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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>SUNRISE REALTY TRUST, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>ADVANCED DRAINAGE SYSTEMS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>TRUSTMARK CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>AMES NATIONAL CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>American Well Corp</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>BillionToOne Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>BANCFIRST CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>TEEKAY CORPORATION LTD.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>F&amp;G ANNUITIES &amp; LIFE, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>HYSTER-YALE, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>REYNOLDS CONSUMER PRODUCTS INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>ACME UNITED CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Tarsus Pharmaceuticals Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Kalaris Therapeutics Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Tanger Inc.</name>
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        <name>Krystal Biotech Inc</name>
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        <name>BAXTER INTERNATIONAL INC.</name>
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        <name>BUMBLE INC.</name>
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        <name>Q32 Bio Inc</name>
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        <name>KKR REAL ESTATE FINANCE TRUST INC.</name>
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        <name>MOLINA HEALTHCARE, INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>ESCALADE, INCORPORATED</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>INFUSYSTEM HOLDINGS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>SNAP INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>YELP INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>GOODRX HOLDINGS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>THE GREENBRIER COMPANIES, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>CBL &amp; ASSOCIATES PROPERTIES, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>HAYWARD HOLDINGS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>CAL-MAINE FOODS, INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>PRO-DEX, INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>SOLVENTUM CORPORATION</name>
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        <name>BENTLEY SYSTEMS, INCORPORATED</name>
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        <name>ALBIREO PHARMA INC CVR</name>
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        <name>TEXAS CAPITAL BANCSHARES, INC.</name>
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        <name>STONERIDGE, INC.</name>
        <lei>PNBCIH9LE7WI83VJIF08</lei>
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        <name>Lovesac Co</name>
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        <title>LOVESAC CO THE</title>
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        <fairValLevel>1</fairValLevel>
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        <name>EMBECTA CORP.</name>
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        <title>EMBECTA CORP</title>
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        <name>Ton Strategy Co</name>
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        <name>Niagen Bioscience Inc</name>
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        <name>VITAL FARMS, INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>REVVITY, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>HEALTHCARE SERVICES GROUP, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>BIO-RAD LABORATORIES, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Zymeworks Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>STEPSTONE GROUP INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>STRATEGIC EDUCATION, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <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>GREEN BRICK PARTNERS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>VONTIER CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>FREIGHTCAR AMERICA, INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ZYNERBA PHARMACEUTICA CVR</name>
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        <fairValLevel>3</fairValLevel>
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        <name>HAPPEN, INC.</name>
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        <name>DAKTRONICS, INC</name>
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        <name>DOUGLAS EMMETT, INC.</name>
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        <name>ITT INC.</name>
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        <name>Ardelyx Inc</name>
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        <name>Rum Group Inc</name>
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        <name>GENCO SHIPPING &amp; TRADING LIMITED</name>
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        <name>KAISER ALUMINUM CORPORATION</name>
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        <name>BK TECHNOLOGIES CORPORATION</name>
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        <name>TRAEGER, INC.</name>
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        <name>Immunome Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>Ethos Technologies Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ATLAS ENERGY SOLUTIONS INC.</name>
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        <name>A10 NETWORKS, INC.</name>
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        <name>WESTROCK COFFEE COMPANY</name>
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        <name>BitGo Holdings Inc</name>
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        <name>Angel Studios Inc</name>
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        <name>RUSH ENTERPRISES, INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>SMITH &amp; WESSON BRANDS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>INNODATA INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Legacy Education Inc</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>BAKKT, INC.</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Hawthorn Bancshares, Inc.</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>LIGHTPATH TECHNOLOGIES, INC.</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>HAVERTY FURNITURE COMPANIES, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>THE FIRST BANCORP, INC.</name>
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        <name>KEMPER CORPORATION</name>
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        <name>FIGS, INC.</name>
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        <name>Arlo Technologies Inc</name>
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        <name>Boston Omaha Corp</name>
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        <name>ASTRANA HEALTH, INC.</name>
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        <name>BXP, INC.</name>
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        <name>Yesway Inc</name>
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        <name>MERITAGE HOMES CORPORATION</name>
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        <name>Minerva Neurosciences, Inc</name>
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        <name>SIMMONS FIRST NATIONAL CORPORATION</name>
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        <title>SIMMONS FIRST NATL CORP CL A</title>
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        <name>THE CLOROX COMPANY</name>
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        <name>SAUL CENTERS, INC.</name>
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        <name>Douglas Elliman Inc</name>
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        <name>Xpel Inc</name>
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        <name>LENZ Therapeutics Inc</name>
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        <name>THE TRADE DESK, INC.</name>
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        <name>COMMUNITY HEALTHCARE TRUST INCORPORATED</name>
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        <name>GULFPORT ENERGY CORPORATION</name>
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        <name>ENACT HOLDINGS, INC.</name>
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        <name>TMC the metals company Inc</name>
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        <name>NewMarket Corporation</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>DECKERS OUTDOOR CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>CleanCore Solutions Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>USANA HEALTH SCIENCES, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>RLJ LODGING TRUST</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>AtaiBeckley Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>API GROUP CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>ARROWHEAD PHARMACEUTICALS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>SENECA FOODS CORPORATION</name>
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        <fairValLevel>1</fairValLevel>
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        <name>MOVADO GROUP, INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>FIVE STAR BANCORP</name>
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        <name>LUCID GROUP, INC.</name>
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        <name>Tenaya Therapeutics Inc</name>
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        <name>STRIVE, INC.</name>
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        <name>MainStreet Bancshares, Inc.</name>
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        <name>nLIGHT Inc</name>
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        <name>Gemini Space Station Inc</name>
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        <name>SANDRIDGE ENERGY, INC.</name>
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        <name>CACI INTERNATIONAL INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
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        <name>CitroTech Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>XCF Global Inc</name>
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        <name>HOME BANCORP, INC.</name>
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        <name>SKYX Platforms Corp</name>
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        <name>Hawkins, Inc.</name>
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        <name>Surf Air Mobility Inc</name>
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        <name>Suncrete, Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>BROADSTONE NET LEASE, INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>RPC, INC.</name>
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        <name>ERIE INDEMNITY COMPANY</name>
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        <name>EAGLE MATERIALS INC.</name>
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        <name>Oncolytics Biotech Inc.</name>
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        <name>WHEELS UP EXPERIENCE INC.</name>
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        <name>Mativ Holdings, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Oramed Pharmaceuticals Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>LANDS' END, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>MANNKIND CORP CVR</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
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        <name>MEDICAL PROPERTIES TRUST, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>MCGRATH RENTCORP</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Black Rock Coffee Bar Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>SAVERS VALUE VILLAGE, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>STEPAN COMPANY</name>
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        <name>UNITY SOFTWARE INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>BIGBEAR.AI HOLDINGS, INC.</name>
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        <name>AMALGAMATED FINANCIAL CORP.</name>
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        <name>Alpha and Omega Semiconductor Ltd</name>
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        <name>GREEN DOT CORPORATION</name>
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        <name>CIVEO CORPORATION</name>
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        <name>TIDEWATER INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>AMERIS BANCORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>I3 VERTICALS, INC.</name>
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        <name>Corvus Pharmaceuticals Inc</name>
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        <name>CIVISTA BANCSHARES, INC.</name>
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        <name>AAON, INC.</name>
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        <name>TYLER TECHNOLOGIES, INC.</name>
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        <name>RED ROCK RESORTS, INC.</name>
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        <name>OPENLANE, INC.</name>
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        <title>OPENLANE INC</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>DigitalOcean Holdings, Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>GALAXY DIGITAL INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>MANHATTAN ASSOCIATES, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Eikon Therapeutics Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>HYATT HOTELS CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Trevi Therapeutics Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Unusual Machines Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>INFINITY NATURAL RESOURCES, INC.</name>
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        <name>GOLAR LNG LIMITED</name>
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        <name>HARMONIC INC.</name>
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        <name>SFL CORPORATION LTD.</name>
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        <name>COLUMBIA BANKING SYSTEM, INC.</name>
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        <name>Customers Bancorp, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
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        <name>Honest Company Inc</name>
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        <name>OMEROS CORPORATION</name>
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        <name>PLAYTIKA HOLDING CORP.</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>Shattuck Labs Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>INSEEGO CORP.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Janus Living Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>BATH &amp; BODY WORKS, INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>SUPERIOR GROUP OF COMPANIES, INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Arxis Inc</name>
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        <name>BEYOND MEAT, INC.</name>
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        <name>BOWHEAD SPECIALTY HOLDINGS INC.</name>
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        <name>FARMLAND PARTNERS INC.</name>
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        <name>ARBOR REALTY TRUST, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
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        <name>Momentus Inc</name>
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        <name>TRUSTCO BANK CORP N Y</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>MOOG INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>VERITONE, INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>FORTREA HOLDINGS INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>OneWater Marine Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>XPONENTIAL FITNESS, INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>INTELLIA THERAPEUTICS, INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>PERRIGO COMPANY PUBLIC LIMITED COMPANY</name>
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        <fairValLevel>1</fairValLevel>
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        <name>FORMFACTOR, INC.</name>
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        <name>ABEONA THERAPEUTICS INC.</name>
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        <name>GENTEX CORPORATION</name>
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        <name>ProCap Financial Inc</name>
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        <name>INDEPENDENCE REALTY TRUST, INC.</name>
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        <name>Atlas Lithium Corp</name>
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        <name>CHECKPOINT THERAPEUTI CVR</name>
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        <name>Weave Communications Inc</name>
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        <name>ALIGHT, INC.</name>
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        <name>VIAVI SOLUTIONS INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>IMPINJ, INC.</name>
        <lei>549300M26VGKSMMWWN17</lei>
        <title>IMPINJ INC</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Atomera Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Rackspace Technology, Inc.</name>
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        <name>PERIMETER SOLUTIONS, INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>OUTFRONT MEDIA INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>Liberty Global Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>CORVEL CORPORATION</name>
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        <fairValLevel>1</fairValLevel>
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        <name>UL SOLUTIONS INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Hyperliquid Strategies Inc</name>
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        <name>Pure Cycle Corp</name>
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        <name>PIPER SANDLER COMPANIES</name>
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        <name>MOLSON COORS BEVERAGE COMPANY</name>
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        <name>MacroGenics Inc</name>
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        <name>EQUITY BANCSHARES, INC.</name>
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        <name>MATTEL, INC.</name>
        <lei>549300VELLG24KHTJ564</lei>
        <title>MATTEL INC</title>
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        <name>GROCERY OUTLET HOLDING CORP.</name>
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        <name>MSA Safety Incorporated</name>
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        <name>QuinStreet Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>AMC GLOBAL MEDIA INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>UMH PROPERTIES, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Mama's Creations Inc</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>BEL FUSE INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>NOV INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>ENCOMPASS HEALTH CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>SEACOR MARINE HOLDINGS INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>AMERICAN STATES WATER COMPANY</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Zeta Global Holdings Corp</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>TELEPHONE AND DATA SYSTEMS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>PARK HOTELS &amp; RESORTS INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>BYLINE BANCORP, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>GXO LOGISTICS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Duolingo Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>LANTRONIX, INC.</name>
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        <name>EAGLE FINANCIAL SERVICES, INC.</name>
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        <name>Orchid Island Capital Inc</name>
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        <name>Amplitech Group Inc</name>
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        <name>REDWIRE CORPORATION</name>
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        <name>CG Oncology Inc</name>
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        <name>PARKE BANCORP, INC.</name>
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        <name>Payoneer Global Inc</name>
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        <name>JAZZ PHARMACEUTICALS PUBLIC LIMITED COMPANY</name>
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        <title>JAZZ PHARMACEUTICALS PLC</title>
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        <invCountry>IE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
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        <name>EMERGENT BIOSOLUTIONS INC.</name>
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        <name>SELLAS LIFE SCIENCES GROUP, INC.</name>
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        <name>HEXCEL CORPORATION</name>
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        <name>Ceribell Inc</name>
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        <name>U-Haul Holding Company</name>
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        <name>THE ST. JOE COMPANY</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>INTERNATIONAL SEAWAYS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>BIGLARI HOLDINGS INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>AxoGen, Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Nkarta Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>DRIVEN BRANDS HOLDINGS INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Renasant Corporation</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ATLANTICUS HOLDINGS CORPORATION</name>
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        <name>HERBALIFE LTD.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>ONTO INNOVATION INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>REalloys Inc</name>
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        <name>SHAKE SHACK INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>INDEPENDENT BANK CORP.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Hinge Health Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>KYNDRYL HOLDINGS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>GRAFTECH INTERNATIONAL LTD.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>ZIONS BANCORPORATION, NATIONAL ASSOCIATION</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>LIBERTY ENERGY INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>BLACKSKY TECHNOLOGY INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>TURTLE BEACH CORPORATION</name>
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        <fairValLevel>1</fairValLevel>
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        <name>IONIS PHARMACEUTICALS, INC.</name>
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        <name>ACNB CORPORATION</name>
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        <name>PARK NATIONAL CORPORATION</name>
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        <name>BRAEMAR HOTELS &amp; RESORTS INC.</name>
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        <name>BRIXMOR PROPERTY GROUP INC.</name>
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        <name>1stdibs.Com Inc</name>
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        <name>FIVE BELOW, INC.</name>
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        <name>Unicycive Therapeutics Inc</name>
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        <name>BAR HARBOR BANKSHARES</name>
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        <name>FUNKO, INC.</name>
        <lei>529900NG9F0KL5P6NK67</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>NATIONAL VISION HOLDINGS, INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CONSENSUS CLOUD SOLUTIONS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>RIGEL PHARMACEUTICALS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>ASBURY AUTOMOTIVE GROUP, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Praxis Precision Medicines Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>PARSONS CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>AvePoint Inc (Delaware)</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Backblaze Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>INSIGHT ENTERPRISES, INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>EGAIN CORPORATION</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ARCHROCK INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>RINGCENTRAL, INC.</name>
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        <name>THE MARCUS CORPORATION</name>
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        <name>CAREDX, INC.</name>
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        <name>BRIGHTSTAR LOTTERY PLC</name>
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        <name>MaxCyte Inc</name>
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        <name>COPT DEFENSE PROPERTIES</name>
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        <name>RIMINI STREET, INC.</name>
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        <name>S &amp; T BANCORP, INC.</name>
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        <name>HOME BANCSHARES, INC.</name>
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        <name>EZCORP, INC.</name>
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        <name>FUBOTV INC.</name>
        <lei>N/A</lei>
        <title>FUBOTV INC COM</title>
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        <name>EverQuote Inc</name>
        <lei>N/A</lei>
        <title>EVERQUOTE INC</title>
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        <name>Invivyd Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>FINANCE OF AMERICA COMPANIES INC.</name>
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        <name>PAPA JOHN'S INTERNATIONAL, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>LGI HOMES, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Oklo Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Essential Utilities, Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>OVID THERAPEUTICS INC.</name>
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        <name>WESTERN NEW ENGLAND BANCORP, INC.</name>
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        <name>INVESCO GOVERNMENT &amp; AGENCY PORTFOLIO</name>
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        <name>Waystar Holding Corp.</name>
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        <name>FIRST BANK</name>
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        <name>NORDIC AMERICAN TANKERS LIMITED</name>
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        <name>AI FINANCIAL CORPORATION</name>
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        <name>AMERICAN SUPERCONDUCTOR CORPORATION</name>
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        <fairValLevel>1</fairValLevel>
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        <name>WORLD ACCEPTANCE CORPORATION</name>
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        <name>GRANITE CONSTRUCTION INCORPORATED</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ASTRAZENECA PLC CVR</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
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        <name>Annexon Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Once Upon A Farm PBC</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>Nextdoor Holdings Inc</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>CVRx Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>CAESARS ENTERTAINMENT, INC.</name>
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        <name>Rapport Therapeutics Inc</name>
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        <name>Personalis Inc</name>
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        <name>Sanara Medtech Inc</name>
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        <name>INSPIRED ENTERTAINMENT, INC.</name>
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        <name>CENTURY ALUMINUM COMPANY</name>
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        <name>INVESCO MORTGAGE CAPITAL INC.</name>
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        <name>RXO, INC.</name>
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        <name>Pangaea Logistics Solutions Ltd</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>T1 ENERGY INC.</name>
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        <name>Humacyte Inc</name>
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        <name>MASTERBRAND, INC.</name>
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        <name>DXP ENTERPRISES, INC.</name>
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        <name>Vaxcyte Inc</name>
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        <name>Natural Grocers by Vitamin Cottage Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>WESTWOOD HOLDINGS GROUP, INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>FIRST INTERNET BANCORP</name>
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        <name>FORUM ENERGY TECHNOLOGIES, INC.</name>
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        <name>JOBY AVIATION, INC.</name>
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        <name>THE J. M. SMUCKER COMPANY</name>
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        <name>ARMSTRONG WORLD INDUSTRIES, INC.</name>
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        <name>First Tracks Biotherapeutics Inc</name>
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        <name>Archer Aviation Inc</name>
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        <name>LIFEWAY FOODS, INC.</name>
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        <name>HURON CONSULTING GROUP INC.</name>
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        <name>THE ANDERSONS, INC</name>
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        <name>Portillos Inc</name>
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        <title>PORTILLO S INC CL A</title>
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        <name>FARMERS NATIONAL BANC CORP.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>WW International, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>FACTSET RESEARCH SYSTEMS INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
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        <name>STEWART INFORMATION SERVICES CORPORATION</name>
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        <name>Jade Biosciences Inc</name>
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        <name>SENSATA TECHNOLOGIES HOLDING PLC</name>
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        <name>LOANDEPOT, INC.</name>
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        <name>CONCERT PHARM CVR</name>
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        <name>FIRST INTERSTATE BANCSYSTEM, INC.</name>
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        <name>Otter Tail Corporation</name>
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        <name>BANDWIDTH INC.</name>
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        <name>NU SKIN ENTERPRISES, INC.</name>
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        <name>REVOLVE GROUP, INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>BORGWARNER INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Clearpoint Neuro Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>GETTY REALTY CORP.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>NATIONAL FUEL GAS COMPANY</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>COVENANT LOGISTICS GROUP, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>CALIFORNIA WATER SERVICE GROUP</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Hyperfine Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>BIOMARIN PHARMACEUTICAL INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Amdocs Limited</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Expro Ltd</name>
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        <name>Nano Nuclear Energy Inc</name>
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        <name>WEYCO GROUP, INC.</name>
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        <name>MADISON SQUARE GARDEN SPORTS CORP.</name>
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        <name>ARCOSA, INC.</name>
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        <name>KORN FERRY</name>
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        <name>IRONWOOD PHARMACEUTICALS, INC.</name>
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        <name>UTAH MEDICAL PRODUCTS, INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>PENNYMAC MORTGAGE INVESTMENT TRUST</name>
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        <name>CRA INTERNATIONAL, INC.</name>
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        <name>BRIGHTHOUSE FINANCIAL, INC.</name>
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    <signature>
      <ncom:dateSigned>2026-08-31</ncom:dateSigned>
      <ncom:nameOfApplicant>Victory Portfolios III</ncom:nameOfApplicant>
      <ncom:signature>Carol D. Trevino</ncom:signature>
      <ncom:signerName>Carol D. Trevino</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
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  <documents>XXXX</documents>
</edgarSubmission>
