<SEC-DOCUMENT>0001752724-20-105599.txt : 20200527
<SEC-HEADER>0001752724-20-105599.hdr.sgml : 20200527
<ACCEPTANCE-DATETIME>20200527154201
ACCESSION NUMBER:		0001752724-20-105599
CONFORMED SUBMISSION TYPE:	NPORT-P
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20200331
FILED AS OF DATE:		20200527
PERIOD START:           	20201231

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ROYCE VALUE TRUST, INC.
		CENTRAL INDEX KEY:			0000804116
		IRS NUMBER:				133356097
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		NPORT-P
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04875
		FILM NUMBER:		20915111

	BUSINESS ADDRESS:	
		STREET 1:		745 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10151
		BUSINESS PHONE:		2123557311

	MAIL ADDRESS:	
		STREET 1:		745 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10151

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ROYCE VALUE TRUST INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>NPORT-P
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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      <regFileNumber>811-04875</regFileNumber>
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      <regCity>NEW YORK</regCity>
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      <regZipOrPostalCode>10151</regZipOrPostalCode>
      <regPhone>212-508-4500</regPhone>
      <seriesName>ROYCE VALUE TRUST, INC.</seriesName>
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      <repPdEnd>2020-12-31</repPdEnd>
      <repPdDate>2020-03-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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      <totLiabs>71049325.12</totLiabs>
      <netAssets>1119281964.48</netAssets>
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        <name>Assured Guaranty Ltd</name>
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        <fairValLevel>1</fairValLevel>
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        <name>GMS Inc</name>
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        <name>Clarkson PLC</name>
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      <invstOrSec>
        <name>Fox Factory Holding Corp</name>
        <lei>529900GE1HSV0617R721</lei>
        <title>Fox Factory Holding Corp</title>
        <cusip>35138V102</cusip>
        <identifiers>
          <isin value="US35138V1026"/>
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        <balance>3000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>126000.00000000</valUSD>
        <pctVal>0.011257217037</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>HarborOne Bancorp Inc</name>
        <lei>N/A</lei>
        <title>HarborOne Bancorp Inc</title>
        <cusip>41165Y100</cusip>
        <identifiers>
          <isin value="US41165Y1001"/>
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        <balance>63400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>477402.00000000</valUSD>
        <pctVal>0.042652523238</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>Ethan Allen Interiors Inc</name>
        <lei>N/A</lei>
        <title>Ethan Allen Interiors Inc</title>
        <cusip>297602104</cusip>
        <identifiers>
          <isin value="US2976021046"/>
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        <balance>157861.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1613339.42000000</valUSD>
        <pctVal>0.144140571473</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>Sleep Number Corp</name>
        <lei>529900W0TZQLBT2DSS66</lei>
        <title>Sleep Number Corp</title>
        <cusip>83125X103</cusip>
        <identifiers>
          <isin value="US83125X1037"/>
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        <balance>7826.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>149946.16000000</valUSD>
        <pctVal>0.013396638627</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>Mesa Laboratories Inc</name>
        <lei>549300ZCG738WLX8ZW79</lei>
        <title>Mesa Laboratories Inc</title>
        <cusip>59064R109</cusip>
        <identifiers>
          <isin value="US59064R1095"/>
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        <balance>38600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8727074.00000000</valUSD>
        <pctVal>0.779702905697</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>Inter Parfums Inc</name>
        <lei>N/A</lei>
        <title>Inter Parfums Inc</title>
        <cusip>458334109</cusip>
        <identifiers>
          <isin value="US4583341098"/>
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        <balance>71595.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3318428.25000000</valUSD>
        <pctVal>0.296478309783</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>Boston Private Financial Holdings Inc</name>
        <lei>9LC5YYBM83TLRL460X73</lei>
        <title>Boston Private Financial Holdings Inc</title>
        <cusip>101119105</cusip>
        <identifiers>
          <isin value="US1011191053"/>
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        <balance>40106.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>286757.90000000</valUSD>
        <pctVal>0.025619808868</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>Ichor Holdings Ltd</name>
        <lei>529900PS8R2JVLJ2H892</lei>
        <title>Ichor Holdings Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KYG4740B1059"/>
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        <balance>18053.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>345895.48000000</valUSD>
        <pctVal>0.030903337226</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Oaktree Acquisition Corp</name>
        <lei>N/A</lei>
        <title>Oaktree Acquisition Corp</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KYG671451212"/>
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        <balance>800000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8032000.00000000</valUSD>
        <pctVal>0.717602914626</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OSI Systems Inc</name>
        <lei>DDX3MPX1Y8YD30050X33</lei>
        <title>OSI Systems Inc</title>
        <cusip>671044105</cusip>
        <identifiers>
          <isin value="US6710441055"/>
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        <balance>1809.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>124676.28000000</valUSD>
        <pctVal>0.011138951931</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>Progress Software Corp</name>
        <lei>549300R65B3JG6972S24</lei>
        <title>Progress Software Corp</title>
        <cusip>743312100</cusip>
        <identifiers>
          <isin value="US7433121008"/>
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        <balance>9887.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>316384.00000000</valUSD>
        <pctVal>0.028266693294</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>FirstService Corp</name>
        <lei>5493000XUDIV75BCF118</lei>
        <title>FirstService Corp</title>
        <cusip>33767E202</cusip>
        <identifiers>
          <isin value="CA33767E2024"/>
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        <balance>190950.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14726064.00000000</valUSD>
        <pctVal>1.315670623428</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Upland Software Inc</name>
        <lei>549300NS277POYJ63W89</lei>
        <title>Upland Software Inc</title>
        <cusip>91544A109</cusip>
        <identifiers>
          <isin value="US91544A1097"/>
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        <balance>376700.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10103094.00000000</valUSD>
        <pctVal>0.902640650043</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>Universal Insurance Holdings Inc</name>
        <lei>529900GGAZ6WVUCWQM46</lei>
        <title>Universal Insurance Holdings Inc</title>
        <cusip>91359V107</cusip>
        <identifiers>
          <isin value="US91359V1070"/>
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        <balance>39741.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>712158.72000000</valUSD>
        <pctVal>0.063626391079</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>OneWater Marine Inc</name>
        <lei>N/A</lei>
        <title>OneWater Marine Inc</title>
        <cusip>68280L101</cusip>
        <identifiers>
          <isin value="US68280L1017"/>
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        <balance>198800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1520820.00000000</valUSD>
        <pctVal>0.135874609639</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>ManpowerGroup Inc</name>
        <lei>ERO1WSFOSR0JJ6CRQ987</lei>
        <title>ManpowerGroup Inc</title>
        <cusip>56418H100</cusip>
        <identifiers>
          <isin value="US56418H1005"/>
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        <balance>15842.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>839467.58000000</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>
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      <invstOrSec>
        <name>Industrias Bachoco SAB de CV</name>
        <lei>N/A</lei>
        <title>Industrias Bachoco SAB de CV</title>
        <cusip>456463108</cusip>
        <identifiers>
          <isin value="US4564631087"/>
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        <balance>8440.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>286960.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Fabrinet</name>
        <lei>5493004TETZ6IYF7CV44</lei>
        <title>Fabrinet</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KYG3323L1005"/>
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        <balance>193098.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10535426.88000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TMX Group Ltd</name>
        <lei>549300N65GFVKSHGJW59</lei>
        <title>TMX Group Ltd</title>
        <cusip>000000000</cusip>
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          <isin value="CA87262K1057"/>
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        <balance>76000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.40730000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>World Fuel Services Corp</name>
        <lei>D3W7PCXCBRQLL17DZ313</lei>
        <title>World Fuel Services Corp</title>
        <cusip>981475106</cusip>
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          <isin value="US9814751064"/>
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        <balance>224227.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5646035.86000000</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>
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      <invstOrSec>
        <name>Fauquier Bankshares Inc</name>
        <lei>549300JHIFSXWWFIXB60</lei>
        <title>Fauquier Bankshares Inc</title>
        <cusip>312059108</cusip>
        <identifiers>
          <isin value="US3120591082"/>
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        <balance>160800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2170800.00000000</valUSD>
        <pctVal>0.193945767812</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Rambus Inc</name>
        <lei>2549000211GDCQSLV833</lei>
        <title>Rambus Inc</title>
        <cusip>750917106</cusip>
        <identifiers>
          <isin value="US7509171069"/>
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        <balance>72954.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>809789.40000000</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>
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      <invstOrSec>
        <name>First BanCorp/Puerto Rico</name>
        <lei>N/A</lei>
        <title>First BanCorp/Puerto Rico</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="PR3186727065"/>
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        <balance>100652.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>535468.64000000</valUSD>
        <pctVal>0.047840370611</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Gannett Co Inc</name>
        <lei>549300JQ2PU0RI3ZBA32</lei>
        <title>Gannett Co Inc</title>
        <cusip>36472T109</cusip>
        <identifiers>
          <isin value="US36472T1097"/>
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        <balance>188435.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>278883.80000000</valUSD>
        <pctVal>0.024916313212</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>Forum Energy Technologies Inc</name>
        <lei>549300SF93HLCR1REE27</lei>
        <title>Forum Energy Technologies Inc</title>
        <cusip>34984V100</cusip>
        <identifiers>
          <isin value="US34984V1008"/>
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        <balance>249431.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>44224.12000000</valUSD>
        <pctVal>0.003951115215</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Hawkins Inc</name>
        <lei>549300VL3IJ23OWX1Y34</lei>
        <title>Hawkins Inc</title>
        <cusip>420261109</cusip>
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          <isin value="US4202611095"/>
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        <balance>87082.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3100119.20000000</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Lazard Ltd</name>
        <lei>254900RIBCDJSUFG1A11</lei>
        <title>Lazard Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BMG540501027"/>
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        <balance>122075.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2876087.00000000</valUSD>
        <pctVal>0.256958218864</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CIT Group Inc</name>
        <lei>N8O96ZZJQRFYQUJY7K79</lei>
        <title>CIT Group Inc</title>
        <cusip>125581801</cusip>
        <identifiers>
          <isin value="US1255818015"/>
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        <balance>22000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>379720.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Bandwidth Inc</name>
        <lei>549300QC70JB7MUGXM66</lei>
        <title>Bandwidth Inc</title>
        <cusip>05988J103</cusip>
        <identifiers>
          <isin value="US05988J1034"/>
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        <balance>144800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9743592.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Moelis &amp; Co</name>
        <lei>549300891QNU7VTQUR83</lei>
        <title>Moelis &amp; Co</title>
        <cusip>60786M105</cusip>
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          <isin value="US60786M1053"/>
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        <balance>16000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>449600.00000000</valUSD>
        <pctVal>0.040168609364</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>MVC Capital Inc</name>
        <lei>5493003AXRTRR491J673</lei>
        <title>MVC Capital Inc</title>
        <cusip>553829102</cusip>
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          <isin value="US5538291023"/>
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        <balance>195688.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>855156.56000000</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>FERROGLOBE REP + WRNTY INS TRU NON TRANSFERABLE BENE INT UNIT</name>
        <lei>N/A</lei>
        <title>FERROGLOBE REP + WRNTY INS TRU NON TRANSFERABLE BENE INT UNIT</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="962CDS906"/>
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        <balance>49300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Webster Financial Corp</name>
        <lei>KMRURHT0VWKYS6Z5KU67</lei>
        <title>Webster Financial Corp</title>
        <cusip>947890109</cusip>
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          <isin value="US9478901096"/>
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        <balance>193500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4431150.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Tootsie Roll Industries Inc</name>
        <lei>529900SBKOV9XX4M4Q35</lei>
        <title>Tootsie Roll Industries Inc</title>
        <cusip>890516107</cusip>
        <identifiers>
          <isin value="US8905161076"/>
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        <balance>180406.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6487399.76000000</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>Powell Industries Inc</name>
        <lei>549300V08RO7MX2UBN26</lei>
        <title>Powell Industries Inc</title>
        <cusip>739128106</cusip>
        <identifiers>
          <isin value="US7391281067"/>
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        <balance>98202.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2520845.34000000</valUSD>
        <pctVal>0.225219865949</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>Cogent Communications Holdings Inc</name>
        <lei>N/A</lei>
        <title>Cogent Communications Holdings Inc</title>
        <cusip>19239V302</cusip>
        <identifiers>
          <isin value="US19239V3024"/>
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        <balance>19529.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1600792.13000000</valUSD>
        <pctVal>0.143019559038</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>Geopark Ltd</name>
        <lei>529900ZR5QI19AH4KZ07</lei>
        <title>Geopark Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BMG383271050"/>
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        <balance>53412.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>377622.84000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Global Eagle Entertainment Inc</name>
        <lei>5493000LLKPEGV8XVG26</lei>
        <title>Global Eagle Entertainment Inc</title>
        <cusip>37951D102</cusip>
        <identifiers>
          <isin value="US37951D1028"/>
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        <balance>110000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>17347.00000000</valUSD>
        <pctVal>0.001549832888</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>La-Z-Boy Inc</name>
        <lei>549300WNO1WMN9ZG2519</lei>
        <title>La-Z-Boy Inc</title>
        <cusip>505336107</cusip>
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          <isin value="US5053361078"/>
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        <balance>20009.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>411184.95000000</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>
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      <invstOrSec>
        <name>Gentex Corp</name>
        <lei>549300S3UD8XV1MN0287</lei>
        <title>Gentex Corp</title>
        <cusip>371901109</cusip>
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          <isin value="US3719011096"/>
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        <balance>98110.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2174117.60000000</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>
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      <invstOrSec>
        <name>Hibbett Sports Inc</name>
        <lei>529900RD6P643J1CZM55</lei>
        <title>Hibbett Sports Inc</title>
        <cusip>428567101</cusip>
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          <isin value="US4285671016"/>
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        <balance>8588.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Etsy Inc</name>
        <lei>54930089Q7XT501AEA40</lei>
        <title>Etsy Inc</title>
        <cusip>29786A106</cusip>
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          <isin value="US29786A1060"/>
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        <balance>139300.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5354692.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Jupiter Fund Management PLC</name>
        <lei>5493003DJ1G01IMQ7S28</lei>
        <title>Jupiter Fund Management PLC</title>
        <cusip>000000000</cusip>
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          <isin value="GB00B53P2009"/>
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        <balance>230000.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Echo Global Logistics Inc</name>
        <lei>N/A</lei>
        <title>Echo Global Logistics Inc</title>
        <cusip>27875T101</cusip>
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        <balance>43457.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Brooks Automation Inc</name>
        <lei>35ZN6X1ANPH25YN32Y17</lei>
        <title>Brooks Automation Inc</title>
        <cusip>114340102</cusip>
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          <isin value="US1143401024"/>
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        <curCd>USD</curCd>
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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>Universal Forest Products Inc</name>
        <lei>5493007KB485C9OV5572</lei>
        <title>Universal Forest Products Inc</title>
        <cusip>913543104</cusip>
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        <balance>11284.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Forrester Research Inc</name>
        <lei>549300UUSFXYLJ80Z897</lei>
        <title>Forrester Research Inc</title>
        <cusip>346563109</cusip>
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          <isin value="US3465631097"/>
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        <balance>68329.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Dime Community Bancshares Inc</name>
        <lei>N/A</lei>
        <title>Dime Community Bancshares Inc</title>
        <cusip>253922108</cusip>
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        <balance>2577.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>35330.67000000</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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Ambac Financial Group Inc</name>
        <lei>5493000UC0RBBNDHI717</lei>
        <title>Ambac Financial Group Inc</title>
        <cusip>023139884</cusip>
        <identifiers>
          <isin value="US0231398845"/>
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        <balance>14515.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>179115.10000000</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>IAMGOLD Corp</name>
        <lei>254900E7II30XAB9LA72</lei>
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          <isin value="CA4509131088"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Infrastructure and Energy Alternatives Inc</name>
        <lei>549300CZ3FQ7JWXZHD54</lei>
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          <isin value="US45686J1126"/>
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        <balance>625000.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="WAR">
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              <counterpartyName>N/A</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
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                <issuerName>Infrastructure and Energy Alternatives Inc</issuerName>
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      <invstOrSec>
        <name>Haverty Furniture Cos Inc</name>
        <lei>529900CVFMMIRXZVPD70</lei>
        <title>Haverty Furniture Cos Inc</title>
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          <isin value="US4195961010"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Gray Television Inc</name>
        <lei>529900TM5726KDN7UU35</lei>
        <title>Gray Television Inc</title>
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          <isin value="US3893751061"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ManTech International Corp/VA</name>
        <lei>5299007N03CAU4SWNR02</lei>
        <title>ManTech International Corp/VA</title>
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          <isin value="US5645631046"/>
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        <balance>2837.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CompX International Inc</name>
        <lei>N/A</lei>
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          <isin value="US20563P1012"/>
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        <balance>211100.00000000</balance>
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        <curCd>USD</curCd>
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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>Ashmore Group PLC</name>
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        <title>Ashmore Group PLC</title>
        <cusip>000000000</cusip>
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          <isin value="GB00B132NW22"/>
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        <balance>548400.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Shutterstock Inc</name>
        <lei>529900G2TDIS56V0LO22</lei>
        <title>Shutterstock Inc</title>
        <cusip>825690100</cusip>
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          <isin value="US8256901005"/>
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        <balance>26034.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>American Woodmark Corp</name>
        <lei>N/A</lei>
        <title>American Woodmark Corp</title>
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          <isin value="US0305061097"/>
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        <balance>6364.00000000</balance>
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        <curCd>USD</curCd>
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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>Nexstar Media Group Inc</name>
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        <title>Nexstar Media Group Inc</title>
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          <isin value="US65336K1034"/>
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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>St Joe Co/The</name>
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        <title>St Joe Co/The</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>Erie Indemnity Co</name>
        <lei>549300WA5KP94KRUFZ80</lei>
        <title>Erie Indemnity Co</title>
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        <curCd>USD</curCd>
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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>UniFirst Corp/MA</name>
        <lei>5493003XBTNWBC8UK019</lei>
        <title>UniFirst Corp/MA</title>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Helios Technologies Inc</name>
        <lei>5493000BCJSMIDRNTI78</lei>
        <title>Helios Technologies Inc</title>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>PAR Technology Corp</name>
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        <title>PAR Technology Corp</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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        <name>Dorman Products Inc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Advanced Energy Industries Inc</name>
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        <name>Alimera Sciences Inc</name>
        <lei>5299005C650OO6FJ1R63</lei>
        <title>Alimera Sciences Inc</title>
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        <name>Central Garden &amp; Pet Co</name>
        <lei>5493004DVZLD37DJ0H83</lei>
        <title>Central Garden &amp; Pet Co</title>
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        <name>Eagle Pharmaceuticals Inc/DE</name>
        <lei>549300TN20OLYTJVP152</lei>
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        <name>Computer Modelling Group Ltd</name>
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        <invCountry>CA</invCountry>
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        <name>Flagstar Bancorp Inc</name>
        <lei>549300Q22V2Y3J4R2715</lei>
        <title>Flagstar Bancorp Inc</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Enova International Inc</name>
        <lei>549300O8XOCQSB49UO63</lei>
        <title>Enova International Inc</title>
        <cusip>29357K103</cusip>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>ProAssurance Corp</name>
        <lei>54930015E5J57R675E89</lei>
        <title>ProAssurance Corp</title>
        <cusip>74267C106</cusip>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Enanta Pharmaceuticals Inc</name>
        <lei>529900SSN4DODDQSN594</lei>
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          <isin value="US29251M1062"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Insteel Industries Inc</name>
        <lei>52990026LKY4MOX3L174</lei>
        <title>Insteel Industries Inc</title>
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        <balance>1751.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>UFP Technologies Inc</name>
        <lei>549300RJ8LY41HS70C91</lei>
        <title>UFP Technologies Inc</title>
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          <isin value="US9026731029"/>
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        <balance>2860.00000000</balance>
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        <curCd>USD</curCd>
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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>Major Drilling Group International Inc</name>
        <lei>549300O1MNHCX2FUBC21</lei>
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        <cusip>000000000</cusip>
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          <isin value="CA5609091031"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Heidrick &amp; Struggles International Inc</name>
        <lei>5493006284N2J367VB57</lei>
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          <isin value="US4228191023"/>
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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>Silicon Motion Technology Corp</name>
        <lei>5299005RBVBZQJTYFC89</lei>
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        <assetCat>EC</assetCat>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Lattice Semiconductor Corp</name>
        <lei>549300LRBBPZDQ2II567</lei>
        <title>Lattice Semiconductor Corp</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>Descartes Systems Group Inc/The</name>
        <lei>875500NEPA7JI5EOMN45</lei>
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          <isin value="CA2499061083"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PICO Holdings Inc</name>
        <lei>N/A</lei>
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          <isin value="US6933662057"/>
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        <balance>406960.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Abercrombie &amp; Fitch Co</name>
        <lei>5493000J7LL72TOGT983</lei>
        <title>Abercrombie &amp; Fitch Co</title>
        <cusip>002896207</cusip>
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          <isin value="US0028962076"/>
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        <balance>14159.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <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>WD-40 Co</name>
        <lei>549300UZHTN0CNKBOB19</lei>
        <title>WD-40 Co</title>
        <cusip>929236107</cusip>
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        <payoffProfile>Long</payoffProfile>
        <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>Regis Corp</name>
        <lei>5493000Q1S5TJIDIQH89</lei>
        <title>Regis Corp</title>
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        <balance>16220.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Burnham Holdings Inc</name>
        <lei>549300VHOKZIOWQUFV59</lei>
        <title>Burnham Holdings Inc</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Asbury Automotive Group Inc</name>
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        <title>Asbury Automotive Group Inc</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Tejon Ranch Co</name>
        <lei>549300TMNDO77VJ6J111</lei>
        <title>Tejon Ranch Co</title>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Carlisle Cos Inc</name>
        <lei>XR64VGX1ZPX6G7ZN7Z11</lei>
        <title>Carlisle Cos Inc</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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        <name>PGT Innovations Inc</name>
        <lei>549300LRW9WM59C1S579</lei>
        <title>PGT Innovations Inc</title>
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        <name>Shoe Carnival Inc</name>
        <lei>N/A</lei>
        <title>Shoe Carnival Inc</title>
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        <name>Entegris Inc</name>
        <lei>IYX6OWO7BT5DKO3BYG52</lei>
        <title>Entegris Inc</title>
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        <name>US Physical Therapy Inc</name>
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        <title>US Physical Therapy Inc</title>
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        <name>Lincoln Electric Holdings Inc</name>
        <lei>BIMGBY40SIN95O01BN93</lei>
        <title>Lincoln Electric Holdings Inc</title>
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        <name>Jones Lang LaSalle Inc</name>
        <lei>6SYKCME112RT8TQUO411</lei>
        <title>Jones Lang LaSalle 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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        <name>Steven Madden Ltd</name>
        <lei>549300Z9GZ7GYJWSGF43</lei>
        <title>Steven Madden Ltd</title>
        <cusip>556269108</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Worthington Industries Inc</name>
        <lei>1WRCIANKYOIK6KYE5E82</lei>
        <title>Worthington Industries Inc</title>
        <cusip>981811102</cusip>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Cooper-Standard Holdings Inc</name>
        <lei>549300VVOH2RQP5YMB08</lei>
        <title>Cooper-Standard Holdings Inc</title>
        <cusip>21676P103</cusip>
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          <isin value="US21676P1030"/>
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        <balance>892.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9160.84000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>HealthStream Inc</name>
        <lei>529900OJ88H8635JNH64</lei>
        <title>HealthStream Inc</title>
        <cusip>42222N103</cusip>
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          <isin value="US42222N1037"/>
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        <balance>7060.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>169087.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ADTRAN Inc</name>
        <lei>549300XWTHXJVGKWU616</lei>
        <title>ADTRAN Inc</title>
        <cusip>00738A106</cusip>
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          <isin value="US00738A1060"/>
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        <balance>214973.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1650992.64000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Stella-Jones Inc</name>
        <lei>5493007LOVNNLYJ6KZ35</lei>
        <title>Stella-Jones Inc</title>
        <cusip>000000000</cusip>
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          <isin value="CA85853F1053"/>
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        <balance>221758.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.40730000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Arcosa Inc</name>
        <lei>549300WFHLTCZV7D6V29</lei>
        <title>Arcosa Inc</title>
        <cusip>039653100</cusip>
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          <isin value="US0396531008"/>
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        <balance>111360.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4425446.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Rogers Corp</name>
        <lei>PW0CN80KNFR7RUOOKJ84</lei>
        <title>Rogers Corp</title>
        <cusip>775133101</cusip>
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          <isin value="US7751331015"/>
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        <balance>27400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2587108.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Kimball International Inc</name>
        <lei>549300RYF7HKL9SKYG25</lei>
        <title>Kimball International Inc</title>
        <cusip>494274103</cusip>
        <identifiers>
          <isin value="US4942741038"/>
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        <balance>252050.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3001915.50000000</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>
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      <invstOrSec>
        <name>Materion Corp</name>
        <lei>549300CJ5RI351SUYT02</lei>
        <title>Materion Corp</title>
        <cusip>576690101</cusip>
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          <isin value="US5766901012"/>
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        <balance>3794.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>132827.94000000</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>
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      <invstOrSec>
        <name>Westwood Holdings Group Inc</name>
        <lei>N/A</lei>
        <title>Westwood Holdings Group Inc</title>
        <cusip>961765104</cusip>
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          <isin value="US9617651040"/>
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        <balance>38850.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>711343.50000000</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>
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      <invstOrSec>
        <name>TTM Technologies Inc</name>
        <lei>549300SC4BDOIS008048</lei>
        <title>TTM Technologies Inc</title>
        <cusip>87305R109</cusip>
        <identifiers>
          <isin value="US87305R1095"/>
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        <balance>577697.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5973386.98000000</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>
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      <invstOrSec>
        <name>Houlihan Lokey Inc</name>
        <lei>549300S3CNGTQ1QZVY46</lei>
        <title>Houlihan Lokey Inc</title>
        <cusip>441593100</cusip>
        <identifiers>
          <isin value="US4415931009"/>
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        <balance>59120.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3081334.40000000</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>
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      <invstOrSec>
        <name>Vectrus Inc</name>
        <lei>N/A</lei>
        <title>Vectrus Inc</title>
        <cusip>92242T101</cusip>
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          <isin value="US92242T1016"/>
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        <balance>3950.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>163569.50000000</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>Resources Connection Inc</name>
        <lei>N/A</lei>
        <title>Resources Connection Inc</title>
        <cusip>76122Q105</cusip>
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          <isin value="US76122Q1058"/>
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        <balance>10695.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>117324.15000000</valUSD>
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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>KBR Inc</name>
        <lei>254900OFQDXZRKRCV808</lei>
        <title>KBR Inc</title>
        <cusip>48242W106</cusip>
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          <isin value="US48242W1062"/>
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        <balance>647400.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>13388232.00000000</valUSD>
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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>Franklin Financial Network Inc</name>
        <lei>N/A</lei>
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        <cusip>35352P104</cusip>
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          <isin value="US35352P1049"/>
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        <balance>1256.00000000</balance>
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        <curCd>USD</curCd>
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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>Support.com Inc</name>
        <lei>N/A</lei>
        <title>Support.com Inc</title>
        <cusip>86858W200</cusip>
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          <isin value="US86858W2008"/>
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        <curCd>USD</curCd>
        <valUSD>236274.94000000</valUSD>
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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>SharpSpring Inc</name>
        <lei>549300WOKT72TW5JRQ41</lei>
        <title>SharpSpring Inc</title>
        <cusip>820054104</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Morneau Shepell Inc</name>
        <lei>N/A</lei>
        <title>Morneau Shepell Inc</title>
        <cusip>61767W104</cusip>
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        <invCountry>CA</invCountry>
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      <invstOrSec>
        <name>First Citizens BancShares Inc/NC</name>
        <lei>549300N3Z00ZHE2XC526</lei>
        <title>First Citizens BancShares Inc/NC</title>
        <cusip>31946M103</cusip>
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          <isin value="US31946M1036"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Myers Industries Inc</name>
        <lei>549300I2H9XMVTCW4Q51</lei>
        <title>Myers Industries Inc</title>
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        <assetCat>EC</assetCat>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Farmers &amp; Merchants Bank of Long Beach/Long Beach CA</name>
        <lei>25490049RRVB8S6CG210</lei>
        <title>Farmers &amp; Merchants Bank of Long Beach/Long Beach CA</title>
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          <isin value="US3082431046"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Heritage-Crystal Clean Inc</name>
        <lei>N/A</lei>
        <title>Heritage-Crystal Clean Inc</title>
        <cusip>42726M106</cusip>
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        <balance>100106.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Raven Industries Inc</name>
        <lei>ZN4TZXB8X0VUOSZJ5442</lei>
        <title>Raven Industries Inc</title>
        <cusip>754212108</cusip>
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          <isin value="US7542121089"/>
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        <balance>309525.00000000</balance>
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        <curCd>USD</curCd>
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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>j2 Global Inc</name>
        <lei>5493008OJYGLHD7MXA18</lei>
        <title>j2 Global Inc</title>
        <cusip>48123V102</cusip>
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          <isin value="US48123V1026"/>
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        <balance>25535.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1911294.75000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Reliance Steel &amp; Aluminum Co</name>
        <lei>549300E287ZOFT3C5Z56</lei>
        <title>Reliance Steel &amp; Aluminum Co</title>
        <cusip>759509102</cusip>
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          <isin value="US7595091023"/>
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        <balance>135000.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Vestin Realty Mortgage II Inc</name>
        <lei>N/A</lei>
        <title>Vestin Realty Mortgage II Inc</title>
        <cusip>92549X409</cusip>
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          <isin value="US92549X4097"/>
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        <balance>34.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>ESCROW NEW YORK REIT</name>
        <lei>N/A</lei>
        <title>ESCROW NEW YORK REIT</title>
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          <other otherDesc="CUSIP" value="64ESC1997"/>
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        <balance>15000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>192000.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Infrastructure and Energy Alternatives Inc</name>
        <lei>549300CZ3FQ7JWXZHD54</lei>
        <title>Infrastructure and Energy Alternatives Inc</title>
        <cusip>45686J104</cusip>
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          <isin value="US45686J1043"/>
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        <balance>600000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <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>AMAG Pharmaceuticals Inc</name>
        <lei>549300HCK1560YVVY867</lei>
        <title>AMAG Pharmaceuticals Inc</title>
        <cusip>00163U106</cusip>
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          <isin value="US00163U1060"/>
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        <balance>16936.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HEICO Corp</name>
        <lei>529900O1DTDLCJ7L0I14</lei>
        <title>HEICO Corp</title>
        <cusip>422806208</cusip>
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          <isin value="US4228062083"/>
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        <balance>88726.00000000</balance>
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        <curCd>USD</curCd>
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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>PetMed Express Inc</name>
        <lei>529900PGHW5ASJ1AZL48</lei>
        <title>PetMed Express Inc</title>
        <cusip>716382106</cusip>
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          <isin value="US7163821066"/>
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        <balance>16879.00000000</balance>
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        <curCd>USD</curCd>
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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>Schweitzer-Mauduit International Inc</name>
        <lei>549300Z1FU4IDULG1R21</lei>
        <title>Schweitzer-Mauduit International Inc</title>
        <cusip>808541106</cusip>
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          <isin value="US8085411069"/>
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        <balance>31647.00000000</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>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Watts Water Technologies Inc</name>
        <lei>549300REJOO94ERQN318</lei>
        <title>Watts Water Technologies Inc</title>
        <cusip>942749102</cusip>
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          <isin value="US9427491025"/>
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        <balance>61000.00000000</balance>
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        <curCd>USD</curCd>
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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>Anika Therapeutics Inc</name>
        <lei>529900R9LS3Z0O6QH455</lei>
        <title>Anika Therapeutics Inc</title>
        <cusip>035255108</cusip>
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          <isin value="US0352551081"/>
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        <balance>13046.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SVMK Inc</name>
        <lei>N/A</lei>
        <title>SVMK Inc</title>
        <cusip>78489X103</cusip>
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          <isin value="US78489X1037"/>
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        <balance>514600.00000000</balance>
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        <curCd>USD</curCd>
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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>Artisan Partners Asset Management Inc</name>
        <lei>549300T1FUI6JF63XU51</lei>
        <title>Artisan Partners Asset Management Inc</title>
        <cusip>04316A108</cusip>
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          <isin value="US04316A1088"/>
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        <balance>124920.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <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>Canada Goose Holdings Inc</name>
        <lei>529900891XBE6RV8JR07</lei>
        <title>Canada Goose Holdings Inc</title>
        <cusip>135086106</cusip>
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          <isin value="CA1350861060"/>
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        <balance>111200.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Minerals Technologies Inc</name>
        <lei>549300D3I1QU67GP6403</lei>
        <title>Minerals Technologies Inc</title>
        <cusip>603158106</cusip>
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          <isin value="US6031581068"/>
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        <balance>204702.00000000</balance>
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        <curCd>USD</curCd>
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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>American Equity Investment Life Holding Co</name>
        <lei>549300RK5RZQ740FPL83</lei>
        <title>American Equity Investment Life Holding Co</title>
        <cusip>025676206</cusip>
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        <balance>12120.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Sangamo Therapeutics Inc</name>
        <lei>2549006WMRKRC4G32Z67</lei>
        <title>Sangamo Therapeutics Inc</title>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Computer Services Inc</name>
        <lei>N/A</lei>
        <title>Computer Services Inc</title>
        <cusip>20539A105</cusip>
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        <assetCat>EC</assetCat>
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        <fairValLevel>2</fairValLevel>
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        <name>Onto Innovation Inc</name>
        <lei>549300V1USTYXJ7TNR79</lei>
        <title>Onto Innovation Inc</title>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>Ensign Group Inc/The</name>
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        <title>Ensign Group Inc/The</title>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>Chase Corp</name>
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        <title>Chase Corp</title>
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      <invstOrSec>
        <name>Oil States International Inc</name>
        <lei>5493004TF4KQJGMYL777</lei>
        <title>Oil States International Inc</title>
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        <assetCat>EC</assetCat>
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        <name>Virtu Financial Inc</name>
        <lei>5493001OPW2K42CH3884</lei>
        <title>Virtu Financial Inc</title>
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      <invstOrSec>
        <name>Woodward Inc</name>
        <lei>YPYKXXTR8TFDH54ZMB45</lei>
        <title>Woodward Inc</title>
        <cusip>980745103</cusip>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>EVERTEC Inc</name>
        <lei>N/A</lei>
        <title>EVERTEC Inc</title>
        <cusip>000000000</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>PR</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Vanda Pharmaceuticals Inc</name>
        <lei>529900AY8VOOQBKJ0O70</lei>
        <title>Vanda Pharmaceuticals Inc</title>
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      <invstOrSec>
        <name>First Financial Bancorp</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Lindblad Expeditions Holdings Inc</name>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Morningstar Inc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Cia Cervecerias Unidas SA</name>
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        <assetCat>EC</assetCat>
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        <invCountry>CL</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SunCoke Energy Inc</name>
        <lei>1KF1J2NXQE2PI0QOB943</lei>
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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>Supernus Pharmaceuticals Inc</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HEICO Corp</name>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>UGI Corp</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Trex Co Inc</name>
        <lei>N/A</lei>
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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>Alamos Gold Inc</name>
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        <title>Alamos Gold Inc</title>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ECN Capital Corp</name>
        <lei>549300E2G773NN59KY61</lei>
        <title>ECN Capital Corp</title>
        <cusip>000000000</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Tetra Tech Inc</name>
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        <title>Tetra Tech Inc</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Comfort Systems USA Inc</name>
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        <name>SMART Global Holdings Inc</name>
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        <name>Sturm Ruger &amp; Co Inc</name>
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        <name>VanEck Vectors Junior Gold Miners ETF</name>
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        <assetCat>EC</assetCat>
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        <name>Rothschild &amp; Co</name>
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        <name>Colliers International Group Inc</name>
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        <name>Bio-Techne Corp</name>
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        <name>BellRing Brands Inc</name>
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        <name>Cabot Microelectronics Corp</name>
        <lei>31F6V1MN00ZW3XWB4J69</lei>
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        <name>Cohu Inc</name>
        <lei>529900FJPORJ3JJ2XS33</lei>
        <title>Cohu Inc</title>
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        <name>Ducommun Inc</name>
        <lei>549300Z71HMWF90S2214</lei>
        <title>Ducommun Inc</title>
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        <name>Coherus Biosciences Inc</name>
        <lei>5493007IL8W5MV932D26</lei>
        <title>Coherus Biosciences Inc</title>
        <cusip>19249H103</cusip>
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        <payoffProfile>Long</payoffProfile>
        <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>Miller Industries Inc/TN</name>
        <lei>549300F1O74SPUJ7UU94</lei>
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        <cusip>600551204</cusip>
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          <isin value="US6005512040"/>
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        <balance>11250.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Zumiez Inc</name>
        <lei>549300J0PDF58P6HZD25</lei>
        <title>Zumiez Inc</title>
        <cusip>989817101</cusip>
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          <isin value="US9898171015"/>
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        <balance>10324.00000000</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>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Mueller Industries Inc</name>
        <lei>5493005IZFE4VJLLYG84</lei>
        <title>Mueller Industries Inc</title>
        <cusip>624756102</cusip>
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          <isin value="US6247561029"/>
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        <balance>45069.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NMI Holdings Inc</name>
        <lei>529900KNNGFXJX1C3Z08</lei>
        <title>NMI Holdings Inc</title>
        <cusip>629209305</cusip>
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          <isin value="US6292093050"/>
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        <balance>100441.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Wabash National Corp</name>
        <lei>5299004ZAWHQZI5XO485</lei>
        <title>Wabash National Corp</title>
        <cusip>929566107</cusip>
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          <isin value="US9295661071"/>
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        <balance>69274.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Meritor Inc</name>
        <lei>5LTG829X630QFHTFBO82</lei>
        <title>Meritor Inc</title>
        <cusip>59001K100</cusip>
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          <isin value="US59001K1007"/>
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        <balance>28460.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>EMCOR Group Inc</name>
        <lei>529900X0SQJB2J7YDU43</lei>
        <title>EMCOR Group Inc</title>
        <cusip>29084Q100</cusip>
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          <isin value="US29084Q1004"/>
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        <balance>12200.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>US Ecology Inc</name>
        <lei>N/A</lei>
        <title>US Ecology Inc</title>
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          <isin value="US91734M1036"/>
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        <balance>4915.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Titan International Inc</name>
        <lei>54930043H7SFLNS88586</lei>
        <title>Titan International Inc</title>
        <cusip>88830M102</cusip>
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          <isin value="US88830M1027"/>
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        <balance>173100.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Buckle Inc/The</name>
        <lei>5299007IU0461T3GDL34</lei>
        <title>Buckle Inc/The</title>
        <cusip>118440106</cusip>
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          <isin value="US1184401065"/>
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        <balance>64437.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MarketAxess Holdings Inc</name>
        <lei>5493002U1CA1XJOVID83</lei>
        <title>MarketAxess Holdings Inc</title>
        <cusip>57060D108</cusip>
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          <isin value="US57060D1081"/>
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        <balance>31900.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Park Aerospace Corp</name>
        <lei>5299004AG0G7IB636095</lei>
        <title>Park Aerospace Corp</title>
        <cusip>70014A104</cusip>
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          <isin value="US70014A1043"/>
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        <balance>13847.00000000</balance>
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        <curCd>USD</curCd>
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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>Vishay Intertechnology Inc</name>
        <lei>5493009O8F3QQJTCQR75</lei>
        <title>Vishay Intertechnology 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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        <name>Oaktree Strategic Income Corp</name>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Garrett Motion Inc</name>
        <lei>549300LS5WT7EMBNV724</lei>
        <title>Garrett Motion Inc</title>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Seneca Foods Corp</name>
        <lei>N/A</lei>
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        <name>Helmerich &amp; Payne Inc</name>
        <lei>254900NAOGHJ88RZ4C73</lei>
        <title>Helmerich &amp; Payne Inc</title>
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        <assetCat>EC</assetCat>
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        <name>Simulations Plus Inc</name>
        <lei>N/A</lei>
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        <assetCat>EC</assetCat>
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        <name>SiteOne Landscape Supply Inc</name>
        <lei>5299008LX7SBD4HIAU03</lei>
        <title>SiteOne Landscape Supply Inc</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Diamond Offshore Drilling Inc</name>
        <lei>F14FQJ2EEHW5VPYUHL14</lei>
        <title>Diamond Offshore Drilling Inc</title>
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        <assetCat>EC</assetCat>
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        <name>Monro Inc</name>
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        <title>Monro Inc</title>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>Vishay Precision Group Inc</name>
        <lei>N/A</lei>
        <title>Vishay Precision Group Inc</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Territorial Bancorp Inc</name>
        <lei>5493003VDUGN5KBPTN24</lei>
        <title>Territorial Bancorp Inc</title>
        <cusip>88145X108</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Dorchester Minerals LP</name>
        <lei>529900J537JTEZOMXG05</lei>
        <title>Dorchester Minerals LP</title>
        <cusip>25820R105</cusip>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FRP Holdings Inc</name>
        <lei>N/A</lei>
        <title>FRP Holdings Inc</title>
        <cusip>30292L107</cusip>
        <identifiers>
          <isin value="US30292L1070"/>
        </identifiers>
        <balance>153158.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6585794.00000000</valUSD>
        <pctVal>0.588394543019</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>SpartanNash Co</name>
        <lei>549300TV3QCCSQLF5X16</lei>
        <title>SpartanNash Co</title>
        <cusip>847215100</cusip>
        <identifiers>
          <isin value="US8472151005"/>
        </identifiers>
        <balance>20838.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>298400.16000000</valUSD>
        <pctVal>0.026659963214</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>Imerys SA</name>
        <lei>54930075MZSSIB2TGC64</lei>
        <title>Imerys SA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="FR0000120859"/>
        </identifiers>
        <balance>90000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.90670100"/>
        <valUSD>2264652.50000000</valUSD>
        <pctVal>0.202330831003</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ESCO Technologies Inc</name>
        <lei>5493007JJLP5MEWVDH10</lei>
        <title>ESCO Technologies Inc</title>
        <cusip>296315104</cusip>
        <identifiers>
          <isin value="US2963151046"/>
        </identifiers>
        <balance>32440.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2462520.40000000</valUSD>
        <pctVal>0.220008941280</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>Rent-A-Center Inc/TX</name>
        <lei>529900QUHE15UQNCCJ63</lei>
        <title>Rent-A-Center Inc/TX</title>
        <cusip>76009N100</cusip>
        <identifiers>
          <isin value="US76009N1000"/>
        </identifiers>
        <balance>7674.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>108510.36000000</valUSD>
        <pctVal>0.009694640264</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>Tivity Health Inc</name>
        <lei>U5UKZMHGMOP0CPFG4B24</lei>
        <title>Tivity Health Inc</title>
        <cusip>88870R102</cusip>
        <identifiers>
          <isin value="US88870R1023"/>
        </identifiers>
        <balance>10997.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>69171.13000000</valUSD>
        <pctVal>0.006179955739</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>Kontoor Brands Inc</name>
        <lei>549300M0CPXV65RFF271</lei>
        <title>Kontoor Brands Inc</title>
        <cusip>50050N103</cusip>
        <identifiers>
          <isin value="US50050N1037"/>
        </identifiers>
        <balance>5137.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>98476.29000000</valUSD>
        <pctVal>0.008798166425</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>CalAmp Corp</name>
        <lei>5493007SIGZIX83TOW07</lei>
        <title>CalAmp Corp</title>
        <cusip>128126109</cusip>
        <identifiers>
          <isin value="US1281261099"/>
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        <balance>33905.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>152572.50000000</valUSD>
        <pctVal>0.013631283701</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>AZZ Inc</name>
        <lei>549300HD1X2NFLWPYC83</lei>
        <title>AZZ Inc</title>
        <cusip>002474104</cusip>
        <identifiers>
          <isin value="US0024741045"/>
        </identifiers>
        <balance>4357.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>122518.84000000</valUSD>
        <pctVal>0.010946199785</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>Brunswick Corp/DE</name>
        <lei>YM4O38W15AX4YLLQKU27</lei>
        <title>Brunswick Corp/DE</title>
        <cusip>117043109</cusip>
        <identifiers>
          <isin value="US1170431092"/>
        </identifiers>
        <balance>139600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4937652.00000000</valUSD>
        <pctVal>0.441144604906</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>MasterCraft Boat Holdings Inc</name>
        <lei>549300IXWX41555YJ117</lei>
        <title>MasterCraft Boat Holdings Inc</title>
        <cusip>57637H103</cusip>
        <identifiers>
          <isin value="US57637H1032"/>
        </identifiers>
        <balance>31610.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>230753.00000000</valUSD>
        <pctVal>0.020616163515</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>Walker &amp; Dunlop Inc</name>
        <lei>N/A</lei>
        <title>Walker &amp; Dunlop Inc</title>
        <cusip>93148P102</cusip>
        <identifiers>
          <isin value="US93148P1021"/>
        </identifiers>
        <balance>12700.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>511429.00000000</valUSD>
        <pctVal>0.045692597239</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>Sensata Technologies Holding PLC</name>
        <lei>529900MS7KFYCY9MS037</lei>
        <title>Sensata Technologies Holding PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BFMBMT84"/>
        </identifiers>
        <balance>9400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>271942.00000000</valUSD>
        <pctVal>0.024296112028</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Waterloo Investment Holdings</name>
        <lei>213800TZIK14GMV2YL02</lei>
        <title>WATERLOO INVESTMENT HOLDINGS COMMON STOCK</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="VGG946341051"/>
        </identifiers>
        <balance>2972000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>743000.00000000</valUSD>
        <pctVal>0.066381843322</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Williams Industrial Services Group Inc</name>
        <lei>CTDK3GGI58CIT29OJ228</lei>
        <title>Williams Industrial Services Group Inc</title>
        <cusip>96951A104</cusip>
        <identifiers>
          <isin value="US96951A1043"/>
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        <balance>631820.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>770820.40000000</valUSD>
        <pctVal>0.068867401107</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>US Global Investors Inc</name>
        <lei>529900IRM26R91LI8531</lei>
        <title>US Global Investors Inc</title>
        <cusip>902952100</cusip>
        <identifiers>
          <isin value="US9029521005"/>
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        <balance>520551.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>504986.53000000</valUSD>
        <pctVal>0.045117007691</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>NextGen Healthcare Inc</name>
        <lei>N/A</lei>
        <title>NextGen Healthcare Inc</title>
        <cusip>65343C102</cusip>
        <identifiers>
          <isin value="US65343C1027"/>
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        <balance>10056.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>104984.64000000</valUSD>
        <pctVal>0.009379641889</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>Camping World Holdings Inc</name>
        <lei>549300E828QQI7MWI432</lei>
        <title>Camping World Holdings Inc</title>
        <cusip>13462K109</cusip>
        <identifiers>
          <isin value="US13462K1097"/>
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        <balance>606813.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3452765.97000000</valUSD>
        <pctVal>0.308480443674</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>Medpace Holdings Inc</name>
        <lei>549300H8TYEUVTW14A54</lei>
        <title>Medpace Holdings Inc</title>
        <cusip>58506Q109</cusip>
        <identifiers>
          <isin value="US58506Q1094"/>
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        <balance>4167.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>305774.46000000</valUSD>
        <pctVal>0.027318805243</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>CarMax Inc</name>
        <lei>N/A</lei>
        <title>CarMax Inc</title>
        <cusip>143130102</cusip>
        <identifiers>
          <isin value="US1431301027"/>
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        <balance>7000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>376810.00000000</valUSD>
        <pctVal>0.033665332950</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>Pan American Silver Corp</name>
        <lei>549300MKTF5851TYIB83</lei>
        <title>Pan American Silver Corp</title>
        <cusip>697900108</cusip>
        <identifiers>
          <isin value="CA6979001089"/>
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        <balance>124627.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1785904.91000000</valUSD>
        <pctVal>0.159558088727</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>National Instruments Corp</name>
        <lei>549300TP4OOPCYWDUP86</lei>
        <title>National Instruments Corp</title>
        <cusip>636518102</cusip>
        <identifiers>
          <isin value="US6365181022"/>
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        <balance>235650.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7795302.00000000</valUSD>
        <pctVal>0.696455607021</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>Insight Enterprises Inc</name>
        <lei>529900S8991TYW6YP792</lei>
        <title>Insight Enterprises Inc</title>
        <cusip>45765U103</cusip>
        <identifiers>
          <isin value="US45765U1034"/>
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        <balance>30202.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1272410.26000000</valUSD>
        <pctVal>0.113680940136</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>Century Casinos Inc</name>
        <lei>549300H2L4Y24HXY7M50</lei>
        <title>Century Casinos Inc</title>
        <cusip>156492100</cusip>
        <identifiers>
          <isin value="US1564921005"/>
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        <balance>56720.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>136695.20000000</valUSD>
        <pctVal>0.012212758209</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>Royal Gold Inc</name>
        <lei>5493001NGRU6SFL04184</lei>
        <title>Royal Gold Inc</title>
        <cusip>780287108</cusip>
        <identifiers>
          <isin value="US7802871084"/>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>RealNetworks Inc</name>
        <lei>0TCB85ZKZQTTX9T8EV22</lei>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Garrison Capital Inc</name>
        <lei>N/A</lei>
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          <isin value="US3665541039"/>
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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>US Concrete Inc</name>
        <lei>549300J94Q38BL8BMH45</lei>
        <title>US Concrete 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>Huntsman Corp</name>
        <lei>5299000V56320A7RIQ67</lei>
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          <isin value="US4470111075"/>
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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>Nordson Corp</name>
        <lei>14OS6Q5N55N95WM84M53</lei>
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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>Timberland Bancorp Inc/WA</name>
        <lei>N/A</lei>
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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>IPG Photonics Corp</name>
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          <isin value="US44980X1090"/>
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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>LKQ Corp</name>
        <lei>DS830JTTZQN6GK0I2E41</lei>
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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>Colfax Corp</name>
        <lei>635400OP2DYYYMOIYL17</lei>
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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>Hexcel Corp</name>
        <lei>S6Q7LW43WUBUHXY2QP69</lei>
        <title>Hexcel Corp</title>
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        <balance>7600.00000000</balance>
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        <curCd>USD</curCd>
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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>Neogen Corp</name>
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        <title>Neogen Corp</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>Kirby Corp</name>
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        <title>Kirby Corp</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>LCI Industries</name>
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      <invstOrSec>
        <name>Ultra Clean Holdings Inc</name>
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        <name>Kulicke &amp; Soffa Industries Inc</name>
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        <name>Sanmina Corp</name>
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        <name>Landstar System Inc</name>
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        <name>Cognex Corp</name>
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        <name>Hecla Mining Co</name>
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        <name>Bolsa Mexicana de Valores SAB de CV</name>
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        <name>FLIR Systems Inc</name>
        <lei>VOBD35NEPH6WISIRTJ85</lei>
        <title>FLIR Systems Inc</title>
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        <name>Talos Energy Inc</name>
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        <title>Talos Energy Inc</title>
        <cusip>87484T108</cusip>
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        <name>Stepan Co</name>
        <lei>IZU1EW9GB3WC7CYCSR17</lei>
        <title>Stepan Co</title>
        <cusip>858586100</cusip>
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        <name>Onex Corp</name>
        <lei>894500LB8PNE5C7CEN88</lei>
        <title>Onex Corp</title>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Standard Motor Products Inc</name>
        <lei>THGK1EO5B5HK0JHQVZ90</lei>
        <title>Standard Motor Products Inc</title>
        <cusip>853666105</cusip>
        <identifiers>
          <isin value="US8536661056"/>
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        <balance>8894.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>369723.58000000</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Movado Group Inc</name>
        <lei>549300WCGCGPWGHVXM59</lei>
        <title>Movado Group Inc</title>
        <cusip>624580106</cusip>
        <identifiers>
          <isin value="US6245801062"/>
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        <balance>32325.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>382081.50000000</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>Nova Measuring Instruments Ltd</name>
        <lei>529900B2DSWE5V3SC292</lei>
        <title>Nova Measuring Instruments Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IL0010845571"/>
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        <balance>47770.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1559690.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Patriot Transportation Holding Inc</name>
        <lei>549300CONREOD6V7PO98</lei>
        <title>Patriot Transportation Holding Inc</title>
        <cusip>70338W105</cusip>
        <identifiers>
          <isin value="US70338W1053"/>
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        <balance>139100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1310322.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>First Midwest Bancorp Inc/IL</name>
        <lei>7XRS7ORI584PF41IVU88</lei>
        <title>First Midwest Bancorp Inc/IL</title>
        <cusip>320867104</cusip>
        <identifiers>
          <isin value="US3208671046"/>
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        <balance>15011.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>198670.59000000</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>Nomad Foods Ltd</name>
        <lei>5493000ZZ1837DS2SI43</lei>
        <title>Nomad Foods Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="VGG6564A1057"/>
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        <balance>143600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2665216.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SEACOR Holdings Inc</name>
        <lei>549300IQTYSR1SC4II14</lei>
        <title>SEACOR Holdings Inc</title>
        <cusip>811904101</cusip>
        <identifiers>
          <isin value="US8119041015"/>
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        <balance>269412.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7263347.52000000</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>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HomeTrust Bancshares Inc</name>
        <lei>N/A</lei>
        <title>HomeTrust Bancshares Inc</title>
        <cusip>437872104</cusip>
        <identifiers>
          <isin value="US4378721041"/>
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        <balance>23700.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>377304.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AutoCanada Inc</name>
        <lei>N/A</lei>
        <title>AutoCanada Inc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="CA05277B2093"/>
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        <balance>1138000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.40730000"/>
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        <pctVal>0.386518113155</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Lindsay Corp</name>
        <lei>549300ZFO0QG5H8TPI61</lei>
        <title>Lindsay Corp</title>
        <cusip>535555106</cusip>
        <identifiers>
          <isin value="US5355551061"/>
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        <balance>112000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10256960.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Watsco Inc</name>
        <lei>549300F1Y3LN5BX5WN75</lei>
        <title>Watsco Inc</title>
        <cusip>942622200</cusip>
        <identifiers>
          <isin value="US9426222009"/>
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        <balance>13300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2101799.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Sterling Construction Co Inc</name>
        <lei>549300RZIK6K1215XU51</lei>
        <title>Sterling Construction Co Inc</title>
        <cusip>859241101</cusip>
        <identifiers>
          <isin value="US8592411016"/>
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        <balance>144638.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1374061.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>John Bean Technologies Corp</name>
        <lei>5493007CT6ATBZ2L6826</lei>
        <title>John Bean Technologies Corp</title>
        <cusip>477839104</cusip>
        <identifiers>
          <isin value="US4778391049"/>
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        <balance>130176.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9668171.52000000</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>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>E-L Financial Corp Ltd</name>
        <lei>5493008YS2NMV2UCI287</lei>
        <title>E-L Financial Corp Ltd</title>
        <cusip>000000000</cusip>
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          <isin value="CA2685751075"/>
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        <balance>22500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.40730000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Cavco Industries Inc</name>
        <lei>N/A</lei>
        <title>Cavco Industries Inc</title>
        <cusip>149568107</cusip>
        <identifiers>
          <isin value="US1495681074"/>
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        <balance>18600.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2695884.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Acorda Therapeutics Inc</name>
        <lei>5493007NPB5YRM8QGL53</lei>
        <title>Acorda Therapeutics Inc</title>
        <cusip>00484M106</cusip>
        <identifiers>
          <isin value="US00484M1062"/>
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        <balance>18079.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>16860.48000000</valUSD>
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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>Universal Logistics Holdings Inc</name>
        <lei>N/A</lei>
        <title>Universal Logistics Holdings Inc</title>
        <cusip>91388P105</cusip>
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          <isin value="US91388P1057"/>
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        <balance>78916.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1033799.60000000</valUSD>
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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>Waddell &amp; Reed Financial Inc</name>
        <lei>549300DZMO2208Z36F25</lei>
        <title>Waddell &amp; Reed Financial Inc</title>
        <cusip>930059100</cusip>
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          <isin value="US9300591008"/>
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        <balance>85176.00000000</balance>
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        <curCd>USD</curCd>
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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>Trinseo SA</name>
        <lei>222100SZ6J5ZF05ZTR58</lei>
        <title>Trinseo SA</title>
        <cusip>000000000</cusip>
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        <balance>16723.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>302853.53000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Dorian LPG Ltd</name>
        <lei>549300WP1W2WGMC7F395</lei>
        <title>Dorian LPG Ltd</title>
        <cusip>000000000</cusip>
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          <isin value="MHY2106R1100"/>
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        <balance>394936.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3439892.56000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Red Robin Gourmet Burgers Inc</name>
        <lei>529900V6NUMBYX34LV46</lei>
        <title>Red Robin Gourmet Burgers Inc</title>
        <cusip>75689M101</cusip>
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        <balance>6824.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>58140.48000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>National Presto Industries Inc</name>
        <lei>N/A</lei>
        <title>National Presto Industries Inc</title>
        <cusip>637215104</cusip>
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          <isin value="US6372151042"/>
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        <balance>11093.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>785495.33000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Stamps.com Inc</name>
        <lei>5299008VAXLEGU4Y4038</lei>
        <title>Stamps.com Inc</title>
        <cusip>852857200</cusip>
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        <balance>54557.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7096774.56000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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        <name>CONSOL Energy Inc</name>
        <lei>549300YJCTPJBTK7IJ81</lei>
        <title>CONSOL Energy Inc</title>
        <cusip>20854L108</cusip>
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          <isin value="US20854L1089"/>
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        <balance>91731.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>338487.39000000</valUSD>
        <pctVal>0.030241476298</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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        <name>Meredith Corp</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>USANA Health Sciences Inc</name>
        <lei>549300YTURXE814MAH96</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Value Partners Group Ltd</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Children's Place Inc/The</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Unisys Corp</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CIRCOR International Inc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SolarEdge Technologies Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>eMagin Corporation</name>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Houston Wire &amp; Cable Co</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Methode Electronics Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>JG Boswell Co</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Caleres Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Stewart Information Services Corp</name>
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        <name>Johnson Outdoors Inc</name>
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        <name>American States Water Co</name>
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        <name>Synalloy Corp</name>
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        <name>Aerojet Rocketdyne Holdings Inc</name>
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        <name>Integer Holdings Corp</name>
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        <name>Weyco Group Inc</name>
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        <name>Culp Inc</name>
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        <name>Vera Bradley Inc</name>
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        <name>Superior Industries International Inc</name>
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        <name>BioSpecifics Technologies Corp</name>
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        <name>Perdoceo Education Corp</name>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>HealthEquity Inc</name>
        <lei>529900LRJU1RAFQHM467</lei>
        <title>HealthEquity Inc</title>
        <cusip>42226A107</cusip>
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          <isin value="US42226A1079"/>
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        <balance>20000.00000000</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>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Kadant Inc</name>
        <lei>549300K06LNJYBMPYP15</lei>
        <title>Kadant Inc</title>
        <cusip>48282T104</cusip>
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          <isin value="US48282T1043"/>
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        <balance>130579.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Collectors Universe Inc</name>
        <lei>N/A</lei>
        <title>Collectors Universe Inc</title>
        <cusip>19421R200</cusip>
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          <isin value="US19421R2004"/>
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        <balance>71100.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1114137.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Kimball Electronics Inc</name>
        <lei>549300COBYN2GZCBIU87</lei>
        <title>Kimball Electronics Inc</title>
        <cusip>49428J109</cusip>
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          <isin value="US49428J1097"/>
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        <balance>24797.00000000</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>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Saia Inc</name>
        <lei>549300WNPG4N9GBOYB29</lei>
        <title>Saia Inc</title>
        <cusip>78709Y105</cusip>
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          <isin value="US78709Y1055"/>
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        <balance>1794.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Masimo Corp</name>
        <lei>549300Q4A8JK0PIYCU29</lei>
        <title>Masimo Corp</title>
        <cusip>574795100</cusip>
        <identifiers>
          <isin value="US5747951003"/>
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        <balance>60000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>10627200.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Applied Industrial Technologies Inc</name>
        <lei>549300NU173IJRC6PO38</lei>
        <title>Applied Industrial Technologies Inc</title>
        <cusip>03820C105</cusip>
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          <isin value="US03820C1053"/>
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        <balance>8798.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>402244.56000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Kennedy-Wilson Holdings Inc</name>
        <lei>549300MOI1T78144X610</lei>
        <title>Kennedy-Wilson Holdings Inc</title>
        <cusip>489398107</cusip>
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          <isin value="US4893981070"/>
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        <balance>427850.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Everbridge Inc</name>
        <lei>549300WCY0UMR64ATW81</lei>
        <title>Everbridge Inc</title>
        <cusip>29978A104</cusip>
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          <isin value="US29978A1043"/>
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        <balance>60000.00000000</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>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Benchmark Electronics Inc</name>
        <lei>549300W18RHYZOZKOP53</lei>
        <title>Benchmark Electronics Inc</title>
        <cusip>08160H101</cusip>
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          <isin value="US08160H1014"/>
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        <balance>14687.00000000</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>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Haemonetics Corp</name>
        <lei>549300ZEL6TXZS6F5F95</lei>
        <title>Haemonetics Corp</title>
        <cusip>405024100</cusip>
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          <isin value="US4050241003"/>
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        <balance>72300.00000000</balance>
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        <curCd>USD</curCd>
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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>Jacobs Engineering Group Inc</name>
        <lei>549300CZ8QS1GE53O776</lei>
        <title>Jacobs Engineering Group Inc</title>
        <cusip>469814107</cusip>
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          <isin value="US4698141078"/>
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        <balance>83500.00000000</balance>
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        <curCd>USD</curCd>
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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>FutureFuel Corp</name>
        <lei>529900WYQZSMWFXLA845</lei>
        <title>FutureFuel Corp</title>
        <cusip>36116M106</cusip>
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          <isin value="US36116M1062"/>
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        <curCd>USD</curCd>
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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>Axcelis Technologies Inc</name>
        <lei>529900HF9B6NL1QG9F05</lei>
        <title>Axcelis Technologies Inc</title>
        <cusip>054540208</cusip>
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        <balance>19700.00000000</balance>
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        <curCd>USD</curCd>
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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>LSC Communications Inc</name>
        <lei>5493000O7BCKOMYMHF87</lei>
        <title>LSC Communications Inc</title>
        <cusip>50218P107</cusip>
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        <balance>63906.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Independence Holding Co</name>
        <lei>N/A</lei>
        <title>Independence Holding Co</title>
        <cusip>453440307</cusip>
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          <isin value="US4534403070"/>
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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>NewMarket Corp</name>
        <lei>54930082CG88ERDREQ47</lei>
        <title>NewMarket Corp</title>
        <cusip>651587107</cusip>
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        <balance>8000.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>nLight Inc</name>
        <lei>N/A</lei>
        <title>nLight Inc</title>
        <cusip>65487K100</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CSG Systems International Inc</name>
        <lei>549300D7FJZUOHHXUA81</lei>
        <title>CSG Systems International 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>Eagle Point Income Co Inc</name>
        <lei>549300P8ZFJDPIJWXX37</lei>
        <title>Eagle Point Income Co Inc</title>
        <cusip>269817102</cusip>
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        <balance>44.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Neenah Inc</name>
        <lei>8SR38IKUT3O1F1I6VH65</lei>
        <title>Neenah Inc</title>
        <cusip>640079109</cusip>
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        <balance>16700.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Golub Capital BDC Inc</name>
        <lei>2549005WE0QLGK9APF78</lei>
        <title>Golub Capital BDC Inc</title>
        <cusip>38173M102</cusip>
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        <balance>22100.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Zealand Pharma A/S</name>
        <lei>549300ITBB1ULBL4CZ12</lei>
        <title>Zealand Pharma A/S</title>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Focus Financial Partners Inc</name>
        <lei>5493006FFJCGLZ246V12</lei>
        <title>Focus Financial Partners Inc</title>
        <cusip>34417P100</cusip>
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        <balance>50000.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Coherent Inc</name>
        <lei>549300RYOCKUMWACR010</lei>
        <title>Coherent Inc</title>
        <cusip>192479103</cusip>
        <identifiers>
          <isin value="US1924791031"/>
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        <balance>93670.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9967424.70000000</valUSD>
        <pctVal>0.890519548810</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>RMR Group Inc/The</name>
        <lei>549300JP4L34E48UJM16</lei>
        <title>RMR Group Inc/The</title>
        <cusip>74967R106</cusip>
        <identifiers>
          <isin value="US74967R1068"/>
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        <balance>80100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2160297.00000000</valUSD>
        <pctVal>0.193007398363</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>Magellan Aerospace Corp</name>
        <lei>N/A</lei>
        <title>Magellan Aerospace Corp</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="CA5589122004"/>
        </identifiers>
        <balance>96800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.40730000"/>
        <valUSD>447785.12000000</valUSD>
        <pctVal>0.040006462554</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Xperi Corp</name>
        <lei>529900L3ZKEYH5WX3L03</lei>
        <title>Xperi Corp</title>
        <cusip>98421B100</cusip>
        <identifiers>
          <isin value="US98421B1008"/>
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        <balance>70191.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>976356.81000000</valUSD>
        <pctVal>0.087230639015</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>Valmont Industries Inc</name>
        <lei>5493009ZGZJJ8F77JN08</lei>
        <title>Valmont Industries Inc</title>
        <cusip>920253101</cusip>
        <identifiers>
          <isin value="US9202531011"/>
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        <balance>48461.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5135896.78000000</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>Simpson Manufacturing Co Inc</name>
        <lei>529900EJUNNL15LZ8056</lei>
        <title>Simpson Manufacturing Co Inc</title>
        <cusip>829073105</cusip>
        <identifiers>
          <isin value="US8290731053"/>
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        <balance>65065.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4032728.70000000</valUSD>
        <pctVal>0.360296049429</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>Franklin Electric Co Inc</name>
        <lei>RR6AURIKMXUE4Q24G284</lei>
        <title>Franklin Electric Co Inc</title>
        <cusip>353514102</cusip>
        <identifiers>
          <isin value="US3535141028"/>
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        <balance>87500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4123875.00000000</valUSD>
        <pctVal>0.368439332614</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>Lydall Inc</name>
        <lei>549300HATFXXTSIQU854</lei>
        <title>Lydall Inc</title>
        <cusip>550819106</cusip>
        <identifiers>
          <isin value="US5508191062"/>
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        <balance>8265.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>53391.90000000</valUSD>
        <pctVal>0.004770192113</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>LSI Industries Inc</name>
        <lei>529900HY42OANH6BVT33</lei>
        <title>LSI Industries Inc</title>
        <cusip>50216C108</cusip>
        <identifiers>
          <isin value="US50216C1080"/>
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        <balance>814857.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3080159.46000000</valUSD>
        <pctVal>0.275190663098</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>Trupanion Inc</name>
        <lei>549300J86GFKIDGMQP18</lei>
        <title>Trupanion Inc</title>
        <cusip>898202106</cusip>
        <identifiers>
          <isin value="US8982021060"/>
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        <balance>116899.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3042880.97000000</valUSD>
        <pctVal>0.271860091251</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>Eagle Bulk Shipping Inc</name>
        <lei>549300EC4INNZBWR8W37</lei>
        <title>Eagle Bulk Shipping Inc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="MHY2187A1432"/>
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        <balance>320478.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>592884.30000000</valUSD>
        <pctVal>0.052970057484</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Photronics Inc</name>
        <lei>549300OK5JVNIBNY6F63</lei>
        <title>Photronics Inc</title>
        <cusip>719405102</cusip>
        <identifiers>
          <isin value="US7194051022"/>
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        <balance>183700.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1884762.00000000</valUSD>
        <pctVal>0.168390276964</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>Air Lease Corp</name>
        <lei>5493004NW4M4P8TMMK63</lei>
        <title>Air Lease Corp</title>
        <cusip>00912X302</cusip>
        <identifiers>
          <isin value="US00912X3026"/>
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        <balance>303200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6712848.00000000</valUSD>
        <pctVal>0.599745927570</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>ASA Gold and Precious Metals Ltd</name>
        <lei>254900VOUR4617HGCL14</lei>
        <title>ASA Gold and Precious Metals Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BMG3156P1032"/>
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        <balance>249821.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2575654.51000000</valUSD>
        <pctVal>0.230116681206</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Universal Technical Institute Inc</name>
        <lei>N/A</lei>
        <title>Universal Technical Institute Inc</title>
        <cusip>913915104</cusip>
        <identifiers>
          <isin value="US9139151040"/>
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        <balance>639032.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3802240.40000000</valUSD>
        <pctVal>0.339703535003</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>Axos Financial Inc</name>
        <lei>529900D8M56422GK9O25</lei>
        <title>Axos Financial Inc</title>
        <cusip>05465C100</cusip>
        <identifiers>
          <isin value="US05465C1009"/>
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        <balance>35003.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>634604.39000000</valUSD>
        <pctVal>0.056697455166</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>Cato Corp/The</name>
        <lei>529900R4SJUY7GCUU865</lei>
        <title>Cato Corp/The</title>
        <cusip>149205106</cusip>
        <identifiers>
          <isin value="US1492051065"/>
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        <balance>62587.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>667803.29000000</valUSD>
        <pctVal>0.059663544235</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>Cardtronics PLC</name>
        <lei>549300Y550MRJSMQQY02</lei>
        <title>Cardtronics PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BYT18414"/>
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        <balance>20118.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>420868.56000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>First Commonwealth Financial Corp</name>
        <lei>549300ZHLQ42NXDETL24</lei>
        <title>First Commonwealth Financial Corp</title>
        <cusip>319829107</cusip>
        <identifiers>
          <isin value="US3198291078"/>
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        <balance>49477.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>452219.78000000</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>
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      <invstOrSec>
        <name>Quanex Building Products Corp</name>
        <lei>5493000TL30VL5WOAW87</lei>
        <title>Quanex Building Products Corp</title>
        <cusip>747619104</cusip>
        <identifiers>
          <isin value="US7476191041"/>
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        <balance>37865.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>381679.20000000</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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Era Group Inc</name>
        <lei>5493005Q24EN3UC1PV68</lei>
        <title>Era Group Inc</title>
        <cusip>26885G109</cusip>
        <identifiers>
          <isin value="US26885G1094"/>
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        <balance>735389.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3919623.37000000</valUSD>
        <pctVal>0.350190880795</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Pacific Premier Bancorp Inc</name>
        <lei>549300Q1KIC3KLI0XG98</lei>
        <title>Pacific Premier Bancorp Inc</title>
        <cusip>69478X105</cusip>
        <identifiers>
          <isin value="US69478X1054"/>
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        <balance>7119.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>134121.96000000</valUSD>
        <pctVal>0.011982857247</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>Surmodics Inc</name>
        <lei>549300H76KXCAAGUS878</lei>
        <title>Surmodics Inc</title>
        <cusip>868873100</cusip>
        <identifiers>
          <isin value="US8688731004"/>
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        <balance>161000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5364520.00000000</valUSD>
        <pctVal>0.479282269369</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>Badger Meter Inc</name>
        <lei>5493002JENE20OGTUG20</lei>
        <title>Badger Meter Inc</title>
        <cusip>056525108</cusip>
        <identifiers>
          <isin value="US0565251081"/>
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        <balance>3560.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>190816.00000000</valUSD>
        <pctVal>0.017048072429</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>MAXIMUS Inc</name>
        <lei>549300DQCDS8HJ7QF202</lei>
        <title>MAXIMUS Inc</title>
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          <isin value="US5779331041"/>
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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>KLX Energy Services Holdings Inc</name>
        <lei>5493004D4S7MAO1H3U27</lei>
        <title>KLX Energy Services Holdings Inc</title>
        <cusip>48253L106</cusip>
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          <isin value="US48253L1061"/>
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        <balance>15746.00000000</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>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Korn Ferry</name>
        <lei>549300FOD20OM0GT5G40</lei>
        <title>Korn Ferry</title>
        <cusip>500643200</cusip>
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          <isin value="US5006432000"/>
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        <balance>82817.00000000</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>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Comtech Telecommunications Corp</name>
        <lei>529900FTEZ8MGM0Y8F73</lei>
        <title>Comtech Telecommunications Corp</title>
        <cusip>205826209</cusip>
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          <isin value="US2058262096"/>
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        <balance>21182.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Patrick Industries Inc</name>
        <lei>549300FZ5ZTCCJ3Z5W14</lei>
        <title>Patrick Industries Inc</title>
        <cusip>703343103</cusip>
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          <isin value="US7033431039"/>
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        <balance>124590.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ritchie Bros Auctioneers Inc</name>
        <lei>5493002H8U24DJXQ4886</lei>
        <title>Ritchie Bros Auctioneers Inc</title>
        <cusip>767744105</cusip>
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          <isin value="CA7677441056"/>
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        <balance>62900.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MAG Silver Corp</name>
        <lei>254900LGL904N7F3EL14</lei>
        <title>MAG Silver Corp</title>
        <cusip>55903Q104</cusip>
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          <isin value="CA55903Q1046"/>
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        <balance>198900.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Unit Corp</name>
        <lei>549300XGK22FZCTN8B67</lei>
        <title>Unit Corp</title>
        <cusip>909218109</cusip>
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          <isin value="US9092181091"/>
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        <balance>15000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3900.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>San Juan Basin Royalty Trust</name>
        <lei>N/A</lei>
        <title>San Juan Basin Royalty Trust</title>
        <cusip>798241105</cusip>
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          <isin value="US7982411057"/>
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        <balance>212272.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Barnes &amp; Noble Education Inc</name>
        <lei>549300JQGDS5THBPED41</lei>
        <title>Barnes &amp; Noble Education Inc</title>
        <cusip>06777U101</cusip>
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          <isin value="US06777U1016"/>
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        <balance>91318.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Inogen Inc</name>
        <lei>549300J8WJIVTOJ8IH97</lei>
        <title>Inogen Inc</title>
        <cusip>45780L104</cusip>
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          <isin value="US45780L1044"/>
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        <balance>5763.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Callon Petroleum Co</name>
        <lei>549300EFOWPEB0WLZW21</lei>
        <title>Callon Petroleum Co</title>
        <cusip>13123X102</cusip>
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          <isin value="US13123X1028"/>
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        <balance>63252.00000000</balance>
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        <curCd>USD</curCd>
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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>Virgin Galactic Holdings Inc</name>
        <lei>N/A</lei>
        <title>Virgin Galactic Holdings Inc</title>
        <cusip>92766K106</cusip>
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          <isin value="US92766K1060"/>
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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>BioLife Solutions Inc</name>
        <lei>549300G2IVCMC2TJDW72</lei>
        <title>BioLife Solutions Inc</title>
        <cusip>09062W204</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Meridian Bioscience Inc</name>
        <lei>549300ELSRZEFFFRX195</lei>
        <title>Meridian Bioscience Inc</title>
        <cusip>589584101</cusip>
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        <balance>67400.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>America's Car-Mart Inc/TX</name>
        <lei>N/A</lei>
        <title>America's Car-Mart Inc/TX</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>TrueBlue Inc</name>
        <lei>N/A</lei>
        <title>TrueBlue 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>Forward Air Corp</name>
        <lei>N/A</lei>
        <title>Forward Air Corp</title>
        <cusip>349853101</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Assertio Therapeutics Inc</name>
        <lei>549300L2A9NTF1JVDP20</lei>
        <title>Assertio Therapeutics Inc</title>
        <cusip>04545L107</cusip>
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        <name>Pico Far East Holdings Ltd</name>
        <lei>254900NL3DXVIEY4HJ17</lei>
        <title>Pico Far East Holdings Ltd</title>
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        <assetCat>EC</assetCat>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <name>Perceptron Inc</name>
        <lei>529900ZZVOGD1EJE2B55</lei>
        <title>Perceptron Inc</title>
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        <name>Tradeweb Markets Inc</name>
        <lei>N/A</lei>
        <title>Tradeweb Markets Inc</title>
        <cusip>892672106</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Matrix Service Co</name>
        <lei>529900VYBKSX6HD2YW58</lei>
        <title>Matrix Service Co</title>
        <cusip>576853105</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Standex International Corp</name>
        <lei>RCX52GR0JW2LRRMH9Z54</lei>
        <title>Standex International Corp</title>
        <cusip>854231107</cusip>
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        <balance>624.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>30588.48000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>MKS Instruments Inc</name>
        <lei>549300KEQATBHAGVF505</lei>
        <title>MKS Instruments Inc</title>
        <cusip>55306N104</cusip>
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          <isin value="US55306N1046"/>
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        <balance>254889.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>REX American Resources Corp</name>
        <lei>N/A</lei>
        <title>REX American Resources Corp</title>
        <cusip>761624105</cusip>
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          <isin value="US7616241052"/>
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        <balance>8406.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>390963.06000000</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>
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      <invstOrSec>
        <name>Pretium Resources Inc</name>
        <lei>N/A</lei>
        <title>Pretium Resources Inc</title>
        <cusip>000000000</cusip>
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          <isin value="CA74139C1023"/>
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        <balance>101000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.40730000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>American Public Education Inc</name>
        <lei>N/A</lei>
        <title>American Public Education Inc</title>
        <cusip>02913V103</cusip>
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          <isin value="US02913V1035"/>
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        <balance>20453.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>489440.29000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SEACOR Marine Holdings Inc</name>
        <lei>5493003LNKFW1W43N030</lei>
        <title>SEACOR Marine Holdings Inc</title>
        <cusip>78413P101</cusip>
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          <isin value="US78413P1012"/>
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        <balance>638834.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Newpark Resources Inc</name>
        <lei>54930073OHWDQW4DJN26</lei>
        <title>Newpark Resources Inc</title>
        <cusip>651718504</cusip>
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          <isin value="US6517185046"/>
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        <balance>34072.00000000</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>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MSA Safety Inc</name>
        <lei>529900DVA3258XK11O39</lei>
        <title>MSA Safety Inc</title>
        <cusip>553498106</cusip>
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          <isin value="US5534981064"/>
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        <balance>400.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>40480.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Tredegar Corp</name>
        <lei>54930003228ERHCH6K87</lei>
        <title>Tredegar Corp</title>
        <cusip>894650100</cusip>
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          <isin value="US8946501009"/>
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        <balance>13660.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ArcBest Corp</name>
        <lei>5493006S3KBNE8ZS3J23</lei>
        <title>ArcBest Corp</title>
        <cusip>03937C105</cusip>
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          <isin value="US03937C1053"/>
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        <balance>19562.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>John B Sanfilippo &amp; Son Inc</name>
        <lei>5299007IBEYVXKYDUX28</lei>
        <title>John B Sanfilippo &amp; Son Inc</title>
        <cusip>800422107</cusip>
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          <isin value="US8004221078"/>
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        <balance>7200.00000000</balance>
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        <curCd>USD</curCd>
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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>CorVel Corp</name>
        <lei>N/A</lei>
        <title>CorVel Corp</title>
        <cusip>221006109</cusip>
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          <isin value="US2210061097"/>
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        <balance>2864.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Boingo Wireless Inc</name>
        <lei>54930058LPWPZZCRMC04</lei>
        <title>Boingo Wireless Inc</title>
        <cusip>09739C102</cusip>
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          <isin value="US09739C1027"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Employers Holdings Inc</name>
        <lei>N/A</lei>
        <title>Employers Holdings Inc</title>
        <cusip>292218104</cusip>
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          <isin value="US2922181043"/>
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        <curCd>USD</curCd>
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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>Hackett Group Inc/The</name>
        <lei>5K016KLIRB6156644289</lei>
        <title>Hackett Group Inc/The</title>
        <cusip>404609109</cusip>
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          <isin value="US4046091090"/>
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        <balance>285266.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3628583.52000000</valUSD>
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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>Elastic NV</name>
        <lei>N/A</lei>
        <title>Elastic NV</title>
        <cusip>000000000</cusip>
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          <isin value="NL0013056914"/>
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        <balance>56400.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>WisdomTree Investments Inc</name>
        <lei>549300WIU8IS7UFO7871</lei>
        <title>WisdomTree Investments Inc</title>
        <cusip>97717P104</cusip>
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        <balance>22900.00000000</balance>
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        <curCd>USD</curCd>
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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>AMN Healthcare Services Inc</name>
        <lei>529900W3ARRTCNFH2I39</lei>
        <title>AMN Healthcare Services Inc</title>
        <cusip>001744101</cusip>
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        <balance>4966.00000000</balance>
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        <curCd>USD</curCd>
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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>Crocs Inc</name>
        <lei>549300B0J6YCXD63OG72</lei>
        <title>Crocs Inc</title>
        <cusip>227046109</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Cooper Tire &amp; Rubber Co</name>
        <lei>DE46ECQ8KH195MRIQN56</lei>
        <title>Cooper Tire &amp; Rubber Co</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Innospec Inc</name>
        <lei>213800SQBACNY5IWJO68</lei>
        <title>Innospec Inc</title>
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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>Exponent Inc</name>
        <lei>529900NY3F5Q2NWPUZ42</lei>
        <title>Exponent Inc</title>
        <cusip>30214U102</cusip>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>Theravance Biopharma Inc</name>
        <lei>5493007VTSXP4Z6MIW52</lei>
        <title>Theravance Biopharma Inc</title>
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        <assetCat>EC</assetCat>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Wolverine World Wide Inc</name>
        <lei>549300OVC7PK14LQ8D87</lei>
        <title>Wolverine World Wide Inc</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Western Alliance Bancorp</name>
        <lei>5493003VJXZ5JXT9S762</lei>
        <title>Western Alliance Bancorp</title>
        <cusip>957638109</cusip>
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        <balance>5000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Pason Systems Inc</name>
        <lei>N/A</lei>
        <title>Pason Systems Inc</title>
        <cusip>000000000</cusip>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Ruth's Hospitality Group Inc</name>
        <lei>529900JQW9JP41OHOD14</lei>
        <title>Ruth's Hospitality Group Inc</title>
        <cusip>783332109</cusip>
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          <isin value="US7833321091"/>
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        <balance>30597.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Ares Management Corp</name>
        <lei>529900JUV61FH7B8VW38</lei>
        <title>Ares Management Corp</title>
        <cusip>03990B101</cusip>
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          <isin value="US03990B1017"/>
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        <balance>360694.00000000</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>
      <invstOrSec>
        <name>Core-Mark Holding Co Inc</name>
        <lei>529900CI5YANWVE54N57</lei>
        <title>Core-Mark Holding Co Inc</title>
        <cusip>218681104</cusip>
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          <isin value="US2186811046"/>
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        <balance>25335.00000000</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>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NN Inc</name>
        <lei>549300SU3TUM6VH84645</lei>
        <title>NN Inc</title>
        <cusip>629337106</cusip>
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          <isin value="US6293371067"/>
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        <balance>308700.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>534051.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Cimarex Energy Co</name>
        <lei>11KYOFXPU1C4CQL1CL44</lei>
        <title>Cimarex Energy Co</title>
        <cusip>171798101</cusip>
        <identifiers>
          <isin value="US1717981013"/>
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        <balance>50000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>841500.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Solar Capital Ltd</name>
        <lei>BJOT6DX9ML6BR3Z0O636</lei>
        <title>Solar Capital Ltd</title>
        <cusip>83413U100</cusip>
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          <isin value="US83413U1007"/>
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        <balance>14400.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>167616.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Lannett Co Inc</name>
        <lei>5299001DJ6C90XX17G45</lei>
        <title>Lannett Co Inc</title>
        <cusip>516012101</cusip>
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          <isin value="US5160121019"/>
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        <balance>83129.00000000</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>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ProPetro Holding Corp</name>
        <lei>N/A</lei>
        <title>ProPetro Holding Corp</title>
        <cusip>74347M108</cusip>
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          <isin value="US74347M1080"/>
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        <balance>53113.00000000</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>Quaker Chemical Corp</name>
        <lei>549300PJQ1R3WCWCPS54</lei>
        <title>Quaker Chemical Corp</title>
        <cusip>747316107</cusip>
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          <isin value="US7473161070"/>
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        <balance>169709.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>21430852.52000000</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>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Mercer International Inc</name>
        <lei>549300Z5IAG39VRTY874</lei>
        <title>Mercer International Inc</title>
        <cusip>588056101</cusip>
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          <isin value="US5880561015"/>
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        <balance>90096.00000000</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>Littelfuse Inc</name>
        <lei>549300MY7HLQFYTPCX75</lei>
        <title>Littelfuse Inc</title>
        <cusip>537008104</cusip>
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          <isin value="US5370081045"/>
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        <balance>20900.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>OraSure Technologies Inc</name>
        <lei>529900GNNJPNM4XHXQ77</lei>
        <title>OraSure Technologies Inc</title>
        <cusip>68554V108</cusip>
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          <isin value="US68554V1089"/>
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        <balance>33596.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Encore Wire Corp</name>
        <lei>N/A</lei>
        <title>Encore Wire Corp</title>
        <cusip>292562105</cusip>
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        <balance>16027.00000000</balance>
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        <curCd>USD</curCd>
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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>Bonanza Creek Energy Inc</name>
        <lei>IIVIHPH28S64K95M2381</lei>
        <title>Bonanza Creek Energy Inc</title>
        <cusip>097793400</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Qalaa Holdings SAE</name>
        <lei>N/A</lei>
        <title>Qalaa Holdings SAE</title>
        <cusip>000000000</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>EG</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Provident Bancorp Inc</name>
        <lei>N/A</lei>
        <title>Provident Bancorp Inc</title>
        <cusip>74383L105</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Meritage Homes Corp</name>
        <lei>52990044W9UMFJO2FB97</lei>
        <title>Meritage Homes Corp</title>
        <cusip>59001A102</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Tennant Co</name>
        <lei>JYAIRLT8DVP6DP8UT336</lei>
        <title>Tennant Co</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Community Health Systems Inc</name>
        <lei>N/A</lei>
        <title>Community Health Systems 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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      <invstOrSec>
        <name>Liberty Latin America Ltd</name>
        <lei>213800YWQHEAX7CAVO83</lei>
        <title>Liberty Latin America Ltd</title>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Innoviva Inc</name>
        <lei>549300ACOX4QTBES6535</lei>
        <title>Innoviva Inc</title>
        <cusip>45781M101</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>FIXED INC CLEARING CORP.REPO</name>
        <lei>549300H47WTHXPU08X20</lei>
        <title>FIXED INC CLEARING CORP.REPO</title>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <transCat>Repurchase</transCat>
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      <invstOrSec>
        <name>Fiera Capital Corp</name>
        <lei>549300KJAKQN5OEO4N05</lei>
        <title>Fiera Capital Corp</title>
        <cusip>000000000</cusip>
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          <isin value="CA31660A1030"/>
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        <balance>45000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>EVI Industries Inc</name>
        <lei>549300RU296J63VW0297</lei>
        <title>EVI Industries Inc</title>
        <cusip>26929N102</cusip>
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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>Chico's FAS Inc</name>
        <lei>5299003ESGN5T1MFXY13</lei>
        <title>Chico's FAS Inc</title>
        <cusip>168615102</cusip>
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          <isin value="US1686151028"/>
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        <balance>77594.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>100096.26000000</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>Gibraltar Industries Inc</name>
        <lei>N/A</lei>
        <title>Gibraltar Industries Inc</title>
        <cusip>374689107</cusip>
        <identifiers>
          <isin value="US3746891072"/>
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        <balance>8550.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>366966.00000000</valUSD>
        <pctVal>0.032785840533</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>Magellan Health Inc</name>
        <lei>N/A</lei>
        <title>Magellan Health Inc</title>
        <cusip>559079207</cusip>
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          <isin value="US5590792074"/>
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        <balance>16041.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>771732.51000000</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>
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      <invstOrSec>
        <name>Genworth MI Canada Inc</name>
        <lei>549300YDFEOS1DI1X211</lei>
        <title>Genworth MI Canada Inc</title>
        <cusip>000000000</cusip>
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          <isin value="CA37252B1022"/>
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        <balance>236375.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.40730000"/>
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        <pctVal>0.469248863707</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Pitney Bowes Inc</name>
        <lei>549300N2O26NW4ST6W55</lei>
        <title>Pitney Bowes Inc</title>
        <cusip>724479100</cusip>
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          <isin value="US7244791007"/>
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        <balance>145515.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>296850.60000000</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>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Marcus &amp; Millichap Inc</name>
        <lei>549300B2HE8ULXNB1N48</lei>
        <title>Marcus &amp; Millichap Inc</title>
        <cusip>566324109</cusip>
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          <isin value="US5663241090"/>
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        <balance>275295.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7460494.50000000</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>Haynes International Inc</name>
        <lei>549300I9MS5UZLRFDO40</lei>
        <title>Haynes International Inc</title>
        <cusip>420877201</cusip>
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          <isin value="US4208772016"/>
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        <balance>113900.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2347479.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Pfenex Inc</name>
        <lei>529900BC3CXQXBZW9705</lei>
        <title>Pfenex Inc</title>
        <cusip>717071104</cusip>
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          <isin value="US7170711045"/>
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        <balance>11047.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>97434.54000000</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Upwork Inc</name>
        <lei>N/A</lei>
        <title>Upwork Inc</title>
        <cusip>91688F104</cusip>
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          <isin value="US91688F1049"/>
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        <balance>300000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1935000.00000000</valUSD>
        <pctVal>0.172878690214</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>FARO Technologies Inc</name>
        <lei>529900MFEFNOFP3YR823</lei>
        <title>FARO Technologies Inc</title>
        <cusip>311642102</cusip>
        <identifiers>
          <isin value="US3116421021"/>
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        <balance>308097.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13710316.50000000</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>Element Solutions Inc</name>
        <lei>549300FLGN6P5CU20J91</lei>
        <title>Element Solutions Inc</title>
        <cusip>28618M106</cusip>
        <identifiers>
          <isin value="US28618M1062"/>
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        <balance>872800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7296608.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>First Pacific Co Ltd</name>
        <lei>254900VS1MDQSDM9DE09</lei>
        <title>First Pacific Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BMG348041077"/>
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        <balance>1020000.00000000</balance>
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        <currencyConditional curCd="HKD" exchangeRt="7.75275000"/>
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        <pctVal>0.016825419865</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Proto Labs Inc</name>
        <lei>529900QHG5MGWT2WQQ09</lei>
        <title>Proto Labs Inc</title>
        <cusip>743713109</cusip>
        <identifiers>
          <isin value="US7437131094"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>761300.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Meta Financial Group Inc</name>
        <lei>5493004X52BH1NBLW813</lei>
        <title>Meta Financial Group Inc</title>
        <cusip>59100U108</cusip>
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          <isin value="US59100U1088"/>
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        <balance>6771.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>147066.12000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Eagle Bancorp Inc</name>
        <lei>549300B47NZODRMG3D47</lei>
        <title>Eagle Bancorp Inc</title>
        <cusip>268948106</cusip>
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        <balance>22507.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>679936.47000000</valUSD>
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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>Michaels Cos Inc/The</name>
        <lei>549300H9LWMBP7HYLR98</lei>
        <title>Michaels Cos Inc/The</title>
        <cusip>59408Q106</cusip>
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          <isin value="US59408Q1067"/>
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        <balance>81553.00000000</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>Preformed Line Products Co</name>
        <lei>549300EYH53XDJID2098</lei>
        <title>Preformed Line Products Co</title>
        <cusip>740444104</cusip>
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          <isin value="US7404441047"/>
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        <balance>91600.00000000</balance>
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        <curCd>USD</curCd>
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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>Cirrus Logic Inc</name>
        <lei>549300NKSJEM5ZZSSV18</lei>
        <title>Cirrus Logic Inc</title>
        <cusip>172755100</cusip>
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        <balance>250700.00000000</balance>
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        <curCd>USD</curCd>
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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>TiVo Corp</name>
        <lei>529900HSQ8AE0RC8VD16</lei>
        <title>TiVo Corp</title>
        <cusip>88870P106</cusip>
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        <balance>6504.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Banco Latinoamericano de Comercio Exterior SA</name>
        <lei>549300CN3134K4LC0651</lei>
        <title>Banco Latinoamericano de Comercio Exterior SA</title>
        <cusip>000000000</cusip>
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          <isin value="PAP169941328"/>
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        <curCd>USD</curCd>
        <valUSD>141247.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>PA</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Farmer Brothers Co</name>
        <lei>5493006PMLETBTVJ3262</lei>
        <title>Farmer Brothers Co</title>
        <cusip>307675108</cusip>
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        <balance>54700.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>380712.00000000</valUSD>
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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>Apogee Enterprises Inc</name>
        <lei>549300579S7QW8V4IJ60</lei>
        <title>Apogee Enterprises Inc</title>
        <cusip>037598109</cusip>
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        <curCd>USD</curCd>
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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>QuinStreet Inc</name>
        <lei>549300TP8MFBFPOS4Y78</lei>
        <title>QuinStreet Inc</title>
        <cusip>74874Q100</cusip>
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          <isin value="US74874Q1004"/>
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        <balance>180254.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1451044.70000000</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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>RLI Corp</name>
        <lei>529900AMTJE5ECN9PS55</lei>
        <title>RLI Corp</title>
        <cusip>749607107</cusip>
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        <balance>44680.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3928712.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Gold Fields Ltd</name>
        <lei>N/A</lei>
        <title>Gold Fields Ltd</title>
        <cusip>38059T106</cusip>
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          <isin value="US38059T1060"/>
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        <balance>370000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Alleghany Corp</name>
        <lei>549300DCJE6AYX159479</lei>
        <title>Alleghany Corp</title>
        <cusip>017175100</cusip>
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          <isin value="US0171751003"/>
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        <balance>700.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ION Geophysical Corp</name>
        <lei>RKTSM2N7H7RD7N6GEN24</lei>
        <title>ION Geophysical Corp</title>
        <cusip>462044207</cusip>
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          <isin value="US4620442073"/>
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        <balance>71880.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Eagle Point Credit Co Inc</name>
        <lei>549300H82HTZTPXB6822</lei>
        <title>Eagle Point Credit Co Inc</title>
        <cusip>269808101</cusip>
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          <isin value="US2698081013"/>
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        <balance>41890.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>comScore Inc</name>
        <lei>N/A</lei>
        <title>comScore Inc</title>
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          <isin value="US20564W1053"/>
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        <payoffProfile>Long</payoffProfile>
        <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>eHealth Inc</name>
        <lei>5299003O8Y5OKXUZQ421</lei>
        <title>eHealth Inc</title>
        <cusip>28238P109</cusip>
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          <isin value="US28238P1093"/>
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        <balance>20700.00000000</balance>
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        <curCd>USD</curCd>
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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>Hanmi Financial Corp</name>
        <lei>549300MSZ7RCG7EA6587</lei>
        <title>Hanmi Financial Corp</title>
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          <isin value="US4104952043"/>
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        <balance>11849.00000000</balance>
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        <curCd>USD</curCd>
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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>Bio-Rad Laboratories Inc</name>
        <lei>549300ZC1GPV35XYDK53</lei>
        <title>Bio-Rad Laboratories Inc</title>
        <cusip>090572207</cusip>
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          <isin value="US0905722072"/>
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        <balance>29829.00000000</balance>
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        <curCd>USD</curCd>
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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>CARBO Ceramics Inc</name>
        <lei>5299007CNGIFG9FUMA58</lei>
        <title>CARBO Ceramics Inc</title>
        <cusip>140781105</cusip>
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          <isin value="US1407811058"/>
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        <balance>78000.00000000</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>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Warrior Met Coal Inc</name>
        <lei>549300152B1S9YKBYV79</lei>
        <title>Warrior Met Coal Inc</title>
        <cusip>93627C101</cusip>
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          <isin value="US93627C1018"/>
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        <balance>38377.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Hillenbrand Inc</name>
        <lei>U246OE781574J2BUD366</lei>
        <title>Hillenbrand Inc</title>
        <cusip>431571108</cusip>
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          <isin value="US4315711089"/>
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        <balance>39620.00000000</balance>
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        <curCd>USD</curCd>
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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>SEI Investments Co</name>
        <lei>5LJTIFADGZ6XH1RVOC11</lei>
        <title>SEI Investments Co</title>
        <cusip>784117103</cusip>
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          <isin value="US7841171033"/>
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        <balance>197100.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>IES Holdings Inc</name>
        <lei>549300687T8E6LN6EN72</lei>
        <title>IES Holdings Inc</title>
        <cusip>44951W106</cusip>
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          <isin value="US44951W1062"/>
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        <balance>594244.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Associated Capital Group Inc</name>
        <lei>549300FBGXGSSUE01W24</lei>
        <title>Associated Capital Group Inc</title>
        <cusip>045528106</cusip>
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        <balance>20200.00000000</balance>
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        <curCd>USD</curCd>
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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>Tel Aviv Stock Exchange Ltd</name>
        <lei>N/A</lei>
        <title>Tel Aviv Stock Exchange Ltd</title>
        <cusip>000000000</cusip>
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          <isin value="IL0011590291"/>
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        <assetCat>EC</assetCat>
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        <invCountry>IL</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Boise Cascade Co</name>
        <lei>549300Z8B8LSRHC7XA55</lei>
        <title>Boise Cascade Co</title>
        <cusip>09739D100</cusip>
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          <isin value="US09739D1000"/>
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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>Richelieu Hardware Ltd</name>
        <lei>5493007VPNETW465DN04</lei>
        <title>Richelieu Hardware Ltd</title>
        <cusip>000000000</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Lundin Mining Corp</name>
        <lei>549300FQDIM6C8HTN269</lei>
        <title>Lundin Mining Corp</title>
        <cusip>000000000</cusip>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>PENNANT GROUP INC/THE</name>
        <lei>5493007H2OYR6BYLDA64</lei>
        <title>Pennant Group Inc/The</title>
        <cusip>70805E109</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Manhattan Associates Inc</name>
        <lei>529900Q1GJP7KD52SW51</lei>
        <title>Manhattan Associates Inc</title>
        <cusip>562750109</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>WPX Energy Inc</name>
        <lei>ZXZE9GCS2BB547GJW219</lei>
        <title>WPX Energy Inc</title>
        <cusip>98212B103</cusip>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>Atrion Corp</name>
        <lei>N/A</lei>
        <title>Atrion Corp</title>
        <cusip>049904105</cusip>
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        <balance>14175.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ameris Bancorp</name>
        <lei>PBJHNT51T5V6G5UQFV42</lei>
        <title>Ameris Bancorp</title>
        <cusip>03076K108</cusip>
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        <balance>6385.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FBL Financial Group Inc</name>
        <lei>N/A</lei>
        <title>FBL Financial Group Inc</title>
        <cusip>30239F106</cusip>
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        <balance>6130.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Great Western Bancorp Inc</name>
        <lei>5493004X4OTHDTFBHI90</lei>
        <title>Great Western Bancorp Inc</title>
        <cusip>391416104</cusip>
        <identifiers>
          <isin value="US3914161043"/>
        </identifiers>
        <balance>30612.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>626933.76000000</valUSD>
        <pctVal>0.056012138129</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>Canadian Western Bank</name>
        <lei>549300QG7XFGLKN6HL17</lei>
        <title>Canadian Western Bank</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="CA13677F1018"/>
        </identifiers>
        <balance>279500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.40730000"/>
        <valUSD>3847022.67000000</valUSD>
        <pctVal>0.343704517010</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Unrealized gain or loss on foreign income receivables and payables are not included when applicable" noteItem="B.5.d"/>
      <explntrNote note="Security Litigation and gains or losses on FX Currency and Gains from Advisor are currently excluded from the gain or loss calculations when applicable" noteItem="B.5.d"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2020-04-29</ncom:dateSigned>
      <ncom:nameOfApplicant>ROYCE VALUE TRUST, INC.</ncom:nameOfApplicant>
      <ncom:signature>John Schwartz</ncom:signature>
      <ncom:signerName>John Schwartz</ncom:signerName>
      <ncom:title>Associate General Counsel</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
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<DOCUMENT>
<TYPE>NPORT-EX
<SEQUENCE>2
<FILENAME>NPORT_5932036296843429.htm
<TEXT>

<html>
<head>
<title></title></head>
<body>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">SCHEDULE
OF INVESTMENTS</font></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: black">ROYCE VALUE TRUST</font></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: black">MARCH 31, 2020 (UNAUDITED) </font></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt">&nbsp;</td><td style="color: black; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="color: black; font-weight: bold; text-align: center">SHARES</td><td style="color: black; font-weight: bold">&nbsp;</td><td style="color: black; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="color: black; font-weight: bold; text-align: center">VALUE</td><td style="color: black; font-weight: bold">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; font-weight: bold; text-align: left">COMMON STOCKS &ndash; 105.1%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; font-weight: bold; text-align: left">Communication Services &ndash; 1.7%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">Diversified Telecommunication Services - 1.0%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 74%; color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Bandwidth Cl. A <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="width: 1%; color: black">&nbsp;</td>
    <td style="width: 1%; color: black; text-align: left">&nbsp;</td><td style="width: 10%; color: black; text-align: right">146,800</td><td style="width: 1%; color: black; text-align: left">&nbsp;</td><td style="width: 1%; color: black">&nbsp;</td>
    <td style="width: 1%; color: black; text-align: left">$</td><td style="width: 10%; color: black; text-align: right">9,878,172</td><td style="width: 1%; color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt; padding-bottom: 1pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Cogent Communications Holdings <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc003_v2">3</a></sup></font></p></td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; text-align: right">19,006</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">1,557,922</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="text-align: right; border-bottom: Black 1pt solid">11,436,094</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>Entertainment - 0.0%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt; padding-bottom: 1pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Global Eagle Entertainment <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; text-align: right">110,000</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">17,347</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">Interactive Media &amp; Services - 0.1%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt; padding-bottom: 1pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">QuinStreet <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc002_v2">2</a>,<a href="#g70392rvtc003_v2">3</a></sup></font></p></td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; text-align: right">180,254</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">1,451,044</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>Media - 0.6%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">comScore <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">808,910</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">2,281,126</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Gannett Company <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">204,141</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">302,129</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Gray Television <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">50,000</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">537,000</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Liberty Latin America Cl. C <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">246,300</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">2,527,038</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Meredith Corporation</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">2,800</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">34,216</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Nexstar Media Group Cl. A</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">800</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">46,184</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt; padding-bottom: 1pt">Pico Far East Holdings</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; text-align: right">2,612,400</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">453,490</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="text-align: right; border-bottom: Black 1pt solid">6,181,183</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">Wireless Telecommunication Services - 0.0%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt; padding-bottom: 1pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Boingo Wireless <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; text-align: right">50,000</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">530,500</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; font-weight: bold; padding-bottom: 2pt">Total</td><td style="padding-bottom: 2pt">&nbsp;</td>
    <td style="text-align: left; padding-bottom: 2pt">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left; padding-bottom: 2pt">&nbsp;</td><td style="color: black; padding-bottom: 2pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 2pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 2pt solid">19,616,168</td><td style="color: black; text-align: left; padding-bottom: 2pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; font-weight: bold; text-align: left">Consumer Discretionary &ndash; 7.3%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">Auto Components - 1.3%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Cooper Tire &amp; Rubber</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">7,600</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">123,880</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Cooper-Standard Holdings <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">892</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">9,161</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Dorman Products <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">31,800</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">1,757,586</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Fox Factory Holding <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">3,000</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">126,000</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Garrett Motion <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">77,350</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">221,221</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Gentex Corporation <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">98,110</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">2,174,118</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">LCI Industries <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">143,207</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">9,570,524</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Standard Motor Products <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">8,894</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">369,723</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt; padding-bottom: 1pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Superior Industries International <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; text-align: right">176,497</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">211,796</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="text-align: right; border-bottom: Black 1pt solid">14,564,009</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>Distributors - 0.5%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Core-Mark Holding <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">23,359</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">667,366</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">LKQ Corporation <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">137,800</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">2,826,278</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt; padding-bottom: 1pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Weyco Group <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; text-align: right">97,992</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">1,976,499</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">5,470,143</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left">Diversified Consumer Services - 0.5%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">American Public Education <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">20,453</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">489,440</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Collectors Universe <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc003_v2">3</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">71,100</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">1,114,137</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Perdoceo Education <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">22,191</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">239,441</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Regis Corporation <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">16,220</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">95,860</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt; padding-bottom: 1pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Universal Technical Institute <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; text-align: right">639,032</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">3,802,241</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">5,741,119</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left">Hotels, Restaurants &amp; Leisure - 0.2%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Century Casinos <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">56,720</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">136,695</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Lindblad Expeditions Holdings <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">415,200</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">1,731,384</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Red Robin Gourmet Burgers <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">5,566</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">47,423</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt; padding-bottom: 1pt">Ruth&rsquo;s Hospitality Group</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; text-align: right">30,597</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">204,388</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="text-align: right; border-bottom: Black 1pt solid">2,119,890</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">Household Durables - 0.5%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Cavco Industries <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc002_v2">2</a>,<a href="#g70392rvtc003_v2">3</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">18,600</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">2,695,884</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Ethan Allen Interiors <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">158,755</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">1,622,476</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt">La-Z-Boy</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">21,799</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">447,970</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt; padding-bottom: 1pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Meritage Homes <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; text-align: right">19,644</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">717,202</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="text-align: right; border-bottom: Black 1pt solid">5,483,532</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">Internet &amp; Direct Marketing Retail - 1.2%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Etsy <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">134,300</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">5,162,492</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">PetMed Express</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">16,879</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">485,778</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt">Shutterstock</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">25,853</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">831,432</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt; padding-bottom: 1pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Stamps.com <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; text-align: right">53,678</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">6,982,434</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="text-align: right; border-bottom: Black 1pt solid">13,462,136</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">Leisure Products - 0.5%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Brunswick Corporation</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">139,600</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">4,937,652</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Johnson Outdoors Cl. A</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">1,690</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">105,963</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">MasterCraft Boat Holdings <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">31,610</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">230,753</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt; padding-bottom: 1pt">Sturm, Ruger &amp; Co.</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; text-align: right">10,714</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">545,450</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="text-align: right; border-bottom: Black 1pt solid">5,819,818</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">Specialty Retail - 1.9%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Abercrombie &amp; Fitch Cl. A</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">11,635</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">105,762</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">America&#x2019;s Car-Mart <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc002_v2">2</a>,<a href="#g70392rvtc003_v2">3</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">120,000</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">6,762,000</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Asbury Automotive Group <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">2,600</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">143,598</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt">AutoCanada</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">1,138,000</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">4,326,227</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Barnes &amp; Noble Education <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">91,318</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">124,192</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Buckle (The)</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">63,861</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">875,534</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt">Caleres</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">3,803</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">19,776</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Camping World Holdings Cl. A <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">606,813</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">3,452,766</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">CarMax <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">7,000</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">376,810</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Cato Corporation (The) Cl. A</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">62,587</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">667,803</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Chico&rsquo;s FAS</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">62,869</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">81,101</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Children&#x2019;s Place <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">48,778</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">954,098</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Haverty Furniture</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">28,713</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">341,398</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Hibbett Sports <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">8,588</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">93,910</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Michaels Companies <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">108,602</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">175,935</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Monro <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">8,139</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">356,570</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">OneWater Marine Cl. A <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">198,800</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">1,520,820</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt">Rent-A-Center</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">10,208</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">144,341</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Shoe Carnival <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">16,360</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">339,797</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Sleep Number <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">9,258</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">177,383</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt; padding-bottom: 1pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Zumiez <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; text-align: right">12,027</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">208,308</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">21,248,129</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left">Textiles, Apparel &amp; Luxury Goods - 0.7%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Canada Goose Holdings <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">114,200</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">2,271,438</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Crocs <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">6,215</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">105,593</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Culp <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">29,400</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">216,384</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">J.G. Boswell Company <sup><a href="#g70392rvtc004_v2">4</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">3,940</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">1,969,015</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Kontoor Brands</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">7,130</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">136,682</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Movado Group <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">31,014</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">366,586</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Steven Madden</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">32,999</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">766,567</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Vera Bradley <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">37,920</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">156,230</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Wolverine World Wide <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">102,780</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">1,562,256</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">7,550,751</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; font-weight: bold; padding-bottom: 2pt">Total</td><td style="padding-bottom: 2pt">&nbsp;</td>
    <td style="text-align: left; padding-bottom: 2pt">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left; padding-bottom: 2pt">&nbsp;</td><td style="color: black; padding-bottom: 2pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 2pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 2pt solid">81,459,527</td><td style="color: black; text-align: left; padding-bottom: 2pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; font-weight: bold; text-align: left">Consumer Staples &ndash; 2.8%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>Beverages - 0.1%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt; padding-bottom: 1pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Compania Cervecerias Unidas ADR <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; text-align: right">64,500</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">863,010</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">Food &amp; Staples Retailing - 0.0%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt; padding-bottom: 1pt">SpartanNash Company</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; text-align: right">16,624</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">238,056</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">Food Products - 1.8%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Farmer Bros. <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">54,700</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">380,712</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Industrias Bachoco ADR Ser. B</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">8,440</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">286,960</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">John B Sanfilippo &amp; Son</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">6,948</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">621,151</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Nomad Foods <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">143,600</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">2,665,216</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Seneca Foods Cl. A <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc002_v2">2</a>,<a href="#g70392rvtc003_v2">3</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">236,301</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">9,400,054</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Seneca Foods Cl. B <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">13,840</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">498,240</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt; padding-bottom: 1pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Tootsie Roll Industries <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc003_v2">3</a></sup></font></p></td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; text-align: right">180,406</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">6,487,400</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="text-align: right; border-bottom: Black 1pt solid">20,339,733</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">Household Products - 0.1%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Central Garden &amp; Pet <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">16,733</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">460,157</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt; padding-bottom: 1pt">WD-40 Company</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; text-align: right">2,821</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">566,598</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="text-align: right; border-bottom: Black 1pt solid">1,026,755</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">Personal Products - 0.7%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">BellRing Brands Cl. A <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">71,500</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">1,219,075</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">e.l.f. Beauty <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">313,500</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">3,084,840</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Inter Parfums <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">71,595</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">3,318,428</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt; padding-bottom: 1pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">USANA Health Sciences <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; text-align: right">3,038</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">175,475</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="text-align: right; border-bottom: Black 1pt solid">7,797,818</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>Tobacco - 0.1%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt; padding-bottom: 1pt">Universal Corporation</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; text-align: right">14,694</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">649,622</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; font-weight: bold; padding-bottom: 2pt">Total</td><td style="padding-bottom: 2pt">&nbsp;</td>
    <td style="text-align: left; padding-bottom: 2pt">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left; padding-bottom: 2pt">&nbsp;</td><td style="color: black; padding-bottom: 2pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 2pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 2pt solid">30,914,994</td><td style="color: black; text-align: left; padding-bottom: 2pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; font-weight: bold; text-align: left">Diversified Investment Companies &ndash; 0.0%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">Closed-End Funds - 0.0%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Eagle Point Credit</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">41,890</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">286,527</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt; padding-bottom: 1pt">Eagle Point Income</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; text-align: right">44</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">471</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; font-weight: bold; padding-bottom: 2pt">Total</td><td style="padding-bottom: 2pt">&nbsp;</td>
    <td style="text-align: left; padding-bottom: 2pt">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left; padding-bottom: 2pt">&nbsp;</td><td style="color: black; padding-bottom: 2pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 2pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 2pt solid">286,998</td><td style="color: black; text-align: left; padding-bottom: 2pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; font-weight: bold">Energy &ndash; 4.0%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">Energy Equipment &amp; Services - 2.7%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Computer Modelling Group</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">1,333,624</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">3,629,489</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Diamond Offshore Drilling <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">214,000</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">391,620</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Era Group <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">731,567</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">3,899,252</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Forum Energy Technologies <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">249,431</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">44,224</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Helmerich &amp; Payne <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">94,000</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">1,471,100</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">ION Geophysical <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">71,880</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">91,288</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">KLX Energy Services Holdings <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">15,746</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">11,022</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Matrix Service <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">31,532</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">298,608</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Newpark Resources <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">67,354</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">60,417</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Oil States International <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">209,349</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">424,978</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Pason Systems</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">1,023,280</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">4,544,518</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">ProPetro Holding <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">65,610</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">164,025</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">SEACOR Holdings <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">270,450</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">7,291,332</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">SEACOR Marine Holdings <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">638,834</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">2,798,093</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt; padding-bottom: 1pt">TGS-NOPEC Geophysical</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; text-align: right">449,310</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">5,041,964</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">30,161,930</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left">Oil, Gas &amp; Consumable Fuels - 1.3%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Bonanza Creek Energy <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">46,006</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">517,567</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Callon Petroleum <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">63,252</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">34,656</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Cimarex Energy</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">50,000</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">841,500</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">CONSOL Energy <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">100,053</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">369,196</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Dorchester Minerals L.P. <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">279,148</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">2,598,868</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Dorian LPG <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">394,936</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">3,439,893</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">GeoPark <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">53,412</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">377,623</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">REX American Resources <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">7,967</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">370,545</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">San Juan Basin Royalty Trust</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">212,272</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">445,771</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Talos Energy <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">13,626</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">78,349</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Unit Corporation <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">15,000</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">3,900</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">World Fuel Services <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">224,227</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">5,646,036</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">WPX Energy <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">110,000</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">335,500</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="text-align: right; border-bottom: Black 1pt solid">15,059,404</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; font-weight: bold; padding-bottom: 2pt">Total</td><td style="padding-bottom: 2pt">&nbsp;</td>
    <td style="text-align: left; padding-bottom: 2pt">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left; padding-bottom: 2pt">&nbsp;</td><td style="color: black; padding-bottom: 2pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 2pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 2pt solid">45,221,334</td><td style="color: black; text-align: left; padding-bottom: 2pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; font-weight: bold">Financials &ndash; 16.8%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>Banks - 2.8%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Ameris Bancorp</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">6,385</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">151,708</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Bank of N.T. Butterfield &amp; Son <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">248,416</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">4,230,524</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Boston Private Financial Holdings</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">45,074</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">322,279</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Canadian Western Bank</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">279,500</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">3,847,023</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">CIT Group</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">22,000</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">379,720</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Customers Bancorp <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">8,520</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">93,124</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Dime Community Bancshares</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">2,577</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">35,331</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Eagle Bancorp</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">22,798</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">688,727</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Farmers &amp; Merchants Bank of Long Beach <sup><a href="#g70392rvtc004_v2">4</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">730</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">4,380,000</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Fauquier Bankshares <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">160,800</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">2,170,800</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">First BanCorp</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">108,522</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">577,337</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">First Citizens BancShares Cl. A</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">16,376</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">5,451,079</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">First Commonwealth Financial</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">45,541</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">416,245</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">First Financial Bancorp</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">35,612</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">530,975</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">First Midwest Bancorp</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">15,011</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">198,670</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Franklin Financial Network</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">1,256</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">25,610</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Great Western Bancorp</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">30,893</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">632,689</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Hanmi Financial</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">11,849</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">128,562</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">HarborOne Bancorp <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">63,400</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">477,402</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">HomeTrust Bancshares</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">23,700</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">377,304</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Pacific Premier Bancorp</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">9,322</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">175,626</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Preferred Bank</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">17,549</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">593,507</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Prosperity Bancshares</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">8,171</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">394,251</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Webster Financial <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">193,500</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">4,431,150</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt; padding-bottom: 1pt">Western Alliance Bancorp</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; text-align: right">5,000</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">153,050</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">30,862,693</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left">Capital Markets - 8.2%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Ares Management Cl. A <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">364,694</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">11,279,985</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Artisan Partners Asset Management Cl. A <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">124,920</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">2,684,531</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">ASA Gold and Precious Metals</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">249,821</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">2,575,654</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Ashmore Group</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">548,400</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">2,418,682</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Associated Capital Group Cl. A <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">20,200</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">618,120</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Bolsa Mexicana de Valores</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">1,723,106</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">2,622,884</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Fiera Capital Cl. A</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">45,000</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">209,124</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Focus Financial Partners Cl. A <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">50,000</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">1,150,500</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Garrison Capital</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">29,434</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">50,038</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Golub Capital BDC</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">22,100</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">277,576</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Houlihan Lokey Cl. A <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc003_v2">3</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">59,120</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">3,081,334</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt">Jupiter Fund Management</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">230,000</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">570,001</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Lazard Cl. A <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">122,075</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">2,876,087</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">MarketAxess Holdings</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">31,900</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">10,608,983</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Moelis &amp; Company Cl. A</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">16,000</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">449,600</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Morningstar <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">84,600</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">9,834,750</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">MVC Capital</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">195,688</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">855,157</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Oaktree Strategic Income</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">11,455</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">63,461</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Qalaa Holdings <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">7,749,921</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">536,684</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Rothschild &amp; Co</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">50,293</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">1,024,128</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">SEI Investments <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">197,100</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">9,133,614</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Solar Capital</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">14,400</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">167,616</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt">Sprott</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">2,564,800</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">4,173,518</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Tel Aviv Stock Exchange</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">322,179</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">1,087,251</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">TMX Group</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">76,000</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">5,658,012</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Tradeweb Markets Cl. A</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">106,050</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">4,458,342</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">U.S. Global Investors Cl. A</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">520,551</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">504,986</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt">Value Partners Group</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">5,453,000</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">2,321,120</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Virtu Financial Cl. A <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc003_v2">3</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">451,100</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">9,391,902</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Waddell &amp; Reed Financial Cl. A</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">85,176</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">969,303</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Westwood Holdings Group <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">38,850</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">711,343</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt; padding-bottom: 1pt">WisdomTree Investments</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; text-align: right">22,900</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">53,357</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="text-align: right; border-bottom: Black 1pt solid">92,417,643</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">Consumer Finance - 0.1%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt; padding-bottom: 1pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Enova International <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; text-align: right">48,849</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">707,822</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">Diversified Financial Services - 0.2%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Banco Latinoamericano de Comercio Exterior Cl. E</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">13,700</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">141,247</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">ECN Capital</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">185,100</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">494,547</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">First Pacific</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">1,020,000</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">188,324</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Onex Corporation</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">9,200</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">336,738</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt; padding-bottom: 1pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Waterloo Investment Holdings <sup><a href="#g70392rvtc002_v2">2</a>,<a href="#g70392rvtc005_v2">5</a></sup></font></p></td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; text-align: right">2,972,000</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">743,000</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="text-align: right; border-bottom: Black 1pt solid">1,903,856</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>Insurance - 3.4%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Alleghany Corporation</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">700</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">386,645</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Ambac Financial Group <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">11,730</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">144,748</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">American Equity Investment Life Holding</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">9,249</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">173,881</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Assured Guaranty</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">20,900</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">539,011</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">eHealth <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">20,700</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">2,914,974</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">E-L Financial</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">22,500</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">9,560,861</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Employers Holdings</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">26,350</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">1,067,439</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Erie Indemnity Cl. A</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">28,200</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">4,180,368</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">FBL Financial Group Cl. A</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">6,130</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">286,087</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Independence Holding Company <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">210,523</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">5,380,968</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">ProAssurance Corporation <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">246,787</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">6,169,675</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">RLI Corp. <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc003_v2">3</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">44,620</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">3,923,437</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Stewart Information Services</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">6,572</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">175,275</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Trupanion <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">116,899</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">3,042,881</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt; padding-bottom: 1pt">Universal Insurance Holdings</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; text-align: right">39,741</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">712,159</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">38,658,409</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left">Investment Companies - 0.7%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt; padding-bottom: 1pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Oaktree Acquisition (Units) <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; text-align: right">800,000</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">8,032,000</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left">Thrifts &amp; Mortgage Finance - 1.4%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Axos Financial <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc002_v2">2</a>,<a href="#g70392rvtc003_v2">3</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">35,003</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">634,604</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Flagstar Bancorp</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">30,937</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">613,481</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Genworth MI Canada</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">237,075</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">5,267,772</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Meridian Bancorp <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">97,500</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">1,093,950</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Meta Financial Group</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">5,042</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">109,512</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">NMI Holdings Cl. A <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">101,317</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">1,176,290</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Provident Bancorp <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">63,200</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">544,784</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Territorial Bancorp</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">9,300</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">228,315</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Timberland Bancorp <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">274,457</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">5,019,819</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Vestin Realty Mortgage II <sup><a href="#g70392rvtc002_v2">2</a>,<a href="#g70392rvtc004_v2">4</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">34</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">24,650</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Walker &amp; Dunlop</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">12,700</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">511,429</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="text-align: right; border-bottom: Black 1pt solid">15,224,606</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; font-weight: bold; padding-bottom: 2pt">Total</td><td style="padding-bottom: 2pt">&nbsp;</td>
    <td style="text-align: left; padding-bottom: 2pt">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left; padding-bottom: 2pt">&nbsp;</td><td style="color: black; padding-bottom: 2pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 2pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 2pt solid">187,807,029</td><td style="color: black; text-align: left; padding-bottom: 2pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; font-weight: bold; text-align: left">Health Care &ndash; 8.1%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>Biotechnology - 1.5%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Acorda Therapeutics <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">18,079</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">16,860</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">AMAG Pharmaceuticals <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">16,936</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">104,664</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Anika Therapeutics <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">13,046</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">377,160</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">BioSpecifics Technologies <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">1,830</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">103,523</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Coherus BioSciences <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">6,600</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">107,052</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Eagle Pharmaceuticals <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">14,509</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">667,414</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Emergent BioSolutions <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">830</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">48,024</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Enanta Pharmaceuticals <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">9,698</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">498,768</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Pfenex <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">11,047</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">97,435</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Sangamo Therapeutics <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">65,815</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">419,242</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Vanda Pharmaceuticals <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">25,375</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">262,885</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt; padding-bottom: 1pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Zealand Pharma <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; text-align: right">408,857</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">14,095,841</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="text-align: right; border-bottom: Black 1pt solid">16,798,868</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">Health Care Equipment &amp; Supplies - 4.3%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Atrion Corporation</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">14,175</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">9,213,750</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">BioLife Solutions <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">202,000</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">1,919,000</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Haemonetics <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">73,300</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">7,305,078</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Inogen <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">6,242</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">322,462</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Integer Holdings <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">42,400</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">2,665,264</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Masimo Corporation <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">60,000</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">10,627,200</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Meridian Bioscience <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">70,718</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">594,031</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Mesa Laboratories <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc003_v2">3</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">38,600</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">8,727,074</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Neogen Corporation <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc002_v2">2</a>,<a href="#g70392rvtc003_v2">3</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">22,400</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">1,500,576</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">OraSure Technologies <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">29,950</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">322,262</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt; padding-bottom: 1pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Surmodics <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; text-align: right">161,000</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">5,364,520</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="text-align: right; border-bottom: Black 1pt solid">48,561,217</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">Health Care Providers &amp; Services - 0.5%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">AMN Healthcare Services <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">3,964</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">229,159</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Community Health Systems <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">790,000</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">2,638,600</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">CorVel Corporation <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">2,864</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">156,116</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Ensign Group (The)</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">2,664</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">100,193</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">HealthEquity <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">20,000</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">1,011,800</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Magellan Health <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">16,980</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">816,908</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Pennant Group <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">1,331</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">18,847</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Tivity Health <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">8,766</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">55,138</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt; padding-bottom: 1pt">U.S. Physical Therapy</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; text-align: right">5,616</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">387,504</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">5,414,265</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left">Health Care Technology - 0.3%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">HealthStream <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">7,060</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">169,087</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">NextGen Healthcare <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">12,673</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">132,306</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt; padding-bottom: 1pt">Simulations Plus</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; text-align: right">94,390</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">3,296,099</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">3,597,492</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left">Life Sciences Tools &amp; Services - 1.2%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Bio-Rad Laboratories Cl. A <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">29,829</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">10,456,854</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Bio-Techne <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc003_v2">3</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">12,153</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">2,304,452</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt; padding-bottom: 1pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Medpace Holdings <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; text-align: right">4,167</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">305,775</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">13,067,081</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black">Pharmaceuticals - 0.3%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Alimera Sciences <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">61,125</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">234,720</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Assertio Therapeutics <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">156,932</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">102,006</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Corcept Therapeutics <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">62,201</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">739,570</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Innoviva <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">72,352</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">850,860</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Lannett Company <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">79,311</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">551,211</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Supernus Pharmaceuticals <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">25,406</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">457,054</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Theravance Biopharma <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc002_v2">2</a>,<a href="#g70392rvtc003_v2">3</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">34,291</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">792,465</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="text-align: right; border-bottom: Black 1pt solid">3,727,886</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; font-weight: bold; padding-bottom: 2pt">Total</td><td style="padding-bottom: 2pt">&nbsp;</td>
    <td style="text-align: left; padding-bottom: 2pt">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left; padding-bottom: 2pt">&nbsp;</td><td style="color: black; padding-bottom: 2pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 2pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 2pt solid">91,166,809</td><td style="color: black; text-align: left; padding-bottom: 2pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; font-weight: bold">Industrials &ndash; 24.7%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">Aerospace &amp; Defense - 2.3%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Aerojet Rocketdyne Holdings <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">15,351</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">642,132</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Ducommun <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">79,100</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">1,965,635</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">HEICO Corporation <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">166,100</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">12,392,721</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">HEICO Corporation Cl. A <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">88,726</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">5,669,592</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Hexcel Corporation <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">7,600</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">282,644</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Magellan Aerospace</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">96,800</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">447,785</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">National Presto Industries</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">11,093</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">785,495</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Park Aerospace</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">13,847</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">174,472</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Vectrus <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">3,950</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">163,570</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt; padding-bottom: 1pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Virgin Galactic Holdings <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc002_v2">2</a>,<a href="#g70392rvtc003_v2">3</a></sup></font></p></td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; text-align: right">215,918</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">3,191,268</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="text-align: right; border-bottom: Black 1pt solid">25,715,314</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">Air Freight &amp; Logistics - 0.7%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Echo Global Logistics <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">43,457</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">742,246</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt; padding-bottom: 1pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Forward Air <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; text-align: right">149,565</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">7,575,467</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="text-align: right; border-bottom: Black 1pt solid">8,317,713</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">Building Products - 0.9%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">American Woodmark <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">6,364</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">290,007</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Apogee Enterprises</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">7,929</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">165,082</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Burnham Holdings Cl. B <sup><a href="#g70392rvtc004_v2">4</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">36,000</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">369,000</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Gibraltar Industries <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">8,550</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">366,966</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Insteel Industries</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">1,751</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">23,201</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Patrick Industries <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">124,590</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">3,508,454</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">PGT Innovations <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">11,783</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">98,859</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Quanex Building Products</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">40,647</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">409,722</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Simpson Manufacturing <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">65,065</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">4,032,729</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Trex Company <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">1,800</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">144,252</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt; padding-bottom: 1pt">Universal Forest Products</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; text-align: right">12,406</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">461,379</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="text-align: right; border-bottom: Black 1pt solid">9,869,651</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">Commercial Services &amp; Supplies - 1.7%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">CompX International Cl. A <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">211,100</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">3,208,720</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Heritage-Crystal Clean <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">100,106</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">1,625,721</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Kimball International Cl. B <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">252,050</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">3,001,915</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">LSC Communications <sup><a href="#g70392rvtc002_v2">2</a>,<a href="#g70392rvtc004_v2">4</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">63,906</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">5,751</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">MSA Safety</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">400</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">40,480</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">PICO Holdings <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc002_v2">2</a>,<a href="#g70392rvtc003_v2">3</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">406,960</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">3,166,149</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Pitney Bowes</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">145,515</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">296,851</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Ritchie Bros. Auctioneers <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">62,900</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">2,149,922</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Tetra Tech</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">8,119</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">573,364</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">UniFirst Corporation</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">30,430</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">4,597,669</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt; padding-bottom: 1pt">US Ecology</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; text-align: right">4,915</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">149,416</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">18,815,958</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left">Construction &amp; Engineering - 2.9%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Arcosa <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">110,980</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">4,410,345</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Comfort Systems USA <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">37,847</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">1,383,308</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">EMCOR Group</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">17,600</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">1,079,232</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">IES Holdings <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">594,244</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">10,488,407</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Infrastructure and Energy Alternatives <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">600,000</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">1,206,000</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Jacobs Engineering Group <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc003_v2">3</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">83,500</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">6,619,045</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Sterling Construction <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc002_v2">2</a>,<a href="#g70392rvtc003_v2">3</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">144,638</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">1,374,061</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Valmont Industries <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">48,461</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">5,135,897</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt; padding-bottom: 1pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Williams Industrial Services Group <sup><a href="#g70392rvtc002_v2">2</a>,<a href="#g70392rvtc004_v2">4</a></sup></font></p></td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; text-align: right">631,820</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">770,820</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="text-align: right; border-bottom: Black 1pt solid">32,467,115</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">Electrical Equipment - 1.0%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt">AZZ</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">5,573</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">156,713</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Encore Wire</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">16,027</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">672,974</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">LSI Industries</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">814,857</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">3,080,159</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Powell Industries <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">99,197</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">2,546,387</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Preformed Line Products <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">91,600</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">4,564,428</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt; padding-bottom: 1pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Sensata Technologies Holding <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; text-align: right">9,400</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">271,942</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="text-align: right; border-bottom: Black 1pt solid">11,292,603</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">Industrial Conglomerates - 0.6%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Carlisle Companies</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">4,000</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">501,120</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt; padding-bottom: 1pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Raven Industries <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; text-align: right">309,525</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">6,571,216</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="text-align: right; border-bottom: Black 1pt solid">7,072,336</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>Machinery - 7.9%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">CIRCOR International <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">199,553</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">2,320,801</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Colfax Corporation <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">534,462</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">10,582,348</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">ESCO Technologies <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">32,440</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">2,462,520</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Franklin Electric <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc003_v2">3</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">87,500</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">4,123,875</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Helios Technologies <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">237,714</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">9,014,115</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt">Hillenbrand</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">40,375</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">771,566</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">John Bean Technologies <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">130,176</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">9,668,172</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Kadant <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">130,579</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">9,747,722</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Lincoln Electric Holdings <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">52,600</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">3,629,400</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Lindsay Corporation <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">112,000</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">10,256,960</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Lydall <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">12,168</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">78,605</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Meritor <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">28,460</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">377,095</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Miller Industries</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">11,500</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">325,220</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Mueller Industries</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">44,724</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">1,070,693</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">NN <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">308,700</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">534,051</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Nordson Corporation <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">23,096</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">3,119,577</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Proto Labs <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">10,000</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">761,300</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Standex International</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">624</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">30,588</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Tennant Company <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">153,304</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">8,883,967</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Titan International</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">173,100</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">268,305</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Wabash National</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">70,721</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">510,606</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Watts Water Technologies Cl. A <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">61,000</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">5,163,650</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt; padding-bottom: 1pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Woodward <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; text-align: right">72,500</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">4,309,400</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">88,010,536</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black">Marine - 1.9%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Clarkson <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">471,100</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">13,498,336</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Eagle Bulk Shipping <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">320,478</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">592,884</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt; padding-bottom: 1pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Kirby Corporation <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; text-align: right">175,700</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">7,637,679</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">21,728,899</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left">Professional Services - 1.5%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Exponent <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">100,000</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">7,191,000</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Forrester Research <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc002_v2">2</a>,<a href="#g70392rvtc003_v2">3</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">68,329</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">1,997,257</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Heidrick &amp; Struggles International</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">48,473</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">1,090,642</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Korn Ferry <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">83,129</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">2,021,697</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">ManpowerGroup <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">15,842</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">839,468</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Morneau Shepell</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">17,500</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">353,034</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Resources Connection</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">13,344</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">146,384</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">TrueBlue <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">45,858</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">585,148</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt; padding-bottom: 1pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Upwork <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; text-align: right">300,000</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">1,935,000</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">16,159,630</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">Road &amp; Rail - 1.3%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt">ArcBest</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">21,449</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">375,786</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Landstar System <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">122,050</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">11,699,713</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Patriot Transportation Holding <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">139,100</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">1,310,322</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Saia <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">1,794</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">131,931</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt; padding-bottom: 1pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Universal Logistics Holdings <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; text-align: right">78,916</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">1,033,800</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="text-align: right; border-bottom: Black 1pt solid">14,551,552</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">Trading Companies &amp; Distributors - 2.0%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Air Lease Cl. A <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc003_v2">3</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">303,200</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">6,712,848</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Applied Industrial Technologies</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">9,758</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">446,136</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">BMC Stock Holdings <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">297,000</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">5,265,810</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">EVI Industries <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc002_v2">2</a>,<a href="#g70392rvtc003_v2">3</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">120,038</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">1,894,200</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">GMS <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">35,608</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">560,114</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Houston Wire &amp; Cable <sup><a href="#g70392rvtc002_v2">2</a>,<a href="#g70392rvtc006_v2">6</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">877,363</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">1,921,425</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Richelieu Hardware</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">88,400</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">1,396,384</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">SiteOne Landscape Supply <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">25,000</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">1,840,500</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Watsco <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">13,300</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">2,101,799</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="text-align: right; border-bottom: Black 1pt solid">22,139,216</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; font-weight: bold; padding-bottom: 2pt">Total</td><td style="padding-bottom: 2pt">&nbsp;</td>
    <td style="text-align: left; padding-bottom: 2pt">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left; padding-bottom: 2pt">&nbsp;</td><td style="color: black; padding-bottom: 2pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 2pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 2pt solid">276,140,523</td><td style="color: black; text-align: left; padding-bottom: 2pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; font-weight: bold; text-align: left">Information Technology &ndash; 23.9%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">Communications Equipment - 0.2%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">ADTRAN <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">214,973</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">1,650,993</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">CalAmp Corporation <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">31,396</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">141,282</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt; padding-bottom: 1pt">Comtech Telecommunications</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; text-align: right">23,273</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">309,298</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="text-align: right; border-bottom: Black 1pt solid">2,101,573</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">Electronic Equipment, Instruments &amp; Components - 9.3%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Badger Meter</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">3,560</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">190,816</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Benchmark Electronics</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">16,483</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">329,495</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Cognex Corporation <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">340,100</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">14,359,022</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Coherent <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">93,670</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">9,967,425</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Fabrinet <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">192,918</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">10,525,606</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">FARO Technologies <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">308,097</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">13,710,316</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">FLIR Systems <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">585,637</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">18,675,964</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Insight Enterprises <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">30,074</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">1,267,018</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">IPG Photonics <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">56,900</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">6,274,932</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Kimball Electronics <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">24,797</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">270,783</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Littelfuse <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc003_v2">3</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">22,100</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">2,948,582</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Methode Electronics</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">7,193</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">190,111</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">National Instruments <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">235,650</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">7,795,302</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">nLIGHT <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">166,610</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">1,747,739</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">OSI Systems <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">2,270</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">156,448</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">PAR Technology <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">156,353</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">2,010,700</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Perceptron <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">357,700</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">1,030,176</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Richardson Electronics <sup><a href="#g70392rvtc006_v2">6</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">711,475</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">2,724,949</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Rogers Corporation <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">30,100</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">2,842,042</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Sanmina Corporation <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">9,703</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">264,698</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">TTM Technologies <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">581,642</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">6,014,178</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Vishay Intertechnology</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">7,620</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">109,804</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt; padding-bottom: 1pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Vishay Precision Group <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; text-align: right">6,310</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">126,705</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">103,532,811</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left">IT Services - 2.2%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Cardtronics <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">20,118</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">420,869</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Computer Services <sup><a href="#g70392rvtc004_v2">4</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">30,292</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">1,218,647</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">CSG Systems International</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">12,192</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">510,235</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt">EVERTEC</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">29,338</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">666,853</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Hackett Group (The) <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">285,266</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">3,628,583</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">KBR <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">647,400</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">13,388,232</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">ManTech International Cl. A</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">3,384</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">245,915</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt">MAXIMUS</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">2,750</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">160,050</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt; padding-bottom: 1pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Unisys Corporation <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; text-align: right">360,000</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">4,446,000</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="text-align: right; border-bottom: Black 1pt solid">24,685,384</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">Semiconductors &amp; Semiconductor Equipment - 8.3%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Advanced Energy Industries <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">9,259</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">448,969</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Axcelis Technologies <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">39,700</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">726,907</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Brooks Automation <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">389,600</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">11,882,800</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Cabot Microelectronics <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">78,188</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">8,924,378</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Cirrus Logic <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc002_v2">2</a>,<a href="#g70392rvtc003_v2">3</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">250,700</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">16,453,441</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt">Cohu</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">5,890</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">72,918</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Diodes <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">253,777</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">10,312,228</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Entegris <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc003_v2">3</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">202,000</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">9,043,540</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Ichor Holdings <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">16,476</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">315,680</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Kulicke &amp; Soffa Industries <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">39,338</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">820,984</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Lattice Semiconductor <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">212,000</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">3,777,840</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">MKS Instruments <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc003_v2">3</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">254,889</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">20,760,709</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Nova Measuring Instruments <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc002_v2">2</a>,<a href="#g70392rvtc003_v2">3</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">47,770</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">1,559,691</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Onto Innovation <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc002_v2">2</a>,<a href="#g70392rvtc003_v2">3</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">44,791</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">1,328,949</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Photronics <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">183,700</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">1,884,762</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Rambus <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">71,660</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">795,426</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Silicon Motion Technology ADR <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc003_v2">3</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">27,510</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">1,008,517</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">SMART Global Holdings <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">28,435</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">690,971</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">SolarEdge Technologies <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">10,139</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">830,181</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Ultra Clean Holdings <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">10,656</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">147,053</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt; padding-bottom: 1pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Xperi Corporation <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; text-align: right">67,935</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">944,976</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="text-align: right; border-bottom: Black 1pt solid">92,730,920</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>Software - 3.9%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Descartes Systems Group (The) <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc002_v2">2</a>,<a href="#g70392rvtc003_v2">3</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">214,100</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">7,362,899</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Elastic <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc002_v2">2</a>,<a href="#g70392rvtc003_v2">3</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">56,400</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">3,147,684</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Everbridge <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">60,000</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">6,381,600</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">j2 Global <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">25,535</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">1,911,295</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Manhattan Associates <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">145,900</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">7,268,738</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Progress Software</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">9,887</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">316,384</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">RealNetworks <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">109,950</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">80,264</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">SharpSpring <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">20,000</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">121,200</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Support.com <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">216,766</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">236,275</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">SVMK <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">514,600</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">6,952,246</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">TiVo <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">6,504</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">46,048</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Upland Software <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc002_v2">2</a>,<a href="#g70392rvtc003_v2">3</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">376,700</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">10,103,094</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">43,927,727</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; font-weight: bold; padding-bottom: 1pt">Total</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="border-bottom: Black 2pt solid; color: black; text-align: left">&nbsp;</td><td style="border-bottom: Black 2pt solid; color: black; text-align: right">266,978,415</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; font-weight: bold">Materials &ndash; 11.2%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black">Chemicals - 5.7%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Chase Corporation <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">79,059</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">6,505,765</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Element Solutions <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">872,800</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">7,296,608</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">FutureFuel Corporation</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">595,325</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">6,709,313</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Hawkins <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">87,082</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">3,100,119</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Huntsman Corporation</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">25,500</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">367,965</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Innospec <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">96,083</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">6,676,808</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Minerals Technologies <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">204,702</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">7,422,494</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">NewMarket Corporation</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">8,000</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">3,062,960</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Quaker Chemical</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">170,709</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">21,557,133</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Stepan Company</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">2,760</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">244,150</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Tredegar Corporation</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">10,991</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">171,789</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt; padding-bottom: 1pt">Trinseo</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; text-align: right">19,168</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">347,132</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="text-align: right; border-bottom: Black 1pt solid">63,462,236</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">Construction Materials - 0.2%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt">Imerys</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">90,000</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">2,264,652</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt; padding-bottom: 1pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">U.S. Concrete <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; text-align: right">6,620</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">120,087</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="text-align: right; border-bottom: Black 1pt solid">2,384,739</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">Containers &amp; Packaging - 0.0%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Myers Industries</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">36,820</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">395,815</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt; padding-bottom: 1pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">UFP Technologies <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; text-align: right">2,860</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">108,938</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="text-align: right; border-bottom: Black 1pt solid">504,753</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">Metals &amp; Mining - 4.6%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Alamos Gold Cl. A</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">2,091,300</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">10,506,282</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Ferroglobe (Warranty Insurance Trust) <sup><a href="#g70392rvtc002_v2">2</a>,<a href="#g70392rvtc005_v2">5</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">49,300</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">0</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Gold Fields ADR</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">370,000</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">1,757,500</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Haynes International <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">113,900</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">2,347,479</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Hecla Mining</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">721,300</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">1,312,766</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">IAMGOLD Corporation <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">600,000</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">1,368,000</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Lundin Mining</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">640,000</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">2,405,742</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">MAG Silver <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">198,900</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">1,527,552</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Major Drilling Group International <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">2,217,291</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">4,490,357</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Materion Corporation</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">3,794</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">132,828</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Pan American Silver</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">124,627</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">1,785,905</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Pretium Resources <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">101,000</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">576,302</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Reliance Steel &amp; Aluminum <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">135,000</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">11,824,650</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Royal Gold <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">16,600</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">1,455,986</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">SunCoke Energy</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">58,573</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">225,506</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Synalloy Corporation <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">178,800</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">1,560,924</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">VanEck Vectors Junior Gold Miners ETF</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">183,000</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">5,142,300</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Warrior Met Coal</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">44,383</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">471,347</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt; padding-bottom: 1pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Worthington Industries <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; text-align: right">80,400</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">2,110,500</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="text-align: right; border-bottom: Black 1pt solid">51,001,926</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">Paper &amp; Forest Products - 0.7%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Boise Cascade</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">29,893</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">710,856</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Mercer International</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">91,912</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">665,443</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Neenah <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">16,700</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">720,271</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Schweitzer-Mauduit International</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">31,274</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">870,043</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt">Stella-Jones</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">221,758</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">4,831,308</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">7,797,921</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; font-weight: bold; padding-bottom: 2pt">Total</td><td style="padding-bottom: 2pt">&nbsp;</td>
    <td style="text-align: left; padding-bottom: 2pt">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left; padding-bottom: 2pt">&nbsp;</td><td style="color: black; padding-bottom: 2pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 2pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 2pt solid">125,151,575</td><td style="color: black; text-align: left; padding-bottom: 2pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; font-weight: bold; text-align: left">Real Estate &ndash; 4.5%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left">Equity Real Estate Investment Trusts (REITs) - 0.0%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt; padding-bottom: 1pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">New York REIT <sup><a href="#g70392rvtc002_v2">2</a>,<a href="#g70392rvtc005_v2">5</a></sup></font></p></td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; text-align: right">15,000</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">192,000</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left">Real Estate Management &amp; Development - 4.5%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Colliers International Group</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">15,000</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">720,150</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">FirstService Corporation</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">190,950</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">14,726,064</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">FRP Holdings <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">153,158</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">6,585,794</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Jones Lang LaSalle</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">13,613</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">1,374,641</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Kennedy-Wilson Holdings <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">427,850</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">5,741,747</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Marcus &amp; Millichap <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">275,083</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">7,454,749</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">RMR Group (The) Cl. A <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">80,100</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">2,160,297</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">St. Joe Company (The) <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">197,000</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">3,305,660</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Tejon Ranch <sup><a href="#g70392rvtc001_v2">1</a>,<a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">557,136</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">7,833,332</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt; padding-bottom: 1pt">&nbsp;</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">49,902,434</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; font-weight: bold; padding-bottom: 2pt">Total</td><td style="padding-bottom: 2pt">&nbsp;</td>
    <td style="text-align: left; padding-bottom: 2pt">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left; padding-bottom: 2pt">&nbsp;</td><td style="color: black; padding-bottom: 2pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 2pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 2pt solid">50,094,434</td><td style="color: black; text-align: left; padding-bottom: 2pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; font-weight: bold">Utilities &ndash; 0.1%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">Gas Utilities - 0.0%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt; padding-bottom: 1pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">UGI Corporation <sup><a href="#g70392rvtc001_v2">1</a></sup></font></p></td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; text-align: right">7,000</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">186,690</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">Water Utilities - 0.1%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt; padding-bottom: 1pt">American States Water</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; text-align: right">11,689</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">955,459</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; font-weight: bold; padding-bottom: 2pt">Total</td><td style="padding-bottom: 2pt">&nbsp;</td>
    <td style="text-align: left; padding-bottom: 2pt">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left; padding-bottom: 2pt">&nbsp;</td><td style="color: black; padding-bottom: 2pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 2pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 2pt solid">1,142,149</td><td style="color: black; text-align: left; padding-bottom: 2pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; font-weight: bold; text-align: left">TOTAL COMMON STOCKS</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt; padding-bottom: 2pt">(Cost $1,284,404,331)</td><td style="padding-bottom: 2pt">&nbsp;</td>
    <td style="text-align: left; padding-bottom: 2pt">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left; padding-bottom: 2pt">&nbsp;</td><td style="color: black; padding-bottom: 2pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 2pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 2pt solid">1,175,979,955</td><td style="color: black; text-align: left; padding-bottom: 2pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; font-weight: bold">WARRANTS &ndash; 0.0%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; font-weight: bold">Industrials &ndash; 0.0%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">Construction &amp; Engineering - 0.0%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Infrastructure and Energy Alternatives</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 20pt; padding-bottom: 1pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">(Warrants) <sup><a href="#g70392rvtc002_v2">2</a></sup></font></p></td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; text-align: right">625,000</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">37,500</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; font-weight: bold; padding-bottom: 2pt">Total</td><td style="padding-bottom: 2pt">&nbsp;</td>
    <td style="text-align: left; padding-bottom: 2pt">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left; padding-bottom: 2pt">&nbsp;</td><td style="color: black; padding-bottom: 2pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 2pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 2pt solid">37,500</td><td style="color: black; text-align: left; padding-bottom: 2pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; font-weight: bold; text-align: left">Information Technology &ndash; 0.0%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left">Semiconductors &amp; Semiconductor Equipment - 0.0%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt; padding-bottom: 1pt"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">eMagin Corporation (Warrants) <sup><a href="#g70392rvtc002_v2">2</a>,<a href="#g70392rvtc005_v2">5</a></sup></font></p></td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; text-align: right">50,000</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">0</td><td style="color: black; text-align: left; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; font-weight: bold; padding-bottom: 2pt">Total</td><td style="padding-bottom: 2pt">&nbsp;</td>
    <td style="text-align: left; padding-bottom: 2pt">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left; padding-bottom: 2pt">&nbsp;</td><td style="color: black; padding-bottom: 2pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 2pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 2pt solid">0</td><td style="color: black; text-align: left; padding-bottom: 2pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; font-weight: bold; text-align: left">TOTAL WARRANTS</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt; padding-bottom: 2pt">(Cost $470,283)</td><td style="padding-bottom: 2pt">&nbsp;</td>
    <td style="text-align: left; padding-bottom: 2pt">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left; padding-bottom: 2pt">&nbsp;</td><td style="color: black; padding-bottom: 2pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 2pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 2pt solid">37,500</td><td style="color: black; text-align: left; padding-bottom: 2pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; font-weight: bold; text-align: left">REPURCHASE AGREEMENT &ndash; 1.0%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left">Fixed Income Clearing Corporation,</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">0.00% dated 3/31/20, due 4/1/20,</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt">maturity value $11,438,000 (collateralized</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">by obligations of various U.S. Government</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 10pt">Agencies, 1.375% due 10/15/22, valued at $11,669,634)</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 10pt; padding-bottom: 2pt">(Cost $11,438,000)</td><td style="padding-bottom: 2pt">&nbsp;</td>
    <td style="text-align: left; padding-bottom: 2pt">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left; padding-bottom: 2pt">&nbsp;</td><td style="padding-bottom: 2pt">&nbsp;</td>
    <td style="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td><td style="text-align: right; border-bottom: Black 2pt solid">11,438,000</td><td style="text-align: left; padding-bottom: 2pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left">TOTAL INVESTMENTS &ndash; 106.1%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt">(Cost $1,296,312,614)</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">1,187,455,455</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 10pt">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">&nbsp;</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; font-weight: bold; text-align: left">LIABILITIES LESS CASH</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; font-weight: bold; text-align: left; padding-left: 10pt; padding-bottom: 1pt">AND OTHER ASSETS &ndash; (6.1)%</td><td style="padding-bottom: 1pt">&nbsp;</td>
    <td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left; padding-bottom: 1pt">&nbsp;</td><td style="color: black; padding-bottom: 1pt">&nbsp;</td>
    <td style="color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; text-align: right; border-bottom: Black 1pt solid">(68,230,623</td><td style="color: black; text-align: left; padding-bottom: 1pt">)</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; font-weight: bold; padding-left: 10pt">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">&nbsp;</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; font-weight: bold; text-align: left; padding-bottom: 2pt">NET ASSETS &ndash; 100.0%</td><td style="padding-bottom: 2pt">&nbsp;</td>
    <td style="text-align: left; padding-bottom: 2pt">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left; padding-bottom: 2pt">&nbsp;</td><td style="color: black; font-weight: bold; padding-bottom: 2pt">&nbsp;</td>
    <td style="color: black; font-weight: bold; text-align: left; border-bottom: Black 2pt solid">$</td><td style="color: black; font-weight: bold; text-align: right; border-bottom: Black 2pt solid">1,119,224,832</td><td style="color: black; font-weight: bold; text-align: left; padding-bottom: 2pt">&nbsp;</td></tr>
</table>


<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">ADR
&#x2013; American Depository Receipt &nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 5pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><sup><a name="g70392rvtc001_v2"></a>1</sup></font></td><td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">All
or a portion of these securities were pledged as collateral in connection with the Fund&#x2019;s revolving credit agreement at
March 31, 2020. Total market value of pledged securities at March 31, 2020, was $170,309,806.</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 5pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><sup><a name="g70392rvtc002_v2"></a>2</sup></font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Non-income
producing.</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 5pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><sup><a name="g70392rvtc003_v2"></a>3</sup></font></td><td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">At
March 31, 2020, a portion of these securities were rehypothecated in connection with the Fund&#x2019;s revolving credit agreement
in the aggregate amount of $66,497,241.</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 5pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><sup><a name="g70392rvtc004_v2"></a>4</sup></font></td><td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">These
securities are defined as Level 2 securities due to fair value being based on quoted prices for similar securities.</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 5pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><sup><a name="g70392rvtc005_v2"></a>5</sup></font></td><td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Securities
for which market quotations are not readily available represent 0.1% of net assets. These securities have been valued at their
fair value under procedures approved by the Fund&#x2019;s Board of Directors. These securities are defined as Level 3 securities
due to the use of significant unobservable inputs in the determination of fair value.</font></td>
</tr></table>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 5pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><sup><a name="g70392rvtc006_v2"></a>6</sup></font></td><td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">At
March 31, 2020, the Fund owned 5% or more of the Company&#x2019;s outstanding voting securities thereby making the Company an
Affiliated Company as that term is defined in the Investment Company Act of 1940.</font></td>
</tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><b>TAX
INFORMATION: </b>The cost of total investments for Federal income tax purposes was $1,297,807,650. At March 31, 2020, net unrealized
depreciation for all securities was $110,352,195, consisting of aggregate gross unrealized appreciation of $226,334,639 and aggregate
gross unrealized depreciation of $336,686,834. The primary cause of the difference between book and tax basis cost is the timing
of the recognition of losses on securities sold. </font></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><b>Valuation
of Investments: </b></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Investment
transactions are accounted for on the trade date. Securities are valued as of the close of trading on the New York Stock Exchange
(NYSE) (generally 4:00 p.m. Eastern time) on the valuation date. Securities that trade on an exchange, and securities traded on
Nasdaq&#x2019;s Electronic Bulletin Board, are valued at their last reported sales price or Nasdaq official closing price taken
from the primary market in which each security trades or, if no sale is reported for such day, at their highest bid price. Other
over-the-counter securities for which market quotations are readily available are valued at their highest bid price, except in
the case of some bonds and other fixed income securities which may be valued by reference to other securities with comparable
ratings, interest rates and maturities, using established independent pricing services. The Fund values its non-U.S. dollar denominated
securities in U.S. dollars daily at the prevailing foreign currency exchange rates as quoted by a major bank. Securities for which
market quotations are not readily available are valued at their fair value in accordance with the provisions of the 1940 Act,
under procedures approved by the Fund&#x2019;s Board of Directors, and are reported as Level 3 securities. As a general principle,
the fair value of a security is the amount which the Fund might reasonably expect to receive for the security upon its current
sale. However, in light of the judgment involved in fair valuations, there can be no assurance that a fair value assigned to a
particular security will be the amount which the Fund might be able to receive upon its current sale. In addition, if, between
the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that are
significant and may make the closing price unreliable, the Fund may fair value the security. The Fund uses an independent pricing
service to provide fair value estimates for relevant non-U.S. equity securities on days when the U.S. market volatility exceeds
a certain threshold. This pricing service uses proprietary correlations it has developed between the movement of prices of non-U.S.
equity securities and indices of U.S.-traded securities, futures contracts and other indications to estimate the fair value of
relevant non-U.S. securities. When fair value pricing is employed, the prices of securities used by the Fund may differ from
quoted or published prices for the same security.&nbsp; Investments in money market funds are valued at net asset value per share.
</font></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Various
inputs are used in determining the value of the Fund&#x2019;s investments, as noted above. These inputs are summarized in the
three broad levels below:</font></p>

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; width: 100%; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<tr style="font: 10pt Arial, Helvetica, Sans-Serif">
    <td style="vertical-align: top; padding: 0pt; width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</font></p>   </td>
    <td style="vertical-align: top; padding: 0pt; width: 0.6in; font: 10pt Arial, Helvetica, Sans-Serif"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Level
        1 &#x2013;</font></p>   </td>
    <td style="vertical-align: top; padding: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">quoted
        prices in active markets for identical securities.</font></p>   </td>  </tr>
<tr style="font: 10pt Arial, Helvetica, Sans-Serif">
    <td style="vertical-align: top; padding: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</font></p>   </td>
    <td style="vertical-align: top; padding: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Level
        2 &#x2013;</font></p>   </td>
    <td style="vertical-align: top; padding: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">other
        significant observable inputs (including quoted prices for similar securities, foreign securities that may be fair valued
        and repurchase agreements). The table below includes all Level 2 securities. Level 2 securities with values based on quoted
        prices for similar securities are noted in the Schedule of Investments.</font></p>   </td>  </tr>
<tr style="font: 10pt Arial, Helvetica, Sans-Serif">
    <td style="vertical-align: top; padding: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</font></p>   </td>
    <td style="vertical-align: top; padding: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Level
        3 &#x2013;</font></p>   </td>
    <td style="vertical-align: top; padding: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">significant
        unobservable inputs (including last trade price before trading was suspended, or at a discount thereto for lack of marketability
        or otherwise, market price information regarding other securities, information received from the company and/or published
        documents, including SEC filings and financial statements, or other publicly available information).</font></p>   </td>  </tr>
</table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></font></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">The
inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those
securities.</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">The
following is a summary of the inputs used to value the Fund&#x2019;s investments as of March 31, 2020. For a detailed breakout
of common stocks by sector classification, please refer to the Schedule of Investments. </font></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<tr style="vertical-align: bottom">
    <td>&nbsp;</td><td>&nbsp;</td>
    <td colspan="2">&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td>
    <td colspan="2">&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td>
    <td colspan="2">&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td>
    <td colspan="2">&nbsp;</td><td>&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</td>
    <td colspan="2" style="color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 1</td><td style="color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</td>
    <td colspan="2" style="color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 2</td><td style="color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</td>
    <td colspan="2" style="color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 3</td><td style="color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</td><td style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td><td style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 48%; color: black; text-align: left; padding-left: 0pt">Common Stocks</td><td style="width: 1%; color: black">&nbsp;</td>
    <td style="width: 1%; color: black; text-align: left"></td><td style="width: 10%; color: black; text-align: right">$1,122,806,597</td><td style="width: 1%; color: black; text-align: left">&nbsp;</td><td style="width: 1%; color: black">&nbsp;</td>
    <td style="width: 1%; color: black; text-align: left"></td><td style="width: 10%; color: black; text-align: right">$52,238,358</td><td style="width: 1%; color: black; text-align: left">&nbsp;</td><td style="width: 1%; color: black">&nbsp;</td>
    <td style="width: 1%; color: black; text-align: left"></td><td style="width: 10%; color: black; text-align: right">$935,000</td><td style="width: 1%; color: black; text-align: left">&nbsp;</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left"></td><td style="width: 10%; text-align: right">$1,175,979,955</td><td style="width: 1%; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 0pt">Warrants</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">37,500</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">&ndash;</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">0</td><td style="color: black; text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">37,500</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 0pt">Repurchase Agreement</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">&ndash;</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">11,438,000</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">&ndash;</td><td style="color: black; text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">11,438,000</td><td style="text-align: left">&nbsp;</td></tr>
</table>


<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<tr style="vertical-align: bottom">
    <td style="color: black">Level 3 Reconciliation:</td><td>&nbsp;</td>
    <td colspan="2">&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td>
    <td colspan="2">&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td>
    <td colspan="2">&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td>
    <td colspan="2">&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td>
    <td colspan="2">&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td>
    <td colspan="2">&nbsp;</td><td>&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center">&nbsp;</td><td style="color: black; font-weight: bold; text-align: center">&nbsp;</td>
    <td colspan="2" style="color: black; font-weight: bold; text-align: center">Balance as of</td><td style="color: black; font-weight: bold; text-align: center">&nbsp;</td><td style="text-align: center">&nbsp;</td>
    <td colspan="2" style="text-align: center">&nbsp;</td><td style="text-align: center">&nbsp;</td><td style="text-align: center">&nbsp;</td>
    <td colspan="2" style="text-align: center">&nbsp;</td><td style="text-align: center">&nbsp;</td><td style="color: black; font-weight: bold; text-align: center">&nbsp;</td>
    <td colspan="2" style="color: black; font-weight: bold; text-align: center">Realized</td><td style="color: black; font-weight: bold; text-align: center">&nbsp;</td><td style="color: black; font-weight: bold; text-align: center">&nbsp;</td>
    <td colspan="2" style="color: black; font-weight: bold; text-align: center">Unrealized</td><td style="color: black; font-weight: bold; text-align: center">&nbsp;</td><td style="color: black; font-weight: bold; text-align: center">&nbsp;</td>
    <td colspan="2" style="color: black; font-weight: bold; text-align: center">Balance as of</td><td style="color: black; font-weight: bold; text-align: center">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</td>
    <td colspan="2" style="color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/19</td><td style="color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</td>
    <td colspan="2" style="color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Purchases</td><td style="color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</td>
    <td colspan="2" style="color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Sales</td><td style="color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</td>
    <td colspan="2" style="color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Gain (Loss)</td><td style="color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</td>
    <td colspan="2" style="color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Gain (Loss)</td><td style="color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</td>
    <td colspan="2" style="color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">3/31/20</td><td style="color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 22%; color: black; text-align: left; padding-left: 0pt">Common Stocks</td><td style="width: 1%; color: black">&nbsp;</td>
    <td style="width: 1%; color: black; text-align: left"></td><td style="width: 10%; color: black; text-align: right">$1,085,100</td><td style="width: 1%; color: black; text-align: left">&nbsp;</td><td style="width: 1%; color: black">&nbsp;</td>
    <td style="width: 1%; color: black; text-align: left"></td><td style="width: 10%; color: black; text-align: right">$&ndash;</td><td style="width: 1%; color: black; text-align: left">&nbsp;</td><td style="width: 1%; color: black">&nbsp;</td>
    <td style="width: 1%; color: black; text-align: left"></td><td style="width: 10%; color: black; text-align: right">$1,500</td><td style="width: 1%; color: black; text-align: left">&nbsp;</td><td style="width: 1%; color: black">&nbsp;</td>
    <td style="width: 1%; color: black; text-align: left"></td><td style="width: 10%; color: black; text-align: right">$&ndash;</td><td style="width: 1%; color: black; text-align: left">&nbsp;</td><td style="width: 1%; color: black">&nbsp;</td>
    <td style="width: 1%; color: black; text-align: left"></td><td style="width: 10%; color: black; text-align: right">$(148,600</td><td style="width: 1%; color: black; text-align: left">)</td><td style="width: 1%; color: black">&nbsp;</td>
    <td style="width: 1%; color: black; text-align: left"></td><td style="width: 10%; color: black; text-align: right">$935,000</td><td style="width: 1%; color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; padding-left: 0pt">Warrants</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">0</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">&ndash;</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">&ndash;</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">&ndash;</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">&ndash;</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">0</td><td style="color: black; text-align: left">&nbsp;</td></tr>
</table>


<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">The
following table summarizes the valuation techniques used and unobservable inputs approved by the Valuation Committee to determine
the fair value of certain Level 3 investments. The table does not include Level 3 investments with values derived utilizing prices
from prior transactions or third party pricing information with adjustments (e.g. broker quotes, pricing services, net asset values).
</font></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<tr style="vertical-align: bottom">
    <td style="text-align: center">&nbsp;</td><td style="text-align: center">&nbsp;</td>
    <td colspan="2" style="text-align: center">&nbsp;</td><td style="text-align: center">&nbsp;</td><td style="text-align: center">&nbsp;</td>
    <td style="text-align: center">&nbsp;</td><td style="text-align: center">&nbsp;</td>
    <td style="text-align: center">&nbsp;</td><td style="text-align: center">&nbsp;</td>
    <td style="text-align: center">&nbsp;</td><td style="text-align: center">&nbsp;</td>
    <td style="color: black; font-weight: bold; text-align: center">Impact to</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center">&nbsp;</td><td style="text-align: center">&nbsp;</td>
    <td colspan="2" style="text-align: center">&nbsp;</td><td style="text-align: center">&nbsp;</td><td style="text-align: center">&nbsp;</td>
    <td style="text-align: center">&nbsp;</td><td style="text-align: center">&nbsp;</td>
    <td style="text-align: center">&nbsp;</td><td style="text-align: center">&nbsp;</td>
    <td style="text-align: center">&nbsp;</td><td style="text-align: center">&nbsp;</td>
    <td style="color: black; font-weight: bold; text-align: center">Valuation</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center">&nbsp;</td><td style="color: black; font-weight: bold; text-align: center">&nbsp;</td>
    <td colspan="2" style="color: black; font-weight: bold; text-align: center">Fair Value at</td><td style="color: black; font-weight: bold; text-align: center">&nbsp;</td><td style="text-align: center">&nbsp;</td>
    <td style="text-align: center">&nbsp;</td><td style="color: black; font-weight: bold; text-align: center">&nbsp;</td>
    <td style="color: black; font-weight: bold; text-align: center">Unobservable</td><td style="color: black; font-weight: bold; text-align: center">&nbsp;</td>
    <td style="color: black; font-weight: bold; text-align: center">Range</td><td style="color: black; font-weight: bold; text-align: center">&nbsp;</td>
    <td style="white-space: nowrap; color: black; font-weight: bold; text-align: center">From an Increase</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</td>
    <td colspan="2" style="color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">3/31/20</td><td style="color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</td><td style="color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Valuation Technique(s)</td><td style="color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Input(s)</td><td style="color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Average</td><td style="color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><b>in Input<sup>1</sup></b></font></p></td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td><td>&nbsp;</td>
    <td colspan="2">&nbsp;</td><td>&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: center">Discounted Present Value</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: center">Liquidity</td><td style="color: black">&nbsp;</td>
    <td style="text-align: center">&nbsp;</td><td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 22%; color: black; text-align: left; padding-left: 0pt">Waterloo Investment Holdings</td><td style="width: 1%; color: black">&nbsp;</td>
    <td style="width: 1%; color: black; text-align: left"></td><td style="width: 10%; color: black; text-align: center">$743,000</td><td style="width: 1%; color: black; text-align: left">&nbsp;</td><td style="width: 1%; color: black">&nbsp;</td>
    <td style="width: 28%; color: black; text-align: center; padding-left: 0pt">Balance Sheet Analysis</td><td style="width: 1%; color: black">&nbsp;</td>
    <td style="width: 10%; color: black; text-align: right"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Discount</font></p></td><td style="width: 1%; color: black; text-align: left">&nbsp;</td>
    <td style="width: 10%; color: black; text-align: center"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">30%-40%</font></p></td><td style="width: 1%; color: black; text-align: left">&nbsp;</td>
    <td style="width: 13%; color: black; padding-left: 0pt; text-align: center">Decrease</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 0pt">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: center">&nbsp;</td><td style="text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: center; padding-left: 0pt">Guidance from Options Clearing Authorities</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: right"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Liquidity</font></p></td><td style="color: black; text-align: left">&nbsp;</td>
    <td style="text-align: center">&nbsp;</td><td style="text-align: left">&nbsp;</td>
    <td style="padding-left: 0pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="color: black; text-align: left; padding-left: 0pt">New York REIT</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: center">&nbsp;&nbsp;192,000</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: center; padding-left: 0pt">Balance Sheet Analysis</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: right"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Discount</font></p></td><td style="color: black; text-align: left">&nbsp;</td>
    <td style="color: black; text-align: center"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">15%-25%</font></p></td><td style="color: black; text-align: left">&nbsp;</td>
    <td style="color: black; padding-left: 0pt; text-align: center">Decrease</td></tr>
</table>


<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 5pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><sup>1</sup></font></td><td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">This
column represents the directional change in the fair value of the Level 3 investments that would result in an increase from the
corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. Significant increases and
decreases in these unobservable inputs in isolation could result in significantly higher or lower fair value measurements.</font></td>
</tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><b>Repurchase
Agreements: </b></font></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">The
Fund may enter into repurchase agreements with institutions that the Fund&#x2019;s investment adviser has determined are creditworthy.
The Fund restricts repurchase agreements to maturities of no more than seven days. Securities pledged as collateral for repurchase
agreements, which are held until maturity of&nbsp; the repurchase agreements, are marked-to-market daily and maintained at a value
at least equal to the principal amount of the repurchase agreement (including accrued interest). Repurchase agreements could involve
certain risks in the event of default or insolvency of the counter-party, including possible delays or restrictions upon the ability
of the Fund to dispose of its underlying securities. The remaining contractual maturity of the repurchase agreement held by the
Fund at March 31, 2020 is overnight and continuous. </font></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><b>Borrowings:
</b></font></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">The
Fund is party to a revolving credit agreement (the credit agreement) with BNP Paribas Prime Brokerage International, Limited (BNPPI).
The Fund pays a commitment fee of 0.50% per annum on the unused portion of the then-current maximum amount that may be borrowed
by the Fund under the credit agreement. The credit agreement has a 179-day rolling term that resets daily. The Fund is required
to pledge portfolio securities as collateral in an amount up to two times the loan balance outstanding or as otherwise required
by applicable regulatory standards and has granted a security interest in the securities pledged to, and in favor of, BNPPI as
security for the loan balance outstanding. If the Fund fails to meet certain requirements, or maintain other financial covenants
required under the credit agreement, the Fund may be required to repay immediately, in part or in full, the loan balance outstanding
under the credit agreement which may necessitate the sale of portfolio securities at potentially inopportune times. BNPPI may
terminate the credit agreement upon certain ratings downgrades of its corporate parent, which would result in the Fund&#x2019;s
entire loan balance becoming immediately due and payable. The occurrence of such ratings downgrades may necessitate the sale of
portfolio securities at potentially inopportune times. BNPPI may also terminate the credit agreement upon sixty (60) calendar
days&#x2019; prior written notice to the Fund in the event the Fund&#x2019;s net asset value per share as of the close of business
on the last business day of any calendar month declines by thirty-five percent (35%) or more from the Fund&#x2019;s net asset
value per share as of the close of business on the last business day of the immediately preceding calendar month.&nbsp; </font></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">The
credit agreement also permits, subject to certain conditions, BNPPI to rehypothecate portfolio securities pledged by the Fund
up to the amount of the loan balance outstanding. The Fund continues to receive payments in lieu of dividends and interest on
rehypothecated securities. The Fund also has the right under the credit agreement to recall the rehypothecated securities from
BNPPI on demand. If BNPPI fails to deliver the recalled security in a timely manner, the Fund is compensated by BNPPI for any
fees or losses related to the failed delivery or, in the event a recalled security is not returned by BNPPI, the Fund, upon notice
to BNPPI, may reduce the loan balance outstanding by the value of the recalled security failed to be returned. The Fund receives
a portion of the fees earned by BNPPI in connection with the rehypothecation of portfolio securities. </font></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">The
Fund and BNPPI have agreed that the current maximum amount the Fund may borrow under the credit agreement is $70,000,000. The
Fund has the right to reduce the maximum amount it can borrow under the credit agreement upon one (1) business day&#x2019;s prior
written notice to BNPPI. In addition, the Fund and BNPPI may agree to increase the maximum amount the Fund can borrow under the
credit agreement, which amount may not exceed $150,000,000. </font></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">As
of March 31, 2020, the Fund has outstanding borrowings of $70,000,000. During the three months ended March 31, 2020, the
Fund borrowed an average daily balance of $70,000,000. As of March 31, 2020 the aggregate value of rehypothecated securities
was $66,497,241. </font></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><b>Transactions
in Affiliated Companies: </b></font></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">An
&#x0093;Affiliated Company&#x0094; as defined in the Investment Company Act of 1940, is a company in which a fund owns 5% or more
of the company&#x2019;s outstanding voting securities at any time during the period. The following transactions were effected
in shares of such companies for the three months ended March 31, 2020: </font></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<tr style="vertical-align: bottom">
    <td style="text-align: center; background-color: White">&nbsp;</td><td style="text-align: center; background-color: White">&nbsp;</td>
    <td style="text-align: center">&nbsp;</td><td style="text-align: center">&nbsp;</td>
    <td colspan="2" style="text-align: center">&nbsp;</td><td style="text-align: center">&nbsp;</td>
    <td colspan="2" style="text-align: center">&nbsp;</td><td style="text-align: center">&nbsp;</td>
    <td colspan="2" style="text-align: center">&nbsp;</td><td style="text-align: center">&nbsp;</td>
    <td colspan="2" style="text-align: center">&nbsp;</td><td style="text-align: center">&nbsp;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">Change in Net</td><td style="font-weight: bold; text-align: center">&nbsp;</td>
    <td colspan="2" style="text-align: center">&nbsp;</td><td style="text-align: center">&nbsp;</td>
    <td colspan="2" style="text-align: center">&nbsp;</td><td style="text-align: center">&nbsp;</td>
    <td colspan="2" style="text-align: center">&nbsp;</td><td style="text-align: center">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center; background-color: White">&nbsp;</td><td style="text-align: center; background-color: White">&nbsp;</td>
    <td style="text-align: center">&nbsp;</td><td style="text-align: center">&nbsp;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">Market</td><td style="font-weight: bold; text-align: center">&nbsp;</td>
    <td colspan="2" style="text-align: center">&nbsp;</td><td style="text-align: center">&nbsp;</td>
    <td colspan="2" style="text-align: center">&nbsp;</td><td style="text-align: center">&nbsp;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">Realized</td><td style="font-weight: bold; text-align: center">&nbsp;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">Unrealized</td><td style="font-weight: bold; text-align: center">&nbsp;</td>
    <td colspan="2" style="text-align: center">&nbsp;</td><td style="text-align: center">&nbsp;</td>
    <td colspan="2" style="text-align: center">&nbsp;</td><td style="text-align: center">&nbsp;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">Market</td><td style="font-weight: bold; text-align: center">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center; background-color: White">&nbsp;</td><td style="font-weight: bold; text-align: center; background-color: White">&nbsp;</td>
    <td style="font-weight: bold; text-align: center">Shares</td><td style="font-weight: bold; text-align: center">&nbsp;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">Value</td><td style="font-weight: bold; text-align: center">&nbsp;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">Costs of</td><td style="font-weight: bold; text-align: center">&nbsp;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">Proceeds</td><td style="font-weight: bold; text-align: center">&nbsp;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">Gain</td><td style="font-weight: bold; text-align: center">&nbsp;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">Appreciation</td><td style="font-weight: bold; text-align: center">&nbsp;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">Dividend</td><td style="font-weight: bold; text-align: center">&nbsp;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">Shares</td><td style="font-weight: bold; text-align: center">&nbsp;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">Value</td><td style="font-weight: bold; text-align: center">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left; border-bottom: Black 1pt solid; background-color: White">Affiliated Company</td><td style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; background-color: White">&nbsp;</td>
    <td style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/19</td><td style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12/31/19</td><td style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Purchases</td><td style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</td>
    <td colspan="2" nowrap style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">from Sales</td><td style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">(Loss)</td><td style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">(Depreciation)</td><td style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Income</td><td style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">3/31/20</td><td style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">3/31/20</td><td style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; background-color: White">Industrials - 0.2%</td><td style="background-color: White">&nbsp;</td>
    <td>&nbsp;</td><td>&nbsp;</td>
    <td colspan="2">&nbsp;</td><td>&nbsp;</td>
    <td colspan="2">&nbsp;</td><td>&nbsp;</td>
    <td colspan="2">&nbsp;</td><td>&nbsp;</td>
    <td colspan="2">&nbsp;</td><td>&nbsp;</td>
    <td colspan="2">&nbsp;</td><td>&nbsp;</td>
    <td colspan="2">&nbsp;</td><td>&nbsp;</td>
    <td colspan="2">&nbsp;</td><td>&nbsp;</td>
    <td colspan="2">&nbsp;</td><td>&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left; padding-left: 0pt; background-color: White">Trading Companies &amp; Distributors - 0.2%</td><td style="background-color: White">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0pt; width: 26%; background-color: White"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Houston Wire &amp; Cable <sup><a href="#g70392rvtc011_v2">1</a>,<a href="#g70392rvtc012_v2">2</a></sup></font></p></td><td style="width: 1%; background-color: White">&nbsp;</td>
    <td style="width: 6%; text-align: right; border-bottom: Black 1pt solid">877,363</td><td style="width: 1%; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="width: 1%; text-align: left; border-bottom: Black 1pt solid">$</td><td style="width: 6%; text-align: right; border-bottom: Black 1pt solid">3,869,171</td><td style="width: 1%; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="width: 1%; text-align: left; border-bottom: Black 1pt solid">$</td><td style="width: 6%; text-align: right; border-bottom: Black 1pt solid">&ndash;</td><td style="width: 1%; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="width: 1%; text-align: left; border-bottom: Black 1pt solid">$</td><td style="width: 6%; text-align: right; border-bottom: Black 1pt solid">&ndash;</td><td style="width: 1%; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="width: 1%; text-align: left; border-bottom: Black 1pt solid">$</td><td style="width: 6%; text-align: right; border-bottom: Black 1pt solid">&ndash;</td><td style="width: 1%; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="width: 1%; text-align: left; border-bottom: Black 1pt solid">$</td><td style="width: 8%; text-align: right; border-bottom: Black 1pt solid">(1,947,746</td><td style="width: 1%; text-align: left; border-bottom: Black 1pt solid">)</td>
    <td style="width: 1%; text-align: left; border-bottom: Black 1pt solid">$</td><td style="width: 6%; text-align: right; border-bottom: Black 1pt solid">&ndash;</td><td style="width: 1%; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="width: 1%; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="width: 6%; text-align: right; border-bottom: Black 1pt solid">877,363</td><td style="width: 1%; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="width: 1%; text-align: left; border-bottom: Black 1pt solid">$</td><td style="width: 6%; text-align: right; border-bottom: Black 1pt solid">1,921,425</td><td style="width: 1%; text-align: left; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(218,218,218)">
    <td style="padding-left: 0pt; background-color: White">&nbsp;</td><td style="background-color: White">&nbsp;</td>
    <td style="text-align: right; border-bottom: Black 1pt solid">&nbsp;</td><td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="text-align: right; border-bottom: Black 1pt solid">3,869,171</td><td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="text-align: right; border-bottom: Black 1pt solid">&nbsp;</td><td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="text-align: right; border-bottom: Black 1pt solid">&nbsp;</td><td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="text-align: right; border-bottom: Black 1pt solid">&ndash;</td><td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="text-align: right; border-bottom: Black 1pt solid">(1,947,746</td><td style="text-align: left; border-bottom: Black 1pt solid">)</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="text-align: right; border-bottom: Black 1pt solid">&ndash;</td><td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="text-align: right; border-bottom: Black 1pt solid">&nbsp;</td><td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="text-align: right; border-bottom: Black 1pt solid">1,921,425</td><td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left; padding-left: 0pt; background-color: White">Information Technology - 0.2%</td><td style="background-color: White">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left; padding-left: 0pt; background-color: White">Electronic Equipment, Instruments &amp; Components - 0.2%</td><td style="background-color: White">&nbsp;</td>
    <td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0pt; background-color: White"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Richardson Electronics <sup><a href="#g70392rvtc011_v2">1</a></sup></font></p></td><td style="background-color: White">&nbsp;</td>
    <td style="text-align: right; border-bottom: Black 1pt solid">711,475</td><td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="text-align: right; border-bottom: Black 1pt solid">4,005,604</td><td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="text-align: right; border-bottom: Black 1pt solid">&ndash;</td><td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="text-align: right; border-bottom: Black 1pt solid">&ndash;</td><td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="text-align: right; border-bottom: Black 1pt solid">&ndash;</td><td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="text-align: right; border-bottom: Black 1pt solid">(1,280,655</td><td style="text-align: left; border-bottom: Black 1pt solid">)</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="text-align: right; border-bottom: Black 1pt solid">42,689</td><td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="text-align: right; border-bottom: Black 1pt solid">711,475</td><td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="text-align: right; border-bottom: Black 1pt solid">2,724,949</td><td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(218,218,218)">
    <td style="padding-left: 0pt; background-color: White">&nbsp;</td><td style="background-color: White">&nbsp;</td>
    <td style="text-align: right; border-bottom: Black 1pt solid">&nbsp;</td><td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="text-align: right; border-bottom: Black 1pt solid">4,005,604</td><td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="text-align: right; border-bottom: Black 1pt solid">&nbsp;</td><td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="text-align: right; border-bottom: Black 1pt solid">&nbsp;</td><td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="text-align: right; border-bottom: Black 1pt solid">&ndash;</td><td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="text-align: right; border-bottom: Black 1pt solid">(1,280,655</td><td style="text-align: left; border-bottom: Black 1pt solid">)</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="text-align: right; border-bottom: Black 1pt solid">42,689</td><td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="text-align: right; border-bottom: Black 1pt solid">&nbsp;</td><td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td><td style="text-align: right; border-bottom: Black 1pt solid">2,724,949</td><td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(184,204,228)">
    <td style="padding-left: 0pt; background-color: White">&nbsp;</td><td style="background-color: White">&nbsp;</td>
    <td style="text-align: right; border-bottom: Black 2pt solid">&nbsp;</td><td style="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <td style="text-align: left; border-bottom: Black 2pt solid">$</td><td style="text-align: right; border-bottom: Black 2pt solid">7,874,775</td><td style="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <td style="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td><td style="text-align: right; border-bottom: Black 2pt solid">&nbsp;</td><td style="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <td style="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td><td style="text-align: right; border-bottom: Black 2pt solid">&nbsp;</td><td style="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <td style="text-align: left; border-bottom: Black 2pt solid">$</td><td style="text-align: right; border-bottom: Black 2pt solid">&ndash;</td><td style="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <td style="text-align: left; border-bottom: Black 2pt solid">$</td><td style="text-align: right; border-bottom: Black 2pt solid">(3,228,401</td><td style="text-align: left; border-bottom: Black 2pt solid">)</td>
    <td style="text-align: left; border-bottom: Black 2pt solid">$</td><td style="text-align: right; border-bottom: Black 2pt solid">42,689</td><td style="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <td style="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td><td style="text-align: right; border-bottom: Black 2pt solid">&nbsp;</td><td style="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td>
    <td style="text-align: left; border-bottom: Black 2pt solid">$</td><td style="text-align: right; border-bottom: Black 2pt solid">4,646,374</td><td style="text-align: left; border-bottom: Black 2pt solid">&nbsp;</td></tr>
</table>


<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 5pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><sup><a name="g70392rvtc011_v2"></a>1</sup></font></td><td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">At
March 31, 2020, the Fund owned 5% or more of the Company&#x2019;s outstanding voting securities thereby making the Company an
Affiliated Company as&nbsp; &nbsp;that term is defined in the Investment Company Act of 1940.</font></td>
</tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></font></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top">
<td style="width: 0pt"></td><td style="width: 5pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><sup><a name="g70392rvtc012_v2"></a>2</sup></font></td><td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Non-income
producing.</font></td>
</tr></table>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Other
information regarding the Fund is available in the Fund&#x2019;s most recent Report to Stockholders. This information is available
through Royce Investment Partners (www.royceinvest.com) and on the Securities and Exchange Commission&#x2019;s website (www.sec.gov).</font></p>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</font></p>
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</SEC-DOCUMENT>
