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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KANDENKO CO LTD</name>
        <lei>35380080NSN7GCYZ3X14</lei>
        <title>KANDENKO CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="1942 JP"/>
          <other otherDesc="SEDOL" value="6483586"/>
        </identifiers>
        <balance>195000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="107.975"/>
        <valUSD>1656077.80</valUSD>
        <pctVal>2.08</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KINDEN CORP</name>
        <lei>N/A</lei>
        <title>KINDEN CORP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="1944 JP"/>
          <other otherDesc="SEDOL" value="6492924"/>
        </identifiers>
        <balance>98700</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="107.975"/>
        <valUSD>1626184.76</valUSD>
        <pctVal>2.04</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KOITO MFG CO LTD</name>
        <lei>N/A</lei>
        <title>KOITO MFG CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="7276 JP"/>
          <other otherDesc="SEDOL" value="6496324"/>
        </identifiers>
        <balance>44200</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="107.975"/>
        <valUSD>1776596.43</valUSD>
        <pctVal>2.23</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KYUDENKO CORP</name>
        <lei>N/A</lei>
        <title>KYUDENKO CORP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="1959 JP"/>
          <other otherDesc="SEDOL" value="6499969"/>
        </identifiers>
        <balance>56500</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="107.975"/>
        <valUSD>1663996.30</valUSD>
        <pctVal>2.09</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BLUESCOPE STEEL</name>
        <lei>529900H6UQI16XACWC95</lei>
        <title>BLUESCOPE STEEL</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="BSL AU"/>
          <other otherDesc="SEDOL" value="6533232"/>
        </identifiers>
        <balance>243432</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.44907"/>
        <valUSD>1963825.13</valUSD>
        <pctVal>2.47</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NIKON CORP</name>
        <lei>549300X7LIS9RFELXJ98</lei>
        <title>NIKON CORP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="7731 JP"/>
          <other otherDesc="SEDOL" value="6642321"/>
        </identifiers>
        <balance>176400</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="107.975"/>
        <valUSD>1473607.78</valUSD>
        <pctVal>1.85</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OBAYASHI CORP</name>
        <lei>529900YT4O5S0LCXWD54</lei>
        <title>OBAYASHI CORP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="1802 JP"/>
          <other otherDesc="SEDOL" value="6656407"/>
        </identifiers>
        <balance>188000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="107.975"/>
        <valUSD>1755072.93</valUSD>
        <pctVal>2.20</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SANTOS LIMITED</name>
        <lei>5299000RK70B5O2M7077</lei>
        <title>SANTOS LIMITED</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="STO AU"/>
          <other otherDesc="SEDOL" value="6776703"/>
        </identifiers>
        <balance>522200</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.44907"/>
        <valUSD>1909956.04</valUSD>
        <pctVal>2.40</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SEKISUI HOUSE</name>
        <lei>529900GMNDOYQSAJAE76</lei>
        <title>SEKISUI HOUSE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="1928 JP"/>
          <other otherDesc="SEDOL" value="6793906"/>
        </identifiers>
        <balance>94800</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="107.975"/>
        <valUSD>1802056.03</valUSD>
        <pctVal>2.26</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SHIMIZU CORP</name>
        <lei>353800BRAE0QFP3ZLY22</lei>
        <title>SHIMIZU CORP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="1803 JP"/>
          <other otherDesc="SEDOL" value="6804400"/>
        </identifiers>
        <balance>209800</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="107.975"/>
        <valUSD>1719592.50</valUSD>
        <pctVal>2.16</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SUZUKEN CO LTD</name>
        <lei>N/A</lei>
        <title>SUZUKEN CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="9987 JP"/>
          <other otherDesc="SEDOL" value="6865560"/>
        </identifiers>
        <balance>42300</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="107.975"/>
        <valUSD>1574864.55</valUSD>
        <pctVal>1.98</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TOKUYAMA CORP</name>
        <lei>529900MHGZKHNMNCQB62</lei>
        <title>TOKUYAMA CORP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="4043 JP"/>
          <other otherDesc="SEDOL" value="6895761"/>
        </identifiers>
        <balance>78100</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="107.975"/>
        <valUSD>1831435.05</valUSD>
        <pctVal>2.30</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TOSOH CORP</name>
        <lei>529900YSLFVJF2MDBX02</lei>
        <title>TOSOH CORP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="4042 JP"/>
          <other otherDesc="SEDOL" value="6900289"/>
        </identifiers>
        <balance>133400</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="107.975"/>
        <valUSD>1816142.63</valUSD>
        <pctVal>2.28</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</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 GP HLDGS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="BKG LN"/>
          <other otherDesc="SEDOL" value="B02L3W3"/>
        </identifiers>
        <balance>31257</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.80704"/>
        <valUSD>1613122.09</valUSD>
        <pctVal>2.03</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>GUNGHO ONLINE ENTE</name>
        <lei>529900TH7FB4RV6F5S47</lei>
        <title>GUNGHO ONLINE ENTE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="3765 JP"/>
          <other otherDesc="SEDOL" value="B064D84"/>
        </identifiers>
        <balance>105900</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="107.975"/>
        <valUSD>1885064.14</valUSD>
        <pctVal>2.37</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LEONARDO-FINMECCANICA SPA</name>
        <lei>529900X4EEX1U9LN3U39</lei>
        <title>LEONARDO-FINMECCANICA SPA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="LDO IM"/>
          <other otherDesc="SEDOL" value="B0DJNG0"/>
        </identifiers>
        <balance>254736</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89008"/>
        <valUSD>1688547.55</valUSD>
        <pctVal>2.12</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SEVEN &amp; I HOLDINGS</name>
        <lei>52990037G8JRM3TWGY86</lei>
        <title>SEVEN &amp; I HOLDINGS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="3382 JP"/>
          <other otherDesc="SEDOL" value="B0FS5D6"/>
        </identifiers>
        <balance>50000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="107.975"/>
        <valUSD>1630006.95</valUSD>
        <pctVal>2.05</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INPEX CORPORATION</name>
        <lei>353800VHYYADPR6MXQ47</lei>
        <title>INPEX CORPORATION</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="1605 JP"/>
          <other otherDesc="SEDOL" value="B10RB15"/>
        </identifiers>
        <balance>254800</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="107.975"/>
        <valUSD>1573754.29</valUSD>
        <pctVal>1.98</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TS TECH CO.LTD.</name>
        <lei>N/A</lei>
        <title>TS TECH CO.LTD.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="7313 JP"/>
          <other otherDesc="SEDOL" value="B1P1JR4"/>
        </identifiers>
        <balance>60600</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="107.975"/>
        <valUSD>1659589.72</valUSD>
        <pctVal>2.08</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ANGLO AMERICAN</name>
        <lei>549300S9XF92D1X8ME43</lei>
        <title>ANGLO AMERICAN</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="AAL LN"/>
          <other otherDesc="SEDOL" value="B1XZS82"/>
        </identifiers>
        <balance>94581</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.80704"/>
        <valUSD>2190842.11</valUSD>
        <pctVal>2.75</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>PERSOL HOLDINGS CO</name>
        <lei>3538000H6OI725NB2008</lei>
        <title>PERSOL HOLDINGS CO</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="2181 JP"/>
          <other otherDesc="SEDOL" value="B3CY709"/>
        </identifiers>
        <balance>142900</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="107.975"/>
        <valUSD>1958712.66</valUSD>
        <pctVal>2.46</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INCHCAPE</name>
        <lei>213800RGEH1MPPNM2T57</lei>
        <title>INCHCAPE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="INCH LN"/>
          <other otherDesc="SEDOL" value="B61TVQ0"/>
        </identifiers>
        <balance>272288</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.80704"/>
        <valUSD>1653215.70</valUSD>
        <pctVal>2.08</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>METRO AG</name>
        <lei>5299006EQ03K3SSUYS12</lei>
        <title>METRO AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="B4B GR"/>
          <other otherDesc="SEDOL" value="BD6QT83"/>
        </identifiers>
        <balance>186758</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89008"/>
        <valUSD>1765858.49</valUSD>
        <pctVal>2.22</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GENTING SING LTD</name>
        <lei>254900Y2N3AK93K1O866</lei>
        <title>GENTING SING LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="GENS SP"/>
          <other otherDesc="SEDOL" value="BDRTVP2"/>
        </identifiers>
        <balance>3071500</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.3936"/>
        <valUSD>1675043.05</valUSD>
        <pctVal>2.10</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>REDROW</name>
        <lei>2138008WJZBBA7EYEL28</lei>
        <title>REDROW</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="RDW LN"/>
          <other otherDesc="SEDOL" value="BG11K36"/>
        </identifiers>
        <balance>281914</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.80704"/>
        <valUSD>1504864.09</valUSD>
        <pctVal>1.89</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>WH GROUP LTD</name>
        <lei>254900A4AYEDRWYSE928</lei>
        <title>WH GROUP LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="288 HK"/>
          <other otherDesc="SEDOL" value="BLLHKZ1"/>
        </identifiers>
        <balance>1740771</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.7505"/>
        <valUSD>1491351.45</valUSD>
        <pctVal>1.87</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <dateSigned xmlns="http://www.sec.gov/edgar/nportcommon">2020-06-30</dateSigned>
      <nameOfApplicant xmlns="http://www.sec.gov/edgar/nportcommon">Alpha Architect ETF Trust</nameOfApplicant>
      <signature xmlns="http://www.sec.gov/edgar/nportcommon">Patrick Cleary</signature>
      <signerName xmlns="http://www.sec.gov/edgar/nportcommon">Patrick Cleary</signerName>
      <title xmlns="http://www.sec.gov/edgar/nportcommon">Chief Compliance Officer</title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
