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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Pelagos Insurance Capital Ltd.</name>
        <lei>549300CDMGCAGJQ7DX03</lei>
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        <cusip>N/A</cusip>
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          <isin value="BMG3398L1182"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Match Group, Inc.</name>
        <lei>15OMOPB0A8K0EFUVD031</lei>
        <title>Match Group, Inc.</title>
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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>Sonos, Inc.</name>
        <lei>549300WEPU6075I77M08</lei>
        <title>Sonos, Inc.</title>
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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>Biote Corp.</name>
        <lei>N/A</lei>
        <title>Biote Corp., Class A</title>
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          <isin value="US0906831039"/>
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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>Holley, Inc.</name>
        <lei>254900EEM9JI9G1A4D88</lei>
        <title>Holley, Inc.</title>
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          <isin value="US43538H1032"/>
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        <balance>8894.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Rapid7, Inc.</name>
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        <title>Rapid7, Inc.</title>
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          <isin value="US7534221046"/>
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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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      <invstOrSec>
        <name>ATN International, Inc.</name>
        <lei>54930013NP7VEU877V56</lei>
        <title>ATN International, Inc.</title>
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          <isin value="US00215F1075"/>
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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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      <invstOrSec>
        <name>RxSight, Inc.</name>
        <lei>N/A</lei>
        <title>RxSight, Inc.</title>
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          <isin value="US78349D1072"/>
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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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      <invstOrSec>
        <name>Zions Bancorp NA</name>
        <lei>8WH0EE09O9V05QJZ3V89</lei>
        <title>Zions Bancorp NA</title>
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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>Southern First Bancshares, Inc.</name>
        <lei>N/A</lei>
        <title>Southern First Bancshares, Inc.</title>
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          <isin value="US8428731017"/>
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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>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Rimini Street, Inc.</name>
        <lei>54930042ITIRGVM4HY55</lei>
        <title>Rimini Street, Inc.</title>
        <cusip>76674Q107</cusip>
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          <isin value="US76674Q1076"/>
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        <balance>39052.00000000</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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      <invstOrSec>
        <name>Ethan Allen Interiors, Inc.</name>
        <lei>N/A</lei>
        <title>Ethan Allen Interiors, Inc.</title>
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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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        <name>Landstar System, Inc.</name>
        <lei>254900CUQXQRL09MEI52</lei>
        <title>Landstar System, Inc.</title>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>OneSpan, Inc.</name>
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        <title>OneSpan, Inc.</title>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>Aviat Networks, Inc.</name>
        <lei>549300Z3X8Z4MK52CI65</lei>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>Stoneridge, Inc.</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>TriCo Bancshares</name>
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        <title>TriCo Bancshares</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Kyndryl Holdings, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Oscar Health, Inc.</name>
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        <title>Oscar Health, Inc., Class A</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Xperi, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Bloomin' Brands, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Mercantile Bank Corp.</name>
        <lei>P16VZZCKTJ5IONL6XE37</lei>
        <title>Mercantile Bank Corp.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Franklin Covey Co.</name>
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        <title>Franklin Covey Co.</title>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Varex Imaging Corp.</name>
        <lei>549300CWYWPVCT8E9W67</lei>
        <title>Varex Imaging Corp.</title>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Bed Bath &amp; Beyond, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>First Bank</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Hilltop Holdings, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Northpointe Bancshares, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Deckers Outdoor Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Regional Management Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Arteris, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>MeiraGTx Holdings plc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Aspen Aerogels, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Lands' End, Inc.</name>
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        <title>Lands' End, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Radiant Logistics, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Grid Dynamics Holdings, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Banc of California, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Design Therapeutics, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Superior Group of Cos., Inc.</name>
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        <title>Superior Group of Cos., Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Strattec Security Corp.</name>
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        <title>Strattec Security Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Kura Oncology, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>WaFd, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>World Acceptance Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Employers Holdings, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Atkore, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Titan International, Inc.</name>
        <lei>254900CXRGBE7C4B5A06</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Angel Oak Mortgage REIT, Inc.</name>
        <lei>5493008M8D7W7VZZ7V36</lei>
        <title>Angel Oak Mortgage REIT, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>SiriusPoint Ltd.</name>
        <lei>549300OGXFI85N3YZZ51</lei>
        <title>SiriusPoint Ltd.</title>
        <cusip>N/A</cusip>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Caribou Biosciences, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Hudson Technologies, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Capital City Bank Group, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Entrada Therapeutics, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Organogenesis Holdings, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Ironwood Pharmaceuticals, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Excelerate Energy, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Allogene Therapeutics, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>National Energy Services Reunited Corp.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Funko, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Inogen, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Lantheus Holdings, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Slide Insurance Holdings, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>JetBlue Airways Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Marqeta, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Allegiant Travel Co.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>OraSure Technologies, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Fluor Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>American Homes 4 Rent</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Midland States Bancorp, Inc.</name>
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        <title>Midland States Bancorp, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>10X Genomics, Inc.</name>
        <lei>5493003Z6741WNLG7H43</lei>
        <title>10X Genomics, Inc., Class A</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Myriad Genetics, Inc.</name>
        <lei>52990044IHUOUMETT163</lei>
        <title>Myriad Genetics, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Southside Bancshares, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Omnicell, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Mistras Group, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Nextdoor Holdings, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Teekay Tankers Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Orion Properties, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Mercury General Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Hyster-Yale, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Scholastic Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>USANA Health Sciences, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>SmartRent, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>James River Group Holdings, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Playtika Holding Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>BioAge Labs, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Aduro Biotech, Inc.</name>
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        <fairValLevel>3</fairValLevel>
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        <name>Kelly Services, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>SITE Centers Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Business First Bancshares, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Boise Cascade Co.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Pegasystems, Inc.</name>
        <lei>549300FMCOKPL06FYN26</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>MVB Financial Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Forum Energy Technologies, Inc.</name>
        <lei>549300SF93HLCR1REE27</lei>
        <title>Forum Energy Technologies, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>eGain Corp.</name>
        <lei>25490048ASFEJOENUI20</lei>
        <title>eGain Corp.</title>
        <cusip>28225C806</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>ICF International, Inc.</name>
        <lei>5493003KYFDDC5B3WY64</lei>
        <title>ICF International, Inc.</title>
        <cusip>44925C103</cusip>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>American Coastal Insurance Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Orion Group Holdings, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Safety Insurance Group, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>California Water Service Group</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Prothena Corp. plc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Ranger Energy Services, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Legence Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Designer Brands, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Gentherm, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Maplebear, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>METROPOLITAN LIFE INSURANCE COMPANY</name>
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        <name>Caledonia Mining Corp. plc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Wabash National Corp.</name>
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        <name>Fulgent Genetics, Inc.</name>
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        <name>La-Z-Boy, Inc.</name>
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        <name>ArcBest Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>HealthStream, Inc.</name>
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        <title>HealthStream, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Alpha &amp; Omega Semiconductor Ltd.</name>
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        <name>Great Southern Bancorp, Inc.</name>
        <lei>5493000ZL7DLNMN1AB26</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Smithfield Foods, Inc.</name>
        <lei>CVTIPZRZJC0JQEZLL598</lei>
        <title>Smithfield Foods, Inc.</title>
        <cusip>832248207</cusip>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Sphere Entertainment Co.</name>
        <lei>254900ZW4JWKYRZZ9A91</lei>
        <title>Sphere Entertainment Co.</title>
        <cusip>55826T102</cusip>
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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>SkinHealth Systems, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Octave Specialty Group, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Winmark Corp.</name>
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        <title>Winmark Corp.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Independent Bank Corp.</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>Huntsman Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Alto Ingredients, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Lyft, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Telos Corp.</name>
        <lei>N/A</lei>
        <title>Telos Corp.</title>
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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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        <name>Nu Skin Enterprises, Inc.</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>Codexis, Inc.</name>
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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>Clearwater Paper Corp.</name>
        <lei>549300HCVV19GXN4P292</lei>
        <title>Clearwater Paper Corp.</title>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>CuriosityStream, Inc.</name>
        <lei>549300MSP5P41EYSIZ09</lei>
        <title>CuriosityStream, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Johnson Outdoors, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>CS Disco, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Resources Connection, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>National Bank Holdings Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Darling Ingredients, Inc.</name>
        <lei>L1N0SPPKS7EXZYUMZ898</lei>
        <title>Darling Ingredients, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Magnera Corp.</name>
        <lei>549300LDQLQBT38QDY28</lei>
        <title>Magnera Corp.</title>
        <cusip>55939A107</cusip>
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        <fairValLevel>1</fairValLevel>
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        <name>Manitowoc Co., Inc. (The)</name>
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        <title>Manitowoc Co., Inc. (The)</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Cooper-Standard Holdings, Inc.</name>
        <lei>549300VVOH2RQP5YMB08</lei>
        <title>Cooper-Standard Holdings, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Universal Insurance Holdings, Inc.</name>
        <lei>529900GGAZ6WVUCWQM46</lei>
        <title>Universal Insurance Holdings, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>L B Foster Co.</name>
        <lei>549300AUUJGJ2T2L2179</lei>
        <title>L B Foster Co., Class A</title>
        <cusip>350060109</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>Westamerica Bancorp</name>
        <lei>984500CF4F8115C11D96</lei>
        <title>Westamerica Bancorp</title>
        <cusip>957090103</cusip>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Bank7 Corp.</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Zumiez, Inc.</name>
        <lei>549300J0PDF58P6HZD25</lei>
        <title>Zumiez, Inc.</title>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Arq, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Byline Bancorp, Inc.</name>
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        <title>Byline Bancorp, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Xenia Hotels &amp; Resorts, Inc.</name>
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        <title>Xenia Hotels &amp; Resorts, Inc.</title>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Herbalife Ltd.</name>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>First Business Financial Services, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Pacira BioSciences, Inc.</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>DocGo, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>First Internet Bancorp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Prosperity Bancshares, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Columbia Sportswear Co.</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>InvenTrust Properties Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Jackson Financial, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>MaxCyte, Inc.</name>
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        <title>MaxCyte, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Nature's Sunshine Products, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>1stdibs.com, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Shoe Station Group, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Arko Corp.</name>
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        <title>Arko Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Meridian Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Gap, Inc. (The)</name>
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        <title>Gap, Inc. (The)</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Unisys Corp.</name>
        <lei>549300T21W22FIJJOW08</lei>
        <title>Unisys Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>CNO Financial Group, Inc.</name>
        <lei>11XPYHB76MPM4Y4P2897</lei>
        <title>CNO Financial Group, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Selectquote, Inc.</name>
        <lei>549300BV28BWDIN9SP24</lei>
        <title>Selectquote, Inc.</title>
        <cusip>816307300</cusip>
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        <balance>5368.00000000</balance>
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        <valUSD>4515.02000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Hanmi Financial Corp.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Ardagh Metal Packaging SA</name>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>LU</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MasterCraft Boat Holdings, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Nexxen International Ltd.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Protara Therapeutics, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>FB Financial Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>DMC Global, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>IDT Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>First Community Corp.</name>
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        <title>First Community Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Genesco, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Paysafe Ltd.</name>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Keros Therapeutics, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Hain Celestial Group, Inc. (The)</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Easterly Government Properties, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>AdvanSix, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Avista Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Sunstone Hotel Investors, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>LXP Industrial Trust</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Callaway Golf Co.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Dole plc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Alpine Income Property Trust, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>American States Water Co.</name>
        <lei>529900L26LIS2V8PWM23</lei>
        <title>American States Water Co.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Dana, Inc.</name>
        <lei>KVWHW7YLZPFJM8QYNJ51</lei>
        <title>Dana, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Civista Bancshares, Inc.</name>
        <lei>5493001LX61Z2UVYSC48</lei>
        <title>Civista Bancshares, Inc.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>BayCom Corp.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Finance of America Cos., Inc.</name>
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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 Bancorp</name>
        <lei>N/A</lei>
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          <isin value="PR3186727065"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>PR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Alexandria Real Estate Equities, Inc.</name>
        <lei>MGCJBT4MKTQBVLNUIS88</lei>
        <title>Alexandria Real Estate Equities, Inc.</title>
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          <isin value="US0152711091"/>
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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>Astronics Corp.</name>
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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>Insteel Industries, Inc.</name>
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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>OP Bancorp</name>
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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>Ferroglobe plc</name>
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        <title>Ferroglobe plc</title>
        <cusip>N/A</cusip>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>Goodyear Tire &amp; Rubber Co. (The)</name>
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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>Alector, Inc.</name>
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        <title>Alector, Inc.</title>
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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>ZipRecruiter, Inc.</name>
        <lei>549300HLOVNNFCY2IV80</lei>
        <title>ZipRecruiter, Inc., Class A</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Franklin Financial Services Corp.</name>
        <lei>N/A</lei>
        <title>Franklin Financial Services Corp.</title>
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          <isin value="US3535251082"/>
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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>Orthofix Medical, Inc.</name>
        <lei>N/A</lei>
        <title>Orthofix Medical, Inc.</title>
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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>First Western Financial, Inc.</name>
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        <title>First Western Financial, Inc.</title>
        <cusip>33751L105</cusip>
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        <fairValLevel>1</fairValLevel>
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        <name>Par Pacific Holdings, Inc.</name>
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        <title>Par Pacific Holdings, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Flexsteel Industries, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Definitive Healthcare Corp.</name>
        <lei>N/A</lei>
        <title>Definitive Healthcare Corp., Class A</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Arvinas, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>SmartFinancial, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Donegal Group, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Vanda Pharmaceuticals, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Mativ Holdings, Inc.</name>
        <lei>549300Z1FU4IDULG1R21</lei>
        <title>Mativ Holdings, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Covenant Logistics Group, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Miller Industries, Inc.</name>
        <lei>549300F1O74SPUJ7UU94</lei>
        <title>Miller Industries, Inc.</title>
        <cusip>600551204</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>Information Services Group, Inc.</name>
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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>
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          <isin value="US3369011032"/>
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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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      <invstOrSec>
        <name>Eagle Bancorp Montana, Inc.</name>
        <lei>549300P2SVRIY3YU1412</lei>
        <title>Eagle Bancorp Montana, Inc.</title>
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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>Primis Financial Corp.</name>
        <lei>549300JNX3M2EENG1F11</lei>
        <title>Primis Financial Corp.</title>
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          <isin value="US74167B1098"/>
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        <payoffProfile>Long</payoffProfile>
        <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>Drilling Tools International Corp.</name>
        <lei>5493000EQOTBVWM31L08</lei>
        <title>Drilling Tools International Corp.</title>
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          <isin value="US26205E1073"/>
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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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      <invstOrSec>
        <name>Amplify Energy Corp.</name>
        <lei>J0TW5YQRAZXYN7VEU787</lei>
        <title>Amplify Energy Corp.</title>
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          <isin value="US03212B1035"/>
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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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      <invstOrSec>
        <name>Dillard's, Inc.</name>
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        <title>Dillard's, Inc., Class A</title>
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          <isin value="US2540671011"/>
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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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      <invstOrSec>
        <name>World Kinect Corp.</name>
        <lei>D3W7PCXCBRQLL17DZ313</lei>
        <title>World Kinect Corp.</title>
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          <isin value="US9814751064"/>
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        <balance>44640.00000000</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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      <invstOrSec>
        <name>RBB Bancorp</name>
        <lei>549300A23FBFZNGET525</lei>
        <title>RBB Bancorp</title>
        <cusip>74930B105</cusip>
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          <isin value="US74930B1052"/>
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        <balance>10683.00000000</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>First Financial Corp.</name>
        <lei>N/A</lei>
        <title>First Financial Corp.</title>
        <cusip>320218100</cusip>
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          <isin value="US3202181000"/>
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        <balance>8764.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>678684.16000000</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>
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      <invstOrSec>
        <name>MS GOVT US LEX</name>
        <lei>6N8SC06AK49F0N7KIX52</lei>
        <title>MSILF GOVERNMENT PORTFOLIO OPEN-END FUND USD</title>
        <cusip>61747C707</cusip>
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          <other otherDesc="Custodian Internal ID" value="61747C707"/>
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        <balance>300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>300000.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="300000.00000000" isCashCollateral="Y"/>
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      <invstOrSec>
        <name>DHT Holdings, Inc.</name>
        <lei>549300SMD6IVZYT74K40</lei>
        <title>DHT Holdings, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="MHY2065G1219"/>
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        <balance>46611.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>MH</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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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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        <balance>2985.00000000</balance>
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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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        <name>American Airlines Group, Inc.</name>
        <lei>IWUQB36BXD6OWD6X4T14</lei>
        <title>American Airlines Group, Inc.</title>
        <cusip>02376R102</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>BOK Financial Corp.</name>
        <lei>GRI2NT5QHYW751NMR949</lei>
        <title>BOK Financial Corp.</title>
        <cusip>05561Q201</cusip>
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          <isin value="US05561Q2012"/>
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        <balance>2995.00000000</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>
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      <invstOrSec>
        <name>Commercial Metals Co.</name>
        <lei>549300OQS2LO07ZJ7N73</lei>
        <title>Commercial Metals Co.</title>
        <cusip>201723103</cusip>
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          <isin value="US2017231034"/>
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        <balance>45020.00000000</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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      <invstOrSec>
        <name>Community Trust Bancorp, Inc.</name>
        <lei>N/A</lei>
        <title>Community Trust Bancorp, Inc.</title>
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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>FS Bancorp, Inc.</name>
        <lei>N/A</lei>
        <title>FS Bancorp, Inc.</title>
        <cusip>30263Y104</cusip>
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          <isin value="US30263Y1047"/>
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        <fairValLevel>1</fairValLevel>
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        <name>Western Alliance Bancorp</name>
        <lei>5493003VJXZ5JXT9S762</lei>
        <title>Western Alliance Bancorp</title>
        <cusip>957638109</cusip>
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          <isin value="US9576381092"/>
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        <fairValLevel>1</fairValLevel>
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        <name>Avidbank Holdings, Inc.</name>
        <lei>54930029UJ8M0B84EE44</lei>
        <title>Avidbank Holdings, Inc.</title>
        <cusip>05368J103</cusip>
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        <assetCat>EC</assetCat>
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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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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>NexPoint Residential Trust, Inc.</name>
        <lei>549300U2J6XVYBF87166</lei>
        <title>NexPoint Residential Trust, Inc.</title>
        <cusip>65341D102</cusip>
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          <isin value="US65341D1028"/>
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        <balance>14286.00000000</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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        <name>CTO Realty Growth, Inc.</name>
        <lei>254900ZQ99OFO1WXS678</lei>
        <title>CTO Realty Growth, Inc.</title>
        <cusip>22948Q101</cusip>
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        <balance>24981.00000000</balance>
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        <valUSD>537341.31000000</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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      <invstOrSec>
        <name>LTC Properties, Inc.</name>
        <lei>549300NRZP8IJG2KY677</lei>
        <title>LTC Properties, Inc.</title>
        <cusip>502175102</cusip>
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          <isin value="US5021751020"/>
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        <balance>22580.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>868201.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Maravai LifeSciences Holdings, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Intellia Therapeutics, Inc.</name>
        <lei>5493002T5BCPE5DZC723</lei>
        <title>Intellia Therapeutics, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Kearny Financial Corp.</name>
        <lei>N/A</lei>
        <title>Kearny Financial Corp.</title>
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          <isin value="US48716P1084"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>HomeTrust Bancshares, Inc.</name>
        <lei>N/A</lei>
        <title>HomeTrust Bancshares, Inc.</title>
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          <isin value="US4378721041"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Orion SA</name>
        <lei>N/A</lei>
        <title>Orion SA</title>
        <cusip>N/A</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>LU</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SFL Corp. Ltd.</name>
        <lei>549300RLYYPSB0C7RH77</lei>
        <title>SFL Corp. Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="BMG7738W1064"/>
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        <curCd>USD</curCd>
        <valUSD>201960.00000000</valUSD>
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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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        <name>Sonic Automotive, Inc.</name>
        <lei>549300NTLRGJ2JCBZU03</lei>
        <title>Sonic Automotive, Inc., Class A</title>
        <cusip>83545G102</cusip>
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          <isin value="US83545G1022"/>
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        <balance>15841.00000000</balance>
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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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      <invstOrSec>
        <name>Citi Trends, Inc.</name>
        <lei>529900D06Q0FPHV34S87</lei>
        <title>Citi Trends, Inc.</title>
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          <isin value="US17306X1028"/>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Gold.com, Inc.</name>
        <lei>XP6XYFDZQGKLUMOFGT37</lei>
        <title>Gold.com, Inc.</title>
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          <isin value="US00181T1079"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Tompkins Financial Corp.</name>
        <lei>254900QDQ6V0QJ0Z2348</lei>
        <title>Tompkins Financial Corp.</title>
        <cusip>890110109</cusip>
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          <isin value="US8901101092"/>
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        <balance>3676.00000000</balance>
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        <curCd>USD</curCd>
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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>Lear Corp.</name>
        <lei>549300UPNBTXA1SYTQ33</lei>
        <title>Lear Corp.</title>
        <cusip>521865204</cusip>
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          <isin value="US5218652049"/>
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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>Northeast Community Bancorp, Inc.</name>
        <lei>5493007BRYL8596Q9L26</lei>
        <title>Northeast Community Bancorp, Inc.</title>
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          <isin value="US6641211007"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Upstream Bio, Inc.</name>
        <lei>N/A</lei>
        <title>Upstream Bio, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>PMV Pharmaceuticals, Inc.</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>INVESCO GOVT AND AGCY LEX</name>
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        <title>INVESCO GOVERNMENT &amp; AGENCY PORTFOLIO OPEN-END FUND USD</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>CF SECURED LLC</name>
        <lei>254900OXTV81I73FAT50</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>TScan Therapeutics, Inc.</name>
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        <title>TScan Therapeutics, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>RBC US GOVT MONEY MKT FUND</name>
        <lei>549300RFDC5U7WLJKO50</lei>
        <title>RBC FUNDS TRUST US GOVT MONEY MKT FUND RBC INSTL</title>
        <cusip>74926P696</cusip>
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        <valUSD>200000.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Peapack-Gladstone Financial Corp.</name>
        <lei>549300G8DN2UK8K0ET30</lei>
        <title>Peapack-Gladstone Financial Corp.</title>
        <cusip>704699107</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Cricut, Inc.</name>
        <lei>254900R3DKAJ28MC0Q39</lei>
        <title>Cricut, Inc., Class A</title>
        <cusip>22658D100</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>PROG Holdings, Inc.</name>
        <lei>549300DHYTLBOVRXIG52</lei>
        <title>PROG Holdings, Inc.</title>
        <cusip>74319R101</cusip>
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        <balance>55485.00000000</balance>
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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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      <invstOrSec>
        <name>Rezolute, Inc.</name>
        <lei>549300T05L48T72P2G08</lei>
        <title>Rezolute, Inc.</title>
        <cusip>76200L309</cusip>
        <identifiers>
          <isin value="US76200L3096"/>
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        <balance>42800.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>222560.00000000</valUSD>
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        <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>Braemar Hotels &amp; Resorts, Inc.</name>
        <lei>549300JDUUEBN868C776</lei>
        <title>Braemar Hotels &amp; Resorts, Inc.</title>
        <cusip>10482B101</cusip>
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        <balance>45064.00000000</balance>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>OFG Bancorp</name>
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        <assetCat>EC</assetCat>
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        <invCountry>PR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Hamilton Insurance Group Ltd.</name>
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        <cusip>N/A</cusip>
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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>Rocket Pharmaceuticals, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>PC Connection, Inc.</name>
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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>PCB Bancorp</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Forestar Group, Inc.</name>
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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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      <invstOrSec>
        <name>Kronos Worldwide, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Nutanix, Inc.</name>
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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>Selective Insurance Group, Inc.</name>
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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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        <name>BlueLinx Holdings, Inc.</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>TFDXX LEX BLACKROCK FED FUND</name>
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        <title>BLACKROCK LIQUIDITY FEDFUND OPEN-END FUND USD</title>
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        <assetCat>STIV</assetCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Graco, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Bank of NT Butterfield &amp; Son Ltd. (The)</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Enterprise Financial Services Corp.</name>
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        <title>Enterprise Financial Services Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Chatham Lodging Trust</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>Texas Capital Bancshares, Inc.</name>
        <lei>549300466Q2SXRX0YM48</lei>
        <title>Texas Capital Bancshares, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Albany International Corp.</name>
        <lei>L73WCPNCZIRSQGZTW097</lei>
        <title>Albany International Corp., Class A</title>
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        <fairValLevel>1</fairValLevel>
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        <name>ScanSource, Inc.</name>
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        <title>ScanSource, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>SIGA Technologies, Inc.</name>
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        <title>SIGA Technologies, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Evolent Health, Inc.</name>
        <lei>549300CZOCFHQ2BBTR11</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Community Healthcare Trust, Inc.</name>
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        <title>Community Healthcare Trust, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Genworth Financial, Inc.</name>
        <lei>549300EMCG286BDNKJ33</lei>
        <title>Genworth Financial, Inc., Class A</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Stitch Fix, Inc.</name>
        <lei>549300TNHOVBOJZIYE72</lei>
        <title>Stitch Fix, Inc., Class A</title>
        <cusip>860897107</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Inseego Corp.</name>
        <lei>549300E27VG1NWGNA141</lei>
        <title>Inseego Corp.</title>
        <cusip>45782B302</cusip>
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        <fairValLevel>1</fairValLevel>
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        <name>Stepan Co.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Reinsurance Group of America, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Silvercrest Asset Management Group, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>U-Haul Holding Co.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>NETGEAR, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>United Fire Group, Inc.</name>
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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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        <name>Core Molding Technologies, Inc.</name>
        <lei>549300ZY2MFRXCKVIJ28</lei>
        <title>Core Molding Technologies, Inc.</title>
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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>Central Pacific Financial Corp.</name>
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        <title>Central Pacific Financial Corp.</title>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>BCB Bancorp, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Alta Equipment Group, Inc.</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>Zillow Group, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Southwest Gas Holdings, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Summit Hotel Properties, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Titan Machinery, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Infinity Bio-energy Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
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        <name>PrimeEnergy Resources Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Docusign, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Sana Biotechnology, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Fossil Group, Inc.</name>
        <lei>DDMY8YZ6L8UEMS1FDM73</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Plumas Bancorp</name>
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        <title>Plumas Bancorp</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Lifetime Brands, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Wayfair, Inc.</name>
        <lei>54930027N9ZAVYFDHK53</lei>
        <title>Wayfair, Inc., Class A</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Sierra Bancorp</name>
        <lei>N/A</lei>
        <title>Sierra Bancorp</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Everforth, Inc.</name>
        <lei>LZBNYYCBUKY537072438</lei>
        <title>Everforth, Inc.</title>
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        <name>Bread Financial Holdings, Inc.</name>
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        <name>Genie Energy Ltd.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Cirrus Logic, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Unity Bancorp, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Hippo Holdings, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Granite Ridge Resources, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Kforce, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>8x8, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>PubMatic, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>TPG Mortgage Investment Trust, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Tutor Perini Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Foghorn Therapeutics, Inc.</name>
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        <name>Nkarta, Inc.</name>
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        <name>FMC Corp.</name>
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        <name>Spok Holdings, Inc.</name>
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        <name>HBT Financial, Inc.</name>
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        <name>Haverty Furniture Cos., Inc.</name>
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        <name>Ribbon Communications, Inc.</name>
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        <name>LendingTree, Inc.</name>
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        <name>PRA Group, Inc.</name>
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        <name>Matrix Service Co.</name>
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        <name>Scotts Miracle-Gro Co. (The)</name>
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        <name>Oil States International, Inc.</name>
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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>Valley National Bancorp</name>
        <lei>549300ET52S1UBIB9762</lei>
        <title>Valley National Bancorp</title>
        <cusip>919794107</cusip>
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          <isin value="US9197941076"/>
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        <balance>110167.00000000</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Heritage Insurance Holdings, Inc.</name>
        <lei>9845008CCYDD87F66B45</lei>
        <title>Heritage Insurance Holdings, Inc.</title>
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          <isin value="US42727J1025"/>
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        <balance>42577.00000000</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>StoneX Group, Inc.</name>
        <lei>549300JUF07L8VF02M60</lei>
        <title>StoneX Group, Inc.</title>
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          <isin value="US8618961085"/>
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        <balance>5901.00000000</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="615163.50000000"/>
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      <invstOrSec>
        <name>South Plains Financial, Inc.</name>
        <lei>549300SNEBP48642N493</lei>
        <title>South Plains Financial, Inc.</title>
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          <isin value="US83946P1075"/>
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        <balance>4721.00000000</balance>
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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>BNP PARIBAS</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
        <title>Treasury Repurchase Agreement</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Custodian Internal ID" value="260630006"/>
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        <balance>4000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4000000.00000000</valUSD>
        <pctVal>1.797017542421</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="R0MUWSFPU8MPRO8K5P83" name="BNP PARIBAS"/>
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          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>3.63000000</repurchaseRt>
          <maturityDt>2026-07-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>7033191.61870000</principalAmt>
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              <collateralVal>4080000.01160000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
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          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="4000000.00000000" isCashCollateral="Y"/>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Tyra Biosciences, Inc.</name>
        <lei>N/A</lei>
        <title>Tyra Biosciences, Inc.</title>
        <cusip>90240B106</cusip>
        <identifiers>
          <isin value="US90240B1061"/>
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        <balance>16683.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>532855.02000000</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="505989.38000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Home Bancorp, Inc.</name>
        <lei>N/A</lei>
        <title>Home Bancorp, Inc.</title>
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          <isin value="US43689E1073"/>
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        <balance>1511.00000000</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Thryv Holdings, Inc.</name>
        <lei>N/A</lei>
        <title>Thryv Holdings, Inc.</title>
        <cusip>886029206</cusip>
        <identifiers>
          <isin value="US8860292064"/>
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        <balance>44000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>173360.00000000</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>
        <name>Movado Group, Inc.</name>
        <lei>549300WCGCGPWGHVXM59</lei>
        <title>Movado Group, Inc.</title>
        <cusip>624580106</cusip>
        <identifiers>
          <isin value="US6245801062"/>
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        <balance>29524.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1160588.44000000</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>American Integrity Insurance Group, Inc.</name>
        <lei>529900Y2VOV2LYV4OK68</lei>
        <title>American Integrity Insurance Group, Inc.</title>
        <cusip>026948109</cusip>
        <identifiers>
          <isin value="US0269481091"/>
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        <balance>16025.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>301750.75000000</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Andersons, Inc. (The)</name>
        <lei>L38MWB8MVRFV7HVJPU11</lei>
        <title>Andersons, Inc. (The)</title>
        <cusip>034164103</cusip>
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          <isin value="US0341641035"/>
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        <balance>49634.00000000</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>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Akebia Therapeutics, Inc.</name>
        <lei>549300CBQEHMKEEGNX42</lei>
        <title>Akebia Therapeutics, Inc.</title>
        <cusip>00972D105</cusip>
        <identifiers>
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        <balance>196066.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>223515.24000000</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>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Align Technology, Inc.</name>
        <lei>549300N5YSE0U3LCP840</lei>
        <title>Align Technology, Inc.</title>
        <cusip>016255101</cusip>
        <identifiers>
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        <balance>2428.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>409506.48000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Compass Minerals International, Inc.</name>
        <lei>2549008X9G8XP7YJGC47</lei>
        <title>Compass Minerals International, Inc.</title>
        <cusip>20451N101</cusip>
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        <balance>20220.00000000</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>
          <isNonCashCollateral>N</isNonCashCollateral>
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        <name>AngioDynamics, Inc.</name>
        <lei>549300W3VKC5ZKMO8C28</lei>
        <title>AngioDynamics, Inc.</title>
        <cusip>03475V101</cusip>
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        <balance>3100.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>40331.00000000</valUSD>
        <pctVal>0.018118878625</pctVal>
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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>
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      <invstOrSec>
        <name>SunCoke Energy, Inc.</name>
        <lei>1KF1J2NXQE2PI0QOB943</lei>
        <title>SunCoke Energy, Inc.</title>
        <cusip>86722A103</cusip>
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        <balance>19658.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>158246.90000000</valUSD>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Embecta Corp.</name>
        <lei>549300RPG8GXVDHNXZ62</lei>
        <title>Embecta Corp.</title>
        <cusip>29082K105</cusip>
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        <balance>27200.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Kemper Corp.</name>
        <lei>549300FNI1JKTRY2PV09</lei>
        <title>Kemper Corp.</title>
        <cusip>488401100</cusip>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>Snap, Inc.</name>
        <lei>549300JNC0L6VP8A2Q35</lei>
        <title>Snap, Inc., Class A</title>
        <cusip>83304A106</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>Pagseguro Digital Ltd.</name>
        <lei>391200VY4YW47I4HGH62</lei>
        <title>Pagseguro Digital Ltd., Class A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG687071012"/>
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        <balance>125289.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1133865.45000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BankUnited, Inc.</name>
        <lei>96OVUWEW5D4YX6PFXD91</lei>
        <title>BankUnited, Inc.</title>
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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>
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      </invstOrSec>
      <invstOrSec>
        <name>Sportsman's Warehouse Holdings, Inc.</name>
        <lei>549300JVV8YLQSRSF462</lei>
        <title>Sportsman's Warehouse Holdings, Inc.</title>
        <cusip>84920Y106</cusip>
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          <isin value="US84920Y1064"/>
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        <balance>7500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9975.00000000</valUSD>
        <pctVal>0.004481312496</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>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-07-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Nationwide Variable Insurance Trust</ncom:nameOfApplicant>
      <ncom:signature>David Majewski</ncom:signature>
      <ncom:signerName>David Majewski</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
