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        <lei>Q774KI4AW80FHFW33O61</lei>
        <title>Wintrust Financial Corp.</title>
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          <isin value="US97650W1080"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Dolby Laboratories, Inc.</name>
        <lei>549300X04FB2QPCJ5J24</lei>
        <title>Dolby Laboratories, Inc., Class A</title>
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          <isin value="US25659T1079"/>
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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>
      <invstOrSec>
        <name>FirstCash Holdings, Inc.</name>
        <lei>N/A</lei>
        <title>FirstCash Holdings, Inc.</title>
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          <isin value="US33768G1076"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Hancock Whitney Corp.</name>
        <lei>549300GRNBWY8HIICT41</lei>
        <title>Hancock Whitney Corp.</title>
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          <isin value="US4101201097"/>
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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>CubeSmart</name>
        <lei>N/A</lei>
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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>Zions Bancorp NA</name>
        <lei>8WH0EE09O9V05QJZ3V89</lei>
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          <isin value="US9897011071"/>
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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>Ingredion, Inc.</name>
        <lei>PKSTQ48QDN0XSVS7YK88</lei>
        <title>Ingredion, Inc.</title>
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          <isin value="US4571871023"/>
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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>Autoliv, Inc.</name>
        <lei>A23RUXWKASG834LTMK28</lei>
        <title>Autoliv, Inc.</title>
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          <isin value="US0528001094"/>
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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>
        <name>OGE Energy Corp.</name>
        <lei>CE5OG6JPOZMDSA0LAQ19</lei>
        <title>OGE Energy Corp.</title>
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          <isin value="US6708371033"/>
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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>Landstar System, Inc.</name>
        <lei>254900CUQXQRL09MEI52</lei>
        <title>Landstar System, Inc.</title>
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          <isin value="US5150981018"/>
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        <balance>194337.00000000</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>
        <name>Warner Music Group Corp.</name>
        <lei>N/A</lei>
        <title>Warner Music Group Corp., Class A</title>
        <cusip>934550203</cusip>
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          <isin value="US9345502036"/>
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        <balance>422417.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Kyndryl Holdings, Inc.</name>
        <lei>549300LQ4LWX2R8ZV130</lei>
        <title>Kyndryl Holdings, Inc.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Polaris, Inc.</name>
        <lei>549300QJSN8UVWN1EI78</lei>
        <title>Polaris, Inc.</title>
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          <isin value="US7310681025"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Gentex Corp.</name>
        <lei>549300S3UD8XV1MN0287</lei>
        <title>Gentex Corp.</title>
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          <isin value="US3719011096"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BioMarin Pharmaceutical, Inc.</name>
        <lei>NSLL8ITTRR0J5HEMR848</lei>
        <title>BioMarin Pharmaceutical, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Ovintiv, Inc.</name>
        <lei>2549003MEX7YMKLGI239</lei>
        <title>Ovintiv, Inc.</title>
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      <invstOrSec>
        <name>Equity LifeStyle Properties, Inc.</name>
        <lei>529900PEQG66LENB6798</lei>
        <title>Equity LifeStyle Properties, Inc.</title>
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      <invstOrSec>
        <name>New Jersey Resources Corp.</name>
        <lei>549300QKBSQBIX4DQ583</lei>
        <title>New Jersey Resources Corp.</title>
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        <name>EPR Properties</name>
        <lei>549300YSSXFHMPOWZ492</lei>
        <title>EPR Properties</title>
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      <invstOrSec>
        <name>Flowers Foods, Inc.</name>
        <lei>7YNCQQNDK8FBM9BBTK25</lei>
        <title>Flowers Foods, Inc.</title>
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        <name>Timken Co. (The)</name>
        <lei>B0I35MLPFXZSE70ASS73</lei>
        <title>Timken Co. (The)</title>
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      <invstOrSec>
        <name>Haemonetics Corp.</name>
        <lei>549300ZEL6TXZS6F5F95</lei>
        <title>Haemonetics Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>AECOM</name>
        <lei>0EEB8GF0W0NPCIHZX097</lei>
        <title>AECOM</title>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Lattice Semiconductor Corp.</name>
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        <title>Lattice Semiconductor Corp.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Glacier Bancorp, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Jazz Pharmaceuticals plc</name>
        <lei>635400GAUMJCLEZRRV50</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Option Care Health, Inc.</name>
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      <invstOrSec>
        <name>BJ's Wholesale Club Holdings, Inc.</name>
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      <invstOrSec>
        <name>Harley-Davidson, Inc.</name>
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      <invstOrSec>
        <name>Floor &amp; Decor Holdings, Inc.</name>
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        <name>Repligen Corp.</name>
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        <name>Bank OZK</name>
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        <name>Old National Bancorp</name>
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        <name>WP Carey, Inc.</name>
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        <name>Fidelity National Financial, Inc.</name>
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        <name>Crane NXT Co.</name>
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        </securityLending>
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        <name>Frontier Communications Parent, Inc.</name>
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        <name>Gaming &amp; Leisure Properties, Inc.</name>
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        <name>Stifel Financial Corp.</name>
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        <name>Dropbox, Inc.</name>
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        <name>BlackRock Funds III</name>
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        <name>Starwood Property Trust, Inc.</name>
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        <name>Albertsons Cos., Inc.</name>
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        <name>UGI Corp.</name>
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        <title>UGI Corp.</title>
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        <name>Acadia Healthcare Co., Inc.</name>
        <lei>5493005CW985Y9D0NC11</lei>
        <title>Acadia Healthcare Co., Inc.</title>
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        <name>NEXTracker, Inc.</name>
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        <name>MGIC Investment Corp.</name>
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        <name>Fluor Corp.</name>
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        <name>EastGroup Properties, Inc.</name>
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        <name>Middleby Corp. (The)</name>
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        <name>Taylor Morrison Home Corp.</name>
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        <name>Ormat Technologies, Inc.</name>
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        <name>IPG Photonics Corp.</name>
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        <name>Watts Water Technologies, Inc.</name>
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        <name>KB Home</name>
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        <name>Range Resources Corp.</name>
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        <name>Capri Holdings Ltd.</name>
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        <name>Under Armour, Inc.</name>
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        <name>ALLETE, Inc.</name>
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        <name>Knight-Swift Transportation Holdings, Inc.</name>
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        <name>Omega Healthcare Investors, Inc.</name>
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        <name>US Foods Holding Corp.</name>
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        <name>Chord Energy Corp.</name>
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        <name>Aramark</name>
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        <name>Bruker Corp.</name>
        <lei>LEBZ6VLQ6I8XB1NHVY15</lei>
        <title>Bruker Corp.</title>
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        <name>Brink's Co. (The)</name>
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        <name>HF Sinclair Corp.</name>
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        <name>Brunswick Corp.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Watsco, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>TD SYNNEX Corp.</name>
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          <isin value="US87162W1009"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Encompass Health Corp.</name>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Prosperity Bancshares, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Columbia Sportswear Co.</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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Insperity, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Perrigo Co. plc</name>
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        <assetCat>EC</assetCat>
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        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Gap, Inc. (The)</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Kilroy Realty Corp.</name>
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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>Littelfuse, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Whirlpool Corp.</name>
        <lei>WHENKOULSSK7WUM60H03</lei>
        <title>Whirlpool Corp.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Five Below, Inc.</name>
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      <invstOrSec>
        <name>Graphic Packaging Holding Co.</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>WEX, Inc.</name>
        <lei>T9M5IGROL1TL1G5OV478</lei>
        <title>WEX, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Concentrix Corp.</name>
        <lei>5493000EAJN1KMPVA737</lei>
        <title>Concentrix Corp.</title>
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        <name>Cava Group, Inc.</name>
        <lei>N/A</lei>
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        <name>VF Corp.</name>
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        <title>VF Corp.</title>
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        <name>Avis Budget Group, Inc.</name>
        <lei>529900E95812SYWMCE44</lei>
        <title>Avis Budget Group, Inc.</title>
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        <name>LivaNova plc</name>
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        <invCountry>GB</invCountry>

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        <fairValLevel>1</fairValLevel>
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        <name>Sonoco Products Co.</name>
        <lei>GKOMIK4RDJGHEF0VNP11</lei>
        <title>Sonoco Products Co.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Chemed Corp.</name>
        <lei>54930020031IDJT2IM79</lei>
        <title>Chemed Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Associated Banc-Corp.</name>
        <lei>549300N3CIN473IW5094</lei>
        <title>Associated Banc-Corp.</title>
        <cusip>045487105</cusip>
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      <invstOrSec>
        <name>Murphy Oil Corp.</name>
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      <invstOrSec>
        <name>Marriott Vacations Worldwide Corp.</name>
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        <title>Marriott Vacations Worldwide Corp.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Federated Hermes, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Ollie's Bargain Outlet Holdings, Inc.</name>
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      <invstOrSec>
        <name>SouthState Corp.</name>
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      <invstOrSec>
        <name>Black Hills Corp.</name>
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        <name>GameStop Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>N/A</name>
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      <invstOrSec>
        <name>Antero Resources Corp.</name>
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        <name>API Group Corp.</name>
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        <name>Tenet Healthcare Corp.</name>
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        <title>Tenet Healthcare Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Synovus Financial Corp.</name>
        <lei>549300EIUS8UN5JTLE54</lei>
        <title>Synovus Financial Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Macy's, Inc.</name>
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        <title>Macy's, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Perrigo Co. plc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Cadence Bank</name>
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        <title>Cadence Bank</title>
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        <name>N/A</name>
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      <invstOrSec>
        <name>Antero Midstream Corp.</name>
        <lei>N/A</lei>
        <title>Antero Midstream Corp.</title>
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        <name>BellRing Brands, Inc.</name>
        <lei>549300S3BOK5CMTS8054</lei>
        <title>BellRing Brands, Inc.</title>
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        <name>N/A</name>
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        <name>KBR, Inc.</name>
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        <name>Cleveland-Cliffs, Inc.</name>
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        <name>Casey's General Stores, Inc.</name>
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        <name>First Industrial Realty Trust, Inc.</name>
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        <name>Oshkosh Corp.</name>
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        <name>Silicon Laboratories, Inc.</name>
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        <name>MSA Safety, Inc.</name>
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        <name>AGCO Corp.</name>
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        <name>Post Holdings, Inc.</name>
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        <name>Flagstar Financial, Inc.</name>
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        <name>Sabra Health Care REIT, Inc.</name>
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        <title>Sabra Health Care REIT, Inc.</title>
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        <name>Penumbra, Inc.</name>
        <lei>549300RGE06P3ECANU72</lei>
        <title>Penumbra, Inc.</title>
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      <invstOrSec>
        <name>Rexford Industrial Realty, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Synaptics, Inc.</name>
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        <title>Synaptics, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>International Bancshares Corp.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Allegro MicroSystems, Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>HSBC Bank plc</counterpartyName>
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      <invstOrSec>
        <name>TXNM Energy, Inc.</name>
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        <title>TXNM Energy, Inc.</title>
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          <isin value="US69349H1077"/>
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      <invstOrSec>
        <name>Independence Realty Trust, Inc.</name>
        <lei>549300Z3L8NU44NQEB29</lei>
        <title>Independence Realty Trust, Inc.</title>
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          <isin value="US45378A1060"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>RPM International, Inc.</name>
        <lei>549300TJCKW4BRXPJ474</lei>
        <title>RPM International, Inc.</title>
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        <name>MKS, Inc.</name>
        <lei>549300KEQATBHAGVF505</lei>
        <title>MKS, Inc.</title>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>Vontier Corp.</name>
        <lei>549300VVSQLG4P5K4639</lei>
        <title>Vontier Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Commercial Metals Co.</name>
        <lei>549300OQS2LO07ZJ7N73</lei>
        <title>Commercial Metals Co.</title>
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        <invCountry>US</invCountry>
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        <name>Flex Ltd.</name>
        <lei>549300EAQH74YHD07T53</lei>
        <title>Flex Ltd.</title>
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        <invCountry>SG</invCountry>

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        <name>Core &amp; Main, Inc.</name>
        <lei>N/A</lei>
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        <name>Cullen/Frost Bankers, Inc.</name>
        <lei>529900V2E9G9AY665O34</lei>
        <title>Cullen/Frost Bankers, Inc.</title>
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        <name>Somnigroup International, Inc.</name>
        <lei>549300HFEKVR3US71V91</lei>
        <title>Somnigroup International, Inc.</title>
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        <name>MSC Industrial Direct Co., Inc.</name>
        <lei>0XVKH0LN6YGOWO2EGO17</lei>
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        <name>Park Hotels &amp; Resorts, Inc.</name>
        <lei>5493005UZ5TQN0H6HS73</lei>
        <title>Park Hotels &amp; Resorts, Inc.</title>
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        <name>Reliance, Inc.</name>
        <lei>549300E287ZOFT3C5Z56</lei>
        <title>Reliance, Inc.</title>
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        <name>Westlake Corp.</name>
        <lei>GOXNEVUM0LL78B1OS344</lei>
        <title>Westlake Corp.</title>
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        <name>Trex Co., Inc.</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Science Applications International Corp.</name>
        <lei>549300LZPNZIXQGZPZ48</lei>
        <title>Science Applications International Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Janus Henderson Group plc</name>
        <lei>2138009WPYMWJN3RVF44</lei>
        <title>Janus Henderson Group plc</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Olin Corp.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>XPO, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>Spire, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Thor Industries, Inc.</name>
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        <name>N/A</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Lear Corp.</name>
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        <title>Lear Corp.</title>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>Novanta, Inc.</name>
        <lei>N/A</lei>
        <title>Novanta, Inc.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>EchoStar Corp.</name>
        <lei>549300EE20907QZ9GT38</lei>
        <title>EchoStar Corp., Class A</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Onto Innovation, Inc.</name>
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        <title>Onto Innovation, Inc.</title>
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      <invstOrSec>
        <name>Commerce Bancshares, Inc.</name>
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        <name>ChampionX Corp.</name>
        <lei>549300EP2909K6DYYP38</lei>
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        <name>PBF Energy, Inc.</name>
        <lei>2549003PBEDCSZMZIY02</lei>
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        <name>American Financial Group, Inc.</name>
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        <name>Dick's Sporting Goods, Inc.</name>
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        <name>First American Financial Corp.</name>
        <lei>549300B6VEZK3N0A1P55</lei>
        <title>First American Financial Corp.</title>
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        <name>CNH Industrial NV</name>
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        <name>Boston Beer Co., Inc. (The)</name>
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        <name>Western Union Co. (The)</name>
        <lei>28ID94QU1140NC23S047</lei>
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        <name>First Financial Bankshares, Inc.</name>
        <lei>549300XN3GTGOENGNV49</lei>
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        <name>NNN REIT, Inc.</name>
        <lei>5493008JKH5SOTI0JS97</lei>
        <title>NNN REIT, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Kite Realty Group Trust</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>AutoNation, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Columbia Banking System, Inc.</name>
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      <invstOrSec>
        <name>Alcoa Corp.</name>
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        <name>Avnet, Inc.</name>
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        <name>Selective Insurance Group, Inc.</name>
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        <name>Avantor, Inc.</name>
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        <name>Graco, Inc.</name>
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        <name>ManpowerGroup, Inc.</name>
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        <name>Hexcel Corp.</name>
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        <name>First Horizon Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Rayonier, Inc.</name>
        <lei>HGV8VDVNL0W6SF2U9C50</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Celsius Holdings, Inc.</name>
        <lei>N/A</lei>
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        <name>Lithia Motors, Inc.</name>
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        <name>ITT, Inc.</name>
        <lei>549300KDSERHTJOXUS80</lei>
        <title>ITT, Inc.</title>
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        <name>Texas Capital Bancshares, Inc.</name>
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        <name>Maximus, Inc.</name>
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        <name>Boyd Gaming Corp.</name>
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        <name>SEI Investments Co.</name>
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        <name>Healthcare Realty Trust, Inc.</name>
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        <name>Unum Group</name>
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        <title>Unum Group</title>
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        <name>Wendy's Co. (The)</name>
        <lei>529900M0JIUCMWVKHG76</lei>
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        <name>Lancaster Colony Corp.</name>
        <lei>529900X4O13HED1ZAS58</lei>
        <title>Lancaster Colony Corp.</title>
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      <invstOrSec>
        <name>Vornado Realty Trust</name>
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      <invstOrSec>
        <name>BlackRock Funds III</name>
        <lei>5493005PQV5UQG4OSI49</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Arrow Electronics, Inc.</name>
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        <title>Arrow Electronics, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Reinsurance Group of America, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Blackbaud, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Donaldson Co., Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>WESCO International, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Affiliated Managers Group, Inc.</name>
        <lei>2JE75BUE3T1BLCYYGK54</lei>
        <title>Affiliated Managers Group, Inc.</title>
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          <isin value="US0082521081"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>FNB Corp.</name>
        <lei>PCYSKIGYNYFDTBLVZU83</lei>
        <title>FNB Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>IDACORP, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Southwest Gas Holdings, Inc.</name>
        <lei>254900LKF9EV0CUKNE09</lei>
        <title>Southwest Gas Holdings, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>RH</name>
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        <title>RH</title>
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        <fairValLevel>1</fairValLevel>
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        <name>EnerSys</name>
        <lei>7ZS3DE5PN30BYUJFWP05</lei>
        <title>EnerSys</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Essential Utilities, Inc.</name>
        <lei>549300ILTEOF3E3QY357</lei>
        <title>Essential Utilities, Inc.</title>
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        <name>CACI International, Inc.</name>
        <lei>SYRPI2D1O9WRTS2WX210</lei>
        <title>CACI International, Inc., Class A</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Euronet Worldwide, Inc.</name>
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        <name>Voya Financial, Inc.</name>
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        <name>Brighthouse Financial, Inc.</name>
        <lei>5493003T8SZSHOGGAW52</lei>
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        <name>Crown Holdings, Inc.</name>
        <lei>NYLWZIOY8PUNIT4JOE22</lei>
        <title>Crown Holdings, Inc.</title>
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        <name>ASGN, Inc.</name>
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        <title>ASGN, Inc.</title>
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        <name>STAG Industrial, Inc.</name>
        <lei>549300QWYX2W6FASVQ07</lei>
        <title>STAG Industrial, Inc.</title>
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        <name>PVH Corp.</name>
        <lei>123WALMHY1GZXG2YDL90</lei>
        <title>PVH Corp.</title>
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        <name>Cirrus Logic, Inc.</name>
        <lei>549300NKSJEM5ZZSSV18</lei>
        <title>Cirrus Logic, Inc.</title>
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        <name>Toro Co. (The)</name>
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        <name>Portland General Electric Co.</name>
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        <name>ONE Gas, Inc.</name>
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        <name>Crane Co.</name>
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        <name>Bath &amp; Body Works, Inc.</name>
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        <name>Silgan Holdings, Inc.</name>
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        <name>Carlyle Group, Inc. (The)</name>
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        <name>New York Times Co. (The)</name>
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        <name>Civitas Resources, Inc.</name>
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        <name>Webster Financial Corp.</name>
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        <name>Amedisys, Inc.</name>
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        <name>Fortune Brands Innovations, Inc.</name>
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        <name>Scotts Miracle-Gro Co. (The)</name>
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        <name>Avient Corp.</name>
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        <name>Valley National Bancorp</name>
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        <name>Flowserve Corp.</name>
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        <name>Home BancShares, Inc.</name>
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        <name>Vail Resorts, Inc.</name>
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        <name>Brixmor Property Group, Inc.</name>
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        <name>National Fuel Gas Co.</name>
        <lei>8JB38FFW1Y3C1HM8E841</lei>
        <title>National Fuel Gas Co.</title>
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        <name>Sensata Technologies Holding plc</name>
        <lei>529900MS7KFYCY9MS037</lei>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lamar Advertising Co.</name>
        <lei>529900Y8WW4MKVPTB543</lei>
        <title>Lamar Advertising Co., Class A</title>
        <cusip>512816109</cusip>
        <identifiers>
          <isin value="US5128161099"/>
          <other otherDesc="Inhouse Asset ID" value="512816109"/>
        </identifiers>
        <balance>181005.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>21966766.80000000</valUSD>
        <pctVal>0.285854765589</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>Skechers USA, Inc.</name>
        <lei>529900D2R54KZPA4XR56</lei>
        <title>Skechers USA, Inc., Class A</title>
        <cusip>830566105</cusip>
        <identifiers>
          <isin value="US8305661055"/>
          <other otherDesc="Inhouse Asset ID" value="830566105"/>
        </identifiers>
        <balance>725767.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>45795897.70000000</valUSD>
        <pctVal>0.595944579426</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>Envista Holdings Corp.</name>
        <lei>549300BX623VURJZ5269</lei>
        <title>Envista Holdings Corp.</title>
        <cusip>29415F104</cusip>
        <identifiers>
          <isin value="US29415F1049"/>
          <other otherDesc="Inhouse Asset ID" value="29415F104"/>
        </identifiers>
        <balance>942525.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18416938.50000000</valUSD>
        <pctVal>0.239660651279</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>Graham Holdings Co.</name>
        <lei>529900BOSCEEEMAFQJ29</lei>
        <title>Graham Holdings Co., Class B</title>
        <cusip>384637104</cusip>
        <identifiers>
          <isin value="US3846371041"/>
          <other otherDesc="Inhouse Asset ID" value="384637104"/>
        </identifiers>
        <balance>18886.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>17869366.62000000</valUSD>
        <pctVal>0.232535067763</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>Service Corp. International</name>
        <lei>549300RKVM2ME20JHZ15</lei>
        <title>Service Corp. International</title>
        <cusip>817565104</cusip>
        <identifiers>
          <isin value="US8175651046"/>
          <other otherDesc="Inhouse Asset ID" value="817565104"/>
        </identifiers>
        <balance>308748.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>25132087.20000000</valUSD>
        <pctVal>0.327045257080</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>Valmont Industries, Inc.</name>
        <lei>5493009ZGZJJ8F77JN08</lei>
        <title>Valmont Industries, Inc.</title>
        <cusip>920253101</cusip>
        <identifiers>
          <isin value="US9202531011"/>
          <other otherDesc="Inhouse Asset ID" value="920253101"/>
        </identifiers>
        <balance>30235.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9873843.95000000</valUSD>
        <pctVal>0.128488883843</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>Coty, Inc.</name>
        <lei>549300BO9IWPF3S48F93</lei>
        <title>Coty, Inc., Class A</title>
        <cusip>222070203</cusip>
        <identifiers>
          <isin value="US2220702037"/>
          <other otherDesc="Inhouse Asset ID" value="222070203"/>
        </identifiers>
        <balance>2037356.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9473705.40000000</valUSD>
        <pctVal>0.123281858501</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>Jefferies Financial Group, Inc.</name>
        <lei>549300HOF34RGOJ5YL07</lei>
        <title>Jefferies Financial Group, Inc.</title>
        <cusip>47233W109</cusip>
        <identifiers>
          <isin value="US47233W1099"/>
          <other otherDesc="Inhouse Asset ID" value="47233W109"/>
        </identifiers>
        <balance>425882.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>23291486.58000000</valUSD>
        <pctVal>0.303093418215</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>Iridium Communications, Inc.</name>
        <lei>549300U620NVQ4J1CT96</lei>
        <title>Iridium Communications, Inc.</title>
        <cusip>46269C102</cusip>
        <identifiers>
          <isin value="US46269C1027"/>
          <other otherDesc="Inhouse Asset ID" value="46269C102"/>
        </identifiers>
        <balance>308112.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9295739.04000000</valUSD>
        <pctVal>0.120965972300</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>Cabot Corp.</name>
        <lei>K05C0SER542GQ6VLRO68</lei>
        <title>Cabot Corp.</title>
        <cusip>127055101</cusip>
        <identifiers>
          <isin value="US1270551013"/>
          <other otherDesc="Inhouse Asset ID" value="127055101"/>
        </identifiers>
        <balance>131301.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9847575.00000000</valUSD>
        <pctVal>0.128147044527</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>Kemper Corp.</name>
        <lei>549300FNI1JKTRY2PV09</lei>
        <title>Kemper Corp.</title>
        <cusip>488401100</cusip>
        <identifiers>
          <isin value="US4884011002"/>
          <other otherDesc="Inhouse Asset ID" value="488401100"/>
        </identifiers>
        <balance>334526.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>21590308.04000000</valUSD>
        <pctVal>0.280955886679</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>FTI Consulting, Inc.</name>
        <lei>549300K17GM8EQD0FQ48</lei>
        <title>FTI Consulting, Inc.</title>
        <cusip>302941109</cusip>
        <identifiers>
          <isin value="US3029411093"/>
          <other otherDesc="Inhouse Asset ID" value="302941109"/>
        </identifiers>
        <balance>187753.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>30322109.50000000</valUSD>
        <pctVal>0.394583307694</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="193800.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PotlatchDeltic Corp.</name>
        <lei>54930084YA8UJOTXDM59</lei>
        <title>PotlatchDeltic Corp.</title>
        <cusip>737630103</cusip>
        <identifiers>
          <isin value="US7376301039"/>
          <other otherDesc="Inhouse Asset ID" value="737630103"/>
        </identifiers>
        <balance>397739.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15261245.43000000</valUSD>
        <pctVal>0.198595440772</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>Sotera Health Co.</name>
        <lei>N/A</lei>
        <title>Sotera Health Co.</title>
        <cusip>83601L102</cusip>
        <identifiers>
          <isin value="US83601L1026"/>
          <other otherDesc="Inhouse Asset ID" value="83601L102"/>
        </identifiers>
        <balance>460300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5118536.00000000</valUSD>
        <pctVal>0.066607795392</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="409015.84000000"/>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>

      <explntrNote note="Monthly returns presented in B.5.a have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
      <explntrNote note="IBORs are undergoing a change as regulators and industry groups have recommended that firms consider adoption of alternative, overnight risk-free rates (RFRs). Floating rate swap terms reflected as Libors may be using the RFR to calculate the actual rate." noteItem="C.11.f.i.2"/>




    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-06-30</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>
