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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Diversified Energy Company</title>
        <cusip>25520W107</cusip>
        <identifiers>
          <isin value="US25520W1071"/>
        </identifiers>
        <balance>424000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5707040.00000000</valUSD>
        <pctVal>0.542808312992</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>PC Connection, Inc</title>
        <cusip>69318J100</cusip>
        <identifiers>
          <isin value="US69318J1007"/>
        </identifiers>
        <balance>80000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6697600.00000000</valUSD>
        <pctVal>0.637022512038</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>SkyWest, Inc.</title>
        <cusip>830879102</cusip>
        <identifiers>
          <isin value="US8308791024"/>
        </identifiers>
        <balance>75409.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8066500.73000000</valUSD>
        <pctVal>0.767221476108</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>TXNM Energy Inc</title>
        <cusip>69349H107</cusip>
        <identifiers>
          <isin value="US69349H1077"/>
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        <balance>126991.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7355318.72000000</valUSD>
        <pctVal>0.699579492333</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Alight Inc</title>
        <cusip>01626W200</cusip>
        <identifiers>
          <isin value="US01626W2008"/>
        </identifiers>
        <balance>26235.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>445470.30000000</valUSD>
        <pctVal>0.042369596503</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Amneal Pharmaceuticals Inc</title>
        <cusip>03168L105</cusip>
        <identifiers>
          <isin value="N/A"/>
        </identifiers>
        <balance>606953.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11119378.96000000</valUSD>
        <pctVal>1.057587003912</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Diebold Nixdorf Inc</title>
        <cusip>253651202</cusip>
        <identifiers>
          <isin value="US2536512021"/>
        </identifiers>
        <balance>113052.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8319496.68000000</valUSD>
        <pctVal>0.791284441290</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Newmark Group, Inc.</title>
        <cusip>65158N102</cusip>
        <identifiers>
          <isin value="US65158N1028"/>
        </identifiers>
        <balance>510499.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7654932.55000000</valUSD>
        <pctVal>0.728076379969</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COMMERCIAL METAL</name>
        <lei>N/A</lei>
        <title>Commercial Metals Co.</title>
        <cusip>201723103</cusip>
        <identifiers>
          <isin value="US2017231034"/>
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        <balance>144278.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9914784.16000000</valUSD>
        <pctVal>0.943015514799</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>HCI Group Inc</title>
        <cusip>40416E103</cusip>
        <identifiers>
          <isin value="US40416E1038"/>
        </identifiers>
        <balance>47124.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8247171.24000000</valUSD>
        <pctVal>0.784405419928</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Weatherford International plc</title>
        <cusip>G48833118</cusip>
        <identifiers>
          <isin value="IE00BLNN3691"/>
        </identifiers>
        <balance>71785.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6302005.15000000</valUSD>
        <pctVal>0.599396672170</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HEALTHEQUITY INC</name>
        <lei>N/A</lei>
        <title>HealthEquity, Inc.</title>
        <cusip>42226A107</cusip>
        <identifiers>
          <isin value="US42226A1079"/>
        </identifiers>
        <balance>85707.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8622981.27000000</valUSD>
        <pctVal>0.820149484871</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>J2 GLOBAL INC</name>
        <lei>N/A</lei>
        <title>Ziff Davis, Inc.</title>
        <cusip>48123V102</cusip>
        <identifiers>
          <isin value="US48123V1026"/>
        </identifiers>
        <balance>181785.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9649147.80000000</valUSD>
        <pctVal>0.917750294222</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OLD NATL BANCORP</name>
        <lei>N/A</lei>
        <title>Old National Bancorp</title>
        <cusip>680033107</cusip>
        <identifiers>
          <isin value="US6800331075"/>
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        <balance>259059.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6901331.76000000</valUSD>
        <pctVal>0.656399858779</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Par Pacific Holdings, Inc.</name>
        <lei>N/A</lei>
        <title>Par Pacific Holdings, Inc.</title>
        <cusip>69888T207</cusip>
        <identifiers>
          <isin value="US69888T2078"/>
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        <balance>197536.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16994022.08000000</valUSD>
        <pctVal>1.616336394384</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Element Solutions, Inc.</title>
        <cusip>28618M106</cusip>
        <identifiers>
          <isin value="N/A"/>
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        <balance>275428.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10116470.44000000</valUSD>
        <pctVal>0.962198311730</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CUSTOMERS BANCOR</name>
        <lei>N/A</lei>
        <title>Customers Bancorp, Inc.</title>
        <cusip>23204G100</cusip>
        <identifiers>
          <isin value="US23204G1004"/>
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        <balance>115869.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9116572.92000000</valUSD>
        <pctVal>0.867096001952</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>ENERSYS</title>
        <cusip>29275Y102</cusip>
        <identifiers>
          <isin value="US29275Y1029"/>
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        <balance>35000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6511750.00000000</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PBF ENERGY INC-A</name>
        <lei>N/A</lei>
        <title>PBF Energy, Inc.</title>
        <cusip>69318G106</cusip>
        <identifiers>
          <isin value="US69318G1067"/>
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        <balance>183388.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13255284.64000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Slide Insurance Holdings Inc</title>
        <cusip>831349105</cusip>
        <identifiers>
          <isin value="US8313491057"/>
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        <balance>382582.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7640162.54000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Phinia Inc</title>
        <cusip>71880K101</cusip>
        <identifiers>
          <isin value="US71880K1016"/>
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        <balance>126083.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9278447.97000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Victory Capital Holdings, Inc. Class A</title>
        <cusip>92645B103</cusip>
        <identifiers>
          <isin value="N/A"/>
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        <balance>119170.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11801405.10000000</valUSD>
        <pctVal>1.122455912921</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK OF AMERICA</name>
        <lei>N/A</lei>
        <title>Piedmont Office Realty Trust, Inc.</title>
        <cusip>720190206</cusip>
        <identifiers>
          <isin value="N/A"/>
        </identifiers>
        <balance>455799.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4416692.31000000</valUSD>
        <pctVal>0.420080690130</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RADIAN GROUP INC</name>
        <lei>N/A</lei>
        <title>Radian Group, Inc.</title>
        <cusip>750236101</cusip>
        <identifiers>
          <isin value="US7502361014"/>
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        <balance>223160.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8701008.40000000</valUSD>
        <pctVal>0.827570805696</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Warrior Met Coal, Inc.</title>
        <cusip>93627C101</cusip>
        <identifiers>
          <isin value="US93627C1018"/>
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        <balance>42548.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3378736.68000000</valUSD>
        <pctVal>0.321358595229</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>
        <name>RYMAN HOSPITALIT</name>
        <lei>N/A</lei>
        <title>Ryman Hospitality Properties, 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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Permian Resources Corp.</title>
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          <isin value="US71424F1057"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Rithm Capital Corp.</title>
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          <isin value="N/A"/>
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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>Default</name>
        <lei>N/A</lei>
        <title>Frontdoor, Inc.</title>
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          <isin value="N/A"/>
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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>Default</name>
        <lei>N/A</lei>
        <title>Performance Food Group Co.</title>
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          <isin value="N/A"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Perimeter Solutions Inc</title>
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          <isin value="US71385M1071"/>
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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>UNITED THERAPEUT</name>
        <lei>N/A</lei>
        <title>United Therapeutics Corp.</title>
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          <isin value="US91307C1027"/>
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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>Default</name>
        <lei>N/A</lei>
        <title>Dave Inc</title>
        <cusip>23834J201</cusip>
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          <isin value="US23834J2015"/>
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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>JACKSON FINANCIAL INC COM CL A</name>
        <lei>N/A</lei>
        <title>Jackson Financial, Inc.</title>
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          <isin value="US46817M1071"/>
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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>Default</name>
        <lei>N/A</lei>
        <title>Blue Bird Corporation</title>
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          <isin value="US0953061068"/>
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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>Default</name>
        <lei>N/A</lei>
        <title>Prog Holdings, Inc.</title>
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          <isin value="US74319R1014"/>
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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>Default</name>
        <lei>N/A</lei>
        <title>Atlanticus Holdings Corporation</title>
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          <isin value="US04914Y1029"/>
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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>CALIF WATER SRVC</name>
        <lei>N/A</lei>
        <title>California Water Service Group</title>
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          <isin value="US1307881029"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>ONE Gas Inc</title>
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          <isin value="US68235P1084"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>Default</name>
        <lei>N/A</lei>
        <title>OSI Systems, Inc.</title>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>TRINITY INDUSTRI</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>Default</name>
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        <title>Penguin Solutions Inc</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>CoVista Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>ARMOUR RESIDENTI</name>
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        <title>Armour Residential REIT, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Default</name>
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        <title>Federated Treasury Obligations Fund</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>K12 INC</name>
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        <title>Stride, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Navient Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>WILEY JOHN&amp;SON-A</name>
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        <title>John Wiley &amp; Sons, Inc. Class A</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Axos Financial, Inc.</title>
        <cusip>05465C100</cusip>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Delek US Holdings, 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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Consensus Cloud Solutions, Inc.</title>
        <cusip>20848V105</cusip>
        <identifiers>
          <isin value="US20848V1052"/>
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        <balance>128472.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4676380.80000000</valUSD>
        <pctVal>0.444780196557</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MATSON INC</name>
        <lei>N/A</lei>
        <title>Matson Inc</title>
        <cusip>57686G105</cusip>
        <identifiers>
          <isin value="US57686G1058"/>
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        <balance>55802.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11304927.18000000</valUSD>
        <pctVal>1.075234876763</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Hilton Grand Vacations Inc</title>
        <cusip>43283X105</cusip>
        <identifiers>
          <isin value="US43283X1054"/>
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        <balance>130275.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6010888.50000000</valUSD>
        <pctVal>0.571707968802</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INTERNATIONAL SEAWAYS INC</name>
        <lei>N/A</lei>
        <title>International Seaways, Inc.</title>
        <cusip>Y41053102</cusip>
        <identifiers>
          <isin value="MHY410531021"/>
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        <balance>142000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13657560.00000000</valUSD>
        <pctVal>1.298998623314</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>KB HOME</name>
        <lei>N/A</lei>
        <title>KB Home</title>
        <cusip>48666K109</cusip>
        <identifiers>
          <isin value="US48666K1097"/>
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        <balance>93347.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5131284.59000000</valUSD>
        <pctVal>0.488047031698</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SALLY BEAUTY HOL</name>
        <lei>N/A</lei>
        <title>Sally Beauty Holdings Inc</title>
        <cusip>79546E104</cusip>
        <identifiers>
          <isin value="US79546E1047"/>
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        <balance>507102.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7591316.94000000</valUSD>
        <pctVal>0.722025768453</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Amphastar Pharmaceuticals, Inc.</title>
        <cusip>03209R103</cusip>
        <identifiers>
          <isin value="US03209R1032"/>
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        <balance>180913.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3607405.22000000</valUSD>
        <pctVal>0.343107730408</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Collegium Pharmaceutical, Inc.</title>
        <cusip>19459J104</cusip>
        <identifiers>
          <isin value="US019459J104"/>
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        <balance>167869.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5940883.91000000</valUSD>
        <pctVal>0.565049688257</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ENCORE CAPITAL G</name>
        <lei>N/A</lei>
        <title>Encore Capital Group, Inc.</title>
        <cusip>292554102</cusip>
        <identifiers>
          <isin value="US2925541029"/>
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        <balance>116761.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10984874.88000000</valUSD>
        <pctVal>1.044794044207</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Enova International, Inc.</title>
        <cusip>29357K103</cusip>
        <identifiers>
          <isin value="N/A"/>
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        <balance>69427.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>17644177.78000000</valUSD>
        <pctVal>1.678174040292</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Tenet Healthcare Corp.</title>
        <cusip>88033G407</cusip>
        <identifiers>
          <isin value="US88033G4073"/>
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        <balance>37704.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9606225.12000000</valUSD>
        <pctVal>0.913667829841</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HILLMAN SOLUTIONS CORP</name>
        <lei>N/A</lei>
        <title>Hillman Solutions Corp.</title>
        <cusip>431636109</cusip>
        <identifiers>
          <isin value="US4316361090"/>
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        <balance>679197.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5345280.39000000</valUSD>
        <pctVal>0.508400612396</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Concentra Group Holdings Parent, Inc</title>
        <cusip>20603L102</cusip>
        <identifiers>
          <isin value="US20603L1026"/>
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        <balance>232954.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7372994.10000000</valUSD>
        <pctVal>0.701260634081</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Apple Hospitality Reit Inc</title>
        <cusip>03784Y200</cusip>
        <identifiers>
          <isin value="US03784Y2000"/>
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        <balance>400000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6604000.00000000</valUSD>
        <pctVal>0.628120023515</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BANCORP INC/THE</name>
        <lei>N/A</lei>
        <title>The Bancorp, Inc.</title>
        <cusip>05969A105</cusip>
        <identifiers>
          <isin value="US05969A1051"/>
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        <balance>122196.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8195685.72000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Harmony Biosciences Holdings</title>
        <cusip>413197104</cusip>
        <identifiers>
          <isin value="US4131971040"/>
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        <balance>130198.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4588177.52000000</valUSD>
        <pctVal>0.436391001174</pctVal>
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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>PORTLAND GENERAL</name>
        <lei>N/A</lei>
        <title>Portland General Electric</title>
        <cusip>736508847</cusip>
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          <isin value="US7365088472"/>
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        <balance>80000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3946400.00000000</valUSD>
        <pctVal>0.375350221199</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>RENT-A-CENTER</name>
        <lei>N/A</lei>
        <title>Upbound Group, Inc.</title>
        <cusip>76009N100</cusip>
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          <isin value="US76009N1000"/>
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        <balance>210277.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4077271.03000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SCANSOURCE INC</name>
        <lei>N/A</lei>
        <title>ScanSource, Inc.</title>
        <cusip>806037107</cusip>
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          <isin value="US8060371072"/>
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        <balance>115464.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6537571.68000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Green Plains Inc</title>
        <cusip>393222104</cusip>
        <identifiers>
          <isin value="US3932221043"/>
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        <balance>370182.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6237566.70000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FEDERATED INV-B</name>
        <lei>N/A</lei>
        <title>Federated Hermes, Inc.</title>
        <cusip>314211103</cusip>
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          <isin value="US3142111034"/>
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        <balance>137037.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8216738.52000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Blackbaud Inc</name>
        <lei>54930056X3HKFMNG3754</lei>
        <title>Blackbaud, Inc.</title>
        <cusip>09227Q100</cusip>
        <identifiers>
          <isin value="US09227Q1004"/>
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        <balance>140780.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6025384.00000000</valUSD>
        <pctVal>0.573086665622</pctVal>
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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>
      <invstOrSec>
        <name>ADEIA INC</name>
        <lei>N/A</lei>
        <title>Adeia, Inc.</title>
        <cusip>00676P107</cusip>
        <identifiers>
          <isin value="US00676P1075"/>
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        <balance>381056.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10155142.40000000</valUSD>
        <pctVal>0.965876481389</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HANCOCK HLDG CO</name>
        <lei>N/A</lei>
        <title>Hancock Whitney Corp.</title>
        <cusip>410120109</cusip>
        <identifiers>
          <isin value="US4101201097"/>
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        <balance>119440.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9196880.00000000</valUSD>
        <pctVal>0.874734173511</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>BellRing Brands, Inc.</title>
        <cusip>07831C103</cusip>
        <identifiers>
          <isin value="US07831C1036"/>
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        <balance>145499.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1802732.61000000</valUSD>
        <pctVal>0.171461606509</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RLJ LODGING TRUS</name>
        <lei>N/A</lei>
        <title>RLJ Lodging Trust</title>
        <cusip>74965L101</cusip>
        <identifiers>
          <isin value="US74965L1017"/>
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        <balance>300000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3675000.00000000</valUSD>
        <pctVal>0.349536808967</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>V2X Inc</title>
        <cusip>92242T101</cusip>
        <identifiers>
          <isin value="N/A"/>
        </identifiers>
        <balance>120000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10828800.00000000</valUSD>
        <pctVal>1.029949441345</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HERITAGE INSURAN</name>
        <lei>N/A</lei>
        <title>Heritage Insurance Holdings Inc</title>
        <cusip>42727J102</cusip>
        <identifiers>
          <isin value="US42727J1025"/>
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        <balance>227224.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6673568.88000000</valUSD>
        <pctVal>0.634736862786</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>DXC Technology Co.</title>
        <cusip>23355L106</cusip>
        <identifiers>
          <isin value="N/A"/>
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        <balance>856513.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9627206.12000000</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>XENIA HOTELS &amp; R</name>
        <lei>N/A</lei>
        <title>Xenia Hotels &amp; Resorts, Inc.</title>
        <cusip>984017103</cusip>
        <identifiers>
          <isin value="US9840171030"/>
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        <balance>202646.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4170454.68000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Southwest Gas Holdings, Inc.</title>
        <cusip>844895102</cusip>
        <identifiers>
          <isin value="N/A"/>
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        <balance>81943.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7325704.20000000</valUSD>
        <pctVal>0.696762794423</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ENSIGN GROUP INC</name>
        <lei>N/A</lei>
        <title>The Ensign Group, Inc.</title>
        <cusip>29358P101</cusip>
        <identifiers>
          <isin value="US29358P1012"/>
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        <balance>41090.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7320594.40000000</valUSD>
        <pctVal>0.696276790835</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALLEGIANT TRAVEL</name>
        <lei>N/A</lei>
        <title>Allegiant Travel Co.</title>
        <cusip>01748X102</cusip>
        <identifiers>
          <isin value="US01748X1028"/>
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        <balance>77769.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7627583.52000000</valUSD>
        <pctVal>0.725475157472</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Century Aluminum Company</title>
        <cusip>156431108</cusip>
        <identifiers>
          <isin value="US1564311082"/>
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        <balance>196401.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8792872.77000000</valUSD>
        <pctVal>0.836308214879</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>PACS Group, Inc.</title>
        <cusip>69380Q107</cusip>
        <identifiers>
          <isin value="US69380Q1076"/>
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        <balance>162050.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7455920.50000000</valUSD>
        <pctVal>0.709147934553</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>STERLING CONSTRU</name>
        <lei>N/A</lei>
        <title>Sterling Infrastructure, Inc.</title>
        <cusip>859241101</cusip>
        <identifiers>
          <isin value="US8592411016"/>
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        <balance>35558.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>21219947.66000000</valUSD>
        <pctVal>2.018272868443</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COMFORT SYSTEMS</name>
        <lei>N/A</lei>
        <title>Comfort Systems USA Inc</title>
        <cusip>199908104</cusip>
        <identifiers>
          <isin value="US1999081045"/>
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        <balance>12106.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20939627.14000000</valUSD>
        <pctVal>1.991611007205</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>TANGER FACTORY</name>
        <lei>N/A</lei>
        <title>Tanger Factory Outlet Centers, Inc.</title>
        <cusip>875465106</cusip>
        <identifiers>
          <isin value="US8754651060"/>
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        <balance>248264.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10094414.24000000</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>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Indivior Pharmaceuticals, Inc</title>
        <cusip>45579U109</cusip>
        <identifiers>
          <isin value="US45579U1097"/>
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        <balance>152284.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6092882.84000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Clear Secure, Inc</title>
        <cusip>18467V109</cusip>
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          <isin value="US18467V1098"/>
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        <balance>146815.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8110060.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Cars.com, Inc.</title>
        <cusip>14575E105</cusip>
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          <isin value="US14575E1055"/>
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        <balance>451024.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5344634.40000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Preferred Bank</title>
        <cusip>740367404</cusip>
        <identifiers>
          <isin value="US7403674044"/>
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        <balance>54247.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5665556.68000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MAXIMUS, Inc.</name>
        <lei>N/A</lei>
        <title>MAXIMUS, Inc.</title>
        <cusip>577933104</cusip>
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          <isin value="US5779331041"/>
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        <balance>83306.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>New Jersey Resources Corp.</title>
        <cusip>646025106</cusip>
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          <isin value="US6460251068"/>
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        <balance>108080.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6256751.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Verra Mobility Corp.</title>
        <cusip>92511U102</cusip>
        <identifiers>
          <isin value="US92511U1025"/>
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        <balance>233157.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1233400.53000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Pacira Bioscienses Inc</title>
        <cusip>695127100</cusip>
        <identifiers>
          <isin value="US6951271005"/>
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        <balance>273565.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7224851.65000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Option Care Health, Inc.</title>
        <cusip>68404L201</cusip>
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          <isin value="N/A"/>
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        <balance>204128.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4701067.84000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Green Brick Partners Inc</name>
        <lei>N/A</lei>
        <title>Green Brick Partners, Inc.</title>
        <cusip>392709101</cusip>
        <identifiers>
          <isin value="US3927091013"/>
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        <balance>87490.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6188167.70000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HURON CONSULTING</name>
        <lei>N/A</lei>
        <title>Huron Consulting Group Inc</title>
        <cusip>447462102</cusip>
        <identifiers>
          <isin value="US4474621020"/>
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        <balance>45563.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6915096.51000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>ACADEMY SPORTS AND OUTDOORS INC</title>
        <cusip>00402L107</cusip>
        <identifiers>
          <isin value="US00402L1070"/>
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        <balance>131703.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Default</name>
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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>Default</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Default</name>
        <lei>N/A</lei>
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          <isin value="N/A"/>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Default</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>MEDNAX INC</name>
        <lei>N/A</lei>
        <title>PEDIATRIX MEDICAL GROUP 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>ENACT HOLDINGS INC</name>
        <lei>N/A</lei>
        <title>Enact Holdings, Inc.</title>
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          <isin value="US29249E1091"/>
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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>Default</name>
        <lei>N/A</lei>
        <title>Applied Fin Ivs US Smid ETF</title>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Default</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Brightspring Health Services</title>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Array Technologies Inc</title>
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        <fairValLevel>1</fairValLevel>
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        <name>GREENBRIER COS</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>NCR CORP</name>
        <lei>N/A</lei>
        <title>NCR Atleos Corp.</title>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Pathward Financial, Inc.</title>
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          <isin value="N/A"/>
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        <fairValLevel>1</fairValLevel>
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        <name>DOUGLAS EMMETT</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Otter Tail Corp.</title>
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        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>UNIVERSAL INSURA</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Default</name>
        <lei>N/A</lei>
        <title>Atmus Filtration Technologie</title>
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        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>INNOVIVA INC</name>
        <lei>N/A</lei>
        <title>Innoviva, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-08-31</ncom:dateSigned>
      <ncom:nameOfApplicant>World Funds Trust</ncom:nameOfApplicant>
      <ncom:signature>Ann MacDonald</ncom:signature>
      <ncom:signerName>Ann MacDonald</ncom:signerName>
      <ncom:title>Principal Financial Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
