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          <ccc>XXXXXXXX</ccc>
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      <regFileNumber>811-01027</regFileNumber>
      <regCik>0000052848</regCik>
      <regLei>549300MP6BT0L4Q61L10</regLei>
      <regStreet1>100 Vanguard Boulevard</regStreet1>
      <regCity>Malvern</regCity>
      <regStateConditional regCountry="US" regState="US-PA"/>
      <regZipOrPostalCode>19355</regZipOrPostalCode>
      <regPhone>610-669-1000</regPhone>
      <seriesName>VANGUARD FINANCIALS INDEX FUND</seriesName>
      <seriesId>S000004449</seriesId>
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      <repPdEnd>2020-08-31</repPdEnd>
      <repPdDate>2019-11-30</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Essent Group Ltd.</name>
        <lei>254900QUO860OUT6ZF83</lei>
        <title>Essent Group Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BMG3198U1027"/>
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        <balance>186223.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10177086.95000000</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Allstate Corp.</name>
        <lei>OBT0W1ED8G0NWVOLOJ77</lei>
        <title>Allstate Corp.</title>
        <cusip>020002101</cusip>
        <identifiers>
          <isin value="US0200021014"/>
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        <balance>656537.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>73105394.95000000</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>Progressive Corp.</name>
        <lei>529900TACNVLY9DCR586</lei>
        <title>Progressive Corp.</title>
        <cusip>743315103</cusip>
        <identifiers>
          <isin value="US7433151039"/>
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        <balance>1165974.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>85174400.70000000</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Brown &amp; Brown Inc.</name>
        <lei>549300PC8KTJ71XKFY89</lei>
        <title>Brown &amp; Brown Inc.</title>
        <cusip>115236101</cusip>
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          <isin value="US1152361010"/>
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        <balance>476276.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>17974656.24000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>First Merchants Corp.</name>
        <lei>N/A</lei>
        <title>First Merchants Corp.</title>
        <cusip>320817109</cusip>
        <identifiers>
          <isin value="US3208171096"/>
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        <balance>99069.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4011303.81000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Watford Holdings Ltd.</name>
        <lei>549300MO8DIJLRKMF459</lei>
        <title>Watford Holdings Ltd.</title>
        <cusip>G94787101</cusip>
        <identifiers>
          <isin value="BMG947871015"/>
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        <balance>40363.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1091819.15000000</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Fulton Financial Corp.</name>
        <lei>5493005QLZ6O1BNC0C11</lei>
        <title>Fulton Financial Corp.</title>
        <cusip>360271100</cusip>
        <identifiers>
          <isin value="US3602711000"/>
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        <balance>330867.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5677677.72000000</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>Towne Bank</name>
        <lei>N/A</lei>
        <title>Towne Bank/Portsmouth VA</title>
        <cusip>89214P109</cusip>
        <identifiers>
          <isin value="US89214P1093"/>
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        <balance>145299.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4090166.85000000</valUSD>
        <pctVal>0.048982426267</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Vanguard Cmt Funds-Vanguard Market Liquidity Fund</name>
        <lei>1I6HV0TLSTR3A4XQ6L78</lei>
        <title>Vanguard Market Liquidity Fund</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="FAID" value="CMT001142"/>
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        <balance>22766.22400000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2277077.72000000</valUSD>
        <pctVal>0.027269496726</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</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>Ellington Financial Inc.</name>
        <lei>60GS1D1R1YY5G1W7IT74</lei>
        <title>Ellington Financial Inc.</title>
        <cusip>28852N109</cusip>
        <identifiers>
          <isin value="US28852N1090"/>
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        <balance>71669.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1297925.59000000</valUSD>
        <pctVal>0.015543508821</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>Kinsale Capital Group Inc.</name>
        <lei>529900QTUQHNZ6HOA508</lei>
        <title>Kinsale Capital Group Inc.</title>
        <cusip>49714P108</cusip>
        <identifiers>
          <isin value="US49714P1084"/>
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        <balance>41874.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4240161.24000000</valUSD>
        <pctVal>0.050778707304</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>eHealth Inc.</name>
        <lei>5299003O8Y5OKXUZQ421</lei>
        <title>eHealth Inc.</title>
        <cusip>28238P109</cusip>
        <identifiers>
          <isin value="US28238P1093"/>
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        <balance>40943.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3777401.18000000</valUSD>
        <pctVal>0.045236852570</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>South State Corp.</name>
        <lei>549300JZUANXM0YQ4W53</lei>
        <title>South State Corp.</title>
        <cusip>840441109</cusip>
        <identifiers>
          <isin value="US8404411097"/>
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        <balance>68014.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5664205.92000000</valUSD>
        <pctVal>0.067832574811</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>Ares Management Corp.</name>
        <lei>529900JUV61FH7B8VW38</lei>
        <title>Ares Management Corp. Class A</title>
        <cusip>03990B101</cusip>
        <identifiers>
          <isin value="US03990B1017"/>
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        <balance>160680.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5316901.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Hanover Insurance Group Inc.</name>
        <lei>JJYR6MFKFF6CF8DBZ078</lei>
        <title>Hanover Insurance Group Inc.</title>
        <cusip>410867105</cusip>
        <identifiers>
          <isin value="US4108671052"/>
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        <balance>78884.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10722702.12000000</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>City Holding Co.</name>
        <lei>N/A</lei>
        <title>City Holding Co.</title>
        <cusip>177835105</cusip>
        <identifiers>
          <isin value="US1778351056"/>
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        <balance>32732.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2601539.36000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Curo Group Holdings Corp.</name>
        <lei>54930007KH8KCGJ4YE72</lei>
        <title>Curo Group Holdings Corp.</title>
        <cusip>23131L107</cusip>
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          <isin value="US23131L1070"/>
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        <balance>28047.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>381719.67000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Principal Financial Group Inc.</name>
        <lei>CUMYEZJOAF02RYZ1JJ85</lei>
        <title>Principal Financial Group Inc.</title>
        <cusip>74251V102</cusip>
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          <isin value="US74251V1026"/>
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        <balance>555489.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>30607443.90000000</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>Popular Inc.</name>
        <lei>5493008CARDZMVQ3LO89</lei>
        <title>Popular Inc.</title>
        <cusip>733174700</cusip>
        <identifiers>
          <isin value="PR7331747001"/>
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        <balance>192572.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10651157.32000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Washington Federal Inc.</name>
        <lei>N/A</lei>
        <title>Washington Federal Inc.</title>
        <cusip>938824109</cusip>
        <identifiers>
          <isin value="US9388241096"/>
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        <balance>157846.00000000</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>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Donegal Group Inc.</name>
        <lei>N/A</lei>
        <title>Donegal Group Inc. Class A</title>
        <cusip>257701201</cusip>
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          <isin value="US2577012014"/>
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        <balance>25739.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>376561.57000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MetLife Inc.</name>
        <lei>C4BXATY60WC6XEOZDX54</lei>
        <title>MetLife Inc.</title>
        <cusip>59156R108</cusip>
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          <isin value="US59156R1086"/>
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        <balance>1587576.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>79235918.16000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Berkshire Hathaway Inc.</name>
        <lei>5493000C01ZX7D35SD85</lei>
        <title>Berkshire Hathaway Inc. Class B</title>
        <cusip>084670702</cusip>
        <identifiers>
          <isin value="US0846707026"/>
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        <balance>2626621.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>578644606.30000000</valUSD>
        <pctVal>6.929648056621</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Heritage Commerce Corp.</name>
        <lei>549300CLIS851ELSR406</lei>
        <title>Heritage Commerce Corp.</title>
        <cusip>426927109</cusip>
        <identifiers>
          <isin value="US4269271098"/>
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        <balance>111912.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1398900.00000000</valUSD>
        <pctVal>0.016752743498</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ameriprise Financial Inc.</name>
        <lei>6ZLKQF7QB6JAEKQS5388</lei>
        <title>Ameriprise Financial Inc.</title>
        <cusip>03076C106</cusip>
        <identifiers>
          <isin value="US03076C1062"/>
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        <balance>260957.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>42763023.59000000</valUSD>
        <pctVal>0.512115208695</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>International Bancshares Corp.</name>
        <lei>549300Y16R531AU8TX77</lei>
        <title>International Bancshares Corp.</title>
        <cusip>459044103</cusip>
        <identifiers>
          <isin value="US4590441030"/>
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        <balance>110723.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4696869.66000000</valUSD>
        <pctVal>0.056248089686</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bryn Mawr Bank Corp.</name>
        <lei>N/A</lei>
        <title>Bryn Mawr Bank Corp.</title>
        <cusip>117665109</cusip>
        <identifiers>
          <isin value="US1176651099"/>
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        <balance>40078.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1573863.06000000</valUSD>
        <pctVal>0.018848040708</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Pacific Premier Bancorp Inc.</name>
        <lei>549300Q1KIC3KLI0XG98</lei>
        <title>Pacific Premier Bancorp Inc.</title>
        <cusip>69478X105</cusip>
        <identifiers>
          <isin value="US69478X1054"/>
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        <balance>108191.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3466439.64000000</valUSD>
        <pctVal>0.041512884511</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Old National Bancorp</name>
        <lei>549300MMK90CL5KMVX16</lei>
        <title>Old National Bancorp/IN</title>
        <cusip>680033107</cusip>
        <identifiers>
          <isin value="US6800331075"/>
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        <balance>308659.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5580554.72000000</valUSD>
        <pctVal>0.066830796916</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Prosperity Bancshares Inc.</name>
        <lei>5493003WRRL7ZRXZ5630</lei>
        <title>Prosperity Bancshares Inc.</title>
        <cusip>743606105</cusip>
        <identifiers>
          <isin value="US7436061052"/>
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        <balance>188419.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13236434.75000000</valUSD>
        <pctVal>0.158514973341</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Westamerica Bancorporation</name>
        <lei>N/A</lei>
        <title>Westamerica Bancorporation</title>
        <cusip>957090103</cusip>
        <identifiers>
          <isin value="US9570901036"/>
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        <balance>53630.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3485950.00000000</valUSD>
        <pctVal>0.041746533848</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Charles Schwab Corp.</name>
        <lei>549300VSGCJ7E698NM85</lei>
        <title>Charles Schwab Corp.</title>
        <cusip>808513105</cusip>
        <identifiers>
          <isin value="US8085131055"/>
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        <balance>2346258.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>116139771.00000000</valUSD>
        <pctVal>1.390849805984</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cowen Inc.</name>
        <lei>5493008QI0EFC5WBED75</lei>
        <title>Cowen Inc. Class A</title>
        <cusip>223622606</cusip>
        <identifiers>
          <isin value="US2236226062"/>
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        <balance>53000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>811960.00000000</valUSD>
        <pctVal>0.009723752670</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>West Bancorporation Inc.</name>
        <lei>549300GKFOINCHIYU666</lei>
        <title>West Bancorporation Inc.</title>
        <cusip>95123P106</cusip>
        <identifiers>
          <isin value="US95123P1066"/>
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        <balance>29379.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>713322.12000000</valUSD>
        <pctVal>0.008542499469</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Investors Bancorp Inc.</name>
        <lei>N/A</lei>
        <title>Investors Bancorp Inc.</title>
        <cusip>46146L101</cusip>
        <identifiers>
          <isin value="US46146L1017"/>
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        <balance>471878.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5690848.68000000</valUSD>
        <pctVal>0.068151639307</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>Lincoln National Corp.</name>
        <lei>EFQMQROEDSNBRIP7LE47</lei>
        <title>Lincoln National Corp.</title>
        <cusip>534187109</cusip>
        <identifiers>
          <isin value="US5341871094"/>
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        <balance>399207.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>23573173.35000000</valUSD>
        <pctVal>0.282304186567</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Primerica Inc.</name>
        <lei>254900621R686KJR7022</lei>
        <title>Primerica Inc.</title>
        <cusip>74164M108</cusip>
        <identifiers>
          <isin value="US74164M1080"/>
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        <balance>83493.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11174703.12000000</valUSD>
        <pctVal>0.133824387051</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Republic Bancorp Inc.</name>
        <lei>N/A</lei>
        <title>Republic Bancorp Inc./KY Class A</title>
        <cusip>760281204</cusip>
        <identifiers>
          <isin value="US7602812049"/>
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        <balance>20166.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>931669.20000000</valUSD>
        <pctVal>0.011157348726</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>HarborOne Bancorp Inc.</name>
        <lei>549300SCDGOYSCWQJR34</lei>
        <title>HarborOne Bancorp Inc.</title>
        <cusip>41165Y100</cusip>
        <identifiers>
          <isin value="US41165Y1001"/>
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        <balance>51646.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>547964.06000000</valUSD>
        <pctVal>0.006562228425</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>Moody's Corp.</name>
        <lei>549300GCEDD8YCF5WU84</lei>
        <title>Moody's Corp.</title>
        <cusip>615369105</cusip>
        <identifiers>
          <isin value="US6153691059"/>
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        <balance>339600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>76977132.00000000</valUSD>
        <pctVal>0.921851560284</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>Hope Bancorp Inc.</name>
        <lei>549300UTF4QGMBHIZ219</lei>
        <title>Hope Bancorp Inc.</title>
        <cusip>43940T109</cusip>
        <identifiers>
          <isin value="US43940T1097"/>
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        <balance>252410.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3662469.10000000</valUSD>
        <pctVal>0.043860465655</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>WR Berkley Corp.</name>
        <lei>SQOAGCLKBDWNVYV1OV80</lei>
        <title>WR Berkley Corp.</title>
        <cusip>084423102</cusip>
        <identifiers>
          <isin value="US0844231029"/>
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        <balance>292343.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>19879324.00000000</valUSD>
        <pctVal>0.238067921870</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>MidWestOne Financial Group Inc.</name>
        <lei>N/A</lei>
        <title>MidWestOne Financial Group Inc.</title>
        <cusip>598511103</cusip>
        <identifiers>
          <isin value="US5985111039"/>
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        <balance>29077.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>988618.00000000</valUSD>
        <pctVal>0.011839347896</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>Wintrust Financial Corp.</name>
        <lei>Q774KI4AW80FHFW33O61</lei>
        <title>Wintrust Financial Corp.</title>
        <cusip>97650W108</cusip>
        <identifiers>
          <isin value="US97650W1080"/>
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        <balance>113316.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7695289.56000000</valUSD>
        <pctVal>0.092156131352</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Stewart Information Services Corp.</name>
        <lei>529900TV1XI0PLKENU10</lei>
        <title>Stewart Information Services Corp.</title>
        <cusip>860372101</cusip>
        <identifiers>
          <isin value="US8603721015"/>
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        <balance>47492.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2031232.84000000</valUSD>
        <pctVal>0.024325343309</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>Meridian Bancorp Inc.</name>
        <lei>N/A</lei>
        <title>Meridian Bancorp Inc.</title>
        <cusip>58958U103</cusip>
        <identifiers>
          <isin value="US58958U1034"/>
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        <balance>101694.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2047100.22000000</valUSD>
        <pctVal>0.024515365574</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>WisdomTree Investments Inc.</name>
        <lei>549300WIU8IS7UFO7871</lei>
        <title>WisdomTree Investments Inc.</title>
        <cusip>97717P104</cusip>
        <identifiers>
          <isin value="US97717P1049"/>
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        <balance>247417.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1202446.62000000</valUSD>
        <pctVal>0.014400085635</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Origin Bancorp Inc.</name>
        <lei>54930055DO2Z4KO3NB45</lei>
        <title>Origin Bancorp Inc.</title>
        <cusip>68621T102</cusip>
        <identifiers>
          <isin value="US68621T1025"/>
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        <balance>35304.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1259293.68000000</valUSD>
        <pctVal>0.015080866402</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PCSB Financial Corp.</name>
        <lei>N/A</lei>
        <title>PCSB Financial Corp.</title>
        <cusip>69324R104</cusip>
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          <isin value="US69324R1041"/>
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        <balance>28509.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>581583.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Pinnacle Financial Partners Inc.</name>
        <lei>54930098EZ8JMSAZGS24</lei>
        <title>Pinnacle Financial Partners Inc.</title>
        <cusip>72346Q104</cusip>
        <identifiers>
          <isin value="US72346Q1040"/>
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        <balance>146319.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8986912.98000000</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chubb Ltd.</name>
        <lei>E0JAN6VLUDI1HITHT809</lei>
        <title>Chubb Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CH0044328745"/>
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        <balance>908965.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>137690018.20000000</valUSD>
        <pctVal>1.648928127295</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>First of Long Island Corp.</name>
        <lei>N/A</lei>
        <title>First of Long Island Corp.</title>
        <cusip>320734106</cusip>
        <identifiers>
          <isin value="US3207341062"/>
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        <balance>50681.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1228000.63000000</valUSD>
        <pctVal>0.014706111638</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Goosehead Insurance Inc.</name>
        <lei>549300WH5MBIWHJ9XY95</lei>
        <title>Goosehead Insurance Inc. Class A</title>
        <cusip>38267D109</cusip>
        <identifiers>
          <isin value="US38267D1090"/>
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        <balance>25717.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1042052.84000000</valUSD>
        <pctVal>0.012479265094</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>HCI Group Inc.</name>
        <lei>549300CZF7EZJH0MPH74</lei>
        <title>HCI Group Inc.</title>
        <cusip>40416E103</cusip>
        <identifiers>
          <isin value="US40416E1038"/>
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        <balance>13597.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>629541.10000000</valUSD>
        <pctVal>0.007539166895</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Northwest Bancshares Inc.</name>
        <lei>N/A</lei>
        <title>Northwest Bancshares Inc.</title>
        <cusip>667340103</cusip>
        <identifiers>
          <isin value="US6673401039"/>
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        <balance>200693.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3339531.52000000</valUSD>
        <pctVal>0.039993076675</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>RLI Corp.</name>
        <lei>529900AMTJE5ECN9PS55</lei>
        <title>RLI Corp.</title>
        <cusip>749607107</cusip>
        <identifiers>
          <isin value="US7496071074"/>
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        <balance>75867.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6931967.79000000</valUSD>
        <pctVal>0.083014853334</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Redwood Trust Inc.</name>
        <lei>DRBV4N1ERQLEMIF11G78</lei>
        <title>Redwood Trust Inc.</title>
        <cusip>758075402</cusip>
        <identifiers>
          <isin value="US7580754023"/>
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        <balance>218103.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3528906.54000000</valUSD>
        <pctVal>0.042260966542</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Southern National Bancorp of Virginia Inc.</name>
        <lei>549300JNX3M2EENG1F11</lei>
        <title>Southern National Bancorp of Virginia Inc.</title>
        <cusip>843395104</cusip>
        <identifiers>
          <isin value="US8433951048"/>
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        <balance>36942.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>588486.06000000</valUSD>
        <pctVal>0.007047505908</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>Bank OZK</name>
        <lei>549300VYK2WBD7SST478</lei>
        <title>Bank OZK</title>
        <cusip>06417N103</cusip>
        <identifiers>
          <isin value="US06417N1037"/>
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        <balance>256627.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7616689.36000000</valUSD>
        <pctVal>0.091214842490</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>IBERIABANK Corp.</name>
        <lei>WQ4U3ADCR5WID15LA317</lei>
        <title>IBERIABANK Corp.</title>
        <cusip>450828108</cusip>
        <identifiers>
          <isin value="US4508281080"/>
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        <balance>104969.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7661687.31000000</valUSD>
        <pctVal>0.091753722406</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>Apollo Global Management Inc.</name>
        <lei>549300W6QS2STYNT5D78</lei>
        <title>Apollo Global Management LLC</title>
        <cusip>03768E105</cusip>
        <identifiers>
          <isin value="US03768E1055"/>
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        <balance>332470.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14562186.00000000</valUSD>
        <pctVal>0.174391712661</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Capitol Federal Financial Inc.</name>
        <lei>N/A</lei>
        <title>Capitol Federal Financial Inc.</title>
        <cusip>14057J101</cusip>
        <identifiers>
          <isin value="US14057J1016"/>
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        <balance>269027.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3814802.86000000</valUSD>
        <pctVal>0.045684762179</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>Palomar Holdings Inc.</name>
        <lei>549300DOI1MUW11BLX74</lei>
        <title>Palomar Holdings Inc. Class A</title>
        <cusip>69753M105</cusip>
        <identifiers>
          <isin value="US69753M1053"/>
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        <balance>22506.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1228152.42000000</valUSD>
        <pctVal>0.014707929423</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>Farmers National Banc Corp.</name>
        <lei>N/A</lei>
        <title>Farmers National Banc Corp.</title>
        <cusip>309627107</cusip>
        <identifiers>
          <isin value="US3096271073"/>
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        <balance>53960.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>827746.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>First Financial Bankshares Inc.</name>
        <lei>549300XN3GTGOENGNV49</lei>
        <title>First Financial Bankshares Inc.</title>
        <cusip>32020R109</cusip>
        <identifiers>
          <isin value="US32020R1095"/>
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        <balance>243272.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8409913.04000000</valUSD>
        <pctVal>0.100714215460</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>Valley National Bancorp</name>
        <lei>549300ET52S1UBIB9762</lei>
        <title>Valley National Bancorp</title>
        <cusip>919794107</cusip>
        <identifiers>
          <isin value="US9197941076"/>
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        <balance>661963.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7665531.54000000</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>Arrow Financial Corp.</name>
        <lei>N/A</lei>
        <title>Arrow Financial Corp.</title>
        <cusip>042744102</cusip>
        <identifiers>
          <isin value="US0427441029"/>
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        <balance>27439.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>983962.54000000</valUSD>
        <pctVal>0.011783595714</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>United Fire Group Inc.</name>
        <lei>N/A</lei>
        <title>United Fire Group Inc.</title>
        <cusip>910340108</cusip>
        <identifiers>
          <isin value="US9103401082"/>
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        <balance>42729.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1877512.26000000</valUSD>
        <pctVal>0.022484438707</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>BGC Partners Inc.</name>
        <lei>TF1LXM1YNB81WKUH5G19</lei>
        <title>BGC Partners Inc. Class A</title>
        <cusip>05541T101</cusip>
        <identifiers>
          <isin value="US05541T1016"/>
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        <balance>543515.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3152387.00000000</valUSD>
        <pctVal>0.037751898506</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>Sculptor Capital Management Inc.</name>
        <lei>529900V50QFEXQGSUC34</lei>
        <title>Sculptor Capital Management Inc. Class A</title>
        <cusip>811246107</cusip>
        <identifiers>
          <isin value="US8112461079"/>
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        <balance>28480.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>551942.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Ameris Bancorp</name>
        <lei>N/A</lei>
        <title>Ameris Bancorp</title>
        <cusip>03076K108</cusip>
        <identifiers>
          <isin value="US03076K1088"/>
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        <balance>132050.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5763982.50000000</valUSD>
        <pctVal>0.069027464690</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Kemper Corp.</name>
        <lei>549300FNI1JKTRY2PV09</lei>
        <title>Kemper Corp.</title>
        <cusip>488401100</cusip>
        <identifiers>
          <isin value="US4884011002"/>
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        <balance>112893.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8345050.56000000</valUSD>
        <pctVal>0.099937444790</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LendingClub Corp.</name>
        <lei>549300YC50YO7Y1OJR92</lei>
        <title>LendingClub Corp.</title>
        <cusip>52603A208</cusip>
        <identifiers>
          <isin value="US52603A2087"/>
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        <balance>121154.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1673136.74000000</valUSD>
        <pctVal>0.020036908030</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JPMorgan Chase &amp; Co.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co.</title>
        <cusip>46625H100</cusip>
        <identifiers>
          <isin value="US46625H1005"/>
        </identifiers>
        <balance>6377177.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>840256841.52000000</valUSD>
        <pctVal>10.06262587693</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Stock Yards Bancorp Inc.</name>
        <lei>549300YERP9H5TDIQW16</lei>
        <title>Stock Yards Bancorp Inc.</title>
        <cusip>861025104</cusip>
        <identifiers>
          <isin value="US8610251048"/>
        </identifiers>
        <balance>43284.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1791524.76000000</valUSD>
        <pctVal>0.021454682090</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Evercore Inc.</name>
        <lei>529900P6KLPT95DW3W58</lei>
        <title>Evercore Inc. Class A</title>
        <cusip>29977A105</cusip>
        <identifiers>
          <isin value="US29977A1051"/>
        </identifiers>
        <balance>79465.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6149001.70000000</valUSD>
        <pctVal>0.073638321720</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Third Point Reinsurance Ltd.</name>
        <lei>2LTXLGOFX5N78LZ32691</lei>
        <title>Third Point Reinsurance Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BMG8827U1009"/>
        </identifiers>
        <balance>150784.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1439987.20000000</valUSD>
        <pctVal>0.017244789622</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MSCI Inc.</name>
        <lei>549300HTIN2PD78UB763</lei>
        <title>MSCI Inc. Class A</title>
        <cusip>55354G100</cusip>
        <identifiers>
          <isin value="US55354G1004"/>
        </identifiers>
        <balance>168907.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>43779005.33000000</valUSD>
        <pctVal>0.524282255296</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Starwood Property Trust Inc.</name>
        <lei>BUGSFQZERKRBFWIG5267</lei>
        <title>Starwood Property Trust Inc.</title>
        <cusip>85571B105</cusip>
        <identifiers>
          <isin value="US85571B1052"/>
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        <balance>562750.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13787375.00000000</valUSD>
        <pctVal>0.165112843590</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FBL Financial Group Inc.</name>
        <lei>N/A</lei>
        <title>FBL Financial Group Inc. Class A</title>
        <cusip>30239F106</cusip>
        <identifiers>
          <isin value="US30239F1066"/>
        </identifiers>
        <balance>22158.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1275636.06000000</valUSD>
        <pctVal>0.015276577104</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MBIA Inc.</name>
        <lei>54F1KGFE2KNP3VAL3P42</lei>
        <title>MBIA Inc.</title>
        <cusip>55262C100</cusip>
        <identifiers>
          <isin value="US55262C1009"/>
        </identifiers>
        <balance>160142.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1494124.86000000</valUSD>
        <pctVal>0.017893123550</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Global Indemnity Ltd.</name>
        <lei>N/A</lei>
        <title>Global Indemnity Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG3933F1054"/>
        </identifiers>
        <balance>18474.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>531496.98000000</valUSD>
        <pctVal>0.006365024359</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>First Financial Bancorp</name>
        <lei>549300D3F5B3EZMY7P77</lei>
        <title>First Financial Bancorp</title>
        <cusip>320209109</cusip>
        <identifiers>
          <isin value="US3202091092"/>
        </identifiers>
        <balance>196175.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4770976.00000000</valUSD>
        <pctVal>0.057135561632</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Interactive Brokers Group Inc.</name>
        <lei>5493004DT6DCDUZNDM53</lei>
        <title>Interactive Brokers Group Inc.</title>
        <cusip>45841N107</cusip>
        <identifiers>
          <isin value="US45841N1072"/>
        </identifiers>
        <balance>145322.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7036491.24000000</valUSD>
        <pctVal>0.084266590089</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Franklin Resources Inc.</name>
        <lei>RIFQSET379FOGTEFKS80</lei>
        <title>Franklin Resources Inc.</title>
        <cusip>354613101</cusip>
        <identifiers>
          <isin value="US3546131018"/>
        </identifiers>
        <balance>602370.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16559151.30000000</valUSD>
        <pctVal>0.198306679740</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NMI Holdings Inc.</name>
        <lei>529900KNNGFXJX1C3Z08</lei>
        <title>NMI Holdings Inc. Class A</title>
        <cusip>629209305</cusip>
        <identifiers>
          <isin value="US6292093050"/>
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        <balance>134665.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4520704.05000000</valUSD>
        <pctVal>0.054138391153</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NBT Bancorp Inc.</name>
        <lei>N/A</lei>
        <title>NBT Bancorp Inc.</title>
        <cusip>628778102</cusip>
        <identifiers>
          <isin value="US6287781024"/>
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        <balance>87034.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3481360.00000000</valUSD>
        <pctVal>0.041691565592</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Huntington Bancshares Inc.</name>
        <lei>549300XTVCVV9I7B5T19</lei>
        <title>Huntington Bancshares Inc./OH</title>
        <cusip>446150104</cusip>
        <identifiers>
          <isin value="US4461501045"/>
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        <balance>2069629.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>30816775.81000000</valUSD>
        <pctVal>0.369051069133</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Discover Financial Services</name>
        <lei>Z1YLO2USPORE63VVUL20</lei>
        <title>Discover Financial Services</title>
        <cusip>254709108</cusip>
        <identifiers>
          <isin value="US2547091080"/>
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        <balance>634556.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>53854767.72000000</valUSD>
        <pctVal>0.644946107520</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Park National Corp.</name>
        <lei>5493001T01TDELV5OO63</lei>
        <title>Park National Corp.</title>
        <cusip>700658107</cusip>
        <identifiers>
          <isin value="US7006581075"/>
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        <balance>29817.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2991539.61000000</valUSD>
        <pctVal>0.035825645688</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>1st Source Corp.</name>
        <lei>N/A</lei>
        <title>1st Source Corp.</title>
        <cusip>336901103</cusip>
        <identifiers>
          <isin value="US3369011032"/>
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        <balance>36272.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1864743.52000000</valUSD>
        <pctVal>0.022331524685</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>KKR Real Estate Finance Trust Inc.</name>
        <lei>549300K23AYZDZ2REL62</lei>
        <title>KKR Real Estate Finance Trust Inc.</title>
        <cusip>48251K100</cusip>
        <identifiers>
          <isin value="US48251K1007"/>
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        <balance>52800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1066032.00000000</valUSD>
        <pctVal>0.012766431237</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Commerce Bancshares Inc.</name>
        <lei>N/A</lei>
        <title>Commerce Bancshares Inc./MO</title>
        <cusip>200525103</cusip>
        <identifiers>
          <isin value="US2005251036"/>
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        <balance>196984.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13203837.52000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>United Bankshares Inc.</name>
        <lei>5299005O3BAMJ9Z92V62</lei>
        <title>United Bankshares Inc./WV</title>
        <cusip>909907107</cusip>
        <identifiers>
          <isin value="US9099071071"/>
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        <balance>202079.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7652731.73000000</valUSD>
        <pctVal>0.091646473471</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Janus Henderson Group plc</name>
        <lei>2138009WPYMWJN3RVF44</lei>
        <title>Janus Henderson Group plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JE00BYPZJM29"/>
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        <balance>324716.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8247786.40000000</valUSD>
        <pctVal>0.098772642786</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Ladder Capital Corp.</name>
        <lei>549300Q6LLV2QCV67C06</lei>
        <title>Ladder Capital Corp. Class A</title>
        <cusip>505743104</cusip>
        <identifiers>
          <isin value="US5057431042"/>
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        <balance>180395.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3119029.55000000</valUSD>
        <pctVal>0.037352421200</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Annaly Capital Management Inc.</name>
        <lei>YOUFR5OOIV08UP1H3D31</lei>
        <title>Annaly Capital Management Inc.</title>
        <cusip>035710409</cusip>
        <identifiers>
          <isin value="US0357104092"/>
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        <balance>2901495.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>27070948.35000000</valUSD>
        <pctVal>0.324192332533</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Virtus Investment Partners Inc.</name>
        <lei>549300HWF93HB8BDM648</lei>
        <title>Virtus Investment Partners Inc.</title>
        <cusip>92828Q109</cusip>
        <identifiers>
          <isin value="US92828Q1094"/>
        </identifiers>
        <balance>13954.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1643781.20000000</valUSD>
        <pctVal>0.019685356217</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Live Oak Bancshares Inc.</name>
        <lei>N/A</lei>
        <title>Live Oak Bancshares Inc.</title>
        <cusip>53803X105</cusip>
        <identifiers>
          <isin value="US53803X1054"/>
        </identifiers>
        <balance>49663.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>906349.75000000</valUSD>
        <pctVal>0.010854131733</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Assured Guaranty Ltd.</name>
        <lei>549300BBOQUJEPH87M14</lei>
        <title>Assured Guaranty Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BMG0585R1060"/>
        </identifiers>
        <balance>196825.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9772361.25000000</valUSD>
        <pctVal>0.117030424905</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Donnelley Financial Solutions Inc.</name>
        <lei>549300O1NPY4J56QCU04</lei>
        <title>Donnelley Financial Solutions Inc.</title>
        <cusip>25787G100</cusip>
        <identifiers>
          <isin value="US25787G1004"/>
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        <balance>64856.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>651154.24000000</valUSD>
        <pctVal>0.007797998399</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Old Republic International Corp.</name>
        <lei>N/A</lei>
        <title>Old Republic International Corp.</title>
        <cusip>680223104</cusip>
        <identifiers>
          <isin value="US6802231042"/>
        </identifiers>
        <balance>574513.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12961013.28000000</valUSD>
        <pctVal>0.155216620892</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>On Deck Capital Inc.</name>
        <lei>549300LGZVH7SGJZLE03</lei>
        <title>On Deck Capital Inc.</title>
        <cusip>682163100</cusip>
        <identifiers>
          <isin value="US6821631008"/>
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        <balance>106207.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>436510.77000000</valUSD>
        <pctVal>0.005227502297</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cadence BanCorp</name>
        <lei>N/A</lei>
        <title>Cadence BanCorp Class A</title>
        <cusip>12739A100</cusip>
        <identifiers>
          <isin value="US12739A1007"/>
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        <balance>257118.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4245018.18000000</valUSD>
        <pctVal>0.050836872341</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>Sierra Bancorp</name>
        <lei>5493006EYJ8EDSZFXG70</lei>
        <title>Sierra Bancorp</title>
        <cusip>82620P102</cusip>
        <identifiers>
          <isin value="US82620P1021"/>
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        <balance>27153.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>727700.40000000</valUSD>
        <pctVal>0.008714688787</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Protective Insurance Corp.</name>
        <lei>N/A</lei>
        <title>Protective Insurance Corp. Class B</title>
        <cusip>74368L203</cusip>
        <identifiers>
          <isin value="US74368L2034"/>
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        <balance>19368.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>326738.16000000</valUSD>
        <pctVal>0.003912903413</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Associated Capital Group Inc.</name>
        <lei>549300FBGXGSSUE01W24</lei>
        <title>Associated Capital Group Inc. Class A</title>
        <cusip>045528106</cusip>
        <identifiers>
          <isin value="US0455281065"/>
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        <balance>7192.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>259631.20000000</valUSD>
        <pctVal>0.003109253626</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BlackRock Inc.</name>
        <lei>549300LRIF3NWCU26A80</lei>
        <title>BlackRock Inc.</title>
        <cusip>09247X101</cusip>
        <identifiers>
          <isin value="US09247X1019"/>
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        <balance>231199.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>114422697.09000000</valUSD>
        <pctVal>1.370286721573</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CVB Financial Corp.</name>
        <lei>549300BOFV6IGKUC8O50</lei>
        <title>CVB Financial Corp.</title>
        <cusip>126600105</cusip>
        <identifiers>
          <isin value="US1266001056"/>
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        <balance>224819.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4802133.84000000</valUSD>
        <pctVal>0.057508697168</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Columbia Financial Inc.</name>
        <lei>N/A</lei>
        <title>Columbia Financial Inc.</title>
        <cusip>197641103</cusip>
        <identifiers>
          <isin value="US1976411033"/>
        </identifiers>
        <balance>115420.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1922897.20000000</valUSD>
        <pctVal>0.023027953082</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>First Bancorp</name>
        <lei>N/A</lei>
        <title>First Bancorp/Southern Pines NC</title>
        <cusip>318910106</cusip>
        <identifiers>
          <isin value="US3189101062"/>
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        <balance>59031.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2308112.10000000</valUSD>
        <pctVal>0.027641153748</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>Mr Cooper Group Inc.</name>
        <lei>549300KD8C6DPXYC2M26</lei>
        <title>Mr Cooper Group Inc.</title>
        <cusip>62482R107</cusip>
        <identifiers>
          <isin value="US62482R1077"/>
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        <balance>146020.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1962508.80000000</valUSD>
        <pctVal>0.023502327929</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Invesco Ltd.</name>
        <lei>N/A</lei>
        <title>Invesco Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BMG491BT1088"/>
        </identifiers>
        <balance>795923.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13976407.88000000</valUSD>
        <pctVal>0.167376636107</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>
      <invstOrSec>
        <name>NewStar Financial Inc.</name>
        <lei>KWQVVPX9OGSKS3U0N171</lei>
        <title>NewStar Financial Inc. CVR</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="FAID" value="652CVR994"/>
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        <balance>42593.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10284.08000000</valUSD>
        <pctVal>0.000123158592</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BankUnited Inc.</name>
        <lei>96OVUWEW5D4YX6PFXD91</lei>
        <title>BankUnited Inc.</title>
        <cusip>06652K103</cusip>
        <identifiers>
          <isin value="US06652K1034"/>
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        <balance>189346.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6638470.76000000</valUSD>
        <pctVal>0.079500034218</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>Cboe Global Markets Inc.</name>
        <lei>529900RLNSGA90UPEH54</lei>
        <title>Cboe Global Markets Inc.</title>
        <cusip>12503M108</cusip>
        <identifiers>
          <isin value="US12503M1080"/>
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        <balance>222431.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>26447045.90000000</valUSD>
        <pctVal>0.316720692164</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Northfield Bancorp Inc.</name>
        <lei>N/A</lei>
        <title>Northfield Bancorp Inc.</title>
        <cusip>66611T108</cusip>
        <identifiers>
          <isin value="US66611T1088"/>
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        <balance>90262.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1525427.80000000</valUSD>
        <pctVal>0.018267996754</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>World Acceptance Corp.</name>
        <lei>N/A</lei>
        <title>World Acceptance Corp.</title>
        <cusip>981419104</cusip>
        <identifiers>
          <isin value="US9814191048"/>
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        <balance>13954.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1325490.46000000</valUSD>
        <pctVal>0.015873616188</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Oppenheimer Holdings Inc.</name>
        <lei>N/A</lei>
        <title>Oppenheimer Holdings Inc. Class A</title>
        <cusip>683797104</cusip>
        <identifiers>
          <isin value="US6837971042"/>
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        <balance>17829.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>508304.79000000</valUSD>
        <pctVal>0.006087282697</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Great Southern Bancorp Inc.</name>
        <lei>5493000ZL7DLNMN1AB26</lei>
        <title>Great Southern Bancorp Inc.</title>
        <cusip>390905107</cusip>
        <identifiers>
          <isin value="US3909051076"/>
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        <balance>23042.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1406253.26000000</valUSD>
        <pctVal>0.016840803602</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>East West Bancorp Inc.</name>
        <lei>N/A</lei>
        <title>East West Bancorp Inc.</title>
        <cusip>27579R104</cusip>
        <identifiers>
          <isin value="US27579R1041"/>
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        <balance>290380.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13305211.60000000</valUSD>
        <pctVal>0.159338621155</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Federal Agricultural Mortgage Corp.</name>
        <lei>549300MS654K78GYF580</lei>
        <title>Federal Agricultural Mortgage Corp.</title>
        <cusip>313148306</cusip>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Renasant Corp.</name>
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        <title>Renasant 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>Chimera Investment Corp.</name>
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        <title>Chimera Investment 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>Ally Financial 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>First Horizon National Corp.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>B. Riley Financial Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Waddell &amp; Reed Financial Inc.</name>
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      <invstOrSec>
        <name>HomeTrust Bancshares Inc.</name>
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      <invstOrSec>
        <name>ProAssurance Corp.</name>
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        <name>Universal Insurance Holdings Inc.</name>
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        <name>Colony Credit Real Estate Inc.</name>
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      <invstOrSec>
        <name>ServisFirst Bancshares Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Carolina Financial Corp.</name>
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        <title>Carolina Financial Corp.</title>
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        <name>Vanguard Cmt Funds-Vanguard Market Liquidity Fund</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Blackstone Mortgage Trust Inc.</name>
        <lei>549300OLDJ20R2Y2UW20</lei>
        <title>Blackstone Mortgage Trust Inc. Class A</title>
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      <invstOrSec>
        <name>Citizens Inc.</name>
        <lei>549300Z39SMLUE3VF522</lei>
        <title>Citizens Inc./TX Class A</title>
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        <name>Prudential Financial Inc.</name>
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        <name>Hartford Financial Services Group Inc.</name>
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        <title>Hartford Financial Services Group Inc.</title>
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        <name>Kearny Financial Corp.</name>
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        <name>Encore Capital Group Inc.</name>
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        <title>Encore Capital Group Inc.</title>
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        <name>Associated Banc-Corp</name>
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        <name>Regions Financial Corp.</name>
        <lei>CW05CS5KW59QTC0DG824</lei>
        <title>Regions Financial Corp.</title>
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        <name>PJT Partners Inc.</name>
        <lei>549300W3WBEQUBKYTN87</lei>
        <title>PJT Partners Inc.</title>
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        <name>First Busey Corp.</name>
        <lei>549300X4ZNLYSX7GUY60</lei>
        <title>First Busey Corp.</title>
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        <invCountry>US</invCountry>

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        <name>Blucora Inc.</name>
        <lei>5299001IO03J69IP6L77</lei>
        <title>Blucora Inc.</title>
        <cusip>095229100</cusip>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Granite Point Mortgage Trust Inc.</name>
        <lei>529900VX2HQZ76AYIE02</lei>
        <title>Granite Point Mortgage Trust Inc.</title>
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          <isin value="US38741L1070"/>
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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>TCF Financial Corp.</name>
        <lei>549300UK6KFVK4A0D603</lei>
        <title>TCF Financial Corp.</title>
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          <isin value="US8723071036"/>
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        <balance>306105.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Oritani Financial Corp.</name>
        <lei>N/A</lei>
        <title>Oritani Financial Corp.</title>
        <cusip>68633D103</cusip>
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          <isin value="US68633D1037"/>
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        <balance>81052.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MFA Financial Inc.</name>
        <lei>YW72IMH2RRC8Z1TGLG58</lei>
        <title>MFA Financial Inc.</title>
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          <isin value="US55272X1028"/>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Walker &amp; Dunlop Inc.</name>
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          <isin value="US93148P1021"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Crawford &amp; Co.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Health Insurance Innovations Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Amalgamated Bank</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>PennyMac Mortgage Investment Trust</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Tradeweb Markets Inc.</name>
        <lei>N/A</lei>
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          <isin value="US8926721064"/>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Raymond James Financial Inc.</name>
        <lei>RGUZHJ05YTITL6D76949</lei>
        <title>Raymond James Financial Inc.</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Assurant Inc.</name>
        <lei>H3F39CAXWQRVWURFXL38</lei>
        <title>Assurant Inc.</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Seacoast Banking Corp. of Florida</name>
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        <title>Seacoast Banking Corp. of Florida</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>QCR Holdings Inc.</name>
        <lei>549300MWKWM7KWJVQO33</lei>
        <title>QCR Holdings Inc.</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>AGNC Investment Corp.</name>
        <lei>5TRACI5HRMELWV32OF39</lei>
        <title>AGNC Investment Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>RECV TROW Receive</title>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Bancorp Inc.</name>
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        <title>Bancorp Inc.</title>
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        <name>Green Dot Corp.</name>
        <lei>N/A</lei>
        <title>Green Dot Corp. Class A</title>
        <cusip>39304D102</cusip>
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        <name>FactSet Research Systems Inc.</name>
        <lei>549300ZSJE7NBK6K9P30</lei>
        <title>FactSet Research Systems Inc.</title>
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        <name>Virtu Financial Inc.</name>
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        <title>Virtu Financial Inc. Class A</title>
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        <name>Tompkins Financial Corp.</name>
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        <title>Tompkins Financial Corp.</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Exantas Capital Corp.</name>
        <lei>549300RUJWPCMY4JFR46</lei>
        <title>Exantas Capital Corp.</title>
        <cusip>30068N105</cusip>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Bank of Hawaii Corp.</name>
        <lei>5493006Q8BQ8AD8M2U33</lei>
        <title>Bank of Hawaii Corp.</title>
        <cusip>062540109</cusip>
        <identifiers>
          <isin value="US0625401098"/>
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        <balance>80849.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7285303.39000000</valUSD>
        <pctVal>0.087246278508</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>People's Utah Bancorp</name>
        <lei>N/A</lei>
        <title>People's Utah Bancorp</title>
        <cusip>712706209</cusip>
        <identifiers>
          <isin value="US7127062096"/>
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        <balance>33061.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>970340.35000000</valUSD>
        <pctVal>0.011620461069</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lakeland Financial Corp.</name>
        <lei>N/A</lei>
        <title>Lakeland Financial Corp.</title>
        <cusip>511656100</cusip>
        <identifiers>
          <isin value="US5116561003"/>
        </identifiers>
        <balance>51204.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2412732.48000000</valUSD>
        <pctVal>0.028894051303</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Winthrop Realty Trust</name>
        <lei>N/A</lei>
        <title>Winthrop Realty Trust</title>
        <cusip>976ESC301</cusip>
        <identifiers>
          <other otherDesc="FAID" value="976ESC301"/>
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        <balance>23515.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20316.96000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Franklin Financial Network Inc.</name>
        <lei>N/A</lei>
        <title>Franklin Financial Network Inc.</title>
        <cusip>35352P104</cusip>
        <identifiers>
          <isin value="US35352P1049"/>
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        <balance>27975.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>955066.50000000</valUSD>
        <pctVal>0.011437546714</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Credit Acceptance Corp.</name>
        <lei>N/A</lei>
        <title>Credit Acceptance Corp.</title>
        <cusip>225310101</cusip>
        <identifiers>
          <isin value="US2253101016"/>
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        <balance>20540.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8841648.40000000</valUSD>
        <pctVal>0.105884529096</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>Triumph Bancorp Inc.</name>
        <lei>5493003RNRMEVYDZ1Q52</lei>
        <title>Triumph Bancorp Inc.</title>
        <cusip>89679E300</cusip>
        <identifiers>
          <isin value="US89679E3009"/>
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        <balance>50688.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1817671.68000000</valUSD>
        <pctVal>0.021767808578</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>Focus Financial Partners Inc.</name>
        <lei>549300YJOQJY8XYZKU26</lei>
        <title>Focus Financial Partners Inc. Class A</title>
        <cusip>34417P100</cusip>
        <identifiers>
          <isin value="US34417P1003"/>
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        <balance>51536.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1448676.96000000</valUSD>
        <pctVal>0.017348855188</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>Willis Towers Watson plc</name>
        <lei>549300WHC56FF48KL350</lei>
        <title>Willis Towers Watson plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IE00BDB6Q211"/>
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        <balance>257272.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>50538511.68000000</valUSD>
        <pctVal>0.605231769958</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TD Ameritrade Holding Corp.</name>
        <lei>ZI85ER3E6RXD4HPHW309</lei>
        <title>TD Ameritrade Holding Corp.</title>
        <cusip>87236Y108</cusip>
        <identifiers>
          <isin value="US87236Y1082"/>
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        <balance>546891.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>28345360.53000000</valUSD>
        <pctVal>0.339454252873</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>Genworth Financial Inc.</name>
        <lei>549300EMCG286BDNKJ33</lei>
        <title>Genworth Financial Inc. Class A</title>
        <cusip>37247D106</cusip>
        <identifiers>
          <isin value="US37247D1063"/>
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        <balance>1004334.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3977162.64000000</valUSD>
        <pctVal>0.047629126857</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>United Community Banks Inc.</name>
        <lei>549300GVW0FV66X3U703</lei>
        <title>United Community Banks Inc./GA</title>
        <cusip>90984P303</cusip>
        <identifiers>
          <isin value="US90984P3038"/>
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        <balance>157210.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4873510.00000000</valUSD>
        <pctVal>0.058363473421</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>First Commonwealth Financial Corp.</name>
        <lei>549300ZHLQ42NXDETL24</lei>
        <title>First Commonwealth Financial Corp.</title>
        <cusip>319829107</cusip>
        <identifiers>
          <isin value="US3198291078"/>
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        <balance>195815.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2782531.15000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Globe Life Inc.</name>
        <lei>5493001JFHKQOPP6XA71</lei>
        <title>Globe Life Inc.</title>
        <cusip>37959E102</cusip>
        <identifiers>
          <isin value="US37959E1029"/>
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        <balance>206743.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>21244910.68000000</valUSD>
        <pctVal>0.254421716549</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>E*TRADE Financial Corp.</name>
        <lei>549300LYE2HSVYJFJD24</lei>
        <title>E*TRADE Financial Corp.</title>
        <cusip>269246401</cusip>
        <identifiers>
          <isin value="US2692464017"/>
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        <balance>478190.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>21183817.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Nasdaq Inc.</name>
        <lei>549300L8X1Q78ERXFD06</lei>
        <title>Nasdaq Inc.</title>
        <cusip>631103108</cusip>
        <identifiers>
          <isin value="US6311031081"/>
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        <balance>229844.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>24087651.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>S&amp;P Global Inc.</name>
        <lei>Y6X4K52KMJMZE7I7MY94</lei>
        <title>S&amp;P Global Inc.</title>
        <cusip>78409V104</cusip>
        <identifiers>
          <isin value="US78409V1044"/>
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        <balance>491221.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>130001637.65000000</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>OFG Bancorp</name>
        <lei>549300Q4QEXJ37LEXQ06</lei>
        <title>OFG Bancorp</title>
        <cusip>67103X102</cusip>
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          <isin value="PR67103X1020"/>
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        <balance>104042.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2231700.90000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BB&amp;T Corp.</name>
        <lei>549300DRQQI75D2JP341</lei>
        <title>BB&amp;T Corp.</title>
        <cusip>054937107</cusip>
        <identifiers>
          <isin value="US0549371070"/>
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        <balance>1528114.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>83618398.08000000</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>Radian Group Inc.</name>
        <lei>54930005OUP720S5U385</lei>
        <title>Radian Group Inc.</title>
        <cusip>750236101</cusip>
        <identifiers>
          <isin value="US7502361014"/>
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        <balance>405491.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10477887.44000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SEI Investments Co.</name>
        <lei>5LJTIFADGZ6XH1RVOC11</lei>
        <title>SEI Investments Co.</title>
        <cusip>784117103</cusip>
        <identifiers>
          <isin value="US7841171033"/>
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        <balance>255983.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16518582.99000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Ready Capital Corp.</name>
        <lei>N/A</lei>
        <title>Ready Capital Corp.</title>
        <cusip>75574U101</cusip>
        <identifiers>
          <isin value="US75574U1016"/>
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        <balance>62063.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>978733.51000000</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>Marsh &amp; McLennan Cos. Inc.</name>
        <lei>549300XMP3KDCKJXIU47</lei>
        <title>Marsh &amp; McLennan Cos. Inc.</title>
        <cusip>571748102</cusip>
        <identifiers>
          <isin value="US5717481023"/>
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        <balance>1009815.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>109130707.05000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Home BancShares Inc.</name>
        <lei>38BXPUI51PEGJSWBUF03</lei>
        <title>Home BancShares Inc./AR</title>
        <cusip>436893200</cusip>
        <identifiers>
          <isin value="US4368932004"/>
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        <balance>315481.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5937352.42000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FirstCash Inc.</name>
        <lei>549300V2X3UU7K0DG350</lei>
        <title>FirstCash Inc.</title>
        <cusip>33767D105</cusip>
        <identifiers>
          <isin value="US33767D1054"/>
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        <balance>85968.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Northern Trust Corp.</name>
        <lei>549300GLF98S992BC502</lei>
        <title>Northern Trust Corp.</title>
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          <isin value="US6658591044"/>
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        <balance>407077.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co.</title>
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          <isin value="US9497461015"/>
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        <balance>8348178.00000000</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>Customers Bancorp Inc.</name>
        <lei>549300WLBCHYKZ53FN68</lei>
        <title>Customers Bancorp Inc.</title>
        <cusip>23204G100</cusip>
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          <isin value="US23204G1004"/>
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        <balance>59026.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1380027.88000000</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>CNO Financial Group Inc.</name>
        <lei>11XPYHB76MPM4Y4P2897</lei>
        <title>CNO Financial Group Inc.</title>
        <cusip>12621E103</cusip>
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          <isin value="US12621E1038"/>
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        <balance>310561.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>New York Community Bancorp Inc.</name>
        <lei>529900HVXOTLY61GL030</lei>
        <title>New York Community Bancorp Inc.</title>
        <cusip>649445103</cusip>
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          <isin value="US6494451031"/>
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        <balance>933178.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11123481.76000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Loews Corp.</name>
        <lei>R8V1FN4M5ITGZOG7BS19</lei>
        <title>Loews Corp.</title>
        <cusip>540424108</cusip>
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          <isin value="US5404241086"/>
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        <balance>542711.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>27623989.90000000</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>First Hawaiian Inc.</name>
        <lei>5493002DJSH46F5OLV06</lei>
        <title>First Hawaiian Inc.</title>
        <cusip>32051X108</cusip>
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          <isin value="US32051X1081"/>
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        <balance>265625.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7580937.50000000</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Goldman Sachs Group Inc.</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>Goldman Sachs Group Inc.</title>
        <cusip>38141G104</cusip>
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          <isin value="US38141G1040"/>
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        <balance>645393.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>142857740.55000000</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Heartland Financial USA Inc.</name>
        <lei>549300QF7B0DFZT32C73</lei>
        <title>Heartland Financial USA Inc.</title>
        <cusip>42234Q102</cusip>
        <identifiers>
          <isin value="US42234Q1022"/>
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        <balance>65765.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3105423.30000000</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>Hingham Institution for Savings</name>
        <lei>2549009GDCGUR2T6KU55</lei>
        <title>Hingham Institution for Savings</title>
        <cusip>433323102</cusip>
        <identifiers>
          <isin value="US4333231029"/>
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        <balance>2634.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>505095.84000000</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>Axis Capital Holdings Ltd.</name>
        <lei>2138009C2W2RFXX3ZZ32</lei>
        <title>Axis Capital Holdings Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BMG0692U1099"/>
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        <balance>167592.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9918094.56000000</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ARMOUR Residential REIT Inc.</name>
        <lei>549300K0WA0EJUX74V72</lei>
        <title>ARMOUR Residential REIT Inc.</title>
        <cusip>042315507</cusip>
        <identifiers>
          <isin value="US0423155078"/>
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        <balance>118915.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2052472.90000000</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>Fidelity National Financial Inc.</name>
        <lei>549300CAZYIH39SYQ287</lei>
        <title>Fidelity National Financial Inc.</title>
        <cusip>31620R303</cusip>
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          <isin value="US31620R3030"/>
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        <balance>547335.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>26069566.05000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>RBB Bancorp</name>
        <lei>549300A23FBFZNGET525</lei>
        <title>RBB Bancorp</title>
        <cusip>74930B105</cusip>
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          <isin value="US74930B1052"/>
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        <balance>34030.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>681280.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Southside Bancshares Inc.</name>
        <lei>549300TC83207VQA2K65</lei>
        <title>Southside Bancshares Inc.</title>
        <cusip>84470P109</cusip>
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          <isin value="US84470P1093"/>
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        <balance>63213.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2219408.43000000</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>Santander Consumer USA Holdings Inc.</name>
        <lei>5493004SHNXEHHZ58X76</lei>
        <title>Santander Consumer USA Holdings Inc.</title>
        <cusip>80283M101</cusip>
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        <balance>206715.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Pzena Investment Management Inc.</name>
        <lei>77FR8E97WY61TIP8ID10</lei>
        <title>Pzena Investment Management Inc. Class A</title>
        <cusip>74731Q103</cusip>
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          <isin value="US74731Q1031"/>
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        <balance>35659.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Lakeland Bancorp Inc.</name>
        <lei>549300NF90LR9ETZDR73</lei>
        <title>Lakeland Bancorp Inc.</title>
        <cusip>511637100</cusip>
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        <balance>94873.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Provident Financial Services Inc.</name>
        <lei>529900JOSO3SXEDVE477</lei>
        <title>Provident Financial Services Inc.</title>
        <cusip>74386T105</cusip>
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        <balance>126470.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TPG RE Finance Trust Inc.</name>
        <lei>N/A</lei>
        <title>TPG RE Finance Trust Inc.</title>
        <cusip>87266M107</cusip>
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          <isin value="US87266M1071"/>
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        <balance>87100.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>First Bancshares Inc.</name>
        <lei>5493006DL5RXJODMAF36</lei>
        <title>First Bancshares Inc.</title>
        <cusip>318916103</cusip>
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        <balance>31999.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>OceanFirst Financial Corp.</name>
        <lei>5493007HC22SSYIGKJ83</lei>
        <title>OceanFirst Financial Corp.</title>
        <cusip>675234108</cusip>
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        <balance>102019.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>OneMain Holdings Inc.</name>
        <lei>549300E3VEW8SMS5XW09</lei>
        <title>OneMain Holdings Inc.</title>
        <cusip>68268W103</cusip>
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        <balance>162835.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>M&amp;T Bank Corp.</name>
        <lei>549300WYXDDBYRASEG81</lei>
        <title>M&amp;T Bank Corp.</title>
        <cusip>55261F104</cusip>
        <identifiers>
          <isin value="US55261F1049"/>
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        <balance>253242.00000000</balance>
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        <valUSD>41719087.08000000</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TrustCo Bank Corp. NY</name>
        <lei>N/A</lei>
        <title>TrustCo Bank Corp. NY</title>
        <cusip>898349105</cusip>
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          <isin value="US8983491056"/>
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        <balance>192667.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1691616.26000000</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>James River Group Holdings Ltd.</name>
        <lei>N/A</lei>
        <title>James River Group Holdings Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BMG5005R1079"/>
        </identifiers>
        <balance>60331.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2386694.36000000</valUSD>
        <pctVal>0.028582227767</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>
      <invstOrSec>
        <name>Trupanion Inc.</name>
        <lei>549300J86GFKIDGMQP18</lei>
        <title>Trupanion Inc.</title>
        <cusip>898202106</cusip>
        <identifiers>
          <isin value="US8982021060"/>
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        <balance>59516.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2028305.28000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="1840320"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Ambac Financial Group Inc.</name>
        <lei>5493000UC0RBBNDHI717</lei>
        <title>Ambac Financial Group Inc.</title>
        <cusip>023139884</cusip>
        <identifiers>
          <isin value="US0231398845"/>
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        <balance>90800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1890456.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Cannae Holdings Inc.</name>
        <lei>549300OGRF1ICI7D2V77</lei>
        <title>Cannae Holdings Inc.</title>
        <cusip>13765N107</cusip>
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          <isin value="US13765N1072"/>
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        <balance>122838.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4605196.62000000</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>Everest Re Group Ltd.</name>
        <lei>549300N24XF2VV0B3570</lei>
        <title>Everest Re Group Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BMG3223R1088"/>
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        <balance>81313.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>22056964.38000000</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Trustmark Corp.</name>
        <lei>5493000HPQ4D2RZ79739</lei>
        <title>Trustmark Corp.</title>
        <cusip>898402102</cusip>
        <identifiers>
          <isin value="US8984021027"/>
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        <balance>122525.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4209959.00000000</valUSD>
        <pctVal>0.050417015703</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>Westwood Holdings Group Inc.</name>
        <lei>N/A</lei>
        <title>Westwood Holdings Group Inc.</title>
        <cusip>961765104</cusip>
        <identifiers>
          <isin value="US9617651040"/>
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        <balance>15232.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>470059.52000000</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>CIT Group Inc.</name>
        <lei>N8O96ZZJQRFYQUJY7K79</lei>
        <title>CIT Group Inc.</title>
        <cusip>125581801</cusip>
        <identifiers>
          <isin value="US1255818015"/>
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        <balance>188750.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8591900.00000000</valUSD>
        <pctVal>0.102893628471</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>Sterling Bancorp</name>
        <lei>549300LQK6SKH5ZXO648</lei>
        <title>Sterling Bancorp/DE</title>
        <cusip>85917A100</cusip>
        <identifiers>
          <isin value="US85917A1007"/>
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        <balance>409228.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8356435.76000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Independent Bank Group Inc.</name>
        <lei>5493009U8SK04U8KEC62</lei>
        <title>Independent Bank Group Inc.</title>
        <cusip>45384B106</cusip>
        <identifiers>
          <isin value="US45384B1061"/>
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        <balance>69054.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3979582.02000000</valUSD>
        <pctVal>0.047658100517</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>Aon plc</name>
        <lei>VVT2B79I2Z4U3R6BY589</lei>
        <title>Aon plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B5BT0K07"/>
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        <balance>470374.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>95772850.14000000</valUSD>
        <pctVal>1.146942592437</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
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      <invstOrSec>
        <name>Great Western Bancorp Inc.</name>
        <lei>5493004X4OTHDTFBHI90</lei>
        <title>Great Western Bancorp Inc.</title>
        <cusip>391416104</cusip>
        <identifiers>
          <isin value="US3914161043"/>
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        <balance>113507.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3901235.59000000</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>Bank First Corp.</name>
        <lei>N/A</lei>
        <title>Bank First Corp.</title>
        <cusip>06211J100</cusip>
        <identifiers>
          <isin value="US06211J1007"/>
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        <balance>12660.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>859740.60000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CME Group Inc.</name>
        <lei>LCZ7XYGSLJUHFXXNXD88</lei>
        <title>CME Group Inc.</title>
        <cusip>12572Q105</cusip>
        <identifiers>
          <isin value="US12572Q1058"/>
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        <balance>714150.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>144779629.50000000</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>Travelers Cos. Inc.</name>
        <lei>549300Y650407RU8B149</lei>
        <title>Travelers Cos. Inc.</title>
        <cusip>89417E109</cusip>
        <identifiers>
          <isin value="US89417E1091"/>
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        <balance>519308.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>70999789.76000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Community Trust Bancorp Inc.</name>
        <lei>N/A</lei>
        <title>Community Trust Bancorp Inc.</title>
        <cusip>204149108</cusip>
        <identifiers>
          <isin value="US2041491083"/>
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        <balance>31852.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1431428.88000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Morningstar Inc.</name>
        <lei>529900YGNQPOVAXQ7F29</lei>
        <title>Morningstar Inc.</title>
        <cusip>617700109</cusip>
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          <isin value="US6177001095"/>
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        <balance>38496.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6047721.60000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Citigroup Inc.</name>
        <lei>6SHGI4ZSSLCXXQSBB395</lei>
        <title>Citigroup Inc.</title>
        <cusip>172967424</cusip>
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          <isin value="US1729674242"/>
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        <balance>4505592.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>338460071.04000000</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>Central Pacific Financial Corp.</name>
        <lei>549300W3YEAOZ4KGG849</lei>
        <title>Central Pacific Financial Corp.</title>
        <cusip>154760409</cusip>
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          <isin value="US1547604090"/>
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        <balance>56864.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1652467.84000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Orchid Island Capital Inc.</name>
        <lei>549300KBIHGT19K9DY89</lei>
        <title>Orchid Island Capital Inc.</title>
        <cusip>68571X103</cusip>
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          <isin value="US68571X1037"/>
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        <balance>124909.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>709483.12000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Anworth Mortgage Asset Corp.</name>
        <lei>N2KM5OGWVS7HLNUACF84</lei>
        <title>Anworth Mortgage Asset Corp.</title>
        <cusip>037347101</cusip>
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          <isin value="US0373471012"/>
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        <balance>196729.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>692486.08000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Two Harbors Investment Corp.</name>
        <lei>QKQJQD1LB9KW0DBRGA72</lei>
        <title>Two Harbors Investment Corp.</title>
        <cusip>90187B408</cusip>
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          <isin value="US90187B4086"/>
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        <balance>542010.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7880825.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BOK Financial Corp.</name>
        <lei>UW4GNOJVVI4H1GTO8O90</lei>
        <title>BOK Financial Corp.</title>
        <cusip>05561Q201</cusip>
        <identifiers>
          <isin value="US05561Q2012"/>
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        <balance>64145.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5345844.30000000</valUSD>
        <pctVal>0.064019985948</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Texas Capital Bancshares Inc.</name>
        <lei>549300466Q2SXRX0YM48</lei>
        <title>Texas Capital Bancshares Inc.</title>
        <cusip>88224Q107</cusip>
        <identifiers>
          <isin value="US88224Q1076"/>
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        <balance>100318.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5798380.40000000</valUSD>
        <pctVal>0.069439402066</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WSFS Financial Corp.</name>
        <lei>549300UVKO9II371BH47</lei>
        <title>WSFS Financial Corp.</title>
        <cusip>929328102</cusip>
        <identifiers>
          <isin value="US9293281021"/>
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        <balance>100997.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4503456.23000000</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>First Citizens BancShares Inc.</name>
        <lei>549300N3Z00ZHE2XC526</lei>
        <title>First Citizens BancShares Inc./NC Class A</title>
        <cusip>31946M103</cusip>
        <identifiers>
          <isin value="US31946M1036"/>
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        <balance>13098.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6808340.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Banc of California Inc.</name>
        <lei>549300ZKWUJDP6LJ1X87</lei>
        <title>Banc of California Inc.</title>
        <cusip>05990K106</cusip>
        <identifiers>
          <isin value="US05990K1060"/>
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        <balance>90527.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1390494.72000000</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Berkshire Hills Bancorp Inc.</name>
        <lei>N/A</lei>
        <title>Berkshire Hills Bancorp Inc.</title>
        <cusip>084680107</cusip>
        <identifiers>
          <isin value="US0846801076"/>
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        <balance>86898.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2741631.90000000</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Arthur J Gallagher &amp; Co.</name>
        <lei>N/A</lei>
        <title>Arthur J Gallagher &amp; Co.</title>
        <cusip>363576109</cusip>
        <identifiers>
          <isin value="US3635761097"/>
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        <balance>371080.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>34610631.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>American Financial Group Inc.</name>
        <lei>549300AFOM7IVKIU1G39</lei>
        <title>American Financial Group Inc./OH</title>
        <cusip>025932104</cusip>
        <identifiers>
          <isin value="US0259321042"/>
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        <balance>152222.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16700275.62000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>S&amp;T Bancorp Inc.</name>
        <lei>N/A</lei>
        <title>S&amp;T Bancorp Inc.</title>
        <cusip>783859101</cusip>
        <identifiers>
          <isin value="US7838591011"/>
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        <balance>75062.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2831338.64000000</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>Brookline Bancorp Inc.</name>
        <lei>N/A</lei>
        <title>Brookline Bancorp Inc.</title>
        <cusip>11373M107</cusip>
        <identifiers>
          <isin value="US11373M1071"/>
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        <balance>160147.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2570359.35000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Fifth Third Bancorp</name>
        <lei>THRNG6BD57P9QWTQLG42</lei>
        <title>Fifth Third Bancorp</title>
        <cusip>316773100</cusip>
        <identifiers>
          <isin value="US3167731005"/>
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        <balance>1449085.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>43747876.15000000</valUSD>
        <pctVal>0.523909462982</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>American International Group Inc.</name>
        <lei>ODVCVCQG2BP6VHV36M30</lei>
        <title>American International Group Inc. Warrants Exp. 01/19/2021</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="FAID" value="ACG874152"/>
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        <balance>7950.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.08000000</valUSD>
        <pctVal>0.000000000958</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Bank of New York Mellon Corp.</name>
        <lei>WFLLPEPC7FZXENRZV188</lei>
        <title>Bank of New York Mellon Corp.</title>
        <cusip>064058100</cusip>
        <identifiers>
          <isin value="US0640581007"/>
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        <balance>1691914.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>82853028.58000000</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>Mercantile Bank Corp.</name>
        <lei>P16VZZCKTJ5IONL6XE37</lei>
        <title>Mercantile Bank Corp.</title>
        <cusip>587376104</cusip>
        <identifiers>
          <isin value="US5873761044"/>
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        <balance>29525.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1040756.25000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Luther Burbank Corp.</name>
        <lei>5493007YRUZ4ZDZM0J48</lei>
        <title>Luther Burbank Corp.</title>
        <cusip>550550107</cusip>
        <identifiers>
          <isin value="US5505501073"/>
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        <balance>39450.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>456042.00000000</valUSD>
        <pctVal>0.005461401566</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>Washington Trust Bancorp Inc.</name>
        <lei>J66MZFCNJPP3PERHZW54</lei>
        <title>Washington Trust Bancorp Inc.</title>
        <cusip>940610108</cusip>
        <identifiers>
          <isin value="US9406101082"/>
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        <balance>31493.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1643619.67000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Jefferies Financial Group Inc.</name>
        <lei>549300HOF34RGOJ5YL07</lei>
        <title>Jefferies Financial Group Inc.</title>
        <cusip>47233W109</cusip>
        <identifiers>
          <isin value="US47233W1099"/>
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        <balance>508285.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10623156.50000000</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>Merchants Bancorp</name>
        <lei>54930008Y0GPVLF81889</lei>
        <title>Merchants Bancorp/IN</title>
        <cusip>58844R108</cusip>
        <identifiers>
          <isin value="US58844R1086"/>
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        <balance>17236.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>309903.28000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Aflac Inc.</name>
        <lei>549300N0B7DOGLXWPP39</lei>
        <title>Aflac Inc.</title>
        <cusip>001055102</cusip>
        <identifiers>
          <isin value="US0010551028"/>
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        <balance>1476644.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>80979156.96000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Opus Bank</name>
        <lei>5493002PJJERLWZ9O392</lei>
        <title>Opus Bank</title>
        <cusip>684000102</cusip>
        <identifiers>
          <isin value="US6840001027"/>
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        <balance>53884.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1385357.64000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Meta Financial Group Inc.</name>
        <lei>5493004X52BH1NBLW813</lei>
        <title>Meta Financial Group Inc.</title>
        <cusip>59100U108</cusip>
        <identifiers>
          <isin value="US59100U1088"/>
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        <balance>67960.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2417337.20000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Macatawa Bank Corp.</name>
        <lei>N/A</lei>
        <title>Macatawa Bank Corp.</title>
        <cusip>554225102</cusip>
        <identifiers>
          <isin value="US5542251021"/>
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        <balance>53721.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>575351.91000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Peapack Gladstone Financial Corp.</name>
        <lei>549300G8DN2UK8K0ET30</lei>
        <title>Peapack Gladstone Financial Corp.</title>
        <cusip>704699107</cusip>
        <identifiers>
          <isin value="US7046991078"/>
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        <balance>33675.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1006882.50000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Equity Bancshares Inc.</name>
        <lei>549300BPQ2EJNU4WF694</lei>
        <title>Equity Bancshares Inc. Class A</title>
        <cusip>29460X109</cusip>
        <identifiers>
          <isin value="US29460X1090"/>
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        <balance>29801.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>877639.45000000</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>UMB Financial Corp.</name>
        <lei>549300MGEH3N3CUCV828</lei>
        <title>UMB Financial Corp.</title>
        <cusip>902788108</cusip>
        <identifiers>
          <isin value="US9027881088"/>
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        <balance>93387.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6282143.49000000</valUSD>
        <pctVal>0.075232781836</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Hilltop Holdings Inc.</name>
        <lei>54930010TA543US0PM65</lei>
        <title>Hilltop Holdings Inc.</title>
        <cusip>432748101</cusip>
        <identifiers>
          <isin value="US4327481010"/>
        </identifiers>
        <balance>147092.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3622875.96000000</valUSD>
        <pctVal>0.043386311878</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Dynex Capital Inc.</name>
        <lei>5CIJ4S9HAEBWILA19B65</lei>
        <title>Dynex Capital Inc.</title>
        <cusip>26817Q886</cusip>
        <identifiers>
          <isin value="US26817Q8868"/>
        </identifiers>
        <balance>48889.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>825735.21000000</valUSD>
        <pctVal>0.009888719830</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Capital One Financial Corp.</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>Capital One Financial Corp.</title>
        <cusip>14040H105</cusip>
        <identifiers>
          <isin value="US14040H1059"/>
        </identifiers>
        <balance>937887.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>93798078.87000000</valUSD>
        <pctVal>1.123293413400</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TFS Financial Corp.</name>
        <lei>N/A</lei>
        <title>TFS Financial Corp.</title>
        <cusip>87240R107</cusip>
        <identifiers>
          <isin value="US87240R1077"/>
        </identifiers>
        <balance>50.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1014.50000000</valUSD>
        <pctVal>0.000012149301</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>First Foundation Inc.</name>
        <lei>549300MLBB1IY0K7IR56</lei>
        <title>First Foundation Inc.</title>
        <cusip>32026V104</cusip>
        <identifiers>
          <isin value="US32026V1044"/>
        </identifiers>
        <balance>75696.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1240657.44000000</valUSD>
        <pctVal>0.014857685225</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United Community Financial Corp.</name>
        <lei>N/A</lei>
        <title>United Community Financial Corp./OH</title>
        <cusip>909839102</cusip>
        <identifiers>
          <isin value="US9098391025"/>
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        <balance>95744.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1063715.84000000</valUSD>
        <pctVal>0.012738693704</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Heritage Insurance Holdings Inc.</name>
        <lei>9845008CCYDD87F66B45</lei>
        <title>Heritage Insurance Holdings Inc.</title>
        <cusip>42727J102</cusip>
        <identifiers>
          <isin value="US42727J1025"/>
        </identifiers>
        <balance>53947.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>738534.43000000</valUSD>
        <pctVal>0.008844433391</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>First Community Bankshares Inc.</name>
        <lei>N/A</lei>
        <title>First Community Bankshares Inc.</title>
        <cusip>31983A103</cusip>
        <identifiers>
          <isin value="US31983A1034"/>
        </identifiers>
        <balance>28919.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>881740.31000000</valUSD>
        <pctVal>0.010559417575</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WesBanco Inc.</name>
        <lei>N/A</lei>
        <title>WesBanco Inc.</title>
        <cusip>950810101</cusip>
        <identifiers>
          <isin value="US9508101014"/>
        </identifiers>
        <balance>129513.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4724634.24000000</valUSD>
        <pctVal>0.056580588711</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GAMCO Investors Inc.</name>
        <lei>51A2MDO9SJ2HTOSMLZ76</lei>
        <title>GAMCO Investors Inc. Class A</title>
        <cusip>361438104</cusip>
        <identifiers>
          <isin value="US3614381040"/>
        </identifiers>
        <balance>10406.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>187099.88000000</valUSD>
        <pctVal>0.002240643575</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>National Western Life Group Inc.</name>
        <lei>549300HPXNVHFT1BJ192</lei>
        <title>National Western Life Group Inc. Class A</title>
        <cusip>638517102</cusip>
        <identifiers>
          <isin value="US6385171029"/>
        </identifiers>
        <balance>4812.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1213730.76000000</valUSD>
        <pctVal>0.014535220601</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Safety Insurance Group Inc.</name>
        <lei>254900LDCFLA3J746840</lei>
        <title>Safety Insurance Group Inc.</title>
        <cusip>78648T100</cusip>
        <identifiers>
          <isin value="US78648T1007"/>
        </identifiers>
        <balance>29114.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2842982.10000000</valUSD>
        <pctVal>0.034046572230</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Houlihan Lokey Inc.</name>
        <lei>549300S3CNGTQ1QZVY46</lei>
        <title>Houlihan Lokey Inc. Class A</title>
        <cusip>441593100</cusip>
        <identifiers>
          <isin value="US4415931009"/>
        </identifiers>
        <balance>81426.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3881577.42000000</valUSD>
        <pctVal>0.046484431259</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FNB Corp.</name>
        <lei>PCYSKIGYNYFDTBLVZU83</lei>
        <title>FNB Corp./PA</title>
        <cusip>302520101</cusip>
        <identifiers>
          <isin value="US3025201019"/>
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        <balance>648501.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8054382.42000000</valUSD>
        <pctVal>0.096456503484</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AMERISAFE Inc.</name>
        <lei>N/A</lei>
        <title>AMERISAFE Inc.</title>
        <cusip>03071H100</cusip>
        <identifiers>
          <isin value="US03071H1005"/>
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        <balance>39032.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2638563.20000000</valUSD>
        <pctVal>0.031598522049</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>German American Bancorp Inc.</name>
        <lei>N/A</lei>
        <title>German American Bancorp Inc.</title>
        <cusip>373865104</cusip>
        <identifiers>
          <isin value="US3738651047"/>
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        <balance>50191.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1691436.70000000</valUSD>
        <pctVal>0.020256062034</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>Independent Bank Corp.</name>
        <lei>549300C5K3W8THR3GE10</lei>
        <title>Independent Bank Corp.</title>
        <cusip>453836108</cusip>
        <identifiers>
          <isin value="US4538361084"/>
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        <balance>68444.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5762984.80000000</valUSD>
        <pctVal>0.069015516579</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Capital City Bank Group Inc.</name>
        <lei>N/A</lei>
        <title>Capital City Bank Group Inc.</title>
        <cusip>139674105</cusip>
        <identifiers>
          <isin value="US1396741050"/>
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        <balance>24776.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>716769.68000000</valUSD>
        <pctVal>0.008583786258</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>Western Alliance Bancorp</name>
        <lei>5493003VJXZ5JXT9S762</lei>
        <title>Western Alliance Bancorp</title>
        <cusip>957638109</cusip>
        <identifiers>
          <isin value="US9576381092"/>
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        <balance>196336.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10240885.76000000</valUSD>
        <pctVal>0.122641312702</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>American Equity Investment Life Holding Co.</name>
        <lei>549300RK5RZQ740FPL83</lei>
        <title>American Equity Investment Life Holding Co.</title>
        <cusip>025676206</cusip>
        <identifiers>
          <isin value="US0256762065"/>
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        <balance>181340.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5389424.80000000</valUSD>
        <pctVal>0.064541890972</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Community Bank System Inc.</name>
        <lei>5299008N6YHE6GCP1E80</lei>
        <title>Community Bank System Inc.</title>
        <cusip>203607106</cusip>
        <identifiers>
          <isin value="US2036071064"/>
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        <balance>102607.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6961884.95000000</valUSD>
        <pctVal>0.083373130914</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>INTL. FCStone Inc.</name>
        <lei>549300JUF07L8VF02M60</lei>
        <title>INTL. FCStone Inc.</title>
        <cusip>46116V105</cusip>
        <identifiers>
          <isin value="US46116V1052"/>
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        <balance>32455.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1298200.00000000</valUSD>
        <pctVal>0.015546795060</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>First American Financial Corp.</name>
        <lei>549300B6VEZK3N0A1P55</lei>
        <title>First American Financial Corp.</title>
        <cusip>31847R102</cusip>
        <identifiers>
          <isin value="US31847R1023"/>
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        <balance>223891.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14243945.42000000</valUSD>
        <pctVal>0.170580573332</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Columbia Banking System Inc.</name>
        <lei>549300O1LD28IAZM0Y68</lei>
        <title>Columbia Banking System Inc.</title>
        <cusip>197236102</cusip>
        <identifiers>
          <isin value="US1972361026"/>
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        <balance>144481.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5646317.48000000</valUSD>
        <pctVal>0.067618349028</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>National General Holdings Corp.</name>
        <lei>549300HUE7OCQI86BK16</lei>
        <title>National General Holdings Corp.</title>
        <cusip>636220303</cusip>
        <identifiers>
          <isin value="US6362203035"/>
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        <balance>134984.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2873809.36000000</valUSD>
        <pctVal>0.034415748854</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>US Bancorp</name>
        <lei>N1GZ7BBF3NP8GI976H15</lei>
        <title>US Bancorp</title>
        <cusip>902973304</cusip>
        <identifiers>
          <isin value="US9029733048"/>
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        <balance>2985886.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>179242736.58000000</valUSD>
        <pctVal>2.146549138593</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Navient Corp.</name>
        <lei>54930067J0ZNOEBRW338</lei>
        <title>Navient Corp.</title>
        <cusip>63938C108</cusip>
        <identifiers>
          <isin value="US63938C1080"/>
        </identifiers>
        <balance>413215.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5929635.25000000</valUSD>
        <pctVal>0.071011264840</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>First Republic Bank</name>
        <lei>YWC0TIKBQM2JV8L4IV08</lei>
        <title>First Republic Bank/CA</title>
        <cusip>33616C100</cusip>
        <identifiers>
          <isin value="US33616C1009"/>
        </identifiers>
        <balance>334117.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>36719458.30000000</valUSD>
        <pctVal>0.439739557024</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Century Bancorp Inc.</name>
        <lei>N/A</lei>
        <title>Century Bancorp Inc./MA Class A</title>
        <cusip>156432106</cusip>
        <identifiers>
          <isin value="US1564321065"/>
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        <balance>5785.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>504741.25000000</valUSD>
        <pctVal>0.006044606973</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Blackstone Group Inc.</name>
        <lei>213800JD2L89GGG7LF07</lei>
        <title>Blackstone Group LP</title>
        <cusip>09260D107</cusip>
        <identifiers>
          <isin value="US09260D1072"/>
        </identifiers>
        <balance>1173563.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>63630585.86000000</valUSD>
        <pctVal>0.762017930947</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Enterprise Financial Services Corp.</name>
        <lei>5493001XTU5DLD632129</lei>
        <title>Enterprise Financial Services Corp.</title>
        <cusip>293712105</cusip>
        <identifiers>
          <isin value="US2937121059"/>
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        <balance>49995.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2259774.00000000</valUSD>
        <pctVal>0.027062273348</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Unum Group</name>
        <lei>549300E32YFDO6TZ8R31</lei>
        <title>Unum Group</title>
        <cusip>91529Y106</cusip>
        <identifiers>
          <isin value="US91529Y1064"/>
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        <balance>415971.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12786948.54000000</valUSD>
        <pctVal>0.153132081653</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Umpqua Holdings Corp.</name>
        <lei>5299002ENJ7CY215BW86</lei>
        <title>Umpqua Holdings Corp.</title>
        <cusip>904214103</cusip>
        <identifiers>
          <isin value="US9042141039"/>
        </identifiers>
        <balance>438763.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7182550.31000000</valUSD>
        <pctVal>0.086015743092</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Camden National Corp.</name>
        <lei>549300ZVEDL2L8UW4F28</lei>
        <title>Camden National Corp.</title>
        <cusip>133034108</cusip>
        <identifiers>
          <isin value="US1330341082"/>
        </identifiers>
        <balance>31162.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1353677.28000000</valUSD>
        <pctVal>0.016211171815</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mercury General Corp.</name>
        <lei>5493001Q9EXPCEL4W527</lei>
        <title>Mercury General Corp.</title>
        <cusip>589400100</cusip>
        <identifiers>
          <isin value="US5894001008"/>
        </identifiers>
        <balance>55803.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2733230.94000000</valUSD>
        <pctVal>0.032732230224</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Greenlight Capital Re Ltd.</name>
        <lei>549300Q9HRIFA2BGHJ51</lei>
        <title>Greenlight Capital Re Ltd. Class A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG4095J1094"/>
        </identifiers>
        <balance>57544.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>600759.36000000</valUSD>
        <pctVal>0.007194486712</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SVB Financial Group</name>
        <lei>549300D2KJ20JMXE7542</lei>
        <title>SVB Financial Group</title>
        <cusip>78486Q101</cusip>
        <identifiers>
          <isin value="US78486Q1013"/>
        </identifiers>
        <balance>102779.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>23816977.67000000</valUSD>
        <pctVal>0.285223902942</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nelnet Inc.</name>
        <lei>549300T6B0Q52I6OM558</lei>
        <title>Nelnet Inc. Class A</title>
        <cusip>64031N108</cusip>
        <identifiers>
          <isin value="US64031N1081"/>
        </identifiers>
        <balance>39811.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2508093.00000000</valUSD>
        <pctVal>0.030036055972</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TriState Capital Holdings Inc.</name>
        <lei>5493003JKSPN0881WX29</lei>
        <title>TriState Capital Holdings Inc.</title>
        <cusip>89678F100</cusip>
        <identifiers>
          <isin value="US89678F1003"/>
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        <balance>46857.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1135345.11000000</valUSD>
        <pctVal>0.013596501115</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Victory Capital Holdings Inc.</name>
        <lei>549300BN5LH2CIPPHS71</lei>
        <title>Victory Capital Holdings Inc. Class A</title>
        <cusip>92645B103</cusip>
        <identifiers>
          <isin value="US92645B1035"/>
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        <balance>30165.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>621399.00000000</valUSD>
        <pctVal>0.007441659916</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MarketAxess Holdings Inc.</name>
        <lei>5493002U1CA1XJOVID83</lei>
        <title>MarketAxess Holdings Inc.</title>
        <cusip>57060D108</cusip>
        <identifiers>
          <isin value="US57060D1081"/>
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        <balance>75336.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>30422183.52000000</valUSD>
        <pctVal>0.364325568081</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ConnectOne Bancorp Inc.</name>
        <lei>549300E2M5ZYAZKUK134</lei>
        <title>ConnectOne Bancorp Inc.</title>
        <cusip>20786W107</cusip>
        <identifiers>
          <isin value="US20786W1071"/>
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        <balance>66271.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1669366.49000000</valUSD>
        <pctVal>0.019991756818</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Republic First Bancorp Inc.</name>
        <lei>N/A</lei>
        <title>Republic First Bancorp Inc.</title>
        <cusip>760416107</cusip>
        <identifiers>
          <isin value="US7604161072"/>
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        <balance>94201.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>373035.96000000</valUSD>
        <pctVal>0.004467349884</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Piper Jaffray Cos.</name>
        <lei>QUQDBTUSOAKFEVMRMF78</lei>
        <title>Piper Jaffray Cos.</title>
        <cusip>724078100</cusip>
        <identifiers>
          <isin value="US7240781002"/>
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        <balance>26913.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2176723.44000000</valUSD>
        <pctVal>0.026067688511</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Independent Bank Corp.</name>
        <lei>N/A</lei>
        <title>Independent Bank Corp./MI</title>
        <cusip>453838609</cusip>
        <identifiers>
          <isin value="US4538386099"/>
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        <balance>41617.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>930139.95000000</valUSD>
        <pctVal>0.011139034956</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Athene Holding Ltd.</name>
        <lei>549300H316CT32FQXI76</lei>
        <title>Athene Holding Ltd. Class A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BMG0684D1074"/>
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        <balance>305178.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13739113.56000000</valUSD>
        <pctVal>0.164534881245</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CNB Financial Corp.</name>
        <lei>254900RUYUOKD91VNX69</lei>
        <title>CNB Financial Corp./PA</title>
        <cusip>126128107</cusip>
        <identifiers>
          <isin value="US1261281075"/>
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        <balance>28466.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>901233.56000000</valUSD>
        <pctVal>0.010792862008</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Simmons First National Corp.</name>
        <lei>549300IVR5AJKUVOGN05</lei>
        <title>Simmons First National Corp. Class A</title>
        <cusip>828730200</cusip>
        <identifiers>
          <isin value="US8287302009"/>
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        <balance>191418.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4959640.38000000</valUSD>
        <pctVal>0.059394941120</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LendingTree Inc.</name>
        <lei>549300ISY5YHUJZTON08</lei>
        <title>LendingTree Inc.</title>
        <cusip>52603B107</cusip>
        <identifiers>
          <isin value="US52603B1070"/>
        </identifiers>
        <balance>15524.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5596867.72000000</valUSD>
        <pctVal>0.067026155772</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Reinsurance Group of America Inc.</name>
        <lei>LORM1GNEU1DKEW527V90</lei>
        <title>Reinsurance Group of America Inc. Class A</title>
        <cusip>759351604</cusip>
        <identifiers>
          <isin value="US7593516047"/>
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        <balance>124948.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20673896.08000000</valUSD>
        <pctVal>0.247583442814</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>American National Insurance Co.</name>
        <lei>549300RZTZ0HILNF3Y05</lei>
        <title>American National Insurance Co.</title>
        <cusip>028591105</cusip>
        <identifiers>
          <isin value="US0285911055"/>
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        <balance>16016.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1889888.00000000</valUSD>
        <pctVal>0.022632646297</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>State Street Corp.</name>
        <lei>549300ZFEEJ2IP5VME73</lei>
        <title>State Street Corp.</title>
        <cusip>857477103</cusip>
        <identifiers>
          <isin value="US8574771031"/>
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        <balance>743008.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>55799900.80000000</valUSD>
        <pctVal>0.668240349825</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Apollo Commercial Real Estate Finance Inc.</name>
        <lei>549300E0AN7M2AQHSY29</lei>
        <title>Apollo Commercial Real Estate Finance Inc.</title>
        <cusip>03762U105</cusip>
        <identifiers>
          <isin value="US03762U1051"/>
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        <balance>290255.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5302958.85000000</valUSD>
        <pctVal>0.063506404603</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>Enova International Inc.</name>
        <lei>549300O8XOCQSB49UO63</lei>
        <title>Enova International Inc.</title>
        <cusip>29357K103</cusip>
        <identifiers>
          <isin value="US29357K1034"/>
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        <balance>67362.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1551346.86000000</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>RenaissanceRe Holdings Ltd.</name>
        <lei>EK6GB9U3U58PDI411C94</lei>
        <title>RenaissanceRe Holdings Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BMG7496G1033"/>
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        <balance>87904.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16554960.32000000</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Amerant Bancorp Inc.</name>
        <lei>5493007OCZP75TGDUY32</lei>
        <title>Amerant Bancorp Inc.</title>
        <cusip>023576101</cusip>
        <identifiers>
          <isin value="US0235761014"/>
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        <balance>45974.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1013266.96000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Intercontinental Exchange Inc.</name>
        <lei>5493000F4ZO33MV32P92</lei>
        <title>Intercontinental Exchange Inc.</title>
        <cusip>45866F104</cusip>
        <identifiers>
          <isin value="US45866F1049"/>
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        <balance>1117629.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>105247122.93000000</valUSD>
        <pctVal>1.260403212846</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>Home Bancorp Inc.</name>
        <lei>N/A</lei>
        <title>Home Bancorp Inc.</title>
        <cusip>43689E107</cusip>
        <identifiers>
          <isin value="US43689E1073"/>
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        <balance>14618.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>563962.44000000</valUSD>
        <pctVal>0.006753819501</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>American Express Co.</name>
        <lei>R4PP93JZOLY261QX3811</lei>
        <title>American Express Co.</title>
        <cusip>025816109</cusip>
        <identifiers>
          <isin value="US0258161092"/>
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        <balance>1406420.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>168939170.40000000</valUSD>
        <pctVal>2.023157186818</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>New Residential Investment Corp.</name>
        <lei>549300WNTHGEO5LP2G31</lei>
        <title>New Residential Investment Corp.</title>
        <cusip>64828T201</cusip>
        <identifiers>
          <isin value="US64828T2015"/>
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        <balance>829464.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12856692.00000000</valUSD>
        <pctVal>0.153967305255</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>Affiliated Managers Group Inc.</name>
        <lei>2JE75BUE3T1BLCYYGK54</lei>
        <title>Affiliated Managers Group Inc.</title>
        <cusip>008252108</cusip>
        <identifiers>
          <isin value="US0082521081"/>
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        <balance>100935.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8616820.95000000</valUSD>
        <pctVal>0.103192073165</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>KKR &amp; Co. Inc.</name>
        <lei>549300JOHU21WRN2Z451</lei>
        <title>KKR &amp; Co. Inc. Class A</title>
        <cusip>48251W104</cusip>
        <identifiers>
          <isin value="US48251W1045"/>
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        <balance>978551.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>28857468.99000000</valUSD>
        <pctVal>0.345587087010</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>Erie Indemnity Co.</name>
        <lei>549300WA5KP94KRUFZ80</lei>
        <title>Erie Indemnity Co. Class A</title>
        <cusip>29530P102</cusip>
        <identifiers>
          <isin value="US29530P1021"/>
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        <balance>50712.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8585541.60000000</valUSD>
        <pctVal>0.102817482468</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>First Interstate BancSystem Inc.</name>
        <lei>N/A</lei>
        <title>First Interstate BancSystem Inc. Class A</title>
        <cusip>32055Y201</cusip>
        <identifiers>
          <isin value="US32055Y2019"/>
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        <balance>81342.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3424498.20000000</valUSD>
        <pctVal>0.041010608304</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>Eaton Vance Corp.</name>
        <lei>4JJ8ORNW1AFZPSV8GJ79</lei>
        <title>Eaton Vance Corp.</title>
        <cusip>278265103</cusip>
        <identifiers>
          <isin value="US2782651036"/>
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        <balance>225312.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10627967.04000000</valUSD>
        <pctVal>0.127276864491</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>MGIC Investment Corp.</name>
        <lei>254900S8483WM4M98R28</lei>
        <title>MGIC Investment Corp.</title>
        <cusip>552848103</cusip>
        <identifiers>
          <isin value="US5528481030"/>
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        <balance>705012.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10159222.92000000</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>FGL Holdings</name>
        <lei>549300UJJCG16YY1N573</lei>
        <title>FGL Holdings</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG3402M1024"/>
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        <balance>331333.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3025070.29000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>United Insurance Holdings Corp.</name>
        <lei>5299002P9105LJQA8G51</lei>
        <title>United Insurance Holdings Corp.</title>
        <cusip>910710102</cusip>
        <identifiers>
          <isin value="US9107101027"/>
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        <balance>43124.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>547243.56000000</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>Flushing Financial Corp.</name>
        <lei>N/A</lei>
        <title>Flushing Financial Corp.</title>
        <cusip>343873105</cusip>
        <identifiers>
          <isin value="US3438731057"/>
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        <balance>52993.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1123451.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PennyMac Financial Services Inc.</name>
        <lei>549300W1D516HBDEU871</lei>
        <title>PennyMac Financial Services Inc.</title>
        <cusip>70932M107</cusip>
        <identifiers>
          <isin value="US70932M1071"/>
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        <balance>124838.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4283191.78000000</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>Atlantic Capital Bancshares Inc.</name>
        <lei>5493005URKIOUNJO6097</lei>
        <title>Atlantic Capital Bancshares Inc.</title>
        <cusip>048269203</cusip>
        <identifiers>
          <isin value="US0482692037"/>
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        <balance>43825.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>829169.00000000</valUSD>
        <pctVal>0.009929841714</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>State Auto Financial Corp.</name>
        <lei>N/A</lei>
        <title>State Auto Financial Corp.</title>
        <cusip>855707105</cusip>
        <identifiers>
          <isin value="US8557071052"/>
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        <balance>34954.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1145792.12000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Ladenburg Thalmann Financial Services Inc.</name>
        <lei>549300VFWKFWGJQPSE62</lei>
        <title>Ladenburg Thalmann Financial Services Inc.</title>
        <cusip>50575Q102</cusip>
        <identifiers>
          <isin value="US50575Q1022"/>
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        <balance>218704.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>763276.96000000</valUSD>
        <pctVal>0.009140741389</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Enstar Group Ltd.</name>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Hanmi Financial Corp.</name>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BancorpSouth Bank</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Atlantic Union Bankshares Corp.</name>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Bank of Marin Bancorp</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Veritex Holdings Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Bank of America Corp.</name>
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        <title>Bank of America 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>Bridge Bancorp 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>N/A</name>
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        <cusip>N/A</cusip>
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          <ticker value="ESZ9"/>
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        <assetCat>DE</assetCat>
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        <invCountry>N/A</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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      <invstOrSec>
        <name>SLM Corp.</name>
        <lei>4K8SLPBF5DXXGPW03H93</lei>
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        <cusip>78442P106</cusip>
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          <isin value="US78442P1066"/>
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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>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Voya Financial Inc.</name>
        <lei>549300T065Z4KJ686G75</lei>
        <title>Voya Financial Inc.</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Cincinnati Financial Corp.</name>
        <lei>254900Q4WEDMZBOZ0002</lei>
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        <name>Moelis &amp; Co.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Waterstone Financial Inc.</name>
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        <name>Capstead Mortgage Corp.</name>
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        <title>Capstead Mortgage Corp.</title>
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        <name>Allegiance Bancshares Inc.</name>
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        <title>Allegiance Bancshares Inc.</title>
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        <name>Employers Holdings Inc.</name>
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        <title>Employers Holdings Inc.</title>
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        <name>Hamilton Lane Inc.</name>
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        <title>Hamilton Lane Inc. Class A</title>
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        <name>Crawford &amp; Co.</name>
        <lei>7TZZFJ2GPOGLWIKIXY82</lei>
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        <name>White Mountains Insurance Group Ltd.</name>
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        <title>White Mountains Insurance Group Ltd.</title>
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        <name>Cohen &amp; Steers Inc.</name>
        <lei>549300XXIA338A0X2K65</lei>
        <title>Cohen &amp; Steers Inc.</title>
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        <name>Brighthouse Financial Inc.</name>
        <lei>5493003T8SZSHOGGAW52</lei>
        <title>Brighthouse Financial Inc.</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>FB Financial Corp.</name>
        <lei>5493000B2LD2C2A6C435</lei>
        <title>FB Financial Corp.</title>
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        <pctVal>0.015298060710</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Brightsphere Investment Group Inc.</name>
        <lei>5493004FTLQNQTBOP608</lei>
        <title>Brightsphere Investment Group Inc.</title>
        <cusip>10948W103</cusip>
        <identifiers>
          <isin value="US10948W1036"/>
        </identifiers>
        <balance>155944.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1501740.72000000</valUSD>
        <pctVal>0.017984328461</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bar Harbor Bankshares</name>
        <lei>5493007F1MXPT8JZHV60</lei>
        <title>Bar Harbor Bankshares</title>
        <cusip>066849100</cusip>
        <identifiers>
          <isin value="US0668491006"/>
        </identifiers>
        <balance>32323.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>828761.72000000</valUSD>
        <pctVal>0.009924964269</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Byline Bancorp Inc.</name>
        <lei>549300W7ODP4YL2H4823</lei>
        <title>Byline Bancorp Inc.</title>
        <cusip>124411109</cusip>
        <identifiers>
          <isin value="US1244111092"/>
        </identifiers>
        <balance>33185.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>610272.15000000</valUSD>
        <pctVal>0.007308408602</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PRA Group Inc.</name>
        <lei>549300Q5HW3JSSB86K27</lei>
        <title>PRA Group Inc.</title>
        <cusip>69354N106</cusip>
        <identifiers>
          <isin value="US69354N1063"/>
        </identifiers>
        <balance>90621.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3320353.44000000</valUSD>
        <pctVal>0.039763406609</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ocwen Financial Corp.</name>
        <lei>UZHKFQNCWDEDCNJIZJ80</lei>
        <title>Ocwen Financial Corp.</title>
        <cusip>675746309</cusip>
        <identifiers>
          <isin value="US6757463095"/>
        </identifiers>
        <balance>228206.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>356001.36000000</valUSD>
        <pctVal>0.004263349395</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Axos Financial Inc.</name>
        <lei>529900D8M56422GK9O25</lei>
        <title>Axos Financial Inc.</title>
        <cusip>05465C100</cusip>
        <identifiers>
          <isin value="US05465C1009"/>
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        <balance>109965.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3238469.25000000</valUSD>
        <pctVal>0.038782789816</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BancFirst Corp.</name>
        <lei>549300EJEHGBP4IO2J30</lei>
        <title>BancFirst Corp.</title>
        <cusip>05945F103</cusip>
        <identifiers>
          <isin value="US05945F1030"/>
        </identifiers>
        <balance>35278.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2084577.02000000</valUSD>
        <pctVal>0.024964174794</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sandy Spring Bancorp Inc.</name>
        <lei>549300UEM4C23DHLT013</lei>
        <title>Sandy Spring Bancorp Inc.</title>
        <cusip>800363103</cusip>
        <identifiers>
          <isin value="US8003631038"/>
        </identifiers>
        <balance>70661.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2498572.96000000</valUSD>
        <pctVal>0.029922047260</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cullen/Frost Bankers Inc.</name>
        <lei>529900V2E9G9AY665O34</lei>
        <title>Cullen/Frost Bankers Inc.</title>
        <cusip>229899109</cusip>
        <identifiers>
          <isin value="US2298991090"/>
        </identifiers>
        <balance>118649.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11100800.44000000</valUSD>
        <pctVal>0.132939354067</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CenterState Bank Corp.</name>
        <lei>5493006VAYIZL456AS87</lei>
        <title>CenterState Bank Corp.</title>
        <cusip>15201P109</cusip>
        <identifiers>
          <isin value="US15201P1093"/>
        </identifiers>
        <balance>230772.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5868531.96000000</valUSD>
        <pctVal>0.070279512932</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Heritage Financial Corp.</name>
        <lei>549300D8R1F75RBWEG06</lei>
        <title>Heritage Financial Corp./WA</title>
        <cusip>42722X106</cusip>
        <identifiers>
          <isin value="US42722X1063"/>
        </identifiers>
        <balance>74632.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2058350.56000000</valUSD>
        <pctVal>0.024650095762</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Synchrony Financial</name>
        <lei>549300RS7EWPM9MA6C78</lei>
        <title>Synchrony Financial</title>
        <cusip>87165B103</cusip>
        <identifiers>
          <isin value="US87165B1035"/>
        </identifiers>
        <balance>1190652.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>44542291.32000000</valUSD>
        <pctVal>0.533423104825</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Zions Bancorp NA</name>
        <lei>8WH0EE09O9V05QJZ3V89</lei>
        <title>Zions Bancorp NA</title>
        <cusip>989701107</cusip>
        <identifiers>
          <isin value="US9897011071"/>
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        <balance>352903.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>17567511.34000000</valUSD>
        <pctVal>0.210382451493</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Eagle Bancorp Inc.</name>
        <lei>549300B47NZODRMG3D47</lei>
        <title>Eagle Bancorp Inc.</title>
        <cusip>268948106</cusip>
        <identifiers>
          <isin value="US2689481065"/>
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        <balance>65414.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2905689.88000000</valUSD>
        <pctVal>0.034797538957</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>American International Group Inc.</name>
        <lei>ODVCVCQG2BP6VHV36M30</lei>
        <title>American International Group Inc.</title>
        <cusip>026874784</cusip>
        <identifiers>
          <isin value="US0268747849"/>
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        <balance>1734911.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>91360413.26000000</valUSD>
        <pctVal>1.094100771538</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Arbor Realty Trust Inc.</name>
        <lei>549300ASFUWYQO0RW077</lei>
        <title>Arbor Realty Trust Inc.</title>
        <cusip>038923108</cusip>
        <identifiers>
          <isin value="US0389231087"/>
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        <balance>161398.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2446793.68000000</valUSD>
        <pctVal>0.029301956477</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="1829812"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Univest Financial Corp.</name>
        <lei>4WII2HCR8UEWNU03U507</lei>
        <title>Univest Financial Corp.</title>
        <cusip>915271100</cusip>
        <identifiers>
          <isin value="US9152711001"/>
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        <balance>57220.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1494014.20000000</valUSD>
        <pctVal>0.017891798324</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>EZCORP Inc.</name>
        <lei>5493003K6PG3ZQ7TUQ63</lei>
        <title>EZCORP Inc. Class A</title>
        <cusip>302301106</cusip>
        <identifiers>
          <isin value="US3023011063"/>
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        <balance>104892.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>537047.04000000</valUSD>
        <pctVal>0.006431489962</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HomeStreet Inc.</name>
        <lei>N/A</lei>
        <title>HomeStreet Inc.</title>
        <cusip>43785V102</cusip>
        <identifiers>
          <isin value="US43785V1026"/>
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        <balance>46077.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1470777.84000000</valUSD>
        <pctVal>0.017613527698</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Federated Investors Inc.</name>
        <lei>R05X5UQ874RGFF7HHD84</lei>
        <title>Federated Investors Inc. Class B</title>
        <cusip>314211103</cusip>
        <identifiers>
          <isin value="US3142111034"/>
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        <balance>192205.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6442711.60000000</valUSD>
        <pctVal>0.077155690094</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>First Midwest Bancorp Inc.</name>
        <lei>N/A</lei>
        <title>First Midwest Bancorp Inc./IL</title>
        <cusip>320867104</cusip>
        <identifiers>
          <isin value="US3208671046"/>
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        <balance>218733.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4715883.48000000</valUSD>
        <pctVal>0.056475792630</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Dime Community Bancshares Inc.</name>
        <lei>N/A</lei>
        <title>Dime Community Bancshares Inc.</title>
        <cusip>253922108</cusip>
        <identifiers>
          <isin value="US2539221083"/>
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        <balance>61710.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1244073.60000000</valUSD>
        <pctVal>0.014898595978</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Flagstar Bancorp Inc.</name>
        <lei>549300Q22V2Y3J4R2715</lei>
        <title>Flagstar Bancorp Inc.</title>
        <cusip>337930705</cusip>
        <identifiers>
          <isin value="US3379307057"/>
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        <balance>73327.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2732164.02000000</valUSD>
        <pctVal>0.032719453159</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hancock Whitney Corp.</name>
        <lei>N/A</lei>
        <title>Hancock Whitney Corp.</title>
        <cusip>410120109</cusip>
        <identifiers>
          <isin value="US4101201097"/>
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        <balance>180793.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7342003.73000000</valUSD>
        <pctVal>0.087925302206</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PNC Financial Services Group Inc.</name>
        <lei>CFGNEKW0P8842LEUIA51</lei>
        <title>PNC Financial Services Group Inc.</title>
        <cusip>693475105</cusip>
        <identifiers>
          <isin value="US6934751057"/>
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        <balance>888071.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>136061357.91000000</valUSD>
        <pctVal>1.629423853876</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Horizon Bancorp Inc.</name>
        <lei>549300U2OQ2EIT5MXG39</lei>
        <title>Horizon Bancorp Inc./IN</title>
        <cusip>440407104</cusip>
        <identifiers>
          <isin value="US4404071049"/>
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        <balance>80726.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1519263.32000000</valUSD>
        <pctVal>0.018194173069</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Argo Group International Holdings Ltd.</name>
        <lei>549300M4T8Y5TTWI6O03</lei>
        <title>Argo Group International Holdings Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BMG0464B1072"/>
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        <balance>68388.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4498562.64000000</valUSD>
        <pctVal>0.053873233270</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>
      <invstOrSec>
        <name>T Rowe Price Group Inc.</name>
        <lei>549300SIV6FPS9Y7IH33</lei>
        <title>T. Rowe Price Group Inc.</title>
        <cusip>74144T108</cusip>
        <identifiers>
          <isin value="US74144T1088"/>
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        <balance>369752.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>45686557.12000000</valUSD>
        <pctVal>0.547126437045</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Arch Capital Group Ltd.</name>
        <lei>549300AYR4P8AFKDCE43</lei>
        <title>Arch Capital Group Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BMG0450A1053"/>
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        <balance>808505.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>33932954.85000000</valUSD>
        <pctVal>0.406369353609</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>
      <invstOrSec>
        <name>Signature Bank</name>
        <lei>VLP5AP0XK2GM6GKD1007</lei>
        <title>Signature Bank/New York NY</title>
        <cusip>82669G104</cusip>
        <identifiers>
          <isin value="US82669G1040"/>
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        <balance>110223.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13597109.28000000</valUSD>
        <pctVal>0.162834287007</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>Selective Insurance Group Inc.</name>
        <lei>549300R3WGJWLE40R258</lei>
        <title>Selective Insurance Group Inc.</title>
        <cusip>816300107</cusip>
        <identifiers>
          <isin value="US8163001071"/>
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        <balance>118324.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7835415.28000000</valUSD>
        <pctVal>0.093834228603</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Greenhill &amp; Co. Inc.</name>
        <lei>529900VEOQHHHSPI9C69</lei>
        <title>Greenhill &amp; Co. Inc.</title>
        <cusip>395259104</cusip>
        <identifiers>
          <isin value="US3952591044"/>
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        <balance>33575.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>571110.75000000</valUSD>
        <pctVal>0.006839425194</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>Diamond Hill Investment Group Inc.</name>
        <lei>549300AQ6779A0B7VZ57</lei>
        <title>Diamond Hill Investment Group Inc.</title>
        <cusip>25264R207</cusip>
        <identifiers>
          <isin value="US25264R2076"/>
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        <balance>6541.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>893173.55000000</valUSD>
        <pctVal>0.010696338110</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>National Bank Holdings Corp.</name>
        <lei>N/A</lei>
        <title>National Bank Holdings Corp. Class A</title>
        <cusip>633707104</cusip>
        <identifiers>
          <isin value="US6337071046"/>
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        <balance>58442.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2094561.28000000</valUSD>
        <pctVal>0.025083742845</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>Western Asset Mortgage Capital Corp.</name>
        <lei>549300JOQRROR5SZYY83</lei>
        <title>Western Asset Mortgage Capital Corp.</title>
        <cusip>95790D105</cusip>
        <identifiers>
          <isin value="US95790D1054"/>
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        <balance>105932.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1088980.96000000</valUSD>
        <pctVal>0.013041260060</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>Peoples Bancorp Inc.</name>
        <lei>N/A</lei>
        <title>Peoples Bancorp Inc./OH</title>
        <cusip>709789101</cusip>
        <identifiers>
          <isin value="US7097891011"/>
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        <balance>39125.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1279778.75000000</valUSD>
        <pctVal>0.015326188529</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>Boston Private Financial Holdings Inc.</name>
        <lei>9LC5YYBM83TLRL460X73</lei>
        <title>Boston Private Financial Holdings Inc.</title>
        <cusip>101119105</cusip>
        <identifiers>
          <isin value="US1011191053"/>
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        <balance>167038.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1961026.12000000</valUSD>
        <pctVal>0.023484571865</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>Webster Financial Corp.</name>
        <lei>KMRURHT0VWKYS6Z5KU67</lei>
        <title>Webster Financial Corp.</title>
        <cusip>947890109</cusip>
        <identifiers>
          <isin value="US9478901096"/>
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        <balance>183867.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8952484.23000000</valUSD>
        <pctVal>0.107211860736</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Sterling Bancorp Inc.</name>
        <lei>N/A</lei>
        <title>Sterling Bancorp Inc./MI</title>
        <cusip>85917W102</cusip>
        <identifiers>
          <isin value="US85917W1027"/>
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        <balance>31499.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>305225.31000000</valUSD>
        <pctVal>0.003655272948</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>People's United Financial Inc.</name>
        <lei>N/A</lei>
        <title>People's United Financial Inc.</title>
        <cusip>712704105</cusip>
        <identifiers>
          <isin value="US7127041058"/>
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        <balance>884786.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14598969.00000000</valUSD>
        <pctVal>0.174832213172</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Banner Corp.</name>
        <lei>N/A</lei>
        <title>Banner Corp.</title>
        <cusip>06652V208</cusip>
        <identifiers>
          <isin value="US06652V2088"/>
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        <balance>68748.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3755703.24000000</valUSD>
        <pctVal>0.044977005531</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>Invesco Mortgage Capital Inc.</name>
        <lei>PV3BDP2HFZL2FNXQBL39</lei>
        <title>Invesco Mortgage Capital Inc.</title>
        <cusip>46131B100</cusip>
        <identifiers>
          <isin value="US46131B1008"/>
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        <balance>284057.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4613085.68000000</valUSD>
        <pctVal>0.055244721664</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>Cathay General Bancorp</name>
        <lei>549300K1SLJ8C97H5L68</lei>
        <title>Cathay General Bancorp</title>
        <cusip>149150104</cusip>
        <identifiers>
          <isin value="US1491501045"/>
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        <balance>150830.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5553560.60000000</valUSD>
        <pctVal>0.066507524653</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>Bridgewater Bancshares Inc.</name>
        <lei>5493001FLSBTVILKXZ71</lei>
        <title>Bridgewater Bancshares Inc.</title>
        <cusip>108621103</cusip>
        <identifiers>
          <isin value="US1086211034"/>
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        <balance>41970.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>536376.60000000</valUSD>
        <pctVal>0.006423461004</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>Ares Commercial Real Estate Corp.</name>
        <lei>549300ZNO5IWXS443S81</lei>
        <title>Ares Commercial Real Estate Corp.</title>
        <cusip>04013V108</cusip>
        <identifiers>
          <isin value="US04013V1089"/>
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        <balance>51518.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>805741.52000000</valUSD>
        <pctVal>0.009649282301</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>Artisan Partners Asset Management Inc.</name>
        <lei>549300T1FUI6JF63XU51</lei>
        <title>Artisan Partners Asset Management Inc. Class A</title>
        <cusip>04316A108</cusip>
        <identifiers>
          <isin value="US04316A1088"/>
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        <balance>106124.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3148699.08000000</valUSD>
        <pctVal>0.037707733249</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Markel Corp.</name>
        <lei>549300SCNO12JLWIK605</lei>
        <title>Markel Corp.</title>
        <cusip>570535104</cusip>
        <identifiers>
          <isin value="US5705351048"/>
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        <balance>27567.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>31303706.85000000</valUSD>
        <pctVal>0.374882387179</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>First Defiance Financial Corp.</name>
        <lei>N/A</lei>
        <title>First Defiance Financial Corp.</title>
        <cusip>32006W106</cusip>
        <identifiers>
          <isin value="US32006W1062"/>
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        <balance>39211.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1182211.65000000</valUSD>
        <pctVal>0.014157758620</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LPL Financial Holdings Inc.</name>
        <lei>549300XROQ4Y8G2L7682</lei>
        <title>LPL Financial Holdings Inc.</title>
        <cusip>50212V100</cusip>
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          <isin value="US50212V1008"/>
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        <balance>164124.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>15156851.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Stifel Financial Corp.</name>
        <lei>549300E5F07FE5GHJX84</lei>
        <title>Stifel Financial Corp.</title>
        <cusip>860630102</cusip>
        <identifiers>
          <isin value="US8606301021"/>
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        <balance>138695.00000000</balance>
        <units>NS</units>
        <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>Old Second Bancorp Inc.</name>
        <lei>549300XVJC1MPUT81C04</lei>
        <title>Old Second Bancorp Inc.</title>
        <cusip>680277100</cusip>
        <identifiers>
          <isin value="US6802771005"/>
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        <balance>52289.00000000</balance>
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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>Comerica Inc.</name>
        <lei>I9Q57JVPWHHZ3ZGBW498</lei>
        <title>Comerica Inc.</title>
        <cusip>200340107</cusip>
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          <isin value="US2003401070"/>
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        <balance>297829.00000000</balance>
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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>Nicolet Bankshares Inc.</name>
        <lei>N/A</lei>
        <title>Nicolet Bankshares Inc.</title>
        <cusip>65406E102</cusip>
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          <isin value="US65406E1029"/>
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        <balance>17924.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1298773.04000000</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>First BanCorp</name>
        <lei>5493000C44WC17AV1S09</lei>
        <title>First BanCorp/Puerto Rico</title>
        <cusip>318672706</cusip>
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          <isin value="PR3186727065"/>
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        <balance>435866.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4576593.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>First Financial Corp.</name>
        <lei>N/A</lei>
        <title>First Financial Corp./IN</title>
        <cusip>320218100</cusip>
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          <isin value="US3202181000"/>
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        <balance>21714.00000000</balance>
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        <valUSD>960193.08000000</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>Financial Institutions Inc.</name>
        <lei>N/A</lei>
        <title>Financial Institutions Inc.</title>
        <cusip>317585404</cusip>
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          <isin value="US3175854047"/>
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        <balance>31364.00000000</balance>
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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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Preferred Bank</name>
        <lei>5493007K6HGI9G0ECX16</lei>
        <title>Preferred Bank/Los Angeles CA</title>
        <cusip>740367404</cusip>
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        <balance>30459.00000000</balance>
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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>Horace Mann Educators Corp.</name>
        <lei>254900G5YAV3A2YK8T32</lei>
        <title>Horace Mann Educators Corp.</title>
        <cusip>440327104</cusip>
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        <balance>81982.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Glacier Bancorp Inc.</name>
        <lei>N/A</lei>
        <title>Glacier Bancorp Inc.</title>
        <cusip>37637Q105</cusip>
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        <balance>172705.00000000</balance>
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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>TriCo Bancshares</name>
        <lei>N/A</lei>
        <title>TriCo Bancshares</title>
        <cusip>896095106</cusip>
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        <balance>53967.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2085824.55000000</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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AG Mortgage Investment Trust Inc.</name>
        <lei>549300SNP0PBR2XTFR48</lei>
        <title>AG Mortgage Investment Trust Inc.</title>
        <cusip>001228105</cusip>
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          <isin value="US0012281053"/>
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        <balance>65257.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1016051.49000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AXA Equitable Holdings Inc.</name>
        <lei>549300FIBAKMNHPZ4009</lei>
        <title>AXA Equitable Holdings Inc.</title>
        <cusip>054561105</cusip>
        <identifiers>
          <isin value="US0545611057"/>
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        <balance>840080.00000000</balance>
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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>New York Mortgage Trust Inc.</name>
        <lei>549300JFGR0M7ULHWG48</lei>
        <title>New York Mortgage Trust Inc.</title>
        <cusip>649604501</cusip>
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          <isin value="US6496045013"/>
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        <balance>517693.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3225227.39000000</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>
      <invstOrSec>
        <name>Citizens Financial Group Inc.</name>
        <lei>2138004JDDA4ZQUPFW65</lei>
        <title>Citizens Financial Group Inc.</title>
        <cusip>174610105</cusip>
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          <isin value="US1746101054"/>
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        <balance>891526.00000000</balance>
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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>Legg Mason Inc.</name>
        <lei>OWUNCC6U1ZJXMZKFBJ36</lei>
        <title>Legg Mason Inc.</title>
        <cusip>524901105</cusip>
        <identifiers>
          <isin value="US5249011058"/>
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        <balance>172974.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6759823.92000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>PacWest Bancorp</name>
        <lei>549300YI8VMFO7G36V04</lei>
        <title>PacWest Bancorp</title>
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        <balance>234667.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>KeyCorp</name>
        <lei>RKPI3RZGV1V1FJTH5T61</lei>
        <title>KeyCorp</title>
        <cusip>493267108</cusip>
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          <isin value="US4932671088"/>
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        <balance>2000658.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>38792758.62000000</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>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2019-12-31</ncom:dateSigned>
      <ncom:nameOfApplicant>VANGUARD WORLD FUND</ncom:nameOfApplicant>
      <ncom:signature>Christine M. Buchanan</ncom:signature>
      <ncom:signerName>Christine M. Buchanan</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
