<SEC-DOCUMENT>0001145549-24-051625.txt : 20240827
<SEC-HEADER>0001145549-24-051625.hdr.sgml : 20240827
<ACCEPTANCE-DATETIME>20240827104738
ACCESSION NUMBER:		0001145549-24-051625
CONFORMED SUBMISSION TYPE:	NPORT-P
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20240630
FILED AS OF DATE:		20240827
DATE AS OF CHANGE:		20240827
PERIOD START:           	20241231

FILER:

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

	FILING VALUES:
		FORM TYPE:		NPORT-P
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-08568
		FILM NUMBER:		241244694

	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>
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      <repPdEnd>2024-12-31</repPdEnd>
      <repPdDate>2024-06-30</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
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      <totLiabs>131296315.480000000000</totLiabs>
      <netAssets>561776817.440000000000</netAssets>
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        <name>Atlantic Union Bankshares Corporation</name>
        <lei>N/A</lei>
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        <lei>N/A</lei>
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        <name>Codorus Valley Bancorp Inc.</name>
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        <name>Ameris Bancorp</name>
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          <ticker value="ABCB"/>
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          <maturityDt>2029-12-15</maturityDt>
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      <invstOrSec>
        <name>Ares Management Corporation</name>
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        <title>ARES MANAGEMENT CORP COMMON STOCK</title>
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          <isin value="US03990B1017"/>
          <ticker value="ARES US"/>
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        <balance>66272</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8832732.16</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>First Business Financial Services Inc.</name>
        <lei>N/A</lei>
        <title>FIRST BUSINESS FINANCIAL SUBORDINATED 144A 12/99 VAR</title>
        <cusip>319390209</cusip>
        <identifiers>
          <isin value="US3193902091"/>
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        <balance>4000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3434868</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>First Citizens BancShares Inc.</name>
        <lei>549300N3Z00ZHE2XC526</lei>
        <title>FIRST CITIZENS BANCSHARES INC/ COMMON STOCK USD1.0</title>
        <cusip>31946M103</cusip>
        <identifiers>
          <isin value="US31946M1036"/>
          <ticker value="FCNCA US"/>
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        <balance>2186</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3680371.46</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>First Commonwealth Financial Corporation</name>
        <lei>N/A</lei>
        <title>FIRST COMMONWEALTH FINANCIAL C COMMON STOCK USD1.0</title>
        <cusip>319829107</cusip>
        <identifiers>
          <isin value="US3198291078"/>
          <ticker value="FCF US"/>
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        <balance>311718</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4304825.58</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <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 US"/>
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        <balance>132912</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2292732</valUSD>
        <pctVal>0.4081215046</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>
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      <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 US"/>
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        <balance>257070</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4740370.8</valUSD>
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        <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>
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      <invstOrSec>
        <name>Cadence Bank</name>
        <lei>N/A</lei>
        <title>CADENCE BANK SUBORDINATED 11/29 VAR</title>
        <cusip>05971JAA0</cusip>
        <identifiers>
          <isin value="US05971JAA07"/>
          <ticker value="CADE"/>
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        <balance>2000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1940795.54</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-11-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.125000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <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 US"/>
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        <balance>340639</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7568998.58</valUSD>
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        <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>
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      <invstOrSec>
        <name>Horizon Bancorp Inc.</name>
        <lei>549300U2OQ2EIT5MXG39</lei>
        <title>HORIZON BANCORP INC/IN SUBORDINATED 07/30 VAR</title>
        <cusip>440407AA2</cusip>
        <identifiers>
          <isin value="US440407AA21"/>
          <ticker value="HBNC"/>
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        <balance>3000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2873970.99</valUSD>
        <pctVal>0.5115859004</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.625000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Banc of California Inc.</name>
        <lei>549300ZKWUJDP6LJ1X87</lei>
        <title>BANC OF CALIFORNIA INC PREFERRED STOCK VAR</title>
        <cusip>05990K841</cusip>
        <identifiers>
          <isin value="US05990K8412"/>
          <ticker value="BANC"/>
        </identifiers>
        <balance>90000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2071800</valUSD>
        <pctVal>0.3687941431</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>
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      <invstOrSec>
        <name>Banc of California Inc.</name>
        <lei>549300ZKWUJDP6LJ1X87</lei>
        <title>BANC OF CALIFORNIA INC SUBORDINATED 10/30 VAR</title>
        <cusip>05990KAD8</cusip>
        <identifiers>
          <isin value="US05990KAD81"/>
          <ticker value="BANC"/>
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        <balance>2000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1844685.94</valUSD>
        <pctVal>0.3283663339</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-30</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.375000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Hudson Pacific Properties Inc.</name>
        <lei>N/A</lei>
        <title>HUDSON PACIFIC PROPERTIES INC PREFERRED STOCK 4.75</title>
        <cusip>444097307</cusip>
        <identifiers>
          <isin value="US4440973075"/>
          <ticker value="HPP"/>
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        <balance>118838</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1626892.22</valUSD>
        <pctVal>0.2895976070</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>
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      <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 US"/>
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        <balance>739488</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9746451.84</valUSD>
        <pctVal>1.7349330797</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Bank of Idaho Holding Co.</name>
        <lei>N/A</lei>
        <title>BANK OF IDAHO HOLDING CO COMMON STOCK</title>
        <cusip>062722202</cusip>
        <identifiers>
          <isin value="US0627222021"/>
          <ticker value="BOID US"/>
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        <balance>150000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4185000</valUSD>
        <pctVal>0.7449577608</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>
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      <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 US"/>
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        <balance>189583</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3069348.77</valUSD>
        <pctVal>0.5463644413</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>
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      <invstOrSec>
        <name>InBankshares Corp</name>
        <lei>N/A</lei>
        <title>INBANKSHARES CORP COMMON STOCK</title>
        <cusip>45332V105</cusip>
        <identifiers>
          <isin value="US45332V1052"/>
          <ticker value="INBC US"/>
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        <balance>207676</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1661408</valUSD>
        <pctVal>0.2957416448</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>
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      <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 US"/>
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        <balance>85080</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4315257.6</valUSD>
        <pctVal>0.7681444777</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <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"/>
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        <balance>116363</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3642161.9</valUSD>
        <pctVal>0.6483289782</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Banner Corporation</name>
        <lei>N/A</lei>
        <title>BANNER CORP COMMON STOCK USD.01</title>
        <cusip>06652V208</cusip>
        <identifiers>
          <isin value="US06652V2088"/>
          <ticker value="BANR US"/>
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        <balance>66503</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3301208.92</valUSD>
        <pctVal>0.5876370860</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>
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      </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 US"/>
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        <balance>163971</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4427217</valUSD>
        <pctVal>0.7880739935</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>
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      </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"/>
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        <balance>44625</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1075462.5</valUSD>
        <pctVal>0.1914394590</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>
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      </invstOrSec>
      <invstOrSec>
        <name>KKR and Co. Inc.</name>
        <lei>N/A</lei>
        <title>KKR and CO INC COMMON STOCK USD.01</title>
        <cusip>48251W104</cusip>
        <identifiers>
          <isin value="US48251W1045"/>
          <ticker value="KKR US"/>
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        <balance>85405</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8988022.2</valUSD>
        <pctVal>1.5999275728</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 US"/>
        </identifiers>
        <balance>664203</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9438324.63</valUSD>
        <pctVal>1.6800843924</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Landmark Bancorp Inc.</name>
        <lei>N/A</lei>
        <title>LANDMARK BANCORP INC/MANHATTAN COMMON STOCK USD.01</title>
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          <isin value="US51504L1070"/>
          <ticker value="LARK US"/>
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        <balance>64780</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1243776</valUSD>
        <pctVal>0.2214003785</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LendingClub Corporation</name>
        <lei>549300YC50YO7Y1OJR92</lei>
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          <isin value="US52603A2087"/>
          <ticker value="LC US"/>
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        <balance>260870</balance>
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        <curCd>USD</curCd>
        <valUSD>2206960.2</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Live Oak Bancshares Inc.</name>
        <lei>N/A</lei>
        <title>LIVE OAK BANCSHARES INC COMMON STOCK</title>
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          <isin value="US53803X1054"/>
          <ticker value="LOB US"/>
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        <curCd>USD</curCd>
        <valUSD>3858388.06</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>MandT Bank Corporation</name>
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          <isin value="US55261F1049"/>
          <ticker value="MTB US"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MandT Bank Corporation</name>
        <lei>N/A</lei>
        <title>MandT BANK CORP JR SUBORDINA 12/49 VAR</title>
        <cusip>55261FAH7</cusip>
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          <isin value="US55261FAH73"/>
          <ticker value="MTB"/>
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        <balance>3000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2842535.7</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2026-11-01</maturityDt>
          <couponKind>Variable</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Milford Federal Bank</name>
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        <title>MILFORD FEDERAL SAVINGS + LOAN 00000000 00000.0000000000</title>
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          <ticker value="56099E004000"/>
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        <balance>2080.73</balance>
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        <curCd>USD</curCd>
        <valUSD>2080.73</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2024-10-29</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Bar Harbor Bankshares</name>
        <lei>N/A</lei>
        <title>BAR HARBOR BANKSHARES COMMON STOCK USD2.0</title>
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          <isin value="US0668491006"/>
          <ticker value="BHB US"/>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3827550.72</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BayCom Corp</name>
        <lei>N/A</lei>
        <title>BAYCOM CORP COMMON STOCK</title>
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          <isin value="US07272M1071"/>
          <ticker value="BCML US"/>
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        <balance>173874</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <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 US"/>
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        <balance>190189</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8938883</valUSD>
        <pctVal>1.5911804693</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>W.T.B. Financial Corporation</name>
        <lei>N/A</lei>
        <title>WTB FINANCIAL CORP COMMON STOCK</title>
        <cusip>929334209</cusip>
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          <isin value="US9293342096"/>
          <ticker value="WTBFB US"/>
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        <balance>10170</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2542296.6</valUSD>
        <pctVal>0.4525456589</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>
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      <invstOrSec>
        <name>Blackstone Mortgage Trust Inc.</name>
        <lei>549300OLDJ20R2Y2UW20</lei>
        <title>BLACKSTONE MORTGAGE TRUST INC SR UNSECURED 03/27 5.5</title>
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          <ticker value="BXMT"/>
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        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3580000</valUSD>
        <pctVal>0.6372637476</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>Y</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>Blackstone Mortgage Trust, Inc.</name>
              <title>Blackstone Mortgage Trust, Inc.</title>
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                <ticker value="BXMT"/>
                <other otherDesc="BLOOMBERG" value="EQ0010025900001000"/>
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      <invstOrSec>
        <name>Brookfield Corporation</name>
        <lei>C6J3FGIWG6MBDGTE8F80</lei>
        <title>BROOKFIELD CORP COMMON STOCK</title>
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          <ticker value="BN US"/>
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        <curCd>USD</curCd>
        <valUSD>5171730</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MutualOne Bank</name>
        <lei>N/A</lei>
        <title>MUTUAL ONE BANK 99E0FT5C3</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Custodian Identifier" value="9353CJ901"/>
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        <balance>4308.81</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4308.81</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-09-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>THE MILFORD BANK PPEG2W329</name>
        <lei>N/A</lei>
        <title>THE MILFORD BANK PPEG2W329</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Custodian Identifier" value="937BTFII2"/>
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        <balance>1942.75</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1942.75</valUSD>
        <pctVal>0.0003458224</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-06-12</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
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      <invstOrSec>
        <name>WSFS Financial Corporation</name>
        <lei>549300SU7VQHD6QRG886</lei>
        <title>WSFS FINANCIAL CORP SUBORDINATED 12/27 VAR</title>
        <cusip>117665AD1</cusip>
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          <isin value="US117665AD11"/>
          <ticker value="WSFS"/>
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        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1366772.43</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Business First Bancshares Inc.</name>
        <lei>N/A</lei>
        <title>BUSINESS FIRST BANCSHARES INC COMMON STOCK USD1.0</title>
        <cusip>12326C105</cusip>
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          <isin value="US12326C1053"/>
          <ticker value="BFST US"/>
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        <balance>182458</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3970286.08</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>WaFd Inc..</name>
        <lei>N/A</lei>
        <title>WAFD INC PREFERRED STOCK 4.875</title>
        <cusip>938824307</cusip>
        <identifiers>
          <isin value="US9388243076"/>
          <ticker value="WAFD"/>
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        <balance>210875</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3091427.5</valUSD>
        <pctVal>0.5502946017</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <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 US"/>
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        <balance>37912</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1827358.4</valUSD>
        <pctVal>0.3252819168</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>
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      </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"/>
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        <balance>57155</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1295132.3</valUSD>
        <pctVal>0.2305421405</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"/>
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        <balance>75200</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1696512</valUSD>
        <pctVal>0.3019903897</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 US"/>
        </identifiers>
        <balance>222784</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3840796.16</valUSD>
        <pctVal>0.6836871941</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 COMMON STOCK</title>
        <cusip>13005U101</cusip>
        <identifiers>
          <isin value="US13005U1016"/>
          <ticker value="CALB US"/>
        </identifiers>
        <balance>121815</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2619022.5</valUSD>
        <pctVal>0.4662033780</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 US"/>
        </identifiers>
        <balance>68551</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2262183</valUSD>
        <pctVal>0.4026835800</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 US"/>
        </identifiers>
        <balance>183001</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2834685.49</valUSD>
        <pctVal>0.5045928208</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 US"/>
        </identifiers>
        <balance>130615</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6026576.1</valUSD>
        <pctVal>1.0727705225</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 US"/>
        </identifiers>
        <balance>94578</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1663627.02</valUSD>
        <pctVal>0.2961366451</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 US"/>
        </identifiers>
        <balance>69760</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1960953.6</valUSD>
        <pctVal>0.3490627486</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 US"/>
        </identifiers>
        <balance>162398</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2028351.02</valUSD>
        <pctVal>0.3610599364</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 US"/>
        </identifiers>
        <balance>261126</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9528487.74</valUSD>
        <pctVal>1.6961340241</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/THE COMMON STOCK USD.01</title>
        <cusip>31866P102</cusip>
        <identifiers>
          <isin value="US31866P1021"/>
          <ticker value="FNLC US"/>
        </identifiers>
        <balance>226174</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5620423.9</valUSD>
        <pctVal>1.0004727368</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 US"/>
        </identifiers>
        <balance>181973</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4727658.54</valUSD>
        <pctVal>0.8415545806</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 US"/>
        </identifiers>
        <balance>91858</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3397827.42</valUSD>
        <pctVal>0.6048358199</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>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 US"/>
        </identifiers>
        <balance>65263</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1722943.2</valUSD>
        <pctVal>0.3066953186</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 US"/>
        </identifiers>
        <balance>71323</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1565539.85</valUSD>
        <pctVal>0.2786764782</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>Midland States Bancorp Inc.</name>
        <lei>5493006RHXW9TTBWYC94</lei>
        <title>MIDLAND STATES BANCORP INC PREFERRED STOCK VAR</title>
        <cusip>597742303</cusip>
        <identifiers>
          <isin value="US5977423038"/>
          <ticker value="MSBI"/>
        </identifiers>
        <balance>83275</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2053561.5</valUSD>
        <pctVal>0.3655475691</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>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 US"/>
        </identifiers>
        <balance>133914</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3011725.86</valUSD>
        <pctVal>0.5361071811</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>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 US"/>
        </identifiers>
        <balance>104324</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4026906.4</valUSD>
        <pctVal>0.7168160513</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>2182.95</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2182.95</valUSD>
        <pctVal>0.0003885796</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-10-18</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <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 USD.01</title>
        <cusip>65406E102</cusip>
        <identifiers>
          <isin value="US65406E1029"/>
          <ticker value="NIC US"/>
        </identifiers>
        <balance>89093</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7398282.72</valUSD>
        <pctVal>1.3169434000</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 INC PREFERRED STOCK VAR</title>
        <cusip>66661N308</cusip>
        <identifiers>
          <isin value="US66661N3089"/>
          <ticker value="NRTBNC"/>
        </identifiers>
        <balance>160000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3551728</valUSD>
        <pctVal>0.6322311441</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 US"/>
        </identifiers>
        <balance>92403</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5326108.92</valUSD>
        <pctVal>0.9480827180</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 US"/>
        </identifiers>
        <balance>170717</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1637176.03</valUSD>
        <pctVal>0.2914281934</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>67401P405</cusip>
        <identifiers>
          <isin value="US67401P4054"/>
          <ticker value="OCSL"/>
        </identifiers>
        <balance>259793</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4886706.33</valUSD>
        <pctVal>0.8698661423</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 US"/>
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        <balance>368798</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1471504.02</valUSD>
        <pctVal>0.2619374766</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>
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      </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 US"/>
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        <balance>257156</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3600184</valUSD>
        <pctVal>0.6408566335</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 US"/>
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        <balance>406028</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4649020.6</valUSD>
        <pctVal>0.8275565057</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>
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      </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"/>
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        <balance>163038</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3648790.44</valUSD>
        <pctVal>0.6495089022</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>
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      </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 US"/>
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        <balance>228214</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4872368.9</valUSD>
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        <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>
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      <invstOrSec>
        <name>Skyward Specialty Insurance Group Inc.</name>
        <lei>N/A</lei>
        <title>SKYWARD SPECIALTY INSURANCE GR COMMON STOCK USD.01</title>
        <cusip>830940102</cusip>
        <identifiers>
          <isin value="US8309401029"/>
          <ticker value="SKWD US"/>
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        <balance>55961</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2024668.98</valUSD>
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        <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>
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      <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 US"/>
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        <balance>289568</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3590643.2</valUSD>
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        <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>
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      <invstOrSec>
        <name>SouthState Corporation</name>
        <lei>549300JZUANXM0YQ4W53</lei>
        <title>SOUTHSTATE CORP COMMON STOCK USD2.5</title>
        <cusip>840441109</cusip>
        <identifiers>
          <isin value="US8404411097"/>
          <ticker value="SSB US"/>
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        <balance>83765</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6401321.3</valUSD>
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        <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>
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      <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"/>
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        <balance>261632</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3524183.04</valUSD>
        <pctVal>0.6273279585</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>
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      <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"/>
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        <balance>2108.05</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2108.05</valUSD>
        <pctVal>0.0003752469</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-05-12</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <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 US"/>
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        <balance>225002</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9042830.38</valUSD>
        <pctVal>1.6096837924</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>
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      <invstOrSec>
        <name>Synovus Financial Corp.</name>
        <lei>549300EIUS8UN5JTLE54</lei>
        <title>SYNOVUS FINANCIAL CORP PREFERRED STOCK VAR</title>
        <cusip>87161C709</cusip>
        <identifiers>
          <isin value="US87161C7092"/>
          <ticker value="SNV"/>
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        <balance>77222</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1936727.76</valUSD>
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        <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>
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      <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"/>
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        <balance>186840</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1916978.4</valUSD>
        <pctVal>0.3412348713</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>
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      <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 US"/>
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        <balance>113266</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3068375.94</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <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 US"/>
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        <balance>190923</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7554823.11</valUSD>
        <pctVal>1.3448086278</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>
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      <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 US"/>
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        <balance>186098</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7229907.3</valUSD>
        <pctVal>1.2869714583</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>
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      <invstOrSec>
        <name>Trustmark Corporation</name>
        <lei>5493000HPQ4D2RZ79739</lei>
        <title>TRUSTMARK CORP SUBORDINATED 12/30 VAR</title>
        <cusip>898402AA0</cusip>
        <identifiers>
          <isin value="US898402AA09"/>
          <ticker value="TRMK"/>
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        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>876115.16</valUSD>
        <pctVal>0.1559543101</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-12-01</maturityDt>
          <couponKind>Variable</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <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 US"/>
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        <balance>235522</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9350223.4</valUSD>
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        <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>
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      </invstOrSec>
      <invstOrSec>
        <name>United Bancorporation of Alabama Inc.</name>
        <lei>N/A</lei>
        <title>UNITED BANCORP OF ALABAMA INC COMMON STOCK USD.01</title>
        <cusip>90944R100</cusip>
        <identifiers>
          <isin value="US90944R1005"/>
          <ticker value="UBAB US"/>
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        <balance>168566</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8116452.9</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <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"/>
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        <balance>64210</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1502514</valUSD>
        <pctVal>0.2674574588</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>
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      </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 US"/>
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        <balance>223170</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9678882.9</valUSD>
        <pctVal>1.7229053602</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>
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      </invstOrSec>
      <invstOrSec>
        <name>SpareBank 1 SR-Bank ASA</name>
        <lei>549300Q3OIWRHQUQM052</lei>
        <title>SPAREBANK 1 SR-BANK ASA COMMON STOCK NOK25.0</title>
        <cusip>B40JTQ902</cusip>
        <identifiers>
          <isin value="NO0010631567"/>
          <ticker value="SRBNK NO"/>
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        <balance>204354</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="10.677"/>
        <valUSD>2502932.27</valUSD>
        <pctVal>0.4455385470</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>JH COLLATERAL</name>
        <lei>N/A</lei>
        <title>JH COLLATERAL</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Custodian Identifier" value="926EMC902"/>
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        <balance>508240.27</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5080776.33</valUSD>
        <pctVal>0.9044118896</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>AllianceBernstein Holding L.P.</name>
        <lei>N/A</lei>
        <title>ALLIANCEBERNSTEIN HOLDING LP MLP</title>
        <cusip>01881G106</cusip>
        <identifiers>
          <isin value="US01881G1067"/>
          <ticker value="AB US"/>
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        <balance>102425</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3460940.75</valUSD>
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        <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>
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      </invstOrSec>
      <invstOrSec>
        <name>Alpine Banks of Colorado</name>
        <lei>N/A</lei>
        <title>ALPINE BANKS OF COLORADO COMMON STOCK</title>
        <cusip>020810107</cusip>
        <identifiers>
          <isin value="US0208101073"/>
          <ticker value="ALPIB US"/>
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        <balance>173462</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4740716.46</valUSD>
        <pctVal>0.8438789770</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>
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      </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 US"/>
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        <balance>74896</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2283579.04</valUSD>
        <pctVal>0.4064922170</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>
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      </invstOrSec>
      <invstOrSec>
        <name>NECESSITY RETAIL REIT INC/THE COMPANY GUAR 144A 09/28 4.5</name>
        <lei>N/A</lei>
        <title>NECESSITY RETAIL REIT INC/THE COMPANY GUAR 144A 09/28 4.5</title>
        <cusip>02608AAA7</cusip>
        <identifiers>
          <isin value="US02608AAA79"/>
          <ticker value="RTL"/>
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        <balance>3000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2639380.8</valUSD>
        <pctVal>0.4698272905</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-09-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.500000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>American Riviera Bancorp.</name>
        <lei>N/A</lei>
        <title>AMERICAN RIVIERA BANCORP COMMON STOCK</title>
        <cusip>02933K103</cusip>
        <identifiers>
          <isin value="US02933K1034"/>
          <ticker value="ARBV US"/>
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        <balance>218459</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3626419.4</valUSD>
        <pctVal>0.6455267087</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>
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      </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 US"/>
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        <balance>176655</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8894579.25</valUSD>
        <pctVal>1.5832941079</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>
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      <invstOrSec>
        <name>The Carlyle Group Inc.</name>
        <lei>N/A</lei>
        <title>CARLYLE GROUP INC/THE COMMON STOCK USD1.0</title>
        <cusip>14316J108</cusip>
        <identifiers>
          <isin value="US14316J1088"/>
          <ticker value="CG US"/>
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        <balance>169666</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6812089.9</valUSD>
        <pctVal>1.2125971896</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Central Pacific Financial Corp.</name>
        <lei>N/A</lei>
        <title>CENTRAL PACIFIC FINANCIAL CORP COMMON STOCK</title>
        <cusip>154760409</cusip>
        <identifiers>
          <isin value="US1547604090"/>
          <ticker value="CPF US"/>
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        <balance>144201</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3057061.2</valUSD>
        <pctVal>0.5441771723</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>
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      </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 US"/>
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        <balance>281397</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10138733.91</valUSD>
        <pctVal>1.8047618904</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>
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      </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 US"/>
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        <balance>169116</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1956672.12</valUSD>
        <pctVal>0.3483006168</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>
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      <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 US"/>
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        <balance>56285</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4121750.55</valUSD>
        <pctVal>0.7336989392</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Eastern Bankshares Inc.</name>
        <lei>N/A</lei>
        <title>EASTERN BANKSHARES INC COMMON STOCK USD.01</title>
        <cusip>27627N105</cusip>
        <identifiers>
          <isin value="US27627N1054"/>
          <ticker value="EBC US"/>
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        <balance>410229</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5735001.42</valUSD>
        <pctVal>1.0208682954</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Enterprise Bancorp Inc.</name>
        <lei>N/A</lei>
        <title>ENTERPRISE BANCORP INC/MA COMMON STOCK USD.01</title>
        <cusip>293668109</cusip>
        <identifiers>
          <isin value="US2936681095"/>
          <ticker value="EBTC US"/>
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        <balance>74904</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1863611.52</valUSD>
        <pctVal>0.3317352127</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>
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      </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 US"/>
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        <balance>147255</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5183376</valUSD>
        <pctVal>0.9226753115</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>
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      </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"/>
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        <balance>114822</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2666166.84</valUSD>
        <pctVal>0.4745953833</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>
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      <invstOrSec>
        <name>First Financial Bancorp.</name>
        <lei>N/A</lei>
        <title>FIRST FINANCIAL BANCORP SUBORDINATED 05/30 VAR</title>
        <cusip>320209AB5</cusip>
        <identifiers>
          <isin value="US320209AB57"/>
          <ticker value="FFBC"/>
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        <balance>3000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2881070.97</valUSD>
        <pctVal>0.5128497440</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-05-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.250000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>First Horizon Corporation</name>
        <lei>TF3RXI1ZB1TQ30H9JV10</lei>
        <title>FIRST HORIZON CORP COMMON STOCK USD.625</title>
        <cusip>320517105</cusip>
        <identifiers>
          <isin value="US3205171057"/>
          <ticker value="FHN US"/>
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        <balance>343871</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5422845.67</valUSD>
        <pctVal>0.9653025012</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>
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      </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 US"/>
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        <balance>150025</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4994332.25</valUSD>
        <pctVal>0.8890242700</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>
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      </invstOrSec>
      <invstOrSec>
        <name>First Merchants Corporation</name>
        <lei>TZTBT0OTGQ2FEK6XMX94</lei>
        <title>FIRST MERCHANTS CORP PREFERRED STOCK 7.5</title>
        <cusip>320817208</cusip>
        <identifiers>
          <isin value="US3208172086"/>
          <ticker value="FRME"/>
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        <balance>48900</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1202940</valUSD>
        <pctVal>0.2141312996</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>
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      </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 US"/>
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        <balance>76166</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2504338.08</valUSD>
        <pctVal>0.4457887905</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>
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      </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"/>
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        <balance>37709</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>365400.21</valUSD>
        <pctVal>0.0650436612</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>3283695.8</valUSD>
        <pctVal>0.5845196345</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 US"/>
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        <balance>118620</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6360404.4</valUSD>
        <pctVal>1.1321941744</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <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 US"/>
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        <balance>118649</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1560234.35</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Fulton Financial Corporation</name>
        <lei>5493005QLZ6O1BNC0C11</lei>
        <title>FULTON FINANCIAL CORP COMMON STOCK USD2.5</title>
        <cusip>360271100</cusip>
        <identifiers>
          <isin value="US3602711000"/>
          <ticker value="FULT US"/>
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        <balance>194516</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3302881.68</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <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 US"/>
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        <balance>124124</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4387783.4</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <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 US"/>
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        <balance>40257</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2238691.77</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HBT Financial Inc.</name>
        <lei>N/A</lei>
        <title>HBT FINANCIAL INC COMMON STOCK USD.01</title>
        <cusip>404111106</cusip>
        <identifiers>
          <isin value="US4041111067"/>
          <ticker value="HBT US"/>
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        <balance>209443</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4276826.06</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <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 US"/>
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        <balance>192347</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9199957.01</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <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 US"/>
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        <balance>513678</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4468998.6</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <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 US"/>
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        <balance>90346</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1628938.38</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Hometown Financial Group Inc.</name>
        <lei>N/A</lei>
        <title>HOMETOWN FINANCIAL GROUP INC/M SR UNSECURED 144A 03/27 8.75</title>
        <cusip>43789TAB9</cusip>
        <identifiers>
          <isin value="US43789TAB98"/>
          <ticker value="HOMEFG"/>
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        <balance>3500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3511856.74</valUSD>
        <pctVal>0.6251337953</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.750000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <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 US"/>
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        <balance>378518</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4682267.66</valUSD>
        <pctVal>0.8334747029</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>
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      <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"/>
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        <balance>79347</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1586940</valUSD>
        <pctVal>0.2824858468</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <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 US"/>
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        <balance>354807</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6099132.33</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <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 US"/>
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        <balance>355988</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5272182.28</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <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 CN"/>
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        <balance>96758</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.36805"/>
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        <pctVal>1.1711093117</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <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"/>
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        <balance>43740</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2312971.2</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <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 US"/>
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        <balance>55029</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8555908.92</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Eurazeo</name>
        <lei>N/A</lei>
        <title>EURAZEO SE COMMON STOCK</title>
        <cusip>704239904</cusip>
        <identifiers>
          <isin value="FR0000121121"/>
          <ticker value="RF FP"/>
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        <balance>94463</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.93375"/>
        <valUSD>7532335.46</valUSD>
        <pctVal>1.3408056769</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <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 US"/>
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        <balance>110571</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8850102.84</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <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"/>
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        <balance>55125</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1281656.25</valUSD>
        <pctVal>0.2281433143</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </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"/>
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        <balance>54412</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1957743.76</valUSD>
        <pctVal>0.3484913758</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 US"/>
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        <balance>141659</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3028669.42</valUSD>
        <pctVal>0.5391232472</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>ACNB Corporation</name>
        <lei>N/A</lei>
        <title>ACNB CORP COMMON STOCK USD2.5</title>
        <cusip>000868109</cusip>
        <identifiers>
          <isin value="US0008681092"/>
          <ticker value="ACNB US"/>
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        <balance>41629</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1509883.83</valUSD>
        <pctVal>0.2687693374</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>
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          <ticker value="73099E009002"/>
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        <curCd>USD</curCd>
        <valUSD>1970.08</valUSD>
        <pctVal>0.0003506873</pctVal>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-04-24</maturityDt>
          <couponKind>None</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Popular Inc.</name>
        <lei>N/A</lei>
        <title>POPULAR INC COMMON STOCK USD.01</title>
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          <isin value="PR7331747001"/>
          <ticker value="BPOP US"/>
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        <balance>114115</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10091189.45</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Premier Financial Corp.</name>
        <lei>N/A</lei>
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          <isin value="US74052F1084"/>
          <ticker value="PFC US"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <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 US"/>
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        <balance>125087</balance>
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        <curCd>USD</curCd>
        <valUSD>2776931.4</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Private Bancorp of America Inc.</name>
        <lei>N/A</lei>
        <title>PRIVATE BANCORP OF AMERICA INC COMMON STOCK</title>
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          <isin value="US74274F1003"/>
          <ticker value="PBAM US"/>
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        <balance>116752</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Provident Financial Holdings Inc.</name>
        <lei>N/A</lei>
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          <isin value="US7438681014"/>
          <ticker value="PROV US"/>
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        <balance>98335</balance>
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        <curCd>USD</curCd>
        <valUSD>1229187.5</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <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 US"/>
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        <balance>74384</balance>
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        <curCd>USD</curCd>
        <valUSD>4463040</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Red River Bancshares Inc.</name>
        <lei>N/A</lei>
        <title>RED RIVER BANCSHARES INC COMMON STOCK</title>
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        <identifiers>
          <isin value="US75686R2022"/>
          <ticker value="RRBI US"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Redwood Trust Inc.</name>
        <lei>DRBV4N1ERQLEMIF11G78</lei>
        <title>REDWOOD TRUST INC SR UNSECURED 06/27 7.75</title>
        <cusip>758075AF2</cusip>
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          <isin value="US758075AF22"/>
          <ticker value="RWT"/>
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        <balance>4179000</balance>
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        <curCd>USD</curCd>
        <valUSD>4040570.63</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>Redwood Trust, Inc.</name>
              <title>Redwood Trust, Inc.</title>
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        <securityLending>
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      <invstOrSec>
        <name>Regions Financial Corporation</name>
        <lei>CW05CS5KW59QTC0DG824</lei>
        <title>REGIONS FINANCIAL CORP COMMON STOCK USD.01</title>
        <cusip>7591EP100</cusip>
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          <isin value="US7591EP1005"/>
          <ticker value="RF US"/>
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        <curCd>USD</curCd>
        <valUSD>9510923.88</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <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 US"/>
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        <balance>144643</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4417397.22</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <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 US"/>
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        <balance>104786</balance>
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        <curCd>USD</curCd>
        <valUSD>4716417.86</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Stock Yards Bancorp Inc.</name>
        <lei>549300YERP9H5TDIQW16</lei>
        <title>STOCK YARDS BANCORP INC COMMON STOCK</title>
        <cusip>861025104</cusip>
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          <isin value="US8610251048"/>
          <ticker value="SYBT US"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>East Boston Savings Bank</name>
        <lei>N/A</lei>
        <title>EAST BOSTON SAVINGS BANK PPE6L2G55</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Custodian Identifier" value="943LEAII9"/>
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        <balance>1943.62</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-11-03</maturityDt>
          <couponKind>None</couponKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>WALDEN MUTUAL</name>
        <lei>N/A</lei>
        <title>WALDEN MUTUAL</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Custodian Identifier" value="943PXU904"/>
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        <balance>100000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>531600</valUSD>
        <pctVal>0.0946283263</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </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"/>
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        <balance>50000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1220000</valUSD>
        <pctVal>0.2171680928</pctVal>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Newtown Savings Bank</name>
        <lei>N/A</lei>
        <title>NEWTOWN SAVINGS BANK PPG00PLE3</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Custodian Identifier" value="953BYBII4"/>
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        <balance>3904.71</balance>
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        <curCd>USD</curCd>
        <valUSD>3904.71</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2024-08-29</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FIRST SAVINGS BANK OF PERKASIE 0.74  04 07 2025</name>
        <lei>N/A</lei>
        <title>FIRST SAVINGS BANK OF PERKASIE 0.74  04 07 2025</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Custodian Identifier" value="953BYM008"/>
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        <balance>5200.72</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5200.72</valUSD>
        <pctVal>0.0009257627</pctVal>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-04-07</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Salem Five Bancorp</name>
        <lei>N/A</lei>
        <title>SALEM FIVE BANCORP PPG04RWM5</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Custodian Identifier" value="953BZAII5"/>
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        <balance>1756.67</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1756.67</valUSD>
        <pctVal>0.0003126989</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-12-19</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>WHITE RIVER BANC</name>
        <lei>N/A</lei>
        <title>WHITE RIVER BANC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Custodian Identifier" value="954CUM900"/>
        </identifiers>
        <balance>59739</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3150037.47</valUSD>
        <pctVal>0.5607275651</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>Westamerica Bancorporation</name>
        <lei>N/A</lei>
        <title>WESTAMERICA BANCORP COMMON STOCK</title>
        <cusip>957090103</cusip>
        <identifiers>
          <isin value="US9570901036"/>
          <ticker value="WABC US"/>
        </identifiers>
        <balance>111139</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5393575.67</valUSD>
        <pctVal>0.9600922471</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Western Alliance Bancorporation</name>
        <lei>5493003VJXZ5JXT9S762</lei>
        <title>WESTERN ALLIANCE BANCORP COMMON STOCK USD.0001</title>
        <cusip>957638109</cusip>
        <identifiers>
          <isin value="US9576381092"/>
          <ticker value="WAL US"/>
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        <balance>52765</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3314697.3</valUSD>
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        <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"/>
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        <balance>41667</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3761267.59</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cullen/Frost Capital Trust II</name>
        <lei>N/A</lei>
        <title>CULLEN/FROST CAPITAL TRUST II LIMITD GUARA 03/34 VAR</title>
        <cusip>230000AB7</cusip>
        <identifiers>
          <isin value="US230000AB75"/>
          <ticker value="CFR"/>
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        <balance>3000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2650757.25</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-03-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.157690000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Dime Community Bancshares Inc.</name>
        <lei>N/A</lei>
        <title>DIME COMMUNITY BANCSHARES INC COMMON STOCK USD.01</title>
        <cusip>25432X102</cusip>
        <identifiers>
          <isin value="US25432X1028"/>
          <ticker value="DCOM US"/>
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        <balance>87228</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1779451.2</valUSD>
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        <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>
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      </invstOrSec>
      <invstOrSec>
        <name>Dime Community Bancshares Inc.</name>
        <lei>N/A</lei>
        <title>DIME COMMUNITY BANCSHARES INC PREFERRED STOCK 07/34 VAR</title>
        <cusip>25432X300</cusip>
        <identifiers>
          <isin value="US25432X3008"/>
          <ticker value="DCOM"/>
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        <balance>80000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2004000</valUSD>
        <pctVal>0.3567252934</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>
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      </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 US"/>
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        <balance>54395</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7115409.95</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Eagle Bancorp Montana Inc.</name>
        <lei>549300P2SVRIY3YU1412</lei>
        <title>EAGLE BANCORP MONTANA INC COMMON STOCK USD.01</title>
        <cusip>26942G100</cusip>
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          <isin value="US26942G1004"/>
          <ticker value="EBMT US"/>
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        <curCd>USD</curCd>
        <valUSD>1694778.05</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>First Federal Savings and Loan Bank</name>
        <lei>N/A</lei>
        <title>FIRST FEDERAL SAVINGS BANK 00000000 00000.0000000000</title>
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          <ticker value="912BLD002001"/>
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        <balance>3072.6</balance>
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        <curCd>USD</curCd>
        <valUSD>3072.6</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2025-01-09</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>Hudson City Savings Bank</name>
        <lei>N/A</lei>
        <title>HUDSON SAVINGS 00000000 00000.0000000000</title>
        <cusip>912BUE000</cusip>
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          <ticker value="912BUE000000"/>
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        <balance>2296.48</balance>
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        <curCd>USD</curCd>
        <valUSD>2296.48</valUSD>
        <pctVal>0.0004087887</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-04-24</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Home Banking Company</name>
        <lei>N/A</lei>
        <title>HOME BANK 00000000 00000.0000000000</title>
        <cusip>912BUF007</cusip>
        <identifiers>
          <ticker value="912BUF007017"/>
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        <balance>22033.62</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>22033.62</valUSD>
        <pctVal>0.0039221305</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2024-11-06</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>University Bancorp Inc.</name>
        <lei>N/A</lei>
        <title>UNIVERSITY BANCORP INC/ANN ARB SUBORDINATED 144A 01/33 VAR</title>
        <cusip>914090AA3</cusip>
        <identifiers>
          <isin value="US914090AA35"/>
          <ticker value="UNIB"/>
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        <balance>2500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2459250</valUSD>
        <pctVal>0.4377628132</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-31</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>8.250000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </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"/>
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        <balance>22465.82</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>22465.82</valUSD>
        <pctVal>0.0039990650</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2025-12-05</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.000000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Virginia National Bankshares Corporation</name>
        <lei>N/A</lei>
        <title>VIRGINIA NATIONAL BANKSHARES C COMMON STOCK USD2.5</title>
        <cusip>928031103</cusip>
        <identifiers>
          <isin value="US9280311039"/>
          <ticker value="VABK US"/>
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        <balance>82690</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2712232</valUSD>
        <pctVal>0.4827952873</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>
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      </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 US"/>
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        <balance>75941</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5858848.15</valUSD>
        <pctVal>1.0429138348</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>IRS USD P 1.22 20230902-20300302</name>
        <lei>N/A</lei>
        <title>IRS USD P 1.22 20230902-20300302</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Custodian Identifier" value="SL5H15LJ"/>
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        <balance>15000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2324425.5</valUSD>
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        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
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              <counterpartyName>CHICAGO MERCANTILE EXCHANGE</counterpartyName>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>IRS USD P 3.87 20231222-20261222</name>
        <lei>N/A</lei>
        <title>IRS USD P 3.87 20231222-20261222</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Custodian Identifier" value="36048158"/>
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        <balance>10000000</balance>
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        <curCd>USD</curCd>
        <valUSD>115877</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerCat>CORP</issuerCat>
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          <swapDeriv derivCat="SWP">
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        <securityLending>
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      <invstOrSec>
        <name>IRS USD P 1.08 20230904-20300304</name>
        <lei>N/A</lei>
        <title>IRS USD P 1.08 20230904-20300304</title>
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          <other otherDesc="Custodian Identifier" value="SLLH0TYA"/>
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        <assetCat>DIR</assetCat>
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        <securityLending>
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      <invstOrSec>
        <name>IRS USD P 1.14 20230903-20300303</name>
        <lei>N/A</lei>
        <title>IRS USD P 0.01 20230903-20300303</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Custodian Identifier" value="SLLH0TXY"/>
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        <balance>25000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3978302.5</valUSD>
        <pctVal>0.7081642347</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>SNZ2OJLFK8MNNCLQOF39</counterpartyLei>
            </counterparties>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="USD-SOFR-COMPOUND" floatingRtSpread="0.261600000000" pmntAmt="108614.640000000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="3" resetDt="Month" resetDtUnit="3"/>
              </rtResetTenors>
            </floatingRecDesc>
            <fixedPmntDesc amount="94700" curCd="USD" fixedOrFloating="Fixed" fixedRt="1.136400000000"/>
            <terminationDt>2030-03-03</terminationDt>
            <upfrontPmnt>0.000000000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>5967.120000000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>25000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>3984269.62</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IRS USD P 3.36 20230503-20280503</name>
        <lei>N/A</lei>
        <title>IRS USD P 3.36 20230503-20280503</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Custodian Identifier" value="30351647"/>
        </identifiers>
        <balance>10000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>285491</valUSD>
        <pctVal>0.0508192918</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>SNZ2OJLFK8MNNCLQOF39</counterpartyLei>
            </counterparties>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="USD-SOFR-COMPOUND" floatingRtSpread="0.000000000000" pmntAmt="87169.440000000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="3" resetDt="Month" resetDtUnit="3"/>
              </rtResetTenors>
            </floatingRecDesc>
            <fixedPmntDesc amount="55002.75" curCd="USD" fixedOrFloating="Fixed" fixedRt="3.356100000000"/>
            <terminationDt>2028-05-03</terminationDt>
            <upfrontPmnt>0.000000000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.000000000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>10000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>285491</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Returns are reported without deduction of sales loads and redemption fees, if applicable." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2024-07-30</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>
