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        <name>Global Net Lease, Inc.</name>
        <lei>549300NUYANCT5SU8Z65</lei>
        <title>Global Net Lease, Inc.</title>
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          <isin value="US3793782018"/>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Assured Guaranty Ltd.</name>
        <lei>549300BBOQUJEPH87M14</lei>
        <title>Assured Guaranty Ltd.</title>
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          <isin value="BMG0585R1060"/>
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        <assetCat>EC</assetCat>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>KKR Real Estate Finance Trust Inc.</name>
        <lei>549300K23AYZDZ2REL62</lei>
        <title>KKR Real Estate Finance Trust Inc.</title>
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          <isin value="US48251K1007"/>
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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>MDU Resources Group, Inc.</name>
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        <title>MDU Resources Group, Inc.</title>
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          <isin value="US5526901096"/>
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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>Mercury General Corp.</name>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Essential Properties Realty Trust, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Clearway Energy, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Northwest Natural Holding Co.</name>
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        <title>Northwest Natural Holding Co.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ellington Financial Inc.</name>
        <lei>60GS1D1R1YY5G1W7IT74</lei>
        <title>Ellington Financial 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>Horace Mann Educators Corp.</name>
        <lei>254900G5YAV3A2YK8T32</lei>
        <title>Horace Mann Educators Corp.</title>
        <cusip>440327104</cusip>
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          <isin value="US4403271046"/>
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        <balance>54080.00000000</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>WD-40 Co.</name>
        <lei>549300UZHTN0CNKBOB19</lei>
        <title>WD-40 Co.</title>
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          <isin value="US9292361071"/>
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        <balance>8636.00000000</balance>
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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>Casella Waste Systems, Inc.</name>
        <lei>8EU0XUFVJ48U37IIDH51</lei>
        <title>Casella Waste Systems, Inc., Class A</title>
        <cusip>147448104</cusip>
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        <balance>17173.00000000</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>WaFd, Inc.</name>
        <lei>N/A</lei>
        <title>WaFd, 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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        <name>Park National Corp.</name>
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        <title>Park National Corp.</title>
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        <balance>10796.00000000</balance>
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        <fairValLevel>1</fairValLevel>
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        <name>American States Water Co.</name>
        <lei>529900L26LIS2V8PWM23</lei>
        <title>American States Water Co.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>California Water Service Group</name>
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        <title>California Water Service Group</title>
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        <name>Cathay General Bancorp</name>
        <lei>549300K1SLJ8C97H5L68</lei>
        <title>Cathay General Bancorp</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CVB Financial Corp.</name>
        <lei>N/A</lei>
        <title>CVB Financial Corp.</title>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Franklin Electric Co., Inc.</name>
        <lei>RR6AURIKMXUE4Q24G284</lei>
        <title>Franklin Electric Co., Inc.</title>
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        <name>NBT Bancorp Inc.</name>
        <lei>N/A</lei>
        <title>NBT Bancorp Inc.</title>
        <cusip>628778102</cusip>
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        <invCountry>US</invCountry>
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        <name>Otter Tail Corp.</name>
        <lei>549300HHVBQRQUVKKD91</lei>
        <title>Otter Tail Corp.</title>
        <cusip>689648103</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Bank of Hawaii Corp.</name>
        <lei>5493006Q8BQ8AD8M2U33</lei>
        <title>Bank of Hawaii Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>MGE Energy, Inc.</name>
        <lei>N/A</lei>
        <title>MGE Energy, Inc.</title>
        <cusip>55277P104</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>Tootsie Roll Industries, Inc.</name>
        <lei>529900SBKOV9XX4M4Q35</lei>
        <title>Tootsie Roll Industries, Inc.</title>
        <cusip>890516107</cusip>
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        <balance>48783.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Brady Corp.</name>
        <lei>549300G2LEQOFQC8GY34</lei>
        <title>Brady Corp., Class A</title>
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        <name>H2O America</name>
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      <invstOrSec>
        <name>National HealthCare Corp.</name>
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        <name>PriceSmart, Inc.</name>
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        <name>Tanger Inc.</name>
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        <name>Tennant Co.</name>
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        <name>Hilltop Holdings Inc.</name>
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        <name>Armstrong World Industries, Inc.</name>
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        <name>Employers Holdings, Inc.</name>
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        <name>Radian Group Inc.</name>
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        <name>Korn Ferry</name>
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        <name>Reynolds Consumer Products Inc.</name>
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        <name>Invesco Government &amp; Agency Portfolio</name>
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        <name>AMERISAFE, Inc.</name>
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        <name>First BanCorp.</name>
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        <name>Invesco Private Government Fund</name>
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        <name>Universal Health Realty Income Trust</name>
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        <name>Getty Realty Corp.</name>
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        <name>Centerspace</name>
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        <name>PennyMac Mortgage Investment Trust</name>
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        <name>TrustCo Bank Corp.</name>
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        <name>Phillips Edison &amp; Co., Inc.</name>
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        <name>Northwest Bancshares, Inc.</name>
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        <name>Apollo Commercial Real Estate Finance, Inc.</name>
        <lei>549300E0AN7M2AQHSY29</lei>
        <title>Apollo Commercial Real Estate Finance, Inc.</title>
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        <name>Enact Holdings, Inc.</name>
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      <invstOrSec>
        <name>Zurn Elkay Water Solutions Corp.</name>
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      <invstOrSec>
        <name>Franklin BSP Realty Trust, Inc.</name>
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      <invstOrSec>
        <name>Terreno Realty Corp.</name>
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        <name>Stellar Bancorp, Inc.</name>
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      <invstOrSec>
        <name>Capitol Federal Financial, Inc.</name>
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      <invstOrSec>
        <name>American Assets Trust, Inc.</name>
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        <name>ARMOUR Residential REIT, Inc.</name>
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        <name>World Kinect Corp.</name>
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        <name>Chesapeake Utilities Corp.</name>
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      <invstOrSec>
        <name>Banner Corp.</name>
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        <name>Preferred Bank</name>
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        <name>Whitestone REIT</name>
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        <name>Safety Insurance Group, Inc.</name>
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        <name>Concentra Group Holdings Parent, Inc.</name>
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        <name>Curbline Properties Corp.</name>
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        <name>Easterly Government Properties, Inc.</name>
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        <name>Ryman Hospitality Properties, Inc.</name>
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        <name>Beacon Financial Corp.</name>
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        <name>National Bank Holdings Corp.</name>
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        <name>LXP Industrial Trust</name>
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        <name>CSG Systems International, Inc.</name>
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        <name>Artisan Partners Asset Management Inc.</name>
        <lei>549300T1FUI6JF63XU51</lei>
        <title>Artisan Partners Asset Management Inc., Class A</title>
        <cusip>04316A108</cusip>
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        <name>OFG Bancorp</name>
        <lei>549300Q4QEXJ37LEXQ06</lei>
        <title>OFG Bancorp</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Blackstone Mortgage Trust, Inc.</name>
        <lei>549300OLDJ20R2Y2UW20</lei>
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          <isin value="US09257W1009"/>
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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>AH Realty Trust, Inc.</name>
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        <title>AH Realty Trust, Inc.</title>
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          <isin value="US04208T1088"/>
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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>Fresh Del Monte Produce Inc.</name>
        <lei>529900I72V9F0FEZR228</lei>
        <title>Fresh Del Monte Produce Inc.</title>
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          <isin value="KYG367381053"/>
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        <assetCat>EC</assetCat>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MarketAxess Holdings Inc.</name>
        <lei>5493002U1CA1XJOVID83</lei>
        <title>MarketAxess Holdings Inc.</title>
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          <isin value="US57060D1081"/>
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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>NMI Holdings, Inc.</name>
        <lei>529900KNNGFXJX1C3Z08</lei>
        <title>NMI Holdings, Inc., Class A</title>
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        <balance>48375.00000000</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>City Holding Co.</name>
        <lei>N/A</lei>
        <title>City Holding Co.</title>
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          <isin value="US1778351056"/>
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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>Southside Bancshares, Inc.</name>
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        <title>Southside Bancshares, Inc.</title>
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          <isin value="US84470P1093"/>
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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>Westamerica Bancorporation</name>
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        <title>Westamerica Bancorporation</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>HNI Corp.</name>
        <lei>549300SKRADLC4O5HV93</lei>
        <title>HNI Corp.</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>Seacoast Banking Corp. of Florida</name>
        <lei>549300V6IC06XYQYPG88</lei>
        <title>Seacoast Banking Corp. of Florida</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>Veris Residential, Inc.</name>
        <lei>254900KTVBRYJCQU2J23</lei>
        <title>Veris Residential, 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>Granite Construction Inc.</name>
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        <title>Granite Construction Inc.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Trustmark Corp.</name>
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        <title>Trustmark Corp.</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>Ameris Bancorp</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Innospec Inc.</name>
        <lei>213800SQBACNY5IWJO68</lei>
        <title>Innospec Inc.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Prestige Consumer Healthcare Inc.</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>LTC Properties, Inc.</name>
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        <name>Acadia Realty Trust</name>
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        <title>Acadia Realty Trust</title>
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        <name>Saul Centers, Inc.</name>
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        <name>Highwoods Properties, Inc.</name>
        <lei>ZIIGTYKL9T0X3HLTDX53</lei>
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        <name>CareTrust REIT, Inc.</name>
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        <name>WSFS Financial Corp.</name>
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        <title>WSFS Financial Corp.</title>
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        <name>Lindsay Corp.</name>
        <lei>549300ZFO0QG5H8TPI61</lei>
        <title>Lindsay Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>First Financial Bancorp.</name>
        <lei>549300D3F5B3EZMY7P77</lei>
        <title>First Financial Bancorp.</title>
        <cusip>320209109</cusip>
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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>S&amp;T Bancorp, Inc.</name>
        <lei>N/A</lei>
        <title>S&amp;T Bancorp, Inc.</title>
        <cusip>783859101</cusip>
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          <isin value="US7838591011"/>
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        <balance>43264.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1808867.84000000</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>Lakeland Financial Corp.</name>
        <lei>N/A</lei>
        <title>Lakeland Financial Corp.</title>
        <cusip>511656100</cusip>
        <identifiers>
          <isin value="US5116561003"/>
        </identifiers>
        <balance>30717.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1784350.53000000</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="66044.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BancFirst Corp.</name>
        <lei>549300EJEHGBP4IO2J30</lei>
        <title>BancFirst Corp.</title>
        <cusip>05945F103</cusip>
        <identifiers>
          <isin value="US05945F1030"/>
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        <balance>15465.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1701150.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Simmons First National Corp.</name>
        <lei>549300IVR5AJKUVOGN05</lei>
        <title>Simmons First National Corp., Class A</title>
        <cusip>828730200</cusip>
        <identifiers>
          <isin value="US8287302009"/>
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        <balance>83453.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1661549.23000000</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>First Commonwealth Financial Corp.</name>
        <lei>549300ZHLQ42NXDETL24</lei>
        <title>First Commonwealth Financial Corp.</title>
        <cusip>319829107</cusip>
        <identifiers>
          <isin value="US3198291078"/>
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        <balance>109401.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1917799.53000000</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>Community Financial System, Inc.</name>
        <lei>5299008N6YHE6GCP1E80</lei>
        <title>Community Financial System, Inc.</title>
        <cusip>203607106</cusip>
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          <isin value="US2036071064"/>
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        <balance>27530.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1666941.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Urban Edge Properties</name>
        <lei>N/A</lei>
        <title>Urban Edge Properties</title>
        <cusip>91704F104</cusip>
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          <isin value="US91704F1049"/>
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        <balance>100890.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2143912.50000000</valUSD>
        <pctVal>0.890882807502</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>Universal Corp.</name>
        <lei>549300BZXZ66F6DTIF20</lei>
        <title>Universal Corp.</title>
        <cusip>913456109</cusip>
        <identifiers>
          <isin value="US9134561094"/>
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        <balance>40112.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2155217.76000000</valUSD>
        <pctVal>0.895580602663</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>Box, Inc.</name>
        <lei>549300KQUCPD8687YS68</lei>
        <title>Box, Inc., Class A</title>
        <cusip>10316T104</cusip>
        <identifiers>
          <isin value="US10316T1043"/>
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        <balance>73960.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1741758.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Alamo Group Inc.</name>
        <lei>54930080C93RVZRSDV26</lei>
        <title>Alamo Group Inc.</title>
        <cusip>011311107</cusip>
        <identifiers>
          <isin value="US0113111076"/>
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        <balance>8735.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1865184.55000000</valUSD>
        <pctVal>0.775060012203</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>Balchem Corp.</name>
        <lei>549300VR70OPMHUI3557</lei>
        <title>Balchem Corp.</title>
        <cusip>057665200</cusip>
        <identifiers>
          <isin value="US0576652004"/>
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        <balance>12746.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2312506.78000000</valUSD>
        <pctVal>0.960940585278</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>First Bancorp</name>
        <lei>N/A</lei>
        <title>First Bancorp</title>
        <cusip>318910106</cusip>
        <identifiers>
          <isin value="US3189101062"/>
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        <balance>28783.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1634586.57000000</valUSD>
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        <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>HealthStream, Inc.</name>
        <lei>529900OJ88H8635JNH64</lei>
        <title>HealthStream, Inc.</title>
        <cusip>42222N103</cusip>
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        <balance>85544.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1816099.12000000</valUSD>
        <pctVal>0.754663020402</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>Pathward Financial, Inc.</name>
        <lei>5493004X52BH1NBLW813</lei>
        <title>Pathward Financial, Inc.</title>
        <cusip>59100U108</cusip>
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          <isin value="US59100U1088"/>
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        <balance>20011.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1816798.69000000</valUSD>
        <pctVal>0.754953720179</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>National Beverage Corp.</name>
        <lei>549300O9MZIQJI8TGV17</lei>
        <title>National Beverage Corp.</title>
        <cusip>635017106</cusip>
        <identifiers>
          <isin value="US6350171061"/>
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        <balance>54862.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1994233.70000000</valUSD>
        <pctVal>0.828685180702</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PC Connection, Inc.</name>
        <lei>5299005WPRNIXDV2KM73</lei>
        <title>PC Connection, Inc.</title>
        <cusip>69318J100</cusip>
        <identifiers>
          <isin value="US69318J1007"/>
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        <balance>30248.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1843615.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Unitil Corp.</name>
        <lei>N/A</lei>
        <title>Unitil Corp.</title>
        <cusip>913259107</cusip>
        <identifiers>
          <isin value="US9132591077"/>
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        <balance>46346.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2424359.26000000</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="1179350.00000000"/>
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      <invstOrSec>
        <name>NexPoint Residential Trust, Inc.</name>
        <lei>549300U2J6XVYBF87166</lei>
        <title>NexPoint Residential Trust, Inc.</title>
        <cusip>65341D102</cusip>
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        <balance>57269.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1614413.11000000</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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      <invstOrSec>
        <name>Apple Hospitality REIT, Inc.</name>
        <lei>549300EVZAR0FBZO4F16</lei>
        <title>Apple Hospitality REIT, Inc.</title>
        <cusip>03784Y200</cusip>
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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>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Central Pacific Financial Corp.</name>
        <lei>549300W3YEAOZ4KGG849</lei>
        <title>Central Pacific Financial Corp.</title>
        <cusip>154760409</cusip>
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          <isin value="US1547604090"/>
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        <balance>53041.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1689355.85000000</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>
        <name>Alarm.com Holdings, Inc.</name>
        <lei>549300HIH92U1EKIHZ32</lei>
        <title>Alarm.com Holdings, Inc.</title>
        <cusip>011642105</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Madison Square Garden Sports Corp.</name>
        <lei>N/A</lei>
        <title>Madison Square Garden Sports Corp., Class A</title>
        <cusip>55825T103</cusip>
        <identifiers>
          <isin value="US55825T1034"/>
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        <balance>7333.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2432062.78000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-03-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Invesco Exchange-Traded Fund Trust II</ncom:nameOfApplicant>
      <ncom:signature>Adrien Deberghes</ncom:signature>
      <ncom:signerName>Adrien Deberghes</ncom:signerName>
      <ncom:title>Vice President</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
