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                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>DOUGLAS DYNAMICS INC</name>
                <lei>529900CDFLKNQ0QT6580</lei>
                <title>COMMON STOCK</title>
                <cusip>25960R105</cusip>
                <identifiers>
                    <isin value="US25960R1059"/>
                </identifiers>
                <balance>43000</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>998890</valUSD>
                <pctVal>0.987512347358</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>WALKER  AND  DUNLOP INC</name>
                <lei>N/A</lei>
                <title>COMMON STOCK</title>
                <cusip>93148P102</cusip>
                <identifiers>
                    <isin value="US93148P1021"/>
                </identifiers>
                <balance>14180</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1210404.8</valUSD>
                <pctVal>1.196617931205</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>CHEFS' WAREHOUSE INC/THE</name>
                <lei>549300JYEDC8C547E980</lei>
                <title>COMMON STOCK</title>
                <cusip>163086101</cusip>
                <identifiers>
                    <isin value="US1630861011"/>
                </identifiers>
                <balance>16700</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>909482</valUSD>
                <pctVal>0.899122730931</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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"/>
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                <balance>46400</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>784160</valUSD>
                <pctVal>0.775228185590</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>TAYLOR MORRISON HOME CORP</name>
                <lei>5299009UDLLGLKOOJE30</lei>
                <title>COMMON STOCK</title>
                <cusip>87724P106</cusip>
                <identifiers>
                    <isin value="US87724P1066"/>
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                <balance>21200</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1272848</valUSD>
                <pctVal>1.258349884682</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>121280</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1388656</valUSD>
                <pctVal>1.372838797298</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>RINGCENTRAL INC</name>
                <lei>549300C8EH0H1614VE84</lei>
                <title>COMMON STOCK</title>
                <cusip>76680R206</cusip>
                <identifiers>
                    <isin value="US76680R2067"/>
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                <balance>34100</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>844316</valUSD>
                <pctVal>0.834698990952</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>ANTERO RESOURCES CORP</name>
                <lei>APVBKPOULHUX7YZLKU17</lei>
                <title>COMMON STOCK</title>
                <cusip>03674X106</cusip>
                <identifiers>
                    <isin value="US03674X1063"/>
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                <balance>17300</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>699612</valUSD>
                <pctVal>0.691643212326</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>BRIXMOR PROPERTY GROUP INC</name>
                <lei>5299007UXW6Y0W2EGZ95</lei>
                <title>COMMON STOCK</title>
                <cusip>11120U105</cusip>
                <identifiers>
                    <isin value="US11120U1051"/>
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                <balance>37600</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>998280</valUSD>
                <pctVal>0.986909295439</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>44313</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1313880.45</valUSD>
                <pctVal>1.298914962937</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>ULTRAGENYX PHARMACEUTICAL INC</name>
                <lei>529900EV44GVDN1DCX77</lei>
                <title>COMMON STOCK</title>
                <cusip>90400D108</cusip>
                <identifiers>
                    <isin value="US90400D1081"/>
                </identifiers>
                <balance>15500</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>561255</valUSD>
                <pctVal>0.554862139491</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>ARAMARK</name>
                <lei>549300MR6PG2DWZUIL39</lei>
                <title>COMMON STOCK</title>
                <cusip>03852U106</cusip>
                <identifiers>
                    <isin value="US03852U1060"/>
                </identifiers>
                <balance>19300</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>666236</valUSD>
                <pctVal>0.658647374841</pctVal>
                <payoffProfile>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="617908"/>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>LADDER CAPITAL CORP</name>
                <lei>549300Q6LLV2QCV67C06</lei>
                <title>COMMON STOCK</title>
                <cusip>505743104</cusip>
                <identifiers>
                    <isin value="US5057431042"/>
                </identifiers>
                <balance>121312</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1384169.92</valUSD>
                <pctVal>1.368403815077</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>16316</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>800299.8</valUSD>
                <pctVal>0.791184148493</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>MASTERCRAFT BOAT HOLDINGS INC</name>
                <lei>549300IXWX41555YJ117</lei>
                <title>COMMON STOCK</title>
                <cusip>57637H103</cusip>
                <identifiers>
                    <isin value="US57637H1032"/>
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                <balance>78159</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1345897.98</valUSD>
                <pctVal>1.330567803797</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>TURNING POINT BRANDS INC</name>
                <lei>549300IYG00QF0VVP302</lei>
                <title>COMMON STOCK</title>
                <cusip>90041L105</cusip>
                <identifiers>
                    <isin value="US90041L1052"/>
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                <balance>15411</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>916029.84</valUSD>
                <pctVal>0.905595989097</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>CAMPING WORLD HOLDINGS INC</name>
                <lei>549300E828QQI7MWI432</lei>
                <title>COMMON STOCK</title>
                <cusip>13462K109</cusip>
                <identifiers>
                    <isin value="US13462K1097"/>
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                <balance>70175</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1134028</valUSD>
                <pctVal>1.121111085555</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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"/>
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                <balance>82813</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1146960.05</valUSD>
                <pctVal>1.133895835679</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>ICHOR HOLDINGS LTD</name>
                <lei>529900PS8R2JVLJ2H892</lei>
                <title>COMMON STOCK</title>
                <cusip>G4740B105</cusip>
                <identifiers>
                    <isin value="KYG4740B1059"/>
                </identifiers>
                <balance>42409</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>958867.49</valUSD>
                <pctVal>0.947945705589</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>J JILL INC</name>
                <lei>529900I19PJIF8MIDL12</lei>
                <title>COMMON STOCK</title>
                <cusip>46620W201</cusip>
                <identifiers>
                    <isin value="US46620W2017"/>
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                <balance>49607</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>968824.71</valUSD>
                <pctVal>0.957789509907</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>CARGURUS INC</name>
                <lei>54930027BKQN6B7X7G78</lei>
                <title>COMMON STOCK</title>
                <cusip>141788109</cusip>
                <identifiers>
                    <isin value="US1417881091"/>
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                <balance>34700</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1010811</valUSD>
                <pctVal>0.999297563641</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>334800</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1312416</valUSD>
                <pctVal>1.297467193455</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>23420</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1311285.8</valUSD>
                <pctVal>1.296349866768</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>CORE NATURAL RESOURCES INC</name>
                <lei>549300YJCTPJBTK7IJ81</lei>
                <title>COMMON STOCK</title>
                <cusip>218937100</cusip>
                <identifiers>
                    <isin value="US2189371006"/>
                </identifiers>
                <balance>14000</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1079400</valUSD>
                <pctVal>1.067105314638</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>GATES INDUSTRIAL CORP PLC</name>
                <lei>549300S6K4FWUSB9KM27</lei>
                <title>COMMON STOCK</title>
                <cusip>G39108108</cusip>
                <identifiers>
                    <isin value="GB00BD9G2S12"/>
                </identifiers>
                <balance>56918</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1047860.38</valUSD>
                <pctVal>1.035924940241</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>BUSINESS FIRST BANCSHARES INC</name>
                <lei>549300ILTC50KHDX4A08</lei>
                <title>COMMON STOCK</title>
                <cusip>12326C105</cusip>
                <identifiers>
                    <isin value="US12326C1053"/>
                </identifiers>
                <balance>58200</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1417170</valUSD>
                <pctVal>1.401028014402</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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"/>
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                <balance>28000</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>970760</valUSD>
                <pctVal>0.959702756381</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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"/>
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                <balance>12370</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1118371.7</valUSD>
                <pctVal>1.105633115444</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>MAGNOLIA OIL  AND  GAS CORP</name>
                <lei>N/A</lei>
                <title>COMMON STOCK</title>
                <cusip>559663109</cusip>
                <identifiers>
                    <isin value="US5596631094"/>
                </identifiers>
                <balance>19985</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>504821.1</valUSD>
                <pctVal>0.499071038310</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>63169</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1056185.68</valUSD>
                <pctVal>1.044155412611</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>IBEX HOLDINGS LTD</name>
                <lei>5493000GRFLPVYU2CX17</lei>
                <title>COMMON STOCK</title>
                <cusip>G4690M101</cusip>
                <identifiers>
                    <isin value="BMG4690M1010"/>
                </identifiers>
                <balance>62190</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1514326.5</valUSD>
                <pctVal>1.497077873121</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>ABACUS GLOBAL MANAGEMENT INC</name>
                <lei>N/A</lei>
                <title>COMMON STOCK</title>
                <cusip>00258Y104</cusip>
                <identifiers>
                    <isin value="US00258Y1047"/>
                </identifiers>
                <balance>152900</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1145221</valUSD>
                <pctVal>1.132176593973</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>BROADSTONE NET LEASE INC</name>
                <lei>549300U8D7PT70B49V21</lei>
                <title>COMMON STOCK</title>
                <cusip>11135E203</cusip>
                <identifiers>
                    <isin value="US11135E2037"/>
                </identifiers>
                <balance>56600</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>964464</valUSD>
                <pctVal>0.953478469684</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>HOLLEY INC</name>
                <lei>254900EEM9JI9G1A4D88</lei>
                <title>COMMON STOCK</title>
                <cusip>43538H103</cusip>
                <identifiers>
                    <isin value="US43538H1032"/>
                </identifiers>
                <balance>116900</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>300433</valUSD>
                <pctVal>0.297010979241</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>13600</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>391000</valUSD>
                <pctVal>0.386546394315</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>41735</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1160233</valUSD>
                <pctVal>1.147017602852</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>DOCGO INC</name>
                <lei>N/A</lei>
                <title>COMMON STOCK</title>
                <cusip>256086109</cusip>
                <identifiers>
                    <isin value="US2560861096"/>
                </identifiers>
                <balance>300200</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>792528</valUSD>
                <pctVal>0.783500871595</pctVal>
                <payoffProfile>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="711480"/>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>JANUX THERAPEUTICS INC</name>
                <lei>N/A</lei>
                <title>COMMON STOCK</title>
                <cusip>47103J105</cusip>
                <identifiers>
                    <isin value="US47103J1051"/>
                </identifiers>
                <balance>13546</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>365742</valUSD>
                <pctVal>0.361576090408</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>203900</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>475087</valUSD>
                <pctVal>0.469675618506</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>NEXTRACKER INC</name>
                <lei>N/A</lei>
                <title>COMMON STOCK</title>
                <cusip>65290E101</cusip>
                <identifiers>
                    <isin value="US65290E1010"/>
                </identifiers>
                <balance>19800</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>834372</valUSD>
                <pctVal>0.824868256054</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>SKYWARD SPECIALTY INSURANCE GROUP INC</name>
                <lei>549300GXGXJG0YH4VN21</lei>
                <title>COMMON STOCK</title>
                <cusip>830940102</cusip>
                <identifiers>
                    <isin value="US8309401029"/>
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                <balance>17305</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>915780.6</valUSD>
                <pctVal>0.905349588014</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>PROFICIENT AUTO LOGISTICS INC</name>
                <lei>N/A</lei>
                <title>COMMON STOCK</title>
                <cusip>74317M104</cusip>
                <identifiers>
                    <isin value="US74317M1045"/>
                </identifiers>
                <balance>113490</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>949911.3</valUSD>
                <pctVal>0.939091529243</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>CONCENTRA GROUP HOLDINGS PARENT INC</name>
                <lei>N/A</lei>
                <title>COMMON STOCK</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="US20603L1026"/>
                </identifiers>
                <balance>46500</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1009050</valUSD>
                <pctVal>0.997556621952</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>SKYWEST INC</name>
                <lei>529900UYS2KGS6Z42P09</lei>
                <title>COMMON STOCK</title>
                <cusip>830879102</cusip>
                <identifiers>
                    <isin value="US8308791024"/>
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                <balance>12900</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1127073</valUSD>
                <pctVal>1.114235305063</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>BEAZER HOMES USA INC</name>
                <lei>549300DUPYT2T0F60I45</lei>
                <title>COMMON STOCK</title>
                <cusip>07556Q881</cusip>
                <identifiers>
                    <isin value="US07556Q8814"/>
                </identifiers>
                <balance>48900</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>997071</valUSD>
                <pctVal>0.985714066306</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>13580</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>783430.2</valUSD>
                <pctVal>0.774506698228</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>NPK INTERNATIONAL INC</name>
                <lei>54930073OHWDQW4DJN26</lei>
                <title>COMMON STOCK</title>
                <cusip>651718504</cusip>
                <identifiers>
                    <isin value="US6517185046"/>
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                <balance>189137</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1098885.97</valUSD>
                <pctVal>1.086369333674</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>PERRIGO CO PLC</name>
                <lei>549300IFOQS6R1QLY196</lei>
                <title>COMMON STOCK</title>
                <cusip>G97822103</cusip>
                <identifiers>
                    <isin value="IE00BGH1M568"/>
                </identifiers>
                <balance>41200</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1155248</valUSD>
                <pctVal>1.142089383477</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>IE</invCountry>

                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>UNIFI INC</name>
                <lei>549300MW5LPO0M2LNO04</lei>
                <title>COMMON STOCK</title>
                <cusip>904677200</cusip>
                <identifiers>
                    <isin value="US9046772003"/>
                </identifiers>
                <balance>109808</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>528176.48</valUSD>
                <pctVal>0.522160393621</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>NBT BANCORP INC</name>
                <lei>N/A</lei>
                <title>COMMON STOCK</title>
                <cusip>628778102</cusip>
                <identifiers>
                    <isin value="US6287781024"/>
                </identifiers>
                <balance>20600</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>883740</valUSD>
                <pctVal>0.873673939928</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>
                <identifiers>
                    <isin value="US9027881088"/>
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                <balance>11500</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1162650</valUSD>
                <pctVal>1.149407072507</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>TTM TECHNOLOGIES INC</name>
                <lei>549300SC4BDOIS008048</lei>
                <title>COMMON STOCK</title>
                <cusip>87305R109</cusip>
                <identifiers>
                    <isin value="US87305R1095"/>
                </identifiers>
                <balance>62409</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1280008.59</valUSD>
                <pctVal>1.265428913444</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>VISHAY INTERTECHNOLOGY INC</name>
                <lei>5493009O8F3QQJTCQR75</lei>
                <title>COMMON STOCK</title>
                <cusip>928298108</cusip>
                <identifiers>
                    <isin value="US9282981086"/>
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                <balance>64900</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1031910</valUSD>
                <pctVal>1.020156239789</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>ORIENTAL FINL GROUP INC COM</name>
                <lei>549300Q4QEXJ37LEXQ06</lei>
                <title>COMMON STOCK</title>
                <cusip>67103X102</cusip>
                <identifiers>
                    <isin value="PR67103X1020"/>
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                <balance>27600</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1104552</valUSD>
                <pctVal>1.091970825916</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>PR</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>KEMPER CORP</name>
                <lei>549300FNI1JKTRY2PV09</lei>
                <title>COMMON STOCK</title>
                <cusip>488401100</cusip>
                <identifiers>
                    <isin value="US4884011002"/>
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                <balance>15900</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1062915</valUSD>
                <pctVal>1.050808083665</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>EDGEWELL PERSONAL CARE CO</name>
                <lei>549300CY8QZDL4Z3RU59</lei>
                <title>COMMON STOCK</title>
                <cusip>28035Q102</cusip>
                <identifiers>
                    <isin value="US28035Q1022"/>
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                <balance>33200</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1036172</valUSD>
                <pctVal>1.024369694348</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>HORACE MANN EDUCATORS CORP</name>
                <lei>254900G5YAV3A2YK8T32</lei>
                <title>COMMON STOCK</title>
                <cusip>440327104</cusip>
                <identifiers>
                    <isin value="US4403271046"/>
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                <balance>26900</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1149437</valUSD>
                <pctVal>1.136344572486</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>EXTREME NETWORKS INC</name>
                <lei>549300WRECW11X94UB57</lei>
                <title>COMMON STOCK</title>
                <cusip>30226D106</cusip>
                <identifiers>
                    <isin value="US30226D1063"/>
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                <balance>91200</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1206576</valUSD>
                <pctVal>1.192832742370</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>PERDOCEO EDUCATION CORP</name>
                <lei>529900X5PCA184O9LY90</lei>
                <title>COMMON STOCK</title>
                <cusip>71363P106</cusip>
                <identifiers>
                    <isin value="US71363P1066"/>
                </identifiers>
                <balance>51500</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1296770</valUSD>
                <pctVal>1.281999406025</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>POPULAR INC</name>
                <lei>5493008CARDZMVQ3LO89</lei>
                <title>COMMON STOCK</title>
                <cusip>733174700</cusip>
                <identifiers>
                    <isin value="PR7331747001"/>
                </identifiers>
                <balance>12300</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1136151</valUSD>
                <pctVal>1.123209903957</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>PR</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CLEVELAND-CLIFFS INC</name>
                <lei>549300TM2WLI2BJMDD86</lei>
                <title>COMMON STOCK</title>
                <cusip>185899101</cusip>
                <identifiers>
                    <isin value="US1858991011"/>
                </identifiers>
                <balance>90100</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>740622</valUSD>
                <pctVal>0.732186096292</pctVal>
                <payoffProfile>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="685548"/>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>PITNEY BOWES INC</name>
                <lei>549300N2O26NW4ST6W55</lei>
                <title>COMMON STOCK</title>
                <cusip>724479100</cusip>
                <identifiers>
                    <isin value="US7244791007"/>
                </identifiers>
                <balance>135000</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1221750</valUSD>
                <pctVal>1.207833906021</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>AZZ INC</name>
                <lei>549300HD1X2NFLWPYC83</lei>
                <title>COMMON STOCK</title>
                <cusip>002474104</cusip>
                <identifiers>
                    <isin value="US0024741045"/>
                </identifiers>
                <balance>14700</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1229067</valUSD>
                <pctVal>1.215067563226</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>MFA MORTGAGE INVESTMENTS INC</name>
                <lei>YW72IMH2RRC8Z1TGLG58</lei>
                <title>COMMON STOCK</title>
                <cusip>55272X607</cusip>
                <identifiers>
                    <isin value="US55272X6076"/>
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                <balance>95500</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>979830</valUSD>
                <pctVal>0.968669446398</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CONNECTONE BANCORP INC</name>
                <lei>549300E2M5ZYAZKUK134</lei>
                <title>COMMON STOCK</title>
                <cusip>20786W107</cusip>
                <identifiers>
                    <isin value="US20786W1071"/>
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                <balance>55909</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1359147.79</valUSD>
                <pctVal>1.343666694541</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>COLUMBIA BANKING SYSTEM INC</name>
                <lei>N/A</lei>
                <title>COMMON STOCK</title>
                <cusip>197236102</cusip>
                <identifiers>
                    <isin value="US1972361026"/>
                </identifiers>
                <balance>30400</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>758176</valUSD>
                <pctVal>0.749540151038</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>COVENANT LOGISTICS GROUP INC</name>
                <lei>N/A</lei>
                <title>COMMON STOCK</title>
                <cusip>22284P105</cusip>
                <identifiers>
                    <isin value="US22284P1057"/>
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                <balance>40000</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>888000</valUSD>
                <pctVal>0.877885417267</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>FINANCIAL INSTITUTIONS INC</name>
                <lei>N/A</lei>
                <title>COMMON STOCK</title>
                <cusip>317585404</cusip>
                <identifiers>
                    <isin value="US3175854047"/>
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                <balance>18551</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>463032.96</valUSD>
                <pctVal>0.457758877588</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>SOUTHSTATE CORP</name>
                <lei>549300JZUANXM0YQ4W53</lei>
                <title>COMMON STOCK</title>
                <cusip>840441109</cusip>
                <identifiers>
                    <isin value="US8404411097"/>
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                <balance>12000</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1113840</valUSD>
                <pctVal>1.101153032848</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>FLUSHING FINANCIAL CORP</name>
                <lei>N/A</lei>
                <title>COMMON STOCK</title>
                <cusip>343873105</cusip>
                <identifiers>
                    <isin value="US3438731057"/>
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                <balance>41207</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>523328.9</valUSD>
                <pctVal>0.517368028992</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>GRIFFON CORP</name>
                <lei>5493000C2SGNC7ZN3242</lei>
                <title>COMMON STOCK</title>
                <cusip>398433102</cusip>
                <identifiers>
                    <isin value="US3984331021"/>
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                <balance>14400</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1029600</valUSD>
                <pctVal>1.017872551372</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>HAVERTY FURNITURE COS INC</name>
                <lei>529900CVFMMIRXZVPD70</lei>
                <title>COMMON STOCK</title>
                <cusip>419596101</cusip>
                <identifiers>
                    <isin value="US4195961010"/>
                </identifiers>
                <balance>10011</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>197416.92</valUSD>
                <pctVal>0.195168282871</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>ENCORE CAPITAL GROUP INC</name>
                <lei>5493000UVC6H49CIH830</lei>
                <title>COMMON STOCK</title>
                <cusip>292554102</cusip>
                <identifiers>
                    <isin value="US2925541029"/>
                </identifiers>
                <balance>31200</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1069536</valUSD>
                <pctVal>1.057353668516</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>OPTION CARE HEALTH INC</name>
                <lei>549300DI3Q5ACSYJRI17</lei>
                <title>COMMON STOCK</title>
                <cusip>68404L201</cusip>
                <identifiers>
                    <isin value="US68404L2016"/>
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                <balance>32700</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1142865</valUSD>
                <pctVal>1.129847429510</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>STEVEN MADDEN LTD</name>
                <lei>549300Z9GZ7GYJWSGF43</lei>
                <title>COMMON STOCK</title>
                <cusip>556269108</cusip>
                <identifiers>
                    <isin value="US5562691080"/>
                </identifiers>
                <balance>28400</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>756576</valUSD>
                <pctVal>0.747958375512</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>NORTHRIM BANCORP INC</name>
                <lei>5493006X7RLLTZ3SG075</lei>
                <title>COMMON STOCK</title>
                <cusip>666762109</cusip>
                <identifiers>
                    <isin value="US6667621097"/>
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                <balance>13100</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>959182</valUSD>
                <pctVal>0.948256633227</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>TUTOR PERINI CORP</name>
                <lei>549300FHXYVPW8LJ6D98</lei>
                <title>COMMON STOCK</title>
                <cusip>901109108</cusip>
                <identifiers>
                    <isin value="US9011091082"/>
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                <balance>25700</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>595726</valUSD>
                <pctVal>0.588940504602</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
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                    <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>15020</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>746794.4</valUSD>
                <pctVal>0.738288190830</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>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>1118154.96</valUSD>
                <pctVal>1.105418844177</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>DORMAN PRODUCTS INC</name>
                <lei>2549000O0BBUX740XR59</lei>
                <title>COMMON STOCK</title>
                <cusip>258278100</cusip>
                <identifiers>
                    <isin value="US2582781009"/>
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                <balance>6300</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>759402</valUSD>
                <pctVal>0.750752186536</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>H2O AMERICA</name>
                <lei>N/A</lei>
                <title>COMMON STOCK</title>
                <cusip>784305104</cusip>
                <identifiers>
                    <isin value="US7843051043"/>
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                <balance>20800</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1137552</valUSD>
                <pctVal>1.124594946152</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>SILGAN HOLDINGS INC</name>
                <lei>KAF673KJXD92C8KSLU49</lei>
                <title>COMMON STOCK</title>
                <cusip>827048109</cusip>
                <identifiers>
                    <isin value="US8270481091"/>
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                <balance>20000</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1022400</valUSD>
                <pctVal>1.010754561502</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>SOUTHERN MISSOURI BANCORP INC</name>
                <lei>N/A</lei>
                <title>COMMON STOCK</title>
                <cusip>843380106</cusip>
                <identifiers>
                    <isin value="US8433801060"/>
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                <balance>16200</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>842724</valUSD>
                <pctVal>0.833125124303</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>STANDARD MOTOR PRODUCTS INC</name>
                <lei>THGK1EO5B5HK0JHQVZ90</lei>
                <title>COMMON STOCK</title>
                <cusip>853666105</cusip>
                <identifiers>
                    <isin value="US8536661056"/>
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                <balance>30700</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>765351</valUSD>
                <pctVal>0.756633425666</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>ATLANTIC UNION BANKSHARES CORP</name>
                <lei>N/A</lei>
                <title>COMMON STOCK</title>
                <cusip>04911A107</cusip>
                <identifiers>
                    <isin value="US04911A1079"/>
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                <balance>26396</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>821971.44</valUSD>
                <pctVal>0.812608942102</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>UMH PROPERTIES INC</name>
                <lei>529900OM5K3PJ11F0Q09</lei>
                <title>COMMON STOCK</title>
                <cusip>903002103</cusip>
                <identifiers>
                    <isin value="US9030021037"/>
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                <balance>52200</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>976140</valUSD>
                <pctVal>0.965021476589</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>INTEGER HOLDINGS CORP</name>
                <lei>549300SUD2ED5XG6X569</lei>
                <title>COMMON STOCK</title>
                <cusip>45826H109</cusip>
                <identifiers>
                    <isin value="US45826H1095"/>
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                <balance>8100</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>955881</valUSD>
                <pctVal>0.944993232593</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>HELEN OF TROY LTD</name>
                <lei>N/A</lei>
                <title>COMMON STOCK</title>
                <cusip>G4388N106</cusip>
                <identifiers>
                    <isin value="BMG4388N1065"/>
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                <balance>19200</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1027008</valUSD>
                <pctVal>1.015310075019</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>CAVCO INDUSTRIES INC</name>
                <lei>N/A</lei>
                <title>COMMON STOCK</title>
                <cusip>149568107</cusip>
                <identifiers>
                    <isin value="US1495681074"/>
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                <balance>2200</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1143186</valUSD>
                <pctVal>1.130164773225</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>BANCORP INC/THE</name>
                <lei>894500FP2ICT1B019Y71</lei>
                <title>COMMON STOCK</title>
                <cusip>05969A105</cusip>
                <identifiers>
                    <isin value="US05969A1051"/>
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                <balance>25140</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1328397.6</valUSD>
                <pctVal>1.313266758303</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>12242</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1168621.32</valUSD>
                <pctVal>1.155310377405</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>21700</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1400084</valUSD>
                <pctVal>1.384136628997</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>PORTLAND GENERAL ELECTRIC CO</name>
                <lei>GJOUP9M7C39GLSK9R870</lei>
                <title>COMMON STOCK</title>
                <cusip>736508847</cusip>
                <identifiers>
                    <isin value="US7365088472"/>
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                <balance>16400</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>731440</valUSD>
                <pctVal>0.723108681989</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>SALLY BEAUTY HOLDINGS INC</name>
                <lei>529900VXW6E8ONDIQ271</lei>
                <title>COMMON STOCK</title>
                <cusip>79546E104</cusip>
                <identifiers>
                    <isin value="US79546E1047"/>
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                <balance>56800</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>512904</valUSD>
                <pctVal>0.507061871687</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>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>HUDBAY MINERALS INC</name>
                <lei>549300WI524AL577IX21</lei>
                <title>ORDINARY SHARES</title>
                <cusip>443628102</cusip>
                <identifiers>
                    <isin value="CA4436281022"/>
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                <balance>115167</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>874117.53</valUSD>
                <pctVal>0.864161072708</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>TEEKAY TANKERS LTD</name>
                <lei>549300DE8ZAIYS2T6Q22</lei>
                <title>ORDINARY SHARES</title>
                <cusip>G8726X106</cusip>
                <identifiers>
                    <isin value="BMG8726X1065"/>
                </identifiers>
                <balance>14600</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>558742</valUSD>
                <pctVal>0.552377763305</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>41580</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1111849.2</valUSD>
                <pctVal>1.099184908649</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>MAJOR DRILLING</name>
                <lei>549300O1MNHCX2FUBC21</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CA5609091031"/>
                </identifiers>
                <balance>140600</balance>
                <units>NS</units>
                <currencyConditional curCd="CAD" exchangeRt=".694902887"/>
                <valUSD>783580.83</valUSD>
                <pctVal>0.774655612508</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>ALGONQUIN POWER  AND  UTILITIES CORP</name>
                <lei>549300K5VIUTJXQL7X75</lei>
                <title>ORDINARY SHARES</title>
                <cusip>015857105</cusip>
                <identifiers>
                    <isin value="CA0158571053"/>
                </identifiers>
                <balance>156300</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>803382</valUSD>
                <pctVal>0.794231241323</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>TITAN AMERICA SA</name>
                <lei>9845007APCB6462D6C46</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="BE6360403164"/>
                </identifiers>
                <balance>72508</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>980308.16</valUSD>
                <pctVal>0.969142160014</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>BE</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <loanByFundCondition isLoanByFund="Y" loanVal="901784"/>
                </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>4043090</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>4043090</valUSD>
                <pctVal>3.997038008670</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>STIV</assetCat>
                <issuerCat>PF</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <cashCollateralCondition cashCollateralVal="4043090" 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>2025-05-29</ncom:dateSigned>
            <ncom:nameOfApplicant>Putnam Variable Trust</ncom:nameOfApplicant>
            <ncom:signature>Kevin R Blatchford</ncom:signature>
            <ncom:signerName>Kevin R Blatchford</ncom:signerName>
            <ncom:title>Assistant Treasurer</ncom:title>
        </signature>
    </formData>
    <documents>XXXX</documents>
</edgarSubmission>
