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        <isRestrictedSec>N</isRestrictedSec>

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        <name>TANDEM DIABETES CARE, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>VEECO INSTRUMENTS INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>BANCFIRST CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>FRANKLIN ELECTRIC CO., INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>WALKER &amp; DUNLOP, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>KENNAMETAL INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BORGWARNER INC.</name>
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        <name>CEVA, INC</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>KNOWLES CORPORATION</name>
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        <invCountry>US</invCountry>

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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ASBURY AUTOMOTIVE GROUP, INC.</name>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ENCORE CAPITAL GROUP, INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>MANPOWERGROUP INC.</name>
        <lei>ERO1WSFOSR0JJ6CRQ987</lei>
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        <name>EMPLOYERS HOLDINGS, INC.</name>
        <lei>N/A</lei>
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        <name>DYCOM INDUSTRIES, INC.</name>
        <lei>549300F56EKTHQI3WT60</lei>
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        <name>WSFS FINANCIAL CORPORATION</name>
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        <name>ROGERS CORPORATION</name>
        <lei>PW0CN80KNFR7RUOOKJ84</lei>
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        <name>ALLEGIANT TRAVEL COMPANY</name>
        <lei>549300JM9OZXOHWL2K18</lei>
        <title>ALLEGIANT TRAVEL CO</title>
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        <name>ICHOR HOLDINGS, LTD.</name>
        <lei>529900PS8R2JVLJ2H892</lei>
        <title>ICHOR HOLDINGS LTD</title>
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        <name>ALARM.COM HOLDINGS, INC.</name>
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        <name>Sprinklr Inc</name>
        <lei>254900AR04RJ2BQO5S78</lei>
        <title>SPRINKLR INC</title>
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        <name>GENTHERM INCORPORATED</name>
        <lei>HKM6YX1U5JS60TCUB219</lei>
        <title>GENTHERM INC</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>PRIVIA HEALTH GROUP, INC.</name>
        <lei>N/A</lei>
        <title>PRIVIA HEALTH GROUP INC</title>
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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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        <name>NETSCOUT SYSTEMS, INC.</name>
        <lei>5493005HZXZ3SPNVCV76</lei>
        <title>NETSCOUT SYSTEMS INC</title>
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          <isin value="US64115T1043"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>TRIUMPH FINANCIAL, INC.</name>
        <lei>5493003RNRMEVYDZ1Q52</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>STERLING INFRASTRUCTURE, INC.</name>
        <lei>549300RZIK6K1215XU51</lei>
        <title>STERLING INFRASTRUCTURE</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>JBG SMITH PROPERTIES</name>
        <lei>N/A</lei>
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          <isin value="US46590V1008"/>
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        <curCd>USD</curCd>
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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>VERIS RESIDENTIAL, INC.</name>
        <lei>254900KTVBRYJCQU2J23</lei>
        <title>Veris Residential Inc</title>
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          <isin value="US5544891048"/>
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        <curCd>USD</curCd>
        <valUSD>388208.00000000</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>COMMUNITY FINANCIAL SYSTEM, INC.</name>
        <lei>5299008N6YHE6GCP1E80</lei>
        <title>COMMUNITY FINANCIAL SYSTEM INC</title>
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          <isin value="US2036071064"/>
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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>FIRST HAWAIIAN, INC.</name>
        <lei>5493002DJSH46F5OLV06</lei>
        <title>FIRST HAWIIAN INC</title>
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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>BLACKROCK LIQUIDITY FUNDS FEDFUND PORTFOLIO</name>
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        <title>BLACKROCK LIQUIDITY FEDFUND INSTITUTIONAL SHARES</title>
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          <isin value="N/A"/>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ETHAN ALLEN INTERIORS INC.</name>
        <lei>N/A</lei>
        <title>ETHAN ALLEN INTERIORS INC</title>
        <cusip>297602104</cusip>
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          <isin value="US2976021046"/>
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        <balance>6991.00000000</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>COMSTOCK RESOURCES, INC.</name>
        <lei>I03QQGEA4SS774AURI46</lei>
        <title>COMSTOCK RESOURCES INC</title>
        <cusip>205768302</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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      <invstOrSec>
        <name>CENTRAL GARDEN &amp; PET COMPANY</name>
        <lei>5493004DVZLD37DJ0H83</lei>
        <title>CENTRAL GARDEN PET CO CLASS A</title>
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          <isin value="US1535272058"/>
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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>ACADEMY SPORTS AND OUTDOORS, INC.</name>
        <lei>N/A</lei>
        <title>ACADEMY SPORTS OUTDOORS INC</title>
        <cusip>00402L107</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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      <invstOrSec>
        <name>CAESARS ENTERTAINMENT, INC.</name>
        <lei>549300FA4CTCW903Y781</lei>
        <title>CAESARS ENTERTAINMENT INC</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>TALOS ENERGY INC.</name>
        <lei>549300OKFHZ84SFJFT95</lei>
        <title>TALOS ENERGY INC</title>
        <cusip>87484T108</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>
        <name>DXP ENTERPRISES, INC.</name>
        <lei>N/A</lei>
        <title>DXP ENTERPRISES INC TX</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>AGILYSYS, INC.</name>
        <lei>5299001XWB5V3B5IPN93</lei>
        <title>AGILYSYS INC</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CENTRAL GARDEN &amp; PET COMPANY</name>
        <lei>5493004DVZLD37DJ0H83</lei>
        <title>CENTRAL GARDEN PET CO</title>
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      <invstOrSec>
        <name>THE CHEMOURS COMPANY</name>
        <lei>549300M1BOLNXL8DOV14</lei>
        <title>CHEMOURS CO THE</title>
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        <invCountry>US</invCountry>

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      <invstOrSec>
        <name>J &amp; J SNACK FOODS CORP.</name>
        <lei>894500IGP1Y2ZQFQMJ83</lei>
        <title>J J SNACK FOODS CORP</title>
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        <name>KORN FERRY</name>
        <lei>549300FOD20OM0GT5G40</lei>
        <title>KORN FERRY</title>
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        <name>PHOTRONICS, INC.</name>
        <lei>549300OK5JVNIBNY6F63</lei>
        <title>PHOTRONICS INC</title>
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        <name>MUELLER WATER PRODUCTS, INC.</name>
        <lei>549300F7ZU4P1F8V8L60</lei>
        <title>MUELLER WATER PRODUCTS INC A</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>WESTAMERICA BANCORPORATION</name>
        <lei>984500CF4F8115C11D96</lei>
        <title>WESTAMERICA BANCORP</title>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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      </invstOrSec>
      <invstOrSec>
        <name>ADAMAS TRUST, INC.</name>
        <lei>549300JFGR0M7ULHWG48</lei>
        <title>ADAMAS TRUST INC</title>
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          <isin value="US6496048405"/>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>LIVERAMP HOLDINGS, INC.</name>
        <lei>254900GXS75LG1X7RF88</lei>
        <title>LIVERAMP HOLDINGS INC</title>
        <cusip>53815P108</cusip>
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          <isin value="US53815P1084"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Kontoor Brands, Inc.</name>
        <lei>549300M0CPXV65RFF271</lei>
        <title>KONTOOR BRANDS INC</title>
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          <isin value="US50050N1037"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PHINIA INC.</name>
        <lei>254900HG6MORZE1FFM18</lei>
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          <isin value="US71880K1016"/>
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        <curCd>USD</curCd>
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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>AMERICAN STATES WATER COMPANY</name>
        <lei>529900L26LIS2V8PWM23</lei>
        <title>AMERICAN STATES WATER CO</title>
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          <isin value="US0298991011"/>
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        <balance>11468.00000000</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>PJT PARTNERS INC.</name>
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          <isin value="US69343T1079"/>
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        <balance>7839.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MARTEN TRANSPORT, LTD.</name>
        <lei>N/A</lei>
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          <isin value="US5730751089"/>
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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>Caleres Inc.</name>
        <lei>JFU6RQQJ8Z1CPOLBXQ18</lei>
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          <isin value="US1295001044"/>
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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>PATTERSON-UTI ENERGY, INC.</name>
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          <isin value="US7034811015"/>
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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>SERVISFIRST BANCSHARES, INC.</name>
        <lei>N/A</lei>
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          <isin value="US81768T1088"/>
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        <balance>15758.00000000</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>ACADIA PHARMACEUTICALS INC.</name>
        <lei>529900O3044NO0PEA039</lei>
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          <isin value="US0042251084"/>
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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>RUSH ENTERPRISES, INC.</name>
        <lei>529900V3XHTN7A6DFT17</lei>
        <title>RUSH ENTERPRISES INC CLASS A SHARES</title>
        <cusip>781846209</cusip>
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          <isin value="US7818462092"/>
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        <balance>19065.00000000</balance>
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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>PROASSURANCE CORPORATION</name>
        <lei>54930015E5J57R675E89</lei>
        <title>PROASSURANCE CORP</title>
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        <balance>15426.00000000</balance>
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        <curCd>USD</curCd>
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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>MERCURY GENERAL CORPORATION</name>
        <lei>5493001Q9EXPCEL4W527</lei>
        <title>MERCURY GENERAL CORP</title>
        <cusip>589400100</cusip>
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        <balance>8189.00000000</balance>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>SUNRUN INC.</name>
        <lei>54930007SJ77CI66U531</lei>
        <title>SUNRUN INC</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>DELUXE CORPORATION</name>
        <lei>KWGNKB8TX9LE5TV29231</lei>
        <title>DELUXE CORP</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>MARKETAXESS HOLDINGS INC.</name>
        <lei>5493002U1CA1XJOVID83</lei>
        <title>MARKETAXESS HOLDINGS INC</title>
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        <fairValLevel>1</fairValLevel>
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        <name>CATHAY GENERAL BANCORP</name>
        <lei>549300K1SLJ8C97H5L68</lei>
        <title>CATHAY BANCORP INC</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>CTS CORPORATION</name>
        <lei>549300YV1HQLBVHOI649</lei>
        <title>CTS CORP</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>ANGI INC.</name>
        <lei>5493003ENY577E6SZL06</lei>
        <title>ANGI INC</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <name>TITAN INTERNATIONAL, INC.</name>
        <lei>254900CXRGBE7C4B5A06</lei>
        <title>TITAN INTERNATIONAL INC</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>FMC CORPORATION</name>
        <lei>CKDHZ2X64EEBQCSP7013</lei>
        <title>FMC CORP</title>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HELEN OF TROY LIMITED</name>
        <lei>N/A</lei>
        <title>HELEN OF TROY LTD</title>
        <cusip>G4388N106</cusip>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>FRANKLIN BSP REALTY TRUST, INC.</name>
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      <invstOrSec>
        <name>ARMADA HOFFLER PROPERTIES, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>VERICEL CORPORATION</name>
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        <name>HECLA MINING COMPANY</name>
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      <invstOrSec>
        <name>BOOT BARN HOLDINGS, INC.</name>
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        <name>AAR CORP.</name>
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        <name>GRANITE CONSTRUCTION INCORPORATED</name>
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        <name>THE CHEESECAKE FACTORY INCORPORATED</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>UFP TECHNOLOGIES, INC.</name>
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        <name>Veracyte Inc</name>
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        <name>STEWART INFORMATION SERVICES CORPORATION</name>
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        <name>ARROWHEAD PHARMACEUTICALS, INC.</name>
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        <name>TENNANT COMPANY</name>
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        <name>ELEMENT SOLUTIONS INC</name>
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        <name>PALOMAR HOLDINGS, INC.</name>
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        <name>EPLUS INC.</name>
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        <name>THE BANCORP, INC.</name>
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        <name>AMERICAN WOODMARK CORPORATION</name>
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        <name>BRISTOW GROUP INC.</name>
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        <name>TERADATA CORPORATION</name>
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        <name>Edgewell Personal Care Company</name>
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        <name>ARMSTRONG WORLD INDUSTRIES, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ACADIAN ASSET MANAGEMENT INC.</name>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ASTEC INDUSTRIES, INC.</name>
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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>SIRIUSPOINT LTD.</name>
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          <isin value="BMG8192H1060"/>
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        <assetCat>EC</assetCat>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>CORCEPT THERAPEUTICS INCORPORATED</name>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N-ABLE, INC.</name>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Otter Tail Corporation</name>
        <lei>N/A</lei>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>LINDSAY CORPORATION</name>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>KADANT INC.</name>
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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>CORE LABORATORIES INC.</name>
        <lei>N/A</lei>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SCHNEIDER NATIONAL, INC.</name>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ATLAS ENERGY SOLUTIONS INC.</name>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>PRICESMART, INC.</name>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ALBANY INTERNATIONAL CORP.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BANNER CORPORATION</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>EAGLE BANCORP, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>HIGHWOODS PROPERTIES, INC.</name>
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        <name>OUTFRONT MEDIA INC.</name>
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        <name>KODIAK GAS SERVICES, INC.</name>
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        <name>KOHL'S CORPORATION</name>
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        <name>CITY HOLDING COMPANY</name>
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        <title>CITY HOLDING COMPANY</title>
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        <name>ULTRA CLEAN HOLDINGS, INC.</name>
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        <title>ULTRA CLEAN HOLDINGS INC</title>
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        <name>MILLERKNOLL, INC.</name>
        <lei>U98HXD3PNK7HYU2MU887</lei>
        <title>MILLERKNOLL INC</title>
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        <name>NMI HOLDINGS, INC.</name>
        <lei>529900KNNGFXJX1C3Z08</lei>
        <title>NMI HOLDINGS INC</title>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>APOGEE ENTERPRISES, INC.</name>
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          <isin value="US0375981091"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>GUESS ?, INC.</name>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MINERALS TECHNOLOGIES INC.</name>
        <lei>549300D3I1QU67GP6403</lei>
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          <isin value="US6031581068"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>LTC PROPERTIES, INC.</name>
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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>OCEANEERING INTERNATIONAL, INC.</name>
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          <isin value="US6752321025"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>OMNICELL, INC.</name>
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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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        <name>PURSUIT ATTRACTIONS AND HOSPITALITY, INC.</name>
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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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        <name>U. S. PHYSICAL THERAPY, INC.</name>
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          <isin value="US90337L1089"/>
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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>FORTREA HOLDINGS INC.</name>
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        <cusip>34965K107</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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        <name>QUAKER CHEMICAL CORPORATION</name>
        <lei>549300PJQ1R3WCWCPS54</lei>
        <title>QUAKER HOUGHTON</title>
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        <balance>4207.00000000</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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        <name>CARETRUST REIT, INC.</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Schrodinger Inc</name>
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        <title>SCHRODINGER INC</title>
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        <balance>17593.00000000</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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        <name>ACI WORLDWIDE, INC.</name>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>FRESH DEL MONTE PRODUCE INC.</name>
        <lei>529900I72V9F0FEZR228</lei>
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        <assetCat>EC</assetCat>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>RYMAN HOSPITALITY PROPERTIES, INC.</name>
        <lei>529900GCCWW9SRMPJR11</lei>
        <title>RYMAN HOSPITALITY PROPERTIES INC</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>PC CONNECTION, INC.</name>
        <lei>5299005WPRNIXDV2KM73</lei>
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        <name>INTERPARFUMS INC</name>
        <lei>N/A</lei>
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        <name>Sun Country Airlines Holdings Inc</name>
        <lei>549300MOHOJN9GH0NJ48</lei>
        <title>SUN COUNTRY AIRLINES HOLDINGS INC</title>
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        <invCountry>US</invCountry>

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        <name>QuinStreet Inc</name>
        <lei>549300TP8MFBFPOS4Y78</lei>
        <title>QUINSTREET INC</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <name>HILLTOP HOLDINGS INC.</name>
        <lei>54930010TA543US0PM65</lei>
        <title>HILLTOP HOLDINGS INC</title>
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        <invCountry>US</invCountry>

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        <fairValLevel>1</fairValLevel>
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        <name>SPS COMMERCE, INC.</name>
        <lei>2549006XVF9GCCETDQ72</lei>
        <title>SPS COMMERCE INC</title>
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        <invCountry>US</invCountry>

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        <fairValLevel>1</fairValLevel>
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        <name>MONRO, INC.</name>
        <lei>N/A</lei>
        <title>MONRO INC</title>
        <cusip>610236101</cusip>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>TEGNA INC.</name>
        <lei>549300YC5EDBGX85AO10</lei>
        <title>TEGNA INC COM</title>
        <cusip>87901J105</cusip>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>TRIPADVISOR, INC.</name>
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        <name>SHOE CARNIVAL, INC.</name>
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        <name>BANC OF CALIFORNIA, INC.</name>
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        <name>ARCOSA, INC.</name>
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        <name>IMPINJ, INC.</name>
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        <name>FB Financial Corporation</name>
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        <name>PEABODY ENERGY CORPORATION</name>
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        <name>ENVIRI CORPORATION</name>
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        <name>M/I HOMES, INC.</name>
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        <name>TG THERAPEUTICS, INC.</name>
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        <name>ITRON, INC.</name>
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        <name>CARGURUS, INC.</name>
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        <name>Hawkins, Inc.</name>
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        <name>JOHN B. SANFILIPPO &amp; SON, INC.</name>
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        <name>CAL-MAINE FOODS, INC.</name>
        <lei>549300NHE5WMIEIEMF53</lei>
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        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>NEWELL BRANDS INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>CORVEL CORPORATION</name>
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        <name>INSTALLED BUILDING PRODUCTS, INC.</name>
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        <name>CALIX, INC.</name>
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        <name>KENNEDY-WILSON HOLDINGS, INC.</name>
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        <name>FIRST BANCORP</name>
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        <name>BEACON FINANCIAL CORPORATION</name>
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        <name>STANDEX INTERNATIONAL CORPORATION</name>
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        <name>Cytek Biosciences Inc</name>
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        <name>BIOLIFE SOLUTIONS, INC.</name>
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        <name>NORTHWEST NATURAL HOLDING COMPANY</name>
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        <name>HARMONY BIOSCIENCES HOLDINGS, INC.</name>
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        <name>SIMMONS FIRST NATIONAL CORPORATION</name>
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        <name>HARMONIC INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ARTISAN PARTNERS ASSET MANAGEMENT INC.</name>
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        <name>DONNELLEY FINANCIAL SOLUTIONS, INC.</name>
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        <name>UNITED PARKS AND RESORTS INC.</name>
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        <name>ELLINGTON FINANCIAL INC.</name>
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        <name>Progyny Inc</name>
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        <name>WORLD KINECT CORPORATION</name>
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        <name>Customers Bancorp, Inc.</name>
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        <name>MOOG INC.</name>
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        <name>GRIFFON CORPORATION</name>
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        <name>BRADY CORPORATION</name>
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        <name>Protagonist Therapeutics Inc</name>
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        <name>OSI SYSTEMS, INC.</name>
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        <name>STAAR SURGICAL COMPANY</name>
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        <name>TOMPKINS FINANCIAL CORPORATION</name>
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        <name>XENIA HOTELS &amp; RESORTS, INC.</name>
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        <name>THE SIMPLY GOOD FOODS COMPANY</name>
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        <name>CATALYST PHARMACEUTICALS, INC.</name>
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        <name>ADVANSIX INC.</name>
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        <name>MGP INGREDIENTS, INC.</name>
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        <name>MATTHEWS INTERNATIONAL CORPORATION</name>
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        <title>MATTHEWS INTERNATIONAL CORP CL A</title>
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        <name>VIRTUS INVESTMENT PARTNERS, INC.</name>
        <lei>549300HWF93HB8BDM648</lei>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>PENNYMAC MORTGAGE INVESTMENT TRUST</name>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>JOHN WILEY &amp; SONS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>READY CAPITAL CORPORATION</name>
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        <fairValLevel>1</fairValLevel>
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        <name>SUPERNUS PHARMACEUTICALS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>HUB GROUP, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>ADMA BIOLOGICS, INC.</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>ARMOUR RESIDENTIAL REIT, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>CURBLINE PROPERTIES CORP.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Enpro Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>BJ'S RESTAURANTS, INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>HELMERICH &amp; PAYNE, INC.</name>
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        <name>CENTURY COMMUNITIES, INC.</name>
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        <name>AMENTUM HOLDINGS, INC.</name>
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        <name>TRANSMEDICS GROUP, INC.</name>
        <lei>549300060GVOSMWARH50</lei>
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        <name>PRA GROUP, INC.</name>
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        <name>ZIFF DAVIS, INC.</name>
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        <name>Apple Hospitality REIT, Inc.</name>
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        <name>SONIC AUTOMOTIVE, INC.</name>
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        <name>LEGGETT &amp; PLATT, INCORPORATED</name>
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        <name>ADEIA INC.</name>
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        <name>ACADIA REALTY TRUST</name>
        <lei>254900C5XLB1YYJQSH07</lei>
        <title>ACADIA RLTY</title>
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        <name>FORWARD AIR CORPORATION</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>FIRST FINANCIAL BANCORP.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>BGC GROUP, INC.</name>
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        <name>MYR GROUP INC.</name>
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        <name>PEBBLEBROOK HOTEL TRUST</name>
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        <fairValLevel>1</fairValLevel>
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        <name>IAC INC.</name>
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        <name>Tanger Inc.</name>
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        <name>BOISE CASCADE COMPANY</name>
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        <name>S &amp; T BANCORP, INC.</name>
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        <name>SOLAREDGE TECHNOLOGIES, INC.</name>
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        <name>DIME COMMUNITY BANCSHARES, INC.</name>
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        <name>AMERICAN AXLE &amp; MANUFACTURING HOLDINGS, INC.</name>
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        <name>HORACE MANN EDUCATORS CORPORATION</name>
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        <name>YELP INC.</name>
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        <name>SHUTTERSTOCK, INC.</name>
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        <name>CELANESE CORPORATION</name>
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        <title>CELANESE CORP SERIES A</title>
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        <name>A10 NETWORKS, INC.</name>
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        <name>InterDigital, Inc.</name>
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        <name>MEDICAL PROPERTIES TRUST, INC.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>AZZ INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SHAKE SHACK INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>NORTHERN OIL AND GAS, INC.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CONMED CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ENOVIS CORPORATION</name>
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        <fairValLevel>1</fairValLevel>
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        <name>PHIBRO ANIMAL HEALTH CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>SOUTHSIDE BANCSHARES, INC.</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>BRANDYWINE REALTY TRUST</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>COGENT COMMUNICATIONS HOLDINGS, INC.</name>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>ACUSHNET HOLDINGS CORP.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>WHITESTONE REIT</name>
        <lei>N/A</lei>
        <title>WHITESTONE REIT</title>
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        <name>SPX TECHNOLOGIES, INC.</name>
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        <name>GOLDEN ENTERTAINMENT, INC.</name>
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        <name>NATIONAL VISION HOLDINGS, INC.</name>
        <lei>549300JHURCBLI5ROA42</lei>
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        <name>HEALTHCARE SERVICES GROUP, INC.</name>
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        <name>CABLE ONE, INC.</name>
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        <name>JBT MAREL CORPORATION</name>
        <lei>5493007CT6ATBZ2L6826</lei>
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        <name>ALEXANDER &amp; BALDWIN, INC.</name>
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        <name>THE ANDERSONS, INC</name>
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        <name>INGEVITY CORPORATION</name>
        <lei>5493009UTFC4B5IMGF87</lei>
        <title>INGEVITY CORP</title>
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      <invstOrSec>
        <name>MYRIAD GENETICS, INC.</name>
        <lei>52990044IHUOUMETT163</lei>
        <title>MYRIAD GENETICS INC</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <name>ALKERMES PUBLIC LIMITED COMPANY</name>
        <lei>N/A</lei>
        <title>ALKERMES PLC</title>
        <cusip>G01767105</cusip>
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        <name>TOPGOLF CALLAWAY BRANDS CORP.</name>
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        <name>INTEGRA LIFESCIENCES HOLDINGS CORPORATION</name>
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        <name>SITE CENTERS CORP.</name>
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        <name>PDF SOLUTIONS, INC.</name>
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        <name>BLOOMIN' BRANDS, INC.</name>
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        <name>AMERICAN EAGLE OUTFITTERS, INC.</name>
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        <name>CARTER'S, INC.</name>
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        <name>TTM TECHNOLOGIES, INC.</name>
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        <name>URBAN EDGE PROPERTIES</name>
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        <name>DIODES INCORPORATED</name>
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        <name>ZURN ELKAY WATER SOLUTIONS CORPORATION</name>
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        <name>Inspire Medical Systems Inc</name>
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        <name>CONCENTRA GROUP HOLDINGS PARENT, INC.</name>
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        <name>Renasant Corporation</name>
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        <name>INTERNATIONAL SEAWAYS, INC.</name>
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      <invstOrSec>
        <name>BALCHEM CORPORATION</name>
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      <invstOrSec>
        <name>EXTREME NETWORKS, INC.</name>
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        <name>METALLUS INC.</name>
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        <name>Alpha and Omega Semiconductor Ltd</name>
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        <name>Marcus &amp; Millichap Inc</name>
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        <name>LUMEN TECHNOLOGIES, INC.</name>
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        <name>VICTORIA'S SECRET &amp; CO.</name>
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        <name>WD-40 COMPANY</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>FOX FACTORY HOLDING CORP.</name>
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        <name>SENSIENT TECHNOLOGIES CORPORATION</name>
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        <name>LEMAITRE VASCULAR, INC.</name>
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        <name>WORTHINGTON ENTERPRISES, INC.</name>
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        <name>INDEPENDENT BANK CORP.</name>
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        <name>EVERUS CONSTRUCTION GROUP, INC.</name>
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        <name>PAPA JOHN'S INTERNATIONAL, INC.</name>
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        <name>CLEARWAY ENERGY, INC.</name>
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        <name>LAKELAND FINANCIAL CORPORATION</name>
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        <name>First BanCorp.</name>
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        <name>OFG BANCORP</name>
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        <name>Koppers Holdings Inc.</name>
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        <name>UNITED FIRE GROUP, INC.</name>
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        <title>UNITED FIRE GROUP INC</title>
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        <name>TIDEWATER INC.</name>
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        <title>TIDEWATER INC</title>
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        <fairValLevel>1</fairValLevel>
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        <name>PHILLIPS EDISON &amp; COMPANY, INC.</name>
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        <title>PHILLIPS EDISON CO INC</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>MERITAGE HOMES CORPORATION</name>
        <lei>52990044W9UMFJO2FB97</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>STRIDE, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SAREPTA THERAPEUTICS, INC.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>LGI HOMES, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CRESCENT ENERGY COMPANY</name>
        <lei>N/A</lei>
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          <isin value="US44952J1043"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MR. COOPER GROUP INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MERCURY SYSTEMS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SIX FLAGS ENTERTAINMENT CORPORATION</name>
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          <isin value="US83001C1080"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>USANA HEALTH SCIENCES, INC.</name>
        <lei>549300YTURXE814MAH96</lei>
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          <isin value="US90328M1071"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>NEOGENOMICS, INC.</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>SONOS, INC.</name>
        <lei>549300WEPU6075I77M08</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ADIENT PUBLIC LIMITED COMPANY</name>
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        <title>ADIENT PLC</title>
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        <invCountry>IE</invCountry>

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        <fairValLevel>1</fairValLevel>
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        <name>DAVE &amp; BUSTER'S ENTERTAINMENT, INC.</name>
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        <name>SAFETY INSURANCE GROUP, INC.</name>
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        <name>GRID DYNAMICS HOLDINGS, INC.</name>
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        <name>MAGNOLIA OIL &amp; GAS CORPORATION</name>
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        <name>KKR REAL ESTATE FINANCE TRUST INC.</name>
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        <name>FIRST COMMONWEALTH FINANCIAL CORPORATION</name>
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        <name>CHESAPEAKE UTILITIES CORPORATION</name>
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        <title>CHESAPEAKE UTILITIES CORP</title>
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        <name>UNIFIRST CORPORATION</name>
        <lei>5493003XBTNWBC8UK019</lei>
        <title>UNIFIRST CORP</title>
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        <name>PROG Holdings, Inc</name>
        <lei>549300DHYTLBOVRXIG52</lei>
        <title>PROG HOLDINGS INC</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Pathward Financial, Inc.</name>
        <lei>5493004X52BH1NBLW813</lei>
        <title>PATHWARD FINANCIAL INC</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ACADIA HEALTHCARE COMPANY, INC.</name>
        <lei>5493005CW985Y9D0NC11</lei>
        <title>ACADIA HEALTHCARE</title>
        <cusip>00404A109</cusip>
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          <isin value="US00404A1097"/>
          <other otherDesc="Internal" value="00404A109"/>
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        <balance>27500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>680900.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>DORMAN PRODUCTS, INC.</name>
        <lei>2549000O0BBUX740XR59</lei>
        <title>DORMAN PRODUCTS INC</title>
        <cusip>258278100</cusip>
        <identifiers>
          <isin value="US2582781009"/>
          <other otherDesc="Internal" value="258278100"/>
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        <balance>8375.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1305495.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NOBLE CORPORATION PLC</name>
        <lei>549300I3HBUNXO0OG954</lei>
        <title>NOBLE CORP PLC</title>
        <cusip>G65431127</cusip>
        <identifiers>
          <isin value="GB00BMXNWH07"/>
          <other otherDesc="Internal" value="G65431127"/>
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        <balance>35350.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>999698.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</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>Q2 HOLDINGS, INC.</name>
        <lei>549300M9RKR9DZXWS696</lei>
        <title>Q2 HOLDINGS INC</title>
        <cusip>74736L109</cusip>
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          <isin value="US74736L1098"/>
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        <balance>18576.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>eXp World Holdings Inc</name>
        <lei>549300TWVVZC283VEC32</lei>
        <title>EXP WORLD HOLDINGS INC</title>
        <cusip>30212W100</cusip>
        <identifiers>
          <isin value="US30212W1009"/>
          <other otherDesc="Internal" value="30212W100"/>
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        <balance>27071.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>288576.86000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>AVISTA CORPORATION</name>
        <lei>Q0IK63NITJD6RJ47SW96</lei>
        <title>AVISTA CORP</title>
        <cusip>05379B107</cusip>
        <identifiers>
          <isin value="US05379B1070"/>
          <other otherDesc="Internal" value="05379B107"/>
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        <balance>24709.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>934247.29000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>STANDARD MOTOR PRODUCTS, INC.</name>
        <lei>THGK1EO5B5HK0JHQVZ90</lei>
        <title>STANDARD MOTOR PRODUCTS INC</title>
        <cusip>853666105</cusip>
        <identifiers>
          <isin value="US8536661056"/>
          <other otherDesc="Internal" value="853666105"/>
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        <balance>5634.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>229979.88000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>REYNOLDS CONSUMER PRODUCTS INC.</name>
        <lei>894500ZQLNYY77S80A06</lei>
        <title>REYNOLDS CONSUMER PRODUCTS INC</title>
        <cusip>76171L106</cusip>
        <identifiers>
          <isin value="US76171L1061"/>
          <other otherDesc="Internal" value="76171L106"/>
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        <balance>16653.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>407498.91000000</valUSD>
        <pctVal>0.090045948344</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>CALIFORNIA RESOURCES CORPORATION</name>
        <lei>5493003Q8F0T4F4YMR48</lei>
        <title>CALIFORNIA RESOURCES CORP</title>
        <cusip>13057Q305</cusip>
        <identifiers>
          <isin value="US13057Q3056"/>
          <other otherDesc="Internal" value="13057Q305"/>
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        <balance>21723.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1155229.14000000</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>PIPER SANDLER COMPANIES</name>
        <lei>QUQDBTUSOAKFEVMRMF78</lei>
        <title>PIPER SANDLER COS</title>
        <cusip>724078100</cusip>
        <identifiers>
          <isin value="US7240781002"/>
          <other otherDesc="Internal" value="724078100"/>
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        <balance>5288.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1834883.12000000</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>
      <invstOrSec>
        <name>CSW INDUSTRIALS, INC.</name>
        <lei>549300SYOEO3RVQ7FB83</lei>
        <title>CSW INDUSTRIALS INC</title>
        <cusip>126402106</cusip>
        <identifiers>
          <isin value="US1264021064"/>
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        <balance>5172.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1255503.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>WISDOMTREE, INC.</name>
        <lei>549300WIU8IS7UFO7871</lei>
        <title>WISDOMTREE INC</title>
        <cusip>97717P104</cusip>
        <identifiers>
          <isin value="US97717P1049"/>
          <other otherDesc="Internal" value="97717P104"/>
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        <balance>36301.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>504583.90000000</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>CACTUS, INC.</name>
        <lei>549300J3T8C9F8QFKV08</lei>
        <title>CACTUS INC A</title>
        <cusip>127203107</cusip>
        <identifiers>
          <isin value="US1272031071"/>
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        <balance>22877.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>902955.19000000</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>STEPAN COMPANY</name>
        <lei>IZU1EW9GB3WC7CYCSR17</lei>
        <title>STEPAN COMPANY</title>
        <cusip>858586100</cusip>
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          <isin value="US8585861003"/>
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        <balance>6663.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>317825.10000000</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GLOBAL NET LEASE, INC.</name>
        <lei>549300NUYANCT5SU8Z65</lei>
        <title>GLOBAL NET LEASE INC</title>
        <cusip>379378201</cusip>
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          <isin value="US3793782018"/>
          <other otherDesc="Internal" value="379378201"/>
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        <balance>60022.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>487978.86000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ADTALEM GLOBAL EDUCATION INC.</name>
        <lei>549300Z467EZLMODV621</lei>
        <title>ADTALEM GLOBAL EDUCATION INC</title>
        <cusip>00737L103</cusip>
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          <isin value="US00737L1035"/>
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        <balance>10702.00000000</balance>
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        <curCd>USD</curCd>
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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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ARBOR REALTY TRUST, INC.</name>
        <lei>549300ASFUWYQO0RW077</lei>
        <title>ARBOR REALTY TRUST INC</title>
        <cusip>038923108</cusip>
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          <isin value="US0389231087"/>
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        <balance>60821.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>LINCOLN NATIONAL CORPORATION</name>
        <lei>EFQMQROEDSNBRIP7LE47</lei>
        <title>LINCOLN NATIONAL CORP</title>
        <cusip>534187109</cusip>
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          <isin value="US5341871094"/>
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        <balance>53419.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ESSENTIAL PROPERTIES REALTY TRUST, INC.</name>
        <lei>2549009LXQLVYCGLZO50</lei>
        <title>ESSENTIAL PROPERTIES REALTY</title>
        <cusip>29670E107</cusip>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CALIFORNIA WATER SERVICE GROUP</name>
        <lei>529900QABDOBU6UVRQ36</lei>
        <title>CALIFORNIA WATER SERVICE GROUP</title>
        <cusip>130788102</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>
        <name>Xencor Inc</name>
        <lei>549300V5IF65437JKG30</lei>
        <title>XENCOR INC</title>
        <cusip>98401F105</cusip>
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        <balance>22186.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>260241.78000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CORSAIR GAMING, INC.</name>
        <lei>549300Y7YT18L8G0H525</lei>
        <title>CORSAIR GAMING INC</title>
        <cusip>22041X102</cusip>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MIDDLESEX WATER COMPANY</name>
        <lei>N/A</lei>
        <title>MIDDLESEX WATER CO</title>
        <cusip>596680108</cusip>
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        <balance>5571.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>301502.52000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>UNIVERSAL CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Xpel Inc</name>
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          <isin value="US98379L1008"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BOX, INC.</name>
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        <name>AZENTA, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>GOOSEHEAD INSURANCE, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>THE BUCKLE, INC.</name>
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        <title>BUCKLE INC THE</title>
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        <fairValLevel>1</fairValLevel>
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        <name>ROBERT HALF INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Signet Jewelers Limited</name>
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        <title>SIGNET JEWELERS LTD</title>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>AMPHASTAR PHARMACEUTICALS INC</name>
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        <name>ENACT HOLDINGS, INC.</name>
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        <name>PENGUIN SOLUTIONS, INC.</name>
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        <name>SKYWEST, INC.</name>
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        <name>EZCORP, INC.</name>
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        <name>GOGO INC.</name>
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        <name>PACIRA BIOSCIENCES, INC.</name>
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        <name>THE GEO GROUP, INC.</name>
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        <name>PREMIER, INC.</name>
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        <name>WOLVERINE WORLD WIDE, INC.</name>
        <lei>549300OVC7PK14LQ8D87</lei>
        <title>WOLVERINE WORLD WIDE INC</title>
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        <invCountry>US</invCountry>

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        <name>EMBECTA CORP.</name>
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        <name>HEALTHSTREAM, INC.</name>
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        <name>TWO HARBORS INVESTMENT CORP.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ASSURED GUARANTY LTD.</name>
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        <name>O-I GLASS, INC.</name>
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        <name>CERTARA, INC.</name>
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        <name>UNITI GROUP INC.</name>
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        <name>CENTERSPACE</name>
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        <name>TRUPANION, INC.</name>
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        <name>Cracker Barrel Old Country Store, Inc.</name>
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        <name>NBT BANCORP INC.</name>
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        <name>CAVCO INDUSTRIES, INC.</name>
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        <name>GETTY REALTY CORP.</name>
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        <name>COHU, INC.</name>
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        <name>LXP INDUSTRIAL TRUST</name>
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        <name>TELEFLEX INCORPORATED</name>
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        <name>APOLLO COMMERCIAL REAL ESTATE FINANCE, INC.</name>
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      <invstOrSec>
        <name>VERRA MOBILITY CORPORATION</name>
        <lei>549300XX5EKGLR0M4152</lei>
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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>Dorian LPG Ltd.</name>
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          <isin value="MHY2106R1100"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>MH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TRUSTCO BANK CORP N Y</name>
        <lei>N/A</lei>
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          <isin value="US8983492047"/>
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        <balance>5501.00000000</balance>
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        <curCd>USD</curCd>
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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>ENOVA INTERNATIONAL, INC.</name>
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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>ADAPTHEALTH CORP.</name>
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          <isin value="US00653Q1022"/>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>BENCHMARK ELECTRONICS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ALAMO GROUP INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Collegium Pharmaceutical, Inc.</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>MILLROSE PROPERTIES, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>QUIDELORTHO CORPORATION</name>
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        <title>QUIDELORTHO CORP</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>SL GREEN REALTY CORP.</name>
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        <title>SL GREEN REALTY CORP</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>INNOVEX INTERNATIONAL, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>SUNSTONE HOTEL INVESTORS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>StepStone Group Inc</name>
        <lei>N/A</lei>
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        <name>JACKSON FINANCIAL INC.</name>
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        <name>VIASAT, INC.</name>
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        <name>BLACKLINE, INC</name>
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        <name>GIBRALTAR INDUSTRIES, INC.</name>
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        <name>HILLENBRAND, INC.</name>
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        <name>HANESBRANDS INC.</name>
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        <name>THE WENDY'S COMPANY</name>
        <lei>529900M0JIUCMWVKHG76</lei>
        <title>THE WENDY S COMPANY</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SCHOLASTIC CORPORATION</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>PRESTIGE CONSUMER HEALTHCARE INC.</name>
        <lei>N/A</lei>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>REDWOOD TRUST, INC.</name>
        <lei>DRBV4N1ERQLEMIF11G78</lei>
        <title>REDWOOD TRUST INC</title>
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          <isin value="US7580754023"/>
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        <balance>43432.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BADGER METER, INC.</name>
        <lei>5493002JENE20OGTUG20</lei>
        <title>BADGER METER INC</title>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HEIDRICK &amp; STRUGGLES INTERNATIONAL, INC.</name>
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        <title>HEIDRICK STRUGGLES INTERNATIONAL INC</title>
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          <isin value="US4228191023"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GROUP 1 AUTOMOTIVE, INC.</name>
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        <title>GROUP 1 AUTOMOTIVE INC</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>NCR VOYIX CORPORATION</name>
        <lei>549300YKTY8JX1DV2R67</lei>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>SUNCOKE ENERGY, INC.</name>
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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>DigitalOcean Holdings, Inc.</name>
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        <balance>20849.00000000</balance>
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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>COHEN &amp; STEERS, INC.</name>
        <lei>549300XXIA338A0X2K65</lei>
        <title>COHEN STEERS INC</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Stellar Bancorp, Inc.</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>EASTERLY GOVERNMENT PROPERTIES, INC.</name>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <name>QORVO, INC.</name>
        <lei>254900YAUJV2EUEVBR11</lei>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>ESCO TECHNOLOGIES INC.</name>
        <lei>5493007JJLP5MEWVDH10</lei>
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        <name>INSTEEL INDUSTRIES, INC.</name>
        <lei>52990026LKY4MOX3L174</lei>
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        <name>DIGI INTERNATIONAL INC.</name>
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        <name>DOUGLAS EMMETT, INC.</name>
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        <name>Proto Labs, Inc.</name>
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        <name>PATRICK INDUSTRIES, INC.</name>
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        <name>TOOTSIE ROLL INDUSTRIES, INC.</name>
        <lei>529900SBKOV9XX4M4Q35</lei>
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        <name>UNITED NATURAL FOODS, INC.</name>
        <lei>549300GKGW6WPZ282D40</lei>
        <title>UNITED NATURAL FOODS INC</title>
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        <name>VITAL ENERGY, INC.</name>
        <lei>549300X0PTWU2QSLSL14</lei>
        <title>VITAL ENERGY INC</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>DREAM FINDERS HOMES, INC.</name>
        <lei>N/A</lei>
        <title>DREAM FINDERS HOMES INC</title>
        <cusip>26154D100</cusip>
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        <name>KULICKE AND SOFFA INDUSTRIES, INC.</name>
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        <name>GREEN BRICK PARTNERS, INC.</name>
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        <name>CAPITOL FEDERAL FINANCIAL, INC.</name>
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        <name>SAUL CENTERS, INC.</name>
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        <name>ICU MEDICAL, INC.</name>
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        <name>AMERICAN ASSETS TRUST, INC.</name>
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        <name>DoubleVerify Holdings Inc</name>
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        <name>ETSY, INC.</name>
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        <name>WERNER ENTERPRISES, INC.</name>
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        <name>QUANEX BUILDING PRODUCTS CORPORATION</name>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CUSHMAN &amp; WAKEFIELD PLC</name>
        <lei>N/A</lei>
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          <isin value="GB00BFZ4N465"/>
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        <balance>69490.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>PROGRESS SOFTWARE CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Krystal Biotech Inc</name>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>THE GREENBRIER COMPANIES, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>BANKUNITED, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>GATES INDUSTRIAL CORPORATION PLC</name>
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          <isin value="GB00BD9G2S12"/>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>ORGANON &amp; CO.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>VIAVI SOLUTIONS INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>VERITEX HOLDINGS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>SCANSOURCE, INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>FRONTDOOR, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>HAYWARD HOLDINGS, INC.</name>
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        <name>ARCHROCK INC.</name>
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        <title>ARCHROCK INC COM</title>
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        <name>SANMINA CORPORATION</name>
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        <name>CSG SYSTEMS INTERNATIONAL, INC.</name>
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        <name>HA SUSTAINABLE INFRASTRUCTURE CAPITAL, INC.</name>
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        <name>SYLVAMO CORPORATION</name>
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        <name>Evertec, Inc.</name>
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        <name>ADDUS HOMECARE CORPORATION</name>
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        <name>GROCERY OUTLET HOLDING CORP.</name>
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        <name>ENPHASE ENERGY, INC.</name>
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        <name>MATERION CORPORATION</name>
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        <name>THE ST. JOE COMPANY</name>
        <lei>529900XVHOT3BF8PWG49</lei>
        <title>ST JOE CORP</title>
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        <name>PITNEY BOWES INC.</name>
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        <name>SEALED AIR CORPORATION</name>
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        <name>PENN Entertainment, Inc.</name>
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        <name>MOELIS &amp; COMPANY</name>
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        <name>ENERPAC TOOL GROUP CORP.</name>
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        <name>ATLANTIC UNION BANKSHARES CORPORATION</name>
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        <name>STEVEN MADDEN, LTD.</name>
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        <name>MERIT MEDICAL SYSTEMS, INC.</name>
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        <name>VISHAY INTERTECHNOLOGY, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>

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        <fairValLevel>1</fairValLevel>
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        <name>RADNET, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>MARINEMAX, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>PROVIDENT FINANCIAL SERVICES, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>INTERFACE, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>STURM, RUGER &amp; COMPANY, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>SUMMIT HOTEL PROPERTIES, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>LIBERTY ENERGY INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>AMERISAFE, INC</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>BRINKER INTERNATIONAL, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>OMNIAB INC OLD</name>
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        <name>BREAD FINANCIAL HOLDINGS, INC.</name>
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      <invstOrSec>
        <name>UNITED COMMUNITY BANKS, INC.</name>
        <lei>549300GVW0FV66X3U703</lei>
        <title>UNITED COMMUNITY BANKS INC GA</title>
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      <invstOrSec>
        <name>HNI CORPORATION</name>
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        <name>SAFEHOLD INC.</name>
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        <invCountry>US</invCountry>

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    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-10-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Allianz Variable Insurance Products Trust</ncom:nameOfApplicant>
      <ncom:signature>Monique Labbe</ncom:signature>
      <ncom:signerName>Monique Labbe</ncom:signerName>
      <ncom:title>Treasurer - Principal Financial Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
