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                <name>AMADEUS IT GROUP SA</name>
                <lei>9598004A3FTY3TEHHN09</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="ES0109067019"/>
                </identifiers>
                <balance>29880</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.08774987"/>
                <valUSD>2164630.94</valUSD>
                <pctVal>1.071438075460</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>8064</balance>
                <units>NS</units>
                <currencyConditional curCd="DKK" exchangeRt=".145820422"/>
                <valUSD>1215876.34</valUSD>
                <pctVal>0.601828321703</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>251202</balance>
                <units>NS</units>
                <currencyConditional curCd="AUD" exchangeRt=".65809996"/>
                <valUSD>2931053.14</valUSD>
                <pctVal>1.450797859977</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>AU</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>SWISS RE AG</name>
                <lei>529900PS9YW3YY29F326</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CH0126881561"/>
                </identifiers>
                <balance>42508</balance>
                <units>NS</units>
                <currencyConditional curCd="CHF" exchangeRt="1.158010538"/>
                <valUSD>5446714.38</valUSD>
                <pctVal>2.695987138061</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>PRADA SPA</name>
                <lei>8156000FE0A2DC5B7852</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="IT0003874101"/>
                </identifiers>
                <balance>170400</balance>
                <units>NS</units>
                <currencyConditional curCd="HKD" exchangeRt=".128632253"/>
                <valUSD>1305272.64</valUSD>
                <pctVal>0.646077250172</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>ZALANDO AG</name>
                <lei>529900YRFFGH5AXU4S86</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="DE000ZAL1111"/>
                </identifiers>
                <balance>32435</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.08774987"/>
                <valUSD>974465.83</valUSD>
                <pctVal>0.482336168352</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>AUTO TRADER GROUP PLC</name>
                <lei>213800QLK9BZILB1DI86</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="GB00BVYVFW23"/>
                </identifiers>
                <balance>82861</balance>
                <units>NS</units>
                <currencyConditional curCd="GBP" exchangeRt="1.289450746"/>
                <valUSD>896644.73</valUSD>
                <pctVal>0.443816673840</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>ESSITY AB</name>
                <lei>549300G8E6YUVJ1DA153</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="SE0009922164"/>
                </identifiers>
                <balance>65809</balance>
                <units>NS</units>
                <currencyConditional curCd="SEK" exchangeRt=".093856615"/>
                <valUSD>1857924.29</valUSD>
                <pctVal>0.919625968955</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>ALCON AG</name>
                <lei>549300LDT5AP8S0NBM78</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CH0432492467"/>
                </identifiers>
                <balance>40836</balance>
                <units>NS</units>
                <currencyConditional curCd="CHF" exchangeRt="1.158010538"/>
                <valUSD>3763220.29</valUSD>
                <pctVal>1.862699747353</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>67370</balance>
                <units>NS</units>
                <currencyConditional curCd="GBP" exchangeRt="1.289450746"/>
                <valUSD>2239950.6</valUSD>
                <pctVal>1.108719419852</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>632373</balance>
                <units>NS</units>
                <currencyConditional curCd="AUD" exchangeRt=".65809996"/>
                <valUSD>1589748.95</valUSD>
                <pctVal>0.786885895409</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>AU</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>SSE PLC</name>
                <lei>549300KI75VYLLMSK856</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="GB0007908733"/>
                </identifiers>
                <balance>73925</balance>
                <units>NS</units>
                <currencyConditional curCd="GBP" exchangeRt="1.289450746"/>
                <valUSD>1678631.8</valUSD>
                <pctVal>0.830880678994</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>SCHNEIDER ELECTRIC SE</name>
                <lei>969500A1YF1XUYYXS284</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="FR0000121972"/>
                </identifiers>
                <balance>15039</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.08774987"/>
                <valUSD>3880276.59</valUSD>
                <pctVal>1.920639682736</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>9217</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.08774987"/>
                <valUSD>979720.25</valUSD>
                <pctVal>0.484936974591</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>65659</balance>
                <units>NS</units>
                <currencyConditional curCd="NOK" exchangeRt=".090907438"/>
                <valUSD>607036.26</valUSD>
                <pctVal>0.300467738001</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>62262</balance>
                <units>NS</units>
                <currencyConditional curCd="DKK" exchangeRt=".145820422"/>
                <valUSD>6928239.17</valUSD>
                <pctVal>3.429304786077</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>TORONTO-DOMINION BANK/THE</name>
                <lei>PT3QB789TSUIDF371261</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="CA8911605092"/>
                </identifiers>
                <balance>9781</balance>
                <units>NS</units>
                <currencyConditional curCd="CAD" exchangeRt=".71821022"/>
                <valUSD>540699.95</valUSD>
                <pctVal>0.267632926761</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>CA</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>EDP SA</name>
                <lei>529900CLC3WDMGI9VH80</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="PTEDP0AM0009"/>
                </identifiers>
                <balance>255791</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.08774987"/>
                <valUSD>1004990.69</valUSD>
                <pctVal>0.497445209181</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>NATIONAL GRID PLC</name>
                <lei>8R95QZMKZLJX5Q2XR704</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="GB00BDR05C01"/>
                </identifiers>
                <balance>118209</balance>
                <units>NS</units>
                <currencyConditional curCd="GBP" exchangeRt="1.289450746"/>
                <valUSD>1487969.76</valUSD>
                <pctVal>0.736507746673</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 AHOLD DELHAIZE NV</name>
                <lei>724500C9GNBV20UYRX36</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N0139V100</cusip>
                <identifiers>
                    <isin value="NL0011794037"/>
                </identifiers>
                <balance>47429</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.08774987"/>
                <valUSD>1563719.83</valUSD>
                <pctVal>0.774002133229</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>BHP GROUP LTD</name>
                <lei>WZE1WSENV6JSZFK0JC28</lei>
                <title>ORDINARY SHARES</title>
                <cusip>Q1498M100</cusip>
                <identifiers>
                    <isin value="AU000000BHP4"/>
                </identifiers>
                <balance>114875</balance>
                <units>NS</units>
                <currencyConditional curCd="AUD" exchangeRt=".65809996"/>
                <valUSD>3223551.29</valUSD>
                <pctVal>1.595577115009</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>AU</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ADVANTEST CORP</name>
                <lei>353800EMK32PDKS9XR54</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="JP3122400009"/>
                </identifiers>
                <balance>48900</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006581545"/>
                <valUSD>2944170.07</valUSD>
                <pctVal>1.457290411652</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>JP</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>NOVARTIS AG</name>
                <lei>5493007HIVTX6SY6XD66</lei>
                <title>ORDINARY SHARES</title>
                <cusip>H5820Q150</cusip>
                <identifiers>
                    <isin value="CH0012005267"/>
                </identifiers>
                <balance>71372</balance>
                <units>NS</units>
                <currencyConditional curCd="CHF" exchangeRt="1.158010538"/>
                <valUSD>7752525.74</valUSD>
                <pctVal>3.837305983819</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>MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT AG IN MUENCHEN</name>
                <lei>529900MUF4C20K50JS49</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="DE0008430026"/>
                </identifiers>
                <balance>10212</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.08774987"/>
                <valUSD>5223029.41</valUSD>
                <pctVal>2.585268682855</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>230090</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006581545"/>
                <valUSD>3320964.66</valUSD>
                <pctVal>1.643794292242</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>JP</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>FANUC CORP</name>
                <lei>529900QTSW745LOKW705</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="JP3802400006"/>
                </identifiers>
                <balance>138200</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006581545"/>
                <valUSD>3744697.91</valUSD>
                <pctVal>1.853531633374</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>JP</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CAPGEMINI SE</name>
                <lei>96950077L0TN7BAROX36</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="FR0000125338"/>
                </identifiers>
                <balance>6874</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.08774987"/>
                <valUSD>1190369.06</valUSD>
                <pctVal>0.589202857247</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>SONY GROUP CORP</name>
                <lei>529900R5WX9N2OI2N910</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="JP3435000009"/>
                </identifiers>
                <balance>337000</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006581545"/>
                <valUSD>6040670.66</valUSD>
                <pctVal>2.989980613711</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>JP</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>TAKEDA PHARMACEUTICAL CO LTD</name>
                <lei>549300ZLMVP4X0OGR454</lei>
                <title>ORDINARY SHARES</title>
                <cusip>J81281115</cusip>
                <identifiers>
                    <isin value="JP3463000004"/>
                </identifiers>
                <balance>40500</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006581545"/>
                <valUSD>1136580.23</valUSD>
                <pctVal>0.562578734201</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>JP</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ITOCHU CORP</name>
                <lei>J48DJYXDTLHM30UMYI18</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="JP3143600009"/>
                </identifiers>
                <balance>82300</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006581545"/>
                <valUSD>4145333.03</valUSD>
                <pctVal>2.051835978933</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>JP</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>SODEXO SA</name>
                <lei>969500LCBOG12HXPYM84</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="FR0000121220"/>
                </identifiers>
                <balance>7774</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.08774987"/>
                <valUSD>674802.17</valUSD>
                <pctVal>0.334010165419</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>WOODSIDE ENERGY GROUP LTD</name>
                <lei>2549005ZC5RXAOO7FH41</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="AU0000224040"/>
                </identifiers>
                <balance>90131</balance>
                <units>NS</units>
                <currencyConditional curCd="AUD" exchangeRt=".65809996"/>
                <valUSD>1410515.63</valUSD>
                <pctVal>0.698169893115</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>AU</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>AEGON LTD</name>
                <lei>O4QK7KMMK83ITNTHUG69</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="BMG0112X1056"/>
                </identifiers>
                <balance>153577</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.08774987"/>
                <valUSD>969911.82</valUSD>
                <pctVal>0.480082047514</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>26400</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006581545"/>
                <valUSD>3601026.72</valUSD>
                <pctVal>1.782417994338</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>JP</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>TESCO PLC</name>
                <lei>2138002P5RNKC5W2JZ46</lei>
                <title>ORDINARY SHARES</title>
                <cusip>G87621101</cusip>
                <identifiers>
                    <isin value="GB00BLGZ9862"/>
                </identifiers>
                <balance>731172</balance>
                <units>NS</units>
                <currencyConditional curCd="GBP" exchangeRt="1.289450746"/>
                <valUSD>3226296.77</valUSD>
                <pctVal>1.596936058815</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>50464</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.08774987"/>
                <valUSD>1704403.1</valUSD>
                <pctVal>0.843636826734</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>29500</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006581545"/>
                <valUSD>721482.16</valUSD>
                <pctVal>0.357115590794</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>JP</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>INTESA SANPAOLO SPA</name>
                <lei>2W8N8UU78PMDQKZENC08</lei>
                <title>ORDINARY SHARES</title>
                <cusip>T55067101</cusip>
                <identifiers>
                    <isin value="IT0000072618"/>
                </identifiers>
                <balance>1339202</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.08774987"/>
                <valUSD>5735094.04</valUSD>
                <pctVal>2.838727843741</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>140681</balance>
                <units>NS</units>
                <currencyConditional curCd="GBP" exchangeRt="1.289450746"/>
                <valUSD>5754046.71</valUSD>
                <pctVal>2.848108940488</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>29142</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.08774987"/>
                <valUSD>1819534.46</valUSD>
                <pctVal>0.900623965051</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>3259</balance>
                <units>NS</units>
                <currencyConditional curCd="DKK" exchangeRt=".145820422"/>
                <valUSD>729238.53</valUSD>
                <pctVal>0.360954799590</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>39257</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.08774987"/>
                <valUSD>2805508.04</valUSD>
                <pctVal>1.388656181301</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>AVIVA PLC</name>
                <lei>YF0Y5B0IB8SM0ZFG9G81</lei>
                <title>ORDINARY SHARES</title>
                <cusip>G0683Q109</cusip>
                <identifiers>
                    <isin value="GB00BPQY8M80"/>
                </identifiers>
                <balance>157602</balance>
                <units>NS</units>
                <currencyConditional curCd="GBP" exchangeRt="1.289450746"/>
                <valUSD>920789.89</valUSD>
                <pctVal>0.455767923027</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>NEC CORP</name>
                <lei>5493000QYMPFRTEY4K28</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="JP3733000008"/>
                </identifiers>
                <balance>52600</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006581545"/>
                <valUSD>4581815.19</valUSD>
                <pctVal>2.267883711062</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>JP</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>KIRIN HOLDINGS CO LTD</name>
                <lei>353800GBVL72LLMTYM96</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="JP3258000003"/>
                </identifiers>
                <balance>36400</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006581545"/>
                <valUSD>538549.43</valUSD>
                <pctVal>0.266568473247</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>JP</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>INFORMA PLC</name>
                <lei>5493006VM2LKUPSEDU20</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="GB00BMJ6DW54"/>
                </identifiers>
                <balance>133438</balance>
                <units>NS</units>
                <currencyConditional curCd="GBP" exchangeRt="1.289450746"/>
                <valUSD>1391291.14</valUSD>
                <pctVal>0.688654252279</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>313625</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.08774987"/>
                <valUSD>1225735.98</valUSD>
                <pctVal>0.606708596447</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>CIE DE SAINT-GOBAIN SA</name>
                <lei>NFONVGN05Z0FMN5PEC35</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="FR0000125007"/>
                </identifiers>
                <balance>34372</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.08774987"/>
                <valUSD>3102467.73</valUSD>
                <pctVal>1.535643786838</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>VINCI SA</name>
                <lei>213800WFQ334R8UXUG83</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="FR0000125486"/>
                </identifiers>
                <balance>46261</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.08774987"/>
                <valUSD>5167904.74</valUSD>
                <pctVal>2.557983352482</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>REED ELSEVIER</name>
                <lei>549300WSX3VBUFFJOO66</lei>
                <title>ORDINARY SHARES</title>
                <cusip>758212708</cusip>
                <identifiers>
                    <isin value="GB00B2B0DG97"/>
                </identifiers>
                <balance>83694</balance>
                <units>NS</units>
                <currencyConditional curCd="GBP" exchangeRt="1.289450746"/>
                <valUSD>3841926.75</valUSD>
                <pctVal>1.901657472880</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>MITSUBISHI UFJ FINANCIAL GROUP INC</name>
                <lei>353800V2V8PUY9TK3E06</lei>
                <title>ORDINARY SHARES</title>
                <cusip>J44497105</cusip>
                <identifiers>
                    <isin value="JP3902900004"/>
                </identifiers>
                <balance>203200</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006581545"/>
                <valUSD>2177907.07</valUSD>
                <pctVal>1.078009427146</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>JP</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>BRIDGESTONE CORP</name>
                <lei>549300DHPOF90OYYD780</lei>
                <title>ORDINARY SHARES</title>
                <cusip>J04578126</cusip>
                <identifiers>
                    <isin value="JP3830800003"/>
                </identifiers>
                <balance>66400</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006581545"/>
                <valUSD>2397899.17</valUSD>
                <pctVal>1.186900004235</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>JP</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CSL LTD</name>
                <lei>529900ECSECK5ZDQTE14</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="AU000000CSL8"/>
                </identifiers>
                <balance>15690</balance>
                <units>NS</units>
                <currencyConditional curCd="AUD" exchangeRt=".65809996"/>
                <valUSD>2962927.58</valUSD>
                <pctVal>1.466574909090</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>AU</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>INDUSTRIA DE DISENO TEXTIL SA</name>
                <lei>549300TTCXZOGZM2EY83</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="ES0148396007"/>
                </identifiers>
                <balance>34284</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.08774987"/>
                <valUSD>1950393.38</valUSD>
                <pctVal>0.965395851478</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>ASAHI GROUP HOLDINGS LTD</name>
                <lei>353800KAJ02XNHLCJW79</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="JP3116000005"/>
                </identifiers>
                <balance>190206</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006581545"/>
                <valUSD>2302777</valUSD>
                <pctVal>1.139816913591</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>JP</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>DEUTSCHE POST AG</name>
                <lei>8ER8GIG7CSMVD8VUFE78</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="DE0005552004"/>
                </identifiers>
                <balance>85130</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.08774987"/>
                <valUSD>3419723.41</valUSD>
                <pctVal>1.692677398862</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>ASSOCIATED BRITISH FOODS PLC</name>
                <lei>GBQKSY6W7G0OHCQ8OQ72</lei>
                <title>ORDINARY SHARES</title>
                <cusip>G05600138</cusip>
                <identifiers>
                    <isin value="GB0006731235"/>
                </identifiers>
                <balance>55048</balance>
                <units>NS</units>
                <currencyConditional curCd="GBP" exchangeRt="1.289450746"/>
                <valUSD>1576503.22</valUSD>
                <pctVal>0.780329590962</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>582592</balance>
                <units>NS</units>
                <currencyConditional curCd="GBP" exchangeRt="1.289450746"/>
                <valUSD>1099040.26</valUSD>
                <pctVal>0.543997389702</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>53963</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.08774987"/>
                <valUSD>1967565.21</valUSD>
                <pctVal>0.973895477048</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>51711</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.08774987"/>
                <valUSD>1106129.38</valUSD>
                <pctVal>0.547506326467</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>13239</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.08774987"/>
                <valUSD>652064.63</valUSD>
                <pctVal>0.322755652861</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>SKANDINAVISKA ENSKILDA BANKEN AB</name>
                <lei>F3JS33DEI6XQ4ZBPTN86</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="SE0000148884"/>
                </identifiers>
                <balance>94479</balance>
                <units>NS</units>
                <currencyConditional curCd="SEK" exchangeRt=".093856615"/>
                <valUSD>1334112.24</valUSD>
                <pctVal>0.660352129529</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>HENKEL AG  AND  CO KGAA</name>
                <lei>549300VZCL1HTH4O4Y49</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="DE0006048408"/>
                </identifiers>
                <balance>15149</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.08774987"/>
                <valUSD>1181495.74</valUSD>
                <pctVal>0.584810786189</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>57925</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.08774987"/>
                <valUSD>3260029.33</valUSD>
                <pctVal>1.613632830767</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>18812</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.08774987"/>
                <valUSD>600786.36</valUSD>
                <pctVal>0.297374194107</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>FORTUM OYJ</name>
                <lei>635400IUIZZIUJSAMF76</lei>
                <title>ORDINARY SHARES</title>
                <cusip>X2978Z118</cusip>
                <identifiers>
                    <isin value="FI0009007132"/>
                </identifiers>
                <balance>112071</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.08774987"/>
                <valUSD>1649377.57</valUSD>
                <pctVal>0.816400568176</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>SOPRA STERIA GROUP</name>
                <lei>96950020QIOHAAK9V551</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="FR0000050809"/>
                </identifiers>
                <balance>2550</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.08774987"/>
                <valUSD>487627.39</valUSD>
                <pctVal>0.241363339417</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>60844</balance>
                <units>NS</units>
                <currencyConditional curCd="SEK" exchangeRt=".093856615"/>
                <valUSD>1889070.42</valUSD>
                <pctVal>0.935042522867</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>26180</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.08774987"/>
                <valUSD>826553.39</valUSD>
                <pctVal>0.409123216841</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>43225</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006581545"/>
                <valUSD>1359280.31</valUSD>
                <pctVal>0.672809693535</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>JP</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>DAITO TRUST CONSTRUCTION CO LTD</name>
                <lei>353800QQ4DRI3KXS3038</lei>
                <title>ORDINARY SHARES</title>
                <cusip>J11151107</cusip>
                <identifiers>
                    <isin value="JP3486800000"/>
                </identifiers>
                <balance>11100</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006581545"/>
                <valUSD>1233170.99</valUSD>
                <pctVal>0.610388740096</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>JP</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ISUZU MOTORS LTD</name>
                <lei>529900C0QSXVCC7AR494</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="JP3137200006"/>
                </identifiers>
                <balance>54700</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006581545"/>
                <valUSD>718761.02</valUSD>
                <pctVal>0.355768694679</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>JP</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>QBE INSURANCE GROUP LTD</name>
                <lei>549300D2FBW76FPUSG65</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="AU000000QBE9"/>
                </identifiers>
                <balance>169104</balance>
                <units>NS</units>
                <currencyConditional curCd="AUD" exchangeRt=".65809996"/>
                <valUSD>1915255.05</valUSD>
                <pctVal>0.948003258600</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>AU</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CAPITALAND INTEGRATED COMMERCIAL TRUST</name>
                <lei>54930031292WUTXF0L29</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="SG1M51904654"/>
                </identifiers>
                <balance>541808</balance>
                <units>NS</units>
                <currencyConditional curCd="SGD" exchangeRt=".757288906"/>
                <valUSD>828816.48</valUSD>
                <pctVal>0.410243389684</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>SG</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>BOC HONG KONG HOLDINGS LTD</name>
                <lei>254900JB98W77JDJMW15</lei>
                <title>ORDINARY SHARES</title>
                <cusip>Y0920U103</cusip>
                <identifiers>
                    <isin value="HK2388011192"/>
                </identifiers>
                <balance>239908</balance>
                <units>NS</units>
                <currencyConditional curCd="HKD" exchangeRt=".128632253"/>
                <valUSD>783841.63</valUSD>
                <pctVal>0.387981965883</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>HK</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</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>276700</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006581545"/>
                <valUSD>5960504.8</valUSD>
                <pctVal>2.950300521752</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>JP</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CAPITALAND ASCENDAS REIT</name>
                <lei>549300ILIBAEMQZK3L20</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="SG1M77906915"/>
                </identifiers>
                <balance>347800</balance>
                <units>NS</units>
                <currencyConditional curCd="SGD" exchangeRt=".757288906"/>
                <valUSD>708505.87</valUSD>
                <pctVal>0.350692652395</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>SG</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>RENESAS ELECTRONICS CORP</name>
                <lei>5299000EPC47VJQOFB81</lei>
                <title>ORDINARY SHARES</title>
                <cusip>J4881U109</cusip>
                <identifiers>
                    <isin value="JP3164720009"/>
                </identifiers>
                <balance>137300</balance>
                <units>NS</units>
                <currencyConditional curCd="JPY" exchangeRt=".006581545"/>
                <valUSD>1906693.43</valUSD>
                <pctVal>0.943765471232</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>JP</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>YARA INTERNATIONAL ASA</name>
                <lei>213800WKOUWXWFJ5Z514</lei>
                <title>ORDINARY SHARES</title>
                <cusip>R0028D100</cusip>
                <identifiers>
                    <isin value="NO0010208051"/>
                </identifiers>
                <balance>39368</balance>
                <units>NS</units>
                <currencyConditional curCd="NOK" exchangeRt=".090907438"/>
                <valUSD>1183881.6</valUSD>
                <pctVal>0.585991727106</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>HIKMA PHARMACEUTICALS PLC</name>
                <lei>549300BNS685UXH4JI75</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="GB00B0LCW083"/>
                </identifiers>
                <balance>21832</balance>
                <units>NS</units>
                <currencyConditional curCd="GBP" exchangeRt="1.289450746"/>
                <valUSD>522206.4</valUSD>
                <pctVal>0.258479082910</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>TECK RESOURCES LTD</name>
                <lei>T8KI5SQ2JRWHL7XY0E11</lei>
                <title>ORDINARY SHARES</title>
                <cusip>878742204</cusip>
                <identifiers>
                    <isin value="CA8787422044"/>
                </identifiers>
                <balance>13436</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>624639.64</valUSD>
                <pctVal>0.309180970008</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>CA</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>LEGRAND SA</name>
                <lei>969500XXRPGD7HCAFA90</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N/A</cusip>
                <identifiers>
                    <isin value="FR0010307819"/>
                </identifiers>
                <balance>11305</balance>
                <units>NS</units>
                <currencyConditional curCd="EUR" exchangeRt="1.08774987"/>
                <valUSD>1273970.47</valUSD>
                <pctVal>0.630583460370</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>173493</balance>
                <units>NS</units>
                <currencyConditional curCd="AUD" exchangeRt=".65809996"/>
                <valUSD>2096266.52</valUSD>
                <pctVal>1.037599400589</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>AU</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>AERCAP HOLDINGS NV</name>
                <lei>549300SZYINBBLJQU475</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N00985106</cusip>
                <identifiers>
                    <isin value="NL0000687663"/>
                </identifiers>
                <balance>24514</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>2293284.7</valUSD>
                <pctVal>1.135118462942</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>62621</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>62621</valUSD>
                <pctVal>0.030995825886</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>2024-12-23</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>
</edgarSubmission>
