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        <name>ARTISAN PARTNERS ASSET MANAGEMENT INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ASBURY AUTOMOTIVE GROUP, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>AVISTA CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BOX, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>BREAD FINANCIAL HOLDINGS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>CAL-MAINE FOODS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>CALIFORNIA WATER SERVICE GROUP</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>CATALYST PHARMACEUTICALS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>CENTRAL GARDEN &amp; PET COMPANY</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>CHESAPEAKE UTILITIES CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>CLEARWAY ENERGY, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>DNOW INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>DXC TECHNOLOGY COMPANY</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>ELME COMMUNITIES</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>EMBECTA CORP.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>EMPLOYERS HOLDINGS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>ENACT HOLDINGS, INC.</name>
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        <name>ENOVA INTERNATIONAL, INC.</name>
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        <name>ESSENTIAL PROPERTIES REALTY TRUST, INC.</name>
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        <name>EZCORP, INC.</name>
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        <name>FOUR CORNERS PROPERTY TRUST, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>FRESH DEL MONTE PRODUCE INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>G-III APPAREL GROUP, LTD.</name>
        <lei>529900O5KABM3R3SFM87</lei>
        <title>G-III APPAREL GROUP LTD COMMON STOCK</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>GETTY REALTY CORP.</name>
        <lei>2549000P1W5SFJWCNP90</lei>
        <title>GETTY REALTY CORP REIT</title>
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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>GREEN BRICK PARTNERS, INC.</name>
        <lei>549300R7SCIV7FQI6T56</lei>
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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>THE GREENBRIER COMPANIES, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>H2O AMERICA</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>HARMONIC INC.</name>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>HARMONY BIOSCIENCES HOLDINGS, INC.</name>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>HCI GROUP, INC.</name>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>HORACE MANN EDUCATORS CORPORATION</name>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>INNOVIVA, INC.</name>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>INTERNATIONAL SEAWAYS, INC.</name>
        <lei>549300YUFDGFRNGBWF46</lei>
        <title>INTERNATIONAL SEAWAYS INC COMMON STOCK</title>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>J &amp; J SNACK FOODS CORP.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>JOHN B. SANFILIPPO &amp; SON, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>KORN FERRY</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>LEGGETT &amp; PLATT, INCORPORATED</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>LINCOLN NATIONAL CORPORATION</name>
        <lei>EFQMQROEDSNBRIP7LE47</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>LTC PROPERTIES, INC.</name>
        <lei>549300NRZP8IJG2KY677</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>M/I HOMES, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>MADISON SQUARE GARDEN SPORTS CORP.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>MARKETAXESS HOLDINGS INC.</name>
        <lei>5493002U1CA1XJOVID83</lei>
        <title>MARKETAXESS HOLDINGS INC COMMON STOCK</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Matson Inc</name>
        <lei>549300OI5H3Y0I9I4I12</lei>
        <title>MATSON INC COMMON STOCK</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>MGE ENERGY, INC.</name>
        <lei>N/A</lei>
        <title>MGE ENERGY INC COMMON STOCK</title>
        <cusip>55277P104</cusip>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>MIDDLESEX WATER COMPANY</name>
        <lei>N/A</lei>
        <title>MIDDLESEX WATER CO COMMON STOCK</title>
        <cusip>596680108</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>NATIONAL BEVERAGE CORP.</name>
        <lei>549300O9MZIQJI8TGV17</lei>
        <title>NATIONAL BEVERAGE CORP COMMON STOCK</title>
        <cusip>635017106</cusip>
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        <balance>31557.00000000</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>
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        <name>NETSCOUT SYSTEMS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>NMI HOLDINGS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>NORTHWEST NATURAL HOLDING COMPANY</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>PACIRA BIOSCIENCES, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>PERDOCEO EDUCATION CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>PHOTRONICS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>PRICESMART, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>PROG Holdings, Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Protagonist Therapeutics Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>PEDIATRIX MEDICAL GROUP, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>SAFETY INSURANCE GROUP, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>SALLY BEAUTY HOLDINGS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>SIRIUSPOINT LTD.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>SM ENERGY COMPANY</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>N/A</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>STRIDE, INC.</name>
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        <name>STURM, RUGER &amp; COMPANY, INC.</name>
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        <name>Sun Country Airlines Holdings Inc</name>
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        <name>SUNCOKE ENERGY, INC.</name>
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        <name>SYLVAMO CORPORATION</name>
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        <name>TERADATA CORPORATION</name>
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        <name>TOOTSIE ROLL INDUSTRIES, INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>TRI POINTE HOMES, INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>UNITIL CORPORATION</name>
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          <isin value="US9132591077"/>
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        <valUSD>1488585.67000000</valUSD>
        <pctVal>1.204967533844</pctVal>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
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        <name>UNIVERSAL CORPORATION</name>
        <lei>549300BZXZ66F6DTIF20</lei>
        <title>UNIVERSAL CORP/VA COMMON STOCK</title>
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          <isin value="US9134561094"/>
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        <curCd>USD</curCd>
        <valUSD>1275066.63000000</valUSD>
        <pctVal>1.032129976528</pctVal>
        <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>UNIVERSAL HEALTH REALTY INCOME TRUST</name>
        <lei>549300L4MWZL4IH6H172</lei>
        <title>UNIVERSAL HEALTH RLTY INCOME REIT</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US91359E1055"/>
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        <balance>31834.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1388599.08000000</valUSD>
        <pctVal>1.124031248350</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" 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>USANA HEALTH SCIENCES, INC.</name>
        <lei>549300YTURXE814MAH96</lei>
        <title>USANA HEALTH SCIENCES INC COMMON STOCK</title>
        <cusip>90328M107</cusip>
        <identifiers>
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        <balance>41057.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>883546.64000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WD-40 COMPANY</name>
        <lei>549300UZHTN0CNKBOB19</lei>
        <title>WD-40 CO COMMON STOCK</title>
        <cusip>929236107</cusip>
        <identifiers>
          <isin value="US9292361071"/>
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        <balance>6017.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1433249.40000000</valUSD>
        <pctVal>1.160174405616</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" 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>WHITESTONE REIT</name>
        <lei>N/A</lei>
        <title>WHITESTONE REIT REIT</title>
        <cusip>966084204</cusip>
        <identifiers>
          <isin value="US9660842041"/>
        </identifiers>
        <balance>99829.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1516402.51000000</valUSD>
        <pctVal>1.227484470403</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" 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>WORLD ACCEPTANCE CORPORATION</name>
        <lei>529900M7JQUDCH7Q9153</lei>
        <title>WORLD ACCEPTANCE CORP COMMON STOCK</title>
        <cusip>981419104</cusip>
        <identifiers>
          <isin value="US9814191048"/>
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        <balance>7415.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1000135.20000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" 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>YELP INC.</name>
        <lei>5299007OU2DOSXPQBO35</lei>
        <title>YELP INC COMMON STOCK</title>
        <cusip>985817105</cusip>
        <identifiers>
          <isin value="US9858171054"/>
        </identifiers>
        <balance>41123.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>916631.67000000</valUSD>
        <pctVal>0.741987125835</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-02-28</ncom:dateSigned>
      <ncom:nameOfApplicant>EXCHANGE TRADED CONCEPTS TRUST</ncom:nameOfApplicant>
      <ncom:signature>Dennis Lowenfels</ncom:signature>
      <ncom:signerName>Dennis Lowenfels</ncom:signerName>
      <ncom:title>CCO</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
