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      <regFileNumber>811-04982</regFileNumber>
      <regCik>0000809586</regCik>
      <regLei>549300TJI5TPMVIHYH92</regLei>
      <regStreet1>790 N. WATER STREET SUITE 1200</regStreet1>
      <regCity>MILWAUKEE</regCity>
      <regStateConditional regCountry="US" regState="US-WI"/>
      <regZipOrPostalCode>53202</regZipOrPostalCode>
      <regPhone>4143477777</regPhone>
      <seriesName>Heartland Value Fund</seriesName>
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      <repPdEnd>2020-12-31</repPdEnd>
      <repPdDate>2020-06-30</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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      <totLiabs>5192924.57</totLiabs>
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      <assetsInvested>0.00000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.00000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.00000000</amtPayOneYrCtrldComp>
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        <name>Pretium Resources Inc</name>
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      <invstOrSec>
        <name>Heritage Financial Corp/wa</name>
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        <name>Gsi Technology Inc</name>
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        <name>Northwest Pipe Co</name>
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        <name>Rcm Technologies Inc</name>
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        <name>Smtc Corp</name>
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        <name>Berry Corp</name>
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        <name>Acacia Research Corp</name>
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        <name>Accuray Inc</name>
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        <title>Accuray, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>THE OPTIONS CLEARING CORPORATION</name>
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        <title>Trinity Biotech PLC</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Chembio Diagnostics Inc</name>
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        <name>Indigo Books &amp; Music Inc</name>
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      <invstOrSec>
        <name>Ncr Corp</name>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Caretrust Reit Inc</name>
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        <title>CareTrust REIT, Inc.</title>
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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>Vistra Energy Corp</name>
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        <title>Vistra Energy Corp.</title>
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          <isin value="US92840M1027"/>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Investors Real Estate Trust</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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      <invstOrSec>
        <name>Umb Financial Corp</name>
        <lei>549300MGEH3N3CUCV828</lei>
        <title>UMB Financial Corp.</title>
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          <isin value="US9027881088"/>
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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>Rent-a-center Inc/tx</name>
        <lei>529900QUHE15UQNCCJ63</lei>
        <title>Rent-A-Center, Inc.</title>
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          <isin value="US76009N1000"/>
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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>Hudson Global Inc</name>
        <lei>54930073WVI9H7ILKL69</lei>
        <title>Hudson Global, Inc.</title>
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          <isin value="US4437872058"/>
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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>Pacific Biosciences Of Califor</name>
        <lei>N/A</lei>
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        <cusip>69404D108</cusip>
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          <isin value="US69404D1081"/>
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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>Centerra Gold Inc</name>
        <lei>549300K0HXTMP5JJ0E62</lei>
        <title>Centerra Gold, Inc.</title>
        <cusip>152006102</cusip>
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          <isin value="CA1520061021"/>
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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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Evertec Inc</name>
        <lei>N/A</lei>
        <title>EVERTEC, Inc.</title>
        <cusip>30040P103</cusip>
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          <isin value="PR30040P1032"/>
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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>Cubic Corp</name>
        <lei>6HHLXIOGCDNZ4IRAIW26</lei>
        <title>Cubic Corp.</title>
        <cusip>229669106</cusip>
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          <isin value="US2296691064"/>
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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>Trxade Group Inc</name>
        <lei>549300GHZ32QH7U06I52</lei>
        <title>Trxade Group, 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>Orion Energy Systems Inc</name>
        <lei>N/A</lei>
        <title>Orion Energy Systems, Inc.</title>
        <cusip>686275108</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Ah Belo Corp</name>
        <lei>N/A</lei>
        <title>A H Belo Corp.</title>
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          <isin value="US0012821023"/>
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        <name>Mayville Engineering Co Inc</name>
        <lei>N/A</lei>
        <title>Mayville Engineering Co., Inc.</title>
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        <assetCat>EC</assetCat>
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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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        <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>Westrock Co</name>
        <lei>549300JEB576INN13W07</lei>
        <title>Westrock Co.</title>
        <cusip>96145D105</cusip>
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          <isin value="US96145D1054"/>
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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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      <invstOrSec>
        <name>Century Communities Inc</name>
        <lei>5299002QMB2O7ZL1CA26</lei>
        <title>Century Communities, Inc.</title>
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        <name>Atlas Air Worldwide Holdings I</name>
        <lei>549300R0A2TUVCYZB465</lei>
        <title>Atlas Air Worldwide Holdings, Inc.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Gorman-rupp Co/the</name>
        <lei>N/A</lei>
        <title>Gorman-Rupp Co.</title>
        <cusip>383082104</cusip>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Landec Corp</name>
        <lei>549300EHBZ5OM9ND9O43</lei>
        <title>Landec Corp.</title>
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        <name>Carriage Services Inc</name>
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        <title>Carriage Services, Inc.</title>
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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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        <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>Trico Bancshares</name>
        <lei>N/A</lei>
        <title>TriCo Bancshares</title>
        <cusip>896095106</cusip>
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        <balance>377320.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11489394.00000000</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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      <invstOrSec>
        <name>Albireo Pharma Inc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Fednat Holding Co</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>THE OPTIONS CLEARING CORPORATION</name>
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        <title>Limelight Networks, Inc.</title>
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          <ticker value="02H994MQ"/>
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        <fairValLevel>1</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyLei>N/A</counterpartyLei>
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            <putOrCall>Call</putOrCall>
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                <issuerName>LIMELIGHT NETWORKS INC</issuerName>
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      <invstOrSec>
        <name>Cpi Aerostructures Inc</name>
        <lei>549300C471OFZGCOHS09</lei>
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          <isin value="US1259193084"/>
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        <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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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Vista Outdoor Inc</name>
        <lei>549300QI2D33ESTJLN81</lei>
        <title>Vista Outdoor, Inc.</title>
        <cusip>928377100</cusip>
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          <isin value="US9283771007"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Tristate Capital Holdings Inc</name>
        <lei>5493003JKSPN0881WX29</lei>
        <title>TriState Capital Holdings, Inc.</title>
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          <isin value="US89678F1003"/>
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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>
        <title>Jazz Pharmaceuticals PLC</title>
        <cusip>G50871105</cusip>
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          <isin value="IE00B4Q5ZN47"/>
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        <balance>80000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <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>
        <cusip>23305L206</cusip>
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          <isin value="US23305L2060"/>
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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>Mgic Investment Corp</name>
        <lei>254900S8483WM4M98R28</lei>
        <title>MGIC Investment Corp.</title>
        <cusip>552848103</cusip>
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          <isin value="US5528481030"/>
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        <balance>1500000.00000000</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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      <invstOrSec>
        <name>Energy Recovery Inc</name>
        <lei>549300ZEQL52Z525WJ22</lei>
        <title>Energy Recovery, Inc.</title>
        <cusip>29270J100</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>Orbital Energy Group Inc</name>
        <lei>549300Z34T2S6KBY7S35</lei>
        <title>Orbital Energy Group, Inc.</title>
        <cusip>68559A109</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>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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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Hanover Foods Corp</name>
        <lei>N/A</lei>
        <title>Hanover Foods Corp.</title>
        <cusip>41078W100</cusip>
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          <isin value="US41078W1009"/>
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        <balance>48633.00000000</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>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Patterson Cos Inc</name>
        <lei>YM48Q2087CUE26GWEK09</lei>
        <title>Patterson Cos., Inc.</title>
        <cusip>703395103</cusip>
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          <isin value="US7033951036"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5500000.00000000</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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        <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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        <balance>2395000.00000000</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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        <name>Usa Technologies Inc</name>
        <lei>529900O54DBQQVWO9Q85</lei>
        <title>USA Technologies, Inc.</title>
        <cusip>90328S500</cusip>
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          <isin value="US90328S5001"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3505000.00000000</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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        <name>Heron Therapeutics Inc</name>
        <lei>549300DR2I1DOPD2IX53</lei>
        <title>Heron Therapeutics, Inc.</title>
        <cusip>427746102</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>Wisdomtree Investments Inc</name>
        <lei>549300WIU8IS7UFO7871</lei>
        <title>WisdomTree Investments, Inc.</title>
        <cusip>97717P104</cusip>
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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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        <name>N/A</name>
        <lei>N/A</lei>
        <title>Invesco Treasury Portfolio</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="SECLEND"/>
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        <balance>0.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <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>
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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>Chembio Diagnostics, Inc.</title>
        <cusip>7Y09921G1</cusip>
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          <ticker value="7Y09921G"/>
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        <balance>-1500.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-30000.00000000</valUSD>
        <pctVal>-0.00574909810</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>Susquehanna International Capital Group</counterpartyName>
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            <writtenOrPur>Written</writtenOrPur>
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                <issuerName>CHEMBIO DIAGNOSTICS IN</issuerName>
                <issueTitle>CHEMBIO DIAGNOSTICS IN COM NEW</issueTitle>
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            <shareNo>100.00000000</shareNo>
            <exercisePrice>5.00000000</exercisePrice>
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      <invstOrSec>
        <name>Perma-fix Environmental Servic</name>
        <lei>54930015OVD1T5P12U15</lei>
        <title>Perma-Fix Environmental Services, Inc.</title>
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        <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>
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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>Monmouth Real Estate Investmen</name>
        <lei>549300DFIUDCN3KVN260</lei>
        <title>Monmouth Real Estate Investment Corp.</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>Argan Inc</name>
        <lei>529900E4KZWBV9KGBS83</lei>
        <title>Argan, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Equity Commonwealth</name>
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        <title>Equity Commonwealth</title>
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          <isin value="US2946281027"/>
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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>Ebix Inc</name>
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        <title>Ebix, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Mdc Holdings Inc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Powell Industries Inc</name>
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        <title>Powell Industries, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Potlatchdeltic Corp</name>
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        <title>PotlatchDeltic Corp.</title>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Photronics Inc</name>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Hollyfrontier Corp</name>
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        <title>HollyFrontier Corp.</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>Franklin Wireless</name>
        <lei>N/A</lei>
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          <isin value="US3551841022"/>
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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>
        <name>Iamgold Corp</name>
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        <title>IAMGOLD Corp.</title>
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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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Calix Inc</name>
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        <title>Calix, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>First Internet Bancorp</name>
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        <title>First Internet Bancorp</title>
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      <invstOrSec>
        <name>Dick's Sporting Goods Inc</name>
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        <title>Dick's Sporting Goods, Inc.</title>
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        <name>Vonage Holdings Corp</name>
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        <title>Vonage Holdings Corp.</title>
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        <name>Onespan Inc</name>
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        <title>OneSpan, Inc.</title>
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        <name>Stock Yards Bancorp Inc</name>
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        <name>Intellicheck Inc</name>
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        <title>Intellicheck, Inc.</title>
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        <name>Mdu Resources Group Inc</name>
        <lei>0T6SBMK3JTBI1JR36794</lei>
        <title>MDU Resources Group, Inc.</title>
        <cusip>552690109</cusip>
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        <name>Triple-s Management Corp</name>
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        <title>Triple-S Management Corp.</title>
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        <invCountry>PR</invCountry>
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        <name>Radian Group Inc</name>
        <lei>54930005OUP720S5U385</lei>
        <title>Radian Group, Inc.</title>
        <cusip>750236101</cusip>
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        <name>Standard Lithium Ltd</name>
        <lei>549300LA4BSHAKT4SL33</lei>
        <title>Standard Lithium, Ltd.</title>
        <cusip>N/A</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <name>Mitek Systems Inc</name>
        <lei>549300ABZAQ3R25XG118</lei>
        <title>Mitek Systems, Inc.</title>
        <cusip>606710200</cusip>
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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>Us Global Investors Inc</name>
        <lei>529900IRM26R91LI8531</lei>
        <title>US Global Investors, Inc.</title>
        <cusip>902952100</cusip>
        <identifiers>
          <isin value="US9029521005"/>
        </identifiers>
        <balance>550000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1045000.00000000</valUSD>
        <pctVal>0.200260250540</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>Spark Energy Inc</name>
        <lei>549300U656GZMTWR1T03</lei>
        <title>Spark Energy, Inc.</title>
        <cusip>846511103</cusip>
        <identifiers>
          <isin value="US8465111032"/>
        </identifiers>
        <balance>450000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3181500.00000000</valUSD>
        <pctVal>0.609691853679</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>Sterling Construction Co Inc</name>
        <lei>549300RZIK6K1215XU51</lei>
        <title>Sterling Construction Co., Inc.</title>
        <cusip>859241101</cusip>
        <identifiers>
          <isin value="US8592411016"/>
        </identifiers>
        <balance>225000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2355750.00000000</valUSD>
        <pctVal>0.451447928432</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>Zovio Inc</name>
        <lei>N/A</lei>
        <title>Zovio, Inc.</title>
        <cusip>98979V102</cusip>
        <identifiers>
          <isin value="US98979V1026"/>
        </identifiers>
        <balance>2025000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6196500.00000000</valUSD>
        <pctVal>1.187476212895</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>Ceco Environmental Corp</name>
        <lei>5493002CZCTL4HGLIY91</lei>
        <title>CECO Environmental Corp.</title>
        <cusip>125141101</cusip>
        <identifiers>
          <isin value="US1251411013"/>
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        <balance>550000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3624500.00000000</valUSD>
        <pctVal>0.694586868981</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>Waddell &amp; Reed Financial Inc</name>
        <lei>549300DZMO2208Z36F25</lei>
        <title>Waddell &amp; Reed Financial, Inc.</title>
        <cusip>930059100</cusip>
        <identifiers>
          <isin value="US9300591008"/>
        </identifiers>
        <balance>425000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6591750.00000000</valUSD>
        <pctVal>1.263220580385</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 Fuel Gas Co</name>
        <lei>8JB38FFW1Y3C1HM8E841</lei>
        <title>National Fuel Gas Co.</title>
        <cusip>636180101</cusip>
        <identifiers>
          <isin value="US6361801011"/>
        </identifiers>
        <balance>100000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4193000.00000000</valUSD>
        <pctVal>0.803532278007</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>Limelight Networks Inc</name>
        <lei>529900BNCMDQGEKW5M59</lei>
        <title>Limelight Networks, Inc.</title>
        <cusip>53261M104</cusip>
        <identifiers>
          <isin value="US53261M1045"/>
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        <balance>600000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4416000.00000000</valUSD>
        <pctVal>0.846267240562</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>Motorcar Parts Of America Inc</name>
        <lei>549300AG4610OSV3H429</lei>
        <title>Motorcar Parts of America, Inc.</title>
        <cusip>620071100</cusip>
        <identifiers>
          <isin value="US6200711009"/>
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        <balance>400200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7071534.00000000</valUSD>
        <pctVal>1.355164756505</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>Western Forest Products Inc</name>
        <lei>54930025VS2JPY0XAU56</lei>
        <title>Western Forest Products, Inc.</title>
        <cusip>958211203</cusip>
        <identifiers>
          <isin value="CA9582112038"/>
        </identifiers>
        <balance>3900000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.35760000"/>
        <valUSD>2671626.40000000</valUSD>
        <pctVal>0.511981408818</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hooker Furniture Corp</name>
        <lei>N/A</lei>
        <title>Hooker Furniture Corp.</title>
        <cusip>439038100</cusip>
        <identifiers>
          <isin value="US4390381006"/>
        </identifiers>
        <balance>64153.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1247775.85000000</valUSD>
        <pctVal>0.239119525683</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>Teranga Gold Corp</name>
        <lei>549300GNFZCBV9864W15</lei>
        <title>Teranga Gold Corp.</title>
        <cusip>880797204</cusip>
        <identifiers>
          <isin value="CA8807972044"/>
        </identifiers>
        <balance>150000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.35760000"/>
        <valUSD>1359015.91000000</valUSD>
        <pctVal>0.260437192943</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Roxgold Inc</name>
        <lei>529900PUOD77B2C12763</lei>
        <title>Roxgold, Inc.</title>
        <cusip>779899202</cusip>
        <identifiers>
          <isin value="CA7798992029"/>
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        <balance>5000000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.35760000"/>
        <valUSD>5634944.02000000</valUSD>
        <pctVal>1.079861532276</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Evofem Biosciences Inc</name>
        <lei>5493007VAGG43TIEJW57</lei>
        <title>Evofem Biosciences, Inc.</title>
        <cusip>30048L104</cusip>
        <identifiers>
          <isin value="US30048L1044"/>
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        <balance>1500000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4245000.00000000</valUSD>
        <pctVal>0.813497381383</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="677880.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Marten Transport Ltd</name>
        <lei>N/A</lei>
        <title>Marten Transport, Ltd.</title>
        <cusip>573075108</cusip>
        <identifiers>
          <isin value="US5730751089"/>
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        <balance>100000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2516000.00000000</valUSD>
        <pctVal>0.482157694125</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>Tecnoglass Inc</name>
        <lei>529900YRWTPOC2E6IO67</lei>
        <title>Tecnoglass, Inc.</title>
        <cusip>G87264100</cusip>
        <identifiers>
          <isin value="KYG872641009"/>
        </identifiers>
        <balance>350000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1907500.00000000</valUSD>
        <pctVal>0.365546820963</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>Capital City Bank Group Inc</name>
        <lei>254900NVLVUJQZKTQE82</lei>
        <title>Capital City Bank Group, Inc.</title>
        <cusip>139674105</cusip>
        <identifiers>
          <isin value="US1396741050"/>
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        <balance>500000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10475000.00000000</valUSD>
        <pctVal>2.007393420492</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>Major Drilling Group Internati</name>
        <lei>549300O1MNHCX2FUBC21</lei>
        <title>Major Drilling Group International, Inc.</title>
        <cusip>560909103</cusip>
        <identifiers>
          <isin value="CA5609091031"/>
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        <balance>600000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.35760000"/>
        <valUSD>1895992.93000000</valUSD>
        <pctVal>0.363341645153</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Shyft Group Inc</name>
        <lei>549300YY0TB51BGRV994</lei>
        <title>Shyft Group, Inc.</title>
        <cusip>825698103</cusip>
        <identifiers>
          <isin value="US8256981031"/>
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        <balance>500000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8420000.00000000</valUSD>
        <pctVal>1.613580200529</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>Barrett Business Services Inc</name>
        <lei>529900HXB6TMG0SR9Y34</lei>
        <title>Barrett Business Services, Inc.</title>
        <cusip>068463108</cusip>
        <identifiers>
          <isin value="US0684631080"/>
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        <balance>159600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8479548.00000000</valUSD>
        <pctVal>1.624991776988</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 Banc-corp</name>
        <lei>549300N3CIN473IW5094</lei>
        <title>Associated Banc-Corp</title>
        <cusip>045487105</cusip>
        <identifiers>
          <isin value="US0454871056"/>
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        <balance>600000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8208000.00000000</valUSD>
        <pctVal>1.572953240611</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.</title>
        <cusip>223622606</cusip>
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          <isin value="US2236226062"/>
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        <balance>525000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8510250.00000000</valUSD>
        <pctVal>1.630875403985</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>Trinity Biotech Plc</name>
        <lei>635400ESQQYRIISTLB94</lei>
        <title>Trinity Biotech, PLC</title>
        <cusip>896438306</cusip>
        <identifiers>
          <isin value="US8964383066"/>
        </identifiers>
        <balance>850000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1853000.00000000</valUSD>
        <pctVal>0.355102626078</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>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2020-07-30</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>
</edgarSubmission>
