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        <isRestrictedSec>N</isRestrictedSec>
        
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        <name>EQT CORP</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>ELDORADO GOLD CORP</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>ERO COPPER CORP</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>FATPIPE INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>FIDELITY COLCHESTER STREET TRUST</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>FIRST INTERNET BANCORP</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>FLUSHING FINANCIAL CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>HARMONY GOLD MINING COMPANY LTD</name>
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        <fairValLevel>1</fairValLevel>
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        <name>HOPE BANCORP INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>IAMGOLD CORP</name>
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        <title>IAMGOLD Corporation </title>
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        <fairValLevel>1</fairValLevel>
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        <title>Incyte Corporation </title>
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        <name>INFINITY NATURAL RESOURCES INC</name>
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        <name>INVESTAR HOLDING CORP</name>
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        <title>Investar Holding Corporation </title>
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        <name>KEARNY FINANCIAL CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ZEVRA THERAPEUTICS INC</name>
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        <title>Zevra Therapeutics, Inc. </title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>KINROSS GOLD CORP</name>
        <lei>254900O9KHF2A1ZXPT47</lei>
        <title>Kinross Gold Corporation </title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>LINCOLN NATIONAL CORP</name>
        <lei>EFQMQROEDSNBRIP7LE47</lei>
        <title>Lincoln National Corporation </title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MNTN INC</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MAINSTREET BANCSHARES INC</name>
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        <title>MainStreet Bancshares, Inc. </title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MCEWEN INC</name>
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        <title>McEwen Mining, Inc. </title>
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          <isin value="US58039P3055"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MILLROSE PROPERTIES INC</name>
        <lei>N/A</lei>
        <title>Millrose Properties, Inc. </title>
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          <isin value="US6011371027"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MOTORSPORT GAMES INC</name>
        <lei>N/A</lei>
        <title>Motorsport Games, Inc. </title>
        <cusip>62011B201</cusip>
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          <isin value="US62011B2016"/>
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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>NB BANCORP INC</name>
        <lei>N/A</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>NEUROCRINE BIOSCIENCES INC</name>
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        <title>Neurocrine Biosciences, Inc. </title>
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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>NEWMONT CORP</name>
        <lei>549300VSP3RIX7FGDZ51</lei>
        <title>Newmont Corporation </title>
        <cusip>651639106</cusip>
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          <isin value="US6516391066"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NORTH AMERICAN CONSTRUCTION GROUP LTD</name>
        <lei>549300DQ6060LO4XGI15</lei>
        <title>North American Construction Group Ltd. </title>
        <cusip>656811106</cusip>
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          <isin value="CA6568111067"/>
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        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NORTHFIELD BANCORP INC (NEW)</name>
        <lei>N/A</lei>
        <title>Northfield Bancorp, Inc. </title>
        <cusip>66611T108</cusip>
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          <isin value="US66611T1088"/>
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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>OPERA LTD</name>
        <lei>5493001ULS7KDNNZ3W51</lei>
        <title>Opera Ltd. </title>
        <cusip>68373M107</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>NO</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>OPPENHEIMER HOLDINGS INC (US)</name>
        <lei>N/A</lei>
        <title>Oppenheimer Holdings, Inc. </title>
        <cusip>683797104</cusip>
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          <isin value="US6837971042"/>
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        <balance>8500.00000000</balance>
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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>PCB BANCORP</name>
        <lei>549300E5CI0LZ8Q25890</lei>
        <title>PCB Bancorp </title>
        <cusip>69320M109</cusip>
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          <isin value="US69320M1099"/>
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        <balance>16000.00000000</balance>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>PAMPA ENERGIA SA</name>
        <lei>254900QNIK0CVURGML24</lei>
        <title>Pampa Energia S.A. </title>
        <cusip>697660207</cusip>
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          <isin value="US6976602077"/>
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        <assetCat>EC</assetCat>
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        <invCountry>AR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>PARKE BANCORP INC</name>
        <lei>5493000JF1TWXVD0CR78</lei>
        <title>Parke Bancorp, Inc. </title>
        <cusip>700885106</cusip>
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          <isin value="US7008851062"/>
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        <balance>11000.00000000</balance>
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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>PEAPACK-GLADSTONE FINANCIAL CORP</name>
        <lei>549300G8DN2UK8K0ET30</lei>
        <title>Peapack-Gladstone Financial Corporation </title>
        <cusip>704699107</cusip>
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          <isin value="US7046991078"/>
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        <balance>21000.00000000</balance>
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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>PERMA-PIPE INTERNATIONAL HOLDINGS INC</name>
        <lei>549300QBMR25XXRKXK93</lei>
        <title>Perma-Pipe International Holdings, Inc. </title>
        <cusip>714167103</cusip>
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          <isin value="US7141671039"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>RANGE RESOURCES CORP</name>
        <lei>H3Y3WLYCX0BTO1TRW162</lei>
        <title>Range Resources Corporation </title>
        <cusip>75281A109</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>REDWOOD TRUST INC</name>
        <lei>DRBV4N1ERQLEMIF11G78</lei>
        <title>Redwood Trust, Inc. </title>
        <cusip>758075402</cusip>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>RIGEL PHARMACEUTICALS INC</name>
        <lei>529900KPTNUS5J8K9K66</lei>
        <title>Rigel Pharmaceuticals, Inc. </title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>SSR MINING INC</name>
        <lei>549300JD2KR7AB9DYJ38</lei>
        <title>SSR Mining, Inc. </title>
        <cusip>784730103</cusip>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>SANTACRUZ SILVER MINING LTD</name>
        <lei>549300KR50UPLTF0XY61</lei>
        <title>Santacruz Silver Mining Ltd. </title>
        <cusip>80280U205</cusip>
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        <balance>45000.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>SMITH-MIDLAND CORP</name>
        <lei>N/A</lei>
        <title>Smith-Midland Corporation </title>
        <cusip>832156103</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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      <invstOrSec>
        <name>SUPER MICRO COMPUTER INC</name>
        <lei>54930022CZO1N2UGVW07</lei>
        <title>Super Micro Computer, Inc. </title>
        <cusip>86800U302</cusip>
        <identifiers>
          <isin value="US86800U3023"/>
        </identifiers>
        <balance>48000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2212320.00000000</valUSD>
        <pctVal>2.812562479246</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>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>6000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>596940.00000000</valUSD>
        <pctVal>0.758900632079</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>TREDEGAR CORP</name>
        <lei>54930003228ERHCH6K87</lei>
        <title>Tredegar Corporation </title>
        <cusip>894650100</cusip>
        <identifiers>
          <isin value="US8946501009"/>
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        <balance>43000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>335830.00000000</valUSD>
        <pctVal>0.426946760597</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>VERSABANK</name>
        <lei>549300RUBSDFVNCR7415</lei>
        <title>VersaBank </title>
        <cusip>92512J106</cusip>
        <identifiers>
          <isin value="CA92512J1066"/>
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        <balance>47000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>847880.00000000</valUSD>
        <pctVal>1.077925198390</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VISTA ENERGY SAB DE CV</name>
        <lei>549300UDOHP7958KNS89</lei>
        <title>Vista Energy S.A.B. de C.V. </title>
        <cusip>92837L109</cusip>
        <identifiers>
          <isin value="US92837L1098"/>
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        <balance>11500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>853300.00000000</valUSD>
        <pctVal>1.084815742542</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>WARRIOR MET COAL INC</name>
        <lei>549300152B1S9YKBYV79</lei>
        <title>Warrior Met Coal, Inc. </title>
        <cusip>93627C101</cusip>
        <identifiers>
          <isin value="US93627C1018"/>
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        <balance>17500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1654450.00000000</valUSD>
        <pctVal>2.103332245691</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>WATERSTONE FINANCIAL INC</name>
        <lei>5493002KM21XRC2DCQ02</lei>
        <title>Waterstone Financial, Inc. </title>
        <cusip>94188P101</cusip>
        <identifiers>
          <isin value="US94188P1012"/>
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        <balance>18000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>333180.00000000</valUSD>
        <pctVal>0.423577767608</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>HIMALAYA SHIPPING LTD</name>
        <lei>984500D86FFE5EYE7988</lei>
        <title>Himalaya Shipping Ltd. </title>
        <cusip>G4660A103</cusip>
        <identifiers>
          <isin value="BMG4660A1036"/>
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        <balance>30000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>442500.00000000</valUSD>
        <pctVal>0.562558263301</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>PANGAEA LOGISTICS SOLUTIONS LTD</name>
        <lei>N/A</lei>
        <title>Pangaea Logistics Solutions Ltd. </title>
        <cusip>G6891L105</cusip>
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          <isin value="BMG6891L1054"/>
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        <balance>46000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>348220.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>TEEKAY TANKERS LTD</name>
        <lei>549300DE8ZAIYS2T6Q22</lei>
        <title>Teekay Tankers Ltd. </title>
        <cusip>G8726X106</cusip>
        <identifiers>
          <isin value="BMG8726X1065"/>
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        <balance>5000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>351750.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>TORM PLC</name>
        <lei>213800VL1H1ABVM1ZF63</lei>
        <title>TORM plc. </title>
        <cusip>G89479102</cusip>
        <identifiers>
          <isin value="GB00BZ3CNK81"/>
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        <balance>12000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>326880.00000000</valUSD>
        <pctVal>0.415568463520</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TOYO CO LTD</name>
        <lei>N/A</lei>
        <title>Toyo Company Ltd. </title>
        <cusip>G8976D107</cusip>
        <identifiers>
          <isin value="KYG8976D1079"/>
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        <balance>115000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1668650.00000000</valUSD>
        <pctVal>2.121384962841</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NEXA RESOURCES SA</name>
        <lei>549300QRMRHM7GAU7L47</lei>
        <title>Nexa Resources S.A. </title>
        <cusip>L67359106</cusip>
        <identifiers>
          <isin value="LU1701428291"/>
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        <balance>130000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1968200.00000000</valUSD>
        <pctVal>2.502208302439</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FRONTLINE PLC</name>
        <lei>5493004BCIKYU1YL3H63</lei>
        <title>Frontline PLC </title>
        <cusip>M46528101</cusip>
        <identifiers>
          <isin value="CY0200352116"/>
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        <balance>22000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>762740.00000000</valUSD>
        <pctVal>0.969685174577</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>DORIAN LPG LTD</name>
        <lei>549300WP1W2WGMC7F395</lei>
        <title>Dorian, L.P.G Ltd. </title>
        <cusip>Y2106R110</cusip>
        <identifiers>
          <isin value="MHY2106R1100"/>
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        <balance>10000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>402200.00000000</valUSD>
        <pctVal>0.511324143502</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>IMPERIAL PETROLEUM INC</name>
        <lei>549300ZKLCVJXKUHBS50</lei>
        <title>Imperial Petroleum Inc. </title>
        <cusip>Y3894J187</cusip>
        <identifiers>
          <isin value="MHY3894J1872"/>
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        <balance>75000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>383250.00000000</valUSD>
        <pctVal>0.487232665333</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>OKEANIS ECO TANKERS CORP</name>
        <lei>213800U35RCYXTKVEM65</lei>
        <title>Okeanis Eco Tankers Corporation </title>
        <cusip>Y64177101</cusip>
        <identifiers>
          <isin value="MHY641771016"/>
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        <balance>7000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>330470.00000000</valUSD>
        <pctVal>0.420132495532</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SEANERGY MARITIME HOLDINGS CORP</name>
        <lei>213800S7JIZA8FZXF245</lei>
        <title>Seanergy Maritime Holdings Corp </title>
        <cusip>Y73760400</cusip>
        <identifiers>
          <isin value="MHY737604006"/>
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        <balance>130000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2015000.00000000</valUSD>
        <pctVal>2.561705989947</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SCORPIO TANKERS INC</name>
        <lei>549300NVJUH16NXG8K87</lei>
        <title>Scorpio Tankers, Inc. </title>
        <cusip>Y7542C130</cusip>
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          <isin value="MHY7542C1306"/>
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        <balance>10000.00000000</balance>
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        <valUSD>745100.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MC</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>STAR BULK CARRIERS CORP</name>
        <lei>549300SO3FMK7H6DDY54</lei>
        <title>Star Bulk Carriers Corp. </title>
        <cusip>Y8162K204</cusip>
        <identifiers>
          <isin value="MHY8162K2046"/>
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        <balance>30000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>817500.00000000</valUSD>
        <pctVal>1.039302554234</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MH</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-05-31</ncom:dateSigned>
      <ncom:nameOfApplicant>Unified Series Trust</ncom:nameOfApplicant>
      <ncom:signature>Zachary Richmond</ncom:signature>
      <ncom:signerName>Zachary Richmond</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
