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        <lei>549300LGUCWQURMWLG09</lei>
        <title>KB HOME</title>
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          <isin value="US48666K1097"/>
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        <curCd>USD</curCd>
        <valUSD>570539.87000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>HOME BANCSHARES, INC.</name>
        <lei>N/A</lei>
        <title>HOME BANCSHARES INC AR</title>
        <cusip>436893200</cusip>
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          <isin value="US4368932004"/>
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        <balance>23805.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>INTERNATIONAL SEAWAYS, INC.</name>
        <lei>549300YUFDGFRNGBWF46</lei>
        <title>INTERNATIONAL SEAWAYS INC</title>
        <cusip>Y41053102</cusip>
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          <isin value="MHY410531021"/>
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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>Dorian LPG Ltd.</name>
        <lei>549300WP1W2WGMC7F395</lei>
        <title>DORIAN LPG LTD</title>
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          <isin value="MHY2106R1100"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>STEWART INFORMATION SERVICES CORPORATION</name>
        <lei>529900TV1XI0PLKENU10</lei>
        <title>STEWART INFORMATION SERVICES CORP</title>
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          <isin value="US8603721015"/>
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        <balance>11381.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TRUSTCO BANK CORP N Y</name>
        <lei>N/A</lei>
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        <cusip>898349204</cusip>
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          <isin value="US8983492047"/>
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        <balance>18266.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Teekay Tankers Ltd.</name>
        <lei>549300DE8ZAIYS2T6Q22</lei>
        <title>TEEKAY TANKERS LTD</title>
        <cusip>G8726X106</cusip>
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          <isin value="BMG8726X1065"/>
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        <balance>11974.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FIRST MERCHANTS CORPORATION</name>
        <lei>TZTBT0OTGQ2FEK6XMX94</lei>
        <title>FIRST MERCHANTS CORP</title>
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          <isin value="US3208171096"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>WORLD KINECT CORPORATION</name>
        <lei>D3W7PCXCBRQLL17DZ313</lei>
        <title>WORLD KINECT CORP</title>
        <cusip>981475106</cusip>
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          <isin value="US9814751064"/>
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        <balance>22224.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HANMI FINANCIAL CORPORATION</name>
        <lei>549300MSZ7RCG7EA6587</lei>
        <title>HANMI FINANCIAL CORP</title>
        <cusip>410495204</cusip>
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          <isin value="US4104952043"/>
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        <balance>30713.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SEACOAST BANKING CORPORATION OF FLORIDA</name>
        <lei>549300V6IC06XYQYPG88</lei>
        <title>SEACOAST BANKING CORP OF FLORIDA</title>
        <cusip>811707801</cusip>
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          <isin value="US8117078019"/>
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        <balance>22699.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FULTON FINANCIAL CORPORATION</name>
        <lei>5493005QLZ6O1BNC0C11</lei>
        <title>FULTON FINANCIAL CORP</title>
        <cusip>360271100</cusip>
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          <isin value="US3602711000"/>
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        <balance>40740.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FRESH DEL MONTE PRODUCE INC.</name>
        <lei>529900I72V9F0FEZR228</lei>
        <title>FRESH DEL MONTE PRODUCE INC</title>
        <cusip>G36738105</cusip>
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          <isin value="KYG367381053"/>
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        <balance>19291.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>VISHAY INTERTECHNOLOGY, INC.</name>
        <lei>5493009O8F3QQJTCQR75</lei>
        <title>VISHAY INTERTECHNOLOGY INC</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ASSOCIATED BANC-CORP</name>
        <lei>549300N3CIN473IW5094</lei>
        <title>ASSOCIATED BANC CORP</title>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ENACT HOLDINGS, INC.</name>
        <lei>9845003CA5664B741N19</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>WORTHINGTON ENTERPRISES, INC.</name>
        <lei>1WRCIANKYOIK6KYE5E82</lei>
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        <name>WARRIOR MET COAL, INC.</name>
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        <name>INNOVIVA, INC.</name>
        <lei>549300ACOX4QTBES6535</lei>
        <title>INNOVIVA INC</title>
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        <name>TRUSTMARK CORPORATION</name>
        <lei>5493000HPQ4D2RZ79739</lei>
        <title>TRUSTMARK CORP</title>
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        <name>ASBURY AUTOMOTIVE GROUP, INC.</name>
        <lei>549300JH4DTA7U42GL91</lei>
        <title>ASBURY AUTOMOTIVE GROUP INC</title>
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        <invCountry>US</invCountry>
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        <name>KORN FERRY</name>
        <lei>549300FOD20OM0GT5G40</lei>
        <title>KORN FERRY</title>
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        <name>CALIFORNIA RESOURCES CORPORATION</name>
        <lei>5493003Q8F0T4F4YMR48</lei>
        <title>CALIFORNIA RESOURCES CORP</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>JBG SMITH PROPERTIES</name>
        <lei>N/A</lei>
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        <name>TALOS ENERGY INC.</name>
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        <name>WABASH NATIONAL CORPORATION</name>
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      <invstOrSec>
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        <name>UMB FINANCIAL CORPORATION</name>
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        <name>BROADSTONE NET LEASE, INC.</name>
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        <name>LCI INDUSTRIES</name>
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        <name>ACADIA REALTY TRUST</name>
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        <name>JPMorgan Chase Bank NA</name>
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        <name>HSBC Bank plc</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Goldman Sachs Bank USA</name>
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              <counterpartyName>Goldman Sachs Bank USA</counterpartyName>
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      <invstOrSec>
        <name>AMERICAN EAGLE OUTFITTERS, INC.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CONNECTONE BANCORP, INC.</name>
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        <title>CONNECTONE BANCORP INC</title>
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          <isin value="US20786W1071"/>
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        <balance>27957.00000000</balance>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>RESOURCES CONNECTION, INC.</name>
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        <balance>33433.00000000</balance>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>S &amp; T BANCORP, INC.</name>
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          <isin value="US7838591011"/>
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        <balance>18407.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>696152.74000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TRICO BANCSHARES</name>
        <lei>N/A</lei>
        <title>TRICO BANCSHARES</title>
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        <balance>15563.00000000</balance>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>NICOLET BANKSHARES, INC.</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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        <name>BERKSHIRE HILLS BANCORP, INC.</name>
        <lei>549300AS2OC6UMMBNO37</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>FIRST COMMONWEALTH FINANCIAL CORPORATION</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>EAGLE BANCORP, INC.</name>
        <lei>549300B47NZODRMG3D47</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>OLD SECOND BANCORP, INC.</name>
        <lei>549300XVJC1MPUT81C04</lei>
        <title>OLD SECOND BANCORP INC</title>
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        <fairValLevel>1</fairValLevel>
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        <name>PATTERSON-UTI ENERGY, INC.</name>
        <lei>254900XGFBKIXD6G0697</lei>
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        <name>FIRST BUSEY CORPORATION</name>
        <lei>549300X4ZNLYSX7GUY60</lei>
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        <name>STEELCASE INC.</name>
        <lei>GIE4CCPBJDI8SMV1OX95</lei>
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        <name>UNITED NATURAL FOODS, INC.</name>
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        <name>GERMAN AMERICAN BANCORP, INC.</name>
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        <name>NORTHERN OIL AND GAS, INC.</name>
        <lei>OKFF0PIZDDMNH4UCYE51</lei>
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        <name>GREIF, INC.</name>
        <lei>54930070FVGKR0Z1FI24</lei>
        <title>GREIF INC</title>
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        <name>ESSENT GROUP LTD</name>
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        <name>NBT BANCORP INC.</name>
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        <name>HERITAGE FINANCIAL CORPORATION</name>
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        <name>CORE NATURAL RESOURCES, INC.</name>
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        <name>QUANEX BUILDING PRODUCTS CORPORATION</name>
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        <name>VERITEX HOLDINGS, INC.</name>
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        <name>HSBC Bank plc</name>
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        <name>HILLTOP HOLDINGS INC.</name>
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        <name>Univest Financial Corporation</name>
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        <name>Washington Trust Bancorp, Inc.</name>
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        <name>KELLY SERVICES, INC.</name>
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        <name>ARDMORE SHIPPING CORPORATION</name>
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        <name>CORE MOLDING TECHNOLOGIES, INC.</name>
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        <name>SKYWEST, INC.</name>
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        <name>FIRST INTERSTATE BANCSYSTEM, INC.</name>
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        <name>Banco Latinoamericano de Comercio Exterior, S.A.</name>
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        <name>AXOS FINANCIAL, INC.</name>
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        <name>Xerox Holdings Corp</name>
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        <name>SPARTANNASH COMPANY</name>
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        <name>QCR HOLDINGS, INC.</name>
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        <name>Signet Jewelers Limited</name>
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        <name>MERCHANTS BANCORP</name>
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        <name>GOLAR LNG LIMITED</name>
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        <name>JAMES RIVER GROUP HOLDINGS, LTD.</name>
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        <name>Aris Water Solutions Inc</name>
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      <invstOrSec>
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        <name>TRI POINTE HOMES, INC.</name>
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        <name>INDEPENDENT BANK CORP.</name>
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        <name>SIRIUSPOINT LTD.</name>
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        <name>RADIAN GROUP INC.</name>
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        <name>PATRICK INDUSTRIES, INC.</name>
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        <name>DELEK US HOLDINGS, INC.</name>
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        <name>AVIENT CORPORATION</name>
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        <name>Live Oak Bancshares, Inc.</name>
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        <name>HORACE MANN EDUCATORS CORPORATION</name>
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        <name>TARGET HOSPITALITY CORP.</name>
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        <name>THE ANDERSONS, INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>BOISE CASCADE COMPANY</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Stellar Bancorp, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>EASTERN BANKSHARES, INC.</name>
        <lei>549300J245MBQU3DO403</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>SM ENERGY COMPANY</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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        <name>WESTAMERICA BANCORPORATION</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Apple Hospitality REIT, Inc.</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>OFG BANCORP</name>
        <lei>549300Q4QEXJ37LEXQ06</lei>
        <title>OFG BANCORP</title>
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        <invCountry>PR</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>OIL STATES INTERNATIONAL, INC.</name>
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        <title>OIL STATES INTERNATIONAL INC</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>PROVIDENT FINANCIAL SERVICES, INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>MICRO EMIN RUS2000SEP25</name>
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        <name>GREEN DOT CORPORATION</name>
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        <name>JPMorgan Chase Bank NA</name>
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        <name>BEAZER HOMES USA, INC.</name>
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        <name>HSBC Bank plc</name>
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        <name>SOLARIS ENERGY INFRASTRUCTURE, INC.</name>
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        <name>THE RMR GROUP INC.</name>
        <lei>549300JP4L34E48UJM16</lei>
        <title>RMR GROUP INC THE</title>
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        <name>CATHAY GENERAL BANCORP</name>
        <lei>549300K1SLJ8C97H5L68</lei>
        <title>CATHAY GENERAL BANCORP</title>
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        <name>AMERIS BANCORP</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>GRAHAM HOLDINGS COMPANY</name>
        <lei>529900BOSCEEEMAFQJ29</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CNO FINANCIAL GROUP, INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>PAR PACIFIC HOLDINGS, INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>BANC OF CALIFORNIA, INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>JPMorgan Chase Bank NA</name>
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      <invstOrSec>
        <name>NATIONAL BANK HOLDINGS CORPORATION</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>FIRST MID BANCSHARES, INC.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BlackRock Funds III: BlackRock Cash Funds: Institutional; SL Agency Shares</name>
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      <invstOrSec>
        <name>HEARTLAND EXPRESS, INC.</name>
        <lei>5299005V45FZIQGLOG39</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>TOMPKINS FINANCIAL CORPORATION</name>
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        <title>TOMPKINS FINANCIAL CORP</title>
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        <fairValLevel>1</fairValLevel>
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        <name>GLACIER BANCORP, INC.</name>
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        <name>Pathward Financial, Inc.</name>
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        <name>ENSTAR GROUP LIMITED</name>
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        <name>JPMorgan Chase Bank NA</name>
        <lei>ZBUT11V806EZRVTWT807</lei>
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        <name>CONSTELLIUM SE</name>
        <lei>724500KRJEMC79KAAU28</lei>
        <title>CONSTELLIUM SE</title>
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      <invstOrSec>
        <name>SCORPIO TANKERS INC.</name>
        <lei>549300NVJUH16NXG8K87</lei>
        <title>SCORPIO TANKERS INC</title>
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        <invCountry>MH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>CLEARWATER PAPER CORPORATION</name>
        <lei>549300HCVV19GXN4P292</lei>
        <title>CLEARWATER PAPER CORP</title>
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      <invstOrSec>
        <name>ALPHA METALLURGICAL RESOURCES, INC.</name>
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        <name>ALLETE, INC.</name>
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        <name>STAGWELL INC.</name>
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        <name>FIRST BANCORP</name>
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        <name>First BanCorp.</name>
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        <name>HIGHPEAK ENERGY, INC.</name>
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        <name>MEDIFAST, INC.</name>
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        <name>CVB FINANCIAL CORP.</name>
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        <name>THE MARCUS CORPORATION</name>
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        <name>1ST SOURCE CORPORATION</name>
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        <name>BROOKLINE BANCORP, INC.</name>
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        <name>COMMUNITY TRUST BANCORP, INC.</name>
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        <name>THE ODP CORPORATION</name>
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        <name>PEOPLES BANCORP INC.</name>
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        <name>Cadence Bank</name>
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        <name>FORESTAR GROUP INC.</name>
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        <name>The Bank of N.T. Butterfield &amp; Son Limited</name>
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        <name>Caleres Inc.</name>
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        <name>ETHAN ALLEN INTERIORS INC.</name>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ARKO CORP.</name>
        <lei>N/A</lei>
        <title>ARKO CORP</title>
        <cusip>041242108</cusip>
        <identifiers>
          <isin value="US0412421085"/>
          <other otherDesc="Internal" value="041242108"/>
        </identifiers>
        <balance>69718.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>294907.14000000</valUSD>
        <pctVal>0.223427364253</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OLD NATIONAL BANCORP</name>
        <lei>549300MMK90CL5KMVX16</lei>
        <title>OLD NATIONAL BANCORP IN</title>
        <cusip>680033107</cusip>
        <identifiers>
          <isin value="US6800331075"/>
          <other otherDesc="Internal" value="680033107"/>
        </identifiers>
        <balance>34283.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>731599.22000000</valUSD>
        <pctVal>0.554273746694</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Goldman Sachs Bank USA</name>
        <lei>FOR8UP27PHTHYVLBNG30</lei>
        <title>PREFERRED BANK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="Internal" value="2813287              00001"/>
        </identifiers>
        <balance>-399268.76000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-399268.76000000</valUSD>
        <pctVal>-0.30249374998</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="Total Return Swap" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Goldman Sachs Bank USA</counterpartyName>
              <counterpartyLei>FOR8UP27PHTHYVLBNG30</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Goldman Sachs Bank USA</issuerName>
                <issueTitle>PREFERRED BANK</issueTitle>
                <identifiers>
                  <other otherDesc="OTHER" value="2813287"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="FEDL01" floatingRtSpread="0.4000" pmntAmt="0">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="1" resetDt="Day" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingRecDesc>
            <fixedPmntDesc amount="-399268.76000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="0.00000000"/>
            <terminationDt>2026-08-19</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-399268.76000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-399268.76000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HELMERICH &amp; PAYNE, INC.</name>
        <lei>254900NAOGHJ88RZ4C73</lei>
        <title>HELMERICH PAYNE INC</title>
        <cusip>423452101</cusip>
        <identifiers>
          <isin value="US4234521015"/>
          <other otherDesc="Internal" value="423452101"/>
        </identifiers>
        <balance>11824.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>179251.84000000</valUSD>
        <pctVal>0.135804667695</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>METALLUS INC.</name>
        <lei>549300QZTZWHDE9HJL14</lei>
        <title>METALLUS INC</title>
        <cusip>887399103</cusip>
        <identifiers>
          <isin value="US8873991033"/>
          <other otherDesc="Internal" value="887399103"/>
        </identifiers>
        <balance>22950.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>353659.50000000</valUSD>
        <pctVal>0.267939290748</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DMC GLOBAL INC.</name>
        <lei>549300CBDXD1Z5MRNG02</lei>
        <title>DMC GLOBAL INC</title>
        <cusip>23291C103</cusip>
        <identifiers>
          <isin value="US23291C1036"/>
          <other otherDesc="Internal" value="23291C103"/>
        </identifiers>
        <balance>20371.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>164190.26000000</valUSD>
        <pctVal>0.124393722810</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BlackRock Funds III: BlackRock Cash Funds: Treasury; SL Agency Shares</name>
        <lei>N/A</lei>
        <title>BLACKROCK CASH FUNDS TREASURY</title>
        <cusip>066922477</cusip>
        <identifiers>
          <isin value="US0669224778"/>
          <other otherDesc="Internal" value="066922477"/>
        </identifiers>
        <balance>998717.35000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>998717.35000000</valUSD>
        <pctVal>0.756647618449</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JPMorgan Chase Bank NA</name>
        <lei>ZBUT11V806EZRVTWT807</lei>
        <title>JBG SMITH PROPERTIES</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="Internal" value="2827053              00001"/>
        </identifiers>
        <balance>-12096.42000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-12096.42000000</valUSD>
        <pctVal>-0.00916448220</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="Total Return Swap" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>JPMorgan Chase Bank NA</counterpartyName>
              <counterpartyLei>ZBUT11V806EZRVTWT807</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>JPMorgan Chase Bank NA</issuerName>
                <issueTitle>JBG SMITH PROPERTIES</issueTitle>
                <identifiers>
                  <other otherDesc="OTHER" value="2827053"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="OBFR01" floatingRtSpread="0.4000" pmntAmt="0">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="1" resetDt="Day" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingRecDesc>
            <fixedPmntDesc amount="-12096.42000000" curCd="USD" fixedOrFloating="Fixed" fixedRt="0.00000000"/>
            <terminationDt>2026-02-09</terminationDt>
            <upfrontPmnt>0.00000000</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0.00000000</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>-12096.42000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-12096.42000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HEIDRICK &amp; STRUGGLES INTERNATIONAL, INC.</name>
        <lei>5493006284N2J367VB57</lei>
        <title>HEIDRICK STRUGGLES INTERNATIONAL INC</title>
        <cusip>422819102</cusip>
        <identifiers>
          <isin value="US4228191023"/>
          <other otherDesc="Internal" value="422819102"/>
        </identifiers>
        <balance>19923.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>911676.48000000</valUSD>
        <pctVal>0.690703768577</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Matson Inc</name>
        <lei>549300OI5H3Y0I9I4I12</lei>
        <title>MATSON INC</title>
        <cusip>57686G105</cusip>
        <identifiers>
          <isin value="US57686G1058"/>
          <other otherDesc="Internal" value="57686G105"/>
        </identifiers>
        <balance>5619.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>625675.65000000</valUSD>
        <pctVal>0.474023997374</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Goldman Sachs Bank USA</name>
        <lei>FOR8UP27PHTHYVLBNG30</lei>
        <title>PREFERRED BANK</title>
        <cusip>740367404</cusip>
        <identifiers>
          <isin value="US7403674044"/>
          <other otherDesc="Internal" value="740367404"/>
        </identifiers>
        <balance>4939.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>427445.76000000</valUSD>
        <pctVal>0.323841191224</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="Total Return Swap" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <swapDeriv derivCat="SWP">
            <counterparties>
              <counterpartyName>Goldman Sachs Bank USA</counterpartyName>
              <counterpartyLei>FOR8UP27PHTHYVLBNG30</counterpartyLei>
            </counterparties>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Goldman Sachs Bank USA</issuerName>
                <issueTitle>PREFERRED BANK</issueTitle>
                <identifiers>
                  <cusip value="740367404"/>
                  <isin value="US7403674044"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <swapFlag>Y</swapFlag>
            <floatingRecDesc curCd="USD" fixedOrFloating="Floating" floatingRtIndex="FEDL01" floatingRtSpread="0.4000" pmntAmt="0">
              <rtResetTenors>
                <rtResetTenor rateTenor="Day" rateTenorUnit="1" resetDt="Day" resetDtUnit="1"/>
              </rtResetTenors>
            </floatingRecDesc>
            <otherPmntDesc fixedOrFloating="Other">PREFERRED BANK</otherPmntDesc>
            <terminationDt>2026-08-19</terminationDt>
            <upfrontPmnt>0</upfrontPmnt>
            <pmntCurCd>USD</pmntCurCd>
            <upfrontRcpt>0</upfrontRcpt>
            <rcptCurCd>USD</rcptCurCd>
            <notionalAmt>4939.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>427445.76000000</unrealizedAppr>
          </swapDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>





      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-07-30</ncom:dateSigned>
      <ncom:nameOfApplicant>iShares Trust</ncom:nameOfApplicant>
      <ncom:signature>Chuck Pulsfort </ncom:signature>
      <ncom:signerName>Chuck Pulsfort </ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
