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      <invstOrSec>
        <name>COPT Defense Properties</name>
        <lei>YY1J47X6LF9TYY8JY420</lei>
        <title>COPT Defense Properties</title>
        <cusip>22002T108</cusip>
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          <isin value="US22002T1088"/>
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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>Trinity Industries, Inc.</name>
        <lei>R1JB4KXN77XFCXOQKV49</lei>
        <title>Trinity Industries, Inc.</title>
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          <isin value="US8965221091"/>
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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>Mirion Technologies, Inc.</name>
        <lei>549300BNTOWVWFNVTJ65</lei>
        <title>Mirion Technologies, Inc., Class A</title>
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          <isin value="US60471A1016"/>
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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>Gulfport Energy Corp.</name>
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        <title>Gulfport Energy Corp.</title>
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          <isin value="US4026355028"/>
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        <balance>3585.00000000</balance>
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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>WesBanco, Inc.</name>
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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>RF Industries Ltd.</name>
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        <title>RF Industries Ltd.</title>
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          <isin value="US7495521053"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Louisiana-Pacific Corp.</name>
        <lei>549300C7E2UAO5BVRR75</lei>
        <title>Louisiana-Pacific Corp.</title>
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          <isin value="US5463471053"/>
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        <balance>1600.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <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>Addus HomeCare Corp.</name>
        <lei>52990090ZT33AKPDBX62</lei>
        <title>Addus HomeCare Corp.</title>
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          <isin value="US0067391062"/>
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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>NewtekOne, Inc.</name>
        <lei>549300YLU78IA8GKJ688</lei>
        <title>NewtekOne, Inc.</title>
        <cusip>652526203</cusip>
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          <isin value="US6525262035"/>
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        <balance>21400.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>222560.00000000</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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      <invstOrSec>
        <name>Ingredion, Inc.</name>
        <lei>PKSTQ48QDN0XSVS7YK88</lei>
        <title>Ingredion, Inc.</title>
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          <isin value="US4571871023"/>
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        <balance>3289.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <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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        <balance>36600.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>594018.00000000</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>Resideo Technologies, Inc.</name>
        <lei>5493006TKFPYISY2DS54</lei>
        <title>Resideo Technologies, Inc.</title>
        <cusip>76118Y104</cusip>
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          <isin value="US76118Y1047"/>
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        <balance>36100.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>605758.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <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>OneSpan, Inc.</name>
        <lei>984500E502E6DC354D26</lei>
        <title>OneSpan, Inc.</title>
        <cusip>68287N100</cusip>
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          <isin value="US68287N1000"/>
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        <balance>15800.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>234946.00000000</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>TriCo Bancshares</name>
        <lei>N/A</lei>
        <title>TriCo Bancshares</title>
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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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        <name>Ligand Pharmaceuticals, Inc.</name>
        <lei>5493008K7TB0IKP37H79</lei>
        <title>Ligand Pharmaceuticals, Inc.</title>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Climb Global Solutions, Inc.</name>
        <lei>549300LKM16VX2FG7J68</lei>
        <title>Climb Global Solutions, Inc.</title>
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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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        <name>Meritage Homes Corp.</name>
        <lei>52990044W9UMFJO2FB97</lei>
        <title>Meritage Homes Corp.</title>
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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>SpartanNash Co.</name>
        <lei>549300TV3QCCSQLF5X16</lei>
        <title>SpartanNash Co.</title>
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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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        <name>Mercantile Bank Corp.</name>
        <lei>P16VZZCKTJ5IONL6XE37</lei>
        <title>Mercantile Bank Corp.</title>
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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>Enstar Group Ltd.</name>
        <lei>213800AMAL5QFXVUCN04</lei>
        <title>Enstar Group Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="BMG3075P1014"/>
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        <balance>600.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>200646.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Option Care Health, Inc.</name>
        <lei>549300DI3Q5ACSYJRI17</lei>
        <title>Option Care Health, Inc.</title>
        <cusip>68404L201</cusip>
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          <isin value="US68404L2016"/>
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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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        <name>First Bank</name>
        <lei>549300YS4CB1171BRJ08</lei>
        <title>First Bank</title>
        <cusip>31931U102</cusip>
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        <balance>19000.00000000</balance>
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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>Gannett Co., Inc.</name>
        <lei>549300JQ2PU0RI3ZBA32</lei>
        <title>Gannett Co., Inc.</title>
        <cusip>36472T109</cusip>
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        <balance>64204.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Proto Labs, Inc.</name>
        <lei>529900QHG5MGWT2WQQ09</lei>
        <title>Proto Labs, Inc.</title>
        <cusip>743713109</cusip>
        <identifiers>
          <isin value="US7437131094"/>
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        <balance>14400.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>506304.00000000</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>United Natural Foods, Inc.</name>
        <lei>549300GKGW6WPZ282D40</lei>
        <title>United Natural Foods, Inc.</title>
        <cusip>911163103</cusip>
        <identifiers>
          <isin value="US9111631035"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>El Pollo Loco Holdings, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Liquidity Services, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Solaris Energy Infrastructure, Inc.</name>
        <lei>529900MTK3C8Y8TIIC10</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Urban Outfitters, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Radiant Logistics, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Global Self Storage, Inc.</name>
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        <name>Strattec Security Corp.</name>
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        <name>CF SECURED LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>ACRES Commercial Realty Corp.</name>
        <lei>549300RUJWPCMY4JFR46</lei>
        <title>ACRES Commercial Realty Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Chemung Financial Corp.</name>
        <lei>N/A</lei>
        <title>Chemung Financial Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>EVI Industries, Inc.</name>
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        <title>EVI Industries, Inc.</title>
        <cusip>26929N102</cusip>
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        <fairValLevel>1</fairValLevel>
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        <name>Organogenesis Holdings, Inc.</name>
        <lei>549300RLC2O821TU6941</lei>
        <title>Organogenesis Holdings, Inc., Class A</title>
        <cusip>68621F102</cusip>
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        <fairValLevel>1</fairValLevel>
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        <name>Cantaloupe, Inc.</name>
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        <title>Cantaloupe, Inc.</title>
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        <name>Excelerate Energy, Inc.</name>
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        <name>Energy Fuels, Inc.</name>
        <lei>529900P0GCATXMGK8I62</lei>
        <title>Energy Fuels, Inc.</title>
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          <isin value="CA2926717083"/>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>American Public Education, Inc.</name>
        <lei>254900GZNX6TJQGM4S17</lei>
        <title>American Public Education, Inc.</title>
        <cusip>02913V103</cusip>
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        <name>Rayonier Advanced Materials, Inc.</name>
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        <title>Rayonier Advanced Materials, Inc.</title>
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        <name>DXP Enterprises, Inc.</name>
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        <title>DXP Enterprises, Inc.</title>
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        <name>SM Energy Co.</name>
        <lei>84BUTVXV5ODI6BXNMH43</lei>
        <title>SM Energy Co.</title>
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        <name>National Health Investors, Inc.</name>
        <lei>549300ZPKZIG6DKDEC02</lei>
        <title>National Health Investors, Inc.</title>
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        <name>Shore Bancshares, Inc.</name>
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        <name>MGIC Investment Corp.</name>
        <lei>254900S8483WM4M98R28</lei>
        <title>MGIC Investment Corp.</title>
        <cusip>552848103</cusip>
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        <balance>21440.00000000</balance>
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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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        <name>Skillsoft Corp.</name>
        <lei>213800IN3X8SP8HFLL39</lei>
        <title>Skillsoft Corp.</title>
        <cusip>83066P309</cusip>
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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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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Uranium Energy Corp.</name>
        <lei>549300VD69WD2USLIP04</lei>
        <title>Uranium Energy Corp.</title>
        <cusip>916896103</cusip>
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          <isin value="US9168961038"/>
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        <balance>37600.00000000</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>
      <invstOrSec>
        <name>TripAdvisor, Inc.</name>
        <lei>549300XVG45PT5BART17</lei>
        <title>TripAdvisor, Inc.</title>
        <cusip>896945201</cusip>
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          <isin value="US8969452015"/>
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        <balance>29000.00000000</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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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Colony Bankcorp, Inc.</name>
        <lei>N/A</lei>
        <title>Colony Bankcorp, Inc.</title>
        <cusip>19623P101</cusip>
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          <isin value="US19623P1012"/>
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        <balance>27603.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Taylor Morrison Home Corp.</name>
        <lei>5299009UDLLGLKOOJE30</lei>
        <title>Taylor Morrison Home Corp., Class A</title>
        <cusip>87724P106</cusip>
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          <isin value="US87724P1066"/>
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        <balance>10600.00000000</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>Ormat Technologies, Inc.</name>
        <lei>5493000TSHHWY24VHM09</lei>
        <title>Ormat Technologies, Inc.</title>
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          <isin value="US6866881021"/>
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        <balance>4400.00000000</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>Smart Sand, Inc.</name>
        <lei>549300JISW1T66DVOK23</lei>
        <title>Smart Sand, Inc.</title>
        <cusip>83191H107</cusip>
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          <isin value="US83191H1077"/>
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        <balance>44671.00000000</balance>
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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>Amalgamated Financial Corp.</name>
        <lei>N/A</lei>
        <title>Amalgamated Financial Corp.</title>
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          <isin value="US0226711010"/>
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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>Mistras Group, Inc.</name>
        <lei>5493000CMNXVLND3FU73</lei>
        <title>Mistras Group, Inc.</title>
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          <isin value="US60649T1079"/>
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        <balance>25293.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <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>Mueller Industries, Inc.</name>
        <lei>5493005IZFE4VJLLYG84</lei>
        <title>Mueller Industries, Inc.</title>
        <cusip>624756102</cusip>
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          <isin value="US6247561029"/>
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        <balance>2500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>183900.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <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>Ultralife Corp.</name>
        <lei>529900NVAFLKA00F3U05</lei>
        <title>Ultralife Corp.</title>
        <cusip>903899102</cusip>
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          <isin value="US9038991025"/>
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        <balance>26081.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>116842.88000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <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>Range Resources Corp.</name>
        <lei>H3Y3WLYCX0BTO1TRW162</lei>
        <title>Range Resources Corp.</title>
        <cusip>75281A109</cusip>
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          <isin value="US75281A1097"/>
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        <balance>5400.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>183222.00000000</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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      <invstOrSec>
        <name>Central Garden &amp; Pet Co.</name>
        <lei>5493004DVZLD37DJ0H83</lei>
        <title>Central Garden &amp; Pet Co., Class A</title>
        <cusip>153527205</cusip>
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          <isin value="US1535272058"/>
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        <balance>6000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>177420.00000000</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>Federal Realty Investment Trust</name>
        <lei>549300FHEI1SLVZ0RB48</lei>
        <title>Federal Realty Investment Trust</title>
        <cusip>313745101</cusip>
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          <isin value="US3137451015"/>
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        <balance>7200.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>676944.00000000</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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      <invstOrSec>
        <name>Teekay Tankers Ltd.</name>
        <lei>549300DE8ZAIYS2T6Q22</lei>
        <title>Teekay Tankers Ltd., Class A</title>
        <cusip>N/A</cusip>
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          <isin value="BMG8726X1065"/>
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        <balance>11174.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>OceanFirst Financial Corp.</name>
        <lei>N/A</lei>
        <title>OceanFirst Financial Corp.</title>
        <cusip>675234108</cusip>
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          <isin value="US6752341080"/>
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        <balance>43571.00000000</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>Fabrinet</name>
        <lei>5493004TETZ6IYF7CV44</lei>
        <title>Fabrinet</title>
        <cusip>N/A</cusip>
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          <isin value="KYG3323L1005"/>
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        <balance>1300.00000000</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>Kelly Services, Inc.</name>
        <lei>25490035B2ZPL6RM1974</lei>
        <title>Kelly Services, Inc., Class A</title>
        <cusip>488152208</cusip>
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          <isin value="US4881522084"/>
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        <balance>20100.00000000</balance>
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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>Kirby Corp.</name>
        <lei>I7NO6FZO5GUCG585T325</lei>
        <title>Kirby Corp.</title>
        <cusip>497266106</cusip>
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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>Viavi Solutions, Inc.</name>
        <lei>5493006K3E3N1QOBF092</lei>
        <title>Viavi Solutions, Inc.</title>
        <cusip>925550105</cusip>
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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>Essential Properties Realty Trust, Inc.</name>
        <lei>2549009LXQLVYCGLZO50</lei>
        <title>Essential Properties Realty Trust, Inc.</title>
        <cusip>29670E107</cusip>
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          <isin value="US29670E1073"/>
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        <balance>25273.00000000</balance>
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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>United Community Banks, Inc.</name>
        <lei>549300GVW0FV66X3U703</lei>
        <title>United Community Banks, Inc.</title>
        <cusip>90984P303</cusip>
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          <isin value="US90984P3038"/>
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        <balance>26800.00000000</balance>
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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>Boise Cascade Co.</name>
        <lei>549300Z8B8LSRHC7XA55</lei>
        <title>Boise Cascade Co.</title>
        <cusip>09739D100</cusip>
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          <isin value="US09739D1000"/>
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        <balance>2500.00000000</balance>
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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>Cytek Biosciences, Inc.</name>
        <lei>549300K2J28BOC6FBO89</lei>
        <title>Cytek Biosciences, Inc.</title>
        <cusip>23285D109</cusip>
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        <balance>24300.00000000</balance>
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        <valUSD>90153.00000000</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>Gray Media, Inc.</name>
        <lei>529900TM5726KDN7UU35</lei>
        <title>Gray Media, Inc.</title>
        <cusip>389375106</cusip>
        <identifiers>
          <isin value="US3893751061"/>
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        <balance>73300.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>245555.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Essent Group Ltd.</name>
        <lei>254900QUO860OUT6ZF83</lei>
        <title>Essent Group Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="BMG3198U1027"/>
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        <curCd>USD</curCd>
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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>
      <invstOrSec>
        <name>ChoiceOne Financial Services, Inc.</name>
        <lei>N/A</lei>
        <title>ChoiceOne Financial Services, Inc.</title>
        <cusip>170386106</cusip>
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          <isin value="US1703861062"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <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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      <invstOrSec>
        <name>MVB Financial Corp.</name>
        <lei>549300KSUQ2FUU1X2O74</lei>
        <title>MVB Financial Corp.</title>
        <cusip>553810102</cusip>
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          <isin value="US5538101024"/>
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        <balance>3600.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>RGC Resources, Inc.</name>
        <lei>N/A</lei>
        <title>RGC Resources, Inc.</title>
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          <isin value="US74955L1035"/>
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        <balance>1000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>LendingClub Corp.</name>
        <lei>549300YC50YO7Y1OJR92</lei>
        <title>LendingClub Corp.</title>
        <cusip>52603A208</cusip>
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          <isin value="US52603A2087"/>
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        <balance>33600.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <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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      <invstOrSec>
        <name>MFA Financial, Inc.</name>
        <lei>YW72IMH2RRC8Z1TGLG58</lei>
        <title>MFA Financial, Inc.</title>
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          <isin value="US55272X6076"/>
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        <balance>26066.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <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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      <invstOrSec>
        <name>Bar Harbor Bankshares</name>
        <lei>N/A</lei>
        <title>Bar Harbor Bankshares</title>
        <cusip>066849100</cusip>
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          <isin value="US0668491006"/>
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        <balance>18821.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>557854.44000000</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>Clearway Energy, Inc.</name>
        <lei>549300LHAZ9HA9G3XC48</lei>
        <title>Clearway Energy, Inc., Class A</title>
        <cusip>18539C105</cusip>
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          <isin value="US18539C1053"/>
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        <balance>16900.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>462215.00000000</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>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>J &amp; J Snack Foods Corp.</name>
        <lei>894500IGP1Y2ZQFQMJ83</lei>
        <title>J &amp; J Snack Foods Corp.</title>
        <cusip>466032109</cusip>
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          <isin value="US4660321096"/>
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        <balance>200.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>25918.00000000</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>Griffon Corp.</name>
        <lei>5493000C2SGNC7ZN3242</lei>
        <title>Griffon Corp.</title>
        <cusip>398433102</cusip>
        <identifiers>
          <isin value="US3984331021"/>
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        <balance>5617.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>382573.87000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <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>
        <name>Exelixis, Inc.</name>
        <lei>254900PJQB59O2O95R37</lei>
        <title>Exelixis, Inc.</title>
        <cusip>30161Q104</cusip>
        <identifiers>
          <isin value="US30161Q1040"/>
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        <balance>4900.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>191835.00000000</valUSD>
        <pctVal>0.208300869603</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>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>Ranger Energy Services, Inc.</name>
        <lei>549300J7RIVGVAN0RE23</lei>
        <title>Ranger Energy Services, Inc., Class A</title>
        <cusip>75282U104</cusip>
        <identifiers>
          <isin value="US75282U1043"/>
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        <balance>21850.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>242316.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Popular, Inc.</name>
        <lei>5493008CARDZMVQ3LO89</lei>
        <title>Popular, Inc.</title>
        <cusip>733174700</cusip>
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          <isin value="PR7331747001"/>
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        <balance>5700.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>543894.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>PR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Mitek Systems, Inc.</name>
        <lei>549300ABZAQ3R25XG118</lei>
        <title>Mitek Systems, Inc.</title>
        <cusip>606710200</cusip>
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          <isin value="US6067102003"/>
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        <balance>28800.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>238464.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Janux Therapeutics, Inc.</name>
        <lei>N/A</lei>
        <title>Janux Therapeutics, Inc.</title>
        <cusip>47103J105</cusip>
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          <isin value="US47103J1051"/>
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        <balance>6500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>215800.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <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>Caledonia Mining Corp. plc</name>
        <lei>21380093ZBI4BFM75Y51</lei>
        <title>Caledonia Mining Corp. plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JE00BF0XVB15"/>
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        <balance>19325.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>254510.25000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <loanByFundCondition isLoanByFund="Y" loanVal="71288.84000000"/>
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      <invstOrSec>
        <name>WNS Holdings Ltd.</name>
        <lei>529900RM7QHUD3W9DM42</lei>
        <title>WNS Holdings Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JE00BQC4YW14"/>
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        <balance>3600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>217872.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Castle Biosciences, Inc.</name>
        <lei>N/A</lei>
        <title>Castle Biosciences, Inc.</title>
        <cusip>14843C105</cusip>
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          <isin value="US14843C1053"/>
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        <balance>11400.00000000</balance>
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        <valUSD>228570.00000000</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>Rithm Capital Corp.</name>
        <lei>549300WNTHGEO5LP2G31</lei>
        <title>Rithm Capital Corp.</title>
        <cusip>64828T201</cusip>
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          <isin value="US64828T2015"/>
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        <balance>5900.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>65962.00000000</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>Northwestern Energy Group, Inc.</name>
        <lei>254900N1WG46G1VMDM34</lei>
        <title>Northwestern Energy Group, Inc.</title>
        <cusip>668074305</cusip>
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        <balance>8800.00000000</balance>
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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>Smithfield Foods, Inc.</name>
        <lei>CVTIPZRZJC0JQEZLL598</lei>
        <title>Smithfield Foods, Inc.</title>
        <cusip>832248207</cusip>
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        <balance>24400.00000000</balance>
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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>Honest Co., Inc. (The)</name>
        <lei>N/A</lei>
        <title>Honest Co., Inc. (The)</title>
        <cusip>438333106</cusip>
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          <isin value="US4383331067"/>
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        <balance>49800.00000000</balance>
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        <valUSD>238542.00000000</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>Mayville Engineering Co., Inc.</name>
        <lei>9845008D43E42A7FC362</lei>
        <title>Mayville Engineering Co., Inc.</title>
        <cusip>578605107</cusip>
        <identifiers>
          <isin value="US5786051079"/>
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        <balance>18600.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>237708.00000000</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>Winmark Corp.</name>
        <lei>N/A</lei>
        <title>Winmark Corp.</title>
        <cusip>974250102</cusip>
        <identifiers>
          <isin value="US9742501029"/>
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        <balance>771.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>277567.71000000</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>AtriCure, Inc.</name>
        <lei>N/A</lei>
        <title>AtriCure, Inc.</title>
        <cusip>04963C209</cusip>
        <identifiers>
          <isin value="US04963C2098"/>
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        <balance>2600.00000000</balance>
        <units>NS</units>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Independent Bank Corp.</name>
        <lei>N/A</lei>
        <title>Independent Bank Corp.</title>
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          <isin value="US4538386099"/>
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        <payoffProfile>Long</payoffProfile>
        <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>Plexus Corp.</name>
        <lei>549300W7HCBI5YT25I79</lei>
        <title>Plexus Corp.</title>
        <cusip>729132100</cusip>
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          <isin value="US7291321005"/>
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        <balance>2200.00000000</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>Perimeter Solutions, Inc.</name>
        <lei>N/A</lei>
        <title>Perimeter Solutions, Inc.</title>
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          <isin value="US71385M1071"/>
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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>UMB Financial Corp.</name>
        <lei>549300MGEH3N3CUCV828</lei>
        <title>UMB Financial Corp.</title>
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          <isin value="US9027881088"/>
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        <balance>7616.00000000</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>Skyward Specialty Insurance Group, Inc.</name>
        <lei>549300GXGXJG0YH4VN21</lei>
        <title>Skyward Specialty Insurance Group, Inc.</title>
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          <isin value="US8309401029"/>
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        <balance>3500.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CNB Financial Corp.</name>
        <lei>254900RUYUOKD91VNX69</lei>
        <title>CNB Financial Corp.</title>
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          <isin value="US1261281075"/>
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        <balance>2500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>54875.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Greenlight Capital Re Ltd.</name>
        <lei>549300Q9HRIFA2BGHJ51</lei>
        <title>Greenlight Capital Re Ltd., Class A</title>
        <cusip>N/A</cusip>
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          <isin value="KYG4095J1094"/>
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        <balance>10200.00000000</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>Seneca Foods Corp.</name>
        <lei>N/A</lei>
        <title>Seneca Foods Corp., Class A</title>
        <cusip>817070501</cusip>
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          <isin value="US8170705011"/>
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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>Tactile Systems Technology, Inc.</name>
        <lei>54930069VDTITHOTKJ98</lei>
        <title>Tactile Systems Technology, Inc.</title>
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          <isin value="US87357P1003"/>
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        <balance>10100.00000000</balance>
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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>Allient, Inc.</name>
        <lei>549300I2LHAWYGNBPM97</lei>
        <title>Allient, Inc.</title>
        <cusip>019330109</cusip>
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          <isin value="US0193301092"/>
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        <balance>11000.00000000</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>Warby Parker, Inc.</name>
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        <title>Warby Parker, Inc., Class A</title>
        <cusip>93403J106</cusip>
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          <isin value="US93403J1060"/>
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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>Cousins Properties, Inc.</name>
        <lei>5493007XPYD5EJABN062</lei>
        <title>Cousins Properties, Inc.</title>
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          <isin value="US2227955026"/>
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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>Universal Insurance Holdings, Inc.</name>
        <lei>529900GGAZ6WVUCWQM46</lei>
        <title>Universal Insurance Holdings, Inc.</title>
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          <isin value="US91359V1070"/>
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        <balance>14500.00000000</balance>
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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>UniFirst Corp.</name>
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        <title>UniFirst Corp.</title>
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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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        <name>Laureate Education, Inc.</name>
        <lei>5JL7TMOH5TY3IUYSUP91</lei>
        <title>Laureate Education, 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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        <name>Adtalem Global Education, Inc.</name>
        <lei>549300Z467EZLMODV621</lei>
        <title>Adtalem Global Education, 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>LXP Industrial Trust</name>
        <lei>549300S4MH2ICXDBFV43</lei>
        <title>LXP Industrial Trust</title>
        <cusip>529043101</cusip>
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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>First Business Financial Services, Inc.</name>
        <lei>549300BXKLW2T50TKU95</lei>
        <title>First Business Financial Services, Inc.</title>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Pacira BioSciences, Inc.</name>
        <lei>N/A</lei>
        <title>Pacira BioSciences, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Global Business Travel Group I</name>
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        <title>Global Business Travel Group I</title>
        <cusip>37890B100</cusip>
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      <invstOrSec>
        <name>JBT Marel Corp.</name>
        <lei>5493007CT6ATBZ2L6826</lei>
        <title>JBT Marel Corp.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Nature's Sunshine Products, Inc.</name>
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        <title>Nature's Sunshine Products, Inc.</title>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Fresh Del Monte Produce, Inc.</name>
        <lei>529900I72V9F0FEZR228</lei>
        <title>Fresh Del Monte Produce, Inc.</title>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Arko Corp.</name>
        <lei>N/A</lei>
        <title>Arko Corp.</title>
        <cusip>041242108</cusip>
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          <isin value="US0412421085"/>
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        <balance>44400.00000000</balance>
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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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      <invstOrSec>
        <name>ADT, Inc.</name>
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          <isin value="US00090Q1031"/>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CNO Financial Group, Inc.</name>
        <lei>11XPYHB76MPM4Y4P2897</lei>
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          <isin value="US12621E1038"/>
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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>Bioventus, Inc.</name>
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          <isin value="US09075A1088"/>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Telephone &amp; Data Systems, Inc.</name>
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          <isin value="US8794338298"/>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MDU Resources Group, Inc.</name>
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          <isin value="US5526901096"/>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Hanmi Financial Corp.</name>
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        <title>Hanmi Financial Corp.</title>
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          <isin value="US4104952043"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Collegium Pharmaceutical, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Protara Therapeutics, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Life Time Group Holdings, Inc.</name>
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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>Associated Banc-Corp.</name>
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        <title>Associated Banc-Corp.</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>Coeur Mining, Inc.</name>
        <lei>5493003AVK173D48DR70</lei>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Signet Jewelers Ltd.</name>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>Genesco, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>SkyWest, Inc.</name>
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        <name>Avista Corp.</name>
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        <title>Avista Corp.</title>
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        <name>Ollie's Bargain Outlet Holdings, Inc.</name>
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        <title>Ollie's Bargain Outlet Holdings, Inc.</title>
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        <name>Riley Exploration Permian, Inc.</name>
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        <title>Riley Exploration Permian, Inc.</title>
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      <invstOrSec>
        <name>Black Hills Corp.</name>
        <lei>3MGELCRSTNSAMJ962671</lei>
        <title>Black Hills Corp.</title>
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        <name>Southern States Bancshares, Inc.</name>
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      <invstOrSec>
        <name>Amneal Pharmaceuticals, Inc.</name>
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      <invstOrSec>
        <name>Cavco Industries, Inc.</name>
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        <name>Urban Edge Properties</name>
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        <title>Urban Edge Properties</title>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Perrigo Co. plc</name>
        <lei>549300IFOQS6R1QLY196</lei>
        <title>Perrigo Co. plc</title>
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        <balance>5400.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Willis Lease Finance Corp.</name>
        <lei>54930023EP1OE5MKWF89</lei>
        <title>Willis Lease Finance Corp.</title>
        <cusip>970646105</cusip>
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        <balance>600.00000000</balance>
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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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      <invstOrSec>
        <name>Cadence Bank</name>
        <lei>Q7C315HKI8VX0SSKBS64</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Alexander &amp; Baldwin, Inc.</name>
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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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      <invstOrSec>
        <name>Civista Bancshares, Inc.</name>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BayCom Corp.</name>
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        <title>BayCom Corp.</title>
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          <isin value="US07272M1071"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Matador Resources Co.</name>
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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>Insteel Industries, Inc.</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Newmark Group, Inc.</name>
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          <isin value="US65158N1028"/>
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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>First Industrial Realty Trust, Inc.</name>
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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>Velocity Financial, Inc.</name>
        <lei>N/A</lei>
        <title>Velocity Financial, Inc.</title>
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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>SmartFinancial, Inc.</name>
        <lei>N/A</lei>
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          <isin value="US83190L2088"/>
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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>Outfront Media, Inc.</name>
        <lei>549300RZWDYU5722I639</lei>
        <title>Outfront Media, Inc.</title>
        <cusip>69007J304</cusip>
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          <isin value="US69007J3041"/>
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        <balance>45152.00000000</balance>
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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>Electromed, Inc.</name>
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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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        <name>Hanover Insurance Group, Inc. (The)</name>
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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>Farmer Brothers Co.</name>
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        <title>Farmer Brothers Co.</title>
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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>Information Services Group, Inc.</name>
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        <title>Information Services Group, Inc.</title>
        <cusip>45675Y104</cusip>
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        <name>Sanmina Corp.</name>
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        <title>Sanmina Corp.</title>
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        <name>Ur-Energy, Inc.</name>
        <lei>5493004ZEMNWEC7T6X93</lei>
        <title>Ur-Energy, Inc.</title>
        <cusip>91688R108</cusip>
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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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        <name>Hub Group, Inc.</name>
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        <title>Hub Group, Inc., Class A</title>
        <cusip>443320106</cusip>
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        <name>Sabra Health Care REIT, Inc.</name>
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        <name>Northrim Bancorp, Inc.</name>
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        <name>Tredegar Corp.</name>
        <lei>54930003228ERHCH6K87</lei>
        <title>Tredegar Corp.</title>
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        <assetCat>EC</assetCat>
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        <name>International Bancshares Corp.</name>
        <lei>549300Y16R531AU8TX77</lei>
        <title>International Bancshares Corp.</title>
        <cusip>459044103</cusip>
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        <name>Sagimet Biosciences, Inc.</name>
        <lei>2549002OT2F8BV0VPD02</lei>
        <title>Sagimet Biosciences, Inc., Class A</title>
        <cusip>786700104</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Sally Beauty Holdings, Inc.</name>
        <lei>529900VXW6E8ONDIQ271</lei>
        <title>Sally Beauty Holdings, Inc.</title>
        <cusip>79546E104</cusip>
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        <balance>75300.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>612942.00000000</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>World Kinect Corp.</name>
        <lei>D3W7PCXCBRQLL17DZ313</lei>
        <title>World Kinect Corp.</title>
        <cusip>981475106</cusip>
        <identifiers>
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        <balance>7600.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <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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      <invstOrSec>
        <name>Mohawk Industries, Inc.</name>
        <lei>549300JI1115MG3Q6322</lei>
        <title>Mohawk Industries, Inc.</title>
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          <isin value="US6081901042"/>
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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>First Financial Corp.</name>
        <lei>N/A</lei>
        <title>First Financial Corp.</title>
        <cusip>320218100</cusip>
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          <isin value="US3202181000"/>
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        <balance>13303.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>UMH Properties, Inc.</name>
        <lei>529900OM5K3PJ11F0Q09</lei>
        <title>UMH Properties, Inc.</title>
        <cusip>903002103</cusip>
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          <isin value="US9030021037"/>
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        <balance>22400.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Banner Corp.</name>
        <lei>N/A</lei>
        <title>Banner Corp.</title>
        <cusip>06652V208</cusip>
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          <isin value="US06652V2088"/>
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        <balance>1300.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>79482.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NMI Holdings, Inc.</name>
        <lei>529900KNNGFXJX1C3Z08</lei>
        <title>NMI Holdings, Inc., Class A</title>
        <cusip>629209305</cusip>
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          <isin value="US6292093050"/>
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        <balance>5700.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Avidity Biosciences, Inc.</name>
        <lei>N/A</lei>
        <title>Avidity Biosciences, Inc.</title>
        <cusip>05370A108</cusip>
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          <isin value="US05370A1088"/>
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        <balance>6700.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>218755.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Itron, Inc.</name>
        <lei>24F6LSZD18II6ICG6S41</lei>
        <title>Itron, Inc.</title>
        <cusip>465741106</cusip>
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          <isin value="US4657411066"/>
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        <balance>1800.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>200322.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <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>Protalix BioTherapeutics, Inc.</name>
        <lei>549300SDVB3GP4XDFM60</lei>
        <title>Protalix BioTherapeutics, Inc.</title>
        <cusip>74365A309</cusip>
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          <isin value="US74365A3095"/>
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        <balance>33300.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>102231.00000000</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>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Commercial Metals Co.</name>
        <lei>549300OQS2LO07ZJ7N73</lei>
        <title>Commercial Metals Co.</title>
        <cusip>201723103</cusip>
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          <isin value="US2017231034"/>
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        <balance>13800.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>614652.00000000</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>Chinook Therapeutics, Inc.</name>
        <lei>N/A</lei>
        <title>Chinook Therapeutics, Inc., CVR</title>
        <cusip>169CVR016</cusip>
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          <isin value="US169CVR0169"/>
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        <balance>1992.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
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        <assetConditional assetCat="OTHER" desc="Right"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Community Trust Bancorp, Inc.</name>
        <lei>N/A</lei>
        <title>Community Trust Bancorp, Inc.</title>
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          <isin value="US2041491083"/>
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        <balance>11300.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>553248.00000000</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>M/I Homes, Inc.</name>
        <lei>5299005M71FH9CCSFB69</lei>
        <title>M/I Homes, Inc.</title>
        <cusip>55305B101</cusip>
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          <isin value="US55305B1017"/>
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        <balance>5900.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>629412.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Aris Water Solutions, Inc.</name>
        <lei>N/A</lei>
        <title>Aris Water Solutions, Inc., Class A</title>
        <cusip>04041L106</cusip>
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          <isin value="US04041L1061"/>
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        <balance>9200.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>229632.00000000</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>
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      <invstOrSec>
        <name>QuinStreet, Inc.</name>
        <lei>549300TP8MFBFPOS4Y78</lei>
        <title>QuinStreet, Inc.</title>
        <cusip>74874Q100</cusip>
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          <isin value="US74874Q1004"/>
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        <balance>14100.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>247032.00000000</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>
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          <loanByFundCondition isLoanByFund="Y" loanVal="225483.53000000"/>
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      <invstOrSec>
        <name>Tanger, Inc.</name>
        <lei>UKEW8YSXE4Y581KYOL30</lei>
        <title>Tanger, Inc.</title>
        <cusip>875465106</cusip>
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          <isin value="US8754651060"/>
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        <balance>7200.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>226872.00000000</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>LSI Industries, Inc.</name>
        <lei>529900HY42OANH6BVT33</lei>
        <title>LSI Industries, Inc.</title>
        <cusip>50216C108</cusip>
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          <isin value="US50216C1080"/>
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        <balance>15800.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>238422.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Supernus Pharmaceuticals, Inc.</name>
        <lei>549300GRM36VBKISYJ58</lei>
        <title>Supernus Pharmaceuticals, Inc.</title>
        <cusip>868459108</cusip>
        <identifiers>
          <isin value="US8684591089"/>
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        <balance>3700.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>120176.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Spire, Inc.</name>
        <lei>549300NXSY15DRY2R511</lei>
        <title>Spire, Inc.</title>
        <cusip>84857L101</cusip>
        <identifiers>
          <isin value="US84857L1017"/>
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        <balance>1100.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>84194.00000000</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>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Boot Barn Holdings, Inc.</name>
        <lei>529900QE1BFMYA3N4E71</lei>
        <title>Boot Barn Holdings, Inc.</title>
        <cusip>099406100</cusip>
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          <isin value="US0994061002"/>
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        <balance>1740.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>181551.60000000</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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          <loanByFundCondition isLoanByFund="Y" loanVal="124247.90000000"/>
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      <invstOrSec>
        <name>Aurinia Pharmaceuticals, Inc.</name>
        <lei>5299008YP2BW4570ML28</lei>
        <title>Aurinia Pharmaceuticals, Inc.</title>
        <cusip>05156V102</cusip>
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          <isin value="CA05156V1022"/>
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        <balance>11700.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>96408.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NL Industries, Inc.</name>
        <lei>N/A</lei>
        <title>NL Industries, Inc.</title>
        <cusip>629156407</cusip>
        <identifiers>
          <isin value="US6291564077"/>
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        <balance>21376.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>183406.08000000</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>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>ANI Pharmaceuticals, Inc.</name>
        <lei>5493000T6CXTND40YH31</lei>
        <title>ANI Pharmaceuticals, Inc.</title>
        <cusip>00182C103</cusip>
        <identifiers>
          <isin value="US00182C1036"/>
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        <balance>2000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>141640.00000000</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>Calavo Growers, Inc.</name>
        <lei>N/A</lei>
        <title>Calavo Growers, Inc.</title>
        <cusip>128246105</cusip>
        <identifiers>
          <isin value="US1282461052"/>
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        <balance>10400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>287248.00000000</valUSD>
        <pctVal>0.311903501404</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>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>Protagonist Therapeutics, Inc.</name>
        <lei>N/A</lei>
        <title>Protagonist Therapeutics, Inc.</title>
        <cusip>74366E102</cusip>
        <identifiers>
          <isin value="US74366E1029"/>
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        <balance>2100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>96222.00000000</valUSD>
        <pctVal>0.104481071102</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ACI Worldwide, Inc.</name>
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        <title>ACI Worldwide, Inc.</title>
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          <isin value="US0044981019"/>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Belden, Inc.</name>
        <lei>68BKYO1JC791TTJHUE82</lei>
        <title>Belden, Inc.</title>
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          <isin value="US0774541066"/>
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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>Pagaya Technologies Ltd.</name>
        <lei>N/A</lei>
        <title>Pagaya Technologies Ltd., Class A</title>
        <cusip>N/A</cusip>
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          <isin value="IL0011858912"/>
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        <assetCat>EC</assetCat>
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        <invCountry>IL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Corcept Therapeutics, Inc.</name>
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        <title>Corcept Therapeutics, Inc.</title>
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          <isin value="US2183521028"/>
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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>Ambarella, Inc.</name>
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        <title>Ambarella, Inc.</title>
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          <isin value="KYG037AX1015"/>
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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>Adeia, Inc.</name>
        <lei>N/A</lei>
        <title>Adeia, Inc.</title>
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          <isin value="US00676P1075"/>
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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>Diebold Nixdorf, Inc.</name>
        <lei>549300XZK6EWDBAZSY16</lei>
        <title>Diebold Nixdorf, Inc.</title>
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          <isin value="US2536512021"/>
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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>Payoneer Global, Inc.</name>
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        <title>Payoneer Global, Inc.</title>
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          <isin value="US70451X1046"/>
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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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        <name>Quad/Graphics, Inc.</name>
        <lei>W2D68G5NJH4X0NW8PT65</lei>
        <title>Quad/Graphics, Inc.</title>
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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>Viant Technology, Inc.</name>
        <lei>N/A</lei>
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          <isin value="US92557A1016"/>
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        <payoffProfile>Long</payoffProfile>
        <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>Univest Financial Corp.</name>
        <lei>4WII2HCR8UEWNU03U507</lei>
        <title>Univest Financial Corp.</title>
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          <isin value="US9152711001"/>
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        <balance>8000.00000000</balance>
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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>Gates Industrial Corp. plc</name>
        <lei>549300S6K4FWUSB9KM27</lei>
        <title>Gates Industrial Corp. plc</title>
        <cusip>N/A</cusip>
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          <isin value="GB00BD9G2S12"/>
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        <balance>10539.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>199397.88000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Hamilton Insurance Group Ltd.</name>
        <lei>549300W92BN1FIEXG871</lei>
        <title>Hamilton Insurance Group Ltd., Class B</title>
        <cusip>N/A</cusip>
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          <isin value="BMG427061046"/>
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        <balance>13882.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>256817.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>BM</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>PC Connection, Inc.</name>
        <lei>5299005WPRNIXDV2KM73</lei>
        <title>PC Connection, Inc.</title>
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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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        <name>Kiniksa Pharmaceuticals International plc</name>
        <lei>N/A</lei>
        <title>Kiniksa Pharmaceuticals International plc, Class A</title>
        <cusip>N/A</cusip>
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          <isin value="GB00BRXB0C07"/>
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        <balance>5854.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>157882.38000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>O-I Glass, Inc.</name>
        <lei>N/A</lei>
        <title>O-I Glass, Inc.</title>
        <cusip>67098H104</cusip>
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        <balance>15600.00000000</balance>
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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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        <name>Bel Fuse, Inc.</name>
        <lei>2549009L4XYDBRRY6X39</lei>
        <title>Bel Fuse, Inc., Class B</title>
        <cusip>077347300</cusip>
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          <isin value="US0773473006"/>
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        <balance>2800.00000000</balance>
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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>Talkspace, Inc.</name>
        <lei>N/A</lei>
        <title>Talkspace, Inc.</title>
        <cusip>87427V103</cusip>
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        <assetCat>EC</assetCat>
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          <isCashCollateral>N</isCashCollateral>
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        <name>NCS Multistage Holdings, Inc.</name>
        <lei>5493003WLG5T6MNJ7292</lei>
        <title>NCS Multistage Holdings, Inc.</title>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Halozyme Therapeutics, Inc.</name>
        <lei>529900242I3SV9AGM753</lei>
        <title>Halozyme Therapeutics, Inc.</title>
        <cusip>40637H109</cusip>
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        <balance>2000.00000000</balance>
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        <invCountry>US</invCountry>
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        <name>BlueLinx Holdings, Inc.</name>
        <lei>549300YSX7GU28F5I540</lei>
        <title>BlueLinx Holdings, Inc.</title>
        <cusip>09624H208</cusip>
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        <valUSD>201934.00000000</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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        <name>Bank of NT Butterfield &amp; Son Ltd. (The)</name>
        <lei>549300V8RVM0EMTDPF28</lei>
        <title>Bank of NT Butterfield &amp; Son Ltd. (The)</title>
        <cusip>N/A</cusip>
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          <isin value="BMG0772R2087"/>
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        <balance>14696.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>590485.28000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>BM</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Rayonier, Inc.</name>
        <lei>HGV8VDVNL0W6SF2U9C50</lei>
        <title>Rayonier, Inc.</title>
        <cusip>754907103</cusip>
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        <valUSD>662866.00000000</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>Lithia Motors, Inc.</name>
        <lei>SE8N1EZEHPZQBCBVKD53</lei>
        <title>Lithia Motors, Inc., Class A</title>
        <cusip>536797103</cusip>
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        <balance>500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>146380.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Knowles Corp.</name>
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        <title>Knowles Corp.</title>
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          <isin value="US49926D1090"/>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Enterprise Financial Services Corp.</name>
        <lei>5493001XTU5DLD632129</lei>
        <title>Enterprise Financial Services Corp.</title>
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          <isin value="US2937121059"/>
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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>First Watch Restaurant Group, Inc.</name>
        <lei>N/A</lei>
        <title>First Watch Restaurant Group, Inc.</title>
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          <isin value="US33748L1017"/>
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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>Enact Holdings, Inc.</name>
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        <title>Enact Holdings, Inc.</title>
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        <payoffProfile>Long</payoffProfile>
        <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>Powell Industries, Inc.</name>
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        <title>Powell Industries, 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>American Assets Trust, Inc.</name>
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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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        <name>Penguin Solutions, Inc.</name>
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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>Tiptree, Inc.</name>
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          <isin value="US88822Q1031"/>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Vanguard Small-Cap Value ETF</name>
        <lei>N/A</lei>
        <title>Vanguard Small-Cap Value ETF</title>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LiveRamp Holdings, Inc.</name>
        <lei>254900GXS75LG1X7RF88</lei>
        <title>LiveRamp Holdings, Inc.</title>
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          <isin value="US53815P1084"/>
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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>Argan, Inc.</name>
        <lei>529900E4KZWBV9KGBS83</lei>
        <title>Argan, Inc.</title>
        <cusip>04010E109</cusip>
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          <isin value="US04010E1091"/>
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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>Getty Realty Corp.</name>
        <lei>2549000P1W5SFJWCNP90</lei>
        <title>Getty Realty Corp.</title>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <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>Innoviva, Inc.</name>
        <lei>549300ACOX4QTBES6535</lei>
        <title>Innoviva, Inc.</title>
        <cusip>45781M101</cusip>
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          <isin value="US45781M1018"/>
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        <balance>5800.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>108402.00000000</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>NETGEAR, Inc.</name>
        <lei>54930067KX3UNRHDWA78</lei>
        <title>NETGEAR, Inc.</title>
        <cusip>64111Q104</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>United Fire Group, Inc.</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Core Molding Technologies, Inc.</name>
        <lei>549300ZY2MFRXCKVIJ28</lei>
        <title>Core Molding Technologies, Inc.</title>
        <cusip>218683100</cusip>
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          <isin value="US2186831002"/>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Village Super Market, Inc.</name>
        <lei>25490069686XCNNEMQ07</lei>
        <title>Village Super Market, Inc., Class A</title>
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        <name>Fulcrum Therapeutics, Inc.</name>
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        <title>Fulcrum Therapeutics, Inc.</title>
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        <name>WESCO International, Inc.</name>
        <lei>529900TXOGREY3WNJ434</lei>
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        <name>Affiliated Managers Group, Inc.</name>
        <lei>2JE75BUE3T1BLCYYGK54</lei>
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        <name>Central Pacific Financial Corp.</name>
        <lei>549300W3YEAOZ4KGG849</lei>
        <title>Central Pacific Financial Corp.</title>
        <cusip>154760409</cusip>
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        <balance>25936.00000000</balance>
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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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        <name>Mind Medicine MindMed, Inc.</name>
        <lei>549300QY8KN1O6RPFJ13</lei>
        <title>Mind Medicine MindMed, Inc.</title>
        <cusip>60255C885</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Qorvo, Inc.</name>
        <lei>254900YAUJV2EUEVBR11</lei>
        <title>Qorvo, Inc.</title>
        <cusip>74736K101</cusip>
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        <balance>2500.00000000</balance>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Mr. Cooper Group, Inc.</name>
        <lei>549300KD8C6DPXYC2M26</lei>
        <title>Mr. Cooper Group, Inc.</title>
        <cusip>62482R107</cusip>
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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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      <invstOrSec>
        <name>Methode Electronics, Inc.</name>
        <lei>529900VM413LGLUS3F07</lei>
        <title>Methode Electronics, Inc.</title>
        <cusip>591520200</cusip>
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        <curCd>USD</curCd>
        <valUSD>247665.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <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>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Southwest Gas Holdings, Inc.</name>
        <lei>254900LKF9EV0CUKNE09</lei>
        <title>Southwest Gas Holdings, Inc.</title>
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          <isin value="US8448951025"/>
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        <balance>9200.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>NerdWallet, Inc.</name>
        <lei>254900FJ2Y4SH71DJ379</lei>
        <title>NerdWallet, Inc., Class A</title>
        <cusip>64082B102</cusip>
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          <isin value="US64082B1026"/>
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        <balance>26100.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Twin Disc, Inc.</name>
        <lei>549300FR8EHCY14BLP32</lei>
        <title>Twin Disc, Inc.</title>
        <cusip>901476101</cusip>
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          <isin value="US9014761012"/>
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        <balance>34018.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>EnerSys</name>
        <lei>7ZS3DE5PN30BYUJFWP05</lei>
        <title>EnerSys</title>
        <cusip>29275Y102</cusip>
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          <isin value="US29275Y1029"/>
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        <balance>2100.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>iTeos Therapeutics, Inc.</name>
        <lei>N/A</lei>
        <title>iTeos Therapeutics, Inc.</title>
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          <isin value="US46565G1040"/>
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        <curCd>USD</curCd>
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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>TPG RE Finance Trust, Inc.</name>
        <lei>N/A</lei>
        <title>TPG RE Finance Trust, Inc.</title>
        <cusip>87266M107</cusip>
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          <isin value="US87266M1071"/>
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        <balance>37200.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>284208.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>P10, Inc.</name>
        <lei>N/A</lei>
        <title>P10, Inc., Class A</title>
        <cusip>69376K106</cusip>
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          <isin value="US69376K1060"/>
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        <balance>41000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>453870.00000000</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>
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      <invstOrSec>
        <name>Euronet Worldwide, Inc.</name>
        <lei>YG3575C4DSHJPA5KET68</lei>
        <title>Euronet Worldwide, Inc.</title>
        <cusip>298736109</cusip>
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          <isin value="US2987361092"/>
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        <balance>2300.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>227930.00000000</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>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>DNOW, Inc.</name>
        <lei>549300AVH5SOCFVVDW91</lei>
        <title>DNOW, Inc.</title>
        <cusip>67011P100</cusip>
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          <isin value="US67011P1003"/>
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        <balance>34700.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>550689.00000000</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>Gaia, Inc.</name>
        <lei>529900QUX8SBA2D93M92</lei>
        <title>Gaia, Inc.</title>
        <cusip>36269P104</cusip>
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          <isin value="US36269P1049"/>
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        <balance>25911.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>135773.64000000</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="2856.00000000"/>
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      <invstOrSec>
        <name>Bread Financial Holdings, Inc.</name>
        <lei>549300G8S4PO686J7H97</lei>
        <title>Bread Financial Holdings, Inc.</title>
        <cusip>018581108</cusip>
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          <isin value="US0185811082"/>
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        <balance>6600.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>313170.00000000</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>JAKKS Pacific, Inc.</name>
        <lei>549300UEF3348JRXQ295</lei>
        <title>JAKKS Pacific, Inc.</title>
        <cusip>47012E403</cusip>
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          <isin value="US47012E4035"/>
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        <balance>4691.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Genie Energy Ltd.</name>
        <lei>52990057E36X8869GX58</lei>
        <title>Genie Energy Ltd., Class B</title>
        <cusip>372284208</cusip>
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          <isin value="US3722842081"/>
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        <balance>22439.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>331424.03000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Simmons First National Corp.</name>
        <lei>549300IVR5AJKUVOGN05</lei>
        <title>Simmons First National Corp., Class A</title>
        <cusip>828730200</cusip>
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          <isin value="US8287302009"/>
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        <balance>9900.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>184734.00000000</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>G-III Apparel Group Ltd.</name>
        <lei>529900O5KABM3R3SFM87</lei>
        <title>G-III Apparel Group Ltd.</title>
        <cusip>36237H101</cusip>
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          <isin value="US36237H1014"/>
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        <balance>11000.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Zimvie, Inc.</name>
        <lei>549300GFKURT1J6XR665</lei>
        <title>Zimvie, Inc.</title>
        <cusip>98888T107</cusip>
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          <isin value="US98888T1079"/>
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        <balance>24907.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>225657.42000000</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>Ampco-Pittsburgh Corp.</name>
        <lei>N/A</lei>
        <title>Ampco-Pittsburgh Corp.</title>
        <cusip>032037103</cusip>
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          <isin value="US0320371034"/>
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        <balance>45700.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>94599.00000000</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>AG Mortgage Investment Trust, Inc.</name>
        <lei>549300SNP0PBR2XTFR48</lei>
        <title>AG Mortgage Investment Trust, Inc.</title>
        <cusip>001228501</cusip>
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          <isin value="US0012285013"/>
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        <balance>81800.00000000</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>BorgWarner, Inc.</name>
        <lei>549300DSFX2IE88NSX47</lei>
        <title>BorgWarner, Inc.</title>
        <cusip>099724106</cusip>
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          <isin value="US0997241064"/>
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        <balance>14800.00000000</balance>
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        <valUSD>420024.00000000</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>agilon health, Inc.</name>
        <lei>N/A</lei>
        <title>agilon health, Inc.</title>
        <cusip>00857U107</cusip>
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          <isin value="US00857U1079"/>
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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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        <name>Vimeo, Inc.</name>
        <lei>25490061AWYWC90UIJ68</lei>
        <title>Vimeo, Inc.</title>
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        <balance>65000.00000000</balance>
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        <valUSD>327600.00000000</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>Nkarta, Inc.</name>
        <lei>N/A</lei>
        <title>Nkarta, Inc.</title>
        <cusip>65487U108</cusip>
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          <isin value="US65487U1088"/>
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        <balance>43300.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>91796.00000000</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>Webster Financial Corp.</name>
        <lei>KMRURHT0VWKYS6Z5KU67</lei>
        <title>Webster Financial Corp.</title>
        <cusip>947890109</cusip>
        <identifiers>
          <isin value="US9478901096"/>
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        <balance>15200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>718960.00000000</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>Harmony Biosciences Holdings, Inc.</name>
        <lei>N/A</lei>
        <title>Harmony Biosciences Holdings, Inc.</title>
        <cusip>413197104</cusip>
        <identifiers>
          <isin value="US4131971040"/>
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        <balance>3500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>103145.00000000</valUSD>
        <pctVal>0.111998296428</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Select Water Solutions, Inc.</name>
        <lei>54930094OK8LA3QDW486</lei>
        <title>Select Water Solutions, Inc., Class A</title>
        <cusip>81617J301</cusip>
        <identifiers>
          <isin value="US81617J3014"/>
        </identifiers>
        <balance>25600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>218112.00000000</valUSD>
        <pctVal>0.236833316501</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Progyny, Inc.</name>
        <lei>N/A</lei>
        <title>Progyny, Inc.</title>
        <cusip>74340E103</cusip>
        <identifiers>
          <isin value="US74340E1038"/>
        </identifiers>
        <balance>10200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>232968.00000000</valUSD>
        <pctVal>0.252964458987</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Willdan Group, Inc.</name>
        <lei>529900YQO0LF5VAEKN05</lei>
        <title>Willdan Group, Inc.</title>
        <cusip>96924N100</cusip>
        <identifiers>
          <isin value="US96924N1000"/>
        </identifiers>
        <balance>8000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>313600.00000000</valUSD>
        <pctVal>0.340517385814</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Heritage Insurance Holdings, Inc.</name>
        <lei>9845008CCYDD87F66B45</lei>
        <title>Heritage Insurance Holdings, Inc.</title>
        <cusip>42727J102</cusip>
        <identifiers>
          <isin value="US42727J1025"/>
        </identifiers>
        <balance>24779.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>468323.10000000</valUSD>
        <pctVal>0.508520911123</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Usio, Inc.</name>
        <lei>N/A</lei>
        <title>Usio, Inc.</title>
        <cusip>917313108</cusip>
        <identifiers>
          <isin value="US9173131080"/>
        </identifiers>
        <balance>68231.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>111216.53000000</valUSD>
        <pctVal>0.120762634103</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Flowserve Corp.</name>
        <lei>6Y0GK87T6V7NJKZJVM41</lei>
        <title>Flowserve Corp.</title>
        <cusip>34354P105</cusip>
        <identifiers>
          <isin value="US34354P1057"/>
        </identifiers>
        <balance>13211.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>597533.53000000</valUSD>
        <pctVal>0.648821924655</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Home BancShares, Inc.</name>
        <lei>N/A</lei>
        <title>Home BancShares, Inc.</title>
        <cusip>436893200</cusip>
        <identifiers>
          <isin value="US4368932004"/>
        </identifiers>
        <balance>11800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>327450.00000000</valUSD>
        <pctVal>0.355556179798</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Brixmor Property Group, Inc.</name>
        <lei>5299007UXW6Y0W2EGZ95</lei>
        <title>Brixmor Property Group, Inc.</title>
        <cusip>11120U105</cusip>
        <identifiers>
          <isin value="US11120U1051"/>
        </identifiers>
        <balance>30000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>747300.00000000</valUSD>
        <pctVal>0.811443375060</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>South Plains Financial, Inc.</name>
        <lei>549300SNEBP48642N493</lei>
        <title>South Plains Financial, Inc.</title>
        <cusip>83946P107</cusip>
        <identifiers>
          <isin value="US83946P1075"/>
        </identifiers>
        <balance>17900.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>603409.00000000</valUSD>
        <pctVal>0.655201706813</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tri Pointe Homes, Inc.</name>
        <lei>N/A</lei>
        <title>Tri Pointe Homes, Inc.</title>
        <cusip>87265H109</cusip>
        <identifiers>
          <isin value="US87265H1095"/>
        </identifiers>
        <balance>21633.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>665214.75000000</valUSD>
        <pctVal>0.722312460698</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Flowco Holdings, Inc.</name>
        <lei>N/A</lei>
        <title>Flowco Holdings, Inc., Class A</title>
        <cusip>342909108</cusip>
        <identifiers>
          <isin value="US3429091081"/>
        </identifiers>
        <balance>29700.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>573804.00000000</valUSD>
        <pctVal>0.623055606026</pctVal>
        <payoffProfile>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="62644.92000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Dycom Industries, Inc.</name>
        <lei>549300F56EKTHQI3WT60</lei>
        <title>Dycom Industries, Inc.</title>
        <cusip>267475101</cusip>
        <identifiers>
          <isin value="US2674751019"/>
        </identifiers>
        <balance>4000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>670200.00000000</valUSD>
        <pctVal>0.727725612158</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Alkermes plc</name>
        <lei>N/A</lei>
        <title>Alkermes plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IE00B56GVS15"/>
        </identifiers>
        <balance>4562.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>131248.74000000</valUSD>
        <pctVal>0.142514278814</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="118072.08000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Veracyte, Inc.</name>
        <lei>529900ESWZRHXOW27Z37</lei>
        <title>Veracyte, Inc.</title>
        <cusip>92337F107</cusip>
        <identifiers>
          <isin value="US92337F1075"/>
        </identifiers>
        <balance>4900.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>149450.00000000</valUSD>
        <pctVal>0.162277816677</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</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>9037.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>693860.86000000</valUSD>
        <pctVal>0.753417366601</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Graham Holdings Co.</name>
        <lei>529900BOSCEEEMAFQJ29</lei>
        <title>Graham Holdings Co., Class B</title>
        <cusip>384637104</cusip>
        <identifiers>
          <isin value="US3846371041"/>
        </identifiers>
        <balance>353.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>324777.65000000</valUSD>
        <pctVal>0.352654452643</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</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>21302.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="5302.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>American Vanguard Corp.</name>
        <lei>529900GWI78WZA5M9783</lei>
        <title>American Vanguard Corp.</title>
        <cusip>030371108</cusip>
        <identifiers>
          <isin value="US0303711081"/>
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        <balance>6794.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>28670.68000000</valUSD>
        <pctVal>0.031131584831</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CareTrust REIT, Inc.</name>
        <lei>5493001NVXE2B9GPLU96</lei>
        <title>CareTrust REIT, Inc.</title>
        <cusip>14174T107</cusip>
        <identifiers>
          <isin value="US14174T1079"/>
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        <balance>25100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>734677.00000000</valUSD>
        <pctVal>0.797736898781</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HA Sustainable Infrastructure Capital, Inc.</name>
        <lei>254900ZZRL7MWL1X8E92</lei>
        <title>HA Sustainable Infrastructure Capital, Inc.</title>
        <cusip>41068X100</cusip>
        <identifiers>
          <isin value="US41068X1000"/>
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        <balance>9200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>229816.00000000</valUSD>
        <pctVal>0.249541911793</pctVal>
        <payoffProfile>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="234298.53000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BrightView Holdings, Inc.</name>
        <lei>549300F8QN8YHVI7L866</lei>
        <title>BrightView Holdings, Inc.</title>
        <cusip>10948C107</cusip>
        <identifiers>
          <isin value="US10948C1071"/>
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        <balance>17000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>233240.00000000</valUSD>
        <pctVal>0.253259805699</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Masterbrand, Inc.</name>
        <lei>549300E0Y4BR5Z9RDZ64</lei>
        <title>Masterbrand, Inc.</title>
        <cusip>57638P104</cusip>
        <identifiers>
          <isin value="US57638P1049"/>
        </identifiers>
        <balance>35200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>427680.00000000</valUSD>
        <pctVal>0.464389271572</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <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>2025-05-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Nationwide Mutual Funds</ncom:nameOfApplicant>
      <ncom:signature>David Majewski</ncom:signature>
      <ncom:signerName>David Majewski</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
