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                <lei>9598004A3FTY3TEHHN09</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="ES0109067019"/>
                </identifiers>
                <balance>27890</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.082249911"/>
                <valUSD>1833373.12</valUSD>
                <pctVal>0.973269615648</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>ES</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</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>7896</balance>
                <units>NS</units>
                <currencyConditional curCd="DKK" exchangeRt=".145024219"/>
                <valUSD>1237865.24</valUSD>
                <pctVal>0.657136626045</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>DK</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</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>225611</balance>
                <units>NS</units>
                <currencyConditional curCd="AUD" exchangeRt=".653949956"/>
                <valUSD>2096963.83</valUSD>
                <pctVal>1.113200121998</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>38176</balance>
                <units>NS</units>
                <currencyConditional curCd="CHF" exchangeRt="1.139276559"/>
                <valUSD>4716818.23</valUSD>
                <pctVal>2.503983403985</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>WIX.COM LTD</name>
                <lei>5493008P6N29Q1AG9464</lei>
                <title>ORDINARY SHARES</title>
                <cusip>M98068105</cusip>
                <identifiers>
                    <isin value="IL0011301780"/>
                </identifiers>
                <balance>5414</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>844177.95</valUSD>
                <pctVal>0.448142682999</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>IL</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</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>184457</balance>
                <units>NS</units>
                <currencyConditional curCd="NZD" exchangeRt=".595149886"/>
                <valUSD>713935.36</valUSD>
                <pctVal>0.379001735023</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>81146</balance>
                <units>NS</units>
                <currencyConditional curCd="GBP" exchangeRt="1.285550286"/>
                <valUSD>850811.61</valUSD>
                <pctVal>0.451664246421</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>GB</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>JAPAN POST BANK CO LTD</name>
                <lei>5493006JVO6N2HC2XZ76</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="JP3946750001"/>
                </identifiers>
                <balance>59800</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006675345"/>
                <valUSD>623387.49</valUSD>
                <pctVal>0.330933237852</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>ORSTED AS</name>
                <lei>W9NG6WMZIYEU8VEDOG48</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="DK0060094928"/>
                </identifiers>
                <balance>31082</balance>
                <units>NS</units>
                <currencyConditional curCd="DKK" exchangeRt=".145024219"/>
                <valUSD>1849936.6</valUSD>
                <pctVal>0.982062551269</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>DK</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</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>67500</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006675345"/>
                <valUSD>886961.1</valUSD>
                <pctVal>0.470854666448</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>N/A</cusip>
                <identifiers>
                    <isin value="CH0432492467"/>
                </identifiers>
                <balance>36676</balance>
                <units>NS</units>
                <currencyConditional curCd="CHF" exchangeRt="1.139276559"/>
                <valUSD>3483958.85</valUSD>
                <pctVal>1.849504202872</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>SHELL PLC</name>
                <lei>21380068P1DRHMJ8KU70</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="GB00BP6MXD84"/>
                </identifiers>
                <balance>112289</balance>
                <units>NS</units>
                <currencyConditional curCd="GBP" exchangeRt="1.285550286"/>
                <valUSD>4099629.63</valUSD>
                <pctVal>2.176340926329</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>GB</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>TELSTRA GROUP LTD</name>
                <lei>894500WRW54CVN62K416</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="AU000000TLS2"/>
                </identifiers>
                <balance>393106</balance>
                <units>NS</units>
                <currencyConditional curCd="AUD" exchangeRt=".653949956"/>
                <valUSD>1013089.04</valUSD>
                <pctVal>0.537811299741</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>SCHNEIDER ELECTRIC SE</name>
                <lei>969500A1YF1XUYYXS284</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="FR0000121972"/>
                </identifiers>
                <balance>13506</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.082249911"/>
                <valUSD>3257368.88</valUSD>
                <pctVal>1.729216013520</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>FR</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>PUBLICIS GROUPE SA</name>
                <lei>2138004KW8BV57III342</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="FR0000130577"/>
                </identifiers>
                <balance>9026</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.082249911"/>
                <valUSD>943821.62</valUSD>
                <pctVal>0.501039802164</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>FR</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ORKLA ASA</name>
                <lei>549300PZS8G8RG6RVZ52</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="NO0003733800"/>
                </identifiers>
                <balance>64298</balance>
                <units>NS</units>
                <currencyConditional curCd="NOK" exchangeRt=".091653988"/>
                <valUSD>542760.78</valUSD>
                <pctVal>0.288131515607</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>NO</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</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>55919</balance>
                <units>NS</units>
                <currencyConditional curCd="DKK" exchangeRt=".145024219"/>
                <valUSD>7395963.69</valUSD>
                <pctVal>3.926242104995</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>DK</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>EDP SA</name>
                <lei>529900CLC3WDMGI9VH80</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="PTEDP0AM0009"/>
                </identifiers>
                <balance>250495</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.082249911"/>
                <valUSD>1030173.13</valUSD>
                <pctVal>0.546880607852</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>PT</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</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>73983</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.082249911"/>
                <valUSD>2384427.87</valUSD>
                <pctVal>1.265804091518</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>NL</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</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>23064</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.082249911"/>
                <valUSD>475632.08</valUSD>
                <pctVal>0.252495384950</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>FI</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ADVANTEST CORP</name>
                <lei>353800EMK32PDKS9XR54</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="JP3122400009"/>
                </identifiers>
                <balance>45800</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006675345"/>
                <valUSD>1999844.27</valUSD>
                <pctVal>1.061642958973</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>NOVARTIS AG</name>
                <lei>5493007HIVTX6SY6XD66</lei>
                <title>ORDINARY SHARES</title>
                <cusip>H5820Q150</cusip>
                <identifiers>
                    <isin value="CH0012005267"/>
                </identifiers>
                <balance>64103</balance>
                <units>NS</units>
                <currencyConditional curCd="CHF" exchangeRt="1.139276559"/>
                <valUSD>7199400.44</valUSD>
                <pctVal>3.821893984751</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>COMMONWEALTH BANK OF AUSTRALIA</name>
                <lei>MSFSBD3QN1GSN7Q6C537</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="AU000000CBA7"/>
                </identifiers>
                <balance>16771</balance>
                <units>NS</units>
                <currencyConditional curCd="AUD" exchangeRt=".653949956"/>
                <valUSD>1511351.16</valUSD>
                <pctVal>0.802320131432</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>MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT AG IN MUENCHEN</name>
                <lei>529900MUF4C20K50JS49</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="DE0008430026"/>
                </identifiers>
                <balance>9171</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.082249911"/>
                <valUSD>4521973.03</valUSD>
                <pctVal>2.400547332600</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>DE</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>MITSUBISHI HEAVY INDUSTRIES LTD</name>
                <lei>353800TJ98PCAZROVE69</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="JP3900000005"/>
                </identifiers>
                <balance>206390</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006675345"/>
                <valUSD>2488643.59</valUSD>
                <pctVal>1.321128342017</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>123900</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006675345"/>
                <valUSD>3701458.17</valUSD>
                <pctVal>1.964966504173</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>2274</balance>
                <units>NS</units>
                <currencyConditional curCd="GBP" exchangeRt="1.285550286"/>
                <valUSD>503837.88</valUSD>
                <pctVal>0.267468795341</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>GB</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CAPGEMINI SE</name>
                <lei>96950077L0TN7BAROX36</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="FR0000125338"/>
                </identifiers>
                <balance>6732</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.082249911"/>
                <valUSD>1337655.7</valUSD>
                <pctVal>0.710111670563</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>FR</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>HITACHI LTD</name>
                <lei>549300T6IPOCDWLKC615</lei>
                <title>ORDINARY SHARES</title>
                <cusip>J20454112</cusip>
                <identifiers>
                    <isin value="JP3788600009"/>
                </identifiers>
                <balance>83125</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006675345"/>
                <valUSD>1796535.5</valUSD>
                <pctVal>0.953713892992</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>60300</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006675345"/>
                <valUSD>5365057.85</valUSD>
                <pctVal>2.848109713530</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>75400</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006675345"/>
                <valUSD>3871130.36</valUSD>
                <pctVal>2.055039160604</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>7613</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.082249911"/>
                <valUSD>721339.21</valUSD>
                <pctVal>0.382932163677</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>FR</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>AEGON LTD</name>
                <lei>O4QK7KMMK83ITNTHUG69</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="BMG0112X1056"/>
                </identifiers>
                <balance>150399</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.082249911"/>
                <valUSD>971732.75</valUSD>
                <pctVal>0.515856783209</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>NL</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</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>19500</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006675345"/>
                <valUSD>2436838.38</valUSD>
                <pctVal>1.293626882398</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>969285</balance>
                <units>NS</units>
                <currencyConditional curCd="GBP" exchangeRt="1.285550286"/>
                <valUSD>4131950.24</valUSD>
                <pctVal>2.193498736340</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>GB</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CIE GENERALE DES ETABLISSEMENTS MICHELIN SCA</name>
                <lei>549300SOSI58J6VIW052</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="FR001400AJ45"/>
                </identifiers>
                <balance>47105</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.082249911"/>
                <valUSD>1865845.38</valUSD>
                <pctVal>0.990507931005</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>FR</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>SEKISUI HOUSE LTD</name>
                <lei>529900GMNDOYQSAJAE76</lei>
                <title>ORDINARY SHARES</title>
                <cusip>816078109</cusip>
                <identifiers>
                    <isin value="JP3420600003"/>
                </identifiers>
                <balance>28800</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006675345"/>
                <valUSD>722809.58</valUSD>
                <pctVal>0.383712728434</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>INTESA SANPAOLO SPA</name>
                <lei>2W8N8UU78PMDQKZENC08</lei>
                <title>ORDINARY SHARES</title>
                <cusip>T55067101</cusip>
                <identifiers>
                    <isin value="IT0000072618"/>
                </identifiers>
                <balance>1202784</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.082249911"/>
                <valUSD>4882074.14</valUSD>
                <pctVal>2.591711621583</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>IT</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>3I GROUP PLC</name>
                <lei>35GDVHRBMFE7NWATNM84</lei>
                <title>ORDINARY SHARES</title>
                <cusip>G88473114</cusip>
                <identifiers>
                    <isin value="GB00B1YW4409"/>
                </identifiers>
                <balance>126349</balance>
                <units>NS</units>
                <currencyConditional curCd="GBP" exchangeRt="1.285550286"/>
                <valUSD>5080747.62</valUSD>
                <pctVal>2.697179984465</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>GB</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>TOTAL S.A.</name>
                <lei>529900S21EQ1BO4ESM68</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="FR0000120271"/>
                </identifiers>
                <balance>27204</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.082249911"/>
                <valUSD>1839506.58</valUSD>
                <pctVal>0.976525641490</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>FR</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>GENMAB A/S</name>
                <lei>529900MTJPDPE4MHJ122</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="DK0010272202"/>
                </identifiers>
                <balance>3189</balance>
                <units>NS</units>
                <currencyConditional curCd="DKK" exchangeRt=".145024219"/>
                <valUSD>904152.77</valUSD>
                <pctVal>0.479981084780</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>DK</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</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>35257</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.082249911"/>
                <valUSD>2295518.21</valUSD>
                <pctVal>1.218605259119</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>FR</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ICON PLC</name>
                <lei>6354008SRQGEMC4XFI67</lei>
                <title>ORDINARY SHARES</title>
                <cusip>G4705A100</cusip>
                <identifiers>
                    <isin value="IE0005711209"/>
                </identifiers>
                <balance>3402</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1117352.88</valUSD>
                <pctVal>0.593161095359</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>AVIVA PLC</name>
                <lei>YF0Y5B0IB8SM0ZFG9G81</lei>
                <title>ORDINARY SHARES</title>
                <cusip>G0683Q109</cusip>
                <identifiers>
                    <isin value="GB00BPQY8M80"/>
                </identifiers>
                <balance>154340</balance>
                <units>NS</units>
                <currencyConditional curCd="GBP" exchangeRt="1.285550286"/>
                <valUSD>992455.98</valUSD>
                <pctVal>0.526857975425</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>GB</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>SHIONOGI  AND  CO., LTD</name>
                <lei>35380049VXDTHZI3DY35</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="JP3347200002"/>
                </identifiers>
                <balance>22831</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006675345"/>
                <valUSD>1004478.38</valUSD>
                <pctVal>0.533240220534</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>46800</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006675345"/>
                <valUSD>4099679.06</valUSD>
                <pctVal>2.176367166878</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>35700</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006675345"/>
                <valUSD>506542.65</valUSD>
                <pctVal>0.268904657157</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>UPM-KYMMENE OYJ</name>
                <lei>213800EC6PW5VU4J9U64</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="FI0009005987"/>
                </identifiers>
                <balance>51929</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.082249911"/>
                <valUSD>1715790.75</valUSD>
                <pctVal>0.910849507701</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>FI</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>1809</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.082249911"/>
                <valUSD>3960609.35</valUSD>
                <pctVal>2.102540229130</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>FR</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>WESFARMERS LTD</name>
                <lei>5493003L32ZX9557ST85</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="AU000000WES1"/>
                </identifiers>
                <balance>12871</balance>
                <units>NS</units>
                <currencyConditional curCd="AUD" exchangeRt=".653949956"/>
                <valUSD>620184.07</valUSD>
                <pctVal>0.329232661292</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>INFORMA PLC</name>
                <lei>5493006VM2LKUPSEDU20</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="GB00BMJ6DW54"/>
                </identifiers>
                <balance>130677</balance>
                <units>NS</units>
                <currencyConditional curCd="GBP" exchangeRt="1.285550286"/>
                <valUSD>1460185.2</valUSD>
                <pctVal>0.775158025868</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>GB</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>KONINKLIJKE KPN NV</name>
                <lei>549300YO0JZHAL7FVP81</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="NL0000009082"/>
                </identifiers>
                <balance>307129</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.082249911"/>
                <valUSD>1208571.25</valUSD>
                <pctVal>0.641585536048</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>NL</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</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>41547</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.082249911"/>
                <valUSD>4748223.43</valUSD>
                <pctVal>2.520655256866</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>FR</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CRH PLC</name>
                <lei>549300MIDJNNTH068E74</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="IE0001827041"/>
                </identifiers>
                <balance>20318</balance>
                <units>NS</units>
                <currencyConditional curCd="GBP" exchangeRt="1.285550286"/>
                <valUSD>1732265.85</valUSD>
                <pctVal>0.919595525666</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>REED ELSEVIER</name>
                <lei>549300WSX3VBUFFJOO66</lei>
                <title>ORDINARY SHARES</title>
                <cusip>758212708</cusip>
                <identifiers>
                    <isin value="GB00B2B0DG97"/>
                </identifiers>
                <balance>75171</balance>
                <units>NS</units>
                <currencyConditional curCd="GBP" exchangeRt="1.285550286"/>
                <valUSD>3549443.97</valUSD>
                <pctVal>1.884267818023</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>GB</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>BRIDGESTONE CORP</name>
                <lei>549300DHPOF90OYYD780</lei>
                <title>ORDINARY SHARES</title>
                <cusip>J04578126</cusip>
                <identifiers>
                    <isin value="JP3830800003"/>
                </identifiers>
                <balance>59500</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006675345"/>
                <valUSD>2444348.04</valUSD>
                <pctVal>1.297613481646</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>7091</balance>
                <units>NS</units>
                <currencyConditional curCd="AUD" exchangeRt=".653949956"/>
                <valUSD>1443759.65</valUSD>
                <pctVal>0.766438312155</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>LOGITECH INTERNATIONAL SA</name>
                <lei>549300SN6PRK6IJJC215</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CH0025751329"/>
                </identifiers>
                <balance>3181</balance>
                <units>NS</units>
                <currencyConditional curCd="CHF" exchangeRt="1.139276559"/>
                <valUSD>286951.39</valUSD>
                <pctVal>0.152331822698</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>SEKISUI CHEMICAL CO LTD</name>
                <lei>529900KQIVT7NWFNMI70</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="JP3419400001"/>
                </identifiers>
                <balance>49800</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006675345"/>
                <valUSD>751880.14</valUSD>
                <pctVal>0.399145207753</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>ASAHI GROUP HOLDINGS LTD</name>
                <lei>353800KAJ02XNHLCJW79</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="JP3116000005"/>
                </identifiers>
                <balance>56602</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006675345"/>
                <valUSD>2091920.98</valUSD>
                <pctVal>1.110523060450</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>DEUTSCHE POST AG</name>
                <lei>8ER8GIG7CSMVD8VUFE78</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="DE0005552004"/>
                </identifiers>
                <balance>76457</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.082249911"/>
                <valUSD>3413255.23</valUSD>
                <pctVal>1.811970280119</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>DE</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>HALMA PLC</name>
                <lei>2138007FRGLUR9KGBT40</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="GB0004052071"/>
                </identifiers>
                <balance>33928</balance>
                <units>NS</units>
                <currencyConditional curCd="GBP" exchangeRt="1.285550286"/>
                <valUSD>1161061.92</valUSD>
                <pctVal>0.616364599379</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>GB</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ASSOCIATED BRITISH FOODS PLC</name>
                <lei>GBQKSY6W7G0OHCQ8OQ72</lei>
                <title>ORDINARY SHARES</title>
                <cusip>G05600138</cusip>
                <identifiers>
                    <isin value="GB0006731235"/>
                </identifiers>
                <balance>52589</balance>
                <units>NS</units>
                <currencyConditional curCd="GBP" exchangeRt="1.285550286"/>
                <valUSD>1677976.06</valUSD>
                <pctVal>0.890775094915</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>GB</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>TAYLOR WIMPEY PLC</name>
                <lei>21380089BTRXTD8S3R66</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="GB0008782301"/>
                </identifiers>
                <balance>570530</balance>
                <units>NS</units>
                <currencyConditional curCd="GBP" exchangeRt="1.285550286"/>
                <valUSD>1168744.62</valUSD>
                <pctVal>0.620443059129</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>GB</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>FRESENIUS SE  AND  CO KGAA</name>
                <lei>XDFJ0CYCOO1FXRFTQS51</lei>
                <title>ORDINARY SHARES</title>
                <cusip>D27348123</cusip>
                <identifiers>
                    <isin value="DE0005785604"/>
                </identifiers>
                <balance>50372</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.082249911"/>
                <valUSD>1809355.92</valUSD>
                <pctVal>0.960519777244</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>DE</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>KESKO OYJ</name>
                <lei>743700OX6HSVMCAHPB95</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="FI0009000202"/>
                </identifiers>
                <balance>50639</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.082249911"/>
                <valUSD>915227.69</valUSD>
                <pctVal>0.485860347989</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>FI</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</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>12964</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.082249911"/>
                <valUSD>572996.96</valUSD>
                <pctVal>0.304182779241</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>DE</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>HENKEL AG  AND  CO KGAA</name>
                <lei>549300VZCL1HTH4O4Y49</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="DE0006048408"/>
                </identifiers>
                <balance>14837</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.082249911"/>
                <valUSD>1150508.55</valUSD>
                <pctVal>0.610762207672</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>DE</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ERSTE GROUP BANK AG</name>
                <lei>PQOH26KWDF7CG10L6792</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="AT0000652011"/>
                </identifiers>
                <balance>52024</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.082249911"/>
                <valUSD>2707046.77</valUSD>
                <pctVal>1.437070468982</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>AT</invCountry>

                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</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>18423</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.082249911"/>
                <valUSD>527965.92</valUSD>
                <pctVal>0.280277474578</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>FR</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>SOPRA STERIA GROUP</name>
                <lei>96950020QIOHAAK9V551</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="FR0000050809"/>
                </identifiers>
                <balance>2499</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.082249911"/>
                <valUSD>464099.5</valUSD>
                <pctVal>0.246373167066</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>FR</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>BOLIDEN AB</name>
                <lei>21380059QU7IM1ONDJ56</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="SE0020050417"/>
                </identifiers>
                <balance>56795</balance>
                <units>NS</units>
                <currencyConditional curCd="SEK" exchangeRt=".093377657"/>
                <valUSD>1732085.22</valUSD>
                <pctVal>0.919499635916</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>SE</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</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>25637</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.082249911"/>
                <valUSD>889247.79</valUSD>
                <pctVal>0.472068585138</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>DE</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>KDDI CORP</name>
                <lei>5299003FU7V4I45FU310</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="JP3496400007"/>
                </identifiers>
                <balance>42525</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006675345"/>
                <valUSD>1277982.61</valUSD>
                <pctVal>0.678433446018</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>53300</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006675345"/>
                <valUSD>730588.17</valUSD>
                <pctVal>0.387842092619</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>QBE INSURANCE GROUP LTD</name>
                <lei>549300D2FBW76FPUSG65</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="AU000000QBE9"/>
                </identifiers>
                <balance>157847</balance>
                <units>NS</units>
                <currencyConditional curCd="AUD" exchangeRt=".653949956"/>
                <valUSD>1866699.29</valUSD>
                <pctVal>0.990961240071</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>RESONA HOLDINGS INC</name>
                <lei>52990067JE75XZCYYT81</lei>
                <title>ORDINARY SHARES</title>
                <cusip>J6448E106</cusip>
                <identifiers>
                    <isin value="JP3500610005"/>
                </identifiers>
                <balance>223500</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006675345"/>
                <valUSD>1621560.28</valUSD>
                <pctVal>0.860826055127</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>BLUESCOPE STEEL LTD</name>
                <lei>529900H6UQI16XACWC95</lei>
                <title>ORDINARY SHARES</title>
                <cusip>Q1415L102</cusip>
                <identifiers>
                    <isin value="AU000000BSL0"/>
                </identifiers>
                <balance>91567</balance>
                <units>NS</units>
                <currencyConditional curCd="AUD" exchangeRt=".653949956"/>
                <valUSD>1317675.96</valUSD>
                <pctVal>0.699505169541</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>CAPITALAND INTEGRATED COMMERCIAL TRUST</name>
                <lei>54930031292WUTXF0L29</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="SG1M51904654"/>
                </identifiers>
                <balance>502300</balance>
                <units>NS</units>
                <currencyConditional curCd="SGD" exchangeRt=".74811102"/>
                <valUSD>783828.5</valUSD>
                <pctVal>0.416105404081</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>SUMITOMO MITSUI FINANCIAL GROUP INC</name>
                <lei>35380028MYWPB6AUO129</lei>
                <title>ORDINARY SHARES</title>
                <cusip>J7771X109</cusip>
                <identifiers>
                    <isin value="JP3890350006"/>
                </identifiers>
                <balance>82600</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006675345"/>
                <valUSD>5980495.1</valUSD>
                <pctVal>3.174822464595</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>340600</balance>
                <units>NS</units>
                <currencyConditional curCd="SGD" exchangeRt=".74811102"/>
                <valUSD>694834.96</valUSD>
                <pctVal>0.368862042909</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>125700</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006675345"/>
                <valUSD>2220883.18</valUSD>
                <pctVal>1.178984296986</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>YARA INTERNATIONAL ASA</name>
                <lei>213800WKOUWXWFJ5Z514</lei>
                <title>ORDINARY SHARES</title>
                <cusip>R0028D100</cusip>
                <identifiers>
                    <isin value="NO0010208051"/>
                </identifiers>
                <balance>38555</balance>
                <units>NS</units>
                <currencyConditional curCd="NOK" exchangeRt=".091653988"/>
                <valUSD>1098986.77</valUSD>
                <pctVal>0.583411210501</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>NO</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>LINK REIT</name>
                <lei>529900XUE70U36QX5M62</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="HK0823032773"/>
                </identifiers>
                <balance>107700</balance>
                <units>NS</units>
                <currencyConditional curCd="HKD" exchangeRt=".127994266"/>
                <valUSD>452549.38</valUSD>
                <pctVal>0.240241637847</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>HIKMA PHARMACEUTICALS PLC</name>
                <lei>549300BNS685UXH4JI75</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="GB00B0LCW083"/>
                </identifiers>
                <balance>21380</balance>
                <units>NS</units>
                <currencyConditional curCd="GBP" exchangeRt="1.285550286"/>
                <valUSD>523315.64</valUSD>
                <pctVal>0.277808813846</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>JO</invCountry>

                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</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>11072</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.082249911"/>
                <valUSD>1196829.18</valUSD>
                <pctVal>0.635352107712</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>FR</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>BRAMBLES LTD</name>
                <lei>N/A</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="AU000000BXB1"/>
                </identifiers>
                <balance>161943</balance>
                <units>NS</units>
                <currencyConditional curCd="AUD" exchangeRt=".653949956"/>
                <valUSD>1653193.56</valUSD>
                <pctVal>0.877618987199</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>22016</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>2068403.2</valUSD>
                <pctVal>1.098038345554</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>984166</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>984166</valUSD>
                <pctVal>0.522457133305</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>2024-09-25</ncom:dateSigned>
            <ncom:nameOfApplicant>Putnam ETF Trust</ncom:nameOfApplicant>
            <ncom:signature>Kevin R Blatchford</ncom:signature>
            <ncom:signerName>Kevin R Blatchford</ncom:signerName>
            <ncom:title>Assistant Treasurer</ncom:title>
        </signature>
    </formData>
    <documents>XXXX</documents>
</edgarSubmission>
