Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
EXSR	Exchange Bank/Santa Rosa CA	84,306	$13.24M	4.0%	$124.78	-0.3%	Equity	301227203
FINN	First National of Nebraska Inc	1,211	$12.23M	3.7%	$7658.32	+13.2%	Equity	335720108
FCNCB	First Citizens BancShares Inc/	28,455	$11.3M	3.4%	$358.52	+5.1%	Equity	31946M202
SBNC	Southern BancShares NC Inc	2,543	$9.447M	2.8%	$3473.92	+9.5%	Equity	842243107
TSBK	Timberland Bancorp Inc/WA	282,919	$7.78M	2.3%	$15.89	+31.3%	Equity	887098101
MSBC	Mission Bancorp/Bakersfield CA	86,857	$7.557M	2.3%	$70.85	+3.3%	Equity	605015106
RF	Regions Financial Corp	463,383	$7.331M	2.2%	$8.86	+31.1%	Equity	7591EP100
PLBC	Plumas Bancorp	347,747	$7.021M	2.1%	$14.11	+62.9%	Equity	729273102
MFGI	Merchants Financial Group Inc	87,895	$6.416M	1.9%	$19.96	+4.3%	Equity	588538108
WTBFB	WTB Financial Corp	17,641	$6.227M	1.9%	$358.02	-0.5%	Equity	929334209
FMBL	Farmers & Merchants Bank of Lo	776	$6.15M	1.8%	$6977.66	+1.7%	Equity	308243104
ZION	Zions Bancorp NA	138,000	$6.144M	1.8%	$36.84	+17.3%	Equity	989701107
CMA	Comerica Inc	92,735	$6.12M	1.8%	$42.68	+13.3%	Equity	200340107
FXNC	First National Corp/VA	284,751	$5.225M	1.6%	$16.17	-1.9%	Equity	32106V107
FGFH	Foresight Financial Group Inc	139,757	$4.919M	1.5%	$30.78	+0.3%	Equity	345526107
MBCN	Middlefield Banc Corp	103,174	$4.828M	1.4%	$18.91	-1.9%	Equity	596304204
BRBS	Blue Ridge Bankshares Inc	241,120	$4.79M	1.4%	$9.47	+19.4%	Equity	095825105
OVLY	Oak Valley Bancorp	283,176	$4.749M	1.4%	$11.94	+50.3%	Equity	671807105
—	Synovus Financial Corp	130,000	$4.649M	1.4%	$35.00	—	Equity	87161C501
FMBH	First Mid Bancshares Inc	131,900	$4.566M	1.4%	$31.39	-10.9%	Equity	320866106
—	West Suburban Bancorp Inc	7,697	$4.564M	1.4%	$586.59	—	Equity	956152409
FBTT	First Bankers Trustshares Inc	146,250	$4.475M	1.3%	$25.97	-5.1%	Equity	31929F109
PGC	Peapack Gladstone Financial Co	153,209	$4.294M	1.3%	$25.73	+3.9%	Equity	704699107
CFG	Citizens Financial Group Inc	115,100	$4.071M	1.2%	$26.29	0.0%	Equity	174610105
—	Community Bank of the Bay	559,000	$3.913M	1.2%	$6.80	—	Equity	203485107
ORPB	Oregon Pacific Bancorp	676,412	$3.822M	1.1%	$5.38	+6.4%	Equity	686040205
SNLC	Security National Corp/IA	30,116	$3.78M	1.1%	$131.02	-3.4%	Equity	814784104
—	Heartland BancCorp	45,551	$3.763M	1.1%	$79.30	—	Equity	421962101
—	Santa Cruz County Bank	74,302	$3.715M	1.1%	$48.59	—	Equity	801827106
CSHX	Cashmere Valley Bank	64,447	$3.696M	1.1%	$45.67	+3.2%	Equity	14756K102
CYVF	Crystal Valley Financial Corp	68,868	$3.667M	1.1%	$40.52	+8.4%	Equity	22941P100
BWFG	Bankwell Financial Group Inc	132,795	$3.652M	1.1%	$22.31	+2.6%	Equity	06654A103
—	York Traditions Bank	209,048	$3.644M	1.1%	$18.87	—	Equity	987159100
SABK	South Atlantic Bancshares Inc	284,507	$3.534M	1.1%	$12.04	+4.4%	Equity	83636T104
—	Bank of Southern California NA	275,000	$3.383M	1.0%	$13.20	—	Equity	065104101
—	Heritage Southeast Bancorporat	155,105	$3.335M	1.0%	$21.50	—	Equity	42727V105
VLY	Valley National Bancorp	304,811	$3.313M	1.0%	$12.47	-14.2%	Equity	919794107
—	Beach Community Bank	600,000	$3M	0.9%	$4.87	—	Equity	07332N103
MNAT	Marquette National Corp	95,725	$2.987M	0.9%	$32.45	-1.4%	Equity	571599109
—	Bay Banks of Virginia Inc	362,744	$2.975M	0.9%	$7.35	—	Equity	072035108
FSRL	First Reliance Bancshares Inc	381,677	$2.897M	0.9%	$6.60	+14.0%	Equity	33615Q100
—	Delmarva Bancshares Inc	366,662	$2.897M	0.9%	$7.85	—	Equity	247100100
RWCB	Redwood Capital Bancorp	174,478	$2.881M	0.9%	$16.92	-1.6%	Equity	75777X100
—	SouthCrest Financial Group Inc	333,317	$2.85M	0.9%	$9.90	—	Equity	84129X107
—	Iowa First Bancshares Corp	68,180	$2.843M	0.9%	$35.50	—	Equity	46246F202
—	Fentura Financial Inc	136,364	$2.806M	0.8%	$19.45	—	Equity	314645102
—	American River Bankshares	205,236	$2.773M	0.8%	$15.45	—	Equity	029326105
OXBC	Oxford Bank Corp/MI	133,788	$2.689M	0.8%	$17.82	+14.0%	Equity	69140P100
CBAF	Citba Financial Corp	86,940	$2.621M	0.8%	$23.49	+5.5%	Equity	173024100
FMFG	Farmers & Merchants Bancshares	85,793	$2.618M	0.8%	$14.12	-1.5%	Equity	308856103
SOBS	Solvay Bank	68,544	$2.475M	0.7%	$25.84	-2.1%	Equity	83441Q105
—	California Bancorp Inc	131,074	$2.447M	0.7%	$18.91	—	Equity	13005U101
—	1st Constitution Bancorp	130,410	$2.445M	0.7%	$18.53	—	Equity	31986N102
HTBK	Heritage Commerce Corp	206,324	$2.425M	0.7%	$12.09	-1.8%	Equity	426927109
SMBC	Southern Missouri Bancorp Inc	65,394	$2.382M	0.7%	$24.26	+23.7%	Equity	843380106
—	Highlands Bankshares Inc/VA	275,662	$2.327M	0.7%	$5.20	—	Equity	430893107
—	Community West Bancshares	233,611	$2.31M	0.7%	$9.24	—	Equity	204157101
UBAB	United Bancorporation of Alaba	108,471	$2.179M	0.7%	$18.79	-3.4%	Equity	90944R100
TYFG	Tri-County Financial Group Inc	53,281	$2.155M	0.6%	$35.13	+3.6%	Equity	89546P108
AVBH	Avidbank Holdings Inc	90,006	$2.147M	0.6%	$22.37	+5.0%	Equity	05368J103
EMYB	Embassy Bancorp Inc	130,486	$2.088M	0.6%	$12.86	+8.1%	Equity	290791102
FNRN	First Northern Community Banco	186,919	$2.065M	0.6%	$9.26	+0.2%	Equity	335925103
WDFN	Woodlands Financial Services C	66,474	$2.031M	0.6%	$21.45	+5.9%	Equity	979685104
LFGP	Ledyard Financial Group Inc	97,278	$2.004M	0.6%	$21.58	-5.5%	Equity	523338101
—	Community Financial Corp/The	59,347	$1.986M	0.6%	$29.00	—	Equity	20368X101
NODB	North Dallas Bank & Trust Co	24,580	$1.976M	0.6%	$82.99	—	Equity	659012108
PMHG	Prime Meridian Holding Co	90,700	$1.824M	0.5%	$17.78	+3.2%	Equity	74164R107
—	Cornerstone Community Bancorp	102,029	$1.79M	0.5%	$17.51	—	Equity	21925R108
SMAL	Summit Bancshares Inc/CA	42,458	$1.666M	0.5%	$47.27	-24.0%	Equity	866010101
—	PSB Holding Corp	59,855	$1.658M	0.5%	$24.79	—	Equity	69362L100
SEBC	Southeastern Banking Corp	79,016	$1.58M	0.5%	$13.29	+12.5%	Equity	84158P108
RRBI	Red River Bancshares Inc	34,173	$1.482M	0.4%	$45.75	-0.2%	Equity	75686R202
—	Comunibanc Corp	48,238	$1.478M	0.4%	$30.78	—	Equity	205846108
SFIGA	Star Financial Group Inc	23,016	$1.468M	0.4%	$62.43	+2.4%	Equity	855121109
—	Town & Country Financial Corp	71,086	$1.467M	0.4%	$19.33	—	Equity	892039108
—	State Bank Corp	91,494	$1.466M	0.4%	$12.77	—	Equity	856121108
—	Farmers Bankshares Inc	85,070	$1.464M	0.4%	$17.89	—	Equity	309479103
—	CIB Marine Bancshares Inc	1,158,745	$1.46M	0.4%	$1.56	—	Equity	12542L103
—	MNB Corp	42,087	$1.42M	0.4%	$32.82	—	Equity	553104100
—	Surrey Bancorp	98,456	$1.395M	0.4%	$14.51	—	Equity	86888W105
PBNK	Pinnacle Bank/Gilroy CA	120,066	$1.383M	0.4%	$12.00	-1.1%	Equity	72346K107
GNRV	Grand River Commerce Inc	212,727	$1.325M	0.4%	$6.56	+3.3%	Equity	386441109
—	Wellesley Bank	42,328	$1.321M	0.4%	$28.15	—	Equity	949485106
—	Delmar Bancorp	177,060	$1.293M	0.4%	$7.11	—	Equity	247035207
DBIN	Dacotah Banks Inc	38,427	$1.268M	0.4%	$33.07	-8.6%	Equity	233422104
TRCY	Tri City Bankshares Corp	61,622	$1.232M	0.4%	$20.41	—	Equity	895364107
—	Bank of Fincastle/The	486,486	$1.231M	0.4%	$2.26	—	Equity	062113105
BYLB	Boyle Bancorp Inc	16,150	$1.211M	0.4%	$59.74	+2.2%	Equity	103442109
REDW	Redwood Financial Inc	12,007	$1.205M	0.4%	$75.77	+15.9%	Equity	757903109
—	Citizens Commerce Bancshares I	193,182	$1.188M	0.4%	$6.50	—	Equity	17452P200
—	Riverview Financial Corp	101,587	$1.187M	0.4%	$13.60	—	Equity	76940Q105
FFDF	FFD Financial Corp	20,050	$1.163M	0.3%	$13.61	+9.0%	Equity	30243C107
CNND	Canandaigua National Corp	5,815	$1.116M	0.3%	$132.75	+8.6%	Equity	137143103
HBSI	Highlands Bankshares Inc/WV	27,669	$1.11M	0.3%	$45.37	-10.4%	Equity	43088W104
CPKF	Chesapeake Financial Shares In	46,129	$1.076M	0.3%	$18.61	+0.6%	Equity	16517A109
FCOB	1st Colonial Bancorp Inc	103,731	$1.068M	0.3%	$12.33	-16.9%	Equity	319716106
—	Presidio Bank	34,225	$998K	0.3%	$29.29	—	Equity	74101A100
UNTN	United Tennessee Bankshares In	44,463	$983K	0.3%	$17.22	+8.0%	Equity	91307P202
CZBC	Citizens Bancorp/OR	52,309	$981K	0.3%	$15.77	+0.1%	Equity	172950107
—	CalWest Bancorp	2,552,500	$973K	0.3%	$0.38	—	Equity	13169Q102
—	Central Valley Community Banco	47,364	$964K	0.3%	$19.96	—	Equity	155685100
SCYT	Security Bancorp Inc/TN	15,914	$939K	0.3%	$56.84	+0.3%	Equity	81377P109
—	Lighthouse Bank	31,652	$823K	0.2%	$25.21	—	Equity	53223T106
MDVT	Middlebury National Corp	17,883	$657K	0.2%	$36.60	+2.2%	Equity	596237107
—	ZIONS BANCORP NA	55,000	$650K	0.2%	$11.75	—	Warrant	989701115
MCBI	Mountain Commerce Bancorp Inc	33,197	$635K	0.2%	$16.93	+1.6%	Equity	624004107
—	Cecil Bancorp Inc	367,501	$551K	0.2%	$1.50	—	Equity	149841306
—	Denver Bankshares Inc	1,983	$547K	0.2%	$275.84	—	Equity	249082108
—	Wayne Savings Bancshares Inc	24,604	$519K	0.2%	$21.02	—	Equity	94624Q101
—	Shore Community Bank	30,619	$505K	0.2%	$15.81	—	Equity	825112105
WFCL	1867 Western Financial Corp	63	$504K	0.2%	$7561.07	+12.4%	Equity	282518109
BBBK	Baker Boyer Bancorp	7,318	$503K	0.2%	$48.11	+7.0%	Equity	057124109
—	Northway Financial Inc	15,780	$492K	0.1%	$28.87	—	Equity	667270201
CNBB	CNB Community Bancorp Inc	11,200	$420K	0.1%	$29.25	+1.5%	Equity	12618F105
BSPA	Ballston Spa Bancorp Inc	6,864	$378K	0.1%	$45.00	+3.1%	Equity	058701103
CBBI	CBB Bancorp Inc	32,075	$338K	0.1%	$10.70	-11.4%	Equity	12481T109
CHBH	Croghan Bancshares Inc	6,005	$318K	0.1%	$37.96	+5.2%	Equity	227072105
OBT	Orange County Bancorp Inc	10,800	$300K	0.1%	$13.64	0.0%	Equity	68417L107
CNBN	CNB Bank Shares Inc	14,712	$277K	0.1%	$15.94	-1.4%	Equity	18978K105
—	1st Capital Bank	14,172	$226K	0.1%	$16.50	—	Equity	31944C107
CDAB	Coeur d'Alene Bancorp Inc	22,000	$198K	0.1%	$8.69	-3.0%	Equity	192080109
ALPIB	Alpine Banks of Colorado	15	$75,000	0.0%	$5000.00	—	Equity	020810107
FOTB	First Ottawa Bancshares Inc	297	$20,000	0.0%	$64.92	-5.8%	Equity	335876108
BSSC	Bank of Southside Virginia Cor	40	$12,000	0.0%	$328.91	-6.5%	Equity	065121105
—	County Bancorp Inc	15	$0	0.0%	—	—	Equity	221907108