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        <isRestrictedSec>N</isRestrictedSec>
        
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        <name>QUAD/GRAPHICS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
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        <name>INTERFACE, INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>GOLUB CAPITAL BDC, INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>JACKSON FINANCIAL INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>FIDELIS INSURANCE HOLDINGS LIMITED</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>VALLEY NATIONAL BANCORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>MACY'S, INC.</name>
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        <name>CBL &amp; ASSOCIATES PROPERTIES, INC.</name>
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        <name>BLOOMIN' BRANDS, INC.</name>
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        <name>ARCBEST CORPORATION</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>INDUSTRIAL LOGISTICS PROPERTIES TRUST</name>
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        <name>HOPE BANCORP, INC.</name>
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        <name>FIRST FINANCIAL CORPORATION</name>
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        <name>TRI POINTE HOMES, INC.</name>
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        <name>QORVO, INC.</name>
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        <name>MGIC INVESTMENT CORPORATION</name>
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        <name>SANMINA CORPORATION</name>
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        <name>CHIRON REAL ESTATE INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>REDWOOD TRUST, INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ASSOCIATED BANC-CORP</name>
        <lei>549300N3CIN473IW5094</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ATKORE INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>CABOT CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>FULTON FINANCIAL CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CROCS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>DIAMONDROCK HOSPITALITY COMPANY</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>SAFE BULKERS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>MURPHY OIL CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>FIRST HORIZON CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>AMERICAN ASSETS TRUST, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>FINANCIAL INSTITUTIONS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>ZIONS BANCORPORATION, NATIONAL ASSOCIATION</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>CARRIAGE SERVICES, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>PACIRA BIOSCIENCES, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>LYFT, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>SALLY BEAUTY HOLDINGS, INC.</name>
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        <name>FRESH DEL MONTE PRODUCE INC.</name>
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        <name>N/A</name>
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        <name>PUMA BIOTECHNOLOGY, INC.</name>
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        <name>NAVIGATOR HOLDINGS LTD.</name>
        <lei>213800H7RVOFYARK2W19</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>CHIMERA INVESTMENT CORPORATION</name>
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        <title>CHIMERA INVESTMENT CORP REIT</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>NETSCOUT SYSTEMS, INC.</name>
        <lei>5493005HZXZ3SPNVCV76</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Popular, Inc.</name>
        <lei>5493008CARDZMVQ3LO89</lei>
        <title>POPULAR INC COMMON STOCK</title>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Collegium Pharmaceutical, Inc.</name>
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        <name>AVNET, INC.</name>
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        <name>OCEANFIRST FINANCIAL CORP.</name>
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        <name>FS KKR CAPITAL CORP.</name>
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        <name>EPR PROPERTIES</name>
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        <name>DELUXE CORPORATION</name>
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        <name>NOV INC.</name>
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        <name>CATALYST PHARMACEUTICALS, INC.</name>
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        <name>VOYA FINANCIAL, INC.</name>
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        <name>DXC TECHNOLOGY COMPANY</name>
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        <name>OUTFRONT MEDIA INC.</name>
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        <name>KILROY REALTY CORPORATION</name>
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        <name>PENSKE AUTOMOTIVE GROUP, INC.</name>
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        <name>AUTOLIV, INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>COMMUNITY TRUST BANCORP, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
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        <name>PROG Holdings, Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>CAPITOL FEDERAL FINANCIAL, INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Progyny Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>THE BRINK'S COMPANY</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>NAVIENT CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
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        <name>DINE BRANDS GLOBAL, INC.</name>
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        <name>TOLL BROTHERS, INC.</name>
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        <name>LINCOLN NATIONAL CORPORATION</name>
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        <name>RYDER SYSTEM, INC.</name>
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        <name>SONOCO PRODUCTS COMPANY</name>
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        <name>SHUTTERSTOCK, INC.</name>
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        <name>HARLEY-DAVIDSON, INC.</name>
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        <name>ENACT HOLDINGS, INC.</name>
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        <name>HERBALIFE LTD.</name>
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        <name>KB HOME</name>
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        <name>COMMERCIAL METALS COMPANY</name>
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        <name>AFFILIATED MANAGERS GROUP, INC.</name>
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        <name>BROADSTONE NET LEASE, INC.</name>
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        <name>ORGANON &amp; CO.</name>
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        <name>H &amp; R BLOCK, INC.</name>
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        <name>HALOZYME THERAPEUTICS, INC.</name>
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        <name>Energizer Holdings, Inc.</name>
        <lei>5493000D6NN0V57UME20</lei>
        <title>ENERGIZER HOLDINGS INC COMMON STOCK</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
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        <name>VAREX IMAGING CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>EXELIXIS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>LIVANOVA PLC</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Sun Country Airlines Holdings Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>BORGWARNER INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>INGREDION INCORPORATED</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>VONTIER CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>RITHM CAPITAL CORP.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>CVB FINANCIAL CORP.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>UPBOUND GROUP, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>CORE NATURAL RESOURCES, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>The Bank of N.T. Butterfield &amp; Son Limited</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
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        <name>CSG SYSTEMS INTERNATIONAL, INC.</name>
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        <name>TERADATA CORPORATION</name>
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        <name>REGIONAL MANAGEMENT CORP.</name>
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        <name>ALASKA AIR GROUP, INC.</name>
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        <name>GLADSTONE COMMERCIAL CORPORATION</name>
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        <name>ADVANSIX INC.</name>
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        <name>MARRIOTT VACATIONS WORLDWIDE CORPORATION</name>
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        <name>JAZZ PHARMACEUTICALS PUBLIC LIMITED COMPANY</name>
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        <name>BELDEN INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>APOGEE ENTERPRISES, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>HANCOCK WHITNEY CORPORATION</name>
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        <title>HANCOCK WHITNEY CORP COMMON STOCK</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BRIXMOR PROPERTY GROUP INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CATHAY GENERAL BANCORP</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>NEW MOUNTAIN FINANCE CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>FIRST FINANCIAL BANCORP.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>PARK HOTELS &amp; RESORTS INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>HIGHWOODS PROPERTIES, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>PVH CORP.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>AVISTA CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>DHT HOLDINGS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>FEDERATED HERMES, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>THE GREENBRIER COMPANIES, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>GREAT SOUTHERN BANCORP, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>MATADOR RESOURCES COMPANY</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>BANK OZK</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>SKYWEST, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>COVENANT LOGISTICS GROUP, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>ACCO BRANDS CORPORATION</name>
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        <name>MATTEL, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
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        <name>NORTHWEST NATURAL HOLDING COMPANY</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
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        <name>HAVERTY FURNITURE COMPANIES, INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>CONSENSUS CLOUD SOLUTIONS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>MERCANTILE BANK CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>PENNANTPARK INVESTMENT CORPORATION</name>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>AMALGAMATED FINANCIAL CORP.</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
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          <isin value="US0226711010"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>COVISTA INC.</name>
        <lei>549300Z467EZLMODV621</lei>
        <title>COVISTA INC COMMON STOCK</title>
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          <isin value="US00737L1035"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ADT INC.</name>
        <lei>N/A</lei>
        <title>ADT INC COMMON STOCK</title>
        <cusip>00090Q103</cusip>
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          <isin value="US00090Q1031"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>PHOTRONICS, INC.</name>
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        <title>PHOTRONICS INC COMMON STOCK</title>
        <cusip>719405102</cusip>
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          <isin value="US7194051022"/>
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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>SCIENCE APPLICATIONS INTERNATIONAL CORPORATION</name>
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        <title>SCIENCE APPLICATIONS INTE COMMON STOCK</title>
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          <isin value="US8086251076"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>THE GOODYEAR TIRE &amp; RUBBER COMPANY</name>
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        <title>GOODYEAR TIRE &amp; RUBBER CO COMMON STOCK</title>
        <cusip>382550101</cusip>
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          <isin value="US3825501014"/>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NATIONAL FUEL GAS COMPANY</name>
        <lei>8JB38FFW1Y3C1HM8E841</lei>
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          <isin value="US6361801011"/>
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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>Signet Jewelers Limited</name>
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        <title>SIGNET JEWELERS LTD COMMON STOCK</title>
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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>O-I GLASS, INC.</name>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MFA FINANCIAL, INC.</name>
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        <title>MFA FINANCIAL INC REIT</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ONESPAN INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ABM INDUSTRIES INCORPORATED</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>First BanCorp.</name>
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        <title>FIRST BANCORP PUERTO RICO COMMON STOCK</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>INTERNATIONAL MONEY EXPRESS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>ZOOMINFO TECHNOLOGIES INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>JANUS INTERNATIONAL GROUP, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>CAMDEN NATIONAL CORPORATION</name>
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        <title>CAMDEN NATIONAL CORP COMMON STOCK</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>FIRST BUSEY CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>PEOPLES BANCORP INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>YELP INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>HANMI FINANCIAL CORPORATION</name>
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        <title>HANMI FINANCIAL CORPORATION COMMON STOCK</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>G-III APPAREL GROUP, LTD.</name>
        <lei>529900O5KABM3R3SFM87</lei>
        <title>G-III APPAREL GROUP LTD COMMON STOCK</title>
        <cusip>36237H101</cusip>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>PATTERSON-UTI ENERGY, INC.</name>
        <lei>254900XGFBKIXD6G0697</lei>
        <title>PATTERSON-UTI ENERGY INC COMMON STOCK</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SCORPIO TANKERS INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>UNIVERSAL INSURANCE HOLDINGS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ADEIA INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>UGI CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>NEXSTAR MEDIA GROUP, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>KELLY SERVICES, INC.</name>
        <lei>25490035B2ZPL6RM1974</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>CIRRUS LOGIC, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>BATH &amp; BODY WORKS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>KITE REALTY GROUP TRUST</name>
        <lei>N/A</lei>
        <title>KITE REALTY GROUP TRUST REIT</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>KENNAMETAL INC.</name>
        <lei>549300GZDSG25XUV0Y08</lei>
        <title>KENNAMETAL INC COMMON STOCK</title>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>OFG BANCORP</name>
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        <title>OFG BANCORP COMMON STOCK</title>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>PAGERDUTY, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>OSHKOSH CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>SCANSOURCE, INC.</name>
        <lei>7FHBAN017QDY4K2KP156</lei>
        <title>SCANSOURCE INC COMMON STOCK</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>GRIFFON CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>COUSINS PROPERTIES INCORPORATED</name>
        <lei>5493007XPYD5EJABN062</lei>
        <title>COUSINS PROPERTIES INC REIT</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>WORLD KINECT CORPORATION</name>
        <lei>D3W7PCXCBRQLL17DZ313</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
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        <name>ENERSYS</name>
        <lei>7ZS3DE5PN30BYUJFWP05</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>PEDIATRIX MEDICAL GROUP, INC.</name>
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        <title>Pediatrix Medical Group Inc COMMON STOCK</title>
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        <fairValLevel>1</fairValLevel>
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        <name>SIXTH STREET SPECIALTY LENDING, INC.</name>
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        <title>SIXTH STREET SPECIALTY LENDI COMMON STOCK</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>CHARLES RIVER LABORATORIES INTERNATIONAL, INC.</name>
        <lei>549300BSQ0R4UZ5KX287</lei>
        <title>CHARLES RIVER LABORATORIES COMMON STOCK</title>
        <cusip>159864107</cusip>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>BOYD GAMING CORPORATION</name>
        <lei>254900787YGRYS2A1Z35</lei>
        <title>BOYD GAMING CORP COMMON STOCK</title>
        <cusip>103304101</cusip>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>THE SIMPLY GOOD FOODS COMPANY</name>
        <lei>N/A</lei>
        <title>SIMPLY GOOD FOODS CO/THE COMMON STOCK</title>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Otter Tail Corporation</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CENTRAL PACIFIC FINANCIAL CORP.</name>
        <lei>549300W3YEAOZ4KGG849</lei>
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        <cusip>154760409</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PHINIA INC.</name>
        <lei>254900HG6MORZE1FFM18</lei>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>AUTONATION, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Koppers Holdings Inc.</name>
        <lei>N/A</lei>
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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>ACADEMY SPORTS AND OUTDOORS, INC.</name>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CENTRAL GARDEN &amp; PET COMPANY</name>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SYLVAMO CORPORATION</name>
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          <isin value="US8713321029"/>
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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>PERRIGO COMPANY PUBLIC LIMITED COMPANY</name>
        <lei>549300IFOQS6R1QLY196</lei>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>TRAVEL + LEISURE CO.</name>
        <lei>T4VNTWMFQ7JQB65L7T35</lei>
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        <cusip>894164102</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>DROPBOX, INC.</name>
        <lei>N/A</lei>
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        <cusip>26210C104</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>XENIA HOTELS &amp; RESORTS, INC.</name>
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        <title>XENIA HOTELS &amp; RESORTS INC REIT</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SUNCOKE ENERGY, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>CNO FINANCIAL GROUP, INC.</name>
        <lei>11XPYHB76MPM4Y4P2897</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>PORTLAND GENERAL ELECTRIC COMPANY</name>
        <lei>GJOUP9M7C39GLSK9R870</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>QUANEX BUILDING PRODUCTS CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Banco Latinoamericano de Comercio Exterior, S.A.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>VISTEON CORPORATION</name>
        <lei>549300MOVLYHRW4GGW78</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>BLUE OWL CAPITAL CORPORATION</name>
        <lei>2549000BD79OOCPF2L94</lei>
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        <cusip>69121K104</cusip>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Edgewell Personal Care Company</name>
        <lei>549300CY8QZDL4Z3RU59</lei>
        <title>EDGEWELL PERSONAL CARE CO COMMON STOCK</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>AMPHASTAR PHARMACEUTICALS, INC.</name>
        <lei>54930055TH0ZLSAQMJ38</lei>
        <title>AMPHASTAR PHARMACEUTICALS IN COMMON STOCK</title>
        <cusip>03209R103</cusip>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>APA CORPORATION</name>
        <lei>549300VCIWLRHYVSHC79</lei>
        <title>APA CORP COMMON STOCK</title>
        <cusip>03743Q108</cusip>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>TD SYNNEX CORPORATION</name>
        <lei>5493004HI6PFLF46NS53</lei>
        <title>TD SYNNEX CORP COMMON STOCK</title>
        <cusip>87162W100</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Apple Hospitality REIT, Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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        <name>ENNIS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>CARTER'S, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>UPWORK INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>NewMarket Corporation</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CONSTELLIUM SE</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>PENGUIN SOLUTIONS, INC.</name>
        <lei>254900DVWIPOY3GJ8E23</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>RADIAN GROUP INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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      </invstOrSec>
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        <name>INTEGRA LIFESCIENCES HOLDINGS CORPORATION</name>
        <lei>WB7IJCYY8YFTENS4O147</lei>
        <title>INTEGRA LIFESCIENCES HOLDING COMMON STOCK</title>
        <cusip>457985208</cusip>
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          <isin value="US4579852082"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-04-30</ncom:dateSigned>
      <ncom:nameOfApplicant>THE ADVISORS' INNER CIRCLE FUND</ncom:nameOfApplicant>
      <ncom:signature>Andrew Metzger</ncom:signature>
      <ncom:signerName>Andrew Metzger</ncom:signerName>
      <ncom:title>Treasurer, Controller and Chief Financial Officer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
