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      <regStreet1>200 West Madison St</regStreet1>
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      <regZipOrPostalCode>60606</regZipOrPostalCode>
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      <totLiabs>289233.56</totLiabs>
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        <name>Century Aluminum Company</name>
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        <name>Gates Industrial Corp PLC</name>
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        <title>Livanova PLC </title>
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        <name>Primoris Services Corp.</name>
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        <title>Primoris Services Corp. </title>
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          <isin value="US74164F1030"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>First American Funds Inc.</name>
        <lei>549300J5J5SJCZ9IA369</lei>
        <title>First American Government Obligations Fund </title>
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          <isin value="US31846V3362"/>
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        <balance>3396512.28000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3396512.28000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>MasterBrand Inc</name>
        <lei>549300E0Y4BR5Z9RDZ64</lei>
        <title>Masterbrand Inc. </title>
        <cusip>57638P104</cusip>
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          <isin value="US57638P1049"/>
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        <balance>141052.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Kemper Corporation</name>
        <lei>549300FNI1JKTRY2PV09</lei>
        <title>Kemper Corp. </title>
        <cusip>488401100</cusip>
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          <isin value="US4884011002"/>
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        <balance>42830.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Covenant Logistics Group Inc.</name>
        <lei>N/A</lei>
        <title>Covenant Logistics Group, Inc. </title>
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          <isin value="US22284P1057"/>
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        <balance>75012.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Pegasystems Inc</name>
        <lei>549300FMCOKPL06FYN26</lei>
        <title>Pegasystems, Inc. </title>
        <cusip>705573103</cusip>
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          <isin value="US7055731035"/>
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        <balance>18799.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Teekay Tankers Ltd.</name>
        <lei>N/A</lei>
        <title>Teekay Tankers Ltd. </title>
        <cusip>G8726X106</cusip>
        <identifiers>
          <isin value="BMG8726X1065"/>
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        <balance>26261.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1160473.59000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Belden Inc.</name>
        <lei>68BKYO1JC791TTJHUE82</lei>
        <title>Belden, Inc. </title>
        <cusip>077454106</cusip>
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          <isin value="US0774541066"/>
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        <balance>29140.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3094668.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Global Ship Lease Inc.</name>
        <lei>254900GLZ0J5N8UZM071</lei>
        <title>Global Ship Lease, Inc. </title>
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          <isin value="MHY271836006"/>
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        <balance>78994.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1963000.90000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Ringcentral Inc</name>
        <lei>549300C8EH0H1614VE84</lei>
        <title>RingCentral, Inc. </title>
        <cusip>76680R206</cusip>
        <identifiers>
          <isin value="US76680R2067"/>
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        <balance>113992.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2955812.56000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>G III Apparel Group Ltd</name>
        <lei>529900O5KABM3R3SFM87</lei>
        <title>G-III Apparel Group Ltd. </title>
        <cusip>36237H101</cusip>
        <identifiers>
          <isin value="US36237H1014"/>
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        <balance>91606.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2661154.30000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Avnet, Inc.</name>
        <lei>XJI53DCPL7QABOWK4Z75</lei>
        <title>Avnet, Inc. </title>
        <cusip>053807103</cusip>
        <identifiers>
          <isin value="US0538071038"/>
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        <balance>60307.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3015953.07000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Minerals Technologies Inc.</name>
        <lei>549300D3I1QU67GP6403</lei>
        <title>Minerals Technologies, Inc. </title>
        <cusip>603158106</cusip>
        <identifiers>
          <isin value="US6031581068"/>
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        <balance>43315.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2459425.70000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Whitecap Resources Inc</name>
        <lei>5493004AMPGZA0JO5Q37</lei>
        <title>Whitecap Resources, Inc. </title>
        <cusip>96467A200</cusip>
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          <isin value="CA96467A2002"/>
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        <balance>607120.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3782357.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Clear Secure Inc</name>
        <lei>N/A</lei>
        <title>Clear Secure Inc </title>
        <cusip>18467V109</cusip>
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        <balance>36931.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Goodyear Tire &amp; Rubber Co. The</name>
        <lei>5493002BI0S2ZQUY3437</lei>
        <title>Goodyear Tire &amp; Rubber Co./The </title>
        <cusip>382550101</cusip>
        <identifiers>
          <isin value="US3825501014"/>
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        <balance>123956.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1414337.96000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Pan American Silver Corp.</name>
        <lei>549300MKTF5851TYIB83</lei>
        <title>Pan American Silver Corp. </title>
        <cusip>697900108</cusip>
        <identifiers>
          <isin value="CA6979001089"/>
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        <balance>111023.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2707850.97000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Penguin Solutions Inc</name>
        <lei>529900RDGHQY8XKXPN14</lei>
        <title>Penguin Solutions, Inc. </title>
        <cusip>G8232Y101</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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        <name>Avista Corporation</name>
        <lei>Q0IK63NITJD6RJ47SW96</lei>
        <title>Avista Corp. </title>
        <cusip>05379B107</cusip>
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        <balance>53392.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2056125.92000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>UGI Corp</name>
        <lei>DX6GCWD4Q1JO9CRE5I40</lei>
        <title>UGI Corp. </title>
        <cusip>902681105</cusip>
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        <balance>71268.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Ardmore Shipping Corp.</name>
        <lei>549300J8HD7K6BHD8O28</lei>
        <title>Ardmore Shipping Corp. </title>
        <cusip>Y0207T100</cusip>
        <identifiers>
          <isin value="MHY0207T1001"/>
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        <balance>87940.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>845103.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Portland General Electric Company</name>
        <lei>GJOUP9M7C39GLSK9R870</lei>
        <title>Portland General Electric Co. </title>
        <cusip>736508847</cusip>
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        <balance>73790.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3128696.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Paysafe Limited</name>
        <lei>2138003K6PVDCI5TBN11</lei>
        <title>Paysafe Ltd. </title>
        <cusip>G6964L206</cusip>
        <identifiers>
          <isin value="BMG6964L2062"/>
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        <balance>186583.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2304300.05000000</valUSD>
        <pctVal>1.184796520997</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>DNOW Inc.</name>
        <lei>549300AVH5SOCFVVDW91</lei>
        <title>NOW, Inc. </title>
        <cusip>67011P100</cusip>
        <identifiers>
          <isin value="US67011P1003"/>
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        <balance>154829.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2232634.18000000</valUSD>
        <pctVal>1.147948249675</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Nexpoint Residential Trust Inc</name>
        <lei>549300U2J6XVYBF87166</lei>
        <title>NexPoint Residential Trust, Inc. </title>
        <cusip>65341D102</cusip>
        <identifiers>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Upbound Group Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Hovnanian Enterprises, Inc.</name>
        <lei>549300805N4EF0ROBT53</lei>
        <title>Hovnanian Enterprises, Inc. </title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Knowles Corporation</name>
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        <title>Knowles Corp. </title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Jackson Financial Inc</name>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Hawaiian Electric Industries, Inc.</name>
        <lei>JJ8FWOCWCV22X7GUPJ23</lei>
        <title>Hawaiian Electric Industries, Inc. </title>
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          <isin value="US4198701009"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>F&amp;G Annuities &amp; Life Inc.</name>
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        <title>F&amp;G Annuities &amp; Life, Inc. </title>
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          <isin value="US30190A1043"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Verint Systems Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Select Medical Holdings Corporation</name>
        <lei>N/A</lei>
        <title>Select Medical Holdings Corp. </title>
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          <isin value="US81619Q1058"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>International Bancshares Corp</name>
        <lei>549300Y16R531AU8TX77</lei>
        <title>International Bancshares Corp. </title>
        <cusip>459044103</cusip>
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          <isin value="US4590441030"/>
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        <balance>76293.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>American Woodmark Corporation</name>
        <lei>5299007PFSDWMA74RB56</lei>
        <title>American Woodmark Corp. </title>
        <cusip>030506109</cusip>
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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>Rev Group Inc</name>
        <lei>549300SRD0SIG5ZZ3X20</lei>
        <title>REV Group, Inc. </title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Orion S.A.</name>
        <lei>N/A</lei>
        <title>Orion Engineered Carbons SA </title>
        <cusip>L72967109</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>OFG Bancorp</name>
        <lei>549300Q4QEXJ37LEXQ06</lei>
        <title>OFG Bancorp </title>
        <cusip>67103X102</cusip>
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        <invCountry>PR</invCountry>

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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Pediatrix Medical Group Inc</name>
        <lei>N/A</lei>
        <title>MEDNAX, Inc. </title>
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        <name>Worthington Steel Inc.</name>
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        <title>Worthington Steel, Inc. </title>
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        <name>StoneX Group Inc</name>
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        <title>StoneX Group, Inc. </title>
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        <name>New Gold, Inc.</name>
        <lei>5493005G0GNCHP0H6L96</lei>
        <title>New Gold, Inc. </title>
        <cusip>644535106</cusip>
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        <invCountry>CA</invCountry>

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        <name>Cathay General Bancorp</name>
        <lei>549300K1SLJ8C97H5L68</lei>
        <title>Cathay General Bancorp </title>
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        <name>Park Hotels &amp; Resorts Inc.</name>
        <lei>5493005UZ5TQN0H6HS73</lei>
        <title>Park Hotels &amp; Resorts, Inc. </title>
        <cusip>700517105</cusip>
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      <invstOrSec>
        <name>Lear Corporation</name>
        <lei>549300UPNBTXA1SYTQ33</lei>
        <title>Lear Corp. </title>
        <cusip>521865204</cusip>
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        <invCountry>US</invCountry>

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        <name>MRC Global Inc</name>
        <lei>529900TSBPOLCLI2L582</lei>
        <title>MRC Global, Inc. </title>
        <cusip>55345K103</cusip>
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        <name>Northwest Natural Holding Company</name>
        <lei>254900PSJL6ZEC8FR782</lei>
        <title>Northwest Natural Holdings Co. </title>
        <cusip>66765N105</cusip>
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        <invCountry>US</invCountry>

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        <fairValLevel>1</fairValLevel>
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        <name>Copa Holdings SA</name>
        <lei>529900BB9UQJV6QQHA59</lei>
        <title>Copa Holdings SA </title>
        <cusip>P31076105</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>PA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Murphy Oil Corporation</name>
        <lei>QBKYQD0ODE7DC7PDIN91</lei>
        <title>Murphy Oil Corp. </title>
        <cusip>626717102</cusip>
        <identifiers>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Terex Corporation</name>
        <lei>YAWJZJYEQ7M1SYMOS462</lei>
        <title>Terex Corp. </title>
        <cusip>880779103</cusip>
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          <isin value="US8807791038"/>
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        <balance>38739.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1743642.39000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Healthcare Services Group Inc.</name>
        <lei>529900GVZ1D2FBYMS719</lei>
        <title>Healthcare Services Group, Inc. </title>
        <cusip>421906108</cusip>
        <identifiers>
          <isin value="US4219061086"/>
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        <valUSD>2056470.90000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Resideo Technologies Inc</name>
        <lei>5493006TKFPYISY2DS54</lei>
        <title>Resideo Technologies, Inc. </title>
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          <isin value="US76118Y1047"/>
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        <curCd>USD</curCd>
        <valUSD>1978506.00000000</valUSD>
        <pctVal>1.017283762838</pctVal>
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        <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>
        <name>Valmont Industries, Inc.</name>
        <lei>5493009ZGZJJ8F77JN08</lei>
        <title>Valmont Industries, Inc. </title>
        <cusip>920253101</cusip>
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        <balance>7574.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2408834.96000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SM Energy Co.</name>
        <lei>84BUTVXV5ODI6BXNMH43</lei>
        <title>SM Energy Co. </title>
        <cusip>78454L100</cusip>
        <identifiers>
          <isin value="US78454L1008"/>
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        <curCd>USD</curCd>
        <valUSD>2162696.48000000</valUSD>
        <pctVal>1.111988547445</pctVal>
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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>Apogee Enterprises Inc.</name>
        <lei>549300579S7QW8V4IJ60</lei>
        <title>Apogee Enterprises, Inc. </title>
        <cusip>037598109</cusip>
        <identifiers>
          <isin value="US0375981091"/>
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        <balance>23285.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>899965.25000000</valUSD>
        <pctVal>0.462733009626</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Ameris Bancorp</name>
        <lei>PBJHNT51T5V6G5UQFV42</lei>
        <title>Ameris Bancorp </title>
        <cusip>03076K108</cusip>
        <identifiers>
          <isin value="US03076K1088"/>
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        <balance>48993.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3011599.71000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Daktronic Inc.</name>
        <lei>549300IOLZ3SG5YUJ288</lei>
        <title>Daktronics, Inc. </title>
        <cusip>234264109</cusip>
        <identifiers>
          <isin value="US2342641097"/>
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        <balance>227955.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3382852.20000000</valUSD>
        <pctVal>1.739353135721</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-05-31</ncom:dateSigned>
      <ncom:nameOfApplicant>Exchange Place Advisors Trust</ncom:nameOfApplicant>
      <ncom:signature>Zachary Richmond</ncom:signature>
      <ncom:signerName>Zachary Richmond</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
