The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
Alamos Gold Inc CS 011532108 1,244 159,296 SH   DFND 1 159,296 0 0
Alico Inc CS 016230104 819 27,423 SH   DFND 1 27,423 0 0
American Equity Investment Lif CS 025676206 1,169 37,081 SH   DFND 1 37,081 0 0
American National Group Inc CS 02772A109 3,666 33,988 SH   DFND 1 33,988 0 0
Apogee Enterprises Inc CS 037598109 1,490 36,457 SH   DFND 1 36,457 0 0
Argan Inc CS 04010e109 3,574 66,993 SH   DFND 1 66,993 0 0
Associated Banc-Corp CS 045487105 3,270 153,237 SH   DFND 1 153,237 0 0
Avista Corp CS 05379B107 2,985 62,503 SH   DFND 1 62,503 0 0
AZZ Inc CS 002474104 2,038 40,480 SH   DFND 1 40,480 0 0
Bonanza Creek Energy Inc CS 097793400 2,314 64,769 SH   DFND 1 64,769 0 0
Bryn Mawr Bank Corp CS 117665109 3,245 71,297 SH   DFND 1 71,297 0 0
Cal Maine Foods Inc CS 128030202 2,384 62,043 SH   DFND 1 62,043 0 0
Cathay General Bancorp CS 149150104 2,821 69,165 SH   DFND 1 69,165 0 0
Commercial Metals Co CS 201723103 2,523 81,794 SH   DFND 1 81,794 0 0
Cooper Tire & Rubber Co CS 216831107 2,461 43,955 SH   DFND 1 43,955 0 0
CSG Systems International Inc CS 126349109 1,966 43,786 SH   DFND 1 43,786 0 0
CTO Realty Growth Inc CS 22948Q101 2,358 45,347 SH   DFND 1 45,347 0 0
DHT Holdings Inc CS y2065g121 1,764 297,438 SH   DFND 1 297,438 0 0
Diamond Hill Investment Grp CS 25264R207 3,053 19,571 SH   DFND 1 19,571 0 0
Diamond S Shipping Inc CS y20676105 679 67,732 SH   DFND 1 67,732 0 0
Edgewell Personal Care CS 28035Q102 1,943 49,060 SH   DFND 1 49,060 0 0
Employers Holdings CS 292218104 2,451 56,919 SH   DFND 1 56,919 0 0
Encore Wire Corp CS 292562105 1,958 29,168 SH   DFND 1 29,168 0 0
Equity Commonwealth CS 294628102 3,136 112,799 SH   DFND 1 112,799 0 0
First Financial Bancorp CS 320209109 1,549 64,539 SH   DFND 1 64,539 0 0
FNB Corp CS 302520101 1,508 118,706 SH   DFND 1 118,706 0 0
Fresh Del Monte Produce Inc CS G36738105 1,813 63,322 SH   DFND 1 63,322 0 0
Getty Realty Corp CS 374297109 2,658 93,844 SH   DFND 1 93,844 0 0
Hackett Group Inc/The CS 404609109 611 37,287 SH   DFND 1 37,287 0 0
Hamilton Beach Brands Holding CS 40701T104 1,324 73,009 SH   DFND 1 73,009 0 0
Heartland Express Inc CS 422347104 2,750 140,463 SH   DFND 1 140,463 0 0
Hooker Furniture Corp CS 439038100 1,150 31,531 SH   DFND 1 31,531 0 0
Hostess Brands Inc CS 44109J106 1,845 128,663 SH   DFND 1 128,663 0 0
Insight Enterprises Inc CS 45765U103 1,510 15,828 SH   DFND 1 15,828 0 0
John B Sanfilippo & Son Inc CS 800422107 2,053 22,718 SH   DFND 1 22,718 0 0
Johnson Outdoors Inc-A CS 479167108 2,148 15,044 SH   DFND 1 15,044 0 0
KAR Auction Services Inc CS 48238T109 1,156 77,069 SH   DFND 1 77,069 0 0
Magellan Health Inc CS 559079207 736 7,895 SH   DFND 1 7,895 0 0
Malibu Boats Inc CS 56117J100 918 11,520 SH   DFND 1 11,520 0 0
Methode Electronics Inc CS 591520200 1,761 41,946 SH   DFND 1 41,946 0 0
Mission Produce Inc CS 60510V108 1,653 86,943 SH   DFND 1 86,943 0 0
National Healthcare Corp CS 635906100 2,379 30,532 SH   DFND 1 30,532 0 0
Nelnet Inc CS 64031N108 1,095 15,060 SH   DFND 1 15,060 0 0
Northwest Bancshares CS 667340103 1,012 70,068 SH   DFND 1 70,068 0 0
Northwest Nat Gas Co Com CS 66765N105 1,108 20,537 SH   DFND 1 20,537 0 0
Northwestern Corp CS 668074305 3,208 49,196 SH   DFND 1 49,196 0 0
Pactiv Evergreen Inc CS 69526K105 1,952 142,045 SH   DFND 1 142,045 0 0
Piedmont Office Realty Tr Inc CS 720190206 2,868 165,125 SH   DFND 1 165,125 0 0
Plexus Corp CS 729132100 1,370 14,920 SH   DFND 1 14,920 0 0
Portland General Electric Co CS 736508847 1,825 38,440 SH   DFND 1 38,440 0 0
Powell Industries Inc CS 739128106 2,488 73,463 SH   DFND 1 73,463 0 0
Prestige Consumer Healthcare, CS 74112D101 2,279 51,699 SH   DFND 1 51,699 0 0
Safety Ins Group Inc CS 78648T100 2,280 27,058 SH   DFND 1 27,058 0 0
Sally Beauty Hldgs Inc CS 79546E104 669 33,226 SH   DFND 1 33,226 0 0
Sanderson Farms Inc CS 800013104 1,333 8,559 SH   DFND 1 8,559 0 0
Southwest Gas Corp CS 844895102 3,597 52,348 SH   DFND 1 52,348 0 0
Spire Inc CS 84857L101 2,349 31,795 SH   DFND 1 31,795 0 0
Sprouts Farmers Market Inc CS 85208m102 1,214 45,614 SH   DFND 1 45,614 0 0
Standard Motors Products Inc CS 853666105 2,699 64,920 SH   DFND 1 64,920 0 0
Stewart Information Services C CS 860372101 2,637 50,679 SH   DFND 1 50,679 0 0
Stonex Group Inc CS 861896108 3,467 53,033 SH   DFND 1 53,033 0 0
Textainer Group Holdings Ltd CS g8766e109 1,523 53,168 SH   DFND 1 53,168 0 0
Treehouse Foods Inc CS 89469A104 2,434 46,600 SH   DFND 1 46,600 0 0
Tri Pointe Group Inc CS 87265H109 3,246 159,419 SH   DFND 1 159,419 0 0
UMB Financial Corp CS 902788108 2,789 30,211 SH   DFND 1 30,211 0 0
Valvoline Inc CS 92047W101 789 30,248 SH   DFND 1 30,248 0 0
Vishay Intertechnology Inc CS 928298108 516 21,444 SH   DFND 1 21,444 0 0
Washington Federal CS 938824109 2,796 90,787 SH   DFND 1 90,787 0 0
Washington Trust Bancorp CS 940610108 3,640 70,499 SH   DFND 1 70,499 0 0
Waterstone Financial Inc CS 94188P101 2,121 103,878 SH   DFND 1 103,878 0 0
Weis Mkts Inc CS 948849104 2,462 43,559 SH   DFND 1 43,559 0 0
Werner Enterprises Inc CS 950755108 1,441 30,550 SH   DFND 1 30,550 0 0