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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CONSTELLIUM SE</name>
        <lei>724500KRJEMC79KAAU28</lei>
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          <isin value="FR0013467479"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LOUISIANA PACIFIC CORP</name>
        <lei>549300C7E2UAO5BVRR75</lei>
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          <isin value="US5463471053"/>
          <ticker value="LPX"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <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>INDEPENDENCE REALTY TRUST INC</name>
        <lei>549300Z3L8NU44NQEB29</lei>
        <title>INDEPENDENCE REALTY TRUST INC COM</title>
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          <isin value="US45378A1060"/>
          <ticker value="IRT"/>
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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>KODIAK GAS SERVICES INC</name>
        <lei>N/A</lei>
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          <isin value="US50012A1088"/>
          <ticker value="KGS"/>
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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>OGE ENERGY CORP</name>
        <lei>CE5OG6JPOZMDSA0LAQ19</lei>
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          <isin value="US6708371033"/>
          <ticker value="OGE"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>WEBSTER FINANCIAL CORP</name>
        <lei>KMRURHT0VWKYS6Z5KU67</lei>
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          <isin value="US9478901096"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CENTURI HOLDINGS INC</name>
        <lei>N/A</lei>
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          <isin value="US1559231055"/>
          <ticker value="CTRI"/>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>COLUMBIA BANKING SYSTEM INC</name>
        <lei>254900CTRJTQZ3BJ2V17</lei>
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          <isin value="US1972361026"/>
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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>HANCOCK WHITNEY CORP</name>
        <lei>549300GRNBWY8HIICT41</lei>
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          <isin value="US4101201097"/>
          <ticker value="HWC"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>INTERNATIONAL SEAWAYS INC</name>
        <lei>549300YUFDGFRNGBWF46</lei>
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          <isin value="MHY410531021"/>
          <ticker value="INSW"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>MH</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>DIODES INC</name>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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        <name>ZURN ELKAY WATER SOLUTIONS CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>NEWMARK GROUP INC</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>KINETIK HOLDINGS INC</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>STEVEN MADDEN LTD</name>
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        <fairValLevel>1</fairValLevel>
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        <name>BRUKER CORP</name>
        <lei>LEBZ6VLQ6I8XB1NHVY15</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>NATIONAL HEALTH INVESTORS INC</name>
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          <ticker value="NHI"/>
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        <fairValLevel>1</fairValLevel>
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        <name>SABRA HEALTH CARE REIT INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>CENTERSPACE REAL ESTATE INVESTMENT TRUST</name>
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        <title>CENTERSPACE REAL ESTATE INVESTMENT TRUST COM</title>
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        <fairValLevel>1</fairValLevel>
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        <name>GOLDMAN SACHS TRUST</name>
        <lei>S2FHCT8U6D2VORP0J605</lei>
        <title>Goldman Sachs Financial Square Government Fund</title>
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        <fairValLevel>1</fairValLevel>
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        <name>VALLEY NATIONAL BANCORP</name>
        <lei>549300ET52S1UBIB9762</lei>
        <title>VALLEY NATIONAL BANCORP COM</title>
        <cusip>919794107</cusip>
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          <ticker value="VLY"/>
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        <fairValLevel>1</fairValLevel>
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        <name>BLACK HILLS CORP</name>
        <lei>3MGELCRSTNSAMJ962671</lei>
        <title>BLACK HILLS CORP COM</title>
        <cusip>092113109</cusip>
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          <ticker value="BKH"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>VOYA FINANCIAL INC</name>
        <lei>549300T065Z4KJ686G75</lei>
        <title>VOYA FINANCIAL INC COM</title>
        <cusip>929089100</cusip>
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          <isin value="US9290891004"/>
          <ticker value="VOYA"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>KITE REALTY GROUP TRUST</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>APPLE HOSPITALITY REIT INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>MORGAN STANLEY INSTITUTIONAL LIQUIDITY FUNDS</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>LIBERTY ENERGY INC</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>AVIENT CORP</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>M/I HOMES INC</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ITT INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>NEW JERSEY RESOURCES CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>PATRICK INDUSTRIES INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>HOPE BANCORP INC</name>
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          <isin value="US43940T1097"/>
          <ticker value="HOPE"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>F&amp;G ANNUITIES &amp; LIFE INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ASSURANT INC</name>
        <lei>H3F39CAXWQRVWURFXL38</lei>
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          <ticker value="AIZ"/>
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        <fairValLevel>1</fairValLevel>
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        <name>NOBLE CORP PLC</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>TEXAS ROADHOUSE INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>SELECTIVE INSURANCE GROUP INC</name>
        <lei>549300R3WGJWLE40R258</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>LEONARDO DRS INC</name>
        <lei>549300HMMEWVG3PPQU18</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>SAIA INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>GULFPORT ENERGY CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>RIDGEPOST CAPITAL INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ACADEMY SPORTS AND OUTDOORS INC</name>
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        <title>ACADEMY SPORTS AND OUTDOORS INC COM</title>
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        <fairValLevel>1</fairValLevel>
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        <name>AXIS CAPITAL HOLDINGS LTD</name>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>CONNECTONE BANCORP INC</name>
        <lei>549300E2M5ZYAZKUK134</lei>
        <title>CONNECTONE BANCORP INC COM</title>
        <cusip>20786W107</cusip>
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          <ticker value="CNOB"/>
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        <fairValLevel>1</fairValLevel>
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        <name>SOUTHWEST GAS HOLDINGS INC</name>
        <lei>254900LKF9EV0CUKNE09</lei>
        <title>SOUTHWEST GAS HOLDINGS INC COM</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CHOICE HOTELS INTERNATIONAL INC</name>
        <lei>5493003CYRY5RFGTIR97</lei>
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          <isin value="US1699051066"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>EVERUS CONSTRUCTION GROUP INC</name>
        <lei>2549006JMMHR0KILT425</lei>
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          <isin value="US3004261034"/>
          <ticker value="ECG"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>AGREE REALTY CORP</name>
        <lei>98450090H010B37OEB68</lei>
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          <isin value="US0084921008"/>
          <ticker value="ADC"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>GRIFFON CORP</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>FIRST FINANCIAL BANCORP</name>
        <lei>549300D3F5B3EZMY7P77</lei>
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          <isin value="US3202091092"/>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ACI WORLDWIDE INC</name>
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          <isin value="US0044981019"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>KIRBY CORP</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>KBR INC</name>
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          <isin value="US48242W1062"/>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>MAGNOLIA OIL &amp; GAS CORP</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ONESPAWORLD HOLDINGS LTD</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>WESCO INTERNATIONAL INC</name>
        <lei>529900TXOGREY3WNJ434</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>BELDEN INC</name>
        <lei>68BKYO1JC791TTJHUE82</lei>
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          <ticker value="BDC"/>
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        <fairValLevel>1</fairValLevel>
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        <name>KNIFE RIVER CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>REGAL REXNORD CORP</name>
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          <ticker value="RRX"/>
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        <fairValLevel>1</fairValLevel>
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        <name>CACI INTERNATIONAL INC</name>
        <lei>SYRPI2D1O9WRTS2WX210</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>ESSENT GROUP LTD</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>HERC HOLDINGS INC</name>
        <lei>549300TP80QLITMSBP82</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>CALIFORNIA WATER SERVICE GROUP</name>
        <lei>529900QABDOBU6UVRQ36</lei>
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          <ticker value="CWT"/>
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        <fairValLevel>1</fairValLevel>
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        <name>MDU RESOURCES GROUP INC</name>
        <lei>549300MA0UV6AI6SNV27</lei>
        <title>MDU RESOURCES GROUP INC COM</title>
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        <fairValLevel>1</fairValLevel>
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        <name>FIDELITY COLCHESTER STREET TRUST</name>
        <lei>549300SHPEJB1OPRCV46</lei>
        <title>FIDELITY COLCHESTER STREET TRUST MNY MRKT FDS I</title>
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          <ticker value="FIGXX"/>
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        <fairValLevel>1</fairValLevel>
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        <name>COLUMBIA SPORTSWEAR COMPANY</name>
        <lei>549300OTMCIEUXAH5Z60</lei>
        <title>COLUMBIA SPORTSWEAR COMPANY COM</title>
        <cusip>198516106</cusip>
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          <ticker value="COLM"/>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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        <name>WESBANCO INC</name>
        <lei>N/A</lei>
        <title>WESBANCO INC COM</title>
        <cusip>950810101</cusip>
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          <ticker value="WSBC"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>HELIOS TECHNOLOGIES INC</name>
        <lei>5493000BCJSMIDRNTI78</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>AXALTA COATING SYSTEMS LTD</name>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>N-ABLE INC</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>EASTERN BANKSHARES INC</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>HURON CONSULTING GROUP INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>INTEGER HOLDINGS CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>SLM CORP (SALLIE MAE)</name>
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        <fairValLevel>1</fairValLevel>
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        <name>HANOVER INSURANCE GROUP INC (THE)</name>
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        <fairValLevel>1</fairValLevel>
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        <name>KB HOME</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ALLEGRO MICROSYSTEMS INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>SILGAN HOLDINGS INC</name>
        <lei>KAF673KJXD92C8KSLU49</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>MERITAGE HOMES CORP</name>
        <lei>52990044W9UMFJO2FB97</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>BOYD GAMING CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>TTM TECHNOLOGIES INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>GATES INDUSTRIAL CORP PLC</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>BANK OF N.T. BUTTERFIELD &amp; SON LTD (THE)</name>
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        <fairValLevel>1</fairValLevel>
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        <name>STIFEL FINANCIAL CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>TD SYNNEX CORP</name>
        <lei>5493004HI6PFLF46NS53</lei>
        <title>TD SYNNEX CORP COM</title>
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        <fairValLevel>1</fairValLevel>
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        <name>PERFORMANCE FOOD GROUP COMPANY</name>
        <lei>549300EUK8GR9IT1YK57</lei>
        <title>PERFORMANCE FOOD GROUP COMPANY COM</title>
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        <fairValLevel>1</fairValLevel>
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        <name>GROUP 1 AUTOMOTIVE INC</name>
        <lei>549300US8QAZJLWYAF63</lei>
        <title>GROUP 1 AUTOMOTIVE INC COM</title>
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          <ticker value="GPI"/>
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        <fairValLevel>1</fairValLevel>
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        <name>ACUSHNET HOLDINGS CORP</name>
        <lei>529900W5FI106H543E43</lei>
        <title>ACUSHNET HOLDINGS CORP COM</title>
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        <fairValLevel>1</fairValLevel>
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        <name>AMALGAMATED FINANCIAL CORP</name>
        <lei>N/A</lei>
        <title>AMALGAMATED FINANCIAL CORP COM</title>
        <cusip>022671101</cusip>
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          <ticker value="AMAL"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>BREAD FINANCIAL HOLDINGS INC</name>
        <lei>549300G8S4PO686J7H97</lei>
        <title>BREAD FINANCIAL HOLDINGS INC COM</title>
        <cusip>018581108</cusip>
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          <ticker value="BFH"/>
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        <curCd>USD</curCd>
        <valUSD>21496640.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OLD NATIONAL BANCORP</name>
        <lei>549300MMK90CL5KMVX16</lei>
        <title>OLD NATIONAL BANCORP COM</title>
        <cusip>680033107</cusip>
        <identifiers>
          <isin value="US6800331075"/>
          <ticker value="ONB"/>
        </identifiers>
        <balance>1254600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>32494140.00000000</valUSD>
        <pctVal>1.725587442907</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>RYERSON HOLDING CORP</name>
        <lei>549300JMA41B3ZHOVE45</lei>
        <title>RYERSON HOLDING CORP COM</title>
        <cusip>783754104</cusip>
        <identifiers>
          <isin value="US7837541041"/>
          <ticker value="RYZ"/>
        </identifiers>
        <balance>305553.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7519659.33000000</valUSD>
        <pctVal>0.399328300881</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>ALLIANCE LAUNDRY HOLDINGS INC</name>
        <lei>N/A</lei>
        <title>ALLIANCE LAUNDRY HOLDINGS INC COM</title>
        <cusip>01862Q107</cusip>
        <identifiers>
          <isin value="US01862Q1076"/>
          <ticker value="ALH"/>
        </identifiers>
        <balance>596200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15811224.00000000</valUSD>
        <pctVal>0.839648305552</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>TIMKEN COMPANY (THE)</name>
        <lei>B0I35MLPFXZSE70ASS73</lei>
        <title>TIMKEN COMPANY (THE) COM</title>
        <cusip>887389104</cusip>
        <identifiers>
          <isin value="US8873891043"/>
          <ticker value="TKR"/>
        </identifiers>
        <balance>247600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>35981232.00000000</valUSD>
        <pctVal>1.910767975996</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>BLACKROCK LIQUIDITY FUNDS</name>
        <lei>5493007YVNX55LTRQ706</lei>
        <title>BLACKROCK LIQUIDITY FUNDS FEDFUND INSTL</title>
        <cusip>09248U700</cusip>
        <identifiers>
          <isin value="US09248U7000"/>
          <ticker value="TFDXX"/>
        </identifiers>
        <balance>14121386.20000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14121386.20000000</valUSD>
        <pctVal>0.749910190057</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LXP INDUSTRIAL TRUST</name>
        <lei>549300S4MH2ICXDBFV43</lei>
        <title>LXP INDUSTRIAL TRUST COM</title>
        <cusip>529043408</cusip>
        <identifiers>
          <isin value="US5290434084"/>
          <ticker value="LXP"/>
        </identifiers>
        <balance>370910.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>19984630.80000000</valUSD>
        <pctVal>1.061275293318</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>MERIT MEDICAL SYSTEMS INC</name>
        <lei>549300OYTY138SP2CE83</lei>
        <title>MERIT MEDICAL SYSTEMS INC COM</title>
        <cusip>589889104</cusip>
        <identifiers>
          <isin value="US5898891040"/>
          <ticker value="MMSI"/>
        </identifiers>
        <balance>189300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13126062.00000000</valUSD>
        <pctVal>0.697053923015</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>TEREX CORP</name>
        <lei>YAWJZJYEQ7M1SYMOS462</lei>
        <title>TEREX CORP COM</title>
        <cusip>880779103</cusip>
        <identifiers>
          <isin value="US8807791038"/>
          <ticker value="TEX"/>
        </identifiers>
        <balance>453800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>32850582.00000000</valUSD>
        <pctVal>1.744516143261</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>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-08-21</ncom:dateSigned>
      <ncom:nameOfApplicant>Delaware VIP Trust</ncom:nameOfApplicant>
      <ncom:signature>Dan Geatens</ncom:signature>
      <ncom:signerName>Dan Geatens</ncom:signerName>
      <ncom:title>Division Director - Head of US Fund Administration</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
