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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TEGNA, Inc.</name>
        <lei>549300YC5EDBGX85AO10</lei>
        <title>TEGNA, Inc.</title>
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          <isin value="US87901J1051"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Innocoll Biotherapeutics Holdings Ltd.</name>
        <lei>549300VYLRG6E7YKGJ44</lei>
        <title>Innocoll Biotherapeutics Holdings Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="USG48DEL9904"/>
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        <balance>125000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>IE</invCountry>
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        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Vigil Neuroscience, Inc.</name>
        <lei>N/A</lei>
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        <cusip>926CVR010</cusip>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Gen Digital, Inc.</name>
        <lei>YF6ZV0M6AU4FY94MK914</lei>
        <title>Gen Digital, Inc., CVR</title>
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          <isin value="US6687711167"/>
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        <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>Ework Group AB</name>
        <lei>549300WF2ILKHMGV9I45</lei>
        <title>Ework Group AB</title>
        <cusip>N/A</cusip>
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          <isin value="SE0002402701"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Target Hospitality Corp.</name>
        <lei>N/A</lei>
        <title>Target Hospitality Corp.</title>
        <cusip>87615L107</cusip>
        <identifiers>
          <isin value="US87615L1070"/>
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        <balance>3500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>29680.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Orange Belgium SA</name>
        <lei>5493007JS0ZHJVBUWP18</lei>
        <title>Orange Belgium SA</title>
        <cusip>N/A</cusip>
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          <isin value="BE0003735496"/>
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        <balance>30000.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BE</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Sage Therapeutics, Inc.</name>
        <lei>5493000JX4BJS9W6CN35</lei>
        <title>Sage Therapeutics, Inc., CVR</title>
        <cusip>786CVR019</cusip>
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          <isin value="US786CVR0196"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Mirati Therapeutics, Inc.</name>
        <lei>529900GYRW59IDQV6N54</lei>
        <title>Mirati Therapeutics, Inc., CVR</title>
        <cusip>604CVR027</cusip>
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          <isin value="US604CVR0279"/>
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        <balance>70000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>26250.00000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ICU Medical, Inc.</name>
        <lei>5493003NRW7LS2QZRH60</lei>
        <title>ICU Medical, Inc.</title>
        <cusip>44930G107</cusip>
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          <isin value="US44930G1076"/>
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        <balance>500.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Merus NV</name>
        <lei>549300W8GPUWU8QNU293</lei>
        <title>Merus NV</title>
        <cusip>N/A</cusip>
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          <isin value="NL0011606264"/>
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        <balance>1000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>94150.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Gen Digital, Inc.</name>
        <lei>YF6ZV0M6AU4FY94MK914</lei>
        <title>Gen Digital, Inc.</title>
        <cusip>668771108</cusip>
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          <isin value="US6687711084"/>
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        <balance>24500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>695555.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>89bio, Inc.</name>
        <lei>N/A</lei>
        <title>89bio, Inc.</title>
        <cusip>282559103</cusip>
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          <isin value="US2825591033"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Integral Ad Science Holding Corp.</name>
        <lei>N/A</lei>
        <title>Integral Ad Science Holding Corp.</title>
        <cusip>45828L108</cusip>
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          <isin value="US45828L1089"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
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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>
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      <invstOrSec>
        <name>Alerion Cleanpower SpA</name>
        <lei>81560090173FFC67B069</lei>
        <title>Alerion Cleanpower SpA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IT0004720733"/>
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        <balance>8000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.85175248"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Fusion Pharmaceuticals, Inc.</name>
        <lei>N/A</lei>
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          <isin value="US361CVR0124"/>
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        <balance>6000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3000.00000000</valUSD>
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        <invCountry>CA</invCountry>

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      <invstOrSec>
        <name>Landos Biopharma, Inc.</name>
        <lei>N/A</lei>
        <title>Landos Biopharma, Inc., CVR</title>
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          <isin value="US515CVR0178"/>
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        <balance>4000.00000000</balance>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Premier, Inc.</name>
        <lei>N/A</lei>
        <title>Premier, Inc., Class A</title>
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      <invstOrSec>
        <name>Velan, Inc.</name>
        <lei>549300DB4US7WDCNNN28</lei>
        <title>Velan, Inc.</title>
        <cusip>922932108</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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      <invstOrSec>
        <name>James Hardie Industries plc</name>
        <lei>635400NSGXKTVOO7JU45</lei>
        <title>James Hardie Industries plc</title>
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        <assetCat>EC</assetCat>
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        <invCountry>IE</invCountry>

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      <invstOrSec>
        <name>Horizon Copper Corp.</name>
        <lei>N/A</lei>
        <title>Horizon Copper Corp.</title>
        <cusip>44057J108</cusip>
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          <isin value="CA44057J1084"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Madison Square Garden Sports Corp.</name>
        <lei>N/A</lei>
        <title>Madison Square Garden Sports Corp.</title>
        <cusip>55825T103</cusip>
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        <valUSD>2610500.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Potbelly Corp.</name>
        <lei>54930027NUULUR2P5W11</lei>
        <title>Potbelly Corp.</title>
        <cusip>73754Y100</cusip>
        <identifiers>
          <isin value="US73754Y1001"/>
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        <balance>400.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6816.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Park-Ohio Holdings Corp.</name>
        <lei>N/A</lei>
        <title>Park-Ohio Holdings Corp.</title>
        <cusip>700666100</cusip>
        <identifiers>
          <isin value="US7006661000"/>
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        <balance>15000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>318600.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Frontier Communications Parent, Inc.</name>
        <lei>N/A</lei>
        <title>Frontier Communications Parent, Inc.</title>
        <cusip>35909D109</cusip>
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          <isin value="US35909D1090"/>
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        <balance>28500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1064475.00000000</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>ABIOMED, Inc.</name>
        <lei>5493001EZN4ZTB4Z5887</lei>
        <title>ABIOMED, Inc., CVR</title>
        <cusip>003CVR016</cusip>
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          <isin value="US003CVR0169"/>
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        <balance>21000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>33600.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Right"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Opiant Pharmaceuticals, Inc.</name>
        <lei>N/A</lei>
        <title>Opiant Pharmaceuticals, Inc., CVR</title>
        <cusip>683CVR013</cusip>
        <identifiers>
          <isin value="US683CVR0133"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5000.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Right"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Stratasys Ltd.</name>
        <lei>529900MU215GIP9SZ741</lei>
        <title>Stratasys Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IL0011267213"/>
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        <balance>42000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>470400.00000000</valUSD>
        <pctVal>0.274621012899</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Orogen Royalties, Inc.</name>
        <lei>N/A</lei>
        <title>Orogen Royalties, Inc.</title>
        <cusip>687080101</cusip>
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          <isin value="CA6870801017"/>
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        <balance>12500.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.39170000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Entain plc</name>
        <lei>213800GNI3K45LQR8L28</lei>
        <title>Entain plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IM00B5VQMV65"/>
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        <balance>25000.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.74354970"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Cantaloupe, Inc.</name>
        <lei>529900O54DBQQVWO9Q85</lei>
        <title>Cantaloupe, Inc.</title>
        <cusip>138103106</cusip>
        <identifiers>
          <isin value="US1381031061"/>
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        <balance>15000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>158550.00000000</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>Atlanta Braves Holdings, Inc.</name>
        <lei>N/A</lei>
        <title>Atlanta Braves Holdings, Inc., Class A</title>
        <cusip>047726104</cusip>
        <identifiers>
          <isin value="US0477261046"/>
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        <balance>91000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4137770.00000000</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>Albertsons Cos., Inc.</name>
        <lei>549300YKWOC0AOR16R51</lei>
        <title>Albertsons Cos., Inc., Class A</title>
        <cusip>013091103</cusip>
        <identifiers>
          <isin value="US0130911037"/>
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        <balance>42000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>735420.00000000</valUSD>
        <pctVal>0.429340529988</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>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>Flexion, Inc.</name>
        <lei>N/A</lei>
        <title>Flexion, Inc., CVR</title>
        <cusip>339CVR011</cusip>
        <identifiers>
          <isin value="US339CVR0115"/>
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        <balance>1000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>100.00000000</valUSD>
        <pctVal>0.000058380317</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Right"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Pinewood Technologies Group plc</name>
        <lei>213800VRSPZFOGMMIS18</lei>
        <title>Pinewood Technologies Group plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BSB7BS06"/>
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        <balance>21800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74354970"/>
        <valUSD>121673.10000000</valUSD>
        <pctVal>0.071033141931</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Yamada Holdings Co. Ltd.</name>
        <lei>353800MDZ4K1DQKLO464</lei>
        <title>Yamada Holdings Co. Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3939000000"/>
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        <balance>12400.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="147.88500000"/>
        <valUSD>40700.27000000</valUSD>
        <pctVal>0.023760946795</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Just Eat Takeaway.com NV</name>
        <lei>724500FVZIBSSQ7SHI95</lei>
        <title>Just Eat Takeaway.com NV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NL0012015705"/>
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        <balance>10000.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.85175248"/>
        <valUSD>237040.69000000</valUSD>
        <pctVal>0.138385107113</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Mueller Water Products, Inc.</name>
        <lei>549300F7ZU4P1F8V8L60</lei>
        <title>Mueller Water Products, Inc., Class A</title>
        <cusip>624758108</cusip>
        <identifiers>
          <isin value="US6247581084"/>
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        <balance>10000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>255200.00000000</valUSD>
        <pctVal>0.148986569923</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>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>McGrath RentCorp</name>
        <lei>254900EUH6IPWFQ83445</lei>
        <title>McGrath RentCorp</title>
        <cusip>580589109</cusip>
        <identifiers>
          <isin value="US5805891091"/>
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        <balance>9200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1079160.00000000</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>Clear Channel Outdoor Holdings, Inc.</name>
        <lei>254900XBEE6V1ENYS150</lei>
        <title>Clear Channel Outdoor Holdings, Inc.</title>
        <cusip>18453H106</cusip>
        <identifiers>
          <isin value="US18453H1068"/>
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        <balance>720000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1137600.00000000</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>Mueller Industries, Inc.</name>
        <lei>5493005IZFE4VJLLYG84</lei>
        <title>Mueller Industries, Inc.</title>
        <cusip>624756102</cusip>
        <identifiers>
          <isin value="US6247561029"/>
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        <balance>13500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1364985.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Capri Holdings Ltd.</name>
        <lei>549300LPG8W0H1OX3A26</lei>
        <title>Capri Holdings Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="VGG1890L1076"/>
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        <balance>14000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>278880.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ALLETE, Inc.</name>
        <lei>549300NNLSIMY6Z8OT86</lei>
        <title>ALLETE, Inc.</title>
        <cusip>018522300</cusip>
        <identifiers>
          <isin value="US0185223007"/>
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        <balance>33500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2224400.00000000</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>Severn Trent plc</name>
        <lei>213800RPBXRETY4A4C59</lei>
        <title>Severn Trent plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B1FH8J72"/>
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        <balance>28000.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.74354970"/>
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        <pctVal>0.568956089860</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Altaba, Inc.</name>
        <lei>549300ZJC0V1K2ZCKG85</lei>
        <title>Altaba, Inc.</title>
        <cusip>021ESC017</cusip>
        <identifiers>
          <isin value="US021ESC0175"/>
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        <balance>102200.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>137970.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>QuidelOrtho Corp.</name>
        <lei>549300YU8CMO9HF53113</lei>
        <title>QuidelOrtho Corp.</title>
        <cusip>219798105</cusip>
        <identifiers>
          <isin value="US2197981051"/>
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        <balance>7000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>206150.00000000</valUSD>
        <pctVal>0.120351024254</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>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>EW Scripps Co. (The)</name>
        <lei>549300U1OW41QPKYW028</lei>
        <title>EW Scripps Co. (The), Class A</title>
        <cusip>811054402</cusip>
        <identifiers>
          <isin value="US8110544025"/>
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        <balance>68500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>168510.00000000</valUSD>
        <pctVal>0.098376672796</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>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>Koninklijke KPN NV</name>
        <lei>549300YO0JZHAL7FVP81</lei>
        <title>Koninklijke KPN NV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NL0000009082"/>
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        <balance>90000.00000000</balance>
        <units>NS</units>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>City Office REIT, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Illumina, Inc.</name>
        <lei>SQ95QG8SR5Q56LSNF682</lei>
        <title>Illumina, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Newmont Corp.</name>
        <lei>549300VSP3RIX7FGDZ51</lei>
        <title>Newmont Corp.</title>
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          <isin value="US6516391066"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Advance Auto Parts, Inc.</name>
        <lei>529900UCNQ5H9FSL0Y70</lei>
        <title>Advance Auto Parts, Inc.</title>
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          <isin value="US00751Y1064"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Globus Medical, Inc.</name>
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        <title>Globus Medical, Inc., Class A</title>
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          <isin value="US3795772082"/>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Icosavax, Inc.</name>
        <lei>N/A</lei>
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          <isin value="US451CVR0216"/>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Flushing Financial Corp.</name>
        <lei>N/A</lei>
        <title>Flushing Financial Corp.</title>
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          <isin value="US3438731057"/>
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        <balance>75000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Sapiens International Corp. NV</name>
        <lei>2549009P4ZS02GC5QV68</lei>
        <title>Sapiens International Corp. NV</title>
        <cusip>N/A</cusip>
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          <isin value="KYG7T16G1039"/>
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        <balance>2000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AvidXchange Holdings, Inc.</name>
        <lei>N/A</lei>
        <title>AvidXchange Holdings, Inc.</title>
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          <isin value="US05368X1028"/>
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        <curCd>USD</curCd>
        <valUSD>4328250.00000000</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>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Andlauer Healthcare Group, Inc.</name>
        <lei>549300FEFF2VDKFOGG32</lei>
        <title>Andlauer Healthcare Group, Inc.</title>
        <cusip>034223107</cusip>
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          <isin value="CA0342231077"/>
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        <balance>4000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.39170000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Aspen Insurance Holdings Ltd.</name>
        <lei>549300YX6HECG9XQCQ75</lei>
        <title>Aspen Insurance Holdings Ltd., Class A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BMG053845019"/>
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        <balance>4000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>146840.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BKF Capital Group, Inc.</name>
        <lei>N/A</lei>
        <title>BKF Capital Group, Inc.</title>
        <cusip>05548G300</cusip>
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          <isin value="US05548G3002"/>
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        <curCd>USD</curCd>
        <valUSD>70586.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Cross Country Healthcare, Inc.</name>
        <lei>54930037L0NBIPZ5S663</lei>
        <title>Cross Country Healthcare, Inc.</title>
        <cusip>227483104</cusip>
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          <isin value="US2274831047"/>
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        <balance>11300.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>160460.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Guardian Capital Group Ltd.</name>
        <lei>549300S01K8Y0KJYB822</lei>
        <title>Guardian Capital Group Ltd.</title>
        <cusip>401339205</cusip>
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          <isin value="CA4013392051"/>
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        <balance>2000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Informatica, Inc.</name>
        <lei>984500E0DEFFE6DE9588</lei>
        <title>Informatica, Inc., Class A</title>
        <cusip>45674M101</cusip>
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          <isin value="US45674M1018"/>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Surmodics, Inc.</name>
        <lei>549300H76KXCAAGUS878</lei>
        <title>Surmodics, Inc.</title>
        <cusip>868873100</cusip>
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          <isin value="US8688731004"/>
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        <balance>77000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2301530.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Epizyme, Inc.</name>
        <lei>549300TNFWF88O4U4605</lei>
        <title>Epizyme, Inc., CVR</title>
        <cusip>294CVR014</cusip>
        <identifiers>
          <isin value="US294CVR0142"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>200.00000000</valUSD>
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        <assetConditional assetCat="OTHER" desc="Right"/>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Bapcor Ltd.</name>
        <lei>N/A</lei>
        <title>Bapcor Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU000000BAP9"/>
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        <balance>50000.00000000</balance>
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        <invCountry>AU</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Sony Financial Group, Inc.</name>
        <lei>353800O7BDSU41WOZA60</lei>
        <title>Sony Financial Group, Inc.</title>
        <cusip>83571B100</cusip>
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        <balance>18000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>66600.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Chart Industries, Inc.</name>
        <lei>EM7QGKC1GYOF3LSZSL80</lei>
        <title>Chart Industries, Inc.</title>
        <cusip>16115Q308</cusip>
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          <isin value="US16115Q3083"/>
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        <balance>5500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1100825.00000000</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>Alvopetro Energy Ltd.</name>
        <lei>894500E23U8RD36B9168</lei>
        <title>Alvopetro Energy Ltd.</title>
        <cusip>02255Q209</cusip>
        <identifiers>
          <isin value="CA02255Q2099"/>
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        <balance>88200.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>LENSAR, Inc.</name>
        <lei>N/A</lei>
        <title>LENSAR, Inc.</title>
        <cusip>52634L108</cusip>
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          <isin value="US52634L1089"/>
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        <balance>30000.00000000</balance>
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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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Herc Holdings, Inc.</name>
        <lei>549300TP80QLITMSBP82</lei>
        <title>Herc Holdings, Inc.</title>
        <cusip>42704L104</cusip>
        <identifiers>
          <isin value="US42704L1044"/>
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        <balance>2500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>291650.00000000</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>Fox Corp.</name>
        <lei>549300DDU6FDRBIELS05</lei>
        <title>Fox Corp., Class B</title>
        <cusip>35137L204</cusip>
        <identifiers>
          <isin value="US35137L2043"/>
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        <balance>84200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4823818.00000000</valUSD>
        <pctVal>2.816160257658</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>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>Bioventus, Inc.</name>
        <lei>N/A</lei>
        <title>Bioventus, Inc., Class A</title>
        <cusip>09075A108</cusip>
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          <isin value="US09075A1088"/>
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        <balance>2000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>13380.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <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>Telephone and Data Systems, Inc.</name>
        <lei>N/A</lei>
        <title>Telephone and Data Systems, Inc.</title>
        <cusip>879433829</cusip>
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          <isin value="US8794338298"/>
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        <balance>36000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1412640.00000000</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>Capital One Financial Corp.</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>Capital One Financial Corp.</title>
        <cusip>14040H105</cusip>
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          <isin value="US14040H1059"/>
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        <balance>815.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>173252.70000000</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>DMC Global, Inc.</name>
        <lei>549300CBDXD1Z5MRNG02</lei>
        <title>DMC Global, Inc.</title>
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          <isin value="US23291C1036"/>
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        <balance>6000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>50700.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ambit Biosciences Corp.</name>
        <lei>N/A</lei>
        <title>Ambit Biosciences Corp., CVR</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Sedol" value="2F1842S"/>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetConditional assetCat="OTHER" desc="Right"/>
        <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>Avista Corp.</name>
        <lei>Q0IK63NITJD6RJ47SW96</lei>
        <title>Avista Corp.</title>
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          <isin value="US05379B1070"/>
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        <balance>52000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1966120.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Contraf-Nicotex-Tobacco GmbH</name>
        <lei>529900XY3OKFFP97NB36</lei>
        <title>Contraf-Nicotex-Tobacco GmbH, CVR</title>
        <cusip>741CVR013</cusip>
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          <isin value="IH0000462409"/>
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        <balance>15000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3000.00000000</valUSD>
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        <assetConditional assetCat="OTHER" desc="Right"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Telesat Corp.</name>
        <lei>N/A</lei>
        <title>Telesat Corp.</title>
        <cusip>879512309</cusip>
        <identifiers>
          <isin value="CA8795123097"/>
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        <balance>115000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3047500.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Dayforce, Inc.</name>
        <lei>549300T64GVCHFJ8L449</lei>
        <title>Dayforce, Inc.</title>
        <cusip>15677J108</cusip>
        <identifiers>
          <isin value="US15677J1088"/>
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        <balance>5500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>378895.00000000</valUSD>
        <pctVal>0.221200103491</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>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>Verona Pharma plc</name>
        <lei>213800EVI6O6J3TIAL06</lei>
        <title>Verona Pharma plc</title>
        <cusip>925050106</cusip>
        <identifiers>
          <isin value="US9250501064"/>
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        <balance>23000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2454330.00000000</valUSD>
        <pctVal>1.432845643260</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>
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      <invstOrSec>
        <name>Corem Property Group AB</name>
        <lei>213800CHXQQD7TSS1T59</lei>
        <title>Corem Property Group AB, Class B</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0010714287"/>
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        <balance>7500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.41440000"/>
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        <pctVal>0.001915230529</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="2904.04000000"/>
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      <invstOrSec>
        <name>Spirit AeroSystems Holdings, Inc.</name>
        <lei>N/A</lei>
        <title>Spirit AeroSystems Holdings, Inc., Class A</title>
        <cusip>848574109</cusip>
        <identifiers>
          <isin value="US8485741099"/>
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        <balance>30000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1158000.00000000</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>Blueprint Medicines Corp.</name>
        <lei>5299004CC60O9T5HVM83</lei>
        <title>Blueprint Medicines Corp., CVR</title>
        <cusip>096CVR048</cusip>
        <identifiers>
          <isin value="US096CVR0480"/>
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        <balance>22200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8880.00000000</valUSD>
        <pctVal>0.005184172182</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Right"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Gold Road Resources Ltd.</name>
        <lei>213800HJWH96TDEMNY83</lei>
        <title>Gold Road Resources Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000GOR5"/>
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        <balance>100000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.51125887"/>
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        <pctVal>0.133107123599</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Synovus Financial Corp.</name>
        <lei>549300EIUS8UN5JTLE54</lei>
        <title>Synovus Financial Corp.</title>
        <cusip>87161C501</cusip>
        <identifiers>
          <isin value="US87161C5013"/>
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        <balance>2500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>122700.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Macy's, Inc.</name>
        <lei>529900NZQ81TIOW3CW52</lei>
        <title>Macy's, Inc.</title>
        <cusip>55616P104</cusip>
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          <isin value="US55616P1049"/>
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        <balance>8500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>152405.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Cadence Bank</name>
        <lei>Q7C315HKI8VX0SSKBS64</lei>
        <title>Cadence Bank</title>
        <cusip>12740C103</cusip>
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          <isin value="US12740C1036"/>
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        <balance>14000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>525560.00000000</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>JP MORGAN PRIME VAR 12/50</name>
        <lei>N/A</lei>
        <title>JPMorgan Prime Money Market Fund, IM Shares</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CINS" value="741994511"/>
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        <balance>50435319.56500000</balance>
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        <curCd>USD</curCd>
        <valUSD>50455493.69000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</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>Rogers Corp.</name>
        <lei>PW0CN80KNFR7RUOOKJ84</lei>
        <title>Rogers Corp.</title>
        <cusip>775133101</cusip>
        <identifiers>
          <isin value="US7751331015"/>
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        <balance>14700.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1182762.00000000</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>Lee Enterprises, Inc.</name>
        <lei>N/A</lei>
        <title>Lee Enterprises, Inc.</title>
        <cusip>523768406</cusip>
        <identifiers>
          <isin value="US5237684064"/>
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        <balance>70000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>380800.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Liberty Global Ltd.</name>
        <lei>213800HRMKKTYH7SKA24</lei>
        <title>Liberty Global Ltd., Class C</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BMG611881274"/>
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        <balance>20000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>235000.00000000</valUSD>
        <pctVal>0.137193745815</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Cool Co. Ltd.</name>
        <lei>549300AQHDVKVCNIU608</lei>
        <title>Cool Co. Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BMG2415A1137"/>
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        <balance>1000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9500.00000000</valUSD>
        <pctVal>0.005546130149</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Steelcase, Inc.</name>
        <lei>GIE4CCPBJDI8SMV1OX95</lei>
        <title>Steelcase, Inc., Class A</title>
        <cusip>858155203</cusip>
        <identifiers>
          <isin value="US8581552036"/>
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        <balance>400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6880.00000000</valUSD>
        <pctVal>0.004016565834</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>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>Mativ Holdings, Inc.</name>
        <lei>549300Z1FU4IDULG1R21</lei>
        <title>Mativ Holdings, Inc.</title>
        <cusip>808541106</cusip>
        <identifiers>
          <isin value="US8085411069"/>
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        <balance>39200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>443352.00000000</valUSD>
        <pctVal>0.258830304657</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>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>Performant Healthcare, Inc.</name>
        <lei>N/A</lei>
        <title>Performant Healthcare, Inc.</title>
        <cusip>71377E105</cusip>
        <identifiers>
          <isin value="US71377E1055"/>
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        <balance>10000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>77300.00000000</valUSD>
        <pctVal>0.045127985325</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="69300.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Horizon Bancorp, Inc.</name>
        <lei>549300U2OQ2EIT5MXG39</lei>
        <title>Horizon Bancorp, Inc.</title>
        <cusip>440407104</cusip>
        <identifiers>
          <isin value="US4404071049"/>
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        <balance>13000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>208130.00000000</valUSD>
        <pctVal>0.121506954538</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>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>Schlumberger NV</name>
        <lei>213800ZUA17OK3QLGM62</lei>
        <title>Schlumberger NV</title>
        <cusip>806857108</cusip>
        <identifiers>
          <isin value="AN8068571086"/>
        </identifiers>
        <balance>30870.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1061001.90000000</valUSD>
        <pctVal>0.619416276501</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CW</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Gracell Biotechnologies, Inc.</name>
        <lei>N/A</lei>
        <title>Gracell Biotechnologies, Inc., CVR</title>
        <cusip>384CVR015</cusip>
        <identifiers>
          <isin value="US384CVR0150"/>
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        <balance>100000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4000.00000000</valUSD>
        <pctVal>0.002335212694</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Right"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Array Digital Infrastructure, Inc.</name>
        <lei>549300B164AZXESI6E03</lei>
        <title>Array Digital Infrastructure, Inc.</title>
        <cusip>911684108</cusip>
        <identifiers>
          <isin value="US9116841084"/>
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        <balance>64000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3200640.00000000</valUSD>
        <pctVal>1.868543789809</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="2635058.14000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Beasley Broadcast Group, Inc.</name>
        <lei>549300R5FEOSY86VTY76</lei>
        <title>Beasley Broadcast Group, Inc., Class A</title>
        <cusip>074014200</cusip>
        <identifiers>
          <isin value="US0740142007"/>
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        <balance>12000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>64800.00000000</valUSD>
        <pctVal>0.037830445654</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="9112.00000000"/>
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      <invstOrSec>
        <name>Tredegar Corp.</name>
        <lei>54930003228ERHCH6K87</lei>
        <title>Tredegar Corp.</title>
        <cusip>894650100</cusip>
        <identifiers>
          <isin value="US8946501009"/>
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        <balance>10100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>81103.00000000</valUSD>
        <pctVal>0.047348188795</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>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>Nobility Homes, Inc.</name>
        <lei>N/A</lei>
        <title>Nobility Homes, Inc.</title>
        <cusip>654892108</cusip>
        <identifiers>
          <isin value="US6548921088"/>
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        <balance>16500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>495000.00000000</valUSD>
        <pctVal>0.288982570972</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TXNM Energy, Inc.</name>
        <lei>5493003JOBJGLZSDDQ28</lei>
        <title>TXNM Energy, Inc.</title>
        <cusip>69349H107</cusip>
        <identifiers>
          <isin value="US69349H1077"/>
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        <balance>71500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4043325.00000000</valUSD>
        <pctVal>2.360505967223</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>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>Sandstorm Gold Ltd.</name>
        <lei>549300QWJPV45VQF1B33</lei>
        <title>Sandstorm Gold Ltd.</title>
        <cusip>80013R206</cusip>
        <identifiers>
          <isin value="CA80013R2063"/>
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        <balance>175000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2191000.00000000</valUSD>
        <pctVal>1.279112753534</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Myers Industries, Inc.</name>
        <lei>549300I2H9XMVTCW4Q51</lei>
        <title>Myers Industries, Inc.</title>
        <cusip>628464109</cusip>
        <identifiers>
          <isin value="US6284641098"/>
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        <balance>52000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>880880.00000000</valUSD>
        <pctVal>0.514260539632</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>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>Tourmaline Bio, Inc.</name>
        <lei>N/A</lei>
        <title>Tourmaline Bio, Inc.</title>
        <cusip>89157D105</cusip>
        <identifiers>
          <isin value="US89157D1054"/>
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        <balance>10000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>478300.00000000</valUSD>
        <pctVal>0.279233057971</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>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>Chinook Therapeutics, Inc.</name>
        <lei>N/A</lei>
        <title>Chinook Therapeutics, Inc., CVR</title>
        <cusip>169CVR016</cusip>
        <identifiers>
          <isin value="US169CVR0169"/>
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        <balance>125000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>25000.00000000</valUSD>
        <pctVal>0.014595079342</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Right"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Sigilon Therapeutics, Inc.</name>
        <lei>N/A</lei>
        <title>Sigilon Therapeutics, Inc., CVR</title>
        <cusip>826CVR037</cusip>
        <identifiers>
          <isin value="US826CVR0370"/>
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        <balance>500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2831.25000000</valUSD>
        <pctVal>0.001652892735</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Right"/>
        <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>
      <invstOrSec>
        <name>Aris Water Solutions, Inc.</name>
        <lei>N/A</lei>
        <title>Aris Water Solutions, Inc., Class A</title>
        <cusip>04041L106</cusip>
        <identifiers>
          <isin value="US04041L1061"/>
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        <balance>10000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>246600.00000000</valUSD>
        <pctVal>0.143965862629</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>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>GRAIL, Inc.</name>
        <lei>2549009XSNESW3VE8024</lei>
        <title>GRAIL, Inc.</title>
        <cusip>384747101</cusip>
        <identifiers>
          <isin value="US3847471014"/>
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        <balance>400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>23652.00000000</valUSD>
        <pctVal>0.013808112663</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>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>CNFinance Holdings Ltd.</name>
        <lei>N/A</lei>
        <title>CNFinance Holdings Ltd.</title>
        <cusip>18979T204</cusip>
        <identifiers>
          <isin value="US18979T2042"/>
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        <balance>176.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>737.44000000</valUSD>
        <pctVal>0.000430519812</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Viatris, Inc.</name>
        <lei>254900ZZTSW7NL773X71</lei>
        <title>Viatris, Inc.</title>
        <cusip>92556V106</cusip>
        <identifiers>
          <isin value="US92556V1061"/>
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        <balance>36000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>356400.00000000</valUSD>
        <pctVal>0.208067451099</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>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>STAAR Surgical Co.</name>
        <lei>5299006LRHI7OJ8BY308</lei>
        <title>STAAR Surgical Co.</title>
        <cusip>852312305</cusip>
        <identifiers>
          <isin value="US8523123052"/>
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        <balance>11000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>295570.00000000</valUSD>
        <pctVal>0.172554704044</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>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>Pineapple Energy, Inc.</name>
        <lei>N/A</lei>
        <title>Pineapple Energy, Inc., CVR</title>
        <cusip>203CVR014</cusip>
        <identifiers>
          <isin value="US203CVR0142"/>
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        <balance>12500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9890.00000000</valUSD>
        <pctVal>0.005773813387</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Right"/>
        <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>
      <invstOrSec>
        <name>DREYFUS TREASURY &amp; AGENCY LEX</name>
        <lei>54930067A504FBYASH16</lei>
        <title>DREYFUS TREASURY OBLIGATIONS CASH MANAGEMENT FUND OPEN-END FUND USD</title>
        <cusip>261908107</cusip>
        <identifiers>
          <other otherDesc="Custodian Internal ID" value="261908107"/>
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        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>100000.00000000</valUSD>
        <pctVal>0.058380317368</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="100000.00000000" isCashCollateral="Y"/>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Norfolk Southern Corp.</name>
        <lei>54930036C8MWP850MI84</lei>
        <title>Norfolk Southern Corp.</title>
        <cusip>655844108</cusip>
        <identifiers>
          <isin value="US6558441084"/>
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        <balance>200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>60082.00000000</valUSD>
        <pctVal>0.035076062281</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>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.</title>
        <cusip>601137102</cusip>
        <identifiers>
          <isin value="US6011371027"/>
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        <balance>17500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>588175.00000000</valUSD>
        <pctVal>0.343378431679</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>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>EchoStar Corp.</name>
        <lei>549300EE20907QZ9GT38</lei>
        <title>EchoStar Corp., Class A</title>
        <cusip>278768106</cusip>
        <identifiers>
          <isin value="US2787681061"/>
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        <balance>17000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1298120.00000000</valUSD>
        <pctVal>0.757846575818</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>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>Amcor plc</name>
        <lei>549300GSODGFCDQ3DI89</lei>
        <title>Amcor plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JE00BJ1F3079"/>
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        <balance>326250.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2668725.00000000</valUSD>
        <pctVal>1.558010124681</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Valmet OYJ</name>
        <lei>213800D9O7FUQDH83V62</lei>
        <title>Valmet OYJ</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FI4000074984"/>
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        <balance>13000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85175248"/>
        <valUSD>431627.74000000</valUSD>
        <pctVal>0.251985644460</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FI</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Dowlais Group plc</name>
        <lei>213800XM8WOFLY6VPC92</lei>
        <title>Dowlais Group plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BMWRZ071"/>
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        <balance>400000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74354970"/>
        <valUSD>429830.04000000</valUSD>
        <pctVal>0.250936141495</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>INVESCO GOVT AND AGCY LEX</name>
        <lei>O37NHJVF7S22I1ONOU83</lei>
        <title>INVESCO GOVERNMENT &amp; AGENCY PORTFOLIO OPEN-END FUND USD</title>
        <cusip>825252885</cusip>
        <identifiers>
          <other otherDesc="Custodian Internal ID" value="825252885"/>
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        <balance>704284.50000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>704284.50000000</valUSD>
        <pctVal>0.411163526274</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="704284.50000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Verint Systems, Inc.</name>
        <lei>549300KEQJS5FRVUCO94</lei>
        <title>Verint Systems, Inc.</title>
        <cusip>92343X100</cusip>
        <identifiers>
          <isin value="US92343X1000"/>
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        <balance>20000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>405000.00000000</valUSD>
        <pctVal>0.236440285340</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>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>Regulus Therapeutics, Inc.</name>
        <lei>529900ZYH2KYFH6Z7098</lei>
        <title>Regulus Therapeutics, Inc., CVR</title>
        <cusip>759CVR012</cusip>
        <identifiers>
          <isin value="US759CVR0124"/>
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        <balance>40000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>40000.00000000</valUSD>
        <pctVal>0.023352126947</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Right"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Metsera, Inc.</name>
        <lei>N/A</lei>
        <title>Metsera, Inc.</title>
        <cusip>59267L107</cusip>
        <identifiers>
          <isin value="US59267L1070"/>
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        <balance>2000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>104660.00000000</valUSD>
        <pctVal>0.061100840157</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="90497.70000000"/>
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      <invstOrSec>
        <name>Resolute Forest Products, Inc.</name>
        <lei>N/A</lei>
        <title>Resolute Forest Products, Inc., CVR</title>
        <cusip>761CVR042</cusip>
        <identifiers>
          <isin value="US761CVR0427"/>
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        <balance>45000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>67500.00000000</valUSD>
        <pctVal>0.039406714223</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Right"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Kellanova</name>
        <lei>LONOZNOJYIBXOHXWDB86</lei>
        <title>Kellanova</title>
        <cusip>487836108</cusip>
        <identifiers>
          <isin value="US4878361082"/>
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        <balance>4500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>369090.00000000</valUSD>
        <pctVal>0.215475913373</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>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>Kinross Gold Corp.</name>
        <lei>254900O9KHF2A1ZXPT47</lei>
        <title>Kinross Gold Corp.</title>
        <cusip>496902198</cusip>
        <identifiers>
          <isin value="CA4969021985"/>
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        <balance>14000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16100.00000000</valUSD>
        <pctVal>0.009399231096</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Right"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Checkpoint Therapeutics, Inc.</name>
        <lei>549300NTOG3NRUKVKI74</lei>
        <title>Checkpoint Therapeutics, Inc., CVR</title>
        <cusip>162CVR021</cusip>
        <identifiers>
          <isin value="US162CVR0216"/>
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        <balance>10000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1200.00000000</valUSD>
        <pctVal>0.000700563808</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Right"/>
        <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>
      <invstOrSec>
        <name>Covestro AG</name>
        <lei>3912005AWHKLQ1CPLV11</lei>
        <title>Covestro AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE000A40KY26"/>
        </identifiers>
        <balance>7000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85175248"/>
        <valUSD>479129.80000000</valUSD>
        <pctVal>0.279717497845</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Yext, Inc.</name>
        <lei>5299008ZQSBBVH7K0589</lei>
        <title>Yext, Inc.</title>
        <cusip>98585N106</cusip>
        <identifiers>
          <isin value="US98585N1063"/>
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        <balance>1500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12780.00000000</valUSD>
        <pctVal>0.007461004559</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>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>Evergy, Inc.</name>
        <lei>549300PGTHDQY6PSUI61</lei>
        <title>Evergy, Inc.</title>
        <cusip>30034W106</cusip>
        <identifiers>
          <isin value="US30034W1062"/>
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        <balance>16500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1254330.00000000</valUSD>
        <pctVal>0.732281834843</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>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>Dogwood State Bank</name>
        <lei>549300D3SGJ9UCUF2779</lei>
        <title>Dogwood State Bank</title>
        <cusip>25660B103</cusip>
        <identifiers>
          <isin value="US25660B1035"/>
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        <balance>2683.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>63184.65000000</valUSD>
        <pctVal>0.036887399197</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>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>Ryman Hospitality Properties, Inc.</name>
        <lei>529900GCCWW9SRMPJR11</lei>
        <title>Ryman Hospitality Properties, Inc.</title>
        <cusip>78377T107</cusip>
        <identifiers>
          <isin value="US78377T1079"/>
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        <balance>7500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>671925.00000000</valUSD>
        <pctVal>0.392271947475</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>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>TFDXX LEX BLACKROCK FED FUND</name>
        <lei>549300T8K043VZEOVK74</lei>
        <title>BLACKROCK LIQUIDITY FEDFUND OPEN-END FUND USD</title>
        <cusip>09248U700</cusip>
        <identifiers>
          <other otherDesc="Custodian Internal ID" value="09248U700"/>
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        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>100000.00000000</valUSD>
        <pctVal>0.058380317368</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="100000.00000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Playtech plc</name>
        <lei>21380068TTB6Z9ZEU548</lei>
        <title>Playtech plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IM00B7S9G985"/>
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        <balance>6000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74354970"/>
        <valUSD>29776.09000000</valUSD>
        <pctVal>0.017383375841</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PROS Holdings, Inc.</name>
        <lei>549300LPE1KNL5RWKQ48</lei>
        <title>PROS Holdings, Inc.</title>
        <cusip>74346Y103</cusip>
        <identifiers>
          <isin value="US74346Y1038"/>
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        <balance>12000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>274920.00000000</valUSD>
        <pctVal>0.160499168508</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>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>Hexcel Corp.</name>
        <lei>S6Q7LW43WUBUHXY2QP69</lei>
        <title>Hexcel Corp.</title>
        <cusip>428291108</cusip>
        <identifiers>
          <isin value="US4282911084"/>
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        <balance>13000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>815100.00000000</valUSD>
        <pctVal>0.475857966867</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>First Horizon Corp.</name>
        <lei>TF3RXI1ZB1TQ30H9JV10</lei>
        <title>First Horizon Corp.</title>
        <cusip>320517105</cusip>
        <identifiers>
          <isin value="US3205171057"/>
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        <balance>60000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1356600.00000000</valUSD>
        <pctVal>0.791987385415</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>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>Poseida Therapeutics, Inc.</name>
        <lei>549300USKSDMNGMN8V04</lei>
        <title>Poseida Therapeutics, Inc., CVR</title>
        <cusip>737CVR019</cusip>
        <identifiers>
          <isin value="US737CVR0196"/>
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        <balance>20000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7500.00000000</valUSD>
        <pctVal>0.004378523802</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Right"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CFT SpA</name>
        <lei>8156006BD7F4AB008C54</lei>
        <title>CFT SpA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IT0005262313"/>
        </identifiers>
        <balance>25000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85175248"/>
        <valUSD>101261.81000000</valUSD>
        <pctVal>0.059116966050</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GrainCorp Ltd.</name>
        <lei>529900XVBL825SSW9081</lei>
        <title>GrainCorp Ltd., Class A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000GNC9"/>
        </identifiers>
        <balance>6000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.51125887"/>
        <valUSD>35731.80000000</valUSD>
        <pctVal>0.020860338241</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Millicom International Cellular SA</name>
        <lei>549300CTHC1CP86P2G96</lei>
        <title>Millicom International Cellular SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="LU0038705702"/>
        </identifiers>
        <balance>87000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4222980.00000000</valUSD>
        <pctVal>2.465389126390</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Datagroup SE</name>
        <lei>391200NEYPQM7LC12H89</lei>
        <title>Datagroup SE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE000A0JC8S7"/>
        </identifiers>
        <balance>3000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85175248"/>
        <valUSD>225417.60000000</valUSD>
        <pctVal>0.131599510283</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SouthState Bank Corp.</name>
        <lei>549300JZUANXM0YQ4W53</lei>
        <title>SouthState Bank Corp.</title>
        <cusip>84472E102</cusip>
        <identifiers>
          <isin value="US84472E1029"/>
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        <balance>1200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>118644.00000000</valUSD>
        <pctVal>0.069264743738</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>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>Adamas Pharmaceuticals, Inc.</name>
        <lei>529900JBG6S9MXH83I79</lei>
        <title>Adamas Pharmaceuticals, Inc., CVR</title>
        <cusip>005CVR022</cusip>
        <identifiers>
          <other otherDesc="Inhouse Sedol" value="8G8303S"/>
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        <balance>54000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>675.00000000</valUSD>
        <pctVal>0.000394067142</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Right"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Parkland Corp.</name>
        <lei>549300UY5C6HUV0XLS53</lei>
        <title>Parkland Corp.</title>
        <cusip>70137W108</cusip>
        <identifiers>
          <isin value="CA70137W1086"/>
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        <balance>8000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.39170000"/>
        <valUSD>221312.06000000</valUSD>
        <pctVal>0.129202683001</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Southwest Gas Holdings, Inc.</name>
        <lei>254900LKF9EV0CUKNE09</lei>
        <title>Southwest Gas Holdings, Inc.</title>
        <cusip>844895102</cusip>
        <identifiers>
          <isin value="US8448951025"/>
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        <balance>58000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4543720.00000000</valUSD>
        <pctVal>2.652638156317</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>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>Silicon Motion Technology Corp.</name>
        <lei>5299005RBVBZQJTYFC89</lei>
        <title>Silicon Motion Technology Corp.</title>
        <cusip>82706C108</cusip>
        <identifiers>
          <isin value="US82706C1080"/>
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        <balance>1200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>113772.00000000</valUSD>
        <pctVal>0.066420454676</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CTS Corp.</name>
        <lei>549300YV1HQLBVHOI649</lei>
        <title>CTS Corp.</title>
        <cusip>126501105</cusip>
        <identifiers>
          <isin value="US1265011056"/>
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        <balance>2000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>79880.00000000</valUSD>
        <pctVal>0.046634197513</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>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>Liberty Global Ltd.</name>
        <lei>213800HRMKKTYH7SKA24</lei>
        <title>Liberty Global Ltd., Class A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BMG611881019"/>
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        <balance>60000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>687600.00000000</valUSD>
        <pctVal>0.401423062222</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>
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      </invstOrSec>
      <invstOrSec>
        <name>TELUS International CDA, Inc.</name>
        <lei>549300VLM68O3RZJ7X31</lei>
        <title>TELUS International CDA, Inc.</title>
        <cusip>87975H100</cusip>
        <identifiers>
          <isin value="CA87975H1001"/>
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        <balance>25000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>112000.00000000</valUSD>
        <pctVal>0.065385955452</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Alimera Sciences, Inc.</name>
        <lei>5299005C650OO6FJ1R63</lei>
        <title>Alimera Sciences, Inc., CVR</title>
        <cusip>016CVR029</cusip>
        <identifiers>
          <other otherDesc="Inhouse Sedol" value="X5C42D1"/>
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        <balance>100000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1000.00000000</valUSD>
        <pctVal>0.000583803173</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Right"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="40768.00000000"/>
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      <invstOrSec>
        <name>scPharmaceuticals, Inc.</name>
        <lei>549300F55SN4ZR2OA180</lei>
        <title>scPharmaceuticals, Inc.</title>
        <cusip>810648105</cusip>
        <identifiers>
          <isin value="US8106481059"/>
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        <balance>8000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>45360.00000000</valUSD>
        <pctVal>0.026481311958</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>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>Grifols SA</name>
        <lei>959800HSSNXWRKBK4N60</lei>
        <title>Grifols SA</title>
        <cusip>398438408</cusip>
        <identifiers>
          <isin value="US3984384087"/>
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        <balance>24000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>239040.00000000</valUSD>
        <pctVal>0.139552310636</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Portland General Electric Co.</name>
        <lei>GJOUP9M7C39GLSK9R870</lei>
        <title>Portland General Electric Co.</title>
        <cusip>736508847</cusip>
        <identifiers>
          <isin value="US7365088472"/>
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        <balance>10000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>440000.00000000</valUSD>
        <pctVal>0.256873396419</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>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>Zimvie, Inc.</name>
        <lei>549300GFKURT1J6XR665</lei>
        <title>Zimvie, Inc.</title>
        <cusip>98888T107</cusip>
        <identifiers>
          <isin value="US98888T1079"/>
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        <balance>16000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>303040.00000000</valUSD>
        <pctVal>0.176915713752</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>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>Crane Co.</name>
        <lei>5493000CQRQOTHUODL75</lei>
        <title>Crane Co.</title>
        <cusip>224408104</cusip>
        <identifiers>
          <isin value="US2244081046"/>
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        <balance>800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>147312.00000000</valUSD>
        <pctVal>0.086001213121</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>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>Lennar Corp.</name>
        <lei>529900G61XVRLX5TJX09</lei>
        <title>Lennar Corp., Class B</title>
        <cusip>526057302</cusip>
        <identifiers>
          <isin value="US5260573028"/>
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        <balance>25000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2999750.00000000</valUSD>
        <pctVal>1.751263570249</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>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>Meridianlink, Inc.</name>
        <lei>N/A</lei>
        <title>Meridianlink, Inc.</title>
        <cusip>58985J105</cusip>
        <identifiers>
          <isin value="US58985J1051"/>
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        <balance>4000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>79720.00000000</valUSD>
        <pctVal>0.046540789005</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>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>Vimeo, Inc.</name>
        <lei>25490061AWYWC90UIJ68</lei>
        <title>Vimeo, Inc.</title>
        <cusip>92719V100</cusip>
        <identifiers>
          <isin value="US92719V1008"/>
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        <balance>8000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>62000.00000000</valUSD>
        <pctVal>0.036195796768</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>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>Kinross Gold Corp.</name>
        <lei>254900O9KHF2A1ZXPT47</lei>
        <title>Kinross Gold Corp.</title>
        <cusip>496902404</cusip>
        <identifiers>
          <isin value="CA4969024047"/>
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        <balance>5960.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.39170000"/>
        <valUSD>147918.66000000</valUSD>
        <pctVal>0.086355383154</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Verve Therapeutics, Inc.</name>
        <lei>N/A</lei>
        <title>Verve Therapeutics, Inc., CVR</title>
        <cusip>925CVR011</cusip>
        <identifiers>
          <isin value="US925CVR0115"/>
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        <balance>30000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15000.00000000</valUSD>
        <pctVal>0.008757047605</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Right"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Pan American Silver Corp.</name>
        <lei>549300MKTF5851TYIB83</lei>
        <title>Pan American Silver Corp.</title>
        <cusip>697900108</cusip>
        <identifiers>
          <isin value="CA6979001089"/>
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        <balance>25000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.39170000"/>
        <valUSD>968779.19000000</valUSD>
        <pctVal>0.565576365717</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
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      <invstOrSec>
        <name>Alphawave IP Group plc</name>
        <lei>213800ZXTO21EU4VMH37</lei>
        <title>Alphawave IP Group plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BNDRMJ14"/>
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        <balance>10000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74354970"/>
        <valUSD>25082.39000000</valUSD>
        <pctVal>0.014643178885</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sony Group Corp.</name>
        <lei>529900R5WX9N2OI2N910</lei>
        <title>Sony Group Corp.</title>
        <cusip>835699307</cusip>
        <identifiers>
          <isin value="US8356993076"/>
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        <balance>90000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2591100.00000000</valUSD>
        <pctVal>1.512692403324</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="2412180.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Air Lease Corp.</name>
        <lei>5493004NW4M4P8TMMK63</lei>
        <title>Air Lease Corp., Class A</title>
        <cusip>00912X302</cusip>
        <identifiers>
          <isin value="US00912X3026"/>
        </identifiers>
        <balance>1000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>63650.00000000</valUSD>
        <pctVal>0.037159072004</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>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>National Fuel Gas Co.</name>
        <lei>8JB38FFW1Y3C1HM8E841</lei>
        <title>National Fuel Gas Co.</title>
        <cusip>636180101</cusip>
        <identifiers>
          <isin value="US6361801011"/>
        </identifiers>
        <balance>56500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5218905.00000000</valUSD>
        <pctVal>3.046813302139</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>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>Gulf Coast Ultra Deep Royalty Trust</name>
        <lei>549300LVVWU3NPP3DF95</lei>
        <title>Gulf Coast Ultra Deep Royalty Trust</title>
        <cusip>40222T104</cusip>
        <identifiers>
          <isin value="US40222T1043"/>
        </identifiers>
        <balance>550000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>17930.00000000</valUSD>
        <pctVal>0.010467590904</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Common stock (royalty trust)"/>
        <issuerCat>PF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Akouos, Inc.</name>
        <lei>N/A</lei>
        <title>Akouos, Inc., CVR</title>
        <cusip>009CVR036</cusip>
        <identifiers>
          <isin value="US009CVR0361"/>
        </identifiers>
        <balance>141148.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>70574.00000000</valUSD>
        <pctVal>0.041201325179</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Right"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="4000.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>iRobot Corp.</name>
        <lei>5493009PRNKOUKBAT390</lei>
        <title>iRobot Corp.</title>
        <cusip>462726100</cusip>
        <identifiers>
          <isin value="US4627261005"/>
        </identifiers>
        <balance>13000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>46670.00000000</valUSD>
        <pctVal>0.027246094115</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Plymouth Industrial REIT, Inc.</name>
        <lei>N/A</lei>
        <title>Plymouth Industrial REIT, Inc.</title>
        <cusip>729640102</cusip>
        <identifiers>
          <isin value="US7296401026"/>
        </identifiers>
        <balance>33000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>736890.00000000</valUSD>
        <pctVal>0.430198720653</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>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>Sportsman's Warehouse Holdings, Inc.</name>
        <lei>549300JVV8YLQSRSF462</lei>
        <title>Sportsman's Warehouse Holdings, Inc.</title>
        <cusip>84920Y106</cusip>
        <identifiers>
          <isin value="US84920Y1064"/>
        </identifiers>
        <balance>153000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>423810.00000000</valUSD>
        <pctVal>0.247421623037</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>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>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-10-30</ncom:dateSigned>
      <ncom:nameOfApplicant>EQ Advisors Trust</ncom:nameOfApplicant>
      <ncom:signature>Brian Walsh</ncom:signature>
      <ncom:signerName>Brian Walsh</ncom:signerName>
      <ncom:title>Chief Financial Officer and Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
