Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
EXSR	Exchange Bank/Santa Rosa CA	84,306	$13.83M	4.1%	$124.78	+1.5%	Equity	301227203
FINN	First National of Nebraska Inc	1,211	$11.51M	3.4%	$7658.32	+3.1%	Equity	335720108
FCNCB	First Citizens BancShares Inc/	27,955	$10.76M	3.2%	$358.19	+3.6%	Equity	31946M202
SBNC	Southern BancShares NC Inc	2,543	$9.485M	2.8%	$3473.92	+5.4%	Equity	842243107
TSBK	Timberland Bancorp Inc/WA	282,919	$8.454M	2.5%	$15.89	+36.9%	Equity	887098101
PLBC	Plumas Bancorp	347,747	$8.45M	2.5%	$14.11	+74.8%	Equity	729273102
MSBC	Mission Bancorp/Bakersfield CA	95,857	$8.105M	2.4%	$70.85	+2.4%	Equity	605015106
RF	Regions Financial Corp	463,383	$6.923M	2.1%	$8.86	+26.7%	Equity	7591EP100
CMA	Comerica Inc	92,735	$6.736M	2.0%	$42.68	+25.9%	Equity	200340107
FMBL	Farmers & Merchants Bank of Lo	776	$6.441M	1.9%	$6977.66	+2.2%	Equity	308243104
WTBFB	WTB Financial Corp	17,641	$6.413M	1.9%	$358.02	+1.6%	Equity	929334209
MFGI	Merchants Financial Group Inc	87,895	$6.372M	1.9%	$19.96	+5.2%	Equity	588538108
ZION	Zions Bancorp NA	138,000	$6.345M	1.9%	$36.84	+25.6%	Equity	989701107
FXNC	First National Corp/VA	282,307	$5.745M	1.7%	$16.17	+8.3%	Equity	32106V107
OVLY	Oak Valley Bancorp	282,665	$5.526M	1.6%	$11.94	+60.6%	Equity	671807105
CBAF	Citba Financial Corp	86,940	$4.903M	1.5%	$23.49	-0.0%	Equity	173024100
FGFH	Foresight Financial Group Inc	139,757	$4.822M	1.4%	$30.78	+1.4%	Equity	345526107
—	West Suburban Bancorp Inc	7,697	$4.618M	1.4%	$586.59	—	Equity	956152409
BRBS	Blue Ridge Bankshares Inc	241,120	$4.614M	1.4%	$9.47	+18.5%	Equity	095825105
FMBH	First Mid Bancshares Inc	131,900	$4.606M	1.4%	$31.39	-9.6%	Equity	320866106
FBTT	First Bankers Trustshares Inc	146,250	$4.57M	1.4%	$25.97	+1.6%	Equity	31929F109
—	Synovus Financial Corp	130,000	$4.55M	1.3%	$35.00	—	Equity	87161C501
PGC	Peapack Gladstone Financial Co	153,209	$4.308M	1.3%	$25.73	+2.5%	Equity	704699107
MBCN	Middlefield Banc Corp	103,174	$4.23M	1.3%	$18.91	-13.3%	Equity	596304204
—	York Traditions Bank	209,048	$3.982M	1.2%	$18.87	—	Equity	987159100
—	Community Bank of the Bay	559,000	$3.919M	1.2%	$6.80	—	Equity	203485107
ORPB	Oregon Pacific Bancorp	676,412	$3.896M	1.2%	$5.38	+8.2%	Equity	686040205
BWFG	Bankwell Financial Group Inc	132,795	$3.811M	1.1%	$22.31	+9.8%	Equity	06654A103
CSHX	Cashmere Valley Bank	64,447	$3.738M	1.1%	$45.67	+2.4%	Equity	14756K102
—	Heartland BancCorp	45,551	$3.606M	1.1%	$79.30	—	Equity	421962101
SNLC	Security National Corp/IA	29,966	$3.596M	1.1%	$131.02	-5.6%	Equity	814784104
—	Santa Cruz County Bank	74,302	$3.566M	1.1%	$48.59	—	Equity	801827106
—	Bank of Southern California NA	275,000	$3.556M	1.1%	$13.20	—	Equity	065104101
CYVF	Crystal Valley Financial Corp	68,868	$3.55M	1.1%	$40.52	+5.4%	Equity	22941P100
SABK	South Atlantic Bancshares Inc	284,507	$3.536M	1.0%	$12.04	+3.1%	Equity	83636T104
VLY	Valley National Bancorp	304,811	$3.286M	1.0%	$12.47	-17.8%	Equity	919794107
—	SouthCrest Financial Group Inc	333,317	$3.25M	1.0%	$9.90	—	Equity	84129X107
—	Highlands Bankshares Inc/VA	450,764	$3.155M	0.9%	$5.20	—	Equity	430893107
—	Iowa First Bancshares Corp	78,180	$3.151M	0.9%	$35.50	—	Equity	46246F202
MNAT	Marquette National Corp	95,725	$3.07M	0.9%	$32.45	-1.3%	Equity	571599109
—	Beach Community Bank	600,000	$2.996M	0.9%	$4.87	—	Equity	07332N103
—	Delmarva Bancshares Inc	366,662	$2.974M	0.9%	$7.85	—	Equity	247100100
—	Bay Banks of Virginia Inc	362,744	$2.956M	0.9%	$7.35	—	Equity	072035108
RWCB	Redwood Capital Bancorp	174,478	$2.914M	0.9%	$16.92	-0.4%	Equity	75777X100
—	Heritage Bancorporation Inc	163,200	$2.776M	0.8%	$17.00	—	Equity	42720R101
—	Fentura Financial Inc	136,364	$2.735M	0.8%	$19.45	—	Equity	314645102
FSRL	First Reliance Bancshares Inc	381,677	$2.691M	0.8%	$6.60	+7.9%	Equity	33615Q100
SOBS	Solvay Bank	67,539	$2.617M	0.8%	$25.84	+2.0%	Equity	83441Q105
FMFG	Farmers & Merchants Bancshares	85,793	$2.608M	0.8%	$14.12	-2.7%	Equity	308856103
SMAL	Summit Bancshares Inc/CA	47,458	$2.571M	0.8%	$47.27	-0.4%	Equity	866010101
—	American River Bankshares	205,236	$2.516M	0.7%	$15.45	—	Equity	029326105
—	Northway Financial Inc	81,810	$2.446M	0.7%	$28.87	—	Equity	667270201
—	1st Constitution Bancorp	129,849	$2.398M	0.7%	$18.53	—	Equity	31986N102
SMBC	Southern Missouri Bancorp Inc	65,394	$2.278M	0.7%	$24.26	+19.4%	Equity	843380106
OXBC	Oxford Bank Corp/MI	118,788	$2.257M	0.7%	$17.51	+9.0%	Equity	69140P100
—	Community West Bancshares	233,611	$2.254M	0.7%	$9.24	—	Equity	204157101
TYFG	Tri-County Financial Group Inc	53,281	$2.228M	0.7%	$35.13	+3.9%	Equity	89546P108
UBAB	United Bancorporation of Alaba	108,471	$2.176M	0.6%	$18.79	-1.8%	Equity	90944R100
EMYB	Embassy Bancorp Inc	130,486	$2.146M	0.6%	$12.86	+4.5%	Equity	290791102
AVBH	Avidbank Holdings Inc	90,006	$2.12M	0.6%	$22.37	+6.7%	Equity	05368J103
—	Riverview Financial Corp	201,587	$2.117M	0.6%	$13.60	—	Equity	76940Q105
FNRN	First Northern Community Banco	186,919	$2.095M	0.6%	$9.26	+2.6%	Equity	335925103
—	Community Financial Corp/The	59,347	$2.002M	0.6%	$29.00	—	Equity	20368X101
NODB	North Dallas Bank & Trust Co	24,580	$1.997M	0.6%	$82.99	—	Equity	659012108
LFGP	Ledyard Financial Group Inc	97,278	$1.916M	0.6%	$21.58	-4.2%	Equity	523338101
—	California Bancorp Inc	96,075	$1.897M	0.6%	$19.00	—	Equity	13005U101
WDFN	Woodlands Financial Services C	63,074	$1.864M	0.6%	$21.38	+4.3%	Equity	979685104
PMHG	Prime Meridian Holding Co	90,700	$1.838M	0.5%	$17.78	+7.0%	Equity	74164R107
SFDL	Security Federal Corp	54,548	$1.754M	0.5%	$30.24	+5.9%	Equity	813903101
—	CIB Marine Bancshares Inc	1,199,545	$1.655M	0.5%	$1.56	—	Equity	12542L103
—	PSB Holding Corp	59,855	$1.58M	0.5%	$24.79	—	Equity	69362L100
—	Cornerstone Community Bancorp	89,990	$1.553M	0.5%	$17.50	—	Equity	21925R108
SEBC	Southeastern Banking Corp	79,016	$1.521M	0.5%	$13.29	+4.7%	Equity	84158P108
—	Farmers Bankshares Inc	85,070	$1.49M	0.4%	$17.89	—	Equity	309479103
—	Comunibanc Corp	48,238	$1.474M	0.4%	$30.78	—	Equity	205846108
SFIGA	Star Financial Group Inc	23,016	$1.462M	0.4%	$62.43	+0.9%	Equity	855121109
GNRV	Grand River Commerce Inc	212,727	$1.457M	0.4%	$6.56	+4.2%	Equity	386441109
—	Surrey Bancorp	98,456	$1.442M	0.4%	$14.51	—	Equity	86888W105
PBNK	Pinnacle Bank/Gilroy CA	120,066	$1.429M	0.4%	$12.00	-0.3%	Equity	72346K107
—	Town & Country Financial Corp	70,586	$1.412M	0.4%	$19.33	—	Equity	892039108
—	MNB Corp	42,087	$1.386M	0.4%	$32.82	—	Equity	553104100
—	Wellesley Bank	42,328	$1.38M	0.4%	$28.15	—	Equity	949485106
—	State Bank Corp	112,494	$1.35M	0.4%	$12.77	—	Equity	856121108
—	Delmar Bancorp	177,060	$1.324M	0.4%	$7.11	—	Equity	247035207
DBIN	Dacotah Banks Inc	38,427	$1.307M	0.4%	$33.07	-6.4%	Equity	233422104
BYLB	Boyle Bancorp Inc	16,150	$1.262M	0.4%	$59.74	+1.9%	Equity	103442109
—	Bank of Fincastle/The	486,486	$1.182M	0.4%	$2.26	—	Equity	062113105
—	Citizens Commerce Bancshares I	193,182	$1.169M	0.3%	$6.50	—	Equity	17452P200
HBSI	Highlands Bankshares Inc/WV	28,364	$1.149M	0.3%	$45.37	-4.0%	Equity	43088W104
REDW	Redwood Financial Inc	12,007	$1.144M	0.3%	$75.77	+14.8%	Equity	757903109
CBBI	CBB Bancorp Inc	99,228	$1.132M	0.3%	$10.70	-6.1%	Equity	12481T109
FCOB	1st Colonial Bancorp Inc	103,731	$1.068M	0.3%	$12.33	-10.3%	Equity	319716106
FFDF	FFD Financial Corp	19,825	$1.045M	0.3%	$13.60	+3.8%	Equity	30243C107
—	Central Valley Community Banco	47,364	$1.017M	0.3%	$19.96	—	Equity	155685100
CPKF	Chesapeake Financial Shares In	38,441	$1.006M	0.3%	$18.59	-0.6%	Equity	16517A109
—	CalWest Bancorp	2,552,500	$1.001M	0.3%	$0.38	—	Equity	13169Q102
CNND	Canandaigua National Corp	5,407	$989K	0.3%	$131.88	+2.3%	Equity	137143103
—	Presidio Bank	33,525	$982K	0.3%	$29.29	—	Equity	74101A100
UNTN	United Tennessee Bankshares In	44,463	$972K	0.3%	$17.22	+7.8%	Equity	91307P202
SCYT	Security Bancorp Inc/TN	15,914	$888K	0.3%	$56.84	+2.1%	Equity	81377P109
FCNCA	First Citizens BancShares Inc/	1,812	$816K	0.2%	$316.50	+35.2%	Equity	31946M103
—	ZIONS BANCORP NA	55,000	$730K	0.2%	$11.75	—	Warrant	989701115
TRCY	Tri City Bankshares Corp	33,622	$704K	0.2%	$20.76	—	Equity	895364107
CZBC	Citizens Bancorp/OR	36,980	$703K	0.2%	$15.76	+1.7%	Equity	172950107
—	Lighthouse Bank	25,347	$634K	0.2%	$25.01	—	Equity	53223T106
HTBK	Heritage Commerce Corp	50,000	$613K	0.2%	$12.76	-3.6%	Equity	426927109
MDVT	Middlebury National Corp	16,280	$602K	0.2%	$36.52	+5.7%	Equity	596237107
—	Lakeland Bancorp Inc	35,764	$578K	0.2%	$14.93	—	Equity	511637100
—	Cecil Bancorp Inc	367,501	$551K	0.2%	$1.50	—	Equity	149841306
—	Denver Bankshares Inc	1,983	$547K	0.2%	$275.84	—	Equity	249082108
BBBK	Baker Boyer Bancorp	7,318	$509K	0.2%	$48.11	+4.8%	Equity	057124109
WFCL	1867 Western Financial Corp	63	$504K	0.1%	$7561.07	+6.0%	Equity	282518109
—	Shore Community Bank	30,619	$484K	0.1%	$15.81	—	Equity	825112105
MCBI	Mountain Commerce Bancorp Inc	23,497	$444K	0.1%	$16.82	+1.1%	Equity	624004107
—	Spirit of Texas Bancshares Inc	18,800	$423K	0.1%	$22.50	—	Equity	84861D103
BSPA	Ballston Spa Bancorp Inc	6,864	$360K	0.1%	$45.00	+7.7%	Equity	058701103
CHBH	Croghan Bancshares Inc	6,005	$316K	0.1%	$37.96	+4.5%	Equity	227072105
CNBB	CNB Community Bancorp Inc	6,400	$235K	0.1%	$28.92	0.0%	Equity	12618F105
CNBN	CNB Bank Shares Inc	11,512	$216K	0.1%	$16.00	-0.1%	Equity	18978K105
—	1st Capital Bank	12,508	$209K	0.1%	$16.58	—	Equity	31944C107
CDAB	Coeur d'Alene Bancorp Inc	22,000	$198K	0.1%	$8.69	-2.6%	Equity	192080109
—	Wayne Savings Bancshares Inc	7,772	$162K	0.0%	$20.84	—	Equity	94624Q101
—	State Bond Common Stock	2,192	$149K	0.0%	$67.97	—	Fund	856572102
—	Carolina Trust Bancshares Inc	13,875	$109K	0.0%	$8.22	—	Equity	14422P105
RRBI	Red River Bancshares Inc	780	$38,000	0.0%	$48.87	0.0%	Equity	75686R202
BSSC	Bank of Southside Virginia Cor	40	$13,000	0.0%	$328.91	+0.0%	Equity	065121105
FOTB	First Ottawa Bancshares Inc	100	$7,000	0.0%	$72.40	-2.4%	Equity	335876108