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            <invstOrSec>
                <name>ISETAN MITSUKOSHI HOLDINGS LTD</name>
                <lei>529900SY5RZO92EFG035</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="JP3894900004"/>
                </identifiers>
                <balance>36200</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006794401"/>
                <valUSD>423739.03</valUSD>
                <pctVal>0.286941583136</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>JP</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>JULIUS BAER GROUP LTD</name>
                <lei>5299007MF0604ZGJER92</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CH0102484968"/>
                </identifiers>
                <balance>16710</balance>
                <units>NS</units>
                <currencyConditional curCd="CHF" exchangeRt="1.15881569"/>
                <valUSD>912563.31</valUSD>
                <pctVal>0.617956672254</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>CH</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>AMADEUS IT GROUP SA</name>
                <lei>9598004A3FTY3TEHHN09</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="ES0109067019"/>
                </identifiers>
                <balance>24331</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.080700207"/>
                <valUSD>1700814.46</valUSD>
                <pctVal>1.151733400090</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>ES</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>PANDORA A/S</name>
                <lei>5299007OWYZ6I1E46843</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="DK0060252690"/>
                </identifiers>
                <balance>5102</balance>
                <units>NS</units>
                <currencyConditional curCd="DKK" exchangeRt=".144979014"/>
                <valUSD>746012.43</valUSD>
                <pctVal>0.505174110827</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>DK</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>AIA GROUP LTD</name>
                <lei>ZP5ILWVSYE4LJGMMVD57</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="HK0000069689"/>
                </identifiers>
                <balance>42800</balance>
                <units>NS</units>
                <currencyConditional curCd="HKD" exchangeRt=".127910769"/>
                <valUSD>332793.8</valUSD>
                <pctVal>0.225356582871</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>HK</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>NORTHERN STAR RESOURCES LTD</name>
                <lei>254900XFXCRYYZAX6M78</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="AU000000NST8"/>
                </identifiers>
                <balance>95795</balance>
                <units>NS</units>
                <currencyConditional curCd="AUD" exchangeRt=".656050028"/>
                <valUSD>818950.61</valUSD>
                <pctVal>0.554565352508</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>AU</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>SWISS RE AG</name>
                <lei>529900PS9YW3YY29F326</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CH0126881561"/>
                </identifiers>
                <balance>23410</balance>
                <units>NS</units>
                <currencyConditional curCd="CHF" exchangeRt="1.15881569"/>
                <valUSD>2688469.2</valUSD>
                <pctVal>1.820539421303</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>CH</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>MERIDIAN ENERGY LTD</name>
                <lei>254900IFKXIGNCY3A092</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="NZMELE0002S7"/>
                </identifiers>
                <balance>112665</balance>
                <units>NS</units>
                <currencyConditional curCd="NZD" exchangeRt=".611249933"/>
                <valUSD>382083.93</valUSD>
                <pctVal>0.258734173637</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>NZ</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>AUTO TRADER GROUP PLC</name>
                <lei>213800QLK9BZILB1DI86</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="GB00BVYVFW23"/>
                </identifiers>
                <balance>79488</balance>
                <units>NS</units>
                <currencyConditional curCd="GBP" exchangeRt="1.267300232"/>
                <valUSD>733941.27</valUSD>
                <pctVal>0.496999933998</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>GB</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>JAPAN POST BANK CO LTD</name>
                <lei>5493006JVO6N2HC2XZ76</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="JP3946750001"/>
                </identifiers>
                <balance>58600</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006794401"/>
                <valUSD>610413.44</valUSD>
                <pctVal>0.413351111039</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>JP</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>SCOUT24 SE</name>
                <lei>5493007EIKM2ENQS7U66</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="DE000A12DM80"/>
                </identifiers>
                <balance>4206</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.080700207"/>
                <valUSD>311584.84</valUSD>
                <pctVal>0.210994600310</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>DE</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CONVATEC GROUP PLC</name>
                <lei>213800LS272L4FIDOH92</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="GB00BD3VFW73"/>
                </identifiers>
                <balance>99222</balance>
                <units>NS</units>
                <currencyConditional curCd="GBP" exchangeRt="1.267300232"/>
                <valUSD>300987.91</valUSD>
                <pctVal>0.203818721632</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>GB</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ESSITY AB</name>
                <lei>549300G8E6YUVJ1DA153</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="SE0009922164"/>
                </identifiers>
                <balance>30208</balance>
                <units>NS</units>
                <currencyConditional curCd="SEK" exchangeRt=".096092402"/>
                <valUSD>710347.82</valUSD>
                <pctVal>0.481023256337</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>SE</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>BAWAG GROUP AG</name>
                <lei>529900S9YO2JHTIIDG38</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="AT0000BAWAG2"/>
                </identifiers>
                <balance>11301</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.080700207"/>
                <valUSD>580436.18</valUSD>
                <pctVal>0.393051535513</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>AT</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>DWS GROUP GMBH  AND  CO KGAA</name>
                <lei>529900VM3464806ERS69</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="DE000DWS1007"/>
                </identifiers>
                <balance>5650</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.080700207"/>
                <valUSD>231901.2</valUSD>
                <pctVal>0.157035563750</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>DE</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>VODAFONE HOLDINGS KK</name>
                <lei>353800M1YCTS9JRBJ535</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="JP3732000009"/>
                </identifiers>
                <balance>66300</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006794401"/>
                <valUSD>881351.13</valUSD>
                <pctVal>0.596820851128</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>JP</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ALCON INC</name>
                <lei>549300LDT5AP8S0NBM78</lei>
                <title>ORDINARY SHARES</title>
                <cusip>H01301128</cusip>
                <identifiers>
                    <isin value="CH0432492467"/>
                </identifiers>
                <balance>9184</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>689810.24</valUSD>
                <pctVal>0.467115909358</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>TEAMVIEWER SE</name>
                <lei>3912000FZ0R0KEK9JS42</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="DE000A2YN900"/>
                </identifiers>
                <balance>10714</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.080700207"/>
                <valUSD>154125.14</valUSD>
                <pctVal>0.104368275145</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>DE</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>TECHNIP ENERGIES NV</name>
                <lei>724500FLODI49NSCIP70</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="NL0014559478"/>
                </identifiers>
                <balance>11942</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.080700207"/>
                <valUSD>248951.65</valUSD>
                <pctVal>0.168581545522</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>FR</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>FORVIA SE</name>
                <lei>969500F0VMZLK2IULV85</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="FR0000121147"/>
                </identifiers>
                <balance>19006</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.080700207"/>
                <valUSD>330406.15</valUSD>
                <pctVal>0.223739747926</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>FR</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>SHELL PLC</name>
                <lei>21380068P1DRHMJ8KU70</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="GB00BP6MXD84"/>
                </identifiers>
                <balance>92349</balance>
                <units>NS</units>
                <currencyConditional curCd="GBP" exchangeRt="1.267300232"/>
                <valUSD>2867156.04</valUSD>
                <pctVal>1.941540039903</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>GB</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>TELSTRA GROUP LTD</name>
                <lei>894500WRW54CVN62K416</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="AU000000TLS2"/>
                </identifiers>
                <balance>385072</balance>
                <units>NS</units>
                <currencyConditional curCd="AUD" exchangeRt=".656050028"/>
                <valUSD>1015149.51</valUSD>
                <pctVal>0.687424539389</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>AU</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ANZ GROUP HOLDINGS LTD</name>
                <lei>9845005D9C6BAA10BK72</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="AU000000ANZ3"/>
                </identifiers>
                <balance>82535</balance>
                <units>NS</units>
                <currencyConditional curCd="AUD" exchangeRt=".656050028"/>
                <valUSD>1464825.6</valUSD>
                <pctVal>0.991929812748</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>AU</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>DSM-FIRMENICH AG</name>
                <lei>506700G44V67MPM4BI12</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CH1216478797"/>
                </identifiers>
                <balance>12702</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.080700207"/>
                <valUSD>1338828.75</valUSD>
                <pctVal>0.906609053862</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>CH</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>DAIWA SECURITIES GROUP INC</name>
                <lei>353800WRC7Y23PWFJG38</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="JP3502200003"/>
                </identifiers>
                <balance>116900</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006794401"/>
                <valUSD>835750.88</valUSD>
                <pctVal>0.565941920937</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>JP</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>SCHNEIDER ELECTRIC SE</name>
                <lei>969500A1YF1XUYYXS284</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="FR0000121972"/>
                </identifiers>
                <balance>11230</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.080700207"/>
                <valUSD>2213294.23</valUSD>
                <pctVal>1.498767178236</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>FR</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>BAYERISCHE MOTOREN WERKE AG</name>
                <lei>YEH5ZCD6E441RHVHD759</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="DE0005190003"/>
                </identifiers>
                <balance>7077</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.080700207"/>
                <valUSD>738217.19</valUSD>
                <pctVal>0.499895440825</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>DE</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>PUBLICIS GROUPE SA</name>
                <lei>2138004KW8BV57III342</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="FR0000130577"/>
                </identifiers>
                <balance>8840</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.080700207"/>
                <valUSD>887309.1</valUSD>
                <pctVal>0.600855384704</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>FR</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ORKLA ASA</name>
                <lei>549300PZS8G8RG6RVZ52</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="NO0003733800"/>
                </identifiers>
                <balance>62984</balance>
                <units>NS</units>
                <currencyConditional curCd="NOK" exchangeRt=".095081889"/>
                <valUSD>493348.2</valUSD>
                <pctVal>0.334078533066</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>NO</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>NOVO NORDISK A/S</name>
                <lei>549300DAQ1CVT6CXN342</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="DK0062498333"/>
                </identifiers>
                <balance>49763</balance>
                <units>NS</units>
                <currencyConditional curCd="DKK" exchangeRt=".144979014"/>
                <valUSD>5683444.79</valUSD>
                <pctVal>3.848634490213</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>DK</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>EDP - ENERGIAS DE PORTUGAL SA</name>
                <lei>529900CLC3WDMGI9VH80</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="PTEDP0AM0009"/>
                </identifiers>
                <balance>278740</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.080700207"/>
                <valUSD>1243587.68</valUSD>
                <pctVal>0.842115057627</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>PT</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>KONINKLIJKE AHOLD DELHAIZE NV</name>
                <lei>724500C9GNBV20UYRX36</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N0139V100</cusip>
                <identifiers>
                    <isin value="NL0011794037"/>
                </identifiers>
                <balance>34106</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.080700207"/>
                <valUSD>958115.56</valUSD>
                <pctVal>0.648803098486</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>NL</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>WARTSILA OYJ ABP</name>
                <lei>743700G7A9J1PHM3X223</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="FI0009003727"/>
                </identifiers>
                <balance>22592</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.080700207"/>
                <valUSD>333087.11</valUSD>
                <pctVal>0.225555202374</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>FI</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>NOVARTIS AG</name>
                <lei>5493007HIVTX6SY6XD66</lei>
                <title>ORDINARY SHARES</title>
                <cusip>H5820Q150</cusip>
                <identifiers>
                    <isin value="CH0012005267"/>
                </identifiers>
                <balance>38735</balance>
                <units>NS</units>
                <currencyConditional curCd="CHF" exchangeRt="1.15881569"/>
                <valUSD>4011745.64</valUSD>
                <pctVal>2.716616982579</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>CH</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>SAP SE</name>
                <lei>529900D6BF99LW9R2E68</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="DE0007164600"/>
                </identifiers>
                <balance>4437</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.080700207"/>
                <valUSD>772170.15</valUSD>
                <pctVal>0.522887224458</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>DE</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT AG IN MUENCHEN</name>
                <lei>529900MUF4C20K50JS49</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="DE0008430026"/>
                </identifiers>
                <balance>7542</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.080700207"/>
                <valUSD>3211327.99</valUSD>
                <pctVal>2.174601516926</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>DE</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>HSBC HOLDINGS PLC</name>
                <lei>MLU0ZO3ML4LN2LL2TL39</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="GB0005405286"/>
                </identifiers>
                <balance>270379</balance>
                <units>NS</units>
                <currencyConditional curCd="GBP" exchangeRt="1.267300232"/>
                <valUSD>2109587.63</valUSD>
                <pctVal>1.428540614528</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>GB</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>MITSUBISHI HEAVY INDUSTRIES LTD</name>
                <lei>353800TJ98PCAZROVE69</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="JP3900000005"/>
                </identifiers>
                <balance>26019</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006794401"/>
                <valUSD>1736619.18</valUSD>
                <pctVal>1.175979132281</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>JP</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>FANUC CORP</name>
                <lei>529900QTSW745LOKW705</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="JP3802400006"/>
                </identifiers>
                <balance>56300</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006794401"/>
                <valUSD>1551663.29</valUSD>
                <pctVal>1.050733327365</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>JP</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>FERGUSON PLC</name>
                <lei>213800DU1LGY3R2S2X42</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="JE00BJVNSS43"/>
                </identifiers>
                <balance>873</balance>
                <units>NS</units>
                <currencyConditional curCd="GBP" exchangeRt="1.267300232"/>
                <valUSD>163167.2</valUSD>
                <pctVal>0.110491249021</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>GB</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CAPGEMINI SE</name>
                <lei>96950077L0TN7BAROX36</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="FR0000125338"/>
                </identifiers>
                <balance>6289</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.080700207"/>
                <valUSD>1407846.79</valUSD>
                <pctVal>0.953345710767</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>FR</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>HITACHI LTD</name>
                <lei>549300T6IPOCDWLKC615</lei>
                <title>ORDINARY SHARES</title>
                <cusip>J20454112</cusip>
                <identifiers>
                    <isin value="JP3788600009"/>
                </identifiers>
                <balance>14965</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006794401"/>
                <valUSD>1175509.53</valUSD>
                <pctVal>0.796014862094</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>JP</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>SONY GROUP CORP</name>
                <lei>529900R5WX9N2OI2N910</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="JP3435000009"/>
                </identifiers>
                <balance>28174</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006794401"/>
                <valUSD>2783711.1</valUSD>
                <pctVal>1.885033979585</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>JP</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>SWIRE PACIFIC LTD</name>
                <lei>549300KZOZHII0DGF611</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="HK0019000162"/>
                </identifiers>
                <balance>39500</balance>
                <units>NS</units>
                <currencyConditional curCd="HKD" exchangeRt=".127910769"/>
                <valUSD>304440.45</valUSD>
                <pctVal>0.206156663675</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>HK</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>TAKEDA PHARMACEUTICAL CO LTD</name>
                <lei>549300ZLMVP4X0OGR454</lei>
                <title>ORDINARY SHARES</title>
                <cusip>J81281115</cusip>
                <identifiers>
                    <isin value="JP3463000004"/>
                </identifiers>
                <balance>31100</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006794401"/>
                <valUSD>914658.68</valUSD>
                <pctVal>0.619375585176</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>JP</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>TOKYO ELECTRON LIMITED</name>
                <lei>549300H5LSF8DP3RIJ34</lei>
                <title>ORDINARY SHARES</title>
                <cusip>J86957115</cusip>
                <identifiers>
                    <isin value="JP3571400005"/>
                </identifiers>
                <balance>10101</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006794401"/>
                <valUSD>1872703.78</valUSD>
                <pctVal>1.268130970559</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>JP</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>TOYOTA MOTOR CORP</name>
                <lei>5493006W3QUS5LMH6R84</lei>
                <title>ORDINARY SHARES</title>
                <cusip>J92676113</cusip>
                <identifiers>
                    <isin value="JP3633400001"/>
                </identifiers>
                <balance>11500</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006794401"/>
                <valUSD>228605.04</valUSD>
                <pctVal>0.154803516897</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>JP</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ITOCHU CORP</name>
                <lei>J48DJYXDTLHM30UMYI18</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="JP3143600009"/>
                </identifiers>
                <balance>34200</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006794401"/>
                <valUSD>1554153.95</valUSD>
                <pctVal>1.052419917159</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>JP</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>SODEXO SA</name>
                <lei>969500LCBOG12HXPYM84</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="FR0000121220"/>
                </identifiers>
                <balance>7457</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.080700207"/>
                <valUSD>842350.88</valUSD>
                <pctVal>0.570411215278</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>FR</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>AEGON LTD</name>
                <lei>O4QK7KMMK83ITNTHUG69</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="BMG0112X1056"/>
                </identifiers>
                <balance>147325</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.080700207"/>
                <valUSD>869744.27</valUSD>
                <pctVal>0.588961082384</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>NL</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>HOYA CORP</name>
                <lei>353800X4VR3BHEUCJB42</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="JP3837800006"/>
                </identifiers>
                <balance>16000</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006794401"/>
                <valUSD>2029550.9</valUSD>
                <pctVal>1.374342477493</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>JP</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>TESCO PLC</name>
                <lei>2138002P5RNKC5W2JZ46</lei>
                <title>ORDINARY SHARES</title>
                <cusip>G87621101</cusip>
                <identifiers>
                    <isin value="GB00BLGZ9862"/>
                </identifiers>
                <balance>797183</balance>
                <units>NS</units>
                <currencyConditional curCd="GBP" exchangeRt="1.267300232"/>
                <valUSD>2892272.26</valUSD>
                <pctVal>1.958547885344</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>GB</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>SEKISUI HOUSE LTD</name>
                <lei>529900GMNDOYQSAJAE76</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="JP3420600003"/>
                </identifiers>
                <balance>33200</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006794401"/>
                <valUSD>749260.14</valUSD>
                <pctVal>0.507373348998</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>JP</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>NATWEST GROUP PLC</name>
                <lei>2138005O9XJIJN4JPN90</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="GB00BM8PJY71"/>
                </identifiers>
                <balance>742497</balance>
                <units>NS</units>
                <currencyConditional curCd="GBP" exchangeRt="1.267300232"/>
                <valUSD>2105579.37</valUSD>
                <pctVal>1.425826357902</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>GB</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>INTESA SANPAOLO SPA</name>
                <lei>2W8N8UU78PMDQKZENC08</lei>
                <title>ORDINARY SHARES</title>
                <cusip>T55067101</cusip>
                <identifiers>
                    <isin value="IT0000072618"/>
                </identifiers>
                <balance>989221</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.080700207"/>
                <valUSD>3060552.88</valUSD>
                <pctVal>2.072501767557</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>IT</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>3I GROUP PLC</name>
                <lei>35GDVHRBMFE7NWATNM84</lei>
                <title>ORDINARY SHARES</title>
                <cusip>G88473114</cusip>
                <identifiers>
                    <isin value="GB00B1YW4409"/>
                </identifiers>
                <balance>76693</balance>
                <units>NS</units>
                <currencyConditional curCd="GBP" exchangeRt="1.267300232"/>
                <valUSD>2393417.31</valUSD>
                <pctVal>1.620740369458</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>GB</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>MITSUI  AND  CO LTD</name>
                <lei>2NRSB4GOU9DD6CNW5R48</lei>
                <title>ORDINARY SHARES</title>
                <cusip>J44690139</cusip>
                <identifiers>
                    <isin value="JP3893600001"/>
                </identifiers>
                <balance>56635</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006794401"/>
                <valUSD>2294271.04</valUSD>
                <pctVal>1.553601905305</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>JP</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>NESTLE SA</name>
                <lei>KY37LUS27QQX7BB93L28</lei>
                <title>ORDINARY SHARES</title>
                <cusip>H57312466</cusip>
                <identifiers>
                    <isin value="CH0038863350"/>
                </identifiers>
                <balance>5122</balance>
                <units>NS</units>
                <currencyConditional curCd="CHF" exchangeRt="1.15881569"/>
                <valUSD>584003.26</valUSD>
                <pctVal>0.395467040128</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>CH</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>GENMAB A/S</name>
                <lei>529900MTJPDPE4MHJ122</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="DK0010272202"/>
                </identifiers>
                <balance>854</balance>
                <units>NS</units>
                <currencyConditional curCd="DKK" exchangeRt=".144979014"/>
                <valUSD>236348.4</valUSD>
                <pctVal>0.160047055537</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>DK</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ENDESA SA</name>
                <lei>549300LHK07F2CHV4X31</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="ES0130670112"/>
                </identifiers>
                <balance>21758</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.080700207"/>
                <valUSD>430740.36</valUSD>
                <pctVal>0.291682644431</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>ES</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>DANONE SA</name>
                <lei>969500KMUQ2B6CBAF162</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="FR0000120644"/>
                </identifiers>
                <balance>18203</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.080700207"/>
                <valUSD>1213921.7</valUSD>
                <pctVal>0.822026270275</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>FR</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>AVIVA PLC</name>
                <lei>YF0Y5B0IB8SM0ZFG9G81</lei>
                <title>ORDINARY SHARES</title>
                <cusip>G0683Q109</cusip>
                <identifiers>
                    <isin value="GB00BPQY8M80"/>
                </identifiers>
                <balance>151184</balance>
                <units>NS</units>
                <currencyConditional curCd="GBP" exchangeRt="1.267300232"/>
                <valUSD>825611.15</valUSD>
                <pctVal>0.559075642467</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>GB</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>SHIONOGI  AND  CO., LTD</name>
                <lei>35380049VXDTHZI3DY35</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="JP3347200002"/>
                </identifiers>
                <balance>22231</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006794401"/>
                <valUSD>1069261.38</valUSD>
                <pctVal>0.724067247624</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>JP</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>MITSUBISHI CORP</name>
                <lei>KVIPTY4PULAPGC1VVD26</lei>
                <title>ORDINARY SHARES</title>
                <cusip>J43830116</cusip>
                <identifiers>
                    <isin value="JP3898400001"/>
                </identifiers>
                <balance>66500</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006794401"/>
                <valUSD>1148336.07</valUSD>
                <pctVal>0.777613924065</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>JP</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>NEC CORP</name>
                <lei>5493000QYMPFRTEY4K28</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="JP3733000008"/>
                </identifiers>
                <balance>20200</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006794401"/>
                <valUSD>1318834.09</valUSD>
                <pctVal>0.893069353744</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>JP</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>KIRIN HOLDINGS CO LTD</name>
                <lei>353800GBVL72LLMTYM96</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="JP3258000003"/>
                </identifiers>
                <balance>35100</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006794401"/>
                <valUSD>507309.51</valUSD>
                <pctVal>0.343532654849</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>JP</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>SUN LIFE FINANCIAL INC</name>
                <lei>549300V040JZX5S66Z78</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CA8667961053"/>
                </identifiers>
                <balance>2621</balance>
                <units>NS</units>
                <currencyConditional curCd="CAD" exchangeRt=".743798579"/>
                <valUSD>135860.38</valUSD>
                <pctVal>0.092000004160</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>CA</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>HERMES INTERNATIONAL SCA</name>
                <lei>969500Y4IJGHJE2MTJ13</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="FR0000052292"/>
                </identifiers>
                <balance>1488</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.080700207"/>
                <valUSD>3141011.29</valUSD>
                <pctVal>2.126985451871</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>FR</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>KONINKLIJKE KPN NV</name>
                <lei>549300YO0JZHAL7FVP81</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="NL0000009082"/>
                </identifiers>
                <balance>300851</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.080700207"/>
                <valUSD>1023462.25</valUSD>
                <pctVal>0.693053642698</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>NL</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>SANDVIK AB</name>
                <lei>5299008ZUAXN43LVZF54</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="SE0000667891"/>
                </identifiers>
                <balance>31474</balance>
                <units>NS</units>
                <currencyConditional curCd="SEK" exchangeRt=".096092402"/>
                <valUSD>658736.64</valUSD>
                <pctVal>0.446073929869</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>SE</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CENTRICA PLC</name>
                <lei>E26EDV109X6EEPBKVH76</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="GB00B033F229"/>
                </identifiers>
                <balance>483095</balance>
                <units>NS</units>
                <currencyConditional curCd="GBP" exchangeRt="1.267300232"/>
                <valUSD>845899.75</valUSD>
                <pctVal>0.572814388703</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>GB</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>MARKS  AND  SPENCER GROUP PLC</name>
                <lei>213800EJP14A79ZG1X44</lei>
                <title>ORDINARY SHARES</title>
                <cusip>G5824M107</cusip>
                <identifiers>
                    <isin value="GB0031274896"/>
                </identifiers>
                <balance>127180</balance>
                <units>NS</units>
                <currencyConditional curCd="GBP" exchangeRt="1.267300232"/>
                <valUSD>397537.29</valUSD>
                <pctVal>0.269198660666</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>GB</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>VINCI SA</name>
                <lei>213800WFQ334R8UXUG83</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="FR0000125486"/>
                </identifiers>
                <balance>28085</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.080700207"/>
                <valUSD>3553197.76</valUSD>
                <pctVal>2.406104036366</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>FR</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>NIPPON PAINT HOLDINGS CO LTD</name>
                <lei>529900RYRJUN78A7PL87</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="JP3749400002"/>
                </identifiers>
                <balance>83200</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006794401"/>
                <valUSD>655995.77</valUSD>
                <pctVal>0.444217906418</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>JP</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CRH PLC</name>
                <lei>549300MIDJNNTH068E74</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="IE0001827041"/>
                </identifiers>
                <balance>27979</balance>
                <units>NS</units>
                <currencyConditional curCd="GBP" exchangeRt="1.267300232"/>
                <valUSD>1976035.44</valUSD>
                <pctVal>1.338103637718</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>IE</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>REED ELSEVIER</name>
                <lei>549300WSX3VBUFFJOO66</lei>
                <title>ORDINARY SHARES</title>
                <cusip>758212708</cusip>
                <identifiers>
                    <isin value="GB00B2B0DG97"/>
                </identifiers>
                <balance>20921</balance>
                <units>NS</units>
                <currencyConditional curCd="GBP" exchangeRt="1.267300232"/>
                <valUSD>865273.59</valUSD>
                <pctVal>0.585933690744</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>GB</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>AKZO NOBEL NV</name>
                <lei>724500XYIJUGXAA5QD70</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="NL0013267909"/>
                </identifiers>
                <balance>19260</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.080700207"/>
                <valUSD>1474080.43</valUSD>
                <pctVal>0.998196867194</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>NL</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>NIPPON YUSEN KK</name>
                <lei>353800YPW4XM0ZN5I149</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="JP3753000003"/>
                </identifiers>
                <balance>34200</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006794401"/>
                <valUSD>1186245.97</valUSD>
                <pctVal>0.803285212175</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>JP</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CSL LTD</name>
                <lei>529900ECSECK5ZDQTE14</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="AU000000CSL8"/>
                </identifiers>
                <balance>6945</balance>
                <units>NS</units>
                <currencyConditional curCd="AUD" exchangeRt=".656050028"/>
                <valUSD>1364347.81</valUSD>
                <pctVal>0.923889688777</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>AU</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>MANULIFE FINANCIAL CORP</name>
                <lei>5493007GBX87QOZACS27</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CA56501R1064"/>
                </identifiers>
                <balance>20365</balance>
                <units>NS</units>
                <currencyConditional curCd="CAD" exchangeRt=".743798579"/>
                <valUSD>450182.45</valUSD>
                <pctVal>0.304848163038</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>CA</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>LOGITECH INTERNATIONAL SA</name>
                <lei>549300SN6PRK6IJJC215</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CH0025751329"/>
                </identifiers>
                <balance>3117</balance>
                <units>NS</units>
                <currencyConditional curCd="CHF" exchangeRt="1.15881569"/>
                <valUSD>261205.18</valUSD>
                <pctVal>0.176879217080</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>CH</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>SEKISUI CHEMICAL CO LTD</name>
                <lei>529900KQIVT7NWFNMI70</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="JP3419400001"/>
                </identifiers>
                <balance>48600</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006794401"/>
                <valUSD>694943.22</valUSD>
                <pctVal>0.470591787913</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>JP</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>LVMH MOET HENNESSY LOUIS VUITTON SA</name>
                <lei>IOG4E947OATN0KJYSD45</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="FR0000121014"/>
                </identifiers>
                <balance>496</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.080700207"/>
                <valUSD>412523.55</valUSD>
                <pctVal>0.279346843546</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>FR</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>INDUSTRIA DE DISENO TEXTIL SA</name>
                <lei>549300TTCXZOGZM2EY83</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="ES0148396007"/>
                </identifiers>
                <balance>37180</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.080700207"/>
                <valUSD>1589246.57</valUSD>
                <pctVal>1.076183439578</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>ES</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>WOOLWORTHS GROUP LTD</name>
                <lei>QNWEWQBS7HP85QHXQL92</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="AU000000WOW2"/>
                </identifiers>
                <balance>15245</balance>
                <units>NS</units>
                <currencyConditional curCd="AUD" exchangeRt=".656050028"/>
                <valUSD>357862.45</valUSD>
                <pctVal>0.242332215533</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>AU</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ASAHI GROUP HOLDINGS LTD</name>
                <lei>353800KAJ02XNHLCJW79</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="JP3116000005"/>
                </identifiers>
                <balance>35602</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006794401"/>
                <valUSD>1324632.53</valUSD>
                <pctVal>0.896995859058</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>JP</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ING GROEP NV</name>
                <lei>549300NYKK9MWM7GGW15</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="NL0011821202"/>
                </identifiers>
                <balance>157067</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.080700207"/>
                <valUSD>2234065.32</valUSD>
                <pctVal>1.512832650203</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>NL</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>MARUBENI CORP</name>
                <lei>4P4N3ORD02UGQT1T1W12</lei>
                <title>ORDINARY SHARES</title>
                <cusip>J39788138</cusip>
                <identifiers>
                    <isin value="JP3877600001"/>
                </identifiers>
                <balance>19200</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006794401"/>
                <valUSD>327745.87</valUSD>
                <pctVal>0.221938297268</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>JP</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ZURICH INSURANCE GROUP AG</name>
                <lei>529900QVNRBND50TXP03</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CH0011075394"/>
                </identifiers>
                <balance>677</balance>
                <units>NS</units>
                <currencyConditional curCd="CHF" exchangeRt="1.15881569"/>
                <valUSD>344440.62</valUSD>
                <pctVal>0.233243411161</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>CH</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>BARRATT DEVELOPMENTS PLC</name>
                <lei>2138006R85VEOF5YNK29</lei>
                <title>ORDINARY SHARES</title>
                <cusip>G08288105</cusip>
                <identifiers>
                    <isin value="GB0000811801"/>
                </identifiers>
                <balance>88371</balance>
                <units>NS</units>
                <currencyConditional curCd="GBP" exchangeRt="1.267300232"/>
                <valUSD>601668.08</valUSD>
                <pctVal>0.407429052258</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>GB</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>BERKELEY GROUP HOLDINGS PLC</name>
                <lei>2138009OQSSLVVHQAL78</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="GB00BLJNXL82"/>
                </identifiers>
                <balance>3129</balance>
                <units>NS</units>
                <currencyConditional curCd="GBP" exchangeRt="1.267300232"/>
                <valUSD>189721.78</valUSD>
                <pctVal>0.128473102675</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>GB</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>HALMA PLC</name>
                <lei>2138007FRGLUR9KGBT40</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="GB0004052071"/>
                </identifiers>
                <balance>33234</balance>
                <units>NS</units>
                <currencyConditional curCd="GBP" exchangeRt="1.267300232"/>
                <valUSD>923417.81</valUSD>
                <pctVal>0.625306968530</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>GB</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>JOHNSON MATTHEY PLC</name>
                <lei>2138001AVBSD1HSC6Z10</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="GB00BZ4BQC70"/>
                </identifiers>
                <balance>21786</balance>
                <units>NS</units>
                <currencyConditional curCd="GBP" exchangeRt="1.267300232"/>
                <valUSD>449147.92</valUSD>
                <pctVal>0.304147614693</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>GB</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>TAYLOR WIMPEY PLC</name>
                <lei>21380089BTRXTD8S3R66</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="GB0008782301"/>
                </identifiers>
                <balance>295999</balance>
                <units>NS</units>
                <currencyConditional curCd="GBP" exchangeRt="1.267300232"/>
                <valUSD>553332.54</valUSD>
                <pctVal>0.374697877201</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>GB</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ESSILORLUXOTTICA SA</name>
                <lei>549300M3VH1A3ER1TB49</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="FR0000121667"/>
                </identifiers>
                <balance>5235</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.080700207"/>
                <valUSD>1029238.6</valUSD>
                <pctVal>0.696965189420</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>FR</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>FRESENIUS SE  AND  CO KGAA</name>
                <lei>XDFJ0CYCOO1FXRFTQS51</lei>
                <title>ORDINARY SHARES</title>
                <cusip>D27348123</cusip>
                <identifiers>
                    <isin value="DE0005785604"/>
                </identifiers>
                <balance>27870</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.080700207"/>
                <valUSD>784031.74</valUSD>
                <pctVal>0.530919487649</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>DE</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>GECINA SA</name>
                <lei>9695003E4MMA10IBTR26</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="FR0010040865"/>
                </identifiers>
                <balance>1691</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.080700207"/>
                <valUSD>187046.2</valUSD>
                <pctVal>0.126661291379</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>FR</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>KESKO OYJ</name>
                <lei>743700OX6HSVMCAHPB95</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="FI0009000202"/>
                </identifiers>
                <balance>49605</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.080700207"/>
                <valUSD>965079.95</valUSD>
                <pctVal>0.653519145276</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>FI</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>GEA GROUP AG</name>
                <lei>549300PHUU0ZZWO8EO07</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="DE0006602006"/>
                </identifiers>
                <balance>12700</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.080700207"/>
                <valUSD>510548.13</valUSD>
                <pctVal>0.345725737582</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>DE</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>SIEGFRIED HOLDING AG</name>
                <lei>506700J9QD6IF3937W06</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CH0014284498"/>
                </identifiers>
                <balance>226</balance>
                <units>NS</units>
                <currencyConditional curCd="CHF" exchangeRt="1.15881569"/>
                <valUSD>225972.86</valUSD>
                <pctVal>0.153021094597</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>CH</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>HENKEL AG  AND  CO KGAA</name>
                <lei>549300VZCL1HTH4O4Y49</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="DE0006048408"/>
                </identifiers>
                <balance>14535</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.080700207"/>
                <valUSD>996908.58</valUSD>
                <pctVal>0.675072405265</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>DE</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>KLEPIERRE SA</name>
                <lei>969500PB4U31KEFHZ621</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="FR0000121964"/>
                </identifiers>
                <balance>18047</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.080700207"/>
                <valUSD>466152.36</valUSD>
                <pctVal>0.315662440066</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>FR</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>UCB SA</name>
                <lei>2138008J191VLSGY5A09</lei>
                <title>ORDINARY SHARES</title>
                <cusip>B93562120</cusip>
                <identifiers>
                    <isin value="BE0003739530"/>
                </identifiers>
                <balance>10258</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.080700207"/>
                <valUSD>962313.64</valUSD>
                <pctVal>0.651645894726</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>BE</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>SOPRA STERIA GROUP</name>
                <lei>96950020QIOHAAK9V551</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="FR0000050809"/>
                </identifiers>
                <balance>913</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.080700207"/>
                <valUSD>213794.81</valUSD>
                <pctVal>0.144774535514</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>FR</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>HUGO BOSS AG</name>
                <lei>529900LFVU534EBRXD13</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="DE000A1PHFF7"/>
                </identifiers>
                <balance>2005</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.080700207"/>
                <valUSD>125858.8</valUSD>
                <pctVal>0.085227276146</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>DE</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>INFINEON TECHNOLOGIES AG</name>
                <lei>TSI2PJM6EPETEQ4X1U25</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="DE0006231004"/>
                </identifiers>
                <balance>63231</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.080700207"/>
                <valUSD>2305701.16</valUSD>
                <pctVal>1.561341991764</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>DE</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>TELIA CO AB</name>
                <lei>213800FSR9RNDUOTXO25</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="SE0000667925"/>
                </identifiers>
                <balance>206794</balance>
                <units>NS</units>
                <currencyConditional curCd="SEK" exchangeRt=".096092402"/>
                <valUSD>534108.29</valUSD>
                <pctVal>0.361679872393</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>SE</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>COMPUTERSHARE LTD</name>
                <lei>N/A</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="AU000000CPU5"/>
                </identifiers>
                <balance>30304</balance>
                <units>NS</units>
                <currencyConditional curCd="AUD" exchangeRt=".656050028"/>
                <valUSD>504809.87</valUSD>
                <pctVal>0.341839984106</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>AU</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>KDDI CORP</name>
                <lei>5299003FU7V4I45FU310</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="JP3496400007"/>
                </identifiers>
                <balance>41725</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006794401"/>
                <valUSD>1380657.42</valUSD>
                <pctVal>0.934933999030</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>JP</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ISUZU MOTORS LTD</name>
                <lei>529900C0QSXVCC7AR494</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="JP3137200006"/>
                </identifiers>
                <balance>52100</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006794401"/>
                <valUSD>712666.32</valUSD>
                <pctVal>0.482593265266</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>JP</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ONO PHARMACEUTICAL CO LTD</name>
                <lei>529900G26L4NG4GFJZ86</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="JP3197600004"/>
                </identifiers>
                <balance>41000</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006794401"/>
                <valUSD>739850.4</valUSD>
                <pctVal>0.501001394796</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>JP</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>SHIMADZU CORP</name>
                <lei>N/A</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="JP3357200009"/>
                </identifiers>
                <balance>25600</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006794401"/>
                <valUSD>708323.48</valUSD>
                <pctVal>0.479652442503</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>JP</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>SONIC HEALTHCARE LTD</name>
                <lei>549300NQQ5L2NONWR862</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="AU000000SHL7"/>
                </identifiers>
                <balance>26238</balance>
                <units>NS</units>
                <currencyConditional curCd="AUD" exchangeRt=".656050028"/>
                <valUSD>548317.63</valUSD>
                <pctVal>0.371301951613</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>AU</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>GLANBIA PLC</name>
                <lei>635400SRMCBHVMSKJS84</lei>
                <title>ORDINARY SHARES</title>
                <cusip>G39021103</cusip>
                <identifiers>
                    <isin value="IE0000669501"/>
                </identifiers>
                <balance>8570</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.080700207"/>
                <valUSD>152658.53</valUSD>
                <pctVal>0.103375136997</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>IE</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ALFA LAVAL AB</name>
                <lei>549300UCKT2UK88AG251</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="SE0000695876"/>
                </identifiers>
                <balance>25215</balance>
                <units>NS</units>
                <currencyConditional curCd="SEK" exchangeRt=".096092402"/>
                <valUSD>927234.19</valUSD>
                <pctVal>0.627891290581</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>SE</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CAPITALAND INTEGRATED COMMERCIAL TRUST</name>
                <lei>54930031292WUTXF0L29</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="SG1M51904654"/>
                </identifiers>
                <balance>491900</balance>
                <units>NS</units>
                <currencyConditional curCd="SGD" exchangeRt=".745434215"/>
                <valUSD>732926.97</valUSD>
                <pctVal>0.496313084718</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>SG</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>INDEPENDENCE GOLD NL</name>
                <lei>2549005DZO8VGXM5QN07</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="AU000000IGO4"/>
                </identifiers>
                <balance>57122</balance>
                <units>NS</units>
                <currencyConditional curCd="AUD" exchangeRt=".656050028"/>
                <valUSD>277663.79</valUSD>
                <pctVal>0.188024425038</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>AU</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>SUMITOMO MITSUI FINANCIAL GROUP INC</name>
                <lei>35380028MYWPB6AUO129</lei>
                <title>ORDINARY SHARES</title>
                <cusip>J7771X109</cusip>
                <identifiers>
                    <isin value="JP3890350006"/>
                </identifiers>
                <balance>22200</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006794401"/>
                <valUSD>1156810.14</valUSD>
                <pctVal>0.783352274533</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>JP</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CAPITALAND ASCENDAS REIT</name>
                <lei>549300ILIBAEMQZK3L20</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="SG1M77906915"/>
                </identifiers>
                <balance>333600</balance>
                <units>NS</units>
                <currencyConditional curCd="SGD" exchangeRt=".745434215"/>
                <valUSD>722569.39</valUSD>
                <pctVal>0.489299285676</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>SG</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>RENESAS ELECTRONICS CORP</name>
                <lei>5299000EPC47VJQOFB81</lei>
                <title>ORDINARY SHARES</title>
                <cusip>J4881U109</cusip>
                <identifiers>
                    <isin value="JP3164720009"/>
                </identifiers>
                <balance>107300</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006794401"/>
                <valUSD>1766939.75</valUSD>
                <pctVal>1.196511185600</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>JP</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ARC RESOURCES LTD</name>
                <lei>5493000OCGNQZEVTDT08</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CA00208D4084"/>
                </identifiers>
                <balance>32523</balance>
                <units>NS</units>
                <currencyConditional curCd="CAD" exchangeRt=".743798579"/>
                <valUSD>505098.92</valUSD>
                <pctVal>0.342035718883</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>CA</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>NESTE OYJ</name>
                <lei>5493009GY1X8GQ66AM14</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="FI0009013296"/>
                </identifiers>
                <balance>38448</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.080700207"/>
                <valUSD>1324906.2</valUSD>
                <pctVal>0.897181179025</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>FI</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>LEGRAND SA</name>
                <lei>969500XXRPGD7HCAFA90</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="FR0010307819"/>
                </identifiers>
                <balance>10846</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.080700207"/>
                <valUSD>1054660.4</valUSD>
                <pctVal>0.714179963188</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>FR</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>SWEDISH ORPHAN BIOVITRUM AB</name>
                <lei>549300124Y3MQI87PT35</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="SE0000872095"/>
                </identifiers>
                <balance>17549</balance>
                <units>NS</units>
                <currencyConditional curCd="SEK" exchangeRt=".096092402"/>
                <valUSD>491792.05</valUSD>
                <pctVal>0.333024761492</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>SE</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>BRAMBLES LTD</name>
                <lei>N/A</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="AU000000BXB1"/>
                </identifiers>
                <balance>151275</balance>
                <units>NS</units>
                <currencyConditional curCd="AUD" exchangeRt=".656050028"/>
                <valUSD>1447288.48</valUSD>
                <pctVal>0.980054274692</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>AU</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>2</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>AERCAP HOLDINGS NV</name>
                <lei>549300SZYINBBLJQU475</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N00985106</cusip>
                <identifiers>
                    <isin value="NL0000687663"/>
                </identifiers>
                <balance>19207</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1470487.92</valUSD>
                <pctVal>0.995764142252</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>PUTNAM INVESTMENT FUNDS-PUTNAM GOVERNMENT MONEY MARKET FUND</name>
                <lei>549300SEUI2XMME8T893</lei>
                <title>SHORT TERM INV FUND</title>
                <cusip>74680A869</cusip>
                <identifiers>
                    <isin value="US74680A8696"/>
                </identifiers>
                <balance>251945</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>251945</valUSD>
                <pctVal>0.170608539797</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>STIV</assetCat>
                <issuerCat>PF</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
        </invstOrSecs>
        <explntrNotes>
            <explntrNote note="For total return swaps, interest rate swaps or spread swaps, if any, the mark to market payment may be either paid or received, depending on the change in value of the underlying index, basket or equity. For credit default swaps, if any, floating rate index related payments are only made upon the occurrence of a credit event on the reference obligation." noteItem="C.11.f.i.2"/>
            <explntrNote note="For certain swaptions, if any, the value provided may include any unpaid or received premium and as a result may be a negative value." noteItem="C.2.c"/>
            <explntrNote note="For total return swaps, interest rate swaps or spread swaps, if any, the mark to market payment may be either received or paid, depending on the change in value of the underlying index, basket or equity. For credit default swaps, if any, floating rate index related payments are only made upon the occurrence of a credit event on the reference obligation." noteItem="C.11.f.i.1"/>
            <explntrNote note="Monthly total returns provided exclude any applicable sales loads or redemption fees. " noteItem="B.5.a"/>
        </explntrNotes>
        <signature>
            <ncom:dateSigned>2024-03-27</ncom:dateSigned>
            <ncom:nameOfApplicant>Putnam ETF Trust</ncom:nameOfApplicant>
            <ncom:signature>Janet C. Smith</ncom:signature>
            <ncom:signerName>Janet C. Smith</ncom:signerName>
            <ncom:title>Principal Financial Officer</ncom:title>
        </signature>
    </formData>
    <documents>XXXX</documents>
</edgarSubmission>
