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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ACADIA PHARMACEUTICALS INC.</name>
        <lei>529900O3044NO0PEA039</lei>
        <title>ACADIA PHARMACEUTICALS INC</title>
        <cusip>004225108</cusip>
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          <isin value="US0042251084"/>
          <other otherDesc="Internal" value="2713317"/>
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        <balance>53780.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>893285.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ARRAY TECHNOLOGIES, INC.</name>
        <lei>549300JM5FECYJQ85V37</lei>
        <title>ARRAY TECHNOLOGIES INC</title>
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          <isin value="US04271T1007"/>
          <other otherDesc="Internal" value="BLBLMD5"/>
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        <balance>177305.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>863475.35000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MSILF Government Portfolio</name>
        <lei>N/A</lei>
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        <cusip>61747C707</cusip>
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          <isin value="US61747C7074"/>
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        <balance>2560427.98000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="2560427.98000000" isCashCollateral="Y"/>
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      <invstOrSec>
        <name>WILLDAN GROUP, INC.</name>
        <lei>529900YQO0LF5VAEKN05</lei>
        <title>WILLDAN GROUP INC</title>
        <cusip>96924N100</cusip>
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          <isin value="US96924N1000"/>
          <other otherDesc="Internal" value="B1HP598"/>
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        <balance>5427.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>220987.44000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FLEXSTEEL INDUSTRIES, INC.</name>
        <lei>894500J5Y3ZZOOJXXN24</lei>
        <title>FLEXSTEEL INDUSTRIES INC</title>
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          <isin value="US3393821034"/>
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        <balance>1777.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>64878.27000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Mediaalpha Inc</name>
        <lei>N/A</lei>
        <title>MEDIAALPHA INC</title>
        <cusip>58450V104</cusip>
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          <isin value="US58450V1044"/>
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        <balance>40713.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Collegium Pharmaceutical, Inc.</name>
        <lei>54930049FXZMTLW8D496</lei>
        <title>COLLEGIUM PHARMACEUTICAL INC</title>
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          <isin value="US19459J1043"/>
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        <balance>75039.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>RAMACO RESOURCES, INC.</name>
        <lei>5493001BYUI4TCQOPF70</lei>
        <title>RAMACO RESOURCES INC</title>
        <cusip>75134P600</cusip>
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          <isin value="US75134P6007"/>
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        <balance>50597.00000000</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>
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      <invstOrSec>
        <name>YETI HOLDINGS, INC.</name>
        <lei>549300DSQICIGNT5GO63</lei>
        <title>YETI HOLDINGS INC</title>
        <cusip>98585X104</cusip>
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          <isin value="US98585X1046"/>
          <other otherDesc="Internal" value="BGR7KH2"/>
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        <balance>36695.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1214604.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Expensify Inc</name>
        <lei>N/A</lei>
        <title>EXPENSIFY INC</title>
        <cusip>30219Q106</cusip>
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          <isin value="US30219Q1067"/>
          <other otherDesc="Internal" value="BL98829"/>
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        <balance>22671.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>68919.84000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>INSEEGO CORP.</name>
        <lei>549300E27VG1NWGNA141</lei>
        <title>INSEEGO CORP</title>
        <cusip>45782B302</cusip>
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          <isin value="US45782B3024"/>
          <other otherDesc="Internal" value="BN70ZG4"/>
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        <balance>14455.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>118097.35000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>RING ENERGY INC.</name>
        <lei>549300HMY6TJ265I8S64</lei>
        <title>RING ENERGY INC</title>
        <cusip>76680V108</cusip>
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          <isin value="US76680V1089"/>
          <other otherDesc="Internal" value="B1TGYD6"/>
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        <balance>97393.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>YELP INC.</name>
        <lei>5299007OU2DOSXPQBO35</lei>
        <title>YELP INC</title>
        <cusip>985817105</cusip>
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          <isin value="US9858171054"/>
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        <balance>53000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1962590.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>WEATHERFORD INTERNATIONAL PUBLIC LIMITED COMPANY</name>
        <lei>529900LPBDSCQDJKHQ39</lei>
        <title>WEATHERFORD INTERNATIONAL PLC</title>
        <cusip>G48833118</cusip>
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          <isin value="IE00BLNN3691"/>
          <other otherDesc="Internal" value="BLNN369"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MANNKIND CORPORATION</name>
        <lei>213800GFBCNY1ZFST722</lei>
        <title>MANNKIND CORP</title>
        <cusip>56400P706</cusip>
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          <isin value="US56400P7069"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>DAKTRONICS, INC.</name>
        <lei>549300IOLZ3SG5YUJ288</lei>
        <title>DAKTRONICS INC</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>MILLER INDUSTRIES, INC.</name>
        <lei>549300F1O74SPUJ7UU94</lei>
        <title>MILLER INDUSTRIES INC TN</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MOVADO GROUP, INC.</name>
        <lei>549300WCGCGPWGHVXM59</lei>
        <title>MOVADO GROUP INC</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>RANGER ENERGY SERVICES, INC.</name>
        <lei>549300J7RIVGVAN0RE23</lei>
        <title>RANGER ENERGY SERVICES INC</title>
        <cusip>75282U104</cusip>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>INGREDION INCORPORATED</name>
        <lei>PKSTQ48QDN0XSVS7YK88</lei>
        <title>INGREDION INC</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>CROCS, INC.</name>
        <lei>549300B0J6YCXD63OG72</lei>
        <title>CROCS INC</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>BERRY CORPORATION (BRY)</name>
        <lei>N/A</lei>
        <title>BERRY CORP</title>
        <cusip>08579X101</cusip>
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        <balance>125278.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Symbotic Inc</name>
        <lei>N/A</lei>
        <title>SYMBOTIC INC</title>
        <cusip>87151X101</cusip>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>H &amp; R BLOCK, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Definitive Healthcare Corp</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>HYSTER-YALE, INC.</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>VITAL ENERGY, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>JAKKS PACIFIC, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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

        <fairValLevel>1</fairValLevel>
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        <name>UPBOUND GROUP, INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>MATCH GROUP, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>TURTLE BEACH CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>POWELL INDUSTRIES, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>ALLISON TRANSMISSION HOLDINGS, INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>APA CORPORATION</name>
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        <fairValLevel>1</fairValLevel>
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        <name>SITIO ROYALTIES CORP.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>CAL-MAINE FOODS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>TAYLOR MORRISON HOME CORPORATION</name>
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        <name>DENNY'S CORPORATION</name>
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        <name>8X8, INC.</name>
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        <name>CHAMPIONX CORPORATION</name>
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        <name>RAYONIER ADVANCED MATERIALS INC.</name>
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        <name>STRATEGIC EDUCATION, INC.</name>
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        <name>TIDEWATER INC.</name>
        <lei>2549000JA5GRUPLMUH98</lei>
        <title>TIDEWATER INC</title>
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        <name>ZIFF DAVIS, INC.</name>
        <lei>5493008OJYGLHD7MXA18</lei>
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        <name>TENNANT COMPANY</name>
        <lei>JYAIRLT8DVP6DP8UT336</lei>
        <title>TENNANT CO</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>PREFORMED LINE PRODUCTS COMPANY</name>
        <lei>549300EYH53XDJID2098</lei>
        <title>PREFORMED LINE PRODUCTS CO</title>
        <cusip>740444104</cusip>
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          <isin value="US7404441047"/>
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        <balance>747.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>PAGERDUTY, INC.</name>
        <lei>549300U1SB749EDAGH21</lei>
        <title>PAGERDUTY INC</title>
        <cusip>69553P100</cusip>
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          <isin value="US69553P1003"/>
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        <balance>50300.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FORUM ENERGY TECHNOLOGIES, INC.</name>
        <lei>549300SF93HLCR1REE27</lei>
        <title>FORUM ENERGY TECHNOLOGIES</title>
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          <isin value="US34984V2097"/>
          <other otherDesc="Internal" value="BMCKSV8"/>
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        <balance>8936.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>V2X, INC.</name>
        <lei>N/A</lei>
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          <isin value="US92242T1016"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>RCI HOSPITALITY HOLDINGS, INC.</name>
        <lei>529900COXP1MLE1UKG69</lei>
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          <isin value="US74934Q1085"/>
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        <balance>4875.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CLEAR SECURE, INC.</name>
        <lei>N/A</lei>
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        <cusip>18467V109</cusip>
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          <isin value="US18467V1098"/>
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        <balance>65560.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MATADOR RESOURCES COMPANY</name>
        <lei>549300CI3Q2UUK5R4G79</lei>
        <title>MATADOR RESOURCES CO</title>
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          <isin value="US5764852050"/>
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        <balance>38571.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>EverQuote Inc</name>
        <lei>N/A</lei>
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          <isin value="US30041R1086"/>
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        <balance>21169.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HEARTLAND EXPRESS, INC.</name>
        <lei>5299005V45FZIQGLOG39</lei>
        <title>HEARTLAND EXPRESS INC</title>
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          <isin value="US4223471040"/>
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        <balance>45989.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Proficient Auto Logistics Inc</name>
        <lei>N/A</lei>
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          <isin value="US74317M1045"/>
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        <balance>11817.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Kontoor Brands, Inc.</name>
        <lei>549300M0CPXV65RFF271</lei>
        <title>KONTOOR BRANDS INC</title>
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          <isin value="US50050N1037"/>
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        <balance>20744.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LEAR CORPORATION</name>
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        <title>LEAR CORP</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CHORD ENERGY CORPORATION</name>
        <lei>529900FA4V2YNIKZ0M71</lei>
        <title>CHORD ENERGY CORP</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>INTERNATIONAL SEAWAYS, INC.</name>
        <lei>549300YUFDGFRNGBWF46</lei>
        <title>INTERNATIONAL SEAWAYS INC</title>
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        <assetCat>EC</assetCat>
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        <invCountry>MH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CRESCENT ENERGY COMPANY</name>
        <lei>N/A</lei>
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        <balance>190960.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>European Wax Center Inc</name>
        <lei>N/A</lei>
        <title>EUROPEAN WAX CENTER INC</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>ARGAN, INC.</name>
        <lei>529900E4KZWBV9KGBS83</lei>
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      <invstOrSec>
        <name>KORN FERRY</name>
        <lei>549300FOD20OM0GT5G40</lei>
        <title>KORN FERRY</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>MUELLER INDUSTRIES, INC.</name>
        <lei>5493005IZFE4VJLLYG84</lei>
        <title>MUELLER INDUSTRIES INC</title>
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        <invCountry>US</invCountry>

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      <invstOrSec>
        <name>National Energy Services Reunited Corp.</name>
        <lei>N/A</lei>
        <title>NATIONAL ENERGY SERVICES REUNITED CORP</title>
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        <invCountry>VG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <name>Yext Inc</name>
        <lei>5299008ZQSBBVH7K0589</lei>
        <title>YEXT INC</title>
        <cusip>98585N106</cusip>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>INNOVEX INTERNATIONAL, INC.</name>
        <lei>5299007REICYIJNMW197</lei>
        <title>INNOVEX INTERNATIONAL INC</title>
        <cusip>457651107</cusip>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>SAFE BULKERS, INC.</name>
        <lei>549300V6ZM2HJJYQQO85</lei>
        <title>SAFE BULKERS INC</title>
        <cusip>Y7388L103</cusip>
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          <isin value="MHY7388L1039"/>
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        <balance>45944.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1967257.53000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>SCHOLASTIC CORPORATION</name>
        <lei>N/A</lei>
        <title>SCHOLASTIC CORP</title>
        <cusip>807066105</cusip>
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          <isin value="US8070661058"/>
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        <balance>17467.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>BLUE BIRD CORPORATION</name>
        <lei>5493004ZXJUUWQ65ER59</lei>
        <title>BLUE BIRD CORP</title>
        <cusip>095306106</cusip>
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          <isin value="US0953061068"/>
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        <balance>34928.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1130619.36000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>VISTEON CORPORATION</name>
        <lei>549300MOVLYHRW4GGW78</lei>
        <title>VISTEON CORP</title>
        <cusip>92839U206</cusip>
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          <isin value="US92839U2069"/>
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        <balance>19160.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CENTURY ALUMINUM COMPANY</name>
        <lei>549300U5ODNGEYWKSW73</lei>
        <title>CENTURY ALUMINUM CO</title>
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          <isin value="US1564311082"/>
          <other otherDesc="Internal" value="2186254"/>
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        <balance>49210.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NATIONAL CINEMEDIA, INC.</name>
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          <isin value="US6353092066"/>
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        <balance>56368.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GENTEX CORPORATION</name>
        <lei>549300S3UD8XV1MN0287</lei>
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        <cusip>371901109</cusip>
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          <isin value="US3719011096"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SCORPIO TANKERS INC.</name>
        <lei>549300NVJUH16NXG8K87</lei>
        <title>SCORPIO TANKERS INC</title>
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          <isin value="MHY7542C1306"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>MH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ACCEL ENTERTAINMENT, INC.</name>
        <lei>N/A</lei>
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          <isin value="US00436Q1067"/>
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        <balance>31862.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ALKERMES PUBLIC LIMITED COMPANY</name>
        <lei>N/A</lei>
        <title>ALKERMES PLC</title>
        <cusip>G01767105</cusip>
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          <isin value="IE00B56GVS15"/>
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        <balance>51409.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TARGET HOSPITALITY CORP.</name>
        <lei>N/A</lei>
        <title>TARGET HOSPITALITY CORP</title>
        <cusip>87615L107</cusip>
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          <isin value="US87615L1070"/>
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        <balance>65845.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>REX AMERICAN RESOURCES CORPORATION</name>
        <lei>N/A</lei>
        <title>REX AMERICAN RESOURCES CORP</title>
        <cusip>761624105</cusip>
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          <isin value="US7616241052"/>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>OUTBRAIN INC.</name>
        <lei>549300TNEHRXPVGWVW07</lei>
        <title>OUTBRAIN INC</title>
        <cusip>69002R103</cusip>
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          <isin value="US69002R1032"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CALIFORNIA RESOURCES CORPORATION</name>
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        <title>CALIFORNIA RESOURCES CORP</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>MAGNITE, INC.</name>
        <lei>54930018FR2YX1HHSB02</lei>
        <title>MAGNITE INC</title>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>SM ENERGY COMPANY</name>
        <lei>84BUTVXV5ODI6BXNMH43</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>NOV INC.</name>
        <lei>549300EHF3IW1AR6U008</lei>
        <title>NOV INC</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>I3 VERTICALS, INC.</name>
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        <name>GOODRX HOLDINGS, INC.</name>
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        <name>FIGS, INC.</name>
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        <name>PACIRA BIOSCIENCES, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>J.JILL, INC.</name>
        <lei>529900I19PJIF8MIDL12</lei>
        <title>J JILL INC</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>DILLARD'S, INC.</name>
        <lei>529900FGYKMWL6019P91</lei>
        <title>DILLARD S INC</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>JAZZ PHARMACEUTICALS PUBLIC LIMITED COMPANY</name>
        <lei>635400GAUMJCLEZRRV50</lei>
        <title>JAZZ PHARMACEUTICALS PLC</title>
        <cusip>G50871105</cusip>
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        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>KB HOME</name>
        <lei>549300LGUCWQURMWLG09</lei>
        <title>KB HOME</title>
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          <isin value="US48666K1097"/>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CIVITAS RESOURCES, INC.</name>
        <lei>IIVIHPH28S64K95M2381</lei>
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          <isin value="US17888H1032"/>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>KELLY SERVICES, INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Ibex Ltd</name>
        <lei>5493000GRFLPVYU2CX17</lei>
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          <isin value="BMG4690M1010"/>
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        <curCd>USD</curCd>
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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>Nextracker Inc</name>
        <lei>N/A</lei>
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          <isin value="US65290E1010"/>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>DIGI INTERNATIONAL INC.</name>
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          <isin value="US2537981027"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND</name>
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          <isin value="US38141W2733"/>
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        <assetCat>STIV</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>AMICUS THERAPEUTICS, INC.</name>
        <lei>549300MRD1SMUTNBPQ53</lei>
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          <isin value="US03152W1099"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>MURPHY OIL CORPORATION</name>
        <lei>QBKYQD0ODE7DC7PDIN91</lei>
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          <isin value="US6267171022"/>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>HNI CORPORATION</name>
        <lei>549300SKRADLC4O5HV93</lei>
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          <isin value="US4042511000"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Progyny Inc</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>UPWORK INC.</name>
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        <title>UPWORK INC</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>HEIDRICK &amp; STRUGGLES INTERNATIONAL, INC.</name>
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        <name>MCGRATH RENTCORP</name>
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        <name>CONCENTRIX CORPORATION</name>
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        <name>LYFT, INC.</name>
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        <name>STEVEN MADDEN, LTD.</name>
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        <name>PERMIAN RESOURCES CORPORATION</name>
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        <name>VITESSE ENERGY, INC.</name>
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        <name>HUDSON TECHNOLOGIES, INC.</name>
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        <name>ONESPAN INC.</name>
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        <title>ONESPAN INC</title>
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        <name>INVESCO GOVERNMENT &amp; AGENCY PORTFOLIO</name>
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        <name>LEGALZOOM.COM, INC.</name>
        <lei>5493000L8EBF74Y9JZ48</lei>
        <title>LEGALZOOM COM INC</title>
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        <name>PATTERSON-UTI ENERGY, INC.</name>
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        <name>Shoals Technologies Group Inc</name>
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        <name>PHINIA INC.</name>
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        <name>Dorian LPG Ltd.</name>
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        <name>CVR ENERGY, INC.</name>
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        <name>BANDWIDTH INC.</name>
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        <name>DNOW INC.</name>
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        <name>MRC GLOBAL INC.</name>
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        <name>MITEK SYSTEMS, INC.</name>
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        <name>Coursera Inc</name>
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        <name>CORE NATURAL RESOURCES, INC.</name>
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        <lei>N/A</lei>
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      <invstOrSec>
        <name>HELMERICH &amp; PAYNE, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>TD SYNNEX CORPORATION</name>
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        <name>Rush Street Interactive Inc</name>
        <lei>N/A</lei>
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        <name>ALPHA METALLURGICAL RESOURCES, INC.</name>
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        <name>OIL STATES INTERNATIONAL, INC.</name>
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        <name>FRANKLIN COVEY CO.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Kiniksa Pharmaceuticals International PLC</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>SMITH DOUGLAS HOMES CORP.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Sun Country Airlines Holdings Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>ADTALEM GLOBAL EDUCATION INC.</name>
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        <name>CENTRUS ENERGY CORP.</name>
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        <name>Expro Group Holdings N.V.</name>
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        <name>ABERCROMBIE &amp; FITCH CO.</name>
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        <name>CATALYST PHARMACEUTICALS, INC.</name>
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        <name>Informatica Inc</name>
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        <name>COEUR MINING, INC.</name>
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        <name>IBOTTA, INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <invCountry>US</invCountry>

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        <fairValLevel>1</fairValLevel>
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        <name>CARS.COM INC.</name>
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        <title>CARS COM INC</title>
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        <valUSD>949441.15000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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        <valUSD>525816.50000000</valUSD>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
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        <name>ASTEC INDUSTRIES, INC.</name>
        <lei>5493002DO2QKHLKB2A48</lei>
        <title>ASTEC INDUSTRIES INC</title>
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        <valUSD>189681.70000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-04-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Victory Portfolios II</ncom:nameOfApplicant>
      <ncom:signature>Carol Trevino</ncom:signature>
      <ncom:signerName>Carol Trevino</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
