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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Eurazeo SE</name>
        <lei>N/A</lei>
        <title>EURAZEO SE COMMON STOCK</title>
        <cusip>704239904</cusip>
        <identifiers>
          <isin value="FR0000121121"/>
          <ticker value="RF "/>
        </identifiers>
        <balance>20968</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.954244"/>
        <valUSD>1302618.25</valUSD>
        <pctVal>0.9254183289</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Pinnacle Financial Partners Inc.</name>
        <lei>54930098EZ8JMSAZGS24</lei>
        <title>PINNACLE FINANCIAL PARTNERS IN COMMON STOCK USD1.0</title>
        <cusip>72346Q104</cusip>
        <identifiers>
          <isin value="US72346Q1040"/>
          <ticker value="PNFP "/>
        </identifiers>
        <balance>36018</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2604461.58</valUSD>
        <pctVal>1.8502861318</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>Popular Inc.</name>
        <lei>N/A</lei>
        <title>POPULAR INC COMMON STOCK USD.01</title>
        <cusip>733174700</cusip>
        <identifiers>
          <isin value="PR7331747001"/>
          <ticker value="BPOP "/>
        </identifiers>
        <balance>31043</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2388137.99</valUSD>
        <pctVal>1.6966034891</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Premier Financial Corp.</name>
        <lei>N/A</lei>
        <title>PREMIER FINANCIAL CORP COMMON STOCK</title>
        <cusip>74052F108</cusip>
        <identifiers>
          <isin value="US74052F1084"/>
          <ticker value="PFC"/>
        </identifiers>
        <balance>42996</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1089948.6</valUSD>
        <pctVal>0.7743315526</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BayCom Corp</name>
        <lei>N/A</lei>
        <title>BAYCOM CORP COMMON STOCK</title>
        <cusip>07272M107</cusip>
        <identifiers>
          <isin value="US07272M1071"/>
          <ticker value="BCML "/>
        </identifiers>
        <balance>37730</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>780256.4</valUSD>
        <pctVal>0.5543171023</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>Close Brothers Group plc</name>
        <lei>N/A</lei>
        <title>CLOSE BROTHERS GROUP PLC COMMON STOCK GBP.25</title>
        <cusip>076680008</cusip>
        <identifiers>
          <isin value="GB0007668071"/>
          <ticker value="CBG "/>
        </identifiers>
        <balance>11253</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.82149"/>
        <valUSD>141456.21</valUSD>
        <pctVal>0.1004946533</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Berkshire Hathaway Inc.</name>
        <lei>5493000C01ZX7D35SD85</lei>
        <title>BERKSHIRE HATHAWAY INC COMMON STOCK USD.0033</title>
        <cusip>084670702</cusip>
        <identifiers>
          <isin value="US0846707026"/>
          <ticker value="BRK/B "/>
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        <balance>11474</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3132631.48</valUSD>
        <pctVal>2.2255135680</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>Brookfield Asset Management Inc.</name>
        <lei>C6J3FGIWG6MBDGTE8F80</lei>
        <title>BROOKFIELD ASSET MANAGEMENT IN COMMON STOCK</title>
        <cusip>112585104</cusip>
        <identifiers>
          <isin value="CA1125851040"/>
          <ticker value="BAM/A "/>
        </identifiers>
        <balance>55655</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2474977.85</valUSD>
        <pctVal>1.7582970805</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Business First Bancshares Inc.</name>
        <lei>N/A</lei>
        <title>BUSINESS FIRST BANCSHARES INC COMMON STOCK USD1.0</title>
        <cusip>12326C105</cusip>
        <identifiers>
          <isin value="US12326C1053"/>
          <ticker value="BFST "/>
        </identifiers>
        <balance>34109</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>726862.79</valUSD>
        <pctVal>0.5163847109</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>CME Group Inc.</name>
        <lei>LCZ7XYGSLJUHFXXNXD88</lei>
        <title>CME GROUP INC COMMON STOCK USD.01</title>
        <cusip>12572Q105</cusip>
        <identifiers>
          <isin value="US12572Q1058"/>
          <ticker value="CME "/>
        </identifiers>
        <balance>19441</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3979572.7</valUSD>
        <pctVal>2.8272055284</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>California BanCorp</name>
        <lei>N/A</lei>
        <title>CALIFORNIA BANCORP INC COMMON STOCK</title>
        <cusip>13005U101</cusip>
        <identifiers>
          <isin value="US13005U1016"/>
          <ticker value="CALB "/>
        </identifiers>
        <balance>27567</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>524048.67</valUSD>
        <pctVal>0.3722995931</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cambridge Bancorp</name>
        <lei>549300Q8HL7EWEE0HW14</lei>
        <title>CAMBRIDGE BANCORP COMMON STOCK USD1.0</title>
        <cusip>132152109</cusip>
        <identifiers>
          <isin value="US1321521098"/>
          <ticker value="CATC "/>
        </identifiers>
        <balance>20031</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1656563.7</valUSD>
        <pctVal>1.1768715900</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>Central Valley Community Bancorp</name>
        <lei>N/A</lei>
        <title>CENTRAL VALLEY COMMUNITY BANCO COMMON STOCK</title>
        <cusip>155685100</cusip>
        <identifiers>
          <isin value="US1556851004"/>
          <ticker value="CVCY "/>
        </identifiers>
        <balance>27200</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>394400</valUSD>
        <pctVal>0.2801933636</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>Chubb Limited</name>
        <lei>E0JAN6VLUDI1HITHT809</lei>
        <title>CHUBB LTD COMMON STOCK</title>
        <cusip>171232101</cusip>
        <identifiers>
          <isin value="CH0044328745"/>
          <ticker value="CB "/>
        </identifiers>
        <balance>18143</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3566550.94</valUSD>
        <pctVal>2.5337827187</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Citizens Financial Group Inc.</name>
        <lei>N/A</lei>
        <title>CITIZENS FINANCIAL GROUP INC COMMON STOCK USD.01</title>
        <cusip>174610105</cusip>
        <identifiers>
          <isin value="US1746101054"/>
          <ticker value="CFG "/>
        </identifiers>
        <balance>86527</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3088148.63</valUSD>
        <pctVal>2.1939116426</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>Prologis Inc.</name>
        <lei>N/A</lei>
        <title>PROLOGIS INC REIT USD.01</title>
        <cusip>74340W103</cusip>
        <identifiers>
          <isin value="US74340W1036"/>
          <ticker value="PLD "/>
        </identifiers>
        <balance>21106</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2483120.9</valUSD>
        <pctVal>1.7640821428</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>Raymond James Financial Inc.</name>
        <lei>RGUZHJ05YTITL6D76949</lei>
        <title>RAYMOND JAMES FINANCIAL INC COMMON STOCK USD.01</title>
        <cusip>754730109</cusip>
        <identifiers>
          <isin value="US7547301090"/>
          <ticker value="RJF "/>
        </identifiers>
        <balance>35908</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3210534.28</valUSD>
        <pctVal>2.2808580091</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>Reinsurance Group of America Incorporated</name>
        <lei>LORM1GNEU1DKEW527V90</lei>
        <title>REINSURANCE GROUP OF AMERICA I COMMON STOCK USD.01</title>
        <cusip>759351604</cusip>
        <identifiers>
          <isin value="US7593516047"/>
          <ticker value="RGA "/>
        </identifiers>
        <balance>18392</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2157197.68</valUSD>
        <pctVal>1.5325366984</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>Rexford Industrial Realty Inc.</name>
        <lei>549300MSLO0DF0EMX355</lei>
        <title>REXFORD INDUSTRIAL REALTY INC REIT USD.01</title>
        <cusip>76169C100</cusip>
        <identifiers>
          <isin value="US76169C1009"/>
          <ticker value="REXR "/>
        </identifiers>
        <balance>28572</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1645461.48</valUSD>
        <pctVal>1.1689842462</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>SVB Financial Group</name>
        <lei>549300D2KJ20JMXE7542</lei>
        <title>SVB FINANCIAL GROUP COMMON STOCK USD.001</title>
        <cusip>78486Q101</cusip>
        <identifiers>
          <isin value="US78486Q1013"/>
          <ticker value="SIVB "/>
        </identifiers>
        <balance>5462</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2157435.38</valUSD>
        <pctVal>1.5327055675</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Shore Bancshares Inc.</name>
        <lei>N/A</lei>
        <title>SHORE BANCSHARES INC COMMON STOCK USD.01</title>
        <cusip>825107105</cusip>
        <identifiers>
          <isin value="US8251071051"/>
          <ticker value="SHBI "/>
        </identifiers>
        <balance>10670</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>197395</valUSD>
        <pctVal>0.1402352155</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Southern First Bancshares Inc.</name>
        <lei>N/A</lei>
        <title>SOUTHERN FIRST BANCSHARES INC COMMON STOCK USD.01</title>
        <cusip>842873101</cusip>
        <identifiers>
          <isin value="US8428731017"/>
          <ticker value="SFST "/>
        </identifiers>
        <balance>12586</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>548623.74</valUSD>
        <pctVal>0.3897584459</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Stock Yards Bancorp Inc.</name>
        <lei>549300YERP9H5TDIQW16</lei>
        <title>STOCK YARDS BANCORP INC COMMON STOCK</title>
        <cusip>861025104</cusip>
        <identifiers>
          <isin value="US8610251048"/>
          <ticker value="SYBT "/>
        </identifiers>
        <balance>34539</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2066122.98</valUSD>
        <pctVal>1.4678345520</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>Synovus Financial Corp.</name>
        <lei>549300EIUS8UN5JTLE54</lei>
        <title>SYNOVUS FINANCIAL CORP COMMON STOCK USD1.0</title>
        <cusip>87161C501</cusip>
        <identifiers>
          <isin value="US87161C5013"/>
          <ticker value="SNV "/>
        </identifiers>
        <balance>91311</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3291761.55</valUSD>
        <pctVal>2.3385642515</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Timberland Bancorp Inc.</name>
        <lei>N/A</lei>
        <title>TIMBERLAND BANCORP INC/WA COMMON STOCK USD.01</title>
        <cusip>887098101</cusip>
        <identifiers>
          <isin value="US8870981011"/>
          <ticker value="TSBK "/>
        </identifiers>
        <balance>8207</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>205175</valUSD>
        <pctVal>0.1457623564</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TriCo Bancshares</name>
        <lei>N/A</lei>
        <title>TRICO BANCSHARES COMMON STOCK</title>
        <cusip>896095106</cusip>
        <identifiers>
          <isin value="US8960951064"/>
          <ticker value="TCBK "/>
        </identifiers>
        <balance>49834</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2274423.76</valUSD>
        <pctVal>1.6158175545</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>U.S. Bancorp</name>
        <lei>N1GZ7BBF3NP8GI976H15</lei>
        <title>US BANCORP COMMON STOCK USD.01</title>
        <cusip>902973304</cusip>
        <identifiers>
          <isin value="US9029733048"/>
          <ticker value="USB "/>
        </identifiers>
        <balance>32894</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1513781.88</valUSD>
        <pctVal>1.0754351843</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>Unum Group</name>
        <lei>549300E32YFDO6TZ8R31</lei>
        <title>UNUM GROUP COMMON STOCK USD.1</title>
        <cusip>91529Y106</cusip>
        <identifiers>
          <isin value="US91529Y1064"/>
          <ticker value="UNM "/>
        </identifiers>
        <balance>118419</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4028614.38</valUSD>
        <pctVal>2.8620461807</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>Visa Inc.</name>
        <lei>549300JZ4OKEHW3DPJ59</lei>
        <title>VISA INC COMMON STOCK USD.0001</title>
        <cusip>92826C839</cusip>
        <identifiers>
          <isin value="US92826C8394"/>
          <ticker value="V "/>
        </identifiers>
        <balance>11528</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2269747.92</valUSD>
        <pctVal>1.6124957002</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>Webster Financial Corporation</name>
        <lei>KMRURHT0VWKYS6Z5KU67</lei>
        <title>WEBSTER FINANCIAL CORP COMMON STOCK USD.01</title>
        <cusip>947890109</cusip>
        <identifiers>
          <isin value="US9478901096"/>
          <ticker value="WBS "/>
        </identifiers>
        <balance>30589</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1289326.35</valUSD>
        <pctVal>0.9159753721</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>Zions Bancorporation National Association</name>
        <lei>N/A</lei>
        <title>ZIONS BANCORP NA COMMON STOCK USD.001</title>
        <cusip>989701107</cusip>
        <identifiers>
          <isin value="US9897011071"/>
          <ticker value="ZION "/>
        </identifiers>
        <balance>63940</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3254546</valUSD>
        <pctVal>2.3121252298</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>VGP</name>
        <lei>N/A</lei>
        <title>VGP NV COMMON STOCK EUR55.0</title>
        <cusip>B29L88905</cusip>
        <identifiers>
          <isin value="BE0003878957"/>
          <ticker value="VGP "/>
        </identifiers>
        <balance>4815</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.954244"/>
        <valUSD>768094.2</valUSD>
        <pctVal>0.5456767176</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nordea Bank Abp</name>
        <lei>N/A</lei>
        <title>NORDEA BANK ABP COMMON STOCK EUR1.0</title>
        <cusip>BYZF9J904</cusip>
        <identifiers>
          <isin value="FI4000297767"/>
          <ticker value="NDA "/>
        </identifiers>
        <balance>154402</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="10.22975"/>
        <valUSD>1363912.83</valUSD>
        <pctVal>0.9689638019</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FI</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </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"/>
        </identifiers>
        <balance>93920</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3905193.6</valUSD>
        <pctVal>2.7743644275</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 Allstate Corporation</name>
        <lei>OBT0W1ED8G0NWVOLOJ77</lei>
        <title>ALLSTATE CORP/THE COMMON STOCK USD.01</title>
        <cusip>020002101</cusip>
        <identifiers>
          <isin value="US0200021014"/>
          <ticker value="ALL "/>
        </identifiers>
        <balance>17410</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2206369.3</valUSD>
        <pctVal>1.5674696639</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>American Business Bank</name>
        <lei>549300OQ7NQEKOCGWF54</lei>
        <title>AMERICAN BUSINESS BANK COMMON STOCK</title>
        <cusip>02475L105</cusip>
        <identifiers>
          <isin value="US02475L1052"/>
          <ticker value="AMBZ "/>
        </identifiers>
        <balance>27647</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1104497.65</valUSD>
        <pctVal>0.7846676258</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>American Express Company</name>
        <lei>R4PP93JZOLY261QX3811</lei>
        <title>AMERICAN EXPRESS CO COMMON STOCK USD.2</title>
        <cusip>025816109</cusip>
        <identifiers>
          <isin value="US0258161092"/>
          <ticker value="AXP "/>
        </identifiers>
        <balance>25120</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3482134.4</valUSD>
        <pctVal>2.4738107250</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>American International Group Inc.</name>
        <lei>ODVCVCQG2BP6VHV36M30</lei>
        <title>AMERICAN INTERNATIONAL GROUP I COMMON STOCK USD2.5</title>
        <cusip>026874784</cusip>
        <identifiers>
          <isin value="US0268747849"/>
          <ticker value="AIG "/>
        </identifiers>
        <balance>75101</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3839914.13</valUSD>
        <pctVal>2.7279879714</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>Ameriprise Financial Inc.</name>
        <lei>6ZLKQF7QB6JAEKQS5388</lei>
        <title>AMERIPRISE FINANCIAL INC COMMON STOCK USD.01</title>
        <cusip>03076C106</cusip>
        <identifiers>
          <isin value="US03076C1062"/>
          <ticker value="AMP "/>
        </identifiers>
        <balance>10541</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2505384.88</valUSD>
        <pctVal>1.7798991292</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ares Management Corporation</name>
        <lei>N/A</lei>
        <title>ARES MANAGEMENT CORP COMMON STOCK</title>
        <cusip>03990B101</cusip>
        <identifiers>
          <isin value="US03990B1017"/>
          <ticker value="ARES "/>
        </identifiers>
        <balance>12208</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>694146.88</valUSD>
        <pctVal>0.4931423659</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Atlantic Union Bankshares Corporation</name>
        <lei>N/A</lei>
        <title>ATLANTIC UNION BANKSHARES CORP COMMON STOCK USD1.33</title>
        <cusip>04911A107</cusip>
        <identifiers>
          <isin value="US04911A1079"/>
          <ticker value="AUB "/>
        </identifiers>
        <balance>47523</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1611980.16</valUSD>
        <pctVal>1.1451981315</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bank of America Corporation</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>BANK OF AMERICA CORP COMMON STOCK USD.01</title>
        <cusip>060505104</cusip>
        <identifiers>
          <isin value="US0605051046"/>
          <ticker value="BAC "/>
        </identifiers>
        <balance>116986</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3641774.18</valUSD>
        <pctVal>2.5872235215</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bank of Marin Bancorp</name>
        <lei>N/A</lei>
        <title>BANK OF MARIN BANCORP COMMON STOCK</title>
        <cusip>063425102</cusip>
        <identifiers>
          <isin value="US0634251021"/>
          <ticker value="BMRC "/>
        </identifiers>
        <balance>38020</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1208275.6</valUSD>
        <pctVal>0.8583945347</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Citizens Community Bancorp Inc</name>
        <lei>N/A</lei>
        <title>CITIZENS COMMUNITY BANCORP INC COMMON STOCK USD.01</title>
        <cusip>174903104</cusip>
        <identifiers>
          <isin value="US1749031043"/>
          <ticker value="CZWI "/>
        </identifiers>
        <balance>20008</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>276710.64</valUSD>
        <pctVal>0.1965833797</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Coastal Financial Corporation</name>
        <lei>N/A</lei>
        <title>COASTAL FINANCIAL CORP/WA COMMON STOCK</title>
        <cusip>19046P209</cusip>
        <identifiers>
          <isin value="US19046P2092"/>
          <ticker value="CCB "/>
        </identifiers>
        <balance>30743</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1171923.16</valUSD>
        <pctVal>0.8325686918</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Comerica Incorporated</name>
        <lei>I9Q57JVPWHHZ3ZGBW498</lei>
        <title>COMERICA INC COMMON STOCK USD5.0</title>
        <cusip>200340107</cusip>
        <identifiers>
          <isin value="US2003401070"/>
          <ticker value="CMA "/>
        </identifiers>
        <balance>37500</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2751750</valUSD>
        <pctVal>1.9549241588</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>East West Bancorp Inc.</name>
        <lei>N/A</lei>
        <title>EAST WEST BANCORP INC COMMON STOCK USD.001</title>
        <cusip>27579R104</cusip>
        <identifiers>
          <isin value="US27579R1041"/>
          <ticker value="EWBC "/>
        </identifiers>
        <balance>54062</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3503217.6</valUSD>
        <pctVal>2.4887888506</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ESSA Bancorp Inc.</name>
        <lei>N/A</lei>
        <title>ESSA BANCORP INC COMMON STOCK USD.01</title>
        <cusip>29667D104</cusip>
        <identifiers>
          <isin value="US29667D1046"/>
          <ticker value="ESSA "/>
        </identifiers>
        <balance>16786</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>282004.8</valUSD>
        <pctVal>0.2003445067</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Evans Bancorp Inc.</name>
        <lei>N/A</lei>
        <title>EVANS BANCORP INC COMMON STOCK USD.5</title>
        <cusip>29911Q208</cusip>
        <identifiers>
          <isin value="US29911Q2084"/>
          <ticker value="EVBN "/>
        </identifiers>
        <balance>16798</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>570964.02</valUSD>
        <pctVal>0.4056296380</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fifth Third Bancorp</name>
        <lei>THRNG6BD57P9QWTQLG42</lei>
        <title>FIFTH THIRD BANCORP COMMON STOCK</title>
        <cusip>316773100</cusip>
        <identifiers>
          <isin value="US3167731005"/>
          <ticker value="FITB "/>
        </identifiers>
        <balance>118239</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3972830.4</valUSD>
        <pctVal>2.8224156001</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>The First Bancshares Inc.</name>
        <lei>5493006DL5RXJODMAF36</lei>
        <title>FIRST BANCSHARES INC/THE COMMON STOCK USD1.0</title>
        <cusip>318916103</cusip>
        <identifiers>
          <isin value="US3189161033"/>
          <ticker value="FBMS "/>
        </identifiers>
        <balance>18748</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>536192.8</valUSD>
        <pctVal>0.3809271404</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 Interstate BancSystem Inc.</name>
        <lei>N/A</lei>
        <title>FIRST INTERSTATE BANCSYSTEM IN COMMON STOCK</title>
        <cusip>32055Y201</cusip>
        <identifiers>
          <isin value="US32055Y2019"/>
          <ticker value="FIBK "/>
        </identifiers>
        <balance>8355</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>318409.05</valUSD>
        <pctVal>0.2262071570</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>First Merchants Corporation</name>
        <lei>TZTBT0OTGQ2FEK6XMX94</lei>
        <title>FIRST MERCHANTS CORP COMMON STOCK</title>
        <cusip>320817109</cusip>
        <identifiers>
          <isin value="US3208171096"/>
          <ticker value="FRME "/>
        </identifiers>
        <balance>48056</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1711754.72</valUSD>
        <pctVal>1.2160809143</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>1st Source Corporation</name>
        <lei>N/A</lei>
        <title>1ST SOURCE CORP COMMON STOCK</title>
        <cusip>336901103</cusip>
        <identifiers>
          <isin value="US3369011032"/>
          <ticker value="SRCE "/>
        </identifiers>
        <balance>21215</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>963161</valUSD>
        <pctVal>0.6842579114</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FIXED INC CLEARING CORP.REPO</name>
        <lei>N/A</lei>
        <title>FIXED INC CLEARING CORP.REPO</title>
        <cusip>85748R009</cusip>
        <identifiers>
          <ticker value="85748R009013"/>
          <other otherDesc="Custodian Identifier" value="85748R009"/>
        </identifiers>
        <balance>1858000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1858000</valUSD>
        <pctVal>1.3199778639</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="N/A" name="STATE STREET"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>N</isTriParty>
          <repurchaseRt>0.24</repurchaseRt>
          <maturityDt>2022-07-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>1897300</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>1895224.3538000002</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <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>2022-07-29</ncom:dateSigned>
      <ncom:nameOfApplicant>John Hancock Variable Insurance Trust</ncom:nameOfApplicant>
      <ncom:signature>/s/Salvatore Schiavone</ncom:signature>
      <ncom:signerName>Salvatore Schiavone</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
