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| | | VALUE | SHRS OR | SH/ | PUT/ | INVESTMENT | OTHER | VOTING AUTHORITY |
NAME OF ISSUER | TITLE OF CLASS | CUSIP | (x$1000) | PRN AMT | PRN | CALL | DISCRETION | MANAGER | SOLE | SHARED | NONE |
Alpine Banks of Colorado | COM | 020810107 | 1,879 | 57,999 | SH | | SOLE | | 57,999 | 0 | 0 |
American Business Bank | COM | 02475L105 | 2,524 | 64,379 | SH | | SOLE | | 64,379 | 0 | 0 |
American Riviera Bank | COM | 02932A106 | 2,223 | 110,340 | SH | | SOLE | | 110,340 | 0 | 0 |
Avidbank Holdings Inc | COM | 05368J103 | 2,083 | 82,983 | SH | | SOLE | | 82,983 | 0 | 0 |
Southern California Bancorp | COM | 84252A106 | 3,097 | 208,556 | SH | | SOLE | | 208,556 | 0 | 0 |
Oak Ridge Financial Services I | COM | 671768109 | 325 | 17,944 | SH | | SOLE | | 17,944 | 0 | 0 |
Bank of Marin Bancorp | COM | 063425102 | 3,647 | 97,966 | SH | | SOLE | | 97,966 | 0 | 0 |
Blue Ridge Bankshares Inc | COM | 095825105 | 6,017 | 336,129 | SH | | SOLE | | 336,129 | 0 | 0 |
Ballston Spa Bancorp Inc | COM | 058701103 | 920 | 17,795 | SH | | SOLE | | 17,795 | 0 | 0 |
Bank of Southside Virginia Cor | COM | 065121105 | 54 | 240 | SH | | SOLE | | 240 | 0 | 0 |
Beach Bank | COM | 07332N103 | 1,789 | 498,365 | SH | | SOLE | | 498,365 | 0 | 0 |
Bankwell Financial Group Inc | COM | 06654A103 | 3,623 | 110,338 | SH | | SOLE | | 110,338 | 0 | 0 |
Boyle Bancorp Inc | COM | 103442109 | 1,484 | 16,674 | SH | | SOLE | | 16,674 | 0 | 0 |
Citba Financial Corp | COM | 173024100 | 1,796 | 61,391 | SH | | SOLE | | 61,391 | 0 | 0 |
Colony Bankcorp Inc | COM | 19623P101 | 3,000 | 175,720 | SH | | SOLE | | 175,720 | 0 | 0 |
Comunibanc Corp | COM | 205846108 | 186 | 5,963 | SH | | SOLE | | 5,963 | 0 | 0 |
BAY Community Bancorp | COM | 072205107 | 3,321 | 464,409 | SH | | SOLE | | 464,409 | 0 | 0 |
Cecil Bancorp Inc | COM | 149841306 | 551 | 367,501 | SH | | SOLE | | 367,501 | 0 | 0 |
Citizens Financial Group Inc | COM | 174610105 | 5,308 | 112,331 | SH | | SOLE | | 112,331 | 0 | 0 |
Croghan Bancshares Inc | COM | 227072105 | 701 | 10,999 | SH | | SOLE | | 10,999 | 0 | 0 |
Comerica Inc | COM | 200340107 | 6,886 | 79,145 | SH | | SOLE | | 79,145 | 0 | 0 |
CNB Community Bancorp Inc | COM | 12618F105 | 2,068 | 48,048 | SH | | SOLE | | 48,048 | 0 | 0 |
Canandaigua National Corp | COM | 137143103 | 1,692 | 6,373 | SH | | SOLE | | 6,373 | 0 | 0 |
Cornerstone Community Bancorp | COM | 21925R108 | 3,884 | 134,708 | SH | | SOLE | | 134,708 | 0 | 0 |
Cashmere Valley Bank | COM | 14756K102 | 3,957 | 55,294 | SH | | SOLE | | 55,294 | 0 | 0 |
Central Valley Community Banco | COM | 155685100 | 817 | 39,346 | SH | | SOLE | | 39,346 | 0 | 0 |
Community West Bancshares | COM | 204157101 | 2,608 | 194,467 | SH | | SOLE | | 194,467 | 0 | 0 |
Crystal Valley Financial Corp | COM | 22941P100 | 2,827 | 43,320 | SH | | SOLE | | 43,320 | 0 | 0 |
Citizens Bancorp/OR | COM | 172950107 | 921 | 55,766 | SH | | SOLE | | 55,766 | 0 | 0 |
Dacotah Banks Inc | COM | 233422104 | 1,149 | 31,927 | SH | | SOLE | | 31,927 | 0 | 0 |
Denver Bankshares Inc | COM | 249082108 | 485 | 1,980 | SH | | SOLE | | 1,980 | 0 | 0 |
Enterprise Bancorp Inc/MA | COM | 293668109 | 4,863 | 108,253 | SH | | SOLE | | 108,253 | 0 | 0 |
Embassy Bancorp Inc | COM | 290791102 | 2,170 | 108,461 | SH | | SOLE | | 108,461 | 0 | 0 |
Exchange Bank/Santa Rosa CA | COM | 301227203 | 10,701 | 69,895 | SH | | SOLE | | 69,895 | 0 | 0 |
First Bankers Trustshares Inc | COM | 31929F109 | 2,990 | 97,387 | SH | | SOLE | | 97,387 | 0 | 0 |
Farmers Bankshares Inc | COM | 309479103 | 1,171 | 70,811 | SH | | SOLE | | 70,811 | 0 | 0 |
1st Constitution Bancorp | COM | 31986N102 | 4,307 | 167,961 | SH | | SOLE | | 167,961 | 0 | 0 |
First Citizens BancShares Inc/ | COM | 31946M202 | 16,619 | 22,458 | SH | | SOLE | | 22,458 | 0 | 0 |
1st Colonial Bancorp Inc | COM | 319716106 | 864 | 90,352 | SH | | SOLE | | 90,352 | 0 | 0 |
Fentura Financial Inc | COM | 314645102 | 3,203 | 113,389 | SH | | SOLE | | 113,389 | 0 | 0 |
Foresight Financial Group Inc | COM | 345526107 | 1,381 | 42,347 | SH | | SOLE | | 42,347 | 0 | 0 |
First National of Nebraska Inc | COM | 335720108 | 10,153 | 715 | SH | | SOLE | | 715 | 0 | 0 |
1st Capital Bancorp | COM | 319427100 | 2,372 | 162,491 | SH | | SOLE | | 162,491 | 0 | 0 |
Farmers & Merchants Bancorp In | COM | 30779N105 | 3,204 | 97,593 | SH | | SOLE | | 97,593 | 0 | 0 |
First Mid Bancshares Inc | COM | 320866106 | 4,686 | 109,523 | SH | | SOLE | | 109,523 | 0 | 0 |
Farmers & Merchants Bank of Lo | COM | 308243104 | 3,504 | 438 | SH | | SOLE | | 438 | 0 | 0 |
Farmers and Merchants Bancshar | COM | 308856103 | 2,676 | 121,368 | SH | | SOLE | | 121,368 | 0 | 0 |
Finward Bancorp | COM | 31812F109 | 1,404 | 30,363 | SH | | SOLE | | 30,363 | 0 | 0 |
First Ottawa Bancshares Inc | COM | 335876108 | 1,537 | 19,218 | SH | | SOLE | | 19,218 | 0 | 0 |
First Reliance Bancshares Inc | COM | 33615Q100 | 1,651 | 165,945 | SH | | SOLE | | 165,945 | 0 | 0 |
First National Corp/VA | COM | 32106V107 | 7,274 | 316,343 | SH | | SOLE | | 316,343 | 0 | 0 |
Grand River Commerce Inc | COM | 386441109 | 1,308 | 176,693 | SH | | SOLE | | 176,693 | 0 | 0 |
Heartland BancCorp | COM | 421962101 | 2,436 | 27,067 | SH | | SOLE | | 27,067 | 0 | 0 |
Horizon Bancorp Inc/AZ | COM | 44043E106 | 878 | 95,928 | SH | | SOLE | | 95,928 | 0 | 0 |
Heritage Commerce Corp | COM | 426927109 | 3,956 | 331,365 | SH | | SOLE | | 331,365 | 0 | 0 |
Level One Bancorp Inc | COM | 52730D208 | 4,934 | 125,096 | SH | | SOLE | | 125,096 | 0 | 0 |
Ledyard Financial Group Inc | COM | 523338101 | 2,358 | 96,064 | SH | | SOLE | | 96,064 | 0 | 0 |
Middlefield Banc Corp | COM | 596304204 | 0 | 0 | SH | | SOLE | | 0 | 0 | 0 |
Macatawa Bank Corp | COM | 554225102 | 2,852 | 323,396 | SH | | SOLE | | 323,396 | 0 | 0 |
Mountain Commerce Bancorp Inc | COM | 624004107 | 2,450 | 79,672 | SH | | SOLE | | 79,672 | 0 | 0 |
Mechanics Bank/Walnut Creek CA | COM | 583614102 | 162 | 6 | SH | | SOLE | | 6 | 0 | 0 |
Middlebury National Corp | COM | 596237107 | 709 | 15,674 | SH | | SOLE | | 15,674 | 0 | 0 |
Merchants Financial Group Inc | COM | 588538108 | 5,159 | 69,720 | SH | | SOLE | | 69,720 | 0 | 0 |
Marquette National Corp | COM | 571599109 | 1,907 | 52,528 | SH | | SOLE | | 52,528 | 0 | 0 |
Mission Bancorp/Bakersfield CA | COM | 605015106 | 3,397 | 44,122 | SH | | SOLE | | 44,122 | 0 | 0 |
New York Community Bancorp Inc | COM | 649445103 | 1,242 | 101,701 | SH | | SOLE | | 101,701 | 0 | 0 |
New York Community Bancorp Inc | CALL | 649445103 | 331 | 472,300 | SH | Call | SOLE | | 472,300 | 0 | 0 |
Oregon Pacific Bancorp | COM | 686040205 | 4,073 | 561,808 | SH | | SOLE | | 561,808 | 0 | 0 |
Old Second Bancorp Inc | COM | 680277100 | 3,413 | 271,103 | SH | | SOLE | | 271,103 | 0 | 0 |
Oak Valley Bancorp | COM | 671807105 | 6,240 | 358,593 | SH | | SOLE | | 358,593 | 0 | 0 |
Oxford Bank Corp/MI | COM | 69140P100 | 3,615 | 111,231 | SH | | SOLE | | 111,231 | 0 | 0 |
Pinnacle Bank/Gilroy CA | COM | 72346K107 | 2,239 | 174,258 | SH | | SOLE | | 174,258 | 0 | 0 |
Premier Financial Corp | COM | 74052F108 | 3,598 | 116,400 | SH | | SOLE | | 116,400 | 0 | 0 |
Peapack-Gladstone Financial Co | COM | 704699107 | 4,506 | 127,300 | SH | | SOLE | | 127,300 | 0 | 0 |
Parke Bancorp Inc | COM | 700885106 | 2,249 | 105,693 | SH | | SOLE | | 105,693 | 0 | 0 |
Plumas Bancorp | COM | 729273102 | 8,531 | 252,476 | SH | | SOLE | | 252,476 | 0 | 0 |
Prime Meridian Holding Co | COM | 74164R107 | 2,177 | 80,014 | SH | | SOLE | | 80,014 | 0 | 0 |
Pinnacle Financial Partners In | COM | 72346Q104 | 5,888 | 61,655 | SH | | SOLE | | 61,655 | 0 | 0 |
Peoples Bancorp/WA | COM | 70979X107 | 1,055 | 5,000 | SH | | SOLE | | 5,000 | 0 | 0 |
Pacific Valley Bank | COM | 69503P101 | 980 | 89,849 | SH | | SOLE | | 89,849 | 0 | 0 |
Red River Bancshares Inc | COM | 75686R202 | 1,627 | 30,416 | SH | | SOLE | | 30,416 | 0 | 0 |
Redwood Capital Bancorp | COM | 75777X100 | 3,634 | 176,578 | SH | | SOLE | | 176,578 | 0 | 0 |
Royal Financial Inc | COM | 78027P109 | 1,143 | 55,500 | SH | | SOLE | | 55,500 | 0 | 0 |
South Atlantic Bancshares Inc | COM | 83636T104 | 2,851 | 185,109 | SH | | SOLE | | 185,109 | 0 | 0 |
Southern BancShares NC Inc | COM | 842243107 | 10,498 | 1,944 | SH | | SOLE | | 1,944 | 0 | 0 |
Santa Cruz County Bank | COM | 801827106 | 4,970 | 104,973 | SH | | SOLE | | 104,973 | 0 | 0 |
Southeastern Banking Corp | COM | 84158P108 | 1,471 | 65,689 | SH | | SOLE | | 65,689 | 0 | 0 |
Star Financial Group Inc | COM | 855121109 | 1,446 | 18,903 | SH | | SOLE | | 18,903 | 0 | 0 |
Summit Bancshares Inc/CA | COM | 866010101 | 1,252 | 35,161 | SH | | SOLE | | 35,161 | 0 | 0 |
Southern Missouri Bancorp Inc | COM | 843380106 | 2,645 | 50,691 | SH | | SOLE | | 50,691 | 0 | 0 |
Security National Corp/IA | COM | 814784104 | 2,120 | 16,958 | SH | | SOLE | | 16,958 | 0 | 0 |
Synovus Financial Corp | COM | 87161C501 | 5,179 | 108,194 | SH | | SOLE | | 108,194 | 0 | 0 |
Solvay Bank | COM | 83441Q105 | 2,737 | 69,203 | SH | | SOLE | | 69,203 | 0 | 0 |
Surrey Bancorp | COM | 86888W105 | 1,359 | 87,653 | SH | | SOLE | | 87,653 | 0 | 0 |
Southern States Bancshares Inc | COM | 843878307 | 1,068 | 54,576 | SH | | SOLE | | 54,576 | 0 | 0 |
Studio Bank | COM | 86389R100 | 1,113 | 83,061 | SH | | SOLE | | 83,061 | 0 | 0 |
Community Financial Corp/The | COM | 20368X101 | 2,832 | 72,041 | SH | | SOLE | | 72,041 | 0 | 0 |
Traditions Bancorp Inc | COM | 89269L102 | 3,795 | 173,679 | SH | | SOLE | | 173,679 | 0 | 0 |
Tri City Bankshares Corp | COM | 895364107 | 1,966 | 92,963 | SH | | SOLE | | 92,963 | 0 | 0 |
Timberland Bancorp Inc/WA | COM | 887098101 | 6,508 | 234,951 | SH | | SOLE | | 234,951 | 0 | 0 |
Town and Country Financial Cor | COM | 892039108 | 1,611 | 59,333 | SH | | SOLE | | 59,333 | 0 | 0 |
Tri-County Financial Group Inc | COM | 89546P108 | 3,009 | 61,917 | SH | | SOLE | | 61,917 | 0 | 0 |
United BanCorp of Alabama Inc | COM | 90944R100 | 2,016 | 69,029 | SH | | SOLE | | 69,029 | 0 | 0 |
Veritex Holdings Inc | COM | 923451108 | 4,614 | 116,000 | SH | | SOLE | | 116,000 | 0 | 0 |
Valley National Bancorp | COM | 919794107 | 3,514 | 255,540 | SH | | SOLE | | 255,540 | 0 | 0 |
Wayne Savings Bancshares Inc | COM | 94624Q101 | 1,198 | 46,685 | SH | | SOLE | | 46,685 | 0 | 0 |
Woodlands Financial Services C | COM | 979685104 | 1,983 | 64,372 | SH | | SOLE | | 64,372 | 0 | 0 |
1867 Western Financial Corp | COM | 282518109 | 592 | 74 | SH | | SOLE | | 74 | 0 | 0 |
West Suburban Bancorp Inc | COM | 956152409 | 0 | 0 | SH | | SOLE | | 0 | 0 | 0 |
WSFS Financial Corp | COM | 929328102 | 3,474 | 69,311 | SH | | SOLE | | 69,311 | 0 | 0 |
WTB Financial Corp | COM | 929334209 | 4,689 | 12,180 | SH | | SOLE | | 12,180 | 0 | 0 |