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        <name>Severn Trent PLC</name>
        <lei>213800RPBXRETY4A4C59</lei>
        <title>Severn Trent PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00B1FH8J72"/>
        </identifiers>
        <balance>71585.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>2681956.89000000</valUSD>
        <pctVal>0.341165697271</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>British Land Co PLC/The</name>
        <lei>RV5B68J2GV3QGMRPW209</lei>
        <title>British Land Co PLC/The</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB0001367019"/>
        </identifiers>
        <balance>261105.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>1346778.13000000</valUSD>
        <pctVal>0.171320613506</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Institutional Fiduciary Trust - Money Market Portfolio</name>
        <lei>549300M4TP89K77LG374</lei>
        <title>Institutional Fiduciary Trust - Money Market Portfolio</title>
        <cusip>457756500</cusip>
        <identifiers>
          <isin value="US4577565009"/>
        </identifiers>
        <balance>71515.23000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>71515.23000000</valUSD>
        <pctVal>0.009097291384</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</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>Intermediate Capital Group PLC</name>
        <lei>549300OGASR5WRKJ8R68</lei>
        <title>Intermediate Capital Group PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BYT1DJ19"/>
        </identifiers>
        <balance>73130.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>1932118.93000000</valUSD>
        <pctVal>0.245780498718</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>Evraz PLC</name>
        <lei>5493005B7DAN39RXLK23</lei>
        <title>Evraz PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00B71N6K86"/>
        </identifiers>
        <balance>128818.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Next PLC</name>
        <lei>213800WQD8ECPZP9PH98</lei>
        <title>Next PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB0032089863"/>
        </identifiers>
        <balance>30900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>5267567.53000000</valUSD>
        <pctVal>0.670075405014</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>Reckitt Benckiser Group PLC</name>
        <lei>5493003JFSMOJG48V108</lei>
        <title>Reckitt Benckiser Group PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00B24CGK77"/>
        </identifiers>
        <balance>183340.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>12448933.25000000</valUSD>
        <pctVal>1.583600768662</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>ICE Futures Europe - Financial Products Division</name>
        <lei>N/A</lei>
        <title>FTSE 100 IDX FUT SEP25</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Bloomberg Identifier" value="BBG01PZJSWK0"/>
        </identifiers>
        <balance>38.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>-59682.22000000</valUSD>
        <pctVal>-0.00759204082</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>ICE Futures Europe - Financial Products Division</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>FTSE 100 Index</indexName>
                <indexIdentifier>UKX Index</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2025-09-19</expDate>
            <notionalAmt>3383562.56000000</notionalAmt>
            <curCd>GBP</curCd>
            <unrealizedAppr>-59682.22000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <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</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB0008706128"/>
        </identifiers>
        <balance>16208080.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>17035629.57000000</valUSD>
        <pctVal>2.167064080105</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>Legal &amp; General Group PLC</name>
        <lei>213800JH9QQWHLO99821</lei>
        <title>Legal &amp; General Group PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB0005603997"/>
        </identifiers>
        <balance>1555300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>5426300.29000000</valUSD>
        <pctVal>0.690267442010</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>Informa PLC</name>
        <lei>5493006VM2LKUPSEDU20</lei>
        <title>Informa PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BMJ6DW54"/>
        </identifiers>
        <balance>352260.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>3889751.40000000</valUSD>
        <pctVal>0.494806517413</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</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00B1YW4409"/>
        </identifiers>
        <balance>253895.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>14334502.24000000</valUSD>
        <pctVal>1.823459754325</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</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JE00B8KF9B49"/>
        </identifiers>
        <balance>290460.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>2040310.14000000</valUSD>
        <pctVal>0.259543258938</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>NatWest Group PLC</name>
        <lei>2138005O9XJIJN4JPN90</lei>
        <title>NatWest Group PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BM8PJY71"/>
        </identifiers>
        <balance>2110470.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>14790101.67000000</valUSD>
        <pctVal>1.881415531986</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>RELX PLC</name>
        <lei>549300WSX3VBUFFJOO66</lei>
        <title>RELX PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00B2B0DG97"/>
        </identifiers>
        <balance>495430.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>26728769.66000000</valUSD>
        <pctVal>3.400106605840</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>Pearson PLC</name>
        <lei>2138004JBXWWJKIURC57</lei>
        <title>Pearson PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB0006776081"/>
        </identifiers>
        <balance>177675.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>2608853.87000000</valUSD>
        <pctVal>0.331866426696</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>Spirax Group PLC</name>
        <lei>213800WFVZQMHOZP2W17</lei>
        <title>Spirax Group PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BWFGQN14"/>
        </identifiers>
        <balance>19570.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>1596996.06000000</valUSD>
        <pctVal>0.203150272989</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>GSK PLC</name>
        <lei>5493000HZTVUYLO1D793</lei>
        <title>GSK PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BN7SWP63"/>
        </identifiers>
        <balance>1089225.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>20747398.73000000</valUSD>
        <pctVal>2.639229877514</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>Smiths Group PLC</name>
        <lei>213800MJL6IPZS3ASA11</lei>
        <title>Smiths Group PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00B1WY2338"/>
        </identifiers>
        <balance>90125.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>2773871.14000000</valUSD>
        <pctVal>0.352857902059</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>Admiral Group PLC</name>
        <lei>213800FGVM7Z9EJB2685</lei>
        <title>Admiral Group PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00B02J6398"/>
        </identifiers>
        <balance>67465.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>3023134.92000000</valUSD>
        <pctVal>0.384566186270</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>Compass Group PLC</name>
        <lei>2138008M6MH9OZ6U2T68</lei>
        <title>Compass Group PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BD6K4575"/>
        </identifiers>
        <balance>456805.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>15442985.05000000</valUSD>
        <pctVal>1.964467356721</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 &amp; Nephew PLC</name>
        <lei>213800ZTMDN8S67S1H61</lei>
        <title>Smith &amp; Nephew PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB0009223206"/>
        </identifiers>
        <balance>235870.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>3597486.09000000</valUSD>
        <pctVal>0.457628105394</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>Beazley PLC</name>
        <lei>213800VTOMUWD41GIT12</lei>
        <title>Beazley PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BYQ0JC66"/>
        </identifiers>
        <balance>165315.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>2118142.26000000</valUSD>
        <pctVal>0.269444107676</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>Rentokil Initial PLC</name>
        <lei>549300VN4WV7Z6T14K68</lei>
        <title>Rentokil Initial PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00B082RF11"/>
        </identifiers>
        <balance>676195.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>3262640.58000000</valUSD>
        <pctVal>0.415033162006</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 Group Holdings PLC</name>
        <lei>2138009OQSSLVVHQAL78</lei>
        <title>Berkeley Group Holdings PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BP0RGD03"/>
        </identifiers>
        <balance>25235.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>1334817.42000000</valUSD>
        <pctVal>0.169799118517</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>Marks &amp; Spencer Group PLC</name>
        <lei>213800EJP14A79ZG1X44</lei>
        <title>Marks &amp; Spencer Group PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB0031274896"/>
        </identifiers>
        <balance>549505.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>2668680.70000000</valUSD>
        <pctVal>0.339476863034</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>London Stock Exchange Group PLC</name>
        <lei>213800QAUUUP6I445N30</lei>
        <title>London Stock Exchange Group PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00B0SWJX34"/>
        </identifiers>
        <balance>135960.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>19814353.31000000</valUSD>
        <pctVal>2.520539270485</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 PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00B0LCW083"/>
        </identifiers>
        <balance>41200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>1122392.74000000</valUSD>
        <pctVal>0.142777053271</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>Sage Group PLC/The</name>
        <lei>2138005RN5XYLTF8G138</lei>
        <title>Sage Group PLC/The</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00B8C3BL03"/>
        </identifiers>
        <balance>261105.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>4474351.90000000</valUSD>
        <pctVal>0.569172230729</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</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB0009895292"/>
        </identifiers>
        <balance>403760.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>55993170.18000000</valUSD>
        <pctVal>7.122765104144</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>Schroders PLC</name>
        <lei>2138001YYBULX5SZ2H24</lei>
        <title>Schroders PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BP9LHF23"/>
        </identifiers>
        <balance>198275.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>981945.44000000</valUSD>
        <pctVal>0.124911068469</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>Antofagasta PLC</name>
        <lei>213800MY6QVH4FVLD628</lei>
        <title>Antofagasta PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB0000456144"/>
        </identifiers>
        <balance>91670.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>2273092.30000000</valUSD>
        <pctVal>0.289154953378</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</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB0007908733"/>
        </identifiers>
        <balance>298185.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>7481787.85000000</valUSD>
        <pctVal>0.951741386374</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 PLC</name>
        <lei>213800HROV6Y9MUU8375</lei>
        <title>JD Sports Fashion PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BM8Q5M07"/>
        </identifiers>
        <balance>678770.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>825416.83000000</valUSD>
        <pctVal>0.104999416432</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>Aviva PLC</name>
        <lei>YF0Y5B0IB8SM0ZFG9G81</lei>
        <title>Aviva PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BPQY8M80"/>
        </identifiers>
        <balance>718425.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>6095981.45000000</valUSD>
        <pctVal>0.775456074517</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>Taylor Wimpey PLC</name>
        <lei>21380089BTRXTD8S3R66</lei>
        <title>Taylor Wimpey PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB0008782301"/>
        </identifiers>
        <balance>955325.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>1554590.52000000</valUSD>
        <pctVal>0.197755959726</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>Auto Trader Group PLC</name>
        <lei>213800QLK9BZILB1DI86</lei>
        <title>Auto Trader Group PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BVYVFW23"/>
        </identifiers>
        <balance>234840.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>2653024.79000000</valUSD>
        <pctVal>0.337485309974</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>Rio Tinto PLC</name>
        <lei>213800YOEO5OQ72G2R82</lei>
        <title>Rio Tinto PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB0007188757"/>
        </identifiers>
        <balance>278615.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>16207403.38000000</valUSD>
        <pctVal>2.061707291313</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</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BGLP8L22"/>
        </identifiers>
        <balance>66950.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>1921137.77000000</valUSD>
        <pctVal>0.244383610079</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>Wise PLC</name>
        <lei>213800LD9XCHIC1C4V71</lei>
        <title>Wise PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BL9YR756"/>
        </identifiers>
        <balance>186945.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>2664271.30000000</valUSD>
        <pctVal>0.338915953188</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>J Sainsbury PLC</name>
        <lei>213800VGZAAJIKJ9Y484</lei>
        <title>J Sainsbury PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00B019KW72"/>
        </identifiers>
        <balance>467105.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>1855001.01000000</valUSD>
        <pctVal>0.235970501754</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 PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00B39J2M42"/>
        </identifiers>
        <balance>183340.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>2867902.58000000</valUSD>
        <pctVal>0.364819429820</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>Coca-Cola HBC AG</name>
        <lei>549300EFP3TNG7JGVE49</lei>
        <title>Coca-Cola HBC AG</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="CH0198251305"/>
        </identifiers>
        <balance>54075.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>2818826.13000000</valUSD>
        <pctVal>0.358576525116</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>Melrose Industries PLC</name>
        <lei>213800RGNXXZY2M7TR85</lei>
        <title>Melrose Industries PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BNGDN821"/>
        </identifiers>
        <balance>339900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>2472369.24000000</valUSD>
        <pctVal>0.314504524223</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>Ashtead Group PLC</name>
        <lei>2138007UTBN8X9K1A235</lei>
        <title>Ashtead Group PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB0000536739"/>
        </identifiers>
        <balance>115875.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>7413868.41000000</valUSD>
        <pctVal>0.943101507339</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>NMC Health PLC</name>
        <lei>2138008YQEVWBE1V2M52</lei>
        <title>NMC Health PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00B7FC0762"/>
        </identifiers>
        <balance>3705.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Burberry Group PLC</name>
        <lei>213800PE1KEFCNFR1R50</lei>
        <title>Burberry Group PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB0031743007"/>
        </identifiers>
        <balance>96305.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>1559902.90000000</valUSD>
        <pctVal>0.198431735625</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</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BMWC6P49"/>
        </identifiers>
        <balance>116905.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>1905587.02000000</valUSD>
        <pctVal>0.242405434186</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>Associated British Foods PLC</name>
        <lei>GBQKSY6W7G0OHCQ8OQ72</lei>
        <title>Associated British Foods PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB0006731235"/>
        </identifiers>
        <balance>79310.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>2236683.70000000</valUSD>
        <pctVal>0.284523497350</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>Standard Chartered PLC</name>
        <lei>U4LOSYZ7YG4W3S5F2G91</lei>
        <title>Standard Chartered PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB0004082847"/>
        </identifiers>
        <balance>511395.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>8458532.07000000</valUSD>
        <pctVal>1.075990819358</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>Experian PLC</name>
        <lei>635400RXXHHYT1JTSZ26</lei>
        <title>Experian PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00B19NLV48"/>
        </identifiers>
        <balance>247200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>12709912.15000000</valUSD>
        <pctVal>1.616799306910</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>Diploma PLC</name>
        <lei>2138008OGI7VYG8FGR19</lei>
        <title>Diploma PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB0001826634"/>
        </identifiers>
        <balance>36050.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>2414725.22000000</valUSD>
        <pctVal>0.307171758230</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>Hiscox Ltd</name>
        <lei>5493007JXOLJ0QCY2D70</lei>
        <title>Hiscox Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BMG4593F1389"/>
        </identifiers>
        <balance>90640.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>1558816.07000000</valUSD>
        <pctVal>0.198293482427</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>UNITE Group PLC/The</name>
        <lei>213800BBUUWVDH9YI827</lei>
        <title>UNITE Group PLC/The</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB0006928617"/>
        </identifiers>
        <balance>111755.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>1297890.11000000</valUSD>
        <pctVal>0.165101678558</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Airtel Africa PLC</name>
        <lei>254900ZNZDQL6OWQH623</lei>
        <title>Airtel Africa PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BKDRYJ47"/>
        </identifiers>
        <balance>148320.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>366460.10000000</valUSD>
        <pctVal>0.046616564197</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</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB0031348658"/>
        </identifiers>
        <balance>3841900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>17757983.59000000</valUSD>
        <pctVal>2.258953108534</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>Barratt Redrow PLC</name>
        <lei>2138006R85VEOF5YNK29</lei>
        <title>Barratt Redrow PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB0000811801"/>
        </identifiers>
        <balance>365650.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>2284369.87000000</valUSD>
        <pctVal>0.290589547666</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 Retail SA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="LU1072616219"/>
        </identifiers>
        <balance>260590.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>969167.50000000</valUSD>
        <pctVal>0.123285615493</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>Fresnillo PLC</name>
        <lei>549300JXWH1UV5J0XV81</lei>
        <title>Fresnillo PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00B2QPKJ12"/>
        </identifiers>
        <balance>49440.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>975600.93000000</valUSD>
        <pctVal>0.124103997638</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>Diageo PLC</name>
        <lei>213800ZVIELEA55JMJ32</lei>
        <title>Diageo PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB0002374006"/>
        </identifiers>
        <balance>599460.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>15016463.10000000</valUSD>
        <pctVal>1.910210459820</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>Haleon PLC</name>
        <lei>549300PSB3WWEODCUP19</lei>
        <title>Haleon PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BMX86B70"/>
        </identifiers>
        <balance>2427710.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>12455578.40000000</valUSD>
        <pctVal>1.584446083232</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</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JE00B4T3BW64"/>
        </identifiers>
        <balance>2886060.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>11216124.84000000</valUSD>
        <pctVal>1.426777986623</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>Vodafone Group PLC</name>
        <lei>213800TB53ELEUKM7Q61</lei>
        <title>Vodafone Group PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BH4HKS39"/>
        </identifiers>
        <balance>5238580.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>5583580.37000000</valUSD>
        <pctVal>0.710274686855</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>Smurfit WestRock PLC</name>
        <lei>635400EGSEOPDW2EXS14</lei>
        <title>Smurfit WestRock PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IE00028FXN24"/>
        </identifiers>
        <balance>140080.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>6031336.60000000</valUSD>
        <pctVal>0.767232748703</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</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</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BD3VFW73"/>
        </identifiers>
        <balance>442385.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>1748344.06000000</valUSD>
        <pctVal>0.222402911293</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>Prudential PLC</name>
        <lei>5493001Z3ZE83NGK8Y12</lei>
        <title>Prudential PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB0007099541"/>
        </identifiers>
        <balance>701430.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>8771948.10000000</valUSD>
        <pctVal>1.115859766846</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>Segro PLC</name>
        <lei>213800XC35KGM9NFC641</lei>
        <title>Segro PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00B5ZN1N88"/>
        </identifiers>
        <balance>362560.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>3376482.56000000</valUSD>
        <pctVal>0.429514743955</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="REIT" issuerCat="OTHER"/>
        <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</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BDR05C01"/>
        </identifiers>
        <balance>1316340.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>19147819.71000000</valUSD>
        <pctVal>2.435751031999</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>DCC PLC</name>
        <lei>213800UPS1QEE4TD3T45</lei>
        <title>DCC PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IE0002424939"/>
        </identifiers>
        <balance>26780.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>1735079.16000000</valUSD>
        <pctVal>0.220715513232</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</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</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00B0744B38"/>
        </identifiers>
        <balance>87550.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>2783398.49000000</valUSD>
        <pctVal>0.354069854801</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>Entain PLC</name>
        <lei>213800GNI3K45LQR8L28</lei>
        <title>Entain PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IM00B5VQMV65"/>
        </identifiers>
        <balance>160680.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>1983891.27000000</valUSD>
        <pctVal>0.252366341518</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>Croda International PLC</name>
        <lei>2138004WCNBFJEEOXV26</lei>
        <title>Croda International PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BJFFLV09"/>
        </identifiers>
        <balance>37080.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>1485758.92000000</valUSD>
        <pctVal>0.189000046872</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 PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BGXQNP29"/>
        </identifiers>
        <balance>200335.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>1807772.87000000</valUSD>
        <pctVal>0.229962716403</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>InterContinental Hotels Group PLC</name>
        <lei>2138007ZFQYRUSLU3J98</lei>
        <title>InterContinental Hotels Group PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BHJYC057"/>
        </identifiers>
        <balance>39655.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>4512493.06000000</valUSD>
        <pctVal>0.574024081814</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</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BTK05J60"/>
        </identifiers>
        <balance>286855.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>8451467.71000000</valUSD>
        <pctVal>1.075092178029</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>Howden Joinery Group PLC</name>
        <lei>213800KC1LJOJTY3JP45</lei>
        <title>Howden Joinery Group PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB0005576813"/>
        </identifiers>
        <balance>146775.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>1721698.52000000</valUSD>
        <pctVal>0.219013392145</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>Centrica PLC</name>
        <lei>E26EDV109X6EEPBKVH76</lei>
        <title>Centrica PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00B033F229"/>
        </identifiers>
        <balance>1348270.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>2984798.98000000</valUSD>
        <pctVal>0.379689557660</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>Intertek Group PLC</name>
        <lei>2138003GAT25WW1RN369</lei>
        <title>Intertek Group PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB0031638363"/>
        </identifiers>
        <balance>42745.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>2776482.34000000</valUSD>
        <pctVal>0.353190066932</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>Halma PLC</name>
        <lei>2138007FRGLUR9KGBT40</lei>
        <title>Halma PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB0004052071"/>
        </identifiers>
        <balance>100425.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>4403754.21000000</valUSD>
        <pctVal>0.560191657542</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>Coca-Cola Europacific Partners PLC</name>
        <lei>549300LTH67W4GWMRF57</lei>
        <title>Coca-Cola Europacific Partners PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BDCPN049"/>
        </identifiers>
        <balance>57680.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>5303700.90000000</valUSD>
        <pctVal>0.674671849654</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>Whitbread PLC</name>
        <lei>21380099VMZKRMN3EX36</lei>
        <title>Whitbread PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00B1KJJ408"/>
        </identifiers>
        <balance>47380.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>1832893.31000000</valUSD>
        <pctVal>0.233158231014</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>HSBC Holdings PLC</name>
        <lei>MLU0ZO3ML4LN2LL2TL39</lei>
        <title>HSBC Holdings PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB0005405286"/>
        </identifiers>
        <balance>4751905.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.72974100"/>
        <valUSD>57420781.19000000</valUSD>
        <pctVal>7.304368286311</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>2025-07-28</ncom:dateSigned>
      <ncom:nameOfApplicant>Franklin Templeton ETF Trust</ncom:nameOfApplicant>
      <ncom:signature>Vivek Pai</ncom:signature>
      <ncom:signerName>Vivek Pai</ncom:signerName>
      <ncom:title>Chief Financial Officer, Chief  Accounting Officer and Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
