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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BWX TECHNOLOGIES, INC.</name>
        <lei>549300NP85N265KWMS58</lei>
        <title>BWX TECHNOLOGIES INC COMMON STOCK</title>
        <cusip>05605H100</cusip>
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          <isin value="US05605H1005"/>
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        <balance>37000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2099380.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>TEXAS CAPITAL BANCSHARES, INC.</name>
        <lei>549300466Q2SXRX0YM48</lei>
        <title>TEXAS CAPITAL BANCSHARES INC COMMON STOCK</title>
        <cusip>88224Q107</cusip>
        <identifiers>
          <isin value="US88224Q1076"/>
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        <balance>34000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2060400.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FIRST AMERICAN FINANCIAL CORPORATION</name>
        <lei>549300B6VEZK3N0A1P55</lei>
        <title>FIRST AMERICAN FINANCIAL COMMON STOCK</title>
        <cusip>31847R102</cusip>
        <identifiers>
          <isin value="US31847R1023"/>
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        <balance>27000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1974780.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NUVASIVE, INC.</name>
        <lei>549300C5ZB4NZ6TWM881</lei>
        <title>NUVASIVE INC COMMON STOCK</title>
        <cusip>670704105</cusip>
        <identifiers>
          <isin value="US6707041058"/>
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        <balance>34000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1814240.00000000</valUSD>
        <pctVal>1.873298258422</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>RAMBUS INC.</name>
        <lei>2549000211GDCQSLV833</lei>
        <title>RAMBUS INC COMMON STOCK</title>
        <cusip>750917106</cusip>
        <identifiers>
          <isin value="US7509171069"/>
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        <balance>83000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1931410.00000000</valUSD>
        <pctVal>1.994282448463</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HEALTHCARE SERVICES GROUP, INC.</name>
        <lei>529900GVZ1D2FBYMS719</lei>
        <title>HEALTHCARE SERVICES GROUP COMMON STOCK</title>
        <cusip>421906108</cusip>
        <identifiers>
          <isin value="US4219061086"/>
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        <balance>85000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1631150.00000000</valUSD>
        <pctVal>1.684248199921</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>ENVESTNET, INC.</name>
        <lei>549300HLWZ5OKIDM8737</lei>
        <title>ENVESTNET INC COMMON STOCK</title>
        <cusip>29404K106</cusip>
        <identifiers>
          <isin value="US29404K1060"/>
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        <balance>26000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2171000.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>CARDIOVASCULAR SYSTEMS, INC.</name>
        <lei>549300NUBWKJMNMQ3287</lei>
        <title>CARDIOVASCULAR SYSTEMS INC COMMON STOCK</title>
        <cusip>141619106</cusip>
        <identifiers>
          <isin value="US1416191062"/>
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        <balance>58000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2034640.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>PROSPERITY BANCSHARES, INC.</name>
        <lei>N/A</lei>
        <title>PROSPERITY BANCSHARES INC COMMON STOCK</title>
        <cusip>743606105</cusip>
        <identifiers>
          <isin value="US7436061052"/>
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        <balance>30000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2259300.00000000</valUSD>
        <pctVal>2.332846125790</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>HAWAIIAN HOLDINGS, INC.</name>
        <lei>529900TQUS2JVPSSPP86</lei>
        <title>HAWAIIAN HOLDINGS INC COMMON STOCK</title>
        <cusip>419879101</cusip>
        <identifiers>
          <isin value="US4198791018"/>
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        <balance>105000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2031750.00000000</valUSD>
        <pctVal>2.097888777973</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>RENAISSANCERE HOLDINGS LTD.</name>
        <lei>EK6GB9U3U58PDI411C94</lei>
        <title>RENAISSANCERE HOLDINGS LTD COMMON STOCK</title>
        <cusip>G7496G103</cusip>
        <identifiers>
          <isin value="BMG7496G1033"/>
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        <balance>14000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1985200.00000000</valUSD>
        <pctVal>2.049823453689</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>GRAFTECH INTERNATIONAL LTD.</name>
        <lei>549300GY32W00XP57351</lei>
        <title>GRAFTECH INTERNATIONAL LTD COMMON STOCK</title>
        <cusip>384313508</cusip>
        <identifiers>
          <isin value="US3843135084"/>
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        <balance>174000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1861800.00000000</valUSD>
        <pctVal>1.922406460849</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>ADVANCED ENERGY INDUSTRIES, INC.</name>
        <lei>549300756XI3QLFT2U27</lei>
        <title>ADVANCED ENERGY INDUSTRIES COMMON STOCK</title>
        <cusip>007973100</cusip>
        <identifiers>
          <isin value="US0079731008"/>
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        <balance>21000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1928220.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>RADA ELECTRONIC INDUSTRIES LTD</name>
        <lei>549300JBC0MVZ0GRX705</lei>
        <title>RADA ELECTRONIC INDS LTD COMMON STOCK</title>
        <cusip>M81863124</cusip>
        <identifiers>
          <isin value="IL0010826506"/>
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        <balance>92000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>941160.00000000</valUSD>
        <pctVal>0.971797220266</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>DIODES INCORPORATED</name>
        <lei>549300XP2X1ARVH3BX23</lei>
        <title>DIODES INC COMMON STOCK</title>
        <cusip>254543101</cusip>
        <identifiers>
          <isin value="US2545431015"/>
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        <balance>26500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2546385.00000000</valUSD>
        <pctVal>2.629276493613</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>WNS (HOLDINGS) LIMITED</name>
        <lei>529900RM7QHUD3W9DM42</lei>
        <title>WNS HOLDINGS LTD-ADR DEPOSITARY RECEIPT</title>
        <cusip>92932M101</cusip>
        <identifiers>
          <isin value="US92932M1018"/>
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        <balance>27000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2397870.00000000</valUSD>
        <pctVal>2.475926941818</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>ICU MEDICAL, INC.</name>
        <lei>5493003NRW7LS2QZRH60</lei>
        <title>ICU MEDICAL INC COMMON STOCK</title>
        <cusip>44930G107</cusip>
        <identifiers>
          <isin value="US44930G1076"/>
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        <balance>8000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1873040.00000000</valUSD>
        <pctVal>1.934012352255</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>Netstreit Corp</name>
        <lei>N/A</lei>
        <title>NETSTREIT CORP REIT</title>
        <cusip>64119V303</cusip>
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          <isin value="US64119V3033"/>
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        <balance>80000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1939200.00000000</valUSD>
        <pctVal>2.002326033343</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>UNITED BANKSHARES, INC.</name>
        <lei>5299005O3BAMJ9Z92V62</lei>
        <title>UNITED BANKSHARES INC COMMON STOCK</title>
        <cusip>909907107</cusip>
        <identifiers>
          <isin value="US9099071071"/>
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        <balance>58000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2145420.00000000</valUSD>
        <pctVal>2.215259033857</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>AXIS CAPITAL HOLDINGS LIMITED</name>
        <lei>N/A</lei>
        <title>AXIS CAPITAL HOLDINGS LTD COMMON STOCK</title>
        <cusip>G0692U109</cusip>
        <identifiers>
          <isin value="BMG0692U1099"/>
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        <balance>41000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2134870.00000000</valUSD>
        <pctVal>2.204365603756</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>EXELIXIS, INC.</name>
        <lei>254900PJQB59O2O95R37</lei>
        <title>EXELIXIS INC COMMON STOCK</title>
        <cusip>30161Q104</cusip>
        <identifiers>
          <isin value="US30161Q1040"/>
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        <balance>100075.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2152613.25000000</valUSD>
        <pctVal>2.222686442963</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CABOT CORPORATION</name>
        <lei>K05C0SER542GQ6VLRO68</lei>
        <title>CABOT CORP COMMON STOCK</title>
        <cusip>127055101</cusip>
        <identifiers>
          <isin value="US1270551013"/>
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        <balance>39000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2080650.00000000</valUSD>
        <pctVal>2.148380600905</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MERCURY SYSTEMS, INC.</name>
        <lei>549300P3B84SGK7HH679</lei>
        <title>MERCURY SYSTEMS INC COMMON STOCK</title>
        <cusip>589378108</cusip>
        <identifiers>
          <isin value="US5893781089"/>
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        <balance>37000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1906980.00000000</valUSD>
        <pctVal>1.969057188049</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>REINSURANCE GROUP OF AMERICA, INCORPORATED</name>
        <lei>LORM1GNEU1DKEW527V90</lei>
        <title>REINSURANCE GROUP OF AMERICA COMMON STOCK</title>
        <cusip>759351604</cusip>
        <identifiers>
          <isin value="US7593516047"/>
        </identifiers>
        <balance>17000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2007360.00000000</valUSD>
        <pctVal>2.072704819664</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CATHAY GENERAL BANCORP</name>
        <lei>549300K1SLJ8C97H5L68</lei>
        <title>CATHAY GENERAL BANCORP COMMON STOCK</title>
        <cusip>149150104</cusip>
        <identifiers>
          <isin value="US1491501045"/>
        </identifiers>
        <balance>49000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2067310.00000000</valUSD>
        <pctVal>2.134606349005</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>InnovAge Holding Corp</name>
        <lei>N/A</lei>
        <title>INNOVAGE HOLDING CORP COMMON STOCK</title>
        <cusip>45784A104</cusip>
        <identifiers>
          <isin value="US45784A1043"/>
        </identifiers>
        <balance>293000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1939660.00000000</valUSD>
        <pctVal>2.002801007547</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>THE HAIN CELESTIAL GROUP, INC.</name>
        <lei>5493000S8QXWHLIXDP75</lei>
        <title>HAIN CELESTIAL GROUP INC COMMON STOCK</title>
        <cusip>405217100</cusip>
        <identifiers>
          <isin value="US4052171000"/>
        </identifiers>
        <balance>50000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2243500.00000000</valUSD>
        <pctVal>2.316531794454</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHIMERIX, INC.</name>
        <lei>5299002IR2GXUBEPKS66</lei>
        <title>CHIMERIX INC COMMON STOCK</title>
        <cusip>16934W106</cusip>
        <identifiers>
          <isin value="US16934W1062"/>
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        <balance>123000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>644520.00000000</valUSD>
        <pctVal>0.665500812196</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BOTTOMLINE TECHNOLOGIES, INC.</name>
        <lei>OJ3Q4KYIXDSSGURLMT36</lei>
        <title>BOTTOMLINE TECHNOLOGIES (DE) COMMON STOCK</title>
        <cusip>101388106</cusip>
        <identifiers>
          <isin value="US1013881065"/>
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        <balance>51000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2361300.00000000</valUSD>
        <pctVal>2.438166492643</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COHU, INC.</name>
        <lei>529900FJPORJ3JJ2XS33</lei>
        <title>COHU INC COMMON STOCK</title>
        <cusip>192576106</cusip>
        <identifiers>
          <isin value="US1925761066"/>
        </identifiers>
        <balance>65000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2082600.00000000</valUSD>
        <pctVal>2.150394078507</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CERENCE INC.</name>
        <lei>5493002WL2W5WMS89568</lei>
        <title>CERENCE INC COMMON STOCK</title>
        <cusip>156727109</cusip>
        <identifiers>
          <isin value="US1567271093"/>
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        <balance>23000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2417990.00000000</valUSD>
        <pctVal>2.496701900456</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Harmony Biosciences Holdings Inc</name>
        <lei>N/A</lei>
        <title>HARMONY BIOSCIENCES HOLDINGS COMMON STOCK</title>
        <cusip>413197104</cusip>
        <identifiers>
          <isin value="US4131971040"/>
        </identifiers>
        <balance>50000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2073500.00000000</valUSD>
        <pctVal>2.140997849699</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AMERICAN EAGLE OUTFITTERS, INC.</name>
        <lei>5299001Z9HXK01DHW793</lei>
        <title>AMERICAN EAGLE OUTFITTERS COMMON STOCK</title>
        <cusip>02553E106</cusip>
        <identifiers>
          <isin value="US02553E1064"/>
        </identifiers>
        <balance>74000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1756760.00000000</valUSD>
        <pctVal>1.813947134043</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cognyte Software Ltd</name>
        <lei>2549006L803IRJC67B33</lei>
        <title>COGNYTE SOFTWARE LTD COMMON STOCK</title>
        <cusip>M25133105</cusip>
        <identifiers>
          <isin value="IL0011691438"/>
        </identifiers>
        <balance>93000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1851630.00000000</valUSD>
        <pctVal>1.911905400742</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Marcus &amp; Millichap Inc</name>
        <lei>549300B2HE8ULXNB1N48</lei>
        <title>MARCUS &amp; MILLICHAP INC COMMON STOCK</title>
        <cusip>566324109</cusip>
        <identifiers>
          <isin value="US5663241090"/>
        </identifiers>
        <balance>46000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2166600.00000000</valUSD>
        <pctVal>2.237128498268</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MANPOWERGROUP INC.</name>
        <lei>ERO1WSFOSR0JJ6CRQ987</lei>
        <title>MANPOWERGROUP INC COMMON STOCK</title>
        <cusip>56418H100</cusip>
        <identifiers>
          <isin value="US56418H1005"/>
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        <balance>19000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1836350.00000000</valUSD>
        <pctVal>1.896127996767</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NV5 GLOBAL, INC.</name>
        <lei>N/A</lei>
        <title>NV5 GLOBAL INC COMMON STOCK</title>
        <cusip>62945V109</cusip>
        <identifiers>
          <isin value="US62945V1098"/>
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        <balance>21000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2186730.00000000</valUSD>
        <pctVal>2.257913782432</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNITED COMMUNITY BANKS, INC.</name>
        <lei>549300GVW0FV66X3U703</lei>
        <title>UNITED COMMUNITY BANKS/GA COMMON STOCK</title>
        <cusip>90984P303</cusip>
        <identifiers>
          <isin value="US90984P3038"/>
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        <balance>67000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2334280.00000000</valUSD>
        <pctVal>2.410266920953</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MONARCH CASINO &amp; RESORT, INC.</name>
        <lei>549300AK5FF7KY11V997</lei>
        <title>MONARCH CASINO &amp; RESORT INC COMMON STOCK</title>
        <cusip>609027107</cusip>
        <identifiers>
          <isin value="US6090271072"/>
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        <balance>32000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2311040.00000000</valUSD>
        <pctVal>2.386270398153</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>First American Funds, Inc: Government Obligations Fund; Class X Shares</name>
        <lei>N/A</lei>
        <title>FIRST AMERICAN TREASURY OBLIGATIONS FUND CLASS X</title>
        <cusip>31846V336</cusip>
        <identifiers>
          <isin value="US31846V3362"/>
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        <balance>2468533.25000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2468533.25000000</valUSD>
        <pctVal>2.548890465475</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JAMES RIVER GROUP HOLDINGS, LTD.</name>
        <lei>N/A</lei>
        <title>JAMES RIVER GROUP HOLDINGS L COMMON STOCK</title>
        <cusip>G5005R107</cusip>
        <identifiers>
          <isin value="BMG5005R1079"/>
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        <balance>58000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1853100.00000000</valUSD>
        <pctVal>1.913423253088</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EMERGENT BIOSOLUTIONS INC.</name>
        <lei>549300YW6TUOX8BE5103</lei>
        <title>EMERGENT BIOSOLUTIONS INC COMMON STOCK</title>
        <cusip>29089Q105</cusip>
        <identifiers>
          <isin value="US29089Q1058"/>
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        <balance>37000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1763790.00000000</valUSD>
        <pctVal>1.821205978935</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>2021-10-31</ncom:dateSigned>
      <ncom:nameOfApplicant>THE ADVISORS' INNER CIRCLE FUND</ncom:nameOfApplicant>
      <ncom:signature>Andy Metzger</ncom:signature>
      <ncom:signerName>Andy Metzger</ncom:signerName>
      <ncom:title>CFO</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
