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                <identifiers>
                    <isin value="US1716041017"/>
                </identifiers>
                <balance>25100</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>959573</valUSD>
                <pctVal>0.787316055694</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>HEALTHCARE REALTY TRUST INC</name>
                <lei>549300L0I14L7I0VLX84</lei>
                <title>COMMON STOCK</title>
                <cusip>42226K105</cusip>
                <identifiers>
                    <isin value="US42226K1051"/>
                </identifiers>
                <balance>71400</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1230222</valUSD>
                <pctVal>1.009379726886</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>DAVE  AND  BUSTER'S ENTERTAINMENT INC</name>
                <lei>529900WTVU85QZLYHR86</lei>
                <title>COMMON STOCK</title>
                <cusip>238337109</cusip>
                <identifiers>
                    <isin value="US2383371091"/>
                </identifiers>
                <balance>23300</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1254705</valUSD>
                <pctVal>1.029467681624</pctVal>
                <payoffProfile>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="1151205"/>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>TAYLOR MORRISON HOME CORP</name>
                <lei>5299009UDLLGLKOOJE30</lei>
                <title>COMMON STOCK</title>
                <cusip>87724P106</cusip>
                <identifiers>
                    <isin value="US87724P1066"/>
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                <balance>9900</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>528165</valUSD>
                <pctVal>0.433351901893</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>RITHM CAPITAL CORP</name>
                <lei>549300WNTHGEO5LP2G31</lei>
                <title>COMMON STOCK</title>
                <cusip>64828T201</cusip>
                <identifiers>
                    <isin value="US64828T2015"/>
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                <balance>126980</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1356146.4</valUSD>
                <pctVal>1.112698913570</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>VERACYTE INC</name>
                <lei>529900ESWZRHXOW27Z37</lei>
                <title>COMMON STOCK</title>
                <cusip>92337F107</cusip>
                <identifiers>
                    <isin value="US92337F1075"/>
                </identifiers>
                <balance>48700</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1339737</valUSD>
                <pctVal>1.099235233283</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>ARAMARK</name>
                <lei>549300MR6PG2DWZUIL39</lei>
                <title>COMMON STOCK</title>
                <cusip>03852U106</cusip>
                <identifiers>
                    <isin value="US03852U1060"/>
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                <balance>32600</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>916060</valUSD>
                <pctVal>0.751614255485</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>LADDER CAPITAL CORP</name>
                <lei>549300Q6LLV2QCV67C06</lei>
                <title>COMMON STOCK</title>
                <cusip>505743104</cusip>
                <identifiers>
                    <isin value="US5057431042"/>
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                <balance>83312</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>958921.12</valUSD>
                <pctVal>0.786781197386</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>XENCOR INC</name>
                <lei>549300V5IF65437JKG30</lei>
                <title>COMMON STOCK</title>
                <cusip>98401F105</cusip>
                <identifiers>
                    <isin value="US98401F1057"/>
                </identifiers>
                <balance>38400</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>815232</valUSD>
                <pctVal>0.668886309551</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>HERITAGE INSURANCE HOLDINGS INC</name>
                <lei>9845008CCYDD87F66B45</lei>
                <title>COMMON STOCK</title>
                <cusip>42727J102</cusip>
                <identifiers>
                    <isin value="US42727J1025"/>
                </identifiers>
                <balance>147904</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>964334.08</valUSD>
                <pctVal>0.791222454401</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>V2X INC</name>
                <lei>N/A</lei>
                <title>COMMON STOCK</title>
                <cusip>92242T101</cusip>
                <identifiers>
                    <isin value="US92242T1016"/>
                </identifiers>
                <balance>21082</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>979048.08</valUSD>
                <pctVal>0.803295083000</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>FIRST FOUNDATION INC</name>
                <lei>254900TQZQ6LBCK77E82</lei>
                <title>COMMON STOCK</title>
                <cusip>32026V104</cusip>
                <identifiers>
                    <isin value="US32026V1044"/>
                </identifiers>
                <balance>297103</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>2875957.04</valUSD>
                <pctVal>2.359682018020</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>APPLE HOSPITALITY REIT INC</name>
                <lei>549300EVZAR0FBZO4F16</lei>
                <title>COMMON STOCK</title>
                <cusip>03784Y200</cusip>
                <identifiers>
                    <isin value="US03784Y2000"/>
                </identifiers>
                <balance>78700</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1307207</valUSD>
                <pctVal>1.072544829018</pctVal>
                <payoffProfile>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="1280631"/>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>LANTHEUS HOLDINGS INC</name>
                <lei>5299005HUB5IOJGO7S39</lei>
                <title>COMMON STOCK</title>
                <cusip>516544103</cusip>
                <identifiers>
                    <isin value="US5165441032"/>
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                <balance>4040</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>250480</valUSD>
                <pctVal>0.205515292354</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>COMMON STOCK</title>
                <cusip>G87264100</cusip>
                <identifiers>
                    <isin value="KYG872641009"/>
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                <balance>29000</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1325590</valUSD>
                <pctVal>1.087627820152</pctVal>
                <payoffProfile>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="1188460"/>
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            </invstOrSec>
            <invstOrSec>
                <name>TURNING POINT BRANDS INC</name>
                <lei>549300IYG00QF0VVP302</lei>
                <title>COMMON STOCK</title>
                <cusip>90041L105</cusip>
                <identifiers>
                    <isin value="US90041L1052"/>
                </identifiers>
                <balance>47700</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1255464</valUSD>
                <pctVal>1.030090430374</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>PERMIAN RESOURCES CORP</name>
                <lei>529900NXUJPOKU7OJ511</lei>
                <title>COMMON STOCK</title>
                <cusip>71424F105</cusip>
                <identifiers>
                    <isin value="US71424F1057"/>
                </identifiers>
                <balance>84113</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1143936.8</valUSD>
                <pctVal>0.938583942377</pctVal>
                <payoffProfile>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="972400"/>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>JELD-WEN HOLDING INC</name>
                <lei>529900AXX7CT9GZSCS30</lei>
                <title>COMMON STOCK</title>
                <cusip>47580P103</cusip>
                <identifiers>
                    <isin value="US47580P1030"/>
                </identifiers>
                <balance>51300</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>968544</valUSD>
                <pctVal>0.794676634134</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>SMART GLOBAL HOLDINGS INC</name>
                <lei>529900RDGHQY8XKXPN14</lei>
                <title>COMMON STOCK</title>
                <cusip>G8232Y101</cusip>
                <identifiers>
                    <isin value="KYG8232Y1017"/>
                </identifiers>
                <balance>70500</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1334565</valUSD>
                <pctVal>1.094991680536</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>RIBBON COMMUNICATIONS INC</name>
                <lei>549300L1E8Z8RL7CUL52</lei>
                <title>COMMON STOCK</title>
                <cusip>762544104</cusip>
                <identifiers>
                    <isin value="US7625441040"/>
                </identifiers>
                <balance>606400</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1758560</valUSD>
                <pctVal>1.442873572829</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>METROPOLITAN BANK HOLDING CORP</name>
                <lei>N/A</lei>
                <title>COMMON STOCK</title>
                <cusip>591774104</cusip>
                <identifiers>
                    <isin value="US5917741044"/>
                </identifiers>
                <balance>28520</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1579437.6</valUSD>
                <pctVal>1.295906180610</pctVal>
                <payoffProfile>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="614718"/>
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            </invstOrSec>
            <invstOrSec>
                <name>BUSINESS FIRST BANCSHARES INC</name>
                <lei>549300ILTC50KHDX4A08</lei>
                <title>COMMON STOCK</title>
                <cusip>12326C105</cusip>
                <identifiers>
                    <isin value="US12326C1053"/>
                </identifiers>
                <balance>35200</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>867680</valUSD>
                <pctVal>0.711919150710</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>ORIGIN BANCORP INC</name>
                <lei>54930055DO2Z4KO3NB45</lei>
                <title>COMMON STOCK</title>
                <cusip>68621T102</cusip>
                <identifiers>
                    <isin value="US68621T1025"/>
                </identifiers>
                <balance>16500</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>586905</valUSD>
                <pctVal>0.481547239936</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>COASTAL FINANCIAL CORP/WA</name>
                <lei>549300XG5L36T6IU0B47</lei>
                <title>COMMON STOCK</title>
                <cusip>19046P209</cusip>
                <identifiers>
                    <isin value="US19046P2092"/>
                </identifiers>
                <balance>22163</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>984258.83</valUSD>
                <pctVal>0.807570429574</pctVal>
                <payoffProfile>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="568448"/>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>MAGNOLIA OIL  AND  GAS CORP</name>
                <lei>N/A</lei>
                <title>COMMON STOCK</title>
                <cusip>559663109</cusip>
                <identifiers>
                    <isin value="US5596631094"/>
                </identifiers>
                <balance>52985</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1128050.65</valUSD>
                <pctVal>0.925549581304</pctVal>
                <payoffProfile>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="1013404"/>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>EQUITRANS MIDSTREAM CORP</name>
                <lei>549300RH0NLJNZ5SXU64</lei>
                <title>COMMON STOCK</title>
                <cusip>294600101</cusip>
                <identifiers>
                    <isin value="US2946001011"/>
                </identifiers>
                <balance>102900</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1047522</valUSD>
                <pctVal>0.859476964538</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>TRONOX HOLDINGS PLC</name>
                <lei>549300NRVC84SGJSXV06</lei>
                <title>COMMON STOCK</title>
                <cusip>G9087Q102</cusip>
                <identifiers>
                    <isin value="GB00BJT16S69"/>
                </identifiers>
                <balance>77245</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1093789.2</valUSD>
                <pctVal>0.897438546837</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>CUSTOM TRUCK ONE SOURCE INC</name>
                <lei>N/A</lei>
                <title>COMMON STOCK</title>
                <cusip>23204X103</cusip>
                <identifiers>
                    <isin value="US23204X1037"/>
                </identifiers>
                <balance>194200</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1200156</valUSD>
                <pctVal>0.984710999723</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>ALPINE INCOME PROPERTY TRUST INC</name>
                <lei>N/A</lei>
                <title>COMMON STOCK</title>
                <cusip>02083X103</cusip>
                <identifiers>
                    <isin value="US02083X1037"/>
                </identifiers>
                <balance>85552</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1446684.32</valUSD>
                <pctVal>1.186983994606</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>ODP CORP/THE</name>
                <lei>N/A</lei>
                <title>COMMON STOCK</title>
                <cusip>88337F105</cusip>
                <identifiers>
                    <isin value="US88337F1057"/>
                </identifiers>
                <balance>14000</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>788200</valUSD>
                <pctVal>0.646706936416</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>IBEX HOLDINGS LTD</name>
                <lei>5493000GRFLPVYU2CX17</lei>
                <title>COMMON STOCK</title>
                <cusip>G4690M101</cusip>
                <identifiers>
                    <isin value="BMG4690M1010"/>
                </identifiers>
                <balance>53690</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1020646.9</valUSD>
                <pctVal>0.837426325630</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>AMALGAMATED FINANCIAL CORP</name>
                <lei>N/A</lei>
                <title>COMMON STOCK</title>
                <cusip>022671101</cusip>
                <identifiers>
                    <isin value="US0226711010"/>
                </identifiers>
                <balance>34100</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>918654</valUSD>
                <pctVal>0.753742595745</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>HILLMAN SOLUTIONS CORP</name>
                <lei>N/A</lei>
                <title>COMMON STOCK</title>
                <cusip>431636109</cusip>
                <identifiers>
                    <isin value="US4316361090"/>
                </identifiers>
                <balance>166900</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1537149</valUSD>
                <pctVal>1.261208983260</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>FIVE STAR BANCORP</name>
                <lei>5493008ZRBIHKWC0JA73</lei>
                <title>COMMON STOCK</title>
                <cusip>33830T103</cusip>
                <identifiers>
                    <isin value="US33830T1034"/>
                </identifiers>
                <balance>41535</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1087386.3</valUSD>
                <pctVal>0.892185058074</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>AVEANNA HEALTHCARE HOLDINGS INC</name>
                <lei>N/A</lei>
                <title>COMMON STOCK</title>
                <cusip>05356F105</cusip>
                <identifiers>
                    <isin value="US05356F1057"/>
                </identifiers>
                <balance>312729</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>838113.72</valUSD>
                <pctVal>0.687660436729</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>JANUS INTERNATIONAL GROUP INC</name>
                <lei>N/A</lei>
                <title>COMMON STOCK</title>
                <cusip>47103N106</cusip>
                <identifiers>
                    <isin value="US47103N1063"/>
                </identifiers>
                <balance>127200</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1659960</valUSD>
                <pctVal>1.361973669340</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>PERELLA WEINBERG PARTNERS</name>
                <lei>N/A</lei>
                <title>COMMON STOCK</title>
                <cusip>71367G102</cusip>
                <identifiers>
                    <isin value="US71367G1022"/>
                </identifiers>
                <balance>97300</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1189979</valUSD>
                <pctVal>0.976360915364</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>DIAMOND OFFSHORE DRILLING INC</name>
                <lei>F14FQJ2EEHW5VPYUHL14</lei>
                <title>COMMON STOCK</title>
                <cusip>25271C201</cusip>
                <identifiers>
                    <isin value="US25271C2017"/>
                </identifiers>
                <balance>96800</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1258400</valUSD>
                <pctVal>1.032499376790</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>QUIDELORTHO CORP</name>
                <lei>549300YU8CMO9HF53113</lei>
                <title>COMMON STOCK</title>
                <cusip>219798105</cusip>
                <identifiers>
                    <isin value="US2197981051"/>
                </identifiers>
                <balance>15600</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1149720</valUSD>
                <pctVal>0.943328976068</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>QUIPT HOME MEDICAL CORP</name>
                <lei>N/A</lei>
                <title>COMMON STOCK</title>
                <cusip>74880P104</cusip>
                <identifiers>
                    <isin value="CA74880P1045"/>
                </identifiers>
                <balance>218100</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1110129</valUSD>
                <pctVal>0.910845121310</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>SKYWARD SPECIALTY INSURANCE GROUP INC</name>
                <lei>549300GXGXJG0YH4VN21</lei>
                <title>COMMON STOCK</title>
                <cusip>830940102</cusip>
                <identifiers>
                    <isin value="US8309401029"/>
                </identifiers>
                <balance>31105</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1053837.4</valUSD>
                <pctVal>0.864658660790</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>LUXURBAN HOTELS INC</name>
                <lei>N/A</lei>
                <title>COMMON STOCK</title>
                <cusip>21985R105</cusip>
                <identifiers>
                    <isin value="US21985R1059"/>
                </identifiers>
                <balance>27099</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>161781.03</valUSD>
                <pctVal>0.132739043747</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>UNITIL CORP</name>
                <lei>N/A</lei>
                <title>COMMON STOCK</title>
                <cusip>913259107</cusip>
                <identifiers>
                    <isin value="US9132591077"/>
                </identifiers>
                <balance>21980</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1155488.6</valUSD>
                <pctVal>0.948062030665</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>NEWPARK RESOURCES INC</name>
                <lei>54930073OHWDQW4DJN26</lei>
                <title>COMMON STOCK</title>
                <cusip>651718504</cusip>
                <identifiers>
                    <isin value="US6517185046"/>
                </identifiers>
                <balance>259737</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1724653.68</valUSD>
                <pctVal>1.415053917498</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>HNI CORP</name>
                <lei>549300SKRADLC4O5HV93</lei>
                <title>COMMON STOCK</title>
                <cusip>404251100</cusip>
                <identifiers>
                    <isin value="US4042511000"/>
                </identifiers>
                <balance>45900</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1919997</valUSD>
                <pctVal>1.575330344834</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>OCEANEERING INTERNATIONAL INC</name>
                <lei>549300L6PH74701W0R30</lei>
                <title>COMMON STOCK</title>
                <cusip>675232102</cusip>
                <identifiers>
                    <isin value="US6752321025"/>
                </identifiers>
                <balance>36317</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>772825.76</valUSD>
                <pctVal>0.634092590248</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>UNIFI INC</name>
                <lei>549300MW5LPO0M2LNO04</lei>
                <title>COMMON STOCK</title>
                <cusip>904677200</cusip>
                <identifiers>
                    <isin value="US9046772003"/>
                </identifiers>
                <balance>136764</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>910848.24</valUSD>
                <pctVal>0.747338080221</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>MCGRATH RENTCORP</name>
                <lei>254900EUH6IPWFQ83445</lei>
                <title>COMMON STOCK</title>
                <cusip>580589109</cusip>
                <identifiers>
                    <isin value="US5805891091"/>
                </identifiers>
                <balance>8400</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1004808</valUSD>
                <pctVal>0.824430732513</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>CNX RESOURCES CORP</name>
                <lei>549300JK3KH8PWM3B226</lei>
                <title>COMMON STOCK</title>
                <cusip>12653C108</cusip>
                <identifiers>
                    <isin value="US12653C1080"/>
                </identifiers>
                <balance>59720</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1194400</valUSD>
                <pctVal>0.979988283247</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>UMB FINANCIAL CORP</name>
                <lei>549300MGEH3N3CUCV828</lei>
                <title>COMMON STOCK</title>
                <cusip>902788108</cusip>
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                    <isin value="US9027881088"/>
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                <balance>13700</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>
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                    <isCashCollateral>N</isCashCollateral>
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            <invstOrSec>
                <name>SM ENERGY CO</name>
                <lei>84BUTVXV5ODI6BXNMH43</lei>
                <title>COMMON STOCK</title>
                <cusip>78454L100</cusip>
                <identifiers>
                    <isin value="US78454L1008"/>
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                <balance>29700</balance>
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                <curCd>USD</curCd>
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                <assetCat>EC</assetCat>
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                <invCountry>US</invCountry>
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                <fairValLevel>1</fairValLevel>
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                    <isCashCollateral>N</isCashCollateral>
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            <invstOrSec>
                <name>ALLETE INC</name>
                <lei>549300NNLSIMY6Z8OT86</lei>
                <title>COMMON STOCK</title>
                <cusip>018522300</cusip>
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                    <isin value="US0185223007"/>
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                <balance>17600</balance>
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                <curCd>USD</curCd>
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                <assetCat>EC</assetCat>
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                <invCountry>US</invCountry>
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                <fairValLevel>1</fairValLevel>
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                    <isCashCollateral>N</isCashCollateral>
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            <invstOrSec>
                <name>ORIENTAL FINL GROUP INC COM</name>
                <lei>549300Q4QEXJ37LEXQ06</lei>
                <title>COMMON STOCK</title>
                <cusip>67103X102</cusip>
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                    <isin value="PR67103X1020"/>
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                <balance>59300</balance>
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                <curCd>USD</curCd>
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                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>PR</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
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                    <isCashCollateral>N</isCashCollateral>
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            <invstOrSec>
                <name>DELUXE CORP</name>
                <lei>KWGNKB8TX9LE5TV29231</lei>
                <title>COMMON STOCK</title>
                <cusip>248019101</cusip>
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                    <isin value="US2480191012"/>
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                <curCd>USD</curCd>
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                <payoffProfile>Long</payoffProfile>
                <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>KEMPER CORP</name>
                <lei>549300FNI1JKTRY2PV09</lei>
                <title>COMMON STOCK</title>
                <cusip>488401100</cusip>
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                    <isin value="US4884011002"/>
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                <balance>19400</balance>
                <units>NS</units>
                <curCd>USD</curCd>
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                <payoffProfile>Long</payoffProfile>
                <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>GRANITE CONSTRUCTION INC</name>
                <lei>549300OM4BWMCIXVCZ39</lei>
                <title>COMMON STOCK</title>
                <cusip>387328107</cusip>
                <identifiers>
                    <isin value="US3873281071"/>
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                <balance>24747</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1258632.42</valUSD>
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                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
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            <invstOrSec>
                <name>HORACE MANN EDUCATORS CORP</name>
                <lei>254900G5YAV3A2YK8T32</lei>
                <title>COMMON STOCK</title>
                <cusip>440327104</cusip>
                <identifiers>
                    <isin value="US4403271046"/>
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                <balance>22300</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>729210</valUSD>
                <pctVal>0.598306476915</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
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                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
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                    <isLoanByFund>N</isLoanByFund>
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            <invstOrSec>
                <name>H AND R BLOCK INC</name>
                <lei>549300CE3KUCWLZBG404</lei>
                <title>COMMON STOCK</title>
                <cusip>093671105</cusip>
                <identifiers>
                    <isin value="US0936711052"/>
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                <balance>26700</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1291479</valUSD>
                <pctVal>1.059640227780</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>OLIN CORP</name>
                <lei>549300GKK294V7W57P06</lei>
                <title>COMMON STOCK</title>
                <cusip>680665205</cusip>
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                    <isin value="US6806652052"/>
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                <balance>22780</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1228981</valUSD>
                <pctVal>1.008361503963</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>UFP INDUSTRIES INC</name>
                <lei>5493007KB485C9OV5572</lei>
                <title>COMMON STOCK</title>
                <cusip>90278Q108</cusip>
                <identifiers>
                    <isin value="US90278Q1085"/>
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                <balance>9364</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1175650.2</valUSD>
                <pctVal>0.964604337908</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>PERDOCEO EDUCATION CORP</name>
                <lei>529900X5PCA184O9LY90</lei>
                <title>COMMON STOCK</title>
                <cusip>71363P106</cusip>
                <identifiers>
                    <isin value="US71363P1066"/>
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                <balance>76000</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1334560</valUSD>
                <pctVal>1.094987578107</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>VSE CORP</name>
                <lei>549300QWJYQDH4U5XI15</lei>
                <title>COMMON STOCK</title>
                <cusip>918284100</cusip>
                <identifiers>
                    <isin value="US9182841000"/>
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                <balance>10615</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>685835.15</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>MFA MORTGAGE INVESTMENTS INC</name>
                <lei>YW72IMH2RRC8Z1TGLG58</lei>
                <title>COMMON STOCK</title>
                <cusip>55272X607</cusip>
                <identifiers>
                    <isin value="US55272X6076"/>
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                <balance>89900</balance>
                <units>NS</units>
                <curCd>USD</curCd>
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                <pctVal>0.831294096536</pctVal>
                <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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                    <isLoanByFund>N</isLoanByFund>
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            <invstOrSec>
                <name>HELIX ENERGY SOLUTIONS GROUP INC</name>
                <lei>416AP2JOUTCWEGSOZW41</lei>
                <title>COMMON STOCK</title>
                <cusip>42330P107</cusip>
                <identifiers>
                    <isin value="US42330P1075"/>
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                <balance>100000</balance>
                <units>NS</units>
                <curCd>USD</curCd>
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                <pctVal>0.843459440035</pctVal>
                <payoffProfile>Long</payoffProfile>
                <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>CAPITAL CITY BANK GROUP INC</name>
                <lei>254900NVLVUJQZKTQE82</lei>
                <title>COMMON STOCK</title>
                <cusip>139674105</cusip>
                <identifiers>
                    <isin value="US1396741050"/>
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                <balance>16900</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>497367</valUSD>
                <pctVal>0.408082579097</pctVal>
                <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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                    <isLoanByFund>N</isLoanByFund>
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            <invstOrSec>
                <name>CONNECTONE BANCORP INC</name>
                <lei>549300E2M5ZYAZKUK134</lei>
                <title>COMMON STOCK</title>
                <cusip>20786W107</cusip>
                <identifiers>
                    <isin value="US20786W1071"/>
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                <balance>55209</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1264838.19</valUSD>
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                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
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                    <isLoanByFund>N</isLoanByFund>
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            <invstOrSec>
                <name>CLARUS CORP</name>
                <lei>549300PKSLI6PT0ULL72</lei>
                <title>COMMON STOCK</title>
                <cusip>18270P109</cusip>
                <identifiers>
                    <isin value="US18270P1093"/>
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                <balance>106566</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>734772.57</valUSD>
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                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
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            <invstOrSec>
                <name>GRAY TELEVISION INC</name>
                <lei>529900TM5726KDN7UU35</lei>
                <title>COMMON STOCK</title>
                <cusip>389375106</cusip>
                <identifiers>
                    <isin value="US3893751061"/>
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                <balance>183100</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1640576</valUSD>
                <pctVal>1.346069371883</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
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                <fairValLevel>1</fairValLevel>
                <securityLending>
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            <invstOrSec>
                <name>SOUTHERN FIRST BANCSHARES INC</name>
                <lei>N/A</lei>
                <title>COMMON STOCK</title>
                <cusip>842873101</cusip>
                <identifiers>
                    <isin value="US8428731017"/>
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                <balance>14544</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>539582.4</valUSD>
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                <assetCat>EC</assetCat>
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                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
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            <invstOrSec>
                <name>HUDSON TECHNOLOGIES INC</name>
                <lei>N/A</lei>
                <title>COMMON STOCK</title>
                <cusip>444144109</cusip>
                <identifiers>
                    <isin value="US4441441098"/>
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                <balance>91600</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1235684</valUSD>
                <pctVal>1.013861220526</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
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                <fairValLevel>1</fairValLevel>
                <securityLending>
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                    <isLoanByFund>N</isLoanByFund>
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            <invstOrSec>
                <name>LIONS GATE ENTERTAINMENT CORP</name>
                <lei>5493000JSMHPHZURLM72</lei>
                <title>COMMON STOCK</title>
                <cusip>535919401</cusip>
                <identifiers>
                    <isin value="CA5359194019"/>
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                <balance>101884</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1110535.6</valUSD>
                <pctVal>0.911178730851</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
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                    <loanByFundCondition isLoanByFund="Y" loanVal="1006070"/>
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            </invstOrSec>
            <invstOrSec>
                <name>OPTION CARE HEALTH INC</name>
                <lei>549300DI3Q5ACSYJRI17</lei>
                <title>COMMON STOCK</title>
                <cusip>68404L201</cusip>
                <identifiers>
                    <isin value="US68404L2016"/>
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                <balance>31400</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1057866</valUSD>
                <pctVal>0.867964070032</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>M/I HOMES INC</name>
                <lei>5299005M71FH9CCSFB69</lei>
                <title>COMMON STOCK</title>
                <cusip>55305B101</cusip>
                <identifiers>
                    <isin value="US55305B1017"/>
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                <balance>7200</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>991728</valUSD>
                <pctVal>0.813698777770</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>STEVEN MADDEN LTD</name>
                <lei>549300Z9GZ7GYJWSGF43</lei>
                <title>COMMON STOCK</title>
                <cusip>556269108</cusip>
                <identifiers>
                    <isin value="US5562691080"/>
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                <balance>16800</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>705600</valUSD>
                <pctVal>0.578934806312</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>MARTEN TRANSPORT LTD</name>
                <lei>N/A</lei>
                <title>COMMON STOCK</title>
                <cusip>573075108</cusip>
                <identifiers>
                    <isin value="US5730751089"/>
                </identifiers>
                <balance>48800</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1023824</valUSD>
                <pctVal>0.840033091182</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>MERITAGE HOMES CORP</name>
                <lei>52990044W9UMFJO2FB97</lei>
                <title>COMMON STOCK</title>
                <cusip>59001A102</cusip>
                <identifiers>
                    <isin value="US59001A1025"/>
                </identifiers>
                <balance>4300</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>749060</valUSD>
                <pctVal>0.614593120771</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>MGP INGREDIENTS INC</name>
                <lei>2549006OMHFVZ4MS8538</lei>
                <title>COMMON STOCK</title>
                <cusip>55303J106</cusip>
                <identifiers>
                    <isin value="US55303J1060"/>
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                <balance>12400</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1221648</valUSD>
                <pctVal>1.002344881323</pctVal>
                <payoffProfile>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="995052"/>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>MOTORCAR PARTS OF AMERICA INC</name>
                <lei>549300AG4610OSV3H429</lei>
                <title>COMMON STOCK</title>
                <cusip>620071100</cusip>
                <identifiers>
                    <isin value="US6200711009"/>
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                <balance>116095</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1084327.3</valUSD>
                <pctVal>0.889675191900</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>NEWTEKONE INC</name>
                <lei>549300YLU78IA8GKJ688</lei>
                <title>COMMON STOCK</title>
                <cusip>652526203</cusip>
                <identifiers>
                    <isin value="US6525262035"/>
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                <balance>66200</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>913560</valUSD>
                <pctVal>0.749563040894</pctVal>
                <payoffProfile>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="821100"/>
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            </invstOrSec>
            <invstOrSec>
                <name>NORTHRIM BANCORP INC</name>
                <lei>5493006X7RLLTZ3SG075</lei>
                <title>COMMON STOCK</title>
                <cusip>666762109</cusip>
                <identifiers>
                    <isin value="US6667621097"/>
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                <balance>12200</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>697962</valUSD>
                <pctVal>0.572667935492</pctVal>
                <payoffProfile>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="474843"/>
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            </invstOrSec>
            <invstOrSec>
                <name>PEAPACK-GLADSTONE FINANCIAL CORP</name>
                <lei>549300G8DN2UK8K0ET30</lei>
                <title>COMMON STOCK</title>
                <cusip>704699107</cusip>
                <identifiers>
                    <isin value="US7046991078"/>
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                <balance>12700</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>378714</valUSD>
                <pctVal>0.310729473126</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>RADNET INC</name>
                <lei>529900RECG94V2IZJ970</lei>
                <title>COMMON STOCK</title>
                <cusip>750491102</cusip>
                <identifiers>
                    <isin value="US7504911022"/>
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                <balance>38420</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1335863.4</valUSD>
                <pctVal>1.096056999346</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>QCR HOLDINGS INC</name>
                <lei>549300MWKWM7KWJVQO33</lei>
                <title>COMMON STOCK</title>
                <cusip>74727A104</cusip>
                <identifiers>
                    <isin value="US74727A1043"/>
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                <balance>15678</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>915438.42</valUSD>
                <pctVal>0.751104257899</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>DORMAN PRODUCTS INC</name>
                <lei>N/A</lei>
                <title>COMMON STOCK</title>
                <cusip>258278100</cusip>
                <identifiers>
                    <isin value="US2582781009"/>
                </identifiers>
                <balance>13300</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1109353</valUSD>
                <pctVal>0.910208424301</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>RADIUS RECYCLING INC</name>
                <lei>549300F62TK8VRDSM285</lei>
                <title>COMMON STOCK</title>
                <cusip>806882106</cusip>
                <identifiers>
                    <isin value="US8068821060"/>
                </identifiers>
                <balance>31400</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>947024</valUSD>
                <pctVal>0.777019778930</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>SHOE CARNIVAL INC</name>
                <lei>N/A</lei>
                <title>COMMON STOCK</title>
                <cusip>824889109</cusip>
                <identifiers>
                    <isin value="US8248891090"/>
                </identifiers>
                <balance>18300</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>552843</valUSD>
                <pctVal>0.453599851369</pctVal>
                <payoffProfile>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="184281"/>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CAVCO INDUSTRIES INC</name>
                <lei>N/A</lei>
                <title>COMMON STOCK</title>
                <cusip>149568107</cusip>
                <identifiers>
                    <isin value="US1495681074"/>
                </identifiers>
                <balance>4300</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1490466</valUSD>
                <pctVal>1.222906242949</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>NETGEAR INC</name>
                <lei>54930067KX3UNRHDWA78</lei>
                <title>COMMON STOCK</title>
                <cusip>64111Q104</cusip>
                <identifiers>
                    <isin value="US64111Q1040"/>
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                <balance>85400</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1245132</valUSD>
                <pctVal>1.021613170710</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>GRAPHIC PACKAGING HOLDING CO</name>
                <lei>N/A</lei>
                <title>COMMON STOCK</title>
                <cusip>388689101</cusip>
                <identifiers>
                    <isin value="US3886891015"/>
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                <balance>41000</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1010650</valUSD>
                <pctVal>0.829224010770</pctVal>
                <payoffProfile>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="963815"/>
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            </invstOrSec>
            <invstOrSec>
                <name>MODIVCARE INC</name>
                <lei>549300EFZIFW7F7I0Q28</lei>
                <title>COMMON STOCK</title>
                <cusip>60783X104</cusip>
                <identifiers>
                    <isin value="US60783X1046"/>
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                <balance>28200</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1240518</valUSD>
                <pctVal>1.017827449060</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>UNIVERSAL TECHNICAL INSTITUTE INC</name>
                <lei>2549003YOJGAZ0PVFV48</lei>
                <title>COMMON STOCK</title>
                <cusip>913915104</cusip>
                <identifiers>
                    <isin value="US9139151040"/>
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                <balance>120327</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1506494.04</valUSD>
                <pctVal>1.236057022758</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>BANCORP INC/THE</name>
                <lei>N/A</lei>
                <title>COMMON STOCK</title>
                <cusip>05969A105</cusip>
                <identifiers>
                    <isin value="US05969A1051"/>
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                <balance>48640</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1875558.4</valUSD>
                <pctVal>1.538869102935</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>NRG ENERGY INC</name>
                <lei>5E2UPK5SW04M13XY7I38</lei>
                <title>COMMON STOCK</title>
                <cusip>629377508</cusip>
                <identifiers>
                    <isin value="US6293775085"/>
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                <balance>30700</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1587190</valUSD>
                <pctVal>1.302266915009</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>BLUELINX HOLDINGS INC</name>
                <lei>549300YSX7GU28F5I540</lei>
                <title>COMMON STOCK</title>
                <cusip>09624H208</cusip>
                <identifiers>
                    <isin value="US09624H2085"/>
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                <balance>8600</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>974466</valUSD>
                <pctVal>0.799535551258</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>AXOS FINANCIAL INC</name>
                <lei>529900D8M56422GK9O25</lei>
                <title>COMMON STOCK</title>
                <cusip>05465C100</cusip>
                <identifiers>
                    <isin value="US05465C1009"/>
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                <balance>28700</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1567020</valUSD>
                <pctVal>1.285717715685</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>BROOKDALE SENIOR LIVING INC</name>
                <lei>LH7MQB13NWY7CJ9VC445</lei>
                <title>COMMON STOCK</title>
                <cusip>112463104</cusip>
                <identifiers>
                    <isin value="US1124631045"/>
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                <balance>342846</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1995363.72</valUSD>
                <pctVal>1.637167671146</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>HAYNES INTERNATIONAL INC</name>
                <lei>549300I9MS5UZLRFDO40</lei>
                <title>COMMON STOCK</title>
                <cusip>420877201</cusip>
                <identifiers>
                    <isin value="US4208772016"/>
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                <balance>22656</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1292524.8</valUSD>
                <pctVal>1.060498291867</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>CHART INDUSTRIES INC</name>
                <lei>EM7QGKC1GYOF3LSZSL80</lei>
                <title>COMMON STOCK</title>
                <cusip>16115Q308</cusip>
                <identifiers>
                    <isin value="US16115Q3083"/>
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                <balance>8643</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1178300.19</valUSD>
                <pctVal>0.966778617170</pctVal>
                <payoffProfile>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="940677"/>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>BANK OF NT BUTTERFIELD  AND  SON LTD/THE</name>
                <lei>549300V8RVM0EMTDPF28</lei>
                <title>ORDINARY SHARES</title>
                <cusip>G0772R208</cusip>
                <identifiers>
                    <isin value="BMG0772R2087"/>
                </identifiers>
                <balance>32300</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1033923</valUSD>
                <pctVal>0.848319177646</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>BM</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <loanByFundCondition isLoanByFund="Y" loanVal="128040"/>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ALGONQUIN POWER  AND  UTILITIES CORP</name>
                <lei>549300K5VIUTJXQL7X75</lei>
                <title>ORDINARY SHARES</title>
                <cusip>015857105</cusip>
                <identifiers>
                    <isin value="CA0158571053"/>
                </identifiers>
                <balance>159000</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1004880</valUSD>
                <pctVal>0.824489807493</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>
                    <loanByFundCondition isLoanByFund="Y" loanVal="903760"/>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CELESTICA INC</name>
                <lei>549300J3CG5T6RZWLN53</lei>
                <title>ORDINARY SHARES</title>
                <cusip>15101Q108</cusip>
                <identifiers>
                    <isin value="CA15101Q1081"/>
                </identifiers>
                <balance>52105</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1525634.4</valUSD>
                <pctVal>1.251761417045</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>ALAMOS GOLD INC</name>
                <lei>549300TDOX73YGYXE959</lei>
                <title>ORDINARY SHARES</title>
                <cusip>011532108</cusip>
                <identifiers>
                    <isin value="CA0115321089"/>
                </identifiers>
                <balance>53980</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>727110.6</valUSD>
                <pctVal>0.596583948949</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>BANK OF AMERICA N.A.</name>
                <lei>B4TYDEB6GKMZO031MB27</lei>
                <title>OTC EQUITY OPTION</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <other otherDesc="Internal ID" value="2700127"/>
                </identifiers>
                <balance>8219</balance>
                <units>NC</units>
                <curCd>USD</curCd>
                <valUSD>18335.04</valUSD>
                <pctVal>0.015043640634</pctVal>
                <payoffProfile>N/A</payoffProfile>
                <assetCat>DE</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>

                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <derivativeInfo>
                    <optionSwaptionWarrantDeriv derivCat="OPT">
                        <counterparties>
                            <counterpartyName>BANK OF AMERICA N.A.</counterpartyName>
                            <counterpartyLei>B4TYDEB6GKMZO031MB27</counterpartyLei>
                        </counterparties>
                        <putOrCall>Call</putOrCall>
                        <writtenOrPur>Written</writtenOrPur>
                        <descRefInstrmnt>
                            <otherRefInst>
<issuerName>CELESTICA INC</issuerName>
<issueTitle>ORDINARY SHARES</issueTitle>
<identifiers>
    <cusip value="15101Q108"/>
</identifiers>
                            </otherRefInst>
                        </descRefInstrmnt>
                        <shareNo>1</shareNo>
                        <exercisePrice>27.5</exercisePrice>
                        <exercisePriceCurCd>USD</exercisePriceCurCd>
                        <expDt>2024-01-19</expDt>
                        <delta>XXXX</delta>
                        <unrealizedAppr>-8965.38</unrealizedAppr>
                    </optionSwaptionWarrantDeriv>
                </derivativeInfo>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>PUTNAM SHORT TERM INVESTMENT FUND</name>
                <lei>5493003MK0Q7JP8CPP42</lei>
                <title>SHORT TERM INV FUND</title>
                <cusip>74676P664</cusip>
                <identifiers>
                    <isin value="US74676P6640"/>
                </identifiers>
                <balance>433965</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>433965</valUSD>
                <pctVal>0.356062136085</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>STIV</assetCat>
                <issuerCat>PF</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>PUTNAM CASH COLLATERAL POOL LLC</name>
                <lei>5493005HRIV7IFMKD774</lei>
                <title>SHORT TERM INV FUND</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <other otherDesc="Internal ID" value="1181681"/>
                </identifiers>
                <balance>16589974</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>16589974</valUSD>
                <pctVal>13.611838696732</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>STIV</assetCat>
                <issuerCat>PF</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <cashCollateralCondition cashCollateralVal="16589974" isCashCollateral="Y"/>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
        </invstOrSecs>
        <explntrNotes>
            <explntrNote note="For certain swaptions, if any, the value provided may include any unpaid or received premium and as a result may be a negative value." noteItem="C.2.c"/>
            <explntrNote note="For total return swaps, interest rate swaps or spread swaps, if any, the mark to market payment may be either received or paid, depending on the change in value of the underlying index, basket or equity. For credit default swaps, if any, floating rate index related payments are only made upon the occurrence of a credit event on the reference obligation." noteItem="C.11.f.i.1"/>
            <explntrNote note="For total return swaps, interest rate swaps or spread swaps, if any, the mark to market payment may be either paid or received, depending on the change in value of the underlying index, basket or equity. For credit default swaps, if any, floating rate index related payments are only made upon the occurrence of a credit event on the reference obligation." noteItem="C.11.f.i.2"/>
            <explntrNote note="Monthly total returns provided exclude any applicable sales loads or redemption fees. " noteItem="B.5.a"/>
        </explntrNotes>
        <signature>
            <ncom:dateSigned>2024-02-26</ncom:dateSigned>
            <ncom:nameOfApplicant>Putnam Investments Inc</ncom:nameOfApplicant>
            <ncom:signature>Janet C. Smith</ncom:signature>
            <ncom:signerName>NPORT</ncom:signerName>
            <ncom:title>Principal Financial Officer</ncom:title>
        </signature>
    </formData>
</edgarSubmission>
