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      <regFileNumber>811-04982</regFileNumber>
      <regCik>0000809586</regCik>
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      <regStreet1>790 N. Water St. Suite 1200</regStreet1>
      <regCity>MILWAUKEE</regCity>
      <regStateConditional regCountry="US" regState="US-WI"/>
      <regZipOrPostalCode>53202</regZipOrPostalCode>
      <regPhone>4143477777</regPhone>
      <seriesName>Heartland Value Fund</seriesName>
      <seriesId>S000003523</seriesId>
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      <repPdEnd>2020-12-31</repPdEnd>
      <repPdDate>2020-03-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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        <name>Hollyfrontier Corp</name>
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        <name>Standard Lithium Ltd</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Ceco Environmental Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Accuray Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>THE OPTIONS CLEARING CORPORATION</name>
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        <title>Limelight Networks, Inc.</title>
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            <counterparties>
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            <writtenOrPur>Written</writtenOrPur>
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                <issueTitle>LIMELIGHT NETWORKS INC COM</issueTitle>
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        <name>Intellicheck Inc</name>
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        <name>Hanover Foods Corp</name>
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        <name>Powell Industries Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Ameresco Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Select Energy Services Inc</name>
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        <title>Select Energy Services, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Vistra Energy Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Marchex Inc</name>
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        <name>Northwest Pipe Co</name>
        <lei>54930056VW2CRCZ9RE54</lei>
        <title>Northwest Pipe Co.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Potlatchdeltic Corp</name>
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        <title>PotlatchDeltic Corp.</title>
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        <name>Trinity Biotech Plc</name>
        <lei>635400ESQQYRIISTLB94</lei>
        <title>Trinity Biotech, PLC</title>
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        <invCountry>IE</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Marten Transport Ltd</name>
        <lei>N/A</lei>
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          <isin value="US5730751089"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Triple-s Management Corp</name>
        <lei>N/A</lei>
        <title>Triple-S Management Corp.</title>
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          <isin value="PR8967491088"/>
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        <assetCat>EC</assetCat>
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        <invCountry>PR</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Zovio Inc</name>
        <lei>N/A</lei>
        <title>Zovio, Inc.</title>
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          <isin value="US98979V1026"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Acacia Research Corp</name>
        <lei>529900BCN7BE6ESPDZ72</lei>
        <title>Acacia Research Corp.</title>
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          <isin value="US0038813079"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Oil-dri Corp Of America</name>
        <lei>549300RSG5KPUH16WH66</lei>
        <title>Oil-Dri Corp. of America</title>
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          <isin value="US6778641000"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Gorman-rupp Co/the</name>
        <lei>N/A</lei>
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          <isin value="US3830821043"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Mitek Systems Inc</name>
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        <title>Mitek Systems, Inc.</title>
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          <isin value="US6067102003"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Dick's Sporting Goods Inc</name>
        <lei>529900SSBV5I4LWSK313</lei>
        <title>Dick's Sporting Goods, Inc.</title>
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          <isin value="US2533931026"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Thor Industries Inc</name>
        <lei>254900XZO1228PDSG060</lei>
        <title>Thor Industries, Inc.</title>
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          <isin value="US8851601018"/>
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        <balance>100000.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ncr Corp</name>
        <lei>549300YKTY8JX1DV2R67</lei>
        <title>NCR Corp.</title>
        <cusip>62886E108</cusip>
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          <isin value="US62886E1082"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Lincoln Educational Services C</name>
        <lei>549300BJ55KUY6RG7L98</lei>
        <title>Lincoln Educational Services Corp.</title>
        <cusip>533535100</cusip>
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          <isin value="US5335351004"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Landec Corp</name>
        <lei>549300EHBZ5OM9ND9O43</lei>
        <title>Landec Corp.</title>
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          <isin value="US5147661046"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Bancorp Inc/the</name>
        <lei>N/A</lei>
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        <valUSD>4552500.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Skechers U.s.a. Inc</name>
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        <title>Skechers U.S.A., Inc.</title>
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          <isin value="US8305661055"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Mdu Resources Group Inc</name>
        <lei>0T6SBMK3JTBI1JR36794</lei>
        <title>MDU Resources Group, Inc.</title>
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        <balance>150000.00000000</balance>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>First Internet Bancorp</name>
        <lei>549300T25MP2M92XU194</lei>
        <title>First Internet Bancorp</title>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Stock Yards Bancorp Inc</name>
        <lei>549300YERP9H5TDIQW16</lei>
        <title>Stock Yards Bancorp, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Onespan Inc</name>
        <lei>549300D67QDZG593UX89</lei>
        <title>OneSpan, Inc.</title>
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        <name>Radian Group Inc</name>
        <lei>54930005OUP720S5U385</lei>
        <title>Radian Group, Inc.</title>
        <cusip>750236101</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <name>Mgic Investment Corp</name>
        <lei>254900S8483WM4M98R28</lei>
        <title>MGIC Investment Corp.</title>
        <cusip>552848103</cusip>
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        <balance>1500000.00000000</balance>
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        <assetCat>EC</assetCat>
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        <name>Photronics Inc</name>
        <lei>549300OK5JVNIBNY6F63</lei>
        <title>Photronics, Inc.</title>
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        <invCountry>US</invCountry>
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        <name>Tristate Capital Holdings Inc</name>
        <lei>5493003JKSPN0881WX29</lei>
        <title>TriState Capital Holdings, Inc.</title>
        <cusip>89678F100</cusip>
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        <balance>400000.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Identiv Inc</name>
        <lei>5299008KH3C585Z0DS77</lei>
        <title>Identiv, Inc.</title>
        <cusip>45170X205</cusip>
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        <balance>600000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2028000.00000000</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>Kennedy-wilson Holdings Inc</name>
        <lei>549300MOI1T78144X610</lei>
        <title>Kennedy-Wilson Holdings, Inc.</title>
        <cusip>489398107</cusip>
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        <balance>897978.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>12050864.76000000</valUSD>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Sensus Healthcare Inc</name>
        <lei>549300F3JF8NCDJJZW04</lei>
        <title>Sensus Healthcare, Inc.</title>
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          <isin value="US81728J1097"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Harvard Bioscience Inc</name>
        <lei>549300VLGB1D47GGC642</lei>
        <title>Harvard Bioscience, Inc.</title>
        <cusip>416906105</cusip>
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          <isin value="US4169061052"/>
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        <balance>1000000.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Capital City Bank Group Inc</name>
        <lei>N/A</lei>
        <title>Capital City Bank Group, Inc.</title>
        <cusip>139674105</cusip>
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          <isin value="US1396741050"/>
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        <balance>500000.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Heron Therapeutics Inc</name>
        <lei>549300DR2I1DOPD2IX53</lei>
        <title>Heron Therapeutics, Inc.</title>
        <cusip>427746102</cusip>
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          <isin value="US4277461020"/>
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        <balance>375000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4402500.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Gsi Technology Inc</name>
        <lei>N/A</lei>
        <title>GSI Technology, Inc.</title>
        <cusip>36241U106</cusip>
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          <isin value="US36241U1060"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Evertec Inc</name>
        <lei>N/A</lei>
        <title>EVERTEC, Inc.</title>
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          <isin value="PR30040P1032"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>PR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Umb Financial Corp</name>
        <lei>549300MGEH3N3CUCV828</lei>
        <title>UMB Financial Corp.</title>
        <cusip>902788108</cusip>
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          <isin value="US9027881088"/>
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        <balance>250000.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Dasan Zhone Solutions Inc</name>
        <lei>549300JL6GXPZ9SNGD29</lei>
        <title>DASAN Zhone Solutions, Inc.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Digi International Inc</name>
        <lei>529900KG656HGROI4N27</lei>
        <title>Digi International, Inc.</title>
        <cusip>253798102</cusip>
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          <isin value="US2537981027"/>
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        <balance>150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1431000.00000000</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>
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      <invstOrSec>
        <name>Vonage Holdings Corp</name>
        <lei>529900W7N0N4WLN1JY21</lei>
        <title>Vonage Holdings Corp.</title>
        <cusip>92886T201</cusip>
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          <isin value="US92886T2015"/>
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        <balance>1100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7953000.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Teranga Gold Corp</name>
        <lei>549300GNFZCBV9864W15</lei>
        <title>Teranga Gold Corp.</title>
        <cusip>880797204</cusip>
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          <isin value="CA8807972044"/>
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        <balance>1150000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.40730000"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Tecnoglass Inc</name>
        <lei>529900YRWTPOC2E6IO67</lei>
        <title>Tecnoglass, Inc.</title>
        <cusip>G87264100</cusip>
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          <isin value="KYG872641009"/>
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        <balance>127065.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>490470.90000000</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>
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      <invstOrSec>
        <name>Associated Banc-corp</name>
        <lei>549300N3CIN473IW5094</lei>
        <title>Associated Banc-Corp</title>
        <cusip>045487105</cusip>
        <identifiers>
          <isin value="US0454871056"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5116000.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Apple Hospitality Reit Inc</name>
        <lei>549300EVZAR0FBZO4F16</lei>
        <title>Apple Hospitality REIT, Inc.</title>
        <cusip>03784Y200</cusip>
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        <curCd>USD</curCd>
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        <assetCat>RE</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Limelight Networks Inc</name>
        <lei>529900BNCMDQGEKW5M59</lei>
        <title>Limelight Networks, Inc.</title>
        <cusip>53261M104</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>THE OPTIONS CLEARING CORPORATION</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>CareTrust REIT, Inc.</title>
        <cusip>17M998A87</cusip>
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        <balance>-2000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-85000.00000000</valUSD>
        <pctVal>-0.02077182562</pctVal>
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        <assetCat>DE</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="OPT">
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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            <shareNo>100.00000000</shareNo>
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      <invstOrSec>
        <name>Trico Bancshares</name>
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        <title>TriCo Bancshares</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>THE OPTIONS CLEARING CORPORATION</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>MDC Holdings, Inc.</title>
        <cusip>10M99R750</cusip>
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          <ticker value="10M99R75"/>
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        <balance>-1000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-10000.00000000</valUSD>
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        <assetCat>DE</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>Susquehanna International Capital Group</counterpartyName>
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                <issuerName>M D C HLDGS INC</issuerName>
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            <shareNo>100.00000000</shareNo>
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      <invstOrSec>
        <name>Mdc Holdings Inc</name>
        <lei>5299005FV4VNV75R8R35</lei>
        <title>MDC Holdings, Inc.</title>
        <cusip>552676108</cusip>
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          <isin value="US5526761086"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Spartan Motors Inc</name>
        <lei>549300YY0TB51BGRV994</lei>
        <title>Spartan Motors, Inc.</title>
        <cusip>846819100</cusip>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Orion Energy Systems Inc</name>
        <lei>N/A</lei>
        <title>Orion Energy Systems, Inc.</title>
        <cusip>686275108</cusip>
        <identifiers>
          <isin value="US6862751087"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2775000.00000000</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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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Pacific Biosciences Of Califor</name>
        <lei>N/A</lei>
        <title>Pacific Biosciences of California, Inc.</title>
        <cusip>69404D108</cusip>
        <identifiers>
          <isin value="US69404D1081"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>918000.00000000</valUSD>
        <pctVal>0.224335716759</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>
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      <invstOrSec>
        <name>Roxgold Inc</name>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Pixelworks Inc</name>
        <lei>529900ORL14ENZ36HI70</lei>
        <title>Pixelworks, Inc.</title>
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          <isin value="US72581M3051"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Cpi Aerostructures Inc</name>
        <lei>549300C471OFZGCOHS09</lei>
        <title>CPI Aerostructures, Inc.</title>
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          <isin value="US1259193084"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Quantum Corp</name>
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        <title>Quantum Corp.</title>
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          <isin value="US7479065010"/>
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        <balance>750000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Argan Inc</name>
        <lei>529900E4KZWBV9KGBS83</lei>
        <title>Argan, Inc.</title>
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          <isin value="US04010E1091"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Fednat Holding Co</name>
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        <title>FedNat Holding Co.</title>
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          <isin value="US31431B1098"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Pentair Plc</name>
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        <title>Pentair PLC</title>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>THE OPTIONS CLEARING CORPORATION</name>
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        <title>Apple Hospitality REIT, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
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            <writtenOrPur>Written</writtenOrPur>
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                <issuerName>APPLE HOSPITALITY REIT</issuerName>
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      <invstOrSec>
        <name>Waddell &amp; Reed Financial Inc</name>
        <lei>549300DZMO2208Z36F25</lei>
        <title>Waddell &amp; Reed Financial, Inc.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Western Forest Products Inc</name>
        <lei>54930025VS2JPY0XAU56</lei>
        <title>Western Forest Products, Inc.</title>
        <cusip>958211203</cusip>
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          <isin value="CA9582112038"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Cutera Inc</name>
        <lei>529900NPKPEWJWR21Z42</lei>
        <title>Cutera, Inc.</title>
        <cusip>232109108</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Trxade Group Inc</name>
        <lei>549300GHZ32QH7U06I52</lei>
        <title>Trxade Group, Inc.</title>
        <cusip>89846A207</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Agnico Eagle Mines Ltd</name>
        <lei>YGE0EUBRF7IJOB3QRX76</lei>
        <title>Agnico Eagle Mines, Ltd.</title>
        <cusip>008474108</cusip>
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          <isin value="CA0084741085"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Cui Global Inc</name>
        <lei>549300Z34T2S6KBY7S35</lei>
        <title>CUI Global, Inc.</title>
        <cusip>126576206</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Motorcar Parts Of America Inc</name>
        <lei>549300AG4610OSV3H429</lei>
        <title>Motorcar Parts of America, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Caretrust Reit Inc</name>
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        <title>CareTrust REIT, Inc.</title>
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      <invstOrSec>
        <name>Century Bancorp Inc/ma</name>
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        <name>Amc Networks Inc</name>
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        <title>AMC Networks, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Perma-fix Environmental Servic</name>
        <lei>54930015OVD1T5P12U15</lei>
        <title>Perma-Fix Environmental Services</title>
        <cusip>714157203</cusip>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>Hudson Global Inc</name>
        <lei>54930073WVI9H7ILKL69</lei>
        <title>Hudson Global, Inc.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Indigo Books &amp; Music Inc</name>
        <lei>549300I3VFWXFDWTF203</lei>
        <title>Indigo Books &amp; Music, Inc.</title>
        <cusip>45567S108</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Calix Inc</name>
        <lei>5299002RQRZ4SXSCSJ58</lei>
        <title>Calix, Inc.</title>
        <cusip>13100M509</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>N/A</name>
        <lei>N/A</lei>
        <title>Invesco Treasury Portfolio</title>
        <cusip>N/A</cusip>
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        <fairValLevel>1</fairValLevel>
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        <name>First Solar Inc</name>
        <lei>549300NPYMLM4NHTOF27</lei>
        <title>First Solar, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Spark Power Group Inc</name>
        <lei>N/A</lei>
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          <isin value="CA84651C1095"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Patterson Cos Inc</name>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Century Communities Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Evofem Biosciences Inc</name>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Sterling Construction Co Inc</name>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Cubic Corp</name>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Investors Real Estate Trust</name>
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        <assetCat>RE</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Smtc Corp</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Usa Technologies Inc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Cowen Inc</name>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Albireo Pharma Inc</name>
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        <balance>150000.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Jazz Pharmaceuticals Plc</name>
        <lei>635400GAUMJCLEZRRV50</lei>
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        <balance>100000.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Barrett Business Services Inc</name>
        <lei>529900HXB6TMG0SR9Y34</lei>
        <title>Barrett Business Services, Inc.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Spark Energy Inc</name>
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        <title>Spark Energy, Inc.</title>
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        <balance>450000.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Heritage Financial Corp/wa</name>
        <lei>N/A</lei>
        <title>Heritage Financial Corp.</title>
        <cusip>42722X106</cusip>
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          <isin value="US42722X1063"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Rcm Technologies Inc</name>
        <lei>N/A</lei>
        <title>RCM Technologies, Inc.</title>
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          <isin value="US7493604000"/>
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        <balance>640000.00000000</balance>
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        <valUSD>800000.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Manitex International Inc</name>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Zagg Inc</name>
        <lei>549300ZF4FN5BTLAO858</lei>
        <title>ZAGG, Inc.</title>
        <cusip>98884U108</cusip>
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          <isin value="US98884U1088"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1244000.00000000</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>
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        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2020-04-30</ncom:dateSigned>
      <ncom:nameOfApplicant>HEARTLAND GROUP INC.</ncom:nameOfApplicant>
      <ncom:signature>Nicole Best</ncom:signature>
      <ncom:signerName>Nicole Best</ncom:signerName>
      <ncom:title>Chief Financial Officer and Chief Administrative</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
