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      <invstOrSec>
        <name>Liberty Broadband Corp.</name>
        <lei>549300MIX43II8JLN536</lei>
        <title>Liberty Broadband Corp., Class C</title>
        <cusip>530307305</cusip>
        <identifiers>
          <isin value="US5303073051"/>
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        <balance>33727.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4818576.49000000</valUSD>
        <pctVal>1.216775607682</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>United Airlines Holdings, Inc.</name>
        <lei>98450079DA0B78DD6764</lei>
        <title>United Airlines Holdings, Inc.</title>
        <cusip>910047109</cusip>
        <identifiers>
          <isin value="US9100471096"/>
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        <balance>106264.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3692674.00000000</valUSD>
        <pctVal>0.932465357693</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>Duke Realty Corp.</name>
        <lei>N/A</lei>
        <title>Duke Realty Corp.</title>
        <cusip>264411505</cusip>
        <identifiers>
          <isin value="US2644115055"/>
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        <balance>49585.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1829686.50000000</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hess Corp.</name>
        <lei>UASVRYNXNK17ULIGK870</lei>
        <title>Hess Corp.</title>
        <cusip>42809H107</cusip>
        <identifiers>
          <isin value="US42809H1077"/>
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        <balance>66435.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2719184.55000000</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>Snap, Inc.</name>
        <lei>549300JNC0L6VP8A2Q35</lei>
        <title>Snap, Inc., Class A</title>
        <cusip>83304A106</cusip>
        <identifiers>
          <isin value="US83304A1060"/>
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        <balance>104453.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2727267.83000000</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>Markel Corp.</name>
        <lei>549300SCNO12JLWIK605</lei>
        <title>Markel Corp.</title>
        <cusip>570535104</cusip>
        <identifiers>
          <isin value="US5705351048"/>
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        <balance>5084.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4950290.80000000</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>Live Nation Entertainment, Inc.</name>
        <lei>5493007B9BM9ZXJINO78</lei>
        <title>Live Nation Entertainment, Inc.</title>
        <cusip>538034109</cusip>
        <identifiers>
          <isin value="US5380341090"/>
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        <balance>53675.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2892009.00000000</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>Kansas City Southern</name>
        <lei>5493008C12PZMWP3WY03</lei>
        <title>Kansas City Southern</title>
        <cusip>485170302</cusip>
        <identifiers>
          <isin value="US4851703029"/>
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        <balance>8588.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1552968.04000000</valUSD>
        <pctVal>0.392151838723</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>Aramark</name>
        <lei>549300MR6PG2DWZUIL39</lei>
        <title>Aramark</title>
        <cusip>03852U106</cusip>
        <identifiers>
          <isin value="US03852U1060"/>
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        <balance>157513.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4166218.85000000</valUSD>
        <pctVal>1.052043790000</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>Rockwell Automation, Inc.</name>
        <lei>VH3R4HHBHH12O0EXZJ88</lei>
        <title>Rockwell Automation, Inc.</title>
        <cusip>773903109</cusip>
        <identifiers>
          <isin value="US7739031091"/>
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        <balance>25697.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5670813.96000000</valUSD>
        <pctVal>1.431980610155</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>Eversource Energy</name>
        <lei>SJ7XXD41SQU3ZNWUJ746</lei>
        <title>Eversource Energy</title>
        <cusip>30040W108</cusip>
        <identifiers>
          <isin value="US30040W1080"/>
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        <balance>43293.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3617130.15000000</valUSD>
        <pctVal>0.913389202281</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>Centene Corp.</name>
        <lei>549300Z7JJ4TQSQGT333</lei>
        <title>Centene Corp.</title>
        <cusip>15135B101</cusip>
        <identifiers>
          <isin value="US15135B1017"/>
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        <balance>35402.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2064998.66000000</valUSD>
        <pctVal>0.521448607197</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>Hudson Pacific Properties, Inc.</name>
        <lei>N/A</lei>
        <title>Hudson Pacific Properties, Inc.</title>
        <cusip>444097109</cusip>
        <identifiers>
          <isin value="US4440971095"/>
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        <balance>71952.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1577907.36000000</valUSD>
        <pctVal>0.398449457181</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>Sarepta Therapeutics, Inc.</name>
        <lei>549300IKDPIED8J8IG21</lei>
        <title>Sarepta Therapeutics, Inc.</title>
        <cusip>803607100</cusip>
        <identifiers>
          <isin value="US8036071004"/>
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        <balance>8175.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1148015.25000000</valUSD>
        <pctVal>0.289894112160</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>Equity LifeStyle Properties, Inc.</name>
        <lei>529900PEQG66LENB6798</lei>
        <title>Equity LifeStyle Properties, Inc.</title>
        <cusip>29472R108</cusip>
        <identifiers>
          <isin value="US29472R1086"/>
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        <balance>53212.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3261895.60000000</valUSD>
        <pctVal>0.823686208805</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>Palo Alto Networks, Inc.</name>
        <lei>549300QXR2YVZV231H43</lei>
        <title>Palo Alto Networks, Inc.</title>
        <cusip>697435105</cusip>
        <identifiers>
          <isin value="US6974351057"/>
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        <balance>11375.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2784031.25000000</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Atmos Energy Corp.</name>
        <lei>QVLWEGTD2S8GJMO8D383</lei>
        <title>Atmos Energy Corp.</title>
        <cusip>049560105</cusip>
        <identifiers>
          <isin value="US0495601058"/>
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        <balance>40010.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3824555.90000000</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <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>65292.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2330924.40000000</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>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Goldman Sachs Financial Square Funds - Government Fund</name>
        <lei>549300BRJMXN4GUWZ402</lei>
        <title>Goldman Sachs Financial Square Government Fund - Institutional Shares</title>
        <cusip>38141W273</cusip>
        <identifiers>
          <isin value="US38141W2733"/>
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        <balance>3657376.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3657376.00000000</valUSD>
        <pctVal>0.923551989712</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</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>Microchip Technology, Inc.</name>
        <lei>5493007PTFULNYZJ1R12</lei>
        <title>Microchip Technology, Inc.</title>
        <cusip>595017104</cusip>
        <identifiers>
          <isin value="US5950171042"/>
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        <balance>28007.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2877999.32000000</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>Corteva, Inc.</name>
        <lei>549300WZN9I2QKLS0O94</lei>
        <title>Corteva, Inc.</title>
        <cusip>22052L104</cusip>
        <identifiers>
          <isin value="US22052L1044"/>
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        <balance>197077.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5677788.37000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Viavi Solutions, Inc.</name>
        <lei>5493006K3E3N1QOBF092</lei>
        <title>Viavi Solutions, Inc.</title>
        <cusip>925550105</cusip>
        <identifiers>
          <isin value="US9255501051"/>
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        <balance>335280.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3932834.40000000</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MGM Growth Properties LLC</name>
        <lei>549300E2UGIBHWE12262</lei>
        <title>MGM Growth Properties LLC, Class A</title>
        <cusip>55303A105</cusip>
        <identifiers>
          <isin value="US55303A1051"/>
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        <balance>59123.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1654261.54000000</valUSD>
        <pctVal>0.417730235221</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>NextEra Energy Partners LP</name>
        <lei>5493008F4ZOQFNG3WN54</lei>
        <title>NextEra Energy Partners LP</title>
        <cusip>65341B106</cusip>
        <identifiers>
          <isin value="US65341B1061"/>
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        <balance>50452.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3025101.92000000</valUSD>
        <pctVal>0.763891625389</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>Ally Financial, Inc.</name>
        <lei>549300JBN1OSM8YNAI90</lei>
        <title>Ally Financial, Inc.</title>
        <cusip>02005N100</cusip>
        <identifiers>
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      <invstOrSec>
        <name>Liberty Media Corp.-Liberty Formula One</name>
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      <invstOrSec>
        <name>Stanley Black &amp; Decker, Inc.</name>
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      <invstOrSec>
        <name>Fortive Corp.</name>
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      <invstOrSec>
        <name>Liberty Media Corp.-Liberty SiriusXM</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Catalent, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Public Service Enterprise Group, Inc.</name>
        <lei>PUSS41EMO3E6XXNV3U28</lei>
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        <name>Constellation Brands, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>American Financial Group, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Match Group, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Nomad Foods Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Ryman Hospitality Properties, Inc.</name>
        <lei>529900GCCWW9SRMPJR11</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Voya Financial, Inc.</name>
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        <name>Juniper Networks, Inc.</name>
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        <name>Ball Corp.</name>
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        <name>Ashland Global Holdings, Inc.</name>
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        <name>Essex Property Trust, Inc.</name>
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        <name>Marvell Technology Group Ltd.</name>
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        <name>Invitation Homes, Inc.</name>
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        <name>Ameren Corp.</name>
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        <name>Cooper Cos., Inc. (The)</name>
        <lei>QJKMVPIGLH7530PCUE20</lei>
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        <name>Packaging Corp. of America</name>
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        <name>Yum! Brands, Inc.</name>
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        <name>SVB Financial Group</name>
        <lei>549300D2KJ20JMXE7542</lei>
        <title>SVB Financial Group</title>
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        <invCountry>US</invCountry>
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        <name>AMETEK, Inc.</name>
        <lei>549300WZDEF9KKE40E98</lei>
        <title>AMETEK, Inc.</title>
        <cusip>031100100</cusip>
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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>
      <invstOrSec>
        <name>McCormick &amp; Co., Inc.</name>
        <lei>549300JQQA6MQ4OJP259</lei>
        <title>McCormick &amp; Co., Inc. (Non-Voting)</title>
        <cusip>579780206</cusip>
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          <isin value="US5797802064"/>
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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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Globe Life, Inc.</name>
        <lei>5493001JFHKQOPP6XA71</lei>
        <title>Globe Life, Inc.</title>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Zimmer Biomet Holdings, Inc.</name>
        <lei>2P2YLDVPES3BXQ1FRB91</lei>
        <title>Zimmer Biomet Holdings, Inc.</title>
        <cusip>98956P102</cusip>
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          <isin value="US98956P1021"/>
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        <balance>61616.00000000</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>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Advance Auto Parts, Inc.</name>
        <lei>529900UCNQ5H9FSL0Y70</lei>
        <title>Advance Auto Parts, Inc.</title>
        <cusip>00751Y106</cusip>
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          <isin value="US00751Y1064"/>
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        <balance>27525.00000000</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Conagra Brands, Inc.</name>
        <lei>54930035UDEIH090K650</lei>
        <title>Conagra Brands, Inc.</title>
        <cusip>205887102</cusip>
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          <isin value="US2058871029"/>
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        <balance>49897.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1781821.87000000</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Old Dominion Freight Line, Inc.</name>
        <lei>5299009TWK32WE417T96</lei>
        <title>Old Dominion Freight Line, Inc.</title>
        <cusip>679580100</cusip>
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          <isin value="US6795801009"/>
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        <balance>30579.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5532352.68000000</valUSD>
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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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>L3Harris Technologies, Inc.</name>
        <lei>549300UTE50ZMDBG8A20</lei>
        <title>L3Harris Technologies, Inc.</title>
        <cusip>502431109</cusip>
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          <isin value="US5024311095"/>
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        <balance>14806.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2514651.04000000</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>Xcel Energy, Inc.</name>
        <lei>LGJNMI9GH8XIDG5RCM61</lei>
        <title>Xcel Energy, Inc.</title>
        <cusip>98389B100</cusip>
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          <isin value="US98389B1008"/>
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        <balance>74543.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5144212.43000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TransDigm Group, Inc.</name>
        <lei>N/A</lei>
        <title>TransDigm Group, Inc.</title>
        <cusip>893641100</cusip>
        <identifiers>
          <isin value="US8936411003"/>
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        <balance>5431.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2580376.72000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>First Republic Bank</name>
        <lei>YWC0TIKBQM2JV8L4IV08</lei>
        <title>First Republic Bank</title>
        <cusip>33616C100</cusip>
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          <isin value="US33616C1009"/>
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        <balance>18894.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2060579.64000000</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>
        <name>AvalonBay Communities, Inc.</name>
        <lei>K9G90K85RBWD2LAGQX17</lei>
        <title>AvalonBay Communities, Inc.</title>
        <cusip>053484101</cusip>
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          <isin value="US0534841012"/>
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        <balance>24139.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3604918.26000000</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>
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      <invstOrSec>
        <name>Freeport-McMoRan, Inc.</name>
        <lei>549300IRDTHJQ1PVET45</lei>
        <title>Freeport-McMoRan, Inc.</title>
        <cusip>35671D857</cusip>
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          <isin value="US35671D8570"/>
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        <balance>243073.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3801661.72000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Brown &amp; Brown, Inc.</name>
        <lei>549300PC8KTJ71XKFY89</lei>
        <title>Brown &amp; Brown, Inc.</title>
        <cusip>115236101</cusip>
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          <isin value="US1152361010"/>
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        <balance>59430.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2690396.10000000</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>Aptiv plc</name>
        <lei>N/A</lei>
        <title>Aptiv plc</title>
        <cusip>N/A</cusip>
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          <isin value="JE00B783TY65"/>
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        <balance>55743.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5110518.24000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Cummins, Inc.</name>
        <lei>ZUNI8PYC725B6H8JU438</lei>
        <title>Cummins, Inc.</title>
        <cusip>231021106</cusip>
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          <isin value="US2310211063"/>
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        <balance>11532.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2435097.12000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>WEX, Inc.</name>
        <lei>T9M5IGROL1TL1G5OV478</lei>
        <title>WEX, Inc.</title>
        <cusip>96208T104</cusip>
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          <isin value="US96208T1043"/>
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        <balance>10443.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1451263.71000000</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>Grocery Outlet Holding Corp.</name>
        <lei>N/A</lei>
        <title>Grocery Outlet Holding Corp.</title>
        <cusip>39874R101</cusip>
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          <isin value="US39874R1014"/>
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        <balance>52077.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2047667.64000000</valUSD>
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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>Motorola Solutions, Inc.</name>
        <lei>6S552MUG6KGJVEBSEC55</lei>
        <title>Motorola Solutions, Inc.</title>
        <cusip>620076307</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>Citizens Financial Group, Inc.</name>
        <lei>2138004JDDA4ZQUPFW65</lei>
        <title>Citizens Financial Group, Inc.</title>
        <cusip>174610105</cusip>
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        <balance>65610.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1658620.80000000</valUSD>
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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>Healthpeak Properties, Inc.</name>
        <lei>PZ9HF5U52KPF0MH0QN75</lei>
        <title>Healthpeak Properties, Inc.</title>
        <cusip>42250P103</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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      <invstOrSec>
        <name>Arthur J Gallagher &amp; Co.</name>
        <lei>54930049QLLMPART6V29</lei>
        <title>Arthur J Gallagher &amp; Co.</title>
        <cusip>363576109</cusip>
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          <isin value="US3635761097"/>
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        <balance>30365.00000000</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>Xilinx, Inc.</name>
        <lei>6EY4K7ZMF9UX1CU6KC79</lei>
        <title>Xilinx, Inc.</title>
        <cusip>983919101</cusip>
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        <balance>15844.00000000</balance>
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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>Alleghany Corp.</name>
        <lei>549300DCJE6AYX159479</lei>
        <title>Alleghany Corp.</title>
        <cusip>017175100</cusip>
        <identifiers>
          <isin value="US0171751003"/>
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        <balance>4043.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2104179.35000000</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>Agios Pharmaceuticals, Inc.</name>
        <lei>529900ONJHY8EOGYT555</lei>
        <title>Agios Pharmaceuticals, Inc.</title>
        <cusip>00847X104</cusip>
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          <isin value="US00847X1046"/>
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        <balance>32958.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1153530.00000000</valUSD>
        <pctVal>0.291286683866</pctVal>
        <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>Quest Diagnostics, Inc.</name>
        <lei>8MCWUBXQ0WE04KMXBX50</lei>
        <title>Quest Diagnostics, Inc.</title>
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          <isin value="US74834L1008"/>
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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>Skyworks Solutions, Inc.</name>
        <lei>549300WZ3ORQ2BVKBD96</lei>
        <title>Skyworks Solutions, Inc.</title>
        <cusip>83088M102</cusip>
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          <isin value="US83088M1027"/>
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        <balance>14494.00000000</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>
      <invstOrSec>
        <name>Discover Financial Services</name>
        <lei>Z1YLO2USPORE63VVUL20</lei>
        <title>Discover Financial Services</title>
        <cusip>254709108</cusip>
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          <isin value="US2547091080"/>
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        <balance>96752.00000000</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>Lennar Corp.</name>
        <lei>529900G61XVRLX5TJX09</lei>
        <title>Lennar Corp., Class A</title>
        <cusip>526057104</cusip>
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          <isin value="US5260571048"/>
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        <balance>62295.00000000</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>Change Healthcare, Inc.</name>
        <lei>549300GS1BPJEDOZHM07</lei>
        <title>Change Healthcare, Inc.</title>
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          <isin value="US15912K1007"/>
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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>Coca-Cola European Partners plc</name>
        <lei>549300LTH67W4GWMRF57</lei>
        <title>Coca-Cola European Partners plc</title>
        <cusip>N/A</cusip>
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          <isin value="GB00BDCPN049"/>
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        <balance>52753.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>National Vision Holdings, Inc.</name>
        <lei>549300JHURCBLI5ROA42</lei>
        <title>National Vision Holdings, Inc.</title>
        <cusip>63845R107</cusip>
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          <isin value="US63845R1077"/>
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        <balance>81971.00000000</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>Fastenal Co.</name>
        <lei>529900PP0C7H2HHPSJ32</lei>
        <title>Fastenal Co.</title>
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          <isin value="US3119001044"/>
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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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Raymond James Financial, Inc.</name>
        <lei>RGUZHJ05YTITL6D76949</lei>
        <title>Raymond James Financial, Inc.</title>
        <cusip>754730109</cusip>
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          <isin value="US7547301090"/>
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        <balance>35864.00000000</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Wynn Resorts Ltd.</name>
        <lei>254900CEKKWIHTEAB172</lei>
        <title>Wynn Resorts Ltd.</title>
        <cusip>983134107</cusip>
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          <isin value="US9831341071"/>
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        <balance>46817.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3361928.77000000</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>CMS Energy Corp.</name>
        <lei>549300IA9XFBAGNIBW29</lei>
        <title>CMS Energy Corp.</title>
        <cusip>125896100</cusip>
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          <isin value="US1258961002"/>
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        <balance>87141.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5351328.81000000</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>
        <name>East West Bancorp, Inc.</name>
        <lei>N/A</lei>
        <title>East West Bancorp, Inc.</title>
        <cusip>27579R104</cusip>
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          <isin value="US27579R1041"/>
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        <balance>77157.00000000</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>CyrusOne, Inc.</name>
        <lei>5493006S177ZK2ZNBU43</lei>
        <title>CyrusOne, Inc.</title>
        <cusip>23283R100</cusip>
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          <isin value="US23283R1005"/>
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        <balance>27522.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1927365.66000000</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>Evercore, Inc.</name>
        <lei>529900P6KLPT95DW3W58</lei>
        <title>Evercore, Inc., Class A</title>
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          <isin value="US29977A1051"/>
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        <balance>23881.00000000</balance>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Knight-Swift Transportation Holdings, Inc.</name>
        <lei>N/A</lei>
        <title>Knight-Swift Transportation Holdings, 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>Trane Technologies plc</name>
        <lei>549300BURLR9SLYY2705</lei>
        <title>Trane Technologies plc</title>
        <cusip>N/A</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Expedia Group, Inc.</name>
        <lei>N/A</lei>
        <title>Expedia Group, 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>NXP Semiconductors NV</name>
        <lei>724500M9BY5293JDF951</lei>
        <title>NXP Semiconductors NV</title>
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        <assetCat>EC</assetCat>
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        <invCountry>NL</invCountry>
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        <name>Sempra Energy</name>
        <lei>PBBKGKLRK5S5C0Y4T545</lei>
        <title>Sempra Energy</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Welltower, Inc.</name>
        <lei>T6IZ0MBEG5ACZDTR7D06</lei>
        <title>Welltower, Inc.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <name>Cognizant Technology Solutions Corp.</name>
        <lei>5493006IEVQEFQO40L83</lei>
        <title>Cognizant Technology Solutions Corp., Class A</title>
        <cusip>192446102</cusip>
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        <name>Bank of New York Mellon Corp. (The)</name>
        <lei>WFLLPEPC7FZXENRZV188</lei>
        <title>Bank of New York Mellon Corp. (The)</title>
        <cusip>064058100</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>Reinsurance Group of America, Inc.</name>
        <lei>LORM1GNEU1DKEW527V90</lei>
        <title>Reinsurance Group of America, Inc.</title>
        <cusip>759351604</cusip>
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        <balance>24599.00000000</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>Graco, Inc.</name>
        <lei>4T5VJ4S81BRT6Q7GGT78</lei>
        <title>Graco, Inc.</title>
        <cusip>384109104</cusip>
        <identifiers>
          <isin value="US3841091040"/>
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        <balance>79030.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4848490.50000000</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cheniere Energy, Inc.</name>
        <lei>MIHC87W9WTYSYZWV1J40</lei>
        <title>Cheniere Energy, Inc.</title>
        <cusip>16411R208</cusip>
        <identifiers>
          <isin value="US16411R2085"/>
        </identifiers>
        <balance>105973.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4903370.71000000</valUSD>
        <pctVal>1.238187644781</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>MKS Instruments, Inc.</name>
        <lei>549300KEQATBHAGVF505</lei>
        <title>MKS Instruments, Inc.</title>
        <cusip>55306N104</cusip>
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          <isin value="US55306N1046"/>
        </identifiers>
        <balance>17657.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1928674.11000000</valUSD>
        <pctVal>0.487024252304</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>Burlington Stores, Inc.</name>
        <lei>5299003Z37DVGKKC1W09</lei>
        <title>Burlington Stores, Inc.</title>
        <cusip>122017106</cusip>
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          <isin value="US1220171060"/>
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        <balance>12880.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2654439.20000000</valUSD>
        <pctVal>0.670292746693</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.</name>
        <lei>YM4O38W15AX4YLLQKU27</lei>
        <title>Brunswick Corp.</title>
        <cusip>117043109</cusip>
        <identifiers>
          <isin value="US1170431092"/>
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        <balance>55822.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3288474.02000000</valUSD>
        <pctVal>0.830397728942</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>Camden Property Trust</name>
        <lei>5493002MYX22OHYJBD89</lei>
        <title>Camden Property Trust</title>
        <cusip>133131102</cusip>
        <identifiers>
          <isin value="US1331311027"/>
        </identifiers>
        <balance>30285.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2694759.30000000</valUSD>
        <pctVal>0.680474283560</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>IDEX Corp.</name>
        <lei>549300U5Y5EL6PHYLF13</lei>
        <title>IDEX Corp.</title>
        <cusip>45167R104</cusip>
        <identifiers>
          <isin value="US45167R1041"/>
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        <balance>24511.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4471051.51000000</valUSD>
        <pctVal>1.129019416698</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>Pinnacle Financial Partners, Inc.</name>
        <lei>54930098EZ8JMSAZGS24</lei>
        <title>Pinnacle Financial Partners, Inc.</title>
        <cusip>72346Q104</cusip>
        <identifiers>
          <isin value="US72346Q1040"/>
        </identifiers>
        <balance>83276.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2963792.84000000</valUSD>
        <pctVal>0.748410000633</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>Wyndham Hotels &amp; Resorts, Inc.</name>
        <lei>549300FE3MQ4RVXXC673</lei>
        <title>Wyndham Hotels &amp; Resorts, Inc.</title>
        <cusip>98311A105</cusip>
        <identifiers>
          <isin value="US98311A1051"/>
        </identifiers>
        <balance>75445.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3809972.50000000</valUSD>
        <pctVal>0.962085299166</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>T. Rowe Price Group, Inc.</name>
        <lei>549300SIV6FPS9Y7IH33</lei>
        <title>T. Rowe Price Group, Inc.</title>
        <cusip>74144T108</cusip>
        <identifiers>
          <isin value="US74144T1088"/>
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        <balance>13517.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1733149.74000000</valUSD>
        <pctVal>0.437650898033</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>American Water Works Co., Inc.</name>
        <lei>549300DXHIJQMD5WFW18</lei>
        <title>American Water Works Co., Inc.</title>
        <cusip>030420103</cusip>
        <identifiers>
          <isin value="US0304201033"/>
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        <balance>39168.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5674659.84000000</valUSD>
        <pctVal>1.432951762732</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>Prologis, Inc.</name>
        <lei>529900DFH19P073LZ636</lei>
        <title>Prologis, Inc.</title>
        <cusip>74340W103</cusip>
        <identifiers>
          <isin value="US74340W1036"/>
        </identifiers>
        <balance>26969.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2713620.78000000</valUSD>
        <pctVal>0.685237140150</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>M&amp;T Bank Corp.</name>
        <lei>549300WYXDDBYRASEG81</lei>
        <title>M&amp;T Bank Corp.</title>
        <cusip>55261F104</cusip>
        <identifiers>
          <isin value="US55261F1049"/>
        </identifiers>
        <balance>42703.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3932519.27000000</valUSD>
        <pctVal>0.993030521442</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>Parsley Energy, Inc.</name>
        <lei>549300DMRA8DSL66G562</lei>
        <title>Parsley Energy, Inc., Class A</title>
        <cusip>701877102</cusip>
        <identifiers>
          <isin value="US7018771029"/>
        </identifiers>
        <balance>285518.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2672448.48000000</valUSD>
        <pctVal>0.674840407742</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>2020-10-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Goldman Sachs Variable Insurance Trust</ncom:nameOfApplicant>
      <ncom:signature>Peter Fortner</ncom:signature>
      <ncom:signerName>Peter Fortner</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
