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      </invstOrSec>
      <invstOrSec>
        <name>Concentrix Corp</name>
        <lei>5493000EAJN1KMPVA737</lei>
        <title>Concentrix Corp.</title>
        <cusip>20602D101</cusip>
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          <isin value="US20602D1019"/>
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        <balance>4495.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>237583.23000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Coty Inc</name>
        <lei>549300BO9IWPF3S48F93</lei>
        <title>Coty, Inc.</title>
        <cusip>222070203</cusip>
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          <isin value="US2220702037"/>
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        <balance>4883.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>22705.95000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Darling Ingredients Inc</name>
        <lei>L1N0SPPKS7EXZYUMZ898</lei>
        <title>Darling Ingredients, Inc.</title>
        <cusip>237266101</cusip>
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          <isin value="US2372661015"/>
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        <balance>1182.00000000</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>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FNB Corp/PA</name>
        <lei>PCYSKIGYNYFDTBLVZU83</lei>
        <title>FNB Corp.</title>
        <cusip>302520101</cusip>
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          <isin value="US3025201019"/>
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        <balance>2788.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>40649.04000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>First American Funds</name>
        <lei>N/A</lei>
        <title>First American Government Obligations Fund - Class X</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="FGXXX"/>
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        <balance>33370.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>33370.00000000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="33370.00000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>First American Financial Corp</name>
        <lei>549300B6VEZK3N0A1P55</lei>
        <title>First American Financial Corp.</title>
        <cusip>31847R102</cusip>
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          <isin value="US31847R1023"/>
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        <balance>561.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>34439.79000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Fluor Corp</name>
        <lei>CQ7WZ4NOFWT7FAE6Q943</lei>
        <title>Fluor Corp.</title>
        <cusip>343412102</cusip>
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          <isin value="US3434121022"/>
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        <balance>569.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>29172.63000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GXO Logistics Inc</name>
        <lei>5493007CNWMXN78JRN66</lei>
        <title>GXO Logistics, Inc.</title>
        <cusip>36262G101</cusip>
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          <isin value="US36262G1013"/>
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        <balance>860.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>41882.00000000</valUSD>
        <pctVal>0.766227349021</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Gap Inc/The</name>
        <lei>T2ZG1WRWZ4BUCMQL9224</lei>
        <title>Gap, Inc.</title>
        <cusip>364760108</cusip>
        <identifiers>
          <isin value="US3647601083"/>
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        <balance>1880.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>41002.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Goodyear Tire &amp; Rubber Co/The</name>
        <lei>5493002BI0S2ZQUY3437</lei>
        <title>Goodyear Tire &amp; Rubber Co.</title>
        <cusip>382550101</cusip>
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          <isin value="US3825501014"/>
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        <balance>18050.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>187178.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Graham Holdings Co</name>
        <lei>529900BOSCEEEMAFQJ29</lei>
        <title>Graham Holdings Co.</title>
        <cusip>384637104</cusip>
        <identifiers>
          <isin value="US3846371041"/>
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        <balance>85.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>80424.45000000</valUSD>
        <pctVal>1.471357937061</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Greif Inc</name>
        <lei>54930070FVGKR0Z1FI24</lei>
        <title>Greif, Inc.</title>
        <cusip>397624107</cusip>
        <identifiers>
          <isin value="US3976241071"/>
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        <balance>1004.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>65249.96000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HF Sinclair Corp</name>
        <lei>2549009G116AM01XHN24</lei>
        <title>HF Sinclair Corp.</title>
        <cusip>403949100</cusip>
        <identifiers>
          <isin value="US4039491000"/>
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        <balance>4690.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>192665.20000000</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>
        <name>Hanover Insurance Group Inc/Th</name>
        <lei>JJYR6MFKFF6CF8DBZ078</lei>
        <title>Hanover Insurance Group, Inc.</title>
        <cusip>410867105</cusip>
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        <balance>203.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>34483.61000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Harley-Davidson Inc</name>
        <lei>ZDNAWZWXIKMWI51R2A08</lei>
        <title>Harley-Davidson, Inc.</title>
        <cusip>412822108</cusip>
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        <balance>2094.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Insperity Inc</name>
        <lei>5299000Q0KW7HY5DB751</lei>
        <title>Insperity, Inc.</title>
        <cusip>45778Q107</cusip>
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          <isin value="US45778Q1076"/>
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        <balance>473.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Kemper Corp</name>
        <lei>549300FNI1JKTRY2PV09</lei>
        <title>Kemper Corp.</title>
        <cusip>488401100</cusip>
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        <balance>603.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Kilroy Realty Corp</name>
        <lei>549300CXXI18B214UN80</lei>
        <title>Kilroy Realty Corp.</title>
        <cusip>49427F108</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Knight-Swift Transportation Ho</name>
        <lei>N/A</lei>
        <title>Knight-Swift Transportation Holdings, Inc.</title>
        <cusip>499049104</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Lear Corp</name>
        <lei>549300UPNBTXA1SYTQ33</lei>
        <title>Lear Corp.</title>
        <cusip>521865204</cusip>
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        <balance>1515.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Lithia Motors Inc</name>
        <lei>SE8N1EZEHPZQBCBVKD53</lei>
        <title>Lithia Motors, Inc.</title>
        <cusip>536797103</cusip>
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        <balance>345.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Macy's Inc</name>
        <lei>529900NZQ81TIOW3CW52</lei>
        <title>Macy's, Inc.</title>
        <cusip>55616P104</cusip>
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        <balance>9427.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ManpowerGroup Inc</name>
        <lei>ERO1WSFOSR0JJ6CRQ987</lei>
        <title>ManpowerGroup, Inc.</title>
        <cusip>56418H100</cusip>
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        <balance>2162.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>87344.80000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Marriott Vacations Worldwide C</name>
        <lei>549300WA6BT5H4F7IO94</lei>
        <title>Marriott Vacations Worldwide Corp.</title>
        <cusip>57164Y107</cusip>
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          <isin value="US57164Y1073"/>
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        <balance>467.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>33768.77000000</valUSD>
        <pctVal>0.617796550231</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Maximus Inc</name>
        <lei>549300DQCDS8HJ7QF202</lei>
        <title>Maximus, Inc.</title>
        <cusip>577933104</cusip>
        <identifiers>
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        <balance>432.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Murphy Oil Corp</name>
        <lei>QBKYQD0ODE7DC7PDIN91</lei>
        <title>Murphy Oil Corp.</title>
        <cusip>626717102</cusip>
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          <isin value="US6267171022"/>
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        <balance>2367.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NOV Inc</name>
        <lei>549300EHF3IW1AR6U008</lei>
        <title>NOV, Inc.</title>
        <cusip>62955J103</cusip>
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          <isin value="US62955J1034"/>
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        <balance>6421.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Northwestern Energy Group Inc</name>
        <lei>254900N1WG46G1VMDM34</lei>
        <title>Northwestern Energy Group, Inc.</title>
        <cusip>668074305</cusip>
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          <isin value="US6680743050"/>
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        <balance>725.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Chord Energy Corp</name>
        <lei>529900FA4V2YNIKZ0M71</lei>
        <title>Chord Energy Corp.</title>
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          <isin value="US6742152076"/>
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        <balance>645.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Old Republic International Cor</name>
        <lei>549300IV6O2YY2A1KH37</lei>
        <title>Old Republic International Corp.</title>
        <cusip>680223104</cusip>
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          <isin value="US6802231042"/>
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        <balance>1040.00000000</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>Olin Corp</name>
        <lei>549300GKK294V7W57P06</lei>
        <title>Olin Corp.</title>
        <cusip>680665205</cusip>
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          <isin value="US6806652052"/>
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        <balance>846.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>16996.14000000</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>Oshkosh Corp</name>
        <lei>549300FEKNPCFSA2B506</lei>
        <title>Oshkosh Corp.</title>
        <cusip>688239201</cusip>
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          <isin value="US6882392011"/>
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        <balance>543.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>61652.22000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ovintiv Inc</name>
        <lei>2549003MEX7YMKLGI239</lei>
        <title>Ovintiv, Inc.</title>
        <cusip>69047Q102</cusip>
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          <isin value="US69047Q1022"/>
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        <balance>1419.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>53992.95000000</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>PBF Energy Inc</name>
        <lei>2549003PBEDCSZMZIY02</lei>
        <title>PBF Energy, Inc.</title>
        <cusip>69318G106</cusip>
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          <isin value="US69318G1067"/>
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        <balance>5998.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>129976.66000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PVH Corp</name>
        <lei>123WALMHY1GZXG2YDL90</lei>
        <title>PVH Corp.</title>
        <cusip>693656100</cusip>
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          <isin value="US6936561009"/>
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        <balance>751.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>51518.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Penske Automotive Group Inc</name>
        <lei>549300W7UTQ0M4C7LB15</lei>
        <title>Penske Automotive Group, Inc.</title>
        <cusip>70959W103</cusip>
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          <isin value="US70959W1036"/>
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        <balance>622.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Performance Food Group Co</name>
        <lei>549300EUK8GR9IT1YK57</lei>
        <title>Performance Food Group Co.</title>
        <cusip>71377A103</cusip>
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          <isin value="US71377A1034"/>
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        <balance>1092.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Polaris Inc</name>
        <lei>549300QJSN8UVWN1EI78</lei>
        <title>Polaris, Inc.</title>
        <cusip>731068102</cusip>
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        <balance>905.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Portland General Electric Co</name>
        <lei>GJOUP9M7C39GLSK9R870</lei>
        <title>Portland General Electric Co.</title>
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        <balance>844.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Prosperity Bancshares Inc</name>
        <lei>N/A</lei>
        <title>Prosperity Bancshares, Inc.</title>
        <cusip>743606105</cusip>
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        <balance>396.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Reinsurance Group of America I</name>
        <lei>LORM1GNEU1DKEW527V90</lei>
        <title>Reinsurance Group of America, Inc.</title>
        <cusip>759351604</cusip>
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        <balance>334.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Sonoco Products Co</name>
        <lei>GKOMIK4RDJGHEF0VNP11</lei>
        <title>Sonoco Products Co.</title>
        <cusip>835495102</cusip>
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        <balance>800.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Southwest Gas Holdings Inc</name>
        <lei>254900LKF9EV0CUKNE09</lei>
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        <name>Spire Inc</name>
        <lei>549300NXSY15DRY2R511</lei>
        <title>Spire, Inc.</title>
        <cusip>84857L101</cusip>
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        <balance>493.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Starwood Property Trust Inc</name>
        <lei>BUGSFQZERKRBFWIG5267</lei>
        <title>Starwood Property Trust, Inc.</title>
        <cusip>85571B105</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TD SYNNEX Corp</name>
        <lei>5493004HI6PFLF46NS53</lei>
        <title>TD SYNNEX Corp.</title>
        <cusip>87162W100</cusip>
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        <balance>1185.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Taylor Morrison Home Corp</name>
        <lei>5299009UDLLGLKOOJE30</lei>
        <title>Taylor Morrison Home Corp.</title>
        <cusip>87724P106</cusip>
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        <balance>818.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>50241.56000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Terex Corp</name>
        <lei>YAWJZJYEQ7M1SYMOS462</lei>
        <title>Terex Corp.</title>
        <cusip>880779103</cusip>
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        <balance>1050.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Thor Industries Inc</name>
        <lei>254900XZO1228PDSG060</lei>
        <title>Thor Industries, Inc.</title>
        <cusip>885160101</cusip>
        <identifiers>
          <isin value="US8851601018"/>
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        <balance>716.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>63587.96000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UGI Corp</name>
        <lei>DX6GCWD4Q1JO9CRE5I40</lei>
        <title>UGI Corp.</title>
        <cusip>902681105</cusip>
        <identifiers>
          <isin value="US9026811052"/>
        </identifiers>
        <balance>1731.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>63043.02000000</valUSD>
        <pctVal>1.153366269254</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Under Armour Inc</name>
        <lei>549300D4549QKWETZ406</lei>
        <title>Under Armour, Inc.</title>
        <cusip>904311107</cusip>
        <identifiers>
          <isin value="US9043111072"/>
        </identifiers>
        <balance>2057.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14049.31000000</valUSD>
        <pctVal>0.257030837994</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Under Armour Inc</name>
        <lei>549300D4549QKWETZ406</lei>
        <title>Under Armour, Inc.</title>
        <cusip>904311206</cusip>
        <identifiers>
          <isin value="US9043112062"/>
        </identifiers>
        <balance>1431.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9287.19000000</valUSD>
        <pctVal>0.169908289326</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>US Foods Holding Corp</name>
        <lei>549300UGOZSO64CFPR97</lei>
        <title>US Foods Holding Corp.</title>
        <cusip>912008109</cusip>
        <identifiers>
          <isin value="US9120081099"/>
        </identifiers>
        <balance>849.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>65381.49000000</valUSD>
        <pctVal>1.196148363444</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Unum Group</name>
        <lei>549300E32YFDO6TZ8R31</lei>
        <title>Unum Group</title>
        <cusip>91529Y106</cusip>
        <identifiers>
          <isin value="US91529Y1064"/>
        </identifiers>
        <balance>712.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>57501.12000000</valUSD>
        <pctVal>1.051977716999</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Valley National Bancorp</name>
        <lei>549300ET52S1UBIB9762</lei>
        <title>Valley National Bancorp</title>
        <cusip>919794107</cusip>
        <identifiers>
          <isin value="US9197941076"/>
        </identifiers>
        <balance>6337.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>56589.41000000</valUSD>
        <pctVal>1.035298066161</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Visteon Corp</name>
        <lei>549300MOVLYHRW4GGW78</lei>
        <title>Visteon Corp.</title>
        <cusip>92839U206</cusip>
        <identifiers>
          <isin value="US92839U2069"/>
        </identifiers>
        <balance>549.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>51221.70000000</valUSD>
        <pctVal>0.937096303981</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WESCO International Inc</name>
        <lei>529900TXOGREY3WNJ434</lei>
        <title>WESCO International, Inc.</title>
        <cusip>95082P105</cusip>
        <identifiers>
          <isin value="US95082P1057"/>
        </identifiers>
        <balance>380.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>70376.00000000</valUSD>
        <pctVal>1.287522465850</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Whirlpool Corp</name>
        <lei>WHENKOULSSK7WUM60H03</lei>
        <title>Whirlpool Corp.</title>
        <cusip>963320106</cusip>
        <identifiers>
          <isin value="US9633201069"/>
        </identifiers>
        <balance>898.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>91075.16000000</valUSD>
        <pctVal>1.666211699739</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Capri Holdings Ltd</name>
        <lei>549300LPG8W0H1OX3A26</lei>
        <title>Capri Holdings Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="VGG1890L1076"/>
        </identifiers>
        <balance>2293.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>40586.10000000</valUSD>
        <pctVal>0.742518977367</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Essent Group Ltd</name>
        <lei>254900QUO860OUT6ZF83</lei>
        <title>Essent Group Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BMG3198U1027"/>
        </identifiers>
        <balance>656.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>39838.88000000</valUSD>
        <pctVal>0.728848655995</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Perrigo Co PLC</name>
        <lei>549300IFOQS6R1QLY196</lei>
        <title>Perrigo Company plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IE00BGH1M568"/>
        </identifiers>
        <balance>3209.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>85744.48000000</valUSD>
        <pctVal>1.568687398014</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CNH Industrial NV</name>
        <lei>549300WGC2HZ5J67V817</lei>
        <title>CNH Industrial N.V.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NL0010545661"/>
        </identifiers>
        <balance>3925.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>50868.00000000</valUSD>
        <pctVal>0.930625394919</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BOFA SECURITIES, INC.</name>
        <lei>549300HN4UKV1E2R3U73</lei>
        <title>BofA Securities, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="REPO-BANK"/>
        </identifiers>
        <balance>3483.10000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3483.10000000</valUSD>
        <pctVal>0.063722995066</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="549300HN4UKV1E2R3U73" name="BOFA SECURITIES, INC."/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>4.37000000</repurchaseRt>
          <maturityDt>2025-07-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>8193.66000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>3552.76000000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BARCLAYS CAPITAL INC.</name>
        <lei>AC28XWWI3WIBK2824319</lei>
        <title>Barclays Capital, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="REPO-BARC"/>
        </identifiers>
        <balance>3607.09000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3607.09000000</valUSD>
        <pctVal>0.065991380745</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="AC28XWWI3WIBK2824319" name="BARCLAYS CAPITAL INC."/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>4.39000000</repurchaseRt>
          <maturityDt>2025-07-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>3616.82000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>3679.24000000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>J.P. MORGAN SECURITIES LLC</name>
        <lei>ZBUT11V806EZRVTWT807</lei>
        <title>J.P. Morgan Securities LLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="REPO-JP M"/>
        </identifiers>
        <balance>8359.44000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8359.44000000</valUSD>
        <pctVal>0.152935188159</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="ZBUT11V806EZRVTWT807" name="J.P. MORGAN SECURITIES LLC"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>4.37000000</repurchaseRt>
          <maturityDt>2025-07-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>13451.22000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>8526.63000000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Flex Ltd</name>
        <lei>549300EAQH74YHD07T53</lei>
        <title>Flex Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SG9999000020"/>
        </identifiers>
        <balance>1045.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>52166.40000000</valUSD>
        <pctVal>0.954379503843</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-07-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Rydex Series Funds</ncom:nameOfApplicant>
      <ncom:signature>James Howley</ncom:signature>
      <ncom:signerName>James Howley</ncom:signerName>
      <ncom:title>CFO</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
