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      <regStreet1>325 John H. McConnell Blvd.</regStreet1>
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        <name>Alaska Air Group Incorporation</name>
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        <name>Ashland Global Holdings Inc</name>
        <lei>529900E4L9R04SB8HB11</lei>
        <title>Ashland Global Holdings, Inc. </title>
        <cusip>044186104</cusip>
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          <isin value="US0441861046"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Post Holdings Inc.</name>
        <lei>JM1I5YUAURL6DC8N1468</lei>
        <title>Post Holdings, Inc. </title>
        <cusip>737446104</cusip>
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          <isin value="US7374461041"/>
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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>Ryman Hospitality Properties Inc</name>
        <lei>529900GCCWW9SRMPJR11</lei>
        <title>Ryman Hospitality Properties, Inc. REIT</title>
        <cusip>78377T107</cusip>
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          <isin value="US78377T1079"/>
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        <balance>37129.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3444457.33000000</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>Enstar Group Ltd</name>
        <lei>213800AMAL5QFXVUCN04</lei>
        <title>Enstar Group Ltd. </title>
        <cusip>G3075P101</cusip>
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          <isin value="BMG3075P1014"/>
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        <balance>8183.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2136990.45000000</valUSD>
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        <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>Bellring Brands Inc.</name>
        <lei>N/A</lei>
        <title>BellRing Brands, Inc. </title>
        <cusip>07831C103</cusip>
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          <isin value="US07831C1036"/>
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        <balance>118497.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2734910.76000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Cognizant Technology Solutions Corp.</name>
        <lei>5493006IEVQEFQO40L83</lei>
        <title>Cognizant Technology Solutions Corporation Class A</title>
        <cusip>192446102</cusip>
        <identifiers>
          <isin value="US1924461023"/>
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        <balance>47687.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4276093.29000000</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>Freeport-McMoRan Inc.</name>
        <lei>549300IRDTHJQ1PVET45</lei>
        <title>Freeport-McMoRan, Inc. </title>
        <cusip>35671D857</cusip>
        <identifiers>
          <isin value="US35671D8570"/>
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        <balance>177727.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8840140.98000000</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
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          <other otherDesc="Internal" value="SS SECLEN"/>
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        <balance>3739628.25</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3739628.25000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="3739628.25" isCashCollateral="Y"/>
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      <invstOrSec>
        <name>Vail Resorts, Inc.</name>
        <lei>529900PSZHRNU9HKH870</lei>
        <title>Vail Resorts, Inc. </title>
        <cusip>91879Q109</cusip>
        <identifiers>
          <isin value="US91879Q1094"/>
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        <balance>15147.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3942309.69000000</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>Willis Towers Watson Public Limited Company</name>
        <lei>549300WHC56FF48KL350</lei>
        <title>Willis Towers Watson plc </title>
        <cusip>G96629103</cusip>
        <identifiers>
          <isin value="IE00BDB6Q211"/>
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        <balance>17407.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4111881.54000000</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>Lancaster Colony Corp.</name>
        <lei>529900X4O13HED1ZAS58</lei>
        <title>Lancaster Colony Corporation </title>
        <cusip>513847103</cusip>
        <identifiers>
          <isin value="US5138471033"/>
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        <balance>19493.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2907380.95000000</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Archer-Daniels-Midland Company</name>
        <lei>549300LO13MQ9HYSTR83</lei>
        <title>Archer-Daniels-Midland Company </title>
        <cusip>039483102</cusip>
        <identifiers>
          <isin value="US0394831020"/>
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        <balance>41281.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3726023.06000000</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Weyerhaeuser Company</name>
        <lei>08IRJODWFYBI7QWRGS31</lei>
        <title>Weyerhaeuser Company REIT</title>
        <cusip>962166104</cusip>
        <identifiers>
          <isin value="US9621661043"/>
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        <balance>93506.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3543877.40000000</valUSD>
        <pctVal>1.321301058485</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>First Republic Bank San Francisco</name>
        <lei>YWC0TIKBQM2JV8L4IV08</lei>
        <title>First Republic Bank </title>
        <cusip>33616C100</cusip>
        <identifiers>
          <isin value="US33616C1009"/>
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        <balance>40616.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6583853.60000000</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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Hanesbrands Inc.</name>
        <lei>GX5LWVWZLL5S4W1L2F20</lei>
        <title>Hanesbrands, Inc. </title>
        <cusip>410345102</cusip>
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          <isin value="US4103451021"/>
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        <balance>309486.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4608246.54000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Loews Corporation</name>
        <lei>R8V1FN4M5ITGZOG7BS19</lei>
        <title>Loews Corporation </title>
        <cusip>540424108</cusip>
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          <isin value="US5404241086"/>
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        <balance>62277.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4036795.14000000</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>Douglas Emmett Inc</name>
        <lei>N/A</lei>
        <title>Douglas Emmett, Inc. REIT</title>
        <cusip>25960P109</cusip>
        <identifiers>
          <isin value="US25960P1093"/>
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        <balance>85656.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2862623.52000000</valUSD>
        <pctVal>1.067302014178</pctVal>
        <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>Jones Lang LaSalle Incorporated</name>
        <lei>6SYKCME112RT8TQUO411</lei>
        <title>Jones Lang LaSalle, Inc. </title>
        <cusip>48020Q107</cusip>
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          <isin value="US48020Q1076"/>
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        <balance>6365.00000000</balance>
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        <valUSD>1524162.90000000</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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      <invstOrSec>
        <name>Wesco International, Inc.</name>
        <lei>529900TXOGREY3WNJ434</lei>
        <title>WESCO International, Inc. </title>
        <cusip>95082P105</cusip>
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          <isin value="US95082P1057"/>
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        <balance>77377.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10069842.78000000</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>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Kirby Corp</name>
        <lei>I7NO6FZO5GUCG585T325</lei>
        <title>Kirby Corporation </title>
        <cusip>497266106</cusip>
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          <isin value="US4972661064"/>
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        <balance>76107.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5494164.33000000</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>Ss&amp;C Tech Hldgs</name>
        <lei>529900POY8H7NPPNKK71</lei>
        <title>SS&amp;C Technologies Holdings, Inc. </title>
        <cusip>78467J100</cusip>
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          <isin value="US78467J1007"/>
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        <balance>35101.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2633277.02000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Red Rock Resorts Inc</name>
        <lei>N/A</lei>
        <title>Red Rock Resorts, Inc. Class A</title>
        <cusip>75700L108</cusip>
        <identifiers>
          <isin value="US75700L1089"/>
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        <balance>239698.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11639734.88000000</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>The Hartford Financial Services Group, Inc.</name>
        <lei>IU7C3FTM7Y3BQM112U94</lei>
        <title>Hartford Financial Services Group, Inc. (The) </title>
        <cusip>416515104</cusip>
        <identifiers>
          <isin value="US4165151048"/>
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        <balance>67801.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4868789.81000000</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>Rayonier Inc</name>
        <lei>HGV8VDVNL0W6SF2U9C50</lei>
        <title>Rayonier, Inc. REIT</title>
        <cusip>754907103</cusip>
        <identifiers>
          <isin value="US7549071030"/>
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        <balance>73887.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3038233.44000000</valUSD>
        <pctVal>1.132776506376</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>BankUnited Inc.</name>
        <lei>96OVUWEW5D4YX6PFXD91</lei>
        <title>BankUnited, Inc. </title>
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          <isin value="US06652K1034"/>
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        <balance>97820.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4300167.20000000</valUSD>
        <pctVal>1.603276533500</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>Check Point Software Technologies Ltd.</name>
        <lei>2549003ZVBH73EPNS513</lei>
        <title>Check Point Software Technologies Ltd. </title>
        <cusip>M22465104</cusip>
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          <isin value="IL0010824113"/>
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        <balance>63664.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8802184.64000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Renaissancere Holdings Ltd.</name>
        <lei>EK6GB9U3U58PDI411C94</lei>
        <title>Renaissance Holdings Ltd. </title>
        <cusip>G7496G103</cusip>
        <identifiers>
          <isin value="BMG7496G1033"/>
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        <balance>14334.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2272082.34000000</valUSD>
        <pctVal>0.847124339235</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>V.F. Corp</name>
        <lei>CWAJJ9DJ5Z7P057HV541</lei>
        <title>VF Corporation </title>
        <cusip>918204108</cusip>
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          <isin value="US9182041080"/>
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        <balance>60778.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3455837.08000000</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>SVB Financial Group</name>
        <lei>549300D2KJ20JMXE7542</lei>
        <title>SVB Financial Group </title>
        <cusip>78486Q101</cusip>
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          <isin value="US78486Q1013"/>
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        <balance>14546.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8137759.70000000</valUSD>
        <pctVal>3.034086479771</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>BorgWarner Inc.</name>
        <lei>549300DSFX2IE88NSX47</lei>
        <title>BorgWarner, Inc. </title>
        <cusip>099724106</cusip>
        <identifiers>
          <isin value="US0997241064"/>
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        <balance>60125.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2338862.50000000</valUSD>
        <pctVal>0.872022688172</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Allegiant Travel Company</name>
        <lei>549300JM9OZXOHWL2K18</lei>
        <title>Allegiant Travel Company </title>
        <cusip>01748X102</cusip>
        <identifiers>
          <isin value="US01748X1028"/>
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        <balance>12940.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2101326.60000000</valUSD>
        <pctVal>0.783459681986</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>PROG Holdings Inc.</name>
        <lei>549300DHYTLBOVRXIG52</lei>
        <title>Prog Holdings, Inc. </title>
        <cusip>74319R101</cusip>
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          <isin value="US74319R1014"/>
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        <balance>69023.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1985791.71000000</valUSD>
        <pctVal>0.740383594634</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Brighthouse Financial Inc.</name>
        <lei>5493003T8SZSHOGGAW52</lei>
        <title>Brighthouse Financial, Inc. </title>
        <cusip>10922N103</cusip>
        <identifiers>
          <isin value="US10922N1037"/>
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        <balance>58357.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3014722.62000000</valUSD>
        <pctVal>1.124010720248</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>Discover Financial Services</name>
        <lei>Z1YLO2USPORE63VVUL20</lei>
        <title>Discover Financial Services </title>
        <cusip>254709108</cusip>
        <identifiers>
          <isin value="US2547091080"/>
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        <balance>15201.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1674998.19000000</valUSD>
        <pctVal>0.624507180019</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>UDR Inc</name>
        <lei>P3CH2EG5X6Z1XWU1OO74</lei>
        <title>UDR, Inc. REIT</title>
        <cusip>902653104</cusip>
        <identifiers>
          <isin value="US9026531049"/>
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        <balance>26714.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1532582.18000000</valUSD>
        <pctVal>0.571408722166</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>Alleghany Corp</name>
        <lei>549300DCJE6AYX159479</lei>
        <title>Alleghany Corporation </title>
        <cusip>017175100</cusip>
        <identifiers>
          <isin value="US0171751003"/>
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        <balance>6741.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5709627.00000000</valUSD>
        <pctVal>2.128780244671</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>UGI Corp</name>
        <lei>DX6GCWD4Q1JO9CRE5I40</lei>
        <title>UGI Corporation </title>
        <cusip>902681105</cusip>
        <identifiers>
          <isin value="US9026811052"/>
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        <balance>148458.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5377148.76000000</valUSD>
        <pctVal>2.004818887984</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>Webster Financial Corp.</name>
        <lei>KMRURHT0VWKYS6Z5KU67</lei>
        <title>Webster Financial Corporation </title>
        <cusip>947890109</cusip>
        <identifiers>
          <isin value="US9478901096"/>
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        <balance>137075.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7692649.00000000</valUSD>
        <pctVal>2.868131179215</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>Liberty Media Corp Del</name>
        <lei>549300ZKUTPIBZLWLL89</lei>
        <title>Liberty Media Corporation - Liberty Formula One Series C</title>
        <cusip>531229854</cusip>
        <identifiers>
          <isin value="US5312298541"/>
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        <balance>50714.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3541865.76000000</valUSD>
        <pctVal>1.320551037601</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>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2022-05-31</ncom:dateSigned>
      <ncom:nameOfApplicant>Diamond Hill Funds</ncom:nameOfApplicant>
      <ncom:signature>Julie Roach</ncom:signature>
      <ncom:signerName>Julie Roach</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
