Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SHBI	SHORE BANCSHARES INC	1,242,224	$13.77M	12.5%	$16.11	-9.4%	COM	825107105
—	COMMUNITY FINL CORP MD	444,381	$9.996M	9.1%	$32.15	—	COM	20368X101
—	HMN FINL INC	449,693	$8.094M	7.4%	$21.01	—	COM	40424G108
CZWI	CITIZENS CMNTY BANCORP INC M	1,061,024	$6.959M	6.3%	$10.01	-5.3%	COM	174903104
CBAN	COLONY BANKCORP INC	518,597	$6.546M	6.0%	$12.85	-8.2%	COM	19623P101
—	CODORUS VY BANCORP INC	321,716	$5.252M	4.8%	$21.05	—	COM	192025104
FXNC	FIRST NATL CORP	279,579	$4.275M	3.9%	$16.38	-1.5%	COM	32106V107
—	OLD POINT FINL CORP	240,472	$3.636M	3.3%	$15.12	—	COM	680194107
—	SEVERN BANCORP ANNAPOLIS MD	514,777	$3.305M	3.0%	$8.17	—	COM	81811M100
—	STANDARD AVB FINL CORP	137,360	$2.933M	2.7%	$29.02	—	COM	85303B100
—	SELECT BANCORP INC NEW	366,112	$2.793M	2.5%	$7.63	—	COM	81617L108
PLBC	PLUMAS BANCORP	150,872	$2.791M	2.5%	$23.81	+1.4%	COM	729273102
—	LIMESTONE BANCORP INC	216,203	$2.452M	2.2%	$15.54	—	COM	53262L105
—	RELIANT BANCORP INC	208,116	$2.345M	2.1%	$11.27	—	COM	75956B101
EBMT	EAGLE BANCORP MONT INC	142,867	$2.337M	2.1%	$16.26	-1.2%	COM	26942G100
—	SALISBURY BANCORP INC	65,801	$2.04M	1.9%	$37.75	—	COM	795226109
—	COMMUNITY BANKERS TR CORP	362,982	$1.76M	1.6%	$4.85	—	COM	203612106
—	PACIFIC MERCANTILE BANCORP	356,627	$1.68M	1.5%	$5.38	—	COM	694552100
FSFG	FIRST SAVINGS FINL GROUP INC	42,019	$1.637M	1.5%	$17.70	-5.5%	COM	33621E109
RF	REGIONS FINANCIAL CORP NEW	165,157	$1.481M	1.3%	$10.97	0.0%	COM	7591EP100
KEY	KEYCORP	141,547	$1.468M	1.3%	$12.44	0.0%	COM	493267108
WFC	WELLS FARGO CO NEW	50,500	$1.449M	1.3%	$36.64	0.0%	COM	949746101
FHN	FIRST HORIZON NATL CORP	178,739	$1.441M	1.3%	$11.70	-5.7%	COM	320517105
FITB	FIFTH THIRD BANCORP	95,472	$1.418M	1.3%	$19.66	0.0%	COM	316773100
CFG	CITIZENS FINANCIAL GROUP INC	75,000	$1.411M	1.3%	$25.07	0.0%	COM	174610105
MRBK	MERIDIAN BK PAOLI PA	101,739	$1.392M	1.3%	$7.15	+0.3%	COM	58958P104
MYFW	FIRST WESTN FINL INC	91,811	$1.298M	1.2%	$16.37	+0.2%	COM	33751L105
—	SOUTHERN NATL BANCORP OF VA	114,850	$1.13M	1.0%	$9.84	—	COM	843395104
—	SYNOVUS FINL CORP	63,103	$1.108M	1.0%	$17.56	—	COM NEW	87161C501
SBFG	SB FINL GROUP INC	93,686	$1.076M	1.0%	$16.88	-1.5%	COM	78408D105
BAC	BK OF AMERICA CORP	50,000	$1.062M	1.0%	$25.91	0.0%	COM	060505104
WTFC	WINTRUST FINL CORP	30,000	$986K	0.9%	$55.50	0.0%	COM	97650W108
—	FIRST BANCSHARES INC MS	49,352	$941K	0.9%	$19.07	—	COM	318916103
—	TCF FINANCIAL CORPORATION NE	38,000	$861K	0.8%	$22.66	—	COM	872307103
—	MALVERN BANCORP INC	68,261	$836K	0.8%	$12.25	—	COM	561409103
ISTR	INVESTAR HLDG CORP	46,800	$598K	0.5%	$24.60	-17.4%	COM	46134L105
HWC	HANCOCK WHITNEY CORPORATION	28,829	$563K	0.5%	$34.51	0.0%	COM	410120109
LARK	LANDMARK BANCORP INC	24,092	$502K	0.5%	$18.93	+0.9%	COM	51504L107
FBK	FB FINL CORP	25,000	$493K	0.4%	$29.29	0.0%	COM	30257X104
CIZN	CITIZENS HLDG CO MISS	24,032	$484K	0.4%	$15.60	-0.1%	COM	174715102
TFC	TRUIST FINL CORP	15,000	$463K	0.4%	$35.97	0.0%	COM	89832Q109
—	CALIFORNIA BANCORP	33,625	$395K	0.4%	$11.75	—	COM	13005U101
HAFC	HANMI FINL CORP	33,171	$360K	0.3%	$15.96	0.0%	COM NEW	410495204
—	BANK PRINCETON NEW JERSEY	14,446	$336K	0.3%	$23.26	—	COM	064520109
FRBA	FIRST BANK WILLIAMSTOWN NJ	48,087	$334K	0.3%	$9.77	-10.1%	COM	31931U102
—	PEOPLES UTAH BANCORP	13,064	$253K	0.2%	$19.37	—	COM	712706209
—	MACKINAC FINL CORP	22,322	$234K	0.2%	$10.48	—	COM	554571109
ORRF	ORRSTOWN FINL SVCS INC	16,366	$225K	0.2%	$15.50	0.0%	COM	687380105
—	CAPSTAR FINL HLDGS INC	22,056	$218K	0.2%	$9.88	—	COM	14070T102
—	CBTX INC	10,000	$178K	0.2%	$17.80	—	COM	12481V104
—	HOWARD BANCORP INC	12,472	$176K	0.2%	$14.11	—	COM	442496105
PCB	PCB BANCORP	10,247	$100K	0.1%	$13.80	0.0%	COM	69320M109
—	CADENCE BANCORPORATION	15,000	$98,000	0.1%	$6.53	—	CL A	12739A100
LYG	LLOYDS BANKING GROUP PLC	10,500	$16,000	0.0%	$1.52	—	SPONSORED ADR	539439109