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      <regCik>0001064046</regCik>
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      <repPdDate>2021-03-31</repPdDate>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CIT Group Inc</name>
        <lei>N8O96ZZJQRFYQUJY7K79</lei>
        <title>CIT Group, Inc.</title>
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          <isin value="US1255818015"/>
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        <balance>2132.00000000</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>Webster Financial Corp</name>
        <lei>KMRURHT0VWKYS6Z5KU67</lei>
        <title>Webster Financial Corp.</title>
        <cusip>947890109</cusip>
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          <isin value="US9478901096"/>
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        <balance>2383.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Wintrust Financial Corp</name>
        <lei>Q774KI4AW80FHFW33O61</lei>
        <title>Wintrust Financial Corp.</title>
        <cusip>97650W108</cusip>
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          <isin value="US97650W1080"/>
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        <balance>2970.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Selective Insurance Group Inc</name>
        <lei>549300R3WGJWLE40R258</lei>
        <title>Selective Insurance Group, Inc.</title>
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          <isin value="US8163001071"/>
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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>United Bankshares Inc/WV</name>
        <lei>5299005O3BAMJ9Z92V62</lei>
        <title>United Bankshares, Inc.</title>
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          <isin value="US9099071071"/>
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        <balance>4610.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Kohl's Corp</name>
        <lei>549300JF6LPRTRJ0FH50</lei>
        <title>Kohl's Corp.</title>
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          <isin value="US5002551043"/>
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        <balance>7750.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Reliance Steel &amp; Aluminum Co</name>
        <lei>549300E287ZOFT3C5Z56</lei>
        <title>Reliance Steel &amp; Aluminum Co.</title>
        <cusip>759509102</cusip>
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          <isin value="US7595091023"/>
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        <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>CNO Financial Group Inc</name>
        <lei>11XPYHB76MPM4Y4P2897</lei>
        <title>CNO Financial Group, Inc.</title>
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        <balance>12632.00000000</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>Arrow Electronics Inc</name>
        <lei>549300YNNLBXT8N8R512</lei>
        <title>Arrow Electronics, Inc.</title>
        <cusip>042735100</cusip>
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          <isin value="US0427351004"/>
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        <balance>3203.00000000</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>Tri Pointe Homes Inc</name>
        <lei>N/A</lei>
        <title>Tri Pointe Homes, Inc.</title>
        <cusip>87265H109</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Jones Lang LaSalle Inc</name>
        <lei>6SYKCME112RT8TQUO411</lei>
        <title>Jones Lang LaSalle, Inc.</title>
        <cusip>48020Q107</cusip>
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        <balance>1230.00000000</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>Oshkosh Corp</name>
        <lei>549300FEKNPCFSA2B506</lei>
        <title>Oshkosh Corp.</title>
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        <balance>1340.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Texas Capital Bancshares Inc</name>
        <lei>549300466Q2SXRX0YM48</lei>
        <title>Texas Capital Bancshares, 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>New York Community Bancorp Inc</name>
        <lei>529900HVXOTLY61GL030</lei>
        <title>New York Community Bancorp, Inc.</title>
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        <name>GATX Corp</name>
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        <title>GATX Corp.</title>
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        <assetCat>EC</assetCat>
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        <name>Minerals Technologies Inc</name>
        <lei>549300D3I1QU67GP6403</lei>
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        <cusip>603158106</cusip>
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        <name>International Bancshares Corp</name>
        <lei>549300Y16R531AU8TX77</lei>
        <title>International Bancshares Corp.</title>
        <cusip>459044103</cusip>
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        <name>Jefferies Financial Group Inc</name>
        <lei>549300HOF34RGOJ5YL07</lei>
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        <name>Associated Banc-Corp</name>
        <lei>549300N3CIN473IW5094</lei>
        <title>Associated Banc-Corp.</title>
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        <name>NetScout Systems Inc</name>
        <lei>5493005HZXZ3SPNVCV76</lei>
        <title>NetScout Systems, Inc.</title>
        <cusip>64115T104</cusip>
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        <name>Strategic Education Inc</name>
        <lei>0PYXF82EO1UCNGL5I740</lei>
        <title>Strategic Education, Inc.</title>
        <cusip>86272C103</cusip>
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        <name>Cathay General Bancorp</name>
        <lei>549300K1SLJ8C97H5L68</lei>
        <title>Cathay General Bancorp</title>
        <cusip>149150104</cusip>
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        <name>Ingredion Inc</name>
        <lei>PKSTQ48QDN0XSVS7YK88</lei>
        <title>Ingredion, Inc.</title>
        <cusip>457187102</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Murphy USA Inc</name>
        <lei>549300Y081F8XIKQIO72</lei>
        <title>Murphy USA, Inc.</title>
        <cusip>626755102</cusip>
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        <balance>1710.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Kirby Corp</name>
        <lei>I7NO6FZO5GUCG585T325</lei>
        <title>Kirby Corp.</title>
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          <isin value="US4972661064"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>United States Steel Corp</name>
        <lei>JNLUVFYJT1OZSIQ24U47</lei>
        <title>United States Steel Corp.</title>
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          <isin value="US9129091081"/>
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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>First American Financial Corp</name>
        <lei>549300B6VEZK3N0A1P55</lei>
        <title>First American Financial Corp.</title>
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          <isin value="US31847R1023"/>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Bank OZK</name>
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          <isin value="US06417N1037"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>J.P. MORGAN SECURITIES LLC</name>
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          <other otherDesc="Internal ID" value="REPO-JP M"/>
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        <fairValLevel>2</fairValLevel>
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          <transCat>Repurchase</transCat>
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      <invstOrSec>
        <name>Old Republic International Cor</name>
        <lei>N/A</lei>
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          <isin value="US6802231042"/>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Janus Henderson Group PLC</name>
        <lei>2138009WPYMWJN3RVF44</lei>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Graham Holdings Co</name>
        <lei>529900BOSCEEEMAFQJ29</lei>
        <title>Graham Holdings Co.</title>
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          <isin value="US3846371041"/>
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        <balance>650.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Navient Corp</name>
        <lei>54930067J0ZNOEBRW338</lei>
        <title>Navient Corp.</title>
        <cusip>63938C108</cusip>
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        <balance>25562.00000000</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>Service Properties Trust</name>
        <lei>529900IS770AG1K9QG27</lei>
        <title>Service Properties Trust</title>
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          <isin value="US81761L1026"/>
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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>Lear Corp</name>
        <lei>549300UPNBTXA1SYTQ33</lei>
        <title>Lear Corp.</title>
        <cusip>521865204</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Alliance Data Systems Corp</name>
        <lei>549300G8S4PO686J7H97</lei>
        <title>Alliance Data Systems Corp.</title>
        <cusip>018581108</cusip>
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        <fairValLevel>1</fairValLevel>
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        <name>BOFA SECURITIES, INC.</name>
        <lei>549300HN4UKV1E2R3U73</lei>
        <title>BofA Securities, Inc.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Colfax Corp</name>
        <lei>635400OP2DYYYMOIYL17</lei>
        <title>Colfax Corp.</title>
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      <invstOrSec>
        <name>Synovus Financial Corp</name>
        <lei>549300EIUS8UN5JTLE54</lei>
        <title>Synovus Financial Corp.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Taylor Morrison Home Corp</name>
        <lei>5299009UDLLGLKOOJE30</lei>
        <title>Taylor Morrison Home Corp.</title>
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        <name>Ryder System Inc</name>
        <lei>ZXJ6Y2OSPZXIVGRILD15</lei>
        <title>Ryder System, Inc.</title>
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        <name>BJ's Wholesale Club Holdings I</name>
        <lei>549300UCIWH1C93V0J03</lei>
        <title>BJ's Wholesale Club Holdings, Inc.</title>
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        <name>Cousins Properties Inc</name>
        <lei>5493007XPYD5EJABN062</lei>
        <title>Cousins Properties, Inc.</title>
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        <name>Hancock Whitney Corp</name>
        <lei>549300GRNBWY8HIICT41</lei>
        <title>Hancock Whitney Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>KAR Auction Services Inc</name>
        <lei>5493004HKD20LBSG7D03</lei>
        <title>KAR Auction Services, Inc.</title>
        <cusip>48238T109</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Dick's Sporting Goods Inc</name>
        <lei>529900SSBV5I4LWSK313</lei>
        <title>Dick's Sporting Goods, Inc.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Sprouts Farmers Market Inc</name>
        <lei>529900P8F4G77Q52XE24</lei>
        <title>Sprouts Farmers Market, Inc.</title>
        <cusip>85208M102</cusip>
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          <isin value="US85208M1027"/>
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        <balance>11497.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>306050.14000000</valUSD>
        <pctVal>1.335482233007</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>ManpowerGroup Inc</name>
        <lei>ERO1WSFOSR0JJ6CRQ987</lei>
        <title>ManpowerGroup, Inc.</title>
        <cusip>56418H100</cusip>
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          <isin value="US56418H1005"/>
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        <balance>2679.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>264953.10000000</valUSD>
        <pctVal>1.156150941902</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>AutoNation Inc</name>
        <lei>N/A</lei>
        <title>AutoNation, Inc.</title>
        <cusip>05329W102</cusip>
        <identifiers>
          <isin value="US05329W1027"/>
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        <balance>4357.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>406159.54000000</valUSD>
        <pctVal>1.772320213402</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>Fulton Financial Corp</name>
        <lei>5493005QLZ6O1BNC0C11</lei>
        <title>Fulton Financial Corp.</title>
        <cusip>360271100</cusip>
        <identifiers>
          <isin value="US3602711000"/>
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        <balance>13300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>226499.00000000</valUSD>
        <pctVal>0.988352399688</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>Avnet Inc</name>
        <lei>XJI53DCPL7QABOWK4Z75</lei>
        <title>Avnet, Inc.</title>
        <cusip>053807103</cusip>
        <identifiers>
          <isin value="US0538071038"/>
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        <balance>12116.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>502935.16000000</valUSD>
        <pctVal>2.194610891323</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>MasTec Inc</name>
        <lei>549300TMDIT8WREDOF45</lei>
        <title>MasTec, Inc.</title>
        <cusip>576323109</cusip>
        <identifiers>
          <isin value="US5763231090"/>
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        <balance>2130.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>199581.00000000</valUSD>
        <pctVal>0.870892852870</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>Telephone &amp; Data Systems Inc</name>
        <lei>N/A</lei>
        <title>Telephone &amp; Data Systems, Inc.</title>
        <cusip>879433829</cusip>
        <identifiers>
          <isin value="US8794338298"/>
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        <balance>22615.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>519240.40000000</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>Southwest Gas Holdings Inc</name>
        <lei>N/A</lei>
        <title>Southwest Gas Holdings, Inc.</title>
        <cusip>844895102</cusip>
        <identifiers>
          <isin value="US8448951025"/>
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        <balance>1890.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>129861.90000000</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>Kemper Corp</name>
        <lei>549300FNI1JKTRY2PV09</lei>
        <title>Kemper Corp.</title>
        <cusip>488401100</cusip>
        <identifiers>
          <isin value="US4884011002"/>
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        <balance>2331.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>185827.32000000</valUSD>
        <pctVal>0.810877212039</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>BARCLAYS CAPITAL INC.</name>
        <lei>AC28XWWI3WIBK2824319</lei>
        <title>Barclays Capital, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="REPO-BARC"/>
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        <balance>31672.67000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>31672.67000000</valUSD>
        <pctVal>0.138207053448</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="AC28XWWI3WIBK2824319" name="BARCLAYS CAPITAL INC."/>
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          <isTriParty>Y</isTriParty>
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          <maturityDt>2021-04-01</maturityDt>
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            <repurchaseCollateral>
              <principalAmt>26552.61000000</principalAmt>
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              <collateralVal>32306.20000000</collateralVal>
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              <invstCat>UST</invstCat>
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          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Univar Solutions Inc</name>
        <lei>549300VSXHFQVR770L55</lei>
        <title>Univar Solutions, Inc.</title>
        <cusip>91336L107</cusip>
        <identifiers>
          <isin value="US91336L1070"/>
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        <balance>13380.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>288205.20000000</valUSD>
        <pctVal>1.257613945415</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>Thor Industries Inc</name>
        <lei>254900XZO1228PDSG060</lei>
        <title>Thor Industries, Inc.</title>
        <cusip>885160101</cusip>
        <identifiers>
          <isin value="US8851601018"/>
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        <balance>1470.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>198067.80000000</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>Urban Outfitters Inc</name>
        <lei>549300N3DUFR5U6NRN38</lei>
        <title>Urban Outfitters, Inc.</title>
        <cusip>917047102</cusip>
        <identifiers>
          <isin value="US9170471026"/>
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        <balance>3495.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>129979.05000000</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>BancorpSouth Bank</name>
        <lei>Q7C315HKI8VX0SSKBS64</lei>
        <title>BancorpSouth Bank</title>
        <cusip>05971J102</cusip>
        <identifiers>
          <isin value="US05971J1025"/>
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        <balance>4770.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>154929.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Washington Federal Inc</name>
        <lei>N/A</lei>
        <title>Washington Federal, Inc.</title>
        <cusip>938824109</cusip>
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          <isin value="US9388241096"/>
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        <balance>6160.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>189728.00000000</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>TreeHouse Foods Inc</name>
        <lei>5493007M7EVHE470Q576</lei>
        <title>TreeHouse Foods, Inc.</title>
        <cusip>89469A104</cusip>
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          <isin value="US89469A1043"/>
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        <balance>4856.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>253677.44000000</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>Foot Locker Inc</name>
        <lei>549300X383CBNP6MTV94</lei>
        <title>Foot Locker, Inc.</title>
        <cusip>344849104</cusip>
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          <isin value="US3448491049"/>
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        <balance>5654.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>318037.50000000</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>
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      <invstOrSec>
        <name>Domtar Corp</name>
        <lei>XYSIJOU3HNVROZWNA008</lei>
        <title>Domtar Corp.</title>
        <cusip>257559203</cusip>
        <identifiers>
          <isin value="US2575592033"/>
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        <balance>11745.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>433977.75000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Reinsurance Group of America I</name>
        <lei>LORM1GNEU1DKEW527V90</lei>
        <title>Reinsurance Group of America, Inc.</title>
        <cusip>759351604</cusip>
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          <isin value="US7593516047"/>
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        <balance>3045.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>383822.25000000</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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ViaSat Inc</name>
        <lei>UFC8NYMNFSYIHNSM2I38</lei>
        <title>Viasat, Inc.</title>
        <cusip>92552V100</cusip>
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          <isin value="US92552V1008"/>
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        <balance>4830.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>232178.10000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>EMCOR Group Inc</name>
        <lei>529900X0SQJB2J7YDU43</lei>
        <title>EMCOR Group, Inc.</title>
        <cusip>29084Q100</cusip>
        <identifiers>
          <isin value="US29084Q1004"/>
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        <balance>1660.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>186185.60000000</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>AECOM</name>
        <lei>0EEB8GF0W0NPCIHZX097</lei>
        <title>AECOM</title>
        <cusip>00766T100</cusip>
        <identifiers>
          <isin value="US00766T1007"/>
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        <balance>2263.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>145080.93000000</valUSD>
        <pctVal>0.633076019384</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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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Adient PLC</name>
        <lei>5493002QLDY8O75RTR78</lei>
        <title>Adient plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IE00BD845X29"/>
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        <balance>3149.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>139185.80000000</valUSD>
        <pctVal>0.607351994633</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>Pebblebrook Hotel Trust</name>
        <lei>5493004Q1NNH6JXCSI52</lei>
        <title>Pebblebrook Hotel Trust</title>
        <cusip>70509V100</cusip>
        <identifiers>
          <isin value="US70509V1008"/>
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        <balance>5036.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>122324.44000000</valUSD>
        <pctVal>0.533775662650</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 In</name>
        <lei>54930098EZ8JMSAZGS24</lei>
        <title>Pinnacle Financial Partners, Inc.</title>
        <cusip>72346Q104</cusip>
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          <isin value="US72346Q1040"/>
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        <balance>2260.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>200371.60000000</valUSD>
        <pctVal>0.874342719788</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>SYNNEX Corp</name>
        <lei>5493004HI6PFLF46NS53</lei>
        <title>SYNNEX Corp.</title>
        <cusip>87162W100</cusip>
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          <isin value="US87162W1009"/>
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        <balance>3337.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>383221.08000000</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>
        <name>Pilgrim's Pride Corp</name>
        <lei>549300ZSLGV64ZL3HD75</lei>
        <title>Pilgrim's Pride Corp.</title>
        <cusip>72147K108</cusip>
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          <isin value="US72147K1088"/>
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        <balance>12460.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>296423.40000000</valUSD>
        <pctVal>1.293474932401</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>Steel Dynamics Inc</name>
        <lei>549300HGGKEL4FYTTQ83</lei>
        <title>Steel Dynamics, Inc.</title>
        <cusip>858119100</cusip>
        <identifiers>
          <isin value="US8581191009"/>
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        <balance>3097.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>157203.72000000</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>UMB Financial Corp</name>
        <lei>549300MGEH3N3CUCV828</lei>
        <title>UMB Financial Corp.</title>
        <cusip>902788108</cusip>
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          <isin value="US9027881088"/>
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        <balance>1240.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>114489.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>World Fuel Services Corp</name>
        <lei>D3W7PCXCBRQLL17DZ313</lei>
        <title>World Fuel Services Corp.</title>
        <cusip>981475106</cusip>
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          <isin value="US9814751064"/>
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        <balance>13026.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>458515.20000000</valUSD>
        <pctVal>2.000779686505</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>Jabil Inc</name>
        <lei>5493000CGCQY2OQU7669</lei>
        <title>Jabil, Inc.</title>
        <cusip>466313103</cusip>
        <identifiers>
          <isin value="US4663131039"/>
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        <balance>4880.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>254540.80000000</valUSD>
        <pctVal>1.110715766951</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>Dycom Industries Inc</name>
        <lei>549300F56EKTHQI3WT60</lei>
        <title>Dycom Industries, Inc.</title>
        <cusip>267475101</cusip>
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        <balance>1607.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>149209.95000000</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>
      <invstOrSec>
        <name>Hanover Insurance Group Inc/Th</name>
        <lei>JJYR6MFKFF6CF8DBZ078</lei>
        <title>Hanover Insurance Group, Inc.</title>
        <cusip>410867105</cusip>
        <identifiers>
          <isin value="US4108671052"/>
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        <balance>1350.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>174771.00000000</valUSD>
        <pctVal>0.762631787539</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>Prosperity Bancshares Inc</name>
        <lei>N/A</lei>
        <title>Prosperity Bancshares, Inc.</title>
        <cusip>743606105</cusip>
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          <isin value="US7436061052"/>
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        <balance>1804.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>135101.56000000</valUSD>
        <pctVal>0.589529980387</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>Xerox Holdings Corp</name>
        <lei>5493000Y33XDVO2CXC18</lei>
        <title>Xerox Holdings Corp.</title>
        <cusip>98421M106</cusip>
        <identifiers>
          <isin value="US98421M1062"/>
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        <balance>16820.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>408221.40000000</valUSD>
        <pctVal>1.781317358108</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>Sabra Health Care REIT Inc</name>
        <lei>549300E3BC7GU7TAZ621</lei>
        <title>Sabra Health Care REIT, Inc.</title>
        <cusip>78573L106</cusip>
        <identifiers>
          <isin value="US78573L1061"/>
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        <balance>4840.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>84022.40000000</valUSD>
        <pctVal>0.366640650367</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>American Financial Group Inc/O</name>
        <lei>549300AFOM7IVKIU1G39</lei>
        <title>American Financial Group, Inc.</title>
        <cusip>025932104</cusip>
        <identifiers>
          <isin value="US0259321042"/>
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        <balance>1420.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>162022.00000000</valUSD>
        <pctVal>0.707000174404</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>Commercial Metals Co</name>
        <lei>549300OQS2LO07ZJ7N73</lei>
        <title>Commercial Metals Co.</title>
        <cusip>201723103</cusip>
        <identifiers>
          <isin value="US2017231034"/>
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        <balance>15399.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>474905.16000000</valUSD>
        <pctVal>2.072299014611</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>Mercury General Corp</name>
        <lei>5493001Q9EXPCEL4W527</lei>
        <title>Mercury General Corp.</title>
        <cusip>589400100</cusip>
        <identifiers>
          <isin value="US5894001008"/>
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        <balance>4671.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>284043.51000000</valUSD>
        <pctVal>1.239453969882</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>NCR Corp</name>
        <lei>549300YKTY8JX1DV2R67</lei>
        <title>NCR Corp.</title>
        <cusip>62886E108</cusip>
        <identifiers>
          <isin value="US62886E1082"/>
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        <balance>4590.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>174190.50000000</valUSD>
        <pctVal>0.760098714245</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>East West Bancorp Inc</name>
        <lei>N/A</lei>
        <title>East West Bancorp, Inc.</title>
        <cusip>27579R104</cusip>
        <identifiers>
          <isin value="US27579R1041"/>
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        <balance>1747.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>128928.60000000</valUSD>
        <pctVal>0.562593614976</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>ALLETE Inc</name>
        <lei>549300NNLSIMY6Z8OT86</lei>
        <title>ALLETE, Inc.</title>
        <cusip>018522300</cusip>
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          <isin value="US0185223007"/>
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        <balance>1250.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>83987.50000000</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>KBR Inc</name>
        <lei>254900OFQDXZRKRCV808</lei>
        <title>KBR, Inc.</title>
        <cusip>48242W106</cusip>
        <identifiers>
          <isin value="US48242W1062"/>
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        <balance>2950.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>113250.50000000</valUSD>
        <pctVal>0.494180563450</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>2021-04-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Rydex Variable Trust</ncom:nameOfApplicant>
      <ncom:signature>John Sullivan</ncom:signature>
      <ncom:signerName>John Sullivan</ncom:signerName>
      <ncom:title>CFO</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
