORP	$4,422,000	–	61,091	–	0.21%	–
PVTB	New	PRIVATEBANCORP INC	$4,357,000	–	109,421	–	0.20%	–
URI	New	UNITED RENTALS INC	$4,297,000	–	49,038	–	0.20%	–
WLH	New	LYON WILLIAM HOMEScl a new	$4,231,000	–	164,819	–	0.20%	–
FSB	New	FRANKLIN FINANCIAL NETWORK INC.	$4,214,000	–	183,701	–	0.20%	–
WCIC	New	WCI CMNTYS INC	$4,055,000	–	166,276	–	0.19%	–
IBP	New	INSTALLED BUILDING PRODUCTS, INC.	$4,017,000	–	164,076	–	0.19%	–
FCNCA	New	FIRST CITIZENS BANCSHARES INC.cl a	$3,953,000	–	15,028	–	0.18%	–
BBNK	New	BRIDGE CAPITAL HOLDINGS	$3,771,000	–	126,558	–	0.18%	–
STCK	New	STOCK BLDG SUPPLY HLDGS INC	$3,616,000	–	184,980	–	0.17%	–
TEX	New	TEREX CORP NEW	$3,614,000	–	155,437	–	0.17%	–
FSBK	New	FIRST SOUTH BANCORP INC	$3,537,000	–	447,676	–	0.17%	–
WSH	New	WILLIS GROUP HOLDINGS LTD	$3,520,000	–	75,052	–	0.16%	–
CLBH	New	CAROLINA BK HLDGS INC GREENS	$3,518,000	–	290,354	–	0.16%	–
SFST	New	SOUTHERN FIRST BANCSHARES INC	$3,514,000	–	196,314	–	0.16%	–
HSII	New	HEIDRICK & STRUGGLES INT'L, INC.	$3,464,000	–	132,820	–	0.16%	–
VLY	New	VALLEY NATIONAL BANCORP	$3,364,000	–	326,307	–	0.16%	–
YDKN	New	YADKIN FINANCIAL CORP	$3,308,000	–	157,884	–	0.16%	–
SSB	New	SOUTH STATE CORP.	$3,218,000	–	42,350	–	0.15%	–
LEAF	New	SPRINGLEAF HOLDINGS INC.	$3,100,000	–	67,518	–	0.14%	–
WTFC	New	WINTRUST FINANCIAL CORP	$3,058,000	–	57,291	–	0.14%	–
EVBS	New	EASTERN VIRGINIA BANKSHARES, INC.	$3,046,000	–	482,789	–	0.14%	–
LION	New	FIDELITY SOUTHERN CORP	$2,970,000	–	170,300	–	0.14%	–
TSBK	New	TIMBERLAND BANCORP, INC.	$2,965,000	–	295,934	–	0.14%	–
KFY	New	KORN FERRY INTL	$2,754,000	–	79,201	–	0.13%	–
ENS	New	ENERSYS	$2,759,000	–	39,253	–	0.13%	–
SFBS	New	SERVISFIRST BANCSHARES INC.	$2,534,000	–	67,460	–	0.12%	–
MCBC	New	MACATAWA BK CORP	$2,492,000	–	470,121	–	0.12%	–
XLF	New	SELECT SECTOR SPDR TRput	$2,369,000	–	97,155	–	0.11%	–
FCTY	New	1ST CENTURY BANCSHARES, INC.	$2,278,000	–	325,387	–	0.11%	–
BGC	New	GENERAL CABLE CORP DEL NEW	$2,281,000	–	115,633	–	0.11%	–
EGBN	New	EAGLE BANCORP, INC.	$2,199,000	–	50,027	–	0.10%	–
LBAI	New	LAKELAND BANCORP, INC.	$2,208,000	–	185,729	–	0.10%	–
XBKS	New	XENITH BANKSHARES INC.	$2,139,000	–	355,934	–	0.10%	–
CMI	New	CUMMINS INC.	$1,918,000	–	14,619	–	0.09%	–
FULT	New	FULTON FINANCIAL CORP	$1,857,000	–	142,168	–	0.09%	–
TEN	New	TENNECO INC.	$1,758,000	–	30,614	–	0.08%	–
PGEM	New	PLY GEM HOLDINGS INC.	$1,719,000	–	145,841	–	0.08%	–
STI	New	SUNTRUST BANKS	$1,708,000	–	39,695	–	0.08%	–
FCB	New	FCB FINANCIAL HOLDINGS INC.cl a	$1,710,000	–	53,788	–	0.08%	–
FNFV	New	FIDELITY NATIONAL FINANCIAL	$1,713,000	–	111,383	–	0.08%	–
PFBI	New	PREMIER FINANCIAL BANCORP INC.	$1,686,000	–	109,121	–	0.08%	–
BPOP	New	POPULAR, INC.	$1,539,000	–	53,325	–	0.07%	–
SHBI	New	SHORE BANCSHARES INC	$1,532,000	–	162,477	–	0.07%	–
NYCB	New	NEW YORK COM BANCORP INC	$1,347,000	–	73,265	–	0.06%	–
BLK	New	BLACKROCK INC.	$990,000	–	2,860	–	0.05%	–
BEE	New	STRATEGIC HOTELS & RESORTS	$903,000	–	74,501	–	0.04%	–
CCBG	New	CAPITAL CITY BANK GROUP, INC.	$826,000	–	54,065	–	0.04%	–
KBE	New	SPDR SERIES TRUSTs&p bk etf	$717,000	–	19,762	–	0.03%	–
WRI	New	WEINGARTEN REALTY INVESTORSsh ben int	$714,000	–	21,830	–	0.03%	–
FCH	New	FELCOR LODGING TRUST INC	$683,000	–	69,095	–	0.03%	–
DRE	New	DUKE REALTY CORP.	$596,000	–	32,095	–	0.03%	–
LINEQ	New	LINN ENERGY LLCunit ltd liab	$592,000	–	66,496	–	0.03%	–
SPY	New	SPDR S&P 500 ETF TRput	$549,000	–	2,666	–	0.03%	–
J	New	JACOBS ENGR GROUP INC DEL	$560,000	–	13,780	–	0.03%	–
5021PS	New	LNB BANCORP, INC.	$526,000	–	28,436	–	0.02%	–
SIFI	New	SI FINANCIAL GROUP, INC.	$508,000	–	43,629	–	0.02%	–
LNCOQ	New	LINNCO LLC	$522,000	–	55,291	–	0.02%	–
REMY	New	REMY INTERNATIONAL, INC.	$440,000	–	19,914	–	0.02%	–
DOFSQ	New	DIAMOND OFFSHORE DRILLING, INC.	$402,000	–	15,580	–	0.02%	–
FR	New	FIRST INDUSTRIAL REALTY TRUST	$393,000	–	21,003	–	0.02%	–
SOCB	New	SOUTHCOAST FINANCIAL CORP	$383,000	–	45,032	–	0.02%	–
BBEPQ	New	BREITBURN ENERGY PARTNERS L.P.	$285,000	–	59,865	–	0.01%	–
RIG	New	TRANSOCEAN LTD.	$163,000	–	10,114	–	0.01%	–
ESV	New	ENSCO PLC	$178,000	–	7,986	–	0.01%	–
CUZ	New	COUSINS PROPERTIES INC.	$152,000	–	14,659	–	0.01%	–
ABCB	New	AMERIS BANCORP	$126,000	–	5,000	–	0.01%	–

Q4 2014

			Value		Shares		↓ Weighting
CUZ	Exit	COUSINS PORPERTIES INC	$0	–	-14,659	–	-0.01%	–
FR	Exit	FIRST INDUSTRIAL REALTY TRUST	$0	–	-21,003	–	-0.02%	–
SFST	Exit	SOUTHERN FIRST BANCSHARES INC	$0	–	-26,659	–	-0.02%	–
PFBI	Exit	PREMIER FINANCIAL BANCORP INC	$0	–	-36,955	–	-0.03%	–
DRE	Exit	DUKE REALTY CORP	$0	–	-32,095	–	-0.03%	–
FNBCQ	Exit	FIRST NBC BANK HOLDING COMPANY	$0	–	-16,555	–	-0.03%	–
TITN	Exit	TITAN MACHY INC	$0	–	-44,413	–	-0.03%	–
FCH	Exit	FELCOR LODGING TRUST INC	$0	–	-69,095	–	-0.03%	–
J	Exit	JACOBS ENGINEERING GROUP INC	$0	–	-13,780	–	-0.03%	–
WRI	Exit	WEINGARTEN REALTY INVESTORSsh ben int	$0	–	-21,830	–	-0.04%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-3,847	–	-0.04%	–
BEE	Exit	STRATEGIC HOTELS & RESORTS	$0	–	-74,501	–	-0.04%	–
FHN	Exit	FIRST HORIZON NATIONAL CORP	$0	–	-87,900	–	-0.06%	–
NYCB	Exit	NEW YORK COM BANCORP INC	$0	–	-73,265	–	-0.06%	–
GBNK	Exit	GUARANTY BANCORP	$0	–	-99,979	–	-0.07%	–
ANCX	Exit	ACCESS NATIONAL CORP	$0	–	-89,513	–	-0.07%	–
FCTY	Exit	1ST CENTURY BANCSHARES INC	$0	–	-201,751	–	-0.08%	–
FNFV	Exit	FIDELITY NATIONAL FINANCIAL	$0	–	-111,383	–	-0.08%	–
XBKS	Exit	XENITH BANKSHARES INC	$0	–	-242,475	–	-0.08%	–
BPOP	Exit	POPULAR INC	$0	–	-53,325	–	-0.08%	–
RDC	Exit	ROWAN COMPANIES INCsh cl a	$0	–	-62,185	–	-0.08%	–
LBAI	Exit	LAKELAND BANCORP INC	$0	–	-185,729	–	-0.09%	–
HTBK	Exit	HERITAGE COMMERCE CORP	$0	–	-231,268	–	-0.10%	–
KFY	Exit	KORN FERRY INTL	$0	–	-79,201	–	-0.10%	–
AWI	Exit	ARMSTRONG WORLD INDS INC NEW	$0	–	-35,081	–	-0.10%	–
TSBK	Exit	TIMBERLAND BANCORP INC	$0	–	-198,272	–	-0.11%	–
TCF	Exit	TCF FINANCIAL CORP	$0	–	-138,944	–	-0.11%	–
CACB	Exit	CASCADE BANCORP	$0	–	-434,492	–	-0.11%	–
BLK	Exit	BLACKROCK INC	$0	–	-6,994	–	-0.12%	–
CCS	Exit	CENTURY CMNTYS INC	$0	–	-135,678	–	-0.12%	–
SSB	Exit	SOUTH STATE CORP	$0	–	-42,350	–	-0.12%	–
MCBC	Exit	MACATAWA BANK CORP	$0	–	-506,088	–	-0.12%	–
FSBK	Exit	FIRST SOUTH BANCORP INC	$0	–	-303,746	–	-0.13%	–
FITB	Exit	FIFTH THIRD BANCORP	$0	–	-124,899	–	-0.13%	–
BGC	Exit	GENERAL CABLE CORP DEL NEW	$0	–	-170,190	–	-0.13%	–
YDKN	Exit	YADKIN FINANCIAL CORP	$0	–	-141,850	–	-0.13%	–
2206PS	Exit	PALMETTO BANCSHARES INC	$0	–	-186,285	–	-0.14%	–
XLF	Exit	SELECT SECTOR SPDR TRput	$0	–	-114,860	–	-0.14%	–
BLDR	Exit	BUILDERS FIRSTSOURCE INC	$0	–	-491,489	–	-0.14%	–
CLBH	Exit	CAROLINA BK HLDGS INC GREENS	$0	–	-272,514	–	-0.14%	–
PGC	Exit	PEAPACK-GLADSTONE FINL CORP	$0	–	-157,613	–	-0.14%	–
NCS	Exit	NCI BUILDING SYSTEMS INC	$0	–	-145,043	–	-0.14%	–
OLBK	Exit	OLD LINE BANCSHARES INC	$0	–	-184,860	–	-0.15%	–
XRX	Exit	XEROX CORP	$0	–	-217,794	–	-0.15%	–
EVBS	Exit	EASTERN VA BANKSHARES INC	$0	–	-468,469	–	-0.15%	–
NCFT	Exit	NORCRAFT COS INC	$0	–	-184,945	–	-0.15%	–
WFBI	Exit	WASHINGTONFIRST BANKSHARE INC	$0	–	-206,186	–	-0.16%	–
STNR	Exit	STEINER LEISURE LTDord	$0	–	-82,588	–	-0.16%	–
RVSB	Exit	RIVERVIEW BANCORP INC	$0	–	-797,445	–	-0.16%	–
BANR	Exit	BANNER CORP	$0	–	-83,439	–	-0.16%	–
AMRB	Exit	AMERICAN RIVER BANKSHARES	$0	–	-351,670	–	-0.16%	–
PVTB	Exit	PRIVATEBANCORP INC	$0	–	-109,421	–	-0.17%	–
HSII	Exit	HEIDRICK & STRUGGLES INTL IN	$0	–	-165,698	–	-0.17%	–
WCIC	Exit	WCI CMNTYS INC	$0	–	-187,113	–	-0.18%	–
STCK	Exit	STOCK BUILDING SUPPLY HOLDINGS INC	$0	–	-225,272	–	-0.18%	–
SWFT	Exit	SWIFT TRANS COcl a	$0	–	-169,807	–	-0.18%	–
STI	Exit	SUNTRUST BANKS	$0	–	-98,299	–	-0.19%	–
TPC	Exit	TUTOR PERINI CORP	$0	–	-141,452	–	-0.19%	–
ONB	Exit	OLD NATIONAL BANCORP	$0	–	-307,895	–	-0.20%	–
INBK	Exit	FIRST INTERNET BANCORP	$0	–	-250,521	–	-0.21%	–
SHBI	Exit	SHORE BANCSHARES INC	$0	–	-454,986	–	-0.21%	–
MAS	Exit	MASCO CORP	$0	–	-174,565	–	-0.21%	–
MBFI	Exit	MB FINANCIAL INC NEW	$0	–	-152,017	–	-0.22%	–
MET	Exit	METLIFE INC	$0	–	-80,239	–	-0.22%	–
5021PS	Exit	LNB BANCORP INC	$0	–	-311,745	–	-0.23%	–
CMA	Exit	COMERICA INC	$0	–	-89,972	–	-0.23%	–
NCLH	Exit	NORWEGIAN CRUISE LINE HOLDINGS LTD	$0	–	-125,726	–	-0.23%	–
MBTF	Exit	MBT FINANCIAL CORP	$0	–	-965,678	–	-0.24%	–
SPXC	Exit	SPX CORP	$0	–	-49,549	–	-0.24%	–
CVCY	Exit	CENTRAL VALLEY COMMUNITY BANCORP	$0	–	-407,830	–	-0.24%	–
DAN	Exit	DANA HOLDING CORP	$0	–	-250,265	–	-0.25%	–
IBP	Exit	INSTALLED BUILDING PRODUCTS INC	$0	–	-344,559	–	-0.25%	–
HBCP	Exit	HOME BANCORP INC	$0	–	-213,464	–	-0.25%	–
CIT	Exit	CIT GROUP HOLDINGS INC	$0	–	-108,375	–	-0.26%	–
LEA	Exit	LEAR CORP	$0	–	-62,230	–	-0.28%	–
FBMS	Exit	FIRST BANCSHARES INC MS	$0	–	-384,471	–	-0.28%	–
UBSI	Exit	UNITED BANKSHARES INC WEST V	$0	–	-180,165	–	-0.28%	–
TEX	Exit	TEREX CORP	$0	–	-179,659	–	-0.29%	–
FRBK	Exit	REPUBLIC FIRST BANCORP INC	$0	–	-1,521,707	–	-0.30%	–
RBCAA	Exit	REPUBLIC BANCORP INCcl a	$0	–	-251,603	–	-0.30%	–
CCL	Exit	CARNIVAL CORPpaired ctf	$0	–	-155,906	–	-0.32%	–
ACFC	Exit	ATLANTIC COAST FINANCIAL CORP	$0	–	-1,532,310	–	-0.32%	–
FSGI	Exit	FIRST SEC GROUP INC	$0	–	-3,246,929	–	-0.33%	–
SGBK	Exit	STONEGATE BK FT LAUDERDALE F	$0	–	-253,982	–	-0.34%	–
CAC	Exit	CAMDEN NATIONAL CORP	$0	–	-189,422	–	-0.34%	–
R	Exit	RYDER SYSTEM INC (R)	$0	–	-74,051	–	-0.34%	–
FCB	Exit	FCB FINL HLDGS INCcl a	$0	–	-295,818	–	-0.34%	–
EME	Exit	EMCOR GROUP INC	$0	–	-168,013	–	-0.34%	–
BKMU	Exit	BANK MUTUAL CORP NEW	$0	–	-1,058,808	–	-0.35%	–
OSBC	Exit	OLD SECOND BANCORP INC	$0	–	-1,428,604	–	-0.35%	–
PSTB	Exit	PARK STERLING CORP	$0	–	-1,053,799	–	-0.36%	–
TCBI	Exit	TEXAS CAPITAL BANCSHARES INC	$0	–	-124,967	–	-0.37%	–
HAL	Exit	HALLIBURTON CO	$0	–	-112,234	–	-0.37%	–
PMBC	Exit	PACIFIC MERCANTILE BANCORP	$0	–	-1,036,590	–	-0.37%	–
CFG	Exit	CITIZENS FINANCIAL GROUP INC	$0	–	-320,979	–	-0.38%	–
OCFC	Exit	OCEANFIRST FINANCIAL CORP	$0	–	-473,645	–	-0.39%	–
OSK	Exit	OSHKOSH CORP	$0	–	-175,903	–	-0.40%	–
RM	Exit	REGIONAL MANAGEMENT CORP	$0	–	-436,630	–	-0.40%	–
TCFC	Exit	COMMUNITY FINL CORP MD	$0	–	-396,463	–	-0.42%	–
ORRF	Exit	ORRSTOWN FINANCIAL SERVICES INC	$0	–	-513,514	–	-0.43%	–
MS	Exit	MORGAN STANLEY	$0	–	-249,140	–	-0.44%	–
BMRC	Exit	BANK OF MARIN BANCORP	$0	–	-191,465	–	-0.45%	–
PULB	Exit	PULASKI FINANCIAL CORP	$0	–	-770,978	–	-0.45%	–
PACW	Exit	PACWEST BANCORP	$0	–	-216,514	–	-0.46%	–
BECN	Exit	BEACON ROOFING SUPPLY INC	$0	–	-354,004	–	-0.46%	–
FNF	Exit	FIDELITY NATIONAL FINANCIAL	$0	–	-334,183	–	-0.47%	–
STL	Exit	STERLING BANCORP	$0	–	-726,525	–	-0.48%	–
FIS	Exit	FIDELITY NATIONAL INFORMATION SVCS	$0	–	-173,670	–	-0.50%	–
VLY	Exit	VALLEY NATIONAL BANCORP	$0	–	-1,093,193	–	-0.54%	–
TCBK	Exit	TRICO BANCSHARES	$0	–	-479,768	–	-0.56%	–
WSH	Exit	WILLIS GROUP HOLDINGS PUBLIC	$0	–	-265,678	–	-0.56%	–
ZION	Exit	ZIONS BANCORPORATION	$0	–	-379,017	–	-0.56%	–
CCBG	Exit	CAPITAL CITY BANK GROUP INC	$0	–	-853,956	–	-0.59%	–
PCBK	Exit	PACIFIC CONTINENTAL CORP	$0	–	-928,967	–	-0.61%	–
OC	Exit	OWENS CORNING INC	$0	–	-388,110	–	-0.63%	–
IBCP	Exit	INDEPENDENT BANK CORP	$0	–	-1,048,267	–	-0.64%	–
STC	Exit	STEWART INFORMATION SERVICES	$0	–	-429,251	–	-0.64%	–
NOVB	Exit	NORTH VALLEY BANCORP	$0	–	-586,698	–	-0.65%	–
HMPR	Exit	HAMPTON ROADS BANKSHARES INC	$0	–	-8,334,761	–	-0.65%	–
SFBS	Exit	SERVISFIRST BANCSHARES INC	$0	–	-484,611	–	-0.71%	–
PFSI	Exit	PENNYMAC FINANCIAL SERVICEcl a	$0	–	-967,296	–	-0.72%	–
FULT	Exit	FULTON FINANCIAL CORP	$0	–	-1,303,017	–	-0.74%	–
BK	Exit	BANK OF NEW YORK	$0	–	-374,342	–	-0.74%	–
AF	Exit	ASTORIA FINANCIAL CORP	$0	–	-1,174,223	–	-0.74%	–
HWC	Exit	HANCOCK HOLDING CO	$0	–	-464,932	–	-0.76%	–
FBNK	Exit	FIRST CONN BANCORP INC MD	$0	–	-1,036,411	–	-0.77%	–
HON	Exit	HONEYWELL INTERNATIONAL INC	$0	–	-163,150	–	-0.78%	–
BBNK	Exit	BRIDGE CAPITAL HOLDINGS	$0	–	-682,808	–	-0.80%	–
HEOP	Exit	HERITAGE OAKS BANCORP	$0	–	-2,231,286	–	-0.80%	–
PPBI	Exit	PACIFIC PREMIER BANCORP INC	$0	–	-1,134,588	–	-0.82%	–
FFKT	Exit	FARMERS CAP BK CORP	$0	–	-734,935	–	-0.85%	–
HMST	Exit	HOMESTREET INC	$0	–	-980,168	–	-0.86%	–
SBCF	Exit	SEACOAST BKG CORP FLA	$0	–	-1,532,249	–	-0.86%	–
LION	Exit	FIDELITY SOUTHERN CORP	$0	–	-1,276,535	–	-0.90%	–
HBAN	Exit	HUNTINGTON BANCSHARES	$0	–	-1,847,451	–	-0.92%	–
FBNC	Exit	FIRST BANCORP	$0	–	-1,127,555	–	-0.92%	–
BFIN	Exit	BANKFINANCIAL CORP	$0	–	-1,772,954	–	-0.94%	–
PNC	Exit	PNC FINANCIAL SERVICES GROUP INC	$0	–	-221,349	–	-0.97%	–
BDGE	Exit	BRIDGE BANCORP INC	$0	–	-820,144	–	-0.99%	–
FLIC	Exit	FIRST LONG ISLAND CORP	$0	–	-570,675	–	-1.01%	–
WTFC	Exit	WINTRUST FINANCIAL CORP	$0	–	-441,596	–	-1.01%	–
CPF	Exit	CENTRAL PACIFIC FINANCIAL CORP	$0	–	-1,112,872	–	-1.02%	–
CUNB	Exit	CU BANCORP CALIF	$0	–	-1,106,132	–	-1.06%	–
BSRR	Exit	SIERRA BANCORP	$0	–	-1,260,955	–	-1.08%	–
SCNB	Exit	SUFFOLK BANCORP	$0	–	-1,153,149	–	-1.14%	–
PFBC	Exit	PREFERRED BANK/LOS ANGELES	$0	–	-1,037,132	–	-1.20%	–
FAF	Exit	FIRST AMERICAN CORP	$0	–	-869,261	–	-1.21%	–
NBBC	Exit	NEWBRIDGE BANCORPcl a no par	$0	–	-3,178,181	–	-1.23%	–
AXE	Exit	ANIXTER INTERNATIONAL INC	$0	–	-304,537	–	-1.32%	–
RF	Exit	REGIONS FINANCIAL CORP	$0	–	-2,580,042	–	-1.33%	–
MHK	Exit	MOHAWK INDS INC	$0	–	-193,700	–	-1.34%	–
GHL	Exit	GREENHILL & CO INC	$0	–	-562,444	–	-1.34%	–
IBOC	Exit	INTERNATIONAL BANCSHARES	$0	–	-1,062,459	–	-1.34%	–
HOG	Exit	HARLEY-DAVIDSON INC	$0	–	-454,214	–	-1.35%	–
CSL	Exit	CARLISLE COS INC	$0	–	-337,866	–	-1.39%	–
WCC	Exit	WESCO INTERNATIONAL INC	$0	–	-352,099	–	-1.41%	–
FNFG	Exit	FIRST NIAGARA FINANCIAL	$0	–	-3,702,059	–	-1.58%	–
CSFL	Exit	CENTERSTATE BANKS INC	$0	–	-3,041,266	–	-1.61%	–
METR	Exit	METRO BANCORP INC	$0	–	-1,389,806	–	-1.72%	–
BAC	Exit	BANK OF AMER CORP	$0	–	-2,003,386	–	-1.75%	–
HVB	Exit	HUDSON VALLEY HOLDING CORP	$0	–	-1,970,074	–	-1.83%	–
CFNL	Exit	CARDINAL FINANCIAL CORP	$0	–	-2,169,084	–	-1.90%	–
BDC	Exit	BELDEN INC	$0	–	-613,054	–	-2.01%	–
STT	Exit	STATE STREET CORP	$0	–	-539,067	–	-2.03%	–
CYN	Exit	CITY NATIONAL CORP	$0	–	-526,756	–	-2.04%	–
C	Exit	CITIGROUP INC (C)	$0	–	-770,298	–	-2.04%	–
SQBK	Exit	SQUARE 1 FINANCIAL INCcl a	$0	–	-2,219,358	–	-2.18%	–
JPM	Exit	JP MORGAN CHASE & CO	$0	–	-733,012	–	-2.26%	–
USB	Exit	US BANCORP	$0	–	-1,152,064	–	-2.47%	–
WFC	Exit	WELLS FARGO & CO	$0	–	-1,215,959	–	-3.23%	–
SNV	Exit	SYNOVUS FINANCIAL CORP	$0	–	-3,928,468	–	-4.75%	–

Q3 2014

			Value		Shares		↓ Weighting
SNV	Buy	SYNOVUS FINANCIAL CORP	$92,869,000	-1.1%	3,928,468	+2.0%	4.75%	-1.5%
SQBK	Buy	SQUARE 1 FINANCIAL INCcl a	$42,664,000	+84.3%	2,219,358	+79.6%	2.18%	+83.4%
C	Sell	CITIGROUP INC (C)	$39,917,000	+4.6%	770,298	-4.9%	2.04%	+4.2%
CYN	Sell	CITY NATIONAL CORP	$39,860,000	-10.0%	526,756	-9.9%	2.04%	-10.3%
STT	Sell	STATE STREET CORP	$39,681,000	-0.1%	539,067	-8.7%	2.03%	-0.5%
CFNL	Buy	CARDINAL FINANCIAL CORP	$37,026,000	+3.7%	2,169,084	+12.1%	1.90%	+3.3%
BAC	Sell	BANK OF AMER CORP	$34,158,000	-2.4%	2,003,386	-12.0%	1.75%	-2.8%
METR	Buy	METRO BANCORP INC	$33,703,000	+5.1%	1,389,806	+0.2%	1.72%	+4.7%
CSFL	Buy	CENTERSTATE BANKS INC	$31,477,000	+230.2%	3,041,266	+257.3%	1.61%	+228.8%
FNFG	Buy	FIRST NIAGARA FINANCIAL	$30,838,000	+123.3%	3,702,059	+134.3%	1.58%	+122.3%
WCC	Buy	WESCO INTERNATIONAL INC	$27,555,000	-7.3%	352,099	+2.3%	1.41%	-7.7%
IBOC	Buy	INTERNATIONAL BANCSHARES	$26,206,000	-4.2%	1,062,459	+4.8%	1.34%	-4.6%
GHL	Sell	GREENHILL & CO INC	$26,148,000	-8.4%	562,444	-2.9%	1.34%	-8.7%
RF	Buy	REGIONS FINANCIAL CORP	$25,904,000	+2.4%	2,580,042	+8.3%	1.33%	+2.0%
AXE	Buy	ANIXTER INTERNATIONAL INC	$25,837,000	-7.6%	304,537	+9.0%	1.32%	-7.9%
NBBC	Buy	NEWBRIDGE BANCORPcl a no par	$24,122,000	+14.0%	3,178,181	+21.1%	1.23%	+13.5%
FAF	Buy	FIRST AMERICAN CORP	$23,574,000	+46.8%	869,261	+50.4%	1.21%	+46.2%
PFBC	Buy	PREFERRED BANK/LOS ANGELES	$23,356,000	+5.8%	1,037,132	+11.1%	1.20%	+5.4%
SCNB	Buy	SUFFOLK BANCORP	$22,383,000	-4.5%	1,153,149	+9.8%	1.14%	-4.9%
CUNB	Buy	CU BANCORP CALIF	$20,795,000	-1.4%	1,106,132	+0.0%	1.06%	-1.8%
CPF	Sell	CENTRAL PACIFIC FINANCIAL CORP	$19,954,000	-22.3%	1,112,872	-14.0%	1.02%	-22.7%
WTFC	Sell	WINTRUST FINANCIAL CORP	$19,726,000	-4.0%	441,596	-1.1%	1.01%	-4.5%
FLIC	Sell	FIRST LONG ISLAND CORP	$19,660,000	-17.6%	570,675	-6.6%	1.01%	-18.0%
BDGE	Buy	BRIDGE BANCORP INC	$19,396,000	+34.8%	820,144	+36.7%	0.99%	+34.4%
PNC	New	PNC FINANCIAL SERVICES GROUP INC	$18,943,000	–	221,349	–	0.97%	–
BFIN	Buy	BANKFINANCIAL CORP	$18,403,000	+28.5%	1,772,954	+38.1%	0.94%	+28.0%
FBNC	Buy	FIRST BANCORP	$18,063,000	+4.5%	1,127,555	+19.7%	0.92%	+3.9%
HBAN	Sell	HUNTINGTON BANCSHARES	$17,976,000	-2.8%	1,847,451	-4.7%	0.92%	-3.2%
LION	Sell	FIDELITY SOUTHERN CORP	$17,489,000	-22.8%	1,276,535	-26.8%	0.90%	-23.1%
HMST	Sell	HOMESTREET INC	$16,751,000	-16.9%	980,168	-10.7%	0.86%	-17.3%
SBCF	Buy	SEACOAST BKG CORP FLA	$16,747,000	+61.2%	1,532,249	+60.3%	0.86%	+60.5%
FFKT	Buy	FARMERS CAP BK CORP	$16,558,000	+2.3%	734,935	+2.6%	0.85%	+1.9%
PPBI	Buy	PACIFIC PREMIER BANCORP INC	$15,941,000	+22.4%	1,134,588	+22.8%	0.82%	+22.0%
HEOP	Buy	HERITAGE OAKS BANCORP	$15,619,000	+20.6%	2,231,286	+31.4%	0.80%	+20.0%
BBNK	Buy	BRIDGE CAPITAL HOLDINGS	$15,527,000	+4.1%	682,808	+10.8%	0.80%	+3.8%
FBNK	Buy	FIRST CONN BANCORP INC MD	$15,028,000	+15.4%	1,036,411	+27.8%	0.77%	+14.9%
HWC	New	HANCOCK HOLDING CO	$14,901,000	–	464,932	–	0.76%	–
BK	Sell	BANK OF NEW YORK	$14,498,000	-58.9%	374,342	-60.2%	0.74%	-59.1%
FULT	New	FULTON FINANCIAL CORP	$14,437,000	–	1,303,017	–	0.74%	–
PFSI	Sell	PENNYMAC FINANCIAL SERVICEcl a	$14,171,000	-4.9%	967,296	-1.4%	0.72%	-5.4%
SFBS	Buy	SERVISFIRST BANCSHARES INC	$13,957,000	+254.4%	484,611	+963.6%	0.71%	+253.5%
NOVB	Sell	NORTH VALLEY BANCORP	$12,661,000	-2.8%	586,698	-1.8%	0.65%	-3.1%
STC	Sell	STEWART INFORMATION SERVICES	$12,599,000	-41.3%	429,251	-38.0%	0.64%	-41.6%
IBCP	Buy	INDEPENDENT BANK CORP	$12,495,000	+143.4%	1,048,267	+162.8%	0.64%	+142.0%
OC	Sell	OWENS CORNING INC	$12,322,000	-19.2%	388,110	-1.5%	0.63%	-19.4%
PCBK	Buy	PACIFIC CONTINENTAL CORP	$11,937,000	-5.1%	928,967	+1.4%	0.61%	-5.6%
CCBG	Buy	CAPITAL CITY BANK GROUP INC	$11,563,000	-3.6%	853,956	+3.4%	0.59%	-3.9%
ZION	Sell	ZIONS BANCORPORATION	$11,014,000	-14.2%	379,017	-13.0%	0.56%	-14.4%
WSH	Sell	WILLIS GROUP HOLDINGS PUBLIC	$10,999,000	-18.7%	265,678	-15.0%	0.56%	-19.0%
TCBK	Buy	TRICO BANCSHARES	$10,852,000	+3.3%	479,768	+5.7%	0.56%	+2.8%
VLY	Buy	VALLEY NATIONAL BANCORP	$10,593,000	+227.6%	1,093,193	+235.0%	0.54%	+226.5%
FNF	New	FIDELITY NATIONAL FINANCIAL	$9,270,000	–	334,183	–	0.47%	–
PULB	Sell	PULASKI FINANCIAL CORP	$8,866,000	-23.4%	770,978	-24.0%	0.45%	-23.6%
BMRC	Buy	BANK OF MARIN BANCORP	$8,786,000	+93.0%	191,465	+91.7%	0.45%	+92.3%
ORRF	Buy	ORRSTOWN FINANCIAL SERVICES INC	$8,375,000	+20.1%	513,514	+21.8%	0.43%	+19.8%
TCFC	Buy	COMMUNITY FINL CORP MD	$8,219,000	-9.7%	396,463	+3.4%	0.42%	-10.0%
RM	Buy	REGIONAL MANAGEMENT CORP	$7,838,000	+58.8%	436,630	+36.8%	0.40%	+57.9%
OSK	Buy	OSHKOSH CORP	$7,766,000	+15.1%	175,903	+44.8%	0.40%	+14.4%
OCFC	Buy	OCEANFIRST FINANCIAL CORP	$7,536,000	+17.2%	473,645	+22.0%	0.39%	+16.6%
CFG	New	CITIZENS FINANCIAL GROUP INC	$7,517,000	–	320,979	–	0.38%	–
PMBC	Buy	PACIFIC MERCANTILE BANCORP	$7,225,000	+28.6%	1,036,590	+22.8%	0.37%	+28.0%
HAL	Sell	HALLIBURTON CO	$7,240,000	-16.7%	112,234	-8.3%	0.37%	-17.0%
TCBI	New	TEXAS CAPITAL BANCSHARES INC	$7,208,000	–	124,967	–	0.37%	–
PSTB	Sell	PARK STERLING CORP	$6,987,000	+0.1%	1,053,799	-0.5%	0.36%	-0.3%
BKMU	Sell	BANK MUTUAL CORP NEW	$6,787,000	+7.6%	1,058,808	-2.7%	0.35%	+7.1%
EME	Buy	EMCOR GROUP INC	$6,714,000	-1.2%	168,013	+10.1%	0.34%	-1.4%
FCB	New	FCB FINL HLDGS INCcl a	$6,711,000	–	295,818	–	0.34%	–
CAC	Buy	CAMDEN NATIONAL CORP	$6,630,000	-0.2%	189,422	+10.5%	0.34%	-0.9%
SGBK	New	STONEGATE BK FT LAUDERDALE F	$6,540,000	–	253,982	–	0.34%	–
FSGI	Buy	FIRST SEC GROUP INC	$6,429,000	-5.9%	3,246,929	+3.1%	0.33%	-6.3%
ACFC	Sell	ATLANTIC COAST FINANCIAL CORP	$6,252,000	+0.5%	1,532,310	-0.0%	0.32%	0.0%
CCL	Sell	CARNIVAL CORPpaired ctf	$6,263,000	+4.9%	155,906	-1.7%	0.32%	+4.2%
RBCAA	Sell	REPUBLIC BANCORP INCcl a	$5,960,000	-1.3%	251,603	-1.1%	0.30%	-1.6%
FRBK	Buy	REPUBLIC FIRST BANCORP INC	$5,919,000	-20.9%	1,521,707	+2.5%	0.30%	-21.1%
TEX	Buy	TEREX CORP	$5,708,000	-18.1%	179,659	+6.0%	0.29%	-18.4%
FBMS	Sell	FIRST BANCSHARES INC MS	$5,556,000	-3.4%	384,471	-5.1%	0.28%	-4.1%
LEA	Sell	LEAR CORP	$5,377,000	-12.2%	62,230	-9.3%	0.28%	-12.7%
CIT	Sell	CIT GROUP HOLDINGS INC	$4,981,000	-87.5%	108,375	-87.5%	0.26%	-87.5%
IBP	Sell	INSTALLED BUILDING PRODUCTS INC	$4,841,000	-14.6%	344,559	-25.6%	0.25%	-14.8%
HBCP	Buy	HOME BANCORP INC	$4,848,000	+14.7%	213,464	+11.2%	0.25%	+14.3%
DAN	Buy	DANA HOLDING CORP	$4,798,000	-20.3%	250,265	+1.5%	0.25%	-20.4%
CVCY	Sell	CENTRAL VALLEY COMMUNITY BANCORP	$4,682,000	-26.8%	407,830	-16.5%	0.24%	-27.1%
SPXC	Buy	SPX CORP	$4,654,000	-10.6%	49,549	+2.9%	0.24%	-11.2%
MBTF	Buy	MBT FINANCIAL CORP	$4,616,000	-0.3%	965,678	+14.1%	0.24%	-0.8%
NCLH	Buy	NORWEGIAN CRUISE LINE HOLDINGS LTD	$4,529,000	+23.0%	125,726	+8.3%	0.23%	+22.8%
5021PS	Sell	LNB BANCORP INC	$4,455,000	-11.7%	311,745	-24.7%	0.23%	-12.0%
MBFI	New	MB FINANCIAL INC NEW	$4,208,000	–	152,017	–	0.22%	–
SHBI	Buy	SHORE BANCSHARES INC	$4,095,000	+2.3%	454,986	+2.4%	0.21%	+1.9%
INBK	Buy	FIRST INTERNET BANCORP	$4,038,000	-18.9%	250,521	+3.6%	0.21%	-19.1%
ONB	New	OLD NATIONAL BANCORP	$3,993,000	–	307,895	–	0.20%	–
TPC	Sell	TUTOR PERINI CORP	$3,734,000	-17.6%	141,452	-0.9%	0.19%	-18.0%
SWFT	New	SWIFT TRANS COcl a	$3,563,000	–	169,807	–	0.18%	–
STCK	Buy	STOCK BUILDING SUPPLY HOLDINGS INC	$3,539,000	-4.9%	225,272	+19.4%	0.18%	-5.2%
WCIC	Sell	WCI CMNTYS INC	$3,450,000	-14.5%	187,113	-10.5%	0.18%	-14.5%
HSII	Sell	HEIDRICK & STRUGGLES INTL IN	$3,403,000	-23.5%	165,698	-31.1%	0.17%	-23.7%
PVTB	Sell	PRIVATEBANCORP INC	$3,273,000	-89.3%	109,421	-89.6%	0.17%	-89.3%
AMRB	Buy	AMERICAN RIVER BANKSHARES	$3,218,000	+11.9%	351,670	+6.8%	0.16%	+11.5%
BANR	Buy	BANNER CORP	$3,210,000	+125.9%	83,439	+132.8%	0.16%	+124.7%
RVSB	Buy	RIVERVIEW BANCORP INC	$3,182,000	+6.1%	797,445	+3.2%	0.16%	+5.8%
STNR	Buy	STEINER LEISURE LTDord	$3,104,000	-11.9%	82,588	+1.5%	0.16%	-12.2%
WFBI	Buy	WASHINGTONFIRST BANKSHARE INC	$3,093,000	+4.3%	206,186	+3.6%	0.16%	+3.9%
NCFT	Buy	NORCRAFT COS INC	$2,950,000	+173.4%	184,945	+145.2%	0.15%	+174.5%
EVBS	Buy	EASTERN VA BANKSHARES INC	$2,914,000	+33.4%	468,469	+37.3%	0.15%	+33.0%
XRX	Sell	XEROX CORP	$2,881,000	-26.4%	217,794	-30.8%	0.15%	-26.9%
OLBK	Buy	OLD LINE BANCSHARES INC	$2,862,000	+1237.4%	184,860	+1263.6%	0.15%	+1227.3%
PGC	Sell	PEAPACK-GLADSTONE FINL CORP	$2,758,000	-17.9%	157,613	-0.5%	0.14%	-18.5%
CLBH	Buy	CAROLINA BK HLDGS INC GREENS	$2,698,000	+4.5%	272,514	+3.1%	0.14%	+3.8%
BLDR	Buy	BUILDERS FIRSTSOURCE INC	$2,679,000	+1.9%	491,489	+39.8%	0.14%	+1.5%
XLF	Buy	SELECT SECTOR SPDR TRput	$2,661,000	+25.0%	114,860	+22.6%	0.14%	+24.8%
2206PS	Sell	PALMETTO BANCSHARES INC	$2,634,000	-39.5%	186,285	-38.5%	0.14%	-39.7%
YDKN	New	YADKIN FINANCIAL CORP	$2,576,000	–	141,850	–	0.13%	–
BGC	Sell	GENERAL CABLE CORP DEL NEW	$2,566,000	-50.5%	170,190	-15.7%	0.13%	-50.8%
FSBK	Buy	FIRST SOUTH BANCORP INC	$2,460,000	+8.9%	303,746	+7.4%	0.13%	+8.6%
MCBC	Buy	MACATAWA BANK CORP	$2,429,000	+74.6%	506,088	+84.5%	0.12%	+74.6%
SSB	New	SOUTH STATE CORP	$2,368,000	–	42,350	–	0.12%	–
CCS	New	CENTURY CMNTYS INC	$2,354,000	–	135,678	–	0.12%	–
CACB	Sell	CASCADE BANCORP	$2,194,000	-26.5%	434,492	-24.2%	0.11%	-26.8%
TCF	Sell	TCF FINANCIAL CORP	$2,158,000	-72.0%	138,944	-70.5%	0.11%	-72.2%
TSBK	Buy	TIMBERLAND BANCORP INC	$2,090,000	+2.5%	198,272	+2.5%	0.11%	+1.9%
AWI	Sell	ARMSTRONG WORLD INDS INC NEW	$1,965,000	-54.8%	35,081	-53.7%	0.10%	-54.9%
HTBK	Buy	HERITAGE COMMERCE CORP	$1,899,000	+0.9%	231,268	+0.4%	0.10%	0.0%
RDC	Sell	ROWAN COMPANIES INCsh cl a	$1,574,000	-29.0%	62,185	-10.4%	0.08%	-28.9%
XBKS	Buy	XENITH BANKSHARES INC	$1,535,000	+320.5%	242,475	+320.8%	0.08%	+315.8%
FNFV	New	FIDELITY NATIONAL FINANCIAL	$1,533,000	–	111,383	–	0.08%	–
FCTY	Buy	1ST CENTURY BANCSHARES INC	$1,486,000	+21.3%	201,751	+24.8%	0.08%	+20.6%
ANCX	New	ACCESS NATIONAL CORP	$1,453,000	–	89,513	–	0.07%	–
GBNK	New	GUARANTY BANCORP	$1,351,000	–	99,979	–	0.07%	–
SPY	Buy	SPDR S&P 500 ETF TRput	$758,000	+13.0%	3,847	+12.3%	0.04%	+14.7%
TITN	Sell	TITAN MACHY INC	$577,000	-74.2%	44,413	-67.3%	0.03%	-73.9%
PFBI	Sell	PREMIER FINANCIAL BANCORP INC	$541,000	-79.7%	36,955	-77.7%	0.03%	-79.6%
MBWM	Exit	MERCANTILE BANK CORP	$0	–	-20,826	–	-0.02%	–
TEVA	Exit	TEVA PHARMACEUTICAL INDS LTDadr	$0	–	-26,466	–	-0.07%	–
PGEM	Exit	PLY GEM HLDGS INC	$0	–	-250,070	–	-0.13%	–
LEN	Exit	LENNAR CORPcl a	$0	–	-65,365	–	-0.14%	–
WLH	Exit	LYON WILLIAM HOMEScl a	$0	–	-101,598	–	-0.16%	–
TAYC	Exit	TAYLOR CAP GROUP INC	$0	–	-236,352	–	-0.26%	–
BOKF	Exit	BOK FINL CORP	$0	–	-114,881	–	-0.39%	–
SUSQ	Exit	SUSQUEHANNA BANCSHARES INC P	$0	–	-753,615	–	-0.41%	–
FNF	Exit	FIDELITY NATIONAL FINANCIALcl a	$0	–	-334,183	–	-0.56%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-84,767	–	-0.73%	–

Q2 2014

			Value		Shares		↓ Weighting
SNV	New	SYNOVUS FINL CORP	$93,915,000	–	3,852,127	–	4.83%	–
WFC	New	WELLS FARGO & CO NEW	$63,911,000	–	1,215,959	–	3.28%	–
USB	New	US BANCORP DEL	$49,907,000	–	1,152,064	–	2.56%	–
BDC	New	BELDEN INC	$47,916,000	–	613,054	–	2.46%	–
CYN	New	CITY NATL CORP	$44,269,000	–	584,330	–	2.28%	–
JPM	New	JPMORGAN CHASE & CO	$42,236,000	–	733,012	–	2.17%	–
STT	New	STATE STR CORP	$39,716,000	–	590,483	–	2.04%	–
CIT	New	CIT GROUP INC	$39,704,000	–	867,664	–	2.04%	–
C	New	CITIGROUP INC	$38,164,000	–	810,284	–	1.96%	–
CFNL	New	CARDINAL FINL CORP	$35,713,000	–	1,934,641	–	1.84%	–
HVB	New	HUDSON VALLEY HOLDING CORP	$35,560,000	–	1,970,074	–	1.83%	–
BK	New	BANK NEW YORK MELLON CORP	$35,262,000	–	940,831	–	1.81%	–
BAC	New	BANK OF AMERICA CORP	$34,990,000	–	2,276,533	–	1.80%	–
METR	New	METRO BANCORP INC PA	$32,077,000	–	1,387,406	–	1.65%	–
HOG	New	HARLEY DAVIDSON INC	$31,727,000	–	454,214	–	1.63%	–
PVTB	New	PRIVATEBANCORP INC	$30,486,000	–	1,049,069	–	1.57%	–
WCC	New	WESCO INTL INC	$29,731,000	–	344,190	–	1.53%	–
CSL	New	CARLISLE COS INC	$29,266,000	–	337,866	–	1.50%	–
GHL	New	GREENHILL & CO INC	$28,533,000	–	579,348	–	1.47%	–
AXE	New	ANIXTER INTL INC	$27,948,000	–	279,289	–	1.44%	–
IBOC	New	INTERNATIONAL BANCSHARES COR	$27,362,000	–	1,013,399	–	1.41%	–
MHK	New	MOHAWK INDS INC	$26,796,000	–	193,700	–	1.38%	–
CPF	New	CENTRAL PAC FINL CORP	$25,680,000	–	1,293,681	–	1.32%	–
RF	New	REGIONS FINL CORP NEW	$25,291,000	–	2,381,421	–	1.30%	–
FLIC	New	FIRST LONG IS CORP	$23,872,000	–	610,838	–	1.23%	–
SCNB	New	SUFFOLK BANCORP	$23,435,000	–	1,050,439	–	1.20%	–
SQBK	New	SQUARE 1 FINL INCcl a	$23,148,000	–	1,235,419	–	1.19%	–
LION	New	FIDELITY SOUTHERN CORP NEW	$22,645,000	–	1,743,244	–	1.16%	–
PFBC	New	PREFERRED BK LOS ANGELES CA	$22,071,000	–	933,631	–	1.13%	–
STC	New	STEWART INFORMATION SVCS COR	$21,479,000	–	692,654	–	1.10%	–
NBBC	New	NEWBRIDGE BANCORPcl a no par	$21,156,000	–	2,624,808	–	1.09%	–
CUNB	New	CU BANCORP CALIF	$21,087,000	–	1,105,793	–	1.08%	–
WTFC	New	WINTRUST FINL CORP	$20,547,000	–	446,683	–	1.06%	–
HMST	New	HOMESTREET INC	$20,153,000	–	1,097,069	–	1.04%	–
BSRR	New	SIERRA BANCORP	$19,923,000	–	1,260,955	–	1.02%	–
HBAN	New	HUNTINGTON BANCSHARES INC	$18,492,000	–	1,938,355	–	0.95%	–
FBNC	New	FIRST BANCORP N C	$17,291,000	–	942,279	–	0.89%	–
FFKT	New	FARMERS CAP BK CORP	$16,180,000	–	716,225	–	0.83%	–
FAF	New	FIRST AMERN FINL CORP	$16,062,000	–	577,993	–	0.82%	–
AF	New	ASTORIA FINL CORP	$15,793,000	–	1,174,223	–	0.81%	–
OC	New	OWENS CORNING NEW	$15,244,000	–	394,093	–	0.78%	–
HON	New	HONEYWELL INTL INC	$15,165,000	–	163,150	–	0.78%	–
BBNK	New	BRIDGE CAP HLDGS	$14,913,000	–	616,004	–	0.77%	–
PFSI	New	PENNYMAC FINL SVCS INCcl a	$14,900,000	–	980,937	–	0.77%	–
HMPR	New	HAMPTON ROADS BANKSHARES INC	$14,419,000	–	8,334,761	–	0.74%	–
BDGE	New	BRIDGE BANCORP INC	$14,389,000	–	599,804	–	0.74%	–
BFIN	New	BANKFINANCIAL CORP	$14,324,000	–	1,283,506	–	0.74%	–
GS	New	GOLDMAN SACHS GROUP INC	$14,193,000	–	84,767	–	0.73%	–
FNFG	New	FIRST NIAGARA FINL GP INC	$13,810,000	–	1,580,090	–	0.71%	–
WSH	New	WILLIS GROUP HOLDINGS PUBLIC	$13,529,000	–	312,442	–	0.70%	–
NOVB	New	NORTH VALLEY BANCORP	$13,022,000	–	597,604	–	0.67%	–
PPBI	New	PACIFIC PREMIER BANCORP	$13,022,000	–	924,218	–	0.67%	–
FBNK	New	FIRST CONN BANCORP INC MD	$13,017,000	–	811,014	–	0.67%	–
HEOP	New	HERITAGE OAKS BANCORP	$12,952,000	–	1,697,447	–	0.67%	–
ZION	New	ZIONS BANCORPORATION	$12,833,000	–	435,456	–	0.66%	–
PCBK	New	PACIFIC CONTINENTAL CORP	$12,582,000	–	916,360	–	0.65%	–
CCBG	New	CAPITAL CITY BK GROUP INC	$11,995,000	–	825,551	–	0.62%	–
BECN	New	BEACON ROOFING SUPPLY INC	$11,725,000	–	354,004	–	0.60%	–
PULB	New	PULASKI FINL CORP	$11,568,000	–	1,014,752	–	0.59%	–
FNF	New	FIDELITY NATIONAL FINANCIALcl a	$10,948,000	–	334,183	–	0.56%	–
TCBK	New	TRICO BANCSHARES	$10,508,000	–	454,101	–	0.54%	–
SBCF	New	SEACOAST BKG CORP FLA	$10,392,000	–	956,017	–	0.53%	–
CSFL	New	CENTERSTATE BANKS INC	$9,534,000	–	851,284	–	0.49%	–
FIS	New	FIDELITY NATL INFORMATION SV	$9,507,000	–	173,670	–	0.49%	–
PACW	New	PACWEST BANCORP DEL	$9,347,000	–	216,514	–	0.48%	–
TCFC	New	COMMUNITY FINL CORP MD	$9,105,000	–	383,349	–	0.47%	–
STL	New	STERLING BANCORP DEL	$8,718,000	–	726,525	–	0.45%	–
HAL	New	HALLIBURTON CO	$8,688,000	–	122,344	–	0.45%	–
MS	New	MORGAN STANLEY	$8,055,000	–	249,140	–	0.41%	–
SUSQ	New	SUSQUEHANNA BANCSHARES INC P	$7,958,000	–	753,615	–	0.41%	–
TCF	New	TCF FINL CORP	$7,698,000	–	470,272	–	0.40%	–
BOKF	New	BOK FINL CORP	$7,651,000	–	114,881	–	0.39%	–
FRBK	New	REPUBLIC FIRST BANCORP INC	$7,479,000	–	1,484,019	–	0.38%	–
OSBC	New	OLD SECOND BANCORP INC ILL	$7,100,000	–	1,428,604	–	0.36%	–
PSTB	New	PARK STERLING CORP	$6,982,000	–	1,059,532	–	0.36%	–
ORRF	New	ORRSTOWN FINL SVCS INC	$6,974,000	–	421,666	–	0.36%	–
TEX	New	TEREX CORP NEW	$6,966,000	–	169,500	–	0.36%	–
FSGI	New	FIRST SEC GROUP INC	$6,833,000	–	3,148,715	–	0.35%	–
EME	New	EMCOR GROUP INC	$6,793,000	–	152,540	–	0.35%	–
OSK	New	OSHKOSH CORP	$6,747,000	–	121,504	–	0.35%	–
CAC	New	CAMDEN NATL CORP	$6,646,000	–	171,469	–	0.34%	–
R	New	RYDER SYS INC	$6,523,000	–	74,051	–	0.34%	–
OCFC	New	OCEANFIRST FINL CORP	$6,432,000	–	388,377	–	0.33%	–
CVCY	New	CENTRAL VALLEY CMNTY BANCORP	$6,393,000	–	488,370	–	0.33%	–
BKMU	New	BANK MUTUAL CORP NEW	$6,309,000	–	1,087,733	–	0.32%	–
ACFC	New	ATLANTIC COAST FINL CORP	$6,222,000	–	1,532,404	–	0.32%	–
LEA	New	LEAR CORP	$6,126,000	–	68,588	–	0.32%	–
RBCAA	New	REPUBLIC BANCORP KYcl a	$6,036,000	–	254,449	–	0.31%	–
DAN	New	DANA HLDG CORP	$6,022,000	–	246,583	–	0.31%	–
CCL	New	CARNIVAL CORP.paired ctf	$5,970,000	–	158,556	–	0.31%	–
UBSI	New	UNITED BANKSHARES INC WEST V	$5,825,000	–	180,165	–	0.30%	–
FBMS	New	FIRST BANCSHARES INC MS	$5,753,000	–	405,165	–	0.30%	–
IBP	New	INSTALLED BLDG PRODS INC	$5,670,000	–	462,884	–	0.29%	–
PMBC	New	PACIFIC MERCANTILE BANCORP	$5,620,000	–	843,792	–	0.29%	–
SPXC	New	SPX CORP	$5,208,000	–	48,131	–	0.27%	–
BGC	New	GENERAL CABLE CORP DEL NEW	$5,182,000	–	201,965	–	0.27%	–
IBCP	New	INDEPENDENT BANK CORP MICH	$5,134,000	–	398,929	–	0.26%	–
TAYC	New	TAYLOR CAP GROUP INC	$5,053,000	–	236,352	–	0.26%	–
5021PS	New	LNB BANCORP INC	$5,045,000	–	414,173	–	0.26%	–
INBK	New	FIRST INTERNET BANCORP	$4,981,000	–	241,800	–	0.26%	–
RM	New	REGIONAL MGMT CORP	$4,936,000	–	319,074	–	0.25%	–
MBTF	New	MBT FINL CORP	$4,630,000	–	846,395	–	0.24%	–
BMRC	New	BANK OF MARIN BANCORP	$4,553,000	–	99,862	–	0.23%	–
TPC	New	TUTOR PERINI CORP	$4,531,000	–	142,756	–	0.23%	–
CMA	New	COMERICA INC	$4,513,000	–	89,972	–	0.23%	–
MET	New	METLIFE INC	$4,458,000	–	80,239	–	0.23%	–
HSII	New	HEIDRICK & STRUGGLES INTL IN	$4,446,000	–	240,330	–	0.23%	–
2206PS	New	PALMETTO BANCSHARES INC	$4,356,000	–	302,702	–	0.22%	–
AWI	New	ARMSTRONG WORLD INDS INC NEW	$4,352,000	–	75,775	–	0.22%	–
HBCP	New	HOME BANCORP INC	$4,226,000	–	191,903	–	0.22%	–
WCIC	New	WCI CMNTYS INC	$4,037,000	–	209,073	–	0.21%	–
SHBI	New	SHORE BANCSHARES INC	$4,004,000	–	444,375	–	0.21%	–
SFBS	New	SERVISFIRST BANCSHARES INC	$3,938,000	–	45,562	–	0.20%	–
STI	New	SUNTRUST BKS INC	$3,938,000	–	98,299	–	0.20%	–
XRX	New	XEROX CORP	$3,914,000	–	314,596	–	0.20%	–
MAS	New	MASCO CORP	$3,875,000	–	174,565	–	0.20%	–
STCK	New	STOCK BLDG SUPPLY HLDGS INC	$3,722,000	–	188,666	–	0.19%	–
NCLH	New	NORWEGIAN CRUISE LINE HLDGS	$3,681,000	–	116,132	–	0.19%	–
STNR	New	STEINER LEISURE LTDord	$3,522,000	–	81,357	–	0.18%	–
PGC	New	PEAPACK-GLADSTONE FINL CORP	$3,361,000	–	158,478	–	0.17%	–
VLY	New	VALLEY NATL BANCORP	$3,234,000	–	326,306	–	0.17%	–
WLH	New	LYON WILLIAM HOMEScl a	$3,093,000	–	101,598	–	0.16%	–
RVSB	New	RIVERVIEW BANCORP INC	$2,999,000	–	772,954	–	0.15%	–
CACB	New	CASCADE BANCORP	$2,986,000	–	573,205	–	0.15%	–
WFBI	New	WASHINGTONFIRST BANKSHARES I	$2,965,000	–	199,015	–	0.15%	–
AMRB	New	AMERICAN RIVER BANKSHARES	$2,877,000	–	329,134	–	0.15%	–
NCS	New	NCI BUILDING SYS INC	$2,818,000	–	145,043	–	0.14%	–
LEN	New	LENNAR CORPcl a	$2,744,000	–	65,365	–	0.14%	–
PFBI	New	PREMIER FINL BANCORP INC	$2,669,000	–	165,979	–	0.14%	–
FITB	New	FIFTH THIRD BANCORP	$2,667,000	–	124,899	–	0.14%	–
BLDR	New	BUILDERS FIRSTSOURCE INC	$2,630,000	–	351,624	–	0.14%	–
CLBH	New	CAROLINA BK HLDGS INC GREENS	$2,582,000	–	264,228	–	0.13%	–
PGEM	New	PLY GEM HLDGS INC	$2,526,000	–	250,070	–	0.13%	–
KFY	New	KORN FERRY INTL	$2,326,000	–	79,201	–	0.12%	–
FSBK	New	FIRST SOUTH BANCORP INC VA	$2,259,000	–	282,697	–	0.12%	–
TITN	New	TITAN MACHY INC	$2,237,000	–	135,898	–	0.12%	–
BLK	New	BLACKROCK INC	$2,235,000	–	6,994	–	0.12%	–
RDC	New	ROWAN COMPANIES PLC	$2,216,000	–	69,417	–	0.11%	–
EVBS	New	EASTERN VA BANKSHARES INC	$2,184,000	–	341,272	–	0.11%	–
XLF	New	SELECT SECTOR SPDR TRput	$2,129,000	–	93,661	–	0.11%	–
TSBK	New	TIMBERLAND BANCORP INC	$2,040,000	–	193,517	–	0.10%	–
LBAI	New	LAKELAND BANCORP INC	$2,006,000	–	185,729	–	0.10%	–
HTBK	New	HERITAGE COMMERCE CORP	$1,882,000	–	230,332	–	0.10%	–
BPOP	New	POPULAR INC	$1,823,000	–	53,325	–	0.09%	–
BANR	New	BANNER CORP	$1,421,000	–	35,845	–	0.07%	–
MCBC	New	MACATAWA BK CORP	$1,391,000	–	274,262	–	0.07%	–
TEVA	New	TEVA PHARMACEUTICAL INDS LTDadr	$1,387,000	–	26,466	–	0.07%	–
FCTY	New	1ST CENTURY BANCSHARES INC	$1,225,000	–	161,673	–	0.06%	–
NYCB	New	NEW YORK CMNTY BANCORP INC	$1,171,000	–	73,265	–	0.06%	–
NCFT	New	NORCRAFT COS INC	$1,079,000	–	75,424	–	0.06%	–
FHN	New	FIRST HORIZON NATL CORP	$1,042,000	–	87,900	–	0.05%	–
BEE	New	STRATEGIC HOTELS & RESORTS	$872,000	–	74,501	–	0.04%	–
J	New	JACOBS ENGR GROUP INC DEL	$734,000	–	13,780	–	0.04%	–
FCH	New	FELCOR LODGING TR INC	$726,000	–	69,095	–	0.04%	–
WRI	New	WEINGARTEN RLTY INVSsh ben int	$717,000	–	21,830	–	0.04%	–
SPY	New	SPDR S&P 500 ETF TRput	$671,000	–	3,426	–	0.03%	–
DRE	New	DUKE REALTY CORP	$583,000	–	32,095	–	0.03%	–
FNBCQ	New	FIRST NBC BK HLDG CO	$555,000	–	16,555	–	0.03%	–
MBWM	New	MERCANTILE BANK CORP	$476,000	–	20,826	–	0.02%	–
FR	New	FIRST INDUSTRIAL REALTY TRUS	$396,000	–	21,003	–	0.02%	–
XBKS	New	XENITH BANKSHARES INC	$365,000	–	57,629	–	0.02%	–
SFST	New	SOUTHERN FIRST BANCSHARES IN	$359,000	–	26,659	–	0.02%	–
OLBK	New	OLD LINE BANCSHARES INC	$214,000	–	13,557	–	0.01%	–
CUZ	New	COUSINS PPTYS INC	$183,000	–	14,659	–	0.01%	–

Q4 2013

			Value		Shares		↓ Weighting
CACB	Exit	CASCADE BANCORP	$0	–	-3,800	–	-0.00%	–
WAL	Exit	WESTERN ALLIANCE BANCORP	$0	–	-5,863	–	-0.01%	–
CUZ	Exit	COUSINS PORPERTIES INC	$0	–	-14,659	–	-0.01%	–
FR	Exit	FIRST INDUSTRIAL REALTY TRUST	$0	–	-21,003	–	-0.02%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-2,152	–	-0.02%	–
STAR	Exit	ISTAR FINL INC	$0	–	-30,850	–	-0.02%	–
SCNB	Exit	SUFFOLK BANCORP	$0	–	-24,509	–	-0.02%	–
FCH	Exit	FELCOR LODGING TRUST INC	$0	–	-69,095	–	-0.02%	–
FAST	Exit	FASTENAL CO	$0	–	-9,000	–	-0.02%	–
PEBK	Exit	PEOPLES BANCORP NC INC	$0	–	-38,621	–	-0.03%	–
DRE	Exit	DUKE REALTY CORP	$0	–	-32,095	–	-0.03%	–
FNFG	Exit	FIRST NIAGARA FINL GP INC	$0	–	-51,187	–	-0.03%	–
OLBK	Exit	OLD LINE BANCSHARES INC	$0	–	-40,034	–	-0.03%	–
WIBC	Exit	WILSHIRE BANCORP INC	$0	–	-75,577	–	-0.03%	–
BEE	Exit	STRATEGIC HOTELS & RESORTS	$0	–	-74,501	–	-0.04%	–
WRI	Exit	WEINGARTEN REALTY INVESTORS	$0	–	-21,830	–	-0.04%	–
J	Exit	JACOBS ENGR GROUP INC	$0	–	-13,780	–	-0.04%	–
KEY	Exit	KEYCORP	$0	–	-73,244	–	-0.05%	–
BKS	Exit	BARNES & NOBLE INC	$0	–	-64,900	–	-0.05%	–
PMT	Exit	PENNYMAC MTG INVT TR	$0	–	-38,206	–	-0.05%	–
CLBH	Exit	CAROLINA BANK HLDGS INC	$0	–	-89,144	–	-0.05%	–
MW	Exit	MENS WAREHOUSE	$0	–	-28,850	–	-0.06%	–
LINEQ	Exit	LINN ENERGY LLCunit ltd liab	$0	–	-39,541	–	-0.06%	–
SFST	Exit	SOUTHERN FIRST BANCSHARES	$0	–	-79,061	–	-0.06%	–
CVCY	Exit	CENTRAL VALLEY CMNTY BANCORP	$0	–	-108,631	–	-0.06%	–
NYCB	Exit	NEW YORK COM BANCORP INC	$0	–	-73,265	–	-0.06%	–
ASRV	Exit	AMERISERV FINL INC	$0	–	-352,763	–	-0.06%	–
CMAWS	Exit	COMERICA INC WARRANTS	$0	–	-86,790	–	-0.07%	–
XLF	Exit	SELECT SECTOR SPDR TRsbi int-finl	$0	–	-64,123	–	-0.07%	–
STCK	Exit	STOCK BLDG SUPPLY HLDGS	$0	–	-99,135	–	-0.07%	–
VMC	Exit	VULCAN MATERIALS CO	$0	–	-25,900	–	-0.08%	–
NBBC	Exit	NEWBRIDGE BANCORPcl a no par	$0	–	-206,526	–	-0.08%	–
WFBI	Exit	WASHINGTONFIRST BANKSHARE	$0	–	-117,612	–	-0.08%	–
AIG	Exit	AMERICAN INTL GROUP INC	$0	–	-32,630	–	-0.09%	–
ACN	Exit	ACCENTURE PLC IRELANDsh cl a	$0	–	-21,900	–	-0.09%	–
RF	Exit	REGIONS FINL CORP	$0	–	-180,089	–	-0.09%	–
AMRB	Exit	AMERICAN RIVER BANK SHARES	$0	–	-202,727	–	-0.10%	–
WABC	Exit	WESTAMERICA BANCORPORATION	$0	–	-36,500	–	-0.10%	–
HOT	Exit	WRLD	$0	–	-27,200	–	-0.10%	–
NCS	Exit	NCI BUILDING SYSS INC	$0	–	-145,043	–	-0.10%	–
HTBK	Exit	HERITAGE COMMERCE CORP	$0	–	-246,267	–	-0.10%	–
LBAI	Exit	LAKELAND BANCORP INC	$0	–	-176,885	–	-0.11%	–
ESRX	Exit	EXPRESS SCRIPTS INC	$0	–	-33,300	–	-0.12%	–
BXS	Exit	BANCORPSOUTH INC	$0	–	-107,026	–	-0.12%	–
UTX	Exit	UNITED TECHNOLOGIES CORP	$0	–	-20,200	–	-0.12%	–
CBF	Exit	CAPITAL BANK FINL CORP	$0	–	-101,422	–	-0.12%	–
PCAR	Exit	PACCAR INC	$0	–	-40,000	–	-0.12%	–
FITB	Exit	FIFTH THIRD BANCORP	$0	–	-124,899	–	-0.12%	–
MYL	Exit	MYLAN INC	$0	–	-60,536	–	-0.13%	–
FLR	Exit	FLUOR CORP NEW	$0	–	-32,620	–	-0.13%	–
SLCA	Exit	US SILICA HLDGS INC	$0	–	-97,648	–	-0.14%	–
LPS	Exit	LENDER PROCESSING SVCS	$0	–	-73,441	–	-0.14%	–
HEOP	Exit	HERITAGE OAKS BANCORP	$0	–	-385,742	–	-0.14%	–
ZION	Exit	ZIONS BANCORP	$0	–	-91,435	–	-0.14%	–
SCBT	Exit	FIRST FINL HLDGS INC	$0	–	-47,095	–	-0.14%	–
OKSB	Exit	SOUTHWEST BANCORP INC	$0	–	-181,003	–	-0.15%	–
FUBC	Exit	1ST UNITED BANCORP INC FLA	$0	–	-376,716	–	-0.15%	–
TEN	Exit	TENNECO INC	$0	–	-54,703	–	-0.15%	–
GS	Exit	GOLDMAN SACHS & CO GROUP INC	$0	–	-18,056	–	-0.16%	–
EME	Exit	EMCOR GROUP INC	$0	–	-73,855	–	-0.16%	–
UCBI	Exit	UNITED CMNTY BANK S	$0	–	-194,751	–	-0.16%	–
IEX	Exit	IDEX CORP	$0	–	-46,100	–	-0.17%	–
5021PS	Exit	LNB BANCORP INC	$0	–	-320,305	–	-0.17%	–
WAG	Exit	WALGREEN CO	$0	–	-57,556	–	-0.17%	–
PFBI	Exit	PREMIER FINL BANCORP INC	$0	–	-269,115	–	-0.17%	–
CSX	Exit	CSX CORP	$0	–	-122,240	–	-0.18%	–
STI	Exit	SUNTRUST BANK S	$0	–	-98,299	–	-0.18%	–
VLY	Exit	VALLEY NATL BANCORP	$0	–	-326,306	–	-0.18%	–
FRBK	Exit	REPUBLIC FIRST BANCORP INC	$0	–	-1,030,942	–	-0.18%	–
MAS	Exit	MASCO CORP	$0	–	-174,565	–	-0.21%	–
VOYA	Exit	ING US INC	$0	–	-128,969	–	-0.21%	–
STNR	Exit	STEINER LEISURE LTDord	$0	–	-64,684	–	-0.21%	–
SNBC	Exit	SUN BANCORP INC	$0	–	-994,208	–	-0.21%	–
JOSB	Exit	JOS A BANK CLOTHIERS INC	$0	–	-87,339	–	-0.21%	–
LII	Exit	LENNOX INTL INC	$0	–	-51,700	–	-0.22%	–
TEVA	Exit	TEVA PHARM INDS LTDadr	$0	–	-103,504	–	-0.22%	–
PMBC	Exit	PACIFIC MERCANTILE BANCORP	$0	–	-636,865	–	-0.22%	–
TPC	Exit	TUTOR PERINI CORP	$0	–	-195,455	–	-0.23%	–
FBHS	Exit	FORTUNE BRANDS HOME & SEC	$0	–	-102,000	–	-0.24%	–
TITN	Exit	TITAN MACHINERY INC	$0	–	-284,588	–	-0.26%	–
ORRF	Exit	ORRSTOWN FINL SVCS INC	$0	–	-263,706	–	-0.26%	–
CCL	Exit	CARNIVAL CORP	$0	–	-145,343	–	-0.26%	–
HSII	Exit	HEIDRICK & STRUGGLES INTL INC	$0	–	-255,308	–	-0.27%	–
AWI	Exit	ARMSTRONG WORLD INDS INC	$0	–	-89,100	–	-0.27%	–
XRX	Exit	XEROX CORP	$0	–	-492,268	–	-0.28%	–
VCBI	Exit	VIRGINIA COMMERCE BANCORP	$0	–	-331,065	–	-0.29%	–
TAYC	Exit	TAYLOR CAPITAL GROUP INC	$0	–	-236,352	–	-0.29%	–
SCHW	Exit	CHARLES SCHWAB CORP	$0	–	-248,514	–	-0.29%	–
BANR	Exit	BANNER CORP	$0	–	-137,970	–	-0.29%	–
FBMS	Exit	FIRST BANCSHARES INC MS	$0	–	-378,626	–	-0.30%	–
2206PS	Exit	PALMETTO BANCSHARES INC	$0	–	-407,043	–	-0.30%	–
WHR	Exit	WHIRLPOOL CORP	$0	–	-36,452	–	-0.30%	–
BLK	Exit	BLACKROCK INC	$0	–	-20,009	–	-0.30%	–
THO	Exit	THOR INDS INC	$0	–	-95,475	–	-0.31%	–
WU	Exit	WESTERN UNION CO	$0	–	-296,400	–	-0.31%	–
RDC	Exit	ROWAN COMPANIES PLCsh cl a	$0	–	-154,077	–	-0.32%	–
AZO	Exit	AUTOZONE INC	$0	–	-13,553	–	-0.32%	–
USG	Exit	USG CORP	$0	–	-202,967	–	-0.32%	–
LEA	Exit	LEAR CORP	$0	–	-82,975	–	-0.33%	–
YDKN	Exit	YADKIN FINL CORP	$0	–	-345,892	–	-0.33%	–
JCI	Exit	JOHNSON CTLS INC	$0	–	-153,787	–	-0.36%	–
FSGI	Exit	FIRST SECURITY GROUP INC	$0	–	-3,086,373	–	-0.36%	–
PSTB	Exit	PARK STERLING CORP	$0	–	-1,029,860	–	-0.37%	–
TEX	Exit	TEREX CORP	$0	–	-198,769	–	-0.37%	–
CCBG	Exit	CAPITAL CITY BANK GROUP INC	$0	–	-568,212	–	-0.37%	–
CNOB	Exit	CONNECTONE BANCORP INC	$0	–	-192,280	–	-0.38%	–
R	Exit	RYDER SYS INC	$0	–	-113,462	–	-0.38%	–
OSK	Exit	OSHKOSH CORP	$0	–	-139,609	–	-0.38%	–
ESV	Exit	ENSCO PLC	$0	–	-133,479	–	-0.40%	–
BKMU	Exit	BANK MUTUAL CORP	$0	–	-1,166,780	–	-0.41%	–
HAL	Exit	HALLIBURTON CO	$0	–	-153,083	–	-0.41%	–
PULB	Exit	PULASKI FINL CORP	$0	–	-717,222	–	-0.41%	–
PACW	Exit	PACWEST BANCORP	$0	–	-216,514	–	-0.41%	–
SBCF	Exit	SEACOAST BANK CORP FLA	$0	–	-3,527,061	–	-0.43%	–
SYY	Exit	SYSCO CORP	$0	–	-244,300	–	-0.43%	–
KFY	Exit	KORN/FERRY INTL	$0	–	-376,646	–	-0.45%	–
PFBC	Exit	PREFERRED BANK /LA	$0	–	-462,905	–	-0.46%	–
CUNB	Exit	CU BANCORP	$0	–	-453,082	–	-0.46%	–
BFIN	Exit	BANKFINANCIAL CORP	$0	–	-988,463	–	-0.49%	–
FNF	Exit	FIDELITY NATL FINL INCcl a	$0	–	-334,183	–	-0.50%	–
IBCP	Exit	INDEPENDENT BANK CORP	$0	–	-914,909	–	-0.51%	–
PCBK	Exit	PACIFIC CONTINENTAL CORP	$0	–	-699,859	–	-0.51%	–
BBNK	Exit	BRIDGE CAPITAL HLDGS	$0	–	-584,428	–	-0.55%	–
BPFH	Exit	BOSTON PRIVATE FINL HLDGS	$0	–	-928,993	–	-0.57%	–
DAN	Exit	DANA HLDG CORP	$0	–	-452,696	–	-0.58%	–
FBP	Exit	FIRST BANCORP PR	$0	–	-1,849,981	–	-0.58%	–
RBCAA	Exit	REPUBLIC BANCORP KYcl a	$0	–	-406,403	–	-0.62%	–
HWC	Exit	HANCOCK HLDG CO	$0	–	-361,452	–	-0.63%	–
NOVB	Exit	NORTH VALLEY BANCORP	$0	–	-604,870	–	-0.64%	–
EFX	Exit	EQUIFAX INC	$0	–	-197,085	–	-0.66%	–
FFKT	Exit	FARMERS CAPITAL BANK CORP	$0	–	-551,223	–	-0.67%	–
HMPR	Exit	HAMPTON ROADS BANKSHARES	$0	–	-8,749,152	–	-0.69%	–
BECN	Exit	BEACON ROOFING SUPPLY INC	$0	–	-354,004	–	-0.73%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-163,150	–	-0.75%	–
PFSI	Exit	PENNYMAC FINL SVCcl a	$0	–	-728,600	–	-0.76%	–
SPXC	Exit	SPX CORP	$0	–	-162,360	–	-0.76%	–
CSFL	Exit	CENTERSTATE BANK S INC	$0	–	-1,427,955	–	-0.77%	–
JPMWS	Exit	JPMORGAN CHASE & CO*w exp 10/28/201	$0	–	-848,349	–	-0.79%	–
AF	Exit	ASTORIA FINL CORP	$0	–	-1,174,223	–	-0.81%	–
OC	Exit	OWENS CORNING INC	$0	–	-387,957	–	-0.82%	–
MLHR	Exit	HERMAN MILLER INC	$0	–	-511,140	–	-0.83%	–
OCFC	Exit	OCEANFIRST FINL CORP	$0	–	-882,014	–	-0.83%	–
TCBK	Exit	TRICO BANCSHARES	$0	–	-659,701	–	-0.84%	–
AON	Exit	AON CORP PLC	$0	–	-204,512	–	-0.85%	–
MET	Exit	METLIFE INC	$0	–	-333,126	–	-0.87%	–
BPOP	Exit	POPULAR INC	$0	–	-596,439	–	-0.87%	–
HMST	Exit	HOMESTREET INC	$0	–	-896,460	–	-0.96%	–
FLIC	Exit	FIRST LONG IS CORP	$0	–	-447,741	–	-0.97%	–
DOV	Exit	DOVER CORP	$0	–	-195,759	–	-0.98%	–
BGC	Exit	GENERAL CABLE CORP DEL NEW	$0	–	-563,547	–	-1.00%	–
BSRR	Exit	SIERRA BANCORP	$0	–	-1,150,494	–	-1.01%	–
FHN	Exit	FIRST HORIZON NATL CORP	$0	–	-1,658,669	–	-1.01%	–
MAN	Exit	MANPOWER GROUP INC WIS	$0	–	-254,818	–	-1.03%	–
BANC	Exit	BANC OF CALIF INC	$0	–	-1,357,652	–	-1.04%	–
CMA	Exit	COMERICA INC	$0	–	-478,604	–	-1.05%	–
CMI	Exit	CUMMINS INC	$0	–	-142,824	–	-1.06%	–
FBNC	Exit	FIRST BANCORP	$0	–	-1,366,765	–	-1.10%	–
FIS	Exit	FIDELITY NATL INFORMATION SVCS	$0	–	-436,815	–	-1.13%	–
CYN	Exit	CITY NATL CORP	$0	–	-312,618	–	-1.16%	–
FAF	Exit	FIRST AMERICAN FINL CORP	$0	–	-909,009	–	-1.23%	–
METR	Exit	METRO BANCORP INC	$0	–	-1,082,223	–	-1.26%	–
CSL	Exit	CARLISLE COS INC	$0	–	-337,866	–	-1.32%	–
MHK	Exit	MOHAWK INDS INC	$0	–	-193,700	–	-1.40%	–
AXE	Exit	ANIXTER INTL INC	$0	–	-288,270	–	-1.41%	–
WCC	Exit	WESCO INTL INC	$0	–	-351,944	–	-1.50%	–
LION	Exit	FIDELITY SOUTHERN CORP	$0	–	-1,822,756	–	-1.56%	–
HOG	Exit	HARLEY-DAVIDSON INC	$0	–	-454,214	–	-1.62%	–
WTFC	Exit	WINTRUST FINL CORP	$0	–	-716,556	–	-1.64%	–
GHL	Exit	GREENHILL & CO INC	$0	–	-591,400	–	-1.64%	–
STT	Exit	STATE STREET CORP	$0	–	-457,796	–	-1.68%	–
MS	Exit	MORGAN STANLEY	$0	–	-1,186,937	–	-1.78%	–
FNBCQ	Exit	FIRST NBC BANK HLDG CO	$0	–	-1,352,059	–	-1.83%	–
HVB	Exit	HUDSON VALLEY HLDG CORP	$0	–	-1,808,789	–	-1.89%	–
PVTB	Exit	PRIVATEBANCORP INC	$0	–	-1,638,659	–	-1.95%	–
C	Exit	CITIGROUP INC	$0	–	-734,887	–	-1.98%	–
CIT	Exit	CIT GROUP HLDGS INC	$0	–	-752,038	–	-2.04%	–
BDC	Exit	BELDEN INC	$0	–	-613,054	–	-2.18%	–
BK	Exit	BANK OF NEW YORK MELLON	$0	–	-1,335,625	–	-2.24%	–
JPM	Exit	JP MORGAN CHASE & CO	$0	–	-812,098	–	-2.34%	–
USB	Exit	US BANCORP	$0	–	-1,152,064	–	-2.34%	–
BAC	Exit	BANK OF AMERICA CORP	$0	–	-3,069,086	–	-2.36%	–
WFC	Exit	WELLS FARGO & CO	$0	–	-1,236,197	–	-2.84%	–
SNV	Exit	SYNOVUS FINL CORP	$0	–	-16,752,537	–	-3.08%	–

Q3 2013

			Value		Shares		↓ Weighting
SNV	Buy	SYNOVUS FINL CORP	$55,283,000	+70.7%	16,752,537	+51.0%	3.08%	+47.1%
BAC	Sell	BANK OF AMERICA CORP	$42,354,000	+3.5%	3,069,086	-3.6%	2.36%	-10.8%
JPM	Sell	JP MORGAN CHASE & CO	$41,977,000	-4.2%	812,098	-2.1%	2.34%	-17.4%
BK	Buy	BANK OF NEW YORK MELLON	$40,323,000	+30.3%	1,335,625	+21.1%	2.24%	+12.3%
BDC	Sell	BELDEN INC	$39,266,000	+22.7%	613,054	-4.3%	2.18%	+5.8%
CIT	Buy	CIT GROUP HLDGS INC	$36,677,000	+20.9%	752,038	+15.6%	2.04%	+4.2%
C	Buy	CITIGROUP INC	$35,649,000	+23.6%	734,887	+22.3%	1.98%	+6.6%
PVTB	Buy	PRIVATEBANCORP INC	$35,067,000	+13.1%	1,638,659	+12.1%	1.95%	-2.6%
HVB	Buy	HUDSON VALLEY HLDG CORP	$33,969,000	+16.0%	1,808,789	+4.9%	1.89%	0.0%
FNBCQ	Buy	FIRST NBC BANK HLDG CO	$32,964,000	+52.8%	1,352,059	+52.9%	1.83%	+31.7%
MS	Buy	MORGAN STANLEY	$31,989,000	+37.7%	1,186,937	+24.8%	1.78%	+18.7%
STT	Buy	STATE STREET CORP	$30,101,000	+30.9%	457,796	+29.8%	1.68%	+12.8%
GHL	Buy	GREENHILL & CO INC	$29,499,000	+24.9%	591,400	+14.5%	1.64%	+7.7%
WTFC	Buy	WINTRUST FINL CORP	$29,428,000	+17.6%	716,556	+9.6%	1.64%	+1.4%
LION	Sell	FIDELITY SOUTHERN CORP	$27,962,000	+17.6%	1,822,756	-5.2%	1.56%	+1.4%
WCC	Buy	WESCO INTL INC	$26,934,000	+13.4%	351,944	+0.7%	1.50%	-2.2%
AXE	Sell	ANIXTER INTL INC	$25,269,000	+9.8%	288,270	-5.0%	1.41%	-5.3%
METR	Buy	METRO BANCORP INC	$22,738,000	+18.0%	1,082,223	+12.5%	1.26%	+1.7%
FAF	Buy	FIRST AMERICAN FINL CORP	$22,134,000	+285.5%	909,009	+248.9%	1.23%	+232.1%
CYN	Sell	CITY NATL CORP	$20,839,000	+4.4%	312,618	-0.8%	1.16%	-10.0%
FBNC	Sell	FIRST BANCORP	$19,750,000	+2.2%	1,366,765	-0.3%	1.10%	-11.9%
CMI	Sell	CUMMINS INC	$18,977,000	+17.3%	142,824	-4.3%	1.06%	+1.1%
CMA	Buy	COMERICA INC	$18,813,000	+148.1%	478,604	+151.4%	1.05%	+113.7%
BANC	New	BANC OF CALIF INC	$18,777,000	–	1,357,652	–	1.04%	–
MAN	Sell	MANPOWER GROUP INC WIS	$18,535,000	+26.2%	254,818	-5.0%	1.03%	+8.6%
FHN	Buy	FIRST HORIZON NATL CORP	$18,229,000	+1752.5%	1,658,669	+1787.0%	1.01%	+1484.4%
BSRR	Buy	SIERRA BANCORP	$18,098,000	+40.9%	1,150,494	+32.6%	1.01%	+21.5%
BGC	Buy	GENERAL CABLE CORP DEL NEW	$17,892,000	+4.0%	563,547	+0.7%	1.00%	-10.4%
FLIC	Buy	FIRST LONG IS CORP	$17,396,000	+167.0%	447,741	+128.1%	0.97%	+129.9%
HMST	Buy	HOMESTREET INC	$17,301,000	+548.9%	896,460	+621.2%	0.96%	+459.9%
BPOP	Buy	POPULAR INC	$15,657,000	+44.8%	596,439	+67.5%	0.87%	+24.8%
MET	Sell	METLIFE INC	$15,641,000	-12.5%	333,126	-14.7%	0.87%	-24.6%
TCBK	Buy	TRICO BANCSHARES	$15,028,000	+37.1%	659,701	+28.4%	0.84%	+18.1%
OCFC	Buy	OCEANFIRST FINL CORP	$14,914,000	+201.4%	882,014	+177.2%	0.83%	+160.2%
OC	Buy	OWENS CORNING INC	$14,735,000	+7.8%	387,957	+10.9%	0.82%	-7.0%
JPMWS	Buy	JPMORGAN CHASE & CO*w exp 10/28/201	$14,218,000	+105.0%	848,349	+90.9%	0.79%	+76.6%
CSFL	Buy	CENTERSTATE BANK S INC	$13,822,000	+416.5%	1,427,955	+363.3%	0.77%	+344.5%
SPXC	Buy	SPX CORP	$13,743,000	+18.6%	162,360	+0.8%	0.76%	+2.3%
PFSI	Buy	PENNYMAC FINL SVCcl a	$13,690,000	+108.9%	728,600	+136.5%	0.76%	+80.1%
HMPR	Buy	HAMPTON ROADS BANKSHARES	$12,337,000	+131.2%	8,749,152	+111.5%	0.69%	+99.7%
FFKT	Sell	FARMERS CAPITAL BANK CORP	$12,050,000	+0.8%	551,223	-0.0%	0.67%	-13.1%
NOVB	Buy	NORTH VALLEY BANCORP	$11,432,000	+18.0%	604,870	+3.4%	0.64%	+1.8%
HWC	Sell	HANCOCK HLDG CO	$11,342,000	-16.0%	361,452	-19.5%	0.63%	-27.6%
RBCAA	Buy	REPUBLIC BANCORP KYcl a	$11,196,000	+32.4%	406,403	+5.3%	0.62%	+14.1%
FBP	Buy	FIRST BANCORP PR	$10,507,000	+96.6%	1,849,981	+145.1%	0.58%	+69.6%
DAN	Buy	DANA HLDG CORP	$10,340,000	+26.1%	452,696	+6.4%	0.58%	+8.7%
BPFH	Buy	BOSTON PRIVATE FINL HLDGS	$10,303,000	+43.3%	928,993	+37.5%	0.57%	+23.5%
BBNK	Buy	BRIDGE CAPITAL HLDGS	$9,924,000	+255.4%	584,428	+232.0%	0.55%	+206.7%
PCBK	Buy	PACIFIC CONTINENTAL CORP	$9,175,000	+12.1%	699,859	+0.9%	0.51%	-3.4%
IBCP	New	INDEPENDENT BANK CORP	$9,150,000	–	914,909	–	0.51%	–
BFIN	Sell	BANKFINANCIAL CORP	$8,738,000	-1.6%	988,463	-5.4%	0.49%	-15.3%
CUNB	Buy	CU BANCORP	$8,270,000	+59.3%	453,082	+37.8%	0.46%	+37.3%
PFBC	Buy	PREFERRED BANK /LA	$8,236,000	+24.2%	462,905	+15.0%	0.46%	+7.0%
KFY	Sell	KORN/FERRY INTL	$8,060,000	+5.9%	376,646	-7.2%	0.45%	-8.6%
SBCF	Sell	SEACOAST BANK CORP FLA	$7,654,000	-15.1%	3,527,061	-13.9%	0.43%	-26.8%
PACW	Sell	PACWEST BANCORP	$7,424,000	+10.6%	216,514	-1.1%	0.41%	-4.6%
PULB	Buy	PULASKI FINL CORP	$7,395,000	+13.8%	717,222	+5.4%	0.41%	-1.9%
HAL	Sell	HALLIBURTON CO	$7,371,000	+10.5%	153,083	-4.2%	0.41%	-4.9%
BKMU	Sell	BANK MUTUAL CORP	$7,316,000	-27.8%	1,166,780	-35.1%	0.41%	-37.8%
ESV	Buy	ENSCO PLC	$7,174,000	-6.9%	133,479	+0.7%	0.40%	-19.7%
OSK	Sell	OSHKOSH CORP	$6,838,000	+1.8%	139,609	-21.1%	0.38%	-12.2%
R	Buy	RYDER SYS INC	$6,774,000	+6.8%	113,462	+8.7%	0.38%	-8.0%
CNOB	Sell	CONNECTONE BANCORP INC	$6,751,000	+5.1%	192,280	-8.0%	0.38%	-9.4%
CCBG	Buy	CAPITAL CITY BANK GROUP INC	$6,694,000	+27.5%	568,212	+24.7%	0.37%	+10.0%
TEX	Buy	TEREX CORP	$6,679,000	+52.1%	198,769	+19.1%	0.37%	+31.4%
PSTB	New	PARK STERLING CORP	$6,601,000	–	1,029,860	–	0.37%	–
FSGI	Buy	FIRST SECURITY GROUP INC	$6,419,000	-2.8%	3,086,373	+1.4%	0.36%	-16.2%
JCI	Sell	JOHNSON CTLS INC	$6,383,000	+6.4%	153,787	-8.3%	0.36%	-8.3%
LEA	Sell	LEAR CORP	$5,939,000	+11.6%	82,975	-5.8%	0.33%	-4.1%
RDC	Sell	ROWAN COMPANIES PLCsh cl a	$5,658,000	+7.0%	154,077	-0.7%	0.32%	-7.6%
FBMS	Buy	FIRST BANCSHARES INC MS	$5,301,000	+65.6%	378,626	+52.6%	0.30%	+42.5%
2206PS	Buy	PALMETTO BANCSHARES INC	$5,308,000	+10.9%	407,043	+10.6%	0.30%	-4.5%
TAYC	Sell	TAYLOR CAPITAL GROUP INC	$5,235,000	-85.2%	236,352	-88.7%	0.29%	-87.3%
XRX	Sell	XEROX CORP	$5,065,000	+9.1%	492,268	-3.8%	0.28%	-6.0%
AWI	Buy	ARMSTRONG WORLD INDS INC	$4,897,000	+47.0%	89,100	+27.8%	0.27%	+27.0%
HSII	Sell	HEIDRICK & STRUGGLES INTL INC	$4,867,000	+12.7%	255,308	-1.2%	0.27%	-2.9%
CCL	Sell	CARNIVAL CORP	$4,744,000	-22.7%	145,343	-18.8%	0.26%	-33.3%
TITN	Buy	TITAN MACHINERY INC	$4,574,000	-7.4%	284,588	+13.1%	0.26%	-20.1%
TPC	Buy	TUTOR PERINI CORP	$4,167,000	+104.8%	195,455	+73.7%	0.23%	+77.1%
PMBC	Buy	PACIFIC MERCANTILE BANCORP	$3,956,000	+15.3%	636,865	+6.7%	0.22%	-0.9%
TEVA	Sell	TEVA PHARM INDS LTDadr	$3,910,000	-4.3%	103,504	-0.7%	0.22%	-17.4%
JOSB	Sell	JOS A BANK CLOTHIERS INC	$3,834,000	-21.2%	87,339	-25.8%	0.21%	-32.2%
SNBC	Sell	SUN BANCORP INC	$3,808,000	-17.4%	994,208	-26.9%	0.21%	-28.9%
STNR	Sell	STEINER LEISURE LTDord	$3,779,000	+5.6%	64,684	-4.5%	0.21%	-9.1%
FRBK	Sell	REPUBLIC FIRST BANCORP INC	$3,288,000	+9.1%	1,030,942	-2.5%	0.18%	-6.2%
CSX	Sell	CSX CORP	$3,147,000	+10.6%	122,240	-0.4%	0.18%	-4.9%
PFBI	Buy	PREMIER FINL BANCORP INC	$3,105,000	-0.5%	269,115	+3.8%	0.17%	-14.4%
5021PS	Buy	LNB BANCORP INC	$3,011,000	+29.2%	320,305	+18.1%	0.17%	+11.3%
UCBI	Sell	UNITED CMNTY BANK S	$2,920,000	-82.4%	194,751	-85.4%	0.16%	-84.9%
FUBC	Sell	1ST UNITED BANCORP INC FLA	$2,761,000	+2.4%	376,716	-6.1%	0.15%	-11.5%
OKSB	Sell	SOUTHWEST BANCORP INC	$2,680,000	-69.0%	181,003	-72.4%	0.15%	-73.3%
SCBT	New	FIRST FINL HLDGS INC	$2,597,000	–	47,095	–	0.14%	–
HEOP	Buy	HERITAGE OAKS BANCORP	$2,468,000	+34.3%	385,742	+29.5%	0.14%	+15.1%
SLCA	Sell	US SILICA HLDGS INC	$2,431,000	-15.6%	97,648	-29.6%	0.14%	-27.4%
CBF	Sell	CAPITAL BANK FINL CORP	$2,226,000	-84.7%	101,422	-86.7%	0.12%	-86.8%
LBAI	Buy	LAKELAND BANCORP INC	$1,990,000	+13.3%	176,885	+5.0%	0.11%	-1.8%
HTBK	Buy	HERITAGE COMMERCE CORP	$1,884,000	+832.7%	246,267	+753.1%	0.10%	+707.7%
AMRB	Buy	AMERICAN RIVER BANK SHARES	$1,753,000	+166.0%	202,727	+152.9%	0.10%	+127.9%
AIG	Sell	AMERICAN INTL GROUP INC	$1,587,000	-79.0%	32,630	-80.7%	0.09%	-82.0%
WFBI	Buy	WASHINGTONFIRST BANKSHARE	$1,529,000	+237.5%	117,612	+193.9%	0.08%	+193.1%
STCK	New	STOCK BLDG SUPPLY HLDGS	$1,303,000	–	99,135	–	0.07%	–
XLF	Sell	SELECT SECTOR SPDR TRsbi int-finl	$1,276,000	-28.9%	64,123	-30.6%	0.07%	-38.8%
CMAWS	Buy	COMERICA INC WARRANTS	$1,202,000	+39.4%	86,790	+37.9%	0.07%	+19.6%
ASRV	Buy	AMERISERV FINL INC	$1,111,000	+30.9%	352,763	+13.8%	0.06%	+12.7%
CVCY	Buy	CENTRAL VALLEY CMNTY BANCORP	$1,102,000	+15.5%	108,631	+14.9%	0.06%	-1.6%
SFST	Buy	SOUTHERN FIRST BANCSHARES	$1,044,000	+37.7%	79,061	+14.6%	0.06%	+18.4%
LINEQ	New	LINN ENERGY LLCunit ltd liab	$1,025,000	–	39,541	–	0.06%	–
CLBH	Buy	CAROLINA BANK HLDGS INC	$947,000	-0.8%	89,144	+14.2%	0.05%	-14.5%
PMT	Sell	PENNYMAC MTG INVT TR	$867,000	-90.0%	38,206	-90.7%	0.05%	-91.4%
OLBK	Buy	OLD LINE BANCSHARES INC	$537,000	+16.7%	40,034	+14.6%	0.03%	0.0%
PEBK	Buy	PEOPLES BANCORP NC INC	$477,000	+10.2%	38,621	+14.9%	0.03%	-3.6%
SPY	Sell	SPDR S&P 500 ETF TRtr unit	$362,000	-17.2%	2,152	-21.2%	0.02%	-28.6%
FCNCA	Exit	FIRST CITIZENS BANCSHARES INCcl a	$0	–	-471	–	-0.01%	–
SIEGY	Exit	SIEMENS AGspons adr	$0	–	-6,400	–	-0.04%	–
SAN	Exit	BANCO SANTANDER SAadr	$0	–	-258,308	–	-0.11%	–
WFD	Exit	WESTFIELD FINL INC NEW	$0	–	-260,532	–	-0.12%	–
FFCH	Exit	FIRST FINL HLDGS INC	$0	–	-112,549	–	-0.15%	–
GDI	Exit	GARDNER DENVER INC	$0	–	-34,600	–	-0.17%	–
FBMI	Exit	FIRSTBANK CORP MICH	$0	–	-199,415	–	-0.17%	–
OFG	Exit	OFG BANCORP	$0	–	-316,015	–	-0.37%	–
COF	Exit	CAPITAL ONE FINL CORP	$0	–	-130,679	–	-0.53%	–
BANC	Exit	FIRST PACTRUST BANCORP INC	$0	–	-770,650	–	-0.68%	–

Q2 2013

			Value		Shares		↓ Weighting
WFC	New	WELLS FARGO & CO	$51,018,000	–	1,236,197	–	3.29%	–
JPM	New	JP MORGAN CHASE & CO	$43,810,000	–	829,906	–	2.83%	–
USB	New	US BANCORP DEL	$41,647,000	–	1,152,064	–	2.69%	–
BAC	New	BANK OF AMERICA CORP	$40,938,000	–	3,183,351	–	2.64%	–
TAYC	New	TAYLOR CAP GROUP INC	$35,450,000	–	2,098,891	–	2.29%	–
SNV	New	SYNOVUS FINL CORP	$32,385,000	–	11,090,949	–	2.09%	–
BDC	New	BELDEN INC	$31,994,000	–	640,765	–	2.07%	–
PVTB	New	PRIVATEBANCORP INC	$31,016,000	–	1,461,252	–	2.00%	–
BK	New	BANK OF NEW YORK MELLON CORP	$30,939,000	–	1,102,965	–	2.00%	–
CIT	New	CIT GROUP INC	$30,338,000	–	650,615	–	1.96%	–
HVB	New	HUDSON VALLEY HOLDING CORP	$29,272,000	–	1,723,906	–	1.89%	–
C	New	CITIGROUP INC	$28,833,000	–	601,076	–	1.86%	–
WTFC	New	WINTRUST FINL CORP	$25,019,000	–	653,575	–	1.62%	–
HOG	New	HARLEY-DAVIDSON INC	$24,900,000	–	454,214	–	1.61%	–
LION	New	FIDELITY SOUTHERN CORP NEW	$23,771,000	–	1,921,775	–	1.54%	–
WCC	New	WESCO INTL INC	$23,746,000	–	349,410	–	1.53%	–
GHL	New	GREENHILL & CO INC	$23,622,000	–	516,447	–	1.52%	–
MS	New	MORGAN STANLEY	$23,231,000	–	950,910	–	1.50%	–
STT	New	STATE STREET CORP	$22,996,000	–	352,651	–	1.48%	–
AXE	New	ANIXTER INTL INC	$23,005,000	–	303,460	–	1.48%	–
MHK	New	MOHAWK INDS INC	$21,789,000	–	193,700	–	1.41%	–
FNBCQ	New	FIRST NBC BANK HOLDING COMPANY	$21,577,000	–	884,295	–	1.39%	–
CSL	New	CARLISLE COS INC	$21,052,000	–	337,866	–	1.36%	–
CYN	New	CITY NATIONAL CORP	$19,962,000	–	315,007	–	1.29%	–
FBNC	New	FIRST BANCORP NC	$19,328,000	–	1,370,821	–	1.25%	–
METR	New	METRO BANCORP INC PA	$19,266,000	–	961,855	–	1.24%	–
FIS	New	FIDELITY NATL INFORMATION SV	$18,714,000	–	436,815	–	1.21%	–
MET	New	METLIFE INC	$17,872,000	–	390,569	–	1.15%	–
BGC	New	GENERAL CABLE CORP DEL NEW	$17,208,000	–	559,592	–	1.11%	–
UCBI	New	UNITED CMNTY BKS BLAIRSVILLE	$16,575,000	–	1,334,638	–	1.07%	–
CMI	New	CUMMINS INC	$16,179,000	–	149,174	–	1.04%	–
DOV	New	DOVER CORP	$15,203,000	–	195,759	–	0.98%	–
MAN	New	MANPOWER INC	$14,692,000	–	268,094	–	0.95%	–
CBF	New	CAPITAL BK FINL CORP	$14,509,000	–	762,860	–	0.94%	–
MLHR	New	HERMAN MILLER INC	$13,837,000	–	511,140	–	0.89%	–
OC	New	OWENS CORNING INC	$13,667,000	–	349,735	–	0.88%	–
HWC	New	HANCOCK HOLDING CO	$13,502,000	–	449,032	–	0.87%	–
BECN	New	BEACON ROOFING SUPPLY INC	$13,410,000	–	354,004	–	0.87%	–
AON	New	AON CORP PLCsh cl a	$13,160,000	–	204,512	–	0.85%	–
HON	New	HONEYWELL INTL INC	$12,944,000	–	163,150	–	0.84%	–
BSRR	New	SIERRA BANCORP	$12,844,000	–	867,872	–	0.83%	–
AF	New	ASTORIA FINL CORP	$12,658,000	–	1,174,223	–	0.82%	–
FFKT	New	FARMERS CAP BK CORP	$11,960,000	–	551,424	–	0.77%	–
EFX	New	EQUIFAX INC	$11,614,000	–	197,085	–	0.75%	–
SPXC	New	SPX CORP	$11,588,000	–	160,994	–	0.75%	–
TCBK	New	TRICO BANCSHARES	$10,960,000	–	513,815	–	0.71%	–
BPOP	New	POPULAR INC	$10,816,000	–	356,111	–	0.70%	–
BANC	New	FIRST PACTRUST BANCORP INC	$10,465,000	–	770,650	–	0.68%	–
BKMU	New	BANK MUTUAL CORP NEW	$10,133,000	–	1,796,660	–	0.65%	–
NOVB	New	NORTH VALLEY BANCORP	$9,686,000	–	585,235	–	0.62%	–
SBCF	New	SEACOAST BK CORP FLA	$9,011,000	–	4,095,957	–	0.58%	–
BFIN	New	BANK FINANCIAL CORP	$8,883,000	–	1,044,966	–	0.57%	–
PMT	New	PENNYMAC MTG INVT TR	$8,677,000	–	412,235	–	0.56%	–
OKSB	New	SOUTHWEST BANCORP INC OKLA	$8,656,000	–	655,794	–	0.56%	–
RBCAA	New	REPUBLIC BANCORP KYcl a	$8,457,000	–	385,835	–	0.55%	–
SYY	New	SYSCO CORP	$8,345,000	–	244,300	–	0.54%	–
COF	New	CAPITAL ONE FINL CORP	$8,208,000	–	130,679	–	0.53%	–
DAN	New	DANA HOLDING CORP	$8,197,000	–	425,604	–	0.53%	–
PCBK	New	PACIFIC CONTINENTAL CORP	$8,188,000	–	693,889	–	0.53%	–
FNF	New	FIDELITY NATIONAL FINANCIALcl a	$7,957,000	–	334,183	–	0.51%	–
ESV	New	ENSCO PLC	$7,705,000	–	132,576	–	0.50%	–
KFY	New	KORN FERRY INTL	$7,609,000	–	406,030	–	0.49%	–
CMA	New	COMERICA INC	$7,583,000	–	190,377	–	0.49%	–
AIG	New	AMERICAN INTL GROUP INC	$7,551,000	–	168,904	–	0.49%	–
BPFH	New	BOSTON PRIVATE FINL HLDGS	$7,188,000	–	675,569	–	0.46%	–
JPMWS	New	JPMORGAN CHASE & CO*w exp 10/28/201	$6,934,000	–	444,500	–	0.45%	–
OSK	New	OSHKOSH CORP	$6,715,000	–	176,848	–	0.43%	–
PACW	New	PACWEST BANCORP	$6,713,000	–	219,012	–	0.43%	–
HAL	New	HALLIBURTON COMPANY	$6,668,000	–	159,831	–	0.43%	–
PFBC	New	PREFERRED BK LOS ANGELES CA	$6,631,000	–	402,362	–	0.43%	–
FSGI	New	FIRST SEC GROUP INC	$6,603,000	–	3,043,200	–	0.43%	–
PFSI	New	PENNYMAC FINL SVCS INCcl a	$6,554,000	–	308,122	–	0.42%	–
FLIC	New	FIRST OF LONG ISLAND CORP	$6,515,000	–	196,303	–	0.42%	–
PULB	New	PULASKI FINL CORP	$6,499,000	–	680,514	–	0.42%	–
CNOB	New	CONNECTONE BANCORP INC	$6,424,000	–	208,980	–	0.42%	–
R	New	RYDER SYSTEM INC	$6,344,000	–	104,365	–	0.41%	–
CCL	New	CARNIVAL CORPpaired ctf	$6,135,000	–	178,913	–	0.40%	–
JCI	New	JOHNSON CONTROLS INC	$6,000,000	–	167,653	–	0.39%	–
FAF	New	FIRST AMERICAN FINL CORP	$5,742,000	–	260,533	–	0.37%	–
AZO	New	AUTOZONE INC	$5,742,000	–	13,553	–	0.37%	–
OFG	New	OFG BANCORP	$5,723,000	–	316,015	–	0.37%	–
FBP	New	FIRST BANCORP PR	$5,344,000	–	754,767	–	0.34%	–
LEA	New	LEAR CORP	$5,324,000	–	88,063	–	0.34%	–
HMPR	New	HAMPTON ROADS BANKSHARES INC	$5,335,000	–	4,135,843	–	0.34%	–
SCHW	New	CHARLES SCHWAB CORP NEW	$5,276,000	–	248,514	–	0.34%	–
RDC	New	ROWAN COMPANIES PLCsh cl a	$5,286,000	–	155,156	–	0.34%	–
CCBG	New	CAPITAL CITY BK GROUP INC	$5,252,000	–	455,536	–	0.34%	–
CUNB	New	CU BANCORP CALIF	$5,193,000	–	328,689	–	0.34%	–
BLK	New	BLACKROCK INC	$5,139,000	–	20,009	–	0.33%	–
WU	New	WESTERN UNION CO	$5,071,000	–	296,400	–	0.33%	–
OCFC	New	OCEANFIRST FINL CORP	$4,948,000	–	318,172	–	0.32%	–
TITN	New	TITAN MACHY INC	$4,939,000	–	251,600	–	0.32%	–
JOSB	New	JOS A BANK CLOTHIERS INC	$4,863,000	–	117,700	–	0.31%	–
YDKN	New	YADKIN FINL CORP	$4,856,000	–	345,892	–	0.31%	–
2206PS	New	PALMETTO BANCSHARES INC	$4,786,000	–	368,132	–	0.31%	–
THO	New	THOR INDUSTRIES INC	$4,695,000	–	95,475	–	0.30%	–
USG	New	USG CORP	$4,678,000	–	202,967	–	0.30%	–
BANR	New	BANNER CORP	$4,662,000	–	137,970	–	0.30%	–
XRX	New	XEROX CORP	$4,642,000	–	511,780	–	0.30%	–
SNBC	New	SUN BANCORP INC	$4,608,000	–	1,359,167	–	0.30%	–
VCBI	New	VIRGINIA COMM BANCORP INC	$4,621,000	–	331,065	–	0.30%	–
TEX	New	TEREX CORP NEW	$4,390,000	–	166,911	–	0.28%	–
HSII	New	HEIDRICK & STRUGGLES INT'L INC	$4,319,000	–	258,343	–	0.28%	–
WHR	New	WHIRLPOOL CORP	$4,169,000	–	36,452	–	0.27%	–
TEVA	New	TEVA PHARMACEUTICAL INDS LTDadr	$4,085,000	–	104,228	–	0.26%	–
FBHS	New	FORTUNE BRANDS HOME & SEC INC	$3,951,000	–	102,000	–	0.26%	–
STNR	New	STEINER LEISURE LTD	$3,580,000	–	67,717	–	0.23%	–
VOYA	New	ING US INC	$3,490,000	–	128,969	–	0.22%	–
PMBC	New	PACIFIC MERCANTILE BANCORP	$3,432,000	–	596,791	–	0.22%	–
MAS	New	MASCO CORP	$3,402,000	–	174,565	–	0.22%	–
ORRF	New	ORRSTOWN FINL SERVICES INC	$3,344,000	–	263,706	–	0.22%	–
LII	New	LENNOX INTL INC	$3,337,000	–	51,700	–	0.22%	–
AWI	New	ARMSTRONG WORLD INDS INC NEW	$3,331,000	–	69,703	–	0.22%	–
FBMS	New	FIRST BANCSHARES INC MS	$3,201,000	–	248,133	–	0.21%	–
PFBI	New	PREMIER FINL BANCORP INC	$3,121,000	–	259,173	–	0.20%	–
STI	New	SUNTRUST BANKS	$3,103,000	–	98,299	–	0.20%	–
VLY	New	VALLEY NATL BANCORP	$3,090,000	–	326,306	–	0.20%	–
FRBK	New	REPUBLIC FIRST BANCORP INC	$3,015,000	–	1,057,652	–	0.20%	–
EME	New	EMCOR GROUP INC	$3,002,000	–	73,855	–	0.19%	–
SLCA	New	US SILICA HLDGS INC	$2,882,000	–	138,702	–	0.19%	–
CSX	New	CSX CORP	$2,846,000	–	122,716	–	0.18%	–
BBNK	New	BRIDGE CAPITAL HLDGS	$2,792,000	–	176,058	–	0.18%	–
GS	New	GOLDMAN SACHS GROUP INC	$2,731,000	–	18,056	–	0.18%	–
FUBC	New	1ST UNITED BANCORP INC FLA	$2,697,000	–	401,353	–	0.17%	–
FBMI	New	FIRSTBANK CORP MICH	$2,675,000	–	199,415	–	0.17%	–
CSFL	New	CENTERSTATE BANKS INC	$2,676,000	–	308,241	–	0.17%	–
HMST	New	HOMESTREET INC	$2,666,000	–	124,300	–	0.17%	–
ZION	New	ZIONS BANCORP	$2,645,000	–	91,435	–	0.17%	–
GDI	New	GARDNER DENVER INC	$2,601,000	–	34,600	–	0.17%	–
WAG	New	WALGREEN CO	$2,544,000	–	57,556	–	0.16%	–
TEN	New	TENNECO INC	$2,477,000	–	54,703	–	0.16%	–
IEX	New	IDEX CORP	$2,481,000	–	46,100	–	0.16%	–
FFCH	New	FIRST FINL HLDGS INC	$2,387,000	–	112,549	–	0.15%	–
LPS	New	LENDER PROCESSING SVCS	$2,376,000	–	73,441	–	0.15%	–
5021PS	New	LNB BANCORP INC	$2,331,000	–	271,303	–	0.15%	–
FITB	New	FIFTH THIRD BANCORP	$2,255,000	–	124,899	–	0.15%	–
NCS	New	NCI BUILDING SYSTEMS INC	$2,218,000	–	145,043	–	0.14%	–
PCAR	New	PACCAR INC	$2,146,000	–	40,000	–	0.14%	–
ESRX	New	EXPRESS SCRIPTS INC	$2,056,000	–	33,300	–	0.13%	–
TPC	New	TUTOR PERINI CORP	$2,035,000	–	112,500	–	0.13%	–
FLR	New	FLUOR CORP	$1,935,000	–	32,620	–	0.12%	–
BXS	New	BANCORPSOUTH INC	$1,894,000	–	107,026	–	0.12%	–
MYL	New	MYLAN INC	$1,878,000	–	60,536	–	0.12%	–
UTX	New	UNITED TECHNOLOGIES CORP	$1,877,000	–	20,200	–	0.12%	–
HEOP	New	HERITAGE OAKS BANCORP	$1,838,000	–	297,808	–	0.12%	–
WFD	New	WESTFIELD FINL INC NEW	$1,824,000	–	260,532	–	0.12%	–
XLF	New	SELECT SECTOR SPDR TRsbi intl-finl	$1,795,000	–	92,401	–	0.12%	–
LBAI	New	LAKELAND BANCORP INC	$1,757,000	–	168,462	–	0.11%	–
HOT	New	STARWOOD HOTELS & RESORTS WRLD	$1,719,000	–	27,200	–	0.11%	–
RF	New	REGIONS FINL CORP NEW	$1,716,000	–	180,089	–	0.11%	–
WABC	New	WESTAMERICA BANCORP	$1,668,000	–	36,500	–	0.11%	–
SAN	New	BANCO SANTANDER SAadr	$1,671,000	–	258,308	–	0.11%	–
ACN	New	ACCENTURE LTD PLC IRELANDsh cl a	$1,576,000	–	21,900	–	0.10%	–
VMC	New	VULCAN MATLS CO	$1,254,000	–	25,900	–	0.08%	–
NBBC	New	NEWBRIDGE BANCORPcl a no par	$1,237,000	–	206,526	–	0.08%	–
MW	New	MENS WAREHOUSE	$1,092,000	–	28,850	–	0.07%	–
BKS	New	BARNES & NOBLE INC	$1,036,000	–	64,900	–	0.07%	–
NYCB	New	NEW YORK COMNTY BANCORP INC	$1,026,000	–	73,265	–	0.07%	–
FHN	New	FIRST HORIZON NATIONAL CORP	$984,000	–	87,900	–	0.06%	–
CVCY	New	CENTRAL VALLEY CMNTY BANCORP	$954,000	–	94,583	–	0.06%	–
CLBH	New	CAROLINA BK HLDGS INC GREENS	$955,000	–	78,030	–	0.06%	–
CMAWS	New	COMERICA INC*w exp 11/14/201	$862,000	–	62,953	–	0.06%	–
ASRV	New	AMERISERV FINL INC	$849,000	–	309,952	–	0.06%	–
KEY	New	KEYCORP	$809,000	–	73,244	–	0.05%	–
SFST	New	SOUTHERN FIRST BANCSHARES INC	$758,000	–	69,005	–	0.05%	–
J	New	JACOBS ENGR GROUP INC DEL	$760,000	–	13,780	–	0.05%	–
BEE	New	STRATEGIC HOTELS & RESORTS	$660,000	–	74,501	–	0.04%	–
AMRB	New	AMERICAN RIVER BANKSHARES	$659,000	–	80,166	–	0.04%	–
WRI	New	WEINGARTEN RLTY INVSsh ben int	$672,000	–	21,830	–	0.04%	–
SIEGY	New	SIEMENS AGspons adr	$648,000	–	6,400	–	0.04%	–
FNFG	New	FIRST NIAGARA FINL GP INC	$516,000	–	51,187	–	0.03%	–
WIBC	New	WILSHIRE BANCORP INC	$500,000	–	75,577	–	0.03%	–
DRE	New	DUKE REALTY CORP	$500,000	–	32,095	–	0.03%	–
OLBK	New	OLD LINE BANCSHARES INC	$460,000	–	34,929	–	0.03%	–
WFBI	New	WASHINGTONFIRST BANKSHARE INC	$453,000	–	40,011	–	0.03%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$437,000	–	2,730	–	0.03%	–
PEBK	New	PEOPLES BANCORP NC INC	$433,000	–	33,601	–	0.03%	–
FAST	New	FASTENAL CO	$412,000	–	9,000	–	0.03%	–
SCNB	New	SUFFOLK BANCORP	$400,000	–	24,509	–	0.03%	–
FCH	New	FELCOR LODGING TR INC	$408,000	–	69,095	–	0.03%	–
STAR	New	ISTAR FINL INC	$348,000	–	30,850	–	0.02%	–
FR	New	FIRST INDUSTRIAL REALTY TRUST	$319,000	–	21,003	–	0.02%	–
HTBK	New	HERITAGE COMMERCE CORP	$202,000	–	28,866	–	0.01%	–
CUZ	New	COUSINS PPTYS INC	$148,000	–	14,659	–	0.01%	–
WAL	New	WESTERN ALLIANCE BANCORP	$93,000	–	5,863	–	0.01%	–
FCNCA	New	FIRST CITIZENS BANCSHARES INCcl a	$90,000	–	471	–	0.01%	–
CACB	New	CASCADE BANCORP	$24,000	–	3,800	–	0.00%	–

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