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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CONSOL ENERGY INC.</name>
        <lei>549300YJCTPJBTK7IJ81</lei>
        <title>CONSOL ENERGY INC COMMON STOCK</title>
        <cusip>20854L108</cusip>
        <identifiers>
          <isin value="US20854L1089"/>
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        <balance>29889.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>203544.09000000</valUSD>
        <pctVal>1.069780364692</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PARK AEROSPACE CORP.</name>
        <lei>5299004AG0G7IB636095</lei>
        <title>PARK AEROSPACE CORP COMMON STOCK</title>
        <cusip>70014A104</cusip>
        <identifiers>
          <isin value="US70014A1043"/>
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        <balance>27459.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>333077.67000000</valUSD>
        <pctVal>1.750578713847</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Caleres Inc.</name>
        <lei>JFU6RQQJ8Z1CPOLBXQ18</lei>
        <title>CALERES INC COMMON STOCK</title>
        <cusip>129500104</cusip>
        <identifiers>
          <isin value="US1295001044"/>
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        <balance>27243.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>195332.31000000</valUSD>
        <pctVal>1.026621160201</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALLEGIANT TRAVEL COMPANY</name>
        <lei>549300JM9OZXOHWL2K18</lei>
        <title>ALLEGIANT TRAVEL CO COMMON STOCK</title>
        <cusip>01748X102</cusip>
        <identifiers>
          <isin value="US01748X1028"/>
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        <balance>2646.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>281931.30000000</valUSD>
        <pctVal>1.481765296806</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ProPetro Holding Corp</name>
        <lei>N/A</lei>
        <title>PROPETRO HOLDING CORP COMMON STOCK</title>
        <cusip>74347M108</cusip>
        <identifiers>
          <isin value="US74347M1080"/>
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        <balance>42471.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>210231.45000000</valUSD>
        <pctVal>1.104927572452</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>M/I HOMES, INC.</name>
        <lei>5299005M71FH9CCSFB69</lei>
        <title>M/I HOMES INC COMMON STOCK</title>
        <cusip>55305B101</cusip>
        <identifiers>
          <isin value="US55305B1017"/>
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        <balance>6966.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>233221.68000000</valUSD>
        <pctVal>1.225758870643</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HCI GROUP, INC.</name>
        <lei>549300CZF7EZJH0MPH74</lei>
        <title>HCI GROUP INC COMMON STOCK</title>
        <cusip>40416E103</cusip>
        <identifiers>
          <isin value="US40416E1038"/>
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        <balance>4185.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>187697.25000000</valUSD>
        <pctVal>0.986493061806</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>EL PASO ELECTRIC COMPANY</name>
        <lei>OZ8GM8L4AHPKSWZMW205</lei>
        <title>EL PASO ELECTRIC CO COMMON STOCK</title>
        <cusip>283677854</cusip>
        <identifiers>
          <isin value="US2836778546"/>
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        <balance>2565.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>174343.05000000</valUSD>
        <pctVal>0.916306494629</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BIG LOTS, INC.</name>
        <lei>N/A</lei>
        <title>BIG LOTS INC COMMON STOCK</title>
        <cusip>089302103</cusip>
        <identifiers>
          <isin value="US0893021032"/>
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        <balance>7047.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>273071.25000000</valUSD>
        <pctVal>1.435198936072</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HEALTHSTREAM, INC.</name>
        <lei>529900OJ88H8635JNH64</lei>
        <title>HEALTHSTREAM INC COMMON STOCK</title>
        <cusip>42222N103</cusip>
        <identifiers>
          <isin value="US42222N1037"/>
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        <balance>7695.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>175292.10000000</valUSD>
        <pctVal>0.921294480550</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VANDA PHARMACEUTICALS INC.</name>
        <lei>529900AY8VOOQBKJ0O70</lei>
        <title>VANDA PHARMACEUTICALS INC COMMON STOCK</title>
        <cusip>921659108</cusip>
        <identifiers>
          <isin value="US9216591084"/>
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        <balance>15606.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>182902.32000000</valUSD>
        <pctVal>0.961292025686</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>American Public Education Inc</name>
        <lei>N/A</lei>
        <title>AMERICAN PUBLIC EDUCATION COMMON STOCK</title>
        <cusip>02913V103</cusip>
        <identifiers>
          <isin value="US02913V1035"/>
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        <balance>6939.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>218092.77000000</valUSD>
        <pctVal>1.146244840748</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>NMI HOLDINGS, INC.</name>
        <lei>529900KNNGFXJX1C3Z08</lei>
        <title>NMI HOLDINGS INC-CLASS A COMMON STOCK</title>
        <cusip>629209305</cusip>
        <identifiers>
          <isin value="US6292093050"/>
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        <balance>11799.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>181291.64000000</valUSD>
        <pctVal>0.952826666472</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>Qualys Inc</name>
        <lei>549300EMBXYOW9W1XA17</lei>
        <title>QUALYS INC COMMON STOCK</title>
        <cusip>74758T303</cusip>
        <identifiers>
          <isin value="US74758T3032"/>
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        <balance>1566.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>180591.12000000</valUSD>
        <pctVal>0.949144896389</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>JOHN B. SANFILIPPO &amp; SON, INC.</name>
        <lei>5299007IBEYVXKYDUX28</lei>
        <title>JOHN B. SANFILIPPO &amp; SON INC COMMON STOCK</title>
        <cusip>800422107</cusip>
        <identifiers>
          <isin value="US8004221078"/>
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        <balance>1998.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>173706.12000000</valUSD>
        <pctVal>0.912958938787</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>GLU MOBILE INC.</name>
        <lei>5299006L6Z4VS4PBXT12</lei>
        <title>GLU MOBILE INC COMMON STOCK</title>
        <cusip>379890106</cusip>
        <identifiers>
          <isin value="US3798901068"/>
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        <balance>19602.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>195627.96000000</valUSD>
        <pctVal>1.028175027792</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>GARRETT MOTION INC.</name>
        <lei>549300LS5WT7EMBNV724</lei>
        <title>GARRETT MOTION INC COMMON STOCK</title>
        <cusip>366505105</cusip>
        <identifiers>
          <isin value="US3665051054"/>
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        <balance>35100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>181467.00000000</valUSD>
        <pctVal>0.953748317819</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>KRATON CORPORATION</name>
        <lei>N/A</lei>
        <title>KRATON CORP COMMON STOCK</title>
        <cusip>50077C106</cusip>
        <identifiers>
          <isin value="US50077C1062"/>
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        <balance>13122.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>200110.50000000</valUSD>
        <pctVal>1.051734214777</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>KEMET CORPORATION</name>
        <lei>529900G5ZS8VVA2TY376</lei>
        <title>KEMET CORP COMMON STOCK</title>
        <cusip>488360207</cusip>
        <identifiers>
          <isin value="US4883602074"/>
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        <balance>6480.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>175154.40000000</valUSD>
        <pctVal>0.920570761398</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>RPT REALTY</name>
        <lei>N/A</lei>
        <title>RPT REALTY REIT</title>
        <cusip>74971D101</cusip>
        <identifiers>
          <isin value="US74971D1019"/>
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        <balance>29322.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>169187.94000000</valUSD>
        <pctVal>0.889212436257</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>GROUP 1 AUTOMOTIVE, INC.</name>
        <lei>549300US8QAZJLWYAF63</lei>
        <title>GROUP 1 AUTOMOTIVE INC COMMON STOCK</title>
        <cusip>398905109</cusip>
        <identifiers>
          <isin value="US3989051095"/>
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        <balance>3429.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>215821.26000000</valUSD>
        <pctVal>1.134306312853</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>AMN HEALTHCARE SERVICES, INC.</name>
        <lei>529900W3ARRTCNFH2I39</lei>
        <title>AMN HEALTHCARE SERVICES INC COMMON STOCK</title>
        <cusip>001744101</cusip>
        <identifiers>
          <isin value="US0017441017"/>
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        <balance>4131.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>183251.16000000</valUSD>
        <pctVal>0.963125447538</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>LUMINEX CORPORATION</name>
        <lei>5299004PD7MBYRVKM104</lei>
        <title>LUMINEX CORP COMMON STOCK</title>
        <cusip>55027E102</cusip>
        <identifiers>
          <isin value="US55027E1029"/>
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        <balance>4509.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>140500.44000000</valUSD>
        <pctVal>0.738437612915</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>FUTUREFUEL CORP.</name>
        <lei>529900WYQZSMWFXLA845</lei>
        <title>FUTUREFUEL CORP COMMON STOCK</title>
        <cusip>36116M106</cusip>
        <identifiers>
          <isin value="US36116M1062"/>
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        <balance>17334.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>226728.72000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ADDUS HOMECARE CORPORATION</name>
        <lei>52990090ZT33AKPDBX62</lei>
        <title>ADDUS HOMECARE CORP COMMON STOCK</title>
        <cusip>006739106</cusip>
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          <isin value="US0067391062"/>
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        <balance>2106.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>208409.76000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EnPro Industries, Inc.</name>
        <lei>549300Y5CFT2LKCFDN54</lei>
        <title>ENPRO INDUSTRIES INC COMMON STOCK</title>
        <cusip>29355X107</cusip>
        <identifiers>
          <isin value="US29355X1072"/>
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        <balance>4050.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>182574.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>GUESS ?, INC.</name>
        <lei>549300QVH3ZK2DW0KP86</lei>
        <title>GUESS? INC COMMON STOCK</title>
        <cusip>401617105</cusip>
        <identifiers>
          <isin value="US4016171054"/>
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        <balance>22977.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>219889.89000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>CORCEPT THERAPEUTICS INCORPORATED</name>
        <lei>529900EO9LUTFMZ7FF90</lei>
        <title>CORCEPT THERAPEUTICS INC COMMON STOCK</title>
        <cusip>218352102</cusip>
        <identifiers>
          <isin value="US2183521028"/>
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        <balance>13581.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>205616.34000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>PROGRESS SOFTWARE CORPORATION</name>
        <lei>N/A</lei>
        <title>PROGRESS SOFTWARE CORP COMMON STOCK</title>
        <cusip>743312100</cusip>
        <identifiers>
          <isin value="US7433121008"/>
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        <balance>4590.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>185436.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>NIC, INC.</name>
        <lei>529900B18T4Q37BZ0F35</lei>
        <title>NIC INC COMMON STOCK</title>
        <cusip>62914B100</cusip>
        <identifiers>
          <isin value="US62914B1008"/>
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        <balance>7425.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>178645.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>OSI SYSTEMS, INC.</name>
        <lei>DDX3MPX1Y8YD30050X33</lei>
        <title>OSI SYSTEMS INC COMMON STOCK</title>
        <cusip>671044105</cusip>
        <identifiers>
          <isin value="US6710441055"/>
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        <balance>2484.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>188212.68000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>Short-Term Investments Trust: Government &amp; Agency Portfolio; Institutional Class Shares</name>
        <lei>N/A</lei>
        <title>STIT GOVT &amp; AGENCY INST CLASS INSTITUTIONAL</title>
        <cusip>825252885</cusip>
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          <isin value="US8252528851"/>
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        <balance>37353.57000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>37353.57000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>XX</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NATIONAL PRESTO INDUSTRIES, INC.</name>
        <lei>N/A</lei>
        <title>NATIONAL PRESTO INDS INC COMMON STOCK</title>
        <cusip>637215104</cusip>
        <identifiers>
          <isin value="US6372151042"/>
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        <balance>2187.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>196808.13000000</valUSD>
        <pctVal>1.034377726642</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>RENEWABLE ENERGY GROUP, INC.</name>
        <lei>549300HPU3BD8ZI0X358</lei>
        <title>RENEWABLE ENERGY GROUP INC COMMON STOCK</title>
        <cusip>75972A301</cusip>
        <identifiers>
          <isin value="US75972A3014"/>
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        <balance>7236.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>205864.20000000</valUSD>
        <pctVal>1.081974322875</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>EBIX, INC.</name>
        <lei>549300DHXVZR5SW5QR44</lei>
        <title>EBIX INC COMMON STOCK</title>
        <cusip>278715206</cusip>
        <identifiers>
          <isin value="US2787152063"/>
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        <balance>8397.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>188176.77000000</valUSD>
        <pctVal>0.989013307324</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>SKYWEST, INC.</name>
        <lei>529900UYS2KGS6Z42P09</lei>
        <title>SKYWEST INC COMMON STOCK</title>
        <cusip>830879102</cusip>
        <identifiers>
          <isin value="US8308791024"/>
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        <balance>7290.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>233790.30000000</valUSD>
        <pctVal>1.228747405024</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>FGL Holdings, Inc.</name>
        <lei>N/A</lei>
        <title>FGL HOLDINGS COMMON STOCK</title>
        <cusip>G3402M102</cusip>
        <identifiers>
          <isin value="KYG3402M1024"/>
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        <balance>34236.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>285528.24000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MESA LABORATORIES, INC.</name>
        <lei>549300ZCG738WLX8ZW79</lei>
        <title>MESA LABORATORIES INC COMMON STOCK</title>
        <cusip>59064R109</cusip>
        <identifiers>
          <isin value="US59064R1095"/>
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        <balance>729.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>192638.25000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>Owens &amp; Minor, Inc.</name>
        <lei>549300LMT5KQQXCEZ733</lei>
        <title>OWENS &amp; MINOR INC COMMON STOCK</title>
        <cusip>690732102</cusip>
        <identifiers>
          <isin value="US6907321029"/>
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        <balance>25056.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>198694.08000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>PENN VIRGINIA CORPORATION</name>
        <lei>5493003S4AVU6OSXB118</lei>
        <title>PENN VIRGINIA CORP COMMON STOCK</title>
        <cusip>70788V102</cusip>
        <identifiers>
          <isin value="US70788V1026"/>
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        <balance>30294.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>265981.32000000</valUSD>
        <pctVal>1.397935914085</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>HARSCO CORPORATION</name>
        <lei>KAO98FK89NPNNPQGUZ43</lei>
        <title>HARSCO CORP COMMON STOCK</title>
        <cusip>415864107</cusip>
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          <isin value="US4158641070"/>
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        <balance>21654.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>241658.64000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>WARRIOR MET COAL, INC.</name>
        <lei>549300152B1S9YKBYV79</lei>
        <title>WARRIOR MET COAL INC COMMON STOCK</title>
        <cusip>93627C101</cusip>
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          <isin value="US93627C1018"/>
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        <balance>13932.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>196162.56000000</valUSD>
        <pctVal>1.030984760971</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>BONANZA CREEK ENERGY, INC.</name>
        <lei>IIVIHPH28S64K95M2381</lei>
        <title>BONANZA CREEK ENERGY INC COMMON STOCK</title>
        <cusip>097793400</cusip>
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          <isin value="US0977934001"/>
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        <balance>10233.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>172937.70000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CALAVO GROWERS, INC.</name>
        <lei>N/A</lei>
        <title>CALAVO GROWERS INC COMMON STOCK</title>
        <cusip>128246105</cusip>
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          <isin value="US1282461052"/>
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        <balance>3132.00000000</balance>
        <units>NS</units>
        <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>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>STURM, RUGER &amp; COMPANY, INC.</name>
        <lei>529900DV1BWFJSHFO847</lei>
        <title>STURM RUGER &amp; CO INC COMMON STOCK</title>
        <cusip>864159108</cusip>
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          <isin value="US8641591081"/>
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        <balance>3186.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>198615.24000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>ORASURE TECHNOLOGIES, INC.</name>
        <lei>529900GNNJPNM4XHXQ77</lei>
        <title>ORASURE TECHNOLOGIES INC COMMON STOCK</title>
        <cusip>68554V108</cusip>
        <identifiers>
          <isin value="US68554V1089"/>
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        <balance>10692.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>155461.68000000</valUSD>
        <pctVal>0.817070408313</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>MERIDIAN BIOSCIENCE, INC.</name>
        <lei>549300ELSRZEFFFRX195</lei>
        <title>MERIDIAN BIOSCIENCE INC COMMON STOCK</title>
        <cusip>589584101</cusip>
        <identifiers>
          <isin value="US5895841014"/>
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        <balance>10719.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>165715.74000000</valUSD>
        <pctVal>0.870963361168</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HEIDRICK &amp; STRUGGLES INTERNATIONAL, INC.</name>
        <lei>5493006284N2J367VB57</lei>
        <title>HEIDRICK &amp; STRUGGLES INTL COMMON STOCK</title>
        <cusip>422819102</cusip>
        <identifiers>
          <isin value="US4228191023"/>
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        <balance>8262.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>183251.16000000</valUSD>
        <pctVal>0.963125447538</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AMERICAN STATES WATER COMPANY</name>
        <lei>529900L26LIS2V8PWM23</lei>
        <title>AMERICAN STATES WATER CO COMMON STOCK</title>
        <cusip>029899101</cusip>
        <identifiers>
          <isin value="US0298991011"/>
        </identifiers>
        <balance>2349.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>192641.49000000</valUSD>
        <pctVal>1.012478836536</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SPARTANNASH COMPANY</name>
        <lei>549300TV3QCCSQLF5X16</lei>
        <title>SPARTANNASH CO COMMON STOCK</title>
        <cusip>847215100</cusip>
        <identifiers>
          <isin value="US8472151005"/>
        </identifiers>
        <balance>10908.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>233540.28000000</valUSD>
        <pctVal>1.227433358093</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HAWAIIAN HOLDINGS, INC.</name>
        <lei>529900TQUS2JVPSSPP86</lei>
        <title>HAWAIIAN HOLDINGS INC COMMON STOCK</title>
        <cusip>419879101</cusip>
        <identifiers>
          <isin value="US4198791018"/>
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        <balance>14850.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>214285.50000000</valUSD>
        <pctVal>1.126234715722</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>iShares Core S&amp;P Small-Cap ETF</name>
        <lei>N/A</lei>
        <title>ISHARES CORE S&amp;P SMALL-CAP E MUTUAL FUND</title>
        <cusip>464287804</cusip>
        <identifiers>
          <isin value="US4642878049"/>
        </identifiers>
        <balance>432.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>28572.48000000</valUSD>
        <pctVal>0.150170304991</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MOVADO GROUP, INC.</name>
        <lei>549300WCGCGPWGHVXM59</lei>
        <title>MOVADO GROUP INC COMMON STOCK</title>
        <cusip>624580106</cusip>
        <identifiers>
          <isin value="US6245801062"/>
        </identifiers>
        <balance>19008.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>199584.00000000</valUSD>
        <pctVal>1.048967053313</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VECTOR GROUP LTD.</name>
        <lei>549300TUIF4WWN6NDN50</lei>
        <title>VECTOR GROUP LTD COMMON STOCK</title>
        <cusip>92240M108</cusip>
        <identifiers>
          <isin value="US92240M1080"/>
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        <balance>16038.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>183314.34000000</valUSD>
        <pctVal>0.963457506914</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COGENT COMMUNICATIONS HOLDINGS, INC.</name>
        <lei>N/A</lei>
        <title>COGENT COMMUNICATIONS HOLDIN COMMON STOCK</title>
        <cusip>19239V302</cusip>
        <identifiers>
          <isin value="US19239V3024"/>
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        <balance>2214.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>169415.28000000</valUSD>
        <pctVal>0.890407282386</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CONN'S, INC.</name>
        <lei>529900K9HOACKOJJT953</lei>
        <title>CONN'S INC COMMON STOCK</title>
        <cusip>208242107</cusip>
        <identifiers>
          <isin value="US2082421072"/>
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        <balance>30888.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>223011.36000000</valUSD>
        <pctVal>1.172095805047</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>DONNELLEY FINANCIAL SOLUTIONS, INC.</name>
        <lei>549300O1NPY4J56QCU04</lei>
        <title>DONNELLEY FINANCIAL SOLUTION COMMON STOCK</title>
        <cusip>25787G100</cusip>
        <identifiers>
          <isin value="US25787G1004"/>
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        <balance>22545.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>183741.75000000</valUSD>
        <pctVal>0.965703874399</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>THIRD POINT REINSURANCE LTD.</name>
        <lei>2LTXLGOFX5N78LZ32691</lei>
        <title>THIRD POINT REINSURANCE LTD COMMON STOCK</title>
        <cusip>G8827U100</cusip>
        <identifiers>
          <isin value="BMG8827U1009"/>
        </identifiers>
        <balance>23841.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>175946.58000000</valUSD>
        <pctVal>0.924734275108</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CLEVELAND-CLIFFS INC.</name>
        <lei>549300TM2WLI2BJMDD86</lei>
        <title>CLEVELAND-CLIFFS INC COMMON STOCK</title>
        <cusip>185899101</cusip>
        <identifiers>
          <isin value="US1858991011"/>
        </identifiers>
        <balance>39420.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>205772.40000000</valUSD>
        <pctVal>1.081491843440</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>Shutterstock Inc</name>
        <lei>529900G2TDIS56V0LO22</lei>
        <title>SHUTTERSTOCK INC COMMON STOCK</title>
        <cusip>825690100</cusip>
        <identifiers>
          <isin value="US8256901005"/>
        </identifiers>
        <balance>4779.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>181219.68000000</valUSD>
        <pctVal>0.952448461460</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>UNITED NATURAL FOODS, INC.</name>
        <lei>549300GKGW6WPZ282D40</lei>
        <title>UNITED NATURAL FOODS INC COMMON STOCK</title>
        <cusip>911163103</cusip>
        <identifiers>
          <isin value="US9111631035"/>
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        <balance>16632.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>325987.20000000</valUSD>
        <pctVal>1.713312853745</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>OLYMPIC STEEL, INC.</name>
        <lei>549300GQ061U6N6KWJ49</lei>
        <title>OLYMPIC STEEL INC COMMON STOCK</title>
        <cusip>68162K106</cusip>
        <identifiers>
          <isin value="US68162K1060"/>
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        <balance>19710.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>217401.30000000</valUSD>
        <pctVal>1.142610635359</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>B&amp;G FOODS, INC.</name>
        <lei>549300TRW1LZMDJZAQ78</lei>
        <title>B&amp;G FOODS INC COMMON STOCK</title>
        <cusip>05508R106</cusip>
        <identifiers>
          <isin value="US05508R1068"/>
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        <balance>8478.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>196859.16000000</valUSD>
        <pctVal>1.034645928446</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>WASHINGTON REAL ESTATE INVESTMENT TRUST</name>
        <lei>549300DI34BGS8LVKW95</lei>
        <title>WASHINGTON REIT REIT</title>
        <cusip>939653101</cusip>
        <identifiers>
          <isin value="US9396531017"/>
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        <balance>8127.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>178225.11000000</valUSD>
        <pctVal>0.936709698488</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>UNIVERSAL CORPORATION</name>
        <lei>549300BZXZ66F6DTIF20</lei>
        <title>UNIVERSAL CORP/VA COMMON STOCK</title>
        <cusip>913456109</cusip>
        <identifiers>
          <isin value="US9134561094"/>
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        <balance>4050.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>178443.00000000</valUSD>
        <pctVal>0.937854877617</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>CENTURY COMMUNITIES, INC.</name>
        <lei>5299002QMB2O7ZL1CA26</lei>
        <title>CENTURY COMMUNITIES INC COMMON STOCK</title>
        <cusip>156504300</cusip>
        <identifiers>
          <isin value="US1565043007"/>
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        <balance>7884.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>232893.36000000</valUSD>
        <pctVal>1.224033297135</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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 CHILDREN'S PLACE, INC.</name>
        <lei>549300BGVK2OO5O7TC19</lei>
        <title>CHILDREN'S PLACE INC/THE COMMON STOCK</title>
        <cusip>168905107</cusip>
        <identifiers>
          <isin value="US1689051076"/>
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        <balance>6372.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>265330.08000000</valUSD>
        <pctVal>1.394513148213</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>FRESH DEL MONTE PRODUCE INC.</name>
        <lei>529900I72V9F0FEZR228</lei>
        <title>FRESH DEL MONTE PRODUCE INC COMMON STOCK</title>
        <cusip>G36738105</cusip>
        <identifiers>
          <isin value="KYG367381053"/>
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        <balance>7236.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>180104.04000000</valUSD>
        <pctVal>0.946584917271</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CENTRAL GARDEN &amp; PET COMPANY</name>
        <lei>5493004DVZLD37DJ0H83</lei>
        <title>CENTRAL GARDEN &amp; PET CO COMMON STOCK</title>
        <cusip>153527106</cusip>
        <identifiers>
          <isin value="US1535271068"/>
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        <balance>5103.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>187229.07000000</valUSD>
        <pctVal>0.984032416689</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GENESCO INC.</name>
        <lei>549300VY2Q511P1K5P56</lei>
        <title>GENESCO INC COMMON STOCK</title>
        <cusip>371532102</cusip>
        <identifiers>
          <isin value="US3715321028"/>
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        <balance>10449.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>193202.01000000</valUSD>
        <pctVal>1.015424799202</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WD-40 COMPANY</name>
        <lei>549300UZHTN0CNKBOB19</lei>
        <title>WD-40 CO COMMON STOCK</title>
        <cusip>929236107</cusip>
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          <isin value="US9292361071"/>
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        <balance>999.00000000</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ISTAR INC.</name>
        <lei>QFFLKWYYS3UPWD86E794</lei>
        <title>ISTAR INC REIT</title>
        <cusip>45031U101</cusip>
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          <isin value="US45031U1016"/>
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        <balance>18549.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>202740.57000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>EXPONENT, INC.</name>
        <lei>529900NY3F5Q2NWPUZ42</lei>
        <title>EXPONENT INC COMMON STOCK</title>
        <cusip>30214U102</cusip>
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          <isin value="US30214U1025"/>
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        <balance>2673.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CINCINNATI BELL INC.</name>
        <lei>549300JYVZOCUJOHL272</lei>
        <title>CINCINNATI BELL INC COMMON STOCK</title>
        <cusip>171871502</cusip>
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          <isin value="US1718715022"/>
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        <balance>11853.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PC CONNECTION, INC.</name>
        <lei>5299005WPRNIXDV2KM73</lei>
        <title>PC CONNECTION INC COMMON STOCK</title>
        <cusip>69318J100</cusip>
        <identifiers>
          <isin value="US69318J1007"/>
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        <balance>4536.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>META FINANCIAL GROUP, INC.</name>
        <lei>5493004X52BH1NBLW813</lei>
        <title>META FINANCIAL GROUP INC COMMON STOCK</title>
        <cusip>59100U108</cusip>
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          <isin value="US59100U1088"/>
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        <balance>10989.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ANIXTER INTERNATIONAL INC.</name>
        <lei>529900ZMALH8DA7UJT76</lei>
        <title>ANIXTER INTERNATIONAL INC COMMON STOCK</title>
        <cusip>035290105</cusip>
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          <isin value="US0352901054"/>
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        <balance>1863.00000000</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>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ENCORE CAPITAL GROUP, INC.</name>
        <lei>5493000UVC6H49CIH830</lei>
        <title>ENCORE CAPITAL GROUP INC COMMON STOCK</title>
        <cusip>292554102</cusip>
        <identifiers>
          <isin value="US2925541029"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>BROOKS AUTOMATION, INC.</name>
        <lei>35ZN6X1ANPH25YN32Y17</lei>
        <title>BROOKS AUTOMATION INC COMMON STOCK</title>
        <cusip>114340102</cusip>
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          <isin value="US1143401024"/>
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        <balance>4617.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NATIONAL BEVERAGE CORP.</name>
        <lei>549300O9MZIQJI8TGV17</lei>
        <title>NATIONAL BEVERAGE CORP COMMON STOCK</title>
        <cusip>635017106</cusip>
        <identifiers>
          <isin value="US6350171061"/>
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        <balance>3483.00000000</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>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Designer Brands Inc.</name>
        <lei>549300X8J6FI8PPRK859</lei>
        <title>DESIGNER BRANDS INC-CLASS A COMMON STOCK</title>
        <cusip>250565108</cusip>
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        <balance>32238.00000000</balance>
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        <valUSD>197618.94000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>RENT-A-CENTER, INC.</name>
        <lei>529900QUHE15UQNCCJ63</lei>
        <title>RENT-A-CENTER INC COMMON STOCK</title>
        <cusip>76009N100</cusip>
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        <balance>8397.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>213787.62000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>APOLLO COMMERCIAL REAL ESTATE FINANCE, INC.</name>
        <lei>549300E0AN7M2AQHSY29</lei>
        <title>APOLLO COMMERCIAL REAL ESTAT REIT</title>
        <cusip>03762U105</cusip>
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          <isin value="US03762U1051"/>
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        <balance>21978.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>180878.94000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>DORMAN PRODUCTS, INC.</name>
        <lei>N/A</lei>
        <title>DORMAN PRODUCTS INC COMMON STOCK</title>
        <cusip>258278100</cusip>
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        <balance>2916.00000000</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>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TRUEBLUE, INC.</name>
        <lei>N/A</lei>
        <title>TRUEBLUE INC COMMON STOCK</title>
        <cusip>89785X101</cusip>
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          <isin value="US89785X1019"/>
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        <balance>12177.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>188256.42000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MACY'S, INC.</name>
        <lei>529900NZQ81TIOW3CW52</lei>
        <title>MACY'S INC COMMON STOCK</title>
        <cusip>55616P104</cusip>
        <identifiers>
          <isin value="US55616P1049"/>
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        <balance>34533.00000000</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>
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      <invstOrSec>
        <name>CSG SYSTEMS INTERNATIONAL, INC.</name>
        <lei>549300D7FJZUOHHXUA81</lei>
        <title>CSG SYSTEMS INTL INC COMMON STOCK</title>
        <cusip>126349109</cusip>
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        <balance>3780.00000000</balance>
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        <curCd>USD</curCd>
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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>KAMAN CORPORATION</name>
        <lei>5493003YK076OLTEQF95</lei>
        <title>KAMAN CORP COMMON STOCK</title>
        <cusip>483548103</cusip>
        <identifiers>
          <isin value="US4835481031"/>
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        <balance>4779.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>191160.00000000</valUSD>
        <pctVal>1.004692469894</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MERITOR, INC.</name>
        <lei>5LTG829X630QFHTFBO82</lei>
        <title>MERITOR INC COMMON STOCK</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>EMPLOYERS HOLDINGS, INC.</name>
        <lei>N/A</lei>
        <title>EMPLOYERS HOLDINGS INC COMMON STOCK</title>
        <cusip>292218104</cusip>
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          <isin value="US2922181043"/>
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        <curCd>USD</curCd>
        <valUSD>179160.66000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2020-05-31</ncom:dateSigned>
      <ncom:nameOfApplicant>EXCHANGE TRADED CONCEPTS TRUST</ncom:nameOfApplicant>
      <ncom:signature>Dennis Lowenfels</ncom:signature>
      <ncom:signerName>Dennis Lowenfels</ncom:signerName>
      <ncom:title>CCO</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
