Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
FFWM	First Foundation Inc.	1,140,760	$18.64M	2.2%	$14.06	-10.7%	Common	32026V104
PGC	Peapack-Gladstone Financial Corporation	884,391	$16.57M	2.0%	$17.87	-5.0%	Common	704699107
SFST	Southern First Bancshares, Inc.	594,462	$16.47M	2.0%	$23.77	+14.2%	Common	842873101
—	Sandy Spring Bancorp Inc.	646,981	$16.03M	1.9%	$26.83	—	Common	800363103
—	SB One Bancorp	790,125	$15.56M	1.9%	$28.72	—	Common	78413T103
—	Lakeland Bancorp, Inc.	1,268,516	$14.5M	1.7%	$12.36	—	Common	511637100
—	CrossFirst Bankshares, Inc.	1,470,289	$14.38M	1.7%	$12.72	—	Common	22766M109
OSBC	Old Second Bancorp, Inc.	1,785,600	$13.89M	1.7%	$5.69	+20.6%	Common	680277100
—	TriState Capital Holdings, Inc.	872,785	$13.71M	1.6%	$11.45	—	Common	89678F100
BY	Byline Bancorp, Inc.	1,030,360	$13.5M	1.6%	$16.26	-35.4%	Common	124411109
MBWM	Mercantile Bank Corporation	585,484	$13.23M	1.6%	$12.42	+43.0%	Common	587376104
FBIZ	First Business Financial Services	723,232	$11.9M	1.4%	$15.37	-13.2%	Common	319390100
—	Boston Private Financial Holdings, Inc.	1,691,454	$11.64M	1.4%	$11.21	—	Common	101119105
UNTY	Unity Bancorp, Inc.	811,596	$11.61M	1.4%	$9.86	+26.3%	Common	913290102
WTBFB	W.T.B. Financial Corporation	40,294	$11.24M	1.3%	$189.23	+38.4%	Common	929334209
—	Southern National Bancorp of Virginia,Inc.	1,157,295	$11.21M	1.3%	$553.65	—	Common	843395104
—	First Choice Bancorp	681,419	$11.16M	1.3%	$20248.48	—	Common	31948P104
—	First Bancshares, Inc.	482,681	$10.86M	1.3%	$2289.58	—	Common	318916103
ISTR	Investar Holding Corporation	737,594	$10.7M	1.3%	$19.12	-33.4%	Common	46134L105
HBT	HBT Financial, Inc.	791,614	$10.55M	1.3%	$15.72	-23.8%	Common	404111106
AMBZ	American Business Bank	412,421	$10.33M	1.2%	$30.52	-20.9%	Common	02475L105
—	Codorus Valley Bancorp, Inc.	666,669	$9.22M	1.1%	$1537.30	—	Common	192025104
TFIN	Triumph Bancorp, Inc.	376,749	$9.144M	1.1%	$24.76	-0.9%	Common	89679E300
MYFW	First Western Financial, Inc.	638,207	$9.094M	1.1%	$15.18	-11.8%	Common	33751L105
SMBK	SmartFinancial, Inc.	551,430	$8.922M	1.1%	$18.68	-21.7%	Common	83190L208
MRBK	Meridian Bank	543,539	$8.615M	1.0%	$7.09	-17.1%	Common	58958P104
AVBH	Avidbank Holdings, Inc.	563,104	$8.368M	1.0%	$18.18	-15.7%	Common	05368J103
—	Reliant Bancorp, Inc.	512,561	$8.35M	1.0%	$13181.67	—	Common	75956B101
FRBA	First Bank	1,275,264	$8.315M	1.0%	$8.32	-22.8%	Common	31931U102
—	Veritex Holdings, Inc.	464,412	$8.22M	1.0%	$24.39	—	Common	923451108
—	Spirit of Texas Bancshares, Inc.	660,705	$8.133M	1.0%	$20.19	—	Common	84861D103
—	Suncrest Bank	982,152	$8.122M	1.0%	$2340.43	—	Common	86723G109
MNSB	MainStreet Bancshares, Inc.	615,241	$8.121M	1.0%	$13.79	-6.7%	Common	56064Y100
BCAL	Southern California Bancorp	827,901	$7.989M	1.0%	$8.92	0.0%	Common	84252A106
BFST	Business First Bancshares, Inc.	519,349	$7.972M	0.9%	$21.33	-44.6%	Common	12326C105
—	Malvern Bancorp, Inc.	618,699	$7.876M	0.9%	$16.85	—	Common	561409103
—	1st Constitution Bancorp	613,656	$7.609M	0.9%	$11.91	—	Common	31986N102
OBK	Origin Bancorp Inc.	345,708	$7.606M	0.9%	$38.81	-47.1%	Common	68621T102
—	Enterprise Bancorp, Inc.	314,955	$7.502M	0.9%	$25.42	—	Common	293668109
CNOB	ConnectOne Bancorp, Inc.	458,881	$7.397M	0.9%	$15.75	-22.4%	Common	20786W107
SBNC	Southern BancShares (N.C.), Inc.	2,096	$7.336M	0.9%	$1948.99	+77.7%	Common	842243107
FNRN	First Northern Community Bancorp	872,653	$7.06M	0.8%	$7.77	-13.6%	Common	335925103
—	Level One Bancorp, Inc.	415,959	$6.963M	0.8%	$26.88	—	Common	52730D208
—	Cambridge Bancorp	117,396	$6.955M	0.8%	$48.33	—	Common	132152109
PBAM	Private Bancorp of America, Inc.	540,909	$6.815M	0.8%	$19.28	-34.0%	Common	74274F100
SAMG	Silvercrest Asset Management Group Inc.	517,858	$6.582M	0.8%	$14.11	-24.8%	Common	828359109
—	California BanCorp	428,562	$6.386M	0.8%	$534.50	—	Common	13005U101
SHBI	Shore Bancshares, Inc.	568,916	$6.309M	0.8%	$10.28	-4.7%	Common	825107105
—	Fentura Financial, Inc.	362,445	$6.288M	0.7%	$15.84	—	Common	314645102
CZWI	Citizens Community Bancorp, Inc.	907,507	$6.225M	0.7%	$8.95	-30.5%	Common	174903104
MFGI	Merchants Financial Group, Inc.	116,949	$6.198M	0.7%	$14.55	+12.9%	Common	588538108
—	Allegiance Bancshares, Inc.	241,162	$6.123M	0.7%	$28.49	—	Common	01748H107
—	Synovus Financial Corp.	291,320	$5.981M	0.7%	$31.92	—	Common	87161C501
—	Bank of Princeton	283,521	$5.693M	0.7%	$10373.38	—	Common	064520109
MCB	Metropolitan Bank Holding Corp.	176,161	$5.651M	0.7%	$41.83	-36.9%	Common	591774104
MBIN	Merchants Bancorp	293,915	$5.434M	0.6%	$11.14	-10.9%	Common	58844R108
—	Centric Financial Corporation	783,506	$5.367M	0.6%	$10.05	—	Common	15641J101
FRBKQ	Republic First Bancorp, Inc.	2,145,576	$5.235M	0.6%	$4.91	-53.0%	Common	760416107
EGBN	Eagle Bancorp, Inc.	153,777	$5.036M	0.6%	$20.59	+23.4%	Common	268948106
MCBI	Mountain Commerce Bancorp	307,553	$4.89M	0.6%	$17.63	-21.6%	Common	624004107
—	Northway Financial, Inc.	201,623	$4.742M	0.6%	$24.53	—	Common	667270201
PFLC	Pacific Financial Corporation	636,314	$4.671M	0.6%	$5.41	-0.9%	Common	694275108
—	Limestone Bancorp, Inc.	348,846	$4.587M	0.5%	$15.06	—	Common	53262L105
FNBT	FineMark Holdings, Inc.	210,000	$4.536M	0.5%	$26.07	-18.7%	Common	31788B108
BWFG	Bankwell Financial Group, Inc.	275,193	$4.376M	0.5%	$20.73	-38.8%	Common	06654A103
—	Community Financial Corporation	174,532	$4.259M	0.5%	$20.63	—	Common	20368X101
ALRS	Alerus Financial Corporation	215,000	$4.248M	0.5%	$16.34	-8.5%	Common	01446U103
—	Bank of Commerce Holdings	557,273	$4.224M	0.5%	$7.08	—	Common	06424J103
—	1st Capital Bank	441,732	$4.219M	0.5%	$364.01	—	Common	31944C107
INBK	First Internet Bancorp	252,950	$4.204M	0.5%	$26.57	-41.0%	Common	320557101
—	Community Bank of the Bay	826,007	$4.204M	0.5%	$6.58	—	Common	203485107
CBWA	Commencement Bank	365,233	$4.109M	0.5%	$9.80	0.0%	Common	20051D107
—	Dime Community Bancshares, Inc.	297,976	$4.091M	0.5%	$20.71	—	Common	253922108
—	County Bancorp, Inc.	193,737	$4.055M	0.5%	$22.80	—	Common	221907108
—	American Riviera Bank	328,740	$4.027M	0.5%	$3028.06	—	Common	02932A106
—	TGR Financial, Inc.	451,195	$3.971M	0.5%	$12.44	—	Common	87243P108
OBT	Orange County Bancorp	165,883	$3.94M	0.5%	$12.94	-3.8%	Common	68417L107
—	Pacific Mercantile Bancorp	1,075,521	$3.936M	0.5%	$8.03	—	Common	694552100
CSHX	Cashmere Valley Bank	90,203	$3.879M	0.5%	$32.38	+12.0%	Common	14756K102
—	Bay Banks of Virginia, Inc.	635,322	$3.812M	0.5%	$7.87	—	Common	072035108
QNBC	QNB Corp.	134,364	$3.796M	0.5%	$32.09	-10.2%	Common	74726N107
RCBC	River City Bank	25,962	$3.767M	0.4%	$16.34	-9.1%	Common	76803X106
—	York Traditions Bank	242,499	$3.747M	0.4%	$278.99	—	Common	987159100
PSBQ	PSB Holdings, Inc.	199,613	$3.703M	0.4%	$21.68	-7.9%	Common	69360N108
FGFH	Foresight Financial Group, Inc.	139,524	$3.697M	0.4%	$20.17	+20.6%	Common	345526107
—	Bridge Bancorp Inc.	151,370	$3.457M	0.4%	$29.60	—	Common	108035106
BRBS	Blue Ridge Bankshares, Inc.	225,000	$3.422M	0.4%	$9.47	-6.8%	Common	095825105
WBBW	Westbury Bancorp, Inc.	175,370	$3.376M	0.4%	$17.95	+7.9%	Common	95727P106
—	Beach Community Bancshares, Inc.	900,000	$3.375M	0.4%	$3.65	—	Common	07332T100
SABK	South Atlantic Bancshares, Inc.	372,388	$3.344M	0.4%	$560.90	-98.5%	Common	83636T104
—	Sevier County Bancshares, Inc.	217,675	$3.343M	0.4%	$12.65	—	Common	81817P206
UBSI	United Bankshares	118,018	$3.264M	0.4%	$26.85	0.0%	Common	909907107
BSRR	Sierra Bancorp	172,783	$3.262M	0.4%	$10.30	+39.5%	Common	82620P102
OVLY	Oak Valley Bancorp	256,172	$3.248M	0.4%	$8.63	+54.5%	Common	671807105
CCNE	CNB Financial Corporation	175,695	$3.15M	0.4%	$16.50	-14.0%	Common	126128107
—	Southern States Bancshares, Inc.	232,143	$3.134M	0.4%	$14.50	—	Common	843878109
SBCF	Seacoast Banking Corporation of Florida	149,042	$3.04M	0.4%	$14.90	+36.3%	Common	811707801
—	NorthWest Indiana Bancorp	91,584	$3.004M	0.4%	$29.89	—	Common	667516108
SPFI	South Plains Financial, Inc.	209,919	$2.989M	0.4%	$17.65	-26.0%	Common	83946P107
—	Santa Cruz County Bank	77,718	$2.914M	0.3%	$4014.96	—	Common	801827106
GNRV	Grand River Commerce, Inc.	479,538	$2.848M	0.3%	$5.15	-9.6%	Common	386441109
ORPB	Oregon Pacific Bancorp	677,586	$2.778M	0.3%	$5.50	-24.4%	Common	686040205
EQBK	Equity Bancshares, Inc.	159,156	$2.776M	0.3%	$26.17	-40.7%	Common	29460X109
—	Meridian Interstate Bancorp	232,570	$2.698M	0.3%	$16.56	—	Common	58958U103
PBNK	Pinnacle Bank	350,066	$2.65M	0.3%	$7.81	-0.3%	Common	72346K107
—	Riverview Financial Corporation	492,634	$2.65M	0.3%	$5255.37	—	Common	76940Q105
BKOR	Oak Ridge Financial Services, Inc.	225,841	$2.647M	0.3%	$7.79	—	Common	671768109
MVLY	Mission Valley Bancorp	285,415	$2.612M	0.3%	$8.24	+9.4%	Common	60520E104
BCBP	BCB Bancorp, Inc.	275,560	$2.557M	0.3%	$7.61	-7.4%	Common	055298103
BWB	Bridgewater Bancshares, Inc.	237,652	$2.436M	0.3%	$11.64	-16.9%	Common	108621103
—	West Suburban Bancorp, Inc.	6,020	$2.42M	0.3%	$44437.55	—	Common	956152409
FCOB	1st Colonial Bancorp	467,083	$2.391M	0.3%	$8.49	-42.3%	Common	319716106
FRAF	Franklin Financial Services Corp.	90,901	$2.354M	0.3%	$26.52	-22.6%	Common	353525108
—	South State Corporation	47,732	$2.275M	0.3%	$47.66	—	Common	840441109
CYFL	Century Financial Corporation	117,446	$2.202M	0.3%	$11.64	+31.8%	Common	15652L102
TRVR	Two Rivers Financial Group, Inc.	83,041	$2.076M	0.2%	$17.93	+23.8%	Common	90206L106
FSRL	First Reliance Bancshares, Inc.	404,444	$2.051M	0.2%	$5.70	-8.5%	Common	33615Q100
HTBK	Heritage Commerce Corp	273,029	$2.05M	0.2%	$7.84	0.0%	Common	426927109
—	Metro Phoenix Bank	212,767	$2.047M	0.2%	$11.72	—	Common	59165E106
BOTJ	Bank of the James Financial Group, Inc.	215,934	$2.041M	0.2%	$8.66	-11.4%	Common	470299108
—	Sterling Bancorp, Inc.	566,637	$2.029M	0.2%	$9145.59	—	Common	85917W102
—	Pilot Bancshares, Inc.	771,429	$2.006M	0.2%	$3.22	—	Common	721530103
—	Kentucky Bancshares, Inc.	120,424	$2.001M	0.2%	$28.85	—	Common	491203105
COSO	CoastalSouth Bancshares, Inc.	204,249	$1.963M	0.2%	$10.11	—	Common	19058X207
—	Pacific West Bank	185,715	$1.95M	0.2%	$16.00	—	Common	69506W202
SSBI	Summit State Bank	217,051	$1.947M	0.2%	$7.62	-4.3%	Common	866264203
PPBB	Peoples Bancorp	14,737	$1.916M	0.2%	$201.41	-18.4%	Common	70979X107
FBK	FB Financial Corp.	76,000	$1.883M	0.2%	$19.65	+4.2%	Common	30257X104
—	Bank of Fincastle	892,972	$1.836M	0.2%	$2.09	—	Common	062113105
WRIV	White River Bancshares Company	38,280	$1.819M	0.2%	$47.41	-49.5%	Common	96445A108
PPBN	Pinnacle Bankshares Corporation	87,030	$1.797M	0.2%	$15.23	+12.8%	Common	72345E102
CZBC	Citizens Bancorp	122,749	$1.749M	0.2%	$11.25	+6.0%	Common	172950107
MVBF	MVB Financial Corp.	131,196	$1.745M	0.2%	$10.99	+5.7%	Common	553810102
SOUB	SouthPoint Bancshares, Inc.	104,826	$1.74M	0.2%	$18.32	—	Common	844647107
CYSM	Community Bancorp of Santa Maria	190,148	$1.738M	0.2%	$9.46	-18.5%	Common	20344R103
CCNB	Coastal Carolina Bancshares, Inc.	288,461	$1.731M	0.2%	$7.08	-15.8%	Common	190435107
—	FNS Bancshares, Inc.	23,950	$1.677M	0.2%	$72.99	—	Common	30253F107
—	Iberiabank Corp	35,669	$1.624M	0.2%	$68.13	—	Common	450828108
—	SouthCrest Financial Group, Inc.	267,161	$1.592M	0.2%	$5.99	—	Common	84129X107
—	Franklin Financial Network, Inc.	60,289	$1.552M	0.2%	$5175.68	—	Common	35352P104
—	Pioneer Bancshares, Inc	97,000	$1.528M	0.2%	$18.79	—	Common	72357G102
CMHF	Community Heritage Financial Inc.	79,474	$1.502M	0.2%	$22.42	-23.3%	Common	20370L103
—	American River Bankshares	140,623	$1.498M	0.2%	$10.65	—	Common	029326105
RRBI	Red River Bancshares, Inc.	33,334	$1.463M	0.2%	$48.87	-20.1%	Common	75686R202
CCB	CCB Financial	100,000	$1.452M	0.2%	$16.55	-20.4%	Common	19046P209
EMYB	Embassy Bancorp, Inc.	113,637	$1.438M	0.2%	$11.79	-12.7%	Common	290791102
ESBS	ES Bancshares, Inc.	361,445	$1.424M	0.2%	$4.67	-16.5%	Common	296049109
PMHG	Prime Meridian Holding Company	103,417	$1.417M	0.2%	$17.77	-23.5%	Common	74164R107
TRCY	Tri City Bankshares Corporation	89,223	$1.409M	0.2%	$17.59	—	Common	895364107
CCBC	Chino Commercial Bancorp	147,926	$1.391M	0.2%	$10.00	-34.2%	Common	16957L102
—	Professional Holding Corp.	100,000	$1.388M	0.2%	$15.95	—	Common	743139107
UVSP	Univest Financial Corporation	85,952	$1.387M	0.2%	$27.49	-41.7%	Common	915271100
MPB	Mid Penn Bank	75,222	$1.386M	0.2%	$22.05	-29.2%	Common	59540G107
—	McHenry Bancorp, Inc.	15,000,000	$1.35M	0.2%	$0.10	—	Common	580683100
—	GrandSouth Bancorporation	89,800	$1.334M	0.2%	$10.44	—	Common	386627301
EFSI	Eagle Financial Services Inc.	49,365	$1.269M	0.2%	$19.45	+9.3%	Common	26951R104
—	Three Shores Bancorporation, Inc.	190,000	$1.267M	0.2%	$7.80	—	Common	885753103
—	First Home Bancorp, Inc.	89,062	$1.265M	0.2%	$27.81	—	Common	32050L105
—	Village Bank and Trust Financial Corp.	36,538	$1.128M	0.1%	$21.38	—	Common	92705T200
PCLB	Pinnacle Bancshares, Inc.	39,367	$1.11M	0.1%	$18.54	+15.5%	Common	722903101
MBCN	Middlefield Banc Corp.	51,748	$1.074M	0.1%	$17.81	-12.8%	Common	596304204
BORT	Bank of Botetourt	42,005	$1.019M	0.1%	$22.47	-20.4%	Common	063907208
AMFC	AMB Financial Corp.	78,750	$984K	0.1%	$8.50	+44.4%	Common	001984103
RVSB	Riverview Bancorp, Inc.	153,516	$867K	0.1%	$3.45	+23.8%	Common	769397100
FMCB	Farmers & Merchants Bancorp	1,222	$863K	0.1%	$680.05	-7.7%	Common	307795104
MOFG	MidWestOne Financial Group, Inc.	42,764	$855K	0.1%	$34.18	-43.5%	Common	598511103
UBAB	United Bancorporation of Alabama, Inc.	40,000	$812K	0.1%	$18.79	-4.1%	Common	90944R100
CNBW	CNB Corporation	12,551	$784K	0.1%	$61.50	-25.0%	Common	12612R105
CBNK	Capital Bancorp, Inc.	69,222	$741K	0.1%	$12.02	-15.5%	Common	139737100
FFBB	Communities First Financial Corporation	31,694	$729K	0.1%	$10.37	+109.4%	Common	20344D104
—	Fauquier Bancshares, Inc.	50,177	$707K	0.1%	$13.15	—	Common	312059108
—	Surrey Bancorp	63,785	$679K	0.1%	$11.40	—	Common	86888W105
WSBC	WesBanco, Inc.	31,934	$649K	0.1%	$37.35	-41.4%	Common	950810101
PTBS	Potomac Bancshares, Inc.	57,405	$608K	0.1%	$11.64	-25.7%	Common	737643106
CYVF	Crystal Valley Financial	13,000	$585K	0.1%	$44.83	-14.6%	Common	22941P100
JMSB	John Marshall Bank	51,775	$570K	0.1%	$17.63	-34.7%	Common	47805L101
LFGP	Ledyard Financial Group, Inc.	30,951	$565K	0.1%	$18.50	+0.6%	Common	523338101
—	Community Bankers Trust Corporation	98,297	$541K	0.1%	$4.19	—	Common	203612106
—	First Citrus Bancorporation, Inc.	27,695	$526K	0.1%	$17.86	—	Common	31959T102
SOBS	Solvay Bank Corporation	15,418	$509K	0.1%	$22.47	+1.9%	Common	83441Q105
—	Empire Bancorp Inc.	49,188	$506K	0.1%	$13.99	—	Common	291617108
—	FedNat Holding Company	43,568	$482K	0.1%	$23.07	—	Common	31431B109
—	Lewis & Clark Bank	22,388	$448K	0.1%	$25.62	—	Common	527584106
—	Bank of Santa Clarita	48,319	$447K	0.1%	$10.55	—	Common	06424K100
VABK	Virginia National Bankshares Corp.	17,662	$446K	0.1%	$24.91	+0.5%	Common	928031103
FVCB	First Virginia Community Bank	37,000	$398K	0.0%	$6.78	+27.5%	Common	36120Q101
FFMH	First Farmers and Merchants Corporation	12,500	$385K	0.0%	$30.90	-2.4%	Common	320148109
—	People's Bank of Commerce	26,648	$320K	0.0%	$9.91	—	Common	710311101
—	Howard Bancorp, Inc.	28,037	$298K	0.0%	$18.68	—	Common	442496105
FXNC	First National Corporation	19,730	$274K	0.0%	$5.34	+130.3%	Common	32106V107
—	Community First Bancorporation	41,744	$255K	0.0%	$7.50	—	Common	203916101
ACIC	United Insurance Holdings Corp.	29,269	$229K	0.0%	$10.80	-37.8%	Common	910710102
—	Town and Country Financial Corporation	10,914	$197K	0.0%	$10.82	—	Common	892039108
—	Summit Bank	15,200	$182K	0.0%	$11.97	—	Common	86601L105
BLHK	Blueharbor bank	10,800	$92,000	0.0%	$11.65	-31.3%	Common	095613105