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        <name>Advanced Energy Industries, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Airgain, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Albany International Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Alkami Technology, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Alphatec Holdings, Inc.</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Alta Equipment Group, Inc.</name>
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        <title>Alta Equipment Group, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Ambiq Micro, Inc.</name>
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        <title>Ambiq Micro, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Ameresco, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Ameris Bancorp</name>
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        <title>Ameris Bancorp</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Amtech Systems, Inc.</name>
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        <title>Amtech Systems, Inc.</title>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>AngioDynamics, Inc.</name>
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        <title>AngioDynamics, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Applied Aerospace &amp; Defense, Inc.</name>
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        <title>Applied Aerospace &amp; Defense, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Arcosa, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Arlo Technologies, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Astec Industries, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Astronics Corp.</name>
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        <title>Astronics Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Astronics Corp.</name>
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        <title>Astronics Corp., Class B</title>
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        <fairValLevel>1</fairValLevel>
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        <name>AtriCure, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Avantor, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Aveanna Healthcare Holdings, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Aviat Networks, Inc.</name>
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        <title>Aviat Networks, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Avidbank Holdings, Inc.</name>
        <lei>54930029UJ8M0B84EE44</lei>
        <title>Avidbank Holdings, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Axcelis Technologies, Inc.</name>
        <lei>529900HF9B6NL1QG9F05</lei>
        <title>Axcelis Technologies, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Axogen, Inc.</name>
        <lei>N/A</lei>
        <title>Axogen, Inc.</title>
        <cusip>05463X106</cusip>
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        <fairValLevel>1</fairValLevel>
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        <name>Axos Financial, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>BRC Group Holdings, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Belden, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Benchmark Electronics, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Black Hills Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Strata Critical Medical, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Boise Cascade Co.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Braze, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Brookdale Senior Living, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>CECO Environmental Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Cabot Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Cadre Holdings, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Cal-Maine Foods, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Calix, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Sonida Senior Living, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>CareDx, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Central Garden &amp; Pet Co.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Century Aluminum Co.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Certara, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>CEVA, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Cheesecake Factory, Inc. (The)</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Chefs' Warehouse, Inc. (The)</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Citizens, Inc.</name>
        <lei>549300Z39SMLUE3VF522</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Coeur Mining, Inc.</name>
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        <title>Coeur Mining, Inc.</title>
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        <name>Cohu, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Columbia Banking System, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Columbus McKinnon Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Commercial Metals Co.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Concentra Group Holdings Parent, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Concrete Pumping Holdings, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Coursera, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Covenant Logistics Group, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Artivion, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>CryoPort, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Custom Truck One Source, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Digi International, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Dime Commercial Bancshares, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Dine Brands Global, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Dorman Products, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>DoubleVerify Holdings, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Douglas Elliman, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Ducommun, Inc.</name>
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        <name>Dycom Industries, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>El Pollo Loco Holdings, Inc.</name>
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        <name>Eastman Kodak Co.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Element Solutions, Inc.</name>
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        <title>Element Solutions, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Enpro, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Ensign Group, Inc. (The)</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Envista Holdings Corp.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Esab Corp.</name>
        <lei>549300ZNV0SWBXEIWT04</lei>
        <title>Esab Corp.</title>
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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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      <invstOrSec>
        <name>EverQuote, Inc.</name>
        <lei>N/A</lei>
        <title>EverQuote, Inc., Class A</title>
        <cusip>30041R108</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Exagen, Inc.</name>
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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>Extreme Networks, Inc.</name>
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        <title>Extreme Networks, Inc.</title>
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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>Flywire Corp.</name>
        <lei>54930055DSV7NNY4VY66</lei>
        <title>Flywire Corp.</title>
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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>Flexion, Inc.</name>
        <lei>N/A</lei>
        <title>Flexion, Inc., CVR</title>
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        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Flowco Holdings, Inc.</name>
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        <title>Flowco Holdings, Inc., Class A</title>
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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>Flotek Industries, Inc.</name>
        <lei>549300TF60OEK4FPPC44</lei>
        <title>Flotek Industries, Inc.</title>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Flowserve Corp.</name>
        <lei>6Y0GK87T6V7NJKZJVM41</lei>
        <title>Flowserve Corp.</title>
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          <isin value="US34354P1057"/>
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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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        <name>Forbright, Inc.</name>
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        <title>Forbright, Inc., Class A</title>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>Fossil Group, Inc.</name>
        <lei>DDMY8YZ6L8UEMS1FDM73</lei>
        <title>Fossil Group, Inc.</title>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>FrontView REIT, Inc.</name>
        <lei>N/A</lei>
        <title>FrontView REIT, Inc.</title>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>FTAI Infrastructure, Inc.</name>
        <lei>5299002QA19Z1684IX11</lei>
        <title>FTAI Infrastructure, Inc.</title>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>HB Fuller Co.</name>
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        <title>HB Fuller Co.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Glacier Bancorp, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Graham Corp.</name>
        <lei>254900EI9P4LTY524J77</lei>
        <title>Graham Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Griffon Corp.</name>
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        <title>Griffon Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Grocery Outlet Holding Corp.</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Harmonic, Inc.</name>
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        <title>Harmonic, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Healthcare Services Group, Inc.</name>
        <lei>529900GVZ1D2FBYMS719</lei>
        <title>Healthcare Services Group, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>HealthStream, Inc.</name>
        <lei>529900OJ88H8635JNH64</lei>
        <title>HealthStream, Inc.</title>
        <cusip>42222N103</cusip>
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        <fairValLevel>1</fairValLevel>
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        <name>Hecla Mining Co.</name>
        <lei>5493009Y6HOBZD1QD537</lei>
        <title>Hecla Mining Co.</title>
        <cusip>422704106</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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        <name>Helix Energy Solutions Group, Inc.</name>
        <lei>416AP2JOUTCWEGSOZW41</lei>
        <title>Helix Energy Solutions Group, Inc.</title>
        <cusip>42330P107</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Herc Holdings, Inc.</name>
        <lei>549300TP80QLITMSBP82</lei>
        <title>Herc Holdings, Inc.</title>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Hinge Health, Inc.</name>
        <lei>N/A</lei>
        <title>Hinge Health, Inc., Class A</title>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Holley, Inc.</name>
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        <title>Holley, Inc.</title>
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          <isin value="US43538H1032"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Hooker Furnishings Corp.</name>
        <lei>N/A</lei>
        <title>Hooker Furnishings Corp.</title>
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          <isin value="US4390381006"/>
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        <balance>370857.00000000</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Huntsman Corp.</name>
        <lei>5299000V56320A7RIQ67</lei>
        <title>Huntsman Corp.</title>
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          <isin value="US4470111075"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Hurco Cos., Inc.</name>
        <lei>XSC5XDOTBYOBQPOG2O82</lei>
        <title>Hurco Cos., Inc.</title>
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          <isin value="US4473241044"/>
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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>
        <name>InfuSystem Holdings, Inc.</name>
        <lei>549300F58N8PHJ4QUI59</lei>
        <title>InfuSystem Holdings, Inc.</title>
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          <isin value="US45685K1025"/>
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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>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Innovex International, Inc.</name>
        <lei>5299007REICYIJNMW197</lei>
        <title>Innovex International, Inc.</title>
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          <isin value="US4576511079"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Insteel Industries, Inc.</name>
        <lei>52990026LKY4MOX3L174</lei>
        <title>Insteel Industries, Inc.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Installed Building Products, Inc.</name>
        <lei>549300I95Y9P9YM5FI86</lei>
        <title>Installed Building Products, Inc.</title>
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          <isin value="US45780R1014"/>
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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>
        <name>Inseego Corp.</name>
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        <title>Inseego Corp.</title>
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          <isin value="US45782B3024"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Interface, Inc.</name>
        <lei>549300VXZWQOIDFPU355</lei>
        <title>Interface, Inc., Class A</title>
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          <isin value="US4586653044"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>inTEST Corp.</name>
        <lei>549300RJJBPHDOAVDU15</lei>
        <title>inTEST Corp.</title>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>Intrepid Potash, Inc.</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>I3 Verticals, Inc.</name>
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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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        <name>Itron, Inc.</name>
        <lei>24F6LSZD18II6ICG6S41</lei>
        <title>Itron, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>JBT Marel Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Johnson Outdoors, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>JPMorgan US Government Money Market Fund</name>
        <lei>549300NQ5E5B7ZV4T516</lei>
        <title>JPMorgan US Government Money Market Fund</title>
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        <assetCat>STIV</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>KVH Industries, Inc.</name>
        <lei>N/A</lei>
        <title>KVH Industries, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Kaiser Aluminum Corp.</name>
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        <title>Kaiser Aluminum Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>LSB Industries, Inc.</name>
        <lei>5493001H215A0HG0MI71</lei>
        <title>LSB Industries, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>LSI Industries, Inc.</name>
        <lei>529900HY42OANH6BVT33</lei>
        <title>LSI Industries, Inc.</title>
        <cusip>50216C108</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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        <name>Lantronix, Inc.</name>
        <lei>529900SB1TZLV767KQ31</lei>
        <title>Lantronix, Inc.</title>
        <cusip>516548203</cusip>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>1</fairValLevel>
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        <name>Legacy Education, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>LifeStance Health Group, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Lincoln Educational Services Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Lincoln National Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Lindsay Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Lithia Motors, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Louisiana-Pacific Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Magnite, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Mama's Creations, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Manitowoc Co., Inc. (The)</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Maravai LifeSciences Holdings, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>MarineMax, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>MarketAxess Holdings, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Materion Corp.</name>
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        <title>Materion Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Matrix Service Co.</name>
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        <title>Matrix Service Co.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Mayville Engineering Co., Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Merit Medical Systems, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>MiMedx Group, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Mistras Group, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Moelis &amp; Co.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Murphy Oil Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>NMI Holdings, Inc.</name>
        <lei>529900KNNGFXJX1C3Z08</lei>
        <title>NMI Holdings, Inc., Class A</title>
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        <fairValLevel>1</fairValLevel>
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        <name>National Vision Holdings, Inc.</name>
        <lei>549300JHURCBLI5ROA42</lei>
        <title>National Vision Holdings, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Natural Gas Services Group, Inc.</name>
        <lei>N/A</lei>
        <title>Natural Gas Services Group, Inc.</title>
        <cusip>63886Q109</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>Nature's Sunshine Products, Inc.</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>NETGEAR, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>NetScout Systems, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>NPK International, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>908 Devices, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>DNOW, Inc.</name>
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        <title>DNOW, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>OSI Systems, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Oil States International, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Old National Bancorp</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Old Republic International Corp.</name>
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        <title>Old Republic International Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>ONE Gas, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>OneWater Marine, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Onto Innovation, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>OraSure Technologies, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Outfront Media, Inc.</name>
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        <title>Outfront Media, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Park-Ohio Holdings Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Pennant Group, Inc. (The)</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Perella Weinberg Partners</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Phoenix Education Partners, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Plexus Corp.</name>
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        <title>Plexus Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Profound Medical Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Progyny, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ProPetro Holding Corp.</name>
        <lei>254900RBXU2DAMHEX195</lei>
        <title>ProPetro Holding Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Quaker Chemical Corp.</name>
        <lei>549300PJQ1R3WCWCPS54</lei>
        <title>Quaker Chemical Corp.</title>
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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>Quanex Building Products Corp.</name>
        <lei>5493000TL30VL5WOAW87</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Quanterix Corp.</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>RPC, Inc.</name>
        <lei>N/A</lei>
        <title>RPC, Inc.</title>
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          <isin value="US7496601060"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Radian Group, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Radiant Logistics, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>RadNet, Inc.</name>
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        <title>RadNet, Inc.</title>
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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>Ramaco Resources, Inc.</name>
        <lei>5493001BYUI4TCQOPF70</lei>
        <title>Ramaco Resources, Inc., Class B</title>
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          <isin value="US75134P5017"/>
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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>Ranpak Holdings Corp.</name>
        <lei>5493000Z9EZR9DCYOO86</lei>
        <title>Ranpak Holdings Corp., Class A</title>
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          <isin value="US75321W1036"/>
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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>
        <name>Red River Bancshares, Inc.</name>
        <lei>549300SO63STZV7UHM15</lei>
        <title>Red River Bancshares, Inc.</title>
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          <isin value="US75686R2022"/>
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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>
        <name>Remitly Global, Inc.</name>
        <lei>N/A</lei>
        <title>Remitly Global, Inc.</title>
        <cusip>75960P104</cusip>
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          <isin value="US75960P1049"/>
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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>Richardson Electronics Ltd.</name>
        <lei>N/A</lei>
        <title>Richardson Electronics Ltd.</title>
        <cusip>763165107</cusip>
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          <isin value="US7631651079"/>
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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>Riley Exploration Permian, Inc.</name>
        <lei>5493008CUBI02XP43Q95</lei>
        <title>Riley Exploration Permian, Inc.</title>
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          <isin value="US76665T1025"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Rogers Corp.</name>
        <lei>PW0CN80KNFR7RUOOKJ84</lei>
        <title>Rogers Corp.</title>
        <cusip>775133101</cusip>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>SEACOR Marine Holdings, Inc.</name>
        <lei>5493003LNKFW1W43N030</lei>
        <title>SEACOR Marine Holdings, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>SPDR S&amp;P Regional Banking ETF</name>
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        <title>State Street SPDR S&amp;P Regional Banking ETF</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Sanmina Corp.</name>
        <lei>X5K24XLM8QYRXF00EB42</lei>
        <title>Sanmina Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Seacoast Banking Corp. of Florida</name>
        <lei>549300V6IC06XYQYPG88</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>SI-BONE, Inc.</name>
        <lei>549300J8JGYVJJHV9C31</lei>
        <title>SI-BONE, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Silicon Motion Technology Corp.</name>
        <lei>5299005RBVBZQJTYFC89</lei>
        <title>Silicon Motion Technology Corp.</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>QXO, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Simulations Plus, Inc.</name>
        <lei>529900KYRDJAQ8TJCG93</lei>
        <title>Simulations Plus, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Champion Homes, Inc.</name>
        <lei>2549008RYT2Y0VBZTC29</lei>
        <title>Champion Homes, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>SmartFinancial, Inc.</name>
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        <title>SmartFinancial, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Smith Douglas Homes Corp.</name>
        <lei>N/A</lei>
        <title>Smith Douglas Homes Corp., Class A</title>
        <cusip>83207R107</cusip>
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        <fairValLevel>1</fairValLevel>
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        <name>Sonos, Inc.</name>
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        <name>Spectrum Brands Holdings, Inc.</name>
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        <name>Stewart Information Services Corp.</name>
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        <name>Strawberry Fields REIT, Inc.</name>
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        <name>Stride, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Synaptics, Inc.</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>Talkspace, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Talos Energy, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Tanger, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Tennant Co.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Teradata Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Terex Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Timken Co. (The)</name>
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        <name>Titan International, Inc.</name>
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        <name>Titan Machinery, Inc.</name>
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        <name>Transcat, Inc.</name>
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        <name>TriMas Corp.</name>
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        <name>Trinity Industries, Inc.</name>
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        <name>Trivago NV</name>
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        <name>UFP Industries, Inc.</name>
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        <name>UMH Properties, Inc.</name>
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        <name>Ultra Clean Holdings, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Universal Technical Institute, Inc.</name>
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        <title>Universal Technical Institute, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Utz Brands, Inc.</name>
        <lei>5299009BHBU2NH5HRN16</lei>
        <title>Utz Brands, Inc.</title>
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      <invstOrSec>
        <name>VSE Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Valley National Bancorp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Varex Imaging Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Veeco Instruments, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Viemed Healthcare, Inc.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Vishay Intertechnology, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Vital Farms, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Wabash National Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Warby Parker, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Waystar Holding Corp.</name>
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        <title>Waystar Holding Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Wendy's Co. (The)</name>
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        <fairValLevel>1</fairValLevel>
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        <name>WESCO International, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Titan America SA</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Axis Capital Holdings Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>DPC Holdings plc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Fabrinet</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Gates Industrial Corp. Ltd.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Seadrill Ltd.</name>
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        <name>Golar LNG Ltd.</name>
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        <name>Aebi Schmidt Holding AG</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Stevanato Group SpA</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Diana Shipping, Inc.</name>
        <lei>549300XD7FHNJ0THIV12</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Dorian LPG Ltd.</name>
        <lei>549300WP1W2WGMC7F395</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Navigator Holdings Ltd.</name>
        <lei>213800H7RVOFYARK2W19</lei>
        <title>Navigator Holdings Ltd.</title>
        <cusip>N/A</cusip>
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        <balance>932671.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20845196.85000000</valUSD>
        <pctVal>0.718225557891</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MH</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Scorpio Tankers, Inc.</name>
        <lei>549300NVJUH16NXG8K87</lei>
        <title>Scorpio Tankers, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="MHY7542C1306"/>
        </identifiers>
        <balance>198635.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15465721.10000000</valUSD>
        <pctVal>0.532874611123</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MH</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Star Bulk Carriers Corp.</name>
        <lei>549300SO3FMK7H6DDY54</lei>
        <title>Star Bulk Carriers Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="MHY8162K2046"/>
        </identifiers>
        <balance>500877.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14400213.75000000</valUSD>
        <pctVal>0.496162335561</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MH</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-08-31</ncom:dateSigned>
      <ncom:nameOfApplicant>First Eagle Funds</ncom:nameOfApplicant>
      <ncom:signature>Shuang Wu</ncom:signature>
      <ncom:signerName>Shuang Wu</ncom:signerName>
      <ncom:title> Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
