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        <name>Photronics, Inc.</name>
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      <invstOrSec>
        <name>Employers Holdings, Inc.</name>
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      <invstOrSec>
        <name>Kohl's Corp.</name>
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        <name>Sylvamo Corp.</name>
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      <invstOrSec>
        <name>Northern Oil and Gas, Inc.</name>
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        <name>Hibbett, Inc.</name>
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        <name>Asbury Automotive Group, Inc.</name>
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        <name>G-III Apparel Group, Ltd.</name>
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        <name>GMS Inc.</name>
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        <name>Allegiant Travel Co.</name>
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        <name>EZCORP, Inc.</name>
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        <name>Invesco Private Government Fund</name>
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        <name>Patrick Industries Inc.</name>
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        <name>SiriusPoint Ltd.</name>
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        <name>Encore Wire Corp.</name>
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        <name>La-Z-Boy Inc.</name>
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        <title>La-Z-Boy Inc.</title>
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        <name>NMI Holdings, Inc.</name>
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        <name>SkyWest, Inc.</name>
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        <name>MillerKnoll, Inc.</name>
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        <name>First Commonwealth Financial Corp.</name>
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        <name>Boise Cascade Co.</name>
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        <name>PC Connection, Inc.</name>
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        <name>California Resources Corp.</name>
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        <title>California Resources Corp.</title>
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        <name>Enviri Corp.</name>
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        <title>Enviri Corp.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Koppers Holdings Inc.</name>
        <lei>N/A</lei>
        <title>Koppers Holdings Inc.</title>
        <cusip>50060P106</cusip>
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          <isin value="US50060P1066"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Cal-Maine Foods, Inc.</name>
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        <title>Cal-Maine Foods, Inc.</title>
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          <isin value="US1280302027"/>
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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>Urban Outfitters, Inc.</name>
        <lei>549300N3DUFR5U6NRN38</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Invesco Private Prime Fund</name>
        <lei>N/A</lei>
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          <other otherDesc="CADIS_ID" value="2487474"/>
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        <assetCat>STIV</assetCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>American Woodmark Corp.</name>
        <lei>5299007PFSDWMA74RB56</lei>
        <title>American Woodmark Corp.</title>
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          <isin value="US0305061097"/>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Radian Group Inc.</name>
        <lei>54930005OUP720S5U385</lei>
        <title>Radian Group Inc.</title>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Caleres, Inc.</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Owens &amp; Minor, Inc.</name>
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        <title>Owens &amp; Minor, Inc.</title>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Hillenbrand, Inc.</name>
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        <title>Hillenbrand, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Standard Motor Products, Inc.</name>
        <lei>THGK1EO5B5HK0JHQVZ90</lei>
        <title>Standard Motor Products, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Helix Energy Solutions Group, Inc.</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>U.S. Silica Holdings, Inc.</name>
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        <title>U.S. Silica Holdings, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Warrior Met Coal, Inc.</name>
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        <name>Franklin BSP Realty Trust, Inc.</name>
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        <name>Ethan Allen Interiors Inc.</name>
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        <name>Ellington Financial Inc.</name>
        <lei>60GS1D1R1YY5G1W7IT74</lei>
        <title>Ellington Financial Inc.</title>
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        <name>StoneX Group Inc.</name>
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        <name>Century Communities, Inc.</name>
        <lei>5299002QMB2O7ZL1CA26</lei>
        <title>Century Communities, Inc.</title>
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        <name>Corecivic, Inc.</name>
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        <title>Corecivic, Inc.</title>
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        <name>Vital Energy, Inc.</name>
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        <name>OraSure Technologies, Inc.</name>
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        <name>M/I Homes, Inc.</name>
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        <title>M/I Homes, Inc.</title>
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        <name>Clearwater Paper Corp.</name>
        <lei>549300HCVV19GXN4P292</lei>
        <title>Clearwater Paper Corp.</title>
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        <name>Group 1 Automotive, Inc.</name>
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      <invstOrSec>
        <name>SM Energy Co.</name>
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      <invstOrSec>
        <name>Par Pacific Holdings, Inc.</name>
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        <name>PennyMac Mortgage Investment Trust</name>
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      <invstOrSec>
        <name>American Axle &amp; Manufacturing Holdings, Inc.</name>
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        <name>Ready Capital Corp.</name>
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        <name>Titan International, Inc.</name>
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        <name>O-I Glass, Inc.</name>
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        <name>Sonic Automotive, Inc.</name>
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        <name>Haverty Furniture Cos., Inc.</name>
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        <name>Bloomin' Brands, Inc.</name>
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        <name>Apollo Commercial Real Estate Finance, Inc.</name>
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        <name>Service Properties Trust</name>
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        <name>Tri Pointe Homes, Inc.</name>
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        <name>Navient Corp.</name>
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        <name>MasterBrand, Inc.</name>
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        <name>Academy Sports and Outdoors, Inc.</name>
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        <name>PROG Holdings, Inc.</name>
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        <name>Mr. Cooper Group Inc.</name>
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        <name>Kelly Services, Inc.</name>
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        <name>Guess?, Inc.</name>
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        <name>Hub Group, Inc.</name>
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        <name>Hilltop Holdings Inc.</name>
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        <title>Hilltop Holdings Inc.</title>
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      <invstOrSec>
        <name>Genworth Financial, Inc.</name>
        <lei>549300EMCG286BDNKJ33</lei>
        <title>Genworth Financial, Inc.</title>
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          <isin value="US37247D1063"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Perdoceo Education Corp.</name>
        <lei>529900X5PCA184O9LY90</lei>
        <title>Perdoceo Education Corp.</title>
        <cusip>71363P106</cusip>
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          <isin value="US71363P1066"/>
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        <balance>246836.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <loanByFundCondition isLoanByFund="Y" loanVal="792876.84000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Assured Guaranty Ltd.</name>
        <lei>549300BBOQUJEPH87M14</lei>
        <title>Assured Guaranty Ltd.</title>
        <cusip>G0585R106</cusip>
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          <isin value="BMG0585R1060"/>
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        <balance>84183.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ODP Corp. (The)</name>
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          <isin value="US88337F1057"/>
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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>Customers Bancorp, Inc.</name>
        <lei>549300WLBCHYKZ53FN68</lei>
        <title>Customers Bancorp, Inc.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ABM Industries Inc.</name>
        <lei>QF02R89VEIOROM77J447</lei>
        <title>ABM Industries Inc.</title>
        <cusip>000957100</cusip>
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          <isin value="US0009571003"/>
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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>Stewart Information Services Corp.</name>
        <lei>529900TV1XI0PLKENU10</lei>
        <title>Stewart Information Services Corp.</title>
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          <isin value="US8603721015"/>
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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>GEO Group, Inc. (The)</name>
        <lei>54930024XOXET7NQVZ63</lei>
        <title>GEO Group, Inc. (The)</title>
        <cusip>36162J106</cusip>
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          <isin value="US36162J1060"/>
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        <balance>630405.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Marcus Corp. (The)</name>
        <lei>549300NL0OKPNEMP6B79</lei>
        <title>Marcus Corp. (The)</title>
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          <isin value="US5663301068"/>
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        <balance>371389.00000000</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>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="4873439.20000000"/>
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      <invstOrSec>
        <name>Enova International, Inc.</name>
        <lei>549300O8XOCQSB49UO63</lei>
        <title>Enova International, Inc.</title>
        <cusip>29357K103</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CONSOL Energy Inc.</name>
        <lei>549300YJCTPJBTK7IJ81</lei>
        <title>CONSOL Energy Inc.</title>
        <cusip>20854L108</cusip>
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          <isin value="US20854L1089"/>
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        <balance>42454.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>DNOW Inc.</name>
        <lei>549300AVH5SOCFVVDW91</lei>
        <title>DNOW Inc.</title>
        <cusip>67011P100</cusip>
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          <isin value="US67011P1003"/>
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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>Movado Group, Inc.</name>
        <lei>549300WCGCGPWGHVXM59</lei>
        <title>Movado Group, Inc.</title>
        <cusip>624580106</cusip>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>ScanSource, Inc.</name>
        <lei>7FHBAN017QDY4K2KP156</lei>
        <title>ScanSource, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Telephone and Data Systems, Inc.</name>
        <lei>N/A</lei>
        <title>Telephone and Data Systems, Inc.</title>
        <cusip>879433829</cusip>
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        <fairValLevel>1</fairValLevel>
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        <name>Benchmark Electronics, Inc.</name>
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        <title>Benchmark Electronics, Inc.</title>
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        <name>SunCoke Energy, Inc.</name>
        <lei>1KF1J2NXQE2PI0QOB943</lei>
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        <name>Deluxe Corp.</name>
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        <title>Deluxe Corp.</title>
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        <name>Central Garden &amp; Pet Co.</name>
        <lei>5493004DVZLD37DJ0H83</lei>
        <title>Central Garden &amp; Pet Co., Class A</title>
        <cusip>153527205</cusip>
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        <name>Liberty Energy Inc.</name>
        <lei>N/A</lei>
        <title>Liberty Energy Inc.</title>
        <cusip>53115L104</cusip>
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        <name>Ambac Financial Group, Inc.</name>
        <lei>5493000UC0RBBNDHI717</lei>
        <title>Ambac Financial Group, Inc.</title>
        <cusip>023139884</cusip>
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      <invstOrSec>
        <name>Alpha Metallurgical Resources, Inc.</name>
        <lei>N/A</lei>
        <title>Alpha Metallurgical Resources, Inc.</title>
        <cusip>020764106</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Apogee Enterprises, Inc.</name>
        <lei>549300579S7QW8V4IJ60</lei>
        <title>Apogee Enterprises, Inc.</title>
        <cusip>037598109</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>DXP Enterprises, Inc.</name>
        <lei>8HH9SCFWHN29ZIEWIE93</lei>
        <title>DXP Enterprises, Inc.</title>
        <cusip>233377407</cusip>
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        <balance>232977.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>11359958.52000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Arbor Realty Trust, Inc.</name>
        <lei>549300ASFUWYQO0RW077</lei>
        <title>Arbor Realty Trust, Inc.</title>
        <cusip>038923108</cusip>
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          <isin value="US0389231087"/>
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        <balance>399247.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5122339.01000000</valUSD>
        <pctVal>0.670955250886</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="5085612.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Andersons, Inc. (The)</name>
        <lei>L38MWB8MVRFV7HVJPU11</lei>
        <title>Andersons, Inc. (The)</title>
        <cusip>034164103</cusip>
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          <isin value="US0341641035"/>
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        <balance>163353.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8974613.82000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fresh Del Monte Produce Inc.</name>
        <lei>529900I72V9F0FEZR228</lei>
        <title>Fresh Del Monte Produce Inc.</title>
        <cusip>G36738105</cusip>
        <identifiers>
          <isin value="KYG367381053"/>
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        <balance>468529.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Signet Jewelers Ltd.</name>
        <lei>549300N3XPGE91WV7M22</lei>
        <title>Signet Jewelers Ltd.</title>
        <cusip>G81276100</cusip>
        <identifiers>
          <isin value="BMG812761002"/>
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        <balance>51211.00000000</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>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="5178293.72000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Talos Energy Inc.</name>
        <lei>549300OKFHZ84SFJFT95</lei>
        <title>Talos Energy Inc.</title>
        <cusip>87484T108</cusip>
        <identifiers>
          <isin value="US87484T1088"/>
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        <balance>444130.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5853633.40000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="1634423.56000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Meritage Homes Corp.</name>
        <lei>52990044W9UMFJO2FB97</lei>
        <title>Meritage Homes Corp.</title>
        <cusip>59001A102</cusip>
        <identifiers>
          <isin value="US59001A1025"/>
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        <balance>38771.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6425905.54000000</valUSD>
        <pctVal>0.841704357197</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PriceSmart, Inc.</name>
        <lei>549300JVYOSTGVSDZS46</lei>
        <title>PriceSmart, Inc.</title>
        <cusip>741511109</cusip>
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          <isin value="US7415111092"/>
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        <balance>67713.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5456990.67000000</valUSD>
        <pctVal>0.714789969372</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>ProPetro Holding Corp.</name>
        <lei>N/A</lei>
        <title>ProPetro Holding Corp.</title>
        <cusip>74347M108</cusip>
        <identifiers>
          <isin value="US74347M1080"/>
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        <balance>738953.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6443670.16000000</valUSD>
        <pctVal>0.844031275632</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Greenbrier Cos., Inc. (The)</name>
        <lei>5493001GAGGFR30BP390</lei>
        <title>Greenbrier Cos., Inc. (The)</title>
        <cusip>393657101</cusip>
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          <isin value="US3936571013"/>
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        <balance>195201.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9640977.39000000</valUSD>
        <pctVal>1.262834105838</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CVR Energy, Inc.</name>
        <lei>529900SOYZIXZBTXB558</lei>
        <title>CVR Energy, Inc.</title>
        <cusip>12662P108</cusip>
        <identifiers>
          <isin value="US12662P1084"/>
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        <balance>225435.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6848715.30000000</valUSD>
        <pctVal>0.897086562093</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="3384234.72000000"/>
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      <invstOrSec>
        <name>Wabash National Corp.</name>
        <lei>5299004ZAWHQZI5XO485</lei>
        <title>Wabash National Corp.</title>
        <cusip>929566107</cusip>
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          <isin value="US9295661071"/>
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        <balance>285267.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6592520.37000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="6792056.70000000"/>
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      <invstOrSec>
        <name>Olympic Steel, Inc.</name>
        <lei>549300GQ061U6N6KWJ49</lei>
        <title>Olympic Steel, Inc.</title>
        <cusip>68162K106</cusip>
        <identifiers>
          <isin value="US68162K1060"/>
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        <balance>128573.00000000</balance>
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        <valUSD>8173385.61000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Shoe Carnival, Inc.</name>
        <lei>N/A</lei>
        <title>Shoe Carnival, Inc.</title>
        <cusip>824889109</cusip>
        <identifiers>
          <isin value="US8248891090"/>
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        <balance>232399.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7771422.56000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="6615004.47000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Xerox Holdings Corp.</name>
        <lei>5493000Y33XDVO2CXC18</lei>
        <title>Xerox Holdings Corp.</title>
        <cusip>98421M106</cusip>
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          <isin value="US98421M1062"/>
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        <balance>658685.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8753923.65000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Axos Financial, Inc.</name>
        <lei>529900D8M56422GK9O25</lei>
        <title>Axos Financial, 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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          <loanByFundCondition isLoanByFund="Y" loanVal="648021.99000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Scholastic Corp.</name>
        <lei>N/A</lei>
        <title>Scholastic Corp.</title>
        <cusip>807066105</cusip>
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          <isin value="US8070661058"/>
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        <balance>120672.00000000</balance>
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        <valUSD>4298336.64000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Universal Corp.</name>
        <lei>549300BZXZ66F6DTIF20</lei>
        <title>Universal Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Winnebago Industries, Inc.</name>
        <lei>549300B7OYKYJLTE3G11</lei>
        <title>Winnebago Industries, Inc.</title>
        <cusip>974637100</cusip>
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          <isin value="US9746371007"/>
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        <valUSD>4746771.14000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <loanByFundCondition isLoanByFund="Y" loanVal="101232.00000000"/>
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      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2024-05-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Invesco Exchange-Traded Fund Trust</ncom:nameOfApplicant>
      <ncom:signature>Adrien Deberghes</ncom:signature>
      <ncom:signerName>Adrien Deberghes</ncom:signerName>
      <ncom:title>Vice President</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
