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        <name>Pearson plc</name>
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          <isin value="GB0007188757"/>
          <ticker value="RTPPF"/>
          <other otherDesc="SEDOL" value="0718875"/>
        </identifiers>
        <balance>21826.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".738798"/>
        <valUSD>1445223.08</valUSD>
        <pctVal>1.4606648933</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ST Jamess Place</name>
        <lei>213800M993ICXOMBCP87</lei>
        <title>ST JAMES'S PLACE PLC /GBP/</title>
        <cusip>G5005D124</cusip>
        <identifiers>
          <isin value="GB0007669376"/>
          <ticker value="STJPF"/>
          <other otherDesc="SEDOL" value="0766937"/>
        </identifiers>
        <balance>85989.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".738798"/>
        <valUSD>1959432.51</valUSD>
        <pctVal>1.9803685104</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SSE Plc</name>
        <lei>549300KI75VYLLMSK856</lei>
        <title>SSE PLC /GBP/</title>
        <cusip>G8842P102</cusip>
        <identifiers>
          <isin value="GB0007908733"/>
          <ticker value="SSEZF"/>
          <other otherDesc="SEDOL" value="0790873"/>
        </identifiers>
        <balance>105803.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".738798"/>
        <valUSD>2361527.06</valUSD>
        <pctVal>2.3867593307</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Smith(Ds)</name>
        <lei>39RSBE4RCI4M15BLWH36</lei>
        <title>DS SMITH PLC /GBP/</title>
        <cusip>G2848Q123</cusip>
        <identifiers>
          <isin value="GB0008220112"/>
          <ticker value="DITHF"/>
          <other otherDesc="SEDOL" value="0822011"/>
        </identifiers>
        <balance>151957.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".738798"/>
        <valUSD>789405.18</valUSD>
        <pctVal>0.7978397584</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lloyds Banking Group plc</name>
        <lei>549300PPXHEU2JF0AM85</lei>
        <title>LLOYDS BANKING GROUP PLC /GBP/</title>
        <cusip>G5533W248</cusip>
        <identifiers>
          <isin value="GB0008706128"/>
          <ticker value="LLDTF"/>
          <other otherDesc="SEDOL" value="0870612"/>
        </identifiers>
        <balance>2040142.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".738798"/>
        <valUSD>1319965.51</valUSD>
        <pctVal>1.3340689804</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tate &amp; Lyle plc</name>
        <lei>2138008K14474WPKZ244</lei>
        <title>TATE &amp; LYLE PLC /GBP/</title>
        <cusip>G86838128</cusip>
        <identifiers>
          <isin value="GB0008754136"/>
          <ticker value="TATYF"/>
          <other otherDesc="SEDOL" value="0875413"/>
        </identifiers>
        <balance>172001.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".738798"/>
        <valUSD>1539818.20</valUSD>
        <pctVal>1.5562707363</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GlaxoSmithKline PLC</name>
        <lei>5493000HZTVUYLO1D793</lei>
        <title>GLAXOSMITHKLINE PLC /GBP/</title>
        <cusip>G3910J112</cusip>
        <identifiers>
          <isin value="GB0009252882"/>
          <ticker value="GLAXF"/>
          <other otherDesc="SEDOL" value="0925288"/>
        </identifiers>
        <balance>22370.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".738798"/>
        <valUSD>486461.01</valUSD>
        <pctVal>0.4916587128</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Dechra Pharma</name>
        <lei>213800J4UVB5OWG8VX82</lei>
        <title>DECHRA PHARMACEUTICALS P /GBP/</title>
        <cusip>G2769C145</cusip>
        <identifiers>
          <isin value="GB0009633180"/>
          <ticker value="DCHPF"/>
          <other otherDesc="SEDOL" value="0963318"/>
        </identifiers>
        <balance>21797.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".738798"/>
        <valUSD>1571052.23</valUSD>
        <pctVal>1.5878384933</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AstraZeneca PLC</name>
        <lei>PY6ZZQWO2IZFZC3IOL08</lei>
        <title>ASTRAZENECA PLC /GBP/</title>
        <cusip>G0593M107</cusip>
        <identifiers>
          <isin value="GB0009895292"/>
          <ticker value="AZNCF"/>
          <other otherDesc="SEDOL" value="0989529"/>
        </identifiers>
        <balance>7313.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".738798"/>
        <valUSD>858992.77</valUSD>
        <pctVal>0.8681708728</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BT Group PLC</name>
        <lei>213800LRO7NS5CYQMN21</lei>
        <title>BT GROUP PLC /GBP/</title>
        <cusip>G16612106</cusip>
        <identifiers>
          <isin value="GB0030913577"/>
          <ticker value="BTGOF"/>
          <other otherDesc="SEDOL" value="3091357"/>
        </identifiers>
        <balance>818335.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".738798"/>
        <valUSD>1878032.95</valUSD>
        <pctVal>1.8980992184</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Asos PLC</name>
        <lei>213800H8DBB8JSKDW630</lei>
        <title>ASOS PLC /GBP/</title>
        <cusip>G0536Q108</cusip>
        <identifiers>
          <isin value="GB0030927254"/>
          <ticker value="ASOMF"/>
          <other otherDesc="SEDOL" value="3092725"/>
        </identifiers>
        <balance>6402.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".738798"/>
        <valUSD>207190.35</valUSD>
        <pctVal>0.2094041222</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Barclays PLC</name>
        <lei>213800LBQA1Y9L22JB70</lei>
        <title>BARCLAYS PLC /GBP/</title>
        <cusip>G08036124</cusip>
        <identifiers>
          <isin value="GB0031348658"/>
          <ticker value="BCLYF"/>
          <other otherDesc="SEDOL" value="3134865"/>
        </identifiers>
        <balance>371101.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".738798"/>
        <valUSD>939308.00</valUSD>
        <pctVal>0.9493442491</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Burberry Group</name>
        <lei>213800PE1KEFCNFR1R50</lei>
        <title>BURBERRY GROUP PLC /GBP/</title>
        <cusip>G1700D105</cusip>
        <identifiers>
          <isin value="GB0031743007"/>
          <ticker value="BBRYF"/>
          <other otherDesc="SEDOL" value="3174300"/>
        </identifiers>
        <balance>15369.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".738798"/>
        <valUSD>378089.25</valUSD>
        <pctVal>0.3821290302</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kingfisher plc</name>
        <lei>213800KBMEV7I92FY281</lei>
        <title>KINGFISHER PLC /GBP/</title>
        <cusip>G5256E441</cusip>
        <identifiers>
          <isin value="GB0033195214"/>
          <ticker value="KGFHF"/>
          <other otherDesc="SEDOL" value="3319521"/>
        </identifiers>
        <balance>435548.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".738798"/>
        <valUSD>1994400.20</valUSD>
        <pctVal>2.0157098206</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ITV Plc</name>
        <lei>ZLECI7ED2QMWFGYCXZ59</lei>
        <title>ITV PLC /GBP/</title>
        <cusip>G4984A110</cusip>
        <identifiers>
          <isin value="GB0033986497"/>
          <ticker value="ITVPF"/>
          <other otherDesc="SEDOL" value="3398649"/>
        </identifiers>
        <balance>505797.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".738798"/>
        <valUSD>756849.07</valUSD>
        <pctVal>0.7649357953</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sainsbury (J) plc</name>
        <lei>213800VGZAAJIKJ9Y484</lei>
        <title>SAINSBURY (J) PLC /GBP/</title>
        <cusip>G77732173</cusip>
        <identifiers>
          <isin value="GB00B019KW72"/>
          <ticker value="JSNSF"/>
          <other otherDesc="SEDOL" value="B019KW7"/>
        </identifiers>
        <balance>467276.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".738798"/>
        <valUSD>1744383.73</valUSD>
        <pctVal>1.7630219930</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IG Group Holdings</name>
        <lei>2138003A5Q1M7ANOUD76</lei>
        <title>IG GROUP HOLDINGS PLC /GBP/</title>
        <cusip>G4753Q106</cusip>
        <identifiers>
          <isin value="GB00B06QFB75"/>
          <ticker value="IGGRF"/>
          <other otherDesc="SEDOL" value="B06QFB7"/>
        </identifiers>
        <balance>149948.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".738798"/>
        <valUSD>1650081.94</valUSD>
        <pctVal>1.6677126142</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bunzl Plc</name>
        <lei>213800Q1Q9DV4L78UM09</lei>
        <title>BUNZL PLC /GBP/</title>
        <cusip>G16968110</cusip>
        <identifiers>
          <isin value="GB00B0744B38"/>
          <ticker value="BZLFF"/>
          <other otherDesc="SEDOL" value="B0744B3"/>
        </identifiers>
        <balance>13291.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".738798"/>
        <valUSD>519012.44</valUSD>
        <pctVal>0.5245579460</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hikma Pharmaceuticals PLC</name>
        <lei>549300BNS685UXH4JI75</lei>
        <title>HIKMA PHARMACEUTICALS PL /GBP/</title>
        <cusip>G4576K104</cusip>
        <identifiers>
          <isin value="GB00B0LCW083"/>
          <ticker value="HKMPF"/>
          <other otherDesc="SEDOL" value="B0LCW08"/>
        </identifiers>
        <balance>25962.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".738798"/>
        <valUSD>779775.77</valUSD>
        <pctVal>0.7881074608</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Investec Plc</name>
        <lei>2138007Z3U5GWDN3MY22</lei>
        <title>INVESTEC PLC /GBP/</title>
        <cusip>G49188116</cusip>
        <identifiers>
          <isin value="GB00B17BBQ50"/>
          <ticker value="IVTJF"/>
          <other otherDesc="SEDOL" value="B17BBQ5"/>
        </identifiers>
        <balance>550666.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".738798"/>
        <valUSD>3000049.60</valUSD>
        <pctVal>3.0321043094</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mondi PLC</name>
        <lei>213800LOZA69QFDC9N34</lei>
        <title>MONDI PLC /GBP/</title>
        <cusip>G6258S107</cusip>
        <identifiers>
          <isin value="GB00B1CRLC47"/>
          <ticker value="MONDF"/>
          <other otherDesc="SEDOL" value="B1CRLC4"/>
        </identifiers>
        <balance>33405.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".738798"/>
        <valUSD>825632.04</valUSD>
        <pctVal>0.8344536925</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Anglo American PLC</name>
        <lei>549300S9XF92D1X8ME43</lei>
        <title>ANGLO AMERICAN PLC /GBP/</title>
        <cusip>G03764134</cusip>
        <identifiers>
          <isin value="GB00B1XZS820"/>
          <ticker value="AAUKF"/>
          <other otherDesc="SEDOL" value="B1XZS82"/>
        </identifiers>
        <balance>33768.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".738798"/>
        <valUSD>1378513.31</valUSD>
        <pctVal>1.3932423477</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>3i Group PLC</name>
        <lei>35GDVHRBMFE7NWATNM84</lei>
        <title>3I GROUP PLC /GBP/</title>
        <cusip>G88473148</cusip>
        <identifiers>
          <isin value="GB00B1YW4409"/>
          <ticker value="TGOPF"/>
          <other otherDesc="SEDOL" value="B1YW440"/>
        </identifiers>
        <balance>135343.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".738798"/>
        <valUSD>2654473.98</valUSD>
        <pctVal>2.6828363084</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fresnillo PLC</name>
        <lei>549300JXWH1UV5J0XV81</lei>
        <title>FRESNILLO PLC /GBP/</title>
        <cusip>G371E2108</cusip>
        <identifiers>
          <isin value="GB00B2QPKJ12"/>
          <ticker value="FNLPF"/>
          <other otherDesc="SEDOL" value="B2QPKJ1"/>
        </identifiers>
        <balance>123450.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".738798"/>
        <valUSD>1491830.78</valUSD>
        <pctVal>1.5077705838</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United Utilities Group PLC</name>
        <lei>2138002IEYQAOC88ZJ59</lei>
        <title>UNITED UTILITIES GROUP P /GBP/</title>
        <cusip>G92755100</cusip>
        <identifiers>
          <isin value="GB00B39J2M42"/>
          <ticker value="UUGWF"/>
          <other otherDesc="SEDOL" value="B39J2M4"/>
        </identifiers>
        <balance>65171.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".738798"/>
        <valUSD>960630.90</valUSD>
        <pctVal>0.9708949784</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Glencore PLC</name>
        <lei>2138002658CPO9NBH955</lei>
        <title>GLENCORE PLC /GBP/</title>
        <cusip>G39420107</cusip>
        <identifiers>
          <isin value="JE00B4T3BW64"/>
          <ticker value="GLCNF"/>
          <other otherDesc="SEDOL" value="B4T3BW6"/>
        </identifiers>
        <balance>414072.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".738798"/>
        <valUSD>2101471.52</valUSD>
        <pctVal>2.1239251684</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Entain Plc</name>
        <lei>213800GNI3K45LQR8L28</lei>
        <title>ENTAIN PLC /GBP/</title>
        <cusip>G427A6103</cusip>
        <identifiers>
          <isin value="IM00B5VQMV65"/>
          <ticker value="GMVHF"/>
          <other otherDesc="SEDOL" value="B5VQMV6"/>
        </identifiers>
        <balance>90952.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".738798"/>
        <valUSD>2071908.91</valUSD>
        <pctVal>2.0940466900</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Segro Plc</name>
        <lei>213800XC35KGM9NFC641</lei>
        <title>SEGRO PLC /GBP/</title>
        <cusip>G80277141</cusip>
        <identifiers>
          <isin value="GB00B5ZN1N88"/>
          <ticker value="SEGXF"/>
          <other otherDesc="SEDOL" value="B5ZN1N8"/>
        </identifiers>
        <balance>145050.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".738798"/>
        <valUSD>2820315.22</valUSD>
        <pctVal>2.8504495167</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Polymetal Intl Plc</name>
        <lei>213800JKJ5HJWYS4GR61</lei>
        <title>POLYMETAL INTERNATIONAL  /GBP/</title>
        <cusip>G7179S101</cusip>
        <identifiers>
          <isin value="JE00B6T5S470"/>
          <ticker value="POYYF"/>
          <other otherDesc="SEDOL" value="B6T5S47"/>
        </identifiers>
        <balance>81702.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".738798"/>
        <valUSD>1450358.19</valUSD>
        <pctVal>1.4658548705</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Evraz Plc</name>
        <lei>5493005B7DAN39RXLK23</lei>
        <title>EVRAZ PLC /GBP/</title>
        <cusip>G33090104</cusip>
        <identifiers>
          <isin value="GB00B71N6K86"/>
          <ticker value="EVRZF"/>
          <other otherDesc="SEDOL" value="B71N6K8"/>
        </identifiers>
        <balance>107268.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".738798"/>
        <valUSD>873478.66</valUSD>
        <pctVal>0.8828115406</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NatWest Group PLC</name>
        <lei>2138005O9XJIJN4JPN90</lei>
        <title>NATWEST GROUP PLC /GBP/</title>
        <cusip>G7S86Z172</cusip>
        <identifiers>
          <isin value="GB00B7T77214"/>
          <ticker value="RBSPF"/>
          <other otherDesc="SEDOL" value="B7T7721"/>
        </identifiers>
        <balance>312514.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".738798"/>
        <valUSD>954718.47</valUSD>
        <pctVal>0.9649193757</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WPP PLC</name>
        <lei>549300LSGBXPYHXGDT93</lei>
        <title>WPP PLC /GBP/</title>
        <cusip>G9788D103</cusip>
        <identifiers>
          <isin value="JE00B8KF9B49"/>
          <ticker value="WPPGF"/>
          <other otherDesc="SEDOL" value="B8KF9B4"/>
        </identifiers>
        <balance>97777.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".738798"/>
        <valUSD>1481614.08</valUSD>
        <pctVal>1.4974447212</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Coca-Cola Hbc Ag</name>
        <lei>549300EFP3TNG7JGVE49</lei>
        <title>COCA-COLA HBC AG-DI /GBP/</title>
        <cusip>H1512E100</cusip>
        <identifiers>
          <isin value="CH0198251305"/>
          <ticker value="CCHBF"/>
          <other otherDesc="SEDOL" value="B9895B7"/>
        </identifiers>
        <balance>12147.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".738798"/>
        <valUSD>420082.15</valUSD>
        <pctVal>0.4245706129</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ConvaTec Group PLC</name>
        <lei>213800LS272L4FIDOH92</lei>
        <title>CONVATEC GROUP PLC /GBP/</title>
        <cusip>G23969101</cusip>
        <identifiers>
          <isin value="GB00BD3VFW73"/>
          <ticker value="CNVVF"/>
          <other otherDesc="SEDOL" value="BD3VFW7"/>
        </identifiers>
        <balance>395903.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".738798"/>
        <valUSD>1035041.57</valUSD>
        <pctVal>1.0461007061</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>National Grid plc</name>
        <lei>8R95QZMKZLJX5Q2XR704</lei>
        <title>NATIONAL GRID PLC /GBP/</title>
        <cusip>G6S9A7120</cusip>
        <identifiers>
          <isin value="GB00BDR05C01"/>
          <ticker value="NGGTF"/>
          <other otherDesc="SEDOL" value="BDR05C0"/>
        </identifiers>
        <balance>34482.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".738798"/>
        <valUSD>494641.62</valUSD>
        <pctVal>0.4999267304</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Royal Mail Plc</name>
        <lei>213800TCZZU84G8Z2M70</lei>
        <title>ROYAL MAIL PLC /GBP/</title>
        <cusip>G7368G108</cusip>
        <identifiers>
          <isin value="GB00BDVZYZ77"/>
          <ticker value="ROYMF"/>
          <other otherDesc="SEDOL" value="BDVZYZ7"/>
        </identifiers>
        <balance>274952.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".738798"/>
        <valUSD>1883136.01</valUSD>
        <pctVal>1.9032568032</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Abrdn PLC</name>
        <lei>0TMBS544NMO7GLCE7H90</lei>
        <title>ABRDN PLC /GBP/</title>
        <cusip>G84246118</cusip>
        <identifiers>
          <isin value="GB00BF8Q6K64"/>
          <ticker value="SLFPF"/>
          <other otherDesc="SEDOL" value="BF8Q6K6"/>
        </identifiers>
        <balance>585819.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".738798"/>
        <valUSD>1910181.09</valUSD>
        <pctVal>1.9305908525</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tritax Big Box REIT Plc</name>
        <lei>213800L6X88MIYPVR714</lei>
        <title>TRITAX BIG BOX REIT PLC /GBP/</title>
        <cusip>G9101W101</cusip>
        <identifiers>
          <isin value="GB00BG49KP99"/>
          <ticker value="TTBXF"/>
          <other otherDesc="SEDOL" value="BG49KP9"/>
        </identifiers>
        <balance>808747.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".738798"/>
        <valUSD>2725751.87</valUSD>
        <pctVal>2.7548757832</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IMI Plc</name>
        <lei>2138002W9Q21PF751R30</lei>
        <title>IMI PLC /GBP/</title>
        <cusip>G47152114</cusip>
        <identifiers>
          <isin value="GB00BGLP8L22"/>
          <ticker value="IMIAF"/>
          <other otherDesc="SEDOL" value="BGLP8L2"/>
        </identifiers>
        <balance>92301.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".738798"/>
        <valUSD>2168854.49</valUSD>
        <pctVal>2.1920281070</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Phoenix Group Holdings Plc</name>
        <lei>2138001P49OLAEU33T68</lei>
        <title>PHOENIX GROUP HOLDINGS P /GBP/</title>
        <cusip>G7S8MZ109</cusip>
        <identifiers>
          <isin value="GB00BGXQNP29"/>
          <ticker value="PNXGF"/>
          <other otherDesc="SEDOL" value="BGXQNP2"/>
        </identifiers>
        <balance>140825.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".738798"/>
        <valUSD>1245088.51</valUSD>
        <pctVal>1.2583919402</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bhp Group Plc</name>
        <lei>549300C116EOWV835768</lei>
        <title>BHP GROUP PLC /GBP/</title>
        <cusip>G10879107</cusip>
        <identifiers>
          <isin value="GB00BH0P3Z91"/>
          <ticker value="BHPBF"/>
          <other otherDesc="SEDOL" value="BH0P3Z9"/>
        </identifiers>
        <balance>14907.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".738798"/>
        <valUSD>443801.24</valUSD>
        <pctVal>0.4485431349</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vodafone Group plc</name>
        <lei>213800TB53ELEUKM7Q61</lei>
        <title>VODAFONE GROUP PLC /GBP/</title>
        <cusip>G93882192</cusip>
        <identifiers>
          <isin value="GB00BH4HKS39"/>
          <ticker value="VODPF"/>
          <other otherDesc="SEDOL" value="BH4HKS3"/>
        </identifiers>
        <balance>1046692.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".738798"/>
        <valUSD>1590443.45</valUSD>
        <pctVal>1.6074369032</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Croda International PLC</name>
        <lei>2138004WCNBFJEEOXV26</lei>
        <title>CRODA INTERNATIONAL PLC /GBP/</title>
        <cusip>G25536155</cusip>
        <identifiers>
          <isin value="GB00BJFFLV09"/>
          <ticker value="COIHF"/>
          <other otherDesc="SEDOL" value="BJFFLV0"/>
        </identifiers>
        <balance>4309.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".738798"/>
        <valUSD>590243.61</valUSD>
        <pctVal>0.5965502015</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ferguson PLC</name>
        <lei>213800DU1LGY3R2S2X42</lei>
        <title>FERGUSON PLC /GBP/</title>
        <cusip>G0228V100</cusip>
        <identifiers>
          <isin value="JE00BJVNSS43"/>
          <ticker value="FERG"/>
          <other otherDesc="SEDOL" value="BJVNSS4"/>
        </identifiers>
        <balance>9478.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".738798"/>
        <valUSD>1681233.43</valUSD>
        <pctVal>1.6991969493</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Travis Perkins</name>
        <lei>2138001I27OUBAF22K83</lei>
        <title>TRAVIS PERKINS PLC /GBP/</title>
        <cusip>G90202139</cusip>
        <identifiers>
          <isin value="GB00BK9RKT01"/>
          <ticker value="TVPKF"/>
          <other otherDesc="SEDOL" value="BK9RKT0"/>
        </identifiers>
        <balance>76871.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".738798"/>
        <valUSD>1617437.65</valUSD>
        <pctVal>1.6347195289</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>M&amp;G PLC</name>
        <lei>254900TWUJUQ44TQJY84</lei>
        <title>M&amp;G PLC /GBP/</title>
        <cusip>G6106Z105</cusip>
        <identifiers>
          <isin value="GB00BKFB1C65"/>
          <ticker value="MGPUF"/>
          <other otherDesc="SEDOL" value="BKFB1C6"/>
        </identifiers>
        <balance>416139.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".738798"/>
        <valUSD>1123713.53</valUSD>
        <pctVal>1.1357201017</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tesco plc</name>
        <lei>2138002P5RNKC5W2JZ46</lei>
        <title>TESCO PLC /GBP/</title>
        <cusip>G8T67X102</cusip>
        <identifiers>
          <isin value="GB00BLGZ9862"/>
          <ticker value="TSCDF"/>
          <other otherDesc="SEDOL" value="BLGZ986"/>
        </identifiers>
        <balance>427245.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".738798"/>
        <valUSD>1676484.31</valUSD>
        <pctVal>1.6943970863</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Berkeley Gp Hldgs</name>
        <lei>2138009OQSSLVVHQAL78</lei>
        <title>BERKELEY GROUP HOLDINGS/ /GBP/</title>
        <cusip>G1191G138</cusip>
        <identifiers>
          <isin value="GB00BLJNXL82"/>
          <ticker value="BKGFF"/>
          <other otherDesc="SEDOL" value="BLJNXL8"/>
        </identifiers>
        <balance>12763.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".738798"/>
        <valUSD>824898.35</valUSD>
        <pctVal>0.8337121632</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JD Sports Fashion</name>
        <lei>213800HROV6Y9MUU8375</lei>
        <title>JD SPORTS FASHION PLC /GBP/</title>
        <cusip>G5144Y120</cusip>
        <identifiers>
          <isin value="GB00BM8Q5M07"/>
          <ticker value="JDDSF"/>
          <other otherDesc="SEDOL" value="BM8Q5M0"/>
        </identifiers>
        <balance>518250.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".738798"/>
        <valUSD>1527817.48</valUSD>
        <pctVal>1.5441417919</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>B&amp;M European Value Retail SA</name>
        <lei>213800UK7ZRLY2K1X530</lei>
        <title>B&amp;M EUROPEAN VALUE RETAI /GBP/</title>
        <cusip>L1175H106</cusip>
        <identifiers>
          <isin value="LU1072616219"/>
          <ticker value="BMRPF"/>
          <other otherDesc="SEDOL" value="BMTRW10"/>
        </identifiers>
        <balance>230714.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".738798"/>
        <valUSD>1979873.74</valUSD>
        <pctVal>2.0010281494</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Spirax-Sarco Eng</name>
        <lei>213800WFVZQMHOZP2W17</lei>
        <title>SPIRAX-SARCO ENGINEERING /GBP/</title>
        <cusip>G83561129</cusip>
        <identifiers>
          <isin value="GB00BWFGQN14"/>
          <ticker value="SPXSF"/>
          <other otherDesc="SEDOL" value="BWFGQN1"/>
        </identifiers>
        <balance>2332.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".738798"/>
        <valUSD>506614.80</valUSD>
        <pctVal>0.5120278406</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Direct Line Insurance Group Plc</name>
        <lei>213800FF2R23ALJQOP04</lei>
        <title>DIRECT LINE INSURANCE GR /GBP/</title>
        <cusip>G2871V114</cusip>
        <identifiers>
          <isin value="GB00BY9D0Y18"/>
          <ticker value="DIISF"/>
          <other otherDesc="SEDOL" value="BY9D0Y1"/>
        </identifiers>
        <balance>334225.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".738798"/>
        <valUSD>1262168.75</valUSD>
        <pctVal>1.2756546779</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Intermediate Capital Group PLC</name>
        <lei>549300OGASR5WRKJ8R68</lei>
        <title>INTERMEDIATE CAPITAL GRO /GBP/</title>
        <cusip>G4807D192</cusip>
        <identifiers>
          <isin value="GB00BYT1DJ19"/>
          <ticker value="ICGUF"/>
          <other otherDesc="SEDOL" value="BYT1DJ1"/>
        </identifiers>
        <balance>59796.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".738798"/>
        <valUSD>1775754.99</valUSD>
        <pctVal>1.7947284463</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Softcat Plc</name>
        <lei>213800N42YZLR9GLVC42</lei>
        <title>SOFTCAT PLC /GBP/</title>
        <cusip>G8251T108</cusip>
        <identifiers>
          <isin value="GB00BYZDVK82"/>
          <ticker value="SCT"/>
          <other otherDesc="SEDOL" value="BYZDVK8"/>
        </identifiers>
        <balance>54206.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".738798"/>
        <valUSD>1323604.34</valUSD>
        <pctVal>1.3377466903</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Future PLC</name>
        <lei>213800K2581YRLEXV353</lei>
        <title>FUTURE PLC /GBP/</title>
        <cusip>G37005132</cusip>
        <identifiers>
          <isin value="GB00BYZN9041"/>
          <ticker value="FRNWF"/>
          <other otherDesc="SEDOL" value="BYZN904"/>
        </identifiers>
        <balance>50689.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".738798"/>
        <valUSD>2627766.59</valUSD>
        <pctVal>2.6558435572</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Johnson Matthey Bankers Ltd</name>
        <lei>2138001AVBSD1HSC6Z10</lei>
        <title>JOHNSON MATTHEY PLC /GBP/</title>
        <cusip>G51604166</cusip>
        <identifiers>
          <isin value="GB00BZ4BQC70"/>
          <ticker value="JMPLF"/>
          <other otherDesc="SEDOL" value="BZ4BQC7"/>
        </identifiers>
        <balance>41330.0000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".738798"/>
        <valUSD>1144577.81</valUSD>
        <pctVal>1.1568073108</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</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>2022-01-30</ncom:dateSigned>
      <ncom:nameOfApplicant>First Trust Exchange-Traded AlphaDEX Fund II </ncom:nameOfApplicant>
      <ncom:signature>Donald P. Swade</ncom:signature>
      <ncom:signerName>First Trust Exchange-Traded AlphaDEX Fund II</ncom:signerName>
      <ncom:title>Treasurer, Chief Financial Officer and Chief Accounting Officer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
