<SEC-DOCUMENT>0001145549-22-011259.txt : 20220225
<SEC-HEADER>0001145549-22-011259.hdr.sgml : 20220225
<ACCEPTANCE-DATETIME>20220225164709
ACCESSION NUMBER:		0001145549-22-011259
CONFORMED SUBMISSION TYPE:	NPORT-P
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20211231
FILED AS OF DATE:		20220225
PERIOD START:           	20211231

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND
		CENTRAL INDEX KEY:			0000925683
		IRS NUMBER:				043241844
		STATE OF INCORPORATION:			MA

	FILING VALUES:
		FORM TYPE:		NPORT-P
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-08568
		FILM NUMBER:		22681192

	BUSINESS ADDRESS:	
		STREET 1:		C/O JOHN HANCOCK INVESTMENT MANAGEMENT
		STREET 2:		200 BERKELEY STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02116
		BUSINESS PHONE:		617-663-3000

	MAIL ADDRESS:	
		STREET 1:		C/O JOHN HANCOCK INVESTMENT MANAGEMENT
		STREET 2:		200 BERKELEY STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02116

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	JOHN HANCOCK BANK & THRIFT OPPORTUNITY FUND
		DATE OF NAME CHANGE:	20110214

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HANCOCK JOHN BANK & THRIFT OPPORTUNITY FUND
		DATE OF NAME CHANGE:	19940728

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HANCOCK JOHN REGIONAL BANK & THRIFT FUND
		DATE OF NAME CHANGE:	19940620
</SEC-HEADER>
<DOCUMENT>
<TYPE>NPORT-P
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/nport" xmlns:com="http://www.sec.gov/edgar/common" xmlns:ncom="http://www.sec.gov/edgar/nportcommon" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
  <headerData>
    <submissionType>NPORT-P</submissionType>
    <isConfidential>false</isConfidential>
    <filerInfo>

      <filer>
        <issuerCredentials>
          <cik>0000925683</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>




    </filerInfo>
  </headerData>
  <formData>
    <genInfo>
      <regName>John Hancock Financial Opportunities Fund</regName>
      <regFileNumber>811-08568</regFileNumber>
      <regCik>0000925683</regCik>
      <regLei>549300GAIJWXWTEVVK15</regLei>
      <regStreet1>200 Berkeley Street</regStreet1>
      <regCity>Boston</regCity>
      <regStateConditional regCountry="US" regState="US-MA"/>
      <regZipOrPostalCode>02116</regZipOrPostalCode>
      <regPhone>617-663-4497</regPhone>
      <seriesName>John Hancock Financial Opportunities Fund</seriesName>
      <seriesLei>549300GAIJWXWTEVVK15</seriesLei>
      <repPdEnd>2021-12-31</repPdEnd>
      <repPdDate>2021-12-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>882258658.890000000000</totAssets>
      <totLiabs>125750860.500000000000</totLiabs>
      <netAssets>756507798.390000000000</netAssets>
      <assetsAttrMiscSec>0.000000000000</assetsAttrMiscSec>
      <assetsInvested>0.000000000000</assetsInvested>
      <amtPayOneYrBanksBorr>125000000.000000000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.000000000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.000000000000</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0.000000000000</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0.000000000000</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0.000000000000</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0.000000000000</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0.000000000000</amtPayAftOneYrOther>
      <delayDeliv>0.000000000000</delayDeliv>
      <standByCommit>0.000000000000</standByCommit>
      <liquidPref>0.000000000000</liquidPref>
      <cshNotRptdInCorD>638115.170000000000</cshNotRptdInCorD>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn rtn1="3.620000000000" rtn2="-5.080000000000" rtn3="12.790000000000"/>
        </monthlyTotReturns>
        <monthlyReturnCats>
          <interestRtContracts>
            <mon1 netRealizedGain="N/A" netUnrealizedAppr="326623.5"/>
            <mon2 netRealizedGain="N/A" netUnrealizedAppr="-193730"/>
            <mon3 netRealizedGain="N/A" netUnrealizedAppr="177361.5"/>
            <swapCategory>
              <instrMon1 netRealizedGain="N/A" netUnrealizedAppr="326623.5"/>
              <instrMon2 netRealizedGain="N/A" netUnrealizedAppr="-193730"/>
              <instrMon3 netRealizedGain="N/A" netUnrealizedAppr="177361.5"/>
            </swapCategory>
          </interestRtContracts>
        </monthlyReturnCats>
        <othMon1 netRealizedGain="595575.1" netUnrealizedAppr="42065174.72"/>
        <othMon2 netRealizedGain="1538386.66" netUnrealizedAppr="-25164644.22"/>
        <othMon3 netRealizedGain="10340779.73" netUnrealizedAppr="11938358.71"/>
      </returnInfo>
      <mon1Flow redemption="0.000000000000" reinvestment="642304.990000000000" sales="1406134.990000000000"/>
      <mon2Flow redemption="0.000000000000" reinvestment="0.000000000000" sales="840988.820000000000"/>
      <mon3Flow redemption="0.000000000000" reinvestment="0.000000000000" sales="537048.490000000000"/>
    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>Machias Savings Bank</name>
        <lei>N/A</lei>
        <title>MACHIAL SAVINGS BANK SHORT TERM</title>
        <cusip>55499Z9Y2</cusip>
        <identifiers>
          <ticker value="55499Z9Y2005"/>
        </identifiers>
        <balance>2015.94</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2015.94</valUSD>
        <pctVal>0.0002664797</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-05-31</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Milford Federal Bank</name>
        <lei>N/A</lei>
        <title>MILFORD FEDERAL SAVINGS + LOAN 00000000 00000.0000000000</title>
        <cusip>56099E004</cusip>
        <identifiers>
          <ticker value="56099E004000"/>
        </identifiers>
        <balance>3995.77</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3995.77</valUSD>
        <pctVal>0.0005281862</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-10-19</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MetroCity Bankshares Inc.</name>
        <lei>N/A</lei>
        <title>METROCITY BANKSHARES INC COMMON STOCK</title>
        <cusip>59165J105</cusip>
        <identifiers>
          <isin value="US59165J1051"/>
          <ticker value="MCBS "/>
        </identifiers>
        <balance>65263</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1796690.39</valUSD>
        <pctVal>0.2374979338</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mid Penn Bancorp Inc.</name>
        <lei>N/A</lei>
        <title>MID PENN BANCORP INC COMMON STOCK USD1.0</title>
        <cusip>59540G107</cusip>
        <identifiers>
          <isin value="US59540G1076"/>
          <ticker value="MPB "/>
        </identifiers>
        <balance>64256</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2039485.44</valUSD>
        <pctVal>0.2695921237</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MidWestOne Financial Group Inc.</name>
        <lei>N/A</lei>
        <title>MIDWESTONE FINANCIAL GROUP INC COMMON STOCK USD.01</title>
        <cusip>598511103</cusip>
        <identifiers>
          <isin value="US5985111039"/>
          <ticker value="MOFG "/>
        </identifiers>
        <balance>116362</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3766637.94</valUSD>
        <pctVal>0.4978980981</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MIDSTATE FEDERAL SAVINGS+LOAN 00000000 00000.0000000000</name>
        <lei>N/A</lei>
        <title>MIDSTATE FEDERAL SAVINGS+LOAN 00000000 00000.0000000000</title>
        <cusip>598993004</cusip>
        <identifiers>
          <ticker value="598993004005"/>
        </identifiers>
        <balance>2050.25</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2050.25</valUSD>
        <pctVal>0.0002710151</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-06-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mount McKinley Investment Limited</name>
        <lei>N/A</lei>
        <title>MOUNT MCKINLEY SAVINGS BANK 00000000 00000.0000000000</title>
        <cusip>62499M000</cusip>
        <identifiers>
          <ticker value="62499M000000"/>
        </identifiers>
        <balance>1734.4</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1734.4</valUSD>
        <pctVal>0.0002292640</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-12-02</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NBT Bancorp Inc.</name>
        <lei>N/A</lei>
        <title>NBT BANCORP INC COMMON STOCK USD.01</title>
        <cusip>628778102</cusip>
        <identifiers>
          <isin value="US6287781024"/>
          <ticker value="NBTB "/>
        </identifiers>
        <balance>101770</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3920180.4</valUSD>
        <pctVal>0.5181943145</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Newburyport Five Cents Bancorp Inc.</name>
        <lei>N/A</lei>
        <title>NEWBURYPORT FIVE CENT SVGS BK CD</title>
        <cusip>65199C008</cusip>
        <identifiers>
          <ticker value="65199C008001"/>
        </identifiers>
        <balance>2152.4</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2152.4</valUSD>
        <pctVal>0.0002845179</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-10-19</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nicolet Bankshares Inc.</name>
        <lei>N/A</lei>
        <title>NICOLET BANKSHARES INC COMMON STOCK</title>
        <cusip>65406E102</cusip>
        <identifiers>
          <isin value="US65406E1029"/>
          <ticker value="NCBS "/>
        </identifiers>
        <balance>95864</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8220338</valUSD>
        <pctVal>1.0866164258</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Northpointe Bancshares Inc.</name>
        <lei>N/A</lei>
        <title>NORTHPOINTE BANCSHARES I</title>
        <cusip>66661N308</cusip>
        <identifiers>
          <isin value="US66661N3089"/>
          <ticker value="NRTBNC"/>
        </identifiers>
        <balance>160000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4280000</valUSD>
        <pctVal>0.5657575519</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Northrim BanCorp Inc.</name>
        <lei>N/A</lei>
        <title>NORTHRIM BANCORP INC COMMON STOCK USD1.0</title>
        <cusip>666762109</cusip>
        <identifiers>
          <isin value="US6667621097"/>
          <ticker value="NRIM "/>
        </identifiers>
        <balance>97720</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4246911.2</valUSD>
        <pctVal>0.5613836644</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OP Bancorp</name>
        <lei>N/A</lei>
        <title>OP BANCORP COMMON STOCK</title>
        <cusip>67109R109</cusip>
        <identifiers>
          <isin value="US67109R1095"/>
          <ticker value="OPBK "/>
        </identifiers>
        <balance>170717</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2178348.92</valUSD>
        <pctVal>0.2879479795</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Oaktree Specialty Lending Corporation</name>
        <lei>549300J6MGCEU5928620</lei>
        <title>OAKTREE SPECIALTY LENDING CORP COMMON STOCK USD.01</title>
        <cusip>67401P108</cusip>
        <identifiers>
          <isin value="US67401P1084"/>
          <ticker value="OCSL "/>
        </identifiers>
        <balance>873464</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6516041.44</valUSD>
        <pctVal>0.8613316946</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ohio Valley Banc Corp.</name>
        <lei>N/A</lei>
        <title>OHIO VALLEY BANC CORP COMMON STOCK USD1.0</title>
        <cusip>677719106</cusip>
        <identifiers>
          <isin value="US6777191064"/>
          <ticker value="OVBC US"/>
        </identifiers>
        <balance>39260</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1140503</valUSD>
        <pctVal>0.1507589218</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Old National Bancorp</name>
        <lei>549300MMK90CL5KMVX16</lei>
        <title>OLD NATIONAL BANCORP/IN COMMON STOCK</title>
        <cusip>680033107</cusip>
        <identifiers>
          <isin value="US6800331075"/>
          <ticker value="ONB "/>
        </identifiers>
        <balance>364040</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6596404.8</valUSD>
        <pctVal>0.8719546334</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Old Second Bancorp Inc.</name>
        <lei>549300XVJC1MPUT81C04</lei>
        <title>OLD SECOND BANCORP INC COMMON STOCK USD1.0</title>
        <cusip>680277100</cusip>
        <identifiers>
          <isin value="US6802771005"/>
          <ticker value="OSBC "/>
        </identifiers>
        <balance>318549</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4010531.91</valUSD>
        <pctVal>0.5301375503</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Onex Corporation</name>
        <lei>N/A</lei>
        <title>ONEX CORP COMMON STOCK</title>
        <cusip>68272K103</cusip>
        <identifiers>
          <isin value="CA68272K1030"/>
          <ticker value="ONEX "/>
        </identifiers>
        <balance>124888</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.26495"/>
        <valUSD>9801874.1</valUSD>
        <pctVal>1.2956739006</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Orange County Bancorp Inc.</name>
        <lei>N/A</lei>
        <title>ORANGE COUNTY BANCORP INC COMMON STOCK USD.5</title>
        <cusip>68417L107</cusip>
        <identifiers>
          <isin value="US68417L1070"/>
          <ticker value="OBT US"/>
        </identifiers>
        <balance>43740</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1842766.2</valUSD>
        <pctVal>0.2435885266</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Pacific Premier Bancorp Inc.</name>
        <lei>549300Q1KIC3KLI0XG98</lei>
        <title>PACIFIC PREMIER BANCORP INC COMMON STOCK USD.01</title>
        <cusip>69478X105</cusip>
        <identifiers>
          <isin value="US69478X1054"/>
          <ticker value="PPBI "/>
        </identifiers>
        <balance>285177</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11415635.31</valUSD>
        <pctVal>1.5089910949</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PacWest Bancorp</name>
        <lei>549300YI8VMFO7G36V04</lei>
        <title>PACWEST BANCORP COMMON STOCK</title>
        <cusip>695263103</cusip>
        <identifiers>
          <isin value="US6952631033"/>
          <ticker value="PACW "/>
        </identifiers>
        <balance>183961</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8309518.37</valUSD>
        <pctVal>1.0984048529</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Southern First Bancshares Inc.</name>
        <lei>N/A</lei>
        <title>SOUTHERN FIRST BANCSHARES INC COMMON STOCK USD.01</title>
        <cusip>842873101</cusip>
        <identifiers>
          <isin value="US8428731017"/>
          <ticker value="SFST "/>
        </identifiers>
        <balance>131586</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8222809.14</valUSD>
        <pctVal>1.0869430768</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Southern Missouri Bancorp Inc.</name>
        <lei>N/A</lei>
        <title>SOUTHERN MISSOURI BANCORP INC COMMON STOCK USD.01</title>
        <cusip>843380106</cusip>
        <identifiers>
          <isin value="US8433801060"/>
          <ticker value="SMBC "/>
        </identifiers>
        <balance>105980</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5528976.6</valUSD>
        <pctVal>0.7308552023</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Stock Yards Bancorp Inc.</name>
        <lei>549300YERP9H5TDIQW16</lei>
        <title>STOCK YARDS BANCORP INC COMMON STOCK</title>
        <cusip>861025104</cusip>
        <identifiers>
          <isin value="US8610251048"/>
          <ticker value="SYBT "/>
        </identifiers>
        <balance>94346</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6026822.48</valUSD>
        <pctVal>0.7966636290</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Suncrest Bank</name>
        <lei>N/A</lei>
        <title>SUNCREST BANK COMMON STOCK</title>
        <cusip>86723G109</cusip>
        <identifiers>
          <isin value="US86723G1094"/>
          <ticker value="SBKK US"/>
        </identifiers>
        <balance>124406</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2187057.48</valUSD>
        <pctVal>0.2890991322</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sunshine Bancorp Inc.</name>
        <lei>N/A</lei>
        <title>SUNSHINE FEDERAL SAVINGS 00000000 00000.0000000000</title>
        <cusip>86799Q9R9</cusip>
        <identifiers>
          <ticker value="86799Q9R9010"/>
        </identifiers>
        <balance>2086.89</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2086.89</valUSD>
        <pctVal>0.0002758584</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-05-10</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Synovus Financial Corp.</name>
        <lei>549300EIUS8UN5JTLE54</lei>
        <title>SYNOVUS FINANCIAL CORP COMMON STOCK USD1.0</title>
        <cusip>87161C501</cusip>
        <identifiers>
          <isin value="US87161C5013"/>
          <ticker value="SNV "/>
        </identifiers>
        <balance>230856</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11051076.72</valUSD>
        <pctVal>1.4608014278</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tectonic Financial Inc.</name>
        <lei>N/A</lei>
        <title>TECTONIC FINANCIAL INC PREFERRED STOCK VAR</title>
        <cusip>87217L208</cusip>
        <identifiers>
          <isin value="US87217L2088"/>
          <ticker value="TECTON"/>
        </identifiers>
        <balance>186840</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1971162</valUSD>
        <pctVal>0.2605606980</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Territorial Bancorp Inc.</name>
        <lei>N/A</lei>
        <title>TERRITORIAL BANCORP INC COMMON STOCK USD.01</title>
        <cusip>88145X108</cusip>
        <identifiers>
          <isin value="US88145X1081"/>
          <ticker value="TBNK "/>
        </identifiers>
        <balance>60055</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1516388.75</valUSD>
        <pctVal>0.2004458848</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Third Coast Bancshares Inc</name>
        <lei>N/A</lei>
        <title>THIRD COAST BANCSHARES INC COMMON STOCK USD1.0</title>
        <cusip>88422P109</cusip>
        <identifiers>
          <isin value="US88422P1093"/>
          <ticker value="TCBX US"/>
        </identifiers>
        <balance>75223</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1954293.54</valUSD>
        <pctVal>0.2583309180</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Timberland Bancorp Inc.</name>
        <lei>N/A</lei>
        <title>TIMBERLAND BANCORP INC/WA COMMON STOCK USD.01</title>
        <cusip>887098101</cusip>
        <identifiers>
          <isin value="US8870981011"/>
          <ticker value="TSBK "/>
        </identifiers>
        <balance>97500</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2700750</valUSD>
        <pctVal>0.3570022683</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TriCo Bancshares</name>
        <lei>N/A</lei>
        <title>TRICO BANCSHARES COMMON STOCK</title>
        <cusip>896095106</cusip>
        <identifiers>
          <isin value="US8960951064"/>
          <ticker value="TCBK "/>
        </identifiers>
        <balance>204465</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8783816.4</valUSD>
        <pctVal>1.1611005754</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Truist Financial Corporation</name>
        <lei>549300DRQQI75D2JP341</lei>
        <title>TRUIST FINANCIAL CORP COMMON STOCK USD5.0</title>
        <cusip>89832Q109</cusip>
        <identifiers>
          <isin value="US89832Q1094"/>
          <ticker value="TFC "/>
        </identifiers>
        <balance>266891</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15626468.05</valUSD>
        <pctVal>2.0656056796</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>U.S. Bancorp</name>
        <lei>N1GZ7BBF3NP8GI976H15</lei>
        <title>US BANCORP COMMON STOCK USD.01</title>
        <cusip>902973304</cusip>
        <identifiers>
          <isin value="US9029733048"/>
          <ticker value="USB "/>
        </identifiers>
        <balance>280111</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15733834.87</valUSD>
        <pctVal>2.0797981070</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Umpqua Holdings Corporation</name>
        <lei>N/A</lei>
        <title>UMPQUA HOLDINGS CORP COMMON STOCK</title>
        <cusip>904214103</cusip>
        <identifiers>
          <isin value="US9042141039"/>
          <ticker value="UMPQ "/>
        </identifiers>
        <balance>257141</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4947392.84</valUSD>
        <pctVal>0.6539777714</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United Bancorporation of Alabama Inc.</name>
        <lei>N/A</lei>
        <title>UNITED BANCORPORATION ALAB-A</title>
        <cusip>90944R100</cusip>
        <identifiers>
          <isin value="US90944R1005"/>
          <ticker value="UBAB "/>
        </identifiers>
        <balance>170487</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4978220.4</valUSD>
        <pctVal>0.6580527538</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United Community Banks Inc.</name>
        <lei>549300GVW0FV66X3U703</lei>
        <title>UNITED COMMUNITY BANKS INC/GA PREFERRED STOCK 6.875</title>
        <cusip>90985F205</cusip>
        <identifiers>
          <isin value="US90985F2056"/>
          <ticker value="UCBI"/>
        </identifiers>
        <balance>57500</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1614600</valUSD>
        <pctVal>0.2134280709</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United Bankshares Inc.</name>
        <lei>N/A</lei>
        <title>UNITED BANKSHARES INC/WV COMMON STOCK USD2.5</title>
        <cusip>909907107</cusip>
        <identifiers>
          <isin value="US9099071071"/>
          <ticker value="UBSI "/>
        </identifiers>
        <balance>136598</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4955775.44</valUSD>
        <pctVal>0.6550858366</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Newton Federal Bank</name>
        <lei>N/A</lei>
        <title>NEWTON SAVINGS BANK SHORT TERM</title>
        <cusip>912BLC004</cusip>
        <identifiers>
          <ticker value="912BLC004004"/>
        </identifiers>
        <balance>1991.18</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1991.18</valUSD>
        <pctVal>0.0002632068</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-06-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>First Federal Savings and Loan Bank</name>
        <lei>N/A</lei>
        <title>FIRST FEDERAL SAVINGS BANK 00000000 00000.0000000000</title>
        <cusip>912BLD002</cusip>
        <identifiers>
          <ticker value="912BLD002001"/>
        </identifiers>
        <balance>3053.94</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3053.94</valUSD>
        <pctVal>0.0004036892</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-01-07</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hudson City Savings Bank</name>
        <lei>N/A</lei>
        <title>HUDSON SAVINGS 00000000 00000.0000000000</title>
        <cusip>912BUE000</cusip>
        <identifiers>
          <ticker value="912BUE000000"/>
        </identifiers>
        <balance>2259.77</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2259.77</valUSD>
        <pctVal>0.0002987107</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-04-24</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sixth Street Specialty Lending Inc.</name>
        <lei>549300TX61566GJWCN05</lei>
        <title>SIXTH STREET SPECIALTY LENDING COMMON STOCK USD.01</title>
        <cusip>83012A109</cusip>
        <identifiers>
          <isin value="US83012A1097"/>
          <ticker value="TSLX "/>
        </identifiers>
        <balance>178694</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4179652.66</valUSD>
        <pctVal>0.5524930039</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Southern California Bancorp</name>
        <lei>N/A</lei>
        <title>SOUTHERN CALIFORNIA BANCORP COMMON STOCK USD.01</title>
        <cusip>84252A106</cusip>
        <identifiers>
          <isin value="US84252A1060"/>
          <ticker value="BCAL US"/>
        </identifiers>
        <balance>95439</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1430630.61</valUSD>
        <pctVal>0.1891098298</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FIXED INC CLEARING CORP.REPO</name>
        <lei>N/A</lei>
        <title>FIXED INC CLEARING CORP.REPO</title>
        <cusip>85748R009</cusip>
        <identifiers>
          <ticker value="85748R009013"/>
          <other otherDesc="Custodian Identifier" value="85748R009"/>
        </identifiers>
        <balance>4024000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4024000</valUSD>
        <pctVal>0.5319178478</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="N/A" name="STATE STREET"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>N</isTriParty>
          <repurchaseRt>0.000000000000000</repurchaseRt>
          <maturityDt>2022-01-03</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>4146300</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>4104513.5886000004</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Pinnacle Financial Partners Inc.</name>
        <lei>54930098EZ8JMSAZGS24</lei>
        <title>PINNACLE FINANCIAL PARTNERS IN COMMON STOCK USD1.0</title>
        <cusip>72346Q104</cusip>
        <identifiers>
          <isin value="US72346Q1040"/>
          <ticker value="PNFP "/>
        </identifiers>
        <balance>126415</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12072632.5</valUSD>
        <pctVal>1.5958371514</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Pinnacle Financial Partners Inc.</name>
        <lei>54930098EZ8JMSAZGS24</lei>
        <title>PINNACLE FINANCIAL PARTNERS IN PREFERRED STOCK 6.75</title>
        <cusip>72346Q302</cusip>
        <identifiers>
          <isin value="US72346Q3020"/>
          <ticker value="PNFP"/>
        </identifiers>
        <balance>71825</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2037675.25</valUSD>
        <pctVal>0.2693528414</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Plumas Bancorp</name>
        <lei>N/A</lei>
        <title>PLUMAS BANCORP COMMON STOCK</title>
        <cusip>729273102</cusip>
        <identifiers>
          <isin value="US7292731020"/>
          <ticker value="PLBC US"/>
        </identifiers>
        <balance>53328</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1801953.12</valUSD>
        <pctVal>0.2381935948</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Plymouth Industrial REIT Inc.</name>
        <lei>N/A</lei>
        <title>PLYMOUTH INDUSTRIAL REIT INC REIT USD.01</title>
        <cusip>729640102</cusip>
        <identifiers>
          <isin value="US7296401026"/>
          <ticker value="PLYM "/>
        </identifiers>
        <balance>179294</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5737408</valUSD>
        <pctVal>0.7584069870</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Eastern Bank</name>
        <lei>N/A</lei>
        <title>EASTERN BANK 00000000 00000.0000000000</title>
        <cusip>73099E009</cusip>
        <identifiers>
          <ticker value="73099E009002"/>
        </identifiers>
        <balance>1962.1</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1962.1</valUSD>
        <pctVal>0.0002593628</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-04-24</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Popular Inc.</name>
        <lei>N/A</lei>
        <title>POPULAR INC COMMON STOCK USD.01</title>
        <cusip>733174700</cusip>
        <identifiers>
          <isin value="PR7331747001"/>
          <ticker value="BPOP "/>
        </identifiers>
        <balance>138844</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11390761.76</valUSD>
        <pctVal>1.5057031513</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Premier Financial Corp.</name>
        <lei>N/A</lei>
        <title>PREMIER FINANCIAL CORP COMMON STOCK</title>
        <cusip>74052F108</cusip>
        <identifiers>
          <isin value="US74052F1084"/>
          <ticker value="PFC"/>
        </identifiers>
        <balance>424815</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13131031.65</valUSD>
        <pctVal>1.7357430654</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Prime Meridian Holding Company</name>
        <lei>N/A</lei>
        <title>PRIME MERIDIAN HOLDING CO COMMON STOCK</title>
        <cusip>74164R107</cusip>
        <identifiers>
          <isin value="US74164R1077"/>
          <ticker value="PMHG "/>
        </identifiers>
        <balance>125087</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3532456.88</valUSD>
        <pctVal>0.4669425599</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Private Bancorp of America Inc.</name>
        <lei>N/A</lei>
        <title>PRIVATE BANCORP OF AMERICA INC COMMON STOCK</title>
        <cusip>74274F100</cusip>
        <identifiers>
          <isin value="US74274F1003"/>
          <ticker value="PBAM US"/>
        </identifiers>
        <balance>118082</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3182309.9</valUSD>
        <pctVal>0.4206579108</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Provident Financial Holdings Inc.</name>
        <lei>N/A</lei>
        <title>PROVIDENT FINANCIAL HOLDINGS I COMMON STOCK USD.01</title>
        <cusip>743868101</cusip>
        <identifiers>
          <isin value="US7438681014"/>
          <ticker value="PROV "/>
        </identifiers>
        <balance>106084</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1755690.2</valUSD>
        <pctVal>0.2320782686</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>QCR Holdings Inc.</name>
        <lei>N/A</lei>
        <title>QCR HOLDINGS INC COMMON STOCK USD1.0</title>
        <cusip>74727A104</cusip>
        <identifiers>
          <isin value="US74727A1043"/>
          <ticker value="QCRH "/>
        </identifiers>
        <balance>71593</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4009208</valUSD>
        <pctVal>0.5299625474</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Red River Bancshares Inc.</name>
        <lei>N/A</lei>
        <title>RED RIVER BANCSHARES INC COMMON STOCK</title>
        <cusip>75686R202</cusip>
        <identifiers>
          <isin value="US75686R2022"/>
          <ticker value="RRBI "/>
        </identifiers>
        <balance>48664</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2603524</valUSD>
        <pctVal>0.3441503188</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Regions Financial Corporation</name>
        <lei>CW05CS5KW59QTC0DG824</lei>
        <title>REGIONS FINANCIAL CORP COMMON STOCK USD.01</title>
        <cusip>7591EP100</cusip>
        <identifiers>
          <isin value="US7591EP1005"/>
          <ticker value="RF "/>
        </identifiers>
        <balance>634883</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13840449.4</valUSD>
        <pctVal>1.8295184041</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Renasant Corporation</name>
        <lei>549300OVE6OZHW2UUH81</lei>
        <title>RENASANT CORP COMMON STOCK USD5.0</title>
        <cusip>75970E107</cusip>
        <identifiers>
          <isin value="US75970E1073"/>
          <ticker value="RNST "/>
        </identifiers>
        <balance>166995</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6337460.25</valUSD>
        <pctVal>0.8377257001</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Riverview Bancorp Inc.</name>
        <lei>N/A</lei>
        <title>RIVERVIEW BANCORP INC COMMON STOCK USD.01</title>
        <cusip>769397100</cusip>
        <identifiers>
          <isin value="US7693971001"/>
          <ticker value="RVSB "/>
        </identifiers>
        <balance>87864</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>675674.16</valUSD>
        <pctVal>0.0893148969</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SB Financial Group Inc.</name>
        <lei>54930028E6P8OT8CTV58</lei>
        <title>SB FINANCIAL GROUP INC COMMON STOCK</title>
        <cusip>78408D105</cusip>
        <identifiers>
          <isin value="US78408D1054"/>
          <ticker value="SBFG "/>
        </identifiers>
        <balance>247702</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4822757.94</valUSD>
        <pctVal>0.6375027396</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Shore Bancshares Inc.</name>
        <lei>N/A</lei>
        <title>SHORE BANCSHARES INC COMMON STOCK USD.01</title>
        <cusip>825107105</cusip>
        <identifiers>
          <isin value="US8251071051"/>
          <ticker value="SHBI "/>
        </identifiers>
        <balance>209035</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4358379.75</valUSD>
        <pctVal>0.5761182845</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sierra Bancorp</name>
        <lei>N/A</lei>
        <title>SIERRA BANCORP COMMON STOCK</title>
        <cusip>82620P102</cusip>
        <identifiers>
          <isin value="US82620P1021"/>
          <ticker value="BSRR US"/>
        </identifiers>
        <balance>104579</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2839319.85</valUSD>
        <pctVal>0.3753193101</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sotherly Hotels Inc.</name>
        <lei>549300IYTT21F61LSR10</lei>
        <title>SOTHERLY HOTELS INC PUBLIC</title>
        <cusip>83600C301</cusip>
        <identifiers>
          <isin value="US83600C3016"/>
          <ticker value="SOHO"/>
        </identifiers>
        <balance>50424</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>825945.12</valUSD>
        <pctVal>0.1091786657</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sotherly Hotels Inc.</name>
        <lei>549300IYTT21F61LSR10</lei>
        <title>SOTHERLY HOTELS INC PREFERRED STOCK 8.25</title>
        <cusip>83600C509</cusip>
        <identifiers>
          <isin value="US83600C5094"/>
          <ticker value="SOHO"/>
        </identifiers>
        <balance>67358</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1131614.4</valUSD>
        <pctVal>0.1495839702</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>South Atlantic Bancshares Inc.</name>
        <lei>N/A</lei>
        <title>SOUTH ATLANTIC BANCSHARES INC COMMON STOCK</title>
        <cusip>83636T104</cusip>
        <identifiers>
          <isin value="US83636T1043"/>
          <ticker value="SABK "/>
        </identifiers>
        <balance>289568</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4470929.92</valUSD>
        <pctVal>0.5909958800</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>South State Corporation</name>
        <lei>549300JZUANXM0YQ4W53</lei>
        <title>SOUTH STATE CORP COMMON STOCK USD2.5</title>
        <cusip>840441109</cusip>
        <identifiers>
          <isin value="US8404411097"/>
          <ticker value="SSB "/>
        </identifiers>
        <balance>29868</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2392725.48</valUSD>
        <pctVal>0.3162856332</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>American Business Bank</name>
        <lei>549300OQ7NQEKOCGWF54</lei>
        <title>AMERICAN BUSINESS BANK COMMON STOCK</title>
        <cusip>02475L105</cusip>
        <identifiers>
          <isin value="US02475L1052"/>
          <ticker value="AMBZ "/>
        </identifiers>
        <balance>74896</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2957643.04</valUSD>
        <pctVal>0.3909600200</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>American National Bankshares Inc.</name>
        <lei>N/A</lei>
        <title>AMERICAN NATIONAL BANKSHARES I COMMON STOCK USD1.0</title>
        <cusip>027745108</cusip>
        <identifiers>
          <isin value="US0277451086"/>
          <ticker value="AMNB "/>
        </identifiers>
        <balance>85338</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3215535.84</valUSD>
        <pctVal>0.4250499264</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>American Riviera Bank</name>
        <lei>N/A</lei>
        <title>AMERICAN RIVIERA BANK COMMON STOCK USD.001</title>
        <cusip>02932A106</cusip>
        <identifiers>
          <isin value="US02932A1060"/>
          <ticker value="ARBV "/>
        </identifiers>
        <balance>200863</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4075510.27</valUSD>
        <pctVal>0.5387268021</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ameris Bancorp</name>
        <lei>PBJHNT51T5V6G5UQFV42</lei>
        <title>AMERIS BANCORP COMMON STOCK USD1.0</title>
        <cusip>03076K108</cusip>
        <identifiers>
          <isin value="US03076K1088"/>
          <ticker value="ABCB "/>
        </identifiers>
        <balance>266062</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13217960.16</valUSD>
        <pctVal>1.7472338273</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ares Management Corporation</name>
        <lei>N/A</lei>
        <title>ARES MANAGEMENT CORP COMMON STOCK</title>
        <cusip>03990B101</cusip>
        <identifiers>
          <isin value="US03990B1017"/>
          <ticker value="ARES "/>
        </identifiers>
        <balance>195864</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15917867.28</valUSD>
        <pctVal>2.1041246784</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Atlantic Capital Bancshares Inc.</name>
        <lei>5493005URKIOUNJO6097</lei>
        <title>ATLANTIC CAPITAL BANCSHARES IN COMMON STOCK</title>
        <cusip>048269203</cusip>
        <identifiers>
          <isin value="US0482692037"/>
          <ticker value="ACBI "/>
        </identifiers>
        <balance>210961</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6069347.97</valUSD>
        <pctVal>0.8022849180</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Atlantic Union Bankshares Corporation</name>
        <lei>N/A</lei>
        <title>ATLANTIC UNION BANKSHARES CORP COMMON STOCK USD1.33</title>
        <cusip>04911A107</cusip>
        <identifiers>
          <isin value="US04911A1079"/>
          <ticker value="AUB "/>
        </identifiers>
        <balance>240957</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8985286.53</valUSD>
        <pctVal>1.1877321753</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Atlantic Union Bankshares Corporation</name>
        <lei>N/A</lei>
        <title>ATLANTIC UNION BANKSHARES CORP PREFERRED STOCK 6.875</title>
        <cusip>04911A206</cusip>
        <identifiers>
          <isin value="US04911A2069"/>
          <ticker value="AUB"/>
        </identifiers>
        <balance>57500</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1610000</valUSD>
        <pctVal>0.2128200137</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Avidbank Holdings Inc.</name>
        <lei>54930029UJ8M0B84EE44</lei>
        <title>AVIDBANK HOLDINGS INC COMMON STOCK</title>
        <cusip>05368J103</cusip>
        <identifiers>
          <isin value="US05368J1034"/>
          <ticker value="AVBH "/>
        </identifiers>
        <balance>200000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5020000</valUSD>
        <pctVal>0.6635754464</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bank of America Corporation</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>BANK OF AMERICA CORP COMMON STOCK USD.01</title>
        <cusip>060505104</cusip>
        <identifiers>
          <isin value="US0605051046"/>
          <ticker value="BAC "/>
        </identifiers>
        <balance>409620</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18223993.8</valUSD>
        <pctVal>2.4089631117</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bank of Marin Bancorp</name>
        <lei>N/A</lei>
        <title>BANK OF MARIN BANCORP COMMON STOCK</title>
        <cusip>063425102</cusip>
        <identifiers>
          <isin value="US0634251021"/>
          <ticker value="BMRC "/>
        </identifiers>
        <balance>162958</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6066926.34</valUSD>
        <pctVal>0.8019648116</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bank7 Corp.</name>
        <lei>N/A</lei>
        <title>BANK7 CORP COMMON STOCK USD.01</title>
        <cusip>06652N107</cusip>
        <identifiers>
          <isin value="US06652N1072"/>
          <ticker value="BSVN US"/>
        </identifiers>
        <balance>77220</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1776060</valUSD>
        <pctVal>0.2347708779</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bar Harbor Bankshares</name>
        <lei>N/A</lei>
        <title>BAR HARBOR BANKSHARES COMMON STOCK USD2.0</title>
        <cusip>066849100</cusip>
        <identifiers>
          <isin value="US0668491006"/>
          <ticker value="BHB "/>
        </identifiers>
        <balance>134902</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3902714.86</valUSD>
        <pctVal>0.5158856086</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Baycom Corp</name>
        <lei>N/A</lei>
        <title>BAYCOM CORP COMMON STOCK</title>
        <cusip>07272M107</cusip>
        <identifiers>
          <isin value="US07272M1071"/>
          <ticker value="BCML "/>
        </identifiers>
        <balance>175855</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3299039.8</valUSD>
        <pctVal>0.4360880095</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Blackstone Inc.</name>
        <lei>N/A</lei>
        <title>BLACKSTONE GROUP INC/THE COMMON STOCK</title>
        <cusip>09260D107</cusip>
        <identifiers>
          <isin value="US09260D1072"/>
          <ticker value="BX "/>
        </identifiers>
        <balance>151920</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>19656928.8</valUSD>
        <pctVal>2.5983775503</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Brookfield Asset Management Inc.</name>
        <lei>C6J3FGIWG6MBDGTE8F80</lei>
        <title>BROOKFIELD ASSET MANAGEMENT IN COMMON STOCK</title>
        <cusip>112585104</cusip>
        <identifiers>
          <isin value="CA1125851040"/>
          <ticker value="BAM/A "/>
        </identifiers>
        <balance>95834</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5786456.92</valUSD>
        <pctVal>0.7648905844</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bryn Mawr Bank Corporation</name>
        <lei>4NOIGQXI7NPP6IUQF087</lei>
        <title>BRYN MAWR BANK CORP COMMON STOCK USD1.0</title>
        <cusip>117665109</cusip>
        <identifiers>
          <isin value="US1176651099"/>
          <ticker value="BMTC "/>
        </identifiers>
        <balance>80000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3600800</valUSD>
        <pctVal>0.4759765871</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Business First Bancshares Inc.</name>
        <lei>N/A</lei>
        <title>BUSINESS FIRST BANCSHARES INC COMMON STOCK USD1.0</title>
        <cusip>12326C105</cusip>
        <identifiers>
          <isin value="US12326C1053"/>
          <ticker value="BFST "/>
        </identifiers>
        <balance>148207</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4195740.17</valUSD>
        <pctVal>0.5546195530</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CandF Financial Corporation</name>
        <lei>549300VFPAZLNS1R0361</lei>
        <title>CandF FINANCIAL CORP COMMON STOCK USD1.0</title>
        <cusip>12466Q104</cusip>
        <identifiers>
          <isin value="US12466Q1040"/>
          <ticker value="CFFI "/>
        </identifiers>
        <balance>22445</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1148959.55</valUSD>
        <pctVal>0.1518767622</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CB Financial Services Inc.</name>
        <lei>N/A</lei>
        <title>CB FINANCIAL SERVICES INC COMMON STOCK</title>
        <cusip>12479G101</cusip>
        <identifiers>
          <isin value="US12479G1013"/>
          <ticker value="CBFV US"/>
        </identifiers>
        <balance>54602</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1315908.2</valUSD>
        <pctVal>0.1739450939</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CNB Financial Corporation</name>
        <lei>N/A</lei>
        <title>CNB FINANCIAL CORP/PA PREFERRED STOCK 7.125</title>
        <cusip>126128206</cusip>
        <identifiers>
          <isin value="US1261282065"/>
          <ticker value="CCNE"/>
        </identifiers>
        <balance>60000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1611600</valUSD>
        <pctVal>0.2130315118</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CVB Financial Corp.</name>
        <lei>N/A</lei>
        <title>CVB FINANCIAL CORP COMMON STOCK</title>
        <cusip>126600105</cusip>
        <identifiers>
          <isin value="US1266001056"/>
          <ticker value="CVBF "/>
        </identifiers>
        <balance>106152</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2272714.32</valUSD>
        <pctVal>0.3004217967</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>California BanCorp</name>
        <lei>N/A</lei>
        <title>CALIFORNIA BANCORP INC COMMON STOCK</title>
        <cusip>13005U101</cusip>
        <identifiers>
          <isin value="US13005U1016"/>
          <ticker value="CALB "/>
        </identifiers>
        <balance>121815</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2441172.6</valUSD>
        <pctVal>0.3226896808</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cambridge Bancorp</name>
        <lei>549300Q8HL7EWEE0HW14</lei>
        <title>CAMBRIDGE BANCORP COMMON STOCK USD1.0</title>
        <cusip>132152109</cusip>
        <identifiers>
          <isin value="US1321521098"/>
          <ticker value="CATC "/>
        </identifiers>
        <balance>78431</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7340357.29</valUSD>
        <pctVal>0.9702949931</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Camden National Corporation</name>
        <lei>549300ZVEDL2L8UW4F28</lei>
        <title>CAMDEN NATIONAL CORP COMMON STOCK</title>
        <cusip>133034108</cusip>
        <identifiers>
          <isin value="US1330341082"/>
          <ticker value="CAC "/>
        </identifiers>
        <balance>68551</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3301416.16</valUSD>
        <pctVal>0.4364021319</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Central Valley Community Bancorp</name>
        <lei>N/A</lei>
        <title>CENTRAL VALLEY COMMUNITY BANCO COMMON STOCK</title>
        <cusip>155685100</cusip>
        <identifiers>
          <isin value="US1556851004"/>
          <ticker value="CVCY "/>
        </identifiers>
        <balance>111386</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2313487.22</valUSD>
        <pctVal>0.3058114173</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Centric Financial Corp</name>
        <lei>N/A</lei>
        <title>CENTRIC FINANCIAL CORP COMMON STOCK</title>
        <cusip>15641J101</cusip>
        <identifiers>
          <isin value="US15641J1016"/>
          <ticker value="CFCX US"/>
        </identifiers>
        <balance>278484</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2701294.8</valUSD>
        <pctVal>0.3570742834</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>CITIGROUP INC COMMON STOCK USD.01</title>
        <cusip>172967424</cusip>
        <identifiers>
          <isin value="US1729674242"/>
          <ticker value="C "/>
        </identifiers>
        <balance>206810</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12489255.9</valUSD>
        <pctVal>1.6509090754</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Citizens Financial Group Inc.</name>
        <lei>N/A</lei>
        <title>CITIZENS FINANCIAL GROUP INC COMMON STOCK USD.01</title>
        <cusip>174610105</cusip>
        <identifiers>
          <isin value="US1746101054"/>
          <ticker value="CFG "/>
        </identifiers>
        <balance>340789</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16102280.25</valUSD>
        <pctVal>2.1285015547</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Citizens Community Bancorp Inc</name>
        <lei>N/A</lei>
        <title>CITIZENS COMMUNITY BANCORP INC COMMON STOCK USD.01</title>
        <cusip>174903104</cusip>
        <identifiers>
          <isin value="US1749031043"/>
          <ticker value="CZWI "/>
        </identifiers>
        <balance>169116</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2328727.32</valUSD>
        <pctVal>0.3078259504</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Civista Bancshares Inc.</name>
        <lei>5493001LX61Z2UVYSC48</lei>
        <title>CIVISTA BANCSHARES INC COMMON STOCK</title>
        <cusip>178867107</cusip>
        <identifiers>
          <isin value="US1788671071"/>
          <ticker value="CIVB "/>
        </identifiers>
        <balance>171523</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4185161.2</valUSD>
        <pctVal>0.5532211577</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Coastal Financial Corporation</name>
        <lei>N/A</lei>
        <title>COASTAL FINANCIAL CORP/WA COMMON STOCK</title>
        <cusip>19046P209</cusip>
        <identifiers>
          <isin value="US19046P2092"/>
          <ticker value="CCB "/>
        </identifiers>
        <balance>134013</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6783738.06</valUSD>
        <pctVal>0.8967175321</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Codorus Valley Bancorp Inc.</name>
        <lei>N/A</lei>
        <title>CODORUS VALLEY BANCORP INC COMMON STOCK USD2.5</title>
        <cusip>192025104</cusip>
        <identifiers>
          <isin value="US1920251048"/>
          <ticker value="CVLY US"/>
        </identifiers>
        <balance>92622</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2000635.2</valUSD>
        <pctVal>0.2644566526</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Limestone Bancorp Inc.</name>
        <lei>N/A</lei>
        <title>LIMESTONE BANCORP INC COMMON STOCK</title>
        <cusip>53262L105</cusip>
        <identifiers>
          <isin value="US53262L1052"/>
          <ticker value="LMST US"/>
        </identifiers>
        <balance>37248</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>694675.2</valUSD>
        <pctVal>0.0918265749</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Live Oak Bancshares Inc.</name>
        <lei>N/A</lei>
        <title>LIVE OAK BANCSHARES INC COMMON STOCK NPV</title>
        <cusip>53803X105</cusip>
        <identifiers>
          <isin value="US53803X1054"/>
          <ticker value="LOB "/>
        </identifiers>
        <balance>100017</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8730483.93</valUSD>
        <pctVal>1.1540507512</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>The PNC Financial Services Group Inc.</name>
        <lei>CFGNEKW0P8842LEUIA51</lei>
        <title>PNC FINANCIAL SERVICES GROUP I COMMON STOCK USD5.0</title>
        <cusip>693475105</cusip>
        <identifiers>
          <isin value="US6934751057"/>
          <ticker value="PNC "/>
        </identifiers>
        <balance>82262</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16495176.24</valUSD>
        <pctVal>2.1804370391</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Columbia Banking System Inc.</name>
        <lei>N/A</lei>
        <title>COLUMBIA BANKING SYSTEM INC COMMON STOCK</title>
        <cusip>197236102</cusip>
        <identifiers>
          <isin value="US1972361026"/>
          <ticker value="COLB "/>
        </identifiers>
        <balance>66697</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2182325.84</valUSD>
        <pctVal>0.2884736740</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Comerica Incorporated</name>
        <lei>I9Q57JVPWHHZ3ZGBW498</lei>
        <title>COMERICA INC COMMON STOCK USD5.0</title>
        <cusip>200340107</cusip>
        <identifiers>
          <isin value="US2003401070"/>
          <ticker value="CMA "/>
        </identifiers>
        <balance>167706</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14590422</valUSD>
        <pctVal>1.9286545401</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Communities First Financial Corporation</name>
        <lei>N/A</lei>
        <title>COMMUNITIES FIRST FINANCIAL CO COMMON STOCK</title>
        <cusip>20344D104</cusip>
        <identifiers>
          <isin value="US20344D1046"/>
          <ticker value="CFST "/>
        </identifiers>
        <balance>115523</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6503944.9</valUSD>
        <pctVal>0.8597326972</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>The Community Financial Corporation</name>
        <lei>549300IM1P8BVV642449</lei>
        <title>COMMUNITY FINANCIAL CORP/THE COMMON STOCK USD.01</title>
        <cusip>20368X101</cusip>
        <identifiers>
          <isin value="US20368X1019"/>
          <ticker value="TCFC "/>
        </identifiers>
        <balance>89596</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3522018.76</valUSD>
        <pctVal>0.4655627830</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ConnectOne Bancorp Inc.</name>
        <lei>549300E2M5ZYAZKUK134</lei>
        <title>CONNECTONE BANCORP INC COMMON STOCK</title>
        <cusip>20786W107</cusip>
        <identifiers>
          <isin value="US20786W1071"/>
          <ticker value="CNOB "/>
        </identifiers>
        <balance>28194</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>922225.74</valUSD>
        <pctVal>0.1219056488</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cullen/Frost Bankers Inc.</name>
        <lei>N/A</lei>
        <title>CULLEN/FROST BANKERS INC COMMON STOCK USD.01</title>
        <cusip>229899109</cusip>
        <identifiers>
          <isin value="US2298991090"/>
          <ticker value="CFR "/>
        </identifiers>
        <balance>101941</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12851701.87</valUSD>
        <pctVal>1.6988194831</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Discover Financial Services</name>
        <lei>Z1YLO2USPORE63VVUL20</lei>
        <title>DISCOVER FINANCIAL SERVICES COMMON STOCK USD.01</title>
        <cusip>254709108</cusip>
        <identifiers>
          <isin value="US2547091080"/>
          <ticker value="DFS "/>
        </identifiers>
        <balance>57696</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6667349.76</valUSD>
        <pctVal>0.8813325883</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Eagle Bancorp Montana Inc.</name>
        <lei>549300P2SVRIY3YU1412</lei>
        <title>EAGLE BANCORP MONTANA INC COMMON STOCK USD.01</title>
        <cusip>26942G100</cusip>
        <identifiers>
          <isin value="US26942G1004"/>
          <ticker value="EBMT "/>
        </identifiers>
        <balance>127715</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2934890.7</valUSD>
        <pctVal>0.3879524714</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>East West Bancorp Inc.</name>
        <lei>N/A</lei>
        <title>EAST WEST BANCORP INC COMMON STOCK USD.001</title>
        <cusip>27579R104</cusip>
        <identifiers>
          <isin value="US27579R1041"/>
          <ticker value="EWBC "/>
        </identifiers>
        <balance>43408</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3415341.44</valUSD>
        <pctVal>0.4514614981</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Equitable Holdings Inc.</name>
        <lei>N/A</lei>
        <title>EQUITABLE HOLDINGS INC COMMON STOCK USD.01</title>
        <cusip>29452E101</cusip>
        <identifiers>
          <isin value="US29452E1010"/>
          <ticker value="EQH "/>
        </identifiers>
        <balance>145837</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4781995.23</valUSD>
        <pctVal>0.6321144660</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Equity Bancshares Inc.</name>
        <lei>549300BPQ2EJNU4WF694</lei>
        <title>EQUITY BANCSHARES INC COMMON STOCK USD.01</title>
        <cusip>29460X109</cusip>
        <identifiers>
          <isin value="US29460X1090"/>
          <ticker value="EQBK "/>
        </identifiers>
        <balance>148933</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5053296.69</valUSD>
        <pctVal>0.6679768141</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ESSA Bancorp Inc.</name>
        <lei>N/A</lei>
        <title>ESSA BANCORP INC COMMON STOCK USD.01</title>
        <cusip>29667D104</cusip>
        <identifiers>
          <isin value="US29667D1046"/>
          <ticker value="ESSA "/>
        </identifiers>
        <balance>69450</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1203568.5</valUSD>
        <pctVal>0.1590953196</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Evans Bancorp Inc.</name>
        <lei>N/A</lei>
        <title>EVANS BANCORP INC COMMON STOCK USD.5</title>
        <cusip>29911Q208</cusip>
        <identifiers>
          <isin value="US29911Q2084"/>
          <ticker value="EVBN "/>
        </identifiers>
        <balance>69760</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2811328</valUSD>
        <pctVal>0.3716191698</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Farmers and Merchants Bancorp Inc.</name>
        <lei>N/A</lei>
        <title>FARMERS and MERCHANTS BANCORP IN COMMON STOCK</title>
        <cusip>30779N105</cusip>
        <identifiers>
          <isin value="US30779N1054"/>
          <ticker value="FMAO US"/>
        </identifiers>
        <balance>114822</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3769606.26</valUSD>
        <pctVal>0.4982904694</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Farmers National Banc Corp.</name>
        <lei>N/A</lei>
        <title>FARMERS NATIONAL BANC CORP COMMON STOCK</title>
        <cusip>309627107</cusip>
        <identifiers>
          <isin value="US3096271073"/>
          <ticker value="FMNB "/>
        </identifiers>
        <balance>149103</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2765860.65</valUSD>
        <pctVal>0.3656090071</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fifth Third Bancorp</name>
        <lei>THRNG6BD57P9QWTQLG42</lei>
        <title>FIFTH THIRD BANCORP COMMON STOCK</title>
        <cusip>316773100</cusip>
        <identifiers>
          <isin value="US3167731005"/>
          <ticker value="FITB "/>
        </identifiers>
        <balance>408959</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>17810164.45</valUSD>
        <pctVal>2.3542605229</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>The First Bancorp Inc.</name>
        <lei>N/A</lei>
        <title>FIRST BANCORP INC/ME COMMON STOCK USD.01</title>
        <cusip>31866P102</cusip>
        <identifiers>
          <isin value="US31866P1021"/>
          <ticker value="FNLC "/>
        </identifiers>
        <balance>245664</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7713849.6</valUSD>
        <pctVal>1.0196655760</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>The First Bancshares Inc.</name>
        <lei>5493006DL5RXJODMAF36</lei>
        <title>FIRST BANCSHARES INC/THE COMMON STOCK USD1.0</title>
        <cusip>318916103</cusip>
        <identifiers>
          <isin value="US3189161033"/>
          <ticker value="FBMS "/>
        </identifiers>
        <balance>210000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8110200</valUSD>
        <pctVal>1.0720576863</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>First Business Financial Services Inc.</name>
        <lei>N/A</lei>
        <title>FIRST BUSINESS FINANCIAL SERVI COMMON STOCK USD.01</title>
        <cusip>319390100</cusip>
        <identifiers>
          <isin value="US3193901002"/>
          <ticker value="FBIZ "/>
        </identifiers>
        <balance>91858</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2679497.86</valUSD>
        <pctVal>0.3541930256</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>First Community Corporation</name>
        <lei>549300TC167ECI9SMC70</lei>
        <title>FIRST COMMUNITY CORP/SC COMMON STOCK USD1.0</title>
        <cusip>319835104</cusip>
        <identifiers>
          <isin value="US3198351047"/>
          <ticker value="FCCO "/>
        </identifiers>
        <balance>132912</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2759253.12</valUSD>
        <pctVal>0.3647355818</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FIRST SAVINGS BANK OF PERCAISE 00000000 00000.0000000000</name>
        <lei>N/A</lei>
        <title>FIRST SAVINGS BANK OF PERCAISE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Custodian Identifier" value="31999X006"/>
        </identifiers>
        <balance>5138.21</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5138.21</valUSD>
        <pctVal>0.0006792012</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-04-05</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>First Financial Bancorp.</name>
        <lei>N/A</lei>
        <title>FIRST FINANCIAL BANCORP COMMON STOCK</title>
        <cusip>320209109</cusip>
        <identifiers>
          <isin value="US3202091092"/>
          <ticker value="FFBC "/>
        </identifiers>
        <balance>403431</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9835647.78</valUSD>
        <pctVal>1.3001383199</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>First Horizon Corporation</name>
        <lei>TF3RXI1ZB1TQ30H9JV10</lei>
        <title>FIRST HORIZON NATIONAL CORP COMMON STOCK USD.625</title>
        <cusip>320517105</cusip>
        <identifiers>
          <isin value="US3205171057"/>
          <ticker value="FHN "/>
        </identifiers>
        <balance>333111</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5439702.63</valUSD>
        <pctVal>0.7190544026</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>First Merchants Corporation</name>
        <lei>TZTBT0OTGQ2FEK6XMX94</lei>
        <title>FIRST MERCHANTS CORP COMMON STOCK</title>
        <cusip>320817109</cusip>
        <identifiers>
          <isin value="US3208171096"/>
          <ticker value="FRME "/>
        </identifiers>
        <balance>114010</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4775878.9</valUSD>
        <pctVal>0.6313059707</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>First Mid Bancshares Inc.</name>
        <lei>N/A</lei>
        <title>FIRST MID BANCSHARES INC COMMON STOCK USD4.0</title>
        <cusip>320866106</cusip>
        <identifiers>
          <isin value="US3208661062"/>
          <ticker value="FMBH "/>
        </identifiers>
        <balance>76166</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3259143.14</valUSD>
        <pctVal>0.4308142159</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>First Northwest Bancorp</name>
        <lei>549300YDR3VSTKB9DQ65</lei>
        <title>FIRST NORTHWEST BANCORP COMMON STOCK</title>
        <cusip>335834107</cusip>
        <identifiers>
          <isin value="US3358341077"/>
          <ticker value="FNWB US"/>
        </identifiers>
        <balance>75171</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1520709.33</valUSD>
        <pctVal>0.2010170065</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>First Reliance Bancshares Inc.</name>
        <lei>N/A</lei>
        <title>FIRST RELIANCE BANCSHARES INC COMMON STOCK USD.01</title>
        <cusip>33615Q100</cusip>
        <identifiers>
          <isin value="US33615Q1004"/>
          <ticker value="FSRL US"/>
        </identifiers>
        <balance>426454</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4349830.8</valUSD>
        <pctVal>0.5749882300</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>1st Source Corporation</name>
        <lei>N/A</lei>
        <title>1ST SOURCE CORP COMMON STOCK</title>
        <cusip>336901103</cusip>
        <identifiers>
          <isin value="US3369011032"/>
          <ticker value="SRCE "/>
        </identifiers>
        <balance>121706</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6036617.6</valUSD>
        <pctVal>0.7979584101</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Flushing Financial Corporation</name>
        <lei>N/A</lei>
        <title>FLUSHING FINANCIAL CORP COMMON STOCK USD.01</title>
        <cusip>343873105</cusip>
        <identifiers>
          <isin value="US3438731057"/>
          <ticker value="FFIC "/>
        </identifiers>
        <balance>74442</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1808940.6</valUSD>
        <pctVal>0.2391172442</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>German American Bancorp Inc.</name>
        <lei>5493002JDOI3GTNVUD76</lei>
        <title>GERMAN AMERICAN BANCORP INC COMMON STOCK</title>
        <cusip>373865104</cusip>
        <identifiers>
          <isin value="US3738651047"/>
          <ticker value="GABC "/>
        </identifiers>
        <balance>110169</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4294387.62</valUSD>
        <pctVal>0.5676593988</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Glacier Bancorp Inc.</name>
        <lei>N/A</lei>
        <title>GLACIER BANCORP INC COMMON STOCK USD.01</title>
        <cusip>37637Q105</cusip>
        <identifiers>
          <isin value="US37637Q1058"/>
          <ticker value="GBCI "/>
        </identifiers>
        <balance>66564</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3774178.8</valUSD>
        <pctVal>0.4988948968</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Great Southern Bancorp Inc.</name>
        <lei>5493000ZL7DLNMN1AB26</lei>
        <title>GREAT SOUTHERN BANCORP INC COMMON STOCK USD.01</title>
        <cusip>390905107</cusip>
        <identifiers>
          <isin value="US3909051076"/>
          <ticker value="GSBC "/>
        </identifiers>
        <balance>40257</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2385227.25</valUSD>
        <pctVal>0.3152944695</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Great Western Bancorp Inc.</name>
        <lei>5493004X4OTHDTFBHI90</lei>
        <title>GREAT WESTERN BANCORP INC COMMON STOCK USD.01</title>
        <cusip>391416104</cusip>
        <identifiers>
          <isin value="US3914161043"/>
          <ticker value="GWB "/>
        </identifiers>
        <balance>155189</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5270218.44</valUSD>
        <pctVal>0.6966509071</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HBT Financial Inc.</name>
        <lei>N/A</lei>
        <title>HBT FINANCIAL INC COMMON STOCK</title>
        <cusip>404111106</cusip>
        <identifiers>
          <isin value="US4041111067"/>
          <ticker value="HBT "/>
        </identifiers>
        <balance>199367</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3734143.91</valUSD>
        <pctVal>0.4936028311</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hancock Whitney Corporation</name>
        <lei>549300GRNBWY8HIICT41</lei>
        <title>HANCOCK WHITNEY CORP COMMON STOCK USD3.33</title>
        <cusip>410120109</cusip>
        <identifiers>
          <isin value="US4101201097"/>
          <ticker value="HWC "/>
        </identifiers>
        <balance>238868</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11948177.36</valUSD>
        <pctVal>1.5793858815</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Heritage Commerce Corp</name>
        <lei>549300CLIS851ELSR406</lei>
        <title>HERITAGE COMMERCE CORP COMMON STOCK</title>
        <cusip>426927109</cusip>
        <identifiers>
          <isin value="US4269271098"/>
          <ticker value="HTBK "/>
        </identifiers>
        <balance>519533</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6203224.02</valUSD>
        <pctVal>0.8199815036</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Heritage Financial Corporation</name>
        <lei>N/A</lei>
        <title>HERITAGE FINANCIAL CORP/WA COMMON STOCK</title>
        <cusip>42722X106</cusip>
        <identifiers>
          <isin value="US42722X1063"/>
          <ticker value="HFWA "/>
        </identifiers>
        <balance>94315</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2305058.6</valUSD>
        <pctVal>0.3046972688</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Horizon Bancorp Inc.</name>
        <lei>549300U2OQ2EIT5MXG39</lei>
        <title>HORIZON BANCORP INC/IN COMMON STOCK</title>
        <cusip>440407104</cusip>
        <identifiers>
          <isin value="US4404071049"/>
          <ticker value="HBNC "/>
        </identifiers>
        <balance>438980</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9152733</valUSD>
        <pctVal>1.2098663120</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Huntington Bancshares Incorporated</name>
        <lei>549300XTVCVV9I7B5T19</lei>
        <title>HUNTINGTON BANCSHARES INC/OH COMMON STOCK USD.01</title>
        <cusip>446150104</cusip>
        <identifiers>
          <isin value="US4461501045"/>
          <ticker value="HBAN "/>
        </identifiers>
        <balance>1232654</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>19007524.68</valUSD>
        <pctVal>2.5125351940</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Independent Bank Corp.</name>
        <lei>N/A</lei>
        <title>INDEPENDENT BANK CORP COMMON STOCK USD.01</title>
        <cusip>453836108</cusip>
        <identifiers>
          <isin value="US4538361084"/>
          <ticker value="INDB "/>
        </identifiers>
        <balance>79360</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6470220.8</valUSD>
        <pctVal>0.8552748318</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Independent Bank Corporation</name>
        <lei>N/A</lei>
        <title>INDEPENDENT BANK CORP/MI COMMON STOCK USD1.0</title>
        <cusip>453838609</cusip>
        <identifiers>
          <isin value="US4538386099"/>
          <ticker value="IBCP "/>
        </identifiers>
        <balance>163971</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3913987.77</valUSD>
        <pctVal>0.5173757334</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Invesco Mortgage Capital Inc.</name>
        <lei>PV3BDP2HFZL2FNXQBL39</lei>
        <title>INVESCO MORTGAGE CAPITAL INC REIT</title>
        <cusip>46131B407</cusip>
        <identifiers>
          <isin value="US46131B4077"/>
          <ticker value="IVR"/>
        </identifiers>
        <balance>121425</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2991912</valUSD>
        <pctVal>0.3954899085</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Oba Federal Savings and Loan Association</name>
        <lei>N/A</lei>
        <title>OBA FEDERAL SAVINGS + LOAN CD 00000000 00000.0000000000</title>
        <cusip>465992006</cusip>
        <identifiers>
          <ticker value="465992006010"/>
        </identifiers>
        <balance>1359.77</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1359.77</valUSD>
        <pctVal>0.0001797430</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-06-17</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JPMorgan Chase and Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMORGAN CHASE and CO COMMON STOCK USD1.0</title>
        <cusip>46625H100</cusip>
        <identifiers>
          <isin value="US46625H1005"/>
          <ticker value="JPM "/>
        </identifiers>
        <balance>100408</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15899606.8</valUSD>
        <pctVal>2.1017108923</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KKR and Co. Inc.</name>
        <lei>N/A</lei>
        <title>KKR and CO INC COMMON STOCK</title>
        <cusip>48251W104</cusip>
        <identifiers>
          <isin value="US48251W1045"/>
          <ticker value="KKR "/>
        </identifiers>
        <balance>240867</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>17944591.5</valUSD>
        <pctVal>2.3720299431</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KeyCorp</name>
        <lei>RKPI3RZGV1V1FJTH5T61</lei>
        <title>KEYCORP COMMON STOCK USD1.0</title>
        <cusip>493267108</cusip>
        <identifiers>
          <isin value="US4932671088"/>
          <ticker value="KEY "/>
        </identifiers>
        <balance>693596</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16042875.48</valUSD>
        <pctVal>2.1206490553</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Home Banking Company</name>
        <lei>N/A</lei>
        <title>HOME BANK 00000000 00000.0000000000</title>
        <cusip>912BUF007</cusip>
        <identifiers>
          <ticker value="912BUF007017"/>
        </identifiers>
        <balance>18927.1</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>18927.1</valUSD>
        <pctVal>0.0025019041</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-11-04</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Eurazeo SE</name>
        <lei>N/A</lei>
        <title>EURAZEO SE COMMON STOCK</title>
        <cusip>704239904</cusip>
        <identifiers>
          <isin value="FR0000121121"/>
          <ticker value="RF "/>
        </identifiers>
        <balance>91873</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.878349"/>
        <valUSD>8015485.99</valUSD>
        <pctVal>1.0595377876</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MandT Bank Corporation</name>
        <lei>N/A</lei>
        <title>MandT BANK CORP COMMON STOCK USD.5</title>
        <cusip>55261F104</cusip>
        <identifiers>
          <isin value="US55261F1049"/>
          <ticker value="MTB "/>
        </identifiers>
        <balance>98700</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15158346</valUSD>
        <pctVal>2.0037263373</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Landmark Bancorp Inc.</name>
        <lei>N/A</lei>
        <title>LANDMARK BANCORP INC/MANHATTAN COMMON STOCK USD.01</title>
        <cusip>51504L107</cusip>
        <identifiers>
          <isin value="US51504L1070"/>
          <ticker value="LARK US"/>
        </identifiers>
        <balance>45178</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1287573</valUSD>
        <pctVal>0.1701995674</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Level One Bancorp Inc.</name>
        <lei>N/A</lei>
        <title>LEVEL ONE BANCORP INC COMMON STOCK</title>
        <cusip>52730D208</cusip>
        <identifiers>
          <isin value="US52730D2080"/>
          <ticker value="LEVL "/>
        </identifiers>
        <balance>81429</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3211559.76</valUSD>
        <pctVal>0.4245243429</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Level One Bancorp Inc.</name>
        <lei>N/A</lei>
        <title>LEVEL ONE BANCORP INC PREFERRED STOCK 7.5</title>
        <cusip>52730F203</cusip>
        <identifiers>
          <isin value="US52730F2039"/>
          <ticker value="LEVL"/>
        </identifiers>
        <balance>50000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1374500</valUSD>
        <pctVal>0.1816901297</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Univest Financial Corporation</name>
        <lei>4WII2HCR8UEWNU03U507</lei>
        <title>UNIVEST FINANCIAL CORP COMMON STOCK USD5.0</title>
        <cusip>915271100</cusip>
        <identifiers>
          <isin value="US9152711001"/>
          <ticker value="UVSP "/>
        </identifiers>
        <balance>127725</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3821532</valUSD>
        <pctVal>0.5051543432</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>First Bank Richmond</name>
        <lei>N/A</lei>
        <title>FIRST BANK RICHMOND 00000000 00000.0000000000</title>
        <cusip>916BLH009</cusip>
        <identifiers>
          <ticker value="916BLH009009"/>
        </identifiers>
        <balance>21642.21</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>21642.21</valUSD>
        <pctVal>0.0028608046</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-05-12</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WSFS Financial Corporation</name>
        <lei>549300SU7VQHD6QRG886</lei>
        <title>WSFS FINANCIAL CORP COMMON STOCK USD.01</title>
        <cusip>929328102</cusip>
        <identifiers>
          <isin value="US9293281021"/>
          <ticker value="WSFS "/>
        </identifiers>
        <balance>188696</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9457443.52</valUSD>
        <pctVal>1.2501448815</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>W.T.B. Financial Corporation</name>
        <lei>N/A</lei>
        <title>WTB FINANCIAL CORP COMMON STOCK</title>
        <cusip>929334209</cusip>
        <identifiers>
          <isin value="US9293342096"/>
          <ticker value="WTBFB US"/>
        </identifiers>
        <balance>6902</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2657270</valUSD>
        <pctVal>0.3512548061</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MUTUAL ONE BANK 99E0FT5C3</name>
        <lei>N/A</lei>
        <title>MUTUAL ONE BANK 99E0FT5C3</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Custodian Identifier" value="9353CJ901"/>
        </identifiers>
        <balance>4265.44</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4265.44</valUSD>
        <pctVal>0.0005638329</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-09-11</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Washington Trust Bancorp Inc.</name>
        <lei>J66MZFCNJPP3PERHZW54</lei>
        <title>WASHINGTON TRUST BANCORP INC COMMON STOCK USD.0625</title>
        <cusip>940610108</cusip>
        <identifiers>
          <isin value="US9406101082"/>
          <ticker value="WASH "/>
        </identifiers>
        <balance>112988</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6369133.56</valUSD>
        <pctVal>0.8419124791</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EAST BOSTON SAVINGS BANK PPE6L2G55</name>
        <lei>N/A</lei>
        <title>EAST BOSTON SAVINGS BANK PPE6L2G55</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Custodian Identifier" value="943LEAII9"/>
        </identifiers>
        <balance>1937.73</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1937.73</valUSD>
        <pctVal>0.0002561414</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2023-11-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wesbanco Inc.</name>
        <lei>N/A</lei>
        <title>WESBANCO INC PREFERRED STOCK VAR</title>
        <cusip>950810705</cusip>
        <identifiers>
          <isin value="US9508107052"/>
          <ticker value="WSBC"/>
        </identifiers>
        <balance>50000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1451000</valUSD>
        <pctVal>0.1918023850</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Westbury Bancorp Inc.</name>
        <lei>N/A</lei>
        <title>WESTBURY BANCORP INC COMMON STOCK USD.01</title>
        <cusip>95727P106</cusip>
        <identifiers>
          <isin value="US95727P1066"/>
          <ticker value="WBBW "/>
        </identifiers>
        <balance>103507</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3112455.49</valUSD>
        <pctVal>0.4114241118</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BREMER FINL B BREMER FINL B</name>
        <lei>N/A</lei>
        <title>BREMER FINL B BREMER FINL B</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Custodian Identifier" value="965NEC903"/>
        </identifiers>
        <balance>41667</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4410583.33</valUSD>
        <pctVal>0.5830188849</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Country Bank for Savings</name>
        <lei>N/A</lei>
        <title>COUNTRY BANK FOR SAVINGS 2.96PCT 31AUG10</title>
        <cusip>980CXA000</cusip>
        <identifiers>
          <ticker value="980CXA000010"/>
        </identifiers>
        <balance>2103.98</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2103.98</valUSD>
        <pctVal>0.0002781174</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2022-08-29</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Zions Bancorporation National Association</name>
        <lei>N/A</lei>
        <title>ZIONS BANCORP NA COMMON STOCK USD.001</title>
        <cusip>989701107</cusip>
        <identifiers>
          <isin value="US9897011071"/>
          <ticker value="ZION "/>
        </identifiers>
        <balance>264029</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16676071.64</valUSD>
        <pctVal>2.2043489407</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Assured Guaranty Ltd.</name>
        <lei>N/A</lei>
        <title>ASSURED GUARANTY LTD COMMON STOCK USD.01</title>
        <cusip>G0585R106</cusip>
        <identifiers>
          <isin value="BMG0585R1060"/>
          <ticker value="AGO "/>
        </identifiers>
        <balance>82048</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4118809.6</valUSD>
        <pctVal>0.5444503822</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Invesco Ltd.</name>
        <lei>ECPGFXU8A2SHKVVGJI15</lei>
        <title>INVESCO LTD COMMON STOCK USD.2</title>
        <cusip>G491BT108</cusip>
        <identifiers>
          <isin value="BMG491BT1088"/>
          <ticker value="IVZ "/>
        </identifiers>
        <balance>114189</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2628630.78</valUSD>
        <pctVal>0.3474690923</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IRS USD P 1.22 20200302-20300302</name>
        <lei>N/A</lei>
        <title>IRS USD P 1.22 20200302-20300302</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Custodian Identifier" value="4093180"/>
        </identifiers>
        <balance>15000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>352785</valUSD>
        <pctVal>0.0466333593</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Chicago Mercantile Exchange</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="USD-LIBOR-BBA 3M" floatingRtSpread="0.000000000000" pmntAmt="2165.630000000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="3" resetDt="Month" resetDtUnit="3"/>
              </rtResetTenors>
            </floatingRecDesc>
            <fixedPmntDesc amount="60506.54" curCd="USD" fixedOrFloating="Fixed" fixedRt="1.220300000000"/>
            <terminationDt>2030-03-02</terminationDt>
            <upfrontPmnt>0.000000000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.000000000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>15000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>352785</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IRS USD P 1.14 20200303-20300303</name>
        <lei>N/A</lei>
        <title>IRS USD P 1.14 20200303-20300303</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Custodian Identifier" value="4113694"/>
        </identifiers>
        <balance>25000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>751427.5</valUSD>
        <pctVal>0.0993284539</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Chicago Mercantile Exchange</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="USD-LIBOR-BBA 3M" floatingRtSpread="0.000000000000" pmntAmt="3516.850000000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="3" resetDt="Month" resetDtUnit="3"/>
              </rtResetTenors>
            </floatingRecDesc>
            <fixedPmntDesc amount="93121.67" curCd="USD" fixedOrFloating="Fixed" fixedRt="1.136400000000"/>
            <terminationDt>2030-03-03</terminationDt>
            <upfrontPmnt>0.000000000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.000000000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>25000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>751427.5</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IRS USD P 1.08 20200304-20300304</name>
        <lei>N/A</lei>
        <title>IRS USD P 1.08 20200304-20300304</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Custodian Identifier" value="4158380"/>
        </identifiers>
        <balance>25000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>867632.5</valUSD>
        <pctVal>0.1146891680</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Chicago Mercantile Exchange</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="USD-LIBOR-BBA 3M" floatingRtSpread="0.000000000000" pmntAmt="3257.470000000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="3" resetDt="Month" resetDtUnit="3"/>
              </rtResetTenors>
            </floatingRecDesc>
            <fixedPmntDesc amount="87490" curCd="USD" fixedOrFloating="Fixed" fixedRt="1.076800000000"/>
            <terminationDt>2030-03-04</terminationDt>
            <upfrontPmnt>0.000000000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.000000000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>25000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>867632.5</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IRS USD P 1.79 20150826-20220826</name>
        <lei>N/A</lei>
        <title>IRS USD P 1.79 20150826-20220826</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Custodian Identifier" value="SLNZ0TV0"/>
        </identifiers>
        <balance>5000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-46436</valUSD>
        <pctVal>-0.0061382051</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Chicago Mercantile Exchange</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="USD-LIBOR-BBA 3M" floatingRtSpread="0.000000000000" pmntAmt="901.250000000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="3" resetDt="Month" resetDtUnit="3"/>
              </rtResetTenors>
            </floatingRecDesc>
            <fixedPmntDesc amount="31067.71" curCd="USD" fixedOrFloating="Fixed" fixedRt="1.789500000000"/>
            <terminationDt>2022-08-26</terminationDt>
            <upfrontPmnt>0.000000000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.000000000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>5000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-46436</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2022-01-28</ncom:dateSigned>
      <ncom:nameOfApplicant>John Hancock Financial Opportunities Fund</ncom:nameOfApplicant>
      <ncom:signature>/s/Salvatore Schiavone</ncom:signature>
      <ncom:signerName>Salvatore Schiavone</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
