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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Stifel Financial Corp</name>
        <lei>549300E5F07FE5GHJX84</lei>
        <title>Stifel Financial Corp</title>
        <cusip>860630102</cusip>
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          <isin value="US8606301021"/>
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        <balance>36395.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Simmons First National Corp</name>
        <lei>549300IVR5AJKUVOGN05</lei>
        <title>Simmons First National Corp</title>
        <cusip>828730200</cusip>
        <identifiers>
          <isin value="US8287302009"/>
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        <balance>38618.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>921811.66000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Navient Corp</name>
        <lei>54930067J0ZNOEBRW338</lei>
        <title>Navient Corp</title>
        <cusip>63938C108</cusip>
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          <isin value="US63938C1080"/>
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        <balance>51062.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Safety Insurance Group Inc</name>
        <lei>254900LDCFLA3J746840</lei>
        <title>Safety Insurance Group Inc</title>
        <cusip>78648T100</cusip>
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          <isin value="US78648T1007"/>
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        <balance>3885.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Comerica Inc</name>
        <lei>I9Q57JVPWHHZ3ZGBW498</lei>
        <title>Comerica Inc</title>
        <cusip>200340107</cusip>
        <identifiers>
          <isin value="US2003401070"/>
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        <balance>44439.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3132949.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ServisFirst Bancshares Inc</name>
        <lei>N/A</lei>
        <title>ServisFirst Bancshares Inc</title>
        <cusip>81768T108</cusip>
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          <isin value="US81768T1088"/>
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        <balance>16636.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Curo Group Holdings Corp</name>
        <lei>54930007KH8KCGJ4YE72</lei>
        <title>Curo Group Holdings Corp</title>
        <cusip>23131L107</cusip>
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          <isin value="US23131L1070"/>
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        <balance>8388.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>43365.96000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MSCI Inc</name>
        <lei>549300HTIN2PD78UB763</lei>
        <title>MSCI Inc</title>
        <cusip>55354G100</cusip>
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          <isin value="US55354G1004"/>
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        <balance>27602.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Progressive Corp/The</name>
        <lei>529900TACNVLY9DCR586</lei>
        <title>Progressive Corp/The</title>
        <cusip>743315103</cusip>
        <identifiers>
          <isin value="US7433151039"/>
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        <balance>199009.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Live Oak Bancshares Inc</name>
        <lei>N/A</lei>
        <title>Live Oak Bancshares Inc</title>
        <cusip>53803X105</cusip>
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          <isin value="US53803X1054"/>
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        <balance>11389.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>369800.83000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Luther Burbank Corp</name>
        <lei>5493007YRUZ4ZDZM0J48</lei>
        <title>Luther Burbank Corp</title>
        <cusip>550550107</cusip>
        <identifiers>
          <isin value="US5505501073"/>
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        <balance>6512.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Eastern Bankshares Inc</name>
        <lei>549300J245MBQU3DO403</lei>
        <title>Eastern Bankshares Inc</title>
        <cusip>27627N105</cusip>
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          <isin value="US27627N1054"/>
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        <balance>56525.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Evercore Inc</name>
        <lei>529900P6KLPT95DW3W58</lei>
        <title>Evercore Inc</title>
        <cusip>29977A105</cusip>
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          <isin value="US29977A1051"/>
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        <balance>14059.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Jackson Financial Inc</name>
        <lei>213800WXW2KG1N4CO374</lei>
        <title>Jackson Financial Inc</title>
        <cusip>46817M107</cusip>
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        <balance>17765.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Mercury General Corp</name>
        <lei>5493001Q9EXPCEL4W527</lei>
        <title>Mercury General Corp</title>
        <cusip>589400100</cusip>
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          <isin value="US5894001008"/>
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        <balance>9882.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Brightsphere Investment Group Inc</name>
        <lei>5493004FTLQNQTBOP608</lei>
        <title>Brightsphere Investment Group Inc</title>
        <cusip>10948W103</cusip>
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        <balance>12712.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>International Bancshares Corp</name>
        <lei>549300Y16R531AU8TX77</lei>
        <title>International Bancshares Corp</title>
        <cusip>459044103</cusip>
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          <isin value="US4590441030"/>
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        <balance>21065.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Franklin BSP Realty Trust Inc</name>
        <lei>549300LH3QNZK9Y1KC93</lei>
        <title>Franklin BSP Realty Trust Inc</title>
        <cusip>35243J101</cusip>
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        <balance>26711.00000000</balance>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Old National Bancorp/IN</name>
        <lei>549300MMK90CL5KMVX16</lei>
        <title>Old National Bancorp/IN</title>
        <cusip>680033107</cusip>
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        <balance>100722.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Pathward Financial Inc</name>
        <lei>5493004X52BH1NBLW813</lei>
        <title>Pathward Financial Inc</title>
        <cusip>59100U108</cusip>
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        <balance>7728.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Virtu Financial Inc</name>
        <lei>5493001OPW2K42CH3884</lei>
        <title>Virtu Financial Inc</title>
        <cusip>928254101</cusip>
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        <balance>30669.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Univest Financial Corp</name>
        <lei>4WII2HCR8UEWNU03U507</lei>
        <title>Univest Financial Corp</title>
        <cusip>915271100</cusip>
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        <balance>10914.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Nicolet Bankshares Inc</name>
        <lei>N/A</lei>
        <title>Nicolet Bankshares Inc</title>
        <cusip>65406E102</cusip>
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        <balance>4526.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>345288.54000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>New York Mortgage Trust Inc</name>
        <lei>549300JFGR0M7ULHWG48</lei>
        <title>New York Mortgage Trust Inc</title>
        <cusip>649604501</cusip>
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          <isin value="US6496045013"/>
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        <balance>126548.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>340414.12000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>AMERISAFE Inc</name>
        <lei>2549002B4EXPBLGMNN22</lei>
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      <invstOrSec>
        <name>NBT Bancorp Inc</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Wells Fargo &amp; Co</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Northern Trust Corp</name>
        <lei>549300GLF98S992BC502</lei>
        <title>Northern Trust Corp</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>FirstCash Holdings Inc</name>
        <lei>N/A</lei>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Hamilton Lane Inc</name>
        <lei>5493006OKN3V1NORM833</lei>
        <title>Hamilton Lane Inc</title>
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          <isin value="US4074971064"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>AGNC Investment Corp</name>
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      <invstOrSec>
        <name>MarketAxess Holdings Inc</name>
        <lei>5493002U1CA1XJOVID83</lei>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Chicago Mercantile Exchange</name>
        <lei>SNZ2OJLFK8MNNCLQOF39</lei>
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      <invstOrSec>
        <name>Interactive Brokers Group Inc</name>
        <lei>5493004DT6DCDUZNDM53</lei>
        <title>Interactive Brokers Group Inc</title>
        <cusip>45841N107</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Reinsurance Group of America Inc</name>
        <lei>LORM1GNEU1DKEW527V90</lei>
        <title>Reinsurance Group of America Inc</title>
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        <name>First Merchants Corp</name>
        <lei>TZTBT0OTGQ2FEK6XMX94</lei>
        <title>First Merchants Corp</title>
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        <name>Walker &amp; Dunlop Inc</name>
        <lei>N/A</lei>
        <title>Walker &amp; Dunlop Inc</title>
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        <assetCat>EC</assetCat>
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        <name>Cannae Holdings Inc</name>
        <lei>549300OGRF1ICI7D2V77</lei>
        <title>Cannae Holdings Inc</title>
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        <assetCat>EC</assetCat>
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        <name>Redwood Trust Inc</name>
        <lei>DRBV4N1ERQLEMIF11G78</lei>
        <title>Redwood Trust Inc</title>
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        <name>Customers Bancorp Inc</name>
        <lei>549300WLBCHYKZ53FN68</lei>
        <title>Customers Bancorp Inc</title>
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        <name>ConnectOne Bancorp Inc</name>
        <lei>549300E2M5ZYAZKUK134</lei>
        <title>ConnectOne Bancorp Inc</title>
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        <name>OFG Bancorp</name>
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        <name>Ryan Specialty Holdings Inc</name>
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        <title>Ryan Specialty Holdings Inc</title>
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        <name>Artisan Partners Asset Management Inc</name>
        <lei>549300T1FUI6JF63XU51</lei>
        <title>Artisan Partners Asset Management Inc</title>
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        <name>Ready Capital Corp</name>
        <lei>549300MYWGZUG7ZUYO87</lei>
        <title>Ready Capital Corp</title>
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        <name>Tradeweb Markets Inc</name>
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        <title>Tradeweb Markets Inc</title>
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      <invstOrSec>
        <name>Chicago Mercantile Exchange</name>
        <lei>SNZ2OJLFK8MNNCLQOF39</lei>
        <title>XAF FINANCIAL DEC22</title>
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      <invstOrSec>
        <name>ARMOUR Residential REIT Inc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Primerica Inc</name>
        <lei>254900621R686KJR7022</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Hingham Institution For Savings The</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Diamond Hill Investment Group Inc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Everest Re Group Ltd</name>
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        <assetCat>EC</assetCat>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Great Southern Bancorp Inc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Park National Corp</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Universal Insurance Holdings Inc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>KKR Real Estate Finance Trust Inc</name>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Columbia Banking System Inc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>WSFS Financial Corp</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Arch Capital Group Ltd</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>OceanFirst Financial Corp</name>
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        <name>Lakeland Bancorp Inc</name>
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        <name>First American Financial Corp</name>
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        <name>New York Community Bancorp Inc</name>
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        <name>Citigroup Inc</name>
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        <name>Chubb Ltd</name>
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        <name>Affiliated Managers Group Inc</name>
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        <name>Associated Banc-Corp</name>
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        <name>MFA Financial Inc</name>
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        <name>Cohen &amp; Steers Inc</name>
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        <name>PNC Financial Services Group Inc/The</name>
        <lei>CFGNEKW0P8842LEUIA51</lei>
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        <name>Bread Financial Holdings Inc</name>
        <lei>549300G8S4PO686J7H97</lei>
        <title>Bread Financial Holdings Inc</title>
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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>Prosperity Bancshares Inc</name>
        <lei>N/A</lei>
        <title>Prosperity Bancshares Inc</title>
        <cusip>743606105</cusip>
        <identifiers>
          <isin value="US7436061052"/>
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        <balance>31924.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2284800.68000000</valUSD>
        <pctVal>0.147210439833</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>Broadmark Realty Capital Inc</name>
        <lei>N/A</lei>
        <title>Broadmark Realty Capital Inc</title>
        <cusip>11135B100</cusip>
        <identifiers>
          <isin value="US11135B1008"/>
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        <balance>47186.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>274622.52000000</valUSD>
        <pctVal>0.017694016949</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SVB Financial Group</name>
        <lei>549300D2KJ20JMXE7542</lei>
        <title>SVB Financial Group</title>
        <cusip>78486Q101</cusip>
        <identifiers>
          <isin value="US78486Q1013"/>
        </identifiers>
        <balance>20051.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4630978.96000000</valUSD>
        <pctVal>0.298375458100</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>First Horizon Corp</name>
        <lei>TF3RXI1ZB1TQ30H9JV10</lei>
        <title>First Horizon Corp</title>
        <cusip>320517105</cusip>
        <identifiers>
          <isin value="US3205171057"/>
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        <balance>182079.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4462756.29000000</valUSD>
        <pctVal>0.287536817575</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>Invesco Ltd</name>
        <lei>ECPGFXU8A2SHKVVGJI15</lei>
        <title>Invesco Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BMG491BT1088"/>
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        <balance>117482.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1799824.24000000</valUSD>
        <pctVal>0.115963252424</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>First Mid Bancshares Inc</name>
        <lei>N/A</lei>
        <title>First Mid Bancshares Inc</title>
        <cusip>320866106</cusip>
        <identifiers>
          <isin value="US3208661062"/>
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        <balance>7320.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>262129.20000000</valUSD>
        <pctVal>0.016889068338</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>Moody's Corp</name>
        <lei>549300GCEDD8YCF5WU84</lei>
        <title>Moody's Corp</title>
        <cusip>615369105</cusip>
        <identifiers>
          <isin value="US6153691059"/>
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        <balance>56434.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14947673.58000000</valUSD>
        <pctVal>0.963083397805</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>Freedom Holding Corp/NV</name>
        <lei>254900RKI81EPUJ3RW71</lei>
        <title>Freedom Holding Corp/NV</title>
        <cusip>356390104</cusip>
        <identifiers>
          <isin value="US3563901046"/>
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        <balance>6019.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>333813.74000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Amalgamated Financial Corp</name>
        <lei>N/A</lei>
        <title>Amalgamated Financial Corp</title>
        <cusip>022671101</cusip>
        <identifiers>
          <isin value="US0226711010"/>
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        <balance>5448.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>125249.52000000</valUSD>
        <pctVal>0.008069866701</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Hope Bancorp Inc</name>
        <lei>549300UTF4QGMBHIZ219</lei>
        <title>Hope Bancorp Inc</title>
        <cusip>43940T109</cusip>
        <identifiers>
          <isin value="US43940T1097"/>
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        <balance>32600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>442382.00000000</valUSD>
        <pctVal>0.028502813993</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Truist Financial Corp</name>
        <lei>549300DRQQI75D2JP341</lei>
        <title>Truist Financial Corp</title>
        <cusip>89832Q109</cusip>
        <identifiers>
          <isin value="US89832Q1094"/>
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        <balance>453224.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20299902.96000000</valUSD>
        <pctVal>1.307929251545</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Triumph Bancorp Inc</name>
        <lei>5493003RNRMEVYDZ1Q52</lei>
        <title>Triumph Bancorp Inc</title>
        <cusip>89679E300</cusip>
        <identifiers>
          <isin value="US89679E3009"/>
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        <balance>8131.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>418746.50000000</valUSD>
        <pctVal>0.026979971156</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Huntington Bancshares Inc/OH</name>
        <lei>549300XTVCVV9I7B5T19</lei>
        <title>Huntington Bancshares Inc/OH</title>
        <cusip>446150104</cusip>
        <identifiers>
          <isin value="US4461501045"/>
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        <balance>491344.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7458601.92000000</valUSD>
        <pctVal>0.480560111347</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Southside Bancshares Inc</name>
        <lei>549300TC83207VQA2K65</lei>
        <title>Southside Bancshares Inc</title>
        <cusip>84470P109</cusip>
        <identifiers>
          <isin value="US84470P1093"/>
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        <balance>10862.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>371914.88000000</valUSD>
        <pctVal>0.023962594875</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>First Commonwealth Financial Corp</name>
        <lei>549300ZHLQ42NXDETL24</lei>
        <title>First Commonwealth Financial Corp</title>
        <cusip>319829107</cusip>
        <identifiers>
          <isin value="US3198291078"/>
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        <balance>21144.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>303204.96000000</valUSD>
        <pctVal>0.019535592715</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CME Group Inc</name>
        <lei>LCZ7XYGSLJUHFXXNXD88</lei>
        <title>CME Group Inc</title>
        <cusip>12572Q105</cusip>
        <identifiers>
          <isin value="US12572Q1058"/>
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        <balance>122300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>21194590.00000000</valUSD>
        <pctVal>1.365574224179</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Brighthouse Financial Inc</name>
        <lei>5493003T8SZSHOGGAW52</lei>
        <title>Brighthouse Financial Inc</title>
        <cusip>10922N103</cusip>
        <identifiers>
          <isin value="US10922N1037"/>
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        <balance>25471.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1453629.97000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>World Acceptance Corp</name>
        <lei>N/A</lei>
        <title>World Acceptance Corp</title>
        <cusip>981419104</cusip>
        <identifiers>
          <isin value="US9814191048"/>
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        <balance>1207.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>98032.54000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MGIC Investment Corp</name>
        <lei>254900S8483WM4M98R28</lei>
        <title>MGIC Investment Corp</title>
        <cusip>552848103</cusip>
        <identifiers>
          <isin value="US5528481030"/>
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        <balance>105325.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1437686.25000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Victory Capital Holdings Inc</name>
        <lei>549300BN5LH2CIPPHS71</lei>
        <title>Victory Capital Holdings Inc</title>
        <cusip>92645B103</cusip>
        <identifiers>
          <isin value="US92645B1035"/>
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        <balance>6191.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>179043.72000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Community Bank System Inc</name>
        <lei>5299008N6YHE6GCP1E80</lei>
        <title>Community Bank System Inc</title>
        <cusip>203607106</cusip>
        <identifiers>
          <isin value="US2036071064"/>
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        <balance>17089.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1066866.27000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Synovus Financial Corp</name>
        <lei>549300EIUS8UN5JTLE54</lei>
        <title>Synovus Financial Corp</title>
        <cusip>87161C501</cusip>
        <identifiers>
          <isin value="US87161C5013"/>
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        <balance>50464.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2010990.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CNO Financial Group Inc</name>
        <lei>11XPYHB76MPM4Y4P2897</lei>
        <title>CNO Financial Group Inc</title>
        <cusip>12621E103</cusip>
        <identifiers>
          <isin value="US12621E1038"/>
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        <balance>40949.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>903334.94000000</valUSD>
        <pctVal>0.058202159601</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>James River Group Holdings Ltd</name>
        <lei>N/A</lei>
        <title>James River Group Holdings Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BMG5005R1079"/>
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        <balance>13097.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>330961.19000000</valUSD>
        <pctVal>0.021323935507</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Trustmark Corp</name>
        <lei>5493000HPQ4D2RZ79739</lei>
        <title>Trustmark Corp</title>
        <cusip>898402102</cusip>
        <identifiers>
          <isin value="US8984021027"/>
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        <balance>21212.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>775722.84000000</valUSD>
        <pctVal>0.049980071113</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>Ameris Bancorp</name>
        <lei>PBJHNT51T5V6G5UQFV42</lei>
        <title>Ameris Bancorp</title>
        <cusip>03076K108</cusip>
        <identifiers>
          <isin value="US03076K1088"/>
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        <balance>23084.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1189056.84000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Blue Owl Capital Inc</name>
        <lei>N/A</lei>
        <title>Blue Owl Capital Inc</title>
        <cusip>09581B103</cusip>
        <identifiers>
          <isin value="US09581B1035"/>
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        <balance>85541.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>857120.82000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Lincoln National Corp</name>
        <lei>EFQMQROEDSNBRIP7LE47</lei>
        <title>Lincoln National Corp</title>
        <cusip>534187109</cusip>
        <identifiers>
          <isin value="US5341871094"/>
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        <balance>55843.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3008262.41000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Kemper Corp</name>
        <lei>549300FNI1JKTRY2PV09</lei>
        <title>Kemper Corp</title>
        <cusip>488401100</cusip>
        <identifiers>
          <isin value="US4884011002"/>
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        <balance>22054.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1051314.18000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Kearny Financial Corp/MD</name>
        <lei>N/A</lei>
        <title>Kearny Financial Corp/MD</title>
        <cusip>48716P108</cusip>
        <identifiers>
          <isin value="US48716P1084"/>
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        <balance>25355.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>257099.70000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>TrustCo Bank Corp NY</name>
        <lei>N/A</lei>
        <title>TrustCo Bank Corp NY</title>
        <cusip>898349204</cusip>
        <identifiers>
          <isin value="US8983492047"/>
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        <balance>4098.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>152937.36000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Carlyle Group Inc/The</name>
        <lei>529900NGGVF94UK6PG95</lei>
        <title>Carlyle Group Inc/The</title>
        <cusip>14316J108</cusip>
        <identifiers>
          <isin value="US14316J1088"/>
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        <balance>67635.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1912717.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Wintrust Financial Corp</name>
        <lei>Q774KI4AW80FHFW33O61</lei>
        <title>Wintrust Financial Corp</title>
        <cusip>97650W108</cusip>
        <identifiers>
          <isin value="US97650W1080"/>
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        <balance>19751.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1849088.62000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Axos Financial Inc</name>
        <lei>529900D8M56422GK9O25</lei>
        <title>Axos Financial Inc</title>
        <cusip>05465C100</cusip>
        <identifiers>
          <isin value="US05465C1009"/>
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        <balance>18628.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>725746.88000000</valUSD>
        <pctVal>0.046760103998</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>First Financial Bankshares Inc</name>
        <lei>549300XN3GTGOENGNV49</lei>
        <title>First Financial Bankshares Inc</title>
        <cusip>32020R109</cusip>
        <identifiers>
          <isin value="US32020R1095"/>
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        <balance>46605.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1793826.45000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Raymond James Financial Inc</name>
        <lei>RGUZHJ05YTITL6D76949</lei>
        <title>Raymond James Financial Inc</title>
        <cusip>754730109</cusip>
        <identifiers>
          <isin value="US7547301090"/>
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        <balance>66125.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7812007.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>StoneX Group Inc</name>
        <lei>549300JUF07L8VF02M60</lei>
        <title>StoneX Group Inc</title>
        <cusip>861896108</cusip>
        <identifiers>
          <isin value="US8618961085"/>
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        <balance>5898.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>550401.36000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Silvergate Capital Corp</name>
        <lei>BPE6FTXDZEBNAGIT2T19</lei>
        <title>Silvergate Capital Corp</title>
        <cusip>82837P408</cusip>
        <identifiers>
          <isin value="US82837P4081"/>
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        <balance>10827.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>614540.52000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>First Financial Bancorp</name>
        <lei>549300D3F5B3EZMY7P77</lei>
        <title>First Financial Bancorp</title>
        <cusip>320209109</cusip>
        <identifiers>
          <isin value="US3202091092"/>
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        <balance>23110.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>602477.70000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>LendingClub Corp</name>
        <lei>549300YC50YO7Y1OJR92</lei>
        <title>LendingClub Corp</title>
        <cusip>52603A208</cusip>
        <identifiers>
          <isin value="US52603A2087"/>
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        <balance>34240.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>364313.60000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>First Hawaiian Inc</name>
        <lei>5493002DJSH46F5OLV06</lei>
        <title>First Hawaiian Inc</title>
        <cusip>32051X108</cusip>
        <identifiers>
          <isin value="US32051X1081"/>
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        <balance>44143.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1129177.94000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>State Street Corp</name>
        <lei>549300ZFEEJ2IP5VME73</lei>
        <title>State Street Corp</title>
        <cusip>857477103</cusip>
        <identifiers>
          <isin value="US8574771031"/>
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        <balance>125069.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9255106.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Banc of California Inc</name>
        <lei>549300ZKWUJDP6LJ1X87</lei>
        <title>Banc of California Inc</title>
        <cusip>05990K106</cusip>
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          <isin value="US05990K1060"/>
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        <balance>21135.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>352531.80000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Atlanticus Holdings Corp</name>
        <lei>N/A</lei>
        <title>Atlanticus Holdings Corp</title>
        <cusip>04914Y102</cusip>
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          <isin value="US04914Y1029"/>
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        <balance>1726.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>49294.56000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Horizon Bancorp Inc/IN</name>
        <lei>549300U2OQ2EIT5MXG39</lei>
        <title>Horizon Bancorp Inc/IN</title>
        <cusip>440407104</cusip>
        <identifiers>
          <isin value="US4404071049"/>
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        <balance>14791.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>220533.81000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Lemonade Inc</name>
        <lei>5493009BKR06OXXU6853</lei>
        <title>Lemonade Inc</title>
        <cusip>52567D107</cusip>
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          <isin value="US52567D1072"/>
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        <balance>15365.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>371833.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Western Alliance Bancorp</name>
        <lei>5493003VJXZ5JXT9S762</lei>
        <title>Western Alliance Bancorp</title>
        <cusip>957638109</cusip>
        <identifiers>
          <isin value="US9576381092"/>
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        <balance>36767.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2469639.39000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Ambac Financial Group Inc</name>
        <lei>5493000UC0RBBNDHI717</lei>
        <title>Ambac Financial Group Inc</title>
        <cusip>023139884</cusip>
        <identifiers>
          <isin value="US0231398845"/>
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        <balance>15384.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>216145.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SouthState Corp</name>
        <lei>549300JZUANXM0YQ4W53</lei>
        <title>SouthState Corp</title>
        <cusip>840441109</cusip>
        <identifiers>
          <isin value="US8404411097"/>
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        <balance>25917.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2343674.31000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Independent Bank Corp/MI</name>
        <lei>N/A</lei>
        <title>Independent Bank Corp/MI</title>
        <cusip>453838609</cusip>
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          <isin value="US4538386099"/>
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        <balance>8257.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>First Foundation Inc</name>
        <lei>254900TQZQ6LBCK77E82</lei>
        <title>First Foundation Inc</title>
        <cusip>32026V104</cusip>
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          <isin value="US32026V1044"/>
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        <balance>19419.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Nelnet Inc</name>
        <lei>549300T6B0Q52I6OM558</lei>
        <title>Nelnet Inc</title>
        <cusip>64031N108</cusip>
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          <isin value="US64031N1081"/>
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        <balance>5070.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>451686.30000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Houlihan Lokey Inc</name>
        <lei>549300S3CNGTQ1QZVY46</lei>
        <title>Houlihan Lokey Inc</title>
        <cusip>441593100</cusip>
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          <isin value="US4415931009"/>
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        <balance>16885.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Intercontinental Exchange Inc</name>
        <lei>5493000F4ZO33MV32P92</lei>
        <title>Intercontinental Exchange Inc</title>
        <cusip>45866F104</cusip>
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          <isin value="US45866F1049"/>
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        <balance>189929.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Origin Bancorp Inc</name>
        <lei>54930055DO2Z4KO3NB45</lei>
        <title>Origin Bancorp Inc</title>
        <cusip>68621T102</cusip>
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          <isin value="US68621T1025"/>
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        <balance>8100.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>334773.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>UMB Financial Corp</name>
        <lei>549300MGEH3N3CUCV828</lei>
        <title>UMB Financial Corp</title>
        <cusip>902788108</cusip>
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          <isin value="US9027881088"/>
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        <balance>16137.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1342921.14000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Enstar Group Ltd</name>
        <lei>213800AMAL5QFXVUCN04</lei>
        <title>Enstar Group Ltd</title>
        <cusip>000000000</cusip>
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          <isin value="BMG3075P1014"/>
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        <balance>3922.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Zions Bancorp NA</name>
        <lei>8WH0EE09O9V05QJZ3V89</lei>
        <title>Zions Bancorp NA</title>
        <cusip>989701107</cusip>
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          <isin value="US9897011071"/>
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        <balance>51609.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2680571.46000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Willis Towers Watson PLC</name>
        <lei>549300WHC56FF48KL350</lei>
        <title>Willis Towers Watson PLC</title>
        <cusip>000000000</cusip>
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          <isin value="IE00BDB6Q211"/>
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        <balance>37953.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8281724.13000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>KeyCorp</name>
        <lei>RKPI3RZGV1V1FJTH5T61</lei>
        <title>KeyCorp</title>
        <cusip>493267108</cusip>
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          <isin value="US4932671088"/>
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        <balance>319508.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5709607.96000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Lakeland Financial Corp</name>
        <lei>N/A</lei>
        <title>Lakeland Financial Corp</title>
        <cusip>511656100</cusip>
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          <isin value="US5116561003"/>
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        <balance>8898.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>735419.70000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Hagerty Inc</name>
        <lei>N/A</lei>
        <title>Hagerty Inc</title>
        <cusip>405166109</cusip>
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          <isin value="US4051661092"/>
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        <balance>8203.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>74565.27000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BankUnited Inc</name>
        <lei>96OVUWEW5D4YX6PFXD91</lei>
        <title>BankUnited Inc</title>
        <cusip>06652K103</cusip>
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        <balance>25207.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>906191.65000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>WesBanco Inc</name>
        <lei>N/A</lei>
        <title>WesBanco Inc</title>
        <cusip>950810101</cusip>
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        <balance>22206.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Apollo Commercial Real Estate Finance Inc</name>
        <lei>549300E0AN7M2AQHSY29</lei>
        <title>Apollo Commercial Real Estate Finance Inc</title>
        <cusip>03762U105</cusip>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>UWM Holdings Corp</name>
        <lei>N/A</lei>
        <title>UWM Holdings Corp</title>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>First Bancorp/Southern Pines NC</name>
        <lei>N/A</lei>
        <title>First Bancorp/Southern Pines NC</title>
        <cusip>318910106</cusip>
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      <invstOrSec>
        <name>M&amp;T Bank Corp</name>
        <lei>549300WYXDDBYRASEG81</lei>
        <title>M&amp;T Bank Corp</title>
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      <invstOrSec>
        <name>W R Berkley Corp</name>
        <lei>SQOAGCLKBDWNVYV1OV80</lei>
        <title>W R Berkley Corp</title>
        <cusip>084423102</cusip>
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        <fairValLevel>1</fairValLevel>
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        <name>TFS Financial Corp</name>
        <lei>N/A</lei>
        <title>TFS Financial Corp</title>
        <cusip>87240R107</cusip>
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        <assetCat>EC</assetCat>
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        <name>Invesco Mortgage Capital Inc</name>
        <lei>PV3BDP2HFZL2FNXQBL39</lei>
        <title>Invesco Mortgage Capital Inc</title>
        <cusip>46131B704</cusip>
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        <name>Horace Mann Educators Corp</name>
        <lei>254900G5YAV3A2YK8T32</lei>
        <title>Horace Mann Educators Corp</title>
        <cusip>440327104</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Compass Diversified Holdings</name>
        <lei>5299001SM1LBYANJRR58</lei>
        <title>Compass Diversified Holdings</title>
        <cusip>20451Q104</cusip>
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        <balance>22223.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Bank First Corp</name>
        <lei>N/A</lei>
        <title>Bank First Corp</title>
        <cusip>06211J100</cusip>
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          <isin value="US06211J1007"/>
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        <balance>2775.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>239066.25000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Bancorp Inc/The</name>
        <lei>N/A</lei>
        <title>Bancorp Inc/The</title>
        <cusip>05969A105</cusip>
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          <isin value="US05969A1051"/>
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        <balance>17783.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>490455.14000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Marsh &amp; McLennan Cos Inc</name>
        <lei>549300XMP3KDCKJXIU47</lei>
        <title>Marsh &amp; McLennan Cos Inc</title>
        <cusip>571748102</cusip>
        <identifiers>
          <isin value="US5717481023"/>
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        <balance>170854.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>27591212.46000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Principal Financial Group Inc</name>
        <lei>CUMYEZJOAF02RYZ1JJ85</lei>
        <title>Principal Financial Group Inc</title>
        <cusip>74251V102</cusip>
        <identifiers>
          <isin value="US74251V1026"/>
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        <balance>86039.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7582617.07000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>WisdomTree Investments Inc</name>
        <lei>549300WIU8IS7UFO7871</lei>
        <title>WisdomTree Investments Inc</title>
        <cusip>97717P104</cusip>
        <identifiers>
          <isin value="US97717P1049"/>
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        <balance>37147.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>201708.21000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BOK Financial Corp</name>
        <lei>GRI2NT5QHYW751NMR949</lei>
        <title>BOK Financial Corp</title>
        <cusip>05561Q201</cusip>
        <identifiers>
          <isin value="US05561Q2012"/>
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        <balance>10594.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1167352.86000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Ares Management Corp</name>
        <lei>529900JUV61FH7B8VW38</lei>
        <title>Ares Management Corp</title>
        <cusip>03990B101</cusip>
        <identifiers>
          <isin value="US03990B1017"/>
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        <balance>49510.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3754343.30000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Bar Harbor Bankshares</name>
        <lei>N/A</lei>
        <title>Bar Harbor Bankshares</title>
        <cusip>066849100</cusip>
        <identifiers>
          <isin value="US0668491006"/>
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        <balance>5623.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>168746.23000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Rithm Capital Corp</name>
        <lei>549300WNTHGEO5LP2G31</lei>
        <title>Rithm Capital Corp</title>
        <cusip>64828T201</cusip>
        <identifiers>
          <isin value="US64828T2015"/>
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        <balance>158379.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1335134.97000000</valUSD>
        <pctVal>0.086023173877</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Flushing Financial Corp</name>
        <lei>N/A</lei>
        <title>Flushing Financial Corp</title>
        <cusip>343873105</cusip>
        <identifiers>
          <isin value="US3438731057"/>
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        <balance>11438.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>225328.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Franklin Resources Inc</name>
        <lei>RIFQSET379FOGTEFKS80</lei>
        <title>Franklin Resources Inc</title>
        <cusip>354613101</cusip>
        <identifiers>
          <isin value="US3546131018"/>
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        <balance>102246.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2397668.70000000</valUSD>
        <pctVal>0.154482562523</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Axis Capital Holdings Ltd</name>
        <lei>N/A</lei>
        <title>Axis Capital Holdings Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BMG0692U1099"/>
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        <balance>27540.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1505611.80000000</valUSD>
        <pctVal>0.097007050653</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Hilltop Holdings Inc</name>
        <lei>54930010TA543US0PM65</lei>
        <title>Hilltop Holdings Inc</title>
        <cusip>432748101</cusip>
        <identifiers>
          <isin value="US4327481010"/>
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        <balance>18405.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>532824.75000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Flagstar Bancorp Inc</name>
        <lei>549300Q22V2Y3J4R2715</lei>
        <title>Flagstar Bancorp Inc</title>
        <cusip>337930705</cusip>
        <identifiers>
          <isin value="US3379307057"/>
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        <balance>18547.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>717768.90000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Selective Insurance Group Inc</name>
        <lei>549300R3WGJWLE40R258</lei>
        <title>Selective Insurance Group Inc</title>
        <cusip>816300107</cusip>
        <identifiers>
          <isin value="US8163001071"/>
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        <balance>20715.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2031727.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PJT Partners Inc</name>
        <lei>549300W3WBEQUBKYTN87</lei>
        <title>PJT Partners Inc</title>
        <cusip>69343T107</cusip>
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          <isin value="US69343T1079"/>
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        <balance>8122.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>American Financial Group Inc/OH</name>
        <lei>549300AFOM7IVKIU1G39</lei>
        <title>American Financial Group Inc/OH</title>
        <cusip>025932104</cusip>
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          <isin value="US0259321042"/>
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        <balance>24871.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Assured Guaranty Ltd</name>
        <lei>549300BBOQUJEPH87M14</lei>
        <title>Assured Guaranty Ltd</title>
        <cusip>000000000</cusip>
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          <isin value="BMG0585R1060"/>
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        <balance>20971.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PennyMac Mortgage Investment Trust</name>
        <lei>549300BSSOQO1ZWDUJ97</lei>
        <title>PennyMac Mortgage Investment Trust</title>
        <cusip>70931T103</cusip>
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        <balance>32077.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FB Financial Corp</name>
        <lei>5493000B2LD2C2A6C435</lei>
        <title>FB Financial Corp</title>
        <cusip>30257X104</cusip>
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          <isin value="US30257X1046"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HCI Group Inc</name>
        <lei>549300CZF7EZJH0MPH74</lei>
        <title>HCI Group Inc</title>
        <cusip>40416E103</cusip>
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          <isin value="US40416E1038"/>
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        <balance>3127.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>First Republic Bank/CA</name>
        <lei>YWC0TIKBQM2JV8L4IV08</lei>
        <title>First Republic Bank/CA</title>
        <cusip>33616C100</cusip>
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          <isin value="US33616C1009"/>
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        <balance>61139.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>RLI Corp</name>
        <lei>529900AMTJE5ECN9PS55</lei>
        <title>RLI Corp</title>
        <cusip>749607107</cusip>
        <identifiers>
          <isin value="US7496071074"/>
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        <balance>14019.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1823451.33000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Old Second Bancorp Inc</name>
        <lei>549300XVJC1MPUT81C04</lei>
        <title>Old Second Bancorp Inc</title>
        <cusip>680277100</cusip>
        <identifiers>
          <isin value="US6802771005"/>
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        <balance>13584.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>217344.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Berkshire Hathaway Inc</name>
        <lei>5493000C01ZX7D35SD85</lei>
        <title>Berkshire Hathaway Inc</title>
        <cusip>084670702</cusip>
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          <isin value="US0846707026"/>
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        <balance>437701.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>129161188.09000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Markel Corp</name>
        <lei>549300SCNO12JLWIK605</lei>
        <title>Markel Corp</title>
        <cusip>570535104</cusip>
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          <isin value="US5705351048"/>
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        <balance>4633.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5587861.30000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Janus Henderson Group PLC</name>
        <lei>2138009WPYMWJN3RVF44</lei>
        <title>Janus Henderson Group PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JE00BYPZJM29"/>
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        <balance>49017.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1116117.09000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</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>National Western Life Group Inc</name>
        <lei>549300HPXNVHFT1BJ192</lei>
        <title>National Western Life Group Inc</title>
        <cusip>638517102</cusip>
        <identifiers>
          <isin value="US6385171029"/>
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        <balance>927.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>First Busey Corp</name>
        <lei>549300X4ZNLYSX7GUY60</lei>
        <title>First Busey Corp</title>
        <cusip>319383204</cusip>
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          <isin value="US3193832041"/>
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        <balance>19951.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>First Citizens BancShares Inc/NC</name>
        <lei>549300N3Z00ZHE2XC526</lei>
        <title>First Citizens BancShares Inc/NC</title>
        <cusip>31946M103</cusip>
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          <isin value="US31946M1036"/>
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        <balance>4081.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3355071.72000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>OneMain Holdings Inc</name>
        <lei>549300E3VEW8SMS5XW09</lei>
        <title>OneMain Holdings Inc</title>
        <cusip>68268W103</cusip>
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          <isin value="US68268W1036"/>
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        <balance>40688.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1568929.28000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Premier Financial Corp</name>
        <lei>N/A</lei>
        <title>Premier Financial Corp</title>
        <cusip>74052F108</cusip>
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          <isin value="US74052F1084"/>
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        <balance>13483.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>388984.55000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Starwood Property Trust Inc</name>
        <lei>BUGSFQZERKRBFWIG5267</lei>
        <title>Starwood Property Trust Inc</title>
        <cusip>85571B105</cusip>
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          <isin value="US85571B1052"/>
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        <balance>103770.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Ladder Capital Corp</name>
        <lei>549300Q6LLV2QCV67C06</lei>
        <title>Ladder Capital Corp</title>
        <cusip>505743104</cusip>
        <identifiers>
          <isin value="US5057431042"/>
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        <balance>40037.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>427194.79000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Tompkins Financial Corp</name>
        <lei>254900QDQ6V0QJ0Z2348</lei>
        <title>Tompkins Financial Corp</title>
        <cusip>890110109</cusip>
        <identifiers>
          <isin value="US8901101092"/>
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        <balance>5094.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>421986.96000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Essent Group Ltd</name>
        <lei>254900QUO860OUT6ZF83</lei>
        <title>Essent Group Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BMG3198U1027"/>
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        <balance>37551.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1486268.58000000</valUSD>
        <pctVal>0.095760760791</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>German American Bancorp Inc</name>
        <lei>N/A</lei>
        <title>German American Bancorp Inc</title>
        <cusip>373865104</cusip>
        <identifiers>
          <isin value="US3738651047"/>
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        <balance>10320.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>405472.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Ellington Financial Inc</name>
        <lei>60GS1D1R1YY5G1W7IT74</lei>
        <title>Ellington Financial Inc</title>
        <cusip>28852N109</cusip>
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          <isin value="US28852N1090"/>
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        <balance>20865.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>279173.70000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Home BancShares Inc/AR</name>
        <lei>N/A</lei>
        <title>Home BancShares Inc/AR</title>
        <cusip>436893200</cusip>
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          <isin value="US4368932004"/>
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        <balance>67372.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1717312.28000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SiriusPoint Ltd</name>
        <lei>549300OGXFI85N3YZZ51</lei>
        <title>SiriusPoint Ltd</title>
        <cusip>000000000</cusip>
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          <isin value="BMG8192H1060"/>
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        <balance>30425.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>195328.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Popular Inc</name>
        <lei>5493008CARDZMVQ3LO89</lei>
        <title>Popular Inc</title>
        <cusip>733174700</cusip>
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          <isin value="PR7331747001"/>
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        <balance>26074.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1843953.28000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PR</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Amerant Bancorp Inc</name>
        <lei>5493007OCZP75TGDUY32</lei>
        <title>Amerant Bancorp Inc</title>
        <cusip>023576101</cusip>
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          <isin value="US0235761014"/>
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        <balance>9065.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>272856.50000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Bank of America Corp</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp</title>
        <cusip>060505104</cusip>
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        <balance>2468442.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HarborOne Bancorp Inc</name>
        <lei>549300CNOEY2QUB7F917</lei>
        <title>HarborOne Bancorp Inc</title>
        <cusip>41165Y100</cusip>
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        <balance>17320.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Unum Group</name>
        <lei>549300E32YFDO6TZ8R31</lei>
        <title>Unum Group</title>
        <cusip>91529Y106</cusip>
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          <isin value="US91529Y1064"/>
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        <balance>68559.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3125604.81000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SoFi Technologies Inc</name>
        <lei>549300SW81JCMVZDDY09</lei>
        <title>SoFi Technologies Inc</title>
        <cusip>83406F102</cusip>
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          <isin value="US83406F1021"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Veritex Holdings Inc</name>
        <lei>549300F3SMOML02SC814</lei>
        <title>Veritex Holdings Inc</title>
        <cusip>923451108</cusip>
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        <balance>16888.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>533323.04000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Community Trust Bancorp Inc</name>
        <lei>N/A</lei>
        <title>Community Trust Bancorp Inc</title>
        <cusip>204149108</cusip>
        <identifiers>
          <isin value="US2041491083"/>
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        <balance>6522.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>308425.38000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Towne Bank/Portsmouth VA</name>
        <lei>54930039UO39UJGI7078</lei>
        <title>Towne Bank/Portsmouth VA</title>
        <cusip>89214P109</cusip>
        <identifiers>
          <isin value="US89214P1093"/>
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        <balance>27377.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>901798.38000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Eagle Bancorp Inc</name>
        <lei>549300B47NZODRMG3D47</lei>
        <title>Eagle Bancorp Inc</title>
        <cusip>268948106</cusip>
        <identifiers>
          <isin value="US2689481065"/>
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        <balance>8214.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>371929.92000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Heritage Financial Corp/WA</name>
        <lei>N/A</lei>
        <title>Heritage Financial Corp/WA</title>
        <cusip>42722X106</cusip>
        <identifiers>
          <isin value="US42722X1063"/>
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        <balance>7803.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>262883.07000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>US Bancorp</name>
        <lei>N1GZ7BBF3NP8GI976H15</lei>
        <title>US Bancorp</title>
        <cusip>902973304</cusip>
        <identifiers>
          <isin value="US9029733048"/>
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        <balance>480697.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20405587.65000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Heartland Financial USA Inc</name>
        <lei>549300QF7B0DFZT32C73</lei>
        <title>Heartland Financial USA Inc</title>
        <cusip>42234Q102</cusip>
        <identifiers>
          <isin value="US42234Q1022"/>
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        <balance>15673.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>772992.36000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NMI Holdings Inc</name>
        <lei>529900KNNGFXJX1C3Z08</lei>
        <title>NMI Holdings Inc</title>
        <cusip>629209305</cusip>
        <identifiers>
          <isin value="US6292093050"/>
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        <balance>28707.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>629544.51000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Blucora Inc</name>
        <lei>5299001IO03J69IP6L77</lei>
        <title>Blucora Inc</title>
        <cusip>095229100</cusip>
        <identifiers>
          <isin value="US0952291005"/>
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        <balance>14423.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>317738.69000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Independent Bank Group Inc</name>
        <lei>N/A</lei>
        <title>Independent Bank Group Inc</title>
        <cusip>45384B106</cusip>
        <identifiers>
          <isin value="US45384B1061"/>
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        <balance>13440.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>847929.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BRP Group Inc</name>
        <lei>N/A</lei>
        <title>BRP Group Inc</title>
        <cusip>05589G102</cusip>
        <identifiers>
          <isin value="US05589G1022"/>
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        <balance>20194.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>572499.90000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>United Community Banks Inc/GA</name>
        <lei>549300GVW0FV66X3U703</lei>
        <title>United Community Banks Inc/GA</title>
        <cusip>90984P303</cusip>
        <identifiers>
          <isin value="US90984P3038"/>
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        <balance>36205.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1393892.50000000</valUSD>
        <pctVal>0.089808940360</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>Granite Point Mortgage Trust Inc</name>
        <lei>529900VX2HQZ76AYIE02</lei>
        <title>Granite Point Mortgage Trust Inc</title>
        <cusip>38741L107</cusip>
        <identifiers>
          <isin value="US38741L1070"/>
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        <balance>18345.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>144191.70000000</valUSD>
        <pctVal>0.009290317428</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <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>Green Dot Corp</name>
        <lei>N/A</lei>
        <title>Green Dot Corp</title>
        <cusip>39304D102</cusip>
        <identifiers>
          <isin value="US39304D1028"/>
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        <balance>16591.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>315726.73000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Arrow Financial Corp</name>
        <lei>2549007Z8GI9ZZIQ1817</lei>
        <title>Arrow Financial Corp</title>
        <cusip>042744102</cusip>
        <identifiers>
          <isin value="US0427441029"/>
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        <balance>6788.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>236358.16000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Washington Trust Bancorp Inc</name>
        <lei>J66MZFCNJPP3PERHZW54</lei>
        <title>Washington Trust Bancorp Inc</title>
        <cusip>940610108</cusip>
        <identifiers>
          <isin value="US9406101082"/>
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        <balance>6625.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>321312.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Stewart Information Services Corp</name>
        <lei>529900TV1XI0PLKENU10</lei>
        <title>Stewart Information Services Corp</title>
        <cusip>860372101</cusip>
        <identifiers>
          <isin value="US8603721015"/>
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        <balance>7616.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>296719.36000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Peapack-Gladstone Financial Corp</name>
        <lei>549300G8DN2UK8K0ET30</lei>
        <title>Peapack-Gladstone Financial Corp</title>
        <cusip>704699107</cusip>
        <identifiers>
          <isin value="US7046991078"/>
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        <balance>6399.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>253208.43000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Enterprise Financial Services Corp</name>
        <lei>5493001XTU5DLD632129</lei>
        <title>Enterprise Financial Services Corp</title>
        <cusip>293712105</cusip>
        <identifiers>
          <isin value="US2937121059"/>
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        <balance>13100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>700457.00000000</valUSD>
        <pctVal>0.045130668927</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Waterstone Financial Inc</name>
        <lei>5493002KM21XRC2DCQ02</lei>
        <title>Waterstone Financial Inc</title>
        <cusip>94188P101</cusip>
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          <isin value="US94188P1012"/>
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        <balance>8588.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>145824.24000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Two Harbors Investment Corp</name>
        <lei>549300ZUIBT6KH4HU823</lei>
        <title>Two Harbors Investment Corp</title>
        <cusip>90187B408</cusip>
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          <isin value="US90187B4086"/>
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        <balance>117274.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>417495.44000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Banner Corp</name>
        <lei>N/A</lei>
        <title>Banner Corp</title>
        <cusip>06652V208</cusip>
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          <isin value="US06652V2088"/>
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        <balance>8009.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Radian Group Inc</name>
        <lei>54930005OUP720S5U385</lei>
        <title>Radian Group Inc</title>
        <cusip>750236101</cusip>
        <identifiers>
          <isin value="US7502361014"/>
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        <balance>59778.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1247566.86000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>East West Bancorp Inc</name>
        <lei>N/A</lei>
        <title>East West Bancorp Inc</title>
        <cusip>27579R104</cusip>
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        <balance>48601.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Pinnacle Financial Partners Inc</name>
        <lei>54930098EZ8JMSAZGS24</lei>
        <title>Pinnacle Financial Partners Inc</title>
        <cusip>72346Q104</cusip>
        <identifiers>
          <isin value="US72346Q1040"/>
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        <balance>26079.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2164296.21000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Dynex Capital Inc</name>
        <lei>5CIJ4S9HAEBWILA19B65</lei>
        <title>Dynex Capital Inc</title>
        <cusip>26817Q886</cusip>
        <identifiers>
          <isin value="US26817Q8868"/>
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        <balance>13613.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>162539.22000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <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>City Holding Co</name>
        <lei>N/A</lei>
        <title>City Holding Co</title>
        <cusip>177835105</cusip>
        <identifiers>
          <isin value="US1778351056"/>
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        <balance>3499.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>352874.15000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Synchrony Financial</name>
        <lei>549300RS7EWPM9MA6C78</lei>
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          <isin value="US87165B1035"/>
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        <balance>171307.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Employers Holdings Inc</name>
        <lei>N/A</lei>
        <title>Employers Holdings Inc</title>
        <cusip>292218104</cusip>
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          <isin value="US2922181043"/>
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        <balance>6139.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MBIA Inc</name>
        <lei>54F1KGFE2KNP3VAL3P42</lei>
        <title>MBIA Inc</title>
        <cusip>55262C100</cusip>
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          <isin value="US55262C1009"/>
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        <balance>15669.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Heritage Commerce Corp</name>
        <lei>549300CLIS851ELSR406</lei>
        <title>Heritage Commerce Corp</title>
        <cusip>426927109</cusip>
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          <isin value="US4269271098"/>
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        <balance>22641.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Apollo Global Management Inc</name>
        <lei>N/A</lei>
        <title>Apollo Global Management Inc</title>
        <cusip>03769M106</cusip>
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          <isin value="US03769M1062"/>
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        <balance>136792.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Bank of Marin Bancorp</name>
        <lei>N/A</lei>
        <title>Bank of Marin Bancorp</title>
        <cusip>063425102</cusip>
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          <isin value="US0634251021"/>
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        <balance>6528.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SLM Corp</name>
        <lei>N/A</lei>
        <title>SLM Corp</title>
        <cusip>78442P106</cusip>
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          <isin value="US78442P1066"/>
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        <balance>92386.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Camden National Corp</name>
        <lei>549300ZVEDL2L8UW4F28</lei>
        <title>Camden National Corp</title>
        <cusip>133034108</cusip>
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          <isin value="US1330341082"/>
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        <balance>5428.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Perella Weinberg Partners</name>
        <lei>N/A</lei>
        <title>Perella Weinberg Partners</title>
        <cusip>71367G102</cusip>
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          <isin value="US71367G1022"/>
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        <balance>15576.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>122738.88000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Merchants Bancorp/IN</name>
        <lei>54930008Y0GPVLF81889</lei>
        <title>Merchants Bancorp/IN</title>
        <cusip>58844R108</cusip>
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          <isin value="US58844R1086"/>
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        <balance>6455.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Cincinnati Financial Corp</name>
        <lei>254900Q4WEDMZBOZ0002</lei>
        <title>Cincinnati Financial Corp</title>
        <cusip>172062101</cusip>
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          <isin value="US1720621010"/>
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        <balance>52042.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Goldman Sachs Group Inc/The</name>
        <lei>784F5XWPLTWKTBV3E584</lei>
        <title>Goldman Sachs Group Inc/The</title>
        <cusip>38141G104</cusip>
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          <isin value="US38141G1040"/>
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        <balance>116891.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Preferred Bank/Los Angeles CA</name>
        <lei>5493007K6HGI9G0ECX16</lei>
        <title>Preferred Bank/Los Angeles CA</title>
        <cusip>740367404</cusip>
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          <isin value="US7403674044"/>
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        <balance>2171.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Goosehead Insurance Inc</name>
        <lei>549300WH5MBIWHJ9XY95</lei>
        <title>Goosehead Insurance Inc</title>
        <cusip>38267D109</cusip>
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          <isin value="US38267D1090"/>
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        <balance>6776.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Stellar Bancorp Inc</name>
        <lei>54930070P8Z0WHFBB536</lei>
        <title>Stellar Bancorp Inc</title>
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        <balance>16603.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FactSet Research Systems Inc</name>
        <lei>549300ZSJE7NBK6K9P30</lei>
        <title>FactSet Research Systems Inc</title>
        <cusip>303075105</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Cathay General Bancorp</name>
        <lei>549300K1SLJ8C97H5L68</lei>
        <title>Cathay General Bancorp</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Erie Indemnity Co</name>
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        <title>Erie Indemnity Co</title>
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      <invstOrSec>
        <name>Atlantic Union Bankshares Corp</name>
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          <isCashCollateral>N</isCashCollateral>
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        <name>AssetMark Financial Holdings Inc</name>
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        <title>AssetMark Financial Holdings Inc</title>
        <cusip>04546L106</cusip>
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      <invstOrSec>
        <name>Open Lending Corp</name>
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        <cusip>68373J104</cusip>
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        <name>Charles Schwab Corp/The</name>
        <lei>549300VSGCJ7E698NM85</lei>
        <title>Charles Schwab Corp/The</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MetLife Inc</name>
        <lei>C4BXATY60WC6XEOZDX54</lei>
        <title>MetLife Inc</title>
        <cusip>59156R108</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Seacoast Banking Corp of Florida</name>
        <lei>549300V6IC06XYQYPG88</lei>
        <title>Seacoast Banking Corp of Florida</title>
        <cusip>811707801</cusip>
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        <balance>20936.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>646922.40000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Aflac Inc</name>
        <lei>549300N0B7DOGLXWPP39</lei>
        <title>Aflac Inc</title>
        <cusip>001055102</cusip>
        <identifiers>
          <isin value="US0010551028"/>
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        <balance>208060.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13546786.60000000</valUSD>
        <pctVal>0.872823800857</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>Sandy Spring Bancorp Inc</name>
        <lei>N/A</lei>
        <title>Sandy Spring Bancorp Inc</title>
        <cusip>800363103</cusip>
        <identifiers>
          <isin value="US8003631038"/>
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        <balance>16922.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>599715.68000000</valUSD>
        <pctVal>0.038639873403</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>Northwest Bancshares Inc</name>
        <lei>N/A</lei>
        <title>Northwest Bancshares Inc</title>
        <cusip>667340103</cusip>
        <identifiers>
          <isin value="US6673401039"/>
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        <balance>31074.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>467974.44000000</valUSD>
        <pctVal>0.030151743102</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>Capital City Bank Group Inc</name>
        <lei>254900NVLVUJQZKTQE82</lei>
        <title>Capital City Bank Group Inc</title>
        <cusip>139674105</cusip>
        <identifiers>
          <isin value="US1396741050"/>
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        <balance>5103.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>180748.26000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Cullen/Frost Bankers Inc</name>
        <lei>529900V2E9G9AY665O34</lei>
        <title>Cullen/Frost Bankers Inc</title>
        <cusip>229899109</cusip>
        <identifiers>
          <isin value="US2298991090"/>
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        <balance>20727.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3213721.35000000</valUSD>
        <pctVal>0.207061096216</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>Umpqua Holdings Corp</name>
        <lei>5299002ENJ7CY215BW86</lei>
        <title>Umpqua Holdings Corp</title>
        <cusip>904214103</cusip>
        <identifiers>
          <isin value="US9042141039"/>
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        <balance>75224.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1495453.12000000</valUSD>
        <pctVal>0.096352523645</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>Voya Financial Inc</name>
        <lei>549300T065Z4KJ686G75</lei>
        <title>Voya Financial Inc</title>
        <cusip>929089100</cusip>
        <identifiers>
          <isin value="US9290891004"/>
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        <balance>34763.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2376398.68000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Cowen Inc</name>
        <lei>5493008QI0EFC5WBED75</lei>
        <title>Cowen Inc</title>
        <cusip>223622606</cusip>
        <identifiers>
          <isin value="US2236226062"/>
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        <balance>8875.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>342752.50000000</valUSD>
        <pctVal>0.022083653388</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>KKR &amp; Co Inc</name>
        <lei>54930013V5I303TF9571</lei>
        <title>KKR &amp; Co Inc</title>
        <cusip>48251W104</cusip>
        <identifiers>
          <isin value="US48251W1045"/>
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        <balance>191762.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9325386.06000000</valUSD>
        <pctVal>0.600837611581</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>Globe Life Inc</name>
        <lei>5493001JFHKQOPP6XA71</lei>
        <title>Globe Life Inc</title>
        <cusip>37959E102</cusip>
        <identifiers>
          <isin value="US37959E1029"/>
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        <balance>31967.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3692827.84000000</valUSD>
        <pctVal>0.237930080866</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>National Bank Holdings Corp</name>
        <lei>N/A</lei>
        <title>National Bank Holdings Corp</title>
        <cusip>633707104</cusip>
        <identifiers>
          <isin value="US6337071046"/>
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        <balance>11059.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>484605.38000000</valUSD>
        <pctVal>0.031223279894</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>Brown &amp; Brown Inc</name>
        <lei>549300PC8KTJ71XKFY89</lei>
        <title>Brown &amp; Brown Inc</title>
        <cusip>115236101</cusip>
        <identifiers>
          <isin value="US1152361010"/>
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        <balance>81847.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4811785.13000000</valUSD>
        <pctVal>0.310024857561</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>Washington Federal Inc</name>
        <lei>N/A</lei>
        <title>Washington Federal Inc</title>
        <cusip>938824109</cusip>
        <identifiers>
          <isin value="US9388241096"/>
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        <balance>25342.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>980735.40000000</valUSD>
        <pctVal>0.063189096037</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>Selectquote Inc</name>
        <lei>549300BV28BWDIN9SP24</lei>
        <title>Selectquote Inc</title>
        <cusip>816307300</cusip>
        <identifiers>
          <isin value="US8163073005"/>
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        <balance>43712.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>29461.89000000</valUSD>
        <pctVal>0.001898239011</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Central Pacific Financial Corp</name>
        <lei>549300W3YEAOZ4KGG849</lei>
        <title>Central Pacific Financial Corp</title>
        <cusip>154760409</cusip>
        <identifiers>
          <isin value="US1547604090"/>
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        <balance>5914.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>121355.28000000</valUSD>
        <pctVal>0.007818959571</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Aon PLC</name>
        <lei>635400FALWQYX5E6QC64</lei>
        <title>Aon PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IE00BLP1HW54"/>
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        <balance>72304.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20352852.96000000</valUSD>
        <pctVal>1.311340837010</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>
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      <invstOrSec>
        <name>Hancock Whitney Corp</name>
        <lei>549300GRNBWY8HIICT41</lei>
        <title>Hancock Whitney Corp</title>
        <cusip>410120109</cusip>
        <identifiers>
          <isin value="US4101201097"/>
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        <balance>29966.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1674200.42000000</valUSD>
        <pctVal>0.107869269453</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Rocket Cos Inc</name>
        <lei>N/A</lei>
        <title>Rocket Cos Inc</title>
        <cusip>77311W101</cusip>
        <identifiers>
          <isin value="US77311W1018"/>
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        <balance>40885.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>282106.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Blackstone Inc</name>
        <lei>5299004LW4QWGZUB8Y96</lei>
        <title>Blackstone Inc</title>
        <cusip>09260D107</cusip>
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          <isin value="US09260D1072"/>
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        <balance>238522.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>21738895.08000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Allstate Corp/The</name>
        <lei>OBT0W1ED8G0NWVOLOJ77</lei>
        <title>Allstate Corp/The</title>
        <cusip>020002101</cusip>
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          <isin value="US0200021014"/>
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        <balance>93693.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11828741.25000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Palomar Holdings Inc</name>
        <lei>549300DOI1MUW11BLX74</lei>
        <title>Palomar Holdings Inc</title>
        <cusip>69753M105</cusip>
        <identifiers>
          <isin value="US69753M1053"/>
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        <balance>8661.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>770482.56000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>B Riley Financial Inc</name>
        <lei>N/A</lei>
        <title>B Riley Financial Inc</title>
        <cusip>05580M108</cusip>
        <identifiers>
          <isin value="US05580M1080"/>
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        <balance>5336.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>217068.48000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Oportun Financial Corp</name>
        <lei>549300351Y4J4FKIOR78</lei>
        <title>Oportun Financial Corp</title>
        <cusip>68376D104</cusip>
        <identifiers>
          <isin value="US68376D1046"/>
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        <balance>6904.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>37972.00000000</valUSD>
        <pctVal>0.002446548125</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>
        <name>Federated Hermes Inc</name>
        <lei>R05X5UQ874RGFF7HHD84</lei>
        <title>Federated Hermes Inc</title>
        <cusip>314211103</cusip>
        <identifiers>
          <isin value="US3142111034"/>
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        <balance>29523.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1025924.25000000</valUSD>
        <pctVal>0.066100628120</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>
        <name>American Equity Investment Life Holding Co</name>
        <lei>549300RK5RZQ740FPL83</lei>
        <title>American Equity Investment Life Holding Co</title>
        <cusip>025676206</cusip>
        <identifiers>
          <isin value="US0256762065"/>
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        <balance>27160.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1170052.80000000</valUSD>
        <pctVal>0.075386876774</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Renasant Corp</name>
        <lei>549300OVE6OZHW2UUH81</lei>
        <title>Renasant Corp</title>
        <cusip>75970E107</cusip>
        <identifiers>
          <isin value="US75970E1073"/>
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        <balance>15826.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>638895.62000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LPL Financial Holdings Inc</name>
        <lei>549300XROQ4Y8G2L7682</lei>
        <title>LPL Financial Holdings Inc</title>
        <cusip>50212V100</cusip>
        <identifiers>
          <isin value="US50212V1008"/>
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        <balance>27218.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6958281.70000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Mr Cooper Group Inc</name>
        <lei>549300KD8C6DPXYC2M26</lei>
        <title>Mr Cooper Group Inc</title>
        <cusip>62482R107</cusip>
        <identifiers>
          <isin value="US62482R1077"/>
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        <balance>23820.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>940651.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>S&amp;T Bancorp Inc</name>
        <lei>N/A</lei>
        <title>S&amp;T Bancorp Inc</title>
        <cusip>783859101</cusip>
        <identifiers>
          <isin value="US7838591011"/>
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        <balance>11681.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>441658.61000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BGC Partners Inc</name>
        <lei>TF1LXM1YNB81WKUH5G19</lei>
        <title>BGC Partners Inc</title>
        <cusip>05541T101</cusip>
        <identifiers>
          <isin value="US05541T1016"/>
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        <balance>107176.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>424416.96000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MidWestOne Financial Group Inc</name>
        <lei>N/A</lei>
        <title>MidWestOne Financial Group Inc</title>
        <cusip>598511103</cusip>
        <identifiers>
          <isin value="US5985111039"/>
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        <balance>5477.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>184027.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Citizens Financial Group Inc</name>
        <lei>2138004JDDA4ZQUPFW65</lei>
        <title>Citizens Financial Group Inc</title>
        <cusip>174610105</cusip>
        <identifiers>
          <isin value="US1746101054"/>
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        <balance>169906.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6949155.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PRA Group Inc</name>
        <lei>549300Q5HW3JSSB86K27</lei>
        <title>PRA Group Inc</title>
        <cusip>69354N106</cusip>
        <identifiers>
          <isin value="US69354N1063"/>
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        <balance>13702.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>459017.00000000</valUSD>
        <pctVal>0.029574612373</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Texas Capital Bancshares Inc</name>
        <lei>549300466Q2SXRX0YM48</lei>
        <title>Texas Capital Bancshares Inc</title>
        <cusip>88224Q107</cusip>
        <identifiers>
          <isin value="US88224Q1076"/>
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        <balance>17678.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1060680.00000000</valUSD>
        <pctVal>0.068339952228</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Bank of New York Mellon Corp/The</name>
        <lei>WFLLPEPC7FZXENRZV188</lei>
        <title>Bank of New York Mellon Corp/The</title>
        <cusip>064058100</cusip>
        <identifiers>
          <isin value="US0640581007"/>
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        <balance>261226.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11000226.86000000</valUSD>
        <pctVal>0.708748140923</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Morgan Stanley</name>
        <lei>IGJSJL3JD5P30I6NJZ34</lei>
        <title>Morgan Stanley</title>
        <cusip>617446448</cusip>
        <identifiers>
          <isin value="US6174464486"/>
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        <balance>446436.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>36683646.12000000</valUSD>
        <pctVal>2.363539072488</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Pacific Premier Bancorp Inc</name>
        <lei>549300Q1KIC3KLI0XG98</lei>
        <title>Pacific Premier Bancorp Inc</title>
        <cusip>69478X105</cusip>
        <identifiers>
          <isin value="US69478X1054"/>
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        <balance>29158.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1061642.78000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PROG Holdings Inc</name>
        <lei>549300DHYTLBOVRXIG52</lei>
        <title>PROG Holdings Inc</title>
        <cusip>74319R101</cusip>
        <identifiers>
          <isin value="US74319R1014"/>
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        <balance>18721.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>309270.92000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Fulton Financial Corp</name>
        <lei>5493005QLZ6O1BNC0C11</lei>
        <title>Fulton Financial Corp</title>
        <cusip>360271100</cusip>
        <identifiers>
          <isin value="US3602711000"/>
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        <balance>61590.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1122785.70000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Credit Acceptance Corp</name>
        <lei>N/A</lei>
        <title>Credit Acceptance Corp</title>
        <cusip>225310101</cusip>
        <identifiers>
          <isin value="US2253101016"/>
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        <balance>2241.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1043454.42000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Republic Bancorp Inc/KY</name>
        <lei>N/A</lei>
        <title>Republic Bancorp Inc/KY</title>
        <cusip>760281204</cusip>
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          <isin value="US7602812049"/>
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        <balance>3707.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>171819.45000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Virtus Investment Partners Inc</name>
        <lei>549300HWF93HB8BDM648</lei>
        <title>Virtus Investment Partners Inc</title>
        <cusip>92828Q109</cusip>
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          <isin value="US92828Q1094"/>
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        <balance>2699.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>1st Source Corp</name>
        <lei>N/A</lei>
        <title>1st Source Corp</title>
        <cusip>336901103</cusip>
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          <isin value="US3369011032"/>
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        <balance>7562.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>439805.92000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ally Financial Inc</name>
        <lei>549300JBN1OSM8YNAI90</lei>
        <title>Ally Financial Inc</title>
        <cusip>02005N100</cusip>
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          <isin value="US02005N1000"/>
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        <balance>109875.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>QCR Holdings Inc</name>
        <lei>549300MWKWM7KWJVQO33</lei>
        <title>QCR Holdings Inc</title>
        <cusip>74727A104</cusip>
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          <isin value="US74727A1043"/>
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        <balance>6296.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>319270.16000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Hannon Armstrong Sustainable Infrastructure Capital Inc</name>
        <lei>N/A</lei>
        <title>Hannon Armstrong Sustainable Infrastructure Capital Inc</title>
        <cusip>41068X100</cusip>
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          <isin value="US41068X1000"/>
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        <balance>29794.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Webster Financial Corp</name>
        <lei>KMRURHT0VWKYS6Z5KU67</lei>
        <title>Webster Financial Corp</title>
        <cusip>947890109</cusip>
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          <isin value="US9478901096"/>
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        <balance>61167.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3318921.42000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ameriprise Financial Inc</name>
        <lei>6ZLKQF7QB6JAEKQS5388</lei>
        <title>Ameriprise Financial Inc</title>
        <cusip>03076C106</cusip>
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          <isin value="US03076C1062"/>
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        <balance>37427.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11569434.24000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Arbor Realty Trust Inc</name>
        <lei>549300ASFUWYQO0RW077</lei>
        <title>Arbor Realty Trust Inc</title>
        <cusip>038923108</cusip>
        <identifiers>
          <isin value="US0389231087"/>
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        <balance>50586.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>696569.22000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>First Bancshares Inc/The</name>
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          <isin value="US3189161033"/>
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        <balance>7785.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Brookline Bancorp Inc</name>
        <lei>N/A</lei>
        <title>Brookline Bancorp Inc</title>
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          <isin value="US11373M1071"/>
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        <balance>17341.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>BrightSpire Capital Inc</name>
        <lei>549300BOIFLLMVU37752</lei>
        <title>BrightSpire Capital Inc</title>
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          <isin value="US10949T1097"/>
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        <balance>35815.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Hippo Holdings Inc</name>
        <lei>N/A</lei>
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          <isin value="US4335392027"/>
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        <balance>3784.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CrossFirst Bankshares Inc</name>
        <lei>N/A</lei>
        <title>CrossFirst Bankshares Inc</title>
        <cusip>22766M109</cusip>
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          <isin value="US22766M1099"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Cadence Bank</name>
        <lei>Q7C315HKI8VX0SSKBS64</lei>
        <title>Cadence Bank</title>
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          <isin value="US12740C1036"/>
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        <balance>53613.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Blackstone Mortgage Trust Inc</name>
        <lei>549300OLDJ20R2Y2UW20</lei>
        <title>Blackstone Mortgage Trust Inc</title>
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          <isin value="US09257W1009"/>
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        <balance>54784.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>White Mountains Insurance Group Ltd</name>
        <lei>549300N3FL068JERBG02</lei>
        <title>White Mountains Insurance Group Ltd</title>
        <cusip>000000000</cusip>
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          <isin value="BMG9618E1075"/>
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        <balance>871.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Hartford Financial Services Group Inc/The</name>
        <lei>IU7C3FTM7Y3BQM112U94</lei>
        <title>Hartford Financial Services Group Inc/The</title>
        <cusip>416515104</cusip>
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          <isin value="US4165151048"/>
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        <balance>112069.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Kinsale Capital Group Inc</name>
        <lei>529900QTUQHNZ6HOA508</lei>
        <title>Kinsale Capital Group Inc</title>
        <cusip>49714P108</cusip>
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          <isin value="US49714P1084"/>
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        <balance>7415.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2336985.55000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Ares Commercial Real Estate Corp</name>
        <lei>549300ZNO5IWXS443S81</lei>
        <title>Ares Commercial Real Estate Corp</title>
        <cusip>04013V108</cusip>
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          <isin value="US04013V1089"/>
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        <balance>18834.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>232411.56000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Regions Financial Corp</name>
        <lei>CW05CS5KW59QTC0DG824</lei>
        <title>Regions Financial Corp</title>
        <cusip>7591EP100</cusip>
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          <isin value="US7591EP1005"/>
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        <balance>318394.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6988748.30000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Berkshire Hills Bancorp Inc</name>
        <lei>549300AS2OC6UMMBNO37</lei>
        <title>Berkshire Hills Bancorp Inc</title>
        <cusip>084680107</cusip>
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          <isin value="US0846801076"/>
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        <balance>14931.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Moelis &amp; Co</name>
        <lei>549300891QNU7VTQUR83</lei>
        <title>Moelis &amp; Co</title>
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          <isin value="US60786M1053"/>
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        <balance>22486.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Donnelley Financial Solutions Inc</name>
        <lei>549300O1NPY4J56QCU04</lei>
        <title>Donnelley Financial Solutions Inc</title>
        <cusip>25787G100</cusip>
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        <balance>9811.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Argo Group International Holdings Ltd</name>
        <lei>549300M4T8Y5TTWI6O03</lei>
        <title>Argo Group International Holdings Ltd</title>
        <cusip>000000000</cusip>
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          <isin value="BMG0464B1072"/>
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        <balance>12032.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Commerce Bancshares Inc/MO</name>
        <lei>N/A</lei>
        <title>Commerce Bancshares Inc/MO</title>
        <cusip>200525103</cusip>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Federal Agricultural Mortgage Corp</name>
        <lei>549300MS654K78GYF580</lei>
        <title>Federal Agricultural Mortgage Corp</title>
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        <balance>3228.00000000</balance>
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        <invCountry>US</invCountry>
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        <name>First Community Bankshares Inc</name>
        <lei>N/A</lei>
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        <cusip>31983A103</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Cboe Global Markets Inc</name>
        <lei>529900RLNSGA90UPEH54</lei>
        <title>Cboe Global Markets Inc</title>
        <cusip>12503M108</cusip>
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        <balance>36112.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Jefferies Financial Group Inc</name>
        <lei>549300HOF34RGOJ5YL07</lei>
        <title>Jefferies Financial Group Inc</title>
        <cusip>47233W109</cusip>
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        <balance>65535.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>First Financial Corp/IN</name>
        <lei>N/A</lei>
        <title>First Financial Corp/IN</title>
        <cusip>320218100</cusip>
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        <balance>4748.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Encore Capital Group Inc</name>
        <lei>5493000UVC6H49CIH830</lei>
        <title>Encore Capital Group Inc</title>
        <cusip>292554102</cusip>
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        <balance>8380.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Signature Bank/New York NY</name>
        <lei>VLP5AP0XK2GM6GKD1007</lei>
        <title>Signature Bank/New York NY</title>
        <cusip>82669G104</cusip>
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        <balance>21479.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3405065.87000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Prudential Financial Inc</name>
        <lei>5PRBRS5FEH7NREC8OR45</lei>
        <title>Prudential Financial Inc</title>
        <cusip>744320102</cusip>
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          <isin value="US7443201022"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Nasdaq Inc</name>
        <lei>549300L8X1Q78ERXFD06</lei>
        <title>Nasdaq Inc</title>
        <cusip>631103108</cusip>
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          <isin value="US6311031081"/>
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        <balance>117457.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Oscar Health Inc</name>
        <lei>N/A</lei>
        <title>Oscar Health Inc</title>
        <cusip>687793109</cusip>
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          <isin value="US6877931096"/>
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        <balance>14558.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>54301.34000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Enova International Inc</name>
        <lei>549300O8XOCQSB49UO63</lei>
        <title>Enova International Inc</title>
        <cusip>29357K103</cusip>
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          <isin value="US29357K1034"/>
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        <balance>11476.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Metropolitan Bank Holding Corp</name>
        <lei>N/A</lei>
        <title>Metropolitan Bank Holding Corp</title>
        <cusip>591774104</cusip>
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          <isin value="US5917741044"/>
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        <balance>3571.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Northfield Bancorp Inc</name>
        <lei>N/A</lei>
        <title>Northfield Bancorp Inc</title>
        <cusip>66611T108</cusip>
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          <isin value="US66611T1088"/>
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        <balance>15621.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Peoples Bancorp Inc/OH</name>
        <lei>N/A</lei>
        <title>Peoples Bancorp Inc/OH</title>
        <cusip>709789101</cusip>
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          <isin value="US7097891011"/>
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        <balance>10310.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Columbia Financial Inc</name>
        <lei>254900B9UDXFOJAZKN61</lei>
        <title>Columbia Financial Inc</title>
        <cusip>197641103</cusip>
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          <isin value="US1976411033"/>
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        <balance>14110.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Glacier Bancorp Inc</name>
        <lei>549300SMJAUKZB5D7V74</lei>
        <title>Glacier Bancorp Inc</title>
        <cusip>37637Q105</cusip>
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          <isin value="US37637Q1058"/>
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        <balance>37902.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Fifth Third Bancorp</name>
        <lei>THRNG6BD57P9QWTQLG42</lei>
        <title>Fifth Third Bancorp</title>
        <cusip>316773100</cusip>
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          <isin value="US3167731005"/>
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        <balance>233966.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Westamerica BanCorp</name>
        <lei>N/A</lei>
        <title>Westamerica BanCorp</title>
        <cusip>957090103</cusip>
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          <isin value="US9570901036"/>
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        <balance>7079.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>444065.67000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Trupanion Inc</name>
        <lei>549300J86GFKIDGMQP18</lei>
        <title>Trupanion Inc</title>
        <cusip>898202106</cusip>
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          <isin value="US8982021060"/>
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        <balance>11761.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>593577.67000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Focus Financial Partners Inc</name>
        <lei>5493006FFJCGLZ246V12</lei>
        <title>Focus Financial Partners Inc</title>
        <cusip>34417P100</cusip>
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          <isin value="US34417P1003"/>
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        <balance>20905.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>727284.95000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TPG Inc</name>
        <lei>549300NLO4R8MX77XJ02</lei>
        <title>TPG Inc</title>
        <cusip>872657101</cusip>
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          <isin value="US8726571016"/>
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        <balance>11569.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>355746.75000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Travelers Cos Inc/The</name>
        <lei>549300Y650407RU8B149</lei>
        <title>Travelers Cos Inc/The</title>
        <cusip>89417E109</cusip>
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        <balance>81805.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>15089750.30000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Enact Holdings Inc</name>
        <lei>N/A</lei>
        <title>Enact Holdings Inc</title>
        <cusip>29249E109</cusip>
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        <balance>11582.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Root Inc/OH</name>
        <lei>N/A</lei>
        <title>Root Inc/OH</title>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>State Street Global Advisors</name>
        <lei>549300PNASLVKQG64331</lei>
        <title>State Street Institutional Treasury Plus Money Market Fund</title>
        <cusip>857492862</cusip>
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        <assetCat>STIV</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>T Rowe Price Group Inc</name>
        <lei>549300SIV6FPS9Y7IH33</lei>
        <title>T Rowe Price Group Inc</title>
        <cusip>74144T108</cusip>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>United Fire Group Inc</name>
        <lei>N/A</lei>
        <title>United Fire Group Inc</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>StepStone Group Inc</name>
        <lei>N/A</lei>
        <title>StepStone Group Inc</title>
        <cusip>85914M107</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Bank of Hawaii Corp</name>
        <lei>5493006Q8BQ8AD8M2U33</lei>
        <title>Bank of Hawaii Corp</title>
        <cusip>062540109</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Valley National Bancorp</name>
        <lei>549300ET52S1UBIB9762</lei>
        <title>Valley National Bancorp</title>
        <cusip>919794107</cusip>
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        <balance>147473.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>S&amp;P Global Inc</name>
        <lei>Y6X4K52KMJMZE7I7MY94</lei>
        <title>S&amp;P Global Inc</title>
        <cusip>78409V104</cusip>
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        <balance>118074.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Independent Bank Corp</name>
        <lei>549300C5K3W8THR3GE10</lei>
        <title>Independent Bank Corp</title>
        <cusip>453836108</cusip>
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          <isin value="US4538361084"/>
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        <balance>14994.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1304627.94000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Morningstar Inc</name>
        <lei>529900YGNQPOVAXQ7F29</lei>
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          <isin value="US6177001095"/>
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        <balance>8876.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Arthur J Gallagher &amp; Co</name>
        <lei>54930049QLLMPART6V29</lei>
        <title>Arthur J Gallagher &amp; Co</title>
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          <isin value="US3635761097"/>
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        <balance>71467.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ProAssurance Corp</name>
        <lei>54930015E5J57R675E89</lei>
        <title>ProAssurance Corp</title>
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          <isin value="US74267C1062"/>
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        <balance>13572.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>JPMorgan Chase &amp; Co</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMorgan Chase &amp; Co</title>
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          <isin value="US46625H1005"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Genworth Financial Inc</name>
        <lei>549300EMCG286BDNKJ33</lei>
        <title>Genworth Financial Inc</title>
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          <isin value="US37247D1063"/>
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        <balance>173544.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>A-Mark Precious Metals Inc</name>
        <lei>XP6XYFDZQGKLUMOFGT37</lei>
        <title>A-Mark Precious Metals Inc</title>
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          <isin value="US00181T1079"/>
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        <balance>6208.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>First of Long Island Corp/The</name>
        <lei>N/A</lei>
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          <isin value="US3207341062"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FNB Corp/PA</name>
        <lei>PCYSKIGYNYFDTBLVZU83</lei>
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          <isin value="US3025201019"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TriCo Bancshares</name>
        <lei>N/A</lei>
        <title>TriCo Bancshares</title>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Loews Corp</name>
        <lei>R8V1FN4M5ITGZOG7BS19</lei>
        <title>Loews Corp</title>
        <cusip>540424108</cusip>
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          <isin value="US5404241086"/>
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        <balance>72331.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Chimera Investment Corp</name>
        <lei>2JBBQFJOL123LOUBE657</lei>
        <title>Chimera Investment Corp</title>
        <cusip>16934Q208</cusip>
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          <isin value="US16934Q2084"/>
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        <balance>82640.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>557820.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Capitol Federal Financial Inc</name>
        <lei>N/A</lei>
        <title>Capitol Federal Financial Inc</title>
        <cusip>14057J101</cusip>
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          <isin value="US14057J1016"/>
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        <balance>47858.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>391478.44000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TPG RE Finance Trust Inc</name>
        <lei>N/A</lei>
        <title>TPG RE Finance Trust Inc</title>
        <cusip>87266M107</cusip>
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          <isin value="US87266M1071"/>
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        <balance>22115.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>187314.05000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Coinbase Global Inc</name>
        <lei>5493004G3J2SC154DU06</lei>
        <title>Coinbase Global Inc</title>
        <cusip>19260Q107</cusip>
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          <isin value="US19260Q1076"/>
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        <balance>41538.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Old Republic International Corp</name>
        <lei>549300IV6O2YY2A1KH37</lei>
        <title>Old Republic International Corp</title>
        <cusip>680223104</cusip>
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          <isin value="US6802231042"/>
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        <balance>101627.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PacWest Bancorp</name>
        <lei>549300YI8VMFO7G36V04</lei>
        <title>PacWest Bancorp</title>
        <cusip>695263103</cusip>
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          <isin value="US6952631033"/>
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        <balance>42237.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>American Express Co</name>
        <lei>R4PP93JZOLY261QX3811</lei>
        <title>American Express Co</title>
        <cusip>025816109</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Upstart Holdings Inc</name>
        <lei>549300WNB47JRNENIC75</lei>
        <title>Upstart Holdings Inc</title>
        <cusip>91680M107</cusip>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Midland States Bancorp Inc</name>
        <lei>5493006RHXW9TTBWYC94</lei>
        <title>Midland States Bancorp Inc</title>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Hanover Insurance Group Inc/The</name>
        <lei>JJYR6MFKFF6CF8DBZ078</lei>
        <title>Hanover Insurance Group Inc/The</title>
        <cusip>410867105</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <name>RenaissanceRe Holdings Ltd</name>
        <lei>EK6GB9U3U58PDI411C94</lei>
        <title>RenaissanceRe Holdings Ltd</title>
        <cusip>000000000</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>BM</invCountry>
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        <name>Capital One Financial Corp</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>Capital One Financial Corp</title>
        <cusip>14040H105</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>American International Group Inc</name>
        <lei>ODVCVCQG2BP6VHV36M30</lei>
        <title>American International Group Inc</title>
        <cusip>026874784</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CVB Financial Corp</name>
        <lei>N/A</lei>
        <title>CVB Financial Corp</title>
        <cusip>126600105</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Provident Financial Services Inc</name>
        <lei>529900JOSO3SXEDVE477</lei>
        <title>Provident Financial Services Inc</title>
        <cusip>74386T105</cusip>
        <identifiers>
          <isin value="US74386T1051"/>
        </identifiers>
        <balance>26894.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>602963.48000000</valUSD>
        <pctVal>0.038849130198</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>Annaly Capital Management Inc</name>
        <lei>2DTL0G3FPRYUT58TI025</lei>
        <title>Annaly Capital Management Inc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="US0357108390"/>
        </identifiers>
        <balance>146204.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2712084.20000000</valUSD>
        <pctVal>0.174740453923</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SEI Investments Co</name>
        <lei>5LJTIFADGZ6XH1RVOC11</lei>
        <title>SEI Investments Co</title>
        <cusip>784117103</cusip>
        <identifiers>
          <isin value="US7841171033"/>
        </identifiers>
        <balance>39478.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2143655.40000000</valUSD>
        <pctVal>0.138116404222</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>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2022-12-01</ncom:dateSigned>
      <ncom:nameOfApplicant>FIDELITY COVINGTON TRUST</ncom:nameOfApplicant>
      <ncom:signature>Stacie M Smith</ncom:signature>
      <ncom:signerName>Stacie M Smith</ncom:signerName>
      <ncom:title>President and Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
