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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MERIT MEDICAL SYSTEMS INC</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ACADEMY SPORTS AND OUTDOORS INC</name>
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          <ticker value="ASO"/>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AXIS CAPITAL HOLDINGS LTD</name>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>VALLEY NATIONAL BANCORP</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>LXP INDUSTRIAL TRUST</name>
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          <isin value="US5290434084"/>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CHOICE HOTELS INTERNATIONAL INC</name>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>TTM TECHNOLOGIES INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>HOPE BANCORP INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>CENTURI HOLDINGS INC</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>EVERUS CONSTRUCTION GROUP INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>GRIFFON CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>SLM CORP (SALLIE MAE)</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ACI WORLDWIDE INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>NATIONAL HEALTH INVESTORS INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>OLD NATIONAL BANCORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>BELDEN INC</name>
        <lei>68BKYO1JC791TTJHUE82</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>AVIENT CORP</name>
        <lei>SM8L9RZYIB34LNTWO040</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>CENTERSPACE REAL ESTATE INVESTMENT TRUST</name>
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        <title>CENTERSPACE REAL ESTATE INVESTMENT TRUST COM</title>
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        <fairValLevel>1</fairValLevel>
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        <name>CACI INTERNATIONAL INC</name>
        <lei>SYRPI2D1O9WRTS2WX210</lei>
        <title>CACI INTERNATIONAL INC CL A</title>
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        <fairValLevel>1</fairValLevel>
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        <name>TEREX CORP</name>
        <lei>YAWJZJYEQ7M1SYMOS462</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>BLUE BIRD CORP</name>
        <lei>5493004ZXJUUWQ65ER59</lei>
        <title>BLUE BIRD CORP COM</title>
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          <ticker value="BLBD"/>
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        <fairValLevel>1</fairValLevel>
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        <name>WESCO INTERNATIONAL INC</name>
        <lei>529900TXOGREY3WNJ434</lei>
        <title>WESCO INTERNATIONAL INC COM</title>
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          <ticker value="WCC"/>
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        <fairValLevel>1</fairValLevel>
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        <name>INTERNATIONAL SEAWAYS 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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      <invstOrSec>
        <name>OGE ENERGY CORP</name>
        <lei>CE5OG6JPOZMDSA0LAQ19</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>LIFE TIME GROUP HOLDINGS INC</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>N-ABLE INC</name>
        <lei>N/A</lei>
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          <isin value="US62878D1000"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>LEONARDO DRS INC</name>
        <lei>549300HMMEWVG3PPQU18</lei>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>COLUMBIA BANKING SYSTEM INC</name>
        <lei>254900CTRJTQZ3BJ2V17</lei>
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          <isin value="US1972361026"/>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>ZURN ELKAY WATER SOLUTIONS CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ACUSHNET HOLDINGS CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>BANK OF N.T. BUTTERFIELD &amp; SON LTD (THE)</name>
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        <fairValLevel>1</fairValLevel>
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        <name>BRUKER CORP</name>
        <lei>LEBZ6VLQ6I8XB1NHVY15</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>AXALTA COATING SYSTEMS LTD</name>
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        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>PERFORMANCE FOOD GROUP COMPANY</name>
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        <title>PERFORMANCE FOOD GROUP COMPANY COM</title>
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        <fairValLevel>1</fairValLevel>
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        <name>ALLEGRO MICROSYSTEMS INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>FIDELITY COLCHESTER STREET TRUST</name>
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        <title>FIDELITY COLCHESTER STREET TRUST MNY MRKT FDS I</title>
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        <fairValLevel>1</fairValLevel>
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        <name>GROUP 1 AUTOMOTIVE INC</name>
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        <title>GROUP 1 AUTOMOTIVE INC COM</title>
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        <fairValLevel>1</fairValLevel>
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        <name>KITE REALTY GROUP TRUST</name>
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        <fairValLevel>1</fairValLevel>
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        <name>NOBLE CORP PLC</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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        <name>ASHLAND INC</name>
        <lei>529900E4L9R04SB8HB11</lei>
        <title>ASHLAND INC COM</title>
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        <fairValLevel>1</fairValLevel>
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        <name>PATRICK INDUSTRIES INC</name>
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        <title>PATRICK INDUSTRIES INC COM</title>
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        <fairValLevel>1</fairValLevel>
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        <name>CONNECTONE BANCORP INC</name>
        <lei>549300E2M5ZYAZKUK134</lei>
        <title>CONNECTONE BANCORP INC COM</title>
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          <ticker value="CNOB"/>
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        <fairValLevel>1</fairValLevel>
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        <name>FIRST FINANCIAL BANCORP</name>
        <lei>549300D3F5B3EZMY7P77</lei>
        <title>FIRST FINANCIAL BANCORP COM</title>
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          <ticker value="FFBC"/>
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        <fairValLevel>1</fairValLevel>
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        <name>NEWMARK GROUP INC</name>
        <lei>N/A</lei>
        <title>NEWMARK GROUP INC CL A</title>
        <cusip>65158N102</cusip>
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          <ticker value="NMRK"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BREAD FINANCIAL HOLDINGS INC</name>
        <lei>549300G8S4PO686J7H97</lei>
        <title>BREAD FINANCIAL HOLDINGS INC COM</title>
        <cusip>018581108</cusip>
        <identifiers>
          <isin value="US0185811082"/>
          <ticker value="BFH"/>
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        <balance>379958.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>39694212.26000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ALLIANCE LAUNDRY HOLDINGS INC</name>
        <lei>N/A</lei>
        <title>ALLIANCE LAUNDRY HOLDINGS INC COM</title>
        <cusip>01862Q107</cusip>
        <identifiers>
          <isin value="US01862Q1076"/>
          <ticker value="ALH"/>
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        <balance>1344150.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>30794476.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>F.N.B. CORP (PENNSYLVANIA)</name>
        <lei>PCYSKIGYNYFDTBLVZU83</lei>
        <title>F.N.B. CORP (PENNSYLVANIA) COM</title>
        <cusip>302520101</cusip>
        <identifiers>
          <isin value="US3025201019"/>
          <ticker value="FNB"/>
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        <balance>3109160.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>56679986.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>WESBANCO INC</name>
        <lei>N/A</lei>
        <title>WESBANCO INC COM</title>
        <cusip>950810101</cusip>
        <identifiers>
          <isin value="US9508101014"/>
          <ticker value="WSBC"/>
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        <balance>1121400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>44867214.00000000</valUSD>
        <pctVal>1.345272417280</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SOUTHWEST GAS HOLDINGS INC</name>
        <lei>254900LKF9EV0CUKNE09</lei>
        <title>SOUTHWEST GAS HOLDINGS INC COM</title>
        <cusip>844895102</cusip>
        <identifiers>
          <isin value="US8448951025"/>
          <ticker value="SWX"/>
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        <balance>473115.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>41790247.95000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MERCHANTS BANCORP (INDIANA)</name>
        <lei>54930008Y0GPVLF81889</lei>
        <title>MERCHANTS BANCORP (INDIANA) COM</title>
        <cusip>58844R108</cusip>
        <identifiers>
          <isin value="US58844R1086"/>
          <ticker value="MBIN"/>
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        <balance>676633.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>35617961.12000000</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>ICU MEDICAL INC</name>
        <lei>5493003NRW7LS2QZRH60</lei>
        <title>ICU MEDICAL INC COM</title>
        <cusip>44930G107</cusip>
        <identifiers>
          <isin value="US44930G1076"/>
          <ticker value="ICUI"/>
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        <balance>210991.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>36490893.45000000</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>HURON CONSULTING GROUP INC</name>
        <lei>549300NGVB9H6TKTLE36</lei>
        <title>HURON CONSULTING GROUP INC COM</title>
        <cusip>447462102</cusip>
        <identifiers>
          <isin value="US4474621020"/>
          <ticker value="HURN"/>
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        <balance>195256.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>31219481.84000000</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>RIDGEPOST CAPITAL INC</name>
        <lei>N/A</lei>
        <title>RIDGEPOST CAPITAL INC CL A COM</title>
        <cusip>69376K106</cusip>
        <identifiers>
          <isin value="US69376K1060"/>
          <ticker value="RPC"/>
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        <balance>2392303.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20573805.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>RYERSON HOLDING CORP</name>
        <lei>549300JMA41B3ZHOVE45</lei>
        <title>RYERSON HOLDING CORP COM</title>
        <cusip>783754104</cusip>
        <identifiers>
          <isin value="US7837541041"/>
          <ticker value="RYZ"/>
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        <balance>588622.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14750867.32000000</valUSD>
        <pctVal>0.442281415925</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SABRA HEALTH CARE REIT INC</name>
        <lei>549300E3BC7GU7TAZ621</lei>
        <title>SABRA HEALTH CARE REIT INC COM</title>
        <cusip>78573L106</cusip>
        <identifiers>
          <isin value="US78573L1061"/>
          <ticker value="SBRA"/>
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        <balance>1527750.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>31150822.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LIBERTY ENERGY INC</name>
        <lei>254900PKFJW6RILDCM60</lei>
        <title>LIBERTY ENERGY INC COM CL A</title>
        <cusip>53115L104</cusip>
        <identifiers>
          <isin value="US53115L1044"/>
          <ticker value="LBRT"/>
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        <balance>833618.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16430610.78000000</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>NEW JERSEY RESOURCES CORP</name>
        <lei>549300QKBSQBIX4DQ583</lei>
        <title>NEW JERSEY RESOURCES CORP COM</title>
        <cusip>646025106</cusip>
        <identifiers>
          <isin value="US6460251068"/>
          <ticker value="NJR"/>
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        <balance>709134.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>37825207.56000000</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>HERC HOLDINGS INC</name>
        <lei>549300TP80QLITMSBP82</lei>
        <title>HERC HOLDINGS INC COM</title>
        <cusip>42704L104</cusip>
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          <isin value="US42704L1044"/>
          <ticker value="HRI"/>
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        <balance>278122.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>42369105.48000000</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>KBR INC</name>
        <lei>254900OFQDXZRKRCV808</lei>
        <title>KBR INC COM</title>
        <cusip>48242W106</cusip>
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          <isin value="US48242W1062"/>
          <ticker value="KBR"/>
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        <balance>646336.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>24237600.00000000</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>
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      <invstOrSec>
        <name>DIODES INC</name>
        <lei>549300XP2X1ARVH3BX23</lei>
        <title>DIODES INC COM</title>
        <cusip>254543101</cusip>
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          <isin value="US2545431015"/>
          <ticker value="DIOD"/>
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        <balance>315031.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>28604814.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MERITAGE HOMES CORP</name>
        <lei>52990044W9UMFJO2FB97</lei>
        <title>MERITAGE HOMES CORP COM</title>
        <cusip>59001A102</cusip>
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          <isin value="US59001A1025"/>
          <ticker value="MTH"/>
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        <balance>412205.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>28619393.15000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>EASTERN BANKSHARES INC</name>
        <lei>549300J245MBQU3DO403</lei>
        <title>EASTERN BANKSHARES INC COM</title>
        <cusip>27627N105</cusip>
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          <isin value="US27627N1054"/>
          <ticker value="EBC"/>
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        <balance>1892500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>41559300.00000000</valUSD>
        <pctVal>1.246089850185</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>GULFPORT ENERGY CORP</name>
        <lei>254900DJRGZBUZ3F5038</lei>
        <title>GULFPORT ENERGY CORP COMMON SHARES</title>
        <cusip>402635502</cusip>
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          <isin value="US4026355028"/>
          <ticker value="GPOR"/>
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        <balance>170745.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>30640190.25000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>REGAL REXNORD CORP</name>
        <lei>QH78R09VCJGQKPBPYU33</lei>
        <title>REGAL REXNORD CORP COM</title>
        <cusip>758750103</cusip>
        <identifiers>
          <isin value="US7587501039"/>
          <ticker value="RRX"/>
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        <balance>191907.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>30407664.15000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>H.B. FULLER COMPANY</name>
        <lei>JSMX3Z5FOYM8V0Q52357</lei>
        <title>H.B. FULLER COMPANY COM</title>
        <cusip>359694106</cusip>
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          <isin value="US3596941068"/>
          <ticker value="FUL"/>
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        <balance>392900.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>21589855.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CBL &amp; ASSOCIATES PROPERTIES INC</name>
        <lei>529900EIVFBRS4PUBZ13</lei>
        <title>CBL &amp; ASSOCIATES PROPERTIES INC COMMON STOCK</title>
        <cusip>124830878</cusip>
        <identifiers>
          <isin value="US1248308785"/>
          <ticker value="CBL"/>
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        <balance>326444.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>17853222.36000000</valUSD>
        <pctVal>0.535300622866</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>INDEPENDENCE REALTY TRUST INC</name>
        <lei>549300Z3L8NU44NQEB29</lei>
        <title>INDEPENDENCE REALTY TRUST INC COM</title>
        <cusip>45378A106</cusip>
        <identifiers>
          <isin value="US45378A1060"/>
          <ticker value="IRT"/>
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        <balance>2131481.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>KB HOME</name>
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        <fairValLevel>1</fairValLevel>
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        <name>MATADOR RESOURCES COMPANY</name>
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        <fairValLevel>1</fairValLevel>
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        <name>HANOVER INSURANCE GROUP INC (THE)</name>
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        <fairValLevel>1</fairValLevel>
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        <name>CALIFORNIA WATER SERVICE GROUP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>INTEGER HOLDINGS CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>STEVEN MADDEN LTD</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>SILGAN HOLDINGS INC</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>Goldman Sachs Trust</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>MORGAN STANLEY INSTITUTIONAL LIQUIDITY FUNDS</name>
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        <fairValLevel>1</fairValLevel>
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        <name>AGREE REALTY CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>ASSURANT INC</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>HANCOCK WHITNEY CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>TIMKEN COMPANY (THE)</name>
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        <title>TIMKEN COMPANY (THE) COM</title>
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          <ticker value="TKR"/>
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        <fairValLevel>1</fairValLevel>
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        <name>KODIAK GAS SERVICES INC</name>
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        <title>KODIAK GAS SERVICES INC COM</title>
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          <ticker value="KGS"/>
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        <fairValLevel>1</fairValLevel>
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        <name>KNIFE RIVER CORP</name>
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        <title>KNIFE RIVER CORP COMMON STOCK</title>
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        <curCd>USD</curCd>
        <valUSD>14860903.20000000</valUSD>
        <pctVal>0.445580667675</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HELIOS TECHNOLOGIES INC</name>
        <lei>5493000BCJSMIDRNTI78</lei>
        <title>HELIOS TECHNOLOGIES INC COM</title>
        <cusip>42328H109</cusip>
        <identifiers>
          <isin value="US42328H1095"/>
          <ticker value="HLIO"/>
        </identifiers>
        <balance>404950.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>29569449.00000000</valUSD>
        <pctVal>0.886593139789</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BLACKROCK LIQUIDITY FUNDS</name>
        <lei>5493007YVNX55LTRQ706</lei>
        <title>BLACKROCK LIQUIDITY FUNDS FEDFUND INSTL</title>
        <cusip>09248U700</cusip>
        <identifiers>
          <isin value="US09248U7000"/>
          <ticker value="TFDXX"/>
        </identifiers>
        <balance>10065584.66000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10065584.66000000</valUSD>
        <pctVal>0.301800629004</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CONSTELLIUM SE</name>
        <lei>724500KRJEMC79KAAU28</lei>
        <title>CONSTELLIUM SE CL A SHS</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="FR0013467479"/>
          <ticker value="CSTM"/>
          <other otherDesc="SEDOL" value="BKPR6S5"/>
        </identifiers>
        <balance>1201264.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>31749407.52000000</valUSD>
        <pctVal>0.951955746609</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ONESPAWORLD HOLDINGS LTD</name>
        <lei>5493007W8PZ8W6UC2X76</lei>
        <title>ONESPAWORLD HOLDINGS LTD COM USD0.0001</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BSP736841136"/>
          <ticker value="OSW"/>
          <other otherDesc="SEDOL" value="BJY21L2"/>
        </identifiers>
        <balance>1069900.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>26565617.00000000</valUSD>
        <pctVal>0.796527990308</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BS</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>F&amp;G ANNUITIES &amp; LIFE INC</name>
        <lei>N/A</lei>
        <title>F&amp;G ANNUITIES &amp; LIFE INC COMMON STOCK</title>
        <cusip>30190A104</cusip>
        <identifiers>
          <isin value="US30190A1043"/>
          <ticker value="FG"/>
        </identifiers>
        <balance>807600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>19220880.00000000</valUSD>
        <pctVal>0.576307673123</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GATES INDUSTRIAL CORPORATION LTD</name>
        <lei>549300S6K4FWUSB9KM27</lei>
        <title>GATES INDUSTRIAL CORPORATION LTD COM SHS</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BMG391041073"/>
          <ticker value="GTES"/>
          <other otherDesc="SEDOL" value="BPY0594"/>
        </identifiers>
        <balance>1624147.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>41545680.26000000</valUSD>
        <pctVal>1.245681483832</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TD SYNNEX CORP</name>
        <lei>5493004HI6PFLF46NS53</lei>
        <title>TD SYNNEX CORP COM</title>
        <cusip>87162W100</cusip>
        <identifiers>
          <isin value="US87162W1009"/>
          <ticker value="SNX"/>
        </identifiers>
        <balance>242447.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>61302723.95000000</valUSD>
        <pctVal>1.838065176814</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KINETIK HOLDINGS INC</name>
        <lei>N/A</lei>
        <title>KINETIK HOLDINGS INC COM NEW CL A</title>
        <cusip>02215L209</cusip>
        <identifiers>
          <isin value="US02215L2097"/>
          <ticker value="KNTK"/>
        </identifiers>
        <balance>538255.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>29512521.65000000</valUSD>
        <pctVal>0.884886263277</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-10-29</ncom:dateSigned>
      <ncom:nameOfApplicant>Delaware Group Equity Funds V</ncom:nameOfApplicant>
      <ncom:signature>Dan Geatens</ncom:signature>
      <ncom:signerName>Dan Geatens</ncom:signerName>
      <ncom:title>Division Director - Head of US Fund Administration</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
