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      <regCik>0000925683</regCik>
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      <regStreet1>200 Berkeley Street</regStreet1>
      <regCity>Boston</regCity>
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      <regZipOrPostalCode>02116</regZipOrPostalCode>
      <regPhone>617-543-9634</regPhone>
      <seriesName>John Hancock Financial Opportunities Fund</seriesName>
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      <repPdEnd>2025-12-31</repPdEnd>
      <repPdDate>2025-09-30</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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      <totLiabs>131143757.350000000000</totLiabs>
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      <assetsInvested>0.000000000000</assetsInvested>
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      <invstOrSec>
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      <invstOrSec>
        <name>Citizens Financial Group Inc.</name>
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          <ticker value="CFG US"/>
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        <name>Citizens Community Bancorp Inc</name>
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      <invstOrSec>
        <name>Community Bancorp.</name>
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        <name>FFB Bancorp</name>
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      <invstOrSec>
        <name>Community Heritage Financial Inc.</name>
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        <name>ConnectOne Bancorp Inc.</name>
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        <name>CTO Realty Growth Inc.</name>
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        <title>CTO RLTY GROWTH INC NEW PREFERRED STOCK</title>
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        <name>Cullen/Frost Bankers Inc.</name>
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      <invstOrSec>
        <name>Dime Community Bancshares Inc.</name>
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        <title>DIME COMMUNITY BANCSHARES INC COMMON STOCK USD.01</title>
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          <ticker value="DCOM US"/>
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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>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>2107200</valUSD>
        <pctVal>0.3033169333</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>Eagle Bancorp Montana Inc.</name>
        <lei>549300P2SVRIY3YU1412</lei>
        <title>EAGLE BANCORP MONTANA INC COMMON STOCK USD.01</title>
        <cusip>26942G100</cusip>
        <identifiers>
          <isin value="US26942G1004"/>
          <ticker value="EBMT US"/>
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        <balance>155751</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2689819.77</valUSD>
        <pctVal>0.3871810383</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>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>5991538.25</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>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>7445656.35</valUSD>
        <pctVal>1.0717509732</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>169613</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6903249.1</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>First Busey Corporation</name>
        <lei>549300X4ZNLYSX7GUY60</lei>
        <title>FIRST BUSEY CORP PREFERRED STOCK 8.25</title>
        <cusip>319383600</cusip>
        <identifiers>
          <isin value="US3193836000"/>
          <ticker value="BUSE"/>
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        <balance>200000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5110000</valUSD>
        <pctVal>0.7355493210</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>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"/>
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        <balance>91858</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4708641.08</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>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>3594360</valUSD>
        <pctVal>0.5173833772</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <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>2688</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4809262.08</valUSD>
        <pctVal>0.6922601678</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 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>249243</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4249593.15</valUSD>
        <pctVal>0.6116996783</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 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>3750776.64</valUSD>
        <pctVal>0.5398984757</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 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"/>
        </identifiers>
        <balance>311817</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7873379.25</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>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"/>
        </identifiers>
        <balance>325059</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7349583.99</valUSD>
        <pctVal>1.0579220183</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 Interstate BancSystem Inc.</name>
        <lei>N/A</lei>
        <title>FIRST INTERSTATE BANCSYSTEM IN SUB NOTES 06/35 VAR</title>
        <cusip>32055YAB8</cusip>
        <identifiers>
          <isin value="US32055YAB83"/>
          <ticker value="FIBK"/>
        </identifiers>
        <balance>1850000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1896250</valUSD>
        <pctVal>0.2729521331</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-06-15</maturityDt>
          <couponKind>Variable</couponKind>
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          <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 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>5655942.5</valUSD>
        <pctVal>0.8141339854</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>1239615</valUSD>
        <pctVal>0.1784340453</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>2885168.08</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>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"/>
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        <balance>426454</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4307185.4</valUSD>
        <pctVal>0.6199896862</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>
          <isLoanByFund>N</isLoanByFund>
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      </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>7302247.2</valUSD>
        <pctVal>1.0511082133</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>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>279362</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3857989.22</valUSD>
        <pctVal>0.5553309885</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>GCM Grosvenor Inc.</name>
        <lei>N/A</lei>
        <title>GCM GROSVENOR INC COMMON STOCK USD.0001</title>
        <cusip>36831E108</cusip>
        <identifiers>
          <isin value="US36831E1082"/>
          <ticker value="GCMG US"/>
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        <balance>219284</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2646757.88</valUSD>
        <pctVal>0.3809825756</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>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"/>
        </identifiers>
        <balance>124124</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4874349.48</valUSD>
        <pctVal>0.7016290510</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Glacier Bancorp Inc.</name>
        <lei>N/A</lei>
        <title>GLACIER BANCORP INC COMMON STOCK USD.01</title>
        <cusip>37637Q105</cusip>
        <identifiers>
          <isin value="US37637Q1058"/>
          <ticker value="GBCI US"/>
        </identifiers>
        <balance>165000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8030550</valUSD>
        <pctVal>1.1559423875</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Great Southern Bancorp Inc.</name>
        <lei>5493000ZL7DLNMN1AB26</lei>
        <title>GREAT SOUTHERN BANCORP INC COMMON STOCK USD.01</title>
        <cusip>390905107</cusip>
        <identifiers>
          <isin value="US3909051076"/>
          <ticker value="GSBC US"/>
        </identifiers>
        <balance>40257</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2465741.25</valUSD>
        <pctVal>0.3549264779</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HBT Financial Inc.</name>
        <lei>N/A</lei>
        <title>HBT FINANCIAL INC COMMON STOCK USD.01</title>
        <cusip>404111106</cusip>
        <identifiers>
          <isin value="US4041111067"/>
          <ticker value="HBT US"/>
        </identifiers>
        <balance>209443</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5277963.6</valUSD>
        <pctVal>0.7597265249</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hancock Whitney Corporation</name>
        <lei>549300GRNBWY8HIICT41</lei>
        <title>HANCOCK WHITNEY CORP COMMON STOCK USD3.33</title>
        <cusip>410120109</cusip>
        <identifiers>
          <isin value="US4101201097"/>
          <ticker value="HWC US"/>
        </identifiers>
        <balance>182751</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11442040.11</valUSD>
        <pctVal>1.6470029029</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Heritage Commerce Corp</name>
        <lei>549300CLIS851ELSR406</lei>
        <title>HERITAGE COMMERCE CORP COMMON STOCK</title>
        <cusip>426927109</cusip>
        <identifiers>
          <isin value="US4269271098"/>
          <ticker value="HTBK US"/>
        </identifiers>
        <balance>513678</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5100822.54</valUSD>
        <pctVal>0.7342282888</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Heritage Financial Corporation</name>
        <lei>N/A</lei>
        <title>HERITAGE FINANCIAL CORP/WA COMMON STOCK</title>
        <cusip>42722X106</cusip>
        <identifiers>
          <isin value="US42722X1063"/>
          <ticker value="HFWA US"/>
        </identifiers>
        <balance>90346</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2185469.74</valUSD>
        <pctVal>0.3145833236</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Live Oak Bancshares Inc.</name>
        <lei>N/A</lei>
        <title>LIVE OAK BANCSHARES INC PREFERRED STOCK 8.375</title>
        <cusip>53803X402</cusip>
        <identifiers>
          <isin value="US53803X4025"/>
          <ticker value="LOB"/>
        </identifiers>
        <balance>120000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3127200</valUSD>
        <pctVal>0.4501389113</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>MandT Bank Corporation</name>
        <lei>N/A</lei>
        <title>MandT BANK CORP COMMON STOCK USD.5</title>
        <cusip>55261F104</cusip>
        <identifiers>
          <isin value="US55261F1049"/>
          <ticker value="MTB US"/>
        </identifiers>
        <balance>58267</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11514724.54</valUSD>
        <pctVal>1.6574653263</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>Machias Savings Bank</name>
        <lei>N/A</lei>
        <title>MACHIAL SAVINGS BANK SHORT TERM</title>
        <cusip>55499Z9Y2</cusip>
        <identifiers>
          <ticker value="55499Z9Y2005"/>
        </identifiers>
        <balance>2064.54</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2064.54</valUSD>
        <pctVal>0.0002971763</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-05-29</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Milford Federal Bank</name>
        <lei>N/A</lei>
        <title>MILFORD FEDERAL SAVINGS + LOAN 00000000 00000.0000000000</title>
        <cusip>56099E004</cusip>
        <identifiers>
          <ticker value="56099E004000"/>
        </identifiers>
        <balance>2167.06</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2167.06</valUSD>
        <pctVal>0.0003119334</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-10-29</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>1807132.47</valUSD>
        <pctVal>0.2601242781</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>104181</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2983743.84</valUSD>
        <pctVal>0.4294893847</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>Millrose Properties Inc.</name>
        <lei>N/A</lei>
        <title>MILLROSE PROPERTIES INC REIT USD.01</title>
        <cusip>601137102</cusip>
        <identifiers>
          <isin value="US6011371027"/>
          <ticker value="MRP US"/>
        </identifiers>
        <balance>97000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3260170</valUSD>
        <pctVal>0.4692790274</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>MT MCKINLEY BANK</name>
        <lei>N/A</lei>
        <title>MT MCKINLEY BANK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Custodian Identifier" value="623994001"/>
        </identifiers>
        <balance>1769.75</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1769.75</valUSD>
        <pctVal>0.0002547433</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-02</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>167805</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7007536.8</valUSD>
        <pctVal>1.0086866801</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>2196.23</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2196.23</valUSD>
        <pctVal>0.0003161322</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-19</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>
        </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>80902</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10881319</valUSD>
        <pctVal>1.5662909593</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>3965296</valUSD>
        <pctVal>0.5707770608</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>369612</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8005795.92</valUSD>
        <pctVal>1.1523792081</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>Norwood Financial Corp</name>
        <lei>N/A</lei>
        <title>NORWOOD FINANCIAL CORP COMMON STOCK USD.1</title>
        <cusip>669549107</cusip>
        <identifiers>
          <isin value="US6695491075"/>
          <ticker value="NWFL US"/>
        </identifiers>
        <balance>78289</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1990106.38</valUSD>
        <pctVal>0.2864621128</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>182412</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2539175.04</valUSD>
        <pctVal>0.3654967665</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ohio Valley Banc Corp.</name>
        <lei>N/A</lei>
        <title>OHIO VALLEY BANC CORP COMMON STOCK USD1.0</title>
        <cusip>677719106</cusip>
        <identifiers>
          <isin value="US6777191064"/>
          <ticker value="OVBC US"/>
        </identifiers>
        <balance>70250</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2597845</valUSD>
        <pctVal>0.3739419033</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Old National Bancorp</name>
        <lei>549300MMK90CL5KMVX16</lei>
        <title>OLD NATIONAL BANCORP/IN COMMON STOCK</title>
        <cusip>680033107</cusip>
        <identifiers>
          <isin value="US6800331075"/>
          <ticker value="ONB US"/>
        </identifiers>
        <balance>708861</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15559498.95</valUSD>
        <pctVal>2.2396827570</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Old Second Bancorp Inc.</name>
        <lei>549300XVJC1MPUT81C04</lei>
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          <isin value="US6802771005"/>
          <ticker value="OSBC US"/>
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        <balance>355988</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>Onex Corporation</name>
        <lei>N/A</lei>
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          <ticker value="ONEX CN"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>WSFS Financial Corporation</name>
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          <isin value="US9293281021"/>
          <ticker value="WSFS US"/>
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        <curCd>USD</curCd>
        <valUSD>10256892.77</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>W.T.B. Financial Corporation</name>
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          <ticker value="WTBFB US"/>
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        <units>NS</units>
        <curCd>USD</curCd>
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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>MutualOne Bank</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
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          <other otherDesc="Custodian Identifier" value="9353CJ901"/>
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        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4422.55</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-10</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
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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>Midstates Bank National Association</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Custodian Identifier" value="937BTKII1"/>
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        <curCd>USD</curCd>
        <valUSD>2087.79</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-03</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Hometown Financial Group Inc.</name>
        <lei>N/A</lei>
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        <identifiers>
          <isin value="US43789TAB98"/>
          <ticker value="HOMEFG"/>
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        <balance>3500000</balance>
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        <curCd>USD</curCd>
        <valUSD>3569630.89</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <debtSec>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Horizon Bancorp Inc.</name>
        <lei>549300U2OQ2EIT5MXG39</lei>
        <title>HORIZON BANCORP INC/IN COMMON STOCK</title>
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          <isin value="US4404071049"/>
          <ticker value="HBNC US"/>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8088187.96</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <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>655503</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11320536.81</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>InBankshares Corp</name>
        <lei>N/A</lei>
        <title>INBANKSHARES CORP COMMON STOCK</title>
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        <identifiers>
          <isin value="US45332V1052"/>
          <ticker value="INBC US"/>
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        <balance>207676</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2367506.4</valUSD>
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        <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>Independent Bank Corp.</name>
        <lei>N/A</lei>
        <title>INDEPENDENT BANK CORP COMMON STOCK USD.01</title>
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        <identifiers>
          <isin value="US4538361084"/>
          <ticker value="INDB US"/>
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        <balance>130022</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8993621.74</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>Independent Bank Corp.</name>
        <lei>N/A</lei>
        <title>INDEPENDENT BANK CORP SUBORDINATED 04/35 VAR</title>
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          <isin value="US453836AJ75"/>
          <ticker value="INDB"/>
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        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3119374.92</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Independent Bank Corporation</name>
        <lei>N/A</lei>
        <title>INDEPENDENT BANK CORP/MI COMMON STOCK USD1.0</title>
        <cusip>453838609</cusip>
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          <isin value="US4538386099"/>
          <ticker value="IBCP US"/>
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        <balance>163971</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5079001.73</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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      <invstOrSec>
        <name>Investar Holding Corporation</name>
        <lei>N/A</lei>
        <title>INVESTAR HOLDING CORP PREFERRED STOCK 6.5</title>
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          <isin value="US46134L2043"/>
          <ticker value="ISTR"/>
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        <balance>5000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5577450</valUSD>
        <pctVal>0.8028355304</pctVal>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Oba Federal Savings and Loan Association</name>
        <lei>N/A</lei>
        <title>OBA FEDERAL SAVINGS + LOAN CD 00000000 00000.0000000000</title>
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        <identifiers>
          <ticker value="465992006010"/>
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        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1379.14</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-17</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <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>74992</balance>
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        <curCd>USD</curCd>
        <valUSD>9745210.4</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <securityLending>
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      <invstOrSec>
        <name>KeyCorp</name>
        <lei>RKPI3RZGV1V1FJTH5T61</lei>
        <title>KEYCORP COMMON STOCK USD1.0</title>
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        <identifiers>
          <isin value="US4932671088"/>
          <ticker value="KEY US"/>
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        <balance>457236</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8545740.84</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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      <invstOrSec>
        <name>Landmark Bancorp Inc.</name>
        <lei>N/A</lei>
        <title>LANDMARK BANCORP INC/MANHATTAN COMMON STOCK USD.01</title>
        <cusip>51504L107</cusip>
        <identifiers>
          <isin value="US51504L1070"/>
          <ticker value="LARK US"/>
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        <balance>111150</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2966593.5</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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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Ledyard Financial Group Inc.</name>
        <lei>N/A</lei>
        <title>LEDYARD FINANCIAL GROUP INC COMMON STOCK</title>
        <cusip>523338101</cusip>
        <identifiers>
          <isin value="US5233381012"/>
          <ticker value="LFGP US"/>
        </identifiers>
        <balance>147759</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2068626</valUSD>
        <pctVal>0.2977644716</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Live Oak Bancshares Inc.</name>
        <lei>N/A</lei>
        <title>LIVE OAK BANCSHARES INC COMMON STOCK</title>
        <cusip>53803X105</cusip>
        <identifiers>
          <isin value="US53803X1054"/>
          <ticker value="LOB US"/>
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        <balance>110051</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3875996.22</valUSD>
        <pctVal>0.5579229722</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>Orange County Bancorp Inc.</name>
        <lei>N/A</lei>
        <title>ORANGE COUNTY BANCORP INC COMMON STOCK USD.25</title>
        <cusip>68417L107</cusip>
        <identifiers>
          <isin value="US68417L1070"/>
          <ticker value="OBT US"/>
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        <balance>123187</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3105544.27</valUSD>
        <pctVal>0.4470217180</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>Orrstown Financial Services Inc.</name>
        <lei>N/A</lei>
        <title>ORRSTOWN FINANCIAL SERVICES IN COMMON STOCK</title>
        <cusip>687380105</cusip>
        <identifiers>
          <isin value="US6873801053"/>
          <ticker value="ORRF US"/>
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        <balance>87425</balance>
        <units>NS</units>
        <curCd>USD</curCd>
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        <pctVal>0.4276120296</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Eurazeo</name>
        <lei>N/A</lei>
        <title>EURAZEO SE COMMON STOCK</title>
        <cusip>704239904</cusip>
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          <isin value="FR0000121121"/>
          <ticker value="RF FP"/>
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        <balance>110822</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.851752"/>
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        <pctVal>1.0547319596</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</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 COMMON STOCK USD1.0</title>
        <cusip>72346Q104</cusip>
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          <isin value="US72346Q1040"/>
          <ticker value="PNFP US"/>
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        <balance>91793</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8609265.47</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>
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      <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>82851</balance>
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        <curCd>USD</curCd>
        <valUSD>3574192.14</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>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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        <balance>1978.08</balance>
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        <curCd>USD</curCd>
        <valUSD>1978.08</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-23</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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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>98514</balance>
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        <curCd>USD</curCd>
        <valUSD>12512263.14</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PR</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <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>
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          <isin value="US74164R1077"/>
          <ticker value="PMHG US"/>
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        <balance>125087</balance>
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        <curCd>USD</curCd>
        <valUSD>6441980.5</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>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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        <units>NS</units>
        <curCd>USD</curCd>
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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>Provident Financial Holdings Inc.</name>
        <lei>N/A</lei>
        <title>PROVIDENT FINANCIAL HOLDINGS I COMMON STOCK USD.01</title>
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          <isin value="US7438681014"/>
          <ticker value="PROV US"/>
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        <balance>108800</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1713600</valUSD>
        <pctVal>0.2466609230</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>QNB Corp.</name>
        <lei>N/A</lei>
        <title>QNB CORP COMMON STOCK USD.625</title>
        <cusip>74726N107</cusip>
        <identifiers>
          <isin value="US74726N1072"/>
          <ticker value="QNBC US"/>
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        <balance>75111</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2647662.75</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>
        <name>QNB Corp.</name>
        <lei>N/A</lei>
        <title>QNB CORP SUB NOTES 144A 09/34 VAR</title>
        <cusip>74726NAA5</cusip>
        <identifiers>
          <isin value="US74726NAA54"/>
          <ticker value="QNBC"/>
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        <balance>2250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2330166.53</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-09-01</maturityDt>
          <couponKind>Variable</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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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>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5626405.76</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <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>
        <cusip>75686R202</cusip>
        <identifiers>
          <isin value="US75686R2022"/>
          <ticker value="RRBI US"/>
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        <balance>58027</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3761310.14</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>
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      <invstOrSec>
        <name>Redwood Trust Inc.</name>
        <lei>DRBV4N1ERQLEMIF11G78</lei>
        <title>REDWOOD TRUST INC PREFERRED STOCK 03/30 9.125</title>
        <cusip>758075865</cusip>
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          <isin value="US7580758651"/>
          <ticker value="RWT"/>
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        <curCd>USD</curCd>
        <valUSD>1955040</valUSD>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <securityLending>
          <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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          <ticker value="RWT"/>
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        <curCd>USD</curCd>
        <valUSD>4181089.5</valUSD>
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        <invCountry>US</invCountry>
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            <dbtSecRefInstrument>
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              <title>Redwood Trust, Inc.</title>
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      <invstOrSec>
        <name>Regions Financial Corporation</name>
        <lei>CW05CS5KW59QTC0DG824</lei>
        <title>REGIONS FINANCIAL CORP COMMON STOCK USD.01</title>
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          <ticker value="RF US"/>
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      <invstOrSec>
        <name>Renasant Corporation</name>
        <lei>549300OVE6OZHW2UUH81</lei>
        <title>RENASANT CORP COMMON STOCK USD5.0</title>
        <cusip>75970E107</cusip>
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          <ticker value="RNST 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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      <invstOrSec>
        <name>River City Bank</name>
        <lei>N/A</lei>
        <title>RIVER CITY BANK COMMON STOCK</title>
        <cusip>76803X106</cusip>
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          <isin value="US76803X1063"/>
          <ticker value="RCBC US"/>
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        <balance>14878</balance>
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        <curCd>USD</curCd>
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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>
      <invstOrSec>
        <name>Riverview Bancorp Inc.</name>
        <lei>N/A</lei>
        <title>RIVERVIEW BANCORP INC COMMON STOCK USD.01</title>
        <cusip>769397100</cusip>
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          <isin value="US7693971001"/>
          <ticker value="RVSB US"/>
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        <balance>417954</balance>
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        <curCd>USD</curCd>
        <valUSD>2244412.98</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>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>4960539.24</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>
      <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>
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        <curCd>USD</curCd>
        <valUSD>6662919.48</valUSD>
        <pctVal>0.9590813893</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>
          <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>
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          <isin value="US82620P1021"/>
          <ticker value="BSRR US"/>
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        <balance>163038</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4713428.58</valUSD>
        <pctVal>0.6784655952</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>Sixth Street Specialty Lending Inc.</name>
        <lei>549300TX61566GJWCN05</lei>
        <title>SIXTH STREET SPECIALTY LENDING COMMON STOCK USD.01</title>
        <cusip>83012A109</cusip>
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          <isin value="US83012A1097"/>
          <ticker value="TSLX US"/>
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        <curCd>USD</curCd>
        <valUSD>5216972.04</valUSD>
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        <assetCat>EC</assetCat>
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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>
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          <isin value="US83636T1043"/>
          <ticker value="SABK US"/>
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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>California BanCorp</name>
        <lei>N/A</lei>
        <title>CALIFORNIA BANCORP COMMON STOCK USD.01</title>
        <cusip>84252A106</cusip>
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          <isin value="US84252A1060"/>
          <ticker value="BCAL US"/>
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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>Southern Missouri Bancorp Inc.</name>
        <lei>N/A</lei>
        <title>SOUTHERN MISSOURI BANCORP INC COMMON STOCK USD.01</title>
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          <isin value="US8433801060"/>
          <ticker value="SMBC US"/>
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        <assetCat>EC</assetCat>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Southstate Bank Corp</name>
        <lei>549300JZUANXM0YQ4W53</lei>
        <title>SOUTHSTATE BANK CORP COMMON STOCK USD2.5</title>
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          <isin value="US84472E1029"/>
          <ticker value="SSB US"/>
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        <balance>83765</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>Stock Yards Bancorp Inc.</name>
        <lei>549300YERP9H5TDIQW16</lei>
        <title>STOCK YARDS BANCORP INC COMMON STOCK</title>
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          <isin value="US8610251048"/>
          <ticker value="SYBT US"/>
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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>Sunshine Bancorp Inc.</name>
        <lei>N/A</lei>
        <title>SUNSHINE FEDERAL SAVINGS 00000000 00000.0000000000</title>
        <cusip>86799Q9R9</cusip>
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          <ticker value="86799Q9R9010"/>
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        <balance>2129.51</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2129.51</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-12</maturityDt>
          <couponKind>None</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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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>
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          <isin value="US87161C5013"/>
          <ticker value="SNV US"/>
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        <balance>225002</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11043098.16</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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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>2034799.7</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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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>2008530</valUSD>
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        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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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>3769492.48</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <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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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2740741.32</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <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>5490072.3</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>American Business Bank</name>
        <lei>549300OQ7NQEKOCGWF54</lei>
        <title>AMERICAN BUSINESS BANK COMMON STOCK</title>
        <cusip>02475L105</cusip>
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          <isin value="US02475L1052"/>
          <ticker value="AMBZ US"/>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4567492.15</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>American Integrity Insurance Group Inc.</name>
        <lei>N/A</lei>
        <title>AMERICAN INTEGRITY INSURANCE G COMMON STOCK USD.001</title>
        <cusip>026948109</cusip>
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          <isin value="US0269481091"/>
          <ticker value="AII US"/>
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        <curCd>USD</curCd>
        <valUSD>4925579.49</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>American Riviera Bancorp.</name>
        <lei>N/A</lei>
        <title>AMERICAN RIVIERA BANCORP COMMON STOCK</title>
        <cusip>02933K103</cusip>
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          <isin value="US02933K1034"/>
          <ticker value="ARBV US"/>
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        <curCd>USD</curCd>
        <valUSD>4749298.66</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Ameris Bancorp</name>
        <lei>PBJHNT51T5V6G5UQFV42</lei>
        <title>AMERIS BANCORP COMMON STOCK USD1.0</title>
        <cusip>03076K108</cusip>
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          <isin value="US03076K1088"/>
          <ticker value="ABCB US"/>
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        <curCd>USD</curCd>
        <valUSD>12006271.94</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Ares Management Corporation</name>
        <lei>N/A</lei>
        <title>ARES MANAGEMENT CORP COMMON STOCK</title>
        <cusip>03990B101</cusip>
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          <isin value="US03990B1017"/>
          <ticker value="ARES US"/>
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        <curCd>USD</curCd>
        <valUSD>9170331.06</valUSD>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>Associated Banc-Corp</name>
        <lei>549300N3CIN473IW5094</lei>
        <title>ASSOCIATED BANC-CORP PREFERRED STOCK 03/33 VAR</title>
        <cusip>045487600</cusip>
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          <isin value="US0454876006"/>
          <ticker value="ASB"/>
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        <curCd>USD</curCd>
        <valUSD>1996843.5</valUSD>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>TriCo Bancshares</name>
        <lei>N/A</lei>
        <title>TRICO BANCSHARES COMMON STOCK</title>
        <cusip>896095106</cusip>
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          <isin value="US8960951064"/>
          <ticker value="TCBK US"/>
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        <curCd>USD</curCd>
        <valUSD>8478890.43</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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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>
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          <isin value="US89832Q1094"/>
          <ticker value="TFC US"/>
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        <curCd>USD</curCd>
        <valUSD>7609316.76</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>U.S. Bancorp</name>
        <lei>N1GZ7BBF3NP8GI976H15</lei>
        <title>US BANCORP COMMON STOCK USD.01</title>
        <cusip>902973304</cusip>
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          <ticker value="USB US"/>
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        <curCd>USD</curCd>
        <valUSD>11382778.26</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>9405982.8</valUSD>
        <pctVal>1.3539264701</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>Affinity Bank Inc</name>
        <lei>N/A</lei>
        <title>NEWTON SAVINGS BANK SHORT TERM</title>
        <cusip>912BLC004</cusip>
        <identifiers>
          <ticker value="912BLC004004"/>
        </identifiers>
        <balance>2086.14</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2086.14</valUSD>
        <pctVal>0.0003002855</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-03</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>First Federal Savings and Loan Bank</name>
        <lei>N/A</lei>
        <title>FIRST FEDERAL SAVINGS BANK 00000000 00000.0000000000</title>
        <cusip>912BLD002</cusip>
        <identifiers>
          <ticker value="912BLD002001"/>
        </identifiers>
        <balance>3150.7</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3150.7</valUSD>
        <pctVal>0.0004535216</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-01-09</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MILFORD BANK SHORT TERM</name>
        <lei>N/A</lei>
        <title>MILFORD BANK SHORT TERM</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Custodian Identifier" value="912BLE000"/>
        </identifiers>
        <balance>1946.69</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1946.69</valUSD>
        <pctVal>0.0002802126</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-11</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hudson City Savings Bank</name>
        <lei>N/A</lei>
        <title>HUDSON SAVINGS 00000000 00000.0000000000</title>
        <cusip>912BUE000</cusip>
        <identifiers>
          <ticker value="912BUE000000"/>
        </identifiers>
        <balance>2494.66</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2494.66</valUSD>
        <pctVal>0.0003590891</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-23</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Home Banking Company</name>
        <lei>N/A</lei>
        <title>HOME BANK 00000000 00000.0000000000</title>
        <cusip>912BUF007</cusip>
        <identifiers>
          <ticker value="912BUF007017"/>
        </identifiers>
        <balance>23175.84</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>23175.84</valUSD>
        <pctVal>0.0033360026</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-11-06</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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"/>
        </identifiers>
        <balance>2500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2559493.25</valUSD>
        <pctVal>0.3684214329</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>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>First Bank Richmond</name>
        <lei>N/A</lei>
        <title>FIRST BANK RICHMOND 00000000 00000.0000000000</title>
        <cusip>916BLH009</cusip>
        <identifiers>
          <ticker value="916BLH009009"/>
        </identifiers>
        <balance>22465.82</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>22465.82</valUSD>
        <pctVal>0.0032338001</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</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CB Financial Services Inc.</name>
        <lei>N/A</lei>
        <title>CB FINANCIAL SERVICES INC COMMON STOCK</title>
        <cusip>12479G101</cusip>
        <identifiers>
          <isin value="US12479G1013"/>
          <ticker value="CBFV US"/>
        </identifiers>
        <balance>57155</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1898117.55</valUSD>
        <pctVal>0.2732209540</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 COMMON STOCK</title>
        <cusip>126128107</cusip>
        <identifiers>
          <isin value="US1261281075"/>
          <ticker value="CCNE US"/>
        </identifiers>
        <balance>80835</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1956207</valUSD>
        <pctVal>0.2815825305</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CNB Financial Corporation</name>
        <lei>N/A</lei>
        <title>CNB FINANCIAL CORP/PA PREFERRED STOCK 7.125</title>
        <cusip>126128206</cusip>
        <identifiers>
          <isin value="US1261282065"/>
          <ticker value="CCNE"/>
        </identifiers>
        <balance>75200</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1898800</valUSD>
        <pctVal>0.2733191880</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>4212845.44</valUSD>
        <pctVal>0.6064100984</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>90567</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3494980.53</valUSD>
        <pctVal>0.5030783867</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 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"/>
        </identifiers>
        <balance>146317</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9174075.9</valUSD>
        <pctVal>1.3205450683</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>Sila Realty Trust Inc.</name>
        <lei>N/A</lei>
        <title>SILA REALTY TRUST INC COMMON STOCK USD.01</title>
        <cusip>146280508</cusip>
        <identifiers>
          <isin value="US1462805086"/>
          <ticker value="SILA US"/>
        </identifiers>
        <balance>121300</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3044630</valUSD>
        <pctVal>0.4382535282</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Central 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"/>
        </identifiers>
        <balance>144201</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4375058.34</valUSD>
        <pctVal>0.6297595287</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>Chemung Financial Corporation</name>
        <lei>N/A</lei>
        <title>CHEMUNG FINANCIAL CORP COMMON STOCK USD.01</title>
        <cusip>164024101</cusip>
        <identifiers>
          <isin value="US1640241014"/>
          <ticker value="CHMG US"/>
        </identifiers>
        <balance>63598</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3340166.96</valUSD>
        <pctVal>0.4807940390</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>ChoiceOne Financial Services Inc.</name>
        <lei>N/A</lei>
        <title>CHOICEONE FINANCIAL SERVICES I COMMON STOCK</title>
        <cusip>170386106</cusip>
        <identifiers>
          <isin value="US1703861062"/>
          <ticker value="COFS US"/>
        </identifiers>
        <balance>98216</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2844335.36</valUSD>
        <pctVal>0.4094224937</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>JH COLLATERAL</name>
        <lei>N/A</lei>
        <title>JH COLLATERAL</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Custodian Identifier" value="926EMC902"/>
        </identifiers>
        <balance>65798.23</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>658206.01</valUSD>
        <pctVal>0.0947442238</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>
        </securityLending>
      </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"/>
        </identifiers>
        <balance>86679</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3364011.99</valUSD>
        <pctVal>0.4842263670</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>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"/>
        </identifiers>
        <balance>210875</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3433045</valUSD>
        <pctVal>0.4941631935</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>Washington Trust Bancorp Inc.</name>
        <lei>J66MZFCNJPP3PERHZW54</lei>
        <title>WASHINGTON TRUST BANCORP INC COMMON STOCK USD.0625</title>
        <cusip>940610108</cusip>
        <identifiers>
          <isin value="US9406101082"/>
          <ticker value="WASH US"/>
        </identifiers>
        <balance>133936</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3870750.4</valUSD>
        <pctVal>0.5571678725</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>East Boston Savings Bank</name>
        <lei>N/A</lei>
        <title>EAST BOSTON SAVINGS BANK PPE6L2G55</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Custodian Identifier" value="943LEAII9"/>
        </identifiers>
        <balance>1943.62</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1943.62</valUSD>
        <pctVal>0.0002797707</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-11-03</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WALDEN MUTUAL</name>
        <lei>N/A</lei>
        <title>WALDEN MUTUAL</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Custodian Identifier" value="943PXU904"/>
        </identifiers>
        <balance>100000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>674000</valUSD>
        <pctVal>0.0970176600</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>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"/>
        </identifiers>
        <balance>5279.82</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5279.82</valUSD>
        <pctVal>0.0007599937</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-07</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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"/>
        </identifiers>
        <balance>1761.13</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1761.13</valUSD>
        <pctVal>0.0002535025</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-12-19</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Country Bank for Savings</name>
        <lei>N/A</lei>
        <title>COUNTRY BANK FOR SAVINGS PPGKJNJA5</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Custodian Identifier" value="955HDMII8"/>
        </identifiers>
        <balance>2196.46</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2196.46</valUSD>
        <pctVal>0.0003161653</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-28</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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"/>
        </identifiers>
        <balance>52765</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4575780.8</valUSD>
        <pctVal>0.6586521449</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>White River Bancshares Co</name>
        <lei>N/A</lei>
        <title>WHITE RIVER BANCSHARES CO COMMON STOCK</title>
        <cusip>96445A108</cusip>
        <identifiers>
          <isin value="US96445A1088"/>
          <ticker value="WRIV US"/>
        </identifiers>
        <balance>134640</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6247296</valUSD>
        <pctVal>0.8992552507</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>Wintrust Financial Corporation</name>
        <lei>Q774KI4AW80FHFW33O61</lei>
        <title>WINTRUST FINANCIAL CORP PREFERRED STOCK VAR</title>
        <cusip>97650W702</cusip>
        <identifiers>
          <isin value="US97650W7020"/>
          <ticker value="WTFC"/>
        </identifiers>
        <balance>200000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5432000</valUSD>
        <pctVal>0.7818990043</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>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"/>
        </identifiers>
        <balance>198195</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11213873.1</valUSD>
        <pctVal>1.6141598326</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>SpareBank 1 Nord-Norge</name>
        <lei>N/A</lei>
        <title>SPAREBANK 1 NORD NORGE COMMON STOCK NOK18.0</title>
        <cusip>B06T25907</cusip>
        <identifiers>
          <isin value="NO0006000801"/>
          <ticker value="NONG NO"/>
        </identifiers>
        <balance>174737</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="9.97955"/>
        <valUSD>2466415.69</valUSD>
        <pctVal>0.3550235589</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SpareBank 1 Sor-Norge ASA</name>
        <lei>549300Q3OIWRHQUQM052</lei>
        <title>SPAREBANK 1 SOR-NORGE ASA COMMON STOCK NOK25.0</title>
        <cusip>B40JTQ902</cusip>
        <identifiers>
          <isin value="NO0010631567"/>
          <ticker value="SB1NO NO"/>
        </identifiers>
        <balance>235524</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="9.97955"/>
        <valUSD>4202639.11</valUSD>
        <pctVal>0.6049409675</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Assured Guaranty Ltd.</name>
        <lei>N/A</lei>
        <title>ASSURED GUARANTY LTD COMMON STOCK USD.01</title>
        <cusip>G0585R106</cusip>
        <identifiers>
          <isin value="BMG0585R1060"/>
          <ticker value="AGO US"/>
        </identifiers>
        <balance>71190</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6026233.5</valUSD>
        <pctVal>0.8674348257</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Marex Group plc</name>
        <lei>N/A</lei>
        <title>MAREX GROUP PLC COMMON STOCK</title>
        <cusip>G5S37H101</cusip>
        <identifiers>
          <isin value="GB00BMT7GT62"/>
          <ticker value="MRX US"/>
        </identifiers>
        <balance>145046</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4876446.52</valUSD>
        <pctVal>0.7019309054</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Avidbank Holdings Inc.</name>
        <lei>54930029UJ8M0B84EE44</lei>
        <title>AVIDBANK HOLDINGS INC COMMON STOCK</title>
        <cusip>05368J103</cusip>
        <identifiers>
          <isin value="US05368J1034"/>
          <ticker value="AVBH US"/>
        </identifiers>
        <balance>257070</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6555285</valUSD>
        <pctVal>0.9435881469</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>BW Real Estate Inc.</name>
        <lei>N/A</lei>
        <title>BW REAL ESTATE INC 144A 12/99 VAR</title>
        <cusip>05614HAA7</cusip>
        <identifiers>
          <isin value="US05614HAA77"/>
          <ticker value="WAL"/>
        </identifiers>
        <balance>3680000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3797774.72</valUSD>
        <pctVal>0.5466635258</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-30</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>9.500000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>2250000</valUSD>
        <pctVal>0.3238720102</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>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"/>
        </identifiers>
        <balance>200182</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4860418.96</valUSD>
        <pctVal>0.6996238485</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bank7 Corp.</name>
        <lei>N/A</lei>
        <title>BANK7 CORP COMMON STOCK USD.01</title>
        <cusip>06652N107</cusip>
        <identifiers>
          <isin value="US06652N1072"/>
          <ticker value="BSVN US"/>
        </identifiers>
        <balance>116363</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5384116.01</valUSD>
        <pctVal>0.7750064336</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>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"/>
        </identifiers>
        <balance>53428</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3499534</valUSD>
        <pctVal>0.5037338273</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bar Harbor Bankshares</name>
        <lei>N/A</lei>
        <title>BAR HARBOR BANKSHARES COMMON STOCK USD2.0</title>
        <cusip>066849100</cusip>
        <identifiers>
          <isin value="US0668491006"/>
          <ticker value="BHB US"/>
        </identifiers>
        <balance>142394</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4337321.24</valUSD>
        <pctVal>0.6243275329</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 US"/>
        </identifiers>
        <balance>173874</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4998877.5</valUSD>
        <pctVal>0.7195540022</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Farmers and Merchants Bancorp Inc.</name>
        <lei>N/A</lei>
        <title>FARMERS and MERCHANTS BANCORP IN COMMON STOCK</title>
        <cusip>30779N105</cusip>
        <identifiers>
          <isin value="US30779N1054"/>
          <ticker value="FMAO US"/>
        </identifiers>
        <balance>114822</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2871698.22</valUSD>
        <pctVal>0.4133611890</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>2340155.18</valUSD>
        <pctVal>0.3368492277</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>246524</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10982644.2</valUSD>
        <pctVal>1.5808760243</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>5939329.24</valUSD>
        <pctVal>0.8549255557</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IRS USD P 1.08 20230904-20300304</name>
        <lei>N/A</lei>
        <title>IRS USD P 1.08 20230904-20300304</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Custodian Identifier" value="SLLH0TYA"/>
        </identifiers>
        <balance>25000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2624162.5</valUSD>
        <pctVal>0.3777301262</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="85780.220000000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="3" resetDt="Month" resetDtUnit="3"/>
              </rtResetTenors>
            </floatingRecDesc>
            <fixedPmntDesc amount="20190" curCd="USD" fixedOrFloating="Fixed" fixedRt="1.076800000000"/>
            <terminationDt>2030-03-04</terminationDt>
            <upfrontPmnt>0.000000000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>4570.750000000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>25000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>2628733.25</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <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>
        <identifiers>
          <other otherDesc="Custodian Identifier" value="SLLH0TXY"/>
        </identifiers>
        <balance>25000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2563487.5</valUSD>
        <pctVal>0.3689963777</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="88975.760000000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="3" resetDt="Month" resetDtUnit="3"/>
              </rtResetTenors>
            </floatingRecDesc>
            <fixedPmntDesc amount="22096.67" curCd="USD" fixedOrFloating="Fixed" fixedRt="1.136400000000"/>
            <terminationDt>2030-03-03</terminationDt>
            <upfrontPmnt>0.000000000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>4650.380000000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>25000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>2568137.88</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>-10359</valUSD>
        <pctVal>-0.0014911067</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="70961.120000000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="3" resetDt="Month" resetDtUnit="3"/>
              </rtResetTenors>
            </floatingRecDesc>
            <fixedPmntDesc amount="140769.75" 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>-10359</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </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"/>
        </identifiers>
        <balance>15000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1487071.5</valUSD>
        <pctVal>0.2140537049</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="55302.810000000000">
              <rtResetTenors>
                <rtResetTenor rateTenor="Month" rateTenorUnit="3" resetDt="Month" resetDtUnit="3"/>
              </rtResetTenors>
            </floatingRecDesc>
            <fixedPmntDesc amount="14745.29" curCd="USD" fixedOrFloating="Fixed" fixedRt="1.220300000000"/>
            <terminationDt>2030-03-02</terminationDt>
            <upfrontPmnt>0.000000000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>2910.390000000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>15000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>1489981.89</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>2025-10-29</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>
  <documents>XXXX</documents>
</edgarSubmission>
