Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
EXSR	Exchange Bank/Santa Rosa CA	84,306	$15.09M	4.3%	$124.78	+1.7%	Equity	301227203
FINN	First National of Nebraska Inc	1,211	$13.5M	3.8%	$7658.32	+25.6%	Equity	335720108
FCNCB	First Citizens BancShares Inc/	28,455	$12.38M	3.5%	$358.52	+15.9%	Equity	31946M202
SBNC	Southern BancShares NC Inc	2,543	$9.727M	2.8%	$3473.92	+9.7%	Equity	842243107
PLBC	Plumas Bancorp	347,747	$9.174M	2.6%	$14.11	+66.6%	Equity	729273102
TSBK	Timberland Bancorp Inc/WA	282,919	$8.414M	2.4%	$15.89	+41.0%	Equity	887098101
RF	Regions Financial Corp	463,383	$7.952M	2.3%	$8.86	+44.2%	Equity	7591EP100
ZION	Zions Bancorp NA	138,000	$7.165M	2.0%	$36.84	+31.8%	Equity	989701107
WTBFB	WTB Financial Corp	17,641	$6.714M	1.9%	$358.02	+2.8%	Equity	929334209
CMA	Comerica Inc	92,735	$6.654M	1.9%	$42.68	+18.7%	Equity	200340107
MFGI	Merchants Financial Group Inc	87,895	$6.447M	1.8%	$19.96	+4.8%	Equity	588538108
MSBC	Mission Bancorp/Bakersfield CA	73,855	$6.352M	1.8%	$70.85	+5.3%	Equity	605015106
FXNC	First National Corp/VA	284,751	$6.094M	1.7%	$16.17	+1.5%	Equity	32106V107
FMBL	Farmers & Merchants Bank of Lo	776	$6.08M	1.7%	$6977.66	-0.2%	Equity	308243104
OVLY	Oak Valley Bancorp	283,176	$5.511M	1.6%	$11.94	+48.4%	Equity	671807105
MBCN	Middlefield Banc Corp	206,348	$5.384M	1.5%	$19.61	+3.6%	Equity	596304204
—	Synovus Financial Corp	130,000	$5.096M	1.5%	$35.00	—	Equity	87161C501
BRBS	Blue Ridge Bankshares Inc	241,119	$5.051M	1.4%	$9.47	+22.7%	Equity	095825105
FGFH	Foresight Financial Group Inc	139,757	$5.017M	1.4%	$30.78	+3.3%	Equity	345526107
—	Santa Cruz County Bank	90,771	$4.788M	1.4%	$49.34	—	Equity	801827106
PGC	Peapack Gladstone Financial Co	153,209	$4.734M	1.3%	$25.73	+9.2%	Equity	704699107
CFG	Citizens Financial Group Inc	115,100	$4.674M	1.3%	$26.29	+8.4%	Equity	174610105
FMBH	First Mid Bancshares Inc	131,900	$4.649M	1.3%	$31.39	-6.2%	Equity	320866106
—	West Suburban Bancorp Inc	7,697	$4.507M	1.3%	$586.59	—	Equity	956152409
FBTT	First Bankers Trustshares Inc	146,250	$4.475M	1.3%	$25.97	-6.2%	Equity	31929F109
—	Heartland BancCorp	45,551	$4.327M	1.2%	$79.30	—	Equity	421962101
HTBK	Heritage Commerce Corp	337,034	$4.324M	1.2%	$12.13	+0.4%	Equity	426927109
ORPB	Oregon Pacific Bancorp	676,412	$4.126M	1.2%	$5.38	+10.9%	Equity	686040205
SNLC	Security National Corp/IA	30,315	$4.093M	1.2%	$131.02	-0.9%	Equity	814784104
—	York Traditions Bank	209,048	$4.062M	1.2%	$18.87	—	Equity	987159100
—	Community Bank of the Bay	559,000	$4.053M	1.2%	$6.80	—	Equity	203485107
CSHX	Cashmere Valley Bank	64,447	$3.899M	1.1%	$45.67	+7.1%	Equity	14756K102
BWFG	Bankwell Financial Group Inc	132,795	$3.83M	1.1%	$22.31	+8.2%	Equity	06654A103
CYVF	Crystal Valley Financial Corp	68,868	$3.802M	1.1%	$40.52	+12.4%	Equity	22941P100
SABK	South Atlantic Bancshares Inc	284,508	$3.559M	1.0%	$12.04	+2.3%	Equity	83636T104
VLY	Valley National Bancorp	304,810	$3.49M	1.0%	$12.47	-7.7%	Equity	919794107
—	Bank of Southern California NA	275,000	$3.465M	1.0%	$13.20	—	Equity	065104101
—	Fentura Financial Inc	136,364	$3.43M	1.0%	$19.45	—	Equity	314645102
—	1st Constitution Bancorp	152,656	$3.378M	1.0%	$19.05	—	Equity	31986N102
RWCB	Redwood Capital Bancorp	174,478	$3.238M	0.9%	$16.92	+5.4%	Equity	75777X100
—	California Bancorp Inc	161,074	$3.213M	0.9%	$19.10	—	Equity	13005U101
OXBC	Oxford Bank Corp/MI	133,788	$3.125M	0.9%	$17.82	+24.3%	Equity	69140P100
—	Heritage Southeast Bancorporat	155,105	$3.102M	0.9%	$21.50	—	Equity	42727V105
—	Bay Banks of Virginia Inc	362,744	$3.083M	0.9%	$7.35	—	Equity	072035108
MNAT	Marquette National Corp	95,725	$3.058M	0.9%	$32.45	-2.8%	Equity	571599109
—	American River Bankshares	205,236	$3.052M	0.9%	$15.45	—	Equity	029326105
—	Delmarva Bancshares Inc	366,662	$3.025M	0.9%	$7.85	—	Equity	247100100
—	SouthCrest Financial Group Inc	333,317	$3.02M	0.9%	$9.90	—	Equity	84129X107
—	Beach Community Bank	600,000	$3M	0.9%	$4.87	—	Equity	07332N103
FSRL	First Reliance Bancshares Inc	381,677	$2.985M	0.9%	$6.60	+18.7%	Equity	33615Q100
UBAB	United Bancorporation of Alaba	104,671	$2.953M	0.8%	$18.79	+7.6%	Equity	90944R100
—	Iowa First Bancshares Corp	68,180	$2.952M	0.8%	$35.50	—	Equity	46246F202
SOBS	Solvay Bank	76,674	$2.802M	0.8%	$25.68	-5.1%	Equity	83441Q105
CBAF	Citba Financial Corp	86,940	$2.766M	0.8%	$23.49	+12.7%	Equity	173024100
FMFG	Farmers & Merchants Bancshares	147,637	$2.711M	0.8%	$14.18	+0.6%	Equity	308856103
—	Community West Bancshares	233,611	$2.593M	0.7%	$9.24	—	Equity	204157101
WDFN	Woodlands Financial Services C	77,506	$2.519M	0.7%	$21.83	+10.5%	Equity	979685104
SMBC	Southern Missouri Bancorp Inc	65,394	$2.509M	0.7%	$24.26	+35.7%	Equity	843380106
EMYB	Embassy Bancorp Inc	130,486	$2.414M	0.7%	$12.86	+16.2%	Equity	290791102
LFGP	Ledyard Financial Group Inc	97,278	$2.408M	0.7%	$21.58	+4.5%	Equity	523338101
AVBH	Avidbank Holdings Inc	90,006	$2.228M	0.6%	$22.37	+9.2%	Equity	05368J103
TYFG	Tri-County Financial Group Inc	53,281	$2.166M	0.6%	$35.13	+1.9%	Equity	89546P108
FNRN	First Northern Community Banco	186,917	$2.15M	0.6%	$9.26	+0.4%	Equity	335925103
—	MNB Corp	34,365	$2.113M	0.6%	$32.82	—	Equity	553104100
—	Community Financial Corp/The	59,347	$2.103M	0.6%	$29.00	—	Equity	20368X101
—	Cornerstone Community Bancorp	102,029	$2.041M	0.6%	$17.51	—	Equity	21925R108
RRBI	Red River Bancshares Inc	34,173	$1.916M	0.5%	$45.75	+4.1%	Equity	75686R202
NODB	North Dallas Bank & Trust Co	24,580	$1.905M	0.5%	$82.99	—	Equity	659012108
PMHG	Prime Meridian Holding Co	90,700	$1.859M	0.5%	$17.78	+6.6%	Equity	74164R107
SEBC	Southeastern Banking Corp	79,016	$1.667M	0.5%	$13.29	+14.3%	Equity	84158P108
—	PSB Holding Corp	59,854	$1.663M	0.5%	$24.79	—	Equity	69362L100
SMAL	Summit Bancshares Inc/CA	42,458	$1.661M	0.5%	$47.27	-27.4%	Equity	866010101
—	Town & Country Financial Corp	71,086	$1.592M	0.5%	$19.33	—	Equity	892039108
—	CIB Marine Bancshares Inc	1,153,445	$1.592M	0.5%	$1.56	—	Equity	12542L103
SFIGA	Star Financial Group Inc	23,016	$1.508M	0.4%	$62.43	+3.5%	Equity	855121109
—	Bank of Fincastle/The	486,486	$1.508M	0.4%	$2.26	—	Equity	062113105
—	Comunibanc Corp	48,238	$1.486M	0.4%	$30.78	—	Equity	205846108
—	Farmers Bankshares Inc	85,070	$1.455M	0.4%	$17.89	—	Equity	309479103
—	Delmar Bancorp	177,059	$1.425M	0.4%	$7.11	—	Equity	247035207
—	Surrey Bancorp	98,456	$1.419M	0.4%	$14.51	—	Equity	86888W105
PBNK	Pinnacle Bank/Gilroy CA	120,066	$1.388M	0.4%	$12.00	-2.0%	Equity	72346K107
—	Citizens Commerce Bancshares I	193,182	$1.352M	0.4%	$6.50	—	Equity	17452P200
FFDF	FFD Financial Corp	20,050	$1.343M	0.4%	$13.61	+24.8%	Equity	30243C107
BYLB	Boyle Bancorp Inc	16,150	$1.26M	0.4%	$59.74	+3.2%	Equity	103442109
DBIN	Dacotah Banks Inc	38,427	$1.249M	0.4%	$33.07	-11.5%	Equity	233422104
CNND	Canandaigua National Corp	6,044	$1.23M	0.4%	$133.45	+13.5%	Equity	137143103
TRCY	Tri City Bankshares Corp	61,622	$1.219M	0.3%	$20.41	—	Equity	895364107
GNRV	Grand River Commerce Inc	212,727	$1.202M	0.3%	$6.56	-7.9%	Equity	386441109
CPKF	Chesapeake Financial Shares In	46,129	$1.107M	0.3%	$18.61	+7.3%	Equity	16517A109
CZBC	Citizens Bancorp/OR	59,024	$1.101M	0.3%	$15.75	-0.6%	Equity	172950107
FCOB	1st Colonial Bancorp Inc	103,733	$1.079M	0.3%	$12.33	-17.5%	Equity	319716106
—	ZIONS BANCORP NA	55,000	$1.073M	0.3%	$11.75	—	Warrant	989701115
UNTN	United Tennessee Bankshares In	44,463	$1.03M	0.3%	$17.22	+13.4%	Equity	91307P202
—	Central Valley Community Banco	47,364	$1.026M	0.3%	$19.96	—	Equity	155685100
SCYT	Security Bancorp Inc/TN	15,914	$939K	0.3%	$56.84	+1.5%	Equity	81377P109
CNBB	CNB Community Bancorp Inc	21,426	$825K	0.2%	$30.32	+3.9%	Equity	12618F105
MCBI	Mountain Commerce Bancorp Inc	33,197	$734K	0.2%	$16.93	+10.9%	Equity	624004107
—	Wayne Savings Bancshares Inc	30,544	$718K	0.2%	$21.50	—	Equity	94624Q101
MDVT	Middlebury National Corp	18,683	$691K	0.2%	$36.62	+1.0%	Equity	596237107
ALPIB	Alpine Banks of Colorado	130	$644K	0.2%	$4959.17	—	Equity	020810107
HBSI	Highlands Bankshares Inc/WV	14,750	$572K	0.2%	$45.37	-11.1%	Equity	43088W104
—	Denver Bankshares Inc	1,983	$555K	0.2%	$275.84	—	Equity	249082108
—	Cecil Bancorp Inc	367,501	$551K	0.2%	$1.50	—	Equity	149841306
WFCL	1867 Western Financial Corp	63	$536K	0.2%	$7561.07	+12.3%	Equity	282518109
BBBK	Baker Boyer Bancorp	7,318	$521K	0.1%	$48.11	+13.0%	Equity	057124109
BSPA	Ballston Spa Bancorp Inc	6,864	$391K	0.1%	$45.00	+8.5%	Equity	058701103
CHBH	Croghan Bancshares Inc	6,403	$343K	0.1%	$38.11	+6.2%	Equity	227072105
—	Wellesley Bank	7,474	$338K	0.1%	$28.15	—	Equity	949485106
CNBN	CNB Bank Shares Inc	17,212	$308K	0.1%	$15.90	-1.4%	Equity	18978K105
—	1st Capital Bank	16,592	$253K	0.1%	$16.32	—	Equity	31944C107
FOTB	First Ottawa Bancshares Inc	1,107	$80,000	0.0%	$62.68	-1.3%	Equity	335876108
BSSC	Bank of Southside Virginia Cor	40	$12,000	0.0%	$328.91	-7.5%	Equity	065121105