Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NBTB	NBT BANCORP	73,030 (-64.9%)	$3.605M (-59.3%)	1.0%	$41.63	—	COM	628778102
BANC	BANC OF CALIFORNIA	2,449,219 (-17.0%)	$50.04M (-3.5%)	13.9%	$9.88	—	COM	05990K106
FNRN	FIRST NORTHERN COMMUNITY BANCORP	20,325 (-47.0%)	$365K (-40.1%)	0.1%	$11.52	—	COM	335925103

Unchanged Positions (25)

FISI FINANCIAL INSTITUTIONS 19.7%

Value $70.77M Shares 1,816,102 Est. Cost $24.81 Unrealized —

EFSC ENTERPRISE FINL SERVICES 13.4%

Value $48.31M Shares 733,329 Est. Cost $23.96 Unrealized —

HBNC HORIZON BANCORP 10.1%

Value $36.22M Shares 1,812,825 Est. Cost $15.51 Unrealized —

FRME FIRST MERCHANTS 8.3%

Value $29.99M Shares 686,333 Est. Cost $16.18 Unrealized —

FNB F N B 5.3%

Value $18.94M Shares 992,765 Est. Cost $14.80 Unrealized —

CHMG CHEMUNG FINL 2.3%

Value $8.154M Shares 109,336 Est. Cost $51.82 Unrealized —

FLG FLAGSTAR BANK NATIONAL ASSOCIATION 3.5%

Value $12.48M Shares 835,335 Est. Cost $13.36 Unrealized —

CWBC COMMUNITY WEST BANCSHARES 2.5%

Value $8.852M Shares 329,551 Est. Cost $16.78 Unrealized —

ARBV AMERICAN RIVIERA BANCORP 4.1%

Value $14.58M Shares 569,500 Est. Cost $19.44 Unrealized —

IBCP INDEPENDENT BANK 3.2%

Value $11.51M Shares 318,985 Est. Cost $12.18 Unrealized —

FRBA FIRST BANK 2.4%

Value $8.491M Shares 478,887 Est. Cost $11.05 Unrealized —

FRST PRIMIS FINL 1.1%

Value $3.884M Shares 237,241 Est. Cost $11.54 Unrealized —

PGC PEAPACK-GLADSTONE FINL 0.6%

Value $2.154M Shares 45,500 Est. Cost $27.19 Unrealized —

ORRF ORRSTOWN FINL SERVICES 0.7%

Value $2.628M Shares 64,356 Est. Cost $31.53 Unrealized —

FHN FIRST HORIZON 0.7%

Value $2.564M Shares 100,000 Est. Cost $22.18 Unrealized —

FMBM F & M BANK 0.4%

Value $1.298M Shares 35,213 Est. Cost $24.87 Unrealized —

FNWD FINWARD BANCORP 4.0%

Value $14.55M Shares 395,716 Est. Cost $28.34 Unrealized —

RMBI RICHMOND MUTUAL BANCORPORATION 0.3%

Value $980K Shares 61,719 Est. Cost $14.10 Unrealized —

INBC INBANKSHARES 0.2%

Value $717K Shares 54,085 Est. Cost $9.34 Unrealized —

PBAM PRIVATE BANCORP OF AMERICA 0.1%

Value $518K Shares 7,000 Est. Cost $61.26 Unrealized —

CBAF CITBA FINL 0.1%

Value $431K Shares 11,502 Est. Cost $29.14 Unrealized —

MGYR MAGYAR BANCORP 0.9%

Value $3.199M Shares 183,317 Est. Cost $10.77 Unrealized —

PBNC PB FINL 0.1%

Value $486K Shares 7,102 Est. Cost $52.74 Unrealized —

FMBH FIRST MID BANCSHARES 0.0%

Value $161K Shares 3,344 Est. Cost $41.93 Unrealized —

MFGI MERCHANTS FINL GROUP 0.0%

Value $54,295 Shares 1,380 Est. Cost $32.59 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
FISI	FINANCIAL INSTITUTIONS	1,816,102	$70.77M	19.7%	$24.81	—	COM	317585404
EFSC	ENTERPRISE FINL SERVICES	733,329	$48.31M	13.4%	$23.96	—	COM	293712105
HBNC	HORIZON BANCORP	1,812,825	$36.22M	10.1%	$15.51	—	COM	440407104
FRME	FIRST MERCHANTS	686,333	$29.99M	8.3%	$16.18	—	COM	320817109
FNB	F N B	992,765	$18.94M	5.3%	$14.80	—	COM	302520101
CHMG	CHEMUNG FINL	109,336	$8.154M	2.3%	$51.82	—	COM	164024101
FLG	FLAGSTAR BANK NATIONAL ASSOCIATION	835,335	$12.48M	3.5%	$13.36	—	COM	649445400
CWBC	COMMUNITY WEST BANCSHARES	329,551	$8.852M	2.5%	$16.78	—	COM	203937107
ARBV	AMERICAN RIVIERA BANCORP	569,500	$14.58M	4.1%	$19.44	—	COM	02933K103
IBCP	INDEPENDENT BANK	318,985	$11.51M	3.2%	$12.18	—	COM	453838609
FRBA	FIRST BANK	478,887	$8.491M	2.4%	$11.05	—	COM	31931U102
FRST	PRIMIS FINL	237,241	$3.884M	1.1%	$11.54	—	COM	74167B109
PGC	PEAPACK-GLADSTONE FINL	45,500	$2.154M	0.6%	$27.19	—	COM	704699107
ORRF	ORRSTOWN FINL SERVICES	64,356	$2.628M	0.7%	$31.53	—	COM	687380105
FHN	FIRST HORIZON	100,000	$2.564M	0.7%	$22.18	—	COM	320517105
FMBM	F & M BANK	35,213	$1.298M	0.4%	$24.87	—	COM	30237P106
FNWD	FINWARD BANCORP	395,716	$14.55M	4.0%	$28.34	—	COM	31812F109
RMBI	RICHMOND MUTUAL BANCORPORATION	61,719	$980K	0.3%	$14.10	—	COM	76525P100
INBC	INBANKSHARES	54,085	$717K	0.2%	$9.34	—	COM	45332V105
PBAM	PRIVATE BANCORP OF AMERICA	7,000	$518K	0.1%	$61.26	—	COM	74274F100
CBAF	CITBA FINL	11,502	$431K	0.1%	$29.14	—	COM	173024100
MGYR	MAGYAR BANCORP	183,317	$3.199M	0.9%	$10.77	—	COM	55977T208
PBNC	PB FINL	7,102	$486K	0.1%	$52.74	—	COM	69290N103
FMBH	FIRST MID BANCSHARES	3,344	$161K	0.0%	$41.93	—	COM	320866106
MFGI	MERCHANTS FINL GROUP	1,380	$54,295	0.0%	$32.59	—	COM	588538108