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      <regStreet1>790 N. WATER STREET SUITE 1200</regStreet1>
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      <regZipOrPostalCode>53202</regZipOrPostalCode>
      <regPhone>4143477777</regPhone>
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      <seriesId>S000003523</seriesId>
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      <repPdEnd>2022-12-31</repPdEnd>
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        <name>Twin Disc Inc</name>
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        <name>Covenant Logistics Group Inc</name>
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        <name>Hanover Foods Corp</name>
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        <name>Hf Sinclair Corp</name>
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        <name>Marten Transport Ltd</name>
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        <name>Tenneco Inc</name>
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        <name>Vistra Corp</name>
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        <name>Aaron's Co Inc/the</name>
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        <name>Photronics Inc</name>
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        <name>Centerra Gold Inc</name>
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        <name>Harvard Bioscience Inc</name>
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        <name>Denbury Inc</name>
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        <name>Trico Bancshares</name>
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        <name>Ceco Environmental Corp</name>
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        <title>CECO Environmental Corp.</title>
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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>
      <invstOrSec>
        <name>Mdu Resources Group Inc</name>
        <lei>0T6SBMK3JTBI1JR36794</lei>
        <title>MDU Resources Group, Inc.</title>
        <cusip>552690109</cusip>
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          <isin value="US5526901096"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10660000.00000000</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>
        <name>Northwest Pipe Co</name>
        <lei>54930056VW2CRCZ9RE54</lei>
        <title>Northwest Pipe Co.</title>
        <cusip>667746101</cusip>
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          <isin value="US6677461013"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10180000.00000000</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>Accuray Inc</name>
        <lei>549300G28LY4TZKZJG51</lei>
        <title>Accuray, Inc.</title>
        <cusip>004397105</cusip>
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          <isin value="US0043971052"/>
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        <balance>2900000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Capital City Bank Group Inc</name>
        <lei>254900NVLVUJQZKTQE82</lei>
        <title>Capital City Bank Group, Inc.</title>
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          <isin value="US1396741050"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>13180000.00000000</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>
        <name>Associated Banc-corp</name>
        <lei>549300N3CIN473IW5094</lei>
        <title>Associated Banc-Corp</title>
        <cusip>045487105</cusip>
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          <isin value="US0454871056"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6828000.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Hudson Global Inc</name>
        <lei>54930073WVI9H7ILKL69</lei>
        <title>Hudson Global, Inc.</title>
        <cusip>443787205</cusip>
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          <isin value="US4437872058"/>
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        <balance>259800.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10566066.00000000</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>
        <name>Highwoods Properties Inc</name>
        <lei>ZIIGTYKL9T0X3HLTDX53</lei>
        <title>Highwoods Properties, Inc.</title>
        <cusip>431284108</cusip>
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          <isin value="US4312841087"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9148000.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Enersys</name>
        <lei>7ZS3DE5PN30BYUJFWP05</lei>
        <title>EnerSys</title>
        <cusip>29275Y102</cusip>
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          <isin value="US29275Y1029"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7457000.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Infusystem Holdings Inc</name>
        <lei>549300F58N8PHJ4QUI59</lei>
        <title>InfuSystem Holdings, Inc.</title>
        <cusip>45685K102</cusip>
        <identifiers>
          <isin value="US45685K1025"/>
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        <balance>250000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2450000.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Gorman-rupp Co/the</name>
        <lei>N/A</lei>
        <title>Gorman-Rupp Co.</title>
        <cusip>383082104</cusip>
        <identifiers>
          <isin value="US3830821043"/>
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        <balance>200000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7176000.00000000</valUSD>
        <pctVal>0.989120904317</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Core Molding Technologies Inc</name>
        <lei>549300ZY2MFRXCKVIJ28</lei>
        <title>Core Molding Technologies, Inc.</title>
        <cusip>218683100</cusip>
        <identifiers>
          <isin value="US2186831002"/>
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        <balance>420000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4519200.00000000</valUSD>
        <pctVal>0.622914602952</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Carriage Services Inc</name>
        <lei>N/A</lei>
        <title>Carriage Services, Inc.</title>
        <cusip>143905107</cusip>
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          <isin value="US1439051079"/>
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        <balance>149900.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7994167.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Ezcorp Inc</name>
        <lei>5493003K6PG3ZQ7TUQ63</lei>
        <title>Ezcorp, Inc.</title>
        <cusip>302301106</cusip>
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        <balance>800000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4832000.00000000</valUSD>
        <pctVal>0.666030129551</pctVal>
        <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>Perrigo Co Plc</name>
        <lei>549300IFOQS6R1QLY196</lei>
        <title>Perrigo Co. PLC</title>
        <cusip>G97822103</cusip>
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          <isin value="IE00BGH1M568"/>
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        <balance>300000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11529000.00000000</valUSD>
        <pctVal>1.589126937830</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>Iheartmedia Inc</name>
        <lei>N/A</lei>
        <title>iHeartMedia, Inc.</title>
        <cusip>45174J509</cusip>
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          <isin value="US45174J5092"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7572000.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Dxc Technology Co</name>
        <lei>549300DOVZ3EDJB7O259</lei>
        <title>DXC Technology Co.</title>
        <cusip>23355L106</cusip>
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          <isin value="US23355L1061"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8157500.00000000</valUSD>
        <pctVal>1.124408274382</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Texas Capital Bancshares Inc</name>
        <lei>549300466Q2SXRX0YM48</lei>
        <title>Texas Capital Bancshares, Inc.</title>
        <cusip>88224Q107</cusip>
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          <isin value="US88224Q1076"/>
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        <balance>110000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6304100.00000000</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>Major Drilling Group International Inc</name>
        <lei>549300O1MNHCX2FUBC21</lei>
        <title>Major Drilling Group International, Inc.</title>
        <cusip>560909103</cusip>
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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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      <invstOrSec>
        <name>Amtech Systems Inc</name>
        <lei>5299008VRUUPETM6HZ85</lei>
        <title>Amtech Systems, Inc.</title>
        <cusip>032332504</cusip>
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        <balance>300000.00000000</balance>
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        <valUSD>3018000.00000000</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>
        <name>Us Global Investors Inc</name>
        <lei>529900IRM26R91LI8531</lei>
        <title>US Global Investors, Inc.</title>
        <cusip>902952100</cusip>
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          <isin value="US9029521005"/>
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        <balance>450000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2340000.00000000</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>Arconic Corp</name>
        <lei>549300B4YFWH3U74B152</lei>
        <title>Arconic Corp.</title>
        <cusip>03966V107</cusip>
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          <isin value="US03966V1070"/>
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        <balance>350000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8967000.00000000</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>
        <name>Lincoln Educational Services Corp</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>1850000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>13227500.00000000</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>
        <name>Thermon Group Holdings Inc</name>
        <lei>529900ZNZBBLDE77MZ38</lei>
        <title>Thermon Group Holdings, Inc.</title>
        <cusip>88362T103</cusip>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6480000.00000000</valUSD>
        <pctVal>0.893186100888</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Americold Realty Trust</name>
        <lei>549300R7N1V5YV8MWH02</lei>
        <title>Americold Realty Trust</title>
        <cusip>03064D108</cusip>
        <identifiers>
          <isin value="US03064D1081"/>
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        <balance>500000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13940000.00000000</valUSD>
        <pctVal>1.921452815800</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>Shyft Group Inc/the</name>
        <lei>549300YY0TB51BGRV994</lei>
        <title>Shyft Group, Inc.</title>
        <cusip>825698103</cusip>
        <identifiers>
          <isin value="US8256981031"/>
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        <balance>300000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10833000.00000000</valUSD>
        <pctVal>1.493192134401</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Canadian Western Bank</name>
        <lei>549300QG7XFGLKN6HL17</lei>
        <title>Canadian Western Bank</title>
        <cusip>13677F101</cusip>
        <identifiers>
          <isin value="CA13677F1018"/>
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        <balance>500000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.25015000"/>
        <valUSD>14534255.89000000</valUSD>
        <pctVal>2.003363479583</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>Zovio Inc</name>
        <lei>N/A</lei>
        <title>Zovio, Inc.</title>
        <cusip>98979V102</cusip>
        <identifiers>
          <isin value="US98979V1026"/>
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        <balance>1225000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1004622.50000000</valUSD>
        <pctVal>0.138474514450</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>First Interstate Bancsystem Inc</name>
        <lei>549300WRWYTYX0RCNJ43</lei>
        <title>First Interstate BancSystem, Inc.</title>
        <cusip>32055Y201</cusip>
        <identifiers>
          <isin value="US32055Y2019"/>
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        <balance>150000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5515500.00000000</valUSD>
        <pctVal>0.760241965964</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Sterling Construction Co Inc</name>
        <lei>549300RZIK6K1215XU51</lei>
        <title>Sterling Construction Co., Inc.</title>
        <cusip>859241101</cusip>
        <identifiers>
          <isin value="US8592411016"/>
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        <balance>200000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5360000.00000000</valUSD>
        <pctVal>0.738808256290</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Computer Programs And Systems Inc</name>
        <lei>5493005Q6CJC78TGL805</lei>
        <title>Computer Programs and Systems, Inc.</title>
        <cusip>205306103</cusip>
        <identifiers>
          <isin value="US2053061030"/>
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        <balance>150000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5167500.00000000</valUSD>
        <pctVal>0.712274564250</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Potlatchdeltic Corp</name>
        <lei>54930084YA8UJOTXDM59</lei>
        <title>PotlatchDeltic Corp.</title>
        <cusip>737630103</cusip>
        <identifiers>
          <isin value="US7376301039"/>
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        <balance>100000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5273000.00000000</valUSD>
        <pctVal>0.726816405861</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Sunstone Hotel Investors Inc</name>
        <lei>529900ZQ2V52V96ATF67</lei>
        <title>Sunstone Hotel Investors, Inc.</title>
        <cusip>867892101</cusip>
        <identifiers>
          <isin value="US8678921011"/>
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        <balance>1250000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14725000.00000000</valUSD>
        <pctVal>2.029655144379</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Ftc Solar Inc</name>
        <lei>5493009MODNZ2HMPX761</lei>
        <title>FTC Solar, Inc.</title>
        <cusip>30320C103</cusip>
        <identifiers>
          <isin value="US30320C1036"/>
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        <balance>400000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1972000.00000000</valUSD>
        <pctVal>0.271815276381</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Berry Corp</name>
        <lei>N/A</lei>
        <title>Berry Corp.</title>
        <cusip>08579X101</cusip>
        <identifiers>
          <isin value="US08579X1019"/>
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        <balance>1100000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11352000.00000000</valUSD>
        <pctVal>1.564729724889</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Aerojet Rocketdyne Holdings Inc</name>
        <lei>549300VULNLWHE8QWI76</lei>
        <title>Aerojet Rocketdyne Holdings, Inc.</title>
        <cusip>007800105</cusip>
        <identifiers>
          <isin value="US0078001056"/>
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        <balance>200000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7870000.00000000</valUSD>
        <pctVal>1.084780033023</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Everi Holdings Inc</name>
        <lei>5299006DK5S7BG10K532</lei>
        <title>Everi Holdings, Inc.</title>
        <cusip>30034T103</cusip>
        <identifiers>
          <isin value="US30034T1034"/>
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        <balance>200000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4200000.00000000</valUSD>
        <pctVal>0.578916917242</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>Thor Industries Inc</name>
        <lei>254900XZO1228PDSG060</lei>
        <title>Thor Industries, Inc.</title>
        <cusip>885160101</cusip>
        <identifiers>
          <isin value="US8851601018"/>
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        <balance>80000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6296000.00000000</valUSD>
        <pctVal>0.867824026418</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Pure Cycle Corp</name>
        <lei>N/A</lei>
        <title>Pure Cycle Corp.</title>
        <cusip>746228303</cusip>
        <identifiers>
          <isin value="US7462283034"/>
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        <balance>500000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6010000.00000000</valUSD>
        <pctVal>0.828402541101</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Mgic Investment Corp</name>
        <lei>254900S8483WM4M98R28</lei>
        <title>MGIC Investment Corp.</title>
        <cusip>552848103</cusip>
        <identifiers>
          <isin value="US5528481030"/>
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        <balance>600000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8130000.00000000</valUSD>
        <pctVal>1.120617746947</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Century Communities Inc</name>
        <lei>5299002QMB2O7ZL1CA26</lei>
        <title>Century Communities, Inc.</title>
        <cusip>156504300</cusip>
        <identifiers>
          <isin value="US1565043007"/>
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        <balance>340000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18213800.00000000</valUSD>
        <pctVal>2.510542130302</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Intellicheck Inc</name>
        <lei>5493008ZZ7W6MQKLKS23</lei>
        <title>Intellicheck, Inc.</title>
        <cusip>45817G201</cusip>
        <identifiers>
          <isin value="US45817G2012"/>
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        <balance>400000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1020000.00000000</valUSD>
        <pctVal>0.140594108473</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Unifi Inc</name>
        <lei>549300MW5LPO0M2LNO04</lei>
        <title>Unifi, Inc.</title>
        <cusip>904677200</cusip>
        <identifiers>
          <isin value="US9046772003"/>
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        <balance>200000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3620000.00000000</valUSD>
        <pctVal>0.498971247718</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Nov Inc</name>
        <lei>549300EHF3IW1AR6U008</lei>
        <title>NOV, Inc.</title>
        <cusip>62955J103</cusip>
        <identifiers>
          <isin value="US62955J1034"/>
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        <balance>650000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12746500.00000000</valUSD>
        <pctVal>1.756943925150</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Encompass Health Corp</name>
        <lei>549300FVRPM9DRQZRG64</lei>
        <title>Encompass Health Corp.</title>
        <cusip>29261A100</cusip>
        <identifiers>
          <isin value="US29261A1007"/>
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        <balance>190000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13510900.00000000</valUSD>
        <pctVal>1.862306804088</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Sierra Wireless Inc</name>
        <lei>549300E33RZ5BJ726L53</lei>
        <title>Sierra Wireless, Inc.</title>
        <cusip>826516106</cusip>
        <identifiers>
          <isin value="CA8265161064"/>
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        <balance>400000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7216000.00000000</valUSD>
        <pctVal>0.994634398767</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>Allete Inc</name>
        <lei>549300NNLSIMY6Z8OT86</lei>
        <title>ALLETE, Inc.</title>
        <cusip>018522300</cusip>
        <identifiers>
          <isin value="US0185223007"/>
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        <balance>200000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13396000.00000000</valUSD>
        <pctVal>1.846469291281</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Carter's Inc</name>
        <lei>5299003WAQK4R3L3ZU36</lei>
        <title>Carter's, Inc.</title>
        <cusip>146229109</cusip>
        <identifiers>
          <isin value="US1462291097"/>
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        <balance>80000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7359200.00000000</valUSD>
        <pctVal>1.014372708897</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Heritage Financial Corp/wa</name>
        <lei>N/A</lei>
        <title>Heritage Financial Corp.</title>
        <cusip>42722X106</cusip>
        <identifiers>
          <isin value="US42722X1063"/>
        </identifiers>
        <balance>300000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7518000.00000000</valUSD>
        <pctVal>1.036261281864</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>Advanced Energy Industries Inc</name>
        <lei>549300756XI3QLFT2U27</lei>
        <title>Advanced Energy Industries, Inc.</title>
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          <isin value="US0079731008"/>
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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>Consolidated Water Co Ltd</name>
        <lei>5299001BMEW8X9VIJA73</lei>
        <title>Consolidated Water Co., Ltd.</title>
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          <isin value="KYG237731073"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</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>
        <name>Forestar Group Inc</name>
        <lei>549300BC2UB0GHV60V70</lei>
        <title>Forestar Group, Inc.</title>
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          <isin value="US3462321015"/>
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        <balance>375000.00000000</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>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Now Inc</name>
        <lei>549300AVH5SOCFVVDW91</lei>
        <title>NOW, Inc.</title>
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          <isin value="US67011P1003"/>
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        <balance>680000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Orthofix Medical Inc</name>
        <lei>N/A</lei>
        <title>Orthofix Medical, Inc.</title>
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          <isin value="US68752M1080"/>
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        <balance>400000.00000000</balance>
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        <curCd>USD</curCd>
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        <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>Potbelly Corp</name>
        <lei>54930027NUULUR2P5W11</lei>
        <title>Potbelly Corp.</title>
        <cusip>73754Y100</cusip>
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          <isin value="US73754Y1001"/>
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        <balance>545256.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Sunopta Inc</name>
        <lei>54930010CP0KEPPRPA40</lei>
        <title>SunOpta, Inc.</title>
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          <isin value="CA8676EP1086"/>
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        <balance>400000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Bancorp Inc/the</name>
        <lei>N/A</lei>
        <title>Bancorp, Inc.</title>
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          <isin value="US05969A1051"/>
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        <balance>200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5666000.00000000</valUSD>
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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>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>First Internet Bancorp</name>
        <lei>549300T25MP2M92XU194</lei>
        <title>First Internet Bancorp</title>
        <cusip>320557101</cusip>
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          <isin value="US3205571017"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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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>350000.00000000</balance>
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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>
        <name>Orion Energy Systems Inc</name>
        <lei>N/A</lei>
        <title>Orion Energy Systems, Inc.</title>
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          <isin value="US6862751087"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Haemonetics Corp</name>
        <lei>549300ZEL6TXZS6F5F95</lei>
        <title>Haemonetics Corp.</title>
        <cusip>405024100</cusip>
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          <isin value="US4050241003"/>
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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>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Diebold Nixdorf Inc</name>
        <lei>549300XZK6EWDBAZSY16</lei>
        <title>Diebold Nixdorf, Inc.</title>
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        <balance>135000.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Wideopenwest Inc</name>
        <lei>549300RM6J2BWWOFU889</lei>
        <title>WideOpenWest, Inc.</title>
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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>
        <securityLending>
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      <invstOrSec>
        <name>Indigo Books &amp; Music Inc</name>
        <lei>549300I3VFWXFDWTF203</lei>
        <title>Indigo Books &amp; Music, Inc.</title>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Mastercraft Boat Holdings Inc</name>
        <lei>549300IXWX41555YJ117</lei>
        <title>MasterCraft Boat Holdings, 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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      <invstOrSec>
        <name>Radian Group Inc</name>
        <lei>54930005OUP720S5U385</lei>
        <title>Radian Group, Inc.</title>
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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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      <invstOrSec>
        <name>Old Republic International Corp</name>
        <lei>549300IV6O2YY2A1KH37</lei>
        <title>Old Republic International Corp.</title>
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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>Geospace Technologies Corp</name>
        <lei>N/A</lei>
        <title>Geospace Technologies Corp.</title>
        <cusip>37364X109</cusip>
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          <isin value="US37364X1090"/>
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        <balance>350000.00000000</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>Arc Resources Ltd</name>
        <lei>FIR47I6FEYKYNJBYW622</lei>
        <title>ARC Resources, Ltd.</title>
        <cusip>00208D408</cusip>
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        <balance>750000.00000000</balance>
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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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      <invstOrSec>
        <name>Bwx Technologies Inc</name>
        <lei>549300NP85N265KWMS58</lei>
        <title>BWX Technologies, Inc.</title>
        <cusip>05605H100</cusip>
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        <balance>150000.00000000</balance>
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        <valUSD>8079000.00000000</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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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Landec Corp</name>
        <lei>549300EHBZ5OM9ND9O43</lei>
        <title>Landec Corp.</title>
        <cusip>514766104</cusip>
        <identifiers>
          <isin value="US5147661046"/>
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        <balance>1050000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>12159000.00000000</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>Osisko Gold Royalties Ltd</name>
        <lei>549300TJZTXZMPQ6K004</lei>
        <title>Osisko Gold Royalties, Ltd.</title>
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        <valUSD>9233000.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <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>150000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11620500.00000000</valUSD>
        <pctVal>1.601739056384</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2022-04-30</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>
