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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>STANDEX INTERNATIONAL CORPORATION</name>
        <lei>RCX52GR0JW2LRRMH9Z54</lei>
        <title>STANDEX INTERNATIONAL CORP COMMON STOCK</title>
        <cusip>854231107</cusip>
        <identifiers>
          <isin value="US8542311076"/>
        </identifiers>
        <balance>7397.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>739108.24000000</valUSD>
        <pctVal>2.011373015509</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>CHESAPEAKE UTILITIES CORPORATION</name>
        <lei>254900WW0FDCKAOCKE74</lei>
        <title>CHESAPEAKE UTILITIES CORP COMMON STOCK</title>
        <cusip>165303108</cusip>
        <identifiers>
          <isin value="US1653031088"/>
        </identifiers>
        <balance>5656.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>779170.56000000</valUSD>
        <pctVal>2.120396653761</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>MATTHEWS INTERNATIONAL CORPORATION</name>
        <lei>549300ZVC5O0ATML6U61</lei>
        <title>MATTHEWS INTL CORP-CLASS A COMMON STOCK</title>
        <cusip>577128101</cusip>
        <identifiers>
          <isin value="US5771281012"/>
        </identifiers>
        <balance>23449.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>758809.64000000</valUSD>
        <pctVal>2.064987441899</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>SENSIENT TECHNOLOGIES CORPORATION</name>
        <lei>CMMZHMFZQG86EI7WZU92</lei>
        <title>SENSIENT TECHNOLOGIES CORP COMMON STOCK</title>
        <cusip>81725T100</cusip>
        <identifiers>
          <isin value="US81725T1007"/>
        </identifiers>
        <balance>9968.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>836813.60000000</valUSD>
        <pctVal>2.277263603570</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>MCGRATH RENTCORP</name>
        <lei>254900EUH6IPWFQ83445</lei>
        <title>MCGRATH RENTCORP COMMON STOCK</title>
        <cusip>580589109</cusip>
        <identifiers>
          <isin value="US5805891091"/>
        </identifiers>
        <balance>9868.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>838582.64000000</valUSD>
        <pctVal>2.282077782505</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>BLACK HILLS CORPORATION</name>
        <lei>3MGELCRSTNSAMJ962671</lei>
        <title>BLACK HILLS CORP COMMON STOCK</title>
        <cusip>092113109</cusip>
        <identifiers>
          <isin value="US0921131092"/>
        </identifiers>
        <balance>10996.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>846911.92000000</valUSD>
        <pctVal>2.304744677723</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>HILLENBRAND, INC.</name>
        <lei>U246OE781574J2BUD366</lei>
        <title>HILLENBRAND INC COMMON STOCK</title>
        <cusip>431571108</cusip>
        <identifiers>
          <isin value="US4315711089"/>
        </identifiers>
        <balance>16900.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>746473.00000000</valUSD>
        <pctVal>2.031415113172</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>MATERION CORPORATION</name>
        <lei>549300CJ5RI351SUYT02</lei>
        <title>MATERION CORP COMMON STOCK</title>
        <cusip>576690101</cusip>
        <identifiers>
          <isin value="US5766901012"/>
        </identifiers>
        <balance>9635.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>826104.90000000</valUSD>
        <pctVal>2.248121471139</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>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>13792.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>800901.44000000</valUSD>
        <pctVal>2.179534007764</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>ATRION CORPORATION</name>
        <lei>N/A</lei>
        <title>ATRION CORPORATION COMMON STOCK</title>
        <cusip>049904105</cusip>
        <identifiers>
          <isin value="US0499041053"/>
        </identifiers>
        <balance>1111.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>792143.00000000</valUSD>
        <pctVal>2.155699217512</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>J &amp; J SNACK FOODS CORP.</name>
        <lei>N/A</lei>
        <title>J &amp; J SNACK FOODS CORP COMMON STOCK</title>
        <cusip>466032109</cusip>
        <identifiers>
          <isin value="US4660321096"/>
        </identifiers>
        <balance>4850.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>752235.00000000</valUSD>
        <pctVal>2.047095538160</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>FEDERAL AGRICULTURAL MORTGAGE CORPORATION</name>
        <lei>549300MS654K78GYF580</lei>
        <title>FEDERAL AGRIC MTG CORP-CL C COMMON STOCK</title>
        <cusip>313148306</cusip>
        <identifiers>
          <isin value="US3131483063"/>
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        <balance>6771.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>734518.08000000</valUSD>
        <pctVal>1.998881578584</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>GATX CORPORATION</name>
        <lei>549300IHYHCQP2PIR591</lei>
        <title>GATX CORP COMMON STOCK</title>
        <cusip>361448103</cusip>
        <identifiers>
          <isin value="US3614481030"/>
        </identifiers>
        <balance>7015.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>865159.95000000</valUSD>
        <pctVal>2.354403974077</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>BALCHEM CORPORATION</name>
        <lei>549300VR70OPMHUI3557</lei>
        <title>BALCHEM CORP COMMON STOCK</title>
        <cusip>057665200</cusip>
        <identifiers>
          <isin value="US0576652004"/>
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        <balance>5692.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>778096.40000000</valUSD>
        <pctVal>2.117473487273</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>SPARTANNASH COMPANY</name>
        <lei>549300TV3QCCSQLF5X16</lei>
        <title>SPARTANNASH CO COMMON STOCK</title>
        <cusip>847215100</cusip>
        <identifiers>
          <isin value="US8472151005"/>
        </identifiers>
        <balance>23613.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>778992.87000000</valUSD>
        <pctVal>2.119913096885</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>APPLIED INDUSTRIAL TECHNOLOGIES, INC.</name>
        <lei>549300NU173IJRC6PO38</lei>
        <title>APPLIED INDUSTRIAL TECH INC COMMON STOCK</title>
        <cusip>03820C105</cusip>
        <identifiers>
          <isin value="US03820C1053"/>
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        <balance>8004.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>821690.64000000</valUSD>
        <pctVal>2.236108719871</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>HNI CORPORATION</name>
        <lei>549300SKRADLC4O5HV93</lei>
        <title>HNI CORP COMMON STOCK</title>
        <cusip>404251100</cusip>
        <identifiers>
          <isin value="US4042511000"/>
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        <balance>20547.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>761266.35000000</valUSD>
        <pctVal>2.071673012338</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>H.B. FULLER COMPANY</name>
        <lei>JSMX3Z5FOYM8V0Q52357</lei>
        <title>H.B. FULLER CO. COMMON STOCK</title>
        <cusip>359694106</cusip>
        <identifiers>
          <isin value="US3596941068"/>
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        <balance>12034.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>795086.38000000</valUSD>
        <pctVal>2.163709187887</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>TELEPHONE AND DATA SYSTEMS, INC.</name>
        <lei>N/A</lei>
        <title>TELEPHONE AND DATA SYSTEMS COMMON STOCK</title>
        <cusip>879433829</cusip>
        <identifiers>
          <isin value="US8794338298"/>
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        <balance>44517.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>840480.96000000</valUSD>
        <pctVal>2.287243777709</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>FRANKLIN ELECTRIC CO., INC.</name>
        <lei>RR6AURIKMXUE4Q24G284</lei>
        <title>FRANKLIN ELECTRIC CO INC COMMON STOCK</title>
        <cusip>353514102</cusip>
        <identifiers>
          <isin value="US3535141028"/>
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        <balance>9515.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>790125.60000000</valUSD>
        <pctVal>2.150209163820</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>SOUTHSIDE BANCSHARES, INC.</name>
        <lei>549300TC83207VQA2K65</lei>
        <title>SOUTHSIDE BANCSHARES INC COMMON STOCK</title>
        <cusip>84470P109</cusip>
        <identifiers>
          <isin value="US84470P1093"/>
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        <balance>19346.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>789897.18000000</valUSD>
        <pctVal>2.149587552804</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>TOOTSIE ROLL INDUSTRIES, INC.</name>
        <lei>529900SBKOV9XX4M4Q35</lei>
        <title>TOOTSIE ROLL INDS COMMON STOCK</title>
        <cusip>890516107</cusip>
        <identifiers>
          <isin value="US8905161076"/>
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        <balance>23752.25000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>830378.66000000</valUSD>
        <pctVal>2.259751872579</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>FULTON FINANCIAL CORPORATION</name>
        <lei>5493005QLZ6O1BNC0C11</lei>
        <title>FULTON FINANCIAL CORP COMMON STOCK</title>
        <cusip>360271100</cusip>
        <identifiers>
          <isin value="US3602711000"/>
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        <balance>46285.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>769256.70000000</valUSD>
        <pctVal>2.093417560031</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>SOUTHWEST GAS HOLDINGS, INC.</name>
        <lei>N/A</lei>
        <title>SOUTHWEST GAS HOLDINGS INC COMMON STOCK</title>
        <cusip>844895102</cusip>
        <identifiers>
          <isin value="US8448951025"/>
        </identifiers>
        <balance>10772.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>843339.88000000</valUSD>
        <pctVal>2.295023902770</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>SOUTH JERSEY INDUSTRIES, INC.</name>
        <lei>549300DJYWYT5VXLFA46</lei>
        <title>SOUTH JERSEY INDUSTRIES COMMON STOCK</title>
        <cusip>838518108</cusip>
        <identifiers>
          <isin value="US8385181081"/>
        </identifiers>
        <balance>22997.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>794546.35000000</valUSD>
        <pctVal>2.162239576657</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>WORTHINGTON INDUSTRIES, INC.</name>
        <lei>1WRCIANKYOIK6KYE5E82</lei>
        <title>WORTHINGTON INDUSTRIES COMMON STOCK</title>
        <cusip>981811102</cusip>
        <identifiers>
          <isin value="US9818111026"/>
        </identifiers>
        <balance>13291.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>683290.31000000</valUSD>
        <pctVal>1.859472830790</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>ASSOCIATED BANC-CORP</name>
        <lei>549300N3CIN473IW5094</lei>
        <title>ASSOCIATED BANC-CORP COMMON STOCK</title>
        <cusip>045487105</cusip>
        <identifiers>
          <isin value="US0454871056"/>
        </identifiers>
        <balance>34227.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>779006.52000000</valUSD>
        <pctVal>2.119950243328</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>MIDDLESEX WATER COMPANY</name>
        <lei>N/A</lei>
        <title>MIDDLESEX WATER CO COMMON STOCK</title>
        <cusip>596680108</cusip>
        <identifiers>
          <isin value="US5966801087"/>
        </identifiers>
        <balance>7372.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>775313.24000000</valUSD>
        <pctVal>2.109899531769</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>AVISTA CORPORATION</name>
        <lei>Q0IK63NITJD6RJ47SW96</lei>
        <title>AVISTA CORP COMMON STOCK</title>
        <cusip>05379B107</cusip>
        <identifiers>
          <isin value="US05379B1070"/>
        </identifiers>
        <balance>17049.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>769762.35000000</valUSD>
        <pctVal>2.094793611210</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>AVIENT CORPORATION</name>
        <lei>SM8L9RZYIB34LNTWO040</lei>
        <title>AVIENT CORP COMMON STOCK</title>
        <cusip>05368V106</cusip>
        <identifiers>
          <isin value="US05368V1061"/>
        </identifiers>
        <balance>16006.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>768288.00000000</valUSD>
        <pctVal>2.090781387229</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>PORTLAND GENERAL ELECTRIC COMPANY</name>
        <lei>GJOUP9M7C39GLSK9R870</lei>
        <title>PORTLAND GENERAL ELECTRIC CO COMMON STOCK</title>
        <cusip>736508847</cusip>
        <identifiers>
          <isin value="US7365088472"/>
        </identifiers>
        <balance>14919.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>822782.85000000</valUSD>
        <pctVal>2.239081006746</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>THE ENSIGN GROUP, INC.</name>
        <lei>5493003K4HEEA8Q0BC72</lei>
        <title>ENSIGN GROUP INC/THE COMMON STOCK</title>
        <cusip>29358P101</cusip>
        <identifiers>
          <isin value="US29358P1012"/>
        </identifiers>
        <balance>9204.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>828452.04000000</valUSD>
        <pctVal>2.254508863139</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>THE ANDERSONS, INC.</name>
        <lei>L38MWB8MVRFV7HVJPU11</lei>
        <title>ANDERSONS INC/THE COMMON STOCK</title>
        <cusip>034164103</cusip>
        <identifiers>
          <isin value="US0341641035"/>
        </identifiers>
        <balance>16522.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>830395.72000000</valUSD>
        <pctVal>2.259798298829</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>LAKELAND FINANCIAL CORPORATION</name>
        <lei>N/A</lei>
        <title>LAKELAND FINANCIAL CORP COMMON STOCK</title>
        <cusip>511656100</cusip>
        <identifiers>
          <isin value="US5116561003"/>
        </identifiers>
        <balance>10197.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>744381.00000000</valUSD>
        <pctVal>2.025722046689</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>TERRENO REALTY CORPORATION</name>
        <lei>N/A</lei>
        <title>TERRENO REALTY CORP REIT</title>
        <cusip>88146M101</cusip>
        <identifiers>
          <isin value="US88146M1018"/>
        </identifiers>
        <balance>11297.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>836542.85000000</valUSD>
        <pctVal>2.276526797762</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>ATLANTIC UNION BANKSHARES CORPORATION</name>
        <lei>N/A</lei>
        <title>ATLANTIC UNION BANKSHARES CO COMMON STOCK</title>
        <cusip>04911A107</cusip>
        <identifiers>
          <isin value="US04911A1079"/>
        </identifiers>
        <balance>20657.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>757905.33000000</valUSD>
        <pctVal>2.062526496894</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>LAKELAND BANCORP, INC.</name>
        <lei>549300NF90LR9ETZDR73</lei>
        <title>LAKELAND BANCORP INC COMMON STOCK</title>
        <cusip>511637100</cusip>
        <identifiers>
          <isin value="US5116371007"/>
        </identifiers>
        <balance>45937.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>767147.90000000</valUSD>
        <pctVal>2.087678774850</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>WESBANCO, INC.</name>
        <lei>N/A</lei>
        <title>WESBANCO INC COMMON STOCK</title>
        <cusip>950810101</cusip>
        <identifiers>
          <isin value="US9508101014"/>
        </identifiers>
        <balance>22844.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>784919.84000000</valUSD>
        <pctVal>2.136042463163</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>NEW JERSEY RESOURCES CORPORATION</name>
        <lei>549300QKBSQBIX4DQ583</lei>
        <title>NEW JERSEY RESOURCES CORP COMMON STOCK</title>
        <cusip>646025106</cusip>
        <identifiers>
          <isin value="US6460251068"/>
        </identifiers>
        <balance>17643.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>809107.98000000</valUSD>
        <pctVal>2.201866884348</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>COHEN &amp; STEERS, INC.</name>
        <lei>549300XXIA338A0X2K65</lei>
        <title>COHEN &amp; STEERS INC COMMON STOCK</title>
        <cusip>19247A100</cusip>
        <identifiers>
          <isin value="US19247A1007"/>
        </identifiers>
        <balance>10008.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>859587.12000000</valUSD>
        <pctVal>2.339238347075</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>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2022-03-31</ncom:dateSigned>
      <ncom:nameOfApplicant>Krane Funds Advisors, LLC</ncom:nameOfApplicant>
      <ncom:signature>Jonathan Krane</ncom:signature>
      <ncom:signerName>Jonathan Krane</ncom:signerName>
      <ncom:title>CEO</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
