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      <regStreet1>6256 Greenwich Dr</regStreet1>
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      <seriesId>S000020974</seriesId>
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      <repPdEnd>2025-10-31</repPdEnd>
      <repPdDate>2025-04-30</repPdDate>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Bowhead Specialty Holdings Inc</name>
        <lei>N/A</lei>
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        <balance>9846.00000000</balance>
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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>Bowman Consulting Group Ltd</name>
        <lei>N/A</lei>
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          <isin value="US1030021018"/>
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        <balance>25114.00000000</balance>
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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>BrightView Holdings Inc.</name>
        <lei>549300F8QN8YHVI7L866</lei>
        <title>BRIGHTVIEW HOLDI</title>
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          <isin value="US10948C1071"/>
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        <balance>52995.00000000</balance>
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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>Brilliant Earth Group Inc</name>
        <lei>N/A</lei>
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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>Brixmor Property Group Inc</name>
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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>Broadstone Net Lease Inc</name>
        <lei>549300U8D7PT70B49V21</lei>
        <title>BROADSTONE NET</title>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CECO Environmental Corp.</name>
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        <title>CECO ENVIRONMNTL</title>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CNO Financial Group, Inc.</name>
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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>Capital City Bank Group Inc.</name>
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        <title>CAP CITY BANK</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Capital Bancorp Inc.</name>
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        <title>CAPITAL BANCORP</title>
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        <balance>27911.00000000</balance>
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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>Caredx Inc</name>
        <lei>549300NQOFKL9NON0U06</lei>
        <title>CAREDX INC</title>
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        <balance>23507.00000000</balance>
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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>Cargurus Inc</name>
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        <title>CARGURUS INC</title>
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        <balance>22876.00000000</balance>
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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>Cars.com Inc</name>
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        <title>CARS.COM INC</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Centerspace</name>
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        <title>CENTERSPACE</title>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Central Pacific Financial Corp.</name>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Century Aluminum Company</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Century Communities Inc</name>
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        <title>CENTURY COMMUNIT</title>
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      <invstOrSec>
        <name>Clarus Corp.</name>
        <lei>549300PKSLI6PT0ULL72</lei>
        <title>CLARUS CORP</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Coherent Corp</name>
        <lei>549300O5C25A0MMHHU33</lei>
        <title>COHERENT CORP</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Enovis Corporation</name>
        <lei>635400OP2DYYYMOIYL17</lei>
        <title>ENOVIS CORP</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Commercial Metals Company</name>
        <lei>549300OQS2LO07ZJ7N73</lei>
        <title>COMMERCIAL METAL</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Consensus Cloud Solutions Inc</name>
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        <title>CONSENSUS CLOUD</title>
        <cusip>20848V105</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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      <invstOrSec>
        <name>Covenant Logistics Group Inc.</name>
        <lei>N/A</lei>
        <title>COVENANT LOGISTI</title>
        <cusip>22284P105</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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      <invstOrSec>
        <name>Crane NXT Co</name>
        <lei>549300EXNPSXEWUD3N21</lei>
        <title>CRANE NXT CO</title>
        <cusip>224441105</cusip>
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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>
      <invstOrSec>
        <name>CTO Realty Growth Inc New</name>
        <lei>N/A</lei>
        <title>CTO REALTY GROWT</title>
        <cusip>22948Q101</cusip>
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          <isin value="US22948Q1013"/>
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        <balance>35500.50800000</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>Custom Truck One Source Inc</name>
        <lei>N/A</lei>
        <title>CUSTOM TRUCK ONE</title>
        <cusip>23204X103</cusip>
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          <isin value="US23204X1037"/>
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        <balance>145456.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>586187.68000000</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>Dave &amp; Buster's Entertainment Inc</name>
        <lei>529900WTVU85QZLYHR86</lei>
        <title>DAVE &amp; BUSTER'S</title>
        <cusip>238337109</cusip>
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          <isin value="US2383371091"/>
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        <balance>19063.00000000</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>
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      <invstOrSec>
        <name>Denny's Corp.</name>
        <lei>54930037V56XOULXM917</lei>
        <title>DENNY'S CORP</title>
        <cusip>24869P104</cusip>
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          <isin value="US24869P1049"/>
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        <balance>110337.00000000</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Dime Community Bancshares Inc.</name>
        <lei>N/A</lei>
        <title>DIME COMMUNITY B</title>
        <cusip>25432X102</cusip>
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          <isin value="US25432X1028"/>
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        <balance>18401.00000000</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>
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      <invstOrSec>
        <name>Diodes Incorporated</name>
        <lei>549300XP2X1ARVH3BX23</lei>
        <title>DIODES INC</title>
        <cusip>254543101</cusip>
        <identifiers>
          <isin value="US2545431015"/>
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        <balance>6742.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>258892.80000000</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>Driven Brands Holdings Inc</name>
        <lei>N/A</lei>
        <title>DRIVEN BRANDS HO</title>
        <cusip>26210V102</cusip>
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          <isin value="US26210V1026"/>
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        <balance>37602.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>621185.04000000</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>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>8X8 Inc.</name>
        <lei>254900XWSOC5U1BRW939</lei>
        <title>8X8 INC</title>
        <cusip>282914100</cusip>
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          <isin value="US2829141009"/>
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        <balance>209341.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>370533.57000000</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>Enterprise Financial Services Corp.</name>
        <lei>5493001XTU5DLD632129</lei>
        <title>ENTERPRISE FINAN</title>
        <cusip>293712105</cusip>
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          <isin value="US2937121059"/>
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        <balance>18305.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>952226.10000000</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>Ero Copper Corp</name>
        <lei>549300KL8A21SEIO8I47</lei>
        <title>ERO COPPER CORP</title>
        <cusip>296006109</cusip>
        <identifiers>
          <isin value="CA2960061091"/>
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        <balance>44440.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>554166.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="548293.43000000"/>
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      <invstOrSec>
        <name>Esquire Financial Holdings Inc</name>
        <lei>N/A</lei>
        <title>ESQUIRE FINANCIA</title>
        <cusip>29667J101</cusip>
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          <isin value="US29667J1016"/>
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        <balance>5979.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>495778.68000000</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="257052.00000000"/>
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      <invstOrSec>
        <name>EZCORP Inc.</name>
        <lei>5493003K6PG3ZQ7TUQ63</lei>
        <title>EZCORP INC-A</title>
        <cusip>302301106</cusip>
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          <isin value="US3023011063"/>
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        <balance>35944.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>588403.28000000</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="582510.08000000"/>
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      <invstOrSec>
        <name>Federal Agricultural Mortgage Corporation</name>
        <lei>549300MS654K78GYF580</lei>
        <title>FED AGRI MTG-C</title>
        <cusip>313148306</cusip>
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          <isin value="US3131483063"/>
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        <balance>2328.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>408168.24000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>USGA</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>Fidelity Colchester Street Trust</name>
        <lei>549300SHPEJB1OPRCV46</lei>
        <title>FID-MM GOVT-I</title>
        <cusip>316175108</cusip>
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          <isin value="US3161751082"/>
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        <balance>4150101.64000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4150101.64000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</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>First Advantage Corp New</name>
        <lei>N/A</lei>
        <title>FIRST ADVANTAGE</title>
        <cusip>31846B108</cusip>
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          <isin value="US31846B1089"/>
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        <balance>10033.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>141465.30000000</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>
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      <invstOrSec>
        <name>First Bancorp Puerto Rico</name>
        <lei>N/A</lei>
        <title>FIRST BANCORP PR</title>
        <cusip>318672706</cusip>
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          <isin value="PR3186727065"/>
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        <balance>24671.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>First Commonwealth Financial Corp  PA</name>
        <lei>549300ZHLQ42NXDETL24</lei>
        <title>FIRST COMMON FIN</title>
        <cusip>319829107</cusip>
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        <balance>41896.00000000</balance>
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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>Firstcash Holdings Inc</name>
        <lei>N/A</lei>
        <title>FIRSTCASH HOLDIN</title>
        <cusip>33768G107</cusip>
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        <balance>1948.00000000</balance>
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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>Fluor Corporation</name>
        <lei>CQ7WZ4NOFWT7FAE6Q943</lei>
        <title>FLUOR CORP</title>
        <cusip>343412102</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>GXO Logistics Inc.</name>
        <lei>5493007CNWMXN78JRN66</lei>
        <title>GXO LOGISTIC</title>
        <cusip>36262G101</cusip>
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          <isin value="US36262G1013"/>
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        <balance>19693.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Gentherm Inc</name>
        <lei>HKM6YX1U5JS60TCUB219</lei>
        <title>GENTHERM INC</title>
        <cusip>37253A103</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>Getty Realty Corp</name>
        <lei>2549000P1W5SFJWCNP90</lei>
        <title>GETTY REALTY</title>
        <cusip>374297109</cusip>
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        <balance>33448.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Gildan Activewear Inc.</name>
        <lei>549300SB3IBI34M00Z45</lei>
        <title>GILDAN ACTIVEWEA</title>
        <cusip>375916103</cusip>
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          <isin value="CA3759161035"/>
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        <balance>16971.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Grocery Outlet Holding Corp.</name>
        <lei>N/A</lei>
        <title>GROCERY OUTLET</title>
        <cusip>39874R101</cusip>
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        <balance>44272.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>743326.88000000</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>Hallador Energy Co</name>
        <lei>254900GKEQRHOI2SSC19</lei>
        <title>HALLADOR ENERGY CO</title>
        <cusip>40609P105</cusip>
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          <isin value="US40609P1057"/>
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        <balance>27507.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>386885.96000000</valUSD>
        <pctVal>0.392036999488</pctVal>
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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>The Hanover Insurance Group, Inc.</name>
        <lei>JJYR6MFKFF6CF8DBZ078</lei>
        <title>HANOVER INSURANC</title>
        <cusip>410867105</cusip>
        <identifiers>
          <isin value="US4108671052"/>
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        <balance>5916.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>982647.60000000</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>Hillman Solutions Corp</name>
        <lei>N/A</lei>
        <title>HILLMAN SOLUTION</title>
        <cusip>431636109</cusip>
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          <isin value="US4316361090"/>
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        <balance>49894.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>348759.06000000</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>Holley Inc</name>
        <lei>254900EEM9JI9G1A4D88</lei>
        <title>HOLLEY INC</title>
        <cusip>43538H103</cusip>
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          <isin value="US43538H1032"/>
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        <balance>167868.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>360916.20000000</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>Horizon Bancorp Inc.</name>
        <lei>549300U2OQ2EIT5MXG39</lei>
        <title>HORIZON BANCORP</title>
        <cusip>440407104</cusip>
        <identifiers>
          <isin value="US4404071049"/>
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        <balance>40311.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>591765.48000000</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>Hudson Technologes Inc</name>
        <lei>N/A</lei>
        <title>HUDSON TECH</title>
        <cusip>444144109</cusip>
        <identifiers>
          <isin value="US4441441098"/>
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        <balance>30028.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>200887.32000000</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>Huntsman Corporation</name>
        <lei>5299000V56320A7RIQ67</lei>
        <title>HUNTSMAN CORP</title>
        <cusip>447011107</cusip>
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          <isin value="US4470111075"/>
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        <balance>33129.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>440946.99000000</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>Independent Bank Corp Michigan</name>
        <lei>N/A</lei>
        <title>INDEP BANK/MICH</title>
        <cusip>453838609</cusip>
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          <isin value="US4538386099"/>
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        <balance>16692.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>508438.32000000</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>Infinity Natural Resources Inc.</name>
        <lei>N/A</lei>
        <title>INFINITY NATUR-A</title>
        <cusip>456941103</cusip>
        <identifiers>
          <isin value="US4569411030"/>
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        <balance>35228.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>540749.80000000</valUSD>
        <pctVal>0.547949398489</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>Innoviva Inc</name>
        <lei>549300ACOX4QTBES6535</lei>
        <title>INNOVIVA INC</title>
        <cusip>45781M101</cusip>
        <identifiers>
          <isin value="US45781M1018"/>
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        <balance>29005.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>542103.45000000</valUSD>
        <pctVal>0.549321071125</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>Joint Corp. (The)</name>
        <lei>N/A</lei>
        <title>JOINT CORP/THE</title>
        <cusip>47973J102</cusip>
        <identifiers>
          <isin value="US47973J1025"/>
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        <balance>24817.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>248418.17000000</valUSD>
        <pctVal>0.251725635082</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>KBR Inc</name>
        <lei>254900OFQDXZRKRCV808</lei>
        <title>KBR INC</title>
        <cusip>48242W106</cusip>
        <identifiers>
          <isin value="US48242W1062"/>
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        <balance>10767.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>568605.27000000</valUSD>
        <pctVal>0.576175739084</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>Kaltura Inc</name>
        <lei>254900WYME0NSA8DVA41</lei>
        <title>KALTURA INC</title>
        <cusip>483467106</cusip>
        <identifiers>
          <isin value="US4834671061"/>
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        <balance>238567.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>512919.05000000</valUSD>
        <pctVal>0.519748107020</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>Kemper Corporation</name>
        <lei>549300FNI1JKTRY2PV09</lei>
        <title>KEMPER CORP</title>
        <cusip>488401100</cusip>
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          <isin value="US4884011002"/>
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        <balance>19530.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1154613.60000000</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>Knight-Swift Transportation Holdings Inc.</name>
        <lei>N/A</lei>
        <title>KNIGHT-SWIFT TRA</title>
        <cusip>499049104</cusip>
        <identifiers>
          <isin value="US4990491049"/>
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        <balance>16628.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>651318.76000000</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>Koppers Holdings Inc</name>
        <lei>N/A</lei>
        <title>KOPPERS HOLDINGS</title>
        <cusip>50060P106</cusip>
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          <isin value="US50060P1066"/>
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        <balance>18166.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>455239.96000000</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>KRONOS Worldwide Inc.</name>
        <lei>549300OBZ34C65APL277</lei>
        <title>KRONOS WORLDWIDE</title>
        <cusip>50105F105</cusip>
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          <isin value="US50105F1057"/>
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        <balance>58040.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>447488.40000000</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>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Landsea Homes Corp.</name>
        <lei>549300RP8AZAKHNILS36</lei>
        <title>LANDSEA HOMES CO</title>
        <cusip>51509P103</cusip>
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          <isin value="US51509P1030"/>
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        <balance>87177.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Legacy Housing Corp.</name>
        <lei>V6WE5M18QYITU8L1QF76</lei>
        <title>LEGACY HOUSING C</title>
        <cusip>52472M101</cusip>
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        <balance>15350.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Legacy Education Inc</name>
        <lei>N/A</lei>
        <title>LEGACY EDUCATION</title>
        <cusip>52474R207</cusip>
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        <balance>53726.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>357277.90000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Leonardo DRS Inc</name>
        <lei>549300HMMEWVG3PPQU18</lei>
        <title>LEONARDO DRS INC</title>
        <cusip>52661A108</cusip>
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          <isin value="US52661A1088"/>
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        <balance>15814.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>584485.44000000</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>Liberty Energy Inc</name>
        <lei>N/A</lei>
        <title>LIBERTY ENERGY I</title>
        <cusip>53115L104</cusip>
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        <balance>26393.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>303519.50000000</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>MYR Grp Inc</name>
        <lei>529900G1IMMZHOQ17I54</lei>
        <title>MYR GROUP INC/DE</title>
        <cusip>55405W104</cusip>
        <identifiers>
          <isin value="US55405W1045"/>
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        <balance>3913.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>478638.16000000</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>
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      </invstOrSec>
      <invstOrSec>
        <name>The Manitowoc Company, Inc.</name>
        <lei>2RTSLGQ89VMY18RHX631</lei>
        <title>MANITOWOC CO</title>
        <cusip>563571405</cusip>
        <identifiers>
          <isin value="US5635714059"/>
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        <balance>31594.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>248960.72000000</valUSD>
        <pctVal>0.252275408648</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>Thyssenkrupp AG</name>
        <lei>549300UDG16DOYUPR330</lei>
        <title>thyssenkrupp AG</title>
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          <isin value="DE0007500001"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Mastec, Inc.</name>
        <lei>549300TMDIT8WREDOF45</lei>
        <title>MASTEC INC</title>
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          <isin value="US5763231090"/>
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        <balance>2984.00000000</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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      </invstOrSec>
      <invstOrSec>
        <name>Matrix Service Co.</name>
        <lei>529900VYBKSX6HD2YW58</lei>
        <title>MATRIX SERVICE</title>
        <cusip>576853105</cusip>
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          <isin value="US5768531056"/>
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        <balance>58983.00000000</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>Matthews International Corp</name>
        <lei>549300ZVC5O0ATML6U61</lei>
        <title>MATTHEWS INTL-A</title>
        <cusip>577128101</cusip>
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          <isin value="US5771281012"/>
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        <balance>23627.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>483172.15000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Maximus Inc</name>
        <lei>549300DQCDS8HJ7QF202</lei>
        <title>MAXIMUS INC</title>
        <cusip>577933104</cusip>
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          <isin value="US5779331041"/>
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        <balance>3841.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>257193.36000000</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>Mesa Laboratories Inc.</name>
        <lei>549300ZCG738WLX8ZW79</lei>
        <title>MESA LABS</title>
        <cusip>59064R109</cusip>
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          <isin value="US59064R1095"/>
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        <balance>5107.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>588581.75000000</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>The Mosaic Company</name>
        <lei>2YD5STGSJNMUB7H76907</lei>
        <title>MOSAIC CO/THE</title>
        <cusip>61945C103</cusip>
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          <isin value="US61945C1036"/>
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        <balance>4381.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>133182.40000000</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>Motorcar Parts of America Inc.</name>
        <lei>549300AG4610OSV3H429</lei>
        <title>MOTORCAR PARTS</title>
        <cusip>620071100</cusip>
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          <isin value="US6200711009"/>
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        <balance>9091.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>81000.81000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NCR Voyix Corporation</name>
        <lei>549300YKTY8JX1DV2R67</lei>
        <title>NCR VOYIX CORP</title>
        <cusip>62886E108</cusip>
        <identifiers>
          <isin value="US62886E1082"/>
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        <balance>53427.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>457869.39000000</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>NV5 Global Inc.</name>
        <lei>N/A</lei>
        <title>NV5 GLOBAL INC</title>
        <cusip>62945V109</cusip>
        <identifiers>
          <isin value="US62945V1098"/>
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        <balance>9805.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>181882.75000000</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="130128.25000000"/>
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      <invstOrSec>
        <name>National Bank Holdings Corp</name>
        <lei>N/A</lei>
        <title>NATIONAL-CL A</title>
        <cusip>633707104</cusip>
        <identifiers>
          <isin value="US6337071046"/>
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        <balance>18118.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>655146.88000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>National Vision Holdings Inc</name>
        <lei>549300JHURCBLI5ROA42</lei>
        <title>NATIONAL VISION</title>
        <cusip>63845R107</cusip>
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          <isin value="US63845R1077"/>
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        <balance>55081.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>680250.35000000</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>Natural Gas Services Group Inc.</name>
        <lei>N/A</lei>
        <title>NATURAL GAS SERV</title>
        <cusip>63886Q109</cusip>
        <identifiers>
          <isin value="US63886Q1094"/>
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        <balance>20253.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>363946.41000000</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>NETSTREIT Corp.</name>
        <lei>254900CJL0EDMEQ25Q84</lei>
        <title>NETSTREIT CORP</title>
        <cusip>64119V303</cusip>
        <identifiers>
          <isin value="US64119V3033"/>
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        <balance>42103.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>685015.81000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Newmark Group Inc</name>
        <lei>N/A</lei>
        <title>NEWMARK GROUP-A</title>
        <cusip>65158N102</cusip>
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          <isin value="US65158N1028"/>
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        <balance>40979.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>450359.21000000</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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      <invstOrSec>
        <name>NPK International Inc.</name>
        <lei>54930073OHWDQW4DJN26</lei>
        <title>NPK INTERNATIONA</title>
        <cusip>651718504</cusip>
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          <isin value="US6517185046"/>
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        <balance>77101.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>445643.78000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Northeast Bank</name>
        <lei>549300F0LV9TSW34E306</lei>
        <title>NORTHEAST BANK</title>
        <cusip>66405S100</cusip>
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          <isin value="US66405S1006"/>
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        <balance>12528.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1037568.96000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Northpointe Bancshares Inc.</name>
        <lei>549300EYMKMD4WKEKP72</lei>
        <title>NORTHPOINTE BANC</title>
        <cusip>66661N886</cusip>
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          <isin value="US66661N8864"/>
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        <balance>34444.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>473605.00000000</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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      <invstOrSec>
        <name>Northwest Pipe Co.</name>
        <lei>54930056VW2CRCZ9RE54</lei>
        <title>NORTHWEST PIPE</title>
        <cusip>667746101</cusip>
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          <isin value="US6677461013"/>
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        <balance>15090.00000000</balance>
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        <valUSD>639212.40000000</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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        <name>NorthWestern Energy Group Inc</name>
        <lei>254900N1WG46G1VMDM34</lei>
        <title>NORTHWESTERN ENE</title>
        <cusip>668074305</cusip>
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          <isin value="US6680743050"/>
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        <balance>11788.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>686415.24000000</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>OFG Bancorp</name>
        <lei>549300Q4QEXJ37LEXQ06</lei>
        <title>OFG BANCORP</title>
        <cusip>67103X102</cusip>
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          <isin value="PR67103X1020"/>
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        <balance>13275.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>522371.25000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>PR</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 FINL</title>
        <cusip>675234108</cusip>
        <identifiers>
          <isin value="US6752341080"/>
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        <balance>28940.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>479246.40000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ooma Inc</name>
        <lei>N/A</lei>
        <title>OOMA INC</title>
        <cusip>683416101</cusip>
        <identifiers>
          <isin value="US6834161019"/>
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        <balance>38182.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>466965.86000000</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>Orion Group Holdings Inc</name>
        <lei>549300KBVXPV9Q3CT222</lei>
        <title>ORION GROUP HOLDINGS INC</title>
        <cusip>68628V308</cusip>
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          <isin value="US68628V3087"/>
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        <balance>122692.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>784001.88000000</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>Orthofix Medical Inc</name>
        <lei>N/A</lei>
        <title>ORTHOFIX MEDICAL</title>
        <cusip>68752M108</cusip>
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          <isin value="US68752M1080"/>
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        <balance>43587.00000000</balance>
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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>Patterson-UTI Energy Inc.</name>
        <lei>254900XGFBKIXD6G0697</lei>
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        <cusip>703481101</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>Perella Weinberg Partners</name>
        <lei>N/A</lei>
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        <cusip>71367G102</cusip>
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          <isin value="US71367G1022"/>
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        <balance>24294.00000000</balance>
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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>Phreesia Inc</name>
        <lei>5493000HHF8NU4QOCG53</lei>
        <title>PHREESIA INC</title>
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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>Plymouth Industrial REIT Inc.</name>
        <lei>N/A</lei>
        <title>PLYMOUTH INDUSTR</title>
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          <isin value="US7296401026"/>
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        <balance>31670.00000000</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>Popular, Inc.</name>
        <lei>5493008CARDZMVQ3LO89</lei>
        <title>POPULAR INC</title>
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        <assetCat>EC</assetCat>
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        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Portland General Electric Company</name>
        <lei>GJOUP9M7C39GLSK9R870</lei>
        <title>PORTLAND GENERAL</title>
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          <isin value="US7365088472"/>
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        <balance>21656.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Primerica, Inc.</name>
        <lei>254900621R686KJR7022</lei>
        <title>PRIMERICA INC</title>
        <cusip>74164M108</cusip>
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          <isin value="US74164M1080"/>
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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>Priority Technology Holdings Inc.</name>
        <lei>549300ZS6DXD7ROBKB40</lei>
        <title>PRIORITY TECHNOL</title>
        <cusip>74275G107</cusip>
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          <isin value="US74275G1076"/>
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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>Proficient Auto Logistics Inc</name>
        <lei>N/A</lei>
        <title>PROFICIENT AUTO</title>
        <cusip>74317M104</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>Prosperity Bancshares Inc</name>
        <lei>N/A</lei>
        <title>PROSPERITY BNCSH</title>
        <cusip>743606105</cusip>
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          <isin value="US7436061052"/>
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        <balance>11877.00000000</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>Quipt Home Medical Corp</name>
        <lei>N/A</lei>
        <title>QUIPT HOME MEDIC</title>
        <cusip>74880P104</cusip>
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          <isin value="CA74880P1045"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</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</title>
        <cusip>74955L103</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Radiant Logistics Inc.</name>
        <lei>549300HWCW2HBOG4GN20</lei>
        <title>RADIANT LOGISTIC</title>
        <cusip>75025X100</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>Ranger Energy Services Inc</name>
        <lei>549300J7RIVGVAN0RE23</lei>
        <title>RANGER ENERGY SE</title>
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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>Ranpak Holdings Corp.</name>
        <lei>5493000Z9EZR9DCYOO86</lei>
        <title>RANPAK HOLDINGS CORP</title>
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        <balance>76376.00000000</balance>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Rayonier Advanced Materials Inc</name>
        <lei>54930053QJ7OUGZG4F72</lei>
        <title>RAYONIER ADV</title>
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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>Reservoir Media Inc.</name>
        <lei>549300PHPDQ9M9QSNU18</lei>
        <title>RESERVOIR MEDIA</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SLM Corp.</name>
        <lei>N/A</lei>
        <title>SLM CORP</title>
        <cusip>78442P106</cusip>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SM Energy Co.</name>
        <lei>84BUTVXV5ODI6BXNMH43</lei>
        <title>SM ENERGY 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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      <invstOrSec>
        <name>Select Water Solutions Inc</name>
        <lei>54930094OK8LA3QDW486</lei>
        <title>SELECT WATER SOL</title>
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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>Silicon Motion Technology Corp.</name>
        <lei>5299005RBVBZQJTYFC89</lei>
        <title>SILICON MOTI-ADR</title>
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        <assetCat>EC</assetCat>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Solaris Energy Infrastructure Inc</name>
        <lei>529900MTK3C8Y8TIIC10</lei>
        <title>SOLARIS ENERGY I</title>
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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>Spire Inc</name>
        <lei>549300NXSY15DRY2R511</lei>
        <title>SPIRE INC</title>
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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>Stewart Information Services Corporation</name>
        <lei>529900TV1XI0PLKENU10</lei>
        <title>STEWART INFO SVC</title>
        <cusip>860372101</cusip>
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        <balance>4110.00000000</balance>
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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>
      <invstOrSec>
        <name>Stoneridge Inc.</name>
        <lei>PNBCIH9LE7WI83VJIF08</lei>
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          <isin value="US86183P1021"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Sun Country Airlines Holdings Inc.</name>
        <lei>549300MOHOJN9GH0NJ48</lei>
        <title>SUN COUNTRY HOLD</title>
        <cusip>866683105</cusip>
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          <isin value="US8666831057"/>
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        <balance>56331.00000000</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>Talen Energy Corporation</name>
        <lei>N/A</lei>
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          <isin value="US87422Q1094"/>
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        <balance>983.00000000</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>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Taseko Mines Limited</name>
        <lei>549300XKUO1JSLU7KX54</lei>
        <title>TASEKO MINES</title>
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          <isin value="CA8765111064"/>
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        <balance>264192.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Teleflex Incorporated</name>
        <lei>UUL85LWXB4NGSWWXIQ25</lei>
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          <isin value="US8793691069"/>
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        <balance>7853.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Tenet Healthcare Corporation</name>
        <lei>0W9AIBT6U6ADJ2I8HK17</lei>
        <title>TENET HEALTHCARE</title>
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          <isin value="US88033G4073"/>
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        <balance>2323.00000000</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>
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      <invstOrSec>
        <name>Teradata Corp</name>
        <lei>549300JU9SOUHV4U4R71</lei>
        <title>TERADATA CORP</title>
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          <isin value="US88076W1036"/>
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        <balance>19974.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>429441.00000000</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>TETRA Technologies Inc.</name>
        <lei>549300T5W131705EK832</lei>
        <title>TETRA TECHNOLOGI</title>
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          <isin value="US88162F1057"/>
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        <balance>219045.00000000</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>Thermon Group Holdings Inc</name>
        <lei>529900ZNZBBLDE77MZ38</lei>
        <title>THERMON GROUP HO</title>
        <cusip>88362T103</cusip>
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          <isin value="US88362T1034"/>
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        <balance>9612.00000000</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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      <invstOrSec>
        <name>Tidewater Inc New</name>
        <lei>2549000JA5GRUPLMUH98</lei>
        <title>TIDEWATER INC</title>
        <cusip>88642R109</cusip>
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          <isin value="US88642R1095"/>
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        <balance>3599.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>130247.81000000</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>The Timken Company</name>
        <lei>B0I35MLPFXZSE70ASS73</lei>
        <title>TIMKEN CO</title>
        <cusip>887389104</cusip>
        <identifiers>
          <isin value="US8873891043"/>
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        <balance>3937.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>252952.25000000</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="248262.00000000"/>
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      <invstOrSec>
        <name>Metallus Inc.</name>
        <lei>549300QZTZWHDE9HJL14</lei>
        <title>METALLUS INC</title>
        <cusip>887399103</cusip>
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          <isin value="US8873991033"/>
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        <balance>44185.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>558940.25000000</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>Tiptree Inc.</name>
        <lei>N/A</lei>
        <title>TIPTREE INC</title>
        <cusip>88822Q103</cusip>
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          <isin value="US88822Q1031"/>
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        <balance>15860.00000000</balance>
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        <valUSD>353836.60000000</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>
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      <invstOrSec>
        <name>Titan Machinery Inc.</name>
        <lei>549300835ZM8G0BT5C94</lei>
        <title>TITAN MACHINERY</title>
        <cusip>88830R101</cusip>
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          <isin value="US88830R1014"/>
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        <balance>20147.00000000</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>TrueCar Inc.</name>
        <lei>549300KK16488YXWVE52</lei>
        <title>TRUECAR INC</title>
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        <balance>173659.00000000</balance>
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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>Trueblue Inc</name>
        <lei>N/A</lei>
        <title>TRUEBLUE INC</title>
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        <balance>44890.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Tutor Perini Corporation</name>
        <lei>549300FHXYVPW8LJ6D98</lei>
        <title>TUTOR PERINI COR</title>
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        <balance>36784.00000000</balance>
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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>UFP Industries Inc</name>
        <lei>5493007KB485C9OV5572</lei>
        <title>UFP INDUSTRIES I</title>
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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>UMH Properties Inc</name>
        <lei>529900OM5K3PJ11F0Q09</lei>
        <title>UMH PROPERTIES I</title>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Under Armour, Inc.</name>
        <lei>549300D4549QKWETZ406</lei>
        <title>UNDER ARMO-C</title>
        <cusip>904311206</cusip>
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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>Unitil Corp</name>
        <lei>N/A</lei>
        <title>UNITIL CORP</title>
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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>V2X Inc</name>
        <lei>N/A</lei>
        <title>V2X INC</title>
        <cusip>92242T101</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>Verint Systems Inc</name>
        <lei>549300KEQJS5FRVUCO94</lei>
        <title>VERINT SYSTEMS</title>
        <cusip>92343X100</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>Viemed Healthcare Inc.</name>
        <lei>N/A</lei>
        <title>VIEMED HEALTHCARE INC</title>
        <cusip>92663R105</cusip>
        <identifiers>
          <isin value="CA92663R1055"/>
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        <balance>48286.00000000</balance>
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        <valUSD>341382.02000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Vimeo Inc</name>
        <lei>25490061AWYWC90UIJ68</lei>
        <title>VIMEO INC</title>
        <cusip>92719V100</cusip>
        <identifiers>
          <isin value="US92719V1008"/>
        </identifiers>
        <balance>169773.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>855655.92000000</valUSD>
        <pctVal>0.867048210981</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="147782.88000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Viper Energy Inc.</name>
        <lei>5299009LINL232255G03</lei>
        <title>VIPER ENERGY INC</title>
        <cusip>927959106</cusip>
        <identifiers>
          <isin value="US9279591062"/>
        </identifiers>
        <balance>2881.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>116190.73000000</valUSD>
        <pctVal>0.117737705337</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>Vivid Seats Inc</name>
        <lei>N/A</lei>
        <title>VIVID SEATS IN-A</title>
        <cusip>92854T100</cusip>
        <identifiers>
          <isin value="US92854T1007"/>
        </identifiers>
        <balance>172154.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>483752.74000000</valUSD>
        <pctVal>0.490193473767</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>Wabash National Corporation</name>
        <lei>5299004ZAWHQZI5XO485</lei>
        <title>WABASH NATIONAL</title>
        <cusip>929566107</cusip>
        <identifiers>
          <isin value="US9295661071"/>
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        <balance>32012.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>221202.92000000</valUSD>
        <pctVal>0.224148038442</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>Warrior Met Coal Inc</name>
        <lei>549300152B1S9YKBYV79</lei>
        <title>WARRIOR MET COAL</title>
        <cusip>93627C101</cusip>
        <identifiers>
          <isin value="US93627C1018"/>
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        <balance>10992.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>525637.44000000</valUSD>
        <pctVal>0.532635830973</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>Wayfair Inc</name>
        <lei>54930027N9ZAVYFDHK53</lei>
        <title>WAYFAIR INC- A</title>
        <cusip>94419L101</cusip>
        <identifiers>
          <isin value="US94419L1017"/>
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        <balance>4010.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>120941.60000000</valUSD>
        <pctVal>0.122551828909</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="119705.04000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Webster Financial Corp.</name>
        <lei>KMRURHT0VWKYS6Z5KU67</lei>
        <title>WEBSTER FINL</title>
        <cusip>947890109</cusip>
        <identifiers>
          <isin value="US9478901096"/>
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        <balance>20735.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>980765.50000000</valUSD>
        <pctVal>0.993823512805</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>Wesbanco Inc</name>
        <lei>N/A</lei>
        <title>WESBANCO INC</title>
        <cusip>950810101</cusip>
        <identifiers>
          <isin value="US9508101014"/>
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        <balance>32768.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>975831.04000000</valUSD>
        <pctVal>0.988823354896</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>Whirlpool Corp.</name>
        <lei>WHENKOULSSK7WUM60H03</lei>
        <title>WHIRLPOOL CORP</title>
        <cusip>963320106</cusip>
        <identifiers>
          <isin value="US9633201069"/>
        </identifiers>
        <balance>4190.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>319613.20000000</valUSD>
        <pctVal>0.323868563038</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="316409.44000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wyndham Hotels &amp; Resorts Inc</name>
        <lei>549300FE3MQ4RVXXC673</lei>
        <title>WYNDHAM HOTELS &amp;</title>
        <cusip>98311A105</cusip>
        <identifiers>
          <isin value="US98311A1051"/>
        </identifiers>
        <balance>2741.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>233807.30000000</valUSD>
        <pctVal>0.236920234455</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="147654.30000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Zimvie Inc</name>
        <lei>549300GFKURT1J6XR665</lei>
        <title>ZIMVIE INC</title>
        <cusip>98888T107</cusip>
        <identifiers>
          <isin value="US98888T1079"/>
        </identifiers>
        <balance>33829.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>306490.74000000</valUSD>
        <pctVal>0.310571389255</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>N/A</name>
        <lei>N/A</lei>
        <title>MOUNT VERNON LIQUID ASSETS PORTFOLIO</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="CASHCOLLREINV"/>
        </identifiers>
        <balance>0.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="REINVESTED COLLATERAL" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="12257583.25000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Capstone Copper Corp</name>
        <lei>549300III6KGKKC42W63</lei>
        <title>CAPSTONE COPPER</title>
        <cusip>14071L108</cusip>
        <identifiers>
          <isin value="CA14071L1085"/>
        </identifiers>
        <balance>127984.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.37843000"/>
        <valUSD>616508.46000000</valUSD>
        <pctVal>0.624716717086</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Constellium SE</name>
        <lei>724500KRJEMC79KAAU28</lei>
        <title>CONSTELLIUM SE</title>
        <cusip>F21107101</cusip>
        <identifiers>
          <isin value="FR0013467479"/>
        </identifiers>
        <balance>55479.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>560892.69000000</valUSD>
        <pctVal>0.568360473000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AXIS Capital Holdings Limited</name>
        <lei>635400VD2NQBYAHMEM55</lei>
        <title>AXIS CAPITAL</title>
        <cusip>G0692U109</cusip>
        <identifiers>
          <isin value="BMG0692U1099"/>
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        <balance>5641.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>543341.12000000</valUSD>
        <pctVal>0.550575219591</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cushman &amp; Wakefield PLC</name>
        <lei>N/A</lei>
        <title>CUSHMAN &amp; WAKEFI</title>
        <cusip>G2717B108</cusip>
        <identifiers>
          <isin value="GB00BFZ4N465"/>
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        <balance>14121.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>132313.77000000</valUSD>
        <pctVal>0.134075409151</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>Ferroglobe PLC</name>
        <lei>2138005GCFJACFTZUD90</lei>
        <title>FERROGLOBE PLC</title>
        <cusip>G33856108</cusip>
        <identifiers>
          <isin value="GB00BYW6GV68"/>
        </identifiers>
        <balance>130017.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>453759.33000000</valUSD>
        <pctVal>0.459800728419</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Alpha &amp; Omega Semiconductor Ltd.</name>
        <lei>5493001FE7J03YOV2V35</lei>
        <title>ALPHA &amp; OMEGA SE</title>
        <cusip>G6331P104</cusip>
        <identifiers>
          <isin value="BMG6331P1041"/>
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        <balance>26720.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>503137.60000000</valUSD>
        <pctVal>0.509836425788</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>National Energy Services Reunited Corp.</name>
        <lei>N/A</lei>
        <title>NATIONAL ENERGY</title>
        <cusip>G6375R107</cusip>
        <identifiers>
          <isin value="VGG6375R1073"/>
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        <balance>40207.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>250489.61000000</valUSD>
        <pctVal>0.253824654447</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nomad Foods Ltd.</name>
        <lei>5493000ZZ1837DS2SI43</lei>
        <title>NOMAD FOODS</title>
        <cusip>G6564A105</cusip>
        <identifiers>
          <isin value="VGG6564A1057"/>
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        <balance>27557.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>550864.43000000</valUSD>
        <pctVal>0.558198695714</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Teekay Tankers Ltd.</name>
        <lei>N/A</lei>
        <title>TEEKAY TANK-CL A</title>
        <cusip>G8726X106</cusip>
        <identifiers>
          <isin value="BMG8726X1065"/>
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        <balance>16232.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>690996.24000000</valUSD>
        <pctVal>0.700196235055</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vtex</name>
        <lei>N/A</lei>
        <title>VTEX -CLASS A</title>
        <cusip>G9470A102</cusip>
        <identifiers>
          <isin value="KYG9470A1022"/>
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        <balance>47829.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>257798.31000000</valUSD>
        <pctVal>0.261230663231</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lithium Argentina AG</name>
        <lei>N/A</lei>
        <title>LITHIUM ARGENTIN</title>
        <cusip>H5012F103</cusip>
        <identifiers>
          <isin value="CH1403212751"/>
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        <balance>106372.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>218062.60000000</valUSD>
        <pctVal>0.220965907898</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ituran</name>
        <lei>N/A</lei>
        <title>ITURAN LOCATION</title>
        <cusip>M6158M104</cusip>
        <identifiers>
          <isin value="IL0010818685"/>
        </identifiers>
        <balance>12748.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>458163.12000000</valUSD>
        <pctVal>0.464263150932</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Radcom Ltd.</name>
        <lei>529900YOUOKNMG7QW685</lei>
        <title>RADCOM LTD</title>
        <cusip>M81865111</cusip>
        <identifiers>
          <isin value="IL0010826688"/>
        </identifiers>
        <balance>23822.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>287055.10000000</valUSD>
        <pctVal>0.290876981144</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tower Semiconductor Limited</name>
        <lei>54930086ZSNXZOUX0C54</lei>
        <title>TOWER SEMICONDCT</title>
        <cusip>M87915274</cusip>
        <identifiers>
          <isin value="IL0010823792"/>
        </identifiers>
        <balance>20406.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>730126.68000000</valUSD>
        <pctVal>0.739847661760</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Expro Group Holdings NV</name>
        <lei>724500LJYA8QIT73H017</lei>
        <title>EXPRO GROUP HOLD</title>
        <cusip>N3144W105</cusip>
        <identifiers>
          <isin value="NL0010556684"/>
        </identifiers>
        <balance>26403.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>218352.81000000</valUSD>
        <pctVal>0.221259981784</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ardmore Shipping Corp.</name>
        <lei>549300J8HD7K6BHD8O28</lei>
        <title>ARDMORE SHIPPING</title>
        <cusip>Y0207T100</cusip>
        <identifiers>
          <isin value="MHY0207T1001"/>
        </identifiers>
        <balance>77699.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>741248.46000000</valUSD>
        <pctVal>0.751117518284</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DHT Holdings Inc.</name>
        <lei>549300SMD6IVZYT74K40</lei>
        <title>DHT HOLDINGS INC</title>
        <cusip>Y2065G121</cusip>
        <identifiers>
          <isin value="MHY2065G1219"/>
        </identifiers>
        <balance>52790.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>564325.10000000</valUSD>
        <pctVal>0.571838582460</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Scorpio Tankers Inc</name>
        <lei>549300NVJUH16NXG8K87</lei>
        <title>SCORPIO TANKERS</title>
        <cusip>Y7542C130</cusip>
        <identifiers>
          <isin value="MHY7542C1306"/>
        </identifiers>
        <balance>19207.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>723911.83000000</valUSD>
        <pctVal>0.733550066607</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Star Bulk Carriers Corp.</name>
        <lei>549300SO3FMK7H6DDY54</lei>
        <title>STAR BULK CARRIE</title>
        <cusip>Y8162K204</cusip>
        <identifiers>
          <isin value="MHY8162K2046"/>
        </identifiers>
        <balance>36417.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>536786.58000000</valUSD>
        <pctVal>0.543933411770</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="531406.48000000"/>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Returns are reported without deducting sales loads and redemption fees, if any." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-05-28</ncom:dateSigned>
      <ncom:nameOfApplicant>Dunham Funds</ncom:nameOfApplicant>
      <ncom:signature>James Colantino</ncom:signature>
      <ncom:signerName>James Colantino</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
