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        <isRestrictedSec>N</isRestrictedSec>
        
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        <name>Graham Holdings Co</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Albertsons Cos Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Watsco Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Commvault Systems Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>MSC Industrial Direct Co Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Unum Group</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Sensata Technologies Holding PLC</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Arrow Electronics Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Allegro MicroSystems Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Esab Corp</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>RH</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Alaska Air Group Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Haemonetics Corp</name>
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        <name>Envista Holdings Corp</name>
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        <name>Duolingo Inc</name>
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        <name>Fortune Brands Innovations Inc</name>
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        <name>Cognex Corp</name>
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        <name>Brixmor Property Group Inc</name>
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        <name>Aramark</name>
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        <name>DT Midstream Inc</name>
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        <name>KB Home</name>
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        <name>Bath &amp; Body Works Inc</name>
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        <name>Kyndryl Holdings Inc</name>
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        <name>Terex Corp</name>
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        <name>Chord Energy Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Old Republic International Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Prc Newco Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Oshkosh Corp</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Western Alliance Bancorp</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>OGE Energy Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Carlisle Cos Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Sirius XM Holdings Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>IPG Photonics Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Cousins Properties Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Hamilton Lane Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Essential Utilities Inc</name>
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        <name>UMB Financial Corp</name>
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        <name>Kite Realty Group Trust</name>
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        <name>Timken Co/The</name>
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        <name>SEI Investments Co</name>
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        <name>Jones Lang LaSalle Inc</name>
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        <name>HF Sinclair Corp</name>
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        <name>Ingredion Inc</name>
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        <name>Wyndham Hotels &amp; Resorts Inc</name>
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        <name>Harley-Davidson Inc</name>
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        <name>Hanover Insurance Group Inc/The</name>
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        <name>Roivant Sciences Ltd</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
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      <invstOrSec>
        <name>Commerce Bancshares Inc/MO</name>
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        <fairValLevel>1</fairValLevel>
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        <name>SharkNinja Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Acuity Brands Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Sun Communities Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>PVH Corp</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>TXNM Energy Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>NNN REIT Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>H&amp;R Block Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Evercore Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>DENTSPLY SIRONA Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>CubeSmart</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Equitable Holdings Inc</name>
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        <name>Bruker Corp</name>
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        <name>Toro Co/The</name>
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        <name>Warner Music Group Corp</name>
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        <name>Saia Inc</name>
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        <name>ONE Gas Inc</name>
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        <name>Capri Holdings Ltd</name>
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        <name>Antero Resources Corp</name>
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        <name>FTI Consulting Inc</name>
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        <name>BioMarin Pharmaceutical Inc</name>
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        <name>Darling Ingredients Inc</name>
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        <name>Dolby Laboratories Inc</name>
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        <name>Floor &amp; Decor Holdings Inc</name>
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        <name>Illumina Inc</name>
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        <name>Brink's Co/The</name>
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        <fairValLevel>1</fairValLevel>
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        <name>SOUTHSTATE BANK CORP</name>
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        <name>Brighthouse Financial Inc</name>
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        <name>Columbia Banking System Inc</name>
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        <name>Avis Budget Group Inc</name>
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        <name>Zions Bancorp NA</name>
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        <name>Regal Rexnord Corp</name>
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        <name>Murphy USA Inc</name>
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        <name>Carlyle Group Inc/The</name>
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        <name>Reliance Inc</name>
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        <name>Spire Inc</name>
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        <name>WEX Inc</name>
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        <name>Dick's Sporting Goods Inc</name>
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        <name>Middleby Corp/The</name>
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        <name>UiPath Inc</name>
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        <name>Scotts Miracle-Gro Co/The</name>
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        <name>Crown Holdings Inc</name>
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        <name>CNX Resources Corp</name>
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        <name>Nextpower Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Gentex Corp</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Macy's Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>StandardAero Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Vontier Corp</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Valmont Industries Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Simpson Manufacturing Co Inc</name>
        <lei>529900EJUNNL15LZ8056</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>GameStop Corp</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Independence Realty Trust Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Post Holdings Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Kilroy Realty Corp</name>
        <lei>549300CXXI18B214UN80</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Toll Brothers Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>RLI Corp</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Service Corp International/US</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>MKS Instruments Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Glacier Bancorp Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>SLM Corp</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>IDACORP Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Choice Hotels International Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Semtech Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>KBR Inc</name>
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        <name>Lantheus Holdings Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Applied Industrial Technologies Inc</name>
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        <title>APPLIED INDU TEC</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Mueller Industries Inc</name>
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        <title>MUELLER INDS</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>UGI Corp</name>
        <lei>DX6GCWD4Q1JO9CRE5I40</lei>
        <title>UGI CORP</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Annaly Capital Management Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Healthcare Realty Trust Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Selective Insurance Group Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>elf Beauty Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Vail Resorts Inc</name>
        <lei>529900PSZHRNU9HKH870</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Nexstar Media Group Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Hancock Whitney Corp</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Alcoa Corp</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Lear Corp</name>
        <lei>549300UPNBTXA1SYTQ33</lei>
        <title>LEAR CORP</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Lattice Semiconductor Corp</name>
        <lei>549300LRBBPZDQ2II567</lei>
        <title>LATTICE SEMICOND</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>American Healthcare REIT Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Prosperity Bancshares Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Home BancShares Inc/AR</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Northwestern Energy Group Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Jefferies Financial Group Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Primerica Inc</name>
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        <name>Hyatt Hotels Corp</name>
        <lei>T27JQIMTYSH41TCD5186</lei>
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        <name>Maximus Inc</name>
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        <name>Vanguard Cmt Funds-Vanguard Market Liquidity Fund</name>
        <lei>1I6HV0TLSTR3A4XQ6L78</lei>
        <title>Vanguard Market Liquidity Fund</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Ryder System Inc</name>
        <lei>ZXJ6Y2OSPZXIVGRILD15</lei>
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        <name>MP Materials Corp</name>
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        <name>Thor Industries Inc</name>
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        <name>STAG Industrial Inc</name>
        <lei>549300QWYX2W6FASVQ07</lei>
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        <name>AptarGroup Inc</name>
        <lei>VNPEQDQFAA7IY1T2PX43</lei>
        <title>APTARGROUP INC</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Bentley Systems Inc</name>
        <lei>549300WVEHPGE0Z56F71</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>First Horizon Corp</name>
        <lei>TF3RXI1ZB1TQ30H9JV10</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Abercrombie &amp; Fitch Co</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>EPR Properties</name>
        <lei>549300YSSXFHMPOWZ492</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>WP Carey Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>WESCO International Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Penske Automotive Group Inc</name>
        <lei>549300W7UTQ0M4C7LB15</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Olin Corp</name>
        <lei>549300GKK294V7W57P06</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CNH Industrial NV</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Visteon Corp</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>National Fuel Gas Co</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>YETI Holdings Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Whirlpool Corp</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Vornado Realty Trust</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Novanta Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Sprouts Farmers Market Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Bank OZK</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
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        <name>Ryan Specialty Holdings Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>BILL Holdings Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>COPT Defense Properties</name>
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        <name>Cabot Corp</name>
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        <name>Cytokinetics Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Murphy Oil Corp</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Weatherford International PLC</name>
        <lei>529900LPBDSCQDJKHQ39</lei>
        <title>WEATHERFORD INTE</title>
        <cusip>G48833118</cusip>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Fidelity National Financial Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Dutch Bros Inc</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Fluor Corp</name>
        <lei>CQ7WZ4NOFWT7FAE6Q943</lei>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Cullen/Frost Bankers Inc</name>
        <lei>529900V2E9G9AY665O34</lei>
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          <isin value="US2298991090"/>
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        <balance>27164.00000000</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>CNO Financial Group Inc</name>
        <lei>11XPYHB76MPM4Y4P2897</lei>
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          <isin value="US12621E1038"/>
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        <balance>80765.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4425114.35000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Burlington Stores Inc</name>
        <lei>5299003Z37DVGKKC1W09</lei>
        <title>BURLINGTON STORE</title>
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          <isin value="US1220171060"/>
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        <balance>21199.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5506652.24000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Lincoln Electric Holdings Inc</name>
        <lei>BIMGBY40SIN95O01BN93</lei>
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          <isin value="US5339001068"/>
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        <balance>15168.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Portland General Electric Co</name>
        <lei>GJOUP9M7C39GLSK9R870</lei>
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          <isin value="US7365088472"/>
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        <balance>100127.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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        <name>MGIC Investment Corp</name>
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          <isin value="US5528481030"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Cleveland-Cliffs Inc</name>
        <lei>549300TM2WLI2BJMDD86</lei>
        <title>CLEVELAND-CLIFFS</title>
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          <isin value="US1858991011"/>
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        <balance>493510.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Commercial Metals Co</name>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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        <name>Park Hotels &amp; Resorts Inc</name>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Mattel Inc</name>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>N/A</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Pinterest Inc</name>
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        <name>TransUnion</name>
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        <name>American Homes 4 Rent</name>
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        <name>Shift4 Payments Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Gaming and Leisure Properties Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
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        <name>Knight-Swift Transportation Holdings Inc</name>
        <lei>2549007VHKP3K6E1XF67</lei>
        <title>KNIGHT-SWIFT TRA</title>
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        <fairValLevel>1</fairValLevel>
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        <name>First Financial Bankshares Inc</name>
        <lei>549300XN3GTGOENGNV49</lei>
        <title>FIRST FIN BANKSH</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Valley National Bancorp</name>
        <lei>549300ET52S1UBIB9762</lei>
        <title>VALLEY NATL BANC</title>
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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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      <invstOrSec>
        <name>Black Hills Corp</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>AGCO Corp</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Cirrus Logic Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Rayonier Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Molina Healthcare Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Essent Group Ltd</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>RenaissanceRe Holdings Ltd</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Ally Financial Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Ovintiv Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Core &amp; Main Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Avnet Inc</name>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Corebridge Financial Inc</name>
        <lei>549300XY1661QCIA7J65</lei>
        <title>COREBRIDGE FINAN</title>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Lithia Motors Inc</name>
        <lei>SE8N1EZEHPZQBCBVKD53</lei>
        <title>LITHIA MOTORS</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Landstar System Inc</name>
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        <title>LANDSTAR SYSTEM</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Flagstar Bank NA/Michigan</name>
        <lei>SS1TRMSN6BRNMOREEV51</lei>
        <title>FLAGSTAR BANK NA</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>AutoNation Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Maplebear Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Ashland Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Voya Financial Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>US Foods Holding Corp</name>
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        <title>US FOODS HOLDING</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Advanced Drainage Systems Inc</name>
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        <title>ADVANCED DRAINAG</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
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        <name>Booz Allen Hamilton Holding Corp</name>
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        <title>BOOZ ALLEN HAMIL</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>First American Financial Corp</name>
        <lei>549300B6VEZK3N0A1P55</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>United Bankshares Inc/WV</name>
        <lei>5299005O3BAMJ9Z92V62</lei>
        <title>UNITED BANKSHS</title>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
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      <invstOrSec>
        <name>Pinnacle Financial Partners Inc</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Associated Banc-Corp</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Sonoco Products Co</name>
        <lei>GKOMIK4RDJGHEF0VNP11</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Allison Transmission Holdings Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Chewy Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Science Applications International Corp</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>GATX Corp</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>International Bancshares Corp</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>New Jersey Resources Corp</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Crane NXT Co</name>
        <lei>549300EXNPSXEWUD3N21</lei>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Silgan Holdings Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Eagle Materials Inc</name>
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        <title>EAGLE MATERIALS</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>PBF Energy Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Equity LifeStyle Properties Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Louisiana-Pacific Corp</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Starwood Property Trust Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Belden Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Owens Corning</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Pilgrim's Pride Corp</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Agree Realty Corp</name>
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        <name>Euronet Worldwide Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Littelfuse Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Axalta Coating Systems Ltd</name>
        <lei>529900AGLPA40GV6H619</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>GXO Logistics Inc</name>
        <lei>5493007CNWMXN78JRN66</lei>
        <title>GXO LOGISTIC</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Brunswick Corp/DE</name>
        <lei>YM4O38W15AX4YLLQKU27</lei>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Greif Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Donaldson Co Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Graco Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>TD SYNNEX Corp</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Solstice Advanced Materials Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Silicon Laboratories Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>NOV Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Kirby Corp</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>DocuSign Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>EastGroup Properties Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Omega Healthcare Investors Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>FNB Corp/PA</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Genpact Ltd</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Universal Display Corp</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>RPM International Inc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Onto Innovation Inc</name>
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        <name>Repligen Corp</name>
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        <name>Exponent Inc</name>
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        <name>BJ's Wholesale Club Holdings Inc</name>
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        <name>Rexford Industrial Realty Inc</name>
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        <name>East West Bancorp Inc</name>
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        <name>American Airlines Group Inc</name>
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        <name>Vanguard Cmt Funds-Vanguard Market Liquidity Fund</name>
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        <title>Vanguard Market Liquidity Fund</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Bio-Rad Laboratories Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Cava Group Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Marzetti Company/The</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Lamar Advertising Co</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Entegris Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Autoliv Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>Southwest Gas Holdings Inc</name>
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        <title>SOUTHWEST GAS HO</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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    <signature>
      <ncom:dateSigned>2026-10-28</ncom:dateSigned>
      <ncom:nameOfApplicant>VANGUARD ADMIRAL FUNDS</ncom:nameOfApplicant>
      <ncom:signature>My Trieu-Gatt</ncom:signature>
      <ncom:signerName>My Trieu-Gatt</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
