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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNITED THERAPEUT</name>
        <lei>N/A</lei>
        <title>United Therapeutics Corp.</title>
        <cusip>91307C102</cusip>
        <identifiers>
          <isin value="US91307C1027"/>
        </identifiers>
        <balance>19993.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5492077.10000000</valUSD>
        <pctVal>0.636346726134</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>RENT-A-CENTER</name>
        <lei>N/A</lei>
        <title>Upbound Group, Inc.</title>
        <cusip>76009N100</cusip>
        <identifiers>
          <isin value="US76009N1000"/>
        </identifiers>
        <balance>169517.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3497983.36000000</valUSD>
        <pctVal>0.405298436034</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RYMAN HOSPITALIT</name>
        <lei>N/A</lei>
        <title>Ryman Hospitality Properties, Inc.</title>
        <cusip>78377T107</cusip>
        <identifiers>
          <isin value="US78377T1079"/>
        </identifiers>
        <balance>57247.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5441899.82000000</valUSD>
        <pctVal>0.630532869687</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>PJT PARTNERS - A</name>
        <lei>N/A</lei>
        <title>PJT Partners Inc</title>
        <cusip>69343T107</cusip>
        <identifiers>
          <isin value="US69343T1079"/>
        </identifiers>
        <balance>42077.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7515793.74000000</valUSD>
        <pctVal>0.870827312448</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>G III APPAREL</name>
        <lei>N/A</lei>
        <title>G-III Apparel Group Ltd</title>
        <cusip>36237H101</cusip>
        <identifiers>
          <isin value="US36237H1014"/>
        </identifiers>
        <balance>164220.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3875592.00000000</valUSD>
        <pctVal>0.449050557034</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>MEDNAX INC</name>
        <lei>N/A</lei>
        <title>MEDNAX Inc</title>
        <cusip>58502B106</cusip>
        <identifiers>
          <isin value="US58502B1061"/>
        </identifiers>
        <balance>410000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5022500.00000000</valUSD>
        <pctVal>0.581938558730</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>NETGEAR INC</name>
        <lei>N/A</lei>
        <title>Netgear, Inc.</title>
        <cusip>64111Q104</cusip>
        <identifiers>
          <isin value="US64111Q1040"/>
        </identifiers>
        <balance>225289.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5237969.25000000</valUSD>
        <pctVal>0.606904186365</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>DOUGLAS EMMETT</name>
        <lei>N/A</lei>
        <title>Douglas Emmett, Inc.</title>
        <cusip>25960P109</cusip>
        <identifiers>
          <isin value="US25960P1093"/>
        </identifiers>
        <balance>389116.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5898998.56000000</valUSD>
        <pctVal>0.683495215521</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>INTERDIGITAL INC</name>
        <lei>N/A</lei>
        <title>InterDigital, Inc.</title>
        <cusip>45867G101</cusip>
        <identifiers>
          <isin value="US45867G1013"/>
        </identifiers>
        <balance>33766.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8718381.20000000</valUSD>
        <pctVal>1.010166687902</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>J2 GLOBAL INC</name>
        <lei>N/A</lei>
        <title>Ziff Davis, Inc.</title>
        <cusip>48123V102</cusip>
        <identifiers>
          <isin value="US48123V1026"/>
        </identifiers>
        <balance>171785.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5345949.20000000</valUSD>
        <pctVal>0.619415425085</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>ENSIGN GROUP INC</name>
        <lei>N/A</lei>
        <title>The Ensign Group, Inc.</title>
        <cusip>29358P101</cusip>
        <identifiers>
          <isin value="US29358P1012"/>
        </identifiers>
        <balance>46835.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7025250.00000000</valUSD>
        <pctVal>0.813989817764</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>K12 INC</name>
        <lei>N/A</lei>
        <title>Stride, Inc.</title>
        <cusip>86333M108</cusip>
        <identifiers>
          <isin value="US86333M1080"/>
        </identifiers>
        <balance>54895.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7039185.85000000</valUSD>
        <pctVal>0.815604513326</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>KB HOME</name>
        <lei>N/A</lei>
        <title>KB Home</title>
        <cusip>48666K109</cusip>
        <identifiers>
          <isin value="US48666K1097"/>
        </identifiers>
        <balance>83673.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4623769.98000000</valUSD>
        <pctVal>0.535739181296</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>KITE REALTY GROU</name>
        <lei>N/A</lei>
        <title>Kite Realty Group Trust</title>
        <cusip>49803T300</cusip>
        <identifiers>
          <isin value="US49803T3005"/>
        </identifiers>
        <balance>263610.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5794147.80000000</valUSD>
        <pctVal>0.671346544510</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>CNO FINANCIAL GR</name>
        <lei>N/A</lei>
        <title>CNO Financial Group, Inc.</title>
        <cusip>12621E103</cusip>
        <identifiers>
          <isin value="US12621E1038"/>
        </identifiers>
        <balance>193031.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7111262.04000000</valUSD>
        <pctVal>0.823955715741</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>INNOVIVA INC</name>
        <lei>N/A</lei>
        <title>Innoviva, Inc.</title>
        <cusip>45781M101</cusip>
        <identifiers>
          <isin value="US45781M1018"/>
        </identifiers>
        <balance>250000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4542500.00000000</valUSD>
        <pctVal>0.526322728329</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>XEROX CORP</name>
        <lei>N/A</lei>
        <title>Xerox Holdings Corp.</title>
        <cusip>98421M106</cusip>
        <identifiers>
          <isin value="US98421M1062"/>
        </identifiers>
        <balance>440256.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1783036.80000000</valUSD>
        <pctVal>0.206593900558</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>Default</name>
        <lei>N/A</lei>
        <title>Federated Treasury Obligations Fund</title>
        <cusip>60934N500</cusip>
        <identifiers>
          <isin value="US60934N5005"/>
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        <balance>4337472.02000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4337472.02000000</valUSD>
        <pctVal>0.502566892155</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Sabra Health Care REIT, Inc.</title>
        <cusip>78573L106</cusip>
        <identifiers>
          <isin value="US78573L1061"/>
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        <balance>362257.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6531493.71000000</valUSD>
        <pctVal>0.756780096755</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AMERICAN ASSETS</name>
        <lei>N/A</lei>
        <title>American Assets Trust Inc</title>
        <cusip>024013104</cusip>
        <identifiers>
          <isin value="US0240131047"/>
        </identifiers>
        <balance>156119.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2970944.57000000</valUSD>
        <pctVal>0.344232394451</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>CUSTOMERS BANCOR</name>
        <lei>N/A</lei>
        <title>Customers Bancorp, Inc.</title>
        <cusip>23204G100</cusip>
        <identifiers>
          <isin value="US23204G1004"/>
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        <balance>125197.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7981308.75000000</valUSD>
        <pctVal>0.924764820459</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>Default</name>
        <lei>N/A</lei>
        <title>NMI Holdings, Inc. Class A</title>
        <cusip>629209305</cusip>
        <identifiers>
          <isin value="US6292093050"/>
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        <balance>181202.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6762458.64000000</valUSD>
        <pctVal>0.783541151704</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>Default</name>
        <lei>N/A</lei>
        <title>Warrior Met Coal, Inc.</title>
        <cusip>93627C101</cusip>
        <identifiers>
          <isin value="US93627C1018"/>
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        <balance>142548.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7324116.24000000</valUSD>
        <pctVal>0.848618347173</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>BANCORP INC/THE</name>
        <lei>N/A</lei>
        <title>The Bancorp, Inc.</title>
        <cusip>05969A105</cusip>
        <identifiers>
          <isin value="US05969A1051"/>
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        <balance>124423.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7858556.68000000</valUSD>
        <pctVal>0.910541990654</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>Default</name>
        <lei>N/A</lei>
        <title>ANI Pharmaceuticals, Inc.</title>
        <cusip>00182C103</cusip>
        <identifiers>
          <isin value="N/A"/>
        </identifiers>
        <balance>77956.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4938512.60000000</valUSD>
        <pctVal>0.572207248325</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Builders FirstSource, Inc.</title>
        <cusip>12008R107</cusip>
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          <isin value="US12008R1077"/>
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        <balance>44480.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5654742.40000000</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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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Antero Resources Corp.</title>
        <cusip>03674X106</cusip>
        <identifiers>
          <isin value="N/A"/>
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        <balance>164401.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5742526.93000000</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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ON ASSIGNMENT</name>
        <lei>N/A</lei>
        <title>ASGN INC</title>
        <cusip>00191U102</cusip>
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          <isin value="N/A"/>
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        <balance>113954.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5713653.56000000</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>Default</name>
        <lei>N/A</lei>
        <title>Pathward Financial, Inc.</title>
        <cusip>59100U108</cusip>
        <identifiers>
          <isin value="N/A"/>
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        <balance>95243.00000000</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>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Preferred Bank</title>
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          <isin value="US7403674044"/>
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        <balance>71757.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6516970.74000000</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>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Insight Enterprises, Inc.</title>
        <cusip>45765U103</cusip>
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          <isin value="US45765U1034"/>
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        <balance>48617.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5765003.86000000</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>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>SkyWest, Inc.</title>
        <cusip>830879102</cusip>
        <identifiers>
          <isin value="US8308791024"/>
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        <balance>75409.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8744427.64000000</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>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Tenet Healthcare Corp.</title>
        <cusip>88033G407</cusip>
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          <isin value="US88033G4073"/>
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        <balance>37704.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6080901.12000000</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>Default</name>
        <lei>N/A</lei>
        <title>Enova International, Inc.</title>
        <cusip>29357K103</cusip>
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          <isin value="N/A"/>
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        <balance>81427.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8514007.12000000</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>Default</name>
        <lei>N/A</lei>
        <title>Axos Financial, Inc.</title>
        <cusip>05465C100</cusip>
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          <isin value="N/A"/>
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        <balance>102451.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8846643.85000000</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>Default</name>
        <lei>N/A</lei>
        <title>Frontdoor, Inc.</title>
        <cusip>35905A109</cusip>
        <identifiers>
          <isin value="N/A"/>
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        <balance>125304.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7330284.00000000</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>Default</name>
        <lei>N/A</lei>
        <title>PennyMac Financial Services, Inc.</title>
        <cusip>70932M107</cusip>
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          <isin value="US70932M1071"/>
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        <balance>52585.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4897766.90000000</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>Default</name>
        <lei>N/A</lei>
        <title>Southwest Gas Holdings, Inc.</title>
        <cusip>844895102</cusip>
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          <isin value="N/A"/>
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        <balance>81943.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6403026.02000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LANNETT CO INC</name>
        <lei>N/A</lei>
        <title>Lantheus Holdings, Inc.</title>
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          <isin value="US5165441032"/>
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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>Default</name>
        <lei>N/A</lei>
        <title>TXNM Energy Inc</title>
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          <isin value="US69349H1077"/>
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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>WILEY JOHN&amp;SON-A</name>
        <lei>N/A</lei>
        <title>John Wiley &amp; Sons, Inc. Class A</title>
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          <isin value="US9682232064"/>
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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>Default</name>
        <lei>N/A</lei>
        <title>Columbia Banking System, Inc.</title>
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          <isin value="N/A"/>
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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>Default</name>
        <lei>N/A</lei>
        <title>Navient Corp.</title>
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          <isin value="N/A"/>
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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>Default</name>
        <lei>N/A</lei>
        <title>Dorian LPG Ltd.</title>
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          <isin value="N/A"/>
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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>Default</name>
        <lei>N/A</lei>
        <title>GMS, Inc.</title>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>BRIGHTVIEW HOLDINGS INC,</title>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Newmark Group, Inc.</title>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Rithm Capital Corp.</title>
        <cusip>64828T201</cusip>
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          <isin value="N/A"/>
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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>Default</name>
        <lei>N/A</lei>
        <title>Group 1 Automotive, Inc.</title>
        <cusip>398905109</cusip>
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          <isin value="N/A"/>
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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>Default</name>
        <lei>N/A</lei>
        <title>SLM Corp.</title>
        <cusip>78442P106</cusip>
        <identifiers>
          <isin value="N/A"/>
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        <balance>244540.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
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          <isin value="N/A"/>
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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>Default</name>
        <lei>N/A</lei>
        <title>Herc Holdings, Inc.</title>
        <cusip>42704L104</cusip>
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          <isin value="N/A"/>
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        <balance>46055.00000000</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>Default</name>
        <lei>N/A</lei>
        <title>TEGNA Inc.</title>
        <cusip>87901J105</cusip>
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          <isin value="N/A"/>
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        <balance>376883.00000000</balance>
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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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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Victory Capital Holdings, Inc. Class A</title>
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          <isin value="N/A"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Patrick Industries, Inc.</title>
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          <isin value="N/A"/>
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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>Default</name>
        <lei>N/A</lei>
        <title>Collegium Pharmaceutical, Inc.</title>
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          <isin value="US019459J104"/>
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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>Default</name>
        <lei>N/A</lei>
        <title>Performance Food Group Co.</title>
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          <isin value="N/A"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Amphastar Pharmaceuticals, Inc.</title>
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          <isin value="US03209R1032"/>
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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>Default</name>
        <lei>N/A</lei>
        <title>SUPERNUS PHARMACEUTICALS INC</title>
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          <isin value="US8684591089"/>
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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>Default</name>
        <lei>N/A</lei>
        <title>Verra Mobility Corp.</title>
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          <isin value="US92511U1025"/>
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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>Default</name>
        <lei>N/A</lei>
        <title>American Woodmark Corp.</title>
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          <isin value="US0305061097"/>
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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>BANK OF AMERICA</name>
        <lei>N/A</lei>
        <title>SM Energy Co.</title>
        <cusip>78454L100</cusip>
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          <isin value="N/A"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>DANA INC.</title>
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          <isin value="US2358252052"/>
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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>Default</name>
        <lei>N/A</lei>
        <title>New Jersey Resources Corp.</title>
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          <isin value="US6460251068"/>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Donnelley Financial Solutions</title>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Ryerson Holding Corp.</title>
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      <invstOrSec>
        <name>Default</name>
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        <title>API Group Corp.</title>
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        <name>Default</name>
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        <title>Consensus Cloud Solutions, Inc.</title>
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        <name>Default</name>
        <lei>N/A</lei>
        <title>Genco Shipping &amp; Trading Ltd.</title>
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        <name>SALLY BEAUTY HOL</name>
        <lei>N/A</lei>
        <title>Sally Beauty Holdings Inc</title>
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        <assetCat>EC</assetCat>
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        <name>Default</name>
        <lei>N/A</lei>
        <title>Liberty Energy, Inc.</title>
        <cusip>53115L104</cusip>
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          <isin value="N/A"/>
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        <name>Default</name>
        <lei>N/A</lei>
        <title>QCR HOLDINGS INC</title>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Civitas Resources, Inc.</title>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>BellRing Brands, Inc.</title>
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      <invstOrSec>
        <name>StoneX Group Inc</name>
        <lei>N/A</lei>
        <title>StoneX Group, Inc.</title>
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          <isin value="US8618961085"/>
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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>Andersons Inc/The</name>
        <lei>N/A</lei>
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        <name>Default</name>
        <lei>N/A</lei>
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          <isin value="US74319R1014"/>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
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        <name>ENACT HOLDINGS INC</name>
        <lei>N/A</lei>
        <title>Enact Holdings, Inc.</title>
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          <isin value="US29249E1091"/>
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        <name>JACKSON FINANCIAL INC COM CL A</name>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
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          <isin value="US6710441055"/>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Alpha Metallurgical Resources</title>
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          <isin value="US0207641061"/>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Weatherford International plc</title>
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          <isin value="IE00BLNN3691"/>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Permian Resources Corp.</title>
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          <isin value="US71424F1057"/>
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      <invstOrSec>
        <name>Green Brick Partners Inc</name>
        <lei>N/A</lei>
        <title>Green Brick Partners, Inc.</title>
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          <isin value="US3927091013"/>
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      <invstOrSec>
        <name>INTERNATIONAL SEAWAYS INC</name>
        <lei>N/A</lei>
        <title>International Seaways, Inc.</title>
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          <isin value="MHY410531021"/>
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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>HILLMAN SOLUTIONS CORP</name>
        <lei>N/A</lei>
        <title>Hillman Solutions Corp.</title>
        <cusip>431636109</cusip>
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          <isin value="US4316361090"/>
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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>ADEIA INC</name>
        <lei>N/A</lei>
        <title>Adeia, Inc.</title>
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          <isin value="US00676P1075"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MFA Financial, Inc.</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>SL Green Realty Corp.</name>
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        <name>NCR CORP</name>
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        <title>NCR Atleos Corp.</title>
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        <name>PennyMac Mortgage Investment Trust</name>
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        <name>MAXIMUS, Inc.</name>
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        <name>Default</name>
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        <title>Mr. Cooper Group Inc.</title>
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        <name>Default</name>
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        <title>Halozyme Therapeutics Inc</title>
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        <name>Default</name>
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        <name>Default</name>
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        <title>Hovnanian Enterprises-A</title>
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        <name>Default</name>
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        <name>Default</name>
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        <title>HCI Group Inc</title>
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      <invstOrSec>
        <name>Default</name>
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        <title>Dynex Capital Inc</title>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Amneal Pharmaceuticals Inc</title>
        <cusip>03168L105</cusip>
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          <isin value="N/A"/>
        </identifiers>
        <balance>606953.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4746372.46000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Harmony Biosciences Holdings</title>
        <cusip>413197104</cusip>
        <identifiers>
          <isin value="US4131971040"/>
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        <balance>127823.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4496813.14000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Atmus Filtration Technologie</title>
        <cusip>04956D107</cusip>
        <identifiers>
          <isin value="US04956D1072"/>
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        <balance>138668.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5395571.88000000</valUSD>
        <pctVal>0.625165022075</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>Default</name>
        <lei>N/A</lei>
        <title>Middlesex Water Co</title>
        <cusip>596680108</cusip>
        <identifiers>
          <isin value="US5966801087"/>
        </identifiers>
        <balance>78434.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4047194.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Gulfport Energy Corp</title>
        <cusip>402635502</cusip>
        <identifiers>
          <isin value="US4026355028"/>
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        <balance>39494.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6877090.22000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Alight Inc</title>
        <cusip>01626W101</cusip>
        <identifiers>
          <isin value="US01626W1018"/>
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        <balance>740000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3966400.00000000</valUSD>
        <pctVal>0.459572145216</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>Default</name>
        <lei>N/A</lei>
        <title>CarGurus Inc</title>
        <cusip>141788109</cusip>
        <identifiers>
          <isin value="US1417881091"/>
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        <balance>202746.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6654123.72000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Monarch Casino &amp; Resort Inc</title>
        <cusip>609027107</cusip>
        <identifiers>
          <isin value="US6090271072"/>
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        <balance>70000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7207200.00000000</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>F&amp;G Annuities &amp; Life Inc</title>
        <cusip>30190A104</cusip>
        <identifiers>
          <isin value="US30190A1043"/>
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        <balance>143563.00000000</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Waystar Holding Corp</title>
        <cusip>946784105</cusip>
        <identifiers>
          <isin value="US9467841055"/>
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        <balance>118965.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4399325.70000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>ONE Gas Inc</title>
        <cusip>68235P108</cusip>
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          <isin value="US68235P1084"/>
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        <balance>82823.00000000</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>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Hilton Grand Vacations Inc</title>
        <cusip>43283X105</cusip>
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          <isin value="US43283X1054"/>
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        <balance>140888.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6314600.16000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Janus International Group</title>
        <cusip>47103N106</cusip>
        <identifiers>
          <isin value="US47103N1063"/>
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        <balance>769856.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6597665.92000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Diebold Nixdorf Inc</title>
        <cusip>253651202</cusip>
        <identifiers>
          <isin value="US2536512021"/>
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        <balance>105388.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5932290.52000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Apple Hospitality Reit Inc</title>
        <cusip>03784Y200</cusip>
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          <isin value="US03784Y2000"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4700000.00000000</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ARBOR REALTY TRU</name>
        <lei>N/A</lei>
        <title>Arbor Realty Trust, Inc.</title>
        <cusip>038923108</cusip>
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          <isin value="US0389231087"/>
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        <balance>634359.00000000</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>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MURPHY OIL CORP</name>
        <lei>N/A</lei>
        <title>Murphy Oil Corp.</title>
        <cusip>626717102</cusip>
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          <isin value="US6267171022"/>
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        <balance>150012.00000000</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>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ARMOUR RESIDENTI</name>
        <lei>N/A</lei>
        <title>Armour Residential REIT, Inc.</title>
        <cusip>042315705</cusip>
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          <isin value="US0423157058"/>
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        <balance>380850.00000000</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>OLD NATL BANCORP</name>
        <lei>N/A</lei>
        <title>Old National Bancorp</title>
        <cusip>680033107</cusip>
        <identifiers>
          <isin value="US6800331075"/>
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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>OWENS &amp; MINOR</name>
        <lei>N/A</lei>
        <title>Owens &amp; Minor Inc</title>
        <cusip>690732102</cusip>
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          <isin value="US6907321029"/>
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        <balance>399411.00000000</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>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ASBURY AUTO GRP</name>
        <lei>N/A</lei>
        <title>Asbury Automotive Group, Inc.</title>
        <cusip>043436104</cusip>
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          <isin value="US0434361046"/>
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        <balance>21000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4664520.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>RADIAN GROUP INC</name>
        <lei>N/A</lei>
        <title>Radian Group, Inc.</title>
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          <isin value="US7502361014"/>
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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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>STERLING CONSTRU</name>
        <lei>N/A</lei>
        <title>Sterling Infrastructure, Inc.</title>
        <cusip>859241101</cusip>
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          <isin value="US8592411016"/>
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        <balance>48205.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>12899175.95000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-08-29</ncom:dateSigned>
      <ncom:nameOfApplicant>World Funds Trust</ncom:nameOfApplicant>
      <ncom:signature>Ann MacDonald</ncom:signature>
      <ncom:signerName>Ann MacDonald</ncom:signerName>
      <ncom:title>Principal Financial Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
